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M F 9Not to be releasedfor publication before the afternoon o f July 2 6 , 1 9 2 0 F E D E R A L O F R E S E R V E S A N B A N K F R A N C IS C O J O H N PE R RIN CHAIRMAN OF THE BOARD F e d e r a l R e s e r v e Ag e n t and G E N E R A L B U S IN E S S A N D A G R I C U L T U R A L C O N D I T I O 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 Ju ly 15, 1920. O N D IT IO N C o f c r o p s in is p r a c t i c a l l y in th e P a c ific dam age N o rth w e st done g r o w in g h a rv ested , is and crop s s o m e s e c tio n s o f th e sta te. b e in g th is d is t r ic t , a s c o m p a r e d u n ch a n g e d , im p r o v e d lig h t In te r -m o u n ta in in C a lifo r n ia a g ed fr o m w ith and fo r w ith r e g io n s by hot a m on th s p r in g -s o w n b e in g w in d s ago, g r a in s o ffs e t and r a in s by in T h e y ie ld o f fa ll-s o w n g r a in s , w h ic h a r e n o w becau se o f w e a th e r d u r in g th e g r o w in g s e a s o n . crop o u tlo o k fiv e to te n p e r c e n t b e lo w d e fic ie n t p r e c ip ita tio n T h e fir s t c r o p n o r m a l, a n d o f a lfa lfa and cool has aver th e to ta l w in te r w h e a t f o r th e d is t r ic t is n o w e s t i m a t e d a t 5 3 ,3 6 4 ,0 0 0 b u s h e l s , a s c o m p a r e d 6 1 ,0 7 5 ,0 0 0 1919. a lfa lfa is a lfa lfa , w h ic h b u s h e ls in T he good. P resen t is g r o w in g , w ill b e n ow q u a lity , h o w e v e r , in d ic a t io n s are th a t n orm al th e o f b oth secon d th ro u g h o u t w heat crop th e o f d is tr ic t, w it h th e e x c e p t io n o f s o m e s e c t io n s in C a lifo r n ia w h e r e la c k o f s u ffic ie n t w a t e r is r e t a r d in g d e v e lo p m e n t. is at n ow e s tim a te d b u s h e ls in d e fic ie n c y 4 9 ,8 8 0 ,0 0 0 19 19. - T h is in in c r e a s e , w in te r w h e a t, a n d T h e s p r in g w h e a t c r o p b u s h e ls , if as r e a liz e d , r e s u lt in an o f th is d is t r ic t com pared w ith 3 9 ,9 3 3 ,0 0 0 w ill th a n o ffs e t m ore in c r e a s e d th e w h e a t o u t p u t in t h i s d i s t r i c t o f 2 ,2 3 6 ,0 0 0 b u s h e l s a s c o m p a r e d w i t h 1 9 1 9 . A p p r o x im a te ly 60 p e r c e n t o f th e acreage fo r m e r ly p la n te d to bean s, o th e r th a n lim a b e a n s , a n d p a r t o f th e 19 19 w h e a t a c r e a g e in C a lifo r n ia , w as t h is y e a r seeded to b a r le y . T h is t o n s , a s c o m p a r e d w i t h 5 5 0 ,0 0 0 t o n s i n w hen it a p p e a r e d th a t th e crop w o u ld crop 1919. is n o w e s tim a te d a t 7 5 0 ,0 0 0 D u r in g A p r i l o f t h is y e a r , m a te r ia lly exceed 1 ,0 0 0 ,0 0 0 t o n s if g r o w in g c o n d itio n s w ere fa v o r a b le , m u c h o f th e 1920 crop w as con t r a c t e d f o r b y f a r m e r s a t b e t w e e n $ 2 .2 5 a n d $ 2 .5 0 p e r h u n d r e d w e i g h t , a s com p ared d u r in g w ith th e fr o m h a rvest $ 2 .4 0 to $ 3 .0 0 p e r season o f 1919. h u n d r e d w e ig h t, c o u n tr y R e d u c tio n b e c a u s e o f a d v e r s e w e a t h e r d u r in g M a y a n d in a n tic ip a te d J u n e , r e s u lte d in p o in ts , h a rv est, in c r e a s e d p r i c e s d u r i n g J u n e , $ 3 .2 0 p e r h u n d r e d w e i g h t , C a l i f o r n i a m a i n l i n e p o i n t s , b e in g o ffe r e d d u r in g p a ted E u ro p e a n th e m a rk e ts la tte r part o f to d e v e lo p th a t m o n th . cau sed a d rop F a ilu r e in p r ic e s o f a n tic i d u r in g th e f i r s t h a l f o f J u l y , q u o t a t i o n s o n J u l y 1 5 t h b e i n g $ 2 .5 0 p e r h u n d r e d w e i g h t , co u n try p o in ts , w ith sta tes o f th is C a lifo r n ia , a n d y e a rs, th ese fe w b u y e r s in th e d is tr ic t w ill p r o b a b ly it is n ow a n tic ip a te d o th e r sta tes o f th e m a rk e t. equal T he about th a t, fo r 50 th e crop in th e oth er per cen t o f th a t fir s t tim e in several d is tr ic t w ill p r o d u c e o f s u ffic ie n t b a r le y to ta k e c a r e o f lo c a l n e e d s a n d le a v e a s m a ll b a la n c e f o r e x p o r t . C o m p a r a tiv e sta tem en t o f a cre a g e p la n te d to s u g a r b e e ts in th e th ree l e a d i n g s u g a r b e e t p r o d u c i n g s t a t e s in t h is d is t r ic t in 1 9 1 8 ,1 9 1 9 , a n d 1 9 2 0 is g iv e n b e l o w : 1920 1919 1918 I d a h o .......................... 136,783 112,000 56 ,500 1 3 0,168 110,200 54 ,700 126,989 90,478 40,500 T o t a l ................ 30 5,28 3 295,06 8 25 7,96 7 C a l i f o r n i a .............. U t a h ........................... T h e a c r e a g e p la n t e d in th e s e th r e e sta te s, a ll o f w h ic h th e s ix le a d in g p r o x im a te ly su g a r b e e t p r o d u c in g o n e -th ir d b eets a re re p o rte d and it is b etw een n ow and th e o f th e su g a r b e e t a c r e a g e to b e in p r e d ic te d 3 4 0 ,0 0 0 sta tes o f good c o n d itio n th a t C a lifo r n ia , 3 6 0 ,0 0 0 ton s o f in S ta te s , is o f th e co u n try . in ap Sugar a ll s e c tio n s o f th e d is tr ic t, U ta h , su gar a re in c lu d e d U n ite d t h is and Id a h o year, o r w ill p rod u ce a p p r o x im a t e ly 10 p e r c e n t to 15 p e r c e n t m o r e th a n w a s p r o d u c e d in 1919. A p p r o x im a te ly 1 2 6 ,0 0 0 a c r e s i n C a lifo r n ia have been b e a n s a n d 2 4 ,0 0 0 a c r e s t o b a b y l i m a b e a n s . tic a lly th e d ecreased 1 1 5 ,0 0 0 sam e as th a t o f a p p r o x im a t e ly acres th is year. 1919, 60 per T he th e area cen t, o r U n ite d W h ile p la n te d fr o m S ta te s p la n te d to to oth er beans 2 6 5 ,0 0 0 acres in B u reau lim a th is a c r e a g e is p r a c o f C rop has 1919 to E s tim a te s p r e d i c t s t h a t C a l i f o r n i a w i l l p r o d u c e 3 ,8 9 6 ,0 0 0 b u s h e l s o f b e a n s t h is y e a r , as com p a red w ith 5 ,0 0 0 ,0 0 0 b u s h e ls a n d 8 ,0 9 1 ,0 0 0 b u s h e l s i n 1 9 1 7 . in 1919; It is r e p o r t e d 8 ,5 8 4 ,0 0 0 b u s h e ls in 1918, th a t 6 p e r c e n t o f th e 1919 c r o p , o r 3 0 0 ,0 0 0 b u s h e l s , r e m a i n s u n s o l d a n d t h a t t h e m a r k e t f o r t h e n e w crop is in a c t iv e . B eca u se o f w a te r sh orta g e in C a lifo r n ia have had to a p p r o x im a t e ly be abandoned a c r e a g e w ill a m o u n t to b e tw e e n w ith a ll 1 4 0 ,0 0 0 i n s e c tio n s t h is y e a r 7 5 0 ,0 0 0 1919. w h ere is T he e s tim a te d bags r ic e , w h ic h in is b e in g o f o f th e c r o p w a ter has a t 3 ,5 0 0 ,0 0 0 excess th a t o f im p o r te d th a t th is to r ic e y e a r ’s p r o d u c in g 1 4 0 ,0 0 0 a n d 1 4 5 ,0 0 0 a c r e s , a s c o m p a r e d c o n d itio n s u ffic ie n t 2 5 ,0 0 0 a c r e s p l a n t e d so been bags, th e 1918. in to sam e T he th is is r e p o r t e d r e c e iv e d . as s m a ll d is tr ic t, is as g o o d T he th a t in am ount n ow in y ie ld fo r 1919, and o f O r ie n ta l s e llin g at fr o m 6 x/4 t o 7 c e n t s p e r p o u n d , w h i l e t h e p r e s e n t p r i c e o f C a l i f o r n i a p r o d u c e d r ic e is 7 cen ts a v e ra g e p r ic e per pound, S ia m and per pound, d u r in g due to p r a c tic a lly th e B r itis h H ongkong, and th e em bargo fa ilu r e th e m a r k e t is d u ll a t p r e s e n t , a f e w been crop m ade at 8% th e sam e as a year th e p a s t y e a r, h o w e v e r , h a s b e e n cen ts per w ill s e ll a t b e t w e e n 7 a g a in s t s h ip m e n t o f th e 1919 con tra cts fo r pound. V2 a n d 9 % S ia m ago. arou n d o f T he 12 cen ts r ic e crop . fr o m A lth o u g h O c to b e r d e liv e r y h a v e P r e d ic tio n s are th a t th is y e a r ’s cen ts p e r p o u n d . F a v o r a b le w e a t h e r d u r in g th e p a s t m o n t h h a s m a te r ia lly im p r o v e d th e c o n d it io n o f d e c id u o u s fr u it s in th e P a c ific N o r th w e s t . is n o w o f n orm al w ith 50 a m on th per cen t b e r r ie s , 95 to ago; and th e th e pear berry crop at 75 crop , w ith 100 p e r cen t, as c o m p a r e d w ith per th e 75 o f th e Y a k im a V a lle y , in W a s h in g t o n , b e in g o f and 1919. th a t o f th e P resen t W en a tch ee c o n d itio n o f p e r c e n t o f n o r m a l, p r o d u c t io n com p ared w ith p re s e n t p r ic e s 1 9 ,1 3 6 ,0 0 0 in O regon d is tr ic t, th e to in 1919. W a s h in g to n , com p ared is o f stra w cen t. T h ere o f p e a c h e s , th e c r o p at 10 p e r ce n t o f W a s h in g to n , crop as 85 p e r e s tim a te d b e in g e s tim a te d b u s h e ls and a p p le cen t, e x c e p tio n h a s b e e n n o m a t e r ia l im p r o v e m e n t in th e c o n d it io n 1919, T h e ch erry crop e s tim a te d a t 10 0 p e r c e n t o f n o r m a l, as c o m p a r e d w it h 6 0 p e r c e n t at 50 rep orted per as cen t o n ly 70 a t 1 5 ,2 1 7 ,0 0 0 b u s h e l s , a s C o m p a r a tiv e and th ose sta tem en t at th e sam e o f tim e a y e a r a g o , is g i v e n b e l o w : 1920 1 4 c t o 2 0 c p e r lb . P eaches $50 p e r to n P e a rs .....................$ 8 0 p e r t o n .............................$ 8 5 p e r t o n * ♦Prices asked b y growers. C o n d itio n com p ared cen t o f a p r ic o ts 1919 R a sp b errie s ............. 1 7 c t o 1 8 c p e r l b . C h e r r i e s .................. .. 1 0 c t o 1 2 c p e r l b . o f w ith C a lifo r n ia a m on th th a t o f la s t y e a r have been m ade and to $50 p e r to n Canners not contracting at this figure. d e c id u o u s ago. 1 0 c p e r lb . T he th e fr u its a p r ic o t p ru n e can n ers at is p r a c t ic a lly crop is crop at fr o m $100 75 u n ch an ged e s tim a te d per to at 65 cen t. $110 per as per S a le s o f ton , as com p a red and w it h an average o f p ru n e s at fr o m w ith p r ic e 14% o f fr o m $100 c e n ts to 1 5 % to $115 o p e n in g p r ic e s o f 14 ce n ts to 15 c e n ts p e r p o u n d in d ic a t io n s a r e th a t th e C a lifo r n ia r a is in c r o p com pared w ith 1 8 5 ,0 0 0 t o n s i n C om pan y has not yet nam ed 1919. per ton in 1919, cen ts p e r p o u n d , as c o m p a r e d T he in 1919. P resen t w i l l e q u a l 2 1 5 ,0 0 0 t o n s , a s C a lifo r n ia A s s o c ia te d R a is in o p e n in g p r ic e s fo r th e 1920 c r o p , b u t in d e p en d en t p a ck ers are rep orted a s h a v in g o ffe r e d grow ers fr o m 16 c e n ts p e r p o u n d f o r M u s ca ts a n d T h o m p s o n s , a s c o m p a r e d w ith to 17 10 to 12 c e n t s p e r p o u n d a t th is t im e la s t y e a r . T h e a c r e a g e p la n t e d to c itr u s fr u it tr e e s in C a lifo r n ia is n o w aS fo llO W S : Bearing Non-Bearing .. 13 3,506 acres 33,059 acres 5 0 ,453 acres 17,495 acres 18 3,959 acres 5 0 ,554 acres T otal. 166,565 acres 6 7 ,948 acres 234,51 3 acres O ranges .. Lemons T h e n avel oran ge th a t o f 1 9 1 8 -1 9 ; crop fo r t h e 1 9 1 9 -2 0 s e a s o n th e V a le n c ia crop , n ow a v era g e 67 p e r cen t o f 1919; a n d la s t year. T he average te m b e r 1, 19 19, a n d in th e year p r ic e o f E u rope 1, 19 18, le s s th a n le m o n s w h ic h th e le m o n r e c e iv e d has have in to w eakened cau sed w ith th e r e s u lt th a t s e v e r a l p a c k in g 100 p e r ce n t o f th a t o f oran ges s o ld 31, 1919, year. becau se heavy 87 p e r cen t o f b etw een 35 cen ts p e r b o x A u gu st th e p r e c e d in g e q u a lle d m a rk e te d , w ill p r o b a b ly crop fo r J u ly 1, 19 20, h a s b e e n S e p te m b e r cen ts p e r b o x p r ic e b e in g p r ic e o f and la r g e fo r E a stern S ou th ern th a n le m o n s J u ly im p o r ta tio n s in Sep h ig h e r S u b s e q u e n t to d e c lin e s h o u s e s in e s tim a te d Total 10 1 st, fr o m m a rk e ts, C a lifo r n ia have c lo s e d d o w n w it h in th e la s t w e e k . F r u it s h ip m e n ts fr o m C a lifo r n ia d u r in g th e fir s t s ix a s c o m p a r e d w ith th e s a m e p e r io d in 19 19, h a v e b e e n January 1 to June 3 0 , 1 9 2 0 C a n t a l o u p e s ............... 7,454 carload s 876 carload s C h e r r i e s ....................... 172 carload s A p r i c o t s ......................... 220 carload s P e a c h e s ......................... 217 carload s P l u m s ............................... 768 carload s P e a r s ............................... 6 carload s A p p l e s ............................ 470 carload s O r a n g e s ..........................21,917 carload s Lemons .......................... 5,570 carload s W a t e r m e l o n s ............. T o t a l ....................... 37,670 carload s m on th s o f as fo llo w s : January 1 to June 3 0 , 1 9 1 9 6,976 carload s 964 carloads 335 carload s 411 carload s 100 carload s 291 carload s 2 carload s 238 carload s 26,399 carload s 6,1 45 carload s 41,861 carload s 1920, C o m p a r a tiv e s ta te m e n t o f c a r lo a d fo r th e m on th o f June, and fo r th e s h ip m e n ts o f C a lifo r n ia v e g e ta b le s p resen t 3 , is season to J u ly g iv e n b e lo w : June 1920 June 1919 Season to July 3 1920 1919 C abbage ................................................ D r y B e a n s ........................................... L e t t u c e ................................................ O n i o n s .................................................. W h it e P otatoes (n ew s t o c k ) . 127 265 226 358 826 33 317 69 323 532 1,161 3,632 4,956 1,565 1,056 1,244 3,871 2,294 830 689 T o t a l .............................................. 1,802 1,274 12,370 8,928 T h e r e h a s b e e n a v e r y n o t ic e a b le d e c lin e in th e p r ic e s o f v e g e ta b le o ils d u r in g th e p a s t s e v e r a l m o n th s , d u e to p o o r d e m a n d , th e fin a n c ia l c o n d i tio n in Japan and s u r p lu s o f s to c k s h e ld o i l h a n d le d h a s b e e n m u c h le s s th a n u n stea d y , as c o m p a re d w ith stea d y on th is c o a s t . la s t y e a r a n d d u r in g T he v o lu m e of th e m a r k e t h a s b e e n th e fir s t s ix m on th s o f 1919. C o m p a r a tiv e s ta te m e n t o f a v e r a g e m o n th ly p r ic e s p e r p o u n d fo r p e a n u t, cocoa n u t, a n d b ea n o il fo r f o r J u ly 8 th , is g iv e n J u n e , 1 9 1 9 , th e fir s t s ix m o n t h s Peanut O il T he w a ln u t crop 1920, a n d b e lo w : J u n e , 1 9 1 9 ............... ..26 % Ja n u a r y , 1 9 2 0 . . . . 24 F e b r u a r y ............... ..2 2 % M a r c h ....................... ..21 A p r i l ......................... ..1 7 % M a y ............................ ..1 6 % J u n e ........................... ..14 J u l y 8 ...........................1 2 % a p p r o x im a t e ly o f in 80 p e r Cocoanut O il cents cents cents cents cents cents cents cents S ou th ern 18—18 % 18% 17% 17% 17 16% 15 8 -1 2 % cents cents cents cents cents cents cents cents C a lifo r n ia ce n t o f th e 1919 cro p w ill Bean O il 1 6 -1 7 16% 15% 15% 14 13% 12 10% cents cents cents cents cents cents cents cents p r o b a b ly o f 5 6 ,0 0 0 ,0 0 0 am ount pou n ds. to A p p r o x im a t e ly 7 p e r c e n t o f la s t y e a r ’s c r o p r e m a in s u n s o ld a n d in d ic a t io n s are th a t th e re w ill be no m ovem ent o f w a ln u ts to m ark et u n til th e e a r ly fa ll. It is r e p o r t e d sary fo r th a t a ll th e c a r s h a v e b e e n s h ip m e n t d u r in g th e p a s t fe w o f fr u its and m on th s, a n d s u p p lie d p e r is h a b le w h ic h p rod u cts fr o m th a t th e p re s e n t s u p p ly s t a t e is s u ffic ie n t t o m e e t t h e o r d i n a r y r e q u ir e m e n ts f o r w ere n eces C a lifo r n ia o f c a r s in t h is th e tim e b e in g . I n th e P a c ific N o r t h w e s t , h o w e v e r , th e p r e s e n t c a r s u p p ly is e s t im a t e d a t b etw een 60 C o m m is s io n and has 65 per ce n t b e lo w ordered 2 8 ,0 0 0 n o r m a l. cars sen t to T he In te rsta te th a t d is tr ic t to C om m erce r e lie v e th e s itu a tio n , b u t th e m o v e m e n t o f th e s e c a r s h a s n o t b e g u n , d u e to in a b ilit y o f th e r a ilr o a d s a n tic ip a te d to th a t u n lo a d th e cars n ow p r o p o r tio n h e ld o f in ea stern r e fr ig e r a to r t e r m in a ls . cars r e c e iv e d It in is th e P a c ific N o r t h w e s t w ill b e la r g e r th a n n o r m a l, b u t in s u ffic ie n t to fu r n is h a ll c a r s n e e d e d to m o v e p r o p o r tio n th e p e r is h a b le fr u it c r o p s . o f th e ca r s o r d e r e d w h e a t c r o p is e x p e c t e d to m o v e p r o m p t ly . th e s u p p ly o f b ox c a r s is r e p o r t e d R anges o n ly fa ir as cro p s m a tu re and as b e in g b e tw e e n are in th e In t e r -m o u n t a in r e g io n s th e P a c ific I n d ic a t io n s c ie n t m o is tu r e to p r o d u c e la te 10 a n d are 15 p e r ce n t th a t th e s itu a tio n a d d itio n a l s h ip p in g on C oa st. in sp ace good are c o n d itio n , b u t th a t b e c a u s e g ra sses, liv e s to c k in c ie n t to s u p p ly r e c e n tly b e e n th e th e c o a s t sta tes w ill has w ith th e r e s u lt fr o m th a n in averaged 1919. s lig h tly In le s s th e sam e a s in th a t 1919. P r a c tic a lly th e N o rth w e st, la s t y e a r . T he o f b o r r o w in g s an hogs have in th e w ool e m b a r r a s s in g p r o d u c in g s itu a tio n 1919 th a t s e v e r a l c o n fe r e n c e s s e c tio n s fo r have been m any h e ld h ow ever, average th e w e ig h t IV* p o u n d s , o r a p p r o x i m a t e l y e n tir e c lip F a ilu r e o f b u y e r s to e n te r th e m a r k e t h a s p r e v e n te d cre a te d m any th e M id d le W e s t. P a c ific th a n p e r fle e c e f o r th is d is t r ic t w ill p r o b a b ly b e th e In W e s t a n d U ta h th e a v e r a g e w e ig h t o f w o o l p e r fle e c e h a s b e e n h e a v ie r w e ig h t tra d e, are o f in s u ffi lo c a l p r o d u c e r s h a v e b e e n in s u ffi s h ip p e d in t o th is s e c t io n In C a lifo r n ia s lig h tly lo c a l w ill b e is r e q u ir e d . h a v e to b e p u t u p o n e x p e n s iv e w in t e r fe e d e a r lie r th a n u s u a l. e r n W a s h in g to n r e c e ip ts o f h o g s fr o m th e In th e I n t e r -m o u n t a in r e g io n s s h o r t o f p r e s e n t d e m a n d s , a n d in d ic a t io n s a g g ra v a ted I f a n y c o n s id e r a b le to th e P a c ific N o r th w e s t a re r e c e iv e d to o f r e m a in s th e d is tr ic t p r o d u c e r s , w ith a tte m p t u n s o ld . n o r m a l liq u id a tio n to fin d and th e has r e s u lt a m eans to fin a n c e th e w o o l c lip . T he s a lm o n June 2 4 th . N o been r e c e iv e d . pack on B r is c o e in d ic a t io n s as B ay to C o n tr a c t p r ic e s is th e rep orted s iz e o f are rep orted v i z . : $ 3 .3 5 t o $ 3 .4 0 p e r c a s e f o r R e d s th e m ills in th e D u r in g W est th e fo u r C oast w eeks h a v in g sta rte d y e a r ’s p a c k sam e on have as a m on th yet ago, a n d $ 1 .7 5 p e r c a s e f o r P i n k s . C a r s h o r ta g e c o n tin u e s to r e s tr ic t lu m b e r in g N orth w est. as th is e n d in g L u m b e r m e n ’s o p e r a t io n s in J u ly 3rd , an A s s o c ia tio n th e P a c ific average rep orted a o f cu t 122 o f 3 2 6 ,6 1 7 ,0 0 0 f e e t , 7 .5 p e r c e n t b e l o w n o r m a l ; o r d e r s a c c e p t e d o f 2 0 3 ,4 7 1 ,0 0 0 f e e t , 3 7 .7 p e r c e n t b e l o w c u t ; a n d s h i p m e n t s o f 2 6 5 ,6 1 7 ,0 0 0 f e e t , 3 0 .6 p e r cen t 1 8 .6 above orders and per cen t b e lo w cu t. U n fille d orders on J u l y 3 r d a m o u n t e d t o 3 4 2 ,5 7 2 ,0 0 0 f e e t , o f w h i c h 2 3 4 ,0 3 6 ,0 0 0 f e e t w e r e r a i l orders and 5 6 ,4 2 2 ,0 0 0 exp ort orders. fe e t d o m e s tic cargo D u r in g th e sa m e p e r io d orders, and 5 2 ,1 1 4 ,0 0 0 a n a v e r a g e o f e le v e n fe e t C a lifo r n ia r e d w o o d m ills r e p o r t e d fe e t, a n d orders 2 7 .1 3 6 .0 0 0 fe e t; a c u t o f 2 8 ,0 5 8 ,0 0 0 f e e t ; s h i p m e n t s o f 1 9 ,5 8 7 ,0 0 0 a ccep ted o f 1 2 ,7 0 3 ,0 0 0 f e e t , a s c o m p a r e d s h ip m e n ts o f 2 2 ,1 0 4 ,0 0 0 fe e t, and 1 7 .4 8 2 .0 0 0 f e e t d u r i n g t h e p r e c e d i n g f o u r w e e k s . e n d in g J u n e 1 9 th , a n m ills r e p o r t e d a cu t o f a ccep ted o f D u r in g th e fo u r w e e k s C a lifo r n ia w h it e a n d su g a r p in e a c u t o f 4 0 ,7 0 8 ,0 0 0 f e e t ; s h i p m e n t s o f 1 8 ,6 4 5 ,0 0 0 f e e t , 4 5 .6 p er cen t o f cu t; a n d cu t. a v e r a g e o f e le v e n w ith orders ord ers a ccep ted D u r in g th e s a m e p e r io d an o f 1 5 ,7 4 1 ,0 0 0 f e e t , 3 8 .7 p e r c e n t o f a v e r a g e o f th ir ty m ills in th e W e s te r n P i n e M a n u f a c t u r e r s ’ A s s o c i a t i o n r e p o r t e d a c u t o f 1 2 3 ,5 4 0 ,0 0 0 f e e t ; s h i p m en ts o f 8 7 ,4 7 3 ,0 0 0 fe e t, 7 8 .3 per cen t o f cu t; and orders a ccep ted o f 6 1 .0 5 0 .0 0 0 f e e t , 4 9 .4 p e r c e n t o f c u t . B u ild in g c o n t in u e s a c tiv e , b u ild in g p e r m its in n in e te e n p r in c ip a l c itie s o f th is d is tr ic t a g g r e g a tin g $ 1 4 ,5 9 8 ,0 7 5 per cen t b u ild in g in and M ay, 1920, 6 3 .3 p e r m its per in $ 1 5 ,7 2 2 ,9 3 7 i n and $ 9 ,6 2 5 ,0 3 7 cen t, th ose Ju n e, 1920, as co m p a re d in June, r e s p e c t iv e ly . c itie s r e p o r tin g 1919, in c r e a s e s C o m p a r a tiv e p e r m its in w ith o f 7 .7 sta tem en t o f excess o f $ 5 0 0 ,0 0 0 d u r in g J u n e , 1 9 2 0 , is g iv e n b e l o w : June, 1 9 2 0 Los A n g e l e s , C a l i f . May, 1 9 2 0 , $6,610,681 Sa n F r a n c is c o , C a l if . . . . 1,949,692 S e a t t l e , W a s h ..................... , , 1,323,230 O a k l a n d , C a l i f .................. P o r t l a n d , O r e g o n ............. L o n g B e a c h , C a l i f .......... B e r k e l e y , C a l i f ................. B u ild in g p e r m its d u r in g ,1 ,0 5 0 ,6 4 2 . 1,035,785 980,210 553,314 th e fir s t June, 1 9 1 9 $3 ,163 ,04 2 3,8 79,0 62 1,8 09,160 957,679 834,035 828,705 222,912 s ix m on th s $1 ,914 ,47 0 1,5 16,778 1,755,795 704,782 1,0 63,118 413,926 150,276 o f 1920 a g g reg a ted $ 8 4 ,6 8 0 ,6 1 2 i n n i n e t e e n p r i n c i p a l c i t i e s o f t h is d i s t r i c t , a s c o m p a r e d w ith $ 4 0 ,8 8 2 ,9 2 6 d u r i n g t h e s a m e p e r i o d i n 1 9 1 9 , a n i n c r e a s e o f 1 0 7 .1 p e r c e n t . C o m p a r a tiv e p e r m its in sta tem en t excess o f o f b u ild in g $ 3 ,0 0 0 ,0 0 0 p e r m its d u r in g th e g iv e n b e l o w : O a k l a n d , C a l i f ..................................... F r e s n o , C a l i f ......................................... D a ily p r o d u c tio n b a r r e ls , th ose s ix c itie s m on th s r e p o r tin g o f 1 9 2 0 , is January to June 1920 1919 T a c o m a , W a s h i n g t o n ...................... 2 7 3 ,0 6 9 in fir s t as o f p e tr o le u m com pared w ith in $24,197,639 ,14 ,873 ,510 . 7,908,455 . 6,947,385 . 5,709,313 . 4,931,466 . 3,307,953 , 3,100,305 C a lifo r n ia 2 7 8 ,3 2 3 $8,544,881 5,253,517 7,407,360 4,033,038 2,778,492 3,078,104 1,354,379 1,395,215 d u r in g b a r r e ls in June M ay. averaged S h ip m e n ts averaged 3 1 3 ,7 6 9 b a r r e ls 1 ,2 2 0 ,9 9 4 b a r r e ls to per day, 2 5 ,3 7 0 ,9 0 3 th ereb y b a r r e ls w e lls , w ith a n in itia l d a ily p r o d u c t io n fo u r w e lls w ere fig u r e s f o r abandoned d u r in g o f g a s o lin e is s e c tio n s Average Daily Shipments (B bls.) (B bls.) 313,769 2 6 3,02 2 27 5,10 4 31 2,33 7 25 ,370 ,90 3 33 ,496 ,89 7 25 ,424 ,33 7 37 ,020 ,26 3 rep orted q u ite g a s o lin e is o f Stored Stocks June 3 0 g e n e r a lly b e in g and b e lo w : (B bls.) J u n e , 1 9 1 8 .......................... 282,898 by new sta tem en t Average Daily Production J u n e , 1 9 1 7 .......................... 258,977 som e stock s T h ir ty -s ix C o m p a r a tiv e 1 9 1 7 is g iv e n J u n e , 1 9 1 9 .......................... 28 1,629 In stored 3 0 th . o f 6 ,4 5 5 b a r r e l s , w e r e o p e n e d Ju n e, 1920, 1919, 1918, a n d S h orta g e June June. J u n e , 1 9 2 0 .......................... 273,069 tr ic t. d e c r e a s in g on th ro u g h o u t r a tio n e d , th e p re fe re n ce g iv e n to d e m a n d s f o r a g r ic u ltu r a l a n d in d u s tr ia l p u r p o s e s . T he d is b e in g S ta n d a r d O il C o m p a n y h a s a n n o u n c e d a n in c r e a s e in p r ic e s o ff e r e d f o r c r u d e o il a t th e w e ll o f 12 c e n ts p e r b a r r e l, e ffe c tiv e s ta te m e n t in d ic a t in g p r e s e n t le v e l o f p r ic e s w i t h J u n e 1 0 , 1 9 1 9 , is g iv e n 14 ° 20° 26° 37° to to to to and and and and J u ly fo r 1 0 th . cru d e C o m p a r a tiv e o il, as co m p a re d b e lo w : in c lu d in g in c lu d in g in clu d in g in clu d in g July 1 0 , 1 9 2 0 June 1 0 , 1 9 1 9 (P er B bl.) (Per B bl.) g r a v ity .................. g r a v ity .................. g r a v ity .................. g r a v ity .................. 17 .9° 20.9° 26.9° 37.9° B o th r e ta il a n d w h o le s a le tr a d e $1.60 1.66 2.05 2.95 $1.23 1.27 1.39 1.62 a c tiv ity a s r e p o r t e d b y r e p r e s e n ta tiv e s t o r e s in t h is d is t r ic t w a s s m a lle r d u r in g J u n e t h a n d u r in g M a y , a lt h o u g h la r g e r th is th a n d is tr ic t d u r in g M ay, Ju n e, 1919. w as Ju n e, 1919. averaged and by 2 7 .4 v a lu e per cen t p r ic e s . a p p r o x im a t e ly per d u r in g M ay, and d u r in g S a le s 7 .0 o f per la r g e r r e p r e s e n ta tiv e cen t s m a lle r d u r in g June, 15 a p p r o x im a t e ly June, 1919. S a le s b y cen t cen t g re a te r 1920, 11 r e p r e s e n ta tiv e s m a lle r per by stores June th a n in th a n d u r in g cen t A p p r o x im a te ly 37 fo r th e fir s t s ix th a n d u r in g m on th s th e o f 1920 c o r r e s p o n d in g w h o le s a le fir m s v a lu e d u r in g June th a n g re a te r d u r in g June, 1920, per o v e r J u n e o f 19 19 w e r e d u e to p r ic e in c r e a s e s . r e ta il s to re s r e ta il d u r in g O f th e in c r e a s e o v e r J u n e , 1919, a p p r o x im a t e ly 4 3 p e r c e n t d u e to in c r e a s e in w ere th a n d u r in g cen t o f th e in c r e a s e s T o t a l s a le s o f r e p o r t in g averaged p e r io d b y in v a lu e 1919, 33 and per by r e p o r t in g w h o le s a le fir m s 3 8 p e r c e n t g r e a t e r d u r in g th e fir s t s ix m o n t h s o f 1 9 2 0 th a n d u r in g th e fir s t s ix m o n t h s o f 1 9 1 9 . T he in d e c r e a s e in d ry goods and w h o le s a le grocery tra d e lin e s , as co m p a re d th e b e in g 14 p e r c e n t a n d 22 p e r ce n t. le v e l o f w h o le s a le a lth o u g h and and th e w h o le s a le s h o e p r ic e s have r e ta il s ilk sh ow n w ith r e s p e c tiv e A s com p ared p r ic e s has been m a r k e t is s t ill v e r y a s lig h tly M ay w as p ercen ta g e g re a te st d ecreases w ith M a y , th e g e n e r a l p r a c tic a lly s ta tio n a r y ; w e a k , w h o le s a le d ow n w a rd ten d en cy and su gar w h o le s a le s ta tio n e r s r e p o r t th a t p r ic e s a r e t e n d in g s lig h t ly u p w a r d . C o lle c tio n s good d u r in g d u r in g M a y . as com p ared w ith S ta te m e n t o f in c r e a s e s in r e ta il a n d June w ere rep orted as good w h o le s a le tra d e o f r e p o r t in g fir m s in t h e p r in c ip a l c it ie s o f th is d is t r ic t f o r J u n e , 1 9 2 0 , a s c o m p a r e d w i t h J u n e , 1 9 1 9 , is g iv e n b e l o w : INCREASES IN SALES IN JUNE, 1 9 2 0 , O V E R JUNE, 1 9 1 9 ,------------ SALES INCREASE------------ Retail Trade Department Wholesale Stores Trade Total Los A n ......................... 39.0 ................................. 15.2 S a c r a m e n t o .......................... 32.1 S a n F r a n c i s c o ..................... 23.6 P o r t l a n d ............................................ S a l t L a k e C i t y .................. 18.3 S e a t t l e .................................... 11.1 S p o k a n e ................................. 62.8 T a c o m a ............................................... g eles Oakland D i s t r i c t ......................... 27.8 ,----------------COLLECTIONS-------------Retail Trade Wholesale Trade 15.5 53 .3 18.0 12.4 5.4 11 .2* 21.4 8.5 17.8 28.4 15.9 21.7 15.9 8.1 0.9 16.3 23.2 17.8 G ood G ood E x cellen t E xcellen t G ood G ood G ood G ood ............................F a ir to Good F a ir F a ir F a ir F a ir to Good G ood G ood ............................Good 11.7 17.5 G ood G ood *Decrease. W H O LE SA LE TR AD E B Y K IN D S OF Los A n g eles Oa k l a n d ....................... Hardware Dry Goods 43.0 . . . 4.9* ... ... ... 22.1 ... ... 33.9 22.6 ^ 5.2 4.6 7.1* 13.5* ... 3.0* 20.6 0.0002 ............................................ 45.2 39.2 P o r t l a n d .............................. 23.3 S a l t L a k e C i t y ............................. S e a t t l e ................................. 25.8 Sp o k a n e .............................. 54.9 T a c o m a ................................. 37.7 Sa c r a m e n t o ....................... S a n F r a n c i s c o .................. D is t r ic t ♦Decrease. .................... 31.9 Groceries VL2 BUSINESS Shoes Stationery Furniture 34.7 . .. 34.4* ... 53.3 3.3* ... 34.0* ... ... 12.1 14.5 26.1 73.9 ^ 5.9 * 27.1 8.7 B ank c le a r in g s in e ig h te e n p r in c ip a l c itie s $ 1 ,7 0 1 ,1 4 2 ,0 0 0 d u r i n g J u n e , a s c o m p a r e d and $ 1 ,2 7 5 ,4 4 4 ,0 0 0 r e s p e c tiv e ly . d u r in g T o ta l B an k an d bran ch th e d is tr ic t in th ese e ig h te e n and c itie s in 19 19, a n in c r e a s e sta tem en t o f bank a g g re g a te d $ 1 ,6 2 7 ,8 7 6 ,0 0 0 d u r i n g th e w ith d u r in g c le a r in g s 3 3 .4 p e r fo r $ 9 ,4 8 8 ,7 4 2 ,0 0 0 , a s c o m p a r e d 0 0 0 d u r in g th e s a m e p e r io d C o m p a r a tiv e o f J u n e , 1 9 1 9 , i n c r e a s e s o f 4 .2 c le a r in g s m o n th s o f 1920 a g g re g a te d cen t. w ith in M ay cen t, fir s t s ix $ 7 ,3 7 9 ,3 7 8 ,- 1 9 2 0 o f 2 8 .5 p e r F ederal R eserve c it ie s is g i v e n b e l o w : June, 1 9 2 0 May, 1 9 2 0 January to June, 1 9 2 0 June, 1 9 1 9 January to June, 1 9 1 9 S a n F r a n c i s c o . .$ 6 9 3 ,0 0 0 ,0 0 0 $ 6 53 ,3 93 ,000 $ 5 52 ,1 41 ,000 $ 4 ,022 ,81 5,00 0 $3 ,1 6 0 ,0 4 2 ,0 0 0 L os A n g e l e s . . . . S e a t t l e ............... P o r t l a n d ............ Sa l t L a k e C i t y . S p o k a n e ............... 33 6,26 3,0 00 18 3,22 0,0 00 166,64 2,0 00 72,995 ,00 0 55,190,000 31 7,52 7,0 00 17 6,34 1,0 00 14 9,353,000 69,132 ,00 0 52,396,000 17 9,75 6,0 00 16 4,39 3,0 00 1 2 5,86 4,0 00 6 2 ,652 ,00 0 39,875,000 D u r in g J u n e th e r e w e r e 10 3 fa ilu r e s in 80 d u r in g $ 6 ,9 0 0 ,5 9 6 b ilitie s M ay and 49 as co m p a re d o f $ 5 2 6 ,6 3 2 d u r in g w ith d u r in g June, lia b ilitie s June, 1919. A r iz o n a ............................... C a l i f o r n i a ......................... Id ah o .................................... N e v a d a ................................. O r e g o n ................................ Utah .................................... W a s h i n g t o n .................... 2 61 0 0 15 0 25 T o t a l ............................ 103 $ o f L ia b ilitie s $ 7 5 3 ,3 0 0 $6,442,091 d u r in g C o m p a r a tiv e $ w ith a m o u n te d M ay and sta tem en t o f to lia fa il C o m p a n y , is g iv e n b e l o w : ------------------------- , Liabilities 26,500 577,547 0 0 129,500 0 5,708,5 44 9 8 6,82 3,0 00 9 1 2,45 4,0 00 73 0,39 6,0 00 3 5 9,71 0,0 00 220,47 6,0 00 t h is d is t r ic t a s c o m p a r e d 1919. u re s b y sta tes, as fu r n is h e d b y R . G . D u n a n d ,---------------------- June, 1 9 2 0 Number Assets 1,9 09,4 33 ,0 00 1,1 01,1 76 ,0 00 9 3 3,39 1,0 00 4 4 7,50 3,0 00 333,297,000 ,---------------------- May, 1 9 2 0 ------------------------N Number Assets Liabilities 38,000 564,279 0 0 37 7,60 0 0 5,920,7 17 $6,900 ,59 6 1 41 3 1 16 3 15 80 $ 25 218,275 15,500 3,0 00 44,840 7,642 127,236 $4 16,518 $ 2,5 00 437,560 16,331 4,000 7 8 ,577 1 0 ,499 20 3,833 $753 ,3 00 T h e w h o le s a le s ilk m a r k e t r e m a in s u n s e ttle d , d u e la r g e ly to th e J a p a n e s e s itu a tio n . A n in d ic a t io n o f th e c h a n g e s in th is m a r k e t is g iv e n th e fo llo w in g S a n F r a n c is o q u o ta tio n s f o r a s ta n d a r d g r a d e o f r a w by s ilk : Per Pound J a n u a r y 23, 1 9 2 0 ............................................. $17.40 A p r il 9, 1 9 2 0 ..................................................... 13.00 5.80 7.50 J u n e 9, 1 9 2 0 ........................................................ J u l y 9, 1 9 2 0 ........................................................ D u r in g 19 1 9 , p r ic e s o f J a p a n e s e a n d C h in e s e r a w $ 1 2 .0 0 per pou n d as com pared w ith fr o m $ 6 .0 0 to s ilk s a v e r a g e d $ 7 .0 0 per about pou n d at p resen t. It is p r e d ic t e d n o w s t o c k s o f r e ta ile r s a r e l o w th a t p r ic e s w ill n o t d r o p b e lo w T h e g e n e r a l J a p a n e s e s itu a tio n m on th ago and it is p re d ic te d is r e p o r t e d th a t have been rep orted a m o u n t o f id le la b o r . in a b o u t th e th a t sam e cou n try t h a t c o u n t r y is m o r e r e c e n tly and th ere is a as a w ill H o w e v e r , th e u n d e r ly in g im p r o v in g s o m e w h a t a n d th e fe e lin g in s tr ik e s to b e c o n d itio n s u n s e ttle d f o r s e v e r a l m o n t h s to c o m e . N o th is le v e l a s a n d d e m a n d is in c r e a s in g a t p r e s e n t p r ic e s . be t o n e is o p tim is tic . c o n s id e r a b le A ll c r o p s a r e e s tim a te d a s a p p r o x im a t e ly n o r m a l a n d th e fin a n c ia l s itu a tio n a p p e a r s to b e im p r o v in g . P r ic e s r e m a in b u t s lig h t r e c o v e r ie s h a v e b e e n m a d e in s o m e lin e s . F o r e x a m p le , ste e l b a rs , w h ic h to 130 w ere q u o te d at 400 lo w yen p e r t o n f o u r m o n t h s a g o , d r o p p e d yen d u r i n g t h e d e p r e s s i o n a n d h a v e n o w It is n o t a n t ic ip a t e d , h o w e v e r , th a t t h e r e recovered w ill b e a to 150 yen . gen eral recov ery o f p r i c e s u n t il t h e o v e r - s u p p l y o f g o o d s is g r a d u a ll y a b s o r b e d . In terest a n d d is c o u n t ra te s h a v e c o n tin u e d to s tiffe n m o n t h , th e p r e v a ilin g r a te s in in d u s tr ia l c e n te r s n o w 8 p e r cen t, as c o m p a r e d 6% m on th . In a lth o u g h w ith a g r ic u ltu r a l c e n te rs q u ite a fe w lo a n s to 7% per c e n t d u r in g th e p r e v a ilin g are rep orted d u r in g b e in g ra te a t h ig h e r th e r e m a in s ra tes. e n d in g J u ly 1 0 th is g iv e n PRIME COMMERCIAL PAPER Open Customers Market S a n F r a n c i s c o ......................... 6 % 8 per and bran ch INTERBANK LOANS COLLATERAL LOANS Secured by Liberty Bonds and United States Certificates o f Indebtedness 8 6 6 7 7 P o r t l a n d ................................ .... 7 7% 6% 7 7 S a l t L a k e C i t y ....................... 8 7 8 8 8 Seattle ....................................... 7 8 7 7 -8 7 S p o k a n e .................................. .... 7 8 7 7 -8 7 are at th e m om en t no s tr ik e s th is d is t r ic t , a lt h o u g h in W it h ton th e o f any th a t C a li C ot season , T h is w h ic h p roced u re th e c r o p th e im p o r tin g w ill w ill be co tto n to in c r e a s e . S ou th ern are o f d is tu r b a n c e s a n d A r iz o n a , th e s u p p ly o f la b o r a b o u t e q u a ls th e d e m a n d . grow ers e x c e p tio n la b o r 6% s o m e s e c t io n s it is r e p o r t e d t h e r e is a t e n d e n c y f o r r a d i c a l p r o p a g a n d a fo r n ia 6 % -8 or cen t, b e lo w : 7 -7 % T h ere to p r e c e d in g Los A n g e l e s .......................... .... 7 im p o r t a n c e in past 6% S ta te m e n t o f c u s t o m a r y r a te s c h a r g e d b y b a n k s in F e d e r a l R e s e r v e B a n k c itie s f o r th e m o n t h th e fr o m M e x ic a n re tu rn e d a p p a r e n tly a s it m a tu r e s . to g r o w in g la b o r M e x ic o in s u r e r e g io n s fo r at use th e s u ffic ie n t in d u r in g c lo s e la b o r o f to th e th e ta k e p ic k in g season . care o f COMPARATIVE STATEMENT OF CONDITION OF MEMBER BANKS IN RESERVE CITIES OF TWELFTH FEDERAL RESERVE DISTRICT May 7,1920 N u m b er o f R ep ortin g B a n k s ...................................... June 4,1920 Ju ly 2,1920 68 67 67 United States Government Obligations: (000.00 om itted) U . S. B on d s to Secure C irc u la tio n ............... $ 34,605 $ 34,485 V ic to r y Loan N o te s ................................................ 12,382 12,741 12,567 O ther U. S. B o n d s ..................................................... 61,338 61,659 61,526 U. S. Certificates o f In d e b te d n ess.................. 36,005 39,775 26,966 T o t a l .................................................................. $144,330 $148,660 $1 35,544 $ 34,485 Loans and Investments: L oan s Secured b y U. S. W a r O b lig a tio n s .$ 31,894 $ 30,946 $ 32,699 L oan s Secured b y Other Stocks and B onds 148,456 148,376 144,18 9 O ther Loans and In v estm e n ts......................... 946,94 8 91 0,74 3 9 8 8,20 7 T o t a l ............................................................... .$ 1 ,1 2 7 ,2 9 8 $1,090,065 $ 1 ,165 ,09 5 $ $ Deposits : D em an d D e p o s i t s ................................................... .$ 597,461 T im e D eposits 484,758 508,059 520,658 T o t a l ............................................................... .$ 1 ,0 8 2 ,2 1 9 $1 ,130,976 $1,139 ,73 2 ........................................................ . 622,917 61 9,074
@FedFRASER