The San Antonio Light (San Antonio, Tex.), Vol. 42, No. 347, Ed. 1 Monday, January 1, 1923 Page: 6 of 12
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E ETTER TIMES
‘ ANTICIPATED
IN LIVESTOCK
Market Men Expect Prices
" Will Show Decided Up-
t< ward Trend in 1923.
’TRYING TO CO-OPERATE
Organization of Producers
Is Expected to Benefit
Members Materially.
By L. C. GKUNDELAND
Special Corespondent of The San Antonio
Light.
Cot'vrhrht. 1922. bv The San Antonio Light.
Union Stock Yards Chicago. Jan.
I.—Some of the cattle men have ’tot
Jtiade the money they expected this
year but business has been good and wise
heads at the stock yards look for bel-
times for the industry in 1923.
* It is the sameway with the hog
itnide. Present prices are practically
tat the year's low point with choice light
Imiebers selling around $B. Most
.’traders think an upward turn is near.
< Of the diffclent branches of the live-
। Hoek trade the live muttons market
has shown the most even tone this
' ear.
IA Une of the big features in marketing
of livestock which promises to play an
important part in the coming year
is the co-operative plan. No doubt
many country buyers see disadvantages
in this method at the start and also the
farmer undoubtedly has heard about the
There can hardly be any
• lohbt. however that a properly con-
ducted organization of producers would
be of benefit to the members. Thus
far the system has hardly advanced far
enough to prove more than its defects.
Cattlemen Take a Chance.
After a small run of range cattle
during 1921 most of the traders Ra red
a shortage of meat this year. The
Country was again ready to show .hat
could be done however and who the
final counting is made up for If 12 it
will be found that the farmer an . cat-
tlemen still are willing to take chances.
Of course most of the traders were look-
ing for improvement in cattle values
and here they did not make a mistake.
Still it was the producer who took the
chances. At the opening of the year
when the bulk of cattle sales were
around $6.25 and .$7.75 the business
did not lock like the best occupation a
man could choose but the market has
made a good recovery. In December
1921 the cattle market was at the
high point for that year when choice
animals reached $12.50. This year how-
ever prime Steer* sold at $13.50 and
while quality does not warrant quoting
prices that high now best steers are
little below the year’s high spot.
Weakness This Month.
Some weakness was noted in the mar-
ket for medium and plainer lots of
steers during the last month but one
of the reasons for this was the fact
that the range season was longer than
expected and when the late fall re-
ceipts of native cattle came these ani-
mals still found the western stock in
hard competition. Lack of cars pro-
longed the western season to such an
extent that it made too hard a jour-
ney for the stock going to market.
The total supply of range cattle for
the season was about 265000 head
against less than 145000 last year.
The supply of all kinds of cattle is
close to 3000000 head which was an
increase of about 400000 over the pre-
vious year. At the opening of the
year cattle started with $lO as the top
of the market. This figure was made
the first two weeks in January after
that the quality fell off and tops were
lower. The low average for beef stevs
was in January but here also values
were improved. Nothing sold above
$lO at the local yards before late in
June when $lO was again paid. Med-
ium and plainer grades followed the
choice lots in the gain.
High Spot in Market.
The high spot in the market was
reached late in October when the best
animals went at $13.60 and the ave-
rage price of beef steers was placed
at close to $ll. This was again paid
in November. The low was recorded in
February at $8.90 when the average
for beef steers fell below $7.25. Prices
for killing cows and heifers also show
a good gain over the close of last
'year while present levels are a little
below the year’s best time.
Commission houses are urging the
country to continue making good quali-
ty cattle and they look for a better
year for cattle feeders in 1923.
Ilogs Near Ix»w Point
Receipts of hogs for the year will
total something like 7800000. Of
these close to 2000000 were shipped
out of this market for all purposes. At
the opening of the period best hogs
sold at $8.75 but there was a steady
gain for all grades.
In March the market was the best of
the year showing $11.50 for top lots
while the general average was placed
at about $ll. This was for the week
ending March 11 but the change was
again sudden. The following week top
hogs dropped to $10.95 and the ave-
rage was only a little above $lO. There
was a steady gain later but values
did not pass the mark set. Many of the
sellers booked for the $l2 figure which
did not show up. Early in October
prices for top and average were re-
spectively $10.45 and $8.90 but they
went down after that.
Present prices are near the year's
low point and at existing prices for
corn there is no profit in feeding
hogs. For this reason the conditions
will have to readjust themselves and
i most of the traders look for the hog
I “prices to go up.
J lambs Hold Gain.
B At the opening of the year prime
I lambs were placed at about $l2 but
I there was a steady gain until the best
I animals reched $16.65. the high point
■ of the year in the early part of May.
The young spring stock of course far
outsold the matured muttons but the
find* was good even for aged stuff.
Prices for lambs drop|>ed again after
July but top lota never went below the
It .'ls noted at the opening of the year.
Present prices with best lots of fed
lambs around $15.50 stand considerably
the average for the year.
MONDAY
The Year's Crops
The Department of Agriculture has made
fat following report on the rroduction.
acreage and yields of the principal ciope
as follow*:
Production. In bushels (000 emitted):
1923 1921 1920
Torn 2.890.712 3.068609 32<m5«4
Winter wheat 686.304 60U>’6 610.597
Spring wheat 270.007 214589 222.
All vbeut ... 856.211 kUjU mj.027
Oats 1215496 1.078.341 1496281
Barley 186110 154916 189332
Rye 95.497 61.675
Buckwheat . 15051 14.207 1214?
Flax 13238 8029 10774
Hay-
Tame tons 96.687 82.379 8710>
Wild tons. 16104 15.391 :/4uU
Tobacco lbs 1324.840 1069.693 1583225
Cotton b-.lea 9.964 W.4et
Cot'eeed tons 1.424 3 s>l 6971
Yields rer a<*re in bushels:
1922 1921 1020
Corn 28.3 29.6 31.5
Winter wheat ... 13.9 13.8 $5.3
Spring wheat ... 14.1 10.6 10.3
All v heat 14.0 ’2.8 13.6
Oats 29.9 23.7 55.2
Barley 25.2 20.9 24.9
Rye 15.4 13.6 J 3.7
Buckwheat 19.2 2<».a I*7
Flax 9.1 7.2’ 6.’.
Hay—
Tame ton 1.58 1.40 1.51
Wild ton 1.02 .98 1.11
Tobacco Ibe 768 0 749.6 807.3
Cotton lbs 141.6 124.5 178-4
Acres harvested (000 omitted!:
1922 1921 192 C
Corn 102428 103.740 1'4699
Winter wheat .... 42.127 43.414 40.01 C
Spring wheat .... 19.1'U 2<».2»2 .LUA
All Wheat 61.230 83.694 61143
Oats 40.693 45.495 42.431
Farley 7.390 7.411 7603
Rye 42.10 4 528 4.409
Buckwheat 785 • 80 7'l
Flax 1 ’"S 1 ;. ;
Hey—Tamo 61208 68769 56101
Hay—Wild 15842 1563 2 1...787
Tobacco 1.725 1 427 1.969
Cotton 33.742 20509 35.878
Total acreage of all crops planted dur-
ing 1922 i« estimated at 248.969.800. against
348.435.600 in 1921. with farm valuation
in 1922 of 17572.890000 and *5.729912.00
in 1921.
Transvaal Gold Output
The following table shows the produc-
tion of gold in the Transvaal fur a num-
ber of years past (in fine ounces lart
three figures omitted):
1918 1919 19.0 1921 1922
January .... 714 676 670 651 335
February .... 659 G 36 627 558 77
March 696 71 2 7"? 671 226
April 717 691 656 6SI 511
May 741 724 699 687 C’O
June 727 702 715 678 676
July 738 725 736 689 731
August 740 703 702 711 752
September .. 708 698 682 691 7»7
October 679 728 662 707 778
November ... 658 677 653 704 764
Decembe- ... 641 650 632 681
Total productions in the year 1921 was
8113.000 ounces.
SILK MAKERS PROFIT
Industry Shows Gain in 1922 and
Promises Well For 1923.
BY WILLIAM A. SPOFFORD
H. R. Mallinson & Co. Inc.
With the affairs of the majority in
the silk industry on a sound basis
and with business all over the coun-
try on the up grade a period of prof-
itable operations during 1922 was to
be expected but few really anticipat-
ed the full extent of the improvement.
For one thing all records for the im-
portation of raw silk will be shattered
which fact can be taken as a fair
vriterion of the volume of business
done. The quantity of raw silk
brought into this country during the
calendar year 1922 will run between
350000 and 375000 bales and exceed
by probably 50000 bales the previous
high mark.
The outlook for 1923 contains noth-
ing but promise. A steadily expand-
ing volume of business can be an-
ticipated provided the price of raw
silk is kept within reasonable bounds.
Manufacturers have finally succeeded
in adjusting this costs and can face
the coming year with the knowledge
that whatever business is done will be
at a fair profit.
The high market for raw silk—-
more than double 1913 prices—is the
one unfavorable factor in the present
situation although it is difficult to see
how any decided drop is possible just
now. Manufacturers for the past two
years have proceeded with extreme
caution in covering their raw silk re-
quirements. There is none of the
bullish enthusiasm which usually pre-
cedes a drop in prices. The hosiery
manufacturers who have been out of
the market for some time past are
now reported sold up for the spring
months and even as far ahead as July.
Few have covered their raw needs and
with this for a back-log only a small
recession in prices can be hoped for.
No let-down in general business is
to be expected before next fall if in-
deed it comes then. The tendency of
wholesale prices in most commodities
is still upward. Secondary inflation
is now with us and the tariff can be
relied upon to maintain the new levels
through 1923 at least. Summing up
1923 should be a year of satisfactory
business to all in the silk industry
hampered somewhat by the high
levels for raw silk which seem likely
to go higher than any time since 1919.
TO SPEND MILLIONS
Southern Pacific Announces Great Ex-
penditures for 1923.
An expenditure of more than $.30 -
000.000 for new equipment and rails is
to be made in 1923 by the Southern
Pacific railroad according to announce-
ment made in New York by Julius
Kruttschnitt chairman of the road's ex-
ecutive committee.
The new equipment according to the
statement will include locomotives
passenger coaches refrigerator cars and
other freight cars and is to be deliver-
ed during the year at an estimated cost
of $28000000. The road’s rail con-
tracts for the year will amount to more
than $5000000 and the usual expendi-
tures for fuel and other material will
amount to $100000000 more.
THREE STILLS SEIZED
Raids in Victoria County Net Large
Amount of Liquor.
Victoria Tex. Jan. 1. — United
States Internal Revenue officers as-
sisted by Deputy Sheriff R. A. Rogan
made several raids in Victoria county
on Wednesday night and succeeded in
capturPta a large quantity of whiskey
wine nlsh and three stills. The still
were offthe most complete type and of
large capacity. Federal Prohibition of-
ficers 1 ave been in Victoria and vicinity
for soml time making investigations.
GRAIN PRICES
NEABTHETOP
AS YEAR ENDS
Bull Movement Begun Early
in Year Boosts Mar-
ket to High Level.
EUROPE A BIG FACTOR
Whether Foreign Nations
Will Pay Inflated Prices
Remains to Be Seen.
BY GEORGE SCHNACKEL.
Special Correspondent ot The ban Anronlo
Light.
Copyright 1922. by The San Antonio Light.
Chicago. Jan. I.—The year 1922 in
the grain trade ends in alm«:t the same
way than it started. Just alter the be-
ginning o' the year a bull swing start-
ed Contrary to all market traditions
and ns it draws to a close prices a.c
found near the top of the new crop
season in the face of trade facts an I
history.
The bulls have been sncc-ssful lately
in ignoring all normal factions b.-
caiise all kinds of class legislation .le-
signcd to aid the farmers bare been in-
troduced in Congress out ot which it
is held reasoiuible to expect that some
helpful law will be evolved. Among
the more important measures to thia
end before Congress is the bill t? ap-
propriate $250.1)00.900 for the purpose
of financing export purchases by for-
eign countries. This bill may or may
not pass but it is problematical wheth-
er the foreign buyer will accept the
credit if it means that he will have to
pay a premium in the way of in.lated
prices for his grain.
Situation Hinges Upon Europe.
The sitiaiion hinges on this fact. Eu-
rope has been trying to solvj the puz-
zle of getting her monies baei' to a nor-
mal rate of exchange. Fruitless con-
ferences looking toward this end were
hell at the Hague Genoa anil at Lon-
uon twice. To the innocent bystander
all of these gatherings appeared to be
toredoomexi to failure because the
United States the creditor nation took
no part. From rec-ent developments it
looks as it the United States would be
drawn into the discussions before a]
way out ef the difficulty is found. Es-
tablishment of Germany on a sounderi
financial basis will solve many of the
economic - problems of the United States
as well as of the nations of Europe.
Statisticians issue figures time alter
time regarding the world supply of
grain an l its requirements but none cf
them has been far-sighted enough to
take into consideration the reduced con-
sumption abroad as a result of the
strained finances of the European na-
tions. When the for* gner has no re-
sources he curtails his buying power
even to economizing on food. Congress
may pass legislation to -timuluto this
foreign demand but li - .'. - success can
be hoped for when prices are put above
these asked by Canada - ri Argentina
our chief competitors.
In the month of December w-e find
concentrated holdings in wheat corn
nnd oats and inflated prices as a result.
Highest prices of the crop season were
established in the twelfth month as the
results of the operations of the same
interests which defeated the Stay bu.ls
in wheat. Encouraged by the goverv-
ment they have enhanced values above
a world's parity.
May Wheat Deal Big Feature.
The May wheat deal was the big fea-
ture of the year. A coterie of local
traders headed by Arthur Cutten vers
the longs and cash interests headed by
the Armour Grain Company weic tie
shorts. The price at the start of Use
month was $149 7-8 while on the last
day of May $l.lO was the low point
and the close was near that figure.
There were nearly 14.000000 bushels
of wheat delivered to the longs and al-
though they were able to finance the
grain they experienced difficulty in
Burying the corpse. Stocks of wheat
at the start of the month were not st
large but the Southwest was loaded
up with wheat which they were unabl"
to sell to the export trade and these
stocks played an important part in de-
feating the purposes of the bulls. Not
only did Kansas City. St. Louis St.
Joe and Omaha furnish wheat for the
shorts but Duluth and Minneapolis dis-
posed of surplus wheat and there was
eash wheat brought back from Toledo
and Buffalo.
After the coilapse of the May deal
the market went through its usual
course ot curves trade however being
of reduced volume. During September
the world was electrified br the come
back of the Turk in Asin and his mili-
tant attitude after routing the Greek
troops caused a broadening in specula-
tive activity on the theory that there
would be another European war. with
Turkey the storm center.
A Gloomy Opening
The year opened rather gloomily. On
the last business day of 1921 the fail-
ure of one of the biggest commission
houses in the trade was announce.! a
house with the best of reputation. Itis
was followed by the announcement of a
big Chicago bank being absorbed ny an-
other institution because of financial
difficulties of the first. French banks
also were reported experiencing diffi-
culty because of frozen credits. All this
made the gram speculator feel that
grain was worth next to nothing. How-
ever after the gloom had been dissi-
pated anil some of the reports denied
regarding financial troubles abroad a
bull move developed which culminated
in the collapse of the May delivery.
Congress hud appropriated $20.0(10.000
for the । urchase of seed wheat for Rus-
sia and this tended to inspire bullish
hopes. Other factors were the bull sli
winter wheat crop reports and also
the estimates of the exhaustion of the
surplus of old wheat and small faint
reserves.
Producers Are Discontented.
Despite favorable yields and higher
prices for his product the producer has
shown direontentedness the entire year
The final report of the year shewed
that values of farm products were 32.1
per cent greater than a year ago on
December 1. The year was one of ex-
cessive heat and drought at times bat
in spite of this the production of the
principal grain crops was generally in
excess of last year. There were 178.-
000.000 bushels less corn produced than
in 1921 nnd 14.000000 bushels less ot
winter wheat. The spring wheat crop
was 50.000000 bushels better this year
outs 127000000 bushels more rye 01.-
OIMMMM) bushels more and barley 32-
000000 bushels more. Dry weather
rut down the area of the Lcwly-waded
Vinter wheat crop but benefiieial raris
THE SAN ANTONIO LIGHT.
and snow placed the condition above
that of 1921.
The farm value of the corn crop oo
Decemb“r 1 was $1900.28 <’.ooo com-
pared with $1297213000 a year ago.
Strong efforts were made to enbauce
the value of corn this season and they
were of a constructive character t'rop
Uganda by American relief agencies in
the Near East resulted in corn being
substituted to a great extent for bread
stuffs as e food and this was also true
in some of the nearly bankrupt coun-
tries of Central Europe.
This resulted in greatly increaseel
exports end for the first ten months
of the year there were 131.329000
bushels of corn exported compared
with 111.189000 for the same period m
1921. In addition domestic consump-
tion was greatly Increased
Corn Trices Near High Level.
The new corn crop year starts out
with prices near the high • t level of
the year. Farmers are attracted by
the high price* of hogs sn.l this fall
they accumulated big droves in order to
market their corn on the' uoof. Tois
resulted in corn dropping to a feeding
value as compared with hogs anu ns
a result many of the feeders have been
marketing both corn and nogs. Co - -
gressionul appropriation io purchase
corn to feed the starving Russian.’ was
a help to the market. The mild fall
helped to conserve the supply of corn
for feeding and this may revet against
the market in 1923.
Texas Banks Are Healthy
The Past Year Sees a Return to Normal Conditions
and State Institutions Reflect State’s Prosperity.
By T P PRIDDIE JR. I Texas is again about to enter a period
D.W> c—l 'Sig
The general financial condition ot o f oor rfsourceß an j ordinary business
Texas as reflected through the 981 judgment be used in our transaction*
state banking institutions indicates Cotton Prices Are Up.
that rapid progress has been made in Cotton is bringing at the present
the return to normal conditions. time more nearly the price at which
This is indicated by the general it can be profitably raised than for the
healthy condition of the banks. While | os t three years labor being some
there are a few spotty localities that cheaper and. in practieany all
. uu .1 ....... ti.n ties plentiful. Cattle while »till ab-
did not progress with the average the norma ‘ ly ow how TOme tendency to
general outlook is one of optimism. The j n( . rpage j n vane and a slight demand
next call for condition of the various is being felt. As a whole the products
state banks will no doubt show a very of this »'ate have be<>n sold at such
. Il* i a price this year as wouia permit inc
material decrease m the indebtedness pro(lue< r not on)y t 0 pay bj 8 current
of the communitie* to the variou* banks ( | e bts but an appreciable amount of
and increase in deposits a minimum of previous obligations.
bills pavable and a healthy cash re- The failure of banking institutions
serve. The comparison with the con- this year or this fall have been very
dition last year at this time should b» - small compared to previous periods in
very favorable and would indicate that the past two years. The liquidation of
10 YEARS OF SERVICE
Commercial National
Geo. B. Taliaferro President
Z. D. Bonner Vice-President Chas. Baumberger Vice-President
H. M. Baetz Cashier E. A. Baetz Assistant Cashier
Geo. B. Taliaferro
Jack W. Neal
Mrs. Kate S. Schenck
Z. D. Bonner’
YEARS is not long—and yet
£ it is sufficient time to test the
strength and stability of any
business concern.
On January 3rd 1923 we cover ten
years of successful banking during
which time our efforts to conduct a
strong and conservative bank have
been rewarded by increasing patron-
age and confidence from the people
of this community. Our institution
has grown during those years from a
very small beginning to its present
proportions.
We wish our customers and friends
a Happy New Year and renew our de-
termination to do bigger and better
things for this beautiful city we call
our home.
Capital Slock $200000.00
The
OFFICERS:
DIRECTORS:
assets held by thia department for ac-
count of failed banks has been erason-
bly satisfactory and indicates that the
ability to pay has increased a consider-
able proportion.
Good Year in Prospect.
It would appear that normal condi-
tions have about arrived and with an-
other year such as 1922 coming in
1923 will place Texas in a position to
liquidate practically all of the old out-
standing obligations nnd in sufficient
funds to carry on its own business with-
out outside assistance except in sea-
sonal advances.
The general state banWng system
shows a marked improvement the sys-
tem being practically purged at this
time of the reckless banking ideas
brought on as a consequence of the
wnr. A feeling of eonfidnee is gen-
eral which is not ba’ed upon inflated
ideas but upon actual conditions nnd
sound economic*.
Dismissed Officer Denies Charge.
Fort Worth Tex. Jan. L—Thomas
McClure who was yesterday dismissed
as captain of the North hide police by
Police Commissioner Alderman branded
as false the accusation that he “will-
ingly and knowingly permitted gambling
bootlegging and other violations of law"
in his district.
Chas. Baumberger
Wm. V. Dielmann
Dr. S. P. Cunningham
Fred W. Cook
JANUARY 1 1923.
TO SPEND $30000000
St. Paul Railroad Makes Progress in
Improvemeuts of Road.
By H. E. BYRAM
President Chicago Milwaukee A St.
Paul Railway Company.
I do uot expect any material change
in wages during the coming year and
hope there will be no change in rates
although there is a strong effort being
made in that direction.
I do not think any changes should
be made in the transportation act un-
til it has bad a chance of functioning
for a longer period under normal con-
ditions.
The C. M. & St. P. Railway has a
full force of shop employes and has
made good progress in overcoming de-
ferred equipment mnintenance caused by
tbe strike.
I cannot answer as to the physical
condition of other railroads. Ours is
in good physical condition.
We shall spend during the coming
year for equipment $18000000: other
supplies and material $12000000.
I am not in a position to estimate
the amount of new financing needed
by the railroads during 1923 An
acute ear shortage is likely to develop
in 1923 if traffic continues heavy.
Bank
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The San Antonio Light (San Antonio, Tex.), Vol. 42, No. 347, Ed. 1 Monday, January 1, 1923, newspaper, January 1, 1923; (https://texashistory.unt.edu/ark:/67531/metapth1592264/m1/6/?q=central+place+railroads: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .