El Paso herald. (El Paso, Tex.) 1901-1931, 1921-01-03

nURING the year 1921 business and
" Industry OF the 18th federal dis
trict must not only bear the cost
OF production and operation, but also
be depended on to wipe out consid-
cradle volume Of obligations which
were incurred, but which could not be
retired during 1920
such is The notice served on the
public by the federal reserve bank
Of Dallas, whose monthly review or
business and industrial conditions for
the month Of November has just been
received in FL Paso. This review in
dicates there wiz be a large carry
over. both OF debts and commodities
into accounts and inventories Of the
year 1891 This, according TO the re-
port, is the most important aspect OF
the business situation developed dur
Ing the month covered
Loans show Decrease.
In part the federal reserve report
says
Outstanding loans made TO member
banks by the federal reserve bank OF
Dallas as at the close OF November
1920. amounted 20 s103.722, which
shows net reduction Of some =
100000 since October 81, and loLal
decrease Of about Sl5,0e000o from the
peak amount reached in September
November movements Of raw cot
ton. grain, livestock and other farm
products. as well as sales Of merchan-
disc at wholesale, showed mar keQ
decreases by comparison with the pre-
vious month
Retail trade activity. sustained
fairly wen by early holiday purcnas-
ing. was about equal IN volume 70
that Of the preceding month
"on the other hand, the DISTRICT
fields. whose exploitation is now
rivalinE agriculture as the district
leading industry, established during
November new high record Tor
monthly production with a total out
~ H1
Both wholesale and retain colec-
tions were slower in November
.In Texas at the end OF November
there was considerable cotton yet 10
be picked in the northwestern part
Of the state Following the sharp de-
cline ia the price Of cotton, reports OF
crop abandonmenls have been more
frequent and. while the state Of the
market and the scarcity or plckeIs
may result IN some cotton being leIt
in the fields it Is believed that the
percentage Of abandonment is rela-
lively small
In southern Oklahoma last month
was favorable for all farm operations
Abundant moisture in the soil gives
promise Of most excellent start Tor
The next growing season Some cot
ton is being picked although reports
are TO the effect that considerable
portion Of he crop VIII be paslurea
after the first picking
I'm New Mexico conditions were
favorable for all farm work A large
acreage Of winter wheat Is being
IN Arizona the picking OF cotton
continues under favorable conci-
tons"
Cotton exports through the port Of
Galveston for the month OF November
amounted TO 449.ft0 bales, as com
pared uTlth the previous months ex-
ports OF 5s4,6ss bales.
"A further decline In the supplies
OF wheat and oats is reelected in NO
vember reports from grain inspectors
ct the principe! grain eenters-
cover the Amarillo district. the
Pecos valley and eastern New Mexico
sections moderate rains occurred dur
ing November causing 1urther IN
urovement in range condition. In
Texas all classes Of livestock are en-
tering the winter in good Leshs and
the abundance Of feed now on The
range is expected TO stimulate the
movement OF feeder stock from north I
ern states TO Texas winter pastures.
In New Mexico the condition Of
ranges and livestock have been gen I
orally good. with the exception OF f.
some loss OF sheep and goats as q re- I
suit OF cold weather. over the Arr /
iona section the eleventh district OBJ 4
servers report ranges and stock in .
fair 10 good condition
with a total output Of 1s,547,s52 I
barrels Of oil, eleventh district wells /
broke all previous records last month I
in the matter Of monthly production /
Central-west Texas leads the various /
fields in production for the month 4
with total yield Of 4.515.5f0 barrels I
On f-rra-se Of 573.935 barrels over /
the previous month";, followed closely I
l-zas coastal zone with a pro 4
duction OF 3.658-3le barrels which 4
bettered its October record by 1885, $50 /
barrels The increased activity in the I
north Louisiana fields enabled that I
section TO show a gain instead OF the /
usual loss which that part Of the dis I
frict had been reporting during the /
recent months
'sThe outstanding features IN The !
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