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MONGJrHLGJr

REVIEW
FED ERA L
Vol. 37, No.3

RES E R V E

BANK

DALLAS

DALLAS, TEXAS

March 1,

195~

SHREVEPORT

This is the jourth oj a series oj articles on leading cities of the Eleventh Federal
Reserve District. Articles on other cities will appear in the Monthly Business Review
from time to time. AdditioTUlI copies of this article may be obtained by addressing
a request to:
Research Department
Federal Reserve Bank of Dallas
Dallas, Texas

•
•

Shreveport is a richly endowed and fortunately located city.
Situated on the western banks of the Red River in the north·
western corner of Louisiana, the city lies within one of the
richest oil and gas producing areas in the Nation; the alluvial
bottom lands of the Red River which stretch from within
sight of the downtown area for miles form the nucleus of
extensive and profitable cotton,
grain, and cattle industries; the
millions of acres of forest lands
in Caddo, Bossier, and nearby
parishes support a major lum·
ber, pulp, and paper industry;
and the numerous lakes and
streams in the immediate vicino
ity represent a valuable natural
resource that scarcely has been
tapped.
The second largest city in
Louisiana, with a 1950 popula.
tion of 127,206, Shreveport is
the trade center for a large area
comprising parts of eastern
Texas, southwestern Arkansas,
and northwestern Louisiana.
The city is located centrally with
respect to the growing markets
of the Central South and the Southwest, with most of the
principal cities of Arkansas, Louisiana, l\1ississippi, Okla.
homa, and Texas lying within a radius of 300 miles. It is not
surprising, therefore, that Shreveport claims the titles,
"Capitol of Ark·La·Tex" and "Pivot City of the Central
South." In many respects, the city is a logical contender for
the title, "Natural Gas Center of the Nation."

----- - ---

Directly across the river from Shreveport is Bossier City,
which had a 1950 population of 15,470. Although the two
cities maintain separate corporate identities, they are closely
integrated in most respects and form the hub of the Caddo·
Bossier parish area. In 1950 the combined population of
these two parishes was 216,686.
Shreveport has earned the
reputation of being one of the
wealthiest cities of its size in the
United States. Its people are
I
friendly, practical, and progreso
sive and radiate much of the
drive that converted "tepees to
skyscrapers in the span of the
century." Shreveport is a clean
city, with wide streets, comparatively new commercial buildings, and beautiful homes. In
contrast with New Orleans, the
French influence is virtually abo
sent. Although retaining much
of the charm of the Old South,
it bears little resemblance to
other Louisiana communities or
to any typically southern city.
It has been characterized as resembling Dallas more than New Orleans; Denver more than
Baton Rouge.

The early influence of Texas upon the city is clearly evident.
Parallel to Texas Street and immediately south of this main
thoroughfare are Milam and Crockett streets; immediately to
the north are Travis and Fannin streets. The names honor

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

MONTHLY BUSINESS REVIEW

Texas and four of its earliest battle heroes and reflect the
early commercial ties with that state.
Churches, hospitals, and schools playa major role in the
life of the community and add to its many other attractions
as a place to live and work. There are more than 100 churches
in the city, and the many denominational groups include a
large part of the total population. Five specialized and fOllr
general hospitals in the city have a combined capacity of
more than 1,200 patienls. The new Veterans Hospital and the
Confederate Memorial Hospital, which is under construction,
will add greatly to Shreveport's position as a hospital center.
The city offers many educational advantages, which include
thirty·six public schools within the city limits, six parochial
schools, and a number of private and commercial schools.
Shreveport also boasts the oldest college west of the Mis·
sissippi River- Centenary College of Louisiana, founded
in 1835.
The beauty and romance of springtime in the Ark·La·Tex
are accented by "Holiday in Dixie," Shreveport's annual
festival, which will be held this year from April 30 to May 4.
Colorful parades, flower shows, plantation tours, water sports,
singing, and dancing highlight this festival and 6.11 the city
with visitors.

a distance of almost 200 miles above the present site of
Campti, Louisiana. This centuries·old barrier to navigation
and development of the river was known to early explorers .
and settlers as the "Great Raft." With his commission as
Superintendent of Western River Improvement, four steam·
boats, and 159 men under his command, the captain began
his difficult task in April 1833. He moved up the river 5 miles
the first day; 40 miles in 3 weeks; and 80 miles, as far as
Bennett and Cane's Bluff, within a year. It was 40 years before
the "Great Raft" was removed entirely, but a flourishing trade
began to develop along this river artery almost as soon as the
first break in the raft was made.
Opening the river to navigation had an immediate impact
upon the economic development of Shreveport. Lands formerly inundated by the backwater of the river were drained
and opened to settlement and cultivation. The East·West over·
land routes to Texas, over which supplies were hauled and an
increasing number of settlers moved, were connected with the
flathoat, barge, and steamboat traffic of the river. Markets
and vast new production areas were brought closer together.

POPULATION
SHREVEPORT - BOSSIER CITY

Economically, a distinguishing feature of the city is the
importance of the oil and gas industry. The visitor who might
pause on downtown Texas Street or on the lawn of the tree·
lined courthouse square likely would overhear conversation
concerning oil and gas activities. A visit to the Slattery Build·
ing and other nearby office buildings or a glance at the classi·
fied section of the telephone directory would show that a
large part of the more desirable office space is devoted to
activity directly or closely related to the oil and gas industry.
Well derricks and producing wells may be observed within
a few blocks of the downtown area.

SOU RCE , V

S . II~"G U

I~.

en.yo .

Early Economic Development

The area now defined as Caddo Parish was inhabited by
tribes of the Caddo Indians as late as 1835. In that year the
Caddos signed a treaty transferring their territory in north·
western Louisiana to the United States for the sum of $80,000.
Almost immediately thereafter, the Shreve Town Company
was formed, and this organization acquired the land centering
about what was then Bennett and Cane's Bluff, the present
site of Shreveport. Streets were laid out by this newly formed
town company, and lots were bou ght up rapidly, due in part
to the increasing stream of emigrants who had begun to pass
this way after Texas won its independence. In 1839 the town
was incorporated as Shreveport.

The metamorphosis of Shreveport from a frontier town to
a prosperous and growing trade center occurred almost over·
night. The town and all of the northwestern part of Louisiana
were flush with the prosperity that came with the era of the
steamboat and "King Cotton." The Civil War merely inter·
rupted this development, since Shreveport emerged almost
unscathed. The river trade was resumed after the war, but
before the end of the century it had declined greatly and
eventually was supplanted, partly reflecting the competition of
the newly constructed railroads. In 1873 Shreveport was con·
nected by rail with Dallas, and by 1900 the population had
grown to 16,913, as compared with 1,728 in 1850.

The city is the namesake of Captain Henry Miller Shreve,
river captain and trader, who was given the task of opening
the Red River for navigation. The river was jammed with an
almost hopelessly interlocked raft of logs and driftwood for

The discovery of oil near Caddo Lake in 1906 marked the
beginning of a new era in Shreveport's economic development
and set oII a period of expansion that has continued to the
present. Opening of the rich East Texas field in 1930 and the

MONTHLY BUSINESS REVIEW

•

ASSESSED VALUAT IONS
CADDO PARISH

MI L LIONS Of OOLL

LlQ ". S Of DOI..L ""5

20 0

2 00

15 0

I .0

100

I 00

.os

250

2'0

19.0

19.,

1942

'9O'

1944

19·~

.. .. ,,. "'" ..

19.7

Rodessa field in 1935 further stimulated the already booming
oil industry. In 1920 the city's population was 43,874, but by
1940 it had grown to 98,167.

than $81,000,000 in 1950, or about 28 percent of the total
personal income in the 2-parish area. The importance of
government payments to individuals is emphasized by the
fact that this is the second largest source of income. In 1950
government payments amounted to almost $73,000,000, or
approximately 26 percent of all personal income. This sum is
weighted heavily by the military and civilian payrolls of
Barksdale Air Force Base, but other federal payrolls, veteran
and Social Security benefits, and the payrolls of the city,
parish, and public schools also are important.
Wages and salaries of manufacturing employees and the
proprietary income of unincorporated manufacturing establi shmen ts amounted to almost $25,000,000 in 1950 and accounted for slightly less than 9 percent of total personal income. Payrolls of minin g firms (principally oil and gas)
and transportation and utility establishments (including oil
and gas transmission) accounted for about 12 percent of
tolal income in 1950. Moreover, the proprietary income of

PERSONAL INCOME.BY MAJOR SOURCE
CADDO ANO SOSSIER PARISHES

Structure of the Economy

The income of its people is the key to the economy of any
area, for income represents both the result of industry and a
stimulant to economic activity. The sources of income, the size
.. of the income stream, and trends of income payments are
, primary considerations in answering the questions: What is
the structure of the Shreveport economy? How do the people
make their living?
The largest source of income in the Shreveport area (Caddo
and Bossier parishes) is provided by the trade and service
industries. This is not surprising in view of the fact that the
city is the retail trade center for a large su rrounding area,
and its wholesale distributors supply a much wider market.
Salaries and wages and the proprietary income of persons
working in the trade and service industries amounted to more

..
..

PERSONAL INCOME
CADDO AND BOSSIER PAR I SHES

."0

L 'OHS 0" DOlL AI'tS

111., LIO OfS

'0 0
0

20 0

15 0

Or--

.".",'"'.0

2 00

I 50

I 00

,
0
0

1939

I
19 . '

2 .0

.'42

19 4.,

19.'1

19.~

19"'6

. ,. ..
"

•o
,o

9~O

independent oil operators and the rental and royalty income
from oil and gas properties of others living in Shreveport and
the immediate vicinity increased substantially the income derived directly from the oil and gas industry. Agriculture and
construction accounted for rou ghly equal shares of the in·
corne in 1950-together amounting to 11 percent-while in·
come from property was about 10 percent of all personal
income.
Increases in employment, produclion, prices, and the vol·
ume of government spending between 1939 and 1950 greatly
expanded the income from each principal source. Increases
were not uniform among the various categories, however, as
the growth in some greatly exceeded that in others. The larger
gains were shown by construction, government, trade and
services, transportation and utilities, and manufacturing. In·
come from construction rose 412 percent; government, 268
percent; trade and services, 244 percent; transportation and
utilities, 226 percent ; and manufacturi ng, 2]8 percent.

MONTHLY BUSINESS REVIEW

As reflected by the sources of the population's income,
metropolitan Shreveport's economy is based largely on trade,
government activities, manufacturing, the oil and gas indus·
try, construction, and agriculture. These producers of income
supply the livelihood of the metropolitan area and provide
employment for the greater part of the people who live in
the area.

PERCENT INCREASE IN PERSONAL INCOME.
BY MAJOR SOURCE
CADDO AND BO S SIER PARISHES

1939 - 1950

100

200

300

400

500

600

CONSTRUCTION
GOVERNMENT

ALL SOURCES

-Avero~e

ciation with the gas industry than with the production and reo
fining of oiL Three major companies maintain their home
offices in the city, from which point they direct a vast pipeline •
network and the production and sale of natural gas. United •
Gas Corporation, which is en ga gcd principally in the production, transmission, and distribution of natural gas in the Gulf
South, is by far the largest handler of natural gas in the country. In 1951 the purchases and production of gas by this
company amounted to more than 734 billion cubic feet, or
about 10 percent of the total United States production. The
Arkansas·Louisiana Gas 'Company, which also maintains its
home offices in Shreveport, distributes gas for home and
industrial use over a wide area of the South and Southwest
and en gages in extensive production and transmission opera·
tions. Youn gest of the major companies and located in
Shreveport since 1947, the Texas Eastern Transmission Cor·
poration purchases gas in Texas and Louisiana for trans·
mission to the East. This company owns and operates the
" Big Inch" and "Little Inch" pipelines and currently is
engaged in an expansion program which will increase greatly
its total pipeline mileage.

PROPERTY INCOME

MI NING
AGR1Cl'L TURE

OTHER

The O il a nd Gas Industry

The oil and gas industry is an integral part of the city's
economic life and has been largely responsible for transform·
ing the prosperous inland town of the early 1900's, which was
dependent principally upon agriculture and general com·
merce, into the modern and economically diversified city of
today. The importance of the petroleum industry cannot be
measured solely in terms of its direct contribution to the
wealth and income of the community, because its development stimulated the growth of other industries which, in turn,
became important contributors to the city's growth_ The
"boom" aspects that accompanied the initial discovery and
production of oil and gas in the Shreveport area no longer are
apparent, except for new discoveries and extensions of existing fields, since this phase was replaced by a period of production and development which still is in progress.
Practically every county and parish within a 75·mile radius
of Shreveport produces either oil or gas, or both. The large
East Texas, Caddo, Rodessa, and Magnolia oil fields and the
vast Carthage gas field lie within this area. In 1950 about 7
percent of the Nation's production of crude oil and approximately 11 percent of the country's production of natural gas
came from fields in the area. Proved oil reserves of these
fields amounted to about 10 percent of tile total reserves of
the Nation, while natural gas reserves were about 6 to 7 percent of the Nation's reserves.
Shreveport is an important control center of the natural
gas industry from the standpoint of both production and distribution. In fact, the city is better known perhaps for its asso·

Five oil companies maintain division offices in Shreveport,
and many other concerns have district offices in the city.
Many independent oil operators direct their operations from
the city. One company in Shreveport upgrades motor fuels on
a contract basis and takes part of the output of natural gaso·
line plants located in the nearby Carthage field.

Manufacturing

The industrial development of Shreveport during the last
25 years was rather widely diversified. Consequently, manufacturing activity is not concentrated in any particular line.
In fact, the largest single employer group-firms in the lumber and lumber products industry-accounts for only slightly
more than one· fifth of all manufacturing employees. Although
the number of establishments in this industrial group is rather
large, most firms employ fewer than 50 persons. Processors
of food and kindred products, the next group in importance,
employ about 19 percent of the metropolitan area's manufacturing employees. Accounting for about 8 to 13 percent
each and, collectively, for about 43 percent of total manufacturing employment, firms in the metal and metal products,
machinery, petroleum products (including chemicals), and
the stone, clay, and glass products groups are among Shreveport's most important industrial establishments.
The value added by the manufacturing process by Shreveport's 140 establishments amounted to more than $11,500,000
in 1939. By 1947 the number of firms had increased to 171,
and the value added had risen to approximately $31,100,000.
In view of higher prices of industrial output, increased employment, and the addition of new firms , value added during
1951 is estimated to he about 28 percent higher than the
1947 total.
The manufacture of lumber and lumber products has been
a major industry in Shreveport for many years, and its development was largely dependent upon the timber resources

MONTHLY BUSINESS REVIEW

of the area. In 1950 there were 20 lumber mills in Caddo and
Bossier parishes, having a combined daily capacity of 226,000
board feet. In the same year there were 54 mills in neighboring
or nearby De Soto, Natchitoches, Red River, and Webster
•
parishes, with a combined daily capacity of 576,000 board
feet. As a result of the greatly accelerated postwar demand
for lumber and lumber products, the lumber industry in
Shreveport has taken on an added significance. Rough and
dressed lumber, flooring, furniture stock, ties, creosoted poles
and posts, and roofin g felt are among the many end products
of the local lumber and allied industries. Local production is
distributed in the state, regional, and national markets.

The fabrication of metal and metal products and the manu·
facture of machinery weigh somewhat more heavily in Shreveport than employment figures indicate. The output of the
metals and machinery industries consists predominantly of
heavy equipment of high value which is used in the production, refining, storing, and transporting of petroleum and gas.
One of Shreveport's principal industrial firms which makes
pressure vessels and refinery towers for the petroleum industry fabricates a very large part of all the steel plate used by
Louisiana plants. Another local concern, a steel foundry,
specializes in oil field work, and the rigs and other heavy
equipment made by this company are sold internationally.
Pumping units, casing heads, pipe straighteners, and miscellaneous steel castings are among the individual items of output of other principal metals and macbinery firms. A number
of smaller firms also cater to the petroleum industry. Other
metals fabricator s turn out machinery and miscellaneous
• equipment for the lumber industry, attic and window fans,
playground equipment, restaurant and bakery equipment, and
similar products.
The largest plant in the country devoted exclusively to the
manufactlll'e of window glass is located in Shreveport and is
the city's principal industrial employer. Established in 1922,
this plant is a large user of natural gas (for power and melt-

ing glass) and lumber (for boxes). It utilizes also a limited
quantity of other local raw materials. Output is distributed
over th e western half of the United States.
Many factors account for the growth of a diversified manufacturing industry in Shreveport. The city has a number of
industrial advantages that have attracted new firms and new
industries within recent years, and these advantages will weigh
heavily in determining the future course of manufacturing
activity. Large supplies of several raw materials, which include oil, gas, timber, cotton, clay, sand and gravel, limestone,
and other raw products, are available locally. Deposits of
bauxite are found in nearby Arkansas; salt and sulphur, in
southern Louisiana; and iron ore and lignite, in nearby east
Texas. Natural gas for local industrial consumption is almost
limitless and provides a clean fuel at low cost. In recent years
the pool of skilled labor in Shreveport has grown, and the
supply of semiskilled and unskilled lahor for training is large.
Water resources are plentiful, and the potential exists to meet
the needs of the largest industrial user. Although Shreveport
does not have the advantage of water transportation, the city's
rail and truck lines radiate to all parts of the country and provide rapid transit for both "exports" and "imports." Climate
is among the city's principal natural advantages, permitting
year-round plant operations, outside work, low heating costs,
and low plant construction costs.
Barksdale Air Force Base

Barksdale Air Force Base, situated across the Red River
from Shreveport in Bossier Parish, is one of the three largest
Air Force facilities in the country. Exclusively a military
installation, this huge air base covers an area of 21,706 acres.
Construction was begun in the spring of 1931 and the formal
dedication was held February 2, 1933. The original appropriation for this establishment amounted to $2,650,000, but
the physical facilities were increased in later years by additions which raised this initial outlay to approximately
$18,000,000. Currently, a $35,000,000 expansion program
which includes the construction of ramps, streets, and additional housing is under way.

MANUFACTURING EMPLOYMENT, BY INDUSTRY
CADDO PARISH

The payroll of Barksdale, plus local purchases, amounts
to approximately $3,500,000 per month. This sum is paid to
military personnel, civilian employees, and others, and represents one of the more important single sources of income in
the Shreveport area. Although Barksdale has been a valuable
asset to the community since its construction, its economic
importance likely will increase under the present program of
expanding and modernizing the Nation's Air Force.
Agriculture

Monthly Average for 195 1

Cotton is the principal source of agricultural income in
Caddo and Bossier parishes. From the time when the rich
bottom land along the Red River was opened to settlement
until the discovery of oil and gas, this crop was the dominant
factor in the economic life of Shreveport and the surrounding
area. The rainfall, soil, and climatic conditions were well
suited to cotton production, and the steamboat traffic brought

MONTHLY BUSINESS REVIEW

the New Orleans, eastern seaboard, and world markets within
easy reach. Although of relatively less importance now, cot·
ton still reigns as the major crop. Caddo Parish is one of the
leading cOllon·producin g areas of Louisiana, with produc·
tion in 1951 amounting to around 50,000 bales. Between one·
fifth and one·fourth of the State's annual cotton production is
grown in Caddo and the six surrounding parishes.
Livestock and livestock products contribute significantly to
the agricultural income of both Caddo and Bossier parishes.
The development and expansion of beef cattle and dairy pro·
duction in recent years have progressed rapidly in some areas,
particularly in the upland areas where soil conditions are
less favorable to cotton, and the further growth of these enterprises appears to be assured. Climatic and soil conditions are
favorable also for the production of vegetables, fruits, and a
number of grain crops.
Cash farm income in Caddo and Bossier parishes amounted
to an estimated $14,500,000 in 1951. Cash farm income in the
five surrounding parishes is estimated at more than SI5,500,000.
Forestry

More than one· half of the total land area of Caddo and
Bossier parishes is classified by the Louisiana Forestry Commission as forest land. In 1950 the forests in these two
parishes and the neighboring or nearby parishes of De Soto,
Natchitoches, Red River, and Webster covered about 1,942,000 acres. Pine, oak, gum, hickory, ash, and tupelo are among
the species of standing timber that are found in the area .
Pine, hardwood, and pulp cuttings from these and other forests in northwestern Louisi ana contribute significantly to the
area's income.
Timber production in Caddo and Bossier parishes in 1950,
including pine, hardwood, and pulp, amounted to approximately 33,560,000 board feet. In recent years production has
been somewhat below the output during World War II and
the early postwar period, except that the production of pulpwood has been maintained only slightly below the former level.

in the beef, dairy, sheep, and swine divisions and auction
sales of the better animals stimulate interest in the junior
show. The fair grounds cover an area of 156 acres, on which
are situated 30 steel and concrete or brick buildings, includ·
ing four exhibit buildings. This year's fair will be the 47th
annual showing.
The State Fair Stadium, located on the fair grounds and
having a seating capacity of 32,000 persons, is the scene of
several professional, college, and high school athletic contests during the fall. Situated on the fair grounds but not a
part of the State Fair, the Louisiana State Exhibit Museum
attracts thousands of visitors.
Trade

Retail trade establishments account for 21 percent of the
total nonagricultural employment in the Shreveport metropolitan area (Caddo Parish), and this fact emphasizes the
importance of the city as the trade center of the area known
as Ark·La·Tex. Shreveport's retail stores draw trade not only
from a large section of nortlnvest Louisiana but also from
eastern Texas and southwestern Arkansas. The population of
the market area within a 75·mile radius of the city is in
excess of 900,000 persons.
In 1951, retail sales of the city's stores were more than
three and one-half times the 1939 volume. This substantial •
gain, which brought the 1951 sales to a tolal of $190,000,000,
reflects increases in the population and income of the city
and its trade territory. Allowing for the rather sharp rise
in retail prices, the volume of sales in 1951 was about double
the 1939 total.
In addition to its position as a retail trade center, Shreveport is important also as a wholesale distribution point. In

RETAIL SALES
SHREVE PORT

."
20 0

M ILLIO NS OF DO LL

00
'"
~2

LIONS OF DOL L ARS

State Fair of louisiana

The State Fair of Louisiana is an annual event that attracts
thousands of visitors from over the State and many other
parts of the country to Shreveport during the latter part of
October. Approximately 420,000 persons attended the fair
last year. The programs and exhibits of this exposition are
built around a central theme that emphasizes agriculture and
livestock, although other exhibitors from the Ark·La-Tex
area and other parts of the country participate. Junior ex·
hibitors play an especially important part in the fair, since
special premiums are provided in all departments for these
participants. Liberal premiums for 4-H and F.F.A. exhibitors

"0
10 0

V
V Y
..J.-.---

/"
I00

•o
0

0
1939

1941

194}

[945

1947

1949

MONTHLY BUSINESS REVIEW
1948, wholesale establishments in the metropolitan area ac·
counted for almost 11 percent of the sales of all wholesale
establishments in the State, with the 1951 sales representing
about the same proportion. Food and related products,
machinery and other equipment, electrical goods, and lumber
and construction materials are among the more important
lines handled.

•

BUILDING PERMITS
SHREVEPORT

,•

WI LLI OI'll S OF DO

ILLIO"'! Of' DOLLARS

ce.AS

Construction

•

•
•

Construction activity in Shreveport recovered rapidly from
the depression years of the 1930's, partly as a result of the
increased oil play which accompanied the development of
the nearby East Texas and Rodessa fields. As in the case of
most other cities, the over· all volume of construction was cut
back sharply during the war years due to materials restric·
tions, shortages, and allocations. In the postwar period,
however, the city has experienced an unprecedented huilding
boom that has spread to practically all areas of the construe·
tion industry. In 1950 the value of building permits was
more than $29,000,000, or almost five times the 1939 total.
Construction activity was down sharply in 1951, however,
partly reflecting materials and credit restrictions. The physi·
cal volume of construction that has been put in place since
1945 compares favorably with that of most other cities of
the same size. The relative importance of construction in
sustaining income and employment is indicated by the fact
that in recent years approximately one out of every twelve
nonagricultural workers was engaged in construction work.

In addition to the large volume of residential construction
and the expansion and modernization of commercial and
industrial facilities, several other building programs worthy
of special note were completed in recent years. Other major
projects currently are under way or in the planning stage.
The largest structure in the city, the new $10,000,000, 450·
bed Veterans Administration Hospital, was dedicated in No·
vember 1950. Currently under construction and expected to
be completed this year, the $6,000,000 Confederate Memorial
Hospital will add to Shreveport's growing importance as a
medical center. A $1,500,000 nurses' home is proposed as a
part of this newest hospital expansion program. In the down·
town district and soon to he completed, the 14·story,
$2,673,000 Texas Eastern Building will provide 200,000
square feet of office and commercial space. This huilding,
planned originally to provide apartment space and named the
Caddo Arms, will be Shreveport's first major office .building
constructed since World War II. Home offices of the Texas
Eastern Corporation will occupy approximately 100,000
square feet of new space. Also in the downtown area, the
new 14·story, $2,500,000 Town House is nearing completion
and will provide 299 efficiency apartment units and ground.
floor commercial accommodations.
Southwest of the city in the Hollywood section, construe·
tion of Shreveport's new $5,000,000 municipal airport is

0
0

19~1

- ..--

1933

193~

1937

........
1939

II
~V

1941

1943

,
0

1945

1947

1949

19~'

SOURC'::' City IlI l rdl~Q 11I1"'~IOf, S~ln,polt, IIt~I-lt50, fl ourll,
lOu r, ronG BUl rn, .. FI,vl •• ,l eell r,ufI ,

progressing rapidly. The two 6,400·foot and 5,000·foot run·
ways, the terminal buildings, and other facilities will provide
Shreveport with a modern airport capable of handling the
largest commercial planes now in use.
The city's school, street improvement, and church building
programs are especially notable. Three $1,000,000 junior
high schools and the modern $1,500,000 Booker T. Washing.
ton High School for Negroes were completed in recent years
as a part of a $6,250,000 school improvement program. In
Ocoher 1951, voters approved an additional $20,000,000 to
finance further school construction and improvement. Work
on sewerage system extensions, drainage and street improve·
ments, traffic control, and fire department expansion and the
enlargement of parks and recreational facilities-fmanced
by a $9,600,000 bond issue-are largely completed. Shreve·
port recently concluded the greatest church huilding program
in its history. New construction, improvements, and expansion affected 30 churches and cost approximately $4,000,000.
Banking"

The five commercial banks in Shreveport and Bossier City
and their ten hranches fulfill a particularly important func·
tion that is common to every growing community-that is,
meeting the commercial credit requirements of husiness, in·
dustry, agriculture, and consumers. Paralleling the city's
growth and reflecting its development, such major categories
of bank assets and liabilities as total resources, loans, invest·
ments, and deposits have shown marked expansion through·
out the years. The development of the oil and gas industry,
the establishment of new industries, and the "export" of the
area's agricultural and forest products are among the more
important factors that have attracted funds and increased
deposits. On the other hand, this continuing inflow of deposits
provides a growing pool of funds to meet the increasing
short·term credit requirements of the community.

MONTHLY BUSINESS REVIEW
Surface Water Resources

BANK DEPOSITS
SHREVEPORT- BOSSIER CITY
IoIILlIO~$

01" DOLLIIoIIS

WILLIONS 0' OOllUS

30 0

3 00

.50

L....../
.0 0

10 0

1932.

SOURCE '

I 00

..-Y

19304

•

/'v

1940

1938

1936

19~Z-lt50,Ra~d

1942

1944

1946

The surface water resources in the vicinity of Shreveport
are a valuable asset to the area. In addition to the Red River
and other smaller streams, there are seven lakes within a
30·mile radius of the city. The largest of these lakes, Caddo,
lies approximately 15 miles northwesl of Shreveport and
covers an area of about 40,000 acres. Thi s lake is capable
of supplying in excess of 50,000,000 gallons per day. Cross
Lake, which bounds the cilY on the norlhwesl and covers
an area of approximately 11,000 acres, is the second largest
source. Water from this lake supplies the cily of Shreveport,
and sufficient capacity exists to supply a large industrial user
in excess of 10,000,000 gallons per day. Lake Bistineau lies
about 20 miles southeast of the city and covers approximately

•

1950 19 51

1948

McNally 8anktr. Dlfle/ary,

SURFACE WATER RESOURCES

1951,1'111"01 fln.tv. Sank oj Dolin ona Oillvi.

On December 31, 1951, total resources of the ShreveportBossier 'City banks amounted to $274,094,000, reflecting an
increase of about 266 percent over the 1939 total. During
the same period, loans rose 226 percent to a total of $69,661,000, while investments showed a more than fivefold in·
crease. Similarly, deposit expansion of 275 percent increased
total deposits to $260,343,000 by the end of 1951.
Banking facilities are readily accessible to most depositors
and other customers. AltllOugh tlle downtown banks in
Shreveport- the First National Bank, Louisiana's oldest; the
Commercial National Bank in Shreveport; the Continental·
American Bank & Trust Company; and the Pioneer Bank &
Trust Company-are situated in a relatively small area,
suburban branches serve the expanding residential and other
outlying sections. In Bossier City, the Bossier Bank & Trust
Company maintains lWo branches, one of which is located at
Barksdale Air Foree Base.

BANK DEBITS

SOURCE ' Shreveport Chomber of Commerce.

SHREVEPOR.T

Ml l l l /II S OF 00 C LARS

MILLI ONS OF OIXL.lRS

•

•500

2.,50 0

2,000

1,50 0

1,00 0

50 0

.........

i'-- ..,

I. 000

5 00

,000

12,800 acres. Although this lake was developed principally
for flood control purposes and does not constilute a large
source of supply at present, it would be possible, if the need
should arise, to develop a supply of several million gallons
per day. Wallace Lake and Bodcau Lake, both parliaIIy de·
veloped, and Cannisnia and Bayou Pierre lakes, neither of
which is developed, constitute a potential supply of many
milljons of gallons per day.

, ,"

19 45

1947

1949

19~1

Besides serving as a source of water supply, the streams •
and lakes about the city have a recreational value and serve •
as an attraction to tourists. Both of these potentials have been
developed only in part.

•

MONTHLY BUSINESS REVIEW
Problems and the Outlook

The provision of adequate physical facilities commensurate with its growth has been one of Shreveport's most pressing
problems in recent years_ The situation has been particularly
acute with regard to the city's rapidly growin g school system
and the lag in the construction of major downtown OITlCC
space_ Fortunately, both of these problems have been eascd
somewhat by construction that has been completed recently
or currently is anticipated or in progress _ The school construction program that was initiated in 1947 has relieved to
a marked degree the overcrowding due to limited facilities _
Proposed construction probably will go far toward eliminating the problem_ The lack of adequate downtown office space
probably has been a deterrent to Shreveport's growth in the
postwar years_ Although completion of the new Texas Eastern
Building will alleviate somewhat th e current need, the
requirements to encourage further growth of the city probably are much greater_ Similarly, the need for additional hotel
facilities presents a fairly serious problem_
The above-mentioned problems are common to most growing cities and lend themselves to solution within the relatively
short run_ Other problems- of a much broader nature and
not capable of being met in the short run- are of equal or
perhaps of much greater significance to the city's prospective
long-term growth_ In vicw of current conservation practiccs,
large reserves, and new recovery methods and di scoveries,
the oil and gas industry likely will be an important factor in
the city's economic life for years. ;./evertheless, in comparison with most other oil and gas producing areas in the Southwest, the development around Shreveport is "relatively old."
Althou gh many new and younger produ cing areas are located
within a 300-mile radius of the city, the possibility of eventual declining production and of even earlier shifts in the
centers of relative importance within the oil and gas industry should be taken into consideration_ These possible eventualities are admittedly long J'ange in nature, but the city's
continued growth may well depend upon how the problem
is met.
Shreveport has a direct interest in the co nservat.ion and
further development of the forest resources of the area, for
this valuable resource sustains the city's important lumber
and lumber products industry. Declining timber output in
recent years reAects, in part, rorest practices that are detrimental to the lon g-ran ge growth i n forest production. Potential timber production throu gh reforestation, careful cutting,
and the control of fire damage is great, and the promotion
of these conservation and development measures is the mutual
responsibilit y of the ci ty, the timber indu stries, and, in fact,
all citizens of the State.

The Shreveport area is particularly fortunate in having an
abundance of surface water resources, an advantage that is
in strikin g contrast with the water problem of many other
cities of comparable size. The future growth and development
of the city will depend, in part, upon the extent to which
this potential, now largely undeveloped, is utilized_ The latent
possibilities for developing a large industrial water supply,
additional industrial power, and recreational facilities are
imp ortant favorable factors t.h at will bear on the course of
future industrial growth and the attraction of new industries_
Although substantial progress in the diversification of
agricultural production ha s been made in recent years, cotton
is still the major crop in the Shreveport area. The growth
of beef cattle production and dairying and the production
of various grain crops, truck crops, and fruits have progressed fairly satisfactorily, and this development promises
a greater degree of agricultural stability which will accrue
as an advantage not only to the rural population but also to
the economic well-being of Shreveport.
Although all the major categories of personal income in
the Shreveport area showed marked increases between 1939
and 1950, the growth in most instances was below the comparable increases for the State. This is a reAection principally
of the more rapid development of other major urban areas
of the State based on the tremendous growth of the petrochemical and other industries in southern Louisiana_ This
relatively less favorable trend does not necessarily portend
serious consequences for the future growth of Shreveport,
but it does emphasize the importance of a careful program
of utilizing and fully developing the area's resources.
The factors that are most likely to influence the future
trend of Shreveport's economic development are weighted
on th e favorable side_ The extent of the city's growth will
be affected, of course, by changes in national and regional
economic conditions. Within this larger economic framework, however, the resources of the city and the surrounding
area, the city's location and other natural advantages, and
the energy and vision of the population are among the more
important factors that will affect the course of future growth_
The leaders of the community recognize tlie city's problems
and the necessity of bringing about their solution_ Moreover, they recognize the importance of developing and utilizing in an efficient manner the resources of the city and the
immediate area.
The rather hi gh degree of diversification of the Shreveport
economy provides a desirable measure of insulation against
business fluctuations that is lacking in many other cities of
comparable size. Because of the industrial, commercial, and
other advantages of the city, future growth probably will be
in the direction of further diversification_

MONTHLY BUSINESS REVIEW

REVIEW OF BUSINESS, INDUSTRIAL, AGRICULTURAL, AND FINANCIAL CONDITIONS
Consumer buying at district department stores in the first half of February
was at a level moderately above a year
earlier_ January sales, meanwhile, were
below the war-scare inflated volume of the same month last
year. Consumer soft goods generally are showing a better
sales record than the durable goods_ Merchants continue to
pursue a conservative inventory policy, and orders outstanding in the past several months have been below corresponding
months of the past 2 years. Collections of charge accounts
outstanding continued slow throu gh January, and the instalment collection ratio declined slightly; receivables were down
seasonally.

Consumer buying in the Eleventh Fed- .
eral Reserve District maintained a steady
pace during January and the first half of
February, in contrast with the marked
fluctuations which occurred during the same period last year_
District department store sales in the first half of February
were up about 4 percent from a year earlier, when severe cold
and ice conditions depressed sales. On the other hand, January
RETAIL TRADE STATISTICS
(Percentage changel
NET SALES
January

Rains during the past 2 months in northern Louisiana and
the eastern half of Texas have improved 1952 crop prospects
in those areas, but the drought continues over most other
parts of the District. The winter wheat crop in northwest
Texas is holding up fairly well, although there have been
losses due to drought, dust storms, and insects. Winter flax
in southcentral Texas is making slow progress. Spring vegetable crops in south Texas are making good growth in irrigated areas where water is adequate, but plantings in other
areas have been delayed. Pasture and range feed supplies
continue to dwindle, while livestock are maintained largely by
supplemental feeds. Farm commodity prices continue to ease
downward, with many of the important crops and livestock
products leading the way.

line of Irade
by area

1952 from

January

December

1951

-5
12
-10
-9
-12
4
2
2
-2
-16

-51
-55
-50
-52
-55
-52
-43
-56
-58
-57

-13
-12
-10
-13
-9
-15
-13

-11
-11
-7
-10
1
-16
-11
-22
-17
-21

-3
1
3

-40

-13
-24
-20

DEPARTMENT STORES

Fort Worth • ••• • •• . ••••••••••• .••••
Houston •. .• . •.••. . • . •••.••. . ..• . • •
San Antonio .••.••• . •••.. . • • .. .••..
Shreveport, La .................... . .
Waco •• . •. •.. . •••.•••.•••••••..••
Other cities .. ••• .. .•. . .. •.. . • . • ... •
FURNITURE STORES
Total Eleventh District ... .. .. . . . .. . . ..
Austin •••••.•.••• . • .• . • .. •• • .. ••. .
Dallas ••...•••.••• . ..•.. . •• .•• . • ,.
Houston ••••..•.• . •••••...• . •. • . ••.
Port Arthur •.•••• . •.•.•• .• • . •.•.••.
Son Antonio •••.•. .. .• .. •. . ..... • ..
Shreveport, La .••... . .•.•.•.•. . ..•••
Wichita Falls •••.••. . .•...•••.•..•.•
HOUSEHOLD APPLIANCE STORES
Total Ele't'enth District .... .. ..........
Delles •• . •. •.•••••.••••.•••. ••.•• •

1952 from

Deocember
1951

January

Total Ereyenth District ••••...••..••...
Corpus Christi •••••. • • •.•..• ••••• •• •
Dallas • .. •.•. .. •••.•••••••••.•••••
EI Paso •••••••••••••••••••••••••••

SrOcKsl
January

-10

-8
7
21

-13
-14

-44

-36
-53
-30
-51
-38

-22

-14

-10
-18

-2

_5
-7

-13
- 18
-19

_4
_9

-25
-24

Stocks et end of month.
, Indicohll change of leu than one-half of T percent.

Nonfarm employment in the District in February was up
slightly from January and averaged appreciably above February 1951. Crude oil production in February rose, following
4 months of decline, and reached approximately the record
level of last October. Current oil production is running substantially above a year ago. Stocks of crude and burning oils
declined during the past 4 months. Refinery activity has been
at a near-record level, and stocks of gasoline have risen
sharply. The value of construction contracts awarded in the
District in January was down from the previous month and
lower than a year earlier. Activity at textile mills continues
below a year ago; textile prices are weak, while mill demand
for wool and cotton is quiet. Processing of cottonseed this
season has been substantially above last season; demand for
cottonseed oil has weakened slightly in recent weeks. The
heavy demand for livestock feeds has absorbed mill output
of cottonseed cake, meal, and hulls at relatively high prices.

Loans at weekly reporting member banks rose during the
4. weeks ended February 20; other major categories of assets
and liabilities declined. Borrowing by manufacturing firms,
public utilities, and others increased, more than offsetting a
decline in commodity loans. During these same weeks, total
investments of these banks declined, due principally to a
reduction in holdings of Treasury bills. Deposits declined but
were substantially above a year earlier.

sales were 5 percent below the war·scare inflated volume of the
same month a year before, although 17 percent higher than
in January 1950. If allowance is made for normal seasonal

WHOLESALE TRADE STATISTICS

Eleventh Federal Reserve District
(Percentage change)

Automotive supplies • .. •. ...• . . ... .. . . •
Dry goods • • ••• ••• .•• •• • ..•... • •.•..•
Grocery (full-line wholesalers not
sponsoring groups) •.•....•..••• . .•.•
Hardwa re •••• ••• •. •. •....•• . .••.. . ••
Indu~trial supplies ••...••••.•.•.••.••••
Machinery equipment and supplies
e:llcept electrical •••••.•••••.•.•.••••
Tobacco products .•.• •• •...•..•••. .• .•
Wines and liquors •.•.•.•••••.•.•.•.••
Wiring supplies, construction materials
distributors •••••.•.•...••..••••.•.•

NET SAL ESp

STOCKSlp

January 1952 from

Jonua ry 1952 from

January

December

January

1951

_18
_33

- 30
5

46
-29

-10
-3

34
27
-22

_ 8
7
38

3
13
25

31
-5
- 50

29
49
3

-1

5
-2

-9

-7

-2 8

-3
4

December

48
10

Stocks at end of month.
p-Preliminary.
SOURCE: United States Bvreav of CeniUS.
I

variations, department store sales appear to have followed •
a sidewise movement during the past few months at a level
somewhat higher than that prevailing in the summer and

MONTHLY BUSINESS REVIEW
early fall of 1951. The sales picture in this District has been
generally in line with that of the Nation, although district
department stores have posted a better record than the na·
tional average.

•

Sales of women's apparel and other consumer soft goods
have continued to make a better showing than the durable
goods. Moreover, basement store sales have done better than
the main store. In connection with the lag in durable goods
sales, new car registrations in the Dallas, Houston, and San
Antonio metropolitan areas in January, although slightly
above those of December, were lower than in any other month
during the past 2 years and fell about 20 percent below the
January 1951 level.
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
11947·49 ~ 1001

UNADJUSTED
Area

SALES-Daily average
Eleventll District . ... ........
DaUas .•.•. •••••• ...••••. •
Houston •••••••••.• • ... •. . •

STOCKS-End of month
Eleventh District ••• ••• .• .•••

ADJUSTEDl

Jan. Dec;, Nov.
1952 1951 1951

Jan.

De<.

Nov.

1952

1951

Jan.
1951

95
94
104

203
194
226

144
141
157

100
105
100

122
122
13.

122
119
135

129
122
140

129
137
129

IOlp 115

135

116

112p 125

120

129

Jan.

1951

1 Adju1ted for seasonal variation.

p-Preliminary.

Department store stocks, according to preliminary reports,
were down contraseasonally in January and at the end: of
the month were 13 percent below the year·earlier level. The
seasonal increase in orders outstanding was considerably less
than the very large gain in January a year ago. At the end of
the month orders outstanding were at about the same level as
on the corresponding dates in 1949 and 1950 but were down
33 percent from the January 31, 1951, total. Merchants still
are pursuing cautious inventory policies, and the downward
readjustment which was evident throughout the last half of
1951 apparently has not been completed.
Collections of charge accounts outstanding continued slow
in January, with the collection ratio at 47 percent, 2 percent·
age points below January a year ago. Meanwhile, the instal·
ment collection ratio halted the upward trend which had pre·
vailed during the past year, showing a decline from 18 per·
cent in December to 17 percent in January. Both charge
account and instalment account receivables declined season·
ally, but charge accounts outstanding at the end of the month
were 6 percent higher than a year ago, while instalment
receivahles were 23 percen t lower.
Furniture store sales in the District in January were 3 per·
cent below the unusually heavy volume of a year earlier but
exceeded any other January on record. Accounts receivable
outstanding declined 5 percent during the month, following
three successive monthly increases, and at the end of the
month were 9 percent less than on the corresponding date
of the previous year. The reduction in furniture store inven·
tories continued, with stocks showing a small decrease for
the ninth consecutive month. Stocks on January 31 were 13
percent less than a year earlier.

Heavy rains during January and Feb·
ruary in northern Louisiana and the east·
ern half of Texas greatly improved pros·
pects for agricultural production in those
areas in 1952, while snow and light·to·moderate rains over
much of the remainder of the District were temporarily hene·
ficial to cover crops, small grains, clovers, and winter grasses.
However, a shortage of moisture persists throughout much of
the District, and more rain is urgently needed to stimulate
further growth of winter crops and range and pasture feed
and to permit planting of intended acreages of spring and
summer crops.
In northwest Texas and nearby parts of New Mexico and
Oklahoma, the winter wheat crop generally is in fair condi·
tion, despite the serious need for more moisture. Dry soils
and the short top growth of wheat plants have made fields
vulnerable to soil blowing; some wind erosion occurred duro
ing February. Cutworm damage to wheat is increasing in the
Low Rolling Plains, while army worms have appeared in oat
fields in south Texas.
Growth of the winter flax crop in Karnes and adjoining
south Texas counties remained virtually at a standstill through
February because of inadequate moisture supplies. The crop
startecl under favorable conditions, and growing temperatures
have been desirable all winter, but very little additional rain·
fall was received from the time the crop was planted until
late February. Growers in the spring.crop flaxseed area have
been wa.iting for more moisture hefore completing land
preparation.
WINTER VEGETABLE PRODUCTION
Indkoted

Average

1941-50

Vegetable

1951

1952

(1,000 Boshels)

CARROTS, Arizona . . . . . . . . . . . . . . . . . . . . . . . .

840

Tex~s. ... . . . . . . . . . . . . . . . . . . . . . .
Louisiana •.. . •.. ...•... . . . .. ,...

3,164
160

8EETS, Texol.... . ........................
IRISH POTATOES, Texo,I..................

1,084
70

1,786
2,700

1,178

2,775

72
420
16

81
450
30

(1,000 Crates)

CAUUFLOWER, Arizona....................

513

Texas,.... .... ......... ...

136

375
187

338
228

LETTUCE. Arlzono................ . .. ......
Te:ltas .............. ,...... ... ..

2.734
2497

3,792

2,970

13,500
158,800

18,800
56,000

8,.400
86,400

850

600

(TOfn]

CABBAGE, Arizona..... . . . . . . . . . . . . . . . . . . .
Texas ... . ............ ..... .. ,.

t Ea rly commercial.
2 1946-50 average.
SOURCE: United Slates Department of Agriculture.

Conditions during February were favorable for active
harvest of all types of winter.growing vegetables in south
Texas areas. Cabbage, carrots, beets, broccoli, cauliflower,
lettuce, and spinach moved in good volume. Production estimates for some of these crops are shown in an accompanying
table. Spring crop plantings in irrigated sections have been
making good progress except in areas where irrigation water
is short. Temperatures generally have been favorable for
rapid growth of these crops, although light frosts were reo
ported in the western end of the Lower Valley in February.
In the non irrigated sections planting of spring crops has
been delayed by lack of moisture. Transplanting of the north
Texas onion acreage has made slow progress. Most east
Texas tomato land was prepared by mid·February, at which
time setting of plants to cold frames was already under way.

MONTHLY BUSINESS REVIEW
LIVESTOCK RECEIPTS
(Number)

FORT WORTH MARKET
Closs

SAN ANTONIO MARKET

January

December

January

Jonuory

1952

1951

195 1

1952

1951

41,294
20,530

32,441

23,651

20,553
93,073
29,631

q 5,485

30,685
30,166
8,473
110,040

17,926
15,552
6,632
19,556

28,730
Ca lves ....... .. . 14,375
Hogs . .•••....• • 105,708
Sheep ......... . 40,214
Cattle ..... , ... .

94.714
31,587

18,899
8,856

December

Farm commodity prices in the Eleventh District have been
drifting downward since November and in late February
averaged around 10 percent below a year ago, During the .
month ended February 18, prices of wool, flaxseed, cotton,
coltonseed, gra ins, poultry, and eggs d'eclined, while prices
of livestock held within narrow margins,

1 Includes goo Is.

CASH RECEIPTS FROM FARM MARKETINGS

Range and pasture feed supplies dwindled further during
February as critical droughty conditions continued over much
of Texas and southern New Mexico and Arizona, Over eastern Texas and northern Louisiana, however, grazing conditions are improving as a result of recent rains and mild
weather, while light rains and snow in other areas are expected to be helpful to grazing lands, In virtually all areas
ranges are partially bare, and heavy supplemental feeding has
been necessary, Range feed in the District in February was in
the poorest condition on record, except possibly during the
1934-35 drought.

(In thousand. of dolran)
Novemb er

December

Stote

1951

1950

1951

1950

Arizona . •.. .•.......... • • .. •
Louisiana . .. . .. . ....• . .•.....
New Mexico . .... .. •. . ..• .. . •
Oklahoma • . .. .... • ....•.... •
Texas . . .......... .... .

$ 55,403

$ 84,056

58,633
41,014
72,765
255,481

$ "8,471
51,208
39,937
67,0 23
311,441

$ 49.677

53.392
21,390
61,8001
304,594

51,581
24,346
51,509

206,082

Total .. .. .. ... . .. . .. •.. . . •

$483,296

$518,080

$525,236

$383,195

SOURCE: United States Deportment of Agriculture.

CASH RECEIPTS FROM FARM MARKETINGS

Cattle are in fair-to-good condition, primarily because of
heavy supplemental feeding and the unusually warm weather
which has held losses at a minimum, Ewes are coming through
the winter in generally poor-to-fair condition. Most farmers
and ranchmen reduced herds during the fail and winter;
some sold large numbers of livestock for slaughter, while
others moved their animals to more favorable grazing areas.
Reports from the Fort Worth livestock market show that
during the 4 weeks ended February 9, marketings of cattle
and calves were down slightly from a year earlier, while
receipts of sheep and hogs were up sharply_

(In thousands of dollars)
Crops

Liveslod: producb
Stat.

1951

1950

1951

TOlal

1950

1951

1950

Arbona ..•. • $ 107,239 $
89,858 $ 245,473 $ 186,037 $ 352,712 $ 275,895
Louisiana. .. .
, 14,720
100,186
266,316
219,807
381,036
319.993
t-4ew Mexico.
155,754
127,951
75.385
78,943
231,139
206,89.
Oklahoma...
405,938
341,618
212,824
222,979
618,762
564,597
Texol. . . . . • 1,056,034
879,681 1,094,896 1.267,381 2,150.930 2,147,062
Total. . . • . $1,839,685 $1,539,294 $1,894,89 4 $1,975,147 $3,734,579 $3,514,441
SOURCEl United States Deportment of Agrkulture.

Livestock Numbers in the Southwest Declined in 1951

Meat production in commercial plants in Texas during
1951 totaled 826,808,000 pounds, or 2% percent more than
during 1950, according to data just released by the Bureau
of Agricultural Economics. This includes beef, veal, pork,
lan11, and mutton slaughtered in federally inspected and
other wholesale and retail plants but does not include farm
slaughter. Commercial livestock slaughter in Texas last year
shows a 4-percent increase in numbers of cattle over 1950,
with slaughter of calves up 11 percent, hogs up 15 percent,
and sheep and lambs up 6 percent. For the United States, production of meat in commercial plants in 1951 was 1 percent
less than in 1950. However, an increase is expected in 1952.
FARM COMMODITY PRICES
Top Prices Paid in loca l Southw est Markets

Commodity and ma rke t

Unit

conON, Middling 15/ 16-incn, Dallas .. . ..
WHEAT, No . 1 hard, Fort Worth ... .......
OATS, No.2 white, Fort Worth....... .. . .
CORN, No.2 yellow, Fort Worth .........
SORGHUMS, No.2 yello ..... milo, Fort Worth.
HOGS, Good & Choiee, Fort Worth •......
SLAUGHTER STEERS, Choiee, Fort Worth . ..
SLAUGHTER CALVES, Choke, Fort Worth ...
STOCKER STEERS, Choice, Fort Worth .....
SLAUGHTER LAMBS, Good & Choiee, Fort
Worth . ...... . •......... . ... ... ....
HENS. Heavy, Fort Worth . •....•........
FRYERS, Top Grade. Fort Worth ..........
TURKEYS, No.1 hen s. Fort Worth .. ... . .. .
BROILERS. east Tellos .. . ............. • ..
BROILERS, south 1eltos ..................

lb.
bu.
bu.
bu.
c..... t.
cwt.
cwt.
cwt.
cwl.

1 Marketing suspended.

cwt.
lb .
lb.
lb .
lb.
lb.

Comparable Comparable
Week ended
week
week
February 20 lalt month
last year

.3995
2.76

1.14

2.12~

3.14

18.75
33.50
34.00
34.00
26.50

.2 '
.30
. 35
.30
.30

.4165
2.76 3,4
1.22*
2.18
3.16

$
2.76!4
1.22*
2.03*
2.70

18.75
34.00
33.00
31.25

23.75
37.00
36.00
36.00

28.00
.24
.32
.35
.31
.31

38.00

The drought in the Eleventh Federal Reserve District in
1951, with the accompanying shortage of range and pasture
grasses and the curtailment in feed grain production, caused
considerable liquidation of livestock inventories in the more
seriously affected areas, such as the Edwards Plateau and the
Trans-Pecos region. There was, however, a further expansion
in livestock production in many eastern sections of the District, which partly offset declines in the west and resulted in
a decline in total livestock numbers of only 1 percent.

The only major type of livestock showing an increase in
numbers in the five states of the District during 1951 was
beef cattie, as shown in an accompanying table. On January
1, 1952, beef cattle inventories totaled 12,456,000 head, up
6 percent. On the same date, Texas farmers and ranchers
held 7,350,000 beef cattle, or 3 percent more than a year
earlier, compared with an increase of 12 percent for the
United States. Milk cattle inventories, on the other hand, declined 4 percent and 2 percent in Texas and the District,
respectively. Total cattle numbers in the 5-state area, which
rose in 1951 for the third consecutive year, were 10 percent
above the postwar low of 1949 but still 3 percent below the ~
1945 record. Cattle on farms in the United States were at an •
all-time high of over 88,000,000 head, or 7 percent more than
a year ago.

MONTIIL Y BUSINESS REVIEW
LIVESTOCK ON FARMS, JANUARY 1

Texas, Five Southwestern Stotes, and United

State~

~========================I=I"='=hO=U='O="=d'=I======~================

FiYtI southwestern

Texas
Cion

1951

All cottle ••.•....
Milk cattle .•..

8,765
1,662

8,940
1,590

Beef cattle ... .

7,103
6,851
6,746
105
1,732
2,233
349
116

7,350
6,176
6,071
105
1,645
2,099
321
96

20,046
22,795
508

19,2 77
22,992
549

AlIlhup ........
Stock sheep ...
Feeders ••••••.

Hogs ••••••••••.

Goats 1 , • • • • • • • •
Hones ......... .
Mules ...•••....

United Siaies

states'

1952p

1951

1952p

15,053
3,268
11,785

15,643
3,187
12,456

8,913
8,682
231

8,290
8,072
218
3,055

3,233
2,233

2,099

800
262

731
230

30,494
38,492
637

30,048
38,267

1951

82,02 5
35,606
46,419
30,635
27,253
3,382
62,852
2,233
4,993
2,074

19S2p

88,062
35,870
52,192
31.725
27,841
3,884
63,903
2,099
4,370
1,92 3

Total above

species . . ...
Chickens l , .••.•..
Turkeys •• . • . ••. •

688

184,812

19 2,0 82

442,657
5,091

453.498
5,835

1 Arizona, louisiana, New Mexico, Okla homa, and Tex<:Il.
3 Goat numbers lihawn for Texas only; estimates for other slate' not ovaUoble.
J Does not indude commercial broilen.
p-Preliminary.
SOURCE: United States Oepartment of Agriculture.

Sheep and Iamb inventories in the District were aHected
most seriously by the drought last year as wool production
is heavily concentrated in the drought-stricken areas, On
January 1, 1952, there were 8,072,000 stock sheep on farms
and ranches in the five states of the District, or 7 percent
less than a yea r earlier. There were also 218,000 sheep and
lambs on feed , or 6 percent fewer than in January 1951- Most
of the decline in stock sheep numbers in the District occurred
in Tcxas, although there was a slight reduction in Arizona_
Texas reported 6,071,000 stock sheep on January 1, or 10
percent below a year earlier- The total number of sheep in
the district states was 42 percent below the record of 1943
and at the lowest level since 1926, Stock sheep numbers in
thc Unitcd States rose 2 percent last year, despite the large
reduction in Texas,

Between January 23 and February 20,
loans of the weekly reporting member
banks in the Eleventh District rose, but
most other major categories of assets and
liabilities declined. Total resources of these banks amounted
to 84,296,000,000 on February 20, which reflects an increase
of 393,000,000, or about 10 percent, over the comparablc
total of last year_
Loans rose $8,942,000 during the 4 weeks, due principally to the expansion in loans to banks. Most other major
loan categories showed decreases. Commercial, industrial,
and agricultural loans rose during the first 2 weeks of the
period, but reductions in the final 2 weeks were more than
offsetting, with the result that these loans showed a net de·
crease of $4,001,000, In contrast with the trend that prevailed
during the later months of 1951 and accounted for most of
the loan expansion during the year, cotton dealers liquidated
a substantial amount of bank indebtedness in recent weeks;
however, this seasonal reduction in cotton loans was offset,
to some extent, by new borrowings by manufacturing firms,
public utilities, and a miscellaneous group of other establishments, The principal changes among other categories of
loans include a decrease of 81,846,000 in real estate loans
and an increase of $3,250,000 in "all other" loans, On February 20, total loans of these banks amounted to $1,564,000,000, or only slightly less than the record amount reported on
February 6,

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN lEADING CITIES
Eleventh Federal Reserve District
(In thousonds of dollan)
February 20, Fe bruary 2 1,
1951
1952

January 23,

Total loons (gross) and investments . ....... .. . $2,904,371
Totolloans-Net t •••••• •••••••••• . .• ••. •
1,548,0 67
1,564,351
Totolloans-Gross ........ . .. .... ... . . . .
Commercial, Industrial, and agricultural

$2,685,523

$2,927,075

1,477,853
1,492,522

1,539,131
1,555,409

1,085,496

1,038,353
8,125

1,089,497
8,914

10,884
291,591
1,340,020
225,762
162,571
180,584

54,661
119,446
1,694
270,243
1,193,00 1
76,455
0
364,642

53,598
114,927
132
288,341

605,995
165,108
564,512
411,031
2,337,890
.452,425
77,076
794,894
3,200

589,272
162,632
534,683
319,508
2,204,402
418,999
76,797
661,468
0

Item

Hog invcntorics ill thc five distri ct statcs, combincd, wcre
reduced further la st year, fallin g to ,),055,000-47 percent
below the record of 1944 and lower than at any time in the
past 25 years. Th ere was considerable liquidation of hogs in
Louisiana, Oklahoma, and Texas in 1951, which was offset
only partly by slight increases in Arizona and New Mexico,
Texas Iarmers repo rted 1,645,000 hogs, or 5 percent below a
year ago. However, pigs under 6 months of age were down
only 2 percent. Hogs on farms in the United States increased
2 percent in 1951Texas goa ts, which are mostly Angoras, decreased 6 percent during 1951- On January 1, 1952, there were 2,099,000
head on farm s and ranches, compared with 2,233,000 a year
earlier and a record of 3,465,000 in 1942.
Farm inventori es of chickens, excluding commercial broilcrs, in the district states on January 1 were fractionally above
a year earlier; virtually all of the cxpansion in chicken production in this area in the past few years has been in the
output of commercial broilers, Turkey production last year
was at a record level; therc were 688,000 turkeys on farm s
in the 5-state area on January 1, or 8 perccnt above the numbcr reported a year ago . Farm holdings of turkeys in the
United States in January were up 15 percent from a year
earlier,

[oans ......... .. .. . ...............
loons to broken and dealers In securities . .
Other loons for purchasing or corrylng
.ecurities •........................ .
Real eltate loons . . ... ........ .. ......
Loanli to bonks .......................
All other loons .. ........ .. ... ... .... .
Total investments .. . ....................
U. S. Treasury bills ............. .......
U. S. Trea sury certificates of indebtedness .
U. S. Treasury notes . .. ........ ... . ... .
U. S. Government bonds (inc. gtd.
abligotiomo) •.......................
Other securities ....... .. .... . ...... ...
Reserves with federal Reserve Bonk ..........
Balances with domestic banks .. ..... .. ... ...
Demand deposits-adjusted' ................
Time depo$ih except Government ...........
United Stgtes Government deposits ...........
Interbank demand deposih . .. ..... ....... ..
Borrowings from federol Reserve Bonk ........

7,660

55,639
113,081

1952

1,371,666
241.232

162,833
181,272

617,786
168,543
574,110
488,638
2,395,837
457,196
51,388
879,501
3,000

1 After dedudion$ for reserves gnd unallocated charge·of".
j
Includes 011 demond de posits other than interbank and United Stotes Government, lest
cosh items reported as on hond or in process of colleclion.

Holdin gs of all types of Government securities and investments in municipal and other non,Govcrnment obligations
were reduced during the 4 weeks ended February 20, with
the result that total investments declined S31,646,000, or
about 2 percent. Sales and redemptions of Treasury bills
were particularl y heavy, while investments in Treasury bonds
declined about 2 percent; holdings of certificates and notes
declined fractionally, Reflecting a mild and perhaps tem-

MONTHLY BUSINESS REVIEW

porary reversal of the upward trend that prevailed during
most of the past several months, the municipal portfolios of
these banks were redu ced. Funds provided by the sale and
redemption of securities were used principally to meet the
withdrawals of deposits by country correspondents and
others.
Deposits declined $121 ,301,000, or about 3 percent, during
the 4 weeks, and on February 20 total deposits amounted to
$3,959,500,000. Most major categories of demand and time
deposits declined during the 4 weeks, but the principal factors contributing to the deposit contraction were the decreases of $84,607,000 in interbank deposits and $43,985,000
in demand deposits of individuals, partnerships, and corporations. Time deposits of individuals and businesses rose
$1,871,000, continuing the upward trend that prevailed in
other recent months. Despite the contraction in deposits between January 23 and February 20, total deposits of these
banks on the lauer date were substantially above the comparable year-earlier total.
GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federcl Re:lerve District
(Averages of daily figures. In thousands of dollar.1
COMBINED TOTAL

Oat.

Gross
demand

Ti me

RESERVE CITY BANKS

G rosl
demand

Time

(Amounts in thousandl of dollars)

======================~O~E="=TS~'==============~O~E~PO~SI~TS='========
Percentage
change from
January
1952

City
ARIZONA

Tucson ..........• •••
lOUISIANA

Monroe . ...•.. .• ••••
Shre'leport. .. •.• ..• •

NEW MEXICO

ROlwell ..•.••••••.••
TEXAS
Abilene •..... . •. . .•.
Amarillo •• • •... .. •• •
Austin .. •••.•.. . • ..•
Beaumont •.....•.• ••
Corpus Christi •...•...
Corsicana ••....•.. ••
Dallas •..... ..... •..
EI Paso ••.• .• ••••..•
Fort Worth •• ..•• •. ..
Galveston • .. ••. . ...•
Houston .•. ..••••••.•
lared o •.• ...• ..•.••
lubbock ••••••.•• . .•
Port Arthur •• ••....•.
Son Angelo •••.•••• • •
Son Antonio •••.•.•.•
Texorkana s •••••.•.••
Tyler ••••••••.••..• •
Waco •.••••••••••• •
Wichita Falls ••••.•.•.

TIme

January 1950 ••• $5,733,218 $659,140 $2,752.603 $423,289 $2.980.6155235,851
January 1951 ••• 6,3,(9,754 657,601
3,098,119 .400,388 3,251.635 257.213
September 1951. 6,169,109 675,186 2,917,338 37 1,361 3.251.771 303.825
October 1951. ,. 6,361,591 681,258 3,017,115 373,996 3,3014,476 307,262
Noyember 1 951 .. 6,592,874 686,144 3,101,804 376,802 3,0191,070 309,342
December 1951 •. 6.753,139 706,327 3,170,0017 390,1013 3,563,092 316,184
January 1952 ..• 6,779,455 714,332
3,162,301 391,577 3,617,154 322,755

During January, demand deposits at all the District's member banks averaged $26,316,000 higher than in December
1951. The increase was not uniform among all classes of
banks, however, as country banks more than accounted for
the gain. Similarly, more than 80 percent of the $8,005,000
increase in time deposits occurred at these country banks.
In January, demand deposits of the member banks averaged
$6,779,000,000; time deposits, $714,000,000.
Member banks reported net profits after taxes of $39,428,000 during 1951, which represents a decrease of about 6
percent from the net profits of 1950. Although net earnings
from current operations showed an increase of more than
10 percent-principally as a result of the increase in interest
earnings from loans--larger net losses, charge-offs, and transfers to valuation reserves and a marked increase in income
taxes were more than offsetting.
Debits to deposit accounts reported by banks in 24 cities
of the District were 4 percent lower seasonally in January
than in December but 6 percent ahove the comparable yearearlier total. The decline in January was not general through.
out the District, as half of the reporting cities showed increases. Accompanying the moderate decline in the over-all
volume of business activity as reflected by the trend' of debits,
the annual rate of turnover of deposits declined from 16.0 in
December to 15.5 in January_ The rate was 15.7 in January
1951.

Dec.
1951

January 31,
1952

Jon. Jon.
1952 1951

Dec.
1951

94,561

106,52 1

10.8

10.01

10.6

7
16

4
- I

49,080
197,860

12.0
12.1

11.6
11.5

11.5
12.01

28,770

28 ,992

11.8

10.8

9.6

56,0189
1011,510
197,7 88
129,002
1015,551
15,663
1,563,255
192,849
519,347
81,535
1,630,3 45
22,215
135.895
.019,810
4 2,2 50
375,918
21,194
56,738
72,462
90,043

-4
3
I
11
23

2
-2
55
-3
7

12.0
101.8
19.8
15.4
16.7
8.3
18.4
15.6
16.7
9.7
17.0
11.6
101.9
13.A
9.2
11.6
10.1
12.4
9.6
10.1

13.3
16.4
20.4
14.6
14.8
9.2
20.4
17.5
17.4
9.1
15.8
12.6
15.2
12.4
10.4
12.6
8.9
12.6
10.3
9.5

11.9
15.2
13.3
16.3
1.5.7
9.0
20.0
16.9
17.0
10.2
17.8
11.4
17.3
12.7
9.1
12.1
9.7
11.6
9.8
9.8

15.5

15.7

16.0

55.227
1101,419
126.092
99,310
102,913
22.320
1,003,104
146,403
369,764
101,957
1,129,619
22,654
106,052
44,614
53,909
387.908
24,736
53,455
89,385
106,101

-4

$4.542,395

-8

-3

-6

- # -10
7
9
12

-3
-4

_4
I

_13

19
-7
-I

3
3

411

AnnI}Q1 rate of turnover

Jon.
1951

52,983
208,009

Tolal-24 citIes ••••..• • $5,924,182

COUNTRY BANKS

Gron
demand

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

I
-01
6

7
-5

1 Oebits to deposit accounts except interbank accounts.
i Demand and time deposih, including certiAed and officers' checks outstand ing but excluding deposits to the credit of bonn.
a These flgures inclu~e only one bank in Texarkana, Texas. Total debits for all bonks In
Texarkana, Texas-Arkansas, including two banlcs located in the Eighth District, omounted to
$37,724,000 for the month of January 1952.
, Indicates change of leu than one·half of 1 percent.

Principal changes in the condition of the Federal Reserve •
Bank of Dallas between January 15 and February 15 include
increases of 22,077,000 in gold certificate reserves and
$5,500,000 in discounts for member banks. Total earning
assets declined $31,311,000, which is more than accounted
for by the reduction in holdings of Government securities.
Member bank reserve deposits were drawn down $37,120,000
during the month, while notes of this bank in actual circulation declined $6,960,000 to a total of $673,080,000 on February 15.
CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS
(In thoulands of dollau)
Item
Total gold certiflcate reservas . ••.•••..•... .. $ 653.176
8,500
Discounts for member bonks, •••.•. ..• ••.• . •
16
Industrial advances ••••• •.•. . ••. . ...• .. . ...
o
Foreign loans on gold ..•.•....••...•.•..••
U. S. Govemment securities •••.•• ...... .. .• • 1,060,9.011
1,069,0157
Total earnIng aneh • .. •....•..... .. . . •....
Member bonk reserve deposits • ...•.....•.. . 1,023,353
Federa l reserve notes In actual clrculaUon • . • .•
673.080

$ 602,099
200

631.099
3.000
16

1,043,376
1.0 013,576
993,839
617,320

1.097.752
1.100.76 8
1,060,0173
680,0010

o
o

On February 18, thc Secretary of the Treasury offered a
new 7·year 2%. percent Treasury bond, callable in 5 years, in
exchange for the outstanding issue of 2¥2.percent bonds
which was called earlier for redemption on March 15. The
called bonds were outstanding in the amount of $1,024,000,- •
000. Holders of the 1%-percent certificates of indebtedness ,.
which mature April 1 were offered, at the same time, a new
111/2 -month l%-percent certificate in exchange for their

MONTHLY BUSINESS REVIEW

•

holdin gs. The certificates were outstanding in the amount of
$9,524,000,000. Both of the new issues are dated March 1.
The three issues of Treasury bonds which were eligible to be
called for redemption on June 15 were not called.

Current stocks in the United States, although above a year
ago, are not considered unduly large, in view of the fact that
demand for refined products continues seasonally higher
than can be met from domestic production plus imports.

~
.

Nonfarm employment in the District at
mid·February was up slightly from the
=
~ January level, due to gains in several
, INQUSTRy....,;j lines of manufacturing, and was 5 percent
above a year ago; factory employment was about 9 percent
above a year earlier. Although strikes in a number of plants
and a moderately slower tempo in defense production reduced
employment later in the month, total nonfarm employment
in the District in February averaged appreciably abovc the
salllC month in 1951. Present indications point to a continuing
high level of employment in coming months, since in many
lines there are still large production backlogs for defense
purposes, while new plants soon to be completed will add to
current labor requirements.
.

RAILROAD COMMISSION OF TEXAS

OIL AND GAS DISTRICTS

CRUDE Oil PRODUCTION
(Borre]I)
January 1952

lnc;rease or decr ease In dally
average production from

Area

Total

Doilyavg.

production

ELEVENTH DISTRICT
Texas R. R. Com. Districts
1 South Centra l.... . ....
1,004,600
2 Middle Gulf . .. ... .. .. 4,954,200
3 Upper Gulf ..• •• ...... 14,743,350
" Lower Gulf. • • • . • . • . •• 7,785,550
5 East Centro I • • • • . . • • ••
1,6 20 ,200
6 Northea st ••••... . .•.• 12,1 7 2,950
Ea st Te xas . . . ••. ... 8,319,200
Other Relds . • • • • • • • 3,853,750
7b North Cantrol.. . . . .... 2,607,100
7c W.st C.ntro l.. .•.••• • 4,029,500
8 W.st ... .. ... ... . .... 29,115,500
9 North.... . .... .. .... . 4,886, 100
10 Panhandle .... . . . ..... 2,589,550
Total Tuos •• •• ••••• 85,508,600
N.w Me xico.. • • • • • • • . • . • . • 4,703 ,500
North louisiana....... . .... . 3,966,250
Total Elevanth District .... . . 94,178 ,350
OUTSIDE ELEVENTH DISTR ICT.. . 97,866,050
UNITED STATES ••. •• • • . • . . .•• 192,044,400

32,.406
159,813
,(75,592
251.147
52.265
392,675
268,36 1
124,31.4
84,100
129,98.4
939,2 10
157,616
83,534
2,758,342
151,726
127,943
3,038,011
3,156,969
6,19.4,980

Jan. 1951

- 25
4 ,860
5,0,(9
11 ,608
6, 155
15.35'
-3.639
18.993
6.598
44.310
93,,(46
3'5
-6,466
18 1,234
19.210
359
200,803
70.604
271,407

Dec. 1951

_ 1.75
-6,1.66
-10,3 2 1
-5,111
- 579
_ 2,423
_416
_2.007
-218
6,892
-17.574
-460

-5

- 36.740
4.620
1.975
-30,145
11.740
18,405

SOURCE: Estimated from American Petrol.um Institut. w•• kly r.ports.

After declining for three consecutive months, crude oil
production in the District rose in early February to a new
record level of 3,200,000 barrels per day, or 1 percent above
the previous record established last October; an increase in
Texas allowables by 81,000 barrels per day accounted for the
rise. This daily rate of production is about 5 percent above
that of Janu ary and 11 percent above February 1951.
On February 20, the Texas Railroad COmplission set the
March 1 allowable at 3,131,665 barrels daily, which is 16,153
barrels above the record allowable of last October. The new
order is based on 24.day prod'uction for Texas oil fields generally and 19 for the East Texas field.
Th e increase in allowables and production during February
retarded the decline in stocks of crude and burning oils which
had been under way for about 4 months. Combined stocks of
~ crude oils in New Mexico, Texas, and northern Louisiana in
earl y February were maintained at slightly above 131,000,000
barrels, compared with a peak of almost 139,000,000 barrels
in November and 121,000,000 barrels in mid·February 1951.

, SOUTH CEHTlI."
2. M,DOLE GULl'"
5. UPPEJ'I GULF"
4 . LOWE~ GULP
5.. lEAST CENTRAL
• • fr/OfITHEiU"T
7a NORTtl CENTRAL
tG. WEST CENTRAL
• • WEST
• • 1oI000H

10. PANHAHOI.E

Responding to the high level of demand, crude oil runs to
refinery stills have been at near·record levels, averaging
6,635,000 barrels per day in the United States and 1,972,000
barrels daily in the Eleventh District during January. These
rates of activity are, respectively, 3 percent and 4 percent
higher than a year earlier. Because of the high level of refinery
runs, inventories of gasoline in the United States have been
rising and by February 9 had reached 139,000,000 barrels;
compared with 133,000,000 barrels a year earlier. Available
information suggests further increases in gasoline stocks
before the seasonal rise in consumption develops in the spring.

Oil AND GAS WELLS COMPLETED

Area
ELEVENTH DISTRICT
T.x:ol R. R. Com. Districts
I South C.ntral ••• • . •.•• •. .. .• • , • .•••.
2 Middle Gulf •• • ..• • ..• ••. •• • •..• • •.•
3
4
5 East Central ••• • •...•••.. ••.•. •• . .••
6 North.ast • •••• • ••••••• • ••••.. . • •• • •
7b Narth C.ntrol •..• •• • • •••••••. •• •••• •
7, West Centrol ••• • •.• • . •• .••••• • •••.•
8 W.st •... . .•... . . • •• .• • • •.•. . , . .. • .
9 North •••. • • •• ••.. ••• .•.•.•• • • • . ••• •
10 Panhandl ••• • •.• •• ..•.•. .••••• • • ••• •
Total Texal • ••.•.. ••• ••• • •.• , • • • ••
New Mex:ico • . ... • •.•. •••• • • • .• . • • •••••
North louhiona • •.• • • • • • . •• •• .• . • •• .•••
Total Eleventh Oistrkt • •..••.. • ••• ••• . ••
OUTSIDE ELEVENTH DiSTRICT •• ••••• • • • • •• ••
UNITED STATES •. . • . • . • .. • ...••..•••••. • •

~!::: g~~::: : :::::: : : : :::: : :::: :: :

SOURCE: World Ojl.

1951

1950

609
798
1,541
1,692
349
686
2,802
1,532
3.846
2.936
881
17.795
7 17
1,256
19,768
23,849
43,617

505
689
1,586
1,659
200
714
2,0 76
926
4 .125
3. 150
1,058
16.686
593
1,306
18,585
23 ,337
41 ,922

Percent
change

21
16
-3

74
-4
35
65
-7
-7
-17
7
21
_4
6
2
4

MONTHLY BUSINESS REVIEW

Final reports on oil and gas wells completed during 1951
now show that completions in this District reached a record
19,768, or 6 percent above the previous year, compared with
a gain of 4 percent for the Nation. The District accounted
for 45 percent of the wells drilled in the United States, Of
the total wells drilled in the District last year, 64 percent
were producing wells, while 36 percent were dry. These same
ratios prevruled in 1950.

Cement production in Texas in 1951 totaled 18,133,000
barrels, or 6 percent above the previous year. Output in each
month exceeded that of the corresponding month of 1950.•
However, shipments of cement declined in the closing months
of 1951 to below the year·earlier rates, reflecting the curtail·
ment in construction activity. Cement stocks, consequently,
increased' late in the year, attaining a better inventory working level.

VALUE OF CONSTRUCTION CONTRACTS AWARDED
{In thousands of dollars}

January
1952p

Area and type

ELEVENTH DiSTRiCT ........... .... .... .... $ 91,431
Residentigl. . • . . . . . . . . . . . . . . . . . . . . . . . . .
34,307
All other. . . . . . . . . . . . . . . . . • . . . . . . . . . . . .
57,124
UNITED STATES· ....... . . .... . . .... . .. .. .
902.0 91
Residential .... . ........ . .... ... .. ... . .
337,721
All other . .. . ...... ..... .. ............ .
564,370

January

December
1951

1951
103.154
57,406
45,7"'8
1.043,2.48
.420,918

89,07.4
23 .... 20

65,65'
1,234,339
346,10.4

622,330

888,235

37 states east of the Rocky Mountains.
p- Preliminary.

SOURCEI F. W. Dod;e COrpOrglion.

The value of construction contracts awarded in the District
fell during the first half of January to the lowest rate in several
years but subsequently increased as the result of various large
projects, including defense housing, defense plants, utilities,
and public works. The January total reached approximately
$91,000,000, or slightly more than in December though less
than a year ago. Residential awards at $34,000,000 amounted
Lo 46 percent more than in December but were 40 percent
lower than the year·earlier level. Nonresidential awards
declined to about $57,000,000, which is somewhat less than in
December but one·fourth more than a year ago.

Cotton and woolen textile mill activity in the Nation con·
tinued lower in January than a year earlier, according to
reports on cotton and wool consumption. Past rid·February
there was little indication of recovery in the textile market,
and additional mills closed or curtailed output. Prices were
weak, and below·cost government contracts were reported
keeping some mills operating. Mill demand for cotton and
wool was especially quiet.
Cottonseed receipts at oil mills so far this season are well
ahead of last season in both Texas and the Nation, Production
of cottonseed products also has been appreciably larger.
Stocks of cottonseed oil and linters are considerably higher
than last year, due to the greater production of these products.
Recent declines in prices of cottonseed oil on the Fort Worth
market TeAect the relative abundance of cottonseed oil in rela·
tion to current deman d. Because of the unusually large demand
for livestock feeds occasioned by the drought in the South·
west, supplies of cottonseed cake, meal, and hulls have moved •
rapidly, and stocks are much lower than a year ago.

BUILDING PERMITS
Percentage

chonge in

COTTONSEED AND COTTONSEED PRODUCTS

valuation from

January 1952
City

Number

Vgluation

Jon.
1951

D.~

LOUISIANA

284

1,117,417

-59

127

Abilene •...... , ........
93
Amarillo . ...................
369
Austin .. ..... .. ........... . ..• .. ... .
243
Beaumont .............. . .... •• .... . .
279
Corpus Christi ••••••••••••••••••••••••
341
Dallas .......... ...•.... . . . ..•..... . 1,588
EI Pa so ............•................
245
Fort Worth .... , ... . ........... ..... .
673
Galveston . ... . , ... , .. . .. .... . .... . . .
141
Houston •• " •....••••••••••.•...• .. . •
956
lubbock . .. . ................•.......
270
Port Arthur . . . . .. . ............ . . .... .
143
Son Antonio . ...... .. .. . .......... . . . 1,3"'3

620,500
1,858,131
1,480,135
1.180,9 23
1,213,529
6,1.43,923
841 , 880
2,992.288
210,407
9,231,032
1,125,153
257,712
3,116,396
1,277, 825

-27
_29
-58
26
- 76
-62
-54
- 27
- 21
_ 48
_46
-40
-53
-13

18.
21

COnONSEEO (Ionsl

58.
63

Stocks, end of period ........
COTTONSEED PRODUCTS

96
87
_ 14
7
•2
-48
55
31

-42

Shreveport ••.. ..•... . •... . ... , .. ... .

TEXAS
0

••••••••••
0

•••••••

Waco ... ......... . .....•...........
Wichita Foils ....................... . .

347
121

6,246,160

Total ........ . ................... ... .. 7,436

$38.913,"'11

lOver t ,000 percent.

TEXAS

UNITED STATES

August 1 10 December 31

August 1 to December 31

1951

•
.,

Received at mills •• .•.•.•..•
Crumed ..••. ........... .. .

This seoson

losl season

This seeson

last season

1,250,020
810,879
506,932

912,648
713.701
406,738

4,800,1 38
3,003,719
1,880,613

3,104,083
2,250,240
1,138,34 3

252,058

220,889
333,187
167,2 14
216,008

933,625
1,394,2-40
668,664
956,996

14,028

97,586
55.430

40,92 8
190,875

36,265
198,918

63,192
102,703

Production
Crude oil (thousand pounds )
Coke and meal (tons) ..• ...

Hulls Itons} .... .. .. . .....
linters (running ba les) . ... .
Stocks, end of period
Crude oil (thouland pounds)
Coke and meal (tons} . ... .•
HUIIls (tons} .••... ....... .
linters (running boles) . ....

392,792
183,793
256,924

34,342
13,604
9,107
43,201

SOURCE: United Siahu Bureau of Cenlus.

51,584
29,926
63,568

710,616
1,007,676

516,522
741,374

Full text of Review (Federal Reserve Bank of Dallas) : March 1, 1952

FRASER