TEXAS BUSINESS REVIEW 

A Monthly Summary of Busineu and Economic Conditions in Texas 
BUREAU OF BUSINESS RESEARCH mE UNIVERSITY OF TEXAS 
VOL. XX.IX, NO. 11 TWENTY CENTS A COPY-TWO DOLLARS A YEAR NOVEMBER 1955 
= 
"lf[}Ofg CTD~~WlliOO~D'ii'W 

3 
0 
1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 
Note. The figure inside each bar indicates the percentage of personal income spent 
in purchases of life insurance in Texas during the year. 

Economic conditions at large and the particular This year the average Texas family carries $5,500 situation of the individual family have much to doin life insurance, less than the $6,300 U.S. average with the amount of insurance they do, and should, but up a big step from the 1953 Texas figure, carry. During the depression of the 1930's, for ex­$4,900. 
ample, an economically insecure public tended toDuring the war years {see chart) much money that put a bigger share of i.ncome into insurance. Thiswould ordinarily have gone into privately issued month's special report (page 16) highlights thelife insurance was spent for servicemen's insur­current insurance picture in Texas. 
ance. 
TEXAS BUSINESS REVIEW 

The Business Situation in Texas 

Business act1v1ty in Texas during September showed very little change from the previous month but in the aggregate registered a slight fall. The index of business activity compiled by the Bureau of Business Research (see chart below) declined from 174 to 173, with increases in four and decreases in four of the component series. The detailed changes in the component series are shown in the table below. 
INDEX OF TEXAS BUSINESS ACTIVITY AND COMPONENT SERIES 
(Adjusted for aeaaonal variation, 1947-49 =100) 

Sept  Aug  Percent  
Index Weight  1955  1955  change  
INDEX OF BUSINESS ACTIVITY  
(COMPOSITE) -···--····-·-··--····  100.0  173•  174*  
Retail sales, deflated --·······-···-·····--·-·­ 46.8  156*  163  4  
Industrial electric power consumption ____  14.6  305*  290•  + 5  
Miscellaneous freight carloadings --------­ 10.0  99  93  +  6  
Construction authorized, deflated ··-·········  9.4  128*  146*  - 12  
Crude petroleum production ------····-·  8.1  117•  118*  1  
Ordinary life insurance sales, defl.a.ted ______  4.2  218  214  +  2  
Crude oil runs to stills ---··--·······  3.9  138  141  4  
Total electric power consumption -·-······  3.0  297*  286•  +  4  

•Preliminary. 

The decline of 12% in construction activity was by far the greatest drop in any phase of Texas business. The series representing new building starts tends to be somewhat erratic in its fluctuations, but after taking into consider­ation this tendency, it can be seen that there has been a consistent downward drift since the end of last year. The value of new building authorized in the first quarter of 1955 was 4% lower than in the last quarter of 1954. The second quarter of 1955 was 3% below the first quarter, and the third quarter fell 10% from the second quarter. 
In comparison with a year ago, the value of building authorized has decreased 22%, and when an allowance is made for an increase in building costs, the decline amounts to 24%. 
The boom in construction in Texas was a major factor in bringing about a reversal of the mild cyclical decline in the last half of 1953, and it contributed substantially to the rapid gain in Texas business volume during 1954. With building now levelling off and even shrinking in volume, one of the strong supports to further expansion has been removed. This does not mean that substantially less build­ing is indicated for the future; all reports suggest that there is still a large backlog of demand for construction, par· ticularly in public works, schools, commercial buildings, and industrial projects. The behavior of residential build· ing, however, supports the thesis that the present boom shows signs of levelling off. 
The rapid rise in business activity during 1954 resulted to a considerable extent from a continual increase in con· sumer spending, but the third quarter of 1955 gives indi­cations that the upward trend in retail sales is less vigorous than in 1954. The index of retail sales for the third quarter of 1955 averaged 177, compared with an average of 175 for the second quarter and 172 for the first quarter of the year. In the first part of 1955 the increase in retail sales came largely from sales of durable-goods stores. In the third quarter, however, this trend was reversed; sales of durable-goods stores declined, while sales of nondurable. goods stores gained. All of these series are adjusted for seasonal variation, although the seasonal patterns of dur­able-goods sales are always difficult to measure accurately. 
The speed with which automobile dealers have been selling the remaining 1955 models in preparation for the 1956 models is causing business analysts to refrain from 

TEXAS BUSINESS ACTIVITY 
INDEX -ADJUSTED FOR SEASONAL VARIATION -1947-1949=100
200 
150 100 
0 


200 150 100 so 
0 

1939 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 'SO 'SJ 'S2 '53 '54 '55 

e~p~essing too much skepticism with respect to the pre­d1ct10n8 that next year will be nearly as good as this year has been. A year ago the optimistic predictions of the automobile industry were received with a certain amount of derision, but the record for the year will exceed the most rosy predictions. There are signs that many automobile dealers are not happy ~it~ t~e high level of production, but there has been no md1cat1on that any drastic curtail­ment of production is in prospect. 
INDEX OF WHOLESALE PRICES IN THE UNITED STATES (1947-49 -100) Source: Bureau of Labor Statistics, U . S. Department of Labor 1955• Sept Oct Index Oct 18 Oct 11 1955 1954 ALL COMMODITIES --· 111.2 111.2 111.6 109.7 Farm products ·---­-·-·­87.1 86.7 89.3 93.l Processed foods -------­99.8 99.8 101.4 103.7 All other commodities ---­118.6 118.7 118.4 114.5 •F.etimatee of the index for the week ending on date given.  

There is no doubt that an unprecedented volume of con­sumer credit was needed to sell the output of 1955 cars. The last figures available, for the end of August, showed a continuation of the rise in the volume of automobile instal­ment paper outstanding, in spite of the general tightening of credit. The volume outstanding on August 31, 1955, was 31% greater than a year earlier and totalled over $13.5 billion. Instalment paper outstanding on all consumer dur­able goods was 23% higher than at the end of August last year. Disposable personal income for the third quarter of 1955 was 7% above the third quarter of last year. Produc· tion of consumer durable goods during September was 35% above the same month a year ago. These fi gures are all for the United States, since no breakdown is available for Texas; but the situation in Texas appears to be similar to that of the country as a whole. Increased consumer spend­ing has come from both larger income and steadily rising instalment debt. 
The recovery from the recession of 1953 was brought about to a considerable degree by the continued increase in consumer spending, and the rapidly growing population seems to assure that demand for consumer goods will grow even further. If consumer spending continues upward, businessmen will increase their investment in production and distribution facilities. The latest population forecast by the Bureau of the Census predicts that the population of the United States will be 228.5 million people in 1975. The previous forecast placed the 1975 total at 221 million, but the rate of increase for the past two years has been greater than anticipated, and the projected growth during the next 20 years has been adjusted upward. 
The long-range projection of the Texas population made by the Texas Research League has been used in forecasting by the Bureau of Business Research. But in view of the ?ew. projection by the Bureau of the Census the earlier pro­jection ( 12.l million in 1975) may be too small. 
Unquestionably the rapid growth in population has had a pronounced effect on business in Texas, and the expected continuation of this growth would continue to influence the course of business activity. Greater industrial activity in Texas.has been part of a tremendous expansion in industrial capacity throughout the country. Because the productivity of l~bor has. increased steadily, the outi:ut of f'.•·uds and services has rncreascd eYen fa~ter than the population. This accelrratf'd production of good~ Iw~ plaet·d n>n>t :rntlv greater empha~is on the ability of the c-011,;1ml('r market t;) absorb the output of the fac:torirs. ~lass distribution has b_ecome quite as important as mass production. There are signs that a .rrrnlution is taking placr in the distribution of goods, particularly durable goods. A generation aao the chain store revolutionized the marketi~g of food. ~nd at the present time strong forces are at wo;k in the distribu­tion of automobiles and appliances. The mo~t strikina mani· festations of this trend are the discount houses a"'nd the large-volume automobile dealers. Some of the latter have been franchised dealers, but others have been unauthorized dealers, performing a function in the distribution of auto­mobiles similar to that performed bv the discount houses in the distribution of other consumer.durables. particularly appliances. · · 
. The pros~e~ts of a continually rxpanding Texas popula­tion and a n smg per rapita income seem to giw assurance of a continued high lewl of business in the sta-te It is irH'vit­able that minor cyclical recessions will occur: even if no seriow~ major recession develops. The present rising trend of busmess has run for nearly two \"ears in Texas. and the evidence continurs to suggest that· the end of tll{' ri~e is approaching. On the other hand, there is strong indication that the forces influPncing thr growth of tht' e'conomy are powerful enough to ofTset a minor reression l1dore it ran develop into a major downturn. So. althoul!h it appe:irs that business activity is now rather precariowdv balanred at a very high level, the probabilities of a major drcline within the next year appear small; there is a greater likeli­hood of a minor recession. But the advance has been so fast this year that 1955 is almost certain to set a new record. 
Bank Debits in Texas 
Index· Adjusted for seasonal variation· 1947-1949• 100 
150 


l'J39 '40 '4t '42 '43 '44 '45 '46 '47 '41 '49 '50 '51 '52 ·53 ·54 '55 
The index of bank debits has been showing the same levelling off that the index of business activity has regis­tered during 1955. A decline of 3% in Srptember was a sharp reversal of the strong rise in August, with the result that the third quarter averaged 201, comparrd with an average of 200 for the second quarter. This rise of one point in the quarterly average for the indrx of bank deLits was the same as the rise in the business activity index in 
the third quarter. 
The index of wholesale commodity prices rose in Sep­tember for the fourth consecutive month. The index of all commodities has risen 2% since ~lay. Industrial prices included in the index have risen more than the total, while 
farm prices continued to decline. JOH:'> R. STOCKTO:'< 

TEXAS 


Editor ----·-------···---··················-·---·-···-··-··John R. Stockton 
Managing Editor -··--··-··-··---·------·--·-·-··--·-Robert H. Ryan 
CONTENTS 
The Business Situation in Texas -···---------·--·-·---------·-2 Construction --·--···---·---·--------·--·-------------·---·----·-·--··· 4 Retail Trade ----------------··-----·----·-·--------------··--·----------6 Industrial Production -----·-·-------···-------······---------·----· 8 Labor ......... ·······--·-·······---·---···-···--·------····-··· ·-····-··-·· I0 Finance ··--·-.._
___.......... ················-----·--··-···------········-12 Agriculture ------------·--........·--·-·..-·--·-·----. __._....·----· ..... 14 The Insurance Business--··-·-···--·-··-----·---·····--···--·-····-16 Local Business Conditions ----·---------------------------------18 Barometers of Texas Business -------------···-··-·-----------24 
BUSINESS RESEARCH COUNCIL 
William R. Spriegel, Dean of the College of Buaineee Admlnlatra­tration (ez offi,ci-0); J . W. Cashin; A. F. Etier; J. L. Hazard; 
Eastin Nelson ; and G. H . Newlove. 
BUREAU OF BUSINESS RESEARCH 
John R. Stockton Director  Stanley A. Arblngast Assistant Director Ruourcea Specialist  Florence Escott Research. Supervi&or  
A. Hamilton Chute Retailing Specialist  H. T. Owen Ineurance Specialist  Francia B. May Reaearch Scientist  
Richard C. Renshaw, Jr. Statistician  Robert H . Ryan Ruearch Auociate  Alfred G. Dale Research A•aociate  
Anne K. Schuler Reeearch A •sociate  Jo Overstreet Seni-Or Clerk  Marjorie T. Cornwell Administrative Clerk  
Martha G. Moore  Tina Piedrahita  Roberta Steele  
Statistical Assistant  Library Assistant  Cartographer  
Mary Weber Statistical Technician  Judy Vaughan Senior SecretaTI/  Calvin Jayroe Offset Pre•• Operator  
Phyllla Lemon SecretaTI/  
Assistants  

Charles R. Akin, Jr., Pierce Arthur, Jr., J ohn K. Darling, Frank B. Davis, William A. Fagan, Jr., Maurice H. Friedman, Cahill Hitt, James H. Keahey, James R. Leonard, Patricia Ludwig, Clifford Mc· Cormick, Jr., Monte W. Mathews, Candis Pattillo, Marie Payne, Josef H. Perry, Clara Jean Potter, Billye Reed, and Margaret Thom. 
Published monthly by the Bureau of Business Retiearch, College of Businees AdminiHtrntion, The University of Texas, Austin 12. Entered as second class matter May 7, 1928 at the post office at Austin, Texas, under the act of August 24, 1912. Content of thie publi· cation is not copyrighted and may be reproduced freely. Acknowledge­ment of source will be appreciated. Subscription, $2 .00 a y-r; Individual copies, 20 cents. 
CONSTRUCTION Texas building continues mild decline. The esti­mated value of building authorized in Texas during Sep­tember 1955 topped $76 million, still $22 million short of September 1954 and $11 million less than in August 1955. September, the sixth consecutive month of decline for total authorized construction, was the lowest month since earlv 1954, even though the total for the first nine months df 1955 was 20% ahead of the comparable period in 1954. Of the $67 million authorized for new building, 67% was for new residential construction. Almost $27 million of the $43 million earmarked for housekeeping residential building was authorized in the following cities: Dallas (the leader, with permits for 521 dwelling units, valued at $5.53 million), Houston (400 units for $4.22 million), San Antonio (402 units for $2.96 million), Fort Worth (296 units for $2.40 million), El Paso (238 units for $1.97 million), Austin (150 units for $1.88 million), Arlington (179 units for $1.58 million ), Lubbock (122 units for $1.48 million), Odessa (150 units for $1.40 million) , Abilene (101 units for $1.21 million), Pasadena (103 units for $1.09 million), and Midland (78 units for $1.06 million). 
Value of Buildina Con5truction Authorized in Texas 
Index· Adjusted for seasonal variation •1947-1949•100 
300 
300 
250 
250 
I 
Ill
I
200 
200
l
1/1 
J
,.,
,. •1\ 
ll 
150
ISO 
\( 
1J
i• 
1/\11 
I\
! 
lit' 
'
' 
I00
100 
I
II 
,,
\ 
I
I II 
" 

so 
St
"""7'jQ" iv 
I
! 
0 
~ 
I
-
0 
1939 '40 '41 '42 '43 '44 '4S '46 '47 '48 '49 'SO 'SI 'S2 'S3 '54 'SS 
The construction trend in Texas seems definitely to have taken a mild downward turn, but only because the larger cities have tapered off to what appears to be a supply equals (not exceeds) demand situation. In smaller cities, on the other hand, more buildings, but smaller ones, are still in demand. Much of this demand can now be satisfied by contractors who were originally drawn to the larger, more lucrative projects in the smaller communities. De­mand for community centers, especially in cities that have grown enough since World War II to warrant such facili­ties, is said to run into many millions of dollars. Many of these smaller towns also have a backlog of demand for additional grocery stores, eating places, laundry and dry cleaning establishments, branch department stores, variety and hardware stores, florists, service stations and garages, drug stores, and other retail establishments where shopping is made convenient, both by location and by ease of park­ing. Other demands include new rural schools (objective: to abolish completely the conventional "country school" from the Texas scene). Public auditoriums are wanted in towns that have outgrown the high school gym, as more road shows make their appearance. More and better park· ing facilities are needed in towns that are increasingly clogged with traffic from expanded military bases as well as a growing domestic population. In these smaller townli 

t?e private car is commonly the only means of transporta­tion. 
Yet, building needs in smaller towns are not expected to be great enough to keep the construction barometer at cur· rent levels. They will help, however, to cushion the return to normalcy and to prevent a sudden drop, which some observers have anticipated. In brief, the chain-reaction nature of t~e present boom has spread to smaller cities, ~owns, and villa_g~s of '.fexas. Builders' competitive positions m the larger c1t1es will no longer depend entirely on how f~s.t or h~w big a structure they can put up, for as ·loan con­d1t10ns tighten and quick write-offs are abandoned new building ~echniq~es will put increasing emphasis on q;iality construct10n. Bmlders and buyers alike are certain to look more closely at probable maintenance and repair costs. 
Contracts awarded hit nine-month record. F. W. Dodg~ Statistical Research Service reports that total con­struct10n contracts awarded in September 1955 in Texas were valued at $106.9 million, 14% down from the pre­vious month and 29% below last September's level. The January-September cumulative total, however, established a new high in the state, surpassing last year's nine-month figure by 21 % and the previous record, set in 1951, by 12%. During the nine-month period all major categories showed increased activity: nonresidential awards were up 30% ; residential contracts rose 15% ; and public works and utility outlays ran 22% ahead of the January-Septem­ber total for 1954. 
~er capita building value in Texas. Average per 

capita value of building in Texas during September was 
$17.24, a full 15% below the previous month and 23% 
below September 1954. Evidence that building is pro­
gressing rapidly in the smaller cities can be seen in the 
high per capita levels registered in some of them. Lake 
Jackson was in first place with $680.01; second was Irving, 
with building per capita at $326.21: Robinson followed 
with $294.12; and Groves, with $279.23. Others were 
Castle Hills ($261.07) , Benbrook ($226.90), Arlington 
($213.21), Muenster ($143.97), Hunters' Creek ($130.00), 
Euless ($l16.00), and Richland Hills ($101.50). 
Nonresidential building also drops. During Sep­

tember 1955 nonresidential building authorized in Texas 
amounted to almost $22 million, some $6 million (20% ) 
below August. January--September 1955 was only $30 
million ( 10% ) more than the total for January-September 
1954. Major declines were in institutional buildings and 
public works and utilities (each -90%), churches and 
public buildings (each -60% ), and factories and work­
shops and commercial garages (each -30% ). Increases 
VALUE OF CONSTRUCTION CONTRACTS AWARDED 
Source : Dodge Statistical R..search Service 
January-September 
Percent 1954 changeType of Sept 
construction 1955 1955 
Value (thousands of dole) 

NEW CONSTRUCTION .... 106,909 J,150,101 948,777 + 21 
ALL BUILDING __ ...... 74,948 920,475 759,979 + 21 Residential buildings .... -.... 44,344 523,140 453,541 + 15 Nonresidential building __ S0,604 397,335 806,438 +so 
PUBLIC WORKS 
AND UTILITIES ­
81,961 229,626 188,798 + 22 
ESTIMATED VALUE OF BUILDING AUTHORIZED 
Source: Bur4!au of Business Research In cooperation with the BurMu of Labor St.atiatic•, U. S. Department of Labor 
January-September 
Sept Percent Classification 1955• 1955 1954 change 

CONSTRUCTION CLASS Value (thousand or dollars) 
ALL PERMITS ·-·-··-··-....-.... 76,130 809,950-6 3,621 + 20 

New construction ······---------·-----··--­ 67,399  729,978  614,935  + 20  
Residential buildings ·---.. ··-·-·-· Housekeeping dwellings ......... .  45,419 43,369  491,915 484,535  406,123 400,257  + 20 + 20  
One-family houses -·--·-····--·­ 41 ,827  465,274  377,874  + 20  
Multiple-family houses ···-·· Nonhousekeeping buildings ··­Nonresidential buildings ......... _  1,542 2,050 21,980  19,261 7,380 238,062  22,383 5,231 208,812  -10 + 40 + 10  
Additions, alterations, and repairs ........ ­................__.......-...  8,731  80,197  68,686  + 20  
METROPOLITAN vs. NON·  
METROPOLITANt  
ALL PERMITS .......... -.......... Total metropolitan ....................... _ .. Central cities ·--­------------------­Outside central cities --·-----···-­Total nonmetropolitan -··--·-··----­10,000 to 50,000 pop. .... -._........ . Less than 10,000 pop. ............... _  76,130  809,950  683,621  + 20  
56,311 47,105 9,206 19,819 13,895 5,924  610,667 606,509 104,158 199,282 127,651 71,631  524,330 451,090 73,240 159,291 90,322 68,969  + 20 + 10 + 40 + 30 + 40 + 4  

Only building for which permits were issued within the incorporated area of a city is Included. Federal contracta and public housings are not Included. 
•Preliminary. 
tAa defined in the 1950 Census. 


occurred in amusement buildings ( + 901,:'c ). office aml bank buildings (+370% ), educational buildin~s and stores and other mercantile buildings ( ('ach + 10r~ ), pri· vate garages (+14%), and service stations ( +7~~-). 
Construction employment continues strong. Con­struction employmc11t is maintaining a hi!!h k\·t·l. "ith starts and completions fairly well halancrd. the Trxas Employment Commission reports. 1\fon• of thr major lalior market areas reported joh gains than reportrd loc;:r, in August. By October there may haw~ hern a ~li~ht ( 'a,-in~ off. as some big projects were comnlete<l. 
National construction records all-time peak. :'\cw construction activity in the nation 11< a wholr in1·n·a;:"d to an all-time monthly high of S4.0 billion in Scp~ember, to round out the most actiYc quartrr on rrc·ord. at·r·ordin!! to preliminary estimates prepared jointly by the l'. S. DPpart· ment of Commerce and Drpartmrnl of I.abor. The \·al11e of new work put in place during September broup:ht the third. quarter total lo $11.9 hill ion. 97~ more than tlw .T 11h·­September 1954 total. After adjustment for sea~onal far. tors new construction actiYity in lhl' third <Jll:trln of 10.'i:'i was at an annual rate of S-1-l .B hill ion, com11:ircd 11 itli actual outlaYs of $37.6 billion in 1951-. 
National home demand to continue. The October 7 

issue of U.S. News & World Rninrl ~tall';: that in 1l1r fl1 (' 
years ending in 1960 the lJnited States will nred 5.(> mil­
lion more houses-4.5 million to take rare of the p: ~o1.. 1h 
in population and 1.0 million to n·nlar" ho:i•('." '""'l .l n\\ 11 
or otherwise withdrawn from use. HoweYer. onlY 5.J mil '.inn 
are to be built new; the additional half milli~n \1 ill coml' 
from older houses split into apartments and from makc:d1ift 
arrangements. 
Jo 0\'ERSTREET 

RETAIL TRADE 

Sales still at peak. In most retail lines sales have con­tinued their climb to new record levels. Response to seas­onal sales promotions has been good, especially since the arrival of cooler, more seasonal weather. Price reductions have helped in some areas. Demand for women's apparel was spotty, geographically, and varied in intensity between the weeks in September and early October. Men's wear sold better than in many months. The call for children's wear continued strong, as did the demand for shoes for the entire family. Automobile sales slowed despite severe price cuts, hut they revived with the introduction of new models. 
RETAIL SALES TRENDS 

Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Departi:nent of Commerce 
Percent change
Number of reporting Sept 1955 Sept 1955 Jan-Sept 1955 establish· from from from 
Group ments Aug 1955 Sept 1954 Jan-Sept 1954 

KI ND OF BUSINESS 
DURABLE GOODS Automotive stores ···-·----342 -10 + 30 + 31 Furniture and household 
appliance stores ----------··· 176 -12 + 10 + 8 Lumber, building material, and hardware stores _____ 343 
-10 + 2 + 12 

NONDURABLE GOODS Apparel stores -------------235 + 12 + 3 + 5 Drug stores ---------------196 1 + 6 + 6 
Eating and drinking places 141 5 2 -1 Filling stations ---------1,092 4 + 12 + 17 200 
200 

Food stores ----------------377 + 5 + 5 + 2 General merchandise stores 213 3 7 8
+ +
h f.,.J\-­

Other retail stores ---------233 7 x 5
ISO + +150 
__,,w 

CITY-SIZE CLASS (1950) 
Over 250,000 ------------1,475 + 11 + 16 100 
{\,,..,Ir/ 

100 100,000 to 250,000 -----------209 -4 + 10 + 15 
w 

50 ,000 to 100,000 ------------298 6 + 15 + 17 
_,.,../ 

2,500 to 50,000 ------------1,116 2 + 17 + 14 
so 

so Under 2,500 ---------------250 x + 5 + 4
-~
"' 
xChange is less than on<>-half o_f_o_n_e ,;;,p_er_c_en_t_. __________.
0 
0 
Retail Sales in Texas 
Index · Adjusted for seasonal variation · 1947-1949: 100 
1939 '40 '41 '42 '43 '44 '4S '•6 '47 '41 '49 'SO 'SI 'S2 'S3 '54 'SS 

Furniture lines continued their high activity, especially for bedroom suites, dining sets, and upholstered chairs. Drap­eries and floor coverings drew strong interest, as did china and glassware, paints, and household hardware. Sales of television and radio sets improved. Purchases of groceries remained at high levels except for canned foods. Fur coats, jewelry, and handbags were active. Customers throughout the nation have been spending about $1 million more per month than last year in retail stores. And demand has focused sharply on higher-priced, rather than popular-or budget-priced, lines. Against a national average of + 7%, department stores in the Southwest gained about 10% this year, as reported by the Federal Reserve Bank. 
ESTIMATES OF T OTAL RETAIL SALES 
Sales (mils of dols)  P ercent change  
Type of store  Sept 1955  J an-Sept 1955  Sept 1955 Sept 1955 Jan-Sept 1955 from from from Aug 1955 Sept 1954 J an-Sept 1954  

TOTAL ----------918.8 8,136.1 -3 + 8 + 11 

Durable goods ______ 331.8 3,054.4 
-10 + 14 + 18 

Nondurable goods___ 587.0 5,081.7 + 2 + 5 + 8 
Markets lively. The wholesale markets have been crowded with buyers anxious to fill up depleted or con­servatively bought stocks. Slowing deliveries, uncertainty as to textile stocks, and rising prices have contributed to longer commitments to assure supply. All lines of durable ~oods have drawn brisk response, as have most apparel Imes. In household goods, gratifying volume from sales promotions has sparked heavy reordering. Expensive glass­ware, gift lines, and juvenile furniture made noticeable upturns. Jewelry and accessories moved rapidly. Strono­activity in men's clothing was labeled as a "return t~ 
TEXAS BUSINESS REVIEW 

normal" after several lean years. Most retail inventories are said to be within "normal" ratios to sales. In fact, numerous merchants fear that retail stocks will prove in­adequate to meet the expected "greatest Christmas business in all history." In the new car field, dealer's stocks fell to 593,000, about September 10, from an earlier 800,000. 
Credit use still higher. According to the Federal Re· serve Board, consumer credit rose in August by another $7 40 million (about $500 million of it for new automo· biles), to a new all-time high point of $33.6 billion. Since August 1954, total consumer credit rose about 17%, about three-quarters of it for car purchases. Credit repayments are also being made at a record rate. Delinquencies and repossessions are low. Mortgage debt now is poised at a record $82 billion. Personal liquid savings have reached a peak of $215 billion. Yet much of the added 6% of take­home pay is being spent for retail goods and services. 
Retail prospects. After an anticipated peak in Christ­mas sales, price increases in many lines-durable goods and some apparel-are expected to complicate selling. The wholesale price level for commodities other than farm products reached a record high in August. Many increases in production and marketing costs are currently being ab­sorbed and are not yet reflected on retail price tags. Com· petition among automobile dealers is furnishing some "1956 models at 1955 prices." In household electrical ap­pliances, 5% to 7% increases are expected after the turn of the year. And the question in many lines of durable goods is, how much 1956 business has been garnered by selling this year? A gradual slowing to "stabilized" levels in 1956 should still leave that year as one of the best in sales history. 
Survey of Texas trade. With 3,348 retailers reporting, September sales slipped from August by 3% but topped last September by 8% and the first nine months of 1954 by 11 %. Durable goods continued in the lead, with + 14% for the month and+18% for the three-quarter year. 
NOVEMBER 1955 
7 

Retail lines averaging gains over August were women's bcr 195-1. Topping ..\uµ-ust J,y l•t·,t mar:ci11-11t·n· l'am11a ( + 15%) and men's (+ 107c) apparel stores, shoe stores I+27~; J: Biµ-Sprinµ-1-' }(1 1; I: i\rnl, [j\\l>t>d. c,,.,..l \ ilk. ( + 14%), and florists (+ 3 '/; ). Best incrcas1·s over last and \a1 a-ota ll'aC"h 1)'. 1: :ind l.11 f,!, ,,,.k :! 1111 \\ i1 ·lt i!a September were among motor vehicle dealers (+:31/'(); Falls tea('li .'. :: 1 ; I. \;,·1tni11'.' [;1,1 ~''i•lt·rn l•n 11t·n· l:i '..'. 
filling stations (+ 12'/c) ; jewelers and florists I ear:h 
Sprin;r t ·:·(>9'; I. ~!. \ll,·11 	I ·l'J'; 1. l'a1111•a 1 i: :'. 1. 
+ 11% ) ; furniture and department stores (each + 9';,{ ) ; 	T<:'xarkana 1-!. 29'; 1. \\"icli i!a 1·:dJ,-1 · '27' . 1. l.t .!,\,cwk 
men's wear ( + 7% ) ; and hardware, drug, and liquor otorrs !+2(>'.; 1, Pari,; 1..: 2:;'; 1. a1 1cl lk:rni:1c>11I ai< d <:1c:-ll\ii!c (each + 6% ). Leaders for the first nine months, 1955 o\·er (each + 19'; I. 1954, were motor vehicle dealers (+327<,), filling stations 
..\. If 1:.1; IT(l\" Cl! t n: 
( + 17%), lumber and building material dealers I+ 13'/{ ) , 
hardware stores ( + 11% ) , furniture and department stores 
(each+10% ), and jewelers (+3~;;_ ). Cities of more than 
2,500 population averaged gains of 14'/r to 17'/r, smaller 

POSTAL RECEIPTS

towns 4%. All crop-reporting districts gained for the nine 
months ( + 2% to + 34%). 
Reporting by cities, 299 Texas department and apparel 

Percent change 

stores topped August by 4~~, last September by 6',X, and 	Sept 1955 Sept 1955 
Sept Aug Sept from from

January-September 1954 by 3/L Of the ;-14 cities reportin g, City 	1955 19;;5 1954 Aug 1955 Sept 1954 -----·-----------­
26 topped August sales, 18 bettered last September, and 2::i 
TOTAL' ·····-$5,432,638 $5,205,117 $5,193,662 + 4 -t-5 

were ahead for the year to date. Best gains over August 
Alice ----·­12,205 10,899 11,270 + 12 + 8
were at Bryan (+44% ), Greenville and Paris (each 
Bastrop ------·-----1,751 1,278 1,501 + 37 + 17
+38%), Temple (+29%), Childress (+ 24'ic), and El 
Bay City ______ 10,276 9,226 9,626 + 11 + 7
Paso ( + 19% ). In the Scpternbcr·io-Septemhcr compari· 
Belton ··-----·--­5,126 5,728 5,589 -11 
son, leaders were Dallas and Fort Worth (each + B '1 { ) , 
Brownfield ----·­6,278 6,393 6,597 -2 
Paris (+12%), McAllrn and Port Arthur (each +ll ~lr ), 7,613 4,680 6,649

Cameron -------­+ 63 + 14 Denison ( + 10% ), Childress and EI Paso (each + 9% ) , Cleburne ------­9,682 9,424 10,600 + 3 -9 and Amarillo and Greenville (each + 7'ic) . For the nine Coleman -------­5,504 5,384 5, 65 + 2 -6 months, largest gains were at Lubbock ( +24/{) ; l\frAllen Crystal City ----·­2,399 2,837 2,924 -15 -18 (+21% ) ; Fort Worth ( + 12/{) ; Dallas (+ 10/~) ; Port Cuero ------------­4,546 3,972 5,203 + 14 -1~ 
El Campo ----·-­8,964 8,613 8,597 + 4 + 4
Arthur ( + 9% ) ; El Paso, 	Houston, Temple, and Tyler 
Gainesville ------­12,217 11,964 13,229 + 2
(each +3%); and Abilene (+ 7'/c) . 
Gatesville ----·--·­4.706 3,859 4,494 + 22 -5 Of the 39 cities reporting enough retailers of various 3,926 3,223 3,454 + 22 14
.J..

Gilmer ------­
types to be listed individually, 10 rose from August, 32 sur· 	Graham ------­6,811 5,904 6,292 + 15 -t-8 
passed last September, and 34 exceeded J anuary-Septcm· 	Granbury ----·-2,167 1,745 2,074 + 24 + 4 Grand Prairie _______ 20,028 16,629 14,758 + 20 + 36 
Hale Center ------· 1,119 1,069 1,404 + 5 -20 
CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES Hillsboro -------­5,749 4,729 5,237 + 22 + 10 
Huntsville --·­6,639 6,597 6,800 + 1 -2
Credit Collection Number ratios* ratiost Jacksonville ---­13,059 8,851 11 ,036 + 48 + 1 
of 	Kenedy ---·---·--­3,415 3,06 3,557 + 11 -4 
reporting Sept Sept Sept Sept Classification stores 1955 1954 1955 1954 Kerrville ---·-···-­9,567 8,053 8,156 + 19 + 17 
Kingsville ------­15,347 10,110 14,692 + 52 + 4 
64.2 	65.4 36.4 36.9 Kirbyville ------· 2,306 2,173 2,999 + 6 -23ALL STORES ·----------·--··--------63 
BY CITIES 

62.1 61.9 51.5 51.3 	L a Grange --------4,297 3,321 4,575 + 29 Austin ···---····-·---------------·--·--·---4 
42.7 41.8 42.0 37.1 	Littlefield -·· ___ 5,286 4,418 5,3 9 + 20
Cleburne ---------··----------------·------3 
Dallas -··------------------··--------·--6 

61.3 
66.9 33.7 34 .3 	Luling -·--------­3,612 2,887 3,741 + 25 

62.8 
60.0 30.2 29.1 	McCamey -------­3,655 2,486 3,515 + 47 + 4


El Paso ---······--------·-·-·---------·-3 
Fort Worth -------·--···-----------------3 Marlin _------------­

68.6 67.6 33.1 32.2 	5,477 5,458 6,026 x 9 
Galveston --------------------··-------­59.3 60.6 44.3 47.0 Mission -------7,685 6,412 5,947 + 20 -t-29 
78.5 77.1 40.6 40.5 	-2
Houston -------·------·------·-····----·-3 	acogdoches __ _ 10,560 10,999 10,772 
63.0 63.5 39.4 42.9 

San Antonio --------------------6 New Braunfels -­12,230 12,257 12,608 x -3 
Waco ·---------·--------··--------·-------5 + 13

59.2 59.2 48.2 46.5 

63.1 65.4 40.9 41.9 	Pasadena ---------19,670 18,6 1 17,406 + All others -·--·-----------------------···-25 12,699 7,924 12,060 + 60 -i-5
Pecos Department stores (over $1 Pharr ---­4,735 4,166 4,322 -i-14 + 10 
BY TYPE OF STORE 	-----·-·-­
66.7 35.1 35.4 

million) ---·---·----·--------·--·-18 64.9 2,510 2,344 3,105 + 7 -19 Department stores (under $1 
Pittsburg ---­

11,180 10,240 10,713 + 9 + 4 million) ------·-·----·------·-----19 51.1 
San Marcos _----. ­50.6 40.5 38.7 

42.9 	10,670 9,098 9,577 + 17 + 11
Dry goods and apparel stores ... 5 57.4 61.3 41.8 	Snyder -·--·--··-··­
43.4 	-1-15
Women's specialty shops ----------15 64.3 63.4 42.3 Sulphur Sprngs ·-­6,948 6,472 6,029 + 7 Men's clothing stores --··-·---------6 62.2 61.8 45.4 51.6 2,970 3,232 2, 62 -8 .J.. 4 
Taft ----··------­

IlY VOLUME OF NET SALES (1954) 
Terrell ----------­

5,945 5,478 5,212 + 9 -i-14 Ove r $3,000,000 --------------·----·-·-18 65.4 
66.8 	35.5 36.0 8,737 16,101 + 28 -31 
$1,500,000 to $3,000,000 -----------3 58.0 59.4 49.8 49.3 Vernon ----------­11,151 
$500,000 to $1,500,000 -·-----··-------· 17 59.1 Waxahachie -------­

59.1 45.4 45.6 8,054 	9,092 8,834 -11 -9 
44.2 37.7 39.3 	-10 -1
$250,000 to $500,000 ----··-----···---11 43.9 	10,140 11,300 12,365 
Yoakum ----­
49.1 38.1 38.9
Less than $250,000 ---··-----------·--14 49.8 
•The total includes receipts for cities which are liated individually under 
•Credit sales as a percent of net sales. 
"Local Bu.siness Conditions." 
tCollections during the month as a percent of nccount.s unpaid on tha 
xChan!le is less than QM•half Df one percent.

llrst of the month. 
INDUSTRIAL PRODUCTION 

To be made in Texas: more planes, cars. Texas' $200 million transportation equipment industry continues to move toward new output records. Robert J. Hammond, General Motors plant manager (Buick-Oldsmobile-Pon­tiac assembly) at Arlington, has announced that the ad­dition of a second shift will bring employment there to a total of about 3,500 workers and will make General Motors one of the largest employers in the Dallas-Fort Worth in­dustrial nucleus. Employment in the Arlington plant now amounts to some 0.57 % of General Motor's total U. S. payroll, which is at an all-time high. Continuation of over­time operations has boosted workers' weekly earnings in the GM car, truck, body, and assembly divisions during the first three-quarters of 1955 to an average of $104.91. 
Frye Corporation of Fort Worth, of which Jack Frye, former head of Trans World Airlines is president and board chairman, has announced designs are being drawn for a 60-passenger transport plane that can take off from a 1,000 foot runway at 55 miles an hour. Frye's announce­ment was enthusiastically received by feeder airlines, several of which have been anxious to have planes capable of taking off and landing at small airfields. Flexibility of the plane for quick conversion from passenger to freight service is planned. Frye now employs about 25 persons in Fort Worth, but officials plan to expand the staff to 100 within a short time. The company does not expect to build the plane but will license existing manufacturers to pro­duce it. The Convair Division of General Dynamics at Fort Worth has received the go-ahead signal for produc­tion of the gigantic B-58 bomber, and TEMCO Aircraft Corporation of Dallas has been :iwarded a number of new subcontracts for various planes. 
ELECTRIC POWER CONSUMPTION 
Percent change Consumption (thous kw-hrs) ·--------Sept 1955 Sept 1955 Sept Aug Sept from from Use 1956• 1955• 1954 Aug 1955 Sept 1954 
TOTAL ------------3,317,894 3, 3l6, 332 2,842,862 x + 17 

Commercial ---------614,800 614,440 479,108 x 7
+ 

Industrial --------------1,998,545 1,977,035 1,601,649 + 25
+ 

Residential ---·---·----675,319 696,564 602,754 + 12 Other ---------------------129,230 128,293 159,351 + 1 -19 
•Preliminary-based on reports of 10 electric power companies, leveled to Federal Power Commission estimates by the Bureau of Businee1 Res earch. 
Industrial Electric Power Use in Texas 
Index· Adjusted for seasonal variation· 1947-1949 • 100 



,TEXAS BUSINESS REVIEW 
WELL COMPLETIONS 
Source: The Oil and Gaa Journal 

September 1955* January-September Region Oil Gas Dry T otal 1955 1954 
TE'XAS ------993 51 553 1,697 15,311 13,796 
Southwest ---------­ 132  9  112  253  2,328  1,923  
Gulf Coast ---------­ 96  9  70  175  1,884  2,015  
East ---------------------­ 24  9  34  67  730  839  
N orth Central ____  347  7  269  623  5,748  5,074  
West ---------·--------­ 315  1  61  377  3,829  3,174  
Panhandle ------­ 79  16  7  102  792  771  
•For four weeks ending October-1-:-1955.  

Selection of Convair to engage in B-58 production is regarded as highly significant by Convair officials, for the new Air Force contract is ~ever:cil tim<:'s larger than the first order for B-36's at the Fort Worth plant. 
TEMCO's newest Air Force contract is for manufacture of major assemblies for the C-130A "Hercules" combat transport. After completion of the assemblies thev are to be forwarded to the Georgia Division of Lockheed. Earlier in the month, TEMCO was selected by Lockheed's Cali­fornia Division to engineer, tool, and manufacture two major assemblies for the Lockheed "Electra," new turbo­prop transport recently purchased in quantity by trunk­line passenger carriers. Some of the new contract work will be performed at TEMCO's auxiliary plants at Garland and Greenville. 
These new developments help to substantiate statements in previous issues of the Texas Business Review concerning the growth in importance of the North Texas industrial complex as a center for the manufacture of aircraft and parts. Concentration of the industry in North Texas has some influence on decisions of manufacturers of planes and equipment to seek plant sites elsewhere in less indus­trialized areas of Texas, but because of proximity to other manufacturers and because of the reservoir of skilled labor which has been accumulated in the Dallas-Fort Worth area, North Texas can reasonably expect to attract the majority of new plants which locate in the state. 

For examnle, the decision of Menasco Manufacturing Company of Burbank, California, maker of landing gears and missile components, to choose a site near Fort Worth in Tarrant County was influenced by nearness to Convair at Fort Worth and Chance Vought at Dallas, both sub­stantial purchasers of Menasco products. Outside of the North Texas area, important manufacturers of aircraft and parts are: Camair at Galveston, Intercontinental (a division of Hoffman) at Brady, Mooney Aircraft at Kerr­ville, and Northrop, now building a plant at El Paso to manufacture and modify propellor-driven target drones. 
Modification of aircraft is also a large and growing Texas industry. TEMCO does much modification and over­haul work at its three plants, and Southwest Airmotive has units at Love Field in Dallas and Amon Carter Field at Fort Worth, the latter a recent addition to the company's facilities. Camair at Galveston, Slick Airways at San An­tonio, and Pan American at Brownsville are other com­panies which do substantial amounts of modification work. American Airlines and Braniff International Airways employ several hundred workers each at their respective overhaul bases in Fort Worth and Dallas, and regional 
PETROLEUM AND GAS ACTIVITY 

Source: State Comptroller of Public Accounts and Railroad Commiaaion of Texas 
Percent chan&'e Sept 1955 Sept 1955 
Sept Aug 
Sept from from 
Product 1955 1955 
1954 Aug 1955 Sept 19H 

CRUDE OIL Value (thous of dols ).__ 234,380 Production (thous of 
bbls) -------·------------------82,723 

Runs to atilla (thous of bbls) 62,421 
NATURAL AND CASINGHEAD GAS PRODUCED (value in thous of dols) .. 8'5,949 
SULFUR RECOVERED (Jong tons ) .......... 454 
227,989 80,584 67,850  216,502 76,248 58,935  + 3 + 8  + 8 + 8 + 6  
40,880 125  31 ,477  -12 + 260  + 14  

xChan&'e ia leas than one-half of one percent. 

airlines such as Central and Trans-Texas also are sizeable employers. 
Importance of transportation equipment manufacture to the Texas economy is emphasized by the fact that total employment in this industry in August 1955 was 57,200, as compared with 40,900 in chemicals and allied products, 4.8,000 in petroleum products, and 61,600 in food process­ing, the manufacturing category which accounts for the largest employment within the state. 
The report made to the President in 1952 by the Paley Commission stated that it was reasonable to look for a 400% increase in aircraft production between 1950 and 1975. If this prediction proves to he a valid one and if Texas employment in aircraft increases at the same rate as that for the nation, some 200,000 persons will be work­ing in the Texas industry by 1975. Several factors, more­over, suggest that Texas may exceed the national rate of growth. The two most important factors: aircraft industry is already established here, and a reservoir of skilled labor with the requisite know-how has been accumulated. 
To be made in Texas: more rubber. Texas' synthetic rubber industry will be greatly expanded by 1951. Pre­viously announced increases in capacity for rubber and ingredients at Goodrich-Gulf, Port Neches; Phillips Chemical, Borger; and Cosden, Big Spring were only the first round of expansion projects. Phillips Chemical has revealed plans to increase capacity at its Plains copolymer plant near Borger by a total of 40%. Output capacity of the Plains butadiene plant will also be increased to pro· vide additional raw materials for use by the copolymer unit Phillips anticipates that these new facilities will be ready to go on stream sometime early in 1957. 
Also meaningful to the Borger area was the announc_e­ment by the J. M. Huber Corporation of a 15% boost rn production of furnace black at its carbon black plant there. Carbon black is used in quantity as a reinforcing agent in rubber products. 
Bids on the first phase of a % million expansion at Goodyear's Houston synthetic rubber plant were invited at the beginning of November. Capacity will be increased from 137,500 tons annually to 170,000 tons. E. J. Thomas, president, stated that his company hopes to increase capacity by 50% within the next five years. 
CRUDE P ETROLEUM PRODUCTION Suurce : Oil nnd G:ts Division, P.. liiro:'l.J Ccmmit:tsion of Tcxns 
Percent changeProduction (42-gallon bbls) July 1955 July 1955 July J une July from from 
District 1955 1955 
1954 J une 1955 July 1954 
TEXAS ---..82,095,304 80,571,445 79,684,864 2
+ + 3 

District 1 --·---·-· 1,542,636 1,493,997 1,304,772 + 3 + 18 District 2 ----·-·· 4,177,763 4,105, 701 4,093,664 2 2
+ + 

District 3 ----···--12,405,568 12,258,870 12,560,313 
+ l 

District 4 ----···-6,943,012 6,823,840 7,151,520 
+ 2 

District 5 --······· 1,371,931 1,340,802 1,335,384 2
+ + 3 

District 6 ··-······ 9,739,981 9,695,125 10,070,997 x 3 District 7b ........ 4,294,104 4,180,495 3,840,817 
+ 3 + 12 

District 7c ........ 5,122,612 5,080,938 5,351,193 

+ l District 8 .......... 27,721,691 
27,047,785 25,660,360 + 2 + '8 District 9 ··-·---·-6,021,376 5,877,019 5,712,235 5
+ 2 + 

District 10 ........ 2,754,630 2,666,873 2,602,933 + 3 + 6 

xChange is less than one-half of one percent. 

Another major company, Petro-Tex, also intends to in­crease output 50',lo by 1900 at its Hou~ton plant. A $1..) million research laboratory is µlanne<l in addition lo en­larged plant facilities. Contracts for the initial pha~cs of the project have already been let. Present annual capacity is 90,000 tons. 
Finally, on October 21, the Du Pont Company issued a press release stating that construction would begin im­mediately on a plant designed lo manufacture Hypalon chemical rubber at Beaumont. 
The new facility will be localed at DuPont's methionine works, which started operation a year ago at Beaumont. About 70 men will be required to operate the plant, which 
REFINERY STOC KS 
Source : Tho Oil and Ga.a J ournal 
Area and product  Stocks \ t housands of barrels) Sept Aug Sept 1955 1955 1954  Percent change Sept 1955 Sept 1955 from from Aug 1955 Sept 1954  


UNITED STATES  
Gasoline  -------------­ 151,266  153,292  122,468  + 24  
Disti!la te  ---·­-------­ 143,722  133,365  104,170  +  + 38  
Residual  --------------­ 46,754  46,587  49,014  x  5  
Kerosene  ---------------·-­ 36,413  34,945  36,171  + 4  + l  
T EXAS  
Gasoline  ---------------­ 25,201  26,827  20,936  + 20  
Disti!late  -----------­ 18,507  17,550  14,612  +  + 27  
Residual  ---------------­ 8,416  8,717  9,479  -11  
Kerosene  -----------­ 8,943  4,064  4,470  -12  

•Figures shown for week ending nea rest the last day of the month. xCha n2e is less than one-half of one percent. 
Crude Oil Runs to Stills in Texas 
Index· Adjusted for seasonal variation· 1947-1949 =100 



is scheduled for completion in early 1957. Additions and alterations to existing power and service facilities will also 
be made during the construction program. 

To be made in Texas : more building materials, paper. Southwestern Portland Cement Company has be­gun construction of a $500,000 addition to its El Paso plant. This expansion is the sixth since the company began operations there in 1910. Output will be boosted by over 1,000 barrels a day when the project is completed. Com· pletion of the construction program will help to alleviate the cement shortage problem in the company's distribu­tion area, \\!est Texas, southern ~ew Mexico, and eastern Arizona. 
Tyler's new $1.5 million National Homes factory was dedicated in a special ceremony October 4. The company expects to produce a peak of 75 prefabricated housing units per day. Present employment is 300, but l\'ational Homes officials expect that about 2,000 persons will be working in three shifts when production reaches its peak. Other National Homes plants are located at Lafayette, Indiana (company headquarters) , and Horseheads, l\'ew York. National Homes chose Tyler for the new plant he· cause of the city's central location within the firm's ex­tensive distribution area. 
First shipment from the new Sonoco Products plant at Longview was forwarded to Southland Paper at Lufkin early in October. Sonoco is the world's largest manu· facturer of textile and paper carriers, and its shipment to Southland Paper consisted of a car of paper cores for use in that company's newsprint mill. 
ST..\\"LEY A. Ar..BJ:'\GAST 
Natural-Gas Statistics 
Supp!er:'l'2 nt +o Economics of Natural Gas in Texas 
by Richard C. Henshaw, Jr. 
A 127-page compilation of tables and charts bring· ing up to date the statistical information published in Economics of Natural Gas in Texas. Maps and charts show wr.ere gas is produced, what its uses are. Eighty-seven tables detail the production and mar­keting structure of the gas industry. Two dollars. 
An Economic Survey of 
Dallas County, Texas 
by Richard C. Henshaw, Jr., and Alfred G. Dale A thorough analysis of the economic life of Dallas, the city and the county. Special attention is given to the water-consumption pattern of the area. Histori­cal statistics and current trends are used in con­structing proiections of population growth and in­dustrial and business development: the growth of Dallas through the year 2000 is charted in detail. Three do!lars, 207 pages. 
,TEXAS BUSINESS REVIEW 
LABOR 
Employment tops all previous marks for the month. l\ational employment for September was esti­mated at 64.,7:33,000, the iarg:?~l number of jobs e\·er recorded for the month. This 'ms 755.000 fewer than in August, but a decline 1rns lo be espe,c:ted 11·ith students leaving summer jobs to return to ochool. Cnemployment continued to decline in September, dropping 88,000 to 2,149,000, the lowest figure since :\oHmLcr 1953. 
ESTIMATES OF NONAGRICULTURAL EMPLOYMENT 
Source: Texas Employment Commission in cooperation with the Bureau of Labor Statistics, U. S. Department of Labor 
Percent change Employment (thous) ------­-------Sept 1955 Sept 1955 Sept Aug Sept f J. om from 
Indu~ry~________ _t_~19~5~4~l ~S~ep~t~l.:.:..954
. 19_55_*_ 1_955_A~u~g~1~95~5~
TOTAL  
N ONAGRICULTURAL 2,273.7  2,271.4  2,205.8  x  + 1  
MANU F ACTURIN G  ---­ 442.4  442.6  426.9  x  + 4  
Durable goods  --------­-­ 213.0  212.2  202.0  x  + 5  
Nondurable goo<ls ---------­229.4 N ONMANUFACTURIN G -1,831.3  230.4 1,828.8  224.9 1,77 .9  x x  + +  
Mining -­-----------------­Contract construction -­Transportation & uti1ities_ Government ------------·­ 124.8 163.7 226.5 335.8  128.4 170.7 226.9 323.3  123.3 154.6 223.8 325.2  x + 4  + + + +  
Trade  ---­--------­-----------­ 609.6  606.7  589.3  x  + 3  
W holesale trade ------­ 158.  158.5  153.7  x  + 3  
Retail trade -------­--­ 450.8  448.2  435.6  + 1  + 3  
F inance, ins urance, a nd  
Finance, insurance, and  
real estate ___ -------·-·­ 101.6  102.5  98.5  + 3  
Service and miscellaneous _  269.3  270.3  264.2  x  + 2  

xChange is less than one~half of one percent. 
*Prelim inary. 
t Revised. 

In a joint report of the l·.s. Department of Commerce and Department of Labor ayerage ;1·eekly earnings in manufacturin a: 11·ere sho11n to ha1e risen by Sl.57 from August to m~rk a new record I '377.90! i;1 September. Weekly pay 11·as up about 86 from a year ago, reflecting longer 1rnrking hours as 11·ell as pay increase5. The federal report also noted that composition of the unemployed group has changed signi ficant!y from last year. The number of unemployed men 25 years old or 01·er, most of them heads of families, has dropped more than 40'. ( since last year, 1-.·hile the number of unemployed \\Omen no11 comprises about 45% of the total jobless group. 
In Texas nonfarm employment i:: increasing at a faster pace than 1rns indicated earlier. By mid.Octobn, 1d1en all school emplo\·ment 'ms to haYe been included in the esti· mate, TEC officials reported employment to be 20,000 over the August figure, 2,768,000. Transportation equipment rnanufac:lurirrn 1rn;; es•,ected to absorb \';ell oYer half of the additiona(,rnrkers.' 
Forecastcd gains in employment bet11·een September and :\ovember include increases of 5,100 at El Paso, 2,800 at Dallas, 2,100 at Fort \\;orth, 968 at San Antonio, 810 at Lubbock. 570 at Austin, 530 at I3eaumont 305 at Corpus Christi, 310 at San Angelo, 125 at LongYie11-, and llO at Texarkana. 
In comparison 1rith the September 1954 employment figures, conditions in the major labor centers appear excel­lent. Dallas recorded a gain of 1,860 workers during Sep· 

tember, which marks a new all-time high for the second a 40-hour work week. Although the union had asked a 25­successive month. At Fort Worth employment mounted to cent raise, the $3 wage rate is a 12.5-cent hourly inerease another record peak, 194,600, in September. A 1954-55 over terms of the contract, which expires ApriJ°31, 1956. month-to-month comparison shows that during the last few At Texas City, about 400 workers, membrrs of thr CIO months, the margin over last year has widened steadily, Oil, Chemical, and Atomic \Vorkrrs, Local 1\o. +l-9, re­with a difference of 5,500 in May, 7,300 in June, 8,100 in turned to work, ending a two-month old strike at Republic July, and 9,000 in August. The September total exceeded Oil Refining Co. The strike started when union and September 1954 by 12,100 in Fort Worth. company were unable to agree during negotiation of a 
September-to-September employment gains were also new contract. 
registered at Dallas (6,675) , Waco (5,215) , Austin Highest-paid salary earners losing ground in last 
( 3,600), San Antonio ( 3,362), Lubbock ( 2,205), Port 15 years. A study of income made by the Bureau of the 
Arthur (2,215), Beaumont (2,015), Amarillo (1,485), Census reveals that highest-paid wage and salary earners 
Corpus Christi ( 1,430), Texarkana ( 950), Abilene ( 650), have been losing ground since 1939. The study, based on 
and San Angelo (235) _ what happened to incomes in this country from 1939 
Unemployment law extended. The new unemploy­through 1951, showed that a rapid rise in wages paid to 
ment compensation law which went into effect in October lower income bracket workers had brought about a more 
will affect approximately 1,500,000 Texas workers in even distribution of wages in American industry. 
38,000 firms employing eight or more persons. Also, a The lowest paid workers, those in the bottom fifth, con­
new measure effective January 1, 1956, will add an ad­tinued to receive 3~:; of total wages and salaries paid in 
ditional 35,000 firms to the unemployment compensation 1951. Those in the third-ranking fifth of wage and salary 
program. This provision will cover workers in firms that earners were the biggest gainers, percentagewise. This 
employ four or more persons. The maximum weekly em­group received 15'1~ of all wages and salaries in 1939, 
ployment insurance benefit was increased from $20 to 17'/o in 1945, and 19/{ in 1951. The highest fifth was the 
$28, affecting only workers whose average earnings are 

only group lo lose ground. Workers in this bracket re­over $40 a week. ceived 4.9'/o of all wages and salary income in 1939, ++';( Wage hike granted. Union sheet metal workers at 
in 1945, and 42 % in 1951. In all cases the study was based 

Amarillo settled their wage dispute with High Plains con­on income before taxes. TINA PIEDRAHITA
tractors and agreed to accept the offer of $3 an hour for 

H OURS AND EARNINGS 
Source: Texas Employment Commission in cooperation with the Bureau of Labor Statlatica, 
U. S. Department of Labor 
Avera.re weekly hours Avera1re hourly earnin1r1

Average weekly earnings Sept Aug Sept Sept Auir Sept
s~pt Aug Sept 
1954 1955• 1955 19541955• 19551955• 1955 1954
Industry 
42.6 41.9 41.3 $1.84 $1.81 $1.75
$78.38 $75.84 $72.28
ALL MANUFACTURING..-----·---· 
1.82 1.73

79.53 77.33 72.14 43.7 43.2 41.7 1.79 
Durable goods.---······--------------·-··--2.20 2.07 
90.86 83.95 81.14 41.3 39.6 39.2 2.12 
Primary metals ··-·-·-·---·-·-------1.90 1.81
83.16 74.21 44.5 44.0 41.0 1.89 
Machinery-except electricaL-------84.55 

93.11 91.02 76.05 45.2 44.4 39.0 2.06 2.05 1.95 
Oil field machinery..·-···------------­43.1 42.5 40.4 2.20 2.21 2.14 
Transportation equipment_________ 94.82 93.93 86.46 
43.9 1.72 1.69 1.66

73.35 72.87 44.2 43.4
Fabricated metal products---·----·-76.02 
44.9 1.20 1.20 1.16

52.08 47.0
Lumber and wood products.-------·---56.40 55.68 46.4 
1.31 1.27 Furniture and fixtures ------------­
43.8 45.3 J.36

59.57 57.38 57.53 43.8 
1.58 1.53

Stone, clay, and glass_______________________ 69.96 70.78 63.80 42.4 44.8 41.7 1.65 
1.82 J.78 

76.59 73.89 72.80 41.4 40.6 40.9 J.85 
Nondurable goods ········-··-------------1.12 1.12 
49.22 47.82 47.38 42.8 42.7 42.3 1.15 
Textile mill products -·---------·----·---­
43.3 1.16 1.12 1.11

48.06 42.9 42.4
Broad woven goods.-----------------49.76 47.49 
37.6 37.7 37.8 0.99 0.99 0.99 

Apparel and fabric product•--------·--37.22 37. 32 37.42 
1.57
42.1 1.62 J.62 

67.55 66.10 42.5 41.7 
Food.................... ········-----------·----··---68.85 

J.98 2.01 J.84
40.3 40.6

74.70 41.4
81.00

Meat packing -------------------------81.97 1.80
42.9 44.4 1.97 1.93 

Paper and allied products---·---··-----86.48 82.80 79.92 43.9 
37.6 37.8 2.15 2.11 2.18 

79.34 82.40
Printing·-----------------------.----------82.99 38.6 42.3 43.0 2.1 2.15 1.99 
Chemicals and allied products-----··---95.27 90.95 85.57 43.7 
50.1 1.00 1.06 0.97 

48.60 53.5 48.1
53.50 50.99

Veg.,table oil mills -----·------·-----··--··----40.5 2.52 1.46 2.42 
98.65 98.01 41.0 40.1 
103.32 

Petroleum and coal pro<!ucts.--------40.8 1.03 1.02 1.02
40.7 
Leather.·--·-·-·----··-·---··---------­
41.62 39.7
40.89 41.51 

N ONMANUFACTURING 44.2 44.5 2.21 2.18 2.14 
43.7

95.23
96.36

96.58 2.18
Minin1t--------------.----------------------43.5 43.9 44.5 2.26 2.23 
97.01
97.90

Crude petroleum products________ 98.31 2.14 2.12 2.05
39.1 40.0 40.6

83.23
84.80

83.67 1.69
1.77 1.74

Sulfur·-·-·----------------39.9 39.9 40.3
68.11
69.43

70.62 1.29
Public utilit ies.....----·-----------56.50 43.6 43.9 43.8 1.39 1.39 
61.02
60.60 
1.74. 1.70 1.67

Retail trade.----·-·------------~ 43.0 43.4 42.6
71.14
73.78
74.82

Wholesale trade ---·---------------­Fleur• do not cover proprieton, drm members, or other principal executives. 

•Prelimln&rY-subject to revision upon receipt of additional report.. 
FINANCE 
Interest rates rise. The gradual increase in interest rates (a result of the pressure on credit applied by the Federal Reserve Board and other government agencies) has pushed the Treasury hill rate above the rediscount rate for the third time this year. The first two occasions resulted in an increase in the rediscount rate. The Federal Reserve Board generally prefers to keep thr rediscount rate higher than the bill rate, in order to discourage banks from bor­rowing at the central banks in order to purchase bills. This is because the function of the central banks is to supply commercial banks with funds needed by commercial bor­rowers, not funds for investment at a profit in virtually riskless government securities. The Federal Reserve was quick to point out, however, that the bill rate is not an automatic indicator of increases in the rediscount rate; the main consideration governing discount rate changes is overall monetary policy. Beyond this warning, Board members refused to comment on the likelihood of further tightening of credit terms. 
In September the structure of short-term interest rates corresponded closely with that of February 1953, as the following table shows. 
February September 
1953 1955 Prime commercial loan rate 3.00% 3.25% Prime 4-6 months commercial 
paper 2.25 2.50 Discount rate 2.00 2.25 90-day bankers acceptance 1.88 2.13 Treasury hills, average yield 
on new issues 2.02 2.09 
The increase to 2.333 % in the bill rate, coming as it did just after an increase in prime rate to 3%%, upset the relationships; and the boost in the rate on prime 4-to-6 month commercial paper to 2%%, the tenth increase this year, further aggravated the imbalance. 
These increases in interest rates have come when the de­mand for credit rises to its seasonal peak for the year. They vividly reflect the prevailing dearth of short-term money at a time when the need by business is greatest. Also the Treasury will be coming to the money market to cover its usual fourth-quarter deficit. 
The New York City banks have been particularly af­fected by the demand for funds and Federal Reserve pres­sure on reserves, which raised member bank borrowing to approximately $840 million in September. Secondary re­serves of the New York banks dropped to $0.9 billion in S:;ptember, as compared with $2.5 billion in January. Secondary reserves comprise assets quickly convertible into cash without loss or injury to customer relationships. Treasury bills, other U. S. obligations due within one year, and call loans to government security dealers fall into this category. In order to avoid losses that would be in­volved in liquidating longer-term U. S. and state obliga­tions due beyond one year-losses increased by the bond price declines of February and July-the banks have been borrowing more from the Federal Reserve. While the price decline was more moderate than in the spring of 1953, bank losses have been heavier because portfolios were lengthened substantially in 1954. This is one reason why the Treasury policy of stretching out public debt 
CHANGES IN CONDITION OF WEEKLY REPORTING MEMBER 
BANKS IN THE DALLAS DISTRICT 

Source: Board of Governors of the Federal Reserve Syatem 

Percent change 
Sept 1955 Sept 1955 Sept 1954 
from from from 
Item Aug 1955 Sept 1954 Aug 1954 
ASSETS Loans and investment.. -··-·····-·-+ 1 + 5 + 1 Loans 2
-------------------------------------------+ + 21 + 2 
Total U.S. securities --18 -2 Treasury bills ----------------------------16 -70 + 16 Treasury certificates of indebtedness 5 -88 
-------------------3 
----------------·-------+ 7 
Treasury notes ------·-··-----------------1 + 32 0 
U.S. bonds -5 x
---·-----------·-----------------­Other securities -----------------------------+ 1 + 20 + a Reserve with Federal Reserve Banks -·-----·------------------------------+ 1 -6 + 6 Cash in vaults ········--·········-··········· + 6 + 11 + 5 Balances with domestic bank•--··· + 12 8 + 10 LIABILITIES Total deposits, except interbank.. + 1 + 8 + 1 Demand deposits, adjusted ........ 2 6 2
+ + + 
Time deposits 2 + 20 x
--·------------·--------------­
Government deposits ------------·--·--15 + 6 -13 Interbank deposits 4 16 7
·----·----------------+ -+ 
Domestic banks ········---···-·····-·· + 4 -16 7
+ 
Foreign banks ----------·····-·----------+ 5 + 25 + 14 CAPITAL ACCOUNTS····--x + 11 1
+ 
Percentase changes are baaed on the Wednesday nearest the end of the month. 
xChange Is less than one-hall of one 11ercent. 
maturities has made the banks more sens1t1ve to those changes in policy of the Federal Reserve Board which affect bond prices. 
All these developments intensify interest in the probable course of Federal Reserve policy in coming months. The Reserve Banks have bought an average of $800 million of government securities in the September-December period of each of the last four years. In addition to this money supplied by the central bank, the member banks have borrowed about $200 million. 
To what extent will the central bank relieve the credit shortage this year? In September the banks raised their borrowings from the Federal Reserve to approximately $840 million, highest monthly average since May 1953. Efforts of the central monetary authority to slow the use of credit in a rapidly expanding boom seem to have reached a crucial phase. After the stock market break, any event that causes a weakening of confidence may bring on the recession that the Federal Reserve is trying to avoid. A serious aggravation of the present credit shortage could cause a slackening in fourth-quarter business that might produce such a result. 
Stock prices fall. The stock market, which soared up· ward into a boom of unexpected magnitude when Presi­dent Eisenhower was ele<:ted, dropped like a plummet when the news of his heart attack made the prospect of his serving a second term extremely uncertain. Not since the hectic fall of 1929 has there been such a crisis. On the day of the initial break, Monday, September 26, the Dow­Jones average of the prices of 30 industrial stocks dropped 
31.89 points, the heaviest decline since the descent of 
38.33 points on October 28, 1929. Percentagewise, the 

drop amounted to 6.5%, as compared with 12.8% on October 28, 1929. The September break was exceeded on May 14 and 21, 1940, during the fall of France, when World War II seemed lost and the thousand-year Reich seemed near to realization. The drop on May 14 was 6.7% and on May 21 was 6.8%. The average at that time was fluctuating between 148 and 114. 
The volume of trading, 7,720,000 shares, also broke records. It was the largest since July 21, 1933, but far below the 16,000,000 shares of October 29, 1929. The volume of busin~ss placed a strain on the machinery of the market. Selling orders in some instances so greatly overbalanced buying orders that many stocks could not be "opened" until enough buying orders had been col­lected to meet the supply. The governors of the exchange were forced to solicit buying orders from every available source, including institutions and corporation officials. At 11 :00 o'clock, the time for the first calculation of the Dow-Jones averages, 19 of the 30 stocks in the industrial average had not had a sale, and 16 of the 20 rails were in the same position. The result was that the first hourly average was not calculated until noon, the first time such a delay had occurred since calculation of the averages was begun. 
Monday, October 17, was the first Monday after the 
initial break that prices failed to drop severely. The low 
point of the reaction was reached on October 11, when the 
Dow-Jones industrial average had plunged to 438.59, 
slightly more than 50 points abovr its January 17 low of 
388.20. By October 18, the average had slowly edged up to 448.58. 
Market authorities offered several explanations for so severe a break at a time when business activity in general had suffered no corresponding setback and when the prospect for year-end dividends and extras seemed good. One view was that prior to the break the market was heavily overbought, and a reaction was overdue. Those holding this view anticipate further drops before the end of the year. A second explanation was that this is one of the unpredictable reversals of trend that can be expected at any time in the market. Those who are of this school of 
FEDERAL INTERNAL REVENUE COLLECTIONS 
Sourc" : Internal Revenue Service, U.S. Tttaaur:v Department 
July 1-Sept;;;,ber 30 
Percent 
1953-5~ change
Source and area 1954-115 
$443,283,508 $392,370,529 + 13 
TEXAS ···-··-···············­183,859,839 161,103,721 + 14 Income ------------------------------­5,319,529 3,543,205 + 50
Employment ·············-·······­Withholding ···-·················-211,729,306 190,503,641 + 11 Other .................................... . 42,374,834 37,219,962 + 14 
FIRST DISTRICT ... . 226,275,435 210,986,549 + 7 Income -----------------------------92,121,009 88,804,052 + 4 Employment ··-···-·········-·­
139,886 140,032 x 
Withholding -······················ 109,050,044 99,552,235 + 10 Other ................................ 24,964,496 22,490,230 + 11 SECOND DISTRICT .. 
217,008,073 181,383,980 + 20 91,738,830 72,299,669 + 27Income __ ··---·-----------------------­Employment ················-······ 
8,723,878 8,403,173 + 9 Withholding ···-······-----····· 
104,135,027 90,951,406 + 14 17,410,338 14,729,732 + 18Other ---···-····-··················­

xChange is less than one-hal! o! one percent. 
RE VENUE RECEIPTS OF STATE COMPTROLLER 
Source: State Comptroller o! Public Account.I 

September 
Source  1955  1954  Percent change  
TOTAL  ·-·--··-·------····--------­ 70,090,496  66,250,551  + 25  
A d valorem & inheritance taxes ··-·-·  575,554  639,289  -10  
Natural & casing head gas  
production  taxes  --------------------­ 3,235,438  1,800, 790  + 80  
Crude oil production taxes ----------­Motor fuel taxes (net) ---------·······-··­ 10,936,604 11,058,959  10,102,0•IO 9,803,978  + 8 + 13  
Cigarette tax and licenses -----------······  3,730,774  2,957,563  + 26  
Alcoholic beverage taxes and licenses  3,125,287  2,669,095  + 22  
Automobile and other sales taxes ···­ 1,684 ,116  1,356,378  + u  
Other licenses and fees ··----·-·-···-··  2,323,846  2,297,290  +  I  
Mineral leases, rentals and bonuses ..  12,099,863  2,198,879  + 450  
Oil a nd gas royalties ·········-·····--·-····  2,261,349  2,407. 795  6  
Interest on securities owned ..............  1,234,145  1,297,510  - 5  
Motor vehicle licenses, permits  
and misc. ---------------------------------------­ 1,041,531  724,068  + 44  
Federal a id-highways  -·············~·-····  3,842,094  1,353,426  + 180  
Federal aid-public welfare ------------­ 8,601,515  9,487 ,021  -9  
Federal aid- public education ··········­ 1,530,364  568,748  +110  
All other receipts ········-············-··········  2,819,057  6,686,681  -58  

Correction: 
In the October 1955 issue of the Texas Business Reviell' Revenue 
Receipts of the State Comptroller (page 11) should rend: ' September I-August 31 
Percent
Item ID54-55 1953-54 change 
Net motor fuel taxes ·············-···· ....  Sl2!,083,573 $112,978,817  +  7  
Cigarette tax and licenses ....................  35,044,872  34,637,236  +  
Unem ployment compensation taxes ...  17,418,957  16,456,420  +  
All other receipts ···········-········-····· ··­139,354,098  150,139,521  

thought feel that the ostensible reason for the sell-off, the President's illness, has been given too much weight. They feel that a Democratic administration would adopt eco­nomic policies not too divergent from those of the He­publicans-policies designed to maintain a high levd of business prosperity. A third explanation is that there is fear that the central monetary authority will take further action to check the boom. This line of reasoning is that since previous margin and rcdiscount rate incrrases had failed to check the market rise, further action along this line would be forthcoming. Whatrver the reason, market authorities were left in a cautious mood over the outlook for the rest of the year. 
Eleventh District banking. The October 5 call for statements of condition from Texas banks revca!Pd that Dallas bank deposits totalled Sl.869,866,2(15; this was S91,021,653 above the October 7, 1954., lrvel. Houqon deposits total led $1.675, 7'17,359. The annual rate of de­posit turnover for September wns 23.6 for Dallas and 
19.7 in Houston. The product of the deposit totnl and the annual rate of turnover would gin~ a fig11re for th<' to!al annual rate of transactions that would he somewhat too large, for the turnover rate is ba~cd on demand drpo~i t~ only. Time deposits, which are included in total depo~it~. hav~ a much lower rate of turnoYer. llo1reYer. cn·n if a liberal discount is applied to the turnoYer ratios, the an­nual rate uf financial transaction' for the two cities is seen to amount to many billions of dollars. 
FRANCIS B. ~1..\ y 
AGRICULTURE 
Number of Texas farms down. There were nearly 40,000 fewer individually owned farms in Texas in 1954 than in 1950, according to new agricultural census data released by the U. S. Department of Commerce. Statistics tabulated by the Bureau of Census from the farm count taken last fall and winter show that the number of farms dropped from 331,567 in 1950 to 292,946 last year. But the total area of land devoted to farming increased slightly during the same period. The number of acres on Texas farms last year totalled 145,962,287, almost 600,000 acres more than in 1950 and equal to 86.5% of the entire area of the state. 
The report shows an increase in farms 1,000 acres or larger and 10 acres or smaller. Farms between 10 and 1,000 acres in size declined in number. Those 1,000 acres or larger grew in number from 18,042 to 18,820, while farms 10 acres or smaller increased from 25,825 to 26,101 during the five-year period. The largest numerical loss was in farms ranging in size between 140 and 150 acres; they decreased from 31,344 to 25,905. 
The average size of a farm in Texas in 1954 ( 498.3 acres) was almost 60 acres larger than the 438.5 acres of 1950. The increase in value: almost 50%, from $20,269 in 1950 to $29,093 last year. The per acre value of farm land also climbed during the period from $46.21 to $59.52. 
Farm Cash Income in Texas 
Index· Unadjusted for seasonal variation· 1947-1949•100 
250 


256 
200 200 
150 150 
100 
100 
50 
so 
0 1939 '40 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50 '51 '52 '53 '54 '55 
Although land devoted to farming was extended slightly, the area that produced crops dropped more than 3 million acres. About a million additional acres went into pastures, and the remainder went uncultivated and unpastured or to cultivated summer fallow. 
Poultry farming on the rise. Except for poultry farms, the number of farms devoted primarily to a single major product dropped, according to the Census Bureau findings. There were 8,955 farms classified as poultry farms in the state in 1954, as compared with only 7,850 five years earlier. On the other hand, the number of cotton farms in Texas shrank from 106,212 to only 78,392, de­spite the fact that Texas produces nearly as much cotton 
as all the other states of the nation combined. 
Except for a slight increase in cattle, the number of animals on Texas farms fell substantially. The 1954 count of cattle and calves showed a total of 8,239,805, about 400,000 more than five years earlier. But during the same time, horses and mules disappeared from Texas farms in 
great numbers. Only 300,400 horses and mules were re­ported in 1954; there were 515,951 in 1950. The cause: mechanization of Texas farms. The new census report showed that Texas farmers owned 276,893 tractors, or 43,812 more than in 1950, and ] 53,379 motor trucks, as against 147,101 in 1950. The number of automobiles on Texas farms dropped from 254,860 to 250,679, probably because of the fewer farm owners. 
The census report also disclosed that the numbers of sheep, lambs, hogs, and pigs dropped during the five­year period. The aggregate number of hogs and pigs in 
CARLOAD SHIPMENTS OF LIVESTOCK* 
Source: Bureau of Bu1inees Research in cooperation with Agricultural 
Marketing Service, U. S. Department of Agriculture 

Percent chance 
Sept 1955 Sept 1955 Sept Aug Sept from from Classification 1955 1955 195,1 Aug 1955 Sept 1954 
TOTAL 3,314 2,464 4,456 + 34 -26 
Cattle ······-·-·-··---·········-··  2,396  1,496  2,871  + 60  - 17  
Calves -------------------­-- 445  516  963  - 14  -54  
Hogs -­-­---------­--------­----­ 0  1  4  -100  -100  
Sheep  -------­--------------------­ 473  451  618  +  5  -23  
INTERSTATE ----­ 2,895  2,230  3,979  + 30  -27  
Cattle ------·-··--·-·-···-­ 2,086  1,340  2,547  + 56  -18  
Calves ----­--------------­ 424  484  904  - 12  -53  
Sheep ---------------------­ 385  406  528  - 5  -27  
INTRASTATE  ---­--- 419  234  477  + 79  -12  
Cattle --------------­ 310  156  324  + 99  -4  
Calves -------------­-­ 21  32  59  -34  -64  
Hogs --------------­--­---­--- 0  4  -100  -100  
Sheep -----­------------­ 88  45  90  + 96  -2  

•Rall-car buw: cattle, BO head per car; calv"8, 60; hogs, 80; and sheep, 
2&0. 
the state fell from 1,291,773 to 906,324, while the num­ber of sheep and lambs fell from 7,750,395 to 5,731,835. 
Irrigation shows increase. A heavy increase was seen in the number of farms using irrigation and in acreage under irrigation, the census study reveals. There were 26,318 farms using irrigation in 1954, or about 5,000 more than in 1950. The acreage under irrigation totalled 4,706,017 acres, up 1,574,483 acres from 1950. 
Included in the census reports were data showing that living conditions also have improved on Texas farms: the number of telephones increased from 79,080 to 111,395; in 1954, 269,219 farms had electricity, compared with 260,373in1950; television sets numbered 90,323 last year, or nearly one for every three farm homes; and home freezers were in 93,943 homes, as compared with 38,071 in 1950. 
The numbers of corn pickers, pick-up hay balers, field forage harvesters, and other labor-saving devices all have increased. 
Cotton crop estimate boosted. The prospective cot­ton crop in Texas has been placed at 4 million bales by the U. S. Department of Agriculture. The estimate, made October 1, is an increase of 150,000 bales over the month­earlier estimate but does not consider damaging effects of heavy rains during the first days of October which in· jured the amount and quality of the crop. 
The Texas yield is expected to average 289 pounds an acre, the highest since 1866, when a 325-pound record was 

set. Last year's yield was only 245 pounds an acre. The average acre yield during the 1944-53 period was 188 pounds. 
A 4 million bale crop, if realized, will be the best since Texas' 1953 harvest of 4,317,000 bales and a 60,000 bale increase over 1954's harvest of 3,940,000 bales. 
FARM CASH INCOME January-September Percent 
Commodity 1955 1954 cbanir• 
Value (thousands of dollars) 

TOTAL  -----------------­ 1,087,862  1,197,453  - g  
Cotton  -------------------------­ 308,949  346,679  -11  
Cottonseed  ----------------------­ 34,052  61,729  -34  
Wheat  ---------------------------­ 30,968  44,859  -31  
Oats  -----------------­-------------­ 9,702  12,074  -20  
Corn  ----------------------­---------­ 13,825  14,311  - 3  
Grain sorghum  -------------­ 40,678  39,968  + 2  
Flaxseed  -------------------------­ 1,547  3,917  -61  
Peanuts  ----------------------­ 6,207  4,243  + 46  
Rice  -----------------------------------­ 27,452  36,945  -26  
Cattle  --------­------­------------­---­ 221 ,121  224,096  - 1  
Calves  ------------------------­ 59,112  83,538  -29  
Hogs  ------------------------------­ 42,694  55,471  -23  
Sheep and Jambs  -----------­ 24,160  21,126  + 14  
Wool  --------------------------------­ 14,999  19,695  -24  
Mohair  ----------------------­ 10,227  7,079  + H  
Poultry  ----­-----------------------­ 44,237  43,546  + 2  
Eggs  ----------­---------------------­ 54,349  62,707  + s  
Milk and milk products -·­ 90,665  89,324  + 2  
Fruit and vegetables  -----­ 52,918  46,146  + 15  

Farm cash income as computed by the Bureau understates actual farm cash income by from 6% to lOo/o . This situation results from the fact that means of securing complete local marketings, especially by truck, have not yet been fully developed. In addition, means have not yet been <level· oped for computing cash income from all agricultural specialties of local importance in scattered areas. This situation does not impair the ac· curacy of the index shown on page 24. 
By mid-October clear weather had haste.ned matu~ity ?£ cotton in the late areas. The harvest was m full swmg m the Trans-Pecos and Low Rolling Plains and was stepped up in the High Plains. Throughout the state goo? progress was made in cotton and feed crop harvests, which moved toward completion in the Blacklands and to the east. 
Besides the prospective increase in Texas cotton pro· duction October 1 estimates of the U. S. Department of Ao-ricui'ture indicated that corn, peanut, and grain sor· ghum crops also will increase considerably over last year's totals. The corn production is plac\ed at 50,196,000 bushels, as against 33,184.,000 bushels in 1954. _Peanut production is estimated at 237,250,000 p~unds this ye~r, as compared with 108,185,000 pounds m 1954. Gram sorghums will increase 21,038,000 bushels over 1954 to a total of 138,424,000 bushels. Average production for the 1941-53 period: corn, 47,111,000 bushels; peanuts, 272,­522,000 pounds; and grain sorghums, 77,502,000.bushels. 
Prospective decreases in wheat and oat product10n from 1954 to 1955: wheat, 14,212,000 bushels, from the 1954 total of 30,894,000 bushels, and oats, 34,615,000 bushels in 1955, from 41,354,000 bushels last year. Averages for the crops during 1944-53: wheat 55,404,000 bushels, and oats, 28,167,000 bushels. 

Marketing quotas set for peanut crop. Thr l"~D .\ has imposed 1956 crop nwrketing quota;: aimed at cutting peanut plantings to l,610.000 ant·,;. about -;'.; Jc;;,; than this year. Howe\'er, till' Department al,.;o ,.;ay,.; it will ntfcr to buy low-grade peanub from com1111·rl'ial ~dlt'l]n,.; a" a supplement lo its rrgular price-rnpporl program. Both actions stem from thi~ year"s huge peanut crop. 
INDEXES OF PRICES RECEIVED BY FARMERS 
(1909-14 = 100) 
Source: Airricultural Marketing Service, U.S. Department of 
AK'riculture 
Percent cba.n~e  
Index  Sept 1955  Aug 1955  Sept 1954  Sept 1955 Sept 1955 from from Aug 1955 Sept 1954  


ALL FARM PRODUCTS ·----254  257  262  
ALL CROPS  --------243  249  258  2  - 6  
Food grains -----·---------­217  205  218  + 6  x  
Feed grain & hay -----·------· 142  149  176  - 19  
Potatoes & sweet potatoes ·----­142  202  256  - 30  -45  
Fruit ·-------------------·---­119  119  110  0  + 8  
Truck crops -----------------· 323  299  275  + 8  + 17  
Cotton  ·----------------------­259  267  269  - 3  - 4  
Oil-bearing crops  ----------­220  247  307  - 11  -28  
LIVESTOCK & PRODUCTS 268  268  267  0  x  
Meat animals -------·----···--·­287  292  277  - 2  + 4  
Dairy products ·-------------·--··--­250 Poultry & eggs --------·--·----­247  245 224  242 227  + 2 + 10  + s + g  
Wool  -·--------------242  255  348  - 5  -so  

xChange is less than one half of one percent. 
Marketing quotas provide that an\' grower who onr· plants his acreage allotment ]o;;es out on price supports and faces cash penalties as well. In a national referendum in 1953, peanut producers ,·oted in adrnnce to appro\'e marketing quotas for the 195 L 1955. and 19.'i(J crop;:. Quotas have been in effect for peanuts since 19.t9. 
Texas cowhands take to the air. The Texa,; ('O\\ hanrl and his horse, familiar figures t(Jday largp]y becau;:c of motion picture popularitY, are fa;ot parting compan\'. In 1920 there were l ,2'10,000 horses on Texas ranches and farms. Now there are onh about ::!:=i0.000 hor;;.es. and they are being replaced steadj]y ll\·. jeeps_ and liulldozer:' . . .\]. though not as picturesque, the ieep with one man can o_ut· work two or three on horseback. And bulldozer;:, cra-h111g through difficult, brush-filled terrain, easily ;;peed up operations at lower cost. 
'.\Ioreover, some 300 aircraft arc being W'Pd to pat:ol fence Jines, spray brw•h. sp(Jt stray cattle. and make tnp;; to market. The Waggoner Ranch in northwest Texa;; ha;: its own helicopter lo chase wild cattle out "f the br_u ;: h. However cattle are resiqing the im asion of the whnh · birds. A~ first they fled from the },ru;'h. terrified !.JY thr helicopter's roaring noise. \ow thPY mu~t oftt·n he prod· ded with a long stick carried by the low-flylllg pil"t. 
Farm wage rates up. The .-\gricultural '.\~ar~eting Ser\'ice, l.'SDA, report~ that fann waf_: ratc;o n1 Ina~ 
0
without board or room 111creased from :::-:J.()0 a dd\. C•n Oc 19::;4 to 86.20 a \'ear later. The compo•1te rate 
tober 1, u , -. · d f 
per hour also increased during thr :-ame peno rom 
S.647 to S.714. 
A:\:\E K. ScHCLER 
A stabilizing keel forthe Texas economy: 

Tl1e Insurance Business 
Texans are building a new foundation, and a firmer one, under one of their biggest businesses-insurance. As 1955 began, Texans owned 10,548,000 life insurance policies, giving them an aggregate $15,061 million of protection (not including fire, casualty, and other types of insurance). The 185% rise in Texas life insurance since 1946 repre­sents a massive gain in the financial security of the entire state. 
Even greater security, though, is assured by the fully revised insurance regulation program now coming into effect. For decades the Texas insurance industry has suffered because of the few weak spots in the state insurance code. Thus the current revolution in insurance law was years in the making. Its major motivating force was the tremendous growth of insurance sales, although an inten­sive campaign to polish up the slightly tarnished popular reputation of Texas insurance did begin during the dark days of the 1954 legislative investigation. 
It became plain then that a few Texas companies, a very small proportion, were financially quite unstable. Chair­man Garland A. Smith of the Texas Board of Insurance Commissioners pointed out that the old regulations "let a company start out broke." Smith predicted that the new laws would inhibit the formation of new companies and "eliminate fly-by-night operators who have brought so much criticism to the Texas insurance industry." 
Total assets $2 billion 

During the 1953-1954 state fiscal year, only five insur­ance firms in Texas were placed in receivership. Several more were reinsured. But at the end of the year there re­mained 1,875 insurance companies licensed in Texas, 1,202 of them Texas-based companies. Further evidence of the proliferation of Texas insurance firms: of the 793 legal reserve life insurance companies in the nation at mid-1953, 215 were in Texas (New York had 26, Massachusetts 10). 
As insurance reform measures were in preparation for the 54th Texas Legislature, Commissioner Smith urged that "we need revised thinking about insurance problems." And as the Legislature took action on one after another of the reform hills, revised thinking was translated into re­vised legal control of what has been called "Texas' Number Two Business." 
In all, the 54th Legislature passed 22 hills, thoroughly revamping the insurance code. Some of the measures brought heated debate, and the program was not ap­proved in whole until after Lieutenant Governor Ben Ram­sey reminded legislators that federal control might be forth­coming unless the state took immediate action to clear the insurance field for legitimate operators. Ramsey said that in the past 10 years 86 insurance companies in Texas had failed, largely because the insurance code set up in 1951 was little more than a patchwork revision of original insur­ance laws passed in 1874. While the 1951 code was sub­stantially effective, it failed to provide for official regulation of insurance company stocks and allowed organization of companies without adequate financial resources. 
Special public interest focused on the key measure that brought regulation of insurance securities under control of the Board of Insurance Commissioners. An objective appraisal of a company's financial strength and stability must now precede public sale of its stock. To ensure en­forcement of this control, the Legislature provided about $150,000 a year for the Securities Department of the Board of Insurance Commissioners. A "fair, just and equitable" text, similar to that already applied to other corporate stocks and bonds, is now the yardstick for approval of insurance securities. 
Approval of new issues is not to be interpreted, however, as a recommendation of the stock for investment purposes. Some few companies, regarding the stiff new law with anxiety, rushed questionable securities into the investment market in a "last chance" sale during the weeks before September 6, when the control went into effect. 
Other bills passed by the Legislature substantially in­creased financial requirements for fire, life, and casualty insurance firms. Even before the September deadline, most types of insurance companies were required by the state to have evidence of $100,000 paid-in capital, a figure set in 1874. But in the years since the first Texas insurance code was written, legislators had lowered the requirements to allow $25,000 legal reserve life companies to operate on a limited basis. 
The new statutes required $100,000 capital and $100,000 surplus for a stock company or $200,000 surplus for a mutual company writing life, accident, and health insur­ance. Companies writing fire insurance must now have a minimum capital and surplus of $150,000; the minimum for casualty insurance companies is $225,000, and for firms writing both types, $300,000. A total of $400,000 capital and surplus is required to write all lines of fire, casualty, and marine insurance. The new regulations also prohibit future organization of $25,000 limited capital stock com­panies. To help enforce these new laws, the Legislature ap­propriated funds to the Board of Insurance Commissioners for salaries of 10 additional examiners, although 15 were 
requested. 
The organization of the Board of Insurance Commis­
sioners itself has also undergone some important changes. 

No longer is each of the three commissioners individually responsible for the operation of his division-fire, casualty, or life. The three members now act jointly in administering the entire organization. The Board, acting together, is now authorized to hold public hearings before licensing new insurance companies, to deny them licenses, and to inYesti· gate the competence of officials and directors of the com· pany before granting renewals of licenses. 
The widespread concern with insurance affairs in Texas is more than justified by the size of the industry. It is probably the largest single type of business in Texas not directly dependent upon resources or manufactured com· modities. Like all financial activities, insurance is sharply divorced from the land and often, unfortunately. from the people. While this sometimes creates an atm·o~phere of suspicion, Texas insurance companies have done much to build their public relations. 
Only last year a new Texas Insurance Council was created to represent the state's insurance companies, much as the State Bar of Texas represents the legal profession. The objective of the Council is to formulate, adopt, and administer a rigorous code for insurance operations that will parallel the efforts of the State itself. While the legal housecleaning for the industry was begun in answer to long-realized needs, it points toward future growth as well. A new, important financial center is growing up in the Southwest with particular concentrations in Dallas and Houston. Financial analysts now look upon this current growth as the first phase in a long-range shift of the center of financial gravity for the nation as a whole. 
In recent years Texas has profited especially from one of the basic U. S. insurance business headaches. Life insur· ance sales have been growing as never before; 1954 was the industry's top year on record, in the nation as in Texas (see chart above). Including a new $7,000,000,000 group contract for federal employees, sales were up 21 % from 1953. But the growth of insurance assets has stimulated the investment activities of the companies almost beyond the capacity of the traditional investment market. The need for secured but profitable investment outlets has turn~d the attention of insurance officers throughout the nat10n to Texas. 
In pre-World War I years the rigidly parochial Robert· son Law of 1908 drove many out-of-state companies away from Texas. The law, liberalized but still in effect, requires that 75% of a company's Texas reserves be invested in specified types of Texas securities. Investment in common stocks and building construction, for example, are gener­


.,.-~..,...~ 

1941 1942 19'3 194' 1945 1946 1947 1948 19491950 1951 1952 19531954 1955 
"'Index, 1947-49,100 adjusted far price changes 
a nd seasonal variation. 
ally forbidden. Each company operating in Texas ran in­VE'st in a single ofiir building to be occ upied l1y that com­pany, although in the case of a life insuran('e firm. for example, no more than one-third of the company·~ capital may be invested in its home officl' buildin)!. llou•ing pro· jects and other income-producing buildin!!S cannot he financed E'Xcept through mortgagr=-, go\TrnnH'nt bonds. or the like. However, the expansion of the in, urnnce market in Texas and the growth of inYestmrnt opportuniti<'>' hE're ultimately persuaded most major out-of.state companies to return. Today most of them far cxcrrd their H'rpiired Texas investments. l\ew York Life, for example. registered Texas investments totallin" ncarh· Sl40,000.000 in 1952. a;: against the ~8,000,oOO le:rnily rcquirerl for the company. Prudential I.ife of 0."ew Jer"cv. a J,.,aclcr in Tl'~as im rst· ments, has long since lia~sed the s:ioo.ooo.oon mark. The same is true with some companir·s baoed ont,ide the l "nitrd States ; Sun Life A.ssurance of Canada regi,tered OYer $3,000,000 in Texas investments in 1952, although only $55,000 was required. 
Meanwhile, Texans are using insuran('c more rxlt'n'iYely than ever-and receiving greater benefit~. \\'ith new laws safeguarding the security of the insurance dollar, thi;; kry form of financial protection "ill help more than eYer to meet the needs of a changing and expanding Texas rcon­omy. 
HonrnT H flYA:" 
Crisis in Coastal Shipping 
The Atlantic-Gulf Coast Case 
by John L. Hazard Economic cri sis has overta~en A~vsrica's CO·)s' ol !'nes wi: h the speed and vio lence ~'. Li se.~ .squu! ! . ~r. ~a· zard examines the causes of ·r ·; u.c,:; a~d c:·a,,, a co:Jrse toward its solution. Aus' ;~ : BureaJ of Bus ~ess Research (" Research Monograt=~.s ,' No. 16), three dollars and fifty cents. 
TEXAS BUSINESS REVIEW 
Local Business 


Percent change ercent c ange 
Sept 1955 Sept 1955 Sept 1955 Sept 1955 Sept from from Sept from from City and item 1955 Aug 1955 Sept 1954 City and item 1955 Aug 1955 Sept 1954 
ABILENE (pop. 55,000r) BAYTOWN (pop. 22,983) 
Postal receipts -----------
---------------------------·$ 17,005 + + 5x + 10Retail sales --------------------------------------------­Building permits, less federal contracts .$ 195,600 -8

Department and apparel stores --­+ 8 + a 
Bank debits (thousands) --------------------$ 17,751 x +14

Postal receipts -------------------------------·$ 73,556 + 7 + 8 
End-of-month deposits (thousands) 1:---S 22,493 + + 3Building permits, less federal contracts..$ 1,440,629 -42 +100 

Annual rate of deposit turnover _____ 9.5 1

Bank debits (thousands) ------------------S 67,608 + + 19 + 
Employment (area) -----------·------------386,700 + 8 +End-of-month deposits (thousands) ; ___ $ 58,793 x + 9 

Manufacturing employment (area) __ 86,025 x

Annual rate of deposit turnover_________ 13.7 0 8 +
+ Percent unemployed (area) -------------------3.1 -16 
Employment ----------------------------------­28,050 + + 2 Manufacturing employment -----------­3,140 8 
BEAUMONT (pop. 104,4I6r)

Percent unemployed ---------------------4.2 7 -11 
-Automotive stores• ------·--------­11 +39 
Retail sales* -------------------------------7 + 19 
ALPINE (pop. 5,26lr) 

Department and apparel stores -----­+ 1 -3 Postal receipts ---------------------$ 4,081 + 41 + 7 Eating and drinking places• ----------­-3 -8 Building permits, less federal contracts $ 18,000 -68 + 20 Food stores• ---------------------------------­+ 10 +15 Bank debits (thousands) ______________________ $ 
2,165 4 + 3 General merchandise stores• ------·-----··­x -2 End-of-month deposits (thousands);.____$ 3,446 + 4 -15 Lumber, building material, Annual rate of deposit turnover__________ 7.7 81 8 +19
+ + and hardware stores• ·-----·-----··-··------­Postal receipts -------------------------------$ 83,431 1 -3 Building permits, less federal contracts..$ 976,068 + 28 + 9
AMARILLO (pop. 108,034r) 
Bank debits (thousands) -----------------$ 124,766 + 12 
-12 + 10

Retail sales• ---------------------­End-of-month deposits (thousands)'----$ 97,416 + 6 
-24 + 22

Automotive stores• ----------------------­Annual rate of deposit turnover________ _ 15.4 0 
+ 7 
Department and apparel stores ---·-----­+ 11 + 7 
Employment (area) ------·-----·-------------83,500 + 1 +
Eating and drinking places• -------­-24 1+ Manufacturing employment (area) ___ 28,080 

+ +
Filling stations• ------------------------. -19 -35 

Percent unemployed (area) ------------5.7 -30 Food stores• ----------------------------­
6 -9 
Furniture and household 

BEEVILLE (pop. 10,500r)

appliance stores• ---·-------------­+ 4 + 14 Postal receipts _______________$ 7,524 
-11 -3 
Lumber, building material, 

Building permits, less federal contracts..$ 40,925 -64 -70 and hardware stores• ------------------21 + 16 
Bank debits (thousands) --------------------$ 6,673 -14 

Postal receipts --------------------------------------------$ 130,371 + 6 + 9 End-of-month deposits (thousands) 1:......$ 12,254 -3 3 Building permits, less federal contracts .$ 1,754,511 + 31 + 61 Annual rate of deposit turnover----6.4 -14 7 
Bank debits (thousands) -------------------$ 157,850 x + 21 End-of-month deposits (thousands);____$ 106,404 2 + 2 
BIG SPRING (pop. 20,654r)

Annual rate of deposit turnover______ 17.6 + 1 + 17 Retail sales ---------------------­+ 16 +69 Employment ____ ---------------------------·---45,500 + 1 + 3 
Automotive stores -··--------+ 21 +100 Manufacturing employment -----------5,270 x + 12 
Drug stores ---------·-·--------------1 +14 Percent unemployed -·-------------------------4.1 -20 -13 

Lumber, building material, and hardware stores --------------+ ARLINGTON (pop. 7, 692r) Postal receipts ---------------------------------------$ 17,735 -31 Building permits, less federal contracts .$ 221,245 2 
Postal receipts -----------------·---------------$ 22,284 + 23 + 65 
Bank debits (thousands) --------------$ 23,282 1 +10

Building permits, less federal contracts $ 1,640,070 7 -16
+ End-of-month deposits (thousands) t._$ 24,223 + 2 x 
Employment (area) ---------------------------188,400 + 1 + 7 
Annual rate of deposit turnover_____ 
11.6 + 8

Manufacturing employment (area) .... 57,200 + 2 + 8 P ercent unemployed (area) --------------5.5 + 25 + 17 
BORGER (pop. 18,059) 

Postal receipts ----------------------$ 14,586 + 17 + 6 AUSTIN (pop. 168,500r) Building permits, less federal contracts_$ 65,300 -45 -53 Retail sales ----------------------------------x + 11 Bank debits (thousands) -------------$ 14,451 4 + 17 
Automotive stores ---------------------­6 + 19 End-of-month deposits (thousands) 1: .....$ 15,010 5 + 13 Department and apparel stores ---------­+ 8 1 Annual rate of deposit turnover______ 11.3 + 2 Eating and drinking places -·------·----·­+ 19 + 6 Filling stations -------·--------------·-·----·-------+ 2 1 BRADY (pop. 5,944) Food stores ----------------------------------------+ 11 + 10 Postal receipts ----------------------------------$ 4,298 + 31 + 9 Furniture and household Building permits, less federal contracts $ 5,675 +uo 
__________________$

appliance stores -----·----···-------·--------­x + 15 Bank debits (thousands) 3,650 2 
Lumber, building material, End-of-month deposits (thousands);____$ 6,257 1 

and ha rdware stores ------------------·-----+ 7 Annual rate of deposit turnover.__ ___ 
7.0 0 Postal receipts --------·--·-----------·---------------------$ 269,194 + + 10 Building permits, less federal contracts $ 2,907,050 -18 -20 BRENHAM (pop. 6,941) 
Bank debits (thousands) ---·-----------·--------$ 139,048 + + 12 Postal receipts -----------------------------------------·$ 5,875 -11 
-20 End-of-month deposits (thousands ) ;.___ $ 118,528 + + 7 Building permits, less federal contracts $ 69,798 -16 +lBO Annual rate of deposit turnover._________ 14.3 + + 4 Bank debits (thousands) ----------------$ 7,825 + 14 + 2 Employment ----------------------------------------66,300 + + End-of-month deposits (thousands) 1: .....$ 13,327 + 3 + 16 
Manufacturing employment --------------4,700 + 1 + 8 Annual rate of deposit turnover_______ 7.2 + 11 -12 Percent unemployed ---------------·----------3.6 5 5 
For explanation of symbols, see page 23. 

NOVEMBER 1955 
Conditions 
Percent change Percent change 
Sept 1955 Sept 1956 Sept 1955 Sept 1956
Sept from from 

Sept f rom fromCity and item 1955 Aug 1965 Sept 1954 City and item 1955 Aug 1955 Sept 1954 
BROWNSVILLE (pop. 36,066) DALLAS (pop. 538,924") 
Retail sales* -----------------------------------------12 + 12 Retail sales• ------------­-l + 12 Automotive stores* ---------------------------+ 14 Apparel stores• + 20 + 5 Lumber, building material, 
Automotive stores• -------­19 + 26 and hardware stores* -----------------­-30 + 11 Department storest ------­3 9
+ + 

Postal receipts ------------------------------------$ 23,491 -2 + 6 Eating and drinking places• ----­-9 Building permits, less federal contracts_$ 187,620 +160 8 
Filling stations• ---------­+ + 25 Florists• ------------------­+ 6BROWNWOOD (pop. 20,181) Food stores• --------------­+ -l 
Retail sales --------------------------------+ 9 Furniture and household 
+ 

Department and apparel stores______ + 12 + appliance stores• --------------8 + 19 
Furniture and household + l + 22 

General merchandise stores• ___ 

appliance stores ----------------------------­+ 31 + 19 Jewelry stores• -----­+ 12 + 17 
Postal receipts -------------------------------$ 19,239 + 19 + 13 

Lumber, building material, 

Building permits, less federal contracts__ $ 69,000 +120 -94 and hardware stores• ------­2 +11 
Bank debits (thousands) ____________________$ 10,368 + 19 Office, store, and school 

+ 

End-of-month deposits (thousands) i _____$ 13,291 + 1 -3 supply dealers• -----------Si 
Annual rate of deposit turnover________ 9.4 Postal receipts -------------------$ 1,707,657 + 4 + 4 
Building permits, less federal contracts $13,391,032 -29 -24 
BRYAN (pop. 23,833r) Bank debits (thousands) -------------$ 1,956,668 3 + 16 
+ End-of-month deposits (thousands ) +---$ 1,012,046 + 

+ 8 + 22 

2 6 + Annual rate of deposit turnover________ 23.6 9 Retail sales• ---------------------------------­+ 
Automotive stores* --------------------------­-3 + 20 + 
Employment (area) --------------__ 316,100 x + 2
Department and apparel stores -----­+ 44 3 Manufacturing employment (area)__ 78,450 x x
Food stores* ------------------------------------­+ 16 x 
Percent unemployed (area) ______ 2.3 8 18

Lumber, building material, 
and hardware stores* -----------·----­-27 10 
Postal receipts -'--------------------------·--------------$ 21,478 + 25 + 11 DEL RIO (pop. 14,211) 
Building permits, less federal contracts._$ 189,866 -6 -84 Postal receipts ____________ $ 

13,014 + 28 + 21 
Building permits, less federal contracts S 91,865 + + 60
CHILDRESS (pop. 7,619) Bank debits (thousands ) --------_____$ 7,470 
Retail sales• -----------------------------------7 + End-of-month deposits (thousanc!s) +---$ 10, 700 + 

10 7 + 17

Automotive stores* -----------------------------+ Annual rate of deposit turnover ___ 8.2 16 
Department and apparel stores________ + 24 + 9 

Filling stations* -----------------------------11 + 8 
Food stores* ___________________.____________ 

-8 DENISON (pop.17,504) 
Lumber, building material, 

Retail sales --------------------_ -9 + 4 and hardware stores* ---------------------17 -14 Department and apparel stores _______ + 18 + 10 Postal receipts -------------------------------------$ 4,606 -l P ostal receipts ---------------·----------------$ 14, 39 + l + 15
x 

Building permits, less federal contracts--$ 15,995 -75 -29 Building permits, less federal contracts $ 50,968 -47 -38 Bank debits (thousands) _____________$ 13,064 + 5 CISCO (pop. 5,230) End-of-month deposits (thousands ) t ___ S 16,147 -13
+ 

Postal receipts ---------------------------------------$ 3,813 12 -5 Annual rate of deposit turnover ____ 9.9 + 25 Bank debits (thousands ) -------------------$ 2,340 + l + 10 End-of-month deposits (thousands) :j:____$ 4,174 + 10 Annual rate of deposit turnover_________ 6.7 + 2 + 2 DENTON (pop. 21,372) 
24,278 + 24 -4 Building permits, less federal contract.s $ 256,886 + 47 + 33 
Postal receipts ------------·--------$ 
CORPUS CHRISTI (pop. 122,956") 
Bank debits (thousands) --·-------$ 13,248 + 2 + 12 
Retail sales ---------------------------------------------23 
End-of-month deposits (thousands) t -$ 15,829 + ;-12 Apparel stores ------------------------------+ Annual rate of deposit turnover ------_ 10.3 + + 2 
Automotive stores -----· ------------------­33 + 12 
Department storest ----------------------­

2 

Postal receipts ----------------------------------$ 137,296 + 12 + 10 EL PASO (pop. 182,505') 
Building permits, less federal contracts__ $ 1,654,994 -37 -46 

10 Bank debits (thousands) ----------------------$ 156,651 -11 l +
Retail sales• ______ ---------·-----------·--1.. 
Apparel stores• . ··-··-·---------+ -r-l 

End-of-month deposits (thousands) :f____ $ 107,707 x -11 Annual rate of deposit turnover_____________ 17.4 -10 + 16 Department storest ----------­+ 2 + 7 Drug stores• -----·---__ --­
x 
x

Employment ---------------------------------------63,400 + 2 -1..
General mercha ndise stores• __ + 
Manufacturing employment -------­8,250 + 3 

Postal receipts _______ -----------------· ___ _$ 217 ,323 + 16 12 Percent unemployed -----------------------4.7 19 25
Building permits, less federal contracts $ 2,538,159 + 42 Ba nk debits (thousands) $ 221,548 + 3 19
CORSICANA (pop. 19,211) 
End-of-month deposits (thousands) t 129,6i0 x -
Department and apparel store sales____ -----------+ 16 6 
Annual rate of deposit turnover 20.5 + -'-13 Postal receipts -------------------------------------$ 16,616 + 21 -8 -74 Employment ---------·-·--__ ___ __ __ 75,600 + Building permits, less federal contracts _$ 28,076 -54 Manufacturing employment __ _ 12,250 + 7 

Bank debits (thousands) _______________________$ 17,481 + 6 + 9 
Percent unemployed ------------·----3. 7 

End-of-month deposits (thousands) :j:_____$ 22,219 + 1 + 8 10 Annual rate of deposit turnover____________ 9.5 + 7 + 
For explanation of symbols, see page 23. 
.TEXAS BUSINESS REVIEW 

LOCAL BUSINESS CONDITIONS 
Percent change Percent cliange 
Sept 1955 Sept 1955 Sept 1956 Sept 1965 Sept from from Sept from from City and item 1955 Aug 1955 Sept 1954 City and item 1956 Aug 1955 Sept 1954 
EDINBURG (pop. 12,383) GOLDTHWAITE (pop. 1,566) 
7,670 -5 -14Postal receipts ------------------------------------· $ Retail sales• --------------------------------------·-3 + 1 Building permits, less federal contracts $ 89,515 +200 +300 Filling stations• ----------------------------­6 + 11 

Bank debits (thousands) ·-------------------·---.$ 7,445 -39 + 2 
Postal receipts --------·------------------.$ 1,801 19 1 

End-of-month deposits (thousands) t-----$ 6,823 -9 + 1 + + 
Bank debits (thousands) ----------------------$ 3,066 + 7 + 32
Annual rate of deposit tu rnover_________._ 12.4 -37 + 25 End-of-month deposits (thousands) t ----· S 2,910 3 -7 Annual rate of deposit turnover._________ 12.5 + + 42

EDNA (pop. 3,855) Postal receipts -------------------------------------------$ 3,790 -8 + 19 GONZALES (5,659)Building permits, less federal contracts $ 3,250 -95 
Postal receipts ---------------------·------------$ 4,408 + 15 + 1 4,258 -17

Bank debits (thousands) ---------------------·$ Building permits, less federal contracts $ 11,300 -70 + 65 End-of-month deposits (thousands) t ------S 7,132 + 1 
Bank debits (thousands) -----------------------$ 5,326 -7 + 16 Annual rate of depocsit turnover__________ 7.2 -20 End-of-month deposits (thousands) i ----$ 6,514 + 3 + 7 Annual rate of deposit turnover.____________ 
10.0 -10 1

FORT WORTH (pop. 315,578u) + Retail sales• -----------------------------------------3 + 9 
GRAND PRAIRIE (pop. 14,594)
Apparel stores• -----------------------·--·---+ 13 + 4 
Postal receipts ----------------------------------$ 20,028 + 20 + 36
Automotive stores• ----------------------------4 + 20 Building permits, less federal contracts .$ 514,405 + 6 + 35Department storest --·----------------------+ 9 Employment (area) ·-----------------------------316,100 x + 2Drug stores• --------------------------------------­
Manufacturing employment (area) ___ 78,450 x x 
Eating and drinking places• ------------x Percent unemployed (area) ----------2.3 8 -18 
x
Filling stations• --------------·-------------------+ 6 
Food stores• -----------------------------------+ 21 
Furniture and household 

HARLINGEN (pop. 30,038r) 

appliance stores• ---------------------------­-18 -3 Postal receipts -----------------------------------·$ 26,935 -1 x 
General merchandise stores• ------------­-2 + 10 Building permits, Jess federal contracts $ 293,740 + 23 -83 Hay, grain and feed stores• ---------------­+ 14 7 Bank debits (thousands) ---------------------$ 36,531 -51 + 14 Lumber, building material, End-of-month deposits (thousands) L ----S 23,273 -12 -4 Annual rate of deposit turnover._. 17
and hardware stores* -----------------------9 8 ________ 17.7 -48 + 
Postal receipts --------------------------------------------$ 530,299 + 3

x 
Building permits, less federal contracts $ 4,079,937 -18 + 3 HENDERSON (pop. 6,833) 
Bank debits (thousands) ------------------------$ 594,181 3 + 13 -23

Retail sales• --------·----------------------------------­

End-of-month deposits (thousands) t-----$ 356,771 + 5 -33
Automotive stores• ---------------------------­

Annual rate of deposit turnover______________ 19.9 2 + 7 Department and apparel stores_________ 
8 
Employment (area) -----------------------------188,400 + 7 

+ 

+ Food stores• ---------------------------------------+ 16 
Manufacturing employment (area) ____ 57,200 

+ 2 + 8 Postal receipts ----------------------------------$ 7,958 + 13 + 
Percent unemployed (area) ------------5.5 + 25 + 17 Building permits, less federal contracts $ 20,400 -76 -76 
Bank debits (thousands) ---------------$ 7,497 + 25 + 
GALVESTON (pop. 71,527u) End-of-month deposits (thousands) t .-$ 14,371 + 3 + 
Annual rate of deposit turnover_________

Retail sales -----------------------------------------------10 + 7 6.4 + 23 + 
Department and apparel stores -------------15 -12 
Food stores -----------------------------------2 -9 HEREFORD (pop. 5,207)
Furniture and household 

Postal receipts ------------------------------------$ 6,932 + 30 -2 -10

appliance stores --------------------------­+ 18 Building permits, less federal contracts $ 221,100 + 31 + 34 
Postal receipts ------------------·---------·-------------·$ 71,555 + 7 + 4 Bank debits (thousands) _________________________$ 9,556 -11 + 20 
Building permits, Jess federal contracts. $ 267,666 -68 -66 ­
End-of-month deposits (thousands) L --·$ 8,733 7 1 
Bank debits (thousands) -------··--·-----------·$ 80,508 2 + 4 Annual rate of deposit turnover______ _ 12.7 -8 + 20 
End-of-month deposits (thousands) L ....$ 70,433 + 8 
Annual rate of deposit turnover____________ 13.7 2 

HOUSTON (pop. 700,508u)

Employment (area) ------------------------------45,500 1 + 
Manufacturing employment (area) ____ 11,410 1 + 1 Retail sales[ ---------------------------­-2 + 9 

Apparel storesK -----------------­+ 1 + 1

Percent unemployed (area) ---·-------------5.8 3 + 2 
Automotive storesR -----------------­-12 + 32 

Department storest ----------------­0 + 7
GARLAND (pop. 10,571) 
Drug storesR -------------------------­6 +H 
Postal receipts -------------------------·----------·$ 13,491 -4 + 9 
Eating and drinking placesK ------­2 + 11 Building permits, less federal contracts .$ 688,684 -63 -32 
Filling stationsf ----------------8 +17 
Bank debits (thousands ) ---------·--------------·$ 13,674 5 + 21 

2 
End-of-month deposits (thousands) i ......$ 13,087 + 9 + 19 

Food storesR ----------------------------------+ 6 ­
Furniture and household
Annual rate of deposit turnover______________ 13.1 6

+ appliance storesR ---------------------------­x + 15 Emp Joym ent (area) ------------------------------· 816, 100 x + 2 
General merchandise storesR ------·--·--­8 + 8 
Manufacturing employment (area) ____ 78,450 x x 

7 
Percent unemployed (area) ----·--------------2.3 8 -18 

Liquor storesR ----------------------------­+ 11 + 

Lumber, building material, and hardware storesR ----------------16 -16 GLADEWATER (pop. 5,305) Building permits, less federal contracts $ 9,036,732 3 -59
+ 

Postal receipts ·-------------------------------------·$ 5,818 + 32 + 7 Bank debits (thousands) -----------------·--$ 1,973,058 3 + 12 Bank debits (thousands) ------------··-----·---$ 3,858 -1 + 10 End-of-month deposits (thousands) t---· $ 1,206,303 + 1 + 6 End-of-month deposits (thousands) L ....$ 4,659 + 14 x Annual rate of deposit turnover________ 19.7 4 + Annual rate of deposit turnover --------·­10.6 9 + 6 Employment (area) ----------------------886,700 + 8 + Employment (area) ----------------------------------+
24,300 x Manufacturing employment (area) _ 86,025 x + 6 Manufacturing employment (area) ____ 4,060 + 1 + 2 Percent unemployed (area) -------3.1 9 -16 Percent unemployed (area) ---------------4.0 9 -23 
For explanation of aymbola, 1ee paire 28. 
LOCAL BUSINESS CONDITIONS 

Percent change  Percent change  
City and item  Sept 1955  Sept 1955 from Aug 1955  Sept 1955 from Sept 1954  City and item  Sept 1955  Sept 1955 from Aug 1955  Sept 1955 f rom Sept 1954  
JASPER (pop. 4,4-03)  LEVELLAND (pop. 8,264) Postal receipts -----------------$ 6,522  + 8  "  
Retail sales• ---------------­---­----­-­Automotive stores• ---­----­---------------­ -1 + 17  + 8 + 45  Building permits, less federal contracts_$ Bank debits (thousands) _________$  66,550 6,495  -14 -14  -70 + 10  
Food stores• -------­ ------­---------­ x  x  End-o!-month dep06its (thousands);_  $ 7,718  -14  7  
General merchandise stores• ----------­---­ -14  - 2  Annual rate of deposit turnover______  9.4  - 6  + s  
Lumber, building material,  
and hardware stores• ----------------------­Postal receipts -----------------­---­----$ Bank debits (thousands) _ _______$ End-of-month deposits (thousands);_ $ Annual rate of deposit turnover_______ KERMIT (pop. 6,912) 5,102 5,213 6,311 9.9  -12 x + 1 + 5  -30 + 15 + 27 + 5 + 22  ·LOCKHART (pop. 5,573) Dep&rtment and apparel store sales____ Postal receipts --------------$ Building permits, less federal contracts..$ Bank debits (thousands) ____________$ End-of-month deposits (thousands) t --S Annual rate of deposit turnover_____ 8,681 109,000 8,799 5,152 9.1  x + 8 + 110 + 1 + 5 3  + 2 + + ++ 3  
Postal receipts ---------------­$ Building permits, less federal contracts..$ Bank debits (thousands) ___________$ End-of-month deposits (thousands);__$ Annual rate of deposit turnover_______ 5,807 47,500 2,140 2,528 8.7  + 25 -17 -39 -25 -33  -2 + 18 -82 -25 -28  LONGVIEW (pop. 34,328•) Postal receipts -----------S Building permits, less federal contracts .$ Bank debits (thousands) ___________$ 29,666 470,255 88,522  + 6 -46 6  + 6 + 55 + 9  
End-of-month deposits (thousands) t -.S  34,859  +  +  
KILGORE (pop. 9,638) Postal receipts ----­--­------------­$ Building permits, less federal contracts..$ Bank debits (thousands) ___ _____$ 10,814 40,804 14,802  -10 -82 + 3  -2 -46 + 14  Annual rate of deposit turnover____________ Employment (area) ·-------------­Manufacturing employment (area) .... Percent unemployed (area) --·----------­ 11.6 42,850 4,450 4.0  +  5 2 x  ++ 5 + 14 -28  
End-of-month deposits (thousands);_ $ Annual rate of deposit turnover_______ Employment (area) ----------------------­-Manufacturing employment (area) ___ Percent unemployed (area) ---------­--­15,736 11.4 24,300 4,060 4.0 KILLEEN (pop. 21,076r) Postal receipts _______________$ Building permits, less federal contracts_$ Bank debits (thousands) -------­-·---·--­--­$ End-of-month deposits (thousands);__ 
$ 27,888 230,428 8,490 5,736  + 2 + x + 9 + 9 + 29 x 8  + 1 + 13 + 1 + 2 -23 + 5 -75 + 28 -44  LUBBOCK (pop. 117,886r) Retail sales -·--------------·--····----­Department and apparel stores --·-····· Postal receipts ---­--------­-·---­S Building permits, less federal contracts..$ Bank debits (thousands) ________$ End-of-month deposits (thousands) t..... $ Annual rate of deposit turnover_______ Employment --·--·-------· ----­------­Manufacturing emploYment ------­Percent unemployed --------------­-­105,178 1,877,087 126,560 87,603 16.8 42,850 4,450 4.2  + 8 + 18 + 15 -22 + 9 -6 + 11 + 2 x 2  + 26 + 2 + 7 -8 + 22 + 9 + 8 + 5 + 14 + 16  
Annual rate of deposit turnover_____ 17.5 LAMESA (pop. 10,704) Postal receipts _________________$ Building permits, less federal contracts..$ Bank debits (thousands) ·---·----------$ 8,943 21,700 8,589  + 32 -29 -17  +130 + 8 -84 7  LUFKIN (pop. 15,135)Postal receipts ________________$ 14,158 Building permits, less federal contracts $ 257,838 Bank debits (thousands) ______$ 20,191 End-of-month deposits (thousands) t --S 23,116 Annual rate of deposit turnover______ 11.0  -8 -21 + 2 + 10 -2  + 4 + 1so + 30 -. + 39  
End-of-month deposits (thousands);__ $ Annual rate of deposit turnover_____ 10,108 10.1 LAMPASAS (pop. 4,869) Retail sales* -·--------­----·-·--------­Automotive stores• -----------------­Department and apparel stores______ Filling stations• ---------------------­Food stores• ---------------------­Postal receipts -------------------$ Building permits, less federal contracts..$ Bank debits (thousands) ___________$ 4,868 45,800 4,635  -1 -13 -12 -17 + 9 -1 + 2 + 31 +no 4  + + + 9 2 + 16 + 53 + 9  McALLEN (pop. 25,326r) Retail sales -------------­----·· --·-­Department and apparel stores -­Postal receipts ··-·---­----------·----$ Building permits, less federal contracts. $ 16,542 861,250 McKINNEY (pop. 10,560) Building permits, less federal contracta $ 44,325 Bank debits (thousands) ------·-·------$ 9,294 End-o!-month deposits (thousands) t_ $ 11,793 Annual rate of deposit turnover___ 9.7  -1 -24 -5 + 100 -48 + 38 + 6 + 31  + 49 + 11 -6 + !70 -5 + 3 -12 + 15  
End-of-month deposits (thousands);____$ Annual rate of deposit turnover_____ 6,762 8.2 LAREDO (pop. 59,350r) Postal receipts -------·-------------·---$ Building permits, less federal contracts..$ Bank debits (thousands) -----·-------$ End-o!-month deposits (thousand•) t--S Annual rate of deposit turnover______ 23,837 40,575 19,623 19,459 12.2 LLANO (pop. 2,954)Postal receipts _______ ____________ $ 1,938 Bank debit. (thousands) ____ _____$ 2,765 E'nd-o!-month deposits (thouoands) ;_ $ S,624 Annual rate of deposit turnover____ 9.2  + + + x 2 + 16 x + 1 s  -8 + 11 + 1 -73 + 14 + 10 + 5 -3 + 14 -5 + 23  MARSHALL (pop. 25,479r) Department and apparel store sales-­Postal receipts ----·-----·------------$ Building permits, less federal contracts $ Bank debits (thousands) ---·--.... ---­$ End-of-month deposito (thousands) t -S Annual rate o! deposit turnover____ 18,991 516,948 14,852 21,15( 8.5 MERCEDES (pop. 10,081) Postal receipts ---·-----·-----·--· -------­$ 4,703 Building permits, less federal contracts S 300 Bank debits (thousands) ·------­_____$ 5,860 End-of-month deposits (thousands) t _ $ 6,279 Annual rate of deposit turnover____ 11.7 For explanation of a7111bolo, aee paire 23.  + 5 + Sl + 160 + 4 + 2 + 2 + 8 -52 -45 -8 -41  7 + 4 + 17 + 8 -2 + 12 -5 -87 + 7 -23 + 38  

LOCAL BUSINESS CONDITIONS 
Percent change 	Percent change 
Sept 1955 Sept 1955 Sept 1955 Sept 1955 Sept from from Sept from from City and Item 1955 Aug 1955 Sept 1954 City and item 1955 Aug 1965 Sept 1954 
MIDLAND (pop. 42,600r) PORT ARTHUR (pop. 82,150u) 

Retail sales• ----------------------------­	+ 8
Building Postal receipts permits, -------------less federal ----------------contracts_$ $ 1,217,900 48,538 --26 4 	+ + 18 12 6 
Automotive stores• -----------------9 + 11

Bank debits (thousands) -----------$ 59,032 + 8 	+ 17 
Department and apparel stores______ _ 4 
+ 11

End-of-month deposits (thousands) f---$ 73,518 	+ 4 Eating and drinking places• ---------­+ 2 + 9Annual rate of deposit turnover_________ 9.5 10
+ + 
Food stores• ----------------------------+ 3 + 3 Furniture and household

MONAHANS (pop. 6,311) 	16
appliance stores• -------------------------­+ 13 Postal receipts ------------------------$ 6,202 + 16 + 14 Lumber, building material, Building permits, Jess federal contracts..$ 76,575 -91 +zoo 7 x
and hardware stores* -----------------·-­

Bank debits (thousands) -------$ 7,667 5 + 28 Postal receipts --------------$ 87,483 6 + 5 End-of-month deposits (thousands) f-$ 7,169 + 3 + 1 Building permits, less federal contracts..$ 527,245 8 + 47 Annual rate of deposit turnover_____ 13.0 8 + 30 -------$ 53,713 + 16
Bank debits (thousands) ---8 End-of-month deposits (thousands )t__$ 45,555 + 17 NAVASOTA (pop. 5,188) Annual rate of deposit turnover________ 14.0 0 9 + 12 Employment (area) -----------------------88,500 + + 6
Retail sales• ---------------------------­+ 
Manufacturing employment (area) __ 28,080

Filling stations• --------------------------+ 4 + 3 	+ + 6 
Percent unemployed (area) -------6.7 -so
1 8 
Lumber, building material, 
and hardware stores• --------------------+ 59 + 20 

Food stores• --------------------------	+ 
RAYMONDVILLE (pop. 9,136)

Postal receipts ----------------------$ 3,872 + 5 -10 Postal receipts -----------------------$ 5,066 7 -2 ODESSA (pop. 50,807r) Building permits, less federal contracts..$ 3,800 -56 -52 
Postal receipts ----------------------------------$ 45,726 + 5 + 11 Bank debits (thousands) -----------------$ 7,952 -50 -12 Building permits, less federal contracts $ 1,719,658 -20 + 8 End-of-month deposits (thousands);___ $ 6,886 -30 -38 Bank debits (thousands) ________$ 45,716 x + 28 Annual rate of deposit turnover_____ 11.3 + 22 
End-of-month deposits (thousands);__$ 33,603 6 	-4
+ 

Annual rate of deposit turnover______ 16.8 3 	+ 32 
ROCKDALE (pop. 4,550r) 

ORANGE (pop. 21,174) 	Postal receipts --------------------$ 3,869 + 6 + 6 Building permits, less federal contracts.. $ 26,475 -57 -16
16,821 x

Postal receipts --------------------$ + 19 Bank debits (thousands) _____________ $ 4,213 + 10 + 12Building permits, Jess federal contracts..$ 257,912 -67 + 27 
End-of-month deposits (thousands) L _ $ 5,123 + 6 + 88
Bank debits (thousands) _____________$ 22,288 x 	+ 16 
Annual rate of deposit turnover___ 10.1 -8 -17
End-of-month deposits (thousands)t__$ 23,628 8 	-4
+ 

Annual rate of deposit turnover_____ 11.6 	+ 24 
SAN ANGELO (pop. 62,359r)PALESTINE (pop. 15,063r) 2 -4
Retail sales ----------------------­Postal receipts ---------------------$ 10,597 -2 -2 Postal receipts -----------------$ 50,184 9 -4 Building permits, less federal contracts.. $ 123,635 -43 + 30 Building permits, less federal contracts.. $ 656,072 6 + 26 
Bank debits (thousands) ____________$ 6,638 1 + 9 Bank debits (thousands) --------------$ 44,502 + s + 7 End-of-month deposits (thousands)t____$ 12,760 1 x End-of-month deposit. (thousands) f_ $ 45,366 2 2 Annual rate of deposit turnover____ 6.2 0 + 9 Annual rate of deposit turnover____ 11.6 + 3 + 
Employment ------------------------------:12,750 x + PAMPA (pop. 20,448r) Manufacturing employment -------­8,150 + 4 + Percent unemployed --------------------4.0 9 7 
Retail sales ------------------------------+ 27 + 48 Postal receipts -----------------$ 16,766 + 17 + 11 Building permits, less federal contracts .$ 289,827 -32 + 25 
SAN ANTONIO (pop. 449,25lu)

Bank debits (thousands) --------------------$ 15,421 x 	+ 4 
2

End-of-month deposits (thousands);____$ 20,069 4 Retail sales• --------------------------­
Annual rate of deposit turnover_______ 9.2 2 8 Apparel stores• ----·---------------------·­+ 11

+ + 

Automotive stores• ----·--------------------­-12 Department storest ------------------------11 PARIS (pop. 21,643) Drug stores• ---------------------------­
-1 
Eating and drinking places• ------------­-11

4 + 23 
Department and apparel stores______ _ + 88 + 12 Filling stations• --------------------------6 

Food stores• ----------------------------­

Retail sales ---------------------------------+ 
x 

Postal receipts ---------------------------------------$ 14,406 -4 	-13 
Furniture and household

Building permits, less federal contracts..$ 68,593 -35 	+150 
appliance stores• --------------·------16

Bank debits (thousands) ----------------------$ 15,623 + 14 	+ 4 
General merchandise stores• -----------24End-of-month deposits (thousands);_____$ 16,121 7 7

+ + 
Lumber. building material,

Annual rate of deposit turnover_______ _ 12.7 9 2
+ 

and hardware stores• ---------------2 Postal receipts ----------------------------$ 629,749 3 PLAINVIEW (pop. 14,044) Building permits, less federal contracts..$ 4,481,912 x 
Bank debits (thouaands) _____________________$ 465,250 Retail sales ------------------------------­
-15 2 

End-of-month deposits (thousandslt----S 846,968 + 2Department and apparel store•-----+ 11 1 
Annual rate of deposit turnover______ _ 16.2 6 
Postal receipts ------------------------------------------$ 13,824 + 11 4 Building permits, less federal contracts.. $ 178,600 -23 + 45 Employment --------------------------------------182,100 x Manufacturing employment -----­22,575
Bank debits (thousands) ------------------------$' 16,322 + 2 + 25 + End-of-month deposits (thousands);___ $ 20,867 3 + 14 
Percent unemployed ----------------4.0 -16 
Annual rate of deposit turnover________ 9.2 + 3 	+ 10 
For explanation of oymbolio, oee pap 21­

LOCAL BUSINESS CONDITIONS 
Percent change Percent chanite 

Sept 1955 Sept 1955 Sept 1956 Sept !955Sept from from Sept Crom rrom
City and item 1955 Aug 1955 	Sept 1954 
__city_a_n~d==~m--:--:---:--:---------196~~19~5~5~Sept l954
__ite~	-~6-__:_Au=g:...:..

SEGUIN {pop. 14,000r) 	TEXAS CITY {pop. 23,000') 
Department and apparel store sales__ _ _ -16

Postal receipts --------------------$ 8,636 -	1 -11 + 18 
Postal receipts __________$ 14,684

Building permits, less federal contracts. $ 47,435 -75 9 + 14 + 4 Building permits, less federal contracts_$ 833,580 -62 -78
Bank debits (thousands) -----------$ 7,921 	6 1

+ Bank debits (thousands) _ $ 30,747
End-of-month deposits (thousands) t-----$ 	15,551 1 -9 + + 6 
Annual rate of deposit turnover_________ 	End-of-month deposits (thousands);__ $ 28,529 6 -4
6.1 + 11 Annual rate of deposit turnover______ 12.5 -29
+ 
Employment (area) -----------83,500 
+ +

SHERMAN (pop. 25,855r) 	Manufacturing employment (area) __ 28,080 
+ + 
Percent unemployed (area) ____ 5.7 -14

Retail sales -------------·--------­-13 + 5 Department and apparel stores ---·----­+ 10 + 3 Furniture and household TYLER (pop. 49,443') 
Department and apparel store sales__ _ ___ 9 -1

appliance stores -----------·-------------­-25 + Lumber, building material, Pootal receipts ----------$ 56,236 + 7 + 2 Building permits, less federal contracts_$ 1,276,015 + 60 + 81
and hardware stores -----------------------10 + 36 
Postal receipts ------------------$ 29,540 + 10 + 22 (thousands) -----S 72,205 + + 17

Bank debits 

Building permits, less federal contracts..$ 343,707 2 + 75 End-of-month deposits (thousands) t-S 56,448 x + 2 
Bank debits (thousands) ______________$ 27,119 + + 2 Annual rate of deposit turnover___ 16.4. + + 13 
End-of-month deposits (thousands) t---$ 18,079 + 2 + 14 

Annual rate of deposit turnover________ 18.2 + 	5 -13 VICTORIA (pop. 16,126) 
Retail sales* -------------___ + 13 Automotive stores• ----·-­+ + 47 SLATON (pop. 5,036) Department and apparel stores -····· + -27 Eating and drinking places• -·-····--··· -14 -12 
Postal receipts -----------------------$ 2,747 + 	7 + 7 
Filling stations• ·····-·--··----··-··· -10 2
Building permits, less federal contracts.. $ 42, 700 4 + 45 
+


Bank debits (thousands) _________$ 2,089 4 	Food stores• ---------------------­-9 -7 
Furniture and household 

End-of-month deposits (thousands) t-----S 3,130 7 
Annual rate of deposit turnover___________ 7.7 + 12 appliance stores• ----······· ···-·-­-40 -11 
Lumber, building material, 

and hardware stores• --·········--···--7 + 4 SWEETWATER (pop.13,619) Postal receipts -----------$ 26,033 + 7 + 23 Building permits, less federal contracts-$ 572,760 + 42 + 71 
Postal receipts ---------------------$ 10,981 + 6 -26 
Building permits, less federal contracts .$ 476,750 +450 ~90 
Bank debits (thousands) _________$ 8,633 + 63 x WACO (pop. 101,824' ) 

Retail sales ----------­
3 + 16
End-of-month deposits (thousands) t---$ 	10,177 -1 6 -10

Annual rate of deposit turnover____________ 10.1 + 63 4 	Apparel stores ---·---··--·---·­
Department storest ------·----­+

0 18 Furniture and household TAYLOR (pop. 9,701) appliance stores -----·-·-···-28
-8 Postal receipts ____________$ 120,997 + 1 + 22

Postal receipts _______________$ 7,336 -10 -1 
Building permits, less federal contracts $ 956,568 -33 -21 

Building permits, less federal contracts..$ 242,094 + 260 +610 
Bank debits (thousands) ___________$ 10,784 + 11 -12 

Bank debits (thousands) --------S 88,100 + + 2 End-of-month deposits (thousands) t-S 67,850 + + 8 
End-of-month deposits (thousands)t___$ 	18,767 8 -13+ Annual rate of deposit turnover_____ 16.7

Annual rate of deposit turnover_______ _ 9.5 + 4 + 1 
Employment -----------·-------­
48,100 + 2 + Manufacturing employment ______ 8,840 + + 1 
8.0 -23 -86

TEMPLE (pop. 33,912r) Percent unemployed 
-3 x

Retail •ales ------------­

3 WICIDTA FALLS (pop. 103,192r)
Department and apparel stores -------+ 29 
x 5 Retail sales ------------+ 8 

+ 27 
Drug stores ----------------------·-----­	+ -

+ 6 + 5 Department and apparel stores ---· 	x 4 
Food stores ---------------·--------·­
Postal receipts ----------____ $ 84,822 + 5 + 3
Furniture and household 

-20 Building permits, le11S federal contracts $ 1,656,876 + no + 84 appliance stores ---------------------­Bank debits (thousands) _______$ 97,779 + + 18Lumber, building material, 
+ 9 + 2 End-of-month deposits (thousands) t-S 103,032 	1 + 4 
and hardware stores ----------------­

Postal receipts ________________ _ _ $ 	29,21!2 3 + Annual rate of depooit turnover____ 11.3 + 4 + 16
+ 
Employment -----------------36,800 + + 6
Building permits, less federal contract.II_$ 139,475 -65 -57 
Manufacturing employment -------. 3,630 + + 5

Bank debit• (thou•ands) ______________$ 	23,704 + + 9 
25,483 5 4 Percent unemployed -------4.0 -17 

End-of-month deposits (thousands) t-S + + 
Annual rate of deposit turnover______ 11.5 + + 10 

x Chane-e is les• than one-half of one percent. 

• Preliminary. TEXARKANA (pop. 24,753) t Reported by the Federal Reserve Board of Daliaa. 
-12 + 29

Retail sales§• -----------------	t Money on deposit at the end of the month, but exclude. deposits to the 
Pootal receipts§ _____________$ 	48,490 + 9 + 27 

credit of banks. 
Building permits, less federal contracts..$ 275,795 +150 + 64 

f Reported by the Bureau of Buaineu and Economic Research, Uni­
Bank debits (thousands) § ______$ 	39,422 + 4 + 14 versity of Houston.
End-of-month depoelts (thousands) t-S 	17,749 + 1 + 1 

12.6 + 9 §Figures include Texarkana, Arkansu (pop. 16,875) and Texarkana,
Annual rate of deposit turnover___ + 	6 2 Texas (pop. 24,753).
Employment§ ------------·------------48,100 + + Manufacturing employment§ ____ 6,800 + 

r Revised for use by Texas Highway Department. 
Percent unemp)QYed§ -------------­
7.4 	9 -23 u 1950 Urbanized Censu•. 
BAROMETERS OF TEXAS BUSINESS 


"A erage
Sept Aug July average month 
1955 1955 1955 1955 1954 

GENERAL BUSINESS ACTIVITY  
tlndex of Texas Business Activity (100.0) ................................................. .  173*  174*  169*  171  154  
Index of bank debits ............................................................................................... .  202  209  192  198  177  
Index of bank debits in the United States ............................................................. .  178  182  168  171  160  
Income payments to individuals in the United States (billions-seasonally  
adjusted at an annual rate) ................................... .......................................... .  s  305.0*  s  305.3*  $ 299.2  $ 287.6  
Index of wholesale prices in the United States, unadjusted..........................._.  111.6  110.8  110.6  110.5  110.3  
Index of consumers' prices in the United States, unadjW!ted ........................... .  114.9  114.5  114.7  114.4  114.8  
tlndex of consumers' prices in Houston, unadjusted......................................... .  115.5  115.6  116.7  
Index of postal receipts ........................................................................................... .  289  275  245  277  246  
tlndex of miscellaneous freight carloadings in the Southwestern District  
(10.0) ·················································································································· Corporation charters issued (number) ..................... ............................................ .  99 382*  93 372•  95 430  95 447  93 345  
tlndex of ordinary life insurance sales, adjusted for price changes ( 4.2) ....... .  218  214  201  211  172  
Index of ordinary life insurance sales ................................................................... .  250  245  230  242  197  
Index of ordinary life insurance sales in the West South Central states ......... .  251  253  226  237  192  
Index of ordinary life insurance sales in the United States ............................... .  206  219  198  203  170  
TRADE  
tlndex of total retail sales, adjusted for price changes ( 46.8) ........................... .  156.  163  158  157  143  
Index of total retail sales ....................................................................................... .  174  182  176  175  160  
Durable-goods  stores ......................................................................................... .  184  198  181  189  162  
Nondurable-goods stores ................................................................................... .  169  173  173  167  159  
Ratio of credit sales to net sales in department and apparel stores ................. .  64.2  62.6  60.6  63.0  62.9  
Ratio of collections to outstandings in department and apparel stores ........... .  36.4  35.2  42.0  38.3  39.l  
PRODUCTION  
tlndex of industrial electric power consumption (14.6) ................................... .  305*  290*  276*  284  250  
tlndex of crude runs to stills (3.9) ....................................................................... .  138.  141  135  139  127  
Index of cottonseed crushed .................................................................................... .  121  154  141  150  
t Index of construction authorized, adjusted for price changes ( 9.4) ................. .  128*  146*  146.  153  141  
Index of construction authorized  ... ....................................... .................... .  174.  198.  198*  206  186  
tlndex of crude petroleum production (8.1) ....................................................... .  117•  118*  118  124  117  
Index of southern pine production, unadjusted, 1935-39=100....................... .  126  117  123  117  
Index of gasoline consumption ............................................................................. .  168  160  174  173  
Index of industrial production in the United States ......................................... .  141*  140.  139  137  125  
tlndex of total electric power consumption (3.0) ............................................... .  297*  286.  275•  270  241  
Construction contracts awarded (thousands) .................................................... Index of dairy products manufactured ................................................................ .  $106,909  $125,006 57  $154,907 49  $127,789 69  Slll,196 62  
Index of cement consumption ............. ................................................................... .  175  155  167  153  
AGRICULTURE  
Index of prices received by farmers, unadjusted, 1909-14=100....................... .  254  257  257  262  265  
Index of prices paid by farmers in the United States, parity index-unad­ 
justed,  1910-14=100..........................................  . ................................... .  278  279  281  282  281  
Ratio of Texas farm prices received to U.S. prices paid by farmers ................. .  91  92  91  93  94  
Index of prices received by farmers-livestock, unadjusted, 1909-14=100... .  268  268  266  275  284  
Index of prices received by farmers-all crops, unadjusted, 1909-14=100....  243  249  251  252  251  
Index of farm cash income, unadjusted ............................................................... .  105  89  76  74  98  
FINANCE  
Loans, reporting member banks in the Dallas district (millions) ................... . Loans and investments, reporting member banks in the Dallas district  $  2,318§  s  2,265  s 2,270  s 2,213  s 1,950  
(millions)  ............................................... ........................................................... .  s  3,747§  $ 3,727  s 3,756  s 3,712  $ 3,494  
Demand deposits adjusted, reporting member banks in the Dallas district  
(millions)  ............... ... . .................................................................................. .  s  2,722  $ 2,657  s 2,626  s 2,680  $ 2,552  
Bank debits in 20 cities (millions) ....................................................................... .  $ 6,496  $ 6,644  s 6,299  s 6,420  s 5,849  
Revenue receipts of the State Comptroller (thousands) ................................... . Federal Internal Revenue Collections (thousands).......................................... .  $ 70,090 $161,526  $ 66,625 $180,535  s 71,843 $101,222  $ 73,828 $215,259  $ 62,930 $183,604  
LABOR  
Total nonagricultural employment (thousands) ............................................... .  2,273.7°  2,271.4  2,258.5  2,237.2  2,189.6  
Total manufacturing employment (thousands) ........................................... .  442.4°  442.6  435.7  431.9  428.4  
Durable-goods employment (thousands)  ............................................ .  213.0•  212.2  207.8  204.3  199.7  
Nondurable-goods employment (thousands)  .......................... .  229.4*  230.4  227.9  227.6  225.2  

All figures are for Texae unless otherwise indicated. All indexes are baaed on the average montbe for 1947--49, except where Indicated and are 
adjusted for seasonal variation, except annual indexes. 
Employment estimates have been adjueted to first quarter 1954 benchmark.a. 
•Preliminary. 

tThe index of business activity Is a weighted average of the indexes Indicated by a ciaa'ger ( t). The weight given each lndn: In computing th• composite is given in parentheses. 
tlndex computed for February, May, August, and November only. §Exclusive of loans to banks after deduction of valuation reserves; Individual loan items are shown gross. Fijruree are not strictly comparable with previous published figures.