A second Panola is on U.S. Highway 79 twenty miles northeast of Carthage in northeastern Panola County. It was named Latex for its location near the Louisiana-Texas line, when it grew up around a gas company lease. The company brought in the gas field in 1924 and built houses and a company commissary for employees. Afterwards private businesses were established, and the name was changed to Panola. Since World War II the town has grown steadily. In 1959 Panola had five businesses and 150 residents; in 1992 the population was 296.