TEXAS BUSINESS REVIEW A. Monthly Summary of Business and Economic Conditions in Texas BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS VOL. XXXIV, NO. 11 TWENTY CENTS A COPY-TWO DOLLARS A YEAR NOVEMBER 1960 RICE SAUSAGE CASSEROLE 3 cups coolced rice 1 po~~;:.°J~:~~i'~:,• links, bror-w•=•"-'d.,,n_,,_d_ __,, RICE ICE ALMOND PANCAKES 1 cup flour 4 teaspoons baking powder lhleaspoon salt 1 tablespoon brown sugar 2 tablespoons melted butter RICE CASSEROLE 2 cups diced cotlked ham 3 cups cooked rice 3 slices conned pineappfe 12 whole cloves 1 tablespoon butter or margarine 1 tablespoon brown sugar TAKE 1 C The words rice and food are synonymous in many lan­guages and these languages are so widespread that his­torians have concluded that this was the principal food in the misty dawn of settled life. Rice culture is so deeply embedded in man's history that the question of its origin is probably beyond the possibility of solution. One early western writer, after doing considerable research on the subject, came to the conclusion that rice culture began in southeastern Asia and could not be located more defi­nitely. Rice was more than a basic food to the early inhabi­tants of southeastern Asia. It was a way of life. One ancient Chinese script of nearly 5,000 years ago recorded that in an important religious ceremony, the Emperor alone had the privilege of sowing rice. Our current practice of throwing rice at newly wedded couples must have come to us from an ancient Oriental custom. Their belief was that rice was the symbol of fertility and represented the wish that the newlyweds would be blessed with offspring. The material for Dr. Pratt's article in this issue was taken from his research monograph, "Rice: Domestic Consump­tion in the United States." The monograph is now being published by the Bureau, and publication date will be an­nounced next month. For the story of rice in Texas, see page 5. The Business Situation in Texas By FRANCIS B. MAY After bounding up to a brisk 239% of the 1947-49 average in August, the Index of Texas Business Activity yielded part of its gain in September, dropping to 229% . The September level of activity was, after seasonal adjust­ment, at almost the same rate as June when the index stood at 228%. For the first nine months of 1960 the index aver­aged 228% compared with 217% for the comparable 1959 period. The 1960 nine month's average is 5% above the average for the first three quarters of 1959. This is a very good showing when it is considered that 1959 was a year of prosperity while 1960 has been a year characterized by an absence of strong upward-acting economic influences. It is also encouraging to note that the index has been above the comparable 1959 month in eight of the last nine months. If this is a depression, it is a remarkably gentle one. Miscellaneous freight carloadings, which ran at rather low levels in the summer, rose slightly in September. At 76% of the 1947-49 average volume, the seasonly ad­justed index was 1 % above August. It was 5% below the comparable 1959 month. Current data from the Associa­tion of American Railroads show further improvement in the first week of October. The rails are utilizing mergers, sales promotions, and other methods to improve their competitive position with regard to other transportation media. Since they maintain and pay taxes on their own roadbeds, it is questionable whether they can restore their costs to a more competitive basis. This is a serious prob­lem, for in a national emergency the traffic-carrying ca­pacity of the railroads would he badly needed. Nationali­zation would simply bury their costs in the national budget where they would seldom meet the public gaze. Crude petroleum production declined 1.6% in Septem­ber after seasonal adjustment. At 103.47% of the 1947-49 average the index was 5% below September of last year when 9 days production was permitted by the Railroad Commission. The August to September decline in the index is due to the fact that the index reflects total production for the month, not average daily production. Further, about 1.2 million barrels a day of production is exempt from shut­down. Since September has one day less than August, slightly less oil was produced from nonprorated wells. Further, due to technical reasons there is always some underproduction. Usually an average of about seven· eighths of allowable production is actually produced each month. The state's allowable, which has been held at eight days since May, was set at eight days for November, making the seventh consecutive month of eight-day allowables--thc longest drought that Texas oil producers have known. Companies represented at the hearing at which the allow- Texas Business Activity TEXAS BUSINESS REVIEW able was set testified that for most of them inventories of products other than gasoline were not excessive. Gasoline supplies continued to be too high for this time of year when demand begins its seasonal decline. The Texas Railroad Commission is required by law to consider probable market demand as a factor in estab­lishing production quotas. Few producing states have such a law. It may be that the Commission should be given more discretionary authority. Other producing states know that if they choose to produce more oil, the Texas oil pro­ducers will have no choice other than to reduce production. This places us at a disadvantage. A recent forecast places demand for crude and natural gas liquids of Texas origin at 4.5 million barrels a day by 1970. This level of production is 40% above this year. It implies a growth rate of 3.5% a year compounded. Unless oil continues to be found at a high rate outside of Texas it seems that, because of its large excess produc­ tive capacity, Texas will recapture part of the domestic market in years to come. This assumes that import quotas continue to be restricted to 9% of domestic market de­ mand. As of January 1, 1960, Texas had 36.5 billion of the 89.8 billion barrels of recoverable reserves in the United States. Its nearest rival had less than one-fourth the reserves that Texas has. Texas reserves were 41 % of the national total. If Texas were producing a proportion of total demand equivalent to its 41 % reserve position, it would be producing about 2,788,000 barrels a day instead of the 2,668,000 barrel allowable established for November. Price cutting in the international petroleum market has led to efforts to form an organization of the principal for­ eign producers for the purpose of limiting total production and establishing production quotas for the participating nations. Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela are the countries concerned. All have large reserves and each derives a large part of its national income from pe­ troleum exports. In the past exporting nations have been unwilling to accept export quotas. Recent price breaks in the international market have created a threat that is forc­ ing these countries toward such an agreement. The current solution is to consist of a limitation of production to about the current level and maintain the present posted price of oil. Crude oil runs to stills in Texas declined for the second consecutive month in September. This conformed to a national pattern of reducing refinery operations in order to work off excessive inventories of refined products. The petroleum department of the Chase Manhattan Bank re­ ports that nationally runs to stills were reduced 167,000 barrels a day. With inventories of refined products about 70 million barrels above desirable levels for this time of year, further reductions of runs are needed. A recent report by the U.S. Bureau of Mines shows that the average price for natural gas in Texas in 1959 was 10.8 cents a thousand cubic feet at the well head. Of the four west south central states, Louisiana had the highest price, 15.4 cents a thousand cubic feet. Prices in Arkansas and Oklahoma were 8.7 cents and 10.0 cents respectively. The national average was 12.9 cents a thousand cubic feet. On the basis of heat energy content six thousand cubic feet of gas is equivalent to the one barrel of oil. Using the national average price, 77.4 cents worth of gas has the heat content of a $3.00 barrel of oil. It is small wonder that markets for fuel oil are shrinking under the impact of competition from natural gas. NOVEMBER 1960 Ordinary life insurance sales in September rose 6% to 431 % of 1947-49 after seasonal adjustment. At this level they were 6% above sales in September 1959. Sales of life insurance in the state to September 1960 have been above the corresponding 1959 period for seven of the nine months. The index has risen steadily throughout the 1950­1959 period from a monthly average of 134 in 1950 to 409 in 1959. In 1959 there were 4,138,000 Texas policy­holders with $15.5 million of ordinary life insurance in force. Only five states had more ordinary life insurance in force. Insurance companies are a potent factor in the economy, collecting and investing the savings of millions of policyholders. Their investments supply the needs of the homebuilding industry for mortgage money and the needs of business for long-term capital for plant investment. They held $3.9 billion of mortgages on Texas property in 1959. SELECTED BAROMETERS OF TEXAS BUSINESS Per cent change (1947-49=100) -------Sept 1960 Sept 1960 Sept Aug Sept from from Index 1960 1960 1959 Aug 1960 Sept 1959 Texas business activity ............ 229 239 225 4 + 2 Miscellaneous freight carloadings in S.W. district .. 76 75 80 + 1 5 Crude petroleum production .... 103• 105• 108 2 5 Crude oil runs to stills ................ 143 145 137 + 4 Total electric power consumption -········--------------------457• 458r 413r •• + 11 Industrial power consumption .. 409" 40lr 377r + 2 + 8 Bank debits ................................... . 273 285 269 -5 + 1 Ordinary life insurance sales ... . 431 408 408 + 6 + 6 Total retail sales ......................... . 229• 235r 229r -3 •• Durable-goods sales ................. . 160* 160r 157r •• + 2 Nondurable-goods sales ......... . 265• 275r 268r -4 -1 Urban building permits issued .. 234 259 223 -10 + 5 Residential .............................. . 205 201 277 + 2 -26 Nonresiden tial ···-····················· 272 352 183 -23 + 49 Average weekly earnings-manufacturing 175.8* 175.8r 177.9 •• -1 Adjusted for seasonal variation, except annual aTerages and farm cash income. • Preliminary. r R evised. •• Change is less than one-half of one percent Seasonally adjusted retail sales in Texas in September dropped to 229% of 1947-49. This volume of sales was 3% below August and equal to the September 1959 vol­ume. The decrease was due entirely to a decline in the volume of sales of nondurable goods. Nationally retail sales experienced an August-September decline of 1% to $18 billion. At this level they were 1%above September of 1959. In August of this year, Texas retail sales rose 2% while the national figure registered no increase from the preceding month. Durable goods sales in September, seasonally adjusted, held at 160% of 1947-49 the same as in August. At this figure they were 2% above September 1959. Nondurable goods sales dropped 4% in September to 265% of 1947-49 after taking seasonal factors into ac­count. At this figure they were 1 % below September 1959. Sales of automobiles were responsible for the show of strength in the durable goods sector. Weakness in apparel sales and in gasoline sales caused the drop in the nondurables sector. Merchants are expecting good sales for the holiday sea­son. Personal income in September rose to a new high of $408.4 billion in September, contrary to anticipations. Barring a severe drop in income in the final quarter, retail sales should be good. Increased emphasis on quality by consumers and the rapidly growing market of teenagers are strong positive factors in the retailing area. A large drop in personal income is unlikely. Urban building permits issued in September dropped 10% below August, after allowance for seasonal factors was made. At 234% of the 1947-49 average, the index was 5% above September of last year. The month-to-month drop was caused by a decline in nonresidential permits. Residential permits rose 2% in September-a gain that was offset by a 23 % drop in nonresidential permits. Nationally the number of nonfarm private housing starts declined to a seasonally adjusted rate of 1,054,000 in September. The rate was 1,276,000 in August. Appli­cations for FHA commitments and requests for VA ap· praisals declined in September also. Average Weekly Earnings, Texas Manufacturing Industries Index • Adjusted for seasonal variation • 1947-1949·100 200 200 150 1so 100 100 so so 0 '59 '60 •oato ofter 1957 not ~trictly comporable with preceding years due to changes in src code. This month the Bureau of Business Research begins publication of a new barometer of Texas economic ac­tivity, the Index of Average Weekly Earnings in Texas Manufacturing Industries. This index is influenced by changes in two things-average hours per worker in manu­facturing and average hourly earnings. It is a good sensi­tive indicator of changes in wage payments in an im'. portant sector of the state's economy. The September value of the seasonally adjusted index was 176, unchanged from August and 1 % below September of last year. The year­to-year decline was caused by a decline in average hours worked. Total nonagricultural employment in Texas in Septem­ber was 2,51l,900, up slightly from August and 1 % above September of 1959. The steel strike affected employment in September of last year only slightly for Lone Star Steel was not struck. Insured unemployment in September dropped to 2.6% of covered employment. At this rate it was well below the na­tional average of 4.0%. It was slightly above its value of 2.2% in September of 1959. This analysis of the indicators of the health of Texas business reveals that, while the rolling readjustment con­tinues to be with us, there is no reason for gloom. Employ­ment is high ; wages are high; oil production may stay at 8 days in December but it won't go lower; industrial power consumption is rising. The Texas economy has underlying strength that makes it strongly resistant to downward influences. 4 TEXAS BUSINESS REVIEW Editor______________________________________________________John R. Stockton Managing Editor __ ____________________________________James J. Kelly CONTENTS The Business Situation in Texas --------------------------------2 Rice ------------------------·---------------------------------------------------5 Finance ----------------------------------------------------------------------8 Retail Trade ----------------------------------------------------------------I 0 Construction ------------------------------------------------------------12 Agriculture ----------------------------------------------------------------14 Local Business Conditions ----------------------------------------16 Barometers of Texas Business ------------------------------------24 BUSINESS RESEARCH COUNCIL J ohn Arch White, Dean of the College of Business Administration (ex officio) ; John R. Stockton; Jessamon Dawe; J. Neff; G. H. Newlove; W. T. Tucker; and E. W. Walker. BUREAU BUSINESS RESEARCH John R. Stockton Stanley A. Arbingast Florence Escott Director Associate Director Assistant to the Resources Specialist Director Francis B. May Alfred G. Dale Charles 0 . Bettinger Statistician Research Associate Junior Statistician Robert H . Drenner Ida M. Lambeth James J . Kelly Research Associate Research Associate Research Associate Marie Fletcher Ma rjorie Cornwell Mona H. White Research Aasociate Administrative Research Associate Assistant Anna Merle Danz J osephine Knippa Roberta Steele Library Assistant Senior Clerk Typist Cartographer Margaret Smith Mildred Anderson Cynthia Edson Senior Secretary Statistical Assistant Senior Secretary E va A. Arias J ane A . Bowen Elnora W. Mixson Statistical Technician Statistical Assistant Statistical Technician Ruth Ashcroft Robert Dorsett Senior Clerk Typist Offset Press Operator Claire S. Howard Daniel P. Rosas Senior Clerk Typist Offset Press Operator Cooperating Faculty Calvin Patton Blair Charles T. Clark Associate Professor of Assistant Professor of International Trade Business Statistics J ohn Lymberopoulos Robert H. Ryan Instructor in Business Statistics Special Instructor i·n. Business Writing Assistants Nell Abell; John R. Brown, Jr.; James C. Cline; Mary Blanche Fanett; Norman H . Fox; J oe H. Jones; Fredolin J . Kaderli; Eliza­beth R. Turpin ; Marilyn C. Whites. Published monthly by the Bureau of Business Rl!8earch, Colle&"e of Business Administration, The University of Texas, Austin 12. Entered as second class matter May 7, 1928 at the post office at Austin, Texas, under the act of August 24, 1912. Content of this publi­cation is not copyrighted and may be reproduced freely. Acknowledge­ment of 1ource will be appreciated. Subscription, $2.00 a year; individual copies, 20 cents. TEXAS BUSINESS REVIEW RICE: TEXAS CROP IN SEARCH OF A CONSUMER By PARLEY M. PRATT Associate Professor of Business Management, Brigham Young University* Texas is the largest producer of long grain rice in the United States. Since exports are weakening, the state has a vital stake in the domestic market. The competition for this market comes from Arkansas, California, and Louisiana, the other three rice-producing states. Since 1957 Texas has accounted for a higher proportion of the total United States production of rice than any other state; this could be a source of consistent profits to Texas rice producers pro­vided a continuing market can be created. With the beginning of World War II, the increase of exports caused the total distribution of U.S. rice to keep up with the total supply until about 1952. For the next three years exports were lower, but production increased at a much higher rate than ever before. The result was a large surplus accumulation. Since that time, exports of United States rice have fluctuated rather widely. United States agricultural policy embodied in government legislation and regulation has limited the extent to which producers can compete on the world market. If our export market remains stable or cannot be main­tained at a sufficient level to enable the industry to main­tain a high level of production, then the question arises as to whether domestic consumption can be increased suffici­ently to keep production at a high level. There is another reason for focussing attention on do­mestic consumption of rice. The United States rice industry today is highly mechanized. The average farm size is very large, since rotation practices in most areas consist of planting rice on a given piece of land about every third year. Production has expanded to the extent that a high proportion each year must either be exported or enter our government surplus program. Even though acreage controls have reduced the domestic production from the 1953, 1954, and 1955 high levels of production, the annual rice crop in the United States is still over twice what it was just before World War II. The per capita consumption of rice in the United States is just under 6 pounds which, though a relatively small figure, is a remarkably consistent one. Texans are average in this respect, consuming 4 to 6 pounds per capita. Rice has fared well in comparison with other commodi­ties whid1. are close substitutes in basic diets. Indexes of the per capita civilian food consumption of potatoes, dry beans, corn, and wheat flour show that all have fluctuated during the period from 1935 to 1958. Corn and wheat showed greater increases during the World War II years than any of the other products. Rice dropped the lowest • Formerly Assistant Professor of Marketing, The Uni­versity of Texas. during the period probably because of the huge exports to Asia and the fact that rice was not promoted for domestic use. However, of the four commodities, rice is the only one which is now back to the prewar level of consumption per capita. This becomes highly significant in comparison with the consumption per capita of corn, potatoes, and wheat, down about 40% to 45% from 50 years ago, while rice is at about the same level of consumption. The fact that the per capita consumption of rice has not decreased along with consumption per capita of three of its main competitive foods probably does not have a simple explanation. It could mean that rice is not so susceptible to the inroads made on the other three by foods such as chicken, fresh fruits and vegetables, and seafood which can now be stored for longer periods of time and are avail­able throughout the year. It may simply he that rice is less sensitive to price changes. The implication could be that rice is the best all-purpose food for those who are in the habit of eating it frequently. Interest and concern about the domestic market for rice are best expressed by the Rice Research and Marketing Advisory Committee, composed of nine representatives of the rice industry, in a recent report in The Rice Journal. The report recommends that more be learned about ". . . consumers' attitudes toward rice and rice products: Too little is known of the different factors which affect rice consumption to provide adequate direction to sales and promotional programs designed to expand the domestic market for rice and ricep roducts. A nation-wide consumer survey of homemakers' attitudes and opinions toward rice should be initiated which will provide information on the factors associated with high and low consumption and with non-use of rice." With this apparent need for information about con­sumer behavior patterns in mind, a consumer survey was made in the three metropolitan markets of Atlanta, Georgia; Dallas, Texas; and Denver, Colorado. It was hoped that these three cities were representative of areas of above-average consumption (Atlanta), average (Denver). The object of the study was that of obtaining more information about the factors which influence the per capita consumption of rice, the frequency of serving cooked rice in the home, consumer buying habits and preferences, rice preparation and serving habits, consumer attitudes toward rice, consumer response to various ad•1ertising and promotional activities, how many families order rice when eating in restaurants, and various other factors. The re­sults of the survey are used in this report so that the infor­mation provided may be useful in the marketing of rice. Geographic location. Where rice has been grown or is now being grown extensively, the consumption per capita is higher than for the other parts of the nation. This same pattern is found in Asia. In the United States it may be partly associated with the difference in the ethnic compo­sition of the population of rice growing areas and nonrice growing areas. This would provide only a partial expla­nation, however, since, as is shown under the discussion of ethnic factor, consumption per capita for a given ethnic group is higher in rice-growing areas than where rice is not grown. Income. There is an inverse relationship between the level of income and consumption per capita. The one excep· tion is that families with incomes of $10,000 and over consumed more per capita than those with incomes between $4,000 and $10,000. There seems to be no logical explana­tion of this increase at the higher level of income in some parts of the country. Much of the differences may be at­tributed to the attitude consumers in different parts of the country have toward rice as a food. The consumer survey showed that the families in Atlanta liked rice much more than did the families in Denver. This may indicate that the high income families in Denver will discontinue using so much rice when their incomes increase substantially, where­as, the families in Atlanta may consume more rice at the higher levels of income to eat with the higher priced meats and seafoods which they could then afford. Frequency of serving rice. There is a fairly close associ· ation between how well rice is liked and the frequency of its use in the homes of the consumers who participated in the survey. For all three cities combined, frequency is ex· pressed in the following percentages: frequent 52. 7%; moderate 35.9%, and infrequent 11.4%. In response to the question of how well rice was liked, 51.2% liked it very well; 40% liked it fairly well; and 8.8% did not like it very well; 74.2% of the frequent users liked rice very well, while 53.2% of the infrequent users did not like rice very well. This is another indication that the frequency of eating rice and the amount of rice eaten are the results of con­sumer attitude toward it rather than because it is either cheaper or dearer than other foods. Ethnic factor. The combined statistics for all three cities showed an average consumption per capita of 88 pounds for the Oriental group, 17.7 pounds for the Negro sample, 7.5 for the Latin American group, and 5.2 for the White group. Even though Latin Americans are classed as White in our population statistics, it was felt that their consump· tion per capita and buying habits and preferences for rice would be different from the White racial group, and this justified their being listed separately. Consumption per capita for each major group, except Orientals, varied in each city surveyed. As was expected, the Negroes in the South as represented by Atlanta con­sume more than the Negroes in the Southwest (Dallas) and a city farther north (Denver). The unexpected was that the Negroes in Denver consume as much per capita as do the Negroes in Dallas. This may be explained by the fact that Dallas is not a rice producing area and, there­fore, should not necessarily have a higher consumption per capita for this ethnic group. The Latin Americans in Dallas reported eating more rice per capita than the Latin Americans in Denver. The difference was only 1.2 pounds but indicates that their eating habits further North and West may have responded to other influences. Number of foods served with rice. The majority of families surveyed serve rice with relatively few foods. About 66% of all families serve rice with four foods or even fewer. Consumption per capita very much above average is by families who serve rice with five or more other foods. As would be expected, this differs in the differ­ent cities when analyzed separately. In Atlanta 52% of the families eat rice with four or fewer other foods. In Dallas 81 % and in Denver 65% of the families are in this cate­gory. With a few exceptions, the general pattern is that those who eat rice with a greater variety of foods have a higher consumption per capita than those who eat it with only a limited number of other foods. The various promotional groups have advertised the use of rice with numerous other foods in hopes that this would encourage higher consump­tion per capita. They seem to be headed in the right direc· tion. Of importance in relation to this factor is the fact that Latin Americans as a group eat rice with a greater variety of foods than do Negroes. Negroes as a group eat rice with a greater variety of foods than the White group sur­veyed. Farm or city origin of adults. Adults who were reared on a farm, even though now living in a city, consume more rice per capita than do those who were reared in town or in a city. When the questionnaires were analyzed by origin of the housewife, those of farm origin consumed 9.4 pounds per capita as compared with 6.9 pounds for those of town or city origin. About the same pattern showed up when the questionnaires were analyzed by origin of the husband. Those of farm origin consumed 9.2 pounds per capita as compared with 6.9 pounds for those of town or city origin. When housewife works outside the home. Housewives who work in addition to keeping house for their families serve more rice than do the housewives who do not work. Their families consume 13.4 pounds per capita as com· pared with only 7 pounds per capita for the families of the housewives who do not work outside the home. The same pattern is found when the three cities are examined sepa· rately; however, the difference is more pronounced in Denver than in the other two cities. Since rice is so easy and fast to prepare and serve, the working housewife serves it more often and uses more of it than her counterpart who does not work outside the home. This probably is one of the reasons why the con­sumption of rice per capita has remained about the same while the consumption of some substitute foods which re­quire greater preparation time have had a decreasing per capita consumption trend. With the trend toward a greater percentage of women in our working force, this could work to the advantage of the rice industry. When there are children in the family. Households in which there are no small children consume more rice per capita than households in which there are small children. This varies with the different cities. Households in Atlanta with no small children had an average consumption per capita of 13 pounds as compared with 11.9 for the house­holds with children. The difference in Dallas was greater. The situation in Denver was reversed with 4.9 pounds for families with no children and 5.6 pounds for families with children. In general, small families have a higher consumption per capita than do medium size and large families. This is the result of higher consumption by adults than children, even though families in which there are children eat rice more often than families in which there are no children. Most of the rice distributed in the United States is for TEXAS BUSINESS REVIEW dire?t foo~ use. The percentage used as direct food has declmed smce World War II due to increased use in food and industrial processing. Summary and recommendatwns. The food value of rice is high in relation to the foods which are generally consid­ered its substitutes. This probably accounts for part of the reason that the consumption per capita has stayed about the sa~e for the past ~ew decades while the per capita con­sumpt10n. of the sub~tit~te foods has gone down during the same period. Also, nee is a good basic food relatively easy to prepare and use and a versatile food which can be served in a great number of appetizing combinations. The method of milling and cooking is important in ob­taining the highest amount of nutrition from milled rice. Better milling methods and enrichment programs are prob­ably in store for the future. More efficient cooking methods should result from the information given in advertisements and through various promotional activities carried on by the rice industry. The demand for rice varies with the season. The low period falls during the summer months. There is some evidence that the consumption per capita for direct food use is due to habit, and the demand, therefore, would not be very responsive to price changes. With very low consumption per capita in all parts of the United States, except for a few Southern and South Cen­tral states, a great deal of advertising and promoting of rice should be carried on to familiarize the housewives of the nation with this versatile product and get them into the habit of serving it. The per capita consumption of rice is very closely associ­ated with the frequency of serving cooked rice in the home. Both are influenced by geographic location, ethnic factor, family size, level of income, the number of foods with which rice is served, and whether the housewife works outside of the home. The different buying habits and preferences as to brand and type of rice as shown for the various ethnic groups should be studied and provided for by the millers, whole­salers, and retailers doing business in areas where the dif­ferent groups live. In some metropolitan areas, the adver· tising and promoting of rice can be effectively directed to the different major ethnic groups. Since there is a relationship between the consumption per capita of rice and the number of foods with which it is served, the advertisement and promotion of rice should stress its versatility and the fact that it can be served with almost any other food. The housewives questioned gave a few suggestions for getting more persons to eat more rice. About two-thirds of the suggestions had to do with the need for more advertising and the promotion of more good recipes. The suggestion of "Need more good recipes" was mentioned most often, and "More advertising is needed" was second. Many housewives feel that there is not enough said about aspects such as: it is not fattening, it is excellent for most special diets, and in general it is a very healthful food. There is some brand advertising being done now, but more nonbrand advertising and promotion are needed. More large appetizing pictures in color should be used. A minority of the housewives use the recipes and sug· gestions in newspaper food pages, advertisements, and on rice packages. Many of the housewives have their own recipes which they use for most of the rice which they serve. Enough of them use the recipes and suggestions, however, that they should be continued to encourage house· wives to use rice in more combinations and on more occa· sions. With more and more time being spent by the housewife away from her kitchen either working at another job or in community, church, or other activities, there is a trend toward foods that are both easy to prepare and do not re· quire much time to prepare. This aspect of rice should be promoted heavily since it fits the requirements very well. Rice is basically an evening meal food. The few families who serve it for breakfast are sold on it as a substitute for other breakfast cereals. It has not been promoted ade­quately as a breakfast food in the form of cream of rice cereal, as a whole grain cereal served with cream or milk and sugar, nor as a side dish with meat or eggs. Other cereal grains are well known as good breakfast cereals, but very few families have tried cooked rice for breakfast. The seasonal fluctuation in consumer use of rice could be decreased somewhat by promoting it for use in cool sum­mer salads and desserts. It looks cool to begin with and is a neutral food which will combine with most or all of the summer salad and dessert combinations. Since altogether too many housewives are washing away the natural and added vitamins in rice, a vigorous cam· paign should be made against this practice. This should be carried on by the members of the rice industry with any help they can get from state and federal authorities. Only then will a rice enrichment program make sense. Comparatively few persons eat rice when eating out in restaurants. Most of those who eat rice in restaurants do so because it comes with the meal ordered. Relatively few menus in restaurants include rice. It is generally only in­cluded with special meals. Very few persons reported that they saw rice listed on the menu. A program should be started to get rice into more res­taurants to be listed as an alternative for potatoes or other side dishes, to be used with more combinations, and simply to have it available and listed for those who want rice. A little cooperation from the persons who make their living from the rice industry would help. Too many of them think that their only responsibility is that of getting the rice planted, harvested, milled, and processed. If each one asked for rice when eating in a restaurant and showed surprise and displeasure when it is not available, not listed on the menu, or when there is a reluctance to let the cus­tomer substitute rice for potatoes or other side dishes (which are probably more expensive) , the restaurant operators would gradually begin to serve rice regularly. If the persons who make their living from growing, mill· ing, or marketing rice do not support it as a food, they have no reason to complain that more of it does not sell. Consumers, in general, are satisfied with the rice they are getting, they feel that it cooks well, that it looks good after it is cooked, and that it is a good basic food. The industry should continue to improve the rice put on the market and make sure that the housewife can get the rice which she likes best. If the per capita consumption of rice is to remain the same or to increase during this period of great developments and innovations in the field of food and food merchandising, the rice industry will not only have to keep pace with the changing times but also keep ahead of competing industries. Finance: THE EUROPEAN ECONOMIC COMMUNITY New Opportunities or Discrimination? By HARRY G. COSTIS* The European Economic Community (EEC), other­wise known as European Common Market, is a rela­tively new development in European economic history but one which will undoubtedly have a serious effect on world trade. In this article, the first of two parts, is presented a discussion of the background of tensions and needs that led to the formation of the E.E.C. Next month, the probable effects of the E.E.C. on United States foreign trade will be examined. European economic and political integration has been the ultimate objective of European intellectuals and promi· nent statesmen, as well as nationalistic-minded dictators and militarists for many years. It has been manifested in political and religious alliances, war campaigns, commer­cial treaties, and trade agreements. The effects of antagonism and enmity, however, that de­veloped through the years among the European states pre· vented success and the dream of bringing together the European nations willing to give up part of their sover· eignty for the cause of the unification of the Continent never came true. After World War II, the economic and political environ· ment seemed to have changed. Two external factors were mainly responsible for the emergence of the economic unification idea and precipitated the economic coopera· tion plan. First, increasing Communist subversion and ag· gression immediately after the war caused serious concern among the free states of Europe affecting their future sur· vival. Economic disintegration as a result of the war, the low standard of living, serious monetary problems, and the overwhelmingly increasing disequilibrium in their balances of payments together with serious inflationary pressures were all factors which supplied arable soil for Communist subversion. And it was these pressures that led the European nations for the first time to implement methods of economic cooperation in an effort to alleviate their economic predicament and avoid the Communist dan­ger. The other external factor manifested itself when, at the beginning of 1948, the United States initiated the Marshall Plan. In his famous Harvard speech in 1947, Secretary of State Marshall invited the countries of Wes tern Europe to formulate a cooperative economic program and Economic Commission Administration officials frequently suggested the establishment of a broad free market as a stimulus to recovery and as a step toward closer political and eco­nomic cooperation. But the sine qua non for this broad free market and eco· nomic cooperation was intra-trade liberalization. The multi­ * Ph.D. candidate, College of Business Administration, The Uni­versity of Texas. lateral trade system which Europe enjoyed in the past had broken down during the twenties owing to the split of Europe into small economic nationalistic states following the end of World War I and owing to economic and politi· cal developments during the interwar period. The implementation of the Organization for European Economic Cooperation (OEEC) and of the European Pay­ments Union as a requirement of U.S. foreign aid to Eur· ope was a first-class opportunity for the re-establishment of that multilateral trade which Europeans were so seriously interested in. These institutions resulted in the emancipa· tion of a large portion of Europe's trade from quotas and currency restrictions and led the way for further coopera­tive plans. Many Europeans were not satisfied, however, with the favorable effects of trade liberalization and economic co· operation accomplished through the OEEC and the EPU institutions. It was felt that removal of tariffs and abolition of restrictions impeding free circulation of labor and capital were fundamental measures toward economic integration. Important, too, were nationalist drives which motivated the Europeans toward closer economic cooperation, as they saw through it an easy way to political unity which could raise the prestige of declining European political influence in world affairs. CH ANGES IN CONDITION OF WE EltLT REPORTING HEMBER BANKS IN THE DAL LAS FEDERAL RESERVE DISTRICT Source: Board of Governors of the Federal Reserve Syatem Percent change• Sept 1960 Sept 1960 Sept 1969 from from f rom Account Aug 1960 Sept 1969 Aug 1969 TOTAL ASSETS .......................................... + 2 + 8 Loans and investments, Jess loans to banks and valuation reserves ------···· •• + 2. Loans, less loans to banks a nd --···········--··-·-----···· + valuation reserves + 1 + 1 1 Commercial, industrial, a nd agriculturaJ loanst + 1 2 + 1 Loans for purchasing or carrying securitiea ........................ + 7 + 18 •• Real estate loans ························ ······························ •• 8 + 4 Other loans ·····-······----·------········-------· •• + 6 •• Total u. s. GoYernment securities.. -1 + 6 -7 Treasury bills ··----··--·----···········--·-··-----83 + 60 -61 Treasury certificates Of indebtedness ···-·---·····---··········----+ 12 -20 6 Treasury notes and bonds ···---··----+ 1 + 6 2 Other securities --------···········-··············---1 -2. + 4 Loans to banks -------·-----------·········--·······----· -26 +766 -87 + + -6 Reserves with Federal Reserve banks 5 6 Cash in vaults ------······--------······················ + 6 + 8 + 4 ········-··-·· + Balances with domestic banks + 18 2 12 Other net assets --····-·····------·-······-·--········-· + 10 + 7 + 6 TOTAL LIABILITIES ·-··-···········-·--········-· + 2. + 8 -1 Total adjusted deposits ········--------··-·--··-· + 1 + 2 -1 Demand deposits ·--···---····------·-········-----1 2 •• Time deposits 2 ··············-·······---·-·····---·---· + + 11 -1 u. s. Government deposits 22 8 17 ·········-······ + ­Total interbank deposits + 12 4 ················-······· + •• Domestic banks ···-································ + 12 + 8 + 1 Foreign banks ·······--·····-············-·········· -6 + 14 -18 Borrowings ······-------···········--····--·-···-·········· -42 + 46 -87 Other liabilities ··----··---········--················---+ 18 + 41 + 9 CAPITAL ACCOUNTS ·-····--·-·················· •• + 5 •• • Percentage changes are based on the week nearest the end of the month. •• Change ia less than one-half of one percent. t Includes Joana to nonbank financial institutions. TEXAS BUSINESS REVIEW REVENUE RECEIPTS OF THE STATE COMPTROLLER Source: State Comptroller of Public Accounts September I-September 30 Percent Account 1960 1959 change TOTAL ------------------------------------------------$ 78,780,983 $ 84,721,501 -7 Ad valorem , inheritance, and poll taxes ---------------­--·----------------­Natural and casinghead gas 1.211,087 896,544 +35 production taxes -----­-------­----­--­-­ 4,520,397 8,848,878 +17 Gas severance beneficiary tax ..... . 4,448 0 Crude oil production taxes _______ _ 10,256,199 9,031,462 +14. Other gross receipts a nd production taxes ---­-------------------­ 804,540 457,779 -33 Insurance companies and other occupation taxes --­------------------­­ 88,440 19,278 +78 Motor fuel taxes (net) -----­---­---­ 16,168,164 15,914,549 + 2 Cigarette tax and licenses --­------­ 7,867,982 4,326,860 +82 Alcoholic beverage taxes and licenses ....................................... . 3,689,517 4,177,325 -18 Automobile and other sales taxes S,118,606 1,722,583 +81 All licenses and fees ---------­-­---­---­ 4,302,781 8,832,947 +12. Franchise taxes ---------------------------­ 52,165 4,410,306 -99 Mineral leases, land sales, rentals, and bonuses ---------­-----­ 617,290 728,860 -1& Oil and gas royalties --­----------------­ 1,628,239 2,251,160 -28 Interest earned -----------------­----------­ 2,200,656 2,117,271 + 4 Unclassified receipts -------------------­ 1,137,533 1,221,410 -7 Other miscellaneous revenue -----­ 1,356,916 1,166,076 +16 Federal aid for highways -----------­ 6,108,121 15,634,120 -61 F ederal aid for public welfare ___ _ 10,089,039 9,882,983 + s Other federal a id ---------------------­---­ 4,059,260 8,084,446 +32 Donations and grants ----------·------­ 59,603 46,664 +28 The Benelux countries (Belgium, the Netherlands, Lux­embourg) were the first to move toward economic inte­gration by the implementation of the "Benelux" customs union. Early in 1952 a team of federalists which was be· hind every movement leading toward economic integra· tion (Robert Schuman, Jean Monnet, Henri Paul Spaak, Paul Van Zeeland) introduced the famous Schuman plan. This plan provided for integration of the coal and steel industries of six central European countries (France, Ger­many, the Benelux, and Italy) putting into effect the Euro· pean Coal and Steel Community (ECSC). Efforts were begun in 1954 for the creation of the Euro· pean Defense Community which aimed at the integration of the military forces of the members of ECSC. But the ground was not yet ready for such a bold plan, and patri· otic pride defeated the plan as the French parliament did not ratify the statute. The relics of antagonism and enmity have not completely disappeared from the minds of most Europeans. The average European has not as yet accepted wholeheartedly the idea of European integration. The favorable effects that the ECSC had upon steel and coal production and trade and the continuing efforts of the federalists toward complete economic integration precipi­tated the creation of the European Economic Community (EEC). In June 1955 the six foreign ministers of the ECSC met in Messina, Sicily to discuss the implementation of the European Atomic Energy Community (Euratom). The plan for the creation of the EEC was then intro· duced and after prolonged negotiations became a treaty. signed in Rome by the six ministers on March 25, 1957. It was given almost one year to be ratified by the respec­tive parliaments and was put into effect on January 1, 1958, with the first 10% tariff reduction assumed on January 1, 1959. NOVEMBER 1960 The commitments the governments have undertaken under the Treaty can be summarized as follows (as taken from Industry and Labor, published by the International Labor Office, Geneva, September 1957) : (a) Gradual elimination of tariff on intracommunity trade over a period of 12 years in three successive stages. {b) Gradual abolition of existing quotas and quantitative trade restrictions between the members and applica· tion of a global quota system. ( c) Gradual elimination of restrictions on the movement of capital, services, and labor within the Community. ( d) Freedom of establishing, entering in and carrying out activities as well as setting up and managing commer­cial undertakings within the Community. ( e) Establishment of a common tariff on goods coming from outside the Community. (f) Development of a common anticartel policy and elimi­nation of business restrictions which impede trade. (g) Association of overseas dependent territories with the Community. (h) Creation of a Social Fund to promote employment fa. cilities and facilitate occupational mobility of workers. {i) Creation of the European Investment Bank with a capital of $1 billion for the financing of development projects of underdeveloped regions and moderniza· tion or conversion of undertakings rendered neces· sary by the progressive establishment of the Common Market. (j) Integration of transport media and prescription of rules for the admission of nonresident carriers to national services with a member state. Many of the terms of the treaty are bold and at other times would seem unrealistic. However, the bringing to· gether of France and Germany-traditional enemies-is interpreted as an indication that Europeans are much more conscious of the pressing requirements of cooperation today than they have ever been before. It is hoped that the Com· mon Market arrangement will produce a workable solution to the complex economic problems of modern Europe and that it will be extended to embrace the other countries of OEEC. At the same time it creates problems for the outside world. FEDERAL INTERNAL REVENUE COLLECTIONS Source : Office of the Collector , Internal Revenue Service, Treasury Dept. July !-September 30 1960 1959 Percent District (thousands of dollars) change TEXAS $664,670,164 $640,27 4,162 + 4 Income ·---------------··-·--------·-··-·-----­ 262,586,416 269.026,728 2 Employment ------------------­-----­---­ 3,519,040 S,260,036 + 8 Withholding --------­--------------­-----­ 840,463.991 311,783,614 + 9 Other ------·----------------------------------­ 58,100,717 56,203,784 + 3 SOUTHERN DISTRICT -­-----------­Income --····--------····---------------·-····· 342,127 ,121 131,257,729 323,517 ,337 131,386,892 + 6 •• Employment -----------------------------­ 48,587 21,769 +in Withholding __ --------------------------­ 174,026,920 157,740,135 + 10 Other -----------------------------------------­ 36,798,935 34,368,541 + 7 NORTHERN DISTRICT -------------­ 322,543,043 316, 756,825 + 2 Income ---------------------------------------­ 121,328,687 137,639,836 5 Employment -----------·-----------------­ 3,470,503 3,238,267 + 7 Withholding -----------------------------­ 166,437,071 154,043,479 + 8 Other -----------------------------------------­ 21,306,782 21,836,243 2 •• Change is less than one-half of one percent. Retail Trade: GROWTH IN TEXAS RETAIL TRADE 1954-1958 By IDA M. LAMBETH The growth of retail trade volume in Texas more than kept pace with the national trend from 1954 throu9h 1958. In 1958 Texas retail volume was 19% greater than m 1954; nationally, the rise was 17%. The state had a total of 99,­093 retail establishments with an annual sales volume of $10,792,599,000. Texas retail establishments provided jobs for 435,029 full-time employees. Recently completed and released, this data has been published by the U. S. Bureau of the Census. The 1958 Census of Business shows that Texas compared favorably with the United States in all branches of retail trade. Food stores were the biggest retail business in 1958 with 18,355 establishments and sales volume of $2,601,591,000 -a volume rise of 26% over 1954. Food stores in the United States recorded a sales increase of 23 % over 1954. In 1958 there were 7,106 automotive stores, and auto· motive sales were second in volume. Sales volume reached $2,083,119,000, a rise of 8% over 1954. National auto­motive sales rose 6% in the 1954-1958 period. General merchandise stores, with 5,090 establishments in 1958, rang up the third largest sales in the state to the tune of $1,172,663,000. This sales volume was 23 % greater than in 1954, compared with a national rise of 22%. Gasoline and service stations took fourth place. In 1958 there were 14,902 service stations in the state with annual sales volume rising to $879,752,000, or 37% greater than in 1954. Nationally, service stations reported a 32% sales rise over 1954. PERCENT CHANGES OF TEXAS RETAIL TRADE BY DISTRICTS, 1954-1958 Based on doto from 1.958 Census of Busineu; U.S. Bureau of Census. ESTIMATES OF TOTAL RETAIL SALES Percent change J a n-Sept 1960 Sept J a n-Sept Sept 1960 Sept 1960 from 1960 1960 from from J a n-Sept Type of store (millions of dollars) Aug 1960 Sept 1959' 1959 8 •• 2 -8 + 2 -8 -1 -1 + 1 TOTAL ..................... $1,189.2. $10,631.8 Durable goods* ...... 272.3 2,613.1 Nondurable goods 916.9 8,0'18.7 * Contains automotive stores, furniture stores, and lumber, building material, and hardware stores. "* Change is less than one-half of one percent. The 6,063 lumber, building material, and hard:ware stores throughout the state stayed abreast of the national 1954-1958 rise of 9% in volume with 1958 sales of $842,­858,000. The 5,246 apparel stores throughout the state ~ose 20.% with sales volume of $624,215,000, while the nat10nal nse was 13%. Eating and drinking places, while the second most numerous in the state with 17,124 establishments, were in seventh place by annual sales volume of $594,744,000 in 1958. Texas' eating and drinking places rose 17% in the 1954-1958 period, while nationally the rise was 16%. Furniture and household appliance stores, with 5,363 establishments in the state, rose 14% over 1954 annual sales volume with sales of $494,474,000, outstripping the national rise by 2%. Drug stores numbered 3,256 in Texas in 1958. The an· nual sales volume that year was $376,178,000, or a gain of 32% over 1954. The national sales rise of drug stores was 29 % in the 1954-1958 period. The 13,033 retail establishments in the all-other cate- CREDIT RATIOS IN DEPART MENT AND APPAREL STORES Ratio of Ratio of credit sales collections to Number of to n et sales• outstandingst r eporting Sept Sept Sept Sept Classification stores 1960 1959 1960 1959 ALL STORES .. ------··----------······ 58 71.9 72.5 34.3 35.5 BY CITIES Austin ··················---·······--···-···· 5 65.7 64.4 45.4 46.4 Cleburne ·····························-···· 3 50.9 51.0 42.8 44.6 Dallas ··-----··················-········-----­ 6 79.9' 79.1 35.4 37.8 E l Paso -----­----------······--····--·-·-·­ 3 58.7 58.7 25.l 26.1 Fort Worth .............................. 3 68.6 69.2 30.4 29.1 Galveston ··············--­ 3 65 .4 64.1 41.5 42.0 Houston ······--······--····----·----------­ 4 78.3 83.0 39.0 39.7 San Antonio ............................ 4 75.3 74.5 34.1 37.8 Waco ----·-------------­-----­--------··-·· 4 61.0 59.2. 38.5 40.7 BY TYPE OF STORE Department stores (over $1 million ) ·············­ 19 73.2 74.3 34.0 34.8 Department stores (under $1 million) ·········-·· 17 49.3 47.6 36.2 36.5 Dry goods and apparel stores ··---·······--·-····------·--·--·--­ 4 77.1 77.2 52.9 68.6 Women's specialty shops ---­ 10 71.3 69.8 33.2 36.8 Men's cloth ing stores ········-­ s 67.4 64.9 39.3 40.5 BY VOLUME o,F NET SALES $1,500,000 and over ····---­----·· 23 73.4 74.0 34.1 35.4 $500,000 to $1,500,000 ·········· 14 58.1 57.8 39.3 39.4 $250,000 to $500,000 -------------­ 11 47.8 47.6 35.5 84 .8 Less t han $250,000 ················ 10 52.4 49.6 34 .5 35.7 • Credit sales divided by net sales. t Collections during the month as a percent of accounts unpaid on the first of the month. TEXAS BUSINESS REVIEW gory, including florists, jewelry stores, liquor stores, and others, reported an annual sales volume of $890,495,000 in 1958, or 21 % over 1954 annual sales. The national sales rise was 18%. In this category Texas liquor stores were the only retail business outstripped by national figures. The 2,264 Texas liquor stores made total sales of $189,844,000 in 1958, a rise of 23 % over 1954, while nation-wide the rise of liquor stores' sales was 32%. Nonstore retailers, mail-order houses, totaled 3,556 in the state in 1958. The total 1958 sales volume for this group was $232,470,000, or 25 % more than in 1954. The na­tion's nonstore retailers registered a gain of 20% over 1954. Though not a part of retail business as such, the receipts of selected services are an important part of our economy and a good indicator of economic health. In this area of business, too, Texas evidenced a growing economy. The 1958 volume of selected services receipts from 56,435 es­tablishments was $1,388,14.7,000, or a rise of 38% over 1954. Hotels, motels, tourist courts, and camps-4,436 of them throughout the state--had total receipts of $162, 770,000 in 1958, a rise of 24% over 1954. Personal services, including laundries, cleaners, beauty and barber shops, photo studios, shoe repair shops, fun- POSTAL RECEIPTS Percent change Aug 20-Aug 20­Sept 16 Sept 16 1960 1960 from from Aug 20-July 28-Aug 22-July 23-Aug 22­Sept 16 Aug 19 Sept 18 Aug 19 Sept 18 City 1960 1960 1959 1960 1959 Brady ................. $ 3,700 $ 4,266 $ 4,047 -13 -9 Brownfield ....... . 8,074 8,410 8,115 -4 -1 Cameron --··-·--·-·-6,116 3,480 6,026 + 47 -16 Childress ........... . 4,606 4,582 4,602 + 1 •• Coleman ···-······· 6,400 6,196 6,090 -13 -11 Crystal City ..... . 8,253 2,463 2,958 + 82 + 10 Cuero ................. . 5,967 6,649 6,047 + 7 + 18 Eagle Pass ....... . 6,707 5,666 5,704 + 1 •• Edna ................. . 6,431 3,779 4,217 + 70 + 63 El Campo ......... . 9,629 9,011 8,736 + 7 + 10 Gainesville ....... . 11,432 12,666 11,376 -1() + 1 Gatesville ......... . 3,053 4,206 8,395 -27 -10 Graham .............• 8,214 6,731 7,673 + 22 + 7 Granbury ......... . 1,938 3,845 3,338 -42 -42 Hale Center ... . 1,917 1,766 1,460 + 9 + 31 Hillsboro ·······-··· 6,694 6,641 6,484 + 19 + 8 Huntsville ....... . 7,904 9,437 7,940 -16 •• Kenedy ............. . 4,056 3,632 3,392 + 15 + 20 Kermit ............. . 7,513 6,339 7,083 + 19 + 6 Kerrville ........... . 10,793 11,968 1(),672 -10 + 1 KingsYille ......... . 17,461 12,339 13,004 + 42 + 34 Kirbyville ......... . 3,132 3,128 3,024 •• + 4 LaGrange ......... . 4,398 4,228 4,056 + 4 + 8 Levelland 7,137 6,61() 6,896 + 10 + 4 Littlefield ......... . 6,383 5,060 4,673 + 26 + 40 McCamey ......... . 6,592 4,565 2,840 + 44 +132 Marlin ............... . 4,971 6,954 6,972 -17 -29 Navasota ........... . 5,700 3,974 4,141 + 43 + 38 Pecos ............... . 11,039 10,765 12,750 + 3 -13 Pittsburg ......... . 2,894 2,887 8,41() •• -15 Sinton ............... . 7,864 11,836 8,609 -34 9 Taft ···········-······· 2,314 8,126 2,626 -26 -8 Terrell ............... . 6,813 7,449 6,896 -9 -1 Waxahachie ..... . 9,683 11,644 11,182 -18 -16 Yoakum ........... . 9,888 8,286 9,660 + 19 + 2 •• Change is less than one-half of one percent. NOVEMBER 1960 era! service, garment alteration and storage, and other personal services, had 23,269 establishments. In 1958 the total receipts for this group reached $384,44 7,000, or a 34% gain over 1954. Miscellaneous business services, including advertising, credit and collection bureaus, stenographic services, serv­ices to dwellings and other buildings, news syndicates, and private employment agencies, numbered 5,709 in Texas in 1958. Their annual receipts in 1958 jumped to $302,119,­000 for an 86% rise over 1954. Automotive services, including auto repair shops, park· ing, auto and truck rental and other services, had receipts totaling $229,082,000 from their 8,867 establishments. This group of services registered a gain of 78% in the 1954-1958 period. Miscellaneous repair services, including electrical repair shops, watch and jewelry repair, furniture repair and reup­holstery, and other repair services, grossed $152,767,000 in 1958 for a rise of 21 % over 1954. There were 9,785 such shops in Texas in 1958 compared with 7,475 in 1954. Motion pictures, including theatres, drive-ins, and pro­duction and distribution services, lost 75 establishments during the 1954-1958 period, and receipts fell 19% to $89,528,000 in 1958. This was the only group showing a loss in receipt volume. RETAIL SALES TRENDS BY KINDS OF BUSINESS Source: Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce Percent change Normal seasonal* Actual Jan-Sept Number of 1960 reporting Sept Sept 1960 Sept 1960 from establish-from from from Jan-Sept Kind of business ments Aug Aug 1960 Sept 1959 1959 DURABLE GOODS Automotive storest 230 -10 -7 + 7 -8 Furniture and household appli­ance storest ........ 161 -1() -11 -6 -8 Lumber, building material, and hardware stores.. 279 -6 -11 -13 -18 NONDURABLE GOODS Apparel stores ...... 212 + 11 -3 8 1 Drug stores ............ 194 1 •• 2 + 2 Eating and drinking places.. 86 5 5 + 2 2 Food stores ............ 307 + 1 + 5 + 6 + 4 Gasoline and service stations.. 245 2 5 + 4 + 2 General merchandise storest .................. 184 + 2 6 -13 s Other retail storest 214 + 4 .. -2 2 •Average aeaaonal chan1re from preceding month to current month. •• Change is less than one-half of one percent. t Includes kinds of business other than classification listed. The Bureau of the Census has released the recently compiled data of the 1958 Census of Business. This information is readily comparable to the 1954 Census and this comparison provides the material for the above article which is published this month in lieu of the regular monthly analysis of retail trade. The sta­ tistics on retail trade m Texas for September 1960 may be found in the tables published in this issue. Construction: Nonresidential Permits Set September Record; Residential Continues to Level Off By CHARLES 0. BETIINGER Total construction in September inched upward once again over the corresponding month last year. Dollar au· thorizations amounted to $89,522,000-a 5% gain over September 1959. The homebuilding slump has yet failed to put a damper on aggregate permits let as nonresidential activity remains strong in the current "rags or riches" building situation. After removal of seasonal factors, the index of total con­struction stood at 234% of the 1947-49 average. The resi­dential index rose to 201 in this period, showing a 2% gain over August after seasonal adjustment. New per capita building data for the January-September period, using the 1960 Census as a base, again show Rous· ton as the leader among the major Texas cities. Per capita authorizations in Houston amounted to $246.24, followed by Austin and Dallas with $187.15 and $148.95, respec­tively. With the continued advance in September, year-to-date data show total lets now are within 5% of the comparable period last year. If record-breaking rates of nonresidential authorizations continue in the fourth quarter, the record set in 1959 could be exceeded. Locally, Houston was the center of Texas construction with that city accounting for almost one-third of total per­ mits let in Texas ($32,413,880), excluding the surrounding suburbs which fall under the auspices of other incorporated cities. Nonresidential,-Three months away from a new an­ nual high-that's the story of nonresidential construction in September as it again boosts up total construction to the tune of $45,385,000. Showing no slack in the torrid on­ slaught on all existing monthly records, September's 49% increase over September 1959 closed more of the gap in making 1960 a memorable year in nonresidential building. January through September permits were 26% above the first nine months of 1959. Highlighting the nonresidential classification and the industrial buildings group was a $12 million petrochemical plant permit for Sinclair-Kopper of Houston. Six million dollars of schools construction in Houston gave educational building an able-bodied assist. In the cumulative comparisons (January-September 1960 from January-September 1959) , nearly all categories held substantial increases over last year: works and util­ ities ( +74%), institutional buildings ( +72%), office-bank buildings (+42%), churches (+32%), and industrial buildings ( + 14%) . Residential,-Why and when? Why has the homebuild­ing industry taken such a prolonged nosedive; and when will the recovery begin? A new note of urgency is being placed upon these questions as government economists seek new solutions to end the drag in new home construc­tion. The 1960 results of the industry's development are now under close surveillance to determine the nature of recent actions and their effects upon the potential of 1961. Many feel that the fourth quarter will contain the answers they seek. The Texas pattern in residential construction followed the national picture again in September after the brief, erratic spurt in August. All indications are that activity has reached the bottom and is waiting for the necessary "shot in the arm" to bounce back. With the proper waiting period, this stimulus has been administered in the form of lowered interest rates and a greater availability of money in the mortgage market. Earliest hope of significant changes in the industry as a result of changes in federal policies in finance would be in late November or early December. Those expecting an immediate upturn as interest rates were lowered were greatly disappointed. Just as tight money policies were slow in taking a toll in the industry's progress when they were initiated, the same lag exists after the termination of these stringent measures. B1lldlng Coastructlo1 In Texas• Index • Adjusted for seasonal variation , 1947-1949°100 300 00 ·value of building construction authorized. Government Financing-An important note in the national picture is the fact that either new home financ­ing is undergoing a major characteristic change or federal financing is responsible for much of the drop in residential activity. Relative changes between conventional mortgage activity and those sponsored by the government lend sup· port to this a!sertion. In the first seven months of 1960, the downswing of the industry, conventional mortgage liens fell only 4% from 1960, much less severe than the decrease in total activity. On the other hand, however, VA and FHA liens dropped sharply in this period (29% and 30%, re­spectively). Government-assisted new housing represents only 22% of the total. With these facts in front of them, there is little wonder why Washington economists are taking a second look at the result of their former policies before tackling the problems of 1961. Revitalization of government lending in the past has pushed homebuilding to the boom proportions of 1950 and 1955. Current attempts to stimulate this activity, such as lower mortgage rates and broader coverage under FHA specifications and requirements, could take hold early in 1961 and reach record heights by the end of next year. Failure to make such a comeback would indicate that supply and demand readjustment was not complete. Accusations have been made in reference to the recent strictness of Federal Housing Authority officials toward new home mortgage applications as a cause in the drop in government financing. A closer analysis of the situation would reveal another side to the story. The true source of difficulty would probably be found in higher costs rather than tighter screening of candidates. As FHA officials are quick to point out, repossessions are occurring at ab­normally high rates as many of those who have gone ahead and decided to purchase a new home without regard to the TEXAS BUSINESS REVIEW higher costs in relation to income find themselves finan­cially out on a limb. In an attempt to maintain support for the FHA program, Congress appr?ved another extension which greatly affects ?ome remodel~ng and alterations. Providing federal lend­mg for home rmprovements, this act has been used to im­prove 23 million homes in the 26-year history of its ex­istence. Politically, watch these areas of campaign promises: public housing (possibly including one-family homes), school construction, increased action under the urban re­newal plan, and additional stimulants for the homebuild­ing industry. Income vs. Increasing Home Costs-September's aver­age home cost of authorized construction was $11,755, 4% more than August, indicating that overpricing may Texas Bank Debits Index • Adjusted for seasonal variation • 1947-1949-100 300 200 100 O be a serious factor in depressing buying activity. The group most affected by higher prices are the younger fam­ilies with lower incomes. Many leading experts believe that the numerous "extras" that most buyers want are prevent­ing them from buying the house as the costs skyrocket past their income. The results of these ambitious desires often cause couples to move into apartment units which furnish the luxurious mode of living which they want, and consequently they never accumulate the necessary funds for a move into a house of their own. Additional implications are imposed upon the construction industry as custom building becomes more and more prevalent, ending much of the mass, specu­lative building which had been true in the previous seller's market for houses. Those builders who have not felt the pinch as drastically as others claim that the prime problem is "value starva­tion." The key to their success, they say, is to give the buyer "top quality at a reasonable price." ESTIMATED VALUE OF BUILDING AUTHORIZED Source : Bureau of Business Research in cooperation with the Bureau of the Census, U. S. Department of Commerce Jan-Sept Percent change Sept 1960 1960 1959 Jan-Sept 1960 from Classification (thousands of dollars ) Jan-Sept 1959 ALL PERMITS -·---·-·--·-·--·------$101,067 $929,835 $980,357 - 5 New construction ·-·-············---­ 89,522 830,604 880., 030 - 6 Residential (housekeeping) 44,137 453,358 580,104 -22 One-family dwellings ---­ 40,699 421,455 542,572 -22 Multiple-family dwellings ...........__ ___ ....... 3,438 31,903 87,532 -15 Nonresidential buildings -­ 45,385 377,24-0 299,926 + 26 N onhousekeeping buildings (residential ) 446 10,473 14,582 -28 Amusement buildings .... 409 6,460 9,840 -34 Churches __..__________________ .. ____ 3,742 33,362 25,183 + 32 Industrial buildings -----­ 13,836 28,774 25,258 + 14 Garages (commercial and private) --·-········-····------­ 420 8,100 4,164 + 95 Service stations ____ 942 7,503 7,024, + 7 Institutional buildings -· 1,044 29,790 17,309 + 72 Office-bank buildings .... 4,511 71,646 50,609 + 42 Works and u t ilities ........ 1,038 15,255 8,761 + 74 Educational buildings ____ 11,140 70,789 53,832 + 31 Stores and mer cantile buildings ________ _______ _____ .... 5,628 76,078 70,594 + 8 Other buildings and structures ----------­----···· 2,229 19,015 12,770 + 49 Additions, alterations, and repairs ····----------------­-----···· 11,545 99,232 100,327 - 1 METROPOLITAN vs. NON- METROPOLITANt Total m etropolitan ---­----­---···· 84,690 731,516 725,788 + 1 Central cities ........................ 73,217 628,648 621,913 + 1 Outside central cities ________ 11,473 102,868 103,875 Total nonmetropolitan 16,377 198,319 254,569 -22 10,000 to 50,000 population ·············· 10,217 128,578 178,980 -28 Less than 10,000 population ---­--------­--­---­---­ 6,160 69,741 75,589 - 8 t As defined in 1950 census. In a semiannual report by National Homes Corporation, an analysis is made of the tight-money policy in relation to the income of home buyers to the effect that recent high mortgage rates (causing an increase of as much as $10 a month) raise the required monthly income of the borrower $50 higher than in 1959 (due to the normal credit require­ments of a 5 to 1 ratio of income to payments) . The net result of higher interest rates alone, it states, has priced many families out of the market. Whether it be a more ex­pensive home, costlier financing, or higher construction costs, the problem of personal income and home costs can­not be overlooked without serious consequences. Studies in Banking and Finance No. 4 EQUIPMENT REPLACEMENT POLICIES AMONG SELECTED TEXAS BANKS by KENNETH W. OLM, Associate Professor of Management The University of Teas and SANDRA RICHARD, Instructor in Business Administration America n University of Bei ru t, Lebanon $1.50 from the Bureau of Business Research, The University of Texas Agriculture: COTTON IN TRANSITION By FREDOLIN J. KADERLI Cotton is the most valuable cash crop for Texas farmers. This continues to be true despite decreasing acreages and the vagaries of weather. It is partially accounted for by increasing yields per acre and the shifting of cotton pro­duction to those areas in the state where conditions are most favorable for cotton growing. Cotton farming is a great deal different today from what it was thirty years ago. Availability of water for irrigation in selected areas of the state, increased mechanization, the trend toward larger farms, and governmental policies are all responsi­ble for the remarkable revolution that has occurred in re· cent decades. Principal among the changes that have occurred is the shifting of cotton production to those areas where water is available for irrigation. It has been estimated that there are approximately 7,000,000 acres of land in Texas under irrigation and about 2,173,000 of these acres are planted in cotton. The availability of water has been one of the main factors contributing to the large increased production in the High Plains area and the Lower Rio Grande Valley. It is, perhaps, the principal reason for the large acreages under cultivation in the Trans-Pecos area. The principal source of water in the High Plains area is ground water obtained from wells. The main source of water in the Lower Rio Grande Valley is, of course, the surface waters of the Rio Grande. In the Pecos Valley­Trans-Pecos area, approximately a third of the water re· quirements is pumped from ground water sources and the remaining two-thirds is obtained from surface waters. Widely scattered areas on the Rio Grande Plain utilize water obtained from underground sources. In addition to the shift in areas of production, the trend toward larger farms is also of major significance in the cotton revolution. The average size farm in Texas has in­creased from 367 acres in 1945 to 498 acres in 1954. Be­cause of increased mechanization and the trend toward larger farms, the amount of capital needed to operate farms has increased substantially. Thus, it is becoming increasingly difficult for the small farmer to operate. He simply cannot afford $17,000 for a mechanical picker and he is hardly in a position to go to Mexico to import "bra­cero" labor. And the small cotton producer who is working land that is already too small for a good income has been seriously affected by the governmental acreage restrictions on cotton. Another very significant change that has kept cotton up to date is the increased mechanization of harvesting. It was estimated that a third of the entire 1959 crop was harvested by mechanical means. An even larger share of the 1960 crop was undoubtedly gathered by mechanical pickers and strippers. For instance, cotton ginners in the Lower Rio Grande Valley estimated that 59% of the 1960 crop was harvested by machine compared to 30% in 1959. There are a number of reasons for the increasing trend in the mechanization of cotton harvesting but the principal ones are the instability of the farm labor supply and the lower costs of a "mechanical" harvest. Still, the develop­ment and acceptance of mechanical harvesters have been slow, principally because of the cotton plant itself and the widely varying climatic conditions under which it is grown. The height of plants will vary from less than a foot to more than six feet, depending on the area in which it is grown. Two types of cotton harvesting machines, the stripper type and the picker type, are used to gather the different varieties of cotton. The increased mechanization of cotton farming has had important implications for different persons in various segments of the economy. To the farmer who can e.ffectively utilize cotton harvesters, it means lower product10n costs. RAIL SHIPMENTS OF FRUIT AND VEGETABLES Source: Compiled from reports received from Agricultural Marketing Service, U.S. Department of Agriculture. Jan-Sept 1960 Jan-Sept 1969 Percent Item (in carloads) change TOTAL SHIPMENTS ---------------------------24,866 20,066 + 24 VEGETABLES ----------------------------------------22,921 17,644 + 30 Beans ------------------------------------------------------8 0 Beets --------------------------------------------------------40 87 + 8 Broccoli --------------------------------------------------91 81 +194 1,596 + 72 Carrots ---------------------------------------------------4,646 Cabbage --------------------------------------------------2,751 2,232 + 108 140 +186 Cauliflower --------------------------------------------330 0 Celery ------------------------------------------------------7 223 296 -26 Cucumbers --------------------------------------------86 26 + 88 Endives & escaroles ---------------------------­ Corn -------------------------------------------------------­ 6 7 -14 119 76 + 67 Lettuce ---------------------------------------------------­ Greens ---------------------------------------------------­ l,312 184 +613 Mixed vegetables ----------------------------------4,746 2,986 + 62 Onions ·----·------------------------·····-···············­6,174 8,961 + 81 Peppers ------------------------------------------------­ 117 840 -66 Potatoes -------------------------------------------------­ 1,249 1,846 -7 Spinach -------------------------------------------------­ 1,082 1,192 -9 Tomatoes -----------------------------------------------­ 981 8,286 -70 Turnips & rutabagas --------------------------9 10 -10 FRUIT ------------------------------------------------------­ 1,946 2,421 -20 Canteloupes -----------------------------------------410 416 -1 Grapefruit ---------------------------------------------­ 67& 247 + 173 Honeydews --------------------------------------------242 848 -29 Mixed citrus -----------------------------------------­168 420 +150 Mixed melons ---------------------------------------­ 9 -78 Oranges ................................................. . 69 64 + 28 Persian melons ................................... . 0 20 -100 Plums & prunes ---------------------------------8 16 -60 Strawberries ----------------------------------------­ 9 3 +200 Tangerines ........................................... . 2 12 -88 Watermelons --------------------------------------· 108 1,134 -90 To the implement dealers, it means more sales of equip­ment and repair services. But to the migratory agricul­tural worker, it means less work and, in some instances, a serious social problem. The social problem arises, especi­ally, in those communities where the seasonal migratory worker maintains his permanent residence. In many in· stances, it means that he is thrown on the county tax relief rolls and creates a burden on the other citizens of the com­munity in which he resides. Mechanical harvesters have also been a contributing fac· tor to other lesser problems. One of these is that quicker harvesting causes a more than usual burden on cotton gins. These gins have always been under pressure at harvest time to get the cotton ginned as quickly as possible but the faster harvest places them under even more pressure. Growers are anxious to get their equipment and personnel back to the fields. During the season's peak, growers TEXAS BUSINESS REVIEW trail~~s oft~n are waiting in line six to eight hours a day at a cntical time when they are needed in the fields. A partial solution to this problem would be the use of the newly developed one-bale cotton containers. These basket­li~e ~ins permit harvesting to proceed independently of gmnmg and are so designed that they may be constructed on ~e farm. They are quite inexpensive, can be built by unskilled labor, and should last for several years. The least expensive ones are constructed with 2-X 4-inch lumber framing covered with %·inch hardware cloth or chicken wire. Enough seed cotton for a uniform 500-pound bale can be loaded into a 4-X 6-X 7-foot container without excessive tramping or loss of quality. There is little loss of quality if regular conveyances are used, but it is often hard to divide large loads into uniform size bales. These containers might also be used as a partial solu­tion to another practice which needs revision, that of gin­ning cotton in the order of arrival at the gin. Machine­harvested cotton usually has a higher moisture and trash content than does hand-picked cotton and different settings INDEXES OF PRICES RECEIVED BY FARMERS Source: Bureau of Agricultural Economics, U.S. Department of Agriculture Index (1910-14 =100) Sept Aug Sept1960 1960 1959 P ercent change Sept 1960 Sept 1960 from from Aug 1960 Sept 1959 ALL FARM PRODUCTS ........ 243 250 260 3 - 7 ALL CROPS ....................... . 221 235 222 6 •• Food grains .................................. 197 192 199 + 3 - 1 Feed grain & hay ........................ 111 113 110 2 + 1 Potatoes and sweet potatoes.... Fruit .............................................. 236 217 255 218 157 257 7 •• + 50 -16 Truck crops -·---·--····-------------------­ 251 257 217 2 + 16 Cotton ·················-························· 249 273 256 9 s Oil-bearing crops ........................ 216 221 206 2 + 5 LIVESTOCK AND PRODUCTS ------------········ Meat animals ------·············----------­ 279 337 275 336 321 417 + 1 •• -13 -19 Dairy products ...........................• 278 269 276 + 3 + 1 Poultry and eggs ........................ 191 177 172 + 8 + 11 Wool ·····--·--·······-··········--------····-----­ 246 257 291 4 -15 •• Change is less than one-half of one percent. of gin machinery and drying equipment are required for each type. Since a modern gin can turn out a bale of cot­ton every six to ten minutes, there simply isn't enough time to make the needed adjustments on an individual basis. Actually, this practice has alternative solutions. One is for growers and ginners to get together so that the seed cotton is grouped according to the method of harvest or moisture content. Experience has shown that trucks, trailers, and drivers are usually back in the field under the grouping plan as soon as under the old system of ginning on a first-come basis. If growers are using the basket-like containers described above, there is not a problem as the cotton is grouped and then ginned without the constant re­adjustment of ginning and drying machinery. To a large extent, governmental policies have also influ­enced cotton production in the state of Texas. The Federal government has done this by guaranteeing cotton farmers a certain percentage of calculated parity (which in turn led to the need for controlling supply) , and by subsidizing those who followed certain specified soil-improvement practices. The net result of this has been an increase in the per acre yield and the shifting of production to different areas of the state (discussed earlier-to those areas where irrigation is possible). These changes probably would have occurred eventually without this governmental inter­vention but the policies followed by the Federal govern· ment undoubtedly hastened the change. Scientists of the USDA's Agricultural Research Service and Experiment Stations are constantly at work to improve cotton plants in order that growers may realize higher yields from their crops. New developments and techniques are being brought to light, as for example, the recent dis­covery that deep-plowing as soon as possible after harvest­ing may be a solution to the problem of root rot. The USDA also hints that there may be a cotton in the future that bugs won't eat. The Department says that cotton plants bred for low nectar production prove less attractive to insects. In their most recent experiments, breeders in cooperation with the USDA, have developed a nectarless cotton of boll size and staple length nearly equal to popular upland varieties. While scientists do not expect to obtain complete control of cotton insects through breeding, they do expect that the new sections, together with better control methods, will give the producer better odds in the fight against insect damage. P.rlces Received by Farmers In Texas AOO Index • Unadjusted for seasonal variation • 1910 -1914·100 AOO 300 300 200 200 100 100 0 '60 0 19Q "'8 49 50 51 52 53 s.. ·55 "56 ·57 ·sa "fn Texas continues to be the leading cotton producing state in the nation with an estimated 1960 production of 4,350,000 bales, or about 29.9% of the total estimated U.S. production of 14,553,000 bales. As noted previously, cotton continues to be the leading cash crop in Texas with producers receiving $699 million for their 1959 crop of 4,416,000 bales (500-pound gross weight). This figure of 4.4 million bales is 3% more than the 1958 crop figure and the largest since the all-time high of 6,040,000 bales grown in 1949, according to the Texas Crop and Livestock Report­ing Service. However, the $699 million received in 1959 for lint and seed totaled 7% less than the $749 million realized from the 1958 crop. While cotton prices continued weak for the 1960 crop, there was an encouraging note sounded by the Foreign Agricultural Service when it announced that exports of all types of U.S. cotton during the 1959-UO marketing season (which ended July 31, 1960) totaled nearly 7.2 million running bales. This figure amounts to more than two and one-half times the 1958-59 cotton exports. At the start of this season on August l, domestic stocks of cotton were 7,500,000 bales, or little more than one-half of the 14,429,000 bales on August 1, 1956. The present crop, estimated at 14,553,000 bales, is expected to be a little smaller than domestic consumption combined with export sales in the present marketing year. Another moderate drop in the surplus on August 1, 1961 is anticipated. IA ,... " v ~ lr"' v ...... i'\ ) ""' ""' /' ...../\ ~­ - Local Business Conditions As a reader's guide to better utility of retail sales data, an average percent change from the preceding month has been computed for each month of the year. This percent change is marked with a dagger (t) following that figure. The next percent change represents the actual change from the preceding month. A large variation in the normal seasonal from the actual figure represents an abnormal month. The third and final per· cent change is the percent change from the identical period the preceding year showing the change between the two years. Posal receipt information which is marked by an asterisk (*) indicates cash receipts received during the four·week postal accounting period ending September 16, 1960, and the percent changes from the preceding period and the comparable period in the previous year. Changes less than one-half of one per­cent are marked with a double asterisk (**) . Houston and Waco retail sales information are reported in cooperation with the University of Houston Center for Research in Busi­ness and Economics and Baylor Bureau of Business Research, respectively. End-of-month deposits as reported represent money on deposit in individual demand deposit accounts on the last day of the month. Figures under Texarkanas with the following symbol (§) are for Texarkana, Texas, only (population 30,458). Percent change Percent change Sept 1960 Sept 1960 Sept 196() Sept 1960 Sept from from Sept from from City and item 1960 Aug 196() Sept 1959 City and item 196() Aug 1960 Sept 1959 ABILENE (pop. 89,428) Retail sales ANDREWS (pop. ll,626) General merchandise stores _________ + 2t + -6 Building permits, less federal contracts $ 80,20()Postal receipts• ----·-·······-······-··------------------$ 96,760 •• + 8 Bank debits (thousands) ------------------------$ 5,619 Building permits, less federal contracts $ 1,118,975 + -43 End-of-month deposits (thousands) t ..$ 6,819 _______ __ ____________ __ _$ Bank debits (thousands) 96.577 1 -5 End-of-month deposits (thousands) t --$ 63,768 3 •• Annual rate of deposit turnover -------17.9 4 6 ARLINGTON (pop. 44,326) Employment (area) 31,80() 2 ······························ •• ­ Manufacturing employment (area) 3,24() •• -4 Postal receipts• -----------------------------------------$ 38,193 + 7 + 8 Percent unemployed (area) .................... 5.8 -2 + 26 558,443 -22 +231 Building permits, less federal contracts $ Bank debits (thousands ) ------------------------$ 29,()2() ALICE (pop. 20,708) End-of-month deposits (thousands) t _ $ 19,607 Retail sales Employment (area) --------------------------------210,90() •• + 2 Lumber, building material, and Manufacturing employment (area) __ 54,075 hardware stores ...................... -5t -7 + 1 + Percent unemployed (area) --------------------4.2 -7 + Postal receipts• ------------------------------------------$ 14,827 + 9 -1 Building permits, less federal contracts $ 36,820 -68 -39 AUSTIN (pop. 185,052)ALPINE (pop. 4,732) Postal receipts• -----------------------------------------$ 3,77() -5 -14 Retail sales -------------------------------------------------at -7 -7 Building permits, less federal contracts $ 12,00() -73 +344 Apparel stores -----------------­+ 21 -a + nt Bank debits (thousands) _____________ ______ _____$ 2,575 13 + 3 Automotive stores ----------------10t -33 -18 End-of-month deposits (thousands) t _ $ 3,514 + 3 8 Drug stores _________ _ 1t + 7 2 Annual rate of deposit turnover ------------8.9 + 9 + 6 Food stores ---------­+ 1t + 6 Furniture and household AMARILLO (pop. 136,199) Retail sales __ -3t 5 + 3 appliance stores ---------------10t + 2 + 8 Gasoline and service stations ..... 2t 2 + 11 Apparel stores ----------------------------------+ nt + 3 -9 Automotive stores ........................... -lOt 2 + 13 General merchandise stores ------------------+ 2t -10 Eating and drinking places -----------------­-5t -22 1 Lumber, building material, and Furniture and household hardware stores ---------------------------------5t -15 -15 appliance stores -----------------------------------10t -11 + 7 Postal receipts• ------------------------------------------$ 34-6,148 -6 •• Postal receipts• ------------------------------------------$ 174,438 -5 + 5 Building permits, less federal contracts $ 2,924,704 -14 -60 Building permits, less federal contracts $ 1,869,306 -38 Bank debits (thousands) ________________________ $ 200,965 -11 •• Bank debits (thousands) ------------------------$ 213,430 6 End-of-month deposits (thousands) t __ $ 139,691 2 End-of-month deposits (thousands) t __ $ 114,871 + 3 •• -5 Annual rate of deposit turnover ____ 16.8 -11 + 1 Annual rate of deposit turnover ------22.6 2 -3 Employment (area) --------------75,500 2 3 Employment (area) ---------------------------54,()0() + 1 + + Manufacturing employment (area) 5,94() Manufacturing employment (area) __ 6,150 + 5 Percent unemployed (area) --------------3.1 6 + 24 Percent unemployed (area) _________ 3.5 3 + 13 TEXAS BUSINESS REVIEW Percent change Percent change Sept I960 Sept 1960 Sept from from Sept I 960 Sept I 960 Sept from from City and item I960 Aug I 960 Sept I959 I960 Aug I960 Sept I959 City and item BAY CITY (pop. 11,580) BROWNWOOD (pop.16,785) Retail sales Retail sales Apparel stores .................................... . + llt + IO + 2 Automotive stores ................................. . -IOt -14 + 11 General merchandise stores ----------------+ 2t + I -I6 Drug stores ............................................. . -It + 2 -6 Postal receipts• .......................................... $ 24,I69 + 11 + 4 Postal receipts• .......................................... $ 11,488 + IO + I2 Building permits, less federal contracts $ 63,765 -90 +306 Bank debits (thousands) ........................ $ I5,728 + 34 + 3 Bank debits (thousands) ........................ $' I3,948 -4 + 3 End-of-month deposits (thousands) t ..$ I9,825 + I8 I End-of-month deposits (thousands) t ......$ I2,607 •• 2 Annual rate of deposit turnover ........... . I0.3 + 30 + 11 Annual rate of deposit turnover ... I 3.3 -4 + 6 BAYTOWN (pop. 28,009) BRYAN (pop. 27,358) Postal receipts• ........................................ $ 20,862 -I3 -2 Retail sales ................. . -St -I2 -11 Building permits, less federal contracts $ 3I9,I4I -24 -I6 -IOt -IO 3 Automotive stores Bank debits (thousands) ........................$ 20,088 2 6 Food stores + It + 2 -6 End-of-month deposits (thousands) t .. $ 2I,307 + 5 4 Lumber, building material, and Annual rate of deposit turnover ........... . 11.6 3 + 2 St -24 ­ hardware stores 27 Employment (area) ............................... . 602,800 •• + 4 Postal receipts• ..... . .$ I9,06I -I2 -8 Manufacturing employment (area) .. 94,871) I + 3 Percent unemployed (area) ................... . 4.6 + 5 + IO CALDWELL (pop. 2,194) Bank debits (thousands) ....... .$ 2,I69 + 8 9 BEAUMONT (pop.118,791) End-of-month deposits (thousands) t ..$ 3,769 + 4 I7 Retail sales ...................... . -at -7 •• Annual rate of depooit turnover . 7.0 + 6 + 9 Apparel stores + 11t -2 2 Automotive stores ................................ . -IOt •• + 9 CISCO (pop. 4,447) Food stores ............................................ . + It -I 6 Postal receipts• ........ . ................ $ 3,303 7 -22 Furniture and household Bank debits (thousands) ....................... $ 3,282 8 + 3 appliance stores -·-··--------------··············· -IOt -2I 4 End-of-month deposits (thousands) t $ 8,825 2 6 Gasoline and service stations .. . 2t -4 + 2 Annual rate of deposit turnover . I0.2 8 + 6 General merchandise stores ............... . + 2t -IO 5 Lumber, building material, and hardware stores .......... . 5t -I9 4 CLEBURNE (pop. 15,242) Poetal receipts• .......................................... $ 110,056 •• + IO Retail sales Building permits, Jess federal contracts $ I,830,8IO -69 I Apparel stores ............. . + llt + + Bank debits (thousands) .......................... $ I5I,807 -5 6 Furniture and household End-of-month deposits (thousands) t ..$ 95,970 •• 6 appliance stores _ lOt 8 + 28 Annual rate of deposit turnover ........... . I9.0 3 Postal receipts• ................... . .................. $ ll,9I7 -I3 + 2 Employment (area) ............................... . I07,000 + + I Building permits, less federal contracts $ 26,273 -59 -76 Manufacturing employment (area) .. 34,640 + + 3 Bank debits (thousands) ·······-···············$ I0,204 Percent unemployed (area) ................... . 5.6 -I4 -33 End-of-month deposits (thousands) t .. $ 11,247 Employment (area) . . ..................... . 2I0,900 •• + 2 Manufacturing employment (area) 64,075 3 BEEVILLE (pop. 13,663) + Percent unemployed (area) ................... . 4.2 -7 + 5 Postal receipts• .......................................... $ I0,2I3 -3 -2 Building permits, Jess federal contracts $ 62,3I5 + 72 -36 Bank debits (thousands) ........................ $ 9,920 3 4 COPPERAS COVE (pop. 4,578) End-of-month deposits (thousands) t .. $ I3,022 + 6 Postal receipts• ............................................$ 2,079 + 3 Annual rate of deposit turnover ........... . 9.2 4 + 6 Building permits, less federal contracts $ 71,300 + 95 + I3 Bank debits (thousands) .......................... $ 756 3 End-of-month deposits (thousands) f .. $ 666 2 BIG SPRING (pop. 30,988) Annual rate of deposit turnover ........... . I3.5 Postal receipts• .......................................... $ 26,56I -I + I3 Building permits, Jess federal contracts $ 119,026 -64 -46 Bank debits (thousands) ........................ $ 38,885 •• 3 CORPUS CHRISTI (pop. 165,724) End-of-month deposits (thousands) t $ 24,9I2 2 5 Retail sales .................... . -3t -6 + 5 Annual rate of deposit turnover ........... . I8.6 + 2 + 2 Apparel stores ........................... . + llt -I4 -I6 Automotive stores ......... ---···········-----------· IOt + 9 + 39 General merchandise stores ...... . + 2t -I8 -I9 BRENHAM (pop. 7,689) Lumber, building material, and Postal receipts• .......................................... $ 7,114 + -I2 hardware stores ................ 5t -23 -24 Building permits, Jess federal contracts $ I07,65I +112 + 71 Postal receipts• .......................................... $ I52,337 -4 + 8 Bank debits (thousands) ........................ $ 9,678 + I9 6 Building permits, less federal contracts $ I,548,80I + 43 + 27 End-of-month deposits (thousands) t ..$ I2,04I + 2 4 Bank debits (thousands) ..........................$ I92,426 8 2 Annual rate of deposit turnover 9.6 + I9 2 End-of-month deposits (thousands) t ..$ I04,890 -4 Annual rate of deposit turnover ............ 21.6 -7 + 3 Employment (area) .................................. 65,IOO •• BROWNSVILLE (pop. 47,831) Manufacturing employment (area) .... 8,5IO 2 + + 3 Retail sales ................................................. . St -10 6 Percent unemployed (area) .................... 5.2 + 4 + Automotive stores ········--·------------······-······ IOt -I6 + 2 Lumber, building material, and CORSICANA (pop. 20,185) hardware stores ---------····----················· 6t + 2 -25 Postal receipts• .......................................... $ 25,467 -IO -6 Postal receipts•............................................ $ 22,895 + 52 + 4I Building permits, less federal contracts $ 488,232 +269 +I46 Building permits, Jess federal contracts $ 9I,700 +Ill +I45 Bank debits (thousands) ........................ $ 46,870 -I6 3 Bank debits (thousands) .......................... $ I 8,607 + I6 + 8 End-of-month deposits (thousands)t .. $ 2I,224 + 9 + End-of-month deposits (thousands) t ....$ I 8,577 •• -7 Annual rate of deposit turnover ........... . 27.6 -24 + Annual rate of deposit turnover ........... . I2.0 + I5 + I7 NOVEMBER 1960 Percent change Percent change City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1969 City and item Sept 1960 Sept 1960 from Aug 196!> Sept 1960 from Sept 1959 DALLAS (pop. 672,424) EL PASO (pop. 273,212) Retail sales -------------············-·-··-··················--· - St •• - 7 Retail sales ------------­----------------------·---·--·----···-· Apparel stores -·······----·····-···············-···-··-· Automotive stores ------------·-···················· -1t + 18t -llt -5 -5 -14 -3 -10 + 28 Automotive stores ········-·-·····-·······--·-···-···· General merchandise stores ---------------­Lumber, building material, and -lO t + 2t -23 + 4 + 23 -10 Eating and drinking places ·········-·-·--­F lorists ··-····-········----····----····-····················· Furniture and household 6t + lt -11 -2 -12 hardware stores -···-·············-·······-···--·· 6t P ostal receipts• ·-···-···---····---·····---············---$ 252,904 Building permits, less federal contracts$ 4,727,256 6 7 + 22 -7 + 2 -39 appliance stores ·-··----·-·-··-·--········-·-·-··· Jewelry stores ····-----------·--············· ·· ········· Lumber, building material, and hardware stores .................................. 9t ••t + 6 -19 -12 14 7 -18 Bank debits ( thousands) ··················-·······$ End-of-month deposits (thousa nds ) t ......$ Annual r ate of deposit turnover ··········-· Employment (area) ·····-----············-·---------· 325,781 160,476 24.1 91 ,000 + 6 2 + + 2 2 Office, store, and school supply dealers ·············-························ + 4t Postal receipts• -·······················----····-----·-··-$ 2,192,866 Building permits, less federal contracts $ 9,661,023 Bank debits (thousands) ·----··-·····---····-·--$ 2,797,623 End-of-month deposits (thousands) t....$ 1,168,006 Annual r ate of deposit turnover ·--·----·-·· 29.3 Employment (area) ·····--·····-·······---··········· 438,100 Manufacturing employment (area) .... 94,050 Percent unemployed (area) ········-·-··--····· 3. 7 + 21 + 2 -32 3 + 3 3 + + -16 + 14 + 11 -24 + 9 + 2 + 7 •• + 23 Ma nufacturing employment (area) .... 14,160 Percent unemployed (area) ······-··----------­4.8 FORT WORTH (pop. 347,368) Retail sales ····-···---·------··--··--············-··········· 1t Apparel stores ·-· ----·---------------------··-···---­Automobile stores -··-··-·-·-·----····-···········-·-· Drug stores ........ ----------------------------·--·----­Eating and drinking places ............... . Furniture and household appliance stores ................................. , + lt 6t 2t 4t -21t + 1 8 + 2 -15 8 3 6 11 + 11 + 41 + 8 -10 + 43 4 -1 -14 Gasoline and service stations -···-··--···-··­ lt 8 + 2 DEL RIO (pop. 18,512) Retail sales ················································­Automotive stores --------····----····------·-····--·­Lumber, building material, and hardware stores ................................... . Postal receipts• ·······································--­$ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t....$ Annual rate of deposit turnover ......... . -3t -lOt -5t 10,785 312,474 9,138 11,667 9.2 -12 -17 -10 + 1 +392 6 + 2 -15 -4 -27 -8 +280 -12 8 -7 General merchandise stores ................ . Lumber, building material, and + 2t hardware stores ·------·····---·--··---··-------·­7t Postal receipts• ·-----------­-------------··-·-··-····---$ 696,215 Building permits, less federal contracts $ 4,456,348 Bank debits (thousands) ----·--·····-------··---$ 772,201 End-of-month deposits (thousands) t ---­--$ 366,804 Anual rate of deposit turnover ····----······ 25.2 Employment (area) ----------------------··-------­210,900 Manufacturing employment (area) ____ 64,075 Percent unemployed (area) -·······-···-------­4.2 + 5 -13 -10 + 81 + •• + 2 •• + -7 + 2 -22 -1 + 37 1 + 2 + 2 8 + DENISON (pop. 22,534) FREDERICKSBURG (pop. 4,592) Retail sales ··-···--····-·-··---------···-·····-····--·---­Apparel stores ....................................... . Drug stores ··-·······························---········· Postal receipts• ·-········-·--······-·················-·----$ Building permits, Jess federal contracts $ -3t + llt -lt 17,745 166,466 •• + 2 + 6 -20 -49 -10 9 -1 + 9 -62 Postal receipts• ·····-·-·············-···········-··-----·$ Building permits, less federal contracts $ Bank debits (thousands) ····-···--·-··-·--·-·---$ End-of-month deposits (thousands) t ------$ Annual rate of deposit turnover -------·-·-­ 4,962 8,576 7,003 8,173 10.2 + 8 -89 + 10 -1 + 11 + 21> -88 + -18 + 20 Bank debits (thousands ) ·········-················$ End-of-month deposits (thousands ) t....__ $ Annual rate of deposit turnover ------------­ 16,525 14,964 13.3 + 4 + 2 -10 + 2 -14 GALVESTON (pop. 65,662) Retail sales ·--------·······-·-·················------------·· Apparel stores -···---·-·-·-···--·---------········-·-· -St + llt 6 6 -10 6 DENTON (pop. 26,686) Retail sales ·········---·-··--------------·-·····--··········· - St + 23 + 4 Automotive stores ----·········-···················--· Food stores ········-------·············--­--------------· Furniture and household appliance stores ................................. . -lOt + lt -lOt - 4 •• 6 + 9 + -38 Automotive stores ·················--··············· Drug stores -·-·········-·--···----·············-----··-··-· Postal receipts• ·----···········-·········-----·····-·-····­$ Building permits, Jess federal contracts $ Bank debits (thousands) ·····················-----$ End-of-month deposits (thousands) t -.--$ Employment (area) ·····-···························· Manufacturing employment (area) ___ _ Percent unemployed (area) ········--··­-lOt -lt 26,465 299,400 17,971 19,516 438,100 94,050 8.7 + 8 + 1 8 -47 + + -16 8 2 -23 + 89 •• + 6 -1 •• + 23 Postal receipts• ············-·-··--·-------··············-$ Building permits, less federal contracts $ Band debits (thousands) --------···············-·-$ End-of-month deposits (thousands)+......$ Anual rate or deposit turnover ............. . Employment (area) ---------------·········-···----·· Manufacturing employment (area) .... Percent unemployed (area) ········---·----· 78,865 1,062,685 78,117 59,107 15.8 61,600 10,800 6.4 + 5 +437 -15 •• -14 + 2 •• -7 + 4 +381 -17 -5 -10 + 6 + 10 -17 DONNA (pop. 7,477) Postal receipts• ---------------·------------····---·-··-··$ Building permits, less federal contracts $ Bank debits (thousands) ----·-·-·--···--······--··$ End-of-month deposits (thousa nds) t ....$ Annual rate of deposit turnover ·-······-·-· 2,729 12,365 2,954 2,606 14.4 + 7 -13 -9 + 13 -8 -98 -2 -11 + 18 GARLAND (pop. 38,512) Postal receipts• -------­············------------·········-$ Building permits, less federal contracts $ Bank debits (thousands) ··----··-------··--·····$ End-of-month deposits (thousands) t -----­$ Annual rate of deposit turnover ........... . Employment (area) --------·············-·····-··---· Manufacturing employment (area) .... 25,507 l,051,833 23,082 15,086 18.7 438,100 94,050 + 6 -48 1 + 4 4 + + 1 + 15 +106 + 7 + 12 -4 -1 •• P ercent unemployed (area) ·-----------··-----­ 3.7 - 16 + 23 EDINBURG (pop. 18,511) Postal receipts• ··-···----------------··-·-··---·--··-····$ Building permits, Jess federal contracts $ 8,122 119,025 -13 6 -8 + 51 GIDDINGS (pop. 2,793) Postal receipts• ····---·······-····--·------····----·····-$ Building permits, less federal contracts $ 3,242 72,000 + 21 + 23 -76 Bank debits (thousands) ......................... _$ End-of-month deposit (thousands) t ......$ 14,456 7,990 6 8 8 5 Bank debits (thousands) ···············-----­----­$ End-of-month deposits (thousands) t ­-·---$ 2,620 3,714 + 10 + 2 1 3 Annual rate of deposit turnover ··-------·-· 20.8 4 6 Annual rate of deposit turnover ........... . 8.5 + 9 + TEXAS BUSINESS REVIEW Percent change Percent change Sept 1960 Sept 1960 Sept 1960 Sept 1960 Sept from from Sept from from City and item 1960 Aug 1960 Sept 1959 City and item 1960 Aug 1960 Sept 1959 GILMER (pop. 4,306) HOUSTON (pop. 932,630) Retail sales Retail sales1! .............................................. . 4t + 2 + 1 General merchandise stores + 2t -7 Apparel stores1! ..................................... . + 4t 5 9 Lumber, building material, ~~d····· Automotive stores1! ............................... . 13t + 11 + 4 hardware stores ........................... 5t 7 -13 Drug stores1! .......................................... . + 3t -13 Postal receipts• .........................................$ 2,952 ­ + 3 29 Eating and drinking places1! ............. . l t s Building permits, less federal contracts $ 7,000 + 40 +100 Food stores1! .................................. . + lt + 2 + 3 Furniture and household GLADEWATER (pop. 5,742) appliance stores1( 2t 19 + 9 Postal receipts• .......................................... $ 5,258 + 11 -3 Gasoline and service stations1! ... 1t 5 + 7 Building permits, less federal contracts $ 26,500 + 51 General merchandise storesil ................ t3 + 3 + 2 + 77 Bank debits (thousands) ........................ $ 3,322 + 3 -12 Liquor stores1! ................................... + 4t 7 + End-of-month deposits (thousands) t ......$ 4,932 + 12 Lumber, building material, and + 3 2 1() Annual rate of deposit turnover ........... . 8.6 4 -11 hardware stores1! ........ 7t Employment (area) ............... . 28,450 + 1 + 1 Office, store, and school Manufacturing employment (area) 5,240 + supply dealers1! . 5 9 Percent unemployed (area) .... 4.7 + 12 1 5 Other retail stores1! .................... + 2t + 14 + 34 Postal receipts• .......................................... $ 1,477,476 -4 + 9 Building permits, less federal contracts $32,413,880 + 22 + 94GOLDTHWAITE (pop.1,365) Bank debits (thousands) ........................ $ 2,548,256 3 •• Postal receipts• .......................................... $ 2,555 + 61 + 59 End-of-month deposits (thousands) t......$ 1,272,147 + 3 + 3 Bank debits (thousands) ........................ $ 3,223 + 16 -10 3 Annual rate of deposit turnover ... 24.4 2 End-of-month deposits (thousands) t ......$ 3,363 + 2 9 Employment (area) .................................. 502,800 •• + 4 Annual rate of deposit turnover ............ 11.6 + 18 -2 Manufacturing employment (area).... 94,875 + 3 Percent unemployed (area) .................... 4.5 + 5 + 10 GRAND PRAIRIE (pop. 30,202) Postal receipts• .......................................... $ 17,805 -16 -15 ffiVING (pop. 45,414) Building permits, less federal contracts $ 161,367 -60 -68 Bank debits (thousands) ........................ $ 14,523 Postal receipts• .........................................$ 20,400 -22 •• End-of-month deposits (thousands) i ......$ 11,820 Building permits, less federal contracts $ 1,532,889 + 32 + 16 Employment (area) ................................ . 438,100 + -1 438,100 + ­ Employment (area) 1 Manufacturing employment (area) ... . 94,050 + •• Manufacturing employment (area) ... . 94,050 + •• Percent unemployed (area) ................... . 3.7 -16 + 23 Percent unemployed (area) ..................... . 3.7 -16 +23 GROVES (pop. 17,271) JACKSONVILLE (pop. 9,532) Building permits, less federal contracts $ 380,314 + 74 Postal receipts• .......................................... $ 16,717 + 17 -6 Bank debits (thousands) ........................$ 2,661 Building permits, less federal contracts $ 80,450 -89 -76 End-of-month deposits (thousands) i ......$ 2,032 Bank debits (thousands) .......................... $ 10,067 2 -34 End-of-month deposits (thousands) t......$ 8,484 + 3 -6 Annual rate of deposit turnover ..... . 14.5 4 -30 GREENVILLE (pop. 18,109) Retail sales ................................................... . -at + + 2 Apparel stores ....................................... . + llt + 4 -14 JASPER (pop. 4,825)Lumber, building material, and Retail sales hardware stores ................................. . -5t + 14 + 3 Automotive stores -----------------------------------lO t -7 8 Postal receipts• ..........................................$ 18,393 -10 1 Postal receipts• ......................................... $ 6,776 -18 1 Building permits, less federal contracts $ 121,232 + 3 -34 + Bank debits (thousands) .........................$ 7,251 Bank debits (thousands) ........................ $ 19,031 + 34 + 5 •• + 3 End-of-month deposits (thousands) i ......$ 9,075 + 6 + 8End-of-month deposits (thousands) i ......$ 16,013 + 11 -2 Annual rate of deposit turnover ........... . 9.9 -3 3 Annual rate of deposit turnover ........... . 15.0 + 27 + 17 KILGORE (pop.10,034) HARLINGEN (pop. 40,794) Retail sales ................................................. . St -20 -8 Retail sales -at -2 -6 Automotive stores ·········--------···---·········-­lOt -1 •• Apparel stores ................................. . + Ht + 21 -12 Furniture and household Automotive stores ............................. . -lOt + 5 6 appliance stores -------·-·············------······ -lOt -37 -22 General merchandise stores __ _ + 2t •• -1 Postal receipts• .......................................... $ 33,065 + 3 + 4 Lumber, building material, and hardware stores -------------------5t + 3 -19 Postal receipts• ......................................... $ 11,197 -11 -7HENDERSON (pop. 9,550) Building permits, less federal contracts $ 44,190 -88 -48 Retail sales ................................................... . -3t + 2 + 6 Bank debits (thousands) ........................$ 13,912 + 16 4 Apt.are! stores ............................... . + Ht + 4 8 End-of-month deposits (thousands) i ...... f 13,957 -2 13 Postal receipts• .........................................$ 9,247 2 7 Annual rate or deposit turnover ...... . 11.8 + 17 + 4 Building permits, less federal contracts $ 38,150 -80 -73 Employment (area) ................................. . 28,450 + + 1 Bank debits (thousands) .......................... $ 6,949 + 9 •• Manufacturing employment (area) ... . 5,240 -1 + 5End-of-month deposits (thousands) i ......$ 15,391 -1 -1 Percent unemployed (area) ............ . 4.7 + 12 + 34 Annu,.J rate of deposit turnover ........... . 5.4 + 10 •• KILLEEN (pop. 23,182)HEIIBFORD (pop. 7,473) Postal receipts• .......................................... $ 8,518 -3 + Postal receipts• .................................. ....... $ 23,509 + 2 + Building permits, less federal contracts $ 160,200 + 69 + 8 Building permits, less federal contracts $ 258,772 -26 Bank debits (thousands) ........................ $ 14,207 + 14 + 4 Bank debits (thousands) ........................$ 9,308 -6 + 1 End-of-month deposit (thousands) i ......$ 10,821 -7 + End-of-month deposits (thousands) t ......$ 8,694 + 18 + 25 Annu.. I rate of deposit turnover ........... . 15.2 + 13 •• Annual rate of deposit turnover ........... . 13.9 -16 -11 NOVEMBER 1960 Percent change Percent change City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 LA FERIA (pop. 3,010) Building permits, less federal contracts $ 100 - 89 LUBBOCK (pop.125,951) Retail sales Bank debits (thousands) .......................... $ 2,314 -24 Automotive stores ................................. . -IOt + 9 7 End-of-month deposits (thousands ) t......$ 1,595 -10 Furniture and household Annual rate of deposit turnover ........... . LA MARQUE (pop. 13,884) Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t......$ Annual rate of deposit turnover ···-······· 16.5 5,400 6,396 5,691 14.0 -81 -96 + 21 + 8 -24 -99 + 3 + 4 + 3 appliance stores ............................... . Postal receipts• .......................................... $ Building permits, less federal contracts $ Bank debits (thousands) ..........................$ End-of-month deposits (thousands) t......$ Annual rate of deposit turnover ........... . Employment (area) ............................... . Manufacturing employment (area) ... . -lOt 147,936 2,236,049 182,972 109,298 20.4 53,900 5,470 + •• -86 + 2 + •• + 2 •• + 1 + 2 -27 •• + 4 •• + 2 •• LAMESA (pop.11,618) Retail sales Percent unemployed (area) 3.8 - 5 + 81 Automotive stores ......................... . Lumber, building material, and -lOt - 1 -11 LUFKIN (pop. 17 ,554) Retail sales hardware stores ................................. . - Gt + 38 + 2 Automotive stores __ ..................... . -lOt -19 - 5 Postal receipts• .......................................... $ 14,115 + 82 + 15 Postal receipts• .......................................... $ 17,903 -18 + Building permits, less federal contracts $ 108,100 -27 -51 Building permits, less federal contracts $ 108,790 -35 -43 Bank debits (thousands) ........................$ 15,529 + 30 -23 Bank debits (thousands) ........................ $ 24,031 + 2 End-of-month deposits (thousands) t......$ 13,386 + 10 -11 End-of-month deposits (thousands) t ......$ 25,047 + Annual rate of deposit turnover ----------·· 14.6 + 27 -17 Annual rate of deposit turnover ........... . 11.8 + 2 + LAMPASAS (pop. 5,020) Postal receipts• .......................................... $ Building permits, less federal contracts $ Bank debits (thousands) ........................$ End-of-month deposits (thousands) t......$ Annual rate of deposit turnover ........... . 4,090 41,600 6,140 6,368 11.5 -7 + 18 •• + -16 +108 8 + McALLEN (pop. 32,618) Retail sales ................................................ . Automotive stores ................................. . Postal receipts• .......................................... $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ -St -lOt 22,258 209,826 25,652 -17 -17 5 3 3 •• + 3 -10 -71 -6 LAREDO (pop. 60,816) Retail sales End-of-month deposits (thousands) t......$ Annual rate of deposit turnover ........... . 18,709 16.3 2 8 -18 + 16 Furniture and household appliance stores ................................ . Postal receipts• ..........................................$ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t......$ -lOt 28,530 100,085 26,932 21,254 -7 -2 -83 + 8 1 -23 + 8 -83 + 3 3 McKINNEY (pop.13,535) Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t......$ Annual rate of deposit turnover ... 121,095 10,527 9,269 18.7 + 32 + 12 + 1 + 28 + 4 -1 -25 + 17 Annual rate of deposit turnover ........... . LLANO (pop. 2,634) Postal receipts• .........................................$ Bank debits (thousands) .................. ..... $ End-of-month deposits (thousands)t...... $ Annual rate of deposit turnover ........... . 15.1 1,992 4,008 4,209 11.4 + 3 •• + + 7 + 4 -40 + 5 -6 + 12 MARSHALL (pop. 22,326) Retail sales ................................................. . Apparel stores .......................... . General merchandise stores ................. . Postal receipts• ..........................................$ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ -at + llt + 2t 18,095 73,463 16,661 -9 -8 -12 -23 -91 8 -16 -87 + 5 LOCKHART (pop. 6,069) Retail sales End-of-month deposits (thousands) t......$ Annual rate of deposit turnover ........... . 19,li6 10.6 + 2 3 -5 + 18 Apparel stores ....................................... . Automotive stores ................................. . Food stores .................................. . + llt -lOt + It + 14 + 46 + 2 -18 + 23 + 12 MERCEDES (pop. 10,749) Postal receipts• .......................................... $ 4,078 -19 -13 Postal receipts• ..........................................$ 3,258 + 6 -17 Building permits, less federal contracts $ 6,260 -57 -56 Building permits, less federal contracts $ Bank debits (thousands) ........................$ 16,700 5,222 -47 + 12 -98 -13 Bank debits (thousands) ..........................$ End-of-month deposits (thousands) t......$ 7,462 4,069 -- 9 5 -18 -20 End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover ........... . 5,092 12.7 + 6 + 10 - 9 •• Annual rate of deposit turnover ........... . 21.4 -17 - 1 LONGVIEW (pop. 40,036) Retail sales ........................................... . Gasoline and service stations...... Lumber, building material, and -a t + 2t -12 -5 -13 -5 MESQUITE (pop. 27,345) Postal receipts• .........................................$ Building permits, less federal ocntracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t......$ 8,974 1,456,917 5,317 4,981 -8 + 22 2 + 12 + 128 + 8 + 6 hardware stores ·······--------·-----­Postal receipts• .......•................................. $ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t......$ Annual rate of deposit turnover ........... . Employment (area) ................................. . Manufacturing employment (area) ... . Percent unemployed (area) ................... . 5t 38,749 384,500 42,762 83,277 15.3 28,450 5,240 4.7 -19 -10 -23 -1 -2 •• + -1 + 12 -16 + 5 -39 + 2 -5 + 16 + + 6 + 34 Annual rate of deposit turnover ........... . Employment (area) ................................ . Manufacturing employment (area) ... . Percent unemployed (area) ................... . MIDLAND (pop. 62,497) Postal receipts ............................................ $ Building permits, less federal contracts $ Bank debits (thousands) ..........................$ 12.7 438,100 94,050 3.7 80,848 788,060 95,378 + 8 + + -16 + 2 -47 -10 + s •• + 23 + 2 -70 2 LOS FRESNOS (pop. 1,284) Bank debits (thousands) ..........................$ End-of-month deposits (thousands) t ...... $ Annual rate of deposit turnover ........... . 2,881 1,499 17.8 -36 -12 -40 -30 -35 -25 End-of-month deposits (thousands) t......$ Annual rate of deposit turnover .. . Employment (area) ................................. . Manufacturing employment (area) ... . Percent unemployed (area) ................... . 87,666 12.3 58,300 2,300 4.4 -11 -4 -1 •• -4 3 4 9 + 69 TEXAS BUSINESS REVIEW Percent change Percent change Percent change Percent change City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 ~~!~--~~-~-~--~-~~-~·---~-0,98~) 3t Apparel stores ---------------­----­-----------­-----­+ 11 t Building permits, less federal contracts $ 34,859 -5 + 2 -67 -6 + 17 -29 PAMPA (pop. 24,303) Retail sales ................................................... . Automotive stores -----·--------·-·--·········-····· Eating and drinking places ............... . --- 3t lO t 5t -16 -29 -13 -15 -28 -1 MISSION (pop. 14,013) Postal receipts• .........................................$ Building permits, less federal contracts $ Bank debits (thousands) ........................$ End-of-month deposits (thousands)+...... $ Annual rate of deposit turnover ....... . 8,328 29,127 11,939 10,194 14.4 + 6 -72 -12 + 4 -11 + 11 -71 7 7 5 Gasoline and service stations ---------····· Postal receipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands)+...... $ Annual rate of deposit turnover ........... . -2t 21,341 387,392 23,179 24,264 11.6 9 6 9 + 2 + 2 12 -12 + 5 -27 -2 -11 + 5 MONAHANS (pop. 8,496) Postal r eceipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands)t......$ 7,594 8,450 8,852 7,002 + 7 5 2 + 12 -16 -2 PARIS (pop. 20,858) Retail sales ................................... . Apparel stores ..................... . Automotive stores .......... . Food stores ............................................ . 3t + llt lOt + l t •• + 22 2 + 7 + 2 4 + 11 + 1 Annual rate of deposit turnover ---·-------­ 15.0 3 -14 Furniture and household appliance stores -------··-··················-----­ -lOt -16 -11 MUENSTER (pop. 1,174) Retail sales Automotive stores ............................... . Postal receipts• ........................................$ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands)+...... $ -lO t 1,082 24,000 1,720 1,869 + 6 -28 + 14 3 + 3 + 55 + 12 -13 + 5 Lumber, building material, and hardware stores --------­-----------··-··········· Postal receipts• .......................................... $ Building permits, less federal contracts $ Ban'k debits (thousands) ........................$ End-of-month deposits (thousands)+...... $ Annual rate of deposit turnover ........... . -5t 17,256 97,656 16,681 14,692 14.8 + 21 •• -38 + 16 + 19 + 6 -1 -1 -56 4 7 + 1 Annual rate of deposit turnover ........... . 11.2 NACOGDOCHES (pop. 12,685) Postal receipts• .......................................... $ 12,609 Building permits, less federal contracts $ 43,378 + -2 -44 -13 -12 -70 PASADENA (pop. 58,613) Postal receipts• .........................................$ Building permits, less federal contracts $ Employment (area) ................................. . 36,754 1,187,490 502,800 + 19 + 24 •• + 16 + 4 Bank debits (thousands) ........................ $ 13,968 -11 - 3 Manufacturing employment (area) ... . 94,875 + 3 End-of-month deposits (thousands)+...... $ 13,983 + 3 -12 Percent unemployed (area) ......... . 4.5 + 5 + 10 Annual rate of deposit turnover ............ 12.1 -12 + 13 NEW BRAUNFELS (pop. 15,576) Postal receipts• .......................................... $ 13,565 Building permits, less federal contracts $ 136,605 Bank debits (thousands) ..........................$ 9,410 End-of-month deposits (thousands)+...... $ 10,765 Annual rate of deposit turnover ............ 10.5 -25 -38 -18 + -15 -13 +186 7 10 + 2 PHARR (pop. 13,988) Postal receipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands)+......$ Annual rate of deposit turnover -----------­ 5,212 82,352 4,263 3,981 11.4 + 3 -36 -10 -21 -14 -2 -22 -16 -12 ODESSA (pop. 79,123) PLAINVIEW (pop.18,381) Retail sales Retail sales ................................................... . - at 2 + 7 Furniture and household appliance stores _____________ _ -lOt - 5 - 9 Apparel stores ......................................... . Automotive stores --······----------------­ + llt -lO t + 10 3 -10 + 25 Postal receipts• ......................................... $ 70,156 + 8 + 18 General merchandise stores --····-··········· + 2t -19 -30 Building permits, less federal contracts $ 656,011 -28 -71 Postal receipts• ......................................... $ 17,792 + 7 + 11 Bank debits (thousands) .......................... $ End-of-month deposits (thousands) +......$ 69,068 61,254 2 + 4 Building permits, less federal contracts $ Bank debits (thousands) .......................... $ 231,200 32,312 -11 + 16 + 21 + 27 Annual rate of deposit turnover ........... . 13.8 5 End-of-month deposits (thousands)+...... $ 21,838 - 3 + 3 Employment (area) ................................. . Manufacturing employment (area) ... . 53,300 2,300 •• -- 4 9 Annual rate of deposit turnover -----······· 17.5 + 18 + 24 Percent unemployed (area) ................. . 4.4 - 4 + 69 PORT ARTHUR (pop. 60,994) ORANGE (pop. 25,391) Retail sales Automotive stores ................... . Postal receipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands)+......$ Annual rate of deposit turnover ....... . Employment (area) ................................. . Manufacturing employment (area) ... . Percent unemployed (area) ................... . -lOt 19,738 174,267 24,760 19,626 14.9 107,000 34,540 5.6 + 9 7 -52 1 3 + + 14 + 35•• -77 + 22 + 3 + 16 + + 3 -33 Retail sales ................................................. . Food stores ................. . Furniture and household appliance stores --·········------­Postal receipts• ........................................ $ Building permits, less federal contracts $ Bank debits (thousands) ..........................$ End-of-month deposits (thousands)+...... $ Annual rate of deposit turnover Employment (area ) ................................. . Manufacturing employment (area) ... . Percent unemployed (area) ................... . 3t + 1t lOt 50,336 459,693 61,568 42,160 17.5 107 ,000 34,540 5.6 5 + 7 -26 + + 73 -4 + + •• 5 -14 2 + 6 -14 + 3 13 + 1•• + 2 + + 3 -33 PALESTINE (pop. 13,964) P ostal receipts• .......................................... $ 14,572 + 38 + 34 PORT ISABEL (pop. 3,479) Building permits, less federal contracts $ 213,118 + 77 + 42 Building permits, less federal contracts $ 292,700 +2668 +2187 Bank debits (thousands) ..........................$ End-of-month deposits (thousands)+...... $ 9,533 13,608 + •• + + 5 Bank debits (thousands) ..........................$ End-of-month deposits (thousands)+...... $ 617 483 -+ 2 4 Annual rate of deposit turnover ---------··· 8.4 + 2 + 4 Annual rate of deposit turnover ........... . 15.6 -11 NOVEMBER 1960 21 City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 RAYMONDVILLE (pop. 9,204) Postal receipts• ......................................... $ 5,345 Building permits, less federal contracts $ 5,900 Bank debits (thousands ) ..........................$ 11,778 End-of-month deposits (thousands) t ......$ 8,689 Annual rate of deposit turnover ............ 15.1 -38 -83 -43 -13 -46 -10 -81 -40 -22 -23 SAN ANTONIO (pop. 583,690) Retail sales .... .............................. + 7t Apparel stores ............ ..................... + lOt Automotive stores .... Gt Drug stores . ---------------·-··············· 2t E ating and drinking p laces 9t Food stores ............... 7t + 4 3 14 11 + 1 + + 3 •• Furniture and household RICHARDSON (pop. 16,728) Postal receipts• ..........................................$ Building permits, less federal contracts $ Bank debits (thousands) ..... . ......$ End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover --­--------­Employment (area) ................................. . Manufacturing employment (area) . Percent unemployed (area) 17 ,369 1,087,638 9,586 4,897 22.1 438,100 94,050 3.7 -7 -42 + 11 -11 + 26 + + 1 -lG + 55 -49 + 18 + 1 + 4 •• + 23 appliance stores ............ ..................... St Gasoline and service stations .............. 2t General merchandise stores .... Gt Jewelry stores .... Lumber, building material, and hardware stores ------------------·---­·-···--··· st Postal receipts• ......................................... $ 608,385 Building permits, less federal contracts $ 7 ,027 ,024 Bank debits (thousands) .......................$ 602,073 End-of-month deposits (thousands) t ......$ 372,202 2 + 2 1 9 1 8 8 5 + 3 -12 -17 -5 + 14 + + 8 •• 4 RIO GRANDE VALLEY (pop. 349,195) Retail sales ................................................. . Apparel stores ......................... . -3t + llt -17 16 + Annual rate of deposit turnover ........... . Employment (nrea) ................... . Manufacturing employment (area) .... Percent unemployed (area) 19.7 203,800 25,050 3.8 + •• 19 + + 1 2 + 23 Automotive stores --·······------------············­Drug stores ................................. . Food stores ............................................ Furniture nnd household -lOt 1t + It 10 5 •• -10 SAN SABA (pop. 2,648) Bank debits (thousands) ........... . .... $ End-of-month deposits (thousands) t ......$ 3,520 4,686 + 13 •• -14 •• appliance stores ............................ . General merchandise stores .................. lO t + 2t -19 -32 -18 + 3 Annual rate of deposit turnover 9.0 + 13 -13 Lumber, building material, and hardware stores ................................... . Office, store, and school. supply dealers .................................... . Other retail stores ....................... . Postal receipts• ........................................ . Building permits, less federal contracts.. -st + 4t -47 + 3 + 18 6 + 75 -34 -5 -lG -3 -10 SEGUIN (pop. 14,254) Postal receipts• ...................... .$ Building permits, less federal contracts $ Bank debits (thousands) ..........................$ End-of-month deposits (thousands) t ...... $ Annual rate of deposit turnover 10,878 95,932 9,864 14,086 8.4 + 9 + 64 + 8•• + 8 •• +146 -12 -1 -11 Bank debits (thousands) ....................... . -18 - 13 End-of-month deposits (thousands) t .... Annual rate of deposit turnover ........... . 19.7 -4 -20 - 8 4 SHERMAN (pop. 24,507) Postal receipts• ... ........................... .$ 28,330 + + 10 Building permits, less federal contracts $ 20G,631 -31 -20 ROCKDALE (pop. 4,447) Postal receipts• .........................................$ Building permits, less federal contracts $ 3,166 19,SOO -8 -35 -19 +300 Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t ...... $ Annual rate of deposit turnover ..... 24,848 17,878 17.2 + 3 + 6•• + 4 -6 + 16 Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover --··--······ 4,096 5,568 8.9 + + 2 •• + 10 + 4 + 6 SLATON (pop. 6,508) Postal receipts• . . ................................ $ 2,529 -27 -24 Building permits, less federal contracts $ 42,070 -32 +321 SAN ANGELO (pop. 57,811) Retail sales ..................................... . Furniture and household appliance stores .................... . Jewelry stores ----·--················· Postal receipts• .................................. ....... $ -St -lOt 70,103 5 11 -24 -3 + 4 + 49 + 12 + 12 Bank debits (thousands) ..........................$ End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover ---------­-­Employment (area) ................................ . Manufacturing employment (area) Percent unemployed (area) ................... . 2,744 3,196 10.1 53,900 5,470 3.8 + 2 4 + 5 + 2•• -5 3 + 7 + 2 •• + 31 Building permits, less federal contracts $ Bank debits (thousands ) ..... $ End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover --·········· Employment (area ) .............. . Manufacturing employment (area) ... . Percent unemployed (area) ................... . 1,165,660 55,410 46,332 14.2 20,600 3,160 4.5 + 19 2 -3 -1 •• 3 -6 +135 -5•• -6 -11 -2 + 22 SMITHVILLE (pop. 2,935) Postal receipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t ......$ Annual rate or deposit turnover __ _ 1,729 11,500 99G 2,252 5.4 + 4 -80 14 + 3 14 + 2 -48 -20 -5 -14 SAN JUAN (pop. 4,335) Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover ----····-··· 37,100 2,980 1,832 20.5 -24 + 36 + 11 + 37 + 57 + 41 -25 + GO SNYDER (pop.13,736) Postal receipts ..................................... $ Building permits, less federal contracts $ Bank debits (thousands ) ........................ $ End-of-month deposits (the>usands) t ......$ 12,266 37,445 11,929 16,982 + 12 -31 6 + 8 + 10 -88 -19 + 27 Annual rate of deposit turnover ........... . 8.8 7 -33 SAN MARCOS (pop. 12,704) Postal receipts• ........... .............................. $ Building permits, less federal contracts $ Bank debits (thousands) ..........................$ End-of-month deposits (thousands) t ......$ Annual rate of deposit turnover ........... . 7,161 23,350 7,511 8,666 11.0 -11 -81 + 9 + 12 + 3 -10 + 20 -1 -7 + 11 SULPHUR SPRINGS (pop. 9,166) Postal receipts• ..........................................$ 7 ,262 Bank debit (thousands) .......................... $ 9,459 End-of-month deposits (thousands) t ......$ 12,109 Annual rate of deposit turnover ............ 9.4 -10 •• + •• -6 -12 -2 -11 TEXAS BUSINESS REVIEW Percent change Percent change City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 City and item Sept 1960 Sept 1960 from Aug 1960 Sept 1960 from Sept 1959 SWEETWATER (pop. 13,880) VICTORIA (pop. 32,708) Postal receipts• .......................................... $ Building permits, less federal contracts $ 9,843 343,900 -34 +2029 -3 +239 Retail sales ......................................... . Automotive stores .... ------------------­ -3t -l Ot 4 •• + 6 + 8 Bank debits (thousands) .......................... $ 10,163 -10 Eating and drinking places ........ . St 8 + 8 End-of-month deposits (thousands)+......$ 9,717 + 1 -10 Food stores ............................................. . + 1t 2 + 4 Annual rate of deposit turnover --·-­ 12.6 1 + 7 Lumber, building material, and hardware stores --­------------------­-----­----· 5t -12 + 27 TAYLOR (pop. 9,400) Retail sales Automotive stores ................................ . Postal receipts• ....... . ......................... $ Building permits, less federal contracts $ -lOt 9,451 146,112 -13 + 60 +329 + + 32 +529 Postal receipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-0f-month deposits (thousands)+...... $ Annual rate of deposit turnover -------­ 28,251 249,550 54,316 72,463 8.8 -s -21 + 22 -5 + 19 -4 -82 8 + 1 + 4 Bank debits (thousands) ..........................$ End-of-month deposits (thousands)+...... $ Annual rate of deposit turnover ...... . 11,411 13,460 10.7 + 31 + 11 + 23 2 7 + 8 WACO (pop. 96,776) Retail salestt -----------­-­------­ - at 6 + 1 TEMPLE (pop. 29,546) Retail sales ........................................... . Apparel stores .................................. Furniture and household appliance stores ....................... . Lumber, building material, and hardware stores ········-·---------------------··· Postal receipts• ......................................... $ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ -3t + Ht lOt St 34,309 473,897 27,465 -14 + 10 -41 -21 + 4 + 79 + 18 6 + 2 -26 -3 + 4 + 69 + 6 Apparel storestt --------­--------------------····-­Automotive storestt ..................... . Floriststt ---------------------··-·····--· Furniture and household appliance storestt -------·--·-------­---­General merchandise storestt -----­Lumber, building m aterial, and hardware storest t --------------------------··-­Postal receipts• ......... . ...................... $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-0f-month deposits (thousands)+......$ + 11t -lOt -lOt + 2t St 1S9,908 1,130,975 107,268 68,736 + 1 8 2 -14 6 + 17 4 •• 3 + s 1 + 3 + 20 + 7 + 19 7 + 2 TEXARKANA (pop. 49,645) Annual rate of deposit turnover ........... . Employment (area) ................................. . 18.7 48,550 + 2 + 9 Retail sales Manufacturing employment (area) ... . 10,140 2 Apparel stores ...................................... . + llt + 7 + 7 Percent unemployed (area) ................... . 4.0 - 13 + 21 Furniture and household appliance stores ................................ . Postal receipts•§ ....................................... $ Building permits, less federal contracts§$ Bank debits (thousands) .......................... $ End-of-month deposits (thousands)+§.... $ Annual rate of deposit turno·ver ........... . -lOt 43,531 222,885 62,062 16,963 16.4 -20 -18 +175 + 2 + 2 s + 33 -4 + 5S + 6 + 13 •• WAXAHACHIE (pop. 12,618) Postal receipts• .......................................... $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands)+......$ 9,S33 28,822 10,301 9,376 -18 -SS -15 -69 Employment (area) ................................ . Manufacturing employment (area) ... . Percent unemployed (area) ................... . 29,450 3,990 6.4 + •• -3 + 2 + 3 + 10 WEATHERFORD (pop. 9,679) P ostal receipts• ......................................... $ 9,201 + 17 + 17 TEXAS CITY (pop. 31,772) Building permits, less federal contracts $ End-of-m onth deposits (thousands)+...... $ 60,480 13,6S8 + 16 -13 -37 -7 Retail sales Lumber, building material, and hardware stores _______ ----······················ - St + 17 - 7 WESLACO (pop. 15,334) Postal receipts• .......................................... $ 16,47S -lS - 7 Retail sales .......................... . - at -12 -10 Building permits, less federal contracts $ 33S,400 + 3S -46 Apparel stores ...................................... . + 11t -35 -13 Bank debits (thousands) ........................ $ 19,711 -11 6 Automotive stores -----­------------------·--------­ -lOt - 9 -10 End-of-month deposits (thousands)+...... $ 11,080 + 3 2 Postal receipts• .......................................... $ 8,008 + 7 + 8 Annual rate of deposit turnover ........... . Employment (area) ................................ . Manufacturing employment (area) ... . 21.7 Sl,600 10,800 -10 + 2•• + 3 + 6 + 10 Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands )+...... $ lOS ,049 8,177 6,442 + 146 2 s -1 •• + 19 Percent unemployed (area) ................... . 6.4 - 7 -17 Annual rate of deposit turnover -----------­ 14.9 s + 5 TYLER (pop. 51,158) WICHITA FALLS (pop. 99,999) Retail sales ................................................. . - 3t -14 + Reta il sales ................................................. . at + 3 + 16 Automotive stores ---­------··---··················· -lO t -30 + 22 Apparel stores ....................................... . + llt + 11 - 7 Florists ..................................................... . - 8 -12 Automotive stores ---------------------·-----­ -lOt -lS -12 Postal receipts ............................................. $ Building permits, less federal contracts $ 81,474 717,148 + 6 + 50 + s + 13 Eating and d rinking places .................. Furniture and household - St -lS 14 Bank debits (thousands) .......................... $ End-of-month deposits (thousands)+...... $ Annual rate of depoeit turnover ........... . 82,821 67,176 17.S 6 + 2 6 6 3 appliance stores ----------­----------------------­Lumber, building material, and hardware stores ---·---------·-·····-------------­ -lOt -St 8 3 + 2 •• Postal receipts ............................................$ 114,415 + 4 + 4 VERNON (pop. 12,058) Postal receipts• .........................................$ Building permits, less federal contracts $ Bank debits (thousands) ..........................$ 8,862 140,300 ll,S96 -1 + 44 + 4 -23 -26 2 Building permits, less federal contracts $ Bank debits (thousands) ..........................$ End-of-month depoeits (thousands)+...... $ Annua l rate of deposit turnover ........... . Employment (area) ................................. . 1,102,878 109,834 9S,833 13.8 47,200 -51 -10 •• -8 •• + 37 -10 7 3 + 2 End-0f-month deposits (thousands)+......$ 18,519 3 + Manufacturing employment (area ) ... . 3,730 1 Annual rate of deposit turnover ........... . 7.4 + 7 4 Percent unemployed (area) ................... . 4.5 - 6 + 36 NOVEMBER 1960 23 BAROMETERS OF TEXAS BUSINESS Year-to-date average Sept Aug Sept 1960 1959 1960 1960 1959 GENERAL BUSINESS ACTIVITY tTexas business activity, index .................... ........................................................... .. Miscellaneous freight carloadings in SW District, index .................................. . Ordinary life insurance sales, index ..................................................................... .. Wholesale prices in U.S., unadjusted index ........................................................ . Consumers' prices in U.S., unadjusted index ..................................................... .. 229 76 431 119.2 126.8 239 75 408 119.2 126.6 225 80 408 119.6 125.2 228 79 411 119.5 126.2 217 82 401 119.6 124.3 Income payments to individuals in U.S. (billions, at seasonally adjusted annual rate) .......................... ......................................... ............... .. Business failures (number) .................................................................................. . Newspaper advertising lineage, index ...... ............... ......... .. ......................... ......... $408.4* 39 175.5 $408.2r 44 170.4 $384.3r 39 182.0 $402.8* 41 174.4 $380.1 34 177.4 TRADE Total retail sales, index ......................................................................................... .. Durable-goods stores ........................................................................................ . Nondurable-goods stores ................................................................................ . Ratio of credit sales to net sales in department and apparel stores ................ . Ratio of collections to outstandings in department and apparel stores .......... . 229* 160* 265* 71.9* 34.3* 236r 174r 268r 72.2* 36.6* 229r 157r 268r 72.5r 35.5r 69.7* 35.4* 68.8r 36.6r PRODUCTION Total electric power consumption, index ....... ......................... ........................ .. Industrial electric power consumption, index ..................................................... . Crude oil production, index ................................................................................. .. Crude oil runs to stills, index ............................................................................... .. 457• 409• 103* 143 458r 40lr 105* 145 413r 377r 108 137 412* 398* 110 148 376r 370r 117 144 Gasoline consumption, index ................................................................................. Southern pine production ........................................................................................ Cottonseed crushed, index ........ ............................................................................. .. 175 81 107 198 89 127 . ---­ 180 85 155 Construction authorized, index ........................................................................... .. 234 259 223 236 246 Residential building ........................................................................................ . Nonresidential building ................................................................................. .. Cement shipments, index ........................................................................................ . Cement production, index ...................................................................................... . Cement consumption, index ................................................................................. .. Average daily production per oil well (bbls.) .............................................. .. 205 272 185 178 190 12.5 201 352 176 176 170 12.4 277 183 196 200 176 13.0 218 270 170 170 166 13.0 280 214 206 206 196 14.2 Industrial production in U.S., index ........................................................... .......... . Texas industrial production-total, index.. ............................ .............................. . 162 174 165 174 157 170 166 173 159 170 Texas industrial production-manufacturing, index .......................................... . 219 219 210 216 206 Iexas industrial production-durable goods, index .......................... .................. 252 250 249 250 242 Texas industrial production-nondurable goods, index ....... .. ..... .. .................. .. 203 204 192 201 189 Texas mineral production, index .. ................... ..................................................... .. 132 130 132 131 136 AGRICULTURE Prices by farmers, unadjusted index, 1910--14= 100 ......................................... .. Prices paid by farmers in U.S., unadjusted index, 1909-14 =100 .................... . 243 298 250 298 260 297 245 299 268 298 Ratio of Texas farm prices received to U.S. prices paid by farmers ................. . 82 84 88 82 90 FINANCE Bank debits index .. ................................................................................................. . 273 285 269 272 260 Bank debits, U.S., index .................. ....................................................................... 251 258 225 242 226 Reporting member banks, Dallas Reserve District: §Loans (millions) ............................... ................................................................ §Loans and investments (millions) ................................................................ . Adjusted demand deposits (millions) .......................................................... . Revenue receipts of the State Comptroller (thousands) .................................. . "'ederal Internal Revenue collections (thousands) ............................................. $ 2,922 $ 4,585 $ 2,647 $ 78,731 $204,569 $ 2,883 $ 4,568 $ 2,668 $ 90,214 $323,836 $ 2,893 $ 4,490 $ 2,688 $ 84,722 $208,954 $ 2,871 $ 4,497 $ 2,656 $106,314 $272,270 $ 2,816 $ 4,512 $ 2,756 $ 98,763 $252,205 LABOR Total nonagricultural employment (thousands) ......................... ........................ Total manufacturing employment (thousands) ......................................... Durable-goods employment (thousands) ........................................... .. 2,511.9* 488.4* 231.4* 2,510.0r 490.9r 233.4r 2,490.6r 488.5r 234.2r 2,499.4 489.9 233.4 2,466.0r 487.3r 234.5r Nondurable-goods employment (thousands) ..................................... .. 257.0* 257.5r 254.3r 256.5 252.8r Average weekly earnings-manufacturing .. ........................ ........................ . 175.8* 175.8r 177.9 175.5 175.2 All figures are for Texas unless otherwise indicated. All indexes are based on the average months for 1947-49, except where indicated. all are adjusted for seasonal variation, except annual indexes. Employment estimates have been adjusted to first quarter 1956 benchmarks. ' • Preliminary. t Based on bank debits in 20 cities, adjusted for price level. § Exclusive of loans to banks after deduction of valuation reserves. r Revised. TEXAS BUSINESS REVIEW