Full text of Review (Federal Reserve Bank of Dallas) : June 1962
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BUSINESS
REVIEW
JUNE 1962
Vol. 47, No. 6
AUTOMATION AT ELEVENTH DISTRICT
COMMERCIAL BANKS
A major problem facing bankers throughout the United States,
and yet one of their strongest hopes for simplified processing of
the mass of paper work confronting commercial banks in our
modern economy, is automation. The banker must solve many
questions before he steps into automation and, in most instances,
can arrive at just educated guesses until extensive experience
provides the true answers. Among these questions are the
following.
Will automation really improve the efficiency of my bank?
Can I save money by automating various paper work functions,
recognizing the high cost of the initial equipment and its limitations in relation to my bank size? Can I afford to automate? Can
I afford not to automate? Am I buying equipment that will be
obsolete in 1 or 2 or even 5 years? Can I expect a reasonable
return on the money I am investing? Should I send my accounting problems outside the bank, or should I buy equipment which
will process not only my own bank's items but also those of other
banks? Will the future provide even better ways to automate, or
will the current procedures relating to computers become general
practice throughout the industry? Bankers today are struggling
to answer these and many other questions in their consideration
of the arguments for and against automation.
It would be foolhardy to indicate that those banks which have
automated have already solved all of these problems, but a number of banks in the Eleventh District have taken more than a
EDERAL
RESERVE
DALLAS,
BANK
OF
DALLAS
TEXAS
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
tentative step toward automation. Developments over
the next 3 years are likely to provide ample evidence
that banks are resolving these conflicts in favor of automation to process more and more paper work with
machine methods.
The progress of automation in the banking industry
of the Eleventh Federal Reserve District was the subject of a recent survey by the Federal Reserve Bank
of Dallas. The survey, conducted in conjunction with
similar surveys by the other Reserve banks, provides
a capsule view of the progress of automation through
March 1962. In broad terms, the survey reveals significant advances over the past few years and, moreover, some major progress to come within the next 3
years.
The Eleventh District survey covered all banks with
deposits of more than $25 million and virtually all
banks with deposits between $10 million and $25 million. In fact, responses were received from 148 of the
159 District member and nonmember banks with
deposits exceeding $10 million, including all banks
with deposits in excess of $25 million. Four primary
areas were surveyed: (1) the extent of the use of magnetic ink character recognition (MICR) symbols on
checks, (2) the ownership and present and contemplated future use of computer equipment, (3) the
existing and planned applications of automation, and
( 4) the classification of deposits and loans in relation
to the automated portion of the banks' accounting
procedures.
The MICR Program has obtained general acceptance at Eleventh District banks with respect to the
encoding of transit symbols, and there has been noticeable progress toward account numbering and, recently,
toward amount encoding. Of the 148 responding banks,
95 are currently preprinting their transit number-routing symbols in magnetic ink upon more than 60 percent of their checks. The gratifying response to the
MICR Program is indicated by the large proportion of
smaller survey banks, those with $10 million to $25
million of deposits, that are preprinting most of their
checks.
Although amount encoding is still slow among District banks, about one-sixth of the respondent banks
indicated equipment available or on order to provide
amount encoding. By the end of 1963, 14 of these
banks now expect to begin encoding the dollar amounts
on checks sent to correspondents or the Federal Reserve
for collection.
I BUSINESS
12
REVIEW
6:1962
There has been some major progress in the installation of MICR sorters, with 13 of the respondent banks
indicating at least one system presently operational.
Moreover, such equipment is being installed at 4 other
respondent banks, and an additional 13 have placed
orders or are planning to order equipment within 3
years. In total, 30 of the 148 banks either have on hand
or have firm plans to order MICR sorter equipment. Of
the 30 systems, 27 are expected to be owned or leased
by the individual bank for its own internal operations,
while 3 will be handled through cooperative ventures,
correspondent bank service operations, or service
bureaus.
The survey also reveals some significant progress in
the establishment of computer systems in Eleventh
District banks. Among the survey Fespondents, 9 bankS
have operational computer systems, 4 others are engaged in the installation of the systems, and 19 have the
equipment on order or have firm plans to convert to
such systems within 3 years. Thus, more than one-fifth
of the survey banks intend to develop computer systemS
before 1966.
As expected, the majority of banks presently using
or planning operational computer systems are banks
with deposits in excess of $50 million; this group
accounted for 21 of the 32 banks using or planning
such installations. On the other hand, it is interesting
to note that 11 of the banks with less than $50 million
in deposits were also using or planning to develop computer systems within 3 years. The heavy initial cost of
a computer system has, of course, been a major limiting
factor in the smaller banks' efforts to automate their
check-handling and record-keeping operations.
The responses to the third part of the survey, concerning existing and planned applications, provide
some indication of the general purposes for which the
banks are planning their automation procedures. The
computer systems can use on-line punch cards, magnetic tape, or a combination of the two. The large
respondent banks (those with deposits of $100 million
or more) have primarily followed the last-named
course, while the majority of the smaller banks have
used on-line punch cards. The later development of
magnetic tape has been a factor in its dual use with
punch cards by the larger banks, which ordered their
computers first. Of particular interest is the fact that
some of the smaller and medium-size banks which
ordered computer equipment at a later time have been
using magnetic tape.
Applications currently automated at 14 District
banks using either computer or punch-card accounting
equipment are led by the regular checking accounts
and consumer loans. Of the 37 responding banks which
have automatic equipment (either computer or punchcard accounting) already available or on order, 59 percent are already automating or plan to automate their
regular checking accounts. The next most prevalent
applications which the banks are automating or planning to automate are savings accounts and payrolls;
consumer loans, commercial loans, and special checking accounts follow in descending order.
All the banks that have computer equipment available or on order expect to complete automation of their
regular checking and special checking accounts, time
and savings deposits, and consumer loans by 1963. The
slowest unit coverage is expected in commercial loan
transactions, where full automation will not be completed until 1964. A smaller number of banks will also
complete automation of their mortgage loans, transit
operations, payrolls, and trust accounts by 1964.
In the final section of the survey questionnaire, the
banks were queried as to the possible provision by their
automated accounting systems of the deposit and loan
classification figures required in the regular call reports
of condition. Twenty-three respondent banks indicated
the ability to handle these statistical requests on automated equipment; such responses were heavily concentrated at the larger banks. A somewhat different
situation existed with regard to the detailed demand
and time deposit classifications suggested in the July
1960 and May 1961 issues of the Federal Reserve
Bulletin. Sixteen banks indicated that they could provide these classifications at the present time.
In summary, the basic position of Eleventh District
banks, as reflected by the recent survey, would seem to
be one of growing interest and development in the new
field of automation, with an apparently increasing willingness to undertake the heavy expenses involved in the
belief that a reasonable return would be forthcoming in
the form of both efficiency and reduced current expenses. The advantages of automation will, of course,
increase with the expansion in the number of banks
obtaining automated systems. This correlation will be
particularly true with respect to the Magnetic Ink
Character Recognition Program, as a greater volume of
checks could then be handled by machines.
BUSINESS REVIEW'
6:1962
31
SOUTHWESTERN GOODS IN INTERNATIONAL MARKETS
Foreign trade, fostered by improved methods of
transportation, communications, and financing and the
development of new protective insurance against exchange rate fluctuations and political upheavals, plays
a significant role in contemporary economic life. The
trade position of the United States has been favorable
during the post-World War II period, with merchandise
exports exceeding imports each year between 1953 and
1961 and growing at a more rapid rate. The trade surplus of the Nation reached $5.2 billion in 1961 and has
stayed near this high level in early 1962.
The growth in exports of southwestern products has
both followed and aided in the development of the
Southwest (Arizona, Louisiana, New Mexico, Oklahoma, and Texas). Exporting is important to the area
because it results in expanded markets for the region's
goods, additional income, increased employment, and
greater resource utilization. Recently released data for
1960 indicate that, relative to various measures of productive effort, southwestern industries have acquired
more than their share of total national exports. Manufactured products of the five southwestern states sold
overseas in 1960 totaled $1,245 million and accounted
for 8 percent of total United States exports, while the
Southwest contributed 5 percent of total value added
by manufacture in 1959. In addition, it is estimated
that about 15 percent of all agricultural exports in the
Nation in 1960 originated in the Southwest.
teenth among all states in foreign shipments in 1960.
Within the region, the ranking of the other southwestern states with respect to their overseas trade impor·
tance in 1960 was, in descending order, Oklahoma,
Arizona, and New Mexico.
The Southwest's manufactured exports are centered
in five major industries : chemicals and allied products,
petroleum products, food and kindred products, primary metals, and machinery. Southwestern exports,
except machinery, are chiefly basic materials scheduled
for further processing. A characteristic shared by three
of these industries - chemicals, petroleum, and primary metals - is the heavy utilization of capital as a
productive factor. A high degree of , apital intensity is
c
common to many exporting manufacturers in the
United States since efficiency and competitive advantages are gained by technological improvements. For
example, the chemical industry, which provided 30 percent of total foreign sales originating in the Southwest
and contributed about one-fourth of total value added
by southwestern manufactures, employed only 8 percent of all factory workers in the region.
MANUFACTURING EXPORTS AND VALU E ADDED.
BY STATE
SOUTHWEST
VALUE OF EXPORTS. 1960
Two-thirds of both the area's exports and value
added by manufacture were contributed by Texas, the
eighth largest exporting state for manufactured exports
and the second largest for agricultural sales overseas.
About 250 Texas establishments reported foreign
sales in excess of $25,000 in 1960, and almost onethird of all manufacturing workers were employed by
these factories. In the agricultural area, about 30 percent of the Texas farm labor force was engaged in creating or processing farm products for export.
Louisiana ranked second in importance in the Southwest in terms of foreign sales and manufacturing activity in 1960, with 20 percent of the region'S overseas
shipments originating in that State. More than 40,000
factory workers, or 30 percent of manufacturing employment, were utilized by the 73 Louisiana establishments reporting significant sales abroad, and one-fourth
of all agricultural employment was used to produce
farm commodities for export. Louisiana ranked six-
I
B USI NE S S REV IEW
\ 4
6:1962
VALUE ADDED BY MANUFACTURE.1959
LOU ISIANA I
SOURCE: U,S. D,partmenl 01 Comm erCi .
The concentration of a large proportion of the Nation's chemical output in the five southwestern states
enabled this region to account for about one-fifth of
foreign sales of chemicals and allied products by United
States firms in 1960. The largest exporting segments of
the industry were basic chemicals and fibers, plastics,
and rubber; and the best customers were Canada, Mex-
ico, West Germany, the Netherlands, and Japan. The
increasing prominence of chemical exports from the
five states reflects the rapid expansion of regional petrochemical manufacturing. Texas led all other states in
exports of chemicals and allied products in 1960.
The extensiveness of the Southwest's crude oil, natural gas, and petroleum refining industries has permitted the region's share of national exports of petroleum products to reach about 50 percent, with such
products amounting to more than one-fifth of the value
of southwestern exports. Deliveries of these products in
1960 were primarily directed to the United Kingdom,
Japan, Canada, and Mexico. Nationally, Texas ranked
first and Louisiana third in petroleum product exports
during 1960.
MANUFACTURING EXPORTS, EMPLOYMENT,
AND VALUE ADDED
SOUTHWEST
FOOD AND KINDRED
PRODUCTS
CHEMICALS AND
ALLIE,? PRODUCTS
PETROLEUM
PRODUCTS
PRIMARY METAL
INDUSTRIES
MACHINERY
ALL OTHER
SOURCES : U. S,D.portment of Commerc• .
U Departm'nt 01 Lobor,
.S.
EXPORTS AND VALUE ADDED OF
SELECTED MANUFACTURES
SOUTHWEST AS PERCENTAGE OF UNITED STATES
FOOD AND KI NDRED
PRODUCTS
CHEMICALS AND
ALLI ED PRODUCTS
PETROLEUM
PRODUCTS
PRIMARY METAL
INDUSTRIES
MACHINERY
TOTAL
PERCENT
SOU RC E: U,S. D.portm,nt of CommlTc • .
Primary metal exports originating in the Southwest
in 1960 were marketed mainly in Italy, West Germany,
France, the United Kingdom, Mexico, and Canada.
AlUminum, copper, bronze, lead, and steel products
are among the major metal manufactures exported from
the region. Overseas sales of food and kindred prodUcts - including flour, syrups and starches, and corn
and soybean oils - were made primarily to several
Common Market countries, England, Egypt, Indonesia, Nigeria, and Venezuela. Construction equip~ent was the most important export of the machinery
Industry, with the principal customers being several
West European countries, Japan, Canada, Mexico, and
certain South American nations.
TURING
EMPLOYMENT
1960
ADDED BY
MANUFACTURE
1959
Among agricultural products being shipped overseas from southwestern farms, cotton, grain sorghums,
wheat, rice, and livestock were the most important in
1960. Exports from the region's mines are less prominent nationally than are international deliveries of
products from its factories and farms. Nevertheless,
one-fifth of the 1960 New Mexico potash output, a like
proportion of Louisiana sulfur and salt, and 40 percent of Texas sulfur, salt, and talc were exported.
Market expansion into the international sphere is
being promoted regionally by the development of complementary institutions that expedite delivery of foreign
trade merchandise. The growth of port facilities in the
Southwest has aided the movement of goods, with merchandise tonnage handled by 10 large Texas ports rising
about one-third from 1950 to total 166 million tons
in 1960.
There is likely to be a continuation of active international exporting by southwesterners, as most of the
merchandise produced in the Southwest for export is
closely tied to the raw materials which have been and
still are abundant in the region. The further development of facilitating intermediaries, capital expansion,
technological developments, and a more effectively
trained work force are other factors that should stimulate regional activity and make international
marketing an expanding opportunity for southwestern
producers.
SANFORD R. SINGER
General Economist
BUSINESS REv,Ewl
6:1962
51
REVIEW
BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS
Seasonally adjusted sales at
Eleventh District department
stores rose 3 percent during
April and were approximately
6 percent above a year earlier.
Department store sales in March and April combined,
the period spanning the Easter season, were 7 percent higher than in the same months in 1961.
New car registrations in four major Texas markets
in April decreased 7 percent from March but were
50 percent above a year ago. Cumulative registrations through April this year were substantially above
the first 4 months in 1961.
During the 4 weeks ended May 16, the weekly
reporting member banks in the District showed an
increase in loans but decreases in investments and
demand deposits. Time deposits were virtually unchanged. Total reserves of all District member banks
declined somewhat during April and early May.
Seasonally adjusted department
store sales in the Eleventh Federal Reserve District in April rose
3 percent over March and were
approximately 6 percent above a
year earlier. The seasonally adjusted index of sales for
April was 187 percent of the 1947-49 average, compared with 181 for March and 177 for April 1961.
The seasonal adjustments for both March and April
include special allowances for the effect of the change
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Federal Reserve District
(1947-49
= 100)
SALES (Doll y overag e)
Date
1961 : April ___ •• • __ __
Unadjusted
177
184
181
187
Unadjusted
187r
190
207
205p
159
1962: February ••• • __
March__ __ __ ___
Ap ril__ __ ___ _ __
138
158
178
r-
Re vised .
p -
Pre liminary.
I BUSINESS
16
STOCKS (End of month)
Seasonally
adjuste d
REVIEW
6:1962
Se asonally
adjusted
180r
196
197
197p
Agricultural activity throughout the District made
rapid progress during May, but moisture shortage is
widespread and crop conditions have deteriorated.
Wheat production is indicated to be sharply below
output last year.
Daily average crude oil production in the Eleventh
District advanced slightly in April but declined in
early May. District refinery operations increased
moderately during the period, but indicators of drilling activity decreased.
The Texas industrial production index in April
advanced to 110 percent of the 1957-59 base and
was moderately above a year ago. Nonagricultural
employment in the five southwestern states increased
during the month to a near-record level, and unemployment declined. Construction contracts in the District states during March reached a new high for the
month, with nonresidential building showing an especially noteworthy gain.
in the date of Easter from April 2 in 1961 to April 22
in 1962.
A clearer perspective of department store sales in
March and April this year in relation to last year is
obtained by spanning the Easter season in both 1961
and 1962 and comparing March and April sales combined. Sales in these 2 months in 1962 exceeded sales
in the same months in 1961 by 7 percent.
Department stores in the District established two new
sales peaks in April and May of this year. The first
peak was reached in April, when sales during the 3
weeks before Easter this year exceeded those in the
corresponding weeks before Easter in 1961 by nearly
9 percent to set a new Easter sales record. The second
peak came in May, when sales in the week preceding
Mother's Day, rising 15 percent above the comparable
week in 1961, established a new high for the period.
Cumulative department store sales for the year through
May 12 were 6 percent greater than in the corresponding period in 1961.
DEPARTMENT STORE SALES
COTTON ACREAGE, PRODUCTION, AND VALUE OF PRODUCTION
(Percentage change in retail value )
(I n thousands)
April 1962 from
Area
Total Eleventh District •••••••••
Corpus Christi ............... .
Dallas • • •••.•••• . •• • .. • ••...
EI Paso • • •• . •••••••••••.••••
Fort Worth ................ ..
Houston • • . • •.••••..••• • • • ••
Son Antonio . . . .. . .......... .
Shreveport, la .. . . ........ .. .
Waco ..... o • • • • • • ' 0 ' •••••••
Other cities . ............... .
March
1962
4
7
Acreage harvested
4 months,
April
196 1
1960
1961
1960
196 1
1960
Arizona • . .•. ...
392
535
197
645
6,560
426
510
20 1
630
6,325
828
479
300
369
4,786
849
50 1
29 1
458
4,346
$ 157,813
90,298
57,415
64,533
85 1,492
$ 150,173
86,216
52,76 1
70,635
687,43 1
Total .. .......
8,329
United States • • 15,634
8,092
15,309
6,762
14,318
6,445
14,272
$2,653,461
$ 1,047,2 16
$2,404, 142
7
louisiana .. . ....
-1
6
6
12
12
8
13
8
4
New Mexico • •• ••
Oklahoma •• ••••
Texas .... . . . .. .
2
5
6
3
22
17
14
3
New car registrations in four major Texas markets
in April decreased 7 percent from March but were 50
percent more than a year earlier. In the individual markets during April, registrations declined 24 percent ~n
Dallas, 19 percent in Fort Worth, and 13 p~rcen.t 111
San Antonio. On the other hand, Houston registratlOns
showed a month-to-month rise of 19 percent. Compared with a year ago, April registrations in each of the
four markets were substantially higher. The Fort Worth
market advanced 62 percent over April last year; Houston reported an increase of 59 percent, followed by
gains of 55 percent and 33 percent in San Antonio and
Dallas, respectively. Registrations in the four markets
combined for the first 4 months of 1962 were 41 percent above the same period in 1961.
Value of lint and seed
196 1
2
9
19
24
15
8ales produced'
Area
12
3
9
24
o
1962 from
196 1
1
---$ 1,22 1,55 1
500 pounds gro ss we ight .
SOURCE, United States Department of Agriculture.
but good grain crops are in prospect in most other south
Texas areas.
Corn planting is almost finished in the Southwest.
The crop is making good growth in southern sections,
and well-developed stands are tasseling in the Lower
Valley and coastal and south-central Texas counties.
Corn is knee-high in the Blacklands, east Texas, and
northern Louisiana.
The hot, dry weather has favored growth and development of small grains in most regions. Wheat is maturing rapidly, but rain is needed to fill out kernels in the
dry-land areas of the Plains; the crop is being watered
in irrigated sections. Winter wheat production in the
District states, as of May 1, is indicated at nearly 150
million bushels, or 27 percent below the 1961 output.
The District's farmers made Production is estimated to be 1 percent higher than the
rapid progress in planting, re- month-earlier forecast, with increases of 9 percent in
planting, and cultivating spring Louisiana and 6 percent in Oklahoma more than offcrops during the generally hot, setting decreases of 7 percent in New Mexico, 4 percent
open May weather. Soil moisture in Texas, and 2 percent in Arizona. The national winter
conditions continue to decline throughout much of the wheat crop is indicated to be 3 percent below the
region, and precipitation is badly needed in coastal, April 1 forecast and 17 percent less than the 1961
southern, and northern Plains areas of Texas and in outturn.
eastern New Mexico.
Field work and harvesting activities have accelerated
Seedings for the 1962 cotton crop in the Southwest in south Texas commercial vegetable areas. Sweet corn,
are slightly ahead of a year ago. In many Blacklands, squash, carrots, and cucumbers are available from the
central, and coastal areas, farmers have been busy re- Lower Rio Grande Valley; and supplies of honeydew
planting cotton washed out by late-April rains and
Cultivating grassy fields. The crop is squaring in coast~l
WI NTER WHEAT PRODUCTI ON
areas, and cotton bolls are forming in the Lower Rio
(In thousands of bushe ls)
Grande Valley.
1962,
indicate d
Average
Planting of the District's sorghum acreage has moved
May 1
Area
1961
1951 ·60
northward at a fast pace and is considerably advanced Arizona . . • . .• . •......•.•• • •
1,025
1,11 8
1,567
682
840
'750
as compared with a year earlier. Most of the crop in the lo uisiana . ..... . ...... .... . .
4,730
New Mexico .....• . ..........
s.o04
1,917
110,832
88,159
75,225
O klahoma .... . ............
lower Valley is fully headed, and early fields are in the Texas ............ .... ..... ..
55,360
84,870
38,874
Soft-dough stage. Sorghums are waist-high and are boot205,664
149,956
Tota l ........ ... .. .. ... . . .
118,333
ing in many coastal counties. Moisture is critically
Sho rt-time averag e.
needed in the Coastal Bend to fill out sorghum heads,
SOURCE , Un ited Stales Department of Agriculture .
1
BUSIN ESS REVIEW
6:1 962
I
71
melons and cantaloupes are increasing. Tomato picking is under way in the Lower Valley, and the crop is
making good development in central and east Texas.
Dry winds during May sapped topsoil moisture supplies throughout most of the District, and ranges are in
need of precipitation. However, livestock generally are
in.fair to good condition. Sheep shearing is pr,ogressing
rapidly, and many ranchers are selling wool at relatively
favorable prices.
Loans and time deposits in•".".'~"""" : • •••"' ••••"."~" .........>..
•
'''..... •
creased at the Nation's weekly
.' " . ,'
{ . \ ~l '" . '
"
~ '\.
' ~(j
f~ ' , FINANCE
~ l reporting member banks during
-;
!J'
I
\. of: &r " * .ii\/f
·
~l
the 4 weeks ended May 9, but
~
'~·
investments and demand deposits
declined. Particularly noteworthy was the fact that the
gain in time deposits was considerably less than in previous periods; moreover, holdings of non-Government
securities declined for the first time this year.
•••,
...
. . ..........' .. . . . .
El eventh Federal Reserve District
(In thousands of dollars)
Item
May 16,
1962
Apr. 18,
1962
May 17,
1961
'1,742.512
49.539
1.733.686
50,681
1,505,036
37,146
12,274
65.169
20.274
63,325
16.169
36,381
ASSETS
Commercial and industrial loans••••••••••••••
Agricultural loans•••••• • ••••• • ••••••• •• ••••
loans to broke rs and d eale rs for purcha sing
or carrying :
U. S. Gove rnment securities •• • •••• • •••..•••
Other securities •••• • •..... • ••...••••..••
Othe r loans for purchasing or carrying:
U. S. Governm ent securities • • •.•• • • • •. • •...
Othe r securities ••..••• • ••.• • •...••••..••
loans to domestic comme rcial banks •• ••• . ••• •.
loons to fo re ign banks • • ..• • • • •.•••••••••••
Loans to othe r flnancial institutions:
Sales flnonce, p e rsonal flnonce, e tc .. ... . .. . .
Savings banks, mtge . cos., Ins. cos., etc .. .. . . .
Real -estate loans • • • • .. • .•••..••• • •..••••.•
All othe r loans ••••••••.•• •••• •••.••.•••••.
2,230
'173,643
62,884
151
2,457
175,640
54,404
178
6.069
203,730
61,676
10
'90,521
'170.885
252.992
'810,522
89,152
166,371
252,501
798.275
89,242
139,914
218,755
784,522
Gross loons •••• • ••• • ••.••• • ..•••••••.••
Less rese rves and unallocated charg e·offs ••
3,433.322
62,417
3.406,944
63,359
3,098,650
56,806
..• ...... I .. , ....••• • ••••
The money market was firm during April and early
May, although a somewhat easier tone was evident in
the week ended May 16. Federal funds usually traded
between 21;2 percent and 3 percent. The auction rate
on 91-day Treasury bills advanced from 2.720 percent
on April 12 to 2.748 percent on May 3 but, subsequently, declined to 2.700 percent for the issue dated
May 24.
The market for intermediate- and long-term Government securities was generally stable during April, despite the approaching Treasury refinancing. The
strength in the Government securities market, as well as
in the corporate and municipal bond markets, can probably be attributed to the continuation of a large flow of
investment funds to the market and a general feeling
among investors that there would be no significant upward pressures on interest rates in the foreseeable
future. In May, there was a sharp decline in stock
prices, and a resurgence of demand for new corporate
issues further strengthened the Government securities
market. A somewhat easier tone in the market during
the week ended May 16 mainly reflected the impact of
encouraging business news, a temporary improvement
in stock prices, and the international developments in
southeast Asia.
Loans advanced at the weekly reporting member
banks in the Eleventh District during the 4 weeks ended
May 16, but investments and total deposits declined.
Both cash accounts and total assets receded during this
period.
BUSINESS REVIEW
8
CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
6:1962
Net loans ...•• • • • .•. • • • ••••.••...••••..
3,370,905
3.343,585
3,041,844
Trea sury bills • ••. ••.•• •• ••.••.• •••• .•.••••
Trea sury ce rtiflcat es of inde bte dn ess •.•••...••
Treasury notes and U. S. Government bonds,
including guarantee d obligations, maturing :
Within 1 year •••.•••••••.•••••...• • ••••
After 1 but within 5 years .............. . . .
After 5 years •••••.• •• •.• , •• • • .•.. • •••.•
Other securities •• • • • •• •••• •• ••••• • ••••• •••
93.320
66,204
99,190
73,964
110,751
72,152
269,526
676.463
443.847
438,042
276,582
710,682
410.253
495,248
197,030
632.309
480.467
398,250
Total investme nts •••• • •••••••••••• • ••.•••
1,987,402
2,065,919
1,890,959
Cosh ite ms in process of collection •• •• •• •• •..•
Balances with banks in the United States••••...
Balances with banks in fore ign countries • •.•• • •
Currency and coin ..•••...•••...••••..••• • •
Re se rve s with Federal Rese rve Bank •••••• •• • ••
Othe r ass e ts .• • ..•. • • • ••.• ••• • ••••• •. • •• • •
603,531
478,130
1,948
58,384
565.498
197,898
590,236
474,478
2,235
57,748
597.661
203.139
524,612
483,705
2,239
55,522
525,591
183.919
TOTAL ASSETS .. . ........... . ....... .
7,263.696
7,335,001
6,708,391
2,976,248
3,081,284
2,869,481
3,245
161,628
277,552
3,379
70,127
233,073
9,235
136,375
247,014
1,010.792
14.064
60,403
1.089,682
13,257
65,392
1,008,443
11.776
46,160
4,503.932
4.556,194
4,328,484
906,234
692.757
888,932
666,355
766,397
538,437
3.007
6.617
304,535
3,007
6.617
348.751
6
7,162
308,622
6.556
2.150
6,262
2,150
8,499
900
LIABIlITIES AND CAPITAL ACCOUNTS
De mand d e posits
Individuals, partnerships, and corporations • • • •
Foreign gove rnments and official institutions,
central banks, and international institutions • •
United States Government ••••.••••...••••
States and political subdivisions •• • •••• • • • ••
Banks in th e United States, including mutual
savings banks • ••• •• ••••.••••••••• • •..•
Banks in fore ign countries •..• • • • •...••• • .•
Certifle d and office rs l checks, etc .••••••••..
Total demand de posits ••. , ••••...••• • ••
Time and savings de posits
Individuals, partne rships, and corporations
Saving s d e posits •• • • •• .• • • • •.••••.••••
Other tim e d e posits •••••..•••.. •• •...••
Fore ign gove rnments and official institutions,
central banks, and international institutions ••
U. S. Gov ernm ent, including postal savings • ••
States and political subdivisions •••• • ... •.••
Banks in th e United States, including mutual
savings banks ••••..• •• •..• • •...••••••.
Banks in foreign countries •.• • ••...••••...•
Total time and savings d e posits •• • •...•••
1,921,856
1,922,074
1,630,023
Total d e posits • • •• ••••... ••••• ..•• • •
Bills poyable, re discounts, e tc •• • •.• • ••• • .... •
All other liabilities ......... , . ... .......... .
Capital accounts ••••.••. • • • ...•••..•.. • ••.
6,425,788
101,600
105,538
630,770
6,478,268
130.400
98.929
627.404
5,958,507
60,600
105,597
583,687
TOTAL LIA81LITIES AND CAPITAL ACCOUNTS
7,263,696
7,335,001
6,708,391
1 Because of reclassifications, these data oro not strictly comparable with year'
earli e r doto.
Gross loans (excluding interbank loans) moved upward $17.9 million at these District banks, primarily
reflecting increases in commercial and industrial loans,
loans to nonbank financial institutions, and "all other
loans." The advance in commercial and industrial loans
mostly centered in services, mining, and construction;
loans to firms engaged in durable goods manufacturing
also moved to higher levels. In the corresponding 1961
period, gross loans receded $58.6 million, with reductions in commercial and industrial loans and "all other
loans" accounting for the major portion of the decline.
Total investments at the District's weekly reporting
member banks decreased $78.5 million during the 4
weeks ended May 16, reflecting declines in Government
and non-Government security holdings. Treasury bills,
certificates, and notes and bonds due within 5 years
moved to lower levels, but holdings of Treasury notes
and bonds maturing after 5 years advanced. In the
comparable period of 1961, total investments declined
$3.2 million, as an increase in holdings of Government
securities was more than offset by a reduction in holdings of non-Government securities.
In the 4 weeks ended May 16, demand deposits at
the District's weekly reporting member banks decreased
$52.3 million, largely as a result of reductions in deposits of individuals, partnerships, and corporations
and in deposits of commercial banks. These declines
more than counterbalanced sharp increases in deposits
of the United States Government and of states and
political subdivisions. Time and savings deposits were
Virtually unchanged, in contrast to the strong general
advances during the past several months. An increase in
time and savings deposits of individuals, partnerships,
and corporations offset a decrease in those of states and
political subdivisions. In the comparable period last
RESERVE POSITIONS OF MEMBER BANKS
Eleve nth Federal Rese rve District
(Averag es of doily figures . In thousands of dolla rs )
--Ite m
4 wee ks end e d
Ma y 2, 1962
4 weeks end ed
Apr. 4,1962
4 wee ks ended
Ma y 3, 1961
588,493
548,585
39,906
563,826
4,667
1,803
2,664
593,655
554,164
39,69 1
566,124
5,731
4,604
927
566,102
52 6,252
37,650
558,829
7,273
259
7,014
549,046
444,051
104,997
486,053
62,995
1,175
61 ,820
549,467
445,974
103,513
483,496
65,991
1,054
64,937
517,748
419,013
98,735
449,006
68,7 42
244
66,496
1,137,541
992,636
144,905
1,069,679
67,662
2,976
64,6 84
1,143,342
I,OOO,13B
143,204
1,071,620
71,722
5,858
65,864
1,083,850
947,265
136,565
1,007,835
76,0 15
503
75,512
RESERVE CITY 6ANKS
Total rese rves held . •.. .. .... . .
With Fed eral Reserve Bon k ... .
Currency and coin ... ..... • ..
Re quire d reserves . • ... . . . .. . . .
Excoss reserves . ... . ...... . .. .
Borrowing s• ..• • .... . • •...•••.
Free reserves . . • . .• . . . •••• . . . .
COUNTRY 6ANKS
Totol reserves held . .. .... . . ...
With Fed eral Rese rvo Bank ... •
Curr ency and coin . . ... . . ....
Require d rese rves .. •• .........
Excess rese rves .. .. .. . .. . .. ...
Borrowing s.• • •.. •••. .•. •• .. .•
Free reserves • . .••• . ..• • .. ... •
ALL MEM6ER BANKS
Tota l rese rves held • ••... . . ....
With Fed eral Reserve 6onk ••. .
Currenc y and coin • • •.. ••• •..
Required rese rves • • •• .•. . . ••. .
EXcess rese rv es . • • • .. . •. ... .• .
Borrowing s• . • .. . .•.. . • •. . .•.•
Free reserves •. . • • . ...• • . .. . .•
-
NEW MEMBER BANKS
The Deming National Bank, Deming, New Mexico, a
newly organized institution located in the territory
served by the EI Paso Branch of the Federa l Reserve
Bank of Dallas, opened for business April 30, 1962, as
a member of the Federal Reserve System. The new member bank has capital of $100,0 00, surplus of $1 00,000,
and undivided profits of $50,000. The officers are:
Benjamin M. Sherman, Chairman of the Board; D. J.
Sovell, President; l. J. Whitaker, Vice President; and
Fred C. Starnes, Cashier.
The Casa linda National Bank of Dallas Dallas
Texas, a newly organized institution located i~ the ter~
ritory served by the Head Office of the Federal Reserve
Bank of Dallas, opened for business May 15, 1962, as
a member of the Federal Reserve System. The new
member bank has capita l of $2 00,000, surplus of
$2 00,000, and undivided profits of $ 100,000. The
officers are : Carroll R. Spearman, President, and Bob
A. Reaves, Vice President and Cashier.
year, demand deposits fell $165.6 million, while time
and savings deposits rose $4.9 million.
Total reserves decreased at the District member
banks during the 4 weeks ended May 2. Excess reserves
moved lower at both reserve city banks and country
banks, while borrowings advanced slightly at country
banks but declined at reserve city banks. As a result of
these changes, free reserves expanded at reserve city
banks but moved lower at country banks. Nevertheless,
free reserves at all District member banks remained
comfortable at a level only $10.8 million below a year
earlier.
A slight advance in daily average
crude oil production in the District in April was followed by a
reduction in early May. However, a modest increase in daily
average output is expected in the shorter month of
June since the New Mexico and Louisiana allow abies
are unchanged and the 8-day schedule has been retained for Texas for the fifth consecutive month. During the first 4 months of 1962, daily average production
decreased slightly from the same period last year, as a
2-percent decline in Texas output was only partially
offset by increases in northern Louisiana and southeastern New Mexico.
District refinery operations rose about 3 percent during April and early May and were moderately above a
BUSINESS REVIEW
6:1962
r
9/
NATIONAL PETROLEUM ACTIVITY INDICATORS
(Seasonall y adjusted indexes , 1957-59
100)
1962p
April
1961
106
105
103
106
160
11 2
91
107
108
145
109
89
106
99
138
112
99
104
103
127
109
81
103
106
131
104
85
104
Indicator
April
1962p
CRUDE O IL RUNS TO REFINERY STILLS
(daily ave rag e) ____ ___ •• _. ________ ••
DEMAND (daily _ave rag_e )_ _ _ _ _ _ _ _ _ _ _ _ _ __
Gasoline .. .. _ _ _ _ _ _
Ke rosene _ • _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _
Distillate fu el oil .... __ __ ___ __ • ____ •• _
Residual fue l oil __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Four refln ed products ••• ____• ____ • _
STOCKS (end.. _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ __ _ _ _ _
Ga soline __ of month)
102
Ke rosene. . . . . . . . . . . . . • . . . . . . . . . . . •
114
Distillate fu el ail .... __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Residual fue l oil • • ____ _ __ _• ___ _ . .•• . _
Four refln e d products . • • • • . . . • • . • • •
=
109
80
102
March
p Prelim inary ,
SOURCES : Am e rican Pe trol e um Institute .
United States Bureau of Mine s.
Fede ral Rese rve Bank of Dallas.
year ago. Drilling activity, however, was reduced, although the number of rotary rigs active in the District
was little changed in April. During the 5 weeks ended
May 5, total wells completed in the District decreased
12 percent when compared with the prior 5-week
period, and total footage drilled declined significantly.
National crude oil output followed the District pattern, showing an increase in April and then a reduction
in early May. Imports of crude oil, however, continued
to advance throughout the period. Crude oil demand
decreased in April but expanded somewhat in early
May, though failing to reach the March level. National
stocks of crude petroleum increased 10 million barrels
during the period to total 254 million barrels on May 12
but were only fractionally above a year ago.
The seasonally adjusted index of demand for the four
major refined products rose 1 percent to 107 percent
of the 1957-59 base in April, as an increase in the consumption of light and heavy fuel oils offset a slight decline in gasoline demand. In early May, refined product
demand decreased less than seasonally because of an
increase in gasoline demand and a smaller than expected decline in light fuel oil consumption. Seasonally
MARKETED PRODUCTI ON OF NATURAL GAS
Seasonall y adjuste d ind e x
(1 957-59 = 100)
In millions of cubic f e et
Fourth
Third
Fo urth
Fourth
Third
Fourth
quarter
quarter
quarte r
quarter
quarter
quarter
Area
196 1
196 1
1960
1961
1961
1960
louisiana .. . , . ..
New Mexico . ••• .
Oklahoma • •• •••
Texas . ... .. .. . .
B89,800
24 1,300
239,700
1,524,800
710,800
183,600
170,500
1,382,800
772,000
228,000
204,400
1,543,500
162
128
149
11 0
142
109
114
107
140
121
127
111
Total .. . . _ • • ••
2,895,600
2,447,700
2,747,900
126
11 6
120
SOURCES , United States Bureau of Mines.
Federal Reserve Bank of Dall a s.
BU S IN ES S REVI EW
10
6 :1962
adjusted stocks of the four major products combined
decreased in April and early May. Gasoline prices in
mid-May strengthened in the Middle West, where stocks
have declined significantly, but price disturbances continued in one large-volume market.
The seasonally adjusted Texas
industrial production index advanced 2 points during April to
110 percent of the 195 7-59
base, as increases in mining output and nondurable goods manufacturing more than
offset a decline in durable goods production. The most
substantial advances in output were shown in crude
petroleum, food and kindred products, and metal,
stone, and earth minerals. CQmpared with a year ago,
the industrial production index in April was 4 points
higher; gains of over 8 percent in durable and nondurable goods manufacturing more than counterbalanced a decrease in mining output.
INDU STRIAL PRODUCTION
(Sea sona ll y ad lusted Indexes)
Area an d type of index
TEXAS (1957-59 = 100)
Total industrial production .. . . .. . .
Manufacturing . . • . • .. . . .. . ...
Durab le • •• • ..•• • _ .• • •.•• •
Nondurable . ...• . . . .. . . ..•
Mining_ . . . . ...... .. .... . ...
UNITE D STATES (1957 = 100)
Tota l industria l producti on • ••.• • ••
Manufacturing • . .. . ... .•• •. . .
Dura ble . ... .... .. .. ......
Nondura ble . . . ...... • • •• ..
Mining • ••..• . .... • • •..• .. • .
Utilitie s• . • . •• .... • •• . . .•.• . .
p r -
Apri l
1962p
March
1962
Febr uar y
1962
Apri l
196 1
110
122
11 6
126
94
108
121
11 7
124
90
11 1
122r
118
126
96
106
113
107
117
98
11 7
117
11 3
123
102
140
116
116
112
122
99
139
115
115
11 1
12 1
99
137r
106
105
99
11 4
97
127
Prelim inary.
Revi se d.
SO URCES , Boa rd of Gov e rnors of t he Federal Rese rve System.
Fede ra l Re serve Bank of Da lia s.
Nonagricultural employment in the five southwestern
states rose to a near-record 4,519,700 during April,
with a slight decline in mining employment being offset by gains in all the other major categories. Employment gains over March were especially large in trade
and construction, reflecting mainly the influences of
the Easter buying season and favorable weather conditions. In addition, service and finance employment
advanced significantly. Increases in all categories
except transportation and public utilities brought nonagricultural employment in April to a level 2 percent
above a year ago.
Unemployment in Texas declined to 15 6,400 during
April, or 4.3 percent of the civilian labor force. ThiS
was the lowest rate in more than 2 years and reflected
significant improvement over the 4.9 percent registered
in March and 5.3 percent shown in April 1961.
NONAGRICULTURAL EMPLOY;MENT
Five Southwe ste rn States'
Pe rcent cha ng e
April 1962 from
Numb er of p erson s
Ty pe of e mploymen t
Apri l
1962p
Marc h
1962
Ap ri l
196 1r
Mar.
1962
April
196 1
4,5 19,700
7 83,900
3,735,800
240,100
290,800
4,479, 100
779,500
3,699,600
240,900
287,200
4,439,000
765,600
3,673,400
240,600
289,600
0.9
.6
1.0
- .3
1.3
1.8
2.4
1.7
- .2
.4
382,800
1,086,300
226,700
61 3,500
895,600
382,400
1,068,600
22 4,400
604,600
891 ,500
390,600
1,073,700
219,700
596,200
863,000
.1
1.7
1.0
1.5
.5
-2.0
1.2
3.2
2.9
3.8
Total no na gricultural
wage an d salary worke rs • •
M anufacturing ••• • •' • • • • • •
Nonmanuf a ctu ring • • • •••• •
Mining ••• • ••• ... • •. .•
Construction • •••• ... • ••
Tra nsporta tion an d
public utilities • • •• • .. •
Trad e • • . .• • • ••.• •• • . •
Finance ••• • ••• •• ••• • • •
Service • • • ••• • •• .. •• ••
Governm ent •• • ••••• •••
1
Arizona, lou isi ana , Ne w Me xico, O klah o ma , an d Tex a s.
p -
vances, partly of a seasonal nature, were registered in
all the major categories, with nonresidential building
posting an all-time high for the month. The strength
in such building is especially noteworthy since nonresidential contracts have been below year-earlier totals
in 7 of the past 8 months. Construction contracts during the first quarter of 1962 were at a new high of
$1,044 million, or $47 million above a year ago; moderate gains in both residential and nonresidential contracts offset a decline in public works and utilities.
Pre li minary.
r - Rev ise d.
SOU RC E, Sta te employm ent ag enci es.
, The value of construction contracts in the District
states rose further during March and attained a record
level for the month of $444 million, which is 35 percent above February. Significant month-to-month ad-
VALUE OF CONSTRUCTION CONTRACTS
(In mil lion. of doll a rs )
Ja nuary-Ma rch
Are a and type
Ma rch
1962p
Fe br ua r y
Ma rch
1962
1961
f iV E SOUTHW ESTERN
STAT ES' •••• •. . •• • ••• .••
Residential building ••• •• • •
Nonresidentia l build ing .• .•
Pu blic works a nd utilities •• •
UNIT ED STATES ••••• .. ••• • •
Reside nti a l bui ld ing •••• • ..
Nonresid e ntia l buil d ing ••. .
Publ ic works and utilities • .•
444
169
160
115
3,986
1,552
1,325
1, 108
328
142
107
79
2,749
1,192
893
664
357
149
92
11 6
3,166
1,371
1,027
768
1962 p
1,044
439
340
265
9,372
3,928
3,063
2,382
1961
997
392
298
310
7,87 1
3,208
2,639
2,024
Arizon a , Louisiana, New Mex ico, O klahom a , and Tex a s,
Pre liminary.
NOTE. - De tail s may not add to totals beca use of rou ndi ng .
SOU RCE, F. W. Dodge Corpo ratio n .
1
p -
ELEVENTH FEDERAL RESERVE DISTRICT
~ Dollo s Head Ort lce Territor),
Hou ston Bran ch Terr it ory
IlIIIIl
·'::1:.:1 :1 San Antonio Bronch Terrll ory
:1
~ EI Puo Br onch Terr it ory
BUSINESS REVIEW J
6:1962
11
I
CONDITION STATISTICS OF ALL MEMBER BANKS
BANK DEBITS, END-OF-MONTH DEPOSITS
AND ANNUAL RATE OF TURNOVER OF DEPOSITS
Eleventh Federal Reserve District
(Dollar amounts in thousands)
Deb its to demand
deposit accounts 1
(In millions of dollars)
Demond d eposits 1
Percent
chang e from
Ap ril
1962
Area
Annual rate of turnover
I ____________
~-
Mar.
1962
Ap ril
1961
April 30,
1962
April
1962
Mar.
1962
April
1961
355,366
-6
50
$ 162,271
27.0
29.2
20.8
89,008
330,805
-3
-13
17
10
54,178
183,003
20.5
21.8
21.5
23.9
17.8
19.6
59.127
6
31
39.990
18.1
17.5
15.6
109,457
-3
3
240,716
251,287
0
174,273 -12
188,881 -II
16,164
-4
3,428,091
0
348,459 -14
833,403
-2
103,239
12
2,922,773
-7
34,022
-I
199,659 -14
58,121 -17
54,397
0
-2
679.399
-I
23,868
95,990
I
113,807 - 14
123,499
-3
14
19
20
13
-1
5
20
12
19
21
18
14
14
-7
14
12
12
20
3
8
73.234
119,626
144,480
104.898
118,835
19,474
1,300,994
192.100
394,957
64.209
1,433,581
26,146
124,663
45.367
48,828
406,053
16,900
64,116
69,895
96,756
18.0
24.2
19.8
20.0
19.8
9.7
32 .0
22.3
25.4
19.1
24.7
16.3
18.8
15.2
13.4
20.2
16.7
18.0
19.4
15.4
18.2
23.8
19.1
22.1
22.4
10.1
32.3
25.3
26.3
16.7
26.8
16.9
21.1
18.4
13.3
20.8
16.7
18.0
22.1
15.7
17.0
21.1
15.8
18.5
21.5
9.7
28.3
20.6
22.9
16.2
22.6
16.8
18.6
17.9
12.4
19.2
14.8
15.8
18.5
14.4
ARIZONA
Tucson ••• •.....•. • ••
$
LOUISIANA
Monroe .... •........
Shreveport .....••...
NEW MEXICO
ASSETS
loans and discounts ••................ • ..
Unite d States Government obligations •.....
Other securities ... •........ .. .. .. ... ...
Reserves with Fed eral Reserve Bank .. . .. •. •
Cash in vault e ••...... .. ........... ....
Balances with banks in the Unit ed States . • ..
Balances with bonks in foreign countries e •..•
Cash items in process of coll ection • •.......
Other ass etse •.••.•.• • •...• ..• ..• .• .•..
TOTAL ASSETse • • •• • •• •••••. . • •• •.• •
Roswell •• .... •.•• •..
TEXAS
Abilene •••••••.••.••
Amarillo . .. ........ .
Au stin ............. .
Bea umont • ••..•.•• . •
Corpus Christi .•.•....
Corsicana ••...•.....
Dallas ••••••••..•••.
EI Paso •• • •.•••• • •••
Fort Worth ••••••..••
Galveston .. . ....... .
Houston ••••..•••.••
laredo ... .. ... .... .
Lubbock • ..••••••.••
Port Arthur •.. • •.• ••.
Son Angelo ••• •.••••
Son Antonio ...••.••.
Texarkana :! ..... •...
Tyler .•• .. •. .•...••.
Waco ............. .
Wichita Falls •••...••
Totol-24 cities •.••..•• $ 10,833,811
-4
18
$5,304,554
24.7
25.8
Time d e posits ••.•...............•...•..
Total deposi ts • • ••••••••••••.••••••.•
Borrowings e •...•.•..•.•.. .. .. .••......
Other liabllitiese ........ .. .•.•....... : .
Total capikJl accounts e •..•.........•....
TOTAL LIABILITIES AND CAPITAL
ACCOUNTSe ••••••••• ..•••••••••••
e-
in
Dote
Total
Reservo
city bonks
7,503
7,888
8,505
8,584
8,234
8,099
8,148
3,640
3.903
4, 179
4,179
3,965
4,034
3,963
February •••.
March •••.•..
April ••.••• ••
Ite m
To tol gold certi flcat e reserves ...•... . ..•...•
Discounts for me mber banks ................
Ot her di scounts and advances ............ '.•
U. S. Government securiti es .••. • •... .• ..• . ..
To tal earning assets••••.... .. .. ......... ..
Me mb er bank reserve d e posits..••...... . ...
Fed era l Res erve notes in actual circulation •••..
Apr.18,
1962
629,691
18,558
3,651
1,173,166
1,195.375
985,828
823,878
-----
1,232
6,933
3,243
1,291
6,936
3,198
1,226
6,646
2,727
12.691
11,785
-----
-----
-----
-----
-----
-----
12,724
12,691
11 ,785
11,408
108
131
1,077
11,425
75
121
1,070
10,599
86
118
982
641,872
23,309
580
1,075,962
1,099,851
897,459
818,604
TIME DEPOSITS
Country
bonks
Total
Reserve
city bonks
Country
banks
3,863
3.985
4,326
4.405
4,269
4,065
4.185
2,190
2,723
2,839
2,990
3,107
3,125
3,234
1,105
1,379
1,421
1.508
1,577
1,596
1.625
1,085
1,344
1,418
1,482
1,530
1,529
1,609
May 17,
1961
615.327
3,330
3.651
1,190,259
1.197,240
939,393
827,909
-----
12,724
GROSS DEMAND DEPOSITS
1962, January • • •• •
May 16,
1962
-----
Eleventh Federal Reserve District
December ••••
(In thousands of dolla rs )
5,059
2,695
929
918
156
1,138
3
650
237
(Averag es of doily flgures. In millions of dollars)
1960. April ••••• •••
1961 , April .• •• ..• •
CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS
5,614
2.880
1.030
976
161
1,146
3
572
309
April 26.
1961
GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
22.3
amounted to $52. 113.000 for the month of April 1962.
1962
Estimated.
Deposi ts of individuals, partnerships, and corporations and of stat es and political
subdivi si ons .
Th ese figures include only two banks in Tex arkana , Texas. Total de bits for all bonks
Texarkana, Texas . Arkan sas, including one bank locoted in the Eighth Di strict,
March 28,
5,633
2.877
1,060
938
168
1,094
3
648
303
LIABILITIES AND CAPITAL ACCOUNTS
Demond deposits of bonks .••..•••..•• . ••
Other demand deposits ..................
1
:!
April 25,
1962
Item
BUILDING PERM ITS
VALUATION (Dollar amounts in thousands)
Percont change
NUMBER
Apr. 1962 from
4 months,
Area
DAILY AVERAGE PRODUCTION OF CRUDE OIL
April
1962
4 mos.
1962
April
1962
4 mos.
Mar.
1962
1962
April
1961
1962 from
1961
ARIZONA
(In thou sands of barrels)
Tucson ••.•.•••
865
3,218
$ 4,181
$ 12,727
70
10
-25
327
1,200
1,747
5,424
136
322
346
325
302
2,590
639
1,110
226
1.676
214
105
98
154
1,315
309
152
574
1,158
1,374
1.155
1.240
8,380
2,02 1
2,710
916
6,234
1,144
477
35 1
615
4,953
931
509
1,492
3,384
4,644
1,457
835
17,625
4,024
8,596
414
26,631
3.575
675
816
293
5.111
1,781
880
LOUISIANA
Percent change from
April
1962p
March
1962p
April
1961
March
1962
April
1961
2,973.9
2,564.7
469.8
West Texas ...........
1,148.9
East Texas (proper)•••••
128.7
105.1
Panhandle ••..•..••.••
712.2
Rest of State •... •••.••
280.4
Southeastern N ew Mexico •.
128.8
Northern louisiana ... • . ••.
OU TSIDE ELEVENTH DISTRICT 4,401.5
UN ITED STATES ••••.••.•••• 7,375.4
2,917.4
2,511.1
460.4
1,118.0
125.6
104.1
703.0
274.2
132.1
4.417.3
7.334.7
3,080.3
2.680.5
473.4
1.230.4
143.3
112.3
721.1
268.8
131.0
4,247.9
7,328.2
1.9
2. 1
2.0
2.8
2.5
1.0
1.3
2.3
-2.5
-.4
.6
-3.5
-4.3
- .8
-6.6
-10.2
-6.4
-1.2
4.3
-1.7
3.6
.6
Area
ELE VENTH DiSTRiCT •••••••••
Texas .•. . .. .. .• .. .. •.•.
Gulf Coa st • • .. ••. . • .. .
p -
Preliminary .
SOURCES, American Pe trol eu m Insti tute.
United Stotes Bureau of Mines.
Federal Reserve Bank of Dallas.
I
BUSINESS REVIEW
6: 1962
Shreveport .. . .
TEXAS
Abilene ... ... .
Amarillo ..... .
Austin ....... .
Beaumont . ... .
Corpus Christi..
Dalla s ••• • ••••
EI Paso • .•••..
Fort Worth ••.•
Galveston ••• . •
Houston •• .•. .
Lubbock ••..• •
Midland ...•••
Odessa . ••....
Port Arthur . ...
San Antonio •..
Waco . ..... •.
Wichita Falls ••
Total-19 cities ••
----- ----11 ,211
39,160
39
-44
-66
8,332 -18
13,597 -36
23,696 -48
5,949 - 17
6.35 1 -50
65.709 -18
16,216 -13
19,648
57
9,802 -91
115,944
8
14,126 -18
5,569 -76
3,233
48
1,786 -59
21,018 -14
6,453 -44
4,424 -13
-I
15
-28
21
-49
30
13
6
40
68
15
-40
-33
-53
52
28
-22
66
22
21
24
-10
-9
-35
8
95
69
- 19
9
-24
-32
28
-6
-45
- 14
19
10
--- - - $88,161
$360,004
@FedFRASER