Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1928-09-30
BANK
REPORT SHOWS
IRRECULARITY
Conditions in South
west Are Generally
Sound in Spite Of
Bad Weather

able weather has reduced prospects
for agricultural production although
indications point to crops in excess
or a year ago. and merchandise dis
tribution reflects a substantial im-
provement. "a Y the August report Of
the Federal Reserve Bank Of Dallas,
made public today.
Lack or moisture has caused some
deterioration of ranges in sections
Of the Eleventh Federal Reserve dis
trict. but the physical conditions of
both live stock and ranges in the ma
jor areas of Texas. New Mexico and
Southeastern Arizona has improved
steadily and the outlook is good, ac-
cording 10 the business summary.
The volume Of building operations
showed a gain Of ~ per cent over
July. but vas 10 per cent less than a
year ago.
Sales of department stores w
larger cities were II per rent larger
than the previous month. and whole
sale distribution showed a seasonal
increase, the report goes on. A sub
stantial amount Of the districts
funds ~ being employed IN the New
York call money market and there Is
a marked trend toward Capitalization
OF financing by large corporations in
the district.
The month witnessed q substantial
Improvement. I'm the business mortal
ity rate. Both the number Of fail
ures and amount Of indebtedness in
volved reflected a sharp decline over
July and we're smaller than a year
ago.
Due 90 ~unfavorable weather. the
report continues. some deterioration
IN crops is reported. but with the
exception az corn and oats. the pro-
duetion Of all major field crops will
probably exceed that cf the proceed
ing year. Cotton has taken a setback
since issuance Of the Sept. ] Depart
ment Of Agricultural report which
estimated Texas production AT $780,
600 bales. Root rot has spread rapid
liz owe the state. except Northwest,
West and Mest-Center. Boil worms.
boil weevils. and in some sections.
the cotton hopper and leaf worms.
have done considerable damage and
may tend To reduce further the pros
poets Of this years production. Dry
weather over a large area also has
caused premature opening or the
hollis, which is likewise reducing ear
Tier expectations. Cotton IN all the
older growing territory Is opening
rapidly and should wet weather set
in. there would be a large amount Of
low grade staple this year, says the
review.
Cotton in North Louisiana and
Southeastern Oklahoma also shows
considerable deterioration due 70 dry
weather and insect activity.
Although earlier prospects for
feed crops have been reduced. most
sections vii produce a sufficient sup
ply for next years needs, according
to the banks summary The Texas
/ corr crop, based on Sept I condition,
indicates a yield Of lOl.S7l.000 bush
els compared with ll9.34T 900 in 1927.
Grain sorghums promise a yield Of
only 5i.274.000 bushels compared 20
a prospect Of e4.344.0O0 bushels on
August Il. No change is indicated IN
the rice crop. with an indicated pro-
duction of 6.092. 900 bushels.
Sowing az fall wheat has started III
Northwest Texas and prospects are
that screaFe seeded this year will
exceed the 2.629,00 acres sown last
fall.
Concerning live stock, the report
SAYS.
an northwest. vest and west-cen-
trail Texas. New Mexico and south
eastern Arizona. conditions are far
10 excellent. with ranges i'm some
sections IN a better condition than
in many years. In this area rains
have been plentiful. grass has grown
rapidly and there y an ample sun
ply of stock water. Pasturage In
most Of these sections will be SUI
ficient ~ carry the stock through
the winter. In the south and coast
sections or Texas ranges are very
dry. grass is short and stock water
is low. III these sections prospects
for winter pasturage are very poor,
but reports indicate there rs sutii-
cient feed available fer stock on
hand. While more rain il needed ~
most sections Of east and central
Texas ~ provide adequate fall and
winter feed. hay and feed crops gen.
orally are plentiful in those iocail-
ties where rain has been suffic ent.
IN those sections where range cnndi-
tions are good, there Is an active
demand for all classes Of live stock.
cUQ TIE WuIEtt CONTINUES rtA"NHs
Shipments Of lumber from pine
mills exceeded production in August
and were the heaviest Of any prev
ious month IN recent years. the re-
port continues. Stocks held a. the
clo-~ az the month we're reduced be-
low normal for the first time since
last December.
As 70 petroleum the summary said
IN part:
Total production Of crude oil IN
the eleventh federal reserve district
which amounted TO 22.135,450 bar
rels in August reflected a reduction
Of 1921 $50 barrels as compared 10
July, but exceeded the output In the
corresponding month Of last year
by l.469,T25 barrels. There we're Coz
competitions during the month OF
which 81 were producers Of oil
yielding 699 .S79 barrels OF new pro-
duction as against $40 competitions
In the prev ious month that Melted
296 oil producers with an initial
flow Of 366.e53 barrels. Initial pro-
duction i'm August reached ? new
high level and was due primarily %
the completion of large wells IN
central west Texas.
The daily average output Of
crude oil In Texas fields amounted
to 673,s63 barrels which was 29.260
barrels less than Urn July. North
Texas reported a decline Of 26.35S
barrels In daily average production
and central west Texas showed q re-
cession Of 1927 barrels. Only d
slight variation was noted in pro.
d~uction of each of the east central
Texas coastal and southwest Texas
regions, the net difference of the
CONTINUED on psae two.)