Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-04-26
REVIVAL
IS REPORTED IN
MONTHQ MARCH
Eleventh Federal Reserve
District in FIouriShing
Condition, According to
Dallas Bank Statement.

tBv MORNING JOURNAL SPECIAL LEASED wlsEl
Dallas, Tex, April 25,-Salient
developments of the business and
industrial situation in the Eleventh
federal reserve district during
March, according to the monthly
review by the federal reserve bank
of Dallas were: "A revival of trade
on new high levels of volume and
prices for spring season; a late and
rather unfavorable start in the
planting of staple crops; the open
ing of the spring livestock move
ment; an enhanced demand and an
enlarged production in the pc
troleum industry; an organized eff
fort to coordinate the factors of
supply and demand in the farm
labor problem, and a steady eXpan-
sion of credit to meet the seasonal
requirements Of The district"
Damage Done by Hail.
In discussing agricultural condi-
tons the report said: The average
condition of winter wheat is 10 per
cent. The planting of cotton and
corn is well advanced in south and
southwest Texas, but late in the
northern section. Three-fourths of
the Texas fruit crop and one-half
of the east Texas tomato crop was
killed by cold and hail, according
to reports. Both Galveston and
Houston reported a slackening of
cotton receipts, although shipments
showed substantial increase.
Grain receipts at five of the prin-
cipal markets showed corn gained
81 per cent: wheat, SO per cent,
and oats IS per cent, Grain prices
on local markets moved upward
during the month.
Ranges greened rapidly through
ont the district, and the spring
movement of fat stock to market
began briskly during the latter part
of March. the report said. Quota
tons at Fort Worth were irregular,
and the close of the month saw
prices sagging under the spring
movement. The months supply Of
sheep and hogs was the heaviest of
the year. Buyers from outside
markets enlivened competition at
Fort Worth.
Reports from thirtvfiVe mills in
the district show them to be about
three weeks behind with their or
ders. and the production of lumber
is making fair Roadway, according
to the review. in catching up with
the demand. The last half of the
month brought a moderate but
general decline in prices, with
flooring registering the biggest
drop, it going from Sis to $50
per thousand. Public demand for
lumber showed no abatement, and
this is expected, the review said, to
gtiffen prices later on.
Oil Production.
Oil production for the month
showed a gain with 473 of the 5S3
completed wells producers. Texas
coal mines operated at full capac-
ity during the month. Textile mills
also operated at full capacity and
have their output sold up to Sep
TENDER. Net sales of the wholesale
trade showed augmented totals;
and all lines of retail trade, with
the exception of hardware, enjoy
ed a substantial increase of busl-
ness. There was a slight improve
ment in the car supply, but the
switchmen's strike hampered
transportation. The number of
banks borrowing from the federal
reserve bank increased by twenty
one, and loans increased by $S,73S,-
PAP. Bank clearings exceeded those
of February IA per cent. Discount
rates showed only slight variations,
With proper distribution of avail
able labor, the review said. there
is no reason why the district should
seriously suffer from lack of opera
tives. There were nineteen COM
mercial failures involving liabili-
ties totaling s2O3,445 during the
month. Building permits issued
by nine cities of the district showed
an increase of 91.5 per cent in
vnhre of proposed buildings over
March of 1919. The enormous
building program is taxing the ca
pacity of building trades and the
available supply of material. Postal
receipts at eleven cities of the dis
trict surpassed those of the first
quarter of 1919 IL per cent.