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F E D E R A L
FEE
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BOARD OF GO VERN O RS
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R E S E R V E
B A N K
O F
D A L L A S
O R G A N IZ A T IO N C H A R T
M A R C H 1 ,1956
V \ I
CHAIRM
AN
ROBERTJ.SMITH
B O A R D OF D I R E C T O R S
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SECRETARY OF THE BOARD
M H RICE
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EXECUTIVECOM
M
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INDUSTRIALADVISORY
COM
M
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PRESIDENT
W
ATROUSHIRONS
BOARD OF
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HOUSTON
BRANCH
BOARD OF
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SAN ANTONIO
BRANCH
BOARD OF
DIRECTORS
EL PASO
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VICE
PRESIDENT
VICE
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VICE
PRESIDENT
DISCOUNTCOM
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PRESIDENT,
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IN CHARGE OF LOAN
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VICE
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WH HOLLOWAY
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ASST VICE
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CHIEF
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BANK
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RELATIONS
DEPARTMENT
J A HALL
MANAGER
H M SIMMONS
MANAGER
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MANAGER
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DEPARTMENT
H M ADAMS
MANAGER
administration
ACCESS
CUSTODY
DIRECTLY TO THE BOARD OF DIRECTORS OF THE BANK AS TO AUDITING FUNCTIONS
IONS AS THOSE WHICH GOVERN THE OTHER OFFICERS AND DEPARTMENTS OF THE BANK.
FISCAL
AGENCY
DEPARTMENT
R E BOHNE
MANAGER
ACCOUNTING
DEPARTMENT
C R WALLIN
MANAGER
LOAN AND
SECURITIES
DEPARTMENT
E G HUDEL
MANAGER
NEW
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PROGRAM
HOUSTON BRANCH
FEDERAL RESERVE BANK OF DALLAS
ORGANIZATION CHART
M A R C H 1,1956
SAN ANTONIO BRANCH
FEDERAL RESERVE BANK OF DALLAS
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M A R C H 1,1956
V I 3 5 3 B
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ORGANIZATION C H A R T
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FEDERAL RESERVE BANK OF DALLAS
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FEDERAL
B O A R D OF G O V E R N O R S
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ENT
SECRETARY
BOARD OF
DIRECTORS
HOUSTON
BRANCH
BOARD OF
DIRECTORS
SAN ANTONIO
BRANCH
F IR S T V IC E P R E S I D E N T
W .D . G E N T R Y
BOARD OF
DIRECTORS
E L PASO
BRANCH
I
SECRETARY
dV IC E
PRESIDENT
WH HOLLOWAY
V IC E
PR ESID EN T
W E EAGLE
V IC E
PRESID EN T
C M ROWLAND
GENERAL
AUDITOR
G.R M U R F F
V IC E
P R E S ID E N T
and
GEN C O U N S E L
H A SHU FO RD
V IC E
P R E S ID E N T
L G PONDROM
V IC E
P R ESID EN T
AND C A SH IER
J L COOK
V IC E
P R E SID E N T
E 8 AUSTIN
V IC E
P R E S ID E N T
T W P LA N T
V IC E
PR ESID EN T
M H R IC E
A SS T VICE
P R E S I D ENT
H.CARR IT H ER S
CH IEF
E X A M IN E R
N B H ARW ELL
NOTE IS S U E S
E.G.HUDEL
ASST.
F ED ER A L
R ESERVE
AGEN T
HOUSTON
BRANCH
SAN ANTONIO
BRANCH
E L PASO
BRANCH
AUDITING
DEPARTMENT
H K DAVIS
C A SH IER
B J TROY
ASST
C A SH IER
A E MUNDT
C A SH IER
F C MAGEE
A SS T
C A SH IE R
A .E .R U S S E L L
C A SH IER
T C ARNO LD
A SS T
C A SH IER
I.J R EED
MANAGER
AUOIT
FU N C T IO N S
AT
H E A D O F F IC E
A ND
BRANCHES
A S S IS T A N T
CO U N SEL
GEO F. RUDY
D IR EC T O R OF
P E R SO N N E L
J A. P A R K E R
A SS T CASHIER
ALL
PERSO NN EL
LEG A L WORK
DEPARTMENT
INCLUDING
CONSULTATION
STATE BANK
W F P O P E Jr
WITH BOARD
M EM B E R SH IP ,
MA N AG ER
OF
F ID U C IA R Y
D IR EC T O R S
PO W ERS
AND O FFIC IA L
STAFF.
INTERPRETATION
I OF LAWS AND ,
REGU LATIO NS
BA N K
AND PUBLIC
R EL A T IO N S
D EPARTM EN T
EXAMINATION
DEPARTM EN T
A SS T CASHIER
H W K IL M A N
W.D W ALLER
T H E G E N E R A L A U D IT O R H A S G E N E R A L S U P E R V IS IO N O F A L L A U D IT IN G A C T I V I T I E S OF T H E
F U N C T IO N S . IN A L L O T H E R R E S P E C T S , T H E G E N E R A L A U D IT O R A N D T H E A U D IT IN G
VAULT
C U ST O D IES
DEPARTM EN T
C U ST O D Y
T R A N S IT
DEPARTM ENT
C A SH
DEPARTMENT
T A HARDIN
MA N AG ER
H M SIM M O N S
M ANAGER
F IS C A L
AGENCY
DEPARTMENT
J L CAUTHEN
MANAGER
ac C
DEPARTM ENT
H MADAMS
MAN AG ER
LOAN AND
SEC U R IT IES
DEPARTMENT
E.G HUDEL
M A N AG ER
ASST CASHIER
E.H BERG
A SST CASHIER
W.D W A L L E R
DIRECTOR OF
R ESEA R C H
P E.CO LDW ELL
ACCOUNTING
DEPARTMENT
SERVICE
DEPARTMENT
RESEARCH
DEPARTMENT
C.R.WALLIN
MANAGER
J A HALL
M AN AG ER
A C CESS
H E A D O F F IC E AND B R A N C H E S A N D IS R E S P O N S IB L E D IR E C T L Y TO T H E B O A R D O F D IR E C T O R S O F T H E B A N K A S TO A U D IT IN G
A R E SU B JEC T TO THE S A M E R U L E S A N D R E G U L A T IO N S A S T H O S E W H ICH G O V ER N T H E O T H ER O F F IC E R S A N D D E P A R T M E N T S O F T H E BANK.
DEPARTM
ENT
PUBLICATIONS RELATING TO THE FEDERAL RESERVE BANK OF DALLAS
Alffi THE ECONOMIC DEVELOPMENTS OF THE ELEVENTH FEDERAL RESERVE DISTRICT
1. Items - September 1919 to date
(This is the official publication of the Federal Reserve Club)
2. Proceedings of Stockholders Meetings - 1927-1931
3. Annual Reports - Federal Reserve Bank of Dallas
*(•. Monthly Business Review
5. Stockholders Reports
6 . Miscellaneous speeches and reports
7. What The Federal Reserve Bank of Dallas Is Doing
(A review by W. F. Ramsey, published November 1918)
8 . An Analysis of the Member Bank Relations Department of the
Federal Reserve Bank of Dallas
(By W. J. Evans)
9- Phenomenal Growth of the Federal Reserve Bank of Dallas
(1932-19^0
10. Expansion in Services Rendered by the Federal Reserve Bank of Dallas
(1932-19^)
11. Newspaper clippings - 1925-1929
12. History of Organization and Growth of Federal Reserve Bank of Dallas
(By J. L. Lumpkin - March 31; 1920)
13. A Study of Texas Banking History
(By Alfred 0. Nicholson - Federal Deposit Insurance Corporation,
Dallas, Texas - June 19^9)
lU. The Discount Operations of the Federal Reserve Bank of Dallas
(By Jean Richardson - Thesis for the degree of Master of Science August 19^7)
FEDERAL RESERVE BANK OF DALLAS
CHAIRMEN OF THE BOARD AND
FEDERAL RESERVE AGENTS
E. 0. Tennison
191U - 1915
W. F. Ramsey
1916 - 1922
XI. B. Newsome
1922 - 1923
Lynn P. Talley
1923 - 1925
Charles C . Valsh
1925 - 1937
J. H. Merritt
1938 - 19^1
Jay L. Taylor
1 9 lf2
- 19^5
J. R. Parten
19^6 - to date
M O N T H I dY
R E V I E W
B lIS IN E
F
E
D
E
R
A
\ ol. 40, No. ■
L
R
E
S
E
R
V
E
B
A
N
K
O
F
D
A
DALLAS, TEXAS
L
L
A
S
April 1, 1955
PO TEN TIAL E C O N O M IC G R O W T H O F THE U N ITED STATES
D U R IN G THE NEXT D E C A D E
There is presented in the following pages of this issue of the M onthly Business
R eview a summary of a study released by the Joint Committee on the Economic
Report, Eighty-third Congress, Second Session.
To most people the future holds a certain fascination and,
though it means a real difference in their lives, is considered
a topic for mere speculation. To the businessman faced with
the task of matching plant capacity with future demand,
estimates of the economic future of our country are a neces
sity. Nearly all businesses must make some estimate of future
demands, prices, and production. Some businesses, such as
retail food stores, need only a 6-month forward look, while
others, such as electric power companies, need estimates for
periods ranging from 5 to 10 years into the future. Moreover,
as the national economy becomes more complex, there is a
tendency to require an even longer range estimate of the
future economic potential.
Thus, whether the estimates are to be used to guide in
ventory policies, long-range buying, plant construction, raw
material allocations, pension fund investments, or a multitude
of other management decisions, some basis for such manage
ment decisions must be established. Similarly, long-range
projections of economic growth provide a basis for govern
ment estimates, particularly with reference to budget policy
and future resource developments. Because of the importance
of these interests and because of the general interest in the
economy on the part of all groups, it is the purpose of this
article to review the projections of the basic economic trends
as prepared by the staff of the Joint Committee on the Eco
nomic Report.
At the outset, it should be emphasized that the Report con
tains only projections, not forecasts or predictions. The dis
tinctions implied by the terminology lie in the methods used
to obtain results. Projections are extensions of existing trends.
Forecasts or predictions may be based on projections but
contain an element of judgment which is entirely missing
from projections. Thus, while a projection of population
accepts the recent rate of growth as its only basis for the
estimate of the future, a forecast might modify or accelerate
that rate of growth according to the personal judgment of
the analyst.
Introduction
The introductory sections of the Report concern the im
portance of looking farther ahead, the objective of the Report,
and some general assumptions upon which the projections
are based. In discussing the first of these, it is indicated that
long-range projections are being requested more frequently
to aid in management decisions on such problems as capital
budgets, sales objectives, and plant locations. Similarly, Fed
eral, state, and local government analysts sometimes must
project economic trends as far as 25 years into the future
to provide the foundation upon which to decide major policy
questions on such problems as national security, civil works,
and taxes. However, the current Report limits its projections
to a 10-year period — that is, to 1965.
In the case of any set of projections, the Report notes, it is
important to define the major economic goals desired and to
determine the changes in present trends which are necessary
to reach these goals. It also reveals that, for these projections,
“we have set ‘maximum’ economic growth as the goal. The
word ‘maximum’ is used here in the sense of a persistent
grow th at rates which recent experience indicates to be feasible
on the basis of conservative judgments.”
Furthermore, the Report states that “the projections for
the year 1965 do not necessarily assume achievement of maxi
mum economic growth each and every year between now and
46
MONTHLY BUSINESS REVIEW
1965.” However, it is assumed . . that any slowing up in
expansion of productive capacity or demand in 1 year will
be made up by a later speeding up and vice versa.” This
assumption of an over-all average growth pattern is a funda
mental requirement for the projections in the Report, and
any major deviation from this assumption would have a
significant effect upon the results obtained. Moreover, “. . . no
allowance is made for the effects on our economic growth of
prolonged recession, major depression, war, or other serious
international complications.”
In the presentation of the projections in this Report, all
estimates of output or expenditures, except for government
gross national product, are stated in average 1953 prices.
“The estimates of incomes and of Government gross national
product,. . . assume that (1) as productivity increases, aver
age hourly earnings and the returns to the other factors en
gaged in private production will rise in order to maintain
recent relationships between costs, profits, and stock of busi
ness capital; and (2) rates of compensation of Government
employees, military and civilian, will be adjusted upward to
maintain the 1953 relationship with rates in private
employment.”
Several important implications follow from the assump
tions of a relatively stable price level and the maintenance of
current relationships among the rates of return to factors of
production. The Report indicates that an assumption of price
stability is necessary, first, to emphasize the changes in real
output and incomes and, second, because “. . . this is a gener
ally recognized goal of Government action.” It is noted, how
ever, that individual price fluctuations are not prohibited by
the assumption of general price stability. Nevertheless, this
assumption does imply . . that the money supply will con
tinue to rise as the Nation’s output grows.” Again, any major
deviation from the assumption would affect seriously the
projections in this Report.
Assumptions on Population
In the preparation of the projections in the Report, the
staff of the Joint Committee considered the size and age com
position of the population as the basic foundation. The analy
sis thus begins with the trends in population as a prime factor
affecting potential national production and demand for goods
and services. The Report draws upon a study of the United
States Bureau of the Census for the following basic assump
tions on population in 1965.
“ (1) Total population for the United States is estimated
at 190 million,. . .
“ (2) Population 14 years of age and over is estimated at
137 million,. . .
“ (3) The number of households is estimated at 56
million,. .
The detailed projections of population, as shown in the
accompanying table, reveal several important facts about the
composition of the population of the United States in 1965. It
is apparent that the larger increases are expected in two major
groups. First, in that portion of the population between the
ages of 10 and 24, it is expected that there will be an increase
of nearly 14,115,000 persons. Second, in that part of the
population which is 50 years of age or over, an increase of
7.801.000 is indicated by 1965. In fact, these two groups
account for all but 3,218,000 of the total gain expected in the
population between 1955 and 1965. It is of particular sig
nificance that the population segment where ages range be
tween 25 and 50 is expected to show an increase of only
664.000 in this period, while the number of persons over age
65 is estimated to rise 3,363,000 in the next decade. These
projections have important implications to the size and struc
ture of the labor force; the type and size of the market for
consumer goods and services; and, ultimately, the capacity
requirements of specific industries.
The population projections provide the basic material from
which other projections are made by the staff of the Joint
Committee. The Report estimates that “. . . the total labor
force in 1965 will be 79 million, which, allowing for 3 mil
lion in the armed services, would give a civilian labor force
of 76 million.” Unemployment is assumed to approximate 4
percent of the civilian labor force, or about the average pre
vailing during the postwar years. Furthermore, the Report
assumes that the downward trend of agricultural employment
will continue and that only 5,500,000 persons will be em
ployed in agricultural pursuits in 1965, reflecting a decline
of 1,200,000 from the level in 1953.
Total government employment is expected to rise to about
7,500,000, assuming that the number of Federal employees
remains constant, while state and local government employ
ment is expected to increase nearly 1,600,000 over the 1953
level. The remaining work force, about 60,000,000, will be
employed in nonagricultural establishments, reflecting a rise
of 10,700,000 from 1953 to 1965.
Average annual hours per man are assumed to decline
about 0.8 percent per year, a reduction of about 4 hours per
week in the 12-year period. On the other hand, output per
man-hour is assumed to rise 3 percent per year in agriculture
and about 2.5 percent per year in nonagricultural industries.
P R O J E C T IO N S O F T O T A L P O P U L A T IO N IN T H E U N IT E D S T A T E S
BY A G E G R O U P S , JU L Y 1, 1955 A N D 1965
(In thousand;)
Age
1955
1965
A ll a g e s ..............................................................................
1 6 4 /8 2
U n d e r 5 y e a r s ....................................................................
5 to 9 y e a r s .........................................................................
1 0 to 1 4 y e a r .....................................................................
1 5 to 1 9 y e a r s ..................................................................
2 0 to 2 4 y e a r s ..................................................................
2 5 to 2 9 y e a r s ..................................................................
3 0 to 3 4 y e a r .....................................................................
3 5 to 3 9 y e a r s ..................................................................
4 0 to 4 4 y e a r s ..................................................................
4 5 to 4 9 y e a r .....................................................................
5 0 to 5 4 y e a r s ..................................................................
5 5 to 5 9 y e a r s ..................................................................
6 0 to 6 4 y e a r .....................................................................
6 5 to 6 9 y e a r s ..................................................................
7 0 to 7 4 y e a r s ..................................................................
1 7 ,9 1 7
1 7 ,1 4 5
1 3 ,3 4 2
1 1 ,1 9 0
1 0 ,7 7 5
1 1 /1 3
1 2 ,3 6 7
1 1 ,6 1 8
] 1 ,2 3 6
1 8 ,8 8 4
1 8 ,7 3 2
1 8 ,7 6 2
1 7 ,1 9 7
1 3 ,4 6 3
1 1 ,3 6 1
8 ,8 3 0
7 ,8 7 3
6 ,6 8 5
5 ,3 1 5
4 ,0 9 2
1 0 /4 1
9 ,3 3 1
7 ,7 5 4
6 ,3 8 1
4 ,8 0 7
7 5 y e a r s a n d o v e r ........................................................
4^ 566
6 ,1 4 8
lo|ll8
S O U R C E : U nited S t a te s B u re a u o f th e C e n su s.
1 8 9 ,9 1 6
10 ,90 8
1 1 ,7 6 1
1 2 ,3 0 0
11,386
MONTHLY BUSINESS REVIEW
P R O J E C T I O N S
B Y
A g e C la s s e s
O F
T O T A L
A G E
P O P U L A T I O N
G R O U P S , J U L Y
1955
IN
1 ,1 9 5 5
47
T H E
A N D
U N I T E D
S T A T E S
1 9 6 5
1965
7 5 y e a rs and o ve r
7 0 to 7 4
O ver 6 5
6 5 to 6 9
6 0 to 6 4
5 5 to 5 9
5 0 to 5 4
4 5 to 4 9
L a b o r fo rc e
l a r g e l y fr o m
t h is g ro u p
4 0 to 4 4
3 5 to 3 9
3 0 to 3 4
2 5 to 2 9
2 0 to 2 4
1 5 t o 19
1 0 to 1 4
U nder 2 0
5
to
9
U n d er 5 y e a rs
6
(M
illfonsofT10otalPopulat12ion)
SO U R CE U S Bureau of the Census
With the above assumptions, the Report then projects
potential total national production to be $535,000,000,000
in 1965.
F a c to rs M a k in g f o r G r o w t h
In D e m a n d
Having projected the output of goods and services to 1965,
the Report turns to the development ol the various factors
constituting the demand for that output. The first major
component of demand, government, is estimated by combin
ing the projections of three parts — national security; Fed
eral, state, and local construction; and payrolls and miscel
laneous goods and services.
The Report states that, in 1965, “. . . a continuation of in
ternational conditions will result in expenditures for national
security programs of about $40 billion per year compared to
$52 billion in 1953 and a recent rate of slightly under $45
billion.” This projected rate of expenditure allows for pay
increases for civilian and military personnel and for expendi
tures in line with a level of 3,000,000 uniformed personnel
and a maintenance basis of major purchases.
Federal, state, and local public construction expenditures,
according to the Report, “__ are assumed to increase from
$10.1 billion in 1953 to at least $17 billion by 1965, of which
$4 billion would be for schools, $6 billion for highways, and
$7 billion for all other.” Behind this projection is the belief
that the growing population and the backlog of current needs
will maintain a high rate of public construction for many
years. The Report indicates, however, that the backlog should
be filled by 1965.
Payrolls of government employees and other purchases
(except for national security and construction), the third part
of government demand, “. . . are assumed to increase from
$23.1 billion in 1953 to $40 billion by 1965, reflecting
largely the assumed changes in State and local government
employment and in Government pay scales.” It could be noted
that the expected increase in retired workers also would cause
some increase in service expenses, such as social security.
It is assumed further by the Report that Federal tax rates
will continue to decline and that the Federal budget will be
balanced by 1965. However, state and local government units
are expected to operate at a $2,000,000,000 deficit. Needless
to say, these assumptions could be rendered invalid by any
significant change in economic conditions and, therefore,
would have a differing effect upon the projections.
P r iv a t e
In v e s t m e n t
The second major component of demand is private invest
ment. The estimate? of this demand are based on four assump
tions. First, “. . . residential nonfarm construction is assumed
to increase from $11.9 billion in 1953 to $16 billion per year
by 1965.” This estimate is based upon the housing facilities
needed to accommodate the expected 56,000,000 households
in 1965. The Report continues that the estimate provides
“. . . (a) New housing to increase the housing supply to take
care of the additional 800,000 to 900,000 new households
expected each year by the mid-1960’s; (b) for replacement of
wornout or destroyed residential structures; (c) for improve
ments on existing structures; and (d) for conversions.” As
suming the same ratio of nonfarm housing starts to residential
nonfarm construction expenditures in 1965 as in 1953, the
Report indicates that private nonfarm housing starts in 1965
would approximate 1,400,000, compared with 1,068,300 in
1953. Substantiating this projection are the data presented in
MONTHLY BUSINESS REVIEW
48
G R O S S N A T I O N A L P R O D U C T (C O N S T A N T D O L L A R S )
P E R M A N - H O U R IN A G R I C U L T U R A L A N D IN
P R IV A T E N O N A G R IC U L T U R A L IN D U S T R IE S ,
I9 IO - I9 5 3; E S T IM A T E D , 1965
the population table, which shows the largest increases occur
ring in age groups in which people are looking for new
housing to accommodate new households.
The second part of private investment is business expendi
tures for plant and equipment. These, the Report assumes,
will . . amount to about $60 billion per year by 1965 com
pared to $38 billion in 1953.” Of this total amount projected
for 1965, $25,000,000,000 will be used to replace fixed assets
actually retired each year, and approximately $35,000,000,000 will be needed for expansion and accelerated replace
ments. The Report further indicates that the projection implies
a higher rate of modernization of facilities than presently pre
vails. It is noted that possibilities of atomic energy develop
ments, the feasibility of industrial dispersion, and the
improved corporate profit position resulting from increased
output and lower tax rates should lend support to the expected
level of plant and equipment expenditures.
A third segment of private investment demand concerns the
level of net foreign investment. The Report states that this
item . . . in 1965 is assumed to be $2 billion per year com
pared to minus $1.9 billion in 1953.” However, it is noted
that the estimate reflects primarily a direction of change
rather than an absolute magnitude. Many uncontrollable fac
tors might affect this level of investment, so the estimates must
be considered very tentative.
Part four of private investment demand is the change in
inventories. The Report states that the “. . . annual increase in
inventories is assumed to be $3 billion per year by 1965 com
pared to $1.5 billion in 1953.” However, it is explained that
this projection reflects an average increase over a period of
years and that a slower rate of accumulation might be pos
sible, depending upon the relative efficiency of operations.
C o n su m e r D e m a n d
The final major component of demand which is considered
in the Report is consumer demand. In order to make a projec
tion of consumer expenditures, the staff of the Joint Commit
tee decided that, first, it was necessary to project disposable
personal income and personal savings. The Report indicates
that “. . . disposable personal income is estimated to rise from
$250.1 billion in 1953 to $380 billion in 1965.” This estimate
is predicated, in part, upon the following assumptions. First,
personal tax rates will be lowered; second, wages and em
ployment will increase; and, third, corporations will pay out a
larger proportion of net profits in the form of dividends.
Personal savings are assumed by the Report “. . . to decline
from the average of 7.9 percent prevailing over the last 3%
years to an average of about 6 percent of disposable personal
income by 1965.” This rather sharp change is based upon the
need to provide a larger market for consumer goods, which,
in turn, will encourage a higher level of business investment.
The Report continues that the future rate of savings is one of
considerable debate and that the projection given above is
lower than most estimates. Many factors affect the rate of
savings, including the age distribution of the population,
changes in retirement funds, the development of new prod
ucts, and the changing pattern of consumer debt. It is noted
that after 1965 there will be even more pressure toward a
lower savings rate occasioned by the sharp increase in new
family formations, which, of course, will require substantial
purchases of household goods.
In retrospect, assuming that disposable personal income
reaches $380,000,000,000 and that the savings rate equals 6
percent — or $22,000,000,000 — in 1965, then “. . . con
sumer expenditures could rise from $230.1 billion in 1953 to
$357 billion in 1965 in constant prices.” Separate projections
also are made at 1953 prices for durable goods, nondurable
goods, and services expenditures. In brief, the Report shows
durable goods consumer purchases rising from $29,700,000,000 in 1953 to $50,000,000,000 in 1965. Nondurable goods
expenditures are assumed to increase from $ 118 ,900 ,000,000
in 1953 to $185,000,000,000 in 1965. Expenditures for serv
ices are expected to rise from $81,400,000,000 in 1953 to
$122,000,000,000 in 1965.
S U M M A R Y O F P R O J E C T IO N S O F S U P P L Y O F G R O S S N A T IO N A L
P R O D U C T IN 1 9 6 5 W IT H C O M P A R A T IV E A C T U A L S F O R
C A LEN D A R YEA R
1953
Items
Population (in millions):
Total..............................................................................................................................
\4 y e a n and over..............................................................................................
Total labor force (in millions)......................................................................
Armed Fo rce s.. ............................................................................................
Civilian labor f o r c e ................... ......................................................................
Employed, total.........................................................................................
Agricultural.......................................................................................... ..
Nonagricultural.....................................................................................
P rivate........................................................................................................
Government.....................................................................................
Unemployment........................................................................ ........................
Percentage of civilian labor force.................................................
Average annual hours (private)
Agricultural..............................................................................................................
Nonagricultural.......................................................................................................
Output per man-hour (private) (1 9 5 3 dollars).
Agricultural.................................................................................... ........................
Nonagricultural.....................................................................................................
Actuals,
1953
Projected,
1965
159.6
116.5
67.0
3.5
63.5
61.9
6.7
55.2
49.3
5.9
1.6
2.5
1900
137.0
7 9 .0
3.0
76 .0
7 3 .0
5.5
67.5
60.0
7.5
3.0
4.0
2,46 5
2,0 4 0
2,240
1,655
$ 1 ,3 14
^ J0 2 _
$1,865
$4 ,1 90
Potential gross national product (billions of 19 53 dollars):
Agricultural................................................................................................................
Nonagricultural (private)............... ..
Government...........................................................................................................
$ 21.7
$3 1 1 .8
$ 31.4
$ 23.0
$ 4 66 0
$ 46.0
Total...................................................................................................................
$3 6 4 .9
$5 35.0
SOURCES: Joint Committee on the Economic Report.
United States Department of Commerce.
MONTHLY BUSINESS REVIEW
It is noted by the Report that the latter projection is more
than could be expected on the basis of past trends, but these
are inflated to take into account the assumed effect of in
creased leisure time, the larger proportion of retired workers,
and the increase in educational expenses resulting from the
expected increase in the number of children at school age. It
could be noted also that the large increase in demand for
consumer durables is based on the increase in population in
age groups wherein people need such goods to furnish new
houses.
Total national demand for goods and services at 1953 prices
— obtained by combining the projections of the major com
ponents — is revealed by the Report as approximating . .
$535 billion per year of which Government could account for
$97 billion, business for $81 billion, and consumers for $357
billion.” In other words, from 1953 to 1965, government de
mand as a percent of the total will decline from 23 percent to
18 percent. In contrast, business demand will increase from
nearly 14 percent to 15 percent, and consumer expenditures
will rise from 63 percent to 67 percent of total demand.
49
S U M M A R Y O F N A T IO N 'S E C O N O M IC B U D G E T F O R “ M A X IM U M "
E C O N O M IC G R O W T H , A C T U A L C A L E N D A R Y E A R 1 9 53)
E S T IM A T E D C A L E N D A R Y E A R 1 9 6 5
(Blllloniof1953dollars)
Incomes from and expenditures for gross national product
fo r S t a b iliz a t io n a t H ig h L e v e ls
Estimated,
calendar
1965
PERSONAL
Income, total disposable.....................................................................................
250.1
38 0
Expendituresi
Durable goods.....................................................................................................
Nondurable goods.............................................................................................
Services.....................................................................................................................
297
118.9
814
50
185
Total expenditures.. . . . . . . . ..................................... ..
122
230.1
357
Savings ( + ) ..................................................................................................... * . . .
+ 2 0 .0
+23
BUSINESS
Incomesi
Corporate undistributed p rofits........................................... ..................
Capital consumption allowances........................................
Inventory valuation adjustment..................................................................
8.9
27.2
— 1.0
48
Total Incomes...................................................................................................
35.1
~60
Expenditures!
Residential nonfarm construction..............................................................
Plant and equipment........................................................................................
Change In business Inventories...................................................................
Net foreign Investment....................................................................................
11.9
38.0
1.5
— 1.9
16
60
3
49,5
81
Total expenditures........................................................................................
F a c to rs M a k in g
Actual,
calendar
19531
Dissavings (— ) ...........................................................................................................
— 14.4
12
0
2
—21
GOVERNMENT1
The Report indicates that “the comparison of estimates of
demand and supply for 1965 suggests the possibility of a
balanced economy at ‘maximum’ employment a decade
hence.” On the other hand, problems relating to the changes
necessary to achieve that balance and deliberate alterations in
public and private policies to promote the growth in demand
also are pointed out by a comparison of the demand and
supply projections. Examples of the adjustments needed are
suggested by the Report as:
Incomes:
Personal ta x and nontax paym ents.......................................................
Business ta x and nontax liab ilities..........................
Contributions for social insurance.................................
Less nongross national product payments...........................................
85.2
97
“ (1) A shift in the pattern of consumer spending and sav
ing such as to reduce the ratio of personal savings to dispos
able personal income from the recent rate of about 8 percent
to about 6 percent in the face of some forces which may oper
ate in the direction of a higher rate of perhaps 9 to 10
percent.. . .
Savings ( + ) or dissavings (— ) ........................................................................
— 6.6
—2
Statistical discrepancy { + ) or (— ) ...............................................................
+ 1 .0
“ (2) The pressure of a rapidly growing population upon
State and local governments for increases in traditional gov
ernment services, such as schools, highways, hospitals, etc.,
will create a need for new means, new methods, new institu
tional arrangements to enable State and local governments to
meet these demands.”
However, the Report also reveals two other possible adjust
ments which could have a marked effect upon the projections.
First, it is stated that “. . . a continuation of past trends is
assumed toward shorter weekly hours and increased vacations
and holidays. A greater reduction of annual hours of work per
employee by the equivalent of perhaps two or three hours per
week would reduce the potential output by between $20 to
$30 billion.”
Secondly, the Report indicates that . . the relationships
between prices, wages, and profits might shift in ways not
clear at present to contribute to generating demand sufficient
Total Incomes...................................................................................................
3 6 .0
51.1
8.8
17.4
7 8 .5
Expendituresi
Maior national security...................................................................................
52.0
Public construction, civilian.............................................................................
10.1
Schools............................................................................................................................... 1.7
Highways........................................................................................................... ..............3.2
Other public construction........................................................................................5.2
All other....................................................................................................................
23.1
Total expenditures........................................................................................
Grand to tal.......................................................................................................
364.9
43
62
16
26
95
40
17
A
6
7
40
0
53 5
1 Detail may not add to totals due to rounding.
* Includes Federal, State, and local government.
SOURCESi Joint Committee on the Economic Report.
United States Department of Commerce.
to clear the market at ‘maximum* rates of economic growth.
The rigidities introduced into the economy by the growth of
large organized economic groups in business, labor, and agri
culture might offer some obstacles to such adjustments.”
In summary, the projections contained in this Report indi
cate the great potential for economic progress in the United
States during the next decade. Generally, the assumptions in
the Report are those trends and conditions which will allow
for maximum growth. However, it should be pointed out that
a failure to fulfill any or all of these assumptions would alter
considerably the end results. Thus, in evaluating the results,
the user constantly should remember the conditions under
which the Report was prepared. Nevertheless, the Report does
present to the alert businessman a guidepost as to the direction
and relative magnitude of the economic gains expected during
the next 10 years. To the extent that it provides the business
man with a firmer basis for arriving at management decisions,
the Report is a valuable tooL
MONTHLY BUSINESS REVIEW
50
R E V IE W OF B U SIN E SS, AGRICU LTURAL, A N D F IN A N C IA L C O N D IT IO N S
Consumer buying at District
department stores during Feb
ruary was 4 percent above the
year-earlier level but 9 percent
below the near peak of Janu
ary. Consumer durable goods are showing a better
sales record than the nondurables. Furniture stores
in the District maintained a high volume of sales in
February, registering a 24-percent increase over
February 1954.
Department store sales in the
Eleventh District during February
continued to exceed the year-earlier
level for the sixth consecutive month,
although on a seasonally adjusted
basis, they were down sharply from the near peak in January.
The dollar volume of sales was down 9 percent as compared
with January but was 4 percent greater than in February
1954. Although department store sales during the latter part
of February were at about the same level as a year ago, sales
in the first 3 weeks of March showed a more than usual up
turn for this time of year. As a result, sales for the first 11
weeks of 1955 were 11 percent higher than in the same period
of 1954.
Timely rains were received during the latter part
of March, primarily in northern and central Texas
and in the northeastern part of the District. Low tem
peratures following the rains damaged fruit and
The sales index for February, adjusted for seasonal varia
vegetables in northern Texas counties. Green feed
tion,
was 125, compared with 121 for the same month in
is available in the eastern third of the District; how
1954
and
135 in January.
ever, supplemental feeding continues in west Texas
and in New Mexico. Cash receipts from farm mar
Sales of consumer durable goods continued at an unusually
ketings in the District states in 1954 were 5 percent
high level in the District in February, registering a year-tobelow those in 1953.
Aggregate proved reserves of crude oil and nat
ural gas liquids in the District states registered a
small increase during 1954 and at the end of the
year stood at an all-time high of 25,191,000,000
barrels, or 72 percent of the national total. Both
crude production and refinery crude runs in the Dis
trict rose moderately during the first part of March
to reach record highs.
Nonagricultural employment in the District states
increased moderately during February, with gains
occurring in nearly all industries. Retail trade employment, although showing a further seasonal de
crease, experienced gains in certain segments.
Manufacturing employment remained the same as in
January and was slightly below the year-earlier level.
year gain of 15 percent. Sales of major household appliances
were 20 percent higher than in February a year ago; domestic
floor coverings, 37 percent higher; and radios and television
sets, 39 percent higher. These percentage increases reflect not
only the high levels of sales this year but also the relatively
poor sales of such items a year ago. Sales of nondurables dur
ing February were less than 1 percent above a year earlier.
Percentage increases of 5 percent in men’s and boys’ wear, 5
percent in small wares, and 2 percent in women’s and misses’
ready-to-wear apparel were nearly offset by a decrease of 5
percent in piece goods and household textiles and of 6 percent
in women’s and misses’ ready-to-wear accessories.
R E T A IL T R A D E S T A T IS T IC S
(Percentage change)
NET SALES
STO CKS'
Feb. 1955 from
Feb. 1955 from
The value of construction contract awards in the
District during February rose 5 percent above Janu
ary and 39 percent above February 1954. Residen
tial awards were 71 percent above those of a year
ago.
During the 5 weeks ended March 23, earning as
sets of the District's weekly reporting member banks
decreased $55,772,000, or 1.5 percent, reflecting
mainly decreases in business and agricultural bor
rowings, loans to banks, and holdings of United
States Government securities. Deposit trends were
mixed, with demand deposits declining 1.6 percent
and time deposits increasing 4.4 percent.
Line of trade
by area
DEPARTMENT STORES
Total Eleventh District.............................
Corpus Christi........................................
Feb.
1954
Jan.
1955
2 mo. 1955
comp, with
2 mo. 1954
Feb.
1954
Jan.
1955
4
13
5
4
9
—2
—7
5
— 12
12
— 10
5
— 10
9
15
12
9
9
6
3
7
9
1
9
7
—3
8
—6
—3
—5
—3
9
12
11
12
11
11
5
9
2
24
65
12
38
—5
15
23
0
0
28
—3
2
13
3
—3
—8
21
37
19
33
6
15
10
8
0
— 18
13
12
4
— 12
—7
—2
4
—5
9
14
9
—1
—2
1
16
— 14
7
13
__
___
—
—
—
2
2
—4
FURNITURE STORES
Total Eleventh District........... , . . ,
San Antonio..........................
Shreveport, La...................................
HOUSEHOLD APPLIANCE STORES
Total Eleventh District.......................
.
1 Stocks ot end of month.
MONTHLY BUSINESS REVIEW
IN D E X E S O F D EP A R T M EN T ST O R E S A L E S A N D S T O C K S
(1947-49 =
100)
UNADJUSTED
Area
Feb.
1955
ADJUSTED1
Jan.
1955
Dec.
1954
Feb.
1954
Feb.
1955
Jan.
1955
Dec.
1954
Feb.
1954
107
110
122
225
226
251
98
102
110
125
126
143
135
138
154
134
135
149
121
120
140
115
121
125r
129p
128
133
128r
SALES—Daily averag e
STOCKS— End of month
1 Adjusted for seasonal variation,
p— Preliminary,
r— Revised.
Department store instalment credit outstanding in the Dis
trict at the end of February was 12 percent above a year ago
although down seasonally 2 percent from the end of January.
Charge accounts outstanding decreased 18 percent from
January to February, a little more than the usual seasonal
decline, but were 3 percent above a year earlier. Collections
on charge accounts during the month, which were 8 percent
above those in February 1954, amounted to 46 percent of the
first-of-month balances.
Cash, charge, and instalment sales in District department
stores decreased sharply from January to February. Com
pared with year-earlier figures, however, instalment sales rose
31 percent, while cash sales were down 2 percent and charge
sales declined 1 percent.
Department store inventories rose seasonally 9 percent
during February and at the end of the month were 1 percent
higher than a year earlier. The February adjusted stock index
was 129 percent of the 1947-49 average, compared with an
average of 131 for the preceding 6 months and 128 for Febru
ary last year. Although orders outstanding declined 5 percent
during the month, the total outstanding at the end of February
was 13 percent above that of a year ago.
51
Recent rainfall will be beneficial to wheat in the Low Roll
ing Plains, but the crop in the High Plains of Texas and New
Mexico continues to suffer from lack of moisture. Warmer
temperatures and strong winds during March caused further
deterioration of wheat, necessitating emergency tillage in the
High Plains area.
Corn planting is nearing completion in much of the eastern
third of the District, and early plantings are up to a stand
as far north as the Red River. Planting of sorghums in the
Coastal Bend of Texas has been completed, and much of the
crop is already up to a good stand. Cotton seeding is almost
completed in the Coastal Bend area, while planting is under
way along the Upper Coast of Texas. In the Low Rolling
Plains and southern High Plains, seedbed preparation for
sorghums and cotton is almost complete.
Vegetables in the commercial areas of Texas have made
good progress in overcoming the effects of low temperatures
in February. Warm weather in the past few weeks has been
favorable for the rapid development of early spring-planted
cantaloupes, sweet corn, tomatoes, and watermelons. Trans
planting of tomatoes is well advanced in the Yoakum and
Milano-Rockdale areas of the State. In most south-central and
central Texas counties, planting of watermelons has been
active. Irrigated onions are making good growth in south
Texas, although rain is needed in the nonirrigated sections.
Commercial acreage of early spring tomatoes in the Lower
Valley of Texas, as of March 1, 1955, is indicated at 34,000
acres, 1,000 acres less than that harvested in 1954. The Texas
early spring onion crop is indicated at 37,600 acres, or about
5 percent below the acreage harvested in 1954. The indicated
acreage of early summer watermelons in District states is 12
percent greater than in 1954. Increases in 1955 are expected
for Texas, Louisiana, and Oklahoma; Arizona growers in
tend to plant fewer acres.
The improvement in District furniture store sales which
became apparent in the fall of last year was maintained
through February. Total sales were unchanged from the
January level but were 24 percent higher than in February
1954. Credit sales, with a 3-percent increase during Febru
ary, continued to show a marked gain over the year-earlier
level; cash sales were up 3 percent from the February 1954
volume. Furniture store inventories were up seasonally 4
percent from January but were about the same as a year ago.
The harvest of Texas grapefruit and oranges is nearing
completion. Early February frosts caused little damage to
fruit, although many young trees were partially to totally
defoliated and the 1955 bloom was delayed. Because of the
severe freeze in Arizona from February 18 to 22, the forecast
for 1955 grapefruit production in that State declined from
3,000,000 boxes to 2,000,000 boxes, and production estimates
for Valencia oranges were lowered from 700,000 boxes to
600,000 boxes.
Light to moderate rains were re
ceived over the eastern third of the
District during the latter part of
February. In much of this same area,
light and widely scattered showers
fell during mid-March, but the moisture was dissipated largely
by warm temperatures and strong winds. Additional precipi
tation fell during the latter part of March, with the larger
amounts occurring in central and north Texas and in the
northeastern parts of the District. Except for a few localized
showers, there was little or no precipitation in west Texas or
in New Mexico. Low temperatures following the rains dam
aged fruit and vegetables in northern Texas counties.
Clovers, rescue grass, and small grains are making excellent
growth over the eastern third of the District, and surplus
L IV E S T O C K RECEIPTS
(Number)
FORT WORTH MARKET
Class
& Includes goats.
SAN ANTONIO MARKET
February
1955
February
1954
January
1955
February
1955
February
1954
January
1955
14,266
44 ,5 95
13,909
43,043
50 ,4 2 0
58,899
18,235
6 7 ,9 52
68,203
16,339
10,035
3,283
*7,392
21,133
10,924
2 9 ,6 8 2
20 ,6 3 6
2,59 5
*2 0 7 3 0
>10,070
MONTHLY BUSINESS REVIEW
52
C A S H R E C E IP T S F R O M F A R M M A R K E T IN G S
(In thousands o f dollars)
December
Stale
1954
Arizona..................................
Louisiana...............................
New Mexico.......................
Oklahoma............................
T exas......................................
Total...................................
$ 6 0 ,1 7 7
4 3 ,3 7 7
21 ,1 9 0
38 ,4 7 2
2 1 4 ,4 6 9
$ 3 77,6B 5
January— December
1953
1 9 5 *_____________ 1953
$ 78 ,8 1 9
5 8 ,3 8 7
23,181
44 ,4 5 0
2 2 7,215
$ 3 6 4,786
3 6 2,164
186,600
527,911
1,894,159
*4 3 2 ,0 5 2
*3 ,3 3 5 ,6 2 0
S
415,123
411,935
188,476
577,362
1,92 2,480
$3,5 15,37 6
SOURCE: United States Department of Agriculture.
green feed is available in most of the area. In the eastern
Plateau, Cross Timbers, and parts of the Low Rolling Plains
of Texas, ranges and pastures are green, and the recent rains
provided moisture needed to maintain development. Over the
western half of Texas and in southeastern and southern New
Mexico, heavy supplemental feeding continues, with little
prospect for recovery of ranges until additional moisture is
received.
Goat shearing is nearing completion in Texas, and the
spring movement of yearling lambs is under way. In south
eastern New Mexico, sheep shearing is in progress, and early
lambing and calving are occurring under favorable weather
conditions.
Total wool production in District states in 1954 is esti
mated at 59,227,000 pounds, or 2 percent above production in
1953, according to the United States Department of Agricul
ture. Increases were about 20 percent in Oklahoma and 4
percent in both Arizona and Texas. Wool production in New
Mexico in 1954 was about 7 percent below that in 1953, while
production in Louisiana remained unchanged.
Cash receipts from wool in District states in 1954 were
about 3 percent below those in 1953 because of lower average
prices. Production of mohair in Texas, New Mexico, and
Arizona was larger in 1954 than in 1953, but cash receipts in
1954 were below those in the preceding year.
In both the Nation and the District states, cash receipts
from farm marketings in 1954 were 5 percent below those in
1953, according to the United States Department of Agricul
ture. Decreases in District states were 12 percent in Arizona
and Louisiana, about 9 percent in Oklahoma, approximately
2 percent in Texas, and 1 percent in New Mexico.
National average price support levels have been set at 90
percent of parity for 1955 upland cotton and 75 percent for
extra-long staple cotton, according to the Department of
Agriculture. The minimum level of support for Middling
%-inch cotton will be 31.70 cents per pound, gross weight,
while the support price for extra-long staple cotton will be
55.20 cents per pound, net weight.
Flaxseed and cottonseed will be supported at 65 percent of
parity, compared with 70 percent during the past year. The
national average support price for flaxseed will be $2.91 per
bushel compared with $3.14 per bushel in 1954, and that for
cottonseed, $46 per ton compared with $54 per ton for the
previous year’s crop.
During the 5 weeks ended March
23, total resources of the District’s
i*
s Ifin a n c e ;
weekly reporting member banks de
<
clined $43,848,000 — or less than 1
■ yt
percent. The decline resulted pri
marily from decreases of $23,640,000 in loans and discounts
and $32,132,000 in total investments that were offset partially
by a rise in cash assets. Changes in liabilities included a
$63,882,000 decrease in demand deposits, a $32,774,000 in
crease in time deposits, and a $17,203,000 reduction in other
liabilities.
/*
v
The largest decline in loans was the $21,486,000 decrease
in borrowings of businesses and farmers. However, during
most of the 5-week period, strong demands^ were evident on
the part of sales finance companies, construction firms, and
manufacturers of petroleum and related products while com
modity dealers sharply reduced their borrowings. Other
changes in loans included a $13,050,000 decrease in loans to
banks and a rise of $13,856,000 in all other loans, which con
sist mainly of consumer credits.
The decrease in total investments was caused by the $39,289,000 decline in United States Government securities, which
C O N D IT IO N S T A T IS T IC S O F A L L M E M B E R B A N K S
E le v e n th F e d e ra l R e s e rv e D is tric t
(In m illions of dollars)
Feb. 24,
1954
Ja n . 26,
1955
Balances with banks in the United States................
Balances with banks in foreign countries0 ...............
Cash items in process of collection.............................
Other assets0 .........................................................,
$3 ,1 2 0
2,4 0 0
457
898
132
1,048
2
394
160
$3 ,4 94
2,55 3
539
1,0 1 9
135
1,077
3
34 8
187
TOTAL ASSETS®.................................................................
8,611
LIABILITIES AND CAPITAL
Demand deposits of banks...............................................
Other demand deposits................................................
Time deposits................................................
t
967
5,9 5 5
1,01 7
1,093
6,3 6 9
1,161
Other liabilities®................... ..
Total capital accounts®........................................................
7,9 3 9
28
71
573
8 ,62 3
26
89
617
TOTAL LIABILITIES AND CAPITAL®.......................
8.611
9 ,3 5 5
Item
Feb. 2 3 ,
1955
ASSETS
Loans and discounts...............................................................
United States Government obligations..................... . . . .
2,50 5
F A R M C O M M O D IT Y P R IC E S
T o p P ric e s P a id in L o c a l S o u th w e st M a rk e ts
Commodity and market
COTTON, Middling 15/16-inch, D a lla s .. . .
WHEAT, No. 1 hard, Fort Worth.........................
SORGHUM S, No. 2 yellow, Fort W o rth .. . .
SLAUGHTER STEERS. Choice, Fort W o rth .. .
SLAUGHTER CALVES, Choice, Fort W o rth ...
STOCKER STEERS, Choice, Fort W o rth............
SLAUGHTER SPRING LAMBS, Choice,
Unit
lb.
bu.
bu.
bu.
cwt.
cwt.
cwt.
cwt.
Ctfl.
cwt*
lb .
W eek ended Comparable Comparable
Morch 23,
week
week
1955
last month
last year
$
.327 5
2.67
.97
1.7 6 %
2.63
17.00
25.00
22.00
22 .5 0
23 .5 0
.31
$
.33 7 0
2.74
1.00
1.80
271
17.75
26 .0 0
22 .0 0
2 3 .0 0
—
.2 7
$
.34 1 5
27\Vi
1 .0 3 %
1.8 2 %
2 .98
2675
23 .0 0
20 .5 0
21 .0 0
25 .5 0
.2 4
Total deposits............................... ........................
e—-Estimated.
3355
MONTHLY BUSINESS REVIEW
C O N D IT IO N S T A T IS T IC S O F W E E K L Y R E P O R T IN G
M EM B E R B A N K S IN L E A D IN G C IT IE S
C H A N G E S IN F A C T O R S A F F E C T IN G
M EM BER B A N K R ES E R V E B A L A N C E S
E le v e n th F e d e ra l R e s e rv e D istric t
Eleventh Federal Reserve District
(In thousands o f d o llari]
(In thousands o f dollars)
March 23,
1955
Item
March 24,
1954
Feb. 16,
1955
ASSETS
Commercial, industrial, and agricultural lo a n s .... $ 1 ,4 2 1 ,2 8 0 $1,301,041 $1 ,4 42,76 6
Loans to brokers and dealers in securities................
13,588
10,875
16,300
Other loans for purchasing or carrying securities.
103,981
77,851
104,880
17 4,338
133,580
173,229
1 0 ,1 55
14,509
23,205
455,571
3 9 9 ,2 7 7
441,715
Less reserves and unallocated charg e-offs..
2,178,913
2 2,948
1,937,133
17,196
2 ,20 2,095
2,15 5,965
1,91 9,937
2,179,605
62,253
60,400
U. S. Treasury certificates o f indebtedness...............
47 ,15 0
U. S. Government bonds (inc. gtd. o b lig atio ns)...
273,655
867,499
255,214
Cash items in process of collection..................................
Balances with banks in the United S ta tes..................
Balances with banks in foreign countries....................
Currency and coin.................................................... ................
Reserves with Federal Reserve Bank.............................
1,505,771
3 6 3,388
4 5 2,280
1,635
4 4 ,8 28
5 8 9,013
124,975
1,446,166
2 9 4,618
4 4 6 ,5 3 4
1,044
4 6 ,3 7 8
55 7,544
9 7 ,1 28
1,537,903
362,970
446,251
1,576
43 ,1 96
TOTAL ASSETS.................................................................
5,23 7,855
4 ,8 0 9 ,3 4 9
5,281,703
flanks in the United S ta te s .......................... ................
Certified and officers' checks, e t c ............................
Time deposits
Individuals, partnerships, and corporations.. . .
Postal savings............................... ........................
..
States and polifrcal subdivisions.................................
Banks in the U. S. and foreign countries...............
71 ,61 9
283,434
874,393
248,057
5 7 4 ,4 2 7
135,775
2 ,7 8 7 ,8 8 9
84,525
191,919
875,191
16,100
64,583
2 ,5 4 2 ,2 7 0
117,663
19 9,887
8 2 7 ,9 4 9
8,711
5 5 ,7 85
2,81 8,139
93,490
176,220
903,384
15,666
77 ,1 90
4 ,0 2 0 ,2 0 7
3,75 2,265
4,08 4,089
65 3,792
13,361
452
54 0,740
9,812
45 0
125,912
2,083
63 5,229
13,362
452
94,934
1,113
109,657
602
CHANGE1
5 weeks ended
March 2 3 ,1 9 5 5
Dec. 29, 1 9 5 4 March 23, 1955
— $30,632
— 60,979
+ 99,251
+
8,047
+
34
— $34,158
— 74,536
+ 51,762
+ 43,687
—
638
+ $ 1 6 ,1 1 7
— $10,480
FACTORS
.
Interdistricf commercial and financial transactions.. . . .
Currency transactions....................................................................
22,490
138,851
16 9,838
161,190
77 2 ,2 0 2
2 0 4,085
LIABILITIES AND CAPITAL
Demand deposits
Individuals, partnerships, and corporations.. . .
53
77 7 ,8 6 4
6 7 8,997
7 4 5,090
Total deposits...............................................................
Bills payable, rediscounts, e t c .. . .....................................
All other liabilities...................................................
..
Total capital accounts.............................................
4 ^ 9 8 ,0 7 1
17,050
60,101
36 2,633
4 ,4 3 1 ,2 6 2
0
47 ,5 24
3 3 0,563
4,82 9,179
12,700
77 ,3 04
36 2,520
TOTAL LIABILITIES AND CAPITAL.......................
5 ,2 3 7 ,8 5 5
4,8 0 9 ,3 4 9
5 ,28 1,703
more than offset the increase of $7,157,000 in other invest
ments. Although the banks increased their holdings of Treas
ury bills $1,853,000, they liquidated certificates in the amount
of $24,469,000 and effected moderate reductions in holdings
of notes and bonds.
The decline of $63,882,000 in demand deposits reflected
primarily reductions of $30,250,000 in demand deposits of
individuals and businesses and $28,193,000 in domestic inter
bank funds. Public funds increased on balance, since the
G R O S S D E M A N D A N D T IM E D E P O S IT S O F M E M B E R B A N K S
RESERVE BALANCES
March 23, 19 55......................................
February 16, 1 9 5 5 ...............................
$996,031
979,914
+ $ 16,117
1 Sign of change indicates effect on reserve balances.
$8,965,000 withdrawal of United States Government deposits
was more than offset by an increase of $15,699,000 in funds
of states and political subdivisions.
During the 5 weeks ended March 23, member bank reserve
balances at the Federal Reserve Bank of Dallas increased
$16,117,000 to total $996,031,000. Treasury operations added
$99,251,000, currency transactions contributed $8,047,000,
and changes in “other deposits” and “other Federal Reserve
accounts” increased balances $430,000. Partially offsetting
these factors were a $60,979,000 flow of funds out of the Dis
trict and a $30,632,000 decline in local Federal Reserve credit.
The $10,480,000 decrease in member bank reserve balances
since the beginning of the year contrasts with a reduction of
$59,765,000 during the comparable 1954 period.
Gross demand deposits of District member banks averaged
$7,329,237,000 in February, reflecting a 3.5-percent seasonal
decline from January but a 6.4-percent increase over Febru
ary 1954. Time deposits, at an all-time high of $1,170,172,000,
were up 1.3 percent from January and 16.0 percent from a
year earlier. The increase for the month in average time de
posits, reflecting the continued high level of savings in the
Southwest, was divided almost equally between reserve city
and country banks.
Debits to demand deposit accounts at banks in 24 cities in
the District totaled $6,087,218,000 in February. Although 12
percent above February 1954, total debits for the month were
14 percent below those in January 1955, mainly because of
NEW PAR BANK
E le v e n th F e d e r a l R e s e rv e D is tric t
(Averages of d a ily figures. In thousands of dollars)
COMBINED TOTAL
Date
Feb. 1 9 5 3 . . . ,
Feb. 1 9 5 4 . . . .
Oct. 1 9 54 ...........
Nov. 1 9 5 4 . . . .
Dec. 1 9 5 4 . . . ,
Jan. 1 9 55...........
Feb. 1 9 5 5 . . . .
Gross
demand
Time
RESERVE CITY BANKS
Gross
demand
Time
COUNTRY BANKS
Gross
demand
Time
$ 6 ,8 5 0 ,1 5 2 $ 8 0 8 ,4 2 9 $ 3 ,2 2 3 ,3 2 5 $433,931 $ 3 ,6 2 6 ,8 2 7 $ 3 74,49 8
3 ,6 0 8 ,8 8 6 4 4 3,108
6 ,8 8 6 ,8 4 7
3,27 7,961 5 6 5,389
1,0 0 8 ,4 9 7
3 ,6 6 8 ,7 8 2 4 8 6,805
7 ,2 5 9 ,9 1 6
1 ,1 0 9 ,3 7 4
3 ,5 9 1 ,1 3 4 6 2 2,569
3 ,8 1 4 ,0 2 5 4 9 1 ,7 5 7
7 ,4 6 4 ,3 7 9
3 ,6 5 0 ,3 5 4 6 3 5,036
1 ,12 6,793
3 ,8 6 4 7 1 4 5 0 2 ,4 4 8
7 ,5 5 1 ,8 9 2
1,1 3 1 ,9 9 6
3 ,6 8 7 ,1 7 8 6 2 9,548
3 ,9 1 5 ,1 4 4 5 1 0,364
7 ,5 9 4 ,9 5 2
1 ,1 5 5 ,1 7 8
3,6 7 9 ,8 0 8 6 4 4,814
3 ,8 2 4 ,6 3 8 5 1 7 ,3 6 4
7 ,3 2 9 ,2 3 7
1 ,1 7 0 ,1 7 2
3 ,5 0 4 ,5 9 9 6 5 2 ,8 0 8
The Shreveport Bank & Trust Company, Shreveport,
Louisiana, an insured, nonmember bank located in the
territory served by the Head Office of the Federal Re
serve Bank of Dallas, was added to the Par List on its
opening date, March 23,1955. The officers are: Arthur
N. Sample, Jr., Chairman of the Board; Ira E. Moss,
President; W. O. Lacy, Vice President; and M. V.
Dark, Cashier.
MONTHLY BUSINESS REVIEW
54
B A N K DEBITS, E N D -O F -M O N T H D E P O SIT S
A N D A N N U A L RATE O F T U R N O V E R O F D EP O SIT S
(Amount* tn thouiandl of dollars)
DEBITS’
DEPOSITS’
Percentage
change from
February
1955
City
ARIZONA
Tucson...................................... $
LOUISIANA
Monro......................................
Shreveport...........................
NEW MEXICO
Roswell...................................
TEAWIene...................................
Amarillo.................................
Austin......................................
Beaumont..............................
Corpus Chrlstl.....................
Corsicana.............................
D allas......................................
El Paso...................................
fo rtW o rth ..........................
Galveston.............................
Houston..................................
Laredo...................................
lubbock.................................
Port Arthur...........................
San Angelo.........................
San Antonio........................
Texarkana*..........................
T yler........................................
W aco ......................................
Wichita Fall.........................
Total— 24 cities.....................
Feb.
1954
Annual rate of turnover
Ja n .
1955
Feb. 2 8 ,
1955
%
Feb. Feb.
1955 1954
Jan.
1955
1 1 8,504
25
— 11
94722
15.1
13.2
17.3
4 5 ,9 9 8
2 1 1,422
12
13
— 17
— 11
4 3 ,8 7 5
199,955
12.6
13.1
11.4
13.4
14.4
15.2
3
—9
3 0 ,2 9 0
10.2
10.1
10.9
12
—8
18
—8
16 — 11
2
—7
13 — 16
3 — 19
16 — 20
12
—8
11 — 15
1 — 10
8
—9
— 1 — 11
3 4 — 25
18
—2
11
—8
12 — 12
\
—8
18
—4
5 — 13
7 — 13
40 ,7 1 0
109,503
112,904
1 0 2,247
1 1 0 ,5 5 8
2 1 ,9 02
9 4 3 ,9 4 2
132,149
3 5 2,952
49 ,2 4 9
1 ,19 5,566
19 ,0 76
103,781
4 0 ,1 9 7
45 ,7 3 2
340,191
17,231
54 ,4 9 0
7 0 ,4 2 4
1 0 5,879
11.4
14.8
13.1
13.1
167
7.1
217
19.4
17.4
12.7
1 6 .8
11.4
15.0
14.5
10.1
14.2
1 1 .4
13.3
13.3
9.6
11.9
14.3
13.0
13.0
1 5 .8
7 .0
2 0 .0
18.4
14.8
10.8
1 6 .9
12.1
13.3
13.0
9.2
13.8
10.9
11J
13.4
9.4
12.7
14.0
14.4
13.8
1 9 .0
8.5
2 6 .0
20.8
20.4
14.3
1 8 .4
13.0
19.1
15.0
10.8
16.1
12.1
13.8
15.1
10.8
147
14.0
19.1
25 ,7 4 4
58 ,9 1 4
137,954
124,284
111,172
1 5 2,932
13,073
1 ,75 4,200
2 1 5,233
5 1 3 ,8 5 0
7 2 ,8 1 2
1,650,811
18,602
13 3,533
49,541
38 ,8 1 8
397,591
16 ,5 75
43773
7 7 ,5 2 7
84,351
* 4 ,0 8 7 ,2 1 8
12
— 14
$4 ,3 9 9 ,8 0 7
ity in payment of June 15 income taxes. Subscriptions of
banks were limited to an amount not exceeding 50 percent of
combined capital stock, surplus, and undivided profits as of
December 31, 1954, and were payable by credit to the
Treasury Tax and Loan Account. Investors in the Eleventh
District subscribed to $247,752,000 and were allotted
$101,954,000 of the securities.
Estimated proved reserves of
crude oil and natural gas liquids in
the four producing District states —
Louisiana, New Mexico, Oklahoma,
and Texas — rose to a new high dur
ing 1954, but the increase was the smallest since at least 1947.
Total reserves in these states on December 31,1954, amounted
to 25,191,000,000 barrels, or 160,000,000 barrels higher than
a year earlier. Proved reserves in the District comprised 72
percent of the national total.
C R U D E O IL ) E S T IM A T E D P R O V E D R E S E R V E S
(In m illions of barrels o f 42 U. S . gallons)
1954
New supplies added
l Debits to demand deposit accounts of Individuals, partnerships, and corporations and
of states and political subdivisions.
* Demand deposit accounts of Individuals, partnerships, and corporations and o f states
and political subdivisions.
* These figures include only one bank in Texarkana, Texas. Total debits for all banks In
Texarkana, Texas-Arkansas, including two bonks located In the Eighth District, amounted to
$ 3 2 ,5 4 6 ,0 0 0 fo r the month o f February 1955.
the smaller number of business days in February. The an
nual rate of deposit turnover declined from 19.1 in January
to 16.7 in February but was still above the 16.0 rate estab
lished a year earlier.
Between February 15 and March 15, earning assets of the
Federal Reserve Bank of Dallas declined $19,466,000, pri
marily as a result of an $11,200,000 decrease in discounts for
member banks and a $7,639,000 reduction in holdings of
United States Government securities. Gold certificate reserves
decreased $64,082,000, or 7.6 percent, reflecting the move
ment of funds out of the Eleventh District. Federal Reserve
notes in actual circulation declined $2,918,000 during the
period to total $717,983,000 but were $9,226,000 above the
year-earlier amount.
On March 22 the Treasury accepted cash subscriptions for
$3,000,000,000 of the 1%-percent Tax Anticipation certifi
cates dated April 1 and maturing June 22, 1955. The certifi
cates will be receivable at par plus accrued interest to matur-
Area
Total Eleventh
District sta te s...
United States. • . .
Reserves
Dec. 31,
1953
Extensions
and
revisions
Discoveries
of new
fields and
new pools Production
Reserves
Dec. 31
Change
In
reserves
2760
815
1,752
14,999
276
56
354
680
153
8
33
25 5
227
73
184
952
2,96 2
806
1,955
14,982
202
—9
203
-1 7
2 0 ,3 25
28 ,9 45
1,366
2,2 8 7
449
586
1,43 5
2,2 5 7
20,705
29,561
37 9
61 6
1 Includes offshore reserves.
NOTE: Detail will not necessarily add to totoi, due to rounding.
SOURCE: American Petroleum Institute.
An appreciable downward revision in estimated proved
reserves of natural gas liquids in Texas was an important
factor limiting the increase in total proved reserves in the
District states in 1954, Estimated proved reserves of crude oil
alone in the District increased 379,000,000 barrels during
1954 to 20,705,000,000 barrels. The rise in crude reserves
was accounted for by Louisiana and Oklahoma, as Texas and
New Mexico showed small decreases.
N A T U R A L G A S L IQ U ID S : E S T IM A T E D P R O V E D RESERVES
(In m illions of barrels o f 42 U. S . gallons)
1954
New supplies added
C O N D IT IO N O F T H E F E D E R A L R E S E R V E B A N K O F D A L L A S
Area
(In thousands o f dollars)
Item
.
U . S . Government securities.......................................... .
,
Federal Reserve notes in actual circulation.. . . .
March 15,
1955
March 15,
1954
$779,02 6
70 0
5,01 3
9 2 7,519
933,232
9 8 1 ,4 1 3
7 1 7 ,9 8 3
$ 7 8 7 ,0 8 5
10,175
705
9 7 6,484
9 8 7,364
1 ,01 6,009
708757
Feb. 15,
1955
$
8 4 3,108
11,900
5,6 4 0
9 3 5,158
9 5 2 ,6 9 8
1,02 2,682
720,901
Total Eleventh
District sta te s...
United S t a te s .. . ,
Reserves
Dec. 3 1 ,
1953
Extensions
and
revisions
Discoveries
of new
fields and
new pools
Production
R e ttn e s
Dec. 31
Change
in
reserves
813
321
304
3,2 6 7
"
87
29
51
~~221
19
4
7
50
------
35
13
28
169
------
884
340
334
2 ,9 2 6
71
19
30
— 33 9
4,70 5
5,43 8
— 54
21
79
87
245
301
4,4 8 6
5,24 4
— 21 9
— 193
1 includes offshore reserves.
NOTE: Detail will not necessarily add to total, due to rounding.
SOURCE: American G a s Association.
MONTHLY BUSINESS REVIEW
N A T U R A L G A S : E S T IM A T E D P R O V E D R E S E R V E S
(In billions of cubic feet— 14 65 psia, at 60° F)
1954
New supplies added
Net
ExDiscoveries change
of new
Reserves tensions
in under^
Dec. 31,
and
fields and
ground
revisions new pools storage
1953
Area
Louisiana1............
New M exico.. .
Net
pro
duction
Reserves
Dec. 31
Change
in
reserves
34 ,4 59
17,522
12,228
Texas1.................... 10 6,530
2,59 5
— 331
772
1,27 8
1,253
550
247
2,0 7 9
0
— 27
7
6
1,507
474
858
4,763
36 ,8 00
17,241
12,396
105,129
2,341
— 282
168
— 1,401
Total Eleventh
District states. 1 7 0,739
United S ta te s .. 2 1 1 ,4 4 7
4 ,3 1 4
4,6 3 2
4,1 2 8
4,9 6 7
— 14
91
7,6 0 2
9,42 7
171,566
211,711
827
264
1 Includes offshore reserves.
NOTEi Detail will not necessarily add to total, due to rounding.
SOURCE: American Gas Association.
Proved recoverable reserves of natural gas in District
states, after registering marked gains each year since the end
of World War II, showed only a small rise during 1954. Re
serves at the end of the year totaled 171,566 billion cubic feet,
or about 800 billion cubic feet more than at the end of the
preceding year. As was the case for oil, an appreciable in
crease in Louisiana’s reserves was offset substantially by de
clines in reserves in New Mexico and Texas. Total proved
reserves of natural gas in the District states constituted 81
percent of such reserves in the Nation in 1954.
Crude oil production in the District, continuing the rising
trend which has prevailed since November, reached an alltime high during the first part of March with a daily average
of 3,303,000 barrels, or about 5,000 barrels higher than the
previous record of December 1952. At this level, District
production was 43,000 barrels higher than in February and
213,000 barrels higher than in March a year ago. Meanwhile,
production in the Nation set a new record for the third suc
cessive month, averaging 6,842,000 barrels per day, or 83,000
barrels above the February average and 335,000 barrels
above March 1954.
In April the District’s daily average crude production ap
pears likely to show a small decline, as Texas oil allowables
have been reduced about 59,700 barrels from the mid-March
level. Part of this decrease, however, may be offset by pro
duction from new wells completed; moreover, Louisiana’s
April allowables have been raised slightly to take care of new
production.
55
Refinery crude runs in the District during the first part of
March rose moderately to a new all-time high, but in the
Nation, runs declined somewhat from the record February
level. District runs were 213,000 barrels per day higher than
the March 1954 average, and runs in the Nation’s refineries
were 549,000 barrels higher.
Crude stocks in the Nation registered little change during
February and then increased moderately during the first few
weeks of March. Except for gasoline, stocks of refined prod
ucts were in a fairly satisfactory position at the middle of
March. Despite reductions in refiners’ gasoline yields, gaso
line stocks on March 18 were at an all-time peak of 184,000,000 barrels, which is 4 percent above the very high
level of a year earlier and is 14 percent higher than 2 years
earlier.
Nonagricultural employment in
the District states during February
increased 10,000 over January to
reach a total of 3,788,500, which is
51,900 more than in February 1954.
Gains occurred in nearly all District industries, but the larg
est proportion was accounted for by mining, construction,
finance, and government. Retail trade employment, although
showing a further seasonal decrease, experienced gains in
certain segments, such as automobile distribution and filling
stations.
Manufacturing employment was unchanged, with the
February total showing 696,700, which is slightly below the
year-earlier level. Gains occurred in fabricated metals, non
electrical machinery, apparel, and printing and publishing
industries.
The value of construction contracts awarded in the District
during February totaled $132,860,000, or nearly 5 percent
above the January total. The most important factor in the
February volume of construction was residential awards,
which were 59 percent above January and 71 percent above
February 1954. Other awards, while 8 percent above their
year-earlier level, decreased 32 percent from the preceding
month.
N O N A G R IC U L T U R A L E M P L O Y M E N T
F iv e S o u th w e ste rn S ta te s1
C R U D E O I L : D A IL Y A V E R A G E P R O D U C T IO N
(In thousands o f barrels)
Type of employment
Change from
Area
February
19551
e l e v e n t h d is t r ic t .................
February
1 9 54s
January
19 5 5 1
February
1954
January
1955
2 ,99 2.5
2,680.1
588.1
1 ,0 1 8 7
26 6.9
25 2 .0
4 2 .9
1397
87
3.0
577
2 0 .9
— 6.0
—
267
18.3
2.6
— 286.5
- 3 .3
.8
47
4 .8
3 .6
112.9
379.8
66.8
93.5
8 6 .0
81 9.8
2 1 7 .7
109.6
83.0
762.1
196.8
115.6
3 ,2 3 2 7
2 .91 3.8
62 8.4
1.444.9
240.2
85.2
815.1
21 2.9
106.0
iuo.u
OUTSIDE ELEVENTH DISTRICT. 3,499.1
UNITED STATES................. 6,758.5
6,378.7
3,432.3
6,665.0
T exas.............
Gulf Coast...........................
West T e x a s ........................
Panhandle..................................
Rest of State............................
m uS * astern New M e x ic o ..
Northern Louisiana.....................
Louisiana...... lUy.O 3,386.2
uo.o
..m
dUURCES:*1U
Esnt-itim
ateSd
rosm
A
r....
icoafnM
Pin
eterso.le-umInstitutew
eeklyreports. "
ed
tafte
Bu
reaeu
Percent change
Feb. 1955 from
Number of persons
Total nonagricultural
wage and salary w o rk e rs..
Nonmanufacturing.....................
Mining.........................................
Construction.............................
Transportation and public
u tilitie s .* * .'.......................
Feb.
1954
Jan .
1955
2 3 0,600
2 5 2,300
3 7 7 8 ,5 0 0
696700
3,08 1,800
23 2,400
24 8,300
— .2
1.8
1.4
1.8
.3
0
.3
.6
3.4
3 9 5,100
952700
15 1,800
4 3 2,600
6 2 3,500
3 8 4,900
9 7 5,000
15 6,700
4 3 9,600
6 4 4,900
— 2.9
17
4.2
1.6
4.4
— .3
— .6
.9
— .0 3
.9
February
1955e
February
195 4r
3 7 8 8 ,5 0 0
696,700
3,09 1,800
233.800
2 5 6.800
3 7 3 6 ,6 0 0
698,000
38 3.800
96 8,900
158,100
4 3 9,500
65 1,000
------, ^rliona, Louisiana, New Mexico, Oklahoma, and Texai.
e—Estimated.
SO
URCES:S
pelo
taan
gken
sa.llas.
Fta
edte
eraelm
R
seyrm
veenB
ocfieD
January
1955
MONTHLY BUSINESS REVIEW
56
VA LU E O F C O N S T R U C T IO N C O N T R A C T S A W A R D E D
D O M E S T IC C O N S U M P T IO N A N D S T O C K S O F C O T T O N
(In thousands of dollars)
(Bales)
August—January
January-—February
Area and type
February
1955p
February
1954
January 1955
ELEVENTH D IS T R IC T .... $ 132,860 $
95 ,4 6 6
Residential........................
81 ,1 48
4 7 ,4 6 7
All other.............................
51 ,7 12
4 7 ,9 9 9
UNITED STATES1................
1,581,143
1,22 1,260
Residential........................
7 4 4,102
5 0 8,773
All other.............................
837,041
7 1 2 ,4 8 7
$
1954
1955p
126,872 $ 25 9,732
132,244
51 ,0 96
127,488
7 5 ,7 7 6
1,504,450 3 ,085,593
690,355 1,434,457
814,095 1,65 1,136
;
187,373
9 6 ,9 47
90 ,4 26
2 ,37 3,247
9 7 1,255
1,40 1,992
January
19551
Area
January
1954
CONSUMPTION
U. S. mills................. . . . .
Daily average
7 1 1 ,2 8 6
U .S . mills..................
STO CKS, U. S.— End of period
Consuming establishments. 1,80 1,753
Public storage and
compresses..............._____ 13,471,230
1 37 states east of the Rocky Mountains,
p— Preliminary.
SOURCE: p. W . Dodge Corporation.
During the first 2 months of 1955, the value of construction
contract awards in the District was up 37 percent from the
same period in 1954, while residential awards rose 36 per
cent and all other awards gained 41 percent. In the Nation,
total awards during January and February increased 30 per
cent over last year; residential awards, 48 percent; and all
other awards, 18 percent.
The record level of home building has caused the Dallas
Office of the Federal Housing Administration to suspend tem
porarily the making of loan commitments on speculative
housing until a study of the local situation is made. Residen
tial construction, however, will not be affected immediately,
as firm commitments already obtained by builders will take
B U IL D IN G PERM ITS
This season Last season
1954*
11,528
6 7 8,472
73 ,1 7 8
11,465
6 8,183
8 0 1 7 4 8 4,40 6,092 4,42 1,670
576
33 ,9 23
459
32 ,0 7 0
1 ,74 4,683
1,671,745
529
3 4,222
567
3 4 ,3 43
—
—
—
12,089,993 13,850,756
1 Four weeks ended January 29.
3 Five weeks ended January 1.
SOURCE: United States Bureau of the Census.
care of construction activity for several months. The suspen
sion does not apply to commitments on houses which are not
built for speculative purposes.
The east Texas economy is receiving a considerable boost
from the rapid industrialization and manufacturing construc
tion taking place at Tyler. In recent weeks one company has
announced the beginning of construction on a $1,000,000
plant for the building of prefabricated houses, and another
company is planning to construct a $15,000,000 plant to
manufacture air-conditioning and heating equipment. At
least two other industries are constructing or recently have
completed construction of large manufacturing plants or
office buildings in Tyler.
2 months 1955
City
February 19 55
■1 ■
Number Valuation
Percentage
change in
valuation from
————
—
Feb.
Ja n .
1954 1955 Number
LOUISIANA
S h r e v e p o r t....
4 1 7 $ 1,67 9,713
17
TEXAS
Abilene..................
161
2 ,1 8 7 ,9 5 6
99
Amarillo................
20 3
2 ,0 7 1 ,8 2 0 149
Austin...............
29 2
2 ,82 4,250 — 19
Beaumont............
25 7
7 9 9 ,0 2 9
67
Corpus C h risti..
39 7
1,94 1,452 — 2
Dallas.................... 2,16 3 1 9 ,4 59,18 5 117
El Paso..................
537
3 ,4 0 4 ,7 0 5 183
Fort W o r t h ....
813
5 ,4 1 5 ,0 2 0
55
Galveston............
108
2 0 0,285
89
Houston................. 1,102 10 ,7 6 0 ,8 4 6 — 1
Lubbock................
261
1,88 5,600 — 41
Port A r t h u r ....
141
6 8 8,343 174
San A n to n io ... 1,882
5 ,5 8 7 .0 0 2
70
W aco .....................
262
1,318,301
44
Wichita F a lls ...
145
1,08 3,325
16
Total— 16 c it ie s .. 9,141 $ 6 1 ,306 ,8 32
44
—3
796
116
13
—5
27
— 38
49
33
73
32
4
— 25
97
—2
— 19
30
19
Percentage
change in
valuation
from 2
months
Valuation 1954
$
C O TT O N SEED A N D C O T T O N SEE D PRO DU CTS
3 ,4 1 0 ,0 2 9
12
Item
29 0
476
543
52 9
977
4 ,2 6 7
941
1,451
198
2,0 7 4
476
23 8
3,381
46 5
26 5
3 ,2 0 0 ,3 7 4
3 ,89 8,700
5 ,80 0,160
1,426,936
5,094,831
32 ,5 1 2 ,6 6 8
5 ,96 7,950
8 ,53 6,730
35 1,915
21 ,1 3 0 ,0 7 2
4 ,3 9 1 ,1 5 9
1,03 7,510
11 ,2 7 2 ,7 5 3
2 ,9 5 2 ,0 4 5
1,916,594
105
112
20
— 30
16
66
96
43
29
—6
— 17
195
87
32
47
COTTONSEED (tons)
Received a t mills..............................
Crushed..................................................
17 ,3 67
$ 1 12,90 0,426
COTTONSEED PRODUCTS
Production
Crude oil (thousand pounds).
Hulls (tons)......................................
Linters (running b ales).............
Stocks, end of period
Crude oil (thousand pounds).
Cake and meal (tons)..............
Hulls (tons)......................................
TEXAS
UNITED STATES
August 1 to January 31
August 1 to January 31
This season
Last season
This season
Last season
1,404,251
1,00 0,542
5 4 7,575
1,59 8,456
96 2,015
7 2 4 ,5 7 2
4,94 3,549
3 ,3 3 1 ,5 5 9
1,84 1,597
5 ,9 0 4 ,2 7 3
3 ,66 2,146
2 ,39 0,245
3 3 1 ,7 4 6
4 7 0 ,0 6 5
2 2 7 ,1 5 6
2 8 8 ,9 0 8
3 1 1,616
4 6 2 ,3 8 7
2 1 7,117
2 8 2 ,8 3 5
1,07 7,034
1,619,683
7 1 3 ,7 4 4
1 ,07 9,397
1,183,351
1 ,73 6,599
8 0 2 ,9 7 0
1,16 1,695
15,425
45 ,3 83
2 0 ,3 09
92 ,8 40
24 ,4 1 0
32 ,2 59
27 ,1 3 7
47 ,3 6 6
7 8 ,6 4 5
2 4 2,133
78 ,0 1 5
3 8 9,254
1 0 8 ,8 8 9
109,229
6 4 ,7 3 7
2 1 6 ,7 2 8
34
SOURCE: United States Bureau of the Census.
This document contains internal or confidential information and has
been removed.
Author(s): Federal Reserve Bank of Dallas
Title: Extract from the Minutes of the Meeting of the Board of Directors of the Houston Branch of the F
Date: March 21, 1933
Page Numbers: 1-5
This document contains internal or confidential information and has
been removed.
Author(s): Federal Reserve Bank of Dallas
Title: Items
Date: November 1954
Page Numbers: 1-12
@FedFRASER