Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1929-07-30
BANKS GAIN ON
WHEAT HARVEST
Grain Market Receivers And
Debts Liquidated, Fed
eral Report Shows

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DALLAS, Tex, July 30.-(P)-A
remarkable recovery of the wheat
market coincident with harvesting
of one of the districts largest crops
Of that cereal was an outstanding
development during the past 80
days, said the monthly business re-
view of the Dallas Federal Reserve
bank, eleventh district, issued to-
DAY. Throughout the wheat belt
there was liquidation OF indebted
ness, a sharp rise in bank deposits,
and an active demand for COM
merce paper and bankers accept
ances. The district, as a whole.
however, showed a further seasonal
decline in deposits.
The business mortality rate re-
Elected a marked improvement, de-
mand for merchandise, wholesale
and retail, was generally quiet, and
construction activity evidently a
further decline, the value of build
ing permits at principal centers be-
ing IS per cent less during June
than in May and Is per cent small
er than in June, 1923, the review
said.
while the indicated yield OF
corn is considerably smaller than
in 1928" the report continues, 1T
will be sufficient in most instances
to take care of farmers needs dur
ing the coming year. Other feed
crops promise satisfactory yields.
Weather conditions generally
have been favorable for the growth
and cultivation of cotton and late
reports indicate that the crop Is
now in a good state of cultivation.
Tt should be borne in mind, how
ever, that the condition of the crop
is very spotty as a large percentage
Is much larger than usual and the
stand of the older cotton was dam
aged somewhat in Kidding the fields
OF grass caused by the May rains.
While the hot, dry weather checked
activity of boil weevils over a large
portion of the district, their pres
ence in large numbers, together
with the large percentage of young
cotton, renders the crop susceptible
to the depredations Of this insect.
Furthermore, the persistence of
Showery weather since the first of
July in south central, and south
Texas has increased weevil activity
TO some extent. In other sections
OF the district, rain at this time
would be beneficial to the crop.
Grazing Declines
due to the absence of rains dur
ing the past month over most of
the districts range territory, the
condition Of grazing ranges showed
q marked decline, but livestock gen.
orally held up well. Rains which
have fallen over a large area since
July l, however, have been very
beneficial and in many areas grass
es have begun to green again. Late
reports indicate that pastures are
drying out rapidly in portions of
New Mexico and while some rain
has fallen in southeastern Arizona
more is needed to revive range
grass. Cattle in southeastern Ari-
IONA and portions of western New
Mexico are in poor to only fair
condition.
While sheep and goats have suf-
~ " 0LJ NCdI1lCI IIla1
cattle, their condition is fair to
good. Calf, lamb and kid crops in
most sections are abovI the average
andt he young animals are strong
and healthy.
"A further moderate increase
was shown in production of crude
oil in the district in June. Total
output amounted to 5,422, $50 bar
rels, which was 10000 barrels
greater than in May and 4.29O.2 $50
barrels above the output in June
last year. Field work, as shown BY
the number of completed wells. de-
.clined in all areas with but one
exception; however, the search for
pay sands was more successful than
IN n previous month. Completions
IN June numbered 604 of which 315
we're producers of oil, yielding 16O,-
'O2S barrels of new production as
compared to 760 competitions in