Full text of Review (Federal Reserve Bank of Dallas) : July 1964
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business
•
review
july 1964
fEDERAL RESERVE
BANK Of DAllAS
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
contents
member bank
trust operations
3
recent growth of texas
industrial production . .. . . .. .. .... ........ ..
8
district highlights . . . . . . . . . . . . . . . . . . . . . . . . . .. 12
membe,. bank
trust ope,.ations
The trust function provides one of the most
rapidly growing sources of earnings to commercial banks in the Southwest. Revenue from
trust department operations at member banks
in the Eleventh Federal Reserve District has
doubled since 1957; in 1961, earnings from
this source increased almost 15 percent. This
gain may be contrasted with an advance of
about 5 percent for the Nation's member banks
last year. However, trust departments are relatively less important as a revenue source at
member banks in the Eleventh District than
in most other sections of the country. Earnings
from trust departments contributed slightly
Under 5 percent of the operating revenue of
member banks in the Nation in 1963, compared with 2.5 percent at member banks in
the District.
At the end of 1963, trust services were provided by only a relatively few of the 656 member banks in the District. In the course of its
Survey of earnings and expenses of commercial
bank trust departments, which is conducted
annually in cooperation with the Trust Section
of the Texas Bankers Association, the Federal
R.eserve Bank of Dallas obtained detailed information from the trust departments of 53
member banks. The revenue of these departments in 1963 accounted for almost 95 percent of all member bank trust income in the
District.
A notable characteristic of the trust opera~ions in the Eleventh District, as in the Nation,
IS the heavy concentration of trust activity
at the larger banks in financial centers. Almost
three-fourths of total trust income at the
Surveyed banks in 1963 was received by 11
trust departments, each of which earned fees
and commissions in excess of $300,000. The 15
trust departments with fees and commissions of
$100,000 to $300,000 accounted for approximately 19 percent of the total revenue. The
remainder, or 8 percent, was received by banks
having trust income of less than $100,000.
Within this category, there were 10 banks with
trust income of $50,000 to $100,000 and 17
banks with income of $10,000 to $50,000.
Earnings from personal accounts represent
the most important source of income at most
trust departments in the District. At the reporting banks, these accounts represented about
85 percent of total trust department earnings.
However, at some of the smaller banks in the
area, this proportion approached - and, in
some cases, exceeded - 95 percent. About onehalf of the earnings from personal accounts
and about 43 percent of total trust department
earnings were derived from personal trusts,
which include testamentary trusts, living trusts,
guardianships, and committeeships. Approximately one-fifth of the income received from
personal trusts was earned from estates. The
remaining 28 percent of personal trust income
was divided about equally between personal
agencies and pension and profit-sharing trusts.
Data supplied by 46 member banks which
reported in both the 1962 and the 1963 surveys
reveal that every category of trust department
income at these banks registered a gain in
. 1963. Paced by increased revenue from pension and profit-sharing trusts, total trust department revenue at the 46 banks advanced
$1.5 million to a level 13 percent higher than
in the preceding year.
business review/july 1964
3
TRUST DEPARTMENT EXPENSES AT 46 COMMERCIAL
BANKS, 1963 AND 1962'
Eleventh Federal Reserve District
Percent
change
plans are turning to the trusteetype arrangement, as opposed
to ·the fully insured type.
Trust department income
from personal agency accounts
$ 3,518,029
$ 3,185,119
10.5
- which include agency and
3,712,271
3,449,378
7.6
587,229
524,701
11.9
custody accounts, escrow ac109,936
101,977
7.8
314,463
254,792
23.4
counts, and depositary ac760,611
756,360
.6
250,059
225,374
11.0
counts
- rose $217,000, or
372,154
339,949
9.5
127,736
115,475
10.6
almost
16 percent, in 1963.
181,749
213,991
17.7
58,961
54,686
7.8
This
advance
was principally
51,645
68,218
32.1
89,308
9.1
97,396
due to gains at the larger banks
61,932
58,968
-4.8
594,535
14.2
678,986
in the District. Fees and com$ 9,986,980
9.4
$10,929,008
Total direct expenses .
missions from personal trusts
1,229,326
9.3
1,343,631
Overhead ... . . .. ... .. ...... . ..... .
advanced a notable $529,000,
$11,216,306
9.4
$12,272,639
Total expenses . ... . . .
or about 10 percent. This gain
• 1 Data are derived from the reports of 46 trust departments which participated
on both the 1962 and the 1963 surveys.
partially reflects the increasing
affluence of the southwestern
population
and
the
wider acceptance of trusts
Largely reflecting the dominance of personal
as
financial
arrangements.
accounts in southwestern trust departments,
the increase in income from personal accounts
Earnings from personal estates at the trust
contributed 90 percent of the gain in trust
departments totaled about $2 million in 1963,
income at the 46 banks. Income from personal
reflecting an 18-percent advance. This increase
accounts rose at every size of bank in 1963,
was more than twice the gain recorded for the
but the greatest relative gains were recorded at
previous year. It should be pointed out, howbanks having fees and commissions of $50,000
ever, that earnings from estates frequently disto $100,000. In the case of corporate accounts,
play wide variations from year to year. A
which provided only 10 percent of the income
particular estate may require several years to
gain, the banks having fees and commissions
settle, and expenses are absorbed as incurred;
of over $300,000 enjoyed substantial increases
but the entire fee is often received in 1 year.
in earnings, while the showing of smaller banks
Income from corporate accounts .represen ts
was nllxed.
fees and commissions earned from corporate
For several years, income from personal
agency accounts and, to a lesser extent corpension and profit-sharing trusts has grown
porate trusts. In providing the agency fu~ction
appreciably faster than other sources of Disfor their corporate customers, trust departments
trict trust department income. This trend conact as registrars, transfer agents, coupon- and
tinued in 1963, with earnings from these
principal-paying agents, depositaries, and diviaccounts advancing $235,000, or about 19
dend-dispersing agents. In 1963, income froOl
percent, over the year-earlier level. This decorporate agencies approximated $1.7 million,
velopment partially reflects the increasing pop- _
or about 9 percent greater than in 1962.
ularity of profit-sharing plans in the Southwest.
Moreover, the growth in earnings from this
Earn ings from corporate agencies accounted
source has been stimulated by the fact that,
for a?out 13 percent of total trust departto an increasing extent, small profit-sharing
ment lllcome at the 46 District banks and were
Item
Salaries and wages
Officers .. .. ... . ... .
Employees ............... . ..... .
Pensions and retirements . .
Personnel insurance ............ . .. .
Other expenses related to salaries . .. .
Occupancy of quarters ... . . ....... .
Furniture and equipment ........ .. .
Stationery, supplies, and postage . . . .
Telephone and telegraph . .... . . . .. . .
Advertising ............. . .... . ... .
Directors' and trust committee fees .. .
Legal and professional fees ........ .
Periodicals and investment services ..
Examinations ...... . ..... . ........ .
Other direct expenses .. . . . . .... ... .
4
1963
1962
the largest source of earnings from corporate
accounts. The gain in income from corporate
agency accounts is largely attributable to the
increasing importance of southwestern banks
in handling stock-transfer operations. Moreover, the role of trust departments as trustees
for note, bond, and debenture issues has gained
in importance in recent years. Earnings from
Corporate trust accounts rose modestly in 1963,
after declining in 1962, but furnished only 3.0
percent of trust department income.
Trust department expenses of the District
banks increased $1.1 million, or 9.4 percent,
in 1963. This gain is significantly less than
the advances recorded for the two prior years.
Bowever, with the exception of examination
costs, all expense items rose last year. The
percentage increase in expenses was divided
equally between direct expenses, which acCOunt for almost 90 percent of total costs, and
outlays for overhead.
The trust function of a commercial bank is
a highly labor-intensive operation. In 1963,
trust departments at the 53 survey banks in
the District averaged one officer for each
$44,000 in fees and commissions and one employee for every $16,200 in fees and commissions. By way of contrast, member banks in
the District had one officer for each $99,900
of total bank revenue in 1963 and one employee
for each $28,700 in such revenue. While the
relationship between personnel and income
varies significantly among trust departments,
the averages tend to illustrate the dominant
importance of salaries and wages as an expense item.
As the accompanying table illustrates, salaries and wages tended to decline as a percentage of total expenses in 1963 as the size of
trust departments increased. This development
mainly reflects the fact that the ratio of the
number of officers to the number of employees
tends to fall as trust departments increase in
size. The larger departments are able to operate with relatively few officers, primarily
because such departments service more corporate trust accounts. These accounts require
much less officer supervision since much of the
work entailed in servicing corporate accounts
DISTRIBUTION OF EXPENSES FOR COMMERCIAL BANK
TRUST DEPARTMENTS, 1963
Eleventh Federal Reserve District
(Percentage of total expenses)
=========================~~~==~~~==~~=====
53 banks with tota l commissions and fees of:
Ove r
$50,000·
$10,000·
$ 100,000·
$100,000
$300,000
$50,000
$300,000
Total
Item
-----------~~--------------------------~----------~~
10
15
17
11
53
Number of banks
-------~~~~~--------------------------------------Salaries and wages
38.0
29.7
45.3
29.0
27.3
23.4
29.7
18.7
31.0
29.9
..... , ............. : : : : : . : ::: : : : ::: : : : : : :: :
5.6
3.8
4.9
3.4
4.7
Person ns I al)d ret,rements .. . .......... .... . ...... .
1.2
.9
1.3
.9
.9
Oth
ne Insurance .. . .. ..... ........ .. ...... . ·.
2.0
1.5
1.5
2.9
2.5
o er expenses related to salaries . .. ... . ......... .
4.5
6.9
5.6
6.1
6.2
F'~Cu'pancy of quarters ............... . .. . . ...... .
2.1
3.4
1.8
1.7
2.1
St rr-'ture and equipment .... ... . .. . ....... . .... . .
2.6
3.2
3.1
3.1
3.1
TeT ,onery, supplies, and postage .... .. . . . . .. . .. .. .
.9
.9
1.1
1.0
.9
Ad ephone and te legraph . . .. . ... . . . .. . ...... . ... .
2.4
1.9
1.6
2.9
1.8
Di Vertising ... .. ... . . .. .......... . ........ . .... .
1.0
1.0
.4
.8
.5
Lerecltors' and trust committee fees ... . ...... . ... . .
.5
.5
.7
.6
1.0
Pe~i~dia nd profe.ssional fees . .. : ...... . ..... . . ... .
1.7
.6
1.2
1.2
.8
Ex
cals and ,nvestment services ...... ..... . .. . .
1.4
.9
.3
.5
1.6
3.4
1.9
6.8
5.5
:::::::::::::::::::::::::::
2.2
90.7
87.6
89.2
89.1
91.3
o Total d''rec t expenses ... . . . .
. . . ..... . . .
10.8
9.3
12.4
10.9
8.7
verhead .. . ............ .. . .. ...... ..... •. . ... . .
100.0
100.0
100.0
100.0
100.0
Total expenses ............. . .. . . . .. ... .
Pe~*gl~:ees
Oth~i~~~~~~s ~xp'enses :
-----------------------------------------------------------------------------business review/july 1964
5
NET EARNINGS AND RELATED ITEMS FOR COMMERCIAL
BANK TRUST DEPARTMENTS, 1963
Eleventh Federa l Reserve District
(Percentage of tota l commissions a nd fees)
53 banks with tota l commissions and f ees of:
Item
$10,000$5 0,000
$50,000$100,000
$100,000$300,000
$300,000
Tota l
Number of banks
17
10
15
11
53
-3_1
7.6
+ 0 _6
10.0
+7_5
15.3
+8.4
14.0
~
........ . ....
. . . . , . . ....... .
+ 4 .5
103.1
+ 10.6
99.4
+22 .8
92.5
+22.4
91.6
+2 1.2
92.6
Memorandum fi gures
Average rate allowed as d eposit
credit (Percent)1 ...... . .... ... . . .......
Number of banks a llowing d eposit credits .. .. ....
Amount of total commissions and fees
(In thousands) .. .... , ... , .. . . . . ... . .. , . . ...
2.8
5
2.3
4
2.4
11
2.6
8
2.5
28
$450
$673
$2 ,539
$10,040
$13,702
Trust department net earnings (+ ) or
losses (-) before income taxes . . .
Allowed credit for deposits . . .
Trust department net earni ngs (+)
or losses (-), adj usted for
deposit credits ........ . . .
...
Total ex penses . ..
. .. ... . . . . .
,
1 Ba sed on reported rates on ly; exc lud es banks which do not allow a credit for deposits_
consists of routine and/or mechanical operations. In contrast, a great deal of the work
involved in handling personal accounts must be
discharged by officers as management of these
accounts requires the continuing application of
detailed knowledge in the investment, law, and
tax fields .
At the 46 banks which reported in both the
1962 and the 1963 surveys, salaries and wages
accounted for over one-half of the $1.1 million
rise in trust department expenses last year.
If pension and retirement contributions, personnel insurance, and other salary-related ex-
A detailed report of the results of the
survey of 1963 earnings and expenses of
commercial bank trust departments in the
Eleventh Federal Reserve District may
be obtained upon request to:
R ESEARCH DEPARTMENT
FEDERAL RESERVE BANK OF DALLAS
STATION K
DALLAS, TEXAS 75222
6
Over
+7.4
-
penses are included, the increase in employment costs accounted for over two-thirds of
the advance in total expenses.
In relative terms, legal and professional fees
posted the greatest rise among trust department expenses in 1963 by advancing almost
one-third _ This increase mainly reflected a
76-percent expansion in legal and professi0nal
fees at the largest banks in the District. Advertising expenses also advanced significantly as
commercial banks continued to solicit trust
business aggressively. Furthermore, these outlays represented a larger proportiop of total
expenses in 1963 than in prior years,
Trust department net earnings (before taxes)
at the 53 banks reporting in the survey totaled
$1 million in 1963, or about 7 percent of total
revenue. All but one of the banks having trust
department fees and commissions of ove!
$300,000 showed a profit in 1963, and almost
two-thirds of the banks having revenue or
$100,000 to $300,000 reported profitable trust
operations, However, one-half of the banks in
the $50,000-$100,000 category recorded losses,
and almost 60 percent of the smallest trust
departments failed to make a profit. The banks
which recorded losses tended to receive a significantly larger proportion of their trust income
from personal accounts than did the banks
with profitable departments.
In order to measure more accurately the
Contribution of the trust department to total
bank profits, the fact that about 53 percent
of the reporting banks granted credits for trust
funds deposited with the bank must be taken
into account. The average rate allowed was
2.5 percent. Including these credits, trust inCome at the surveyed banks aggregated $2.9
million, or 21.2 percent of total fees and
commissions.
new
member
bank
new
par
banks
The contribution of trust operations to a
commercial bank is not subject to precise
measurement. The trust department's role in
attracting profitable deposit accounts, for example, cannot be gauged with precision. However, it is certain that, in attracting large
personal and corporate accounts, the trust department establishes valuable connections which
may prove highly satisfactory to the commercial bank. The continued expansion of the
southwestern economy and the aggressive promotional efforts of commercial banks will likely
be reflected in the sustained expansion of trust
operations in the Eleventh District.
DON
L. WOODLAND
Financial Economist
The Liberty National Bank of Dallas, Dallas, Texas, a newly organized
institution located in the territory served by the Head Office of the Federal
Reserve Bank of Dallas, opened for business June 8, 1964, as a member of the
Federal Reserve System. The new member bank has capital of $200,000, surplus of $200,000, and undivided profits of $120,000. The officers are: Judge
Ted M. Akin, Cha irman of the Board; A. A. Braswell, Chairman of the Executive Committee; Charles W. Asberry, President; Rex Sanders, Executive Vice
President; and E. D. Lyon, Vice President and Cashier.
The American Bank & Trust Company in Monroe, Monroe, Louisiana, 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 its opening
date, June 15, 1964. The officers are: William R. Boles, Chairman of the Board;
Jamar W. Adcock, President; Sebron M. Sneed, Executive Vice President and
Cashier ; Mrs. Helen Greer, Secretary to the Board; Pat J. Marnell, Vice President; and Mrs. Dorothe Schmidt, Assistant Cashier.
The Republic State Bank, Houston, Texas, an insured nonmember bank
located in the territory served by the Houston Branch of the Federal Reserve
Bank of Dallas, was added to the Par List on its opening date, June 24, 1964.
The officers are: S. R. Jones, Jr., Chairman of the Board; H. L. Milligan, President; and Perry J. Edgar, Cashier.
business review/july 1964
7
,-ecent growth of
texas indust,-ial
production
Over the past 3 years, industrial production
in Texas has been boosted by a steadily increasing flow of goods from the State's factories,
which turn out a broad spectrum of products
ranging from processed foods to space equipment. From the January-March period of 1961,
when the Nation's economy reached a recessionary low, through the first quarter of the
current year, the combined output of the State's
mines and factories rose 17 percent to the
record seasonally adjusted quarterly level of
123 percent of the 1957-59 average. Manufacturing output over the same span posted a
25-percent rise, while mining production
recorded a net gain of 5 percent.
Although industrial production has attained
successive new highs since early in 1961, the
pace of advance has not been as rapid as in the
three previous cyclical expansions. In the period of growth from the third quarter of 1949
through the corresponding quarter of 1953, a
period which spanned the Korean War, Texas
industrial production increased at the average
annual rate of 11.4 percent. This rapid uptrend
was paced by the mining sector, particularly
crude oil output, and by durable goods manufactures, mainly primary metals, machinery,
and transportation equipment. In each of the
subsequent cyclical upturns in 1954-57,
1958-60, and early 1961 to date, the rate
of expansion has slackened. Over the past
3 years, Texas industrial production has climbed
upward at the annual rate of only 5.4 percent.
This reduced rate of growth is attributable to
the mining sector of the Texas economy.
8
The comparatively weak showing of mining
production stems from a number of factors
related to the demand for crude oil of Texas
origin. Crude petroleum accounts for a major
part of the value of the minerals produced in
the State each year, and the minerals component
embraces slightly over 40 percent of the total
weight of the Texas industrial production index.
Thus, changes in the rate of crude oil production have an appreciable impact upon the level
of total industrial output in the State.
The period of rapid growth in crude oil output from Texas wells ended in March 1957,
when crude petroleum production was at a
record rate in response to the Suez crisis. The
Suez conflict sharply reduced the flow of oil
from the Middle East to Western Europe, and
part of Europe's needs were met by exports
from the United States, particularly from Texas.
With the passing of the Suez crisis, crude oil
production in the State decreased rather
abruptly and has not since approached record
proportions.
The somewhat restricted demand for Texas
crude petroleum which has prevailed since
1957 reflects a reduced rate of growth in liquid
hydrocarbon consumption in the United States
and greater competition from out-of-State
sources of supply. In the decade immediatelY
following World War II, the consumption of
liquid hydrocarbons advanced at the average
annual rate of 6 percent. After 1958, the yearly
rate of gain averaged about one-half as much.
Thus, even if Texas could have maintained
the position it held in 1958 as the supplier of
38 percent of domestically produced crude oil,
the rate of expansion in the State's crude oil
production would have been relatively modest
ill recent years. However, oil from the State's
wells must compete with large-scale imports of
both crude petroleum and refined products
and with oil from the growing number of wells
in other states, especially Louisiana.
The volume of liquid hydrocarbons purchased
from abroad has risen every year since 1951,
despite the introduction of voluntary import
Controls in 1957 and mandatory controls in
1959. Even with two revisions of the import
COntrol formula in 1963, the volume of liquid
hydrocarbon imports increased about 2 per~ent. In the same year, crude oil production
III the Nation increased 2.9 percent, while the
outflow from Louisiana wells rose 9.6 percent.
Texas experienced a relative increase which
Was about one-third of that posted by Louisiana.
INDUSTRIAL PRODUCTION
TEXAS
f~Er"T__________~(_Fl'_'''_",_'''_'I._61_''O
_OI____________- ,
120
TOTAL
110
MINING
1961
1962
1963
1964
"'Prellmlnary,
. The major stimulus to industrial production
Texas over the past 3 years has occurred in
the manufacturing sector. The growth of Texas
Illanufacturing has been widely but unevenly
shared by all major industry groups, with the
production of durable goods pacing the advance. The relative gain in the total physical
vOlume of Texas manufactures between early
1961 and the first quarter of 1964 equaled
III
the performance of manufacturing in the Nation, although the upward climb in Texas reflected a very different industrial mix.
The strong growth of manufacturing output
in Texas since early 1961 has been evenly
paced compared with the expansion in the
Nation. In both the Nation and Texas, the
volume of manufactures increased at the average annual rate of 7.8 percent, with the actual
annual gain in Texas deviating only fractionally
in anyone year from the overall average. By
way of contrast, the production of manufactured goods in the Nation increased 13.1 percent between early 1961 and the first quarter of
1962, rose only 3.8 percent during the next
four quarters, and advanced 6.6 percent in the
year ended January-March 1964. The more
constant rate of expansion in the volume of
Texas manufactures during the past 3 years
is attributable to the fact that the changes in
the rates of growth of durable goods production and nondurable goods output tended to
offset one another. Such was not the case in the
Nation.
The overall gain in manufacturing output in
Texas during the past 3 years was the result
of a 28-percent climb in the outtum of durabIes and a 24-percent advance in the production of nondurables. The largest relative
increases in the output of durables occurred
in primary metals, machinery (including electrical) , and stone, clay, and glass products;
among the nondurable goods, the pacemakers
included chemicals, apparel, and leather
products.
The primary metal industries of Texas encompass the manufacture of iron, steel, aluminum, tin, magnesium, zinc, copper, and lead,
along with the basic forming of these metals
by rolling, drawing, forging, extruding, or casting. The State has two integrated steel mills,
one near Daingerfield in northeast Texas and
the other on the Houston Ship Channel. In
addition, Texas produces the bulk of the mag-
business review/july 1964
9
MANUFACTURING OUTPUT
TE XAS
ISl alona ll ), ad juilid Indll... 1 957~59 ·I OO)
130
p-P"Umlno ry.
nesium consumed in the United States annually
and is a major producer of primary aluminum,
mostly from ore imported from South America.
J'he combined output of the State's blast furnaces, smelters, foundries, and rolling and finishing mills in the first quarter of this year
was approximately 40 percent greater than in
the January-March period 3 years earlier.
The total output of machinery, electrical and
nonelectrical combined, has risen somewhat
over 30 percent in Texas since early 1961. This
strong growth is particularly important because
machinery production is one of the State's
leading, although highly specialized, manufacturing activities. Not surprisingly, the nonelectrical machinery industry is closely related to
the oil and gas industry and is concentrated in
eastern Texas, particularly in the Houston metropolitan area. Texas plants manufacture a
full range of oil field equipment, including
such items as sucker rods, drilling bits, and
giant, deep-hole rotary rigs. The market for
oil field equipment produced in Texas is both
national and international in scope.
The production of electrical machinery,
equipment, and supplies in Texas is equally specialized and geographically concentrated. Much
of the electrical equipment produced in the
State consists of electronic components and
10
systems, which are manufactured primarily in
plants located in the Dallas metropolitan area.
These factories turn out such products as communication equipment (including microwave
systems), transistors and related semiconductor
devices, radar equipment, and geophysical instruments, to name only a few. There is relatively little manufacturing of household appliances or electrical power equipment in the State.
The output of stone, clay, and glass products
climbed slightly over 30 percent in the period.
This expansion partly reflected the strong rise
in construction activity, which posted successive highs in each of the past 3 years. In Texas,
this group of industries manufactures such
products as glass containers, cement, readymixed concrete, brick, ceramic tile, cut stone,
and pottery.
Among the other durable goods industries,
fabricated metals, lumber, transportation equipment, and furniture each expanded in the 3-year
period by an amount that was less than the
28-percent production increase for the durable
goods group as a whole. The output of fabricated metal products increased slightly over
20 percent, while the remaining classes of durable manufactures posted gains which ranged
between 11 percent and 20 percent.
The vigorous climb in the volume of nondurable manufactures was paced by chemicals
and allied products, the outturn of which was
approximately 40 percent higher in the first
quarter of this year than in the corresponding
span of 1961. In addition to chemicals, this
industry group in Texas encompasses the manufacture of carbon black, paints, varnishes, and
enamels. Since the thirties, when the first major
chemical plant in Texas began producing sodium hydroxide and sodium carbonate, the
chemical industry has become one of the topranking contributors to the manufacturing output of the State and one of the leading suppliers
of petrochemical intermediates for the Nation.
The initial spur to the rapid growth of chemi·
cal production in the State was the shortage of
natural rubber during World War II. Because
the Gulf Coast region of Texas contained all of
the basic raw materials needed to produce
synthetic rubber (more properly, elastomers),
a number of plants were established in the
area between the Louisiana border and Houston. After the war, technological developments
in the chemical industry led to an expanded
range of products derived from the processing
of hydrocarbon feedstocks, such as were used
in the production of synthetic rubber. Although
the output of petrochemicals has grown apace
in Texas since World War II, the industry is
still essentially resource-oriented, as evidenced
by the fact that most of the petrochemical intermediates produced in Texas each year are
shipped to eastern and midwestern states for
processing into final products.
The apparel industry also provided a helpful
boost to the rise in nondurable goods production by gaining over 35 percent in the past 3
Years. Garment making is one of the larger
sources of industrial employment in Texas and
is somewhat more widely dispersed around
the State than most other manufacturing activities. However, the Dallas-Fort Worth area
is the leading apparel-making section of the
State, with Dallas specializing in the production of women's outerwear and Fort Worth
emphasizing men's work clothes. Garment factories in west Texas, especially El Paso, turn
Out mostly casuals, while San Antonio plants
concentrate on children's clothes.
The third industry group in the nondurable
goods category which posted a 3-year increase
of over 30 percent was leather and leather
products. However, this industry group is the
smallest of the manufacturing industries in
Texas, whether judged by the number of persons employed or by value added. There is
relatively little tanning in the area, and most
of the leather products consist of saddlery,
cowboy boots, and personal leather goods, such
as billfolds.
Among the other nondurable goods industries, textile mill products and paper products
each showed an output increase of about 21
percent, while printing and publishing-as well
as food and kindred products - posted a gain
of somewhat over 10 percent. The volume of
petroleum products processed in Texas rose
about 8 percent between the January-March
period in 1961 and the same period in 1964.
Accompanying the 17 -percent rise in the
combined output of Texas factories and mines
over the past 3 years has been an industrial
employment increase of approximately 36,000
wage and salary workers. However, all of the
gain came from hiring by manufacturers, as
employment in mining decreased about 8,000
workers. Of the 44,000 persons added to factory payrolls, about two-thirds were hired by
durable goods producers, and the remainder
joined the work forces of nondurable goods
manufacturers. Between the first quarter of
1961 and the corresponding period of 1964,
total manufacturing payrolls in Texas climbed
almost 20 percent, but wage and salary payments in the mining sector were essentially
unchanged.
Despite the continued slow rate of expansion
in mining output, Texas has experienced a
period of strong growth in overall industrial
production since early 1961. The major impetus
to expansion has come from manufacturing,
particularly durable goods production. The rising tide of products from the State's factories
reflects both a larger output from existing and
expanding manufacturing facilities and the addition of new plants. The continuing uptrend
of manufacturing activity in Texas offers the
encouraging prospect of a better balance for
the future between agriculture, mining, and
manufacturing in tlle area's economy.
WELDON C. NEILL
General Economist
business review/july 1964
11
district highlights
Nonagricultural wage and salary employment
in the five southwestern states in May advanced 16,600 to a total of 4,837,200 workers
and was 2 percent higher than a year earlier.
Numberwise, employment rose in both the
manufacturing and the nonmanufacturing sectors, but the increase from April to May was
greater in nonmanufacturing activities. Much
of the gain in the number of nonmanufacturing
workers was accounted for by the construction
and service categories, although every category
showed some improvement except mining and
government.
Industrial production in Texas during May
climbed to a record seasonally adjusted 126
percent of the 1957-59 average, increasing 2
percent over the previous month and 5 percent
above a year ago. A 5-point gain in the adjusted mining index - mostly the result of
larger crude petroleum output - was mainly
responsible for the April-May increase in total
production. The output of both durable and
nondurable goods rose fractionally. Slight
gains in furniture and fixtures, primary metals,
and "other" durables were recorded in durable
goods manufacturing; while textile mill products, chemicals, and "other" nondurables contributed to the fractional rise in the nondurable
goods category.
Eleventh District department store sales in
May rose to an all-time high for any month of
record. The seasonally adjusted index, at 126
percent of the 1957-59 base, was 6 percent
above April and 16 percent higher than May
1963. Based on seasonally adjusted data, cumulative sales in the January-May period this year
were 10 percent greater than in the same period
of 1963. Sales in the 4 weeks ended June 27
exceeded sales for the comparable period last
year by 9 percent.
12
Beginning in December 1963, total new passenger car registrations in four major market
areas in Texas have posted record highs for the
respective months. Although 5 percent below
the all-time record set in April, total registrations in May exceeded the previous high for
this month by 4 percent. The January-May
registrations were 11 percent more than in the
same 5 months of 1963. Each of the four markets showed an increase in cumulative registrations, ranging from 2 percent for San Antonio
to 14 percent for Dallas; Fort Worth and Houston surpassed the 5-month period last year by
10 percent and 12 percent, respectively.
Prospects for 1964-crop winter wheat in the
District states improved slightly during May,
and production is indicated, as of June 1, at
nearly 145 million bushels. A crop of this size
would be 18 percent larger than last year but
18 percent below the 5-year (1958-62) average. Dryland wheat conditions in the Oklahoma
and Texas Panhandles worsened when hot, dry
weather continued during most of May; however, the prospective reductions in these sections were more than offset by indicated increases in other areas of the District.
The number of cattle and calves on feed for
slaughter market in Texas as of June 1 totaled
314,000 head, reflecting a 2-percent decrease
from a month earlier. Feedlots with capacities
of 1,000 or more head held 286,000 (91
percent) of the cattle being fattened, or about
4,000 fewer than on May 1. Of these large
feedlots, 158 reported having cattle on feed at
the beginning of June, compared with 162 a
month ago. Marketings of fat cattle from Texas
feedlots during May totaled 87,000, or more
than one-third of the number which feeders had
indicated on April 1 as intended for market in
the April-June quarter.
STA1iISTICA~
Sl!JPPI!EMENT
to the
BUSINESS REVIEW
July 1964
FEDERAL RESERVE BANK
OF DALLAS
CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEAD ING CITIES
RESERVE POSITIONS OF MEMBER BANKS
Eleven th Federal Rese rve District
Eleventh Federal Reserve District
(Averages of dally flgures. In thousa nds of dolla rs)
(In thousands of dollars)
=4 weeks end ed
June 24,
1964
May 20,
1964
June 26,
1963
2,009,029
57,628
1,975,432
54,633
1,804,473
44,161
274
46,924
274
53,161
10,210
60,444
1,969
270,985
68,355
2,299
2,486
268,486
104,688
2,332
2,195
237,256
102,205
2,524
All other loans ••••..••••.••••..•••••••••••
132,524
279,908
368,314
1,103,894
116,232
259,239
355,748
1,078,772
101 ,211
242,839
308,444
904,315
Gross loons .....•.••..................•
Less reserves and unallocated charge-offs . .
4,342,103
76,103
4,271,483
75,410
3,820,277
69,221
Net loon s.. .. •..•...•...... . .......••..
4,266,000
4,196,073
3,751,056
Treasury bills •••••.••••.••• •••• ••••• . .••••
86,375
52
107,200
52
150,454
125,145
Other securities .....•.•...................
116, 146
783,629
365,184
712,803
117,805
750,547
364,328
703,190
134,041
715,060
475,275
584,832
Total investments •.... .... ...............
2,064,189
2,043,122
2, 184,807
Cosh items in process of collection .•.•.•......
Balances with bonks in the United States . .. . ...
Balances with bonks in foreign countries ••.. . .•
Currency and coin ......... ... ... .. .. .... . .
Reserves with Federal Reserve Bonk ••••...... .
Other assets ... . ... .. ... . ... ..............
665,271
486,796
3,680
65,354
544,163
260,979
653,950
453,082
3,554
62,450
488,809
252,659
580,847
526,062
5,347
66,280
528,948
227,629
TOTAL ASSETS •.••..•••.. • •.. ••••••.•
8,356,432
8,153,699
7,870,976
Item
ASSETS
Commercial and industrial loans •.. . .....•....
Agricultural loans .•............. .. ... . .... .
loans to brokers and dealers for
purchasing or carrying:
U. S. Governmont securities . ...............
Other securities .. ..... ..................
Other loans for purchasing or carrying:
U. S. Government securities ... . ... . ........
Other securities .. ... .. .. ................
Loans to domestic commercial bonks . . .•.......
loans to foreign banks ............ . ... .....
loans to other financial institutions:
Sales Anance, personal flnance, etc . .. ......
Savings bonks, mtge. cos., ins. cos., etc .... .. .
Real estate loans .•. . •................. ... •
Treasury certiflcates of indebtedness •.... .....
Treasury notes and U . S. Governme nt bonds,
including guaranteed obligations, maturing:
Within 1 year ..•.......................
After I but within 5 years ••• • •• •• •.• ••••••
After 5 years •••••.•..••••.•••..••.•••••
L1A8Il1TIES AND CAPITAL ACCOUNTS
Demand deposits
Individuals, partnerships, and corporations .•••
Foreign governments and official institutions,
central bonks, and international institutions . .
U. S. Government ....... .. . ............ .
States and political subdivisions ......•.....
Bonks in the United States, including
mutual savings bonks ..••..............•
Bonks in foreign countries ..•......•.......
Certifled and officers' checks, etc . ....•. ....
Total demand deposits •• ••••••••••.••••
Tim e and savings deposits
Individuals, partnerships, and corporations
Savings deposits .•....... . ............
Other time deposits . . .... .. .•..........
Foreign governments and official institutions,
central banks, and international institutions . •
U. S. Government, including postal savings .. .
States and political subdivisions ............
Banks in the United States, including
mutual savings bonks ..•....••....... . ..
Banks in foreign countries ................•
3,107,601
3,041,481
3,096,040
5,214
232,540
213,809
3,759
204,0 16
261,118
3,194
241,289
258,779
1,010,033
14,891
66,809
957,635
15,257
52,582
1,059,378
12,955
54,348
4,650,897
4,535,848
4,725,983
1,154,178
1,117,132
1,139,245
1,114,067
1,067,055
898,865
500
3,899
357,485
500
5,480
365,686
511
6,187
311,625
7, 144
2,400
6,856
1,900
13,449
2,850
Total time and savings deposits • . ••.•.•.•
2,642,738
2,633,734
2,300,542
Total deposits •••• ••..••.• ••••••.•••
Capital accounts •.•..•••.....•.• ..... .. ...
7,293,635
190,877
169,885
702,035
7,169,582
119,668
161,919
702,530
7,026,525
64,805
108,190
671,456
TOTAL LIABILITIES AND CAPITAL ACCOUNTS
8,356,432
8,153,699
7,870,976
Bills payable, rediscounts, etc •...•....... ....
All other liabilities •••.•••.••••.•..••..•••••
Total gold certiflcate reserves .... •.......•••
Discounts for member banks .... ... .. ....• . .
Other discounts and advances ....... . ..... .
U. S. Government securiti es ..•...........•.•
Total earning assets .. •...•.. , . '" ... ..... .
Member bank reserve deposits ... . .........•
Federal Reserve notes in actual circulation •••••
2
May 20,
1964
Jun e 26,
5
weeks ended
Jun. 5, 1963_
584,211
544,115
4.0,096
580,195
4,016
14,004
-9,988
583,776
543,209
40,567
579,896
3,880
21,383
- 17,503
583,766
543,11 1
40,655
577,090
6,676
6,327
349
554,681
429,811
124,870
518,375
36,306
7,900
28,406
56 1,765
437,139
124,626
525,436
36,329
2,809
33,520
524,306
412,410
111,896
484,032
40,274
3,443
36,831
1,138,892
973,926
164,966
1,098,570
40,322
21,904
18,418
1,145,541
980,348
165,193
1,105,332
40,209
24,192
16,017
1,108,072
955,521
152,551
1,061,122
46,950
9,770
37,180
Total reserves held .. . .....••••
With Federal Reserve Bank . . •.
Currency and coin ...........
Required reserves .............
Excess reserves .•.•...........
Borrowings •.............•..••
Free reserves . .. . ......•....• .
COUNTRY 8ANKS
Total reserves held •........ ...
With Federal Reserve Bank ••••
Currency and coin ••...... .. •
Required reserves ••...... . .•..
Excess reserves •.. . ..•........
Borrowings •.. . ....... .... ....
Free reserves •...••••.. .......
ALL MEMBER 8ANKS
Total reserves held ..••..... .. .
With Federal Reserve Bank ....
Currency and coin ......•.•••
Required reserves . .•...... . ...
Excess reserves .. .. ....... . • . •
Borrowings .. ................ .
Free reserves •.... ... ......•.•
GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federal Reserve District
(Averages of dally flgures. In millions of dolla rs )
GROSS DEMAND DEPOSITS
Date
Total
1962: May ••••••
1963: May ••• .••
7,973
8,126
8,682
8,744
8,359
8,359
8,422
8,249
December ..
1964: January •••
February .•
March .....
April ••.• ••
May . •••••
Reserve
city banks
3,923
3,979
4, 192
4,120
3,887
3,944
3,975
3,938
=
TIME DEPOSITS
Country
Reserve
-
Country
banks
Total
city banks
banks
4,050
4,147
4,490
4,624
4,472
4,4 15
4,447
4,31 1
3,266
3,907
4,167
4,321
4,440
4,470
4,483
4,524
1,654
1,935
2,047
2,141
2,217
2,220
2,2 14
2,235
1,612
1,972
2,120
2,180
2,223
2,250
2,269
2,289
-
CONDITION STATISTICS OF ALL MEMBER BANKS
Eleventh Federal Reserve District
(In millions of dollars)
=
-
May 27,
1964
Ap r. 29,
1964
May 29,
1963
Loan s and discounts .•....... '" . . ...•• •.
U. S. Government obligation s•... .. ..•....
Oth er securities .. .... . ...... ..........•
Reserves with Federa l Reserve Bank ••••....
Cash in vault e ................. .... ...•
Balances with banks in the United States .. ..
Balances with banks in foreign countries e .•.•
Cash items in process of collection ... ...•..
Other assels e . . ........•........•...•••
7,192
2,564
1,483
821
183
1,012
4
677
417
7,067
2,6 17
1,509
847
191
974
4
708
395
6,192
2,839
1,208
929
173
I,OI~
TOTAL ASSETse •.. •••..••••••.•• • •••
14,353
lMJb
13,31A.
Demand deposits of banks . .... .. ........
Other demand deposits ••.•.•.......... ..
Time d eposits .. ... . .... ..... •.. ..... •. .
1,152
7,065
4,553
1,150
7,018
4,508
1,173
6,846
3,926
Borrowings c . .•...... . .... ... .......•..
Other liabilitics c .•.....•...............
Total capital accounts e .......•...•......
Total deposits •••.• •...• ••..•••••• •.•
12,770
122
224
1,237
12,676
176
231
1,229
11,945
73
144
1,154
TOTAL L1A81L1T1ES AND CAPITAL
ACCOUNTSe .• .•. •••...•• • .•..••..
14,353
14,312
I~
Item
ASSETS
1963
584,735
9,056
528,037
12,708
562,780
2,296
1,351,903
1,360,959
895,404
986,167
1,314,090
1,326,798
854,904
968,854
1,279, 162
1,28 1,458
874,263
910,548
o
weeks ended
May 6, 1964
615
342
L1A8ILITIES AND CAPITAL ACCOUNTS
(In thousands of dollars)
June 24,
1964
5
RESERVE CITY 8ANKS
CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS
Item
Junei3, 1964
Item
o
o
e-
Estimated.
=----
IN DU STR IAL PROD UCTION
BANK DEBITS, END-OF-MONTH DEPOS ITS
AND ANN UAL RATE OF TURNOVER OF DEPOSITS
=
(Seasona ll y adiu st.d Indexes, 1957·59
100)
(Dollar amounts In thousands)
Area and type of index
Debits to demand
deposit
Demand depositsl
accounts l
change from
May
1964
Area
April May
1964 1963
May 31,
1964
May
1964
April
1964
May
1963
324,582
-4
-1
166,847
23.2
24.2
24.1r
Monroe .. • •... .• ..•
Shreveport •• .. .•••.
108,340
333,798
5
-2
6
-3
56,402
169,962
23.0
23.3
20.9
22.6
22.9
23.2
48,808
-7
-9
33,092
17.3
18.2
18.4
2
29
1
4
-1
- 2
3
4
-5
0
6
-3
9
-1
2
- 8
2
-3
5
7
63,924
124,444
163,077
102,856
11 6,031
20,717
1,3 17,757
196,327
410,567
60,629
1,512,590
25,621
129,466
41,780
48,734
420,943
20,002
69,821
80,307
98,453
20.4
28.8
23.5
23.8
21 .8
10.4
34 .4
22.9
23.5
20.4
32.4
17.6
21.8
19.2
15.5
21.2
18.0
18.1
19.8
16.9
21.0
28.7
20.6
25.3
23.5
10.6
33.2
20.0
25.3
19.7
29.5
18.4
21.8
17.8
15.6
22.0
18.6
18.8
20.6
16.9
17.4
23.9
24.8
23.0
21.8
10.9
34 .8
26.2
24.7
20.9
27.4
18.6
21.4
18.7
15.4
23.5
19.1
19.6
21.5
15.2
$5,450,349
27.8
26.9
26.8r
Beaumont ...... • ...
~orpus Christl • •• •• • .
orsicana . .. .. . . ...
~a ll a s • . ••.•••••..•
FI Paso • .•••••. • .••
Grt Worth ••••• • •..
H elvaston • •• • • ••. . •
t:r~~~n. "":::::::::
pUbbock ••.••••••••
sort Arthur •••• . • •••
San Angeto •••• •. • •
Tan Antonio ••.. • •..
Texarkona' ..... ...
l• r •• • ••. . • •. •..•
W
Wk~ft~' F~;I; : : : : : : :
-
107,824
303,550
342,046
208,648
212,157
17,992
3,808,200
416,225
804,642
103,733
3,562,409
38,158
239,970
68,208
62,362
750,538
29,903
105,783
131,905
137,4 12
Tota l_24 clti.s •••••.• $ 12,267,193
-5
-2
8
-9
-8
-3
2
15
-8
4
-4
-6
- 3
7
- 1
-5
-6
-3
-4
-3
-1
s ~ Doposits of indi vidual s, partnerships, and corporations and of states and political
tJ 'ldlvis ion s.
March
1964
May
1963
126
142
134
147
106
124
141
134
147
10 1
123
142
136
147
98
120
133
125
139
104
130
131
132
131
111
147
130
131
131
130
109
145
128
129
130r
129
108r
144
125
125
126
125
109
139
Total in d ustrial production ••• ..•..
Manufacturing . . .. . . .. .... . . .
Durable .. .•.....•... ... ..
ARtZONA
Tucson ... . ......... $
LOUISIANA
NEW MEXICO
Rosw ell •••. •• •. ••• •
TEXAS
Abilene ••• • •... • ••.
Amarillo • •••••••••.
Austin ..... . ... • . ..
April
1964
TEXAS
Annual rate
of turnover
Perc ent
May
1964p
.
.. The se figures include onl y two banks in Texarkana, Texas. Tota l debi ts for al l
in Texa rkana, Texa s-Arkansa s, includi ng ono bank located in the Eighth D istrict,
~Qnks
Nondurable •••.•••.•••.•..
Mining •••••• ••• • •••••• •• • • •
UNITED STATES
Tatal industria l production . • . •... .
Manufacturing .. ..... ........
Durable ... .... .... . ..... •
Nondurable •.•••• • .. ••• •.•
Mining ..•......... . ........
Utilities •.•...•..•..........•
p r -
Preliminary,
Rev ise d.
SOURCES , Board of Gov. rnors of tho F.d. ral R.serve System.
F.d.ra l R.serve 8ank of Dallas.
NO NAGRICU LTURAL EM PLOYMENT
Five Southwestern Stotes '
Percent change
May 1964 from
Number of persons
Typ. of em ployment
Tota l nonagricultura l
wage and salary workers • •
Manufacturing •....••••••
Nonmanufacturing •. ......
Mining •...... . . ...•••
Construction .... .. . . • ..
Transportation and
mOUnted to $64 ,871,000 fo r the mon th of May 1964.
r_ R.vlsed.
public utilities •••• ..••
Trade •••.....••••••••
Fina nce •••...•... . ....
Service •.. . . .....•.• ••
G overnment . .•.••••...
May
1964p
April
1964
May
1963r
April
1964
May
1963
4,837,200
842,100
3,995,100
233,100
322,200
4,820,600
839,000
3,98 1,600
233,200
316,500
4,735,600
821,300
3,9 14,300
23 1,600
314,700
0.3
.4
.3
.0
1.8
2.1
2.5
2.1
.6
2.4
384,000
1,154,800
245,600
694,500
960,900
383,900
1,15 1,900
244,400
690,100
96 1,600
387,300
1,131,800
238,500
674,100
936,300
.0
.3
.5
.6
-.1
-.9
2.0
3.0
3.0
2.6
Arizona, louisiana, New M ex ico, Oklahoma , and Texas.
p - Prelimi nary.
r Revi sed.
1
SOURCE , State emp loym.nt age nci.s.
INDE XES OF DEPARTM ENT STORE SALES
Eleventh Fed era l Reserve Di stri ct
(Dai ly a verage sales, 1957· 59
=
100)
Seasonally
___
Do te
:: :~tg;' : • • • • • • • • •
April ••.•• •• •..••••• ••• •..•••
May ....••• • • • .•• . . •• • ..•• • •
adjust. d
Unadjusted
110
12 1
117
125
122
120
126
106
210
92
91
11 1
11 3
121
BUILDING PERMITS
VALUATIO N (Dollar amounts in thousands)
Perc ent chang e
May 1964
NUMBER
-------------------------------------------------
May
1964
from
5 months,
1964
May
1964
5 mos.
825
4,009
3,535
14,794
403
1,61 1
1,829
8,543
-30
-67
-38
101
281
330
257
351
2,244
409
624
153
2,037
226
116
92
123
1,147
175
198
505
1,254
1,712
1,211
1,595
10,5 15
2, 170
2,762
688
9,785
923
496
378
679
5,888
1,131
557
821
4, 140
5,078
2, 11 5
1,708
18,333
3,720
7,333
359
20,3 14
3,752
1,057
485
269
4,247
858
548
5,568
20,776
31,116
7,524
11 ,432
97,479
19,606
24,338
3,373
138,079
21,659
6,173
2,830
2,648
27,849
7,555
4,446
- 39
-15
-28
134
-35
- 37
-14
79
0
- 1
- 18
-17
- 15
-64
-60
-30
-6
-6
35
- 11
-28
-17
91
-84
-35
58
-12
-26
-28
-21
-47
-33
-27
6
- 18
16
9
- 16
16
19
- 31
-12
- 2
- 10
-18
24
12
-14
-32
Total- 19 cities • • 10,092
47,869
$80,50 1
$455,788
-24
- 23
- 9
Area
5 mos.
1964
Apr.
1964
May
1963
19
-20
1964 from
1963
ARIZONA
Tucson . .•• . . . .
LO UISIANA
Shreveport ••••
TEXAS
DEPARTMENT STORE SALES
Abilene • . •....
Amarillo •....•
Austin .. ......
Beaumont •....
Corpus Christi ••
(Perce ntage chang e in retail value)
May 1964 from
___
Area
Total
. ..• • .. .. .
C EI.v en th O'IS t net
D~lruS Christi •• . . . •.. ••. .... •
i~~~~~L~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Wre'Veport, La ....•... . ..•...
Oth~~'ci;i~;: :: : ::::::: ::: :: :
April
1964
10
7
10
3
14
13
10
5
5 months,
May
1963
1964 from
1963
10
11
1
10
3
8
10
15
10
5
10
8
8
15
8
3
10
9
Dalla s ••••• ...
EI Paso •• . • • • •
Fort Worth ••• •
Galveston •••• •
Houston •••• ..
Lubbock • •••• •
Midland • ••.••
Odessa ••••• . •
Port Arthur • • • •
San Antonio . •.
W a co .• .. .. ..
Wichita Falls ••
-72
-32
----------------------------------------------3
VALUE OF CONSTRUCTION CONTRACTS
W INTER W HEAT
(In millions of dollars)
ACREAGE
(In thousands of acro's)
January-May
Area and type
FIVE SOUTHWESTERN
STATES ' ......... . ......
Residential building . . .. .. .
Nonresidential building ....
Nonbuilding construction .. .
UNITED STATES ............
Residentia l building .......
Nonresidential building . ...
Nonbuilding construction • ••
1
May
1964p
April
1964
May
1963
1964p
1963
468
190
10 1
177
4,639
2,050
1,362
1,227
401
198
120
83
4,359
2,006
1,420
933
454
203
108
142
4,851
2,061
1,452
1,337
2, 105
966
579
559
19,657
8,827
6,2 18
4,611
1,972
888
55 1
532
18,0 15
8,132
5,788
4,095
For
Arizona, l ouisiana, New Mexico, Oklahoma, and Texas.
harvest
Crop of
1964
Crop of
1963
Cro ps of
1958-62
Crop of
1964'
Crap of
1963
Texas .. ..... .. .
30
66
182
4,058
2,808
27
53
200
3,591
2,32 1
58
38
233
4,399
3,292
1,230
1,716
2,184
89,276
50,544
1,188
1,484
3,800
75,41 1
40,618
Total .. .. .. ...
7,144
6, 192
8,Q20
144,950
122,501
Area
Arizona .. . ....•
.
louisiana ..•....
New Mexico . . .. .
Okla homa •• •• •.
(Seasona ll y adjusted indexes, 1957-59
(In thousands of barrels)
Percent change from
Gulf Coast .. ...... ....
West Texas .. .. .......
East Texas {proper).....
Panhandle . .... ..... ..
Rest of State •• ••••.•••
Southeastern New Mexico . .
Northern louisiana ..•... . .
OUTSIDE elEVENTH DISTRICT
UNITED STATES ........ ....
May
1964p
April
1964p
May
1963
April
1964
May
1963
3,166.6
2,722.3
520.2
1,200.0
111 .2
99.0
791.9
282.4
161.9
4,469.9
7,636.5
3,175.3
2,729.6
519.5
1,203.8
11 1.3
104.7
790.3
284.0
161.7
4,460.3
7,635.6
3,083.5
2,644.1
508.3
1,188.1
112.6
103.6
751.5
269.2
150.2
4,481.0
7,564.5
-0.3
-.3
.1
-.3
-.1
-5.5
.2
-.6
.1
.2
.0
2.7
3.0
2.3
1.0
- 1.3
-4.5
5.4
4.9
7.8
.3
1.0
Preliminary.
SOURCES . American Petroleum Institute.
U. S. Bureau of Mines .
Federal Reserve Bank o f Da llas.
p -
4
~0I,844
66,334
176,006
NATIONAL PETROLEUM ACTIVI TY INDI CATORS
DA ILY A VERAGE PRODUCTION OF CRUDE OIL
Texas .. . ... .... . ...... .
2,1 54
782
4,B92
Indicated June 1.
SOU RCE. U. S. Department of Agricuiture.
NOTE .-Oetails may not add to totals because of rounding .
SOURCE. F. W. Dodge Corporation.
ELEVENTH DISTRICT. •• ••• •••
Crops of
1958-62
1
p-Preliminary,
Area
PRODUCTION
(In thousands of bushels)
Harvested
Indicator
CR UDE O IL RUNS TO REFINERY
STILLS (Dally ave rage ) ••••.••••..••• •
DEMAND (Dally average )
Gasoline ••••.•••.... • •• .. .•••••.•.•
Kerosene ••• •.•.• •• • .... •.. . ..• ••..
Distillate fuel oil .••• ... .• .•..........
Residua l fuel 011 • • ••••••••• • • ••••••••
Four reflned pro d ucts ••••••.. ......
May
1964p
= 100)
April
1964p
May
1963
112
113
110
112
229
123
95
11 6
112
189
127
102
117
11 1
200
120
92
11 3
111
126
11 0
77
107
109
138
120
78
11 0
103
126
11 0
92
105
-=
STO CKS (End of month)
Gasoline ........ . . . ............... .
Kerosene .•• • ... •• •••.• • • . • .. • ••• ..
Distillate fuel 011 ......... . .......... .
Residua l fuel oil .. . ................. .
four reflned pro ducts . ....... ... .. .
Preliminary,
SOURCES. American Pe troleum Instit ute.
p -
U . S. Burea u of Mi nes .
Federal Reserve Bank of Da llas .
-
@FedFRASER