The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-03-28
REPORT SHOWS A.
FINANCIAL gain.
nth DISTRICT.
IN TEXAS STATE.
Building Activities Lead
With so Per Cent Increase;
Outstanding Loans on
a Decrease
COTTON ACREAGE
LEADING PROBLEM
OPINION INDICATES LONE STAR
STATE FARMERS WILL PLANT
A QUARTER LESS TO THE
SOUTHERN STAPLE

Dallas, Texas, March 9S.- Evidences
of improvement exhibited by business
conditions in the Eleventh Federal Re-
serve district during February, by
comparison with the previous month
and as shown by statistics given in
subsequent reports, are outlined in the
following resume issued by the Federal
Reserve Bank of Dallas:
A 80 per cent increase in building ac.
tivity.
A 40 per cent increase in orders re-
ceived by wholesale dry goods firms.
20 per cent increase in business
of department stores.
A 30 per cent decrease in commercial
failures.
10 per cent decrease in outstand-
ing loans Of the Federal Reserve Bank
of Dallas.
The report states that the above re-.
sumo sums up tha more important fea-
lures Of business Improvement for the
month. Other phases of business de-
velopment and conditions detailed in
the report follow
Collections and bank clearlngs de-
clined in February. February clear
ings at the districts larger centers
were smaller by 22 per cent than those
of February 1920, fact which is par.
tally attributable to lower scale OF
prices and wages.
Our outstanding loans to. member
banks, which have been gradually de-
creasing since last October, showed a
net retirement in February of s8,O73,-
984.6l. The amount outstanding ut the
end Of the month was sS1 1896 ,642G3.
which included s12,S97 $50 rediscounts
with other Federal Reserve banks.
During the latter part of the month
the district received benefit from n
well distributed rainfall which assured
good season for planting and live
stock ranges
4 moderate marketing of cotton,
wool livestock, lumber and oil was "A
trade feature for the month and no
radical changes in the market price Of
these products resulted
Since the last report was issued the
winter wheat crop in the district has
benefited much through rains and
SHOWS which fell in the southwest dur
ing the latter part Of February.
Weather conditions for gathering the
last of the 1920 crop remained favor.
able. Preparations for the next crop
are well under way. Speculation con-
cerNing the probable decrease in the
cotton acreage during the coming sea-
son has given rise 10 varying and con-
flicting reports. While the concen-
sus of opinion seems to indicate a re-
duction Of about % per cent in Texas,
no definite and reliable information Is
available as TO the states 1921 cotton
acreage. 1t will probably be thirty
days before preparations for the next
crop are far enough advanced to make
possible a reliable estimate of the acre
age reduction as compared with last
year.
Reports from Southwest Texas are
to the effect that the 1921 rice acreage
in that territory will be % to 40 per
cent smaller than last year.
Texas farmers. are now finding
sufficient supply Of farm labor. ac-
cordng 10 well authenticated reports.
Wages are settling to normally.
Observers attached to the United
States weather bureau report that the
ranges over the Texas Panhandle and
eastern New Mexico are grcening nice
ly, and feeding thus far has been the
lightest in several years.
February receipts OF cattle at Fort
Worth were the smallest recorded for
that month In II years. Not since 1912
has the February run Of hogs been as
light rs the lot handled at Fort Worth
during the past month The supply Of
calves and sheep was also below the
normal level
February top prices on all classes Of
livestock except calves fell short OF
the January maxima. Bulk prices of
beef steers pursued "a fairly even
course during the month. Although
there were slight fluctuations, the
month closed with values about steady
on beeves cows, hoifers and bulls.
The latter made up the bulk OF cattle
receipts for the month. While one
car of strictly choice fed steers com
manded $3.50. the medium grades clear
ed at from SO to 81
The February hog market displayed
very irregular trend, the first two
weeks witnessing decline OF from
$685. to IS on heavyweight animals.
Few transactions OF sheep and
lambs were recorded for the month
Eleventh district oil wells produced
total OF il,2sOSlS barrels OF oil in
February. which was l,455,O0o barrels
less than the quantity recovered in
January. while part OF the decline
was due TO the fact that February was
n shorter month. the average daily
flow for that month showed de-
crease OF 7.99s barrels. as compared
with Janusry.
Reports from 81 Of the leading whole
sale houses IN the district furnish evi-
dencc OF an increased buying demand
during February, In all lines except
drugs. furniture and farm equipment.
The most notable Improvement In vol
ume Of sales ls reported by the dry
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