The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
business • rev.em october 1963 fEDERAL RESERVE BANK OF. DALILAS This publication has been digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) contents the coin situation: review and appraisal .. . . . , ... . . . . . . . ..... . . . 3 district highlights .... ..... . .. ... . ...... . ... , 11 the eoin situation: ,-eviem and appraisal The Nation's coinage requirements have been increasing steadily over the past few years, but, unfortunately, coin production at the mints has not kept pace with the demand. From a total of $1.8 billion in 1953, the amount of coin in circulation advanced to approximately $2.7 billion in 1962, reflecting an increase of more than 50 percent. The expansion in the coinage needs of individuals and businesses is primarily associated with the advance in the level of economic activity; but other factors - such as increases in retail sales through automatic vending deVices, the imposition of or 'increase in sales taxes, the rapid growth of suburban developments, and the expansion in the number of banking offices - are also important influences on coin demands. Coin demands have drawn heavily on the Treasury stock of silver bullion available to meet coinage needs, placed increased burdens on the Nation's coin distribution system, and severely taxed the facilities of the U. S. Mint. Coin shortages have developed in some areas of the country, and Federal Reserve banks in these areas have had to ration the available Supply. Certainly, no one likes to be rationed and Federal Reserve banks do not like to ration', but with the demand for coins well in excess of the supply in many areas, there has been no alternative. The purposes of this article are to analyze the major factors which account for the rise in the amount of coin in circulation in recent years and to review the tnechanism through which the public's coinage requirements are satisfied. a brief history of coinage in the united states The history of American coinage begins about 30 years after the landing of the Pilgrims. To relieve the perennial shortage of coins in the Colonies, a mint was established in Massachusetts in 1652. Since no silver and only a little gold were mined in the Colonies, foreign coins, especially Spanish silver dollars, were melted down by the mint and coined into pine tree shillings, which circulated throughout the New England Colonies. These shillings, however, along with most coins that came to the Colonies from abroad, were driven from circulation by the unfavorable trade balance between the Colonies and European countries. The colonists, therefore, relied heavily on paper money as a medium of exchange, and barter became common. Under the Articles of Confederation, the Congress adopted the dollar as the monetary unit of the United States in 1785 and recommended that it be subdivided according to the decimal system. In the following year, the value of the dollar was fixed at 375.64 grains of silver. This unit was derived from the Spanish piaster, or milled dollar, which constituted an important part of metallic circulation at the time. The first monetary system under the Constitution was established by the Act of April 2, ] 792, which provided "that the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths." Two business review/october 1963 GRAPHIC HISTORY OF AUTHOR IZATION OF U. S. · SILVER AND GOLD COINS (By denominotion) CENTS I :3 I I I SILVER II l GOLD 0 5 1 10 0 20 25 J 50 I DOLLARS I 1 I ] I -I 2.50 5 .~ II 3 - ;: . 10 I 20 1792 1812 1832 1852 1872 1892 1912 1932 1952 1972 SOURCE: U.S. Bureau of the Mint. units of value were established: the gold dollar containing 24.75 grains of pure gold and the silver dollar containing 371.25 grains of pure silver. The act of 1792 provided for the establishment of the U. S. Mint in Philadelphia and authorized the striking of gold eagles (valued at $10), half eagles, and quarter eagles. Silver dollars, haJf dollars, quarter doIIars, dimes, and half dimes, as well as copper cents and half cents, were also authorized. Fractional coins - those in denominations of less than $1 - contained silver in weight and fineness proportionate to the dollar. Free coinage was established whereby all gold and silver brought to the mint were coined in unlimited quantities. Foreign coins occupied an important position in the Nation's early monetary system. Spanish dollars flowed into circulation as a result of trade with the West Tndies, and British coins were widely accepted as a medium of exchange. In 1793, foreign coins were made legal tender 1857. a status they held until Gold coins were minted in the United States from 1792 to 1933; during this period, the mint coined gold totaling $4,526 million. As provided by the act of 1792, eagles became the standard denomination of gold coin and, with half eagles and quarter eagles, weL'e the first gold coin struck. The Act of March 3, 1849, authorized coinage of double eagles and $1 gold pieces; and the Act of February 21, 1853, provided for the mintage of a $3 gold piece. However, only about 20 million $1 gold coins and less than 1 million $3 coins were minted before authorization for these denominations ended in 1890. Approximately 20 million quarter eagles were minted before authorization was withdrawn in 1930. Coinage of gold was prohibited by the Gold Reserve Act of 1934, and existing stocks of gold coin were returned to the Treasury and formed into gold bars; thus, passage of this act ended 142 years of gold coinage in the United States. Silver has been coined, in some form, since the act of 1792. Silver dollars were coined until 1873, although their weight was reduced slightly in 1837. Coinage of silver dollars was prohibited by the act of 1873, but authorization was restored by the act of 1878 and continued until 1935. Authorization for all coins currently issued, with the exception of the cent, is provided by the act of 1863. the nation's coins In terms of dollar amount, coin is a relatively insignificant part of the Nation's medium of exchange. Most business transactions are settled by transferring ownership of demand deposit accounts at commercial banks, and currency is employed to discharge most small Obligations. Although coin holds a subsidiary position in the American monetary system, it is essential that consumers and businesses be supplied with an adequate stock of coin in convenient denominations to transact day-today business operations. U. S. COIN IN CIRCULATION, BY TYPE PERCENT OF TOTAL 66.0 SUBSIOIARY SILVER 65.0 64.0 ::t 63.0 62.0 23.0 MINOR COIN ~ r--------. 22.5 14.5 SILVER DOLLARS 13.5 12.S 11.5 10.5 1.-.-19 -S'4 --'----,-:' 195'-:-6--'-----,,19,.':-S8--'-----,1-96' 0--'--c-: 19~ 62 SOURCE: u,S.rt,GIUt)' DlparlrTllnt. The coin stock of the United States consists of standard silver dollars, subsidiary silver coin, and minor coin. The standard silver dollar (the term "standard" distinguishes silver dollars currently in circulation from the heavier silver dollars which were retired by the act of 1887) has not been minted since 1935 and constitutes a relatively unimportant part of the Nation's coin supply. In terms of dollar amount, subsidiary silver, which is made up of dimes, quarters, and half dollars, forms the bulk of' total coin in circulation. Minor coin - nickels and pennies - accounts for about one-fourth of the total amount of coin in circulation. All coins in the United States are token coins in the sense that their value as money exceeds the value of their metallic content. Exceptions to this are certain nickels minted during World War II and the silver dollars. Recent price increases for silver have brought business review/october 1963 5 METAL CONTENT AND GROSS WEIGHT OF U. S. COINS CURRENTLY MINTED Metal content (In grains) Denomination Silver: Silver dollar . Half dollar .. Quarter dollar Dime . . . .. .. Minor coins: Five cents . .. . • ... ... • . . . . . . . . ... .. ..• .. . .• .. .. .• . . . . .. . . . .. . . One cent .. . . .• . . .. .• . . Fineness SILVER COPPER 371.25 173.61 86.805 34.722 41.25 19.29 } 9.645 3.858 COPPER NICKEL 57.87 19.29 COPPER TIN AND Z INC 45.60 2.40 Gross 'we ight (In gra ins) 90 percent si lver 10 percent copper 412 .50 192.90 96.45 38.58 75 percent copper 25 percent nickel . 77.16 95 percent copper 5 percent tin and zinc 48.00 SOURCE: U. S. Treasury Department. the value of metallic content of these coins to a level equal to or above their value as money. The Treasury realizes a profit on its coinage operations. This profit, or seigniorage, is the difference between the cost of the metals used in coinage and the monetary value of the coins struck; e.g., if metal costing $100 is cast into coins worth $110, the Treasury realizes a 10-percent seigniorage. In 1962, seigniorage totaled $57 .5 million - $22.7 million on subsidiary silver coins manufactured and $34.8 million on minor coins. To satisfy coinage requirements, the Treasury obtains metallic silver from its "free" silver stocks. The Silver Purchase Act of 1934, which, until recently, was the foundation of the Nation's silver policies, required the Treasury to purchase all domestically mined silver offered at $0.905 per ounce. The act further provided that the Treasury pay for the silver purchased by issuing silver certificates based on silver's monetary value of $1.2929 per ounce. As a matter of policy, only enough silver ,certificates were issued to pay for silver purchased ; thus, a margin of silver (the cjifference between silver valued at $1 .2929 and $0.905 per ounc~) remained unencumbered, OT free. Expansion' in the Nation's coinage requirements was partially responsible for recent changes in the Treasury's silver policies. The 6 persistent decline in the free silver stock, caused by sales of silver to industrial users and demands for coinage, prompted the President to issue an Executive order on November 29, 1961, authorizing the Treasury to begin retiring $5 and $10 silver certificates. The metallic silver backing these notes was thus released for coinage purposes. Legislation enacted in June of this year provides for the retirement of $1 and $2 silver certificates, which will free about 1.3 billion ounces of silver to meet coinage needs. The retired silver certificates will be replaced by Federal Reserve notes. However, it is expected that the withdrawal of silver certificates from circulation will require several years. coin demands Coinage requirements may be classified into demands arising from the needs of business and those arising from nonbusiness channels. To prevent shortages from developing, the mint must produce coin in sufficient quantity to fulfill demands arising from both sources. The demand for coin for business purposes primarily represents the use of coin to settle small retail transactions and to conduct dayto-day commercial operations. The coin requirements of commerce are influenced by seasonal forces, cyclical fluctuations, and the long-term growth rate of the economy. Other significant factors affecting business coin requirements are the rate at which coin flows through commercial channels and changes in retail merchandising techniques. Seasonal fluctuations in the amount of coin in circulation tend to coincide with similar changes in the amount of currency held by the public. The amount of coin in circulation advances during holiday periods, increasing sharply in the fall of the year to a peak in December. During January, coin is returned from the public to commercial banks and then to Federal Reserve banks . In recent years, the December level of coin in circulation has been equaled or surpassed early in the second quarter of the following year. The amount of coin held by the public has established a record in each successive year since 1952 - reaching $2.7 billion at the end of 1962. The public's holdings of silver coin increased from $1.1 billion at the end of 1952 to $1.7 billion in 1962, or $600 million-compared with advances of $236 million and $169 million for minor coin and silver dollars, respectively. However, in terms of percentage change, TOTAL U. S. COIN IN CIRCULATION LlILLIONS OF DO L.LARS ~,800 ~,600 ~,400 ~,~OO ~,OOO IleOO C-_~ SU8SIDIARY COIN 1,600 1,200 1.---- 1,000 700 600 500 400 1- __- - - - - - - L.. SILV ER DOLLARS L 300 r - - - - - - - - - - - - - 200 100 L--1~ 95-4-~-19~56--L-1~ 95~8-~~19~60~-L~1~ 962 SOURCE: U,S. Tr'Qlluy D,po rlmenl, the largest gain occurred in the public's holdings of silver dollars. Ownership of silver dollars increased approximately 90 percent during the period. In the decade under review, the population of the United States advanced from 159.6 million to 189.0 million, an increase of about 18 percent. The additional amount of coin required to satisfy the needs of a larger population undoubtedly accounts for a significant proportion of the increase in the Nation's coinage needs. The population growth, however, fails to explain completely the advance in the amount of coin in circulation. On a per capitli basis, the amount of coin held outside the Treasury advanced from $10.05 at the end of 1952 to $15.10 at the end of 1962, or $5.05 per person; this increase suggests that factors other than population growth must be considered. The relationship between the rate of change in economic activity and the amount of coin in circulation is illustrated in the accompanying chart. As the level of business activity advances, individuals and business firms require more coin to settle an expanded volume of transactions. Conversely, as the pace of the economy slackens, the supply of coin demanded by the public tends to decline. Cyclical changes in the public's coin holdings roughly coincide with fluctuations in gross national product. The rapid advance of the economy between 1941 and 1948 was accompanied by an increase of over 90 percent in the amount of coin in circulation. The early 1950's were years of buoyant economic activity, and the public's coin supply advanced about 50 percent between 1948 and 1957. Between 1957 and 1960, the Nation suffered two periods of lagging economic activity, which slowed the advance in the public's coin holdings considerably. Institutional changes in the economy have influenced coin requirements. Perhaps one of business review/october 1963 7 .Jncreases in coin in circulation are closely associated with advances in economic activity . . . GROSS NATI ONAL PRODUCT COIN IN CIRCU LATI ON BILLI ONS OF DOLLARS MILLIONS OFOOLL ARS 750 7,500 560 5,600 GROSS NATI ONAL PR ODUCT 280 2,800 140 1,400 TREND 70 700 TOTAL CO IN I N CI RCULAT ION 35 1934 1938 1942 1946 1950 1954 1958 350 1962 SOURC ES: U,S, D. portm.nt 01 Com m.rct. F.derol RII.fV. BanI! of Dalla •. the most significant of these changes, from the viewpoint of affecting coin needs, has been the growth in SUburban developments and shopping centers. Associated with population shifts to outlying areas is the rapid increase in recent years in the number of banking offices. Since 1959, 3,180 new banks and branches have been established in this country, many of which are located outside the downtown areas . In order to meet customer requirements, these new banking offices must be supplied a stock of coin. Furthermore, since late 1960, member banks have been allowed to count coin and currency holdings in satisfying their reserve requirements. Consequently, banks have become more willing to hold coin in excess of normal requirements. The method of taxation selected by states to finance their expenditures has affected the amount of coin in circulation. Recent years have witnessed a significant gain in the amount 8 of sales taxes collected by states. From a total of $2.2 billion in 1952, state collections of general sales or gross receipts taxes advanced to $5.1 billion in 1962. This increase largely reflects the fact that some states have imposed sales taxes for the first time and others have raised their rates. These taxes' have been especially important in accounting for the rise in the number of pennies in citculation. The expansion of retail sales through vending machines is often alleged to be a major factor contributing to the expansion of coin in circulation. From a total of $600 million in 1946, sales through automatic vending machines advanced to $2.1 billion in 1958 and to $2.7 billion in 1962. A direct correlation between vending machine sales and coin demands would seem reasonable, though corroborating evidence is lacking. Unrelated to the level or pace of economic activity but, nevertheless, representing a demand on the Nation's coin supply is the withdrawal of coin from circulation by dealers and speculators who purchase coin in bulk quantities in anticipation of realizing premium prices. The activity of speculators has become more widespread' in recent years, partly because of difficulties being experienced by the mint in manufacturing enough coins to satisfy the public's needs and partly because of the recent sharp increases in bulk silver prices. The activity of numismatists, on the other hand, does not greatly aggravate the shortage of coins, since most collectors are interested in obtaining only two coins (in order to display the face and obverse sides) of a rare mintage. Another nonbusiness demand for coin stemS from the n,eed to replace coin which has disappeared from circulation. According to recent estimates, approximately 4lh percent of all coins in circulation are misplaced each year. While this loss represents a substantial number of coins, the dollar amount is small since most of the coins misplaced are 1- and 5-cent pieces. The spectacular rise (about 90 percent in the last decade) in the amount of silver dollars in circulation is primarily due to the use of these coins for purposes other than to serve as a medium of exchange. Merchandise promotions, contests, and other types of advertising schemes have increasingly used displays of large quantities of silver dollars to attract public attention. Furthermore, substantial amounts have been purchased by coin speculators and hoarders. coin production The increased demand for coin of all denominations has placed a severe strain on the facilities of the U. S. Mint. By operating virtually 24 hours a day, 7 days a week, the mint produced 3.5 billion domestic coins in fiscal year 1962, compared with 3.1 billion in the previous year and 1.6 billion in 1953. However, despite this high level of production at both the Philadelphia and Denver Mints, output has been inadequate to meet current demand, and Federal Reserve banks in some areas have had to ration the available supply. To satisfy the Nation's coinage needs, legislation was recently enacted wh~ch authorizes the construction of new mint facilities. A new mint is to be built in Philadelphia, and additional capacity is planned for the Denver Mint; however, several years will be required to complete the expansion program. The Philadelphia Mint produces coin for foreign governments, as well as for domestic usage. From time to time, 37 countries have availed themselves of U. S. mintage facilities. Foreign orders, which account for 3 percent to 6 percent of total mint production, are unsolicited and are accepted only when they do not interfere with domestic production . During 1962, 214 million coins in 12 different denominations were manufactured at the Phila- delphia Mint for the Governments of Costa Rica, Korea, the Philippines, and Liberia. Reimbursement is made to the mint for the metal consumed and cost of mintage. coin distribution Fluctuations in the public's holdings of coin are reflected initially in the coin stock of commercial banks. The public satisfies its coin demands by drawing upon coin held by commercial banks. Similarly, the public returns all unwanted coin to commercial banks. Commercial banks normally hold only enough coin in their vaults to satisfy customer demands; in the case of banks that are members of the Federal Reserve System, fluctuations in these demands are reflected in the members' reserve accounts. A reduction is made in a member bank's reserve balance as coin is shipped to the member to meet the needs of circulation. Conversely, a member's reserve account is increased as coin in excess of normal requirements is deposited in the Reserve bank. Banks that are not members of the Federal Reserve System obtain coin from correspondent member banks, which, in turn, receive the coin from their Federal Reserve bank. Federal Reserve banks serve as intermediaries in the Nation's coin distribution system by providing the link between the manufacturer (the mint) and the consumer (the public). Coin returning from public circulation flows into Reserve banks, where it is counted and sorted according to its fitness for recirculation. In 1962, over 10 billion pieces of coin, amounting to $1 .1 billion, were received and counted by Reserve banks. This is a substantial increase over the 8 billion coins handled in 1953. To satisfy member bank requests for coin, Reserve banks attempt to maintain an adequate stock oj' coin to meet foreseeable demands. At any given time, coin in the vaults of a Federal Reserve bank consists of both new and circu- bl.l,siness review/october 1963 9 lated pieces. However, coin supplies principally consist of circulated coin, and it is from this stock that member bank requests are normally satisfied. New coin is generally paid out only when stocks of circulated coin are exhausted. Coin orders are filled without regard to date or place of mintage. Federal Reserve banks and their branches obtain new coin upon request to the U. S. Mint. As coin is received from the mint, a seal on each bag is inspected and the identification tag is checked as to the amount and denomination of the coins. The contents of each bag of coin are verified by weight, and deviations from prescribed weight are checked by piece counting. Coin received by Reserve banks that is "uncurrent," or unfit for circulation, is returned to the mint to be recast into new coin. Each Federal Reserve bank issues letters or circulars to member banks in its district specifying the terms of its coin services. These letters prescribe quantities in which coin should be ordered, the method of shipment, insurance coverage, and other procedures to expedite the handling of a large volume of coins. Requests for coin by member banks must comply with these procedures. Coin shipments from Reserve banks are made by armored car, registered mail, or express. The Reserve bank absorbs the costs of transportation on regular shipments to out-of-town member banks, but local member banks must arrange for their own deliveries. At the request of a member bank, a Reserve bank ships coin to nonmember banks and charges the cost of transportation to the member bank. The Nation's coin distribution organized to satisfy business needs. uncirculated sets and proof sets of be obtained from the Bureau of the 10 system is However, coin may Mint, and over-the-counter sales of coin are made by the Treasury Department (Cash Division) in Washington. The Federal Reserve banks, however, refuse to fill orders for coin to be used for purposes other than as a circulating medium. Federal Reserve banks, being primarily bankers' banks, are not organized in such a way as to permit them to deal directly with the public. ' summary The shortage of coins, which has been especially evident since 1959, is largely the result of the increased demand for coin stemming from normal economic growth and the inability of the mint to manufacture coin in sufficient quantities to satisfy public requirements. The problem, however, has been compounded by several factors, notably the greater use of vending machines, the increasing number of banking offices, and the sharp rise in the number of speculators and hoarders. An expansion in coin production to be made possible by the construction of the new mint facil ities will go a long way toward solving the coin shortage. However, until the new mint becomes operative, inadequate coin supplies are likely to persist and, indeed, to intensify in some areas of the country in response to seasonal demands. Consequently, the Federal Reserve banks, as intermediaries between the mint and the public, may have to continue rationing the available coin supply in order to assure an equitable distribution. Banking leaders, Treasury officials, and others have urged the public and the commercial banks to economize on their coin holdings. The return to Federal Reserve banks of coin in excess of requirements will make a significant contribution toward alleviating seasonal shortages of coin. DON L. WOODLAND Financial Economist tlist,-ict highlights Filling of the 1,047-mile section of the Colonial pipeline from Houston, Texas, to Greensboro, North Carolina, began September 16. An estimated 7 million barrels of gasoline will displace water in the 36-inch trunk by the middle of October. The Colonial Pipe Line Company began moving gasoline into the line from storage tanks on the Houston Ship Channel at the rate of 235,000 barrels daily, and the rate of flow will be increased to about 450,000 barrels daily when deliveries begin. The $350 million Colonial pipeline system is one of the largest single privately financed construction projects in the history of the United States. When completed, the system will consist of 1,600 miles of mainline pipe running between Houston and New York City and about 1,000 miles of lateral pipe, some of which will extend into Tennessee. By midSeptember, some 1,900 miles of the products system were in place. The capacity of the completed pipeline is expected to be about 800,000 barrels daily, and this can be expanded to approximately 1.2 million barrels per day by applying more power at pumping stations. tionally in August to 4,747,600, a level which is 2 percent above that of August 1962. Slight improvements in the number of employed persons in New Mexico and Oklahoma were more than offset by small reductions in Ari. zona, Louisiana, and Texas. For the five states, nonmanufacturing employment, which has been climbing month by month since January, continued the upward trend through August. The August increase was not sufficient , however, to counterbalance the downward shift in manufacturing employment. The seasonally adjusted index of department store sales in the Eleventh District in August was 112 percent of the 1957-59 base period, compared with 114 percent for July and 107 percent for August 1962. This reflects a decline of 2 percent from July but a gain of 5 percent over August last year . Cumulative sales in the first 8 months of 1963 were 4 percent above the corresponding months in 1962. Sales in the first 3 weeks of September continued moderately above yearearlier totals, showing a gain of 3 percent over the comparable period in 1962. Industrial production in Texas declined during August to 120 percent of the 1957-59 average, a level 1 percent below the record high achieved in July but 6 percent above a year earlier. The August decrease, the first since last March, is attributable to reduced production of durable goods, which edged downward 3 percent from July to 126 percent. Nondurable goods output, at 135 percent, was unchanged from July but was 5 percent above August 1962. Mining activity in Texas was essentially unchanged from July to August. Following the usual pattern of sales of new automobiles toward the end of a model year, registrations of new passenger automobiles in four major Texas markets (Dallas, Fort Worth, Houston, and San Antonio) in August declined 15 percent from July but were slightly higher than in August 1962. Part of the decline may reflect the short supply of various 1963 models. Cumulative figures for 1963 through August show registrations for the combined market areas to be 11 percent higher than for the same period a year ago. After gaining for six consecutive months, nonagricultural wage and salary employment in the five southwestern states declined frac- Based on September 1 conditions, the cotton crop in the District states is estimated at 6.3 million bales, or 4 percent above the previous business review/october 1963 11 month's forecast but 7 percent below 1962 production. Acreage allotments, however, are 11 percent lower for the 1963 crop. In contrast to the reduced cotton crop in the District states, estimated grain sorghum production, at 262 million bushels, reflects an II-percent gain over last year. Prior to Hurricane Cindy, the rice crop in Louisiana and Texas was estimated to be moderately above the high-level 1962 output; however, hurricane losses of rice in the coastal area of Texas will probably reduce the final outturn. The Airline National Bank of Houston, Houston, Texas, 'a, conversion of the Airline State Bank of Houston, Houston, Texas, located in the territory served by the Houston Branch of the Federal Reserve Bank o'f Dallas, opened for business September 16, 1963, as a member of the Federal Reserve System. The new member bank has capital of $300,000, surplus of $300,000, and undivided profits of $92,972. The officers are: W. S. Pebworth, Jr., President; M. K. Howard, Executive Vice President; Lee W. Sherman, Vice President; Nelson L. Fontenot, Vice President and Cashier; Charles Patronella, Assistant Vice President; Gerald L. Andrews, Assistant Cashier; Albert A. Fritz, Assistant Cashier; Elyse Miller, Assistant Cashier; and Carrie Scraper, Assistant Cashier. new membet· banI,s The Kress National Bank, Kress, Texas, a newly organized institution located in the territory served by the Head Office of the Federal Reserve Bank of Dallas, opened for business September 21, 1963, as a member of the Federal Reserve System. The new member bank has capital of $100,000, surplus of $50,000, and undivided profits of $50,000. The officers are : D . M. Granbery, President; Ray Bivens, Vice President; and Dean Murray, Cashier. The First National Bank of Lake Jackson, Lake Jackson, Texas, a newly organized institution located in the territory served by the Houston Branch of the Federal Reserve Bank of Dallas, opened for business September 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 : J. L. Wilson, Chairman of the Board; B. E. Shaddock, Vice Chairman of the Board; W. R. Allison, President; H. L. Baker, Jr., Vice President; and James A. Sells, Cashier. The Mercantile National Bank of Kingsville, Kingsville, Texas, a newly organized institution located in the territory served by the San Antonio Branch of the Federal Reserve Bank of Dallas, opened for business September 30, 1963, as a member of the Federal Reserve System. The new member bank has capital of $150,000, surplus of $100,000, and undivided profits of $50,000. The officers are: T . A. Harrell, Chairman of the Board; R. F. Orr, President; Cecil E. Burney, Vice President; and Evelyn A. Turner, Cashier. new pal· bank 12 The American Bank, Galveston, Texas, an insured nonmember bank located in the territory served by the Houston Branch of the Federal Reserve Bank of Dallas, was added to the Par List on its opening date, September 23, 1963. The officers are: Lorraine George, Chairman of the Board; Allen J. Verdine, Jr., President; Ray H . Allenstein, Vice President and Cashier; and John J. Saracco, Sr., Assistant Vice President. STATIS:rICAL SUPPLEMENT to the BUSINESS REVIEW October 1963 FEDERAL RESERVE BANK OF DALLAS - RESERVE POSITI ONS OF MEMBER BANKS CONDITION STATISTICS OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES Eleven t h Federa l Rese rve District Eleventh Fe dera l Reserve District (Ave rag es of daily figures . I n tho usands of do ll ars) (In thousands of dollarsl 5 weeks ended Aug. 7, 1963 5 weeks end ed Sept. 4, 1963 586,903 545,732 41, 171 582,445 4,458 2,554 1,904 594,640 552,616 42,024 589,533 5,107 12,057 -6,950 596,359 553,823 42,536 59 1,314 5,045 200 4,845 529,070 410,298 11 8,772 484,893 44,177 5,679 38,498 530,522 413,330 11 7, 192 487,262 43,260 5,498 37,762 534,86 1 427,833 107,028 472,467 62,394 7,200 55,194 1,115,973 956,030 159,943 1,067,338 48,635 8,233 40,402 1, 125,162 965,946 159,216 1,076,795 48,367 17,555 30,8 12 1,131,220 98 1,656 149,564 1,063,78 1 67,439 7,400 60,039 4 weeks end ed Se pt. 18, 1963 Aug.21, 1963 Sept. 19, 1962 Commercial and industri al loans......... .. ... Agricultural loans •••.... '" ..... '" .. •. .... Loans to brok ers and deal ers for purcha si ng or ca rrying: 1,890,846 44,248 1,843,608 42,352 1,769,694 44,368 U. S. Governm e nt securities . ........ .. ..... Other securities .. . .... . ..... ... . .. ...... 274 56,95 1 274 58,664 23,274 47,811 1,690 245,097 80,388 2,175 1,701 24 1,812 66,853 2,247 2,588 176,815 71,980 94 All other loans ...... .... . . .............. .. 102,315 259,761 328,893 921,645 99,405 257,078 326,316 903,878 95,289 202,086 274,4 16 842,195 Gross loans •. ....... ... . .... .. . . ..... .. Less reserves and unallocat ed charge·offs • • 3,934,283 69,575 3,844,188 69,58 1 3,550,6 10 6 1,649 Ite m ASSETS Oth er loans for purchasing or carrying : U. S. Governm ent securiti es . .. ............. Other securities .. .. .• ... . •. ... . ... • .... . loans to dom estic comm ercial banks .... . ...... loans to foreign bonks . . . ... . .... ..... . . ... loons to oth er flnan ci al institutions: SaJes Anance, personal finance, etc ... . ... . .. Savings banks, mtge . cos., ins . cos., etc . . ..... Real estate loans.• •. .... . ..... . ... .. .... . . Net loans . .. . ... .......... ...... .. .. .. . 3,864,708 3,774,607 3,488,961 Treasury bills ... . . .. .. ... ..... .. .. . ..... .. Treasury certiflcates of ind ebtedness ... . ... . .. Treasury notes and U . S. Government bonds, including guaranteed obligations, maturing: 141,252 67, 198 98,574 97,8 18 134,987 105,436 Within 1 year .............. .. .......... After 1 but within 5 years •••.. .. .•.. . .. . •• After 5 years •••••.••.. • •...•..•........ Other securities • . . .. . ..•. ..... ...........• 147,901 7 18,147 435,875 627,698 144,321 754,374 421,554 616,167 274,800 551,803 483,131 479,348 Tota l investments . . ...... . . .. .. . ......... 2,138,07 1 2,132,808 2,029,505 Cash items in process of collection ••..... . ... . Balances with banks in the United States .... .. . Balances with banks in foreign countri es . ... .. . Currency and coin . .••.•••...••••.. . ... . .. . Reserves with Federal Res erve Bank .. . . . ... ... Other assets •••.....•..•.. . . . .......... ... 668,639 547,518 2,646 62,230 574,189 257,579 6 18,574 465,740 2,489 62,054 573,641 245,594 604,1 20 534,588 2,033 63,404 598,165 200,947 TOTAL ASSETS • •....•.......•..•..... 8,115,580 7,875,507 Total res erve s held .. •.... . . ... With Fede ra l Res erve Bank .... Currency and coin ......... . . Required reserves . . •.......... Excess rese rves •••. . ......... . Borrowings ... .. .. . • . ... .. . . . . Free reserves • •. .. . .... . ...... GROSS DE MAND AND TI ME DEPOSI TS OF MEMBER BA NKS Eleve nt h Fede ra l Reserve D is t rict IAverages of daily flgures. In mi ll ions of do llars l GROSS DEMAN D DEPO SITS Rese rve ci ty banks Country 1961 : August •••• 1962: August • ••• 1963 : March • • ••. Apri l ...... May •••.•• 7,759 8,02 1 8,317 8,284 8, 126 8,235 8,311 8, 164 3,820 3,967 4,051 4,016 3,979 4,067 4,088 3,971 3,939 4,054 4,266 4,268 4,147 4,168 4,223 4, 193 2,774 3,538 3,783 3,836 3,907 3,948 3,975 4,005 1,396 1,646 1,854 1,886 1,935 1,957 1,963 1,983 1,378 1,892 1,929 1,950 1,972 1,991 2,012 2,022 4,345 159,308 202,090 Certifled and offlcers' checks, etc ..•••...•.. 1,2 13,377 13,4 11 69,709 1,076,226 13,348 66,775 1,167,820 13,089 54,294 Tota l demand deposits • • •• ..••..... . •.. 4.799,452 4,577,399 4,702,298 1,083,327 948, 164 1,078,544 924,046 959,379 711,216 505 5,852 309,690 507 6, 187 308,879 2,510 6,652 272,377 14,00 1 2,400 14,182 2,400 5,973 2,350 June . . . . .. July .. ..... August •• •• Re se rve Country banks CONDITION STATISTI CS OF ALL MEMBER BA NKS Eleve n th Fed eral Reserve District Total time and savings deposits .. . ..... .. 2,363,939 2,334,745 1,960,457 Total deposits ••. . ..•....... ........ Capital a ccounts •••.... . . ......... . .. .. .. . 7, 163,391 146,720 127,446 678,023 6,9 12, 144 172,085 112,548 678,730 6,662,755 117,406 102,25 1 639,311 TOTAL LlA81L1TIES AND CAPITAL ACCOU NTS . 8,115,580 7,875,507 7,52 1,723 CONDI TION OF THE FEDERA L RESERVE BANK OF DALLAS lin mi ll ions of do" arsl Aug . 28, 1963 July 31, 1963 Aug. 29, 1962 Ba la nces with ba nks in fo reign co untries e . . . . Cash items in process of collection . . ..•. • . . Ot her assets O •• • • • • • • • • • • • • • • • • • • • • • • • • 6,370 2,789 1,330 915 181 1,098 3 638 362 6,34 1 2,8 17 1,282 896 177 1,023 4 636 33 1 5,732 2,845 1,055 9 15 172 1,073 2 543 269 TOTAL ASSETSe .. . ... .. ...... . .. . ... 13,686 13,507 12,606 D ema nd deposits of banks •. .. ..... .• .... Ot her demand deposits . . •............... Timo d eposits .... ..••.. ......•. • ... . .. . 1,28 1 6,90 1 4,022 1,205 6,899 3,982 1,224 6,77 1 3,32 1 Borrowings e • . '" ... . . . .. . ... ... ... . . .. Ot her liabiliti es e ••..•...•...•.•........ Total capita l accounts e . .. ..•.. . • . ..•...• Tota l deposits •• • •••••...••..•..••.•• 12,204 163 147 1,172 12,086 129 131 1,1 61 11,3 16 59 133 1,098 TOTAL LIA81LITIES AND CAPITAL ACCO UNTSe .•..••..•..••...•.... • 13,686 13,507 12,606 Item ASSETS Loans and d iscounts • . ........•.. . . . .• .. . U . S. Government ob ligations • . ..•........ Other securities ••....... • .. .. ........ .. Rese rves w ith Fe d era l Rese rve Bank ••••.... Cash in vault e .•.. . . . .. .. ... • .. • . ...•.. 8alances with banks In the United Sta tes ••.. LlA81L1TIES AND CAPITAL AC CO UNTS (In thousands of do"arsl Item Se pt. 18, 1963 Aug. 21, 1963 Total gold certificate reserves, . • . . . .. ....... Discounts for member ba nks .. ... .•••• ••..•• Other discounts and advances ..•........•. . U . S. Government securities •.. .•.... ... . ... . Total earning assets...•..•..••... .. ...••.. Member bank reserve deposits . . •• ••... ... . . Federa l Reserve notes In actual circul a tion . .••• 588,353 14,875 1,710 1,300,63 1 1,317,216 9 14,656 947,689 553,860 43,723 1,710 1,295,463 1,340,896 927,694 939,616 Sept. 19, 1962 626,798 7,635 596 1,199,932 1,208, 163 968,298 874,180 o- 2 TIME DEPOSITS Tota l 3,101,352 All other liabilities •••••• ••••............... ALL MEMBER 8ANKS banks 5,017 132,936 172,304 Bills payable, rediscounts, etc ............... . Total rese rves held . . ... . .. .. . . With Fe dera l Reser ve Bank ... • Curr ency and coin ........... Required reserves .. ... . . .. . .. . Excess reserves .•• • . . ......... Borrowings ..... ••.... . ... . .. • Fre e reserve s•....... ... ...... city banks 3, 11 0,793 Other time deposits ••.••••••••.• • ••• • •• COUNTRY 8ANKS Tota l 2,725 144,144 170,36 1 Foreign governments and offlcial institutions, central banks, and internation al institutions .. U . S. Government, Including postal savings . .. Sta tes and political subdivisions •...•..•...• Banks in the United States, including mutual savings banks • .. . . .... . .. . ... ... Banks in foreign countries ........ ......... Total reserves held .. .. ..... . .. With Federa l Rese rve Bank •... Currency and coin . ...... .... Re quired rese rves ... . .. ..... .. Exc ess reserves .•••..... . .... . Borrowing s. .... ..•... .... . . .. Free reserves ..... . ........... Date 3, 185,725 Time a nd savings d eposits Individua ls, partnerships, and corporations Savings deposits .• . ...• •••.• . . ... . . . .. Sept. 5, 1962 RESERVE CITY 8ANKS 7,52 1,723 LIA81LITIES AND CAPITAL ACCO UNTS Demand deposits 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 Stotes, including mutual saving s banks •• . ....... . .. . ..... Banks in foreign countries •... ............. Ite m Estimated . --- BANK DEBITS, END-OF-MONTH DEPOSITS AND ANNUAL RATE OF TURNOVER OF DEPOS ITS INDUSTRIAL PRODUCTION (Seasonal ly adju sted indexes, 1957·59 = 100) ,(Doliar amounts in thousands) De bits to demand d e posi t accounts l Demand Annual rote of turnover Percent chan ge from August 1963 Area Jut y 1963 Aug. 1962 August 3 1, -5 -20 $ 151,2 17 ARIZON A Tucson ... . . ......... $ LOUISIANA 300,550 Monro e .... ......... Shreveport . .•... . • . . 94,367 337,366 -16 - 13 6 4 55,29 1 -9 -6 -5 -9 - 12 2 17 5 1 17 8 9 5 11 -1 4 -5 3 -8 -6 -2 11 - 3 5 0 - 14 -1 11 -2 0 - 13 1 -5 3 -5 3 - 13 3 -3 3 -5 1 deposits I 1963 51,206 168,901 Aug. 1963 Jul y 1963 Aug . 1962 23.5 24 .1 30.0 22. 1 23.3 25 .1 24.8 23,6 22.0 34,536 19.3 21.0 18.5 69,645 120,48 1 157,744 103,365 115,744 21,025 1,309,869 165,442 402, 163 57,378 1,487,077 25,598 11 7,694 41,777 51,065 410,91 7 18,848 69,473 70,509 101 ,577 17.3 23.3 24 .0 22.9 24 .1 11.3 32.6 24.4 24,4 21.8 27. 1 16,8 20.9 18.4 13.9 21.4 19.2 17.9 21.1 14.2 18.5 26.4 20.3 22.2 22.4 10.9 32 .6 24. 1 26.4 22 .1 27.6 17.0 20.9 18.7 16.2 22.6 20.4 20.3 22.4 14.6 17.6 23 .6 23 .0 20.5 23 ,5 10.9 31.6 23.2 26.2 18.4 27.2 17.8 19.0 17.8 14.5 21.0 20.2 19.1 20.6 15.2 25.9 26.4 25.8 Area ond type of index August 1963p Jul y 1963 1963 August 1962 TEXAS Totol Industria l production ..... • . • Manufacturing. • • • • • • . . . . . . • • Durabl e . • •. •• . . . . . • • • . . . . Nondurable. •• • •• . . . • • •• . . Mi ning.. ......... .. .. .. . . . . UNI TED STATES 120 131 126 135 107 121 133 129 135 107 120 13 2 128 135 104r 113 125 119 129 99 Total industrial production ...... . . M anufacturing . . . . . . • . . . . . . . . 126 126 Durabl e. • . . •• • . . . ••• • . • • • Nondurable . • • . . . . . . .. . . . • Mi ning. ... ........ .. ..... .. Utilities. . ........... . . . .... . 126 127 110 141 127 127 128 126 III 143 126 126 127 125 109r 141 119 120 119 121 105 133 NEW MEXICO Roswell ••. • .•. • •.• •• TEXAS Abil ene ... . ... . ..... Amarillo ... • ... .. . . . Austin . • . . ... • .... • • Beaumont • ... . ....•• Corpus Christi ...... . . Corsicana .. ......... Dalla s •.• .....• • • . .. EI Pa so • .. ••. . . .. ... Fort Worth ••.•.•..•• Ga lve ston .. ..... .... Houston ••• • •• . •• • .. laredo .. , ......... . Lubboc k ••••••••...• Port Arthur • • • .. • . • .. San Angelo •••• . • .• • Son Antonio .• ... • ... Texarkana :! . . ... . . .. Tyler •••.. •• .•.. •• •• Waco .. . .. . .. . ... .. Wichito Falis ••... • .. 100,682 234,850 314,809 199,685 232,580 19,863 3,537,218 346,911 815,1 21 106,780 3,334,067 33,975 207,263 64,962 58,918 737,097 29,909 102,9 14 124,357 121,133 Total-24 cities . •• .. • • • $11 ,5 10,668 1 $5,323,251 -3 Deposi ts of individuals, pa rt ne rships, and corporation s and of state s and political subdivis ions . :! in The se fig ures include onl y two banks in Texarkana, Texas. Total debits for all banks Texarkana, Texas-Arkansas, including on e bank located in th e Eighth D istrict , amounted to $69 ,072 ,000 for the month of August 1963. p - r- Jun e Preliminary. Revised. SOURCES , Board of Gove rno rs of the Federal Reserve System . Fede ral Reserve 8ank of Dalias. NONAGRICULTURAL EMPLOYMENT Five Southwestern States' Perc ent change Aug. 1963 from Number of person s Type of em ployment Total nona gricultural wage and sa lary workers .. Ma nufacturing . .... . . .. .. Nonmanufacturing . .. ... .. M ining ..... ......... • Construction . .. . .. . .. .. Tran sportation and public utilities .•.••• .. Trad e • ..• • ••.• • . • ..•• Financ e •.. ..... ......• Service . . ......•. • ...• Gov ernm ent •. • ..•• • ... August 1963p Jul y 1963 August 1962r July 1963 Aug. 1962 4,747,600 824,000 3,923,600 240,600 344,900 4,748,100 825,700 3,922,400 242,000 342,800 4,653,600 814,100 3,839,500 246,900 325,700 0.0 -.2 .0 -.6 .6 2.0 1.2 2.2 -2.6 5.9 395,100 1,136,000 242,100 673,100 891,800 396,900 1,132,000 241,100 671,000 896,600 396,000 1, 120,500 233,800 650,400 866,200 -.5 .4 .4 .3 -.5 - .2 1.4 3.6 3.5 3.0 Ari zona , loui si ana, N ew Mexico, O klahoma, and Tex as. p Pre liminary. Revised . DEPARTMENT STORE SALES 1 r- (Pe rc~ ntag e chang e in re tail valu e ) SOURCE , State employme nt ag encies. Augu,t 1963 from 8 months, July 1963 Ar ea August 1962 Corpus Christi •• .. .. . ......... ~a~I~:~: : : : : : : : : : : : : : : : : : : : : ~ouston •• • •••• • ...••••••••• an Antonio .. ... .. . • ... ... . . ~~ec:~~~r.t,. ~~:'.'. '.: :::: : ::: :: Other cities . ......... ... . .. . 4 3 4 2 6 5 7 2 4 5 4 6 9 9 5 10 0 -1 14 26 16 26 9 14 17 13 13 Total El eventh District ••••••••• 1963 from 1962 BUILDING PERMITS VALUATION (Dollar amounts In thousand, ) Percent change Aug . 1963 NUM8ER Area Aug. 1963 a mos. 1963 from Aug . 1963 a mos. 1963 July 1963 Aug. 1962 a months, 1963 from 1962 ARIZONA 690 5,696 $ 2,960 $ 22,668 301 2,300 2,297 19,715 102 272 306 315 324 2,010 383 511 159 1,901 193 11 2 52 114 1,186 247 118 904 2,254 2,828 2,150 2,570 17,693 3,419 4,880 1,292 15,640 1,572 801 573 973 9,411 1,976 883 1,017 3,771 7,870 1,196 2,997 22,086 2,717 2,467 669 24,941 3,352 1,054 1,138 251 4,0 19 1,3 24 749 Total-19 cities •• 9,296 77,815 $86,875 Tucson . •.• .... Shreveport • .. . TEXAS Eleventh Federal Res erve Di strici (1957·59 = 100) ==================~~~~ SALES (Daily averag e) STOCKS (End of month) Abil ene . • ••.. . Amarillo .. . .. . Austin . ....... Beaumont • . ... Corpus Christi . • Dalla s ••• .•••• EI Paso • • • .•.. Fort Worth •• .. Date Unadjusted adjusted Una djusted Seasonally ad juste d 1962, August. •• • • • •• 1963, March.... . .... April..... . .... 108 98 108 107 11 3 114r 11 4 112 113 ll~ Ode ss a ..... . . 11 5 11 4r 11 2 III 11 5 120p 118 12 0 117p San Antonio . .. Waco . •...... Seasonally ~---~------~------------~----~~-- ~~~ :::::::::: July... . .... . . August. • . . . . . • r _ P- Revi sed . Prelimi nary. l103~~ 113 ll~ ll ~ 50 -24 LOUISIANA INDEXES OF DEPARTMENT STORE SALES AND STOCKS Galves ton .. ... Houston • ... .. Lubbock • •• • . • Midland . .• • . • Port Arthur • • • • Wichita Falls .•• 97 0 44 11,105 - 8 -3 1 31,099 -18 46 56,821 33 70 10,058 13 -32 18,921 -12 63 17 1,728 27 44 32,589 -64 14 35,403 -20 -7 10,575 13 -2 9 233,470 -25 -19 30,420 51 - 12 9,296 34 27 5,626 149 14 3,357 - 61 -85 39,822 -32 6 12,61 4 2 14 9,203 -9 60 -25 23 32 - 16 35 -3 2 11 -37 -3 11 - 20 -23 -2 8 -8 18 11 $764,490 -8 7 0 3 DAtLY AVERAGE PROD UCTION OF CR UDE O IL VALUE OF CONST'RUCTION CONTRACTS (In thousonds of barre ls) (In millions of dollars) Janua ry- August Jul y 1963 August 1963p Area and typ e FIVE SOUTHWESTERN STATES' • • • ••• . •• ..• • •• • Resi dential building .. •••. . Nonresi dential building . . .. Public warks and utilities • •• UNITED STATES • • • • . •••.• •• Residential building • .... . . Nonresid ential building . .. . Public works and utilities• .. 423 197 136 90 4,125 1,934 1,27 1 920 444 212 136 97 4,061 1,883 1,322 857 Perc ent chang e from August 1962 1963p 404 170 128 105 3,63 1 1,651 1,177 802 3,262 1,494 937 832 30,513 13,889 9,794 6,830 Are a 1963p Jul y 1963p ELEVENTH DiSTRiCT •••• •.. .• 3,134.5 2,7 10.5 5 12.6 1,253 .6 112.8 105.7 725.8 271.5 152.5 4,509.5 7,644.0 3,102.8 2,677.7 510.6 1,235.5 11 2.9 104.4 71 4.3 272.8 152 .3 4,509.2 7,612 .0 1962 2,963 1,289 903 77 1 28,381 12,430 8,999 6,952 August Tex a s. .. . ...... . . . . ... . Gulf Coost •• . . •• • . . • .. W est Tex as . ... . •. ... . Ea st Texo s (proper) •• • .. Panhandle . ... . .. .. .. . Res t of Stote . . .. .. ... . South ea stern N ew M ex ico .. N orth ern l ouisiana • •• ... . . OUTSIDE ELEVENTH DISTRICT UNITED STATES .... . . . . . ... Arizona, louisia na, Ne w Mex ico, Oklahoma, and Texa s. Preliminary , NOTE . - Do tail s may not odd to tota ls be cau se of rounding . 1 p - SOURCE , F. W. Dodge Corporation. p - August 2,91 4.3 2,517.9 467.3 1, 130.8 116.5 106.9 696.4 266.0 . 131.0 4,319.2 7,233 .5 Jul y 1963 1962 1.0 1.2 .4 1.5 - .1 1.2 1.6 - .5 .1 .0 .4 August 1962 7.6 7.6 9.7 10.9 -3.2 -1.1 4.2 2.1 16.4 4.4 5.7 Pre lim inary. SOURCES, Am erican Pe trol e um I nstit ute . U. S. Bureau of M ines. Fede ral Rese rve Bank of Dallas. COTTO N PRO DUCTION Texas Cro p Repo rting Distri cts (In thousands of bales - NAT IONAL PETRO LE UM A CTI VI TY INDI CATO RS 500 pounds gross we ight) (Sea sonally adiusted indexes, 1957-59 Area l-N l-S 2-N 2-S 3 4 5-N - Northern High Ploins •• •.. . . • Southern High Plains •..•.. . . Red Bed Plains • . • • .. • ..... Rod Bed Plains .. . . • •• .... . W estern Cross Timb ers . . . . .. 1963, indicated Sept. 1 1961 10-N - South Texos Plains ••• • ..•.. 10·5 - lowe r Rio Grande Vall ey •• . . 522 1,839 379 429 23 410 31 66 287 71 82 16 1 102 54 330 86 91 98 109 88 106 103 111 112 100 102 64 99 82 63 State • . . •. . . .•. . • . .. •. . . . . .• . 4,350 4,726 4,786 92 - East Texas Timbered Plains ... East Te xas Timb e re d Plains ... Trans· Pecos•• . ............ Edwards Plate a u ... . . . ... . . South ern Texa s Prairies .. .. . Southern Texa s Prairi es ... . . Coastal Prairi es ... .. ... ... SOURCE , U. S. Department of Agriculture. July 1963p August 1962 584 1,730 287 320 17 444 29 63 251 35 123 157 212 61 4 13 - Black and Grand Prairies• .. . ;:;;.- as perc ent of 1962 500 1,575 280 350 15 470 30 70 280 35 125 100 210 50 260 5-5 6 7 8·N 8·S 9 - = 100 ) 1963 1963p Indicator CRUDE OIL RUNS TO REFINERY STILLS (Daily a verag e) • • • .... .• .. • ••• DEMAND (Daily averag e) Gasolin e .... ... . . .. . . . . . . ... .. .. ... Kerosene •••••.. • •... • •... •• •.. . • • • Distillate fu el oil ........ . ...... . .. ... Re sidual fu el oil ••. .... •.. .. . . ...... • Four refln ed products .. .. . .. . ...•. . August 1962 109 110 106 110 156 119 91 110 110 159 11 0 97 109 11 2 153 99 90 106 109 11 7 107 90 106 110 120 107 88 107 102 116 108 92 104 STOCKS (End of month) Gasoline . • .• . . .. . • • .• . •... . . . . . . .. • Kero se ne ....... . . . ... . . ... .. .. . . . . Distilla te fuel oil . .. . . . . . .• ... . . . . .... Residual fu el 011 • • •• • • • • ••• • ••••• • ••• Four re fln ed products . •• . . ..... ... . p - Pre liminary. SOURCES, Am erican Pe tro leum I nstitut e . U. S. Bureau of Min es. Fede ral Rese rve Bank of Dallas. CROP PRO DUCTI O N (In thousands of bushe ls) -= TEXAS FIVE SOUTHWESTERN STATES' 1963, 1963, estimated Crop Collon 2 • • •• • • ••• Corn • . . . .. . .. .• Winter wheat • . • . Oa ls•• . ... • .. .. Borloy .•••.••. • Rye ........ . ... Rice· ..... . ..... Sorg hum grain . . • Flax see d .... . . • Hoy· ........... Pea nuts6 • • • ••••• Irish polatoe s6 • •• Sweet rotatoe 16.. Pecan s . •.• . • • . • CROP RE PORT ING DI STRICTS OF TEXAS 1 !! a " S o Se pt. 1 4,350 25,032 37,406 14,576 4,200 375 16,946 226,760 635 1,893 204,000 2,646 975 40,000 Average 1962 4,726 32,612 43,696 15,932 3,859 253 15,801 201,006 188 2,278 222,400 2,524 1,530 14,000 1957-61 4,298 35,820 64,329 30,406 8,564 314 12,135 248,304 729 2, 177 204,783 2,36 1 1,1 7 3 32,860 1962 1957·61 6,325 37,112 118,277 21,286 22,822 1,215 33,202 262,453 635 5,899 368, 100 5,964 5,335 87,000 6,794 43,654 121,577 23,787 22,387 775 31,295 237,074 188 6,968 401,025 5,429 5,738 33,500 6,146 53,674 168,296 48,408 33,989 973 24,309 28 1,808 729 6,440 348,442 5,260 5,299 Arizo na , loui siana , N ew M ex ico, O klahoma , and Texa s. I n thou sands of bale s. In thousands of bag s containing 100 pound s ea ch. In thou sand s of tons. I n thousand s of pounds. In thou sand s of hundredwe ight. SO URCE , U. S. De partment of Agriculture. Av erage estimate d Se pt. 1 - 80,~40
@FedFRASER