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BUSINESS '
REVIEW
FEBRUARY 1959
Vol. 44, No. 2

1958 -

AGRICULTURAL CORNUCOPIA

"A farmer is always going to be rich next year" is a saying
ascribed to Philemon, who lived 2,200 years ago. Although 1958
did not make southwestern farmers and ranchers rich, it was the
proverbial "next year" in terms of over-all output. Crop production exceeded all previous records, and outturn of livestock and
livestock products was the sixth largest since World War II.
Consequently, the total volume of crops and livestock produced
on Eleventh District farms and ranches established a new high.
The large production, coupled with strong livestock and livestock
product prices and fairly stable farm production cost rates,
resulted in a record-high cash farm income.
Following the good harvest of 1957, the exceptional output
boosted the financial position of farmers, as well as those in
agriculturally related businesses. Improvement in agricultural
income and prices occurred at a time when many nonagricultural
sectors of the economy were weakening. Generally favorable
weather and the application of modern farming methods combined to produce bumper crops, despite a substantial diversion
of cropland into the Soil Bank.
Growing conditions in most of the Southwest were propitious,
although output was reduced in a few sections of the District by
excessive and ill-timed rains, overflowing streams, persistent
insect infestations, and other causes. A wet fall in 1957 provided
an excellent start for small grains; and the lack of late freezes,
the abundant winter and early spring precipitation, and the almost
ideal June harvesting conditions assured record-breaking small

FEDE AL

RESERVE
DALLAS,

BANK

OF

DALLAS

TEXAS

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

grain yields. Spring-planted crops also grew rapidly as
a result of the best subsoil moisture in years and the
timeliness of early summer precipitation. Unfortunately,
recurring rains in late August and during September
over most of the District interrupted harvest, reducing
prospects in some areas. However, October and November weather conditions were favorable, and harvesting
was completed rapidly.
Total farm output in the District states reached a
record high in 1958 and was 13 percent larger than
the 1947-49 average and 15 percent greater than in
1957. Compared with the previous year, most of the
gain in total production resulted from a 22-percent rise
in the production of crops, since the outturn of livestock
and livestock products increased only 3 percent.
Nationally, a similar pattern prevailed, although the
year-to-year output gains for most individual commodity groups were smaller than those for the District.

CROP PRODUCTION
FIVE SOUTHWESTERN STATES

'"'II• • • • • • • • •~FOOD
,.
GRAINS

. _ " _ . O I L - B E A R I N G CROPS

+25

+50

+75

+100

+125

PERCENTAGE CHANGE,19!58 FROM 19&1
SOURCES : U,S, Departm,nt 01 AQrlcullur • .

f.d,ral R... ,u Bonk 01 Dalla •.

major feed grains in the Southwest - grain sorghums,
The 1958 production of meat animals, poultry and
corn, oats, and barley - was laliger in 1958 than in
eggs, food and feed grains, cotton, oil-bearing crops, 1957, most of the rise in the past decade resulted from
and vegetables showed gains over 1957 in both the the rapid growth in plantings and yields of grain
Nation and the District. Among the other broad crop
and livestock categories, sugar crop production de- sorghums.
An increase in harvested acreage and record or nearclined in the Nation although it rose in the District, and
animal fiber crops were larger nationally but unchanged record per acre yields accounted for the exceptional
in the District. In the case of milk, output was un- gain in southwestern crop production in 1958 as comchanged for the United States, while a 2-percent decline pared with 1957, with most of the increase arising from
was registered for the District. Year-to-year decreases higher yields. Both the larger harvested acreage and the
occurred in the production of feed forage and hay and higher yields were mainly the result of favorable growof fruits and nuts in both the Nation and the Southwest. ing and harvesting conditions, although crop yields also
have been trending upward as a part of a long-time
Crop Production at an All-Time High
technological development. The harvested acreage of
The relative gains in output of the various crop about 38 million acres was 3 percent above the 1957
categories were more vigorous in the District than in figure. This acreage, coupled with higher yields, prothe Nation. The index of food grain production, paced duced a crop volume 22 percent larger than in 1957.
by a 139-percent increase in the outturn of wheat and
Among the southwestern crops showing all-time high
aided by impressive gains in the rice and rye crops, yields per harvested acre in 1958 were cotton, wheat,
was 111 percent larger in 1958 than in the preceding corn, grain sorghums, rice, peanuts, and hay. Yields for
year, showing a greater gain than any of the other crop all the major crops in the District in 1958 were higher
or livestock categories. Oil-bearing crops, which ad- than in the previous year. Percentage gains in yields for
vanced 50 percent between 1957 and 1958, experi- some of the major crops were: wheat, 77; peanuts, 36;
enced the next largest relative increase, reflecting the cotton, 27; grain sorghums, 13; and corn, 11 .
excellent peanut and flaxseed harvests.
Feed grains have continued to gain in importance.
In 1958, output was more than double the 1947-49
average and was almost one-fifth more than the outturn
in the previous season. Increases in production of feed
grains in the District since the Korean War have surpassed those in the Nation. Although the output of four

I~USINESS

REVIEW

Soil Bank Programs Reduce Plantings

The diversion of a considerable acreage of cropland
into the Soil Bank programs has contributed to an
increase in per acre yields, since land of less than
average productivity generally is placed under these
programs. On the other hand, the withdrawal of this

acreage makes the crop output achieved in 1958 more
notable. In the District states, the total acreage in the
Soil Bank was almost 7.3 million acres, or about
775,000 acres more than in 1957. An increase in
sign ups under the Conservation Reserve more than
offset a decline in participation in the Acreage Reserve.
Signups under the Conservation Reserve Program in
the Southwest last year totaled around 3.5 million acres,
Or about 900,000 acres higher than in 1957. Acreage
Reserve participation, at almost 3.8 million acres, was
down approximately 160,000 acres. The change in
growing conditions and in farmers' views toward potential production between the 1957 and 1958 seasons
probably resulted in the slight reduction in total Acreage
Reserve signups. Almost one-fifth of the allotted acreage
of cotton, wheat, and rice in the Southwest in 1957 was
placed in the Acreage Reserve; in 1958 the proportion
declined to 19 percent of the allotments.
The shifts in signups among the various crops probably reveal more about the farmers' attitudes toward
prospective production and income from their crops
than do the total Acreage Reserve signups. Wheat and
rice farmers placed less of their allotted acreage in the
Program in 1958 than in 1957, but cotton farmers
increased their participation. In the case of wheat, early
season prospects for the 1958 crop were the best of
record, while the 1957 fall harvesting season for cotton
was extremely poor and lowered the final outturn of a
previously promising crop to disappointing levels.
Livestock Production Increases

The outturn of livestock and livestock products
showed a smaller increase between 1957 and 1958 than
did crop production in both the Nation and the SouthWest. In a large measure, the slowness with which livestock production is expanded, as compared with annual
crops, reflects the relatively longer period needed for
the biological processes involved in expanding output
of animals.
Poultry and egg production in ] 958 showed greater
year-to-year increases than any of the other livestock
product groups. All of the gains for poultry products
resulted from increases in broiler sales and the number
of chickens raised , since the outtum of both eggs and
turkeys declined. Meat animal production rose slightly
as a result of larger calf and lamb crops during 1958
and the feeding of livestock to heavier weights.
Cattle numbers in the Southwest started declining in
1956, when the drought of several years' duration had

PRODUCTION OF LIVESTOCK
AND LIVESTOCK PRODUCTS
FIVE SOUTHWESTERN STATES

ALL LIVESTOCK AND
LIVESTOCK PRODUCTS

POULTRY AND EGGS

PERCENTA GE CHAN GE, 19 &8 FROM 1957

+ 10

SOURCES , U,S . Ceportment of AgrlcI,IIIU,..

Fed,ral R... rn BOllk 0' Dallal .

broadened and deepened until most sections of the
District were affected. The return of favorable moisture
conditions, especially in the spring of 1957, encouraged
stockmen to reverse the trend in breeding herd numbers.
Ranchers began a moderate restocking of their rapidly
improving ranges; and at the beginning of 1959, the
number of beef cattle was up slightly from the 12.2
mj}}ion head on hand on January 1, 1958. Numbers in
the Nation have also increased, indicating that the cattle
cycle is in the expansion phase. .
Animal fiber production in the Southwest last year
l
remained unchanged from the 1957 level. A moderate
increase in mohair output was offset by a slight decrease
in wool production, all of which occurred in New
Mexico. Sheep numbers in both the Nation and the
Southwest have been trending downward since the early
1940's; however, the decline halted during 1957, and
numbers turned upward. New Mexico followed national
and southwestern trends, and the number of sheep shorn
in 1958 was larger than in the previous year. Lighter
fleece weights in the State, due to much cleaner wool,
resulted in a decline in grease wool output, thereby
reducing the total tonnage of wool produced in the
Southwest. In terms of clean wool, however, District
wool output in 1958 probably exceeded that in 1957.
Milk cattle numbers in the District states have declined almost continuously since 1944, and the southwestern dairy industry continued its adjustment during
1958. Despite the trend toward greater milk output per
cow, the disposal of herds has been relatively heavy, and
total dairy production has declined slightly. A larger
BUSINESS

REVIE~I ·

proportion is being utilized as fluid milk and cream,
and less of the output is being used for butter or other
manufacturing purposes.
Farm Income Rises

Total cash farm income, including Government payments, in the Southwest in 1958 likely exceeded $4
billion, or an all-time high. Cash receipts from farm
marketings are estimated to be 28 percent higher than
in the previous year. Crop receipts are placed at 39
percent greater than in 1957, and those from livestock
and livestock products were 16 percent larger. Increases
in Government payments also boosted farm income.
Payments to southwestern farmers and ranchers under
the 1958 Soil Bank Program were about $20 million
larger, and wool incentive payments also were above
the 1957 level of $2.5 million.

Farmers and ranchers in the Southwest are well
advanced in preparations for the current season. The
1959-crop winter wheat acreage in the District states
is placed at 12 percent larger than 1958-crop seedings.
However, surface moisture conditions have not been
adequate, and production is indicated at about 27 percent below output last year. An outturn this size still
would be the third best in the past decade.

Deep soil moisture supplies in the principal wheat
areas, as well as most other sections, are good. Adequate rainfall during the balance of the year could
provide excellent growing conditions for fall-seeded
crops and for those to be planted this spring. The
Acreage Reserve Program of the Soil Bank will not be
in operation this year; consequently, an increase in the
acreages of wheat, cotton, and rice is expected. Furthermore, cotton farmers are permitted to increase their
acreage of cotton by 40 percent of their regular farm
Both a larger volume of marketings and higher aver- allotment if they are willing to accept a lower support
age prices accounted for the gains in cash receipts from price for the cotton. Thus, there will likely be an addi1957 levels. Delayed marketings of 1957 crops sold the tional gain in the acreage devoted to cotton.
following year added moderately to 1958 crop income.
However, a considerable volume of 1958 crops has
The present favorable forage conditions and reduced
been held over for sale in 1959. Prices for all agricul- marketings of range livestock suggest that southwestern
tural products in the Southwest in 1958 - as evidenced farmers and ranchers will probably continue to expand
by prices received by Texas farmers - averaged 5 per- basic breeding herds. The substantial stocks of feed
cent higher than in 1957. Crop prices were 6 percent grains on hand and the favorable past price relationlower, but this decline was offset by a 17-percent gain ships between pork and feed point toward an increase
in prices received for livestock and livestock products. in hog production in the District. Increases in laying
flock numbers indicate that egg output is likely to rise,
Prices of oil-bearing crops, feed grains and hay, and broiler outturn probably will be maintained at or
cotton, and food grains averaged below their respective above present levels.
1957 levels. Prices for vegetables were unchanged, but
Farm commodity prices may not maintain the
those for fruit were sharply higher. Meat animal prices
in 1958 averaged one-third higher than in the preceding strength this year that they exhibited during 1958. The
year, paced by exceptionally strong prices for cattle, possibility of lower price supports on some important
calves, and sheep. Prices for poultry and eggs were commodities, the impact of the large harvest of 1958,
higher, but those for wool were substantially below and the likelihood of a larger output of livestock and
1957 averages and those for milk were slightly lower. livestock products suggest a slightly lower level of farm
product prices. Farm production costs probably will
One of the disconcerting notes in the agricultural continue at high levels and may show some slight
picture during 1958 was the persistent rise in farm cost increase. Consequently, the 1959 net income position
rates. Farm costs in the Nation - including interest, of farmers may not be as favorable as in the past year.
taxes, and wage rates - averaged 3 percent higher than However, barring extremely unfavorable growing conin 1957. Although comparable data are not available ditions, farm income in the Southwest is likely to comfor the District, cost trends generally are similar for the pare favorably with the average received during the
Nation and the Southwest. Despite the rise in cost rates recent past.
and slightly greater total production expenses associated
with larger output, the higher average prices and record
volume of marketings resulted in a southwestern net
J . Z. ROWE
farm income which moderately exceeded that in 1957.
Agricultural Economist

DEPARTMENT STORE SALES SUSTAINED IN 1958
A distinguishing characteristic of the 1957-58 re- upward during the first 8 months of 1957, with the
cession and recovery period was the disposition of the adjusted index reaching an all-time high of 169 percent
Consumer to maintain his aggregate merchandise of the 1947-49 average in July and August. From that
purchases at a high level. This development, which high level, the sales index moved generally downward
Occurred in the Eleventh District, as well as nationally, to 143 in February 1958, reflecting a 6-month decline
was also reflected in consumer purchases at department of about 15 percent. The irregular recovery from the
stores in this region. Sales at department stores in the low point in the next few months carried the index to
District in 1958 were fractionally higher than in 1957 another all-time peak of 172 in August, or 3 points
and reached a new peak for the tenth consecutive year. above the previous peak in July-August 1957. In the
While the fractional gain in sales during 1958 suggests following months, the index did not regain the August
over-all stability in department store business in the high but remained at or above the comparable index
past 2 years, the underlying developments reveal the in 1957.
consumers' responses and preferences under varying
A second major feature of department store trade
economic conditions.
during the recession and recovery was the variation in
The first feature differentiating the 2 years was the consumer demand among the geographical areas of the
timing of consumer demand. The trend of sales at District. Of the eight District cities for which separate
District department stores moved in the same direction data are compiled, four registered sales increases in
as that of the Nation, differing only slightly in degree. 1958 over the preceding year, with an equal number
On the downturn, department store trade lagged behind suffering declines. In the case of the latter, sales in three
general economic activity, but on the upturn, it pre- cities had turned downward in 1956, while in the other
ceded the general rise.
city, there had been a strong uptrend in sales throughThe following chart of the District's seasonally ad- out the decade prior to 1958. The 1958 sales increases
justed index of sales shows a fairly steady seasonal in the other four cities represented merely an extension
pattern of buying for 1956, except for a sharp dip in of a generaJJy upward trend over a period of years.
October. In view of the small ch anges in annual sales,
the erratic movement of the adjusted sales index in
1957 and 1958 around the 1956 index becomes of
particular interest. The trend of buying was irregularly

DEPARTMENT STORE SALES
ELEVENTH F EDERAL RESERVE DI STR ICT

170f--+---l-

1
60

+--f--

-t--!::-:-=L , - -,-----1--

The responses of consumers varied noticeably from
city to city and, in general, were affected by economic
conditions in the respective cities. The initial response
to the onset of recession was a slowdown in the rate of
buying as the purchase of deferrable items was postponed. This tendency toward conservatism in buying
probably explains, in large measure, the low sales during February at all cities. On the other hand, the widespread recovery in economic activity toward the year
end and the general optimism that prevailed loosened
the purse strings materially at the Christmas season.

1---1

In the cities which registered decreases in sales in
1958 as compared with 1957, the pattern was fairly
consistent. Generally, the most pronounced decreases
occurred early in the year and tended to diminish as
the year advanced. In every case, the decrease in 1958
sales was smaller than the cumulative loss registered
at the end of each of the first three quarters.
Economic activity in three of the cities - Corpus
Christi , Shreveport, and Houston - was affected adversely by developments in the petroleum industry,
BUS INE S S RE VIE:I

which is an important factor in their economic life, and
by a slowdown in some other industrial operations.
In Houston, where oil and related industries constitute
a major proportion of the industrial activity, the effect
of the slowdown in business activity was widespread
and touched a large segment of the population. Hence,
it was not surprising that department store sales in that
city showed the largest drop from 1957. It is significant,
however, that the pickup in sales as the year advanced
cut the decrease from 1957 from 10 percent in the first
quarter to 6 percent for the full year. In Waco, business
activity was affected by a general cutback in industrial
activity but gained strength in the last 4 months of the
year, as the revival of industrial activity was reinforced
by the large returns from agriculture in the surrounding area.
Most of the cities showing increases in sales over
1957 experienced irregular trends during the year. In
EI Paso, consumer demand gained strength after the
first quarter, apparently reflecting the high-level activity
at military and defense establishments in the area and,
too, the prosperity of the livestock and agricultural
industries, which are vital to the economic health of the
area. The 4-percent increase for the full year was the
largest among the eight cities.

was somewhat sluggish throughout 1956, turned upward in the early months of 1957 and remained fairly
strong until after midyear. In the final quarter, buying
slumped again and was at the lowest level since 1955.
Except for a temporary improvement during the second
quarter of 1958, sales of homefurnishings continued at
a reduced level throughout the year. The drop in the
demand for major household appliances was particularly noticeable after the summer of 1957, and sales
performance in most months of 1958 remained generally poor.
During 1957, there was an exceptionally good
demand for radios and phonographs, averaging more
than a fourth higher than in 1956, and it continued
strong during the early months of 1958. By spring,
however, sales had begun to slump and continued at a
lower level to the end of the year. At the same time, the
demand for television sets showed consistently sharp
year-to-year declines in both 1957 and 1958.

On the other hand, there was a trend during the 2
years toward a strengthening in demand for most broad
categories of soft goods. The stronger demand began
to manifest itself in rising sales around mid-1957 and
continued throughout 1958, although the year-to-year
gains narrowed somewhat in the later months of the
year. In the piece goods and small wares departments,
In Fort Worth, trade was slow during the first quarter, when sales were down 3 percent from a year ago, the 1958 gains over 1957 were consistent in nearly all
and this loss was not wiped out until the third quarter months. The principal exception to the general trend
of the year. Business in the fourth quarter was quite in soft goods was sales of men's and boys' wear, which
strong, being sufficient to bring sales for the full year to reflected quite irregular month-to-month movements
a level of 3 percent above those in 1957. The varying and averaged somewhat below the consistently high
fortunes of the transportation industry played a big part level maintained in 1957. In this connection, it should
in determining the trend of department store sales. be mentioned that sales of men's and boys' wear had
Dallas was also affected adversely by trends in the shown substantial year-to-year increases since the
transportation industry, but the sustained activity in 1953-54 recession.
other industries held operations at a high level. These
The outstanding conclusion to be drawn from the
activities probably explain the small year-to-year performance of department store trade during the rechanges in sales throughout 1958. In San Antonio, cession and recovery is that consumers have shown a
there was general stability in sales until the fourth quar- willingness to maintain their purchases at a high level,
ter, when a noticeable increase occurred. This perform- even though they make substantial shifts among the
ance seems to have stemmed, in large part, from the types of goods bought. While declines in economic
sustained operations at military establishments and activity bring some retrenchment in buying, especially
from the general prosperity of the agricultural and of deferrable items, it does not reach serious proporlivestock industries.
tions in short periods of readjustment. The high level of
Another feature of department store trade in the 2 buying at the year end, combined with the prevailing
years was the shift in demand among the various types optimism, augurs well for department store trade in
of merchandise. Some inferences can be drawn from the 1959.
data provided by a smaller sample of stores. These data
reveal that the demand for homefurnishings, which
BUSINESS REVIEW
6

BUSINESS

REVIEW

BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS

Industrial production rose further in Texas during December,
led by a large advance in petroleum production. The production index reached 167, or 2
points above November and only 5 points under
the record in early 1957. Nonagricultural employment in the Eleventh District states increased seasonally in December to approximate the December 1957
record.
Construction contract awards in the District states
during November showed a sizable decline from
October and a significant narrowing in the year-toyear margin of gain. However, residential awards
remained considerably above a year earlier.
Strength in sales of soft goods and an additional
trading day resulted in a good increase in December
sales at the District's department stores compared
with December 1957. On a seasonally adjusted basis,
sales were better than a year earlier but were below
the previous month. A substantial month-to-month
gain in new car registrations occurred in each of the
four largest metropolitan areas in the District in

December, but in only one of these were registrations
greater than a year ago.
Crude oil production in the District and the Nation
held steady in early January, but refinery activity rose
moderately in response to a sharp gain in demand for
refined products. Imports of refined products also increased markedly, but products stocks were reduced.
Price cuts on crude oil are spreading in west Texas
and New Mexico.
Severe cold and snow retarded agricultural activities and caused some freeze damage to small grains
during the past month. Winter wheat prospects remain below those of last year. Livestock are in good
condition despite low temperatures, which encouraged additional supplemental feeding.
Loans and deposits at the District's weekly reporting member banks expanded sharply in late December, but declines were recorded in early January.
Deposits at all member banks in the District rose to
$10.6 billion on December 31, reflecting a 9-percent
gain over a year earlier. loans and investments
showed even larger gains.

Department store sales in the regained the losses shown early in the year and at the
Eleventh Federal Reserve Dis- end of December were fractionally above the 1957
trict during December 1958 total.
exceeded sales during the same
DEPARTMENT STORE SALES AND STOCKS
month of 1957 by 7 percent,
(Percentag e change in retail valu er
reflecting principally the additional trading day in
December 1958. Furthermore, since Christmas Day
STOCKS
(End of month)
NET SALES
Was on Thursday in 1958 and on Wednesday in 1957,
Dec. 1958 from
Dec. 1958 from
the additional day was in the extremely busy period
12 mo •. 1958
Noy.
Nov.
Doc.
compo with
Dec.
immediately preceding this holiday. After allowances
Area
1958
1957
1957 12 mos. 1957 1958
for the extra day and the expected seasonal movement, Total Eleventh District . .. .. . ..... . .• 58
-18
0
- 1
7
-3
-21
- 1
6
the seasonally adjusted index shows that sales, while Co rpus .Christi..•.•...... .... .• • • .....• 76
Dalla •. .... . ......
....... . .•
-19
-2
1
61
6
.o . ... . . . .
4
-23
6
10
good, were not at record-breaking levels in December. EI PoWorth .................. . ..... 42
Fort
... .... . .........
-21
3
-2
60
9
Ho uston •.• • • • ..•...• • •.•..•. • •••
-15
- 6
- 4
3
70
The index was 160 percent of the 1947-49 average in San Antonio .•••••••••.••••• • •..•• 59
-14
2
11
3
port,
. •. .. • ...
-16
13
- 3
37
6
December, compared with 166 in November and 156 Shreve.•. ...la. ..•.... .. ........ .. ..... 52
- 17
Waco
..
.. . ..
-2
- 1
8
4
-20
1
9
a year ago. On an annual basis, sales in 1958 fully Othe r citi es ••..... •. ... . .... •.• .. 45
BUSINESS

REVIE~

I

INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Federal Reserve District

= 100)

(1947·49

SALES (Doil y overage)

STOCKS (End of month)

Seasonally
Period

Seasonally

Unadjusted

adjusted

Unadjuste d

adjusted

269r
165
190
277

159
159
156r
159
166
160

157r
187
190
155p

174
166p
168r
170
172
167p

1957 ••...•......•.
1958 • •.. ••••.•. ...
1957: Decem ber .••. .
1958: October" " ..
November .... .
December •... .
p -

Preliminary.

r -

Revised.

SALES AT FURNITURE STORES AND HOUSEHOLD APPLIANCE STORES
(Perce ntage change in retail value)

Decem ber 1958 from
- - - - - - - 1 2 mos. 1958
Line of trade

Novem ber

Decem b er

compo with

by area

1958

1957

12 mos. 1957

FURNITURE STORES
Total Eleventh District. • • • ... . . . . • . • .. . . .

Austin..... . ............. . .. . . . ..... . .
Dallas .... . . . . ...... . . . . . .... • . . . ... . .
Houston. • • • • . .. .. .. .. . • . • .. .. .. . . . .. •
Lubbock . . . .. .. . . . . .. .. • . . . . .. .. . . . . . •

28
9
24
29
22
5

Amarillo.. ......... . ....... . . . ...... . .

San Antonio. . . . . . . . . . . . . . . . . . . . . . . . . . .

47

Shreveport, La.. • • • . . . . • • • • • • . . • • • • . . . .
Wichita Falls. • • • • • • • . . . . • • • • • • . . . . • • • •

35
19

Othe r cities. . . . . . . . . . . . . . . . . . . . . . . . . . .

22

HOUSEHOLD APPLIANCE STORES
Total Eleventh District . • . . .. .. • . . .. . . .. ..
Dallas .. ................ .... .. . .... .. .

18
31

6

2

19
12

-4
3

6
-6

2
2

40

4

-4
9

18
28

-3

38
42

Analysis of reports from a selected group of District
stores on sales during December in the various departments reveals that the sales strength was primarily in
the soft goods lines, while durable goods sales were
below a year earlier. Departments showing sales gains
over December 1957 included women's and misses'
coats and suits and men's clothing, both up 12 percent;
women's and misses' accessories, up 5 percent; and
women's and misses' dresses, up 1 percent. In the durable goods groups, sales of radios, television sets, and
musical equipment declined 7 percent, sales of furniture and bedding decreased 3 percent, and major
household appliance sales were fractionally below a
year ago,
At the end of December, stocks on hand at the District's department stores were 18 percent below the end
of November and 1 percent lower than at the end of
1957. The seasonally adjusted stock index for December was 167 percent of the 1947-49 average, compared
with 172 in November and 168 a year ago.
New car registrations showed substantial month-tomonth gains in each of the four largest metropolitan
areas in the District during December. Compared with
a year earlier, however, total registrations in the four

I:

USIN ES S REV lEW

Snow, sleet, and bone-chilling
cold were the principal features
dominating the agricultural situation during the past month.
Recurring Canadian air masses
blanketed large areas of the District with sleet and snow
on three separate occasions during the past few weeks
and brought freezing temperatures to all sections. Small
grains in most regions of the District have remained
dormant a large part of the time as a result of low
temperatures. Snow has provided beneficial moisture
to grains in northwestern areas - particularly in extreme Panhandle sections, where the greatest amounts
fell- but good, soaking rains are needed virtually
throughout the District.

-7

3

areas were down 7 percent. The only increase over
December 1957 was an 8-percent rise in San Antonio,
while declines ranging from 1 to 14 percent occurred
in Dallas, Fort Worth, and Houston. For the full year
1958, total new car registrations in the four areas were
25 percent under 1957.

Barley fields in the High Plains were damaged by the
hard freeze at mid-January, and moderate damage to
oats occurred in the Southern Plains, Northern Plateau,
and Cross Timbers areas of Texas. In northern and
eastern Texas, cold injury to small grains was lighter,
but the crop is not developing satisfactorily because of
insufficient moisture. Acreage seeded to 1959-crop
winter wheat in the District states is placed at 9,792,000
acres, or 12 percent more than the 1958 crop. Production is indicated at almost 143 million bushels, or 38
percent above the 1948-57 average but 27 percent
below the 1958 output.
Cotton planting time is at hand in the Lower Valley
of Texas, and warm temperatures would be helpful. The
flax crop in south Texas is growing slowly as a result of
WINTER WHEAT
Five Southwestern Stotes
ACREAGE SEEDED
(In thousands of acres)
Crops of
1948-57

PRODUCTION
(In thousands of bushels)
Crop of
1959 1

Crop of
1959

Crop of
1958

Tex os..••... . . .

1 14
84
273
5,034
4,287

130
70
217
4,661
3,696

34
' 76
534
5,980
5,267

3,876
1,008
3,276
70,476
64,305

3,904
672
3,724
115,440
73,040

903
' 806
1,652
64,925
35,358

Totol .... ... . .

9,792

8,774

11,891

142,941

196,780

103,644

Area
Arizona ...•... .

Louisiana • .•.. •.
New Mexico .....

Oklahoma •.• •.•

1 Indicated Decembe r
:!: Short-ti me a verage.

1, 1958.

SOURCE : United States Deportment of Agriculture .

Crop of
1958

Crops of

1948-57

cold weather. In later sections, slow progress was made
in preparing soils for spring planting, although in the
High Plains, some preplanting irrigation is under way.
Winter vegetables, especially cabbage and carrots from
the Lower Valley, are moving in volume. Most vegetable crops escaped severe damage from low temperatures, and increased supplies are expected to be available during February and March.
Supplemental feeding of livestock continued to increase over the District as feed from pastures and small
grains diminished. Wheat pastures on the High Plains
were covered with snow for short periods, resulting in
a sharply increased tempo of feeding in that area.
Warmer weather and rains are needed to promote the
development of small grain pastures in all sections of
the District. Range feed conditions in most District
states generally were slightly less favorable on January
1 this year than on the same date in 1958 . However,
feed conditions in each of the range states were substantially improved as compared with the 10-year
average. Most livestock remain in good condition.
Loans and deposits at weekly
reporting member banks in the
District expanded sharply in late
December, but declines were
recorded in early January. On
balance, gross loans rose $27.1 million in the 5 weeks
ended January 21, influenced primarily by increased
interbank loans and expansion in the borrowings of
commercial and industrial borrowers. Business loan
expansion during the period reflected substantial increases in the borrowings of sales finance companies,
petroleum firms, and construction companies. Consumer-type loans and loans to finance securities transRESERVE POSI TION S OF MEMBER BA NKS
Eleven th Federa l Res erve Dis trict
(A verag es of dail y figures. In thou sands of do ll ors l
Decemb er
It em

RESERVE CITY BANKS
Rese rve balances . . . . . . . . . . . . . . . . .
Required rese rves . . .. .. .. ....... .

Excess rese rves . ... .. . .. . .. • . ....

~~:~O;:i~~~~·s : :::::::::::::::::::

COUNTRY BANKS
Reserve ba lances .. . ..... . .. .. . .. .
Require d reserves . .. . .. .... . .... .

~~cess ~ ese rve s •. •• . .• . .• . ... . .. .

Fr:~O;:I;e~~'e's : :::::::::::::::::::

1958

Required rese rves . .. . .. . .. . .• .. ..

Ex. cess rese rves . . .. .. .... .. ..... .

~~:~o~~gr~'o's: : : : : : : : : : : : : : : : : : : :

Decemb er

1958

1957

$ 569,07 B
56 1,149
7,929
8,3B7
- 458

566, 483
556,306
10, 177
9,406
771

$ 5 63,792
553,765
10,027
16,727
- 6,700

456,265
408,674
47,591
3,180
44,4 11

449, 166
400,461
48,705
4,64 5
44,060

459,207
4 12,Bl0
46,397
8,968
37,429

1,025,343
969,823
55,520
11,567
43,953

1,015,649
956,767
58,B82
14,05 1
44,831

1,022,999
966,575
56,424
25,695
30,729

MEMBER BANKS
R rve ba lanc es . . . . . . ... ... . .. .
ese

Nove mb er

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
Eleventh Federal Reserve District
(In thou sands of dolla rs l
Jan. 2 1,
1959

Item

Dec. 17,
1958

Jan. 22,
1958

ASS E
TS

$ 1,652,957 $ 1,6 42,780 $ 1,482,958
46,252
46,081
26,578
16,608
22,8B7
23,63 2
166,721
185,47 4
181 , 106
195,939
22 1,029
230,0 12
30,431
14,068
58,721
636,154
6 44,87 9
65 0,654
All other loans ... ... . . •...... ... .. ... . .. • .

Commercial and industri al loans • •• ••• . .••••. .
Agricultural loan s•. • . ... . . ... . . . . .. . . .. . .••
loan s to brokers and d eal ers in se curiti es . .....
Oth er loan s for purcha sing or carrying securiti es .
Rea l-estate loan s. . . . .. . ... . . . . . . . . . ..... ••
loans to ban ks ..• .... . .... •• .. . . ..•••• . • ..

Gross loons . . . .. ... .. . . . ... ...•.•... . . .
Less rese rves and unallocated charg e-offs. •
N et loons.. . .......... . ..... .. .. . ..•..•

U. S. Tre a sury bills ...... . . .. . .. ......... ...

- - - - 82,558 - - - - 2,583,679
2,809,684 2,7
44,765
49,167
45,872
- - - - -2,736,6B6 - - 2,760,51 7
2,538,914
- -76,573
68,026
76,919

Other securiti es .. ...•.• • . • ...• • .•.• • ••••..

145,480
3 27,31 2
904,341
33 2,684

16 9,55 3
27 1,575
91 4,481
3 33,04 4

98,435
189,766
798,001
271,150

Total investments . • . . . . . . ....... .. .. .....
Ca sh it ems in process of coll ection ••. •• • . •.• . •
Balanc es w ith banks in th e Unite d States . . ... ••
Balanc es with bank s in forei gn countri es • ••• •. ..
Currency and coin ..• . .. . .. .. .... . ....•.. ..
Rese rves with Fed eral Rese rve Bank •••• ••.••• •
Other a ssets•• • . .... •. ... ... ....... . ... •. .

1,786,736
491,B40
461,617
1,883
49,45 B
577,077
200,029

1,765,22 6
504,994
527,059
2,326
53,424
57 1,767
20 2,069

1,425,378
447,014
475,658
1,359
48,928
5 68,152
192,127

6,3 29,157

6,363,551

--5,697,530

3,005,308
98,29 4
216,42 1
1,002,286
17,37 9
65,289

3,05 2,546
7 3,4 81
166,2 13
1,067,968
18,272
60, 196

2,853,715
26,925
199,359
930,485
17,257
65,658

1,07 4,863
7,130
42 1
179,024
6,B70

1,057,739
7,130
42 1
2 19,163
6,416

807,056
12,125
421
197,595
6,938

1,268,308

1,290,869

--1,024,135

Total capital accounts . ..........•.. . .....

4 6,500
94,539
51 4,B33

18,300
111,875
503,831

5,117,534
5,850
100,129
474,017

TOTAL LIABILITIES AND CAPITAL. , . . ... .

6,3 29,1 57

U. S. Trea sury cer tiAcat es of ind ebtedn ess ••• . . .
U. S. Trea sury notes •• .• . .. •...•...•.•.•.. . .

U. S. Governm ent bonds (inc. gtd. obligation. )...

TOTAL ASSETS • . .• • . •.. . .• .... . ....•.

---

LIABILITIES AND CAPITAL
D emond d e posits
Individuals, partn erships, and corporations .. . .
Unit ed Sta tes Governm ent . .•• . ••• . ..•••. .
Stat es and political subdivisions •.• • . ....• ••
Banks in th e Unite d States . . . . . ..... . .....
Banks in forei gn countries . .. .. ...... .. .. . .
C ertifl ed and officers' ch ecks, etc .. • ••..••.•

Total demond deposit. , •.•• ••• . • • • • • •. .
Tim e d ep osits
Individual s, partn ership s, and corporations.. ..
United States Governm ent .• •• . • . .. . .. .• . •
Postal saving s . • •. .. .. . .... •. ...•..• • ••.
States and po litica l subdivisions . . .. .. ...• ..
Bonks in th e U. S. and foreign countries . • . . ..
Total tim e d eposits .• •• . ••• . •.. . • . • • •••
Total de posits . . .... . . . .. . .... . . . ..•
Bill s pa yabl e, re di scounts, etc . . • • . • . •. . . •. .

All other liabilities . . .. . .. . . ... .... . . .... .

--- - - - --4,404,977 4,438,676 4,093,399
--- ---

- - - - --

- -- - 29,545
-5,673,285 5,7

--- - -6,363,55 1 5,697,530

actions were particularly strong during the 5 weeks;
each category showed a substantial increase, in contrast to declines in the year-earlier period. Total loan
expansion during the 5 weeks more than doubled the
gain in the same period a year ago.
Investments at the weekly reporting banks expanded
$21.5 million, as liquidation in most investment categories failed to offset a $55.7-million increase in Treasury note holdings. Expansion in Treasury note accounts
reflected acquisition of the new 3 ~ -percent notes dated
January 21.
Interbank deposits and the deposits of individuals
and businesses declined between December 17 and
January 21 , but most other deposit categories showed
gains. Total demand balances were reduced $33.7
BUS I NESS REV I EW

9

I

ANNUAL BANK DEBITS AND ANNUAL RATE
OF TURNOVER OF DEMAND DEPOSITS
(Dollar amounts in thou sands)
it
Debits to demand d epo s accounts 1

Demand deposits}
Annual rote of turnover

1957

Percentage
change

1958

1957

$ 1,999,4 89

12

20.5

19.8

848,607
3,374,125

843,694
3,257,289

1
4

16.7
18.5

15.7
17.1

1958

Area

ARIZONA
Tucson •••• . ..... $ 2,230,431

LOUISIANA
Monroe ••...... .
Shreveport •... ..

NEW MEXICO
Roswell ••...• . • •

396,684

363,543

9

13.9

13.1

1,039,535
2,264,738
2,157, 188
1,790,824
2,203,981
200,679
27,973,942
3,660,789
8,586,616
1,066,373
27,750,385
311,519
2,030,762
778,609
591,721
6,498,530
234,719
980,982
1,153,3 63
1,238,028

999,209
2,113,119
1,945,982
1,865,993
2,264,274
191,665
27,016,545
3,364,965
8,36 1,574
1,167,929
28,058,919
292,092
1,793,517
785,070
573,0 16
6,145,961
234,37 1
979,840
1,109,361
1, 196, 132

4
7
11
-4
-3
5
4
9
3
-9
-1
5
13
-1
3
6
0
0
4
4

17.2
19.8
16.7
16.6
19.5
9.1
26.2
23.4
23.3
16.0
22.9
14.4
18.9
16.9
14.2
17.4
14.3
16.0
17.1
11.6

16.5
20.1
15.9
17.1
20.1
8.6
27.2
23.7
22.9
16.6
23.0
14.6
17.8
17.6
13.2
18.0
14.5
16.0
17.2
11.5

Total-24 cities . • . . $99,363,130

$96,923,549

3

21.5

21.6

TEXAS
Abi lene •.. •. .. ..

Amarillo ........
Austin ......... .
Beaumont •.• •...

Corpus Christi ..••

Corsicana .... ...
Dallas ..........
EI Paso •.•......
Fort Worth ••....
Ga lveston . .
o •• •

•

Houston • •• ••. ..

laredo ........ .
Lubbock • . ... . ..
Port Arthur . ..•..
San Angelo •••..
San Antonio • •..•
Texarkona 2 • ••• •

Tyler • .. .•.••.. .
Waco . • .. .. .

o.o

Wichita Falls ••..

1

Deposits of individua ls, partnerships, and corporations and of states an d politico l

subdivisions.
!! These {lgures includo only ono bank in Texarkana , Texos. Total de bits for all
banks in Texarkana, Texas-Arkansas, including on e bank located in th e Eighth Di strict ,

amounted to $499,823,000 during 1958.

CO NDITI ON OF THE FE DERA L RESERVE BA NK O F DALLAS
(In thousands of do llars)'
Ja n. 2 1,
1959

Dec. 17,
1958

Jan . 22,

Item
Total gold certiAcate reserves . .. . .. . ......•
Discounts for member banks . . ............ . .
Other discounts and ad vances . . • ..• ...... ..
U. S. Governm ent securities . . . .... . .. • ... . . .
Total earning o ssets . .• . . ....... . .......•..
Member bank reserve d eposits •••• ..........
Federal Reserve notes in octua l circulation •••..

$ 74 1,224
27,69 1
952
1,000,122
1,028,765
997,076
783,2 24

$ 745,628
15,450
328
1,026,057
1,041,835
966,864
799,501

$800,927
6,750

1958

o

9 11,436
918,186
987,208
729,829

million during the period, and time accounts decreased
$22.6 million.
Earning assets of the Federal Reserve Bank of Dallas
declined $13.1 million during the 5 weeks ended
NEW MEMBER BANK
The Na tional Bank of Od essa , Od essa, Texas, a newly
o rgan ized institution located in the territory served by
the EI Paso Bra nch of the Fede ra l Reserve Ba nk of Da llas
o pened fo r business Jan ua ry 23 , 1959, as a member of
the Federa l Reserve System. The new member bank has
cap ita l o f $2 00,000, s ur p lu s o f $ 200,000, and u nd ivided profits of $ 100,000. The officers are: E. M.
Schur, Pres ident (inactive); Arvel W . Boyd, Executive
Vice Presid e nt; a nd Ken ne th Ju mper, Vi ce Preside nt
a nd Cashier.

BU S I NES S RE VI EW
10

January 21, influenced chiefly by a decrease in the
Bank's holdings of Government securities. System sales
of Government securities to absorb a seasonal increase
in reserve funds were responsible for the decline in the
Dallas Bank's holdings. Partly offsetting the effect of
this decline, discounts for member banks almost doubled
over the 5-week period.
Important developments in the
Nation's petroleum industry during the past montll included the
settlement of strike threats
against a few refiners by a 5-percent wage increase and the crude oil price cuts, which
now affect more than 20 percent of total west Texas
and New Mexico crude oil production. Of special importance was the much colder weather, which brought
a sharp rise in demand for refined products, but equally
important were the large increases in refined products
imports.
During early January, crude oil production was relatively steady in both the Nation and the District, with
the latter having a level of 3,210,000 barrels a day, or
4 percent above a year earlier. February allowables in
Louisiana and New Mexico have been held at the
January level. Because of the shorter month, however,
the reduction from a 12-day to an II-day producing
schedule will require an increase of 31,971 barrels per
day in total allowables in Texas.
Crude oil imports during the 5 weeks ended January
16 showed a minor r;ise, but such imports east of California were 6 percent above the year-earlier level. As a
result of these movements, total supply changed ver;y
little during early January, while demand for crude
from United States refineries moved up nearly 3 percent. Consequently, crude oil stocks on January 17,
totaling 260,134,000 barrels, were 1 percent below
the December level and 6 percent below a year ago.
As noted above, one of the principal changes in the
past month was the sharp increase in demand for refined
products. Markedly colder weather in the fuel oil heating areas of the Nation, coupled with rising industrial
demand, brought an ll -percent increase in total demand for the four major refined products in the 5 weeks
ended January 16. Total product demand was also 11
percent above a year earlier, but in early 1958, demand
had slowed in response to recessionary forces. The main
increases in demand in early 1959 were: kerosene, up
42 percent; distillate fuel oil, up 34 percent; and residual fuel oil, up 7 percent.

DAILY AVERAGE CRUDE O IL PRODUCTION AND
CRUDE RUNS TO REFINERY STILLS, 1958

INDUSTRIAL PRODUCTION
(Seasona lly · adiusted indexes, 1947·49

=

100)

Eleve nth Federa l Reserve District
(In thou sands of barre ls)
Crud e oil

Month
Janua ry • ••....• •• ••.. •• .•... •••. ..•

February •••••••••••••••••••••••••••

March •. •......•....•......•..•.....
April ... ......... .. . ... . .. . ........ .
May ............. ....... . .....•. ...
June • •••• ••• •••••• .•• •••••• . • .•• •.•

July •..• ... .... ... ... .... ... •. . .....
August. . .. . . . .... . ....... . ....... . .
Septe mber •..•.•... . ...........•...•

October .......•.... . ....•.....•....
November ••••••.•••••••••••••••••••
Decemb er •••• • . •.• ••.•••. . •• . • .• .•••
Av erag e • •••.•..••.•••••••••••••••

Crud e runs to

production

reflnery stills

3,098
3,115
2,690
2,636
2,57 8
2,6 41
2,791
3,102
3,245
3,058
3,108
3,199
2,937

Dec.
1958 p

Area and type of ind ex

2,152
2,044
2,081
2,079
2,017
2,0 33
2,119
2,202
2, 179
2,246
2,201
2,237
2,133

Nov.
1958

Oct.
1958

Dec.
1957

1958p

Annua l

TEXAS
Total induJtrial production • • •....
Totol manufactures . .•• . ••••.. .
Durab le manufactures ..••. ... ••
Nondurable manufactures •.....•
Minerals • . • •••• • ••.•• . •.•••••

167
196
220
184
139

165
194
2 18r
183
137

165r
193r
212
184r
138

163
192
222
178
135

158
189
21 1
178
129

14 2
144
15 2
13 6
123

141
144r
15 2
135
123

138
140
146r
13 4
122

135
137
146
127
123

134
136
142
130
117

UNITED STATES
Totol indust ri a l produ ction •. . . .. .
To tal manufactures •••••. • •• ...

Dura bl e manufactures . .. ..• . •••
Nondurable manufactures •..••••

Min era ls •..••••.......... . ...
Pr-

Preliminary.
Re vi sed.

SOUIfC ES, Board of Governo rs o f th e Federal Reserve System.
Fedoro l Reserve Bank 01 Dallas.

SOURCES : American Petroleum in stitute .
United States Bureau of Mines.

To meet the large increase in demand, refinery runs
advanced in both the Nation and the District in early
January, with the latter reflecting a gain of 6 percent
to reach a level of 2,375,000 barrels daily. Crude runs
to refinery stills showed year-to-year gains of 7 percent
in the Nation and 10 percent in the District. Refined
products imports rose almost as much to a level which
was 32 percent above December and 74 percent above
a year ago. Total imports of both crude and refined
products rose 240,000 barrels a day and were 28 percent higher than in January 1958.

Employment of nonagricultural workers in the District states increased to a December total of 4,385,900,
or only fractionally below the record of December
1957. As is normal for this season, trade and government accounted for the largest month-to-month employment gains. Texas unemployment registered a
further improvement during December, decreasing
5,200 workers from November to a total of 162,000.
Construction contract awards in the District states
during November showed a 34-percent decline from
October, and the year-to-year margin of gain narrowed
to 10 percent, compared with 49 percent in October.
Both residential and "all other" construction reflected
weakness compared with October, although residential
awards remained 39 percent higher than a year earlier.

Despite the increases in both refinery activity and
refined products imports, demand was sufficient to
occasion a moderate reduction in refined products
Encouraging news for southwestern home builders
stocks. Inventories of the four major refined products
totaled 383,007,000 barrels on January 16, or 4 per- is the report that average discounts on typical FHA
cent under the December level and 9 percent under a mortgages were unchanged in the region from Decemyear ago. The cutbacks were centered in kerosene and ber 1 to January 1. Previously, these discounts had been
distillate stocks, which were 8 percent and 19 percent, increasing.
respectively, below the year-earlier levels. Some reducNONAGR ICULTURAL EMPLOYMENT
tion also occurred in residual stocks, but gasoline inFive Southwestern States!
ventories continued their seasonal rise.
Industrial production rose further in Texas during December,
led by a large seasonally adjusted
increase in petroleum output.
The production index reached
167, which is up 2 points from November and is only 5
points under the peak in March and May 1957. The
manufacturing component reflected moderate, but general, gains over November. For 1958 as a whole, industrial production showed a decline of 6.5 percent
from 1957, with minerals production down 10 percent
and manufacturing down 3 percent.

Percent change

Number of persons

Type of emp loyment

Dece mb er

November

1958e

December

1958

Nov.

1957r

1958

4,324,200
748,000
3,576,200
236,300
314,600

4,392,900
766,900
3,626,000
257,200
305,800

1.4
-.4
1.8
.8
.1

-0.2
-2.8

390,300
1,145,600
189,600
530,800
769,000

406,800
1,197,700
18 4,700
521,600
752,200

.3
4.1
.3
.2
1.7

- 3.7
- .5
2.9
1.9
4.0

Totol nonag ricultura l
wage and sa la ry workers • • 4,3 85,900
Manufacturing . . ...... . . .
745,200
Nonm anufacturin g ........ 3,64 0,700
Mining . . ... . ....... . .
238,300
Construction . ...... . ...
314,800
Transportation and public
utilities •. . ... . ......
391,600
Trade •. . . . .......... . 1,1 92,300
Finance .•.............
190,100
S ~ rvjc e ...............
531,600
G overnm en t • ... . ......
782,000
I

Dec. 1958 from
Dec.
1957

.4

-7.3
2.9

Arizona, Loui sia na, New Mex ico, Oklahoma, and Texas.
Est imat e d.
Revised .

0-

r -

SOUIfCES , State em ployme nt a ge nci es .
Federal Reserve Bonk of Da ll a s.

B'USINESS REVIEW
11

BANK DEBITS, END-OF-MONTH DEPOSITS
AND ANNUAL RATE OF TURNOVER OF DEPOSITS

CONDITION STATISTICS OF ALL MEMBER BANKS

(Dollar amounts in thousands)

(In millions of dollars)

D. blt. to d.mond
deposit accounts l

Demand

Percentage
chang e from

Eleventh Federal Reserve District

deposits 1

D.c. 31,
1958

It em

Annual rate of turnover

AS~O~~' and di.count... . . .......... . . . ..........

Nov. 26,
1958

D.c. 25,
1957

1958

Area

Nov.

Dec.

1958 1957

Dec. 31,
1958

De c.

Nov.

Dec.

1958 1958 1957

ARIZONA
Tucson •••. .......•.. $

228,313

26

25

$ 123,004

22.9

19.0

21.0

83,5 52
316,045

23
16

16
16

52,475
186,082

19.7
20.6

16.7
18.2

16.0
17.2

40,980

23

20

32,163

15.7

13.2

14.4

104,644
222,447
192,692
173,830
193,718
19,205
3,014,916
379,999
882,188
100,918
2,802,442
28,959
228,904
65,727
53,497
632,248
21,644
93.999
106,764
122,828

28
16
20
18
12
12
32
21
30
21
31
20

12
12
20
2

19.7
21.7
16.7
18.6
19.4
10.2
30.0
26.5
27.6
18.8
25.9
15.6
22.2
16.8
14.8
19.2
15.4
17.8
17.6
12.7

16.0
19.1
15.1
16.2
17.6
9.2
24.4
23.2
21.7
15.4
20.8
13.1
22.9
16.0
13.3
15.6
14.2
16.0
16.4
11.2

18.8
21.8
15.4
17.9
18.5
9.4
30.2
26.9
25.4
16.6
24.7
15.2
20.8
18.2
15.5
19.0
13.8
16.2
17.5
11.9

Total-24 citie ......... $10,110,459

24.4

20.0

Unite d Stotes Government obligations . ....• . .. . ..
Other sec urities . •.. ........ .. .. .... . . .. ......
Reserves with Federal Reserve Bank ..•. .... . .....
Ca sh in vaulto . .......... .. ..... .. .......... .
Balanc es with banks in tho United State s.. .. ..... .
Balanc os with banks in foreign countrios o . ....... .
Ca sh items in p roc~ss of coll ection . .. ........... .
Other a ssets o .... .. ... ... .....•..............

$ 4,604
2,716
827
965
151
1,321
3
666
302

$ 4,441
2,795
804
1,032
139
1,080
3
507
286

TOTAL ASSETS ..... ............... .. ..... .

December

11,555

11,08:

1,428
7,044
2,088

1,133
6,874
2,076

1,208
6,446
1,672

Borrowing so . ................ ..... ....... . .. .
Oth er liabilities o . ............. .. ... .. ... . ...•
Total cap ital accounts e . ...... . ............. .. .

10,560
1
125
869

10,083
17
124
863

9,326
23
124
819

TOTAL LIABILITIES AND CAPITALe .. .... ..... .

11,555

11,087

10,292

22.3

LOUISIANA
Monroe ............ .
Shreveport • .•...•..•

NEW MEXICO
Ro.w.II ....... . .... .
TEXAS
Abilene ........... ..
Amarillo ... . ....... .

Austin ............. .
Beaumont •• . • •••••..

Corpus Chrbti .. .. ... .
Corsicana .... .. .... .

00110 ••••..• •• ...•• •
EI Pa.o •............
Fort Worth .. ...... . .
Galveston . ......... .
Houston • •.••••• ••••

laredo .. ....... ... .
Lubbock .... ..... .. .
Port Arthur ......... .
San Ang.lo ....... ..
San Antonio . ...... . .
Texarkana' . ....... .
Tyl.r .............. .
Waco . . ..... ..
Wichita Fall ••.......
o ••• •

8

10
16
14
16
3
9
9
21

13
24
10
16
12
21

-1
14
15
11
11
15

64,987
125,506
146,884
110,231
121,748
22,854
1,271,963
176,368
389,030
62,898
1,320,492
22,331
132,713
47,949
43,999
398,485
17,194
65,577
75,481
121,176

27

13

$5,131,590

8

7 -7

=

LIABILITIES AND CAPITAL
D em and d ep osits of banks . .............. . .... .

Other d.mand de po.lts ...................... ..
Tim e d e posi ts• . . ......... ....•......... .. . . . .

Total d. po.its ..... ••. ....................•

e-

10,292_

BU ILDING PERMITS
VALUATION (Dollar amount. in thousand.)
Percentage change

Depos its of individuals, partnerships, and corporation s and of states and political
subdivisions.

D.c. 1958
from

NUMB ER

::! These figures include only on e bank in Texarkana, Texa s. To1al debits for all banks
in Tex arkana, Texa s·Arkansas, including one bank located in the Eighth District,

1958

Area

ARIZONA
Tucson •... ....

LOUISIANA

12 mo •. 1958

12 m:>s.

Doc.

amount. d ta $47,232,000 for the month of D.cember 1958.

Eleventh Federal Reserve District

l'm,

1,110
2
551
258

Est imated.

1

GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS

$ 4,107
2,440
687

364

D oc.

12 mos.

1958

1958

1958

4,997

Nov.

Dec.

compo with

1958 1957 12 mo •. 1957

$ 1,387 $ 15,398

49

187

-19

31,023

- 11

48

30

312

5,734

1,940

160
165
269
346
77
1,395
621
497
67
1,189
245
161
989
157
89

2,078
3,055
3,143
4,332
2,415
23,310
7,703
7,983
1,374
15,580
3,480
2,158
16,788
2,534
1,728

2,724
1,466
5,310
1,721
1,221
9,876
6,486
3,630
520
18,905
2,909
666
2,894
1,351
477

22,872
26,488
49,781
20,468
22,291
153,235
67,009
53,781
4,414
233,525
42,529
10,611
59,068
15,062
9,234

44
5
26
78
3
- 14
38
-12
-21
-3
-32
- 10
- 37
116
-39

116
- 18
254
173
-59
35
93
3
465
38
306
99
-20
17 1
-29

53
2
15
18
25
9
87
-7
8
8
47
85
15
6
-28

Total-17 citi •••• 7,103

108,392

$63,483

$836,789

- 1

45

15

Shreve port. .. .

(Av.rage. of dally flgure •. In million . of dollars)
GROSS DEMAND DEPOSITS

TEXAS
Abil.n •.... ...
Amarillo ......

TIME DEPOSITS

Dote

Total

Reserve
city banks

Country
banks

Total

Reserve
city banks

Country
banks

1956, December.
1957, Dec.mb.r.
1958, Augu. t •...
Septemb.r.

$7,682
7,496
7,612
7,641
7,615
7,828
7,999

$3,731
3,646
3,799
3,792
3,744
3,832
3,931

$3,951
3,850
3,813
3,849
3,871
3,996
4,068

$1,396
1,656
2,105
2,114
2,106
2,090
2,088

$ 760
883
1,160
1,166
1,149
1,131
1,125

$636
773
945
948
957
959
963

Octob er. . .
November.
Decemb er .

Austin ...... . .
Beaumont • .. . .
Corpus Chri sti . .

Dalla ....... . .
EI Pa.o .... ...
Fort Worth ....
Galv eston .••. .
Houston . .•...

Lubbock .... . .
Port Arthur • .. .
San Antonio . ..
Waco .•.. . ..•

Wichita Foil •..

CRUDE OIL: DAILY AVERAGE PRODUCTION
(In thou.and. of barr.ls)
Chang e from
December
Area

1958 1

ELEVENTH DiSTRiCT •.......

3,198.5
2,834.1
543.7
1,259.0
159.6
103.8
767.9
250.3
114.2
3,904.9
7,103.5

Texa s.....•.•......... .

Gulf Coast ......... ...
West Texas •..... • ....

Ea.t Texas (prop .r)•• . ..
Panhondl e .. .. ... .....
R•• t of State ..........
Southea stern New Mexico ..
Northern louisiana . . . •.. ..

OUTSIDE ELEVENTH DISTRICT.
UNITED STATES ............
SOURCES,

November

1958 1

3,107.8
2,742.1
518.1
1,216.1
151.4
102.0
754.4
252.0
113.8
3,880.2
6,988.0

Dec emb er

Nove mb er

1957'

1958

1957

90.7
92.0
25.6
42.9
8.2
1.8
13.5
-1.7
.4
24.7
115.5

75.4
85.2
15.6
60.5
-5.2
1.3
12.9
-5.2
-4.5
99.2
174.7

3,123.1
2,748.9
528.1
1,198.5
164.8
102.5
755.0
255.5
118.7
3,805.7
6,928.8

E.tl moted from Am erican Petrol.um In.titut. we.kly ,.ports.
" Unlt.d Stat •• Bureau of Min ••.

1

BUSINESS REVIEW
12

VALUE OF CONSTRUCTION CONTRACTS AWARDED

Decem ber

(In thousand. of dollars)'
January-November
November
Area and typo

1958

FIVE SOUTHWESTERN
STATES' .......... $ 240,9 92
12 4,535
Residential. . . .....
116,457
All oth.r ........ . .
UNITED STATES ...... 2,593,855
Resi d en tial . ....... 1,205,712
All other ...... .... 1,388,143
1

Octob er

November

1958

1957

1958

1957

363,500 $ 219,036 $ 3,695,178 $ 3,146,480
89,333
182,02 8
1,568,014
1,218,649
181,472
129,703
2, 127,164
1,927,831
3,3 09,024 2,370,699 32, 888,692 30,191,070
929,987 13,746,245 12,280,425
1,595,041
1,713,983 1,440,712 19,142,447 17,9.1 0,645

Arizona, louisiana, N ew Mexico, Oklahoma, and Te xas.

SOURCE, F. W. Dodge Corporation.