Full text of Review (Federal Reserve Bank of Dallas) : March 1964

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

business
•
review

march 1964

FEDERAL RESERVE
BANK 0F DALLAS
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

contents

corporate financing
developments . . ............. . ..... . . .. .... .

3

spending patterns
of consumers ..................... . ... . . . ..

6

district highlights ......... . . . . . . . . . . . . . . . . .. 11

COlpol-ate financing
developments
Record profits and internally generated funds
enabled corporations to expand plant and
equipment expenditures, accumulate inventories, and increase working capital in 1963.
Despite a noteworthy increase in cash flow,
external financing to obtain new money was
substantial; offerings of privately placed issues
in the capital market reached a record level,
and the sale of debt obligations in order to
refund outstanding securities was the highest
volume in recent years. Furthermore, the increase in outstanding debt to banks was the
largest since 1959.
Continuing a trend of several years' duration, corporations depended primarily on internal SOurces of funds in 1963 . Almost 75 percent
of corporate financial requirements, totaling
$51 .1 billion, were satisfied through retained
profits and capital consumption allowances.
This proportion is slightly above the average
?f 71 percent for the previous .2 years. The
mcreased reliance on internal funds in 1963
was made possible partially by the high level
of profits. At an estimated $27.2 billion, corporate profits after taxes were 10.6 percent
above a year earlier and reflected not only
sales but also slightly wider profit margins.
Depreciation and amortization charges supplied an estimated $29.4 billion, or $1.6 billion
~ore than in 1962. This high level reflects,
In part, the new depreciation guidelines issued
by the U. S. Treasury Department in mid-1962
and the investment tax credit provided in the
~evenue Act of 1962. Despite a 7.2-percent
Increase in dividend payments, retained profits
and depletion allowances advanced $1.2 billion,
or over 17 percent, in 1963.

Corporate dividend payments reached a
record rate of almost $19.0 billion in the final
quarter of 1963 and averaged $17.8 billion
for the year. The advanced fourth-quarter pace
was primarily attributable to increases in the
dividend rates of industrial and utility firms
and the payment of extra cash dividends at
year-end. However, the payout ratio (i.e., the
proportion of earnings distributed to stockholders) declined to 65.4 percent of after-tax
profits - the lowest since 1959.
To supplement internal sources of funds ,
corporations raised $5.3 billion to finance plant
and equipment outlays, compared with $5.7
billion in 1962. Proceeds from new security
offerings allocated to working capital increased
to a record $3.7 billion. In addition, approximately $1.5 billion was used to purchase securities and other assets and to repay long-term
bank indebtedness.
Refinancing activity was higher last year
than in any other year since 1954. Refunded
issues, primarily public utility securities, totaled
$1.5 billion. Almost one-half of total refunding occurred in the second quarter, prior to
the general firming of rates in July. After midyear, refunding activity declined significantly
and, in the final quarter, totaled less than $200
million.
New corporate securities issued for cash
aggregated $12.2 billion in 1963, or $1.5 billion more than in the preceding year but well
below the record $13.1 billion in 1961. The
amount of securities privately placed with institutional investors exceeded publicly offered
issues for the first time. Privately placed
securities - principally notes and bonds-

business review/march 1964

3

amounted to $6.4 billion, or $1.8 billion more
than in 1962 and $1.4 billion greater than in
1961. The continued inflow of funds into such
financial intermediaries as insurance companies
and pension and trust funds was a major factor
contributing to the record level of securities
placed directly with investors. Publicly offered
issues totaled $5.8 billion in 1963 and included
only $1.1 billion in equity securities.
Corporations took advantage of favorable
bond market conditions in 1963 to borrow a
record $10.9 billion. Manufacturing enterprises
were responsible for almost 30 percent of the
debt financing, and electric, gas, and water
utilities borrowed about one-fifth of the total.
New debt securities issued by financial and real
estate firms amounted to 25 percent of the
total and included $230 million in capital notes
and debentures sold by commercial banks.
Although stock prices reached a record higb
in 1963, new offerings of common stock remained at the depressed levels which have
persisted since the sharp decline in stock prices

in May 1962. Last year, 362 new issues were
marketed, valued at $1 billion. In contrast,
1,006 new issues were sold in 1961 and had a
value of $3.3 billion; in 1962, new ·common
stock sales totaled $1.3 billion. Manufacturing
firms and financial and real estate firms accounted for approximately 60 percent of common stock offerings. New preferred stock issues,
primarily of public utilities, aggregated about
$300 million, which is well below 1962 offerings. With the exception of 1961, the amount
of preferred stock issued has declined for 8
consecutive years.
Costs of security flotation amounted to only
$173 million in 1963, or 1.4 percent of the
total amount of securities offered. This percentage is one-fourth less than the 1962 rate
and about 40 percent below the average for the
previous 5 years. The unusually small spread
between the amount received by corporations
from the sale of securities and the principal
amount of the securities issued mainly reflected
the low level of equity financing, on which
underwriting spreads are relatively large.

SOURCES AND USES OF CORPORATE FUNDS, 1959·63'
(In billions of dollars)
Source or use of funds
Total uses

1959

1960

1961

1962

19632

46.8

39.3

42.3

48.1

51.1

Plant and equi pm ent outlays ...... . ........ . . . ..... . ... .
Inventories (book valu e) ...... . . . . .. . . .. . ... . .. ... ... . . . .
Customer net receivables' .. ... . .. ....... ... ......... . .. .
Cash a nd U. S. Government securities .. . ... .. .. . . . ...... .
Other assets . . . ... . ... . . . ... . . . .. .. .. .. .... ........ ... .

27.7
6.6
5.6
2.9
4.1

30.8
2.5
4.2
-1.7
3.5

29.6
1.8
3.5
2.5
4.9

32.0
3.8
5.8
1.2
5.3

33.5
4.0
5.2 ·
1.8
6.6

Total sources ... . .... . . .... . . •. . .. . •.... ... . ... .. ... .. .. .

51.9

41.7

43.6

52.3

54.4

Internal sources .. . ... . . .. ... ... .. .. . .. . . . .. .... . ... . .. .

31.1

29 .1

29.6

34.9

37.6

Retained profits and depletion allowances .... . ..... . .... .
Depreciation and amortization allowances ......... . .. ... .

9.5
21.6

6.2
22.9

5.6
24.0

7.0
27.8

8.2
29.4

External sources .. ... ... . ....... . . . . ... .. ... . . .... .. . . . .

20.8

12.6

13.9

17.4

16.8

Federal income tax liability ......... . .... .. ... . . . . . • ...
Other liabilities . ....... . ... . ............ . ......... ... .
Bank loans and mortgage loans ... ... . . ... .. .. . . . . .. .. .
Net new issues . .. . ... ... ... .. .... .... . . .• ... ... . .... .

2.1
3.7
7.1
7.8

-1.6
3.2
3.0
8.0

.6
1.8
2.0
9.6

.9
3 .2
6.1
7.1

1.5
2.6
6.4
6.3

Discrepancy (uses less sources) ... .•. .. . .. .... .... ... . . .. . .

-5.0

-2.4

-1.3

-4.1

-3.3

Excludes banks and insurance companies.
Preliminary estimates.
Receivables are net of payables, which are therefore not shown separately
SOURCE: Economic Report of the President, January 1964.
.

1
2
3

4

Yields on corporate bonds closed the year
5 basis points above the December 1962 level,
according to Moody's. Rates generally declined
through the first three quarters of the year,
despite the substantial volume of new offerings reaching the market; but modest advances
were registered in the final quarter. Investors
actively sought lower-quality issues, and
Moody's index of Baa-rated bonds declined
7 basis points. In contrast, the index of Aaarated bonds advanced 11 basis points.
NEW CORPORATE SECURITIES
OFFERED FOR CASH
MI LLIONS OF DOLL A RS

(GrOll pfoce,dl bOi l, )

5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000 -

1,000
500

1961

1962.

1963

29 percent, of the funds obtained from debt
and equity offerings.
Corporations increased their bank indebtedness and mortgage loans by $6.4 billion in 1963,
the largest advance since 1959. Other liabilities expanded slightly less than a year earlier;
however, as a result of higher earnings, Federal
income tax liability advanced $1.5 billion, compared with $900 million in 1962.
Of the $51 .1 billion increase in corporate
assets in 1963, almost two-thirds represented
outlays for new plant and equipment. This expenditure was $1.5 billion, or almost 4 percent,
higher than in 1962 and principally mirrored
the expanded outlays of durable goods manufacturers, railroads, and "commercial and other"
businesses.
Corporations increased their net working
capital significantly in 1963 . To maintain stocksales ratios, approximately $4 billion was added
to inventories. This increment was 5 percent
greater than a year earlier and represented
the largest inventory accumulation since 1959 .
Holdings of cash and U. S. Government securities advanced $1.8 billion, or $600 million
more than in 1962. Accounts receivable, net
of payables, expanded $5.2 billion, while other
assets increased $6.6 billion.

SOURCE: Boord or Oovunor ., Fed, ra l R. .. ,v. SJlll m.

~everal industry groups were particularly
active participants in the capital markets in
1963 . Largely because of the noteworthy expansion in consumer credit, sales and consumer
finance companies tapped the securiti~s market
~or $1.4 billion, or double the amount borrowed
tn the preceding year. Other financial and real
~state companies floated $1.8 billion of new
ISSues, or $600 million more than in 1962; and
largely to finance the acquisition of rolling
stock, railroad companies marketed the largest
volume of new securities since 1955. In terms
?f dollar amounts raised, however, manufacturing firms accounted for $3.5 billion, or about

Developments in corporate finance in 1963
were primarily a reflection of trends which
have influenced business financing methods in
recent years. The overriding factors affecting
corporate financial policies and permitting
corporations to place relatively less reliance
on external funds have been the growth of
profits and capital consumption allowances. In
view of the expected continuation of record
levels of cash flow, corporate demands on the
capital markets should remain moderate in
the immediate future, pending an exceptional
upsurge in capital investment.
DON L. WOODLAND
Financial Economist

business review/march 1964

5

spending patterns
of consume,·s
As the productivity and the purchasing power
of a nation grow, the amount and variety of
products and services consumed by its people
expand. The American consumer has a seemingly unlimited array of goods and services
for which to spend his income. The consumer
may vary his choices from year to year, and,
over a period of years, his spending pattern
may change as new products and services are
developed and different preferences emerge.
The consumer market is a big market. During
the past 5 years, personal consumption expenditures - averaging about $341 billion - accounted for slightly under two-thirds of gross
national product. During 1935-39, consumer
expenditures accounted for about three-fourths
of the Nation's output of goods and services;
however, such expenditures averaged only about
$64 billion. 1 The sharply expanded role of all
levels of government was principally responsible
for the decline in the contribution made by
personal consumption expenditures relative to
gross national product. Expenditures of the
Federal Government increased sharply at the
outset of World War II and, subsequently, have
remained large mainly as a result of defense
spending. State and local governmental units
began to accelerate their spending at the close
of World War II, and such expenditures have
risen consistently. Federal, state, and local government purchases of goods and services ac1 Personal consumption expenditures, as reported by
the U . S. Department of Commerce, include both
money and imputed expenditures made by individuals
for goods and services. The full cost of items - e.g.,
automobiles - is included in the period when purcbased, regardless of when payments are made or
completed. The purcbase of homes is not included as
an expenditure, but the estimated rental value to the
homeowner is included if he occupies the dwelling.

6

counted for almost 21 percent of gross national
product in 1959-63, compared with 14 percent
in 1935-39.
An almost uninterrupted gain in disposable
personal income (total income after deductions
for income and other personal taxes) has provided the basis for a nearly continuous advance in consumer purchases of goods and services. Both after-tax personal income and
personal consumption expenditures increased
from their year-earlier levels in all but 4 of
the past 35 years, and all four of these occurrences were during the 1930's.
Taxes levied by all levels of government
took almost 13 percent of total personal income during the past 5 years, compared with
less than 4 percent in the 1930's. Nevertheless, disposable personal income rose from
slightly more than $74 billion in 1930 to almost $403 billion in 1963. Duuing this same
period, total personal consumption expenditures advanced from $71 billion to approximately $373 billion.
The proportion of after-tax income that consumers spend from year to year remains fairly
stable, although, for any particular year, consumers also may choose to expand their purchases by incurring debt or drawing upon
savings. This stability in the proportion of
income spent suggests that consumers ordinarily have a rather firm notion of how much
they are willing to spend relative to their total
disposable income. As a consequence, a significant permanent expansion in consumer purchases usually stems from an increase in aftertax income, rather than from a step-up in the
percentage of disposable income which is spent.

DUring the past decade, the proportion of disposable income used for personal consumption
expenditures fluctuated narrowly between 92.1
percent and 93.8 percent.
GROSS NATIONAL PRODUCT
BILLIONS OF DOLLARS

600

sOO

TOTAL GROSS ~
NATIONAL PRODUCT
"

400

300

200

PERSONAL CONSUMPTION
EXPENDITURES

purchases failed to increase from the preceding
quarter's level in only 8 of the 72 quarters
during the 1946-63 period. Most of the quarters in which weakness appeared in consumeI
spending were during periods when overall
economic activity was declining and growth in
personal income tended to slacken.
Expenditures for services advanced consistently from quarter to quarter even in cyclical
downturns during the 1946-63 period, and this
consistent performance was a major factor in
the fairly steady uptrend in total consumer
spending. On the other hand, durable g00ds
spending had a tendency to be somewhat volatile, as purchases of such goods decreased in
21 of the 72 quarters. The trend in nondurable
goods expenditures was less erratic, and purchases of soft goods declined from the preceding quarter only 10 times.

However, sharp variations in the proportion
?f disposable income spent have occurred durmg certain periods. In the depth of the depression of the early thirties, when personal incomes
?eclined, consumers dipped into their savings
In order to maintain consumption, and personal consumption expenditures exceeded current income flows. Another period in which
the ratio of consumer spending to income
showed marked variation from its typical pattern was during World War II and for a few
years thereafter. After declining to a low of
75 percent of disposable personal income in
1944, personal consumption expenditures rebounded strongly to 97 percent of income in
1947, as consumers sought to satisfy demands
bUilt up during the war, when production of
many items was sharply curtailed.

The large outlays (which may include borrowings against future income) involved in the
purchase of many consumer durables - such
as automobiles, major appliances, or expensive
jewelry - make these types of expenditures
prime candidates for postponement if needs for
them are not pressing, the outlook is uncertain,
or available items fail to capture the fancy
of the consumer. Consequently; purchases of
major consumer durables may slacken significantly and then increase vigorously sometime later as the mood of consumers changes.
To a lesser extent, purchases of nondurables,
especially clothing, may be deferred for a
while but ordinarily do not involve as great
a commitment of the average family's budget
as the big-ticket durable items. Further, food
expenditures, which comprise a large part of
the nondurable goods category, are not easily
postponed and, as a consequence, tend to be
maintained.

The generally persistent upward trend in
personal consumption expenditures has been
one of the strong, stabilizing features of the
post-World War II economy. Total consumer

The continuous advance in service expenditures, even during a cyclical easing in economic activity, may reflect, in part, the fact
that a significant portion of such outlays is

J.! llIt lud" nt' Upor" otlloodl and IIrv lt ...
SOURCE:U.S,O,,,orlmtnl at CommlrCI.

business review/march 1964:,

7

for housing and household operations, including
utilities. These items generally are needed on
a continuous basis, and their purchase cannot
be deferred readily.
Although a study of personal consumption
expenditures during the past decade reveals
that purchases of durable goods, nondurable
goods, and services all showed substantial gains,
the increase in consumer spending for services
outstripped the advances in purchases of goods
by a wide margin. From 1954 to 1963, total
personal consumption expenditures rose at an
average annual rate of 5.1 percent, and spending on services rose at a rate of 6.7 percent
and accounted for one-half of the total dollar
increase in personal consumption expenditures.
Consumer purchases of durables advanced 5.3
percent annually during the 1954-63 period,
and outlays for nondurables increased 3.8
percent.
A significant part of the differences in the
rates of advance in the major categories of
consumer spending reflected variations in the
movements of prices during the past decade.
Although prices for all three broad categories
CONSUMER EXPENDITURES,
BY MAJOR CATEGORY
UNITED STATES
DURABLE GOODS

- BO
SERVICES

60

40

NONDURABLE GOODS

SOURCES: Council 01 Economic Adv ].. ,.,
U.S, Departm,nt 01 Commerce,

8

20

rose, prices increased considerably more rapidly for services than for either durable or
nondurable goods. Prices for all services advanced almost 20 percent between 1954 and
1963. Prices of nondurables rose about 10 percent, and those for durables increased about
6 percent. In the case of durable goods, prices
reached their high point in 1959 and 1960.
If each of the three major categories of
personal consumption expenditures is adjusted
for its respective price changes during the
past decade, the pattern of increases in consumer purchases of durables, nondurables, and
services is altered substantially. In terms of
1954 prices, purchases of durable goods and
services increased at an annual rate of 4.6
percent each from 1954 to 1963, and spending
for nondurables rose 2.7 percent annually.
Total personal consumption expenditures in
"real" terms rose about 3.7 percent annually
during the period, compared with 5.1 percent
without adjustment for price increases.

The nature of many services makes them particularly susceptible to price increases when
the demand for them expands. A large number
of services - e.g., those of a medical, legal,
or mortuary nature - are of such a highly
personalized character that the application of
various techniques used in boosting the production of goods is somewhat limited. Further,
most services cannot be inventoried. Once it
has been utilized, the service has no resale or
scrap value because it is consumed as it is used.
During the 1954-63 period, 47 percent of
personal consumption expenditures were for
the purchase of nondurable goods, 39 percent
for services, and almost 14 percent for durable goods. Some changes in consumer spending
patterns are evident when viewed over the span
of the past decade. The proportion of the
consumer's dollar spent for services generally
trended upward. The percentage spent on durable goods fluctuated narrowly from year to
year and held fairly close to its 1954-63

average except in 1955 and 1961. In 1955,
durable goods received an extraordinary boost
by a sharp increase in automobile purchases,
and a decline in such purchases in 1961 resulted in a significantly lower share relative
to the average for the decade. On the other
hand, the consumer spent a declining proportion of his dollars on nondurable goods during
the past decade, with an uninterrupted downtrend occurring in the last 5 years.
Relative to the spending pattern just a few
years prior to World War II, the proportion of
total personal consumption expenditures deVoted to each of the three major categories
also has altered . In 1954-63, the share of
the consumer dollar spent on nondurables was
lower than in 1935-39, while the proportion
spent on durables and on services was larger.
Both durable goods and services expenditures
have gained at the expense of nondurables in
the post-World War II period. The fairly
persistent rise in the percentage of income
spent on services may suggest that this type
of expenditure is likely to rise somewhat further relative to purchases of goods. However,
the proportion of the consumer's dollar spent
for services in 1963 was below that in every
year except one during the 1930-34 period.
It is possible that the increases in service expenditures in recent years reflect a return to
a .more normal relationship within the total
~IX of consumer purchases - a mix which was
dIstorted by a severe depression and a major
War.
!n addition to the fact that the proportions
of lUCOrne spent among the broad types of goods
and services shifted between the pre-World
ar II period and recent years, changes in spendl~g patterns occurred within the broad categones themselves. Of the total expenditures for
durable goods, a significantly larger share was
used for the purchase of automobiles and
par.ts during the past decade than in 1935-39,
WhIle a much smaller proportion was allocated

yv

to furniture and other household durables.
A slightly larger part of durable goods spending was devoted to such items as boats, musical
equipment, pleasure aircraft, sports equipment,
and books.
DISTRIBUTION OF CONSUMER SPENDING
WITHIN MAJOR CATEGORIES

United States
(Percentage of total category)
Category

1959·63

Durab le goods
Automobiles and parts ....... 41.7
Furniture and household
equipment .. .. . ........ 42.6
Other ....... .. .. . ........ 15.7
100.0
Nondurable goods
Food and alcoholic
beverages . . . . . . . . . . . . . .. 52.2
Clothing and shoes
18.4
Gasoline and oil.
7.7
Other .....
.. 21.7
100.0
Services
Housing ................ . . 32.0
Household operation . . . . . . .. 14.7
Tra nsportation . . . . . . . . . . . . . 7.9
Other ...... . ....... .. ... . 45.4
100.0

1954·58

1935·39

41.8

34.4

44 .4
13.8
100.0

52.5
13.1
100.0

54.4
18.5
7.2
19.9
100.0

55.6
20.1
6.0
18.3
100.0

33.1
14.6
8.6
43.7
100.0

34.6
14.4
7.8
43.2
100.0

SOURCES: U. S. Department of Commerce.
i~g~~mic Report of the President. January

Automobiles and parts accounted for almost 42 percent of the total spending for durable goods during the 1~54-63 period. The
introduction of the lower-priced compact cars
and their acceptance by the public in the past
few years may have had a moderating influence
on the growth in outlays for automobiles. This
influence may be lessening, however, as a
result of the recent emphasis upon the larger
compacts and the tendency of consumers to
purchase "top-of-the-line" models.
In the case of nondurable goods, smaller
shares of the consumer's dollar went for food
and beverages and for wearing apparel than
during the pre-World War II period, and larger
proportions were accounted for by gasoline
and oil and by such products as household sup-

business review/march 1964.

(9

plies, drugs, personal grooming aids, and reading materials. Within the services category,
the most significant changes were the declining proportion of income spent for housing
(which includes the imputed rental value of
owner-occupied dwellings) and the increasing
share of expenditures for a broad range of
other services. Housing expenditures did not
increase as much over their 1935-39 level as
did other types of services expenditures, particularly spending on transportation and health
services. The less vigorous growth in housing
expenditures may be partly due to the comparatively more modest increase in rents than in
prices for other services.
Consumer spending patterns may also be
viewed from the standpoint of the type or
purpose of the expenditure irrespective of
whether the items are durables, nondurables,
or services. In such a context, relatively greater
proportions of total consumer expenditures in
recent years have gone for public and private
transportation, medical care and death expenses, recreation, personal business, personal
care, and foreign travel. Similar to the previously mentioned trends in expenditures classified according to the durability of the item
purchased, lower proportions have been spent
for food and tobacco, apparel, housing, and
household operation.
The changes that have occurred in consumer
spending patterns are consistent with trends
which might be expected as income and living
levels increase. The most significant declines
have been in the proportion of income spent
for food, clothing, and shelter - items nor-

10

mally expected to account for smaller shares
as total income advances. Consumer interest
in durable goods, especially automobiles, was
a particularly important influence on the spending pattern during the past decade. The integral
relationship of the automobile to both work
and play of the average American family can
be readily observed at any factory parking lot
or bowling alley. However, experience has
shown that consumers do not always buy
durables to the same extent each year.
Among the factors influencing the allocation
of discretionary income have been increased
leisure time and improved educational levels.
In fact, provision for leisure time is an important feature of most labor contracts and
working arrangements for nonunion employees .
Opportunities to travel and to engage in recreational and cultural activities have become
considerably more commonplace.
In some cases, consumer spending has been
affected by institutional arrangements. Large
segments of the population are enrolled in accident and health insurance programs and are
employed by companies with established sick
leave policies - all of which encourage a more
professionalized approach to health care. The
fairly regular and automatic payroll deductions
for social security, pensions, and similar programs have reduced the area of discretion of
many wage earners in disposing of their total
income. However, the ratller substantial area
of choice remaining will keep consumers in
the forefront in directing, through their purchases, which products and services businessmen should provide.

district highlights
Industrial output in Texas, seasonally adjusted, advanced fractionally during January
to 122 percent of the 1957-59 average, a level
almost 8 percent higher than a year earlie.r.
All the month-to-month increase occurred In
nondurable goods manufacturing, since durable
goods production eased slightly and mining
output was unchanged. In the nondurable goods
category, a sharp output rise in chemicals,
coupled with a modest increase in paper and
allied products, more than offset modest declines in petroleum refining, textiles, food,
and leather. The decreased output of fabricated metal products during January outweighed
the larger outturns of lumber and machinery;
as a result, the durable goods manufacturing
index slipped to 130 percent.
Reflecting the effects of seasonal layoffs,
nonagricultural employment in the five southwestern states decreased 2.1 percent in January
from the previous month but was 2.9 percent
higher than a year earlier. All the District
states participated in the decline. Largely because of work force reductions in the foodprocessing industries, manufacturing employment eased 1.2 percent in January, with all
the loss occurring in Texas, Louisiana, and
Arizona. The number of wage and salary workers on nonmanufacturing payrolls decreased
2.3 percent during the month to a level 2.9
percent above a year ago. Most of the monthto-month decline was accounted for by trade,
construction, and services.
Consumer spending in the Southwest continued strong in early 1964 and posted gains
from year-earlier levels. The seasonally adjusted index of Eleventh District department
store sales in January, at 117 percent of the
1957-59 average, was below the all-time record
of 121 percent in December 1963 but was well

above the 107 percent registered in January
last year. Through February 22 of this year,
department store sales were running 9 percent
ahead of the comparable 1963 period.
Following a record year in 1963, new passenger automobile registrations in 1964 are
off to a good start in four major market areas
in Texas. Although declining 6 percent from
December, when registrations were the second
highest of record, January registrations in the
four markets were 9 percent above January
1963 and established a new record for the
month. As compared with a year ago, registrations in each of the market areas except San
Antonio posted a gain in January. There were
year-to-year increases of 15 percent, 10 percent, and 7 percent in Dallas, Houston, and
Fort Worth, respectively.
Despite widespread drought conditions last
year, the number of cattle and calves on farms
and ranches in the District states reached a
new peak of 18.6 million head on January 1,
1964. A 2-percent increase over the comparable 1963 figure marks 1964 as the sixth consecutive year in which the southwestern cattle
inventory showed a rise. Nationally, cattle
numbers were 3 percent above a year earlier.
A gain in beef cattle numbers accounted for
all the increase over a year ago in both the
Southwest and the Nation, as milk cattle numbers continued the steady decline that has
been in progress during the past decade. In
contrast to the larger total cattle population in
the District states at the beginning of the current year, the sheep inventory was down 4
percent from January 1, 1963, and hog numbers were 15 percent lower. The number of
chickens (excluding commercial broilers) on
farms and ranches was up slightly from a year
earlier, and the turkey inventory rose sharply.

business review/march 1964.

11

new
."ember
banks

new
par
banks

12

The Commonwealth National Bank of Dallas, Dallas, Texas, a newly
organized institution located in the territory served by the Head Office of the
Federal Reserve Bank of Dallas, opened for business February 6, 1964, as a
member of the Federal Reserve System. The new member bank has capital of
$375,000, surplus of $225,000, and undivided profits of $159,375. The officers
are : Eugene M. Massad, M.D., Chairman of the Board; Raymond J. Stevens,
President; and Leland C. Eaves, Vice President and Cashier.
The Citizens National Bank of Beaumont, Beaumont, Texas, a newly
organized institution located in the territory served by the Houston Branch of
the Federal Reserve Bank of Dallas, opened for business February 20, 1964, as
a member of the Federal Reserve System. The new member bank has capital of
$500,000, surplus of $350,000, and undivided profits of $150,000. The officers
are: Wayne Brown, Chairman of the Board; Harold Harty, President; George
Hoiland, Vice President and Cashier; James D. Hall, Assistant Cashier; and
Jacquelene C. Conner, Assistant Cashier.

The Winnsboro State Bank & Trust Company, Winnsboro, Louisiana, an
insured nonmember bank located in the territory served by the Head Office of
the Federal Reserve Bank of Dallas, and its branch at Gilbert, Louisiana, were
added to the Par List on February 21, 1964. The officers of the Main Office
are: W. F. Prickett, President; W. B. Scriber, Executive Vice President; C. B.
Sherrouse, Vice President; H. 1. Hill, Vice President; John W. Hampton, Jr.,
Cashier; Elizabeth W. Henry, Assistant Cashier; and Ray Prickett, Assistant
Cashier. The Manager of the Gilbert Branch is Herman N. Netherland.
The Franklin State Bank & Trust Company, Winnsboro, Louisiana, an insured
nonmember bank located in the territory served by the Head Office of the Federal Reserve Bank of Dallas, and its branch at Wisner, Louisiana, were added
to the Par List on February 24, 1964. The officers of the Main Office are:
Bailey Martin, President; H. W. Gilbert, Vice President (Inactive); Leo
Lowentritt, Vice President (Inactive); Hollis T. Rogers, Vice President (Inactive); H. L. Davis, Jr., Cashier and Trust Officer; J. Allison Hawthorne,
Assistant Cashier; Mrs. Mary E. Montgomery, Assistant Cashier; and Mrs.
Margaret E. Murphy, Assistant Cashier. The officers of the Wisner Branch are:
J. Gordon Mitchell, Jr., Vice President and Manager; W. Loyle Hassell, Assistant Cashier and Assistant Manager; and Mrs. Dorothy W. Brown, Assistant
Cashier.

-

STATISTICAL SI!JPPLEMENT
to the

BUSINESS REVIEW

March 1964

FEDERAL RESERVE BANK
OF DALLAS

--

RESERVE POSITIONS OF MEMBER BANKS

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES

Eleventh Federa l Reserve District

Eleventh Federal Reserve Di strict

(Averages of doily flgures. In thou san ds of dollars)

(In thousands of dollors)
4 weeks e nd e d
Jon. 1, 1964

5 weeks e nded

Feb. 5, 1964
597,248
553,999
43,249
592,117
5,131
41,223
-36,092

607,609
561,259
46,350
604,621
2,988
45,636
-42,648

598,811
555,613
43,198
594,020
4,791
7, 100
-2,309

575,878
447,189
128,689
528,859
47,019
428
46,591

561,106
434,659
126,447
518,116
42,990
2, 159
40,831

549,752
432, 198
117,554
496,868
52,884
356
52,528

1,173,126
1,00 1,188
171,938
1,120,976
52,150
41,651
10,499

1,168,715
995,918
172,797
1,122,737
45,978
47,795
- 1,817

1,14 8,563
987,811
160,752
1,090,888
57,675
7,456
50,219

5 weeks e nd e d

Feb. 19,
1964

Jon . 22,
1964

Feb. 20,
1963

1,985,055
48,908

1,967,176
45,833

1,809,290
50,599

15,274
50,248

274
50,106

10,274
47,959

3,469
258,923
48,500
2,564

2,937
256,655
90,025
5,800

2,113
208,299
83,713
1,359

Sales flnance, personal Anance, etc ........ . .
Savings banks, mtge. cos., ins. cos., etc ••••••.
Real estate loans•••••••...••••••...•.•...•
All other loans .•••••....••••.....•••...•••

90,675
262,161
343,232
1,057,082

95,745
259,531
344,163
1,036,956

96,721
210,603
289,357
841,589

Gross loans •••• ••......• • •......••.••• •
less rese rves and unallocate d charge·offs.,.

4,166,091
77,826

4,155,201
76,273

3,651,876
68,952

Net loans •....••....•••......••••...•••

4,088,265

4,078,928

3,582,924

Treasury bills •••.• . . . •••.•. . ...•.. , ...• • ..
Treasury certificates of indebtedness .•. .••...•
Treasury notes and U. S. Government bonds,
including guaranteed obligations, maturing:
Within 1 year ••••....••••...•••..••••.•

117,478
14,552

147,249
58,171

162,837
135,831

After 5 ye ars •• •. .•• • . . ..• •• ....• • .•. , . •
Other securities ••. .•.. .• ••...•••..... ••.•.

113,894
734,030
420,239
676,420

127,491
711,241
394,270
671,806

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

2,076,613

2,11 0,228

2,159,171

Cash items in proc ess of coll ection •••.•••..•••
Balances with banks In the Unite d States ••..•• .
Balances with bonks in foreign countries ••• •....
Curr e ncy and coin .......•• • •...•.••.....••
Reserves with Federal Reserve Bank • • •.•••... .
Other assets •• ••• • • •....• ••• .. , •.•.•.....•

637,916
495,546
3,487
62,453
546,875
261,106

683,420
473,553
4,958
63,861
543,355
277,728

570,979
489,102
4,955
59,892
555,913
228,633

8,236,031

Item

152,398
647,284
521,967
538,854

7,651,569

Item
ASSETS
Comm ercia l and industrial loans •••• •• ••••••••

Agricultural loans •• . ..• ••...•••• •. .• ••...••
loans to brokers and dealers for
purchasing or carrying:

U. S. Government sec urities ••...•••...•••••
Othe r securities •••••....••...••... .•• • ..
Other loons for purcha sing or carrying :

U. S. Governm ent sec uriti es •• . . •••..•••••..
Othe r sec urities •••... •.•••.... .•••....••
Loans to domestic comm erci al banks•••••••••••
Loon s to fo reign bonks .•••••• •.. ..•••...•••
loans to other financial institutions:

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

TOTAL ASSETS ••••.•.....•.•••.....•••

8,172,261

LIABILITIES AND CAPtTAL ACCOUNTS
Dema nd d e posits
Individuals, partnerships, and corporations ••••
Foreign governments and official institutions,
central banks, and inte rnational ::utitufions ••
U. S. Governmen t., •... . ..•.•.....•••• .. •
States and political subdivisions, •.•.••••••.
Banks in th e Unite d States, Including
mutual saving s banks •••••• • . • .• •••• ... .
Banks in foreign countries •• . •.. .. •.•••... •
Certifie d and officers' checks, e tc ........... .

Totol demand deposits •••...•••.•.•••••
Time and saving s d e posits
Individuals, partnerships, and corporations
Savings d e posits • .••.... ••.• ... ••••.••
Other time d e posits •.•.....• .•. ..•. •• ..
Fore ign governments and official institutions,
central banks, and international institutions.,
U. S. Governm ent, including postal saving s •••
States and political subdivisions ••.•....••• •
Bonks in th e Unit e d States, including
mutual savings banks ••.. •..•••. .. ••• •••
Bonks in foreign countries ••••••......•••••

3,076,323

3,249,597

3,022,028

4,243
122,141
237,096

2,860
52,543
221,319
1,097,487
13,776
58,431

1,070,017
14,6 17
52,384

4,553,740

4,696,013

1,117,600
1,053,304
503
4,137
344,417
8,574
2,400

ALL MEM8ER BANKS
Total reserves he ld •••...•.....
With Fe d era l Reserve Bank .. . .
Curre ncy and coin ... . •..• ...
Re quire d reserves ..•. . ....•...
Exc ess reserves ..••....•••••.•
Borrowings .••...•..•••••.• , ..
Free reserves •.....•..•••.••..

GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federal Reserve District
(Averag es of doily figures. In mill ions of dollars)
GROSS DEMAND DEPOSITS

TIME DEPOSITS

Total

Reser ve
city banks

Country
banks

Total

Rese rv e
city banks

Country

Dote

1962, Januar y . ..
1963, January •••

8,584
8,711
8,164
8,407
8,357
8,508
8,682
8,744

4,179
4,234
3,971
4,150
4,045
4,100
4,192
4,120

4,405
4,477
4,193
4,257
4,312
4,408
4,490
4,624

2,990
3,602
4,005
4,044
4,066
4, 106
4,167
4,321

1,508
1,771
1,983
2,014
2,007
2,018
2,047
2, 141

1,4B2
1,831
2,022
2,030
2,059
2,088
2, 120
2,180

1,510
6,287
329,662

8,771
2,425

Total reserves he ld , ••.. • •.. . •.
With Fe d e ral Re se rve Bonk ....
Cur re ncy and coin ..•.......•
Required rese rve s ••...........
Excess reserves •••... • .•..•. ..
Borrowings •. . ......••••.••..•
Free reserves •...•..•• . •...•..

1,017,380
804,680

500
4,140
360,408

COUNTRY 8ANKS

4,763
2,350

bonks

4,585,861

1,121,852
1,115,210

Total reserves he ld ••. .. ...•...
With Fe d era l Reserve Bank ....
Curre ncy and coin ••. .•••..••
Required reserves .••.•...• , • . •
Excess reserves •...•• • . . • . . . ..
Borrowings •... •..••.•.• .... ..
Free reserves • ...•..•• • •.•••••

3,784
131,191
291,840

1,038,018
15,827
60,092

Feb. 6, 1963

RESERVE CITY BANKS

August .•••
September.

Octob er ...
Nove mb er ..
Dece mber ..

1964, January ••.

CONDITION STATISTICS OF ALL MEMBER BANKS
Eleventh Fe d e ra l Reserve District
(In millions of dollars)
~

2,530,935

2,166,632

Bills pa yabl e, rediscounts, e tc ............... .
All other liabilities, .•....••....•••...••••.•
Capital accounts •.••..•.••... ••. •..•••••.•

7,167,046
184,025
127,200
693,990

7,226,948
203,620
117,136
688,327

6,752,493
115,455
123,906
659,715

TOTAL LlABllITtES AND CAPITAL ACCOUNTS

8,172,261

8,236,031

7,651,569

CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS

Jon . 30,
1963

loans and discounts .• . ....••••.•.•. , ••..
U. S . Government obligations . .••• .•. •... .
Other securities ••....••••.•. ... • .... . ..
Reserves with Fe deral Reserve Bonk ••••....
Ca sh in vaull e •.•••.. . . ... •••.••.. .••• •
Balances with banks in th e Unit e d States ••.•
Balances with bonks in for eig n countriese ....
Cash items in proc ess of collection •.• • ..••.
Other a ssets e .• •...• •• •..• •.•.•• .. , " .•

6,882
2,735
1,428
915
187
1,114
11
655
446

6,848
2,806
1,419
1,011
179
1,222
861
478

6,091
2,912
1,173
936
175
1,099
2
606
413

14,373

14,828

13,407

Dem and d e posits of banks •........•• , •. .
Other d em and d e posits •.••.... •• ..•...••
Time deposits ••• • .. ••• . ..•• , .•••....••.

2,613,306

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

Dec. 25,
1963

TOTAL ASSETS e .• • ..• •••. .••..•••••.

Total time and savings deposits, ••••••• , •

Jon . 29,
1964

1,295
7,145
4,353

1,443
7,449
4,182

1,274
7,092
3,639

Total d e po sits •.••..••... • •....••.•••
Borrowing se •............•.•....... " . •
Other liobilities e .. .• . . .......•..... , •..
Total capital accounts e • •.. •• , ... , •.• . •. •

12,793
196
173
1,211

13,074
365
204
1,185

12,005
102
168
1,132

Item

ASSETS

4

L1A8Il1TIES AND CAPITAL ACCOUNTS
(In thousands of dollars)

Item
Total gold certificate reserves ••••.•••.••••••
Discounts for memb e r banks • •.. .••••• , .•.••
Other discounts and advances . • • • •..•.. • . ••
U. S . Government securities •• . .. •• ...• ••••••
Total e arning a sse ts .•••...•...•• .• . • ..• •.•
Member bonk reserve d e posits •• , •. . ..•.••..
Federal Reserve notes in actual circulation • ••••

Feb. 19,
1964
573,368
7,600

o

1,296,558
1,304,158
909,793
956,112

Jon . 22,

1964
555,658
17,500
1,824
1,3 12,892
1,332,216
912,670
957,400

Feb. 20,

1963
572,790
250

o

1,249,478
1,249,728
921,852
880,680

TOTAL L1ABILITtES AND CAPITAL
ACCOUNTSe .•.•..••.•••.... • ..••.
e -

2

Estimated.

13,407

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

INDUSTRIAL PRODUCTION
ISeasonally adlu sted indexes, 1957-59

= 100)

(Dollar amoun ts in thousands)

-=

January

deposit accounts 1

Demand d eposits!

Perc ent

Janua ry

Dec.

Jan.

Jan.31,

Jan .

Dec.

Jan .

1964

ARIZONA
Tucson . • • • ••.. ' " .. $
LOUISIANA
~onroe • •••• •••• •••

1963

1963

1964

1964

1963

1963

$ 168,304

24 .2

22.7

23.5r

346,256

6

119,506
387,412

8
0

7
1

58,132
184,827

22.6
24 .5

20.6
23.9

57,442

-2

-6

34,993

19.3

19.0

128,357
315,474
299,399
230,874
251,638
20,905
3,908,561
428,529
990,852
105,804
3,788,644
38,495
444,531
74,264
71,141
801,269
34,454
118,461,
142,536
147,180

7
9
2
5
7
5
-3
1
5
-2
-4
1
32
11
21
-1
16
10
3
12

9
16
0
20
14
-5
-4
7
8
5
7
2
14
11
1
12
7
7
7

70,633
133,002
179,821
108,551
117,783
22,141
1,314,007
191,706
415,770
61,192
1,521,800
27,259
143,672
42,896
51,603
432,388
19,876
70,023
80,382
102,368

21.2
29.3
20.4
25.1
24.7
11.3
33.8
26.6
27.5
20.5
28.8
17.2
37.2
20.9
16.6
22.0
20.8
19.9
21.0
16.6

20.0
27.2
20.8
23.3
23.0
10.8
34.4
26.4
25.2
20.9
29.9
17.8
29.9
18.7
13.8
22.3
18.5
18.1
20.9
14.9

19.3
25.2
21.4
21.1
22.4
12.1
35.4
24.2
27.5
19.2
27.2
17.5
32.3
18.4
16.0
21.7
19.7
19.6
21.5
16.1

Tatal_24 cities •...•.. $13,25 1,984

0

4

$5,553,129

27.7

27.6

27.2r

Amarillo .. ... .. .•. .

8 ustln .. " ..•.•••.•
Coaumont . . •...•...

Corpus Christl ••••..•

o°W cana ..........

Elap~:~"''''' ' '' ..
............
F
G'rl Warth .... .....
HQ

veston ••••• .•...

l:r~~~~" "" ""

.

~ubback: : : : : : : : : : :

sort Arthur .........
S~~ ~~~el.o •• • •.•••
Tex arkaonl~ ••••• •••

TI
no .... ....
er ..............
aeo, .
WiChita F~il;: : : : : : :

W

-

11

De .
SUbdlv i~~~~tss of individuals, partnerships, and corporations and of states and political
1

b ~ Th ese (i'g ures include only two bonks in Texarkana Texa s. Total debits for all
a anks in Texarkana , Tex as-A rkansas, including one bank 'located in the Eighth Di st rict,
mOunted to $72,035,000 for the month of January 1964.
r -

Revised.

DEPARTMENT STORE SALES

122
138
130
144
100

121
138
131
143
100

120r
135
130
140r
101r

11 3
128
121
133
94

127
128
127
128
108
146

127
128
127
129
107
145

127
127
127
128
108
145

119
120
119
121
103
136

Total industrial production •.• .. .. .
Manufacturing ... ............

Durable ••••..••.•••.•• ...
Nondurable •.. .••.••• •••••
Mining ••. ... ......• .. ..... .
Utilities•........••......... .
p -

r-

Preliminary .
Revised.

SOURCES, 800rd of Governors of the Federal Reserve System.
Federal Reserve Bank of Dallas.

NONAGRICULTURAL EMPLOYMENT

Five Southwestern States'
Percent change

Jan. 1964 from

Number of persons
January

Decemb er

January

Dec.

Jan.

1964p

1963

1963r

1963

1963

4,739,900
827,900
3,912,000
230,900
292,700

4,841,300
837,700
4,003,600
231,700
303,600

4,604,500
803,200
3,801,300
231,800
282,500

-2.1
- 1.2
-2.3

2.9
3.1
2.9
-.4
3.6

386,000
1,136,900
241,900
674,900
948,700

389,300
1,203,900
240,100
682,500
952,500

369,000
1,107,100
232,900
654,200
923,800

Type of e mploym ent
Total nonagricultural
wage and salary workers .•
Manufacturing . ..........
Nonmanufacturing . •...•..
Mining .•....•..•.... .
Construction . ..........
Transportation and
public utilities ... ... ..
Trade •....•.....•... .
Finance . . . . .......••..
Service . . . . ...........
Gov ernment • ..........

-.3

-3.6
-.8
-5.6
.7

4.6
2.7
3.9
3.2
2.7

-1.1
-.4

Arizona, loui si ana, N ew M exi co, Oklahoma, and Texas.
p Prel im inary.
r - Revised.

1

(Perce ntage change in retail valu e )

=

1963

UNITED STATES

19.0

NEW MEXICO
Roswell .. . . ... .....
TEXAS
~bi/ene ............

January

1963

Total industrial production . • . . . . . .
Manufacturing . .. . ..... ...•. .
Durable . .... ..... ....... .
Nondurable .. . ...... .. ....
Mining •................... .

22.9
24.6

rovepart ••• ..•...

Novemb er

1963

TEXAS

Annual rate
of turnover

change from
Area

December

1964p

Area and typ e of index

Debits to demand

SOURCE, State employment agencies.
January 1964 from
January

Dec em ber

Total Elevonth D' tnct •..•.• •• • • ...••..
.
C
IS

D~rl~~s

1963

1963

Area

9

-55
-60
-55
-58
-53
-52
-53
-56
-56

Christi • • •• ... • . •. •. . ...•.•.. . .

~~~~~.: :.::::::::::::::::::::::::::
L.•••.•••••.•.•••..••••••
Shrevep~~o

-2

BUILDING PERMITS

10
5
13

VALUATION (Dollar amounts in thousands)

5

o

11
6'th~~'C'iii~:: ~:':':::::::::::::::::::::
8
--------------------------------------

Percent change

NUMBER

January 1964 from

January

January

Decemb er

January

1964

1964

1963

1963

Tuc son •..... ..••••••••••••

679

$ 3,180

76

26

LOUISIANA
Shreveport ••••...•••••••• •
TEXAS

245

910

-10

- 13

Wichita Falls •••.•••••• ••••

101
237
289
219
277
1,584
381
395
103
1,631
189
81
51
92
999
183
65

910
5,138
7,624
1,532
3,555
14.os1
2,328
5,644
395
28,097
3,t22
2,502
442
1,066
7,258
1,131
604

41
156
82
162
87
-4
- 16
86
-87
80
84
969
44
215
9
75
- 64

-22
54
-6
69
119
-27
26
6
-61
48
-70
129
-50
109
25
-72
-80

Total-19 cities ..... ... ... . ..

7,801

$89,489

43

-1

Area

ARIZONA
INDEXES OF DEPARTMENT STORE SALES AND STOCKS

Eleventh federal Reserve District
(1957-59

Abil ene • • •• .. . ..•• ••.• ••. .

= 100)

Amarillo ••••.•••••.•••••••

~=======================~
SALES (Dally averag e)

Unadjuste d

1963, ~anuary ...... .

-

196

5 ugust . .... •.
Oept em ber ....
Nctober ......
ovember .• . .

o

STOCKS (End of month)

adjusted

Unadjusted

Seasonally
adjusted

107

100r

114,

Sea sonall y

_____ Date

.
.
.
.

ecember ••.•..

4: January . . .... .

84r
113
107
104
126
210
92

112

119

111
102
109
121
117

122
135
139
113
108p

117

115
119

122
123
124p

r-~Re:v~is~ d---------------------------------------------------e~ .

P-

Preliminary.

Austin ........••.....•••• •
Beaumont . . .......••. .....
Corpus Christi ....... ...••..

Dallas •••••••••• ..•••• ••••
EI Paso ...................
Fort Worth .......... ......
Galv eston ••••.• •... .......
Hou ston ••••..•.. ...• •.. . .

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

3

VALUE OF CONSTRUCTION CONTRACTS

LIVESTOCK ON FARMS AND RANCHES, JANUARY 1

(In millions of dollars)

(I n thousands)

Janua ry

Area and ty pe

FIVE SOUTHWESTERN STATES' •• • .
Resi denti al building .. . .. .. . .•..
Nonres id ential building .. .... .. .
Non b uilding cons truction .... . .. .

UNITED STAT ES •. .. .. . ..• .. ..• • •
Res id enti al building ... . . . . . . .. .
Nonresi d ential buil ding .... . .. . .
N onbuildlng construction ... ... . .
1

Dece mb er

1963

1963

398
131
146
12 1
3,413
1,325
1,102
985

317
136
95
86
2,779
1,250
1,016
51 4

42 8
186
136
107
3,346
1,372
1,1 58
816

Tex a s

Prel iminary.

1964

1963

1964

1963

1964

1963

Cattl e • •.. •••• ..

10,342
848
9,494
5,292
5,120
172
885
16,010
451

10,240
912
9,328
5,538
5,333
205
994
15,779
388

18,602
1.740
16,862
7,192
6,877
315
1,440
24,760
565

18,216
1,833
16,383
7,511
7,142
369
1,686
24,472
501

106,488
27,654
78,834
28,151
24,533
3,618
56,007
370,513
6,315

103,736
28,65 1
75,085
29,793
25,731
4,062
58,883
366,823
6,475

M il k ca ttl e ....

8eef cattle •• • •
Shee p • ••• • ....•
S'ock shee p •..
Fee ders . .. .. .

Tur keys •••.•••.•

De tail s ma y not ad d to total s be cau se of rounding .

Unite d States

Sp e ci es

Hogs •• • . •.• .•. •
Chicke ns' . • . ••. .

Arizona , loui siana, Ne w Mex ico, O klahoma, and Texa s.

p -

NOTE. -

five southwestern
stat os l

January

1964p

SOU RCE, F. W . Dodge Corporation.
1

Ari zona, Loui siana, Ne w Mex ico, O klahoma, and Te xa s.

!!

Do es not include comm ercial broil ers.

SOURCE , U. S. De partme nt of Agricu lture.

NATIONAL PETROLEUM ACTIVITY INDICATORS
(Sea sonall y adiusted indexes, 1957·59

DAILY AVERAGE PRODUCTION OF CRUDE OIL

= 100)

(I n thousands of barre ls)

Janua ry

Indicator

Decemb e r

Janua ry

1964p

1963p

1963

CRUDE OIL RUNS TO REFINERY
STILLS (Doily avera ge ) • •.• • • •. . . •.•• .
DEMAND (Doily ave ro ge)
Ga soline . . . . ...... . . ..... . .. . ..... .
Ke rose ne ••• .. • . .•. ... •••.• • • . . .•••
Distillate fu el oil .... . ..... ...... . ... .
Resi dual fu el oil • .. .. . . .... . .. . .• .. . .
Four re fln e d products •... .. . ......•

108

111

107

Area

EL EVENTH DISTRICT. • •• • • • •

119
119
105
102
11 2

111
132
109
98
109

112
142
115
105
113

106
137
119
86
109

109
125
116
81
109

107
113
101
88
103

STOCKS (End of month)
Ga soline . ... ..... .. . . . . ... . ... . ... .
Ke rosene ... ..... .. .. .... .. .. .. . . . .

Distilla te fuel oil ••• . ... . .. ... . . • . . .. .
Residual fu el oil .• . . . . . . .. .•• . ... . ...
Four refln od products ••.. • • •• • •••.•
p -

Pre liminary.

SOURCES, Ame rican Pe trole um Insti t ute .
U. S. Bureau of Mines .

Federal Res. rve Ban k of Dallas.

4

Percent chang e from

Texa s . . .. .. .. .. . .. . . ...

Gulf Coast •••• ••..•. • •
W est Tex a s ..... . . ....

East Texa s (p roper)• • •• •
Panhandle ••.• . . •• .•• •
Rest of State •• . • . • ..••
South eastern Ne w Mex ico .•
Northern louisiana ...... . .

OUTSIDE ElEVENTH DISTRICT.
UNITED STATES • • • •• •• • •••.
p -

Jan.
1964p

1963p

1963

3,1 48.1
2,714 .1
536.5
1,194.3
111.3
101.8
770.2
271.6
162.4
4,500.1
7,648.2

3,129.1
2,704.2
536.7
1,183.7
108.7
101.9
773.2
267.2
157.7
4,471.2
7,600.3

2,943.3
2,540.4
490.6
1,117.1
110.6
96.6
725.5
262.5
140.4
4,360.5
7,303.8

Dec.

Pre liminary,

SOU RCES, Ame rican Petrole um Institute.
U. S. Bureau of Minos.
Federol Rese rve 8ank of Dallas.

Jan.

----------------Dec.
Jan.
1963
0.6
.4
.0
.9
2.4
- .1
- .4
1.6
3.0
.6
.6

1963
7.0
6.8
9.4
6.9
.6
5.4
6.2
3.5
15.7
3.2
4.7