Full text of Review (Federal Reserve Bank of Dallas) : July 1963
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
business
•
revIew
july 1963
fEDERAL RESERVE
BANK OF DAllLAS
This publication has been digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
contents
currency flows: why
and how they occur ..... . ... . . . ..... . . .... .
3
eleventh district banking
developments ............................. .
8
district highlights
... . ... . . . ............... . . 12
eUI-I-elley flows: why
and how they oeeuIAs a result of recent legislation, the longstanding link between silver and paper money
will be eliminated. Silver certificates in $1 and
$2 denominations will be withdrawn gradually from circulation and replaced by Federal
Reserve notes. This change, which results in
the demonetization of silver, appears to be
rather fundamental but will, in fact, go virtually unnoticed since the ability of currency
to perform its primary function - to serve as
a medium of exchange - will be unaffected.
Currency represents a small but extremely
important part of the Nation's approximately
$150 billion money supply. Measured in dollar volume, most business transactions in the
United States are settled by transferring ownership to demand deposit accounts at commercial
banks. Nevertheless, despite the predominance
of checkbook money, cash is widely used in
making payment for small retail and service
expenditures, for fulfilling certain legal contracts, and for meeting small payrolls.
The amount of currency in the hands of the
public changes from year to year, month to
month, week to week, and even day to day.
These fluctuations are a reflection of changes
in the public's desire to hold more or less cash
and may significantly influence the banking
system and financial markets. The purpose of
this article is to review a few of the factors that
produce currency flows and to describe the
mechanism by which the economy's currency
needs are satisfied.
The currency stock of the United States is
made up of paper money issued by the TreasUry and the Federal Reserve banks. Presently,
there are seven different types of currency in
circulation: gold certificates, silver certificates,
United States notes, Federal Reserve bank
notes, national bank notes, Treasury notes
of 1890, and Federal Reserve notes. With the
exception of Federal Reserve notes, all currency is classified as Treasury currency.
Silver certificates (so called because they are
convertible into silver dollars) are mainly issued in $1 and $5 denominations and constitute the bulk of Treasury currency outstanding.
Notes in $5 and $10 denominations are presently being retired under Executive order issued
in November 1961. The retirement of $1 certificates, as called for by the new legislation,
will free approximately 1,300 million ounces of
silver bullion needed to satisfy the Nation's
coinage requirements, which have been increasing in recent years. It is estimated that several
Federal Reserve notes constitute
about 85 percent of total
currency in circulation • ••
DILLIONS OF DOLLARS
36
34
TOTAL CURRENCY
IN CIRCULATION
32
30
28
26
24 L-19-55~-1956 ~1-95-7-L-19-58~-195~9~~
196~0-L~19~61~-1~
96~2~
SOURCE: Boord of Govlrnol'1,F.dtrol Autry, 5,.,I,m,
fJUsiness review/july 1963
U. S. PAPER CURRENCY IN CIRCULATION, BY DENOMINATION, APRIL 30, 1963
(In thousands of dollars)
Denomination
$1 . . ......... . .
$2 .... . .. .... . .
$5 . . .. . . . . . . . . .
$10 .. . : ...... . .
$20 .... . ... . . . .
$50 . .. ..... . . ••
$100 ........ . . . .
$500 .... . ... . . .
$1.000 ...... . . .
$5.000 . .... . .. .
$10.000 ... . . .. .
Fractional parts .
TOTAL ...... .
Gold
certificates
5.298
7.753
2.113
3.029
647
917
60
120
Silver
ce rtificat es
United
States
notes
1,532,429
1,405
267,067
4 2.505
323
79
50
7
9
5,083
93,520
205,628
6.526 ,
2.425
200
327
35 2
325
Fed e ra l
Res erve
notes
1,751 ,321
6.746.864
11.063.249
2,951.666
6,472.614
240.816
290.1 25
2.685
4.140
Fed e ra l
Reserve
bank notes
Nationa l
bank
notes
774
174
1,442
6.037
15.500
18.372
36.807
254
12 1
6.541
11.920
12.277
2.591
3,405
65
21
Treasury
notes
of 1890
23
22
24
21
20
1
15
15
(J)
19.936
1.843.874
314.385
29.523,480
79.105
37.194
142
TOTAL
1,538,562
95, 242
2.232.022
6. 8 19.17 1
11.101.546
2.975.023
6.516.247
241.8 86
291 .412
2.745
4.260
-
(I)
31 ,818.11 7
Less than $500.
NOTE. - Details may not add to tota ls beca use of rounding.
SOURCE: U. S. Treas ury Department.
1
years will be required to effect the complete
substitution of Federal Reserve notes for $1
and $2 bills. Testifying in support of the le'gislation, a Treasury official stated that only about
$105 million of the total $1.8 billion of silver
certificates in circulation will have to be redeemed yearly to obtain silver needed for
coinage.
A number of the Nation's currency issues
are relics of past monetary legislation and are
being withdrawn from circulation. National
bank notes, Federal Reserve bank notes, and
Treasury notes of 1890 fall into this category.
United States notes - or, as they are commonly called, greenbacks - are a permanent
part of the Nation's monetary system. Additional amounts of these notes are not being issued, but old notes returned to the Treasury are
reissued. There is also , a small a~ount of gold
certificates outstanding which either have been
destroyed or are being held as collectors'items.
Federal Reserve notes, which constitute
about 85 percent of total currency in circulation, are issued by the 12 Federal Reserve
banks. These notes are liabilities of the issuing
Reserve banks and must be fully backed by
collateral consisting of gold certificates, Government securities, and commercial paper de-
4
fined as eligible for this purpose by the Federal
Reserve Act. Gold certificates must form at
least 25 percent of total collateral. Furthermore, Federal Reserve notes represent claims
on the "full faith and credit" of the Government.
Currency in circulation is defined as currency
outside Federal Reserve banks and the Treasury and includes cash in the vaults of commercial banks, as' well as in the hands of ·the
general public. Although currency is issued by
Federal Reserve banks and the Treasury, the
amount outstanding is responsive to the public's desire to hold cash. Consequently, the
amount of cash in circulation varies continuously in response to the changing requirements for currency on the part of individualS,
businesses, and banks.
The amount of currency in circulation is
related to population trends and to the level
and rate of change of business activity. During
the past 8 years, the amount of currency in
circulation advanced from $29.2 billion to
$32.6 billion, reflecting an increase of about
12 percent. In the same period, the economY's
output of goods and services rose from $397.5
billion to $553.9 billion, or about 40 percent.
Consequently, currency in circulation as a pro-
portion of gross national product declined from
about 7.3 percent to 5.9 percent. During this
period, however, the velocity of circulation, or
the rate at which currency changes hands, may
have increased. The expansion in currency in
circulation has exceeded the population advance. Measured on a per capita basis, currency
in circulation increased from $182.90 to
$187.91 between 1955 and 1962.
for pocket money to cover travel expenses, expenditures for entertainment, and other purposes. In addition, certain holidays, notably
Christmas, are preceded by gift shopping periods spanning several weeks. Also, some businesses, especially those catering to holiday
traffic, require an additional amount of cash to
transact an expanded volume of business and
to meet enlarged payrolls.
The amount of currency demanded by the
public shows rather wide fluctuations of a seasonal nature. Normally, currency returns from
circulation during the first 4 months of the
year, principally in January. After April, the
amount of currency in the hands of the public
tends to increase and trends strongly upward
in the last 5 months of the year.
Currency flows vary within a month, and
rather large intraweekly fluctuations also are
evident. Cash is usually drawn out of Federal
Reserve banks during the last week of each
month and during the first week or so of the
following month. This outflow is largely attributable to the demands for cash to meet payrQlls and pay bills. Toward the middle of the
month, there tends to be a return flow. The
magnitude of these money movements varies
from month to month and may be obscured by
special developments, such as the occurrence
of a holiday at the end of the month. Currency
flows within a week are difficult to isolate, but,
as a rule, a net flow of money from Federal
Reserve banks to commercial banks and the
public occurs on Monday and Thursday. Payroll and weekend needs normally cause an out-
The seasonal fluctuation of currency in circulation is closely related to the seasonal adVance in economic activity which generally
occurs during the last half of the year. As
business activity increases, individuals and firnls
require more cash to settle an expanded volume
of transactions. In addition, agricultural needs
for cash expand during the second .half of the
year since farm laborers required during harvesting time are typically paid in cash. The
return flow of currency is associated with a
slackening in the tempo of business activity
during the January-April period. Most of the
decrease in the public's cash holdings during
these months is recorded in January, as the
"bulge" in circulation related to the Christmas
hOliday reaches Reserve b~nks early in the
year.
Superimposed on seasonal changes in the
amount of currency in circulation are periodic
sharp fluctuations associated with the major
legal holidays. For example, a marked rise in
currency in circulation occurs before Labor
bay, Independence Day, Thanksgiving, and
Christmas. A number of factors contribute to
the increased needs for currency before a holiday. Individuals normally require more cash
SHIPMENTS AND RECEIPTS
OF COIN AND CURRENCY
'EDERAL RESERVE BANK OF DALLAS
MILLI ONS OF DOLLARS
1,000
c::::J
RECEIPTS
SHIPMENTS
95 0
900
850
800
business review/july 1963
5
flow on Thursday, and, on Monday, banks replenish their vault cash following the weekend
drain. On other days, especially Tuesday, there
is a net return flow of currency to Federal Reserve banks.
The public - individuals and business firms
- satisfies its currency needs by obtaining additional cash from commercial banks, and all
"unwanted" (or surplus) cash similarly is returned to the banks. Consequently, fluctuations
in cash holdings of the public influence the
level of demand deposits since individuals normally draw down their demand deposits to obtain additional currency. Conversely, when the
need for additional currency passes, the unwanted cash is redeposited in demand deposit
accounts.
Commercial banks that are members of the
Federal Reserve System obtain the cash necessary to meet the public's demands for currency
by drawing on their reserve accounts at their
district Reserve banks. Nonmember banks obtain cash from correspondent banks, which,
in turn, order the cash requested from a Federal Reserve bank. When a Reserve bank receives an order from a commercial bank for
additional cash, the latter's reserve account is
MONEY SHIPMENTS, BY
DENOMINATION,1962
FEDERAL RESERVE BANK OF DALLAS
reduced by the amount of the cash requested,
and the currency is shipped to the commercial
bank. Banks attempt to hold to a minimum vault
cash needed to meet everyday transactions by
depositing inflows of currency to their reserve
accounts at Federal Reserve banks. However,
since vault cash may now be counted in meeting reserve requirements, there has been a
tendency for banks to increase their holdings
of vault cash.
Movements of currency between Federal
Reserve banks and commercial banks generally
reflect changes in the public's desire to hold
cash. To illustrate, from 1959 through 1962,
the Federal Reserve Bank of Dallas received
$3,724 million in currency and coin from member banks and others while shipping $3,607
million. Thus, currency returned to this Bank by
southwestern banks exceeded currency shipped
by about $117 million during the 4 years.
Federal Reserve notes are authorized in denominations of $1 to $10,000. However, notes
in $1 and $2 denominations have not been
issued thus far, and notes in excess of $10 0
have not been printed since 1945. Furthermore,
notes in denominations of $500 and up are not
widely available to the public. During 1962,
$20 bills shipped from the Federal Reserve
Bank of Dallas constituted about 41 percent of
the dollar value of all currency shipped to
member banks. Notes in $10 and $5 denominations represented 28 percent and 14 percent,
respectively, and $1 bills accounted for 9 percent. The remaining 8 percent was made up of
$2, $50, and $100 notes.
$5 BI LLS
Currency flows between the Federal Reserve
System and the public cause fluctuations in tbe
reserve accounts of member banks and are,
therefore, of genuine concern to the monetary
authority. As the amount of currency in circulation increases·, bank reserves decline; conversely, decreases in the amount of cash in tbe
hands of the public result in increases in reserves. At times, the Federal Reserve SysteIJl
6
may find it desirable to offset the effects of
currency flows on bank reserves. The System
may purchase Government securities in the
open market and thereby replace bank reserves
absorbed by currency drains. Similarly, a currency inflow from the public may be offset by
selling securities. The ability of the Federal
Reserve System 'to smooth out, through open
market operations, wide fluctuations in bank
reserves caused by variations in the public's
desire to hold cash is an important factor in
maintaining stabi)ity in the financial markets.
L. WOODLAND
Financial Economist
DON
The Lewisville National Bank, Lewisville, Texas, a newly organized institution located in the territory served by the Head Office of the Federal Reserve
Bank of Dallas, opened for business June 7, 1963, as a member of the Federal
Reserve System. The new member bank has capital of $125,000, surplus of
$125,000, and undivided profits of $53,125. The officers are: Martin C. Lovvorn, Chairman of the Board; S. M. Payne, President; T. J. Trimer, Vice President; and E. P. Laningham, Vice President and Cashier.
new
membe.·
banks
The Bryan County National Bank, Caddo, Oklahoma, a conversion of The
First State Bank of Caddo, Caddo, Oklahoma, located in the territory served by
the Head Office of the Federal Reserve Bank of Dallas, opened for business
June 17, 1963, as a member of the Federal Reserve System. The new member
bank has capital of $50,000, surplus of $45,000, and undivided profits of $23,312.
The officers are: Lee Roy Ammons, President; Mrs. Carolyn E. Watson, Vice
President; H. F . Bass, Vice President; and Mrs. Margaret Mason, Cashier.
The Southwest National Bank of Fort Worth, Fort Worth, Texas, a newly
organized institution located in the territory served by the Head Office of the
Federal Reserve Bank of Dallas, opened for business July 1, 1963, as a member
of the Federal Reserve System. The new member bank has capital of $280,000,
surplus of $280,000, and undivided profits of $140,000. The officers are :
E. L. Baker, Chairman of the Board; Hans Mueller, President; Norvell H.
Fleming, Vice President; and Robert ~. Parvin, Cashier.
The First Bank & Trust Company, Cedar Hill, Texas, an insured nonmember
bank located in the territory served by the Head Office of the Federal Reserve
Bank of Dallas, was added to the Par List on its opening date, June 8, 1963.
The officers are: Walter O. Jorgensen, Chairman of the Board; Ralph Jones,
President; Lawrence Philliber, Vice President (Inactive); Roy Gillette, Vice
President (Inactive); and Richard Cupples, Cashier.
The Chemical Bank & Trust Company, Houston, Texas, a nonmember bank
located in the territory served by the Houston Branch of the Federal Reserve
Bank of Dallas, was added to the Par List on its opening date, June 27,1963. The
officers are: E. C. Scurlock, Chairman of the Board; James D. Girouard, President; W. E. Dyche, Jr., Vice President (Inactive); and G. L. Schroder, Cashier.
The City Bank & Trust Company, Dallas, Texas, an insured nonmember bank
located in the territory served by the Head Office of the Federal Reserve Bank of
Dallas, was added to the Par List on its opening date, July 1, 1963. The officers
are: Gus Bowman, President; Hubert Turner, Executive Vice President; Quincy
Adams, Vice President; Thos. K. Vick, Vice President; Robert D. Young, Vice
President; Thomas r. Fetzer, Vice President and Cashier; and Robert McCown,
Assistant Cashier.
business review/ july 1963
7
eleventh district
banking
developments
A continuation of the heavy inflow of time
and savings deposits and the need to find suitable outlets for these funds highlighted banking
developments in the Eleventh Federal Reserve
District during the first 5 1h months of 1963.
Faced with a less than seasonal loan demand on
the part cf business, the District banks channeled large amounts of funds into real estate
loans and non-Government securities. Recent
improvement in economic activity and a reduction in reserve availability were reflected at the
District banks by increased recourse to the
Federal 'funds market and by some reluctance
to extend maturities on investments. This article examines these developments principally
by comparing the experiences of the District's
weekly reporting member banks (composed of
selected member banks in leading cities) in the
December 26, 1962-June 12, 1963, period and
the corresponding periods of recent years.
Through June 12 of this year, total time and
savings deposits increased $251.0 million to a
level of $2.3 billion. This expansion exceeds
that recorded for a year earlier by $31 million,
reflecting greater strength in deposits of states
and political subdivisions. The growth in time
and savings deposits thus far in 1963 also
exceeds the gains of most other recent years.
Time and savings deposits of individuals,
partnerships, and corporations expanded at a
slower rate this year than in the corresponding
period of 1962. Savings accounts showed a
noticeably smaller gain, while other time deposits of individuals, partnerships, and corporations rose somewhat more. The greater
8
strength in savings accounts last year principally reflected the favorable and speedy reaction of the public to the increases in interest
rates paid on time and savings deposits following the change in regulation Q on January 1,
1962. Nevertheless, the gain in time and savings
deposits of individuals, partnerships, and corporations in the first 5th months of 1963
amounted to a substantial $221 million, and the
necessity to find suitable outlets for those funds
has been a major consideration for the District
banks.
Growth in non-Government securities
and real estate loans at District's
weekly reporting member banks
has primarily reflected expanded
time and savings deposits • ..
MIL.LIONS OF DOLLARS
2,500
2,300
TOTAL TIME AND SAVINGS DEPOSFrs
2,1 0 0
1,900
REAL ESTATE LOANS
300
260 L
_ _- - - -
1962
1963
LOANS OF WEEKLY REPORTING
MEMBER BANKS, BY TYPE
ELEVENTH FEDERAL RESERVE DISTR ICT
( AI DI ",un, 12, 19B:!)
INTERBANK LOANS 2%
REAL ESTATE
LOANS
CONSUMER-TYPE
LOANS
COMMERCIAL
AND I NDUSTRIAL LOANS
LOANS TO NONBANK
FINANCIAL INSTITUTIONS
sumer-type loans, but commercial and in4u~
trial loans showed considerable . weakness.
Prompted by a continuation of the heavy inflow of time and savings deposits and ~ sluggish
business loan demand, the District banks increased their real estate loans substantially. The'
growth in real estate loans whicb has been
evident in the past 2 years principally reflects
extensions of new credits, with only a very
minor portion accounted for by mortgage loans
purchased from other lenders or investors. In
all of 1961, real estate loans advanced $21.1
million, and in 1962 they rose $40.6 million;
through the first 51/z months of 1963, these
loans have already increased $34.0 million.
Automobile registrations have reached record levels in the District this year, and conTotal demand deposits fell $251_0 million
sumer-type loans, reflecting an expansion in
in the first 51/z months of 1963 to a level of \ loans to purchase private passenger automo$4.7 billion. This is a considerably smaller rebiles on an instalment basis, moved substanduction than that recorded for the correspondtially higher at the District's weekly reporting
ing period of 1962 and principally reflects the
member banks between December 26, 1962,
strength displayed by demand deposits of indiand June 12, 1963. The remaining consumer
viduals, partnerships, and corporations. The deloan categories showed considerable weakness,
cline in total demand deposits is, however, not
as was the case in the previous year. The Disfar out of line with past experience.
trict banks have activeiy sought to develop their
Total bank credit (loans adjusted plus total
investments) rose $52.9 million between December 26, 1962, and June 12, 1963, reaching
a level of $5.7 billion. With loans and investrnents both expanding less than usual, the gain
in total bank credit thus far this year is only
about one-half that in the comparable period
last year. Commercial and industrial loans were
Weaker than would be expected on the basis
of seasonal factors, and investments in Governrnent securities failed to show the strength
Usually apparent during this period.
Loans adjusted (gross loans exclusive of
loans to domestic commercial banks and after
deduction of valuation reserves) expanded
$35.4 million in the first 5 th months of 1963
and totaled $3.6 billion on June 12. There were
noteworthy gains in real estate loans and con-
LOAN CHANGES AT WEEKLY REPORTING
~EMBER BANKS
ELEVENTH FEDERAL RESERVE DISTRICT
I
1963 .
1962
II ~i
COMMERCIAL AND
INDUSTR IAL LOANS
1
.,': c
AGRICULTURAL LOANS
1:
r
C
LOANS FOR PURCHASING OR
CARRYING SECURITIES
c:iI
LOANS TO NONBANK
FINANCIAL I NSTITUTIONS
I
I
REAL ESTATE LOANS
I
I
I
I
CONSUMER - TYPE LOANS
-12
I
I
-B
-4
o
J
IJ
I
~
+4
+8
+1 2
PERCENT CHANGE,JANUARY THROUGH MID-JUNE
lJUsiness review /j uly 1963
'9
consuiner. loan activities, and these loans represent approximately 25 percent of all loans at
the weekly
reporting member banks.
,
During the first 5 1h months of 1963, commercial and industrial loans, which account for
approximately one-half of loans adjusted, declined over $39.5 million. This reduction is
more than seasonal, and the strength in commercial and industrial loans which often accompanies a period of economic expansion has
failed to develop thus far in 1963. This situation partly reflects the generally favorable liquidity position of corporations, as well as the
relatively more attractive interest rates available to those corporations able to borrow in
the open market to meet their short-term needs.
Among the commercial and industrial loan
categories, loans to mining firms in the '5 1/2
months were particularly weak - in part, a
reaction to the high levels reached by these
loans in the latter part of 1962. Loans to construction firms failed to show the gain that
might have been expected in view of the record
levels of construction activity in the District,
but this development may be partly explained
by the heavy concentration of activity in public construction and by an apparent increase in
INVESTMENTS OF WEEKLY REPORTING
MEMBER BANKS, BY TYPE
ELEVE NTH FEDERAL RESERVE DI STR ICT
(AI of
NON· GOVE RNMENTS 27%
..11111"2, 1963)
GOVERNMENTS 73 %
NOTES AND BON DS
DUE WIT HIN I YEAR
NOTES AND BONDS
OUE AFT ER 5 YEARS
10
NOTES ANO BONDS
DUE IN I TO 5 YEARS
the amount of funds supplied for construction
purposes by nonbank financial institutions.
Loans to the "all other types of business,
mainly services" category also showed considerable weakness. Loans to firms engaged in
wholesale and retail trade, on the other hand,
exhibited noteworthy strength, reflecting the
high level of retail activity evident in the
District this year.
Total investments increased $17.6 million
through June 12, 1963, or considerably less
than in the corresponding periods of the past
2 years. Investments in Government securities
declined $17 million, as gains in holdings of
Treasury certificates and of notes and bonds
due in 1 to 5 years were exceeded by reductions in Treasury bills and in notes and bonds
maturing within 1 year and after 5 years. These
shifts in the Government investment portfolio
largely reflect the participation of the District
banks in the various Treasury financing operations carried out this year. The $4.0 million
decline in holdings of Government bonds due
after 5 years contrasts with gains of $92.2
million and $83.3 million in 1962 and 1961,
respectively. The failure of longer-term holdings
to expand may suggest some reluctance to extend maturities in response to the better performance of the economy in recent months.
Continuing a trend evident for some time
now, holdings of non-Government securities
advanced $34.6 million in the first 5 1h months
of 1963, reaching a level of $568.0 million on
June 12, 1963. While this gain is less than that
in 1962, it is considerably in excess of the increases in the comparable periods of most other
recent years. The growth in non-Government
security holdings at District banks this year can
be largely attributed to the heavy inflow of
time and savings deposits at a time when loan
demand, especially on the part of businesses,
was particularly weak.
With loan demand at a less than desirable
level, the banks channeled large amounts of
MEMBER BANK RESERVES
AND BORROWINGS
ELEVENTH FEDERAL RESERVE DISTRICT
MILLION S OF DOL.LARS
100
15
10
funds into non-Government securities, especially municipals. By placing funds in municipals, which enjoy a substantial tax advantage,
the banks hoped to cover the greater costs asSociated with the growth in time and savings
deposits and the higher rates of interest being
Paid on those deposits. The extent to which
funds were shifted into non-Government securities is revealed by the fact that the amount inVested in such securities represented almost 27
Percent of the banks' enlarged investment portfOlio on June 12, 1963, compared with 23 perCent a year earlier and 25 percent at the end
of 1962.
In December 1962, monetary policy moved
toward a position of slightly less ease, and this
was reflected in the reserves of the District
banks during the first 5 months of 1963. The
lllove toward slightly less ease was evidenced
by a mild decline in the availability of reserves
at all District member banks; moderate expansion in Federal funds purchases, accompanied
by a fairly stable level of sales; and a slight increase in borrowings from the Federal Reserve
Bank of Dallas. Free reserves of all member
banks in the District averaged approximately
$25 million less in the first 5 months of 1963
than in the same period a year earlier.
Federal funds data supplied to the Federal
Reserve Bank of Dallas by selected banks,
which account for an estimated 90 percent of
the Federal funds transactions in the District,
reveal that purchases of Federal funds averaged
$515 million over the 5-month period ended
May 1963, compared with an average of $448
million in the same period of the previous year.
Sales of Federal funds, on the other hand, averaged $432 million in the 1963 periodlittle changed from a year earlier.
Average daily borrowings from the Federal
Reserve Bank of Dallas were somewhat higher
in the first 5 months of 1963 than in the comparable period of 1962, but the amount remained nominal. In response to the lessened
reserve availability, the District banks apparently preferred to obtain funds via the Fede1.1al
funds market (usually at the 3-percent ceiling
rate) or by drawing down their excess reserves,
rather than by borrowing from the Federal
Reserve Bank. Despite the recent slight reduction in reserve availability, however, the District's weekly reporting member banks are in
a strong position to meet whatever loan demands might reasonably be expected to develop
in the near future .
WILLIAM N. GRIGGS
Financial Economist
business review/july 1963
'1l
district highlights
The Texas industrial production index rose
sharply during May to 118 percent of the 195759 base period. The 3-percent advance during
the month is exceeded in recent years only by
the October 1961 recovery following Hurricane
Carla. Although the output of both durable
and nondurable goods expanded during May,
the most significant production increase occurred in the mining sector. Month-to-month
gains of over 3 percent were registered in crude
petroleum mining; metal, stone, and earth minerals; textile mill products; primary metal industries; fabricated metal products; and "other"
durable and nondurable goods.
Compared with May 1962, industrial production in Texas was 4 percent higher, with 19
of the 21 industries which comprise the index
showing increases. The largest year-to-year gain
was made in durable goods, although nondurable goods and mining also rose. Gains of over
5 percent occurred in the output of building materials, metals, transportation equipment, apparel, leather, and chemicals.
Military prime contract awards issued in the
five southwestern states during the first quarter
of 1963 totaled $463 million, reflecting an 8percent increase over a year earlier. The five
states accounted for 7 percent of the total
amount allocated by state, compared with 6
percent in the first 3 months of 1962. Texas
continued as the largest military supplier in the
Southwest, with over half the total contracts,
and ranked eighth among all states in the Nation, up from ninth a year ago. Between the
first quarter of 1962 and the same period in
1963, military procurement in Arizona was
stepped up $77 million to a level of $105 million; this State showed a much more rapid rate
of increase than any other state in the Southwest and the second highest in the Nation.
12
Department store sales in the Eleventh Federal Reserve District in May, after adjustment
for seasonal influences, maintained the level
reached in April and were 2 percent above May
1962. The adjusted index for May was 110
percent of the 1957-59 average - identical
with April and slightly higher than the 108
registered a year ago. Cumulative sales in the
first 5 months of 1963 were 4 percent above
the corresponding period last year. Sales in the
first half of June showed signs of rising strength,
increasing 13 percent over the comparable
period of 1962.
New car registrations in four major Texas
markets in May rose 6 percent over April and
13 percent over May 1962. In three of the
individual markets, May registrations rose
above those in April, showing gains of 4 percent for San Antonio, 14 percent for Fort
Worth, and 18 percent for Dallas. May registrations in Houston declined 3 percent froIll
the previous month. Compared with May 1962,
registrations in the four markets showed moderate to substantial increases, ranging from 3
percent to 18 percent.
The first bale of the Nation's 1963 cotton
crop was ginned in the Lower Rio Grande Valley of Texas on June 15. In contrast, farmers
on the High Plains have been busy replanting
cotton which was damaged by hail and heaVY
rains. This year's cotton crop has been beset
by unusual conditions; the important produCing areas in west Texas have experienced eJ{cessive rains and hail, while moisture supplies
have been critically short in many areas of
south Texas. Following a disappointing TeJ{as
crop in 1962, pecans are expected to be plentiful this fall. The 1963 outturn in the State is
indicated to be around 240 million pounds, of
about triple last year's output.
STATISTICAL SllJPPLEMENt
to the
BUSINESS REVIEW
)
July 1963
FEDERAL RESERVE BANK .
OF DAllAS
RESERVE POS ITIO NS OF MEMBER BANKS
CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEAD ING CIT IES
Elevent h Federa l Rese rve Di strict
Eleventh Fed eral Reserve District
(Ave ra ges of dally flg ures. I n thousands of do ll ars )
=
(In thousands of dolla rs )
June 19,
1963
Ite m
ASSETS
May 22,
1963
June
1,818,188
44,66 1
1,796,077
46,960
1,745,282
41,750
274
60,069
289
59,348
16,277
65,735
2,194
235,007
38,385
2,580
2,108
236,170
92,665
2,548
2,442
175,373
74,321
133
Savings banks, mt ge . cos., ins. cos., etc•• •••• •
Re al estate loans • • .• • ••.• ••• . . •••• • • • ••• . •
I All other loans ••••..••• ••• • •.• •• ••• • • •• •••
103,11 3
237,022
312,424
90 1,305
89,937
225,716
311,5 15
885,134
89,922
186,253
259,965
843,927
G ross loans •••. . • •• •• •• •• • • •• ••••• • • • ••
l ess rese rve s and una ll ocate d charg e-cffs ••
3,755,222
69,319
3,748,467
68,909
3,501,3 80
6 1,6 11
Commercial and industrial loans • • •. .•••. . • •..
Agricultural loans•• • •• • •••• • •• . •• • ••• • • • • ••
loans to brokers and d eal e rs fo r
purcha sing or carrying:
U. S. G ove rnm ent securities • • •• . . . ••• ..• •• .
Other securities . ••• • •• •• ••• . ... • .. .. •• . .
!
O ther loans for p urchasing or ca rrying :
U. S. Gove rnm e nt se curities • • •. .• • • .. . .• • ••
Other securities • • •• • • •. .• • • •••• • . • •• •. . •
loans to dom estic comme rcia l ban ks ••• • •• .• •••
l o an s to fo rei gn ban ks •• , • .. • • • •• •• •••• • • • •
, Loons to othe r financia l institutions:
Sa les Anan ce, personal fln a nce, e tc .••••• • • ••
Ite m
20,
1962
-
5 wee ks end ed
J une 5, 1963
4 wee ks ende d
May I, 1963
5 wee ks ended
J une 6, 1962
583,766
543, 111
40,655
577,090
6,676
6,327
349
587,050
545,663
41,387
582,504
4,546
2,804
1,742
592,786
552,802
39,984
582,916
9,870
29
9,84 1
524,306
412,4 10
111,896
484,032
40,274
3,443
36,83 1
539,10 1
424,354
11 4,747
493,425
45,676
1,6 14
44,062
539,467
43 5,4 11
104,056
476,856
62,6 11
3,457
59,1 54
1,108,072
955,52 1
152,55 1
1,06 1,122
46,950
9,770
37, 180
1,126, 15 1
970,0 17
156,134
1,075,929
50,222
4,4 18
45,804
1, 132,253
988,213
144,040
1,059,772
72,481
3,486
68,995
RESERVE CITY BANKS
Total rese rves he ld •• • ••••• • •••
With Fe d e ra l Reserve Bo nk •••
Currency a nd coin • • • •.• • ••• •
Re q uire d rese rv es ••. . . • • • •• . • •
Exce ss rese rves •••• . •••• • • .• ••
Borrowings • • •.• • ••• . • •• ••••. •
Fre e re se rve s •. • •••• . •• • •• . •• •
CO UNTRY BANKS
Tota l rese rve s held •• • • ... .•• • •
With Fe d e ral Rese rve Ba nk • ••
Curre ncy and coin . • ••. ••• • ••
Re q uire d re serves •• •• .• . •• • • ••
Excess re se rv es • • •• . .• • •••• • • •
Borrowings • ••••.• • • . • .•• •••• •
Free rese rves • • •...• •• •• • •.•••
AL L MEM8ER BANKS
Tota l reserves he ld • • • • •••• . •••
With Federal Reserve Bank • ••
Currency and coin . • ••• • . •• ••
Re quire d re se rve s •• . • • ••• • . . ••
Excess rese rves • •• •• . • •••••••• •
Borrowings • • •• • • •..• • ••• .. •• •
Free reserve s •. • • • • •• • ••• • • .. •
Ne t loans • .. . .• . .. . •• •....••••..•••.••.
3,685,903
3,679,558
3,439,769
Tre a sury bills • • • . • ••• . •• • • •• .• • •• • ••..••• •
Tre a sury ce rtiAcates of ind e bte dn ess • ••••• •• ••
Tre a sury notes and U. S. Gove rnm e nt bonds,
including gua ranteed obliga tion s, maturing:
126,787
125,154
133,024
128,09 1
11 0,399
58,999
Within 1 ye ar • •• ••..• • ••• ..• • • ••• . •.•••
After 1 but within 5 ye ars •••....•• .• • • . •••
Afte r 5 ye ars •. . .• .. . . . • • . • .. .... . ••.•• .
Othe r securities •..• •• • .. .• .. . •••• •. • .••. ••
135,3 11
7 12,664
462,765
57 9,618
128,835
708,279
488,968
538,963
265,957
654,731
445,063
465,439
Tota l investments • ••• •. . .. • • •••••. . . . .• • .
2, 142,299
2, 126,1 60
2,000,588
Cash ite ms in process of coll e ction • • ••• • . . . • . •
Balances with banks in the Unite d States • . • •• ..
Ba lances with banks in for eign countri es • •. • • . •
Currenc y and coin •••. . . .••. •. .. •• •.• . .. •• •
Reserves with Fe de ra l Reserve Bank • • • • •. . . • . •
Othe r a ssets • .• .. • • • . . ..• . . . . . ••••. • . .. • • .
67 1,082
537,663
5,282
62,810
555,134
224,339
632,706
467,603
4,803
60,96 1
574,986
224,710
576,469
530,832
2,558
59,277
594,071
200,423
TOTAL ASSETS • •. • • .. • . • . • . . • ... . ••. •
LI AB ILITIES AND CAPITAL ACCO UNTS
Demand d e posits
Individuals, partnerships, and corpo rations • • • •
Forei gn g ove rnm e nts and ofAcia l institutions,
cent ral banks, and inte rnational institutions ..
U. S. Gove rnm e nt •• • •• • • ••••• • •• • ••• • •• •
States and political subd ivisions • • •• . . .• •• . •
Banks in th e Unit e d States, including
mutua l saving s bonks •••••• • . • • •••• .. .• •
Banks in fore ign countries • . •• •• • • . ... . • • ••
CertiAe d an d ofAce rs' checks, e tc . . • ••.• • • ••
7,884,512
7,77 1,487
7,403,987
3,095,752
3,059,267
3,068,576
3,497
170,321
257,772
2,869
165,853
309,435
3,045
173,535
23 1,569
1,122,281
14,652
7 1,238
984,057
15,021
52,2 11
1,106,142
14,326
54,708
Total d e ma nd d e posits • •• • • •• • • . . • •••. •
4,735,5 13
4,588,7 13
4,65 1,901
1,064,183
896, 108
1,050,766
902,984
922,482
697,377
CONDITION STAT ISTICS OF ALL MEMBER BANKS
511
6,152
304,056r
2,507
6,617
27 1,1 13
Eleventh Federal Rese rve Di stri ct
8,333r
2,350
6,567
2,350
..
Tim e and saving s d e posits
Individua ls, partne rships, and corpora tions
Saving s d e posits • •• •••.• . . .••• • •••• •• .
Othe r tim e d e posits • • •• . •• • • •• • •• •• •. .•
Fore ign g overnm e nts an d ofAcia l institutions,
ce nt ra l banks, and international institutions ..
U. S. Gove rnm ent, includ ing posta l sa ving s .. •
States an d politica l subd ivi sions • •• .• ••• .. ••
Banks in the Unite d States, including
mutual saving s bonks •• •....•• ..••• • . .. .
Banks in for eign countries • . . .. •. . • .•• •.• . •
511
6,187
31 1, 138
13,460
2,350
Total tim e and saving s d e posits ••. •.•••. •
2,293,937
2,275,152
1,909,013
Tota l d e posits • • •• •• . .•• • • •• •• •• . •••
Bills pa yabl e, re d iscoun ts, e tc .. • ••.• • •••• • •. •
All othe r liabilities . . ••...•.. • . . . • •• ... . . •• .
Capita l accounts • •. •• .. . . ..•••• . ••• • . .. •••
7,029,450
82,225
106,223
666,6 14
6,863,865
13 1,525
107,695
668,402
6,560,914
102, 150
107,356
633,567
TOTAL LIABILITIES AN D CAPITAL ACCO UNTS.
7,884,5 12
7,77 1,487
7,403,987
r-
Revised.
COND ITI ON OF TH E FED ERAL RE SERVE BANK OF DALLAS
(1 n thousands of dollars)
Item
Total go ld ce rtiAcate rese rves .• . •.•• . ' " . •••
Discounts fo r memb e r ba nks ••• . . . •...• . . ...
Othe r d iscounts and advances . •• •• . ••.. • • ••
U. S. Gov e rnm ent securitie s •• . •••. . .. • . . . • •.
Total e a rning a sse ts ••• •. ..• . .• . .••.. • •••. •
Me mb er ba nk re se rve d e posits • • • • ••••• •• •• •
Fe d e ral Reserve not es in actua l circulation •• •• •
2
June 19,
May 22,
1963
1963
571 ,594
25,455
667,66 1
17,098
1,274,740
1,300,195
912,92 8
914,245
1,1 79,867
1,196,965
929,498
892,672
o
o
J un e 20,
1962
674,375
2, 180
2,979
1,187,956
1,1 93,115
989,888
846,126
GROSS DEMAND AN D TIME DE PO S)TS OF ME MBER BANKS
Eleventh Federal Reserve District
(Ave rag es of da ily figures . In mil lions of dolla rs )
----
-.=:::=
TIM E DEPO SITS
GROSS DEMAN D DEPO SITS
Date
Total
Reserve
ci ty b a nks
Country
b a nks
Tota l
Reserve
city ba nks
Country
ban ks
1961, Ma y • . •• • •
1962 : Ma y ••••• •
De ce mb e r ..
1963 : Ja nuary •• •
Fe bru a ry • •
March • • •••
April .. . . . .
May • . • • • •
7,643
7,973
8,496
8,711
8,354
8,317
8,284
8, 126
3,743
3,923
4, 180
4,234
4,007
4,051
4,016
3,979
3,900
4,050
4,3 16
4,477
4,347
4,266
4,268
4, 147
2,736
3,266
3,497
3,602
3,706
3,783
3,836
3,907
1,382
1,654
1,71 8
1,77 1
1,811
1,854
1,886
1,935
1,354
1,61 2
1,779
1,831
1,895
1,929
1,950
1,972
----
(In mi llions of dolla rs )
==============================================~~
May 29,
Apr. 24,
May 30,
______________I_te_m
__________________l_9_6_3 _______1_96_3________
19-~
ASSETS
l oa ns a nd disco unts •• •• • • • • • •••• . • • •. • ••
U. S. Government ob li gations • . • •• ... • •• • •
Other securities • • . • • • . •• ••• . ••••• . •••••
Rese rves with Fed e ra l Re se rve Ba nk •• • •••. •
Cash in va ull e • • • •. •••• ..• • .. • • . . • • • •. •
Balances with ba nks in the Unit e d Sta tes •• • •
Ba lan ces with banks in foreign countriese • •. •
Cas h it e ms in process of co ll e ction • •• • • • •.•
O the r asse tse •• • •• •• • •• •• , • ••• • • •• • • • ••
6,1 92
2,839
1,208
929
173
1,0 12
6
61 5
342
TOTA L ASSETse . .. .... . .. . ... .. . ... .
13,3 16
LIA BILITIES AND CAPITAL ACCO UNTS
De man d d e posits of banks • •• ••. • ••• ••• . •
Other d ema nd d e posits .. ...... .. . . .... . .
Time d e posits • • ••• •• • ••.• • • .• • • • • . •.. ••
1,173
6,846
3,926
1,222
7,04 1
3,844
11,945
73
144
1,154
12,107
125
149
1,142
Tota l de posits . . . .. . .... .... . ... .... .
Borrowing se • . .••• • • •• • • .. •• • . . • • • • ••••
Other lia bllitie se • •. •• • • ••• ••• • •.. . • ••. •
To tal ca pital accounts e •••. . ••• • • • • •••• • •
TOTAL LIABILITIES AN D CAPITA L
AC COU NTSe • • ..• ••• . • • • • •• •. •• • • .
6,195
2,894
1,223
920
177
1,067
6
686
355
5,649
2,798
1 048
' 957
161
1,07~
-
486
256
~
1 175
6'684
3:251
11 ,11 0
98
138
1,08 8
-
~
==:::::-----------------------------------------e -- Estim a ted .
BANK DEB ITS, END-OF-MONTH DEPOS ITS
AND ANNUAL RATE OF TURNOVER OF DEPOS ITS
INDUSTRIAL PRO DU CTION
(Soasonally adjusted indexes , 1957· 59
=100)
(Dol lar amounts in tho usands)
~
Area and type of index
Debits to d e mand
deposit accounts'
Demand deposits'
Annual rote
of turnover
Percent
change from
ARIZONA
Tucson •• •• ••.•• • •••• $
LOU ISIANA
Monroe •• o •
•••••••••
Shreveport • •••..••..
NEW MEXICO
Roswell ......... . . . .
TEXAS
Abllone .. ....... . .. .
Amarillo •••••••••• ••
Austin •• ..• • ....••.•
Beaumon t • ••••••••• •
Corpus Christi • • •• ••••
Corsicana •• •• .•.•• •.
Dallas ... . . .... . ....
EI Paso ••. • ••.•• • • ••
Fort Worth ..........
Galves ton ••• o • • • • • • •
Houston •••• •••• •• ••
Loredo ••••••• .•••••
LubbocK ... . .. . .....
Port Arthur •• • • • •••••
San Angelo • •• ••••••
Scn Antonio •••••••••
Texarkana ' .•• • • ••••
Tyler .. ... . ..... . ...
Waco .. ............
Wichita Falls • •• •••••
-
May 3 1,
1963
May
1963
April
1963
May
1962
-7
$ 163,393
27.5
28.0
29.8
4
1
6
1
50,059
174,73 1
22.9
23.2
20.8
23.2
21.7
23.0
53,905
-7
-9
34,858
18.4
19.4
17.9
105,479
234,594
340,304
201,337
214,354
18,417
3,709,3 11
401 ,895
848,238
103,565
3,365,564
39,378
219,924
69,041
61,032
818, 112
29,304
109,348
125,185
128,25 1
-4
-8
23
6
3
5
3
10
2
5
3
6
1
12
12
5
-2
5
2
2
-1 1
-2
5
9
1
9
4
10
0
2
1
11
8
0
3
15
15
9
6
6
71,543
116,062
152,797
103,040
11 7,211
20,035
1,261,460
176,787
408,365
56,761
1,441, 187
24,429
119,452
42,2 13
48,196
413,289
18,796
67,007
69,405
100,460
17.4
23.9
24.8
23.0
21.8
10.9
34.8
26.2
24.7
20.9
27.4
18.6
21.4
18.7
15.4
23.5
19.1
19.6
21.5
15.2
18.1
25.3
19.6
21.4
21.4
10.4
33.6
22.8
24.5
19.0
26.2
17.4
20.3
17.0
13.9
22.3
19.3
18.4
20.8
15.1
19.3
24.5
27.1
21.7
21.8
10.4
33 .1
20
26.3
19.7
28.3
16.7
19.9
18.6
14.9
21.5
18.1
19.2
20.3
15.1
26.9
25.8
26.8
April
1963
May
1962
373,063
- 1
101,873
344,326
May
1963
Area
lotal_24 cities •.••• • •• $12,015,800
1
---$5,25 1,536
De posits of individua ls, partnerships, and corporations and of states a nd politica l
1ubdivision s.
b
:! These flguros include on ly two banks in Texa rka na, Toxas. Total debits for all
in Texarkana, Texas-Arkansas, includi ng ono bank located in the Eighth
IStrict, amounted to $65,273,000 for t he month of May 1963.
D~nks
·DEPARTME NT STORE SALES
May
1963p
April
1963
March
1963
Ma y
1962
11 8
131
125
135
102
115
130
124
134
96
114r
129
122
134
94r
113
124
118
129
100
124
125
125
124
108
137
123
123
123
123
107
137
121
122r
122r
122
105
136r
118
119
118
120
105
130
TEXAS
Total industrIal production • • ••• • • •
Manufacturing •• ••• .••• ••• •••
Durab le ••••••• • .• .. • • ••••
Nondurable .. . .. .... ......
Mining •••• •• ••• •• ••• •• •• •.•
UNITED STATES
Total industria l production ••• •• • • •
Manufacturing • • • • • ••••• •....
Durable •• ••. . . .••. •.•••••
Nondurable • .• • • • • ••••• •••
Mining ••••••• . •• •• ••• . •••• •
Utilities •••••••••••• • •• •• ••••
p - Preliminary.
r - Revised.
SOURCES , Board of Governors of the Fedoral Rese rve System.
Federa l Reserve 8ank of Da llas.
NONAGRIC ULTURAL EMPLOYMENT
Five Sou1hwestern States1
Percent chang e
May 1963 from
Number of persons
Type of employment
Total nonagricultural
wage and sala ry workers ••
Manufacturing • .•••••• • ••
Nonmanufacturing ••••• • ..
Mining • •••••••••••• ..
Construction •••••••• • ••
Transportation and
p ublic utilities ••• • • •••
Trade ................
Finance • • • • • • •• • ••• • .•
Service •• • ••••• • ••••• •
Government ••• • •.. • • • •
May
1963 p
Apri l
1963
May
1962r
April
1963
May
1962
4,728,600
815,800
3,912,800
238,600
327,900
4,7 13,700
811,000
3,902,700
238,600
320,100
4,625,400
800,300
3,825,1 00
242,500
313,600
0.3
.6
.3
.0
2.4
2.2
1.9
2.3
-1.6
4.6
390,100
1,123,700
237,400
665,400
929,700
391,500
1,124,900
237,000
660,500
930, 100
385,400
1,111,200
228,800
644,600
899,000
-.4
-.1
.2
.7
.0
3.8
3.2
3.4
1.2
1.1
Arizona, Louisiana, New Mexico, Oklahoma, and Texas.
p - Preliminary.
r -- Revised.
SO URCE , State emp loyment a gencies.
1
(Percenta ge cha ngo in reta il va lu o)
~~=:=========================================================
Ma y 1963 from
April
1963
Area
May
1962
5 months,
1963 from
1962
'-------------------------------------------------------------2
4
lotal Eleve nth District . • • • • • • • •
~o,pus Christi .. ..............
Ela~as.............. .. .. .. ..
1
3
6
1
~Ou~t~on':: : :::::::::::::::::
_~
-~
'N'eveport, La.. • • • • • . • • • • • • •
4
5
3
3
Sh n Antonio.... ...... .......
Oth~~ ~iti~;: : : : : : : : : : : : : : : : :
~
BUILDING PERMITS
2
3
-1
VALUATION (Dollar amounts in thousands)
7
6
Percent change
~
I
NUMBE R
'---------------------------------------------------------Area
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Federa l Reserve Distri ct
(1957·59
= 100)
~~=================================================
SALES (Dally average)
Date
Unadjusted
Seasonall y
a d justed
19 62 , May..........
I
December.... ..
963, January. • • . . . •
Fobruary. . ....
March........ .
Apri l.. .. .... ..
Ma y .. ........
103r
193
83
80
98
108
106
108
III
107
109
113
11 0
110
____
STO CKS (End of month)
Una d justed
111r
103
99
106
114
117
11 6p
Seasonally
a djusted
11 4
III
113
113
113
114
11 9p
-----------------------------------------------------r - Revised.
P-
Prelimi na ry.
May 1963
from
AR IZONA
Tucson •• • ••• . •
LO UISIANA
Shreveport •. ••
TEXAS
Abilene • •••• • •
Am a rilla •• ••••
Austin ••.• •• ••
Beaumont •••.•
Corpus Ch ristl ..
Dallas ... . ... .
EI Paso .......
Fort Warth ....
Galveston • • • • •
Houston .• ••• •
Lubbock ••••..
Midland • • .. • •
O de ssa •• •• ..•
Port Arthur • •• •
San Antonio • • .
Waco ••••..••
Wichita Fa lls • •
May
1963
May
1963
5 mos.
1963
5 mos.
1963
Apr.
1963
May
1962
5 months,
1963 from
1962
4,428
$ 14,402
44
71
-6
1,370
5,586
13,705
163
48
49
113
278
355
3 12
344
2,553
495
709
205
2,1 62
203
11 3
84
143
1,29 1
263
109
576
1,4 16
1,784
1,343
1,590
11 ,364
2,154
3,009
789
9,970
985
536
383
636
5,867
1, 178
563
1,178
4,427
5,422
1,565
1,909
25,565
4,459
3,838
2,306
31,494
2,37 1
1,203
658
375
5,384
1,610
813
7,652 -4 1 -45
19,579
14
63
37,971
-7 -26
6,476 -22 -25
10,479 -14
12
116,625
15
41
16,949
12
-1
20,420 -2 1
20
4,904
337
86
156,878
7
-9
22,060 -33 -41
6,838
14 -31
3,467
54
5
2,143 -35
-5
24,809
-6
50
8,764
23
8
6,537
34 -53
-27
20
22
-19
30
39
-18
-11
-56
4
22
-6
-10
-2
-7
10
6
Tata l- 19 cities • • 10,888
49, 145
$ 104,59 1
801
3,632
355
$
$500,658
12
5
9
3
VALUE. OF CONSTRUCTION CONTRACTS
W INTER WHEAT
(In mill ions of dolla rs )
ACREAGE
(In thousands of acres)
Ja nuary-May
Are a and type
FIVE SOUTHWESTERN
STATES' •• • • •• ••• ••• •• ••
Re sid ential building • • . • • ••
Nonres id entia l building . . ..
Public works and utilities • . .
UNITED STATES .... . . . . . .. .
Resid ential building • •• • • • •
Nonres id ential b uild ing .. . .
Public wo rks and utili ties , . .
May
1963p
April
1963
Ma y
1962
1963p
1962
454
203
108
142
4,85 1
2,061
1,452
1,337
375
194
91
89
3,983
1,986
1,210
787
385
173
134
78
4,009
1,8 19
1,275
915
1,972
888
551
532
18,015
8,132
5,788
4,095
1,800
799
562
439
17, 180
7,524
5,420
4,236
Ari zona, Loui sia na, Ne w Mex ico , O klahoma, and Texas .
p Preliminary .
PRO DUCTION
(In thousan ds of bushels)
For
harvest
Harveste d
Crop of
1963
Crop of
1962
Crops of
1957· 61
Cro p of
1963'
Crop of
1962
Craps of
1957·6 1
Texa s ... .... . . .
26
44
200
3,408
2,540
24
40
210
3,787
2,731
65
46
212
4,339
3,2 10
1, 11 8
1,056
3,400
74,976
40,640
1,008
720
4,200>
7 1,953
43,696
2,406
866
4,462
96,233
64,329
Tota l.. .. .....
6,218
6,792
7,872
12 1, 190
Area
Arizon a • .... ...
Louisiana •• ••• . •
New Mex ico • . . . .
Oklahoma .• •• . •
12 q77
168,296
1
1
In dicated June 1.
SOURCE , U. S. De par tment of Agric ulture.
NOTE . - De tails may not a dd to tota ls because of round ing.
SO URCE , F. W . Dodge Corporation .
N ATIONAL PETROLEUM A CTIVITY INDICATORS
DAILY A V ERAGE PRODU CTION O F CRUDE OI L
(Seasonally adiusted indexes, 1957· 59
(In th ousa nds of barrels)
Indicator
Pe rce nt change from
Area
ELEVENTH DiSTRiCT •• • • • • ••
Texa s . .. .. . . .. .... . .. . .
Gulf Coa st • • • •. ••• . • • •
West Texa s .. . .. . .. .. .
East Texa s (prope r) • ••• •
Panhandle • ••. • ••• ••• •
Rest of State •• ••.• • • . •
So uthe a ste rn Ne w Mexico ..
Northe rn louisi ana . . • . . . . .
OUTSIDE ELEVENTH DISTRICT.
UNITED STATES .. .. ....... .
p-
Ma y
1963p
April
1963 p
May
1962
April
1963
May
1962
3,019.0
2,600.9
503.4
1,167.9
110.0
103.4
716.2
278.2
139.9
4,464.5
7,483 .5
2,991.5
2,577.5
485.0
1,155.8
111.0
102.1
723 .6
275.7
138.3
4,482 .6
7,474.1
2,934.2
2,536.5
464.7
1,149.4
126.9
104.3
691.2
265.8
131.9
4,258.3
7, 192.5
0.9
.9
3.8
1.0
- .9
1.3
-1.0
.9
1.2
- .4
.1
2.9
2.5
8.3
1.6
-13 .3
- .9
3.6
4.7
6. 1
4.8
4.0
Pre liminary.
SOURC ES, Am e rican Petroleum I nstitute .
U. S. Burea u of Mines .
Fede ral Rese rve Bank of Da llas.
·4
CRUDE OIL RUNS TO REFINERY
STILLS (Daily averag e) • • . ••• ••• • • • •• •
DEMAND (Daily a verag e)
Ga soline . . . . . . . . .. . ... .. .. . . . . ... .•
Ke ro sene •• •. . . .• . • . .. .. . . . . . . . . . . .
Distillate fuel oil .. ... ... . . ... . ..... . .
Resid ual fu el ail ....... . .. . . ..... . .. .
Four refln ed products . ... ... . ..• . . .
STO CKS (End of month)
Gasoline • • • • • . ••• • .•• • •••• • • • • • •. . •
Kerosene ... . .. . . • . • . . . ... . . . • . . . .•
Dlstlllato fuol oil .. .. .. ... . . . .. ... . .. .
Residua l fuol 011 ••• • • ••• • • • ••• • •• • • ••
Four reflned products . .• • . •.• . • .•..
p -
Proliminary,
SOU RCES , Ame rica n Pe tro le um Institute .
U. S. Burea u of Mines .
Fede ral Reserve Bank of Dallas.
=100 )
Apri l
1963p
May
1962
109
11 0
107
107
209
11 5
92
11 0
108
156
104
92
106
109
175
11 6
97
109
104
120
107
90
104
105
126
107
90
105
102
11 6
109
81
102
May
1963p
=
--
@FedFRASER