Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-08-01
SALES IN MOST
LINES GREATER
THAN LAST YEAR
Much Optimism Is Found in
Trade Circles in Eleventh
Federal Reserve District,
Report States,
(By The Associated Press.)

10y Inc hbsUCiutcu hFehsJ
Dallas, Tex, July 31.--A dis
tinctly favorable outlook upon the
cotton industry is viewed by
Charles C. Hall, assistant federal
reserve agent, for the Eleventh dis
trict, in issuance today of review
of business and industrial condi-
lions during June. Increased cot
| ton consumption, the sharp upturn
in the cotton market following the
June 25th condition and acreage
report of the department of agri-
culture, and favorable weather
conditions prevailing throughout
the district, give unmistakable evil
dence of brighter crop prospects,
he states.
Seed Corn Crop Assured.
Showers, which were general
throughout most of the district,
have insured a good corn crop,
greatly improved range conditions,
supplied an abundance of stock
plant" Mr.. Hall declares.
Unfavorable reports, on the
other hand, are coming from the
wheat belt where thrashing oper-
atoms are disclosing smaller yields
than were anticipated, the report
continues.
The demand for livestock at
Fort Worth was lacking in June
and prices were revised downward
to meet the cuts at other markets,
it is commented.
"While wholesale trade IS expe-
riencing midsummer quietness, an
encouraging feature of the trade
situation is the fact that sales in
a majority of lines were we'll above
those Of year ago." Mr.. Hall stat
ed. Much optimism Is found in
trade circles, where 1t Is thought
good crop prospects will increase
the buying power of the agricul-
tural consumers"
Digest of Report.
A digest of the report follows:
Reopening of several metal
mines in the mining regions of Ar
iona and New Mexico and the en-
ployment of additional miners
were outstanding development in
the districts mining industry.
The disturbing factor of the la
Dor situation as we'll as the draw
back to business recovery Is the
strike of railway shopmen which
matefialized during the first week
in July. However, as yet 1t has
not seriously affected trade.
A decided improvement marked
the general trend of agricultural
conditions. The dry, hot weather
has done much to check the raw
ages of the boil weevil.
According to the United States |
bureau Of crop estimates. the Tex
as cotton acreage was estimated |
to be about 10 per cent greater
than the 1921 averages. The con-
dition Of the crop as OF June 25
was given as 70 per cent of nor
NAL. with forecasted yield of |
S,525.0O0 bales as against a to-
tai production for the state in 1921
Of 100000 bales.
Dry Goods Trade.
The wholesale dry goods trade
felt the effects of seasonal dull
ness and the June sales Of twelve
firms decreased 2.S per cent from
May sales and 81 per cent from
June, 1921, sales.
Debts to the individual accounts
1T the principal cities Of the dis
trict reflected a slight increase
Turing June.
The federal reserve bank Of Dali
as reduced its discount rate on all
classes of paper from per cent
% 4 1-2 per cent, effective July
Y. The customary rate charged
IN customers paper decreased
one-half per cent at Waco, Tex, and
,ne-fourth per cent at Dallas last
increased one-half per cent at San
Antonio.
Despite increased drilling opera
ions, the crude oil output in the
eleventh federal reserve district
ihowed a further decrease during
tune. making the third consecu-
I've month that a decline was reg
stored since the record production
n March of this year. The June
production amounted to 12,22S,257
,arrels as compared to 13,211.36O
,arrels during May. representing !
decrease of approximately one =
million barrels.
on July 81, an increase from r
'1.50 to s1.75 per barrel in the
rice of Currie crude was posted
This grade of oil. which has a high
'ravity of gasoline content, has
'een selling as Mexia crude. Due
o the rapid decline in the MexIa
production, a premium of 10 cents
$ being paid by some buyers for
dexia crude.
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