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business
•
revIew

february 1969

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

contents

nitrogen fertilizer
industry: a period
of readjustment . . ....... ........ ........ ...

3

district highlights . . ...... . . . . . . ...... .. .. . "

10

nit,·ogen fe,·tilize,·
indust,·y: a pe,.iod
of ,·eadjustment
a

The fertilizer industry has experienced
dynamic change since the end of World War II.
No part of the industry bas changed more dramatically than the sector producing anhydrous
ammonia, the basic material from wbich nearly
all nitrogenous fertilizers are made. In 1946,
nitrogen ranked a poor third among the three
primary nutrients - nitrogen, phosphate, and
potash - used as fertilizers. Nitrogen now
accounts for about 45 percent of all plant
nutrients utilized, and the use of anhydrous
ammonia as a direct-application material has
increased rapidly since the early 1960's. (Anhydrous ammonia, a high-analysis material, is
injected directly into the soil as a gas.)

The domestic fertilizer industry was experiencing unparalleled growth as late as 1966.
Demand was in line with capacity and production, and prices were holding strong. FurtherlUore, both long-run and short-run estimates for
World consumption of U.S. fertilizers were
optimistic.
In the past 2 years, the fertilizer industry
Was undergoing a period of readjustment. Its
capacity to produce major nutrients increased
at a record pace, but consumption of plant
nutrients did not reach market expectations in
either 1967 or 1968. According to Department
of Agriculture estimates, U.S. farmers boosted
their applications of fertilizers by only 3 percent in fiscal 1968, compared with 7 percent
and 8 percent in the two previous 12-month
periods. Consequently, capacity for the production of major nutrients became excessive.
In the synthetic ammonia industry, the gap

between producing capacity and consumption
was wide indeed.

U.S. PLANT NUTRIENT CONSUMPTION
MILLIONS OF SHORT TONS

- 16

8

1948

1958

SOURCE : U.S. Department of Agric u ltu re.

By the beginning of 1968, for example, annual anhydrous ammonia capacity in the United
States had reached about 18 miUion tons. However, production facilities at that time were
running at about three-fourths of capacity, and
the tonnage on hand was up 53 percent from
the year-earlier level. Prices for anhydrous
ammonia mirrored tlle excess capacity, large
stocks, and less than anticipated increase in
consumption. The average price paid by the
Nation's farmers for anhydrous ammonia was
$149 per ton during the 1957-59 period but,
by April 1968, had declined to $91. By late
last fall, some areas reported prices as low as
$50 per ton.

business review/february 1969

3

The following article focuses upon the development of the synthe~~ ~onia i~dustry,
rather than upon the fertilizer llldustry III general. Currently, the synthetic ammonia industry has a substantial excess capacity. This will
be discussed in the context of short-run market
potential, as well as long-run structural adjustments that appear to be under way. Some of
the major factors which may be of importance
in the whole market readjustment process will
also be highlighted.

development

of the

industry

In considering the present status of the synthetic ammonia industlY, it is useful to review
the past trends in supply and demand for nitrogenous fertilizers and to analy~e some of the
factors which have affected the llldustty. Such
an approach will perhaps provide a better
understanding of the current market situation.
Before World War II, technological knowhow regarding synthetic ammonia was fairly
well centered among a few large concerns. For
many years, it had been known that nitrogen
was one of the important nutrients needed in
crop production and that this plant food could
be abstracted from various natural resources.
It was not until after World War II, however,
that sufficient attention was given to synthetic
ammonia as a potential source of nitrogenous
fertilizer.
One of the most significant developments in
nitrogen fertilizer technology was the discovery
of an economical method to produce a synthetic source of nitrogen. At one time, natural
organic materials, such as legume crops and
manure, were used almost exclusively as a
source of nitrogen. Currently, natural sources
have been largely displaced by synthetic nitrogen sources, principally ammonia.
Anhydrous ammonia is a chemical compound (NHs) containing one part nitrogen and
three parts hydrogen. The air is the most important single source of nitrogen, and hydrogen is

4

secured from natural gas, refinery gas, coal,
lignite, water or steam, and industrial byproducts.
Nitrogen can be fixed from the atmosphere
by processes using an electric arc and cyanamide, but these have not been of major importance in the United States. In nature, for
example, lightning can fix nitrogen in the atmosphere, and the nitrogen combines with
oxygen. This compound is carried to the ground
by precipitation and provides food for plant
life. An economical method of uniting hydrogen
and nitrogen to form ammonia was developed
and is commonly used in the United States.
This latter development provided the basis for
volume production of such nitrogen materials
as ammonium nitrate, urea, aqua ammonia, and
anhydrous ammonia. The coke and steel industries produce ammonia as a by-product, usually
in coking processes.
Because of the urgent need for ammonia to
be used in munitions during the war, the technological know-how for producing synthetic ammonia became more widespread within a relatively short period. As a consequence, more
companies acquired the necessary productive
skills; and under the stimulus of a heavy wartime demand, annual capacity tripled to slightly
more than 1 million tons of synthetic ammonia
by the end of the Second World War.
Following the war, production at the plants
was converted from military to peacetime uses
of ammonia. During the 1950-60 period, there
was only a gradual increase in the capacity to
produce synthetic ammonia. However, the 1960
decade has marked a significant change in the
structure of the industry. Growth has been very
rapid - a development which, in part, is associated with the entry of large oil companies into
the synthetic ammonia industry. Also, technological and marketing changes have resulted in
the construction of plants with larger capacities.
On the demand side, the use of synthetic ammonia as a direct-application material and fer-

tilizer nutrient has increased immensely since
World War II. Although munitions almost exclusively occasioned the demand for the product
during the early 1940's, the demand for
ammonia currently arises from an array of
industrial and agricultural purposes. State agricultural experiment stations and Extension perSonnel, in cooperation with the U.S. Department
of Agriculture, have heightened the interest in
and demonstrated the potential for using anhydrous ammonia as a nitrogenous fertilizer. In
addition, efficient equipment has been developed
to permit the application of this high-analysis
material directly into the soil .

proved managerial ability and the rising level
of technology in agriculture, together with
Government price-support programs for many
of the important crops, gave farmers the incentive to use more fertilizers to expand output. Various studies, as well as practical results
showing the profitability of a higher rate of
fertilization, stimulated the increased application of all kinds of fertilizers .
With the rate of application of all fertilizers
on a sharp uptrend in the early 1960's, market
analysts became increasingly optimistic about
the future growth in demand, especiaUy for
nitrogen fertilizers. Unfavorable weather conditions and a cutback in crop acreage in 1967
and 1968, however, slowed the growth in the
usage of fertilizers to well below the anticipated
rate, despite the fact that the total use of major
nutrients continued to rise. Consequently, the

During the 1950's, producers began to promote the use of anhydrous ammonia as a fertilizer in an effort to tap a large and growing
market. Farmers were relatively quick to accept
the material as a source of nitrogen. The im-

U.S. ANHYDROUS AMMONIA PLANTS AS OF JANUARY 1, 1968, AND AMMONIA PIPELINES

..... Complet e d
I I.

••

Und er Con structio n

•

SO UR CES: Tenn esseo Valle y Authorit y.
U,S . Departl11 0 nt of Agri c ulture.

bll,siness review/february 1969

5

expected gain in the consumption of anhydrous
ammonia during the past 2 years failed to materialize at a time when the industry's productive capacity was expanding rapidly.

tracting hydrogen economically. The entry of
oil and gas industries into the production of
synthetic ammonia in the midsixties led to the
construction of new plants in Gulf Coast states
and in Far West areas. At present, nearly onethird of the U.S. anhydrous ammonia capacity
is located in Louisiana and Texas.
rile entry of oil and gas concerns into the
expanding fertilizer market is understandable.
As mentioned previously, synthetic ammonia
results when nitrogen from the atmosphere and
hydrogen are united in a catalytic process using
high temperature and pressure. Hydrogen can
be produced easily from petroleum or natural
gas. Further, by-product hydrogen derived from
the processing of petroleum can be utilized. By
the midsixties, such petrochemicals as insecticides, soil fumigants, weedicides, and defoliants
were already well-established products in the
agricultural industry.
In general, the sections consuming most of
th~ anhydrous ammonia have been the higher-

Technological changes in transportation also
have helped to shape the present structure of
the synthetic ammonia market. Transportation
costs historically have accounted for an important part of the delivery cost of synthetic ammonia. Significant elements in the cost of transporting ammonia were the distance between
production facilities and the area of consumption and the difficulty involved in transporting
the material (anhydrous ammonia must be kept
at _28 0 F. in order to be stored and shipped as
a liquid).
A majority of the synthetic ammonia plants
going into production during the 1940's and
1950's were concentrated along the Mississippi
River to take advantage of low-cost transportation for both raw materials and finished products. During the early 1960's, anhydrous ammonia plants sprang up in other parts of the
country as new techniques were found for ex-

6

ramfall and intensively cropped areas in the
Midwest. Assuming that there is adequate rainfall, crop yields are perhaps more dependent
upon nitrogen than any other mineral element in
the soil. Since a large share of anhydrous ammonia is consumed outside the principal area of
production, transportation facilities and costs
continue to be an important factor in the structure of the industry.
HistOrically, barges have been the dominant
means used in transporting ammonia, but railroads have become significant contenders for a
large share of the market. Railroads have been
able to compete with barges by using unit trains
(special trains devoted entirely to the transport of ammonia during the period of peak
seasonal demand).
The most recent development in the market,
and one that is likely to have an increasing im~act upon the ammonia market, is the transportmg of synthetic ammonia by pipelines. Presently, there are three major pipelines under

construction, or planned, from the Southwest
to the Corn Belt area, as indicated in the preceding map. Exponents of transporting synthetic ammonia by pipelines claim that pipelines will have three principal advantages over
the existing barge-rail-truck system: a reduction
in storage time and costs, an improvement in
timeliness of deliveries, and an increased demand for synthetic ammonia for all uses when
the total delivery cost is lower.
Pipelines may reduce storage cost by establishing a more direct link with the ultimate
consumers. Under the barge-rail-truck system
of transportation, storage is required not only
at the producing plant but also in the consuming
area. Pipelines could transport anhydrous ammonia to terminal sites for storage immediately
after production. The storage facilities could be
located strategically with respect to the large
consuming areas, and, as a result, the distance
between terminal storage and user might be
shortened.
Timeliness of delivery of anhydrous ammonia
is a most important factor since it is necessary
to apply most nitrogenous fertilizers to the soils
in a relatively short period of time in the late
spring. With year-around production, strategically placed storage terminals, and the speed
Which is characteristic of pipeline transportation, pipelines likely could shorten delivery
time and minimize storage needs.

If pipelines are successful in compensating
for the distance between plant and consumer
and in minimizing storage requirements, the
cost of synthetic ammonia to the user could be
reduced. Lower prices, coupled with greater
accessibility, would probably stimulate both
agricultural and industrial demand for the
material.
Much of the present problem of excess capacity in the anhydrous ammonia industry
stems from the changes which have occurred
in the production, transportation, and consumption of the material. Some of the most impor-

tant structural developments in the industry
have been (1) a significant increase in output,
induced by the entry of oil and gas companies
into the industry and the construction of large
plan ts utilizing new production techniques; (2)
the continuing concentration of production in
the Mississippi River and Gulf Coast areas and
greater emphasis on finding ways to transport
anhydrous ammonia more economically from
these areas; and (3) the persistence of the
highly seasonal and conditional demand for
anhydrous ammonia.

seasonal influences
Despite the fact that the industry's present
problem of excess capacity is a "readjustment"
process, short-term fluctuations are still present
in the industry. The extremely seasonal demand
for fertilizer is a major cause of short-term
fluctuations and is a concern to the industry.
Since the amount of fertilizer usage is dependent, to a large extent, upon weather conditions,
unfavorable spring weather can severely reduce
the amount of fertilizer used. For this reason,
CAPACITY OF U.S. ANHYDROUS AMMONIA
PLANTS, JANUARY 1
MILLIONS OF SHORT TONS

0::

Ii Jil =

1960

1963

1966

=

::r:;.

= =

10

o

1969

SOURCES , Cooperative Farm Chomlcals Auoclotion.
Tenne ss oe Valley Authority.
u.s. Department 01 Agrlcultu,e.

business review/february 1969

7

more emphasis is being placed upon the possibility of fall or winter fertilization of crops.
An increase in fall or winter fertilization
could have other advantages than giving ammonia producers a better opportunity to use
plant capacity more efficiently. Farmers can
usually purchase fertilizers at lower prices or
receive cash discounts and can get better service during off-peak times of the year, when
distributors are not faced with the usual spring
rush of making deliveries.
In the past, many agronomists have objected
to fall applications of nitrogenous fertilizers
because it is easy for ammonia to convert to
nitrates when soil temperatures rise above 55 °
F. Nitrates are mobile and move with water in
the soil; hence, much of the plant food is

leached out and is not available when needed
by the growing crop. Nevertheless, recent studies
show that it is possible to apply ammonia in the
fall or winter on many types of soils without
major loss. Moreover, research may find additional means of reducing the seasonality of
fertilizer application. Nitrogen fertilizers which
would release their nutrients to plants over
longer periods of time could be advantageous
for some crops and areas.
A highly seasonal demand is reflected in
price variations, and, in recent years, the anhydrous ammonia industry has shown an increasing interest in the possibility of a futures
market for ammonia as a means of promoting
more orderly markets. Anhydrous ammonia has
many of the characteristics of. other commodi-

Over 50 percent o~ the U.S . anhydrous ammonia plant capacity is located in the
South Central Regwn, but nearly 50 percent of the nitrogen fertilizer is co1tSluned
in the North Central Region -

Per c ent of U.S . Tot at:
ID Capac it y (Ja nu ary 1, 1968 '

SOURCES : T o nn essee Vall ey Authorit y.
U,S. De p a rtm e nt of Ag ri c ultur e .

8

ties now traded on the futures market. Decisions
about the quantities to be produced need to be
made well in advance since the material is produced year around, but demand is very seasonal. Consequently, ammonia prices can be
quite volatile. A futures market could probably
help stabilize prices because part of the risk of
price variation would be shifted to speculative
trading.

long-run demand
Short-run imbalances between productive
capacity and consumption have been troublesome to synthetic ammonia producers, but an
incorrect assessment of long-run demand and
capacity needs could be quite costly indeed.
The industry seems to be confident, however,
that long-run demand will justify recent and
near-term additions to capacity.
There is evidence to support the apparent
optimism of the industry. Even though present
and prospective capacity would appear sufficient to meet expected demand through the

early 1970's, the Tennessee Valley Authoritya major producer of fertilizers - estimates that
world needs for all fertilizers will double by
1975 and triple by 1980.
The spring of the current year will be quite
important for the entire fertilizer industry.
Favorable weather, which would permit farmers to make heavier usage of fertilizers, and a
resumption of tlle long-run uptrend in application rates could substantially reduce the overhang of synthetic ammonia supplies. During
January 1969, some strengthening of tl1e market
was detected. Various suppliers boosted anhydrous ammonia prices after there were favorable signs that the 2-year slide was over. The
general feeling ·among analysts is that the adjustment period is about over and a good year
in 1969 will put the industry on the expansion
path once again, although the rate of expansion
in capacity may be slower than it was in the
early 1960's.
CHARLES M. WILSON

business review/ february 1969

9

distriet highlights
Nonagricultural wage and salary employment
in the five southwestern states in December
totaled 6,121,800, or about 1 percent higher
than in November and around 4 percent more
than a year earlier. The increase over November was about in line with seasonal expec~a­
tions, with manufacturing employment dec~n­
ing less than usual and nonmanufactunng
employment rising about normall~. In the. nonmanufacturing sector, constructlon continued
strong during December; the nu~ber of workers in trade activities, however, dld not advance
as much as usual.
During 1968, total nonagricultural employment in the five states averaged about 4 percent
greater than in the previous year. The number
of manufacturing workers paced the advance
by rising close to 5 percent, and nonmanufacturing employment moved upward nearly 4
percent.
Daily average production of crude oil in the
Eleventh District showed virtually no monthto-month change in either November or December 1968. On the other hand, output in
November was 1.7 percent below a year earlier,
and output in December was 1.5 percent below
the same month in 1967. One reason for the
decline on a year-to-year basis is that demand
for heating oils has not been as strong as a year
ago, when there was an unusually cold winter.
Another reason for lower output this past December was the possibility of a strike by refinery workers (a strike which did not occur until
the beginning of January) .
The Texas allowable was raised to 43.7 percent of the Maximum Efficient Rate of production in January, as compared with the rate of
41.3 percent that had been maintained from
September through December; for February, the

10

allowable has been set at 42.8 percent. In Louisiana, the allowable for February is the same
as that for January; but in southeastern New
Mexico, the allowable has been trimmed slightly.
Industrial production in Texas in December
is preliminarily placed at 169.2 percent of the
1957-59 base, a level which is virtually unchanged from November but is more than 5
percent above a year earlier. During December,
the slight rise in manufacturing output was
about counterbalanced by the dip in mining
production. Utilities output was unchanged.
The fractional gain in manufacturing output
stemmed from a rise in nondurable goods production, as durable goods output changed little.
Declines in the transportation equipment and
electrical machinery industries contributed to
the lack of strength in durables output. The
rise in nondurables production was moderated
by weakness in petroleum refining and the
manufacture of paper and allied products. Mining output in December dipped 2 percent, with
all of the decrease occurring in seasonally adjusted crude petroleum production.
Total industrial production in the State during
1968 averaged 7 percent above that in 1967.
Paced by a rise of 11 percent for durable goods,
manufacturing output in the past year exceeded
that in 1967 by 8 percent. Crude oil production
slackened during the final half of 1968, but
total mining output still averaged 3 percent
above 1967's high level.
Farmers in the Southwest are preparing land
for spring planting. Winter wheat and oats are
generally making satisfactory groWtll over the
Eleventh District, although cold weather is
hindering wheat development in the High
Plains. Cool weather in the southern half of the

District also has slowed harvest of winter vegetables. Citrus harvest continues active, with
large shipments of grapefruit and mid season
oranges. Based on January 1 prospects, production of citrus fruits in Arizona and Texas for
the 1968-69 season is estimated at 18.3 million
boxes, or 60 percent above citrus output in the
previous season. Grapefruit production in the
two states is expected to total 9.5 million boxes,
up 45 percent; and orange production is estimated at 8.8 million boxes tlus season, which is
79 percent above orange output in the] 967-68
season.
Most cattle in the District have been placed
On supplemental feed, as the availability of
small grain for grazing has declined with the
advent of cool weather. There were about 1.9
million head of cattle and calves on feed in the
District states on January 1, 1969, or 24 percent more than a year earlier. Cattle on feed in
Texas accounted for almost 56 percent of the
District total. The number of sheep and lambs
on feed in Texas on the same date, at 242,000
head, was unchanged from a year ago.
Prices received by Texas farmers and ranchers during 1968 averaged 3 percent higher than
in the preceding year. Prices for crops were up
1 percent, and those for livestock and livestock
products advanced 5 percent. During J anuaryNovember 1968, cash receipts from farm marketings in the District states were 5 percent
larger than in the comparable 1967 period.
Crop income rose 4 percent, and livestock receipts were 6 percent higher.
All the major balance sheet items at the
Weekly reporting commercial banks in the
Eleventh District increased in the 9 weeks ended
January 15. Moreover, all the items except
total time and savings deposits showed strength
relative to the same time last year.
Loans adj usted rose $304 million, primarily
as a result of the more than seasonal increases
of $223 million and $43 million, respectively,

in business loans and loans to nonbank financial institutions. Real estate loans were up $9
million, which is only about three-fomths of the
gain for tlle comparable period a year ago. Consumer instalment loans, however, outpaced the
year-earlier increase of less than $4 million by
advancing $8 million.
Total investments expanded $33 million in
the 9 weeks ended January 15; increases in
state and local government security holdings
and investments in "other bonds, corporate
stocks, and securities" more than offset the $21
million decline in U.S. Government security
holdings. In the comparable period a year ago,
total investments decreased $41 million.
On the liability side of ilie balance sheet, both
total demand deposits and total time and savings deposits rose. Spurred by a $219 million
increase in demand deposits of individuals,
partnerships, and corporations and a $56 million rise in interbank deposits, total demand
deposits expanded $256 million, or more than
seasonally. This contrasts wiili a $4 million decline in total demand deposits for the yearearlier period.
Total time and savings deposits rose $16 million, with deposits of states and political subdivisions advancing $81 million. However, time
and savings deposits of individuals, partnerships,
and corporations decreased $69 million. Negotiable time certificates of deposit issued in denominations of $100,000 or more declined
almost $2 million, as relatively high market
interest rates have made the CD offering rates
unattractive. The reduction in large CD's of
individuals, partnerships, and corporations
more than offset the increase of $65 million in
"oilier" large CD's.
Total registrations of new passenger automobiles for December in ilie metropolitan reporting
areas of Dallas, Fort Worth, Houston, and San
Antonio increased 12 percent from November.
Registrations in Dallas, Fort Worth, and Hous-

business review/ f ebruary 1969

11

ton were higher than in November, but those in
San Antonio decreased slightly. When December 1968 is compared with the same month in
1967, all four areas showed sizable gains. Data
for the year 1968 show that registrations for the
four centers combined were 21 percent ahead
of the previous year.
Department store sales in the Eleventh District rose sharply during Christmas week and,

for the 4 weeks ended December 28, were 11
percent above the comparable 1967 period . For
the year 1968, District department store sales
also were 11 percent higher than in 1967. A
year-to-year gain was posted by each of the
major metropolitan areas for which separate
data are available. Sales for the 4 weeks ended
January 18, 1969 - a period which includes
Christmas week - were 35 percent ahead of a
year earlier.

new
member
bank

new
par
bank

12

The ~ommunity. National Bank, Austin, Texas, a newly organized institution
located 10 the terntory served by the San Antonio Branch of the Federal Reserve Bank of Dallas, opened for business January 2, 1969, as a member of the
Federal Reserve System. The new member bank has capital of $200 000 surW.
plus of $200,?00, and undivided profits of $200,000. The officers a~'e:
Munson, ChaIrman of the Board; Monroe Bethke President· W Gene Pitzer
Vice President and Cashier; and Sidney W. Kub~la, Assista~t Cashier.
'

The ~uckholts ~tate Bank, Buckholts, Texas, an insured nonmember bank
located III the terrttory served by the Head Office of the Federal Reserve Bank
of Dallas, was added. to the Par List on January 1, 1969. The officers are:
Ver~on Du~gan, Presldent; Leo L. Fuchs, Vice President; and Mrs. Jewel B.
BurtIS, Cashler.

i.

STATISTICAL SUPPLEMENT
to the

BUSINESS REVIEW

February 1969

FEDERAL RESERVE BANK
OF DALLAS

CONDITION STATISTICS OF WEEKLY REPORTING
COMMERCIAL BANKS

RESERVE POSITIONS OF MEMBER BANKS

Eleventh Federal Reserve District

(Averages of dail y fl gures . In thousands of do llo rs )

Eleventh Fe d e ral Rese rve District

(In thousands of dolla rs )

Item

4 weeks ende d
Jan. I, 1969

4 week, ende d
Dec. 4, 1968

4 weeks . nd ed
Jan. 3, 1968

75 3,327
695,595
57,732
7·74,782
-2 1,455
13,571
-35,026

Ite m

Jan. 31,
1968

Dec. 25,
1968

Jan. 29,
1969

7 44,220
691 ,979
52,241
742,120
2,100
13,429
- 11,329

700,387
648,625
51,762
693,379
7,008
3,678
3,330

757,656
575,353
182,303
7 31,1 41
26,515
6,475
20,040

747,582
571,046
176,53 6
7 17,895
29,687
5,557
24,130

683,094
518,925
164,1 69
650,078
33,016
1,308
31 ,708

1,510,9 83
1,270,948
2 40,035
1,505,92 3
5,060
20,046
- 14,986

1,491 ,802
1,263,025
228,777
1,460,015
31,787
18,986
12,801

1,383,481
1,167,550
21 5,931
1,343,457
40,024
4,986
35,038

RESERVE CITY BANKS
Total rese rv es held ... . . . .•....

With f e deral Reserve 8ank . • ..

ASSETS

Curren cy and coin ...... . • . ..
Requir ed rese rves .... ..• ..•.. .
Excess rese rves . ... .. . . . . . . . . .
Borrowing s. .. . . . . .... ..•.. . ..
Free rese rves •.......... .•. ...

Ne t loans and discounts ...... . ........ . .... .. .
Valuation roserves .. .... .... . . . ... . .. .. ..... .
Gross loans and discounts . .... . .......... .. .• .

6,192,727
1l9,4 04
6312,131

6,21 4,927
108,915
6,323,842

5,370,301
107,562
5,477,863

Comm ercial and Indust rial loan s• . .... . • .. •• ..
Agricultu ral loon s, oxcluding
certiflcotes of interest .. • . • ... • ... ..• .... •

3,026,870

2,944,769

2,667,946

97,646

97,057

96,907

1,00 1
137,1 53

1,001
138,226

8,034
47,169

387
387,685

326
374,227

949
327,275

cee

loon s to brokers and deal ers for
pu rcha sing or carryingl

U.S . Govern ment se cu rities . . . . . . .... ... . . .
Othe r securiti es • . . ....... .. ..... . . . . ... .
Other loans for purcha sing or carrying:

U.S. Governme nt securiti es . . .. • . ......... .
Othe r securiti es . .. .. . . . .. .. . . . .. . ..... . .
Loan s to nonbank flnanclal Institution s:
Sal es flnanc e, p ersonal flnonce, factors,
and other business cre dit compani es . •••. ..

Other ••••• • •• •· •• • · •• • ••·••·•• •• · • ••• •

Real estate loans• •. ..•. • ..... •. .••.. •. .. .•
Loons to domestic comm ercial bonks.••• •. .•...
Loans to foreign bonks •... •• . ... . •• .. •• .. ..
Consumer Instalm ent loans .••. • .. . .. . •.•• •• ..
Loans to forei gn gove rnm ents, official
institutions, central ban ks, international
institutions•.•.• •• •.• ·· · · • •·· •• ·•·· • · • ·· •

Othe r loans . ......... . ..... . ..... . ...... .

Totallnvestm. nts . .. ..... .. ••• • .. •• .. •• • .. •• •
Total U .S. Governm ent se curities . • • • .•... • . . ..

Trea sury bills . . . ..... ••• ...... . .. . ..... .
Trea sury certificates of ind ebtedness ...••• . •
Treo sury notes and U.S. Government
bond s maturing l

Within 1 ye ar ......... . ............ ..
1 year to

5

y ears ••.•• .. •. ••. •. • ..• • .•

After 5 years ..... .. . . . . .. .. .... . . ... .
Obligations of state s and political subdivi slonsl
Tax wa rrants and short-te rm notes and bill s • •

All oth. r ...... •· .... • .... · .... • .... · · ..
Oth er bond s, corporate stocks, and securities:
Participation certificates in Fe deral
ag ency loans .. . ..•.. . . • •• ..• . ..... .. .

140,381
356,498
608,510
252,856
6.770
636,825

o

172,509
353,404
606,546
327,464
5,073
631,812

o

COUNTRY 8AN KS
Total reserves held .•.... . . .• ..
W ith Fed eral Rese rvo Ban k •. ..
Currency and coin . .. •.• • • . ..
Required reserves • • • . . . . . . . . . .
Excess rese rves . ••..• .•• ......
Borrowin gs ....•.•.... . • .. .. ..
Free reserves . ... • . • .... . .....

All MEM8ER BANKS
Total rese rves held • ... ..... . .•

With f ederol Reserve 8ank •. . .
177,226
275,466
509,319
190,692
4,631
547,436

Currency and coin ...•..... . .
Require d rese rves • . . . . . . .. • ...
Excess reserves ... • . . ... •. • . . .
Borrowing s. . .. .. ............•
Free rese rves •.•. . . . • .. . . ... . .

o

659,549

671,428

624,813

2,754,366

2,718,957

2,513,779

1,162,708
102,737

1,125,695
61,577

1,194,436
114,645

o

o

CONDITION OF THE FEDERAL RESERVE BANK OF DAllAS

o

228,588
588,694
242,689

178,280
619,231
266,607

194,367
673 ,201
212,223

36,060
1,327,528

35,392
1,322,588

4,468
1,098,083

(In thousand. of dolla rs )

145,597
82,473
985,590
751,985
88,130
488,644
6,422
361 ,676

154,60 1
80,681
1,202,180
758,427
87,728
529,803
5,222
360,528

140,509
76,283
881,698
687,097
77,193
461,673
4,368
368,541

TOTAL ASSETS . . . ... . .. .. ............ . . 11,629,540

11,877,772

Total gold certiflcat o rese rves
Discounts for me mb er bank s •••• • ••....• •. .
Other di scounts and advanc~; : : : : : : : : : : : : : :
U.S. Governm ent securities
Total earning a sse ts . ....... : : : : : : : : : : : : : : : :
M emb er bank rese rve de posits ...•.• .. .. .. . .
Fed eral Rese rve notes in actual ci rculation .....

10,364,650

All oth. r (including corporate stock, ) • •. . • •..
Ca sh ite ms in process of coll ection . • .••.. • .•. • ..
Rese rv es with Fed eral Rese rve Bonk •. •• .. •. ..•••
Curr ency and coin • ••...•. • •• . •..• • .. .• .. • • • .

Balanc.s with banks in the United States•• ••••••.
Balances with banks in forei gn countrie s••••... •• .
Other a ss ets•• • . • • • ... •. .• . .. • .• •• ..... . . •• .

Jan. 29,
1969

Item

Dec. 25,
1968

Jan. 31,
1968

222,365
92,150

374,009
10,000

380,978
41,036

2,22 6,899
2,319,049
1,260,054
1,524,903

2,195,649
2,205,649
1,266,442
1,566,282

2,009,600
2,050,636
1,148,634
1,389,203

o

o

o

CONDITION STATISTICS OF ALL MEMBER BANKS

Eleventh Fed e ral Re se rve Dislrict

~

(In millions of dolla rs )

Total d.posits ... ... ...... · · .. .. ...... · .. •· ·

9,555,381

10,081,485

Total d. mand deposits • • • • . ..• • . • ••• •••. .••

5,673,150
3,905,127
360,198
163,460
1,135,167

6,140,874
4,188,096
308,614
250,052
1,276,942

5,392,374
3,61 5,349
350,475
216,562
1,103,961

9,563
22,284
77,351
3,882,231

6,391
26,336
84,443
3,940,611

3,501
20,938
81,588
3,478,909

1,009,358
2,116,820
710,140
11 ,983
26,730

1,053,031
2,168,048
677,466
8,632
26,134

1,085,503
1,769,550
592,775
10,407
17,174

~

8,871,283

Individual s, partn erships, and corporation s....
States and political subdivi sion s •••. •. .. • .••
U.S. Gove rnm ent ... • ... • ..•..... •.•• •...

Banks in the United States ..... .... ....... .
foreign:

Governm ents, offlciol institutions, centrol
banks, int ernational in stitution s •• . ......
Comm ercial bonks. • . . . , . . ... ....• •••..
C ertifi ed and officers' ch ecks, etc . . .. ..... . .

Total tim e and saving s d eposits • • .••• .•.. . . . .
Individuals, partn ership s, and corporation s:

Savings de posit . .. . ..... .... ... .. .. . . .
Othe r tim o d e posits• •..... .•. . .. ... •• ..
States and political subdivisions • .....••.•..
U.S. Governm ent (including posta l savin g s) • ..

8anks in the United States .... .. ....... . .. .
Foreign:
Governm ents, ofRcial in stitutions, central
banks, int erna tional institutions ••.•.•. . .
Comm ercial ba nks .•.. • . • .. . . •• .. . .•.. .
Bills pa y abl e, re discounts, and oth er
liabiliti es for borrow ed money . •... ..........

Other liabilities .. •• ..• • • . .••••••.• • •.• • .•. • •

Dec. 31,
1968

Nov. 27,
1968

Dec. 27,
1967

10,91 2
2,60 1
3,118
1,22 9
272
1,599
9
1,606
697

10,556
2,466
2,992
1,293
242
1,290
8
1,241
479

9,518
2,549
2,662
1,159
243
1,25 5
6
1,208
475

22,043

20,567

19,075

1,947
9,837
7,597

1,550
8,860
7,532

1,560
8,666
6,583

C~~itl~II:~c~~~t;e .. ...... .... . .....
" " " " " " '"

19,381
7 22
329
1,611

17,942
623
369
1,633

16,809
386
336
1,544

TOTAL lIA81LITIES AND CAPITAL
ACCOUNTSe . . . . . •. •••••••.. ..• • • •

22,043

20,567

&?J.

Itom
ASSETS
Loan s and dis counts • •. .• .. .
U.S. Governm ent obligations . ...• . . . ....•
Oth er securiti es
.... •. •.. ... .•
Reser~es w ith F~ d ~ ;a·I·R ~s~·r~~ 'Sdn'k' . • . . . . .
Ca sh 10 vault
• •• •. ..•
Balanc es with' b~~k; i~ ;h ~ 'u'n'ite'd'
a
Balan~es w ith bonks In forei gn count . e~ •• •
Ca sh Ite ms in pro cess of coll eetio
rl es .. . .
Other a ssetso • . • . . . . .
n . •• ... .. .

S .... ....
f

... ... .. . ... . . . . ..
. . .. ..

TOTAL ASSETse . . . ........ . ...
lIA81L1TIES AND CAPITAL ACCOUNTS
Demond deposits of banks
Oth er d emand d eposits

7,000
200
923,819
209,094

7,000
300
613,392
249,074

2,800
700
397,516
202,998

941,246

933,821
11,877,772

Total de posits ........ .... ..
Totai

10,364,650
0

2

........ .

e.... .... .... ... .... ... .

~h°;'i-n~s·i·i: •

892.853

TOTAL llA81l1TIES AND CAPITAL ACCOUNTS 11,629,540

CAPITAL ACCOUNTS .... .... ... .. ..... . ... ..

•....• • .. .. . ...

Time de po sit s• •. .•.. . .'::: : : : : : : : : : : : : : :

Estimoted .

-

BANK DEBITS, END-OF-MONTH DEPOSITS, AND DEPOSIT TURNOVER
(Dollar amounts in thousands, seasonally adlu sted)

====================================================================
DEBITS TO DEMAND DEPOSIT ACCOUNTS'
DEMAND DEPOSITS'
P e rc ~mt change

-

1968
(Annual-rate
basis)

Standard metropolitan

statistical area

ARIZONA, Tucson •••.•..••.•• •. . .•. . .• •• ..••• • • • ••• •
LOUISIANA, Monro e •••• . ..•...• ..• •••••..•• . •• •• •••
Shreve port .• •• .•.... • •.• • •••••••••.•••••
NEW MEX ICO , Ro. well ' • •• •.••.••.•••.••...•••• • ... •
TEXAS, Abilene ••••. . •.•..• • .. •• .. •• ..•• • ...• •. .••..
Amarillo .• • • . .••. • • .. . ••..• •.. •• ..•••••••.••
Austin . ....•. .. . .•.. .. .. .•.• . •.. . ...•.......

Annual rate
of turnover

Docember 1968 from

Dece mber

November
1968

Dec emb er

1967

12 months,
1968 from
1967

Wichila Falls ••• •.•••••• • ..••• •• •••• ••• ••••••

4,8BO,760
2,316,936
6,737,448
77 1,156
1,882,980
4,837,200
8,492,112
6,170,028
1,804,404
4,714,812
408,576
99,809,844
6,245,796
20,179,704
2,339,868
83,825,640
846,912
3,693,192
1,573,608
2,036,148
1,423,296
1,139,088
15,195,192
978,204
1,633,500
2,0 16,504
2,643,744
2,310,168

11
10
8
-2
0
4
15
1
6
3
9
9
10
-3
0
10
0
3
15
4
3
-2
8
7
1
6
-2

16
10
23
17
12
7
51
11
13
11
23
29
29
18
5
13
41
15
14
16
15
16
15
18
23
19
13
9

$ 290,906,820

5

20

Bea umont- Port Arthur-Orange .•••. .. . . ...• . ....
Brownsville-Harlingen-Sen Benito •• •..•••• • • •.. ••

Corpus Chrl.ti ••• • .• •••• ••••••..••.•••.••••• • •
Corsicana ~ ...................... .. ..........

Dallas .. . ...... . .. . .. .... ....... ... .. . . . ....
EI Paso •. •••.•••••••••••••••••••••••••••••.•
Fort Worth ................... . ...... . .......
Galveston-Texas City ....•.. . .... . . . ••.. . .••..
Houston • .•• ••••••••••••••••••••••••••..••••
Lare do ...•...•.......................... . ..

Lubbock •• • •.•.•••••••••••••••••••••••••••••
McAli en-Pharr-Edlnburg ........... .............
Mid land •.••.. • ••.•• . ..••.••.•••••.• • ••.. • ••
Od essa ... .. .................... . .... . ......

~~~ ~~~o~li~·. : : : : : : : : :: : : : : : : : : : : : : : : : : : : : : : :

Sherman·D enison ..

I

•

•

I

••

•

•••••••••••••

•

I

•

•

•••

Texarkana (Texa s-Arkansas) • • ••.•• • ••• • • • •• , •••
Tyler • ••.• • •••••. • ••. .• ••••••• •. •••••• • • •• ••
Waco . •.

--

I

•

•

•

•••••••••••

•••

••••

~ Deposit s

of indi v iduals, partnerships,
COunty ba si s.
r _ Revi sed.

•

••••••

•

•••••

5
5
9

November

Dece mber

1968

1968

1967

$ 202,483
B6,571
239,839
36,627
104,439
153,215
284,729
243,4 14
69,496
212,320
29,510
2,217,770
230,438
612,691
108,235
2,381,126
37,697
149,663
92,714
127.096
69,280
66.433
613,521
57.789
68 .681
98.830
115,617
114,559

16

$

December

1968

2
14
36
4
13
11
10
20
9
18
12
14
17
5
11
7
7
12
16
11
14
12
11
7

Total_28 centers •••••.•••••..••.••••• • ••••••••• ••••

December 31 f

23.9
27.1
26.8
21.8
18.3
31.9
31.9
25.9
25.4
23.0
13.9
46.4
27.7
33 .7
21.9
35.7
22.3
24.0
17.3
15.9
20.5
17.4
25.3
16.9
23.5
21.1
23 .2
19.9

23.7
24 .8
24.6
20.7r
18.8
32.5
30.6r
23.5
24.6
22.4
13.7
44.9
26.5
31.3
22 .3
36.1
20.2
23.2
17.4
13.7
20.9
17.2
26.2
15.9
21.7
21.6
22.5
20.0

25.0
27.2
23.6
18.6
17.6
32.9
26.4
25.3
21.4
21.4
11.7
42.2
23.5
31.3
22.2
34.6
17.7
21.4
14.8
14.2
20.1
15.8
24.3
15.7
21.3
19.4
20.8
19.0

33.5

32.8r

31.1

---$ 8,824,783

and corporation s and of stat es and political subdivi sions.

ANNUAL BANK DEBITS AND ANNUAL RATE
OF TURNOVER OF DEMAND DEPOSITS
GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS

(Dollar amounls in thousands)

Eleventh Federal Reserve District

Domand depositsl

(Averages of daliy figures . In millions of dollars)

==

Debits to de mand d e posit accounts t

Standard
GROSS DEMAND DEPOSITS

~ate

Total

city banks

Country
banks

1966, December
1967, December::
1968, July .......
August. •••
Soptember.
October •••

9,098
9,841
9,742
9,732
10,066
10,20 1
10,365
10,682

4,202
4,589
4,554
4,523
4,722
4,751
4,776
5,007

4,896
5,252
5,188
5,209
5,344
5,450
5,589
5,675

Reservo

--

Novemb er.•
December .•

TIME DEPOSITS

,

Total

city banks

Country
banks

5,781
6,571
7,059
7,208
7,255
7,394
7,498
7,598

2,575
2,762
2,921
3,049
3,058
3,116
3,145
3,185

3,206
3,809
4,138
4,159
4,197
4,278
4,353
4,413

Reserve

metropolitan
sta ti stical area

1968

Tucson •• . •..•••

I

•

•

•

•

$

LOUISIANA
Monro e •..• . .•. , ....

Shreveport • ••.••...•
NEW MEXICO
Roswell ' ..... .......
TEXAS
Abilene ....... .. . . ..
Amarillo . . •••• •• .• • •
Austin . ... •. " .... , ,
Beaumont· Port Arthur .•
Brownsvill e·Harling en.

San Benito ........
Corpus Chri.ti • ••.• •••

DAILY AVERAGE PRODUCTION OF CRUDE OIL

Corsicana 2 , • ••• •• •••

~~~=======================================

Dalla ••••..• ••. .••. •
EI Pa so • ••••••••••••
Fori Warth ......... .
Galveston-Texa s City ..

---

Lubbock ••••• • • • •• . •
McAll en-PharrEdinburg ..... .....
Midland • ••• ••• . ••••
Od essa •• • •. . . • •..••
San Ang elo ••• •..•. •

(In thousands of barrols)
Percent chang e from

Dec ember
Area

ELEVENTH
Texas DiSTRiCT •• • ••• ••
G .............. .. ..
Wulf Coa.t • ..•••..••..
E est Texas .... • ......

past Te xa . {p roper )••.••
Ranhand lo •.•.• • ••.• • .
S e.t of State • • •• • • ••••

o

Nouthea stern N ew M exico •.
Orthern Louisiana ........

lJ UTSIDE ELEVENTH DISTRICT

~TATES ........ ....

foURCES,

Nov ember

December

November

December

1968p

1968p

1967

1968

1967

3,448.3
2,986.6
590.9
1,402.0
137.4
87.0
769.3
325.6
136.1
5,520.2
8,968.5

3,481.3
3,019.3
605.3
1,407.0
141.4
85.1
780.5
323 .0
138.9
5,528 .2
9,009.5

3,501.8
3,047.2
667.2
1,416.7
138.7
94.7
729.9
310.8
143.8
5,407.7
8,909.5

-1.0
- 1.1
- 2.4
-.4
-2.8
2.2
-1.4
.8
-2.0
-.2
- .5

-1.5
-2.0
- 11.4
-1.0
- .9
-8.1
5.4
4.8
-5.4
2.1
.7

Pre liminary.

American Petroleum In stit ut e.
U.S. Bureau of Mines .
Federal Ro.erve Bank of Dallas.

1967

ARIZONA

Houston ... • , ..• .• ..
La redo .•...•. , ....•

Son Antonio ...... . . .
Sh erman · Denlson .....
Tex arkana (Texa s.

Arkan<as) •. • ...••.
Tyler .... ... ... . . ...
Waco .•. . . ... .. , ...

Wichita Fall • •• • •. •••

Annual rate
of turnover

1968

1967

4,351,336

5

24.7

26.3

2,192,285
6,360,273

2,060,166
5,780,632

6
10

26.4
26.9

27.0
25.7

709,270

648,323

9

21.0

18.8

1,839,710
5,015,505
6,668,575
5,738,004

1,797,388
4,363,245
4,887,169
5,485,216

2
15
36
5

18.9
35.0
26.9
25.0

18.9
31.5
24.2
24.8

1,526,242
4,436,184
397.752
88,117,293
5,715,373
18,270,187
2,408,954
79,310,522
740,959
3,758,183

1,356,181
3,994,063
359,675
72,920,440r
5,22 1,061
15.417,552
2,139,179
68,661,825
62Q,614
3,569,199

13
11
11
21
9
19
13
16
18
5

21.1
22.5
14.1
44. 5
27.4
31.9
23.1
35.0
21.0
24.8

21.0
21.1
12.5
41.2r
25.8
29.6
22 .3
33.3
19.2
24.4

1,460,432
1,761,650
1,333,737
1,046,267
14,472,312
923,457

1,316,852
1,631,62 1
1,234,455
928,546
12,340,852
829,707

11
8
8
13
17
11

17.0
13.6
20.0
16.4
24.9
16.5

16.3
13.4
19.3
16.0
23.5
15.9

1,462,181
1,857,358
2,479,2 12
2,180,911

1,271,783
1,648,948
2,2 11 ,074
2,015,898

15
13
12
8

22.4
20.8
21.4
19.0

21.5
19.6
20.0
18.1

16

32.4

4,587,860

Total - 28 cent ors ••••.. $266,770,648
1

Percent
Increase

$

$229,072,OOOr

Unadlusted de posits of individuals, partnerships, and corporations and

31.0r
of states

and political subdivi sions.
2 County basis .

r - Rovised.

3

VALUE OF CONSTRUCTION CONTRACTS

INDUSTRIAL PRODUCTION
(Seasona ll y adiustod indoxes, 1957-59

= 100)

December

October
1968

November

1968p

1968

Area and type of Index

(In millio", of dollars )
D ecember

January-December

1967r

December

November

1968

1968

Octob .r
1968

1968

648
180
260
208
4,542
1,742
1,849
951

507
224
179
103
4,863
2,043
1,992
828

501
225
179
98
6,17 1
2,408
2,370
1,393

6,688
2,677
2,095
1,916
61.732
24,838
22,513
14,382

Area and typ e

TEXAS
Total industrial production ......
Manufacturing .................

Durable .. .. .. .. ........ . ....
Nondurab/o .......... ... .. ...
Mining ..... . . ............ ··· .

Utilities •........•••..• • ······ •
UN ITED STATES

169.2
194.3
206.6
186.1
121. 1
231.1

169.3
193.0
206.6
183.9
123 .5
231.1

168.8
192.5
209.8
181.0
122.3
232.5

160.2
181.1
194.5
172.2
120. 1
211.6

168.9
170.1
172.6
167 .0
127.1
212.5

167.4
168.7
17 1.4
165.3
126.5
210.0

165.7
167.4
169.3
165.0
120.7
208.4

162.1
164.1
168.1
159.0
122 .8
192.6

Total industrial production .•....
Manufacturing ... .. ... . ..... .. .

Durable .... . . . . .... . . .. .....
Nondurable .... . . . . .. . .......
Mining .. .... . . . ..••.. . .. . ....

Utilities . ... . ..................

FIVE SOUTHWESTERN
STATES' ................
Residentia l build ing . • . ..•.
Nonresi dential building .. . .
Nonbuilding construction .. .

UNITED STATES ........... .
Resid entia l building .......
Nonresi d ontial building ... .
Nonbuildlng construction ...

1967
5,788r
2,3 32 r
1,998
1,458
54,5 14r
21.155r
20,139
13,220

1 Arizona, Loui siana , New M ex ico , Oklahoma, and Texas .
r Revised.
NOTE . De tail s may no t odd to tol a ls becau se of rounding.

SOURCE , F. W. Dodge, McG raw·Hi ll, Inc.
p r -

Proliminary.
Revise d.

SOURCES , Board of Governors of the Federal Reserve System.
Federa l Re se rve Bank of Dallas.

BUILDING PERMITS
VALUATION (Doll or omounts in th ousands)

-

Percent chango

Dec. 1968

NUMBER
Dec.
Area

ARIZONA
Tucson .. .... ..
LOU ISIANA

NONAGRICULTURAL EMPLOYMENT

Percent change

Numbor of persons

Manufacturing ........ . ..
Nonmanufacturing ..... ...

Mining .. . .... ..... .. .
Construction .• • ... • .. ..

Dec. 1968 from

Novomber

Decomber

Finance • .• .•. . •••• ....

Service ........ ... ....
Government ... .... ....

1968p

1968

1967r

12 months,
1968 from
1967

Dec.

116

18

815
4,778

859
3,082

21,772
27,706

-74
6

-58
-23

14
- 17

27
130
270
70
59
262
1,554
359
386
45
2,087
35
74
110
33
46
44
780
26
148
64

514
1,42 1
4,609
1,736
1,166
4,663
21,187
5,324
6,311
918
26, 11 7
423
1,362
906
734
954
735
13,353
442
2,953
819

208
1,685
6.628
789
165
3,328
30,864
3,84 1
5,623
748
25,969
528
7,910
1,447
769
574
1,91 2
4,198
240
1,385
886

7 ,864
20,142
131,869
16,786
5,534
49,480
301.172
67,665
94,534
21,221
406,273
3,207
42,932
12,226
7,862
5,882
10,012
112,970
13,066
16,91 9
11,032

- 16
85
-71
-58
-82
51
29
-2 1
-56
-37
-32
129
36
399
- 18
290
710
-5
307
49
70

-82
21
-25
-20
11
125
39
-15
-3
22
11
74
456
123
194
137
296
-41
71
198
18

-23
-2
0
-3
73
49
5
15
3
93
_ 1
-24
41
-9
28
1
1
-2
217
3
_43

Total-24 cities •. 7,342

108,244

-19

19

$

TEXAS
Abilene ... . ...
Amarillo ..• . ..

1968

1967

Beaumont .....

5,880,100
1,075,000
4,805,100
222 ,1 00
376,200

1.0
- .1
1.2
.2
- .5

4.1
4.3
4. 1
6.1
3.2

455,800
1,431,300
291,600
932,000
1,266,400

447,600
1,378,700
290,900
932,500
1,265,400

435,000
1,389.900
280,900
882,200
1,218,800

1.8
3.8
.2
- .1
.1

4.8
3.0
3.8
5.6
4.9

Arizona , Loui siana, New Moxlco, Oklahoma, and Texas.
p Plelimi na ry.
r Revised.

4

1967

32

Austin ........

6,062,600
1,1 22,200
4.940,400
235,200
390,100

SOURCE, State emplo yme nt ogencles .

Nov.
1968

32,504

Dec .

6,121,800
1,120,800
5,00 1,000
235,700
388,200

1

36
302

1968

12 mos .
1968

2,784 $

Nov.

Tran sportation and

public utilities . .......
Trad e . ..• . •..••.• .. ..

6,004

Monroe .••..
Shreveport ••..

December

Type of employment

395

Dec.

Monroe-West

Five Southwestern Stotes'

Total nonagricultural
wage and salary workers . .

1968

from

12 mos.
1968

Brownsville ....

Corpus Christl ..
Dallas •. • .....
EI Poso • ... . ..
Fort Worth ....
Galveston .....
Houston .••...

laredo . . '" . .
Lubbock . .. • ..
Midland • .. •••
Od essa . . .... .

Port Arthur • ..•
San Angelo ...
San Antonio .. .
Texarkana ....
Waco . .... ...

Wichita Falls •.

------$ 106,422 $1,440,630

---