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MONTHLY
BUSINESS
REVIEW
of
the
FEDERAL
Volume 32
RESERVE
BANK
of
Dalla~
Dallas, Texas, August 1,1947
Number
THE TEXAS CITRUS INDUSTRY
WILLIAM
A.
FAUGHT,
Ag1"icultural Economist, Federal Reserve Bank. of Dallas
The rapid growth of the citrus industry in the United States and in Texas has been an outstanding and spectacular agricultural development of recent years. United States production of citrus
has increased nearly 15 -fold in the past 35 years, and continued sharp increases are in prospect as
existing groves mature and attain their most productive stage. Commercial production of citrus was
developed much later in Texas than in other major producing areas, but production in the State has
increased 50-fold during the past 20 years and now accounts for about 15 per cent of the United
States crop. The expansion of markets generally has kept pace with this increase in production, but
from time to time price-depressing surpluses have occurred. The threat of surplus production was
removed, at least temporarily, by the sharp increase in demand between 1940 and 1945 due to
wartime conditions, and citrus prices rose to a very high level. The value of the United States citrus
crop increased from $104,079,000 in the 1939-40 season to $418,812,000 in the 1945-46 season, and
the value of the Texas crop rose from $6,730,000 to $41,664,000. The return of peacetime conditions,
the curtailment of military and lend-lease demands, and the production of a record crop brought a
sharp decline in citrus prices in the fall of 1946 which suggests that, as a result of reduction in
demand and a further increase in production, the citrus industry again may encounter periodic and
price-depressing surpluses. Such surpluses may have a profound effect upon such communities as the
Lower Rio Grande Valley where the sale of citrus accounts for well over one-third of the total farm
income. A fall in the price of citrus due to a surplus supply would not only cause a decline in the total
income of such an area but might also precipitate a fall in property values which would disturb the
economic stability of the community.
A consideration of future prospects and problems will confront the industry with several questions: (1) What is the present and potential supply of citrus fruits? (2) What are the present market
outlets for citrus and the prospects of expanding these outlets? (3) What plan might be adopted to
implement the expansion of markets? (4) Can costs be lowered and the market expanded through the
establishment of improved cultural, processing, and marketing techniques? Unpredictable variations in
weather, national income, and consumer demand, as well as uncertainty regarding government farm
policy, the movement of foreign trade, and the development of competing commodities, make it
impossible to form definitive answers to these questions. However, data pertaining to trends in production, extent and age distribution of present groves, average yields, and recent rates of new plantings
will be helpful in indicating the course which production may follow. Trends in per capita consumption, population growth, and exports, and recent developments in processing citrus fruits may disclose
the possible extent of future markets and suggest methods of expanding outlets.
Trends in Supply
The commercial production of citrus in the United States is of fairly recent origin, even though
orange and grapefruit trees were brought to Florida by the Spaniards during the latter part of the
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
~
MONTHLY BUSINESS REVIEW
114
16th century and were introduced in California about 1770. The first shipments of oranges were
made from Florida about 1830, but the first shipment of grapefruit did not occur until some time
between 1880 and 1885. Production of citrus has increased rapidly since that time, and at present the
United States is the leading producer, growing
more than one-half of the total world supply.
Unjted States production has risen from an annual average of 1,877 million pounds in the
seasons between 1910 and 1914 to an estimated
total of 16,792 million pounds in 1946-1947.
Orange production, which now accounts for
about 60 per cent of the citrus crop, is about
seven times as large as in 1910, while production
of grapefruit, accounting for over 30 per cent of
the output, is more than 50 times as great. Production of lemons, limes, and other minor citrus
commodities, which accounts for the remaining
10 per cent of the citrus crop, has also increased
significantly.
The principal citrus-producing areas are loe
cated in central Florida, southern Texas, and
southern California. Florida, with approximately 460,000 acres in citrus groves in 1944, produces, on
an average, 49 per cent of all the grapefruit and about 45 per cent of the oranges grown in the United
States. California is the next most important producing area, with approximately 265,000 acres in
groves in 1944, and accounts for about six per cent of the grapefruit and about 50 per cent of th~
oranges. Texas, with about 128,000 acres in groves in 1944, ranks third and usually produces abdut
38 per cent of the total supply of grapefruit and four per cent of the supply of oranges. About 25,000
acres in citrus groves in westcentral Arizona produce about seven per cent of the total supply Of
grapefruit and about one per cent of the oranges. California produces most of the lemons grown in
the United States, and Florida most of the limes. Small quantities of both fruits are grown in other
areas but generally are not of commercial importance.
.
SOURCE US OfPARTMENT OF AGR ICULTURE
AE
.
The development of the Texas citrus industry
in the Lower Rio Grande Valley is of comparatively recent origin, and its rate of growth has
been more rapid than that in other areas. A mild
climate, fertile soil, and a readily available supply
of water for irrigation favored the rapid increase
in citrus production and made it possible for '
the area to compete with the older established
industry in Florida and California. From only a
few small groves in t he Valley prior to World
War I, plantings have increased to an estimated
11 million trees at the present time. The first
carload of citrus fruit was shipped from the
Valley in 1922, while the estimated production
in 1946-47 would fill more than 70,000 cars.
SOURCE us DEPARTMENT
AGRICULTURE B A E
Grapefruit production continues to account for
the major part of the citrus crop of the Valley,
but the production of oranges has increased significantly in recent years. Since 1940, plantings of
orange tr~s are estimated to have outnumbered substantially the plantings of grapefruit, and the
orange crop in 1946-47 is expected to total more than 20 times the production of 1930-31. Early
citrus plantings in the Valley were primarily of Marsh Seedless grapefruit, but Marsh Pinks, Foster
Pinks, and Ruby, or Redblush, grapefruit and Hamlin, Joppa, and Valencia oranges have dominated
recent plantings, due to price differentials for these varieties.
PRODUCTION OF CITRUS IN TEXAS
Of
The Texas groves are relatively young and may be expected to increase in 'productivity for some
time and to continue in production for a number of years. It is estimated that less than five per cent
MONTHLY BUSINESS REVIEW
115
of the grapefruit trees in the State at the present time were planted prior to 1925; 63 per cent were
planted in 1925-34; 12 per cent in 1935-44; and 20 per cent since that time. Grapefruit trees in this
area develop more rapidly than in most other commercial producing areas, reaching their greatest
productivity at abou t 25 years of age, while groves in Florida do not reach their peak in production
until they are 40 to 50 years old, and in California 30 to 40 years old. At peak stage, the yield of Texas
trees averages about 24,000 pounds per acre, compa\ed with 28,800 pounds in Florida and 13,500
pounds in California. The productive life of Texas grapefruit trees, however, is shorter than in other
areas and is estimated to range between 30 and 50 years, compared with a productive life in Florida of
70 to 90 years, and in California and Arizona of 50 to 70 years.
The present average age of Texas orange trees is even lower than that of grapefruit, because of
the very heavy plantings since 1940. It is estimated that about 55 per cent of the trees now standing
were planted in the last seven years. Only five per cent were planted between 1935 and 1939; 35 per
cent in the 10-year period between 1925 and 1935; and about five per cent prior to 1925. Extensive
plantings of orange trees have not been in existence long enough in Texas to provide adequate data
to determine the average yields or productive life of the trees as accurately as for grapefruit, but the
same general conditions are believed to apply to both. The orange trees apparently reach their peak
productivity at about the same age as Texas grapefruit but have a longer productive life. They reach
maturity earlier in Texas than in Florida or California, decline more rapidly after that time, and cease
to be productive much sooner. Maximum yields fall below those of California and Florida, averaging
only about 13,500 pounds per acre, compared with 19,800 pounds in Florida and about 17,800 pounds
in California.
A factor contributing to the shorter productive life of Texas citrus trees has been the accumulation of soluble salts, such as sodium chloride or sodium carbonate, near the surface. These salts are
brought up from deep in the soil or carried in irrigation water and are left near the surface as water
evaporates. This condition is said to result from inadequate drainage which has caused a progressive
rise of the water table in the area and prevented flushing out of the mineral or salt accumulation in
the upper layers of the soil. It has become necessary to use increasing amounts of irrigation water in
order to prevent the salt in the soil water around the roots from becoming concentrated to the point
of injuring or killing the tree. Moreover, since the need for irrigation water is greatest during the
season when evaporation from the river is most rapid and the mineral concentration is highest, the
process of mineral accumulation is accelerated as huge amounts of water with high mineral content
are spread over the land.
Present Market Outlets
Consumption of citrus fruits, although varying from year to year, has increased greatly and has
kept pace generally with the expansion in production. The major part of the crop is disposed of in
the domestic market as fresh fruit, but an increasing amount has been marketed through processing
channels in recent years. A small portion of the crop is shipped abroad in either fresh or processed form.
Per capita domestic consumption of fresh fruit has risen from less than 20 pounds per year
during the five-year period preceding World War I to about 60 pounds per year at the present. This,
coupled with an increase in population, has resulted in an expansion in the total domestic consumption
of fresh fruit from an average of only 1,669 million pounds per year between 1910 and 1914 to over
eight billion pounds in 1945-46. In the 1929-30 season, the first for which Texas figures are available,
all but about one per cent of the State's grapefruit crop of 122 million pounds was disposed of through
the fresh fruit market, while in 1945-46, 1,075 million pounds, or 56 per cent, of the crop was disposed
of in this manner. The fresh fruit market continues to absorb most of the Texas orange crop. In 194546,93 per cent of the crop grown in the State was disposed of as fresh fruit.
The citrus fruit is generally marketed by the producer through local cooperatives or independent
shippers, although a small portion of the crop in each area may be sold on the tree to itinerant
buyers. The local shipper disposes of a portion of the supply to processing plants and moves that portion
which is to be sold as fresh fruit to terminal markets located in metropolitan areas or sells directly to
chain-store buyers or to cooperative buying groups. Fruit moving into the terminal markets may be
116
MONTHLY BUSINESS REVIEW
handled on consignment to wholesale merchants and jobbers, who sell the fruit to retailers on a
commission basis, or it may be sold through the auction markets to any purchaser desiring to buy.
Several important
changes occurred in
the marketing of the
SHIPMENTS OF TEXAS CITRUS
Texas supply of fresh
fruit during the war
years, including shifts
in market outlets and
in methods of transportation. Prior to the
war practically all of
the Texas crop was
marketed in the Midwest, with the greater
portion of these shipments going to Illinois
and Ohio. Although
shipments to this area
increased substantially during the war
period, the area has
declined in relative
importance as a market for Texas citrus.
In contrast, eastern,
northwestern, and
foreign markets have
increased in importance. The increased
movement of the Texas crop to these markets occurred in spite of the fact that transportation costs from Florida to the
eastern markets and from southern California to the northwest markets are lower than from Texas.
In the great central portion of the United States, bounded by Chicago and St. Louis on the east and
Denver on the west, Texas shippers enjoy lower transportation costs than do shippers in other areas,
as shown by the accompanying table. Beyond the limits of this area, however, California or Florida
shippers have an advantage.
During the 1945-46 marketing season, 82 per
FREIGHT RATES FOR CITRUS FRUITS
cent of the fresh citrus from the Lower Rio Grande
Per hundred pounds in carload lots
Valley was moved by rail, compared with 65 per
(Dollars)
cent
moved in that manner in 1941-42. The inFrom
From
From
Mission.
Orlando.
Lo, Angel...
crease
n1ay be accounted for by the shortage of
To:
Texas
Florida
California
motor
transport
facilities during the war years and
Grapefruit
by the fact that it was necessary, as mentioned
Ne"r york .... . ..... .. . .... .
l.29
.88
1.48
1.29
1.07
Boston .... . ............... .
1.48
above, to market the greatly increased citrus prol.01
l.44
Chicago ......... .. ... .... . .
1.00
duction in more distant centers where it was less
St. Louis .... . ..... ...... .. .
.86
.90
l.44
D enver . .................. .
.71
1.62
.86
feasible to use trucks. The greater use of rail trans.88
Seattle . ................... .
1.53
1.G9
portation in moving the citrus crop is in sharp conOranges
trast with developments during the decade preced)few york. ...... .... .......
l.29
.82
l.48
.
h
h
k
Boston........ .•.•... . .....
1.29
1.07
1.48
mg t e war, w en truc transportation steadily inChicago....................
l.04
l.01
l.44
creased in importance. It is possible, however, that
St. Louis ...................
.88
.90
l.44
h
d
il
Denver. ...... ..... ........
.88
l.62
.86
t e expan ed use of ra' transportation may persist
Seattle............... .... ..
l.46
1.62
.88
for several years, particularly if railroads reduce
.
transportation time and secure improved equipment. More equitable freight rates, faster schedules, heavier loading of cars, and more efficient icing and
other improvements already in effect or being put into effect will strengthen the position of railroads.
MONTHLY BUSINESS REVIEW
117
It has been possible to use trucks in moving most of the citrus consumed in Texas, but several
barriers exist which may be expected to retard the expansion of motor transportation in interstate
commerce. Regulations regarding maximum truck and load weights, dimensions, lighting, and inspections of vehicle and cargo vary widely between states. Such regulations may not greatly hamper the
use of trucks in the region immediately surrounding citrus areas, but they are said to cause considerable
difficulty to vehicles passing through several states. Truck transportation, however, offers several
advantages. For short to moderate distances it makes possible a shorter hauling time, thereby reducing
or eliminating the need for icing in transit. At destination, deliveries can be made by truck directly to
wholesale warehouses without rehandling in terminal markets. Also, some observers believe that diversion in route is easier when motor transportation is employed.
Water transportation was of great importance before the war in hauling the Texas citrus crop
to the North Atlantic markets. Lower carrying charges by the steamship lines were responsible for a
distinct preference on the part of shippers for water transportation. During the years 1937 to 1940,
more than 45 per cent of the Texas citrus delivered in New York was transported by ship, and about
33 per cent of that delivered in Boston was moved in· that manner. Water transportation of citrus
was greatly reduced during the war years as ships were diverted to other uses, but it is now regaining
its position, and the growing importance of eastern markets suggests that a further shift to shipments
by water may occur.
Some advantages other than lower rates of water shipments compared with rail transport are:
(1) Superior refrigeration service; (2) storage and precooling facilities at ports which permit growers to deliver fruit directly from fields to the ship, thus eliminating the movement of the fruit
through a packing house; (3) storage facilities at destination ports to aid shippers in avoiding market
gluts and to facilitate more orderly marketing; (4) no direct loading charge in the case of water
shipments. The absence of reconsignment and reconversion privileges, however, is regarded as a
definite disadvantage in moving fruit by water.
It is believed feasible to increase considerably the volume of citrus fruits shipped by water from
the Valley if fast fruit ships can be placed in operation between Brownsville and North Atlantic ports.
A few ships already in operation can make this run in approximately the same time as is now required
by overland freight, and local shippers believe that the number of these ships may be increased considerably in the near future.
Processing has absorbed an increasing share of the citrus crop of the United States in recent years
and offers an alternative oudet for the expected further expansion of production in the years ahead.
Disposal of a portion of the crop in this manner makes it possible to remove the smaller and less
attractive fruit from the fresh fruit market and to make citrus products available to the consuming
public throughout the year. It also enables the
MARKET DISPOSAL OF UNITED STATES CITRUS industry to carryover a portion of a particularly
large crop and dispose of it when production is
smaller, thus acting to stabilize prices. The early
development of this outlet was slow, due to generally lower returns to growers from the sale of
fruit for processing and to the fear that proc2 essed fruits would compete with fresh citrus. The
processing movement was given impetus, however, by an expanding volume of production and
sharply reduced prices, particularly during the
late Thirties, when marketings of fresh fruit
were reduced, and a greater portion of the crop
was diverted to processing plants. Between 1935
and 1940, a yearly average of 1,262 million
pounds of all citrus was processed in the United
States, compared with an annual average of 406
DEPARU4E I'4T
a
million pounds during the preceding five years.
In response to the great increase in demand for processed foods for shipment abroad during the war
period, a further expansion of processing activities occurred between 1940 and 1945.
SOURC E 0 S
OF AGRICULTURE
AE
118
MONTHLY BUSINESS REVIEW
A marked improvement in processing methods in recent years has lowered costs and resulted in
a better quality product. With improved extraction, flash pasteurization, and quick freezing, the
flavor of processed fruit and juices now more nearly resembles that of fresh fruit. Substitution of
machines for hand labor in many processing operations, utilization of former waste products, and
closer integration of the industry have reduced processing costs. At the present time, the major products of processing are citrus juices, canned, concentrated, or dried, and segments, canned or frozen.
Byproducts include cattle feed from pulp, citrus molasses, alcohol, citrus oils, ascorbic acid, yeast,
pectin, marmalades, jellies, and preserved peel.
The development of the processing industry
in Texas has generally paralleled that of the
United States. Only 1.6 million pounds of Texas
citrus, or about one per cent of the crop, were
processed in 1929-30, while 877.4 million
pounds, or 37 per cent, of the crop was disposed
of in this manner in 1945-46. Grapefruit juice
and canned grapefruit segments are the major
products of the Texas industry j cattle feed and
citrus molasses, the main byproducts.
MARKET DISPOSAL OF TEXAS CITRUS
Discussion of outlets for citrus fruits must
include consideration of citrus exports. Only a
very limited volume of the world's citrus production enters into world trade, but a new outlet
for even a small portion of the crop may be of
great benefit in solving the problem of temporary
SOUO<CE'US.O<""'"'" """"ULT"''' 'u
surpluses and in stabilizing prices. Never in the
past has more than 10 per cent of the United States crop been exported. The United Kingdom, Canada,
and northern Europe received the bulk of the American shipments prior to the war. During the war,
trade with Europe was curtailed, and in spite of increased shipments to Canada, the volume of citrus
exports declined sharply. Some renewal of export trade has occurred during the past two seasons, but
the volume going abroad is still small.
Prices
Prices received for citrus are affected not only by the size of the crop produced and by competition from other fruits but also by changes in consumer incomes. The movements of these variables
have resulted in wide fluctuations in prices. When incomes were high and production fairly stable
during the Twenties, citrus prices were maintained at profitable levels, and prices received by Texas
procJ..ucers reached a record high in 1929. Thereafter, increased production and a decline in business
activity and consumer incomes caused a sharp fall in prices. They recovered somewhat during the
middle Thirties, but sharply rising production and some decline in consumer incomes drove them
down again to a new record low in the period immediately preceding the war. In 1938, Texas citrus
growers received an average of only 28 cents per box for grapefruit and 66 cents for oranges. During
the war years, increased demand due to huge Government purchases, greatly expanded consumer
incomes, and shortages of both domestic and imported competitive fruits more than offset the effects
of continued expansion in production. As a result, prices received by growers for citrus rose again
to very high levels, reaching a post-World War II peak in October 1946. Shortly afterward, the
prospect of a new record volume of production for the 1946-47 season, the accumulation of large
stores of processed fruits in stock, increased competition from other fruits, and the withdrawal of
Government purchasing agents from the market caused prices to fall sharply.
Possible Future Developments
It is possible to estimate the future production of existing citrus groves by determining the age of
existing orchards, the average yield of various age groups, and the productive life of the trees. On
the basis of such data, the United States D epartment of Agriculture has made 25 -year estimates for
all citrus producing areas. Assuming that cultural practices now in existence will be followed in the
MONTHLY BUSINESS REVIEW
IH
future, the Department anticipates that production of citrus in the United States will continue to
move upward even if only the 1944 acreage is maintained. An increase is forecast for all major producing areas in the years ahead, and by 1969 production from the 1944 acreage is expected to be above
the record crops of recent years, as shown in the table which follows.
The estimates of the Department of AgriculESTIMATED PRODUCTION OF CITRUS- 1969*
ture may understate the potential supply if im- - - Grapefruit
Ornnges-,,--proved cultural methods are widely adopted or if
Range of
Range of
{)roductive
Range of total
productive
Range of total
the acreage devoted to production should continue
hfe of trees
p'rotluction
life of tr0e8
r.roduction
Region
(years)
(rmllious of Ibs.)
(years)
(lnilliollS of Ibs.)
to increase. Improved practices already known in Texas ... ... .. 30-50 1,214-2,262 50-70
661- 662
regard to irrigation, drainage, fertilization, culti- Florida. ... . . 70-90 3,492-3,543 70-90 7,080- 7,170
209- 238
70-90
3,894- 4,304
California .. .. 50-70
vation, and insect and disease control would in- Ot her .. .. .. ..
236- 240
9099
5,151-0,283
ll,725-12,235
crease production if generally followed. Besides, a United States .
' Estimate based on assumption Lhat 1944 citrus acreage will
considerable acreage suitable for citrus culture ex- be maintained by new plantlllgs as old trees are removed and that
ists in each important producing area which could cultural practices will bc unchanged.
SOURCE: Readjustments in Processing and Marketing Citrus
be utilized to expand the acres in groves. On the Fruits,
United States Department of Agri culture, Bureau of Agriother hand, the estimates may overstate the poten- cultural Economics.
tial supply. If prices of citrus products should fall
sharply relative to the prices of other commodities and so reduce the profitableness of citrus farming,
production might be restricted. Yields might be substantially reduced because of severe insect or
disease infestations, unusual variations in climatic conditions, or changes in the productive capacity
of the soil. The estimates, therefore, cannot be taken as a final and accurate forecast of production in
the years ahead. They do suggest, however, that a further upward movement in production may
occur even if the acreage in citrus is not increased, and they emphasize that any appraisal of prospects
for the industry must take into account the substantially larger supply which may exist.
The prospect of a further increase in supply and the slackening of demand following the close of
the war cause attention to focus upon the prospective market outlets for citrus. The extent to which
existing markets can be expanded is determined by a great number of related factors. Potential consumer demand for citrus in the years ahead is very closely related to the growth of population, to the
level of national income and the volume of foreign trade, to the competition of substitute fruits and
other foods, both domestic and foreign, and to the extent to which such competition can be offset by
the citrus industry through advertising and through the marketing of a better quality and more
desirable product at a reasonable price. The division of the market among various producing areas
depends upon the access of each area to the great consumer centers at home and abroad as determined
by transportation costs, upon the ability of the producers of an area through cooperative action,
advertising, or other means to establish consumer preference for their product, and upon the ability of
producers to reduce production and marketing costs. These factors may have little significance to the
industry when the demand for its product is so great that the entire supply can be moved easily at
high prices. They are very important, however, in periods like the present when supply threatens to
become a depressing influence on the price.
The citrus industry can do little or nothing to affect the level of national income or the growth
of population, although these factors will determine the extent of the market for all consumer goods,
including citrus fruits. Within this framework, however, the citrus industry can take effective action
to secure as large a portion of the market as possible for citrus and citrus products. It may be possible
to expand the market for citrus frult by creating a stronger consumer preference for such fruits
through continuation and expansion of the advertising prq;ram, conducted at present by several
segments of the industry and designed to acquaint the public with the value and possible uses of citrus
fruit. Perhaps the most effective line of action in expanding the market, however, lies in the direction
of improving the citrus product offered the public and in reducing its delivered cost. It is believed
that such action , involving careful study and adjustments, both in the field of production and in the
field of marketing, would enable the industry to increase substantially the volume of citrus consumption. Reduction of costs in these fields would lower the retail price of the fruit to consumers,
l20
MONTHLY BUSINESS REVIEW
thus making it available to a larger group of low-income families. Improvement in the quality of the
fruit offered for sale and development of specialized citrus products to appeal to particular segments
of the market would aid also in improving the competitive position of citrus relative to that of other
fruits. Select fruit grown to large size for discriminating purchasers and specially packaged fruit for
the gift trade would provide a small additional outlet and also give producers an opportunity to
acquaint the buying public with the quality of fruit obtainable from each citrus-growing area.
Marketing costs, which are estimated to account for about 65 per cent of each dollar the consumer
spends for citrus, appear to offer the greatest opportunity for lowering the retail price to the consumer. Costs have risen substantially all along the line in the marketing process, as a result of rising
costs of labor, higher prices of packing materials, and other increases which have contributed to raising
the total costs of marketing. Possibilities of reducing handling costs may lie mainly in the development
of labor-saving machinery. An expansion of machine filling of bags and discontinuance of wraps offer
some possibilities for reducing marketing costs. More efficient plant layouts and increased efficiency
through centralized packing facilities and integration of operation, as well as economies resulting from
an increased volume of activities would aid also in reducing the costs. In the field of transportation,
where fast but low-cost transit is required, the use of overhead bunker cars, standardization of car
sizes, half-stage icing grates which make it possible to increase the gross load of freight cars, the use
of dry ice or iceless refrigerator cars, and other improved rail facilities may lower costs somewhat and
result in an improvement in the quality or reduction in the price of fruit delivered to the consumer.
The more extensive use of fast ships might aid in reducing transportation costs generally and at the
same time enable such areas as the Valley of Texas to secure a reduction in freight rates to markets
served by both ship and rail lines. Modernization of terminal marketing facilities would decrease rental,
depreciation, handling, cartage, spoilage, and waste.
Under the present system of marketing with its three levels of distribution, control of the rate
of movement of fruit into the terminal markets could aid in reducing violent price fluctuations. If
these fluctuations were eliminated or reduced, the risk involved in the marketing of fruit and the
margin of profit required by middlemen could likewise be reduced, thus lowering the price to the
retailer and the consumer. Marketing agreements, which aid in controlling the flow of fruit to market,
are in effect in several citrus-producing areas at the present time and have enabled the producers of
those areas to market their product in a more orderly manner. An extension of this program to cover
the entire industry and a coordination of shipments from the various areas might benefit the industry
and aid in reducing marketing costs.
This program might also be expanded to control not only the rate of flow of fresh fruit to
market but also to control the entire volume of fruit marketed in fresh form during the season. If
such procedure were followed, however, provision would have to be made for the disposal of the fruit
withheld from the fresh market. This might be accomplished by diverting a larger portion of the
supply to processing plants or to the foreign market. The successful operation of such a program would
require the cooperation of all citrus growers of all commercial producing areas. It would, moveover,
present many administrative difficulties which might make its operation impractical.
In addition to reducing the costs of marketing as a means of lowering retail prices and expanding
the market for citrus, efforts might be made to reduce the production costs of the fruit in all areas. If
the producers in one area fall behind those of other areas in their efforts to reduce their costs of production, they may be squeezed from the market by competing growers who are able to reduce their
costs and offer their product for sale at a lower price. It is important, therefore, if the citrus industry
in Texas is to be expanded or even maintained, that growers make every effort to keep abreast of
their competitors in reducing costs of production. The success of such efforts may require more
extensive research in the field of citrus production to develop new and more efficient techniques.
However, on the basis of existing knowledge, some adjustments have been proposed by citrus
people in the Valley and elsewhere which may aid in reducing production costs in the State. Wider
adoption of improved cultural practices, which will control weeds and other growth in orchards but
MONTHLY BUSINESS REVIEW
121
at the same time not disturb the root system of the tree, would aid in increasing yields and lowering
the cost per unit of output. More efficient use of fertilizers, including both improved methods of
applIcation and new types of fertilizers, would also aid in increasing the efficiency of the Texas industry.
More effective methods of insect and disease control need to be developed, but some improved methods
of control already being practiced in other areas might be established successfully in Texas. Improvements in the drainage and irrigation system in the citrus-producing area of the State also would help to
reduce costs of production by lengthening the productive life of groves. By providing adequate drainage outlets for the area, it would be possible to lower the water table on each individual tract of land,
which, in turn, would make it possible to wash out the mineral or salt accumulation in the upper
surface of the soil which has caused the decline and extinction of many groves. The demand for irrigation water also should be reduced as the condition of the soil is improved and it is no longer necessary
to use such large amounts of water to prevent injury to the trees from a high salt concentration around
the roots. The construction of improved irrigation facilities also may reduce the mineral concentration
in the irrigation water used on the land, . for evaporation, which now tends to increase this concentration, would be reduced.
.
A combination of these measures-improved cultural practices and the establishment of an
adequate drainage and irrigation system-could aid materially in reducing the cost of production in
the Valley. Producers in this area would then be able to maintain or better their competitive position
relative to citrus producers in Florida or California.
Future developments in foreign trade also will be of vital importance to the citrus industry in
expanding the market for its products. Currently, there are two factors which may be expected to
exert an adverse influence on citrus exports; namely, the shortage of American dollars abroad and the
rejuvenation of citrus groves in competing areas of Eastern Hemisphere countries. In regard to the
first of these factors, there is not much that the citrus industry can do by its own efforts, but in regard
to the second, it may be possible for the industry to meet foreign competition to some extent by supplying a better product at a competitive price. Any success which may be achieved by the nations of the
world in the broad program of reducing barriers to international trade will have a beneficial effect on
the effort to expand the foreign market for citrus.
The long-run prospects of the citrus industry appear fairly favorable if a high level of economic
activity can be maintained and a substantial volume of citrus fruit moved abroad. It is generally agreed
by men in the industry that a substantial expansion in the market for citrus can be brought about if
the improved production and marketing practices above enumerated can be successfully put into
effect. The expected growth in population, even though not very great, will result in some increase in
domestic consumption of both fresh and processed citrus. Per capita consumption also may increase
substantially if the price of citrus can be maintained at a low level relative to the price of competing
fruits. Although it is not expected that processing plants can continue to expand their output in the
years just ahead at the rate achieved during the war years when the demand for their production was
greatly in excess of the average peacetime demand, nevertheless, in the long view it is believed that a
further expansion in the market for the processed fruit may be achieved if new products are developed,
processing techniques improved, and greater public acceptance gained for the processed products.
The expansion of domestic and foreign markets for citrus to the point where the increased supply
in prospect can be absorbed at profitable prices will require considerable time, however, and before the
expansion occurs, burdensome surpluses may develop which will depress prices. If this should occur,
competition between the various producing areas in this country would become stronger. Inefficient
operators would, undoubtedly, be squeezed, and many marginal groves might be forced out of production. However, those producers, both in Texas and in other areas, who are successful in their efforts
to increase yields and lower costs through the establishment of improved cultural and marketing
methods would be able to maintain their groves and would be in position to expand production when
wider markets and better prices exist.
122
MONTHLY BUSINESS REVIEW
Review of Business. Industrial. Agricultural. and Financial Conditions
ANNOUNCEMENT
Statistical Series on Bank Debits
A 16-page supplement to this issue of the MONTHLY BUSINESS REVIEW pre.le1lts statistics of ba1lk debits, e1ldof-molttb deposits, mId anml.l rate of turnover of deposits by m01lths from j1l1le 1942 through jU1Ie 1947 for
tWC1/ty-jour principal cities in the Eleventh Federal , Reserve District. This ml,pleme1lt is available from tbe
Research De/lllrtmen! of the Federal Reserve Ba1lk of Dalias "pon the request of anyane interested i1l the uses
which may be made of s1lch data as indicators of levels and tre1lds of business activity i1l important local centers
in tbis district. The series will be kellt current thra-ugh the medium of a monthly table to be carried ilt the Fina1>ce
Section of the MONTHLY BUSINESS REVIEW.
DISTRICT SUMMARY
Harvest ing of the greatest wheat crop in the history of Texas
was completed during June and July. Acreages for harvest of
other important grain crops, except rice, are somewhat less
than those of last year, according to July 1 estimates of the
United States Department of Agriculture. Texas cotton acreage in cultivation this year is about one-third larger than the
small acreage harvested last year, and the condition of the crop
in most parts of the State and in north Louisiana at mid-July
was generally good.
Reflecting the slowing down which has been in progress for
several months in the volume of spending for most soft goods
at district department stores, total sales of these stores in June
declined somewhat more than seasonally from May, and, for
the first time since August 1942, fell below the total for the
same month of the preceding year. A sharp rise during June in
orders outstanding suggests, however, that fears of a fall recession in business may have subsided somewhat and that inventories have been reduced to a point which justifies moderate replenishment of stocks.
Nonagricultural employment in Texas and the Eleventh
District at the beginning of summer in manufacturing, construction, and service industries approximated the postwar
peak attained in September 1946. Although the value of new
contract awards for construction was below that of a year ago,
employment on construction projects in Tex", during June was
more than 25 per cent greater than in the same period last
year. Seasonal gains in the number of workers engaged in agriculture further expanded the total of persons gainfully employed in this district. Daily average production of crude oil in
the district, as in the nation, reached a new peak in July, and
revised allow abies established on July 10 for Texas fields during
July and August indicate that district production will continue
to rise for the remainder of the summer.
Conditions underlying this development deserve examination, since there is little or no evidence of a similar trend in the
notal volume of consumer expenditures. The most recent indexes available indicate that during the first half of 1947 total
retail sales in the nation and in this district showed a greater
increase than department store sales over the respective totals
of a year ago. Automotive, building supply, home appliance, and
food stores, particularly, appear to have been the beneficiaries
of current trends in consumer spending. Doubtless the sharp
increases which have occurred in recent months in the prices of
WHOLESALE AND RETAIL TRADE
Number
of
reporting
Retail trade:
6ma
Department stores:
48
Tot.allith Di!lt.....
4
~tl:~ ~.h.~~: ::::
7
4
Fort Worth .. ..... .
7
Hol1.!ton ..... ..... .
San Antonio . ..... .
6
Shreveport. La ... . .
1~
Other citie! . ... ... .
ReLaii fumit ure:
Total 11th Disl......9
Dall..............
•
EI Paso.... .......
3
Houston. . .. . ......
8
Port Arthur.......
San Antonio.......
3
4:
STATISTIr~
Percent '\gll!=-ee~h~.n~.:..
~i"==s;t;k*==
;:===:=}~
Net salesStol'ks l
June 10'7 (rom
June
May
1946
1947
- 1
- 20
- 9
- 2'
- 6
- 22
- 21
+ 2
- 18
- I
- 21
J tn. 1 to
JUD J 30,1947
(fIlm
1940
+ 6
+9
+1
+7
+'2
+9
~
+•
::
June 1947 from
June
May
1046
19' 7
+19
- 6
-H7
- 7
+10
- 9
-H I
- I
+19
- 7
+2
- 2
::t:'1
=,~
+ 7
- 9
- 18
- 18
+61
+66
+26
-
2
-
-
-
8
- 3
+ 9
+7
+26
-H6
+
+3i
1
5
6
7
':":'3
-
2
+1
Wholesale trade:·
Automotive supplies
3
- 3
No Chg.
- 5
Groceries...... ...
22
+ 15
+3
...L IS
+ 33
- 9
Hardware. . . . . ....
8
+23
+3
+27
+ 80
- 2
Tobacco Ii: products.
6
+2 1
- t
+ I~
- 15
·Compiled hy Un ited States Dureau of Census. WholeA,''lie trade figures preliminar)'.
tStocks at eod of month .
tCbange Jesa than one-half of one per <'tmt.
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Daily avet8~ salea--(I035-1G3{l-lOO)
U nad.i usted·
Adjusted
May
April
M ay
June
June
April
1947
19.7
1946
1947
1947
1947
366
3.7
310r
362
379
377
306,
343
326
352
365
354
370
346
322r
376
386
360
June
Ul47
BUSINESS
District . . ...
Dallaa ..... _
Sales during June of Eleventh District department stores,
declining somewhat more than seasonally, showed a drop of
20 per cent from the total for the previous month and of one
per cent from that of the same month a year ago. This was the
first month since August 1942 in which sales fell below those
for the correspondin g month of the preceding year. Further
reflecting the slowing down in rate of consumer spending in
these stores, cumulative sales for the firs t six months of this
year exceeded those for the corresponding period in 1946 by
six per cent, as compared with an increase of J 0 per cent
during the first quarter of the year and of 28 per cent during
the first six months of 1946 over the corresponding months of
1945.
Houston .....
-
308
289
330
- June
-
Stoek.-(1035·1939 - 1(0)
UnadiuBted·'- - -- - Ma.v
}\priJ
June
June
1947
1947
1947
District...
298
316r
316r
·Unadjusted for teuoDai variatioD.
1946
246
1947
308
June
1946
31lS,
373r
371 r
AdjU8tro---,:----
May
1947
333 r
r-Revised.
April
1947
320 r
June
1946
254
many important food items largely account for the relatively
greater share of disposable individual income which is being
spent in food storrs. There is little reason to believe that there
has been a corresponding increase in the volume of food consumed. The increasing availability of important durable goods,
which were virtually absent from the retail market during the
128
MONTHLY BUSINESS REVIEW
war and for some months thereafter, appears to be the major
factor, and rising prices the minor one, in the sharp gains in
sales volume currently enjoyed by the vendors of automobiles,
home appliances, and building supplies. In their durable goods
departments, the department stores also are achieving comparable gains in curent sales over those of a year ago. Apparently,
therefore, it is the slowing doym in the rate of spending for
nondurables which has reduced the margain of increase in total
sales of department stores below that of retail stores as a whole.
Reported sales of retail furniture stores in June were nine
per cent less than in May and seven per cent greater than in June
of last year. The decline from the previous month was reflected
in both cash and instalment salcs, but the increase in total sales
over June of last year was due to a rise in the volume of instalment sales which more than offset a drop of 19 per cent in cash
transactions. Ratios of cash and instalment sales to total sales
were 17 and 83 per cent, respectively, the same as for the three
preceding months, as compared with 23 and 77 per cent in June
a year ago.
Stocks of department stores at the end of June were six per
cent less than at the end of the previous month, and the yearto-year increase of 19 per cent was the lowest for any month
since June 1946. This development and a more than seasonal
rise of 57 per cent from May to June in orders outstanding suggest that clearances of slow-moving merchandise and tight inventory controls during recent months have reduced stocks to
a degree which warrants some replenishment of inventories.
The sharp increase in orders outstanding may indicate also a
lessening of apprehension as to a possible autumn recession in
business activity.
AGRICULTURE
The 1947 total acreage. of all crops f or harvest in Texas is
estimated to be about seven per cent above that harvested last
year, according to the July 1 crop report of the United States
Department of Agriculture. Increases in the acreages of wheat
and cotton, amounting to 3,500,000 acres, accounted for the
major part of the total increase. Also increased were the acreages of rye, flax, and rice. Offsetting some of these gains were
reductions in several crops, most important of which was a
decline of about 1,300,000 acres in grain sorghums. Throughout most of the Eleventh District, except in the southcentral
part of Texas, there was favorable weather during June and
the first part of July for the growth and harvesting of crops.
Some crops suffered from lack of moisture during early June,
but light to heavy rains fell over most of the crop-producing
areas and much of the range lands of the district about the
middle of the month. Thereafter, crops made rapid growth, but
surface moisture was being rapidly depleted by high temperatures at the middle of July. Grazing areas within the district
for the most part were continuing to supply range feed during
July.
The United States Department of Agriculture estimated the
cotton acreage in cultivation in Texas on July 1 this year at
8,365,000 acres. This estimate, which is approximately onethird greater than the 6,283,000 acres in cultivation on the
same date last year, is six per cent below the 10-year (1936-45)
average, but larger than for any other year since 1942. The
United States acreage was estimated at 21,389,000 acres, compared with 18,190,000 acres on the same date last year and a
10-year average of 24,517,000 acres. Plantings in all cottongrowing areas of Tellas have been expanded, with approximately
one-half of the increase over last year occurring in the High
Plains, where moisture supplies were very favorable for seeding
and germination. A very marked increase in the acreage of
cotton also occurred in the Lower Rio Grande Valley. Except
in scattered areas where rain was needed, the cotton crop made
good progress throughout the district during June and the first
part of July. Plant growth was generally satisfactory, and
increases in insect infestations were limited by the hot, dry
weather. At the end of June picking was under way in southern
Texas, but late plantings were in need of rain. By mid-July
some early cotton was blooming in northeast and northcentral
Texas, while in the High Plains and Low Rolling Plains of
Texas, the early crop was squaring, and late plantings were
making rapid growth. Cotton was holding up well in the
droughty southcentral area of Texas though some shedding
occurred. The condition and progress of the Louisiana cotton
crop is reported as good.
At mid-July, early corn was maturing rapidly, with good
yields in prospect over most of central and east Texas. Much
of the late corn needed rain and in the dry southcentral counties
had suffered considerable deterioration.
The 1947 Texas wheat crop was estimated on July 1 at 136,610,000 bushels, compared with 62,916,000 bushels harvested
last year and the 10-year average of 41,287.000 bushels. The
estimate of production was revised downward approximately
six million bushels from a month earlier on the basis of a lower
estimate of acreage. Estimate of average yield per acre remains
at 19.0 bushels, compared with an average yield per acre of
10.5 bushels last year and a 10-year average of 11.3 bushels.
Labor and equipment were generally adequate to harvest the
record crop, and harvesting was nearing completion in all wheat
areas of the State on July 1. Some difliculty was experienced in
storing and transporting the crop, and considerable quantities
of wheat had to be piled on the ground.
Grain sorghums for harvest in Texas were estimated on July
1 at 5,025,000 acres, or about 21 per cent below the acreage
harvested last year. Much of the reduction occurred in the High
Plains area, where cotton and wheat acreages were expanded
sharply. Harvest was well under way by the first of July in the
Coastal Bend area. In most counties of the important northwest
area, the crop has made very good grow th.
CROP ACREAGE-(I. thoUJa.d.)
States in Eleventh District e_
Fo, ~- Harvested - _ Fo,
~---Te:la5
~- Harvested - -
AVCr{\II:O
1936-45
8.937
Com.. ..................
4.538
Wheat.... ..............
3.598
C~to.t ..
.. .............
1946
6.283
3,236
5.992
harvest
11147
8.365
3,042
7.190
Oats ........... ... "....
1,426
1,653
1,488
BRCI.y..................
228
174
139
~r~'.'.::::::::::::::::::
_....................
Tame bay........... ....
Wild b.y......... .......
31~
41~
4~i
1,208
1,307
1,273
W
195
n
182
81
182
Averugo
1936-45
12.229
7.882
8.3781
1946
9;455
5.888
12,4371
harvest
1947
10.661
6.420
14.6041
2,929
3,000
2,922
6431
~~!
•
2,748
6171
4191
3971
1.0&11
1,o~1
3,049
3,129
•
6301
1,.
6331
Potatoes. Irish..... ......
52
53
44
132
124
101
Potatoes, sweet.... .. . . . ..
59
73
62
171 6
201&
1886
All sorJl;hum. except syrup .
6,481
7,101
6,61 7
8,874
9,271
7,350
Pcnnuts (alone). .........
682
840
823
766·
1,097"
1,120·
Cowpens {alone)... .. . . . . .
533
196
200
773 6
2966
288&
-Figures are combined totals for the fh'e states lying wholly or putly in the Eleventh
Federal Reserve DiBtric~: Texas, Arizona, Louisiana. New Mexico. nlHt Oklllhoffi8. tAcreage
in cultivation Jllly I. tArizolla. New Mexico Oklaboma. and Texns. §Ncw Mexico, Okla~
homa, and Te:uvI. -Louisiana nnd TUII8. bArizona. Oklahoma, and Tcx.us. 6Louisiana,
Okbboma, and Texaa. "Louisiana, Oklaboma, Texas. and New Mexico.
SOURCE: United States Department or Agriculturc.
Estimates of this year's acreage and production of other important crops, such as corn, oats, barley, rice, hay, Irish and
sweet pota toes, are shown in the accompanying tables.
Conditions in Texas continued favorable during June and
early July in most of the commercial truck crop areas having
growing crops. In these areas the harvest of cantaloupes, green
corn, potatoes, tomatoes, and watermelons made good progress.
124
MONTHLY BUSINESS REVIEW
Some midseason and late areas were badly in need of moisture,
but in scattered localities light showers and rains benefited the
late spring tomato crop and midseason cantaloupe and watermelon plantings. In the Laredo, Winter Garden, and Eagle Pass
district, planting of seed beds for early fall vegetables was well
along at mid-July, and preparation of land in all fall-crop areas
was active.
CROP PRODUCTJON-(ThomandB of bu'hels)
----TclCJ\8
Average
1036-45
Winter wheat
Corll.. ... ....
Ont. ..
Bade,.. . .......... ...
Tamchay. .....
Potatoes, Irish. ..
Potato~, sweet.
Ricc ..
....... .......
41,287
71,963
3~ , 236
States in Eleventh n istrict--
Estimated Average
July I, 1947 1935-46
62.916 ' 136,610
l 02,467t
55.012
53.236
124,624
194 6
36.366
31 ,248
3,913
2,610
2.572
1,1491.2631,200
4,009
5,883
4,400
4,828
6,570
5,,580
14,877
17,716
19,404
63,484
l1,617t
3,467
0.576
13,753 t
36.1201
Estimated
Jul.Y 1,1947
154,39.;t 259.066t
1946
98,502
65.022
8.00.\t
4,011
11,839
l',800t
40.3921 '
911,558
65.470
9.094t
4,174
fl,3oo
14,835t
42,542\
-Figures are combined t otals for the five states lyinp; wholly or partly in the Eleventh
Federa.l Reserve District: TeI&9, Arizona., lAuisiRnft, New Mexico, and Oklahoma. -In thousand.ll of ton.ll. t.'\ri !ona. New Mexico, Oklnhoma, and Texas. tlAuisiana, Oklahoma , and
T exa.ll. §Louwana nnd Texaa.
SOURCE : United States Department of Agriculture.
these two markets were less than in May, but far above those
of June 1946, when receipts of both cattle and hogs were light,
due to the disposition of farmers and ranchmen to withhold
their stock from market pending discontinuance of price controls at the end of that mon th. The movement of sheep incre.sed considerably during June of this year over that of the
previous month, but was far below the total for the same
period last year. For the first six months of 1947, cumulative
receipts of cattle and calves totaled 908,447 head, or 39 per
cent greater than for the same period last year. Hog receipts
for the first six months were 410 ,8 51 head, or 16 per cent above
those of the corresponding period in 1946. On th~ other hand,
sheep receipts of 1,267,664 head were 30 per cent below the
total for the same period last year.
LIVESTOCK RECEJPTB-(Number)
Cattle .. ... .
Calves .
Hop ..........•..
Sheep
Fruit crop prospects in Texas are moderately favorable. A
peach crop of 1,664,000 bushels, forecast on July 1, is slightly
above the 10-year average, but far below the 1941 peak of 2,475,000 bushels. The condition of Texas citrus at the beginning
of J llly was slightly above average for the season of year. Although rainfall has been short since spring, irrigation water has
been sufficient to keep the trees and fruit in good condition.
CASH FARM INCOME
Arizona ... .
Louisirma ...... .
New Mexico ..
Oklahoma . .
Texas ... .
(Thous:"lndt'! of dollars)
--Arril 194 7 - ----:c--,'Total receipt...- - - -R~ipts fromApril
April
Jan. 1 to April 30
Crnps Livl"Stock·
1947
1946
1947
1946
52,437
6,232
8,117
14,349
18.245
49,314
53.477
5fl,006
6,472
6,409
12,88 1
IMOO
29.169
26.409
808
8,082
9,790
8.106
147,696
t 2,569
23,073
35,642
19.883
8',378
378,818
30 1.788
33,155
07,359
130.514
99.659
Total.. . . . . . . . . . 69,236
143,940
203.176
164.393
658,63'
·Iucludes receipt!! from the sale of livestock and li\-~ock products.
SOURCE: United States Department of Agriculture.
519,078
Range and pasture feed began curing over most of the district in early June, but midmonth showers and rains started
new growth, except in a large area in southcentral 'fexas. In
that area cured grass is getting short because of continued dry
conditions. The mid-June rains assured summer range feed in
other Texas areas, especially the western plateau and eastern
Trans-Pecos sections and some southwestern and northern counties. During July there was considerable depletion of soil moisture on T exas ranges, due mainly to high temperatures. However, grass continued new growth in some north 'fexas and
coastal areas where widely scattered showers had fallen in the
early part of the month. R ange feed was becoming short in
southern New Mexico and Arizona at the beginning of July.
Livestock were generally holding earlier gains, even in areas
of dry range feed. Cattle and sheep were in above average condition in Texas on July 1 and were carrying good flesh in all
areas except in the southcentral counties, where drought conditions have caused some shrinkage. In Oklahoma, cattle continued in good condition, after making weight gains during
June. In New Mexico and Arizona cattle have held up well under drought conditions, but some shrinkage has occurred, and
in Arizona supplementary feeding has been required.
The movement of cattle and calves into the Fort Worth and
San Antonio markets in June was heavier than in May and considerably greater than in June of last year. Receipts of hogs at
---Fort Worth- - -- - , -Sail Antonio - - June
June
May
Ju ne
June
May
1947
1946
1947
1947
1946
1947
m ,923
64.683
90,899
42,408
23.39 1
3S,661
33,640
22,330
27,143
21.983
10.066
16,804
38,188
12, 196
51,708
5.475
4,002
6,067
401.016
54 6,520
356.764
72.834
114,849
66.784
COMPARATIVE T OP LIVESTOCK PRICES
(Dollars per hundred weight)
_ - -Fort Worth
May
June
June
194.7
1947
1946
Beef ,teers . . _...
$2550
117.35
126 .00
2250
16 .50
21.00
Stocker steen ...
26 ,00
Heifers and yearli~gs·.. : .:
25 .50
17.35
1950
18 .25
Butcher cows ..
1500
24 .00
Calves ...
2500
17.35
25 ,00
2.1 .00
Hogs .....
14 .65
25 .75
15 .50
IAmbs . .. ..... ......
2' ,00
San AntoniG--June
1947
124 .00
JUlie
May
1946
117.00
1947
S22.25
'22: 50
. i7 '00
' 2i :5O
14 .00
17 .00
14 .65
14 .25
17.50
23 .00
24.00
22.00
18.00
23 .50
24.75
21.50
The mid-June price report of the United States Department
of Agriculture indica ted tha t prices received by Texas farmers
made sharp but varied changes during the month then ending.
The most significant increase occurred in prices received for
meat animals, while moderate gains were registered by cotton,
corn, sweet potatoes, and grain sorghums. In contrast, local
market prices for wheat, oats, barley, hay, potatoes, and chickens
turned down sharply during the period. Prices received by farmers for most other commodities made litde change. Reports from
central commodity lTh1rkets around mid-July indicated that
the prices of cotton and corn had continued to rise, while the
price of whea t had declined moderately.
FINANCE
The Federal Reserve banks and the Board of Governors have
revised the weekly series of statistics reported by member banks
in leading cities for the purpose of increasing and improving
its coverage. In this district the revised series includes statistics
on 40 member banks in nine leading cities, as compared with the
old series, which included data on 30 banks in those same cities.
In each of the nine cities of the district the deposits of the reporting banks constitute between 90 per cent and 100 per cent
of the deposits of all member banks in the city.
Back data on the revised series for the Eleventh Federal Reserve District may be obtained from this bank for the period
July 3, 1946, to date; figures for each city included in the
series are available from April 2, 1947, to date. Weekly releases of the data may be ob tained upon request from the Research D epartment of the Federal Reserve Bank of Dallas.
During the four-week period between June 11 and July 9,
principal changes in the condition of member banks in leading
cities in the Eleventh District included an increase in total de-
125
MONTHLY BUSINESS REVIEW
posits of $28,842,000, an increase in loans and investments
totaling $7,993,000, and an increase in reserves with the Federal Reserve Bank amounting to $17,704,000. Declines of approximately $16,000,000 in net deposits adjusted and of about
$3,000,000 in United States Government deposits were offset
principally by an increase of more than $46,000,000 in interbank deposi ts, to account for most of the increase in total deposits referred to above.
Commercial, industrial, and agricultural loans, real estate
loans, and ''all other" loans reflected significant increases durin g the four-week period, while loans for carrying securities and
loans to banks declined. Most significant changes within the investment portfolio of the reporting member banks were a decline in holdings of United States Treasury bills totaling $18,300,000 and a substantially offsetting increase of $17,261,000
in holdings of United States Government bonds.
('O~DITION
STATI STICS OF WEeKLY REPORTING MEMOm B.INKS
IN LEADI NG CIT rES-Eleventh
}~ede ral
Reserve Dist.rict
GROPS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federal Reserve District
(Average of daily 6gures in thousands of dollars)
Combined total
Reserve city b.."nks
G,,,,,,
demand
Jun£'
June
FAhr:mry
1br£'h
'''I",iJ
1.33'
June
1945 .
1946 ..
1047
1947
IOj7
1047 ..
'947
... $4,299,715
4,957.846
.... 4.669.675
4.654.452
.... 4,617.549
· 4.600.179
· 4,649,262
Cou ntr}' banks
G,...
Groos
Time
dCllU\od
Time
demand
Time
$409.205 $2,189.248 $263,:;05 $2,110.467 $145,700
486.339 2,461,342 310,830 2.'196,504 175.500
514,396 2,218,66R 327,017 2.451,007 187.379
517,295 2,225,418 326,693 2.429.004 190.602
524.355 2,208,463 330,604 2.409.086 193.751
533,254 2,207.H6 33.\.540 2.392.733 197.705
040,001 2,234,857 338,685 2,414.405 201.316
During June, debits to individual accounts continued to
show substantial increases over the same month of last year,
:;ccording to figures received from most of the 24 reporting
cities. It is noticeable, however, that wide varia tions in the degree of increase are reflected in the data reported. On the other
hand, figures for 13 reporting centers reflect a decline in debirs
to individual accounts during June 1947, as compared with the
preceding month.
(Thousands of dol!ara)
July g,
1047
TotnlllXUlS /tnrl investments
. $2,087,3!i2
To\8.1100.n9. .. . . . . . . . . .. . . .. .... ..... •.......
822,371)
Commercial. in-illstrial. and I\f(riculturnllouns. . . .
to hrokef1l rind de.lel"" in securities .. . .
Other 1030018 (fir ptJretm"inR or cnrr)'illl( ~cl:rities.
Real estatf' loans. . .•
Loans to hanks . ... ..
All other lonn5 .....
1'01.31 invest.ments.....
U. S. Treasurr bills ........ ,.. . .. •.•.. •
U. R. Trea81lry certificntes or indebtedneas..
u.~. Treasur.v notes................ . . .
IT . S. Government bolld3 (inc\. gtd. obl.).
Other g~ouritiC8. . . .. . . . . . . .. .
Reserve3 with FC'(lora l Reserve ThlUk.
Ihtances with dome3lic banks........
Demand dep06it§-Adjusted·.. ... ..
Jfl.\IlS
~ti~~:l'~~t!'d~~e~~~~~i de~ft~~::
Int.erb.'lnk dopO'lit.~.
....
Borro..... ings from Frdernl Reserve Bank.
547 ,007
6.027
66.624
73,288
149
129.284
1,264.973
20.805
227.821
122,48g
707,090
0'1,160
470,840
283,447
1,742,472
3~:~~~
584,348
2,000
Julv 10,
1946
12,2'<0.130
730,973
June II,
1947
12,070.350
"32.236
538.740
7.179
70,890
72,026
994
126,174
1,263,347
30.106
230.360
116,719
780,429
96,733
453,136
277,797
1.758.643
378,188
11,048
538.315
0.514
, lO,103
52,340
301
105,380
l,c·tO,166
44,313
43 1.483
207.200
772,768
81,303
4fi1,476
202.510
1,075,315
340.867
244,srl3
625,720
None
~onc
Between June 15 and July 15, Fede r~l Reserve notes of this
bank in actual circulation incre.sed $1,53 5,000, thus extending the increase which was reflected during the preceding fourweek period. Actual circulation outstanding, however, on July
15, 1947, was almost $14 ,000,000 less than on the same date
of last year. Total earning assets of the Federal Reserve Bank of
Dallas showed an increase during the same period of about $30,500,000, with virtuall y all of the increase resulting from an
increase in holdings of United States Government securities.
OF THE
F~DERAL
RESF,ltvE BANK OF DALLAS
(Thousands of dollaf'8)
July 15,
]947
Total gold Cf'rti fi("Jte reserve ....... • . •
Diacounts for mcrnhr,ronk}l ...
Fore i~11 loons on Rold . ..... ..... . . ..•
U. S. Govcrmue,lt securities ........ .
ToW earnin ~ assets.........
. ...........•..
Member banka r~r...e depc;,lit!.
.
Federal Re3CtVC ~ o tes in ::.c:tual circulation
$-184,256
2,200
008
020,000
023,138
770,444
584,150
hly15,
1946
IIS9.860
None
3.140
915.382
019.222
71\0,]34
597.938
(Thousand, or dollars)
",fl.OI2
·Jnc1udes all dema.nd deposits other thull interbank and United States Government., Ics3
cash items reported u on hanel or in pl"OCe3l! or collection.
(,O~DITIO~
DEBITS TO INDIVIDUAL ACCOUNTS
JUlie 15,
1047
1181,062
100
'<00
8lH,730
S4J2,'jJO
i56,9;.i
576,6i5
Abilene ...
Amarillo.
Austin .... :::: .
Baaumont .....
Corpus Christi.
Corsicana.
Dallas .. . ... . ...
EIP... .. . .....
Fort Worth . ...
Galveston .....
Houston ......
lAredo .........
Lubbock .........
Mouroe, La .......
Port Arthllr ..
Roswell. N. M..
&111 Angelo
SllIl Antf)l1io ....
Shrc\'eport, 1.6... : .•.
Temrka/ln.* ..
Tucson, Ariz ....
'I'vler ... . . . ....
'Vnco ........
Wiohita Falls ...
J une
19j7
.. I 28.019
73,294
94,302
73.067
65.659
8.606
866.151
89.202
326.670
59.349
787,609
14.687
46.584
26.400
2,.797
11,612
26.510
218.488
110.304
20.627
48,401
31.483
42.781
48.794
Pctg.chnnge
over year
+20
+24
-2
+27
+ 1
+32
+13
+7
+28
+10
+17
- 3
+ 13
+20
+17
+10
+ 7
+ 5
+23
+2
+8
+ 6
+8
+25
May
1947
26,510
60,432
80.362
70,746
66.038
8. 186
820.408
07.440
278,422
00,595
787,727
10,678
48.587
2a,780
31,906
12,040
23,413
233,002
107,749
21,743
53,054
35,51S
41,428
44,122
Pctg.ehn.nge
over monL-b
+6
+6
+6
+ 3
- 2
+5
-2
-8
+ 17
- 2
-j
- 12
- 4
-
1
-7
- 4
+13
-8
+2
-5
- 9
- 11
+3
+11
Tot:II-21 ritioo ..
$3,071,891
+15
· $3.088.448 $2,696,270
+1
'(no.:iwhhj the fi~u~ nf town b.."\nks in TeX3.rk:mn., Ark:lll!\M, located in the Eiibth District
tChulIgc leo!! tllRU one-hulr of one per cent.
SAVINGS DEPOSITS
Reporting Danks-Eleventh Federal Resen'c Bank
June 30, 1947
Pcrcenta~e Chl\llge in
swing! eposits Crom
Number
Nwnbcr oi Amount of
reporting
8:lviug5
33VlOp;J
May 31,
June 30,
bank,
depositors
deposits
1946
ltl"7
BeaulDont . .
3
12,305 $ 7.010.020 - 10.6
- 0.7
133,520
79,lm.993 + 8.3
nMllaa .....
8
+1.3
33,;85
24,2t14,894
Et Paso .........
2
+ 6.0
+1.5
42,501
::15,064,728 + 6.9
Fort Wortb ... . . .
3
+1.3
22,614
21,382,4 17 + 5.0
Galveston . . .
4
+ 0.6
Houston ..... ... .. ..... .
8
105,053
70,932.539 - 0.7
+ 0.2
1,(x)6
I,RI2,702 -23.8
Lubbock ...•.
2
+ 0.7
6,36G
5,301.774 - 4.0
- 1.1
2
Port Artbur .. .
47,12R,856 + 7.4
38,812
Snn AnLouio ..... . ....•.•
5
+1.1
26,390.917 +1.5
Shreveport. U ...... . .. . .
3
32.756
+ 0.3
fl,726,721
Waco .... ....•.•......••
10,017
+ 1.0
3
+ 1.1
4,644,818 - 2.8
Wichita Falls ............
6,936
3
+ 1.0
63,375
54,570,254 + 7.0
All other . .• , .........•..
56
+ 0.7
Towl . . •......
The decline in the daily average of gross demand deposits of
the member banks in the district, which has been reflected
monthly for more than the past year, was reversed during June,
when the reported total showed an increase of $49,083,0 00 to
$4,649,262,000. The increase during June of this yeot was experienced by both reserve city and country banks, with the
former reporting an increase of $27,4 11,000 and the latter an
increase of $2 1,672 ,000. Time deposits of the member banks in
the district also increased d uring June, "'ith the amount of increase about evenly distributed between reserve city and country banks.
June
1046
23,394
59,186
96.296
57.355
65,Q3.\
6,528
713,020
83.275
254.322
54.007
672.717
15.140
41,251
22.051
25,522
10.526
24.872
208.826
89.786
20,251
44,7i8
29,562
30,544
39,026
102
510,1 39
1387,4 tt ,21l3
+ 4.4
+ 0.8
A statement issued by the Federal Open Market Committee
of the Federal Reserve System for release on July 3, 1947,
terminated both the policy of buying all Treasury bills at a
fixed rate of % per cent per annum and also the repurchase
option privilege on Treasury bills. Under the new polic)', which
applies to bills issued on or after July 10, 1947, the Treasury
bill rate will be expected to find its level in the market in proper
relation to the yields on certificates of indebtedness. The Federal
Reserve System will continue to purchase and hold Treawry
bills, as well as other Government securities, in amounts deemed
126
MONTHLY BUSINESS REVIEW
necessary in the maintenance of an orderly Government security
market and the discharge of the System's responsibility with
regard to the general credit situation of the country.
The offering of T reasury bills dated July 10, the first issue
affected by the new policy, resulted in a range of competitive
bids from approximately 0.372 per cent per annum to 0.748 per
cent per annum, with the average price at 0.594 per cent. Bids
received for the July 17 issue resulted in an average rate of discount of approximately 0.737 per cent per annum, with the
range of accepted competitive bids extending from a discount
of 0.372 per cent to a discount of 0.752 per cent.
goods, women's apparel, coarse cotton textiles, woolens and
specialty items, has caused some minor cutbacks in plant operat ions. The seasonally adjusted index of industrial production
now is only slightly below the pos twar peak of 190 per cent of
NON-AGRICULTURAL EMPLOYMENT IN
TEXAS
MEMBER BANK RF,sERVES AND RELATED FACTORS
Eleventh Fcdcrnl Reserve District
(MillioOl of dollal'll
Changes in weeks ended
Cumulative cbaulru
41VMkA
July 9,
Federal Reserve Credit-
local .......... . ..... . .
I utcrdistrict commercial &
financial transactions .. . .
Treasury operations . .. . ..
Currency transaction•. ....
Ot*:i~r~\1:e~!h~ank ..
O ~b er
1947
+1.1
+ 5.9
+ 9.8
-
4 .2
lAD . 1 to
June 18,
ended
July 9,
- 3.3
1947
+ 3.0
1947
+ 1.6
-
+ 4. 1
-6.1
+ 3.6
- 4.3
+ 2.2
- 0.3
+ 3.1
+ 2.1
+ 6.6
+12. 7
- 6.0
-357.8
+310.9
+ 33 .7
+ 0 .8
-
-
+ 0 .3
+
July 2.
1947
June 25,
+ 0.8
-
2 .6
1947
0.4
Federal Reserve
0.1
July 9,
1947
0 .3
0 .4
Accounts.... .. . . . . . . . .
+ 0.5
+ 0.1 + 0 .6 + 1.0
Member Bank reserve
balances .... ... ....... + 12 .6
- 2.5
- 2.2
+ 7,9 +J5.8 - J2 . 1
Note: Amounts precoooo by a minull sign reduce ~rvce: thoec with a plL18 sign preC6dinl
add to reserVei.
New l\lember Bank
The Southwest National Bank of El Paso, Texas, a
newly organized instit1ltifm, opened for business fm July
14, 1947, as a member of the Federal Reserve System. This
bank has paid-in capital funds of $600,000, including
capital of $400,000, surplus of $150,000, and undivided
profits of $50,000. Its officers are: L. R. Allison, Chairman of the Board; W. E. Casteel, President; John W.
Cordts, Executive Vice President; Paul L. Key, Cashier;
and Norcop fJ M01men, Attorneys.
New Par Banks.
On July 1, 1947, the Fi1'St State Bank, Socorro, New
Mexico, a newly organized 1t01'11t/:mber bank, located in
the Elevmth Federal Reserve District, opened for business and was allded to tbe Federal Reserve Par List on
the same date. Tbis ba1'k. bas capital of $50,000, surplus
of $10,000, and unassigned funds of $2,500. Its officers
are: Ray Tierney, President, and Phillip J. Tier1ley, Cashier.
The South Fort Worth State Bank., Fort Worth, Texas,
a 1/"vly organized nonmember bank, located in the Eleventh Federal Reserve District, opmed for business on
July I, 1947, and was added to the Federal Reserve Par
List on that date. This bank has capital of $100,000,
surplll.s of $50,000, and nnallocated funds of $25,000.
Its officers are: Cleavps Rhea, President; L. N. Wile·mon,
Vice Presidetlt; W. B. Cay ce, ExeC1dive Vice President;
EvatlS JOltes, Cashier; and n. G. Jenkins, Assistant Cashier.
INDUSTRY
Total industrial activity contin ues near the high level reached
in the nation early this year, although weakening demand for
some products, including various off-brands of soft and hard
SOURC[ CEPARrll'.£HT OF I.A8OR.
8U"[~
r$ LABOA STATISTIC'
the 1935-1939 average attained last March. Employment in
manufacturing establishments has declined fractionally; but
total civilian employment in June is estimated by the United
States D epa rtment of Commerce to have risen to a record high
of slightly more than 60,000,000 persons.
Industrial employment in Texas and the Southwest al50 continues at a high level and may increase slightly, according to
estimates submitted by employers to State Employment Services in the region. The rising demand for petroleum products
and natural gas is stimulating pipe-line construction, intensifying record activity in exploratory and developmental drilling
programs, and accelerating refining operations. Although the
value of awards for construction in the district has fallen substantially since January, residential and nonresidential building
activity has not declined, and work on heavy construction has
increased. Employment on construction projects in Texas rose
~lANUFACTURING
EMPLOD1ENT-TEXAS
- - - N umber of employee! (in 1000'8)---
Prewa.r ·
All manufacturing industries .......... .
166.i
Food and lcindred products ......... . . .
Prnduct8 of petroleum and coal . . ..... .
Luwbcr and timber basic products ..... .
Printing, publishin(l'. and allied industries
AppRrelnnd othe.r Ibished textile
39.2
products .. ... ... .................. .
War+peakt
442.7
May 1946
299 .6
58.2
May 1947
324 .8
64.7
D.3
18 .3
~9 . 1
~~
D.~
12 .5
13.9
17 .3
HU
11 .8
Machinery (except electrical) .... ' . ... .
II.Q
22 . 1
Chcmica.la and allied products .... ..... .
Furniture and fini.sh ed lumber produetIJ .
9. 1
8. 8
28 .5
20 .•
11.7
21.7
29.1
17 .6
11 .0
D .I
30 .0
18 .0
11 .3
8.2
29 .7
3.5
6.9
8.6
16.3
3 .8
9.7
8.6
17 .3
3 .5
9.8
168.9
22.1
9.3
10 .3
27.1
9.8
11.9
Textile mill products and other fiber
manufactures . . . . . ... . . .... .
Tron, steel, a.nd their product.s . . .
Paper and paper products .. . . . .
Stone, cby, and glass producta . . . .. . . .
Transportation equi pment. (except auto-
mobiJes) . .. . .... . ..... . . ..... ..... .
Nonrerroull metals and their products ..
All other .. ,.
i .5
6. 5
2.2
6.4
1.6
O.S
•. 8
11.9
8.3
~.2
~.6
D.O
W .7
·"Prewar"-emp)oyment llS of October 1939, according to 16th Census of MaJlu£act.umJ.
t"War-peu" mployment during November 1943. the
of manufacturing employ..
ment in Texas. as reported by the Bureau of Labor Statistics.
peu
to about 98,000 in June, as compared with 94,000 the preceding month and 76,000 in June 1946. Employment in the various
manufacturing industries in the area has receded only slightly
from postwar peaks. About 325,000 persons were engaged in
manufacturing industries in Texas during June, as compared
127
MONTHLY BUSINESS REVIEW
"with 330,000 'at the postwar peak last December. Nonagricul:tural. employment in the State is estimated to have totaled
11,375,000 in June, or about 20,000 fewer persons than were
employed .at the postwar peak in September 1946.
_ As the .accompanying table presenting es timates of employ.roent indicates, the number of persons now engaged in manufacturing in TelCas is nearly double that in the fall of 1939.
Substantial .increases in every important manufacturing category have contributed to this growth. It is noteworthy, more, ,DOMESTIC CONSUMPTION ., ND STOCKS OF COTTO:-l-(B.I ..)
June
June
May - Aug. I to June 3()-""'1947
19-1 6
\1}47
Tbislk:tt.aon LMtseaJotl
Consumption at:
T.... milht ........... .. .
11,.96
16,5.19
12.437
1'8,145
182,038
United States milia ...... .
728.251
792.317
827.234 9,457,815
8,433.61»
U.S. ~---end of month:
In consuming estabm'tI!I ... 1,677,014
2,~I.U8
1.928.815
Public Itg. & compresses, . 1,229.8 17
5,370,624
1.835.991
over, that, in a number of manufacturing industries in the
State, employment is now above the peaks attained during the
·war. This is true not only of printing and publishing, stone,
Clay, and glass products, and other industries whose growth
during the war was limited by shortages of manpower or ma'terialS, but also of such industries as apparel manufacture, food
processing, and machinery manufacture whose wartime growth
,was great.
of July and August by 90,200 barrels daily above the total set
for July 1, thus raising it to the highest level of record. Approrimately 80 per cent of this increase was assigned to West
TelCas, the only major producing area in the State in which a
substantial increase could be granted without exceeding maximum efficiency rates. The allowable in New Mexico also is expected to be raised during July. Expansion of production in
West Texas and New Merico is being made possible primarily
by recprd tank car movements from those areas to Mid-Continent and Gulf Coast refineries.
The Building Materials Situation
Whether the building supplies industries would be able to
meet the demands placed 'lpon them has been an important consideration since the end of the war because of unusually heavy
demands for additional dwellings, commercial and institutional
buildirigs, and industrial fOcilities . Dllring 1944 and 1945, military construction declined abruptly from the peak reached early
in the war, and private construction was limited to a very small
volume by government restrictions . Nearly all producers of
building materials reduced operations during that period, and
BUILDING PERMITS
June 194T
COTTO:-lSEED AND COTTONSEED PRODUCTS
Ten.,
United Sl.I\tes-AugWJt I to June 30
August t to June 30
Thi8
8008011
This
season
Last "e:W)fi
Cottonseed received at mills
Lost.....,.
(to..) .... . . , ... . . . ........
567,987
608,913
629,280
692.745
3.004.571
3.014.943
3.101.802
3.218.642
(ton.) .... ............... . .
16.328
11,734
107.334
99.942
184.626
286. 131
135.430
207,760
299,032
329,647
161.692
2 19, 134
948,082
1,328.029
708,1127
US8,054
1.1lO3.579
1,416,495
773.339
U75.234
85.1
471
8,153
3.096
7.603
7,549
87.614
39.955
90.895
8,493
41.341
33,158
49.745
001_ crushed (loDl) . . . ..
Cottonseed OD hand June 30
Production of producta:
Crude oil (thousllnd Ibis.).
Cake and JReal (Lons)
Hulls (Lems) ......... . . .
Linters (running bales) .. .
Stoc.u on hand June 30:
Crude oil (thousand lba.) ..
Cake and meal (tons).
Hulb (to..) ...............
16.608
7.748
tinters (running bales) .....
13.087
SOURCE: United States Bureau of Census.
Daily average production of crude oil in the Eleventh District totaled 2,490,000 barrels in June and exceeded the alltime peak reached the preceding month by 64,000 barrels. Prodllction outside the district also established a new record high
in June, but the increase from May was less pronounced than
in this district. On July 1, the Texas Railroad Commission reduced the allowable of 75 fields along the Gulf Coast and in
CRUDE OIL PRODUCTION-(n...,cls)
lune 1947
Total
Dillriet
I...................
2 ..... ........... ...
a...... ... ....... ...
• .•..... . . . . . •......
5.. ........ .........
OIher
produ ction
650.300
4.992.900
14.81~ .000
7,424, 100
1,107.600
6...................
I(l,008,600
6 ...................
7b.......... . .....
7e ....... , ..... .....
S............. ......
9............. ......
10...................
3,479,900
1,182,200
1,169.800
16.816.290
4,226,700
2,628.000
Total TeIAS . ...... .... ..
New Mexico............
63,:>94.300
3, 194,860
Daily ",v~.
production
21.677
166.430
493.933
247.470
39.920
333.620
115.997
39.407
38,993
560.540
140.890
87,600
2,286,477
100,49:>
Increase or decrease in daily
3ve.age produttion (rom
MIlY 1947
+
601
+ 7.357
+ 9."US
+ 4, 172
+ 1.5S.
- 4.172
+ 3.570
+ 1.289
..L 2,227
-'-33,4<3
+ :3,2UI
+ 1,"7
+63,822
803
910
+63, 775
+
North Louisiana .. . ....
2,003,800
96,793
Total District..... ..
74.692.950
~,4 89, 765
78.244,450
2.608,148
+24,g4~
Outaide District......
Uoilod States. ......
152,937,400
5.097,913
+88,718
SOURCE : Estimated (rom American Petroleum Institute ""eckl}' reports.
June 1946
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A .
N.A.
N.A.
N.A.
:-I.A .
40,100
8,053
15,248
C4,36 1
+lOC, I 75
+164.536
+
+
+
+
other areas by a total of approximately 61,000 barrels daily to
bring allowables of these fields in line with recently estimated
maximum rates of efficient production. On July 10, however,
the Commission increased the state allowable for the remainder
/{o.
Abilene.' .........
Amarillo , .. " .. .. .
Austin ...........
Beaumont . . , ... ...
goJ~ ?~.~~~: :::
E1P...... . ... . . .
'Fort Worth .: . ....
Galvestoll ........
Houston ~ ........ ,
Lubbol(k .........
Port Art~ur ......
Sail Antonio . . ....
Shreveport, w .. ..
\Vaco .... .. . ... ..
Wichita Falls .. ...
Val~ation
72 I 229.370
2t3
953.135
271 1,201.460
414 .• 528,432
375 1.331.05.1
1.479 4.272.930
122
327.160
629 1.943,902
146
209.457
736 If.877.503
194 1.0;2.702
167
239.943
1,197 2,288,961
928.435
'1>7
171 1.069.550
437,110
88
- - - ---
Percentage
Percentage change Jan. 1 to June 30, 194 7 (lhn.n~e
valuatIOn
"aluation (rom
Valuation (rom 1946
June 19"6 May 1947 No.
564 I 2.357.543 -16
- 25
8
1,0.12 . 3.751.523 -15
+ 111
+ 48
8.937,410 - 5
- 28
3,109
9
1,940
2.376.725
+39
• + 143
+ 18
2,206
7,283.052
+39
+ 23
+77
8,019 24.217,070 - 9
+ 62
+14
738
3.313,620 +36
. - 49
+ 51
- 14
3.586 1l.540,915 -23
+ 24
746
1.192,514
9
+3
+ 5
3.961 32.948.002 -16
+269
+ 69
5.905,432 - 2
1,135
- 72
- .9
1.169.082 -10
881
8
+ 49
- 16
7.040 12.121.348 -15
+ 31
5.410,831
2,046
+ 1
+1V7
+ 3
3,8.10,644
816
+73
+164
+ 90
1.142,755 - j
410
-H86
+281
-
-
-
-
Total. ....... 6,711 '25.891~705
+ 51
tChange leas than one-half of one per cent.
+ 20
38.299 1127,518.466
-
8
the sudden termination of hostilities found most of them poorly
prepared to meet the extraordinarily heavy postwar demands.
At a time when govemment supervision of production and distribution was being discontinued in many other industries, the
disparity between total needs for most building materials and
the immediate capacity to produce them in needed volume led
to restoration and strengthening of controls over distribution
of many products essential in residential building and to limitations upon the volume and types of construction which could
be undertaken. At the same time, government subsidies for production of building materials for which the needs were greatest
were provided in an attempt to induce elCpansion of output.
Despite these attempts to equalize output with effective demand, shortages of virtually all building materials persisted
throughout \946. These shortages interrupted construction
schedules, prevented attainment of the high goals for residential
construction set by the Office of the Housing Expeditor, and
contributed to rising construction costs by inducing "blackmarket" pricing, and by magnifying labor cOSts through delays
on the job and forced use of substitute materials. By the fall
of 1946, however, output of most building materials had been
expanded to record peaks considerably above levels attained
prior to the war. Moreover, during the last months of 1946,
construction activity levelled off, partly in response to seasonal
influences, but also rellecting growing resistance to rising costs
of ronstruction. As a result, distribution channels, from which
building materials had been drained, gradually filled, and the
128
MONTHLY BUSINESS REVIEW
acute shortage of many materials eased, so that by midspring of
1947 material shortages ceased to be the primary limitation upon
initiation of construction.
PRODUCT!O)! OF SELECTED CONSTRUCTION MATERIALS, UN ITED STATES
(1039 monthly average- lOO)
- - - - Monthly avetl\p - - - April
1941
1946 II1t9l~r. ~~t4%tr. l~~?ir. 194i
Cornp::Jllitc ind ex- ...
132 .3
125.3
95.8
139.0
126.3
Lumber . . . .... ,
127.8
122.7
93.1
127.4
111.4
Hartwood R'){)ring
127 .3
58.2
49.6
74.3
85.8
Sortwood Plywood
..... ... ...
llri llk..... ........
Structurnl clay tile .. ...
CillYBCwerl?ipe
..
166.8
104 .3
105 .6
104:.4:
143 .2
102.8
119.1
100,0
125,0
78.15
91.8
72 . 2
159.6
113 .7
137.1
tlll.S
162.6
88.7
114.6
121. 1
Caat.irooe«:lIipipeandfittingst
109.7
108.1
90.0
139.4
164.5
174 ,2
GYp6um (i ncludmg hth)t. . ...
Cement.... ...............
A!:Iphl\l ~ roofing materialst. .. .
Fabricat.cc.1 structural steelt.. .
COIlCrcte reinforcing steelt ....
Wiro nn115 and st.a.plest . . .....
181 .1
134.3
114.4
HIS.5
134.3
145.3
130.3
110.6
164 .4
98.7
12S .3
92.1
75 .4
231 .8
161.3
164.3
IM.S
130.1
123.9
227 .0
131 .0
160.0
137.5
119.2
223 . 6
143 . I
173 .8
140 .0
128 . 2
188 . 3
128 . 3
160 .8
173.3
174.6
136.7
T,bo ... ... ... .............
Siuu .......
wva.toriCfJ ....... ......
Water closet. bowls . ...
Wllt erhcat.el'8 .... ..................
Rigitlst.eei conduits and fittingat .....
tShipmenta.
- 19 items.
132.4
92.0
123.0
115.4
144 .5
151.2
126.1
133.3
IHi.4t 210 .0
109.2t lbO.S
134.It 152 .5
247. "
183.2
]50 .0
211.6
160.8
265 .8
293 .6
21S.4 149.7
tMarch only.
95.4
198 .0
172 .8
153.8
160.7
66.3
8UI
138 . 2
130 .4
100.6
176.4
96.7
120 .2
113 .3
141. 4
N.A,
N .A.
N.A.
N.A.
261 .3
191.3
N.A.-Not availablt .
SOURCE: U. S. Department. of Commerce.
As the preceding table indicates, national production of principal building materials, except hardwood flooring, brick, and
some steel products, was at rates above those of prewar years
during the first four months of 1947, Output of many important building products declined in the nation during the winter
months from the very high levels attained last fall, but the declines probably were largely seasonal, and the upward trends
of production seem to have been resumed, Data concerning output of building materials in Texas and the Southwest are less
extensive, It appears, however, from estimates of employment in
establishments in the area producing brick, tile, mill work, and
PORTLAND CEMENT STATISTICS-TEXAS MILLS
(Thousands of oorrels)
P roduction
First. QUllrter 1039 .
First Quarter 1946. .
Last quarter 1946.
Fil1lt quarter 1947 ... .
1,743
2,527
2,492
2.810
889
914
1,007
1,013
. .......... .
J anllA.ty ......... .
February . ....... ..
.March .. . . ....... . .
April ......... ,' , . . , . . .
t End of period.
SOURCE: Bureau of Mines.
Sbipments
1,870
2,591
2,485
2,642
827
818
997
1,064
SLoon t
LUMBER PRODUCTION , SELECTED PERIODS
(Millions or board fcet)
t035-U)3t1 a.verage ..
1945 .. .
1946 ............. .
First Qnarter .... .
Second Qua.rter ... .
Third quarter .
FOtlrth quarter . .
1947
First quarter ..
23,302
27,951 t
36,0621
6,6561
9,2961
10,0061
9,1041
7,967
Southwest t
3,1;38
3,D23
4,131
709
1,044
1.2.13
1.125
As yet, however, no general "oversupply" of important building materials has developed even at prevailing high prices, In
some areas, temporary surpluses of rough grades of lumber have
occurred, with consequent sharp price declines, and the prices
of paints have shown some weakness, But although most building materials are becoming available in steadily increasing quantities, current output of many products, including mill work,
hardwood flooring, sheet metal items, and sewer pipe, still is
inadequate to meet the needs of all areas; and few, if any, products are in the easy supply which characterized the prewar situation, and which must again exist before materials of various
qualities and types are readily available at attractive prices, Consequently, building materials prices in general have not weakened, although alleviation of acute shortages apparently has
eased the upward pressures upon them, The composite index of
INDEXES OF WHOLESALE PRICES OF BUILDING MATERIALS, UNITED STATES
AU building mRteriala:
Brick and tile .. ...... .. "
Cement ....
(11126 - 100)
1946
1939
average
a.verage
132 . 6
00 . 5
122.9
91.4
IOU
91.3
93 . 2
178.4
82 .8
118 . 6
79 . 2
103.8
107.3
118.4
118.6
00 . 3
.
..............
Lumber .... ..... .............
Paint Rud paint materials . ....
Plumbing and he:\ting ...• , .
Structural &teet. .,
.
Other building material• . ..... ...
N.A.-Not &\"ailablc.
SOURCE: Bureau of Labor Statistics.
March
1947
177.6
132. 4
112.3
269.3
176 .1
117.9
127.7
H3.S
.4..pril
1947
178, 8
134.6
114.0
273.6
176.6
118.2
127.7
H3.7
May
1947
177.0
1!4.6
114 .0
269 .4
169.2
120.0
N.A.
N.A.
6.15
695
3i7
644
438
634
644
493
structural steel, that there has been little fluctuation of activity
at such plants during the past nine months, Production of Portland cement in Texas mills since the first of the year has been
maintained above former record highs for comparable periods.
Production of lumber in Texas and other southwestern states,
United Statei'!
Continued production of building materials near peak rates
at a time when construction activity has been levelling off and
showing some disposition to decline has caused apprehensions
among producers and dealers that inventories and current output might not be moved at present prices, Also, it has stimulated
speculation among analysts and patrons of the construction industry as to whether a decline in rna terials prices might occur
which would be sufficiently great to reduce construction costs
appreciably and thus induce a desirable increase in residential
and needed nonresidential buildings,
Texas
995
809
the wholesale prices of building materials continued to rise
until March of this year, when it was 96 ,1 per cent above the
1939 level and 42.1 per cent higher than in March 1946, Since
March of t his year, the index has changed very little, minor reductions in the prices of lumber and paint having been largely
offset by sligh t increases in brick, tile, and iron and steel products,
VALUE OF CONSTRUCTION CONTRACTS AWARDED
(Thousands of dollnrs)
J une
1947
June
1946
$ 54,288
ll.esidential . . . . . . . . . .
20,787
20,053
AU other.. . .. .. .. .. .
23,000
34,235
United Stateet-toLil
605,070
807,914
Residential.
209,458
332.248
All other.. ..........
395,612
475,666
'"37 states east of the Rocky Mountains.
SOURCE: F. W. Dodge Corporation.
Eleventh District- total.. .
S 44,687
MJt.v
1947
$ 5.1,803
17,844
35,959
674.657
2.14,085
420,572
Januflry
I to J une. 30
1947
$ 329,685
127,705
201,980
3,492,645
1946
$ 342,626
154,316
188,310
3,937,736
2,023,743
2,304,263
1,468,902
1,B33,473
1.17g
196
2M
364
334
976
t Reyi&ed.
·ArkanSM, Aritona. Louisialla, ~cw Merito, Oklahoma, and Tellal.
SOURCE: Civilian Production Administ.ration, and United States Dcpartmcllt of Agri.
cultu re,
although down seasonally from the high level attained la~ t fall,
thus far this year has been at a rate above the prewar (19351939) average, and considerably higher than during comparable periods in 1946 or prior years,
All types of construction except for amusement and recreational projects were freed from government controls July 1,
and this action, combined with liberalization of rent control and
a possible expansion in the amount of public works, may reverse
the recent downward trend in the value of construction awards
and lead to increased consumption of building supplies, If these
factors tend to sustain demand for the presen t large output of
building materials, they may offset the effects of resistance on
the part of many wou ld-be builders to the high costs of construction and thus forestall reduction in the demand for and
prices of building materials,
SUPPLEMENT
to the
MONTHLY
BUSINESS
REVIEW
of
the
FEDERAL
Volume 32
RESERVE
BANK
of
Dallas
Number 8
Dallas, Texas, August 1,1947
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF
TURNOVER OF DEPOSITS IN TWENTY -FOUR REPORTING CITIES
ELEVENTH FEDERAL RESERVE DISTRICT
In the Eleventh Federal Reserve District, statistics of bank debits have been collected since 1918,
when the Federal Reserve Board began to collect data to reveal more accurately the volume and trend
of check transactions at various clearing house centers throughout the country. In 1919 and continuing through 1922, bank debit data were obtained from 11 cities in the Eleventh Federal Reserve
District. Between 1923 and 1934, the number of reporting cities was raised to 18, where it remained
through 1941.
Until May 1942, figures of bank debits were collected as of each week ending Wednesday, and
monthly figures were derived from the weekly data. Beginning in that month, the collection of bank
debit figures weekly was discontinued, and, instead, monthly figures were collected and released.
At the same time, the number of cities reporting was increased to 24. Since then some additional banks,
but no more cities, have been added, to raise the current total to 103 banks supplying monthly debit
data. As of the year-end 1942 through 1946, those banks accounted for from 69 to 73 per cent of
the total deposits of the Eleventh Federal Reserve District. Since those banks also supply the Federal
Reserve Bank of Dallas with figures revealing end-of-month deposits less interbank deposits, it is
possible to compute the turnover of deposits for each of the 24 reporting cities.
The cities from which the data presented in this supplement were obtained include:
Tucson, Arizona
Roswell, New Mexico
Monroe, Louisiana
Shreveport, Louisiana
Abilene, Texas
Amarillo, Texas
Austin, Texas
Beaumont, Texas
Corpus Christi, Texas
Corsicana, Texas
Dallas, Texas
El Paso, Texas
Fort Worth, Texas
Galveston, Texas
Houston, Texas
Laredo, Texas
Lubbock, Texas
Port Arthur, Texas
San Angelo, Texas
San Antonio, Texas
T exarkana, Texas
T yler, Texas
Waco, Texas
W ichita Falls, Texas
In order that the data presented in this publication be of most usefulness, a clear explanation
of terms is desirable. The term "bank debits" as used in connection with this statistical series means
the charges made against depositors' demand and time accounts, both government and private, except
accounts of other banks and certified and officers' checks. The term "end-of-month deposits" means
the demand and time deposits at the end of the month, including certified and officers' checks outstanding but excluding deposits to the credit of banks. "Annual rate of turnover of deposits" means
the number of times commercial bank deposits as defined above turn over during a 12-month period,
or the number of times the average deposit dollar is used during a year.
Bank debits indicate the extent to which depositors are using the funds which they have deposited
in commercial banks; bank deposits reflect the amount of bank money in the hands of bank depositors;
turnover of deposits tends to reflect or indicate the flow of money into economic channels, and the
Note- Continuing data of the type contained in this supplement will be available each month in the Monthly Business Review
of the Federal Reserve Bank of Dallas.
trend of deposit turnover reflects changing economic or financial developments which are exerting
their influence to accelerate or to retard the flow.of .money.
As indicated previously, the bank debit figures and the end-of-month deposits reported in this
publication are submitted immediately after the end of the month to the Federal Reserve Bank of
Dallas by the banks in the 24 reporting cities. The al;111ual rate of turnover of deposits is computed
by this Federal Reserve Bank by dividing the bank debits for a given month by the average deposits
for that month and multiplying the quotient by 12. Average deposits for a given month are computed
-by averaging the end-of-month deposits for that month and the preceding month.
,The usefulness of bank debit and deposit turnover data as indicators of general business activity
results primarily from the importance of deposit currency as a medium of payment for business
transactions. Bank debit figures for a community tend to reflect a composite of that community's
[.'W:'<tge payments, 'retail and wholesale trade, servlce- fees, investment transfers, and most other transactions involving money settlements. So important is the use of bank checks in the settlement of
.business transactions that changes in business activity tend to be reflected by the changes in the
volume of check payments and, consequently, by bank debits.
Bank debits, of course, include payments for a variety of financial transactions, for property
transfers, arid other types of transactions which are not closely related to the production or distribution of goods and services in the area or which may not be factors in the level or rate of the area's
business activity. Also, bank debits reflect the volume of check transactions arising from all types
of deposits and not from a particular category of deposits; neither do they necessarily reflect activity
in a particular line or area of business activity. In view of these limitations, bank debit figures should
be used OIily as general indicators of economic or business activity unless adequate testing should
est~blish a satisfactory statistical relationship to specific business activities.
Bank debits, if properly used, may be of considerable value in indicating the trend of business
activity in local centers for which other statistical data and indexes are not readily obtainable. A large
part of available statistical materials pertains to national or to regional situations. In local areas or
small cities bank debits provide a valuable supplement to the scant data available for measuring the
course of business activity. In addition, in some cases these data may provide basic statistical material
through the use of which satisfactorily reliable measures of different factors of business activity may
be obtained. Bank debits also are often found to be valuable to business firms in planning sales programs, in considering the direction and extent of the expansion of business outlets, and in a number
of other similar ways. In a broader sense, bank debit data may be very useful as a component part
of a general index designed to measure the level and trend of business activity.
Since debits and turnover data reflect conditions relating to banking operations, they have useful
potentialities to bankers and banking authorities. For instance, the seasonal pattern and trend of debits
may indicate the relative volume of money payments likely to be demanded at various times during
the year, while the velocity of deposits may afford a better appraisal of deposit activity.
The velocity of deposits or deposit turnover, reflecting the number of times the average deposit
dollar is used during a given period, tends to indicate the attitude of the public toward holding or
spending available purchasing power. Also, to the extent that the public tends to spend more freely
during periods of high business activity than during other periods, the velocity of · deposits may be
related to the level of business activity.
A word of caution should be introduced at this point, however, because it does not follow from
the possible relationship of deposit turnover to business activity that a relatively low deposit velocity
must be associated with a low level of business. Business may be supported by steady and substantial
increases in the volume of bank deposits. Under that condition, if the increase in deposit currency
is large relative to the increase in bank debits, deposit turnover will decline even though business
activity may be well sustained. Such a possibility reflects the fact that the effective volume of purchasing power in the form of deposit currency is a function of the volume of deposits and their rate
of use. During. the war years, for example, although new record levels of business activity were being
reached each year, the trend of the turnover of deposits was steadily and rather sharply downward.
Figures for each of the 24 reporting cities in the Eleventh District reveal a downward trend of deposit
velocity, varying, it is true, in degree as between cities but, nevertheless, significant, from May 1942,
when this series of data was initiated, until late in the war period or, in some instances, early in the
postwar months when the trend began to reverse itself and move upward.
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
Twenty-four Reporting Cities-Eleventh Federal Reserve District
(Dollar figures in thousands)
Year and
Month
Debits During
P eriod
End of Month
Deposits
1942
June ...........•. . . . ... . •.•.•....... ... . ...
July ........... •. . .•.. . .. ...•. •.•.. •• ......
August ......... . ..... ..... .. .... .... . .... . .
September . . . .. . . . ..•..... . ... .. ...•. . ... . ..
October .... .. . . .... .. .. ... .... ....... .. . . . .
November ........ . . ... ........... . ........ .
December .... . ... . .......... . ..... . ....... .
1,431,157
1,493,662
1,517,042
1,561,444
1,788,275
1,649,641
2,001,417
1,277,806
1,326,4331,358,6591,435,931'
1,535,381'
1,587,443"
1,705,766
13.8'
13 .S13 .613.414.412.7"
14.7-
1943 ...........•. .. . . . . ...... .•. •.. ..... .. ...
January ..... . . ... . ........................ .
February .... . ......•.•. .............•.•....
March .. . ...... . .•.•. . ... . ....•.•... .. .. . ..
April ........................ .. ..•... ...... .
May .. .. .... . ..•.•.•. .. .......•.•. •.. . . . .. .
June ................. ... .... ... . .. .. .. . .. ..
July .. .. .. . ........... . ...... ... • . . .... . . ..
August. . . ......•.•.•....... .. ........ .. . . . .
September .. . .....•.... . .... .• ... •...... . . ..
October . ... . .. ..... ......... . .. ..... ...... .
November ... .. ...•.•......... . .. .. . .. . . . . ..
December ... ........ .... . ........... . .. .. . .
22,549,205
1,668,406
1,531,559
1,917,274
1,912,033
1,756,719
1,941,706
1,859,030
1,735,999
2,150,488
1,908,775
1,918,729
2,248,487
1,723,5481,740,418"
1,793,574'
1,852,783"
1,900,9501,888,382
1,946,444
1,955,989
2,036,607
2,140,211
2,142,792
2,138,892
11.611.6"
10.6"
13 . 1"
12.6.11. 3'
12.2'
11.6
10 .7
13.0
10.9
10 . 8
12 . 6
1944 .. . . ..... .. . . ........................ . .. .
January .. . ...... . .. . . ... • . . . .. . . ..... • ...•.
February ... .. •. . . ... . .... .• ........ ·.... . .. .
March ..... . ......... ... .. . ... .. . ..... .. .. .
25,272,432
2,020,084
2,005,434
2,088,949
1,965,639
2,007,291
2,291,213
2,050,853
1,999,325
2,093,949
2,092,102
2,124,260
2,533,333
2,168,894
2,227,082
2,202,255
2,195,704
2,240,271
2,402,055
2,415,938
2,467,525
2,408,830
2,435,752
2,504,704
2,666,578
10.7
11.3
10.9
11 . 3
10 . 7
10.9
.11.9
10 .2
9.8
10.3
10 . 3
10.3
11.8
27,266,973
2,384,674
2,002,277
2,349,245
2,094,508
2,272,781
2,544,050
2,190,848
2,078,557
2,053,940
2,199,495
2,354,316
2,742,282
2,632,064
2,647,882
2,725,732
2,773,276
2,831,202
3,066,392
3,013,814
3,037,736
3,024,755
3,112,238
3,218,068
3,433,305
10.8
9.1
10.4
9 .1
9 .7
10 .3
8.6
8.3
32,705,707
2,593,425
2,240,800
2,591,580
2,547,113
2,597,190
2,687,934
2,811,320
2,746,307
2,705,983
2,956,256
2,902,092
3,325,707
3,426,448
3,481,157
3,402,420
3,380,844
3,396,273
3,318,273
3,297,914
3,256,670
3,249,440
3,231,095
3,215,506
3,195,228
9.1
7 .8
9.0
9 .0
9.2
9 .6
10.2
10.1
10 .0
10.9
10.8
12 . 5
3,077,020
2,754,263
2,968,559
2,983,256
3,063,819
3,080,095
3,161,597
3,139,911
3,140,338
3,157,349
3,181,416
3,210,477
11.6
10.4
11 .4
11.4
11.6
tf:~1. . .·:: :::: :: ::::::::::: :: :::: :::::::::::
June .... .. . .. ..... .. . ... ......... ......... .
July .. . ........ . ... . . ...... . •. ....... . .....
August .... ..... ....... .................... .
September .... ....... . • . . .. . . . . ...... . ......
October ............. . . ....... . ..•. . . . . . ....
November ... . ..... . .. .. ... . ......... . ..... .
D ecember . .. . .... ...... .. ..... .... . . . . . . .. .
1945 ......... .. ... ......... . .. .. ..... . .. .. . ..
January ..... ..... . . .. . ... ..... ..•... . . . . . . .
F'cbruary .... . . .. . ........... ............ . . .
March .. . ... .. ....... . ... . .. . ....... .. .... .
April . . . .. ......•.•.•...... . .... . •. . . ... . ...
May ....... ........ . ... . .. . .. ..... . .... . .. .
June ........ . •.•. . . . . . . .. .• .•....... .. . . . . .
July .... . ... . ..• .... . . . .. .•..... .. ..... ....
~~:~be~·. : : : :: : : : : : : : : : : : : : : : : : : : : : : : : : : : :
October .......... .. .......•........... . •.•.
November . ............ ... .... . . . .. ....... . .
D ecember . .. ....... . .......... . ...... . ... ..
1946 .. . . . ...............•. . . ...........•... . .
January .. .... . . . . . . ... . . •......... . ..•.•...
February . .. . . •. ... ... .....•.......... . .. . •.
March ...... . .. ..... . .. ... .... ..... . ... . .. .
tf:~1. . . :: ::: :::::::::: :: ::::::::::::::: :: ::
Junc ....... . .. ...... .. . . .. . .. . ..... . .....•.
July ................ . ....... . . ... . . ....... .
August .. .. . ...............•... ... . . ... . ..• .
September ...... .. .. . . . ...... .... .. . . .. ... . .
October . . ........... . ... ... ..... . . ... ..... .
November . .... . .........•. . ..... . .. .. .. .. ..
December ... . . . ...... ...... .... . . . ... ..... .
1947
J anuary ....... . ...•.•... . ... . . ... . ...... . . .
February .... ... . ........ ... ..... ... . ...... .
March ........•... . ..... ..... • . •.•.........
April . ..... . ... . . . . ... . . .. .. . .. . . .. .. ... . .. .
May ... . ..... . ................. . .... . .. . .. .
June ............. . . . .•...... . ..... .. • . •. ...
"Estimated.
3
Annual Rate
of Turnover
9.2
R.2
8.6
8.9
9.8
9.8
11.5
BANK DEJlIT.S,END-OF.- MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
T;,cson, Arizona
Year .
'a nd
Month
Debits
During
Period
.
1942
June .......................•.....
July . .................. .... .. ....
August ........ ... ... . . ...........
September .................; .......
October . . . . ......................
November .............. . .........
December .. . ... ....... .. . ........
22,942
21,407
21,183
22,948
23,862
22,369
23,033
1943 : .. : ..... .. ........ ........ ... .
January .............•.......... . .
February .........................
Marcn' ..........................•
tf;~l::.-:: :: :: ::::::: :::: ::::: :: ::
June. __............•.•............
'l.~~tist·. :::::::::::::::::::~:.: :::: .
September ........ . . ..... ... .. . .. .
October .........•. . .... . .....•...
November ...... ...........•......
December ................ . ·.......'
1944: . : .... ................... . ... . .
S~~<::::::::::::::::: ;':':':::: ~
~;:..:':::::::::::::::::::::::::: :
JUIle .............................
July ..............•. • .. . . . .......
August . ....... .... ...... ..........
Sep.tomber .....•. . .......... .. •...
October . . ..... . ........ . .... .-, . .. .
November ........................
December .......... .... . .........
,
1945 .-:.:: ... ..... .... .. .... ... ... . . .
,
January ... . ... . . .. .... . . ... : .. . _-.
February ........ • . • .•..... .. .. . ..
March .. .... . ....................
~~::.-:::::::::::::::::: ::::::::
June ..... . ...... .. .. •. .... : .... ... .
July ........ . ..... . ...•.•........
AUgust .......... . . .. •..... : ....•.
September ........... • ... ...... .. .
October ...... .......•.• ......... '.
November ........... . ... . . : .. . .. .
December ........................
1946 . . . . .... .. ..... . ... . ... . .. . . . ..
January .........•...... . ... . .....
February ...... . ...•... ..... . . • .. .
Mar.ch ..............•............
tf;~:.·::::::::::::::::::: : ::::: ::
June ............ . ... _.......... . .
July ............. . ......... . .. . ..
August ...... . .............. . .....
September ...... . .................
October ..... . ... ........ ..... .. . .
November .........•.•........ . ...
December ...... . ...... . ...... . ...
1947
January ............. . .. . .. . .. . .. .
February ....... . .. . . ....... .. . ...
Marcb ....... . . .• . ..... . ........ .
U;~:::::::::::::::::::::: : : ' ::: :
June ........... ...... ..... .. '. . .. . .
End of
Month
Deposits
Roswell, New Mexico
Annual
Rate of
Debits
During
Turnover
Period
End of
Month
Deposits .
Turnover
Annual
Rate of
21,098
19,651
23,423 .
24,731
25,844
27,678
28,802
12.7
12.6
11.8
11.4
1l. 3
10.1
9.8
7,669
6,981
5,498
5,355
. 6,480
. 8,196
7,583 .
6,686
6,926
7,166
7,453
7,246
9,400
10,232
14.4
12.4
9.4
8.8
10.6
11.8
9.2
318,997
22,289
21,729
27,493
26,061
25,132
27,366
31,239
24,063
29,422
28,236
26,050
29,917
30,527
31,908
32,609
33,312
28,713
34,067
35,065
35,973
35,004
36,463
37,623
40,612
9.3
9.0
8.4
10.2
9.5
9 .7
10.4
10.8
8 .2
10 .0
9.5
8.4
9.1
92,978
7,300
6,122
8,345
8,136
. 7,078
7,163 .
7,315
6,949
8;107 .
. 8,117
8,937
9,409 ·
10,142
10,342
10,409
10,641
11,018
10,765
11,673
11,955
11,980
12,761
13,803
13,526 .
8. 0
8.6
7.2
9.6
9.2
7.8
7 .9
7.8
7. [
8.2
7.9
8.0
8.3
341.993
27,467
27,811
29,284
27,735
29,072
30,239
27,364
26,592
25,689
28,006
29,278
33,456
39,541
42,206
45,301
45,520
45,767
45,732
46,061
45,729
46,401
49, 141
45,294
46,810
7.6
8.3
8.2
8.0
7.3
7.7
7.9
7.2
7.0
6.7
7.1
7.4
8.8
104623
8,070
10;580
8,584
. 7,685
8,232
9,445
. 8;587
7,548
7,496
8,788
9,573
10,035
13,280
13,137
13,073
13,220
13,585
13,281
13,234
13.924
14A90
15,634 .
16,467
17,323
74
7.2
9 .6
7.9
7.0
7.3
8.4
7.8
6.7
6.4
7 .0
7.2
7.1
411,699
33,090
33,429
35,295
32,760
36,313
36,213
31,457
29,848
31,124
34,747
37,834
39,589
56,889
57,613
58,023
58,883
59,524
58,658
60,977
59,858
60,766
62,202
68,007
70,590
6.7
7 .7
7.0
7 .3
6.7
7.3
7 .3
6.4
5.9
6.2
6.8
7.0
6.8
113,041
9,630
7,797
9,444
8,660
9,280
9,550
8,407
8,691
8,285
9,914
11,616
11,767
16,350
16,250
16,006
16,507
16,293
17,128
17,665
18,050
18,235
19,129
20,162
20,429
6 .4
6.8
5 .8
7.1
6.4
6.8
6.8
5.8
5.9
5.5
6.4
7.1
7 .0
553,800
42,899
39,922
46,509
46,889
49,333
44,778
43,899
44, [04
45,755
49,396
48,531
51,785
72,825
75,048
75,034
75,457
76,021
73,505
73,988
72,822
75,428
76,704
77,927
78,762
7 .4
7.2
6.5
7.4
7.4
7.8
7 .2
7.2
7.2
7.4
7.8
7.6
7.9
144,999
12,171
10,571
12,849
11,424
11,353
10,526
11,426
10,848
12,100
14,240
13,462
14,029
19,653
19,429
18,800
19,096
18,773
18,530
18,377
. 18,506
19,139
19,994
20,745
19,802
7.5
7.3
6.5
8.0
7.2
7.2
6.7
7.4
7. [
7.7
8.8
7.9
8.3
46,566
43,894
54,316
52,047
53,054
48,401
79,186
80,287
80,166
80,568
79,381
77,624
7.1
6 .6
8.2
7.8
7.9
7.4
13,155
9,846
12,015
11,986
12,040
11,612
18,393
17,986
17,582
17,430
17,154
16,740
8.3
6.5
8 .2
8 .2
8.4
8.3
4
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Shreveport, Louisiana
Monroe, Louisiana
Year
and
Month
1942
June . . . ....... • .•.•. .. .. . . . . . . . . .
July . ... . . . ... • . •. • . . ...... .. • .. .
August .... . . .. . . . . •. ..... .. .. . ...
September .. . ....... . ... .. .. .. ... .
October . ...... • . . . ... . .... . .. • . • .
N ovember . .... •... .. ..... ....•...
December .. . .. . ... . ... . . ... .. ....
D ebits
During
Period
End of
Month
Deposits
Annual
Rate of
Turnover
Debits
Durin!
Perio
End of
Month
Deposits
Annual
Rate of
Turnover
15,097
14,016
14,345
17,284
18,298
17,572
18,544
15,970
16,12016,470
16,425 19,52221,11922,322
12 . 510.410 . 612 .6'
12 . 210 .310.2'
60,921
64,003
62,657
61,313
68,698
62,654
66,906
63,252
67,245
61,835
71,116
73,736
77,170
81,700
11.5
11 .8
11.6
11.0
11.4
10.0
10.1
202,589
17,012
13,786
17,104
16,992
15,376
17,851
14,488
15,051
21 ,027
18,380
16,410
19,112
22,39222,424*
22,210*
22,51522,435*
22,857
23,267
24,099
27,572
26,317
26,102
26,682
8.49.1'
7.4*
9 .2'
9.1'
8 . 2'
9.5'
7.6
7.6
9.7
8.2
7.6
8.6
847,623
68,960
55,855
70,704
69,669
72,214
69,259
64,554
64,467
84,857
70,323
70,974
85,787
77,553
79,364
81,451
91,094
91,708
87,997
91,870
94,877
98,574
100,720
101,497
99,474
9.3
10.4
8 .5
10 .6
9 .7
9.5
9 .2
8.6
8 .3
10.6
8.5
8.4
10.2
June . . . . ... .. .... • ... ... . . ... ... •
July . . .. . ... .. . .. . . .. •. . . .. . .. .. .
August ........ . . .. .• . • . ....... . .•
Septe mber . ... .. . . .... . . ..... .. . . .
October . ... ... . .. .. .. .. . . . . . .. . . .
November .. . . . .• . •.... ... ....... •
D ecember .. .. .... .. ... . . . . . .. . .. .
219,468
17,660
18,593
18,683
16,322
16,718
17,933
16,668
16,815
19,221
18,896
20,229
21,730
26,829
27,135
27,437
26,320
25,522
27,383
28,249
29,243
29,237
30,106
31,403
34,325
7.7
7.9
8.3
8.2
7.3
7.7
8 .2
7.2
7.0
7.9
7.7
7.9
7 .9
969,124
75,128
78,004
81,602
73,200
78,704
83,064
72,879
76,956
82,141
81,373
85,050
101,023
102,764
102,669
100,551
104,058
97,266
112,207
118,263
119,862
116,123
115,482
119,622
129,156
8.9
9.1
9 .6
8.6
9.4
9.5
7.6
7.8
8.4
8.4
8 .6
9.7
1945 .. ....... ..... ... . . .. . . .. . . . . ..
J anuary .. . . ... . .... . . .. . ...... . . .
) ;'ebruary .. .. . .. .. ........... .....
March ..... . . ..... . . . . . . . . ... . •. •
April. . . .... .. . .. . . . ......... • .. . .
May .. . . . . . . . . . . .... .. • . •. .......
June . . . .... .. .. . . . . ... .. . . . . • .• . •
July . ........ ....... .. ........ ...
August ..... . . . . . ....... . • . . . .....
September ..... . . . . ... .. .•.. . . . . . .
October . . . .. ......... . • . . . . . . . ...
November . .. . . .... • ....... .. .....
D ecember ... .. . .... . .... . . .. .....
231,651
21 ,869
17,106
18,973
15,959
18,697
17,951
16,170
16,936
18,549
22,727
22·,781
23,933
32,707
33,200
33,127
33,244
32,972
34,602
34,662
35,330
35,921
36, 489
39,025
42,715
6.6
7 .8
6.2
6 .8
5 .8
6.7
6.4
5.6
5 .8
6.2
7 .6
7.2
7.1
1,004,139
96,455
74,332
'84,828
84,792
88,583
88,754
72,297
74,895
76,547
79,439
88,089
95,128
120,307
125,592
123,735
128,745
132,751
135,772
134,196
140,645
136,895
139,724
143,258
149,892
7.5
9.2
7.2
8 .2
8.0
8.2
7.9
6.5
6.6
6.6
6.8
7.4
7.8
1946 .... .. ..... . • . ..•. • .• . .. . . ... ..
January . . ... . . . . .. .... ... .. . . . ...
F ebruary . . . . . ............. .. . . . . .
Marcb .. ... . . . .. .. .. . . .. . . . . . .. ..
308,193
26,299
21 ,941
24,738
22,472
24,560
22,051
25,244
26,604
24,443
29,130
29,828
30,883
41,273
41,787
40,635
41,394
40,704
40,131
39,341
38,100
38,451
38,669
37,940
40,016
7.7
7.6
6 .4
7 .2
6.6
7 .2
6.6
7.7
8 .3
7.7
9.1
9.4
9.5
1,172,386
92,571
76,932
93,074
86,752
93,707
89,786
92,017
99,132
115,274
108,738
103,374
121,029
148,748
151,030
148,934
148,936
154,302
149,042
147,619
147,725
144,578
145,653
145,267
145,295
7.9
7.4
6.1
7.4
7.0
7.4
7.1
7.4
8.0
9.5
9.0
8.5
10.0
32,431
26,312
27,885
25,310
26,789
26,450
36,709
37,955
36,213
36,360
36,341
38,669
10.2
8 .4
9 .0
8.4
8.9
8 .5
112,610
96,209
113,146
104,774
107,749
110,304
141,018
144,584
142,514
142,951
145,221
141,801
9.5
8.0
9.5
8.8
9.0
9.2
1943 . . : .. . . .. .. . ... . .... . . . .. • . . . . .
January . .. . . •.. . .. ... . .... .. . . ...
F ebruary ...... . ........ .. . . . . • . . .
March .. .. . . . ..... . .. . . • . •... . . ..
~;~...':: ::::: :::::::: ::: :::: ::: ::
June . . .... . . . ....... ... • . • . ......
July .... .... ... . . . ..... . . • .•.....
August ... . . ... . .......... .. .. ... .
September .. .... . . . . . . • .•.. .. . . . . .
October ... .... .... . • . .. . ... . .... .
Kovember . . ..... . . .... . ... .. . .. ..
December .. ..... . .. • . .. . . . . .. . ...
1944 . . ...... ..... ..... . .. .. .. .. .. ..
January ........... . .. • . •. . . . . . .. .
F ebruary . . . .. .. . . • . •.•. ... ...... .
March . .... .. . .. . .. • ... ... . . . . . . .
~:~.... :::::::: ::::: :: :::::: :::: ::
tf;~. . ::::::: ::::: :::: ::::::::: ::
June . .. .. . . . .... .. ....... . .. . ... .
July ... . .. . . .. . . . . . . . .. ... .. . . . . .
August . . . .. . .. • .•. . ... . ......•.. .
September ........... . .. . ... .. . .• .
October . . ...... . ...... . ....... . . .
November ..... . .•......... .. .. . • .
D ecember . . . ... . . ....... . .. .... ..
1947
J anuary ... . . . .. .. ......... . . . . . ..
F ebruary .. . ... . .. .. • . •. .. .. ... . ..
March .... .. . .. .. .... . . . . . . . .. ...
April. .. .... . .. . . . ... . ... . ........
May . . .. .. .... ... . .. . .. ... .. • . •. .
June . . . .. . ... .. .. . . ... .... ..•.. . .
*Estimated.
5
8.7
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO J UNE 1947
(Dollar figures in thousands)
Amarillo, Texas
Ab ilen e, T exas
Year
aild
Month
1942
J une . .. .. . . ... ... • . •. . .. . ... . ....
J ljly . . . . ...... . . . .. . . .. . . ... .. . . .
August ........... . ... .... ... . .... .
September .. . .... . .. . ...• . .... . ...
October ..... . ...... . .•.......... .
November ...... . .........•..... . .
December .... . .... . . .. . •.........
1943 .. . . . ....... . .. . ... •.. ... .. ....
J anuary . .. . ..........•.• . ...... . .
Fcbruary .. . ..... . . . . .•........ . ..
March ............. . .. . • . •..... . .
~f:~l. . :::::::::::::::::::::::::::
J une . .. ... .. . ... . .. . . .. • . . . . .... .
July ...... . ... . .. .. . . • .• . ........
August . . ..... . . . . . .....• . .... . ...
September . . .. . •.• . .. . .. .. ..... ...
October ...... . ...... . .... •. ......
November . ... . .........•.•.. . ....
December ..•. . . . . .... . ... • ... . .. .
1944 . ........ . .............. . . . .... .
~~~~7ry: ::::::::::::::::::::::::
March . . .. .. .. . ....•. .. . . ... . ....
~:;.... ::: ::::::::::::::::::::::::
J une . .............. •.•. ..... . ....
J uly .. . ....... . .. . . . ... .. •.•.. . ..
August ........... . . .. ..• . • . . .. . ..
September .............. . . • .... ...
October .......... . ... .. . .•.. . ....
November . . ........ . ...•........ .
Deoember .. .. ...... . . .. .. . .. .. . . .
1945 .. . .. . . . ... . ...... . .. .. . .. . .. . .
January . . . .. •. . .. . .....•.. .. ....
February ...... . . . .... .. •..
March .. ... .. . . , .•.•........ . . : . .
trit:·:: ::::::::::::::::::: :: :: ::
July . ..... . ...•.... . ...... . • . . . . .
August .. .. . . . . . .. .. . . .... . . . .... .
September .............. . ... .. ... .
October ......... . ...... . . . .•... . .
Kovember . . ....... . ..... . ..•.. . ..
December . . . .. . ...... . ...•.......
1946 . . ......... . .. . . . .. . .......... .
January ... . ..... . •. •. . .. ..... ... .
February .... . ..... . . . .... . . . .. . . .
March ..... . .. . ..•.•..... . ..... . .
tr:;. . ::::::: :: ::::::::::::::::::
June .... . . . . . .. .. ...... . . . ...... .
July .... .. .. . ......•. .. .. . . .. .. . .
August ...............•...... . . . . •
September ..........•. . . . .... . . ...
October . ...... . .. . . . .. . •. • . .. . . . .
Kovember ....... . ........ . ...... .
December . .. .....•. •. ..... . . . . . . .
1947
January ...... . ..... . .•......... ..
February .... . . . ......... . • .. .. . ..
March ...... . . . . . .. . .. . ...... . .. .
tr:;. ··::::::::::::::::::::::::::
J une .. .... . . . ..... . ........ .. . . . •
*Estimated.
Debits
During
Period
End of
Month
Deposits
Annual
Rate of
T urnover
Debits
During
Period
End of
Month
Deposits
Annual
Rate of
T urnover
13,163
14,174
13,841
14,977
20,843
17,478
18,406
13,303
13,915
16,115*
16,300*
16,684
18,209
19,276
12 .1 *
12 .5
11.0*
11.0'
15. 2*
12 .0
11 .8
31,346
40,532
42,616
,\5,714
44,938
45,305
44,749
25,202
28,256
30,768
33,798
36,015
;34,985
36,898
15.4
18. 2
17 .3
17.0
15 .5
15 .4
15.0
200,617
16,809
14,715
17,266
17,489
15,499
15.450
15;240
15,085
20,022
17,737
17,449
17,856
19,622
18,012
18,282
21,648
21,225
22,274
23,004
25,594
27,777
28,125
28,459
28,710
8.5
10 . 3
9.4
11. 4
10 .6
8.6
8.5
8.0
7.4
9.0
7 .6
7 .4
7 .4
504,313
39,898
37,171
49,019
44,276
42,975
38,111
43,004
36,781
44,123
40,829
43,372
44,754
38,653
40,052
41,441
41,861
44,151
41,615
45,300
43,991
46,841
49,61 5
49,550
49,q82
11.4
12 .7
11.3
14.4
12 .7
12 .0
10 .7
11. 9
9 .8
11.6
10 .2
10.4
10 . 8
219,346
17,095
19,128
17,016
16,738
16,252
19,692
17,239
17,608
18,082
18,716
20,880
20,900
27,000
29,345
28,779
28,075
29,034
31,318
31,907
32,438
32,535
32,986
34,446
35,303
7.1
7 .3
8.2
7.1
7.1
6.8
7. 8
6 .6
6.6
6. 7
6.8
7 .4
7 .2
521,733
42,491
40,673
42,241
39,623
41,751
44,632
48,205
45,170
42,318
43,856
45,889
44,884
47,939
48,325
47,280
46,025
46,727
48,190
53,940
54,022
53,750
53,974
54,253
56,614
10.2
10 .4
10 . 2
10 .6
10 . 2
10 .8
11 .3
11.3
10 .1
9 .5
9. 7
10. 2
9. 7
224,684
20,988
17,213
19,740
15,724
17,975
18,208
16,810
16,011
17,200
19,24.0
21 ,501
24,074
34,532
33,663
32,858
32,786
33,274
36,511
33,237
34,944
35,501
36,582
37,946
43,517
6.3
7.2
6. 1
7.1
5. 8
6.5
6 .2
5.8
5.6
5.9
6.4
7.0
7.1
576,233
47,780
41,937
51,084
45,481
49,680
51,197
50,938
45,568
41,056
49,790
51,015
50,707
56,751
58,553
59,190
60,191
61,054
61,917
64,868
66,626
67,340
69,131
69,288
71,924
9. 0
10 . 1
8 .8
10 .4
9 .1
9 .8
10 .0
9 .6
8.3
7.3
8.8
8 .9
8. 6
295,486
22,983
20,590
23,477
22,901
23,171
23,394
23,898
23,958
24,194
29,430
27,755
29,735
41,864
41,524
40,540
39,979
39,657
42,276
40,746
40,101
40,386
39,641
39,367
39,245
7.3
6.5
5 .9
6.8
6.8
7.0
6.8
7 .0
7.1
7.2
8.9
8.4
9. 1
725,424
51,188
49,196
54,100
54,442
55,207
59,186
71,660
63,406
59,489
71,271
66,465
69,814
72,418
71,481
70,852
71,697
73,420
72,415
73,673
72,695
72,636
73,471
74,082
73,875
10. 0
8.5
8. 2
9. 1
9. 1
9. 1
9. 7
11.8
10 .4
9.8
11.8
10. 8
11 .3
26,366
24,702
26,931
27,158
26,519
28,019
38,264
37,461
36,731
36,311
37,742
38,509
8.2
7 .8
8.8
8.9
8.6
8.8
69,988
61,652
72, 154
71,953
69,432
73,294
69,935
72,683
74,790
72,772
76,024
77,151
11.6
10 .3
11.8
11 .8
11 .2
11 .5
6
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Beaumont, Texas
Austin, Texas
Year
and
Month
Debits
During
Period
End of
Month
Deposits
Annual
Rate of
Turnover
Debits
Durin!
Perio
End of
Month
Deposits
Annual
Rate of
Turnover
1942
June ...... . ...•. • .•............ • .
July ........................ . ....
August ...... . . ........•. • . . . . . .. .
September ............. . . . ........
October ..... . . .. . .. .•. . ..........
November ........... .. ...........
December ........................
45,638
45,809
61,437
54,157
65,440
67,754
92,228
36,993
37,740
39,569
40,780
43.325
45,943
47,974
14.9
14.8
19.1
16 .2
18.7
18.2
23 . 5
36,212
34,718
37,458
37,508
42,320
43,132
54,565
33,403
34,890
35,646
37,344
39,453
42,707
46,036
13 . 0
12.2
12.7
12.4
13.2
12.6
14.8
1943 ...... . .. . ............. .... ....
January ...... . ........... . . ..... .
February .........................
March ....................... . ...
April .............................
May ... .. . . .. .. . ... •.•.. ...... ...
June ... . . . . .. . .. . ......•...•.....
July ........................ . . .• .
August . ......... .. ... .. •. .... . . ..
September .......... . .....•. • . • ...
October ..........................
November ........................
December ..... . . . ... . ....•.•.•...
1,092,330
63,181
68,910
128,459
80,829
92,471
164,030
80,118
61,666
112,871
68,904
69,006
101,885
47,337
45,241
49,527
63,078
52,192
50,110
52,987
52,277
78,155
67,299
65,471
18.9
16.0
17 . 9
32.5
17.3
19.2
38.5
18 .6
14.0
20.8
11.4
12.1
18.2
648,000
48,932
44,296
51,494
59,963
52,442
52,899
53,761
51,983
58,165
54,431
56,675
62,959
45,096
48,296
45,454
52,375
51,884
51,798
54,721
53,596
52,166
55,822
58,562
62,948
12.8
11.4
13.2
14.8
12.1
12 .2
12.1
11 .5
13.2
12.1
11. 9
12.5
1944 . ................ .. •.. . .. ... ...
January . .........•.•. . ...........
February .........................
March ... . .... ... .. • .•...........
937,399
60,169
79,409
103,455
86,977
76,106
98,459
70,75!J
74,603
78,654
73,963
58,285
76,560
61,457
74,645
68,330
66,098
65,935
86,399
70,844
73,481
71,166
72,203
69,656
83,214
13.0
11.4
14.0
17.4
15.5
13.8
15 .5
10.8
12.4
13.1
12 .4
9 .8
12 .0
679,445
58,676
56,977
53,565
54,501
51,155
57,364
56,739
51,538
56,653
54,871
57,273
70,133
60,515
58,716
60,633
59,422
64,336
62,257
61,857
62,435
63,953
67,283
71,740
73,502
10.6
11.4
11.5
10.8
10 . 9
lO.O
10 . 9
lO . 9
10 .0
10.8
10.0
9.8
11 . 6
892,807
102,109
61,833
97,966
66,252
63,495
81,083
70,051
58,245
71,147
74,394
71,234
74,998
86,959
75,421
80,537
79,990
77,740
76,113
76,736
77,081
77,398
82,811
87,661
100,364
10.9
14.4
9.1
15.1
10 .0
9.7
12 .6
11.0
9.1
11.0
11.2
10.1
9.6
701,886
64,572
57,087
61,893
52,777
58,094
62,065
59,536
54,740
53,950
57,079
59,563
60,530
72,163
71,082
71,010
77,852
78,083
76,368
75,631
76,315
79,939
79,166
82,247
82,859
9.1
10.7
9.6
10.4
8.5
9.0
9 .6
9.4
8.6
8.3
8.6
8.1l
8.8
1,097,828
117,692
80,486
105,828
84,142
- 82,249
96,296
79,653
84,916
100,4lO
87,077
78,791
100,288
102,752
102,230
100,681
102,809
101,866
98,567
101,326
95,201
97,070
97,951
94,595
95,123
11.1
13 .9
9.5
12.5
10 .0
9.6
11.5
9.6
10.3
12.5
10.7
9.8
12.7
749,648
66,814
58,232
58,774
55,627
57,324
57,355
62,743
61,029
61,039
68,196
66,504
76,011
82,971
83,469
81,255
83,213
83,507
81,259
79,539
79,901
82,312
85,150
85,907
86,773
9.0
9.7
8.4
8.5
8.2
8.3
8.4
9.4
9.2
9 .0
9.7
9.4
10.6
123,266
90,154
98,928
95,572
89,362
94,302
lO5,024
93,498
94,853
98,190
95,487
96,892
14.8
10 .9
12.6
11.9
11.0
11.8
73,142
70,055
71,440
72,345
70,747
73,067
83,603
83,578
81,864
81,440
80,796
81,107
10.3
10 .1
lO.3
10.7
10.4
10.8
~:~.... :: ::: :::::::::::::::::::: ::
June ...... .. . ...... • . ... .........
July .. .. .......•.•.... . ..... .... •
August ...................•.......
September .. .............. • ...•...
October .............. • . • ... . . . . ..
November ........................
December . ............... .. .... • .
1945 .... . . . .... . . .. . .. •. ...........
January ..... . .. . ............ .. ...
February .... . ...... . .............
March ... . .. .. .................. .
tfa~. . :::::::::::::::::::::::::::
June ........ . • . • . . . . . . ........•.•
July .... . ....... .. .. . ............
August .........•.............. • . .
September ...... . .......... . ... ...
October . . ..... .. . . ........... . . ..
November ... ............•.•.... . .
December ... . . .. ....... .. ........
1946 ... . ... . . . .•...... . . ..... ......
January ..... . •.. .. ........•......
February ..... ... ............. . .. .
March ...... . . ...... . .• .. ........
~:~... . ::::::::::::::::::::::::::
June . .. ....•...... .. . . • . _........
J Illy ....... .. ........... .... .....
August .........•...... _.. . . . .....
September .... . .... . ..... • ........
October . ..... .. ... . ...•... ...... .
November ....... . ...• . . . .........
December ......... .... ...........
1947
January ............. .. . ..•.•. •. ..
February ...... .. . . ...... . . .•. . . ..
March . .....•.. . .... . ............
~:~...... ::::: :::::::::::::::::::::
June . .. ... _. _.•.......... _...• _..
68,85~
7
12.3
~ANK
DEBITS , END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO J UNE 1947
(Dollar figures in thousands)
Corpus Chrlsti, Texas
Year
and
Month
1942
June . .. ..... . .... . . • ....... . .... .
July ..... . ..... . . . ... . . . .... . . . . .
August ............. . . • ... . . . .... .
September ........ . .......•.•.•.. .
October ................ . ........ .
November .....•......... . ..•.. . ..
December . . ..... . . ..... • .........
Debits
During
Period
End of
Month
Deposits
Corsican a, Texas
Annual
Rate of
Turnover
Debits
During
Period
31,898
34,991
39,013
37,317
37,957
39,133
43,005
27,896
27,425
28,483
29,947
32,468
33,311
35,551
13.8
15.1
16 .8
15.4
14.6
14 . 3
15.0
4,114
4,367
4,IM
5,262
6,822
5,563
7,908
515,339
41,059
38,263
40,772
43,730
41,031
40,657
41,915
43,190
50,247
45,306
43,059
46,110
13.3
14.0
12.8
13.3
14'. 5
13.6
13.1
13.3
13 . 2
15.1
13.4
12.2
12.7
82, ~ 04
34,624
37,110
36,418
35,832
36,982
37,864
37,537
40,752
39,318
41,309
43,294
43,847
601,304
49,489
43,450
44,948
46,961
45,938
51,402
53,162
48,756
50,569
52,726
56,322
57,581
43,442
44,439
43,466
44,840
46,254
45,139
47,955
49,422
50,994
53,867
49,121
55,762
June .......•. •. . ......... . • ... . ..
July . . .. ....... ... . ........ . . .. . .
August .. . ........ • ......... . . . •. .
September .... .. ..•.... .. .........
October ... . ........... . . . .... . .. .
:"<ovember ...... • . . . ..... .. . ......
December ...... • ... . . ... . ...•....
707,639
57,878
48,617
57,713
51,984
55,121
65,029
59,351
66,429
59,488
57,066
59,287
69,676
1936 .. . .......... . ...... . ... . . . ... .
January .... . .................. . . .
February ... . .. . . . . ..... . . .. . . . •..
March . . ................•. . ......
April. ... . ....• ... ......... . ......
May ... .. ... . . . . . .........• . . . .. .
June .. .. ........... . . . . ......... .
July .......... . ........ . ....... .
August .... .. ...•... . . . . . . ....
September ........... • . •. .... . ....
October .................•. . ......
November ........ . ... ...•........
Depember .....•. , ... .. ... . ...... .
1947
January ........ . .. .... . . . . ..... . .
February .... . .. . ............... .
March ....... . .... . ........ . . ... .
April ....................... .. .. ..
May . . . . .. . . . . . . . . . . . .. . .. ... . .. .
June .. . ...... ... . ... . ....•.......
1943 .... . ...... . .................. .
January . . ...... . .....•. • .•.......
February ......... . ............ . . .
March ...... . .. . .... . . . . .• .•. ....
U:;::::::::::::::::: :::: ::::: :::
June ........... . ..... .. ....• . .. ..
~y . . .............•. • . • .........
August . .. ...... . ..... . ... • .......
September .......... . . .. . ... • . ... .
October .... . ... . ..... . ...•.......
November ..............•.........
December ............ . . . ........ .
1944 ....... . . ... ... . . ...... ... . .. . .
January ... . .......... . .. . ..... . . .
February ....... ... . • ...•...... . . •
March ....... . .... . •.•. .. . . . . ....
U:;::
:::::::::::::::: ::::::: ::: :
June ..... ......•.•.. .. ........ . . •
Jury ... ...... ..•. . . . . . . . . . . . . ...•
August ........ ..... ... ........ . . •
September ....... . . .. ... . ...... .. .
October ......... ....... .. .... ... .
November ... .. . ..... . •. .... .... . •
December .. .. . ..... . .. . . ........ .
1945 .... . ............ . . . . .. ....... .
January . . . . .. . ... .. •.......... .. .
February ..... .. . .. .• . •.... . ..... .
March .. . ...... • ............... . .
~:~:::::::::::::::::::::::: : :: : :
End of
Month
Deposits
Ann ual
Rate of
Turnover
8,632
8,567
8,622
9,004
9,580
9,811
10,029
6 .2
6 .1
5.8
7. 2
8.8
6.8
9.6
7,333
5,102
6,323
7, 730
9,479
6,309
6,135
5,713
7,612
6,761
6,564
7,243
9,756
9,897
10,245
10,074
10,686
11,087
11,106
10,027
11,962
12,829
13,137
13,797
7.3
8.9
6.2
7.6
9 .1
10.9
7.0
6.6
6.5
8.3
6.6
6. 1
6.5
12.6
13 . 6
11 . 9
12 . 2
12.7
12. 1
13 .4
13.7
12.0
12.1
12.1
13.1
13 . 2
78,542
6,935
6,185
6,687
5,830
5,263
6,468
6,449
5,(;16
6,372
7,023
6,908
8,806
14,1;127
12,05Q
12,473
12,312
12,896
12,023
12,808
13,159
13,260
13,757
13,893
14,319
56,013
47,139
56,089
57,658
60,033
59,579
60,337
59,381
59,859
60,452
60,100
64,138
12. 1
12.5
11 . 3
13 .4
10.9
11.3
13.1
11 . 9
13 . 3
12.0
11 .4
11.8
13.4
84,160
7,082
5,200
6,14.6
5,840
7,264
8,184
6,346
5,350
6,883
7,771
8,566
8,928
14,574
14,852
15,248
15,002
15,278
17,185
17,954
18,251
18,505
18,668
19,125
19,707
4.9
5.9
4.2
5 .4
4.7
5 .8
6.0
4.3
3.6
4.4
5.0
5.4
5.5
776,257
68,994
51,345
70,547
67,564
63,809
65,035
65,143
69,084
59,854
63,910
60,148
70,824
68,635
67,008
68,830
68,702
66,9C0
66,553
70,035
70,587
71,451
69,503
69,619
69,788
11 .3
12.5
9 .1
12.5
11.8
11 .3
11.6
11.4
11 . 8
10 . 1
10 . 9
10 . 3
12 .2
100,849
9,560
7,138
7,573
7,402
7,958
6528
6;782
7,242
9,141
10,457
9,723
11,345
19,618
19,24l
18,892
18,849
18,871
18,643
18,546
18,400
18,635
18,966
19,186
19,415
5.3
5.9
4.4
4 .8
4.7
5 .0
4.2
4.3
4.7
5.9
6. 7
6.1
7.1
64,095
59,792
64,207
65,772
66,938
65,659
68,457
67,931
66,611
66,002
64,882
63,604
11.2
10 .6
11.4
11.9
12.2
12.2
10,993
8,400
8,815
8,245
8,186
. 8,606
18,996
19,152
19,446
19,215
19,385
19,063
6.8
5.3
5.5
5.2
5.0
5.4
8
6.0
5.9
5 .5
6 .6
5.6
5 .0
6.2
6 .2
5 .2
5.8
6.2
6.0
7.4
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Dallas, Texas
Year
and
Month
Debits
During
Period
1942
,
June ... . .... . ......... . .. • . . . .. . .
July .......•. . . . . . . . ... .. •. . . .. . .
AUglL,t .. .... ... .... . .... . . . •. ....
September .... . ....... . .•.•. , .....
October . ..... ... . . . . ... . . , . ... . ..
November ...... . . . . . . . . . . • . , .•.. .
December ... . .. .. .... . . • . • ..... . .
-
End of
Month
Deposits
370,609
390,872
397,319
423,096
470,323
420,056
510,352
275,592
287,097
285,131
310,832
33B,639
335,587
339,335
5,599,916
423,400
381,232
468,713
484,005
427,725
447,316
446,883
434,548
550,366
486,385
478,815
570,528
355,321
355,554
41B,451
384,405
402,677
396,768
405,683
409,931
424,394
457,832
447,850
425,251
6,526,796
501,569
546,209
517,331
509,363
511,070
582,166
514,319
503,415
549,630
548,691
559,064
683,969
El Paso, Texas
Annual
Rate of
Turnover
Debits
During
:ferio
End of
Month
Deposits
Annual
Rate of
Turnover
16.6
16.7
16.7
17.0
17 .4
15.0
18.1
44,223
46,012
49,493
46,635
51,113
58;828
63,310
36,269
40,311
44;256
· 44,976
48,470
50,889
55,197
14.8
14.4
14.0
12.B
13 . 1
14.2
14.3
13.8
14.6
12.8
14 . 5
14 . 5
13.1
13 .4
13.3
12.8
15 .8
13 .2
12.7
15.7
. 678,637
54,051
51,928
57,438
65,503
51,301
58,561
53,298
47,466
54,704
55,650
62,990
65,747
56,741
57,226
56,919
59,930
65,B07
62,249
63,212
· 59,561
64,225
67,173
67,132
68,856
10 .9
11.B
10.9
12.1
13.4
9.8
11.0
10.2
9 .2
IO.B
10 .2
11 . 3
11.6
444,284
460,152
457,300
453,214
457,668
518,798
519,782
545,782
502,696
509,129
517,320
550,264
13.2
13.8
14.5
13.6
13.4
13.4
14.3
11 . 9
11.3
12.6
13.0
13.1
15.4
718,574
' Bl,179
62,053
64,607
61,220
56,883
. • 59,833
52,246
45,547
50,029
61,520
64,814
78,643
68,518
69,797
69,552
· 69,923
70,345
72,899
73,484
74,140
72,907
74,103
78,007
83,393
9.8
10.7
10.8
11.2
10.6
9.7
10.1
8.5
7.4
8.2
10.1
10.2
U.8
tf:~l ... : : . : : : : : : : : : : : : : : : : : : : : : : :
June ....... , . . ............ , ...•..
July .......... . . . . . . . .. .. .. . . . ...
August . . . . . . . . . ... . ..... • . • ......
September ......... . ....... , ., ....
October ........... . . . .... . . . . . ,. ,
November ... . . . ... . . . ..... • ... . . .
December .. . ...... . . . . ...........
7,057,650
633,803
510,804
583,680
545,648
590,447
685,839
572,407
534,034
491,157
549,922
581,769
778,104
548,478
550,206
621,093
625,743
626,700
736,873
711,718
707,731
698,523
721,214
705,686
755,163
10.6
13.8
11.2
12.0
10.6
11 .3
12 .1
9.5
9 .0
8.4
9.2
9 .8
12.8
808,870
71,484
60,205
66,170
56,351
64,342
72,538
57,886
54,652
58,510
72,674
84,342
89,716
83,952
84,097
84.,405
83,766
84,704
88,859
89,285
90,202
93,735
96,866
103,749
112,592
8, 9
10.3
8.6
9.5
8.0
9.1
10.1
7.8
7.3
7.7
9.1
10.1
10.0
1946., . ...........•. . . , ... . .... . ...
January .... . .......... . . . . ..•. • ..
February ..... .. ... .. . . .. ... .. . ... .
March ..... . .............. .... , . .
April . . ... .. t .········.·.· e '.··'·
May ..
June . ....... . ... .. .. . . . ... . .... . •
July ...
August . .... .. ..... . . . ... . .. . . . ...
September ... . ..... . ... ,. , . , ... . . .
October ....... . .. . ... . .. . ... . ....
November ... . . . . . .. . . . . . . . . . ... . ,
December . .... . ..... .. .. , . .. ,. , .•
8,625,615
667,516
571,593
634,508
699,336
683,332
713,020
752,827
725,951
702,747
780,940
770,508
923,337
766,226
772,481
756,808
733,938
726,054
698,214
686,529
673,381
674,845
667,850
657,379
650,267-
12 . 2
10.6
8.9
10.0
11.3
11.3
12.0
13.1
12.8
12 . 5
13.9
13.9
16.9
1,081,920
92,916
74,549
81,172
79,546
87,690
83,275
85,245
81,878
89,801
103,398
]04,603
117,847
112,782
114,532
111,630
112,114
111,148
108,504
108,537
105,673
107,309
106,483
112,547
110,462
9.8
9 .8
7.9
8.6
8.5
9.5
9.1
9.5
9.1
10.1
11.6
U.5
12.7
817,881
768,603
753,893
786,088
820,466
80B,151
637,795
646,991
645,159
649,804
649,954
664,061
15.2
14.4
14.0
14 .5
15.1
14.8
105,596
89,826
108,671
96,430
97,440
89,202
108,148
109,974
106,262
105,616
104,190
104,426
11.6
9.8
12 . 1
10.9
11.2
10.3
,
1943 ............... . ...• . •. . . . . . ...
January .. . . ... - ... . . . .. . ..
February ............. • .•.........
March .. ..... . .. . . . . ... . ... . . . . . .
.. . -.-
tf:/. ·:::::::::::::::::::::::::::
Junc .. ..... . . . .• ... . . ...... . .....
July ............. . . . . . ... . ..... ..
August . ...... . .•.•.•.•. • . . .......
September ... . . .• .. . . . .. .. ..... .. .
October . .. ..... • . • .•. . . . .. .. . . . . .
November ... . ..•.•.... .. .........
December . . ........... . ..........
1944 . , ..... . .......... . . . . . ,. . .. . . . .
J anuary ...... . ... . .. . ... . ........
February .... . . . , .. . ..... . ..... . ..
March ....... • . • .................
tf::. . :::::::::::::::::::::::::::
June . . .. .. ...•... . ...... . ........
July ..... . ... . ...................
August .. .... . ..... . . . ... . . . . .. . . .
September .... . . , .•..... .. .. . .. , . •
October ...... . .•..... . ...........
:c-<ovember ......• . . . . ... ... . . . . . . .
December ...... . . . . . . . . . . . . . . ....
1945 .. . ................ . ... . . , • . •..
January .......... .. , . . . . . . . ......
February ... , . , ....... . ...........
March . . ........ . ....... .. . .. . . . .
• • • • • •• •• •
• •••• •
•
•
,
.
•••••••••••••••••••
e ·
•
• •• •
0_
•
•
0
"
1947
January . . . . ....... . . .. . . .........
February ..... . . . .. . ... . . ,. , ., ... .
March . . .............. .. .........
tf::. . . ::::: ::::::::::::: ::::::::
June . . ............ . ... . . , ....... .
9
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Galveston, Texas
Fort Wor th, Texas
Year
and
Month
Debits
During
Period
1942
June ..... . . . . .. ... . . ... . ..... . . ..
July .. . .. .. . .. ...... . ...... ... . . .
August ........ . ...... . •.. ... . . . . .
September . .... . ...... . ...........
October .. . . .. .. . .. . .. .• .•........
November .. ...... . . . . . . .. ..... . . .
December ... . ............ .. . . ....
127,979
135,595
131,565
143,688
158,564
155,543
189,287
98,766
105,587
lll,719
121,401
134,256
134,536
145,674
15.8·
16 .0
14 .5
14.8
14.9
13 .9
16.2
33,530
36,269
34,004
32,439
50,367
34,923
42,854
43,870
46,035
48,331
51,791
50,184
51,217
52,298
9.5
9.7
8 .6
7.8
11.9
8.3
10 .0
June . . . .... . . . . ...... ... . ... . . .. .
July . .. . . . . .. . .... . .. . . . ... .. . . . .
August ... . ....... ... . . . . . . . . .. . ..
September ... .. .. .. .. .. . . ... .... . .
October . ... . ... . .. . . . . . . •. ..... . .
November .. . ..... . .... . ..........
December .. . • ... . . .. . .. .. . • •....•
2,305,187
156,727
140,044
189,460
182,555
176,026
192,194
237,994
177,706
218,767
198,195
200,369
235,150
152,813
149,622
150,606
156,200
162,458
161,080
161,987
165,413
170,378
182,302
181,173
178,209
14.0
12 . 6
11.2
15.1
14.3
13 .2
14 .3
17 .6
13.1
15 .6
13.4
13.2
15 . 7
496,106
35,051
37,475
39,107
41,099
36,735
40,467
39,010
40,470
52,879
42,995
42,348
48,470
55,539
55,469
55,420
56,083
56,098
56,141
58,394
57,823
56,963
59,030
58,808
60,332
8.7
7.8
8.2
8 .5
8 .9
7.8
8 .6
8.2
8.4
11 . 0
8.9
8 .6
9.7
1944 ... .. . •. • .. . . . . .... . .. • . . ......
January ... •. . . ..•....•.• . .•.... • .
February . . .. ..... . .. . . . . ... .. . . . .
March . .................. .. .. . . . .
April ........•..... . ....... . .... ..
May .. . .. . ... . . . . . . .•. • ..... . ... .
June . . ......... .. .•. . ... . . . ....• •
July ... .. . . . . ... . . ... . . . • . . . . .. . .
August ..... .. . . .. . . . . . . . ..• . ... ..
September .. ... . . . .. . ....•. . .. . .. .
October . .... .. ... .. .. .. . • . •.. . . . .
November ...... . . .. . . . • . •. . .. ....
D ecember • . ............... . ..... .
2,576,299
225,297
190,510
195,958
185,423
204,004
232,982
215,168
205,233
246,740
207,289
203,314
624,381
187,472
193,065
186,842
184,301
194,820
208,031
214,481
212,844
221,309
208,923
221,812
226,076
12. 6
14 .8
12 .0
12 .4
12 .0
13 .0
13.9
12 .2
11.5
13 .7
ll .5
11.3
14 .2
539,307
44,308
47,267
43,789
41,432
40,140
53,ll6
45,986
42,916
43,960
43,735
44,148
48,510
62,068
62,262
60,514
60,640
61,137
66,636
66,012
66,118
66,095
66,663
68,882
70;062
8. 3
8.6
9.1
8.5
8 .2
7.9
10.0
8.3
7 .S
7.9
7.9
7.8
8 .4
1945 ... . . . ... . .......... . ... . .. . . . .
January . . . ... • .... . ... . . ... . .. ...
February . . . . . ..• . • .• . ... . .. .•. . . .
March . .. .. . . •.. . .. . . .. . . .• .. . . ..
April . . . . .. . .. . ........ . . . . . .. . ...
May . ... . . .. ... . . . .. . . . . .... .....
June .... ............ .. • . •.... . .. .
July .. . ... • . .. . ... ... ...• ... . . . . .
August .... .. . .. ... . . . . . .. .. . •. . . .
September . . . . ..•... . . . . . . .•.• . . ..
October . .. .. ... . .. . ... . . . . . .... ..
November . . ... . ... .... .. .. .. . ....
December . . . . ... . . ... .. . •.• . . . . . .
2,624,195
227,576
227,965
224,125
192,Oll
224,200
250,228
212,810
193,656
193,128
203,893
228,556
246,047
220,984
220,918
220,697
224,420
231,916
246,708
247,106
249,606
245,732
250,661
272,513
283,026
10. 8
12.2
12.4
12. 2
10 .3
ll .8
12.6
10 . 3
9.4
9.4
9.8
10.4
10 . 7
548,165
45,290
37,267
50,266
40,865
43,577
53,999
47,843
44,749
41,792
44,587
44,559
53,371
68,900
71,338
68,768
70,066
72,470
75,079
74,809
76,154
75,931
77,243
80,898
82,617
7. 4
7. 8
6.4
8.6
7. 1
7.3
8.8
7.7
7.1
6.6
7 .0
6.7
7 .8
1946 . . ... . . . .. .. . ...... ...... .... . .
January . . . . . . . .. .. . . .. ..•. •.. . . ..
February ... . ........ . ... .. .. .... .
March . . .. ... • .•........ ...... . ..
April. .... . .. ... ..... .. ........ ...
May . . . . .. . . . ... . . . .. .. . •. .. .. . . .
June .. . .. . . .. • .• . .. ... . . . . • . . . ...
July . .... .. . .. . . . .. ....... .... .. .
August ..... . . . . . . ..... . .... . .. . ..
September . ... ... .... .. ....... . . . .
October . . . .. . . . . . .... . ..•.•. . . .. .
November ...... ... ... . .. . ... .....
December .. .. .... .. ... . . .. .. .. ...
2,965,554
215,732
195,677
218,050
209,835
223,428
254,322
305,746
259,708
229,853
272,390
266,411
314,402
288,610
290,614
284,539
284,353
287,294
285,491
283,320
281,425
281,157
279,000
276,347
267,773
10.5
9.0
8 .2
9.1
8.9
9.4
10 . 7
13.0
ll .O
9 .8
11.6
ll . 5
13 . 9
641,410
52,275
43.246
58,571
50,697
53,235
54,007
57,202
55,030
49,509
52,579
54,871
60,188
83,298
85,929
85,687
85,530
86,414
83,612
85,401
84,600
83,795
82,507
82,714
82,564
7.6
' 7. 6
6. 1
8. 2
7. 1
7.4
7 .7
8.2
7.8
7. 1
7.6
7.9
8.8
1947
January . . . . . .. . • . •.. ... . . ... . .•.•
February .. .. . • . . .... . . . .. . .. . ....
March . .. .. ..... . ....... .. ...... .
April . . .. . . .. . . . . . .. . .. . . •. .. . . . ..
May ... ..... .. ...... . . ... .. .... . .
June .. . .. . . ... ... .. . . . . . . .. . .. . ..
·Estimated.
268,802
238,149
265,969
278,844
278,422
326,670
266,277
265,041
270,959
273,059
275,198
271,943
12 . 1
10 . 8
ll . 9
12 .4
12 .2
14 . 3
56,119
50,191
60,496
57,697
60,594
59,349
82,584
85,541
84,058
86,134
89,982
88,918
8.2
7.2
8.5
8.2
8.3
7.9
1943 ..... . .........................
January ....... . . . . .... . .. . . . . . ...
February ......•........... . .... . .
March .• .• . . . . . ... . . ... . • ... . ....
~:;::: : ::: : : :: : :: :: :: ::: :: ::: :::
End of
Month
Deposits
10
Annual
Rate of
Turnover
Debits
During
Period
End of
Month
D eposits
Annual
Rate of
Turnover
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Laredo, Texas
H!>uston t Texas
Year
and
Month
1942
June . .. .. .. . • . • . ... . . .. . ..... . . . .
July . . . . . .. . . . ....... . . ... .. .... .
August .. . . ....... . ...... .. . . . . . . .
September .... . • . • . •.. ....... . . . . .
October . ... .. . . . ... ....... . . .... .
November ... .. • . • . • ... ...... . . . ..
D ecember . . ... . ........ .. . . .. . ...
Debits
D uring
Period
End of
Month
Deposits
Annual
Rate of
Turnover
Debits
D urinf
Perio,
End of
Mont h
Deposits
Annual
Rate of
Turnover
355,192
374,132
372,215
374,502
429,033
398,626
519,690
330,177
335,867
340,072
348,151
361,810
381,189
417,194
13.3
13.4
13.2
13.1
14 .5
12 .8
15 .6
7,181
7/622
8,008
8,695
9,351
9,358
10,447
7,976
8,043
8,254
8,411
8,982
' 9,785
9,403
'10 .9
11 .4
11.8
12.5
13 .0
12 .0
13.1
5,570,353
418,229
373,434
452,161
464, 138
425,21 9
4.73,746
456,831
452,343
519,684
480,555
481,850
572,IG3
414,047
421,847
409,519
435,191
449,035
455,061
457,618
467,293
478,985
509,271
510,469
526,630
12.1
12 .1
10 .7
13 .1
13.2
11.5
12 .6
12 .0
11 .8
13 .2
11 .6
11.4
13.2
' 129,276
9,853
8,903
. 10,844
• 11,483
11,134
11,215
10,951
10,285
11,200
10,424
10,875
.. 12,109
10,614
10,703
10,687
12,316
12,697
12,572
12,422
12,112
12,535
12,878
12,703
13,067
10.7
11 .8
10 . 1
12 . 1
12.0
10 . 7
10 .7
10 . 6
10 . 1
10.9
9.8
10.2
11.3
6,491,289
520,935
479,857
554,375
500,232
525,668
597,248
528,794
540,403
522,846
534,674
541,686
644,571
532,046
541,657
534,209
541,432
546,615
574,197
569,011
584,612
566,376
578,255
592,698
652,013
11.4
11 .8
10.7
12.4
11 . 2
11 .6
12 .8
11 .2
11 .3
10.9
11.2
11.2
12.5
140,938
11 ,196
11,901
11,448
11 ,458
12,834
13,090
11 ,380
11 /148
10,920
11,472
11,700
12,391
13,772
13,893
13,813
13,220
13,217
13,953
15,819
13,958
15,291
15,705
15,279
16,917
9.7
10 .0
10 . 3
10.0
10 .2
11.6
11.5
9 .1
9.0
9 .0
8 .9
9.1
9.2
7,065,345
588,434
503, 157
634,393
564,337
588,885
661,860
572,881
546, 105
559,987
553,412
595,625
696,269
632,951
649,567
649 ,208
664,755
689,470
756,130
729,866
723,398
711,875
735,438
761,649
839,339
9.9
11 . 0
9.4
11.8
10.3
10 .4
11. 0
9 .2
9 .0
9.4
9 .1
9. 6
10.4
147,830
12,391
10,522
12,004
12,223
14,024
14,007
12,753
11,745
11,199
11,696
11 ,859
12,807
16,201
16,815
14,548
15,502
18,088
19,082
18,829
18,006
18,389
18,256
19,222
20,522
8.3
9.0
7 .7
9.6
9.7
10 . 1
9.0
8.0
7 .7
7.4
7.7
7 .6
7.7
800,268
822,564
798,284
791,499
806,473
785,639
771,179
76<1,693
758,550
748, 177
745,327
746,205
10.5
9 .4
8 .4
9 .8
9.5
9. 8
10 .2
10.6
10 .9
10 .9
11. 8
11 .8
13 .2
181,435
13,830
13,748
14,858
June .............. . . .. . . . . .. . .. . .
July ......... ...... . . . . • .. . ......
August . .... . . .. . .. . ..•. • .. ...... .
September ....... . ... . . . .. . ..... ..
October . . ...... .. .. .... .. . ...... .
Kovember .. . ..... . . . . • .• .... . . . . .
December . . ....... .. ... • .........
8,183,040
636,286
566,838
666,873
624,524
656,098
672,717
682,115
695,593
692,835
738,881
733,655
8 l6,625
16, 379
15,140
14,827
15,175
14,458
15,604
14,827
17,094
21,012
21,795
21 ,259
21,212
22,529
22,019
21 ,765
21 ,202
20,887
20,202
20,497
21 ,430
·S.5
8. 0
7 .7
8. 3
8. 8
9.0
8. 2
8 .2
8. 5
8 .3
9.1
8 .8
9 .8
1947
January .... .... . . .... •... ....... .
February .. . .. . ... ......... . .. . ...
March .. . . ... . .•. . . .. . . . . .. . . . . . •
April .. . . .... . .•.•............ . ..
May .. . .......... .. ... ... . . .... ..
June . . . . . . ... ... ...•.• .... . . . . . ..
770,835
683,951
755,418
752,618
787,727
787,609
751,112
723,370
728,002
744,012
750,155
770,500
12.4
11 .2
12.5
12 .2
12. 6
12 .5
17,138
15, 141
17,314
16,807
16,078
14,687
20,649
20,500
20,107
20,160
21,326
20,279
9.7
8. 9
10.2
10 .0
9.6
8.5
1943 ........ . . .. .. .. . ... . ........ ..
January . .. . . .. . .. . .. . . . . .. . .. ....
February .. . . . . • . . . . . . .... ... . . . . .
MarciL . . ...... . .......... .......
~;:: .' :::::::: :::::::: ::::: :::: :
..
June . .. .. . . ... . . . . . .. . . . .....• .. .
July . .. .............. . ...........
August . .... .. ... . ... . . .. .. ...... .
September . .... . . . . ... .. ..... . ....
Octobcr ................... .. ... . .
November .....• ... . . . . .. . . . ..... .
D ecember ............ . ... ... .... .
IM4 . . .. . . . .... . .......... . ...•...
January .. . .. .. . ... . . . . . ....... ...
February . ... • . • ... . ... . .. . . . . . ...
March . .. . . ....... . .. . . .. . . . .....
~;:: : .' :: : : :: ::::::: : :: ::::::::: :
J unc . . ..... .. . . . .... . . .. . .. . .... .
July . . . .... . ... . . . . ... .. .. . .... . .
August . . . .. ... . ...... ... . .. • . •.• .
September ............ . . . ..... . ...
October ................ .. .. . .. .. .
November . . . . ...... ..... ... • . • . •.
D ecember . . ... . ............ . . . ...
1945 .......... . ............ . . . .....
J an uary ..... . . . . . . .. . . . .. .. • .•...
February . .. .. ........ . . . . . . . . . ...
March .. . . . . . ...... . . . . .. . .... .. .
~f:~1. ..' .' :::::::::::::::::::::::.' :
J une . . . .. . ... .. . . ...... . .........
July . ...... . .. . ...... ... .........
August . . . .. .... .... ....... . ......
September ... . . . ......... . ...... . .
October . ... . .......... .. .........
)lovember . . . .. ... . ..... . ... . .. .. .
December .... .. . .. . .... .. . . . .....
1946 . ... . . . ... .... . ...... . . . . .... ..
January . ... . .. ..... . ... . . . . . .....
February . . .... . •... • .. .. . ... ... . .
March ............. . . . ..... . .....
~;~l. . . . :::::::::::::::::::::::::
11
15,495
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Lubbock, Texas
Year
and
Month
1942
June . . ...... . ... . ................
July . . ........ .. ........ .........
August ... ..... . .... . . ............
September .......•................
October ........... ...............
November ............. ... ,., ......
December .......•.... .. . .........
1943 ..... . . .. ..................•...
January . .. ............ . .. .. ..... .
February .........................
March ..... .. .......... ..........
tfa~::::::
:: :: ::: : : :: :: :: :: ::::::
June ... . ........ ... .. .......... ..
July .. ........ . .. ..... ....... . .. .
August .. .. ...... . ............. . ..
September .. .. .......... . . ..... ...
October .... .. .. . .. .... . ..........
November . . . ... . ......• ....• .•...
December ........................
1944 ......•........................
January ..........................
February .........................
March ........•..................
tf:;:::::::::::
::::::::::::::::: :
June .. .. ........ ........ • .. .. . ...
July ... ... . . . .................. ..
A,ugust . ........................ . .
September .... . ......... .. . . ..... .
October ...... . ... ...•.•..... . .. ..
November ........................
December .......•.•.• . • ... ...... .
1945 ... ....... . . . . .. • .•...... ....• .
January ..........................
February ............•............
March .............. • ............
tf:;:::::::::::::::::::::::::::: :
Junc ... ... . . .... .... • .•..........
July . .. ..... ... .... . ..•.... .... ..
August .... ... .... ..... •. .........
September ...... .. .. ....... ... ....
October ...... . ........ • ..........
November ........ .. ....•..........
December ............. . ..........
1946 ..•• .. ..........•............• .
January ............... . ..........
February .........................
March ..... ...... .....•..........
tf:;::::::::::::::::::
::::::::: ::
June ................ .. ...........
July ....................•........
August ................•..........
September ....................... .
October .............•..........•.
November .........•............•.
December . ............ .. .. .......
1947
Janu8.ry'. ~ ...... '. ~ ................
February ..... . . . ........ ...... ...
March . .. ...................... ..
April. ............................
May ...................... . •.....
June .......... . .. ... ... . . . ...... .
"Estimated.
Debits
Durin~
Perio
End of
Month
Deposits
17,941
17,353
16,241
15,514
20,089
25,822
24,776
14,552
14,812
15,067
15,565
17,101
20,551
21,333
305,534
23,901
21,888
26,049
29,083
20,735
21,474
20,553
19,925
26,154
29,386
33,858
32,528
22,579
24,102
24,849
22,434
23,651
23,302
23,515
24,405
23,642
29,203
31,438
32,322
340,717
32,036
30,522
28,959
25,874
24,374
26,700
23,943
23,690
26,007
29,536
34,836
34,240
Port Arthur, Texas
Annual
Rate of
Turnover
Debits
Durin~
Perio
End of
Month
Deposits
Annual
Rate of
Turnover
16,440
15,747
15,822
16,698
16,649
15,973
19,084
14,280
13,952
14,591
15,310
16,432
16,051
19,547
14. 3
13.4
13.3
13.4
12.6
11.8
12.8
12.0
13.1
· 11.3
12.7
14 . 8
10.8
10.9
10.6
10. 0
13 . 1
13.3
13.4
12.2
249,724
19,370
18,749
21,068
20,474
18,845
19,569
18,959
18,715
24,664
21,493
22,180
25,638
21.473
20,112
20,730
20,847
22,353
22,856
22,710
25,637
24,288
24,006
26,168
26,145
10.8
11.3
10.8
12.4
11.8
10.4
10.4
10 .0
9.2
11 . 9
10.7
10.6
11.8
32,071
31,434
31,468
31,290
32,165
30,238
30,708
31,545
32,894
34,939
37,696
39,152
10.3
11.9
11.5
11.0
9.8
9.2
10.3
9.5
9.1
9.7
10.4
11 . 5
10.7
280,215
24,316
24,060
25,034
22,2.:37
21,802
25,039
24,133
22,450
22,103
21,873
23,311
23,857
27,248
27,747
27,315
28,429
29,548
28,868
28,544
30,398
29,802
29,840
30,419
30,591
9.6
10 . 9
10.4
10.9
9 .6
9.0
10.3
10.1
9.1
8.8
8.8
9.2
9.4
382,836
38,395
30,166
33,339
28,667
30,593
33,731
28,511
26,188
27,532
31,037
37,972
36,705
39,819
40,166
40,014
40,862
40,434
39,171
39,855
40,945
41,846
43,698
46,707
42,324
9.3
11.6
9.0
10.0
8.5
9 .0
10.2
8 .6
7 .8
8.0
8.8
10 . 1
9.8
273,954
24,279
21,610
26,410
23,058
23,506
24,954
21,378
22,956
20,722
18,947
21,534
24,600
31,270
32,829
33,098
33,402
33,284
33,652
34,389
35,367
35,313
35,548
36,314
37,204
8.0
9.4
8.0
9.6
8.3
8.4
9.0
7.6
7.9
7.1
6.4
7.2
8 .0
503,394
40,373
36,148
39,310
38,599
36,856
41,251
38,399
38,157
. 38,583
47,707
50,003
58,008
52,700
51,940
51,179
52,818
56,898
55,427
54,060
55,574
55,237
55,083
56,694
57,677
9.2
10.2
8.3
9.1
8 .9
8.0
8.8
8.4
8.4
8.4
10.3
10.7
12 . 1
317,359
24,564
24,285
25,899
25,855
24,671
25,522
25,980
29,276
26,309
29,033
27,085
28,880
39,225
39,940
39,479
41,131
40,581
39,647
41,583
41,468
40,622
40,009
38,732
37,877
7.9
7.7
7.3
7. 8
7. 7
7.2
7.7
7.7
8.5
7.7
8.6
8.3
9.0
52,830
45,424
47,756
46,905
48,587
46,584
57,488
56,161
56,348
55,775
54,962
56,201
11 .0
9.6
10.2
10.1
10.6
10 . 1
28,502
27,287
28,758
28,993
31,996
29,797
39,238
39,555
38,698
38,287
38,752
37,922
8.9
8.3
8.8
9 .0
10.0
9.4
12
15.6"
14 . 2
13.1
12.1
14.8
16.4
14.2
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
San Angelo, Texas
Year
and
Month
Debits
During
Period
End of
Month
Deposits
San Antonio, Texas
Annual
Rate of
During
Turnover
Period
End of
Month
Deposits
Debits
Annual
Rate of
Turnover
1942
June . . .......... . . ... .... ..... , ..
July ...... . .....•. • .... . .........
August .... ....... ..... • ......•. •.
September ........ . ....... . .......
October .......... . ....•... . ... . . .
November . ............. . .........
December . .................... : ..
14,532
14,825
13,717
17,558
17,120
14,125
14,943
13,504
13,641
14,049
14,836
15,817
17,169
17,844
13.6
13.1
11.9
14.6
13.4
10.3
10.2
. 111,343
111,279
. 108,923
118,189
124,520
H1,560 .
. 111,024 . , .. 131,417
155,830 .
147,412
. 118,243
151,379
. 147,438 ...
. 180,547
1943 .......... ... ..... . ..•... ......
January ......•.... . . . . ... . .... . ..
February ............ • .•. .. ... ....
March .... .. ..... ... .............
April. . ...... . . ................. . .
May' . .... ... ..•.. . . ... . ...... . . . .
June ...... .. .... ..... ..... ...... . .
July . . .... ... .. . ........... ... ...
August . .......• . • . •.•. . .... . .....
September .......... .. .. . . .. . '.• = . .
October ....... . . .. . . ........... • .
November ..... • ... •. . ....... .. . ..
Deccmber ...........• . •...... . ...
172,760
12,796
1l,023
14,589
15,011
14,286
15,519
15,484
12,635
16,883
15,658
13,405
15,471
17,756
18,135
17,795
18,210
18,658
19,185
20,211
21,469
22,033
23,022
22,891
23,192
8.5
8.6
7.3
9 .7
10.0
9.2
9.8
9.5
7.3
9.4
8.4
7.0
8.0
1,604,415 ...
115,882 ..
172,543 ..
116,614
174,851.
. 136,285
172,264
. 138,991. .. "' 189,141
. 131,384 .. . ... 199,203
1440,908
· 191,601
. 128,401 .
214,791
. 126,015 . . ..
198,G61
. 145,874 . .. 205,188
. 130,601
214,674
. 134,206
213,337
. 155,194 .
209,134
8.2
7.9
8.0
9.5
9.2
8.2
8.9
7.6
7.3
8.6
7.4
7.6
8.8
1944 .. ...............•.•......... ..
January ......................•.•.
February . . . . ...... . .. . .. ... ... ...
March ............•.... . .... .. . ..
April. . .... .... . . •.• ..........•. •.
May .
..... . ... .. . .. ..... . .....
186,758
14,528
12,706
14,003
12,709
14,286
21,596
16,563
13,843
15,389
14,887
16,098
20,150
22,028
22,106
21,874
21,406
23,236
24,847
25,472
25,801
25,970
26,175
26,646
26,685
7.7
7.7
7.0
7.7
7.1
7.7
10.8
7.9
6 .5
7.1
6.8
7.3
9.1
1,757,610 .....
. 138,220 ...... 21O,7OQ
· 139,499 . ..• 2~5,8,(0
14.3,081 .
. 216,667
. 213, 243
· I;2,35,( .•
143,585 .
228,949
. 2;10,30:;1
· 163,518
154,536
231\,205
. 237,iiOI
137,156 .
13G,13\)
.. 233,439
2;l7,536
· 140,H3 .
· l:l2,183 .. : .. 254,772
. 172,22'1 .
.. 290,25(!
7.6
7.9
7.8
7.9
7.9
8.0
8.5
7.9
7.0
7.0
7.1
7.0
8.0
216,662
18,169
13,900
16,008
15,374
17,595
21,123
18,857
16,070
18,959
19,483
21,094
20,030
6.8
8.2
6.2
7.2
6.7
7.3
8.3
7.0
5.8
6.7
6.7
6.8
6 .5
2,90~.26Q
26,828
26,847
26,542
28,209
29,351
31,838
33,039
33,795
34,151
35,492
37,985
36,592
201 , 5Of)
291,167
301,842
318,214
335,850
7.1
7.7
6.6
7.7
7.0
7.9
7.9
6.8
6.7
6.4
6.8
7.1
7.4
June . .........•.. . . ...... • .•.....
July ....... ... .................•.
August ........ . ... • .. .. ... .. .. .. .
September ..... .. •.• .•........ •. • .
October ....... ... . .. ........... . .
November .........•..•......... . .
December ..... ... . •.......... • ...
286,692
22,541
19,021
21 ,026
23,929
22,812
24,872
26,270
24,454
23,913
27,517
24,609
25,728
35,620
36,549
36,094
36,662
37,792
38,425
39,919
39,324
34,475
39,224
38,727
37,623
7.6
7.4
6.4
7.0
7.9
7.3
7.8
8 .0
7.4
7.3
8.4
7.6
8.0
2,485,139
197,287
.172,32$
205,436
201,146
. 205,475
208,826
· 218,192
.207,301
.197,952
217,135
214,277 '
2.3.9,784
333,243
340,352
332,475
333,624
331,694
328,717
331,198
· 327,445
325,640
325,501
321,157
315,758
1947
January .................... .. : . ..
February ....•.•........ •.• .. .... .
March ............. . .•.......... .
April ................. •. .. ........
May .. . ..... . . .... ...•...... . .. . .
June ...............•.•.......... •
22,706
21,729
23,086
22,928
23,413
26,510
37,559
35,032
34,521
33,804
34,785
35,855
7.2
7.2
7.9
8.0
8.3
9.0
223,787
196,838
22}969
22 ,911
. 233,002
218,488
307,626
309,986
314,439
311,799
313,879
312,796
June ..... . .. .. •. •. : ....... .• .•••.
July . .. ............... .. .. ... ....
August ........... . . . . ... .. . . ... •.
September .... . ........•.... ......
October ............. • .•........•.
November ............ .. .. . .......
December . ... ....... . . • .•........
1945 ....................... ::. : ....
January ....... ..• . • ... " .. . ......
February . . ...... .. •..............
March ... ... . ............... . ..•.
April . . . . ...... • ...... . . . . . .. ... . .
M~ . ...
.......... . . ...•.•.•. . .
June . . ... ...... ........... . • .•...
July .. ........•.• ........ . .•.•.•.
August .. .. .. .. . .•.......... •.•.. .
September ................ . ... • . • .
October ........... .. ..... . ...•...
November ....... .... .... . ........
December . .... . . . .............. • .
1946 . . .. ........ .... .... .......... .
January ..... . . ............. . ... . .
February ... . •.•... . . ... . . . .•.•. ..
March ........ • ............•.•. ..
~;~l.::::::::.::::::::::::::::::
13
12.1
11.4
11.0
10.4
13.4
9.5
10 .7
..
..
.....
l!lil,3QO
140,(~9
..
."
252,928
255,2,(6
~55.Q03
164,177
147,452
173,716 .
. 181,707
1!l2,198
. 160,939
· 15,5,427
169,360
257,641
266,403
· 284,740
285,723
290,~06
181,68~
..
.
. ..... 7.6
..
7.1
6.1
7.3
7.2
7.4
7.6
7.9
7.6
7.3
8.0
7.9
9.0
8.6
7.7
8.5
8.8
8.9
8.4
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Tyler, Texas
Texarkana, Texas
Year
and
Month
Debits
Durin!
Perio
End of
Month
Deposits
Annual
Rate of
Turnover
Debits
Durin!
Perio
End of
Month
Deposits
Annual
Rate of
Turnover
1942
Jnne ..... . ......... . .......... . ..
July .. . . .. .. . . ... . . . . . . . . • ... . .. .
August . .... • .... . . . . . . . .... .. . .. .
September .......... . ....... . .. . ..
October .... .... . . .. ... . . . • .......
November . ... ..... . . ... . .... .. . ..
D ecember •• .. . . . . . ... . . . . . .......
7,858
7,842
7,565
7,442
8,138
7,825
9,344
11,186
11,690
11,817
11,712
12,873
13,046
13,232
8 .5
8 .3
7 .7
7 .6
7 .9
7 .2
8.5
13,988
13,101
12,704
13,711 .
' 14,606
14,250
16,286
14,986
15,337
15,606
16,065
18,170
19,203
22,637
11.4
10.3
9.8
10.4
10 .2
9 .1
9.4
1943 , ... . .. .. .. .. . .... .............
January . .... . . . ... .. .. .... .. .. ...
February .. . .................. . . . .
March ... . ... ......•. .. . .. . .. . .• .
ril ..... .. . .... . ....... ... ...• . .
ay .. .. .... ...... ...............
Jnne .. . . . ..... . ........ . ..... . ...
July .. .. .... . ... . ......... . .. ....
August . .. . . .... . •• . ... . . . . . . .. • ..
September .. . ....... .. .......... ..
October .......... ... . .. .. .. ......
November ....... .... . . ......... ..
December . .......................
97,325
7,018
6,139
7,802
9,216
6,842
7,775
7,131
8,140
9,426
9,090
8,298
10,448
13,670
13,922
14,163
14,085
14,321
13,755
13,897
13,809
13,645
14,392
14,280
15,332
6.9
6 .2
5.3
6.7
7.8
5 .8
6 .6
6 .2
7.1
8 .3
7 .8
7.0
8.5
:U8,243
14,534
13,910
17,092
18,804
16,418
19,629
18,488
17,208
21,293
19,119
20,976
20,772
22;580
23,187
22,801
25,757
25,249
25,579
26,756
26,172
28,441
29,224
28,753
29,840
8.3
7 .7
'7 .3
8.9
9.2
7.7
9.2
8 .5
7.8
9.4
7.9
8.6
8.5
1944 .. ...•.•• • • ..•....... . .......•.
January .. ... .. . . .•. • . •. .. . .......
February . ... . . .................. .
March ......... . . . ... . . . ...... ...
~ril .... .. .... ........... ...... ..
ay .. ...... ................... ..
Jnne ..... .............. . . ........
July .. ...... . .. ...... .... .. ......
August .. ...... . . . ... ... .... .... . .
September .. . ............... ... . ..
October .. .... . ....... ............
November . . . . . .... ... . . ... . . ... . .
D ecember . ............... . . ......
109,168
8,848
8,916
8,559
8,792
7,444
9,791
8,339
8,252
8,605
10,572
10,373
10,677
15,321
16,128
16,546
16,001
16,458
17,085
18,129
18,010
17,854
17,488
17,242
18,397
6.4
7 .0
6 .8
6 .2
6.5
5.5
7.0
5.6
5 .5
5 .8
7 .2
7 .2
7 .2
266,836
20,318
20,729
21 ,172
20,241
20,849
24,316
22,460
22,743
21,960
22,702
22,878
26,468
28,983
31,427
31,376
30,578
30,932
35,936
34,911
34,131
34,080
33,844
36,688
38,557
8.0
8.3
8.3
8.0
7.8
8.2
8.8
7 .7
7.0
5.5
8 .2
7.8
8.4
1945 . .. ..... ................... .. ..
January . .. .. .............. .......
F ebruary . ...... . . . ....... ... . .. . .
March . ... . . . .. .. .. . .... . . . . .. . . .
'. : : : : : : : : : : : : : : : : : : : : : : : :
Jnne ... . . . .. .. . ... . . . . ..... . · .· ..
July ....... . .. . . ... . ... . ... . . ... .
August . . ...... . .... . .. • .. . . . ... ..
September .. . . . ..... .. .. ...... ....
October. . . .. .. . . .. . . ......... .. ..
November .. . .. ...... .. . ...... . . ..
December .... . .. .. .. . .. ..... . ....
121,448
10,048
8,112
10,503
9,441
10,904
11,189
8,789
8,938
9,673
11,090
11,802
10,959
18,152
20,269
20,938
22,041
20,436
21,051
22,174
22,278
22,233
22,510
23,185
25,252
5.6
6.6
5.0
6.1
5.3
6.1
6.5
4.9
4.8
5 .2
6 .0
6 .2
5 .4
309,393
25,402
21,420
24,207
23,627
25,181
25,850
24,606
24,126
23,650
30,510
28,655
32,159
36,899
36,910
37,342
37,041
39,344
41,259
41,267
41,144
41,382
41,321
45,877
50,750
7.6
8 .0
7 .0
7.9
7 .7
7.9
7.7
7.2
7.1
6.8
8.9
7.9
8.0
1946 ••.•••• •.. . .. . ... .. • . . .. ... . ·· .
January .. ...... . ... . . .. . .. .......
F ebruary . . . ... . . ... . . ... .. . . ... . .
March .... . . .... . .. . .. . .. . . . . ....
April. .. .. .. .. .. . . .. .. . . . .. . . .... .
May ..... . . . .... . .. .. ..... . .. ....
J une . .. . '. ' . ... . . .. . .. ....... . ... .
July ........ . . . .. .. .. .... . ... . ...
August . ..... . . . . . .. .... .. .. .. ....
September .... . . . ....... .. .. .... ..
October .... . ... . ....... . .. . .. . . ..
N ovember .. . . . . .. .... ....... .. . ..
December .. . ... . . ... .. .. ... . . ... .
150,096
10,658
9,568
11,643
12,410
11,384
11,915
12,308
12,793
12,639
14,358
14,572
15,848
6.1
25,171
25,814
25,611
25,077
25,080
24,083
24,440
23,912
23,742
23,823
23,789
24,398
5.0
4 .6
5.4
5 .9
5.4
5 .8
6.1
6.4
6.4
7 .2
7.3
7.9
371,241
29,704
26,792
29,853
31,021
30,279
29,562
30,246
31,959
30,427
34,060
32,369
34,969
51,321
51 ,446
50,591
49,489
48,251
48,282
46,716
45,470
45,254
44,476
44,020
44,595
7.8
7.0
6.2
7 .1
7.4
7.4
7 .3
7.7
8 .3
8 .0
9.1
8.8
9 .5
15,034
12,353
14,271
13,381
13,214
12,276
22,322
22,034
22,155
21 ,629
21,801
21,920
7 .7
6.7
7.8
7.3
7.3
6.7
43,913
44,008
42,612
41,971
47,720
46,781
9.1
8 .0
9.1
9 .0
9 .5
8.0
U
tfa~:"",
1947
January .. ... . . ....... . . ..... .....
F ebruary ....... . . .... • .. . . . .. . . . .
March . . . . . ..•.. .. . . . . . . . ... . ....
tf:;:. :::::::::::::::::::::::::::
June . ... . ... ..... . ..... . . . . ... . ..
14
33,713
29,617
32,733
31,784
35,515
31,483
BANK DEBITS, END-OF-MONTH DEPOSITS, AND ANNUAL RATE OF TURNOVER OF DEPOSITS
BY MONTHS, JUNE 1942 TO JUNE 1947
(Dollar figures in thousands)
Wichita Falls, Texas
Waco, Texas
Year
and
Month
Debits
During
Period
End of
Month
Deposits
1942
June .................. ..•.•.. . . . .
July . ........... . . . ..... . .•. .. ...
August .. ................ . . . . ..•..
September ......•.•.•. ... ....... ..
October ....... ..... ..............
November .... . ................. . .
December ......... .......... .. ...
22,477
24,635
25,093
26,253
29,945
25,676
29,275
24,799
26,538
27,225
29,091
31,840
33,180
35,217
1943 ................... .... . ...... .
January ......•.•.. .. .............
February .... .. .. ..... .•.•........
Mar~ . . ........... .. .. . • . •. . ....
April ...... .. .... . . . ..... . . .......
May . ...................•... .... .
June . .. . .. . . .......... • . •..... ...
~y .. . . . ... . ............•.•....
August .. . ... .. . .......• .• .• .. . •. .
September .............•.•.•......
October . .... . ........ ... •.•. .....
November . ... ... .... ......•.•.•.•
December . ... ... . ....... . . .... . . .
326,349
24,272
22,495
35,205
31,018
25,863
25,731
23,412
23,965
33,670
25,923
25,428
29,367
34,798
35,026
35,475
36,780
38,055
37,473
38,712
38,750
40,173
42,341
42,431
41,947
1944 ..... ............ . .............
January ....................... • ..
February ... ... .... ........ .......
March ........... . . . .. ...........
April. .... . ..........•.•.•........
May .................... •.•..... .
July ....... . .....................
August . ...........•.•.•..........
September ........................
October ...... . . ..... ......•. ... . .
November ....... .... . . •.•.... . ...
December .. . .................... .
333,163
27,255
25,010
26,872
24,844
22,131
30,468
26,403
26,183
27,367
29,872
31,893
34,865
1945 ...............................
J anuary .............. . ...........
February . ... . . .. ... . .............
March .......... • . ..•.•. ... ......
April .. . .......•..................
May ................ . .. . ....... . .
June ................ .... . ....... .
July .............. . ..............
August ................. . .........
September . ............ . ......... .
October ........ .... . . ... ... •.•.•.
November ........... . .. . . • .•.....
December .... . . . . ... . .. . . . . ... .. .
1946 ...............................
January ............ ... . . .. .. ...• .
February ............... • .•. . ... . .
Marcil. .......... . ... . .. . •.......
Annual
Rate of
Turnover
Debits
During
Period
End of
Month
Deposits
Annual
Rate of
Turnover
11.3
11 .5
11.2
11.2
11.8
9.5
10.3
18,864
19,736
19,554
22,357
21,489
21,237
27,404
28,135
28,599
29,324
29,475
31,522
33,328
37,488
8.0
8.4
8.2
9.1
8.4
7.8
9.2
8.5
8.3
7.7
12.0
10.3
8.3
8.2
7.3
7.4
10 .2
7.6
7.2
8.4
290,290
20,549
21,776
24,482
25,778
20,509
24,507
23,866
21,570
28,471
24,277
24,635
29,870
37,370
38,015
37,849
38,974
39,894
40,326
40,006
41,812
42,368
43,603
44,474
44,186
7,1
6.6
7.0
7.8
8.0
6.2
7.3
7.1
6.4
8 .2
6.7
6.7
8.0
42,901
43,226
42,704
41,229
41,661
46,262
46,827
47,764
47,870
47,077
47,332
50,446
7.3
7.7
7.0
7.6
7.1
6.4
8.3
6.8
6.6
7.1
7 .6
8.2
8.5
331,785
26,899
25,385
27,696
23,885
28,030
32,652
28,532
25,144
25,059
26,948
28,275
33,280
44,088
45,651
44,752
44,901
46,198
50,073
51,435
51,206
50,338
51,642
54,016
57,441
6.7
7.3
6.8
7.3
6.4
7.4
8.2
6.7
5.9
5.9
6.4
6.5
7.2
365,245
32,165
25,309
29,419
26,063
27,923
31,248
26,207
27,882
27,736
36,125
35,277
39,891
51,S07
52,757
52,705
52,820
54,645
55,358
46,175
58,115
59,519
61,759
66,493
71,095
6.4
7.6
5.8
6.7
5.9
6.2
6.8
6.2
6.4
5.6
7.2
6.6
7.0
395,175
32,425
26,550
30,262
29,126
33,386
37,543
32,359
29,804
30,239
34,592
38,101
40,788
56,650
56,522
55,488
56,150
56,955
62,759
63,316
64,008
64,600
66,036
72,757
74,844
6.3
6.8
5.6
6 .5
6.2
7.1
7 .6
6.4
5.6
5.6
6.4
6.6
6.6
July .. . .. .. .. ..... .. ..... ........
August .. ... . ... ............•.•.. .
September ... . . . ......... .. .. . •.•.
October ............... . . . . .. .. ...
November ... . . . ............ • .•.•.
December ... .......... ... 0'.' · ·· ·
508,705
39,175
35,171
43,472
37,193
37,837
39,544
42,367
41,119
48,180
47,942
46,147
50,558
71,464
77,613
71,815
71,049
70,703
68,528
69,280
68,720
63,749
64,146
65,574
62,921
7.4
6.6
5.6
7.0
6.2
6.4
6.8
7 .3
7.2
S.8
9.0
8.5
9.5
479,237
39,397
35,483
43,440
37,912
39,043
39,026
37,131
37,590
37,078
42,867
43,574
46,696
74,751
77,341
72,516
72,216
71,341
70,764
70,797
69,745
69,092
68,912
67,367
67,584
6.7
6.4
5.6
7.0
6.2
6.5
6.6
6.2
6.4
6.4
7.4
7.7
8.3
1947
January ............... ..... . . ... .
February .........................
March . . .. . . . .. .. .. .... . .. . . . . . ..
April. ............ . ..... . . . . . • . . ..
May ................... ..... .....
June . .... . ..... .... ... . .... .. . ...
47,418
42,450
45,675
45,075
41,827
42,781
61,374
60,914
61,244
60,129
61,180
60,433
9.1
8.3
9 .0
8.9
8.3
8.4
44,047
41,688
42,713
42,633
44,122
48,794
65,927
65,689
65,004
63,931
65,119
67,282
7.9
7.6
7.8
7.9
8.2
8.9
koo .. .. .........................
~::........ ::::::::::::::::::::: ::::
June ......... . ...........• . •.....
15
r
NEW
MEXICO
T
ELEVENTH
FEDERAL RESERVE
DISTRICT
[
@FedFRASER