NOVEMBER 1966 TEXAS BUSINESS REVIEW VOL. XL, NO. 11, NOVEMBER 1966 Editor: Stanley A. Arbingast/Associate Editor: Robert H. Ryan/Managing Editor: D. E. Robertson Editorial Board: Stanley A. Arbinga.st, Chairman; John R. Stockton, Francis B. May, Robert H. Ryan, D. E. Robertson CONTENTS 293: THE BUSINESS SITUATION IN TEXAS by Francis B. May 296: THE DEVELOPMENT OF REFRIGERATION IN TEXAS by Charles T. Clark 300: SECURITIES REGISTRATIONS IN TEXAS, FISCAL 1966 by Ernest W. Walker 302: TEXAS BUILDING CONSTRUCTION AUTHORIZED IN SEP­ TEMBER by Donald E. Robertson CHARTS AND TABLES 293 : TEXAS BUSINESS ACTIVITY 294: LEADING OIL-PRODUCING STATES, JANUARY-AUGUST, 1966 294 : BUSINESS ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES 294: SELECTED BAROMETERS OF TEXAS BUSINESS 295: ESTIMATES OF TOTAL RETAIL SALES IN TEXAS 295: CRUDE·OIL PRODUCTION IN TEXAS 298: ICE PLANTS OF THE SOUTHWESTERN ICE ASSOCIATION, INC., 1966 299: NONAGRICULTURAL EMPLOYMENT SELECTED LABOR MARKET AREAS 300: SECURITIES REGISTRATIONS IN TEXAS, 1960-1966 300: SECURITIES REGISTRATIONS IN TEXAS FISCAL YEARS 1965-1966 301: NUMBER AND DOLLAR VOLUME OF REGISTRATION, BY TYPE OF REGISTRATION, FISCAL 1965 AND 1966 301: DOLLAR VOLUME OF RENEWALS, FISCAL YEARS 1960­1966 301: NUMBER AND DOLLAR VOLUME OF APPLICATIONS WITH­DRAWN OR DENIED, FISCAL 1965 AND 1966 301: NUMBER OF LICENSES ISSUED BY THE SECURITIES BOARD, FISCAL YEARS 1960-1966 302: TEXAS BUILDING PERMITS ISSUED IN SEPTEMBER 1966 FOR CONSTRUCTION OF EDUCATIONAL BUILDINGS 302: BUILDING CONSTRUCTION AUTHORIZED IN TEXAS 302: ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS 303: RESIDENTIAL BUILDING AUTHORIZED IN TEXAS 303: NONRESIDENTIAL BUILDING AUTHORIZED IN TEXAS Published monthly by the Bureau of Business Research, Graduate Second·clas1< postaire paid at Auetin, Texas. Content of this publication is 303: 303: 304: RETAIL SALES TRENDS BY KINDS OF BUSINESS AVERAGE EARNINGS FOR SELECTED JOBS IN VARIOUS TEXAS CITIES, 1965-1966 LOCAL BUSINESS CONDITIONS BUSINESS RESEARCH COUNCIL George Kozmetsky, Dean of the College of Business Ad­ministration (ex officio); John R. Stockton, Jessamon Dawe, Thomas E. Gossett, James R. Kay, Stephen L. McDonald, Charles R. Klasson, and W. T. Tucker BUREAU OF BUSINESS RESEARCH Director: John R. Stockton As11ociate Director and Resources . Specialist: Stanley A. Arbingast Assistant .to the Director: Florence Escott Consulting Sta.tistician: Francis B. May Administrative Assistant: Cynthia Bettinger Research Associate: Charles 0. Bettinger, Ida M. Lam­ beth, Robert M. Lockwood, Donald E. Robertson, Robert H. Ryan, Elizabeth R. Turpin, J oyzelle Wilke, Robert B. Williamson Research Assistant: Robin Dalton, Marilyn D. Hibbetts, Claire S. Howard, Hans Dieter Kurz, Kamal Said, John W. Townsend Senior Secretary: Betty Sue Hoch Senior Clerk Typist : Lois Conrad, Carolyn Harris, Binnie D. McCreary, Peggy Wilmot Cartographer: Michael E. Bonine, Mary Helen Parks, Elizabeth E. Snoddy, Doug Winters, Jr. Library Assistant: Merle Danz Statistical Assistant: Mildred Anderson, Constance Cooledge, Pamela Nanus Statistical Technician: Doris Dismuke, Mary Gorham Senior Clerk: Salvador B. Macias Clerical Assistant: Peggy Bobo, Berge Garabedian, Rob­ ert Jenkins Of!aet Presa Operator: Robert Dorsett, Daniel P. Rol81 The Bureau of Business Research is a member of the Associated University Bureaus of BusineBB and Economic Research. School of Business. The University of Texas, Austin, Texae, 78712. not copyrighted and may be reproduced freely. The view• expreued by authors are not necessarily those of the Bureau of Business Research. Ackn owledirment of eource will be appreciated. Subecriptlon, $8.00 a year: individual copies, 25 cents. THE BUSINESS SITUATION IN TEXAS By Francis B. May After reaching a new high of 183.1% of its 1957-59 monthly average in August, the seasonally adjusted in­dex of Texas business activity dropped 3% in September to a level of 177.4%. This was 10% above that of September 1965 and the highest September value on record. During the long cyclical upswing that began in February 1961, this index has shown signs of faltering only during 1962 and 1965. After a strong rise in Janu­ary 1962, the index fluctuated around a level of 129.0% during the remainder of the year. In 1965, the index rose strongly in the first quarter, remained in a narrow range of values during the second and third quarters, dropped sharply in October, but regained its upward momentum in the final two months of the year. This momentum continued during the first three quarters of this year. July and September drops of 4% and 3%, respectively, have not been sufficiently pronounced to alter the basic pattern of upward movement. An understanding of the annual rate of advance of the index of Texas business activity since 1961 is sup­plied by the following table. Year Average value of index P ercentage increase over preceding year 1961 . ....117.6 1962 .. .. 129.0 9.7 1963 . . 135.9 5.3 1964 .. ...........148.3 9.1 1965 ... 160.3 8.1 Annual averages smooth month-to-month variations and show the underlying cyclical effects. Despite the fact that business seemed on a high plateau in 1962 with an apparent downward movement for the final quarter, the index during that year averaged 9.7% higher than the 1961 average, which contained the final two months of the 1960-61 recession. Business activity rose 5.3% in 1963. A much stronger rise of 9.1 % occurred in 1964. The 1965 average was 8.1 % higher. It is apparent from these averages that the 5.3% rise in 1963 was the smallest for the five-year period. Business activity during the first three quarters averaged 9% above the com­parable 1965 period. It seems very likely that 1966 will show a pattern of increase of about 9%, similar to the 9.1 % increase in 1964. A cyclical downturn that might alter this basic pattern during the final quarter of the year is unlikely. Despite the problems created by tight money, the pressures of war demand plus a high level of consumer demand in a prosperous, consumption­oriented economy preclude the possibility of a cyclical downturn at this time. A sudden termination of hostilities is the principal factor that might cause a recession in the short run. Examination of the table of seasonally adjusted busi­ness activity indexes for 20 selected cities shows there were six rises, thirteen declines, and one unchanged level in September. Amarillo, Corpus Christi, Fort Worth, Laredo, Port Arthur, and San Antonio indexes rose. Of these six cities, Corpus Christi had the largest increase, 8%. The average level of the business indexes during the first nine months was up for 18 of the 20 cities. El Paso had the only decline. Galveston activity was at the same average level as during the first three quarters of 1965. Average rises during the first three quarters for the state's four largest cities varied from 12% for TEXAS BUSINESS ACTIVITY INDEX-ADJUSTED FOR SEASONAL VARIATION-1957-1959 = 100 200 150 100 50 0 Dallas to 6% for Fort Worth. Prosperity has been well distributed over the state. September production of crude oil declined 1 % after seasonal adjustment. At 102.6% of average monthly production during the 1957-59 base period, the index was 7.9% above its September 1965 level. For the first three quarters, the index averaged 8% above the com­parable 1965 period. This index has been above its com­parable 1965 value in every month of this year. High prosperity, accompanied by a large volume of automobile sales, has boosted demand for Texas petroleum and its products to the highest levels since 1956 and 1957. The average annual value of the index of petroleum produc­tion peaked at 111.1 % of the 1957-59 base period value in 1956. It declined steadily to a low of 92.0% in 1960. If the present volume of production continues, the index will average above 100% this year for the first time since 1957 when it averaged 108.9%. Texas is still the leading petroleum-producing state. The following table shows how Texas production stands in relation other leading producing states. LEADING OIL-PRODUCING STATES, J ANUARY-AUGUST, 1966 Percent change State January-August 1966 production (thousands of barrels) Jan-Aug 1966 from J an-Aug 1965 California 227,010 + 9.4 Louisiana 441,092 + 12.7 New Mexico 80,725 + 1.9 Oklahoma 148,709 + 10.3 Texas 715,991 + 7.3 Wyoming 88,298 4.0 United States ....2,011.330 + 6.5 Source : World Oil, October 1966. The only state in this group showing a decline is Wyoming. The high rate of increase for Louisiana is characteristic. Louisiana has been moving upward steadily for years due to a continued high rate of exploration and discovery in the south Louisiana district, which includes the offshore areas. Immense deposits of oil and gas have been found off the Louisiana coast. Exploration and discovery are expected to continue there at high rates for many years to come. At the end of August, there were 92 drilling rigs active in the off­shore Louisiana area compared with 9 in the offshore Texas areas. Offshore drilling in Texas to the end of 1965 has not been as productive as that in Louisiana. Texas and Louisiana produced a total of 1.16 billion barrels of crude oil during the January-August period. This was 57.5% of national production during the period. Texas alone produced 35.6% of the national total. Continued ability of the nation to meet its require­ments for petroleum depends on a continued vigorous effort to find and develop new petroleum reservoirs. The nation is dependent on petroleum products and is likely to remain so in the proximate future. Drilling has de­clined for many years for a number of reasons. These include a relatively low price for crude oil. Incentives to higher drilling rates are needed. A recent report by the Department of Labor forecasts a decline in employment in the oil and natural gas pro­duction industry brought about by technological inno­ 294 BUSINESS ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES (Adjusted for seasonal variation-1957-59= 100) P ercent change Year-to- Index Sep 1966 Aug 1966 Year-to­date average 1966 Sep 1966 from Aug 1966 date average 1966 from 1965 Abilene .....144.3 152.2 143.2 - 5 + Amarillo ....165.7 161.8 169.3 + 2 + Austin ........... 179.4 207.2 182.7 -13 + Beaumont .. .. . 180.8 185.8 177.0 - 3 + 10 Corpus Christi .... 141.6 130.9 136.0 + 8 + Corsicana .. 11 4.9 146.2 138.0 -21 + Dallas ......201.5 203.0 194.8 - 1 + 12 El Paso ........127.5 127.9 123.1 f,:(< - 1 Fort Worth Galveston .. 143.4 ... 115.5 142 .4 120.1 134.9 113.7 + 1 4 + 6 •• Houston .... . 187.4 198.6 186.3 6 + 10 Laredo ...........185.9 174.7 168.6 + + 7 Lubbock ..... 160.7 168.0 164 .0 + Port Arthur ...... 112.3 108.2 111.4 + + San Angelo ...... 132.2 145.5 141.4 + San Antonio .. 164.1 162.1 161.9 + + 8 Texarkana ..... . . 177.0 . 188.6 175.0 + 14 Tyler . 133.1 142.5 143.2 7 + 2 Waco 140.8 142.7 147.9 + W ichi ta Falls .. . 131.0 134.2 138.0 + 7 ''*Change is less than one-half of lo/o. vations which increase the productivity of the individual worker. Chief among these innovations is Lease Auto­matic Custody Transfer, usually referred to as LACT. LACT is an automated system of producing, treating, storing, gauging, and metering oil released to pipelines. It eliminates a considerable amount of labor. Computers now are being used in centralized LACT systems. In such a system, as many as 2,000 wells may be monitored and controlled from a single central location. Obviously, this type of automated system is better adapted to the needs of large operators. As smaller, more inexpensive process SELECTED BAROMETERS OF TEXAS BUSINESS (Indexes-Adjusted for seasonal variation-1957-59= 100) P ercent change Index Sep 1966 Sep Year-to­1966 date from Aug average Aug 1966 1966 1966 Year-to­date average 1966 from 1965 Texas business activity . . 177.4 183.1 174.6 + Crude petroleum production . . . . . . 102.6* 104.1. 102.7 + Crude oil runs to stills ......... 125.8 120.6 119.2 4 + + Total electric power use ..... . 193.3° 198.4* 184.9 3 + Industrial electric power use. ... 179.9* 172.0'' 169.9 + + Bank debits .189.5 195.5 184.7 + 13 Ordinary life insurance sales 189.0 190.7 179.0 1 9 + Building construction authorized 109.9 142.7 138.9 -23 + New residential 64.0 83.7 99.7 -24 New non residential 161.8 231.8 198.4 -30 + 23 Miscellaneous freight carload­ings in S. W. district 81.3 80.3 81.8 + + Total nonfarm employment .. . 123.2* 123.1 * 122.1 •• + Manufacturing employment .126.2* 125.6"' 124.3 •• + 6 Total unemployment 76.5 81.3 80.3 -6 -l8 Insured unemployment 49.8 56.0 54.1 -11 -35 Average weekly earnings. manufacturing .. ....... 126.2• 124.9° 124.7 4 + + Average weekly hours-manufacturing .... 101.4° 101.4* 102.2 •• •• *Preliminary. ..Change is less than one-half of 1o/o. TEXAS BUSINESS REVIEW ESTIMATES OF TOTAL RETAIL SALES IN TEXAS (Millions of dollars) Percent changes Type of store Sep p 1966 J an-Sep 1966 Sep 1966 from Aug 1966 Sep 1966 from Sep 1965 Jan-Sep 1966 from Jan-Sep 1965 TOTAL . $1,334.0 $12,122.0 ~s + 1 + 9 Durable goods• 433.0 4,316.0 -15 •• + 2 Nondurable goods 901.0 7,806.0 -4 + 1 + 13 •Contains automotive stores, furniture stores, and lumber, building material, and hardware stores. ••Change is less than one-half of 1o/o. pPreliminary. control computers are developed, LACT will be extended to smaller leases. This leaves maintenance as the chief source of employment of human labor. So far, mainte­nance has defied automation. Employment in petroleum and natural gas production has been declining at an annual rate of approximately 2.4% since 1957. This decline has been nationwide. Texas, as the largest producing state, is also the largest em­ployer of production workers and the state most affected. The 1958 Census of Mineral Industries shows that em­ployment in the oil and gas extraction industries rose from less than 2,000 in 1902 to 128,846 in 1958. Since that time, the number has declined to 102,000 in Septem­ber of this year. This was a 20.8% drop. The Labor Department report shows that between 1957 and 1964, national employment in petroleum refining declined 26.0%. In Texas, employment in petroleum refining has reflected this change, dropping from 41,124 in 1958 to 36,300 in September of this year. This was a decline of 11.7%. Both petroleum production and petro­leum refining are high-wage industries. Average weekly earnings in petroleum refining in September amounted to $155.55. The average in production of crude petroleum and natural gas was $131.99. High productivity makes high wages possible but frequently implies declining employment. Total electric power use declined 3% in September after seasonal adjustment. Decreasing commercial and residential power use was responsible for the decline. Industrial power use rose 5%. During the first three quar­ters of the year, total power use was up 7% over the like 1965 period. Industrial power use was up 9%. There is a strong correlation between manufacturing activity and industrial electric power use. The strong rise of 9% during the first three quarters suggests a CRUDE-OIL PRODUCTION IN TEXAS strong rise in manufacturing output during the period. Seasonally adjusted sales of ordinary life insurance declined 1% in September, after reaching an August all-time peak of 190.7% of average monthly sales in 1957-59. At 189.0, the index was at the highest Septem­ber level in history. The index has been above the corresponding 1965 month in each of the past nine months. During this period, it averaged 9% above the first three quarters of 1965. High levels of personal in­come and fears of inflation have prompted higher in­surance purchases. The insurance industry in Texas em­ploys 69.5 thousand workers in all kinds of activity, including sales offices. The September figure quoted was up 3,000 over September 1965. Urban building permits issued in September declined 23 % after seasonal factors were taken into account. Both residential and nonresidential permits issued con­tributed to the decline. The September index of resi­dential permits dropped 2491:. Nonresidential permits fell 30%. At 109.9% of 1957-59 average monthly permits issued, the index of total permits was at its lowest level since June 1963. Residential permits, at 64.0% of the 1957-59 base, were at their lowest levels since March 1957. The plunge in permits issued for residential con­struction began in June and has continued steadily since, bringing the average value of the index for the first three quarters 7% below the comparable 1965 period. Although nonresidential construction declined substan­tially in September, the nine-month average of the index was 23% above the corresponding 1965 period. The in­dex declined in both August and September. Total em­ployment in contract construction was below year-ago levels in both August and September. September 1966 employment was 4,000 below employment in September 1965. National housing starts declined in September to a seasonally adjusted annual rate of 1,102,000 units. Sep­ tember building permits dropped 12.8% below August permits after seasonal adjustment. The housing industry in both the state and nation finds discussion of the like­ lihood of a recession academic. They have one now. Total nonfarm employment in September was at vir­ tually the same level as in August. The index averaged 4% above 1965 during the first three quarters. Manu­ facturing employment also held at about the August level. During the first three quarters, this index av­ eraged 6% above the like 1965 period. Average weekly earnings in manufacturing were up 1% in September. They averaged 4% above those of 1965 during the first three quarters. The increase was due to higher hourly earnings. Average weekly hours were virtually unchanged from year-ago levels. It is clear from the barometers of Texas business that during the first nine months, the state enjoyed a high level of activity except in residential construction. Scarcity of mortgage money has adversely affected new home construction. Since the first of the year, FHA new home mortgage yields have moved up from 5.62% to 6.51 % in August. As long as war-induced economic pressures exist, this situation seems unlikely to be a source of a general business downturn. Removal of this source of upward pressure would produce a cyclical down­turn similar to the post-Korean War recession. THE DEVELOPMENT OF REFRIGERATION IN TEXAS By Charles T. Clark* Texas had a key role in the early pioneering work which made possible the development of modern refrig­eration and the mass production of artificial ice in the United States. Before artificial ice was available, natural ice had to be imported to Texas over great distances and with considerable difficulty from the northern parts of the country. During the Civil War, these imports were cut off, emphasizing further the need for a dependable local supply of ice. Thus, the people of Texas had much to gain by the development of mechanical refrigeration. Relief from summer heat, better treatment of tropical diseases, and preservation of perishable fruits, vege­tables, and meat supplies, both for local consumption and for sale to distant markets, would all be made possible with mechanical refrigeration. It was this intense need which motivated most of the indefatigable work of Texas refrigeration pioneers who labored to design the first ice manufacturing plants and to ship the first re­frigerated beef. While Europeans provided much of the theory of ice manufacture, it was in Texas that a great deal of the early experimental work and most of the first commercial efforts were carried out. Like Texans, the people of western Europe and the British Isles also had a need for refrigeration. Their needs stemmed mainly from the fact that food and other perishable items often had to be imported over great distances, and the fact that some means of dispelling the heat generated in their brewing and distilling industries was required. Australians had just the opposite problem. They wished to export large amounts of meat to the consuming centers of the world, and it was costly and often dangerous to ship live animals long distances. Ancient people understood many methods of cooling centuries before the advent of mechanical refrigeration. History records that ice was harvested and stored in China a thousand years before the birth of Christ. Strangely enough, these cooling methods were not used for preserving foods but for chilling beverages. It is said that Nero effectively refrigerated liquids by burying their containers in snow. To obtain cool water in Egypt, slaves were kept busy throughout the night moistening the outside of jars filled with boiled water and placed on the roof where the higher elevation facilitated evapo­ration. Evaporation then chilled the water in the jars.1 Ice was not used to a significant degree for refrig­erating foods in the United States before 1830. Up until that time, salting, pickling, smoking, and drying were the principal methods of preserving food, and the Ameri­can diet was largely dominated by breads and salted foods. Fresh meat, fish, fruits, and vegetables were less important than they are today, and they were consumed in season near the areas where they were produced so that refrigeration was not necessary for their transport.2 •Associate Professor of Business Statistics, The University of Texas. 1A. Neuberger, The Technical Arts and Sciences of the Ancients, (New York : H. L. Brose, 1930), p. 123. 'Oscar Edward Anderson, Jr., Refrigeration in America: A History of a New Technology and Its Impact (Princeton, N . J.: Princeton University Press, 1953) , p. 14. While there were a few icehouses in existence before 1830, their use was not extensive as ice harvesting methods were then quite primitive. Ice from rivers and lakes was cut in irregular-shaped blocks with the use of axes and saws and used for cooling purposes. In 1829, Nathaniel J. Wyeth patented a horse-drawn ice cutter which proved important in the development of the com­mercial ice industry and in the use of refrigeration. This invention made possible on a commercial scale the shipping of ice by boat from Boston to the southern states, including Texas. Between 1860 and 1890, great progress was made in developing equipment for using natural ice. The equip­ment included home refrigerators, cold-storage houses, and refrigerator cars. During this period, towns in the interior of Texas began to receive by rail ice cut from rivers in northern Illinois. Since the lowest temperature obtainable from ice alone was 35° F., there were early attempts to gain lower levels by mixing salt with ice. A certain amount of heat was required for the ice and salt to mix and form a liquid. This heat was taken from the mixture itself, caus­ing the temperature to fall below the freezing point. The resulting temperature depended chiefly upon the relative proportion of ice and salt in the mixture. The first recorded research in the field of artificial ice manufacture was in 1755. In that year, Dr. William Cullen of the University of Edinburgh wrote an "Essay on Cold Produced by Evaporating Fluids." In the essay, he described an experiment in which he produced ice by evaporating nitrous ether. Dr. Cullen's student, Dr. J. Black, built on the work of his former teacher and developed a comprehensive theory of latent heat. During the next 70 years, mechanical refrigeration was largely confined to laboratory demonstration and experimentation. In 1805, an American, Oliver Evans, proposed for the first time the concept of the continuous circulation of a refrigerant in ice making. In 1810, an­other Scotsman, Sir John Leslie, produced pound-lots of ice in demonstrations using a sulphuric acid dryer with a vacuum pump. Michael Faraday began experi­mental work on the liquefying of gases in 1823-research which demonstrated that many gases previously con­sidered "noncondensable" could be used in refrigeration. It was in 1824 that inventors first began to apply for patents on various refrigeration processes and devices with the intention of developing the commercial pro­duction of ice. The first of these inventors was John Vallance, who took out a British patent in that year to use sulphuric acid in an absorption process. The first American patent was issued in 1834 to Jacob Perkins, whose key concept involved a closed-cycle compressor. He produced the first power-driven machine to make ice, but it proved to be commercially impractical. Dur­ing the next 40 years, 12 United States patents were issued to inventors whoi::e names are all prominent in the history of refrigeration. In 1844, Dr. John Gorrie, an enterprising physician in Apalachicola, Florida, developed all ice-making machine which he used to cool air for yellow fever patients. He was awarded pat.ents on his machine in 1851. His ma­chines were not highly successful commercially, but he is given credit for being the first person to cool air mechanically for human health and comfort. Those who enjoy air-conditioned relief from the Texas summer heat owe much to his pioneering endeavors. Mechanical refrigeration history in Texas actually be­gins with the Carre machine, named for Ferdinand Carre who developed an ammonia absorption system which was patented in France in 1850 and in the Unit.ed States in 1860. In an att.empt to meet the critical short­age of ice caused by the Civil War, Texans import.ed a Carre machine, the first to be used on the American continent. It was safely landed at Matamoros, Mexico, in 1862, t.ested there, and moved overland to San An­tonio and later to Austin. This same machine was used for a short time in both Belton and Lampasas and was last reported to be operating in San Saba about 1880.a After its initial success, four more Carre machines were brought safely through the Civil War blockade to the southern states in 1863 to help solve the need for ice. One of these machines was set up in San Antonio in 1865 by Daniel Livingston Holden, a consulting engineer. He made two important improvements which greatly in­creased the machine's capacity to produce ice com­mercially. The first improvement was an apparatus to heat the aqua ammonia with steam, and the second was the use of distilled wat.er to produce a clear ice. The use of steam made possible the operation of large units, and the use of distilled water increased public acceptance of machine-made ice. Citizens of San Antonio were particu­larly pleased with the clear ice, and, by 1867, no less than three companies were furnishing ice in that city. Holden's success with his first machine in San An­ tonio was largely responsible for the installation of six additional Carre machines throughout the South in 1868. During the time that he was working to improve the Carre absorption machine, Holden became interested in a new refrigerant developed by P. H. Vander Weyde of Philadelphia. This refrigerant was a mixture of pe­ troleum ether and naphtha called "chimogene." He bought the Vander Weyde patents in 1866, made some improve­ ments of his own, and came out with a very effective new machine in 1869. Models of his new machine were installed in Galveston, Bonham, and Houston. In the ensuing years, new developments came fast in mechanical refrigeration. Bett.er compressors, new re­frigerants, and other improved techniques helped arti­ficial ice to become a serious challenger of natural ice in all but the northern parts of the United States. In 1889, there was a total of 165 ice manufacturing plants in the South. Of this number, 56 were in Texas. In 1900, there were 766 ice plants in the country. Texas, with 77 plants, led the nation. Refrigeration and the cattle industry Little refrigeration was used in the slaught.ering and distributing of meat before the Civil War. Some butchers in northern cities had icehouses beginning in 1830, but 1The Handbook of Texas, Vol. II. (Austin: The Texas State His­torical Society, l952), p. 455. to get cattle to the growing markets in the East, it was necessary to drive the animals on the hoof from the West. Later, railroads proved a reliable and economical means of transporting live animals to market. The use of mechanical refrigeration in the meat industry in Texas began in 1871, and it eventually revolutionized the marketing of cattle. The same Daniel Holden who began his work with refrigeration in San Antonio installed a complete compression syst.em in an abattoir in Fulton which he operated with his brothers. This unit, the first mechanically refrigerated abattoir in the United States, was used to chill and cure beef for shipment to Liverpool, England.4 During the same period that Holden was working on the aqua ammonia and absorption ether compression machines, two other men in Texas were working on ways to refrigerate beef for shipment by boat from the state. The first of these was C. S. Lowe, who produced ice with a closed-cycle carbon dioxide compression system in 1866. He installed his system in the freight.er Taber in the hope of hauling beef from Texas to New York. His endeavor was finally successful, but only after a series of delays and technical problems which last.ed for months. The second Texan to try his hand at shipping refrig­erated beef, and the first to be successful, was a San Antonio physician, Dr. Henry Peyton Howard. Dr. How­ard obtained the Texas refrigeration and distribution rights from the pat.entee, Wilson Bray of New York City, and proceeded to equip a small ship, the Agnes, at Indianola, Texas, to ship beef from Palacios and Indian­ola to New Orleans. His first successful trip was made in July 1869, when he transported 30 head of Texas beef. These he stored in his own cold-storage plant in New Orleans for subsequent distribution to hospitals, hotels, and restaurants in that city.5 Six years later the first trans-Atlantic shipment of chilled beef was made from New York to London, and 11 years later, in 1880, the first successful shipment of fresh meat was made from Australia on the Circassia. With the growth of railroads in the United States following the Civil War, Texans began to consider se­riously the possibilities of shipping refrigerated beef by rail. During most of the early history of refrigerated cars, ice was used rather than mechanical refrigeration. When it was available, natural ice was placed in the cars, and later, when it became commercially practical to do so, artificial ice was used. Understandable dif­ficulties arose when the railroads began to use me­chanical refrigeration. Most of the early mechanical equipment could not withstand the jolts of rail travel; it was expensive to install; and it required technical personnel either on the train or at frequent intervals along the line to maintain it. It was in 1870 that Thomas L. Rankin was credited with the first successful shipment of fresh beef by rail in the United Stat.es. Three years later the experiment of shipping fresh beef in refrigerator cars from Texas to New York was hailed as an outstanding success. Despit.e their initial success in shipping fresh beef by 'W. R. Woolrich, "Mechanical !Wfrigeration-Jts American Birth­right," Refrigeration Engineering, 53 (March, 1947), p. 246. 'Ibid., p. 248. 2 rail, meat dealers found railroads reluctant to design and equip refrigerator cars. Shipping live beef had be­come a profitable· venture, and any move toward ship­ping by refrigerator cars was met with some unwilling­ness. Gustavus Franklin Swift, Philip D. Armour, and others helped to overcome this aversion by designing and building their own cars. Preservation of fruits and vegetables Fruit and vegetable production in Texas expanded enormously in the years after 1900. Several factors were responsible. For one, a large market for such products was available in the rapidly growing urban areas of the East. For another, these markets had been connected successfully with remote agricultural districts by efficient rail and, later, truck transportation. But neither of these factors could have been decisive without refrigeration. The ice-making machine, the refrigerator car, and the cold-storage warehouse were key develop­ments in the growth of the fruit and vegetable industry. The refrigerator car could be used effectively in trans­porting fruits and vegetables grown in Texas to cities outside the state once plants were established which were capable of producing cheap and abundant quantities of ice. By 1900, there were 77 of these plants in Texas, many of which were located at strategic shipping points. The most striking effect of the refrigerator car on fruit and vegetable production was the impetus it gave to regional specialization. When it became possible to transport perishable crops hundreds of miles, areas which were particularly well adapted to growing a given type of fruit or vegetable could concentrate on doing so, regardless of distances from the market. The impact of this trend in Texas can be demonstrated by the fact that the commercial production of fruits and vegetables has been increasingly concentrated in about 50 commodities and in fewer than 50 counties. By 1959, almost one-half of the owners of the 227,071 farms in Texas raised vegetables for their own use, but only about 5% raised vegetables commercially. The vegetables sold on these 11,773 farms were valued at more than $31 million, and the value of fruit produced exceeded $15 million. Without refrigeration, the farmer could produce and sell only what he and his neighbors could consume in season. Home refrigeration So far, only the commercial aspects of refrigeration have been emphasized. The icebox, the electric refrig­erator, the deep freezer, the frozen-food locker, and the home air conditioner have all contributed to making home life more healthful and more pleasant. The home icebox could not have been possible without commercial icehouses. The commercial ice plant was the foundation of both domestic and commercial refrigeration at the time of World War I. It reached its peak shortly after the war and entered a long struggle with the domestic refrigerating machine in the early 1920's. The slow decline of the commercial icehouse which took place during the next 25 years was not the result of its pro­duction methods or of its products, but of the problems inherent in the distribution of ice to the consumer and the distinct advantages which domestic refrigerating machines offered. The commercial ice business was sea­sonal; methods of distribution were messy and unsani­tary; and the housewife had the ever-present problem of emptying the "drip pan" under her icebox. Faced with these difficulties, it is not surprising that she readily accepted the domestic machine. By 1920, most of the technical problems of the home electric refrigerator had been solved. While only 5,000 units were sold in the entire United States in 1921, the number had increased to 830,000 units by 1930. By 1944, almost 70% of American homes with refrigerators were equipped with mechanicals. By 1950, almost 90% of the families in Texas had refrigeration, and 80% of these units were mechanical. On the farm, refrigeration had special advantages over and above the usual domestic ones. The home freezer and the frozen-food locker made it possible for the farm housewife to have a supply of fresh meat, vegetables, eggs, fruits, and other products the year around. Refrigeration greatly aided the dairy farmer by prolonging the period during which milk and dairy products could be preserved. It also made it practical for the farmer to hold some products off the market when he thought he might secure a better price at a later date. With all these advantages, however, re­frigeration was slow to come to most Texas farms. Ice companies neglected to service rural areas, for the cost of delivering to scattered customers was prohibitive. During the 1930's, governmental agencies of all kinds made special efforts to stimulate the use of refrigeration on farms, but it was not until after World War II that the most substantial progress was made. The ex­ tension of rural electrification, which came in the late 1940's and the 1950's, provided the real breakthrough for the farmer. Once he had cheap electricity, it was possible for him to own mechanical refrigerators and deep-freeze units which had been impractical before. The 1960 Census of Housing showed that almost 11% of the families in Texas owned deep-freeze units; al­ most one-half of these were on Texas farms. In addition, almost one-third of all Texas families had air condi­ tioning in their homes. Frozen food processors Several industries in Texas are highly dependent upon refrigeration. Two of the most important are the fish and poultry processing industries. At latest count, there were 36 plants processing frozen fish and shrimp in Texas, all of which find refrigeration indispensable for their operations. Poultry processing likewise is a sizable industry in Texas, and one which finds refrigeration necessary in the movement of its products to markets both in other parts of the United States and overseas. Currently, there are 67 such poultry processing firms scattered about all areas of the state. Besides the fish and poultry processing industries, several plants in Tex­as manufacture frozen fruits, fruit juices, vegetables, pas­tries, dinners, and other specialties which require cooling and refrigerating equipment. Refrigeration and manufacturing in Texas Texas industry contributes greatly to the manufacture of refrigerants and refrigerating equipment. Among the products made by Texas plants are dry ice (solid carbon dioxide) , industrial iceboxes, ice-making machinery, in­ dustrial ice-crushing machinery, household refrigerators, air-conditioning units (both commercial and domestic), and miscellaneous parts for air conditioners. While they do not occupy the place in Texas life that they once did, approximately 200 ice manufacturing plants are still operating in Texas at latest count. The map shows the distribution of plants by county in the state. Instead of largely providing ice to homes as they did years ago, these plants are now providing ice for different markets, many of which owe their existence to leisure-time activities. Ice is still important for work­men's ice jugs and various commercial operations, but today it also occupies a place of importance in the week­end outing, the party, and the picnic. Cooling refresh­ments for large spectator sports events demands huge quantities of ice, too. So despite the passing of the home icebox, ice plants still have their place in Texas. Refrigeration has helped to make the automatic vend­ing of a multiplicity of products possible. Refreshment centers now contain a host of machines which dispense ice cream, milk, cold salads and sandwiches, soft drinks, and other products requiring refrigeration. In recent years, the number of machines designed to dispense ice with soft drinks in paper cups has grown enormously, as has the number of ice-making machines in restaurants. At many picnic and recreational spots, and even in the city, the old icehouse often has been replaced by the auto­matic ice vender. These machines provide the buyer con­venient, 24-hour service. The future is likely to see more automatic vending, and refrigeration will be an important factor in its growth and continued success. It is difficult to summarize statistically the impact of refrigeration on the average Texan. To say that it has increased his life-span, varied his diet, improved his med­ ical services, and made his life more pleasant and com­ fortable are modest claims. Refrigeration has meant much to the farmer and rancher, and it has made the long, hot Texas summers more pleasant for all. NONAGRICULTURAL EMPLOYMENT SELECTED LABOR MARKET AR EAS Anticipated Labor market area Sep p 1966 Aug p 1966 Sep r 1965 Nov 1966 Abilene 37,285 36,880 36,035 37 .620 Amarillo 58,220 58,600 55 ,825 5 ,205 Austin ........ . 1.00,075 100,070 94,630 102,820 Beaumont.Port Arthur- Ora nge .... . .... . 11 5,400 113,1 00 113,000 115,500 Brownsville-Harlingen- San Benito 36,960 38.450 35,390 37. 40 Corpus Chr isti 83,180 84,150 81,020 3,500 Dallas . . . . . . . . . . . .. . .. ..... 579,300 574,420 546,670 58:>.3!10 El Paso .. 105,1 00 103,600 96.600 105.400 Fort Worth .257,900 254 ,000 241.200 260.~00 Galveston-Texas City 55,520 55,680 54 ,620 56,20.i Houston ..... . . . .......... . 686,500 681.550 66!J,750 68!), J.)0 Laredo 21,595 21,685 20,360 21 ,910 Longview-Kilgore- Gladewater 33,730 33,505 32,105 33.745 Lubbock 61, 755 61,130 i)8,6!1.~ 62,.)fiO McAllen-Pharr-Edinburg 40,4 20 40,310 36.320 43,640 Midland-Odessa 59,575 59, 185 57.410 59 ,510 Sa n Angelo 22.365 22,130 21.100 22 ..;oo Sa n Antonio . 244,395 243,380 23-t,!t:l;) 2-14 .Hfi:i Texarka na 36,375 3;),57.) 33.0!1.; 36,:.o:; Tyler . . . . . . . . . . . .. . 33,925 34,370 32,920 34,260 Waco 55,610 54 ,670 .> 3.~l!J:) :;6,080 W ichita Falls 49,135 49,230 4 7,3UO ;;o,o .; Total, labor market areas ...... 2, 774, 620 2,755,670 2,6:;3.0 :; 2. 7~ 17 .~!10 Total, Texas ... . 3,628,500 3.624.400 3 '~". J OO 3.6.-.6. 00 Source: Texas Employment Commission. p P reliminary. r Revised. SECURITIES REGISTRATIONS IN TEXAS Fiscal 1966 by Ernest W. Walker* It appears that the market for new securities in Texas registered by "other" companies. The volume of securi­is not dependent on a strong stock market as depicted ties registered by the former declined 39.1 % in 1966 by the Dow-Jones averages. As is well known, the stock when compared to 1965, but securities registered by the market was depressed during the greatest part of fiscal latter group rose 33.6%. 1966, yet the dollar volume of securities represented by original applications which were approved by the Se­SECURITIES REGISTRATIONS IN TEXAS, 1960-1966 curities Commissioner reached an all-time high. During this period, the dollar volume reached $540.1 million, BY FISCAL YEARS BY QUARTERS an increase of 40.2% over 1965, which, incidently, was then the all-time high. It is true, however, that the decline in the stock market during the fourth quarter had its impact; e.g., securities registered during this period amounted to $101.5 million, a decline of 13% when compared to the previous quarter. It is interesting to note that the decrease resulted from a fall in the vol­ ! / /"···· ,/ ... / \.. ... ........../ / L---'" 0 o / .. ··,·.. .... ..... L-.J.--1--'--.1.---'~'---' :: ume of securities registered by mutual investment com­panies rather than those originating from Texas and "other" companies. While it is true that the total volume of securities registered in 1966 by mutual investment 0 •960 1<;191 ,~ lo;M5.:J 100.. ,_ , _ companies rose some 80% in 1966 over 1965, this growth hi 2 ..0 3rd 4th l ot 2 ..0 3•d 41~ ~~ •••••• 0.1,.... 1 •• , ;.1•• 110... was extremely erratic. Comparing each quarter with -"•"-•'••o••"•t!o"• each preceding one, the securities registered by these companies rose 221 % in the second quarter but de­ clined 17.2% and 22.1% in the third and fourth quarters. Securities are registered with the Securities Board On the other hand, securities registered for sale by under one of the following methods of certification: Texas arid "other" companies declined 54.5% in the amendment, coordination, notification, qualification, and second quarter as compared to the first quarter but rose renewals. The relative status of each method for the 143.2% in the third quarter over the second quarter years 1965 and 1966 is depicted in Table 2. While the and 7.7% in the fourth over the third quarter. It ap­ relative status of each method changed, the increases pears that the stock market affected the volume of and decreases were insignificant; consequently, there has securities registered by Texas companies more than those been no change in the manner in which business firms approach the Securities Board when certifying their •Prof"8110r of Finance, The University of Texas. securities. Table 1 SECURITIES REGISTRATIONS IN TEXAS FISCAL YEARS 1965-1966 (millions of dollars) 1964-1965 First half 1965-1966 First half 1964-1965 Last half 1965-1966 Last half 1964-1965 1965-1966 Percent change Securities registrations No. Amt. No. Amt. No. Amt. No. Amt. No. Amt. No. Amt. No. Amt. Original applications Mutual investment companies. 44 $ 64.7 56 $128.1 63 $ 86.2 76 $143.1 107 $150.9 132 $271.2 + 23.4 + 79.7 All other corporate securities: Texas companies 30 45.9 22 13.1 33 29.6 30 32.9 63 75.5 52 46.0 -17.5 -39.1 Other companies 68 24.9 97 34.0 100 32.0 147 42.0 168 56.9 244 76.0 + 45.2 + 33.6 Subtotals 98 $ 70.8 119 $ 47.1 133 $ 61.6 177 $ 74.9 231 $132.4 296 $122.0 + 28.1 - 7.9 Totals . . 142 $135.5 175 $175.2 196 $147.8 253 $218.0 338 $283.3 428 $393.2 + 26.6 + 38.8 Registrations renewed Mutual investment companies . 77 $ 52.3 82 $ 71.3 81 $ 40.7 62 $ 64.7 158 $ 93.0 144 $136.0 8.9 + 46.2 Other corporate securities: Texas companies Other companies 7 2.4 1.5 6 5 2.3 2.0 11 4 4.3 0.6 13 3 5.2 1.4 18 9 6.7 2.1 19 8 7.5 3.4 + 5.6 -11.1 + 11.9 + 61.9 Subtotals 12 $ 3.9 11 $ 4.3 15 $ 4.9 16 $ 6.6 27 $ 8.8 27 $ 10.9 0.0 + 23.9 Totals 89 $ 56.2 93 $ 75.6 96 $ 45.6 78 $ 71.3 185 $101.8 171 $146.9 - 7.6 + 44.3 Grand totals 231 $191.7 268 $250.8 292 $193.4 331 $289.3 523 $385.1 599 $540.1 + 14.5 + 40.2 Table 2 NUMBER AND DOLLAR VOLUME OF REGISTRATION, BY TYPE OF REGISTRATION, FISCAL 1965 AND 1966 Number Volume P ercent of total of applications (in millions) (dollar volume) Method of certification 1965 1966 1965" 1966 1965 1966 Amendment 107 138 $151.7 $239.9 39.4 44.5 Coordination ....189 258 100.9 126.4 26.2 23.5 Notification 6 5 5.4 1.7 1.4 0.3 Qualification 32 22 23.4 24.4 6.1 4.4 R<>newals ..... 189 191 103.6 147.5 26.9 27.3 Totals .... 523 614 $385.1 $539.9 100.0 100.0 Texas law requires that all securities must be re­newed if they are not sold within one year of the date of certification, provided the firm wishes to continue of­fering them for sale. Past data tend to prove that the volume of renewals moves inversely with the market; that is, renewals decline when the market is active and increase when the market is depressed. The data in­cluded in Table 3 show that renewals as a percent of total registrations declined in 1966, which indicates that the market in 1965 was active and absorbed a larger percentage of the securities that were offered in that year, thus causing a relative decrease in renewals in 1966. If this type of relationship continues in the future, and there is no reason to believe otherwise, one can ex­pect an increase in renewals as a percent of total regis­trations in fiscal 1967 unless the market regains its vigor. Table 3 DOLLAR VOLUME OF RENEWALS, FISCAL YEARS 1960-1966 Dollar value Dollar value Renewals, Years a ll applications (in millions) renewals (in millions) percent of total 1960 ... . $264. l $ 70.1 32.1 1961 351.6 83.1 33.7 1962 357.3 100.5 53.8 1963 249.3 97.9 44 .5 1964 321.l 104.7 32.8 1965 . . . . . . . . .. . . . . . 385.l 101.8 26.4 1966 540.9 146.8 25.3 Either of two things may happen to an application that fails to meet the provisions of the Securities Act. First, the Commissioner may deny certification, or sec­ond, the firm may withdraw its application. Table 4 depicts the number and dollar volume of applications which were denied or withdrawn in 1965 and 1966. The data reveal that not only did the dollar volume of with­drawals decline in 1966, but they also declined relatively. In 1965, withdrawals amounted to 4% of the total of all securities approved for sale, but in 1966 withdrawals fell to 2.2%. This relative decline illustrates two im­portant developments. First, it shows that the staff of the Board is assisting the firms in the registration proc­ess as well as educating them as to the provisions of the Act. Second, it indicates that the firms are becoming more cognizant of the requirements and are complying more precisely. Table 5 indicates that the Licensing Division of the Board was very active in 1966. Even though the total licenses issued increased in 1966 when compared to 1965, the licenses granted to corporate dealers and deal­ers in oil and gas interest continued to decline. This decline, however, was more than offset by the number of licenses issued to salesmen, thus accounting for the overall increase in licensing activity. In summary, the growth in the volume of securities approved in 1966 continued the upward movement which was started in fiscal 1963. Not only has the volume increased each year but, more significantly, the rate of growth has ranged from 30 to 40% annually. Obviously one of the reasons for such sustained growth is the fact that our economy is at an all-time high. An even more important reason is the continuous decrease in cost of capital. Since the third quarter of fiscal 1966, how­ever, the cost of capital has increased very rapidly. If this situation continues, a reversal in the upward trend can be expected in 1967. Table 5 NUMBER OF LICENSES ISSUED BY THE SECURITIES BOARD, FISCAL YEARS 1960-1966 Types of dealers 1960 1961 1962 1963 1964 1965 1966 Corporate dealers 630 635 729 693 489 452 435 Individual dealers 440 363 392 . 337 275 260 227 Dealers in oil and gas interests . . ......1,480 1,310 1,244 1,179 1,108 1,021 9ll6 Salesmen ....... ...3,618 3,986 4,441 3,989 2,897 3,393 3,677 Finance companies chartered under Art. 1524a 244 343 406 4\6 Investment advisers 12 11 12 17 21 24 29 Real estate investment trust dealers 3 2 2 Totals ..... . 6,424 6,648 7,225 6,634 4,793 5,152 5,336 Table 4 NUMBER AND DOLLAR VOLUME OF APPLICATIONS WITHDRAWN OR DENIED, FISCAL 1965 and 1966 Withdrawals Denials 1965 1966 1965 1966 Method of Number Volume Number Volume Number Volume Number Volume certification (in millions) (in millions) (in millions) (in millions) Amendment 0 $ 0.0 s 0.0 $0.0 0 $0.0 Coordination 34 10.2 37 9.5 3 1.9 0.3 Notification 0 0.0 2 0.3 0 0.0 0.0 Qualification 15 5.4 10 2.0 0.0 3 1.3 Renewals l o.: 0.3 () 0.0 0 0.0 Totals fiO $15.7 53 $12.1 $1.9 $1.6 TEXAS BUILDING CONSTRUCTION AUTHORIZED IN SEPTEMBER by Donald E. Robertson The estimated value of building permits issued in Texas during September reflected a sizable decrease from the level recorded in August. The value of permits is­sued in September was down a seasonally adjusted 23 % from August and was 11% below the September 1965 total. Declines in both residential and nonresidential per­mits accounted for the overall fall. The seasonally adjusted index of nonresidential build­ing authorizations in September showed a 30% drop from the August level, but was still 15% above the reading of September a year ago. The current year to date has been a record one for nonresidential building in the state, but the decline from August to September may signal the end of the strong building trend which has characterized this construction category during the latter part of 1965 and all of 1966. September's level of nonresidential authorizations was 18% below the monthly average thus far in 1966, with almost all kinds of nonresidential building activity recording August-to­September declines. . Construction of office and bank buildings, educational buildings, other nonresidential buildings, including garages and government service buildings, and structures other than buildings such as outdoor swimming pools, parking lots, drive-in theaters, stadiums, and grandstands were the categories recording monthly increases. Permits for two office buildings, one in Dallas for $2.90 million and the other in Fort Worth for $1.14 million, caused the monthly increase in the office and bank building category. Meanwhile, the build­ing of educational buildings around the state accounted for sizable outlays of construction funds. A permit was granted in Fort Worth for an $8.5 million project for the Tarrant County Junior College. Large September edu­cational building permits are shown in the following table: TEXAS BUILDING PERMITS ISSUED IN SEPTEMBER 1966 FOR CONSTRUCTION OF EDUCATIONAL BUILDINGS City Amount School or college Abilene ......$2,194,600 Abilene Christian College Amarillo 1,402,000 Amarillo College Arlington 1,250,000 Arlington State College Corpus Christi 1,336,507 Corpus Christi Independent School District Dallas 1,211,500 Dallas Independent School District Fort Worth 8,555,555 Tarrant County Junior College Lubbock 3,500,000 Texas Technological College Waco 933,635 Baylor University Source: Bureau of Business Research in cooperation with the Bureau of the Census. U . S. Department of Commerce. Residential permits did not suffer as great a per­centage decrease during September as did nonresidential permits. However, the 24% drop in the residential cate­gory occurred from a much smaller base since the August index of residential construction stood at 83.7% of the 1957-59 base period value. After that 24% drop from August to September, the index gauged residential con­struction activity at 64.0% of the base period value, the lowest reading since March 1957. All categories of resi­ 302 BUILDING CONSTRUCTION AUTHORIZED IN TEXAS INDEX-ADJUSTED FOil SEASONAL VAlllATION-1957·1959· 100 'I250 250 ~ 200 200 ~ 150 JOO ~v- IV l ~-}\,~ [Y 11/\ /\•~ ,. y IV' I .A Wli .Ill • L.I' Vt I 150 100 50 0 (I 1954 '55 '56 '57 '58 '59 '60 61 62 '63 64 65 1966 NOTE: Shaded are;i.s indicate period• o f decline of tota l bu1inet11 act1v1ty in the United States. dential construction were down. The construction of one­family dwellings declined 7%, and multiple-family dwellings permits were down 73%, with the big drops coming in the authorization of 3-and 4-family dwellings and apartment houses. During the first nine months of 1966, the value of all building permits issued in Texas was 6% above the total recorded for the corresponding period of 1965, primarily ESTIMATED V ALUES OF BUILDING AUTHORIZED IN TEXAS Sep Jan-Sep 1966 1966 Classification (thousands of dollars) ALL PERMITS .......... . 115,578 1,301.960 New construction Residential (housekeeping) One-family dwellings . Multiple-fam ily dwellings Nonresidential buildings Nonhousekeeping buildings (residential) Amusement buildings . Churches Industrial buildi ngs Garages (commercial and private) Service stations Hospitals and institutions Office-bank buildings . Works and utilities Educational buildings Stores and mercantile buildings Other buildings and structu res Additions, alterations, and repairs METROPOLITAN vs. NONMETROPOLITANt Total metropolitan Central cities Outside central cities . Total nonmetropolitan 10,000 to 50,000 population Less than 10,000 population 96,451 1,144,395 35,695 539,928 31,831 413,383 3,864 126,545 60,756 604,467 995 15.608 3,720 29,509 3,660 33,522 4,647 82,971 1,291 11.086 1,669 13,573 2,181 43,962 7,106 84,161 2,475 18,506 24,851 160,485 6,132 95,771 2,029 15,313 19,1 27 157,565 . 100,944 1,089,883 82,772 848,376 18,172 241,507 14,634 212,077 6,751 122,924 7,883 89,153 Percent change Jan-Sep 1966 Sep 1966 from from Jan-Sep Aug 1966 1965 -16 -18 -26 -7 -73 -12 -53 -14 -29 -48 +203 -21 -77 + 19 + 75 -52 + 132 -2 -15 -10 -10 I -14 -40 -58 -5 + + -10 + 9 + 23 + 42 + 16 + 91 + 114 -27 + 6 + 14 + 26 -55 + 38 + 16 + 14 - 3 + + 10 + 7 8 -13 tAs defined by 1966 Census. Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce. TEXAS BUSINESS REVIEW RESIDENTIAL BUILDING AUTHORIZED IN TEXAS* NONRESIDENTIAL BUILDING AUTHORIZED IN TEXAS* INDEX -ADJUSTED FOR SEASONAL V ..d/ATION-19571959·100 INDEX -M>JUSTED FOR CifA.SONAL VARIATION -19571959 · 100 200 """"" 200 = ~ 300 150 250 150 h = J . l .I II II = 200 /Y ... I Ill f'YY\~ }f l1J 1J VJ\ . I I II olll n ~ \. 100 100 .,j\, 150 V\f I I/\ 'fl. II l'I' \ . ,/\n \l .1 = I ·l v 100 ,. ~T ~ \J( ~ v~nv "'"' "· ·II\Ill./\. 50 50 50 ~ ~ = 0 .~ 0 = = 0 1954 '55 '56 '57 '58 '59 '60 '61 '62 '63 '64 '65 1966 1954 55 56 57 58 59 60 61 62 63 64 65 1966 • Ellldude• ;iddition1, alteruion• , and rep<1.ir1. NOTE: Shaded ;irea• indicue per iods of decline of total bu1ineu <1.ctivity in the \!nited Stuu. due to increased nonresidential building activity. Non­residential building construction for the year is 23% ahead of that recorded for the same period last year, while residential building is 7% below that recorded for the similar period of a year ago. Additions, alterations, and repairs are also down for the year, but only a slight 3%. This category was one of the few noting an August­to-September increase, a 7% rise. Since building permits precede construction, it appears from September permits that actual building activity during much of the remainder of 1966 will be at a relatively low level. If there has been a strong sector in the state construction picture, then that has been non­residential construction. However, now that the tax credit and accelerated depreciation allowances have been lifted until 1968, there undoubtedly will be some commercial and industrial work deferred. In fact, H;umble Oil and Refining Company recently announced cancellation of its plans to build a multimillion dollar catalytic cracking unit at its Baytown refinery. Rising costs of labor, en­gineering, and materials were cited as factors in the decision. Other companies planning expansions may well question the advisability of building during the present trend of high costs and high interest rates. No basic change is currently foreseeable in the home­building industry, even though many builders are urging buyers who have balked at rising prices to buy now despite higher price tags. They say that costs and prices can only rise more, and that anyone who expects home prices to go down will be waiting a long time. They may well be right, for ready-mix concrete firms are said to be considering price hikes in the near future due to increased costs of raw materials. Other construc­tion costs are also rising. A cost comparison study which 300 250 200 I 50 00 50 0 •Exclude• ;iddition1 , J.lten.tiont, &nd repair1. NOT E: Shaded ilreat indicate per iod• of decline of totill b1..11inen &ctivity in the United States. was made in Houston illustrates the problem of spiraling construction costs. A home which could have been built there in 1962 for $14,000 would now cost about $16,000 to complete. Based on current trends, the same house will cost about $20,000 in 1970. Rising costs and high interest rates have combined to curtail construction ac­tivity in the state, with residential construction suffering the greatest reduction. RETAIL SALES TRENDS BY KINDS OF BUSINESS Percent change Normal seasonal• Actual Kinds of business Number of reporting establish­ments Sep from Aug Sep 1966 Sep 1966 from from Aug 1966 Sep 1965 Jan-Sep 1966 from Jan-Sep 1965 DURABLE GOODS Automotive stores ....... 373 -29 -20 -l + 2 Furniture & household appliance stores .. . .... 166 -26 -4 + 2 + 7 Lumber, building material, and hardware stores ... 238 -7 -5 + 1 + 6 NONDURABLE GOODS Apparel stores ..........298 Drugstores ..............204 -2:?. •• -5 •• + 7 + 2 + 7 + 3 Eating and drinking places .. 115 -5 -7 + + Food stores ... 347 + 3 -6 + 4 + Gasoline and service stations .104 -4 -7 -1 •• General merchandise stores .. . 302 -20 -10 •• + 7 Other retail stores .. . 281 -10 +15 + 6 + 8 *Average seasonal change from preceding month to current month. **Change is less than one-half of 1%. AVERAGE EARNINGS FOR SELECTED JOBS IN VARIOUS TEXAS CITIES 1965-1966 Midland Beaumont- San and Occupation Houston Port Arthur Dallas Fort Worth Lubbock Antonio Odessa Average weekly earnings Secretaries .... .............. .. . $110.50 $117.50 $ 98.50 $ 94.00 $87.00 $84.50 $116.00 Routine typists ....... . .. . 69.50 75.00 62.00 59.00 66.00 58.50 69.00 Industrial nurses 119.00 132.00 105.50 118.00 n.a. n.a. n.a. Average hourly earnings General maintenance mechanics.......... .... . . 3.26 3.51 2.91 2.90 2.45 2.67 3.72 Automotive mechanics 2.97 3.32 3.03 2.55 2.49 2.73 2.91 Material handling laborers . 1.92 2.16 1.93 1.76 1.60 1.55 n.a. J anitors, porters, and cleaners............. . 1.58 2.08 1.55 1.78 1.44 1.32 1.46 Source: U. S. Department of Labor. n.a.-Not available. NOVEMBER 1966 Indicators of business conditions in Texas cities pub­lished in this table include statistics on banking, build­ing permits, employment, postal receipts, and retail trade. An individual city is listed when a minimum of three indicators is available. The cities have been grouped according to Standard Metropolitan Statistical Areas. In Texas all 22 SMSA's are defined by county lines; the counties included are listed under each SMSA. The populations shown for the SMSA's are estimates for April 1, 1965, prepared by the Population Research Center, Department of Sociology, The University of Texas-the fact designated by footnote (1). Cities are listed under their appropriate SMSA's; all other cities are listed alphabetically. The population shown after the city name is the 1960 Census figure, with the exceptions of those marked (r), which are estimates officially recognized by the Texas Highway De­partment, and that given for Pleasanton, which is a com­bination of the 1960 Census figures for Pleasanton and North Pleasanton. Since the SMSA and city population estimates have different sources, it is not surprising that they are sometimes inconsistent, as is the case here with the Odessa SMSA (Ector County) and Odessa. Retail sales data are reported here only when a min­imum of five stores report in the given retail area sales catego;ry. The first column shows an average percent chan{e from the preceding month, indicated by (t). This is the normal statewide seasonal change in sales by that kind of business-except in the cases of Dallas, Fort Worth, Houston, and San Antonio, where the dag­ger is omitt...ad because the normal seasonal changes given are for each of these cities individually. The second col­umn shows the percent change in actual sales reported for the month, and the third column shows the percent change in actual sales from the same month a year ago. A large variation between the normal seasonal change and tbe reported change indicates an abnormal sales month. Additional symbols used in this table include: (*) Indicates cash received during the four-week postal accounting period ended October 7, 1966. (:J:) Money on deposit in individual demand deposit accounts on the last day of the month. ( §) Data for Texarkana, Texas, only. (**) Change is less than one-half of 1%. (11) Annual rate basis. ( #) Monthly averages. Percent change Percent change Sep 1966 Sep 1966 Sep 1966 Sep 1966Sep from from Sep from from City and item 1966 Aug 1966 Sep 1965 City and item 1966 Aug 1966 Sep 1965 ABILENE SMSA AMARILLO SMSA (Jones and Taylor; pop. 124,3571) (Potter and Randall; pop. 169,9421 ) Building permits, less federal contracts $ 3,539,825 -32 -34Building permits. less federal contracts $ 2,401,047 + 183 +386 Bank debits (thousands) II ........$ 4,366,404 + 6 + 4 Bank debits (thousands) 11 ........ .$ 1,954,524 + + 6 N onfarm employment (area) . 58,200 -1 + 4 Nonfarm employment (area) . 37 ,300 + + 3 Manufacturing employment (area) . 7,340 •• + 82Manufacturing employment (area) . 4,350 + 1 + 8 Percent unemployed (area) . 2.6 -4 -28Percent unemployed (area) . 3.5 3 -l5 AMARILLO (pop. 155,205r) Retail sales -14t -18 ••ABILENE (pop. 110,049r) Automotive stores -29t -22 -2 Retail sales -14t + 1 + ~1 Eating and drinking places. -st -16 + 17 Apparel stores -22t -5 Postal receipts" $ 298,791 + 7 -2 + 11 Automotive stores Building permits, less federal contracts $ 3,491,275 -31 -so -29t -17 + 16 General merchandise stores. -20t Bank debits (thousands) $ 335,411 + 3 -11 -4 Postal receipts* $ 140,267 + 4 -1 End-of-month deposits (thousands) f. .$ 130,226 + Building permits, less federal contracts $ 2,399,147 +183 Annual rate of deposit turnover 31.4 + +395 Bank debits (thousands) $ l34,126 -3 + 4 Canyon (pop. 6,755r) End-of-month deposits (thousands) i . .$ 69,133 Annual rate of deposit turnover . 23.3 Postal receipts• .... . $ 18,596 +163 + 46 -3 + 4 Building permits, less federal contracts $ 48,550 -64 -87 Bank debits (thousands) $ 8,309 + 11 -5 ALAMO: See McALLEN-PHARR-EDINBURG SMSA End-of-month deposits (thousands)~-$ 7,233 + 11 -10 Annual rate of deposit turnover 14.5 + 6 + 7 ALPINE (pop. 4,740) ANDREWS (pop. 11,135) Postal receipts• .....................$ 7,066 + 28 + 14 Postal receipts* .. . $ 10,764 + 44 + 31 Building permits, less federal contracts $ 62,000 + 74 +464 Building permits, less federal contracts $ 3,500 + 27 -97 Bank debits (thousands) . ....... . $ 4,035 + 14 2 + Bank debits (thousands) ..... ........$ 5,730 -13 End-of-month deposits (thousands) f. .$ 4,734 + 3 + + End-of-month deposits (thousands) f. .$ 6,996 8 Annual rate of deposit turnover. ~0.4 13 + Annual rate of deposit turnover . 10.2 -14 Local Business Conditions City and item Sep 1966 Percent change Sep 1966 from Aug 1966 Sep 1966 f ·cm Sep 1965 Local Business Conditions City and item Sep 1966 P ercent change Sep 1966 from Aug 1966 Sep 1966 f.om Sep 1965 ANGLETON: see HOUSTON SMSA Groves (pop. 17,304) Postal receipts• .......$ 9,388 + 3 + 4 ARANSAS PASS: see CORPUS CHRISTI SMSA Building permits, iess federal contracts $ Bank debits (thousands) . . .. .$ 57,636 7,055 -55 -12 -55 •• End-of-month deposits (thousands) i . .$ 4,093 - 4 -34 ARLINGTON: see FORT WORTH SMSA Annual rate of deposit turnover . 20.3 - 13 + 43 Nederland (pop. 15,274r) ATHENS (pop. 7,086) Postal receipts• . . . . . . . . . . . . . . . $ 11,271 + 21 -25 Postal receipts• . . . . . . . . . . . . .. .$ 17,080 + 3 + Bank debits (thousands) .. .......... .$ 7,908 + + 36 Building permits, less federal contracts $ 212.745 -59 -16 End-of-month deposits (thousands) i . $ 5,036 + + 15 Bank debits (thousands) . $ 14,278 + 3 + 16 Annual rate of deposit turnover . 19.0 + + 24 End.of-month deposits (thousandsH . . $ 13,124 + 3 + 55 Annual rate of deposit turnover..... 13.2 -13 -23 Orange (pop. 25,605) Retail sales - 14t - 10 + 13 AUSTIN SMSA (Travis; pop. 245,5421) Postal receipts• ... . .. $ Building permits, less federal contracts $ Bank debits (thousands) $ 32,694 130,374 41,431 + 8 -75 + 11 + 5 + 50 + 18 Building permits, less federal contracts $ 2,643,095 -63 -75 End-of-month deposits (thousands) i . .$ 26,054 + .1 + 1 Bank debits (thousands) II ..........$ 4,185,288 Nonfarm employment (area) . 100,100 - 6 •• + 11 + 6 Annual rate of deposit turnover . Nonfarm placements 19.2 289 + 12 + 62 + 19 + 40 Manufacturing employment (area) . 7,220 2 + 6 Percent unemployed (area) . 2.7 + 4 + 4 Port Arthur (pop. 66,676) Retail sales - 14t - 21 + 9 AUSTIN (pop. 212,000r) Retail sales Apparel stores Automotive stores Eating and drinking places . ---- 14t 22t 29t 5t + 9 + -24 + 5 + 4 + 1 + 5 + 3 Postal receipts• $ Building permits, less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t . $ Annual rate of deposit turnover 56,279 248,121 74,538 44,165 20. l -11 -10 •• 2 + + 5 + 7 + 6 + 9 Furniture and household appliance stores General merchandise stores . Lumber, building material, and hardware stores. -26t -20t -7t Postal receipts• .............$ 657, 170 Building permits, less federal contracts $ 2,643, 095 + 22 5 + 2 + 13 -63 + 7 + 24 + 9 -75 Port Neches (pop. 8,696) Postal receipts• .. .$ Building permits, less federal contracts $ Bank debits (thousands) . . . .. .$ End-of-month deposits (thousands ) i ..$ A~nual rate of deposit turnover 8,985 41 ,649 11,081 6,903 19.l + 19 -21 + 3 + -8 -61 -4 + 10 -8 Bank debits (thousands) $ End-of-month deposjts (thousands) t . $ Annual rate of deposit turnover. 34\,023 178,824 22.8 -16 •• -14 + 11 + + 7 BEEVILLE (pop. 13,811) Postal receipts• . . ....... . .......... .$ Building permits, less federal contracts $ 16,292 56,175 + 35 -59 + 9 -71 BAY CITY (pop. 11,656) Postal receipts• .. . ......$ Building permits, less federal contracts $ Bank debits (thousands) . $ 20,075 138,320 23,846 + 38 -77 + 3 + 23 + 7 Bank debits (thousands) $ End-of-month deposits (thousands) i . $ Annual rate of deposit turnover . Nonfnrm placements 12,630 13,900 10.2 114 -11 -11 -6 -10 + 6 6 + 9 7 End-of-month deposits (thousands)t .. $ Annual rate of deposit turnover . Nonfarm placements . . ... . .. . . 26,501 10.9 74 + 1 •• -12 + + 10 -45 BELTON (pop. 8,163) Postal receipts• .................$ Building permits, less federal contracts $ 12,977 3.950 + 17 -88 + 24 -93 End-of-month deposits (thousands ) i $ 7,986 - 2 - 3 BAYTOWN: see HOUSTON SMSA RIG SPRING (pop. 31,230) BEAUMONT-PORT ARTHUR-ORANGE SMSA Postal receipts• ......$ Building permits, less federal contracts $ 42,897 160,326 + 24 4'. 185 + 2 -95 (Jefferson and Orange; pop. 312,7991) Bank debits (thousands) $ 42,236 2 + 9 Building permits, less federal contracts $ l,108,155 Bank debits (thousands) 11-......$ 5,369,892 Nonfarm employment (area) . 115,400 -57 + 1 ... 2 -32 + 7 + 2 End-of-month deposits Annual rate of deposit Nonfarm placements (thousands) i . .$ turnover . 25,833 20.l 203 + - 5 3 12 + 9 + 5 -23 Manufacturing employment Percent unemployed (area) . (area) . 35,200 3.4 + 8 + 3 -31 BISHOP: see CORPUS CHRISTI SMSA BEAUMONT (pop. 127,500r) Retail sales Apparel stores .... . Automotive stores -14t -Z2t -29t 2 + + 21 + 5 BORGER (pop. 20,911) Postal receipts• .. $ Building permits, less federal contracts $ Nonfarm placements 19.925 8,150 132. -5 -66 + 28 •• -82 -35 Food stores Postal receipts• . .. $ + 3t 176,401 + 2 + 24 + 11 + 13 BONHAM Retail sales (pop. 7,357) Building permits, less federal contracts $ 529,160 -59 -43 Automotive stores - 29t - 3 + 60 Bank debits (thousands) $ End-of-month deposits (thousands) i .. $ Annual rate of deposit turnover..... . 286,692 121,470 29.l 3 + 6 5 + 5 + + 4 Postal receipts• . . . . . . . . . . . . .. .$ Building permits, less federal contracts $ Bank debits (thousands) $ 9,271 48,000 10,379 + 23 9 + 11 + 7 + 19 End-of-month deposits (thousands) i ..$ 8,578 + 1 + 5 For an explanation of symbols, please see p. 304. Annual rate of deposit turnover . . . .. . 14.6 + 10 + 12 Percent change Percent change Local Business Conditions Local Business Conditions Sep 1966 Sep 1966 Sep 1966 Sep 1966 Sep from from Sep from f cm City and item 1966 Aug 1966 Sep 1965 City and item 1966 Aug 1966 Sep 1965 BRADY (pop. 5,338) San Benito (pop. 16,422) Postal receipts• . .. $ 6,298 + l6 + 6 Postal receipts• ...$ 9,221 + 26 + 7 Building permits, less federal contracts $ 47,500 +119 + 27 Building permits, less federal contracts $ 12,210 -57 -46 Bank debits (thousands) . $ 7,963 + 10 5 Bank debits (thousands) .. . . ..... . . .. $ 8,200 + 21 -12 End-of-month deposits (thousands)t.. $ 7,328 3 8 End-of-month deposits (thousands) i . .$ 6,768 5 + + Annual rate of deposit turnover . 12.8 + 13 + Annual rate of deposit turnover. 14.9 + 12 -6 BRENHAM (pop. 7,740) BROWNWOOD (pop. 16,974) Postal receipts• . . . $ 14,865 + 41 + 26 Postal receipts• $ 35,283 + 90 -3 Building permits, less federal contracts $ 169,825 + 222 + 460 Building permits, less federal contracts $ 79,242 + 27 -93 Bank debits (thousands) .... .$ 13,787 1 + 3 Bank debits (thousands) $ 19, 142 8 -10 End-of-month deposits (thousands) i . .$ 15,312 +, 9 + End-of-month deposits (thousands) i . .$ 13,234 -2 -6 Annual rate of deposit turnover . 11.3 4 Annual rate of deposit turnover . 17.2 -6 __.:. 5 Nonfarm placement. ......... . 110 -21 -15 BROWNFIELD (pop. 10,286) Postal receipts• .... .$ 12,938 + . 24 -8 BRYAN (pop. 27,542) Building permits, less federal contracts $ 225,350 +263 +284 Postal receipts• .......... .$ 36,994 + 19 + 25 Bank debits (thousands) $ 18,277 + 9 -45 Building permits, less federal contracts $ 412,531 + 40 End-of-month deposits (thousands) i . .$ 13,737 + 13 + 21 Bank debits (thousands) . . . . . . ..... .. $ 39,881 •• + 2 Annual rate of deposit turnover . 17.0 + 4 -49 End-of-month deposits (thousands) i . .$ 22,979 + 2 + 4 Annual rate of deposit turnover . 21.0 •• 3 Nonfarm placements 410 + l6 -14 BROWNSVILLE-HARLINGEN-SAN BENITO SMSA (Cameron; pop. 141,6711) Building permits, less federal contracts $ 343,161 -53 -34 CALDWELL (pop. 2,202r) Bank debits (thousands) 11 ........ .$ 1,366,860 + 84 + 5 Postal receipts• . . $ 3,633 + 8 + 18 Nonfarm employment (area) . 36,950 -4 + 4 Bank debits (thousands) . . ........ . $ 3,183 + 3 + Manufacturing employment (area) 6,110 -6 + 20 End-of-month deposits (thousands) i. $ 4,595 + 6 Percent unemployed (area) . 6.5 + 12 -6 Annual rate of deposit turnover . 8.3 + 2 •• CAMERON (pop. 5,640) BROWNSVILLE (pop. 48,040) Postal receipts• ........$ 7,495 + 30 + 8 Retail sales -l4t 5 + 3 Building permits, less federal contracts $ 379 -97 -94Automotive stores -29t 8 + 6 Bank debits (thousands) .. .$ 6,481 -13 + 10 Postal receipts• ...........$ 42,925 + 3 + 20 End-of-month deposits (thousands) i. $ 6,396 -1 + 6Building permits, less federal contracts $ 265,381 -44 + 94 Annual rate of deposit turnover 12.1 -15 •• Bank debits (thousands) . . . . $ 45,123 + 7 + 4 End-of-month deposits (thousands) i. $ 22,866 -4 + 4 Annual rate of deposit turnover. 23.3 + 4 2 CANYON: see AMARILLO SMSA Nonfarm placements 610 -17 CARROLLTON: see DALLAS SMSA Harlingen (pop. 41,207) CISCO (pop. 4,499) Retail sales -14t -13 + Lumber, building material, Postal receipts• .$ 5,29S + 16 -12 and hardware stores . . -7t -4 + 2 Ba nk debits (thousands) . . .. .$ 5,049 + 16 + so Postal receipts• .... .$ 46,286 + 29 End-of-month deposits (thousands)* · $ 4,111 + 7 + 14 + 7 Building permits, less federal contracts $ 59,750 -73 -83 Annual rate of deposit turnover. 15.3 + 13 + 17 Bank debits (thousands) ......... ... .$ 68,427 + 9 + 7 End-of-month deposits (thousands>* .. $ 25,695 -11 + 3 CLEBURNE: see FORT WORTH SMSA Annual rate of deposit turnover. 30.2 + 4 + 13 Nonfarn1 placements 337 -25 -22 CLUTE: see HOUSTON SMSA La Feria (pop. 3,047) COLLEGE STATION (pop. 11,396) Postal receipts• .. .$ 2,065 + 11 -10 Postal receipts• $ 39,808 +us + 17 Buildinll' permits, less federal contracts $ 0 Building permits, less federal contracts $ 45,600 -85 -84 Bank debits (thousands) .. .. .$ 2,457 + 55 -27 Ba nk debits (thousands) $ 6,869 + 4 + 11 End-of-month deposits (thousands) i . .$ 1,800 + -4 End-of-month deposits (thousands)*· .$ 4,523 + 6 Annual rate of deposit turnover... . 16.8 + 41 -15 Annual rate of deposit turnover . . . . . . 18.1 + 9 + Los Fresnos (pop. 1,289) COLORADO CITY (pop. 6,457) Postal receipts• . . . . . . . . . . . . . . . . . . .. $ 1,737 +102 + 31 Postal receipts• . . . . . . . . . . . . . . . . . . .. $ 6,677 s + 9 Bank debits (thousands) .......... . . . $ 3,533 + 59 -13 Bank debits (thousands) . . .... ... .$ 5,105 + 7 + s End-of-month deposits (thousands) i . .$ -6 8 1,717 End-of-month deposits (thousands) i . .$ 6,574 + 6 + 21 Annual rate of deposit turnover.. . . 9.6 -12 Annual rate of deposit turnover. 23.9 + 34 + 5 + CONROE: see HOUSTON SMSA Port Isabel (pop. 3,575) Postal receipts• ...... ....... ...... .$ 3,964 + 68 + 12 COPPERAS COVE (pop. 4,567) Building permits, less federal contracts $ 5,82o -51 + 13 Postal receipts• .$ 5,153 2 Bank debits (thousands) . . . $ 2,424 -4 + 72 + 22 + Building permits, less federal contracts $ 10,778 --96 End-of-month deposits (thousands) i. $ 1,678 •• -t· 24 15 Bank debits (thousands) . . ........$ 2,740 + 91 + 48 Annual rate of deposit turnover . 17.4 -5 + 31 End-of-month deposits (thousands) t .. $ 1,204 + s -17 Annual rate of deposit turnover. 27.7 + 86 + 85 For an explanation of symbols, please see p. 304. Local Business Conditions Percent change Local Business Conditions Percent change City and item Sep 1966 Sep 1966 from Aug 1966 Sep 1966 from Sep 1965 City and item Sep 1966 Sep 1966 from Aug 1966 Sep 1966 from Sep 1965 CORPUS CHRISTI SMSA Carrollton (pop. 9,832r) (Nueces and San Patricio; pop. 268, 7021) Postal receipts• Building permits, less federal contracts $ $ 10,800 444,500 + 9 5 + 3 +287 Building permits, less federal contracts $ 2,915,622 Bank debits (thousands) II ........ .$ 3,991,464 -28 + + 58 + 6 Bank debits (thousands) . . ... .$ End-of-month deposits (thousands) t .. $ 7,757 4,042 -25 + 5 6 + 8 Nonfarm employment (area) . 83,200 + 3 Annual rate of deposit turnover. 23.6 -32 17 Manufacturing employment (area) 10,520 1 + 1 Percent unemployed (area) . 3.2 9 -32 DALLAS (pop. 679,684) Retail sales - 7 - 7 2 Aransas Pass (pop. 6,956) Postal receipts• .. $ Bank debits (thousands) $ End-of-month deposits (thousandsH . . $ 6,368 5,863 5,949 + 28 7 + 4 + 6 + 7 + 18 Apparel stores Automotive stores Eating and drinking places. Florists Furniture and household + 3 -21 9 3 + 10 -30 3 -5 + 6 13 2 + 3 Annual rate of deposit turnover . 12.1 12 appliance stores General merchandise stores . 8 4 -19 + 8 6 •• Bishop (pop. 3,825r) Lumber, building material, Postal receipts• $ 3,438 - 5 + 3 and hardware stores. 12 12 8 Building permits, less federal contracts $ 12,500 -24 -70 Postal receipts• ......... . . . ...... .$ 3, 730,841 + 11 + 5 Bank debits (thousands) . . $ 2,517 + 4 Building permits, less federal contracts $15,151,973 + 52 5 End-of-month deposits (thousands) t .. $ 3,331 + 15 + 12 Bank debits (thousands) $ 4,865,575 2 + 17 Annual rate of deposit turnover . 9.7 12 - 1 End-of-month deposits (thousands) t . . $ 1,450,634 + 2 + 3 Annual rate of deposit turnover. 40.7 + 14 CORPUS CHRISTI (pop. 204,850r) Retail sales Automotive stores 14t -29t Drugstores . . . . . . . . . . . . . . . ••t General merchandise stores . -20t Postal receipts• .... . $ 253,058 Building permits, less federal contracts $ 2,640,562 Bank debits (thousands) . . ... .$ 279,965 End-of-month deposits (thousands) t .. $ 138,387 Annual rate of deposit turnover . 24.2 -18 -22 -9 -16 + 15 -28 + •• -1 -4 -12 6 + 10 + 13 + 48 + 7 •• + Denton (pop. 26,844) Postal receipts• . . . . ................ .$ Building permits, less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t ..$ Annual rate of deposit turnover. Nonfarm placements Ennis (pop. 10,250r) Postal receipts• .. . .... $ 60,221 439,950 40,470 26,360 19.2 152 12,461 + 11 58 + 9 + 9 + 3 14 + 15 + 11 + 37 + + 3 -55 + 23 Building permits, less federal contracts $ 575,495 Robstown (pop. 10,266) Bank debits (thousands) $ 7,699 4 + Postal receipts* $ 10,644 + 4 End-of-month deposits (thousands) t .. $ 7,530 + 2 4 Building permits, less federal contracts $ 56,500 -42 +245 Annual rate of deposit turnover . 12.4 7 + 2 Bank debits (thousands) $ End-of-month deposits (thousands) t . . $ Annual rate of depo•it turnover. 15,510 11,959 15.6 -13 •• -12 + 4 1 Garland (pop. 50,622r) Retail sales Automotive stores -- 14t 29t -- 13 13 4 2 Sinton (pop. 6,008) Postal receipts• .. .......... .. ... . . .. $ Building permits, less federal contracts $ 58,401 811,703 + 10 + 21 + 3 -58 Postal receipts* .. . $ 6,855 + 11 - 4 Bank debits (thousands) . . $ 40,344 11 + Building permits, less federal contracts Bank debits (thousands) $ $ 5,225 7,461 36 12 -88 + 12 End-of-month deposits (thousands) t Annual rate of deposit turnover $ 20,604 23.9 + 4 12 + 12 End-of-month deposits (thousands) t .. $ 5,831 - 7 Annual rate of deposit turnover 15.0 15 + 22 Grand Prairie (pop. 40,150r) Postal receipts• $ 39,130 + 17 + 7 CORSICANA (pop. 20,344) Retail sales Postal receipts• .. .$ Building permits, less federal contracts $ -14t 55,000 219,487 -6 + 98 + 61 + 11 + 76 + 32 Building permits, less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t . $ Annual rate of deposit turnover 677,307 19,233 12,689 17.9 -64 19 4 19 + 22 -7 + 7 -10 Bank debits (thousands) $ End-of-month deposits (thousandsH .. $ Annual rate of deposit turnover . Nonfarm placements 22,239 22.,133 12.2 244 -12 + 2 13 + 23 + 10 -1 + 11 -13 Irving (pop. 60,136r) PostRI receipts• . . . .. $ 76,167 Building permits, less federal contracts $ 2,563,253 Bank debits (thousands) $ 46,234 + 14 +139 •• + 25 + 84 + 13 End-of-month deposits (thousands) t . $ 2Z.294 11 + 8 CRYSTAL CITY (pop. 9,101) Annual rate of deposit turnover. 23.5 + 3 + 7 Building permits, less federal contracts $ Bank debits (thousands) $ End-of-month deposits (thousands) t ..$ Annual rate of deposit turnover 27,555 3,377 3,180 12.4 DALLAS SMSA -20 -15 -5 -13 +198 + 2 + 6 7 (Collin, Dallas, Denton, and Ellis; pop. 1,261,7871) Justin (pop. 622) Postal receipts• .. $ Building permits, less federal contracts $ Bank debits (thousands) . . ......... .$ End-of-month deposits (thousands) t . $ Annual rate of deposit turnover . 855 0 1,002 864 14.0 -4 -14 + 2 -18 + 11 -1 •• •• Building permits, less federal contracts $25,158,777 Bank debits (thousands) 11 .... $66,339,084 Nonfarm employment (area) . 579,300 Manufacturing employment (area) . 134,700 Percent unemployed (area) . . 2.3 For an explanation of symbols, please see p. 304. + + + - 35 3 •• 23 4 + 16 + + -32 McKinney (pop. 13,763) Postal receipts• .. .$ Building permits, less federal contracts $ Bank debits (thousands) . $ End-of-month deposits (thousands) t . $ Annual rate of deposit turnover. Nonfa rm placements 19,973 119,570 15.848 11,013 16.7 159 + 29 +138 + 41 -6 + 42 + 41 + 31 -46 + 20 •• + 16 + 31 NOVEMBER 1966 307 Percent change Percent change Local Business Conditions Local Business Conditions Sep 1966 Sep 1966 Sep 19&6 Sep 1966 Sep from from Sep from from City and it~m 1966 Aug 1966 Sep 1965 City and item 19&6 Aug 1966 Sep 1965 DENTON: see DALLAS SMSA Mesquite (pop. 27,526) Postal receipts• ...... . . $ 24,470 + 22 + 15 DONNA: see McALLEN-PHARR-EDINBURG SMSA Building permits, less federal contracts $ 325,019 -86 -87 Bank debits (thousands) . . ... ...... .$ 11,684 -17 + 12 EAGLE PASS (pop. 12,094) End-of-month deposits (thousands) i .$ 7,570 -14 + 7 Postal receipts• . . . . . . . . . . . . . . . . . . $ 11,402 + 10 + 4 Annual rate of deposit turnover . 17.2 -16 -8 ·Building permits, less federal contracts $ 122,720 + 9 +214 Bank debits (thousands) . . $ 7,287 -5 + 19 Midlothian (pop. 1,521) End-of-month deposits (thousands) i. $ 4,859 •• -8 Building permits, less federal contracts $ 218 -99 -99 Annual rate of deposit turnover . 20.1 + 1 + 26 Bank debits (thousands) $ 1,486 + 18 + 23 End-of-month deposits (thousands) i . .$ 1,590 -1.3 + 2 EDINBURG: see McALLEN-PHARR-EDINBURG SMSA Annual rate of deposit turnover.. .. . . 10.1 + 13 + 6 EDNA (pop. 5,038) Postal receipts• ............... ......$ 5,685 -18 -24 Pilot Point (pop. 1,254) Building permits, less federal contracts $ 2,009 -96 -92 Building permits, less federal contracts $ 5,000 + 25 Bank debits (thousands) . . $ 7,787 •• + 11Bank debits (thousands) . . ...$ 1,594 + 9 End-of-month deposits (thousands) i . .$ 7,090 + 5 -8End-of-month deposits (thousands) i . .$ 1,804 4 + 8 Annual rate of deposit turnover . 18.5 -s + 15Annual rate of deposit turnover . 10.4 s EL PASO SMSA Plano (pop. 10,102r) (El Paso; pop. 339,9491) Building permits, less federai contracts $ 323,066 + 90 -79 Building permits, less federal contracts $ 3,61.8,678 -42 + 27 Bank debits (thousands) $ 6,227 -5 + 16 Bank debits (thousands) 11 -. . . . $ 5,016,8&4 + 1 + 2 End-of-month deposits (thousandsH..$ 4,02.8 + 12 + 24 Nonfarm employment (area) . 105,100 + + 9 Annual rate of deposit turnoyer . 16.6 -11 + Manufacturing employment (area) . 19,760 + 3 + 16 Percent unemployed (area) . S.8 . 7 -27 Richardson (pop. 34,390r) EL PASO (pop. 276,687) Postal receipts• $ 62.,466 + 21 + 86 Retail sales -14t -9 + 4 Building permits, less federal contracts $ 2, U0,662 +128 + 91 Apparel stores -22.t -17 + 6 Bank debits (thousands) . . . . .. .$ 2.8,31.0 3 + 13 Automotive stores -29t -11 + 6End-of-month deposits (thousands) i . .$ 13,384 4 + 11 Food stores .. .. . + st -1 1 Annual rate of deposit turnover . . . . . . 24.9 + 6 Postal receipts• ........ . . . .... . . S 892,614 + 1.2 + 8 Building permits, less federal contracts $ 3,613,678 -42 + 27 Seagoville (pop. 3, 7 45) Bank debits (thousands) $ 398,899 3 + 8 Postal receipts• . . $ 7,090 + 14 + 26 End-of-month deposits (thousands)t . $ 180,791 5 4 Building permits, less federal contracts $ 2a,097 -76 -32 Annual rate of deposit turnover 25.5 + 1 + Ba nk debits (thousands) . . .........$ 4,444 -7 + 25 End-of-month deposits (thousands) i . .$ 2,490 + 10 + so ENNIS: see DALLAS SMSA Annual rate of deposit turnover..... 22.5 -13 + s EULESS: see FORT WORTH SMSA Waxahachie (pop. 12,749) FORT STOCKTON (pop. 6,373) Postal receipts• .. .$ 14,718 + 14 -s Postal receipts• .......... . . .... .$ 8,366 + 22 + 18 Building permits, less federal contracts $ 28,025 -87 -88 Building permits, less federal contracts $ 41,600 -64Bank debits (thousands) . . .... . . . $ 13,368 4 Bank debits (thousands) ... .$ 7,607 + 2 -6End-of-month deposits (thousands) i . .$ 10,561 -5 -4 End-of-month deposits (thousands) i . .$ 6,990 2 + 7Annual rate of deposit turnover. 14.8 -6 -6 Annual rate of deposit turnover 12.8 + 2 -12 Nonfarm placements 69 -29 + 10 FORT WORTH SMSADAYTON: see HOUSTON SMSA (Johnson and Tarrant; 611,2931) Building permits, less federal contracts $20,939,981 + 107 +184 DEER PARK: see HOUSTON SMSA Bank debits (thousands) 11 -.. $14,592,000 + 3 + 16 Nonfarm employment (area) . 267,900 + 2 + 7 Manufacturing employment (area) . 74,700 + 6 + 1.8 DEL RIO (pop. 18,612) Percent unemployed (area) . 2.9 -17 -19 Postal receipts• $ 17,881 -3 -17 Building permits, less federal contracts $ 15&,678 + 88 + 67 Arlington (pop. 53,024r) Bank debits (thousands) . . ...... .$ 14,828 4 Retail sales -14t -10 -1.9 End-of-month deposits (thousandsJi.. $ 17,999 + 2 + 5 Apparel stores .. . . -22t + 7 -7Annual rate of deposit turnover. 9.6 6 6 Postal receipts• .. $ 104,777 + 19 + 26 Building permits, less federal contracts $ 2,541,000 + 24 -16 DENISON (pop. 25,766r) Bank debits (thousands) $ 56,366 4 + 16 Retail sales -14t -8 -4 End-of-month deposits (thousands) i . .$ 27,109 2 + 10 Postal receipts• ....$ 26,479 + 14 •• Annual rate of deposit turnover . 24.7 5 + Building permits, less federal contracts $ 154,846 -65 -18 Bank debits (thousands) . . ... ... . $ 20,842 4 + 21 Cleburne (pop. 15,381) 'd-of-month deposits (thousands) i . .$ 17,688 + s + 2 Postal receipts• .. ....$ 21,629 -9 + 16 nual rate of deposit turnover.... . 14.1 -4 + 18 Building permits, less federal contracts $ 51,670 +119 -92 onfarm placements ........... . . . . 195 -22 -10 Bank debits (thousands) . · .$ 14,101 -13 4 End-of-month deposits (thousands) i . .$ 12,802 •• + 2 For an explanation of symbols, please see p. 804. Annual rate of deposit turnover ..... . 13.2 -n 6 * Percent change Percent change Local Business Conditions Local Business Conditions Sep 1966 Sep 1966 Sep 1966 Sep 1966 Sep from from Sep from from City and item 1966 Aug 1966 Sep 1965 City and item 1966 Aug 1966 Sep 1965 Euless (pop. 10,500r) GALVESTON (pop. 67,175) Postal receipts• .............. ...$ 7,988 -10 Retail sales -14t -12 + 6 Building permits, less federal contracts $ 253,950 + 76 Apparel stores -22t -14 -7 Bank debits (thousands) $ 9,643 + 3 -7 Automotive stores -29t -10 + 21 End-of-month deposits (thousandsH .. $ 3,490 4 -6 Postal receipts• .$ 101,690 + 38 -9 Annual rate of deposit turnover . . .. . . 32.5 + 5 -16 Building permits, less federal contracts $ 661,704 -87 -13 Bank debits (thousands) . . . $ 110,246 8 + 9 End-of-month deposits (thousands)* · $ 57,403 2 FORT WORTH (pop. 356,268) -4. Annual rate of deposit turnover.. .. 22.9 8 + 15 Retail sales -7 -9 1 Ap1>arel stores -11 -15 7 Automotive stores ........ ..... . -14 -27 9 Texas City (pop. 32,065) Eating and drinking places . ...... . 6 4 + 7 Postal receipts• $ 33,552 + 13 + 22 Food stores -4 -8 + Building permits, less federal contracts $ 127,100 -52 -74 Lumber, building material, Bank debits (thousands) . $ 27,760 + 3 + 1 and hardware stores. . . . . . . . . . . . -12 -13 -14 End-of-month deposits (thousands) *· $ 13,573 + 4 8 Postal receipts• ..................... $ 1,058,815 + 15 + 4 Annual rate of deposit turnover 25.0 + 4 + 13 Building permits, less federal contracts $17,060,266 +154 +421 Bank debits (thousands) $ 1,088,858 + 1 + 17 End-of-month deposits (thousands)t.. $ 427.532 + 2 + 2 GARLAND: see DALLAS SMSA Annual rate of deposit turnover . 30.8 + + 18 GATESVILLE (pop. 4,626) Grapevine (pop. 4,659r) Postal receipts• .... . . . .. ...$ 5,753 + 12 -16 Postal receipts• . . $ 6,271 •• + 12 Bank debits (thousands) . . .. .. . . . . . $ 7,116 + 13 + 16 Building permits, less federal contracts $ 62,788 -59 End-of-month deposits (thousands)t.. $ 6,757 -2 + 5 Bank debits (thousands) ... . .. .. ... . . $ 4,235 -11 + 1 Annual rate of deposit turnover.... . . 12.5 + 10 + 10 End-of-month deposits (thousands) i . .$ 3,865 -4 + 9 Annual rate of deposit turnover . 12.9 -11 GEORGETOWN (pop. 5,218) Postal receipts• . . ...$ 8,306 + 38 + 1 North Richland Hills (pop. 8,662) Building permits, less federal contracts $ 89,100 + 28 -59 Building permits, less federal contracts $ 126,298 + 1 -56 Bank debits (thousands) $ 5,384 -19 + 2 Bank debits (thousands) . . . . . ... . . . . $ 9,788 7 + 16 End-of-month deposits (thousanda) i . .S 6,381 + 1 -1 End-of-month deposits (thousands)*·. $ 5,544 + 9 + 34 Anm•al rate of deposit turnover . 10.2 -19 •• Annual rate of deposit turnover . . . . . . 22.1 -11 -8 GIDDINGS (pop. 2,821) White Settlement (pop. 11,513) Postal receipts• ..... .. . $ 5.897 + 44 + l4 Building permits, less federal contracts $ 9,375 -39 -~5 Building permits, less federal contracts $ 9,169 +253 -22 Bank debits (thousands) $ 2,231 -10 + 3 Bank debits (thousands) . $ 4,473 6 + 11 End-of-month deposits (thousands) i . .$ 1,440 •• + 8 End-of-month deposits (thousands)*·. $ 5,058 + 3 + 13 Annual rate of deposit turnover 18.6 -8 Annual rate of deposit turnover . ... 10.7 9 -1 FREDERICKSBURG (pop. 4,629) Postal receipts• . $. 7,834 GLADEWATER (pop. 5,742) + 3 + 6 Building permits, less federal contracts $ 51,965 + 42 -15 Postal receipts• 8,800 + 53 + 57 Bank debits (thousands) . . .... . $ 12,058 -ll + 7 Building permits, less federal contracts $ 39,475 + 78 -87 End-of-month deposits (thousands)*·. $ 11,209 + 9 + 17 Bank debits (thousands) . .$ 4,741 -11 + 6 Annual rate of deposit turnover. 13.4 -15 -5 End-of-month deposits (thousands) *·. $ 5,472 + 1 4 Annual rate of deposit turnover. 10.5 -15 + 5 Nonfarm employment (area) ..... . 33,750 + 1 + 5 FRIONA (pop. 3,049r) -1 Manufacturing employment (area) . 9,070 + 18 Building permits, less federal contracts $ 21,000 +159 -45 Percent unemployed (area) . 3.1 -11 -14 Bank debits (thousands) . . $ 9,904 + 20 + 79 End-of-month deposits (thousands)t.. $ 5,279 + 11 + 19 Annual rate of deposit turnover 23.7 + 16 + 61 GOLDTHWAITE (pop. 1,383) Postal receipts• . . . . . . . . . . . . $ 2,992 + 28 + 11 GALVESTON-TEXAS CITY SMSA Bank debits (thousands) . ............$ 3,955 -13 2 (Galveston; pop. 153,9931) End-of-month deposits (thousands)*·.$ 6,131 -4 + 4 Annual rate of deposit turnover . 7.6 -12 6 Building permits, less federal contracts $ 836,979 -85 -43 Bank debits (thousands) II .. ........ .$ 2,143,596 + 5 + 6 Nonfarm employment (area) . . . 55,500 •• + 2 GRAHAM (pop. 8,505) Manufacturing employment (area) . 10,220 -2 -1 Postal receipts• . . . . . . . . . . . . . $ 9,878 + 6 -1 Percent unemployed (area) . 4.3 •• -25 Building permits, less federal contracts $ 31,670 + 99 -35 Bank debits (thousands) . .$ 9,410 + 2 -9 End-of-month deposits (thousands) i $ 10,977 3 + 4 La Marque (pop. 13,969) Annual rate of dep'>sit turnover . 10.1 + 3 -14 Postal receipts• . $ 14,478 + 32 + 23 Building permits, less federal contracts $ 48,175 + 54 -78 Bank debits (thousands) $ 10,920 3 + 4 GRANBURY (pop. 2,227) End-of-month deposits (thousands)t.. $ 7,460 + + 15 Postal receipts• . . . . . . . . . . . . . $ 3,627 4 + 14 Annual rate of deposit turnover.. . . . . 18.0 -4 Bank debits (thousands) . . $ 1, 761 8 + 23 End-of-month deposits (thousands)*·. $ 2,326 2 + 6 Annual rate of deposit turnover . 9.0 7 + 14 For an explanation of symbols, please see p. 304. Percent change Percent change Local Business Conditions Local Business Conditions Sep 1966 Sep 1966 Sep 1966 Sep 1966 Sep from from Sep from from Oity and item 1966 Aug 1966 Sep 1965 Oity and item 1966 Aug 1966 Sep 1965 GRAND PRAIRIE: see DALLAS SMSA Dayton (pop. 3,367) Postal receipts• ........... . . .. $ 3,738 + 36 + 80 GRAPEVINE: see FORT WORTH SMSA Building permits, less federal contracts $ 1.000 -98 -98 Bank debits (thousands) . $ 5,237 + 20 + 12 End-of-month deposits (thousands) f . . $ 3,402 + 5 -2 GREENVILLE (pop. 22,134r) Annual rate of deposit turnover 18.9 + 17 + 11Retail sales -14t -14 -7 Postal receipts• . $ 39,118 + 19 + 7 Building permits, less federal contracts $ 118,828 -60 -22 Deer Park (pop. 4,865) Bank debits (thousands) $ 2.4,976 + 9 + 24 Postal receipts• . . $ 9,333 -7 + 41 End-of-month deposits (thousands) t .. $ 17, 170 + 7 + 13 Building permits, less federal contracts $ 284,800 + 99 -23 Annual rate of deposit turnover . 18.0 10 + 6 + Bank debits (thousands) $ 4,987 -12 + 13 Nonfarm placements 166 2 + 11 End-of-month deposits (thousands) i . . $ 3,059 + 4 •• Annual rate of deposit turnover . 19.9 -16 + 15 HARLINGEN: see BROWNSVILLE-HARLINGEN-SAN BENITO SMSA HOUSTON (pop. 938,219) Retail sales -7 -11 + HENDERSON (pop. 9,666) Apparel stores -5 -4 + 19 Postal receipts• .... . $ 14,652 + 30 + 5 Automotive stores -14 -21 + 1 Building permits, less federal contracts $ 108,500 + 49 + 87 Drugstores + 3 -3 + 1 Bank debits (thousands) .. .$ 8,739 + 18 Eating and drinking places. -14 + End-vf-month deposits (thousands) t. $ 20,051 + 1 + 3 Food stores -10 + Annual rate of deposit turnover 5.3 5 + 15 General merchandise stores . 6 -18 Liquor stores 4 7 Lumber, building material, HOUSTON SMSA and hardware stores. -10 + 3 + (Brazoria, Fort Bend, Harris, Liberty and Montgomery; Postal receipts• $ 2,787,051 + 12 + 11 pop. 1,613,9571) Building permits, less federal contracts $16.978,031 -43 -12 Building permits, less federal contracts $20,119,041 -42 -12 Bank debits (thousands) $ 4,712,372 5 + 15 Bank debits (thousands) II $61,980,084 •• + 15 End-of-month deposits (thousands) i. $ 1,665,250 + -1 Nonfarm employment (area) . 686,500 + + 2 Annual rate of deposit turnover. 34.1 4 + 15 Manufacturing employment (area) . 124,100 + 3 Percent unemployed (area) 2.2 4 -21 Humble (pop. 1,711) Postal receipts• .. . $ 5,723 + 43 + 20 Angleton (pop. 9,131) Bank debits (thousands) . .. .. .. . .. .. . $ 4,510 2 + 8 Postal receipts• $ 14,266 + 49 + 63 End-of-month deposits (thousands) i . $ 3,695 1 4 Building permits, less federal contracts $ 36,261 + 66 -56 Annual rate of deposit turnover. 14.6 2 + 9Bank debits (thousands) $ 12,795 + 6 -4 End-of-month deposits (thousands) i. $ 10,706 + 2 -8 Annual rate of deposit turnover . 14.5 + 5 •• Katy (pop. 1,569) Building permits, less federal contracts $ 27,000 -79 +528 Baytown (pop. 38,000r) Bank·debits (thousands) . ..... . $ 2,872 4 -5 Retail sales End-of-month deposits !thousands) i . . $ 2,478 3 -18 Annual rate of deposit turnover.... 13.7 7 + 14 Automotive stores -29t -23 -10 Postal receipts• $ 39,169 + 13 + 4 Building permits, less federal contracts $ 225,778 -22 -39 La Porte (pop. 7,250r) Bank debits (thousands) $ 37,360 11 + 4 Building permits, less federal contracts $ 8,000 -81 -97 End-of-month deposits (thousands) i . .$ 26,020 + 4 -8 . Bank debits (thousands) . ..... . $ 3,772 6 -8 Annual rate of deposit turnover . 17.6 8 + 17 End-of-month deposits (thousands) i . . $ 3,104 + 2 -18 Annual rate of deposit turnover . 14.7 8 + 11 Bellaire (pop. 21,182r) Postal receipts* .. ... ... ... ... . ...... $ 57,680 + 8 + 7 Liberty (pop. 6,127) Building permits, less federal contracts $ 26,982 -36 -95 Postal receipts• ... $ 9,274 + 27 + 11 Bank debits (thousands) . . . . .. .. .. .. $ 26,552 5 + 12 Building permits, less federal contracts $ 66,099 + 87 36 End-of-month deposits (thousands) i . $ 15,682 + 3 + 6 + Bank debits (thousands) .............$ 10,555 7 + 2 Annual rate of deposit turnover. 20.6 5 + End-of-month deposits (thousands) i . .$ 9,260 3 + 6 Annual rate of deposit turnover . 13.5 5 6 Clute (pop. 4,501) Postal receipts* ........$ 3,468 + 15 Pasadena (pop. 58,737) Building permits, less federal contracts $ 1,700 -89 -65 Bank debits (thousands) . . . . . . . . . . $ 3,076 + 32 + 49 Postal receipts• .. $ 58,661 •• -2 Building permits, less federal contracts $ 1,135,721 -55 37 End-of-month deposits (thousands) t. .$ 2,000 + 12 + 21 + Bank debits (thousands) . $ 66,289 5 + 1 End-of-month deposits (thousands) i. .$ 34,722 + 2 + 10 Annual rate of deposit turnover . 23.1 -8 Annual rate of deposit turnover . 19.5 + 25 + 32 Conroe (pop. 9,192) Postal receipts• ....... $ 25.121 + 37 + 37 Richmond (pop. 3,668) Building permits, less federal contracts $ 32,500 -12 -74 Postal receipts• .... . . $ 5,825 + 68 + 11 Bank debits (thousands) . ... ...... ... $ 16,263 4 + 8 Building permits, less federal contracts $ 135,700 +128 +sis End-of-month deposits (thousands) i . .$ 12,942 + Bank debits (thousands) . . . $ 7,361 3 9 Annual rate of deposit turnover.. . ... 15.0 3 + End-of-month deposits (thousands) i . .$ 8,102 + 5 2 Annual rate of deposit turnover. 11.2 2 7For an explanation of symbols, please see p, 304. Percent changePercent change Local Business Conditions Local Business Conditions Sep 1966 Sep 1966 Sep from fromSep 1966 Sep 1966 Sep from from City and item 1966 Aug 1966 Sep 1965 City and item 1966 Aug 1966 Sep 1965 Rosenberg (pop. 9,698) KINGSVILLE (pop. 25,297) Postal receipts• ...... .$ 12,412 + 10 + 15 Postal receipts* ....... . $ 32,258 + 80 + 68 Building permits, less federal contracts $ 38,640 -88 -62 Bank debits (thousands) $ 15,727 -11 + 11 End-of-month deposits (thousands) i . .$ 10,213 + -8 End-of-month deposits (thousands) i . . $ 16,441 •• -1 Annual rate of deposit turnover. 11.5 -8 + 12 South Houston (pop. 7,253) Postal receipts* $ 10,138 + 24 + 16 LA FERIA : see BROWNSVILLE-HARLINGEN-SAN Building permits, less federal contracts $ 20,650 + 10 -89 BENITO SMSA Bank debits (thousands) . .$ 9,138 4 + 11 End-of-month deposits (thousands)t.. $ 5,603 6 + 1 LA MARQUE: see GALVESTON-TEXAS CITY SMSA A.nnual rate of deposit turnover . 18.9 + 12 + LAMESA (pop. 12,438)Tomball (pop. 2,025r) Postal receipts* . . $ 14,844 + 18 + 1 Building permits, less federal contracts $ 8,000 -52 Bank debits (thousands) $ 9,532 + 19 + 23 Building permits, less federal contracts $ 47,399 + 104 +887 Bank debits (thousands) . .. $ 14,444 + 10 + 14 End-of-month deposits (thousands>*.. $ 9,555 1 + 62 End-of-month deposits (thousands) i. $ 14,572 Annual rate of deposit turnover 11.9 + 3 -23 + 8 + 26 Annual rate of deposit turnover . 12.4 9 2 + - Nonfarm placements 74 -33 -45 HUMBLE: see HOUSTON SMSA LAMPASAS (pop. 5,670r)HUNTSVILLE (pop. 11,999) Postal receipts* .... . $ 9,977 + 25 + 28Postal receipts* . . . . . . . . . . . . . . . . . $ 28,101 + 81 + 52 Building permits, less federal contracts $ 118,025 + 703 + 51 Building permits, less federal contracts $ 82,900 -75 -53 Bank debits (thousands) $ 8,810 + + 8Bank debits (thousands) . . . .. .$ 14,289 + 25 + End-of-month deposits (thousands) i. $ 7,846 4 15 End-of-month deposits (thousands) i. $ 12,342 + 9 + 10 + + Annual rate of deposit turnover. . . 13.8 + 1 3A.nnual rate of deposit turnover.. . . 14.5 + 3 + 9 LA PORTE: see HOUSTON SMSAIOWA PARK: see WICHITA FALLS SMSA LAREDO SMSAIRVING: see DALLAS SMSA (Webb; pop. 71,7381) Building permits, less federal contracts $ 256,545 -65 -46 JACKSONVILLE (pop. 10,509r) Bank debits (thousands) II .. . . . ..... $ 594,276 Postal receipts• $ 23,513 + 19 -6 + 7 + 20 Nonfarm employment (area) . 21,600 •• + 6Building permits, less federal contracts $ 5.850 -67 77 - Manufacturing employment (area) . 1,200 5 11 Bank debits (thousands) $ 15,961 3 + 12 Percent unemployed (area) . 8.0 -1 10End-of-month deposits (thousands) i . .$ 11,553 + + 8 Annual rate of deposit turnover. 16.9 + LAREDO (pop. 60,678) Postal receipts• .. .................. .$ 49,101 + 22 -19 JASPER (pop. 5,120r) Building permits, less federal contracts $ 256,545 -65 -46 Postal receipts• ................ .$ 10,834 + 26 + Bank debits (thousands) . . $ 47,667 + 9 + 21Building permits, less federal contracts $ 12,950 -75 -77 End-of-month deposits (thousands) i . .$ 30,849 + 6 + 16Bank debits (thousands) .. . $ 11.69Z + 1 22 + Annual rate of deposit turnover. 19.0 + + 7End-of-month deposits (thousandsJi . .$ 8,116 5 + 2 Nonfarm placements 473 -40 -43 Annual rate of deposit turnover . 16.9 + 3 + 17 LIBERTY: see HOUSTON SMSA JUSTIN: see DALLAS SMSA LLANO (pop. 2,656) KATY: see HOUSTON SMSA Postal receipts• . . .. .. $ 4,026 + 19 -17 Building permits, less federal contracts $ 0 KILGORE (pop. 10,092) Bank debits (thousands) . $ 4,757 + 7 + 6 Building permits, less federal contracts $ 7,000 -99 -86 End-of-month deposits (thousands) i . . $ 4,579 + 3 -6 Bank debits (thousands) . . . .. .$ 15,325 + + 16 Annual rate of deposit turnover . 12.6 + 7 + 12 End-of-month deposits (thousands) i . .$ 13,362 + -2 Annual rate of deposit turnover . 13.8 16 LOCKHART (pop. 6,084) + + Nonfarm employment (area) .. .... . . 33,750 + + 5 Postal receipts* . . . . . . . . . . . . . . . . $ 6,928 + 39 + 10 Manufacturing employment (area). 9,070 + 18 Building permits, less federal contracts $ 4\,500 7 + 159 Percent unemployed (area) . 3.1 -11 -14 Ba nk debits (thousands) $ 7,044 + 13 + 14 End-of-month deposits (thousands) i. $ 6,361 + 5 •• KIRBYVILLE (pop. 2,021r) Annual rate of deposit turnover. 13.6 + 8 + 12 Postal receipts• . . . . $ 5,833 + 54 + 32 Bank debits (thousands) . . ..... .$ 2,578 -29 + 2 LONGVIEW (pop. 40,050) End-of-month deposits (thousands) i . .$ 4,240 -l + 24 Retail sales -l4t -15 •• Annual rate of deposit turnover . 7.2 -29 -16 Automotive stores . . . . . . . . . . . . -Wt -15 + 6 Postal receipts* .. $ 67,546 + 11 IULLEEN (pop. 23,377) Building permits, less federal contracts $ 584,500 -58 -45 Postal receipts• .. .... $ 50,607 + 41 + 25 Bank debits (thousands) . $ 68,324 7 + 4 Bank debits (thousands) . . . . $ 19,258 1 4 End-of-month deposits (thousands) i . . $ 41,742 3 -5 11,833 6 9 Annual rate of deposit turnover . 19.4 7 + 15 End-of-month deposits (thousands) i-.$ 18.9 Nonfarm employment (area) . 33,750 + 5 Annual rate of deposit turnover . + + Manufacturing employment (area) . 9,070 1 + 18 Percent unemployed (area) . 3.1 -11 14For an explanation of symbols, please see p. 304. NOVEMBER 1966 311 Percent change Percent change Local Business Conditions Local Business Conditions Sep 1966 Sep 1966 Sep 1966 Sep 1966 Sep from from Sep from from Oity and item 1966 Aug 1966 Sep 1965 City and item 1966 Aug 1966 Sep 1965 LOS FRESNOS: see BROWNSVILLE-HARLINGEN­ McALLEN (pop. 35,411r) Retail sales -14t -22 + 4 SAN BENITO SMSA Automotive stores -29t -34 2 Postal receipts* ........ .. ....... $ 40,060 + 13 + 7 LUBBOCK SMSA Building permits, less federal contracts $ 285,550 -22 + (Lubbock; pop. 177,1401 ) Bnnk debits (thousands) $ 36,305 + + 14 Building permits, less federal contracts $ 4,578,505 + 63 + 46 End-of-month deposits (thousands) t .. $ 24,930 4 + 7 Bank debits (thousands) II .$ 3,745,344 6 + 9 Annual rate of deposit turnover . 17.1 + 7 + Nonfarm employment (area) . 61,800 + + 5 Nonfarm placements 709 + 7 + Manufacturing employment (area) . 7,240 + 8 Percent unemployed (area) . 3.8 -19 Mercedes (pop. 10,943) Postal receipts• .. . . .. .. . .. ... .$ 8,066 + 45 + 6 LUBBOCK (pop. 155,200r) Building permits, less federal contracts $ 28,320 + 196 -34 Bank debits (thousands) $ 8,949 + 22 -1 End-of-month deposits (thousands) t .. $ 4,769 -4 Retail sales -14t -13 5 Automotive stores -29t -20 6 + 2 Postal recerpts• .. .$ 253,401 + 10 Annual rate of deposit turnover. 22.8 + 15 + 23 + Building permits, less federal contracts $ 4,575,975 + 63 + 47 Bank debits (thousands) . $ 254,337 + 11 Mission (pop. 14,081) End-of-month deposits (thousands) t .. $ 135,682 + 5 Postal receipts• .... .$ 11,723 + 35 + 25 Annual rate of deposit turnover . 22.1 2 + 4 Building permits, less federal contracts $ 27,233 -63 -50 Bank debits (thousands) .. $ 13,163 2 -16 End-of-month deposits (thousands) t .. $ 9,433 + 4 + 6 Slaton (pop. 6,568) Annual rate of deposit turnover. 17.1 3 -15 Postal receipts* .. $ 5,325 + 23 + 11 Building permits, less federal contracts $ 2,530 +237 -68 Pharr (pop. 15,279r) Bank debits (thousands) . $ 3,707 -13 + 1 Postal receipts* ...... .$ 8,415 + 31 + 28 End-of-month deposits (thousands)t .. $ 4,500 + 29 + 38 Building permits, less federal contracts $ 65,180 -93 + 51 Annual rate of deposit turnover. 11.1 -23 -19 Bank debits (thousands) $ 4,870 -9 9 End-of-month deposits (thousands) t .. $ 4,870 -2 + 8 LUFKIN (pop. 17,641) Annual rate of deposit turnover . 11.9 -11 2 Postal receipts• ................$ 37,970 + 33 + 19 Building permits, less federal contracts $ 196,190 + 48 -19 San Juan (pop. 4,371) Nonfarm placements 82 + 58 + Postal receipts* ... .. ........$ 3,030 + 15 -8 Building permits, less federal contracts $ 7,950 + 101 + 56 McALLEN-PHARR-EDINBURG SMSA Bank debits (thousands) . . ... .$ 2,656 -10 (Hidalgo; pop. 178,343) End-of-month deposits (thousands) t .. $ 2,337 + 5 + Building permits, less federal contracts $ 692,012 -60 + 6 Annual rate of deposit turnover . 14.0 -9 + Nonfarm employment (a rea) . 40,400 •• + 4 Manufacturing employment (area) . 3,190 + 7 + 23 Weslaco (pop. 15,649) Percent unemployed (area) . 5.5 + 4 -8 Postal receipts* ...... $ 12,337 + 31 + 19 Building permits, less federal contracts $ 113,565 -42 + 16 Bank debits (thousands) ... .$ 11,856 + 35 Alamo (pop. 4,121) En-date ~·· · -.. , Sep Aug Sep 1966 1966 1965 1966 GENERAL BUSINESS ACTIVITY Texas business activity, index . .......... . Miscellaneous freight carloadings in SW District, index . Wholesale prices in U. S., unadjusted index . Consumers' prices in U. S., unadjusted index Income payments to individuals in U. S. (billions, at seasonally ad­ justed annual rate) ... .......... . ..... . ..... . Business failures (number) .. . .... . . . .. . Business failures (liabilities, thousands) .. . Newspaper linage, index . .... ... ..... . . . Ordinary life insurance sales, index . . .... . . . . . TRADE Total retail sales (millions) . . . . . . . . . . . . . . . . . . . . . . .. ...... . Durable-goods sales (millions) .................. . Nondurable-goods sales (millions) .... . . . ....... .... .. . ... . .... . Rat~o of credit s~les to net sales in department and apparel stores, index Rau? of collecuons to outstandings in department and apparel stores, index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... PRODUCTION Total electric power use, index ..... Industrial electric power use, index . Crude oil production, index . . . . . . . . . . . . ....... .. . Average daily production per oil well (bbl.) . . . . . .. . .. . Crude oil runs to stills, index . . . . . . . . . . . . . . . ........... . Industrial production in U. S., index . . . . .... .. . . .. ... . Texas industrial production-total, index ............... . Texas industrial production-manufactures, index . ................ . . . Texas industrial production-durable manufactures, index Texas ~ndustrial production-nondurable manufactures, index Texas industrial production-mining, index . . . Building construction authorized, index .. ...... . New residential building authorized, index ... . New nonresidential building authorized, index . . .. ... . . .... . . . . . . AGRICULTURE Prices received by farmers, unadjusted index, 1910-14=100 .... . Prices paid by farmers in U.S., unadjusted index,·1910-14=100 ..... . Ratio of Texas farm prices received to U. S. prices paid by farmers . FINANCE Bank debits, index . Bank debits, U. S., index. . . . . . . . . . . . . . . . ........ ..... . Reporting member banks, Dallas Federal Reserve District: Loans (millions) .. ... Loans and investments (millions) . .. .......... . ......... . Adjusted demand deposits (millions) .. Reve~~e receipts of the State Comptroller (thousands) Secunues registrations: Original applications: Mutual investment companies (thousands) ....... ... . . .. .. . .. .. . All other corporate securities: Texas companies (thousands) .... . _ . Other companies (thousands) .... . . . Securities registrations: Renewals: Mutual investment companies (thousands) .. .. . ..... . . . . . . .. . . Other corporate securities (thousands) ........ .. .. ..... .. ... . . . LABOR Manufacturing employment in Texas, indext . . Total nonagricultural employment in Texas, indext .. Average weekly hours-manufacturing, indext .... . . . Average weekly earnings-manufacturing, indext .... . Total nonagricultural employment (thousands) t .. . . Total manufacturing employment (thousands) t . Durable-goods employment (thousands) t ... . . ondurable-goods employment (thousands) t ........ . Total nonagricultural labor force in selected labor market areas (thousands) . . . . . . . . . . . . . · · · · · · · · · · · Employment in selected labor m~rket areas (thousands) Manufacturing employment m selected labor market areas (thousands) . . . . . . . . . . . . . . . . . . . . . . . Total unemployment in selected labor market areas (thousands) .. Percent of labor force unemployed in selected labor market areas ... ... . 177.4 81.3 106.8 114.1 s 589.5• 47 3,019 123.8 189.0 1,238.0 425.0 813.0 64.6• 26.J • 193.3 • 179.9• 102.6• 14.0 125.8 158.2• 148.7• 165.4 • 178.4 • 156.7 • 11 1.5 • 109.9 64.0 161.8 258 337 77 189.5 213.8 s 4,909 7,094 2,952 $139,286 6,110 5,467 4,204 17,150 0 126.2• 123.2• 101.4 • 126.2• 3,061.6• 614.1 • 322.5• 291.6• 2,946.3 2,774.5 527.3 90.1 3.1 183.1 80.3 106.8 113.8 585.4• 49 5,224 116.6 190.7 1,406.0 476.0 930.0 65.8• 198.4• 172.0• 104.1 • 14.0 120.6 158.3• 146.J • 162.2• 175.3• 153.4• 117.0• 142.7 83 .7 231.8 261 335 78 195.5 214.1 4,830 s 7,032 2,961 185,955 s 23,990 3,873 6,503 9,923 275 125.6• 123.1 • I OJ.4• 124.9• 3,057.4• 613.1. 319.4• 293.7• 2,940.4 2,756.0 524.3 97.8 3.3 161.2 73.2 103.0 110.2 S 552.5r 61 12,463 118.0 182.4 s1,226.0 425.0 801.0 65.9r 26.8r 185.9r 155.9r 95.lr 13.1 11 7.5 143.5r 136.1 r 149.9r 156.9r 145.2r 108.3r 122.8 110.7 141.0 252 322r 78 166.0 178.5 s 4,682 6,817 2,863 116,713 9,788 s 1,677 5,073 7,548 32 I 18.5r I 18.3r 100.7r 119.6r 2,939.6r 576.6r 296.6r 280.0r 2,851.7 2,655.6 486.8 112.0 3.9 174.6 81.8 105.8 112.6 574.4 48 s 6,618 118.7 179.0 11 ,907.0 4,229.0 7,678.0 65.5 29.0 184.9 169.9 102.7 14.I 119.2 155.0 144.5 159.8 172.6 151.3 11 5.2 138.9 99.7 198.4 267 332 80 184.7 204.3 4,794 6,982 2,858 174,179 6,110 5,467 4,204 17,150 0 124.3 122.1 102.2 124.7 3,014.7 602.7 314.4 288.3 2,904.6 2,719.3 513.5 99.3 3.4 159.5 77.8 102.1 109.6 528.3 61 6,319 114.5 164.2 11 ,172.0 4,241.0 6,931.0 65.5 29.3 173.5 156.2 95.5 13.1 114.8 141.8 133.4 146.1 154.2 140.5 108.2 131.1 106.8 161.7 248 321 78 162.9 176.2 4,533 6,629 2,834 162,387 9,788 1,677 5,073 7,548 32 11 7.2 11 7.1 101.7 119.5 2,892.2 567.4 289.9 278.1 2,828.9 2,612.I 479.7 126.2 4.4 > >'l ~ d ~ >'l rll l'Jd >'l IC .... d z ~z z .... ill ~ ~ ,IJ ~ rll d .... &l rll -:i ~ 00 ~ 0 -:i ..., t:I """ Nl ~ ~ rll l::d q ~ t.".l > q 0 "".! l::d q 00 ..... z t.".l 00 00 ~ t_:l:j 00 t.".l > ~ Ci = NEW PUBLICATION A Diagrammatic Scheduling Pro­By Norton E. Marks, H. Lyndon Gary W. Schoen, and Jeffrey C. Susbauer. $1.00 BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS AUSTIN, TEXAS 78712 (Texas residents add 2% sales tax) CPM/PERT: cedure. Taylor,