Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-01-04
nth DISTRICT
BANK CLEARINGS
SHOW DECREASE
Slow Pace in Business Is
Reported; Drouth in New
Mexico is UnfavorabIe for
Winter Grain.
tBy The Associated Press

Dallas, Texas, Jan. 3.-De-
creases in bank clearings, in
charges to depositors accounts and
in federal reserve note circulation,
as we'll as a shrinkage in wholesale
and retail sales are shown in the
November report of the Federal
Reserve Bank of Dallas, compiled
December Is.
Practically all reporting firms
experienced continued slow pace in
business, although the holiday
trade augmented sales to a large
extent early in December.
A $7,600,000 reduction in the
Dallas reserve banks outstanding
loans to member banks during No
vember was accompanied by a cor
responding retirement of the banks
discounts with other reserve insti-
tutions, which were entirely wiped
out on December is, the report
states.
Recent advances in the market
price of crude oil stimulated that
industry and, according to the re-
port, only such handicaps as
weather conditions will be likely
TO affect the enlarged drilling pro-
gram recently got under way.
Among certain recent develop
ments that have encouraged farm
ers OF the district, the review mem
tons the reduction in freight rates
on farm products; the December
rains, which in many parts of the
district broke a long and damaging
IrntItG nnH thn innrnq cod
sumption of cotton during NoYem-
Der. although the November de-
cline in the cotton market gave rise
to serious concern as to its effect
upon the already crippled condi-
ton of the purchasing and debt
paying power Of the districts lead
ing industry" the report points
out, there have been in addition
to a partial recovery of the loss
suffered by cotton values, certain
developments which have had an
encouraging effect upon the farm
ers of the district" 1t then re-
ferred to the developments above
Harvesting operations have been
practically completed, the review
says, farmers having taken fun adj
NdlltSC VI lllo Clttil CbiloAAillS
weather prevailing up to the first
week of December
Weather conditions in Arizona
are reported favorable for all farm
operations, and while harvesting
made good Roadway in New MeXi-
co, the drouth in that state has
been unfavorable for winter grain,
pastures and fall blowing. In
Louisiana the recent rains helped
fall crops and farm work is gem
orally going forward, the review
states.
The long drouth that had pre-
vailed in the range country for
several months was broken in
many localities by early December,
but stockmen report more rain is
needed in practically all stock
raising territory. The condition of
livestock is reported good in Ari-
IONA, and fair to good in New Mex
leo and Texas.
Supplies of cattle and hogs, with
few exceptions, were the smallest
ever recorded on the Fort Worth
market during November, while
calf receipts set a new high record.
Trading early in the month was
dull. AS a result of upward trend
in prices during the latter part of
the month, values worked back to
within a few cents of opening
levels
A marked slowing down of dis
tribution was characteristic of the
wholesale and jobbing trade dur
ing November. The immediate
outlook is somewhat brighter, the
review says, due to the better
spirit Of both the retailer and
farmer.