Full text of Review (Federal Reserve Bank of Dallas) : January 1959

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BUSINESS
REVIEW
JANUARY 1959
Vol. 44, No. 1

A PERSPECTIVE OF RECESSION AliIO 'RECOVERY
As the Southwest recovers (rom the recession, the differential
trends in tJ1C major economic sectors are return ing to a generally
upward pattern. In retrospect, these diverse movements were the
most outstanding feature of economic conditions in this area
during the past 12 months. The selective effect of the recession
concentrated upon the important petroleum industry and its principal suppliers and service concerns and the transportation equipment industry. In contrast, construction nnd agricultural activities
showed marked gains to reach near-record levels. The net effect
of these opposing fo rces and the supporting influences arising from

the generally strong output o[ certain nondurable goods ma nufactures and from the relatively high levels of personal income and
retail trade was a compa rat ively mild recessionary impact upon
general business conditions in the area.
The recession in the Southwest began in the summer of 1957
and reached its trough late in the spring of 1958. With viflually
no hesitation, the southwestern economy then reversed its direclion so thai by July there were strong indications of recovery,
including an improvement in crude oil production. During the
remainder of 1958, the recovery broadened and strengthened,
bringing gains in industrial production, employment, and income.
By December, the region's economy had recovered a large share
of the earlier decline, al though ceflain sectors had shown only
moderate improvement. The fo llowing charts and commentaries
il lustrate the trends in the principal economic measures between
1957 and 1958.

FEDERAL

RESERVE
DALLAS,

BANK

OF

DALLAS

TEX A S

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

INDUSTRIAL PRODUCTION

..,

TEXAS AND UNITED STIITES

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UNITED

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Th e Texas industrial production index for May
1958 was 14 percent lower than in March 1957,
or approximately the same as the notional index.
Both indexes averaged about 6 percent lower
in 1958 than in 1957. The V-shaped fall and
rise of the Texas index during the 2 years not
only demonstrates the swift response of the
industrial sector to the basic depressing forces
of curtai led crude oil production, inventory
liq uidation, and reduced Government purchases
but also reflects equa lly rapid recovery as
inventory liquidation slowed, manufacturers'
orders expanded, crude petroleum output
improved, and the rate of Government spending increased. By December, the Texas index
was within 2 percent of its prerecession peak.

..

Manufacturing employment averaged 5 percent

MANUFACTURING EMPLOYMENT
FIV[ SOUTHWEST£RH STATES

below 1957, as layoffs which storted in lote
1957 continued until mid-1958 and recovery
brought only a modest number of recalls. The
largest employment declines were in the more
heavily industrialized stotes of Oklahomo ,
louisiano, and Texas. The New Mexico gain was
probably a result of increases in uranium refining, missile and related manufacturing, and
building materials production. With the recovery, the margin of year-te-year loss for
southwestern factory employment gradually nar-

rowed from a peak of 6.1 percent in July and
August 1958 to about 3.0 percent in December.

.IW_", ..... '•• ..... '..,...
,"~

.

DURABLES. NONDURABLES.
AND MINERALS PRODUCTION

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I~USlNESS

REVIEW

1'5B

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The major segments of the Texas production
index showed markedly differing rotes of
decline during the recession. Durable goods reflecting principally the cutbacks in primary
metals, transportotion equipment, and oil field
equipment - decreased 15 percent from
September 1957 to May 1958 but recovered
more than one-half of this loss by the end of
the year. Nondurables declined only 5 percent
from July 1957 to February 1958, with the main
loss occurring in petroleum refining. However,
the nondurables index reached a new record
in the late fall. The minerals index fell 26 percent, led by the cutback in crude oil production.
With recovery, the index regained over 75
percent of its recession loss .

I

I

ir----------------------------,

I

CRUDE OIL PRODUCTION AND REFINING

I

ELEVENTH FtOERAL RESERV£ DISTIIICT

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Crude oil production and refin ing declines were
the principal causes of recession in the South·
west. With the heavy inventories built up after
the Suez crisis, the petroleum industry was
unprepared for a period of slower demand.
The recession temporarily halted large inc reases
in domestic demand, and exports fell sharply .
By ea rly summer, when crude oil and refined
products stocks were substa ntia lly reduced,
Eleventh District crude oil production began to
rise but for all of 1958 averaged 15 percent
below 1957. District refinery activity declined
only 7 percent from a yea r ea rlier after steady
improvement in the year·to·year ch anges, from
a 13 · pe rcent decrease in February to a small
gai n late in the year .

~

~ IThe trends in the moior types of employment
~ l'acked uniformity during 1958 as relatively

MAJOR TYPES OF EMPLOYMENT
riVE SDllTHW[ST£II,.

suus

8 Ilorge decreases in

mining, manufacturing, and
(tran sportation and public utilities were offset
~ jby increases in financ e, services, and govern~ Iment . The employment declines followed the
:. }recession pattern in the bo sic industries, with
~ Ithe exception of construction. The employment
g {gains reflected the lorger and more numerous
1::1

>q

/flnancial institutions, heavier consumer spending
ron service s, and expanded governmenta l

loctivity. Increa se d emp loyment at defense
jp lonts and ed ucationa l in stitutions large ly
loccounted for the rise in government payrolls.

1,----------------------------,
CRUDE OI L AND REFINED PRODUCTS IMPORTS
UNITED

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A[ P IHCD PRODUCTS IIIPQRTS

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Crude oil and refined products imports were a
major cause of reduced petroleum activity during 1958. Tota l imports reached a p eak in
January 1958 but fell sharply in February and
remained at a fairly high level for the rest of
the year, averaging 6 percent above 1957.
Rising crude oil imports in the summer of 1957
contributed significantly to the large crude
stocks which plagued the industry for almost a
year, but such imports decreased 3 pe rce nt during 1958. Th e major change in imports during
1958 was the substa ntia l 27 ·percen t increase
in refined products imports. With relatively
stable domestic demand, the enlarged refined
products imports made siz able inroads on
domestic produ cers' markets .
BUSINESS

REVIE~I

NONAGRICULTURAL EMPLOYMENT

··',"........."'_

fiVE SOUTHWESTERN STATU

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Reflecting these diverse movements, nonagri ~
cultural employment averaged only 1 percent
below 1957. The labor force contracted slightly
as women and part·time laborers withdrew, but
unemployment rose substantially. In Texas, un·
employment averaged about 5 percent of the
labor force in 1958, compared with 4 percent
in 1957. All major lobar markets in the five states
eased considerably and were generally classed
as area s of moderate to substantial labor surpluses by midyear. A decline in wages and salaries because of reduced employment and hours
of work was partly countered by increa ses in
wage rates at several key industrial plants, a
rise in unemployment compensation payments,
and improvement in farm income.

~'~ " _I'"

CONSTRUCTION CONTRACT AWA RDS

Construction contract awards in the Southwest
rose steadily from early spring to reach record
levels during 1958, with strength apparent in
all major sectors. Residential construction rose

FIVE SOUTHWESlEAH STATU

TOUl

quickly in response to the easier terms on Gov-

ernment-bocked mortgages, the greater availability of mortgage credit, the mortgage-purchasing program of the FNMA, and the extension
of the VA guarantee program . Strong advances

in church and commercial construction raised
nonresid ential building well above the 1957
level. Public works construction increased as a
result of the partly antirecessionary programs
for highways and municipal services.

IIUIOENTIAl

tZIZtZIZ4

NONRESIOENTIAl
BUILDI
Na s
~

~U UI C W OR~S

AN D UTILITIES

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_ •• c .w ..... ......

DEPARTMENT STORE SALES AND STOCKS

•.••

ELEVENTH

•.

HDE~Al ~ESE~VE DIST~IC T

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Deportment store sales and stocks in the Eleventh District reflected the relatively high level
of retail buying and the general trend toward
inventory liquidation. Although deportment
store sales during 1958 fluctuated considerably and showed a year-to-year loss of 10
percent in February, the total was almost unchanged from 1957. Strength in nondurable
goods sa les largely counteracted weakness in
sales of hard goods items. Total retail sales in
this District apparently followed a similar pattern, with sales at drugstores, gasoline service
stations, and apparel outlets maintaining or
exceeding year-earlier levels while sa les at
furniture, hardware, appliance, and automotive
establishments declined .

•

REVIEW

CASH RECEIPTS FROM FARM MARKETINGS
Flv[ SOU TKWESTEAH STATU

'£\<UJI'
l~

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Cash receipts from southwestern farm market~
ings during 1958 climbed about 28 percent
above the 1957 level because of favorable moisture conditions, higher livestock prices, and some
carry-over marketings of 1957 crops. Cash farm
income in 1958 was the highest of record, even
exceeding the 1952 peak, and was substantially
above the 1947-56 overage. Despite a heavy
acreage withdrawal for placement in Conservation and Acreage Reserves of the Soil Bank, cash
receipts from crops, boosted by record yields,
rose about 39 percent over a year ea rlier.
With the supply of sa lable livestock limited by
restocking, prices averaged 18 percent more
than in 1957, and cash receipts from livestock
were about 16 percent higher.

y I . . ... ' .... , .... ,~."" • •

CROP PRODUCTION

Crop production during 1958 exceeded all previous years in both value and volume. Despite
losses due to severe insect infestations and lote
floods in certain areas, record yields and production were evident in most of the Southwest.
Cotton output in the five stotes reached 6,035,000 bales, or 15 percent over 1957 and 2
percent above the 1947-56 overage, as yields
improved to a record 431 pounds per harvested
acre. Similarly I winter wheat, rice, peanuts, hay,
and grain sorghums showed large increases .
Although lower prices and higher production
costs prevailed, which narrowed profit margins,
farm income rose sharply.

F'VE

SOUTIIWUT£~ II

SlUES

WI N TE~

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CATTLE AND CALF RECEIPTS

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Cattle and calf marketings in the Southwest were
much lower in 1958, as fovorable moisture con~
ditions improved ranges and permitted ranchers
to rebuild herds, fallowing sharp reductions during the drought years. Moreover, the carrying
capacity of ranges was greatly increased by
the availability of feed and forage . The higher
price levels both encouraged and discouraged
restocking but also acted as a stimulant to mar~
ketings when the seasonal peak was reached. By
late 1958, a substantial amount of restocking
had been accompl ished, and marketings were
resuming a more normal seasonal pattern . At
the year end, range conditions were excellent,
olthou gh cold weather and freezing rains caused
ranche rs to provide supplementa l feed .
BUSINESS

REVIE~I

MEMBER BANK LOANS ANO INVESTMENTS

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ELEVENTH HOEll.\. RESERVE OISTRICT

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" - - ' NVEST MENTS

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loans and investments of the District's member bonks showed substantial gains over 1957.
Contrary to the national trend, loans at the
District banks rose throughout 1958 and were
nearly 9 percent higher than in 1957. Especially noticeable were the continued advances
in commercial and industrial loans, led by
increased commitments to petroleum manufacturers and construction firms. Gains in construction and real-estate loons stemmed from the
strong building picture. Farmers borrowed more
to meet higher production costs and to rebuild
livestock herds. Investments rose nearly 15 percent during 1958 as banks purchased new Government security issues in order to utilize their
increased reserves.

c· ......,..

Demond and time deposits expanded during
1958, although time deposits turned downward

DEMAND AND TIME OEPOSITS
MEMBER &ANU- ELEVENTH fEll[RAL R[SERY[

OIST~ICT

in the fourth quarter. Under the impetus of the

easy money policy and heavy bank purchases
of Government securities, demand deposits rose
sharply, with accounts of individuals, portner·
ships, and corporations showing the strongest
gains. Time deposits continued to rise in early
1958; after midyear, rates on short-term paper
climbed swiftly, and time deposit expansion
moderated. As depositors shifted funds into
Treasury bills and common stocks to obtain
higher interest rotes or prospective speculative
returns, time deposits declined.

_........

FREE RESERVES

,.

1oI[IoIBU &A HI\1I-[L[V[IoIn; fEO[~AL~[SEI!V[ DIHllleT

. . . ""'.... _.£.0,

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:USINESS REVIEW

•
•"

'\..'" ,•

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.

CITY

BAH~S

1158

"
"

-

RESERV[ elfY

8AN~S

COU NTRY RANKS

RESERVE CITY DA NKS

eOU N T~Y

6A HU

Free reserves of the member banks were generally larger than in 1957; the greatest avai lability existed in the early part of the year, when
monetary policy was directed toward supplying
member bonks with ample reserves . As economic conditions steadily improved during the
summer, the Federal Reserve System changed its
policy toward mild restraint; thus, in the lost half
of 1958, free reserves trended downward. Free
reserves at the reserve city bonks virtua lly disappeared as their relatively high loan-to-deposit
ratios and traditionally close money position
brought a quick response to the more restrictive
monetary policy. Free reserves of country bonks
a lso declined in the fall but were still at a
comfortable level.

BUSINESS

REVIEW

BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS

Seasonally adjusted department store soles in the Eleventh
District during November ex-

ceeded both October and yeorearlier sa les, and reports indi·
cote that this strength continued in early December.
End-of- November inventories at the stores rose above
the preceding month's level for the fourth consecutive
month but remained lower thon a yeor ago. New car

registrations in the District's four largest metropolitan
areas were moderately above October but were
almost one-fourth less thon in November 1957.

The Supreme Court has reversed the "Memphis
Decision" by ruling that, except for fixed-price contracts, natural gas companies may impose a rote
increase, subject to refund in accordance with the
Federal Power Commission procedure. Colder weather sparked a sharp rise in demand for petroleum
products. Imports remained at a high level, and crude
oil production increased.
Industria l production in Texas advanced during
November, with the seasona lly adjusted index reaching 165, compared with 163 in October. Employment
of nonfarm workers in the District states showed on

Sales at Eleventh District department stores during November increased 2 percent over October
and were about the same as a
year earl ier, despite a reduced
number of trading days. The seasonally adjusted sa les
index rose to 166 percent of the 1947-49 average, up
from 159 in October and 160 a year ago. Sales conti nlled strong during the first 2 weeks in Decem ber,
registering a 2-percen t increase over the comparable
1957 period. Cumulative sales for 1958 through the
week ended Decem ber 13 were less than one-half of 1
percent below the sa me period in the previous year;
if the present sales pace continues, total department
store sales for 1958 will at least equal those in 1957.

above-normal seasonal increase in November, led
by gains in trade, manufacturing, and construction.
Unemployment in Texas declined further to 4.6 percent of the labor forc e .
Construction contracts awarded in the District
states reflected a strong controseasonal gain during
October. Both residential and nonresidential construction shored in the advance.
District bonking developments during late November and ea rly December featured a strong advance
in deposits, paralleled by expansion in both loan and
investment accounts . Member bonks gained reserve
funds in November, and their free rese rve position
improved moderately. Currency in circulation in the
District rose to a record high in December.
Agricultural activity in most sections of the District
is seasonally slow, except in winter vegetable areas .
Citrus fruit production in the District is below that of
last season, but output in Texas is moderately larger.
Forage supplies are generally adequate, although
rain is needed to promote development of wheat
postures in northwestern sections. Livestock remain
in good to very good condition.

Reports (rom a limited number of the District's department stores show that sales in most major departmen ts during November 1958 were below the comparable levels of 1957. The most notable exception was
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eloy enth Fedorol Rosorvo District
(19~7.A'

= 1001
STOCKS lEnd of """"h)

Ogt.

UnadlU'lt.d

1'57, N........b.' ••••
1t58, Sept_ b.' •..•
O<tgb ...
Ngv... bo, ••..

183,

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'"

Se<II~aIl1

adjv>•• d

UnadjU'lt.d

Sea ..... ally
odlU'l •• d

,.,

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1t8,

180.

'"

17 ~p

160,

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'"

1'lp

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, - Revhed.
p _

Prellm1nary.

BUSINESS

REVIE~

I

SALES AT fURNITURE STORES AND HOUSEHOLD APPLIANCE STORES

No ...... b.t 19!i 8 from

u... of trod.

Oc!~.t

by 0''''

195]

-,•

00

f URN ITURE STORES
To.o! fl .....'" Dh.,itl. ................. .

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,

A ... (n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-.-...

Dollo ••••••••.••••••.•••••••••••••••••
Ho ... oo ............................ .
lubb ... k .. ............. .
Son ..... 0010 ......................... .
Lo .. ... ................ ... .

Olh,,<lll ........................... ..
HOUSEHOLD AP'UANC~ STORES
To.al fl . ....,h [)i •• ,I<! ................. ..

Dollo ••••••• •••••••••••• ••••••••••.•••

.
-,•

0

"'"0,1110 .................. ·· •• ••·· .. ..

SlIt.'
.""",
Wld"'o Foil . .................. ....... .

No • • ",b ••

19!i8

,

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-,
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-,
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11 ....... 19!i8
COMp. wi.h
11 _ .. 19!i7

DEPARTMENT STORE SALES AND STOCKS
(~.t .. n' ou

<honu In '0'011 .oln)

'" ""'

No ••• b" 1958 from
N"

To'oIS •• onth o;.trkt ••.••
O"btl ...........
Do 0 ...................
0 '.. 10.................
fort Worth ..............
H........................ ·
Son ""tooIo .............

Coot...

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1958

No .... b.t

195]

-.,
0
0

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STOCKS
(fftdof_tfo)

11 _

1958

""",p. willi
\I _
1957

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,
•
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~

No . ... b.' 1958 f"""
O<lOb.,

1958

,,

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0

Ho •• ..b..

19!i]

-,
-,,

---5

-.

over October but were 23 percent under a year ago,
In the individual areas, increases of up to 33 percent
were recorded over the previous month , wi th the only
decrease, I percent, occurring in the Houston area.
The year-to-year comparison showed a decrease in each
area, ranging from 9 percent in Fort Worth to 34 percent in Houston . Cumulative total registrations in the
four areas for the first 11 monuls of 1958 reflected
a 27-percent decline from the corresponding toml of
1957.
Harvesting operations in the District are primarily confined to
gathering colton in late areas
and harvesting citrus fruits and
winter vegetables in commercial
areas of south Texas. Light snow and freezing rain
during mid-December extended about as far south as
Laredo and Corpus Christi. This cold weather checked
farm work in nonhern sections of the District, but citrus
and vegetable crops in the Winter Garden and Rio
Grande areas escaped major damage.

-,

Most winter vegetables are making good growth in
all areas, and planting of additional acreage for lateSht.'.po<!, L..... " •••• ,.
W .. <o ... , ............ :
--"
winter harvest has continued. Conditions have been
-,
Olho< d.I ••. , , ..........
favorable for onions in aU south Texas areas, and a
light acreage of this crop has been planted in tile Lower
the women's and misses' accessories group, in which Valley; onion transplanting is active in the Laredo and
sa les were 1 percent above a year earlier. Declines Winter Garden areas, The Texas acreage of vegetables
occurred in sales of both women's and misses' apparel for winter harvest for the fresh market is estimated to
and men's and boys' wear, but dle largest year-la-year be 4 percentiess than in 1957 and one-fourt h below the
decreases were 9 percent in major household appli- 1949-57 average. The reduction from acreage in 1957
ance sa les and 16 percent in sales of radios, phono- is largely the result of continuous rains, which pregraphs, and television sets,
vented planting of intended acreages,
DeparLment store inventories in the District at the
Citrus fruit production in Texas for the current
end of November were 2 percent higher than at the end season ( 1958-59) is quite favorable, although the crop
of October, reflecting the fourth consecutive month - in Arizona and Louisiana is below the 1957-58 output.
la-mon th increase, but were 3 percent lower than on Output of oranges in Texas is indicated to be IS percent
November 3D, 1957. Strength in orders outstand ing above the previous season's crop, and that for grapeand new orders placed, which is evident in reports from
a selected group of stores, indica tes that the stores do
CITRUS FRUIT PRODUCTION
not intend to permit inventories to drop as low as they
(1n .~ou.ond. 0/ bo"n!
did last winter, Orders outstanding at the end of NoAv., .. O. of 10
vember were up 4 percent from a month earlier and 8
II>dlc:or. d
•• 0 ..... ' ... d.d
1957_58
IU7-56
S.a •• ond "OP
1958-59
percellt from a year earlier, while new orders placed
AIUION"
during November exceeded those placed during Octo1,250
O'onu ... ............. ,...
650
1.02~
G.op.h .. ', .•••• " .•• ".,.
2,000
2.780
2,626
ber 195 8 and November 1957 by 2 percent and 5 per- LOUI$l
ANA
O'ono . ......... " .... ,...
185
cent, respectively.
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November registrations of new cars in the four largest' metropolitan areas in the District rose 11 percent

I:USINESS

REVIEW

TEXAS
O' ano.' ......... .... . ... .

G,op.f, ..... "............

2.300
".200

SOURCE , UnUod Sla •• • D. par'Mon. of Ag, I,. I.uto.

2,000
3,500

1,996
5.770

CONDITION STATISTICS OF WEEKLY REPORTING
MEM8ER 8ANKS IN LEAD ING CITIES

fruit is 20 percent larger. In Arizona and Louisiana,
orange production is 48 percent and 10 percent, respecti ve ly, under production a year ago. Grapefruit outlurn
in Arizona is 28 percen t smaller than the 1957-58 crop.
The 1958 collon crop in the Di strict states is placed
<It 6,035,000 bales, with year-to-year gains in output
noted in each state except Louisia na. In Texas the 1958
cotlon crop is indica ted at 4,350,000 bales, or onefifth larger than in 1957 and one-tenth greater th an the
l a -yea r average. Lint yields in Texas reached an alltime hi gh of 387 pounds per harvested acre.

Eleven th f e d oral RelC~rve Dil l';d

11ft 'h.."... ~d. of doll ..,,)
D... 17,
19,.

Depos its at week ly reporti ng
banks in the District expanded
~ ~ FINANCE ~ ~ sharply du ri ng the 4 weeks ended
i:
~ ~
December J 7. Loa ns a!so showed
.-'
a strong advance, and Investment
accounts were buoyed by bank purchases of Treasury
Tax Anticipation bills in late November.
IJo

fa~ .;:.

. . Gi

<.J {. ..

~

Doc. 18,
1957

A,SSETS
C"""o,dol a~d Indu"rlollaan ••••••......•••. $1,6.2.780 $1.612,712 $1,.80,771
~6.081
38,547
23.8~ 4
A,g,le"" ... ol '''''n' ••.....•••......••....••..
23.632
19.90.
18,591
I",,". t .. b,o~." and d... I... r" ..."".10•......
181,106
178,767
167,618
0,10., I",,", la' p"" ha.lnv 0' ,a,rylng •.,:",111 • ••
230.0 12
23I,B2 1
196,2 .B
hol·."a ' . I....n ••••••.••••••••••••••••••••
1. ,068
6,998
48.756
l .... n' ' 0 bonk. ..•••.......••......••....••
6U,879
HI,352
636,.98
All a,h •• loon •••....••.....•••....••......
G.a .. I",,", ••.•••....•••.....•••...... .
le .. , ......... ond ... "lIoc" ,.d ,ha,v.·"fF> •.

2,782,55 8
(5.872

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

2,73 0,101
.5,891

2,572,326
42,.82

2,736,6 86

--2,684.210

2,529,8"

U. S. f ••
101110 ••••• , •••••••••••
U. S. f,OO'UfY ,""in,o'.' " l lnd.b '.dn.........
U. $, T,OO.UfY 110'•• , .•..•...•••.•...••••...
U. S. O"..,n,..n' b""d. lin<. g,d. obllge ,j"".I.••
01ho, .0<... 1'1• ••••••••• , ••••••• " ••••••• . ,

76,573
169,553
271,575
914,481
333,0"

6.,851
163,031
2H.603
935,015
326,635

87,579
103,006
19.,282
805,499
280,052

To,,,lln.. ,'''''''''' ••.•.•...••••••....•••.
C,,,,, 110,., '" p,oc ... of '0110<'1.......... , •••••
.... ,,,"' •• whb bonk, In ,ho U";,.d S.o, ...... . . .
.... '0"' • •
ban'" '" 1",0I0n <_,I •••...•••
C""O<KY ond coin •••••••••••••••••••••••••
h •• , ••• wllh fed.,ol Ro, ........ ..s. .••.••.••••
O.ho, 0 ..." .•••••••....••••••...•.•••.•••

1,765,226
50 4.994
527,059
2,326
53, . 2.
57 1,767
202,069

TOTA,L A.SSfTS •..••••...•.•••..••••..

6,363,55 1

--6,186,353

UAllUTIES ANO CA,f'lrA,L
D..... Ad do!':""
"'di.ld ..... p",'no..hlp .. o~d """'"'0 ...... ' •• ,.
u,,;•• d 5'0'.' Goo."' .......................
$>0' 0' ond poll.leol ".b~l.hlo...............
.... nb I. ' ho u.,; •• d 5'0'••••••.•••..••••..
e .. n\> In '",.lgn .........1•••••••••••••••••••
C.,lIft.d ond 0111 ..,,· <ho,k., .>c •• .••.•••.•

3.052.546
73,.81
166,213
1,067,968
18,272
60,196

2,911,3.2
68.096
177,966
I,OD6,305
16,934
54,956

T"'ol do .... nd d.""sI" •••••..••••..••••

., 438,676

---

-4.142,599
---

---

1,057,739
7.130

1,05",2.2
7,.80

793,782
12,125

22 •• 01 5
6,691

191,190
6,7.3

N." ..... ,

Feed ing oC hay, bund le feed, and ca ke increased
du rin g December as a resu lt o( cold weat her. Unprotected livestock showed considerable shrinkage, bu t no
death losses of consequence occurred. Dry-land wheat
pastures in the lfigh Plains are fu rn ishing some grazing,
but add itional moistu re is needed in much of this area
to promote root development. Consequently, stock are
being kept of! whea t fields in many sections. 111 eastern
sections of the District, oa ts and barley are providing
grazing. but low temperatures have retarded forage
development.

Noy.19,
1958

".u.y

wi."

TI ... d. po.l"
'.dl .. d ... lo, pa"~."hl p •• and .orpor.. I1"" ••••.
U.,; •• d S'a'., Oo •• 'n .. on ••••.••....••••..
Po.'ol . o .. ng ••••.•••..•••......••••..• ,
S' e'" and poll'I."I.~bdl.I>I"", •. , .••.. " .•
aa.h I•• h. U. 5. and lor.l gn , ..... ' ,1...... ..
To'o l II ...

~ .p o . lh •.....••.....•••••..

Totol dop".I" •• . , .•.. , ...•.. , ..••..
am, payablo, ,. dl " ...... ' .. el<•.••••......••..
All o,h., 1101011111 • •. ....••..•••••...••••..•.
To'ol<opllol .. «o..," •....•••....••.... , •.•

m

219,163
6.416
1,290,869

-5,729,SH
18,3OD
111.875
503.831

-1,75.,135
. 69,571
.6•• 1..
1,789
. 8.262
569,V09
lU.333

1•• 70,.18
.80,165
.95,312
1,991
53,957
560,979
IIS,~78

5)71,1".

2,806.17.

78,0~7

113,503
1,023,245
17,013
6.,710
.,172,691

m
'"
- - - ----- - - 1,292.U9

1,005,26 1

5,535."8
50,600
10.,117
496,188

5,177,953
22,5 15
10'-992
471.684

Gross loa n expa nsion of $45.4 million (exclud ing
--TOTA,l UA,alUTIES ANO CAPITA,l. .••..•• 6,363,551 6,1 B6,353 5,778,1 ••
the Change in interbank loa ns) during the 4-week period
represented a continuat ion of the pattern of loa n expansion which dominated the District's banking picture cates [or certificates and bonds maturing in December
throughout most oC 1958. Commercial and industrial produced an internal shift in the composition of bank
loa ns were pa rticularly strong during the period, and portfolios. On ba lance, however. the total investment
the 4-week gai n of $3 0.1 million compares with a $26.8 increase of $ 11. 1 miUion reflected. almost exclusively,
million decline during the same period in 1957. Sa les ba nk acquisitions of the new Tax Anticipation bills.
fin ance companies and commodity dealers continued
Individua ls and businesses added $134.2 million to
to increase their bank borrowings in late November and
their
demand deposits at the reporting banks. providing
ca rly December, bu t the pri ncipal stimulant to business
most
of the over-all ga in which raised total demand
loa ns came (rom petroleum firms, whose borrowings
balances
at these banks to a level 6.4 percent above
have been relatively large for the past several months.
a year earlier. Demand balances of Ihe Federal GovInvestment changes durin g the 4-week period re- ernment rose sharply in late November as payment for
flected the impact o( bank purchases of Treasury Tax the new Treasury tax bills was made, but by December
Anticipation bills, for which payment was made by 17, this ga in had been largely dissipated. Time balances
credit to Ta x and Loa n Accou nts. In additi on, the declined furth er during the 4 weeks, reflecting withTreas ury's exchange offering o[ new notes and certifi- drawals by SLate and local governments.
BUSINESS

REVIE~

I

RESERVE POSITIONS OF MEMBER BANKS
EI "Yenih F"de.al Re'l!rve Di.'rict
I,.... rgg .... I d .. Uy figu .... In ,h .. u..,.d. of doli .. nl

''" ..

USERVE OTY loI.NKS
h ••
bolo"" ••......
R.qulr.d r........... ........... ..

,y.

EA .... rOIOIY.................. ..
.... ,,, ..... g •••••••••••••••••••••••
F, .. ' ••• 'y ••••.•••...•.• .. ..... .

COUNTRY BoI.NKS
bala"".................. .
hqul,. d , ••• ,y... .............. .
&«10 ' ••• "'................... .
Iorr ..... I.gl •••.....••..•.•....•..
fr •• ,.,.......................... .
MEMBER SANKS
R........ bolo"" ....... .. ........ ..
_.qulr.d ' ....................... ..
h .... , .......................... .
.... , ..... lng •••••.•••.•••••.•••..••

hi."".

F, .. , ........................... ..

~~9.166
~00, ~ 61
~8,705
~,6~5

H,060
1.015 ..... 9
956;/67
58,812
U,05 1
H,831

~36,191

H5.570

H,88~

~08.5U
~7.032

7,162
37,722

35,~99

992,509

1,008,96 ~

51.238
16,736

955,275
53,619
32,776
20,91 3

391.307

9~1,271

3~,502

11,53 3

CONDITION OF THE FEDERAl RESERVE BANK OF DALLAS

OK. 17,
1955

".

TOIol told <.,,11\0: .. ,. ' •••"' •••••• ,.
Dbeo..... for 1O....b.. bank ••..••• , .•••••• . .
0",", di-.r. aMI .. dWl""•••••••• " •• " ••
U. S. Govom .....r _will......... " ..•• " .•
T""ol ... ,nIftg a ..." ...................... .
Mo .. b .. bank , ••• IY. d.pooi" ...... " •••• , .
F.d.,gl R...lYo nor •• In 0""'" a..ulglion .•• ,.

Ooc. IS,

''''

$163,111
26,U6

".

92~,8d

951,561
9n,910

1",~'3

Earni ng assets of the Federal Reserve Bank o[ Dallas
rose $24.2 million between November 19 and December 17, as an increase in Government security holdings
more than offset a reduction in discounts and advances.
The increase in the Bank's holdings of securities paralleled relatively large System open market purchases
to provide reserve funds for seasonal needs, Gold certificate reserves declined moderately during the 4 weeks,
but the Dallas Bank's Federal Reserve notes in actual
circulation established a record high. On December 17,
notes in circulation were 7 percent above the yearearlier level.
NEW MEMBER BANK
The Brooks Field Notional Bonk of Son Antonio, Son
Anlonio, Texas, a newly organized inslitution localed in
the territory served by the Son Anlonia Branch of the
Federal Reserve Bonk of Dallas, opened for business
December I , 1958, as a member of the Federal Reserve
Syslem. The new member bonk has capitol of 5200,000,
surplus of $200,000, and undivided profils of $ 100,000.
The officers are: T. R, Heyland, Chairman of Ihe Boord;
S. F. Ramsey, President; Rabt. N, Oman, Vice President
and Cashier; and Alton Hays, Assistant Cashier.

I

BUS INES S REVIEW
10

Durin g th e past month, the
Supreme Court of the Uni ted
States reversed the famou s
"Memphis Decision" by ruling
thal, in standard contracts (ones
that do not have a fixed price), a natural gas company
may, in conformance with the Federal Power Commission procedu re, place a rate increase in effect without
the prior consent of its customers, Thi s decision is
expected to bring a sharp increase in pipeline construction and a substantially enlarged supply o( natural
gas which has been held off the market pending the
results of this case.
Severe weather in the northern sections o( the Na tion
in December resulted in a large increase in heating oil
demand, and further improvemen t in industrial production stimulated residual fuel oil demand, Total
demand for the major refined products rose 13 percent
in the 5 weeks ended December 12 and was 5 percent
above a year earlier. Surprisingly, gasoline demand
declined less than seasonally in this 5-week period and
increased 6 percent over a year ago.
The improvement in demand for petroleum products
occasioned a corresponding decline in products stocks.
To tal stocks of lhe fo ur major refi ned products on
December 12 were down 4 percent from the November
level and 5 percell( from a year earlier. The imbalances
which had developed between distillate and residual
fu el oil stocks are being corrected rapidly by the improvements in dema nd. Probably because of continued
strong gasoline demand, inventories of gaSOline rose
only I percent and were 7 percent below a year earlier.
The petroleum industry continued to import crude
oi l in excess of the levels established by the VOluntary
quotas. Total crude oil imports in the 5 weeks ended
December 12 were 7 percent above the previous period
and 9 percent over a year earlier, with most of the
increase occurring in crude im ports east of California,
The total imports picture for the 5 weeks indicates a
6-percent rise (rom the preceding period and a 19percelll increase over a year ago,
The enla rged supply of (oreign crude was more th an
matched by a further ga in in domestic production as
crude oil production in the Nation increased 1 percent
in early December and District producti on, at 3, 189,000
barrels per day, rose 3 percent. On a year-to-year basis,
crude oil production in the District was lip 2 percent,
but in December 1957 the industry was curtailing out-

put in response to a heavily overinventoried position.
District production in January is likely to remain at
the December level as the Texas Rail road Commjssion
has conti nued the 12-day production schedule, and New
Mexico and Louisiana also have held allowables steady.
The increase in the toWI new su pply of crude oil and
the relative stability of refin ery activ ity resu lted in a
minor rise in crude stocks to a lotal of 258,7 19,000
ba rrels on December 13. However, at t.h is level, crude
stocks were still 7 percent below a year ea rlier.
Industrial prod uction in Texas
advanced in November, with the
seasonally adjusted ind ex increasi ng 2 points to 165. Manufacturi ng activity resumed its
rise, as strikes ended in the automobile industry and
primary meta ls producers and other manufacturers
added workers. A less than seasonal increase in crude
oil OU lput was the major weakness in industria l production in November. Early reports indicate a fairly large
product ion advance during Decem ber, led by renewed
strength in the o il situa tion. However, future gains in
factory OUlput will be limited by the layoffs begun in
late December by a large Dallas ai rcraft manufacturer.
The layoffs resulted from ca ncell ation of Government
contracts for fighter planes and guided missiles.
Nonagricultural cm pl oy ment in the District states,
l:l ft er a strong seasonal rise o[ 16,500 workers in
October, showed a 22,300 increase in November to
reach 4,322,000. Gai ns in trade, manufacturing, and
construction accounted for most of this above-normal seasona l increase, Strike sett lements were responsible for some of the advance in both manufacturing
and construct ion. On the nega ti ve side, labor-manage-

ment disputes continued in a few industries. A new
dispute in the ai r-line industry during late November
had a severe impact on some areas of the Sou thwest; in Houston, air-line traffic was cut by o ne-third.
Unemployment in Texas reflected a contraseasonal
decline of 700 from October, and the November total
of 167,200 amoun ted to only 4.6 percent of tbe labor
force.
Construction contract awards in the District statcs
showed a strong contraseasonal increase during October, and the year·to-year margin of gain widencd to
49 percent. Residential ~ward s were up a sharp 61 percent from a yea r ago, ,lOd "all other" awards were up
38 percent. While residential contract awards continued
to rise, an FHA survey pointed to a further tightening
of mortgage cred it, with the discount on typical F HA
mortgages increasing during October by six-tenths
of I percent in bot h the Sou thwest and the Nation.
In November, however, the discou nt increases slowed
to one-tenth of 1 percent in the Southwest and twotenths of I percent in the Nation.
Business and Government spending seemed to be
providing new strength to both construction and genera l busi ness in the region. Among major business
ex pansions recently a nnounced for the District were
the plans of a continental railroad to install a $3 million
tmffic-control system west o[ E1 Paso to connect wi th
a similar $3.7 million system nea ring completion to
the east of T ucson. Unclassified Federal contracts
awarded in Texas du ri ng the third quarter of 1958
totaled over $94.8 million. The largest single contracl
amounted to $8.6 million and was awarded to a
Houston oil company for jet fuel.
NONAGRICULTURAL EMPLOYMENT

Five Soulh ....,ul.rn Slolel'
IN DUSTR iAl PRODUCTION
(5.0.0<10111 odl •• ,0<1 1....... , IU1·.9

"'.0 ond Iyp, 01

"'d.~

"""

ToIol .. d.",lol plod""I""....
10101 morwloctvr.,... •.•..•
D",ob', ..... nu'oClvr.'... .•••
N""d.,obl. ""'"ufocl ... '....
Mln"ol.. . . . • • . . . . . • • • • . . .
UNnED StA1U
lo'ollnd ..,.lcll p.odutlion....
lOlol '"on.loCl ...'.........
Du,obl. monu'o<"".........
Nond .. obl.
Mlnorol •. ,.... •••.....••..

"'0".10"........

= 1001

Noy ... b.,
"58p

Octob.,
1958

165
19'
216
IU
137

163
190
212
'79
138

167.
190
2 ..,
'79,
l .s,

'63
'01
225
175
135

1,1
113
152
135
123

138
"0
ld
IH

137
139
US
133
122

139
.. I
151
128
123

'22

5.p •• mb.,
'958

p
PfllI",'nary.
• _R ..II.d.
SOURCES, 80("d 01 do~ .. no" 01 Ih. Flde'ol hlO'~' 'S,. lo'"
P<HI"ol RII .... Dank 01 00110 •.

0.._.

Po« ... ' dIo"i!'

", ... bor01 p .. _.
No.,mb.,.
1957

Typ. of ."'pl",m...'

NOY ... b.,
lOS ..

Toto' """og,kuh",ol
wag. and .otory WOfk. . . . . ',322.000
Mo~u/o<1uri<19 •••...•••••
'''',000
Non .. onufoCl .. "'g .••••••• 3.571.000
MInlfIg ••• , •••••••••••
236,'00
311.700
C""'''''''ian ••••••..•••
T,on_,o'ian and publk
"'I,a••............. 390,600
T,od ••...••.•••...••• 1,115),00
18~,SOO
flnon.................
So""'••..••••••..••••
531.600
769,500
G....n..... I•••••••••••

19.58

N..... 19511......
Noy ... b ..
1957,

.,299),00
731,600
3,56 1.100
23'.900
308,100

3,565,200
258,100
30',100

391.600
1,135),00
'90. 100
532.,00
768,300

'07,300
' ,U8.OOO
18',100
522,900
7 ' 0,100

, A".ono. Lo.hlona, N..... Mulca, O.lohomo,
0-(.1''''010<1 .
• _ Re.h.d .
SOURCES, 5101. om~la,",.n l ogond.,.
f.d..ol RII''''' lIo~k 01 Dallal.

',3",100

n8,9oo

0"" Tuo,.

Ott.
19S8

,~.

,m

.., -0.'

, -u••
,.,•• -L',..
J

-.'•• -.'
'-'
-.'
- ..', •••
"
~.,

BUSINESS REVIEW
II

BANK OEBITS , END·Of.MONTH DEPOSITS

CONDITION STATISTICS OF ALL MEMBER BANKS

AND ANNUAL RATE OF TU RNOVU OF DEPOSITS

EleYGnlh Federal Reurvo Oi,l.id

IDoII ..... alOaunll In I""u ...".hj
~bl"

10 d.ma~d
d.pooIl """"",,,

[In .. IUlon. of doUo .. j
~""'nd

P..ct'l!aOt
chc!ngt f'e"n

"".

H...... b ..
1058

N"

AlIIZOH ...
TUC'ICII •••..
LOUIS!AN ...
MGnr ................
Shrntpc>tt ....••••••
MEXICO
R"'w.II •.•••..••.•••

•

180.731
68,OU
272,553

"'W

33,203

"','

82,OU
191.559
160,.63
U7,561
172.210
17.191
2.285,45 1
31.,638
677,OH
83.16.
2,133,990
24,IU
212,471
61,203
.7•• 7.
508.319
19.628
80.9.3
95•• 11
101,161

Abll.n ..............
"""',1110 ••••.••••.•.

"'e.".."In_ ..............
...........
Ccrpu. 0wl.11 •••••••.
Conk .................
Dolla ...............
EI ...................
Fer'! WOf/Il ••••••••••
Goln.tcrc •••••••..•.
H..................
Lo ..do ••••••.•••.••
Lvbbccl< •.•••••••.••

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

Son MO'Io •.••••..•
Son ............ , ........
T..... kc .... ' •••••••••
TyI .................

W".., ..............
WlthIu, f<cU, ........

T",,,1-24 dH •••.••••.. $7,970,650

N .....

1958

,,~

-.
-. -.
-.
-.--.-."

No ... 26,
195&

d.pooI,,'

'""",.or

Ann ....1, ..It 01

H.... 30,
1958

H..... 0<1. ,~.
1958 l UI 1957

-" ,• •
16.7 17.4 15 .•
20.0 16.7
-, , 181,.31 18.2
-" ", 30,359 13.2 ". 12.2
62,397 16.0 18.2 16.2
-"
119,976 19.1 22.0 19.3
-"
130,411 1$. 1 19.• U .•
"
-"
16.2 17.3 16.0
-, -," 113,794
117,072 17.6 19.3 19.0
..,
_u
, 26.0
10.9
22,167
-,
1,139,887
"
168,226 23.2 2 •. 6 2 •. 2
-, ,• 378,0.5
,,, 2•. B 21.0
"
-"
65,952 15.4 17.8 17.4
-"
-"
20.1 H.2 2U
-", -,
-, 1,269,341
22,173 13.1 U.3 15.5
114.55. 22.9 ,,, ,,,
5,951
17.9
-, -"", •42,720
"13.3 17.2
16.0 13.0
-"
,
390,325 15.6 17.2 17.2
-" ,• 16,729 U.2 1$.1 U .O
61,169
17.0 15.0
-,
69,9U ".
16 .• 11.4 17.0
,• 110.026
11.2 13.1 11.0
•

116,U6

19.0

22.7

20.0

~9.699

..

25.~

W

.

20.0

$ •• 838.501

• o.pollll 01 Indl.ld~al., pa" ... nhlp., and CClrpa.otlon. and of , ' 0'" "nd pollt1",t
,ubdlyhl" .. ,.
• 'h ... lI,uft. In<t~d. <lilly on. b"nk In Tu ... kona. Tua •• To.ol d.bl" 10. all bonk.
I.. Tua.kono. f ..a' ..... hn'''., Indudln; on. bonk 10<altd In tho EIgh.h Dlml<t,
o .. oun,td '0 U2.2 ••• 000 10' Ih... onlh 0; Ho ..... IMo. 1958.
GROSS DEMAND AND TIME DEPOSITS O F MEMBER BANKS
EIOYGnlh Fedo ral Relerve Di olricl
I...... og •• of daHr ngu .... In .. 1H1"n. of doUo .. '
TlM~

GROSS DEMAND DEPOSITS
R......

Total

Dol.
1956, Ho •• ",b ...
1951, N...... bor.
1958, loAy ......

$7,587
7.327
7,539
"'''II uo ' •••• 7,612
S.p.... b •• • 7,641
OdOb.....
7,615
N...... b ...
7,12'

ti'r bonk.
$3,668
3.524
3,760
3,799
3,792
3,7••
3,a32

Coun •..,.
bo"".
$3,919
3,803

"m

3,813
3,U9
3,a71
3,996

To'ol
$1.392
1,6"
2,077
2,105
2,IU
2,106
2.090

DEPOSITS

v.

Ro •••
d ' y banI<>

,-,,"
b" ....

• '"

$630

." ......
."

I,Ul
1,160
1,166
1,1.9
1,131

'"
."
m

$ •• 3$8

."
'",

...'",
...'"

H.052
2,375
OS>

2,698

'"
'"
'"

,
'"'"

'"
'"

TOT ... L ASSETS' ................. .

Hov.27,
1957

1958

AS$fTS
1.00 ... "nd dl ........ h .......................... . $ 4.UI
Un/ltd 5.010. GO.Ofn ... n. obllgo'I"" •...
2.795
O,h..."'.... ltl ...................... .
R....... wl.h f.d •• ol Ro .., ... Sonk .•. . ••••..••..
1.032
C,,>hln Yo"I ............................... .
Bolonc •• wl.h bonk. In ,~. Unlltd 51 .. ' ••••••.•••..
1.080
lolonc.. with bonk. In lo .. lgn co"""I ••••.....•..
Co.h 11'01' In p'oe ... 01 'oU.dl"" ..•.....•.
Olh.. 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.0.5

1.005

10,7.0

9,971

1,151

1,033
6,322
I.HI

U",8jUTlE$ AND C"'PIT... L

D.m .. nd d.""~h 01 bonk •.......•......
0 ..... d ... ond d.p ............................ ..
TI ... d."" ................................... .

1,133
6.87'
2,076

6•• '0

To.al d.poNh ............................ .
• 0HoWlng •••..••..•.••..••••••..••••..•..••.
O ..... Uobll1~ ..·..... .....
. ............. ..
1",..1 capitol Dec""""........................ .

10.083

9,721

9.003

'""
'"
11,087

10,7AO

9,971

Tor ... L U""U1IES AND CAPITAL............ .
•

.."'"

2.097

.,
'"
."

Eotl .. ottd.

BUILDING PERMI TS

,,,

22.4

0<1. 29.

V"'W"TlOH {OGIlo. 0 _ " In ....... and.j
P.", ••!OO. chang.
Hoy. 1958
f.o ..

HUMBEII

N,.
"RIZOH'"
T",_ ••.
10UISI"H"
SI" ••• port ....
TEXAS
"bll.........
..... 0,1110 ......
... u"I ..........
..ou"""' •••••.

~r..~~ .~~,~,:'::

Ho•.
1958

II ""' •.
1958

",

4.633

'"

5,422

,,,
'"
'"'"
'"
'"
'SO

.

1,6.2
EI Po ..........
fo •• Wo,,~ ....
Gal ...."" ..•.•
H.... lon •••••. 1.097
lubboc~ ......
m
POI' ...............
Son MlonIo ..• 1.055
W,,<o ........
Wkhilo foU •.•

..

,'"
'"

TOIol_17 all .... 7,561

11 mo •.
1958

Oct.
1958

1.,011

2,171

29.083

-"
-," "
" ".,,
-" -"
,
-.,
"
"
.,
.,
-,, -" "

• ." ,
1.89~

1.918
2.890
2,87'
3.986
2.338
21.91S
7.082
7,.86
1.307
14.391
3.235
1.997
1S,799
2,377
1.639

11 ""' •. 1958
c.""p.wl.h
1957 11 ""' •. 1957

No •.
1958

1•• 02

~.213

'"

1,180
11.50 1
•• 700
•• 110

."

19.'95
•• 296

no

~.626

no
'"

------101,289 $6.,285

20,U8
25,022
H,471
18,H7
21,070
1'3.359
60,523
50,151
3.89.
2U,620
39,620
9.9U
56.1'"
13,711
1.757

$n3.306

CR UDE OIL, DAilY AVERAGE PRODUCTION

.~ .

-. ..
-.
.. .•
-"
-" -" -,.
" "..." ,
-.-"-"", -"-""" -"".",
-. " "
-

-,

Itn Iho ..... nd. of b.".. h}
Chanlt. "00II
N~

H....."'b.,
19581

OdOb..
1958'

H...."'b ...
1957'

UEVOOH DiSTRICT ••••..••
TeAO ...................
GulICooII ••.•.
W.IIT..o ............
(011 Tuo. {p'op.. j.....
Poohandl.............
R... 01 Slolt ••..••••..
$out"'''''.rn H.w M.~lco .•
North.rn Lo.hlona ........
OUTs/OE ELEVENIH DISTRICT.
UHltED ST ...nS ............

3,107.8
2,7.2.1
518.1
1,2 16.1
151 .•
102.0
75 •• '
252.0
113.8
3.880.2
6,988.0

3,062.2
2.69 • ..5
.99.5
1,1 7U
U9.9
107.7
765.5
255.4
112.4
3.147.9
6,910.2

3.093.9
',721.2
529.0
1,166.3
171.0
107.9
75 •• 0
256 .•
109.3
3,730.1
6.8".0

OUall..
1951

.5.6
47.6
18.6
".3
_11.1

-3 .•

32.3
77.1

SOURCES, ' E.tl .. o'od fro ....... "I,on P.. ,ol.~ .. In.W.I. w• • kl1 '0""'''.
• Unf!td 510111 Su.eou 01 MI.OI.

BUSINESS REVIEW

12

13.9
13.9
_10.9
• Q.8
_19.6
_5.9

'"
..
-"
..
,
".

_S7

VA LUE O F CONSTRUCTION CONTRACTS AWARDED

H"".",b ..
lU7

150.1
164.0

tin Iho",and. of dollo .. j
Jon ......,
..... 0 .. nd ' yp •

O<tob ••
1951

fiVE SOUTHWESTERH
ST"TES' ••...•.•.• $ 363.500
Rtold ...lIol ••...•.•
182.028
All o.h.......
181 •• 72
UHITeO ST ...nS . •••.• 3,308.024
..~d.nIIDI •...•••• 1,594.041
Alia ............... 1,713,983

S.p.... bo<
1958

•

317•• ,3
156,955
160,.58
3,215,919
1.~60.270

1.755.649

,

O""bo<
1957

2".369
112,950
131,419
2.613,791
1,165,380
1.4.8.411

, ",cloono, Loul.lono, Htw Medco, Oklahoma, and Tuol.
SOU~CE, f. W. Dod,. Co,pa.eU"" •

O<tob ..

1951

•

3.~50,752
1."2.7~6

2,008.006
30,279.8A6
12,~H,797

17."'5,0.9

1957

•

2,927,H •
1.129.316
1.798.128
27.820.371
1'.350.~38

16,469.933