The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BUSINES·S .
REVIEW
FEBRUARY 1960
Vol. 45, No. 2
REGIONAL TRENDS IN RETAIL TRADE
Consumer buying is the basic objective of all manufacturing,
wholesaling, and retailing activity. The volume, composition, and
trend of retail trade reflect changes in economic activity of the
particular region, as well as those at the national level, and are
influenced by broad changes in consumer preferences and specific
changes in price levels. With the rapidly changing economic situation in the Southwest, it is desirable occasionaij,y to review the
general developments in retail trade, particularly when certain
benchmark figures become available. Within the past few months,
the Bureau of the Census of the United States Department of
Commerce published another in its series of retail trade censuses
in the postwar period. The data provided by these censuses cover
the years 1948, 1954, and 1958. In the June 1956 issue of this
Bank's Monthly Business Review, the changes from 1948 to 1954
in retail trade in the Eleventh Federal Reserve District were
analyzed. The following article extends this analysis from 1954
through 1958, with some references to 1959 developments.
Of special importance to the retail trade pattern of the District
was the economic situation of the census years 1954 and 1958 .
In each year, a business recession was evident, although the
particular stage of the recession and the rate of recovery were
somewhat different. For example, in 1954 the depth of the recession occurred in late summer, while in 1958 the trough of the
recession occurred in April. Also, the rate of recovery from the
trough in 1958 was substantially more rapid than in late 1954.
Nevertheless, the 1954-58 increases in the various statistical
FEDERAL
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)
indicators can be attributed largely to growth in the
economy and, in cases where the statistical measure is
expressed in terms of dollars, possibly to price changes.
From 1954 to 1958, the gross national product of
the United States advanced from $363 billion to
$442 billion, showing an increase of more than 21
percent. Similarly, industrial production, as measured
by the Board of Governors' index (based on 1947-49 =
100), rose from 130 to 141, reflecting an improvement of over 8 percent. Total retail trade in the Nation
increased about 18 percent between the two census
years. However, price changes in this period accounted
for approximately 8 percent of the gains in dollar volume of retail trade. Thus, the average advance in the
4-year period was around 10 percent.
MAJOR ECONOMIC INDICATORS, 1958 AND 1954
(Dollar amounts in millions)
Southwest
Indicator
1958
1954
(1947-49
= 100) ........... . .. .
Personal income •••••• • ••... . • • ....•
Ca sh farm income •••••••• • •• •• .... •
Bonk deposits •.••• • .. •. . •. ..... . ...
Bank loans . •.•..••••. .•.• . . .. ... ..
1954
1]59
1]41
141
130
2,938,000 3,006,000 6,709,000 6,342,000
4,220,700 3,817,000 50,543,000 48,431,000
$29,634
$22,892
$359,000
$289,800
$4,238
$3,438
$34,649
$30,210
' $18,612 ' $15,357 ' $216,0 17 ' $ 184,757
' $7,931
' $5,628
' $98,214
' $70,619
SOURCES : Board of Governors of the Federal Re se rve System .
Foderal Res erve Bank of Dallas.
State employmont agenci es.
United States Bureau of Mines.
United States Department of Agriculture.
United States Department of Commerce .
Against this background of national economic
conditions, one may consider how comparable changes
in District conditions might have affected retail trade
in this area. Although industrial production indexes for
the District are limited to Texas, a 1954-58 increase of
nearly 13 percent was recorded for this State alone.
The broader measure of employment in the five District
states - Arizona, Louisiana, New Mexico, Oklahoma,
and Texas (hereinafter called the Southwest)-showed
a comparable increase. The composition of the industrial production sector of the District economy was
substantially different between 1954 and 1958, as
evidenced by the relatively small gain in crude oil
refin.ery runs, which rose only 5 percent, and the actual
decline of 2.5 percent in crude oil production. The
major increases in industrial production in this period
were in the transportation equipment, metal and metalfabricating, instruments and electronics, chemicals, and
textile and apparel industries. District employment
12
REVIEW
2:1960
(Amounts in thou sand s of dollars)
1958
1954
Percent increase
Arizona ••••••••••..• • ••
Louisiana ••••• • •••••••• •
New Mexico •••••• .. ••• • •
Oklahomo •• • •.• •• ••••••
Texas •••• •• •••••• •••• ••
1,337,286
2,819,980
922,638
2,319,985
10,412,737
1,001,004
2,339,289
673,729
2,101,041
9,032,371
33.6
20.5
25.9
10.4
15.3
Total .............. . . .
17,812,626
15,206,798
17.1
Area
United States
1958
I Texas only.
~ All commercial banks in Arizona, louisiana, New Mexico, Oklahoma, and Te xa s.
:1 All commercial banks in the United Stotes.
IBUSINESS
RETAil SALES, 1958 AND 1954
SOURCE , United States Bureou of the Census .
Industrial production index
Crud e 011 production (Barrels per doy) ..
Nonagricultural employment •••••••• •.
changes reflected an actual decline in mining and
transportation and public utilities but strong advances
in manufacturing, government, trade, services, and
finance. The Southwest's construction industry also
showed substantial improvement over the 4-year period,
as did the agricultural industry. Cash receipts from
farm marketings advanced nearly 19 percent, and cash
farm income, including Government payments, rose
23 percent during the 4 years.
The basic growth of the southwestern region was
somewhat faster than that of the Nation. However, the
rate of growth to which the Southwest had become
accustomed in the postwar period was no longer as
dynamic or spectacular in relation to the growth rate
of the Nation. Thus, with the slower rate of expansion
of the southwestern economy and with comparable
gains in many of the basic economic indicators between
the two census years, it might be anticipated that the
rate of increase in retail trade in the Southwest would
be more nearly the same as in the Nation between 1954
and. ] 958.
Trends in To'tal Retail Trade
This seeming consistency in the rates of growth
between the Southwest and the Nation is confirmed by
the Census of Business, which shows that total retail
trade in the five southwestern states rose 17 percent
from 1954 to 1958. Among the five southwestern
states, the fastest growth rate, 34 percent, occurred in
Arizona, while the slowest gain, 10.4 percent, occurred
in Oklahoma. These figures reflect, of course, not only
the relative changes in population and rate of growth
in economic activity but also the relative size of total
retail trade in the individual states. The advance of
nearly 15 percent for Texas outweighed only the gain
in Oklahoma, as the rates of advance in New Mexico,
Louisiana, and Arizona exceeded 21 percent. For the
five states as a whole, the general improvement of 17
percent must be related to the individual gains reflected
at the major types of establishments.
RETAIL SALES AT GASOLINE SERVICE STATIONS, 1958 AND 1954
It should be noted that the business census is reported
(Amounts in thousand s of dollars)
on the basis of establishments, rather than product lines.
This fact has considerable significance in that a number
Percent
State or ma jor
1954
1958
increase
metropolitan ar ea
of separate types of retail trade outlets have been
89,485
34.3
120,200
expanding their coverage of retail items, while others t~~~~~~~ ::::::::::::::::::: 213,113
161 ,923
31.6
67,632
88,991
31.6
New Mexico . . ..... .. . ...... .
have been moving toward a specialty area. For example, Oklahoma •.. . . . . .. . •.. . ....
160,388
22.8
196,948
643,099
29.4
. . . .. . ... . ... . . .. . ... .
831,917
the food stores, which not too many years ago carried Texas
59,309
59.9
94,840
Dallas • ••. . ... . .• .........
32,481
Fort Worth • . .. ..•... . . .. ..
49,643
52.8
largely perishable food commodities, today sell a wide
44.4
78,247
11 2,951
Houston ••• .. . ....... . ... •
35,441
27.3
San Antonio • .• ....... .....
45,109
range of products; some of the larger stores even sell
SOURCE , Unit ed States 8ure au of th o Ce nsus.
consumer durables. Similarly, drugstores and proprietary stores have markedly expanded their range of
items offered for sale. Consequently, gains by type of the increase in travel to and from suburban areas, and
outlet may not truly reflect gains by type of commodity, the trend toward mUltiple car ownership. Price changes,
but, in a broad context, developments in separate types resulting primarily from higher taxes on gasoline,
of retail trade outlets do give some indication of the appear to have had some effect upon the dollar volume
of gasoline sales. A further reason for the sales advance
relative standing of sales by type of commodity.
might be found in the steadily increasing size of gasoline
Leading the sales increases by type of outlet from service stations to cover automobile repair services and
1954 to 1958 were the drugstores and proprietary the additional and more expensive servicing required by
stores, with an improvement of more than 31 percent. the growing complexity of modern automobiles. Moreover, a marked increase in the number of outlets, principally those handling a wider variety of products and
RETAIL SALES AT DRUGSTORES AND PROPRIETARY STORES,
1958 AND 1954
services, provided further impetus to retail sales at
(Amounts in thousands of dollars)
gasoline service stations.
The gains in sales at apparel and accessory stores and
at
food stores were next in line in the rate of advance
59.4
35,183
56,092
30.7
80,267
104,919
from
1954 to 1958. Sales at apparel and accessory
17.4
27,648
32,468
~.~~~:x;~;.:.
21.4
74,513
90,482
Oklohoma •.. •• •..••. • . •• •.•
stores
rose 25 percent, indicating some increase in the
32.0
285,228
376,406
Texas . . ........ .. .... . .... .
59.8
33,571
53,645
Dallas ••••. ••• .... .• ... •• •
number
of stores as a result of the establishment of
25.0
21,549
26,938
Fort Worth •. •• .• .• .. ..•• .•
68.1
38,218
64,238
Houston • •• • •. . • .• .. . . • • . ,
specialty
shops in suburban areas but, more importantly,
29.1
15,878
20,496
San Antonio . . ..... . ... .. . .
also reflecting an increase in consumer attention to nonSOURCE : Unit ed Statos Bureau of th o Census .
durable goods in 1958. The expansion in sales at food
stores, totaling 24 percent, could be attributed to the
This gain could be traced not only to the broader cover- general factors mentioned above, particularly the
age of items for sale but also to the rapid expansion of larger number of items for sale, and to a rather subsuburban areas around the major metropolitan centers, stantial increase of more than 10 perGent in retail food
Where drugstores and proprietary stores have come to prices.
be almost a type of general merchandise store. In addiAnother major advance was in sales by nonstore
tion, this type of outlet generally maintains a much
retailers,
which rose more than 23 percent in the 4-year
longer workday, ranging to as many as 24 hours in
period.
This
gain might be assigned to increased telecertain areas. A nother reason for this particular
phone
retailing
and the larger sizes of nonstore retailadvance might be the substantial increase in the size
of drugstores in suburban areas, as contrasted to the ers; however, the actual number of such retailers
relatively small shops customarily found in the Central declined markedly during this period.
Business Districts.
It will be noted that the sales increases indicated
above,
all of which exceed the average for the entire
The second largest advance was made in sales at
Southwest,
occurred at outlets selling principally nongasoline service stations, which rose 29 percent from
1954 to 1958. The principal factor in this advance durable commodities. In the United States between
~as the sharp rise in the demand for gasoline, develop- 1954 and 1958, consumer durable goods expenditures
mg from the steady gain in the number of automobiles, gained only $5 billion , while nondurables sales
State or major
metropolitan area
1958
1954
Percent
increase
:::::::::::::::
BUSINESS REVIEW\
2;1960
31
advanced $23 billion. These figures point up the previously mentioned trend of consumer preference for
more nondurable goods than durable goods. However,
within the period covered by these census years, there
was at least one year - 1955 - when durable goods
sales showed an exceptionally marked advance. In
general though, expenditures for nondurable goods and
services have continued to take a steadily larger proportion of total consumer expenditures, and whatever
declines have developed in the recession periods have
been concentrated in sales of durable goods.
In the Southwest, the fact that all of the outlets with
greater than average advances were in the nondurables
groupings re-emphasizes this trend. The smallest rates
of growth shown by sales at any of the major types of
retail outlets were at the lumber, building materials,
hardware, and farm equipment stores and at automobile
dealers, each category reflecting an improvement of
only 7 percent in the 4-year period. Most of the rise in
sales at these types of outlets could be attributed to price
increases. The impact of recession upon such deferrable
'consumer durables is especially noticeable in these
data; in addition, there has been a substantial increase
in wholesale buying by retail customers, particularly of
lumber and building materials, with the consequence
that retail sales at such outlets no longer reflect actual
consumer spending for these products. Furthermore,
sales at hardware stores showed a less than average
increase of only 4 percent in the 4-year period, perhaps
because many of the products formerly sold strictly at
hardware stores are now available at several other retail
DI ST RIBUT ION OF RETAIL SALES
FIVE SOUTHWESTERN STATES
L AND ACC ESSORY
STORES
6.2%
SOURCE I U,S , Bureau of Ih l C, n' lIl,
I
B U S I NESS RE V IE W
2 :1960
outlets, including drugstores and food and general
merchandise stores. Farm equipment sales, however,
reflected a 20-percent gain, as farmers' incomes
advanced following the drought years and deferred
equipment needs were satisfied.
Other outlets selling principally durable goods
(especially furniture, homefurnishings, and equipment
stores) showed approximately the same gain as total
retail trade in the Southwest - namely, slightly above
17 percent. This gain, however, resulted from the combination of the more than one-fifth advance in retail
sales at household appliance, radio, television, and
music stores and the somewhat lower 15-percent
increase in sales at furniture and homefurnishings stores.
Of particular importance in the sales improvement at
appliance stores was consumer emphasis upon purchases
of new high-fidelity and stereophonic radio and phonograph combinations.
The relative changes indicated above made comparable inroads into the percentage distribution of
retail sales in the Southwest. In the five southwestern
states, sales at automotive establishments, as a percentage of total retail sales, declined from nearly 21
percent in 1954 to about 19 percent in 1958. General
merchandise sales decreased from 11.0 percent to 10.7
percent, and sales at lumber, building materials, hardware, and farm equipment dealers decreased from 8.7
percent to 8.0 percent. For these three major categories, the relative share of total retail sales in the
Southwest declined from 40.3 percent in 1954 to 37.5
percent in 1958 . Major increases in percentage shares
of total retail trade occurred in sales at food , apparel
,and accessory, and drug and proprietary stores and at
nonstore retailers. Nevertheless, it is significant that
more than 53 percent of total retail trade in 1958 was
accounted for by general merchandise, food, and automotive outlets.
The internal composition of total retail trade for the
Southwest as a whole was not the same for the individual
states. There were some moderate differences in the
relative shares, as reported in the most recent Census
of Business, although the broad pattern was similar.
Foremost among the differences in internal distribution was the relative share of the general merchandise
group; sales at such Louisiana stores accounted for 12.2
percent of the total state sales, but sales at Arizona general merchandise stores accounted for only 9.4 percent
of the state volume. The margin of difference in relative
shares among the five states was more than 2 percent for
PERCENTAGE CHANGES IN RETAIL SALES.1954-1958
ELEVENTH FEDERAL RESERVE DISTRICT
~ COUNTI ES SHOWIN G NO CH A NGE,O R
~ GAIN S THROU GH 16 PE RCENT.
r-I
COUNTI ES SHOWING GAI NS OF
L - - - l 17 PERC ENT AND ABOVE.
•
DATA WITHH ELD TO AVOID DI SCLOSURE.
SOURCE' U.S, By rlO u of I ~ . C,IIIU I .
food stores, eating and drinking places, and the general
"other retail stores" category. One possible reason for
these differences could be the varying types of economic
development among the states, as well as the timing of
the development. Density of population and climate
also may be partially responsible for the differing share
of sales by general merchandise stores, but local customs are probably an additional primary factor.
During the 4-year period, the number of retail trade
establishments advanced from 161 ,659 in 1954 to
166,177 in 1958. The only declines were in the number
of food stores, drugstores and proprietary stores, and
nonstore retailers. In all other categories, the number
of establishments increased; the largest gain appeared
in the number of gasoline service stations, followed by
a marked rise in the number of eating and drinking
places.
and a large band of counties extending roughly from
the Texas Panhandle westward through New Mexico
and Arizona. These two patterns of strength can be attributed to (1) the continuing concentration of population and industrial development near the larger cities;
(2) the rather rapid development of western sections
of the District, especially in terms of irrigated agricultural activity; and (3) some improvement in industrialization at the local level. In addition, however, it should
be noted that the western portion of the District has
generally been relatively sparsely populated and that
even a small improvement in dollar sales would yield
a relatively high percentage change. Nevertheless, in
terms of these improvements, the pattern is quite
marked.
On the other hand, the counties generally reporting
declines in retail sales between 1954 and 1958 were,
with only a few exceptions, rather scattered. One fairly
Retail Trends in Local Areas
large block of about 16 counties in south-central Texas
An appraisal of retail trade activity at the county showed absolute declines in this period, reflecting, first,
level in the Eleventh District indicates some wide dif- the retrenchment in ranching activity which had been
ferences, with only a few identifiable patterns. Show- caused by the long drought and, second, the rather
ing the strongest increases in retail trade were those sharp cutback in oil production and drilling activity,
C~unti'es in which the District's largest cities are located including curtailments in related maintenance and
·s U 5 I N E 5 5
2:1960
REV IEW .,
51
RET-AIL SALES, ·BY SlANDARD METROPOLITAN AREAS,
1958, 1954, AND 1948
Eleventh Federal Reserve District
(Amounts in thousands of dollars)
Percent change
Area
ARIZONA
Tucson ••••••••••••..••
LOUISIANA
Shreveport •••••••..• . •
TEXAS
Amarillo .... ........ ..
Austin •• • • •• ..•......•
Beaumont-Port Arthur••••
Corpus Christi ••••••.•••
Dallas ............... .
EI Paso •.....•.•..•. ..
Fort Worth ...... . . .. ..
Galveston ••••••••••• ••
Houston •••••• ••••••• •
Laredo .• ••..•••••• ...
Lubbock . ........... . .
San Angela ..... ......
San Antonio •• •• •••••••
Waco ••...••••••••.. .
Wichita Falls • ...... ..•
1958
1954
1948
1958 from 1954 from
1954
1948
270,918
204,206
134,841
290,323
246,370
166,799
17.8
74.1
202,131
213,935
329,338
240,266
1,408,013
309,674
689,550
145,348
1,568,665
56,874
208,148
79,411
653,338
159,151
152,772
174,543
187,432
285,146
224,775
1,202,585
245,403
588,890
126,450
1,213,580
47,280
171,913
82,081
552,653
149,018
135,464
118,418
138,055
2 18,882
141,181
785,324
158,672
418,595
116,033
809,805
38,956
116,116
62,455
385,657
114,364
90,222
15.8
14.1
15.5
6.9
17.1
26.2
17.1
14.9
29.3
20.3
21.1
-3.3
18.2
6.8
12.8
70.7
55.0
50.5
70.2
79.3
95.2
64.7
25.3
93.7
46.0
79.3
27.1
69.4
39.2
69.3
32.7
100.9
SOURCE. United States 8ureau of the Census.
equipment requirements. This territory generally has
experienced some loss of population, as farms and
ranches have been consolidated into larger units. In
addition, some military installations have been closed or
cut back in this section. Another fairly large area comprising four counties in New Mexico and Arizona also
showed declining retail trade in the 4-year period, not
only because of lower mining activity but also because
of some reductions in ranching.
The only other identifiable areas of decline included
a nine-county area in northeast Texas and a six-parish
( -county) section in the Louisiana portion of the District. The decrease in the first of these sections can be
attributed primarily to the concentration of the population in the larger metropolitan areas nearby; the consolidation of farms into larger units and the resulting
exodus from farms; and, to a minor extent, the cutback
in oil production. Declining retail trade in the Louisiana
section would appear to have been principally a matter
of decreasing population, as well as a result of relatively
low cotton production in 1958, which had a severe effect
upon farmers' incomes in this area. The remaining
scattered counties that showed declines in retail trade
were also likely affected by one or more of the major
influences mentioned above, with perhaps the strongest
factors being the cutback in oil production and the continuous concentration of popUlation in suburban areas.
IBUSINESS
REVIEW
2: 1960
Among the major metropolitan areas in the District,
Dallas, Fort Worth, Houston, and San Antonio - the
four largest - also reflected somewhat differing rates
of change in retail sales, but each showed a faster rate
of gain than the State of Texas as a whole. The largest
improvement was apparent in the Houston metropolitan
area, where sales rose 29 percent from 1954 to 1958;
however, there was an 18-percent gain in San Antonio,
and both Dallas and Fort Worth marked 17-percent
increases. The more rapid gains in the major metropolitan areas than in the State as a whole increased their
share of the State's total retail trade from 39 percent in
1954 to 41 percent in 1958. With respect to specific
types of outlets, moreover, the individual metropolitan
areas accounted for an even higher percentage of the
State's total, particularly of sales at general merchandise, apparel and accessory, eating and drinking, and
drug and proprietary stores and sales at nonstore
retailers.
However, there was further evidence of continued
decentralization of retail trade to the suburban areas,
with the Central' Business District section showing
relatively less improvement than the metropolitan area.
The well-known reasons for this gain will not be elaborated upon at this point, but it should be noted that, in
particular lines of retail trade activity, the Central
Business District still maintains a relatively large share
of the total metropolitan area traee, especially sales at
general merchandise, apparel, and eating and drinking
establishments.
Recent Developments
Economic activity during the past year, recovering
from the recession, was at a relatively high rate, stimulated in part by continued strength in consumer buying.
F urther gains in retail trade occurred in the Eleventh
District states, with a 1959 gain of approximately 7
percent in the District as a whole. This improvement
parallels the nationwide gain in retail trade and reflects
the consumer's increased attention to durable goods
during the past year. Retail trade in 1.959 showed a
more rapid gain in sales at automobile dealers and
eating and drinking outlets than in sales at the other
principal types of retail trade establishments. Additional
increases in various consumer prices were reflected in
the advances during 1959, but some major price
decreases were also evident for food and farm products.
BUSINESS
REVIEW
BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS
Nonagricultural employment in
the Eleventh District states rose
further during December, as
trade employment advanced
seasonally and manufacturing
and construction employment declined less than seasonally. In Texas, unemployment decreased to 4.5
percent of the work force in December; and the
index of Texas industrial production rose to 170, the
highest level since September. Construction contract
awards in the District states declined sharply during
November.
District crude oil production and refining continued
to increase in December and the first half of January.
Although crude oil stocks at the middle of January
Were below a year ago, heating oil inventories were
considerably above both the year-earlier level and
normal seas.o nal requirements. D'aily average crude
oil production in Texas is scheduled to rise 4 percent
in February, although the 10-day allowable schedule
has been con~nued.
Moisture conditions in most sections of the District
are generally adequate, and warm weather is needed
The Christmas-season sales volume at department stores in the
Eleventh District exceeded all
previous years, as December
1959 sales scored a 5-percent
gain over December 1958. The seasonally adjusted
index for the month was 168 percent of the 1947-49
average, compared with the near-peak level of 182 in
November and 160 a year ago. Total sales for the year
1959 were 8 percent more than in 1958. As usual, sales
declined sharply during the weeks following Christmas
but were still above the year-earlier level.
Sales of both durable goods and soft goods participated in the year-to-year gain during December,
although increases were not general in either group.
Year-to-year changes in District department store sales
to promote growth of small grains, winter legumes,
and grasses. Indicated winter wheat production in
the District states is below that of last season, but
expected output in Texas is larger. Prospects for winter vegetables and citrus production in Texas continue
favorable. Numbers of cattle on feed are larger than
a year earlier.
Christmas buying pushed District department store
sales in December to a record level for the month. The
usual seasonal decline followed Christmas, but sales
remained higher than a year ago. Some groups of
both durable goods and soft goods scored good gains.
over December 1958, but other groups showed lower
sales. Department store inventories declined more
than seasonally but were still higher than at the end
of 1958.
.
Following the customary year-end expansion at
weekly reporting banks in the District, seasonal
declines in early January reduced both loans and
deposits to levels below those recorded for midDecember. Investments also declined between
December 16 and January 20.
of consumer durable goods during the month ranged
from an 18-percent increase in sales of radios, television sets, and musical equipment to a 4-percent decrease
in sales of major household appliances. Sales of
domestic floor coverings rose 13 percent, while furniture and bedding sales advanced 4 percent. In the soft
goods lines, the best showing was made by sales of
women's and misses' dresses, which rose 14 percent
over December 1958. On the other hand, sales of men's
clothing declined 1 percent.
Department store inventories in the District decreased
more than seasonally during December but at the year
end were 10 percent higher than at the end of 1958.
The seasonally adjusted stock index fell to 180 percent
of the 1947-49 average from 188 in November; for
December 1958, the index was 163. Orders outstandBUSINESS REVIEW I
2:1960
71
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Fe deral Reserve District
(1947 -49
= 100)
SALES (Dally average)
Date
Unadjusted
Sea sonally
adjusted
1958: December .. _..
1959: October. . . .. .
Nove mber. . . . .
December. . . . .
276r
177
208
291
160
170
182
168
rp -
STOCKS (End of month)
Unadjusted
Seasonally
ad justed
152
203
207
167p
163
185
188
180p
Re vi sed.
Pre liminary.
DEPARTMENT STORE SALES AND STOCKS
Winter wheat prospects continue on the upgrade as a
result of the abundant moisture supplies, although cold
weather has retarded growth of the plants. Acreage
seeded to winter wheat in the District states is placed at
9,817,000 acres, or fractionally larger than the seeded
acreage for the 1959 crop. Indicated production, as of
December 1, 1959, is placed at 147,656,000 bushels,
or 6 percent below the outturn last season. Prospective
production in Texas is 2 percent larger than the 1959
harvest, but declines in other states of the District,
particularly Oklahoma, are responsible for the anticipated lower District output.
(Perce ntage change in r. tall va lue )
Dec. 1 959 from
Nov.
1959
Area
Total Eleventh District . . . • •. . .. .. . •
Corpus Christi . •.. . . .• .... . . . . ...•
Dalla •••••...... . ... . ... . ...... .
EI Pa.o ••. . •. • ....... • .. ••. .... .
fort Worth • • .• . ..• . . .. . ..... . . . .
Houston ••• •••••• • ••.. • • • •.•. •••
San Antonio . .•..... ... . .. .. ... . •
Shreveport, la . . •. • . . .. .... .... ..
Waco ••••...........•......... .
Other cltle ••• • .. • . .• ... . .. . • • ...
52
67
55
41
52
60
47
33
45
45
Dec.
1958
5
2
10
-4
0
9
0
1
0
9
ACREAGE SEEDED
(tn thousands of acres)
Dec. 1959 from
12 months,
1959 from
1958
8
3
12
2
5
12
4
6
6
10
1959
Dec.
1958
-19p
-22
-18
n.a.
-23
-17
-16
-31
-19
-20
lOp
3
18
n.o.
2
20
3
2
3
8
Nov.
PRODUCTION
(In thousands of bushel.)
Crop of
1960 '
Crop of
1959
Crops of
1949-58
Crop of
1960
Crop of
1959
Crops of
1949-58
Texas . . ..... . . .
40
90
280
5,034
4,373
109
84
280
5,034
4,287
44
' 74
490
5,720
4,962
1,360
1,170
3,360
80,544
61,222
3,672
1,200
3,791
89,174
59,850
1,229
' 772
1,678
66,759
36,751
Total .... . .. ..
9,817
9,794
11,290
147,656
157,687
107,189
Area
Arizona . . •• ....
louisiana . .... . .
New Mex ico .....
Oklahoma .... ..
, Indi cated December I , 1959.
!!
Short- tim e average .
SOURCE : United States Departme nt of Agriculture.
p - Preliminary.
n.a. - Not available.
ing were seasonally lower at the end of the month but
were 21 percent above a year earlier. New orders placed
recorded similar movements, declining seasonally but
remaining well above December 1958.
New car registrations during December in the four
most populous metropolitan areas in the District
(Dallas, Fort Worth, Houston, and San .Antonio) rose
7 percent above November but were 15 percent below
those a year ago. Cumulative registrations for the whole
year were 31 percent higher than in 1958.
Wet, cold, and generally disagreeable weather was the dominant factor affecting agriculture
in the District during the past
month. In several sections of the
District, particularly in northern Texas, moisture conditions are the wettest for this time of year in the memory
of many persons. Snow and sleet have occurred over
wide areas in northwestern Texas and the higher elevations of Arizona and New Mexico. In other sections rain
and drizzle have provided adequate to excessive ~ois
ture supplies, except in parts of south Texas. In some
Arizona and New Mexico regions, the heaviest winter
moisture supplies in several years have been received .
I
WINTER WHEAT
STOCKS
(End of month)
NET SALES
BUSINESS R~VIEW
2: 1960
Movement of winter vegetables from the Lower
Valley continues, although poor weather conditions
have resulted in some delays. Planting of spring tomatoes, sweet corn, and cantaloupes is under way in the
Lower Valley, and some watermelons have been planted
in the Falfurrias area. The important onion crop in
south Texas is in good condition. Rains were generally
beneficial to plantings, but sunny weather is needed to
help reduce possible blight. Production of winter vegetables in Texas is estimated, as of January 1, at 37
percent above output in 1959. The 1959-60 citrus
production in Texas is estimated at 9 million boxes, or
38 percent above the 1958-59 season.
The cool, damp weather has resulted in a step-up in
the feeding of cottonseed cake and hay to livestock.
Livestock in some areas are having to be held off small
grain pastures until fields dry. Widespread precipitation
has sharply boosted grazing prospects in native grass
areas, and forage supplies should increase rapidly as
temperatures rise. Range feed conditions in the
District states, as of January 1, were slightly poorer
than a year earlier, except in Arizona. Livestock remain
in good condition as a result of supplemental feeding.
A record number of cattle and calves were in feed lots
in Texas on January 1, totaling 239,000 head - or 30
percent above a year earlier. The number of cattle on
feed in 21 major feeding states was 9 percent larger.
CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEAD ING CITIES
Cash receipts from farm marketings in the District states during January-November 1959 totaled
$3,386,720,000, or 3 percent below the same period in
1958. Slight gains in cash receipts in Louisiana and
New Mexico were more than offset by decreases in the
other three states.
(In thousands of dollars)
,"""....."."".....
"",
"""
Loan repayment, investment
It.
~
,
4""""~~
~.",
liquidation,
and deposit contrac1
~.- \l ~
.~ T
i~~
F I NANe
J.i. j tion were the prominent features
\,!,: <:;,~ :$"At,
-r:,, / of District banking activity dur",. """,,,,,,,,,, ". """"".""""
ing the 5 weeks ended January
20. However, most of the changes recorded in loan and
deposit accounts were of roughly seasonal proportions.
\.
Loan expansion at the weekly reporting member
banks during the last half of December was more than
offset by the reduction during the first 3 weeks of
January, and gross loans (excluding loans to domestic
banks) declined $27.8 million during the 5-week
period. The prime factor accounting for the loan
decline was a $38.4 million decrease in commercial
and industrial loans, which had risen steadily during
the previous period. Loans to nonbank financial institutions also registered a moderate decline, reflecting
primarily repayments by sales finance companies.
Agricultural loans and real-estate loans declined
slightly. The remaining loan categories showed gains,
the largest increase being a $15.4 million expansion
in loans to finance securities transactions. Consumertype loans rose nominally, and loans to foreign banks
also registered a small increase.
Substantial liquidation of Treasury notes and Government bonds during the 5-week period provided the
principal contractive influence on investment accounts,
Which were $22.3 million lower. Treasury bill holdings
and holdings of non· Government investments expanded
Over the period, but the increases in these categories
Were only moderate.
The year-end expansion in deposits at the weekly
reporting member banks was considerably smaller than
Withdrawals during the subsequent 3 weeks, and total
deposits showed a decline of $187 .7 million during the
5 weeks ended January 20. Most of this contraction
reflected substantial decreases in interbank balances
and balances of individuals and businesses, but other
deposit categories also declined, Individuals and
businesses reduced their time balances by $23.1 million
Eleventh Federal Reserve District
Item
Jan. 20,
1960
Dec. 16,
1959
1,499,480
31,244
1,537,854
31,825
Jan.21,
1959
ASSETS
Commercial cnd ind ustrial loans •• • ••..• . .....
Agricultura l loans •••••••••••••••••••. • .••• .
loans to
b~okers
and dealers for purchasing
46,252
or carrYing:
U. S. Government securities •••••••••••. . ..•
Other securities ••• • •••••••.• • • • ••••••..•
13,383
12,517
5,298 }
12,439
22,887
8,605
191,2 12
8,942 }
183,645
185,474
138,091
113,201
466
15,165
206,095
724,9 19
142,085
113,01 1
440 }
52,215
207,211
724,252
Other loans for purchasing or carrying:
U. S. Government securities • • • ••••••••.•• . .
Other securities. , •• ••••••••• ••• •.. ••• •..
loans to nonbank Anancia l institutions!
Sa les Anance, persona l finance, e tc..... . .. . .
Savings banks, mtge. cos., ins. cos., etc .... . ..
loans to foreign banks ••••••• • .•• •• ••• • •.• •
Loans to domestic commercial banks." •••••••.
Real-estate loans • •.••••••.••••••• • •.• • •.• •
All other loans .. • . •• , , . . ....... , . .. . , , . . , ,
Gross loans ••••••••••••••••.•••••••.•.•
l ess reserves and unallocated charge-offs • •
Net loans •• ••..•••••••• • ••••••• • ••• • •..
Treasury bills", •..• ' • .•. . " . . .. , , •••• , ...
Treasury certiflcates of indebted ness ••••• • ..••
Treasury notes and U. S. Government bonds,
including guaranteed obligations, maturing :
Within 1 year . . ... . ...... . ..... ... . ".,
After 1 but within 5 years .. ••.•••••.•... ,
After 5 years .. .. , •••• , , ••. . , .. . .• , , .. , ,
Other securities, •••••••••• • • .. •••••.•• . ...
Total investmen ts • •••• • •••••••••• ••.• • • .•
Cash items in process of collection •• •• ..•••...
Balances with ba nks in th e United States •••...•
Balances with banks in foreign countries • •••..•
Currency a nd coin •••••• •• • • • •• •. • ••••• • ...
Reserves with federal Reserve Bank • •• • ••• • • ..
Other assets •• • ••••••• • •• • • • •••• •• • •••• •..
--2,954,378
53,523
-- --3,019,217 2,809,684
49,774
49,167
-- --2,969,443 2,760,517,
--2,900,855
--- --77,291
38,863
30,431
221,029
58,852
39,568
76,919
145,480
80, 162
746,895
326,939
363,680
99,168 }
776,550 1,231,653
320,853
361,152
332,684
489,876
2,086
50,542
561,140
229,210
515,669
1,953
52,600
546,917
219,829
-- --1,633,830 1,656,143 1,786,736
-483,545
- - 538,627 -491,840
--
TOTAL ASSETS. , • , , •••• .• ••• , , , .• . , . .
-6,351,084
6,50 1,18 1
LIABILITIES AND CAPITAL ACCOU NTS
Demand deposits
Individua ls, partnerships, and corporations ••••
United States Government • • •••••• •• •••••.
States and political subdivisions • •.••••• • ••.
Banks in the United States .. .. ......... . ...
Banks in foreign countries, •• • • ••••.• • •.• • •
Certifled and offlcers' checks, etc •• ••••••• • •
2,959,524
103,264
241,912
959,125
15,550
51,593
3,010,552
127,834
237,064
1,049,768
16,100
74,085
461,6 17
1,883
49,458
577,077
200,029
---
6,329,157.
3,005,308
98,294
216,421
1,002,286.
17,379
65,289.
4,330,968
-4,515,403
--4,404,977
1,033,589
6,255
394
178,687
6,640
1,056,733
6,255
42 1
158,797
6,612
1,074,863
7,130
421
179,024
6,870
Total deposits ••••.. " • • ••• , •• •• " ..
Bills payable, rediscounts, etc . • , , •• • ••• ••• •.•
All other liabilities ••••.. •.. •• " .. .. " •• , . "
Capital accounts, ••••• • ••••• •• •.....•••••.
5,556,533
115,625
138,089
540,837
5,744,221
93,253
123,006
540,701
TOTAL LIABILITIES AND CAPITAL ACCOUNTS
6,351,084
6,501,181
Total demand deposits, • •• ••• •• • • ••••••
Time deposits
Individuals, partnerships, and corporations., • •
United States Government. , •• •• •• • •• ••• •.
Postal savings •••••• •• • • •• •• •••••••• ••• .
States and political subdivisions •• • • . • ' • . • "
Banks in the U. S. and foreign countries •••••.
Tota l time deposits • • • , ••••••• •. •• , . •. ,
---
---
---
-- --- --1,225,565 1,228,818 1,268,308
~
5,673,285
46,500
94,539
514,833
-6,329,157
NOTE.-Eflectlve Ju ly 1, 1959, this , eries was revised, The revised form Incl ude.
several now items, the. most important of which. is loans to flnonclJll institutions, previously reported aga inst other loan categories. Comparable "or-earlier flgures
for the new items will be shown whon they become availab le.
during the 5 weeks, but this reduction was almost offset
by expansion in the time deposits of state and local
governments. Consequently, total time deposits moved
downward by only a small amount. On January 20,
1960, total deposits at weekly reporting banks in the
District were 2 percent below the year-earlier level.
BU S I N ES S REVIEW
2:1960
I
91
CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS
lin thousands of dollars)
NEW MEMBER BANK
The County National Bank of Orange, Orange,
Texas, a newly organized institution located in the
territory served by the Houston Branch of the Federal
Reserve Bank of Dallas, opened for business January
25, 1960, as a member of the Federal Reserve System.
The new member bank has capital of $150,000, surplus of $150,000, and undivided profits of $75,000.
The officers are: B. L. Morris, Chairman of the Board;
L. Slade Brown, Chairman of the Executive Committee
and Vice President; L. J. Lewis, President; H. T. Edwards,
Executive Vice President and Cashier; and Garrett P.
Rawson, Assistant Vice President and Assistant Cashier.
NEW PAR BANKS
The First State Bank, Paint Rock, Texas, an insured
nonmember bank located in the territory served by the
Head Office of the Federal Reserve Bank of Dallas, was
added to the Par List on January 2, 1960. The officers
are: J. M. Patton, President; J. A. Waide, Vice President; O. L. Sims, Vice President; P. W. Williams, Cashier; and Imogene Waide, Assistant Cashier.
The Pearland State Bank, Pearland, Texas, an insured
nonmember bank located in the territory served by the
Houston Branch of the Federal Reserve Bank of Dallas,
was added to the Par List on its opening date, January 6, 1960. The officers are : Waddell Moursund, President; A. L. Poe, Vice President and Cashier; and C. L.
Spears, Assistant Cashier.
The Chelmont State Bank, EI Paso, Texas, an insured
nonmember bank located in the territory served by
the EI Paso Branch of the Federal Reserve Bank of Dallas, was added to the Par List on its opening date,
January · 1S, 1960 . The officers are: A. C. Donell, President; H. P. James, Vice President; D. W. Cary, Cashier;
and G. G. Dalby, Assistant Cashier.
The Sharpstown State Bank, Houston, Texas, a nonmember bank located in the territory served by the
Houston Branch of the Federal Reserve Bank of Dallas,
was added to the Par List on its opening date, January
21, 1960. The officers are: B. D. Tucker, Chairman of
the Board; C. E. McLean, President; Nelson Long, Vice
President; and Oliver Kneisley, Cashier.
a
The Citizens State Bank, Tenaha, Texas, a nonmember bank located in the territory served by the Houston
Branch of the Federal Reserve Bank of Dallas, was
added to the Par List on its opening date, January 26,
1960. The officers are : Jeff Austin, Chairman of the
Board; Mason Weesner, President; B. J. Dunklin, Vice
President; J. I. Weatherby, Vice President; and Sant
Perry, Jr., Cashier.
I
BUSINESS REV I EW
2: 1960
Item
Jan. 20,
1960
Dec. 16,
1959
Jan. 21,
1959
Total gold certiflcate re se rves ....•. ..•......
Discounts for member banks . . . ........ . . . . .
671,094
64,126
Total earning ossets .• •• . .. .. .... , ..... ... .
Member bank reserve deposits • . . .. .. ... . ...
Federal Reserve notes in actual circulation .....
1,08 2,554
974,765
803,352
711,271
24,305
260
1,083,313
1,107,878
959,739
821,355
741,224
27,691
952
1,000,122
1,02 8,765
997,076
783,224
174
Other discounts and advances . ........ .. .. .
U. S. Government securities ... .. .. .... .. ... . 1,018,254
Earning assets of the Federal Reserve Bank of Dallas
declined $25.3 million during the 5 weeks ended January 20, influenced mainly by the large seasonal System
liquidation of Treasury bills. Government security
holdings of the Dallas Bank decreased $65.1 million
over the 5-week period, and this decrease was only
partially offset by an increase in discounts for member
banks. The Bank's gold certificate reserves also
declined, and the seasonal return of currency produced
a reduction in Federal Reserve notes in actual circulation from the record level established in December.
District crude oil production
advanced slightly less than 1 percent during January. Although
Texas continued to limit production to 10 days, allow abies were
expanded slightly to provide for discovery wells; and
production allowables in New Mexico and Louisiana
were increased 3 percent and 5 percent, respectively.
Total District crude oil output averaged 3,035,000
barrels daily in January, or 8 percent lower than a
year earlier. Crude oil production outside the District
again registered a year-to-year gain during the month.
Imports of crude oil declined during December and
early January, but imports of refined products rose
modestly. Total petroleum imports in the 5 weeks ended
January 15, 1960, averaged 1,732,000 barrels daily,
contrasted with 1,972,000 barrels daily a year ago.
Crude oil stocks continued to decline during the first
part of January and totaled 250,013,000 barrels on
January 16, or 4 percent below the year-earlier level.
Both District and national crude runs to refinery stills
rose more than seasonally during the first half of January. District crude runs, which averaged 2,348,000
barrels daily, were 1 percent greater than in December
and were slightly above a year ago.
Demand for major refined petroleum products advanced considerably less than seasonally during Decem-
ber and early January as unseasonably warm weather
prevailed in major oil-heated areas. December temperatures, measured in degree-days, averaged about 14
percent warmer than normal and much warmer than
a year ago. As a result, demand for distillate fuel oil
rose only moderately during the 5 weeks ended January
15 and averaged 20 percent lower than a year earlier.
Demand for kerosene and residual fuel oils also rose
less than seasonally to average well below the yearearlier levels. Demand for gasoline declined seasonally;
and prices were notably weak, particularly in the Midwest. Total demand for the major refined products,
increasing less than 1 percent during the 5-week period,
was 10 percent under a year ago.
NONAGRICULTURAL /;MPLOYMENT
Five Southwestern States
I
Perc ent change
Number of persons
Dec. 1959 from
Decemb er
November
195ge
Dec emb er
1959
1958r
Nov.
1959
1958
4,403,300
Manufacturing ... ...... . .
774,300
Non'!l~ n ufacturing ••• .•..• 3,629,000
Mining ••. ... . .. .. ... .
244,700
Construction • ..... .. .. •
300,300
4,347,700
776,200
3,571,500
245,700
303,600
4,335,600
768,900
3,566,700
251,500
314,400
1.3
- .2
1.6
- .4
-1.1
1.6
.7
1.7
-2 .7
-4.5
utilities .•... •• ....••
402,300
Trade •• . ..... . .... . .. 1,13 1,300
Finance • . • . • •. .. . . .. ..
192,000
Service., .............
519,700
Government • .... .. ... .
838,700
401,800
1,080,900
191,500
5 19,700
828,300
396,500
1,094,100
187,000
502,300
820,900
.1
4.7
.3
.0
1.3
1.5
3.4
2.7
3.5
2.2
Typo of employment
Total nonagricultural
wage and salary workers • •
Transportation and public
De c.
1 Arilon~, lOUisiana, New Mexico, Oklahoma, and Texa s.
e r-
Estimated.
Revis ed.
SOURCES , Stote employment agencies.
The combination of rising refinery production and
unseasonably weak demand for major petroleum products severely limited the normally expected decline in
stocks of refined products during December and the
first half of January. On January 15, major product
stocks totaled 412,899,000 barrels, or only slightly less
than at the end of December and 8 percent greater than
a year ago.
Despite mounting stocks of light heating oils and a
recent minor reduction in the price of crude oil in an
important upper Texas Gulf Coast area, crude oil production in Texas is scheduled for a 4-percent increase
during February. Output will continue to be limited to
10 days, but the shorter month and new discovery wells
wHl boost production. Allowable crude oil production
will not increase significantly in either Louisiana or
Southeastern New Mexico during February.
Nonagricultural employment in
the District states rose rapidly
during December, following a
more than seasonal increase in
November, to total 4,403.300,
cOmpared with 4,347,700 in the previous month. Trade
employment advanced seasonally, but manufacturing
employment declined less than seasonally as automobile
plants and other steel fabricators rehired workers after
the resumption of near-normal steel deliveries. Manufacturing employment was increased in early January
by the settlement of a strike at a major Gulf Coast refinery which had been partially shut down for 191 days
because of a work rules dispute.
Unemployment in Texas declined 2,700 workers
during December to total 159,400, or 4.5 percent of
the labor force. Insured unemployment rose seasonally
Fedoral Resorvo Bank of Dalla s.
during the first half of January from 58,500 to 73 ,000,
partially because of a decrease in trade employment.
Industrial production in Texas moved up further
during December, reflecting greater than seasonal gains
in crude oil production and refining and in metalworking industries. The index of Texas industrial production rose to 170, the highest level in 3 months. In New
Mexico, mining activity advanced slightly, followin g
the settlement of a labor dispute involving a large copper
company, but several other copper mines remain
strike-bound.
Construction contract awards in the District states
declined more than seasonally from October to November, with residential awards down 22 percent and nonresidential awards down 25 percent. In addition, FHA
applications for proposed new construction in the District states decreased 20 percent to a level of 3,600 units
in November.
IN DUSTRIAL PR ODUCTION
(Sea sonally adiu sted ind exes ,
Area and type of index
TEX AS
Total Industria l production •••.
Total manufactures • •••.....
Durable manufactures .. .....
Nondurable manufactures •• . .
Mining . ......... . ..... . . .
1947· 49
=
100)
December
November
1959p
1959
October
1959
Decemb e r
170
208
242
193
133
168
208
244
191
130
169r
206
243
190r
132r
167
197r
228r
183r
139
165
164
174
157
129
283
156
154
156
157
125
277
154r
153r
155r
156r
120r
275
151r
149r
155r
147r
129r
253
1958
UNITED STATES
Total industria l production •• • .
Tota l manufactures . . . ..... .
Durable manufactures . ......
Nondurable manufa ctures • ...
Mining . . . • ...... . . . ..... .
Utilities . . .... . . .... .. .... .
pr-
Preliminary.
Revised.
N O TE .-T ho Board of Governors ' indu strial production index ha s been revised sub.
stantlally to Include output of utilitie s and to take into account certain other deve lop.
ments of the past few years .
SOURCES , Board of Governors of the Federal Reserve System.
Federa l 'Reserve Bank of Dollas.
I
11 I
BUSINESS REVIEW
2: 1960
BANK DEB ITS, END-Of-MONTH DEPOSITS
AND ANNUAL RATE Of TURNOVER Of DEPOSITS
CONDITION STAT ISTICS Of ALL MEMBER BANKS
{Dollar amounts in thousands}
(In millions of dolla rs )
Debits to demand
d e posit accounts!
Eleve nth Federal Rese rve Di strict
Percent
Annua l r ate of turnover
chang e from
Dece mb er
1959
Area
Nov. Dec.
1959 1958
ARIZONA
Dec. 31,
1959
De c. Nov. Dec.
1959 1959 1958
247,780
12
9
$ 156,259
19.8
18.6
22.9
Monroe • • • •. • •••• •• •
Shreveport • •. .. . • • .•
86,611
356,899
4
18
4
13
57,396
205,605
18.7
2 1.2
18.7
18.7
19.7
20.6
NEW MEXICO
Roswell •• ....... . ...
TEXAS
43,957
3
7
32,785
16.1
16.1
15.7
107,653
237,234
179,763
186,890
19,455
3,2 6 2,774
399,340
873,436
102,4 15
2,927,523
28,818
292,978
72,4 17
53,751
648,737
24,945
88,197
114,391
130,948
11
2
5
21
7
12
22
8
19
13
22
9
15
24
3
13
20
8
16
9
3
7
11
3
-4
1
8
5
- 1
1
4
0
28
10
0
3
15
-6
7
7
65,5 50
120,574
168,367
107,801
119,296
20,822
1,252,726
172,234
375,447
64,168
1,327,2 15
22,899
134,119
45,853
47,251
371,664
16,35 9
64,091
71,400
120,157
19.8
23.8
15.8
19.7
19.7
11.4
32.8
28.2
27.5
19.2
27.1
15.4
27.5
19.3
13.9
20.9
18.4
17.2
19.6
13.9
18.1
23.6
16.1
16.9
19.1
10.3
28.2
26.3
23.3
17.4
23.0
14.3
26.5
16.2
13.8
18.6
15.6
16.4
17.2
13.7
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
Total -24 citi.s . .. . ... . $ 10,700,575
18
6
$5,140,038
25.7
22.6
24.4
Tucson •••• •••• ••••. • $
LOUISIANA
Abilene .. • • . . ..... • •
Amarillo . . . .........
Austin •• . • . • . • ••• •••
Beaumont • •• . ••• ••••
Corpus Christi •..••...
Corsicana •• • .. . .....
Dallas • •• ...... . ....
EI Paso •..... . ......
Fort Worth .. . .... . . .
Galveston •••• • • • .. . .
Houston •• • • • . •• .. • .
Lare do •............
Lubbock . ..... . .... .
Port Arthur .. . . . .....
San Ang . lo .. . . . ....
San Antonio • • . •••• • •
Texarkana' ..... . .. .
Tyl.r • . •.. . . ........
Waco ••.. ..........
Wichita Falls . . . . .. . .
213,66~
Ite m
Dec.30,
1959
Nov. 25,
1959
Dec. 31,
1958
ASSETS
loans and discounts ••....•.........•.•..
Unite d States Governm ent obligations •• • ...
Othe r securities .••...••••...•.•.•.•...•
Reserves with Federal Reserve Bank • • ••••. •
Ca sh in vault e .••• . ...•.. .• •• .•......• •
Balances with bonks in the Unite d States ••. .
Balances with banks in for eig n countries e .•• •
Co sh items in process of collection • • •.•.••.
Othe r assets e ••• • •••.••••••••..••••.•••
4,840
2,605
860
922
159
1,139
2
583
354
4,755
2,535
850
975
141
1,063
3
542
319
4,604
2,716
827
965
151
1,321
3
666
302
TOTAL ASSETse . . •...... ..... ..•• ...
11,464
~
11,555
LIABIlITIES AND CAPITAL ACCOUNTS
De mand d e posits of banks •••••••.. • ..•..
Other d e mand deposits .... . . . ... . .. . . . . .
Time d e posits • •. •• •.. •• • •..• • ••••• •. •• •
1,253
6,900
2,111
1,167
6,719
2,096
1,428
7,044
2,088
Total d. posits • ...• ... .. . . .... . . . ....
Borrowings e •••.•. • . .• •.•.. .•...•.... ••
Other 110 billti •• e .. • ... ... • . . .. .........
Total capital accounts c •••...••.•••. . •• ••
10,264
116
138
946
9,982
122
134
945
10,560
1
125
869
TOTAL L1A8Il1TIES AND CAPITAL
ACCOUNTSe ..... . .• ...... ... .. .•.
11,464
11,183
11,555
Demand d e positsl
Deposits of individ uals, partne rships, and corporations and of states and poliUcal
subdivisions.
2 These flgures include only two banks in Texarkana, Texa s. Total debits for all banks
In Tex'lrkana, Texas.. Arkan sas, including one bank located In th e Eighth District,
amounted to $51,752,000 fo r the month of Decem ber 1959.
1
MARKETED PRODUCTION Of NATURAL GAS
{In millions of cubic feet}
e -
Estimated.
VALUE Of CONSTRUCTI O N CONTRACTS AWARDED
(In thousands of dollars)
Area and type
FIVE SOUTHWESTERN
239,916
STATES' • ........ .
108,348
Resi dentia l . ... . ...
131,568
All other • • ........
UNITED STATES ... .. . 2,372,826
Resid ential. . . ... . . 1,092,379
All other . ...... . .. 1,280,447
Third quarter
1959
Second quart er
1959
Thi rd quart or
1958
louisiana • ••...... . . ..... . ••
New Mexico .•.• •............
Oklahoma •.. . ...... .. .. . . ..
Toxa s ••• • •..... . . ......... .
580,800
173,900
148,600
1,376,900
573,000
165,4 00
165,800
1,336,300
475,500
154,000
158,100
1,292,300
Total ..•........... .. .. ...
2,280,200
Perce nt chang e
Decemb er
1959 '
Novemb er
195 9 '
Decem b e r
1958'
ELEVENTH DiSTRiCT .... . . ..
Texas .. • •.•• • .. .. .. • .•.
G ulf Coast •... . .. ... . .
W est Texa s ..... . . . ...
East Texa . {proper) •....
Panhandl e ••. . ........
R.st of State ....... . . .
Southeastern New Mexico ••
Northe rn louisiana •••....•
OUTSIDE ELEVENTH DISTRICT.
UNITED STATES ••..........
3,009.0
2,640.1
4 89.5
1,188.8
140.6
108.9
712.3
255.3
113.6
4,091.3
7,100.3
2,849. 1
2,527.0
467.8
1,1 26.5
133.5
107.1
69 2. 1
253.5
113.5
4,036.8
6,930.9
3,211.2
2,851.9
529.4
1,2 8 2.4
165.1
107.9
767.1
24 8.6
110.7
3,924.6
7,135.8
12
Nove mb er
1959
159.9
113.1
2 1.7
6 2.3
7.1
1.8
20.2
1.8
•1
54.5
169.4
Estimated from Am erica n Pe trol e um Instit ut e weekly re ports.
Unite d States Bu reau of Min es .
2:1960
Dec.
1959
Area
Change from ,
Area
3,690,71 1
1,566,248
2,124,463
32,888,692
13,746,245
19,142,447
Dec. 1959
from
NUMBER
(In thou sands of barrels)
BUSINESS REVIEW
23 9,959 3,635,190
123,502 1,714,275
116,457 1,920,91 5
2,593,855 34,069,330
1,205,71 2 16,164,806
1,388,143 17,904,5 24
VALUATION {Dollar amounts in thousands}
---2,079,900
---2,240,500
DAILY AVERAGE PRODUCTION Of CRUDE OIL
1
313,069
138,423
174,646
3,116,977
1,509,766
1,607,211
Janua ry- Nove mber
Nove mber - - - - - - - - - 1958
1959
1958
BU ILDING PERMITS
SOURCE , United States Bureau of Mines.
~
Octob er
1959
I Ar izona, 'louisiana, Ne w Mexico, Oklahoma, and Taxa s.
SOlJRCE , F. W. Dodge Corporation.
Are a
SOURCES ,
Nove mb er
1959
De cem b e r
1958
-20 2.2
-2 11.8
- 39.9
-93.6
-24.5
1.0
-54.8
6.7
2.9
166.7
- 35.5
12 mos.
1959
Dec.
1959
12 mos.
1959
ARIZONA
731
Tucson • • ••.• ••
LOUISIANA
388
Shreve port • • ••
TEXAS
154
Abil ene •••• •..
220
Ama rillo . . ..• •
222
Austin ....•. . .
220
Be aumont. ..• ,
45
Corpus Christi .•
Dalla ••••.. . . . 1,598
309
EI Paso . .. . .. .
447
Fort Wo rth . . ..
59
Galveston •••••
876
Houston ••.• ••
187
Lubbock • . . ...
120
Port Arthur •...
876
San Antonio •.•
173
Waco ••.• • •.
144
Wichita Falls ..
5,733
1,743
27,694
2,583
3,675
3,65 2
4,106
935
25,958
7,066
9,177
1,312
16,758
3,749
2,194
16,431
2,675
2,059
3,348
5,858
2,056
81 2
955
10,2 16
3,890
2,564
576
22,705
2,306
343
5,360
725
698
29,388
39,591
55,990
2 1, 133
19,381
168,686
64,881
58,409
4, 198
227,439
55,369
9,575
60,632
17, 182
13,687
Total- 17 cities •• 6,769
116,461
$69,629
$915,271
0
8,398
$ 5,474
42,036
Nov. Dec.
1959 1958
12 months,
1959 from
1958
92
295
173
-2 0
- 10
- 11
23
83
203
300
- 19 - 61
- 38 -5 3
20 -22
-2
3
-23 -40
-5 8 -2 9
488
11
62
20
-19 -21
-17 -48
103
85
-25 -4 6
102
46
24
10
28
49
12
3
- 13
10
- 3
9
-5
-3
30
-10
3
14
48
9
@FedFRASER