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MONTHLY REVIEW
OF
B U S IN E S S C O N D I T I O N S
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. IX
San Francisco, California, February 20, 1925
No. 2
SU M M A R Y OF N A T IO N A L CONDITIONS
Further growth in production during Janu
ary carried the output of basic commodities to
the highest point reached since the spring of
1923. Employment at industrial establishments
increased slightly, but remained below the
level of a year ago. Prices of farm products
continued to advance, and there were smaller
increases in the wholesale prices of most of
the other groups of commodities.
Production. Production in basic industries,
after a rapid increase in recent months, ad
vanced 8 per cent in January and was 34 per
cent above the low point of last summer. The
most important factor in the increase in the
level of production since August has been
greater activity in the iron and steel industries,
but in January the output of lumber, minerals,
food products, and paper and the mill consump
tion of cotton also showed considerable in
creases. The woolen industry was somewhat
less active in January, and output of automo
biles, though larger than in December, was
considerably smaller than a year ago. Further
increases during the month in employment in
the metal, textiles, and leather industries were
largely offset by seasonal declines in the num
ber employed in the building materials and
food products industries. Building activity, as
measured by contracts awarded, though less in
January than during the closing months of
1924, was near the high level of a year ago.
Trade. Railroad shipments were in record
volume for this time of year, and loadings of
merchandise and miscellaneous products were
particularly heavy. Wholesale trade in Janu
ary, however, was slightly smaller than in De
cember. Sales of groceries, shoes, and hard
ware were in smaller volume, while sales of
dry goods and drugs increased. Department
store sales in most districts were somewhat
smaller than a year ago, but sales of mail
order houses were considerably larger.
Prices. Wholesale prices, as measured by the
index of the Bureau of Labor Statistics rose 2
PER CENT
P E R C£MT
P rodu ction in B a sic Industries — Index of 22 basic commodities corrected
for seasonal variation ( 1 9 1 9 = 1 0 0 ) .
Latest figure, January, 126.
W h olesale P rices — Index of U . S. Bureau of Labor Statistics (1 91 3 = 100,
base adopted by Bureau).
Latest figure, January, 160.
T h o s e d e s irin g : t h is r e v ie w s e n t t h e m r e g u l a r l y w i l l r e c e iv e it w i t h o u t c h a r g e u p o n a p p lic a t io n .
10
M ON TH LY REVIEW OF BUSINESS CONDITIONS
F e b ru a ry , 1925
per cent during January to the highest level in
four years. The increase of 10 per cent in the
index since last January represents an ad
vance of 19 per cent in prices of agricultural
commodities and 3 per cent in other commodi
ties. In the first half of February prices of
grains, wool, coal, and lead declined, while
petroleum and gasolene prices advanced
clined slightly from the high level reached in
the middle of January. Net demand deposits,
owing largely to decreases at New York City
banks, declined sharply from the high point
reached in the middle of January. At the
Federal reserve banks the seasonal liquidation
resulting from the return flow of currency
from circulation came to a close by January
billions of dollars
BILLIONS OF DOLLARS
W
y
\
Earning Assets
Discounts!
-. L
)
V vvAjy
1t* AAH/Vj
V
1922
M em b er Bank C r e d it — W e e k ly figures for member banks in 101 leading:
cities.
Latest figure, February 11.
sharply, and cotton, silk, and rubber showed
smaller increases.
Bank Credit. Loans and investments of
member banks in leading cities, following the
rapid growth during the last half of 1924, de
clined by about $100,000,000 between the
middle of January and the middle of February.
This decrease represents a reduction in the
holdings of investments, chiefly at banks in
New York City, partly offset by an increase in
loans. Loans on stocks and bonds increased,
though less rapidly than in the latter part of
1924, while loans for commercial purposes de-
j'i
1
tan y
»
i
u.s.ssc>v
r
. and
K
Acceptances
r
Va
¡ ?
1323
1924
j {
1925
R eserv e B ank C re d it — W e e k ly figures for 12 Federal Reserve Banks,
Latest figure, February 18.
21st, and during the following four weeks there
was an increase in total earning assets. This
increase reflected largely the demand for gold
for export which led member banks to increase
their discounts at the reserve banks. Reserve
bank holdings of United States securities de
clined further, while acceptances showed rela
tively little change during the period. Money
rates, after remaining comparatively steady
during most of January, showed a firmer ten
dency during the early part of February, when
rates for prime commercial paper advanced to
3 per cent.
T W E L F T H FED ER AL RESERVE DISTRICT CO NDITIONS
Agricultural Activities
During the last half of January and the first
weeks of February, rains fell in nearly all sec
tions of the Twelfth District and seasonable
temperatures prevailed. The moderate weather
was favorable to growing crops and to the con
dition of range animals, which had suffered
somewhat during the unusually cold weather
of late December, 1924. Reseeding of those
areas where grain crops were killed during the
December cold spell, particularly in Eastern
Oregon, has been begun. Lambing is now pro
gressing in the early lambing sections of the
district with favorable results.
Between January 1, 1924, and January 1,
1925, according to the report of the United
States Department of Agriculture, there were
decreases in the number of domestic animals on
farms and ranges of this district, as follows:
beef cattle, 6.2 per cent; swine, 12.4 per cent;
and sheep, 0.6 per cent. Taking the United
States as a whole, the percentage of decrease in
the number of cattle and hogs was less than in
the Twelfth District, while the total number
of sheep increased 2.2 per cent. In the dairy
industry there was an increase in the number
of milk cows of 2.4 per cent in the district and
2.2 per cent in the United States. Total district
and United States figures of livestock on farms
F e b r u a r y , 1925
and ranges on the first day of January of the
past three years follow (000 omitted) :
(-----T w e lfth D istrict----- r ----------U n ited S ta te s -------- s
1925
M ilk C o w s .........
1,572
O th e r C a ttle . . . 4,365
S h e e p ..................... 12,059
S w in e ....................
1,629
January 1st,
1924
1923
1,535
1,467
4,652
4,712
12,130
11,938
1,859
1,778
January 1st,
1924
1923
24,786 24,437
41,720 42,803
38,300 37,223
66,130 68,227
1925
25,319
39,609
39,134
54,234
Trends of agricultural marketing activity, as
indicated by comparative figures of the move
ment to market of certain of the district’s im
portant crops, figures of market receipts of
livestock and of cold storage holdings of butter
and eggs, are shown in Table “A .”
Industrial Activity
There was little change in the industrial
situation during January as compared with De
cember, the winter season in a district where
seasonal factors restrict control of activity in
some of the principal industries being normally
a period of industrial stability at the lowest
levels of the year. The volume of employment
continued at levels slightly below those of a
year ago. No acute problems of winter unem
ployment have been reported.
Lum ber production in this district increased
greatly in volume duriijg January, the extent
of the gain reflecting largely the unusually low
level of operations during the preceding month
when weather conditions were particularly un
favorable for producers. Output figures were
0.8 per cent smaller in January, 1925, than in
January, 1924, however, and reports for the first
weeks of February indicate a tendency on the
part of producers to curtail production further.
Shipments during January were larger in
volume than either production or orders, with
the result that figures of mill stocks and un
filled orders declined. Figures follow (000
omitted) :
L U M B E R A C T IV IT Y *
Jan., 1925 D e c ., 1924 Jan., 1924
D e c ., 1923
(board feet)
(board feet)
P r o d u c t io n ..........................
S h ip m e n ts ............................
O rd e rs ....................... ...........
U n fille d O rd e rs ...............
N o . o f M ills R e p o r t in g .
800
(board feet)
523,932
580,797
536,869
501,049
182
(board feet)
447,072
508,951
578,991
522,314
180
528,175
575,934
629,300
596,008
197
491,780
467,229
512,238
497,183
193
* A s r e p o r te d b y 4 a s s o c ia tio n s .
Preliminary reports from mines operating in
this district show little change in production
of copper during January, 1925, as compared
with December, 1924. Output of gold and
silver appears to have been smaller than in the
preceding month. Figures of national produc
tion of non-ferrous metals, which are important
products of this district, follow :
N A T I O N A L P R O D U C T I O N O F N O N -F E R R O U S M E T A L S
C o p p e r ( lb s .) (m in e p r o
d u c t io n ) ................................
S ilv e r ( o z .) (c o m m e r c ia l
b a rs .........................................
Z in c (t o n s ) ( s l a b ) ...............
MILLIONS OF BOARD FEET
Jan., 1925
D e c ., 1924
Jan., 1924
144,544,000
136,244,000
132,817,000
5,374,000
50,386
5,794,245
47,711
5,220,751
49,709
F ig u r e s f o r le a d are n o t ava ila b le .
600
1
I
\
7
V
1
f
IfJ
y
'« A
400
0
11
FEDERAL RESERVE AGENT AT SAN FRANCISCO
PRODUCTION —
SHIPMENTS — — —
OR DEk o * 1
Ll u l i i 11 11 i i m
1922
.
______
u m
i^TTTÎi i i i i i « i i i i iTm i i * i i t i i i <
1923
1Q 2A
1925
Lu m ber Produ ction , O rd ers R eceiv ed , and Shipm ents in T w elfth
Federal R eserve D istrict as R ep orted b y F ou r L u m ber
A ssocia tion s, 1922*1925
During January, 1925, average daily produc
tion of petroleum in California decreased 0.2
per cent and, at 604,622 barrels, was 10.4 per
cent lower than in January, 1924, and 29.6 per
cent lower than in September, 1923, the month
of peak production in that state. A seasonal
decline in consumption greater than the de
crease in production resulted in stored stocks
reaching a new high point of 100,121,316 bar
rels on January 31st, an increase of 2 per cent
during the month.
(A ) Agricultural Marketing Activity—
t-------E x ports------->----- — C a rlot Shipm ents —>
W heat*
Barley* A p p le s*
Portland and
San
12th
Oranges§ L em on siPuget Sound F ra n cis co D ist.
C a lif.
C a lif.
M on th ly
(1000 bu.)
J a n u a ry ,
1925 ..............................................
322
D e c e m b e r , 1924 ..............................................
1,993
J a n u a ry ,
F iv e -Y e a r A v e r a g e ............
1,995
(lOOObu.)
(cars)
(cars)
(cars)
82
61
583
2,063
3,282
4,129
3,403
3,206
3,274
724
598
650
f------------------------- C r o p Y e a r --------------------------15,929
6,775
33,735
10,769
1,965
(2 2 .8 )
(3 6 .4 )
(7 3 .3 )
T o J a n u a ry 31, 1 9 2 4 ..................................... 21,974
7,744
49,289
10,521
1,673
(1 5 .4 )
(1 6 .7 )
(7 5 .0 )
F iv e -Y e a r A v e r a g e t o J a n u a ry 3 1 . . . . 17,823
8,937
39,296
9,359
1,478
( 1 8 .2 )
(2 0 .8 )
(8 0 .7 )
C um ulative
T o J a n u a ry 31, 1 9 2 5 ....................................
F ig u r e s in p a re n th e s e s in d ica te p e r c e n ta g e o f n e w c r o p o n ly .
* S e a so n b e g in s J u ly 1st. § S e a s o n b e g in s N o v e m b e r 1st. * * A t en d o f m o n th .
L iv e s to c k R eceip ts
Cold Storage Holdings*’
at Eight M ark ets in 12th D istrict
12th D istrict
C attle
Butter Eggs
and
(1000
(1000
C a lves
H ogs
Sheep
lb s.)
cases)
126,301
3 16,990
179,656
1,244
0.6
115,967
295,810
189,294
1,589
11.7
105,125
233,250
192,375
843
2.5
------------- C a len d ar Y e a r -------------->
126,301
316,990
179,656
120,324
293 ,874
171,763
105,125
233,250
192,375
12
F e b r u a r y , 1925
M O N TH LY REVIEW OF BUSINESS CONDITIONS
Current and comparative figures of the petro
leum industry in California follow:
PETROLEUM
In dicated
A v e ra ge
A v e ra ge
D aily
D aily
C on su m p tion
P rodu ction (Shipm ents)
(barrels)
J a n .,
D e c .,
S e p t.,
1 9 2 5 . . . 604,622
1 9 2 4 .. . 606,294
1 9 2 3 * .. 858 ,750
J a n .,
1 9 2 4 ..'.
Stored
S to ck s at
E nd o f
M on th
N e w W ells
D aily
P ro d u c
tion
N u m ber
O pen ed
(barrels)
(barrels)
(barrels)
530,688
572,269
$
100,121,316
97,829,374
t
674,597
compared with January, 1924, there were in
creases in 13 of the 20 cities over the year
period. Particularly large gains were reported
for Fresno and San Diego, California; Ogden,
Utah; Phoenix, Arizona; Portland, Oregon;
Reno, Nevada; and Spokane, Washington. Dis
trict comparisons follow:
21,286
46,800
139,960
56,239
62
72
Î
93
9 3 ,8 0 4 ,3 0 1 t
120
* P e a k o f p r o d u c t io n ,
t A u g u s t , 1924, s to c k s ,
j C o m p a ra b le fig u re s n o t a v a ila b le .
B U I L D I N G P E R M I T S I N 20 C I T I E S
N u m b e r o f B u ild in g P e rm its I s s u e d . . . .
Percentage increase or
d ecrea se ( — )
Jan., 1925, com pared
w ith
Jan.,
D e c.,
1924
1924
- 7 .0
21.2
-5 .3
V a lu e o f B u ild in g P e rm its I s s u e d ...............
Decreasing activity was reported during
January by 16 large flour milling companies of
the district regularly reporting to this bank.
Flour output declined by 7.9 per cent during
the month and millers purchased but little
wheat, total stocks of the reporting companies
showing a net decline of 6.7 per cent during
January. Millers’ stocks of flour were 1.3 per
cent greater on February 1 than on January 1,
1925. Figures of production and stocks of
wheat for January were smaller, while those
for stocks of flour were larger than five-year
average figures for that month. Comparative
figures follow:
F L O U R M IL L IN G *
Jan., 1925
489 ,357
O u tp u t ( b b l s .)
S to ck s* *
F lo u r ( b b l s . ) . . .
556,007
W h e a t ( b u . ) ------ 2,731,217
D e c ., 1924
530,949
548 ,550
2,927,762
Jan., 1924
679,463
530,845
3,159,731
* A s re p o r te d b y 16 co m p a n ie s .
* * A s o f th e first d a y o f th e f o ll o w i n g m o n th .
1924.
F iv e -Y e a r
A v e ra g e f
Jan.
55 1 ,7 1 8 t
505,355$
3,481,487J
1 1921-1925.
i 1920-
Domestic flour markets were relatively active
during January, while foreign demand was
sluggish.
Although a total of building permit figures
for 20 reporting cities shows a decrease both
in number and value during January, 1925,
(B) Building Permits—
B e r k e l e y .................
B o is e .......................
F r e s n o ....................
L o n g B e a ch
L o s A n g e le s . . . . . .
O a k la n d .................
O g d e n .......................
P a sa d e n a ...............
P h o e n ix .................
P o r t la n d ................ . .
R e n o .......................
S a c r a m e n to ..........
S alt L a k e C it y . . .
S an D ie g o ............
S an F r a n c is c o . .
S an J o s e ...............
S ea ttle ...................
S p o k a n e .................
S tock ton
...............
T a c o m a ...................
D i s t r i c t ............... . .
January, 1925
V a lu e
N o.
284
$
810,251
14,381
29
103
758,008
1,240,010
406
11,171,162
3,908
2,850,970
1,214
11
51,600
257
878,465
115
341,158
1,090
2,942,410
21
97,740
592,479
238
42
128,200
752
1,868,228
875
3,403,623
116
219,325
2,715,790
859
99,065
84
101
273,690
1,007,650
10,797
$31 ,464,205
January, 1924
N o.
V a lu e
237
$
686,790
27
9,033
135
216,919
476
3,198,048
5,400
13,158,526
983
2,019,166
9
21,300
349
924,462
78
120,878
964
1,778,275
12
12,835
287
653,256
44
102,193
485
738,431
773
3,178,413
93
444,125
777
3,341,435
74
55,245
109
219,455
308
2,350,628
11,620
$33,229,413
—
0.04
The United States Bureau of Labor Statis
tics’ index of building materials prices stood at
179 in January, 1925, compared with 175 in De
cember, 1924, and 181 in January, 1924. Build
ing costs (including labor and materials) are
about 0.5 per cent less than a year ago, accord
ing to the Aberthaw index of the total cost of
constructing a reinforced concrete factory
building.
Changes in consumption and distribution of
electric energy in the Twelfth Federal Reserve
District during December, 1924, as compared
with November, 1924, and December, 1923, are
shown in the accompanying tables, compiled
from the reports of 20 companies operating in
the several states of the district. Total indus
trial consumption of electric energy was greater
in December, 1924, than in December, 1923, but
slightly smaller in volume than in November,
1924. Available figures segregated by indus
tries indicate that manufacturing consumers
purchased more, and the agricultural and min
ing industries of the district less power in De
cember, 1924, than in December, 1923. Figures
follow:
E L E C T R IC E N E R G Y *
P ercentage In crease or D e cre a se (— ) in V o lu m e o f Sales
D e ce m b e r, 1924, com pared w ith D e ce m b e r, 1923f
T ota l
A g r ic u l
M a n u Industrial
ture
M in in g
facturing
Sales
— 17.7
— 3.7
— 0.5
— 8.1
( — 4 8 .9 )
(
—
5 .0 )
( 5 .4 )
( — 2 .1 )
51.5
P a c ific N o r t h w e s t ..........
28.0
33.0
0.2
(3 .2 )
( — 6 .3 )
(2 .4 )
( 1 .5 )
I n te r m o u n ta in S ta te s .,
281.8
— 33.6
43.7
5.4
(_ 4 4 .6 )
( 7 .0 )
(1 7 .1 )
( — 0 .8 )
T w e lft h D i s t r i c t ............ . — 13.8
— 3.8
11.5
5.9
( — 4 8 .6 )
(4 .8 )
(0 .3 )
( — 3 .1 )
fF i g u r e s in p a re n th e s e s in d ic a te p e r c e n t a g e in c re a s e o r d e c r e a s e
( — ) D e c e m b e r , 1924, c o m p a r e d w ith N o v e m b e r , 1924.
N u m ber and D istrib u tion o f Industrial C on su m ers and A ctu a l
V o lu m e o f Sales
N um ber o f
Industrial C on su m ers
D e c .,
D e c .,
1924
1923
C a l i f o r n i a ....................
85,295
75,224
P a c ific N o rth w e s t . .
14,330
12,631
I n te r m o u n ta in S ta tes
5,212
5,109
Industrial Sales K. W . H .
D e c.,
D e c.,
1924
1923
234 ,844 ,71 2 217 ,226 ,18 0
76,516,602
76,358,120
57,731,361
54,758,007
T w e lfth D is t r ic t . . .
369 ,092,675
104,837
* A s r e p o r te d b y 20 co m p a n ie s .
92,964
348 ,342 ,30 7
February, 1925
13
FEDERAL RESERVE AGENT A T SAN FRANCISCO
General Business and Trade
In this district, the total volume of business
transacted during January exceeded that of
December, although a decline in general busi
ness activity has been usual at this season dur
ing past years.
In 21 principal clearing house centers, the
volume of payments b y check (bank debits),
the best single available measure of business
activity in this district, rose 3.4 per cent during
January, 1925, as compared with December,
1924. The total during January, 1925, was 5.0
per cent greater than in January, 1924, a gain
approximately equal to the estimated normal
annual increase. The estimated volume of bank
debits in these cities during January is nor
mally 7.5 per cent less than in December.
BILLIONS OF DOLLARS
sonal amount during January, and was 1.8 per
cent smaller than in January, 1924. Stocks of
reporting stores on January 31, 1925, were 0.3
per cent larger than on January 31, 1924, and
the indicated annual rate of stock turnover for
the month was 2.87 compared with 2.93 in
January, 1924. Comparisons follow:
R E T A IL T R A D E
N o.
of
Stores
6
L o s A n g e le s .......... . .
.. 5
S a lt L a k e C i t y . . . . , 4
..
10
S an F r a n c is c o
. ,
5
. .
5
In value o f sales
Jan., 1925,
com pared with
Jan.,
D e c.,
1924
1924
— 4.4
— 39.4
2.4
— 51.1
6.0
— 48.4
— 0.3
— 46.9
— 54.7
2.7
— 6.2
— 53.0
T w e lft h D is t r ic t * . . .
— 1.8
36
— 45.7
In value o f stocks
Jan., 1925,
com pared with
D e c .,
Jan.,
1924
1924
2.3
— 2.7
— 1.5
9.5
— 5.4
1.7
— 5.3
1.9
— 10.5
— 0.8
— 5.1
1.3
0.3
—
2.8
^ F ig u r e s f o r o n e s to r e in c lu d e d in d is t r ic t fig u re s n o t in c lu d e d
in fig u re s f o r c itie s s h o w n a b o v e .
INDEX NUMBERS
B ank D e b its in 21 Principal C itie s, T w elfth F ed eral R eserve
D istrict. 1922-1925
Irregularity continued in wholesale trade in
this district during January, 1925. Of the eleven
lines of trade reporting, seven showed de
creases and four increases in value of sales
compared with a year ago. Decreases in Janu
ary, 1925, compared with January, 1924, were
less than in December, 1924, compared with
December, 1923. Comparisons follow:
D epartm ent Store Sales — T w elfth D istrict
Index of 32 Stores in 7 cities ( 1 9 1 9 = 1 0 0 ) . Latest figures, January, with
correction, 1 4 6 .9 ; without correction, 129.3
(C) Bank Debits
..............
..............
..............
W H OLESALE TRAD E
A g r ic u ltu r a l I m p le m e n t s .
A u t o m o b ile S u p p lie s ----A u t o m o b ile T ir e s .............
D r u g s .......................................
D r y G o o d s ...........................
E le c tr ic a l S u p p l i e s ..........
F u rn itu r e ...............................
G ro c e r ie s ................................
H a r d w a re .............................
S h o e s .......................................
S ta tio n e r y ............................
N o. of
F irm s
21
17
20
6
15
7
17
24
20
12
26
Percentage increase or decrease (— )
------------- in V a lu e of Sales----------- \
Jan., 1925 Jan., 1925 D e c ., 1924
com pared com pared com pared
w ith
with
w ith
Jan., 1924 D e c ., 1924 D e c ., 1923
7.1
21.7
— 13.8
— 9.0
— 4.2
— 12.2
31.0
22.5
— 0.6
10.8
8.2
20.5
— 13.3
10.9
— 6.5
4.0
— 3.3
6.8
— 8.0
— 6.3
— 23.4
— 2.2
8.8
8.8
— 5.7
— 0.7
— 6.4
— 15.5
13.3
— 18.8
— 3.2
— 9.7
0.6
The volume of trade at retail, as indicated by
the value of sales of 36 reporting department
stores, declined by more than the usual sea
L o n g B e a c h ........................
L o s A n g e l e s ....................... ..............
...............
..............
.............
..............
...............
.............
S a c r a m e n to .......................................
S alt L a k e C i t y ................... ...............
S a n D ie g o ........................ ..
S an F r a n c is c o ................. ..............
..............
..............
.............
..............
...............
January, 1925
$
20,759
13,906
31,322
818,585
146,962
28,268
38,377
27,663
153,573
8,055
44,889
74,568
919,228
27,890
196,406
53,996
27,921
44,713
January, 1924
$
20,090
11,710
35,428
67,169
798,822
135,931
29,640
40,819
22,590
157,854
10,125
61,947
68,906
54,670
813 ,964
24,876
179,617
47,549
26,994
39,795
10,008
$2,658,504
*000 omitted.
14
M ON TH LY REVIEW OF BUSINESS CONDITIONS
The chart on page 13 shows index num
bers of sales of 32 department stores by months
from January, 1922, to date. The light line
represents actual sales as reported. The heavy
line represents these sales after allowance has
been made for normal seasonal fluctuations.
The monthly average of 1919 has been taken
as 100 in both cases. Total value of sales of
the 32 department stores, comparable figures
of which are available since January, 1919,
amounts to approximately 83 per cent of the
total value of sales reported to this bank by 61
retail firms.
Registrations (sales) of new automobiles in
the states of this district were approximately
18 per cent less in 1924 than in 1923. The larg
est declines were in California and Washing
ton. Figures follow:
R E G IS T R A T IO N S O F N E W A U T O M O B IL E S
Passenger C om m ercia l
1924
1923
1924
1923
A r iz o n a ............................................
9,744
9,871
1,044
873
C a lifo rn ia ........................................ 172,852 224,253
15,851
23,955
I d a h o ..................................................
10,248
8,873
1,063
667
O r e g o n ...............................................
33,064
33,835
2,602
1,795
U ta h ...................................................
11,537
10,840
1,002
1,018
W a s h in g t o n ....................................
3 5 ,1 9 3 f 4 2 ,9 7 6 f
**
4,618
T o t al (5 s t a t e s ) * .....................
237,445
287,572
^ W a s h in g t o n n o t in c lu d e d .
t i l m o n th s e n d in g N o v e m b e r 30th.
21,562
28,308
* * N o t ava ila b le .
On January 31, 1925, savings deposits in 71
banks in seven cities of the district were larger
by 9.1 per cent and 0.2 per cent, respectively,
than on January 31 and December 31, 1924.
Figures follow:
S A V IN G S A C C O U N T S
N u m ber
of
Jan.,
Banks
1925*
L o s A n g e le s . . 13 $ 343,777 $
O a k la n d ...........
7
92,352
P o r t la n d ..........
9
53,269
S a lt L a k e C ity
8
29,493
S a n F r a n c i s c o . 14
436 ,366
S e a ttle .............. 14
71,944
6
19,685
S p o k a n e ............
T ota l
............
D e c ..
1924*
342,356
92,849
53,809
29,285
435,202
71,858
19,220
P er C e n t increase
or decrease( —)
Jan., 1925,
com pared with
Jan.,
Jan.,
D e c .,
1924*
1924
1924
$311,882
10.2
0.4
87,469
5.5 — 0.5
50,086
6.3 — 1.0
27,276
8.1
0.7
400,185
9.0
0.2
64,813
11.0
0.1
17,098
15.1
2.4
71 $1,046,886 $1,044,579 $958,809
*000 om itte d .
9.1
0.2
F e b r u a r y , 1925
Percentage increases or decreases (— ) in
the number and liabilities of business failures
in the Twelfth Federal Reserve District, as re
ported by R. G. Dun and Company, follow:
Jan., 1925, com pared with
Jan., 1924
D e c ., 1924
N u m b e r o f B u s in e s s F a ilu r e s .........................
45.7
37.0
L ia b ilitie s o f B u sin e ss F a ilu r e s ....................
24.1
16.1
Prices
The upward trend of general wholesale
prices in the United States, noted during the
last half of 1924, continued at a slower pace
during January, 1925, when prices for most
commodities were more nearly stable than in
previous recent months. The general level at
tained by the present movement continued
higher than last year.
The price level of farm products as a group
advanced during January, raising the relation
ship existing between it and the price level of
other commodity groups to a point slightly
higher than in December. Farm products are
now exchangeable for other commodities at ap
proximately the 1913 basis, a condition which
has not prevailed for four years past.
Prices of 30 selected commodities produced
in this district, as of the end of the month of
January, 1925, compared with January, 1924,
were higher for 19, lower for 9, and practically
unchanged for 2. The principal farm products
showing price increases during the period in
clude livestock (except beef cattle, prices of
which changed little), the grains and wheat
flour, wool, oranges, apples, and canned and
dried fruits. The majority of these 30 prod
ucts increased in price during January. During
the first weeks of February, Chicago quotations
for wheat declined, May delivery being quoted
at $1.84 per bushel on February 18th, an in
crease of 66.6 per cent over the price on Febru
ary 18, 1924, but a decline of 9.8 per cent from
the high point of $2.04 per bushel reached on
January 30, 1925. The peak price of 1920 was
$3.50 per bushel. Cotton sold for 29 per cent
(D) Commodity Prices—
100 lbs.
100 lbs.
100 lb s.
bu.
lb .
lb .
lb .
lb .
lb .
lb.
oz.
F e b . 6, 1925
O n e M o n th A g o
One Y ear A g o
160.0
88.0
$9.25
10.60
18.20
1 .8 5 -1 .9 4 2 4
157.0
85.0
$9.25
10.45
17.25
1 .7 5 ^ -1 .8 0 ^
151.0
84.0
$9.25
7.00
13.70
1 .1 1 5 4 - 1 .1 2 ^
23.75—24.550
.1 0 - .1 0 ^
.0954
102.040
14.710
10.170
68.450
31.68
2 3 .9 0 -2 4 .6 0 0
- —.1054
.0954
102.040
14.260
9.210
68.100
31.26
3 3 .1 3 -3 3 .6 3 0
10
* A s p u b lish e d b y the “ L u m b e r M a n u fa c t u r e r an d D e a le r .”
t R a t i o o f fa rm p r ic e s ( A u g u s t , 190 9-J u ly, 1 9 1 4 = 1 0 0 ) t o w h o le s a le p r ice s o f n o n -a g r ic u ltu r a l c o m m o d it ie s ( 1 9 1 0 - 1 9 1 4 = 1 0 0 ).
o
U nit
o
&
.1
C om m od ity
W h o le s a le P r ic e s ( U . S . B u re a u o f L a b o r ) 1 9 1 3 = 1 0 0 .......................................
P u r c h a sin g P o w e r o f F a rm P r o d u c t s (U . S. D e p a r tm e n t o f A g r i c u l t u r e ) !
C a ttle (N a t iv e B e e f ) . W e e k l y a v e r a g e p r ic e at C h ic a g o ....................................
H o g s ................................ W e e k ly a v e r a g e p r ic e at C h i c a g o .....................................
L a m b s ............................. W e e k ly a v e r a g e p r ic e at C h i c a g o .....................................
W h e a t ............................. C h ic a g o c o n t r a c t p r ic e f o r M a y w h e a t .......................
C o t t o n ............................. M id d lin g U p la n d s — W e e k ly r a n g e o f s p o t q u o t a
tio n s at N e w O r le a n s ........................................................
P ru n e s ........................... S iz e 4 0 /5 0 in 25 -lb . b o x e s , f. o . b . C a lifo r n ia .............
R a is in s ...........................L o o s e M u s c a te l in 2 5-lb. b o x e s , f. o . b . C a lifo rn ia .
W o o l ................................A v e r a g e o f 98 q u o ta tio n s at B o s t o n ..............................
C o p p e r ...........................E le c t r o ly t ic , m o n th ly a v e ra g e at N e w Y o r k .............
L e a d ................................ M o n t h ly a v e r a g e at N e w Y o r k ...........................................
S i l v e r ............................... M o n t h ly a v e r a g e at N e w Y o r k ..........................................
L u m b e r ( S o f t w o o d ) .. W e e k l y I n d e x , U . S . * .............................................................
.10
81.240
12.400
7.970
63.450
32.99
February, 1925
15
FEDERAL RESERVE AGENT AT SAN FRANCISCO
less and sugar for 30 per cent less, at the end
of January than a year ago. Slight price de
clines for both were recorded during the month.
On February 4, 1925, the price of crude oil
at California oil fields was advanced, a repre
sentative increase being that for crude oil of
35.0-35.9 degrees gravity which was advanced
45 cents to $1.85 per barrel. This is the first
such advance since February 5, 1924. Silver
prices advanced slightly during January, while
prices of copper, lead, and zinc declined. Aver
age quotations of these four metals during
January, 1925, were from 7.9 to 27.6 per cent
higher than in January, 1924. Lumber prices
at Pacific Northwestern producing centers
changed little during the past month.
Details of prices of the more important
selected commodities of the district, and repre
sentative index numbers of the general price
level are presented in Table “D .”
Total earning assets of the Federal Reserve
Bank of San Francisco declined by $1,000,000
during the five weeks ended February 18, 1925,
a decrease in the amount of government securi
ties held and bills bought in the open market
being more than sufficient to offset an in
crease of $10,000,000 in discounts and redis
counts. The latter increase in discounts and
rediscounts compares with an increase of
$1,000,000 occurring in the similar period a
year ago. Total reserves declined by $3,000,000
from January 14th to February 18th, and the
volume of Federal reserve notes in circulation
decreased from $204,000,000 to $194,000,000
during the five-week period.
Changes in significant items in the statement
of condition of the Federal Reserve Bank of
San Francisco during the month and year
ended February 18, 1925, are presented in the
following table (000,000 omitted) :
Banking and Credit Situation
C on
dition
F e b . 18,
1925
T o t a l E a rn in g A s s e t s . . . . $101
D is c o u n ts ................................
18
U n ite d S ta tes S e c u r itie s .
39
P u rc h a se d A c c e p t a n c e s .
44
T o t a l R e se rv e s ....................
272
T o t a l D e p o s its ....................
166
F e d e ra l R e s e r v e N o te
C ir c u la tio n ........................
194
On February 11, 1925, total loans and invest
ments and total deposits of reporting member
banks were at higher levels than ever before.f
MILLIONS OF DOLLARS
C h ange from
O n e M on th
A go*
— 7 (
6 .5 % )
+ 10 ( 1 2 5 .0 % )
— 10 ( 2 0 .4 % )
— 7 ( 1 3 .7 % )
— 3 (
1 .1 % )
— 2 ( 1 .2 % )
C h an ge from
O n e Y ear
A go*
+ 16 ( 1 8 .8 % )
— 28 ( 6 0 .9 % )
+ 24 ( 1 6 0 .0 % )
+ 20 ( 8 3 .3 % )
— 19 (
6 .5 % )
+ 8 (
5 .0 % )
— 10 (
— 12 (
4 .9 % )
5 .8 % )
* F ig u r e s in p a re n th e se s in d ica te p e r c e n ta g e ch a n g e s .
MILLIONS O f DOLLARS
R e se rv e Bank C r e d it — T w elfth D istrict
W e e k ly figures for Federal Reserve Bank of San Francisco.
figure, February 18.
Latest
On that date, borrowings from the Reserve
Bank were but $10,000,000.
Changes occurring in the principal items of
the combined statement of reporting member
banks in this district (representing approxi
mately 47 per cent of the district's banking re
sources) during the month and year ended
February 11, 1925, are presented in the follow
ing table (000,000 omitted) :
T o t a l L o a n s ......................
C o m m e r c ia l L o a n s . . . .
In v e s tm e n ts ......................
D e m a n d D e p o s i t s ..........
T o t a l D e p o s it s .................
B o r r o w in g s fr o m F e d e ra l
R e s e r v e B a n k ...............
C on
dition
F e b . 11,
1925
$1,072
847
441
805
1,515
10
C h ange from
O ne M on th
Ago*
+ 31 ( 3 .0 % )
+ 25 ( 3 .0 % )
+ 6 ( 1 .4 % )
+ 10 ( 1 .3 % )
+ 28 ( 1 .9 % )
0
C h ange from
O ne Y ear
Ago*
+ 59 ( 5 .8 % )
33
( 4 .1 % )
+
+ 97 ( 2 7 .0 % )
+ 30 ( 3 .9 % )
-r 148 ( 1 0 .8 % )
—
* F ig u r e s in pa ren th eses in d ica te p e r c e n ta g e ch a n ges.
14 (5 8 .3 % )
M e m b e r B ank C red it — T w elfth D istrict
W e e k ly figures for 70 member banks in leading cities.
February 11.
Latest figure,
Interest rates in this district increased
slightly during the month. The rate charged by
San Francisco banks on prime commercial
paper of 30-90 days maturity advanced from 5
per cent in mid-January to 5-5^ per cent in
mid-February. Interest rates at the latter
time were slightly lower than a year ago.
f A d d it io n s t o the lis t o f r e p o r t in g m e m b e r b a n k s d u r in g the
first w e e k s o f F e b ru a r y in te rfe r e to so m e e x te n t w ith all su ch
c o m p a r is o n s.
@FedFRASER