Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-05-02
AN UNDERTONE OF OPTIMISM In
eleventh RESERVE DISTRICT IS
SHOWN In DALLAS BANK REPORT
Financial Situation Is Fraught With Uncer-
tainties, But Hopeful View Is Taken of
the Future; Markets Are Working Them
selves Into More Favorable Position.
tRY TIE ASSOCIATED pREss.N

(BY THE ASSOC
Dallas, Texas, May l.--Conspicu-
GUS among the favorable features
in the business situation in the
Eleventh district during March,
outlined in the monthly review is
sued April Is by the federal re-
serve bank of Dallas, increased
sales by department stores of APP
proXmately twenty-five per cent.
gains in some of the more import
ant wholesale lines, as compared
with February, n slight increase in
hank clearings and building per-
mits, and some liquidation of in
debtedness through the sale Of
commodities, principally wool. are
indicated by the summary. Other
conditions shown to be prevalent
follow
While the improvement is not rs
rapid and great as might be de-
sired, and the financial situation
especially is fraught with uncer-
tainties, there il an undertone 81
optimism which. in view March de-
velopments, seems justified. Mark
cts for the principal commodities
produced in the district continue
irregular, although they are
working themselves into more fa-
vorable position.
Harvesting of Wheat
The harvesting of the Texas
wheat Crop--estimated at 10000
600 bushels-Which should be UNI
der way within the next thirty days,
will afford some needed liquidation
and relieve the credit tension. The
same Is true Of the wool clip in New
Mexico and west Texas, which rs
estimated at 100000 to 100000
pounds.
According to the price index OF
r. G. Dun and company, wholesale
prices throughout the United States
in April declined Al per cent from
the March position, and were the
lowest since early in 1917.
The increase in building opera
tons is hopeful sign, and 1t is be-
lieved the Improvement in March
is the forerunner Of partial re-
covery from the slump of recent
X months.
Labor conditions in the district
remain unchanged, with exception
] possibly of slight decrease in tha
4 number of unemployed. Wage re.
E auctions have not been general. al
though the tendency is downward
Farm Operations Affected.
Farm operations in the pas.
thirty days have been affected by
climatic conditions, and higher
Temperatures are needed through
out the agricultural belt. Fruit
crops and truck gardens suffered
fromS the cold weather prevailing
during the latter part of March
! 1t is believed damage to fruit will
amount to twenty-five per cent, and
in some sections even greater. Most
of the farming belt received heavy
rains during March. Too much
moisture has fallen in the cotton
raising counties of north and east
Texas, and especially in southeast
Oklahoma.
Estimates as TO the reduction in
cotton acreage vary, although re-
ports indicate reduction of from
twenty-five to fifty per cent. .
Reports from the wheat growing
sections are generally satisfactory
Some damage by the green bug
and army worm is reported, but
cold weather and spread of the
parasitic wasp have lessened this
damage. Some authorities esti-
mate the Texas yield at thirty mil
lion bushels, an increase of nearly
one hundred per cent of last year s
production,
About 1000 cars of onions have
been shipped from the Laredo dis
triet this season. The movement
started three weeks earlier than
last season.
Galveston receipts show a de-
crease for March of $4,000 bales
of cotton over the same month last
year. Total receipts for the sea.
son show an increase of 3l2,00O
bales.
There has been little change in
range conditions during the past
month. Vegetation over counties
in the North panhandle and eastern
New Mexico had a slight setback
from frosts early in April, but now
Improvement Is noted.
Livestock Receipts.
Livestock receipts at Fort Worth
in March showed a gain in all
classes over February receipts. The
heavy increase in hog receipts was
the feature on this market. Not
standing heavy receipts through
out the month, there was keen
demand for hogs during the period,
and the price, although irregular,
was well maintained.
The market for beef steers
showed improvement during March
on account of the better grade of
cattle, and those bought by pack
ers were the best sellers Good
steers from southwest Texas sold
as high as $50, while the top for
west Texas beeves, extra heavy,
was SO.
The market for common calves
and thin cows followed a down
ward trend during March.
The sheep and lamb markets
fluctuated between So and $3.50
during the month.
A light demand was recorded in
the stocker division.
Improvement in the lumber in
dustry was recorded during the
month, according to estimates
gained from reports sent in by
twenty-nine mills, to the Southern
Pine association.
Petroleum production in the
Eleventh district in March showed
AN increase of 92S,596 barrels over
February, and an increase OF
1,S7,3S5 barrels over the same
mouth last year.
Oil Activities Revived.
Oil activities in west Texas have
been revived, as revealed by the
large increase in production.