Most of Texas' industries and rich resources (oil, sulfur, livestock, etc.) have been developed with capital from the East. Last week Texas showed signs of growing out of its financial swaddling clothes, standing on its own fiscal feet.
Dallas' Neiman-Marcus Co., one of the nation's swankiest department stores (hats up to $170, fur coats up to $25,000), needed $700,000 to retire a small 7% preferred-stock issue, pay for building additions, provide additional working capital. Its dark, professorial president, Herbert Marcus, could have borrowed the money from a Manhattan bank at 2 7/8% interest. Instead, Texas-minded Mr. Marcus decided to float a...
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