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

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BUSINESS
REVIEW
MARCH 1962
Vol. 47, No. 3

A GRAPHIC STORY OF ELEVENTH DISTRICT
BANKING DURING 1961
The economic and financial developments of the past year
were reflected in the pattern of Eleventh District banking, as
recovery from the mild recession of late 1960 and early 1961
caused further advances in banking aggregates. The gains were
partly stimulated by the relatively easy monetary policy of 1961,
which enabled banks to increase loans and, at the same time,
enlarge investment holdings without a substantial diminution of
reserves or cash accounts. A number of District banks participated
heavily in the Federal funds market, but the volume of borrowings from the Federal Reserve Bank of Dallas declined to
nominal levels.
Other features of the District banking picture during 1961
included tlle continued gains in time and savings deposits, stemming from the higher levels of personal income and employment
and the reluctance of consumers to purchase major durable goods;
the further rise in capital accounts; the somewhat slower rate of
new bank formations; and the marked influence of Treasury
financings upon investment and deposit accounts. As the year
progressed, loan demands improved but, with reserves amply
available, investment liquidation did not take place, as was the
case in previous periods of cyclical recovery.
By the end of 1961, total assets of Eleventh District member
banks reached $13.4 billion, or 8 percent above the year-earlier
level. The charts and commentaries on the following pages are
presented to illustrate some of the changes in Eleventh District
banking during the past year.

FEDERAL

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)

MEMBER

Total deposits advanced 8 percent at District
member banks during 1961 to reach $12,168
million at the end of the year. Over two-thirds
of the $600 million, or 7-percent, growth in
demand deposits occurred in balances of individuals, partnerships, and corporations. Restraint on demand deposits early in 1961,
stemming from the lower level of loan demand
and lessened needs for working balances, gave
way to a more than seasonal advance with
economic recovery and larger credit demands .
Time deposits rose about $351 million, or 14
percent, over the 1960 year-end level. Of the
1961 gain, over 93 percent was concentrated
in accounts of individuals, partnerships, and
corporations.

BANK DEPOSITS

ELEVEN TH FEDERAL RESERVE DISTRICT
(AI of 101' W.dnlldoyof mon th)
~~LL~
'ON
~
S ~O~
F ~
OO
~
LL
~
S_ _ _ _ _ _~_ _ _ _ _ _ _ _~,~
'O~S~
F~
O~
L
~

I DEMAND DEPOSITS I
I TI ME DEPOSITS

7%
14%

MEMBER BANK DEPOSITS
BY RESERVE CLASSI FICATION

PERCENT IN CREASE, 1961 OVER 1960
(End-of - uo r f lQu r l i l

EL EVE NTH FE DERAL RESER VE DIST RICT

Demand deposits rose more rapidly at country
banks than at reserve city banks during 1961,
mainly because of the greater gain in individual, partnership, and . corporation accounts. At
the year end, these were $544 million above
the reserve city total, compared with a $399
million margin for 1960. In contrast, Government deposits declined 9 percent at country
banks but rose 3 percent at reserve city banks,
perhaps reflecting the city banks' use of Tax
and loan Account privileges . Time deposits
also showed a larger relative expansion at
country banks.

~

DEMAND DEPOSITS
RESERVE CITY BANKS

19 59

COUNTRY BANKS

TIM E DEPOSITS
RESERVE CI TY BANKS

COUNTRY BANKS

IIJIIIImmJI

1 9 60 ~

MEMBER BANK LOANS AND INVESTMENTS

196 1 _

EL EVENTH FEDERAL RESERVE DI STR I CT
(,0,. of 101' Wtdnudoy 0' month)
~' ~
LL!l'.'ON
~S~O!!:...
F ..!!!
O O~LL!o!!A!!.!RS,---_ _ _ _~_ _ _ _ _ _ _ _..!!!B,,,,,LL",,'O,,-,NSc....;O,,,-F--,,
O,,,,OL==;LAR.~

TOTAL IN VESTMENTS

4 ~--------------+------------

196 1

1960

I
I

BUSINESS REVIEW
2

3 :1962

District member bank credit rose 10 percent
during 1961, with a slightly larger relative gain
in investments than in loans. Of the advance in
gross loans and discounts, about one-half
occurred in commercial and industrial loans,
though there were also significant increases in
loans to farmers and financial institutions and
real-estate loans. Investment holdings rose $392
million, primarily because of a $285 million advance in holdings of Governments. Although
distorted by refundings, bank investments
shifted toward shorter maturities until late
1961, when prospective increases in intere
on time and savings deposits induced purcha
of longer-dated, tax-exempt municipal bo

MEMBER BANK LOANS AND INVESTMENTS
BY RESERVE CLASSIFICATION
ELEVENTH FEDERAL RESERVE DI STR ICT

o

19 59 _ _

2
BILLIONS OF DOLLAR S

1 960 ~

Bank credit extensions during 1961 at country
banks exceeded those at reserve city banks,
mainly because of a faster acquisition of investments. The 11-percent increase in country bank
loans did not represent as large a dollar volume
as the 9-percent gain in loans at city banks. The
country bank loan demand was strong from
farmers and commercial and industrial concerns,
whereas the strength in city bank loans centered
in commercial and industrial loans and loans to
financial institutions. Investment changes reflected larger gains in Government securities at
country banks but a more rapid rise in state and
municipal holdings at city banks. However, the
year-end holdings of municipal securities were
much larger at country banks.

1961 _

MEMBER

Partly because of large extensions of bank
credit during late 1961, District member bank
reserves advanced to a new record. The relatively easy monetary policy of the Federal
Reserve System supplied new reserves almost
as rapidly as the member banks made new
loans and enlarged their investment holdings.
Thus, the change in free reserves remained in a
fairly narrow range of $50 million to $100 million after the rapid build-up from a net borrowed position in early 1960. District member
banks substantially improved their liquidity
Positions during 1961, especially through en largement of short-term security holdings.
MEMBER BANK HOLDINGS OF VAULT
BY RESERVE CLASSIFICATION
IA'IlraQIl a' dally 'IQur .. '

MILLIONS OF DOLLARS

160

16 0

ALL MEMBER BANKS

120 1 - - - - - - - -

- - - - - - - - 1 120

80

80 1--- - - - - -

40 1 - - - - - - - - - =::.1

1960

1961

MILLIONS OF DOLLARS

IA'ltraQ" 0' dally "Qur .. ,

MILLIONS OF COLLARS

+1,200

+1,200

+ 1,100 1 - - - - - - - +1,000 I"=:------::;;o...-~_

+1,100

_j_---=---=---=c..:..:..::=--- +1,000
TOTAL RESERVES

+900 1 - - -- - - - -+- - - - - -_ _ +900
+ 1001 -- - - - - - - - I.= -- - - -_ _~ +100
+50
0
-50
1960

1961

CASH

EL EVENTH FE DERAL RESERVE DISTRIC T
MILLIONS OF DOLLARS

BANK RESERVES

ELE VENTH FEDERAL RESERVE DISTRICT

By two amendments to Federal Reserve regulation D during 1960, member banks were permitted to count vault cash holdings toward required reserves. Such holdings rose sharply in
late 1960 but, in 1961, apparently followed a
seasonal pattern. However, since 1961 was the
first full year under the revised regulation, vault
cash holdings as a proportion of total reserves
rose from 2 percent in 1960 to more than 12
percent in 1961. Member bank reserves held at
the Federal Reserve declined about $56 million
during 1961. Although total and required reserves of city banks exceed those of country
banks, the latter have over twice the vault cash
holdings, reflecting the more intense utilization
of funds by reserve city banks.
BUSINESS REVIEW

3:1962

I

FEDERAL FUNDS ACTIVITY AND
MEMBER BANK BORROWINGS
ELEVENTH FEDERAL RESERVE DISTRICT
(AveraQ" of dally t lQu rll)

MILLIONS Of DOLLARS

MILLIONS OF DOL.LAR'

+100

+10 0
NET PURCHASES
/ oF FEDERAL FUNDS

,--( -,

I

- l'
- ,
,

\
,

,,

,. -

II!,

AVERAGE DAILY BORROWINGS / \ /
FROM DALLAS F, R, BANK /

I

---\'--,
/\ ~ ,j
,

,I

~

+50

\
\

,
\

o

V

I

-5o1 - - - -- - - \

/ - - - - - - - - 1 -50
. \ __ -~ NET SALES
OF FEDERAL FUNDS

-1 00 L.L--'--'-''-'---'--'-'-'---'-.L....I-'--'--'--''-'--'-.L....J.----'---'-' - 100
1960
1961

These ratios are indicators of the extent of
loan accommodation in relation to total funds
and the capital backing to loans and investments other than Government securities. The
average loan-deposit ratio has risen as banks
have met the increased loan demand by reducing investments and cash accounts and placing
a larger share of new funds in loans. With bank
deposits rising more slowly than loans during
1961, this trend continued. The ratio of capital
accounts to risk assets of District member banks
has shown remarkable stability as capital in creases have generally kept pace with the
advance in risk assets.

Although monetary policy remained relatively
easy in 1961, short-term Treasury bill rates
stayed above 2 percent, and the discount rate,
at 3 percent. Thus, banks usually found it profitable to adjust reserve positions by use of the
Federal funds market, and borrowings from
the Federal Reserve Bank of Dallas declined to
n,ominal levels. As reserves eased in 1960, District member banks changed from net purchasers to net sellers of Federal funds; but after
mid- 1961, when reserves tightened somewhat
with heavy purchases of new Treasury securities and enlarged credit demands, the banks
again became net purchasers. At peak levels,
average daily purchases and sales of Federal
funds exceeded $50 million.
SELECTED OPERATING RATIOS
OF MEMBER BANKS
ELEVENTH FEDERAL RESERVE DISTRICT
PERCENT

PERCENT

50

50

~ ------------1 40

30 ~---------------~ 30

20 1---------------~~ 20

TOTAL CAPITAL ACCOUNTS TO RISK ASSETS ..

10 '---'-_-'-_.1---'-_-'-_-'----'_---'-_-'--- - ' 10
195 1
1953
1955
1957
1959
1961
-TOIOI 0''''1 I... Gov,rnm,nt .. curl II .. and cO l h o .. ell .

MEMBER BANK

EARNINGS AND EXPENSES

ELEVENTH FEDERAL RESERVE DISTRICT
MILLIONS

MILLIONS

OF DOLLARS

OF DOLLARS

500

500

400 1--------------~~ ---~

195 1

1953

1955

BUSINESS REVIEW

4

3:1962

1957

1959

Since 1951, both total current earnings and
total current expenses of District member banks
have increased substantially. However, total
current expenses rose 161 percent between
1951 and 1961 - compared to a 138-percent
advance in total current earnings. Thus, the
ratio of net current operating earnings to total
current operating revenue has declined. Earnings from both loans and investments showed a
marked gain over this period, although the
growth in earnings was greater from loans than
from investments. The most noteworthy gains in
expenses were in salaries, which showed a
steady secular rise, and interest on time deposits. The latter was particularly affected by the
advance in interest rates.

MEMBER BANK

EARNINGS AND EXPENSES
BY SOURCE

ELEVENTH FEDERAL RES ERVE DISTRICT

INVESTMENTS

~

LOANS

SALAR I ES

ALL OTHER
EXPENSES

Earnings frem investments and leans are neticeably influenced by the level .of ecenemic activity
and changes in interest rates. District member
bank earnings frem leans rese 3 percent in
1961, with the effect .of the 1O-percent increase
in lean velume at the end .of the year .offset by
semewhat lewer average interest rates and the
sluggish credit demand .of early 1961. Lewer
average yields en investments were ceunterbalanced by the higher average heldings se
that earnings en investments advanced mederately. Bank .operating expenses centinued
upward in 1961, largely reflecting increased
salary expenses and a sharp rise in interest
payments en time and savings depesits.

MILLION S OF DOLL AR S

1 960 ~

NET CURRENT EARNINGS *
OF MEMBER BANKS

1961

ELEVENTH FEDERAL RESERVE DI STRICT

Net current earnings .of District member banks
declined 4 percent during 1961, centrasted te
~ 9-percent gain in 1960. The small increases
In lean and investment revenue during the past
year were mere than .offset by a sizable advance in interest cest en time and savings depesits and a further rise in salary expenses.
Receveries, transfers frem valuatien reserves,
and prefits en sales .of securities advanced
sharply in 1961, but lesses en sales .of securities, charge-effs, and transfers te valuatien reserves were 3 percent lewer. Net inceme befere
taxes shewed virtually ne change frem 1960,
compared with a 22-percent rise frem 1959.

1501 - - - --

--

150

1001 - -- - - - -

100

50

50

o

0 ' - - ---""""":":''''''--11961 from 1960

I

11960from 19591

-4,..
+9,..

PER CENT CHANGE IN NET CURRENT EARN IN GS

* O,'or. In tom. 10 ....

MEMBER BANK DEPOSITS
BY BANK LOCATION
ELEVENTH FEDERAL RESERVE DISTRICT
December 31, 1961

BANKS IN
CITI ES WITH
1960 POPULATION
UNDER 100,000

BANKS IN
~
RESERVE CITIES

BANKS IN OTHER
CITIES WITH
1960 POPULATION
OVER 100,000

• Dallal, £1 POlO, ForI Worth, HOUlton, and Son An tonio.

~

Depesits .of District member banks at the end
.of 1961 shewed abeut the same degree .of cencentratien which has been evident fer seme
years. Mere than half .of all depesits are centered in banks lecated in reserve cities, with
mere than twe-thirds .of all depesits in banks
lecated in cities .of ever 100,000 pepulati.on.
There is a greater degree .of cencentratien in
demand depesits than in time and savings depesits, prebably because .of the much larger
demand depesits .of demestic banks in the reserve city greup, reflecting the sizable cerrespendent banking business .of the city banks.
On the ether hand, savings depesits are nearly
50 percent higher at ceuntry banks .
BUSINESS REVIEW

3: 1962

I

MEMBER BANK GROSS LOANS
BY BANK LOCATION
ELEVENTH FEDERAL RESERVE DISTRICT
December 31, 1961

~

BANKS IN
CITIES WITH
1960 POPULATION
UNDER 100,000
BANKS IN
RESERVE CITIE S

BANKS IN OTHER
CITIES WITH
1960 POPULATION
OVER 100,000

A similar concentration of loans is evident at
reserve city banks, primarily because of heavier
commercial and industrial loan volumes (nearly
60 percent more than at country banks) and
more loans for purchasing or carrying securities, as well as a higher volume of loans to
financial institutions. Partially offsetting the
effect of these concentrations are real-estate
and farming loans, the vast majority of which
are held by country banks. At the end of 1961,
country banks held over 61 percent of the total
real-estate loans of District member banks and
90 percent of the loans to farmers.

MEMBER BANK INVESTMENTS
BY BANK LOCATION
• 00110', EI POlO, Fort Wor th, Hou ilon, ond Son Anlonla.

The concentration of investments at banks in
reserve cities was considerably less than for
either deposits or loans, The major differences
in investment holdings are reflected in Treasury
bills, Treasury notes of more than 1-year maturity from the call report date, Government bonds
with maturities of more than 5 years, and municipal and state obligations. Country bank
holdings of Treasury bills and notes and state
and municipal securities are substantially larger
than those of reserve city banks, whereas the
latter hold more Government bonds of intermediate- and longer-term maturity.

IBUSINESS
16

REVIEW

3:1962

ELEVENTH FEDERAL RESERVE DISTRIC T
December 3 1, 1961

BANKS IN
CITIES WITH
1960 POPULATION
UNDER 100,000

BANKS IN
•
RESERVE CITIES

~
BANKS IN OTHER
CITI ES WITH
1960 POPULATION
OVER 100,000

.0011 01, EI POlO, ForI Worth, Hou,lon, ond Son Anton io.

-

BUSINESS

REVIEW

BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS

In the 4 weeks ended February
14, the weekly reporting member banks in the Eleventh
District showed increases in investments and time and savings
deposits but reductions in loans and demand deposits. District member banks were active participants in
Treasury financing operations during the period.
Daily average crude oil production in the District
rose fractionally during January but, in early February, was little changed from a month ago. Following significant gains in January refinery activity,
crude oil runs to District refinery stills decreased in
early February; and drilling activity over the period
Was reduced.
Farming activities in the District advanced rapidly
during February, aided by unseasonably warm temPeratures. Cotton, corn, and grain sorghum planting
is active in the lower Rio Grande Valley of Texas. The
condition of livestock has improved, and supplernental feeding has decreased in many areas. Numbers of cattle and calves in the District states on

-

A strong rise in consumer buying
at District department stores in
the second half of January more
than offset the weather-induced
losses during the first half. For
the full month, daily average sales showed a gain of 3
percent over January 1961 , while total sales, reflecting
One more business day this year than a year ago, were
up 7 percent. The seasonally adjusted index of departll1ent store sales for January was 170 percent of the
1947-49 average, compared with 185 for record December and 165 for January 1961. Sales continued well
above year-earlier totals in early February and for the
4 Weeks ended February 17 were 10 percent above the
corresponding weeks in 1961.
b ~epartment store inventories in the District at the
eglilning of January were up 3 percent from a year

January 1, 1962, were at an all-time high, but inventories of hogs and sheep were below a year ago.
The Texas industrial production index declined
slightly to 178 in January. Nonagricultural employment in the five southwestern states decreased to
4,442,100, primarily because of seasonal factors.
The value of construction contracts declined significantly during December 1961 but was at a record
high for the year.
Department store sales in the District in January
were 7 percent above January 1961, partly reflecting
the effect of one more business day this year than a
year ago. The seasonally adjusted index of sales, at
170 percent of the 1947-49 average, compares with
185 for record December and 165 for January 1961.
Inventories at the beginning of the month were up 3
percent from a year earlier, while orders outstanding
were 19 percent higher than at the same time last
year. January registrations of new passenger car
sales in four major Texas markets reached a new
peak for the month and were substantially above the
low level of January 1961.

earlier. At the same time, orders outstanding were 19
percent higher than a year ago, reflecting optimism
based on the upsurge of consumer buying in late 1961
and the potentials of a longer spring buying season.
This latter factor arises because of the lateness of Easter
this year, which falls on April 22 in contrast to April 2
last year.
INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Federal Reserve District
(1947.49

= 100f

SALES (Dall y averag e)

STOCKS (End of month)

Sea sonall y
Dote

Unadjusted

adiuste d

Unadjusted

Seasonally
adlusted

1961 , January. • • . • • •

131 r
206
317
134p

165
178
185
170p

160
217
175
168p

182r
197
188
191p

November . • • • •
December. • • • • •
1962, January. • • • • • •

r-

Revised.

p-

Preliminary.

BUSINESS REVIEW

3: 1962

I

DEPARTMENT STORE SALES
(Pre liminary pe rcentag e chang e in re tail valu e)

January 1962 from
De ce mb e r

January

Area

1961

1961

Total Ele venth District • ••• • • •••• • .•••••
Corpus Christl ••••. • •. . •• • ••••• •• • • •• •
Dallas • ••. •• .•••.•••••••••••.•••••••
EI Paso ••••• •..•• . ••..• • •• • •.• •• • • ••
Fort Worth •••. • •.• • • • • •• . • •.. •• .•••.

-56
-65
-58
-58
-59
-52
-53
-54
-61
-57

7

Houston •• •••••••••••••••••••• . •••••

San Antonio ••• • • •.••.• •• ..•••.••.• • •
Shreve port, la .••••.. .•• .. • .•. • •.....
Waco •...
Othe r cities •••• •• ••.•.• • •. • ••. • .. • • .
o • •

o ••• o ••

0

•

••••••• ••• 0.0.

Field breaking, land leveling, fertilizing, bedding, and
preplanting watering reached a high level for this time
of the year, and irrigation has been active in the Southern High Plains and west Texas.
Planting of cotton, corn, and grain sorghums is widespread in the Lower Rio Grande Valley; and early seeding has begun in south Texas, Coastal Bend, and upper
coastal areas. Panhandle wheat is making good growth
and has suffered very little damage from insects or disease. Oats have progressed rapidly as a result of the
warmer weather, and prospects remain favorable in
most sections.

-6
4
3

12
14
5
17

o
5

January registrations of new passenger car sales in
four major Texas markets reflected mixed trends when
Tomato planting is almost complete in the Lower
compared with the high level of sales in December. In Valley, and sweet corn is up to a good stand. In the
the month-to-month comparison, registrations declined Coastal Bend, seedings of watermelons and cucumbers
12 percent from December in Dallas and 8 percent in need rain to promote germination and growth. Only
Fort Worth; on the other hand, registrations in Houston moderate supplies of vegetables are available from the
and San Antonio improved 9 percent and 7 percent, major commercial producing areas of south Texas.
respectively. Compared with the low level of January
Compared with a year ago, feed conditions in the
1961, however, all four markets showed very substanrange
states of the District at the beginning of Februtial gains, led by increases of 44 percent in San Antonio
and 42 percent in Fort Worth. Houston and Dallas ary were improved in Arizona and New Mexico but
recorded year-to-year gains of 40 percent and 32 per- were less favorable in Oklahoma and Texas. Livestock
cent, respectively. January 1962 registrations in the continued to improve during the month, as the unseafour markets combined reached a new peak for the sonably mild weather encouraged growth of native
ranges and pastures. Supplemental feeding remains
month.
heavy in western and southern sections but has deWith the help of mild, open creased sharply in most other areas. Goat shearing was
weather, agricultural activities in stepped up during the open weather, and lambing and
the District progressed rapidly kidding are well advanced.
during February . ThunderThe number of all cattle and calves on farms and
showers at mid month replenished
ranches
in the District states as of January 1, 1962,
soil moisture supplies in central, northern Panhandle,
reached
a
record 17.4 million head, which is 3 percent
east, and far west Texas; but south Texas areas need
above
the
previous peak of a year ago. A gain in the
moisture. The unseasonably warm February temperabeef
cattle
inventory
more than offset a decrease in milk
tures stimulated growth of small grains, clovers, and
cattle
numbers.
Compared
with a year earlier, numbers
native range cover and started fruit trees blooming.
of both hogs and sheep were down 4 percent. In the
Nation, cattle numbers advanced to an all-time high of
LIVESTOCK ON FARMS AND RANCHES, JANUARY 1
99.5 million, representing a 2-percent increase over the
(In thousands,
inventory on January 1, 1961.
Five southwestern

stotes l

Texas

United States

Species

1962

1961

1962

1961

1962

1961

Cottle •••• •• • • • •
Milk cottle ••••
Be ef cottle ••••
Sheep ••••.•••••
Stock sheep • ••

9,660
948
8,712
5,832
5,614
218
996
15,874
290

9,379
956
8,423
6,140
5,910
230
1,037
15,500
415

17,394
1,933
15,461
7,878
7,479
399
1,734
25,029
410

16,931
1,970
14,961
8,240
7,836
404
1,803
24,809
583

99,500
29,805
69,695
31,446
27,281
4,165
56,982
365,477
6,352

97,319
29,948
67,371
32,967
28,556
4,411
55,443
360,576
6,770

Fe eders •• • •••
Hogs • • •••••••••
Chickens 2 •••••••
Turkeys •••••••••

Arizona, louisiana, New Mex ico, Oklahoma, and Texas.
2 Does not include commercial broilers .
SOURCE , United States De portment of Agriculture.

1

I BUSINESS

REVIEW

3:1962

During the 4 weeks ended February 7, loans and demand deposits
declined at the Nation's weekly
reporting member banks. On the
other hand, both investments and
time and savings deposits increased to higher levels.
The money market was easy during most of the period,
as the reserve positions of money market banks moved
to more comfortable levels. Dealer holdings of Govern-

?lent securities receded, thereby reducing dealer financIng requirements. Considerable demand for Treasury
bills developed from both bank and nonbank sources
during the period. The auction rate on 91-day Treasury
bills declined from 2.823 percent on January 8 to
2.695 percent on February 5 but then rose to 2.849
percent on February 19. The rate on Federal funds
fluctuated widely, with higher rates predominating in
the first and last weeks of the period.

trict banks in recent Treasury financing operations, additions to holdings of Treasury bills, certificates, and
notes and bonds due after 1 year more than offset a

The market for Government securities was domi?ated during the 4 weeks ended February 7 by the offerIng of $1 billion of additiona14-percent bonds of 1969,
by the new funds raised through larger weekly and 1year bill offerings, and by an $11.7 billion Treasury
refunding operation. The market was also influenced by
expectations of an advanced refunding, which materialized with the Treasury's February 15 announcement
of an $18.7 billion advanced refunding of five issues
scheduled to mature between 1964 and 1972. The muniCipal bond market showed considerable strength, primarily because of heavy commercial bank demands,
while the corporate bond market weakened somewhat
as it prepared for a very large corporate offering.

ASSETS

Investments and time and savings deposits advanced
at the weekly reporting member banks in the Eleventh
Federal Reserve District during the 4 weeks ended
February 14, but loans and demand deposits declined.
Both cash accounts and total assets receded during
this period.
Gross loans (excluding interbank loans) decreased
$10.4 million at the weekly reporting member banks in
t~1e District, primarily reflecting a $17.8 million reductron in loans to nonbank financial institutions. Comtnercial and industrial loans advanced slightly, as increases in loans to firms engaged in durable goods
?lanufacturing, mining, trade, construction, and servIces more than offset decreases in loans to concerns in
nondUrable goods manufacturing and transportation,
Communication, and other public utilities. In the correSPonding period a year earlier, gross loans advanced
$27.6 million, with increases in "all other loans"
(mainly consumer-type loans) and loans to brokers
and dealers more than counterbalancing declines in
Commercial and industrial loans and loans to nonbank
finanCial institutions.
Total investments at the District's weekly reporting
member banks rose $50.8 million during the 4 weeks;
hOldings of both Government and non-Government
seCUrities expanded. Reflecting the participation of Dis-

CONDtTION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
Eleventh Fed eral Reserve District
(In thousands of dollars)

Item
Comm ercia l and industrial loan s. .. .. ..... .. . .
Agricultural loans ... ....... . . •.. ...........

loans to brokers and dea lers for purchasing

Feb. 14,
1962

Jan. 17,
1962

Feb. 15,
1961

'1,762,179
47,000

1,760,598
53,223

1,537,676
32,945

15,274
5B,702

274
60,048

28,878
25,736

or carrying:

U. S. Governm e nt se curiti es ...... . . .... . .. .
Other securities . .... . .... ..• ... .. .. ••. . .

Oth er loons for purcha sing or carrying:
U. S. Governm ent securities .............. . .
Other se curities ... ..................... .
loans to dom estic commercial banks... . • ......
loans to foreig n banks • . •. . .... .. . .. ...... .
loan s to other flnancial institutions:
Sales flnance, p ersonal flnance, elc ... •......
Savings banks, mtg e. cos., ins. cos., etc .. .... .
Real- esta te loans•.. ................. '" .. .
All other loans. . .. ....... .. ... . .. ...... .. .

4,421
'1 72,033
99,517
229

4,677
170,681
84,087
150

9,127
194,632
65,262
76

t81,486
'161,1 BI
245,396
'765,596

91,203
169,286
242,930
770,828

85,989
127,759
217,103
787,947

Gro ss loans . ....................•......
l ess reserves and unallocated charg e-offs ••

3,413,014
62,726

3,407,985
62,197

3,113,130
57,220

N et loans .. . . . ...••.. ... .. • ........... .

3,350,2BB

3,345,788

3,055,910

Treasury bills ..... .......... '" ...... " .. .
Trea sury certiflcates of indebtedness . .... .... .
Trea sury not es and U. S. Governm ent bonds,
including guaranteed obligation s, maturing:

163,222
66,150

145,654
54,132

112,923
34,427

Within I year •.•....•...•...•..•...••.•

211,442
798,589
34B,459
426,871

227,728
769,375
347,816
419,250

164,137
778,113
368,304
408,895

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

2,0 14,733

1,963,955

1,866,799

Cash it ems in process of collection . .......... .
Balances with banks in th e Unit ed States • ......
Balanc es with bank s in foreign countries .. .•...
Currency and coin . .. . ...... .... .... ... ... .
Reserves with Federal Reserve Bonk .. •. . ...•..
Oth er a sse ts..• ......•....................

561,317
470,238
2,379
57,659
548,832
210,290

610,840
497,557
2,518
58,742
595,323
217,427

541,239
498,398
2,068
53,067
537,779
210,488

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

7,215,73.§..

7,292,150

6,765,748

3,071,694

3,101,359}

After 1 but within 5 years •... .....•.......

After 5 years ••..••..••••..•••.•..•..•••
Oth er securities . • ...... . . ... . ........ .

I

• ••

lIABtliTIES AND CAPITAL ACCOUNTS
Demand deposits
Individuals, partn ership s, and corporations ••..
Foreign governments and official in stit utions,
central banks, and international institutions ..
Unite d Stat es Governm ent .•... . ...... . ... •
States and political subdivisions .... • .. . ....
Bank s in the Unit ed States, Including
mutual sa vings banks .••. ...............
Banks in foreign countri es ....... ..... . ... .
Certifl ed and ofAcers' checks, etc.• • ........
Total d em and d eposits ..... . .. .... ..•..
Tim e and saving s deposits
Individuals, partn erships, and corporation s
Saving s d eposits .. ................... .
Oth er tim e deposits •• .. .. .. ............
Foreign governments and offlcial institutions,
central banks, and international institutions .•
U. S. Governm ent, including postal savings .. .
Stat es and political subdivisions .. . ........ .
Banks in the United States, including
mutual savings banks•.... ..............
Bonks in foreign countri es ... ............. .

2,917,671

3,120
76,636
263,214

2,659
61,899
227,819

1,114,987
14,175
43,454

1,179,698
12,787
76,876

1,079,243
14,848
55,813

4,587,2BO

4,663,097

4,399,159

859,834
642,235

842,188}
604,552

3,005
6,967
327,885

3,005
7,317
325,153

4,278
2,200

6,321 }
1,200

103,714
227,870

1,306,619
14,907
270,240
10,288

Total tim e and saving s deposits .• . .... ...

1,846,404

1,789,736

1,602,054

Total deposits ..• •..................

Capital accounts . ........................ .

6,433,684
59,700
96,879
625,473

6,452,833
108,116
113,676
617,525

6,001,213
71,000
118,808
574,727

TOTAL lIABILITtES AND CAPITAL ACCOUNTS

~

~

~

Bill s pa y able, rediscounts, etc .. .. '"

..•... '"

All other liabilities •...••.••••...•••••••..••

1

Because of reclassiflcations, these data are not strictly comparable with year-earlier

data.
NOTE. A s a result of changes in call report instructions, additional information
is available, effec tive April 26, 1961, on the deposit structure of member bon ks
Comparabl e year-earlier figures will be shown when they become available .
.

BUSINESS REVIEW
3:1962

I

91

RESERVE POSITIONS OF MEMBER BANKS
Eleventh Federal Reserve Di strict
(Ave rag es of daily flgures. In thou sands of dollars)

Ite m

RESERVE CITY BANKS
Totol reserves held ••••••••• • • •
With Federal Reserve Bank • ••
Curr ency and coin •• •••••• • ••
Required reserves • •• ••••••• •••

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

COUNTRY BANKS
Total reserves held ••• •••••••••
With federal Reserve Bank....

Currency and coin • •.••••••• •
Re quired reserves •• ••••••••.••
Excess reserves .••• ••• .•••••••
Borrowings ••• •• , • •• •••••• • • • •

Free reserves ••••••••••••• • •••
All MEMBER BANKS
Totol reserves held .••••..•••••
With Federal Reserve Bank ••••
Currency and coin • . •••••.•••
Required reserves • •••••• • .• •••
Excess reserves •••• • • ••••• •• • •
Borrowings • • • •.• • •• ••.••• ••••
free reserves •.•••••••••••••••

5 weeks ended
Feb. 7, 1962

4 weeks ended
Jan. 3, 1962

4 weeks ended
Feb. I, 1961

599,089
557,702
41,387
591,610
7,479
5,829
1,650

606,917
563,882
43,035
600,663
6,254
8,969
-2,715

58 1,528
540,928
40,600
567,197
14,331
304
14,027

560,099
451,687
108,412
487,689
72,410
289
72,121

544,133
436,089
108,044
481,269
62,864
341
62,523

52B,119
424,294
103,825
445,446
82,673
434
82,239

1,159,188
1,009,389
149,799
1,079,299
79,889
6,118
73,771

1,151,050
999,971
151,079
1,081,932
69,118
9,310
59,808

1,109,647
965,222
144,425
1,012,643
97,004
738
96,266

reduction in Treasury notes and bonds maturing in less
than 1 year. In the comparable period of 1961, total
investments rose approximately the same amount.
In the 4 weeks ended February 14, demand deposits
at the District's weekly reporting member banks fell
$75.8 million, largely as a result of reductions in deposits of commercial banks, certified and officers' checks,
and deposits of individuals, partnerships, and corporations. Time and savings deposits gained $56.7 million,
with deposits of individuals, partnerships, and corporations accounting for the advance. In the comparable
period for the preceding year, demand deposits declined
$60.1 million, while time and savings deposits rose
$80.4 million.
Total reserves moved slightly higher at the District
member banks during the 5 weeks ended February 7,
reflecting an increase at country banks. With excess
reserves expanding at both country banks and reserve
city banks and borrowings falling to lower levels, free
reserves exhibited a moderate upward movement.
Reserve city banks attained a free reserve position at
the end of the 5 weeks, in contrast to their net borrowed reserve status at the end of the preceding period.
District crude oil production rose
fractionally during January to a
level of 3,069,100 barrels daily,
but output in early February was
little changed from a month
ago. Texas, New Mexico, and Louisiana have retained their February allow abies for March, but daily

r BUSINESS REVIEW
110

3:1962

average production should decline somewhat because
of the longer month. Although District refinery activity advanced significantly in January, crude oil runs to
District refinery stills decreased 3 percent in early
February.
Indicators of District drilling activity reflected substantial declines in January and early February. Total
well completions during the 5 weeks ended February 10
were almost one-fifth lower than in the prior 5-week
period, and total footage drilled was reduced significantly. The number of active rotary rigs in the District
decreased 13 percent in January.
A moderate rise in crude oil demand in the Nation
more than offset an increase in new supplies in January,
resulting in a 4-percent decrease in national crude oil
stocks. In early February, crude oil stocks continued to
decline, despite a reduction in refinery activity. National crude oil production rose fractionally, but imports declined about one-fourth in early February.
NATIONAL PETROLEUM ACTIVITY IND (CATORS
(S ea sonally adiu ste d inde xes, 1957· 59

Indicator

= 100)

Janua ry
1962p

December
1961p

104

105

103

103
109
99
105

102
107
102
92
101

101
102
105
97
102

103
124
117
84
104

103
117
109
84
104

105
125
103
83
102

CRUDE Oil RUNS TO REFINERY
STIllS (dail y average). • • • . • • . . • • • • • •
DEMAN D (dall y overage)
Gasoline. . . . ............... . .......
Kerosene. • • . . • • . • • • • • . . . . • • . . • . . . •
Distillate fuel 011..... . . • • . . • • . . • . . • • .
ResIdual fuel oil... . . • . . •• . . • . . . • • . . .
Four reflned products. . • • . . . • . . . • . .
STOCKS (e nd of month)
Gasoline . ...... . .. ... . .............
Kerosene. • • . • • . . • • . • . • . • • • . • . • • . . •
Distillate fu ol 011.. • • • • • • • • • • . . . • . . • • •
Residual fuel oil... • ••• . ••• . . • • . . .• . •
Four reflne d products . • • . . . . • • . . • • .

111

January
1961

Pre liminary .
SOURCES , American Petroleum Institute.
United States Bureau of Mines.
Fe deral Reserve Bank of Dallas.

p -

Abnormally low temperatures in January helped to
expand refined product consumption in the Nation, as
the seasonally adjusted indexes of both light and heavy
fuel oil demand rose significantly. Despite a less than
seasonal increase in refinery activity, stocks of the four
major refined products were little changed during the
month, primarily because of a significant advance in
product imports. In early February, more moderate
temperatures caused reductions in the demand fof
heating oils, but gasoline demand rose contraseasonally. Gasoline prices at the wholesale level strengthened
in the Midwest, but retail price reductions were continued in certain parts of the Nation. Heating oil prices
were generally firm in early February, despite the de-

cline in demand, and prices for light and heavy fuel oils
were steady along the Gulf Coast.
During January, the Texas industrial production index declined 2 points to 178, as reduced
output in mining and durable
.
goods manufacturing offset an
Increase in nondurable goods manufacturing. The
?ecline was broadly based, with production decreasing
lU 14 of the 22 industries which comprise the index; of
Special significance was the lower output in crude petroleum, transportation equipment, and stone, clay, and
glass products. The very severe weather in early January may have been a partial cause of the factory output
declines.
Nonfarm employment in the District states in January, at 4,442,100, showed a seasonal decline of 2 percent but remained above a year earlier. The slight
month-to-month increases in finance and service employment were more than offset by reductions in all
other sectors. Compared with January 1961, there were
employment gains in manufacturing, trade, finance,
service, and government but decreases in minjng, construction, and transpo~tation and public utilities.
Primarily because of seasonal factors, unemployment in Texas rose during January to 212,800, or 6.0
P~rcent of the civilian labor force. Tills rate compares
With 5.2 percent in December and 6.3 percent a year
ago.
The sharp advance in construction activity during
November in the District states was followed by de-

INDUSTRIAL PRODUCTION
(Sea sonally adiusted Indexes, 1947· 49
January

Decemb er

1962p

Novemb e r

1961

1961

178
225
258
209
133

180
225
266
207
135

177r
224r
268
204r
133r

172
216
248
201
130

173
172
177
17 1
131
321

175
173
179
172
133
317

173
172
177
171r
132
315r

155
153r
154
155
128r
290r

Area and typ e of ind ex
Total industrial production ... .....
Totol manufactures • ••.. .•• ... . .
Durable manufacture s. . .. .. . .. . .
Nondurabl e manufactures . .......
Mining . . . ..... ..... .. . .. . . .. .

(In millions of dollars)
January-D ecember
____ Area and type

FIVE SOUTHWESTERN
STATES!

Re.identia·l·b~lI·dl~~: : : : : : :

~O~;eSidential building . . .•

UN u c Works and utilities •..
~TE~ STATES ••...... ... .
e" entlal building •.. ... .
~oblesidential building ... •

-

U Ie Works and utilitie s. . .

Nov emb er

Decemb er

1961p

1961

1960

270
120
85
65
2,712
1,125
883
704

343
127
124
92
3,008
1,306
1,095
607

290
106
115
69
2,718
878
994
846

'A o
p nzona, Loui siana, N ew Mex ico, Oklahoma, and Texa s.
N - Pre liminary ,

Sg~E.

-

De tail s may not add to total s becau se of rounding.

RCE , F. W . Dodge Corporation.

1961 p
3,987
1,663
1,235
1,088
35,135
16,123
12,115
8,897

1960
3,763
1,523
1,166
1,074
36,318
15,105
12,240
8,973

1961

UNITED STATES
Total industrial production ... . ....
Total manufactures . . .• .. .. ... ..
Durabl e manufactures . .... ... .. .
Nondurable manufactures .. ... ...
Mining ....... . ........ . ..•.. .
Utilitie s... . ..... . . . ........ . . .
p r-

Pre liminary.
Revise d .

SOURCES , Board of Gove rno rs of the Fede ral Reserve Syste m.
Federal Rese rve Bonk of Dallas.

clines in all major sectors (totaling $73 million) in
December 1961; as a result, total contracts, amounting
to $270 million in the latter month, were 7 percent less
than a year earlier. Compared with December 1960,
the gain in residential building was offset by declines in
nonresidential building and in public works and
utilities.
Advancing 6 percent over the previous year, the
value of construction contracts in the five southwestern
states reached an all-time high of $3 ,987 million in
1961, with increases occurring in all major categories
during the year. The largest year-to-year gain, 9 percent, was registered in residential building contracts,
which rose to $1,663 million, although nonresidential
contracts increased for the fourth consecutive year to
reach a record $1,235 million.
NONAGRICULTURAL EMPLOYMENT
Five Southwestern Stotes
'
Percent chang e

Numbe r of pe rs ons

~~~~~~~~~~~~====~~~==~==~========

January

TEXAS

VALUE OF CONSTRUCTION CONTRACTS

Decemb er

= 100)

Ty pe of employm ent
Total nonagricultural
wage and salary work ers..
Manufacturing . . .... . ....
Nonmanufacturing . .... . . .
Mining .. . .. .. . . .. .. . .
Con struction . . .........
Transportation and
public utilities .. .. .. ..

Trad e .. . ....•.. . . . . ..
Finance •.. ...... . ... . .
Service . ..... . ........
Gov ernm ent . . ... . .. .. .

Jan. 1962 from

January

Decemb er

1962 e

Janua ry

1961

Dec.

1961r

Jan.

1961

1961

4,442,100
770,900
3,671,200
239,600
270,900

4,521,700
774,300
3,747,400
239,900
271,700

4,398,700
758,300
3,640,400
241,300
271,900

-1.8
-.4
-2 .0
-.1
-.3

1.0
1.7
.8
- .7
- .4

382,300
1,068,700
224,500
604,800
880,400

389,300
1,131,900
222,700
602,600
889,300

398,600
1,066,900
2 18,100
585,900
857,700

-1.8
-5.6
.8
.4
-1.0

-4.1
.2
2.9
3.2
2.6

] A rizo na, Loui siano , N ew Me xico, Oklahoma , and Texa s.
0 - Es timated.
r Rovi sed .

SOURCES , State e mployment agencies.
Fede ral Rese rve Bank of Dallas.

BUSINESS REVIEW
3:1962

11

1

I

CONDITION STATISTICS OF ALL MEMBER BANKS

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

Eleventh Federal Reserve Di strict

(Dollar amounts in thousands)

(In millions of dollars)

Debits to demand

deposit accounts l

Annual rate of turnover

Jon.
1962

Dec.

Jan.

1961

1961

52

$ 151,769

29.9

26.6

22.6

15
20

17
7

52,753
182,480

22.0
24.4

19.1
20.6

20.0
22.4

57,327

7

33

38,383

17.8

16.3

17.6

125,975
257,910
264,081
198,949
227,900
20,902
4,045,570
386,240
956,664
108,513
3,276,402
33,331
344,619
65,065
62,690
707,967
25,030
102,001
121,629
138,009

16
11
5
8
7
14
5
-3
12
4
4
8
12
1
16
7
0
14
2
16

18
7
21
17
17
14
24
6
14
17
19
16
16
3
9
13
11
13
8
10

75,024
121 ,905
162,852
108,829
117,517
20,196
1,313,765
184,704
388,006
63,379
1,398,875
24,554
140,942
45,750
50,092
400,555
17,238
63,423
72,972
98,614

19.9
25.0
19.6
21.6
23.2
11.9
35.3
24.5
28.4
19.8
26.6
16.3
29.8
17.4
14.9
20.9
17.2
18.6
19.9
16.1

17.6
22.9
18.7
20.3
22.0
10.4
34.3
25.7
25.3
18.7
26.2
15.7
27.8
17.2
12.7
19.7
17.3
16.6
19.8
13.8

19.2
23.9
16.9
19.3
21.6
10.8
31.3
25.2
25.8
18.4
24.6
15.8
28.3
17.4
14.6
19.7
15.6
17.9
18.8
14.8

Totol-24 cities • •••.••• $ 12,412,958

6

19

$5,294,577

27.1

25.8

24.6

Dec.

Jan.

1962

1961

1961

388,582

13

Monroe • • o • • • • • • • • • •
Shreveport . • ..•.• •• .

104,597
393,005

NEW MEXICO
Roswell •• • • •••••••••
TEXAS

ARIZONA
Tucson • •.• • • •.••• • •• $

LOUISIANA

Abilene •. • •..•...• "
Amarillo .. • . •••• ....

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

Corpus Christi •••... . .

Corsicana •.... ..•.. .
Dallas •• ••••••• •• •• •
EI Paso ..... ........
Fort Worth ..........
Galveston .•.........
Houston ••••••••••••

laredo ...... ..... ..
Lubbock ............
Port Arthur • .•.....•.

Son Angelo .........
San Antonio ........•
T exorkano 2 • ••••••• •

Tyler .............. .
Waco ...... . ... .

0

••

Wichita Falls ••••••••

Dec. 27,
196 1

Jan. 25,
1961

loon s and discounts•••.. .. . •. .... . .•....
United States Government obligations ...•..
Other securities . . .•.... ....... •. .......
Reserves with Federal Reserve Bonk .. . •....
Cash in vault e ...•................ .. •..
Ba lances with banks in the United States •• .•
Balances with banks in foreign countries e • . ••
Cosh items in process of collection .. •.•....
Oth er assets e ••••.••.•..•.•.•...... . ...

5,559
2,887
995
920
162
1,152
3
610
361

5,554
2,853
984
1,0 10
173
1,299
3
775
344

4,892
2,657
890
943
157
1,336
2
553
324

TOTAL ASSETse •••••••••••••• • ••••• •

12,649

12,995

11,754

Demond deposits of banks . •....... . •...•
Other demand deposits ...... .. .... . ... ..
Time deposits • • ••••.•••••.•.... . ... ....

1,277
7,062
3,053

1,494
7,317
2,855

1,338
6,670
2,593

Total de posits .. .. .•...•..• . ..•.•....
Borrowings e •... . ... . ..••..•.•.•..••.•.

Other 1I0bilitiese •. ••.• • ••• • •.••• • ••• • ••

Total capital accounts e • . ............•...

11,392
51
134
1,072

11 ,666
107
165
1,057

10,601
6
165
982

TOTAL LIABILITIES AND CAPITAL
ACCOUNTSe • ••••.••••••••• • ••.•••

12,649

12,995

Item

Jan. 31,
1962

January
Area

Jan. 31,
1962

Demand deposltsl

Percent
change from

ASSETS

LIABILITIES AND CAPITAL ACCOUNTS

1 Deposit s of individuals, partnerships, and corporation s and of states and po litical
subdivisions.
:! These figures include only two banks in Texarkana, Texas . Total debits for all banks
in Texarkana, Toxas · Arkan sas, including one bank located in the Eighth Di strict,

amounted to $53,654 ,000 for the month of January 1962 .

e-

Estimated.

GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federa l Reserve District
(Averages of dolly Agures. In mi llions of dollars)

Reserve

Country

Date

Total

city bonks

banks

Total

city banks

bonks

1960: January •••
196 1: January •.•

8,084
8,135
7,889
8,174
8,322
8,505
8,584

3,912
4,032
3,9 10
4,069
4M8
4,179
4, 179

4,172
4,103
3,979
4,105
4,264
4,326
4,405

2,111
2,564
2,787
2,788
2,806
2,839
2,990

1,081
1,308
1,404
1,398
1,409
1,421
1,508

1.030
1,256
1,383
1,390
1,397
1,418
1,482

September .
October ...
November..
December . .

CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS
(In thousands of dollars)

1962: January •••
Item

Feb. 14,
1962

Jan. 17,
1962

Feb. IS,
1961

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

625,656
355
2,811
1,144,923
1,148,089
942,726
836,632

685,652
16,159
1,509
1,154,381
1,172,049
996,315
853,797

650,222
300
522
1,072,986
1,073,808
911,210
811,529

TIME DEPOSITS

GROSS DEMAND DEPOSITS
Reserve

Country

BUILDING PERMITS
VALUATION (Dollar amounts in thousand.)
Percent change

NUMBER
Are a

DAILY AVERAGE PRODUCTION OF CRUDE OIL
ARIZONA

(In thousands of barrels)

January 1962 from

January

January

December

January

1962

1962

1961

1961

816

$ 2,725

39

-4 1

254

1,169

131

-83

Wichita Falls ..............

142
201
315
233
256
1,542
370
409
203
1,328
249
130
85
105
926
178
85

2,945
2,415
4,370
750
1,523
13,034
2,996
2,635
4,141
40,825
3,484
1,402
1,176
355
5,853
784
1,506

186
-25
65
-29
38
58
-58
29
487
222
-34
14
-9
-9
38
-63
6

100
5
-5
-26
-5
-41
-47
25
1,090
170
13
12
74
-36
52
-32
-56

Totol- 19 cities ••• • • •••••••• •

7,827

$94,088

63

15

Tucson ••••...... . . • . . .• . .•

LOUISIANA
Percent change from
January

December

January

December

Januar y

Area

1962p

1961p

1961

1961

1961

ELEVENTH DiSTRiCT •••••• ••

3,069.1
2,656.9
489.1
1,205.8
135.9
106.5
719.6
276.3
135.9
4,341.6
7,410.7

3,042.4
2,640.3
472.0
1,199.1
135.8
107.6
725.8
272 .3
129.8
4,317.0
7,359.4

2,980.5
2,592.9
457.6
1,188.2
136.7
107.9
702 .5
257.2
130.4
4,229.1
7,209.6

0.9
.6
3.6
.6
.1
- 1.0
-.9
1.5
4.7
.6
.7

3.0
2.5
6.9
1.5
- .6
-1.3
2.4
7.4
4.2
2.7
2.8

Texas .......• •.. .......

Gulf Coast •••••••• ••••
West Texas ...........

East Texas (proper) •••• •
Panhandle . . ..........
Rest of State ..........
Southeastern New Mexico ••
Northern louisiana .•• . .• . •

OUTSIDE ELEVENTH DISTRICT.
UNITED STATES ..... .......
p -

Preliminary .

SOURCES : American Petroleum Institute .
UnIted States Bureau of Mines.

Federal Reserve Bonk of 001105.

BUSINESS REVIEW
12

3:1962

Shreveport . ••••..• . •... .. •

TEXAS
Abilene .. .................
Amarillo .. • ..• .. ...... ....
Austin ............••......
Beaumont . . . .. ........•..•
Corpus Christi ..... .. .......

Dallas .• ••.•..••. .••.• • •..
EI Paso ••...• •. .••••••.•••
Fort Worth ................
Ga lveston ...• .. ...........
Houston ..................

Lubbock •.••••.••...••• . .•
Midland •••••••..•••.•••••
Odessa . •. . .. • ............
Port Arthur • ...... . .... .. . .
San Antonio .......... •.•• .
Waco ••......•... . .......