The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-09-29
A HEAVY FALL
BUSINESS FORECAST
Optimism Reflected in
Reserve Bank Report
in This District

AAA1Hh - NhthAN
reserve district, despite the unsettled
credit situation, and trade authorities
are counting strongly upon Il heavy
fall business. predicted largely upon
the outcome OF the cotton crop, oo-
cordlng to tho monthly reYiew 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 imam
cial circles, the statement continues.
but since the advent of a period OF
clear weather beginning september
10. the crop outlook aud business
situation have shown steady improve
mcnt.
The cotton crop il was pointed out,
will undoubtedly be smaller than was
generally expected thirty days ago,
but, according to the review, II still
is possible to produce Il fair sized
crop II weather conditions continue
prO%pitious. Since the government re-
port on the condition OF the Texas
cotton crop on August rs, when 1t
was reported to be Z points below
the condition of July IS, reports
from north and east Texas have in
dicuted further determination during
the first ten days OF September, but
In other sections OF the state, notably
south and west Texas. n good yield
seems assured. The condition OF the
crop on August 20 was placed at ~
per cent OF normal.
Plan u Hold Cotton.
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 his holding movement should
be carried out. on the one hand, II
was stated, some growers advocate
indefinite holding until they are able
practically to dictate the price. On
the other hand. 1t was said, n well
organized group of producers favors
u gradual marketing OF the COTTON.
distributing II practically throughout
the year in sufficient amounts only
TO iiauidatc indebtedness incurred In
raising the staple and to prevent any
general dumping on the market.
The Fedora Reserve bnnF OF Dai
las. the review says, In In entire ac-
cord and sympathy with the latter
plan, and believes hat It's position 10
largely shared by Its meriber banks
ANY other course" the review de-
clares, ''is not only clearly incompnti-
bic with the present warehouse situ-
alton, but would be Inconsistent nnd
i~ndetenslble In n period OF readJust-
ment such as the present time
The harvesting OF the cotton crop
Ia making rapid progress, ana wnile
there III some shortage OF nbor FOR
picking, complaints have not reached
Alarming proportions.
The transportation situation DUR
Ing the past month has shown con
siderable improvement but reports
show tina this Improvement Is trace
able not so much to increased car
, supply, as to a slackening of business
p offered for shipment. Bullalhs
activity during the month was un-
, usually quiet due to IN acute scarcity
OF many building materials.
Wholesale houses reported a
a heavy increase in riders booked dur
4 ing August, as compared with the
y previous month. due to eleventh hour
o buying by merchants inclined TO hold
e OH ordering for fall trade as o az
z possible, but who found further post
ponement impossible. Retail trade Is
still quiet. apparently waiting for the
marketing OF crops.
There was Il moderate increase In
/, the volume of bank loans during
; August and some decline in deposits
The August failure record showed
excellent improvement over the pre-
yious month, the decrease In tn
number being 20 per cent. and tht
decrease In the liabilities involved
being l79 per cent
Grain Moves Slowly,
Tho movement OF the grain crop II
the district is proceeding slowly, al
q though corn, which ranks second onlS
q to cotton In the districts agriculture
o production, came through the montl
n OF August IN excellent condition. A
production Of 1881 900 bushels o.
corn In Texas, was predicted IRON
the condition of the crop on Angus
II 20, and a district production of 1876,
C 9QT, 900 was f%orecastod. This com
pares with n production OF 22b,2f5'
0OO In the district last year.
Winter wheat production was cs
timated at l4,40d. 900 bushels com
. pared with 32,707,0 900 bushels las
year, while oats hay, although
adversely affected by excessive rains
=, have yielded fairly well, according 4
the review. An estimated production
OF 59,770,000 bushels OF grain sorsh
y, ums was said to a established
90 record for Texas. The estimated pro
duction of rice was given as 9,23S,OOl
g bushels, OF sweet potatoes S,775,0oC
nc and peanuts 4,7l0,000 bushels.
Sufficient rainfall occurred in al
- sections OF the district In August
with the exception OF Arizona an
New Mexico, to maintain an excellen
condition on stock ranges, ana IN
report states, good rains IN the ttrt
week OF September relieved tn
situation In Arizona and New Mexico
August was said to have been an
other dull month In the eleventh dis
trict livestock markets. n notwitf
standing that the receipts OF eattl
were about Sc per cent smaller tina
those of July, beef steers, calves an
butcher cows showed n steady do
probation throughout the month.
The districts petroleum productio
for August was the largest OF an
month on record, the total output
all wells being 12,343,SS6 barrels, {
an increase over July of Tl9,64O bal
rels. Fol the fifth consecutive mont
the central west Texas fields regi
tered a gain In the daily averat
flow. the rate for the month bein
o 1870 barrels n day.
n.LIaAn nAInn AnArnlnnnlAnlA In Ill