The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-11-02
TRADE IN
THIS RESERVE BANK
: DISTRICT PROSPERS
Wholesale Business Has
Slumped Due to Price
Cutting

DALLAS. Texas. Nov. 1.-The price
cutting movement which has swept
the entire country resulted In u slump
in wholesale business. particularly
drygoods and groceries, during Sep
tcmber in the eleventh federal reserve
district. according to the monthly re-
rort Of the federal reserve bank OF
Dallns, made public today.
on the other hand retail trade was
benefited and retail collections We're
reported improved. and a gratifying
increase was reported an the volume
Of bank %clearings, building permits
and p%ostofficc receipts.
while the downward coursc Of the
cotton market has had a depressing
effect upon that industry and has
somewhat checked the free course oil
fall trade, IL Is worthy OF note that
a goodly portion OF the South Texas
crop was picked and sold before the
heavy decline in the market occurred.
while an encouraging development In
tho northern part OF the belt Is \
fact that the 1890 crop Is grading
mucn higher and therefore promises
much smaller proportion Of unmarked
iblc staple than was tho case last
year" says the report.
Prices Dropping.
Prices on sugar. beans, coffee and
Id few other staples continue TO trend
downward, and dealers handling these
products at wholesale report that buy
ing is slow. Groceries and %drygoods
bore the brunt OF the price cutting
wave which sct in about the first Of
September and retailers In general
are restricting their orders to present
necessities due, II is indicated. SAYS
tho report. to the unsettled condition
Of the markets.
While wholesalers report that as n
whole collections are slower, II is re-
ported that collections Of retailers
were more satisfactory In September
than during the previous month.
a decrease. both in the districts
oil production for the month and the
daily average yield, Is shown by the
record OF September ms compared with
tina! OF August. In Texas the Septem-
her daily average was 290.ifS bar
rcls. compared with the August aver
ago Of 2g9.720 barrels. while In North
Louisiana the daily now decreased
from 9S.i60 barrels in August to o.
5as barrels In September. The dis
triCts's total production In September
was li,fN9,hlO barrels or N5i,276 bar
rels less han the total for the month
before.
Both Texas n North Louisiana
drilling results for the month We're
less fruitful than those OF August.
says tho report. Wildcat operations
produced little results Of value dur
INK the month, as all activities In UNI
proven territory have for some time
felt the restraining influence Of finan-
ciai conditions and the scarcity OF
material. the report continues.
Corn Harvested.
Corn harvesting is progressing well
In Texas, the yield being large and
tho quality good, most OF IT grading
No. l.. says the report regarding crops
other than cotton. In Arizona pros
poets have improved, though much OF
late corn la the dry iands viii not
mature before frost. HailstOrms are
reported to have destroyed a consid-
cradle portion Of the corn crop in
New Mexico during the early part Of
September. In southern Oklahoma
tho harvesting Of early corn, favored
by good weather, Is making excellent
prORresa. and the late crop is now
safe from the danger of early frosta.
Threshing OF wheat In the Pan
handle has made slow progress, due
to delays caused by August rains.
Elsewhere in the district the move