Full text of Economic Review (Federal Reserve Bank of San Francisco) : December 16, 1922

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A g r ic u l t u r a l a n d B u sin e ss C o n d it io n s
IN T H E T W E L F T H F E D E R A L R E S E R V E D IS T R IC T

M on th ly R e p o rt to the F ed eral R eserv e B oa rd
by
JOHN PERRIN , Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco

Vol. V I

San Francisco, California, December 16, 1922

r v e s t i n g of the crops of the district
H awas
practically completed during N ovem ­
ber, permitting a preliminary estimate of
the results of the year’s operations in agricul­
ture. The acreage planted to crops in 1922 was
slightly smaller than in the previous year and
on the whole yields were below those of 1921.
But crops were raised with a
The Month minimum of outlay for labor and
materials, and the prices of farm
products, with the exception of potatoes, rice,
apples, raisins and hops, are now uniformly
above those of a year ago, so that in many
parts of the district the margin of return to the
farmer has increased during the past year.
Banks in the country districts, instead of ex­
panding their borrowings from the Federal Re­
serve Bank throughout the harvesting and mar­
keting period, have been steadily reducing
them from a total of $34,000,000 on August 2nd
to $18,000,000 on December 6th, a decrease of
47 per cent.
Commercial loans of reporting member
banks in the principal cities of the district, on
the other hand, have increased with the accel­
eration of business and industry during recent
months. On December 6th, commercial loans of
66 reporting banks stood at $760,000,000, seven
per cent above the low point of June 28, 1922.
This increase of $48,000,000 was accompanied
by a smaller increase of $22,000,000 in the bor­
rowings of these city banks from the Reserve
bank. Investments of the same banks did not
decline during the period but increased by $17,000,000. Business, both at retail and at whole­
sale, was notably more active during N ovem ­
ber, 1922, than during November, 1921. Depart­
ment store sales increased 14.5 per cent in
value compared with last year, and exceeded
sales during Novem ber of 1920 and 1919. All

lines of wholesale trade reported increases in
the value of their sales during November, 1922,
compared with November, 1921. The increase
was over 10 per cent in nine of the 10 reporting
lines, and in agricultural implements, dry
goods, furniture, groceries, hardware, shoes
and stationery it was over 15 per cent. Debits
to individual accounts in the banks of the dis­
trict, omitting figures for San Francisco, where
a decline of 2.9 per cent occurred, were 14.6
per cent larger during November, 1922, than
during November, 1921. Business failures, al­
though greater in number, were smaller in
amount of liabilities than in the previous
month or the same month a year ago. Liabili­
ties of failures during November, 1922, were
35.5 per cent less than during November, 1921.
The lumber industry operated at normal
capacity during November. The autumn mar­
ket for lumber continued active longer than is
customary and mills have announced that the
usual winter shut-down will be brief. Produc­
tion of the principal metals of the district is
growing steadily. The improvement in the sta­
tistical position of copper has been noteworthy
and on December 18th electrolytic copper was
quoted at 14% cents per pound in the New
Y ork market, compared with a price of 13^4
cents per pound one month ago and one year
ago. The flow of petroleum from the oil wells
of California during November again increased
in volume faster than did consumption, which
also increased, and stored stocks were 2,184,892
barrels larger at the close of the month than at
its beginning. Industrial construction during
the first 11 months of 1922 has been greater in
value and volume than during the whole year
1921, according to figures assembled for seven
large cities in the district. There was a sea­
sonal decline in general building activity dur-

Those desiring this report sent them regularly will receive it without charge upon application




No. 12

Agricultural and Business Conditions

214

ing November compared with O ctober but
present construction projects exceed those of a
year ago both in number and value. Seasonal
decreases in employment have been general
throughout the district, but the amount of in­
voluntary unemployment is relatively small.
Price movements during November were
favorable to the majority of producers in this
district, advances in the prices of many agricul­
tural products greatly increasing the exchange
value of the district’s crops. The general price
level, as shown by the index numbers of the
United States Department of Labor, rose from
154 to 156 during the month, taking the price
level in 1913 as 100.
Fall seeding of grains for the 1923 crop has
been practically completed in this district. Re­
cent general rains and snows have favored the
grow ing grain, the present condition
Grains of which is reported to be satisfactory.
Marketing of 1922 crop wheat in the
Pacific Northwest, which was accelerated by
an advance in the price of wheat, continued to
be hindered by car shortage during November.
For the season beginning July 1, 1922, exports
from the Pacific Northwest have been only
one-half as large as last year, although slightly
in excess of the small shipments of 1920.
W H E A T EXPORTS
July 1st to December 1st
1921

1922

1920

(bushels)
Portland . . . . 10,185,835
Puget Sound. 2,616,814

(bushels)
21,267,987
4,160,252

(bushels)
8,872,783
2,847,752

12,802,649

25,428,239

11,720,535

Total

The completion of the harvest of the 1922
crop o f wheat shows a slightly larger yield
than was estimated earlier in the season. The
December 1st estimate of the United States
Department of Agriculture places the crop in
this district at 99,280,000 bushels compared
with an estimated yield of 96,659,000 bushels
on O ctober 1, 1922. A ccording to revised final
estimates 112,035,000 bushels were produced
last year, an unusually large yield. Commer­
cial factors report that 85 per cent of the 1922
crop of wheat in the major producing sections

0 4 ) Milling—

Idaho




No. Mills Reporting
Nov., 1922
Oct., 1922

in the Pacific Northwest is out of the hands of
the growers.
Domestic demand for wheat has been active
and prices advanced during the past month.
In the San Francisco market, hard white mill­
ing wheat, which was quoted at $1.26 to $1.32
per bushel ($2.10 to $2.20 per cental) on N o­
vember 16th, advanced to $1.32 to $1.38 per
bushel ($2.20 to $2.30 per cental) on November
21st, the quotation prevailing on December
15th.
During November, 1922, exports of barley
from San Francisco totaled 412,976 centals
(860,267 bushels), as compared with 1,394,819
centals (2,905,873 bushels)* shipped from that
port during October, 1922. For the correspond­
ing periods of the crop years 1922 and 1921 ex­
ports have been as fo llo w s:
B A R L EY EXPO R TS
July 1st to December 1st
1922
1921

(bushels)

(bushels)

San F rancisco......................... 11,559,376

13,287,234

•Latest available revised figures for October, 1922.

The San Francisco barley market was m od­
erately active during the early weeks of N o­
vember. Shipping barley was quoted at $1.52*4
to $1.57^2 per cental up to N ovem ber 22nd,
since when quotations have declined, shipping
barley being quoted at $1.50 to $1.52y2 per
cental on December 6th.
Reporting flour mills of this district operated
at 71.3 per cent of capacity during November,
1922, compared with 67.7 per cent of capacity
during October, 1922, and 58.9 per
M illing cent of capacity during November,
1921
(see table “A ”). Stocks of flour
held by 16 reporting milling companies de­
creased from 404,240 barrels on November 1st
to 366,620 barrels on December 1st. Stocks of
wheat held by the same companies increased
approximately 188 per cent during the month
of November and are now over 200 per cent
greater than stocks of wheat held on December
1, 1921.
Flour millers report that there has been little
export demand for their product, but that do-

OutpotNov., 1922
Oct., 1922
(barrels)
(barrels)

Per Gent Mill Capacity
in Operation
Oct.,
Nov.,
1922
1921

Nov.,
1922

10

10

.
.

3
15
16

3
15
17

368,512
13,091
180,761
384,034

344,117
10,630
166,312
389,851

83.0
81.2
92.0
69.5

81.1
55.6
54.7
68.0

23.1
50.9
58.1

.

44

45

946,398

910,910

71.3

67.6

58.9

68.6

Federal Reserve Bank of San Francisco

215

mestic buying, especially on the part of bakers,
has increased during the month. Price quota­
tions for flour, as furnished by reporting millers,
fo llo w :
A V E R A G E L IS T P R IC E S F O R F L O U R , D E C E M B E R 1st

(per barrel)

First Grade
Family Patent
1921
1922

C a lifo rn ia ...................... $7.87
O r e g o n ........................... 7.60
W ashington ................. 7.31
7.59
District . . ............

First Grade
Bakers Patent
1922
1921

$7.71
7.00
6.91
7.21

$7.63
7.35
7.00
7.33

$7.78
6.55
6.85
7.06

many growers allowing the crop to remain in
the ground rather than incur the additional ex­
pense of digging and marketing it at prevailing
prices.
The cotton crop of the district has declined
from 106,000 bales, estimated on September
1st, to 76,000 bales on December 1st. Excessive
heat in the Imperial Valley of California and
early frosts and insect depredations in Arizona
have caused this reduction. Approximately
31,000 bales of Pima long staple cotton are in­
cluded in the December 1st estimate. Picking
and ginning of cotton has proceeded under
favorable conditions, the supply of pickers be­
ing adequate and wages the same or slightly
higher than one year ago. The United States
Department of Commerce figures on the gin­
ning of cotton in California and Arizona up to
December 1st of this year and last year fo llo w :
C O T T O N G I N N I N G T O D E C E M B E R 1st
1922

1921

(bales)
Arizona .................................................... 28,247
C a lifo rn ia .............................................. . 17,195
Total ...................................................... 45,442
Monthly Flour Output, and Stocks of Wheat and Flour at End o f Month,
of 16 Reporting Milling Companies
*4,807,665 bushels.

Preliminary crop estimates of the United
States Department of Agriculture showing the
1922 yields of 10 of the most important crops
of this district and of the United States
Field
were released on December 15th. These
Crops figures, together with comparable De­
cember 1st estimates of crop produc­
tion for the years 1921 and 1920 are reproduced
in table “ B .”
The 1922 crop of potatoes, at 46,667,000
bushels, is more than tw o million bushels
larger than was previously estimated. In­
creased yields are reported from other sections
of the United States and in the face of this
large supply prices have been low. N ot all of
the potatoes produced are being marketed,

(bales)
25,791
15,737
41,528

Commercial factors report that growers were
receiving 33 cents per pound for number 2
Pima cotton on December 1st. One year ago
growers were receiving 30 cents per pound for
the same type and grade of cotton. Between
one-third and one-half of the crop of long sta­
ple cotton has been reported sold at prevailing
prices. Short staple cotton was selling for 25
to 27 cents per pound at grow ers’ shipping
points during the first week of December, an
advance of approximately 5 cents per pound
over prices paid on December 1, 1921. This
cotton is being disposed of practically as fast as
it is ginned and it is reported that more than
one-third of the crop has already been sold.
More than 90 per cent of the California rice
crop, amounting to 8,260,000 bushels, or 3,717,000 bags of 100 pounds each, has now been
harvested and placed in warehouses. Rains

(B) Grains and Field Crops—Twelfth Federal Reserve District and the United States*—
Crop

Unit

W h eat .............................
(t
Barley .............................
it
Oats .................................
H a y ...................................
Potatoes ......................... .................... bushels
Rice .................................. ....................
“(( t
Beans ...............................
Hops ...............................
Cotton .............................
Sugar B e e t s ..................

^-Twelfth Federal Reserve D istrictForecasted Yield December 1st
1922
1921
1920

99,280
45,358
30,126
15,456
46,667
8,260
5,166
25,910
76
1,137

*000 omitted.
fO n e bushel of paddy rice contains approximately 45 pounds.




122,045
39,148
34,343
16,115
35,371
5,880
3,902
28,560
90
2,496

100,232
38,703
35,482
14,082
39,445
9,720
2,925
33,330
185
2,867

-United StatesForecasted Yield December 1st
1922
1921
1920

856,211
186,110
1,229,774
112,791
451,185
41,965
11,893
25,910
9,964
5,243

794,893
151,181
1,060,737
96,802
346,823
35,105
9,118
29,140
7,954
7,678

833,027
189,332
1,496,281
105,351
403,296
52,066
9,077
34,280
13,440
8,546

Agricultural a?id Business Conditions

2ì6

during Novem ber damaged a small amount of
sacked rice which had not yet been removed
from the fields but most of this rice has been
reconditioned and will be saleable. Early season
sales, both by the Rice Growers’ Association
and by independent growers, have been made
at prices ranging from $2.20 to $2.40 per 100
pounds for number 1 paddy rice. The market
for cleaned California rice, both on the Pacific
Coast and in the principal export markets,
Japan, Hawaii, and Porto Rico, has been in­
active.
Aided by favorable weather conditions, har­
vesting of the 1922 crop of sugar beets has been
completed in all grow ing areas except certain
sections of Utah where heavy snows have hin­
dered beet digging. The latest available esti­
mate of the crop, 1,137,000 tons, is less than
one-half of the 1921 crop of 2,496,000 tons.
Estimates of the 1922 commercial apple crop
in this district remain unchanged at 34,713,000 bushels, as compared with the 1921
crop of 38,825,000 bushels. Movement
Fruits of apples from this district to date has
been unusually slow. Shipments early
in the season were impeded by an inadequate
supply of freight cars and have recently been
curtailed because producers are dissatisfied
with the prices for apples prevailing in nearly
all markets. Prices in Eastern markets have
been depressed this autumn by the abundance
of locally grown fruit available for sale. A l­
though the 1922 crop of apples in this district
is smaller than the 1921 crop, holdings of boxed
apples in storage on December 2, 1922, were
nearly double the amount held in storage on
the same date a year ago, as shown by the fol­
lowing estim ates:

$1.65-1.75 per box during the period November
16th to 30th, as compared with $1.60-1.65 dur­
ing the period November 1st to 15th and $2.002.15 per box during the period November 16th
to 30th a year ago.
Shipments of citrus fruit from California dur­
ing November, 1922, were slightly greater than
during November, 1921, as shown by the fol­
lowing table .
November 1 to 30
(inclusive)
1922
1921
(cars)
(cars)

Oranges ............................................................. 1,707
Lem ons ..............................................................
394
Total citrus fruits......................................

2,101

1,667
387
2,054

The Navel orange crop has matured slowly
this year and the fruit has not yet been shipped
in sufficient quantity to establish definitely the
trend of the market. Both the late Valencias
and the early Navel oranges, however, have
been forced this season to meet increased com ­
petition in Eastern markets from Florida, A la­
bama, Louisiana, Texas and Porto Rico or­
anges. Prices during November, 1922, were
considerably lower than during October, 1922,

Movement of Boxed Apples from Twelfth District
1922
(cars)

Total commercial crop ......................... 44,800*
Shipments, July 1 to December 2 . . 23,788
Remaining in storage in the District 21,012*

1921
(cars)

51,123
39,793
11,330

*Based on December 1st estimates o f commercial crop.

Late varieties of apples held in common stor­
age in this district are reported to be in good
condition. The intermediate varieties, in many
cases, have been held beyond their usual ship­
ping dates and their condition is unsatisfac­
tory. Commercial factors state that large sup­
plies of Eastern apples, which had been placed
in storage, are being marketed rapidly to avoid
deterioration. Prices obtained for Northwest­
ern boxed apples have advanced somewhat
during the past month, W inesaps selling for




or November, 1921. A shortage in the supply
of lemons during October resulted in the main­
tenance of lemon prices at high levels during
November. Preliminary average returns to
members of the California Fruit Growers Ex­
change for citrus fruits marketed during N o­
vember, 1922, as compared with average re­
turns in October, 1922, and November, 1921,
were reported as follows :

Oranges

November,
1922
(per box)

October,
1922
(per box)

$2.34
6.78

$4.30
6.62

November,
1921
(per box)

$4.14
2.51

Federal Reserve Bank of San Francisco

217

Range conditions throughout the district
were greatly improved by the rains and light
snows of November and early December. The
weather continued comparatively
Livestock mild in most sections and livestock
generally are reported to have en­
tered the winter season in good condition.
W inter feeding has begun and with few excep­
tions supplies of hay are ample.
Receipts of cattle and hogs at the principal
markets of the district during November, 1922,
were much larger than during November, 1921,
and slightly in excess of receipts during O ctoTH OUSANDS
400
y
i»
360
i
¡ \ S HEER
« •
■
■
320
i »
!\
f • : \
,..r.
280
• • /
v %
•
;
s<
*
240
#
•
\ #
¿UU

O*

*

160 s /

120

40

J Vv-'
V
*o
s, v h h •GS
I,-,

ou

CAl T L E

0

THOUSANDS
i
400
*5
1
■
»1
•
OwU
1 i
¡i
f •
■
; •
320
« t•
i
■
? i
i
•
i
ß
280
■
i«
t
•
i
• 240
* \i
»
\ ii
/i .... 1 \ /
200
V
i
A
it

P 160
/
/
- o , ... 120
T
80

/
, A
\>

AND C U.VES

40

(9>21

1922

o

Receipts of Livestock at Eight of the Principal Markets of the District
1921-1922. (Los Angeles, Ogden, Portland, Salt Lake City, San
Francisco, Seattle, Spokane and Tacoma included)

ber, 1922. Receipts of hogs during November,
1922, were 51 per cent greater than during N o­
vember, 1921, and for the first time in many
months a considerable part of the hog ship­
ments originated within the district. Receipts
of sheep during November, 1922, not only de­
clined seasonally from the figures of October,
1922, but were also slightly lower than receipts
during November, 1921.
The market for stocker and feeder animals
continues to gain strength, especially in the
Pacific Northwest, where the demand is strong
for both cattle and sheep. Buyers from W ash­
ington and Idaho are taking the majority of
the animals sold.
Figures showing the receipts of livestock and
the trend of prices in the principal markets of
the district during November, 1922, are pre­
sented in tables “ C” and “ D .”
W ithdrawals of butter from cold storage in
the four principal markets of this district dur­
ing November, 1922, totaled 961,216 pounds,
compared with withdrawals of 822,Dairy
294 pounds in October, 1922, and
Products 36,617 pounds in November, 1921.
Large importations of butter from
Australia, which resulted in a brief period of
depression in Pacific Coast butter markets,
were responsible for the small withdrawals of
November, 1921 (see table “ E ” and the ac­
companying chart). Production of butter in
California is now increasing and several car­
loads have been shipped to Eastern markets in

(C) Receipts o f Livestock—
Cattle
Nov.,
Nov.,
1921
1922

Calves
Nov.,
Nov.,
1922
1921

Hogs

Sheep

Nov.,
1922

Nov.,
1921

Nov.,

Nov.,

1922

1921

21,097
20,180
13,252
15,530
17,910
3,559
9,004
2,432

19,097
15,961
7,785
7,832
22,825
3,392
5,683
1,995

9,836
682
1,131
250
6,351
129
318
224

7,364
195
773
73
4,119
113
841
417

43,613
23,424
20,192
8,079
42,850
14,365
6,650
7,900

29,832
16,181
10,087
5,668
33,020
2,974
2,833
8,043

39,214
29,787
11,072
49,171
69,847
9,312
15,139
4,549

47,500
48,254
14,089
36,294
74,921
7,771
3,809
8,203

Twelfth D ist.. .102,964

84,570

18,921

13,895

167,073

108,638

228,091

240,841

♦Los A n g e le s ...
Ogden ................
Portland ...........
Salt Lake City.
♦San Francisco..
S e a t t le ................
Spokane ............
Tacoma ............

Horses
and Males
Nov..
Nov..

1922

1921

ÍÓ2

” s

433

*86

*39
41

17
45

615

153

* Receipts in the L os An geles and San Francisco B ay districts represent a m ajority of the animals slaughtered in California.

(D) Weekly Average Price Quotations fo r Best Grade Livestock—
Prime Steers
Nov. 11 Nov. 18 Nov. 25 Dec. 2

$8.00 $7.87
$7.87 $7.83
$7.83 $7.75
$7.75
Los Angeles...........$8.00
6.75
6.58
6.50
6.75
~
' " '0
7.00
7.25
7.25
7.25
6.62
6.56
Salt Lake C i t y .... 6.41
6.25
7.87
7.87
San F ran cisco..... 7.87
7.87
6.62
6.62
6.62
6.62




Light Hogs
Nov. 11

Nov. 18

Nov. 25

Choice Lambs

nr _ i

Dec. 2

Nov. 11

Nov. 18

i•

Nov. 25

$10.75 $10.56
$10.56 $$ 9.56
9.56 $$ 9.21
9.21
$10.75
$13.50
$13.50 $13.50
$13.50 $13.50
$13.50
7.91
7.42
7.97
7.80
11.30
11.51
11.43
.........................................................
*
9.61
9.48
9.44
9.25
11.00
11.16
11.75
8.23
8.00
7.73
11.54
12.01
7.72
11.75
12.01
11.00
11.00
11.00
11.00
13.75
10.70
13.25
13.50
9.25
9.25
8.34
8.65
9.87
9.87
10.29

Dec. 2

$13.50
11.48
11.50
12 12
13 75
10.70

Agricultural and Business Conditions

218

response to advancing prices there. In the San
Francisco market, the price of 93 score butter
rose from 43 y2 cents per pound on November
14th to 49^2 cents per pound on December
12th. On Decem ber 1, 1921, the price of 93
score butter in the same market was 42 y2 cents
per pound.

evaporated milk in the United States were es­
timated to be SO per cent lower than on N o­
vember 1, 1921. A n active demand for
both condensed and evaporated milk existed
throughout November and prices have risen,
although they are still below the quotations o f
a year ago.
Holdings of cold storage eggs in five markets
of the district were reduced by more than 200,000 cases during November, as shown by the
follow ing figures:
GOLD STORAGE HOLDINGS OF EGGS
Dec. 1,
1922

Nov. 1,
1922

(cases)

(cases)

(cases)

282,576

89,982

Tw elfth D is t r ic t .... 73,183

Seasonal Movement of Holdings of Cold Storage Butter at Four
Principal Markets of the District, 1921-1922

Prices paid producers for raw milk advanced
slightly during November. Compared with
November, 1921, raw milk prices have ad­
vanced four cents per 100 pounds both in the
Intermountain states and on the Pacific Coast
(see table “ F ” ). It is reported that producers
o f condensed and evaporated milk have been
unable to obtain a supply of raw milk, at prices
in line with prevailing prices for their products,
sufficient to satisfy present production require­
ments. A s a result, their production has
declined and stocks have been reduced. On
N ovem ber 1, 1922, stocks of condensed and

Dec. 1.
1921

Extra grade fresh California eggs, which
were quoted at 56J4 cents per dozen on N o­
vember 14th in the San Francisco market, ad­
vanced to 60^4 cents per dozen on November
16th, but had declined to 53J4 cents per dozen
on December 12th.
The upward movement of prices continued
during November. The price index of 20 basic
commodities constructed by the Federal Re­
serve Bank of N ew Y ork advanced
Prices from 148.0 on N ovem ber 4th to 149.6
on December 2nd, an increase of 1.3
per cent during the month. This index now
stands 23.3 per cent above the low point, 121.4,
reached in June, 1921. The general level of

(E) Movement o f Stocks o f Cold Storage
Butter—
Nov. 1922
Net
Decrease

Nov. 1921
Net
Decrease

Dec. 1,
1922
Holdings

Dec. 1.
1921
Holdings

Los A n g e le s ...
P o r t la n d ...........
San Francisco..
Seattle ...............

247,344
179,923
304,764
229,185

44,316*
50,480
35,643*
66,096

336,550
195,205
371,309
275,396

324,611
46,517
412,292
72,546

T otals ...........

961,216

36,617

1,178,460

855,966

(pounds)

(pounds)

(pounds)

(pounds)

*Increase.

(F) Prices Received by Milk Producers*—
Seetionf

Nov..
1922
Range

Mountain (7 M k t s .)___ $1.66-2.80
Pacific (7 M k ts .).........
1.92-3.37
U . S, (93 M k t s .)............
1.40-4.81

Nov.,
1922
Average

$2.16
2.66
2.48

Oct.,
1922
Average

Nov.,
1921
Average

$2.15
2.51
2.39

$2.12
2.62
2.54

*A11 prices per hundredweight for milk testing 3.5 per cent butter
fat.
fM oun tain Section includes Idaho, U tah, Nevada and Arizona.
Pacific Section includes W ashington, Oregon and California.




Wholesale Prices and the Cost of Living, 1920-1922
United States Bureau of Labor Index of Wholesale Prices (1913=100).
National Industrial Conference Board Index of the Cost of Living Duly 1914=100).

wholesale prices, as reflected by the index num­
ber of the United States Department of Labor,
also advanced 1.3 per cent during November
and now stands at 156 compared with 154 a
month ago and 141 a year ago. The National
Industrial Conference Board index number o f
the cost of living for November, 1922, was
158.4. The index number for October, 1922,
was 157.1 and for November, 1921, it was 163.0.

Federal Reserve Bank of San Francisco
In this district the movement of prices dur­
ing the month favored the m ajority of crop
farmers and the sheepmen but was unfavorable
to cattle and hog producers. Prices of sheep
and lambs advanced during November both in
the local markets and in the livestock market­
ing centers of the Middle W est. W heat prices
gained approximately 2 y2 cents per bushel dur­
ing the month and prices for barley, cotton,
sugar and w ool all advanced. H ogs were in
heavy supply on most markets and prices de­
clined. Fancy Japan California rice was quoted
at $4.75 per hundred pounds on December 1st,
compared with $5.00 per hundred pounds on
November 1st. The price of oranges fell sharply
both on this Coast and in Eastern markets.
Quotations on all agricultural products listed,
with the exception of rice, apples and raisins,
were higher than one year ago.
O f the non-agricultural products, advance in
the price of copper from 13^4 cents on N ovem ­
ber 1st to 14% cents on December 18th has
been a noteworthy feature of recent price m ove­
ments.

219

Production of lumber in this district during
November, 1922, was estimated at 100 per cent
of normal mill capacity, compared with 110 per
cent during October, 1922, and 75 per
Lumber cent during November, 1921. Stocks
of lumber held at many producing
centers on December 1, 1922, were reported to
be lower than holdings one year ago despite
the heavy production of lumber during the past
10 months and the more recent curtailment of
shipments resulting from the shortage of
freight cars. Mills are now preparing for the
usual brief shut-down during the holiday
season. Figures showing the percentage in­
crease or decrease in activity of 157 reporting
mills in the four lumber associations in this
district follow .
November, 1922
November, 1922
compared with
November, 1921*

compared with
October, 1922f

Production ................... ..... + 4 6 .5
Shipments .................... ..... + 8.8
Orders ............ ........... ..... + 2 1 .1

— 8.3
— 5.8
+ 9.0

Unfilled O rd ers........... ..... + 4 3 .5

+ 1 5 .7

*Novem ber, 1921, figures based on 160 mills,
fOctober, 1922, figures based on 147 mills.

(G ) Commodity Prices—
Commodity

Twenty Basic Commodities (F . R. B. of N. Y .) 1 9 1 3 = 1 0 0 ..
W holesale Prices (U . S. Bureau of Labor*) 1 9 1 3 = 1 0 0 .........
Cost of Living (National Industrial Conference Board)
July, 1914=100 .....................................................................................
Cattle (Native BeeQ . . .W e ek ly average price at Chicago..
Sheep ................................ W eekly average price at Chicago..
Lambs ............................... W eekly average price at Chicago..
H ogs ...............................W e e k ly average price at Chicago..
W heat .................... Chicago contract prices for December
W heat ..................................................................
Barley .................... Shipping Barley f. o. b. San F ran cisco...
Rice .........................California Fancy Japan at San Francisco.
C o t t o n .................... Middling Uplands— W eekly range of spot
quotations at New O rleans........................
W o o l ...................... Average of 98 quotations at B oston............
Sugar ..................... Beet granulated f. o. b. San F ran cisco...
Apples ................... Extra Fancy W inesaps f. o. b. Pacific
Northwest ..........................................................
Oranges ............... Valencias, special brands, Los A n g e le s ...
Lemons .................Special Brands, Fancy, at Los A n g e le s.. .
Dried A p p les........Choice in 50-lb. boxes f. o. b. California..
Dried A p ric o ts... Choice in 25-lb. boxes f. o. b. California..
Prunes ................... Size 40 /50 in 25-lb. boxes f. o. b. C a lif... .
Raisins ................... Loose Muscatel in 25-lb. boxes f. o. b.
California ...........................................................
Canned Apricots.Choice 2 ^ s f. o. b. California......................
Canned Peaches..Cling, Choice, 2y>s f. o. b. California___
Canned Pears------Bartlett, Standard 2 ^ s f. o. b. California.
Butter .................... 93 score at San Francisco................................
Eggs ...................... Extras— San Francisco......................................
Copper ................... Electrolytic; New York S p ot.......................
Lead ........................New York S p ot....................................................
Petroleum ............ California 3 5 ° and above.......................
Douglas F ir.......... 2x4, 16-ft. No. S1S1E f. o. b. S e a t t l e ....!
D ouglas F ir.......... 12x12 Timbers f. o. b. Seattle.......................
* Revised figures.




Unit

100
100
100
100

lbs.
lbs.
lbs.
lbs.

bu.
cental
cental
lb.
lb.

100 lbs.
box
box
box
lb.
lb.
lb.
lb.
doz.
doz.
doz.
lb.
doz.
lb.
lb.
bbl.
M ft.
M ft.

D ec.

1,1922

One Month Ago

One

Y ear Ago

149.6
156

148.0
154

128.3
141

158.4
$9.65
7.00
14.35
8.15

157.1
$10.30
6.65
13.40

163.0
$7.30
4.35
9.90
6.90

1 .1 8 ^ -1 .2 0
1.50-1.55
4.75
25.25-25.62tf
78.434
7.45
1.65-1.75
6.00-7.00
8.00-9.50
o . '° 9 ^
.2 3 -2 4
.1234

.11

8.20

1.16-1.17*6 1 .1 0 ^ -1 .1 4 ^
1.45-1.55
1.40-1.55
5.00
5.25
23.25-24.00tf
76.844
7.20
1.60-1.75

10 .00 - 11.00
9.00-10.00
.10J4
.2 3 -2 4
.\2y4- . i 2 y 2

3.25
2.60
2.85
.4 5 ^
.59
.1 3 «
7.3754
1.95
20.50

.i l
3.25
2.60
2.85
A 6y2
.59 y2
.1334
7.125tf
1.95
20.50

20.00

20.00

16.75-17.0fy
43.27tf
5.20
2.00-2.15
4.75-5.75
4.00
.1234
.19-.21
A Î 'A - . l i y *
.15
3.00
2.60
3.00
.4 2 ^
A3 34
4.70tf
2.45
11.50
14.00

Agricultural and Business Conditions

220

Car shortage continued as a dominant factor
in the lumber market during the greater part of
November. The peak of the shortage in the
Pacific Northwest was passed about November
15th, since when the decreasing needs of ship­
pers of agricultural products have released
equipment for lumber shipments; but on De­
cember 15th the supply of cars was still inade­
quate. Tidewater mills are shipping practically
their entire cut by water and these mills are
reported to be having no difficulty in disposing
o f a capacity output. Shipments to the East
MILLIONS OF BOARD FEET
600
I I

MILLIONS OF BOARO FEET
f
é A
; # vi i Àf
f \
yA
V Js
r~ P\

500
400

r

"T I A M
0 1 ¡MJ LIION
mi

300
y
&

200

■\

V
ff A

iW r
(ORDERS

r£ /

- i

1
UP MEN T¿

__

ORDERS

500

400

200

.1 .L L

s h ip m e n t s

600

300

PRODUCTION _

100

~

100

_____

1 9 2 1

»«9 «

12

Lumber Production, Orders Received, and Shipments in Twelfth
Federal Reserve District as Reported by Four Lumber
Associations, 1921*1922

Coast of the United States by way of the Pan­
ama Canal were heavy during November. In
general, prices on the various grades of Pacific
Coast lumber remained unchanged during the
month. Compared with prices one year ago,
November, 1922, prices show an increase in
m ost items.
The shingle branch of the lumber industry
was more active during November than during
October. Production during the early part of
the month was approximately 50 per cent of
the capacity of Pacific Northwestern shingle
mills.
L o g production in the Pacific Northwest dur­
ing November, 1922, was maintained at the
high level of the previous month when a capa­
city output was reported. Continued double­
shift operation of saw mills in some sections
prevented the Novem ber accumulation of logs

/ rr\ x

i

(H) Lumber--

’»

L u m berm en
A ssociation

Nov.,




Copper (lbs.)

Oct., 1922

Sept., 1922

Oct., 1921

(mine production) 103,881,223 96,407,992 24,613,754
Silver (oz.)
(commercial bars)
5,160,732
5,324,873
4,724,382
Zinc (tons)
(slab) .....................
39,940
33,134
14,538

Reports received from mine operators in
Idaho indicate that the lead and silver mines
of that state are operating at approximately 80
per cent of normal capacity. One year ago they
were operating at 65 per cent of normal capa­
city. The silver mines of Nevada have main­
tained operations at approximately 90 per cent
of capacity throughout the past year, the lack
of fluctuation in production being a reflection
of the fixed price of $1.00 an ounce paid by the
government, under the Pittman A ct, for silver
from domestic mines. The copper mines of

C a l if o r n ia W h it e

west Loctst

Average N o. of
1922
Mills Reporting.
96
Cut* ........................... 317,857
Shipments* ............ 238,762
Orders* .................... 280,025
Unfilled O rd ers*.. .310,152
*In thousands of feet.

from attaining its usual large proportions but
stocks were increased nevertheless. On D ecem ­
ber 1st the supply of logs was deemed adequate
for current needs of mills now in operation. In
the territory west of the Cascade Mountains,
logging camps at the higher elevations are pre­
paring to close, as winter storms are already
interfering with operations. East of the moun­
tains, camps are being opened for winter log­
ging.
Comparative figures on the cut, orders, ship­
ments and unfilled orders of the four lumber
associations in this district are shown in table
“H ”
A ctivity in the mineral producing sections of
the district, which has been a feature of the in­
dustrial situation for the past six months, con­
tinued during October, with reported
M ining production and shipments of the prin­
cipal non-ferrous metals greatly in
excess of the figures for O ctober a year ago.
Figures showing the national production of
copper, silver and zinc, three of the most im­
portant metals produced in this district, are
shown in the follow ing table, which compares
the output during October, 1922, with Septem­
ber, 1922, and October, 1921:

Nov.,

1921
96
241,865
206,432
215,984
232,328

W e ste rn P in e
M a n u fa ctu re rs *
A s s o c ia t io n

Nov.,
1922

43
122,801
72,127
90,975

121,000

a n d S u g a r P in e
M a n u fa ctu re rs *
A ss o c ia t io n

Nov.,
1921

Nov.,
1922

Nov.,
1921

45
50,701
76,050
81,950
60,100

6
24,089
22,521
18,769

7
16,308
20,577
14,788

C a liforn ia
R edw ood
A s s o c ia t io n

Nov.,
1922

T O T A L

Nov.,
1921

Nov.,
1922

12

12

47,381
37,963
39,692
48,728

40,483
38,012
41,659
41,800

157
512,128
371,373
429,461
479,880

Nov.,
1921

160
349,357
341,071
354,381
334,228

Federal Reserve Bank of San Francisco

221

Arizona and Utah operated at about 66 per
cent of normal during October and November,
whereas one year ago they were producing less
than 20 per cent of their normal output. In
October, 1922, the production of copper at 9
of the 13 principal copper mines now operating
in this district was 35,757,000 pounds compared
with 32,891,000 pounds produced in September,
1922. In October, 1921, the production of the
three mines then producing metal was 7,772,000
pounds. A slight increase in activity in the deep
gold mines of California has been noted during
the past few months. Reporting mines and
dredges operated at 100 per cent of capacity
during November, 1922.
Average prices quoted for copper, lead and
zinc during November, 1922, continue well
above the prices of one year ago. The most
noteworthy advance has been in the price of
lead, the November, 1922, average being 7.04
cents per pound compared with an average of
4.68 cents per pound in November, 1921. A l­
though the average price of copper in N ovem­
ber, 1922, was slightly below that of October,
1922, the market strengthened during the last
days of the month and on December 18th cop­
per was quoted at 14% cents per pound.
- A v e r a g e P r ic e s N o v ., 1922
O c t ., 1922
N o v ., 1921
(cents)
(cents)
(cents)

Copper (lb.)
N ew York Electrolytic..
Lead (lb.) New Y o r k .........
Silver (oz.)
N ew Y ork Foreign.........
Zinc (lb.) St. L o u is..............

13.84
7.04

13.88
6.53

13.28
4.68

65.17
7.10

68.01

68.23
4.66

6.84

Production of petroleum in California con­
tinued to increase during November, 1922, the
average daily output being 467,851 barrels com ­
pared with an average daily outP etroleum put of 432,885 barrels during O c­
tober, 1922. Compared with N o­
vember, 1921, average daily production during
November, 1922, was larger by 174,528 barrels
or 59.4 per cent. Daily consumption of petro­
leum indicated during November, 1922, was

Petroleum

395,021 barrels, an increase of 4,421 barrels per
day compared with the previous month. N o­
vember production exceeded consumption by
72,830 barrels per day and stored stocks were
increased until they stood at 59,754,724 barrels
on December 1st. W ith the exception of the
months of September and October, 1921, when
the oil workers’ strike in the San Joaquin V al­
ley oil-fields greatly curtailed production,
stored stocks of petroleum held in California
have increased during each month since DeMILLIONS

90
80
70
60

50
30

STOP. :D
y/STi >CKSOf‘GASOLINE
(GAI
_____
TORBDSTOCKSOF
*'
f ETROLFUMU BLSJ

MILLIONS
90
80
70
60
r**
50
40
30

20

20
PETR0LEUIA PRODIJCTI0N( bbls:
•As
Z 'V ,
- V
PET—
*OLEUN
SH1P|\1ENT5ÍBBLS.)
•|2|3 4j5|6 7Ï8Ï9 fO|ll 112 11213 41516 7 I8 19 I0|II112
1921
1922
C A L IF O R N IA

P r o d u c ti o n , S h ip m e n ts a n d S to r e d S t o c k s o f P e tr o le u m , a n d R e f in e r y
S to r e d S t o c k s o f G a s o l e n e 1921-1922
*See footnote to Table " i ” .

cember, 1920, at which time they amounted to
22,240,271 barrels. Seventy-one new wells were
completed during November and 22 wells aban­
doned, a net increase of 49 producing wells dur­
ing the month.
Stocks of gasoline held at refineries in Cali­
fornia on November 1, 1922, totaled 69,187,603
gallons, compared with 53,634,199 gallons held
on October 1, 1922, and were 19,529,577 gallons
or 39.3 per cent larger than stocks on N ovem ­
ber 1, 1921.

N o v e m b e r , 1922

O c t o b e r , 1922

N o v e m b e r , 1921

Production (daily average)...................................................
467,851 bbls.
Indicated Consumption (daily average)...........................
395,021 bbls.
Stored Stocks (end of m on th )...............................................59,754,724 bbls.
71
New W ells Com pleted..............................................................
W ith Daily Production..........................................................
78,165 bbls.
W ells Abandoned .......................................................................
22

432,885 bbls.
390,600 bbls.
57,569,832 bbls.
84
67,203 bbls.
17

293,323 bbls.
335,967 bbls.
22,240,271 bbls.
58
16,625 bbls.
9

"B eg in n in g with A u gust, 1922, figures on petroleum operations furnished by the American Petroleum Institute.
They are not
strictly comparable with the figures previously furnished by the Standard Oil Company, which were partly estimated.




Agricultural and Business Conditions

222

Statistics on oilfield operations as furnished
by the American Petroleum Institute are
shown in table “ I.”
Greater activity of production has been indi­
cated by sales of electric power for industrial
purposes during each month since May, 1922.
The increase for October, the latest
E lectric month for which figures are availEnergy
able, compared with October, 1921,
was 17.2 per cent, the largest per­
centage increase over 1921 yet reported. All
sections of the district and all of the specific
industries for which reports are received, ex­
cept mining, participated in the increase. The
decrease in sales to the mining industry, 4.8
per cent, was due to the restriction of power
production and sale in Arizona because of low
water in the Roosevelt Reservoir, and not to
any decrease of activity in the mining industry
itself. Eliminating the figures for Arizona, sales
of power to the mining industry during O cto­
ber, 1922, were 5.7 per cent greater than during
October, 1921. In Utah, Idaho and Nevada the
combined increase in sales to mining companies
was 57.4 per cent. Sales of power for industrial
purposes by certain industries and by sections
of this district are compared in the follow ing
percentage table :
Percentage Increase or Decrease, October, 1922,
compared with October, 1921
Agricul*
^
Manu*
ture
Mining
facturing

C a lifo r n ia ..............
Pacific N orthw est
Intermountain . . .
T w elfth District..

+
.3
+ 52.4
+ 1 1 6 .2
+
2.5

— 6.3
+ 2 4 .8
— 19.5
— 4.8

+ 2 3 .1
+ 2 0 .7
+ 2 7 .8
+ 2 2 .5

Total
Industrial
Sales

+ 1 3 .9
+ 8.2
+ 6 0 .4
+ 1 7 .2

Compared with September, 1922, sales of
electric power to industrial consumers during

October declined 41.2 per cent, largely because
of the reduced needs of agricultural consumers.
The lumber industry in the Pacific Northwest
and the oil industry in California used more
power during October, 1922, than during the
previous month. Detailed figures as reported
by 20 of the principal power companies of the
district are presented in table “ J-”
W orkers in the seasonal occupations of the
district are now being released and em ploy­
ment has decreased accordingly. Compared
with November, 1921, however,
Em ploym ent the record of the past month
shows a large increase in em­
ployment in all sections and in practically all
industries of the district.
In November, for the second consecutive
month, there was a decrease in employment in
Oregon and W ashington. The closing of the
salmon fishing season and the completion of
harvesting operations have greatly reduced the
number of unskilled laborers employed in these
states. Employment in the lumber industry of
the Pacific Northwest also decreased slightly
during November, due both to seasonal influ­
ences and to the curtailment of operations re­
sulting from the shortage of cars for shipment
of lumber. Compared with November, 1921,
there was a large increase in employment of all
classes of labor. The number of workers em­
ployed in the 10 principal lumbering districts
of Idaho, Oregon and W ashington was ap­
proximately 80,000 on December 1, 1922, com ­
pared with 58,000 on December 1, 1921, an in­
crease of 37 per cent during the year.
In California there was a decline in the num­
ber of unskilled workers employed during N o­
vember, due to the cessation of activity in many

(J) Electric Energy—
(1) Production—

Plant Capacity K. W .
October,
1922

California (8 companies
reporting) ...................... 1,048,045
Pacific Northwest (6
companies reporting) . 367,235
Intermountain States (6
companies rep ortin g). 229,647
T w elfth District (20
companies rep ortin g). 1,644,927

(2) Sales—

September,
1922

October,
1921

Peakload R. W
October,
1922

September,
1922

Plant Output K. W . H .
October,
1921

October,
1922

September,
1922

October,
1V21

1,048,045

974,345

803,187*

794,930*

693,716*

333,036,757

345,052,610

294,390,281

365,735

355,175

209,100*

187,050*

188,219*

119,765,916

111,986,204

105,599,669

232,197

226,128

133,028*

142,924*

107,797*

68,571,105

76,244,939

49,760,330

1,645,9 77

1,555,648

1,145,315*

1,124,904*

989,732*

521,372,778

533,283,753

449,750,280

Number of Industrial Consumers
October , September, October,
1921
1922
1922

Connected Industrial Load H . P.
October,
September, October,
1921
1922
1922

Industrial Sales K. W . H.
October,
September,
October,
1922
1922
1921

California ...........................
Pacific Northwest ..........
Intermountain States . .

54,715
11,158
10,612

53,624
11,013
10,533

47,264
10,342
9,736

1,726,833*
180,941*
285,520*

1,733,384*
164,231*
283,873*

1,556,856*
174,209*
261,335*

214,319,020
67,865,504
44,055,021

237,010,256
68,092,305
55,693,948

188,099,672
62,708,270
27,449,183

Tw elfth District ..............

76,485

75,170

67,342

2,193,294*

2,181,488*

1,992,400*

326,239,545

360,796,509

278,257,125

*N ot reported by all companies. Figures so marked are comparable under respective headings and dates, but not strictly accurate for
comparison with other portions of the table.




Federal Reserve Bank of San Francisco

223

outdoor occupations, particularly in agricul­
ture. There was noted in that state during the
month the beginning of the usual winter influx
of unskilled migratory laborers from other
parts of the country. There was no decline in
building activity in California and building
trades artisans were in demand in all parts of
the state. Public employment offices in eight
cities of California reported a decrease of 27.6
per cent in the number of placements made
during November, 1922, compared with O cto­
ber, 1922. Compared with November, 1921, the
number of workers placed increased 90.4 per
cent.
Employment conditions in the Intermoun­
tain states, Arizona, Idaho, Nevada and Utah,
changed little during November. Decreased
employment in some industries was offset by
increased employment in other industries, nota­
bly mining, and building construction. Farm
labor throughout the Intermountain section
was generally well employed harvesting the
late crops, particularly sugar beets. Picking
and ginning of the cotton crop in the Salt
River Valley of Arizona was in progress and
provided employment for approximately 4,000
workers.
Employment in manufacturing industries
during November, 1922, compared with O cto­
ber, 1922, decreased in Portland and Seattle
and increased in Los Angeles and San Fran­
cisco, according to figures compiled by the
United States Employment Service of the De­
partment of Labor. Compared with November,
1921, there was an increase in the number of
men employed in Los Angeles, San Francisco
and Seattle. Figures showing the total number
o f workers on the payrolls of 40 manufacturing
firms usually em ploying 501 men or more are
given in the follow ing table :
t---- Number of Men on Payroll*---- >

Number of
Firms

Los A n g ele s___
16
Portland ...........
8
San F ra n cisco ..
10
Seattle ............... . , 6
T otal ..............

40

Nov. 30,
1922

Oct. 31,
1922

Nov. 30,
1921

29,161
7,494
7,050
2,331

28,822
7,680
6,812
2,417

22,027
7,993
6,643
2,274

46,036

45,731

38,937

*These figures do not represent the total number o f men engaged
in m anufacturing activities in these cities, but only the pay­
roll figures o f a selected number o f firms.

Sales of 33 department stores in eight cities
of this district were 14.5 per cent greater in
value during November, 1922, than during N o­
vember, 1921, and only 3.0 per cent less than
during October, 1922. The increase compared
with one year ago is the largest reported this
year with the exception of the month of May




when many special sales were held in all of the
cities represented. For the second consecutive
month the value of sales was greater
Retail than during the same month in any of
Trade the past three years. Retail prices have
shown only a slight upward m ove­
ment in the year period November, 1921, to
November, 1922, and an increase of 14.5 per
cent in the value of sales undoubtedly repre-

Net Sales of 32 Department Store« in Twelfth Federal Reserve District
(la Millions of Dollars)

sents a marked increase in the quantity of goods
now being sold compared with one year ago.
The decline in the value of sales during N o­
vember, 1922, compared with October, 1922,
was less than the usual seasonal decline during
this month which lies between the periods of
early fall and holiday buying.
A statistical record of the movement of
stocks and outstanding orders fo llo w s:
Percentage
increase or
Percentage
decrease (—)
outstanding
in the value of
orders at
Annual rate
stocks at end of end of month to
of turnover
month compared total purchases
of stocks
with same month
during
indicated at
of previous year year 1921
end of month

1922..
January,
February, 1922..
March,
1922..
April,
1922..
M ay,
1922..
1922..
June,
1922..
July,
1922..
August,
September,1922..
October, 19 22 ..
N ovem ber,1922..

3.4
— 4.3
— 2.4
— 4.3
— 9.0
— 1.9
— 1.4
— 7.6
— 5.6
— 4.7
— 2.5

8.9
10.3
9.5
7.2
9.1

2.4
2.3
2.3
2.4

11.2

2.5
2.4

10.7

10.6
7.9
10.7
9.8

2.6
2.6
2.6
2.7
2.7

224

Agricultural and Business Conditions

Collections were characterized by reporting
firms aS follow s \
Excellent
Good
Fair
Poor
N o. of reporting firm s------

4

10

7

0

Table “ K ” gives in detail statistics in regard
to sales, stocks and outstanding orders as fur­
nished by 33 department stores in this district.
All lines of wholesale trade for which this
bank assembled figures reported an increase in
value of sales during November, 1922, compared
with November, 1921. In nine of
W holesale the 10 lines increases of 10 per
Trade
cent or more were reported and in
seven lines the increase exceeded
15 per cent. The general level of wholesale
prices has advanced during the past year, the
all com modities index of the United States
Department of Labor having risen from 141 to
156 or 10.6 per c e n t; but after making allowance
for this advance in prices, the present physical
volume of business appears to be greater in all
lines than it was one year ago. Reporting
wholesale automobile tire firms have shared
in this increase in business although they re­
ported an increase of only 4.3 per cent in the
value of their sales during November, 1922,
compared with 1921. Contrary to the general
trend of prices, prices of automobile tires are
now approximately 30 per cent below the levels
of one year ago and an increase in value of
sales, although slight, therefore represents an
increase in the physical volume of sales.

Compared with October, 1922, the value of
sales during November, 1922, declined in all
lines except dry goods. This is a normal
seasonal movement.
The average net increase or decrease (— ) in
the value of sales of all reporting firms in each
line of business was as fo llo w s :
Eleven months
ending
Nov. 30,1922
compared with
same period
in 1921

Nov., 1922
compared with
Nov.,
Oct.,
1921
1922

Agricultural Im plem ents.
Autom obile Supplies . . .
Autom obile T ir e s ...............

16.7

12.2
4.3
10.9
19.3
15.2
24.4
24.9
17.1
22.4

D ry G oods.............................
Furniture ..............................
Groceries ..............................
Hardware .............................
S ta tio n e ry .............................

1.4
—
.4
— 8.8
4.1
4.8
7.5
4.2
14.1

— 23.8
— 3.5
— 18.6
— 4.3

2.6
—
—
—
—
—

4.6
7.8
4.3
4.8
9.2

.1
2.7

One hundred and six firms reported their
collections on December 1, 1922, and December
1, 1921, as follow s:
Percentage of Past Due Accounts on December 1, 1922, to Total
Amount Due from Customers on the Same Date
Number of
Firms

1922

1921

3
11

31.2
24.1

25.6

Agricultural Im plem ents___
Autom obile T ir e s....................

Percentage of Outstandings December 1, 1922, to November, 1922, Sales
Number of
Firms

Groceries ..................................

20

1922

1921

120.6

125.9

(K) Retail Trade Activity *—

CONDITION OF RETAIL TRADE DURING NOVEMBER, 1922
In Federal Reserve District No. 12
(33 Stores R eporting)

Los
Angeles

No. of reporting fir m s ................................
Net sales (percentage increase or de­
crease) November, 1922, compared
with November, 1921................................
November, 1922, compared with O c ­
tober, 1922 ....................................................
Period July 1 to November 30, 1922,
compared with same period in 1921..
Stocks:
(Percentage increase or de­
crease) November, 1922, compared
with November, 1921...............................
November, 1922, compared with O c­
tober, 1922 .....................................................
Percentage of average stocks on hand
at close of each month since July 1,
1922, to average monthly sales dur­
ing same period............................................
Percentage outstanding orders at close
of November, 1922, to total pur­
chases during year 1921...........................
* ( — ) D enotes decrease.




Oakland

Salt Lake
City

San
Francisco

Seattle

Spokane

District

4

4

8

5

4

33

18.4

7.8

2.1

12.3

22.3

5.1

14.5

.7

— 5.9

— 6.6

— 4.7

— 2.3

— 14.1

— 3.0

10.6

.7

1.1

6.9

12.8

— 2.6

7.7

— 7.0

— 3.9

.9

— .8

3.2

— .8

— 2.5

8.4

.7

2.3

2.7

2.5

— 2.1

3.5

386.9

545.7

538.0

431.0

393.2

582.5

431.0

3.6

10.6

8.2

8.9

9.8

6

10.8

225

Federal Reserve Bank of San Francisco
P e r c e n t a g e o f C o l le c t io n s d u r in g M o n th ( N o v e m b e r ) to T o t a l A m o u n t
D u e f ro m C u s t o m e r s ( o u ts t a n d i n g ) o n F i r s t o f t h a t M o n th
N u m b e r of
F irm s

Autom obile Supplies...........
D r u g s ..........................................
Dry G o o d s.................................
Furniture ..................................
Hardware .................................
Shoes .........................................
Stationery ...............................

10

6
9
10
17
9
11

1922

1921

61.4
81.1
39.6
56.1
51.0
41.6

61.0
83.2
40.6
51.4
48.3
40.3
66.1

66.8

NOVEMBERPRICES»921«100%sM0ViMBER|92l SALES
U.S.BUREAUOFLABOR INDEX
NO WHOLESALE PRICES
AGRICULTURALIMPLEMENTS

AUTOMOBILE SUPPLIES
AUTOMOBILE TIRES
DRUGS
ORY GOODS
FURNITURE
GROCERIES
HARDWARE
SHOES
STATIONERY

20 40 60 80 100 120 14-0 160
D o l l a r V a l u e o f S a le s o f R e p r e s e n t a ti v e W h o le s a le H o u s e s a n d G e n e r a l
W h o le s a le P r ic e s in N o v e m b e r , 1922, C o m p a r e d w ith N o v e m b e r , 1921

Collections during the past three months
have been reported as fo llo w s:
N u m b e r o f F i r m s R e p o r ti n g C o l le c t io n s a s
E x c e ll e n t
G ood
F a ir
Poor

S e p te m b e r .........................
O c t o b e r ...............................
Novem ber .........................

4
5
5

56

78
70
73

68
53

10
12

8

Statements of increases or decreases in net
sales of 191 reporting wholesale firms during
November, 1922, compared with November,
1921, and the 11 months of 1922 compared with
the same period in 1921 are shown in table “ L,”
The rapid increase in building activity dur­
ing 1921 and the early months of 1922 was
largely due to the magnitude of residential construction undertaken during that
Building period. During the present year,
Activity
however, there has been a notable
growth of the volume of industrial
construction for which permits have been is­
sued. A study of the accompanying chart shows
that whereas changes in the number of build­
ing permits granted during the present year
have been relatively small, the value of such
permits has shown a noteworthy increase. A l­
though rising costs of building account for
some part of this advance, it is probable that
the construction of factory buildings, office
buildings, and other types of construction for
which the value per permit is high has been
increasing. This inference is supported by fig­
ures showing the number and cost of various

( I) Wholesale Trade—

(la) Percentage of increase or decrease (—) in net sales daring November, 1922, compared with November, 1921
A g ric u ltu ra l

A u to

Number of re- I m p l e m e n t s S u p p l ie s
porting firm s.. 23
18
Los A n geles------— 15.3
lO.o
Portland .............. 24.9
13.5
Salt Lake C ity ..
6.3
54.8
San F ran cisco... 48.5
6.3
Seattle .......................................... 10.8
Spokane .............. — 67.3
..
Tacoma ........................................ . .
District ................
16.7
12.2

A u to T ire s

16
53.6
..
..
14.0
— 19.0
14.7
..
4.3

D ru g s

10
..
8.5
..
31.3
..
..
..
10.9

D ry G o o d s

F u r n itu r e

G ro o e rie s

15
16
30
39.3 35.5
2.1
..
— 4.0
30.0
..
..
19.4
19.6
— 3.0
42.4
..
..
..
..
..
15.1
— 2.7
49.0
35.8
19.3
15.2
24.4

H a rd w a re

S hoes

S t a ti o n e r y

21
41.9
25.9

14
35.3
22.9
..
12.7
— 1.8
..
..
17.1

28
10.1
20.4
16.8
36.8
20.0
7.2
27.1
22.4

6.8
12.9
21.1
6.3
83.3
24.9

(lb) Percentage of increase or decrease (—) in net sales from January 1, 1922, to November 30, 1922,
compared with the same period last year.
A g ric u ltu ra l

A u to

Number of re­ I m p l e m e n t s S u p p l ie s
porting firms . .
23
18
2.0
63.5
Los A n g ele s.. ..
— 2.2
Portland ........... — 19.6
— 1.0
Salt Lake City,. . — 30.4
San Francisco.. . 16.3
— 4.6
— 3.0
Seattle ................
64.9
Spokane ............
Tacoma .............
District ..............
1.4
— *’.4




A u to T ire s

16
32.4

D ru g s

10

D ry G o o d s

15
2.3

2.1
— *8.0
— 2.0
— 22.3
— 8.8

— 9.5
•*
m0
4.1

'2.9

Î6.9
4.8

F u r n itu r e

16
2.3
6.4
*6.3

24.6
7.5

G ro c e rie s

30
— 3.2
4.6
5.6

12.0
— *3.9
16.2
4.2

H a rd w are

21
33.1
7.5
— 4.8
3.5

Shoes

14
14.6
3.4

22.0

— 7.2
13.5

— 5.8
5.1
14.1

“ .1

S t a ti o n e r y

28
4.0

.1
.4
.07
16.2
— 3.3

2.6
2.7

Agricultural and Business Conditions

226

classes of buildings for which permits were
issued during the year 1921 and the first 11
months o f 1922, gathered from seven of the
principal cities o f the district (L os Angeles,
Oakland, Portland, Salt Lake City, San Fran­
cisco, Seattle and Spokane) and presented in
the follow ing ta b le:
Number

1922*
Value

New Residential Buildings.29,709 $126,178,613
Stores, W arehouses ......... 1,343
16,286,735
172
11,949,830
Office Buildings .................
7,788,472
Schools, Libraries ..............
128
Factories, S h o p s .................
52®
6,350,777
Public Garages .....................
345
3,978,396
Private Garages ...................19,915
3,908,030
Am usem ent— Recreation
Places ..................................
74
3,843,796
Churches .................................
67
1,647,958
Gasoline Service Stations.
345
394,151

1921
Number

Value

25,154 $84,460,393
1,336
10,508,630
83
8,818,924
7,143,512
139
423
5,565,847
247
2,915,914
17,803
3,585,559
87
57
292

7,864,179
1,227,137
377,061

*11 months.

Measured by the number and value of per­
mits issued in 20 cities of the district, building
activity declined slightly during November

compared with October, but continued to ex­
ceed the figures of one year ago. Building de­
partments of the 20 cities report that the total
number of permits issued during November,
1922, was 10,490, with an estimated valuation
of $26,200,472, compared with 12,254 permits
issued in October, 1922, with a valuation of
$29,338,159, a decrease of 16.8 per cent in num­
ber and 10.6 per cent in value. In comparison
with November, 1921, the figures for N ovem ­
ber, 1922, represent an increase of 328 or 3.2
per cent in number and $6,620,480 or 33.8 per
cent in value.
There was a marked increase in the number
of business failures during November, 1922,
but a decrease in the amount of liabilities in­
volved. The average liabilities of
Business business failures during November,
Failures 1922, were $10,244, compared with
$15,106 during October, 1922, and
$20,355 during November, 1921.

LIABILITIES INMILLIONS
NO.OF FAILURES
IV
A
q
r k A
/ fcUU
8
*f7 NO.OFFAILUI .ES A / \ ! v /
/
w
V
6 vv
i/
vA J
150
V
c — *
\ A
V
A
/
A LIAB LITIES
*r
\ A
100
/
VV
3 v /
V
,
J
50
2 V
1
1921
1922
Building Permits Issued in 20 Principal Cities, Twelfth Federal
Reserve District, 1921-1922

Business Failures, Twelfth Federal Reserve District, 1921-1922

(M ) B u ild in g P e r m its —
November, 1922
No.
Value

157
Berkeley ........... .............
58
Boise .................. .............
272
Fresno ................ ........ ....
369
L ong B e a c h ... ..............
4,614
L o s Angeles
853
Oakland ........... ........... ..
19
O gden ................ ............
319
Pasadena ......... ..............
.............
51
Phoenix .........
P o r t la n d ............. ............. 1,006
20
Reno .................. ..............
2 11
Sacramento . . . .............
74
Salt Lake C i t y ..
444
San D ie g o ......... ..............
638
San Francisco. . .............
78
San Jose.............
788
Seattle ............... ..............
187
Spokane ........... ..............
78
Stockton ........... ..............
254
Tacoma ........... ..............
District




............. .............. 10,490

$

October, 1922
No.
Value

331,980
26,916
491,136
1,046,465
11,355,710
2,584,752
65,050
548,707
297,713
1,858,550
40,275
445,770
276,690
2,231,890
2,620,471
161,575
1,259,610
161,927
187,308
207,977

224
91
301
425
4,951
1,025
36
434
47
1,213
13
301
108
495
679
79
1,013
329
139
351

$26,200,472

12,254

November, 1921
Value
No.

Per Cent Increase
or Decrease (—)
in Value Nov.,
1922, compared
with Nov., 1921

420,000
49,951
611,352
1,248,801
11,580,427
2,316,833
58,800
1,297,256
154,788
1,519,185
46,900
1,378,486
297,480
660,900
4,719,394
116,110
2,249,035
223,564
168,199
220,698

208
56
253
390
4,242
646
36
362
50
1,082
7
288
157
409
613
89
735
183
93
263

$

438,942
57,676
405,988
1,254,500
8,685,775
1,235,174
65,222
701,998
86,903
1,374,615
3,600
496,235
385,876
846,995
2,244,606
238,100
593,800
118,205
165,130
180,652

— 24.4
— 53.3

$29,338,159

10,162

$19,579,992

33.8

$

2 1.2
— 16.5
30.7
109.2
—
.2
— 21.8
242.5
35.2
1,018.7
— 10.1
— 28.2
163.7
16.7
— 32.3
112.3
36.9
13.4
15.1

Federal Reserve Bank of San Francisco

227

Total liabilities of 228 failures in November,
1922, were $2,335,805. In November, 1921, 178
failures with liabilities of $3,623,247 were re­
ported. A comparison of the two sets of figures
shows an increase in number of 50 or 28.0 per
cent and a decrease in amount of liabilities of
$1,287,442 or 35.5 per cent over the year period.
The decrease in amount of liabilities is the
more noteworthy in view of the increase of ap­
proximately 11 per cent in wholesale prices
during the period.
R. G. Dun & Company’s comparative figures
of the number and liabilities of business fail­
ures in the states of this district during Novem ­
ber, 1922, and October, 1922, fo llo w :
November, 1922
No.
Liabilities

Arizona ............................
C alifo rn ia .................. 81
Idaho .......................... 20
1
Nevada ......................
O r e g o n ...................... 53
Utah ............................ 15
W ashington ............ 58
D is t r i c t ..................228

..
$ 593,529
197,371
9,641
2
550,294
126,993
857,977
$2,335,805

October, 1922
No.
Liabilities

2
81
19
29
12
39
184

$

would appear, therefore, that the physical vol­
ume of business now being transacted is less
than it was a year ago in San Francisco and
greater elsewhere in the district.
Comparative figures of debits to individual
accounts in 21 clearing house centers during
the four weeks ending November 29, 1922, N o­
vember 1, 1922, and November 30, 1921, are
shown in table “ N .”
Savings accounts, in 75 banks of seven prin­
cipal cities, reached a new high record on N o­
vember 30th. The total on that date, $796,128,e .
000, was 82 hundredths of 1 per
avmgs
cent higher than on October 31,
ccoun s 1922, and 11.7 per cent higher than
on November 30, 1921. Gains were reported

8,356
919,588
978,449
21,100
320,161
85,089
446,765

$2,779,508

The activity of business in this district dur­
ing November, 1922, as measured by debits to
individual accounts in the principal clearing
house centers, was 8.1 per cent greater
Bank
than in November, 1921. Omitting the
D ebits figures for San Francisco, where a de­
cline of 2.9 per cent occurred, the in­
crease was 14.6 per cent. Seventeen of the 20
reporting cities participated in the increase.

Savings Accounts in Banks in Seven Principal Cities of the
Twelfth Federal Reserve District, 1919-1922

(N) Bank Debits*—

Berkeley

............




Four weeks
ending
Nov. 30,1921

$

$

$

11,100
Total .................... $2,105,712

$2,106,947

Pasadena ............
Phoenixf ...........
P o r t la n d .............

Since November, 1921, wholesale prices (ac­
cording to the United States Department of
Labor) have increased 10.6 per cent and retail
prices have changed comparatively little. It

Four weeks
ending
Nov. 1, 1922

16,516
11,957
67,859
38,507
508,205
101,728
20,698
23,729
17,146
146,418
10,519
61,544
57,794
36,015
693,751
25,081
151,170
48,273
21,885
37,311
10,841

Lon g B e a c h .. . .
L os A n g ele s___ . .
Oakland .............

Debits to Individual Accounts in 20 Principal Cities, Twelfth Federal
Reserve District, 1921-1922

Four weeks
ending
Nov. 29. 1922

Sacramento . . . .
Salt Lake C ity . .
San D i e g o .........
San Francisco. . .
San Jose...............
Seattle .................
Spokane .............
Stockton ............
Tacom a ...............

15,625
12,547
68,821
39,180
512,685
92,905
31,519
25,053
19,285
131,536
10,667
52,420
65,315
37,171
692,863
25,113
159,123
41,305
25,139
36,340

*000 Omitted.
fFigures for 1921 not available.

12,670
12,402
59,454
22,831
444,585
74,328
18,707
21,700
120,453
10,115
67,890
65,041
31,166
713,780
20,391
128,989
39,557
18,624
34,683
12,173

$1,929,539

Agricultural and Business Conditions

228

during the month of November in Los Angeles,
Portland, San Francisco, Seattle and Spokane,
and losses in Oakland and Salt Lake City.
Savings accounts are larger than a year ago in
all cities.
The changes in savings accounts in the seven
cities from one month and one year ago are
shown in table “ O ,” and in the accompanying
chart are shown the changes since January,
1919.
Steadiness has characterized the acceptance
market during the month ending December
15th. Rates have remained unchanged at 4 per
cent, although for a time a genAcceptances eral advance in bidding by deal­
ers seemed to indicate a further
rise in selling prices. A t present, demand and
supply seem about equal.
Demand continued brisk from all sources un­
til about the first of December when city banks
generally ceased purchasing. The market since
that time may be characterized as dull, except
for a broad inquiry for short bills maturing be­
fore January 1st.
The supply of bills has remained sufficient
for present needs, with an increasing number
of export transactions represented, and a dim­
inution of those based on domestic shipment
and storage.

A general classification of acceptances mar­
keted showed an increased interest in shorter
maturities:
N o v e m b e r 15 to
D e c e m b e r 15

M a tu r it y

30
60
90
120
150

d ays......................... 12%
days......................... 36%
days......................... 44%
days......................... 2 %
days.........................
6%

11.3%
14.2%
63.8%
6.5%
4.2%

Reports received by this bank from 35 of the
principal accepting banks in the district show
a decrease in the volume of their acceptance
business during November, 1922, compared
with October, 1922, and November, 1921. Per­
centage comparisons of the acceptance busi­
ness of reporting banks are presented in the
following table:
N o v .. 1922, c o m - N o v . , 1922, c o m ­
p a r e d w ith
p a r e d w ith
N o v . , 1921
O c t ., 1922

Am ount of bills accepted . .
Amount of bills bought ___
Am ount of bills held at close
of m onth .................................

— 4.9%
— 63.7%

— 29.9%
— 51.3%

— 29.4%

+

<<T)

ft

N o v . 29, 1922

O c t . 3 1 .1 9 2 2

N o v . 3 0 ,1 9 2 1

6

$251,788
78,723
41,937
23,840
351,826
32,976
15,038

$247,110
79,179
40,968
24,428
350,541
32,638
14,695

$212,854
73,485
37,926
23,666
320,837
29,974
13,911

75

$796,128

$789,559

$712,653

N u m b e r of B a n k a

13
7
9
9
16
15

Total ..................................... ..................

.7%

The principal commodities upon which these
acceptances were based were canned fruit,
wheat and cotton. Purchases and holdings of
acceptances of reporting banks appear in table

P e r G e n t In cre a se
o r D e c r e a s e (—)
N o v . 29, 1922, o v e r
N o v . 3 0 ,1 9

(O) Savings Accounts*—
Los A n g ele s............................ ..................
Oakland .................................. ...................
Portland .................................. ..................
Salt Lake C ity ...................... ..................
San Francisco......................... ..................
Seattle ..................................... ..................
Spokane ................................... ..................

O c t o b e r 15 to
N o v e m b e r 15

18.3
7.1

10.6
.7
9.7

10.0
8.1
11.7

*000 omitted.

(-P) Acceptances*

fm. ..-

A m o u n t A c c e p te d
N o v . , 1922 O c t ., 1922
Pacific Northwest

____ $

874,414 $

..

C r e a te d in
T w e l f th D i s tr i c t
N o v ., 1922 O c t ., 1922

850,728 $

Ammmt Bought-——-....... - ■ ■■■ ■ .. \
A ll O t h e r
N o v ., 1922 O c t ., 1922

152,033 $1,324,307 $

Northern California

..

3,701,619

5,096,821

1,222,368

1,559,254

Southern California

..

713,224

1,607,488

351,049

622,550

204,543 $

877,975

29,076

34,033

T o ta l
N o v . , 1922 O c t ., 1922
$

356,576 $2,202,282

A m o u n t h e ld a t
c lo s e o f m o n th
N o v . , 1922
O c t .. 1922
$ 1,095,442 $ 1,756,638

l,7 0 8 ,6 9 8 f

1,593,287

1,025,886

645,271

2,051,049

4,672,550

8,537,123

8,177,718

T o t a l ...............................$5,289,257 $7,555,037 $1,725,450 $3,506,111 $1,933,619 $4,962,008 $4,116,323

$8,468,119

$10,658,451

$10,579,627

Other Districts

1,700,000

4,050,000

...............

*35 Banks reporting.
fF igu res for one bank included in total but not included in the amount bought “ Created in Tw elfth District” or “ A ll O ther.”




Federal Reserve Bank of San Francisco
On December 7th the Treasury Department
opened subscription books for an issue of Treas­
ury Notes designated Series C-1925, dated De­
cember 15, 1922, and payable
Government June 15, 1925. The notes will
Financing
bear interest at the rate of
per cent per annum payable
semi-annually on June 15th and December 15th
of each year and they are not subject to call for
redemption before maturity. The offering was
for $300,000,000 or thereabouts, sales to be
effected for cash and in exchange for Treasury
Certificates of Indebtedness of Series T D and
TD2-1922, both maturing December 15, 1922,
and 4
per cent V ictory Notes whether or not
the latter had been called for redemption.
The subscription books were closed Decem­
ber 15th. All subscriptions were allotted in full
up to amounts not exceeding $500,000 for any
one subscriber. Subscriptions over $500,000 but
not exceeding $1,000,000 were allotted either
$500,000 or 75 per cent of the total subscription.
Subscriptions over $1,000,000 were allotted 50
per cent of the total subscription but not less
than $750,000 nor more than $5,000,000. All
subscriptions for which 4 % per cent V ictory
Notes or Treasury Certificates of Indebtedness
maturing December 15, 1922, were tendered in
payment were, however, allotted in full. In
this district total subscriptions under the pri­
mary or cash offering amounted to $37,249,200
of which $25,636,700 were allotted. Under the
secondary or note conversion offering, total
subscriptions in this district amounted to
$4,459,200, all of which were allotted.
On December 7, 1922, the Treasury Depart­
ment also announced an offering of United
States Certificates of Indebtedness in two
series, one designated Series TM2-1923, dated
December 15, 1922, and maturing March 15,
1923, and one designated Series TD-1923, dated
December 15, 1922, and maturing December 15,
1923. Interest on the issue maturing in March,
1923, will be paid on a quarterly basis at the
rate of 3 y2 per cent per annum and on the one
year issue semi-annually at the rate of 4 per
cent per annum. Outstanding Certificates of
Indebtedness of Series T D and TD2-1922, both
maturing December 15, 1922, and 4% per cent
V ictory Notes called for redemption on that
date were accepted in payment for certificates
of the new series. The books for this issue
were closed on December 15, 1922, and all sub­
scriptions were allotted in full. In this district
total subscriptions amounted to $8,074,500 for
Series TM2-1923 and $4,588,500 for Series T D 1923.




229

Commercial loans* of 66 reporting member
banks in this district have increased steadily
during recent weeks. On December 6th, these
loans were $760,000,000, an increase
Banking of $48,000,000, or 6.7 per cent, since
Situation the midsummer low of $712,000,000
on June 28th and of $27,000,000 or
3.7 per cent since the early part of October.
During the latter period, the borrowings by these
banks from the Reserve bank increased from
$6,000,000, the lowest point in recent years, to
$30,000,000 on November 29th, and on Decem­
ber 6th stood at $28,000,000. Total accommo-

T o t a l D e p o s i ts , L o a n s a n d D i s c o u n ts , I n v e s t m e n t s , a n d B ills P a y a b le
a n d R e d i s c o u n t s o f R e p o r ti n g M e m b e r B a n k s

dation of these banks at the Reserve bank is
now approximately the same as it was a year
ago. Investments held by the same banks have
increased slightly during the increase in their
commercial loans since midsummer, standing
at $343,000,000 on December 6th, compared
with $326,000,000 on July 5th.
The consistent increase in deposits of these
banks, which has been in progress since Febru­
ary, ceased, at least temporarily, during N o­
vember. From $1,241,000,000, the peak reached
November 15th, their total deposits declined
$19,000,000 to $1,222,000,000 on December 6th.
A t the peak total deposits were the largest re­
corded, the previous high point having been
$1,185,000,000 on November 12, 1920.
W hile the large city member banks have
been increasing their borrowings from the Re­
serve bank during the past two months, mem­
ber banks in country districts have been stead*Including loans secured by U nited States government obligations
and loans “ all other.” Loans secured by stocks and bonds
other than U nited States bonds are excluded.

Agricultural and Business Conditions

230

ily paying off their rediscounts, which were
$18,000,000 on December 6th, compared with
$34,000,000 on August 2nd. This liquidation of
their borrowings by country member banks
during the months when their customers’ de­
mand for credit is customarily at its peak is

Total Reserves, Federal Reserve Note Circulation, Bills Discounted,
U. S. Government Securities Held, and Bills Bought in the Open
Market, Federal Reserve Bank of San Francisco

important evidence of the soundness of their
condition.
The character of the investments of the Fed­
eral Reserve Bank of San Francisco has re­
cently changed. H oldings of government se­
curities have declined from the peak of $62,^
000,000, reached on July 5th, to $36,000,000 on
December 13th, while bills bought in the open
market have increased during the same period
from $15,000,000 to $41,000,000. Since N ovem ­
ber 22nd, however, only slight fluctuations in
these assets have occurred.
The customary seasonal demand of the busi­
ness community for additional currency as the
holidays approach caused member banks to call
upon the Reserve bank for $16,000,000 in Fed­
eral Reserve notes during the first tw o weeks
of December. A t $236,000,000 on December
13th, notes in circulation were 9.6 per cent
larger than they were on August 23rd.
Interest rates in New Y ork City have been
stable since the first week of November, fol­
lowing the general advance of September and
October. The New Y ork open market rate on
prime commercial paper has stood at 4% per
cent since November 11th.

P R IN C IP A L R ESO U R C E AND L IA B IL IT Y IT E M S OF R E P O R T IN G M E M B E R B A N K S IN R E S E R V E
C IT IE S IN TW ELFT H F E D E R A L R E SE R V E D IS T R IC T
Dec. 6,1922

Number o f Reporting Banks .............................................

66*

Nov. 8,1922

66*

Dec. 7,1921

65*

Loans and Discounts (including rediscounts)........................................$ 910,859,000$ 891,782,000 $ 940,319,000
Investments .............................................................................................................
342,800,000
345,708,000
310,137,000
Cash in Vault and with Federal Reserve B ank......................................
110,574,000
114,237,000
102,766,000
Total D eposits......................................................................................................... 1,222,483,0001,233,826,000
1,174,687,000
Bills Payable and Rediscounts with Federal Reserve Bank.............
28,327,000
20,652,000
28,512,000
^M ergers have reduced the number of reporting banks but comparisons of resource and liability items have not been affected!

C O M P A R A T IV E ST A T EM E N T OF CO N DITIO N OF F E D E R A L R E S E R V E B A N K OF S A N FR A N CISC O
A T CLO SE OF BU SINESS, D E C E M B E R 13, 1922
RESOURCES

Dec 13 1922

Total R eserves.........................................................................................................$267,108,000
Bills Discounted......................................................................................................
43,403,000
Bills Bought in Open M arket.........................................................................
41,363,000
United States Government Securities.......................................................... 36,098,000
Total Earning A sse ts...........................................................................................$120,864,000
A ll Other Resources*...........................................................................................
54,361,000
Total Resources................................................................................................. $442,333,000

Nov. 15, 1922

Dec. 14. 1921

$263,513,000
37.211.000
34.169.000
41.992.000
$113,372,000
61.826.000
$438,711,000

$284,116,000
64.050.000
22.223.000
8,089,000
$ 94,362,000
50.423.000
$428,901,000

$ 22,760,000
143.991.000
221.984.000
49.976.000
$438,711,000
55.333.000
46.392.000

$ 22,578,000
127.050.000
231.268.000
48.005.000
$428,901,000
42.831.000
38.785.000

L IA B IL IT IE S
Capital and Surplus............................................................................................. $ 22,769,000
Total D eposits......................................................................................................... 141,751,000
Federal Reserve Notes in Actual Circulation............................................ 235,842,000
All Other Liabilitiesf........................................................................................... 41,971,000
Total Liabilities...................................................................................................$442,333,000
^Includes “ Uncollected Item s” ........................................................................
47,649,000
fIncludes “ Deferred Availability Items” .....................................................
39,082,000




Federal Reserve Bank of San Francisco

231

C O M P A R A T IV E V A L U E O F P R IN C IP A L P R O D U C T S O F T W E L F T H F E D E R A L
R E S E R V E D IS T R IC T
(inthousands of dollars)
1909
A g ric u ltu re ......................................................................................... ................................... $345,341
Livestock ............................................................................................................................... 398,985
Lum ber and T im b er........................................................................................................... 177,943
M i n i n g .................................................................................................. ................................... 163,334
Shipbuilding ......................................................................................
46,776
Canning and Preserving.............................................................. ...................................
49,458
Flour and Grist M ills..................................................................... ...................................
17,878
Petroleum Refining........................................................................ ...................................
38,776
Foundry and Machine Shops.........................................................................................
57,504
Slaughtering and Meat Packing................................................................................
54,229
Smelting and Refining (Copper, L e a d )............................... ...................................
28,671
Butter, Cheese and Condensed M ilk .......................................................................
44,215
Printing and Publishing.............................................................. ...................................
35,090
Cars and Shop Construction.........................................................................................
Automobiles and Repairing........................................................
Bread and Bakers’ Products..................................................... .................................
Beet Sugar Refining.....................................................................

1914
$178,093

73,521
66,941
55,528
27,283
81,276
75,190
52,421
36,976

27,157

34,650

Liquors, Malt and V in ou s.......................................................... ................................. 29,071
A ll Other Manufactures.................................................................................................. 383,277

36,749

$1,897,705

1919
$1,187,717
736,691
479,729
369,719
366,160
272,725
240,327
213,292
168,011
160,561
121,702
114,446
98,773
92,241
84,160
79,842
46,923
26,362
990,424
$5,849,805

M IN E R A L PRO DU CTIO N
1909
Gold and Silver..................................................... ...................................... $56,262
Copper ................................................................ ...................................... 55,527
Petroleum and Natural Gas.............................................................. ............ 29,310
Bituminous Coal ................................................... ...................................... 13,564
A ll O t h e r ............................................................ ...................................... 8,671

1919
$ 63,206
144,691
135,000
13,468
13,354

$163,334

$369,719

The foregoing comparisons of the dollar
value of the principal products of the district
are not an accurate indication of the growth in
physical volume of output during the ten years,
due to the substantial increase in the general
price level from 1914 to 1919. The United
States Department of Labor index of general
wholesale prices (404 com m odities) was 214
for the year 1919; 100 for 1914; and 97 for 1909.




If, therefore, the value figures for 1919 are ad­
justed to the level of prices prevailing in 1909,
the result would be $2,695,000,000 instead of
$5,849,805,000 for 1919. The increase in volume
of output of the district’s principal products is
thus seen to be approximately 42 per cent dur­
ing the decade 1909-1919, during which time
the population of the district increased from
5,177,388 to 6,859,302, or 32.5 per cent.