Full text of Review (Federal Reserve Bank of Dallas) : July 1965
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business
•
revIew
july 1965
fEDERAL RESERVE
BANK 0F DAllAS
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
contents
recent trends
in cattle prices
trust banking
in the southwest
. ....... .. ........... .. ..... . 3
.. .... .. ..... . ... . .... . ... .
,
6
district highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
in cattle p,.ices
Since late March, cattle prices have risen
significantly and, by June, were well above a
year earlier. The price rise has been rather
general among all classes of cattle, although
prices for highly finished slaughter cattle have
risen by a relatively greater amount than those
for feeders and slaughter animals with less
finish. Choice-grade slaughter steers on the
Chicago market sold for about $28 per hundredweight in June, or $7 per hundredweight
OVer the low point reached in May 1964. In
the case of feeder steers, June prices for Choice
feeders on the Kansas City market averaged
~bout $3 per hundredweight above prices durIng the first quarter of 1965 and were moderately higher than those a year earlier. The increase in cattle prices this spring occurred even
though both total marketings and output of beef
remained high.
Beef production rose sharply in 1964, but
the first quarter of 1965 saw a slackening in
~Ut'put, especially from highly finished cattle.
?IS letup in the rate of production - coupled
WIth the consumer's continued strong preference for beef, significant increases in disposable
perSonal income, and relatively favorable range
and pasture conditions - has contributed to
price strength. It is estimated that disposable
~ersonal income in the Nation during the first
alf of this year was at an annual rate which
was about 7 percent above a year ago. ConsUmers boosted their consumption of beef last
year by 6 pounds per person to a level of
arOUnd 100 pounds, and a further increase in
~~r capita consumption is indicated this year.
1e
19 gain in per capita beef consumption in
64 Was the largest year-to-year advance in
OVer a decade.
fat cattle
After advancing in each quarter of 1964,
total beef output during the first quarter of the
current year dipped about 6 percent under
the level of the fourth quarter of 1964. A vailable data suggest that total beef production
through midyear continued at about the same
rate as in January-March 1965.
The decline in supplies of highly finished
beef was particularly noticeable in the first 3
months of this year, and the price spread between the higher grades of slaughter cattle
and feeder replacements widened. As the uptrend in fat cattle prices continued, the market
for less-finished animals showed improvement
- an improvement which was bolstered by
generally favorable forage conditions during the
late winter and the spring months. The 12 percent smaller supply of other red meat in the
first quarter of 1965 than in the fourth quarter
of 1964 has, no doubt, contributed further to
the recent strength in cattle prices.
The potential for a sharp increase in beef
supplies has been developing for several years.
The number of cattle and calves, including
milk cattle, on the Nation's farms and ranches
rose to a record 107.2 million head on January
1, 1965, marking the seventh annual consecutive increase. During the expansion phase of
the cattle cycle, which began in 1958, cattle
numbers in the Nation have increased an average of 4.5 percent annualJy. All of the gain
has been accounted for by beef cattle, since
milk cattle numbers have continued to decline.
The beef cattle inventory in the United States
rose 36 percent during the past 7 years to
slightly over 80 million head. The five south-
business review / july 1965
3
western states - Arizona, Louisiana, New
Mexico, Oklahoma, and Texas - experienced
an even larger rate of growth, as beef cattle
numbers increased 40 percent. The year-toyear gain in numbers of cows on the Nation's
farms and ranches formed the basis for a continuous increase in the size of the calf crop
and heavier marketings.
The growth in cattle numbers during this
cyclical expansion has exceeded the increase
in population, and marketings of cattle from
the larger basic breeding herds began to increase sharply by 1963 and rose again in 1964.
The significantly advanced tonnage of beef
during 1964 was sold at prices below those in
the previous year. The step-up in the feeding
of cattle has been a factor contributing to the
sharp increase in beef output. The number of
cattle placed on feed last year was 3 percent
above a year earlier; also, the average weights
of cattle marketed from feedlots were heavier.
As a result, not only was there an increase in
total tonnage, but the price premiums for highly
finished cattle began to decline as supplies of
these grades of cattle rose.
Data on weights of animals slaughtered during the first quarter of 1965 and reports of
cattle on feed as of April 1 suggest that the
numbers marketed in the first half of this year
were probably about the same as a year ago.
However, average weights of the animals remained below those of 1964; as a result, the
volume of meat from highly finished cattle was
lower. The number of heavy animals on feed
on April 1 was down substantially. Steers
weighing over 1,100 pounds and heifers weighing over 900 pounds were 33 percent below
the year-earlier level and 12 percent below the
number on hand on January 1, 1965'. Hence,
the quantity of beef available from these animals
declined .considerably. R'educed emphasis on
feeding to heav,ier weights reflected the lack
of profitability in marketing animals of such
weights.
4
Because of the smaller production of fed
beef, the price spread among the various grades
of fat cattle gradually widened as prices improved this year. During the second quarter of
1965, the price margin was above $2 per hundredweight between Prime and Choice grades
and was about $2 per hundredweight between
Choice and Good grades. These margins compare· with spreads of less than $1 a 'year ago,
when increased supplies of heavier and highly
finished cattle were available.
CHOICE SLAUGHTER STEER PRICES
CHICAGO
DOLLARS PER
HUNDA EDWEIGHT
30
28
26
24
22
JANUARY
APRIL
JULY
OCT08ER
)t3·w .. k ov.rog •.
SOURCE:U,S. D.portm.nt 01 Agric:ullur ••
A continuation of the high proportion of
cow slaughter was another factor moderating
further gains in total beef produCtion in the
first half of this year. The proportion of total
slaughter accounted for by cows began to increase during August 1964 and has continued
thUS' far in 1965.
Since the first of this year, cows have led
all other classes of cattle in the number slaughtered, with a gain of about 30 percent. Despite
the rise in marketings, slaughter cow 'prices
have strengthened somewhat; but prices of
calves and feeders 'have a greater bearing of!
the number of cows marketed than do priceS
of cows. An increase in cow slaughter is the
prelude to a moderation in the buildup of cattle
numbers, and, if cow marketings become large
enough, the expansion phase of the cattle cycle
will be brought to an end. The basic breeding
herd usually is reduced when prices for calves
decline or pasture conditions become unfavorable. Calf prices averaged much lower in 1964
and the first part of 1965 than in earlier stages
of the buildup in the cow herd.
In view of the heavy supplies of domestically
prOduced beef, the reduced level of beef imports
IS considered a favorable factor by cattlemen.
Imports of red meat declined in 1964 to a
total of 1.5 billion pounds, or 26 percent less
than in 1963. The decrease in beef imports in
the past year was the first since 1960. Higher
prices in the years before 1964 had encouraged
Imports, and lower prices discouraged imports
last year. Thus far this year, imports have been
below those in 1964. Since much of the impOrted beef is of lower quality, the reduction in
Imports would be of most benefit to lower
grades of cattle. This fact is particularly important in view of the step-up that has occurred
In cow slaughter in the United States. The
~mount of carcass beef imported in 1965 will
e restricted by congressional action to a maxi~um of 933 million pounds. Some welltnformed livestock growers expect, however,
th at imports will be well below this maximum
leve!,
feeder cattle
Feeder cattle prices during most of the first
(uarter of 1965 continued at the low levels of
ast year but started rising in late March and
~lade Substantial gains through June. Prices
Or Ch .
Olce 500- to BOO-pound feeders at KanSas C·
Ity continued their late-March uptrend
~nd, by mid-June, averaged over $25 per huna~edweight, or more than $3 per hundredweight
J ave the first quarter of this year. The midt~ne price was the highest monthly price since
e fall of 1962. The increase in feeder cattle
f
FEEDER STEER PRICES
SELECTED MARKETS
DOLLARS PER
HUNDREDwEIGHT
26
24
22
20
IB
16 L - - L_ _L - - L_ _L - - L_ _L -- L_ _L - - L_ _L - _
JANUARY
APRI~
JU~Y
OCTOBER
,. 3·wukov.rog. ,
SOURCE: U D.portm.nt of Agrlcullur••
.S.
prices is registered on the strength of fed cattle
prices, strong demand, seasonally smaller supplies, and improved range prospects.
Purchases of feeder cattle from foreign
sources also have remained low. Imports of
feeder cattle from Mexico and Canada totaled
slightly over half a million head in 1964, or
down almost one-third from 1963. Imports
thus far this year have been below 1964 levels.
outlook
The recent strength in cattle prices has been
heartening, but alert cattle growers are aware
of the dangers of overoptimism. Cattle numbers
are at an all-time high, and the supply of cattle
and calves available for feedlots totals more
than 36 million head, or slightly above a year
ago; Mexico and Canada also have large supplies of feeders . Although running below the
record rate in the latter part of 1964, total
beef output thus far in 1965 is little different
from the pace of total production during the
first quarter of last year. The current livestock
inventory and ample feed grain stocks provide
the basis for further sharp additions to ' the
present high output of beef.
business review / july 1965
5
Price premiums currently being paid for fat
cattle may encourage feedlot operators to delay
marketings in anticipation of increased returns.
If any measurable delay occurs, the overall
price level, as well as the premiums on highly
finished cattle, could increase temporarily.
However, the limited market for highly finished
beef and the greater poundage resulting from
feeding to heavier weights would subsequently
place pressure on cattle prices, especially those
of high-Choice and Prime grades.
On June 1 the revised USDA grade standards became effective. The new standards are
intended to make grading more nearly reflect
consumer preferences for beef. Under these revisions, some fed cattle will be able to reach a
given grade with less feeding than previously.
Consequently, marketings of extremely fat animals - especially from commercial feedlots may not be as large as those under the old
grade standards.
A verage to good range conditions this spring
and summer will enable cow-calf operators to
hold more of the 1964 calf crop on graSS
through the summer; therefore, placements
and/or marketings may be prolonged. If widespread drought occurs in the major range areas
of the Nation, the movement of cattle from
ranges would likely increase feedlot numbers,
as well as marketings for slaughter.
Assuming that general economic conditions
continue favorable, consumer demand for beef
is expected to remain strong. Further, other
red meat supplies during 1965 likely will remain
somewhat below year-earlier levels. Although
they may not retain all the strength gained in
recent months, prices during the latter part of
1965 could continue above those of a year
ago - barring unfavorable weather or overly
exuberant expansion in feeding operations.
J. C. GRADY, JR.
Agricultural Economist
t,·ust banking
in the southwest
The year 1964 was a profitable one for member bank trust departments in the Eleventh
Federal Reserve District. Total revenue from
trust operations rose about 12 percent during
the year to a level of $16.3 million. This advance outpaced the gain in total District bank
revenue last year and was notably above the
rate of increase in trust department revenue at
all member banks in the Nation.
Each year since 1957, the Federal Reserve
Bank of Dallas, in cooperation with the Trust
6
Section of the Texas Bankers Association, haS
surveyed the trust operations of selected meOlber banks in the District. This survey yieldS
information which enables each participating
bank to compare the operating performance of
its trust department with that of trust departments of corresponding size. The survey covering trust operations for 1964 has recently beeJl
completed, with data being obtained from 51
banks; these banks account for approximatelY
90 percent of total trust department earningS
of all member banks in the District.
One of the principal features of trust banking in the Southwest, as well as in the Nation,
is the heavy concentration of activity at the
larger banks in the financial centers. Almost
one-half of trust department revenue at the
Surveyed banks in 1964 was earned by 4
large banks; the 10 banks having commissions
and fees from trust operations in excess of
$300,000 accounted for about three-fourths of
total revenue.
TRUST DEPARTMENT REVENUE
AT MEMBER BANKS
~~~E~N~T____________ 19' _"OO' ______________,
(_ _' _ _
350
ELEVENTH FEDERAL
RESERVE DISTRICT
300
250
revenue
2 00
As in past years, earnings from personal acCOunts (which include testamentary and living
trusts, estates, guardianships, and pension and
profit-sharing trusts) constituted the most important source of trust department revenue at
District banks in 1964. About 85 percent of
total trust department revenue at the 51 surveyed banks represented earnings from these
aCCOunts. Corporate accounts -- bond and debenture trusteeships, depositaryships, stocktransfer and dividend-disbursing activities, and
coupon_ and principal-paying agencies -- provided the remaining 15 percent of trust departlUent revenue.
Reports submitted by 49 banks which reSPonded in both the 1963 and the 1964 surveys
TRUST DEPARTMENT INCOME, BY TYPE
OF ACCOUNT, AT 49 COMMERCIAL
BANKS, 1964
ELEVENT H FEDERAL RESERVE DISTRICT
PERSONAL TRUSTS
ESTATES
PERSONAL
AGENCIES
42.6\
CORPORATE
AGENCIES
PENSION AND
PROFIT-S HARING TRUSTS
CORPORATE TRUSTS 2. 2\
UNITED STAT ES
150
1956
1958
1960
1962
1964
SOURCE: E!!!!!! ~ ~.
indicate that these banks had a 27.9-percent
increase in revenue from fiduciary operations
in 1964. Revenue from all types of trust accounts, except corporate trusts, advanced, with
the greatest percentage gains being shown by
the largest banks. Revenue at banks with commissions and fees of $10,000 to $50,000 declined about 9 percent.
The primacy of personal accounts is reflected in the fact that, at the 49 banks, these
accounts contributed almost 60 percent of the
rise in total trust department revenue in 1964.
The largest banks -- those having commissions
and fees of over $300,000 -- accounted for
most of the dollar rise in personal account
revenue, although banks with commissions and
fees of $50,000 to $100,000 or $100,000 to
$300,000 showed substantial percentage gains.
The smallest trust departments recorded a reduction in revenue from personal accounts, due
principally to a sharp decline in commissions
and fees from estates.
Increased earnings on every type of account
contributed to the advance in personal account
revenue at the 49 banks. The dollar gain, how-
business review / july 1965
7
ever, was centered in personal trusts. These
trusts, which represent about one-half of total
personal accounts, are among the most profitable in the trust department. Commissions and
fees from agency accounts rose relatively
sharply in 1964, but their net contribution to
increased trust department profitability was
likely rather modest. The largest banks in the
District reported that expenses associated with
agency accounts amounted to 98 percent of
the total revenue generated by these accounts.
Income from pension and profit-sharing
trusts, which, in past years, has grown faster
than other sources of trust department revenue,
increased 17.6 percent last year, or moderately
less than in previous years. Revenue from estates rose only 7 percent in 1964, compared
with about 18 percent in 1963. Income from
this source tends to fluctuate erratically, however, since fees are generally collected only
upon the closing of an estate, which mayor
may not occur in the year in which expenses
associated with administration of the estate
are incurred.
Corporate agency accounts provided about
80 percent of total corporate account income
at the 49 banks, and income from this source
rose almost 21 percent. Although these accounts are heavily concentrated at the large
banks in the financial centers, the data indicate
that the smaller banks - especially those having commissions and fees of $100,000 to
$300,000 - have realized a measure of succesS
in attracting this type of business. Revenue from
corporate trusts, which accounts for only onefifth of total corporate account income, declined
about 13 percent during the year.
expenses
The problems inherent in the proper allocation of expenses represent a major difficulty
in developing trust operating data which are
both reliable and comparable. Many trust departments are staffed, in part at least, by personnel who also have duties in other departments of the bank. Careful allocation of the
salary expenses of such personnel is essential
in obtaining the actual cost of operating the
DISTRIBUTION OF EXPENSES FOR COMMERCIAL BANK
TRUST DEPARTMENTS, 1964
Eleventh Federal Reserve District
(Percentage of total expenses)
51 banks with tota l commissions and fees of:
$50,000·$100,000
$10,000·$50,000
$100,000,$300,000
Item
Number of banks
Salaries and wages
Officers . . .... . ...... . ... .. .. .. .
Employees ............... .
Pensions and retirements ... ..
Personnel insurance
Other expenses related'
·sa·l aries ·. '. : '.
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 . ... ..... .. .. . .
to
Total direct expenses .. ... . .. .....
Overhead . .. . . .. ...... . ...• . . . .. . .
Total expenses ... . .. . .... . .. .. .. .
Net
profits
Net
losses
Net
profits
Net
losses
Net
profits
Net
losses
6
9
4
6
10
6
43 .2
14.5
5.2
.8
1.4
9.1
1.2
3.3
1.1
2.7
1.5
.2
.6
2.5
.3
87.6
12.4
100.0
37.6
20.7
4.6
1.1
1.7
7.8
1.2
2.4
1.5
1.8
.5
1.8
1.5
1.3
3.4
88.9
47.5
19.9
5.1
.9
1.5
4.4
1.6
1.5
.7
2.1
.6
.2
1.5
2.6
1.8
91.9
8.1
100.0
38.4
23.3
5.0
1.0
2.4
5.6
2.8
3.3
.8
2.9
.9
.3
1.6
.9
1.8
91.0
9.0
100.0
34.7
30.6
3.9
1.0
1.7
5.7
2.0
2.9
.9
1.5
1.2
.8
.9
.9
2.9
91.6
8.4
100.0
~
100.0
25.5
29.4
3.7
.8
2.3
8 .3
2.8
3.1
1.2
1.9
1.2
.7
1.1
.5
2.0
84.5
15.5
100.0
Over
To~al
$300,000 '
10
~
25.8
30.0
5.5
.7
2.4
5.8
2.1
3.7
1.0
1.2
.2
.9
.6
.3
9.3
89.5
10.5
100.0
27.8
29. 3
5.1
.8
2.3
6.1
2.1
3.5
1.0
1.4
.4
.8
.8
.5
7.4
89. 3
-
~
0
---
100.
To avoid disclosing figures for individual trust departments, profit and loss data are not shown separately for this groUP'
Of the 10 departments in the group, 2 reported net losses.
1
8
trust department. Moreover, certain functions
normally assigned to the trust department frequently are performed by other departments of
the bank - e.g., the investment, mortgage, real
estate, and accounting departments. A proper
share of the total expenses of such departments
should be allocated to the tr'ust department.
Salaries, wages, and other employment costs
represent the principal expense items for trust
departments. At the 51 banks in the survey,
these costs ranged from 64 percent to 72 percent of total costs. The percentage distribution
of salaries and wages was about equally divided
between officers and nonadministrative employees.
There are, however, significant differences
among the several size categories of banks,
with officers' salaries absorbing a greater proportion of total expenses at the small banks
~han at the larger ones. At the smallest banks
In the survey, 1.1 officers and 1.4 employees
Were required to operate the trust department
- a ratio of officers to nonadministrative personnel of 0.79. The largest banks employed
20.8 officers and 63 .9 nonofficers in the trust
department, or about 1 officer for 3.1 emPI.oyees. This relationship is partially associated
W the greater importance of corpora'te acith
COUnts at the large banks. Once these accounts
are established, their ·administration can be
handled mainly by clerical personnel.
A further examination ~f employmentrelated costs reveals that a greater proportion
of the total expenses of the small bapks in
~ 964 was allocated to pensions and retirement
~nefits, insurance, and other fringe .benefits.
.oreover, the 1964 survey results suggest that,
With respect to the relative importance of these
Outlays, the wide differences which prior surVey' .
di ~ I?dlcated among the various sizes of banks
mInlshed during the year.
Total e~penses at the' 49 ' trust departments
rose about 11 percent in 1964 to a level of
A detailed report of the results of the
survey of 1964 earnings and expenses of
commercial bank trust departments in the
Eleventh Federal Reserve District may be
obtained upon request to:
RESEARCH DEPARTMENT
FEDERAL RESERVE BANK OF DALLAS
STATION K
DALLAS, TEXAS 75222
$12.0 million, as all expense items advanced
except advertising outlays and directors' and
trust committee fees. Direct costs were up almost 12 percent, while overhead rose approxi':
mately 4 percent. The increase in total expenses
was slightly greater than that recorded for 1963
but was little different from the 1962 advance.
Increases in salaries and wages and related
costs contributed about 63 percent of the rise
in ' total costs at the trust departments in 1964.
However, for the second consecutive year, the
sharpest percentage gain in expenses was recorded in legal and professional fees . These
costs rose 54 percent during 1964, principally
because of an 85-percent rise at the largest
banks. This increase likely reflects the growing
importance of pension and profit-sharing accounts, the establishment of which requires the
extensive use of professional services.
profits
Net earnings before taxes at the 51 surveyed
banks approximated 6.4 percent of total revenue in 1964, compared with 7.4 percent in the
previous year. Net earnings failed to advance
more strongly because the substantial rise in
revenue was partially absorbed by increased
expenses.
A number of banks allow deposit credit in
recognition of the fact that the increased deposits for the commercial department as a
busiltes.~
review / july 1965
9
NET EARNINGS AND RELATED ITEMS FOR COMMERCIAL
BANK TRUST DEPARTMENTS, 1964
Eleventh Federal Reserve District
(Percentage of total commissions and fees)
Item
Number of banks
Commissions and fees from:
Estates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pension and profit·sharing trusts . . . . . . . . . . . . . . .
Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total commissions and fees. . . . . . . . . . . . . . . . .
Total expenses ......
................
Trust department net earnings (+) or
losses (-) before income taxes . . . . . . . . . . . . . . . . .
Average credit allowed for deposits. . . . . . . . . . . . .
Trust department net earnings (+)
or losses (- ), adjusted for
deposit credits . . . . . . . . . . . . . .
..............
Memorandum figures
Average rate allowed as deposit
credit (Percent) '. . . . . . . . . . . . . . . . . . . . . . . . . . .
Number of banks allowing deposit credits . . . . . . . .
Amount of total commissions and fees
(In thousands) .
. . . . . . . . .. . .
1
51 banks with total commissions and fees of:
$10,000·
$50,000·
$100,000·
Over
$50,000
$100,000
$300,000
$300,000
15
10
16
10
5
£
17.2
46.0
19.2
64.2
4.7
11.9
100.0
124.4
29.5
56.5
6.7
7.3
100.0
105.6
22 .9
52.3
7.0
17.8
100.0
92.5
15.0
43 .3
13.3
28.4
100.0
92.3
-24.4
4.5
-5.6
10.1
+7.5
14.4
+ 7.7
14.8
- 19.9
+4.5
+ 21.9
+ 22.5
+20. 6
3.7
3
2.1
4
2.6
11
3.0
7
2.1
25
$327
$691
$2,684
$10,876
$14,~
11.1
~
100.0
93. 6
+ 6.4
..liJ
Based on reported rates only; excludes banks which do not allow a credit for deposits.
resul! of t~ust operations can be employed to
expand overall bank earnings. About one-half
of the surveyed banks allowed deposit credits,
at rates ranging from 2.1 percent to 3.7 percent;
the average credit was 2.7 percent. After allowance for these credits, earnings amounted to
20.6 percent of total revenue. This percentage
is little different from that recorded for 1963.
Of the 51 banks participating in the survey,
55 percent showed profits in 1964. Only 40
percent of the trust departments having fees
and commissions of less than $100,000 were
profitable, whereas about 70 percent of the
departments having commissions of over
$100,000 showed profits. The tendency for
net earnings to rise as the size of the trust department increases mainly reflects the concentration of corporate accounts at the larger
banks.
The profitability of corporate accounts is
indicated by reports submitted by the 24 large
trust departments which were able to distribute
10
Total
income and expenses among types of accounts.
After allowance for deposit credits, net profitS
on corporate accounts as a proportion of total
income were 25.6 percent, compared with 20.6
percent for personal accounts. Within the corporate account classification, data for six large
Texas banks indicate that trust accounts were
significantly more profitable than agency aCcounts. Including deposit credits, net earningS
from trust accounts amounted to 120 percent
of commissions and fees from these accounts,
compared with 31 percent for agency accounts.
Commercial banks in the Southwest apparently are continuing the aggressive development
of their trust departments. That these efforts
have yielded results is reflected in the rising
revenue from fiduciary operations reported bY
larger member banks in the Eleventh Federal
Reserve District. The growing popularity of
trust arrangements, particularly pension and
profit-sharing plans, and an expected rise in
corporate trust activity argue for the continued
strong growth of District trust departments.
The seasonally adjusted index of Texas in~ustrial production advanced 1.4 percent durIng May to reach 134.0 percent of the 1957-59
?as e. This advance primarily reflected strength
In the mining sector, which showed a production gain of 3.0 percent over the previous
month. The gain in Texas mining activity mir~ored a 3.8-percent increase in seasonally adJusted crude oil production.
The manufacturing sector of the Texas production index registered only a fractional gain
from April to May. The gain was accounted
for by durable goods producers, with the 1.6P~rcent increase in output of durables being
distributed among transportation equipment,
f~rniture and fixtures, and machinery. A particularly strong advance was recorded in the
machinery industry during May. In aggregate,
the nondurable goods producers registered a
~r~ctional output downturn from April. Within
his industry group, however, advances were
Shown by textiles, chemicals, and "other nondUrable goods."
~ompared with a year ago, the Texas index
of . Industrial production showed a 4.7 -percent
gaIn in May. This gain reflected a 9.8-percent
a~vance in durable goods production, along
with a 5.8-percent advance in nondurable
goods output. May production in the mining
sector declined fractionally from the same
month last year.
t
. Nonagricultural wage and salary employment
the five southwestern states rose to a May
eVel of almost 5.1 million, reflecting a 0.3percent .
.
w.
gaIn over the Apnl total. Percentagep:se, the manufacturing employment sector
e ,-,sted a larger advance than nonmanufacturing
t~p~oYment. In the nonmanufacturing sector,
e Important government, trade, and service
industries all registered increases in employment. However, the construction industry
showed the greatest relative month-to-month
advance by recording a -1.1-percent gain.
Nonagricultural wage and salary employment in May this year was 3.8 percent above
a year ago. In the year-to-year comparison, the
non manufacturing sector showed a larger increase than the manufacturing sector. Among
all types of employment, the strongest relative
growth was registered in the number of construction workers, which was more than 6
percent over May 1964.
The seasonally adjusted index of Eleventh
District department store sales for May, at
126 percent of the 1957-59 base, established
a new high for the month. Although sales in
May were 2 percent below April, the dollar
volume of sales during the first 5 months of
1965 reflected an increase of 3 percent over
the same period in 1964.
After easing slightly in April, new passenger
car registrations in four major market areas in
Texas declined 14 percent in May from the
April level but were up 4 percent over May
1964. Despite the month-to-month declines,
cumulative figures for 1965 show that, through
May, registrations for the four areas combined
were 12 percent higher than in the same period
last year. Pacing the gain was an increase of
16 percent in Houston - followed by 9 percent
in Dallas, 6 percent in Fort Worth, and 4 percent in San Antonio.
Daily average crude oil production in the
District advanced nearly 1 percent in June to
a level that was 1.6 percent above a year
earlier. All of the gain over May occurred in
Texas, as the pace of crude oil production in
business review / july 1965
11
Louisiana was unchanged and southeastern New
Mexico reported a slight decline. Crude oil
output from District wells during July is likely
to remain close to the June rate, since the allow abies for Texas, Louisiana, and New Mexico have been left unchanged by the respective
state conservation agencies.
The soil moisture situation in most areas of
the District in the latter part of June was favorable. Most of the cotton and grain sorghum
acreage has been planted, and early harvest of
both crops is under way in the southern areas
of the District. Prospects for these crops are
generally favorable, as moisture is available
for good growth and the maturing of early
plantings.
new
membet"
bunk
12
Pasture and range grasses continue to make
good progress and provide ample grazing in
practically all areas. Livestock are in good condition and are gaining weight from the improved
forage supplies.
Hog prices have reached their highest levels
since July 1958. The numbers on farms in the
five southwestern states as of January 1 of the
current year were one-fifth below those in 1964
and the lowest of record . Hog slaughter thus
far this year has been 9 percent under a year
earlier. The 1964 fall pig crop and the 1965
spring crop were somewhat smaller than a
year ago. Thus, the number of hogs available
for slaughter in 1965 likely will be significantly
lower than in the previous year.
The Richardson Heights National Bank, Richardson , 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 18, 1965, as a member of
the Federal Reserve System. The new member bank has capital of $250,000,
surplus of $250,000, and undivided profits of $100,000. The officers are: George
M. Underwood, Jr., Chairman of the Board; James C. Schmidt, President;
Morris James, Vice President; and D. H. Holland, Assistant Vice President
and Cashier.
-
STATISTICAL SUPPLEMENT
to the
BUSINESS REVIEW
July 1965
FEDERAL RESERVE BANK
OF DALLAS
CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
RESERVE POSITIONS OF MEMBER BANKS
Eleventh Federal Reserve District
Eleventh Federal Reserve District
(Averages of daily flgures . In thousands of dollars)
(In thousands of dollars)
June 2, 1965
4 weeks ended
May 5, 1965
606,063
562,714
43,349
602,168
3,895
34,735
-30,840
614,774
570,825
43,949
609,191
5,583
21,691
-16,108
584,211
544,115
40,096
580,195
4,016
14,004
-9,988
578,400
44 1,947
136,453
543,401
34,999
3,348
31,651
583,540
445,969
137,57 1
549,215
34,325
1,385
32,940
554,681
429,8t I
124,870
518,375
36,306
7,900
28,406
1,184,463
1,004,661
179,802
1,145,569
38,894
38,083
811
1,198,314
1,016,794
181,520
1,158,406
39,908
23,076
16,832
1,138,892
973,926
164,966
1,098,570
40,322
21,90 4
18,418
4 weeks ended
1965
May 26,
1965
July I,
1964
Gross loans . • ..... . . .......... . ... .........
4.787,251
83.197
4,870,448
4,679,366
82,792
4.762.158
4,300,414
76.317
4,376,731
Commercial and industrial loans • . ••••.••• •...
Agricultural loans ••••• •••.••.•.••.••..•••••
2,223,275
62,120
2,161,329
61,291
2,025,483
57,689
274
42,463
274
44,821
274
49,303
2,439
300,761
2,418
298,447
1,972
271,045
152,753
285,713
116,411
7,600
409,739
1,266,900
2,136,449
128,345
272,264
180,391
8,522
395,691
1,208,365
2,062,348
137,645
293,118
55,139
2,432
371,418
1,111,213
2,088,722
1,273,269
112,460
0
1,265,538
84,473
0
Balances with bonks in foreign countries • . . ••...•
Currency and coin ..•.. ••..•... •• . .••.••.• . ••
Reserves with federal Reserve Bank .••• . ...•.•..
Other assets •••• ....•.•... . • . .......... ••. •.
236,944
543,809
380,056
863,180
771,170
482,592
3,042
64,719
552,988
299,828
240,184
556,860
384,021
796,810
673,415
462,982
3,441
69,195
519,622
316,525
117,119
797,396
357,198
716,056
721,131
492,297
3,364
60,435
579,768
261,769
TOTAL ASSETS .................. .......
9.098,039
8,786,894
Item
8,507,900
4 we eks ended
June 3, 196~
1,372,666
100,901
52
June 30,
It.m
ASSETS
N.t loans •••• •••••••••••.••••••..•.•• ••••••
Valualion re,erve •. ..........................
Total rese rves held .. . .... . ....
Loans to brokers and dealers for
loans to nonbank flnancial Institutions:
Sales Anance, personal flnance, etc . . .. . .. ..
Oth.r .................................
Loans to domestic commercial banks ••••••• ••••
Loons to foreign banks ••.......• •..........
Real estate loans ••... . • •••••••••••••••••.•
Other loans .... .. . . ...... . .......... . ....
Total investments • ••.•..•••.•••..........••••
Total U. S. Gov.rnment securities •••••••••••••
Tr.asury bills ••• •••• •••• •••••• •••••• •• ••
Treasury certificates of Indebtedness • •••••.•
Treasury notes and bonds maturing:
Within 1 y.ar ••••••••••••••••••••••••
1 to 5 years ••••••••••••••••••• • ••.•••
After 5 years .........................
Other securities .• •• •• ....•.....•...•••.•••
Cash items in process of collection • •••••.••.•.•.
8alanc.s with banks in the United Stat.s •••••••••
With Federal Reserve 8ank ••.
Currency and coin . ..........
Required reserves . ............
Excess reserves . •. . .. ..... ....
Borrowings • ............... •..
Free reserves • ...... . . •.... .. .
COUNTRY 8ANKS
Total reserves hel d . ...........
~~rS~G~nvge::;m~~~r;!~~~ities ....... ...... .. .
Other securities • ........................
Other loans for purchasing or carrying ,
U. S. Government securities ••.. . ........ ...
Other securities ...•. .................•..
RESERVE CITY 8AN KS
With Federal Reserve 8ank •••
Currency and coin . ..........
Required reserves . ............
Excess reserves . ••. .. ... ......
Borrowings •. .................
Free reserves . .......... .... ..
ALL MEMBER 8ANKS
Total reserves he ld . .. ...... . ..
With Federal Reserve Bank . ..
Currency and coin . ....... . ..
Require d reserves . ........ . ...
Excess reserves . ............. .
Borrowings . . ............... ..
Free reserves . .•..............
-
GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federal Reserve District
--
(Averages of daily flgures. In millions of dollars)
GROSS DEMAND DEPOSITS
TIME DEPOSITS
7,934,988
7,623,367
7.480,468
4,954,309
3,174,938
4,757,442
3,147,177
4,819,199
3,122,084
4,806
283,129
316,210
4,039
23 t ,480
352,010
944,514
18,965
59.257
2,865,925
1,291,394
1,221,655
500
3,544
335,238
Capital accounts • •• . ......... . •....•••••••••
10,154
3,440
237,685
175,405
750,437
7,133
1,900
174,365
144,520
708,547
TOTAL LIABILITIES AND CAPITAL ACCOUNTS
9,098,039
8,786,894
8,507900
CountrY
banks
1963: May • .•• ••
1964: May .•.••.
8,126
8,249
8,852
9,042
8,582
8,278
8,697
8,484
3,979
3,938
4,213
4,271
4,006
4,049
4,158
4,055
4,147
4,311
4,639
4,771
4,576
4,229
4,539
4,429
3,907
4,524
4,713
4,881
4,984
4,894
5,097
5,091
1,935
2,235
2,288
2,399
2,438
2,462
2,479
2,455
1,97 2
2,289
2,425
2,482
2,5 46
2,432
2,618
2,636
500
3,899
352,920
9,955
2,440
246,191
170,398
746,462
city banks
1,163.686
1,131 ,23 1
500
3,519
370,874
Total
Reserve
---
1,085,113
15,280
79,077
2,661,269
1,319,595
1,273,796
banks
4,505
244,638
268,502
1,084,537
17,588
73,101
2,980,679
Total
Res erve
city banks
Country
Date
LIABILITIES AND CAPITAL ACCOUNTS
Total deposits .................... . . . ... . ....
Total demand deposits •• . . •••••••••••• . ••• .
Individuals, partnerships, and corporations ••..
Foreign governments and official institutions,
central banks, and international institutions . •
U. S. Gov.rnment ..... ...... ............
States and political subdivisions . •. . . .. .....
Banks in the United States, including
mutual savings banks ••• .•.• ••• .. ... .. • •
Banks in foreign countries • ... • . .......•...
Certlfled and ofAcers' checks, etc .•••• • • • •••
Total time and savings deposits ••.. ..•••• • •• •
Individuals, partnerships, and corporations
Savings deposits •••• ••••••••••••••••.•
Other time deposits ••••••• •••••••••••••
Foreign governments and official institution s,
centrol bonks, and international Institutions ..
U. S. Government, including postal savings • ••
States and political subdivisions ••••••••••••
Banks in the United States, including
mutual savings banks ••• ...•.•..........
Banks in foreign countries •. •.••.••.••.•...
Bills payable, rediscounts, etc ................. .
All oth.r Iiabillti.s .......... .. ........ ..... ..
1965: January .••
February ...
March .••. .
April ......
May ••••••
CONDITION STATISTICS OF ALL MEMBER BANKS
Eleventh Federa l Reserve District
(In millions of dollars)
~
May 26,
1965
Apr.28,
1965
May 27,
loans and discounts•... .. . ... ...... . ....
U. S. Government obligations•.. ....... . "
Other securities . •....•....... .....• ....
Reserve s with Federa l Reserve Bank •. ••• . ..
Cosh in vault° ... .•....................
Balances with banks in the United States . .. •
Balances with banks in foreign countrieso .. . •
Ca sh it ems in process of collection . •.. . ....
Othe r assetso ... .......................
7,937
2,473
1,651
890
202
1,018
5
747
450
7,940
2,541
1,639
853
207
1,007
6
804
466
7192
2' 56 4
1'483
'821
183
I,OI~
15.373
15,463
Other demand deposits .... ..............
Time deposits •.. ..•...•................
1,158
7,353
5,076
1,207
7,393
5,123
Total deposi ts . ...............•......
Bo rrowings e . ... ... . •. ....... ..........
Oth er liabilitieso . .. .. ...... . . ...... . ...
Total capitol accounts c . ......•..........
13,587
243
219
1,324
13,723
204
218
1,318
TOT AL lIA81LITIES AND CAPITAL
ACCOUNTS- .••••...••••••.•..••..
15,373
15,463
Item
Item
1965
May 26,
1965
Jul y I,
1964
Total gold certificate 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 •••••
384,093
21,401
638
1,626,290
1,648,329
908,990
1,107,793
337,580
5,135
812
1,630,821
1,636,768
890,108
1,083,753
512,291
32,044
o
1,388,253
1,420,297
930,560
993,470
19~
ASSETS
LIA81L1T1ES AND CAPITAL ACCOUNTS
Demand deposits of banks. .• .. • . . ..•...•
(In thousands of dollars)
e-
2
---
TOTAL ASSETse .....................
CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS
June 30,
December ..
Estimated.
677
417
--~
I 152
7'06 5
4;55 3
-12,~~~
-
224
1,237
~
:::....----
BANK DEB ITS , END·Of·MONTH DEPOSITS, AND DEPOS IT TURNOVER
(Dollar amo unts in thousands, seasonally odlustedl
=-
DEBITS TO DEMAND DEPOSIT ACCOUNTS'
DEMAND DEPOS ITS'
Percent change
-
5 months,
April
1965
(Annua l.ratc
basis)
Stand a rd metropolitan
statistical aroa
Annua l rate
of turnover
May 1965 from
May
1965
:::::::::::::::::::::::::::::::
3,635,712
1,74 1,392
4,744,104
60B,3 16
1,674,708
3,832,260
3,683,772
4,453,632
1,272,456
3,078,216
283,416
58,564,308
4,997,748
12,532,404
1,881,420
52, 102,572
497,616
3,529, 11 6
1,824,900
1,108,560
797,736
10,285,356
894,444
1,424,448
1,831,056
1,86 1,740
-12
-3
2
9
-3
1
-1
-6
1
- 10
-6
- 1
7
2
-5
0
0
1
4
5
1
2
3
2
-3
3
Total_26 centers •. •. .......••............ .. .... • . . •
_____
$183,141,40B
May
1964
1965 from
1964
May 31,
1965
May
1965
April
1965
May
1964
-8
24
6
-6
9
-4
-1
11
9
13
2
18
-3
12
1
1
18
4
24
10
10
12
0
10
5
-2
24
6
-7
9
7
5
10
6
9
13
23
4
8
3
10
12
1
11
7
5
11
-4
11
9
4
$ 159,751
75, 14B
196,417
32,305
84,855
135,265
182,783
200,573
50,977
137,542
25,827
1,545,805
194,815
481,049
87,901
1,732,99 1
29, 113
144,162
11 4,502
57,241
51,794
484,OB6
46,730
80,454
99,340
112,313
22.8
23.6
24.2
lB.6
19.3
28.0
20.8
22.5
24 .2
22.0
11.0
37.9
25.6
26. 1
22.2
29.5
17.5
24 .4
16.0
lB.8
15.3
21.8
19.0
17.7
18.2
16.5
25.8
25.8
23.6
17.3
19.5
27.7
21.5
23.6
23.4
21.6
11.6
38.2
23.9
25.6
22.8
29.2
17.9
24.1
15.2
17.9
15.2
21.6
17.6
17.3
lB.6
16.0
24.1
21.0
22.9
17.7
18.5
29.1
21.2
20.4
23.4
21.6
10.6
32.8
23.2
23.7
20.9
31.8
16.1
23.8
14.2
16.9
14.7
20.5
18.7
17.1
19.0
16.6
12
$6,543,739
27.9
27.9
26.7
- 1
AR IZONA: Tucson • • ••••••..••... • •.•.. • •.•.. .. ••....
LOUIS IANA: Monroe ................................
Shreveport . . .. .••.. . ... . .• ....... . .... . .
NEW MEX ICO : Roswell' • • •• ••• • • . ..•• • .. • ••• .• ••. • ••
TEXAS: Abilene ...... . . .. .............. . ........... .
Amarillo ..•••••.••• • ••..••• . •••• • •••. . ••• • • •
Austin .•........... . . . .•••......• • ... . ..... .
Beaumont·Part Arthur . .. .••... . ...•...••...•. .
Brownsvllle.Harlingen. San Benito • •...•. .. .• ... ..
Corpus Christi .... .. .... . .....................
g~~i!~~~~~:: : :::::::::::: : ::::::::::::::::: :
EI Paso • • •••••• • ..••• • .•••...• • •••••..••.•••
Fort Worth .................. .. .... .. ........
Ga lveston·Texas City . . . ........• • ....... .. ...
~~j~~H:
iexorkono (Texas-Arkansas) ••••••..• • ••• .. • . .• •
~~iit~: ~~il;:
~
Deposits of individua ls, partnors hips, a nd corporations and of states and politica l subdivisions.
COunty basi s.
DEPARTME NT STORE SALES
(Percentage change in retail vo luel
INDEXES Of DEPARTMENT STORE SALES
Elevent h f edera l Reserve District
(Dally overa ge sales, 1957·59
May 1965 from
=1001
Area
Seasonally
:----...
Dote
1964: Mo
D y . .. .............. ..
1965. ecembor ... ... .... . .. ..
. ~abuary ........... .. .. ..
ad justed
126
129
131
125
119
129
126
Total Eleven th District. .. . . . • "
Unadjusted
121
223
102
91
102
127
121
~J!.{~~::::: : : : ~~ ::~~
5 months,
April
1965
Corpus Christi .. .. .. . ....... . .
Da llas ...... . ....... . .... .. .
EI Paso • • • ••.•.• . ••• . •• • • • .•
Houston ••.•..•• . . . . . ..•... .
San Antonio . .. .. . . .• . . • .....
Shreveport, l a . . .••....... • ..
Waco • • • •• • • • •••.•. • • • • • ...
Other cities . • . ... . ....... ...
May
1964
1965 from
1964
o
-5
-1
4
4
2
8
2
4
o
-6
-6
-6
-2
7
-5
-7
-4
-5
-5
-2
o
-1
o
o
-2
NATIONAL PETROLE UM ACTIVI TY INDICATORS
DAI LY AVERAGE PRODUCTION Of CRUD E OI L
(Seasonall y adjus ted indexes, 1957-59
= 100)
(In thousands of borre lsl
~===============================
Percent change from
~Areo
ElEVE
T.x~~H DiSTRiCT •• • •••.•
Guli·
West
c.. ···· .. ·.. ··· .
T~~~;"" .......
Eest T
... • •.••• • •
Pe nhe~~I: (proper) .. ...
Rest of S •••••.•• • • ..
SOuthee t tote ••• •. .••..
Norther~ lrn.New Mexico . •
OUTSID E oulliono ••• •• ..•
UNITED ELEVENTH DISTRICT
STATES
~
P- P I
............
May
1965p
April
1965p
May
1964
Apri l
1965
May
1964
3,171.5
2,688.8
511.7
1,199.5
108.3
100.9
768.4
306 .6
176.1
4,557 .1
7,728.6
3,254.6
2,763.1
524 .3
1,228.3
111.2
103.2
796.0
309.9
181.7
4,59B.0
7,852.6
3,163.5
2,727.0
529.0
1,221.7
122.7
106.4
747.2
279.9
156.6
4,444.1
7,607.6
-2.6
-2.7
-2.4
-2.4
-2.6
-2.2
-3.5
- 1.1
-3.1
- .9
-1.6
0.3
-1.4
-3.3
-1.8
- 11.7
-5.2
2.8
9.5
12.5
2.5
1.6
SOURCESlminory.
: ~merica n Petroleum I nstitute.
. S. Buree u of Mines.
Federel Reserve Bonk of Da lla s.
Indicator
CRUDE OIL RUNS TO REFINERY
STILLS (Doily average) •••••• •• •••••• •
DEMAND (Dolly overage)
Gasoline • • • •. ••• • •••••• • •. •.. ••••••
Kerosene • • . ..• • •...•...•.•...... ..
Distillate fuel oil ........ . .... . .... . . .
Residual fuel oil .... . ......... . ..... .
Four reflnod products . ••• . . • ••....•
STOCKS (End of mont h)
Gasoline ••••• . •••• ••• •••• . .•• • ••• • •
Kerosene • •.•.•....•• . ...••••..••..
Distillate fuel all ............... . .... .
Resid ual fue l 011 .......... . ..... • .. ..
Four reflned products • ••.•• ... ..•.•
May
1965p
April
1965p
May
1964
1 t4
115
112
119
315
117
102
123
11 8
253
124
106
122
121
217
115
94
118
11 2
138
102
74
105
123
150
104
70
111
111
130
120
80
11 1
p - Preliminary.
SO URCES, American Pelro teum Institute.
U. S. Bureau of Mines .
Federa l Reserve Bonk of Dallas.
3
NONAGRICULTURAL EMPLOYMENT
WINTER WHEAT
Five Southwestern Stotes'
ACREAGE
(In thousands of acres)
for
harvest
Crop of
1965
Crop of
1964
Crops of
1959-63
Crop of
1965 '
Crop of
1964
Crop. of
1959-63
New Mexico .....
Oklahoma ••••.•
Texas .•........
27
53
165
4,831
3,138
33
66
132
4,201
3,017
39
40
234
4,229
3,111
1,296
1,272
3,960
135,268
69,036
1,617
1,650
2,772
96,623
61,848
1,611
952
4,907
93,838
61,041
Total •••.• • •••
8,214
7,449
7,653
210,832
164,510
162,349
Area
Arizona ...• •.••
louisiana .. .....
Percent change
PRODUCTION
(In thousands of bushels)
Harvested
May
1965p
April
1965
May
1964r
April
1965
MaY
1964
5,086,600
891,900
4,194,700
235,800
350,700
5,069,800
887,500
4,182,300
235,400
346,900
4,901,900
861,400
4,040,500
232,100
330,300
0.3
.5
.3
.2
1.1
3.8
3.5
3.8
1.6
6.2
391,000
1,210,100
256,500
745,700
1,004,900
391,300
1,208,300
255,800
742,400
1,002,200
388,400
1,162,300
249,000
713,800
964,600
-.1
.1
.3
.4
.3
4.1
3.0
4.5
4.2
Type of employment
Tota l nonagricultural
wage and salary workers • •
Manufacturing ..•... . ....
Nonmanufacturing .. ••• ••.
Mining •••.••.•••.....
Construction •....•• ....
Transportation and
public utillii •• .• .• • • . •
Trade ••.•••.. • •••••• •
, Indicated June 1.
SOURCE , U. S. Deportment of Agriculture.
May 1965 fro..':
Number of persons
Finance •••...••.•....•
Service •. ••.... ......•
Government . ... ....•.•
.7
1 Arizona, Louisiana, New Mexico, Oklahoma, and Texas.
p r -
VALUE OF CONSTRUCTION CONTRACTS
Preliminary.
Revised .
SOURCE, State employment ogencie •.
(In million. of dollars)
January-May
May
1965
Are a and type
fiVE SOUTHWESTERN
STATES' ••••••.•••••••••
Residential building . .. ....
Nonresidential building .•..
Nonbuilding construction •..
UNITED STATES •••••• ••••••
Re.ldential building • • •..••
Nonresidential building ..•.
Nonbuilding construction .. .
April
1965
May
1964
1965
1964
504
170
250
84
4,864
2,074
1,775
1,015
477
194
148
136
4,770
2,139
1,546
1,086
468
190
101
177
4,642
2,051
1,364
1,227
2,254
863
8 14
577
20,096
8,643
6,888
4,565
2,105
966
579
559
19,675
8,828
6,236
4,611
BUILDING PERMITS
VALUATION (Dollar amounts In thou.and.)
1
Arizona, Louisiana, N ew Mexico, Oklahoma, and Texas ,
May 1965
NUMBER
5 mos.
1965
May
1965
780
3,399
1,510
324
1,555
77
Amarillo • • •• • •
196
Austin ... . .. . .
319
Beaumont •.•.•
316
Corpus Chri.ti .•
385
Dalla •••••••.. 2,433
EI Paso • • •..••
453
fort Worth • •••
642
Ga lveston •••••
137
Houston •• . •.. 1,990
Lubbock •....•
192
Midland .•••••
119
Odessa ••••...
194
Port Arthur ••••
128
San Antonio ••• 1,123
Waco . . ...•.•
259
Wichita fall •••
121
401
839
1,552
1,356
1,887
10,088
2,147
3,129
487
10,015
1,067
520
768
605
5,570
1,112
653
Total-19 cliie • •• 10,188
47,150
Area
=
TEXAS
Total industrial production ..•... ..
Manufacturing ....... ....... .
Durable .. .. .. . . ........ . .
Nondurable •••..••••••.•••
Mining •.•... ... ..•..•.•.•. .
UNITED STATES
Total industrial productbn ....... .
Manufacturing . ... ...... . ... .
Durable ........... ...... .
Nondurable . ..........•...
Mining .................... .
Utiliti es •••. . . ••.•••• . .•. ..••
p-
April
1965
Tucson •• • •. • .•
May
1964r
132.2
154.6
150.2
157.7
102.9
130.2
154.2
151.1
156.4
98 .7
128.0
144.7
139.0
148.8
106.1
141.3
142.8
145.8
139.1
114.4
160.0
140.8
142.3
145.1
138.8
112.4
160.0
140.5
142.1
144.7
138.8
112.3
159.7
131.3
132.2
132.6
131.7
111.3
148.3
5 months,
1965 from
1964
April
1965
May
1964
9,348
-9
-57
-37
Shreveport •..•
1,777
7,463
40
-3
_13
906
2,746
4,759
1,438
1,649
17,745
5,050
3,838
532
21,025
2,505
2,144
921
342
3,779
2,459
670
5,825
14,945
21,183
9,409
12.457
80,009
26,746
20,5 16
2,089
120,628
19.640
7,524
4,864
3,189
23,925
9,933
5,377
-43
-7
17
-10
-48
- 16
- 18
- 12
17
- 19
-53
89
-15
- 81
-42
99
-56
10
-34
-6
-32
-3
-3
36
-48
48
4
42
103
90
27
-11
187
22
5
_28
_32
25
9
_18
36
_ 16
_38
_13
_9
22
72
20
$75,795
$405,070
- 18
-6
_ 11
--
TEXAS
Abilene .. . . •. .
Revi sed .
SOURCES , 80ard of Governors of the federal Re.erve System.
federal Re.erve Bank of Dallas.
4
March
1965r
134.0
155.4
152.6
157.5
106.0
Prelim inary.
r -
May
1965p
5 mos.
1965
ARIZONA
100)
LOUISIANA
Area and type of index
from
May
1965
INDUSTRIAL PRODUCTION
(Sea. onally adlu.ted indexe., 1957· 59
--
Percent chan~
NOTE. - Detail. may not add to total. becau.e of rounding.
SOURCE, f . W. Dodge Corporation .
_14
31
21
---
@FedFRASER