The Waco Citizen (Waco, Tex.), Vol. 59, No. 69, Ed. 1 Tuesday, September 1, 1987 Page: 12 of 24
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TEXAS 150 PROGRESS, WACO, TEXAS, SEPT. 1986-87, PAGE 4
INTERVIEW
Chas. Wells’ View Of Economy
The Waco economy in 1986 can
be good or bad depending on one’s
current financial standing, a Baylor
professor stated.
“For folks in Waco with a good
job, they never had it better,” said
economics and money and banking
professor Charles Wells. “A lot of
opportunities are opening up for
them with help from such factors as
low interest rates and an inflation
rate of almost zero.”
Wells said that these were the
darkest of days for the unemployed
because they cannot even buy with
the falling prices.
The main cause of unem-
ployment is ‘‘a mismatch of skills,”
Wells said.
“The problem is that people are
skilled for only one thing and when
they lose that job, they don’t have
the skills that could land them a job
in another field. The jobs are out
there, but the people just have the
wrong skills.”
Wells then commended TSTI for
their training to help the displaced
workers from General Tire.
Statewide, Wells agreed with
most economists on the cause of
Texas’ economic crunch is its
reliance on one source of revenue,
oil.
However, Wells said that Waco is
not feeling the crunch as other parts
of the state. He attributed this to
Waco’s college student population.
“I think Waco is blessed with its
student population and therefore I
don’t think we’re going to feel the
crunch as bad as other places are.”
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Waco Offers Advantages
To Industrial Prospects
PAUL J. MEYER came to Waco over 25 years ago and started Success
Motivation Institute. Today it is an international company operated out of
its world headquarters here in Waco. Meyer says he likes to live here
because it has everything he needs to work and enjoy life. Pictured with
him at his home here in Waco is Hei Arita of Toyko, Japan, who operates
his Japan division. His various companies probably bring more people to
Waco than any other company. (Bill Foster photo).
However, Wells said there is a
problem with housing vacancies in
Waco and expressed his support of
the new tax laws that will eliminate
tax shelters such as housing.
“I think the only thing in
recession in Waco is housing and we
need these new tax laws to eliminate
that problem.
“With the old tax laws, people
could keep their money tax free by
putting it into such a shelter as real
estate. We should have put our
money into something productive
like a factory that would produce
jobs as well. It’s not good when the
people just put their money away
like that just so it won’t get taxed.
These new tax laws are a step in the
right direction.
Wells said he has an optimistic
view of the state’s financial future,
but that such expectations must be
fueled by another form of revenue.
“If we have a depression, it
won’t be as bad as the 1930’s,” he
said, “Texas will find the cure. It
just needs to find another source of
revenue.”
By RON STEFANIAI
In the midst of a slow economy,
Waco’s stock is still up, according to
Curtis Cleveland, vice-president of
economic development for the
Greater Waco Chamber of Com-
merce.
“I think that our area is probably
doing better than any other area in
the state as far as getting our share of
the jobs,” Cleveland said.
Cleveland said one of Waco’s
strongest points is its central
location.
“Our location is going to be one of
our biggest assets in the future,
because companies are finding that
their fastest growing markets are the
Southwest. Waco is in a position to
serve the largest population centers
in Texas and a lot of the population
in the Southwest.”
Cleveland said another primary
reason businesses look at Waco is its
low cost of living and doing business.
“The cost of living and being able
to buy a home is very low along with
the cost of doing business due to our
competitive labor force.”
Cleveland said Waco’s notorious
low wages are attractive to some in-
dustries.
“Certain types of prospects are
looking for someone who will work
for low wages. We do have some low
wage rates in some areas, but we also
have some very good wage rates. We
just work with what the prospect is
looking for.
“For example, a company moving
to Waco that is in supplying parts or
building mobile homes is going to
take an employee with no skill and
train them,” Cleveland explained.
“So they take them and hire them
somewhere around minimum wage.
The higher wages come from a com-
pany like M&M/Mars, which has
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very stringent requirements for their
employees. They hire a very high
quality worker.”
Cleveland said that many people
are ignorant about the quality of life
enjoyed in Waco, and are surprised
when they learn of the variety.
“People don’t realize that we have
abundant water, good recreation and
beautiful housing areas. Most people
are not aware of our education diver-
sity and the different types of
manufacturing companies we have
here.
“So that’s what we do with our
marketing and publicity efforts is try
to get that word out.”
Cleveland added that Waco’s con-
servation image is also a plus because
it is attractive for families.
Small companies that employ any-
where from 50 to 200 people are the
most common prospects for Waco,
Cleveland said.
“We get some smaller companies
to start in Waco, because they can’t
afford the cost of doing business in
Dallas or Houston. So they have to
get in a market that does not have
such a high cost (of doing business): ~
“These are businesses that have an
opportunity to grow in the future;
there are just not too many Fortune
500-2,000 employee plants that are
being built anymore.”
Cleveland said that the Chamber’s
job does not stop once a business has
signed on the dotted line that leads to
Waco.
“We have some very active com-
mittees. Bill Johnson has one called
‘Business on the Brazos,’ and its sole
purpose is to encourage and help the
new businesses with the things they
need to do to expand.
“We are very much aware of the
fact that the majority of new jobs is
created by existing businesses.”
Cleveland said the immediate goal
of his department is to get jobs for
those laid off in the 1985 closings of
the Waco plants of Levi Strauss and
f General Tire.
“I think once we recover the
manufacturing base and get it on a
positive lane going forward, we can
concentrate on some office jobs and
Bnt white collar information service type
W jobs.”
Robinson Bank—
True Country Bank
By RON STEFANIAI
As one walks into Robinson State
Bank, they would expect to see Aunt
Bea as a teller, Goober Pyle as a
customer and Sheriff Andy Taylor as
the security guard.
That is because Robinson State
Bank works in a small town kind of
way that gives it a knowledge about
its customers and the customers a
sense of security about the bank.
Vice-president, loan officer and
board member Pat Whatley, said
that such feelings are definitely
related to the way Robinson State
Bank works with its customers.
“I think it’s the personal touch
(that has kept the bank’s doors open
since 1974). A lot of people out here
consider going to the bank a big part
of their day. Some people come in
here just to talk, even if they don’t
have any transactions to make.”
Whatley said such relations do
have a bearing upon how the bank
does business.
“Ill put it to you this way: Would
you lend money to a stranger or a
friend? We know our customers well
enough to know if they are a flake or
a good guy.”
However, Whatley said her bank
also is rational in its approach to
loaning money.
“Our prime rate is 8.5 percent, but
that only goes to the bigger com-
panies which there are really none of
in Waco.
“So we check out the applicant
and the higher the risk the higher the
interest rate. We have some loans out
at 18 percent.”
Although the banking system is on
the blink around the nation, Whatley
said her customers still have faith in
her bank.
“Waco is pretty sound
eeonQmically as far as banks go. The
profits for banks are down due to low
interest rates and our customers are
concerned about the national
banking situation, but they are not
worried about the local banks. This is
because we have made some good
loans; we don’t have many oil and
gas loans out.”
TEMPLE 773-5351
2 North 31st Street
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Foster, C. A. The Waco Citizen (Waco, Tex.), Vol. 59, No. 69, Ed. 1 Tuesday, September 1, 1987, newspaper, September 1, 1987; Waco, Texas. (https://texashistory.unt.edu/ark:/67531/metapth621518/m1/12/?q=waco+tornado: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .