Full text of Review (Federal Reserve Bank of Dallas) : May 1963

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

, business
•
revIew

may 1963

FEDERAL RESERVE
BANK OF DALLAS

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

contents

cattle numbersstill going up? ... .. . . .. ... . .... .. .... ..... .

3

construction drive carefully! . ..... .... . .. . . ... .......... .

1

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

cattle numbersstill going up P
. "The only way to make money on cattle
IS to have some" is an expression sometimes
repeated by cattlemen. Recent trends indicate
that this adage still has great appeal. On the
other hand, too many cattle can result in unprOfitably low prices. Cattle numbers in the five
~Outhwestern states and the Nation have been
mc reaslllg for the past 5 years from the cyclical
.
low point reached in 1957 and, at the beginning
~f ~his year, reached a new high in both areas.
his development and the decline in prices,
particularly of fed cattle, during the past few
months have resulted in some reappraisals of
the near-term prospects for beef cattle. Since
cattle marketings and cattle prices tend to have
an inverse relationship, the size of cattle and
calf inventories and the rates at which numbers
are b'
.
.
emg Illcreased or decreased are quite
Important.
Cattle and calf numbers in the United States
(eXclusive of Alaska and Hawaii) bave risen
14 percent to 103.5 million head since 1958,
~hen the present upswing in inventories began.
n the Southwest, the number of cattle and
~alves has increased 26 percent to a level of
8.1 million. The pace at which U. S. cattle
~umbers have been advancing since 1958 has
i e.e~ more moderate than the rate during the
nltlal 5 years of the 1949-58 cycle. On the
?ther hand, the increase in the cattle population
In .the Southwest has been relatively more rapid,
pnmarily reflecting the somewhat more severe
redUction in herd numbers in the region as a
~es~1t of the drought-related liquidation of cattle
unng the 1953-57 period.
In the Nation, inventories of all cattle and
calves rose around 18.8 million head from the

beginning of 1949 through 1953, compared
with about 12.4 million head since January 1,
1958. In the five southwestern states, the cattle
population showed a net gain of 2.3 million
head during the 5-year period beginning in
1949, which is significantly less than the 3.7
million increase during the past 5 years. About
30 percent of the total expansion in U. S. cattle
and calf numbers since 1958 has occurred in
the Southwest, compared with only about 12
percent during tbe first 5 years in the previous
cycle. Currently, cattle numbers in the five states
account for slightly more than 17 percent of
the U. S. total , a proportion little different
from that just prior to the liquidation of southwestern herds as a result of drought.
Potential beef supplies also have been expanded by a change in the proportion of cattle
which are raised primarily for beef and those
which are kept for milk production. Milk cattle
numbers in the United States have been gradually trending downward from their high point
in 1944. By tbe beginning of 1963, the milk
cattle inventory was 28.8 million head, or 30
percent below two decades earlier. Milk cattle
as a percentage of total cattle numbers had
begun to decline in 1939. At the beginning of
that year, livestock kept for milk comprised
54 percent of the total, but by 1963 this proportion had declined to 28 percent.
The downtrend in milk cattle numbers in
the Southwest has followed national developments, and, at the beginning of this year, only
about 10 percent of the cattle population in
the five states was for milk production. Reductions in the inventory of dairy animals in both
the United States and the Southwest have arisen

business review/may 1963

3,

FIVE S
STAl
Resic
Nonl

Publl
UNITE[
Resic
Nom
Publ
Ar
pNOl
SOL

1

ELEVE~

Texc

G
Vol

Ec
Pc
R.
Soul'
Norl
OUTSI[
UNITEC
p-

SOU

as a result of changing patterns of consumption
and the trend toward greater specialization and
increased usage of capital in farm production.
A gradual shift has occurred in the utilization
of milk, with a greater proportion of the milk
being used for drinking purposes and for manufactured products containing less butterfat and
a lower percentage being consumed as cream
and butter.
The bulk of the small-sized family dairies
which often marketed dairy products in the
form of butter or farm-separated cream have
disappeared. Those remaining in dairying have
boosted herd sizes and, more importantly, have
increased output per cow. Average production
per cow in Texas, for example, increased 55
percent during the past decade, compared with
33 percent in the Nation. However, total outturn of milk has eased slightly in the Southwest,
but that in the Nation has continued to rise.
In 1962, U. S. milk production was at a record
level, despite a decline in milk cow numbers
and the drought conditions in several important
dairying areas. On a per capita basis, milk
production and consumption in the Nation
generally have been decreasing since World
War II.
CATTLE ON FARMS AND
RANCHES, JANUARY 1
UNITED STATES

*

TOTAL CATTLE AND CALVES

80

60

40

20

o
1920
M 48 1101 ...

1
930

SOURCE: U 5.Q.por1m.nl 01 Agr lew
lholf'.

4

4

1940

1950

UNITED STATES*
MILLI ONS OF HEAD

DOL.L.ARS PER
HUNDREDwEIGHT

110

30

100

25

90

20

80

15

70

10

60

5~~.-L-"~ 0 ~-'1~ 0~--~~
IO
19 2~
93~
194 0~--~ 50~L-~ 60 0
19~
19L~
* 48,101 ...

SOURCE: U,S,D,pollm, nl of Ag,lelllll".,

The potential for increased output of beef
is especially evident in the trend in numbers
of beef cows 2 years of age and over. Since
1958, U. S. numbers of this class of livestock
have increased 5.7 million, with about 29 percent of this rise occurring in 1962. Further,
inventories of heifers 1 to 2 years old rose
nearly 8 percent last year. Thus, the size of
the basic breeding herd indicates that the calf
crop will be moderately larger in ] 963 than
it was in 1962.
Although there is little indication that the
current expansion phase in cattle numbers is
coming to an end, increased marketings arising
from the larger-sized basic breeding herds
eventually may be reflected in a softening in
cattle prices unless offset by population growth
and rising per capita disposable income. In a
typical cycle, prices begin to decline before
the peak in inventories is reached. In addition
to the effect of increased cattle marketings upon
prices, the supply of competing meats, such as
pork and poultry, can also have an important
impact.

MILLIONS OF HEAD

100

CATTLE NUMBERS AND PRICES

1960

Consumer preference for beef has been one
of the more favorable aspects in the long-run
outlook for the beef cattle industry, and recent

trends do not suggest that this preference has
Waned. Beef consumption per person has risen
quite sharply, from about 62 pounds in 1952
to around 90 pounds currently. Steadily rising
per capita disposable income also has permitted
the increasing population to exercise its preference for beef. Thus, general business conditions
may affect beef cattle markets significantly. An
Unduly large expansion or a sharp temporary
Surge in beef supplies could be excessive in
terms of population growth, established eating
habits, and family food expenditure patterns.
SUch an occurrence could result in lower meat
prices in order to induce consumers to increase
their purchases of beef.
Throughout the expansion phase of the c.urrent cattle cycle, cattle prices have been fairly
favorable and relatively free of sharp fluctuations until a few months ago. Prices received
by U. S. farmers for a11 beef cattle moved
UPward from an average of $14.90 per hundredweight in 1956, when drought-related
liquidation of herds was quite severe, to $22.60
per hundredweight in ] 959. During the next 2
years, prices eased but averaged well above $20
per hundredweight. Selling prices strengthened
again in 1962 but, in the latter part of the year,
STEER AND COW PRICES
AT SELECTED MARKETS
DoLLARS PER

HUNOAEDWEIOtiT

40

declined quite noticeably. These overall price
trends for beef cattle, however, mask some of
the more extreme variations that have occurred
in prices for certain types of cattle in recent
months.
The largest changes in cattle prices during
the past several months have occurred in the
fat slaughter cattle market; the prices of stocker
and feeder steers and slaughter cows have
shown less pronounced swings, although the
prices for each class have moved somewhat
together. Prices for high-grade slaughter steers
moved up about one-fifth between June and
November 1962. Prices then began to decline
and, by March, had dipped below the June
1962 level.
Recent developments, however, do not suggest that the entire cattle price structure is
about to experience a severe and prolonged
decline or that the expansion in cattle numbers
is being halted. Apart from the changes in
cattle marketings and prices over the span of
the cattle cycle itself, substantial short-run
changes within a cycle can occur in the volume
of beef being produced as a result of the numbers on feed, average marketing weights of
animals, and the pattern of marketings. Thus,
unusual factors associated with the fat cattle
market may be primarily responsible for the
recent price adjustments, and the cattle feeder
(rather than the cattle breeder) has borne the
brunt of the recent price weakness.

CHOICE SLAUGHTER STEERS

20

10

[
UTILITY SLAUGHTER COWS

o L__~__L-~__-L~~~~~~~
1956

1957

1958

SOURCC: U,S,O,porlmenl 01Allrl,,,lIu,..

1959

1960

1961

1962

1
963

The U. S. Department of Agriculture has
attributed the decline in fat cattle prices to
several factors, including a large increase in
steer beef production in the last quarter of
1962 and first quarter of 1963, large supplies
of pork in the first quarter of this year, a
larger output of broilers, prospective further
increases in red meat production, and the usual
lag of retail prices behind wholesale pric:es. A
considerable volume of fat cattle remams to
be marketed, and the supplies may hold down
prices for this kind of cattle for several months.

business review/may 1963

I

S

~ L!----.~~~~~~~

As of April 1 this year, the number of cattle
and calves on feed in 28 key states totaled 8.1
million head, or ] 1 percent above a year earlier.
If cattle feeders carry out their intentions to
market almost half of these cattle during the
second quarter of this year, marketings would
be 7 percent greater than those in the comparable period in 1962. In the four major
feeding states in the Southwest, cattle on feed
on April 1 were 30 percent higher than on
this same date last year.
Despite recent developments in the cattle
market, the present buildup in cattle inventories has been fairly orderly; and if range and
pasture conditions remain favorable, it is likely
that some further increase in herd numbers is
in prospect. Grazing conditions throughout
much of the western ranching country in 1962
were relatively good, and the strong prices for
stockers and feeders encouraged the retention
of heifers to add to the basic breeding herd.
Cattle came through the winter in fairly good
shape, and spring forage conditions in most
western range states are about as favorable as
a year earlier.
The range areas in the southwestern states
are among those sections of the country where
pastures have deteriorated to a somewhat
greater degree and grazing is slightly less favorable than a year ago. The level of prices which
cattle feeders receive for their livestock during
the coming months could have an important influence upon the sales and prices of stocker and
feeder replacements this year. Low or unprofitable feeding margins can reduce the willingness

6

of cattle feeders to bid aggressively for feeder
replacements.
A sharp and widespread drought also could
alter cattle raisers' plans to increase herds
further, although a drought today probably
would have less impact upon the cattle industrY
than a drought of similar intensity would have
had a decade or more ago. The wider dispersion
of breeding herds throughout the country, as
well as the improved range and animal huSbandry practices which have been adopted, haS
made the cattle industry somewhat less susceptible to drought-related liquidation.
A greater proportion of the breeding herds
are located in the southeastern and midwestern
sections of the country .than was the case several
decades ago. In the Eleventh Federal Reserve
District, cattle numbers in counties and parish~s
east of a north-south line running apprOXImately through Dallas, San Antonio, and
Brownsville more than doubled between 1925
and 1959, while inventories in the more westerly sections showed only a 2-percent rise.
These more humid areas to the east accounted
for about 54 percent of the total cattle popu~a­
tion in the District in 1959, compared wltn
about 37 percent in 1925.
The likelihood of larger calf crops fronl
existing herds may induce cattlemen to b~
cautious about retaining excessive numbers 0
heifers to achieve net increases in cow number~
Many stockmen may prefer to cull overage an
less thrifty cows and generally upgrade the quality and productivity of their herds, rather than
concentrate primarily upon increasing numbers.

constructiondrive carefully!
Detour signs and large earth-moving equipll1ent are a common sight throughout the
SOuthwest as cooperating Federal and state
a~thorities push ahead on a multibillion-dollar
hIghway program. This construction activity is
eXpanding and improving the road network in
order to catch up and then keep pace with the
ever-increasing need for adequate, safe, and
economical motor transportation.
Highway congestion is a national problem,
reflecting the inability of the road network to
keep pace with the increase in the number of
automobiles and trucks on the road, as well as
the rise in miles driven per vehicle. In the
Nation, motor vehicle registrations during the
Past decade have increased 50 percent to 79
ll1illion, and the average number of miles each
Vehicle is driven has risen 5 percent.
The problem of highway congestion has been
further intensified by the substantial concentration of population in major metropolitan areas.
Not only has this urbanization resulted in
?reater demands for speeding traffic flow on
Intracity streets and roadways, but, because
of the interdependence of cities and outlying
~reas, the necessity for improved connecting
Inks with all sections of the country has become
1l10re pressing.
h 'f~e southwesterner, in particular, rel!es
eavtly upon motor transportation. Major
~etropolitan centers expanded rapidly after
orId War II, but mass transit facilities have
nOt developed as fully in the Southwest as in
ll1any other sections of the country. Further1l10re, the distances between most major trading
centers, the relatively large geographical size
of the states in the Southwest, and the lack of

nearby railroad facilities in many areas
prompted an early interest in highway construction and maintenance.
A southwestern family without an automobile
is a rarity. There is approximately one motor
vehicle for every two persons in the southwestern states (Arizona, Louisiana, New
Mexico, Oklahoma, and Texas) and the 60percent increase in automobile registrations in
the Southwest since 1952 has outstripped the
gain for the Nation. It is estimated that 72
percent of the southwesterners use private automobiles in going to and from work - a proportion which is virtually the same as on the West
Coast but compares with 64 percent in the
Nation.
The Federal-Aid Highway Act of 1944 laid
the basis for much of the present national system of highways, although a considerable
amount of spadework toward designing such
a network had been done prior to the outbreak
of World War II.
Highway systems are classified as "primary,"
which refers to roads such as those currently
in the National System of Interstate and Defense Highways and other U. S. highways, and
"secondary," comprised of roads that generally
feed into the primary system, such as state
highways and farm-to-market roads . In addition to the road systems established cooperatively by the Federal Government and the states,
county or parish and city roads form an important link in the total transportation net.
An important feature of the 1944 legislation
was the provision for the Interstate Highway
System, which was to be a selective part of the

business review/ may 1963

7

primary system. The roads in the interstate
system were to be limited-access highways
which would span the Nation and would connect
most of the major metropolitan areas. Because
of the size of the southwestern states and their
position along the southern boundary of the
Nation, a considerable portion of the total mileage on the interstate system was allocated to
the Southwest. The feature of the 1944 act
providing for sharing in construction costs of
major interstate roads was designed to accelerate the building of major arteries.
Progress in constructing the Nation's highway system remained unsatisfactory, however,
as usage increased at an even more rapid rate
than had been envisaged in 1944, and Congress
felt that additional stimulus to highway construction was needed. Furthermore, it became
apparent that a major problem was that of
speeding ground transport through and around
major cities, which were growing with startling
rapidity. The Federal Highway Act of 1956 increased further the national share of highway
expenditures and levied additional Federal taxes
on highway users in order to raise necessary
revenues. The need of an adequate road system
for defense purposes was particularly stressed.
Under the 1956 law, the Federal Government
will pay 90 percent of the cost of interstate and
defense highways and continue to match the
states' expenditures for securing rights-of-way
and construction costs for other roads which
are eligible for Federal aid.
Perhaps the most glamorous highways, likely
the most important thoroughfares, and certainly
the most costly roads to construct are those
included in the Interstate and Defense Highway
System. The 41,000 miles of highways included
in the system are expected to cost $41 billion,
and the network is scheduled for completion
by 1973. Considerable mileage of the new system embraces existing interstate highways;
however, substantial improvements and some
realignment of the routes of these highways

are required to meet the standards' outlined
for interstate and defense highways.
Although they will encompass only 1 percent of the to't alnumber of miles of the Nation's
roads, the interstate and defense highways will
handle more than one-fifth of the traffic. It haS
been estimated that one-half of the U. S. population will use these roads daily and two-thirds
of the population will use them weekly. The
roadways win generally have four traffic laneS
but will have as many as eight lanes in metrOpolitan areas. Almost one-half of the cost of
the Interstate and Defense Highway System is
expected to be spent in urban areas, although
only about 15 percent of the mileage will be
located in such areas. The large proportiOn
likely to be spent in urban areas as compared
with other sections reflects the relatively higber
costs of rights-of-way, increased number of
lanes, and the greater preponderance of cloverleaf intersections and similar arrangements designed to alleviate traffic tie-ups as much as
possible.
The renewed emphasis upon construction of
major highways has had a vital impact upoll
the rate of road building in the Southwest. Th~
five states have been allocated 6,706 miles 0
the Interstate and Defense Highway System, or
about 16 percent of the national total. Of t~e
mileage in interstate and defense highwayS III
t"
the Southwest, Texas accounts for 45 percen,
Arizona, 18 percent; New Mexico, 15 percent;
Oklahoma, 12 percent; and Louisiana, 10 percent. Approximately 14 percent of the mileage
ll
allocated to the southwestern states is in ur?a
OIl '
areas - only slightly less than in the Natl
Traffic along the Interstate and Defense
Highway System in the Southwest has mor~
than doubled since 1956. During the past d
years, the number of surfaced miles increase f
6 percent, and the traffic carrying capacl'ty 0
. hthe roads rose measurably. Southwestern hlg
ways with four or more lanes accounted for
only 18 percent of the system in 1956 but,

I
I

I

INTERSTATE HIGHWAY SYSTEM IN FIVE SOUTHWESTERN STATES

r -.. -.. -.. -.. _ _
..

COMPLETED OR IMPROVED
...... MAJOR TOLL ROADS
"10""'","", UNDER CONSTRUCTION
SOURCE: U.S. Department af Commerce.

IOday, account for approximately one-half of
~he total mileage. Especially notable progress
as. been made in constructing costly urban
PrOJects. At the beginning of 1957, only 269
~rban miles of southwestern highways in the
I~terstate system had more than two lanes. At
I e present time, there are more than 700 miles
o~ these highways, most of which are divided
I oroughfares. The proportion of multiple-lane
Urban highways is currently higher in the SouthWest than in the Nation.

11. 1n

addition to the Interstate and Defense
Ighway System, important strides are being
Illade in the Southwest in constructing and imProving the other road systems. The south~~ster~ states have constructed an average of
. miles of other state highways for every
Ill~le completed on the interstate system. The
~Ileage of state roads other than interstate
tghways built since 1958 amounts to approxi~at~ly 20 percent of the total built in the
abon. Thus, the five states have constructed

twice as much mileage in recent years as the
total mileage allocated to them for the interstate system.
Road building is an expensive undertaking,
and expenditures for constructing and maintaining highways in the Southwest are second
only to funds disbursed at the state level on
education. Total highway disbursements by
state authorities during 1962 in the southwestern states exceeded $800 million, with threefourths of this total being spent for construction
and other capital outlays. About $500 million
of these expenditures was for building new
roads.
Costs of building roads are much lower
in the Southwest than in many other parts of
the Nation, and these lower costs and the
factors related to them probably account for
much of the rapidity with which highways are
being completed in the region. In 1962, for
instance, approximate construction costs incurred in Texas were $2 million per mile for

In/,Sines!; review/ may 1963

9

a six-lane divided urban highway, $500,000 for
a mile of four-lane divided highway in the open
country, and $30,000 per mile for a typical
farm-to-market road. The average costs per
mile for similar types of highway in the Nation
were about twice as high. A large part of the
lower costs of highway construction in the
Southwest may be the result of the relatively
flat terrain, somewhat lower overall right-ofway costs, more moderate weather, and
similar factors.
Highway-related taxes amounted to almost
30 percent of state receipts in the Southwest
during 1962. The five states received about
$600 million from state taxes on motor vehicle
fuels and motor vehicle and carrier taxes. In
addition, approximately $300 million was distributed to these states from the Federal Government as its share of the cost of building new
highways. The total revenues from these sources
were slightly higher than the states' expenditures
on highways during 1962. To a large extent,
the southwestern states are making good progress in building and improving their roads on
a pay-as-you-go basis. At the end of 1961
the long-term debt outstand ing arising fro~
highway construction purposes in the five states
HIGHWAY RECEIPTS AND DISBURSEMENTS
FIVE SOUTHWESTERN STATES

196 1

DISBURSEMENTS

lit Do.. nOl lnclt,ld.

Iron.',,,, Irorn lotol 90n,nm.nll or borro. in;,.

SOU RC E: U,S. D.porlm.nT of Cornm' fct .

10

SURFACED URBAN MILEAGE IN
INTERSTATE HIGHWAY SYSTEM

Type of road
Two lanes
Three lanes
One·way streets
Four or more lan ~~:' .
Undivid ed . .
Divided

Dec . 31. 1961
Five
south·
United
w este rn
States
states

=

Dec . 31. 1~
Five
south·
western United
StateS
states

----

221
6
11

1.627
146
66

255
3

2.170
198
42

171
548

1.239
3.321

74
192

1.073
1.49 6

SOURCE : U. S. Department of Commerce.

----

totaled less than $400 million, with Louisiana
and Oklahoma accounting for 83 percent of
the total. Even the debt outstanding in each
of these states, however, was significantly beloW
the national average.
The economic impact of the surge in road
building, which has represented approximately
] 0 percent of all construction outlays in the
Southwest in recent years, is difficult to assess
precisely. Expenditures in the magnitude of
around one-half of a billion dollars annuallY
for the construction and improvement of highways provide a direct and immediate boost to
employment and income. Road-building activity
affects a diverse group of businesses, such as
those producing and supplying cement, gravel,
asphalt, and similar materials, aluminum and
steel, heavy equipment, and even paint. The
additional investments in service stations, roadside eating places, and similar facilities catering
to the motoring public traveling the new roads
will also be quite important.
In addition to the stimulus provided by road
construction, the demands in maintaining the
roads also contribute importantly to emploYment and income. Total employment of the
highway departments in the southwestern stateS
exceeded 32,000 persons in 1962, and most of
these workers were engaged in the multitude of
jobs involved in keeping roads and rights- ofway safe and in good repa ir. Despite the high
st
construction standards which new roads J11u
meet, the need to bolster maintenance activities

will expand as mileages and traffic increase and
the roadways become older.
The economic impact of more efficient roadWays could be considerably more important
than that generated by the construction of the
roads themselves. It is estimated that the savings accruing to the American people as a result
Of. using the improved interstate system alone
will equal the cost of its construction by 1973
:-- the time when the system is supposed to be
In its first full year of operation. The greater
a~cessibility and speed that better roads provide will have the effect of opening up and

broadening markets and industrial opportunities
for businesses and increase the ease and efficiency of motor freight. Shortening the time
required to reach distant points has the effect
of lengthening weekend, holiday, or vacation
periods, thereby encouraging travel that otherwise might not be undertaken. Apart from the
savings in time and transportation costs, the
increased safety of moving the ever-swelling
volume of automotive traffic would be an additional benefit.
D. STULIGROSS
Industrial Economist

JOHN

dist,-ict highlights
. In comparison with prior years, the formahon of new commercial banks during 1962
Proceeded at an advanced pace. At the close
of the year, there were 1,179 banks in the 311
COunties of Arizona, Louisiana, New Mexico,
Oklahoma, and Texas which comprise the
Eleventh Federal Reserve District, reflecting
an increase of 30 banks during the year. With
the population in the District counties exceeding
12 million, there are approximately 10,178 persOns per bank. Eighteen branches and offices
Were added to the District banking facilities,
16 of which are attached to nonmember banks.
During 1960 and 1961, the number of banks
operating in the District increased by 23 and
9, respectively.
A.mong the five states compnsmg the
Eleventh District, Texas led in the establishll1ent of new banking facilities in 1962. The
number of banks in the State reached a total
of 1,045 by advancing 28, compared with increases of 21 and 8 during 1960 and 1961,
reSpectively. The number of offices (primarily

facilities at military reservations) expanded by
12 during the year; nonmember banks added
15 such facilities, while member banks disposed of 3 offices.
Economic activity in the District states continued at a high level in March and April. In
Texas the output of manufacturing firms in
March was maintained at the February rate,
but mining output showed a slight decline. The
seasonally adjusted Texas industrial production
index in March was 113 percent of the 1957-59
base, compared with 114 percent for February
and 109 percent for March 1962.
Easter trade at Eleventh District department
stores this year, measured by sales in the 3
weeks before Easter, rose 10 percent above
the corresponding weeks in 1962. Stimulated
by unseasonably warm spring weather, District
families began their Easter shopping early,
and department store sales in each of the 3
weeks rose successively to new records for an
Easter season. Sales in the week before Easter
were particularly large, rising to 121 percent

business review/may 1963

11

of the 1957-59 average, compared with 112
percent in the corresponding week last year.
Nonagricultural employment in the District
states during March advanced to a record for
the month and reached a level second only to
the all-time high attained in December 1962.
The unemployment rate in Texas during March
showed moderate improvement, decreasing to
5.2 percent of the civilian labor force from
a rate of 5.8 percent in February. Continued
improvement has also occurred in the insured
unemployment situation in Texas. Both the
total number of individuals filing claims and
the number of persons filing initial claims for
benefits were below the comparable year-earlier
levels during almost every week of March and
April.

Prospective 1963 winter wheat production
in the District states has deteriorated sharply
from the output indicated last December. As
of April 1, the crop is placed at 118.7 million
. bushels, or only about 2 percent below the
1962 outturn but almost 29 percent smaller
than was indicated 4 months ago. Rains in the
latter part of 1962 provided a good start for
winter wheat in most areas of the District except north of the Canadian River. However,
the severe January weather thinned wheat
stands in much of the High Plains, and inadequate moisture and high winds during the first
quarter of this year further reduced prospects.
Some wheat-growing sections of the District
received rains during the early part of April, but
much of the important High Plains area stiIl
has insufficient soil moisture.

The Lake Air National Bank of Waco, Waco, Texas, a newly organized
institution located in the territory served by the Head Office of the Federal
Reserve Bank of Dallas, opened for business April 6, 1963, as a member of
the Federal Reserve System. The new member bank has capital of $200,000,
surplus of $150,000, and undivided profits of $100,000. The officers are:
George Nokes, Chairman of the Board; W. A. Lanning, President; W. F.
Landers, Vice President and Cashier; and Curtis Glockzin, Assistant Cashier.

new
member
banks

The Bowie National Bank, Bowie, Texas, a newly organized institution located
in the territory served by the Head Office of the Federal Reserve Bank of Dallas,
opened for business April 15, 1963, as a member of the Federal Reserve System.
The new member bank has capital of $200,000, surplus of $200,000, and undivided profits of $100,000. The officers are: G. L. Griffin, Chairman of the
Board; Speegle Berry, President; and Wm. A. Sell, Vice President and Cashier.
. ~he .Republic National Bank of Houston, Houston, Texas, a newly organized
lDstItutlon located in the territory served by the Houston Branch of the Federal
Reserve Bank of Dallas, opened for business April 15, 1963, as a member of
the Federal Reserve System. The new member bank has capital of $250,000,
surplus of $250,000, and undivided profits of $100,000. The officers are: Hyman
E. Finger, Chairman of the Board; Jerry E. Finger, President; Orlie J. Baker,
Executive Vice President; and Don E. Johnson, Cashier.
The First National Bank of Denton, Denton, Texas, a newly organized
institution located in the territory served by the Head Office of the Federal
Reserve Bank of Dallas, opened for business April 26, 1963, as a member of
the Federal Reserve System. The new member bank has capital of $200,000,
surplus of $100,000, and undivided profits of $100,000. The officers are:
Dorcell Young, President; Joe E. Kimbrough, Senior Vice President and
Cashier; and Robert A. Nichols, Vice President.

]2

STATISTICAL SUPPLEMENT
to the

BUSINESS REVIEW

May 1963

FEDERAL RESERVE BANK
OF DALLAS

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES

RESERVE POSITIONS OF MEMBER BANKS
Eleventh Federa) Reserve Di strict

Eleventh Federal Reserve District

(Averages of daily figures. In 'thousands of dollars)

(In tho usands of dollars )

~

4 weeks end ed

4 weeks en de d

Apr. 3, 1963

Mar. 6, 1963

4 weeks end ed
Apr. 4, 196 ~

585,779
545,696
40,083
581,568
4,211
330
3,88 1

584,163
544,193
39,970
579,76 1
4,402
9,612
-5,210

593,855
554,164
39,69 1
588,124
5,73 1
4,804
927

539,583
427, 101
11 2,482
492,640
46,943
1,732
45,2 11

544,741
432,880
111,861
495,74 1
49,000
1,037
47,963

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

1,125,362
972,797
152,565
1,074,208
51, 154
2,062
49,092

1,128,904
977,073
151,83 1
1,075,502
53,402
10,649
42,753

1;143,342
1,000,138
143,204
1,07 1,620
71,722
5,858
65,864

Item

Apr. 24,
1963

Mar. 20,
1963

Apr. 25,
1962

1,785,882
53,930

1,817,423
50,090

1,727,553
49,429

32,194
59,124

20,274
49,752

30,074
64,425

2, 180
231,457
62,978
2,321

2,081
219,552
88,965
2,433

2,536
177,064
70,372
206

All oth er loans .. .... ............ ......... .

96,085
216,11 5
298,822
869,399

99,734
209,794
289,104
859,763

90,979
168,594
252,708
799,988

Gross loans •••.• . •..•.....•....... . . . ..
Less reserves and unallocated charge-offs . .

3,710,487
69,080

3,708,965
69,035

3,433,928
62,188

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

3,641 ,407

3,639,930

3,371,740

Treasury bills ••.• ••• •.•.••••• . ...•• • • •• •••

149,672
11 0,898

174,697
98,170

111 ,043
73,817

Oth er se curities . •.•... .. •......•.•... ....•

126,639
704,094
510,039
570,668

103,159
690,449
530,422
548,474

272, 123
692,562
421,709
480, 11 8

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

2,172,010

2,145,37 1

2,05 1,372

Cash items in process of collection . ••..••• .•.•
Balanc es with banks in the United States •....• .
Balances with bonk s in foreign countries ..•.• • •
Currency and coin . •..... .•••.•.. ...... .. . •
Reserves with Fe dera l Reserve Bank ... •.•. .. ••
Other a ssets .•• ... .... •• .•.•••••.•...•.•.•

620,479
471,734
5,118
64,100
550,950
226,000

609,800
540,939
4,623
59,128
568,193
224,403

587,914
490,734
2,2 15
60,984
550,192
202,629

7,751,798

7,792,387

7,317,780

Date

Total

Re serve
city banks

Country

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

banks

Total

city banks

Country
banks

3,135,464

3,104,584

3,1 32,033

1961: March .....
1962: March • ••..
October •..

3,308
8 1,238
292,494

5,973
126,634
284,6 12

3,390
81,855
232,706

1,119,742
15,307
5 1,509

1,033,135
13,210
65,708

3,877
4,034
4,170
4,113
4, 180
4,234
4,007
4,05 1

3,969
4,065
4,167
4,257
4,316
4,477
4,347
4,266

2,700
3,125
3,398
3,435
3,497
3,602
3,706
3,783

1,376
1,596
1,688
1,70 1
1,718
1,771
1,8 11
1,854

1,32 4
1,529
1,710
1,73 4
1,779
1,831
1,895
1,929

Banks in foreign countries. .... . .......•...
Certifl e d and offIcers' checkl, etc.• . .••.....

1,020,946
14,853
60,075

7,846
8,099
8,337
8,370
8,496
8,711
8,354
8,317

Total d emand deposits •• • •••.... • .. • • • •

4,608,378

4,708,36 1

4,562,037

1,038,995
863,885

1,027,746
829,964

890,672
666,731

512
6,202
322,751

1,512
6,277
342,532

3,007
6,617
345,806

8,911
2,350

4,762
2,350

5,988
2, 150

Total time and savings d eposits ••........

2,243,606

2, 215, 143

1,920,971

Total de posits • ••••••.. ..•• • •.. •••.•
Bill s payable, rediscounts, etc ... .. ....... .• ..
All oth er lia biliti es ... . .................... .
Co pital accounts ••............•. ..........

6,851,984
124,415
111,925
663,474

6,923,504
104,090
105,542
659,25 1

6,483,008
107,525
98,445
628,802

TOTAL LIA81l1TIES AND CAPITAL ACCO UNTS.

7,751,798

7,792,387

7,3 17,780

Item

RESERVE CITY BANKS
Tota l reserves held .. ..........

ASSETS
Commercial and industrial loans •....• ••...• .•
Agricultural loan s•• •. .... ... ••....•• ... ••.•

loans to brokers and dealers for
purchasing or carrying:

U. S. Government securities .. . ..... . ...... .
Other securities ...... .•• .. ....... . ••••.•
Oth er loans for purcha sing or carrying:
U. S. Government securities •• • ... .. • ..... • •
Other se curities .•... •..... ......... .•...
loan s to domestic comm ercial banks ••• . •.....•
loan s to foreign banks ..• •... ..... •• . • ....•
loans to other financial institutions:
Sales finance, personal Anance, etc ... . .. . .. .
Saving s banks, mtge. cos., ins. co s., etc .. .... .
Real esta te loan s. •... ..••...... ..••.... ...

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

After 1 but within 5 ye ars ..... .... ....... .
After 5 years ............... . ......... ..

LIA81LITIES AND CAPITAL AC COUNTS
Demand dep osits
Individuals, partnerships, and corporations ..•.
Foreign governments and offlcial institutions,
central banks, and internationa l institutions . •

U. S. Government .... . ..... .... ....... . •
States and political subdivisions . ... ... .... .
Banks in the United States, including

mutual savings banks ... ... ..... .... ... .

Time and sa ving s d eposits
Individuals, partnerships, and corporations
Saving s deposits . •.... . . ... ..•... . • ...
Oth er tim e d eposits .... ........... . " ..
Foreign governments and ofAcial institulions,
central banks, and international institutions ..
U. S. Government, including postal savings •••
Stat es and political subdivisions •.. .........
Banks in the United States, including
mutual savings banks••• ••• . . . • . ••.....•
Banks in foreign countries ... .......•......

With Fed eral Rese rve 8ank ....
Currency and coin . ... . . . ... .
Require d reserves .... .........
Exc ess reserves .. .. . ... ... . ...
Borrowings .......... •. . ......
Free reserves .................

COUNTRY BANKS
Total reserves held .. ...•. . . ...
With Federal Reserve Bank ....
Currency and coin . .. ........
Requir ed reserves •...... .. . ...
Excess rese rves . ... ..... ......
Borrowings . .... .. .........•.•
Free reserves . .. ...•.....•..•.

ALL MEMBER BANKS
Total reserves held ... . . ..•. •..
With Fed eral Reserve Bank ... .
Currency and coin . ..•.. . .. ..
Required reserves •• ......... . .
Excess reserves . . ............ .
Borrowing s........... . .... . ..
Free reserves . .............•.•

GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS
Eleventh Federal Reserve District
(Averages of daily figures. In millions of do lla rs )

GROSS DEMAND DEPOSITS

November .•
Decem ber ..

1963: January .••
February .. .
March ••• . •

Reserve

(I n thousands of dolla rs)

Total gold certiAcate reserves ..... ..... .. •..
Discounts for member banks ............... .
Other di scounts and advances ..•......•.. . .
U. S. Governm ent securi ti es . .. .•.•. .. .•....
Total earning a ssets . .•.. . .... . ......•.....
Member bank reserve d ep osits ••• . •.. .. .....
Federal Re serve notes in actual circulat ion ..•..

544,547
53,100
1,710
1,268,252
1,323,062
920,422
886,390

Eleventh Federal Reserve District
(In millions of dollars)
~

---

Mar. 27,
1963

Feb.27,
1963

Mar. 28,
1962

Loans and disco unts • •...•. ... . .....•....
U. S. Government obligations..•......•...
Other securities .. .. . .. ... .•..... . .. . ...
Reserves with Federal Reserve Bank • • ••.. ..
Cash in vault e ••.•..••.... ... ......... .
Balanc es with banks in th e Unite d States ....
Balances with banks in forei gn countries e ....
Ca sh items in proc ess of collection .. •......
Other assetse . • • .. . . . ...... .... ... ... ..

6,204
2,889
1,194
909
174
1,106
6
65 1
375

6,127
2,960
1,1 87
903
173
1, 10 1
5
677
367

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

TOTAL ASSETS- .... .................

13,508

13,500

1,256
7,050
3,815

1,250
7, 104
3,74 1

Total de posits •• .• .•• •• ••• . .•.• .• • . .•
Borrowings e . .. .•.. . .... ..... ....••...•
Other liabilitie se . •.•..••...••• • ... .. ...
Total capital accounts e • .. .•..•...•••....

12, 12 1
90
156
1,141

12,095
104
159
1,142

TOTAL L1A8Il1TIES AND CAPITAL
ACCO UNTSe .•.. • •.. • • ••••••.• . ...

13,508

1
12Q9_

It e m

ASSETS

Mar. 20,
1963
576,541
2,050
1,710
1,256,072
1,259,832
929,765
884,501

Apr. 25,
1962
596,509
7,226
3,65 1
1,172,516
1,1 83,393
938,081
822,340

e -

2

---

CONDITION STATISTICS OF ALL MEMBER BANKS

LIA81L1TIES AND CAPITAL ACCOUNTS

Apr. 24,
1963

-

Demand d eposits of banks . . ....•.•......
Other d emand d e posits...•.. .... '... .....
Time d eposits••... ..•••.•......•.......

CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS

Item

-=

TIME DEPOSITS

Esti mated.

1W:b
1 29 1
6:936
3,198

-

11,425
75
121
1,07 0

--

~

~

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

NONAGRIC ULTURAL EMPLOYMENT
five Southwes te rn Stotes '

(Dollar amounts in thousands)

=

Percont change

deposit

acco unts l

De mand depositsl

chang e from

March
1963

Monroe • • •••• . . •• ..•

Shreveport ••••••••••
New MEXICO
Roswell •• ••••. ••.•••
TeXAS
Abilene • • • ••• • . •••••
Amarillo • • ••••• • .. • •
Austin•.. . • . . . . . ...•

1962

356,503

- 1

87,269
330,447

ARIZONA
Tucson • • •• • . •• .• • • .. $
LO UISIANA

Fe b.
1963

March 31,
1963

-5

13
1

-5
-13

Mar.

1963

Feb.
1963

1962

$ 160,691

26.9

26.9

29.2

57,011
173,422

18.2
21.7

16.6
21.1

21.5
23.9

Mar.

Mar.

52,657

-5

36,041

17.3

16.7

17.5

99,815
226,993
269,045
181,322
200,272
17,571
3,084,540
382,727
784,598
90,756
3, 153,032
35,06 1
240,007
63,269
50,528
710,190
28,732
99,112
125,272
11 6,997

0 -12
0
-3
-8
7
13
- 8
-I
-6
2
4
-6 -10
15
-5
4
-8
14
-2
10
0
9
2
1
3
7 -10
-2
-7
6
2
21
19
12
5
-6
7
- 8
3

72,557
121,516
164,324
107,147
114,579
20,179
1,279,798
192,958
401,8 12
61,99 1
1,490,544
24,925
129,996
40,970
47,008
4 16,579
18,862
69,195
7 1,459
98,544

16.8
22 .3
19.3
20.3
21.0
10.2
29.0
22.7
23.8
17.8
25.4
16.8
21.8
18.4
13.1
20.6
18.5
17.8
20.5
14.2

17.0
2 1.7
21. 1
17.9
21. 1
9.7
30.7
19.8
22.9
15.5
23.3
15.2
20.6
16.6
13.2
19.2
15.5
16.4
18.7
13.6

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

TOlal_24 citi es • ••• .•• •$10,786,7 15

-5

24.1

23.4

25 .8

Beaumont • • • • .••••.•

~or~us Christi ••••.•.•

D~li~~~~~: ::::::::::

~I Paso • • • ••• • • • . . .•
art Worlh •••. .••• .•
Walveston .......... .
l ouston •• • • ••••• . ••

l~bb~~k:::::: :::::

:
~ort Arthur .. . .......
San Angela . .. ......
Tan Anlanlo .........
Teltorkana 2. •.. . . . ..

~~~~::::::::::::::

ichlta Falls •• ...• .•

--

---$5,372,108

February
1963

March

1963e

1962r

Feb.
1963

March
1962

4,667,000
807,000
3,860,000
237,700
309,400

4,638,800
801,200
3,837,600
238,400
299,500

4,559,600
792,600
3,767,000
242,900
302,900

0.6
.7
.6
- .3
3.3

2.4
1.8
2.5
-2.1
2. 1

393,000
1,109,900
234,600
648,500
926,900

393,000
1, 101,200
234,400
647,400
923,700

390,200
1,087,300
225,900
624,500
893,300

.0
.8
.1
.2
.3

.7
2.1
3.9
3.8
3.8

March

Annua l rate
of turnover

Percent

Area

March 1963 from

Number of porsons

Debits to d emand

~ Deposits of individ ual s, partners hips, and corporations and of states and political
II divis ions .
b :! Th ese flgures include o nl y two banks in Texarkana, Texa s. Total debits for all

Type of emplo yme nt
Total nonagricultural
wage and sa lary workers . •
Manufacturing •.... . .... •
Nonmanufacturing • . .. ....
Mining .. • .. •..... .• . .
Construction • . ....•••. .
Transportation and
public utiliti es •• •. . • .•

Trade •• • • • •• . . ••• • •.•
Finance •••.. . ....•.•••
Service • •••••• • . .. . .. .
Governm ent • .••.• . ••.•
1 Ari zona , loui si ana ,
0 - Esti mated.

r -

SOURCES, Stale emp loyme nt agencies.
Federa l Rese rve 8ank of Dallas.

IN DUSTR IAL PRO DUCTION
(Seaso nally odlusted indexes , 1957·59

mounled to $58,415,000 for the month of March 1963 .

1963

March
1962

11 4
129
122
134
95

113r
128r
121
133r
94r

109
123
119
126
91

120
121
121
12 1
105
137

Durab le •• •••• • • ••••••• • ••
Nond urable • ••• • • ••• • •• • .•
Mining • •. .•. •••.... ... ... . .

119
120
119
120
104
138

119
119
119
120
103
136r

117
11 7
117
119
105
129

UNITED STATES
Tota l industria l production •• • .. . . .
Manufacturing •. •.•••••• •.• • ,

p -

r -

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

January

1963

113
129
122
134
92

Tota l industrial production • •••. . .•
Manufacturing •........ .. . . . .

Mining, . , ..... , .... .... ....
Utiliti es • .•.•. • .• . . . .... .. • ••

(Percentage change in retail va lue )

February

TEXAS

Durable •• • •. •• •• • • • •• ••• •
Nondurable • •• . •• ••• ••••••

DEPARTMENT STORE SA L
ES

= 100)

March
1963p

Area and type of Index

I

aonks in Tex arkana, Texas-Arkan sa s, including on e bank located in th e Eighth Di st rict,

New M ox ico, Oklahoma , a nd Tex as.

Revised .

Pre limi nary.
Rovisod.

SOURCES , 80ard of Gove rnors of the Federa l Reserve Syste m.
Fede ra l Reserve Bank of Dallas.

March 1963 from

'"""-------

3 months,
1963 from
1962

February
1963

Area

~Olal

Eloventh District •• •• •••.•
D~;fauS Chrisli ..... . . . . . . . . . . .

~ Pa:~::: : : : : : : : : : : : : : : : : : :
S~USlon • ••• . . • •• . .• •• • . • • ••
Sh n Anlonio •••••• • • • • . .• •• ••
Wre'Veport, la . • . • ••. . • .• .• ..

Olh~~': : """ • • •.•• •••••• •
" "" " "" •
clhes • • •.

March
1962

33
25
30

3

3

3
2

o

-7

3

22

I
8
7
5
8

34
38
50
33
34

BU ILD ING PERM ITS

2

VALUATION (Dolla r amaunls in thousands)

I

7

Percent chang e

6
3
5

Mar. 1963
NUMBER

'--------------------------------------------------------

from
3 months,

Fe b.
1963

Mar.

1963 from
1962

Mar.

3 mos.

Mar.

3 mos.

1963

1963

1963

1963

686

1,81 2

6,909

46

5

-19

261

677

3,167

5,991

79

153

63

130
304
392
280
325
2,275
447
598
165
3,183
224
122
87
131
1,249
227
130

324
800
1,029
74 1
861
6,098
1,1 41
1,526
386
5,926
562
323
226
310
3,357
650
340

1,678
4,585
6,843
1,284
2,8 16
14,007
3,886
3,301
453
58,415
3,525
1,998
700
365
5,7 19
862
1, 174

4,482
11,273
26,701
2,898
6,339
68,892
8,5 11
11,713
2,070
95,828
16,126
4,577
2,382
1,192
15,844
5,841
5, 11 8

3
36
-42
82
48
-61
40
7
-26
217
60
34
- 13
15
33
-8
19

-8
-13
-23
-27
69
-35
-16
-40
-90
136
-19
-30
27
- 49
-3

-34
10
40
-35
15
43
-30
6
-78
7
53
-6
- 1
-20
0
25
44

Tota l- I 9 cities •• 11,216

27,089

$1 17,377

$302,687

24

Area

1962

ARIZONA
Tucson • • •• .. . .

LO UISIANA
Shreve port •..•
TEXAS
Abil ene •• • • •. •
Ama ril lo •• ....

INDEXES Of DEPARTMENT STORE SAL AND STOCKS
ES
Eleventh Fe dera l Reserve District
(1957· 59

= 100)

~~============================================
SALES (Daily average)

STOC KS (End of month)

Sea sonally

:---.. Date
19
62. March . • •• • .•••
October •••.• • •
No'Vember • •.. •

196

Decem ber •• •• •
3, January ••• • •• •
February • •• •••
~rch • •• • ••••
P-

Unadjusted

adjusted

91
102
126
193
83
80
98

106
100
109
III
107
109
113

Seasona ll y

Unadjuste d
115
127
128
103
99
106
117p

adjusted
11 4
113
112
111
11 3
113
116p

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

Da lla s ... . . ...
EI Pa so •. • . ••.
Fort Worth •• .•
Ga lveston .••. .
Houston • ••...

l ubbock • • . •• •
Midland •• ••• .
Od ess a ••••. . .

Port Arthu r • •••
San Antonio ...
Waco .•......

Wichita Falls ••

$

2,599

$

-73

17
14

11

Proliminary.

3

DAILY AVERAGE PRODUCTION OF CRUDE OIL

VALUE OF CONSTRUCTION CONTRACTS

(I n thousands of barre ls)

(In millions of doliars)
January-March

March
1963p
439
188
126
125
3,583
1,642
1,1 46
796

Area and type
FIVE SOUTHWESTERN
STATES' ... .... . ...... . .
Resid ential building .. . ....
Nonresid ential building ... .

Public works a nd utiliti es . ..
UNITED STATES ..... . ......
Res id ential building • .. •• ..
Nonresid ential building ....
Public works and utilities . ..

March
1962

Februa ry

397
171
133
94
2,917
1,215
1,005
698

1963

1963p

=================================
Pe rcent chang e from

March
1963p

1962
Ar ea

1,148
494
353
30 1
9,240
4,100
3,150
1,990

444
169
160
115
3,986
1,552
1,325
1,108

1,044
439
340
265
9,372
3,928
3,063
2,382

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

Gulf Coast • •• .•••• • • .•
West Texa s . .. . . .•... .

East Texa s (proper) ••. •.
Panhandle •• . .••. •.•.•
Rest of State •• .•. . . ..•
Southea stern New Mexico ••
Northern Louisiana .•.. .. ..

OUTSIDE ELEVENTH DISTRICT.
UNITED STATES ..... . ... .. .

Arizona, loui siana, Ne w Mex ico, Oklahoma, and Tex as.
Pro liminary.
NOTE . - De tail s may not add to total s be cau se of rounding ,
SOURCE , F. W . Dodg e Corporation.

1

p -

p -

February

1963p

Ma rch
1962

3,001.2
2,581.2
484.9
1,1 53 .1
11 2.0
105.0
726.2
278.2
141.8
4,456.4
7,457.6

3,013.6
2,597.9
487.8
1,163.3
11 2.7
104.3
729.7
275.3
140.4
4,346.7
7,264 .5

------1963

March
1962

-0.4
- .7
- .6
- .9
- .6
.7
-.5
1.1
1.0
2.5
2.7

0.7
.3
3.6
_ .2
- 13.1
2.3
1.0
1.2
7.8
1.4
1.1

February

2,980.2
2,573.7
468.2
1,155 .1
128.8
102.6
719.0
275.0
131.5
4,396.2
7,376.4

--

Pre lim inary .

SOURCES , Am erica n Petrol e um Institute.
U . S. Bureau of Mines.
Fede ral Rese rve Ba nk of Dallas.

WINTER WHEAT PRODUCTION
(In thousands of bushels)
1963,
indicate d

Average

Area

April 1

1962

1957-61

Arizona • ..• . • .....• . .... ...

Ne w Mexico . .. . .. ... . .... . •.
Oklahoma •• • • •..•• • • • •• • • ••
Texas ...... . .. . .. . •. ... . ...

1,044
968
4,425
68,194
44,076

1,008
720
4,200
71,953
43,696

2,406
866
4,462
96,233
64,329

Total ............. ....... .

118,707

121,577

168,296

Louisiana • • • • • , •..• • •• • •..• •

NATIONAL PETROLEUM ACTIVITY INDICATORS
(Seasonally adiusted indexes, 1957-59

SOURCE , U. S. De partme nt of Agriculture.

= 100)

=

March

Seasonally adjusted index
(1 957-59 = 100)

In million s of cub ic fe et

Fourth

Third

Fourth

quarter

quarter

quarter

Area

1962

1962

1961

1962

1962

1961

l ouisiana ........ ..
Texas ... • ..••.••..

954,500
225,100
243,800
1,527,100

803,700
183,700
215,800
1,422,600

889,800
241,300
239,700
1,524,800

174
120
152
110

160
106
125
108

162
128
149
110

Total ............

2,950,500

2,635,200

2,895,600

129

122

126

N ew M exico . .• . ....

O klahoma .• • • •....

SOURCES , U. S. Bureau of Min es.
Federal Reserve Bank of Dallas.

4

Fourth

Third

Fourth

quarter quarter quarter

March

1963p

1963p

1962

CRUDE OIL RUNS TO REFINERY
STILLS (Daily averag e) . • • •• • ••.• ••• ••
DEMAND (Daily averag e)

MARKETED PRODUCTION OF NATURAL GAS

February

Indicator

104

111

105

109
137
114
92
108

11 2
145
126
107
11 6

109
137
11 2
99
109

105
123
99
87
102

104
112
99
87
100

103
126
108
76
102

Gasoline ••.• . . • .. • • ••. . . . ...... ••• •
Kerosene .•.•.....• . ......... . . . . • .

Dislillate fuel 011 ...... .... ... .. . . . . . .
Residual fuel oil .................... .
Four refln ed products ••.. • . . .... .. .

STOCKS (End of month )
Gasoline .•. . .... .... .... .... . .. ...•
Kerose ne • • • .............••.....•. •
Distillate fu el oil .... . ............... .

Residual fue l oil • •••••• • ••• •••• ••••• •
Four refln ed products •••••......• . •
p -

Pre liminary.

SOURCES , Am e rican Petrole um Institute .
U . S. Bureau of Min es .

Fede ral Reserve Bonk of Dallas.

---

---