Full text of Review (Federal Reserve Bank of Dallas) : January 1962

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There were a number of significant offshoots from
these primary features of the year, including the remarkable stability of interest rates and price levels, the
substantial uptrend in consumer, business, and bank
liquidity, and the surprising ease with which the
Nation's increasing budget deficit was financed without
severe strains in the securities market. The entire economic scene for 1961 reflected a year of growth and
development in this Nation comparable to any recovery period in previous cycles.
The mild nature of the recent recession can be seen
in the relatively small decline of only $6 billion, or
approximately 1 percent, in gross national product
from the peak in the second quarter of 1960 to the
trough in the first quarter of 1961. In contrast, the
recovery was quite vigorous, with gross national
product increasing about $42 billion from the cyclical
trough in the first quarter to the end of the year and
averaging $521 billion for the year, or 3 percent over
1960. More than half of the gain occurred in personal
consumption; gross private domestic investment accounted for about 40 percent, and the remainder came
from government spending.
The large increase in personal consumption may
be a surprise to some observers, since there were a
substantial number of comments during the year that
consumers were not increasing their rate of spending
in proportion to their ability to spend. However, this
reluctance was clearly dispelled in the fourth quarter
by a sharp gain in retail trade, especially in automobile
sales. On the other hand, some observers may be
surprised by the relatively small increase in government spending, which had been advertised as the major
cause of the improvement in the economy during the
first and second quarters. In other words, a careful
inspection of the internal components and principal
indicators of the economy is required to give perspective to the recovery that brought the economy to new
records in virtually all major sectors. The restudy
requires special emphasis upon timing and some references to the usual leads and lags during business
cycles.
Economic Developments

In reviewing the changes in the Nation's economy
over the past 12 months, one is impressed by the speed
and force of the recovery. By hindsight, it is possible to
see that, despite the atmosphere of considerable gloom
attending the new year's entrance, corrective forces
were already under way which would, in only a short

I
I2

BUSINESS REVIEW

1: 1962

RECESSION IN SELECTED ECONOMIC INDICATORS
United States
first quarter

Second quarter

Indh:alor

1961

1960

Industrial production index (1957= 100)1 ............. .
Change in business inventories 2 ••••••••••••••••••• • ••

102.3
-4.0
33.85
55.8
13.4
6.8
404.7
17.9

109.3
5.4
36.30
54.9
14.5
5.2
404.2
18.6

Expenditures for new plant and equipment 2 • • • • • • • • • • •
Totcl new construction expenditures 2 •••••••••••••••••
Manufacturers' new durable goods orders2 ••••...•.•..
Unemployment rate (percent of civilian labor force}l ••..
Personal income 2 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Retail sales:! .••....................•••.•.•.•.•...
I

Seasonally adiusted .

I

Seasonally adiusted, in billions of dollars.
SOURCES: Board of Governors of the Federal Reserve System.
United States Department of Commerce.
United States Department of labor.

!.!

period of time, reverse the economic downtrend. Many
of these forces had been developing in the last half
of 1960. Among the most important were the
corrective actions of business, including inventory
liquidation, the layoff of workers to balance employment with production levels, and the reduction of
capital expenditures. These policies were the cause
of many of the declines in major indicators during the
fourth quarter of 1960 and the first quarter of 1961,
but they were also the principal factors which eventually corrected the imbalances that had developed
in the economy. As unused capacity increased, plant
and equipment expenditures were reduced in the latter
part of 1960, with the usual ramifying effect upon
capital goods, manufactures, construction, and employment. Also of considerable importance was the
emphasis upon active ease, toward which monetary
policies were directed.
Thus, by early 1961, though the total pattern of economic indicators reflected further declines, the economy
actually had reached a cyclical trough and started to
improve. During the first quarter, additional downward
pressures were being exerted by heavier inventory
liquidation, declines in private capital spending, and
a marked reduction in consumer spending for durable
goods. Moreover, construction activities were weakening in virtually all major segments. As a result, durable
goods manufacturers' orders declined steadily until
January but then began a marked resurgence which
carried forward throughout the year. To some extent,
the declining forces were reinforced by the reduction
in employment, as well as by a rather low level in the
factory workweek. Offsetting these downward pressures during the first quarter were a rise in government
spending and an increase in exports.
By early March, random signs of recovery appeared
in an improvement in manufacturers' new orders, a
cessation of inventory liquidation, and the resulting

4

'.

I

1

RECOVERY IN SELECTED ECONOMIC INDICATORS
United States

ind icator'
Industrial production index (1957 = lOOp ••• .••.•• . ••••
Total new construction expenditures 2 •••• • •••••••• • •••
Manufacturers' new durable goods orders 2 ••••••••• •• •
Personal income !! ••••• ••••• • •••••••• •• ••••.•••••••

Retail soles'!, • • ••••.•... . .•••••• •• ••• .. •.• . • . • .. .
I

July
1961

February

112.0
57.0
15 .0
421.2
18.0

102.1
55.7
13.4
403 .1
17.8

1961

Seasonallyadiusted.

Seasonally adjusted, in billions of dollars.
SOURCES: Boord of Governors of the Federal Reserve System.

!!

United Stotes Department of Commerce.
United States Department of labor.

increase in industrial production. As the second
quarter progressed, the forces of recovery gained
strength and outweighed the continued downward
pressures to such an extent that the general economy
began to show major signs of improvement. This improvement continued throughout the second and third
quarters of the year, although the rate of gain was
slowed in the latter part of the third quarter, partly
because of temporary factors.

r

With industrial production advancing quickly from
April to July, the atmosphere of recession quickly
abated. Although unemployment remained uncomfortably high, personal incomes rose quickly ; and Government fiscal policies, which had been shifted to
accommodate some countercyclical measures, were
further changed to allow for enlarged spending for
defense purposes. Government demands for goods and
services rose quickly and added to the improved private demand as business orders and sales continued
steadily upward. Even the level of construction activities began to improve, although the gain was fairly
slow and was concentrated in residential building. One
of the main impediments to rapid economic recovery
continued to be the downtrend in private capital spending, although this was reversed in the third quarter.
Meanwhile, special Government programs were inaugurated to stimulate certain types of construction.
Among these programs were the early releases of funds
for highway construction, a new housing bill to foster
both public and private home building, and reductions
in terms for FHA mortgage loans.
The effects of these growing supports to the
economy upon industrial production were quickly
apparent. From February (the cyclical trough) to
July, total factory output advanced nearly 10 percent;
the principal improvement occurred in durable goods,
the manufacturing sector which had shown the most
noticeable decline in the previous year. Durable goods
output increased 13 percent from February through

July, while nondurable goods production rose about
8 percent. The improvement in the mining sector
was negligible.
From July to October, the rate of economic advance
slowed markedly. Part of the reason for this slowdown
could be traced to an early model change-over in the
automobile industry, the usual summer lull in primary
metals and similar industries, and some shifts in the
business outlook as observers began to question the
permanency of the upturn without a supporting rise
in personal consumption expenditures. Reinforcing this
attitude was the evidence of rapidly accumulating inventories, especially in the durable goods field. At the
close of the summer, the threat of a major automobile
strike had begun to slow manufacturers' orders; in fact,
durable goods orders were almost unchanged between
August and September. When the automobile strike
did occur, though only on a company-by-company
basis, its effect emphasized the summer slowdown.
Moreover, Government expenditures, which had been
climbing at an annual rate of more than $2 billion,
suddenly slowed. The third quarter also contained
some severe weather disturbances, which interrupted
industrial production in primary metal, chemical, and
oil refining industries.
By the start of the fourth quarter, however,
especially following the settlement of the second automobile strike, the economy experienced an accelerated
rate of recovery and quickly moved to new records in
virtually all sectors. The fourth-quarter advance was
stimulated not only by the general recovery trend but
INDUSTRIAL PRODUCTION
UNITED STATES
($Iosonoll., odjuI'e4 indelloH,19!11- IOO)

PERCENT

PUC[HT

140

140

1301 - - -- - - - -

"

', ............
..... _-'...
DURABLES.....-O" •• "

1--- - - - - - . "
•••••••••••••••

•••••

1
I
i

"
"
,

•
•

• •••,........ ..,.......... •••••
••
... ........ __ : : '
' MINING

• • •••

100

p

p.Preliminory
,·Ellimol,d
SOURCES: 800rd of Goy,rllor., Federal R"lr'l' System
Fld,rol RII,rve Bonk of 00110' .

BUSINESS REVIEWI
1:1962

31

CHANGES IN SELECTED ECONOMIC INDICATORS
United States

Indicator

Indu,trial production Index (1957=100)' • . • • ••.•••• .
Ex p ondltureJ for new p lant end equipment' ..... .. ....... .
Toiol neW c:ons tll"udioo expenditures':! ••••••••••••••.
MonuiocHnC!n' n8W dUfabl1l!l goods ord.,.fi:l .. .. .. ........ «.
Unemployment rate (perc-ent of d'Yinan robor forcep .. .
Pe r!loonollneomll!!' ............................. . .......................... .
Relall 10101 ........ .... .... ............... ..................... .. .
'
Con.ume! prlc.
Index (l9~7~9 ~1 001 ............. .

1961e

1960

109.3
34.50
57.5
14.9
6.7
417.0
18.3
127.9

108.0
35.68
55.6
14.3
5.6
402.2
18.3
126.5

Percent
change

I

-3

3
4

19
3

o
1

Seasonallyadiusted.
Seasonally adiusted, in billions of dollars.
e - Estimated.

I
2

SOURCES, Board of Governors of the Federal Reserve System.
Federal Reserve Bank of Dallas.
United Stotes Department of Commerce.
United States Department of Labor.

also by recovery from strike- and storm-induced slowdowns. The normal seasonal pressures of the fourth
quarter of the year were reinforced by a sudden
marked improvement in consumer buying, the beginnings of a slow recovery in private capital spending,
and renewed emphasis upon government spending.
The continuing monetary policy of ease and the accelerating deficit in the Government's budget added
new funds for expansion. Thus, in the fourth quarter,
strength in all sectors - business, government, and
the consumer - provided the upward impetus for a
major expansion in the gross product of the Nation.
Only the effects of an enlarging deficit in the Nation's
balance of payments and the continuingly high level
of unemployment remained to cloud the picture of the
near-term outlook. Moreover, the rate of unemployment was reduced sharply in the closing months of
the year.
In reviewing this chronological summary of the
changes in the Nation's economy during 1961, it seems
worthwhile to note that developments among the major
sectors generally tracked normal cyclical patterns. The
lag in the unemployment decline (aggravated by
structural and other causes), the slow recovery in
consumer spending, and the continued decline in plant
and equipment expenditures after recovery had commenced are trends which the business cycle analyst
has come to expect in a recovery period.
Various other developments were not anticipated,
however, and thus surprised many businessmen and
consumers. Among these were the two major reviews
of national defense expenditure policies, one in March
and the other in July, both of which occasioned a
marked flurry of activity and expectations of possible
inflationary pressures. Another unexpected development was the stability of interest rates over the recovery
period. System monetary policies of active ease and

I

BUSINESS REVIEW

14

1 :1 962

Government policies dedicated to lower long-term rates
and higher short-term rates were partly responsible for
this stability. Although this trend is counter to that
shown in other major recovery periods, it should be
noted that interest rates had not declined in the shortterm sector nearly as far as in previous recession
periods. Thus, recovery was able to develop within the
existing framework of interest rates. At the close of
the year, the Nation's economy had reached a new
peak. Industrial production, construction, and personal
incomes had been rising rapidly, while unemployment,
though high, had been declining. The recession had
been largely forgotten except in its legacies of higher
unemployment rates and the deficit budget position.
The economic pattern described for the Nation as
a whole was largely reproduced in the economic developments of the Southwest with the exception of the
magnitude of the changes. Although no broad measure
of Eleventh District activity is available, it seems apparent from the inferences obtained by studying individual indicators that the Southwest's economy failed
to decline as much as the Nation's during the recession
and rose at a somewhat slower rate during recovery.
Industrial production in Texas advanced 2 percent
during 1961, with increases registered in all the major
sectors. The most significant gains occurred in electrical machinery and primary metals, but there were
offsetting declines in lumber and wood products and
metal, stone, and earth mining. The Texas industrial
production index reached a new record in October
at a level of 180 percent of the 1947-49 average, or 6
percent above the previous year's index and signifiTEXAS INDUSTRIAL PRODUCTION
(Sealonally adjusfed indeul, 1947- 49 -100)

'tiltOENT

____________. -______________~
P'~R~~

300

TOTAL

150f - - - - - - - - - - - - ---f--------------------l t50
ole...

••••

I. ••••••• ............ •••••

• ••••••

MINING

p PUll m_nCl' Y
. - E.... mlllh d

y'.

•••

pe

• ••••

cantly higher than the hurricane-affected low of 167
in September. As in the Nation, the strongest improvement in the major production sectors was shown
by durable goods, though nondurables also advanced,
especially in the chemical industry. The mining sector
was almost unchanged, however, as small increases in
petroleum and natural gas output offset declines in
metal, stone, and earth mining. The District's industrial output was increased by new industrial plants,
but this stimulus was not as strong or as broadly based
as in other recent years.
Among specific industries which are of special
significance to the Southwest and which may modify
the impact of national economic trends on this area,
the most important is the petroleum industry. For
1961, the District petroleum industry showed no
marked changes. Crude oil production advanced a
little more than 1 percent over the 1960 total, mainly
on the basis of new wells and some secondary recovery
activity. However, the number of allowable production
days in Texas declined from 103 in 1960 to 101 in
1961. The impact of competition, both domestic and
foreign, kept the industry at a low level of operation
and further depressed drilling activity. For the year
as a whole, well completions showed a 4-percent decline, and the footage drilled was down more than
1 percent.
Of the individual states in the Southwest, Louisiana
and New Mexico had the greatest gains in drilling
activity, and Texas, the largest decrease. Texas well
completions declined about 5 percent from a year ago,
while northern Louisiana completions advanced 17
percent. Gas wells continued to draw most of the
attention of drillers, and gas well completions in the
District showed a marked 18-percent advance; on the
other hand, oil well completions were down 7 percent.
With no major changes in refinery capacity, refinery
activity, as measured by crude runs to stills, showed
a total gain of 1 percent for the year. Petroleum
refining was interrupted by weather conditions associated with Hurricane Carla during September and,
to a lesser extent, by a major strike in the final quarter
of the year. Although both production and refining
showed no significant changes, the industry's petrochemical sector reflected moderate expansion. The
demand for major petroleum products in the United
States rose only fractionally in 1961, with the largest
increase accounted for by kerosene as a result of the
product's use as a jet fuel. Stocks were little changed

and the industry appeared to be in reasonable balance,
but this balance was achieved only by severe restrictions upon southwestern production. Price levels were
generally weaker for both crude oil and refined products, with gasoline price wars continuing most of
the year.
Construction activity in the District states showed
considerable improvement over the preceding year.
With a cumulative gain of 7 percent, total contracts
exceeded $4 billion in 1961 for a new record surpassing
the previous record in 1959. Within this construction
total, residential contracts rose almost 9 percent, with
heavy emphasis upon apartment-type construction. Although residential construction was slow in the early
part of the year and project-type construction lagged
relative to previous years, there was an irregular increase
in residential building as overhangs in local markets
were dissipated by the rather steady demand. Increases
in not only construction costs but also basic land values
probably accounted for some of the rise in the dollar
volume of residential contracts.
Contracts for nonresidential building in the District
states improved about 9 percent, and public works and
utilities contracts increased nearly 3 percent in 1961.
Factory construction was weaker in the District than in
other recent years, although commercial construction
continued relatively strong. The increase in public
works and utilities probably stemmed from the late improvement in plant and equipment expenditures by
utilities, which offset some declines in specific public
works sectors, including streets and highways. Among
VALUE OF CONSTRUCTION CONTRACTS
FIVE SOUTHWESTERN STATES

TOTAL

RESIDENTIAL

NONRESIDENTIAL

PU BLie WORKS
AND UTI L1TI ES

e-PlJrtilJll y.,timated
SOURCES: F W Dodge Corporation

F.d,ral R.ser .... Bonk of Ogllol

BUSINESS REVIEWI
1:1962

S

I

the five District states, Texas, Oklahoma, and Arizona
recorded the highest cumulative contract totals since
1956, whereas Louisiana and New Mexico showed
relatively weak construction patterns. One interesting
divergence has been the decline in the number of employees in the construction industry at a time when
contracts have risen. This apparent contradiction may
be a result of the more efficient use of labor-saving
machinery but might also be a result of the type of
construction which was emphasized during 1961.
NONAGRICULTURAL EMPLOYMENT
FIVE SOUTHWESTERN STATES

TOTAL
MANUFACTURING
MINING
CONSTRUCTION

•

TRANSPORTATION AND UTILITIES

TRADE
FINANCE
SERVICE
GOVERNMENT

3

2

I

PERCENT

0

CHANGE.

+1

+2

19111° FROM

+3
1960

' · Po rTla!!)' " ti mo t,d
SOU"CES : 5101. employment (lv,neil'
Federol R••• r .... Bonll of Dallal

The effect of the recession upon employment in the
District states was felt primarily in the construction
and manufacturing sectors, although a large decline
occurred in the transportation and public utilities
category and a moderate decline occurred in mining
employment. These two declines were associated more
with structural changes and long-term problems than
with the recession. Nonagricultural employment in the
District states averaged about 4,480,000, or fractionally above the 1960 annual average. Increases in
finance, government, services, and trade followed the
pattern of previous years and emphasized the shifting
nature of employment opportunities in the Southwest.
Changes in factory employment brought the total to a
higher level at the end of 1961 than at the end of 1960,
though the composition of such manufacturing employment shifted considerably. Declines were apparent
in the employment of workers in major aircraft assembly plants and in lumber and wood products,
chemical, and petroleum refining industries; while
increases were especially noticeable in ordnance, machinery, and primary metals plants.

I

BUSINESS REVIEW

16

1 :1962

To some extent, the unemployment picture in this
region tracked the Nation's pattern, with high levels
of unemployment early in the year. However, steady
reductions at a faster rate, especially in the latter part
of the year, were a feature of the southwestern picture.
At the end of 1961, the unemployment rate in Texas
was well below the rate in the Nation, and only one
"major" labor market in the District was classified as
having a substantial labor surplus.
Personal income in the District states rose nearly 4
percent over 1960. Increases in employment and a
longer factory workweek were partly responsible. In
addition, the gain in farm income and the high level
of unemployment compensation payments helped to
increase total income.
The pattern of retail trade in the District was
similar in broad aggregates to that in the Nation,
with a small gain of approximately 2 percent over the
previous year. However, among the various types of
outlets, the pattern of change in the District diverged
substantially from that in the Nation. For example,
although general merchandise sales in the District were
apparently much lower than in 1960, such sales
showed a moderate gain in the Nation. Similarly, sales
at automotive establishments were markedly higher in
the Nation but lower in the District.
Part of the trend evident in retail sales in the District was a result of price changes for the principal
products. For example, the decline in sales at gasoline
service stations probably reflected the lower gasoline
prices which prevailed during most of 1961. On the
other hand, the District food outlets showed a modest
sales gain over the preceding year, partly because of
the wider range of merchandise offered and some price
increases. The major declines from 1960 totals were
registered in sales at general merchandise, apparel,
and furniture and appliance stores, whereas increases
were evident mainly at food, eating and drinking, and
"other" retail establishments. It would be a mistake
to lay too much emphasis on the percentage changes
shown above since they represent primarily sales of
a limited sample of stores. For example, the decline
in general merchandise sales reported above runs
counter to the change in department store sales.
Eleventh District department store sales showed a
small increase over the 1960 figure.
The new state sales tax in Texas may have affected
reports of all retail sales and was particularly instrumental in building sales volumes during August, just

DEPARTMENT STORE SALES
ELEVENTH FEDERAL RESERVE OIST RI CT

PE"'
' Nl
190

1

I S,ololloll y od ju. h d indun, 1941- 4 9' 100)

f"fftCEHl

-

190

150

prior to the effective date of the tax. Another high
light of retail trade activity in 1961 was the continued
opening of major new stores in the larger urban
areas. These stores have ranged from suburban extensions of downtown department stores to a significant
number of new discount houses. The discount houses
have been an especially important force in competitive
retail selling throughout the District, particularly with
respect to sales of appliances and other consumer
durables, and the range of commodities offered has
broadened substantially. Intensive efforts have been
made to attract cu tomer back to the larger department tore in a number of Central Bu ine Di tricts,
but at the am time these tore have been opening
new uburban branche to capitalize upon the comp titive dvantage of conv Dien e in the ouUying area.

program for grain sorghums resulted in an acreage
diversion of 35 percent for the District states, but
total output declined only 12 percent. Per acre yields
of major crops in 1961 were about the same as or
higher than in 1960 except for peanuts and rice. The
rice crop would have been much larger, as would the
citrus crop, if Hurricane Carla had not damaged both
crops substantially.
In the livestock area, output of cattle, eggs, and
wool showed only modest increases, but the output of
turkeys and broilers was sharply above the previous
year. The marked advance in turkeys and broilers
brought a sharp decline in prices for these products,
whereas prices for cattle and wool were stronger than
in 1960.
One of the stronger elements in the agricultural
picture during 1961 was the excellent moisture situation and the nearly perfect timing of precipitation,
which led to the large winter wheat and cotton crops.
In all, the agricultural picture for the District was
one of considerable strength, marred only by the
impact of the storms on the Texas Gulf Coast area
and by some increase in insect infestations in a
limited number of sections of the District. It is expected that southwestern farm income, including
Government payments, may be as much as 6 percent
above the 1960 level.
Financial Developments

Agricultural activitie in the Dj trict were among
the tronge t elements in the regional econ my during
1961. Ca h receipt. from farm marketings increa ed
ar und 5 percent, with r ceipt from crop up 6 percent and tho e from livestock and live tock products
up 3 percent. Thl improvement in cash receipts
temmed from a mall gain in the total output of crop
and live tock and a moderate increa in prices. Price
received by Texa farmer and rancher for all farm
products averaged 4 percent above the 1960 level, with
crop prices up 6 percent and livestock prices up 2
percent.

Activity in the financial markets reflected the
change in economic conditions, as well as some longterm trends persisting from the year before, but shortrun developments influenced the general atmosphere
to a considerable degree. The total demand for credit
in the economy probably advanced over the slow pace
of 1960, with a marked change in the internal composition of such demand. In the area of capital
markets, total new corporate issues reached a record
of more than $11.6 billion, or almost $1.9 billion
above the level in 1960. State and local security
offerings also reached a new record of nearly $8.4
billion, which is about $1.1 billion over the previous
year. Strength in the capital markets was particularly
apparent in the second quarter of the year, when new
corporate issues totaled $4.7 billion, or more than
double the level in the comparable 1960 period.

Among the major crops of the District, cotton, corn,
and peanuts showed the principal production increases;
winter wheat was unchanged; and grain sorghums and
rice reflected output declines. The basic Government

Part of the increase in demand for new capital issues
came from corporations seeking to take advantage of
the lower levels of interest rates, especially with the
anticipation that such rates might be sharply advanced
BUSINESS REVIEW

1 :1962

I

71

in the economic recovery. Moreover, corporations
were seeking to increase internal funds available for
both working capital and plant and equipment expenditures. These demands were augmented by a desire to
refund some outstanding securities which had been
placed at substantially higher rates of interest during
previous years. At least a portion of the proceeds from
the new corporate issues was used to repay bank loans,
although a substantial portion was used to finance
the growing level of sales and operations, including
the improved capital expenditures.
State and municipal borrowings were enlarged,
partly because of the interest rate attraction noted
above; but, in addition, state and local government
units were forced to increase borrowings to meet their
larger expenditures for educational and institutional
construction and other improvements. Total corporate
and state and local issues during 1961 amounted to
nearly $20 billion.
In addition to the capital market expansion, credit
demands were enlarged by a slowly rising need for
mortgage credit as housing starts advanced from recession levels. Mortgage rates on conventional contracts firmed at about 6 percent, or nearly one-fourth
of 1 percent below the level of 1960. Rising demands
for mortgage credit were evident in business borrowings to construct new apartment units, but, before the
end of the year, demands were being generated by
improved private single-dwelling housing starts. Government-underwritten starts were sharply lower than
in 1960.
One of the strongest areas of credit demand during
1961 was that of the Federal Government. With the
Government's budget moving into a deficit position and
with this deficit increasing throughout 1961, Treasury
operations required a steadily rising level of new cash
borrowings; and, for the year as a whole, these new
financings amounted to $15,094 million. Treasury
~nancings were responsible for much of the uncertainty
m the Government securities market as the Treasury
came into the market every month except December.
Treasury operations during the year included such
new financing arrangements as the sale of "strips"
of Treasury bills, one block of which was offered in
June and the other in November. Treasury refundings
and advance refundings were developed in such a
way as to improve the average maturity of the marketable debt, and no change in the maturity was evident.
Bank purchases of some new short-term issues were

I BUSINESS

REVIEW

1 :1962

LOANS AND INVESTMENTS
ALL COMMERCIAL BANKS I N THE UNITED STATES
( AI

_I '-1•.1 0 ... $ 0' DC 1.1.""5

12 D

110

~

--""'"

or

10,1

W.dnudoy of month 1

~

-

81 LUOHI Of' D,D'"

-

~JUSTED

.r--;,

I 10

I 00

100

,----

90

80

LA"

.A ,20

~

70

I

,, - . '
TOTAL

INVESTMENTS

_---_

_----'

,--,,~-

80

. . 1" ............ _,,--,,'
I

1960

90

p

I
1961

70

p_Prellm,nory
I -E,timol,CI
SOURCES : Boord of Goy,rnorJ, F.d.ral Ret.r .... Sy.I,'"
F.d.ral Reserv' Bonk of Dalla. ,

assured by permitting credit to Tax and Loan
Accounts.
Bank loan demands during 1961 were relatively
slack compared to the rate of recovery in the Nation's
economy. Total loans of all commercial banks in the
United States reflected a year-to-year increase of more
than $6 billion at the end of November, with the
most rapid advance occurring in real-estate loans.
Business and consumer loans were relatively unchanged until very late in the year. Loans to nonbank
financial institutions showed a slight gain, but consumer credit requirements declined.
On the other hand, total investments of all com?anks in the Nation advanced rapidly in 1961,
wIth gams of more than 10 percent in holdings of
both Government and non-Government securities. The
year-to-year increase in investments through November
amounted to about $9 billion, but some liquidation
was evident late in the year. One feature of the increase in investments was the move to shorter maturities on the part of the banking industry. Faced with
the possibilities of an expansion in loan demands and
a substantial need for liquidity, banks increased their
holdings of securities maturing within 1 year while
reducing their holdings of long-term securities.
m~rcial

Total bank credit rose nearly $15 billion over 1960
with slightly more than one-third of the advance oc~
curring in bank loans. The lack of strength in bank
l~ans was puzzling to m~ny observers, especially in
VIew of the strong economIC recovery. However, major
causes of the slack bank loan demand probably were

repayments of bank credit by business through capitalissue proceeds; the slow recovery in capital expenditures; and the improving profit picture, which
generated more internal funds to finance inventory
accumulation.
Consumer credit needs were also relatively weak,
especially during the first 9 months of the year. Total
consumer credit at the end of October amounted to
$55,051 million, or only $707 million above the total
at the end of October 1960. This weakness was
particularly apparent in the instalment credit sector
and, within that sector, in the demand for newautomobile loans. At the end of October, total automobile paper outstanding amounted to only $17,186
million, as compared with $17,992 million a year
earlier. However, in the final quarter of 1961, with
consumer durable goods purchases rising strongly,
there were renewed demands for consumer credit.

age free reserve figures for the banking system reveal
a net borrowed reserve level for even the central reserve city banks in only a few months. System operations were aimed at providing reserves freely, and the
money supply advanced during the first half of 1961.
Moreover, rapid expansion in the last 6 months
brought a full-year gain of nearly 3 percent.

System monetary policies were formulated, first, to
provide a proper financial environment for the domestic economic pattern and, secondly, to contribute to
stability and an improvement in the Nation's international financial relationships. To accommodate the
first objective of providing reserves to stimulate and
then support the credit needs of an expanding economy, the System made substantial purchases of
Government securities during 1961. Net sales from
the System Open Market Account occurred only during January, a normally heavy month of absorption,
and in December. In all other months, the System's
Supplies of loanable funds advanced steadily dur- operations provided reserves through open market
ing 1961, partly because increased personal savings operations; for the year as a whole, the System Acenlarged the level of time and savings deposits in the count increased about $2 billion.
banking system and receipts at other financial institutions. Time deposits rose about $10 billion during
Largely to accommodate the second objective, the
the first 11 months of 1961, or at a seasonally ad- System changed its method of implementation by exjusted annual rate of 12 percent. Savings and loan panding open market purchases to the full range of
shares at all operating savings and loan associations maturities on February 20, 1961. This move was an
advanced more than 13 percent, and savings at mutual extension of the action taken in late 1960 which
savings banks rose approximately 5 percent. Gross allowed the Manager of the Open Market Account to
demand deposits expanded about $5 billion in 1961, purchase securities with maturities of up to 15 months.
with a sharp rise in individual, partnership, and cor- As a result of this change in implementation, the
poration accounts. Partly because of these deposit System's open market portfolio shifted during the year,
increases but also because of loan repayments, with longer-dated securities accounting for a greater
especially in the consumer credit sector, bank loan- proportion of total holdings than in 1960. As andeposit ratios generally declined during 1961, though nounced at the time the change was made, the System
remaining above the levels prevailing prior to extension of operations into full-range maturities
mid-1959.
involved a desire to maintain interest rates on shortterm funds at levels which would be more competitive
Bank reserve positions were markedly improved with similar rates in foreign countries and, at the
during 1961 , primarily because Federal Reserve Sys- same time, to encourage the flow of long-term funds
tem policy actions continued to provide reserves to into productive investments. This operation was consupport the expansion in bank credit. This monetary ducted in concert with efforts to encourage domestic
policy of active ease had been carried over from the economic recovery and to deal with balance-ofprevious year in an attempt to modify the recessionary payments problems.
forces and stimulate economic recovery. Free reserves
Other than with respect to open market operations,
of the member banks were maintained at a level in
excess of $500 million during most of 1961, and mem- System policy moves were relatively few during 1961.
ber bank borrowings were correspondingly reduced to There were no changes in discount rates, which were
relatively nominal levels. Borrowings exceeded an held at a 3-percent level, and no change in reserve
average of $100 million per month in only 3 months req uirements. Late in 1961, the System did make a
of the year. It is interesting to note that the aver- change in regulation Q to allow an increase in interest
BUSINESS REVIEW
1 :1962

I

91

rates which commercial banks would be permitted to
pay on time and savings deposits.

tional markets were highly sensitive during most of
1961, being upset by exchange speculation following
German and Dutch revaluations and by political uncertainties, including various crises in the Congo,
Berlin, and southeast Asia.

The international financial developments which
caused the System to modify its open market procedures are well known in their impact upon the total
The impact of these domestic and international
balance of payments and the total gold holdings of
forces
upon interest rates in the money and credit
the United States. Actions taken by the Federal Govmarkets
of the United States was surprisingly small.
ernment to attempt to reduce the balance-of-payments
deficit of the United States included additional requests However, it should be remembered that, in previous
to our allies to finance military expenditures either recessions, short-term interest rates had been permitted
by direct payment or by tying such military aid to to fall to less than 1 percent and Federal Reserve
purchases of goods and services within the United System monetary policy actions included substantial
States; lowering from $500 to $100 the limit on the reductions in discount rates. During the 1960-61 recestotal of duty-free goods which individual tourists might sion, such interest rates were generally held above 2
bring back from abroad; and steps to increase mer- percent; as a consequence, the recovery was able to
chandise exports, such as new commercial and political proceed without marked inflationary or destabilizing
risk insurance. Other actions encompassed increased pressures within an interest rate structure which held
cooperation between central banks of the free world, relatively steady throughout the year.
purchases and sales of foreign currencies to reduce
Average yields on 91-day Treasury bills remained
the impact of speculative developments, substitution within a 20-basis point spread from January through
of local currencies for dollars to cover local expendi- October; then, because of seasonal pressures, heavy
tures in foreign nations, some increased tax relief to
foreign central banks to encourage them to invest and
keep their reserves in United States securities, the
SELECTED FINANCIAL INDICATORS
afore-mentioned aid in keeping short-term rates at
UNITED STATES
competitive levels, and - very recently - an action
.-:PtJOC=E::::.;
N'T
to increase interest rates which could be paid on foreign deposits in commercial banks so that returns on
GOVERNMENT BONDS
such deposits could be more competitive with like
(LONG-TERM )
rates in other nations.
~,. ,
e4
PERCENT ~r
R AN
=N:.:::
UM~_ __ _--y-_ _ _ __

.

There was some improvement in the Nation's
balance-of-payments situation during 1961, especially
in the early part of the year. The merchandise trade
balance widened to a sharply higher level in the first
quarter, and, correspondingly, the balance-of-payments
deficit was reduced to a level of only $1.4 billion.
However, excluding the effects of special debt repayments (particularly by Germany), the basic deficit in
the balance of payments rose to $1.9 billion in the
second quarter and then above $3.0 billion in the third
and fourth quarters of the year. For the full year, the
deficit of around $2.5 billion in the United States
balance of payments was reflected in a loss of about
$900 million in gold and an increase of nearly $1.6
billion in foreign short-term dollar claims against the
United States. The largest loss of gold occurred in the
final quarter of 1961, with at least part of this loss
occasioned by a return flow of currencies following
the British stabilization program and the British drawings against the International Monetary Fund. Interna-

I

BUSINESS REVIEW

110

1 :1962

~ :tNHltW

. . . . . . _.""'--.. 1--.. . --_.-..,' . -"·. . -.. . .

;,

F. R. DISCOUNT RATE
(NEW YORK)

...........

. -~--~~--------~3

3

\. .._.........._...
1 ......... ""...,-.-.-.""....•
.. --......

"'
2" - - - - - -

-

~

TREASURY BILLS
(9f-OAY)

/
_~-----l 2

1960
MILLIONS OF DOLLARS

MILLIONS OF DOLL ARS

+ 1•000
-

ME MBER BANK
FREE RESERVES ~...,

--

""

+4oo f - - - -""...... _ ,,,,:.'

+8oo
'\",

,''''

.......

, __ _ __ - '"

v

+600

1

. ."'" .... +400

+2oo l-----,'
.'- -......=:~----------l +2oo

,/ ',.- - - - - f . ,

o
-200

/

.'nu" due or cal lable in IOylort or rn or.
rol ..

!\' Mark"

p- PT"limi"or,
SOURCES: Board 0 ' Go .... ,."o... , Federol R... ,.... S,t'lm
F.o.rol R... ru Bonk of 00110.

~:::-:::::-:::::::::::~. 0
-'------1 -200

short-term Treasury financings, and international considerations, the rate advanced to more than 2.5
percent. On the other hand, yields on long-term Government securities fluctuated generally within only a
15-basis point change, with the higher levels again
occurring in the later months of the year. The stability
in interest rates, while especially important to the
volume of bank credit demanded by corporations and
municipalities, was a major factor in the improved
competitive relationship of the United States since
rates in most of the western European nations were
generally declining (except in England, where drastic
measures were taken in mid-July to curb a rising
deficit in its balance of payments).
Toward the end of the year, as was the case at
various times after the recovery began, market atmosphere was affected by reports on the improving business situation, rumors of change in Federal Reserve
monetary policies, and expectations of a rising level
of interest rates. Such expectations and anticipations
formed a body of shifting influences which, together
with the virtually continuous Treasury financing operations, were destabilizing forces in the Government
securities market. Major changes in dealer holdings
of Government securities - notably the marked increase in October and early November, when total
dealer holdings exceeded $4.5 billion - also created
fluctuating pressures on rates and prices of such
securities.
The composite of these forces influenced banking
conditions in the District, as well as in the Nation;
but, in addition, there were special circumstances
in the region, as has been noted in the foregoing economic review. Loan demands were generally
stronger at member banks in the Eleventh District
than at commercial banks in the Nation; and, for the
year as a whole, the total gain in loans in the District
reached more than 10 percent, contrasted with a 5percent advance in the Nation. Total investments of
the District's member banks showed slightly less
strength than investments of the Nation's commercial
banks, with a gain of about 10 percent contrasting
with a nationwide increase of more than 12 percent.
Deposits at District member banks showed similar
patterns to those in the Nation; gross demand deposits
advanced about 5 percent, and time deposits rose
more than 15 percent.
Reserve positions of member banks in the District
improved considerably, and borrowings were reduced
to nominal levels during most of 1961. Member banks

MEMBER BANK LOANS AND INVESTMENTS
ELEVENTH FEDERAL RESERVE DISTRICT
(A.

of

101'

Wednudoy of month)

BILLIONS OF DOLLARS

B1LLlDR'5 OF DOLLARS

6

6

5 t-----=~o;;;;;J

TOTAL I N~ESTMENTS

4

41 - - - - - - - - _ j _ - -- ----., ,..,,

," ,,'

~.--,~ ,,--I

'p. . .

~

p _P, e llmlr'lory.
.. E.ll m.;t. d

in the major cities generally adjusted their reserve
positions for unusual periods of strain by resort to the
Federal funds market, and the volume of Federal funds
activity remained quite high during the year. District
banks were heavy purchasers of Government securities,
especially in the shorter-term area, and were major
participants in new Treasury financings. In a number
of short-term financings during the year, the Eleventh
District ranked third or fourth among all districts in
bank subscriptions for the new securities.
Generally speaking, the banking atmosphere in the
District was consistently more optimistic, partly because loan demands did not decline as much as in the
Nation (in fact, loan-deposit ratios were higher toward
the end of 1961 than a year earlier) and partly because
the favorable agricultural situation in the District enabled farmers to repay loans carried over from
previous years of crop failures. The advance in time
deposits and the competition for deposits intensified
during the year; with the change in regulation Q,
many of the major banks in the Eleventh District have
taken another step to increase the attractiveness of
savings and time deposits in their banks by raising the
interest rates payable on such deposits. Though to a
lesser degree than in 1960, a major feature of the
District banking picture was the continued increase
in the number of banking institutions, with new banks
being opened in many areas of the District.
Summary

Economic conditions in the Nation and the District
at the end of 1961 could lead to further advances in
the new year. The basic strength of a rising level of
BUSINESS REV I EW I
1 :1962

11

I

plant and equipment expenditures, higher totals of
consumer purchasing, the improved consumer potential evident in the gains in incomes and employment,
and rising construction activity - coupled with the
continuing gains in new orders to manufacturers, prospects for a higher level of inventory accumulation to
hedge against a potential steel strike, and similar

matters - are factors that could lead to an advanced
level of economic activity in the first half of 1962.
Among the major forces influencing the early-1962
financial situation in the Nation and the District are
the possibilities of increased bank loan demands, the
probability of additional Treasury financings, and uncertainties in the international balance of payments.

NEW PAR BANKS
The Clayton State Bank, Clayton, Oklahoma, an insured nonmember bank located in the territory served by
the Head Office of the Federal Reserve Bank of Dallas,
was added to the Par list on December 8, 1961. The
officers are: Mrs. Wharton Mathies, President (Inactive);
Mrs. Carl McCoy, Vice President (Inactive); Wharton
Mathies, Cashier; and Jeff Ingram, Assistant Cashier.
The Zavala County Bank, Crystal City, Texas, an insured nonmember bank located in the territory served
by the San Antonio Branch of the Federal Reserve Bank
of Dallas, was added to the Par list on December 15,
1961. The officers are: A. Owen Williams, President;
R. S. Crawford, Sr., Vice President; B. R. Worden, Cashier; and Iris R. Pegues, Assistant Cashier.

I

BUSINESS REVIEW

112

1 :1962

BUSINESS

REVIEW

BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS

Department store sales in the
Eleventh Federal Reserve District in November and December 1961 reached the highest
dollar volume of record for the
period. November sales rose 9 percent above November 1960; and, despite one less pre-Christmas
shopping day in December, final figures are expected
to place Christmas trade this year at a record total.
Cumulative department store sales for the first 11
months of 1961 were almost 2 percent above the
comparable period in 1960.
District crude oil production advanced in November and early December and should rise further in
January as a result of increases in allowable schedules in Louisiana and New Mexico. Drilling activity
increased significantly in November, and refinery
operations advanced in early December.
The District's weekly reporting member banks increased their loans and deposits but reduced their
investments during the 5 weeks ended December 20.

Consumer spending responded
vigorously in November and December to give Eleventh District
department stores their best
November-December sales volume of record. Store traffic was the heaviest ever experienced by District stores as a highly price-conscious
public did its Christmas shopping. December trade was
handicapped by one less shopping day before Christmas than in 1960, but final figures are expected to show
that a higher level of daily sales lifted December's total
to about the same as the record volume for that month
established in 1960.
Despite one less business day than in October, total
department store sales in November in the District
exceeded those in the previous month by 12 percent
and rose approximately 9 percent above November
1960. The adjusted monthly index of department store

Responding to a permissive change in regulation Q,
a number of District banks have raised the interest
rates payable on time and savings deposits.
The Texas industrial production index declined to
178 in November but was above November 1960.
Nonagricultural employment in the District states
during the month decreased to 4,510,700, and unemployment in Texas increased to 4.9 percent of the
labor force. The value of construction contracts in
the District states rose moderately in October to $313
million, with increases in residential and nonresidential building offsetting a decline in public works and
utilities construction.
Unfavorable weather conditions delayed farming
operations in the District during December. Outturns
of cotton and citrus fruits in 1961 were up moderately from the year-earlier levels. Seedings for the
1962 winter wheat crop are one-tenth below acreages planted for the previous year's production. Supplemental feeding of livestock has been accelerated
to prevent weight loss.

DEPARTMENT

STOR~

SALES

(Percentag e change in retail value)

November 1961 from
Area
Tolal Eleventh Dislrict. . . . . . . . . . . . . . .
Corpus Christi..... . . . . . . . . . . . . . . . . .
Dallas.... ........ .. ..... . . . . . . . ..
EI Paso... . . . . . ... . .... . . . . . . . . . . .
Fori Worlh ....... . . . . . . . . .. .. ... . .
Houston . • • • •••.• . ••••.......•... .
San Antonio .. .. .. .. . .. . . . . . . .. .. . .
Shreveport, La . . . . • . . • .•..... . . . . .•
Waco.... .......... . ......... . ...
Other cities. • • • . . • . . . . . • . • . • . . . • . •

October
1961
12
1

Noyember

1960

11 months,
1961 from
1960

9

o

18

9

-5

9
15
5
11
12
14
15

-2

-5

8
16
13
17

-2
4

1

2
5
4

7

o
o

sales, which makes allowances for differences in the
number of trading days and for seasonal factors, rose
from 174 percent of the 1947-49 average in October to
178 in November. The November index compares with
164 in the same month in 1960 and 179 in November
1959, the record high for the month. Cumulative sales

I

BUSINESS REVIEW
13 1
1 :1962

INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Federal Reserve District
(1947·49

= 100)

SALES (Daily average)
DO l~

Unadiusted

Seasonally
adiusted

1960, November. • •• •
I 96 1, Se ptemb er. . . . .
October.......
Nave mbor . • • . •

190
168
177
206

164r
175
174
178

rp -

STOCKS (End of month)
Seasonally

Unadjusted

211
199
211

216p

adjusted

192
187
192
196p

Revised.
Preliminary.

in the first 11 months of 1961 exceeded those in the
same months in 1960 by almost 2 percent
New car registrations in four major Texas markets
in November advanced 6 percent over October and
were 5 percent more than in November 1960. The
October-November gains in the number of registrations
ranged from 1 percent in Fort Worth to 8 percent in
Dallas. Houston and San Antonio each showed an increase of 5 percent As compared with a year ago, November 1961 registrations in San Antonio and Dallas
rose 10 percent and 12 percent, respectively; Houston
was about unchanged, while Fort Worth showed a
2-percent loss. In the first 11 months of 1961, registrations declined 10 percent in Dallas and 11 percent in
Houston from the comparable 1960 period; in San
Antonio and Fort Worth, there were decreases of 16
percent and 17 percent, respectively.
Farming activities in the District were at a virtual standstill
throughout a large part of December as a result of inclement
weather, including freezing temperatures, rain, snow, and ice. Most farmers are considerably behind schedule in harvesting late crops and
preparing fields for 1962 seedings. Ranchers have
stepped up supplemental feeding of livestock because
of unfavorable weather conditions.
Cotton harvesting is substantially behind a year ago
in the Northern High Plains, parts of the Southern
High Plains, and late areas of the Low Rolling Plains
of Texas. Cotton production in the District states, as of
December 1, is placed at 6.7 million bales, or 45,000
bales below the month-earlier forecast but 4 percent
larger than output in 1960. As compared with a month
ago, the December 1961 estimate reports output decreases for Louisiana and Oklahoma but a slight
increase for Arizona; estimates for the other District
states are unchanged.

I
I 14

BUSINESS REVIEW

1:1962

Very low temperatures have halted growth of winter
wheat in the northern Panhandle of Texas, and boggy
fields have prevented full utilization of small grains for
grazing. Wheat leaf rust has continued to appear in the
northern Low Rolling Plains. The acreage seeded for
the 1962 winter wheat crop in the District states is 10
percent below that for the 1961 crop, primarily reflecting diversion under the 1962 wheat program, and is 20
percent below the 1951-60 average. Based on conditions as of December 1, 1961, winter wheat production
in 1962 is indicated to be one-fifth less than in the preceding year but 39 percent larger than average.
Although field activities in south Texas commercial
vegetable areas were slowed by unfavorable weather,
harvesting was possible in most areas. Plantings of
vegetables for winter harvest in Texas are estimated at
81,000 acres, or 3 percent above the acreage harvested
a year ago. Larger plantings of beets, broccoli, and
carrots were partially offset by reduced acreages of
cabbage, cauliflower, and lettuce.
Gathering of citrus fruits has been in full swing in
the Lower Rio Grande Valley of Texas. The total damage to the crop, especially grapefruit, from Hurricane
Carla has been greater than estimates made immediately following the storm. The 1961 output of oranges
and grapefruit in the District states is indicated at 14.4
million boxes, or 3 percent above the 1960 total. An
increase in the orange crop is likely to offset a decrease
in grapefruit production.
Freezing temperatures have extended into southcentral areas, killing late-summer range and pasture
coverage. Bitter cold weather on the Texas High Plains
and wet fields and pastures elsewhere in the District
necessitated feeding livestock at a heavier than usual
rate during December. Lambing and calving are in full
swing throughout southern counties; some lamb losses
have been reported in the Edwards Plateau as a result
of the extremely cold weather.
WINTER WHEAT
ACREAGE SEEDED

PRODUCTION

{In thousands of acres)

{In thousands of bushels}

Crop of
1962

Crop of
1961

Oklahoma •••••.
Texas .••••...•.

29
52
268
4,398
3,620

Total .........

8,367

Area
Arizona ••••••••
Louisiana ••••••.

New Mexico ••• o.

1

Crop of
1962'

Crop of
1961

Crops of

1951-60

28
58
291
4,887
4,067

51
'70
431
5,368
4,510

1,044
624
4,824
96,756
61,540

1,118
840
8,004
110,832
84,870

1,567
'750
1,917
75,225
38,874

9,331

10,430

164,788

205,664

118,333

Crops of

Indicated December 1,1961.

2 Short-time average.
SOURCE: United States Department of Agriculture.

1951-60

Loans, investments, and deposits
all moved to higher levels at the
Nation's weekly reporting member banks during the 5 weeks
ended December 13. The money
market was relatively firm during the first half of the
period as banks in the money centers were under considerable reserve pressure, stemming, in part, from the
need to meet dealer financing requirements. The pressure on reserves was reduced in late November and
early December, and the money market eased noticeably. The effective rate on Federal funds, which ranged
from 21;;2 percent to 3 percent early in the period,
moved generally between 1~ percent and 21;;2 percent
in the latter part of the period.
The market for Government securities displayed a
generally heavy tone throughout the 5 weeks. Early in
the period, the market was in the process of adjusting
to the November 15 Treasury financing and the accompanying high level of dealer inventories. Laterdespite a reduction in dealer inventories - the heavy
tone was maintained by signs of further business improvement, a sharp outflow of gold, and changes in
Federal Reserve Board Regulation Q allowing higher
maximum rates on time and savings deposits. The market bid rate on 91-day Treasury bills closed at 2.39
percent on November 8, reached 2.63 percent on December 15, and stood at 2.60 percent on December 22.
At the District's weekly reporting member banks,
loans and deposits expanded but investments declined
in the 5 weeks ended December 20. Cash accounts and
total assets advanced moderately.
Gross loans (excluding interbank loans) rose $70.6
million, with moderate gains in consumer-type loans,
loans to "other financial institutions," and loans for
purchasing or carrying securities. Commercial and industrialloans, on the other hand, moved slightly lower
because of reductions in loans to firms producing durable and nondurable goods and in loans to firms engaged in trade and construction. Minor gains were
shown by a few other types of business borrowers. In
the corresponding period of 1960, gross loans advanced $83.8 million; over one-half the expansion occurred in loans for purchasing or carrying securities.
Total investments at the District's weekly reporting
member banks declined $14.9 million during the 5week period. Government security holdings decreased
$8.6 million, as a reduction in holdings of Treasury

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
Eleventh Federal Reserve District
(In thouland. of dollars)

Dec. 20,
1961

Nov. 15,

1961

Dec. 21,
1960

1,734,862
40,941

1,565,245
32,948

17,274
62,464

5,274
59,690

40,145
23,396

loans to foreign banks ••• • •• • •• •• .• • • • ••• • •
loans to other financial institutions:
Sales flnance, personal ftnance, etc .•••••••••
Savings banks, mtge. cos., ins. cos., etc••••• • •
Real-estate loans ••••••••••• ••• • .••• ••• • •••
All other loans .•••••••••••••••••••••••••••

3,838
1)63,936
99,327
79

3,246
161,405
7',882
65

8,574
185,991
118,170
115

191,155
1) 82,763
241,591
1759,256

83,840
172,408
237,656
733,108

108,205
132,142
215,040
751,573

Gross loans ••••••••••••••.•• .•• •• •• ••••
Less reserves and unallocated chargo-offs ••

3,402,455
53,663

3,309,377
54,097

3,181,544
54,191

Ifem
ASSETS

Commercial and industrial loans ••••••••••• • •• 11,732,755
Agricultural loans ••••• •• ••••••••••• ••• • •• ••
48,017

Loans to brokers and dealers for purchasing
or carrying :

U. S. Government securities ••••••••••••••••

Other securities ••••••••••••• •• • •• ••• • •••
Other loans for purchasing or carrying:
U. S. Government securities ••• •••••••. • •• ••
Other securities •• • ••••••••••• . •• • • ••••••
Loans to domestic commercial banks .. .. ... . ... .

Net loans ••••••••••••.••• •• •••• ••• • • • • •

3,348,792

3,255,280

3,127,353

Treasury bills; ••••••••• • ••••••• ••••••• •• .• •
Treasury certificates of indebtedness •••• • •••••
Treasury notes and U. S. Government bonds,
including guaranteed obligations, maturing .
Within 1 year • • •• •••..• • •••.. • • • ••• • • ••
After 1 but within 5 years ... ...... . ..... . .
After S years ••• • • • ••• • • . • • • ••••••••••••
Other securities ••••• • ••••••••••• •• • •• • • • ••

136,816
58,116

122,642
56,060

91,379
32,236

195,324
786,883
356,071
415.278

175,927
761,949
425,233
421,542

145,039
743,083
363,628
368,106

Total investments • . •.• • . . ..... . ...•. . •..•

1,948,488

1,963,353

1,743,471

Cash item .. In p roc.en of colledlon •••••••• •. • .
Bolances with banks In the Untred Stale •. ••••••
Bola llCe. wiln bo rdel In for-elg" collf'\tries ••• • •..
Currency and coi.n . . ... . . ••• • •••. •• ••• • •• • •
ROl erve, with federal Re$e:rv. Bank .... .. . ... .
Othl!r a sso'ls ••• • . , .•.• , . .•••••• . • • ••••.•• .

614,510
559,482
2,057
61,641
589,365
218,441

610,641
491,166
1,659
57,921
626,864
204,244

559,917
550,707
2,470
56,558
580,972
220,118

TOTAL ASSETS ........... . .......... .

7,342176

7,211,128

6,841,566

3,200,787

3,078,150}

LIABILITIES AND CAPITAL ACCOUNTS

Demand deposits
Individuals, partnerships, and corporations ••••
Foreign governments and offlcial institutions,
central banks, and international Institutions ..
United States Government•..••• •• . ••••••• •
States and political subdivisions ...• • •.•••••
Banks in the United States, including mutual
savings banks •• • • •. . •••• •• •• • • • ••• ••••
Banks in foreign countries •••••••••.•••••••
Certifled and officers' checks, etc . •••• • • • • • •
Total demand deposits ••••••••• • • ••••• •
Time and savings deposits
Individuals, partnerships, and corporations
Savings deposits •••••..••.•. • • • • ••• •••
Other time deposits ••••..•• •...• ••••.••
Foreign governmenh and official institutions,
central banks, and international institutions. •
U. S. Government, including postal savings • • •
States and political subdivisions • ..•• • • • ••• •
Banks in the United Stotes, including mutual
savings bonks •• • • • • •• • •••• •• •••••••• ••
Banks in foreign countries •• • ••••••• •..... •

3,012,792

3,357
114,612
215,506

4,307
152,732
200,460

115,434
203,126

1,228,463
14,927
61,229

1,212,696
13,697
71,327

1,168,698
14,771
51 ,822

4,838,881

4,733,369

4,566,643

805,700
544,971

795,025}
555,346

3,005
7,317
307,810

1,005
7,077
299,596

4,487
1,200

5,795}
1,200

1,205,855
12,907
246,247
10.074

Total time and savings deposits ••• . .. .. ..

1,674,490

1,665,044

1,475,083

Total deposits •••. • ••• • •• •••.••. ••..
Bills pa yable, rediscounts, etc . ••• • • •..• . .. . .•
All other liabilities ••.••••••••.• • • ...•. . . ...
Capital accounts •••••••• . • • •• . • .... • . .•• ..

6,513,371
96,050
125,742
607,613

6,398,413
94,480
111,702
606,533

6,041,726

TOTAL LIABILITIES AND CAPITAL ACCOUNTS

~

~

~

93,250
134,643
571,947

1 Because of recent reclassifications, these data are not strictly comparable with
year-earlier data.
NOTE. - As a result of changes in call report instructions, additional information
is available effective April 26, 1961 , on the deposit structure of member banks.
Comparable 'year-earlier flgures will be shown when they become available.

notes and Government bonds maturing after 5 years
more than offset increases in the other types and maBUSINESS REVIEW
1: 1962

15

I
I

RESERVE POSITIONS OF MEMBER BANKS
Eleventh Federal Reserve District
(Averages of daily figures. In thousands of dollars)

Item

5 weeks ended
Dec. 6, 1961

4 weeks ended

5 weeks ended

Nov. I, 1961

Dec. 7, 1960

595,684
554,751
40,933
588,477
7,207
829
6,378

601,250
560,415
40,835
594,757
6,493
214
6,279

576,095
554,015
22,080
565,342
10,753
0
10,753

538,793
432,860
105,933
471,608
67,185
891
66,294

525,243
419,276
105,967
460,949
64,294
1,291
63,003

485,800
430,550
55,250
415,199
70,601
6,123
64,478

1,134,477
987,611
146,866
1,060,085
74,392
1,720
72,672

1,126,493
979,691
146,802
1,055,706
70,787
1,505
69,282

1,061,895
984,565
77,330
980,541
81,354
6,123
75,231

RESERVE CITY BANKS
Total reserves held •••• ..••••••

With Federal Reserve Bank ....
Currency and coin . ..•.••••••
Required reserves •. ..••.•...•.

Excess reserves ...............
Borrowings •••••••.•.•••••• ••.
Free reserves •••••.•.•••••.••.

COUNTRY BANKS
Total reserves held •••••••. •.••
With Federal Reserve Bank ....
Currency and coin •••••....••
Required reserves •••••.•••.•••

Excess reserves ... •...........
Borrowings •••..••••••••••••••
Free reserves •••••••••••••.•••

ALL MEMBER BANKS
Total reserves held ••• " •••.•••
With Federal Reserve Bank...•

Currency and coin ...........
Required reserves •............
Excess reserves .•....•........
Borrowings ...................
Free reserves .................

NOTE. - Beginning November 24, 1960, all currency and coin held by member
banks allowed as reserves; during the period December 1, 1959·November 23, 1960,
only part of such holdings was allowed.

turity categories of Government securities. Non-Government security holdings declined $6.3 million. In the
comparable period a year earlier, total investments
were virtually unchanged.

Drilling activity in the Eleventh
District advanced significantly in
November. Total footage drilled
during the 4 weeks ended December 2 was one-tenth higher
than in the first 4 weeks of October, and total well
completions were 17 percent greater. Continuing the
trend that has been evident in the past few months, the
number of rotary rigs active in the District increased 2
percent during November.
District crude oil production rose slightly in November, and a more significant advance is expected for December. Daily average crude oil output in the District
exceeded 3 million barrels in early December, or about
4 percent above a month ago. District crude oil production should continue to rise in January. Louisiana
and New Mexico have increased allowables for that
month, while Texas has held the allowable schedule for
January at the December rate of 9 producing days.
Additional output is expected in Texas from new well
completions.
Refinery activity in the District during November,
on the other hand, failed to maintain the rapid October
pace which had been stimulated by recovery from
hurricane-induced shutdowns. In addition, November
refinery runs were affected by a strike at a large refinery.
Despite the continuation of work stoppages, crude oil
runs to District refinery stills in early December were
fractionally above the like November period.

Total demand deposits rose $105.5 million at the
District's weekly reporting member banks in the 5
weeks ended December 20, with the increase largely
accounted for by an expansion in demand deposits of
individuals, partnerships, and corporations. Time and
savings deposits rose $9.4 million. Time deposits of
Crude oil demand in the Nation, as reflected by crude
individuals, partnerships, and corporations were viroil
runs to refinery stills, was virtually unchanged in
tually unchanged, while time deposits of states and
November
but, on a seasonally adjusted basis, declined.
political subdivisions moved higher. The largest relaof crude oil were limited during the
New
supplies
tive gain occurred in time deposits of "foreign governmonth;
a
moderate
decline in imports offset a fractional
ments and official institutions, central banks, and
international institutions" and may have been a reacNATIONAL PETROLEUM ACTIVITY INDICATORS
tion to the changes in regulation Q which allow higher
(Seasonally adiusted indexes, 1957·59 = 100)
interest rates to be paid on time and savings deposits.
In late December, many of the District banks anNovember
October
November
Indica tor
1961 p
1961p
1960
nounced changes in the rates to be paid on time and
CRUDE OIL RUNS TO REFINERY
STILLS (daily average). • • • • • • • •
105
107
101
savings deposits in accordance with the permission
(daily average)
granted under the recent amendment to regulation Q. DEMAND
106
Gasoline.....................
109
110
Kerosene. . . . . . . . . . . . . . . . . . . .

Total reserves of the District member banks rose
somewhat in the 5 weeks ended December 6, with all
the gain occurring at country banks. Borrowings moved
slightly higher at both reserve city banks and country
banks, but excess reserves expanded even more. Consequently, free reserves increased moderately and remained at comfortable levels.

I

BUSINESS REV I EW

1 :1962

Distillate fuel oil.... • • • • • . • • • • •
Residual fuel oil..... ... . . . . . . .
Four reflned products. . . . . . . .
STOCKS (end of month)
Gasoline.. .. • • • . . • • • • • • • • • . • .
Kerosene. • • . .. • .. . . • . . .. . . . .
Distillate fuel oil.... • • • • • • . • • • •
Residual fuel oil.. • . • • • • • • . . . . •
Four reflned products. . . . . . . .

1t 8
105
93
105

132
102
95
104

115
100
98
106

103
110
104
79
101

106
109
101
82
101

104
112
116
82
102

p Preliminary.
SOURCES: American Petroleum Institute.
United States Bureau of Mines.

Federal Reserve Bank of Dallas.

advance in crude oil output. Crude oil stocks at the end
of November were moderately below the month-earlier
level. During the first half of December, however, crude
oil supplies rose slightly, but demand increased
more; as a result, the downward trend in inventories
continued.
Refined product consumption rose more than seasonally during November. Gasoline demand declined less
than anticipated, and distillate fuel oil consumption advanced more than seasonally. On the other hand, there
was a somewhat disappointing rise in kerosene and
residual fuel oil demand. Seasonally adjusted inventories of all refined products were little changed. The
demand for the four major refined products continued
to rise in early December, paced primarily by increases
in light fuel oil consumption. Stocks of these products
declined moderately, centered in reductions of light
and heavy fuel oil inventories.
Prices for kerosene and distillate fuel oil were firm
in most principal markets of the country in mid-December, with cooler weather strengthening demand. Gasoline prices were unsettled in late November and early
December as a result of the introduction of a third type
of gasoline; and price fluctuations were noted at the
retail and tank-wagon levels. A firming trend, however,
developed in mid-December throughout most of the
country. Wholesale prices for gasoline were tending
higher in midwestern markets, following recent price
advances at the dealer level. Heavy fuel oil prices
rose, especially in interior markets.
The Texas industrial production
index declined to 178 in N ovember, or 2 points below the alltime high in October but 6 points
above a year ago. There were
month-to-month decreases in both manufacturing and
mining, with the largest declines occurring in the output
of petroleum and coal products and crude oil. Compared
with a year earlier, moderate increases were registered
in durable and nondurable goods, while mining showed
only a fractional gain. Output of furniture and fixtures,
primary metals, textiles, and leather and leather products advanced more than 10 percent over November
1960.
Nonagricultural employment in the District states
in November decreased slightly to 4,510,700 but remained fractionally above the November total in 1960.
Increases in trade and government employment, associated with the approaching holiday season, failed to

INDUSTRIAL PRODUCTION
(Seasonally adiusted indexes, 1947·49=100)
October
1961

September

November

1961p

1961

1960

178
226
267
207
132

180
229
271
209
134

167r
207r
250
187
129r

172
215
251
198
131

173
172
178
170
131
319

171
170
174
169
131
318

169
167r
171r
167r
128r
316r

159
157
159r
158
129r
287r

November

Area and type of index

TEXAS
Total industrial production ••.... ..
Total manufactures ••••.•• ......
Durable manufactures ••••••. ..•.
Nondurable manufactures •... ....
Mining •••••••••••••.••..•...•

UNITED STATES
Total industrial production ... .....
Total manufactures ...... .......
Durable manufactures ••. ........
Nondura ble manufactures •• .•....

Mining ••.........•.
Utilities ...................... .
o.o •••••• •

p -

Prelimir,ory.

r -

Revised.

SOURCES, 80ard of Governors of the Federal Reserve System.
Federal Reserve Bank of Dallas.

offset declines in the construction, manufacturing, and
service sectors. Primarily as a result of seasonal factors,
unemployment in Texas increased in November to
180,000, or 4.9 percent of the labor force - compared
with 4.4 percent III October and 5.4 percent in
November 1960.
Construction contracts in the District states increased moderately during October to total $313 million, as gains in residential and nonresidential building
offset a decline in public works and utilities construction. Cumulative contracts from January through October 1961, at $3,379 million, were 4 percent more
than in the comparable period in 1960; significant advances in residential and nonresidential contracts outweighed a 4-percent decline in public works and
utilities. Contracts for nonresidential building in the
first 10 months of 1961 were at a record high, but those
for public works and utilities were below levels reached
in the corresponding period in all recent years
except 1959.
NONAGRICULTURAL EMPLOYMENT

Five Southwestern States'
Percent change

Nov. 1961 from

Number of persons

October
1961

November

1961e

1960r

Oct.
1961

1960

4,510,700
778,800
3,731,900
239,400
289,100

4,518,500
779,500
3,739,000
239,400
299,400

4,488,400
781,200
3,707,200
241,300
297,500

-0.2
-.1
-.2
.0
-3.5

0.5
-.3
.7
-.8
-2.8

387,700
1,107,200
222,100
606,600
879,800

387,100
1,102,100
222,700
610,700
877,600

404,600
1,104,500
215,400
589,300
854,600

.2
.5
-.3
-.7
.3

-4.2
.2
3.1
2.9
2.9

November
Type of employment

Tolal nonagricultural
wage and salary workers ••
Manufacturing • ..•.••..••
Nonmanufacturing •• •••..•

Mining •............. .
Construction • ••.•••.•••
Transportation and

public utilities .•. .....
Trade •....•..........
Finance •••..••........

Service •..............
Government •••.... .••.

Nov.

Arizona, louisiana, New Mexico, Oklahoma, and Texas.
e - Estimated.

1

r Revised.
SOURCES: 'State employment agencies.
Federal Reserve Bank of Dallas.

BUSINESS REVIEW\

1:1962

171

BANK DEBITS, END-OF-MONTH DEPOSITS
AND ANNUAL RATE OF TURNOVER OF DEPOSITS

CONDITION STATISTICS OF ALL MEMBER BANKS

Eleventh Federal Reserve District

(Dollar amounts in thousands)

Debits to demand
deposit accounts l

(In millions of dollars)

chang e from
November

1961

Area

Nov. 29,
1961

Oct. 25,
1961

Nov. 30,
1960

ASSETS
Loans and discounts .•....•......... .....
United States Government obligations . ... . .
Other securities •..... .. .. •.. • ....••....
Reserves with Federal Reserve Bank . ..•.. ••
Cash in vault e .•..... . . ... . . . . . . .. . . . . .
Balances with bonks in the Unite d States ....
Balances with banks in fo reign countries e .•..
Cosh items in process of collection .•••.•• . .
Other assets e •.•. .•... . . . . . . . • • . . . . . . . .

5,442
2,812
975
928
171
1,193
3
588
255

5,383
2,922
1,019
932
168
1,197
4
594
338

4,922
2,540
852
882
157
1,297
2
579
293

Demand deposits 1

Item

Percent

Oct.
1961

Nov.
1960

Annual rate of turnover

Nov.30,
1961

Nov.
1961

Oct.
1961

Nov.
1960

149,882

27.5

23 .5

21.1

ARIZONA
Tucson •• • • ••••••• ••• $
LOUISIANA

331,183

23

47

Monroe ••• •• • • • • ••• •
Shreveport •• • • • •••••

96,410
325,291

8
-2

14
-2

52,458
175,997

2 1.8
22 .3

20.9
23 .2

19.3
21.8

52,864

-2

17

39,477

16.3

17.8

17.0

$

NEW MEXICO
Roswell •••• • ••

0

•••••

TEXAS
Abilene •• •• • • •.•.•.•
Amarillo ••• • •• '" '"

Austin ••••••••••••••
Beaumont •.•••••••••

Corpus Christi ••••••••
Corsicana •••••••••••
Dallas ..............
EI Paso • • •••..••••••
Fort Worth .... .. ....
Galveston •••••••••••
HOlJston • •••••••••••

Loredo •••• • •••• • •••

Lubbock .. ... . . .....
Port Arthur • •• • • • • • ••
San Angelo .........
Son Antonio • • • •• • •••

TeJtorkana z •••••••• •

Tyler •• • .•..••• • • •• •
Waco ••• • ... ••• ••••
Wichita Falls ••••••••

110,021
237,717
229,154
176,693
209,238
18,749
3,107,190
377,045
804,973
90,293
2,871.002
26,673
270,600
63,756
54,216
643,985
24,140
93,241
108,481
121 ,707

1
-4
-10
0
6
-7
-3
6
-2
0
1
-3
23
-4
-9
0
4
1
-2
4

Totol-24 cities ••..•••• $10,444,622

0

4
6
11
9
11
17
9
6
9
5
14
3
11
5
6
13
9
11
6
8
11

70,764
117,055
160,975
105,623
112,363
20,372
1,249,869
179,551
387,705
65,433
1,352,593
22,454
126,858
46,331
49,983
395,773
17,341
62,083
71,316
99,431

---$5,131,687

18.6
24.1
17.5
20.3
21.7
11.0
29.8
25.1
24.7
16.7
25.4
14.3
26.3
16.6
13 .2
19.6
16.8
17.8
18.4
14.6

18.7
24.7
20.0
21.0
20.9
12.2
31.4
24.5
25.4
17.5
25.2
15.0
23.0
17.8
14.6
19.8
16.6
17.8
19.3
13.7

19.0
23.0
17.4
19.0
20.9
9.7
29.6
25.1
22.9
17.4
23.2
14.5
26.5
16.6
13 .0
18.2
15.5
17.3
17.3
14.0

24.5

24.8

23.2

1 Deposits of individuals, partnerships. and corporations and of states and political
subd ivisions.
2 These figures include only two banks in Texarkana, Texas. Total debits for all
bonks in Texarkana, Texas-Arkansas, includ ing one bank located in the Eighth District,
amounted to $56,014,000 for the month of November 1961.

CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS

TOTAL ASSETse .. .. . . . ............. .

12,367

12,557

11 ,524

LIABILITIES AND CAPITAL ACCOUNTS
Demand deposits of banks ••. . . . .... ... . .
Other demand deposits .... .. . ..... . .. . . .
Time deposits ••...•••••••• •••••.. • • • . • .

1,303
6,965
2,822

1,305
7,079
2,879

1,262
6,638
2,451

Total deposits •••••.••••• • • .•. . •• ... .
Borrowings e •..........•.•• • . •. • . • .• .•.
Other liabilities e •••..•.• • • • • ••• ••... . . .
Total capitol accounts e •.. . ..•..•••• • ••..

11,090
63
159
1,055

11,263
87
142
1,065

10,351
24
170
979

TOTAL L1A81L1TIES AND CAPITAL
ACCOUNTSe ...•.• . . ... • • •.. •.••.•
8 -

Estimated.
VALUE OF CONSTRUCTION CONTRACTS
(In mill ion' of dollarst
January-October
Area and type

October
1961 p

September
1961

October
1960

1961p

1960

FIVE SOUTHWESTERN
STATES' .•..•...•..•...•
Residential building •••••••
Nonresidential building ••.•
Public works and utilities • ••
UNITED STATES ............
Residential building • ... . . .
Nonresidential building . ...
Public works and utilities .•.

313
156
87
71
3,291
1,498
1,005
787

300
133
72
95
3,004
1,381
987
637

280
103
89
87
3,319
1,390
1,165
764

3,379
1,417
1,028
933
31,481
13,708
10,161
7,612

3,257
1,317
976
967
30,788
13,006
10,359
7,423

(I n thousands of dollars)
Arilona, louisiana, New Me xico, Oklo homo , and Texas.
Prel iminary.
NOTE. - De tails may not add to totals becau se of rounding.
SOURCE , F. W. Dodge Corpora ti on .

1

Dec. 20,
1961

110m
Total gold certiflcate reserves • • •••..•••• • • • •
Discounts for member banks •.•••.••• • • •••.•
Other discounts and advances •••••• • • • • ••••
U. S. Government securities ••••••• . •.• • • ••..
Total earning assets •••••••...•••....••••••
Member bank reserve deposits ••••.•••. ••• ••
Federal Reserve notes in actual circulation • ••••

Nov. 15,
1961

655,209
200

742,688

1,176,136
1,176,336
966,225
874,233

116
1,151,475
1,151,591
1,012,607
856,394

o

o

Dec. 21 ,
1960

p -

730,621
1,000
348
1,085,097
1,086,445
966,794
839,966

BUILDING PERMITS
VALUATION (Dollar amounts in thousand , )
Percent chang e
Nov. 1961
from

NUMBER
DAILY AVERAGE PRODUCTION OF CRUDE OIL
Area

(In thousands of barrels)
Percent change from
A r ea

November
1961p

October
1961p

November
1960

October
1961

November
1960

ELEVENTH DiSTRiCT ••••••.•
Texas •••••..•••••..••••
Gulf Coa't ••..•.•.••••
West Texas •.•••••••••
East Texas (proper) •••••
Panhandle ••••.•••••••
Rest of State ......... .
Southeastern New Mexico ••
Northern Louisiana ••••••••
OUTSIDE ELEVENTH DISTRICT.
UNITED STATES ........... .

2,929.6
2,527.2
458.7
1,124.6
128.1
107.2
708.6
274.9
127.5
4,263 .9
7,193.5

2,875.0
2,495.3
453 .5
1,101.4
126.1
107.4
706.9
272.8
106.9
4,256.6
7,131.6

2,916.1
2,526.6
448.8
1,127.9
131.3
106.6
712.0
257.3
132.2
4,216.9
7,133 .0

1.9
1.3
1.1
2.1
1.6
-.2
.2
.8
19.3
.2
.9

0.5
.0
2.2
- .3
-2 .4
.6
- .5
6.8
-3.6
1.1
.8

p - Pre li minary .
SOURCES: American Petroleum Institute.
United States Bureau of Mines.
Federal Reserve Bonk of Dallas .

BUSINESS REVIEW

18

1: 1962

ARIZONA
Tucson •• ••.. •.
LOUISIANA
Shreveport • •.•
TEXAS
Abilene •• •••..
Amarillo .. ... .
Austin . .....•.
Beaumont • • •..
Corpus Christi .•
Dallas ....... .
EI Paso ...... .
Fort Worth ••.•
Galveston .••.•
Houston ••••••
Lubbock •.••••
Port Arthur ••..
Son Antonio •••
Waco ••. . ..••
Wichita Falls .•
Total-17 cities ••

Nov.
1961

11 mos.
1961

Nov.
1961

11 mos.
1961

Oct.
1961

Nov.
1960

11 months,
1961 from
1960

693

9,746

$ 4,236

$ 42,576

77

77

21

402

11,649

1,058

30,010

-15

25

33

101
222
345
303
326
1,873
460
520
245
1,088
216
247
1,117
230
214

1,323
3,102
3,780
3,332
3,688
24,851
6,351
6,835
1,828
19,367
2,557
2,660
13,109
2,926
2,912

814
2,661
6,455
5,625
1,449
12,191
3,479
2,036
374
15,455
2,571
428
4,538
821
878

15,263
37,80 1
54,680
22,347
23,403
185,942
59,941
46,574
6,364
236,266
39,002
7,265
50,028
13,438
20,931

-62
56
59
-2
-20
-31
4
-15
-74
-39
-29
-44
0
2
-71

-46
49
149
184
59
24
-31
-47
12
8
2
-28
48
-34
-66

-30
23
36
30
116
44
35
6
6
-14
12
-23
-5
-15
-21

-21

17

9

-----120,016
8.602

$65,069

$891 ,831

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