The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-05-31
TEXAS COTTON
ACREAGE HAS
BEEN REDUCED
80 PER CENT

DALLAS. Texas, May 9l.Cotton
acreage in Texas has been reduced at
least 80 per cent, according to an eS-
innate made in the monthly review of
business and industrial conditions in
| the eleventh federal reserve district,
by the Federal Reserve Bank Of Dal-
las. The report was issued May Is,
depced by returns recently received
from questionable addressed by the
bank TO its correspondents throughout
the cotton producing counties of the
state. Other phases of industrial con-
ditions prevailing, az outlined in the
review, follow
Credit conditions are less tense than
they have been in recent months. ac-
cording to the review. The month of
April, 1t states, contrary to what has
been the usual credit movement dur
ing the month, witnessed a contraction
in the volume Of outstanding indebted
ness of member banks to the Federal
Reserve Bank Of Dallas, there being
a net retirement during the month of
$4,900000, while during the CORES
ponding month last year there was
net expansion of s1s,700, 10000. The
report calls attention, however, to the
recent liquidation, which was con-
fined to paper secured by government
securities, there being a slight increase
in other classes OF paper.
A slowing up in the districts whole
sale and retail trade activities, bank
clearngs and charges to depositors'
accounts were recorded during the
past month. The slower pace in bust
ness is ascribed to a variety of causes,
including continued unsettlement of
prices, industrial unemployment and
unreasonable weather. BY contrast
with the situation a year ago, the re-
port points out, such transactions as
merchandising, construction contracts,
and bank clearings are being carried
on upon largely reduced scale, judg-
ing from the money movements dur
ing the period just past.
Building activities in the district in
creased nine per cent during April as
compared with March Reports indi-
cate a plentiful supply of labor, 1t be-
ing more efficient and generally con.
tented.
The recent auction sale at San An
gelo Of half a million pounds of fleece,
at prices ranging from l6 to 21h cents
was pointed out as q hopeful sign Of
reviving life in the Southwestern
wool market.
A setback to early planted crops.
and generally unfavorable low start
for farm operations, resulted from un-
seasonably low temperatures which
have prevailed since the last report,
according to the outline. The growth
of cotton was checked by the cold
waves occurring in April and May.
Poor termination of cotton and corn
has necessitated the replanting Of
Of the district, according to the ques-
tionnaires.
Arizona and New Mexico report the
condition Of winter wheat as being
only fair. The condition of the Texas
wheat crop on May l was placed by
the government at 70 per cent of nor
NAL. The Texas Panhandle seems to
be the most favored wheat district
Just now, the review says.
The review states that general range
conditions have undergone some deteri.
Grafton since the last report. observ-
ers in the Texas Panhandle, Eastern
New Mexico and Southern Arizona.
report that April was marked by se-
rious shortage in rainfall throughout
those regions, particularly in the
western states. Range cattle in Ari-
zona are reported to be in poor shape.
The lamb crop there is said to be