FOURTH AMENDMENT TO
                                 LOAN AGREEMENT


     This Fourth Amendment to Loan Agreement (this "Fourth Amendment"), dated as
of July 24, 1995, is entered into among Justin Industries, Inc., a Texas
corporation ("Borrower"), the banks listed on the signature pages hereof other
than Citibank, N.A. ("Citibank") (singly, a "Lender," and collectively
"Lenders"), Citibank for the purpose of Section 3 hereto only, and NationsBank
of Texas, N.A. (formerly known as NCNB Texas National Bank), as Administrative
Lender ("Administrative Lender").


                                   BACKGROUND

     A.   Borrower, certain banks and Administrative Lender have entered into
that certain Loan Agreement dated as of December 3, 1990, as amended by that
certain First Amendment to Loan Agreement, dated as of December 31, 1991, that
certain Second Amendment to Loan Agreement, dated as of May 1, 1992, and that
certain Third Amendment to Loan Agreement, dated as of December 31, 1993 (said
Loan Agreement, as amended, the "Loan Agreement"; capitalized terms used herein
shall have the meaning given to them in the Loan Agreement).

     B.   Borrower has requested to (i) remove Citibank as a lender under the
Loan Agreement and (ii) adjust the Commitment of each Lender.  Lenders and
Citibank are willing to consent to such request, subject to the terms and
conditions of this Fourth Amendment.

     NOW, THEREFORE, in consideration of the covenants, conditions and
agreements hereafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are all hereby acknowledged, the parties
hereto covenant and agree as follows:


                                    AGREEMENT

     1.   Amendments.

          a.   The second paragraph of page 1 of the Loan Agreement, entitled
     "BACKGROUND" is hereby amended to read as follows:

                                   "BACKGROUND

               Borrower has requested Lenders to make loans to Borrower in the
          aggregate principal amount at any one time outstanding to Borrower not
          in excess of $26,000,000.  Borrower requests each Lender to commit to
          lend up to the amount stated opposite its name in the following
          schedule, and each Lender is willing to extend such credit, subject to
          the terms and conditions hereinafter set forth:


                                                                 Specified
           Bank                               Commitment         Percentage
           ----                               ----------         ----------
           NationsBank of Texas, N.A.         $10,920,000           42.00%
           Bank One, Texas, N.A.              $ 7,540,000           29.00%
           Texas Commerce Bank National
           Association                        $ 7,540,000           29.00%
                                              -----------          -------
           Total                              $26,000,000          100.00%

          In consideration of the mutual covenants and agreements contained
          herein and other good and valuable consideration, receipt of which is
          acknowledged by all parties hereto, the parties agree as follows:"

          b.   The definition of "Commitment" set forth in Article I of the Loan
     Agreement is hereby amended by deleting "$35,000,000" and substituting
     "$26,000,000" in lieu thereof.

          c.   The definition of "Note" or "Notes" set forth in Article I of the
     Loan Agreement is hereby amended to read as follows:

               "'Note' or 'Notes' shall mean any and all promissory notes or
          Borrower evidencing Advances, in the form of Exhibit "B" attached
          hereto, duly completed and executed, together with any extension,
          renewal or amendment thereof, or substitution or replacement
          therefor."

     2.   Representations and Warranties.  Borrower represents and warrants to
Administrative Lender and each Lender that, as of the date hereof and after
giving effect to the amendments provided in Section 1:

          a.   the representations and warranties contained in the Loan
     Agreement and each of the other Loan Papers are true and correct in all
     material respects on and as of the date hereof as though made on and as of
     such date;

          b.   no event has occurred and is continuing which constitutes a
     Default or an Event of Default;

          c.   Borrower has full power and authority to execute and deliver this
     Fourth Amendment and the Replacement Notes (as defined in Section 4.d of
     this Fourth Amendment), and this Fourth Amendment, the Replacement Notes
     and the Loan Agreement, as amended hereby, constitute the legal, valid and
     binding obligations of Borrower, enforceable in accordance with their
     respective terms, except as enforceability may be limited by Debtor Relief
     Laws and except as rights to indemnity may be limited by federal or state
     securities laws; and

          d.   no authorization, approval, consent or other action by, notice
     to, or filing with, any Tribunal or other Person (including the Board of
     Directors of Borrower or any Subsidiary), is required for the
     (i) execution, delivery or performance by Borrower of this Fourth Amendment
     or the Replacement Notes or (ii) the acknowledgment of this Fourth
     Amendment by each Subsidiary which executed a Guaranty.

     3.   Acknowledgement.  By signing below, Citibank, Borrower and each Lender
acknowledges and agrees that upon payment in full of the amounts specified in
Section 4.e of this Fourth Amendment, Citibank shall no longer be a Lender under
the Loan Agreement and the other Loan Papers and all the rights (except as set
forth in the immediately succeeding proviso) and obligations of Citibank
thereunder shall terminate; provided, however Citibank shall continue to be
entitled to indemnification rights with respect to any liabilities or expenses
which arise as a result of matters which occurred at such time as Citibank was a
lender under the Credit Agreement.

     4.   Conditions of Effectiveness.  This Fourth Amendment shall be effective
as of July 24, 1995 ("Effective Date"), subject to the following:

          a.   Lenders shall have each executed a counterpart of this Fourth
     Amendment;

          b.   Administrative Lender shall have received counterparts of this
     Fourth Amendment duly executed by Borrower;

          c.   Administrative Lender shall have received counterparts of this
     Fourth Amendment acknowledged by each Subsidiary which executed a Guaranty;

          d.   Administrative Lender shall have received respective original
     promissory notes dated the Effective Date in the respective original
     principal amounts of (i) $10,920,000 payable to the order of NationsBank of
     Texas, N.A., (ii) $7,540,000 payable to the order of Bank One, Texas, N.A.,
     and (iii) $7,540,000 payable to the order of Texas Commerce Bank National
     Association, each duly executed by Borrower (collectively, the "Replacement
     Notes");

          e.   Citibank shall have received the accrued and unpaid portion of
     all Loans, interest, fees and all other amounts owed to Citibank up to but
     not including the date of this Fourth Amendment; and

          f.   Administrative Lender shall have received, in form and substance
     satisfactory to Administrative Lender and Special Counsel, such other
     documents, certificates, and instruments as Administrative Lender shall
     require.

     5.   Guarantor Acknowledgement.  By signing below, each Subsidiary which
has executed a Guaranty (i) acknowledges, consents and agrees to the execution,
delivery and performance by Borrower of this Fourth Amendment, (ii) acknowledges
and agrees that its obligations in respect of its Guaranty are not released,
diminished, waived, modified, impaired or affected in any manner by this Fourth
Amendment or any of the provisions contemplated herein, (iii) ratifies and
confirms its obligations under its Guaranty and (iv) acknowledges that it has no
claims or offsets against, or defenses or counterclaims to, its Guaranty.

     6.   Reference to the Loan Agreement.

     6.1. Upon the effectiveness of this Fourth Amendment, each reference in the
Loan Agreement to "this Agreement", "hereunder", "herein", or words of like
import shall mean and be a reference to the Loan Agreement, as affected and
amended hereby.

     6.2. The Loan Agreement, as amended by the amendments referred to above,
shall remain in full force and effect and is hereby ratified and confirmed.

     6.3. THE LOAN AGREEMENT, AS AMENDED BY THE AMENDMENTS REFERRED TO ABOVE,
TOGETHER WITH EACH OTHER LOAN PAPER, REPRESENT THE FINAL AGREEMENT AMONG THE
PARTIES REGARDING THE SUBJECT MATTER HEREIN AND THEREIN AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES
REGARDING THE SUBJECT MATTER HEREIN.

     7.   Costs, Expenses and Taxes.  Borrower agrees to pay within five days
after demand all costs and expenses of Administrative Lender in connection with
the preparation, reproduction, execution and delivery of this Fourth Amendment
and the other instruments and documents to be delivered hereunder (including the
reasonable fees and out-of-pocket expenses of counsel for Administrative Lender
with respect thereto and with respect to advising Administrative Lender as to
its rights and responsibilities under the Loan Agreement, as hereby amended).

     8.   Execution in Counterparts.  This Fourth Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument.

     9.   Governing Law; Binding Effect.  This Fourth Amendment shall be
governed by and construed in accordance with the laws of the State of Texas and
shall be binding upon Borrower, Lenders, Citibank and their respective
successors and assigns.

     10.  Headings.  Section headings in this Fourth Amendment are included
herein for convenience of reference only and shall not constitute part of this
Fourth Amendment for any other purpose.


     IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amendment
as of the date first above written.


SPECIFIED PERCENTAGE:              NATIONSBANK OF TEXAS, N.A.
     42.00%                        (formerly known as NCNB Texas National Bank),
                                   as a Lender and as Administrative Lender



                                   By:  /S/ Vince Liberio
                                        Vince Liberio,      SVP
                                         (Print Name)   (Print Title)


SPECIFIED PERCENTAGE:              BANK ONE, TEXAS, N.A.
     29.00%                        (Successor to Team Bank, successor to Team
                                   Bank, N.A., formerly known as Texas American
                                   Bridge Bank, N.A., assignee of the Federal
                                   Deposit Insurance Corporation, as receiver
                                   for Texas American Bank/Fort Worth, N.A.)



                                   By:  /S/ J. Michael Wilson
                                        J. Michael Wilson,  Vice President
                                           (Print Name)     (Print Title)


SPECIFIED PERCENTAGE:              TEXAS COMMERCE BANK NATIONAL
     29.00%                        ASSOCIATION (Successor by merger to
                                   Texas Commerce Bank - Fort Worth, N.A.)



                                   By:  /S/ B. B. Wuthrich
                                        B. B. Wuthrich,  Vice President
                                         (Print Name)   (Print Title)


ACKNOWLEDGED AND AGREED:

CITIBANK, N.A.



By:  /S/ Barbara A. Cohen
     Barbara A. Cohen,  Vice President
       (Print Name)      (Print Title)


ACKNOWLEDGED AND AGREED:

JUSTIN INDUSTRIES, INC., a
Texas corporation

FEATHERLITE BUILDING PRODUCTS
CORPORATION, a Delaware corporation

FEATHERLITE PRECAST
CORPORATION, a Texas corporation

JUSTIN MANAGEMENT COMPANY,
a Delaware corporation

ACME BRICK COMPANY,
a Delaware corporation

ALPHA CARGO MOTOR EXPRESS,
INC., a Texas corporation

FOOTWEAR MANAGEMENT COMPANY,
a Delaware corporation

JUSTIN BELT COMPANY,
a Texas corporation

H. J. JUSTIN & SONS, INC.,
a Texas corporation

KINGSTIP, INC., a
Delaware corporation

FOOTWEAR INVESTMENT COMPANY,
a Delaware corporation

BRICK INVESTMENT COMPANY, a
Delaware corporation



By:  /S/ Richard J. Savitz
     Richard J. Savitz
     Vice President - Finance of All


JUSTIN MANAGEMENT COMPANY, L.P.,
a Delaware limited partnership

By:  JUSTIN MANAGEMENT COMPANY,
     General Partner



     By:  /S/ Richard J. Savitz
          Richard J. Savitz
          Vice President - Finance


ACME ROYALTY COMPANY, L.P., a
Delaware limited partnership

By:  BRICK INVESTMENT COMPANY,
     General Partner



     By:  /S/ Richard J. Savitz
          Richard J. Savitz
          Vice President - Finance


BOOT ROYALTY COMPANY, L.P., a
Delaware limited partnership

By:  FOOTWEAR INVESTMENT
     COMPANY, General Partner



     By:  /S/ Richard J. Savitz
          Richard J. Savitz
          Vice President - Finance


ACME ROYALTY COMPANY,
a Delaware corporation

BOOT ROYALTY COMPANY,
a Delaware corporation

J I COMPANY, a Delaware corporation



By:  /S/ James Green
     James Green, President of all