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business
•
review
february 1964
fEDERAL RESERVE
BANK OF IDAL. lL AS
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
contents
the president's
econontic report ................ . .... . ... . .
3
the federal budget
for fiscal 1965 .. .. ..... : . . .......... . .... . .
6
district highlights ... . ....... . . . .. .. .. . ..... 10
the p,·esident~s
economic report
The President of the United States submitted
his Economic Report to Congress in January
outlining programs he believes to be essential
for moving the Nation's economy toward the
realization of its full potential for creating material and social well-being for all Americans.
According to the President, America's economic challenge is to achieve a rapid rate of
economic growth so that every American who
is willing and able to work can find employment, to provide equal opportunity for selfadvancement for every citizen without regard
to race or economic status at birth, and to
attain these goals in the framework of stable
prices and balanced international payments.
President Johnson notes that the Nation's
economy in the last 3 years has experienced
an exceptionally long period of unfaltering expansion, partly because of governmental policies designed to promote recovery from the
recessionary low reached early in 1961 and to
accelerate expansion in 1962. During the latter
year, larger Federal purchases of goods and
services, new tax incentives to encourage investment, and relatively easy credit bolstered the
economic advance. Business and labor also
have made significant contributions. Business
has avoided excessive inventory accumulation
and generally held a tight rein on prices, and
the constructive attitude of labor has been helpful in stabilizing unit labor costs and improving
the Nation's international competitive position.
The American economy passed a number of
important milestones in 1963. Output of final
goods and services crossed the $600 billion
mark (annual-rate basis) in the fourth quarter.
Total civilian employment reached 70 million,
and personal income averaged $2,500 per
capita by the end of the year.
Despite the high level of economic activity
attained last year, the Report points out that
the Nation's economy operated an estimated
$30 billion below its capability, as evidenced
by an unemployment rate of 5.5 percent of the
labor force and an average operating rate in
manufacturing establishments of only 87 percent of capacity. In addition, almost 20 percent
of the population remained in a state of poverty, largely untouched by the benefits of recent
economic achievements. This gap between
actual and potential economic accomplishments
can be closed, President Johnson believes, by
instituting programs which will accelerate the
pace of economic growth while maintaining
reasonable price stability.
To accelerate the pace of economic expansion, Congress has been urged to enact the
pending tax reduction bill at an early date and
in a strengthened form, with the withholding
rate lowered to 14 percent instead of the 15
percent originally proposed. If the tax cut is
approved promptly, it is estimated that the
value of gross national product would increase
from $585 billion in 1963 to a 1964 level of
$618 billion to $628 billion, a range centering
on $623 billion. Rising outlays by consumers
are expected to set the pace of expansion.
Added impetus to faster growth is expected to
come from greater business investment stimulated by higher profits.
Thus, the President's fiscal program for
1964-65 emphasizes a shift from larger Federal
expenditures toward growing consumer demand
and business investment in order to boost eco-
business review/february 1964
3
nomic growth. It is anticipated that the faster
rate of economic expansion will lower the level
of unemployment significantly and increase
profits further. The tax cut will benefit the Nation's balance-of-payments position by (1) reducing costs and making American products
more competitive abroad and (2) raising rates
of return on domestic investment, which would
aid in retaining and attracting capital funds .
A renewal of the price-wage spiral in the
coming year is not anticipated, despite the rising level of employment and the higher rate of
plant and equipment utilization that would be
generated by the early passage of the tax reduction legislation. Since the tax cut will directly
reduce the costs of business firms and increase
the take-home pay of workers, it is felt that
neither price nor wage increases of inflationary
magnitude are justified. President Johnson
states that he will pay close attention to price
and wage developments and will " . . . draw publ~c attention to major actions by either business
or labor that flout the public interest in noninflationary price and wage standards." Also,
he proposes to act, through antitrust policy, to
oppose illegal price-fixing or other practices
which would undermine competition.
The President reminds Congress that his
Administration is committed to an "unconditional war on poverty in America." While a
rapidly expanding economy with a rising level
of employment furnishes a necessary framework for attacking poverty successfully, special
measures are needed which are directed specifically at the basic causes of low income.
It is pointed out that no single program
would be appropriate to defeat an enemy possessing such varied and localized characteristics. The kind of help that would raise one
family into the ranks of the decently accommodated might prove insufficient for another
family or, for that matter, another city or region. As the President adds, " . . . we urgently
need to bring together the many existing pro-
4
grams -- Federal, State, local, and private-and focus them more effectively in a frontal
assault on the sources of poverty." He suggests
a two-pronged attack designed, on the one
hand, to help the poor to help themselves toward a better life and, on the other hand, to
provide every American a decent standard of
living " .. . regardless of economic reverses or
the vicissitudes of human life and health."
GROSS NATIONAL PRODUCT, ACTUAL AND
POTENTIAL, AND UNEMPLOYMENT RATE
81Ll.IONS OF DOLLA RS* {RATIO SCALE I
650
GROSS NATIONAL PRODUCT
IN 1963 PRICES
600
550 -
500 -
1
953
1954
1
955
1
956
1
957
1956
1959
1
960
1 1
96
1
962
-
1963
PERCENT
PERCENT
GNP GAP AS PERCENT OF POTENTIAL
UNEMPLOYMENT RATE l.I
6
10
L-~
1953
__~~__~~__~~__~~~~~ D
1954
1955
1 6
95
1957
1956
1959
1960
1961
1962
1963
• 5,0101l01ly ad Ju lte d onnuotror ..
.lI3~"4Ir.nd IInllhtOuQhmlddl 1 o '1 9~!i.
YUn,mptoymln l o. pl runl 01 clvll loll iobor loret; "Olonoll)' odjul'ld,
SOURCE : ~!!!f!!.! ~!.!!.! P, " ld.nl, ~ 1964 ,
President Johnson considers the more basic
approach to be the one that encourages the
self-development of individual capabilities. It
is necessary to educate the children of the poor
better so that they might break out of the
vicious cycle of poverty. Since they are more
subject to illness and disability, the underprivileged should have greater access to conditions which contribute to good health, such
as adequate nutrition. Chronically depressed
areas require Federal assistance to bolster community action directed toward economic rehabilitation, which would put to constructive
Use underutilized resources - human and material. Since the price of discrimination is often
poverty, emphasis is placed upon the importance of equal opportunities for all Americans,
Whites and nonwhites alike.
The second prong of the assault on poverty
requires that individuals and their dependents
be protected from the consequences 0f income
losses which occur " ... because of age, disability, unemployment, or other family circumstances." It is suggested that the eligibility
requirements under current programs of insurance and assistance at the various levels of government should be adjusted so that the poor or
disabled can be protected more adequately.
Congress is requested to strengthen the unemployment insurance program by broadening its
coverage and raising its benefits. To help the
aged, whose medical expenses tend to rise at
the very time their incomes fall, the enactment
of a hospital insurance program under social
security is urged.
The President outlines in his Report a number of other policies structured to support
balanced growth without inflation and directed
at particular economic problems, such as the
persistent balance-of-payments deficit. To lessen the deficit, recommendations include the
continuation of the program (initiated last
July) which requires the enactment of an interest equalization tax, the attainment of further economies in Government programs that
provide claims against the dollar to foreigners,
and the promotion of American exports.
It is noted that the strong advance in economic activity expected after a tax cut need not
necessarily call for firmer monetary measures.
~onetary policy must remain flexible so that
It can be shifted readily, if necessary, from support of an expansionary fiscal policy to defense
of the dollar either at home, because of threatened inflationary pressures, or abroad, because
of a worsened balance-of-payments situation.
Relevant to the balance-of-payments problem are the comments concerning international
trade expansion and economic assistance to
underdeveloped countries. The President believes that a lowering of tariff barriers between
the trading nations will contribute to " .. . a
more prosperous America in a more prosperous world." Industry and agriculture in the
United States are sufficiently viable to adapt to
the changing patterns of international trade and
to compete effectively in world markets.
The developing nations will benefit from
liberalized trade because they will be in a better position to expand their exports to pay for
imports of capital equipment and other items
needed for their development. The President
suggests, however, that many of the poorer nations will need help for some time to come and
that it is necessary for the United States to
maintain a strong assistance program, one
which is rigorously administered and sharply
focused to give maximum results for the effort
expended.
Turning to other problems of domestic
origin, President Johnson calls the attention of
Congress to the continued overproduction of
a number of major agricultural products and
stresses the need for improved commodity legislation. He also requests passage of bills, pending before Congress, concerning national transportation policy and aid to cities for improving
mass transit facilities and urges the renewal of
the housing and urban improvement legislation
which is due to expire in 1964.
A number of policies are offered to lessen
the burden of change and adjustment on working people that often arises in a dynamic economy. The President proposes that a commission
be established to discover how best to obtain
the benefits of automation without incurring
business review/february 1964
5
unwarranted human costs. Workers displaced
in the process of technological development
must be retrained and helped to find useful
employment, while the youth of the Nation
should be provided with the skills most needed
in a rapidly growing economy.
Congress is asked to extend the coverage of
unemployment insurance and the Fair Labor
Standards Act. Also, to encourage industry to
hire more workers, rather than rely unduly
upon overtime work, the President indicates
that he will ask for legislation which would
authorize the setting of higher overtime penalty
rates in those industries in which the increased
rates would raise employment without advancing costs appreciably.
According to the President, the economic
goals which America seeks are attainable with
policies which are known and readily available,
and these policies should be used. Although the
primary impetus to economic advancement will
come from "private ingenuity, initiative, and
industry," it is the responsibility of government
to support and encourage the development of
the Nation's economy in a way that will serve
the interests of all Americans.
the federa' budget
10'- fisca'1965
With the presentation of the Budget Message to Congress on January 21, President
Johnson provided the basic framework of his
economic program for the Nation during the
fiscal year ending June 30, 1965. Highlighting
the President's budget are a $500 million decline in anticipated expenditures and the reduction of the administrative budget deficit
to less than one-half the 1964 level. The
budgeted decline in Federal spending - the
second decrease in 9 years - primarily reflects
cuts in outlays for national defense and agricultural programs, while the significant shrinkage of the budget deficit for 1965 stems largely
from anticipated increases in Federal revenues
generated as the economy moves to higher
levels under the stimulus of the proposed
tax cut.
In his Budget Message, the President states
that the 1965 budget "will advance our Nation
·6
toward greater national security, a stronger
economy, and realization of the American
dream of individual security and equal opportunity for all of our people." Furthermore, the
budget represents "a giant step toward the
achievement of a balanced budget in a fullemployment, full-prosperity economy."
Expenditures of the Federal Government, as
provided in the administrative budget, are
estimated by the President at $97.9 billion in
fiscal year 1965, compared with $98.4 billion
in 1964. (The administrative budget, which is
traditionally used to calculate budget totals,
covers receipts and expenditures of the Federal Government from the general fund,
special funds, public enterprise funds, 'and
intragovernmental revolving and management
funds. Trust funds are excluded.) The amount
budgeted for 1965 is $900 million less than
the 1964 budget request.
Spending for national defense, which accounts for over one-half of budgeted outlays,
is to be reduced by $1.3 billion to $54.0 billion in fiscal 1965, mainly through cutting the
military budget of the Department of Defense,
by reducing spending for atomic energy activities, and by pruning expenditures for defenserelated activities. Reductions in the budget of
the Defense Department are centered in the
areas of procurement (primarily because of a
diminished need to stockpile supplies and
equipment), research and development, and
military assistance. The President gives his asSurances that the Nation's military preparedness will not be lessened by the budget cuts
but, through improved management, our present and planned military capabilities will be
improved.
Federal spending under agricultural programs is budgeted at $4.9 billion for fiscal
1965, or $1.2 billion below the 1964 level.
This reduction largely reflects declines in an-
ticipated expenditures for farm price-support
and Food for Peace programs financed by the
Commodity Credit Corporation, the rural
housing loan program of the Farmers Home
Administration, and the meat, poultry, and
grain inspection programs. The decline in expenditures for farm income stabilization and
Food for Peace, which account for almost 75
percent of the cost of the agricultural program,
results mainly from estimated lower unit costs
of farm commodities, primarily wheat, shipped
under the Food for Peace program and anticipated savings from proposed legislation dealing with cotton and dairy products.
The Administration's economy drive also results in reduced budgets for several other
governmental functions. Cuts are to be made
in the budgeted expenditures for (1) international affairs and finance, in anticipation of
increased sales by the Export-Import Bank of
certificates of participation; (2) commerce and
transportation, resulting from proposed reduc-
SUMMARY OF FEDERAL RECEIPTS AND PAYMENTS
(Fisca l years. In billions)
1963
1964
1965
actual
Description
estimate
estimate
$ 86.4
27 .7
4.3
109.7
0.6
1.0
109.3
$ 88.4
30.2
4.2
114.4
-0.1
0.7
113.6
$ 93.0
30.9
4.1
119.7
-0.2
0.7
118.8
92 .6
26.5
5.4
113.8
0.6
1.8
112.6
98.4
29 .3
5.0
122.7
0.1
3.7
119.1
97 .9
29.4
4.6
122.7
1.1
2.3
121.5
-6.3
-4.0
-3.3
-10.0
-8.3
-5.5
-4.9
-2.9
-2.8
FEDERAL RECEIPTS
Admi nistrati ve budget receipts . . . . . . . . . . . . . . . . . . .
. . . ..... . .
6~~~tctu~d receipts ... . ... . ....................... .. . .. .......... .
. ntragovernmenta l transactIons ..... . . .. .. . . . .. .. . . . .. .•.. . . ..
Total cash receipts from the public .
. . ......... . ...... . . •
Add: Adjustme nt from cash to accru al basis ........ . . . .. . .. . ... .
Deduct: Receipts from loans, property sales, and other adjustments.
Nationa l income account recei pts-Federal sector ......... .. ... . .
FEDERAL PAYMENTS
Administrative b u d ge t expen d lures ...... . ... . ..... · ······ · · · · · ···· · ·
't
T
ust fund ex penditures (including Government·sponsored enterprises) ....
edUct: Intragovernmenta l transactions and other adjustments ... . .
r::
Tota l cash payments to the pub lic ... . .... . . . .. . . . ... . . . . .... . .
Add'' AdJ'u st men t f rom cash to accru al b asls ......... . .... · ········ · ·
.
D
educt: Disbursements for loans, land purchases, and other adjustments .
Nationa l income account expenditures-Federal sector ... .. ..... .
EXCESS OF RECEIPTS
C+) OR PAYMENTS C-)
~dmi.nistrati ve
budget ............................. . .... . .... . ... . .
. . • .... ... . .... . . ... . . . .
NeC~1 pts from a nd paym ents to the public. .
atlonal income accounts-Federa l sector .. . ....... . . .. . . ... .. . .. . . .. .
SOURCE: The Budget of the United States Government, 1965.
business review/february 1964
7
THE
GOVERNMENT
DOLLAR
Fiscal Year 1965 Estimate
WHERE IT COMES FROM ...
..---=-.---r----.....:: ....
- //.,../
INDIVIDUAL
(
INCOME
TAXES
40~
. ~ CORPORATION
---~
INCOME TAXES
21~
EMPLOYMENT
TAXES
WHERE IT GOES ..•
FIXED
-- ~
_
.,..-",/
SOCIAL SECURITY--/
AND OTHER TRUST FUNDS /
INTEREST
CHARGES
- --- ,
7~
....
.......
"-
\
AGRICULTURE
INTERNATIONAL
2~
OUReE: The Budoet ~ the United Stotes Government, 1965.
tions in outlays for the temporary public
works acceleration program, begun in fiscal
1963, and for other programs; and (3) veterans' payments, mainly because of the
continuing sales of mortgages held by the
Veterans Administration and the proposed
sale of participation certificates in VA-guaranteed housing loans.
Partially offsetting these declines in budgeted expenditures are increases in anticipated
outlays for education, interest expenses, the
space programs, and health, labor, and wel-
8
fare. The expected increase in fiscal 1965 in
interest costs, which account for approximately
7 percent of Federal expenditures, principally
reflects a larger public debt.
Total cash payments to the public for health,
labor, and welfare - largely from trust funds
- are expected to advance $1.3 billion in fiscal
1965 to a total of $28.6 billion, with most of
this rise reflecting the built-in growth of trust
fund programs. Outlays under social security,
railroad retirement, and retirement programs
for Federal civilian employees are placed at
Over $20 billion, or $982 million above the
estimated 1964 total.
Administrative budget expenditures are expected to advance slightly because of increases
in spending for manpower development and
training, improved youth employment opportunities, and medical education. The "attack
on poverty program," a plan outlined by the
President in his State of the Union Message, is
allocated $250 million in the 1965 budget.
New obligational authority of $500 million is
requested to carry out this program. The President estimates that over $1 billion in Federal
funds will be spent in fiscal 1965 in a coordinated attack on poverty.
Outlays for space programs are planned to
advance to a total of $5 billion. Most of the
budgeted increase is for manned space flight,
which accounts for over two-thirds of the
space budget. Expenditures for unmanned investigation in space and the development of
satellite technology for communications, meteRECEIPTS FROM AND PAYMENTS
TO THE PUBLIC
(Conlolldalld Cash 00,1.)
RECEIPTS
INDIVIDUALiNCOME TAXES
..J
CORPORATION
INCOME TAXES
EMPLOYMENT TAXES
EXCISE TAXES
OTHER
~
PAYMENTS
NATIONAL DEFENSE
INTERNATIONAL
AND SPACE
AGRICULTURE
HEALTH. LABOR.
AND WELFARE
VETERANS
INTEREST
OTHER
S'
~
::1
~
o
10
Fi . co11964
[:=::J
FI.co11965 ~
I
I
20
30
40
BILLIONS OF DOLLARS
50
60
orological, and other applications are also
slated to increase.
The expected increase in educational outlays partially reflects advances in expenditures
under proposed legislation; spending for established programs, principally assistance for elementary and secondary education, is also
expected to expand. Among the major legislative proposals which will affect Federal spending in fiscal 1965 are those relating to grants
for teachers' salary increases and for classroom
construction, a program to train new teachers,
and the expansion of the National Defense
Education Act fellowship program.
The 1965 budget was prepared under the
assumption that the stimuli resulting from a
tax cut would be felt early in 1964. Although
the tax cut proposal involves a potential loss
of $8 billion in Government revenue in fiscal
1965 (on the basis of calendar 1963 income
levels), it is estimated that income tax collections from individuals and corporations
would be $3.1 billion greater in fiscal 1965
than in 1964, mainly because of the expected
continuing advance in economic activity.
Individual income taxes are expected to decline slightly in fiscal 1964 and, as the economy advances to higher levels, to increase $1.0
billion in 1965 to reach $48.5 billion; it is
anticipated that corporation income taxes will
expand in 1964 and 1965 to a total of $25.8
billion. Assuming that Congress extends several current excise tax rates which are scheduled to decline or expire on July 1, 1964,
receipts from this source and other taxes will
increase in fiscal 1965 to an anticipated level
of $18.7 billion.
Approximately 12 percent, or $12.4 billion,
of the funds required to finance administrative
budget outlays do not require current congressional action. However, the President has requested authorization by Congress of funds
totaling $91.4 billion. Thus, the proposed new
obligational authority for administrative budget
business review/february 1964
9
funds is set at $103.8 billion for fiscal 1965,
or $1.2 billion more than in 1964. The major
increases are for the Department of Health,
Education, and Welfare, largely because of
new health and education proposals; for the
Department of Labor as a result of the manpower training program and proposed youth
employment legislation; and for special requests for programs designed to alleviate
poverty.
If budgeted receipts and payments are realized, an administrative budget deficit of $4.9
billion is expected in fiscal 1965, compared
with $10.0 billion in the prior year. With estimated cash receipts from the public in 1965
(administrative budget receipts plus trust fund
receipts) totaling $119.7 billion and cash payments aggregating $122.7 billion, it is anticipated that there will be a cash deficit of $2.9
billion, compared with $8.3 billion in 1964.
The public debt is expected to expand $5.2
billion in 1965 to $317.0 billion. Under present law, the temporary debt limitation of $315
billion will continue in effect through June 29,
1964. The debt limit falls to $309 billion on
June 30, 1964, and then declines to the permanent limit of $285 billion. Consequently, a
change in the debt limit will be necessary
before June 30, 1964, to enable the Federal
Government to meet the projected financial
needs.
The President's economic program, a major
part of which is the budget, provides a significant departure from the trend of recent years.
While Federal spending is slated to continue
increasing, relatively greater reliance is to be
placed on the private sector of the economy
to achieve the public policy goals of a rising
standard of living, full employment, and reasonably stable prices.
dist,.ict highlights
Rapidly changing weather patterns dominated the agricultural situation in the Eleventh
District during mid-January and brought nearzero temperatures to northwestern Texas,
heavy snow over the northeastern quarter of
the State, and rain in southeast Texas and in
Louisiana. Late in the month, beneficial rains
fell over a large section of Oklahoma, Louisiana, and Texas, but most far western sections
of the District remain critically dry. Further,
the below-normal snowpack in northern New
Mexico and southern Colorado provides a
bleak outlook for irrigation water for the 1964
crop season in New Mexico and Texas.
Below-freezing temperatures in the Lower
Rio Grande Valley of Texas at mid-January
10
resulted in only minor damage to hardy-type
vegetables, and injury to citrus trees was mainly
limited to tipburn on tender growth. Widespread supplemental feeding of livestock has
continued in the Southwest, but unprotected
animals experienced heavy shrinkage in the
cold, wet January weather.
The number of cattle and calves on feed in
the major cattle-feeding states of the District
(Arizona, New Mexico, Oklahoma, and Texas)
as of January 1, 1964, totaled over 1 million
head, which is slightly more than a year ago
and is up seasonally from the 808,000 at the
beginning of October 1963. Compared with a
year earlier, the increase for the District contrasts with a 1-percent decrease for the Nation.
Of the 203 Texas cattle feedlots with 1,000 or
more capacity, there were only 166 that
actually had cattle on feed on January 1. The
total capacity of the 203 feedlots, when filled ,
is reported to be 704,900 head.
The number of sheep and lambs on feed in
the principal lamb-feeding states of the District
(Arizona, New Mexico, Oklahoma, and Texas)
as of January 1, 1964, is placed at 315,000, or
15 percent below a year ago. The number on
Wheat pastures in the Texas Panhandle was less
than one-half the year-earlier figure. The prospects for livestock growers remain unfavorable,
as range conditions throughout most of the
District are poorer than at the same time last
year.
The seasonally adjusted index of District
department store sales in December rose
sharply to 121 percent of the 1957-59 average
from 109 in November and 112 in December
1962. For the year 1963, department store
sales were 4 percent above the previous year,
with all major District cities showing gains.
Sales in the 4 weeks ended January 25, 1964,
continued above a year ago and were 10 percent more than in the corresponding 1963
period.
New automobile registrations in four major
Texas markets during December exceeded
those for any other month in 1963 except OctOber_a period reflecting the full impact of the
introduction of the 1964 models. Compared
with a year earlier, December 1963 registrations posted gains ranging from 5 percent in
Fort Worth to 26 percent in San Antonio. For
all of 1963, new car registrations in Dallas,
Fort Worth, Houston, and San Antonio totaled
0 percent above the previous record achieved
IU 1962, as each market posted a year-to-year
gain.
!
Because of reduced mining output, industrial
production in Texas eased during December to
120 percent of the 1957-59 average, declining
1 percentage point from the previous month,
but rose 7 percent above a year earlier. Reductions in the outturn of crude oil and metal,
stone, and earth minerals lowered the seasonally adjusted mining index to 100 percent in
December from 102 percent in the prior month,
as the volume of natural gas and natural gas
liquids was unchanged. In the manufacturing
category, the fractional decline shown by nondurable goods output was offset by a minor
increase in durable goods production; as a result, the total manufacturing index held steady
in December at 135 percent, a level 6 percent above a year earlier. The month-to-month
advance in the durable goods index stemmed
from the fact that gains in transportation equipment, primary metals, and lumber and wood
products outweighed modest losses in machinery and furniture and fixtures.
Reflecting seasonal influences, nonagricultural employment in the five southwestern
states advanced almost 1 percent in December
to 4,844,100 wage and salary workers, which
is over 2 percent more than a year earlier. All
the month-to-month gain occurred in nonmanufacturing, since the number of manufacturing jobs decreased fractionally. Not surprisingly, trade employment, reflecting hirings for
the Christmas season, showed the greatest
strength by increasing 4.1 percent over November; minor rises were posted for mining, government, and transportation and public utilities.
Partly offsetting these gains was the seasonal
decline of 3.4 percent in construction employment.
In consequence of the slightly higher oil
allowables in effect for Texas and Louisiana,
District crude oil production in January rose
almost 1 percent over the previous month and
8 percent over a year earlier. Despite the sizable year-to-year increase in crude oil output,
inventories of crude oil in the District and the
Nation at mid-January were over 5 percent
lower than a year ago. The relatively high level
business review/february 1964
11
of crude runs to stills in both the District and
the Nation in recent months has lowered crude
oil stocks but has boosted refined product inventories, especially distillate fuel oil and kerosene. Compared with a year earlier, national
stocks of distillate and kerosene were each up
about 9 percent at mid-January, while gasoline
inventories were only about 1 percent higher.
Because of the relatively large holdings of light
fuel oils in primary storage, distillate prices
showed signs of weakness in many wholesale
markets during the latter part of January.
The Westmont National Bank, Houston, 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 8, 1964, as a member of
the Federal Reserve System. The new member bank has capital of $250,000,
surplus of $150,000, and undivided profits of $100,000. The officers are:
Charles L Bybee, Chairman of the Board; Virgil B. Dishongh, President;
Leopold L. Meyer, Vice President; and Adrian L. Scbroeder, Cashier.
The First National Bank of Ingleside, Ingleside, Texas, a newly organized
institution located in the territory served by the San Antonio Branch of the
Federal Reserve Bank of Dallas, opened for business January 13, 1964, as a
member of the Federal Reserve System. The new member bank has capital of
$100,000, surplus of $100,000, and undivided profits of $50,000. The officers
are: C. A. Long, President; W. T. Hilliard, Vice President; Mrs. Naomi Bruce,
Cashier; and Miss Jeannette Foley, Assistant Cashier.
new
membe.·
bunks
The Tascosa National Bank of Amarillo, Amarillo, Texas, a newly organized institution located in the territory served by the Head Office of the
Federal Reserve Bank of Dallas, opened for business January 23, 1964, as a
member of the Federal Reserve System. The new member bank has capital
of $300,000, surplus of $200,000, and undivided profits of $100,000. The
officers are : W. E . Carlisle, Jr., President; M. T. Johnson, Jr., Vice President;
and Robert Ringo, Cashier.
The Peoples National Bank of Sulphur Springs, Sulphur Springs, Texas, a
newly organized institution located in the territory served by the Head Office
of the Federal Reserve Bank of Dall as, opened for business January 25, 1964,
as a member of the Federal Reserve System. The new member bank has
capital of $200,000, surplus of $200,000, and undivided profits of $100,000.
The officers are: Joe N . Chapman, Chairman of the Board; S. T. Garrison,
President; J. D. Beaty, Vice President; Weber Fouts, Vice President; Mary J.
Brice, Cashier; and Wilma Ballard, Assistant Cashier.
The Abilene National Bank, Abilene, Texas, a newly organized institution
located in the territory served by the Head Office of the Federal Reserve Bank
of Dallas, opened for business February 1, 1964, as a member of the Federal
Reserve System. The new member bank has capital of $200,000, surplus of
$200,000, and undivided profits of $105,000. The officers are: Don Pierson,
Chairman of the Board; Randall C. Jackson, General Counsel and Vice Chairman of the Board; David Fry, President; Henry H. Grubbs, Vice President;
and John W. Chism, Vice President and Cashier.
12
STATISTICAL SUPPI!EMENT
to the
BUSINESS REVIEW
February 1964
FEDERAL RESERVE BANK
OF DALLAS
RESERVE POS ITIONS OF MEMBER BANKS
CONDITION STAT-ISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
Eleventh Federa l Reserve District
Eleventh Federal Reserve District
(Av erages of daily flgures. In t housa nds of dollars )
(In thou so nds of dollors)
Jan. 22,
1964
Dec. 25,
1963
Jan. 23,
1963
1,967,176
45,833
1,992,776
43,806
1,831,428
48,400
274
50,106
274
49,869
274
46,950
2,937
256,655
90,025
5,800
1,960
260,307
88,570
2,213
2,11 3
213,350
75,590
1,395
All other loans .•••...•••.•• • •.••••••••••.•
95,745
259,531
344,163
1,036,956
110,537
278,943
350,679
986,739
91,778
213,920
284,441
834,566
Gross Joans ••• • •••• • •••••••••.• • •••.•••
Less reserves and unallocated charge·ofFs ••
4,155,201
76,273
4,166,673
68,900
3,644,205
68,203
Item
ASSETS
Commercial and industrial loans •••.• '" .•.•••
Agricultural loans ••••. • ••••••••••• •. . ••••••
Loans to brokers and dealers for
purchasing or carryingz
U. S. Government securities • •• ••• ••• .•• . .••
Other securities • • •.. ••• •••••..••.• •.•• ••
Other loans for purchasing or carrying:
U. S. Government securities • • • • ••• ..• • •••••
Other securities ••• . ..•• ••••• •• . • • • ..••••
loans to domestic commercia l banks •••• • • •••••
Loans to foreign banks •••• ••••••••• • •••• • ••
Loans to other Anancial institutions:
Soles Anance, persona l Anance, etc .•••••••••
Savings banks, mtge. cos., ins. cos., etc . •.•• ••
Real estate loans •••••••••••••••••• • ••• • •• •
Net loans ••••••••..•••.•••••.••••••••••
4,078,928
4,097,773
3,576,002
Treasury bills ••••.•••••••.••••••••••.•••••
Treasury certiflcates of indebtedness •••• • • •• .•
Treasury notes and U. S. Government bonds,
including guaranteed obligations, maturing:
147,249
58,171
153,343
56,435
16 1,784
105,997
Within 1 year . . . ..... .. .. .. .......... ..
After 1 but within 5 years • • • .•• • • .•• • •. • ••
After 5 years • • •••••••.. • •..••••••••.•••
Other securities ••••• • .• • ••. •••••• • ••••••• •
127,491
7 11 ,241
394,270
671,806
149,547
726,515
388,723
669,474
2, 110,228
2,144,037
2,135,882
. Cash Items in process of collection • •• • .. •• •. ••
Balances with bonks in the United States •••• • ••
Ba lanc es with banks in foreign countries • •• ••.•
Curre ncy ond coin •••••.• • •••••••••••••••.•
Reserves with Federal Reserve Bank •• • • • ••• • ••
Other assets •• •••••• .• • •• ••.• •• •.•• •••• • ••
683,420
473,553
4,958
63,861
543,355
277,728
784,035
525,045
3,723
65,229
579,248
283,085
TOTAL ASSETS . ... .... . . . . .......... .
8,236,03 1
8,482,175
7,686,880
3,249,597
3,356,667
3,174,528
2,860
52,543
221,319
3,577
146,478
211 ,087
3,787
84,388
268,394
1,097,487
13,776
58,431
1,180,866
16,347
57,690
1,105,598
16,354
55,866
4,696,013
4,972,712
1,114,592
965,998
1,009,135
769,691
503
4,137
344,4 17
504
4,652
324,443
1,509
6,287
316,885
8,549
2,425
8,396
2,400
4 weeks e nd e d
Jan. 2, 1963
607,609
561,259
46,350
604,62 1
2,988
45,636
-42,648
604,747
562,305
42,442
599,837
4,9 10
34,732
-29,822
607,905
561,8 16
46,089
599,869
8,036
16,464
-8,428
56 1,106
434,659
126,447
518,116
42,990
2,159
40,83 1
552,165
430,599
121,566
507,163
45,002
7,639
37,363
535,359
419, 169
116,190
486,479
48,880
3,982
44,898
1,168,7 15
995,918
172,797
1, 122,737
45,978
47,795
- 1,817
1,156,9 12
992,904
164,008
1,107,000
49,9 12
42,37 1
7,54 1
1,143,264
980,985
162,279
1,086,348
56,9 16
20,446
36,470
4,708,9 1 ~
1,117,600
1,053,304
4 weeks e nd ed
Dec. 4, 1963
RESERVE CITY 8ANKS
Tota l reserves hel d •••.••• ••• ••
With Fodora l Roserve Bo nk . •. •
Currency and coin ••• ••••.. • •
Req uire d reserves •••••••.• .•. •
Excess reserves •••• •••• • ... • .•
Borrowings ••••••••••..•••• • ••
Free reserves • ••••••••••• . ••••
COUNTRY 8ANKS
Total reserves held . •• •.•.•••. •
With Fede ra l Reserve Bank ... .
Currency and coin .••• •.• .• ••
Req uired reserves •• • • •••• • ••••
Excess rese rves •• •• .••••••••••
Borrowings •• . ••••••• • ••••.•••
Free reserves • • •• .•• • •• • • • •• • •
ALL MEM8ER BANKS
Total reserves he ld .••• • •••••• .
With Federal Rese rve Bank ....
Currency and coin •.••••.••••
Required reserves •••••• •• •••.•
Excess reserves ••• . ••••• • •• .••
Borrowings ••••. • •.•• • ••••..• •
Free re serves •••..•.••••.•••••
191,589
640,088
499,224
537,200
Total investments •• •.. • •• • .. ••••• • •••••••
4 weeks e nd ed
Jan. I, 1964
Item
4,553
2,150
LIABILITIES AND CAPITAL ACCOUNTS
rDemand deposits
I
Individuals, partnershi ps, and corporations • • ••
Foreign governments and official institutions,
centra l banks, and international institutions .•
U. S. Government • .•• • ••. .• ••••• • •• • .• ••
States and political subdivisions • •..•••••.• •
Banks in the Unite d States, including
mutua l savings banks • • • ..••••• •••••••• •
Banks in foreign countries ••••.••••• .• •..• •
Certifie d and offlcers' che cks, e tc . •••• • • ••••
Total demand deposits •••••••• • •• • ••• • •
Tim e and savings deposits
Individuals, pa rtnershi ps, and corporatio ns
Savings deposits •• • .•• •••••.••.•• • . . ••
Other time deposits ••. '" •• • •••. .• •. . "
Foreig n governments and offlcial institutions,
centra l banks, and inte rnationa l institutions ..
U. S. Government, including postal savings •••
States and politica l subdivisions • •• •••• • •• • •
Banks In the United States, including
mutua l savings banks •••••• • • •• • • • .• .•• •
Banks in foreign countries • • • . •••••• • • • . •••
Ele ve n th Federa l Reserve District
6 12,7 18 "
498,976
2,568
63,570
569,168
227,996
(Ave rages of dally flgures. In millions of dollars)
2,530,935
2,420,985
2, 11 0,2 10
Total deposits ••••• . .••• • ••• . .•• • •••
Bills pa yabl e, rediscounts, etc ..... .. . ....... .
All other liabilities •. .• • . . • • .•..••.•.. ••.•••
Capital accounts • ••••..••••••••.•••••.•• . •
7,226,948
203,620
117,136
688,327
7,393,697
252,280
148,109
688,089
6,819,125
106,9 15
11 0, 160
650,680
TOTAL LIABILITIES AND CAPITAL ACCOUNTS
8,236,031
8,482,175
7,686,880
C O N DITION O F THE FEDERAL RESERVE BA N K ~f DALLA S,
(In thousands of dollars)
lIem
Jan. 22,
1964
Dec. 25,
1963
Jan. "
23,
1963
tal go ld certiflcate reserv es •• •• •••••• • ••••
Rsco unts for member banks . • .. • •••••• • •• ••
he r discounts and advanc es •••.•••••• ••••
. S. Gove rnm e nt securities •••.... ••.. •• ••••
~ tal e arning a ssots • • •• ..•••• •.••. •. •• . •• •
~em ber bank reserve deposits • • • • ..•.••.•.•
F,deral Reserve notes in actual circulation • •. • •
555,658
17,500
1,824
1,312,892
1,332,2 16
912,670
957,400
68 1,233
4,950
1,824
1,298,653
1,305,427
960,545
978,782
628,054
16,450
57
1,2 13,765
1,230,272
937,984
888,573
Res erve
Co~ntry
Date
Tota l
city banks
banks
Total
Reserve
city bonks
Country
ba nks
196 h Decem b er ..
1962: Dece mber ..
1963: July ..... ..
August. . ..
Septem b er.
October •••
Nov em ber ..
De cember ••
8,505
8,496
8,3 11
8,164
8,407
8,357
8,508
8,682
4,179
4,180
4,088
3,971
4,150
4,045
4,100
4,192
4,326
4,3 16
4,223
4,193
4,257
4,312
4,408
4,490
2,839
3,497
3,975
4,005
4,044
4,066
4,106
4,167
1,42 1
1,718
1,963
1,983
2,014
2,007
2,0 18
2,047
1,418
1,779
2,0 12
2,022
2,030
2,059
2,088
2,120
CO NDIT ION STATISTI CS O F ALL MEMBER BANKS
Ele ve n th Fe d eral Reserve District
(In mi llions of do llars)
Dec. 25,
1963
Nov. 27,
1963
Dec. 26,
1962
ASSETS
Loons a nd disco unts • • .. .••. •••••.••• . •.•
U. S. Gove rnment obligations •..••.•••.•••
Other securities •• •• •..•. • ... • •• . .••. • .•
Reserves with Federa l Re se rve Bank ••• • ••..
Ca sh in vault e • • • •• . ..••••••••.• • ••••••
8a lanc es with banks in the United States • •• •
Balances with banks in for eign countries e .. ..
Ca sh items in process of collection ••••.••.•
Other asse tse • • ••••• • ..••• . • • •• . ••• ..• •
6,848
2,806
1,419
1,0 11
179
1,222
4
86 1
478
6,736
2,816
1,412
1,007
177
1,099
6, 111
2,920
1,163
919
167
1,226
4
747
367
TOTAL ASSETse ... . ....... .... .... ..
14,828
1,443
7,449
4,182
1,273
7,204
4, 130
1,33 5
7,3 19
3,520
13,074
365
204
1,1 85
12,607
334
191
1,187
12,174
144
17 1
1,135
Item
Total deposits • •••••..•• • .. • ••. . •.•••
Borrowingse •.••••••• • • • • ..• •.•• •• •••••
O the r lIablllties e . ............ .. .... .. ..
Total capital accaunfs o •.•• • .•••• . •• •• • ••
TOTAL L1A8ILIT IES AN D CAPITAL
ACC O UNTSe ... •••. ••••. ••••.•• • ••
e -
2
TIME DEPOSITS
GROSS DEMAND DEPOSITS
L1A81L1TIES AN D CAPITAL ACCO UNTS
De mand d e posits of banks • .• ••• •. •••••••
Other deman d d e posits .... ... . . .. . .. . .. .
Timo deposits •••••.• • . . • •• . ..••..• . .•• •
Tota l time a nd savings deposits . ••• ••••••
r
GRO SS DEMAND AND TIME DEPOS ITS OF MEMBER BANKS
Estimated.
4
706
362
13,624
BANK DEBITS, END-Of-MONTH DEPOSITS
AND ANNUAL RATE Of TURNOVER Of DEPOSITS
INDUSTRIAL PRODUCTION
= 100)
(Seasonally adjusted indexes, 1957-59
(Dolla r amounts in thousands)
Decembe r
Demand de positsl
1963
Nov.
1963
1962
$ 174,035
22.7
21.0
21.4r
24
7
68,881
195,063
20.6
23.9
24.2
20.6
10
36,279
19.0
16.6
16.3
20.0
27.2
20.8
23.3
23.0
10.8
34.4
26.4
25.2
20.9
29.9
17.8
29.9
18.7
13.8
22.3
18.5
18.1
20.9
14.9
18.8
24.0
21.2
21.4
20.9
10.4
30.6
22.8
27.2
19.3
25.2
16.8
25.1
17.3
13.4
19.4
19.1
17.3
18.2
13.8
18.2
22.7
17.2
20.4
21.5
10.9
33.0
23.5
25.3
18.5
26.9
17.2
26.8
17.5
14.0
20.0
17.4
17.9
19.7
14.6
27.6
24.6
25.7r
Nov.
1963
1962
325,921
13
10
11 0,923
388,047
-6
23
58,416
ARIZONA
Tucson ••••• •••• • ••• • $
LOUISIANA
~onroe •.• . ...••. . . .
hreve port .. . .. •• ...
NEW MEXICO
Roswell • • •..••••••••
TEXAS
~bilene •• ••..• .••. • •
marilla ••••••••.•••
15
Dec.
119,816
288,761
294,344
219,584
234,810
19,859
4,038,869
425,384
943,681
108,260
3,947,701
38,226
335,610
66,933
58,967
812,074
29,646
107,744
138,532
131,181
12
13
0
9
14
2
19
21
-3
12
25
7
29
6
4
17
0
7
18
12
12
13
14
2
10
3
5
11
12
7
12
9
Total_24 cities •. •••• •. $ 13,243,289
17
11
:ustin ..............
Cecumont • ••••• .•.••
Cor~us Christi • •••.•••
oorsICona ••• • •. •••••
Er"~~:""'" .••••.•
F
rt
G Worth••• ••.• •••.•
••..
H alveston
' " .•
0 ••• ••• •••••••
l Ouston •• •• • • • •••..
Labedo • ••••••••.•••
pU bock ••••..•••.•.
sort Arthur ..........
San Ang elo .. .. .... .
Tan Antonio • • •••••••
Te~arkona ~ • ••••••••
er
W ...............
Wkh~t~' F~il;: :: :: :::
6
20
23
20
15
I
7
II
Oec.3 1,
1963
74,205
125, 161
172,397
112,59 1
126,943
22,102
1,461,120
193,9 24
448,265
62,299
1,639,903
26,485
142,947
42,447
5 1,824
442,221
19,851
73,095
82,595
110,258
---$5,904,891
Dec.
De c.
' 0
.
5 bd' ep?Slts of individuals, partnerships, and corporations and of states and political
u
IVI Slon s
Th~se f1gures include only two banks in Texarkana, Texas . Total debits for all
b !!
t
~nk s In Tex arkana , Te xa s-Arkan sas, including one ban k lo cated in tho Eighth Dis ·
net, amounted to $67,167,000 for the month of Decembe r 1963.
r-
Revised.
121
133
128
136r
105r
112
127
122
131
93
127
128
127
129
107
146
127
127
127
128
108
145
127
127
126
128
110
143r
119
120
119
121
103
134
Total industrial production .•...•..
Manufacturing . . ... ...... ....
Durable ••...•• • .••.••.•••
Nondurable •••..••••••••••
Mining .•. ... . .. . ••.. .......
Utilities., ........•.•..•.•.••
1962
p -
r-
Preliminary.
Revised.
SOURCES, Board of Go vernors of the Federal Reserve System.
Federal Reservo Bank of Dallas.
NONAGRICULTURAL EMPLOYMENT
Five Southwestern States '
Percent change
Dec. 1963 from
Number of persons
Dec.
1962
D ecem b er
Nov.
1963
1962r
1963
4,804,400
835,500
3,968,900
236,100
333,800
4,739,600
808,800
3,930,800
239,800
305,900
0.8
-.1
1.0
.7
-3.4
2.2
3.2
2.0
- .8
5.4
395,200
1,197,900
240,000
667,000
949,400
Nonmanufacturing ..... ...
Mining ••.............
Construction ....•... ...
Transportation and
public utiliti es ••.•.•..
Decemb er
4,844,100
834,300
4,009,800
237,800
322,500
Total nonagricultural
wag e and salary workers ••
Manufacturing .....•..•. .
Novem ber
1963p
Type of em ployment
Finance . • .. ••. ...... ..
Service • ... ....•..•. . .
Government •... ... . . ..
ANNUAL BANK DEBITS AND ANNUAL RATE
OF TURNOVER Of DEMAND DEPOSITS
394,200
1,150,900
240,000
668,100
945,800
399,500
1,179,800
232,400
648,700
924,700
.3
4.1
.0
-.2
.4
-1.1
1.5
3.3
2.8
2.7
1 Arizona, Loui siana , N ew MexiCO, Oklahoma , and Texas.
p Pre liminary,
Revised,
(Dollar amounts in thousands)
rD emand deposits1
Debits to demand deposit
Area
occounts1
SOURCE , State employme nt ag encies.
Annua l rate
of turnover
Percent
change
1963
3,484,637r
7
23.1
22.1 r
1,203,223
4,154,717
1,112,98 1
4,022,266
8
3
21.4
22.8
21.1
22.3
666,284
673,435
-1
18.6
17.4
1962
1963
1962
ARIZONA
Tucson • •.•...•
LOUISIANA
~onroe ••••• • •
hreveport •..•
NEW MEXICO
ROswell •••• •••
TEXAS
~b i l e n e .......
Amarillo •• ••• •
Bustin •.• .....
C~~~:octhris'ti' .
g~~i!~ana ... ::
EI Pas~:::: :: :
Fort Worth ....
~alveston •. • ••
L Ouston • .•...
Laredo .....•.
pubbock •.••••
ort Arthur . •.•
San Ang elo •• •
San Antonio . ..
...
.. .. ....
+e~arkana 3
~~;~
Wichlt~' F~il;: :
-
'$
3,734,866
1,294,807
3,017,455
3,435,917
2,328,050
2,563,600
229,011
' 42,769,526
4,385,544
10,263,352
1,209,656
39,935,728
429,230
2,970,437
766,407
697,621
8,966,733
353,182
1,240,487
1,493,002
1,484,748
TOl a l_24 cities • • 2$ 139,593,583
S U~d~e.p?Sits
IVI Slons.
1'1
;
121
135
130
139
102
Nondurable •••••.•••.• • •.•
Mining ..... ...... ..........
UNITED STATES
Trade •.. ••• . • . •••.•••
-
120
135
131
139
100
Total industria l production .•... . ..
Manufacturing •...•.....•••..
Durabl e ..................
18.7
23.6
1963
Decem b er
October
1963
Dec em b er
1963
TEXAS
Annual rate
of turnOVer
Percent
chang e from
Area
November
1963p
Area and typ e of index
Deb its to dem and
de posit occounts l
$
1,342,413
2,839,511
3,202,440
2,146,668
2,451,066
212,870
41,316,580
4,253,176
10,037,705
1,158,467
37,292,484
410,785
2,726,967
767,248
675,289
8,286,816
310,159
1,158,895
1,439,801
1,436,465
$ 132,759,124r
-4
6
7
8
5
8
4
3
2
4
7
4
9
0
3
8
14
7
4
3
18.2
24.5
21.0
21.6
21.8
10.8
32.5
23.6
24.9
20.0
26.6
17.0
23.3
17.9
14.2
21.3
18.9
18.1
20.4
14.5
18.1
23.6
20.5
20.6
21.7
10.5
31.6
23.0
25.6
18.3
26.0
16.1
21.5
17.2
14.0
20.3
17.4
18.2
20.1
14.9
5
25.6
25.0r
of individuals, partnerships, and corporations and of state s and political
~nclud es
revis ion s in previously published monthly figures.
ban k he,se flgures includ e onl y two banks in Texa rkana, Tex as. Total debits fo r all
Iri t s In Tex arkana , Texas·Arkan sas, including on e bank lo cated in the Eighth Di s·
~' amRounted to $783 ,135,000 during 1963 and $681,011,000 during 1962.
-
BUILDING PERMITS
VALUATION (Dollar amounts In thousands)
Percent chango
Dec. 1963
NUM8ER
from
12 months,
Area
Doc.
1963
12 mos.
1963
12 mos.
1963
Dec.
1963
1963
Dec.
1962
-8
Nov.
1963 from
1962
ARIZONA
609
8,259
$ 1,807
31,254
35
156
3,333
1,014
27,569
-34
1,260
3,139
4,085
3,160
3,678
25,135
4,755
7,078
1,816
22,467
2,187
1,101
793
1,520
13,616
2,856
1,272
644
2,005
4,200
584
1,900
14,570
2,772
3,038
2,997
15,568
1,696
234
306
338
6,657
646
1,655
14,850
42,955
81,241
13,719
25,433
224,680
42,582
52,854
14,683
318,626
40,896
11,212
7,282
4,874
60,926
15,999
14,597
-37
-57
-34
-48
10
20
20
-57
879
-15
-65
-49
-9
8
46
-9
211
2
-57
49
Wichita Falls ••
56
134
230
160
205
1,499
245
410
80
1,33 1
120
37
33
81
839
128
80
-51
-17
38
13
456
-28
9
-63
55
48
-27
-53
0
-24
9
29
-14
- 10
- 11
6
29
-26
-6
10
-35
-29
-29
-8
8
13
Total- 19 citi es ..
6,433
111,510
$62,631
$ 1,046,232
-10
- 16
-3
Tucson ••••...•
$
-23
LOUISIANA
Shreveport •• .•
TEXAS
Abilene .......
Amarillo .••..•
Austin ........
Beaumont ...• .
Corpus Christi ..
Dallas ........
EI Paso •.•.•.•
Fort Warth .•.•
Galveston ....•
Houston .•....
Lubbock .• . .••
Midland ...•••
Od essa ...... .
Port Arthur •..•
San Antonio ...
Waco •.•...••
40
-I
evi sed.
3
VALUE OF CONSTRUCTION CONTRACTS
DEPARTMENT STORE SALES
(In millions of dollars)
(Pe rcentag e change in retail valu e)
January-Dece mber
Decem ber
November
1963
1962
12 months,
398
131
146
121
3,413
1,325
1,102
985
Residential building ...... .
Nonresidential building . .. .
Public works and utilities •..
UNITED STATES ........... .
Residential building . . .... .
Nonresidential building . .. .
Public works and utilities .. .
409
150
100
159
3,749
1,519
1,082
1,148
1963p
359
130
83
145
3,198
1,166
921
1,111
Novemb er
Dece mb er
Are a
FIVE SOUTH WESTERN
STATES' ...... . ..... ... .
1
Decemb er 1963 from
December
1963p
Area and type
1963
1962
1963 from
1962
Total Eleventh District ••...•. ..
67
65
73
64
75
63
46
64
60
9
-2
8
5
14
6
4
7
7
4
0
4
2
6
3
6
3
3
1962
4,395
1,865
1,280
1,250
41,303
18,039
13,010
10,255
4,882
2,166
1,390
1,327
45,546
20,502
14,377
10,667
Corpus Christi • . • • . •.•••.•••. .
Dalla s• ••.... .. .•....... .. ..
EI Paso •.. ••..•••... ••• • •.••
Houston .•••.. . . ..••... . ....
San Antonio .. .... . .. .... ... .
Shreve port, La .•• ... . .. . . . .. .
Waco • •........•....... .. ..
Othe r citi es .. ••.. .. .........
Arizona, loui siana, New Mexico, Oklahoma, and Texa s.
Preliminary.
p -
NOTE. - Details may not add to total s because of rounding.
SOURCE, F. W . Dodge Corporation.
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Federal Rese rve District
MARKETED PRODUCTION OF NATURAL GAS
(1957·59
STOCKS (End of month)
(1957-59 = 100)
Sea sonally
Seasonally
Third
Second
Third
quarter
quarter
Area
1963
quarter
1963
1962
1963
1963
1962
louisi ana . .........
New Mexico . . o • • • • •
Tex a s .............
901,400
185,800
237,000
1,489,400
898,000
186,800
222,900
1,490,300
803,700
183,700
215,800
1,422,600
180
110
159
115
179
109
130
114
160
106
12 5
108
Total .. .. ...... ..
2,813,600
2,798,000
2,635,200
133
130
122
Oklahoma •• •..••• •
100)
SALES (Daily averag e)
Sea sonall y adjusted ind ex
In millions of cubic feet
=
Third
Second
Third
Date
Unadiuste d
adjusted
Unodjuste d
1962. Decemb er .... . .
1963.July ...........
August .. . .....
193
103
113
107
104
126
210
112r
114
11 2
111
102
109
121
103
115
119
122
135
139
114p
adjusted
quarter quarter quart er
Septemb er •....
Octob er •••...•
Nove mb er .....
Decemb er .. . ...
r-
SOURCES. U. S. Bureau of Mines.
Fedoral Rese rve Bank of Dallas.
p -
111
120
117
115
119
122
124p
Revised.
Prelimi nary.
NATIONAL PETROLEUM ACTIVITY INDICATORS
DAILY AVERAGE PRODUCTION OF CRUDE OIL
(Sea sonally adjusted indoxes, 1957-59
(In thousands of barrels)
= 100)
Decem be r
Percent chang e from
Dec.
Nov.
Dec.
Nov .
Dec.
Area
1963p
1963p
1962
1963
1962
ELEVENTH DISTRICT. .. .....
Texas ..........
Gulf Coast •••.•• • •.. ••
West Texa s ...... . ....
East Texa s (prop er) .....
Panhandle •• . .•••••.• •
Rest of Slate ... .......
3,129.1
2,704.2
536.7
1,183.7
108.7
101.9
773.2
267.2
157.7
4,471.2
7,600.3
3,078.7
2,661.7
527.2
1,167.7
105.6
10Q.9
760.3
261.3
155.7
4,496.6
7,575.3
2,938.6
2,516.9
467.8
1,1 28.3
116.6
104.9
699.3
276.9
144.8
4,442.8
7,381.4
1.6
1.6
1.8
1.4
2.9
1.0
1.7
2.3
1.3
-.6
.3
6.5
7.4
14.7
4.9
-6.8
- 2.9
10.6
- 3.5
8.9
.6
3.0
o •
•• •• ••
South eastern New Mexico •.
Northern Loui si ana .•.. . . ..
OUTSIDE ELEVENTH DISTRICT.
UNITED STATES ............
p -
Pre liminary.
SOURCES , Ame rican Petroleum Institute.
U. S. Bureau of Mine ••
Federal Rese rve Bank of Dallas.
4
November
Decemb er
1963p
1963p
1962
111
112
109
111
132
109
98
109
110
124
96
87
103
106
128
101
100
105
109
125
116
81
109
108
120
114
85
108
110
115
103
88
105
Indicator
CRUDE OIL RUNS TO REFINERY
STILLS (Dail y average) • • •.•••• ••••• • •
DEMAND (Daily average)
Gasoline •• • ••.. . •••••••• . ••. .••• • • •
Ke rose ne .••... .. .....•.... . .•.•...
Distillate fu el oil .... .. . .... . ... •. ..•.
Residual fuel oil • • . .•• •..• •.. • • •••• .•
four refln ed products ...... ..• • . ...
STOCKS (End of month)
Ga soline • •• •..• . ••• . •• ... •• ..• •. •• •
Kerosene • ......•............ . •...•
Distillate fuel oil .. .. ..... ...... .... ..
Residual fu el oil ..... ...... ... ...... .
four reflned products ••• . .•..••.•. .
p -
Pre liminary.
SOURCES , American Petrol e um Institute.
U. S. Bureau of Mine ••
Fede ral Roserve 8ank of Dallas.
