San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-03
Commercial Failures De-
crease AZ Per Cent Dur
ing January.
LIVESTOCK PRICES UP
Excellent Season in Ground
lnsures Farmers Good
Crops.

Dallas. Tex, March San in
crease of ca per cent in building activ-
ity in the larger cities and de-
crease Of AZ per cent in the volume
of commercial failures are the high
lights in the January statistics of bus
mess conditions in the Eleventh Fed
eral Reserve District, as compared
with the month of December, 1928,
the monthly review of business and
industrial conditions, issued by the
Federal Reserve Bank, says.
The review shows that construction
projects, representing an outlay of
$S,OO0,OOO were launched during JAN
uary in eleven cities that reported, dn
increase of some $3,O00,0O0 over the
preceding month. Liabilities of in
solvent firms dropped from $2,O46,-
143 in December to $1,17O,9SS in JAN
uary.
The review gives an optimistic re-
port on wholesale conditions in the
district. Five reporting lines of trade
showed heavy increases in sales over
the previous month and substantial
gains over the corresponding month
of 1923. Department store sales,
however, reflected normal season
al decline, the review states.
The farming and livestock condi-
tons are distinctly favorable, the re-
view states.
Livestock values are generally
higher than year ago." the review
continues, 1.-THE ranges are in good
condition and early pasturage is in
prospect. Livestock have wintered
well, with a minimum of feeding and
but few losses, and the calf and lamb
crop is expected to be large. Al
though farming operations have been
greatly delayed on account of wealth
err conditions, the excellent season in
the ground insures favorable planting
conditions"
Bank Debts Shrink.
Bank debts to individual accounts
during the month showed a III per
cent decline, the review says, when
is not altogether accounted for by
the usual slackening in business ac-
tivity at this season of the year. as. a
similar decline is disclosed when the
January record of bank debts is COM
pared with the total for 1923.
"The demand for bank credits con-
tinucd light" it is said. "althougll
deposits as a rule are beginning TO de
cline throughout the district, which is
evidenced by loss of approximately
S15,000,000 in the deposits of mem
Der banks between December 20 ano
January 90. The volume. of redis
count offerings received by the Fed.
eral Bank of Dallas has increased
but little since the first of the year
when it touched the record low point
of SS.S00.O0O. Reports from member
banks indicate that they are still car
rying a large volume of cash and
short term investments in commercial
paper, bankers acceptance. govern
mcnt securities and call loans"
There was noticeable shrinkage
in the districts oil production during
the month. the review says, the amount
added to the supply in January being
20 per cent less than the production
for December. Substantially higher
prices being paid for crude oil have
Stimulated drilling activity, however
and the improved condition was man
Tested in larger production during the
first half of February, the review Con-
tinued.
Farmers Make Progress.
Farmers have made progress in
preparation of the soil for spring
planting, it is said. They were de-
iayed in winter blowing by the wet
weather and although they have made
rapid progress recently. they are gen
orally two to four weeks behind with
their blowing.
The cold weather has retarded the
growth of wheat and oats, it is point
ed out. adding that some damage TO
oats has been reported. especially
where the growth has been rapid.
This condition does not seem to DC
general, the review adds. Prospects
are that the wheat crop will be con-
siderably larger than usual this year.
The fruit crop has been benefited
by the recent cold weather which