v 
DECEMBER 1966 

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A Montlily Summary of B1tsiness and Economic Conditions in Texas 
BUREAU OF BUSINESS RESEARCH: THE UNIVERSITY OF TEXAS 
TEXAS BUSINESS REVIEW VOL. XL, NO. 12, DECEMBER 1966 
Editor: Stanley A. Arbingast/Associate Editor: Robert H. Ryan/Managing Editor: D. E. Robertson 
Editorial Board: Stanley A. Arbingast, Chainnan; John R. Stockton, Francis B. May, Robert H. Ryan, D. E. Robertson 

CONTENTS 
317: 	THE BUSINESS SITUATION IN. TEXAS by Francis B. May 
321: 	THE BIG BASKET by Robert H. Ryan 
324: 	TEXAS RETAIL SALES IN OCTOBER by Robert H. Ryan 
326: 	TEXAS BUILDING CONSTRUCTION AUTHORIZED IN OCTOBER by Robert B. Williamson 
329: 	INDEX, TEXAS BUSINESS REVIEW, VOL. XL, 1966 
CHARTS AND TABLES 
317: 	TEXAS BUSINESS ACTIVITY 
318: 	
ORDINARY J,IFE INSURANCE SALES IN TEXAS 

318: 	
BUSINESS ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES 

318: 	
LEADING OIL-PRODUCING STATES 


319: 	
SELECTED BAROMETERS OF TEXAS BUSINESS 

319: 	
CRUDE OIL RUNS TO STILLS IN TEXAS 


320: 	
WHOLESALE PRICES IN THE UNITED STATES 

320: 	
MANUFACTURING EMPLOYMENT IN TEXAS 

320: 	
TOTAL UNEMPLOYMENT IN TEXAS 


323: 	INDEXES OF CONSUMER PRICES, UNITED STATES, 1966 
324: 	PRELIMINARY ESTIMATES OF TOTAL RETAIL SALES 
325 : 	RETAIL SALES TRENDS BY KINDS OF BUSINESS 
326: 	HOME MORTGAGE INTEREST RATES AND RESIDENTIAL BUILDING AUTHORIZED IN TEXAS, 1965 AND 1966 
327: 	
BUILDING CONSTRUCTION AUTHORIZED IN TEXAS 

327: 	
HOURS AND EARNINGS IN TEXAS 


328: 	
ESTIMATED VALUES OF BUILDING AUTHORIZED IN TEXAS 

328: 	
CONSUMER PRICES IN THE UNITED STATES 

328: 	
RANK OF STATES IN LIVE WEIGHT OF FARM PRODUCTION OF CATTLE AND CALVES, 1965 


331: 	FEDERAL INTERNAL REVENUE COLLECTIONS 
332 : 	LOCAL BUSINESS CONDITIONS 

Published monthly _by the B?reau of Business Research, Graduate Second-clasr.1 postage eכז:ז~ at Aust1n, Texas. Content of this publication is 
BUSINESS RESEARCH COUNCIL 
George Kozmetsky, Dean of the College of Business Administration (ex o fficio) ; J ohn R. Stockton, J essamon Dawe, Thomas E. Gossett, James R. Kay, Stephen L. McDonald, Charles R. Klasson, and W. T. Tucker 
BUREAU OF BUSINESS RESEARCH 
Director: J ohn R. Stockton 
Associate Director and Resources Specialist: Stanley A. Arbingast Assistant to the Director: Florence Escott Consulting Sta.tistician: Francis B. May Administrative Assistant: Cynthia Bettinger Research Associate: Charles 0. Bettinger, lda M. Lam
beth, 	Robert M. Lockwood, Donald E. Robertson, Robert 
H. Ryan, Elizabeth R. Turpin, J oyzelle Wilke, Robert B. 
Williamson Research Assistant: Robin Dalton, Marilyn D. Hibbetts, Claire S. Howard, Hans Dieter Kurz, Kamal Said, John 
W. Townsend Senior Secretary: Betty Sue Hoch Senior Clerk Typist: Juanita Babcock, Lois Conrad, Caro
lyn Harris, Peggy Wilmot 
Cartographer: Michael E. Bonine, Mary Helen Parks, 
Elizabeth E. Snoddy, Doug Winters, Jr. 
Library Assistant: Merle Danz 
Statistical Assistant: M.ildred Anderson, Constance 

Cooledge, Pamela Nanus Statistical Technician: Doris .Dismuke, Mary Gorham Senior Clerk: Salvador B. Macias Clerical Assistant: Peggy Bobo, Berge Garabedian Ofjset Press Operator: Robert Dorsett, Daniel P. Rosas 
The Bureau of Business Research is a member of the Associated University Bureaus of Business and Economic Research. 
School of Business, The University of Texas, Austin, Texas, 78712. not copyrighted and may be reproduced freely. The views expressed by 

aut~o.rs are n~t necessar1ly those of the Bureau of Business Research. Acknowledgment of source will be appreciated. Subscription, $3.00 a year :
ind1v1dual cop1es, 26 cents• 

THE BUSINESS SITUATION IN TEXAS 


by Francis B. May 
The October seasonally adjusted index of Texas business activity declined 5% to 168.7% of its 1957-59 average monthly value. This was the second consecutive monthly decline. lt placed the index 10% above October 1965 and at the highest October value in its history. During the first ten months of the year the index has averaged 10% above the like period of 1965, despite the fact that it declined in four of the ten months. 
Examination of the seasonally adjusted indexes of business activity f 20 Texas cities shows that there 
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were 16 declines in October. Four ci!ies ha~ October increases in business activity. All of the state's four largest. cities experienced declines, although none of them exceeded 4o/o. Dallas activity dropped 1%, Fort Worth 4%, Houston 2%, and San Antonio 3%. 
Activity in these 20 cities during the January-October period showed average rises in 18 cases, including the four largest cities. Average activity in Dallas was up 13% during the first ten months. In Fort Worth activity was up 7%. Houston was up 10%. San Antonio was up 7%. There was only one decline, 1% for El Paso. The Galveston average was unchanged from the corresponding 1965 period. 
The behavior of the statewide index is reminiscent of the fall of last year. In August 1965 the index rose to 165.4%. This was a peak value. ln September the index dropped 2.5% to 161.2%. In October it fell another 5.5% to 152.3 % . A strong N ovember upsurge lifted the index to a peak of 168.2%. December was slightly below this figure but still at a high level of 167.7%. 
There are factors in the current business situation that were not present in the f all of 1965. lnflation had not progressed as far at that time as it has subsequently. Per capita disposable income adjusted for price increases rose during 1965. It rose more rapidly during the second half of the year than during the first. During the first quarter of 1966 it rose by a sm.aller amount than in any of the preceding three quarters. 1 t declined in the second quarter, recovering to approximately the first quarter level during the third quarter of this year. This behavior was caused by price increases. lf the effect of price rises is ignored, per capita disposable income rose in each of the first three quarters of this year. 
High prices mean that each dollar of income will purchase fewer goods and services. In order to maintain the same standard of living, people must spend more dollars. As a result they save less. This fact shows up in national income data. The percentage of per capita disposable income saved was 6.1 % nationally in the third quarter of 1965. This was a high level. Since that time the percentage has declined to 4. 7 % in the third quarter of this year. Less saving means fewer dollars available for long-tenn investment in mortgages for home building. 
Another factor that is di:fferent now is the outlook f or the automobile industry. At present the outlook is not as bright as it was last f all. The market of young carbuying men has been reduced considerably by the draft and increased manpower requirements for the war. Manufacture and sale of automobiles make up an important segment of total national economic activity. 
TEXAS BUSINESS ACTIVITY 
INDEX-ADJUSTED FOR SEASONAL V ARIATION-1957-1959 = 100 
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1954 '55 '56 '57 '58 '59 '60 '61 '62 '63 '64 '65 1966 
indicate pe1·iods of decline of total business activity in tl e United States. 
	 ו
a1·easadedו
SlNOTE: 
SOURCE: 	Based on bank debits i·eported by the Fede1·al Rese1·ve Bank of Dallas and adjusted fo1· seasonal va1·iation and cl1anges in the p1·ice level by tl1e Bu1·eau of Business Resea.i·cl1 . 
DECEMBER 1966 
Another factor is the accumulated effects of a prolonged tight-money policy. This policy was instituted by the Federal Reserve system in order to slow the price rises that began in 1965. Up until that year the Bureau of Labor Statistics Index of Wholesale Prices had fl.uctuated for seven years in the 100.3-100.7% range. In 1965 the index began to rise, averaging 102.5% of its 1957-59 base value. The rise has continued this year with the index rising to 106.1 % in the week ended October 11. The Bureau of Labor Statistics Index of Consumer Prices was not as stable during the 1958-1964 period as the Index of Wholesale Prices, rising an average of 1.2% a year. In 1965 the index began to rise faster. The September value of 114.1% was 3.5% above September 1965. The rate of climb of this index more than doubled between 1965 and 1966. 011e way to slow p1ice inflation is by restricting credit. This has been the effect of Federal Reserve credit tightening. However, another effect is a reduction in activity in areas heavily dependent on credit for long-term financing. This has been the effect in the home building area of the economy. 
One of the infl.ationary f orces in the economy requiring tighter credit as an offset is the federal budgetary deficits. The annual federal administrative budget' has not shown a surplus since fiscal 1960. This is related in part to war financing, but whatever the cause, it adds to infl.ationary forces. A rise in taxes would alleviate this situation and ease the task of the central banks. The budget deficit in the third quarter was $7.8 billion, more than twice the $3.5 billion deficit of the corresponding fiscal period of 1965. During the third quarter, purchases of goods and services f or defense amounted to almost $4 billion. A tax increase to finance the war would create an economic environment in which the Federal Reserve banks could ease monetary restraints and facilitate a revival of home construction. 
The imbalances in our economy .created by war do not add up to a general business recession. Gross national product has risen in each of the first three quarters on both a price adjusted and an unadjusted basis. I t will total approximately three quarters of a trillion dollars this year. The effects of monetary policies have affected some parts of the economy, notably the housing industry, adversely. It is this area, particularly, that would be helped by an easing of monetary restraints that raised FHA new home mortgage yields from 5.45% in September 1965 to 6.50% in September of this year. 
Texas crude oil production rose 2% in October after seasonal factors were taken into account. At 104.2% of average monthly production during the 1957-59 base pe-
ORDINARY LIFE INSURANCE SALES IN TEXAS 
INOEX-ADJUSTEO FOR SfASONAJ. VARIAT/ON-1957-1959•100 
250 	250 
200 	200 
150 	150 
100 	100 
50 	50 BUSINESS ACTIVITY INDEXES FOR 20 SELECTED TEXAS CITIES 
(Adjusted for seasonal variation-1957-59= 100) 
Percent change 
Year-to
date 
Year-to-ave1·age 
date Oct 1966 1966 Oct Sep average from from City 1966 1966 1966 Sep 1966 1965 
Abilene .. 141.2 144.3 143.0 5 Amarillo .. 154.0 165.7 167.7 7 + 6 
+ + 
Austin .173.9 179.4 181.9 3 5 Bea,umont .. . .187.1 180.8 178.0 + + 10 +
Corpus Ch1·isti .138.3 141.6 136.3 2 3 Corsicana ... 126.2 114.9 136.8 + 10 + 7 Dallas . . . .198.9 201.5 195.2 -1 + 13 El Paso . 112.6 127.5 122.0 -12 -1 Fort Wo1·th .137.8 143.4 135.2 -4 + 7 Galveston 115.5 112.5 -11 (<* 

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102.. 
Houston . .183.9 187.4 186.3 -2 	+ 10 +
Laredo . . . .. 180.8 185.9 169.8 -3 8 Lubbock ...... ... .135.4 160.4 161.1 -16 + 3 +

7 7110.712.3 ג
104.4.	Port Arthur 
San Angelo .129.1 132.2 140.2 2 6
+ 
San Antonio .159.4 164.1 161.7 3 7 Texarkana . . .171.9 177.0 174.7 + 13 Tyler . . .137.5 i33.1 142.6 + 3 + 2 
+ + 
Waco . . . .171.7 140.8 150.3 + 22 8 Wichita Falls .126.7 131.0 136.9 -3 + 6 
**Change is less than one-half of 1% . 
riod, the index was at the highest October level in history. It was 7.2% above October 1965. The average index value of 102.8o/o for the first ten months of the year plus the N ovember production factor increase of 1% to 34.5%, and the December increase of 36.5% by the Railroad Commission mean that annual production this year will average above 100% for the first time since 1957. 
During the first three quarters of this year, Texas produced 802.9 million barrels of oil, up 7.3% over the J anuary-September 1965 period. A comparison of Texas production with that of five other leading petroleum producing states is shown below. 
LEADING OIL-PRODUCING STATES 
J anuary-September 1966 

Percent Change 
Jan-Sept 1966 
Production J an-Sept 1966 
(thousands from 
State 	of ba1·1·els ) Jan-Sept 1965 
California 255,546 	9.2
+ 
Louisiana 	497,921 + 15.6 
New Mexico 91,332 	2.9
+ 
Oklahoma 166,879 	9.8
+ 

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Texas 
802.,868 7.3 
+ 
Wyoming 98,770 	3.3 
United States . .2.,262,083 + 	7.1 
Source: World Oil, November 1966. 
Texas production increased by almost exactly the same percentage as total domestic production, 7.3% compared with 7.1% . The state is still the leading oil producer, although Louisiana output is increasing at a much faster rate. In 1956, Louisiana produced 299.4 million barrels, 27.0% of Texas production of 1,107.8 million barrels. During the first nine months of this year, Louisiana production amounted to 62.0% of Texas production. Louisiana produced 11.4% of national output in 1956 and 
'55 '56 '57 '58. '59 '60 

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'61 '62 '63 '64 '65 1966 
22.0% in the first three quarters of this year. Texas 

•l bu1ine11 activity in the United Statea 	 ז.
NOTE: Sba.ded area.1 indicate perioda of decline of tot 
produced 42.3% of national output in 1956 and 	35.0% 
TEXAS BUSINESS REVIEW 
SELECTED BAROMETERS OF TEXAS BUSINESS (Indexes-Adjusted for seasonal variation-1957-59= 100) 
Percent change 
Year-to
0f't date 
Year-to-1966 average 

date from 1966 Oct Sep averag Sep from lndex 1966 1966 1966 1966 19&5 
Texas business activity . .. .. _.. _ .168.7 177.4 174.0 + 10 Crude petroleum production . . ... 104.2* 102.6* 102.8 + 2 + 7 Crude oil runs to stills . . . .124.3 125.8 119.7 + 4 Total electric power use . ... . .183.8* 193.3* 184.8 + 6 Industrial electric power use. . .. 170.2 * 179.9* 169.9 + 9 Bank debits ....................179.2 189.5 184.2 5 + 13 
1 + 9179.7189.086.5 ג 
....Ordinary life insuranc~ sales 
Building construction authorized .. 106.2 109.9 135.7 3 + 4 New residential . . . .. 75.4 64.0 97.3 + 18 -9 New-nonresidential .. 152.3 161.8 19 ~. 8 + 20 
Total industrial production. .147.7* 148.6* 144.6 + 8 Miscellaneous freight carload-
district. . . . . 79.9 81.3 81.6 2 + 5W.S.  ת 
ings i 
Total nonfarm employment.. . . .. 124.1* 123.3 * 122.3 + 1 + 4 Manufacturing employment ... 127.0* 126.0* + + 6
124.5 ג 

Total unemployment . . 73.4 76.5 79.6 -18 Insured unemployment . . . 52.0 49.8 53.9 + 4 -35 Average weekly earnings
manufacturing ... .... 127.7* 126.2* 125.0 + 1 + 4 Average weekly hoursmanufacturing .101.2* 101.4* 102.1 ** ** 
*Preliminary. 

•o/oChange is less than one-half of 1 'י''=י

during the first three quarters of this year. Louisiana has doubled its share of domestic output while the Texas share has declined. Together the two states produced 57.0% of domestic output during the first nine months of 1966. Domestic demand for petroleum products rose 4.7% during the first three quarters. Demand for gasoline, the principal and most profitable product, was up 4.2%. Kerosine demand was up 9.0%. Kerosine is the principal component of fuel for jet aircraft engines. High ' levels of post-strike air travel have contributed to 
high demand for jet fuel. Demand for distillate, used as a home-heating fuel, rose 2.6%. Demand for residual fuel oil, used as a heavy industrial fuel, rose 7.2%. 
Imports of crude oil declined 1.9% from 1,293,000 barrels a day in 1965 to 1,268,000 barrels a day during the January-September period. lmports of residual fuel oil rose 9.6% from 925,000 to 1,014,000 barrels a day. Imports of other petroleum products rose 11.9o/o to 310,000 barrels a day. It should be noted that imports of crude oil, residual fuel oil, and other petroleum products during the first nine months averaged 2,592,000 barrels a day. Pressure for oil import quotas is now being exerted by petrochemical manufacturers as well as . petroleum refiners. Under pressure. of competition from petrochemicals manufactured abroad, domestic producers are seeking lower cost imported petroleum feedstocks. Light Middle East crude is priced at $1.59-1.95 a barrel f.o.b. lifting port. The price of domestic crude averages about $2.90 a barrel. Transportation costs absorb part of this price differential. Construction of supertankers is steadily lowering transportation costs. 
Improved crude oil production during 1966 has not increased drilling activity. Total active rotary rigs in the United States on October 31 amounted to 1,274, compared with 1,461 active on November 1, 1965. Cumulative total wells drilled amounted to 29,284 from the first of the year to October 29, compared with 34,216 during the first ten mont.hs of 1965. Cumulative footage drilled during the first ten months amounted to 128. 7 million, compared with 151.7 million feet drilled during the comparable 1965 period. 
In Texas active rotary rigs declined from 423 on November 1, 1965, to 363 on October 31 of this year. Rigs active in offshore drilling rose from 5 on November 1, 1965, to 8 on October 31, reflecting improved anticipations aזn:ong companies engaged in offshore exploration. Total well completions through October 29 amounted to 8,833, compa1·ed with 10, 788 for the first ten months of 1966. These totals included oil, gas, service wells, and dry holes. 
It is important that drilling and exploration be increased in order to find new domestic reserves of crude oil and natural gas. The nation needs many years and a large amount of technological progress before it will be independent of these two energy sources. 
Crude oil runs to stills declined 1% in October but were still at a high level. The 125.8% value of the seasonally adjusted index in September was a record. The October value is the second highest in the history of this index. Demand for refined products during the first three quarters was 4. 7 % above the first three quarters of 1965. Texas, with 27% of the nation's refining capacity, inevitably shares any improvement in the demand for refined products. 
Seasonally adjusted total electric power use declined 5% in October to 183.8% of average monthly use during the 1957-59 base period. At this level the index was 4.8% above the reading for September 1965. The average value of this index during the first ten months was 6% above the comparable period of 1965. Industrial power use declined by the same percentage after seasonal adjustment. This index averaged 9o/o above the value for the first ten months of 1965. The electrical utilities have been one of the country's liveliest growth industries for many decades. Electrical equipment manufacturers have produced a steady stream of new devices for home and factory. The whole science of automation is based on equipment powered by electricity. Cybernation, tbe future successor to automation, will use even more electrical equipment. Although the reduced volume of home building may slow the rate of increase in electric power consumption in the near term, the long run prospects point toward a national rate of growth of 7% compounded annually. In recent years industrial power consumption has shown the effects of recessions less than total industrial production has. 
CRUDE OIL RUNS TO STILLS IN TEXAS 
:--r--.--IN_DE....,.X_-AD~JUSTEO FOR SEASONAI. VARIATION-1957-1959• 100 

200 200 
150 =--+-~~---+-~-J--~l---1150 
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0 1954 '55 '56 '57 '58 '59 '60 '61 ' 62 '63 '64 '65 1966 ° 

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NOTE: Sbג.ded ar ea1 ind1cate per od1 of dec ג.ne of tou.1 bu1ine11 the U ted 5t::J.tel• 

DECEMBER 1966 
WHOLESALE PRICES IN THE UNITED STATES 
/NDEX -ADJUSTED FOR SfASONAl VARIATION-1957-1959 • 100 
150150 
>--<l---l-~~--+~-+-~t---t-~-;--;125
125 

100=+----1יfיי"""'-י+---+-
+-~
100 
:--+--+~-+---1~-+---175
75 
50 50 
1954 '55 '56 '57 '58 '59 '60 '61 '62 '63 '64 '65 1966 
NOTE: Shaded ar eas indicate periods o{ decline o{ total business activity in the United States. 
Seasonally adjusted sales of ordinary life insurance declined 1 % in October. At 186.5% of average monthly sales during the 1957-59 base period the index was higher than in any preceding October. It was 6.3% above October 1965. Life insurance·, by its very nature, is a hardy growth industry. Increasing population and wealth push insurance sales ever higher. In 1964 the average amount of life insurance in f orce per family was $13,300 for the nation. This was more than double the amount per family in 1954. The average amount per f amily in Texas in 1964 was $12,500. This was 94% of the United States average. Bringing Texas up to the l,Tnited States average would require the sale of approximately $2 billion of additional insurance. 
Total urban building permits issued declined 3% in October after seasonal adjustment. At 106.2% of average monthly value of permits issued during the 1957-59 base period the index was at its lowest value since Septe:mber 1962 when it dropped to a level of 104.9%. Between September 1962 and October of this year the index reached its all-time peak of 183.6% in August 1965. The index has f ollowed an irregular downward course since that time. Because of relatively low values during the first half of 1965, the average of the index for the :first ten months of this year was 4 % above the average for the comparable 1965 period. Examination of a chart of the index f or the period beginning in J anuary 1965 shows an apparent 22-month cycle with the index starting at a low of 113.0% in January 1965, rising to a peak of 183.6% in August, and declining to a low of 106.2% in October of this year. 
The seasonally adjusted index of residential permits rose 18% from its extremely low September value of 64.0% of its 1957-59 monthly average. The September value was the lowest since March 1957 when it fell to 
MANUFACTURING EMPLOYMENT IN TEXAS 
INDEX-AOJUSTED FOR SfASONAl VARIAT/ON-1957-1959• IOO 

150---r-.,-.---ך
150 
125 
100 
75 :--+--+~-+----j--+----j75 
50 50 
1954 '55 '56 '57 '58 '59 '60 'bl '62 '63 '64 '65 1966 
SOURCE: Texaa Employment Commiaaion, Data adjuated for seaaonal variation by the Bur eau ol Buaineaa Research. NOTE: Sh.aded ar eaa indicate per ioda ol decline o( total buaineaa activity in the United States. 
62.1o/o. During the first ten months of the year this index averaged 9% below the corresponding 1965 period. The October rise left the index below its lowest value of the 1960-61 recession. This was 79.2% recorded in December 1960. 
Seasonally adjusted nonresidential permits issued dropped 6% in October to 152.3% of their 1957-59 monthly avera.ge. Starting from a value of 113.3% in January 1965, this index f ollowed an irregular but generally rising course until July of this year. As a result, the average for the first ten months was 20% above the corresponding 1965 period despite the declines in August, September, and October. Values for the first seven months of 1966 averaged 37% above those for the like 1965 period. Declines during the three months at the end of the period have reduced this figure to 20%. 
The same high interest rates and scarcity of mortgage money that are adversely affecting building in the state dropped the October national annual rate of housing starts to a 20-year low of 848,000 units, down 40% from October 1965. In a recent report the Commerce Department estimated the dollar volume of total outlays on all construction in 1967 to be $76.1 billion, up slightly from this year's expected record total of $75.9 billion. Housing starts will decline from an estimated 1,225,000 this year to a 1,050,000-1,150,000 range, with the main impact on multiple-unit structures. A small decrease in starts of single-family dwellings is expected in 1967. 
Seasonally adjusted nonfarm employment rose 1 % in October to 124.1 % of the average 1957-59 monthly employment. During the first ten months of the year this index averaged 4% above the corresponding 1965 period. The October value was a record high for the index. 
Seasonally adjusted manufacturing employment rose 1 % in October to 127.0% of the 1957-59 monthly average. During the first ten months of the year this index averaged 6 % above the corresponding 1965 period. 
The October seasonally adjusted index of total unemployment fell 4% to 73.4% of the 1957-59 average month. The index averaged 18 % below the J anuary-October 1965 period during the first ten months of this year. lnsured unemployment rose in October, but this index during the first ten months averaged 35% below the corresponding 1965 period. 
High wages, full employment of human and material resources, and inflation characterize the economies of Texas and the nation. If the war intensifies, these characteristics will also intensify. lnflation will be contained only by strong fiscal restraints. 
TOTAL UNEMPLOYMENT IN TEXAS 
INDEX-ADJUSTED FOR SEASONAL VARIAT/ON -1957-1959• 100 
200 200 
150  150  
~  
100  _........  · """- ....  tJ\,J \~ ~ ~VוJ -/\.,."  001  
50  50  

0 0 
1954 '55 '56 '57 '58 '59 '60 '61 '62 '63 '64 '65 1966 
SOU RCE: Tetונaa Employment Cornmiaaion. Data adjuated for aeaaonal variation by the Bureau of Bu1ineaa Reaearch• Shaded area• indicate perioda of decline of total buai e 1 1 activity i tbe United Statea• 

 מ.  ס. 
NOTE: 


TH E BIG BASKET 

By Robert H. Ryan 
Each week the average Texas household purchases over $20.00 worth of food for home consumption. Recent studies indicate what consumers buy and how f ood prices are structured. 
In mid-1966 there were 10, 750,000 Texans, all of them with one major economic characteristic in common: they were all food consumers. Further, their eating habits were constantly changing. Whether such changes take place mainly from generation to generation or in the eating habits and tastes of individual consumers is not entirely clear. But the nature of the changes and some of the underlying causes are eminently clear. 
Bakery products, cereals, and other starchy foods have declined in relative popularity, and protein foods have tended to increase. Part of the shift from carbohydrates to proteins has doubtless been a result of the public's growing diet consciousness. Probably more of the shift can be attributed to the general economic prosperity that has enabled more people to eat what they please. And it is evident that most people are best pleased by beef steaks. 
Market economists describe what families eat and how much they pay for their food in terms of a hypothetical "market basket." Actually there are two baskets, the Big Basket that represents all the food consumed in the nation and a Little Basket that represents the consumption pattern of a typical household. To measure family f ood expenditures and changes in those expenditures, researchers determine how many pounds of potatoes, how many cans of tomatoes, and how many quarts of milk an average family consumes in a given period and how much they must pay f or these goods-and all the rest of the major foods they eat. 
Meat, of course, is the f ood industries' piece de reS'istance. Something like a third of the cost of the typical American market basket is represented by meat, poultry, and fish, with beef products accounting for the largest part. A good deal of the rise in the cost in the market basket in recent years has been due to increased meat consumption. In spite of rising meat prices, per capita consumption of beef has gone up from 65 pounds in the late 1940's to about 100 pounds a year today. During the same period, pork consumption has not. even held its own; it amounts to about 65 pounds yearly. And consumer purchases of veal, lamb, and mutton are almost negligible. Market economics have been responsible for the virtual disappearance of veal from most meat counters, and lamb and mutt.on have never been effectively promoted in most parts of the country. 
The composition of the meat market basket fluctuates from year to year in association with changes in meat production, partly because of the diff erences in the rates of growth of cattle and hogs to market size. The hog and beef cycles are usually out of phase with one another, and meat packing companies are able to stabilize to some degree their output and revenue by adjusting prices to reflect the relative abundance of the various types of meat and to influence consumers toward the more abundant types. The key indicator of meat prices is not the price of live animals, as might be supposed; rather, it is the wholesale price of dressed meat. Meat packing companies appraise these going wholesale levels, project their margins, and detennine on that basis how much they can pay for live animals and how many they will need to fill market demand. Of course, retail prices are also influenced by wholesale quotations, though not as directly as might be thought. lnstead of adjusting meat counter tickets up and down to reflect small changes in wholesale levels, retailers try for the appearance, at least, of price stability. They tend to adjust the number and depth of their price specials, rather than repricing all of their beef or pork items in response to price changes 

on whole carcasses. 
Packing companies have borne the brunt of criticism for rising meat prices for years; yet, they are probably less responsible than any other segment of the meat industry. Their earnings have been exceptionally low during most of the years since World War II. Sometimes their after-tax profits have been less than one-half of one percent of sales. Their profit pinch has been due in considerable part to the high wage rates paid to unioni.zed meat packing workers. 
Where, then, does the meat dollar go? According to estimates prepared for the National Commission on Food Marketing, the average retail price of choice beef throughout the nation in 1964 was 70.8 cents per pound, of which 17.0 cents went to cover retailing costs and profits and 11.4 cents to cover the cost of packing, processing, and wholesaling. 
The net farm value, then, was 42.4 cents per pound, or about 60% of the retail price. The price of pork was lower, and pork processing and wholesaling is more expensive than the comparable costs for beef; so farmers realized only about 50% of the consumer price of pork. Typically, however, consumers spend nearly twice as much on beef and beef products as on pork products. 
DECEMBER 1966 
Information on consumer expenditures gathered by the 
U. S. Bureau of Labor Statistics within the past five years indicates that members of the average household ate more than $2.30 worth of beef weekly. However, that figure represented a national average, subject to wide variations. For example, Southerners, with typically lower incomes, ate less beef--especially less steak-than Northeasterners. For the same reason, nonwhite f amilies , mostly N egroes, are poore·r beef customers than whites. In fact, consumption of beef steaks correlates more closely with f amily income than does almost any other family expenditure. As a rule of thumb, the average family spends 10 cents per week on steaks for every $1,000 in annual income up to $20,000 or more. By contrast, lower~income families may commonly buy more bacon than families above the $15,000 line. And the South might accurately be called the Bacon Belt, for consumtion of bacon is higher in this region, including Texas, 
than anywhere else in the United States. 
Poultry typically accounts for neary 5% of the American f amily's food dollar. In recent years, consumers have increased their purchases of chicken and turkey largely because advances in production and marketing technology have lowered poultry prices. In 1948, it took an average of 4 pounds of feed to produce one pound of broiler chicken meat; this ratio dropped to about 2.2 pounds of feed per pound of meat in 1965. A comparable increase in efficiency was realized during the same years in turkey production. As to eggs, the pounds of f eed required to produce one dozen declined from 7.2 in 1948 to 5.5 in 1965. Poultry output efficiency has also been enhanced through new developments in breeding, nutrition, housing, and control of diseases. Many of these advances were led by vertically integrated poultry producing and marketing firms. 
Though eggs still account for more than 3 % of the 
U. S. market basket, per capita use of eggs has dropped by nearly one-fourth since the years just after World War II. This decline is the more surprising because production efficiencies have helped lower egg prices ( e.g ,. from 69.8 cents per retail dozen in 1948 to 53.8 cents in 1965.) 
Margin trends for frying chickens can be taken to il
lustrate the general price structure of the poultry in
dustry in recent years. Farm prices for fryers declined 
rather steadily from a peak of 43. 7 cents per pound in 
1948 to levels around 20 cents during the early 1960's. 
(These farm prices are adjusted to compensate for loss 
of weight in processing in order that they may be com 
pared directly with retail prices.) During those years, 
the farmer's share of the retail price of fryers dropped 
from about 70% to just over 50%, with the differences 
being accounted for primarily by a sharp increase in 
processors' costs . 
On the other hand, the main variable in egg prices from 1947 to 1965 was the farm price. Retail and wholesale prices of eggs trended downward over the 19-year period, and the wholesale spread has remained rather stable (in contrast with the cuts in retailers' chicken markups, the retail spread on eggs has been widened significantly on a percentage basis, and especially since 1960.) 
Housewives in the Northeastern United States may likely "Southern fry more chicken than Southerners do. 

 'י 

322 At least, poultry sales are heavily concentrated in the Northeast. Bureau of Labor Statistics data also indicate that Negro families eat more poultry than whites and blue-collar workers more than white-collar workers. 
Next to meat, poultry, and fish, the most expensive items in the American market basket are fruits and vegetables. But surprisingly, many of the fruit and vegetable products are declining in popularity in the long tenn. From 1945 to 1962 there was less change in total production of fruit than might have been expected in view of the overall growth in the market for food. Total output was up just 6% across the nation. The one big exception was the apple crop, up 88% in tonnage over the 18-year period. However, oranges still dominated the fruit market in 1962, and evidently up to the present. In fact, oranges, grapes, and apples together make up approximately two-thirds of all the fruit in in the nation's market basket. 
During the 1950's and 1960's a sweeping change has overtaken the fruit industry. Just after World War II more than half the crop was sold fresh from grocers' bins. By 1962, over 60% of the crop was processeddried, canned, or frozen. Possibly no segment of the food industry has been aff ected so strongly by the demand f or preprocessed groceries with "built-in maid service." 
Although increasing volumes of vegetables, like fruit, have entered the consumer market in processed forms during recent years, as recently as 1962 over half the vegetables sold (53% ) were still marketed in fresh form. 
A significant change in the cost of the nation's vegetable market basket from 1945 to 1962 was associated with the decline in production of cabbages (-23% ) and carrots (-5%). These two crops and potatoes (+6%) lagged far behind the 25 o/o increase in production of all principal vegetables, yet they are three of the lowestpriced vegetables generally available on the consumer market. The nation's grocery bill, then, was biased upward by a significant shift away from the less expensive and toward the more expensive vegetables. 
This same shift is apparent in the South, where canned and frozen vegetables are sold in larger volume than might be expected and where the fresh vegetable market is the weakest in the nation. Green beans are the one major fresh vegetable that sells better in the South than elsewhere in the country. Potatoes, on the other hand, sell almost equally well throughout the nation, and it appears that color, income, and age have little infl.uence on their consumption. 
Although Texas is more important as a vegetable pro
ducing state than as a producer of fruit crops, the rela
tive importance of Texas vegetables dropped from 1945 
to the early 1960's, mainly because of the strong and con
tinuing trend toward concentration of the nation's vege
table production in California. California growers have 
profited especially from the increasing acceptance of 
frozen and canned vegetables and improvement of re
frigerated transport, which have opened the entire nation 
as a market for California produce. 
Civilian per capita consumption of dairy products in 
the United States has been declining for at least three 
decades, although population growth has more than off
set this decline and total consumption has increased some
what. In 1965 about 270 pounds of fluid whole milk was 
TEXAS BUSINESS REVIEW 

consumed in the nation per capita, plus additional quantities of cream, low-fat milk, and milk products. Dairy goods, then, still account for a sizable part of the national food budget; the share was 14.5% in 1961-1962, and has probably not changed much since then. 
The price of all milk marketed by dairy farmers in the nation is infl.uenced in one way or another by government agencies. Most grade A milk marketed by fanners, 90% in 1965, is supported by minimum prices established under federal or state program. The magnitude of the government infl.uence on dairy prices may be judged from the fact that net government expenditures on dairy price supports and related activities averaged $402.6 million annually for the ten· years .from 1955 through 1964. 
Federal milk marketing orders which prevail in several areas of Texas require milk dealers to pay specified minimum prices to farmers for milk to be used for various purposes. Generally, class 1 milk is milk to be marketed in the fl.uid form, and class 2 milk is destined for manufactured products such as butter, nonfat dry milk, and cheese. Class 1 prices have generally ranged from 35% to 100% more than class 2 prices. ln 1963 packaged milk and cream accounted f or about 71 % of the total value of fl.uid milk products, and the average family spends more of its f ood budget for fresh milk than for any other single commodity . 
There is considerable concentration in the fl.uid milk 

industry; in 1964 the four largest firms were responsible 
for 22o/o of all shipments of fluid milk. This concentra
tion apparently has a steadying effect on the price 
structure of the industry in that large firms benefit from 
economies of large-scale processing and selling. The price 
structure of the milk industry is baffiingly complex, 
partly because most processors o:t fl.uid milk products not 
only wholesale some of their output but also operate 
retail home-delivery routes and, in some cases, conven
ience or dairy retail stores. Too, some large dairy corpo
rations have integrated horizontally and turn out prod
ucts not made from milk. 
The National Commission on Food Marketing has 

reported that of 11 major dairy companies submitting 
infonnation, all made 1 % or more net profit on their 
sales of food milk products, usually between 2% and 3%. 
The Commission concluded that "the profitability of fl.uid 
milk and ice cream operations is likely to be held down 
by keen competition among dairy firms". 
Milk prices are stabilized throughout the year mainly by the butter-making phase of the dairy industry. Butter 
balance wheel," for milk is not used ז-'
has been called the 
for butter manufacture until other demands have been met, and butter output increases or decreases as necessary to balance total mil~ production with the market. Though yearly butter use per capita in the United States has declined steadily from 18.6 pounds in 1934 to 6.5 pounds in 1965, total production of butter has been supported by government policy and also by population growth. 
Bakery goods in the early 1960's made up nearly 9% of the U. S. food market basket, with more than half that total accounted for by bread, rolls, and similar products. The average family bought 69 cents worth of white bread alone every week. 
Bread accounted for 52% of the total value of all bakery shipments in the 1963 Census o/ Manufacturers; but in terms of volume, bread made up 69% of the quantity of shipments. However, rolls and other bread products have increased in sales faster than ordinary white pan-bread, and the economies of large-volume capacity have been offset by the proliferation of bread varieties. Since standard white bread generally sells at a lower price per pound than other bakery products, the changing mix of bakery outputs has tended to raise costs and revenues more rapidly than output volume has increased. 
Data for a group of independent bakers representing 20o/o of the total U. S. bread production show a 13.3% increase in the selling price per hundred pounds of bread between 1956 and 1965. Most of this increase has been due to rising labor costs, especially in selling and delivery, which by 1965 cost bakers more than their raw ingredients. During the 10-year period average hourly wage rates in bakeries rose by 3.bout 40%, although increased productivity partly offset that rise, so that direct labor cost per hundred pounds of bread was up by only 15%. 
Bread prices were studied in detail by the Federal Trade Commission between August and October this year in response to sharp price advances. The investigation found that in the two decades since W orld War 11, most of the advance in bread prices could be attributed to the bakers. The difference between their ingredient costs and their wholesale selling prices represents about half the retail price of bread. This bakers' spread increased from an average of 5.7 cents per pound in 1947-1949 to 12.2 cents per pound in August 1966, a 65% gain. Farm prices of bread ingredients were rather stable over the entire two-decade period, moving upward from about 3.2 cents per pound of bread during 1947-1949 to 3.5 cents per pound in January 1966 and 4.0 cents 
INDEXES  OF  CONSUMER  PRICES,  UNITED  STATES,  1966  
(Adju sted  for  seasonal  variation-1957-59=100)  
Percent chRnge  
Oct 1966 from  
Jan  Feb  Mar  Apr  May  June  Ju\y  Aug  Sept  Oct  Sept 1966  Oct 1965  
A\I items  .. ···· ····  . 111.0  111,.6  112.0  112.5  112.6  112.9  113.3  113.8  114.1  114.5  *'°'  + 4  
Food  ... . . . . . . . .. .  ········ .. .111.4  113.1  113.9  114.0  113.5  11,3.9  114.3  115.8  115.6  115.6  **  +  
Housing ... 109.2 Apparcl & upkeep ... .... . ...... 107.3 Transportation ..... . . .... .. 111.2 Health & recreation . .. · · .......... . 116.9  109.4 107.6 111.1. 117.1  109.6 108.2 111.4 117.6  110.3 108.7 112.0 118.1  110.7 109.3 112.0 1,18.4  111.1 1.09.4 11,2.2 118.7  111.3 109.2 113.5 119.1  111.5 109.2 113.5 119.5  111.8 110.7 113.3 119.9  112.2 111.5 114.3 120.4  ** + 1 + 1 *'°'  + 3 + 3 + 3 + 4  
.**Change is less than one-half of 1o/o.  
Source: Bureau of Labor Statistics, U.S. Dept. of Labor.  

DECEMBER 1966 per pound in August 1966. Yet, other costs of the baking industry, mainly connected with selling and distribution, increased so rapidly that from 1962 through 1964 a group of five large baking companies investigated by the FTC suffered net after-tax losses in their operations, and the nation's four largest baking companies' pro:fit levels were drastically reduced. The top f our companies, which earned 21.2% on their net worth after taxes in 1948, averaged between 11% and 14% in the 1950's, but fell to 7.5% in 1965. 
Three industrial levels contribute to the retail price of bread-the farm, the manufacturer, and the retailer, and several manufacturers contribute to the finished product, including not only the baking industry but fl.our milling and others as well. 
Though Southerners are good customers for bakers' bread, they do less than their share to support other phases of the bakery industry. Cakes, pies, and pastries are purchased about three times as often by f amilies in the Northeast as by households in the South. However, far more flour is sold in the South, per family, than in any other region; it may be concluded, then, that Southerners are more inclined to prepare their own baked goods at home. Cornmeal is also sold in larger relative volume in the South than elsewhere. But in spite of the reputation of the Southern states as the nation's rice bowl, the average family in the Mountain and Pacific Coast regions consumes far more rice than the Southern 
family. Preprocessing of foods-the manufacture of mixes, "instant" preparations, TV dinners, and of course frozen, canned, and dried products-adds to food costs. It is one of the significant factors in the rising cost of the market basket, along with general economic infl.ation and increasing labor costs. However, it should not be felt that only increases in cost are associated with the processing of convenience f oods. The food consumer benefits, for one thing, from significant economies that can be realized only through largescale processing. Major food manufacturers can purchase their raw materials at lower prices, and their efficient operations tend to decrease waste by complete utilization of all grades and parts of the raw materials. The bulk and weight of processed food is enough less than that of fresh f ood that transportation and related charges may be reduced considerably, although refrigeration required in· the transport of frozen food offsets this advantage. Storage stability of food is generally enhanced by processing. But above all benefits that recommend processed foods to the consumer, convenience of reduced preparation time is probably most important. A 1959 analysis by the U. S. Department of Agriculture pointed out that home-prepared food could be served to a family of four for $4.50 per day, as compared with $6.70 for comparable read-to-serve f ood. However, the home f ood would require 5.5 hours in preparation time, as against 1.6 hours for the ready-to-serve menu. In other words, the housewife could save $2.20 by working an extra 3.9 hours in the kitchen. In an age of labor shortages and enhanced work opportunities for women, there may be constantly fewer housewives willing to dedicat.e themselves to the mixing bowl and saucepan for an imputed wage rate of 56 cents an hour. 

TEXAS RETAIL SALES IN OCTOBER 

by Robert H. Ryan 
Sales of durable goods moved upward in Texas during October (+16% ) by enough to bring a 5o/o monthly gain in Texas retailing as a whole. According to preliminary Bureau of Business Research estimates based on benchmarks from the U. S. Bureau of the Census, October durable-goods sales in the state totaled $514.0 million, $71.0 million more than in September. 
N ationwide, consumers were reported to be "bearish" in October and on into November, according to major retail chain executives. Even Sears, Roebuck & Company showed third-quarter earnings almost the same as last year's, though sales were substantially higher. The failure of the larger gross revenues to yield additional profit was attributed to "higher depreciation and interest charges, plus expansion costs." Some other major chains even showed declines in earnings from their 1965 marks. 
The strongest upward movement i11 Texas was seen in motor vehicle showrooms, where new 1967 model automobiles were unveiled during October, evidently to public approval. Even so, all automotive store sales, up 25% from September to October, failed to live up to the normal seasonal expectation of a 33% gain for October. Moreover, this October's automotive sales fell 2% short of the October 1965 mark. 
PRELIMINARY ESTIMATES OF TOTAL RETAIL SALES 
Percent change 
Jan-Oct Oct Jan-Oct 1966 1966 p'~ 1966 Oct 1966 Oct 1966 from from from Jan-Oct Type of store (millions of dollars) Sep 1966 Oct 1965 1965 
Total .1,397.0 13,468.0 + 5 + 4 + 8 Durable goods# 514.0 4,840.0 + 16 + 3 + 2 Nondurable goods . . 883.0 8,628.0 ** + 5 +11 

Bureau of Business Research estimates based on data from the י''

Bureau of Census. **Change is less than one-half of 1%. #Contains automotive stores, furniture stores, and lumber, building material, and hardware stores. pPreliminary. 
Even though some disappointments have been felt in Texas retail markets during 1966, cumulative sales for the year-to-date passed the $13-billion mark during October to reach a total of 8 % above the previous record set for the first ten months of 1965. It now seems assured that 1966 sales, when the 12-month returns have been tabulated, will be greater than sales in any prior year. But new stores ordinarily absorb about 2.5 % of the dollar increase in the market from year to year, and inflation has been responsible for another 2.5% or more in dollar sales representing the same volume of goods. Therefore, it is estimated that sales this year must be up more than 5% from last year to indicate any increase in volume turnover by established merchants. 

Sales of nondurable goods in Texas registered no change from September to October, for strong increases in apparel and dry goods lines were offset by a considerable decline in food. store sales. 
Individual lines of durable-goods retailers registered mixed changes in October, and only the automotive lines made major gains. Normally furniture and household appliance stores are expected to increase their sales volume by 27% from September to October; instead, they slipped by 2% this year, barely edging over the sales record shown in October 1965. Furniture stores gained' only slightly in October, and their sales, f or the year through October, total just 3% above last year's 10-month cumulative figure. In spite of reported cutbacks in home construction resulting f.rom tight-money policies and high interest rates, lumber and building materials dealers have so far held their own fairly well. Their sales were down only 1% from September to October and remain 4% above their 1965 rate for the year-to-date. There is indication that some of the increases in farm revenues are being invested in production equipment. Farm implement dealers reported an excellent October, up 6% from September and 31% above the October 1965 level. So far their 1966 sales average 9% 
better than the 1965 record. 
The gains in apparel store sales from September to 
October fell short of the expected seasonal increase (8% 
actual gain as compared with 11% normal seasonal gain). 
Nor were the gains shared by all lines. Shoe stores 
had a disappointing month, down 6o/o from September, 
possibly because of consumer resistance to sharp price 
advances on fall stocks. Family clothing stores, which 
typically stock moderate and lower price merchandise, 

gained more in October than did either women's ready
to-wear stores or men's and boys' clothing stores. 
Sales in drugstores, normally up 8% from September 
to October, registered no change at all. Restaurants 
did unexpectedly well in October, when their sales ordi
narily show a slight seasonal decline; they recorded a 
2o/o gain. 

Food stores ordinarily report the most stable sales curves among all major retail institutions, but in October their revenues departed significantly from the normal "no change" for the month. Full-line groceries sold 3 % less in October than in September in dollar terms. Considering the general uptrend in food prices it might be supposed that their physical volume of sales dropped even more. However, this is not necessarily the case. The family market basket of food is subject to changes in "mix" that often permit the housekeeper to feed her family as well as usual for less money by substituting lower-priced foods. It is entirely possible that consumer resistance, which has taken dramatic form in recent 
• 
Further hesitancy may have been engendered by conflicting reports of how much the Vietnam war is costing and by hints of coming tax increases. Such reports prompt consumers to shy away from instalment commitments in particular. 

• 
The erratic movement of the stock market has weakened confidence in the stability of the national economy. 

• 
Strikes and wage settlements above guideline levels have appeared to point toward further inflation of consumer-goods prices, perhaps at an increasing rate. 

• 
The tight-money policy, while distinctly anti-inflationary, has struck hard at the durable-goods sector of the consumer market. 


RETAIL SALES TRENDS BY KINDS OF BUSINESS 
Percent change 
Normal 

Jan-OctActual  ג' 
seasonal 
1966 Nu.mber of Oct Oct 1966 Oct 1966 from reporting from from from Jan-Uct Kinds of business stores Sep Sep 1966 Oct 1965 1965 

DURABLE GOODS Automotive storest .344 +33 +25 -2 + 2 Motor vehicle dealers. .. 168 +31 -3 
** 

Furniture and household appliance storest ... . . ...165 +27 -2 + 1 + Furniture stores .. 105 + 4 + 1 + 3 
Lumber, building material, and hardware stores . .255 + 1 -1 -1 + 5 Farm implement dealers. 16 + 6 +31 + 9 Hardware stores .. . . . . . . 58 -4 + 7 + 8 Lumber and building 
material dealers . . ~81 -1 -5 + 4 

NONDURABLE GOODS 
Apparel stores .... .300 +11 + 8 + + 7 Family clothing stores .. .. 58 +17 + + 5 Men's and boys' clothing 
stores .... . 52 + 8 + 2 +11 Shoe stores 61 -6 -3 + 4 Women's ready-to-wear 

stores .108 + 5 + 8 + 8 Other apparel stores . _. ... 21 +22 -8 ** Drugstores . . . . . . . . . . . . . ... 202 
+ 8 ** ** + 
Eating and drinking placest .135 -3 + 1 + 4 + 4 Restaurants 92 + 2 + 3 + 4 Food storest ... 342 -3 -2 + 4 

Groceries (without meats) ... 42 -4 -7 + Groceries (with meats ) ... 287 -3 -2 + 3 Gassoline and service st.ations . .. .107 + 1 + 2 + 2 
** 

General merchandise storest .289 + 13 + 4 + 2 + 6 Department stores 37 + 6 + 4 + 8 Dry goods, piece goods 
"housewives' boycotts," may have lowered dollar purchases 
of food without significantly affecting the physical volume 
stores 
. .1i3

גב)ו:

+ 1 + 2 
Other retail storest . .. .295 -4 -8 + 8 + 9 
Florists 51 + 9 + 1 + 7 

or nutrient value of the foods sold. 
Slowdowns in the consumer market as a whole have been blamed on a combination of factors, more of them psychological than directly economic: 
• Consumers' caution, prompted by inflation in the f ood market, has carried over into other sectors, somewhat dampening the propensity to buy. 
Nurseries 19 + 9 +14 -8 J ewelry stores 35 + lo + 6 +13 Liquor stores 41 + 8 + 6
** 
Office, store, and school supply dealers .. 36 -5 +20 +11 
~· Percent change of current month to preceding month's seasonal average. 

•o/cChange is less than one-half of 1 י'"~

tincludes kinds of business other than classifications listed. 

DECEMBER 1966 
TEXAS BUILDING CONSTRUCTION 
AUTHORIZED IN OCTOBER 

by Robert B. Williamson 

The total value of buildings authorized in Texas cities showed a seasonally adjusted decrease in October for the fourth consecutive month. The adjusted index of construction authorizations fell to 106.2o/o of the 1957-59 base period average, registering losses of 3 % from September and 16% from a year earlier. The October decline occurred despite some improvement in the seasonally adjusted level of residential authorizations. While the October residential index was up 18% from the September level, it was 28% below a year earlier and, except for September, was the lowest the index had been since 1957. Compared with the 1957-59 base period average, the October residential index was only 75.4%. 
Much of the September-to-October improvement in the rate of residential authorizations could be traced to the approval of several individually-large apartment projects. These included a $2.7 million, 400-unit project in Dallas; a $2.2 million, 526-unit project in Houston; and three projects costing a total of $1.1 million and providing 108 units in Austin. 
Texas nonresidential building authorizations, which have been at a high level f or most of the year, accounted for all of the September-to-October decrease in the adjusted total of Texas building authorizations. The October nonresidential index was down 6% from September and was 2% below the October 1965 level. This was the fourth straight monthly decline in the adjusted nonresidential index, bringing it down to 152.3% of the 1957-59 level during October. As recently as July and August, the nonresidential index had been more than 230% of the base period average. 
Despite decreases during October in both the actual and seasonally adjusted totals of nonresidential building authorizations in Texas, there were some very large individual nonresidential projects approved in the state during the month. Among these were several educational buildings, including a $6.1 million science and research building at the University of Houston, a $1.8 million speech instruction building at North Texas State University in Denton, and large new public school buildings in Dallas, Houston, and San Angelo. Other large nonresidential building projects approved during October were a $4.6-million bank building in Lubbock, a $1.5million department store in Wichita Falls, and a $1.4million brewery addition in Houston. 
On a cumulative basis, the total value of all residential and nonresidential buildings approved in Texas cities during 1966 through October continued to be higher, by a 4% margin, than the total for the corresponding period of 1965. Permits for new construction showed a growth rate of 5%, while permits for additions, alterations, and repairs were down 4 % from the year-ago period. 
Within the new construction category, the value of authorizations for new housekeeping residential units during the first ten months of 1966 was down 8% from a year ago, with a 12% decr~ase for one-family dwellings more than offsetting a 9% gain for multiple-family dwellings. As has been widely reported, the weakness in home building this year has been f airly general throughout the nation. The total value of private nonfarm residential buildings put in place in the United States during the first ten months of 1966 was 5% lower than in the corresponding period of 1965. The month-to-month trend in starts of new private housing units has been even steeper, and in October the seasonally adjusted national total of these starts was the lowest for any month since the beginning of the present statistical series f ollowing World War 11. 
Texas authorizations for new nonresidential buildings registered a 21 % increase in value during the first ten months of this year compared with the same period of 1965. This appears to be close to, and perhaps slightly greater than, the growth in nonresidential buildings construction activity nationwide. Types of nonresidential buildings accounting f or the largest dollar increases in Texas construction authorizations during the J anuaryOctober period were educational buildings, industrial buildings, and office-bank buildings. 
The currently depressed condition of home building in the state and the nation is closely related to the present tight supply of mortgage credit, and prospects for any significant recovery in home building activity are dependent to a large degree on the outlook for an easing of credit supplies. The close relationship between the tightening of mortgage credit supplies, as evidenced by rising interest rates on mortgage loans, and the decline in residential authorizations in Texas this past year is clearly shown by the f ollowing data. 
In 1965, while the supply of mort~age funds was relatively large, Texas residential building authorizations followed a moderately rising growth trend. Since the 
HOME MORTGAGE INTEREST RATES AND RESIDENTIAL 
BUILDING AUTHORIZED IN TEXAS, 
1965 AND 1966 

Average ·interest Texas residential 

rized2 ת
::iuthi;זrate1 buildin 
Month (percent) (1957-59= 100) 
196.5 January .......... . .. 5.75 100 February . . . .. ' 5.75 100 March . 5.75 100 April ........... ........ . .. 5.75 103 May ........... 5.75 109 June .. ...... ................. 5.75 114 July ............... ............ 5.75 115 August . . . 5.75 111 September .... ...... .... . 5.75 106 October ... 5.75 115 November .. 5.80 i2o December . . ..... . ..... 5.85 123 
1966 
January . 5.95 119 
February . . 6.00 117 
March ............ . . .6.00 111 

April .... . . .. 6.15 109 
May . . . 6.30 102 
June ......... ..... . . .... 6.35 

10·1 
July ...... ..... ..... . . . 6.55 92 

August ... . ...... ...... 6.65 
8.1 
September . 6.80 

74 
1 Average for conventional first mortgage, new home loans in the Southwest, on the first of the month, as reported by the Federal Housing Administration. 2Three-months moving average centered. on the middle month of the seasona\Jy adjusted index of the value of residential authorizations. 

BUILDING CONSTRUCTION AUTHORIZED IN TEXAS ing the supply of mortgage funds, including the author
INDEX -ADJUSTED FOR SfASONAL VARIAT/ON-1957 1959 • 100 

ization given in September for the agency to funnel
250 250 
$3.75 billion into the mortgage market. The agency, 
200  .  200  
1 .ח~ . 150 100  v  ~• j VIfJU ~.נ "'"1111\1 l  ~וyV'  זlf' v~1vAvJ\Ji~  150 100  
50  50  

0 0 
1954 '55 '56 '57 '58 '59 '60 '61 '62 '63 '64 '65 1966 
NOTE: Shaded areas indicate pe riods of decline o{ total business • ctivity in the United St.a.tes. 

beginning of 1966, a persistent tightening of mortgage credit has been matched by a steady decline in the level of residential authorizations in the state. 
There are grounds for believing that the credit squeeze on home building will not worsen significantly during the coming months and that the credit situation will improve instead. A variety of government measures have been approved. to relieve the shortage of credit for home building. Among the more recent of these was the raising in early October of the ceiling on interest rates that private lenders can charge on government-backed mortgage loans. It was the third time this year that the ceiling was raised in an attempt to attract more loan funds for the financing of this kind of housing, and it brought the ceiling up to 6%. A number of steps have been approved to increase the help that the Federal National Mortgage Association can give toward expand-known as "Fannie Mae" in the industry, scheduled new borrowing for late November to provide itself with $550 million, which it will use largely to increase the supply of mortgage credit through its purchasing of government-backed home mortgages. The agency apparently had been refraining from borrowing because of the current government policy of minimizing federal agency borrowings in order to avoid disrupting credit markets. This was the first open-market security sale scheduled by Fannie Mae since August 10. Another $1 billion in Treasury funds for the agency was authorized by Congress in September, to be available upon Presidential approval. The President approved the release of $250 million of these Treasury funds in late November. 
A projected slowing in the growth of business spending on new plant and equipment next year also would help ease the supply of credit for home building, but at the cost of a slower growth in the demand for nonresidential construction. A McGraw-Hill survey made in late October indicates that business capital spending in 1967 will rise only 5% from this year. In contrast, the capital spending increase indicated for 1966 is on the order of 17%. Among the industries important in Texas, planned 1967 changes include a 6% cutback by aerospace manufacturers and moderate increases of 4% by the industry groups which include petroleum refiners and chemical producers. Similar findings of a scheduled slowdown in capital spending have been made in several other surveys. 
HOURS AND EARNINGS IN TEXAS 
Industry 

Manufacturing-Total 
Durable goods 
Lumber and wood products . .. 
Furniture and fixtures... .. 
Stone, c\ay, and g\ass products . 
Primary metal products ...... . 
Fabricated metal products.... . 
Machinery, except electrica\ .. . 

Oil field machinery. Transportation equipment Nondurable goods ... . . . Food and kindred products. Meat products ... Textile mill products . 
Broad woven fabric mills .. . . . ... . Apparel and other finished textile products ..... .......... . Paper and allied products ......... . Printing, publishing, and allied industries . Chemicals and allied products. .. Petroleum refining and related industries. Leather and leather products . . ..... . ............... ... . 

Nonmanufacturing Mining . . . . . . . . . . . . . . .. .. . ... ·· .... . Crude petroleum and natura\ gas . . . . . . . . . ........ . . 
Sulphur ... · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · Pub\ic untilties · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · Wholesale trade ..... · · · · · · · Retail trade ...... · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 

Average weekly earnings  Average week\y hours  Average hour\y e.arnings  
Oct*  Sept r  Octr  Oct*  Sept r  Octr  Oct*  Sept r  Octr  
1966 ט619  1965  1966  1966  1965 ט619  1966  1965  
$1 10.04  $110.14  S104.83  42.0  42.2  42.1  $2.62  $2.61  $2.49  
114.44  113.74  107 .60  42.7  42.6  42.7  2.68  2.67  2.52  
77.52  77.96  68.13  43.8  43.8  41.8  1.77  1.78  1.63  
78.00  76.80  80.56  40.0  40.0  ג41 .  1.95  1.92  1.96  
94.17  95.04  94.8{)  43.0  43.2  44.3  2.19  2.20  2.14  
127.62  131.13  124.20  42.4  42.3  41.4  3.01  3.10  3.00  
113.97  113.36  110.00  43.5  43.6  44.0  2.62  2.60  2.50  
114.28  115.24  110.77  42.8  43.0  43.1  2.67  2.68  2.57  
121.82  120.27  119.82  42.3  42.2  43.1  2.88  2.85  2.78  
155.14  148.92  138.99  45.1  43.8  43.3  3.44  3.40  3.21  
104.39  106.34  101.60  41.1  41.7  41.3  2.54  2.55  2.46  
91.94  95.68  92.67  41.6  43.1  43.1  2.21  2.22  2.15  
100.19  101.41  97.63  43.0  43.9  9ג.4  2.33  2.31  2.33  
77.79  75.08  74.87  43.7  42.9  44.3  1.78  1.75  1.69  
79.06  77.11  76.91  43.2  42.6  44.2  1.83  1.81  1.74  
60.68  60.92  57.76  38.9  38.8  38.0  1.56  57 ג. 1.52  
124.48  123.27  119.62  44.3  44.5  44.8  2.81  2.77  2.67  
104.22  105.30  100.10  38.6  39.0  38.8  2.70  2.70  2.58  
145.51  147.15  141.96  42.3  42.9  42.0  3.44  3.43  3.38  
~51.56  155.55  150.00  42.1  42.5  41.9  3.60  3.66  3.58  
64.06  66.73  66.90  40.8  42.5  44.6  1.57  1.57  1.50  
133.54  131.55  121.01  42.8  42.3  41.3  3.12  3.11  2.93  
5.ג135  133.46  123.07  42.5  42.1  41.3  3.18  3.17  2.98  
154.00  146.20  138.67  44.0  42.5  43.2  3.50  3.44  3.21  
114.24  112.19  107 .20  40.8  40.5  40.0  2.80  2.77  2.68  
107.86  108.00  107.07  42.8  43.2  43.0  2.52  2.50  2.49  
69.18  68.98  69.72  37.6  37.9  38.1  1.84  1.82  1.83  

*Preliminary, subject to revision upon receipt of additional reports. 
rRevised. 
Data cover wage and salary workers on\y. 
Source: Texas Emp\oyment Commission. 


DECEMBER 1966 A few published f orecasts of national construction acCONSUMER PRICES IN THE UNITED STATES 
100•-1959 VARIAT/ON-1957FOR SEASONAL--,.--'1:..:.:NO:..::f:;...X---'AO=JUSTEO'"""ד-יםי
tivity during 1967 have appeared already. So far, there 
150

seems to be general agreement that the growth in total 150 building in 1967 will be less than in 1966, on the order of 4% compared with an estimated increase of 10o/o or 125 more in the current year. The greatest differences among the f orecasts relate to the residential building outlook. Several, if not most, of the f orecasts point to an upturn 100 in home building next year, but a few forecasters expect that the upturn will not be large enough to cause a 75 rise in the 1967 annual total for residential construction as compared with this year's total. In the case of non
50 50 

residential building, considerably slower growth is ex1954 '55 '56 '57 '58 '59 '60 17>1 '62 '63 '64 '65 1966 
.•te.נ.
eea activity in the United St  ח. 
NOTE: Shaded areaa indicate period1 o{ decline o! total busi
pected for most categories, with especially noticeable 
RANK OF STATES IN LIVE WEIGBT OF FARM PRODUCTION
growth reductions anticipated in the case of educational 
OF CATTLE AND CALVES, 19651 

and industrial buildings. Hospital construction is also expected to register a slower growth. The f orecasted Cattle and calves 
production

slowdowns in educational and hospital buildings construcRank State (millions of pounds) tion are based on expectations of a less-urgent need f or 
TEXAS 3,049 new scl1ools because of slower suburban housing growth Iowa .. .... . 2,774 and continued difficulties in financing such buildings. 3 Nebraska 2,143 4 Kansas 1,827 5 California 1,760
ESTIMATED VALUES OF BUILDING AUTBORIZED IN TEXAS 

538 ,ג 
...6 Minnesota 
7 South Dakota 1,495 

8 Missouri . . ...... . . . ... . 1,425 Jan-Oct 
Percent change 
9 Oklahoma .. . 1,381
Oct Jan-Oct 1966 
1966 1966 Oct 1966 from 

10 Illinois 1,345 

---~~~~~~ from Jan-Oct 11 Colorado .... 1,106 
Classification (thousands of dollars) Sep 1966 1965 

12 Wisconsin 1,019 13 Montana 934

ALL PERMITS .. 105,753 1,407,713 9 + 4 
14 North Dakota 750

4 + 5237,058 ,ג 
92,663.N ew construction 
15 Kentucky 678Residential 

6 Indiana 676  ג 

(housekeeping) 39,932 579,860 + 12 8 17 Ohio 648
One-family dwellings. 28,119 441,502 -12 -12 18 Tennessee 581
Multiple-family 19 Mississippi 552
dwellings .. . 11,813 138,358 +206 + 9 20 Alabama 515
Nonresidential 21 Idaho 515
buildings 52,731 657,198 -13 + 21 22 Oregon 484
Nonhousekeeping 23 Michigan 459
buildings 
(residential) + 55 

24 Louisiana 459

47 -25  ג, 
39 171,5
25 Wyoming 445Amusement buildings.. 189 29,698 -95 + 37 26 Florida . 426Churches 1,930 35,452 -47 + 8 27 Washington 421Industrial buildings 5,599 88,570 + 20 + 63 

Garages (commercial 28 Arkansas .. 410 and private) 1,42.1 12,507 + 10 +103 29 Pennsylvania 396 Service stations 840 14,413 -50 + 3 
30 New Mexico 391 

Hospitals and 31 Arizona 389 institutions 2,552 46,.514 + 17 + 3 32 Georgia 381 Office-bank buildings. . 7 ,512 91,673 + 6 + 20 33 Virginia 363 
34 New York . 358  ג 
Works and utilities. 2,229 20,735 -10 -5 
Educational buildings . 19,882 180,367 -20 + 49 35 Utah . ..... . 230 Stores and mercantile 
36 North C'arolina 210 
buildings 7,229 103,000 + 18 + 9 37 Nevada 160 
Other buildings and 38 South Carolina 131 
structures . 1,809 17,122 -11 + 21 39 West Virginia ... 123 
Additions, alterations, 40 Maryland . ... . 110 
and repairs ..... 13,090 170,655 -32 -4 41 Vermont .. ... . . 65 
42 Hawaii .... .. . 55

METROPOLITAN vs. 
43 New Jersey .. . . . 35
NONMETROPOLITANt 44 Maine 34Total metropolitan .. . . . 88,444 12 + 7

-78,327ג,
1 
45 Massachusetts .. . 2:4
Central cities ... . . 68,864 917,240 -17 + 8 46 Connecticut 24Outside central cities . 19,580 261,087 + 8 + 5 
47 New Hampshire 19
Total nonmetropolitan 17,309 229,386 + 18 9 
48 Delaware 9
10,000 to 50,000 
49 Rhode Island 4
population 9,256 132.,180 + 37 6 
50 Alaska 1
Less than 10,000 
population . . . . . . . . . . 8,053 97,206 + 2 -13 

u.s. . ........ ..33,328 


t As defined in 1966 Census. 1Live weiזiht produced during year by livestock on farms in 50 states, Preliminary data. Source: Livellt ck and Meat Situat,iסn USDA, 
 ס 
Bureau of Business Research in cooperation with the BureauSource: 
of the Census, U. S. Department of Commerce. LMS-149, May 1966, p . 36. 
t----tl25ו----
t--+--+---+-~ 
lOO ~+-~-+ר--
t---t~+-~ 
75 ---+ר---
+--+---+---+-r-

TEXAS BUSINESS REVIEW 
Index for Volurne XL, 1966 

Copies of A Classified and Selective lndex, the Texas Business Review, 1927-1961 are available upon request from the Bureau of Business Research, The University of Texas, Austin, Texas 78712. For subsequent years, an annual index is bound in with each December issue. 
The Review's semiannual statistical issue appears in August, and the annual issue is published in February. 
SPECIAL ARTICLES, TABLES, AND CHARTS 
AREA STUDIES 

"The Economic Impact of Piedras Negras on the Town of 

Eagle Pass," Jan., pp. 4-9. (C. P. Blair) 
"Derivation of Gross Product in Piedras Negras Municipality, 1960," Jan., p. 5. (Table only) 
"Estimated Purchases in Eagle Pass by Residents of 

Piedras Negras Municipality, 1960," Jan., p. 7. (Table 

only) 
"Population, Product, and Purchases in Eagle Pass for 
Piedras Negras Municipality, Estimated 1960, and Pro
jected 1988," Jan., p. 9. (Table only) 

"The Lower Rio Grande Valley: An Economic Profile", 

Mar., pp. 72-79. (Robert B. Williamson ) 

"Map Showing the Location of the Lower Rio Grande 

Valley," Mar., p. 72. (Chart only) 

"Estimated Employment and Sales, by Local Industry 
Groups, Lower Rio Grande Valley," Mar., p. 75. (Table 
only) 

"Contributions to the Total Economy by Each Local Industry's External Sales, Lower Rio Grande Valley, 1963", 
Mar., p. 75. (Table only) 

-Groups and Se~rנ-by Local Industds, :ה 
Employment Tre'' 
lected Components, Lower Rio Grande Valley, 1940, 1950, 

1960, and 1964," Mar., p. 77. (Table only) 

"An Economic Sketch of West Texas," Aug., pp. 208-211. 

(Robert B. Williamson ) 
"Map Showing the Location of the West Texas Region", 
Aug., p. 209. (Chart only) 

BUILDING CONSTRUCTION 

"Ratio of Single-Family Residential Building Authorized 
to Total Residential and Total Building Authorized, by 
Value, Texas, 1958-65," Jan., p. 13. (Table only) 

"Single-Family Residential Building Authorized in Texas, 

1958-1965," Jan., p. 14. (Chart only) 
"Union Wage Scales for Building Trades in Selected 
Texas Cities: Levels as of October 1, 1965, and Percent 
Changes from October 1, 1964," Mar., p. 80. (Table only) 

"Estimates of Building Authorized in Texas," Aug., p. 

212. (Table only) 
"Index of Construction in Texas," Sep., p. 254. (Table 
only) 
"Average Value of New Owner-Occupied Houses, By 

Household Income Groups, The South and the United 

States," Oct., p. 279. (Table only) 
"Texas Building Pennits Issued in September 1966 f or 
Construction of Educational Buildings," Nov., p. 302. 

(Table only) 
"Home Mortgage lnterest Rates and Residential Build
ing Authorized in Texas, 1965 and 1966," Dec., p. 326. 

(Table only) 
ECONOMIC DEVELOPMENT, EMPLOYMENT, 
AND INCOME 


"Employment in Selected Manufacturing Industries, 

Texas, 1958, 1963, and 1966," Feb., p. 32. (Table only) 
"Value Added by Manufacture, Texas and the Dallas 
and Houston Standard Metropolitan Statistical Areas, 
1963 and 1966," Feb., p. 32. (Table only) 

"Nonagricultural Employment: Selected Labor Market 

Areas," Apr., p. 106. (Table only) 
"Recent Economic Development and Change in the Struc
ture of Manufacturing Employment in the Southwestern 
States," Apr., pp. 108-12. (Stephen L. McDonald) 

"Distribution of Manufacturing Employment by Industry 
Division, United States and States in the Southwest, 
1939, 1947, and 1958," Apr., .p. 109. (Table only) 

"Average Manufacturing Wages per Worker in the U. S. 
by Major Industry Division, 1939, 1947, and 1958," Apr., 

p. 110. (Table only) 
"Analysis of Differences in Manufacturing Wages per 

Worker, Southwest and U. S., 1939-1958," Apr., p. 110. 
(Table only) 
"Average Annual Manufacturing Wages per Worker, 

U. S. and States in the Southwest, 1939-1958," Apr., p. 

111. (Table only) "The Future Texas Economy: An Overview," May, pp. 132-35. ( Grady D. Bruce) "Personal Income in the U. S. and Texas, 1940-1964, with Projections to 1990," May, p. 133. (Chart only) "Manufacturing Employment, United States and Texas, 1939-1964, with Projections to 1990,~' May, p. 133. (Table only) "Value Added by Manufacture, U. S. and Texas, 19501963, with Projections to 1990," May, p. 134. (Chart only) "Average W eekly Hours and Gross Average Earnings of Factory Production Workers in Four Southwestern States, December, November 1965, and December 1964," Jul., p. 187. (Table only) "Strike Activity in Texas," Oct., p. 276. (Table only) "Regional Gains in Nonfarm Emplo)-'ment," Oct., p. 276. (Table only) 
"Average Earnings for Selected J obs in Various Texas Cities 1965-1966," Nov., p. 303. (Table only) 
FINANCE 

"Securities Registrations in Texas: First Quarter Fiscal 
1965-66," Jan., p. 10. (Ernest W. Walker) 
"Securities Registrations in Texas,'' Jan., p. 10. (Table 
only) 
"Original and Renewal Applications, by Quarters," Jan., 

p. 10. (Table only) 
"The Federal Reserve Discount Rate: Relation to Market 
Rates annd Purposes of Recent Changes," Mar., pp. 81
85. (James R. Kay) 
"Loans, Investments, and Deposits of Commercial Banks, 
1961-1965," Mar., p. 83. (Table only) 
''Discounts and Advances, Federal Reserve System and 
Dallas Federal Reserve Bank, 1964-1965," Mar., p. 82. 

(Chart only) 
"Long-and Short-Term Interest Rates," Mar., p. 84. 

(Chart only) 
"Member Bank Borrowings at Federal Reserve Banks," 
Mar., p. 85. (Table only) 
"U. S. Gold Stock, Federal Reserve Gold Certificate Re
serves, and U. S. Short-Term Liabilities to Foreigners,"
Mar., p. 85. (Table only) 
"The New Texas Uniform Commercial Code," June, pp.
156-161. (Jack W. Ledbetter) 
"Securities Registrations in Texas: First Half, Fiscal 
1965-1966,'' Jun., p. 163. (Ernest W. Walker) 

DECEMBER 1966 ''Securities Registrations in Texas, 1960-1966," Jun., p. 
163. (Chart only) 
''Securities Registrations in Texas," Jun., p. 163. (Table 
only) 
''Texas Interest Rates," Sep., pp. 244-253. (Gaylord A. 

Jentz) 
''General Interest Laws," Sep., pp. 248-249. (Table only) 
''Small Loan Laws," Sep. pp. 249-253. (Table only) 

''Capital Spending of Business, 1964-1966," Oct., p. 270. 

(Table only) 
''Securities Registrations in Texas, Fiscal 1966," Nov., 
pp. 300-301. (Ernest W. Walker) 
''Securities Registrations in Texas, 1960-1966," Nov., p. 

300. (Chart only) 
''Securities Registrations in Texas Fiscal Years 19651966," Nov., p. 300. (Table only) 
''Number and Dollar Volume of Registration, By Type of 
Registration, Fiscal 1965 and 1966," Nov., p. 301. (Table
only) 
"Dollar Volume of Renewals, Fiscal Years 1960-1966," 
Nov., p. 301. (Table only) 
"Number and Dollar Volume of Applications Withdrawn 
or Denied, Fiscal 1965 and 1966," Nov., p. 301. (Table
only) 
"Number of Licenses Issued by the Securities Board, 
Fiscal Years 1960-1966," Nov., p. 301. (Table only) 
"Federal lnternal Revenue Collections," Dec., p. 331. 

(Table only) 

INDUSTRIAL DEVELOPMENT AND EXPANSION 
"Texas Industrial Expansion, 1965," Feb., pp. 32-37. 
(Stanley A. Arbin,gast) "A Proposal for a Statewide lndustrial Revenue Bond Program for Texas," Oct., pp. 273-276. (Harry W. Clark) "Summary of lndustrial Development Programs for Financial Assistance to lndustry, Texas and ContiguousStates," Oct., p. 274. (Table only) 
INDUSTRIES 
Agriculture 
"Texas Citrus Tree Plantings in the Lower Rio Grande 
Valley," Oct., p. 276. (Table only) 
"Rank of States in Live Weight of Farm Production of 
Cattle and Calves, 1965," Dec., p. 328. (Table only) 

Chemicals and Synthetics 
"Indexes of Chemicals and Allied Products Industry, United States, 1956-1965," Feb., p. 34. (Table only) "Cyclohexane Production, Texas and the United States," Feb., p. 35. (Table only) 
Ice Manufacture 
"The Development of Refrigeration in Texas," Nov., pp. 
296-299. (Charles T. Clark) 
"Map Showing Locations of Ice Plants of the Southwest
ern Ice Association, Inc., 1966," Nov., p. 298. (Chart only) 

Petroleum and Natural Gas 
"Texas Crude Oil Reserves, 1956-1964," Mar., p. 70. ( Table only) "Crude Petroleum Production in the United States and Texas, 1950-1963, with Projections to 1990," May, p. 134. (Table only) "Polypropylene Resin Plants, Texas and United States," Sep., p. 24 7. (Table only) 
Wildlif e Resources 
"The lmportance of Wildlife Resources in Texas," Jul., 
pp. 181-185. (Kenneth D. Starnes, Jr.) 
"Mileage Traveled by Automobile for Fishing and Hunt
ing," Jul., p. 181. (Table only) 
"Trips and Man-Days of Fishing and Hunting," Jul., 

p. 181. (Table only) 
"Number of Persons Twelve Years Old and Over Who 
Fished and Hunted in 1960, by Selected Characteristics," 
Jul., pp. 182-183. (Table only)
"Expenditures of Fishermen and/or Hunters," Jul., p. 

183. (Table only) 
"Average Expenditures for Fishermen and for Hunters, 
1955 and 1960," Jul., p. 184. (Table only) 
"Expenditures for Fishing and Huntin,g in 1955 and 1960, 
by Items," Jul., p. 184. (Table only) 
"Major Item Expenditures of Fresh-Water and Salt
Water Fishermen," Jul., p. 185. (Table only) 
"Expenditures of Hunters, by Item and Type of Hunt
ing," Jul., p. 185. (Table only) 

POPULATION STUDIES 
"Population, Cities and Counties, Lower Rio Grande 
Valley, 1940, 1950, and 1960," Mar., p. 73. (Table only) 
"Population, Lower Rio Grande Valley, Texas, and 
United States, 1920-1964 (Selected Years) and Projected 
1985," Mar., p. 79. (Chart only) 
"Population Estimates for Texas Counties, April 1, 1965," 
Mar., pp. 88-91. (Prepared by the Population Research 
Center, Department of Sociology, The University of 
Texas) 
"1965 Population Estimates for Texas Counties, with 
Average Annual Growth Rates, 1960-1965," Mar., pp. 89-90. 

(Table only) 
"1965 Population Estimates for Texas Standard Metro
politan Statistical Areas, with Average Annual Growth 
Rates, 1960-65," Mar., p. 90. (Table only) 
"Distribution of Texas Counties According to Average 
Annual Percent Growth of Population, 1960-65," Mar., 

p. 91. (Table only) 
"Population of the U. S. and Texas, 1900-1965, with Pro
jections to 1990," May, p. 132. (Chart only) 

R:ETAIL TRADE AND MARKETING 
"Texas Retail Sales, 1949-1965," Feb., p. 38. (Chart only) 
"Per Capita Retail Sales, Texas SMSA's, 1958-1963", 
Mar., p. 87. (Table only) 
"Percent Changes in Retail Sales, 1958 to 1963, in the 
Central Business Districts of Eleven Texas Cities, by 
Type of Store," Apr., p. 114. (Table only) 
"The Decline of Downtown Shopping," Apr., pp. 114-115. 

(Robert H. Ryan) 
The Texas Market for Household Applia ces," May, pp. 


 נן
" 
136-138. (Robert B. Williamson ) 
"U. S. Wholesale Prices of Household Appliances and 
Other Household Durables, December, 1965," May, p . 136. 

(Table only) 
''Electric-Appliance Retail Sales, by Type of Appliance, 
Texas, 1965," May, p. 137. (Table only) 
''Household Appliance Ownership, Texas," May, p. 137. 

(Table only) 
''Relationship of Retail Sales and Personal Income in the 
United States, 1961-1965," Aug., p. 203. (Table only) 
''Park and Shop?" Aug., pp. 204-207. (Robert H. Ryan) 
''Texas Cities Have Generous Downtown Parking," Aug,. 

p. 204. (Table only) 
''Most Central Business District Parking Is in Lots 
and Gara.ges," Aug., p. 205. ( Table only) 
''Texas Automotive Sales-1966," Sep., p. 243. (Table

only) 
''The Big Basket," Dec., pp. 321-324. (Robert H. Ryan) 
''Indexes of Consumer Prices in the United States-October 1966," Dec., p. 323. (Table only) 



MONTHLY ARTICLES, TABLES, AND 
CHARTS 

ARTICLES 
The Business Situation in Texas. (Robert H. Drenner, Francis B. May, Robert H. Ryan, John R. Stockton, Robert B. Williamson) 
TEXAS BUSINESS REVIEW 
Retail Sales in Texas. (Robert H. Drenner, Jo Neman, Robert H. Ryan, John R. Stockton) 
Building Construction in Texas. (Stanley A. Arbingast Robert H. Drenner, Francis B. May, Donald E. Robertson: John R. Stockton, Robert B. Williamson) 
TABLES 
Business Activity Indexes for 20 Selected Texas Cities. 
Selected Barometers of Texas Business. 
Estimates of Total Retail Sales in Texas (except Jul,. 

Sep., Oct.). 


.Texas 	 ;ז
Estimated Values of Building Authorized i 
Local Business Conditions . 
Barometers of Texas Business. 

CHARTS 
Texas Business Activity. 
Building Construction Authorized in Texas (except Sep.) . 

OCCASIONAL TABLES AND CHARTS 
TABLES 
Postal Receipts, Jan., Feb., Oct. 

Retail Sales Trends by Kinds of Business, J an., Feb., 
Mar., Aug., Oct., Nov., Dec. 
Leading Oil-Producing States, Feb., Jun., Jul., Aug., Nov., 

Dec. 

Loans by Texas Savings and Loan Associations, Apr., 
Jul., Oct. 
Revenue Receipts of the State Comptroller, Jan., Feb., Oct. 
Hours and Earnings in Texas, J an., J ul., Dec. 
Texas Labor Force Estimates and Forecast, J an. 
Estimates of Nonagricultural Employment in Texas, Feb. 
Nonagricultqral Employment in Texas: Selected Labor 

Market Areas, Nov. 
Building Construction Authorized in Texas: Selected 
Cities, Feb. 
Well Completions, Oct. 
Indexes of Consumer Prices, U. S. and Houston, Texas, 
Apr., Jun. 

CHARTS 

Texas Industrial Production, Jan., Feb., Mar., Apr., May. Texas Industrial Production, Total Manufactures, J an., Feb., May, Jul. Residential Building Authorized in Texas, J an., Jun., Jul., Sep., Oct., Nov. Nonresidential Building Authorized in Texas, J an., Jun., Jul., Oct., Nov. Total Electric Power U se in Texas, Feb., J ul., Oct. Industrial Electric Power Use in Texas, Feb., Mar., Jul. Crude Oil Runs to Stills in Texas, Feb., Dec. Crude Oil Production in Texas, Feb., May, Jun., Jul., Oct., Nov. Average Daily Crude Oil Production per W ell in Texas, Feb. Texas Industrial Production, Durable Manufactures, Feb., Jul. Texas Industrial Production, Nondurable Manufactures, Feb. Texas Industrial Production, Mining, Jan. Total Unemployment in Texas, Feb., Dec. Credit Reporting in Texas, Feb. Consumer Prices in the United States, Aug., Dec. Wholesale Prices in the United States, Aug., Dec. Newspaper Ad Linage in Texas, ~an., Sep.Ordinary Life Insurance Sales.1n T~xas, Jul., Dec. Miscellaneous Freight Carloadings 1n the Southwestern 
District, Jul. . 
Index of Manufactunng Employment in Texas, Dec. 
DECEMBER 1966 
AUTHOR INDEX 

Arbingast Stanley A. "Building Construction in Texas," Jun., 'Jul.; "Texas Industrial Expansion, 1965," Feb. Blair, C. P. "The Economic Impact of Piedras Negras 
on the Town of Eagle Pass," J an. Bruce, Grady D. "The Future Texas Economy: An Overview" May.Clark, Charles T. "The Development of Refrigeration in Texas," N ov. Clark Harry W. "A Proposal for a Statewide Industrial Revenue Bond Program for Texas," Oct. 
Drenner Robert H. "Building Construction in Texas," J an~, Feb.; "Retail Sales in Texas," Mar.; "The Business Situation in Texas," May. 
J entz, Gaylord A. "Texas Interest Rates," Sep.
Kay, J ames R. "The Federal Reserve Discount Rate: Relation to Market Rates and Purposes of Recent Changes," Mar. 
Ledbetter, Jack W. "The New Texas Uniform Commercial Code," Jun. 
May, Francis B. "Building Construction in Texas," May; "The Business Situation in Texas," Feb., Mar., Jun., Jul., Aug., Nov., Dec. 
McDonald, Stephen L. "Recent Economic Dev~lopment and Change in the Structure of Manufactunng Employment in the Southwestern States," Apr. 
N eman, J o. "Retail Sales in Texas," J an. Robertson, Donald E. "Building Construction in Texas," Sep., Nov. 

Ryan, Robert H. "Park and Shop?" Aug.; "The Big Basket," Dec.; "The Business Situation in Texas," Sep.; "The Decline of Downtown Shopping," Apr.; "Retail Sales in Texas," Dec. 
Starnes, Kenneth D., Jr. "The Importance of Wildlife Resources in Texas," Jul. Stockton, J ohn R. "Building Construction in Texas," Apr.; "Retail Sales in Texas," Feb.; "The Business Situation in Texas," Oct. 
Walker, Ernest W. "Securities Registrations in Texas; First Quarter, Fiscal 1965-1966," Jan.; "Securities Registrations in Texas: First Half, Fiscal 1965-1966," Jun.; "Securities Registrations in Texas, Fiscal 1966," Nov. 
Williamson, Robert B. "An Economic Sketch of West Texas," Aug.; "Building Construction in Texas," Mar., Aug., Oct., Dec.; "The Business Situation in Texas," Jan., Apr.; "The Lower Rio Grande Valley: An Economic Profile," Mar.; "The Texas Market for Household Appliances," May. 
FEDERAL INTERNAL REVENUE COLLECTIONS 
(Thousands of dollars) 
July 1-0ct 31 Percent District 1966 1965 change 
TEXAS 	.. $1,208,684 $1,104, 183 + 9
········· · Income . . .. .. .......... ..... 156,927 153,091 + 3 Withholding 637,108 526,112 + 21 Corporation .. .. ..... . 177,969 177,352 ** Excise 198,614 203,358 -2 Other ... . . . . . . . . . . 38,066 44,270 -14 
SOUTHERN DISTRICT 678,622 598,420 	+ 13 +
Income ... 84,529 81,306 4 Withholding 325,807 269,357 + 21 Corporation ... . .. ····· ····· 84,248 87,949 -4 Excise .. . 166,658 136,539 + 22
····· ·· · ······· · ········· Other ·· ·········· .... .... 17,379 23,269 -25 NORTHERN DISTRICT 530,062 505,763 5 
Income 	72,398 71, 785 1 
+ 
+ 

Withholding . ... .......... 311,301 256,755 + 21 Corporation 93,721 89,403 
+ 5 

Excise ·· ···· 31,956 66,819 -52 Other .... 20,687 21,001 -1 
Source: Internal Revenue Service, U.S. Treasury Dept. 
**Change is less than one-half of l o/o. 
331 



LOCAL BUSINESS CONDITIONS 

•-· 
 ~ו

.... 
lndicators of business conditions in Texas cities pubRetail sales data are reported here only when a minlished in this table include statistics on banking, buildimum of five stores report in the given retail area sales category. The first column shows an average percent
ing permits, employment, postal receipts, and retail trade. change from the preceding month, indicated by (t).
An individual city is listed when a minimum of three 
This is the normal statewide seasonal change in sales
indicators is available. 
by that kind of business-except in the cases of Dallas,
The cities have been grouped according to Standard 
Fort Worth~ Houston, and San Antonio, where the dag
Metropolitan Statistical Areas. In Texas all 22 SMSA's 

ger is omitted because the normal seasonal changes given are defined by county lines; the counties included are 
are for each of these cities individually. The second col· listed under each SMSA. The populations shown for the umn shows the percent change in actual sales reported SMSA's are estimates for April 1, 1965, prepared by the for the month, and the third column shows the percent Population Research Center, Department of Sociology, change in actual sales from the same month a year ago. The University of Texas-the fact designated by footnote A large variation between the normal seasonal change (1). Cities are listed under their appropriate SMSA's; and the reported change indicates an abnormal sales all other cities are listed alphabetically. The population month. shown after the city name is the 1960 Census figure, Additiona~ symbols used in this table include: with the exceptions of those marked (r) , which are (*) lndicates cash received during the f our-week postal estimates o:fficially recognized by the Texas Highway Deaccounting period ended N ovember 4, 1966. partment, and that given f or Pleasanton, which is a com(:j:) Money on deposit in individual demand deposit bination of the 1960 Census figures f or Pleasanton and accounts on the last day of the month. North Pleasanton. Since the SMSA and city population (§) Data for Texarkana, Texast only. estimates have different sources, it is not surprising that (**) Change is less than one-half of 1%. they are sometimes inconsistent, as is the case here with (11) :Annual rate basis. the Odessa SMSA (Ector County) and Odessa. ( #) Monthly averages. 
Percent change Percent change 
Oct 1966 Oct 1966 Oct 1966 Oct 1966 Oct fro·m f1·om Oct from from City a d it Sep 1966 City and item Sep 1966 Oct 1965
m 1966 Oct 1965 196.6יe ת 

ABILENE SMSA AMARILLO (pop• 155,205r) 
Retail sales . .. . . . . . . . . . . . . . + 12.t + 12 + 3
( J ones and Taylor; pop. 124,3571) 
Automotive stores . . . ··· ····. ... + 33t + 25 + 5 

Building permits, less federal contracts $ 665,847 -72 -83 Drugstores . ......... ... . 2 1

+ Bt + + 

9 * .. . $ + 40 6- .ןן 
)Bank (thousands
debits ... .. $ 1,925,112 2 Postal receipts . ... 417,034
+ + 
:~..,:י

Nonfarm employment (area) . 37,400 + 2 Building permits, less federa\ contracts $ 621,987 -82 -81 
Manufacturing emp\oyment (area) . 4,380 + 1 + 5 Bank debits (thousands) . ............$ 330,928 1 3 Percent unemp\oyed (area) . 3.2 -9 -14 End-of-month deposits (thousands) t ..$ 132.,883 + 2 2 Annual rate of deposit turnover . 30.2 4 
+ 
+ 
ABILENE (pop. 110,049r) 

Canyon (pop. 6,755r)Retail sales . .. ........ . ..... . .. ... 
+ 12t + 2 + Postal receipts* . ... ... ·· ······.. ... .$ 8,2.&7 -56 + 7 Apparel stores . .... .... ... 
+ 11 t -9 + 4 Building permits, \ess federal contracts $ 19,680 -59 -86 
Automotive stores + 33t 46 8 
General merchandise stores . .. . . .. . . + 13t -8 5 


1 -13+8,404$•• י י 
...)Bank debits (thousands++ 
-End-of-month deposits (thousands) i . $ 8,159 + 13 ''* Postal receipts* . . . . . . . . ... .. . ...... .$ 134,932 -4 1 
Annual rate of deposit turnover... .. 13.1 -10 -8 Building permits, less federal contracts $ 664,447 -72 -83 Bank debits (thousands) . .$ 138,795 + 3 + 11 
ALPINE (pop. 4,740)
End-of-month deposits (thousands) t . .$ 70,743 + 2 ** 
Postal receipts* .. ... .... $ 5,778 -18 -5
Annual rate of deposit turnover . .... 23.8 + 2 + 11 
Building permits, less federal contracts $ 2,00{) -97 95
-Bank debits (thousands) . .$ 3,739 -7 8
ALAMO: See McALLEN-PHARR-EDINBURG SMSA 
End-of-month deposits (thousands) t . . $ 5,2.02 + 10 2
+ 
Annual rate of deposit turnover . 9.0 -13 9

AMARILLO SMSA 
(Potter and Randall; pop. 169,9421) ANDREWS (pop. 11,135) 

Building permits, less federa\ contracta $ 3,336,387 -6 -4 Postal receipts* .. .. ... .... 
" .... " $ 8,344 -22 -6 ** 24,000 +&86 -45
$10 Building permits, less federal contracts-3,935,772$... ןן(
(thousandsBank debits 
Nonfarm employment (area) . 57,900 -1 + 5 Bank debits (thousands) ........ ... . . $ 6,180 

+ 8 -10 

Manufacturing employment (area) . 7,270 -1 + 75 End-of-month deposits (thousands) t . .$ 7,696 + 10 
5 Percent unemp\oyed (area.) 2.6 ** -19 Annual rate of deposit turnover .. ... . 10.1 -1 
8 

Local Business Conditions City and item  Oct 19&6  Percent change Oct 1966 from Sep 1966 Oct 1966 from Oct 1965  Local Business Conditions City and item  Oct 1966  Percent change Oct 1966 from Sep 196& Oct 1966 from Oct 1965  
ANGLETON: see HOUSTON SMSA  .Groves (pop  17,304)  
Postal  •receipts  . . . . . . . . . . . . .  .$  9,004  - 4  - 1  
ARANSAS PASS: see  CORPUS CHRISTI SMSA  $Building permits, less federal contracts . .. $) . . .Bank debits (thousands  40  ,ג200 7,476  +247 +  + 32 + 5  
End-of-month deposits  $.. ז)(thousands  4, 5&6  + 12  -24  
ARLINGTON:  see  FORT WORTH SMSA  Annual  rate of deposit  .turnover  20.7  +  2  + 49  
.ATHENS (pop.  7,086)  )Nederland (pop. 15,274r . . .. .. . . . . .... . . . .. .. $•Postal receipts  10,846  + 13  
. . . . .•Postal receipts  .$  15,311  - 10  - 9  Building permits, less federal contracts  $  39,459  66  
ermits, less federal contracts  כןBuilding  29,300$  - 86  - 68  Bank debits  ) . . . . .(thousands  .$  7,051  11  + 9  
Bank debits  ) . . .(thousands  .$  13,193  - 8  +  4  End-of-month  deposits  $.. ז)(thousands  5, 000  + 4  
End-of-month deposits  $.. ז)(thousands  3.596 ג +  4  + 37  Annual  .osit turnover  כןrate of de  16.9  -11  +  
Annual  . .....osit turnover  כןrate of de  11.9  - 10  -28  
25,605).Orange (pop  
AUSTIN SMSA  . . . . . . . . . . . . . . .•Postal receipts  . .$  30,803  + 14  
.Travis; pop(  245,5421)  $Building permits, less federal contracts ) ...... . ..... .$Bank debits (thousands  132, 145 39,665  +  4  -- 8 ג8  
$ 4;004,178Building permits, less federal contracts . .$ 4,201,164.  ן ן)Bank debits (thousands  + 51 ••  -+  21 6  $.. ז)End-of-month deposits (thousands .osit turnover  כןAnnual rate of de  28,353 17.5  + 9 9  + 11- 
) .Nonfarm employment (area ) .loyment (area  כןManufacturing em ) . .. ..Percent unemployed (area  101,800 7,160 2.7  + - 2 1 ••  + +  7 5 ••  Nonfarm placements • 66,676)Port Arthur (pop  193  - 33  + 34  
Retail sales  + 12t  - 2  9  
AUSTIN (pop. 212,000r) Retail sales ... Apparel stores . .. .... ..... . .. . . .. . Automotive stores .laces כןEating and drinking  + 12t + llt + 33t -3t  -12 + + 40 + 10  + 8 + 12 + 10 + 12  .... .$*Postal receipts $Building permits, less federal contracts .$) . . . . . . . . .Bank debits (thousands $.. ז)End-of-month deposits (thousands .osit turnover  כןAnnual rate of de  56,128 626,067 73,796 45,900 19.7  ** +152 + 4 2  + 8 + 3 + 3 2  
Furniture and household ...appliance stores  + 27t  + 11  .Port N eches (pop  8,696)  
.General merchandise stores ,Lumber, building material  + 13t  13  +  .... . .. .$•ts כןPostal recei $Building permits, less federal contracts  11,016 45,750  + 23 o ג+  + 29 -84  
and hardware *Postal receipts  .. .stores  ... $  + lt 626,053  -- 13 5  + +  7  .$) .Bank debits (thousands $.. ז)End-of-month deposits (thousands  11,361 6,736  3+ 2  -10 + 4  
ermits, less federal contracts  כןBuilding  $ 3,972,178  +  50  - 21  Annual  .osit turnover  כןrate of de  20.0  5+  -16  
) .... . . . .. . . ..$Bank debits (thousands $.. ז)End-of-month deposits (thousands .osit turnover  כןAnnual rate of de  339,252 77,ג183 22.5  +  2  + 6 + 1 + 3  13,811).BEEVILLE (pop ...............*ts כןPostal recei  ..$  13,142  - 19  - 10  
Building permits, less federal contracts  $  336,780  + 500  
16,846 29,000 2.0,772 11,656).BAY CITY (pop .$. . . . . . . . . . . . . . .•ts כןPostal recei $Building pez·mits, less federal contracts $) . . . . . . . . .Bank debits (thousands  -16 -79 -13  + +  8  .$) . . . . .Bank debits (thousands $.. ז)End-of-month deposits (thousands .Annual rate of deposit turnover Nonfarrn placements  11,835 14,312 10.0 07 ג +  6 2 2 6  + 16 -6 + 23 -14  
$.. ז)End-of-month deposits (thousands .Annual rate of deposit turnover  26,8.37 9.3  + - 15  +  ** 7  . 8,163)BELTON (pop  
Nonfarm placements  ........ . . .  64  - 14  - 37  •Postal receipts  . . . . . . . . . . .$  9,522  - 27  + 11  
Building permits, less federal contracts  $  48,850  -80  
BAYTOWN:  see  HOUSTON SMSA  End-of-month deposit s  $.. ז)(thousands  8,446  +  - 6  
.BIG SPRING (pop  31,230)  
BEAUMONT-PORT ARTHUR-ORANGE SMSA ( J efferson and Orange; pop. 312,7991 )  Rctail sales .$..........*Postal receipts $Building permits, less federal contracta  + 12t 39,335 52,410  -+  8 67  + 13 + 19 -91  
Building permits, less federal contracts  $ 1,607,477  + 45  - 38  Bank debits  ) .(thousands  .$  49, 158  + 16  + 27  
Bank  debits  $...........  ןן)(thousands  5,400,612  +  +  5  End-of-month deposits  $.. ז)(thousands  26,532  + 3  +  

Nonfarm employment (area) ... 
115,300 
+ 


2 Annual rate of deposit turnover . 22.5 
+ 12 + 18 

) .Manufacturing employment (area ) . . . . . . . . .yt-'d (area  סPercent unempl  35,200 3.2  - ~t) נ6  + - 4 26  219 Nonfarm placements BISHOP: see CORPUS CHRISTI SMSA  +  8  6  
+ 12.t + llt + 33t 163,C.09 533,063 305,862 121,284 30.2 BEAUMONT (pop. 127,500r) Retail sales Apparel stores . .... . . . ... . . ... .Automotive stores $· · · · · · · · · · · ·.........•Postal receipts $1tracts זBuilding permits, less federal co ) . ...... . · · · · .$Bank debits (thousands $.. ז)End-of-month deposits (thousands . .. . . .Annual rate of deposit turnover For an explanation of symbols. see p. 332.  + 14 + 2 + 17 7 :',1~ + + +  + 5 + 3 + + 14 -55 + 12 + 3 + 8  21,428 83,700 13], BORGER (pop. 20,911) Postal receipts• ........$ Building permits, less federal contracts $ Nonfarm placements 7,135 39,000 8,344 9,585 11.0 7,357).BONHAM (pop .$. . .•Postal receipts $Building permits, less federal contracts ) .. . ... : ..... .$Bank debits (thousands $.. ז)End-of-month deposits (thousand.s . .....Annual rate of deposit turnover  + 8 +927 -1 -23 -19 -20 + 12 -25  + 16 + 43 -33 -25 -34 -12 + 9 -18  
DECEMBER 1966  333  

;נ:*

Percent change Percent change
s Local Business Conditions >(ת
Local Business Conditi 
Oct 1966 Oct 1966 Oct 1966 Oct 1966 Oct from from Oct froin from City and item 196·6 Sep 1966 Oct 1965 City and item 1966 Sep 1966 Oct 1965 
BRADY (pop. 5,338) San Benito (pop. 16,422) 
Postal receipts* . ...........$ 5,307 -16 -11 Postal receipts* . . . . . .$ 10,357 + 12 + 24 Building permits, less federal contracts $ 930,852 
Building permits, less federal contracts $ 105,861 + 767 Bank debits (thousands) .$ 7,208 7 
Bank debits (thousands ) . . .$ 6,973 -15 + 22 

$..:ן:
)(thousandsdeposits End-of-month 
4 + 2-6,487$..:ן:
)(thousands2 2 End-of-month deposits+7,505 
Annual rate of deposit turnover. ..... 11.7 9 Annual rate of deposit turnover.. . ... 12.6 -15 
+ 18 

BRENHAM (pop. 7,740) BROWNWOOD (pop. 16,974)
Postal receipts• . . . . . . . . . . . . . . . . .$ 11,230 -2.4 -11 

Postal receipts* . . . .$ 23,732 -33 -31 Building permits, less federal contracts $ 
321,160 + 89 +360 Building permits, less federal contracts $ 31,891 -60 -14 Bank debits (thousands) . .$ 16,019 + 16 + 7 Bank debits (thousands) ......... ... .$ 20,637 + 8 -1 
1-15,110 $..:ן:
)(thousandsdepositsEnd-of-month 5 + 7 + 414,19$.. :ן:
)(thousands2 End-of-month deposits+ 
Annual rate of deposit turnover . .. . . . 12.6 

+ 12 + 3 Annual rate of deposit turnover . 18.1 + 5 
** 
Nonfarm p\acements ....... 123 + 12 -22 


BROWNFIELD (pop. 10,286) 
Po.:1tal receipts• . ....................$ 11,729 -9 + 25 BRYAN (pop. 27,542)
Building permits, less federal contracts $ 6,070 -97 -89 

Postal receipts* .. $ 35,802 -3 + 12
Bank debits (thousands) ........ .....$ 19,411 + 6 -23 

Building permits, less federal contracts $ 201,400 -51 -84 

14,035 $.. :ן:
)(thousandsdepositsEnd-of-month 
+ 2 + 21 Bank debits (thousands) . .... . . . . . ...$ 46,628 + 17 + 8 
3+23,568 $..:ן:
)Annual rate of deposit turnover . ....16.8 -36 End-of-month deposits (thousands 
+ 

Annual rate of deposit turnover . . 24.0 + 14BROWNSVILLE-HARLINGEN-SAN BENITO SMSA Nonfarm p\acements . . . 422 + 
+ 3 + 22 

(Cameron; pop. 141,6711 ) Bui\ding permits, less federal contracts $ 42.2,2.11 + 23 -3 CALDWELL (pop. 2,202r) 
12 + 12 Postal receipts* 3,326 -+ 19+$... ןן(
(thousandsBank debits 
1,529,052 . . $ 8 Nonfarm employment (area.) ........ 36,90() + 5 Bank debits (thousands) . .$ 3,356
** + + 8 
Manufacturing emp\oyment (area) . 6,370 + 4 + 25 End-of-month deposits 4,615 ** **
$.. :ן:
)(thousands 
Percent unemp\oyed (area) . . .. .. . ... 6.8 + 5 + 10 Annual rate of deposit turnover . 8.7 
+ + 

BROWNSVILLE (pop. 48,040) CAMERON (pop. 5,640) 
Ret:ai\ sales + 12t + + 7 Postal receipts* . .. ................ ..$ 4,494 -40 

** 

Automotive stores . . . . . . .... .. . .... + 33t ** + Building permits, less federal contracts $ 2,150 +467 -97 Postal receipts* ...... .. ....$ 46,947 + + 4 Bank debits (thousands) . .$ 6,409 -1 + 7 
42 + 10 + 167,0$..:ן:
)(thousandsBuilding permits, less federal contracts $ 22:7,555 -14 -18 End-of-month deposits 
Bank debits (thousands) .. ...........$ 44,607 -1 + 12 Annual rate of deposit turnover . . ... 11.4 -6 -4 End-of-month deposits (thousands 25,508 + 14
12. +$..:ן:
) 
Annual rate of deposit turnover. . . ... 22.1 -5 + 

3 CANYON: see AMARILLO SMSA 
Nonfarm p\acements 493 -19 -25 
CARROLLTON: see DALLAS SMSA
Harlingen (pop. 41,207) Retail sales + 12.t + 3 + 3 CISCO (pop. 4,499)
Automotive stores ..... + 33t + 8 + 4 Postal receipts* . .$ 4,952 -6

Lumber, building material, + 
Bank debits (thousands) . . . . . . . . . ..$ 4,353 -14 

and hardware stores ... + lt + 5 + 17 + 
4 + 9-3,966$.. :ן:
)(thousandsdepositsEnd-of-month7  ך- 
Postal receipts* ..$ 42,712 8 
Annual rate of deposit turnover. . . . . . 12.9 -16 2Building permits, less federal contracts $ 56,65() -55 Bnnk debits (thousands) . . . . . .$ 50,S.58 -26 + 9 
CLEBURNE: see FORT WORTH SMSA

End-of-month deposits (thousands 6 ·t-15 Annual rate of deposit turnover... . 23.1 -24 ** p\acements . 436 8 CLUTE: see HOUSTON SMSA 
+27,243$..:ן:
) 
+29 + ן
Nonfarn 
La Feria (pop. 3,047) COLLEGE STATION (pop. 11,396) 
Postal receipts• . . . . . . .$ 2,053 -1 -34 Postal receipts* .....................$ 26,864 -33 + 22 Building permits, less federal contracts $ 4,100 -2() Building permits, \ess federal contracta $ 88,947 + 95 4 Bank debits (thousands) . . . . . .$ 1,489 -39 9 Bank debits (thousands) . . ...$ 7,117 + 9 End-of-month deposits (thousands 1,739 -3 4 End-of-month deposits (thousands) i . .$ 4,735 + 5 + 7 
+ 4 

$..:ן:
) 
Annual rate of deposit turnover...... 10.1 -40 6 Annual rate of deposit turnover. . . . . . 18.4 + 2 + 2 
Los Fresnos (pop• 1,289) COLORADO CITY (pop. 6,457)
Postal receipts* .......... ...........$ 1,794 + 3 + 38 


Postal receipts* . . . .. ........ . . ... . . .$ 6,930 + 4 -5Building permits, less federal contracts $ 17,50() 
Bank debits (thousands) ... ....... ...$ 5,858 + 15 + 5Bank debits (thousands) . . . . . . ...$ 2,416 -32 + 20 
5 + 17+6,894$.. :ן:
)(thousandsdepositsEnd-of-month 
End-of-month deposits (thousands 1,332 -22 -7

$..:ן:
) 
Annual rate of deposit turnover..... . 10.4 + 8 -12
Annual rate of deposit turnover... 19.() -21 + 29 
CONROE: see HOUSTON SMSAPort Isabel (pop• 3,575) 
Postal receipts* . . . . .............. $ 2,460 -38 + 4 

COPPERAS COVE (pop. 4,567)
Building permits, less federal contracts $ 8,045 + 38 -54 
Postal receipts* ......... . ... $ 4,500 -13 -9

Bank debits (thousands) ... ..........$ 2,129 -12 + 6 

Building permits, less federal contracts $ 1,355 -87 -99

12 + 32+1,878$..:ן:
)(thousandsdepositsEnd-of-month 
Bank debits (thousands) ..... ....... .$ 1,442 -47 -21

Annual rate of deposit turnover. .. ... 14.4 -17 -17 

12 8+1,349$..:ן:
)(thousandsdepositsEnd-of-month 
For an explanation of symbols, see p. 332. Annual rate of deposit turnover. ... 13.6 -51 -9 
Percent change
Percent change

Local Business Conditions Local Business Conditions 
Oct 1966 Oct 1966
Oct 1966 Oct 1966 
Oct from frvm
Oct from from 
19~ Sep 196~ Oct 1965

City and item City and item
1966 8€p 196~ Oct 1965 
Carrollton (pop. 9,832r)
CORPUS CHRISTI SMSA 

Postal receipts* ·$ 12,608 + 17 + 35 (Nueces and San Patricio; pop. 268,7021) lluilding permits, less federal contracts $ 422,650 -5 -9 Building permits, less federal contracts $ 2,096,975 -28 + 48 Bank debits (thousands) . .$ 9,120 + \8 + 26 
::נ;::

3 + 23+&54,1$.. ז 
)Bank debits (thousands) /1. . ... $ 3,984,348 + 8 End-of-month deposits (thousands 
Nonfarm employment (area) . 83,70{) Annual rate of deposit turnover . 26.7 + 13 + 9
+ + 
Manufacturing employment (area) . 10,470

 ג:ו 
* 
+ 
DALLAS (pop. 679,684)
Percent unemployed (area) . 2.9 -36 

Retail  sales  + 12  + 3  **  
Apparel  stores  + 10  +  4  **  
.Aransas Pass (pop  6,956)  Automotive stores  + 25  + 21  -21  
*Postal receipts  ..... .. ... .. $  6,142  4  + 14  Drugstores  . .. ..... . .... .  **  4  + 2  
) . . . . ... ... . .$Bank debits (thousands $.. ז)End-of-month deposits (thousands  6,32.2 6,411  + 8 + •8  + 29 + 23  Eating and drinking places... . . Florists  + 10 + 10  +  6 8  +  2  
Annual  .rate of deposit turnover  12.3  +  2  +  7  Furniture and household  
appliance  stores  ........ .  +  4  +  2  **  
)Bishop (pop. 3,825r .. .. .. .... ..... .$*Postal receipts $Building permits, less federal contracts . .$) .Bank debits (thousands $.. ז)End-of-month deposits (thousands .nnual rate of deposit turnover<\..  3,705 23,00{) 2,460 3,071 9.2  + 8 + 84 2 8  + 18 *:: נ-7 + -15  + 9 + 8 General merchandise stores . Lumber, building material, and hardware stores . ..$ 3•755,729*Postal receipts $ 9,924,670lluilding permits, less federal contracta . ... .$ 5,042,804 ) . . . .Bank debits (thousands 1,495,525$.. ז)End-of-month deposits (thousands  9 7+ + 34-4+ 3+  + 3 + 8 -23 + 21 + 4  
Annual  .rate of deposit turnover  41.1  + .נ + 16  
CORPUS CHRISTI (pop. 204,850r) + 12t + \3t .. . $ 238,873 Retail sales General m erchandise stores . Postal receipts* Building permits, less federal contracts $ 1,957,655 Bank debi ts (thousands) . . ....$ 271,150 End-of-month deposits (thousands) :/: . . $ 142,382 Annual rate of deposit turnover . . . . 23.2  + 19 + 29 -6 -26 3 +  ** + + 7 + 47 + 6 + 6 +  . 26,844 )Denton (pop 58,977 .. $*Postal receipts $ 2,070,985 Building permits, less federal contracts 37,606) . .. . .... . ... .$Bank debits (thousands 26,839$.. ז)End-of-mont h deposits (thousands 17.0.Annual rate of deposit turnover 176Nonfarm placements  -2 +371 -7 + 2 11 + 16  + 10 +275 + + 4 9  
10,266).Robstown (pop 24,280 $Building permits, less federal contracts 13,845) .. . . .... . ... .$Bank debits (thousands 11,494$.. ז)End-of-month deposits (thousands 14.2 .it turnover~Annual rate of depo  - 57 11 4 9  -56 + 22 + 9 + 15  11,743 41,350 8,928 7,559 14.2 )Ennis (pop. 10,250r .. $*Postal receipts $Building permits, less federal contracts ) . . ....... . . .$Bank debits (thousands $.. ז)End-of-month deposits (thousands .. ..Annual rate of deposit turnover  -6 -93 + 16 ** + 15  + -77 -11 4 -7  
6,008).Sinton (pop ... .... ..$*Postal receipts $Building permits, less federal contracts . ... .$) .Bank debits (thousands $.. ז)End-of-month deposits (thousands .o\•er  תnnual rate of deposit tur.\.  6,206 34,190 7, 585 5,372 16.2  -9 +554 + 2 8 + 8  + 3 + 3 + 54 -8 + 67  + 12t + 33t Garland (pop. 50,622r) Retail sales Automotive stores . .. . 58,467.$*P ostal receipts $ 1,285,120lluilding permits, less federal contracts 39,341) .. . .... . .... .$Bank debits (thousands 20,483$.. ז)End-of-month deposits (thousands 23.0Annual rate of deposit turnover .  + 27 + 31 + 58 2  + 14 + 18 + 9 + 87 + + +  
20,344 ).CORSICA.X . .\ (pop .... . . . .. . .Retail sales ...... .$*Postal receipts $Building permits, less federal contracts . . .$.)dsת\1$a סBank debits (th $.. ז)End-of-month deposits (thousands  + 12t 58,071 3(12,199 25,161 24,375  + + 79 + 13 + 10  + 13 -4 -27 +  )Grand Prairie (pop. 40,150r ..$*Postal receipts . .$) . . .Bank debits (thousands $.. ז)End-of-month deposits (thousands .Annual rate of deposit turnover  35,393 19, 7 42 12,943 18.5  -10 + 3 + 2 + 3  + +  15 2 8  
Annual rate of deposit ts תonfarm placeme ~  .turnover . . ... .....  13.0 218  +  7 11  +  )lrving (pop. 60,136r*Postal receipts  .... $  75,487  - 1  + 24  
lluilding permits, less federal contracts  $  784,56{)  - 69  - 81  
31,029 3,629 3.256 13.5 9,101).CR\'ST . .\L CITY (pop $Building perm its, less federal contracts ... . .. .$)Bnnk debits (thousands $.. ז)End-of-month deposits (thousands nnual rate of deposit turnover.\.  + 13 + 7 + +  -+ +  53 5  . . .$) .Bank debits (thousands $.. ז)End-of-month deposits (thousands .Annual rate of deposit turnover Justin (pop. 622) Postal receipts* $ Building permits, less federal contracts $  46,28{) 21,673 25.3 929 0  + +  ** 8  + 18 1 + 14 + 29  
DALLAS Sl\ISA . 1,261,7871 )Colli11, Dallas, Denton, and Ellis; pop(  Bank debits (thousands) . . $ End-of-month deposits (thousands) t . .$ Annual rate of deposit turnover .  841 906 11.4  +  16 19  -35 + 8 -37  
Building permits, less federal contracts 31 8.018,933 69,098,364• • S•Bank debits (thousands) 11 •  -2S 4+  27-19+  .McKinney (pop *Postal receipts  13,763)  .. $  17,20{)  14  + 15  
ment• נNonfarm emplo  ) .(area  580,300  +  6  Building permits, less federal contracts  424,021 $  +255  + 13  
gתl\Ianufacturi  emp\oyment  ) .(area  135,070  +  8  Bank debits  )(thousands  .. .$  15,964  +  1  + 43  
ed· נPerrent unemplo  ) .(area  2.1  - 9  28- End-of-month deposits  $.. ז)(thousands  12,124  + 10  +  
nnual.\.  .rate of deposit turnover  16.6  - 1  + 48  
For  an  on גexplanat  o':  ·mbols.~s  see  .p  332.  Nonfa rm  plarements  ...  159 •י:י + 41  
DECE::\IBER 1966  335  

Percent change 	Percent change
Local Business Condi tions 	Local Business Conditions 
Oct 1966 Oct 1966 Oct 19&6 Oct 1966 Oct from from Oct from from City and item 19&6 Sep 1966 Oct 1965 City and item 19&6 Sep 1966 Oct 1965 
DENTON: see DALLAS SMSA
"l\lesquite (pop. 27,526) Postal receipts* .$ 23,893 -2 + 30 Building permits, less federal contracts $ 252,060 -2.2 -41 

DONNA: see McALLEN-PHARR-EDINBURG SMSA Bank debits (thousands) . . . . .. .$ 13,599 + 16 + 31 End-of-month deposits (thousands 8,173 + + 2.4 DUMAS (pop. 10,547r)
8$.. ז
) 
Annual rate of deposit turnover. 20.7 + 20 + 14 	Postal receipts* ... ........... ...$ 9,772 + & + 11 Building permits, less federal contracta $ 32,450 -67 -91 Bank debits (thousands) . .$ 11,121 -7 
+ 

8 + 4+11,814$.. ז
)(thousands	Midlothia.n (pop. 1,521) End-of-month deposits 
Building permits, less federal contracts $ 18,850 -6 Annual rate of deposit turnover . 11.7 -11 + 4 Bank debits (thousands) . ............$ 1,158 -19 -21 
)12,094.(pop	2 -4 EAGLE PASS+1,621$.. ז
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover.... 8.7 -14 -19 	Postal receipts* ........... .$ 11,224 -2 + 17 Building permits, less federal contracta $ 79,880 -35 8 Bank debits (thousands) . ......... ...$ 7,346 + + 5 
••$.. ז
)	)1,254•(popPilot Point 
End-of-month deposits (thousands 4,342 -6 Building permits, less federal contracts $ 5,000 -44 Annual rate of deposit turnover..... . 20.3 + 10
** 	+ 
Bank debits (thousands) . . ...$ 1,698 + 7 + 8 End-of-month deposits 2,057 + 14 + 7 EDINBURG: see McALLEN-PHARR-EDINBURG SMSA
$.. ז
)(thousands 
Annual rate of deposit turnover... 10.6 + 2 + EDNA (pop. 5,038) Postal receipts* ............. .$ 6,045 + 9 -10
Plano (pop. 10,102r) 

Building permits, less federal contracts $ 8,625 +329 + 25 Building permits, less federal contracts $ 777,357 +141 
+ 36 Bank debits (thousands) ... ..........$ 6,72.1 -14 	+ 8 

Bank debits (thousands) $ 5,419 + 4 + 25 

3 -9-6,863$.. ז
)(thousandsdepositsEnd-of-month 
End-of-month deposits (thousands) i . .$ 3,783 6 + 1·2 

Annual rate of deposit turnover. . .... 11.6 -14 + 16 +Annual rate of deposit turnover..... . 16.7 + 6 
EL PASO SMSA Richardson (pop. 34,390r) (El Paso; pop. 339,9491) Postal receipts* ..$ 63,043 + 1 + 39 Building permits, less federal contracts $ 3,147,093 -13 -13 
9 -1-4,575,660$........... ן ן
)(thousands	Building permits, less federal contracte $ 739,0·88 -65 -51 Bank debits 
Bank debits (thousands) ...... .......$ 28,779 + 2 + 1& 	Nonfarm employment (area) ......... 105,500 + 9

** 

End-of-month deposits 15,259 + 11 Manufacturing employment 19,950 Annual rate of deposit turnover.. .... 24.1 -3 + 4 Percent unemployed (area.) ...... 3.4 -11 -32 
14 (area) .+ 1 + 15	+$.. ז
)(thousands 
EL P ASO (pop. 276,687)Seagoville (pop. 3,745) 
Retail sales . . . . . . . . . . . . . . . . . . . . . . . . . + 12t + 14 -2
Postal receipts* .....................$ 8,722 + 23 + 55 

Apparel stores . . . . . . . . . . . . . . . . . . . . + 11t + 17 + 8Building permits, less federal contracts $ 38,140 + 65 +735 Automotive stores . . . . . . . . . . . . . . . . . + 33t + 36 -15
Bank debits (thousands) ....... .$ 5,652 + 27 + 65 

Food stores . . . . . . . . . . . . . . . . . . . . . . . **t + 10 + 4 
End-of-month deposits 	2,285 -8 + 19

$.. ז
)(thousands 
Postal receipts* .. ...................$ 392,332 + 10

** 
Annual .rate of deposit turnover. . .... 28.4 + 26 + 33 Building permits, less federal contracta $ 3,146,993 -13 -lS Bank debits (thousands) . ........... .$ 375,1&1 -5 ** 

12 1+203,309$.. ז
)(thousands	Waxahachie (pop. 12,749) End-of-month deposits 
Postal receipts• ........ . ....... . ....$ 13,702 -7 -20 	Annual rate of deposit turnover. . . . . . 23.4 -8 + 2 

Building permits, less federal contracts $ 72,526 +159 -30 Nonfarm placements 817 + 26 + 10 ENNIS: see DALLAS SMSA 
DAYTON: see HOUSTON SMSA 	EULESS: see FORT WORTH SMSA 
FORT STOCKTON (pop. 6,373)DEER PARK: see HOUSTON SMSA 
Building permits, less federal contracta $ 53,SOO + 28 + 13 Bank debits (thousands) .. .. ... . .. . .. $ 8,113 + 8 + 21 End-of-month deposits (thousands 8,661 + 6

24+$.. ז
)
DEL RIO (pop. 18,612) 
Annual rate of deposit turnover. .. .. . 12.4 -3 + 14

Postal receipts* ..... .$ 21,347 + 19 + 24 Building permits, less federal contracts $ 47,004 -70 -57 Bank debits (thousands) . ... .........$ 14,053 2 + 8 FORT WORTH SMSA 
)611,2931;1 + 4 (Johnson and Tarrant	17,872$.. ז
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover...... 9.4 2 + 3 	Building permits, less federal contracts $ 7,591,957 -64 -2.4 
16+**85,988&,$14........... ן ן
)(thousandsBank debits 
Nonfarm employment (area) .... .. ... 2&&,400 •• + 7
DENISON (pop. 25,766r) 
Manufacturing employment (area) . 75,070 •• + 18
Retail sales ........ . .......... + 12:t + 31 + 17 

Percent unemployed (area) ......... . 2.& -14 -2.4

Automotive stores . ... . . ........... + 33t + 45 + 20 
Postal receipts* .............. ... ....$ 2&,834 + 1 + 10 

Arlington (pop. 53,024r)
Building permits, less federal contracts $ 151,334 -2 -27 
Retail sales 
Bank debits (thousands) . .. ..........$ 19,934 -2 


•• Apparel stores . . . 	+ 11t -9 -3 
4+17,705$.. ז
)(thousandsdepositsEnd-of-month 
'°'* Postal receipts* .... .................$ 104,5&4 	•• + 28

Annual rate of deposit turnover...... 13.5 -4 -3 Building permits, less federal contracta $ 2,931,875 + 15 + 19
Nonfarm placements ............... . 259 


+ 33 + 39 Bank debits (thousands) . . .. .. ...$ 59,184 	+ 5 + 19 
2 + 926,697$.. ז
)(thousandsdepositsEnd-of-month 
For an explanation of symbols, see p. 332. 	Annual rate of deposit turnover. . . . . . 26.4 + 7 + 9 
Percent change 	Percent change
Local Business Conditions Local Business Condi tions 
Oct 1966 Oct 19&6 Oct from from Oct from from 
Oct 1966 Oct 19&& 
City and item 

19&& Sep 196& Oct 1965 City and item 	19&& Sep 1966 Oct 1965 
Cleburne (pop. 15,381) La Marque (pop. 13,969)

Postal receipts* ............... .$ 
22,754 + 5 + 22 Building permits, less federal contracts $ 12,300 -74 -87 Building permits, less federal contract~ $ 
225,&90 +338 + 423 Bank debits (thousands) ..... ....... .$ 10,608 3 + 1 Bank debits (thousands) . ..... .. .....$ 
1 + 8+7,568$..:ן:
)(thousands	3 End-of-month deposits+14,584 
+

$..:ן:
)deposits (thousandsEnd-of-month 
13,088 + 2 + 3 Annual rate of deposit turnover. . . . . . 16.9 6 9 
Annual rate of deposit turnover. . . 

13.5 + 2 

GALVESTON (pop. 67,175)Euless (pop. 10,500r) Retail sales + 12t 6
+ 

Postal receipts* ............... .$ 12,005 + 50 Apparel stores 	+ lS -1
tג
1+
+ 63 

Building permits, less federal contracts $ 172,55() -32 -69 Food stores "'*t + 3 + 12 Bank debits (thousands) .. ..... . .. . .. $ 12,2'14 + 27 +103 Postal receipts* .... .................$ 126,015 + 24 -8 
53311,351$	3,641$.. :ן:
)(thousandsdepositsEnd-of-month 
+ 4 -17 Building permits, less federal contracts 	-+ 84 
Annual rate of deposit turnover..... . 41.1 	Bank debits (thousands) .. ...........$ 103,772 6

+ 2& 	** 
3o ג+ 

End-of-month deposits (thousands 55,382 4
$..:ן:
) 
Annual rate of deposit turnover.. .. . . 22.1 3 +
FORT WORTH (pop. 356,268) 
Retail sales . . . . . . . . . . . . . . . . . . . . .... . + 6 

+ 11 + 
Texas City (pop. 32,065)
Apparel stores ..... . . . . .. ..... . 
+ 8 + 11 + 6 

Postal receipts* 	.. $ 28,715 -14
Automotive stores .. . .... .. .. . . . .. . 	+
+ 24 + 49 

Eating and drinking p\aces....... . 	Building permits, less federal contracts $ 224,890 + 77 -49

2 + 2 
+

Food stores . ... .. . . .... . .. . . .. .. . . 	Bank debits (thousands) .............$ 24,964 -10 + 19 

6 -4+14,428$..:ן:
)(thousands 	2 4 End-of-month deposits
Furniture and household 

over. .21.4 -14 + 27 	 דג 
Annual rate of deposit tu1
app\iance stores .... . ..... . . . .. . 
+ + 6 16 
Lumber, building material, 
and hardware stores . . . . . . . . . . . . . + 8 + 8 7 


GARLAND: see DALLAS SMSA 
Postal receipts* .....................$ 1,021,955 3 + 4 
Building permits, less federal contracts $ 3,110,504 -82 -23 

GATESVILLE (pop. 4,626) 
Bank debits (thousands) . .. .. . . .. .. .. $ 1,055,4&5 + 17 Postal receipts* ...... .. .. ... :... ....$ &,077 + 40 + 18 

Bank debits (thousands) .. ...........$ 7,675 + 8 + 8	••2+434,839$..:ן:
)(thousandsdepositsEnd-of-month 

3+6,933$..:ן:
){thousandsdepositsEnd-of-month
Annual rate of deposit turnover. . . . . . 29.4 5 + 16 	+ 5 
Annual rate of deposit turnover . ..... 13.5 + 8 + 3 Grapevine (pop. 4,659r) 
GEORGETOWN (pop• 5,218)
Postal receipts* ... ...... .... ........$ !),766 -8 3 

Postal receipts* ............. .$ 7,563 -9
Building permits, less federal contracts $ 92,850 + 48 7 	•• 
Building permits, less federal contracts $ 44,600 -50 + 22
Bank debits (thousands) .. . . . . . ... . ..$ 4.,699 + 11 + 6 
Bank debits (thousands) ......... ... .$ 5,419 + 1 + 3

9 44,197$..:ן:
)(thousandsdepositsEnd-of-month 
+ + 

End-of-month deposits (thoסsanda) i . .$ 6,593 + 3 2Annual rate of deposit turnover . 14.0 
+ ** 

Annual rate of deposit turnover.. . 10.0 2 + 4 
North Richland Hills (pop. 8,662) GIDDINGS (pop. 2,821)

Building permits, less federal contracts $ 18,500 -85 -86 
Postal receipts* ... ..$ 4,593 -22 + 11
Bank debits (thousands) .. ...........$ 9,878 + 1 + 25 

Building permits, less federal contracts $ 7,338 -20 -97 
5,650$.. :ן:
)(thousands
End-of-month deposits 	2 + 30
+ 

Bank debits (thousands) ............ .$ 5,095 + 14 + 29

Annual rate of deposit turnover. . . 21.2 4 -6 
25,172$..:ן:
)(thousandsdepositsEnd-of-month 
+ + 14 

Annual rate of deposit turnover.. .. .. 12.0 + 12 + 14
White Settlement (pop. 11,51.3) Building permits, less federal contracts $ 13,186 + 41 -50 GLADEWATER (pop. 5,742) Bank debits (thousands) . ............$ 2,406 
+ 8 + 23 Postal receipts* ........... 7,658 	-13 + 3 

12 + 24 Building permits, less federal contracts $ 24,SSO -37 -50	+1,617$..:ן:
)(thousandsdepositsEnd-of-month 
Annua\ rate of deposit turnover. . . . . . 18.9 + 2 + 6 	Bank debits (thousands) . ............$ 5,724 + 21 + 

12 -14-4,790$.. :ן:
)(thousandsdepositsEnd-of-month 
FREDERICKSBURG (pop. 4,629) Annual rate of deposit turnover. 13.4 + 28 + 12 Postal receipts* ..... .. .. ... ... .. ... .$ 9,548 + 22 + 12 Nonfarm employment (area) . ........ 33,550 -1 + 4 Building permits, less federal contracta $ 58,415 -39 Manufacturing employment (area) . 8,870 2 + 14
2 ג 
+ 
Bank debits (thousands) ..... . .... . .. $ 13,768 	Percent unemp\oyed (area) .. . ...... . 2.6 -16 -24
+ 14 + 2.8 

1 + 10+11,301$.. :ן:
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover... 14.7 + 10 + 14 	GOLDTHWAITE (pop. 1,383) Postal receipts* ... ....... ...........$ 2,739 8 -9 Bank debits (thousands) .... ...... . .. $ 4,244 + 7 + 13
FRIONA (pop. 3,049r) 
5 + 8+6,453$..:ן:
)(thousandsdepositsEnd-of-month
Building permits, less federal contracts $ 0 Annual rate of deposit turnover . 8.1 + 7 + 7
Bank debits (thousands) . .. . .. . .. .. .. $ 11,047 + 12 + 18 
14+  ג 
l+5,857$..:ן:
)(tbousandsdepositsEnd-of-month 
GRAHAM (pop. 8,505)
Annua\ rate of deposit turnover . 23.8 •• + 
Postal receipts* ....... .$ 11,022 + 12 + 23 Building permits, \ess federal contracts $ 272,250 + 760
GALVESTON-TEXAS CITY SMSA 

Bank debits (thousands) ........ . ....$ 9,888 + 5 •• 

+210, 770 $.. :ן:
)(thousandsdepositsEnd-of-month	153,9931)pop.Galveston;( 
Building permits, less federal contracts $ 548,541 -34 -22 	Annual rate of deprisit turnover. 10.9 + 8 4 
S 1,85-2,332 -14 3	...........  ןן 
)(thousandsBank debits 
GRANBURY (pop. 2,227)
Nonfarm emp\oyment (area) . . . . . . . . . 55,500 •• + 2 Manufacturing emp\oyment (area) . l ,Oי000 -2 2 Postal receipts* ............. .... ....$ 3,746 + 3 + 15 
(area) ... . ..· ... 3.8 -12 21 Bank debits (thousands) . . .. ... + 12 + 22
968 .ג 
$	-unemp\oyedPercent 
2,419$..:ן:
)(thousandsdepositsEnd-of-month 
+ 4 + 4 

Annual rate of deposit turnover... 10.0 + 11 + 16
For an explanation of symbols, see p. 332. 
DECEMBER 1966 	337 
Percent change 	Percent change
Local Business Conditions 	Local Business Condi tions 
Oct 1966 Oct 1966 Oct 1966 Oct 1966 Oct from from Oct from from City and item 19/X) Sep 1966 Oct 1965 City and item 1966 Sep 1966 Oct 1965 
GRAND PRAIRIE: see DALLAS SMSA 	Dayton (pop. 3,367) 
Postal receipts• 	.$ 2,994 -20 -11 
g permits, less federal contracts S 10,075 +908 -43 	 ת 
see FORT WORTH SMSA BuildiGRAPEVINE: 
k debits (thousands) . .$ 12 3

4,599 	ת
Ba 
3+3,497$..:ן:
)(thousandsdepositsEnd-of-month
GREENVILLE (pop. 22,134r) 	** 
Annual 1	16.0 -2
er. 15	• \סת 
ate of deposit tur·
Retail sales + 12t + 26 -6 Postal receipts* ....$ 36,500 -7 + 13 Building permits, less federal contracts $ 229,100 + 93 Deer Park (pop. 4,865) Bank debits (thousands) . . . . . .$ 22,958 -8 נ:t * Postal receipts* ..$ 11,913 + 28 + 21 
+368	10 Building permits, less federal contracts $ 261,850 -8++17,987$.. :ן:
)(thousandsdepositsEnd-of-month 
6,703nual 15. 7 -11 ת
A farm placements 4 3,754 + 40 ת
No 
rate of deposit turnover . 	13 Bank debits (thousands) . . .$ + 34 + 35 
23+$.. :ן:
)(thousands	159 -+ End-of-month deposits 
Annual rate of deposit turnover. 23.6 + 19 + 13 

HARLINGEN: see BROWNSVILLE-HARLINGEN-SAN BENITO SMSA HOUSTON (pop. 938,219) Rctail sales ......... . + 8 + + 1 
HENDERSON (pop. 9,666) 
Apparel stores + + 20 + 11 Postal receipts* .. ................... $ 13,887 -8 Automotive stores . ... .. ..... . .. . . . + 27 + 28 Building permits, less federal contracts $ 2,450 -98 -98 Drugstores + 3 4 
+

Bank debits (thousands) . .$ 8,140 	Eating and drinki11g p\aces.. . . .. . . -3 + 1 Food stores +
4 -4 3	++21,214$.. :ן:
)deposits (thousandsEnd-uf-month 
Annual rate of deposit turnover . 4.7 11 8 
General merchandise stores .. .. . + 7 + 14 + 3 Liquor stores . . . ....... . + 9 + 12

HEREFORD (pop. 9,584r) 
Lumber, building material, Postal receipts* ..$ 19,562 + 22 + 31 and hardware stores. + 10 -13 16 
s federal contracts $ 79,850 -35 -63 Postal receipts* .$2,865,759 + 3 + 14 	 ס 
Building permits, le 
Bank debits (thousands ) . . .. .$ 30,545 + 10 + 14 Building permits, less federal contracts $25,776,227 + 52 -4 
End-of-month deposits 18,664 + + 	) ...
8 Bank debits (thousands .$4,707,944 + 13	$.. :ן:
)(thousands 
** 

Annua\ rate of deposit turnover.. . . 20.4 + 	-1
End-of-month deposits (thousands 1.657,866 **

$..	:(:ן
+ 
Annual rate of deposit turnover. 34.0 ** + 14
HOUSTON Sl\.ISA 
(Brazoria, Fort Bend, Harris, Liberty and Montgomery; 

Humble (pop. 1,711)pop. 1,613,9571) 
Postal receipts* .. ..$ 5,609 -2 + 27 

Building permits, less federal contracts $28,010,395 
+ 39 -4 Building permits, less federal contracts $ 0 
4,423	12+$62,263,776... ן ן 
)(thousandsBank debits 
*;': Bank dcbits (thousands) . . .. .$ + 4 3 th deposits (thousands 3,724 + 3
1$.. :ן:
) 	ת
End-of-mo++690,500.(area)Nonfarm cmployment 
Manufacturing emp\oyment (area) . 123,200 

+ 3 Annual rate of deposit turnover . 14.3 2 + 8 Percent unemp\oyed (area) .. . 2.0 -29 
Katy (pop. 1.569)Angleton (pop. 9,131) 
Building permits, \ess federal contracta $ 23,100 -14 -91

Postal receipts* .......... .$ 9,783 -31 -31 
Bank debits (thousands) .$ 2,914

Building permits, less federal contracts $ 79,785 +120 + 	+ 1 + 
+18+2,935$.. :ן:
)(thousandsdepositsd-of-monthת
E
Bank debits (thousands) .. .$ 12,62& -1 Annual rate of deposit turnover. 12.9 -6 + 10
End-of-month deposits (thousands 12, 795 + 4
20+$.. :ן:
) 
Annual rate of deposit turnover. 12.9 -11 + 2 
La Porte (pop. 7,250r)Baytown (pop. 38,000r) Building permits, less federal contracts $ 32,000 +300 -2 Postal receipts* .... .$ 40,330 + 3 + 12 Bank debits (thousands) . . . . . . .$ 4,171 + 11 -18 Building permits, less federal contracts $ 145,610 -36 -24 End-of-month deposits (thousands 2,867 -8 8
$.. :ן:
) 
Bank debits (thousands ) . . ... . .$ 41,625 + 11 + 18 Annual rate of deposit turnover. . 16.8 + 14 -6 
5 -5+27,359$.. :ן:
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover . 18.7 + 6 + 26 
Liberty (pop• 6,127) 
~~~~cipW .. .. $ 9,865 + 25

Bellaire (pop. 21,182r) 	+ 6 
Building permits, less federal contracts $ 4,300 -93 -90Postal receipts* ....... ... $ 60,899 + 6 + 17 
Bank debits (thousands) . .... ........$ 11,019 + 4 + 10

J3uilding permits, less federal contracts $ 140,644 +421 + 19 
End-nf-month deposits (thousands ) +.$ 9,568 + 3 + 2
Bank debits (thousands) . . .....$ 27,509 + 4 + 13 
\.nnual rate of deposit tur ·er. 14.0
o\ת

++	3 + 4+16,204$.. :ן:
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover . 20.7 ** + 7 
Pasadena (pop. 58,737)Clute (pop 4,501) Postal receipts . $ 58,029 -1 + 
ג
'	. 
 (ס 

Bank debits (thousand . . . ...... .. $ 2,844 -8 + 41 Building permits, less federal contracts $ 763,116 -33 -11 
End-of-month deposits (thousands) :!: . .$ 1,794 -10 + 10 Bank debits (thousands) . ........... .$ 66,979 + 1 + 2 

2 + 9+35,357$.. :ן:
)(thousands	Annual rate of deposit turnover . 18.0 -.8 + 22 End-of-month deposits 
Annual rate of deposit turnover . 22.9 7

Conroe (pop. 9,192) Postal receipts* .... .$ 28,4 71 + 13 + 53 Richmond (pop• 3,668)
Building permits, less federal contracts $ 33,600 + 3 -76 
20 + 9-4,636$. 	'י'
Postal receipts
Bank debits (thousands) . . . . .. $ 15,713 3 + 9 Building permits, less federal contracts $ 11,300 -92 -41
onth deposits (thousands 12,581 + 2 	ו
End-of-n 
3$.. :ן:
) 
Bank debits (thousands) . .$ 7,999 
9

Annua\ rate of deposit turnover.. ... . 14.8 + 6 	+ + 24 
9,732$..:ן:
)(thousandsdepositsEnd-of-month 
+ 20 -1 

For an explanation of syn bols, see p . 332. 	Annual rate of deposit turnover . 10.8 -+ 26
4 	 ג 

Percent changePercent change

Local Business Conditions 	Local Business Conditions 
Oct 1960 Oct 1966Oct 1960 Oct 1966 
Oct from fromOct from from 

City and item 1966 Sep 1966 Oct 1965 	City and itcm 1960 Sep 1966 Oct 1965 
KINGSVILLE (pop. 25,297)Rosenberg (pop. 9,698) 
Postal receipts* ........... ....$ 18,755 -42 -4
Postal receipts• .$ 10,852 -13 -5 Building permits, less federal contracts $ 126,135 -59
Building permits, less federal contracts $ 24,893 -36 -76 
Bank debits (thousands) . ........$ 13,283 -16 +

6 -6+10,857$.. ז
)(thousandsdepositsEnd-of-month 8 + 4+17,801 $.. ז
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover . ... . . 9.3 -19 + 2 South Houston (pop. 7,253) 
KIRBYVILLE (pop. 2,021r )
Postal receipts* $ 8,387 -17 -8 Building permits, less federa\ contracts $ 49,300 +139 +101 Postal receipts* ....... .... ........ ..$ 3,825 -34 + 8 Bank debits (thousands) . . . .$ 2,315 -10 + 4Bank debits (thousands) . .$ 9,086 1 + 10 
19+•• 4,237$.. ז
)	7 + 7 End-of-month deposits (thousands+5,978$.. ז
)(tbousandsdepositsEnd-of-month 
Annuגa rate of deposit turnover. . .. . . 6.6 -8 -14Annual rate of deposit ,turnover. 18.8. + 6 
LA FERIA: see BROWNSVILLE-HARLINGEN-SAN 
Tomball (pop. 2,025r ) BENITO SMSA 

Building permits, less federal contracts $ 
2 + 12  ג
-8,349$...)(tbousandsBank debits 
LA MARQUE: see GALVESTON-TEXAS CITY SMSA
End-of-month deposits (thousands 9,426 1 + 63
-$.. ז
) 
Annual rate of deposit turnover . 10.6 -11 -31 
LAMESA (pop. 12,438) 
Postal receipts* .. .. .... .... ........ .$ 11,839 -20 + 1 
HUMBLE: see HOUSTON SMSA Building permits, less federal contracts $ 19,100 -60 +271 
Bank debits (thousands) .. ...........$ 18,303 + 27 + 39 

15 + 23+16,782 $.. ז
)deposits (thousandsEnd-of-month	)11,999.HUNTSVILLE (pop 
Postal receipts• . . . . . . . . . . . .$ 16,836 -40 -22 Annua1 rate of deposit turnover.... .. 14.0 + 13 + 11 
89

Building permits, \ess.federal contracts $ 50,675 -39 -36 Nonfarm placements + 20 + 
Bank debits (thousands) .. . ...... . .. .$ 17,249 + 21 + 55 

LAMPASAS (pop. 5,670r)
End-of-month deposits (thousands 12,308 ** + 9
$.. ז
) 
Annual rate of deposit turnover . . . 16.8 + 16 + 41 	Postal receipts* ...... ...... .... ... ..$ 6,087 -39 + 17 
Building permits, less federal contracts $ 122,800 + 4 +867 
Bank debits (thousands) .. ...........$ 8,608 2 + 12

IOW A P ARK: see WICHITA FALLS SMSA 
3 + 127,629 $.. ז
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover.. ... . 13.4 3 -1 
IRVING: see DALLAS SMSA 
LA PORTE: see HOUSTON SMSA JACKSONVILLE (pop. 10,509r ) Postal receipts* . . . . . . .$ 22,958 -2 -11 LAREDO SMSA 
Building permits, less federal contracts $ 60,500 + 934 + 1 	(Webb; pop. 71,7381) 
Bank debits (thousands) . . .$ 18,501 + 16 + 20 	Building permits, less fede1·al contracts $ 40,950 -84 -92 
21+••6,60459$...... ן ן
)	4 + 4 Bank debits (thousands-11,140$.. ז
)deposits (thousandsEnd-of-month 
Annua\ rate of deposit turnover . 19.6 + 16 + 14 Nonfarm employment (area) .... .... 21,850 + + 7 
Manufacturing employment (area) . 1,280 + 7 -7 
Percent unemployed (are.a ) ..... 7.2 -10 -18

JASPER (pop. 5,120r ) 
Postal receipts* ..$ 9,110 -· 16 + 16 
LAREDO (pop . 60,678)
Building permits, less federal contracts $ 56,985 +340 +202 Bank debits (thousands) . ............$ 10,220 -13 2 Postal receipts* . . . . . . . . . . . . . .$ 47,253 -4 + Building permits, less federal contracts $ 40,950 -84 -92 
4 + 4+8,446 $.. ז
)deposits (thousandsEnd-of-month 
Bank debits (thousands) ....... .. ....$ 47,941 + + 19 

A11nua\ rate of deposit turnove:r . 14.8 -12 End-of-month deposits (thousands 31,052 + + 14
1$.. ז
) 
Annual rate of deposit turnover.. .... 18.6 2 + 4
JUSTIN: see DALLAS Sl\ISA 
Nonfarm placements . .. 	471 •• -24 
KATY: see HOUSTON SMSA LEVELLAND (pop. 12,117r) 
Postal receipts* .. ........ ... ... $ 9,346 -26 -19 KILGORE (pop . 10,092) Building permits, less federa1 contracts $ 443,290 + 134 Postal receipts• . ..$ 14,896 -16 -6 Bank debits (thousands) ........... .. $ 16,886 2 Building permits, less federal contracts $ 69,950 + 899 + 244 End-of-month deposits ( thousands) +. 11,562 + 8 Bank debits (thousands) ... .$ 15,299 ** + 14 
63 + 2 -3 LIBERTY: see HOUSTON SMSA	13,5$.. ז
)deposits (thousandsEnd-of-month 
Annual rate of deposit turnover.. . . .. 13.6 + 17 Nonfarm employment (area) . 33,550 + 4 LLANO (pop. 2,656) Manufacturing employment (area) . 8,870 2 + 14 Postal receipts* . . . . . . . . . . . .$ 3,617 -10 -3 
Percent unemployed (area} . 2.6 -16 -2.4 	Building permits, less federal contracts $ 21,35{) + 26 Bank debits (thousands) .$ 5,791 + 22 +5{) End-of-month deposits (thousands) t .. $ 4,645 + -1
l\:ILLEEN (pop . 23,377) Annual rate of deposit turnover .. . . . . 15.1 + 20 + 54 Postal receipts* . ······$ 44,100 -13 + 6 Building permits, less federal contracts $ 117,531 -73 LOCKHART (pop. 6,084) 
Bank debits (thousands) . ...· .· · · · · · ·$ 19,937 + 4 -3 Postal receipts* . . . . . . .........$ 4,806 -31 + 1 (thousands 11,310 4 Building permits, less federal contracts $ 13,000 69 -29
-	16$.. ז
)depositsEnd-of-month 
Annual rate of deposit tu rnover ...... 20.7 + 10 + 11 	Bank debits (thousands} ............ .$ 6,579 -7 + 11 End-of-month deposits (thousands) +.. $ 6,553 + 3 -4 Annua1 rate of deposit turnover..... . 12.2 
-10 + 13For an explanation of symbols. see p. 332. 

DECEMBER 1966 	339 
Percent change Percent change
Local Business Conditions Local Business Conditions 
Oct 1966 Oct 1966 Oct 1966 Oct 1966 Oct from from Oct from from City and item 196·6 Sep 1966 Oct 1965 City and item 19&6 Sep 1966 Oct 1965 
LONGVIEW (pop. 40,050) 

Elsa (pop. 3,847) Retail sales + 61
.. . + 12t + 10 lluilding permits, less federal contracts $ 4,055 -81 Automotive stores + 33t + 96 + 21 Bank debits (thousands) .......... ... $ 3,062 -26 + 8
.......... . 
Lumber, building material, 


End-of-month deposits (thousands) i . .$ 1,660 -11 -3 and hardware stores. . ... . + lt -15 -36 Annual rate of deposit turnover .. .. 20.8 -16 + 11 Postal receipts* ..$ 64,632 -4 + 8 Building permits, less federal contracts $ 1,419,600 +143 + 23 McALLEN (pop. 35,411r) Bank debits (thousands) . .$ 67,757 + 4 
Retail sales + 12t + 28 + 6 

4 -10 Automotive stores + 33t + 77 + 14+43,394$.. :ן:
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover..... . 19.1 2 + 12 Postal receipts* . ..... ..... .$ 37,188 -7 -1 Nonfarm employment (area) ...... .. . 33,550 + 4 
Building permits, less federal contracts $ 99,010 -65 -68 Manufacturing employment (area) . 8,870 2 + 14 
Bank debits (thousands) . . ... $ 35,293 -3 + 7 Percent unemployed (area) ... . .... . . 2..6 -16 -24 
1 + 3-24,673$.. ז 
)(thousandsEnd-of-month deposits 
Annual rate of deposit turnover.. . ... 17.1 •• + 2
LOS FRESNOS: see BROWNSVILLE-HARLINGEN

Nonfarm placements 314 -56 -44 
SAN BENITO Sl\fSA 
Mercedes (pop. 10,943) 

L UBBOCK SMSA Postal receipts• . . . . . . . . . . . . . . . . . . . .$ 5,506 -32 -3 (Lubbock; pop. 177,1401 ) Building permits, less federal contracts $ 13,300 -53 -55 Building permits, less federal contracts $ 6,868,020 +130 Bank debits (thousands) .. .......... .$ 6,576 -27 + 22
+ 50 

5 -3-4,522$.. :ן:
)(thousandsBank debits (thousands) 11. . .......$ 3,336,660 -11 + 2 End-of-month deposits 

Nonfarin employment (area) ........ . 62,900 + 2 + 6 Annual rate of deposit turnover . .... 17.0 -25 + 27 Manufacturing employment (area) . 7,100 -2 + 3 P ercent unemployed (area) . 3.3 -13 -13 Mission (pop• 14,081) 
Postal receipts• ...... ...... .. . . . .. . .$ 9,681 -17 -8 LUBBOCK (pop. 155,200r) Building permits, less federal contracts $ 39,840 + 46 + 86 Retail sales Bank debits (thousands) . . .$ 11,047 -16 + 3
+ 12.t + + 2 

3-9,189$.. :ן:
)Automotive stores End-of-month deposits (thousands
............... . . + 33t + 28 + 7 + 

Postal receipts* .......... .$ 2.54,362 ** + 8 Annual rate of deposit turnover. 14.2 -17 •• Building permits, less federal contracts $ 6,801,295 + 49 +138 Bank debits (thousands) . ............$ 2'68,385 + 2 Pharr (pop. 15,279r)
** 

11$.....................* $.. ז 
)

End-of-month deposits (tbousands 138,866 + 2 + 3 Postal receipts 7,480 -+ 16 Annual rate of deposit turnover . 22.6 + 2 Building permits, less federal contracts $ 114,062 + 76 +382
-3 Bank debits (thousands) . .$ 6,627 + 13 + 37 

15 + 60+6,602$.. ז 
)(thousandsSlaton (pop. 6,568) End-of-month deposits 
Postal receipts* .$ 4,549 -15 Annual rate of deposit turnover . 12.7 + 7 +
+ 10 Building permits, less federal contracts $ 66,725 -50 Bank debits (thousands) . . .$ 4,812. + 30 + 19 San ·Juan (pop• 4,371) End-of-month deposits (thousands 4,264 -+ 19 Postal receipts* ....... ........ ... ... $ 3,646 + 20 + 34
6$.. ז 
) 
Building permits, less federal contracts $ 3,400 -67 -86 Bank debits (thousands) . .$ 2,726 Annual rate of deposit turnover . 13.2 + 19 -6 
+ 3 + 14 

4 + 6+2,426$..  ז 
)(thousandsdepositsEnd-of-month
LUFKIN (pop. 17,641) 
Annual rate of deposit turnover.. 13.7 2 + 9Postal receipts• . . . . . . . . . . . . . . .. $ 29,214 -23 -22 Building permits, less federal contracts $ 204,600 + 4 
+ 

2 Weslaco (pop. 15,649)
Nonfarm placements ..... ... ....... . 120 + 46 +150 

Postal receipts* .$ 11,059 -10 + 4 Building permits, less federal contracts $ 43,143 -62 -36
McALLEN-PHARR-EDINBURG SMSA 
llank debits (thousands) ...... .......$ 9,624 

-19 + 14

(Hidalgo; pop. 178,343) Enrl-of-month deposits (thousands 8,9·68 -7 + 2
$.. :ן:
) 
Building permits, less federal contracts $ 386,785 -44 -68 Annual rate of deposit turnover . ..... 12.4 -18 + 10 Nonfarm employment (area) . 40,100 
1 + 2 

3,260.)(areaufacturing employment ת
Ma 
+ 2. + 24 MISSION: see McALLEN-PHARR-EDINBURG SMSA
Percent unemployed (area.) .. 6.3 

-17 McCAMEY (pop. 3,350r)Alamo (pop• 4,121) 
Postal receipts* ... .. ... ... .... ......$ 2,669 -39 -28
Building permits, less federal contracta $ 2,160 + 43 

200 -76  .ג 
$Building permits, less federal contracts
Bank debits (thousands) . .. ..........$ 2,009 -11 

Bank debits (thousands) . . ... $ 2,036 + 2 -8

21,269 $.. ז 
)(thousandsdepositsEnd-of-month --1,780$.. ז 
)(tbousandsdepositsEnd-of-month 
13 9
Annual rate of deposit turnover. l S.8 -6 
Annual rate of deposit turnover.. . . . . 12.7 + 2 -12 
Donna (pop• 7,522) McGREGOR: see WACO SMSA
Postal receipts• . . . . . . . . . . . . . . . . .. .$ 4,009 
36 + 1 Building permits, less federal contracts $ 2,050 -84 -98 
McKINNEY: see DALLAS SMSA
Bank debits (thousands) . ... . . .......$ 2,675 -17 + 6 

End-of-month deposits (thousands 4,602 -+ 16

3$.. ז 
) 
MARSHALL (pop. 25, 715r )
Annual rate of deposit turnover . . . . . 6.9 -17 -9 
Postal receipts* ..... ... .. .. .... .$ 34,317 
+ 13 + 20

Edinburg (pop• 18,706) Building permits, less federal contracts $ 148,100 
+ 12 + 94

Building permits, less federal contracts $ 66,775 -66 -81 Bank debits (thousands) ........... ..$ 20,671 

-1 + 7Bank debits 

10 + 20+28,183$.. ז 
)(thousands9 + 16 End-of-month deposits+18,323$.............)(thousands 

7 -5 Annual rate of deposit turnover...... 9.2 5-10,543$.. ז 
)(thousandsdepositsEnd-of-month 
--7

Annual rate of deposit turnover. .. ... 20.1 + 5 + 16 Nonfarm placements .... . ... .... . .. . 
373 -29 + 50

Nonfarm placements .. .... .... . . . . . . 184 -24 -11 For an explanation of symbols, see p. 332. MERCEDES: see McALLEN-PHARR-EDINBURG SMSA 
340 
TEXAS BUSINESS REVIEW 
Percent changePercent change

Local Business Conditions Local Business Conditions 
Oct 1966 Oct 196ti Oct 1966 Oct 1966 
Oct from from Oct from from 

City and item 1966 Sep 1966 Oct 1965 City and item 1966 Sep 196& Oct 1965 
J\1ESQUITE: see DALLAS SMSA NORTH RICHLAND HILLS: see FORT WORTH SMSA 
MEXIA (pop. 7,621r ) ODESSA SMSA 
Postal receipts* ........ . ... . .... .. . .$ 6,069 -22 -21 
Bank debits (thousands) . . . ........$ 5,&86 + 12 + 19 (Ector; pop. 85 ,7271 ) 
End-of-month deposits (thousands 5,672 + + $ -58 -65

3$.. ז
) 57  ,ג
Building permits, less federal contracts 252 
Annual rate of deposit turnover . . . . . . 12.2 + 10 + 13 
6 + + 123,631,26ן ן
)debits
Ba nk (thousands . ..... ..... $ 2 
Nonfarm employment (area) ... ...... 59,500 •• + 3 MIDLAND SMSA Manufacturing employment (area) . 5,000 •• + 8 (Midland; pop. 64,7041 ) Percent unemployed (area) . . . . . . . . . . 3.2 -6 + 10 
Building perrnits, Iess federal contracts $ 355,375 -9 -67 
2 + 5-64,2241,5$...  ןן
)(thousandsBank debits 
Nonfarrn ernp\oyment (area) . . . . . . . . . 59,500 •• + 3 
ODESSA (pop. 86,937r )
Manufacturing ernployment (area) . 5,000 •• + 8 

Retail sales . . . . ... .......... + 12t 

Percent unernployed (area) . . . . . . . . . . 3.2 -6 + 10 
Furnitu.re and household 
appliance stores .. . ... .. .. . . .. + 27t 8 + 
J\1IDLAND (pop. 62,625) Postal receipts* . . . . .......... . .... : .$ 91,5&4 -16 •• 

Retail sales Building permits, Iess federal contracts $ 252,157 -58 -65 
Drugstores . . . + 8t 8 + 2 Bank debits (thousands ) .... .........$ 101,947 + 4 + 13 
Postal receipts . . . .$ 123;945 1 + 17 End-of-month deposits (thousands 65,933 + 3

+$..  ז
)+ 
9 
Bank debits (thousands) .. $ 125,305 + 3 + 3 Nonfarm placements ... .... 470 + 21 + 5 

Bui\ding permits, less federal contracts $ 355,375 -67 Annual rate of deposit turnover.. .... 19.0 •• + 12 
3 + 4+114.751$.. ז
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover.. . ... 13.3 + 3 -1 
Nonfarm placements 702 8 OLNEY (pop. 3,872)

4 ג
+ 
Building permits, less federal contracts $ 2,500 -99 -83 Bank debits (thousands) ....... .. ....$ 5,750 + 16 + 19 End-of-month deposits (thousands) t..$ 5,156 -7 + 8 Annual rate of deposit turnover.. .. . . 12.9 + 17 + 9 
MIDLOTHIAN: see DALLAS SMSA 
MINERAL WELLS (pop. 11,053) 
Postal receipts• . .$ 18,2.12 -38 + 15 
Building permits, less federal contracts $ 488,300 +210 + 5 

ORANGE: see BEAUMONT-PORT ARTHUR
Bank debits (thousands) .... . ...... . . $ 18,425 + 9 
+ 32 

ORANGE SMSA
End-of-month deposits (thousands) .. $ 14,320 + 2 + 12 
Annual rate of deposit turnover..... . 15.6 + 8 + 16 
Nonfarm placements ... . . . . ... . .. . 151 -27 -11 

PALESTINE (pop. 13,974) 
Postal receipts* ...... ...............$ 19,284 + 16 + 6

MONAHANS (pop. 9,252r) 
Building permits, less federal contracts $ 102,455 + 10 +106 
1  ג
+Postal receipts* . ...................$ 10,590 -13 

Bank debits (thousands) .............$ 16,795 + 38 + 19 

Building permits, less federal contracts $ 7,180 -86 -78 
11+  .נ
-17,771$t .. )of-month deposits (thousandsEnd-
Bank debits (thousands) . . .. .$ 10,204 
+ 3 •• Annual rate of deposit turnover..... . 11.3 + 31 + 
14 + 1+7,835$.. ז
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover...... 16.7 + 1 + 2 
P AMP A (pop. 24,664)MOUNT PLEASANT (pop. 8,027) 
Postal receipts* . . . . .......$ 33,010 -7 •• -
Postal receipts* . ... . ........... . ....$ 9,980 -27 8 

Building permits, less federal contracוגt $ 35,800 -24 -82 
Building permits, less federal contracts $ 93,522 + 29 +121 
Bank debits (thousands) . ............$ 28,907 -2 1 

Bank debits (thousands) ..... . .......$ 11.987 + 2. + 6 

End-of-month deposits (thousands) t .. $ 21,056 + 11 + 3 End-of-month deposits (tbousands) t . .$ 9,597 + 5 + 4 Annual rate of deposit turnover...... 17.3 -7 -2 
u11J rate of deposit turnover. .....15.4 + 4  ג
An1 
Nonfarm p\acements ........ ........ 168 + 22 + 24 

NACOGDOCHES (pop. 15,450r) 
Postal receipts* ........... . .. . . . . . . . $ 25,267 •• -2 

PARIS (pop. 20,977) 
Building permits, less federal contracts $ 40,592 -72 -76 Retail sales + 12t + 7 + 7 
Bank debits (thousands) .. .. .. . ..... . $ -6
26,882 8 + Building permits, less federal contracts $ 216,566 + 73 -26 End-of-montb deposits (thousands) t . .$ 22,340 •• + 5 p\acements 208 + 48 + 3
Nonfarm .. ............. . 

 .נ
+Annual rate of deposit turnover ..... . 14.5 9 
Nonfarm placements .. . . . .. .. ... . .. . 120 + 8 -10 
PASADENA: see HOUSTON SMSA NEDERLAND: see BEAUMONT-PORT ARTHURORANGE SMSA 
PECOS (pop. 12,728) 
Postal receipts* . ....................$ ].0,7 0 -29 

NEW BRA UNFELS (pop. 15,631) 
Bank debits (thousands) . . . . . . . . . . . . $ 16,367 + 8 7 Postal receipts* ..... .......... .... .. $ 20,131 -6 -10 
4$.. ז
)
End-of-rnonth deposits (thousands 9,674 -3 Building permits, Iess federal contracts $ 210,582 -24 + 122 
Annual rate of deposit turn over .... .. 19.9 + 9 7 Bank debits (thousands) ..... ... · · · · · $ 14.278 10 -3
-

Nonfarm placements 122 + 44 + End-of-rnonth deposits (thousands) t · .$ 15,567 
+ 3 + 14 Annual rate of deposit turnover. · · · · · 11.2 
-8 -9 

PHARR: see McALLEN-PHARR-EDINBURG SMSA 
For an explanation of symbols, see p. 332. 
341DECEMBER 1966 

P ercent change 	Percent change
Local Business Conditions 	Local Business Conditions 
Oct 1966 Oct 1966 Oct 1966 Oct 1966 Oct from from Oct from from City and item 1966 Sep 1966 Oct 1965 City and item 1966 Sep 1966 Oct 1965 
SAN ANGELO SMSA

PILOT POINT: see DALLAS SMSA (Tom Green; pop. 70,8761) 
Building permits, less federal contracts $ 1,688,444 +778 + 4

PLAINVIEW (pop. 18,731r) 
837 ,360 + 3	$........... ן ן 
)Bank debits (thousanlis 

** 

Postal receipts* . .. .. . . ·· · ·········. .$ 31,575 + + 12 
Nonfarm emp\oyment (are 22, 51)0 + 1 +

......... .ג:(

Building permits, less federal contracts $ 364,500 + 25 -46 
Manufacturing employment (area) . 3,700 -2 + 15

Bank debits (thousands) ............ .$ 54,168 + 34 + 4 

Percent unemployed (area) . 2.5 -14 -42 End-of-month deposits (thousands) t . .$ 32,360 + 5 + 8 Annual rate of deposit turnover .. .... 2·0.6 + 25 -7 Nonfar1n placements ........... ..... 313 + 13 + 32 

SAN ANGELO (pop. 58,815) 
Retail sales 	+ 12t -3 •• 

PLANO: see DALLAS SMSA 	Postal receipts* . .. . . . ....... . ... . ... $ 113,878 + 2 + 43 Building permits, less federal contracts $ 1,688,444 +778 + 4 Bank debits (thousands) . ... . ... . ... .$ 72,634 •• + i End-of-month deposits (thousands) t . .$ 57,650 + 5 + 2
PLEASANTON (pop. 5,053r) 
Annual rate of deposit turnover. . . . . . 15.5 -2 +Building permits, less federal contracts 36,000 +48.1 +181 Bank debits (thousands) . . .. ....... . . $ 4,663 + 17 + 41 

SAN ANTONIO SMSA 	 ג 
+deposits (thousands) t . .$ 3,913 + 5End-of-month 
Annual rate of deposit turnover . . . .. . 14.6 + 15 + 35 
(Bexar and Guadalupe; pop. 800,9681) 
Building permits, less federal contracts $ 5,869,547 -9 + 2 

3+** 775,072$11,...........  ןן 
)(thousands	PORT ARTHUR: see BEAUMONT-PORT ARTHURBank debits 
Nonfarm employment (area.) . . .. . ... 245,2.00 +

ORANGE SMSA 	•• 4 
Manufacturing employment (area) . 27,S.00 -1 2 Percent unemployed (area) . . . . . . . . . . 3.6 -18 -25 
PORT ISABEL: see BROWNSVILLE-HARLINGENSAN BENITO SMSA SAN ANTONIO (pop. 655,006r) 
Retail sales 

+ 4 •• 
Apparel stores ... . . .......... . .. . . + 2 -2 2

PORT NECHES: see BEAUMONT-PORT ARTHUR

Automotive stores . .... . ....... . . . . + 10 13 2 ORANGE SMSA Eating and drinking places.... . .. . + 2 + + 12 Gasoline and service stations . 
+ 
+ General merchandise stores . . . . . . . . + 7 9 + 

QUANAH (pop. 4,564) Lumber, building material, Postal receipts• .... .. . . ... . . .. ......$ 4;892 -9 + 24 and hardware stores . . . . . . . . . . . + 11 + 2 + 7 Building permits, less federal contracts $ 0 Postal receipts* ......... . ...........$ 991,752 6 + 9 
Bank debits (thousands) .. ...... . ... .$ 4,845 1 7 Building permits, less federal contracts $ 5,271,163 -13 + 7 End-of-month deposits (thousands) t . .$ 6,373 + 3 + 2 Bank debits (thousands) ............ .$ 923,806 2 + 4 Annual rate of deposit turnover..... . 11.0 4 8 End-of-month deposits (thousands) t . .$ 478,824 + 3 + 5 Annual rate of deposit turnover . . . . . . 23.5 2 •• 
RAYMONDVILLE (pop. 9,385) 

Postal receipts* ..... .... ..... ...... .$ 7.146 -2 -5 Schertz (pop. 2,281) Building permits, less federal contracts $ 20,800 +362 -61 Postal receipts* . . $ 1,475 -48 -16 Bank debits (thousands) ............ .$ 8,276 -32 + 26 Bank debits (thousands) . . .. $ 604 4 7 End-of-month deposits (thousands) t . .$ 9,650 End-of-month deposits (thousands) t. .$ 1,0'78 2 2
+ 5 + 

Annual rate of deposit turnover . . .. . . 10.5 -33 + 22 Annual rate of deposit turnover.. . .. 6.7 3 4 
Nonfarm placements ... .. .. . ....... . 38 -16 + 52 

Seguin (pop. 14,299) 

RICHARDSON: see DALLAS SMSA 	Postal receipts* .. ........... . .. . ....$ 16,424 -6 + 15 
Building permits, \ess federal contracts $ 32,182. -42 -61 
Bank debits (thousands) ... . . .. .. . ...$ 14,705 -26 -21 

RICHMOND: see HOUSTON SMSA 	End-of-month deposits (thousands) t . .$ 16,325 + 4 -2 Annual rate of deposit turnover . . .. . . 11.0 -27 -19 
ROBSTOWN: see CORPUS CHRISTI SMSA SAN BENITO: see BROWNSVILLE-HARLINGEN-SAN 

BENITO SMSA ROCKDALE (pop. 4,481) Postal receipts* ........ ...... .......$ 5,390 7 + 8 SAN JUAN: see McALLEN-PHARR-EDINBURG SMSA
Bank debits (thousands) ... . .. . ......$ 4,961 
6 -11 End-of-month deposits (thousands) t . .$ 7,340 2 + 7 Annual rate of deposit turnover..... . 8.0 7 -18 
SAN MARCOS (pop. 12,713) 
Postal receipts* ...... . ..............$ 15,791 -39 + 19 Building permits, less federal contracts $ 818,222 +677
ROSENBERG: see HOUSTON SMSA 
Bank debits (thousands) .......... .. .$ 14,372 

+ 5 + 10 

End-of-month deposits (thousands) t . .$ 15,500 8 + 11 
For an explanation of symbols, see p. 332. Annual rate of deposit turnover.. . .. . 10.7 + 7 -2 

Percent changePercent change 
Local Business Conditions
Local Business Conditions Oct 1966 Oct 1966 
Oct 1966 from Oct 1966 Oct from from 

Oct from 1966 Sep 1966 Oct 1965
City and item
City and item 1966 Sep 1966 Oct 1965 

STRATFORD (pop• 1,380)SAN SABA (pop• 2,728) 
Postal receipts• . . . . . . . . . . . . . . . .$ 3,412 -17 -11 Postal receipts• . ....................$ 2,244 -20 -8 Building permits, less federah::ontracts $ 0 Ruilding permits, less federal contracts $ 46, 120 +335 + 33 Bank debits (thousands) .. ...........$ 6,972 + 19 + 17 Bank debits (thousands) ........ .. ...$ 8,901 + 24 + 14 5,536 + 2 + 14 5,975 + 16 + 1
$.. ז
)deposits (thousandsEnd-of-month$.. ז
)(thousandsdepositsEnd-of-month 
Annual rate of deposit turnover ...... 15.3 + 17 + 1 Annual rate of deposit tumover.... . . 19.2 + 10 + 12 
SCHERTZ: see SAN ANTONIO SMSA. SWEETWATER (pop. 13,914) 
Building permits, less federal contracts $ 54,700 +777 + 42 Bank debits (thousands) .. ...........$ 14,76{) + 21 + 25
SEAGOVILLE: see DALLAS SMSA 

$.. ז
)
End-of-month deposits (thousands 9,109 -10 -4 Annual rate of deposit turnover...... 18.4 + 29 + 21 SEGUIN: see SAN ANTONIO SMSA Nonfarm placements . . .... . ... ...... 156 + 31 -17 
SHERMAN (pop. 30,660r) TAYLOR (pop. 9,434) 
Retail sales .. ..... . . ... ... + 12t + 21 + 13 Postal receipts• .....................$ 12,322 + 11 + 27 
Automotive stores ............ + 33t + 33 + 17 Building permits, less federal contracts $ 8,36{) -87 -94 
Postal receipts• ..... .. .. . .$ 40,186 + + 4 Bank debits (thousands) ..... ....... .$ 14,759 + 6 + 11 
Building permits, less federal contracts $ 947,924 +302 -46 

4++19,319$.. ז
)deposits (thousandsEnd-of-month 
Bank debits (thousands) . . . . . .. . . . . . .$ 39,639 + 1 -3 rate of deposit tumover...... 9.4 3 + 9
Annual + ** Nonfarm p\acements 40 + 14 + 48
................3 + 7  ג
24,0$.. ז
)deposits (thousandsEnd-of-month 
Annual rate of deposit turnover . ..... 20.5 ** •• 
Nonfarm placements 191 -7 34

········ · ······· + 

TEMPLE (pop. 34,730r) 
Ret.ail sales ... ... .... . ...... . . + + 24 + 12

2t ג
)6,277.(popSILSBEE 
Apparel stores ....... ...... ...... . + llt + 2 
Building permits, less federal contracts $ 82,12.7 + 83 Furniture and household 

Bank debits (thousands) .. .......... .$ 5,287 g, + 15 appliance stores . . . ............ . + 27t 7 3 

••2 + 14 Postal receipts• ..................... $ 50,719 -166,264$.. ז
)(thousandsdepositsEnd-of-month 

Annual rate of deposit turnover. .. ... 10.0 -11 + 1 Building permits, less federal contracts $ 171,472 -8 -51 Bank debits (thousands) . ..... .. . .. .. $ 42,954 + 15 + 12 Nonfarm placements ..... . ......... . 214 + 5 + 14

SINTON: see CORPUS CHRISTI SMSA TERRELL (pop. 13,803)SLATON: see L UBBOCK SMSA 

Postal receipts• .. . .. . ... .. ......... .$ 10,871 -21 + 4 
Building permits, less federal contracts $ 99,025 + 36 -16 
SMITHVILLE (pop. 2,933) Bank debits (thousands) . .. ........ . . $ 1,2,447 + 10 

5 + 4+10,296$.. ז
)Postal receipts* .$ 2,690 -7 + 13 End-of-month deposits (thousands
······ ······ · ······ 
Building permits, less federal contracts $ 500 -74 Annual rate of deposit tu.rnover. .. . .. 14.8 7 + 6 
Bank debits (thousands) . . .$ 1,500 13

··· ······· 4 + 
End-of-month deposits (thousands) i. .$ 2,575 + 7 + 7 

TEXARKANA SMSA 
Annual rate of deposit turnover . 7.2 6 + 9 

(Bowie, excluding Miller, Ark.; pop. 66,7431 ) 
Building permits, less federal contracts $ 322,229 +197 + 19 
SNYDER (pop. 13,850) Bank (thousands 3 +

1,000,800$...........  ןן
)debits 

Postal receipts ..$ 14,&69 -2 + 15 Nonfarm employment (area) ......... 36,650 + 1 + 10 
Building permits, less federal contracta $ 58,500 -66 + 33 Manufacturing employment (area) . 9,450 + 2 + 35 
Bank debits (thousands) . . ......... .. $ 13,397 + + 4 Percent unemp\oyed (area) . . . . . . . . . . 3.0 -12 -33

1 ג

$.. ז
)housands(t
End-of-month deposits 19,642 + 7 4 
Annual rate of deposit turnover . 8.5 -6 + 8 
TEXARKANA (pop. 50,006r) Retail sales .... . ......... . ..... ..... + 12t + 21 •• Postal receipts• . ....................$ 75,050 -24 -2
SOUTH HOUSTON: see HOUSTON SMSA 
Building permits, \ess federal contracts $ 321,194 +206 + 35 Bank debits (thousands) .. ...... .....$ 84,682 + 2 + 8 
7+32.323,$.  ז§
)(thousandsSULPHUR SPRINGS (pop. 9,160) End-of-month deposits 
Postal receipts* ......... $ 19,402 -16 + 2 Annual rate of deposit turnover . .. . . . 22.4 + + Building permits, less federal contracta $ 239,950 + 14 +144 
Bank debits (thousands) . ........... .$ 19,414 + 9 + 16 TEXAS CITY: see GALVESTON-TEXAS CITY SMSA 

3 + 11+16,193$.  ז
)deposits (thousandsEnd-of-month 
Annual rate of deposit tumover. . . . . . 14.6 + 6 + 
TOMBALL: see HOUSTON SMSA 
STEPHENVILLE (pop. 7,359) TYLER SMSA 
Postal recelpts• .. ...................$ 10,913 -23 + 2 

(Smith; pop. 95,4121)

Building permits, less federal contracts $ 20,775 -&0 -77 Rank debits (thousands) .. ...........$ 11,385 + 8 + 17 Building permits, less federal contracts $ 464,114 -13 -53 
11,550,388$...........  ןן
)housands(t$.. ז
)
End-of-month deposita (thousands 10,316 1 + 11 Bank debits + + 5 
Annual rate of deposit turnover.. ... . 13.2 + 6 + 6 Nonfarm emp\oyment (area) ......... 33,850 •• + 3 Manufacturing emp\oyment (area ) . 9,470 + 12 Percent unemployed (area) .. . . . . . . . . 2.5 -4 -31 
For an explanation of symbols, see p. 332. 
343

DECEMBER 1966 
Percent change Percent change
Local Business Conditions Local Business Conditions 
Oct 1966 Oct 1966 Oct 1966 Oct 1966 Oct from from Oct from from City and item 1966 Sep 1966 Oct 1965 City and itcיm 1966 Sep 1966 Oct 1965 
TYLER (pop. 51,230) WAXAHACHIE: see DALLAS SMSA 
Retail sales . ··· ······· ···· · + 12t •• 6 
Apparel stores .. . . ..... . ........ .. + llt -7 + 4 
Postal receipts . .. .. . ................$ 110,770 + 1

** 
Building permits, less federal contracts $ 442,114 -15 -50 
WEATHERFORD (pop. 9,759)
Bank debits (thousands) ... $ 121,171 + 2 + 6 

2.1+2.-14,4S9$..............•2 + 3 Postal receipta+76,085$ :ן:
)deposits (thousandsEnd-of-month 
Annual rate of deposit turnover . 19.3 + 1 + 4 Building permits, Iess federal contracts $ 31,700 -95 -68 Nonfarm placements . .............. . 664 -11 + 2 End-of-month deposits 15,249 + 8 + 4
$..:ן:
)(thousands 
UVALDE (pop. 10,293) WESLACO: see MeALLEN-PHARR-EDINBURG SMSA
Postal receipts• .... ...$ 13,870 + 27 + 44 Building permits, less federal contracts $ 157,996 +187 12 Bank debits (thousands.) .. $ 14,765 -14 + 9 
+ 

6+**10,175$. :ן:
)deposits (thousandsEnd-of-month 
Annual rate of deposit turnover... 17.4 -15 + 4 WHITE SETTLEMENT: see FORT WORTH SMSA 
VERNON (pop. 12,141) WICHITA FALLS SMSA 
Building permits, less federal contracts $ 70,575 +390 -34 

)ds) . ....... . .$ 17,195 4 + 10 (Archer and Wichita; pop. 129,3531  וו 
Bank debits (thousa 

+ 

11+21,689$.. :ן:
)deposits (thousandsEnd-of-month 
+ 11 
Building permits, less federal contracts $ 1,959,975 -5 +170

over . -+ 3  ת 
Annual rate of deposit tur 
10.0 1 

8 1-1,965,900$........... ן ן 
)(thousandsBank debits

Nonfarm placcments .. ....... .... . .. 89 + 51 + 10 Nonfarm employment (area) . . . . . . . . . 49,100 •• + 4 
0 + 8 ג
4,8(areaManufacturing employment 
) . •• 
Percent unemployed (area) ...... . ... 2.6 -19 -21
VICTORIA (pop. 33,047) 
Retail sales ... ...... .. 
+ 12t + 25 + 10 Postal receipts* · ······ ···· ··· .......$ 53,803 + 4 + 12 

Building permits, less federal contracta $ 166,965 -10 -72 Iowa Park (pop. 5,152r) Bank debits (thousands) .... ..... .$ 82.,054 1
+ -t 6 Building permits, less federal contracta $ 18,000 -44 
:ן:
)deposits (thousandsEnd-of-month 
-206 Isank debits (thousands) ............ .$ 3,()45 6 -.ו:
90,827$ 

Annual rate of deposit turnover . ..... 10.8 + 2 + 11 

-1088,689$..:ן:
)deposits (thousandsEnd-of-month 
Nonfarm placements 8

··· ············· 523 -27 Annual ra~ of deposit turnover...... 9.9 -11 
WACO SMSA WICHITA FALLS (pop. 101,724)
(McLennan; pop. 152,6301) 

Retail sales . . ... ... ...... ...... .. . .. + 12t -8 Building permits, less federal contracts $ 785,607 -65 + 32 Automotive stores .. .... .......... + 88t + 3 -9 
+19028 + 26 Building permits, less federal contracts $ 1,989,775 5+2,486,916$........... ן ן 
)(thousandsBank debits 
Nonfarm employment (area) ......... 55,500 •• + 2 Bank debits (thousands) .. ...........$ 142,770 2 + ! 

4••95,271$.. :ן:
)8 End-of-month deposits (thousands+••12,440.)(areaManufacturing employment 
Percent unemployed (area...) .. . . ... 8.9 + 8 9 Annual rate of deposit turnover... ... 18.0 -2 + 7 
MeGregor (pop. 4,642) LOWER RIO GRANDE VALLEY 

Building permits, leas federal contraeta $ 18,400 + 94 +268 Bank debits (thousands) .............$ 4,947 + -46 (Cameron, Willacy, and Hidalgo; pop. 337,0411) End-of-month deposits (thousands) i . .$ 7,313 
+ 13 

 יו 
Annual rate of deposit turnover.. ... . 8.1 Retail sales ........... ............. . + 12;1" 8

+ -52 + + 
Apparel stores ................... . + + 11


t 5  ג 
l+  יו 
+Automotive stores .... ........... . + S8t + 19 
Drugstores ..................... . . 


8+  יו 
+WACO (pop. 103,462) + St 
2  יו 
-St
Eating and drinking places..... . . . Retail salestt .......... ... ..... .... + 12t + 2 -9 Food stores . . . . . . . . . . . . . . . . . . . . . . • • t •• 1 
t 2 9 Furniture and household  ג 
Apparel atorestt ······ ··········· + l 
+ + 
Automotive storestt 


········ ·· ···· + 33t + 7 -14 appliance stores ............. ... + 27t -6 6 

6  יו 
-5 + 5 Gasoline and service stations....... + lt212,890......................•Postal receipta 

Building permits, less federal contracts $ 597,696 18 General merchandise stores.. ...... . Bank debits (thousands) . ............$ 189,743 + 26 + 80 Lumber, building material, -78 + + 1St -10 + 8 
End-of-month deposits (thousands) i . .$ 94,193 + 4 + 1 and hardware stores . ........... + lt 8 
Annual rate of deposit tu1 24.6 + 22 28 • ... ........ .... ...... 

יו
8+
over. .....+ Postal receipta דו

-6 + 4 
Building permita, leu federal contraeta -2.2 -48 Bank debits (thousands) ............ -18 + 12
ttReported in cooperation with the Baylor Bureau of Buai eu Research. 

...ids)naוש(thotspסsldeEnd-of-month ם

+ 2 + 8 

For an explanation of symbols, see p. 382• Annual rate of depסsit turnover..... . 17.6 -18 + 6 



BAROMETERS OF TEXAS BUSINESS 

All figures are for Texas unless otherwise indicated. All indexes are based on the average months for 1957-59, except where .in.dicated;. all are adjusted for seasonaJ variation, except annual indexes. Employment estimates are Texas Employment Comm1ss1on 
the Bureau of Labor Statistics of the U. S. Department of Labor. Employment data marked (t) cover
data 1n cooperation with 

.bank debits in 20 cities, adjusted for price level  חס 
wage an? salary workers only. The index of Texas business activity is based 
..\n aster1sk (•) indicates preliminary data subject to revision. Revised data are marked (r). Data marked (§) are dollar totals for the fiscal year to date. Data marked (#) are dolJar totaJs for the calendar year to date
. 

Year-to-date average 
Oct 1966  Sept 1966  Oct 1965  1966  1965  
GENERAL BUSINESS ACTIVITY  
Texas business activity,  index .  168.7  177.4  152.3  174.0  158.8  
Miscellaneo11s freight carloadings in SW District,  index .  79.9  81.3  79.6  81.6  78.0  
Wholesale prices in  U. S"  unadjusted index  106.2  106.8  103.l  105.8  102.2  
Consumers' prices in Houston, unadjusted index . . . . . . .. . ........ . . .  112.4  109.3  111.2  108.4  
Consumers' prices in U. S" unadjus[ed index . . . . . . . . ... . ... . Inco~e payments to individuals in U. S. (billions, at seasonally  ad 114.5  114.]  110.4  112.8  109.7  
jUSted  annual  rate)  . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . ......... .  $  594.6·  $  590.o•  576.5$ 547.2r  530.2  
Business  failures  (number)  . . . . . . . . . . . . .  . ... . ... . . . .  47  47  56  48  61  
Business failures  (liabilities, thousands)  .. .  9,120  $  3,019  6,868 $ 5,320  6,219  
Newspaper linage,  index ... . .. .. . . ....... .  115.2  123.8  115.9  118.3  114.7  
Ordinary life  insurance sales,  index .. . ... .  186.5  189.0  175.4  179.7  165.4  
TRADE  
. .. . .. . ..........) . . . . . . . . . . . . . . . . . . . .Total ret?il sales (millions ....)Durable-goods sales (millions ) .. .. ........... . ........Nondura.ble-goods sales (millions. les to net sales in department and apparel stores, indext s ~  וf cred  סo~Rat  1,397.0· 514.0• 883.o• 65.6·  l ,326.0· $. 443.0· $ 883.o• 64.6·  $ 1,337.0r $ 499.0r 838.0r 70.0r  13,468.0# 4,840.0# 8,628.0# 65.5  12,509.0# 4,740.0# s 7,769.0# 66.0  

,

f collect1ons to outstandings in department and apparel stores  ס ?ו
Rat 
·1ndex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
29.9· 26.1 • 30.2r 29.1 29.4 PRODUCTION Total electric power use, index . ... .. .. ... . . . ... . ................... 
183.8· 193.3· l75.4r 184.8 173.7 
Industrial electric power use, index ....... 


170.2· 179.9· l55.6r 169.9 156.2 
Crude oil production, index . .. . . . . . ....... 


104.2· 102.6· 97.3r 102.8 95.7 
Average _daily production per oil well (bbl). 

14.2 14.0 13.2 14.2 13.l 
..............l runs to stills, index  גס 
Crude 

124.3 125.8 118.2 119.7 115.1 
Industrial production in U. S" index . . .... 

158.6· 158.l • l45.5r 155.5 142.2 
Texas industrial production-total, index ...... ... . 

147.7· 148.6· 136.6r 144.6 133.5 Texas industrial production-manufactures, index ... 165.l• 165.6· l51.5r 160.3 146.6 Texas industrial production-durable manufactures index ...... ... ... 180.5· 178.0• 162.lr 173.3 155.0 Texas ~ndustr~al production-nondurable manufact~res, index .. .. ... . 154.9· 157.4· 144.5r 151.7 141.0 Te~as. 1ndustr1al ~roduction-mining, index . . . . . . . ... . ... . 116.9• 116.7• 108.7r 114.5 107.6 Bu1ld1ng construct1on authorized, index .......... 106.2 109.9 125.9 135.7 130.6 
New residential building authorized, index .. ........ .. : : : : : : : : : : : 

75.4 64.0 104.4 97.3 106.5 
..

New nonresidential building authorized, index 152.3 161.8 156.l 193.8 161.1 AGRICULTURE 
Pr~ces re~eived by farmers, unadjusted index, 1910-14=100 ..... 246 258 254 265 249 
, 1910-14= 100 .. ... .
pa1d by farmers in U. S., unadjusted index 321c.esג
Pr 
337 337 322 333 

..prices paid by farmersS.U.  ס 

f Texas farm prices received t 73 77 79 80 78  ס 
Rat10 
FINANCE Bank debits, index 179.2 189.5 157.0 184.2 162.3
...... .... ....... ... 
Bank debits, U. S" index ... ........ .. .. 210.2 213.8 178.6 204.9 176.4 

~~~r·v·e· Dis ~~ict:
Reporting member banks, Dallas Federal R Loans (millions) . . . . . . .. ....... $ 4,895 4,909 4,631 $ 4,804 4,542 Lo~ns and investments (millions) ............ 7,084 $ 7,094 6,782 6,993 $ 6,644 
usted demand deposits (millions) .. . .. $ 2,952 2,864 2,862 $ 2,837 Reve~~e rece ~ pts ~f the State Comptroller (thousands) ........ . . . $139,878 139,286 136,580 $170,750 159,806 Secur1t1es re{?1stra t1ons: Original applications: 
Mutual 1nvestment companies (thousands) . ........ $ 4,750 $ 6,110 $ 11 ,051 10,860 20,839 All other corporate securities: Texas companies (thousands) .. .. ... . ... . ... ...... ..... . . . . $ 125 $ 5,467 $ 1,391 $ 5,592 3,068 .. Othe~ companies (thousands) ..... .. ..... . .. .. . .. . $ 2,627 $ 4,204 $ 15,108 $ 6,831 20,182 
Secur1t1es reg1strations: Renewals: Mutual investment companies (thousands) . $ 6,021 17,150 5,076 $ 23,171 12,624 Other corporate securities (thousands) ..... $ 1,945 0 $ 2,010 1,945 2,042 
LABOR 
Manufacturing employment in Texas, indext... . ....... . 127.o• 126.0• l l 9.4r 124.5 117.4 
Total nonagricultural employment in Texas, indext .. .. ......... . 124.l • 123.3· 118.8r 122.3 117.3 
Average weekly hours-manufacturing, indext ............. ...... . 101.2• 101.4· 101.8r 102.1 101.7 
Average weekly earnings-manufacturing, indext ................... . 127.7· 126.2· 121 .6r 125.0 119.7 
Total nonagricultural employment (thousands) t . . ........ . 3,081.2• 3,063.9· 2,951.7r 3,021.6 2,898.1 
Total manufacturing employment (thousands) t ............... . 614.3· 613.4· 577.8r 603.8 568.4 
Durable-goods employment (thousands) t . ......... . 322.8· 321.8· 298.8r 315.2 290.8 
Nondurable-goods employment (thousands) t ... . . .. ....... . 291_5• 291.6· 279.0r 288.6 278.2 
Total nonagricultural labor force in selected labor market areas 

$$82,89נ
Ad 
2,946.4 2,946.3 2,852.3 2,908.8 2,831.2
(thousands) . . . . . . . . . . · . · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 
Employment in selected labor market areas (thousands) ...... .. . 2,783.9 2,774.5 2,664.4 2,725.8 2,617.3 Manufacturing employment in selected labor market 
areas (thousands) . . . . . . . . . . . .... . .................. .. . 526.8 527.3 488.7 514.8 480.6 Total unemployment in selected labor market areas (thousands) .. 80.9 90.l 102.0 97.5 123.8 Percent of labor force unemployed in selected labor market areas 
2.7 3.1 3.6 3.4 4.4 
>

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TEXAS BUSINESS REVIEW 
RADIO PROGRAM 
The following stations carry TEXAS BUSINESS REVIEW'S weekly radio program, a report on business and economic conditions in the state: 
KNOW-Austin KSAM-Huntsville 
KOKE-Austin KTXJ-Jasper 
KLVI-Beaumont KPET-Lamesa 
KBST-Big Spring KCYL-Lampasas KHEM-Big Spring KRBA-Lufkin 
KWHI-Brenham KCRS-Midland 
KBOR-Brownsville KWBC-Navasota 
KBWD-Brownwood KOCV-FM-Odessa College KIVY-Crockett KQIP-Odessa KCFH-Cuero KVWG-Pearsall 
KXIT-Dalhart KIUN-Pecos 
KRLD-Dallas KHBL-FM-Plainview KSKY-Dallas (Wayland Baptist College) KURV-Edinburg KFRD-Rosenberg KZOL-Farwell KEEL-Shreveport 
KBRZ-Freeport KATQ-Texarkana KGBC-Galveston KDOK-Tyler KGRI-Henderson KZEE-Weatherford 
KODA-Houston KRGV-Weslaco 
Consult your local station for broadcast time 

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