Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-03-26
CONDITIONS IN
nth DISTRICT
REPORTED GOOD
Buying Has Slowed Up, But
the Outlook As a Whole
Is Bright; New Oil Fields
Add To the Prosperity.
Isr soaH'so JOURNAL SPECIAL LEASED was

tsS MORNING JOURNAL SPECIAL LEASED wtHG
Dallas, Tex. March PA more
noticeable tendency towards an
equilibrium in the price situation
than has been observed for several
months, was a notable February
development in the Eleventh fed
eral reserve district, according TO
the monthly review issued today by
the federal reserve bank of Dallas.
There was IAN appreciahle tight
enlng OF the money market and a
moderate reaction in the public and
retail buying movement" the re-
port says. Purchases in some of
the more important retail lines, it
Is declared, showed a percept4ble
falling off during the month"
Both the merchants and the
public, the report continues, hay
ing apparently caught up with their
buying for immediate needs, show
no eagerness to enlarge their COM
mitments for future requiem 4nts,
and this spirit of conserva tism
seems to be steadily spreading"
Banks in the Eleventh district
set a new high February record in
deposits, the report says, aggregat-
ing approximately $3.50, 100000, or
almost double the deposits of the
corresponding period last year.
referring to general wealth in
natural and otloI resources, the re-
port continues:
New oil fields proven during the
month promise the possible if not
certain development OF additional
pools that may rank in area and
production with some of the i'm
portant fields III the already proven
territory.
In addition to this, as a result
of the districts heavy agricultural
production last year, its farmers
have come through the winter with
surplus of food and foodstufls
which will not only provide tor
their own welfare during the cur
lent year, but will materially con-
tribute to the needs of other Sec
tons where last years grain cops
were short.
Perhaps never before was the
district in better condition not only
to finance and feed itself, but to do
its share in increasing the produce
ton of those of its products of
which the world stands so much in
need. The chef obstacles in the
path of this program are the farm
labor problem, the car shortage
and the unsettled condition of
prices and foreign exchange"
The condition of winter wheat
in Texas at the close of February
was 70 per cent as compared with
the corresponding date last year,
the report continues. at is estimated
the 1920 wheat acreage in Texas is
smaller by 100000 acres than the
1919 acreage. The amount planted
to oats is about the same as last
year. while the indications are that
the corn acreage will show an in
crease of 10 to 20 per cent.
Preparations for the next cotton
crop are well under way. through
cut the district. Farmers in south
Texas are making an early start
this year with the view of protect
ing the crop from the insect dam
age; in fact, the plant is already
up in some parts of that section.
Throughout the remainder of the
cotton belt, the dry, clear weather
prevailing since the first week in
February dried the fields out suf-
ficiently to enable the farmers to
begin their work in earnest after
several weeks of enforced idleness,"
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