The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-10-04
DESPITE UNSETTLED
CREDIT CONDITION
OPTIMISM IS FELT

SttllOIS vi Tue tltN AtINA al
serve district, despite the unsettled
credit situation. and trade authorities
are counting strongly upon a heavy
fall business. predicted largely upon
the outcome OF the cotton crop, ac-
corang TO the monthly review OF
the Federal Reserve Bank of Dallas,
made public today
Excessive rains and the decline in
the cotton market in August created
for a time widespread peSsimism
among cotton growers and not a little
apprehension in business and finan-
cial circles. the statement continues.
but since the advent Of a period of
clear weather beginning September 10,
the crop outlook and business situa-
tion have shown steady Improvement.
The cotton crop. it was pointed out,
will undoubtedly be smaller than
was generally expected thirtY days
ago, but, according to the review,
it still is possible to produce a fair
sized crop if weather conditions con-
tinue propitious. Since the govern
ment report on the condition of the
ltNdS 'OAkhll NitJ VII ~ bsN -'' N'N'
il was reported to be Z points below
the condition of July 2j, reports from
north and east Texas have indicated
further determination during the first
10 days of September, but in other
sections of the state, notably south
and west Texas. good yield seems
assured. The conditions of the crop
nm D1annI ar 81
cent OF normal.
After calling attention to the move
ment among cotton growers to per-
feet an organization for holding cot
ton for higher prices, the review
states that there seems TO be a diff
ference of opinion as to the extent
to which this holding movement should
be carried out. On the one hand, it
was stated. some growers advocate
holding indefinitely until they are
able practically to dictate the price.
On the other hand ii was said, well
organized group Of producers favors
a gradual marketing Of the cotton,
distributing it practically throughout
the year in sufficient amounts only
" illitbAtIitHs Illtu III
raising the staple and to prevent any
general dumping on the market.
The Federal Reserve Bank of Dali
las. the review says. is in entire
accord and sympathy with the latter
plan, and believes that its position is
Largely shared by its member banks.
Any other course" the review de-
to ,fr 4.
ible with the present warehouse sit
uation. but would be inconsistent and
indefensble in a period OF readjust-
ment such as the present time"
The harvesting of the cotton crop
is making rapid progress and while
there Is some shortage of labor for
picking. complaints have not reached
alarming proportions.
The transportation situation during
the past month has shown consider
able improvement but reports show
that this Improvement is traceable not
so much TO increased car supply as
to a slackenlng of business offered
for shipment. Building activity during
the month was unusually quiet due
to an acute scarcity Of many build.
ing materials.
Wholesale houses reported heavy
increase in orders booked during
August, as compared with the previous
month, due to eleventh hour buying
by merchants inclined to hold off
ordering for fall trade as long as pos
sible. but who found further post
ponement impossible. Retail trade is
still quiet, apparently waiting for the
marketing OF crops
There was moderate increase in
the vo'ume OF bank loans during Au-
gust and some decline in deposits.
The August failure record showed ex-
cellent Improvement over the prev
ious month, the decrease in the num-
Der being "a per cent. and the de-
crease in the liabilities involved be-
ing l79 per cent.
The movement Of the grain crop in
the district is proceeding slowly. al
though corn. which n. rs second only
to cotton in the districts agricultural
production, came through the month
Of August in excellent condition. A
production OF l6993l 900 bushels OF
corn in Texas was predicted from the
condition of the crop on August 25.
and 4 district production OF is6.s97. -
600 was forecasted. This compares
with production OF 225,243.O 900 in
the district last year.
Winter wheat production was estl.
mated at l4,4O6,OOO bushels compared
with 32,7O7O0O bushes last year. while
oats and hay, although adversely af-
fected by excessive rains. have yielded
fairly well, according to the review
An estimated production Of $500 900
bushels OF grain sorghums was said
to have established a record for Tex
as. The estimated production of rice
was given as g.23S 600 bushels. Of
sweet potatoes S,775,OOO and peanuts
100000 bushels.
Sufficient rainfall occurred in all
sections Of the district In August
with the exception OF Arizona and
New Mexico, to maintain an excellent
condition on stock ranges and. the
report states. good rains in the first
week Of September relieved the sit
uauon In Arizona and New Mexico
August was said to have been another
dull month in the llth district live.
stock markets, and Notwithstanding
mat the receipts OF cattle We're about
10 per cent smaller than those Of
July beef steers. calves and butcher
cows showed u steady depreciation
throughout the month.
The districts petroleum production
ior August was the largest OF any
month on record the total OUTPUT of
al wells being 192.3i3,SS6 barrels. or
an increase over July OF 7ls64O bar
rels' For the fifth consecutive month
the centra! west Texas Fields rerls-