The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-08-25
DESPITE |NFL ATE D
CONDITIONS THERE
SEEMS SURETY OF
A GOOD BUSINESS
The Eleventh Reserve District
Shows up Well in Prosper
ity Lines, Although Incli-
nation to Restriction is
Shown By the Banks

Dallas, Texas Aug. 25.-The out
look throughout the eleventh federal
reserve district generally is auspi
cious, but the present initiation Of
credit makes it certain that the
margin of surplus income from pro
ductiou this year will not be suffi.
ciert to support any radical expan'
sior of industry and commerce in
the form Of new enterprises in 1921,
according to the monthly review
made public today by the Federal Re
serve Rank Of Dallas.
The Dallas Federal Reserve Banks
loans to member banks are two.thirds
larger than they were year ago.
and the district Is drawing extensive
" upon the surplus funds Of other
sections. says the statement. That
condition was brought about despite
nigh rates, and every reasonable re-
strction that the bankers could i'm
pose" it is pointed out.
~
coming fall months should be and
is expected to be heavy. according 10
the review, except in those sections
whore cotton is being heavily dam
aged by weevils, worms or grass
hoppers. and in certain parts of the
extreme western section of the
eleventh federal reserve district where
weather and market conditions have
not been favorable to the cattle and
sheep industry.
The extent of general liquidation
this fan will depend largely upon
the average price commanded by the
1920 cotton crop and the growers
ability TO hold in check under the
next few weeks the ravages of insects
resulting from recent excessive rains
the review indicates.
Under the head of favorable" In
dications the review lists: further i'm
provement in the condition of crops
and ranges; increase in volume OF
wholesale and retail trade; increase
in building activity; increase in farn
granaries for the storage Of wheat
awaiting shipment, and am improved
movement and supply of freight cars
On the other hand these develop
ments are listed as 'unlavorable !;
excessive rains in the cotton belt,
conducive to depredations of insects;
FURTHER initiation Of credit; Increase
h business failures, depression in de-
mand for products Of the livestock
industry and shortage Of labor Tor
harvesting cotton.
Regarding the cotton crop, the as
trict's chief reliance for the payment
of its obligations, the review says
a wonderful response was showed 10
the best July weather in several
Years, thus "nsuring a fairly abund.
ant and well distributed inflow oil
new money to enliven fall trade and
liouidate fan securities" The pres
ent price Of cotton, which is prac'
tically level with quotations a year
ago, is so close to the 1920 cost line
that it is believed continues the re-
view. thar any further decline OF
substantial proportions. however,
would seriously impair the districts
ability to show q favorable result on
the years balance sheet.
In Texas during July, the grain
crcps were favored by sufficient
moisture for those still growing and
sufficient sunshine for weather for
threshing operations in the case OIL
those ready for harvesting Rice
and cane made good progress ard
large and fairly profitable melon crop
was produced Feed crops, late corn
and sweet potatoes are in healthy
condition.
Early August reports from Arizona
and New Mexico show n continuance
of favorable crop conditions in the
irrigated districts, although need
of rain was beginning TO be felt IN
the dry lands west of the Rio Grande'
In southern Oklahoma good pro-
rress was registered by all crops
and blowing for fall seeding is under
way with the soil in excellent conul'
tion.
The estimated yields Of eleventh fed
eral reserve district crops for 1920
are: Corn, 2OO,O00,O 900 bushels; wheat
20 0uO OOO bushels; oats, 10000 oOo
bushels, and cotton. S,5OO,OOO bales.
the quality and quantity of the
scason's calf crop is perhaps the
most conspicuous feature Of the gen
orally favorable situation in the live
stock industry, says the review, with
livestock in prime condition every
where The ranges except that por'
tion west Of the Rio Grande riVer'
are described as in fine condition
Packers demands in July We're no'
sufficient to absorb the cattle oiier'
mgs from over the district however,
particularly from south Texas anu
many cars of desirable stuff We're
diverted TO northern points. In tne
stocker division, trade was extremely
sluggish and the best price FOR soou
stockcr cows ON the Fort worm
market was $3.50 or s1.5o less thah
tho June top. The hog and sheep
market displayed n brisk demand
throughout July, due largely to hght
receipts.
Production from eleventh district
Continued on page 81