Bisbee daily review., 1921-03-02

Among developments Of primary importance in the January business situation. as indicated in the monthly review of business and industrial con ditions in the Eleventh Federal Re serve district reported February 15 by the Federal Reserve bank of Dallas, were the renewed evidences of weak nesseS in the cotton and livestock markets and the heavy and abrupt breaks in the price of crude oil. A pronounced slowing up in the market ing of these basic products occurred during the month and was attributed largely to the price situation.
 The general effect of these develop ments upon the financial and business conditions was to further retard liqui- dation Of indebtedness and to render the credit situation somewhat more complicated. the report states
 noticeable tendency toward mod crate improvement in certain aspects of the situation resulted. despite un- favorable features of the month. ac- cCrding to the review. Lumber man ufacturers and wholesale mercantile establishments interests which weer among the first to suffer from the present general depression-re ported an improved inquiry from re- .tailers in January Although the liq- uidations of the month on bank loans was far below the volume needed to restore credit to a normal basis. Eleventh district member banks ac- complished net retirement of ST. poo OOO in their bills payable with the central bank. which in turn made a similar reduction in it's outstanding rediscounts with other federal reserve banks. the. resume reveals.
 Winter Flowing Progresses rT,Frr
 Good progress in winter blowing and in the growth of winter grains and truck crops was made in the dis trict during last month Cotton pick ing in Texas. New Mexico and Ari- zona progressed. In most sections of the southwest winter wheat and oats were reported in good condition.
 Light rains and shows which fell over a large part of the southwest during January brought optimistic re ports from stockmen generally. al though there is some evidence of drouth in isolated sections. Texas livestock were reported in excellent condition.
 | A survey of Texas labor conditions recently completed by the Texas chamber of commerce developed the fact that although there is consider able employment in cities of above three thousand population. an actual shortage of farm labor for production and harvesting of the current years crops is in prospect. Reports to the chamber from S5 counties indicate the farm labor supply is probably suffi- cient in East. Central and North Texas. A shortage. of farm labor is forecast in West and Southwest Texas The report points out that a possible shifting of labor might pre- vent such a shortage.
 The district report on oil shows that the quantity of that product recovered during the month aggregated 12,746,- 315 barrels. or a decrease of S7,259 barerls compared with December pro ductiOn. The decline in the daily av- craze amounted to 2.S15 barrels. The heaviest falling off was reported from North Texas and North Louisiana fields Central-west Texas scored a gain of 10000 barrels over Decem- Der production. despite a 5O per cent reduction in pipe line runs This was more than offset by decreased pro duction in other fields, the report states
 Oil Field Forces Reduced 1 Field forces in the oil districts are being reduced as a resuplt of the re- cent cuts in prices of crude The re sultant decrease in activities has been particularly pronounced in the North | Texas district. where only 152 wells were reported completed in January, compared with 204 in December.
 Reductions in crude prices snnounc- ed by purchasing companies in the