Texas Week, Volume 1, Number 3, August 24, 1946 Page: 12
34 p. : ill. ; 28 cm.View a full description of this periodical.
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2usTes, COustF
TEXAS FINANCE COMES OF AGERogers Lacy's I. 0. U. was good, and
a Texas bank was able to make the
cash available-$10,950,000 of it.
It was news on two accounts. One
of them was financial-it was the largest
single oil loan ever handled and headed
by a Texas or Southern bank. The
other was Lacy's newly-newsy name.
The loan had nothing to do with
Lacy's plans for an ultra-modern multi-
million-dollar hotel at Dallas to be de-
signed by Frank Lloyd Wright. But
Lacy's grandiose hostelry project has
kept him in the spotlight lately.
The Money Was Here
There was little exciting in Lacy's
purpose in borrowing the millions. It
amounted pretty much to a refinancing
of his substantial, going oil and refinery
operations, plus credit for new oil ex-
ploitations. The collateral was there.
What was new was that Lacy didn't
have to go to Wall Street for the big
money. Texas is now financially of age.
Lacy, who lives in Longview, went to
the Republic National Bank in Dallas,
where he is a customer, and Fred I
Florence of the Republic fixed up the
loan.
Coming in with Florence were the
Chase bank of New York, a Cleveland
bank and 10 other Southwestern banks.
Ledger Is Index
Something similar happened in March,
when the Republic arranged the re-
financing of a $4,750,000 New York-held
loan for the Missouri-Kansas-Texas
(Katy) Railroad. It was the first big
piece of Texas regional railroad financ-
ing done at home. Signs point to fu-
ture credit self-sufficiency for the South-
west.NEWSWOR THY LACY
His I.O.U. was Good
Dry balance-sheets tell a story. Take
the 13 Southern states as a group. In
1933, deposits among them were only
$2,763,734,000; early this year, the fig-
ure was nearly $23,000,000,000.
At the close of 1945, Dallas ranked
a high sixteenth among cities in
the United States with deposits of
$1,239,109,000, and Houston followed
closely with $1,203,124,000. These fig-
ures spell out a simple message. South-
western industry need not go a-begging
afar for money.EMPLOYMENT UP
Continuing their post-reconversion up-
ward movement, Texas businesses re-
port rising employment and increased
payrolls, look forward to still more in-
creases as reconverted industry gets
into high gear and new firms are es-
tablished.
Employment in July was up 1.7 per-
cent over June, and payrolls increased
.9 percent, the University of Texas
Bureau of Business Research reports.
Texans, meanwhile, continued to
flock to stores in great numbers, push-
ing department store sales up 31 per-
cent for the week ending August 10
compared with the corresponding week
of last year. San Antonio's increase of
35 percent led the state's four largest
cities, followed by Dallas and Houston
with 32 percent, Fort Worth with 28
percent.
Biggest gains in employment were
reported by tin can and other tinware
industries (31.1 percent), ice manufac-
turers (17.9 percent), and prepared
feed manufacturers (10.3 percent).
Largest payroll gains were in meat
packing (25.6 percent), aircraft fac-
tories (20.1 percent) and other non-
ferrious industries (16.4 percent).
Adding to the employment and pay-
roll gain are the many new industrial
firms moving into the state and the
expansion of already-established firms.
Prospects were bright that the steady
improvement shown since the low point
in March would continue for the
present.
TUCC Rolls Are Down
Substantiating the Bureau's index on
employment, the Texas Unemployment
Compensation Commission reported that
unemployment of non-veterans is lower
than it has been for 10 months and that
85 percent of the veterans in Texas
are now working or are in school. Non-
veteran unemployment had reached a
peak of 39,400 having accounts with the
TUCC in April, but by this week thatI I
300 -
IIIIII _ _ _ Picking Upc820I
260 - _ _
__ -ndex of Employment PAYROLLS
240 and Payrolls in Texas
1935-39=100 EMPLOYMENT
200 - --- - - - - - -
180 - ~~~
140 - --- - -- -
120 - - - - - -_-
100
- ----- -- - -.1946 - -
1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 Jan. Feb. Mar. Apr. May June July
Scarce: University ad Texas Bureau ad Buiness Research12 TEXAS WEEK
24 AUGUST 46
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Texas Week, Inc. Texas Week, Volume 1, Number 3, August 24, 1946, periodical, August 24, 1946; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth586553/m1/12/: accessed June 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Private Collection of the Raymond B. Holbrook Family.