The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MONGJrHL'lC
REVIEW
FED ERA L
RES E R V E
BANK
o
F
DALLAS
DALLAS,TEXAS
Vol. 38, No.1
January 1, 1953
HIGH LIGHTS OF 1952
Percentage Change from 1951
-10
-5
o
~--~~---,~--~----~----~
•
Department Store Sales
• Bank Debits
(24 Cities)
• Manufacturing Employment
• Cmde Petroleum Production
• New Wells Drilled
•
Construction Contracts Awarded
•
Residential Contracts Awarded
•
N onres idential Contracts Awarded
• Cash Receipts from Farm Marketings
• Crop Production
• Livestock and Livestock Products
• Member Bank Deposits
• Member Bank Loans
(December 31)
(December 31)
• Member Bank Resources
(December 31)
• Eleventh Federal Reserve District
• Texas (Eleventh District figures not available)
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
MONTHLY BUSINESS REVIEW
HIGH-LEVEL PROSPERITY IN TH E SOUTHWEST
At the end of one year and the beginning of another, it is
probably natural and desirable to review the economic
events of the past 12 months and to attempt to look a bit into
the future to determine, if possible, what the new year may
hold in store, economically speaking. The record for 1952 in
the Southwest, as well as in the Nation , is very favorable ; in
fa ct, new high levels of activity were attained in several of
the major economic areas. Potential inflationary forces were
held reasonably well in check, and a relatively high degrcc of
stability prevajled. The principal disrupting inAuences during the year were associated with strikes in such major industrics as oil and steel and with the severe drought that affected
the agriculture of the Eleventh Federal Reserve District, as
well as other sections of the country.
Several strong forces contributed significantly to the high
level of economic activity in the Nation during 1952. Fcderal
Government expenditures for national sccurity rose on an
annual-rate basis from about $44,000,000,000 in the fourth
quarter of 1951 to slightly more than $50,000,000,000 in the
last quarter of 1952. Expenditures for new plant and equipment in 1952 were about $27,500,000,000, as compared with
about $26,300,000,000 in 1951. Total new construction, including residential, other private construction, and Federal,
state, and local projects, averaged about $110,000,000 higher
per month during 1952 than in 1951. This resulted in a total
volume of new construction in excess of 32,000,000,000 for
the year. ReAecting full production and full employment at
rising wage rates, personal income rose to approximately
$265,000,000,000, or over $10,000,000,000 more than in thc
preceding year. Despite high income taxes an d su hstantia I
net savings, personal consumption cxpenditures during 1952
ran consistently abovc those of the preceding year. In the
fourth quarter of 1952, such expenditures were about 8218,000,000,000 on an annual-rate basis, or about $8,000,000,000
larger than in the comparable period in 1951.
Operating within this favorable and stimulative national
economic atmosphere and, in addition, reAecting growth factors that are inherent in the resources and economic potentialities of the region, the southwestern arca co ntinued to
expand and diversify its economi c activity during the year
just closed. Important sources of income to the area, such
as petrolewn, mannfacturing, construction, and trade and
services, rose above 1951 levels. Only agriculture, severely
aITected hy the long drought in large parts of the Districtand especially in Texas-failed to show a favorablc comparison with the results of the preceding year. The decline in
agricultural income, however, does not appear to have been
so large as to have offset the gains from other income sources.
Consequently, preliminary estimates of total income payments point toward an increase over 1951 of more than 5 percent in Texas and a somewhat larger gain in the fivc states
lying wholly or partly in the Eleventh Federal Reserve
District.
DAILY AVERAGE CRUDE OIL PRODUCT ION
ELEVENTH FEDERAL RESERVE OISTRICT
MILLION S 0' IARIIICU OAI
4
". 0
LUGI'" 01" IAJUt[l' DAILV
3 .3
3 .0
V1
I
--' "
''II!
2 .5
.0
SOURCE , U.S.llu , ••
M
J
r
'--"- -----,
~ '901
.". '
A
"
4 .0
J
3.3
..,.;..
I
-'
.. ' _
I --.
....... -
\1l~:r
I
M
-
3.0
2.3
2.0
A
S
0
N
w" Mlftu .
One of the major sources of income in tbe Eleventh District is the production, refining, and related activities in the
petroleum industry. During 1952, crude oil production set a
ncw rccord about 2 percent above the 1951 total. The increase in production of crude was held to a very small
amount- the smallest since 1946, with the exception of the
recession year of 1949- by a combination of factors. In the
first place, production during 1951 had been very high- up
26 percent, partly in response to the shutdown of the Iranian
oil fields. Secondly, in ]951, relativcly mild weather which
reduced the demand for fuel oil, some decline in exports, and
relative business stability tended to moderate the rising trend.
Finally, the oil strike in the second quarter of the year
sharply curtailed production during May and restricted production during the following 3 months.
~
,.
Refinery activity in the District has kept race with the increased tempo of crude production. Except during the months
or th e oil strike, refin ing compared favorably in volume with
the corresponding months of 1951. As a result, crude runs
to refinery stills in the District were about 2 percent higher
in 1952 than in the preceding year. As refinery activity recovered sharply followin g the oil strike, stocks of major refined
products were gradually built up and at the end of the year
were moderately abovc thc year-end totals of 1951.
The ~~aTch for npw sou rces of petrolewn in the Eleventh
Federal Reserve District was active in 1952, restricted prilIlarily by the shortage of oil field tubular goods that was a
consequence of the steel strike in midsummer. During the
first 7 months of the year, new well completions were substantially larger than in comparable months in 1951, reBecting an increase or about 12.5 percent. In the remaining
mo nths of 1952, completions ran under 1951 figures, although
4
3
MONTHLY BUSINESS REVIEW
TOTAL WELL COMPLETIONS
ELEVENTH FEDERAL RESERVE OISTRICT
HUMerI! OF WELLS
NUMB ill Of" WE LLS
2,50 0
2,500
t,Oo 0
2 ,DOD
~ljJ~c-r/;"'i\11-------T "'"
,
1,50 0 \- ,
,'I
........ '
I
¥.
\\,t.-19~1
I' I
I,500
~
I
1952
1,00 0
1,000
50 0
.00
F
SOUIICE '
Wgrl~
..
A
A
lit
SON
0
0 11.
a gradual recovery occurred from the year's low reached in
August. Preliminary estimates indicate that total completions
in the District in 1952 were almost 20,000, or about 3 percent above the 1951 total.
The process of expanding industrial activity in the District
and increasing the diversification of the southwestern
economy was extended further during 1952_ Unfortunately,
neither a regional index of industrial activity nor neatly
packaged figures totaling industrial output and plant equipment expenditures are available_ Data that are available,
however, clearly indicate that manufacturing and industrial
activi ty have continued to grow in importance as sources of
income to the area_
One of the useful general measures of industrial activity is
the number of workers employed in manufacturing. Each of
the five states lying wholly or partly in the Eleventh District
showed appreciable increases in manufacturing employment
during the past 12 months, as the total rose from 683,700 in
December 1951 to about 732,200 in December 1952, an in-
crease of about 7 percent. Between these two dates, Louisiana
added about 18,700 manufacturing workers, or 12 percent,
to its employment; Texas, 15,800, or 4 percent ; Oklahoma,
6,600, or 8 percent; Arizona, 5,200, or 20 percent; and New
Mexico, 2,200, or 15 percent.
Inasmuch as a very substantial part of the industrial and
manufacturing activity in southwestern states other than
Texas li es outside of the limits of the Eleventh Federal
Reserve District and since figures are not available for parts
of states, the picture for the District is perhaps best reflected
by the number of manufacturing workers employed in Texas.
This total, except for temporary and short seasonal periods,
rose steadily during the past 2 years. Average employment in
manufacturing in Texas throughout 1952 was about 5 percent above the midmonth averages for 1951. Moreover, employment in manufacturing in Texas each month during 1952
substantially exceeded the figure reported for the comparable
month in the preceding year.
Very large expenditures in the District for new plants and
for modernization of equipment not only have lncreased
potential industrial output but may be assumed to have increased productivity per man-hour as newer machines and
methods are being drawn into production . This development,
associated with the larger number of workers employed in
manufacturing, clearly indicates a gain in manufacturing
output in excess of the increase in the number of workers.
NONAGRICULTURAL
WAGE AND SALARY WORKERS-TEXAS
WILLJOHS OF PeRS
LLIOHS
3.
"'0 01'" '[!':SONS
2.
•
.'
2.5
1'152
I
2.
'"
3.0
,
I
1
01-_--- ..)-- ----- ~i -
I
1
I
I· I
~ __ •
_--------- --
2.0
195[
MANUFACTURING EMPLOYMENT IN TEXAS
I .5
M
THOUSANOS OF PCIISONS
M
I
A
o
1
N
0
THOUSANDS OF P[IISQJrlS
.00
500
1952--..
0 '
40
A
I
.. , ... 1 ...
1
..,
1 __
_'---------~--
L-I -l -- l..--
""--1 951
400
While a general industrial growth has occurred in the District that has not been confined to onc or another indnstry,
the most significant developmellts have occurred in such
growth industries as the lighter meta Is and the chemicals and
industries associated with petroleum. As pointed out elsewhere in this Review, this District now accounts for about
16 percent of the Nation's capacity for the production of
aluminum, while Texas had received 19 percent of the certificates of necessity granted prior to mid-October for chemical expansion projects. Growing industrial activity also is
reAected in the increased electrical generaling capacity of the
area. During 1952, electric generating capacity in the region
MONTHLY BUSINESS REVIEW
increased 7.5 percent, while the increase in Texas is reported
to have been almost 6 percent.
DEPARTMENT STORE SALES
ElEVENTH FEDERAL RESERVE DISTRICT
Increased manufacturing and industrial activity, however,
has not been thc sole source of larger employment. Total non·
agricultural wage and salary workers in the five states in
the area rose about 4 percent during the year, an increase
approximately equal to that for Texas. A larger volume of
trade and service activity and of other nonmanufacturing
pursuits has been characteristic of the District.
1 40~-;'---~-+--~---+--l--I
130~-+--~--""""/-- ,,-----~-+--='-__i
The value of construction contracts awarded in the Dis·
trict, based on preliminary and i1lcomplete figures, probably
exceeded the total for 1951 by about 1 percent. Residential
c01lstruction-including contracts for homes, apartment
buildings, hotels, dormitories, and other types of shelterwas less than 2 percent under the 1951 total, whereas non·
residential awards- including all other types of construction
- were probably in the neigbborhood of 4 percent higher
VALUE OF CONSTRUCTION CONTRACTS AWARDED
ELEVENTH FEDERAL RESERVE DISTRICT
SOUACE. f . W 0040' CO'Pfl,llo• .
.
than the total reported in 1951. A year ago, total constr uction contracts awarded in the Eleventh District were about
$1,330,000,000, whereas for 1952 it seems that the total will
exceed 51,350,000,000.
In contrast with the trend for the Nation, department store
sales in the Eleventh District during 1952 ran ahead of com·
parable months in 1951 during most of the year. The result
was that the cumulative increase in department store sales
during 1952 in the Eleventh District was about 6 percent.
While these figures do not reflect necessarily the trend of reo
tail trade during the year, they do indicate, when considered
with other information, a somewhat higher level of consumer
spending during 1952.
Estimates of the Bureau of Business Research of The Uni·
versity of Texas through the r,rst 10 months of ]952 show a
cumulative increase in total retail sales of about 1 percent.
According to lhis sourc(" sllch major outlets for retail trad e
as food, apparel, and furniture and household applia1.lce
stores, department stores, filling stations, and eating and
drinkin g places showed appreciable cumulative increases over
the 10·month period in 1951. Declines in retail sales were notable primarily at automotive stores and at stores selling lumber, building materials, and hardware. The active volume of
DEPARTMENT STORE STOCKS
ElEVENTH FEDERAL RESERVE DIS TRICT
"
15 0
After a somewhat slow start early in the year, residential
construction gained strength and during the last half of 1952
ran substantially above year·earlier figures. Nonresidential
construction showed more consistent strength durin g 1952,
with the volume reported in most months running somewhat
above 1951 figures . The most significant increase in residential construction occurred in the number of one· family dwell·
ings built for sale or rent, willie the largest increases in non·
residential construction were in the utility and public works
categories. Substantial increases in street and highway con·
struction and in the construction of pipelines were particularly signiflcant. In addition, a number of large industrial
plants involving substantial expenditures contributed toward
maintaining the high-level construction totals.
-"g. 100
1 ~'r--~ J
l
" ~'-",
I
=
.::C _~ _ -, rlJ---.
h ''
194
RC[NT
PERCE
"
I 50
1
J 1 95 ,
14
o
til'l
o ~ e- ,'
I 40
...' . /
~
~
I 30
',
I
12 0
I I
10
10 0
I
•
A
M
A
o
I
N
20
I 10
I
0
00
MONTHLY BUSINESS REVIEW
retail trade reported 011 a random basis by merchants, together with the favorable holiday buying season, would seem
to indicate that 1952 as a whole will compare quite favorably
with the record of 1951.
5
ghum grain production in Texas also was substantially lower
during 1952 than a year earlier. These declines in production
were offset to some exten t, however, by a rice crop whlch
reached record proportions, a substantially larger wheat crop,
and a larger production of oats_
Bank debits-also an in dicator of the level of spendingwere about 9 percent higher in 1952 than in the preceding
year, according to reports received Irom banks in 24 cities
of the District.
AGRICULTURAL PRODUCTION - TEXAS
193!5-39-IOO
PERCENT
PE flC(NT
170
Whereas in 1951 the probl em of excessive inventories was
an important one during much of the year, that has not been
tht: case in 1952_ Inventories at department stores were
brou ght reasonably well in line by the latter part of 1951 and
have been maintained in a conservative relationship to sales
sin~e that time_ During the past few months a moderate increase in inventories has occurred as retailers have tended to
advance their commitments slightly_ On the whole, however,
orders and j nventory commitments are being held to a conservative basis_
In view of the serious and prolonged nature of the drought
that has afT ected large parts of the Eleven th District, the probable declines in total agricultural production and in cash
farm income are less marked than might have been expected_
On the other hand, it is also possible that damage reSulting
from the drou ght may have been more severe than the relatively moderate decline in figures would indicate_ Undoubtedly, ranges and pastures in large parts of the western half
of the District and in southern parts of the region have suffered much damage_ Heavy rains, favorable weather, and
perhaps in many cases pasture-rebuilding work will be necessary to restore the ranges to their former produetivity_
Likewise, large marketings of beef cattle have had adverse
efT ects upon basic herds, in many cases_
Agricultural data for the five states lying wholly or partly
ill the Eleventh District indicate total produciton at approximately the 1951 level, with a slight decline in the production
of crops being almost offset by a very small increase in the
production of livestock and livestock products_ This picture,
however, is not wholly representative of conditions in the
Eleventh Federal Reserve District, for in several instances
favorable production in states other than Texas is outside of
this District, e_g_ , a very large wheat crop in the part of Oklahoma that is in the Kansas City Federal Reserve District and
large rice and sugar cane crops in the part of Loui siana lying
in the Atlanta Federal Reserve District. Consequently, the
production and cash farm income pattern representative of
Texas perhaps more nearly approximates the distri ct situation_
It is estimatefl that the production of crops in Texas probably declined about 7 percent during 1952 as compared with
the preceding year, while the production of livestock and
1ivestock products rose about 1 percent. These estimates indicate a decline in all farm commodity production in the neighborhood of about 3.5 percent. From the standpoint of production, the most serious decline occurred in the case of cotton,
with the 1952 crop being estimated at about 3,750,000 bales,
as compared with 4,074,000 bales produced in 1951. Sor-
170
f
1601---
+--+-+--+-+---'-- +--+-/ \;---C.- 0-P5'---I 160
- --'-
150
/
!
'"0
L 1vESTOel':
1401----1'-+---1"'___..
--,
-.--f-+---1f-j
:_- ·i-I-~
I3Of--l-- f i
f
120f--l/110
100
\
I
I40
V I - -f"'--:--'-- \\ /: ~\.!./V\'----.--~.~ 'ZO
". .,/)-11-4S-,·~! ~ -Sp-130
110
.~
;
\-~ ---i
" 100
.
9~~.o",,&-~.k-,~.~._,&-~~.h.__..&_~__.&_~-~~)·iO
As ranges deteriorated due to the drought, ranchers moved
large lIumb ers of cattle to slaughter, to feed lots, and to better
graz ing lands in eastern parts of the District and in other
states_ Indicative in part of this heavier-than-usual movement
of cattle is the fact that during the first 10 months of 1952
approximately 17 percent more _cattle were slaughtered in
Texas than during the comparable 10-month period ill 1951.
Likewise, the increase in the number of calves moving to
slaughter during the same period was about 16 percent over
the comparable months in 1951, while the movement of sheep
and hogs was up 9 percent each. Figures covering the shipment of cattle from Texas to feed lots in the Midwest and to
better grazing lands in other areas are not compiled, but such
estimates and figures as are available on a scattered basis indicate an unusually heavy movement.
Average prices received by farm ers in Texas for farm products declined appreciably during 1952, with most of the decl ine, however, occurring in the latter half of the year. Beef
cattle prices, which had been under some pressure during the
last part of 1951, resumed their downward movement in the
late spring and early summer of 1952 and at the end of the
year were about 30 percent under figures of a year earlier.
This substantial decline, however, based upon average prices
for all beef cattle, was not typical of the price movement for
Prime and Choice grades, which showed a much more moderate reduct ion_ Feeder and stocker cattle and lower grades
of slaughter cattle suffered sharper declines_ Cotton prices
were relatively favorable during most of the harvest season
but then declined rather sharply in the fourth quarter and
late in December were at about the support leveL
Final results of cash farm income for Texas for the year
1952 will not be available for some months, but preliminary figures covering the first 10 months of the year seem to
MONTHLY BUSINESS REVIEW
6
PRICES RECEIVED BY FARMERS-TEXAS
1940-1 0 0
5~gr ' ----------.-----------.---------~'~[
'·~
~~OO
'1-- - - - - - - - - - . - - - - - - - - - - - 1 - - ----------1 200
1001--- -- - - - - - - - + - - - - - - - - - - +- - - - - - - - - --1 100
O'~--'1~9.,50-----4---.1~95~1-----4----,~97.52----~O
point to only a moderate decline for the year as a whole.
Reccipts from livestock marketings were not down as much
as might have been expected, in view of the substantial price
dcclinc that occurred. Larger marketings tended to offset
partly the effect of the price decline, in so far as cash receipts
were conccrncd. In addition, during 1952 an unusually large
proportion of thc cotton crop was marketed early and, con·
sequently, received the advantage of the somewhat higher
prices that prcvailed during July, August, and September.
Moreover, a largc carry·over of 1951 cotton was marketed
in the early months of 1952. Other factors tending to sup·
port cash r eceipts were the record rice crop at relatively high
prices and a wheat crop much larger than tl,e 1951 produc.
tion, also at favorable prices. The l'esult of these and other
developments points toward a possible decline in cash farm
income in Texas in the neighborhood of perhaps 5 per cent.
Banking developments at the District's member banks reo
flcctcd the high level of economic activity iliat prevailed duro
ing 1952. Preliminary cstimates of member bank resources
at the end of 1952 placc tl,e total at approximately $8,700,·
000,000, or somewhat more ilian 5 percent above the amount
reported a year earlier; total deposits are estimated to have
increased by about the same percentage and aggregated about
$8,150,000,000; loans and discounts rose to about $2,860,·
000,000, or an increase of more ilian 11 percent; and hold·
ings of Government securities, estimated to be about $2,500,
000,000, were up almost 6 perccnt. These estimated cbanges
represent somewhat larger increases in loans and discounts
and in holdings of Government securities but smallcr ga ins
in resources and deposits than occurred in 1951.
12 percent, than at country banks, which appear to have
recorded an i IIcrease of more than 9 percent in loan volume.
A similar situat ion -- although more pronounced -- apparently prevailed with respect to investments in Government
sccurities. Refl ecti ng these developments at least in part, total
deposits and total resources of r eserve city banks were probably about 6 percent higher at the end of 1952 than on the
comparable date in 1951, while the increases at country
banks in each case were approximately 4.5 percent.
The stronger effective demand for bank credit during 1952
was rellected in year-to-year increases on a monthly basis.
Moreover, as the year progressed, increases over the corresponding months of 1951 became greater. For instance, the
volume of loans outstanding in January 1952 was about 6
percent larger than the amount outstanding in ilie same month
in 1951. The spread grad ually incrcased and late in 1952
ranged from 11 to 13 percent abovc year· earlier figures . Seasonal movements, especially during ilie first half of the year,
were obscured somewhat by the over-all strength of loan demand . Declines of a seasonal nature in loans to dealers jn
agricultural commodities, retail and wholesale trade, and certain types of manufacturers were more than offset by nonseasonal increases to other borrowers. Consequently, seasonal
loan expansion in the thiJ'd and fourth quarters of the year
was superimposed upon an already large loan volume.
Total deposits maintained a steadily higher level during
1952, with figures at the close of business as of ilie last
Wednesday of each month showing increases ranging from
about 6 percent to more than 11 percent over the comparable
monthly figures for 1951. A sustained high level of deposits,
of course, is consistent with the high-level loan and investmen t position of the District's member banks.
Dividend payments, year· end adjustments, and other uncerta in factors prevent reasonable estimates of the growth in
MEMBER BANKS
ELEVENTH FEDERAL RESERVE DISTRICT
BII..I..IO"l5 0' 001..1.."" $
.~
' I L I..IONS OF COLLARS
~
u
/as
7.5
TOTAL ASSETS __/
/' I
8 .0
.....
--"'"
. / B.O
~+_-'~7S
~,~"' .......... ~ ..... --..... - ... " .. --..
7 .0r......
r-....
-
6. 5~--...-;:-::;;: ... "'''''''
/'
-
7.0
TOTAL DEPOSITS
6.5
6,OIf - - - - - - - - - - - - - - - - + - - - - - - - - - - - - - -- -----.j 6.0
Reserve city and country banks in ilie District shared sub·
stantially in the expand ing volume of banking activity during
1952, although somewhat greater growth was experienced by
banks in the larger cities. Judgcd on the basis of changes in
bank loans, the demand for bank credit was stronger a t reserve city banks, whel'e tl,C increase is estimated in excess of
1.5J
F
N
A
M
J
J
1951
A
SOH
0
J
,.
M
A
III
J
J
1952
A
$
0
H 01.5
MONTHLY BUSINESS REVIEW
capital accounts of member banks in the District. Monthly
figures through November, however, appear to indicate that
total capital accounts will show a gain that is reasonably
comparable with the increase of 1951 and that reflects a continuing strengthening of capital accounts, both through the
retention of a substantial proportion of earnings - which
were very favorable during 1952 - and the issuance of new
stock_
As we look al lead to the economic developments in the
months of 1953, the outlook at this time appears very favor·
able and indi cates the probability that most of the major eco·
nomic ind exes or measures, both in the Nation and in this
District, will average somewhat higher than in the year just
closed. As stated earlier in this article, strong supports and
stimulants to business activity in the nature of an expanding
defense program, a high level of private expenditures for
plant and equipment, a high level of construction, and very
large consumer expenditures combincd to create a favorable
economic atmosphere in which the economy operated in 1952.
These same factors promise to continue very strong in the
new year.
Expenditures for national security almost certainly will
continue to rise gradually. The increase may not prove to be
as great as programed, but increases above the 1952 levels
are practically assured_ Moreover, while a conceivable slow·
ing down of the defense program might lower the peak level
that would be reached during the year, such a policy also
might give added stability throughout the year by flatterung
and extending the rising trend. Estimates from business
sources with regard to plant and equipment expenditures
point toward a total approximately equal to the 1952 amount.
Likewise, estimates of the trade seem to indicate confidence
in the maintenance of very high.level construction expenditures, both in the field of residential and nonresidential
awards. Full employment at somewhat higher average wage
rates points toward rising personal incomes. Increases in 1953
over the past year appear likely to be moderate and should
not be characterized by strong inflationary movements. However, as between an inflationary or deflationary bias in the
economy, evidencc still seems to point to the former - moderate though it may be, as compared with preceding years.
7
In the Eleventh District the principal sources of income
and employment should experience further expansion in
1953, although the rate of growth may slacken or tend to
stabilize. Fundamentally sound growth fa ctors and potentials that are characteristic of the region will continue to
exp ress themselves. No appreciable lessening of interest in
the industrial possibilities of the Southwest is apparent. In
fact, there are indications that such areas as the LouisianaTexas Gulf Coast Crescent, the rapidly expanding DallasFort Worth metropolitan area, the Northeast LouisianaShreveport area, and many other localities in the region can
look forward to substantially greater industrial and manufacturing development.
Despite a very rapid expansion during the past decade,
the petroleum industry must be placed in the category of
growth industries. We are living in what might be called
a "petroleum age," despite the advent of atomic energy, and
demand for the products of that industry will continue
strong. Moreover, the rapidly expanding petrochemical
industry promises to exert a greater demand for the products of the arca's oil and gas wells and its refineries.
There is no reason to anticipate a declining demand for
agricultural products. Full-scale production should be characteristic of the region's agriculture. In addition, genuine
progress is being made toward a more efficient, better diversified agriculture, which should add stability to income. A
growing population and rising employment in industry and
other nonagricultural pursnits at higher average wage rates
should stimulate the flow of expenditures into channels of
trade and services.
Factors such as these in operation during a period of
national strcngth can be expected to reflect sound and permanent growth, in addition to the more or less temporary
advances that may be associated with an expanding defense
program or other shorter run stimulants. To the banks of the
District this means a further growth in resources, as a reflection of their continued active participation in the development and diversification of the southwest economy.
8
MONTHLY BUSINESS REVIEW
REVIEW OF BUSINESS, AGRICULTURAL, AND
Chrisbnas buying in the season
just passed was especially heavy.
Sales at department stores in the
District in the first 3 weeks of
December rose 5 percent over the
record high of a year earlier. November sales also were at
a high level, with average sales per business day equaling
the record of November 1951. Charge accounts receivable
at department stores rose further during November and at
the end of the month were 3 percent above the year-ago level.
Charge account collections also rose, reflecting principally
the increase in that type of credit. Instalment collections, on
the other hand, declined. Department store inventories at the
close of November were 7 percent above a year earlier; orders outstanding were up 22 percent. Furniture store sales in
November were off 2 percent from the same month in 1951.
Rains over most of the District during November and
December were greatly beneficial to grasslands and winter
crops, although below-normal temperatures in northern
counties in the latter month retarded growth of winter grains
and legumes_ Harvest of 1952 crops, including cotton, is
virtually complete_ Commercial winter vegetable production
in south Texas is up sharply from a year ago. Estimates of
winter wheat acreage in the states of the District for harvest
in 1953 total slightly more than a year earlier. The downward trend on farm commodity prices in the District continued in December.
Gross demand deposits of all member banks in the District
in November averaged 2.9 percent above October and 6.6
percent above the comparable month in 1951; time deposits
also rose in November_ Debits to deposit accounts reported
by banks in leading cities declined slightly on a per-businessday basis.
Commercial, industrial, and agricultural loans of weekly
reporting member banks declined 1.4 percent between November 19 and December 17, after having risen seasonally
for several months_ On th other hand, real estate loans, loans
to banks, and the category which includes consumer-type
loans increased. Inveshnents at these banks rose 3.4 percent
during the 4-week period, with holdings of Treasury bills
up sharply. Deposits rose 1.7 percent; an increase in demand
deposits more than offset a fractional decline in time deposits.
FINANCIAL
Nonagricultural employment in the District in December
was at a record high level; manufacturing employment was
7 percent above a year earlier. Employment trends reflect
the continued rapid gain in industrial production in the District. Recently announced plans for industry expansion in
the District cover a number of commodities, including aluminum, potash, and paper.
The value of construction contracts awarded in the District in November was a record high for the month, although
seasonally below October due to curtaihnent in residential
awards; nonresidential construction contract awards rose
further. Awards for the first 11 months of 1952 show a gain
of 1 percent over the comparable period in 1951, compared
with 5 percent for the Nation.
Christmas buying at depamnent
stores in the Eleventh Federal Reserve District set a new all·time dollar record during the week ended
December 20. During that week, the
weekly index of deparbnent store sales rose 5 percent above
the former record established during the comparable week
in 1951.
The rush of Christmas business began during the first
week of December, when the daily average sales volume rose
21 percent above the previous week. With a large amount of
money and credit available and a wide selection in al\ types
and classes of merchandise, shoppers bought heavily in virtually every deparbnent. The demand reached record levels
in wearing apparel, notions, silverware, small electrical appliances, and children's toys. During the latter days, when buying was at its peak, the large downtown stores were taxed
virtually to the limit of their capacity to provide properly
RETAil TRADE STATISTICS
(Percentage change)
NET SALES
STOCKS I
Noy, 1952 from
line of trade
Noy. 1952 from
11 mo. 1952
byoreD
Nov.
Od.
1951
1952
_4
7
-7
-4
-14
-8
-2
-2
compo with
11 mo. 1951
Nov.
1951
Oct.
1952
7
2'
6
3
3
DEPARTMENT STORES
Total Eleventh District.............
(orpul Christi....... . ......... . .
Dallas. . . . . ...... .. . .. . ....• .. .
EI Paso............... ...... ...
Fort Worth . . . . . . . . • •. . • ••. • • •. .
Recent developments in the oil industry in the District
have centered around the less-than-normal decline in national
stocks of major refined petroleum products during November
and early December. The high position of stocks is not considered a serious problem; however, oil allowables in Texas
for January were reduced one producing day as compared
with December. Crude oil production in the District in the
first half of December was lower on a daily average basis than
in November but above a year earlier. Refinery activity continued at near-peak levels during November but was curtailed in the first part of December.
CONDITIONS
Houston............ . . . ... .. ....
San Antonio. . • . . . . • • . • . •• . • • •. .
Shreveport, la........... . . . .....
Waco •.•...•...........•. • •
0
0
,
Other ciriei .. ............ .. . ... .
.4
-8
-I
-5
-2
4-8
-.
-3
-2
-1
I
FURNITURE STORES
Total Eleyenth District. . . . ....... . .
Austin............. . ...........
DoUos.........................
Houston........................
Port Arthur. . . . . . . . • . . . . • . . . . • ..
San Antonio....................
Shreveport, La... . . . . . . . . . . . . . . . .
Wichita FolI$.... . . . . . . . . . . . . . . . .
HOUSEHOLD APPLIANCE STORES
Tota l Eleventh Didrict.............
Dallas...............
I Stach at end of month.
-2
31
2
-6
-27
-8
2
2
- 19
-11
2
1
-8
I
-12
_14
6
23
3
8
2
9
5
10
13
-1
I
10
9
10
•
•
6
-7
9
-12
-3
-27
- I
-6
-12
-.
I Indicates change of less than one· ha lf of I percent.
-~
3
6
7
3
5
5
-.
2
5
~
MONTHLY BUSINESS REVIEW
for the largest crowds and the greatest surge of business they
had ever experienced. The crowded conditions and heavy
buying spread out into the suburban shopping centers and,
as a consequence, many of the specialty stor~s in those locations enjoyed their greatest Chrishnas seasori.
I
Total dollar volume of retail sales at district deparhnent
stores during November declined 4 percen\ from October
and was 4 percent under November 1951. The comparison
with month-ago and year-ago figures - although somewhat
disappointing - was not entirely unexpected. because it was
realized that November contained only 24 business days,
compared with 27 in October and 25 in November of the
previous year. Sales during the 2 weeks ended November
22 were at the highest weekly rates ever recorded for that
WHOLESALE TRADE STATISTICS
Eleventh Federal Reserve District
(Percentage chonge)
NET SALESp
STOCKSl p
November 1952 from
T 1 mo.1952
November
Drug~
and sundrie$ ..........
Dry goods •••••.•••.•.•.•..
Grocery (volunta ry group and
full-line wholesQlers
sponsoring groups) ••••. • ••
Hardware .• ••... . • •. . .. .. •
Industrial supplies ••••.••••••
flO'
Oetober
compo with
1951
une of trade
1952
11 mo.1951
_5
-7
_14
-20
-2
2
7
-13
-5
-5
6
-3
4
-17
-I
2
-4
-II
-19
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
(1947·49
November
1951
October
1952
II
2
-3
3
6
3
-25
3
3
7
-3
100)
ADJUSTEDl
Area
Eleventh District •... .... ....
Dallas .... . .•
0
••••••••••••
Hou~ton •••••••••••••••••••
STOCKS-End of month
Eleventh District .. •... . .... .
Nov.
Oct.
Sept.
134
133
149
128
127
145
144
141
157
1A5p 141
134
135
1952
144
137
162
ad.
Sept.
129
118
145
128
12'
150
133
129
122
140
130p
129
131
120
Nov.
Nov.
1952 1952 195 1 1952 1952 1952 1951
11 9
IIA
1 Adjusted for seasonal variation.
p _ Preliminory,
Inventories at the close of November were 3 percent above
October and 7 percent above a year earlier. The rise in inventories from the year-ago total was at approximately the
same rate as the gain in cumulative sales for the first 11
months. The inventory position of various types of merchandise shows careful adjushnents to current sales trends. Orders outstanding for new merchandise at the end of November were 4 percent lower than a month earlier and 22 percent above a year ago.
Furniture stores sales reported in the District for November were 8 percent under October figures and 2 percent below
those of November 1951. The difference in the number of
trading days would more than account for the decline. Inventories at the end of the month were 2 percent above the
previous month but were 7 percent below a year earlier. Accounts receivable rose moderately during the month to a
total 22 percent above November 1951, while collections
showed a decline of 3 percent from a year ago.
-2
-4
29
-I
2
=
UNADJUSTED
Nov.
SALES-Daily average
With one more business day than in the same month of the
previous year, it is expected that final reports will show total
sales in December about 8 percent above the record December level in 1951.
November 1952 from
9
- I
Mochlnery equipment and
supplies e.llcept electrical ..
Metols • • • . ••••.•••••••••.•
Tobacco products ...........
Wines and liquors . • .. . . ... .
-27
I
- I
Stocks at end of month.
p-Preliminory.
I Indicates chgnge of less than one·half of 1 percent.
SOURCE: United States Bureau of the Census.
1
month; as a r esult, the unadjusted index for the month,
which allows for the difference in trading days, indicates
that sales for the average business day in November were
at the record rate established a year earlier and were 7
percent above the daily average during October. However,
because of the lower total dollar volume for the month, cumulative sales for the yea r to date dropped from a gain of 7
percent at the end of October to 6 percent at the end of
November.
Charge accounts receivable at deparhnent stores rose 3
percent during November and at the end of the month were 3
percent greater than on the same date in 1951. Collections
made during the month on charge accounts were 9 percent
above October and 4 percent above November 1951. Instalment acco unt collections were in the same dollar volume
as during October and were 9 percent under the amount collected during November a year earlier. The ratio of instalrnellt col1ections during the month to instalment receivables
at the beginning oI the month was 12 percent. Based on that
ratio, the current average collection period for instalment
accounts was slightly more than 15% months, compared viith
14 months for October and 10 months for November 1951.
Additional rains were received
over most of the District in December, following the general rains over
virtually all areas in November.
Temperatures were somewhat below
normal a major part of the month, retarding the growth and
development of winter grains and legumes, many of which
were seeded following the November rains. Winter pastures
have shown marked improvement; small grains are furnishing some pasturage throughout much of the District_
The first official report by the United States Deparhnent
of Agriculture of the winter wheat crop for harvest in 1953
shows a total of 611 ,141,000 bushels for the Nation, the
smallest since 1943. This report, based on December 1 conditions, also places the Texas crop at 25,105,000 bushels,
sharply below average and one of the smallest crops in many
years. Oklahoma wheat growers expect to harvest 50,000,000
bushels, or less than half the 1952 crop. Condition of the
wheat crop in the District is reported by the Department of
Agriculture as fair to good. Most fields that are up to a stand
are not well established, and their further growth and development will be highly dependent upon additional moisture
during the coming months, as subsoil moisture is virtually
nonexistent. Also, considerable damage could occur if the
crop is subjected to severe winter weather during the next
few weeks.
MONTHLY BUSINESS REVIEW
10
WINTER WHEAT ACREAGE
(In thousand, of ocrel'
ACREAGE
Crop of
1952
Stat.
NORTHERN
.HIGH PLAINS
PRODUCTI ON
Crop of
1952
Crop of
1953
1953
630
24
611
Te:l{ol • • ••••••.••• • •.•.•••. •
5,021
6,644
5,021
107,115
34,626
Total •.•••••••••••••••••
12,004
12,300
142,966
J-N
2,4".(
49,830
25,105
77,955
Arizona •••••••••••••••••••••
New Mexico ..•••.••• .•• .•...
Oldohoma •••••.•.••••.•••••.
25
6,328
598
627
Crop of
576
SOURCE: United Stotes Deportment of Agric:ultur •.
Commercial winter vegetable production in south Texas
is forecast at 28 percent higher than the 1951-52 season,
based on conditions existing at mid·December. Acreage of
the eight principal winter vegetable crops is 31 perccnt above
a year ago, and yields are expected to be about average. The
shipping season for tender vegetables was ended in most
sections in mid· December by frost and subfreezing tempera·
tures, but hardy crops of all kinds were not damaged appre·
ciably. Shipments of beets, cabbage, carrots, cauliflower,
lettuce, spinach, and broccoli continued in volumc. By mid·
December a considerable acreage of spring·crop tomatoes
was already planted in the Lower Rio Grande Valley. Condi·
tions are reported to be generally favorable for continued
transplanting of irrigated onions.
CITRUS FRUIT PRODUCTION
CROP REPORTING
DISTRICTS OF TEXAS
cated. Harvest of cotton in the Eleventh District is being
completcd rapidly, with mechanical harvesters replacing
most hand labor in western sections.
lin thovsands of boxes)
Averoge of
10 seasons
ended 1951
ARIZONA
Oranges... ... ... .........
Grapefrult... . . . ....... ...
LOUISIANA
Orange'......... ... .. ....
TEXAS
Oranges............. ... ..
Grapefruit. • • • .. . • • • • . • • • •
992
1950-51
1951-52
730
Ind icated
1952_53
3,344
1,400
3,150
2,140
1,000
2,700
314
300
50
50
3,621
16,772
2,700
7,500
300
200
1,000
400
SOURCE:! United States Department of Agriculture.
The December 1 estimate of the Texas cotton crop placed
1952 production at 3,750,000 bales - up 90,000 from the
November estimate but still sharply below early season fore·
casts. For the Nation, a crop of 15,038,000 bales is indio
A sharp improvement in the condition of ranges and pas·
tures during November and December is reported by the
Department of Agriculture. In eastern and southern sections
of the District, winter pastures have improved sufficiently to
provide some green feed. Nevertheless, the condition of all
range feed in Texas remains well below average for this time
of year. The condition of cattle and sheep improved slightly
during November, but most herds and flocks in the range
areas were r eported to be showing some loss in weight during
December, despite fairly heavy supplemental feeding. Ewes
are going into the winter in generally poor condition.
FARM COMMODITY PRICES
Top Prices Pa i d in Local Soulhwest Markets
conON PRODUCTION
Commodity and market
Texas Crop Reporting Districts
COTTON, Middling 15/ 1 6.inch, Dalla s •. • .•
WHEAT, No.1 hard, Fart Worth •.•.•. .• ••
OATS, No.2 white, Fort Worth • • .• • ••••..
CORN, No.2 yellow, Fort Worth .• ••••• ..
SORGHUMS, No.2 yellow milo, Fort Worth.
HOGS, Choice, fort Worth ••••.•.•••••.•
SLAUGHTER STEERS, Choice, Fort Worth • •.
SLAUGHTER CALVES, Choice, fort Worth...
STOCKER STEERS, Choice, Fort Worth .•.. .
SLAUGHTER LAMBS, Choice, fort Worth •••
HENS, 3-4 pounds, Fort Worth ...•....•..
FRYERS, Commercial. Fort Worth • • • •...•.•
BROILERS, south Texas • . ••••.•••• . .••••.
TURKEYS, No.1 hens, Fort Worth .•••• •..•
lin thousands of bale. -
500 lb. groll wt.)
1952
Crop reporting district
1950
1951
I·N ........................
1-5 .. ..... .................
2-N •........•.•.•...• . • .•.•
2·5 ................ . .......
89
721
348
944
287
218
33
206
10·5 .......................
342
16
557
60
61
143
48
139
90
122
27
325
Stole •• • •.•• . •.• . •••.• . •
2,946
3 •• ••••. •• ••• . . .. .• •• .• .. .•
"' .. ........................
5-N ........................
5·5 ........................
6 • •.••• .. • •.•.•..••...•... .
7 ..........................
8·N •..••..••.•••.......•...
8-5 .................. .... ..
9 ..........................
10-N •••••••• •. •..•••• •• ••.•
610
112
85
192
24
192
86
256
79
1952
Indicated
As percent af
Dece mber 1
1951
450
950
185
55
10
620
95
100
245
15
2\0
225
225
55
129
101
64
25
30
102
85
118
128
63
109
608
310
262
88
70
51
4,074
3,750
'2
SOURCE, United Stales Department of Agriculture.
f
Comparable Comparable
Week ended
week
week
Unit Oec.22 , 1952 lad manlh
last year
lb.
bu.
bu.
bu.
cwt.
cwl.
cwl.
cwl.
~t.
cwl.
lb.
lb.
lb.
lb.
$32 .20
2.7014
1.13'A
1.89
3.'3
17.50
28.00
25.00
21.00
20.00
.24
.32
.32
.37
$33.35
2.73!A
1.12*
1.87*
3.32
$41.90
2.82!4
1.24%
2.28~
3.13
17.25
19.00
30.00
35.00
33.00
3'.00
28.00
25.00
22.00
22.00
.22
.32
.33
.35
.26
.30
.'0
The downward trend of prices received by district farmers
for most agricultural commodities during the fall continued
through December. As a result, cotton reached a new low
for the season and late in the month was selling at or near
the loan rate in most markets. Livestock prices lost most of
the gains that had been achieved in late November, and past
~
~
~
,
MONTHLY BUSINESS REVIEW
CASH RECEIPTS FROM FARM MARKETINGS
(In thousands of dollon)
Cumuloti",. receipts
September
1951
StQte
Arizona ..... $
Louisiana, . . •
January-October
October
1952
1951
1952
1951
1952
17,410
57,116
18,393
69,227
261,577
$ 18,145
74,101
18,344
73,767
314,729
43,324 $ 53,614
71,318
77,519
69,858
72.004
95,911
77,828
275,157
299,285
1,674,945
$ 291,526
305,986
184,282
604,951
1,729,571
Tolal ..... $423,723
$499,086
$577,714 $578,104
S2,841,513
$3,116,316
New Mexico.
Oklahoma ..•
reJlos ......
236,458
274,390
169,901
485,819
SOURCE: United Slates Department of Agriculture.
mid-December they were at or near the low for 1952_ Prices
of wheat declined moderately, but prices of grain sorghums,
rice, vegetables, and dairy products remained generally unchanged,
Prospects for crop production in the District in 1953 are
clouded by the lack of subsoil moisture and the consequent
heavy dependence on timely and adequate rains throughout
the planting and growing seasons_ Supplies of irrigation
water in the Lower Rio Grande Valley are very deficient,
and unless substantial rains are received within the next few
weeks, cotton planting in that area will be restricted, Livestock production in the District - if average weather conditions prevail- may very well exceed that of 1952, Despite
heavy liquidations of cattle in 1952, the number of all livestock in the District probably will show little or no decline
from a year earlier, Poultry production, especially broilers,
is expected to increase further_ In discussing the price outlook, the Department of Agriculture anticipates that prices
received by farmers will average no higher, and perhaps
somewhat lower, than in 1952_
LIVESTOCK RECEIPTS
(Number)
FORT WORTH MARKET
No¥ember
Clo$l
November
1952
1951
Cattle ......... .
Cal ... M ••• • . . . • . •
Hags ...... . ... .
Sheep ........ ..
67,588
25,217
57,875
49,535
51,572
33,220
77,730
1
47,304
SAN A.NTONIO MARKET
October
1952
November
101 ,959
39,070
37,143
70,368
2 1,506
15.925
1952
1]6.022
November
October
11
paid substantial amounts of bank borrowings, On the other
hand, wholesale and retail trade establishments, manufacturers of metal and metal products, and sales finance companies increased the amount of their bank indebtedness,
The increase in commercial, industrial, and agricultural
loans between June II (the low point for the year) and
December 17 - a period of increasing seasonal demand for
bank credit - amounted to $144,339,000, or 14 percent,
This compares with the expansion of $91,384,000, or 9
percent, during the comparable period of 1951. The cxpansion in 1952, however, is not greatly different from the increase that occurred during 1951 from the low point of that
year (August 8) to December 19_
Changes in other types of loans of the weekly reporting
member banks between November 19 and December 17 include increases in real estate loans, loans to banks, and the
category which comprises consumer-type loans, Loans for
financing security transactions declined_ On December 17,
loans of these banks amounted to $1,753,772,000, reflecting
an increase of 12,0 percent over the comparablc total for
1951.
Investments of the weekly reporting member banks rose
$49,246,000, or 3,4 percent, during the 4 weeks ended December 17_Holdings of Treasury bills increased $74,374,000,
or 45 percent. Other principal changes in investment portfolios include an increase in Treasury notes and greater-thanoffsetting decreases in certificates of indebtedness and Treasury bonds, Holdings of municipals were unchanged_
Deposits of the weekly reporting member banks rose
$74,996,000, or 1.7 percent, between November 19 and December 17, reflecting principally increases in most major
types of demand accounts_ Demand deposits of individuals,
partnerships, and corporations rose $66,641,000, or 2,6
percent, while deposits of the United States Government
declined $5,984,000, or 5,7 percent, Time deposits declined
1951
1952
23,635
23,595
25,386
5,436
116,728
18,879
CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
130,249
Eleventh Federal Reserve District
Includes ;oats.
lin thousands of dollou)
Item
Commercial, industrial, and agricultural loans of the weekly reporting member banks declined $16,927,000, or 1.4 percent, between
November 19 and December 17,
This reduction compares with an increase of $45,155,000, or
4_3 pcrcent, during the comparable period in 1951 and is in
contrast with the upward movement that had prevailed in
other recent weeks during 1952_ These loans were at a record
total of $1,198,558,000 on ovember 19_
The contraction in commercial, industrial, and agricultural loans during the 4 weeks ended December 17 reflects
rather sharp liquidation of outstanding bank indebtedness
by commodity dealers in most weeks_ Construction firms and
manufacturers of petroleum and chemical products also re-
Dec. 17,
1952
Total loons {gross} and investment•.......... . $3,236,255
Totalloans-Net 1..•................... .
1,735,253
Total loans-Gross • •••.•.•••••.•..•....•
1,753,772
Commercial, industrial, and agricultural
loons . .................. .. ........
1,181,631
loans to broken and dealers in securities..
10,670
Other loons for purchasing or carrying
securities ... .......................
66,118
Real estate loons . ....................
128,069
loans to bonks .......................
11,623
All other loons . .................. . ...
355,661
Total investments .. ............... .. ....
1.482,483
U. S. Treasury bills . ........... ........
240,113
U. S. Treasury certificates of indebtedness.
148,918
U. S. Treasury notes ...................
214,636
U. S. Govemment bonds linc. gtd.
obligations).• ..... ..... . ...........
700,974
Other securities ....... ... . ... .........
177,842
Reserves with federal Reser... e Bonk ..........
613,259
Balances with dame5lic bonks ... ............
<48,780
Demond depolits-adiusted z...... .... ......
2,537,728
482,621
Time deposits except Government ............
United States Government d eposits . ..... .....
110.136
Interbank demand deposits .............. . ..
927,102
Borrowings from Federal Reser ... e Bank . . .. .. ..
14,800
Oec.19,
No .... 19,
1951
1952
$2,970,893
$3,191,320
1,549,565
1,565,884
1,741,695
1,758,083
1,091,473
9,080
1,198,558
54,767
120,292
67,856
125,680
2,336
287,936
1,405,009
316,563
158,243
179,466
581,562
169,175
585,931
10,207
9,876
345,906
1,4 33,237
165,739
159,433
206,343
723,953
177,769
465,030
606,906
454,189
2,377,288
2,463,748
452,173
483,972
83,498
909,561
8,500
116,120
919,565
42,750
1 Aftll:!r deducttons for reserves and unQIlcx:ated chClrge-ofh.
! Includ es aU demand deposit' other tt.an interbank and United Stales Government, le ss
cash items reported as on hand or in prcx:.ss of collection.
MONTHLY BUSINESS REVIEW
12
GROSS DEMAND AND TIME DEPOSITS Of MEMBER BANKS
Eleventh f ederal Rese rve District
(Ayeraie. of dally figures. In thouland, of dollol"l)
COMBINED TOTAL
RESERVE CITY BANKS
Gran
Date
COUNTRY BANKS
Gross
d emand
Time
demand
Gross
demand
Time
Time
Novemher 1950 .• $6,087,614 $657,258 $2,951.134 $406,100 $3,136,480 $251,158
6,592,874 686, 144 3,101,804 376,802 3,491,070 309,342
Novemher 1951 ..
6,566,056 744,250 3,147,07 5 40B,616 3,418,981 335,634
July 1952 .... .. .
Aug ust 1952.... .
September 1952.
Octobor 1952 . ..
Novem ber 1952 .•
6,546,078 758,238
6,692,788 767,553
6,828,5 12 770,099
7,025,207 780,156
3,123,616
3,190,957
3,262,180
3,338,376
3,422,462
3,501,831
3,566,332
3,686,831
41 4, 837
421,871
420,233
421,427
343,40 1
345,682
349,866
358,729
fractionally, reflecting an increase in deposits of individuals
and businesses and a reduction in deposits of states and
political subdivisions. Deposits of the weckly reporting
member banks amounted to $4,370,233,000 on December 17,
as compared with $4,133,464,000 on December 19, 1951.
Gross demand deposits of all member banks in the Dis·
trict averaged $7,025,207,000 during November, reflecting
increases of $196,695,000, or 2.9 percent, over October and
$432,333,000, or 6.6 percent, over the comparable month of
1951. About 61 percent of the increase during November
occurred at the country member banks. Time deposits rose
$10,057,000, or 1.3 percent, during November to a total of
$780,156,000, with country banks accounting for 88 percent
of the increase.
The expansion of tin,e deposils during November reflects
an extension of the sustained upward trend which had pre·
BANK DEBITS, END·Of·MONTH DEPOSITS
AND ANNUAL RATE Of TURNOVER Of DEPOSITS
(Amou nh In thousands of dollars)
DEBITS'
DEPOSITS'
Pe rcenfagl!l
change from
Annual rate of turnover
November
City
ARIZONA
Tucson ••••••••• . •.. •
Nov.
Oet.
Nov.30.
1952
1951
1952
1952
NEW MEXICO
Roswell •.•. . ....•.• .
TEXAS
Abilene ... ...... . .. .
Amarillo ••••.•. . . . • .
Austin ••... .. •. • . .. .
Beaumont ••• • •.•. . • .
Corpus Chri ~ti • •...•. .
Corsicana .... .......
Dolia s ....... . ... . . .
EJ Paso . ... .. ... . ...
FOri Worth .... ... .. .
Galveston ... ....... .
Houston ...... . ... . . .
La redo .............
Lubbock ... . ... .....
Port Arthur . .. _ .. . ...
San Angelo .......• ..
San Antonio ... . . .. . .
Texa rkano l ....... .. .
Tyler .............. .
Waco . . .. . ........ .
Wichita falls .. ......
Ocl.
1952
Nov.
Nov.
106,405
24
6
$ 114,816
11.2
10 .•
10 .8
49,578
-10
-18
51,697
208,538
11.8
10.7
12.4
181 ,544
_1
2
11.3
13.3
13.2
26,233
3
-10
31,661
10.2
10.6
12.0
57.35.4
121,487
11.5
12.1
13.3
17.0
13.2
11.3
15.6
13.7
16.1
15.5
9.'
21.2
14.5
15 .6
10.1
18.0
10.2
17.3
13.2
9.1
11.3
9.5
12.2
11.2
9.4
16.2
LOUISIANA
Monroe .... .. ...... .
Shreveport .•...... . .
1952 1951
2
I
134,157 - I S - 13
135,863
1
-4
, 30.887
-4
-3
142,581
12
- 4
12,773
-8 -26
1,491,630
-1 -22
205,898
9
8
505.0408
1
-6
78,<165
- I -9
1,608,922
3 -11
21. 174
10
-4
165.4S3
12
12
_5
45.250
-6
36,311 -14
-9
353,177
f -5
19,5 77
-8 -12
.9,813
-2 -13
69,041
1 -21
88,000
6
5.4,594
10tal-24 clties . .... . . . $5,712,764
"
-12
109,566
8.6
9.7
13.9
17.5
15.1
7.3
17.S
16.3
16.1
9.5
16.8
10.2
17.9
13.2
9.2
11.0
10.7
11.6
8.9
9.6
55,049,103
13 .8
15.0
119, 195
103,937
121.709
22,761
1, 262,622
163,913
419,837
103,735
1,216,177
26,747
113,50S
44,283
52 ,634
400,690
28,038
57,025
97,173
15.0
14.4
6 .8
15.2
15.4
14.5
9.2
16.0
9 .6
, 8 .0
12.4
8.3
, 0.7
8.4
10.6
Debits to deposit accounts except interba nk ac:cotmts.
, Demand and time deposits, including certiRed and offlcers' c:heck, outstanding but ex '
cluding deposIts to the c:red it of banks.
, These flgure s include only one bank in Texarkana, Texas. Tota l debits for all banki in
Texarkana , Texas-Arkansas, inc:luding two banks located in the Eighth District, amou,ted to
S36,968,OOO for the month of November 195 2.
I Indicates chang e of leu than one· half of I percent.
1
vailed in most months since March 1951. During the 20·
month period, time deposits of thc member hanks in the
District rose $135,778,000, or 21.1 percent. This rate of ~
expansion of time deposits compares with an increase of
17.3 percent in demand deposits during the same period.
Debits to deposit accounts reported by banks in 24 cilies
of the District declined sharply in November as compared
with the total for October, reflecting principally the smaller
number of business days in November. The reduction, which
amounted to 12 percent, was general over the District as
banks in most cities showed decreases. Daily average debits
during November as compared with the daily average figure
for October - a measure wh ich is more indicalive of change
in the rate of spending than a comparison of monthly totals
- declined somewhat less lhan 1 percent. Despite the reduc·
tion in the monthly total for November, the volume of
eharges lo deposit accounts was 1 percent above the com·
parable figure for 1951. The annual rale of turnover of
deposits, which is indicative of the annual rate of use of
deposit accounts, declined from 16.2 in October to 13.8 in
November. This rcd uclion also was due, in part, to the dif·
ference in the number of business days of the 2 months.
Turnover in November compares with thc rate of 15.0 for
ovember 1951.
CONDITION Of THE fEDERAL RESERVE BANK Of DAllAS
lin thousa nds of dollau)
Item
Dec. IS,
1952
Total gold I::er,ifltale reserves .. ..... . .. . .... $ 769,540
16,000
Discounts for member banks . ..... .. ••.. .. . .
0
Industrial advances ..... . .... . ......... ....
Foreign loans on gold ...... ... . . . . . . .. ....
1,691
1,094,07 4
U.S. Govemment securities ... ... .. .. ...... .
1,111,765
Total earning anets .... . ..................
1,060,874
Member bank reserve deposits .... .. ........
759,099
Fed eral Relerve notes in actual circulation . ....
Dec. 15,
1951
S 625,576
5,000
39
0
1, 112,029
1,117.068
1,062.096
698.414-
Nov. IS,
1952
753,725
54,700
0
1,710
1,076,77 1
1,133, 18 1
f
1,084,196
752,902
Federal Reserve notes of this bank in actual circulation
December 15 amOlUlted to $759,099,000, reflecting in·
creases of $6,197,000 over November 15 and $60,685,000
over December 15, 1951. On December 2, notes of this bank
in actual circulation rose to a record total of 762,762,000.
Between November 15 and December 15, other changes in
the condition of the Federal Reserve Bank of Dallas included
decreases of $23,322,000 in member bank reserve balances
and $21,416,000 in total ea rning assets. The reduction in
earning assets reRects principally a decrease in discounts
for member banks and a less·than·offsetting increase in hold·
ings of United States Government securilies. Gold certificate
reserves rose $15,815,000.
011
The money market was tight duri ng the first half of
December, marking a continuation of the tightness which
had prevailed throughout November. Quotations on Federal
funds were at levels of 1H percent or I %, percent on each
day of the period, while rates on loans to Government
secu rilies dealers ranged from 2 to 214 percent. Market bid
rales on Treasury bills nearest a 3·month maturity rose from
2.01 percent on December 1 lo 2.12 percent on December 15.
Also indicative of the prevailing tightness, loans, discounts,
and advances of the Reserve banks rose to a total of $1,756,·
000,000 on December 10 after having declined slightly during
the week ended December 3 to a level of $1,595,000,000.
.41
~
•
13
MONTHLY BUSINESS REVIEW
The weekly issue of 91-day Treasury bills dated December
18 was sold at an average rate of di sco unt of 2.138 percent,
which represents a further extension of the recent upward
trend of average issuing rates. Average issuing rates for
these 3·month bills rose from 1.635 percent for the issue dated
September 25 to 2.091 percent for the issue dated December 11. The bidding for bills dated December 18 established
the highest average issui ng rate since March 6, 1933.
On December 1 the 2Y2-percent Treasury bonds of December 15, 1963-68, which are outstanding in the amount of
52,829,000,000, became eligible for purchase by commercial
banks. On December 15, the 21,4 -percent bonds of December
15, 1959-62, which are outstanding in the amount of $3,468,000,000, also became eligible. Expiration of the restrictions
against commercial bank purchases of these issues increased
the amount of bonds which became eligible in 1952 to a total
of $13,696,000,000.
a fractional decline. Temperatures through mid-December
were slightly wanner than a year ago, which probably
accounts for the year-to-year decrease in demand, especially
for heating oils.
The stock situation, it should be emphasized, is not serious.
Present stocks of distillate fuel oil ma y not prove to be heavy
if temperatures during the next 2 months in major consumin g areas of the country are nearer normal than prevailed
during these months of 1952. Moreover, the nominations of
purchasers to the Texas Railroad Commission for January
were slightly higher than for the previous month, although
below the allowable permitted for December. This development supports the position that stocks are not seriously
heavy. Furthermore, the January allowable announced by
the Commission was only 1 day less than for December,
representing a reduction in the daily allowable of 89,426
barrels from that prevailing at mid-December.
CRUDE OIL PRODUCTION
(Borrels)
The oi l picture in the Eleventh
Federal Reserve Distrirt was clouded somewhat during November and
the first part of December due to a
smaller decline in the national total
of combined stocks of major refined products than usually
occurs at this time of the year. Total national stocks of the
four major refined products - gasoline, kerosene, and distillate and residual fuel oils - amounted to 318,800,000 barrels
on December 13, reflecting a decline of about 3 percent from
November 1, as contrasted with declines of around 5 percent
in th e corresponding periods of 1950 and 1951. Distillate
fuel oil stocks declined 10,600,000 harrcls during the period,
which is 1,800,000 barrels less than during the same period
in 1951, although higher than in the years 1949 and 1950.
Stocks of kerosene and residual fuel oil als o registered small·
er declines during the 7-week period than a year earlier. Gas·
oline stocks, on the other hand , rose 9,000,000 barrels, or 7
percent, which is a significantly larger ga in than in any
of the previous 3 years.
November 1952
Area
Texas R. R. Com, Districts
1 South Centrol.... . .
1,177,700
5,375,950
2
Middle Gulf.... . .
3
.4
Upper Gulf •••. . ..... . 15,579,700
lowerGutf .. ......... 8,416,700
East Central,....... . . 1,628,750
Northeast., ...••.••.• 11,832,500
East TexCls .... ..•.. 7,701,750
Other flelds. . . . . • . • 4,130,750
7b North Central . . • . . . . . . 3,552,850
7e West Central.... . .. .. 5,519, 150
8 West •• ...•.........• 31,405,400
9 North .. .......... .. .. 5,750,100
10 Panhandle.. . ......... 2,422,750
Total Texas •..... . .• 92,661,550
New Mexico. . . . • • • . . . . . . . . 5,083,850
North l ouisiana ..... .. ...... 3,371,600
Total Eleventh District ••.... 101,117,000
OUTSIDE elEVENTH DISTRICT .. . 97,865,000
UNITED STATES .............. 198.982,000
5
6
SOURCE:
E~timated
Nov. 1951
Oct. 1952
~!f1
3
..._ .Il~'!."_~ I,.)
MIODLE GULF
UPPER GULF
LOWER GUl r
EAST COITRIIL
"K)RTH£IIST
71 NORTH CENTRIIL
1c WEST CENTRAL
6
.... EST
9
NORrH
10
I'~NHANOL(
39,257
179,198
519,323
280,556
54,292
394,417
256,725
137,692
118,428
183,972
1,046,847
191,670
80,758
3,088,718
169,462
11 2,387
3.370,567
3,262,166
6,632,733
5.705
9,168
27,798
20,263
-118
-7.698
-20.375
12,677
34,968
63,872
68,977
33,370
-2.502
253,803
21 ,942
-12,288
263,457
134,222
397,679
2.073
5,563
10,158
3.4 30
2,620
12,90 4
6,480
6,424
7,863
5,991
32.615
5.133
-1.642
86.708
1,125
653
88.486
14,299
102,785
from Amerkan Petroleum Institute weekly reports.
I''T~-;=-r!
The tendency of ren ned and crude stocks to hold at high
levels i8 due, in large part, to the failure of demand to increase in accordance with expectations; in fact, reports show
Doily Clvg.
production
ELEVENTH OISTR ICT
As compared with a year earlier, distillate fuel oil stocks
in the Nation on December 13 were reported at 109,700,000
harrels, reflecting a gain of 12 percent_ Gasoline stocks
toLaled 129,600,000 barrels, or 3 percent higher than a year
earlier, while residual fuel oil stocks showed a year-to-year
increase of 11 percent. Kerosene stocks, h owever, were down
about 3 percent.
Meanwhile, crude oil stocks in the l\' ation and in the District havc continued high. Stocks in the District rose about
3,400,000 barrels in the 6 weeks ended December 13 to 143,500,000 barrels, which is 8,200,000 barrels higher than a
year earlier. National crude stocks on December 13 totaled
269,500,000 barrels, which is 1,000,000 barrels more than
on November 1 and 11,200,000 barrels greater than on the
corresponding date in 1951.
Increa se or decrease in daily
average production from
Total
production
RAILROAD COMMISSION OF TEXAS
OIL AND GAS DISTRICTS
14
MONTHLY BUSINESS REVIEW
Some uneasiness over the stock situation in the first part
of November led to the cutback in Texas December allow·
abies and the resulting curlailment in crude oil production
in the District during that month. Production during the
first half of December averaged 74',267 barrels below the
November daily average, although 228,144 barrels above
December a year ago. Daily average production in the Dis·
trict in )/ovember set a new record for the third consecutive
month, amounting to 3,371,000 barrels, which is 88,500
barrels higher than the previous month and 263,500 barrels
higher than in November a year ago. ational production
trends were similar to those prevailing in the District.
NONAGRICULTURAL EMPLOYMENT
Five Southwestern Siotes I
Percent change
Type of employment
October
1952p
October
September
1951
1952
Totol nonagricultural
wage Qnd so lo ry ..... orkers . .
3,776,600
3,638,600
3.760,1 00
716,400
Nonmonufoduring . ••... .. 3.060.200
221.500
Mining .......... .. ... .
285.500
Construo::tion . ....... . ..
673.000
2,965,600
705,000
3.055,100
224,100
283.900
Manufacturing . ... . ......
Tron ~ portation and public
utilities, • • • ••• . ...• . .
Trod •.............. . .
finance . . ... . ...... . ..
Service . ........ ... ...
Government • ••...••..•
Refinery activity in the Dislrict during November was
maintained at levels only very slightly below the peak
reached in the previous month. The November daily average
crude runs to refinery stills in the District are estimated at
2,131,000 barrels, as compared wilh 2,141,000 barrels in
the previous month and 1,926,000 barrels in November 1951.
The average crude runs to stills in the Nation were the sec·
ond highest for any month on record, averaging 7,031,000
barrels, or 131,000 barrels more than the previous month
and almost 400,000 barrels more than November 1951.
Refinery activity in the Nation during the first half of
December, however, was curtailed, with daily average cr ude
runs lo stills almost 300,000 barrels less lhan in November
and at the lowest level since the weeks immediately following
the oil strike, when many refineries were just getting back
into production.
Drilling activity in the Nation by mid·December had al·
most recovered from the depressed levels resulting from the
steel strike. The total number of active rotary rigs in the week
ended December 15 was 2,781. This figure is 468 above the
post.strike low and only 66 less than the high for the year
reached in the week ended May 12.
Nonagricultural employment in
the District continued to rise as the
Christmas season opened new jobs
in trad e and service employment.
Rece nt estim ates by state employ.
ment agencies reveal that in October the total number of
nonagricultural wage and salary workers in the five states
lying wholly or partly within the District rose to 3,777,000,
or 4 percent above October 1951. Similarly, manufacturing
employment increased 6 percent above a year ago to 716,000
workers. Because of heavy demands for retail trade and post
office employment, it is estimated unoflicially that total non·
agricultural employment in the five·state area rose in Decem·
ber to a record 3,845,000 workers. Manufacturing employ·
ment also rose during the month as steel supplies became
more available, but some seasonal losses wcre encountered in
chemical manufacturillg plants. It is estimated unofficially
lhat the total number of malluIacturing workers in the five
stales rose to approximately 732,000 in December, or 7 per·
cenl above December 1951.
Oct. 1952 from
Numbe r of persons
t
409.900
953.200
1<6,400
424,100
619,600
211,900
291,000
400,100
409,000
918,000
9.46,200
132.000
409,500
603,100
146,200
425,4'00
620,300
Oct.
19 5 1
Sept.
1952
3.8
6.4
3.2
4.5
- 1.9
.4
1.6
.2
-1.2
.6
2.4
3.8
10.9
3.6
2.7
.2
.7
.1
-.3
-.1
ATilano, louisiana, New Mexico, Oklanomo, and 1ellOo,.
p_Prelimin ory,
SOURCEI Stohl employment ogeno.s.
November estimates of the Department of Labor indicate
that all major labor market areas in the District are classi·
fied as areas of moderate labor surplus except Dallas and
Houston, which are in the category of a balanced labor sup·
ply. These November estimates show only one change from
those reported in September, at which time Houston was an
area of moderate labor surplus.
As indicated by the above manufacturing employment
figures, industrial produclion in the District has continued
its rapid gain. Of particular nole during ovember was the
announcement of the partial completion of a new aluminum
plant et Rockdale, Texas. While presently capable of produc·
ing only 21,250 net tons per month, thls plant eventually will
have a monthly output of nearly 85,000 net tons and will
employ 1,200 workers . The start of opera lions at this Rockdale plant is importanl nationally, because the aluminum to
be produced here is the first finished under the second round
of the aluminum expansion program.
Of a total United States capacity of 1,236,450 net tons of
aluminum on December 1, 1952, the District's share was 16
percent, or 193,250 net tons. The construction ullder way at
Rockdale will expand the dislrict capacity by 63,750 net
tons per month. This is approximately 16 percent of the
planned expansion of all United Stales aluminum plants.
The third expansion program for this metal was inaugurated
by the recent announcement that a fiflh producer wilI" enter
the field, although the location of this plant has not been
annoullced. One interesting aspect of aluminum production
in this District is that the primary source of energy stems
from natural gas or lignite, whereas most aluminum plallts
throughout the country use hydroeleclric energy for reduc·
tion power.
One of the major potash companies ill New Mexico has
announced a planned expansion whereby a new mine and
refinery will be constructed in Lea County, ew Mexico,
approximately 24 miles east of Carlsbad. At the same time,
this compally announced tbe development of a new dry
process for refining potash. The refinery and a $500,000
test plant will be conslrucled to utilize this process.
15
MONTHLY BUSINESS REVIEW
A measure o( the outstanding growth of the chemical industry in the Eleventh District is shown by recent figures
released on certificates of necessity granted by the Defense
Production Admin istration. Of a United States total of
$2,279,301,000 in certificates granted prior to October 15,
1952, for chemical expansion projects, the five states of the
District received $706,038,000, or 31 percent. Texas alone,
with a total of 435,088,000, received 19 percent of the
United States total.
The value of constr uction contracts awarded in the District
during l\'ovember totaled $99,000,000, which is seasonally
below October by R percent but is the highest for any November on record and about one·third above November 1951.
VALUE OF CONSTRUCTION CONTRACTS AWARDED
The decline from October to Novel11 ber resulted from a
reduction in value of residential awards, which, at slightly
under $40,000,000, was of! for the second consecutive month
but still a record high for November. Nonresidential construction contract awards were valued at over $59,000,000
- up for the second consecutive month and 60 percent above
November 1951.
The value of construction contracts awarded in the Distrirt during the first 11 months of 1952 was more than 1
percent above that for th e same period in 1951. A 2-percent
decline in residential awards was more than offset by a
4-percent increase in othcr awards. Construction contracts
awarded in the United States in the January-November
period were up 5 percent, with residential and nonresidential
awards gaining 6 percent and 3 percent, respectively.
(In thoulands of dollars)
DOMESTIC CONSUMPTION AND STOCKS OF COTTON
Jonuory-Noyember
November
1952p
Area and type
November
1951
October
1952p
1952p
1951
ELEVENTH DISTRICT. - .-.-=$--=9-=9.-=2:""'9:---::$:--: 4-= ,7=-$:-,"0-,7-'-7-1-,-- ,-.2-77...:....7-8-6-'-,-.2-6-1-.2-6-.
.
7:-:.5-=
.8
Residential.........
39,787
37.299
49,2 31
529,861
538,925
AU other........ .. .
59,432
37,21 8
58,640
747,925
722,344
UNITED STATES ' ...... 1,248,803
Residential. . . . . . . . .
528,429
All other...........
720,374
951,056
443,884
507,172
1.320,958
602,313
718,645
15,307,552 14,651,622
6,228,924 5,859,284
9,078,628 8,792,338
I 37 states eeut of the Rocky Mountains.
p-Preliminary.
SOURCE: F. W. Dodge Corporation.
~
BUILDING PERMITS
November 1952
Number
Nov.
City
Number
Valuation
1951
VallKJlion
Oct.
1952
Sept.
1952 1
This season LO it seaion
CONSUMPTION
Total
15, 478
14,735
11 ,779
38,116
38.,67
Texal mills •..•........
915,5 93
906,750
736,248 2,396,224 2.381.619
U. S. mills •.. .....• .. ..
Doily o verage
604
593
5 98
595
625
Texas mills ............
37,756
37,295
36.993
36.636
37,068
U. S. mills .... ... .... . .
STOCKS, U.S.-End of period
982.134
Consuming establishments .. . 1,2 86,942 1,237,544
Public storage and
compresses . . , ......... 6,665,848 5,570,421 3,990,779
Percentage
change In
va luation
from 11
months
COTTONSEED AND COTTONSEED PRODUCTS
1951
TEXAS
259
783,658
Abilene ...... .
107
Amarillo ... .. .
189
Austin ....... .
211
Beaumont . ....
199
Corpus Christi. .
248
Dallas . .. . .
1,401
EI Paso ., .....
247
Fort Worth . ...
662
Galveston .....
86
Houston .. . ... .
907
lubbock ......
187
Port Arthur . .. .
118
Son Antonio . . . 1,327
WaCo .. . .....
193
Wichita Falls .. .
27
863.511
961,343
1.517.525
343.629
1.395.735
14.502.163
1.171 .258
2.277.755
305.038
10.292.159
1.258.518
205,697
2,746,766
558,741
203,209
13 -39
3.898
18,120,361
19
1,288
4,298
2,911
2.626
4,0 64
19,800
3.377
10,264
1,278
7.897.718
22,589,272
25,655,862
7.311.521
19,599,774
110.366.439
14.214.56'
41.976.393
6.323.500
105.606.504
18.997.682
3.813.7 35
17
1.
-7
5
13
19
TEXAS
Total .......... . 6.368 $39.386.705
7
-32
-7
-3
152
152
78
32
161
28
17
-59
41
_44
-40
59
-50
- 49
- 39
-2
22
16
-48
- 87
_3
-20
_58
-30
-38
-41
48 -15
, Indicates change of len than one· half of 1 percent.
10.748
3.028
2.026
16,05 9
3,031
40,521 ,0 17
1.070
12.733.859
17.941.926
89.766
$473.670. 127
,
2
- 13
_ 14
10
-33
-4
_11
120
Item
COTTONSEED (tons)
Reuived at mill" .... . .. ...
Crushed . ................. .
Stocks, end of period . .......
COTTONSEED PRODUCTS
ProductIon
Crude oil (thousand POUlld,l.
Coke and meal (tonsl ......
Hulls (tonsl ...... ... . ... .
linters (running bales) . . . . .
Stocks, end of period
Crude oil (thousand p:Ju:tds).
Cake and menl (tons} ......
Hulls (tons) ..............
Linters (running bal.n) . . ...
UNITED STATES
August 1 to Octobe r 31
LOUI~ANA
Shreveport ....
Oct.
1951
I Fint weeks ended November I .
2 four weeks ended September 27.
SOURCE: United States Bureau of the Census.
11 months 1952
Percentag e
change in
va luation from
August-October
Oct.
1952 1
Area
August 1 to Oct:Jber 3 1
Thh seoson
Last season
This season
Last season
373.088
194.973
502.588
271.860
202.943
'01.275
3.323.631
1,450,618
2,009,911
3,195,887
61,971
98.700
42,653
61,167
60.273
98,02645,160
65,788
450,831
698.103
298.806
469.958
484.52,
729,791
347.201
505.957
26,191
16,53 0
14,418
69.891
21,052
18,27 1
8,402
34,475
105,87 9
115,1 14
49,314
232,129
7 4,864
72,854
35,269
135,868
SOURCE, United S'alel BureQu of tne Census.
1,57B,175
1,705,283
@FedFRASER