Downtown Dallas, massive construction
projects are soaking up millions upon
millions of dollars in new loans,
the Texas countryside, millions
in loans are going down these halls
after oil once too expensive to bring
up.
All of this money is being loaned in
Texas despite the Federal Reserve
Bank's tight money policy restricting
credit with high interest rates in hopes
of bringing down inflation.
The stock market took a dove when the Fed
tightened credit to stop a recent surge
in the money supply.
But business loans in Dallas Fort Worth
soared right along with orders for more
of the things we make here.
The Federal Reserve Bank records in
Dallas show Dallas Fort Worth banks
loaned out 10 billion one hundred
ninety five million dollars in 1981
compared to commercial and industrial
loans in 1980 of seven billion.
Ninety four million dollars.
That all adds up to a phenomenal forty
three point seven percent increase
in business loans for the Metroplex in
one year.
Compare that to the national average
growth of 13 percent.
The commercial loan business has been so
good in the Metroplex that now some of
those giant national banks are trying to
move in and get a piece of the action.
For example, check this morning's want
ads. You'll find that the Chase Manhattan
Bank is opening a Texas office
for loans.
And they're going to be holding an open
house here at the Summit Hotel to recruit
people to operate their Dallas loan
office. San Francisco's financial
giant Bank of America has already moved
into Dallas with offices downtown.
Mike Snyder, Channel 5, Action News, Dallas.