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

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BUSINESS
REVIEW
MAY 1962
Vol. 47, No. 5

REVISED INDUSTRIAL PRODUCTION INDEX
FOR TEXAS
TEXAS INDUSTRIAL PRODUCTION
( S 'QlOnolly ad justed I nd .... , 1957- &9 - 100)

- I - - t -i-----i 90

1
-r---+-I---+--+----+----I--!----1 70

-t---t-

-I----I--!---I---+--+--+--I--t---!--+----I 50

30 1...:-:-'9-=-41-J~'--------1-:=-:-'---'-= 3 ------'-:'=955 :-'---'-:= 57
7
'95~
;
' 9 ;-'----'--::
'9=59:-'---L;-;'9=-'S' 30

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)

INDUSTRIAL PRODUCTION IN TEXAS, 1947-61
(Seasonally adjusted indexes,
Year

Jan.

Feb.

Mar.

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

54
62
63
59
73
81
86
82
90
97
102
97
101
103
104

54
62
62
58
74
84
85
82
90
98
103
95
101
104
104

56
62
61
58
76
83
84
83
91
98
105
91
103
103
106

57
64
58
61
78
83
84
85
91
98
105
90
103
104
106

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

43
48
49
51
61
68
73
74
79
89
98
98
101
109
111

43
47
50
50
61
69
73
74
80
91
98
96
102
109
112

43
47
50
51
63
69
74
74
82
91
98
96
104
110
112

43
49
49
51
64
69
75
75
81
92
99
95
104
111
113

Apr.

May

June

1957·59 = 100)
July

Aug.

Sepl.

Ocl.

Nov.

De c .

59
64
56
69
80
81
86
84
92
102
10 1
99
102
103
108

59
64
57
70
79
85
85
84
93
101
101
101
102
105
104

59
64
58
70
81
85
84
84
95
101
99
100
102
104
109

59
64
60
70
80
86
83
86
97
101
98
100
102
104
109

60
65
59
70
81
87
82
87
97
102
98
101
103
104
109

45
50
49
57
66
70
75
76
86
93
99
97
106
110
11 6

45
50
50
57
66
72
74
76
87
94
99
98
107
113
110

46
50
50
58
67
72
75
77
87
95
98
99
105
112
118

46
50
50
58
68
73
74
77
89
96
97
100
107
111
118

46
50
50
59
68
73
74
78
89
97
97
101
108
111
118

38
43
42
54
66
72
72
75
87
94
102
97
105
108
108

39
44
41
55
67

39

73
75
88
96
98
97
103
107
115

39
44
42
55
69
71
72
77
88
97
98
99
103
106
114

43
56
69
72
72
77
88
99
97
100
105
105
. 114

TOTAL INDUSTRIAL PRODUCTION
57
65
57
63
80
71
86
85
91
99
105
90
106
103
107

58
65
57
65
78
80
86
85
90
100
104
91
104
104
107

59
65
56
67
80
79
87
84
92
100
102
95
101
104
108

TOTAL MANUFACTURING
43
50
49
53
65
64
75
75
83
92
97
95
106
110
114

44
50
49
53
65
69
75
75
84
93
98
95
106
111
114

45
50
49
55
66
69
75
76
85
91
99
96
104
111
115

DURABLE MANUFACTURES
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

37
41
43
44
58
69
72
73
78
88
101
100
99
106
105

38
39
44
45
59
69
72
73
79
89
101
97
102
105
106

38
40
44
45
61
70
73
73
80
90
101
96
103
105
107

1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

47
53
53
56
63
68
74
74
81
90
96
96
103
111
116

47
53
54
55
63
69
74
75
81
92
96
95
102
112
117

47
53
55
55
64
69
75
74
83
91
96
97
104
113
117

38
41
42
46
63
68
74
73
81
92
101
93
103
107
107

38
42
42
47
63
69
73
74
83
92
100
93
105
106
108

38
43
42
49
64
68
74
74
83
93
102
94
106
105
109

39
42
42
50
65
67
75
75
84
92
103
94
103
106
110

38
42
42
53
65
68
74
75
85
93
102
95
105
105
111

71

44

NONDURABLE MANUFACTURES
47
55
54
55
65
69
75
76
80
92
97
97
105
114
116

47
56
53
57
66
61
76
76
84
93
95
97
106
114
118

48
56
54
57
65
70
75
75
85
94
96
97
106
115
118

49
55
54
58
67
71
75
76
86
91
97
98
105
115
119

50
55
53
59
67
71
75
76
86
93
97
98
107
114
120

50
55
55
60
67
72
75
77
86
94
97
99
108
116
112

50
55
55
60
67
73
76
78
87
94
97
100
107
115
12 1

51
55
56
60
67
74
76
78
89
95
97
101
109
115
121

51
55
55
61
68
74
75
79
89
95
98
102
110
115
122

78
84
65
83
98
93
103
96
101
112
105
94
98
95
98

78
84
65
85
97
96
102
94
10 1
113
104
102
96
94
98

78
83
67
87
95
101
99
95
102
110
104
104
95
96
95

77
83
68
87
98
102
97
94
106
108
102
101
96
95
97

77
83
73
87
97
103
95
97
107
109
100
100
96
95
96

77
84
70
84
98
105
93
98
108
109
98
10 1
97
95
97

MINING
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

I

68
81
80
70
90
98
102
93
104
107
108
95
101
96
94

69
82
79
69
90
103
100
92
103
108
109
93
99
98
94

72
82
75
68
93
101
98
95
103
106
114
85
101
95
98

74
84
70
73
97
101
97
98
104
106
114
84
102
95
98

BUSINESS REVIEW

I2

5:1962

75
84
69
76
99
80
100
99
101
108
114
83
106
93
97

77
84
67
79
96
95
101
99
99
109
112
86
101
94
97

Each month since December 1958, the
Business Review has presented information on this Bank's industrial production
index for Texas, together with the national
index prepared by the Board of Governors
of the Federal Reserve System. This broad
indicator of the output of Texas factories
and mines was developed to furnish those
interested in Texas industrialization with
a means of analyzing its progress.
In order to provide as accurate and
current an economic measure as possible,
the index has been revised to take into
account data available from the comprehensive 1958 Censuses of Manufactures
and Mineral Industries. Changes in productivity, man-hour adjustments, and the
relative index weightings of the industries
which comprise the Texas industrial structure were also considered in the revision.
[n addition, the base period of the index
has been advanced from 1947-49 to
1957-59, in line with comparable changes
in various basic economic measurements
for the Nation. Certain changes in methodology and the means of computation are
also being made at this time.
By the end of 1961, the revised index
of Texas industrial production had risen
9 percent from the 1957-59 average. Nondurable manufactures rose 22 percent,
mainly as a result of further gains in
chemicals, paper and paper products,
food, and apparel. Durable manufactures
increased 14 percent, with the strongest
advances in furniture, primary metals,
machinery, fabricated metals, and stone,
clay, and glass. Reduced crude oil production lowered the mining index by 3
percent.
To the interested reader, there are available a series of tables showing the completely revised index for 1947 through
1961, including the separate industry indexes, and a new statement of methodology and procedure. This material may be
obtained upon direct request to :
Research Department
Federal Reserve Bank of Da llas
400 South Akard Street, Dallas 2, Texas

NATURAL GAS LIQUIDS
Adequate fuel supplies are required to support growing economies. One comparatively new and dynamic
Source of energy that will enhance future energy supplies is natural gas liquids. Natural gas liquids are
recovered in conjunction with natural gas; in essence,
they are joint products. The fuel marketed as natural
gas is largely methane, but, prior to processing, natural gas is a mixture of many hydrocarbons. Other
members of the paraffin series, such as ethane, propane,
butane, isobutane, and pentane, may also be recovered.
After these separate components are recovered from
natural gas, they are readily convertible from the gaseous to the liquid state by simple changes in pressure
and temperature'. Hydrocarbons of this nature are often
referred to, therefore, as natural gas liquids.
Natural gas liquids may be divided into three broad
categories: (1) natural gasoline; (2) liquefied petroleum gases (LPG), so named because they are
extracted and handled in a liquid state but are consumed in the gaseous state; and (3) finished products,
such as kerosene and distillate fuel oil. Most natural gas
liquids are pro"duced at special plants, but a small
amount may be obtained from refineries. Natural gas
liquids resulting from the refining of crude hydrocarbons are called liquefied refinery gases.
The growing importance of natural gas liquids has
been closely associated with the development of the
natural gas industry. In the early stage, the motivation
for natural gas liquids processing was limited to cleaning up the gas streams so that the natural gas could be
RESERVES AND PRODUCTION OF
NATURAL GAS LIQUIDS
PERCEN T CHANGE ,

1961 FRO M 19!H

+4

+3
+2
10

+1

- I O ~----~ EW --------------~ NIT E~-I- IO
N~~
U~~ O
LOUI SIANA MEX ICO

OKL AHOM A TEX AS SO UTHWEST

STATES
RESERVES

SOURCES: Amt rl can Gal Auocl ol lon,
U. S. Bur.au 01 Mi n...

_

PROouCTION ~

marketed. Unfortunately, appropriate transportation
facilities for natural gas were unavailable, and natural
gas markets were thus highly restricted. After World
War II, state conservation groups issued orders preventing the flaring of natural gas. Stripping operations
were established at that time to obtain marketable gas
which could be transported through large-diameter
pipelines to markets throughout the Nation. As natural
gas developed into a valuable energy source, natural
gas liquids also assumed some importance.
Economic growth hastens consumption of exhaustible resources, such as natural gas and natural gas liquids; therefore, a primary long-run consideration is the
sufficiency of future supplies. The current and future
availability of natural gas and natural gas liquids may
be partially defined in terms of estimated proved recoverable reserves. At the beginning of 1962, natural gas
reserves in the Nation were estimated at 268 trillion
cubic feet, and natural gas liquids at 7 billion barrels.
Natural gas reserves grew 1.5 percent during 1961,
while reserves of natural gas liquids rose 3.4 percent.
The four southwestern states of Louisiana, New Mexico, Oklahoma, and Texas contribute about 85 percent
of the current and future supplies of both natural gas
and natural gas liquids. At the beginning of 1962,
Texas provided more than one-half of the regional
totals of 218 trillion cubic feet of natural gas and 6
billion barrels of natural gas liquids; and Louisiana, an
additional 25 percent.
Total production of natural gas has advanced rapidly, both in the Nation and in the Southwest, but output of natural gas liquids has increased at a more rapid
rate. Southwestern production of natural gas liquids
(including natural gasoline, LPG produced at natural
gas liquids plants, LPG produced at refineries, and
finished products) totaled 14 billion gallons in 1961,
compared with only 11 billion gallons in 1957. Onefourth of the Southwest's total output was natural
gasoline, while 65 percent was liquefied petroleum
gases produced at both plants and refineries. Similar
relationships existed in the Nation, except that LPG
comprised a slightly larger percentage of the total. The
largest production increase from 1957 to 1961 in both
the Nation and the Southwest was recorded in liquefied
petroleum gases; the output of natural gasoline rose at
a much slower rate. During 1961, southwestern production of natural gasoline rose 3 percent, finished
products advanced about 10 percent, and liquefied
BUSINESS REVIEW1
5:1962

31

PRODUCTION OF NATURAL GAS LIQUIDS, 1961

Four Southwestern States and United States
(In thousands of gallons)
New
Product

louisiana

SOUTH-

Mexico Oklahoma

Texas

United

WEST

States

Natural gasoline and

isopentone. . . . . . . . .

335,320 280,642

464,767 2,330,326

3,411,055

4,586,124

785,818 650,085
613,788
6,174

802,709 4,770,580
189,924 1,021,944

7,009,192
1,831,830

9,005,965
3,315,774

1,433,738

1,489,243

liquoRed petroleum gases

At plants.. .. .. .. ..
At reAneries........
Finished gasoline and

other.... .. .. .. .. ..

609,324

12,908

58,569

752,937

TOTAL .......... 2,344,250 949,809 1,515,969 8,875,787 13,685,815 18,397,106
SOURCE : United State. Bureau of Mines.

petroleum gases increased 8 percent. Within the area,
the greatest expansion in natural gas liquids output
during 1961 was recorded in Louisiana, where production advanced 8 percent. Output in Texas and the
Southwest each rose about 6 percent.

If natural gas and natural gas liquids were produced
separately, additional costs - such as finding, developing, and recovery costs - would be incurred by
the producer. Since they are produced jointly, cost
savings are probably substantial. Natural gas liquids
output has supplemented energy supplies and petroleum
industry earnings as well. The value of natural gas
liquids produced in 1960 amounted to $994 million,
with the Southwest contributing almost three-fourths of
this total. Texas is the leading producing state in the
Nation, with its value of natural gas liquids produced
totaling around $463 million in 1960. A comparison
of the monetary values and the volume of all natural
gas liquids produced indicates that, both in the Southwest and in the Nation during the 1957-60 period, natural gasoline and finished products provided more dollars per gallons produced than did liquefied petroleum
gases.
Under joint supply conditions, an advance in natural
gas demand encourages an expansion in supply, and
the quantity of natural gas liquids produced also increases. If the demand for natural gas liquids is insufficient, excessive availability may result in the short run.
The demand for natural gas liquids has advanced significantly, however, rising about 10 percent annually
between 1957 and 1961.
Natural gasoline demand correlates roughly with the
need for motor fuel, but consumption of liquefied
petroleum gases is more diversified. Commercial institutions and households use LPG for heating, especially
in areas not serviced by natural gas pipelines, and
households employ the fuel for appliances as well.
Almost 50 percent of all natural gas liquids consumed

I

BUSINESS REVIEW

5:1962

in the Southwest during 1950 was used by domestic
and commercial institutions, but, by 1960, the proportion shared by these users declined to only 20 percent.
In the Nation, a significant reduction also occurred,
although the drop was somewhat less pronounced.
The prominence of the use of LPG for heating has
brought seasonal consumption problems. Other uses
for natural gas liquids were required to provide an
optimum yearly consumption pattern and to reduce
the need for additional storage facilities. Natural gas
liquids have been introduced to agricultural groups for
use in various types of machinery, including tractors
and trucks. The increase in the number and size of
LPG-consuming tractors, as well as irrigation engines
using LPG, has enhanced the utilization of LPG by
agriculture. Flame cultivation of crops and crop drying
are other agricultural uses for LPG which are growing
in importance. Today, internal-combustion engines of
all types consume around 11 percent of the LPG used
in the Southwest. Efforts have been made to stimulate
this area of utilization for other than agricultural equipment, especially in the Southwest, but the extensive use
of liquefied petroleum gas for general-purpose motor
fuel would mean an engine conversion from gasoline
to LPG and the construction of a network of LPG service stations.
Petrochemical manufacturers used as a product feedstock about one-half of all LPG consumed in the Southwest during 1960, compared with 30 percent in 1950.
The absolute growth of this use has helped the Southwest gain prominence not only as a producer of LPG
but also as a consumer, and the relative gain correCONSUMPTION OF LIQUEFIED PETROLEUM GAS
SOUTHWEST
)960

CONSUMPTION OF LIQUEFIED PETROLEUM GAS
SOUTHWEST AS PERCENTAGE OF UNITED STATES

DOMESTIC AND
COMMERCIAL
INTERNAL
COMBUSTION
CHEMICAL
SYNTHETIC
RUBBER
ALL OTHER

TOTAL

PERCENT

19 ' 0 ~
1960_

SOURCE: U, S. Bureau of Min...

sponds closely to the increasing importance of the
chemical industry in Texas.
Despite the significant rate of advance in the consumption of natural gas liquids, stocks of these products
have increased. Natural gas liquids consumption in the
Nation during 1961 totaled 18.0 billion gallons, production amounted to 18.4 billion gallons, and inventory
accumulation was 0.4 billion gallons. National stocks
advanced from a total of 0.9 billion gallons in 1957 to
1.7 billion gallons in 1961. To accommodate this
increase in stocks, storage capacity, both aboveground

and underground, has risen significantly. Storage
capacity reached almost 3 billion gallons in 1961, and
about 70 percent of total storage capacity and stocks
existing in the Nation were located in the Southwest.
In 1961 the total storage capacity in the Southwest was
2.0 billion gallons, with about 1.8 billion gallons of
this capacity available underground. These figures compare with 1.6 billion gallons of total storage capacity
and 1.4 billion gallons located underground in 1960.
About one-half of the total capacity was being utilized
at the end of 1961, both in the Southwest and in the
Nation.
The outlook for natural gas liquids in the foreseeable
future is favorable. A recently initiated Government
conservation program to insure sufficient supplies of
helium will result in greater availability .of LPG also.
While there may be a surplus of certain natural gas
liquids for several years, increases in demand should
accompany (1) the greater diversity in uses of LPG,
(2) an advance in motor fuel consumption, and (3)
the even greater development of the petrochemical
industry. Increasing energy needs associated with an
advancing economy should enhance the consumption
and further production of natural gas liquids; and with
the development of a more efficient network for the
transportation of these products, consumption expansion should occur tl1foughout a greater part of the
Nation.
SANFORD R. SINGER
General Economist

ELEVENTH FEDERAL RESERVE DISTRICT
~ Dalla s Head Office Territory
IIID1l Houston Bronch Territor),
Antonio Bronch Territory
E3 EI Puo Bronch Territory

1\:;:;:;:;:1 Son

BUSINESS

5:1962

REVIEW

I

BUSINESS

REVIEW

BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS

Seasonally adjusted department store sales in the Eleventh
Federal Reserve District in
March declined moderately
from February but rose substantially over March 1961. The adjust~d index of sales
for March was 181 percent of the 1947-49 average,
compared with 184 for February and 168 for
March 1961.
New car sales registered in four major Texas markets in March rose 16 percent over February and 39
percent over March 1961. For the first quarter of
1962, registrations in the four markets combined
exceeded even the high 1955 level.
The Texas industrial production index declined
during March to 108 percent of the revised base
(1957 -59 = 100> but remained above a year
earlier. Construction contracts in the District states
advanced to a new high for February, and nonagricultural employment was at a record level for March.

Department store sales in the
Eleventh Federal Reserve District in March - adjusted for
trading day differences, the shifting date of Easter, and other
seasonal factors - were slightly below the February
level but were markedly above a year ago. The adjusted
index for March was 181 percent of the 1947-49 average, compared with 184 for February and 168 for

Farm work continued to accelerate in the District
during April. Approximately one-third of the total
intended acreage of the five major spring crops has
been seeded. The 1962 winter wheat production in
the District states is estimated to be 28 percent below
the previous year's output but 25 percent above the
1951-60 average. The condition of livestock is less
satisfactory than a year ago.
Daily average crude oil production in the Eleventh
District declined moderately in March but expanded
in early April. District refinery activity decreased in
March and early April, but indicators of drilling
operations advanced.
In the 5 weeks ended April 18, investments and
time and savings deposits advanced at the weekly
reporting member banks in the Eleventh District, while
loans and demand deposits declined. Commercial
and industrial loans receded, primarily because of
decreases in the manufacturing, mining, and trade
categories.

DEPARTMENT STORE SALES
(Pe rce ntage change In retail value)
March 1962 from
Are a

Total Eleventh Di, trict. • • • . . . . •

~~~Fa~: .~~r:s;j: ::::" :::::::::
:

EI Paso • •• .. . . . .. • ..• . •.. .. .
Fort Worth ... ........ . .. ... .

Houston ••• • ••••• .. .. .. • . •• •

San Antonio •........ .. . .•. . .

Shreveport, La .•••• . . . ... • .•.
Waco .. . . ... .... .. . .. . ·. •• •.
Other citles ••.. • ...• •• ...• • •

INDEXES OF DEPARTMENT STORE SALES AND STOCKS

February
1962

28
16
26
44
26
31
29
38
27
27

March
1961

-14

4
3
1
8

-2
6
1
-1

3 months,
1962 from
1961

6
- 2
5
1
7
11
3
11
6
5

Eleventh Federal Reserve District
(1947· 49

=

100)

SALES (Daily average)
Date

Unadjusted

196" March • • •• • ..••
1962: January • • .• •• •
February ••• • ••
Ma rch ... . .... .

Seasonally
adjusted

155

rp -

168
172
184r
181

136
138

158

Revi sed .
Prelim inary.

BUSINESS REVIEW

6

5:19'02

STOCKS (End of month)
Unadiusted
183
173
190
206p

Seasonally
adjusted
174
197
196
196p

March 1961. On a dollar-volume basis, March sales
were 2 percent above those in the same month last year,
despite the fact that Easter was 3 weeks later in 1962
than in 1961.
District department store sales in the first 2 weekS
of April rose 13 percent above the corresponding
period last year. This sales increase is to be expected
because the comparison is with the 2 weeks following

'I

Easter in 1961. The 2 weeks ended April 14 repre- 60) average. All of the District states registered desented the second and third weeks before Easter this clines from the year-earlier levels, partly reflecting the
year. Sales during this period exceeded those in the diversion of acreage under the 1962 wheat program.
comparable weeks before Easter last year by 7 percent.
About one-fifth of this year's cotton crop has been
planted, or almost the same proportion planted by this
New car sales registered in four major Texas markets
in March rose 16 percent over February and 39 per- time in 1961. In the Lower Valley of Texas, cultivation
cent over March 1961. The year-to-year advance in and fertili:zmtion of cotton have been active, and some
each of the markets was substantial. San Antonio led early cotton is up to stands in the EI Paso area and in
with a gain of 58 percent, followed by Dallas with a the southern valleys of New Mexico. In the Blacklands
gain of 50 percent. Fort Worth and Houston showed of Texas and northeastward into Louisiana, planting
increases of 41 percent and 23 percent, respectively. is active.
Cumulative sales for the four markets combined in the
The bulk of the corn crop has been seeded and is
first quarter of this year surpassed even the high 1955 making fair progress, although unfavorable weather has
level for the period.
retarded optimum development, especially in northeastern and southern Texas. Drilling of grain sorghums
Outside farm work in the Disalso is well advanced, with approximately one-third of
trict continued to accelerate
during April, although the usual the seedings completed. In the rice areas of t~e District,
about one-half of the crop has now been planted, or a
variation of inadequate m0isture
somewhat larger proportion than at the same time last
in some sections and excessive
year.
Precipitation in others was in evidence. Generally, wet
Harvesting is active in commercial vegetable areas,
soils and cool nights are retarding planting and crop
and crops for the late-spring and early-summer market
development in the northeastern portions of the District, while moisture is short in the Coastal Bend and are making good growth except in Coastal Bend secSouthern and western areas of Texas. Despite the some- tions, where moisture has been a limiting factor. The
What spotty growing conditions, about one-third of the condition of the Texas peach crop as of April 1 was
total intended acreage of the District 's more important considerably poorer than last year and was also below
spring crops - cotton, grain sorghums, corn, rice, and the average of the past 10 years. Much of the peach
crop was damaged by the late-February and midpeanuts - has been planted.
March freezes, which extended deep into south Texas.
Although showers during mid-April improved the
Timely April showers gave a boost to pasture and
condition of the winter wheat crop, more rain is needed
range conditions, but moisture remains inadequate in
since the crop is reaching the critical developmental
stage. Insect infestations have been building up in many most southern and southeastern areas in the District.
The condition of ranges in the four principal range
~reas , but damage thus far is reported to be light. Wheat
states of the District is generally below a year ago,
~n the Blacklands is in the boot stage, and early fields
except in Arizona. Despite the late development of
111 western areas are beginning to head. Winter wheat
production in the District states is placed, as of April 1, green forage, cattle and sheep remain in fair condition,
at 148 million bushels, or 28 percent below 1961's but the condition of livestock is less favorable than at
excellent crop but 25 percent above·the 10-year (1951- this time a year ago.
During the 5 weeks ended April
...,............"".............',..... """"
<
J~.
11, loans, deposits, and noni JJ.
.,.. \ If
" ...
WINTER WHEAT PRODUCTION ·
I
~
\
il,S
INAN
.lJ.l Government investments ad(In thousands of bushels)
:
'f< .
============================= \ ..{ ,.,..........*,A~,,,........................./ vanced at the Nation's weekly
'.............
," '..
1962,
reporting member banks, while
Average
Indicated
1951·60
1961
April 1
Area
Government investments declined. The money market
1,567
1,118
1,044
was firm during most of the period, with strength
840
'750
624
~~~~~~~ ::: :::::::::::
1,917
8,004
5,092
otw Mexico,:••••••••..••::::::: 83,562
••• ...
mainly in the prices of longer-term securities. Signifi75,225
110,832
T lahoma • •• •.•.•• • •••••••••• •
38,874
84,870
57,920
exe s .• • .• • •.•• •• •. • , ... •••• ••
cant demand for Treasury notes and bonds developed
118,333
205,664
148,242
Total .... ....... ... ... ...... .
from both bank and nonbank sources, thus forcing
------------------------- yields on long-term Government securities below 4 perShort. tim e a ve rag e .
SOURCE : United States Department of Agriculture.
h'

•

1

BUSINESS REVIEW
5: 1962

I

cent. The market for municipal and corporate bonds
also exhibited noticeable strength during the period.

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES

The auction rate on 91-day Treasury bills remained
virtually unchanged, moving from 2.721 percent on
March 8 to 2.723 percent on April 19. The yields on
the various maturities of Treasury bills moved closer
together, reflecting strong investor demand for longterm bills and the $100 million additions to the weekly
91-day bill offerings. The effective rate on Federal
funds generally held between 2% percent and 3 percent throughout the period.

( In thou sands 01 dollars)

Investments and time and savings deposits advanced
at the weekly reporting member banks in the Eleventh
Federal Reserve District during the 5 weeks ended
April 18, while loans and demand deposits declined.
Both cash accounts and total assets receded during
this period.
Gross loans (excluding interbank loans) decreased
slightly at the weekly reporting member banks in
the District; a $40.2 million reduction in commercial
and industrial loans was almost offset by increases of
$12.0 million in loans for purchasing or carrying securities, $10.4 million in loans to nonbank financial institutiOIis, and $11.3 million in "all other loans." Within
the commercial and industrial loan category, there were
noticeable reductions in loans to firms engaged in
manufacturing, mining, trade, and transportation,
communication, and other public utilities. Such reductions may partly reflect repayment of loans obtained
for tax and dividend payments or other seasonal reasons. Partially offsetting these declines were a significant advance in service-type business loans and an
increase in loans for construction purposes. In the
corresponding period a year earlier, gross loans were
reduced $19.2 million, with decreases in commercial
and industrial loans and loans for purchasing or carrying securities more than counterbalancing increases in
loans to nonbank financial institutions and "all other
loans."

NEW PAR BANK
The Bank of Dallas, Dallas, Texas, an insured nonmember bank located in the territory served by the Head
Office of the Federal Reserve Bank of Dallas, was added
to the Par list on its opening date, April 12, 1962 . The
officers are: Estill S. Heyser, Jr., Chairman of the Board;
lynn R. Helm, President; James A. Donnell, Cashier; and
J. V. (Jack) lynch, Assistant Vice President.

BUSINESS REVIEW
8

5 :1962

Eleventh Fed eral Reserve Di strict

Mar. 14f
1962

Ap r. 19.
1961

1,773,882
48,377

1,539,829
36,379

20,274
63,325

15,274
59,424

22,274
32,305

U. S. Governm ent securities ••• • • •..• •.•.•••
Other securities .••• ••• • •.••• •• . • .... . .••
Loans to dom estic commercial ban ks • • ••. . . .•••
Loans to fore ign banks ••. . .•••• •• .•• •.. . . • •
Loans to othe r financial institutions:
Sales flnance , p ersonal financ e, e tc ••• •....•
Savings banks, mtg e. cos., ins. cos., etc . • . ....
Real-estate loans • • • •.. • • • .•. • • • • • •.• •... . .
All other loans ••..•• • • • •. •. . • ••••.••• •. . ..

2,4 57
1] 75,640
54,404
178

2,667
172,3 28
96,738
201

7,190
203,870
36,1 82
25

189,152
1]66,371
252,501
1798,27 5

83,758
161,280
249,268
786,967

84,927
139,632
2 17,7 12
811,456

G ross loans • •••• •••••••••• . •• ••• • . • •• ••
Less rese rves and unallocate d charg e -offs • •

3,406,944
6:t,359

3,450,164
63,228

3,131,781
57,724

Ap r. 18,
1962

Ite m

ASSETS
Commercial and industrial loans • ••••• . ••.•• .• 11 ,733,686
50,681
Ag ricultural loans •••• • • .. • • •• • . .••. ..... . .•
loans to brokers and dealers fo r purchusing
or carrying :

U. S. Gove rnm ent securities •• • • .• •• .•.. .. . •
Othe r securities • • . •• . • •• . .• •. • • • ......• .
Oth er loons for purcha sing or ca rr ying l

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

3,343,585

3,386,936

3,074,057

Tre a sury bills ••••••• • • ..• • •• • .•••• ...•••..
Tre a sury ce rtificates of ind e bte dn ess •••. . •••• .
Tre a sury notes and U. S. Gove rnm e nt b ond .s,
including guaranteed oblig ations, maturing :
Within 1 ye a r •• • ••••• .
Afte r 1 but within 5 yea rs • ••..• • •• •• • •• • • .
Afte r 5 ye a rs • •• . • • ••••• •. . ••• •••••• • •••
Othe r securities •• •• • • •• • •. • • •••• • • • • ••• • • •

99, 190
73,964

123,989
86,415

136,125
29,666

276,582
710,682
410,253
495,248

256,235
719,336
385,931
451,509

200,108
615,446
498,154
414,646

.... .. ... .. .. ...

Total inve stments • • • .• •• ••••••• .• •• ••.•••

2,065,919

2,023,415

1,894, 145

Cash ite ms in proce ss of collection • ••. .•••..••
Balances with ban ks in th e Unit e d States •.•• •• .
Balances with banks in fo re ign countries •• •• •. •
Currency and coin .• •• ••. .••• . .• •• •. •••••• •
Rese rves with Fe d e ra l Re se rve Bank •••• ••• • • ••
Other a ssets ••• •• ••• •••••••••••••••• • • •••.

590,236
474,47 8
2,235
57,748
597,661
203,139

598,162
525,148
2,154
58,797
553,979
199,036

549,062
54 1,742
2,197
53,324
572,162
186,496

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

7,335,001

7,347,627

6,873, 185

3,081,284

3,093,821 }

LIABIlITIES AND CAPITAL ACCOUNTS
Demand d e posits
Individuals, partnerships, and corporations • • ••
Foreign gove rnm e nts and ofAeial institutions,
central banks, and inte rnational institutions..
Unit e d States Gove rnm ent • • •• •...••..•• • •
States and political subd ivisions • . • •• • • •• .. .
Banks in the United States, including
mutua l saving s banks • • • • • • • •• • •. . .•.•.•
Banks in fo reign countri es • ••• .••• . ••. •... .
Ce rtlfled and olflce rs' checks, e tc .. . . . .. . ...
Total d e mand d e posits • •. ••• . •••• .. . • ..
Time and saving s d e posits
Individuals, partnerships, and corporations
Saving s d e posits • •••••••• • ••• • • •••••••
Othe r tim e d e posits .• •• • • . • ••. . • • •• ••• •
Foreign gove rnm ents and ofAcial institutions,
ce ntral banks, and international institutions..
U. S. Gove rnm ent, including posta l savings • ••
States and political subdivisions ••• .•• ••••• •
Banks in th e Unite d States, including
mutual saving s banks • • •• ..• • • • . ••.. .. ••
Banks in fo reign countries • • •... . .......• ••

2,995,924

3,379
70,127
233,073

2,512
59,722
251 ,425

52,468
259,343

1,089,682
13,257
65,392

1,154,873
14,689
57,621

1,109,503
15,632
61,233

4,556, 194

4,634,663

4,494,103

888,932
666,355

876,598}
653,896

3,007
6,617
348,751

3,006
6,617
332,263

6,262
2, 150

5,722}
2,200

1,279,537 r
14,907
321,143r
9,560

Total tim e and savings d e posits •• •... • • ..

1,922,074

1,880,302

1,625,147

Total d e posits • ••• • •• . . •• . . . .•. . • •..
Bills pa yabl e, re discounts, e tc .. ... . . ... . .....
All othe r liabilities ...... . . .. . ... . . . ........
Capital accounts • • •. .. . .• . •••..•.•••.•••.•

6,478,268
130,400
98,929
627,404

6,5 14,965
112,100
93,645
626,917

6,119,250
79,350
96,416
578,169

TOTAL LIAB ILITIES AND CAPITAL ACCOUNTS.

7,335,001

7,347,627

61
873, 1B
J,

1 Be cause of re cla n iflcat ions, th ese data are not strictly comparable with ye ar'
e arli e r data.
r - Revised.
NOTE . - As a res ult of chang es in call re po rt instructions, additiona l information is
availab le , effe cti ve Ap ril 26, 1961, on th e de posit structure of me mbe r ba nks. Com parabl e ye ar-e arli e r flgures will be shown whe n th ey become a vailab le.

Total investments at the District's weekly reporting
banks rose $42.5 million during the 5-week period, as

RESERVE POSIT IONS OF MEMBER BANKS

REVISED PETROLEUM INDEXES

Eleventh Federal Reserve District
(Ave rag es of doily flgures . In thou sand s of dollars)

Item

RESERVE CITY BANKS
Total rese rve s held .••. • •....••
With Fed era l Res erve Bank • •••
Currenc y and coin • •••••• • •••

Re quire d rese rves •• .. ••. •.•• • •
Excess rese rves • ... • . • .• ••• •.•
Borrowings •.• •• • •.• . . .. • •. • .•
Free rese rves .....••••....••••
COUNTRY BANKS
Total reserves ho ld .•• • • . ...• ,.
With Fed eral Reserve Bank • • ••
Currency and coin • • • • • • • ••• •

Re quire d rese rves • • .. •••••.•• •
Excess rese rves •• • ••• •• . •• •• ••

Borrowings • • • ....• • ..•••• ••••
fr ee reServes • . . . : . •••••••.•.•

All MEMBER BANKS
Tota l re se rve s held •••..•• • •• ••
With Federal Reserve Bonk ••••
Curr enc y and coin • •• • ••• ••• •
Require d re serves • • •••• •• ••• • •
Excess r eserves •••• • ••• • •• •• ••
Borrowing s• •• ••• •• • • • • • ••• •••
Free reserves • • ••••• •• ••••• • ••

.4 we e ks end e d
Apr. 4, 1962

.4 we eks ended
Ma r. 7, 1962

5 weeks e nd " d
Apr. 5,1961

593,855
554,164
39,691
588,1 24
5,73 1
4,804
927

588,957
549,738
39,219
5B3,133
5,824
854
4,970

568,4 12
529,945
3B,467
560,667
7,745
543
7,202

549,487
445,974
103,513
483,496
65,991
1,054
64,937

551 ,933
449,155
102,778
486,642
65,291
52B
64,763

5 16,437
420,388
96,049
447,576
6B,B61
173
6B,6B8

1,143,342
1,000,138
143,204
1,071,620
71 ,722
5,85B
65,864

1,140,890
998,B93
141,997
1,069,775
71,115
1,382
69,733

I ,OB4,849
950,333
134,516
1,008,243
76,606
716
75,890

a large increase in holdings of non-Government securities more than offset a small reduction in holdings of
Government securities. In the comparable period of
the preceding year, investments advanced $45.4 million, with both Government and non-Government
security holdings climbing to higher levels.
In the 5 weeks ended April 18, demand deposits at
the District's weekly reporting member banks fell $78 .5
million, largely as a result of reductions in deposits of
individuals, partnerships, and corporations and deposits
of states and political subdivisions. However, time and
savings deposits, gaining $41.8 million, continued the
strong advance evident since the first of the year. In
the corresponding period last year, demand deposits
declined $36.0 million, and time and savings deposits
rose $19.7 million.
Total reserves moved slightly higher at the District
member banks during the 4 weeks ended April 4, as an
increase at reserve city banks more than offset a decline
at country banks. Excess and free reserves, however,
advanced at the country banks and receded at the
reserve city banks. Borrowings moved upward, espeCially at the reserve city banks.
District crude oil production
declined moderately in March
to average 2,91 7,400 barrels
daily, but output in early April
advanced 2 percent. Texas has
retained its April allowable schedule of 8 producing
days; however, reductions in the Louisiana and south-

The seasona lly ad justed indexes of nation a l petroleum activity have been revised because of a recent
change by the United States Burea u of Mines in its
method of reporti ng data on gasoline stocks. Copies
of the revised in dexes for Ja nuary 1950 throu gh December 196 1 may be obtained by addressi ng a req uest to:
Research Department
Federal Reserve Bank of Dallas
400 South Akard Street, Dallas 2, Texas

eastern New Mexico allowab1es and the greater number
of days in the month should result in a decrease in
daily average District output in May. Crude oil runs to
District refinery stills declined moderately in March
and early April, but drilling activity strengthened. The
number of active rotary rigs in the District rose slightly
during March, and both total well completions and
total footage drilled advanced 12 percent during the 5
weeks ended April 7.
New supplies of crude oil in the Nation declined
during March, as both domestic production and crude
oil imports were reduced. However, national crude oil
stocks rose 3 percent since crude oil demand also
decreased. Stocks of crude oil in mid-April were mod- .
erately above the month-earlier level, reflecting an
advance in new supplies of crude oil and the continued
decrease in crude runs.
In March the seasonally adjusted index of demand
for the four major petroleum products was little
changed, as an increase in kerosene demand offset a
decline in distillate fuel oil consumption. Seasonally
adjusted stocks of the four refined products advanced
NATION'AL PETROL EUM ACTIV ITY INDI CATORS
(Se a sonally adiu stod indexes, 1957-59

Indicator

CRUD E O IL RUNS TO REFINERY STILLS
(daily averag e ) • ..•• •• ••• . •• •• •
DEMAN D (dail y ave rag e )
G a soline • • • •• • ... • • • •• •• • •. • . •
Ke rose ne ••• •• ••••• •• •••••••• •

Distillate fue l all • • • ••••••• . ..• ••
Residual fue l oil ••••••.• . • .. •• ••
Four r efln ed products •• • • • • •••

= 100)

March
1962p

February

January

1962p

1962

March
196 1

105

107

106

104

l OB
145
109
B9
106

108
127
113
89
106

11 0
133
112
104
110

106
106
97
90
101

103
127
109
81
103

103
123
l OB
7B
102

104
114
109
78
103

104
139
110
84
106

STOCKS (e nd of month)
Ga solin e •• • • •• • • ••••• • •• • • •••
Kerosene •••••• • •••• • • • •••• • • •

Distillate fu el oil • • • • • .• . •• •. .• •
Residua l fuel oil• •... . . . • • • • • • . •
Four r efln ed products • ••• • • •••
p-

Prel i mi nary.

SOU RCES , Am eri can Pe tro leum Institut e .
Un it ed Stat es Bu reau of Mines.

Fe de ral Rese rve Bank of Da ll a s.

BU SINESS RE VI EW
5 :196 2

I

91

slightly, with gains registered in both light and heavy
fuel oil inventories. Refined product consumption in
early April declined more than seasonally anticipated.
The gasoline demand advance was less than is usual for
this time of year, and the decrease in light and heavy
fuel oil consumption was more than expected. However, refined product supplies decreased more than seasonally, and inventories of the major products also
declined. Gasoline prices at the refinery level in the
Southwest and Midwest were firm despite the return of
price cutting at the retail level in certain parts of the
country; and on the East Coast, gasoline prices at the
wholesale level weakened.
The Texas industrial production
index declined 3 points during
March to 108 percent of the revised base (1957-59 = 100),
compared with 106 percent a
year earlier. Reduced mining activity reflected special
weakness in crude petroleum production during the
month; in addition, there were modest decreases in
many manufacturing industries. Compared with a year
ago, the mining index for March was 8 percent lower,
but the manufacturing index was 8 percent higher.
Nonagricultural employment in the five southwestern states rose 9,800 during March to 4,479,500
workers - a record for the month and 2 percent above
a year ago. A moderate decline in transportation and
public utilities employment and slight decreases in the
number of mining and government workers were more
than offset by advances in the other sectors, especially in
construction and trade employment. The number of

NONAGRICULTURAL EMPLOYMENT
Five Southwestern States'
Percent change

Mar. 1962 from

Number of persons

Type of employment

March
1962e

February

1962

March
1961r

Feb.
1962

Mar.
1961

4,479,500
780,200
3,699,300
241,400
285,600

4,469,700
776,700
3,693,000
242,100
283,300

4,410,800
762,700
3,648,100
241,000
283,100

0.2
.5
.2
-.3
.8

1.6
2.3
1.4
.2
.9

383,600
1,071,100
224,400
604,500
888,700

389,300
1,06 1,700
223,600
603,800
889,200

391,400
1,064,000
218,600
588,800
861,200

-1.5
.9
.4
.1
- .1

-2.0
.7
2.7
2.7
3.2

Total nonagricultural

wage and sa lary workers ••
Manufacturing . ......... .

Nonmonufacturing . ... .. ..

Mining .• . ....... . ... .
Construction • • ••• •• •.••
Transportation and

public utilities . . ......
Trade ....... . ...... . .
Finance ... ............
Service •. ........ . ....
Government . .. .... . ...
1

Arizona, Louisiana, New Mexico, Oklahoma, and Texas.
Estimated.
Revi sed.

er-

SOURCES , State employment agencies .
Foderal Reservo 8ank of Dallas.

unemployed in Texas in March totaled 176,700 persons and represented 4.9 percent of the civilian labor ·
force, compared with 5.4 percent a month earlier and
5.9 percent in March 1961. The rate of unemployment
was the lowest for the month in recent years.
The value of construction contracts in the five southwestern states continued to increase during February
and reached a $328 million record for the month; gains
were registered in all the major categories. Compared
with February 1961, significant increases in public
works and utilities and residential construction offset a
slight decline in nonresidential building. The total value
of contracts for the first 2 months of 1962 amounted to
$601 million, or 6 percent less than in the comparable
1961 period, as an advance in residential contracts was
offset by declines in nonresidential building and public
works and utilities construction.

INDUSTRIAL PRODUCTIO N
(Seasonally adjusted indexes)

VALU E OF CONSTRUCTI ON CONTRACTS

February

January

Area and type of index

March
1962p

1962

1962

March
1961

TEXAS (1957·59 = 100)
Tota l Industrial production •••••• • •
Manufacturing • . .... . •.. . .. ..
Durable • • ••• • •• • •••• •• •••
Nondurable •••••. • •• ••• • ••
Mining •• • .• • ••••• •• ••• • ••• •
UNITED STATES (1957 = 100)

108
121
117
124
90

111
123
11 8
126
96

108
11 7
108
124
96

106
112
107
117
98

Tota l industria l production •• . •• •••

Manufacturing . . . .... . . . ... ..

Durable • • ••.• • • •• •.• •• •••
Nondurable •••••••••••••••
Mining .................. . . .
Utilities •••••••• • ••.• • ••••.• •

11 6
116
112
122
99
140

115
11 5
111
121
99
138

p - Preliminary.
SOURCES, 80ard of Governors of the Federal Roserve System.
Federal Reserve Bank of Dallas.

BUSINESS REVIEW
10
5:1 962

(In millions of dollars)
January-February

114
11 4
109
121
99
137

103
102
95
112
96
125

February
Area and typo

FIVE SOUTHWESTERN
STATES' ••••• • •••• • •.•. •
Residential building • ••.•. •
Nonresidential building . . . .
Public wo rks a nd utillties • ..

UNITED STATES ••......... .
Residential building • ••....
Nonresidentia l building . ...

Public works a nd utilities •.•

January

1962p

1962

February
1961

274
129
75
70
2,658
1,190
853
6 15

292
11 9
115
58
2,235
870
804
561

328
142
107
79
2,749
1,192
893
664

lArizon a , Louisiana, New Mexico, Ok lahoma, and Texas.

p - Preliminary.
SOURCE, F. W. Dodge Corporation.

1962p

196 1

601
271
181
149
5,396
2,378
1,744
1,274

641
244
206
191
4,7 15
1,842
1,616
1,257

BANK DEB ITS, END-OF-MONTH DEPOSITS
AND ANNUAL RATE OF TURNOVER OF DEPOSITS

CONDITION STATISTICS OF ALL MEMBER BANKS
Eleven t h Federal Reserve District

(Dollar amounts in thousand s)

Debits to demand
deposit accounts I

(In mlllion. of dollars )
Demand deposits l

Percen t
change from

March

Annual ra te ofturnoy or

F.b.
1962

Mar.

March 31,
1962

Mar.

1961

1962

F. b.
1962

196 1

376,533

20

45

$ 153,620

29.2

24.4

22.9

91,860
378,958

14
32

9
8

49,623
180,784

21.5
23.9

18.2
18.0

19.1
22.7

55,554

16

14

38,339

17.5

15.1

16.1

1962

Area

Mar.

ARIZONA
Tucson •••..... •• . . . • $

LO UIS IANA
Monroe .. ... ... .....
Shreveport • . ........

NEW MEXICO
Ro.w.II .............
TEXAS
Abil.n ...............

Mar. 28,
1962

Feb. 28,
1962

5,6 14
2,880
1,030
976
161
1,146
3
572
309

5,588
2,890
984
961
159
1,083
3
657
309

5,098
2,629
917
916
156
1,094
2
524
270

12,691

12,634

11,606

Demo nd d eposits of ba nks . . •..•..... . ...
Other demand deposits.... . . ... ...... ...
Tim e d eposits .•...• • . . .. . .. ..... ...... .

1,29 1
6,936
3,198

1,2 14
7,0 15
3,135

1,222
6,530
2,723

Total d . po.it • • .•• ... . . •..... . . .. ....

Total ca pitol accoun tse .. . ... .. . .. .. . ....

11,425
75
12 1
1,070

11,364
72
126
1,072

10,475
48
107
976

TOTAL LI ABILITIES AN D CAPITAL
ACCOUNTS· .• • ••• .. •••••...•••.••

12,691

12,634

It. m
,ASSETS
loans and discounts ••..... ••. ......... . .
United Stat es Government obligations . ... . .
Oth er securities . •• . .... ..•.• . ....... ...
Reserves with Federal Rese rve Bank ••. . ....
Cash In vault e ..... . .. . . ..• . ..... ..... .
Ba lances with banks in th e Unite d States ....
Ba lances with banks in foreign countries e ... .
Ca sh items in process of collection .•.. .... .
Other asse tse .. • ..... •• .• . ..... .... ....

TOTAL ASSETS . .. ..... . ..... . .......
LIABILITIES AND CAPITAL ACCOUNTS

112,841
233,516
251,616
197,417
213,277
16,912
3,432,7 18
403,134
85 1,823
92,173
3,145,486
34,233
232,618
70,191
54,483
693,274
24,092
94,588
133,037
126,964

4
3
-3
17
8
8
0
19
13
7
17
22
6
15
9
12
12
8
23
18

8
3
7
13
10
7
6
3
5
-5
11
13
12
1
6
5
10
7
16
5

72,381
118,254
160,749
103,908
11 0,556
20,269
1,271,504
182,523
390,521
65,751
1,409,055
23,748
129,523
45,962
48,740
402,322
17,398
63,994
70,782
96,731

18.2
23.8
19.1
22. 1
22.4
10.1
32.3
25.3
26.3
16.7
26.8
16.9
21.1
18.4
13.3
20.8
16.7
18.0
22 .1
15.7

17.3
22.6
19.4
18.6
20.2
9.4
31.8
21.2
23.3
15.8
22.9
13.7
19.2
16.1
12.0
18.6
14.9
16.8
17.6
13.2

18.7
23.4
18.4
20.6
22.0
9.7
34.2
25.2
26.4
18.6
26.0
16.6
21.6
19.6
13.3
21.0
15.0
17.5
20.0
15.0

Tota l-24 citi •• •• • •... • $ 11,3 17,298

10

9

$5,227,037

25.8

23.4

25.6

Amarillo .... .. .. ... .

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

Corpus Christi . •. . .•..

Corsicana . ... .. .....
Dalla ••• •.•.••• . .•. •
EI Pa.o • .....• • • ....
Fort Worth .. ........
Ga lveston ..... . .. . ..
Houston ••••..•• . .. .
Laredo ....... . .. ...

Lubbock ... .. . ......
Port Arthur ••.• . • • • ••
San Ang . lo ••• ..•• ••
San Antonio ... . •.• ..
Texarkana :! •••.. ....

Tyl.r ..... ... ... . ...
Waco . . ............
Wichita Fall •••• • • •.•

Mar. 29,
1961

Borrowlngs e • ••• . . ..... . . . . . . ..... .....

Oth.r Iiablllti ••••..... ... • . . . .......•..

e-

Estimated.

GROSS DEMAND AND TIME DEPOS ITS OF MEMBER BANKS
Eleventh Federa l Reserve District
(Averog •• of daily flgure •. In mlilion. of dollarsl

l De posi ts of individ uals, partnerships, and corpora tions and of stotos and po litica l
SU bdivi sions.

GR OSS DEMAND DEPOSITS

:.! rh ese Agures include on ly two banks in Tex arkana, Tex as. Total debits for all ba nks
in Texarkana, Texas~Arkansas, includi ng on e bank located in the Eighth D istrict ,

Reserve
city bonks

CONDITIO N OF TH E FEDE RAL RESERVE BANK OF DALLAS

Dot.

Total

1960, Ma rch .... .
1961 , March . .. . .

amount.d to $53 ,532 ,000 for tho month of March 1962 .

7,539
7,B46
8,322
8,505
8,584
8,234
8,099

November .
December •.

1962, Ja nuary • ••

(In tho u.a nds of dolla rs )

February •.

March • ••..
Apr. 18,
1962

Ite m
6~tal gold c.rtiflcate re •• rv •• ••••••••••• ••• •
ISCounts for member banks . ...... . ....• • . .
Other discounts and advances • •••. .... • • . . •
U. S. Government securiti es .••...... ••. ..•..
Tota l earning assets • ••• • . ..•. •. ..... . • •...
Member bank reserve d e posits •••• .. ..... . ..
Fe deral Reserve notes in actua l circul at ion ••• ,.

Mar. 14,
1962
603, 142
895
3,65 1
1,155,533
1,160,079
927,980
830,002

676,697
2,125
406
1,073,764
1,076,295
937,042
812,569

bank.

Total

city bank.

Counlry
bank.

3,878
3,969
4,264
4,326
4,405
4,269
4,065

2, 171
2,700
2,806
2,839
2,990
3,107
3,125

1,097
1,376
1,409
1,421
1,508
1,577
1,596

1,074
1,324
1,397
1,4 18
1,482
1,530
1,529

Reserve

Apr. 19,
1961

629,69 1
18,558
3,651
1,173,166
1,195,375
985,828
823,878

3,661
3,877
4,058
4, 179
4,179
3,965
4,034

T1ME DEPOSITS

Country

BUI LD ING PERMITS
VALUATION (Dollar amount. in thou.and.)
Percent change

NUMBE R

Mar. 1962 from
3 months,

Mar.

DAILY AVE RAGE PRODUCTION OF CR UDE OIL

1962p

1962p

March
1961

F.bruary
1962

ELEVENTH DISTRICT. • •• • •.. •
Texas •... .. •.. ...•...•••

Gulf Coa .t • • ...•.• • •.•

2,917.4
2,5 11.1
460.4
1,11 8.0
125.6
104.1
703.0
274.2
132.1
4,4 17.3
7,334.7

3,052.5
2,641.7
487.6
1,199.2
134.6
104.6
7 15.7
275.0
135.8
4,398.4
7,450.9

3,199.0
2,806.8
504.5
1,287.5
157.1
108.8
748.9
262.3
129.9
4,271.8
7,470.8

-4.4
-5.0
-5.6
-6.8
-6.7
- .5
-1.8
- .3
-2.7
.4
-1.6

West Texas ...........

Ea.t Texa. (prop.d •• . . •
Panhand le . . •.... . •• ..

R•• t of Stat...........
Southeastern New M ex ico ••
N or thern Louisiana . ••••.. .

O UTSIDE ELEVENTH DISTRICT
UNITED STATES ........ . ...
p -

February

Preliminary.

3 mos.

1962

1962

806

2,353

8,546

-26

-29

-35

337

873

1,253

3,677

0

-67

-71

170
364
368
328
360
Dalla ..... . . . . 2,258
EI Pa .o •.. . ..•
521
Fort Worth •...
653
Ga lveston •.. . .
256
Houston .• . . .. 1,777
Lubbock •.....
479
Midland .. . . ..
126
Od.ssa .. .. .. .
77
Port Arthu r • .. .
205
San Antonio •.. 1,412
Waco •• • . • .. .
226
124
Wichita Falls. •

438
836
1,028
830
938
5,790
1,382
1,600
690
4,558
930
372
253
461
3,638
622
357

1,822
5,260
8,862
1,760
1,668
21 ,592
4,626
5,465
4,647
24,724
4,342
2,849
550
7 16
5,912
3,190
1,007

6,840
10,2 13
19,052
4,492
5,516
48,084
12, 192
11,052
9,388
89,3 13
10,55 1
4,894
2,4 17
1,493
15,907
4,672
3,544

- 12
107
52
-11
-28
60
1
85
675
4
59
343
-20
70
15
357
-2

SO
81
86
7
-36
-7
-8
13
97
4
-38
175
-47
2
22
-9
-49

95
24
45
25
2
- 18
-43
11
329
69
-26
22
-2 1
-25
22
- 14
-48

Total- 19 citie •.. 10,847

27,949

$102,71 1

$271,843

37

Tucson •• •. . . ..
Percen t change from

March

Mar.

1962

March

1961
-8.8
- 10.5
-8 .8
-13.2
-20.1
-4.3
-6.1
4.5
1.7
3.4
-1.8

LO UISIANA
Shr.v.port • •..
TEXAS
Abll.n . . ......

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

$

2,466

$

SOURCES , American Petro leum In. tit ut•.
Unit ed Sta tes Bureau of Mines.

F.b.
1962

Mar.

1961

1962 from
196 1

ARIZONA

li n thou sands of barrels )

Area

3 mos.

1962

Area

7

Federa l Re •• rve Bank of Dalla ••

BU SI NESS REVIEW

5:1962

11

SPECIAL PAMPHLETS
In 1943 the Board of Governors of the Federal Reserve System published Banking and Monetary Statistics to
make available in one place and on a uniform basis major series relating to banking, monetary, and other financial
developments. The statistics usually covered the period from 1914, when the Federal Reserve System was established,
through December 1941. Recently, the Board has begun to issue a series of pamphlets to bring the most important
series in that volume up to date and to present new series.
Two pamphlets are now available for distribution. The first pamphlet, "Supplement to Banking and Monetary
Statistics - Section 10, Member Bank Reserves and Related Items," can be obtained for 50 cents per COPYi while
the second, "International Finance" (Section 15 of the Supplement), costs 65 cents. Copies of the pamphlets may be
purchased from:

Division of Administrative Services
Board of Governors of the Federal Reserve System
Washington 25, D. c.
or

Research Department
Federal Reserve Bank of Dallas
400 South Akard Street, Dallas 2, Texas