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BUSINESS
REVIEW
NOVEMBER 1960
Vol. 45, No. 11

SOUTHWESTERN POPULATION TRENDS
DURING THE 1950'S
The decade from 1950 to 1960 witnessed a southwestern population advance of more than one-fifth, stimulated by substantial
growth and marked changes in the economy of the five southwestern states of Arizona, Louisiana, New Mexico, Oklahoma,
and Texas. In real terms, personal income rose nearly 62 percent,
retail sales increased about 64 percent, and value added by manufacture expanded 65 percent. Probably the most important cause
of these increases was the industrial diversification of the basic
structure of the southwestern economy. This diversification came
in the form of extensive manufacturing developments in the primary metals, chemicals, and electronics industries, coupled with
marked gains in transportation equipment manufacturing and
petroleum refining. The Southwest also developed a strong construction industry, which was important in both housing and
industrial expansion. These changes, however, brought a significant shift in the composition of the southwestern economy and in
its basic responsiveness to the stimulus of rising consumer expenditures. Moreover, with the maturity gained through this industrial
diversification, the Southwest has become more susceptible to the
influences of national economic business cycle trends.
Thus, while the Southwest's capital investment, value added by
manufacture, personal income, and retail sales increased substantially, the important characteristic has been the great changes in
economic structure. For example, a continually smaller share of
total income is being generated in the Southwest by the agricultural sector of the economy, while more income is being derived

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)

PERCENTAGE

large expansion in the region's population during the
decade of the 1950's. The relationship, however, between population growth, expanding employment, and
greater availability of economic opportunities is an extremely complex affair. Increased labor supplies result
from the growth of population, from changes in the
composition of population, and from long-run changes
in habits, technology, and attitudes. High fertility rates
and birth rates and lower death rates, economic and
social mobility, and a greater concentration of people
in urban areas have characterized the record expansion
in southwestern population.

CHANGES IN POPULATION

AR I ZONA

LOUISI AN A

NEW MEXICO

OK LAHOMA

TE X AS

SOUTHWE ST

60

-10

SOURCE: U. S . Bur.e u

of

th.

70

80

Cln, ul.

from nonagricultural wage and salary payments to employees in manufacturing, trade, government, service,
construction, and public utilities activities. A large investment is being made in the development of southwestern human resources for the upgrading and changing of productive skills and capabilities to meet the
rapidly shifting requirements of new, complex, and
technologically oriented industries. Simultaneously, a
larger portion of both corporate and public funds is
being invested in product research and development
and in the promotion of managerial skills, which are
very important to the continued expansion of southwestern manufacturing industries, especially petrochemicals, electronics, and instruments.
With the expansion in the size, productivity, and
diversity of the southwestern labor force, personal income has risen, and consumer and industrial markets
have been greatly enlarged and broadened. Consequently, a tendency has developed to locate a larger
amount, and a wider variety of types, of marketoriented productive capacity in or near the metropolitan centers of the Southwest. These growing markets
have been enhanced to the extent that the southwestern
industrial structure has been heavily weighted with industries in which the returns to labor and capital are
high and of an increasing nature. Greater efficiency in
utilizing the region's resources and capital has helped
sustain progress in the expansion and elaboration of
markets.
These economic trends have contributed to rising
standards of living in the Southwest, which supported a
BUSINESS REVIEW

2

11 :1960

Between 1950 and 1960, the total popUlation of the
five southwestern states increased 23 percent by rising
from 14,058 ,835 to 17,258,301, compared with a 19percent gain in the Nation's population. There has been
a great degree of variability among the five southwestern states as to each state's rate of population growth
relative to the regional or national experience, as well
as with respect to the importance and size of the basic
factors causing the population changes. The description and analysis of these distinguishing differences, and
their causes, and the characteristics of the population
trends observed in the five southwestern states over the
past 10-year period will be discussed in this article.
With the exception of Oklahoma, the rate of population growth in each District state and in the Southwest
was considerably greater than in the Nation. Texas is
now the fifth largest state in terms of population; and,
of the six largest states in the Nation, only secondranking California had a higher rate of population

STATE POPULATION AS PERCENTAGE
OF SOUTHWESTERN TOTAL
1960

SO U RCE: U,S, B ur ea u

of

t ho

CU t u s.

any area's population during a period can be attributed
to natural factors and net migration.

growth than Texas. Arizona and New Mexico, both
with considerably smaller populations than Texas, also
had very rapid rates of population increase during the
1950's, ranking as the third and seventh most rapidly
growing states in the Nation, respectively. Moreover,
Oklahoma shifted from a net loss of population in the
1940's to a small gain in the 1950's.
This rapid population growth in the southwestern
states has resulted in the concentration of a greater
proportion of the Nation's population in the region.
The Southwest accounted for 9.22 percent of the Nation's population in 1940 and 9.26 percent in 1950,
but its share moved up rapidly to 9.59 percent by 1960.
Clearly, the decade of the 1950's showed greater relative improvement for the Southwest, as its rate of population growth was about one-filth higher than the
national rate.,
Factors in Population Change

Natural factors accounted for almost all of the total
increase in southwestern population during the 1950's.
Total live births in the decade reached 4.4 million, or
one-fourth greater than during the 1940's, while deaths
rose only one-tenth to 1.3 million. Total births, therefore, exceeded deaths by 3.1 million, or 31 percent
more than the record established during the 1940's.
The salient feature of population growth in the
southwestern states over the past 10 years has been the
great increase in the number of births and the gradually
declining death rate. The relatively young age of the
population, the favorable economic environment, and
the rising number of marriages were the principal
factors causing the higher rate of births. The declining death rate can be attributed to improved medical
care, though some offset may have occurred from the
in-migration of elderly people, particularly in Arizona.
There has been a large rise in the number of persons of
less than 25 years of age, and the number of persons
over 45 years old in the Southwest has increased. However, the number in the 25-45 age group has not grown
nearly as rapidly, reflecting the adverse economic and
social impact of the 1930's on marriages and birth
rates.

One of the two major factors affecting the growth or
decline of any area's population during a given period
is the net change by natural forces. The prevailing
birth rate - which, in turn, is influenced by the fertility
rates and the number of women of childbearing age in
the population _ provides the positive element in the
equation. The opposing element is the rate of deaths.
Among the five southwestern states, population
The number of births compared with the number of
changes from natural factors varied considerably. The
deaths during the given period yields the net increase
largest percentage increases between the 1940's and the
Or decrease in the total population attributable to nat1950's in both births and deaths occurred in Arizona,
?ral factors. The second major factor causing .ch.anges
probably reflecting the divergent trends of its populaIn an area's population is net migration. This IS the
difference between the number of persons coming into tion age; the number of very young adults and elderly
persons both increased very rapidly. New Mexico also
~n area and the number of persons leaving an are~ durshowed a strong gain in births but a very minor increase
lllg a stipulated time period. All changes in the SIze of
FACTORS IN POPULATION CHANGE, 1950-60 AND 1940-50

Five Southwestern Stotes and United States
(In thousand.,
N et migration l

Excess of births over d eaths

Deaths

Bi rths

Percent

Porcent

1940·50

change

1950·60p 1940·50

TOTAL CHANGE
Pe rcent
chango

Perc ent

1950· 60p

1940·50

increase

Area

1950·60p

1940·50

Percent
chang e

~rizona •• •• •• ••

173
710
195
540
1,893

71
24
38
-4
27

81
262
58
206
687

61
236
57
197
624

34
11
1
5
10

215
615
212
310
1,714

112
474
138
343
1,269

92
30
54
-9
35

323
-64
51
-240
63

138
-155
11
-446
28

135
-59
364
-46
125

539
550
263
70
1,777

250
320
149
-103
1,296

116
76
77
25
37

eX es ••• • ••• ••

296
877
270
5 16
2,401

TOTAL ........
UNITED STATES

4,360
40,523

3,511
3 2,294

24
25

1,294
15,509

1,175
14,265

10
9

3,066
25,015

2,336
18,029

31
39

133
3,131

-424
999

24
213

3,199
28,146

1,9 12
19,028

67
47

NOuis iana ••••• ••
w Mexico •. ..
T lahoma ......

o'k

1950·60p

1940·50

increase 1950·60p

Includes both inters tate and inte rnational migration.
P - Preliminary.

1

NOTE . _

.

Detail do es not necessarily add to total change be cause of rounding.

SOURCE'S : United States Bureau of the Ce nsus .
United Stotos Dopartme nt of Health, Education, and Welfare .

BUSINESS REVIEWI
11 :1960

31

in deaths. The difference between Arizona and New
Mexico in relative death rates was probably due to the
attractiveness of Arizona as a place for retirement.
Oklahoma was the only southwestern state to experience an actual decline in the number of births between the two decades. This loss may have been the
result of the out-migration of some of the State's
younger people. With a small increase in deaths, Oklahoma, therefore, showed a slower rate of gain in population from natural causes.
The Southwest's economy has been making substantial progress in creating greater economic opportunities,
enabling a larger number of people to live in this region.
Demographic information relating to net migration is
one indication of this economic progress. During the
1940's, over 601,000 persons left the Southwest, while
177 ,000 persons moved into the region. On balance,
there was a net outflow of 424,000 persons from the
Southwest. This situation was reversed during the
1950's, with net in-migration amounting to over
133,000 persons.
The net migration pattern was also markedly different among the various southwestern states. On the
favorable, or in-migration, side of the picture, Arizona
and New Mexico showed the greatest advances, followed by Texas. However, even in Oklahoma and
Louisiana, where out-migration continued, the rate was
noticeably lower than in the decade of the 1940's. In
fact, in both of these states, the rate of out-migration
in the 1950's was about one-half the rate in the previous decade.
Favorable economic conditions in the Southwest are
reflected in the relatively high in-migration rates, especially for young adults and their families. These persons
are especially attracted by the availability of good em-

ployment opportunities in urban areas and have helped
to swell the rapid population growth of these areas. In
contrast, there have been continuing declines in the
southwestern rural popUlation.
Net in-migration represents a relatively small, but
extremely important, segment of the total increase in
the southwestern population. There are a number of
significant differences between a population expansion
due to natural forces and one arising from net in-migration, especially if the latter comprises a large proportion
of young, highly mobile, and highly skilled adults. In
the first place, children generally represent a rather
heavy set of long-term liabilities to their families and to
the society in which they are born and reared. Children
must be supported with the economic resources of the
family and society for relatively long periods of time
before they are capable of productive activity to sustain
themselves or others.
On the other hand, it is generally expected that adults
will be economically self-sustaining. Net in-migration,
therefore, can perhaps be considered something of an
economic windfall. This statement is especially true if
the area that is gaining population can make better use
of the incoming persons' talents and capabilities than
did the areas from which they came and if, on balance,
the incoming persons' capabilities and potentials are
higher or better than the ones possessed by those inhabitants of the gaining area who may be simultaneously
migrating.
It would be well to note at this point that the complete reports of the 1960 Census of Population are not
yet available. In particular, the information concerning
the age, sex, and composition of the population will be
furnished in future reports and is likely to show additional important trends in southwestern population
developments.

URBAN AND RURAL POPULATION, 1960 AND 1950

Five Southwestern States
URBAN POPULATION
Places with p:>pulotion of:

50,000 and above

1,000·50,000

---------Percent
Are a

1960p

1950

change

146,134
486,463
233
782,873
870,793 -10
251,904
55
390,237
771,860
16
896,489
Oklahoma . .
2,927,724 2,080,917
41
Texas .... .
--------33
TOTAL. .. 5,483,786 4,121,608
Arizona ... .
louisiana .. .
New Me xico

1960p

643,582
152,267
903,124
1,050,844
198,711
96,815
639,697
461,001
4,323,619 2,868,161

-----6,856,453 4,481,368

Proliminary .
SOU'RCE : United States Bureau of the Census.
p -

I

BUSINESS REVIEW

11: 1960

1950

TOTAL URBAN POPULATION

Percent
increa se

323
16
105
39
51
53

1960p

1950

298,401
1,130,045
1,833,717 1,773,917
348,719
588,948
1,536,186 1,232,861
7,251,343 4,949,078

- - - - -12,340,239 8,602,976

Perc ent
increas e

279
3
69
25
47
43

TOTAL RURAL POPULATION
1960p

1950

Percent
change

158,388
451,186 -65
1,400,142
909,599
54
355,033
332,468
7
767,222 1,000,490 -23
2,237,277 2,762,116 -19

-----4,918,062 5,455,859

-10

TOTAL POPULATION
Percent

1960p
1,288,433
3,233,859
943,981
2,303,408
9,488,620

1950

increase

749,587
2,683,516
681,187
2,233,351
7,7 11,194

72
21
39
3
23

17,258,301 14,058,835

23

Location of Population

NUMBER OF INCORPORATED PLACES OF 1,000 INHABITANTS
OR MORE, 1960 AND 1950

The 1960 census data reveal a significant continuing shift in the location of population within the SouthWest. During the past decade, there was a decline of
one-tenth in the number of persons living in southwestern rural areas. Fifty-six percent of the 441 counties in
the five southwestern states lost population. The remaining counties gained population, and 35 southwestern counties showed increases of 50 percent and over.
DUring the 1950's, there was a continuing migration to
the cities by the younger, better-educated, and more
mobile portions of the rural population in order to ?~­
tain employment in expanding nonagricultural actIvIties. Agricultural productivity has been increase~ so
greatly through mechanization and larger farm SIzes
that employment possibilities in agriculture have decreased. Consequently, fewer children have been born
and reared in 'the rural areas and small country towns of
the Southwest.

Five Southwestern States

Trends observed in rural population changes in Louisiana and New Mexico moved against the over~all
~outhwestern pattern. In Louisiana the r~ral po~:>ulatIOn
lllcreased 54 percent, while the populatIOn of illcorporated places of 1,000 or more persons rose only 3 percent between 1950 and 1960. Undoubtedly, some
movement from the rural areas of Louisiana to its larger
cities has taken place, as well as some growth of population in the suburbs. It is thought, however, tha.t .the~·e
has been a minimum of annexation by larger CItIes ill
Louisiana and that perhaps a greater portion of the
State'S industrial gL'OWth has occurred in the rur~l areas.
Moreover, manufacturing employment expanSIOn ~as
peen much slower in Louisiana, partially reflect~g
the inability of technically intensive n~anufacturillg
activities to utilize the unskilled rural mIgrant.
New Mexico also had an increase (7 percent) in the
number of people living in rural areas, but the very large
gain in total population probably means that the ~ub­
Urban areas near the cities have expanded more rapIdly
than the corporate limits. In contrast, Arizona reported
a decline of 65 percent in rural populati?n,. largel~ ?ecause of the extension of incorporated limIts of CItIes.
Texas and Oklahoma showed decreases in rural po~ula­
tion amounting to around 20 percent each. Out-mIgration from farms and enlarged corporate areas have been
major factors in both of these states.
The rural population of the five southwestern states
has declined considerably over the past two decades,
While the growth of the urban population has been ex-

Places with population of:

1,0005,000
Area

5,00010,000

10,00020.000

20,00040.000

40,000
and above

Total

1960p 1950 1960p 1950 1960p1950 1960p1950 1960p1950 1960p1950
9
22
10
24
81

4
19
5
16
55

1
8
2
11
42

2
7
8
10
23

0
5
2
7
16

2
5
1
3
25

2 46
36
4 154 129
1 51
40
2 175 153
20 521 449

135 146

29
24
103
90
28
25
Oklahoma .. . . 118 109
Texas .. ..... . 349 290

99

64

50

30

36

29 947

9
20
9
28
69

Ari zona . . ... .

Loui si ana . •.•.
New Mexico ...

TOTAL .... , 627 538

807

Preliminary.
SOURCE , United States Bureau of the Cen, us.
p -

ceptionally large. The urban population of the five
southwestern states increased 43 percent during the
1950's to reach 12.3 million, which is 72 percent of the
total southwestern population. Only about 28 percent
of the Southwest's 1960 population lived in rural areas;
32 percent lived in cities with 1,000 to 50,000 inhabitants, and 40 percent lived in cities having populations
of 50,000 and above. In contrast, almost 40 percent
of the 1950 population of the southwestern states lived
in rural areas, while the remainder was equally split between cities having 1,000 to 50,000 inhabitants and
those with populations of 50,000 and above.
There has been a major expansion of population over
the past decade in the 23 standard metropolitan areas
of the Soutllwest. These areas showed an increase of
43 percent in total population, and 52 percent of the
total southwestern population lived in these areas in
POPULATI ON, BY STANDARD METROPOLITAN STATISTICAL
AREAS, 1960 AND 1950

Five Southwestern States
Incrca se
Area and stote

Houston, Texas •.•..•. ....•.•
Dallas, Texa s . . .......... . ..
New Orleans, louisiana . ... ...

San Antonio, Texas . .........
Phoenix, Arizona . ...........
Fort Worth, Texas . . .........
Oklahoma City, Oklahoma ....
Tulsa, Oklahoma . . ... .... . ..
EI Paso, Texas . . ......... ...
Beaumont· Port Arthur, Texas ...
Shreveport, louisiana . .. . .. . .
Tucson, Arizona . ............
Albuquerque, New Mexico . . ..
Baton Roug e, louisiana . ......
Corpus Christi, Texas .... .....
Austin, Texas . ... . ... . .... . .
lubbock, Texas . ........ . ...
Ama ri llo, Texas .............
Waco, Texas . ............ . .
Galveston, Texa s... .........
Wichita Falls, Texas . .. . .....
loredo, Texas ... .. ...... ···
Son Ang elo, Texas.... . . . . . ..

1960p

1950

Numb er

Percen t

806,701
743,501
685,405
500,460
331,770
392,643
392,439
327,900
194,968
235,650
216,686
141, 2 16
145,673
158,236
165,471
160,980
101,04 8
87,140
130,194
113,066
105,309
56,141
58,929

428,167
330,072
174,BOO
182,802
320,262
175,841
110, 268
86,217
115,72 2
68,544
63,546
120,923
114,645
70,657
53,531
50,312
54,437
61,293
18,14 2
25,130
24,557
8,706
4,4B6

53
44
26
37
97
45
28
26
59
29
29
86
79
45
32
31
54
70
14
22
23
16
8

6,251,526

2,663,060

1,234,868
1,073,573
860,205
683,262
652,032
56B,484
502,707
414,117
310,690
304,194
280,232
262,139
260,31 B
228,B93
219,002
211,292
155,485
148,433
148,336
138,196
129,B66
64,B47
63,415

TOTAl-23 AREAS . . . ... . . 8,914,586

43

Preliminary.
SOURCE, United States Bureau of the Census .

p _

BUS I NESS REVIEWI
11: 1960

1960. This latter figure contrasts with a 45-percent
share in 1950, demonstrating the rapid concentration
of population in urban areas during the 1950's.
Foremost in the population changes among the
Southwest's standard metropolitan areas have been
those in Houston and Dallas, Texas, and Phoenix,
Arizona, each of which gained more than 300,000 in
population during the decade. Concentrations of new
industry (notably chemicals, aircraft, and metalworking) and a vital, dynamic citizenry can account for the
fact that these three areas provided more than one-third
of the population gain experienced in the entire fivestate area. A second tier of standard metropolitan areas
- including San Antonio, Fort Worth, and EI Paso,
Texas; New Orleans, Louisiana; Tucson, Arizona; Albuquerque, New Mexico; and Oklahoma City, Oklahoma - showed population advances of more than
100,000 each between 1950 and 1960. These seven
metropolitan areas accounted for 995,000, or 31 percent, of the Southwest's popUlation growth in the decade of the 1950's. Placing all of the metropolitan areas
together, one can see that these 23 areas provided 83
percent of the southwestern popUlation increase, despite
the fact that the rates of growth of a few metropolitan
areas were substantially below the average for the entire Southwest.

The concentration of population in urban areas and,
particularly, standard metropolitan areas is the net result of the gain in industrial concentration and the
transference of a portion of the rural population from
farming areas to the urban complexes. It is especially
noteworthy that the number of cities containing 10,000
or more inhabitants advanced from 123 in 1950 to 185
in 1960.
Summary

Perhaps more than anything else, this review of population change, factors, and location re-emphasizes the
importance of diversifying, broadening, and strengthening the basic economic structure of the Southwest.
Where job opportunities exist, the young and more productive segment of the population will remain, and
others will be attracted. Thus, the challenge to the
Southwest, as to every section of the Nation, is the
maintenance of sound, sustainable growth, highlighted
by continuous expansion in the fundamental industries,
to create employment opportunities, increase productive capacity, and enhance the purchasing power of its
citizens.
BERNARD Goss
Industrial Economist

NEW MEMBER BANKS
The Security National Bank of Roswell, Roswell, New Mexico, a newly organized institution located in the
territory served by the EI Paso Branch of the Federal Reserve Bank of Dallas, opened for business October 3, 1960,
as a member of the Federal Reserve System. The new member bank has capital of $500,000, surplus of $500,000,
and undivided profits of $250,000. The officers are: Ross l. Malone, Chairman of the Board; Wm. A. Hutcheson,
President; R. R. Drobel, Vice President; and Kenneth G. Cox, Ca~hier.
The Southern National Bank of Houston, Houston, Texas, a newly organized institution located in the territory
served by the Houston Branch of the Federal Reserve Bank of Dallas, opened for business October 19, 1960, as a
member of the Federal Reserve System. The new member bank has capital of $800,000, surplus of $800,000, and
undivided profits of $400,000. The officers are: Palmer Bradley, Chairman of the Board; Winston C. Baber,
President; A. Harrel Blackshear, Vice President; H. M. Crosswell, Jr., Vice President; Carl Detering, Vice President;
Marvin Peterson, Cashier; Ford Hubbard, Jr., Assistant Vice President; and Bedford F. Hunter, Comptroller.

I

BUSINESS REVIEW

16

11: 1960

BUSINESS

REVIEW '

BUSINESS, AGRICULTURAL, AND FINANCIAL CONDITIONS

Construction contracts awarded
in the Eleventh District states
during August increased over
the previous month and were 7
percent above a year ago.
Residential awards accounted for all of the monthto-month gain.
Nonagricultural employment in the District states
rose somewhat during September. Unemployment in
Texas continoed to decline to 171,700, which is 4.7
percent of the nonfarm labor force. The Texas industrial production index during the month remained
at the August level of 174. Total manufacturing was
unchanged, as lower nondurables output offset
higher durables production. September mining
activity increased on a month-to-month basis.
Department store sales in the District during September declined more than seasonally from August
but equaled the year-earlier level. Soft goods sales
Were generally lower than in September 1959, while
sales of some types of consumer durable goods improved. New car registrations in the District's four
most populous areas in September were less than in
Department store sales in the
Eleventh Federal Reserve District during September were 7
percent lower than in August and
1 percent below September 1959.
Most of the decline from August resulted from the fact
that September had two less trading days. The seasonally
adjusted sales index, which makes allowances for differences in trading days, was 166 percent of the 1947-49
average in September, down from 167 in Septem~er
last year and the 169 recorded in August. Cumulative
sales for the first 9 months of 1960 were 1 percent below
the comparable period in 1959.
Wearing apparel sales at the District'S department
stores were relatively weak as compared with last September. Year-to-year declines of 9 percent or more
Were recorded in sales of major groupS of women's and

either the preceding month or the same month last
year.
. Widespread rains during October damaged crops
In some areas but boosted prospects for small grains
and pastures. Indicated production of cotton and
grain sorghums in the District states remains above
last year's outturns. Cash receipts from farm marketings during the first 8 months of 1960 were less
than in the same period in 1959.
Significant reductions in crude runs to District and
national refinery stills and increased crude oil imports slowed the liquidation of crude oil stocks. Crude
oil production in the District remained steady during
September and early October, and drilling activity
continued substantially below a year ago.
District weekly reporting member banks showed
diverse trends in the 4 weeks ended October 19·
loans and time deposits expanded, while investment~
and demand deposits contracted. Reserve positions
eased moderately for all the District's member banks
but a marked increase in borrowings caused free re~
serves to decline.
DEPARTMENT STORE SALES
(Percentage cha nge in retoil va luo)
Sept e mb~r

1960 from
9 months,

August
1960

Area

September
19 59

1960 from
1959

Total Eleventh District •• • •••.•.

-7

- 1

-1

Corpus Christi ..... . . .. ... .. . .

-16

-9

-5

-5
-4

-11

-13
-4

Dallas ••• • •• .•••. •·••·•· ··· •
EI Pa so • •••.•. ·· ·•·· • •···• · •

Fort Worth •.. .. .. ...• · •·· · · ·

Houston • •••.. ••..••..• .. • • •
San Antonio •• . .•.••...••• .•.

Shrove port, La .......•.......

Waco • •.•.. · · . . · ·. · ··.·· .
Otherelties .......• . . · · · ··· .
o

-

2

-7

-5

- 10

-5
-7

-6
-9
- 9

- 1
2

3

-9

2

o

-3
-3
-6
2

misses' wearing apparel, while men's clothing sales
were down 3 percent. Trends were mixed in the consumer durable goods. Sales of radios, television sets
and musical equipment were 4 percent higher than i~
September 1959, and floor covering sales rose 2 perBUSINESS REVIEWI
11 :1960

significantly boosted wheat and oat prospects, and the
condition of small grains in the Plains areas' is the best
in many years.

INDEXES OF DEPARTMENT STORE SALES AND STOCKS
Eleventh Federal Reserve District
(1947 ·49

= 100),
STOCKS (End of month)

SALES (Daily average)
Una diuste d

Date

Seasonally
adjusted

Unadjusted

Seasonally
odjusted

160
156
165
159

167
175
169
166

192
180
192r
197p

181r
190
192r
186p

1959, September. • . .
1960, July. . . . . . . . . .
August........
Se ptember. . . •
r-

Revised.
Preliminary,

p -

cent. On the other hand, sales of major household appliances were 7 percent less than a year ago.
September registrations of new cars in the four major
market areas in the District were 17 percent lower than
in the previous month and 9 percent below September
1959. A sharp year-to-year gain was recorded in the
Dallas area, but registrations in Fort Worth, Houston,
and San Antonio were well under the year-earlier level.
Cumulative registrations in the four areas through the
end of September were 5 percent below those in the
same 9 months in 1959.
Widely scattered rains during
October delayed harvesting of
cotton, grain sorghums, and peanuts in late areas . Extremely
heavy downpours occurred in
many sections of the High Plains, the Edwards Plateau
area, and south Texas. In some instances, hail and high
winds caused damage to maturing crops and resulted
in washing of fields. On the other hand, precipitation
CROP PRODUCTION
(In thousands of bushe ls)
TEXAS

FIVE SOUTHWESTERN STATES'

1960,

1960,
Average

estimated

Crop

Oct. 1

1959

1949-58

Oct. 1

1959

Cotton 2•••••••• •
Corn ...... ... . .

4,350
30,555
87,728
28,730
8,572
198
12,927
2B3,520
1,160
2,077
213,125
2,547
1,320
40,000

4,416
42,728
59,850
26,473
5,752
190
13,136
277,666
357
2,340
206,635
2,562
1,495
32,000

4,072
41,318
36,751
28,388
3,045
236
13,050
133,416
655
l,B46
185,392
1,591
1,337
31,970

6,435
55,241
214,090
42,716
35,1 15
1,322
25,980
318,447
1,185
6,364
358,925
6,2B6
4,784
95,500

6,327
72, 139
157,687
42,764
29,598
1,188
26,046
311,098
435
6,463
351,435
5,565
6,615
66,400

es timated

Winter wheat. ...

Oats ...........
Barley . •.•.....
Rye ............
Ric e ' ... .. " ....

Sorg hum grain .. .
Flaxseed • • . •.. .

Hay·' ...........
Peanuts' ........
Irish potatoes G •

• •

~;c~e~s~~t~:~~~~. :
1

Ari zona, Louisiana , N ew Mexico, Oklahoma, and Tex as.

t:! In thou sand s of bal es .
3 In thousand s of bag s containing
tl

100 pounds e ach.

In thou sands of tons.

I)

In thou sands of pounds.

o In thousands of hundredwe ight.
SOURCE , United States Department of Agriculture.

I

BUSINESS

REVIEW

11: 1960

Av erage

1949-5 8
6,072
69,317
107,189
43,937
16,278
968
25,356
154,380
821
5,349
288,687
3,708
6,341
69,827

Despite delays, fairly good progress has been made
in harvesting the District's cotton crop. Only a small
amount of cotton remains to be gathered in southcentral, upper coastal, and Blacklands areas of Texas;
and picking is increasing fairly rapidly in the Southern
Low Plains. In the Southern High Plains and the TransPecos of Texas and in the irrigated sections of Arizona
and New Mexico, much of the crop remains to be harvested. Cotton production in the District states, as of
October 1, is placed at 6,435,000 bales, or 1 percent
below a month earlier but 2 percent above a year ago.
The Texas crop is estimated at 4,350,000 bales, or 1
percent smaller than in 1959.
Grain sorghums are maturing slowly in the High
Plains as a result of cool, damp weather, but the volume
of the crop combined is about the same as for this time
last year. Total output of grain sorghums in the District
is indicated, as of October 1, to be 318,447,000
bushels, or 2 percent above last year's crop and more
than double the outturn in the 1949-58 period. Most
of the corn crop has been picked, and only a small
amount of rice remains to be harvested. Corn output is
sharply below that of last year, but rice production is
expected to show little change. The outturn of peanuts
may be slightly above a year ago.
Work in commercial vegetable areas was halted from
time to time during the month as a result of wet fields.
Seeding of onions is active in south Texas, and planting of cauliflower, cabbage, and other winter vegetables
is under way in the Lower Valley. In the High Plains,
movement of carrots and lettuce to market also was
interrupted by poor weather. Picking of oranges and
grapefruit is active in the Lower Valley. In Texas, indicated output of oranges, at 3 million boxes, is 11 percent larger than last year's crop; and grapefruit production, at 6.7 million boxes, is 29 percent greater than a
year ago.
Pasture and livestock conditions are generally good
throughout most of the District. Mid-October rains
were especially beneficial in the Edwards Plateau,
Southern High Plains, and Trans-Pecos areas of Texas,
where moisture was insufficient during the late summer.
Stockmen are culling herds and marketing calves, and
cattle are moving into the High Plains to pasture on
wheat.

Cash receipts from farm marketings in the District states for the first 8 months of 1960 totaled
$1 ,982 million, or 4 percent under the same period
of 1959. All of the decline was accounted for by livestock and livestock products receipts, which were down
9 percent, since receipts from crops were 2 percent
higher.
During the 4 weeks ended October 19, the weekly reporting
member banks in the Eleventh
i~' "~! FINAN
~;
,
Ii } '
:
\~:~. <{/ ..~
-A/ District experienced a moderate
•, ••"• "~:,, ..,••••••
• •
,,' + .....................
.""."
increase in loans and declines in
investments and deposits. The net effect of these developments was an expansion in cash accounts and a
decrease in total assets.
'...."·'~"""'i""".'J,• •"""'''''''''''''''''',.•
•
l l;. f-'1 1'. ".·~ {• ..../ Jf.
lfi
~'\•
I

Gross loans (excluding interbank loans) of the
weekly reporting banks showed a gain of $10.5 million
during the 4 weeks as a result of a substantial growth
in commercial and industrial loans, partially offset by
a decrease in loans to brokers and dealers. During the
comparable period a year earlier, gross loans declined
$12 million, largely because of decreased loans to nonbank financial institutions.
Investment accounts of the weekly reporting banks
were reduced $20.4 million during the period. Holdings
of United States Government securities declined almost
$30 million, with the decrease centered in Treasury
bills and Treasury notes and bonds maturing after 1
but within 5 years. Non-Government investments expanded $9.3 million.
Total deposits declined $16.7 million, as a decrease
in demand deposits more than offset the rise in time deposits. Reductions in deposits of states and political
subdivisions and interbank deposits accounted for most
of the contraction in demand deposits. The expansion
ill time deposits was largely accounted for by increased
deposits of individuals, partnerships, and corporations.

CONDITION STATISTICS OF WEEKLY REPORTING
MEMBER BANKS IN LEADING CITIES
Eleventh Federal Reserve District
(In thousands of dolla rs )
Oct. 19,
1960

Se pt. 14,
1960

Oct. 21,
1959

1,547,007
33,384

1,4 98,297
31,730

1,508,147
33,428

3,274
2 1,681

25,274
20,283

743
12,288

8,793
174,751

10,607
176,672

12,622
188,584

98,410
12 2,368
505
26,131
206,2 11
753,250

107,185
123,106
326
10 6,773
204,319
761,306

128,527
119,039
138
51,150
2 11, 236
715,111

Gross loans ...... .. ........... .. . ...... 2,995,765
55,208

3,065,878
55,305

2,981,013
50,299

Net loans ........ .. . . ..... .. . . . " . . . . . . 2,940,557

3,010,573

2,930,714

54,987
30,821

77,540
33,163

113,091
45,658

109,537
777, 271
323,281
356,169

93,457
816,615
304,817
346,832

36,625
8 18,457
312,545
345,154

Total investments. • . . • • • • • • • . . . . . . . . . . . . . 1,652,066

1,672,424

1,671,530

519,291
564,765
2,179
52,4 31
518,510
196,827

530,120
528,762
2,2 14
53,592
527,073
172,216

492,356
467,544
2,218
50,500
547,269
188,087

TOTAL ASSETS •••• •..• . .... ····· · •. . ·.· 6,446,626

6,496,97 4

6,350,218

178,949
States and political subdivisions . •... .. .. . .•
Banks In the United States . ..... ... .... . . . . 1,050,52 1
21,505
Banks in for eign countries ••.. .. .. • ........
45,461
Certifl e d and ofncen' checks, e tc .. .. . .•....

2,954,616
76,891
207,724
1,080,205
15,786
45,920

2,973,959
210,460
168,391
972,420
15,965
71,922

Total demand deposits . • . • . . . . . . . . . . . .. 4,322,394

4,381,1 42

4,413,117

Time d e posits
Individuals, partnerships, and corporations ••• • 1,154,083
9,913
Unit e d States Gove rnm ent •.•• ••• . • .• • ••• •
39 4
Postal savings • •• • .• . ••.•.•• • •• . ..... .••
226,525
Sta tes and political subdivisions • ••. •..... ••
10,395
Ban ks in th e U. S. and for eign countries •. • ••.

1,118,565
9,845
394
222,577
7,790

1,053,581
6,255
421
169,510
7,453

Total time d e posits. • • •....• . •. .. .. .••. 1,401,310

1,359,171

1,2 37,220

Total deposits. • . • • . . . . . . . • . . . . . . . . . 5,723,704

5,740,313
109,844
86,057
560,760

5,650,337
76,822
87,019
536,040

6,496,974

6,350,218

Item
ASSETS
Comm e rcial and Industrial loans • •• • •• • •.• • •••

Agricultural loans • •• ...... . .•• • • • ...•.•• • • •
loans t~ brokers and deal ers for purchasing or
carr Ying :
U. S. Gove rnm e nt securiti es . • •.• •• ••• • .•.••

Othe r securities • • •...•.••• • ....... ••••••
Othe r loans for purchasing or carry ing:
U. S. Gove rnm e nt securities • • •.......•. •. • •

Other securities • .. . . .• .• ••• .•.•.•. • .• • .•
loons to nonbank flnancial institutions:

Soles Ananc e, p ersonal financ e, e tc ......... .

Savings banks, mtg e. cos., ins. cos., etc ••••. ..
Loans to foreign banks •••• •••••• • • ••• •. . . ..
loans to domestic comm ercial bonks • •• •.. ... . .

Re al -estate loons •••• • • ••• ••. • •• • • • ........

All other loans •. • . • •• • ..• • • •• •.. • . . . .. . ...
Loss rese rveS and unallocate d cha rg e-offs.. .

Treasury bills ........ ... .......... ... .... .
Tre asury certificates af Ind e btedn ess •. •.. . • . •.
Tre asury notes and U. S. Gove rnment b ond s,
including gua ranteed obligations, maturing :

Within 1 year .......... . .............. .
After 1 but within 5 yea rs • • •... . . . ... . . . .
After 5 years ••• • ...••• . • .•••••.. ... .. ..
Other securities ••• •• •• • •••....... . .. . .•. • .

Cash ite ms in process of colle ction •...... .... .
Balance s with banks in th e Unit e d Stotcs . .. . . . .
Balances with banks in for eign countries •.. •. . .
Currency and coin ••..•• ••• ••. . . • . ...... . ..
Rese rve s with Fod eral Reserve Bank ••.• . . ... ..
Other a ssets ••• •• •...• • ••...•.... . . .... . . .

LIABILITIES AND CAPITAL ACCOUNTS
De mand d e posits
Individuals, partnerships, and corporations ..• . 2,953,850
72,108
United States Gove rnm ent •. • . • • • •..... .. .

Bills pa yabl e, re discounts, e tc. . • • • . . . • • . . • . . .

50,169

All other liabilities . • • . . • • • • . . . . . . • . • . . . • . • .
Capital accounts. • • • • • • . • . . . . . • . . • . . . . . . . .

109,4 47
563,306

TOTAL LIABIlITIES AND CAPITAL ACCOUNTS 6,446,626

Reserve positions of District member banks improved moderately during the 4 weeks ended October
CONDITION OF THE FEDERAL RESERVE BANK OF DALLAS
(In thousonds of dollars)

Item

T~ go Id corh'ncate rese rv es •••••..........
0'
O':h~~~~ for memb er banks • • • • • •. • ••••••••

U S

ISCOU:1 h

and advanc es •• • •. • . • .•.•. •

T~ta'l ~:)Y ~ rnm e nt securiti es • • •.•••... . • , ., ..
M
arnlng assots • • •••• • • ••• • •.• • •• • • • ••
F mb e r bank reSerVe d e posits • • ••. • • •. . • . ..

'd

e eral Reserve note s in actual circu lation • ••••

Oct. 19,
1960

Se pt. 14,
1960

Oct. 21,
1959

647,121
10,419
1,276
1,079,017
1,090,712
902,644
817,069

663,623
12,763
116
1,071,036
1,083,915
904,803
81<2,601

701,895
24,235
296
1,052,293
1;076,824
950,849
803,509

=

5. However, as a result of increased borrowings, free
reserves declined. The recent increase in excess reserves
was centered at country banks, and both reserve city
banks and country banks expanded their borrowings.
Consequently, country banks showed a gain in average
free reserves, while reserve city banks had net borrowed reserves. Compared with a year earlier, total reserves at all member banks were somewhat higher,
required reserves and borrowings were noticeably
BUSINESS REVIEW
11 :1960

I

lower, and excess reserves and free reserves showed
marked advances. The greatest year-to-year improvement in reserve positions occurred at country banks.
Total earning assets of the Federal Reserve Bank of
Dallas increased $6.8 million between September 14
and October 19. This increase resulted from an
expansion of about $8.0 million in holdings of Government securities, partially offset by a reduction of
$2.3 million in discounts for member banks and other
discounts and advances. Federal Reserve notes in circulation rose $4.5 million in the 4-week period and
were approximately $13.6 million above a year ago.
Gold certificate reserves declined $16.5 million in the
4 weeks and were $54.8 million less than a year earlier.
NEW PAR BANKS
The Southside State Bank, Tyler, 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, October 1,
1960. The officers are: Murph Wilson, President; B. G.
Hartley, Executive Vice President; W. B. lee, Vice President and Cashier; Mrs. Elizabeth Penn, Assistant Cashier; and Edmund Serur, Assistant Cashier.
The First State Bank of Shallowater, Shallowater,
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, October 8, 1960. The officers are: Richard S.
Blackmore, President; Howard G. Preston, Vice President (Inactive); and W. Garland Thornton, Jr., Cashier.
The First State Bank of Tuscola, Tuscola, 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 October 17, 1960. The
officers are : Doyle W. Taylor, President; Robert Sayles,
Executive Vice President and Cashier; Mrs. Allie Mae
Marshall, Assistant Cashier; and Mrs. Tennie B. Graham,
Assistant Cashier.
The Dilley State Bank, Dilley, Texas, an insured nonmember bank located in the territory served by the San
Antonio Branch of the Federal Reserve Bank of Dallas,
was added to the Par list on October 19, 1960. The
officers are: F. J . Avant, President; J. R. Avant, Vice
President; Edwin Newsom, Cashier; and Maede" Epperson, Assistant Cashier.
The First State Bank, Riesel, 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 October 21, 1960. The officers are:
Z. A. Booth, Jr., President; R. O. Klatt, Vice President;
and Miss Bennie M. Warner, Cashier.

I

BUSINESS REVIEW
11 :1960

RESERVE POSlllONS OF MEMBER BANKS
Eleventh Federal Reserve District
(Ave rog os of daily flgures . In thou sand s of dollars)

Ite m

.4 w ee ks end ed
Oct. 5. 1960

5 we eks end ed

Month of

Se pt. 7. 1960

Se pt. 1959

550,574
541,010
9,564
546,005
4,569

550,0 86
546,065
4,021
542,B73
7.213

549,249

RESERVE CITY BAN KS
Total rese rves held . . •... . .. . .
With Fe deral Reserve Bank .. .

Cash allowe d as reserv es . . . .
Require d rese rves . . .. .. ... . . .

Excess rese rves . . ..... . ..... .
Borrowings •• •• .•......•..••.
Free rese rves• . ........... . ..

COUNTRY BANKS
Totol rese rv es held . ..... .. .. .
With Federal Re se rv e Bonk . .•

Cash allowe d a s rese rve s . .. .
Re quired reserves .. .... . .... .
Excess res erves . . . . . ........ .
Borrowing s. ..... .• .. .. .. •• ..
Free rese rves• .. .. •...... .. ..

ALL MEMBER BANKS
Total reserves held . .... .. .. . .
With Federal Rese rve Bank .. .
Cash allowed as rese rves. .. .
Required rese rve s . .•.........
Excess rese rves .. . •..... ... . .
Borrowings • ........... .. .. . .
Free reserves ••.... .. . ......•

B,OOO

o

-3,431

7,213

451,93B
422,923
29,015
392,765
59,173
13,176
45,997

446,639
430,3 24
16,315
394,217
52,422
12.647
39,775

1.002,512
963,933
3B,579
93B,770
63,742
21,176
42,566

996,725
976,3B9
20.336
937.090
59,635
12,647
46,988

545,675
3,574
22,143
- 1 B,569
444,B 20
405,34B
39,472
21,B6B
17,604
994,069
951,023
43,046
44,011
-965

NOTE. RegUlation s permitting me mber bank s to count port of their vault cash
in meoting reserve require ments become effective in Dece mbe r 1959, and on January 1,
1960, the rese rve computation period for country me mbe r bonk s wa s chang ed to a
biwee kly ba sis. Th e refore, monthly data comparabl e to ye ar ~ earli o r material are not
available .

Eleventh District crude oil production totaled 2,825,200 barrels daily during September, or
about the same as a month
earlier but 2 percent lower than
a year ago. Crude oil output in the Nation was virtually
unchanged from both August 1960 and September
1959. During early October, crude oil production declined less in the Nation than in the District, reflecting
a slight output advance in the nonprorating states, and
both national and District averages were lower than
a year ago.
At best, a very moderate increase is expected in District crude oil production during November. Louisiana
has retained the same depth-bracket allowables for the
fifth consecutive month; however, production during
November probably will increase 8,000 barrels daily
because of the build-up from new well completions. The
Texas Railroad Commission has continued the 8-day
allowable schedule for the State. However, in southeastern New Mexico, crude oil allowab1es have been
increased for the first time since May, and November
production should advance around 5,000 barrels per
day.
District drilling activity generally declined during
September, and all barometers were substantially lower
than in September 1959. Total well completions decreased 4 percent, and total footage drilled declined

INDUSTRIAL PRODUCTION

one-twelfth. Only the number of rotary rigs active in
the District advanced.
Daily average crude runs to refinery stills declined
5 p~rcent in the District and 4 percent in the Nation
durmg early October, but District crude runs remained
significantly higher than a year ago. Total crude oil
supplies available were enhanced by a 9-percent increase in crude oil imports during the 5 weeks ended
October 14, and crude oil stocks of District origin on
October 15 totaled 109,124,000 barrels, or slightly
higher than a month earlier but 11 percent below a year
earlier. Similarly, national crude oil stocks advanced
and were significantly lower than a year ago.

(Seasonal ly adju.ted Indexes, 1947-49
September

TEXAS
Total industrial production .•..
Total manufactures •••.•• .•.
Durable manufactures ..... ..
Nondurable manufactures....

Mining .................. .

UNITED STATES
Total industrial production .•..
Total manufactures •.•.. . ...
Durabl e manufactures .. . .. ..
Nondurable manufactures •. . .

Mining .•....... . ....... . .

Utilltl e' ........ ___ ... . ....

The index of Texas industrial production during
September remained at the August level of 174 but was
4 points above the September 1959 figure. Total ma11Ufacturing output was unchanged from August to September but was considerably above a year ago. Durable
goods manufacturing increased because of greater
activity in transportation equipment, fabricated metal

August

1960

July
1960

September

1960p

Area and typo of Index

174
2 19
252
203
132

174
219
250
204
130

174r
219
249r
206
130r

170
2 10
249
192
131

162
161
166
160
126
294

165
163
169
16 2
128
291

166
165
172
163
128r
291

157r
156r
158
159r
119r
272r

1959

p
Pre liminary.
r - Revised.
SOURCESI Board of Governors of the Fedoral Resorve System
.
Fedoral Rese rve Bank of Dallas.

Although expected to show a moderate seasonal gain,
the demand for the four major petroleum products did
not vary significantly during the 5 weeks ended October
14 and was 3'percent less than a year ago. Stocks of the
four products increased about 4 percent during early
October but were the same as the year-earlier level.
Gasoline demand decreased 6 percent during the 5
weeks, and gasoline stocks in mid-October were Ullchanged at a level 5 percent greater than a year earlier.
The demand for kerosene remained strong and was almost one-fifth more than in the comparable period last
year. Distillate fuel oil demand increased slightly more
than seasonally but was one-tenth lower than at the
same time in 1959. Abnormally mild weather conditions thus far have retarded increased purchasing of
heating oils.
The total value of construction
contracts awarded in the District
states during August increased 4
percent from the preceding
month and was 7 percent above
a year ago. The month-to-month gain of 17 percent in
residential awards offset a minor decline in "all other"
awards. The cumulative value of contracts awarded in
the District states in the first 8 months of this year
amounted to about $2.7 billion, which is 4 percent
lower than for the same period in 1959. The decrease
was centered in residential awards (down 19 percent).

= 100)

NONAGRICULTURAL EMPLOYMENT
Five Southwestern Stotes'
Percent change

~_-:--N_u_mb_e_r_ol..:.p_er_,a_n'_ _ _ Sept. 1960 from

Type 01 em ployment

September
1960e

Total nonagricultural
wage and sal ary workers ••

4,433,300
784,000
Nonmanufacturlng . .. . .... 3,649,300
244,900
Mining .............. .
319,300
Construction . ... . ......
Manufacturing . ..........

August
1960

September
1959r

Aug.
1960

Sept.
1959

4,416,700
784,900
3,631,800
247,500
322,300

4,378,800
783,100
3,595,700
253,500
320,400

0.4
-.1
.5
-1.1
-.9

1.2
.1
1.5
-3.4
-.4

405,400
1,095,600
202,700
547,400
810,900

409,300
1,075,700
195,200
533,400
808,200

.3
.0
-.5
-.2
2.9

-.6
1.9
3.4
2.4
3.2

Transportation and public

406,800
utiliti es . ............
Trade ............ . . · . 1,096,000
201,800
Finance ... .. .. ...• ... .
546,300
Service •. .............
834,200
Government . ..... . ... .
1

Arizo~a, Lou isiana, New M ex ico, O klahoma, and Texas.

er -

Estimated.
Revised.

SO URCES , State e mployme nt ag encie •.
Federa l Roserve 8ank 01 Dallas.

products, and electrical machinery industries. However,
nondurable goods output declined during September as
the manufacture of chemical, textile mill, paper, apparel, and leather products was reduced. September
mining activity rose from August.
Nonagricultural employment in the five southwestern
states increased somewhat in September to 4,433 300
which is slightly abov~ a year ago. Nonmanufact~ing
employment rose fractIOnally from August, while manufacturing employment decreased. Among the principal
nonmanufacturing sectors, government and transportation and public utilities employment increased over
August.
Unemployment in Texas declined during August to
171,700, or 4.7 percent of the nonfarm labor force.
Between the last 2 weeks of September and the first 2
weeks of October, insured unemployment decreased almost 12 percent, indicating continued improvement in
the Texas employment picture.
BUSINESS REVIEW'
11 :1960

11

I

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

CONDITION STATISTICS Of ALL MEMBER BANKS

(Dollar amounts in thousands I

(In millions of dollars)'

Eleventh Federa( Reserve District

Debits to demand

Area

Aug. Sept.
1960 1959

Sept. Aug. Sept.
1960 1960 1959

Sept. 30,
1960
$ 121,846

22.4

21.0

20.2

48,840
178,083

19.9
21.8

19.9
21.0

17.8
19.0

29,179

18.0

17.9

15.2

63,768
114,871
139,691
95,970
104,890
18,577
1,164,005
160,476
366,804
59,107
1,272,147
21,254
109,298
42,160
46,332
372,202
16,963
57,176
68,736
95,833

17.9
22.6
16.8
19.0
21.6
12.0
29.3
24.1
25.2
15.8
24.4
15.1
20.4
17.5
14.2
19.7
16.4
17.5
18.7
13.8

18.6
23.0
18.8
20.0
23.3
10.4
30.2
25.1
24.8
18.4
25.0
14.6
20.4
18.5
14.3
20.9
17.2
18.7
19.1
15.0

19.1
23 .3
16.6
19.6
21.0
10.3
27.4
23.8
24.8
17.5
25. 1
14.5
20.4
17.2
15.1
18.4
16.4
17.6
20.6
14.2

$4,768,208

24.0

24.2

-3

loan s and discounts .. ...................
United States Governm ent obligations .. . ...
Other se curities ....... ..... ............
Rese rves with Federal Reserve Bank .•. ... ..
Cosh in vaulte •.. . •. .... ... . .... ..... ..
Balance s with bonks in the United States .. ..
Balances with banks in foreign countries e ....
Cash items in process of collection ....•.. ..
Other assets e .••.................... ...

4,944
2,426
821
908
153
1,047
2
520
283

4,934
2,445
818
918
150
970
2
490
371

4,731
2,468
839
891
146
1,032
3
569
295

11,104

11,098

10,974

1,172
6,393
2,332

1,061
6,336
2,305

1,130
6,645
2,113

Other liobilities e ... .. ...... .. ... . ... . ..

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

9,897
99
146
962

9,702
306
130
960

9,888
72
96
918

TOTAL LIABILITIES AN 0 CAPITAL
ACCOUNTSe .... . ..........•......

.11 ,104

11,098

10,974
,- - -

2

ASSETS

23.0

•••••••••

Total-24 cities ........ $9,329,289

Sept. 30,
1959

Item

Annual rate ofturnover

ARIZONA
5
6
Tucson .............. $ 228,548
LOUISIANA
82,630
-2
Monroe ..
7
327,063
4
8
Shreveport •.........
NEW MEXICO
43,461
15
Roswell •••••..•••.••
TEXAS
96,577
- 1
-5
Abilene •••........ ..
2 13,430
-3
-6
Amarillo ..... .......
200,965 -11
0
Austin . .............
151,807
-5
-6
Beaumont ••..••...••
192,426
-8
-2
Corpus Christi ...... ..
16
8
Corsicana .•. • .......
18,607
-3
9
Dallas .....•........ 2,797,623
325,781
-6
-2
EI Paso .............
772,201
-1
Fort Worth .... .... ..
1
78,117 -15 - 17
Galveston .... .. .....
2,548,256
-3
0
Houston ••. ••••.••••
26,932
3
Loredo .............
3
182,972
2
0
Lubbock •......•....
61,568
-4
1
Port Arthur ..........
55,410
-5
-2
Son Angelo .•.......
602,073
-5
0
San Antonio .........
22,919
-3
9
Texarkana ' .........
82,821
-6
-6
Tyler .••............
107,268
-1
-7
Waco ... . .. ........
109,83 4 -10 -10
Wichita Falls .... ....
o •

Aug. 31,
1960

Demond dopositsl

Percent
chango from

September
1960

Sept. 28,
1960

TOTAL ASSETse .••.. .......... ......

deposit accounts 1

LIABILITIES AND CAPITAL ACCOUNTS
De mond deposits of bonks •..............

Other demand deposits .•................
Time deposits .... ..... ... .......... . ...

Total deposits ..•... , ...... " ... .....
Borrowlng se . .. . ................... . ...

e-

Estimated.

GROSS DEMAND AND TIME DEPOSITS Of MEMBER BANKS
Eleventh federal Reserve District
(Ave rages of doily Agures. In millions of dolla rs l

1 Deposits of individual s, partne rsh ips, and corporations and of stotes and political
subdivisions.

Th ese figures include only two bonks in Texarkana, Tex as. Total de bits for all banks
in Texarkana, Texa s-Arkan sas, including on e bank located in the Eighth Di strict ,

GROSS DEMAND DEPOSITS

:l

amounted to $52 .062 ,000 for the month of September 1960.

1958, September.
1959, September.
1960, May ..•. ..

VALUE Of CONSTRUCTION CONTRACTS AWARDED

June . . .•..

(In thousands of dollarsl

Jul y ......
August ....
Januar y-Augus t

Area and type

August
1960

FIVE SOUTHWESTERN
STATES' . ..........

342,465
132,709
209,756
All other .•. .. ......
UNITED STATES .•..... 3,295,217
Residential ......... 1,432,682
All other .•......... 1,862,535
Re si dential .........

1

July
1960

318,949
163,960
154,989
3,083,649
1,551,224
1,532,425

Septemb er.

1959

1960

Area

1960'

ELEVENTH DISTRICT. .......

2,825.2
2,461.3
447.6
1,082.6
123.9
108.0
699.2
253 .3
110.6
4,034. 1
6,859.3

2,805.7
2,439.9
447.7
1,071.4
122. 1
108.1
690.6
254.5
111.3
4,031.8
6,837.5

SOU'RCES,

1

BUSINESS REVIEW
11: 1960

Sept. 1960

September

August

Septembe r

1959'

1960

1959

2,89 1.1
2,517.2
469.3
1,126.6
136.9
108.2
676.2
245.3
128.6
3,965.5
6;856.6

0.7
.9
.0
1.0
1.5
-.1
1.2
-.5
-.6
.1
.3

-2.3
-2.2
-4.6
-4.0
-9.5
-.2
3.4
3.3
-14.0
1.7
.0

Sept.
1960

9 mos.

1960

from

Se pt.
1960

9 mos.

1960

Aug. Sept.
1960 1959

9 months,

1960 from
1959

875

7,889

$ 2,708

$ 29,254

397

4, 166

2,580

20,532

50

35

-7

346
334
275
379
54
2,2 14
515
77 1
159
1,218
216
228
1,340
236
171

1,508
2,926
2,653
2,722
536
19,552
5,242
6,010
1,198
11,126
2,099
1,686
10,766
2,163
2,205

3,968
2,0 69
2,925
1,692
1,014
10,942
4.727
4,456
688
32,414
2,236
1,222
7,037
1,032
1,103

17,359
26,8 15
34,522
13,396
9,215
107,686
36,255
36,857
5,513
230,862
30,754
8,506
47,116
12,977
21,418

257
-32
- 14
-49
<\
-2 6
22
81
239
22
-34
127
-8
-13
-5 1

101
9
-60
16
-33
-16
-39
37
173
94
-27
31
5
14
32

-24
-7
-2 5
-13
-45
-21
-29
-19
67
45
-32
3
-4
5
85

Total-17 cities •• 9,728

84,447

$82,8 13 $689,0 37

3

11

-2

Tucson •.• .....

Estimate d from American Petroleum Institute weekly reports.

!! United States Bureau of Mines .

12

948
1,026
1,084
1,093
1,080
1,137
1,147

Percent change

ARIZONA

Change from

August
1960'

September

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

1,166
1,087
1,094
1,098
1,104
1,1 43
1,170

VALUATION (Dollor amounts in thousandsl

LOUISIANA

Southeaste rn New Mexico ..
Northern louisiana •.......

2,114
2,113
2,178
2,191
2,184
2,280
2,317

Country
banks

BUILDING PERMITS

Area

(In thousands of borrelsl

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

3,849
3,858
3,741
3,747
3,649
3,761
3,763

NUMBER

DAILY AVERAGE PRODUCTION Of CRUDE OIL

East Texos (p roper) .....
Panhandle ............
Rest of State ..........

3,792
3,921
3,623
3,726
3,772
3,745
3,814

2,671,592 2,792,279
1,077,038 1,3 21,59 1
1,594,554 1,470,688
24,399,201 25,573,909
10,347,310 12,1 15,843
14,051 ,89 1 13,458,066

SOURCE, F. W. Dodge Corporation.

Gulf Coost •. .. .....•..

7,641
7,779
7,364
7,473
7,421
7,506
7,577

Reserve
city banks

Total

1959

Arizona, Louisiana, New M ex ico, Oklahoma, and Texas.

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

Total

TIME DEPOSITS

Country
banks

August

328,180
113,859
214,32 1
3,552,846
1,321,620
2,231,226

Dote

Rese rve
city bonks

Shreve port ....

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

Dallas ..... ...
EI Pa so .... . ..
Fort Worth ....
Galveston ..••.
Houston ...•..

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

Wichita Falls ..

-3 1 -45

0