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W V N o t to b e r e le a s e d f o r p u b lic a tio n b e fo r e th e m o r n in g o f D e c e m b e r 2 8 , 1 9 2 0 FEDERAL RESERVE BANK OF SA N FRANCISCO JO H N C H A IR M A N P E R R IN OF THE BO A RD AND FEDERAL RESERVE AGENT G E N E R A L B U S IN E S S A N D A G R IC U L T U R A L 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 I S T R I C T D ecem b er 17, 1920. The Month. The retail trade of this district, as reflected in the value of sales of 26 representative department stores in the largest cities, was 11.3% greater than in November, 1919, although 9.2% less in November than in October, 1920. Collections of these stores appear to be improv ing, for 25% reported them as “ excellent” in November, 1920, as com pared with 6% in October, 1920, and the percentage reporting them as “fair” declined from 34% in October, to 20% in November. The decline in the value of sales of the 137 wholesale firms reporting from 8 lines of business, which became noticeable in September of this year, continued during November, and all lines report decreases as com pared with October. It is significant, however, notwithstanding this decline, that the total value of sales for the eleven months of 1920 is approximately 20% in excess of the total for the same period in 1919, in all lines save shoes and automobile tires, where the two totals are practically the same. Wholesalers still report that buyers are filling only their immediate needs. The large wheat crop of the district, 100,000,000 bushels, appeared on December 1st to be moving to market more rapidly than last year’s crop was on that date. In the three seaboard markets of the Pacific North west, Portland, Tacoma and Seattle, receipts of wheat for the season to December 1st were about 20% greater than receipts during the same period of 1919, although the 1920 crop in that territory is not over 4% in excess of the 1919 crop. Millers report their holdings of wheat to be considerably less than they were at this time last year, and the heavier receipts of this year have apparently gone chiefly into the export trade. Confirmation of this conclusion appears in the wheat export statistics of Portland, which show that over 6,500,000 bushels had been exported during the season to December 1, 1920, as compared with 915,000 bushels up to December 1, 1919. Final estimates of the 1920 beet sugar crop of the district place the yield at 7,377,000 bags of 100 pounds each, which is 30% in excess of last year’s crop. The movement of the current citrus fruit crop to market is now under way, and the orange and lemon yields for 1920-21 promise to be the largest in the history of the citrus fruit industry. Heavy rains delayed harvesting of the California rice crop and there was on December 1st approximately 26% of the crop still to be gathered. Until the final yields of the unharvested portion can be ascertained, it is too early to place a reliable estimate on the 1920 production, although it will be somewhat less than that of last year, which was this state’s largest yield. Physical conditions continue to favor the livestock interests, there being an abundance of good pasture and a large hay crop, combined with an unusually late winter. W ith the exception of sheep, November receipts of livestock in the principal markets of the district were less than receipts in November, 1919. The movement of animals to the feed lots, however, is below normal. The lumber industry reports production at the low level of last Janu ary, and orders on hand at the lowest point of the year. Petroleum production in California in November for the first time since July, 1919, exceeded the consumption of the month and a slight addition was made to storage stocks. November business failures were 35% less in liabilities than those of October. The value of building permits issued and the amount of bank clear ings in the district were less in November than in October, although bank clearings were 5.4 per cent greater in November, 1920, than in Novem ber, 1919. This bank’s statement of December 10th shows that holdings of bills discounted for member banks are over $176,000,000, which is an increase of $20,000,000 in the four weeks since November 12th. During the same period Federal Reserve notes in circulation increased by $10,000,000 to $266,811,000. The holdings of bills discounted and the volume of Federal Reserve notes in circulation have both reached the highest point since the bank was organized. Cash reserves during the past five weeks in [2] creased by $7,786,000, and the percentage of reserves to deposit and note liabilities rose from 45 per cent on November 5th to 47.3 per cent on December 10th. Crop Production. Final estimates of production for ten of the prin cipal crops of this district were issued by the United States Department of Agriculture on December 14th. The estimated yields in the Twelfth Federal Reserve District and in the whole United States are as follows: ,-----------------T W E L F T H 1920 W heat Oats ............................. 1 0 0 , 2 3 2 , 0 0 0 b u . .................................... United States, 1920 1 0 1 ,7 8 8 ,0 0 0 b u . 7 8 9 ,8 7 8 ,0 0 0 b u . 1 2 .7 4 4 ,3 9 8 ,0 0 0 b u . 4 0 ,2 8 3 ,0 0 0 b u . 1 ,5 2 4 ,0 5 5 ,0 0 0 b u . 2 .9 ............................. 4 1 ,1 3 4 ,0 0 0 b u . 4 3 ,6 2 8 ,0 0 0 b u . 2 0 2 ,0 2 4 ,0 0 0 b u . 2 0 .4 .................................... 9 ,7 5 0 ,0 0 0 b u . 7 ,8 8 1 ,0 0 0 b u . 5 3 ,7 1 0 ,0 0 0 b u . 2 ,8 3 9 ,0 0 0 t o n s 2 ,0 3 5 ,0 0 0 t o n s Barley R ic e D I S T R I C T -----------------N 1919 % of District to Total U .S . S ugar B e e t s ................ Beet S u g a r .................... H ops ................................... A pples 3 8 1 ,5 0 0 t o n s 1 ,1 0 9 ,6 0 0 t o n s 2 7 ,7 5 9 ,0 0 0 lb s . 3 8 ,9 1 8 ,0 0 0 lb s . 3 3 .2 3 4 .4 9 6 .6 (C o m ’c ia l) . 2 7 ,3 7 2 ,0 0 0 b u . 3 1 ,9 3 5 ,0 0 0 b u . 1 0 8 ,8 1 6 ,0 0 0 b u . 2 5 .1 .......................... 1 5 ,1 8 8 ,0 0 0 b u . 2 2 ,7 6 9 ,0 0 0 b u . 4 3 ,6 9 7 ,0 0 0 b u . 3 4 .7 P eaches ................................ P ears ....................... 3 7 ,6 2 9 ,0 0 0 lb s . 1 8 .1 8 ,5 4 5 ,0 0 0 t o n s O ranges ( G a l.) .... 6 ,5 6 8 ,0 0 0 b u . 6 ,8 9 7 ,0 0 0 b u . 1 8 ,7 0 0 ,0 0 0 b o x e s 1 7 ,3 5 0 ,0 0 0 b o x e s 1 7 ,2 7 9 ,0 0 0 b u . 3 8 .0 2 7 ,2 0 0 ,0 0 0 b o x e s 6 8 .7 Winter Wheat Acreage. The Bureau of Crop Estimates of the United States Department of Agriculture has issued a preliminary estimate by states of the acreage sown to winter wheat during the fall of this year. A comparison with the revised figures of the acreage sown in the fall of 1919 shows that there has apparently been an increase of 4.6 per cent in the Twelfth Federal Reserve District. In the United States there is an estimated reduction of 2.8 per cent. A table showing the acreage sown this year as compared with last year and the per cent of total acreage abandoned during the last crop season follows: E S T IM A T E D ACREAGE SOW N TO W IN T E R W H EAT % Abandoned 1920 A r iz o n a 1919 1919-1920 ....................................................... 4 7 ,0 0 0 a c r e s 4 5 ,0 0 0 a c r e s 5 C a l i f o r n i a ............................................... 7 0 2 ,0 0 0 a c r e s 7 8 1 ,0 0 0 a c r e s 16 Idaho 10 12 ............................................................. 3 7 8 ,0 0 0 a c r e s 3 3 7 ,0 0 0 a c r e s N evada .......................................................... 3 ,0 0 0 a c r e s 3 ,0 0 0 a c r e s O regon ........................................................ 7 2 0 ,0 0 0 a c r e s 7 1 4 ,0 0 0 a c r e s 3 ............................................................... 1 4 3 ,0 0 0 a c r e s 1 6 3 ,0 0 0 a c r e s 4 W a s h i n g t o n .......................................... . 1 ,1 0 7 ,0 0 0 a c r e s 9 1 9 ,0 0 0 a c r e s 20 T w elfth 3 ,1 0 0 ,0 0 0 a c r e s 2 ,9 6 2 ,0 0 0 a c r e s 1 2 .5 .................................... . 4 0 , 6 0 5 , 0 0 0 a c r e s 4 1 ,7 7 5 ,0 0 0 a c r e s 1 1 .9 Utah U n it e d % of D is t r ic t States T w elfth T o t a l U n it e d ....................... . D is t r ic t to S t a t e s ............. 7 .6 % [ 3 ] 7 .1 % Milling. Reports from 86 millers in the Twelfth Federal Reserve Dis trict show that flour mills operated at 34.7 per cent of their capacity during November, 1920, whereas they operated at 92 per cent of their capacity in November, 1919. The output of these mills last month was 527,114 barrels, little more than enough to meet local demands. A table showing the November production by states and the percentage of mill capacity in operation this year and last year, follow s: N o. M ills Reporting C a l if o r n ia O regon N ovem ber Output Bbls. Per Cent in Operation N ov., 1920 Per Cent in Operation N ov., 1919 .................................... . 11 1 8 8 ,7 7 9 4 2 .8 90 ............................................. . 33 9 9 ,1 4 6 3 2 .9 90 95 W a s h in g t o n ............................... 33 2 2 4 ,8 9 4 3 0 .7 I d a h o .................................................... 7 1 4 ,2 9 5 3 2 .2 92 U tah 2 in C a lifo r n ia fig u r e s ) 5 2 7 ,1 1 4 3 4 .7 92 ................................................... T w elfth D is t r ic t . . . , . (In c lu d e d 86 Twenty-two of the largest mills of the district report stocks of wheat and flour on hand on December 1st as 2,987,218 bushels and 487,213 barrels respectively. These stocks of wheat are considerably below those usually held at this time of the year when millers normally buy in large quantities. Present buying is only to meet current requirements both on the part of the millers and on the part of the wholesalers to whom they sell their flour. Earlier in the season the differential in ocean freight rates between wheat and flour, which was 25 cents a hundred, made it profitable for foreign buyers to import the raw product and manufacture their own flour. The differential was reduced to 5 cents a hundred during Novem ber, but foreign buyers had meanwhile withdrawn, at least temporarily, from the market. Exports of wheat and flour from the United States for the first nine months of this year compared with the same period last year follow : 1920 W heat F lour .................................................. 1 3 0 , 5 4 5 , 8 3 7 b u s h e l s ..................................................... 1 6 ,1 9 4 ,6 9 8 b a r r e ls 1919 1 0 9 ,7 6 3 ,9 2 2 b u s h e ls 2 1 ,6 7 6 ,5 2 7 b a r r e ls Rice. Heavy rains during the early part of November and a subse quent flood in the Colusa, California, district, combined to cause a loss of new crop rice which is estimated at 800,000 bags of 100 pounds each. This would reduce the 1920 yield to 3,200,000 bags compared with 3,500,000 bags in 1919, but the actual damage cannot be determined until the rice cut and standing in the field has been harvested and milled. W eather conditions during late November and early December have precluded a general resumption of harvesting and the remainder of the crop is being cut and threshed in small lots whenever possible. It is [ 4 ] reported that some growers will not attempt to complete their harvest ing until the spring, believing that the rice will not be greatly damaged by exposure during the winter. There were approximately 1,500,000 bags of new crop rice in ware houses on December 1st. It is estimated that 50 per cent of the re mainder of the crop had been cut and shocked in the fields, leaving about 26 per cent of the total crop yet to be cut, at that time. Little fancy paddy will be secured from this rain-damaged rice. A small amount of rice has been milled or sold. The Pacific Rice Growers’ Association, which controls about 90 per cent of this year’s crop, is having its rice milled under a control milling plan, whereby they retain control over the rice and its subsequent sale, and pay certain fixed charges to the millers. A price of $5.25 per hundred-pound sack has been set by the association on fancy head, cleaned rice for Decem ber and January delivery. Cane Sugar. The grinding of the 1919-1920 crop of cane sugar in the Hawaiian Islands was completed during November and the total output is now estimated at 554,000 short tons, a decrease of 28,400 tons com pared with last year. The 1920-1921 crop is making good progress and a yield of 573,000 short tons is forecasted. Figures on the island pro duction for the past five years show a surprising uniformity of yield: Short Tons 1 9 1 5 -1 6 5 9 3 ,4 8 3 1 9 1 6 -1 7 6 4 4 ,5 7 1 1 9 1 7 -1 8 5 6 5 ,8 3 9 1 9 1 8 -1 9 5 8 2 ,4 0 0 1 9 1 9 -2 0 ( e s t i m a t e d ) ...............................5 5 4 , 0 0 0 1 9 2 0 -2 1 ( f o r e c a s t ) ................................... 5 7 3 , 0 0 0 The 1919-1920 growing season was marred by a strike of plantation workers which kept approximately 6,000 men out of the fields from January to July and caused considerable loss to owners and laborers alike. Negotiations are now going forward to establish a new wage scale for the 1920-1921 season. The past year’s crop moved steadily to market and not over 10,000 tons of raw sugar remained in the islands on December 1st. Prices have been declining steadily both for raw sugar and for the refined product, quotations at the San Francisco refineries dropping from $17.00 a hundred pounds (granulated cane sugar) on August 30, 1920, to $8.50 a hundred pounds on December 14, 1920. Both wholesalers and con sumers were holding large stocks of sugar when the period of decline began and will not buy in quantity now, so that their stocks are grad ually being reduced. Imports of raw sugar to the United States during [5] the first nine months of 1920 were 174 per cent greater than those of the same period in 1919. An estimate of the world production of all kinds of sugar for 19201921 is 16,891,906 short tons, 1,875,000 tons greater than the estimated production this year. However there are several more months of grow ing weather which will affect the new crop. Sugar Beets. The sugar beet harvest in California was completed dur ing November and is now practically over in Utah, Idaho and W ashing ton. In Idaho a considerable acreage of beets was caught in the ground by freezing weather and some impairment of the yield from such plots will result. Present commercial estimates place the output of the mills in this district at 7,377,000 bags of one hundred pounds each, an increase of 2,095,742 bags over 1919. The tonnage per acre and the quality of the beets produced was gener ally better than last year, especially in Idaho and Washington. In Utah the improvement was chiefly in tonnage, that state producing 1,340,000 tons, the largest crop on record. An average for the district shows a production of ten tons per acre. Growers received an average of $12.00 to $13.00 per ton except where their contracts called for a price based on the market price of sugar. The bulk of this year’s crop of sugar has not yet been marketed. Apples. Estimates of the commercial apple crop in the Pacific North west continue slightly lower than early season forecasts. The total west ern or boxed apple crop is now placed at 27,633,000 boxes compared to 35,415,000 boxes in 1919. The various states are credited with the fol lowing production: ig2o igig W ash in gton ........................................................................ 1 5 , 5 6 4 , 0 0 0 boxes Oregon ....................................................................................... 2 , 6 2 5 , 0 0 0 boxes Id a h o ............................................................................................. 2 , 8 0 8 , 0 0 0 b o x e s California, Utah and Colorado................... * 6 , 6 3 6 , 0 0 0 b o x e s 1 9 ,3 2 0 ,0 0 0 4 ,0 7 1 ,0 0 0 boxes boxes 3 ,6 0 0 ,0 0 0 b o x e s 8 ,4 2 4 ,0 0 0 b o x e s *A pproxim ately 3,100,000 boxes of this total produced in California. Transportation facilities have been excellent throughout the shipping season and approximately two-thirds of the crop is now out of the pro ducing districts, storage holdings being much smaller than in 1919. A comparative statement of carlot shipments of apples follows: C O M P A R A T IV E ’C A R L O T N ov., 1920 APPLE S H IP M E N T S Season to D ec. 4, 1920 L a st Season to D ec. 4, 1919 T otal 1919 Season 753 3 ,5 6 5 3 ,3 2 2 4 ,1 5 3 723 2 ,1 9 6 3 ,0 7 8 3 ,9 4 3 1 ,0 1 8 1 ,9 3 5 3 ,1 0 7 5 ,4 4 3 186 552 191 199 . 4 ,9 3 3 1 3 ,3 5 3 1 8 ,0 8 4 2 7 ,1 6 8 2 1 ,6 0 1 2 7 ,7 8 2 4 0 ,9 0 6 7 ,6 1 3 [ 0 ] Approximately one-third of the sales have been on an f. o. b. basis, or sold while on the way east, and few rejections or cancellations have been reported. Prices on large sizes and desirable assortments remain only slightly below last year’s level, the average value of five of the leading varieties, in the larger sizes, being estimated as follow s: Jona thans, $2.20 per box; Grimes Golden, $1.85 per box; King David, $1.75 per box; W inter Banana, $2.90 per box; Delicious, $2.95 per box. During the month of November, a steamer carrying 30,000 boxes of apples under refrigeration arrived in Southampton, England, direct from Pacific Coast ports. This was the first apple shipment direct from this district to arrive in England. British control prices on apples are again in effect and show a slight increase over last year, being based on a maximum wholesale price of $4.04 for a 40-pound box of sound apples, at the rate of exchange pre vailing on December 15, when a shilling was worth $0,172. Oranges. The 1920-1921 navel orange crop was estimated at 26,000 cars on December 1st, an increase of 9,300 cars over the actual shipments during the 1919-1920 season. Shipments from Northern and Central California are moving forward satisfactorily, aided by an adequate sup ply of packing supplies and refrigerator cars, and the holiday move ment to eastern markets is now getting under way in Southern Cali fornia. Shipments of all varieties of oranges during November and the season to December 4th, were as follows: Cars N ovem ber, 1 9 2 0 ............................................................. S eason to S eason to D e c e m b e r D ecem ber 1 ,6 0 2 4 , 1 9 2 0 .......................... 2 ,4 4 8 4, 2 ,5 7 3 1 9 1 9 .......................... E s t i m a t e d T o t a l 1 9 2 0 - 1 9 2 1 ................................ 4 9 , 0 0 0 T o ta l 1 9 1 9 - 1 9 2 0 ............................................................. 3 5 , 5 4 7 Lemons. Approximately 11,400 cars of lemons will be shipped from California during the 1920-1921 season, according to December 1st esti mates. Last season 9,045 cars were shipped. The f. o. b. price for lemons is approximately $2.75 a box and the market is still quiet. Shipments during the past season were the largest ever recorded in California, but this season’s output will be even larger. A comparison of seasonal shipments follows: Cars N ovem ber, 1 9 2 0 ............................................................. 377 Season to D e c e m b e r 4 , 1 9 2 0 .......................... 1 ,5 7 9 S eason to 4, 1 ,3 2 2 E s tim a te d T o ta l D ecem ber T o ta l 1 9 1 9 .......................... 1 9 2 0 - 1 9 2 1 ............................. 1 1 , 4 0 0 1 9 1 9 - 1 9 2 0 ............................................................. [7] 9 ,0 4 5 Livestock. A comparative statement of the receipts of livestock and purchases for local slaughter for the month of November is given below: R E C E IP T S P o r t la n d ....................... S a lt L a k e Ci t y ____ S e a t t l e ............................ S p o k a n e ......................... T a c o m a ........................... CATTLE 1920 1919 11,381 10,081 5,180 11 ,0 7 8 3,651 5,255 6,283 7,470 1,588 2 ,432 T o t a l s ............... 28 ,0 8 3 3 6,316 OF h o r se s HOGS 1920 1919 1 1,132 14,701 1,611 5 ,833 6,973 7,654 4 ,737 5 ,157 3,049 3,145 2 ,599 2 7,502 PURCHASES FOR 4,4 5 8 LOCAL CATTLE 1920 1919 P o r t la n d ..................................................... Sa lt L a k e C i t y ........................................ S e a tt le ......................................................... S p o k a n e ....................................................... T a c o m a .......................................................... L IV E S T O C K CALVES 1920 1919 1,329 1,410 62 534 462 312 510 2,1 4 9 236 53 36,490 SH EEP 1920 1919 2 1 ,4 8 8 7 ,198 78,468 6 8,390 1 6,485 1 4 ,3 3 2 8,853 4,6 0 6 13,1 5 2 6,427 138 ,4 4 6 100 ,9 5 3 AND M ULES 1920 1919 10 50 164 238 9 41 195 487 378 816 SLAUGH TER CALVES 1920 1919 HOGS 1920 1919 1920 SH EEP 1919 5 ,636 877 3 ,512 3 ,153 1,588 3,692 1,612 4,908 3,357 2,432 890 17 462 172 236 813 105 312 933 53 5 ,280 785 6,8 6 9 3,0 6 3 3 ,049 6 ,632 4,0 1 8 7,4 5 4 4,0 6 3 3 ,145 9 ,003 2,1 8 3 16,4 8 5 2 ,905 13 ,1 5 2 2 ,7 8 9 3,021 1 4 ,3 3 2 2 ,141 6,427 T o t a l s ............................................. 14,766 16,001 1 ,777 2,216 . 19,0 4 6 25 ,3 1 2 43 ,7 2 8 2 8,710 Livestock men have been favored by the late winter, which has per mitted them to enjoy the full benefits of the good range and pasture which the abundant fall rains produced. Extensive feeding has so far been unnecessary. No shortage of moisture is reported in the district, save in Southern Utah, Northwestern and Southern Arizona, and South ern California. A scarcity of winter feed is reported from local areas in Nevada and Arizona, where stockmen will feed to the limit of their capacity and ship out any surplus to more favored sections. November receipts of livestock of all kinds except sheep were lighter than last year and approximately the same as during the preceding month of this year. The run of sheep, although considerably lower than in October, was 37,493 head greater than in November, 1919. A scarcity of feeder sales is noticeable at the local stock yards although the demand for this class of animals is usually heavy at this period of the year, and prices are lower at present than they have been for some seasons past. All markets continue to report the sale of breeding stock and young animals, which are usually carried over the winter to re plenish the herds. The November market started in a fairly firm condition but declines were evident before the middle of the month and continued throughout the later trading. Hogs suffered the most radical decline, partly in sym pathy with the falling grain market. From offers of $13.00 and $15.00 a hundredweight early in the month for the best stock, prices declined later in November to approximately $10.00 and $12.00. These prices are as good or better than the prices on middle western markets. [ 8 ] Cattle showed slight declines on all markets, top steers ranging from $7.00 to $7.50 a hundredweight, and cows from $3.00 to $7.25 a hundred weight. Sheep maintained the steadiest tone of any class of livestock although the close of the month found shipments of poorer quality and demand declining slightly. Top lambs brought anywhere from $8.50 to $10.00 per hundredweight and ewes down as low as $2.75 a hundred weight. Dairying. The dairy industry of the district is displaying considerable strength despite declining prices for milk and dairy products and de spite the closing of several condensarles in the Pacific Coast states. No foundation can be found for reports that herds are being sold, or dairy cows and heifer calves butchered in unusual quantities. Some specula tive operators and some of those who do not pursue dairying as a busi ness are trying to sell out, but established dairymen with a permanent plant and high grade stock are not attempting to dispose of their herds. Cows which are not profitable producers are being slaughtered in greater numbers than heretofore, with the result that the average pro duction per cow is being increased by this procedure and an economic saving affected. In the Pacific Northwest the cost of production has been lowered in every item except labor, to meet declining milk prices, and lighter and more economical feeding is being practiced. Similar steps have been taken in California, where prices are also declining. A table showing the prices received by fluid milk producers during the month of Novem ber, follows: P R IC E S R E C E IV E D M o u n t a in U n it e d M IL K N ovem ber Range f Section P a c if ic B Y (1 1 8 (1 6 8 m a r k e ts). . m a rk e ts) . . . . S t a t e s ................................... $ 2 .4 5 to $ 3 .8 2 PRODUCERS* N ovem ber Average O ctober Average N o v ., 1919 Average $ 3 .0 8 $ 3 .1 1 $ 3 .1 4 3 .0 5 to 4 .4 4 3 .8 8 3 .9 7 3 .3 9 ■ 2 .4 5 to 5 .8 2 3 .7 2 3 .7 9 3 .7 4 . *A11 prices per hundredweight for milk testing 3.5 per cent butter fat. ■[Mountain section includes Idaho, U tah, Nevada and Arizona. Pacific section includes W ashin gton, Oregon and California. Canned Milk. Large stocks are held by producers and middlemen, especially in the State of Washington. Condensaries in that section are not expected to resume full time operations until late next spring, but they are accepting their usual amounts of milk in order to carry the dairymen over the present period. This milk is accepted either on a fixed price basis, or on a sliding scale based on the amount realized by its sale. The milk is turned into butter, cheese and cream, and some casein is manufactured from the skimmed milk. [ 9 ] California’s canned milk industry has fared relatively better than that in the Pacific Northwest and East, as the California plants were not so largely overstocked as those in other producing districts. Produc tion is now being curtailed there also. Prices paid to milk producers by condensarles in this district, f. o. b. factory, averaged $2.23 per hundredweight and ranged from $1.84 to $2.80 per hundredweight during the month of November. Last January the condensary price was $3.40 per hundredweight. Butter. Butter continues in good demand at slightly lower prices than last month and cold storage holdings are less than a year ago in all markets of the district except Los Angeles. In the latter center holdings on December 1st were four times as great as in 1919. Withdrawals from cold storage were lighter during November of this year than during the same month in 1919. The large supply of fresh butter on the market, the presence of butter imported from New Zea land, and generally declining prices for the better grades, have greatly reduced the demand for second grade butter. During November extra grade butter prices dropped from 54 cents to 50.5 cents per pound, as compared with an average price of 65 cents for November, 1919. A comparative statement of cold storage withdrawals during Novem ber of this year and last year and total holdings on December 1st, follow s: H O L D IN G S C IT Y AN D W IT H D R A W A L S N ov., 1920 N et W ithdraw als (P ou nds) Angeles.......................... Portland ................................ San F rancisco.................... Seattle ..................................... T otals....................... 6 3 2 ,1 4 2 Los OF COLD N o v ., 1919 N et W ithdraw als (P ou nd s) STORAGE D ec. 1, 1920 H oldings (P ou nds) BUTTER D ec. 1, 1919 H oldings (P ou nds) 1 6 3 ,3 2 6 1 2 9 ,2 3 8 5 5 2 ,1 1 9 1 4 3 ,1 8 2 1 2 2 ,7 0 6 1 3 0 ,3 5 1 3 0 2 ,6 5 0 6 0 5 ,8 8 7 1 5 2 ,9 6 4 4 4 1 ,8 7 6 6 5 6 ,3 5 6 9 1 1 ,5 3 6 1 9 3 ,1 4 6 1 9 9 ,3 7 2 5 3 1 ,3 4 6 8 8 4 ,8 6 2 9 0 0 ,8 3 7 2 ,0 4 2 ,4 7 1 2 ,5 4 5 ,4 6 7 Salmon. Complete estimates of the 1920 pack of salmon in the Alaska, Puget Sound and Columbia River districts place this year’s out put at 5,009,815 cases of four dozen cans each. The pack for the same districts in 1919 was 6,462,883 cases of the same size. Two unusual features of the 1920 season in the Pacific Northwest are worthy of note. One of these is the fact that several canneries did not operate, claiming that a reasonable profit, especially on less desirable varieties, was impossible with the prevailing market prices for the canned product. The second was the reversion of the Alaska fishing fleet, during the latter part of the season, to the practice of bringing their [10] fresh fish catch to the Seattle market. A shortage of refrigerator cars at Canadian shipping points was the reason assigned. Trade in canned salmon, with the possible exception of reds, has been inactive. The export markets, which normally use principally the high grades, have been small buyers because of the depreciation of foreign currencies in this country. The average production of all grades for the five years beginning in 1910 was 6,219,125 cases and for the five years beginning in 1915 it was 8,567,120 cases. Practically all of this increase was in Pinks and Chums, which had previously found only a limited market either at home or abroad. During the war large shipments of this low-grade salmon to continental Europe relieved the domestic mar ket, but a considerable portion of these foreign shipments are still uncon sumed and that outlet is now restricted. Prices this year on Reds and Kings have averaged only slightly lower than last year, when they sold firm at the opening prices of $3.25 and $3.12V2 per dozen tall cans respectively. For the lower grades prices have been continuously declining and there are no prevailing prices. Figures on this year’s estimated pack in the Twelfth Federal Reserve District, which includes all of the salmon-packing canneries in the United States, follow : E S T IM A T E D IS T R IC T W e st e r n A l a s k a ................. C e n t r a l A l a s k a .................. So u t h e a s t A l a s k a ............. 1920 S A L M O N PACK* RED K IN G M E D IU M RED P IN K CHUM 710,800 577 ,3 9 3 2 02,366 46,696 1 4,638 2 2,620 1 1,759 30,879 68,514 51,259 5 4 3,999 976,708 44,013 147,411 775,760 83,9 5 4 111 ,1 5 2 1,5 7 1 ,9 6 6 967,184 4 ,2 2 4 ,8 1 5 4 ,592,000 50,000 475,000 2 5,000 25,000 35,000 40,000 2 5,000 15,000 7,500 180,000 5 3 0 ,0 0 0 f 75,000 1,290 ,8 8 3 580,000 T otal A l a s k a .............. 1,4 9 0 ,5 5 9 P uget S o u n d ......................... C o l u m b ia R i v e r ................... Coastal S t r e a m s ................. OF 80,000 5,000 2 ,500 T otal U . S. P a c k .. . 1 ,5 7 8 ,0 5 9 6 3 3,954 211,152 1,5 7 1 ,9 6 6 1 ,0 1 4 ,6 8 4 *A11 figures are for full cases of four dozen cans. fSp rin g pack only. Fall pack estimated at 120,000 cases of all grades. Total Total 1919 864,527 1,314 ,3 2 0 2 ,0 4 5 ,9 6 8 5,0 0 9 ,8 1 5 6,462 ,8 8 3 Number of Farms. Figures recently released by the Bureau of Census show that the number of farms in the Twelfth Federal Reserve District increased 24.0 per cent in the decade 1910-1920 compared to an increase of 36.4 per cent in the preceding ten years. The numerical increase was 60,997 in the past ten years, 6,859 less than in the years 1900 to 1910. In the same periods the number of farms in the United States increased 1.4 per cent (1910-1920) and 10.9 per cent (1900-1910). The westward drift of population, the division of large land holdings, the development of new areas, and the reclamation of arid lands, factors which affect this district to a much greater extent than the country as a whole, are probably responsible for the greater increases recorded in [11] this section. Comparative figures of the number of farms in the district, by states, follow : STATE 1920 1910 Ar izo n a .......................................................................................... 1 0 ,8 1 6 California ................................................................................ 1 1 7 , 6 9 0 Id a h o ........................................................ ; 4 2 ,1 0 9 Nevada ............................................................................................. 3 ,1 6 4 Oregon ............................................................................................ 5 0 ,1 8 8 Utah ................................................................................................ 2 5 ,6 6 4 W ashington ............................................................................ 6 6 ,2 8 8 T otal District.......................................................... 3 1 5 , 9 1 9 United States........................................................................ 6 , 4 4 9 , 9 9 8 Per Cent District to United States . . . 4 .9 1900 9 ,2 2 7 8 8 ,1 9 7 5 ,8 0 9 7 2 ,5 4 2 3 0 ,8 0 7 2 ,6 8 9 1 7 ,4 7 1 2 ,1 8 4 4 5 ,5 0 2 3 5 ,8 3 7 2 1 ,6 7 6 5 6 ,1 9 2 1 9 ,3 8 7 3 3 ,2 0 2 2 5 4 ,2 9 0 6 ,3 6 1 ,5 0 2 4 .0 1 8 6 ,4 3 2 5 ,7 3 7 ,3 7 2 3 .4 Lumber. Seasonal curtailment of operations is in part responsible for the diminished production reported in November by each of the four lumber associations in the district, although the decrease in redwood output is negligible. The combined production of all reporting mills is still in excess of their shipments, and orders remain less than shipments. Some of the larger mills are closing for the yearly overhauling of ma chinery, and snows in the mountains have cut down operations of the mills of the California W hite and Sugar Pine Manufacturers’ Associa tion. The November production of the four associations is the smallest reported since January, 1920, and the total of orders received is the lowest recorded for the year. W ork has begun on the first unit of the lumber terminal to be estab lished on the Hackensack River, near Jersey City, N. J., the primary function of which will be to store, handle and sell in volume Pacific Coast lumber which is to be brought by sea from ports in Washington, Oregon and California. It is stated that arrangements have been made with a steamship company to establish a line of vessels in this service which shall charge $15 per thousand feet, without regard to weight or character of lumber handled. The first unit of the terminal will cover an area of 50 acres, with storage sheds for 100,000,000 feet of lumber, and include a box factory, planing mill and sash and door plant. Following are comparative figures of production, shipments, and orders of the mills reporting to the four associations in this district: LUM BER West Coast Lumbermen’ s Association S T A T IS T IC S Western Pine Manufacturers* Association 4 W eek s ending N ov. 27 Preceding Four W eeks Pre4 W e e k s ceding ending Four Nov. 27 W eek s N o . M ills R e p o r tin g . 121 ♦C u t ....................................................... 2 64 ,3 0 5 ♦S h i p m e n t s ......................................2 1 4,655 * O rders ................................................18 2,417 121 2 78,086 2 4 5,968 2 14,435 33 36 7 3,851 1 0 0,251 3 9 ,4 7 4 48,0 9 4 3 2,325 29,9 2 5 A verage *In thousands of board feet. [1 2 ] California White and Sugar Pine Manufacturers’ Association 6 California Redwood Association Pre4 W e e k s ceding ending Four N ov. 27 W e e k s 4 W eek s ending N ov. 27 Preceding Four W eek s 8 1 5 ,8 3 2 35,237 6,421 1 2 ,8 8 7 2,8 2 6 7 ,373 11 24,7 9 1 16 ,4 4 8 10,5 9 9 11 25,2 7 6 18,2 4 9 16 ,7 1 4 Petroleum. In November, for the first time since July, 1919, the monthly output of petroleum in California exceeded the consumption, and storage stocks were consequently increased. The average daily production of 312,082 barrels is approximately 7,000 barrels greater than the corresponding figure for October, 1920, and November is the third successive month in which a new high record for production has been established. It is noteworthy that the initial daily production of the 47 new wells opened in November was over twice that of the same number of new wells opened in October. Following are statistics furnished by the Standard Oil Company of California: N ovem ber 3 1 2 ,0 8 2 P roduction— D a i l y a v e r a g e ............. Shipments— D a i l y a v e r a g e ................ 3 1 0 ,8 3 9 Stored Stocks— E n d o f m o n t h . . 2 2 , 5 8 2 , 3 0 4 47 New W ells Opened................................... W it h in itia l d a ily p r o d u c t i o n .. O ctober b b ls . September 3 0 5 ,1 0 2 b b ls . 3 0 4 ,3 4 0 b b ls . b b ls . 3 2 4 ,8 9 6 b b ls . 3 1 3 ,5 3 3 b b ls . b b ls . 2 2 ,5 4 5 ,0 2 6 b b ls . 2 3 ,1 5 8 ,6 5 7 b b ls . 47 55 2 9 ,5 2 0 b b ls . 1 2 ,3 9 5 b b ls . 2 1 ,7 7 5 b b ls . 4 5 W ells Arandoned......................................... 9 Retail Trade Activity. Twenty-six representative department stores in the district report their net sales for November to be 9.2 per cent less than those of October. During the same period the amount of the aver age sale (charge, cash and C.O.D.) reported by six firms fell from $4.41 to $3.99. Sales for November, 1920, however, were in excess of those for November of last year by 11.3 per cent, as against an increase of 8.2 per cent for October, 1920 over October, 1919. The number reporting col lections as “ excellent” increased from 6 per cent in October to 25 per cent in November, and the number reporting them as “fair” declined from 34 per cent to 20 per cent over the same period. Following is a statement of increases or decreases in the retail trade of 26 department stores during November, 1920, as compared with the same month last year, and with October, 1920, and the reported amount of the average sale in six stores for the same months: C O N D IT IO N O F R E T A IL T R A D E D U R IN G (26 stores) NOVEM BER, 1920 Percentage of Increase or Decrease Comparison of N et Sales with N et Sales with N ov., 1919 O ct., 1920 , ---------Average Sale---------N Comparison of Los A n g e l e s ............................ .................... Sa n F r a n c i s c o ....................... Seattle ........................................ ................... Oakland Salt Lake N ov., 1920 O ct., 1920 4 .4 1 4 .5 5 N ov., 1919 3 1 .2 9 .9 2 .2 7 2 .6 2 2 .6 3 C i t y .................... District............................................. C o lle c tio n s , 2 5 % — 1 2 .9 7 .2 — 1 4 .9 1 4 .7 5 .6 . .. 3 .9 9 “ E x c e lle n t ” ; 5 5 % 4 .4 1 4 .1 7 “ G ood” ; 20% [1 3 ] 7 .8 — 1 6 .4 ..................................... S p o k a n e ....................................... 2 .4 — 1 1 .3 “ F a ir .” — 9 .0 — 3 0 .4 — 9 .2 Wholesale Trade. Reports from 137 representative wholesale firms in eight lines of business in this district indicate that the value of net sales in all lines was less for November than for the previous month. The greatest decreases were experienced by dealers in wholesale automobile tires, 47.7 per cent, by shoe dealers, 28.2 per cent, and by dry goods houses, 24.5 per cent. W holesale drug and stationery firms report an in crease in sales for November of this year over the same month last year, amounting to 15.7 and 16.4 per cent respectively. For all other lines such a comparison reveals a decrease. All lines save wholesale shoes and automobile tires, report sales for the first eleven months of this year substantially in excess of those in the same period last year. Reports indicate that collections during November were slower than during the previous month. W hile in October only 38 per cent of all wholesale firms reported collections as “ fair” the percentage increased in November to 48 per cent. The number reporting collections as “ good” decreased from 49 per cent in October to 43 per cent in November. Demand is generally reported as restricted, buyers filling only imme diate needs. Current unfilled orders are said to be smaller than usual, many dealers reporting them practically negligible. Declines in prices are noted this month particularly by dealers in dry goods, groceries, and shoes, but the number of all firms reporting that prices are becoming firmer is slightly increased over last month. Statements of increases or decreases in wholesale trade of 137 firms for November, 1920, as compared with November, 1919, and October, 1920, and for the first ten months of 1920 as compared with the same period in 1919 follow s: CO N DITIO N OF W H O L E S A L E T R A D E D U R IN G N O V EM BER , 1920 (la) Percentage of increase or decrease in net sales during Nov., 1920, over Nov., 1919 N o . o f r e p o r tin g fir m s H ardw a re D ry G oods 23 13 G roc e rie s 29 Angeles ......................... — 6 . 6 . . . . 8 .3 San F rancisco........... — 7 . 8 — 1 9 . 9 — 1 . 5 Seattle ....................................— 1 6 . 5 — 3 4 . 3 — 8 . 3 P ortland ............................. • 4 . 7 — 2 5 . 3 — 2 9 . 5 Tacoma ....................................— 1 8 . 4 . . . . — 1 1 .9 1 3 . 2 — 1 4 .5 Sp o k a n e ..................... — 5 . 3 Salt Lake Cit y ................................... — 2 8 . 1 Sacramento .......................— 1 8 . 1 . . . . — 7 .3 Los D is tr ic t ........... — 8.8 —21.6 —11.9 [1 4 ] D ru g s 7 Shoes Statio n e ry 16 16 .................................. 2 0 .8 1 6 .7 1 1 .5 — 2 9 .4 . . . . — 4 5 .5 — 1 2 .5 Furn itu r e 18 15 — 2 9 .4 — 4 6 .6 — 2 3 .6 — 4 2 .4 3 .9 — 4 4 .5 A u to T ire s 1 1 .3 1 1 .7 — 3 7 .5 — 2 5 .8 ................................. 3 .6 . . . . — 6 4 .3 —6 2 .7 15.7 —33.3 16.4 —23.8 —32.9 (lb) Percentage of increase or decrease in net sales, January 1st to November 30,1920, over same period last year r e p o r tin g fir m s H ard w are D ry G oods G ro c e rie s 22 13 29 N o . o f Los A n g e l e s ............................ 3 7 .1 Sa n F r a n c i s c o ..................... 3 2 .7 2 4 .7 2 5 .2 D ru g s Shoes 5 15 18 4 2 .4 3 1 .1 — 2 .1 3 .1 2 6 .7 4 2 .2 — 0 .4 1 8 .4 ........................................ 1 5 .2 2 8 .9 1 6 .3 — 7 .7 2 1 .9 P o r t l a n d ................................... 2 6 .3 1 7 .6 1 4 .6 — 2 0 .9 3 0 .7 T acom a ........................................ 1 5 .1 S p o k a n e ....................................... 4 7 .6 Seattle Salt L a k e 3 8 .8 4 .9 1 7 .2 ......................... 2 3 .4 D i s t r i c t ...................... 2 7 .2 Sacram ento 1 6 .4 1 6 .9 -— 1 4 . 0 14 2 4 .5 1 3 .8 C i t y .................. A u to T ire s 16 3 2 .1 2 4 .8 F u r n itu re S ta tio n e ry — 2 1 .4 1 9 .4 21.8 21.6 2 7 .4 — 0 .9 3 8 .8 2.1 2 3 .3 (lc) Percentage of increase or decrease in net sales for November, 1920, over October, 1920 N o . o f Los A n g e l e s .. . r e p o r tin g Sa n F r a n c is c o . fir m s — H a rd w a re D ry G oods 23 13 28 1 3 .2 _____ — 5 .6 G ro c e rie s — 1 6 .0 — 2 4 .9 — 1 3 .2 — 1 8 .5 — 2 4 .1 — P o r t l a n d .............. — 2 0 .5 — 2 6 .0 — 2 2 .9 T acom a — 3 2 .6 Sea ttle .................. .................. S p o k a n e ................. Salt L a k e Sa cram en to — . 2 1 .5 — 1 6 .8 D i s t r i c t ................ — 1 8 . 1 C o lle c tio n s N o v ., 1 9 2 0 , C o l l e c t i o n s O c t ., 7 — 15 5 .9 Shoes 15 6 — :22.8 5 6 .3 — 20 3 1 .7 — 2 8 .5 — 2 0 .8 . . . . F u r n itu r e A u to T ire s 15 17 — 1 9 .6 — 1 5 .7 -3 5 .1 — 1 2 .5 — 2 6 .1 -3 4 .3 20.8 — 2 6 .5 — 13 9 .7 — 3 5 .5 — 1 2 .9 — 3 4 .1 -6 2 .3 9 .3 — 1 3 .9 — 2 4 .5 — 1 4 .7 — 1 1 .5 — 2 8 .2 — 1 8 .6 — 1 9 .5 — 4 7 .7 6 % “ E x c e l le n t ,” 4 3 % “ G o o d ,” 4 8 % 1 9 2 0 ,1 1 % S ta tio n e ry _____ — 1 8 . 2 ................................ — C it y D ru g s “ F a ir ,” 3% “ P o o r .” “ E x c e lle n t ,” 4 9 % “ G o o d ,” 3 8 % “ F a i r ,” 2% “ P o o r .” Foreign Commerce. Exports from Pacific Coast ports during October increased in value 38.8 per cent over those in October, 1919, due chiefly to the unusually heavy movement of all commodities through San Fran cisco. Total imports through all Pacific Coast ports, however, fell off 45 per cent as compared with October, 1919 figures. Figures of exports and imports in this district for the first ten months of 1920 begin to reveal the effect of the business and trade depression which has obtained in the Orient since last spring. Imports are sub stantially the same as those of the same period in 1919, but exports are nearly 10 per cent less. This position is not paralleled in the nation’s figures, for there both imports and exports in the first ten months of this year exceed those of 1919, although the percentage increase is ten times as large for imports as for exports. [15] IM P O R T S (000 om itted) M o n th E n d in g O c t . 31 O c t . 31 1919 1920 % In c re a se o r D e c re ase T e n M o n th s E n d in g O c t. 31, O c t. 31, 1920 1919 % In c re a se o r D e c re ase Sa n F r a n c i s c o ................................ 1 1 ,8 0 1 1 9 ,4 6 5 — 3 9 .3 1 9 5 ,6 7 5 1 9 5 ,7 4 6 — 0 .0 Los A n g e l e s ........................................ 786 257 2 0 5 .9 7 ,8 3 9 2 ,4 7 3 2 1 6 .9 346 284 7 ,5 8 9 2 ,1 2 9 2 5 6 .4 .................................... 6 ,2 7 3 1 5 ,0 7 9 — 5 8 .4 1 2 3 ,1 5 2 1 3 1 ,9 5 8 — 6 .6 D i e g o ............................................... 93 51 8 2 .3 802 461 7 3 .9 C o ast . . . 1 9 ,2 9 9 3 5 ,1 3 6 — 4 5 .0 3 3 5 ,0 5 7 3 3 2 ,7 6 7 0.6 States . . . . 3 6 2 ,0 0 0 4 0 2 ,0 0 0 — 9 .9 4 ,7 2 0 ,0 0 0 3 ,0 9 9 ,0 0 0 5 2 .3 O regon ...................................................... W a s h in g t o n Sa n T o t a l P a c if ic T otal % U n it e d o f P a c ific T o ta l C o a st U n ite d 21.8 to S ta te s .. 8 .7 5 .3 7 .0 1 0 .7 EXPORTS (000 o m itted ) M o n th E n d in g O c t . 31 O c t . 31 1919 1920 % In c re a se o r D e c re ase T e n M o n th s E n d in g O c t. 31, O c t. 31, 1920 191 9 % In c re a se o r D ecrease Sa n F r a n c i s c o ................................ 2 2 ,0 3 0 9 ,8 0 3 1 2 4 .7 1 9 4 ,9 2 9 1 8 2 ,0 9 0 7 .0 Los A n g e l e s ........................................ 1 ,2 8 1 1 ,1 5 8 10.6 1 4 ,9 4 6 7 ,9 2 9 8 8 .5 9 ,4 6 0 4 ,2 7 8 1 2 0 .9 5 1 ,1 7 4 3 7 ,4 8 8 3 6 .5 .................................... 1 2 ,2 7 9 1 7 ,2 5 2 — 2 9 .4 1 7 6 ,5 4 8 2 5 8 ,0 1 3 — 3 1 .5 D i e g o ............................................... 56 31 8 0 .6 454 333 3 6 .3 4 5 ,1 0 6 3 2 ,5 2 2 3 8 .8 4 3 8 ,0 5 1 4 8 5 ,8 5 3 — 9 .8 S t a t e s -------- 7 5 2 , 0 0 0 6 3 2 ,0 0 0 1 8 .9 6 ,8 3 2 ,0 0 0 6 ,4 9 9 ,0 0 0 5 .1 O regon ...................................................... W a s h in g t o n Sa n T o t a l P a c if ic T otal % o f U n it e d P a c ific T o ta l U n ite d C oast . . . C o a st to S ta te s .. 5 .9 5 .1 6 .4 7 .4 Shipbuilding. Steel merchant ships under construction or contract in American shipyards on the Pacific Coast on November 1st totaled 73, of 746,040 deadweight tons, according to statistics prepared by the Pacific Marine Review. A noteworthy feature is the large average size of the ships, slightly more than 10,000 tons. These figures compare with 80 vessels of 839,070 deadweight tons listed as of October 1st, but the difference between the two reports does not indicate October deliveries, as returns from all yards were not received for the October 1st report. No construction other than steel merchant shipping is included, save two concrete tankers in the October figures and one in November’s. All naval work, coast guard, wooden and mis cellaneous building has been excluded. Following are comparative [16] figures for November 1st and October 1st, compiled by the Pacific Marine Review : f-------- N o v e m b e r V e s s e ls F or U . S . S . B ...................................................... F or P rivate A ccount................. F or P rivate Account— Foreign. 1---------^ ,-----------O c : t o b e r 1-----------x T o ta l D . W . T o ta l D . W . Tonnage V e s s e ls T onnage , 26 2 4 8 ,7 0 0 34 3 1 6 ,7 5 0 , 38 4 1 5 ,0 6 0 37 4 4 0 ,0 4 0 9 8 2 ,2 8 0 9 8 2 ,2 8 0 73 7 4 6 ,0 4 0 80 8 3 9 ,0 7 0 Labor. Unemployment throughout the district is somewhat in excess of normal for this time of year, and is reported to be increasing slightly. This is particularly true in the Northwest, due to curtailment in the lum bering industry and cessation of railroad and highway work with the coming of winter. Reports place the number of unemployed in the State of Washington at approximately 20,000, while in the city of Portland it is said that 10,000 laborers are out of employment, approximately onefourth of whom are voluntarily unemployed. No strikes are in progress in this district, nor are any reported contemplated. Business Failures. November business failures in this district had total liabilities of $2,777,457 which are 35.4 per cent less than the October figures. The number of failures, however, 118, was eight less than last month, so that the average failure was considerably smaller in November than in October. Arizona and Utah reported no failures. Following are R. G. Dun and Company’s comparative figures by states of this district: NOVEM BER N o. A r i z o n a .................. . 0 C a l if o r n ia . 47 . .. I d a h o ......................... 18 N evada ..................... O regon ..................... 0 11 U ta h OCTOBER L ia b ilitie s N o. 0 $ 5 SEPTEM BER N o. L ia b ilitie s $ 5 7 ,4 0 0 3 L ia b ilitie s $ 1 ,5 0 0 6 6 8 ,0 6 1 67 1 ,8 8 6 ,5 8 5 45 4 0 1 ,0 3 2 3 9 7 ,6 8 1 2 0 22 1 ,5 0 0 ,5 0 0 10 2 11 11 1 6 3 ,9 2 9 2 9 0 ,2 6 1 0 9 2 ,8 0 6 0 4 0 7 ,2 2 3 8 ,6 0 2 8 7 ,2 5 8 7 7 6 ,8 4 6 7 2 6 ,0 8 9 35 1 ,5 4 2 ,0 6 3 23 4 2 1 ,2 5 9 19 2 9 1 ,9 7 8 D i s t r i c t . .1 1 8 $ 2 ,7 7 7 ,4 5 7 126 $ 4 ,2 9 9 ,0 5 6 101 $ 1 ,2 4 4 ,5 6 0 ......................... W a s h in g t o n .. . Building Activity. The value of building permits issued in the twenty principal cities of the district during November was 8.7 per cent less than the value of those granted during October, and 1.6 per cent greater than those reported in November, 1919. How much of the decrease during November, 1920, as compared with October is seasonal can not be ascer tained by reference to last year’s figures, which show an increase during November, 1919, as compared with October of last year. [17] Following are comparative figures for the district as a whole and for those cities in which the value of November, 1920, permits exceeded $500,000: B U IL D IN G P E R M IT S (20 cities) % Increase or Decrease (— ) in V alue October, 1920 D uring *V alu e M onth N o. Novem ber, 1920 N o. *V alu e Los Sa n S a n % Increase or Decrease (— ) in Value During Novem ber, 1919 * Value Y e ar N o. A n g e l e s ................. 2 , 6 4 0 6 ,2 6 8 3 ,2 1 0 6 ,4 3 2 — 2 .5 1 ,5 3 6 5 ,2 3 3 F r a n c is c o . . . . 384 1 ,4 7 0 418 1 ,3 9 9 5 .0 426 1 ,1 9 2 1 9 .7 2 3 .3 D i e g o ......................... 278 919 335 390 1 3 5 .8 162 127 6 2 3 .6 324 828 455 1 ,0 9 7 -- 2 4 . 5 450 871 — 4 .9 P o rtland ........................ 751 590 927 695 -- 1 5 . 1 711 751 — 2 1 .4 O a k la n d ......................... 400 L ong B e a c h .................. D is t r ic t . . . 6 ,9 4 6 f T otal * (0 0 0 ) 564 463 521 8 .3 331 595 — 5 .2 1 3 ,1 0 9 8 ,4 6 0 1 4 ,3 6 8 — 8 .7 5 ,7 3 4 1 2 ,9 0 0 1.6 c e n t, in c re a se o m itte d . fP e rc e n ta g e 21.1 p e r c e n t . d e c re a se in num ber over la s t m o n th 17.8 per and over N o v e m b e r, 191 Bank Clearings and Debits to Individual Accounts. November bank clear ings of the twenty principal cities of the district declined 6.2 per cent as compared with October, which is approximately the same percentage of decline as was registered last year at this season. In amount, the clearings of November, 1920, are 5.4 per cent greater than those of November, 1919. November debits to individual account, as reported by 113 banks in twenty principal cities of the district, amounted to $2,241,372,000, which is 2.4 per cent less than the $2,295,240,000 reported in October last, and 4.8 per cent greater than the November, 1919, figures of $2,138,928,000. Following are comparative figures of clearings in Federal Reserve Bank and branch cities, and comparative totals for the twenty cities reporting : BAN K C L E A R IN G S Novem ber. 1920 Sa n F r a n c i s c o ............................ Los $ 6 7 1 ,9 0 0 ,0 0 0 O ctober, 1920 N ovem ber, 1919 $ 7 0 8 ,3 0 0 ,0 0 0 $ 6 7 8 ,1 1 6 ,0 0 0 2 3 9 ,4 4 2 ,0 0 0 A n g e l e s ................................... 3 5 1 ,7 3 5 ,0 0 0 3 5 8 ,5 1 1 ,0 0 0 P o r t l a n d .......................................... 1 5 2 ,4 7 6 ,0 0 0 1 8 0 ,8 3 8 ,0 0 0 1 5 1 ,7 0 1 ,0 0 0 ............................................. 1 5 0 ,3 7 4 ,0 0 0 1 7 1 ,6 2 0 ,0 0 0 1 7 3 ,4 1 2 ,0 0 0 C i t y ....................... 8 1 ,2 9 5 ,0 0 0 7 5 ,1 3 8 ,0 0 0 8 6 ,4 9 7 ,0 0 0 S p o k a n e ............................................ 5 3 ,5 5 6 ,0 0 0 6 2 ,6 5 3 ,0 0 0 5 7 ,6 3 9 ,0 0 0 S eattle S alt L a k e T otal .......................................$ 1 , 4 6 1 , 3 3 6 , 0 0 0 T otal D is t r ic t » . . . . $ 1 ,7 1 6 ,9 0 6 ,0 0 0 *23 cities reporting. [18] $ 1 ,5 5 7 ,0 6 0 ,0 0 0 $ 1 ,8 2 5 ,6 9 1 ,0 0 0 $ 1 ,3 8 6 ,8 0 7 ,0 0 0 $ 1 ,6 2 4 ,6 9 9 ,0 0 0 Interest and D iscount Rates. The rate of discount in Spokane on cus tomers’ prime commercial paper decreased % per cent during the month to 7 per cent, the prevailing rate in the largest cities of the Northwest. Los Angeles rates for purchases of commercial paper in the open market and for internal loans each decreased 1 per cent. The customary rates charged in Federal Reserve and branch bank cities for the thirty-day periods ending December 15 and November 15 respectively are tabu lated below in comparative form : Prime Commercial Paper Open Market Customers Nov. Nov. Dec. Dec. 8 S a n F r a n c i s c o .. . 61/2 8 6 V2 Los ................ 7 ............ 7 7 7 7 Sa l t L a k e C i t y . . 8 8 Sp o k a n e 7^2 A ngeles. Sea ttle P ortland . ............... 7 7 Interbank Loans Dec. Nov. C o lla te ra l Loans Dec. Nov. 6% 6 V2 S e c u re d b y L. L. B onds o r U .S . C e r tif ic a te s of Indebtedness Dec. Nov. 6 ¥2: 6y2 6% 6% 7 8 6 7 7 7 7 8 8 7 8 8 8 7 8 8 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 None 7 7 7 7 None 8 8 Federal Reserve Bank. During the five weeks ending December 10th, the Federal Reserve note circulation of the bank increasd by $12,685,000 and now, at $266,811,000, stands at the highest point of the year. During the same period bills discounted for member banks increased by $11,394,000 and the total amount of such accommodation, now $176,872,000, equals the high level for the year previously reached on November 8th. Other earning assets fell off approximately $7,000,000. Total cash re serves increased by $7,786,000 and are now 47.3 per cent of net deposit and note liabilities, as against 45 per cent on November 5th. I 19 I COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO RESO U RCES: D ec. 10, 1920 G o ld and G o ld G o ld S e ttle m e n t F u n d — F . R . B o a r d . . . . G o ld w ith G o ld w it h G o ld H e ld 4 2 ,6 2 4 ,0 0 0 5 9 ,6 8 6 ,0 0 0 1 3 ,2 6 1 ,0 0 0 D ec. 12, 1919 $ 3 ,5 7 5 ,0 0 0 $ 6 5 ,6 3 5 ,0 0 0 1 2 ,6 5 4 ,0 0 0 4 6 ,8 5 3 ,0 0 0 4 8 ,7 9 9 ,0 0 0 3 ,1 1 6 ,0 0 0 B a n k ................... $ by N ov. 5, 1920 $ 6 ,4 8 2 ,0 0 0 $ 6 5 ,9 8 9 ,0 0 0 1 0 8 ,6 8 5 ,0 0 0 F e d e r a l R e s e r v e A g e n t ................ 1 0 2 ,6 3 2 ,0 0 0 9 1 ,2 8 3 ,0 0 0 F u n d .......................................... 1 2 ,7 4 4 ,0 0 0 1 0 ,4 2 1 ,0 0 0 9 ,8 5 3 ,0 0 0 T o t a l G o l d R e s e r v e s ....................................$ 1 7 5 , 0 6 2 , 0 0 0 $ 1 6 7 ,3 3 9 ,0 0 0 $ 1 8 4 ,5 2 7 ,0 0 0 R e d e m p tio n Legal 1 3 ,9 4 6 ,0 0 0 F o r e i g n A g e n c i e s ................................ T o ta l G o ld C e r t i f i c a t e s ....................................$ 4 3 6 ,0 0 0 3 9 1 ,0 0 0 2 3 6 ,0 0 0 R e s e r v e s ................................................... $ 1 7 5 , 4 9 8 , 0 0 0 $ 1 6 7 ,7 3 0 ,0 0 0 $ 1 8 4 ,7 6 3 ,0 0 0 Tender T o ta l N o te s, S ilv e r , e t c ...................... B ills D is c o u n t e d : O b lig a tio n s . . . 5 9 ,4 5 6 ,0 0 0 5 4 ,6 8 1 ,0 0 0 5 5 ,0 0 0 ,0 0 0 O t h e r ................................................................................ 1 1 7 ,4 1 6 ,0 0 0 1 1 0 ,8 0 7 ,0 0 0 2 9 ,2 4 6 ,0 0 0 M a r k e t ............................. 5 3 ,1 8 5 ,0 0 0 5 8 ,9 1 5 ,0 0 0 8 7 ,2 2 1 ,0 0 0 H a n d ....................................$ 2 3 0 , 0 5 7 , 0 0 0 $ 2 2 4 ,4 0 3 ,0 0 0 $ 1 7 1 ,4 6 7 ,0 0 0 2 ,6 3 2 ,0 0 0 2 ,6 3 2 ,0 0 0 Secured A ll B ills by G o v t. W a r B o u g h t in O pen T o ta l B ills on U . S . G o v e r n m e n t B o n d s .......................................... U. S. V ic to r y N o t e s ....................................................... U . S . C e r t i f i c a t e s o f I n d e b t e d n e s s ................ A ll O th e r E a r n in g 0 1 1 ,3 0 1 ,0 0 0 1 0 ,8 3 9 ,0 0 0 0 0 $ 1 8 4 ,9 3 8 ,0 0 0 2 3 1 ,0 0 0 2 3 1 ,0 0 0 4 0 0 ,0 0 0 4 3 ,4 9 5 ,0 0 0 4 3 ,4 7 9 ,0 0 0 4 4 ,0 7 7 ,0 0 0 6 6 5 ,0 0 0 6 6 5 ,0 0 0 6 5 5 ,0 0 0 R e s o u r c e s ....................................................... ................5 6 6 , 0 0 0 4 3 2 ,0 0 0 9 0 0 ,0 0 0 $ 4 5 0 ,8 7 3 ,0 0 0 $ 4 1 5 ,7 3 3 ,0 0 0 $ $ A s s e t s ................................ $ 2 4 3 , 9 9 0 , 0 0 0 P r e m i s e s ...................................................................... R e d e m p tio n Fund A g a in st F. R. B a n k N o t e s ....................................................................... A ll O th e r 1 1 ,3 0 1 ,0 0 0 A s s e t s ....................................... ................. 0 ________ E a r n in g U n c o lle c te d Ite m s and O th e r D educ t i o n s f r o m G r o s s D e p o s i t s ............................. 5% 0 0 $ 2 3 8 ,3 3 6 ,0 0 0 T o ta l B ank 2 ,6 3 2 ,0 0 0 T otal R e s o u r c e s ............................................ $ 4 6 4 , 4 4 5 , 0 0 0 L IA B IL IT IE S : C a p ita l P a id S u r p lu s G overn m en t Due to i n .................................................................... $ ....................................................................................... 4 ,5 7 8 ,0 0 0 3 ,0 4 3 ,0 0 0 8 ,9 5 2 ,0 0 0 A c c o u n t .. . . 1 2 0 ,3 1 6 ,0 0 0 1 2 1 ,1 9 4 ,0 0 0 1 0 8 ,5 6 8 ,0 0 0 I t e m s ................................. 3 5 ,4 0 5 ,0 0 0 3 4 ,9 8 3 ,0 0 0 2 9 ,6 8 9 ,0 0 0 O th e r D e p o s its , In c lu d in g F o r e i g n G o v e r n m e n t C r e d i t s .............................................. T o ta l G ross 5 ,4 7 8 ,0 0 0 2 ,7 5 9 ,0 0 0 D e p o s i t s ................................................... A v a ila b ility 6 ,8 5 9 ,0 0 0 1 1 ,6 6 2 ,0 0 0 M em bers— R eserve D e fe r r e d 6 ,9 0 4 ,0 0 0 1 1 ,6 6 2 ,0 0 0 3 ,4 7 6 ,0 0 0 D e p o s i t s ................................ $ 1 6 1 , 9 5 6 , 0 0 0 2 ,6 6 5 ,0 0 0 5 ,4 6 6 ,0 0 0 $ 1 6 1 ,8 8 5 ,0 0 0 $ 1 5 2 ,6 7 5 ,0 0 0 2 6 6 ,8 1 1 ,0 0 0 2 5 4 ,1 2 6 ,0 0 0 2 3 7 ,5 0 7 ,0 0 0 R . B a n k N o te s in C ir c u la tio n — N e t L i a b i l i t y ................................................................................ 1 0 ,2 9 0 ,0 0 0 1 0 ,6 2 7 ,0 0 0 1 1 ,5 8 6 ,0 0 0 A l l O t h e r L i a b i l i t i e s ....................................................... 6 ,8 2 2 ,0 0 0 5 ,7 1 4 ,0 0 0 3 ,9 0 9 ,0 0 0 $ 4 5 0 ,8 7 3 ,0 0 0 $ 4 1 5 ,7 3 3 ,0 0 0 F . R . N o te s in F. T otal A c t u a l C i r c u l a t i o n ................ L i a b i l i t i e s .......................................... $ 4 6 4 , 4 4 5 , 0 0 0 M e m o : C o n tin g e n t L ia b ilit y o n B ills P u r c h a s e d f o r F o r e ig n C o r r e s p o n d e n t s .. . . [20] 7 3 6 ,0 0 0 7 3 6 ,0 0 0 0
@FedFRASER