1 TEXAS BUSINESS REVIEW ~ A Monthly Summary of BusineH and Economic Conditions in Texas " BUREAU OF BUSINESS RESEARCH THE UNIVERSITY OF TEXAS , ================================================================= VOL. XXX, NO. 12 TWENTY CENTS A COPY-TWO DOLLARS A YEAR DECEMBER 1956 ~~ rnJ~ ,J L @)[¥ tr~!Xffi~ DEC 1056 •Manufacturing is concentrated in unshaded counties. •Numbers indicate how many plants in each county have 250 or more employees. Turn to page 6 for a preview of Texas' newest industrial guide. •Some other counties have significant industrial capacity but in smaller plants. The Business Situation in Texas Business activity' in Texas during October showed a small gain over September, but for the fourth consecutive month the index of business activity compiled by the Bu­reau of Business Research was below the corresponding month in 1955. For the first 10 months of 1956 the index of business activity averaged the same as the average for the 12 months of 1955. For each of the first five months of 1956 the level of the index was above the correspond­ing month in 1955; in June 1956 the level was the same as in June 1955; since June the 1956 value has been con­sistently below the 1955 level. Unless the trend that has prevailed since midyear is reversed promptly, the average for 1956 will be slightly lower than that of 1955, although there is very little likelihood that the deviation will be large. Although it appears that the volume of total business will be approximately as great in 1956 as in 1955, there will undoubtedly be considerable variations among the in­dividual phases of business. Consumer spending in Texas during October after ad­justment for seasonal variation showed no change from September. Industrial electric power consumption, mis­cellaneous freight carloadings, crude petroleum produc­tion, and crude runs to stills registered declines between September and October. Only building authorized, life insurance sales, and total electric power consumption in­creased. However, the increases in these three components were strong enough to counterbalance the more heavily weighted series that declined. The percentage change in each of the component series is tabulated in the next column. The index of bank debits in Texas cities, which also serves as a measure of the level of total business in Texas, recovered the substantial loss registered in September (see chart). The decline in September apparently was only a temporary, erratic fluctuation, since the October value of the index was back at the August level. It appears likely that this index for the full year 1956 will average some­what above 1955. Most of this rise reflects the increase in the level of prices. INDEX OF TEXAS BUSINESS ACTIVITY AND COMPONENT SERli l (Adju•ted for aeaaonal variation, 19•7-49 =100) Oct Sept Percent Index Weight 1956 1966 change TEXAS BUSINESS ACTIVITY (COMPOSITE) 100.0 -·-························-··-· Retail sales, deflated -------------·---------------------· 46.8 Industrial electric power consumption .... 14.6 Miscellaneous freight carloadings ............ 10.0 Building authorized, deflated 9.4 ··················-· Crude petroleum production --------------------8.1 Ordinary life insurance sales, deflated .... 4.2 Crude oil runs to stills ------------------·············· 3.9 Total electric power consumption -·-··-·-·· 3.0 163* 124* 169* 124* + 3.. 317* 320* - 1 96 97 -1 132* 114* + 16 126* 127* -1 279 227 + 23 137 142 4 302* 296* + 2 *Preliminary. **Change is less than one-half of one percent. The behavior of the two measures of total business in Texas suggests that the economy has been operating at practically full capacity during most of 1955 and 1956. The failure of both the index of business activity and the index of bank debits to move either up or down for any appreciable period of time is a rather conclusive demon· stration of this stability. The steadily rising level of the prices of industrial commodities is a warning that further expansion of purchasing power in the hands of business· men and consumers would only bid up the price of goods, rather than stimulate the production of more goods. Many individual business concerns and whole industries might still be able to expand output, but certain strategic materials, such as metals and cement, have been operating at close to full capacity, with little opportunity for imme· 1940 '41 '42 '43 '44 '45 '46 '47 '48 '49 '50 '51 '52 '53 '54 '55 '56 diate expansion of output. When the limit of output of a few key materials is reached, further expansion of demand will result chiefly in an increase in prices rather than in the production of more goods. The underlying bases for the continued high level of Texas business are industrial expansion and population growth. Both phenomena call for capital expenditures; industrial expansion requires spending for new plant and equipment, and population growth creates a market for building. The rate of residential building has slowed down con­siderably during 1956. Yet the average value of residential construction authorized during the first 10 months of 1956 was 72% greater than the average during the three years 1947~1949, although substantially below 1955. The sea­sonally adjusted index of residential building authorized jumped 35% from September to October, primarily a re­flection of the rather erratic character of this statistical series. In the normal seasonal pattern, the value of resi­dential building declines 18% in October; this year it increased 10% . This 10% counterseasonal gain between INDEX OF WHOLESALE PRICES IN THE UNITED STATES (194749 -100) Source: Bureau of Labor Statistics, U.S. Department of Labor 1956* Oct Nov Index Nov 13 N ov6 1956 1955 ALL COMMODITI ES -------­115.6 115.4 115.5 111.2 Farm product s -----------------------------­ 87.6 87.9 88.4­ 84.1 P rocessed foods ----------------------·-·­102.8 102.6 103.6 98.8 All other commodit ies ·-----------·--­123.9 123.6 123.6 119.4 *Indexes shown are weekly and are calculated as a percent change for the latest published monthly comprehensive index. The weekly index is based on tbe actual weekly prices of a small sa mple (approximately 200 commodities) of the commodities included in the monthly index and on the estimated prices for all other commodjties. September and October, then, represents the influence of forces that would have increased building value by 35% had it not been for the inhibiting seasonal factor. Non­residential building authorized in October showed practi­cally no change after seasonal adjustment. Thus, total building, the sum of these two categories, increased 4% in value, or 16% after seasonal adjustment. A more significant comparison is shown by the fact that for the first 10 months of 1956 residential building de­clined 27% from the 10-month average of 1955, while nonresidential building rose 18%. The net result of these divergent trends was a decline of 11 % in the value of all building authorized. Housing starts in the United States during October were unchanged from September, with a decline in publicly financed starts offsetting an increase in those privately financed. After adjustment for seasonal variation, pri­vately financed starts in October were 5% higher than in September. For the first 10 months of 1956 the average rate of privately financed housing starts averaged 1,104,­000, compared with 1,328,900 in 1955. In spite of the slight improvement in October, housing authorities in Washington are concerned over the drop in home building. Current indications suggest that an effort will be made to persuade Congress to place housing in a stronger position in the money market. Current estimates of the Commerce and Labor Departments place home building in 1957 at a lower level than in 1956, although total expenditures for all types of construction are ex­pected to set a new record of $46.5 billion. The latest estimate of total spending for 1956 is approximately $44 billion. This estimate of 1956 spending represents a reduc­tion of $1.5 billion from the forecast made last June. The poor showing of residential building in the second half of the year caused the deviation from the earlier forecast. The increase in nonresidential building in Texas is partly a result of industrial expansion but also a result of the greatly expanded need for all kinds of services that has accompanied the rapid growth of population. Hos­pitals, schools, public utilities, churches, and commercial buildings reflect this population growth and the move­ment of people into cities. The Bureau of Census has esti­mated that Texas population increased 1,214,000 between 1950 and 1956, with most of the increase concentrated in the cities. Although no complete measure of industrial growth is available, the statistical data on industrial electric power consumed in Texas give some indication of the extent to which industry has been expanding. The index of industrial power consumption in October was 5% above a year earlier, and the average for the first 10 months of 1956 was 10% above the average for 1955 (see chart, page 10). This increase is the smallest in the past four years but is still greater than the rise in total business activity. Industrial expansion in Texas is a part of the industrial growth of the United States but exceeds the rate of expan­sion for the country as a whole. Estimated expenditures for new plant and equipment in the United States for 1956 are 23 % higher than for 1955, also a record year. These estimates were made by the Securities and Exchange Com­mission and the Department of Commerce from a survey of anticipated expenditures conducted in July and August 1956. Every kind of business reported an increase in capi­tal expenditures between 1955 and 1956, with manufactur­ing, mining, and railroads reporting anticipated expendi­tures one-third greater in 1956 than in 1955. Bank Debits in Texas Index-Adjusted for seasonal variation-1947·1949-100 250 250 200 200 150 l50 100 I 00 50 50 0 0 1940 ·41 ·42 ·43 ·44 ·45 "46 ·47 ·49 ·49 ·so ·s 1 ·s2 ·53 ·54 ·ss "56 A rather substantial boost to business during 1956 has come from the oil industry in Texas. For the first 10 months of 1956 both crude production and crude runs to stills have averaged 6% higher than in 1955. However, stocks of gasoline had been building up to the point that some pressure was being exerted on prices. The crisis in the Near East with the consequent probability' that the de­mand for Texas oil will increase is a significant factor in evaluating the outlook for business during the coming months. JOHN R. STOCKTON TEXAS REVIEW Editor ____ _ ___________________________________________John R. Stockton Managing Editor ____________________________________Robert H. Ryan CONTENTS Texans Manufacture a Boom----------------------------------I The Business Situation in Texas ------------------------------2 Prices ----------------------------------------------------··----------------4 Labor Statistics ------------------------------------------------------5 Retail Trade ---------------·-----------------·------------------------8 Industrial Production ----------------------------------------------I0 Agriculture ------------------------------------------------------------12 Construction ----··---------·--------------------------------------------14 Finance -----------·--------------------------------------------------------16 Local Business Conditions --------------------------------------'18 Barometers of Texas Business ---·------------··----------------24 BUSINESS RESEARCH COUNCIL William R. Spriegel, Dean of the College of. Business Administra­tion (•., ofjicio); J. W. Cashin ; A.. F. Etier; J _ L. Haza.rd ; Ea.stin Nalaon; and G. H-Newlove. BUREAU OF BUSINESS RESEARCH John R. Stockton Sta.nley A. Arblnga.st Florence E•oott Director Assiatant Director Resources Specialist Research Svpermaor .A. Ha.mllton Chute Richard C. Henshaw, Jr. Francis B. May R•tailing Sp•ciaUBt Statistician Research Scientist Robert H. Rian Anne K. Schuler Marjorie T. Cornwell ReseaTch Associate Research Associate Administrative Clerk Jo Overstreet Tina Piedrahita Sylva M. Bowlby Senior Clerk Statistical Assiatant Research Assiatant J a.mes H. Keahey Judy Vaughan Jean J. Harrison Editorial Assiatant B•nior Sc"1'eta111 Senior Secreta111 Roberta Steele Beatrice Friedman Calvin Jayroe Cartographer Statiatical T•chnicia" OJJset Presa 011erator Grace H. Ca.shat Librafll Aaaiatant Assistants Charles R. Akin, Jr., Pierce Arthur, Jr., Alice M. Baghda.ssarian, William A. Forkner, David Grey, John S. Lauer, Clifford E. McCor­mick, Jr., Marsha A. Murray, Candis R. Pattillo, Marie Payne, and Clyde R. Williams. Published monthly by the Bureau of Buslneos REO!earch, College of Business Administration, The University of Texa.s, Austin 12. Entered a.s second cla.ss matter May 7, 1928 at the poet office at Austin, Texa.s, under the act of August 24 1912. Content of this publi­cation is not copyrighted aud may be rep~uced freely. Acknowledg~ ment of source will be appreciated. Subscription, $2.00 a year;bulividual copieo, 20 cent.a. TEXAS BUSINESS REVIEW PRICES Which Way Do They Go? When the change came, it began so gently that the public at large hardly seemed to notice. But the fact is, prices are going up again. An inflationary trend, mild but significant, has begun to edge consumer prices upward noticeably for the first time since mid-1952. Prices of wholesale commodities began their current rise as long ago as 1955. The heavy ,backlog of savings that helped spiral prices when consumer goods became more readily available after World War II cannot be blamed today. Nor does credit seem to be exces· sively cheap. (Home builders, for one group, would cer· tainly argue that it is too expensive.) The Federal Reserve System has raised its rediscount rates three times since November 1955 to reach a rate now at 3% in most banking centers. As a result, Federal Reserve credit has actually declined; by the end of August it was nearly $1.5 billion less than at the close of 1953. Then, what has caused the current uptrend in the cost of being an American? Much of the answer lies in the fact that "being an American" in recent years has implied for many consumers a very rapidly rising standard of living. During a recent visit to The University of Texas, C. Canby Balderston, vice-chairman of the Board of Governors of the Federal Reserve System, frankly stated, "Too many people want too many things too fast." He said, in effect, that production has increased at a :remarkable rate but that demand has risen even faster. Not just demand but, more significantly, buying power has apparently outdistanced production in some areas. A recent Fortune analysis pointed out that productivity per worker has not advanced much since last year. Industrial wages have risen, however. Average hourly earnings in manufacturing were up about 5% nationally from mid· 1955 to mid-1956. The rise in wages in Texas matched the U.S. increase almost exactly. Consequently, some major manufacturers are suffering a cost-price squeeze similar to the situation in farming during recent years. They are pro­ducing more, profiting less. This factor, together with the soaring cost of plant expansion and modernization, may well tend to inhibit spending on new production facilities. *The rising line on the chart follows movements in +hf Index of Consumer Prices in the United States (Bureau 0 Labor Statistics). Dots mark those months when prices rose more than 0.5%. Texans' Buying Power In consta nt dollars 1, 5oor---------------------~~500 Bars on the chart above represent the annual levels of per capita personal income in Texas adjusted for fluctuations in consumer prices. In spite of the nearly consistent year­to-year gains in dollar income, Texans often found in postwar years that their higher wages filled a smaller marketbasket than before. No adjustment for tax rates is made here. The decision on whether or not to build may prove espe­cially critical in Texas, where petroleum and chemical industries are concentrated. They are particularly vulner­able to the high cost of obsolescence, and their heavy capital expenditures thus far have given much of the momentum to Texas' postwar boom (see "Texans Manufacture a Boom," page 1) . But what of Texas consumers? How have they suffered or profited from the shifting trends in fiscal input and output? In general, they may have prospered less than they thought. Personal income in the state has risen sub­stantially-but prices have risen faster. The chart at the top of this column shows that during the inflation years from 1945 through 1948, Texans lost far more in pur­chasing power than they gained in current income. In fact, the average per capita personal income in Texas in 1945, $1,051, had 15% more consumer buying power than the Sl,188 average four years later. After per capita personal income figures are adjusted for price changes, it becomes apparent that the average Texan had more pretax buying power in 1945 than he had in any subsequent year until 1954. The changes in personal income cannot, of course, be taken to mean that almost everyone in the state made 8% less or 5% more money during a particular year. On the contrary, grouped data suggest that massive changes have taken place in the distribution of income among the now nearly 9 million Texans. It is evident that the lowest-income brackets have raised their buying power at a much faster rate than middle-and upper-income groups. The situation of union workers with inflationproof escalator contracts is strikingly different from that of fixed-income pensioners. And the fact that Texans are slightly younger, on the average, than Americans at large has temporarily provided a potential upward bias in their income level. In the long run, though, it is plain that Texans can raise their incomes (still below the national average) and protect the buying power of those higher incomes only by producing more goods and services per Texan. ROBERT H. RYAN Labor Statistics ESTIMATES OF NONAGRICULTURAL EMPLOYMENT Source: Texas Employment Commission in cooperation with the Bureau of Labor Statistics, U . S. Department of Labor Percent change Emp loyment (thous) Oct 1956 Oct 1956 I ndustry Oct 1956• Sept 1956 Oct 1955 from Sept 1956 from Oct 1955 TOTAL NONAGRI­CULTURAL ....................2,410.2 2,402.9 2,318.7 •• + 4 MANUFACTURIN G ...... 476.1 473.5 452.9 + 1 + 5 Durable g oods ................. 234.6 230.7 216.7 + 2 + 8 Ordnance ....... ...................... 1.8 1.9 2.7 5 -33 L umber a n d wood p r oducts 23.5 23.7 25.l 1 6 Furniture and fixtures ...... 11.1 11.4 11.3 3 2 Stone, clay, and g lass 16.9 17.1 17.2 2 Primary metals .................... 27.8 25.0 27.1 + 11 + 3 Fabricated metal products ........................ 22.6 22.5 20.6 •• + 10 Machinery (except electrical) .......................... 43.4 42.9 39.8 + 1 + 9 8.8 E lectrical equip ment .......... 8.8 6.8 •• + 29 69.2Transportation equipment 70. 7 57.5 + 2 + 23 8.2 Other durable goods .......... 8.0 8.6 -2 7 Nondurable g oods ,................. 241.5 242.8 236.2 Food .. ................... _ .. __........... 64.4 64.1 62.1 .. + 2 + 4 Textile mill products .......... 7.7 7.6 7.8 + 1 1 Apparel .................................. 28.9 30.4 30.8 -5 6 Paper and allied products 7 .8 8.0 7. 7 Printing and publishing .. 27.8 27.7 27.0 -2 •• + 1 + 3 Chemicals and allied products ............................ 48.3 Petroleum products ............ 48.5 48.3 48.5 45.7 47.6 •• •• + 6 + 2· Leather and !eater products ............................ 4.4 Ot her nondurable goods .... 3. 7 4.5 3.7 4.5 3.0 -2 •• 2_ + 23 NONMANUFACTURING .... 1,934.1 1,929.4 1,865.8 •• + 4 Mining ........................................ 125 .6 128.3 123.9 2 + 1 Petroleum and natural gas 117.8 120.4 116.0 2 + 2 Metal, coal and other mining ................................ 7.8 7.9 7.9 Contract construction ............ 170.4 171.7 158.9 + 7 T ransportation and u tilities .. 227.6 In ter state r a ilroads ............ 56.8 228.1 228. 0 57.0 59.7 •• •• •• -5 Other transportat ion .......... 96.4 T elephone and telegraph .... 35.9 Public utilities .................... 38.5 96.1 94.1 36.1 35.8 38.9 38.4 •• + 2 •••• Government .............................. 362.8 356.0 347.7 + 2 + 4 Trade .. -..................................... 653.3 651.0 625.9 Wholesale trade .................... 168.0 167 .8 161.l R etail trade .......................... 485.3 483.2 464.8 •• •• •• + 4 + 4 + 4 Ge neral merchandise ...... 81.6 78.9 77.6 F ood and liquor s tores .... 93.2 93.0 87.2 + •• + 5 + 7 Automotive ...................... 51.6 52.0 50.2 + 3 Apparel ............................ 31.4 30.6 30.4 + 3 + 3 Ot her retail trade ....... 227 .5 228.7 219.4 ~ 1 + 4 Finance, insura nce, real estate .................................. 110.7 110.8 105.0 Banks and trust companies 27 .2 27.2 26.1 Insurance .............................. 48.3 48.2 45.2 •• •• •• + 5 + 4 + 7 Rea l estate and finan ce ...... 35. 2 35.4 33.7 -1 + 4 Service and miscellaneous .... 283.7 283.5 276.4 •• + 3 Hotels and lodg ing places . 27 .2 27 .4 26.4 Laundr ies a nd cleaners ...... 31.9 31.9 31.6 Other business service 224.6 224.2 218.4 -1 •••• + 3 + 1 + 3 • Preliminary. • •Change is less than one-half of one percent. The new 1956-1958 Directory of Texas Manufacturers suggests I0,821 ways in which Texas industrialization is an exciting, fast-paced story of giant aircraft plants covering the prairies and vast petrochemical complexes webbing the Gulfwater plain. It started with Spindletop at the turn of the century, gathered momentum as new fields came in and large refineries were built along the coast, and hit its stride with World War II. Since then, plant expansion has become one of the most dynamic factors in the nation's economy, moving with all the swiftness of a Roy Bean trial. Unfortunately, though, it has shared another characteristic of the Law West of the Pecos--accurate descriptions of just what has taken place are hard to come by. Texans are manufactur· ing a boom so rapid and widespread that exact figures are as scarce as galoshes in West Texas. This month, the Bureau of Business Research will help businessmen and economists peer through the dust cloud raised by fast-moving industry'. The Bureau is publishing the 1956-1958 Directory of Texas Manufacturers. Con­tained in this tenth edition of the biennial Directory is an authoritative, comprehensive listing of Texas manufactur­ing plants by cities and by products. The title of each busi­ness is given. So are addresses, names of managing execu­tives, types of organization, dates of founding, areas of distribution, and numbers of employees. Figures from the Directory point up the basic dichotomy in the pattern of Texas industry. Houston leads in num­ber of factories employing over 250 persons ( 73) but is second in total number of plants (l,408). Dallas, by con­ • What does the Directory reveal about the current state of Texas manufacturing? • Texas factories range in size from one-man sawmills to the huge (over 20,000 employees) Convair plant in Fort Worth. A map on the cover of this issue shows the distribution of factories which the Directory reports as employing 250 or more persons. There are 343 of these larger plants in the state. The counties in which they are located also contain the great majority of all Texas manufacturing. • There are some I 0,821 manufacturers in Texas (i.e., companies whose operations change the form of their products). Texans Manufacture A Boom trast is far behind Houston in big factories (SO employ over 250 persons) but is first in total number of plants (1,479). In its preponderance of heavy industries, Hous­ton is characteristic of the entire Gulf Coast, just as Dallas typifies the other major manufactural region of the state, North Texas, with its multiplicity' of smaller, population· oriented manufactures. The explanation for this diver­gence lies mainly in the contrasting geographical settings. The Gulf Coast, with its deepwater ports, is ideally situated for the transportation of heavy raw materials and bulky finished products. To take advantage of the cheap water transport rates and an abundance of raw materials, chemi­cal companies, refineries, metals industries, and heavy machinery plants have been built along the Texas coast. In the case of fluid products, such as oil and many chemi­cals, manufacturers can eliminate transshipping charges by piping their output directly from plant to marine tankers. The Directory lists top-scale operations through­out the Gulf water crescent: Reynolds Aluminum at Corpus Christi; Dow Chemical in Brazoria County; Sinclair Oil, Hughes Tool, Champion Paper, Cameron Iron, and Shef­field Steel in Houston; Shell Oil at Deer Park; Carbide & Carbon Chemicals and American Oil at Texas City; Humble at Baytown; DuPont at Orange; Gulf Oil and the Texas Company at Port Arthur; and Magnolia at Beau­mont. A North Texas location, on the other hand, offers in­dustry' entirely different advantages. Texas covers such a • Manufacturing is widespread throughout the state. Plants are reported for 808 population centers. (There are 782 incorporated cities and towns in Texas.} • Lone Star factories make a myriad of products -everything from helicopters to helium, from rowels to rocket propellants. The Directory has entries under every major category of the Bur~au of the Budget's Standard Industrial Classification and adds some groupings. • Top ten Texas cities by number of manufactur­ing plants are: Dallas (1,479), Houston (1,408), San Antonio (778), Fort Worth (589), El Paso (314), Austin (244), Amarillo (207), Waco ( 171), Corpus Christi ( 153), and Wichita Falls (131 ). great area that its seaports are rather far removed from the inland market. The large population mass of North and West Texas and parts of Louisiana, Arkansas, and Oklahoma centers on Dallas and Fort Worth. With a net­work of truck and rail routes to link them with buyers over this wide area, market-oriented industries have clus­tered in the Dallas-Fort Worth metropolitan belt. This pattern of North Texas manufacturing is made up of lighter, more specialized industries producing such things as apparel and hats, household supplies and furnishings, food products, printed matter, and a wide variety of other consumer goods. The main exception to this pattern is the large transportation equipment industry-Convair, Bell Aircraft, and General Motors in Tarrant County; Chance Vought, Temco, and Ford in Dallas County. In part, the location of the aircraft factories is due to the federal gov­ernment's policy of decentralization. Where other con­siderations do not interfere, it has been thought preferable to place these strategic manufacturers in the hinterland, less vulnerable to attack by sea or air. This contrast between manufacturing in North Texas and the Gulf Coast shows that despite its swiftness, the industrialization of Texas has been remarkably well bal­anced. Far from being merely a source of raw materials for eastern factories, Texas now has its own heavy indus­tries. But not all of its manufacturing is based on the processing of Texas raw materials; consumer-goods fac­tories almost match heavy industry in volume of output. There are still some gaps in the state's industrial pattern (e.g., Texas is second in the nation in aluminum produc­tion, but the refined metal must be sent out of the state to be rolled into sheets for use in Texas aircraft and con­struction industries}. Yet the dual nature of Texas manu· facturing provides a broad, stable base for its future ex­pansion. To help round out the Directory's picture of Texas' continuing industrial boom, businessmen now have access to information compiled for the 1954 Census of Manufa.c­tures.* At the time of the census, Texas manufacturing, in terms of number of establishments, was dominated by food and related products ( 1,922 manufacturers). Follow­ing this group were printing and publishing (1,367); lum­ber and wood products (1,044); nonelectrical machinery (785) ; fabricated metal products (587); chemicals and •Totals from the Census of Manufactures are not entirely com­parable with Directory of Texas Manufacturers data because of slight differences in types of business included. E.g., the Directory lists some selected mining and quarrying activities not classified as "manufacturing" by the Bureau of the Census. Both surveys omit service industries, construction, wholesale and retail trade, and the like. allied products (531); apparel (517); furniture and fixtures (475); s:one, clay, and glass products (410); and transportation equipment (190). By number of employees, the top-ranking categories were food and kindred products (68,652); transportation equipment (57,161); petroleum products (41,639); chemicals and allied products (37,­289); nonelectrical machinery (31,891); apparel (30,­123); lumber and wood products (20,931); fabricated metal produc:s (18,692); stone, clay, and glass products (13,703); and furniture and fixtures (9,378) . Ranked by annual value of payroll, the top ten were transportation equipment ($271.4 million), food and kindred products ($230.7 million), petroleum products ($221.1 million}, chemicals and allied products ( $181.4 million), non­electrical machinery ($144.l million}, primary metals ($98.3 million} , printing and publishing ($86.9 million), fabricated metal products ($75.6 million), apparel ($64.4 million), and lumber and wood products ($48.7 million) . A telling indication of growth in some of these industries is the level of their new capital expenditures. Census re· ports rank Texas industries in 1954 in this order: pe­troleum products ($160.5 million}; chemicals and allied products ($144.8 million) ; food and kindred products ($28.9 million}; primary metals ($27.2 million); non­electrical machinery ($18.8 million); transportation equipment ($17.2 million); stone, clay, and glass products ($10.8 million); fabricated metal products ($8.5 mil­lion); pulp, paper, and related products ($7.2 million); and lumber and wood products ($5.8 million). The best measure for comparing the relative economic importance of industries is the value that they add to their products through their manufacturing processes. The ten largest Texas indus:ries in 1954, measured by value added by manufacture, were chemicals and allied products ($725.2 million}; food and kindred products ($534.1 mil­lion); petroleum products ($474.6 million); transporta­tion equipment ($367.3 million); nonelectrical machinery ($314.8 million); primary metals ($200.l million} ; print­ing and publishing ($157.7 million}; fabricated metals products ($131.5 million); stone, clay, and glass products ($131.2 million), and apparel ($100.9 million). A half-century ago Texas had practically no manufactur­ing. Today the state has changed from an agricultural province to one of the country's most important manu­facturing centers and is seriously challenging the positions of long-established industrial regions. As these two recent studies prove, Texas' ten-thousand-plus industries are manufacturing one of the most spectacular booms in the nation's history. JAMES H. KEAHEY TEXAS INDUSTRY FROM 1900 TO 1954 1900 1910 1920 1930 1940 1950 1954• (1899) (1909) (1919) (1929) (1939) Number of establishments -----------------------­-------------------­--­ 3,107 4,588 5,390 5,198 6,085 7,128 8,944 Number employed ···-· ······­·-··········· ········ ·· ---·····------------·-· -·· 41,466 80,079 124,110 156,143 163,978 328,980 421,674 Number of production workers --------­-------­-------­---· --­---­--­- 38,604 70,230 106,268 134,498 125,115 260,696 414,113 Total wages paid (thous. of dollars >----·-­-------------------------­19,830 48,775 146,230 201,732 196,747 1,001,046 1,675,853 Wages paid to production workers (thous. of dollars ) . 16,912 37,907 114,935 151,827 126,364 720,829 1,635,449 Value added by manufactu re (thous. of dollars) ______ ______ 38,506 94,717 295,709 460,307 448,523 2,268,663 3,508,133 •Preliminary. Source : U.S. Bureau of the Census RETAIL TRADE Survey of Texas Trade Texas retailers held their own in October after an abrupt decline in sales between August and September. Charted in the next column, the index of total retail sales in Texas remained at a level of 141 (representing a seasonally ad­justed percentage of the average month during 1947-49). This apparent stability cannot necessarily be seen as a re­versal of the downward drift in Texas retailing that began earlier this year. The separate indexes measuring sales of nondurable­goods stores and sales of durable·goods stores (page 24) show that the over-all index would have continued to drop had it not been for a 2% gain from September in the durable-goods index. It is no random coincidence that this renewed strength came at the time when automobile dealers were unwrapping their 1957 models and clearing their floors of 1956 stock. Furniture stores and lumber dealers also helped raise the durable-goods index for October, al­though all these categories were still short of matching their sales records for the first 10 months of 1955. Nondurable goods have met stronger demand so far this year. A panel of 216 Texas apparel stores reporting to the Bureau of Business Research showed 2% higher sales this year through October than they did in the first 10 months of 1955. Much of the gain, however, was in women's ready-to-wear shops; men's and boys' clothing stores registered 2% less in dollar volume. Food stores, drug stores, and service stations, the other three largest nondurable-goods classes, have increased their sales from 5% to 8% this year. Department store sales across the nation were down 3% from the corresponding week in 1955, according to the Federal Reserve Board; the comparable declines in Texas cities were 3% in Houston, 6% in San Antonio, and 7% in Dallas. The year-to-November 10 total in department store sales was 3% higher in 1956 than in 1955 nationally, and the increase in the Dallas Federal Reserve District was the same. In the Dallas District, however, sales for the four weeks ending November 10 were up 1 % from last year; nationally they were down 2% . ESTIM ATES OF TOTAL RETAIL SALES P ercent change Millions of dols ----------­·~--Oct1956 Oct 1956 Jan-Oct 1956 Type of Oct Jan-Oct from from from store 1956 1956 Sept 1956 Oct 1955 Jan-Oct 1955 TOTAL .............. 765.6 7,699.5 + 3 1t -2t Durable goods .......... 239.1 2,505.5 + 5 9t -12t Nondurable goods .... 526.5 5,194.0 + 3 + 2t + 4t t Revised. November 20 was the unofficial D-day for Texas re­tailers to brace themselves for the Christmas rush. But not every merchant was entirely optimistic. Recent weeks have made it plain that not all lines nor all areas will share equally in the continuing prosperity. Earlier hints that 1956 holiday trade would surpass last year's by a wide margin are now subject to strong qualification . . It remains. likely that dollar volume will be slightly higher than m 1955 on the average. But price advances have made gift shopping more expensive this year, and unit volume will probably be about the same as during last year's rush season. With significant shifts under way within the retailing field, there will inevitably be some stores that fall considerably short of their 1955 holiday records. RE TAIL SALES TRENDS BY KINDS OF BUSINESS !lource: Bureau of Businesa Research In COoPeratfon with the Bur.au of the Censu1, U . S . Department of Commerce Number of Percent change reporting Oct 1956 Oct 1956 J an-Oct 1956 establish- from f rom from Group ments Sept 1956 Oct 1955 J an-Oct 1965 DURAB LE GOODS Automotive stores ·············· 253 + 6 - 91 -16t Furniture and household applia n ce stores ........ ...... 154 + 5 -lOt + lt L umber, building materials, a n d hardware stores ...... 410 + 4 St 9t NONDURABLE GOODS Apparel stores ---·-··············· 216 + 11 + 1t + 2t Drug stores ···········-· ---­--------· 157 + 3 + Gt + St Eating and drinkin g places 91 + 2 + 1t lt Food stores ---------­---­-----------­ 332 - 6 + lt + 6! Gasoline and ser vice s t ations -----------------------------­ 484 + 4 + 4t + St General mer chandise stores 193 + 12 3t ..t Other retail stores .............. 205 + 5 + 9t + 6t t Revised. ••c hanire Is 1..,1 than one-half of one percent. The National Picture Sales poised at peak. Aided by one more business day than in October 1955, retail sales this October continued in high volume but slipped, in some lines, from the levels of last October. Sales of lumber, hardware, and house furnishings decreased as the number of new housing starts tapered off. With not only consumers' incomes and savings but also consumer prices at record levels, some buying hesitancy was reported by merchants (see "Prices," page 4). Part of it was attributed to unseasonably warm weather in many areas. A noticeable slowing was reported from Retail Sales in Texas Index. Adjusted for seasonal variation · 1947-1949·100 200 200 150 1.1"" ;M, \,l.J'W IL 150 100 ,..,.,,. IA.,.,, I,/ 100 -50 '"""""' f-J" ,r­ ~ l..,../ 50 0 19AO 'Al 'A2 'A3 "AA 'A5 'A6 'A7 'A8 'A9 "50 "51 "52 '53 '5A '55 '56 some sections, including New England and droutb-seared portions of the Southwest. Numerous "overstocked" .pro· motions have appeared for furniture and floor cover_ifl8S· Retail volume in the Southwest was ahead of the national average in 16 of the first 45 weeks of this y~ar, equal to the average in 4 weeks and below the average ID 25 weeks. Demand for women's coats and dresses has been strong, with stocks limited. Men's apparel moved well in early October but slowed later to a level substantially' below CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES Peak credit being controlled. Credit obligations con­tinue to increase but at a continually slower rate. Septem· Credit ratios• Collection ratiost her registered the smallest increase for any month this Number of reporting Oct Oct Oct Oct year. "Tight money" policies are tending to limit funds Classification stores 1966 1966 1966 1966 for residential builders, merchants, and consumers. How· ALL STORES -----------------------···----68 66.1 65 .8 39.8 39.0 ever, numerous furniture and appliance dealers have indi­ BY CITIES cated a desire for the reimposition of the Federal Reserve Austin 6 65.5 63.0 53.1 55.6 --·········--------------------------------- System's Regulation W, to assist them against competitive 8 38.8 46.7 39.6 Cleburne -----··-···-·---··-·-····-----·-·--·---- 39.9 nominal down payments and generous periods for repay­ 70.0 69.2 48.2 El Paso .......................................... 3 58.6 61.6 81.6 33.8 ment. Business failures among retailers are totalling 17% Fort Worth -----···---·········-·-·-·--··-----· 3 69.4 67.3 36.2 33.9 ahead of 1955. Financial overextension is mentioned as Galveston ·······-------------------------------3 61.4 63.6 49.4 52.1 one primary reason. Continuing tight credit appears highly Dallas ··········--·-----··----------------------···· 6 47.5 Houston .......................................... 3 66.5 66.7 33.6 32.l probable . San Antonio ----------------------------·-----4 66.0 65.7 42.1 40.0 ·····-------------------··--·-······ Waco ··········4 61.6 69.3 49.7 62.0 A. HAMILTON CHUTE BY TYPE OF STORE Department stores (over U million) 20 66.2 66.2 38.6 37.7 -------------·-··················· Department stores (under $1 million) 19 60.8 49.6 44.6 44 .7 ········-------------------------­Dry goods and apparel stores .... 4 73.6 74.3 65.8 57.2 Women's specialty shops ............ 7 68.0 66.2 45.6 47.3 Men's clothing stores ----------------·-8 7(}.1 66.4 69.8 47.3 POSTAL RECEIPTS BY VOLUME OF NET SALES Percent change Over $1,500,000 -----------------·--········ 22 66.7 66.6 39.6 38.6 $500,000 to $1,500,000 ------------···· 12 60.3 68.8 48.3 49.8 Sept 22-Sept 22­$250,000 to $600,000 ---------------·--·-12 51.5 49.7 44.3 43.9 Oct 19 Oct 19 Dollars 1956 1966 Less than $250,000 12 43.5 44.7 43.6 43.5 ······------·---·--··· from from Sept 22-Aug 25-Sept 24-Aug 25-Sept24­Oct 19 Sept 21 Oct 21 Sept 21 Oct 21 •Credit sales as a percent of net sales. City 1956 1956 1955 1956 1955 tCollections during the month as a percent of accounts unpaid on the first of the month. Alice -----·····-·-----··· 12,127 10,811 11,064 + 12 + 10 Bastrop --······ l ,428 1,850 1,223 -23 + 17 Borger ....... 14,649 12,377 14,619 + 18 1955 sales. Both women's and men's shoes sold briskly. Brownfield ... 8,028 7,162 7,021 + 12 + 14 Cameron ---·-···· 6,892 6,140 8,620 + 34 -20 Floor coverings, linens, and blankets enjoyed increased Childress ---····--------··· 4,039 3,964 3,884 + 2 + 4 sales in early October, then fell off. Draperies and curtains Cleburne 9,060 8,274 3 9 ········-------··· 8,790 + + did the opposite. Television and radio sets sold better as Coleman -·······-·--------5,292 5,867 6,271 -10 •• Crystal City 3,399 the month passed, hut major household appliances met ............ 3,745 2,614 + 10 + 43 Cuero ----------········-----4,410 3,603 4,642 + 22 -3 reduced demand. Sales of house furnishings were close to Eagle Pass ............. 5,414 4,911 4,883 + 10 + 11 those of last year. New models produced brisk sales of new Edna --------·········-·-----4,10'7 3,022 3,775 + 36 + 9 cars, at the expense of used-car volume. Food sales con­El Campo ................ 7,658 7,322 8,229 + 6 -7 tinued at a high level, hut demand changed somewhat Gainesville ·······-------10,714 9,880 10,599 + 8 + 1 Gatesville 4,600 2,868 4,707 2 ····-·····--·--- + 61 erratically between lines. Gilmer ---·-·········------3,546 4,133 4,304 -14 -18 Wholeaale marketa confident. Buying centers have Graham ---------······-·-·· 7,223 4,453 5,781 + 62 + 25 not yet :i:eftected any hesitancy for apparel and some other Granbury ···········-----2,638 2,089 2,463 + 26 + 7 Hale Center ............ 2,056 1,605 1,406 + 28 + 46 lines. On the whole, the level of new commitments has Hillsboro .................. 5,124 4,934 6,302 4 3 ~ remained moderately above last year. Women's coats and + Huntsville ................ 7,357 8,132 7,414 -10 -1 suits have been continually reordered, hut clothing for girls Jacksonville -·····------15,019 13,019 10,890 + 15 + 38 was ordered less heavily. Men's apparel sold well through­Kenedy ...................... 2,690 2,987 3,352 -10 -20 out October. Showings produced good bookings for Kermit -··············-·-----6,001 6,871 6,665 + 2 + 6 Kerrville 8,534 8,540 8,544 •• •• ···········------­ women's spring apparel, housewares, and outdoor furni· Kingsville ····----·-------11,051 14,405 11,059 -23 •• ture. Case goods and upholstered pieces were ordered in Kirbyville -------···-····· 1,638 2,219 2,674 -26 -39 good volume hut varied somewhat during the month. De­La Grange .............. 4,196 4,069 3,018 + 3 + 39 Levella nd 7,119 5,691 6,161 + 27 + 16 mand strengthened seasonally for women's fashion acces­··········--··-· Littlefield ---·-----·------6,000 5,191 5,533 + 16 + 8 sories, gifts and toys, china, glass, and silverware. Food Luling --······----·---------3,543 2,646 3,013 + 34 + 18 ordering continued at high levels hut slowed in some lines. Marlin ---·------------------6,295 5,697 6,072 + 10 + 4 Deliveries were behind schedule for some types of furni­ McAllen ------------------19,492 19,084 19,768 + 2 -1 ture and apparel. Mission ········-··········· 9,942 6,999 8,559 + 42 + 16 Navasota 4,032 3,120 4,164 -·········-·-··· + 29 -3 lnventoriea rea11onable. Wholesale inventories were Odessa ...................... 50,637 43,240 42,262 + 17 + 20 increased by $100 million in September, while over-all Pecos 17,186 15,218 16,722 ------------------·-· ··· + 13 + 9 retail inventories were decreased by $300 million, reflect­Pittsburg ................ 2,667 1,435 2,938 + 86 -9 Plainview 14,083 13,223 13,231 ing liquidation of the huge stock of 1956 cars. However, ···-·····---··-- + 7 + 6 Taft -----------·----·---------3,143 1,626 2,709 + 93 + 16 department store inventories stood 8% above early October Terrell -------------------·-··· 6,908 6,838 6,586 -14 + 6 of last year. Apparel stores have been using frequent re­ Waxahachie ·-·········· 8,990 7,930 9,884 + 13 -9 orders to assist in limiting their merchandise investments. Yoakum ·--··············· 8,788 8,784 8,922 •• 2 Dealers in furniture and household appliances have found ..Change is less than one-half of one percent.their stocks heavy because of the shrinkage from expected Postal receipts are for calendar month or for four-week period coin- demand. - ciding most closely with the month indicated. ELECTRIC POWER CONSUMPTION Percent change Thousands of kilowatt hours Oct 1956 Oct 1956 Oct Sept Oct from from Use 1966• 1956• 1955t Sept 1956 Oct 1955 TOTAL ----------3,181,506 3,294,411 3,134,691 3 + 1 Commercial _______ _____ 415,830 456,856 467,709 9 -11 Industrial ------··-····· + 2,0GS,908 2.,095,733 1,970,905 5 Residential 582,526 646,533 570,874 -10 + 2 ---·-······· Other -·······----------···-­ 114,242 95,289 125,203 + 20 9 •Preliminary-based on reports of 10 electric power companies reported to tht> Bureau of Business Research and leveled to Federal Power Com­ mission estimates. tRevised to preliminary Federal Power Commission data. New in Texas Industry The following announcements of industrial expan­sion in Texas, all made during the final quarter of 1956, are among those that will be listed in the forthcoming issue of "Texas Industrial Expansion," a quarterly publication of the Bureau of Business Research. In Port Arthur The world's largest fluid catalytic cracking unit, with a rated capacity of 90,000 barrels daily, will be started next spring by the Texas Company. The unit will cover a three-acre tract at Texaco's Port Arthur refinery. In Fort Worth High-flying research projects will occupy a new $2 million testing unit to be completed next year at the Convair aircraft plant, a division of Gen­eral Dynamics Corporation. Aircraft systems for use at high altitudes will be put to the test through use of compressors, refrigeration equipment, and other mechanisms. Building walls will be of re­inforced steel plate lined with 12 inches of insu­lation. PETROLEUM AND GAS ACTIVITY Source: State Comptroller of Public Accounts and Railroad Commission of Texas January-October Percent Product 1956 1955 chan1re CRUDE OI L Value (thous of dols) --­-----­--------­ 2,601,274 2,326,620 + 12 Production (thous of bbls) ----­--­ 894,525 844,928 + 6 Runs to st ills (thous of bbls ) ___ _ 693,282 645,571 + 7 NATURAL GASt Production (thous of dols) ....... . 397,563 344,903 + 15 SULFUR Recovered from gas (long tons) .. 4,086 2,791 + 46 tlncludea casin1rhead iras. TEXAS BUSINESS REVIEW INDUSTRIAL PRODUCTION Hundreds of slabs of zinc weighing from 50 to 60 pounds each are shipped from three Texas smelters every day. Ye~ manr Texa:is are. unaware that _zinc smelting is one of the state s leadmg primary metals industries. Lack of knowl­edge concerning this vital industry stems in part from the fact that two of the smelters are located at Amarillo and Dumas in the Panhandle, an area many Texans have never visited, and the other is in Corpus Christi, where it is only . one of several large factories. Still another reason for un· famili~rity ~ith the industry is the fact that Texas produces very httle zmc ore. There is sporadic production of small quantities in the Trans-Pecos area, but none was reported in 1955. S~nce the state produces little ore, smelting companies obviously had other reasons for choosing to locate smelters in Texas. Like many other metals industries, zinc smelting Total Electric Power Use in Texas Index· Adjusted for seasonal variation -1947-1949·100 19.. 0 ._., ... 2 '"3 ..._. -..5 ...6 . ..., · .. a -..9 ·so ·51 ·52 ·53 ·s. ·s.s "56 requires tremendous amounts of fuel. Because substantial amounts of natural gas, a superior source of power, were available at reasonable cost near Amarillo (the smelter there uses well over 300 million cubic feet a month), Dumas, and Corpus Christi, plants were built at those three cities. Furthermore, smelting companies consider it imperative to locate between the raw ore mining and milling and the market for metallic zinc. In the case of Corpus Christi, orientation to water transportation was also a significant factor. Ores reach the smelters in the form of concentrates, which may have a zinc content as high as 60%. However, some losses occur during the conversion process, and comp· anies consider that 2 tons of concentrate will produce an average of one ton of zinc slab. Concentrates received at Corpus Christi are imported from Mexico, while those smelted at Amarillo and Dumas come mostly from the states of the Mountain West. The Corpus Christi plant, operated by American S~elt· ing and Refining Company, is one of five in the Uruted States using the electrolytic process. In this process, a dilution of sulfuric acid is used to leach the zinc co~-~~J out of the roasted concentrate. The solution is then pa&'!CU through filters and purified before the zinc is recovered by electrolysis. The metal, which has been deposited on the cathodes by the action of current passing through electrd lytic cells, is stripped from the negative poles, m~lted, ~h cast into slabs. Zinc recovered by this method 1S of big grade and tests almost 100% in purity. . Smelters at Amarillo (American Smelting and Refinlllf Company) and Dumas (American Zinc Company of. · nois) employ the horizontal·ret?rt method of m~tal re~~ Both plants require a substantial number of highly laborers, because this method is an intermittent rather than continuous operation. In other words, it is a "hatch" proc· ess, and workmen must be alert to draw off the metal at the proper time. In this type of operation many tubular retorts of refractory clay, arranged one above the other in long horizontal rows, are utilized. Each retort is usually about 5 feet long and 9 inches in diameter, and in each one a cone-shaped condenser, also made of refractory material and from 18 to 24 inches long, is inserted. A mixture of fuel and ore is placed in each retort, and after the distilled zinc has collected, it is removed from the condensers at 24 to 48 hour intervals. After the metal has been drawn off, the retorts are cleaned before recharging. A number of important by-products are recovered during the smelting process. One of the most valuable of these is sulfuric acid, obtained from gases which form during the roasting of concentrates. In Texas, most of the by-product acid finds a ready market at nearby refineries and chemical plants. Cadmium is another by-product of considerable import· ance. A major source of this metal, which is widely used as a bearing alloy and in electroplating, is the Corpus Christi smelter. Zinc sulfate crystals, also recovered during the smelting operation, are sold for use in insecticides and fertilizers. Another type of zinc processing in Texas is the pro· duction of zinc oxides at the El Paso Smelting Works of the American Smelting and Refining Company. About 40,000 tons of oxide are produced at this smelter every year through the fuming of slag. The oxide is in turn further treated to recover slab zinc. Some slag is shipped from the El Paso Works to the company's Corpus Christi smelter for treatment. Crude Oil Runs to Stills in Texas Index• Adjusted for seosonol variation. 1947·1949·1 00 200 v ~" AM ~. IA /'v.J ~ f .,-w II \.,.I ./' Jr" "\ """''rJ y I"\-' lJ ­ 200 uo 50 1 100 100 50 50 00 19•0 ·•1 "'2 ·,3 '" ·•s ·.u. ·•1 ·•a ·,9 ·so ·51 ·52 ·53 ·s. ·55 '56 Slab zinc production set an all-time U.S. record of 1,031,018 tons in 1955. Consumption was estimated to be up about 21 % above the preceding year and is expected, because of the metal's versatility, to remain high during the foreseeable future. Demands for zinc to be used in gal· vanizing, in zinc-based alloys, in brass, and for rolled zinc have increased significantly. Manufacturers of castings are also stepping up their purchases. Other important outlets include the sale of zinc oxide and zinc sulfide to processors of pharmaceuticals, paints, rubber, bleaching agents, hard floor coverings, batteries, cosmetics, and ceramics. The Department of Defense is also a substantial purchaser of zinc products, the metal currently being classified as stra· tegic and critical under the national stockpiling program. Each of the state's three smelters has been substantially expanded during postwar years. Undoubtedly further ex· pansion can be expected in the future. STANLEY A. ARBINGAST WELL COMPLETIONS Source : The Oil cn1d Gaa Jour1'<1l October 1956• J anuary-O ctober ~ion Oil Gas Dry Total 1956 1955 TEXAS 1,172 87 666 1,925 18,816 16,796 --······ Southwest 131 23 116 270 2,656 2,563 ·····-···· Gulf Coast .......... 97 25 99 221 2,201 2,083 East ...................... 44 10 56 110 937 810 North Central .... 365 5 284 654 6,546 6,234 West .................... 435 11 93 539 4,84 3 4,228 Panhandle .......... 100 13 18 131 1,133 878 *For five weeks ending November 3, 1956. Near Odessa Sour gas, once an industrial nuisance, will be the raw material for a Stanolind Oil and Gas sulfur recovery unit at Midland Farms. Hydrogen sulfide from natural gas will be processed to remove its elemental sulfur content. In Dallas The Dallas Times Herald is making news and will be equipped to print more news upon completion of a $2 million office and plant expansion. The new building, to adjoin the newspaper's present build­ing, will provide additional space for mechanical departments and newsprint storage. Five new press units are being installed at a cost of $600,000. In Bishop Celanese Corporation of America is building a multimillion-dollar addition for production of chemical intermediates, largely for use in polyure­thane plastics and coatings. To be equipped with the elaborate control systems typical of petro­chemical production, the unit will employ about 35 workers in addition to the present Celanese work force. REFINERY STOCKS• Source: The Oil and Gaa J,,...rnal Percent chan11:e Thousands of barrels Oct 1956 Oct 1956 Oct Sept Oct from from Product 1956 1956 1955 Sept 1956 Oct 1955 U NITED STATES Gasoline -----··­--·--­--­-172,626 174,720 151,607 1 + 14 Distillate .................. 158,685 150,367 151,566 + 6 + 5 Residual .................. 48,071 47 ,499 46,299 + 1 + 4 Kerosene ·········-·­-­-­~ 35,235 33,817 84,436 + 4 + 2 TEXAS Gasoline Distillate .................. 82,593 18,227 30,740 19,830 26,092 19,171 + 6 8 + 8() 5 Residual ···············-­ 8,809 8,728 8,206 + 1 + 7 Kerosene --­--­------­-­--­ 3,87 2 4,554 4,015 -15 - 4 •Fi&'Ures 1hown are for the week endinir nearest the lut d&J' of month. AGRICULTURE Big Business on the Farm Reports on the state of the nation's industries show that there is a pronounced trend in business today toward consolidations and mergers. With the large-volume, small­unit-profit philosophy of the Furious Fifties, many small companies have found that they must unite or die (most striking case in point: the automotive industry, in which all of the small independents have been forced to combine in the last decade to meet the threat of the Big Three) . Preliminary figures from the 1954 Census of Agriculture, compiled by the Bureau of the Census, show the same trend at work in Texas agriculture. Final statistics have not yet been released, but the pre­liminary data are substantially correct and are valid for comparison with figures from the last Census of Agricul­ture (made in 1949 and 1950). This comparison reveals that the number of Texas farms has decreased 12% in the four-year period (from 331,567 to 292,946), but the land area devoted to agriculture has increased 0.4% (from 145,­389,014 acres to 145,962,287 acres). The result is that the average acreage per farm has risen from 438.5 acres to 498.3 acres. This increase in size has been matched by gains in the average value of land and buildings per farm (up 44% from $20,269 to $29,093) . The decrease in total farms has come from the absorption of the smaller units. For instance, from 1950 to 1954 the number of farms with acreage between 100 and 139 acres dropped 19% (from 37,179 to 30,033). At the same time, the number of big­acreage farms (500 acres or more) increased 5% (from 39,478 to 41,472). These larger farming units make possible the efficient use of more machinery. Census figures show that between 1950 and 1954 the number of tractors (from 233,081 to 276,893), trucks (from 147,101to189,736), grain com­bines (from 35,145 to 40,882), pickup hay balers (from CARLOAD SHIPMENTS OF FRUITS AND VEGETABLES Source: Compiled from reports received from Agricultural Marketing Service, U.S. Department of Agriculture January-October Percent Commodity 1956 1955 change FARH CA!IH INCOME TOTAL SHIPMENTS ............ 31,801 32,441 - 2 FRUIT ......................... ...................... . 3,516 4,241 -17 Cantaloupes ............................................... . 2,893 3,421 -15 Grapefruit ................................................. . 69 410 - 83 Honeydews ............................................... . 554 410 + 35 VEGETABLES .................. .............. 16,542 16,401 + 1 Broccoli ..................................................... . 55 9 +511 Carrots ....................................................... . 5,972 4,740 + 26 Cucumbers ................................................. . 14 22 -36 Lettuce ....................................................... . 2,145 2,616 -18 Peppers ..................................................... . 57 54 + 6 Sweet potatoes ......................................... . 105 63 + 67 Tomatoes ......................................... . 3,192 4,432 -28 Mixed vegetables ..................................... . ALL OTHER ................................... . 5,002 11,743 4,465 11,799 + 12 •• January-October Percent Commodity 1956 1955 chaniio Thousanda of dollars TOTAL ....................... . 1,351,324 1,332,616 t 1 Cotton ................................... . 368,267 403,933 Cottonseed ........................... . Wheat ···············-··················· 49,607 34,832 48,787 33,600 + + 4 Oats ....................................... . 6,088 10,566 -42 Corn ..................................... . 14,775 16,462 -10 Grain sorghum ................... . 59,976 52,683 + 14 Flaxseed ............................... . 340 342 - 1 Peanuts ............................... . 8,485 13,984 -39 Rice ....................................... . 51,035 58,403 -13 Cattle ................................... . 280,779 27_4,128 + 2 Calves ................................... . 85,195 82,704 + 3 Hogs ..................................... 52,774 47,007 + 12 Sheep and lambs ............... . 28,779 20,894 + 38 Wool ..................................... . Mohair ................................. . 15,389 10,309 14,344 10,301 + 7•• Poultry ................................ . 55,134 46,824 + 18 Eggs ..................................... . 47,723 53 ,592 -11 Milk and milk products...... 105,939 88,584 + 20 Fruit and vegetables ......... . 75,898 55,478 + 37 Farm cash ineome as computed by the Bureau understates actual farm cash income by 6% to 10%. This situation resulta from the fact tloat means of securing compll!te local marketings, especially by truck, ha .. not yet been fully developed. In addition, IDl!ans have not yet been devel­op,038 6,369,607 21,2J5,714 -5 + 10 Other gross r eceipts a nd production t axes ----··---····--··············· 2,467,368 2,323,01 2 + 6 Insura nce compan ies and other occupation taxes --------­-------------·------­ 113,597 130,095 -13 Net motor fuel taxes ---------­---------------­ 27,260,404 23,304,183 + 17 Cigarette tax and licenses ---------------­ 7,513,164 7,290,458 + 3 Alcoholic beverage taxes and licenses ..... -----------------­ 6,416,350 5,380,665 + 19 Automobile and other sales taxes ___ _ 3,466,296 3,979', 511 -13 All licenses a nd fees --­----­---------------­ 5,260,644 4,705,892 + 12 Franchise t axes ----------------· ·······-·--· 273,740 155,951 + 76 Revenue from leases, rentals, a nd bonsuses ---------------------------------------------­ 788,219 12,697,395 ~ 94 Oil and gas royalties --------------------­----­Interest earned -----------------------------------­ 4,416,715 3,666,780 4,336,578 3,054,932 + 2 + 20 Unclassifi ed receipts 6,322,298 6,733,987 - 6 Other misce11aneous r evenue --·-·------­ 4,164,417 2,123,320 + 96 Federal a id for h ighways -----­-----­-----­Federal aid for public welfare ----­--­ 4,267,707 20,120,352 7,526,808 20,032,673 -43 •• Federal a id for public education ___ _ 3,943,959 3,232,460 + 22 Other federal aid -----------­----­---­--------­-­ 1,273,115 1,284,875 - 1 Donations and g rants -------------­---------­ 88,266 20,980 - +321 **Chan ge is less than one-half of one percent. FEDERAL INTERNAL REVEN UE COLLECT IONS Source: Internal Revenne Service, U.S. Treasury Department July 1-0ctober 31 P er cent Account and area 1956 1955 change TEXAS $617,342,735 $550,501,213 + 12 Income 233,785,234 216,472,877 + 8 Employment 4,169,259 4,216,810 1 Withholding ______ 316,403,558 2-79,268,521 + 13 Other ----------- ----------------------­ 62.,984,684 50,543,005 + 25 FIRST DISTRICT _ 329,971,158 291,306,516 + 13 Income -------------------------------­ 121,520,145 109,094,081 + 11 Employment 69,059 220,501 - 69 Withholding -­---------­-----------­ 171,332-,210 153,521,295 + 12 Other --­-· 37,049,744 28,470,639 + 30 SECOND DISTRICT_ 287,371 ,577 259,194,697 + 11 Income ------------------­ 112,265,089 107,378,796 + 5 Employment 4,100,200 3,996,309 + 3 Withholding 145,071,348 125,747,226 + 15 Other 25,934,940 22,072,366 + 17 on each class A common share. This is a 3-cent per share increase over the preceding fiscal year. Net sales for the fiscal year were $85.3 million, up from the $78.0 million of the previous year. The Frito Company and subsidiaries report earnings for the first nine months of the year at $1.29 a common share. Earnings in the same period of 1955 were $0.97 a share, based on the number of shares currently outstand­ing. Net sales for 1956, $20.4 million, were up substantially from the $15.2 million for the first nine months of 1955. Tennessee Gas Transmission Company reports a third-quarter net of 45 cents a share. This is a 16% in­crease over the 39 cents earned in the third quarter of 1955. Net income after taxes was $8.2 million, compared with $6.8 million for 1955. Deliveries of gas rose to an average of 1.7 billion cubic feet during the quarter, 17% more than in the same quarter of 1955. Further expansion of the system to an average-day capacity of nearly 2.0 bil­lion cubic feet was proposed in an application filed with the Federal Power Commission on September 19. FRANCIS B. MAY Bureau of Business Research Publications A Manual of LIFE, ACCIDENT, ANDSICKNESS INSURANCE By Henry T. Owen Approved by the Board of Insurance Commissioners of the State of Texas, this publication is a valuable g uide to persons seeking to be licensed to act as legal reserve life insurance agents in Texas. Appli­cants for this license are now required to pass a written examination, the questions on whi ch wil l be taken from material included in this manual. Business Guide No. 7; price, one dollar. TEXAS BUSINESS REVIEW Local Business Percent change Percent change City and item October 1956 Oct 1956 from Sept 1956 Oct 1956 from Oct 1956 City and Item October 1956 Oct 1956 f rom Sept 1956 Oct 1956 from Oct 1955 ABILENE (pop. 55,0QOr) Department and apparel store sales........ P ostal receipts ............................................ $ Building permits, less federal contracts..$ Bank debits (thousands) .......................... $ End-of-month deposits (thousands))....$ Annual rate of deposit turnover.............. Employment --········-­----·----··············· 84,021 1,523,092 80,271 58,700 16.4 30,600 + 2 + 26 + 51 + 14 + + 12 •• •• + 17 -14 + 17 -2 + 18 + 9 BAYTOWN (pop. 22,983) Postal receipts ···································-····-·$ Building permits, less federal contracts $ Bank debits (thousands) ........................ $ End-of-month deposits (thousands) t ....$ Employment (area) ................................ . Manufacturing employment (area) ... . Percent unem ployed (area) ......... . 17,490 270,650 20,269 20,761 416,700 92,425 3.4 + 4 + 4 •••• -3 + 13 + 19 + 17 7 + + + 13 Manufacturing employment Percent unemployed ...................... 3,560 4.5 + 6 + 2 + 14 + 2 BEAUMONT (pop. 104,416r) Retail sales ............................................. . + 11 + ALPINE (pop. 5,261) Postal receipts ...... ---·-·············-····· . .......... $ Bank debits (thousands) -············ ........... $ End-of-month deposits (thousands ))...... $ Annual rate of deposit turnover.. ............ 3,897 2,564 4,509 6.9 + 14 + 13 + 3 + 8 + 13 + 7 + 4 Automotive stores ........................... . Department and apparel stores ....... . Postal receipts ......................................... $ 97,610 Building permits, leS3 federal contracts $ 2,403,427 Bank debits (thousands) .......................... $ 148,385 End-of-month deposits (thousands) t... $ 108,663 + 18 + 3 + 18 + 37 + 11 + 6 + 8 5 + 6 +401 + 19 + 6 AMARILLO (pop. 108,034•) Retail sales• ......................... ------·-················ Automotive stores* + 9 + 11 -- 1 3 Annual rate of deposit turnover.............. Employment (area) .................................. Manufacturing employment (area) .... Percent unemployed (area) .................... 16.9 85,300 29,360 3.0 + 8 •• + -19 + 13 + 2 + -43 Drug stores• ........ Furniture and household + + 11 BEEVILLE (pop. 10,500r) appliance stores• .............. Gasoline and service stations......... Liquor stores* __________ + 4 + 4 + 7 + 8 5 1 Postal receipts ............................................$ Building permits, less federal contracts $ Bank debits (thousands) ···-···················­$ 8,210 54,786 7,897 + 18 -31 + 5 + 15 -45 + 17 Postal receipts ............ ..................... $ Building permits, less federal contracts.. $ 122,394 1,408,646 + 3 6 + 30 End-of-month deposits (thousands):....$ Annual rate of deposit turnover............. . 12,840 7.4 + + 2 4 + + 4 12 Bank debits (thousands) ........................ $ End-of-month deposits (thousands) L ....$ 175,523 106,989 + 21 + 2 + 9 -3 BIG SPRING (pop. 24,442r) Annual rate of deposit turnover... Employment ··················­-----------------·----···-· Manufacturing employment 19.9 47,150 5,290 + 19 •• 1 + 11 + 4 + 2 Retail sales ···············-·-······························· Automotive stores --·-····-···--·-·················· Drug stores ............................................. . + 5 + 11 + 7 4 Percent unemployed .................................. 4.0 + 5 2 Lumber, building material, and hardware stores ......................... . + •• ARLINGTON (pop. 27,550•) Postal receipts ....................................... .. $ Building permits, less federal contracts $ Employment (area) .......................... . Manufacturing employment (area) ... . 18,399 437,728 200,500 64,425 -+ 8 3 •• 1 -41 -42 + 6 + 12 Postal receipts ··········-················ ... $ Building permits, less federal contracts $ Bank debits (thousands) ......................... $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover 24,271 235,410 28,009 27,208 12.4 + 50 +103 + 18 + + 17 + 25 -27 + 1 + 12 -10 Percent unemployed (area) ................... . 4.1 + 8 + 5 BRADY (pop. 5,944) AUSTIN (pop. 168,500r) Postal receipts ............................................ $ Building permits, less federal contracts $ 3,191 800 -- 3 94 -8 -95 Retail sales .............. .................. . + 1 -11 Bank debits (thousands) ........................ $ 4,143 + 23 -10 Automotive stores 3 -24 End-of-month deposits (thousands ) t ....$ 7,051 + 5 + 11 Department and a pparel stores ....... . + 19 + 1 Annual rate of deposit turnover............. . 7.2 + 20 -17 Eating and drinking places - 1 5 Food stores Furniture and household appliance stores Lumber, building material, and hardware stores ----------·····­············ Pootal receipts .......................................... $ 268,485 Building permits, less federal contracts $ 4,858, 714 -10 6 + 7 9 -16 -12 + 8 + 2 BRENHAM (pop. 6,941) P ostal receipts ···········-····-························ $ Building permits, less federal contracts $ Bank debits (thousands) ......................... $ End-of-mon th deposits (thousands))....$ Annual rate of deposit turnover ..... . 5,326 30,878 7,556 11,951 7.8 -9 + 23 + 4 + 7 + 8 -10 -46 + 8 -16 + 28 Bank debits (thousands ) ........................ $ End-of-month deposits (thousands) t ... $ Annual rate of deposit turnover ............. Employm~nt ................... ............................ Manufacturing employment Percent unemployed ................................ 161,239 114,401 17.0 70,200 5,270 3.5 + 9 + 2 + 8 + 1 + 2 5 + 16 •• + 19 + 5 + 10 + 3 BROWNSVILLE (pop. 36,066) Retail stores ................................................ . .......... . Automotive stores ................................ . Depa rtment and apparel stores ......... . Building permits, less federal contracts $ 55,156 + 3 6 + 6 -92 •• -6 -10 -64 BAY CITY (pop. 14,042r) BRYAN (pop. 23,883r) Retail sales ................................................... . + 12 -10 Postal receipts ........................................... $ Bank debits (thousands ) ......................... $ End-of-month deposits (thousands) I .. $ Annual rate of deposit turnover............. . 10,166 13,307 20,542 8.1 + 10 + 1 + 9 9 4 4 9 Food stores• ·········­··································· P ostal receipts ··········-······························ $ Building permits, less federal contracts $ 18,115 284,525 -11 + 7 + 34 + 3 -12 +112 For explanation of symbols. see page 23. DECEMBER 1956 Conditions Percent change Percent change Oct 1956 Oct 1956 Oct 1956 Oct 1956 October from from October from from City and Item 1956 Sept 1956 Oct 1955 City and item 1956 Sept 1956 Oct 1955 BROWNWOOD (pop. 20,181) DEL RIO (pop.14,211) Postal receipts ----------------------------------------.$ 10,516 + 33 + 10 Retail sales -------------------------11 8 Building permits, less federal contracts $ 131.207 +120 + 58Automotive stores 17 15 Bank debits (thousands) ------------------------$ 9,432 + 26 + 12 Department nnd ap parel stores + End-of-month deposits (thousands) t ....$ 11,279 + + 1 Furniture and household Annual rate of deposit turnover_____________ _ 10.1 + 28 + 9 appliance stores .... 11 8 Postal receipts -------------------------------$ 16,287 •• + 22 DENISON (pop.17,504) Building permits, less federal contracts $ 25,025 +148 + 50 - Retail sales -------------------------·----------------·-------+ 13 2 Bank debits (thousands) ....... .$ 11,074 + 18 + Automotive stores ----------------------------------+ 12 ••End-of-month deposits (thousands) L ..$ 11,854 -1 -11 Annual rate of deposit turnover..__ ____ __ 11.l + 12 Postal receipts ----------------·--------------·----------·-$ 12,829 + 2 + 1 + 18 Building permits, Jess federal contracts $ 226,656 + 7 +103 Bank debits (thousands) __________________ $ 14,569 2 + 3 CALDWELL (pop. 2,109) End-of-month deposits (thousands)t . $ 17,121 + 2 + 10 Annual rate of deposit turnover____________ _ 10.3 3 4 Bank debits (thousands) $ 2,012 + 12 + 6 End-of-month deposits (thousands) t ... $ 4,046 3 Annual rate of deposit turnover.... 6.0 + 2 + 7 DENTON (pop. 21,372) P ostal receipts ------------------------------------------.$ 20,906 -4 -14 Building permits, less federal contracts $ 182,450 -83 + 23 OSCO (pop. 5,230) Bank debits (thousands) --------------------------$ 14,333 + 14 + 4 Postal receipts ---------------------·----------------·---' 3,624 + 9 + 9 End-of-month deposits (thousands):....$ 17,211 •• + 6 Bank debits (thousands) -----------------------·$ 2,638 + 23 + 18 Annual rate of deposit turnover -------------10.0 + 11 3 End-of-month deposits (thousands) : .. $ 3,904 + 7 -6 Annual rate of deposit turnover___________ 8.4 + 18 + 31 EDINBURG (pop. 15,993r) Postal receipts ...............$ 9,337 + 43 2 Building permits, Jess federal contracts $ 135,827 +197 + 5 CORPUS CHRISTI (pop. 122,956u) Bank debits (thousands) -----------------------$ 7,427 2 + 3 End-of-month deposits (thousands) L ..$ 7,340 + 10 10 Retail sales -------------------­+ 3 + 5 Annual rate of deposit turnover__ __ ________ _ 12.7 Automotive stores ----··---------­+ 8 + 21 + 10 + 9 Lumber , building material, and hardware stores ------9 + EL PASO (pop. 182,505r) Postal receipts ----------------------____ ---------------$ 128,828 + 4 + Retail sales* ................................................ + 17 + 4 Building permits, less federal contracts $ 2,533,578 + 176 + 62 Department and apparel stores .......... + 2 + Bank debits (thousands) -------------------------$ 174,328 + + 6 Drug stores• ...... + 10 End-of-month deposits (thousands ) L ..$ 108,525 1 1 P ostal receipts -----·---+ 10 + 5 _____________ __ ________ ___ $ 202,088 Annual rate of deposit turnover __ _ · 19.2 + 2 + 5 Building permits, less federal contracts $ 2,858,845 + 52 + Employment ----------------------·--·--------------64,500 •• + Bank debits (thousands) ···-------·---------------$ 273,257 + 27 + 20 Manufacturing employment ..... 8,300 •• + End-of-month deposits (thousands) t ....$ 132,414 •• + 3 Percent unemployed ----------------------------·-4.4 -2 2 Annual rate of deposit turnover.. 24.7 -26 + 18 Employment __________ -----------------------79,200 •• + 7 Manufacturing employment ___ _ 12,950 + 1 + 5 CORSICANA (pop. 19,211) Percent unemployed ___ _ 3.4 17 6 Postal receipts -------------------------------------------·$ 16,814 + 37 + 13 Building permits, Jess federal contracts $ 122,605 + 15 +168 FORT WORTH (pop. 315,578u) Bank debits (thousands) -------------------------$ 16,427 4 Retail sales• + 9 2 End-of-month deposits (thousands) t ...$ 21,375 2 2 Department and apparel stores ______ _ + 21 1 + Annual rate of deposit turnover____ __ ___ ___ _ 9.1 3 Eating and drinking places• ----+ 3 + 3 Gasoline and service stations• ............ + 3 7 Lumber, building material, DALLAS (pop. 538,924u) hardware stores• ................................ Retail sales• -·-···---------····--·-----------··--··---+ 2 10 Postal receipts -----------------------------------------$ 544,625 + •• 11 2 Department and apparel stores ...... + 2 3 Building permits, less federal contracts $ 3,261,094 12 -47Drug stores• __ _ 4 1 Bank debits (thousands) -----------·-------------$ 717,146 + 14 + 20 Eating and drinking places• . + 1 9 End-of-month deposits (thousands) 1---$ 372,113 •• + 2 Food stores• . + 1 + 2 Annual rate of deposit turnover -------------23.2 + 14 + 17 Gasoline and service stations• + 3 5 Employment (area) _______ 200,500 •• + 6 Liquor stores• __ _ + 6 6 Manufacturing employment (area) ___ _ 64,425 1 + 12Lumber, building material, and Percent unemployed (area) _ _____ _ _____ ____ _ 4.1 + 8 + 5 and hardware stores• ........ + 4 -25 Office, store, and school -1 GARLAND (pop. 10,571) supply dealers• -------·---·------····· •• Postal receipts ----------------------------------------$ 13,382 + 4 + 7Postal receipts ----------·-·----·-·----·-· $ 1,628,559 + 6 + 1 Bank debits (thousands) ----·---------· $ 2,216,910 + 17 + 6 Building permits, less federal contracts $ 282,630 -+ 21 6 -65 Building permits, less federal contracts $ 6,676,136 -36 -50 Bank debits (thousands) ..... ______ $ 16,274 + 15 End-of-month deposits (thousands) t ....$ 13,441 End-of-month deposits (thousands) : ....$ 971,714 -2 3 + 4 + 5 27.1 + 16 Annual rate of deposit turnover.. 14.8 + 6 + 13 Annual rate of deposit turnover.............. + 9 335,900 Employment (area) -·------··---------------·-------335,900 •• + 6Employment (area) ----------·-----------·-----·-----•• + 6 Manufacturing employment (area) __ __ 86,525 •• + 10 Manufacturing employment (area) .... 86,525 •• + 10 Percent unemployed (area) -------------------2.1 -5 Percent unemployed (area) ---·----------------2.1 5 •• •• For explanation of symbols, eee page 23. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Percent change Oct 1956 Oct 1956 Oct 1956 from October from from Oct 1955 City and item 1956 Sept 1956 Oct 1955 GALVESTON (pop. 71,527u) HEREFORD (pop. 5,207) Retail sales .................. .......................... + 10 + 7 Postal receipts ............................................$ 7,285 + 21 + 17 Department and apparel stores .......... + 12 + 14 Building permits, less federal contracts $ 420,600 +242 +120 Food stores .............................................. + 4 + 7 Bank debits (thousands) ..........................$ 10,767 + + 6 Furniture and household End-of-month deposits (thousands) t ....$ 11,420 + 10 + 20 appliance stores ................................ + 3 + 5 Annual rate of deposit turnover.............. 11.8 + -22 2 Postal receipts ............................................$ 62,865 -12 + 5 Building permits, less federal contracts $ 130,113 -82 -33 HOUSTON (pop. 700,508u) Bank debits (thousands) ........................$ 97,878 + 15 + 25 Retail salesn....................................·············· + 6 + 6 End-of-month deposits (thousands) t ....$ 74,233 + 1 + 2 Automotive storesU ................................ + 22 + 15 Annual rate of deposit turnover.............. 15.8 + 14 + 20 Drug storesU ........................................... 6 8 + + Employment (area) ................................. 48,250 + + 5 Eating and drinking p!acesU ................ + 5 + 8 Manufacturing employment (area) .... 11,660 •• Food storesU ............................................ + 1 •• Percent unemployed (area) .................... 5.3 -5 9 Furniture a nd household appliance storesU ................................ + 18 GIDDINGS (pop. 2,532) + 11 Gasoline and service stationsU ............ + 5 + 13 Postal receipts ............................................$ 3,473 + 69 + 55 General merchandise storesU ................ Bank debits (thousands ) ........................$ 2,014 + 14 -8 9 Lumber, building material, End-of-month deposits (thousands)t....$ 3,515 + 2 -15 and hardware storesn························ 5 4 Annual rate of deposit turnover.............. 6.9 + 13 + 8 Postal receipts ............................................$ 1,110,333 + 9 + 6 Building permits, less federal contracts $11,739,825 + 3 + 16 GLADEWATER (pop. 5,305) Bank debits (thousands) ..........................$ 2,411,590 + 14 + 20 Postal receipts ............................................$ 4,832 + 18 -12 End-of-month deposits (thousands) t....$ 1,210,965 -2 •• Bank debits (thousands ) ..........................$ 3,491 2 4 Annual rate of deposit turnover.............. 23.6 + 15 + 19 End-of-month deposits (thousands ) t....$ 4,636 -1 6 Employment (area) .................................. 416,700 •• + 7 Annual rate of deposit turnover.............. 9.0 -7 1 Manufacturing employment (area) .... 92,425 •• + 7 Employment (area) .................................. 25,400 •• + 4 Percent unemployed (area) ... 3.4 -3 + 18 Manufa.cturing employment (area) .... 4,770 •• + 16 Percent unemployed (area) .................... 3.6 •• 5 JASPER (pop. 4,403) Postal receipts ...........................................$ 4,386 GOLDTHWAITE (pop. 1,566) •• 1 Postal receipts ............................................$ 2,306 -21 + 29 Bank debits (thousands) .........................$ 5,485 •• Bank debits (thousands) ......................... $ 2,620 -28 + 4 End-of-month deposits (thousands )t....$ 6,911 + 4 + 9 End-of-month deposits (thousands) t ....$ 3,240 + 5 + 6 Annual rate of deposit turnover.............. 9.7 •• 8 Annual rate of deposit turnover......... 9.9 -28 KILGORE (pop. 9,638) GONZALES (pop. 5,659) Postal receipts ...........................................$ 11,872 + 10 + 13 Postal receipts ............................................$ 5,254 + 40 + 22 Building permits, less federal contracts $ 82,219 -20 + 40 Building permits, less federal contracts $ 960 -99 -98 Bank debits (thousands) ..........................$ 15,883 •• + 9 Bank debits (thousands) ..........................$ 4,938 + 25 -14 End-of-month deposits (thousands) t ....$ 16,405 -4 + 1 End-of-month deposits (thousands ) t....$ 5,420 + 7 -20 Annual rate of deposit turnover.............. 11.4 -3 + 4 Annual rate of deposit turnover.............. 11.3 + 24 + 9 Employment (area) .................................. 25,400 •• + 4 ----------------··----------Manufacturing employment (area) .... 4,770 •• + 16 GRAND PRAIRIE (pop. 14,594) Percent unemployed (area) .................... 3.6 •• -5 Postal receipts .............. .................$ 20,044 + 22 + 8 KILLEEN (pop. 21,076r) Building permits, less federal contracts $ 75,248 -72 -97 Postal receipts ............................................$ 19,861 + 28 -31 Employment (area) .................................. 335,900 •• + 6 Building permits, less federal contracts $ 74,790 + 70 -88Manufacturing employment (area) .... 86,525 •• + 10 Bank debits (thousands) ..........................$ 6,565 + 7 -17 Percent unemployed (area) .................... 2.1 -5 •• End-of-month deposits (thousands) t ....$ 5,780 + 6 -12 Annual rate of deposit turnover.......... 14.0 + 9 -9 GREENVILLE (pop.17,500r) Postal receipts ............................................$ 18,897 + 16 -1 Building permits, less federal contracts $ 160,649 +272 +111 LAMESA (pop. 10,704) Bank debits (thousands) ..........................$ 14,139 4 Postal receipts ...... ..............................$ 11,808 + 51 + 3 End-of-month deposits (thousands) L ..$ 15,083 1 8 Building permits, less federal contracts $ 30,300 -19 -25 Annual rate of deposit turnover.............. 11.2 Bank debits (thousands) ..........................$ 20,010 + 85 + 35 5 + 8 End-of-month deposits (thousands) t....$ 15,582 + 26 + 21 HARLINGEN (pop. 30,038r) Annual rate of deposit turnover.............. 17.2 + 56 + 11 Postal receipts ........................................... $ 29,853 + 24 + 5 Building permits, less federal contracts $ 398,110 + 37 -17 LAMPASAS (pop. 4,869)Bank debits (thousands ) ..........................$ 34,007 -7 + 12 Postal receipts ............................................$ 3,593 -12 -14 End-of-month deposits (thousands) t ....$ 23,598 •• + 1 Building permits, Jess federal contracts $ 14,850 -50 -75 Annual rate of deposit turnover.............. 17.3 -1 + 10 Bank debits (thousands ) ..........................$ 4,555 + 2 2 End-of-month deposits (thousands) t ....$ 6,359 •• 6 HENDERSON (pop. 6,833) Annual rate of deposit turnover.............. 8.6 + + 4 Retail sales .. ................................................. + 6 -11 Automotive stores _ __ ---······----············---+ 15 -12 LAREDO (pop. 59,350r) Department and apparel stores .......... + -13 Postal receipts ............................................$ 24,472 + 10 + Postal receipts ........................................... $ 9,464 + 15 + 24 Bank debits (thousands) ..........................$ 22,169 + 6 + Building permits, less federal contracts $ 75,600 -70 +145 Bank debits (thousands) ..........................$ 6,473 + 4 2 End-of-month deposits (thousands) t ....$ 19,716 + 4 + End-of-month deposits (thousands) t....$ 15,700 + 9 + 3 Annual rate of deposit turnover.............. 13.8 + 4 + Annual rate of deposit turnover.............. 5.2 4 For explanation of symbols, see paire 23. DECEMBER 1956 LOCAL BUSINESS CONDITIONS P ercent change Percent change Oct 1956 Oct 1956 Oct 1956 Oct 1956 City and item October 1956 from Sept 1956 from Oct 1955 City anti item October 1956 from Sept 1956 from Oct 1955 LLANO (pop. 2,954 ) Postal receipts ............ . .............. $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands)).... $ Annual rate of deposit turnover............. . 1,447 2,594 3,524 8.7 - 6 18 2 16 •• 15 •• -16 MONAHANS (pop. 6,311) Postal receipts ............................................ $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands ) ) .... $· Annual rate of deposit turnover.............. 5,773 86,069 8,675 7,966 13.7 + 22 -87 + 19 + 10 + 12 + 4 + 171 + 5 + 12 LOCKHART (pop. 5,573) NACOGDOCHES (pop. 12,327) Postal receipts .......................................... . $ 3,354 + 20 4 Building permits, less federal contracts $ 73,500 + 90 + 93 Building permits, less federal contracts $ Bank debits (thousands) .......................... $ 9,950 3,148 -93 -7 + 6 7 Bank debits (thousands ) ........................$ End-of-month deposits (thousands))....$ 12,401 16,419 + 12 •• + 13 + 9 End-of-month deposits (thousands)+.... $ 5,166 + 8 2 Annual rate of deposit turnover.............. 9.1 + 6 Annual rate of deposit turnover............. . 9.5 + 12 + 22 NEW BRAUNFELS (pop. 12,210) LONGVIEW (pop. 34,328r) Postal receipts ............................................ $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands) + .... $ 31,599 878,700 36,066 37,447 + 14 + II + 2 + 2 + 2 +190 + 11 + 2 Postal receipts ............................................ $ Building permits, less federal contracts $ Bank debits (thousands) .......................... $ End-of-month deposits (thousands ))....$ Annual rate of deposit turnover.............. 13,541 164,850 8,575 9,979 10.4 -1 +165 + 14 + 2 + 11 + 26 +110 + 12 -6 + 20 Annual rate of deposit turnover.............. Employment (area) ----------­--·-···------·----­---­Manufacturing employment (area) .... Percent unemployed (area) ---.---­-------­··-­ 11.7 25,400 4,770 3.6 + •••• •• + 7 + 4 + 16 5 ORANGE (pop. 21,174) Building permits, less federal contracts $ Bank debits (thousands ) .......................... $ End-of-month deposits (thousands )).... $ 318,461 22,249 24,931 + 127 + 17 + 4 -79 + 27 + LUBBOCK (pop. 134,156r) Department and apparel store sales........ + 9 + 2 Annual rate of deposit turnover............. . PALESTINE (pop. 15,063r) 10.9 + 18 + 25 Postal receipts ............................................ $ 107,881 + 18 + Postal receipts ............................................$ II,481 + 19 - 5 Building permits, less federal contracts $ 3,546,757 +100 + 32 Building permits, less federal contracts $ 63,838 9 -23 Bank debits (thousands ) .......................... $ 182,088 + 51 + 39 Bank debits (thousands) ........................ $ 7,827 + 9 + IO End-of-month deposits (thousands)).... $ 99,495 + 12 + 10 End-of-month deposits (thousands)+.... $ 14,128 + 3 + 5 Annual rate of deposit turnover.............. 23.2 + 40 + 32 Annual rate of deposit turnover............. . 6.8 + 8 + 5 Employment ---------------------··························· 43,950 + + 2 Manufacturing employment ................ Percent unemployed .................................. 4,720 4.6 + 3 4 + 6 + 10 PAMPA (pop. 20,448r) Postal receipts ...........................................$ 18,275 - 5 + 21 Building permits, less federal contracts $ 240,450 -71 + 6 LUFKIN (pop. 18,600r) Postal receipts ·-·············-···· .......................$ Building permits, less federal contracts..$ 15,535 319,850 + + 27 -10 +172 Bank debits (thousands ) .......................... $ End-of-month deposits (thousands)).... $ Annual rate of deposit turnover............. . 17,231 24,364 9.1 + 4 + 14 3 + 8 + 13 2 Bank debits (thousands) .......................... $ End-of-month deposits (thousands)).... $ 22,489 22,021 + 13 -8 PARIS (pop. 21,643) Retail sales ............. ........................ . + II -15 McKINNEY (pop. 10,560) Postal receipts .......................... . .... $ Building permits, less federal contracts.. $ 14,144 41,715 -40 -62 Building permits, less federal contracts $ Bank debits (thousands) .......................... $ 50,250 7,207 + 84 4 +167 -7 Bank debits (thousands ) .......................... $ End-of-month deposits (thousands)+....$ 15,605 15,451 -10 -7 End-of-month deposits (thousands)+.... $ Annual rate of deposit turnover.............. 12,072 7.1 1 5 + 3 -10 PASADENA (pop. 22,483) Postal receipts ............................................ $ 24,953 + 30 + 36 MARSHALL (pop. 25,479r) Postal receipts ............................................ $ 15,665 - 2 -18 Building permits, less federal contracts $' 1,211,800 Employment (area ) .................................. 416,700 Manufacturing employment (area) .... 92,425 + 12 •••• + + + 6 7 7 Building permits, less federal contracts $ 159,810 +102 - 8 Percent unemployed (area) .................... 3.4 - 3 + 13 Bank debits (thousands) .......................... $ 14,725 + - 12 End-of-month deposits (thousands) + .... $ Annual rate of deposit turnover.............. 20,723 8.6 + + - 3 9 PORT ARTHUR (pop. 82,150u) Retail sales* ............................................... . 2 •• Automotive stores* ·---··--·-····-····­·-··--···-·­ 18 2 MERCEDES (pop.10,081) Department and apparel stores ......... . Food stores• .......................................... . + 6 2 4 3 Postal receipts ............................................ $ 5,202 + 45 + 53 Furniture and household Building permits, less federal contracts $ Bank debits (thousands) .......................... $ 13,385 4,873 +396 -17 +322 + 6 appliance stores* ________ Lumber, building material, and + IO + 6 End-of-month deposits (thousands))....$ Annual rate of deposit turnover.............. 6,307 9.4 + - 3 23 1 hardware stores* -------------------------­Postal receipts ........................................... $ 36,940 + 10 + 14 + + 3 4 Building permits, less federal contracts $ 452,574 + 2 -29 MIDLAND (pop. 42,600'") Postal receipts ............................................ $ 49,009 Building permits, less federal contracts$ 2,321,750 Bank debits (thousands) ........................ $ 77,178 End-of-month deposits (thousands)).... $ 84,191 Annual rate of deposit turnover.............. 11.3 -7 + 30 + 18 + 6 + 15 -3 -11 + 30 + 15 + 16 Bank debits (thousands) .......................... $ End-of-month deposits (thousands) t ....$ Annual rate of deposit turnover............. . Employment (area) ................................. . Manufacturing employment (area) ... . Percent unemployed (area) ..... . 58,017 43,562 16.0 85,300 29,360 3.0 + 12 -r + 14 •• + -19 + -+ + + - 8 4 13 2 5 43 For explanation of symbols, see page 23. TEXAS BUSINESS REVIEW LOCAL BUSINESS CONDITIONS Percent change Percent change Oct 1956 Oct 1956 Oct 1956 Oct 1956 Octe>ber from from October from from City and item 1956 Sept 1956 Oct 1955 City and item 1956 Sept 1956 Oct 1955 PHARR (pop. 8,690) SLATON (pop. 5,036) Postal receipts --------------------------------------------$ 4,094 -5 + 12 Postal receipts ------------·--····-··-·-··---------------·-$ 3,453 + 26 + 28 Building permits, less federal contracts $ 51,520 + 41 Building permits, less federal contracts $ ________________________ $ 3,115 -94 -91 Bank debits (th<>usands) 3,027 4 -11 Bank debits (thousands) ·····-··--·---------------$ 3,633 -68 + 39End-of-month depooits (the>usands) L ..$ 3,025 + 2 -14 End-of-me>nth depooits (the>usands) +....$ 4,340 + 31Annual rate <>f deposit turn<>ver_____ _________ 12.1 5 4+ + Annual rate of deposit turnover_____ ________ _ 11.4 + + 37 19 RAYMONDVILLE (pop. 9,136) Pootal receipts -···-· ____ ------·-·-· -·--·-·-__ ________$ 4,775 + 15 + 10 SNYDER (pop. 14,Ulr) Building permits, less federal contracts.. $ 31,605 +193 +170 Postal receipts ····--·---·--------·--------'·--------------$ 10,165 -1 -2 Bank debits (the>usands) --------------·-···-·-·-$ 5,760 -28 -17 Building permits, less federal ce>ntracts $. 158,700 + 176 End-<>f-month depooits (thousands) L ..$ 8,858 + 44 Bank debits (the>usands) ····-···----····-·---·---$ 12,463 + 10 -10 End-of-me>nth depooits (the>usands) +....$ 15,429 + 7 -47 Annual rate <>f dep<>sit turne>ver _____ ________ _ ROCKDALE (pop. 4,550r) 10.0 + + 56 Postal receipts --------···-·-··----------·-----········----$ 3,863 + 39 -11 Building permits, less federal contracts $ 35,150 + 37 + 99 SULPHUR SPRINGS (pop. 9,890r) Bank debits (thousands) -----------------·--·---$ 3,364 -1 -18 Pe>stal receipts -----------------------------·--------------$ 5,968 -2 -4 End-<>f-m<>nth depooits (thousands)t....$ 5,197 .. •• Bank debits (thousands) ·----·····---·----·-------$ 9,206 + 13 + 14Annual rate <>f depooit turnover _____ ________ . 7.8 -1 -18 End-<>f-me>nth depooits (the>usands) t....$ 11,334 + 4 + 13 Annual rate <>f deposit turnover__ ____________ 9.9 + 10 4 SAN ANGELO (pop. 62,359r) + Retail sales ---· ----------···--·--·····---·--------·-----·-·· 1 -14 Building permits, less federal contracts $ 355,329 8 -78 SWEETWATER (pop.13,619) Bank debits (thousands) ·-··-·····--·--·--------$ 48,517 + 9 + 10 Postal receipts ---·---------·-·--·--·--·--·····-······-·---$ 16,154 + 58 -1 End-of-month depooits (thousands) L ..$ 46,258 + 1 + Building permits, less federal contracts $ 336,430 -17 +575 Annual rate of depooit turne>ver.............. 12.6 + 9 + 9 Bank debits (the>usands) ·-···-···-····--··--------$ 12,125 + 21 + 11 Employment ------·····-·----··----------------·-···--····-· 23,100 •• + 1 End-<>f-m e>nth depooits ( the>usands) +....$ 11,426 •• + 3 Manufacturing employment ---·--·-········ 2,890 + 9 12.7 + 21 +Annual rate of depoo it turne>ver_____ ________ _ Percent unemployed ··---·-···--·-----------------··-· 4.0 -5 + 5 TAYLOR (pop. 9,071) SAN ANTONIO (pop. 449,521u) Pootal receipts ____________________________________________$ 7,348 + 6 -17 Retail sales* ··-·-··-·-··-·--··----·-------------------·-+ 2 4 Building permits, less federal contracts $ 50,647 +119 + 31 Autome>tive stores• ------·--··-·-·······--·-··----­-7 + 11 Bank debits (thousands) ·················-···---$ 7,602 + 4 -9 Department and apparel stores ·---------+ 15 8 End-<>f-me>nth depooits (thousands) L ..$ 11,496 •• -20 Drug stores• .............. -----------··-------·---···--+ 4 + 2 Annual rate of deposit turnover.............. 7.9 + 11 + Eating and drinking places• ·····-····-· + 5 F <><>d stores• ···--··-····-------------------------------- 2 TEMPLE (pop. 33,912r) Gasoline and service stations* ............ + 2 + 10 General merchandise* ----------------------------+ 7 •• Retail sales ------------------·--·--·-··-···········-··---··--+ -19 Building permits, less federal contracts$ 4,116,715 + 16 6 Drug stores ·----------------------------------····-----· + 2 -6 Eating and drinking places ---------·------3 -16 Bank debits (the>usands) ----·----------·------·---$ 492,736 + 14 + 9 End-<>f-month depooits (the>usands ) :j: ____ $' 353,341 + 3 1 Fo<>d st <>res ------------------············-·---·---··----· 7 -8 + Furniture and he>usehe>ld Annual rate of deposit turnover.............. 17.0 + 13 + 47 appliance stores -········-·----------------------­7 -20 Lumber, building material,Employment ---·--------------------------·--·--·-----····--188,400 + + 3 Ma nufacturing empl<>yment ----·-----------23,425 + 1 + 4 and ha rdware stores ·--------------------·-·-­-12 -28 Percent unemployed ·---·-------·---··--····--··-····· 3.1 3 -21 Pe>stal receipts ------------------------·--·-··-··--·····---$ 27,663 + 9 + 5 Building permits, less federal ce>ntracts $ 197,774 +411 -23 SAN MARCOS (pop. 9,980) Bank debits (th<>usands) -·-·-··-··-··-··----------$ 20,366 -4 -6Postal receipts ---------------·---------------··-········--$ 8,706 + 1 -20 Building permits, less federal c<>ntracts $ 42,405 +247 -95 End-of-month deposits (the>usands) t....$ 27,580 •• + 6 Annual rate <>f dep e>sit turnover_____________ _ 8.9 -5 -12 Bank debits (thousands) -----------------------·--$ 5,978 -6 -17 End-of-month deposits (thousands) t----$ 8,096 •• -5 Annual rate of deposit turne>ver _____________ _ 8.9 + 13 -10 TEXARKANA (pop. 24,753) Retail sales§ ·-------------··-·-·········------·-------------+ 8 -12 SAN SABA (pop. 3,400) Postal receipts§ --------------------·----·········--···---$ 49,347 + 12 -13 Bank debits (thousands ) ----··------·-------------$ 2,844 + 11 -26 Building permits, less federal contracts..$ 1,518,887 +975 +666 End-<>f-month deposits (the>usa nds) L ..$ 3,867 + 6 + Ba nk debits ( th<>usands) § ----·-------------------$ 20,236 -49 -50 Annual rate <>f deposit turnover._.__________ _ 9.1 + 11 -25 End-<>f-month deposits (the>usands) L ..$ 15,947 -3 -10 Annual rate <>f depooit turne>ver.·-·--···--·-· 15.0 + 12 + 13 SEGUIN (pop. 14,000r) Emple>yment§ -----··-·--·-·····---------------·----------·· 34,000 •• ­ 4 Postal receipts ···-----------------··-·····--·-·-----------$ 8,501 + 7 + 17 Manufacturing employment§ ·-·---····-··· 6,270 •• -13 Building permits, less federal contracts $ 82,655 9 + 8 Percent unempl<>yed§ -----------------·------·------· 7.3 -8 + 3 Bank debits (thousands ) -----------·········----·-$ 7,647 + 8 4 End-<>f-month deposits (thousands)+....$ 15,420 •• 3 TEXAS CITY (pop. 23,000r) Annual rate of deposit turne>ver_____·····-·--6.0 + 9 2 Pe>stal receipts -···--·--------------·-----·--·-··---·-··---$ 16,485 + 1 + 7 Building permits, less federal contracts $ 274,276 -16 -47 SHERMAN (pop. 25,855r) Bank debits (thousands) -------·-·----··-----·--$ 30,964 + 18 + 5 Department and apparel store sales..____ _ 2 -1 -5 End-<>f-me>nth dep<>Sits ( the>usands) +....$ 29,071 + 7 Postal receipts --··--··---------·-····-·------····-·-----·-$ 27,850 + 24 + 28 Annual rate of deposit turne>ver--·-------·--­13.2 + 21 + 9 Building permits, less federal c<>ntracts $ 5 196,549 -82 + 86 Emple>yment (area) ---------·----·-------·-·-----·---48,250 + + Bank debits (the>usands) -·-·-···-------····-··-·--$ 23,777 + 4 -15 Manufacturing emple>yment (area) ___. 11,660 •• End-of-me>nth dep<>Sits (thousands) t....$ 18,535 + 8 •• 5.3 5 Percent unemple>yed (area) ---------·--·····-·· ­Annual rate <>f deposit turne>ver __ ·-·--····---16.0 -13 F<>r explanati<>n <>f symb<>ls, see page 23. DECEMBER 1956 LOCAL BUSINESS CONDITIONS Percent change Percent change Oct 1956 Oct 1956 Oct 1956 Oct 1956 October from from October from from City and item 1956 Sept 1956 Oct 1955 City and item 1956 Sept 1956 Oct 1955 TYLER (pop. 49,443r) VICTORIA (pop. 49,164') Postal receipts --------------------------------------------$ 58,471 -4 + 1 Building permits, less federal contracts $ 946,999 + 11 -26 Retail sales• ·····-------------------------------------------+ 6 -10 Bank debits (thousands) ________________________ __ $ Automotive stores• ___ ----------------------------7 -20 76,720 + 3 + 11 5 -13 Food stores• -------------------------------------------­Annual rate of deposit turnover_________ __ _ Furniture and household End-of-month deposits (thousands) t ----$ 61,251 + + 9 15.4 + 4 appliance stores• -------------------------------­+ 22 + 10 Postal receipts _ ----------------------------------------$ 25,534 + 3 3 VERNON (pop. 12,651) Building permits, less federal contracts $ 788,556 -41 -6 Postal receipts --------------------------------------------$ 9,102 -9 -10 Building permits, less federal contracts $ 34,800 -18 -23 Bank debits (thousands) ___ ___ ___ __ _____________$ WEATHERFORD (pop. 8,093) 12,368 + 27 + 1 End-of-month deposits (thousands) t ----$ 20,318 .. + 8 Building permits, less federal contracts $ 46,800 +420 -92 Annual rate of deposit turnover_____ ________ _ 7.3 + 26 -10 Bank debits (thousands) --------------------------$ 6,694 -8 -35 End-of-month deposits (thousands) t....$ 7,618 -7 -42 WACO (pop.101,824•) Annual rate of deposit turnover______________ 9.1 Retail sales ------------··-···--------------------------------+ 7 + 3 Automotive stores ___ ------------------------------8 -10 WICIDTA FALLS (pop. 103,152•) Furniture and household Department and apparel store sales_. _____ _ appliance stores ----------------------------------+ 13 + 5 + 10 Postal receipts ___ -------------------------$ 133,684 + 19 + 13 Postal receipts -------------------___ _ __ __________ $ 86,488 + + 2 Building permits, less federal contracts $ 2,028,112 9 +100 Building permits, less federal contracts $ 1,042,239 + 94 + 2 Bank debits (thousands ) _______________________ $ 91,745 + 9 •• Bank debits (thousands) --------------------------$ 99,771 + 9 + 6 End-of-month deposits (thousands) t ----$ 67,214 + 3 6 End-of-month deposits (thousands)!----$ 100,900 2 4 Annual rate of deposit turnover_____________ _ 16.7 Annual rate of deposit turnover_ __ __ ____ _ _ 11.6 + 8 + 7 + 7 + 6 Employment ------------------------------------------------47,650 + Employment -----------------------------------------------38,500 •• + 4 Manufacturing employment ---------------­9,140 2 + 4 Manufacturing employment ___ _ 3,550 + 1 •• Percent unemployed ----------------------------------4.2 + 31 + 2 Percent unemployed ---------------------------­ 3.3 3 -11 Postal receipts are for calendar month or for four-week period coinciding most closely with the month indicated. •Preliminary. ••Change is less than one-half of one percent. !Excludes deposits to the credit of banks. !Reported by the Bureau of Business and Economic Research, University of Houston for Harris County. §Figures include Texarkana, Arkansas (pop. 15,875) and Texarkana, Texas (pop. 24,758). 'ReTised for use by the Texas Highway Department. •1950 Urbanized Census. HOURS AND EARNINGS IN MANUFACTURING Source: Texaa Employment Commisalon In cooperation with the Bureau of Labor Statlatlca, U. S. Department of Labor Average weekly earnings Industry Oct 1956• ------------------­Sept 1956 Oct 1955 ALL MANUFACTURING,__ $81.97 $82.57 $78.20 AverOct 1956* 41.4 age weekly hours Sept 1956 41.7 Oct 1955 42.5 AveragOct 1956• $1.98 e hourly eaSept 1956 $1.98 rnings Oct 1955 $1.84 _ Durable goods____________ 81.90 82.29 80.96 42.0 42.2 44.0 1.95 1.95 1.84 Primary metals 88.14. 90.45 88.40 39.0 40.2 41.5 2.26 2.25 2.13 Machinery, except electrical____ 85.87 88.13 84.61 42.3 43.2 44.3 2.03 2.04 1.91 Oil field machinery.. 92.66 94.39 92.62 42.7 43.3 45.4 2.17 2.18 2.04 Transportation equipment.____ 98.09 97.86 100.05 42.1 42.0 43.5 2.33 2.33 2.30 Fabricated metal products_____ 77.76 76.86 78.05 43.2 42.7 44.6 1.80 1.80 1.75 Lumber and wood products______ 53.69 53.98 55.81 43.3 42.5 46.9 1.24 1.27 1.19 Furniture and fixtures_______ 62.60 66.31 62.02 42.3 44.5 44.3 1.48 1.49 1.40 Stone, clay, and glass________ 69.55 69.06 71.93 41.9 41.6 44.4 1.66 1.66 1.62 Nondurable goods ___ 82.42 83.22 75.21 40.8 41.2 41.1 2.02 2.02 1.83 Textile mill products 54.10 52.92 49.80 42.6 42.0 43.3 1.27 1.26 1.15 Broad woven goods 51.96 51.05 49.73 41.9 41.5 42.5 1.24. 1.23 1.17 Apparel and fabric products.____ Food_______________ 42.34 77.90 42.92 75.83 37.32 69.44 36.5 42.8 37.0 42.6 37.7 42.6 1.16 1.82 1.16 1.78 0.99 1.63 Meat packing --------­93.29 87.34 80.98 42.6 41.2 40.9 2.19 2.12 1.98 Paper and allied products______ 93.74 96.36 84.87 43.2 44.2 43.3 2.17 2.18 1.96 Printing 84.29 83.47 82.68 37.8 37.6 38.1 2.23 2.22 2.17 Chemicals and allied productB­--­97.58 99.33 90.29 42.8 43.0 43.2 2.28 2.31 2.09 Vegetable oil mills________ 61.99 55.66 51.40 53.9 49.7 51.4 1.15 1.12 1.00 Petroleum and coal products-­-­Leather. --·­--··----­105.34 48.86 111.76 48.86 101.59 40.69 39.6 39.4 41.7 39.4 40.8 39.5 2.66 1.24 2.68 1.24 2.49 1.03 Figures do not cover proprietors, firm members, or other principal executins. •Preliminary-ubject to revision upon receipt of additional reporta. BAROMETERS OF TEXAS BUSINESS Year-to-date Average Oct Sept Aug average month 1956 1966 1966 1966 1955 GENERAL BUSINESS ACTIVITY tTexas business activity, index ( 100.0) ----·-­-·········-----------------.. ----·-·············· tMiscellaneous freight carloadings in SW Dist., index (10.0).___________ 163* 96 159* 97 157* 90 166 94 166 96 tOrdinar:r life insurance sales, index adjusted for pricechanges ( 4.2) ._ ........___ ____ __ __ _________ ______ ..__ __ _____ ..______________ ..______ ..__________............... 279 227 221 238 219 Ordinary life insurance sales, index________ ______ ______ _________ _______________ ........·-----------­----­Bank debits, index__________________ ..___ _..______ ____ ____ ______ .._____ __ ________________________ ,_________ _________ _ 328 225 266 205 258 224 276 217 251 199 Bank debits in U. S., index________________________ __ __ __ ..__ ______ __..____________ _____ __ ................-----­ 194 176 200 187 173 Wholesale prices in U. S., unadjusted index_____ ____ __ _____ ___ __ ______ ____________ ....__ .. ___ ____ _ 115.5 115.3 114.6 113.9 110.7 :!:Consumers' prices in Houston, unadjusted index____ ____ ____ .._____ ..__________ ..________ _____ __ 118.2 117.2 115.8 Consumers' prices in U. S., unadjusted index____________________ __ ________________ __ ___ _________ _ 117.7 117.l 116.8 115.9 114.5 Income payments to individuals in U. S. (billions, at seasonally adjusted annual rate) --------------------------·--------------­------­--­--------------------­....-......------------·------­Corporation charters issued (number) ________________ ..__________ ___ ____ ..______________ ..__ ________ _ 497 $ 328.5* 423 $ 328.1 419 $ 322.5 501 $ 306.1 445 Business failures (number) ..--------------------------·----------------­..-------..--------------------------­ 41 29 30 28 17 TRADE tTotal retail sales, index adjusted for price changes ( 46.8)__________________ 124* 124* 136 133 143 Total retail sales, index---------------­------------­--------­------­------·---­-----------------------------------­Durable-goods stores _____ ____ _____ ____ ______ .. _____ ..______ __ ___ ____ _______ ..________________________ _____ __ 141 129 141 126 154 141 150 138 160 164 Nondurable-goods stores_______ .. _____ _______ .. ________ .. __ ___ _ ______ ___ _________ _____ ..__ _.._____ ...... 147 148 161 156 157 Ratio of credit sales to net sales in deP.artment and apparel stores____ ____________ __ 66.1 67.7 64.9 66.8 65.9 Ratio of collections to oustandings in aepartment and apparel stores___ ..________ _ 39.8 32.1 34.1 35.8 38.6 PRODUCTION tlndustrial electric power consumption, index (14.6)__________________..__..__ _ 317* 320* 268 320 291 tConstruction authorized, index adjusted for price changes (9.4)____ tCrude oil production, index (8.1) ._..____________.._________......­....·-----------------------.... tCrude oil runs to stills, index ( 3.9)__ _____ ____ ....___ ....__ _____________________ ........._........ 132* 126* 137 114* 127 142 116* 132 147 130 132 148 148 125 139 tTotal electric power consumption, index (3.0) ___..___..______.........­..........____ 302* 295* 298 303 278 Gasoline consumption, index_··---------------------------------------­-----------­--------------------------­Wheat grindings, index --------------------------------------------------------­--------------------------------­Industrial production in U. S., index.._________ .. _____________________________________ ________ ..___ ____ _ 145* 174 70 145 186 66 142 174 69 142 172 66 139 Southern pine production, index____ ____________ ____ ____ ______ .,.._________________________________ ..______ _ Construction authorized, index___ ___ _____ _______ ___ __ __________ __ ..___________________ ________ _____________ _ 192* 109 166* 123 167* 119 184 122 201 Residential building ----­-------------------------------------------------­----­---­-------------­---------­Nonresidential building ____ __ __ ___ ..___________ .. ________________________________ ..________ ____________ __ 183* 185* 136* 184* 196* 151* 172 171 232 144 Construction contracts awarded (thousands).______________ ____ _________________ .._____ ..______ __ $ 92,539 $131,496 $140,702 $141,817 $123,957 AGRICULTURE Farm cash income, unadjusted index_______ ___________ __ __ _________________________________ ..________ __ 149* 112* 87* 82 97 Prices received by farmers, unadjusted index, 1909-1'4=100__ ________________ __ ______ __ 246 248 250 250 259 Prices paid by farmers in U.S., unadjusted index, 1909-14=H>0___ ___ _____________ _ 287 287 288 285 281 Ratio of Texas farm prices received to U. S. prices paid by farmers ____ ___________ _ 86 86 87 88 92 FINANCE Reporting member banks, Dallas Reserve District: §Leans (millions ) ._____ _______ _.. __ .. _ _.. __________________________ .. ___________ __________ ____ ---------------­§Loans and investments (millions) ________ _____ ___ ______ __ ___________ ____________________________ _ Adjusted demand deposits (millions) __________________________ ,___________ .................... Revenue receipts of the State Comptroller (thousands) .._____________________ .._____ ..__ Federal Internal Revenue collections (thousands) ___ .._______ ____ _ _.._______________ ______ .. $ 2,462 $ 3,866 $ 2,640 $ 72,810 $151,139 $ 2,444 $ 3,809 $ 2,595 $ 59,383 $154,967 $ 2,444 $ 2,823 $ 2,671 $ 92,436 $206,290 $ 2,431 $ 3,700 $ 2,645 $ 79,011 $218,925 $ 2,266 $ 3,750 $ 2,687 $ 73,348 $193,020 LABOR Total nonagricultural employment (thousands> -------­--------------------------------·-­-----·· 2,410.2* 2,402.9 2,387.5 2,362.2 2,292.4 Total manufacturing employment (thousands)­-----­----------------------------------­Durable-goods employment (thousands) ____ __ __ _____ _____________ _..________________ _ Nondurable-goods employment (thousands) ____ ____ ___ ___ ______________ .._________ _ 476.l * 234.6* 241.5* 473.5 230.7 242.8 474.2 231.7 242.8 468.0 228.0 239.9 446.l 211.l 235.0 Total nonagricultural labor force in 20 labor market areas (thousands) _____ _ Employment in 20 labor market areas (thousands) __________________ ___ __ ____ ______ _ Manufacturing employment in 20 labor market areas (thousands) Total unemployment in 20 labor market areas (thousands) ____ _______________ _ Percent of labor force unemployed in 20 labor market areas__ ___ ______ _ 1,843.2 1,779.3 373.5 63 .5 3.4 1,840.8 1,774.9 373.l 65.l 3.5 1,831.7 1,760.6 372.0 69.9 3.8 1,814.0 1,740.2 362.2 72.4 4.0 1,745.8 1,671.4 340.l 73.8 4.2 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 1955 benchmarks. *Preliminary, t.Th~ in~ex of business activity is the weighted average of the-lndexee Indicated by a dagger (f). The weight given each index in computing the com­posite 1s given In parentheses. i Index computed for February, May, August, and November on!7. § ExolusiTe of loans to banks after deduction of valuation reservee.