Full text of Economic Review (Federal Reserve Bank of San Francisco) : July 17, 1922

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A

g r ic u l t u r a l

a n d

B

u s in e s s

C

o n d it io n s

IN T H E T W E L F T H F E D E R A L R E S E R V E D IS T R IC T

M o n th ly R e p o rt to the F ed eral R eserv e B oa rd
by

JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. VI

San Francisco, California, July 17, 1922

I N D IC A T IO N S of increasing business ac­
tivity in this district, which first appeared
during April and May, have multiplied dur­
ing June. Prices of the principal products of
the district have either remained firm or ad­
vanced slightly, reflecting similar tendencies in
national prices. The United States Bureau of
Labor’s wholesale price index
T h e M onth which increased Zy2 per cent
during May, advanced 1.35 per
cent during June, and is now 8.7 per cent above
the low point of January, 1922. Charges to
individual accounts of depositors in banks of
the 20 principal cities were 5.6 per cent greater
in amount than in June, 1921. Sales of 32 rep­
resentative department stores for the second
consecutive month were greater in dollar value
than they were in the same month of 1921, the
increase of June, 1922, over June, 1921, being
3 per cent. As average retail prices have
changed but little during this period, the phys­
ical volume of merchandise now m oving at
retail is evidently increasing. A t wholesale,
also, the same condition prevails. O f the 10
reporting lines of trade, nine advise that the
dollar values of their sales for June, 1922, ex­
ceeded those of June, 1921. Employment has
increased throughout the district so generally
that involuntary unemployment has practi­
cally disappeared. A wage increase in the lum­
ber industry of approximately 10 per cent oc­
curred during the month. It is the first increase
since the business recession began in 1920.
W ith the exception of San Francisco, the prin­
cipal manufacturing cities of the district report
steady increases in the number of men em­
ployed each month, and a substantial increase
of manufacturing activity as compared with
June, 1921. A n unfavorable aspect of the busi­
ness situation is the increasing number of
business failures reported.
Productive activity also continues to in-




No. 7

crease. Lumber and log production during
June exceeded the figures of the previous
months of the year, and were 50 per cent and
20 per cent, respectively, in excess of output
in June, 1921. O f the 17 copper mines of the
district, 13 are now operating, compared with
two a year ago. The May, 1922, output of nine
of these mines was 24,883,000 pounds of cop­
per, more than 2 ,000,000 pounds larger than
the April, 1922, output. Petroleum production
during June was less than 1 per cent smaller
than the record output of the preceding month,
and stocks of crude oil continued to increase
to 43,500,000 barrels, being on June 30th, 46
per cent in excess of stocks held a year ago.
On July 15th a reduction of approximately 25
cents per barrel in crude oil prices was an­
nounced, the first change since the reduction
of 25 cents per barrel in August, 1921. On July
25th a further reduction of 25 cents per barrel
became effective. Gasoline stocks in California
refineries on May 31, 1922, had declined 14.3
per cent during the month, and were 18.7 per
cent less than they were a year ago, on May
31, 1921. Building activity during June was
exceeded only during April, 1922.
The grain crops of the district have suffered
on account of unusually dry weather during
June, and the total wheat yield is now esti­
mated at 103,518,000 bushels compared with a
final yield of 12 2 ,000,000 bushels during 1921.
The hot weather has been unfavorable also to
the growth of forage crops and pastures in the
livestock areas of the district, but the condition
of the stock in most sections is still reported to
be good. W arm weather, which damaged the
grain crops and pastures of the district, was
beneficial for crops of ripening fruit. The
yields of peaches and pears generally, and of
the other commercial fruits in California, will
be almost without exception larger than they
were last year. Shipments of green fruits to

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

114

Eastern markets are proceedin g normally.
Fruit canners in California are planning a 1922
pack which will be about 15 to 20 per cent
larger than the pack of 8,500,000 cases in 1921,
with opening prices, announced early in July,
slightly higher than the prices quoted for that
pack.
Notwithstanding the ’increasing activity of
production and business, bank credit generally
continues to be abundant and cheaper. Pre­
vailing interest rates charged by banks in the
larger centers are SJ
/2 to 6 per cent, and in the
agricultural regions decreased slightly during
June. Effective July 8th, the rediscount rate
of this bank was reduced from Ay2 to 4 per cent
for all classes of paper. A temporary increase
in borrowings by the city banks from the re­
serve bank attending the closing of the fiscal
year on June 30th was almost cancelled by July
12 th, total rediscounts of this bank on that
date being $42,000,000 compared with a total
of $40,000,000 on June 14th. Despite the in­
crease in agricultural activity at this season
throughout the district, repayments by country
banks of their rediscounts with the Reserve
Bank in general continued to exceed their new
borrowings.
A long period of unusually dry, hot weather
has reduced earlier estimates of the yield of
grain crops in Oregon, W ashington, Idaho and
Utah. The greatest prospective losses
Grains are in W ashington, the principal
wheat grow ing state of the district,
where the condition of spring wheat fell from
85 per cent of normal on June 1st to 63 per cent
o f normal on July 1st. It is reported that
many acres of spring wheat have been so badly
damaged that they will be used for pasture or
plowed under and the land summer fallowed.
W inter wheat has ripened prematurely, with­
out sufficient moisture, and the yield has been
reduced both in quality and quantity. The
United States Department of Agriculture esti­
mated the total wheat crop of this district on
July 1st at 103,518,000 bushels, a decline of
9.270.000 bushels from the June 1st estimate
of 112,788,000 bushels. The total estimated
yield of all wheat in the district in 1921 was
122.035.000 bushels. June and July forecasts
of yields o f all wheat in the district, by states,
during the 1922 season, as compared with es­
timated actual yields of wheat in 1921 are pre­
sented in table “ A .”
The 1922 season barley harvest in Califor­
nia has been practically completed and the
yield is estimated at 36,720,000 bushels, as
compared with the 1921 crop of 29,700,000
bushels.




A g r ic u ltu r a l

and

B u sin e ss

C o n d itio n s

Commercial factors estimate that the carry­
over of 1921 crop wheat in all hands in the
Pacific Northwest, on July 1, 1922, was 1,640,000 bushels, which is less than normal and
compares with a carryover of 1920 crop wheat,
on July 1, 1921, of 7,500,000 bushels.
Shipments of wheat from the Pacific N orth­
west during the crop year ended July 1, 1922,
have been unusually large, and export ship­
ments of wheat and flour exceeded all pre­
vious records. Exports of wheat (including
flour estimated at wheat content) from Port­
land and Puget Sound during the 1921-1922
cereal year, compared with shipments during
the 1920-1921 cereal year, have been as follows :
P ercen tage
increase
1921-1922
over
1920-1921
crop year

July 1, 1921 to
June 30, 1922
(bushels)

July 1, 1920 to
June 30, 1921
(bushels)

Portland....... 45,368,957
Puget Sound.. . 22,960,956

29,052,010
11,253,115

56
104

40,305,125

69

E x p orts o f
W heat*

Total ........

68,329,913

* In c lu d e s som e sh ipm en ts b y water1 to C a lifo rn ia a n d A lask a .

Exports of barley from California during the
recent cereal year, were also large, as shown in
the follow ing table:
Percentage
E x ports of
B arley

July 1, 1921 to
June 30, 1922
(centals)*

July 1, 1920 to
June 30, 1921
(centals)*

7,139,459

4,467,614

San Francisco.

in crea se
1921-1922
o ver
1920-1921
crop year

57

*O n e cen ta l equ a ls a p p ro x im a te ly tw o b u sh els (2 .0 9 b u s h e ls ).

W heat prices on the Pacific Coast and in
Eastern marketing centers continued to de­
cline during June, although more recently
there has been an upward tendency, follow ­
ing reports of unfavorable crop conditions
and harvesting returns. No. 1 hard wheat is
now (July 15th) quoted at $1.11 to $1.15
per bushel in the San Francisco market, as
compared with prices of $1.14 to $1.20 per
bushel on June 16th. Shipping barley is now
(July 15th) quoted at $1.25 to $1.30 per

(A ) Estimated Yield o f AU W heat—
July F oreca st
o f Y ie ld ,
1922
(bushels)

Arizona .........
California ...... .

1,330,000
13,243,000
23,810,000
630,000
, 21,127,000
Ütah ..............
5,610,000
Washington ... . 37,768,000

June F oreca st
o f Y ie ld ,
1922
(bushels)

1,330,000
13,347,000
24,345,000
641,000
22,343,000
5,916,000
44,866,000

E stim ated
A ctu a l
Y ie ld ,
1921
(bushels)

830,000
8,355,000
27,079,000
493,000
24,317,000
6,299,000
54,662,000

12th District... . 103,518,000 112,788,000 122,035,000
United States.. . 816,936,000 854,508,000 795,137,000

F ed era l R eserve B ank

115

o f S an F ra n cisco

bushel in the San Francisco market, a decline
of 5 cents per cental compared with prices
quoted a month ago.
Flour mills of the district continued to op­
erate considerably below capacity during June,
the output of 63 reporting mills averaging
32.1 per cent of capacity as com M illing pared with 41.7 per cent during the
corresponding month a year ago (see
table “ B ” ).
Millers report a reduced volume of flour
buying during the month, which they attribute
to the fact that buyers are anticipating price
declines in flour (in response to falling wheat
prices) and purchasing only for immediate re­
quirements. Export interests have made some
inquiries for flour to be milled from new crop
wheat, but no actual contracts for future busi­
ness have been reported.
That millers are grinding up their stocks
of old crop wheat and disposing of their sur­
plus stocks of flour, is indicated by figures on
holdings of wheat and flour reported by 16
large companies in the district, which are pre­
sented in the accompanying chart.

3

J

X

r-

CÏ. OF V(Ht AT /
\

....

-

3

-

2

s
,

Th

790
600

î

\
-A

Àr 3

BARR

-

0

— 900
- 800

C>urpi t
A

*

\

/

%

- 700

5 F IL .OUR

California ..................... 4,869,000
Idaho ............................ 3,204,000
Oregon ......................... 4,353,000
Utah ..............................
967,000
Washington .................. 22,413,000
12th District.................. 35,806,000
United States................ 94,239,000

Estimates of the total 1922 peach and pear
crops of the district, as compared with pre­
vious seasons fo llo w :
T w elfth D istrict:

- 300
- 200

100

- 100
i 1 9 1 1'01 II I 1.| T [ ]

l£tzz

1!321

1

E E D ol ii 1 ;

M on th ly F lo u r O utput, and S tock s o f W heat and F lour at E n d o f M o n th ,
o f 16 R e p o rtin g M illin g C om p a n ies

W arm grow ing weather during the past
month has hastened the maturity of the fruit
crops of the district and there have
Green been no reductions in previously estiFruits mated yields. Orchards in the princi­
pal apple grow ing states of the district
have set large crops. On July 1st the prospec­

(B) Miffing
—
°

1922
(bushels)

1921
(bushels)

Peaches ......... 19,748,000
Pears ............. 6,241,000

1920
(bushels)

14,781,000
5,821,000

16,022,000
6,142,000

N o significant change occurred in the con­
dition of California fruits during the past
month. On July 1st the California Crop R e­
porting Service estimated the condition and
prospective tonnages of the principal varieties
of deciduous fruits as shown in the follow ing
table:
C o n d itio n
(per cent of normal)
July 1, July 1,
1922
1921

59
Apricots .........
Cherries .......... 70
Table Grapes... 92
Wine Grapes ... 100
Peaches ........... 98
Pears ..............
80
Plums .............. 79

Estim ated
Y ie ld
1922
(tons)

46
..
69
..
72
59
68

130,000*
12,000
175,000
380,000
420,000
100,000
46,000*

A ctu a l
Y ie ld
1921
(tons)

105,000
13,000
125,000
310,000
320,000
78,000
40,000

soo

»1

L T il

3,843,000
4,047,000
5,001,000
1,037,000
24,900,000
38,828,000
63,612,000

* P r iv a te estim ate o f th e a p rico t an d plu m to n n a g e .

r "
- /

s r o c « ■ O r FLO J R

IS z t >

Y ie ld o f A p p le s
Estim ated 1922
A ctu a l 1921
(bushels)
(bushels)

M I L L IO N B U S h i e l s

M l LLIO N B U S ¡M E L S

2

tive commercial yield of apples, as compared
with the commercial crop in 1921, was esti­
mated as follow s :

.....

x

N o.
o . M ills Reoorting
R ep ortin g
M a y , 1922
June, 1922

Carlot shipments of fresh deciduous fruits
from California during the 1922 season to date
have been less in number than during the cor­
responding period a year ago, due to the late­
ness of the present season and the smaller
crops of early varieties of fruit. Shipments of
apricots and cherries to Eastern markets are
now practically completed, plums are m oving
out rapidly, and shipments of early peaches
and pears have begun. Carlot shipments of
peaches and grapes from California are ex­
pected to be unusually large this season, un­
less the movement of fruit is hampered by a

O u tpu t-------------->
'------------io n
__ it m

t__ ~
June,

Per C e n t M ill C a p a city
in O peration
June,
M ay,
Jun e,
1922
1922
1921
t___

1922
(barrels)

M a y , 1922
(barrels)

, 10
3
22
. 28

10
5
22
28

196,808
9,300
61,089
213,541

178,847
27,600
68,620
245,733

46.8
53.0
16.4
30.7

43.5
49.1
18.3
35.6

65
22
38
43

District ..................................... . 63

65

480,738

520,800

32.1

33.7

41.7

Idaho




A g ricu ltu r a l

116

shortage of refrigerator cars or curtailment of
train service on account of strikes. Grape
growers estimate that they will require over
40,000 cars to move their crops of wine and
table grapes. The follow ing commercial es­
timates show the probable movement of de­
ciduous fruits from California during the 1922
season, as compared with previous seasons:
C a rlot M ov e m e n t o f C a liforn ia Fruits (N o r th o f T eh ach api P a ss)
F orecasted
Estim ated
total shipm ent
Shipm ents
to date
during
Shipm ents
1922 season
1921
1920
July 7, 1922
(cars)
(cars)
(cars)
(cars)

Apricots .... .
Cherries .. . .
All Grapes.
Peaches ...! 1
Pears .......
Plums ......
Totals ..

187

285

312

495

665

494

4 0 ,0 0 0

2 8 ,5 2 9

2 4 ,2 8 0

3 ,9 0 0
4 ,5 0 0

3 ,3 3 4

3 ,1 4 8

4 ,1 6 0

4 ,3 9 1

946

3 ,1 0 0

3 ,0 9 9

2 ,5 6 4

. 1 ,7 3 7

5 2 ,1 7 2

4 0 ,0 7 2

3 5 ,1 8 9

187
495
0 9

A favorable market for fresh fruits is re­
ported, although prices, on the whole, are ex­
pected to be slightly lower than during the
1921 season. Fruit crops in Eastern and Mid­
dle W estern states, which compete with fruits
from California and the Pacific Northwest in
the large distributing centers of the country,
promise normal yields this season, in contrast
with the curtailed yield in those sections dur­
ing the 1921 season as a result of the spring
frosts of that year. Deciduous fruit shippers
believe, however, that the increased demand
incident to quickening business activity and
increased employment will offset this factor.
Prices received for California cherries and ap­
ricots recently marketed were approximately
the same as during the 1921 season. Prices on
1922 crop wine grapes have been announced
by the California Grape Growers Exchange.
Zinfandel grapes, representing the bulk of the
crop, are quoted at $72.50 per ton, and Alicante
Bouschet, the choicest variety of wine grapes,
at $105.00 per ton. In 1921 the Exchange
quoted these grapes at $70.00 and $90.00 per
ton, respectively. W hite grapes are quoted
at prices approximately $10.00 per ton below
1921 price levels, and it is reported that a
large amount of certain varieties of grapes or­
dinarily used for raisins, will be shipped this
season for table and other uses.
Shipments of oranges from California dur­
ing June, 1922, totaled 2,193 cars, compared
with 3,151 cars shipped during May, 1922, and
5,600 cars shipped during June, 1921. Ship­
ments of lemons during June, 1922, totaled
1,691 cars, compared with 1,829 cars during
May, 1922, and 2,231 cars during June, 1921.
Members of the California Fruit Growers E x­




and

B u sin e ss

C o n d itio n s

change received an average of $4.97 per box
for oranges and $4.35 per box for lemons mar­
keted during June, 1922, as compared with
average returns of $3.22 per box for oranges
and $5.40 per box for lemons during June,
1921.
Reports from the principal California canners indicate that the 1922 pack of canned
fruits in that state will be approximately 10 ,000,000 cases, which will be from
Canned 15 to 20 per cent larger than the
Fruits
1921 pack of 8,511,851 cases. The
largest pack of which records exist
was 13,696,403 cases in 1919.
During the 1921 season, California canners
packed 1,150,514 cases of apricots, 872,000
cases of pears, 1,633,418 cases of freestone
peaches, and 4,162,849 cases of clingstone
peaches. Accurate forecasts of the exact
number of cases to be packed during the pres­
ent season are impossible, but the present
outlook is for a slightly increased pack of ap­
ricots and pears compared with the 1921 pack,
a large increase in the pack of cling peaches,
and no change in the pack of freestone peaches.
The crop of cling peaches in the canning sec-

O pen in g P rices o f C an n ed F ruits as A n n o u n c e d b y P rincipal
Pack ers, 1910-1922 (C h o ic e G ra d e N o . 2'/z C a n )

( C) O pening P rices o f Canned Fruit—
C h o ic e G ra d e , N o . 2Vz C a n :

1922 P a ck
(per doz.)

1921 P a ck
(per doz )

$ 2 .2 5

$ 2 .6 0

2 .7 0

2 .3 5

2 .6 0

2 .2 5

3 .0 0

3 .1 5

3 .0 0

3 .9 0
2 .3 5
2 .2 5

3 .0 0
2 .3 5

4 .0 0
4 .5 0

2 .3 5

4 .1 5

2 .3 5
2 .6 0

2 .3 0

3 .9 0

2 .3 5

4 .1 5

2 .6 0
3 .2 5

2 .3 5

4 .1 5

3 .0 0

4 .6 5

2 .1 5

2 .1 5

3 .4 0

Apricots ..................... .
Blackberries .............
Cherries, Black...........
Cherries, Royal Anne... .
Grapes, Muscat...........
Loganberries .............
Peaches, Yellow Free... .
Peaches, Yellow Cling . .
Peaches, White Cling. . .
Pears, Bartlett..........

1920 P a ck
(per doz.)
$ 3 .8 5

3 .4 0

F ed era l R eserve B ank

tions of the state is larger than normal. The
plentiful supply of fruit will make it possible
for the canneries greatly to increase their out­
put of this variety, which is the principal item
among California canned fruit products.
The 1922 pack of canned cherries is prac­
tically completed and because of the small
crop of this fruit, it is estimated that in Cal­
ifornia the pack will be slightly less than the
curtailed 1921 pack of 222,772 cases, and in
Oregon and W ashington will be considerably
less than the 1921 pack of 211,783 cases.
Early in July, the principal packers of
canned fruit in the district announced open­
ing prices on the 1922 pack. As was fore­
casted by previously established prices to
growers of raw fruits, which were higher than
in 1921 for all of the principal varieties, the
canners’ quotations on 1922 pack fruit were
definitely higher than 1921 opening prices,
except on grapes and plums. Cherries were
quoted at close to the peak prices of 1920 (see
accompanying chart and table “ C” on preceding page).
Canners report that a moderate volume of
business has already been booked on contracts
for future delivery of canned fruits, in contrast
with the situation a year ago when there was
little or no advance buying. An active export
demand for canned fruits is expected during
the 1922 season, English buyers having al­
ready contracted for approximately 750,000
cases with Southern California canneries.
Jobbers in the eastern United States are re­
ported reluctant to contract for future deliv­
eries of canned fruits.
The acreage of hops in this district has
been reduced slightly since last year, but
weather conditions have been favorable dur­
ing the 1922 grow ing season. It is
Hops estimated that the crop will total 181,000 bales, as compared with 164,600
bales harvested in 1921. Estimated acreage
and production of hops by states, is as fo llo w s:

California ....
Oregon ........
Washington .. .
12th District.. .

A cre a g e
1922

A cre a g e
1921

11,000
12,000
3,000
26,000

12,000
12,000
3,000
27,000

P rodu ction
Estim ated
A ctu a l
1922
1921
(bales)
(bales)

100,000 80,000
57,000 57,000
24,300 27,600
181,300 164,600

A large part of the district’s hops will be
sold by growers at profitable prices under con­
tracts entered into in previous years. The
underlying statistical position of hops, how­
ever, contains certain unfavorable factors:




117

o f S a n F r a n c is c o

1. Buyers and brokers of hops have large
carryover stocks of the 1921 crop.
2. The domestic consumption of hops by
American brewers has been reduced from a
pre-war average of 225,000 bales a year, to
approximately 32,000 bales a year at the pres­
ent time.
3. Export movement of hops to England, the
principal foreign market for American hops, is
restricted by import regulations of the Eng­
lish H op Control Board.
Many of the contracts under which growers
will sell this year’s crop will expire at the
end of the season, and few new contracts have
been made.
Butter production throughout the district
increased during June, a total of 2,122,439
pounds of butter m oving into cold storage in
the four principal markets of the
Dairy
district during the month as comProducts pared with 1,080,239 pounds stored
during June, 1921. Total holdings
of cold storage butter in these markets on
July 1, 1922, amounted to 3,927,617 pounds, as
compared with 2,797,561 pounds of butter held
on July 1, 1921 (see table “ D ” ). For the United
States as a whole, cold storage holdings of
butter are reported by the Bureau of A gricul­
tural Economics of the United States Depart­
ment of Agriculture to be decidedly larger than
they were at this season a year ago.
Butter prices in San Francisco have been
firm during the past month. Fresh creamery
butter, 93 score, which was quoted at 39j^

( D) M ovem ent o f Stocks o f Cold Storage
B utter—
June, 1922
N et
Increase
(pounds)

Los Angeles...
Portland .......
San Francisco.
Seattle ..........

713,387
432,835
447,014
529,203

Jun e, 1921
N et
In crease
(pounds)

July 1,
1922
H old in g s
(pounds)

July 1,
1921
H old in g s
(pounds)

159,543 1,399,073 657,721
100,776 488,407 209,548
421,951 1,469,244 1,287,651
397,969 570,893 642,641

Totals .......2,122,439 1,080,239 3,927,617 2,797,561

(jE) Prices R eceiv ed by Milk P roducers*—
S e c tio n f

June,
1922
Range

Jun e,
1922
A ver­
age

M ay,
1922
A ver­
age

Ju n e,
1921
A ver­
age

Mountain (6 Mkts.)... .$1.28-2.80 $1.98 $2.04 $2.23
Pacific (9 Mkts.)........ 1.45-3.40 2.12 2.04 3.07
U. S. (97 Mkts.).......... 1.28-4.65 2.07 2.10 2.11
*A11 p rice s per h u n d re d w e ig h t f o r m ilk te stin g 3.5 per ce n t bu tter
fat.
t M o u n t a in S e c tio n in c lu d e s Id a h o , U ta h , N e v a d a an d A r iz o n a .
P a cific S e c tio n in clu d e s W a s h in g to n , O r e g o n an d C a lifo rn ia .

118

A g ricu ltu r a l

cents per pound on June 15th, is now, July
15th, quoted at 41 cents per pound. Butter pro­
duction reached its seasonal peak during June
and dealers expect an upward movement of
butter prices during the remainder of the year.
The average price to producers for raw milk
declined 6 cents per 100 pounds in the M oun­
tain Section during June, 1922, and increased
8 cents per 100 pounds in the Pacific Section
during the same period (see table “ E” ). Com­
pared with June, 1921, prices have declined
$0.25 and $0.95 per 100 pounds in the Moun­
tain and Pacific Sections, respectively.

and

B u s in e s s

C o n d itio n s

in good condition in most sections of the dis­
trict, dry grass and stubble forage affording a
sufficient supply of feed for current needs.
Movement of California grass fed cattle
reached its peak during June, tw o or three
weeks later than usual, and shipments from
other sections increased in volume. Receipts
of cattle and calves at eight principal markets
of the district were 23 per cent larger than
during May, 1922, and 20 per cent larger than
during June, 1921, as shown by the accom -

Seasonal M o v e m e n t o f H o ld in g s o f G o ld Storage Butter at F o u r
P rincipal M a rk ets o f the D istrict, 1920-1922

Unusually hot and dry weather has caused a
rapid deterioration of pastures in the Pacific
N orthwest and in the Intermountain
Livestock states during June, and hay crops
in those sections will be light. A t
present, however, livestock are reported to be

R eceipts o f L iv e s to ck at E ight o f the P rincipal M a rk ets o f the D istrict
1921-1922. ( L o s A n g e le s , O gden , P ortland, Salt L a k e C ity , San
F ra n cisco , Seattle, S pok ane and T a co m a in clu d e d )

(F) R eceipts o f Livestock—
C attle
June,
1922

C a lv es
June,
June,
1922
1921

June,
1921

♦Los Angeles---- .18,622
Ogden ............. , 5,081
Portland .......... 10,638
Salt Lake City.,. 5,921
♦San Francisco..,.18,419
Seattle ............. , 4,384
Spokane .......... 2,853
Tacoma ........... 1,948

15,622
1,392
8,818
2,744
17,747
3,303
3,956
1,744

Twelfth District.67,866

55,326

H ogs
June,
1922

June,
1921

6,326
182
703
283
4,457
109
485
12

31,914
9,245
18,162
4,391
29,119
8,820
4,041
3,930

25,971
8,284
9,667
3,005
22,181
11,513
2,998
4,972

14,201 12,557

109,622

88,591

6,954
170
1,164
162
4,884
143
355
369

Sheep
June,
June,
1922
1921

45,465
23,510
25,974
54,722
80,046
6,031
6,449
3,847

45,037
34,664
49,295
15,843
83,362
9,608
10,438
4,830

246,044 253,077

and M u le *
J un e
Ju n e,
1921
1922
. .

264
370
150

.

177
84
44

..

20
231

22
74

••

••

1,030

401

* R e c e ip ts in th e L o s A n g e le s a n d S an F r a n c is c o B a y d istricts re p r e s e n t a m a jo r it y o f th e a n im als s la u g h te re d in C a lifo rn ia .

(G) R a n g e in Livestock P rices—
H ig h e st and L o w e s t A v e ra ge T o p P rices Per H u n dredw eigh t R e ce iv e d at A b o v e M a rk ets D u rin g Jun e.
W eek of

F a t Steers

June 5............... $6.75—9.00
June 12............... 6.50—9.00
June 19............... 6.50—8.75
June 26............... 6.50—8.75




C ow s

C a lv e s

H ogs

La m b s

$4.75—7.25
4.50—7.25
4.50—7.00
4.50—7.00

$6.50—10.00
6.50—10.00
6.50—10.00
6.50—10.00

$10.30—12.00
10.20—12.25
10.50—12.25
10.00—12.25

$8.50—13.10
8.50—12.00
8.50—11.50
8.50—11.50

F ed era l R eserve B ank

119

o f S a n F r a n c is c o

panying chart and table “ F ” on opposite page.
Receipts of sheep during June, 1922, 246,044
head, declined as compared with the seasonal
peak movement of the previous month, 403,390
head,, and were less than receipts during June
a year ago. Receipts of hogs at the principal
markets o f the district continued to be larger
than they were a year ago, although fewer hogs
were received during June, 1922, than during
May, 1922.
The trend of cattle prices in the principal
markets in this district was downward dur­
ing June, a tendency which is in part attributed
to the large number of half fat stock included
in shipments of cattle now being offered for
sale. The trend of hog prices in Northwestern
markets, and in Eastern marketing centers,
was downward during June, although hog
prices remained unchanged in California mar­

kets. Lamb prices declined in all markets of the
district except San Francisco, where slight gains
were recorded. The range in livestock prices
at the principal markets of the district during
June is shown in table “ G.”
In the country at large the advance in whole­
sale prices which commenced last January con­
tinued during June, the United States Bureau
of Labor’s index number of wholesale
Prices prices advancing 1.35 per cent during
the month. The present level of
wholesale prices is 5.63 per cent higher than
one year ago and 8.7 per cent above the low
point of January, 1922. The cost of living also
advanced slightly during June, the index num­
ber of the National Industrial Conference
Board being 155.4 in June, 1922, compared
with 154.9 in May, 1922. The decline in the
cost of living during the year period June,

(H) Com m odity P rices—
C om m o d ity

Twenty Basic Commodities (F. R. B. of N. Y.) 1913=100.
Wholesale Prices (U. S. Bureau of Labor*) 1913=100.......
Cost of Living (National Industrial Conference Board)
July, 1914=100
Cattle (Native Beef)... Weekly average price at Chicago..
Sheep ...............
Lambs .............
Hogs ...............
W heat.............. . Chicago contract prices for July and May
W heat..................................................
Barley.............. .Shipping Barley F. O. B. San Francisco.
Rice ................. . California Fancy Japan at San Francisco
Cotton.............. . Middling Uplands—Weekly average of
spot quotations at New Orleans..........
W o o l ............... .Average of 98 quotations at Boston.......
Sugar ............... .Beet granulated F. O. B. San Francisco.
A pples............. . N. W. Winesaps at New York...............
Oranges .......... .Valencias, special brands, Los Angeles..
Lem ons........... .Loose pack at Los Angeles....................
Dried Apples__ . Choice in 50-lb. boxes F. O. B. California
Dried Apricots.. . Choice in 25-lb. boxes F. O. B. California
Prunes............. Size 40/50 in 25-lb. boxes F. O. B. Calif..
Raisins............. , Loose Muscatel in 25-lb. boxes F. O. B.
California ............................................
Canned Apricots.Choice 2^s F. O. B. California...............
Canned Peaches.,.Cling choice, 2^s F. 0. B. California___
Canned Pears__ .Bartlett, Standard 2^s F. O. B. Calif___
Butter ............... .93 score at San Francisco........................
E ggs................... Extras—San Francisco...........................
Copper............. ..Electrolytic; New York Spot.................
L ead...................New York Spot.......................................
Petroleum ........ .California 35° and above........................
Douglas Fir........ 2x4, 16-ft. No. S1S1E F. O. B. Seattle....
Douglas Fir........ .12x12 Timbers F. O. B. Seattle...............
^ R ev ised figu res,
f P r ic e s o n 1922 pack.




U nit

100
100
100
100

lbs.
lbs.
lbs.
lbs.

bu.
cental
cental

July 7.1922

O ne M on th A g o

O n e Y ear A g o

139.5
150.0

138.1
148.0

128.4
142.0

155.4
$9.40
6.50
12.90
10.05

154.9
$8.40
7.10
12.20
10.45

161.9
$7.65
4.90
10.55 ,
9.20

1.13^-1.15^ 1.18-1.1954
1.35-1.40
1.25-1.35
4.85
5.25
20.50#
71.44#
5.90#
2.25-5.00
7.50-8.00
2.50-2.75
.16^
.23
.12y2-.123/4 .12J4-.12H

lb.
lb.
lb.
box
box
box.
lb.
lb.
lb.

22.50#
74.01#
6.70#
2.00-4.00
7.75-8.50
2.50-2.75
•12/4t
.23^-.24

lb.
doz.
doz.
doz.
lb.
doz.
lb.
lb.
bbl.
M feet
M feet

•153^
3.15f
2.60f
2.85f
.40
.31^
.13^-14
5.75#
2.45
17.50
17.00

.1 5 «

3.00
2.60
3.00
.38^
.27^
.13JÍ-.14
5.654-6.004

2.45
14.50
17.00

1.17*4-1.21
1.20-1.30
4.15
11.25#
40.73#
5.60#
. .
3.50-4.00
3.00-3.50
•09J4-.09J4
.15-17
.10J4-.11
■24H

2.75
2.35
3.00
.38^4
■37y2

.1254
4.55^
2.70
12.50
16.00

120

A g ricu ltu r a l

1921, to June, 1922, has been 4.1 per cent.
Excepting normal seasonal declines in prices
of livestock and grain, prices of the principal
commodities of the Tw elfth Federal Reserve
District moved upward during June. Prices of
rice, cotton and sugar made the largest ad­
vances for the month, while other commodities
held recent gains or advanced slightly. In­
creased domestic and foreign (principally Jap­
anese) demand for California rice was accom ­
panied by a rise in price from $4.85 per 100
pounds of cleaned rice on June 2nd to $5.25
per 100 pounds on July 7th. A marked reduc-

W h ole s a le P rices and the C o s t o f L iv in g , 1920-1922
U n it e d S tates B u re a u o f L a b o r I n d e x o f W h o le s a le P r ic e s
(19 1 3 = 1 0 0 ). N a tio n a l I n d u s tr ia l C o n fe r e n c e B o a r d I n d e x o f the
C ost o f L iv in g (J u ly 1 9 1 4 = 1 0 0 ) .

tion in surplus stocks of sugar has been accom ­
panied by a noticeable upward movement in
sugar prices and the price of granulated beet
sugar on the San Francisco market advanced
from $5.90 per 100 pounds to $6.70 per 100
pounds during June. Cotton prices reached
new high levels for the year in June and an
average quotation on middling Uplands cotton
at New Orleans advancing from 20.50 cents
per pound to 22.50 cents during the month.
Native beef cattle prices on the Chicago

(I) Lumber—

W est C oast
L u m b e rm e n *»
A s s o c ia tio n

June.
1922
Average No. of
Mills Reporting. 127
Cut* ................... 356,371
Shipments* ....... 374,265
Orders*.............. 339,540
Unfilled Orders* . .307,745

*In thousands o f feet.




June.
1921

111
227,461
236,932
218,280
182,013

W e s te rn P in e
M a n u fa c tu re rs *
A s s o c ia tio n

and

B u sin e ss

C o n d itio n s

market averaged $9.20 per 100 pounds during
the week ending July 7th, a new high record
for the year, although the trend of cattle prices
in the markets of this district was downward
during June. Lamb prices also advanced on
Eastern markets but the prices of sheep and
hogs were lower at the close of June than at
the close of May.
Fresh fruits were in moderate demand dur­
ing the month and prices were steady. Open­
ing prices on 1922 pack canned fruit were
announced by the principal California opera­
tors early in July and were higher than 1921
opening prices on all of the principal items of
California fruit. Prices on prunes and dried
apricots of the 1922 pack displayed an upward
tendency during June.
Changes in the prices of some of the prin­
cipal commodities of the district are shown in
table “ H ” (see preceding page).
The steady increase in activity in the lum­
ber industry of this district during the first
five months of this year continued in June, re­
ported production and shipments
Lum ber exceeding the figures of previous
months of 1922. Several small mills
which have been idle since 1920 resumed op­
erations during the month. New business
booked during June declined slightly compared
with May and was less than the monthly pro­
duction of lumber for the first time this year.
Lumber production of 194 mills in the four
lumber associations in this district was 578,293.000 feet during June, slightly larger than
“ normal.” The figures show an increase of
35.010.000 feet compared with the previous
month, and were 195,919,000 feet, or 51.2 per
cent, greater than production during June,
1921. Shipments from the same mills increased
from 546,977,000 feet in May, 1922, to 577,228,000 feet in June, 1922, and were 254,652,000
feet, or 78.9 per cent, greater in the latter
month than in June, 1921. Orders received
during June, 1922, were 15.4 per cent less than

C a lif o r n ia W h ite
a n d S u g a r P in e
M a n u fa c tu re rs *
A s s o c ia tio n

C a lif o r n ia
Redw ood
A s s o c ia tio n

June,
1922

Ju n e,
1921

June,
1922

Jun e,
1921

Jun e,
1922

47
137,992
140,049
119,275
141,250

47
99,761
57,888
53,725
35,525

8
49,232
28,236
37,553

6
24,723
12,288
8,001

12
34,698
34,678
29,395
53,218

June,
1921

12
30,429
15,468
16,200
34,203

TO TAL

June,
1922

194
578,293
577,228
525,763
502,213

Jun e,
1921

176
382,374
322,576
296,206
251,741

F ed eral R eserve B an k

o f S a n F r a n c is c o

during the previous month and 77.4 per cent
greater than during the same month a year
ago, being 525,763,000 feet in June, 1922, com ­
pared with 607,159,000 feet in May, 1922, and
296,206,000 feet in June, 1921. In the three
associations for which figures are available,
unfilled orders at the close of June amounted
to 502,213,000 feet compared with 481,490,000
feet on May 31, 1922, and 251,741,000 feet on
June 30, 1921.
The outstanding feature of the domestic
market during June was the continued heavy
demand for house building material. This de­
mand, together with the buying of railroad car
frame and siding stock, caused the different
grades of lumber to move in fair volume. N ot­
withstanding the decline in the total volume
of buying, lumber from the Pacific Northwest
continued to be shipped in large quantities to
the Atlantic Coast states and to Southern Cali­
fornia. Reports from distributing centers indi-

Lum ber P rodu ction, O rd ers R e ce ive d , and Shipm ents in T w elfth
Federal R eserve D istrict as R ep orted b y F ou r Lu m ber
A s s o cia tio n s, 1921-1922

cate that yard stocks are light and that pres­
ent shipments from the mills are, in most cases,
going directly into construction work. The
June purchases of lumber probably represented
the actual current needs of buyers, as it is
reported that many large purchasers held back
orders until reduced railroad freight rates
should become effective on July 1st. Prices in
the various grades of lumber remained on the
whole unchanged during the month.
In the foreign market new business was
less in volume in June, 1922, both as compared
with previous months of this year and with
June, 1921. Some orders, however, were re­
ceived from all foreign countries using Pacific
Coast lumber, and prospects are reported en­
couraging for a large export business during
the fall months.
L og production in the Pacific Northwest in­
creased slightly during June, 1922, compared
with May, 1922, and was approximately 20
per cent greater than in June, 1921. The pres­




121

ent supply of logs is reported to be 5 per cent
below normal and about equal in amount to
the logs held one year ago when the sup­
ply exceeded the demand. Present log prices
are the highest in the history of the industry,
and as a result, many camps are expected to
make their usual July shut-down as short as
possible, despite the fire hazard at this season
of the year. Unusually destructive forest fires
broke out in the Pacific Northwest during June
and resulted in the loss of logging equipment,
railroad bridges, and standing timber valued at
several million dollars.
Comparative figures of cut, orders, ship­
ments and unfilled orders of the four associa­
tions in this district during June, 1922, and
June, 1921, are shown in table “ I ” (see opposite
page).
O f the 17 principal copper mines in this dis­
trict, which in 1920 produced over half of the
copper mined in the United States, 13 are
now operating, compared with two a
M ining year ago. In May, 1922, the output
of nine of the 13 mines was 24,883,000
pounds, compared with 22,764,000 pounds pro­
duced in April, 1922, and 5,952,000 pounds in
May, 1921. Production of copper in the United
States during May was reported to be 68 per
cent of normal, compared with 59 per cent in
April, 46 per cent in March, and 18 per cent
in the six months period, July-December, 1921.
The trend of copper prices continued upward
during June, and at present quotations (13.50
to 14 cents per pound) mining of this metal
is profitable for the mines with relatively low
production costs. The average price per pound
of electrolytic copper in New Y ork was 13.82
cents in June, compared with average prices
of 13.36 cents in May, 12.82 cents in April,
12.94 cents in June, 1921, and 14.11 cents dur­
ing the five years, 1909-1913.
Increased activity was noted in gold, silver,
and lead mining in the district during June,
1922, as compared with May, 1922. In Utah,
the activity was principally due to the rising
prices for lead. From an average price of 4.70
cents per pound in February, 1922, the price
of lead in New Y ork increased to 5.74 cents in
June, 1922. The price in June, 1921, was 4.48
cents. In Nevada it is reported that condi­
tions in the mining districts are steadily ap­
proaching normal and that operations in the
smaller mines are being resumed. The recov­
ery of gold in the district, both from the deep
mines and from dredge operations, as reported
by 13 mining companies, was 35,315 oz. in
May, 1922, compared with 31,851 oz. in April,
1922, and 31,352 oz. in May, 1921.

122

A g ricu ltu r a l

Average daily production of petroleum in
California during June, 1922, was 355,274 bar­
rels, compared with a record daily production
during the month preceding of
Petroleum 357,376 barrels, and with 337,625
barrels in June, 1921. Increased
activity in industry and a seasonal increase in
the demand for certain petroleum products
were reflected in larger shipments of crude pe­
troleum during June, which at 307,415 barrels
per day exceeded shipments in each of the
past 15 months. Stored stocks continued to
accumulate during the month, totaling 43,477,237 barrels on June 30. Sixty-eight new wells
were completed during June and seven wells
abandoned, a net increase of 61 producing
wells during the month. Stocks of gasolene
held at refineries in California on May 31, 1922,
totaled 56,394,512 gallons, compared with 69,491,181 gallons held on May 31, 1921, a decline
of 13,096,669 gallons, or 18.7 per cent during
the year. Compared with April 30, 1922, stored
stocks of gasolene on M ay 31, 1922, show a de­
crease of 9,446,935 gallons, or 14.3 per cent,
during the month.
Stocks of gasolene held at refineries in the
United States on M ay 31, 1922, as reported by
the United States Bureau of Mines, totaled
856,607,102 gallons, compared with 800,495,787
gallons on M ay 31, 1921, an increase of 56,111,MILLIONS

and

B u sin e ss

C o n d itio n s

315 gallons, or 7.0 per cent, during the year.
Compared with April 30, 1922, stored stocks
in the United States on M ay 31, 1922, were less
by 35,660,664 gallons, or 4.1 per cent, during
the month. (See accompanying chart.)
On July 15, 1922, the Standard Oil Company
of California announced a reduction of approx­
imately 25 cents per barrel in its buying prices
on all grades of crude oil at the well in the San
Joaquin Valley and the W hittier-Fullerton
fields. A comparative statement giving the
July 15th prices for crude oil compared with
prices which have been in effect since August
3, 1921, follow s:
P rice per Barrel
July 15,
1922

14° to and including 17.9° gravity.............
18° to and including 18.9° gravity.............
19° to and including 19.9° gravity___$ .85*
20° to and including 20.9° gravity..........88
21° to and including 21.9° gravity..........92
22° to and including 22.9° gravity..........98
23° to and including 23.9° gravity---- 1.05
24° to and including 24.9° gravity.... 1.13
25° to and including 25.9° gravity.... 1.21
26° to and including 26.9° gravity___ 1.30
And for each increase in gravity of
one (1) full degree above 26.0°
gravity, up to and inclusive of 34.9°
gravity, ten (10) cents per barrel
additional.
35° gravity and above...................... 2.20

A u g . 3,
1921

$1.10
1.11
1.13
1.16
1.20
1.25
1.31
1.38
1.46
1.55

2.45

* T h e p r ice as o f J u ly 15, 1922, in c lu d e s c r u d e o il o f 14° to a n d
in c lu d in g 19.9° g ra v ity .

M ILL IO N S

90
80
70
60
50

90

4-0
30

ZO

112 13 4 5 6 7 8 9 io «I 12 I 2 3 4 5 6 7 8 9 IO II 12

19 22
C A L IF O R N IA
P rodu ction , Shipm ents and S tored S to c k s o f Petroleum , and Refinery
S tored S to ck s o f G a s o le n e 1921-1922

U N IT E D ST A T E S
P rod u ction plus Im p o rts, and S tored S to ck s o f P etroleum and
R efinery S tored S to ck s o f G a s o le n e , 1921-1922

Jun e, 1922
( J ) P etroleum ----Production (daily average).......................................
355,274 bbls.
Shipments (daily average).........................................
307,415 bbls.
Stored Stocks (end of month).................................. 43,477,237 bbls.
New Wells Opened.....................................................
68
With Daily Production...........................................
35,985 bbls.
Wells Abandoned.......................................................
7




M a y , 1922

June, 1921

357,376 bbls.
284,910 bbls.
42,041,461 bbls.
64
45,685 bbls.
4

337,625 bbls.
280,494 bbls.
29,768,643 bbls.
76
19,965 bbls.
2

F ed era l R eserve B ank

123

o í S an F ra n cisco

On July 25th prices on all grades of crude
oil were reduced an additional 25 cents per
barrel. Present prices are lower than at any
time since 1916.
Statistics on oil field operations as furnished
by the Standard Oil Company of California
are shown in table “ J” (see opposite page).
Greater activity of production during May,
1922, as compared with May, 1921, is indicated
by sales of electric power for industrial pur­
poses of 19 of the principal power
E lectric companies in the district. The greatEnergy
est proportionate increase was re­
ported from the Intermountain terri­
tory where, notwithstanding a decrease in sales
to agricultural consumers, total sales were
37.6 per cent greater in May, 1922, than in
May, 1921, the increase in sales to the mining
industry alone being 187.7 per cent. In the
Pacific Northwest sales during May, 1922,
were 12.4 per cent greater than in May, 1921,
the mining and lumbering industries partici­
pating in the increase. In California a similar
comparison shows an increase of 1 .1 per cent
in total sales in 1922 compared with 1921 and
in the district as a whole the increase was 7.7
per cent.
Seasonal increases in sales of electric power
for agricultural purposes were reported in all
sections as the summer irrigation season com ­
menced. In California sales to agricultural
consumers rose from 9,694,380 kilowatt hours
in April, 1922, to 38,869,380 kilowatt hours in
May, 1922, or 300 per cent. Smaller gains were
reported in all other states. Statistics on pro­
duction and sales of electric energy during
May as reported by 19 principal power com ­
panies in the district are given in table “ K .”

(K ) E lectric E n ergy—
Plant C a p a city
(1) Production—

K. W .
M ay,
1921

The follow ing table presents some of the
recent significant developments in sales of elec­
tric power for industrial purposes by districts
and by industries:
Percentage In crease or D e cre a se ( —) in Sales o f E lectric P ow er to
Industries during M a y , 1922, as com pared w ith
M a y , 1921.
T otal
L u m b e r­ Industrial
A g r ic u l­
Sales
ing
M in in g
ture

California ............. — 2.5
7.6
Pacific Northwest..
Intermountain...... —33.0
5.9
Twelfth District...

2.5
16.2
187.7
31.0

34.0
, .

34.0

1.1
12.4
37.6
7.7

The dollar value of sales of 32 representative
department stores in this district was 3.0
per cent greater in June, 1922, than in June,
1921.
This is the second consecutive
Retail month during which the dollar value
Trade of sales has been greater than in the
corresponding month a year ago. Sales
during the six months’ period ending June 30,
1922, were seven-tenths of 1 per cent less in
value than in the first six months of 1921.
W hen the lower level of retail prices prevail­
ing this year is considered, this small decrease
in dollar value undoubtedly represents an in­
crease in the physical volume of merchandise
sold during 1922 compared with 1921.
Follow ing the seasonal trend of department
store sales, the value of sales in June, 1922,
was less than in May, 1922, the decrease being
unusually large this year on account of the
many special “ sales” held during May, which
increased abnormally the volume of business
transacted during that month.
A statistical record of the movement of
stocks on hand, outstanding orders, and the
rate of turnover of stocks for reporting stores
is given in the table on the following page.

P eakload K . W .
A p ril,
M ay,
1921
1922

Plant O utput K. W ,. H .
A p ril,
M ay,
1922
1921

M ay,
1922

A p r il,
1922

969,075

973,925

892,475

687,326*

600 ,394 *

644 ,032 *

333,370,897

278 ,542 ,41 8

291 ,391 ,41 7

359,495

359,495

333,995

149,236*

127,491*

142,601*

101,630,669

98,147,793

93,594,799

239,157

239,157

223,837

132,661*

116,128*

104,739*

67,173,457

53,430,655

50,590,079

T w e lfth D is trict (19
c om p a n ies r e p o r t in g ).1,567,727

1,572,577

1,450,307

969 ,223 *

844 ,013 *

891 ,372 *

502,175,023

430 ,120 ,86 6

435,576,295

C a lifo r n ia (8 co m p a n ie s
r e p o r t in g ) .....................
P a cific N o rth w e st (5
com p a n ies r e p o r tin g ).
In te rm o u n ta in States (6
com p a n ies r e p o r tin g ).

(2) Sales—
C a lifo rn ia .........................
P a cific N o rth w e s t ..........
In te r m o u n ta in States . .

N u m b er o f Industrial C on su m ers
A p ril,
M ay,
M ay,
1921
1922
1922

M ay,
1922

C o n n e cte d Industriai L oa d H . P.
M ay,
A p ril,
M ay,
1922
1922
1921

M ay,
1922

Industrial Sales K. W . H .
M ay,
A p ril,
M ay,
1922
1922
1921

43,604
9,981
10,020

44,417
9,941
9,789

40,391
9,831
8,969

1,415,273*
160,196*
274 ,221 *

1,295,259*
159,147*
270 ,391 *

1,321,197*
152,994*
254 ,175 *

193,195,259
62,420,638
45,749,274

148,952,741
60,761,667
3 2,942,908

190,917,849
55,486,603
33,232,985

63,605

64,147

59,191

1,849,690*

1 ,724,797*

1,728,366*

301,365,171

242 ,657 ,31 6

2 7 9 ,637 ,43 7

* N o t re p o r te d b y all co m p a n ie s. F ig u r e s so m a rk e d are co m p a ra b le u n d e r re s p e c tiv e h ea d in gs a n d dates, but n o t s tr ic tly a ccu ra te f o r
c o m p a r is o n w ith o th e r p o r tio n s o f the table.




124

A g r ic u ltu r a l

P ercentage increase
Percentage
o r d ecrease ( —)
O utstanding
in the value o f
O rd e rs at
S to ck s at end o f end o f m onth to
m onth com pared total purchases
w ith sam e m onth
during
Y e a r 1921
o f year p reviou s

January,
February,
March,
April,
May,
June,

1922..
3.4
1922.. —4.3
1922.. —2.4
1922.. —4.3
1922.. —9.0
1922.. —1.9

8.9
10.3
9.5
7.2
9.1
11.2

and

B u s in e s s

C o n d itio n s

Table “ L ” gives in detail statistics in regard
to sales, stocks and outstanding orders as
furnished by 32 department stores in this
district.
Reports received from 196 representative
wholesale firms in 10 lines of business in this
district indicate that the value of sales was
greater in June, 1922, than in June,
W holesale 1921, in all lines except shoes
Trade
where a decrease of 5.0 per cent
occurred. The increases ranged
from 1 .1 per cent in automobile tires to 18.9 per
cent in hardware and 138 of the 196 reporting
firms participated in them. W ith the exception
of agricultural implements, the value of sales
in all lines was greater in June, 1922, than in
May, 1922, notwithstanding the fact that a
seasonal period of dullness in trade is usually
experienced in the early summer months.
The average net increase or decrease (— ) in
the value of sales of all reporting firms in each
line of business was as follow s :

A nnual Rate
o f T u rn o v e r
o f Stock s
indicated at
end o f m onth

2.4
2.3
2.3
2.4
2.6
2.5

S ix M o n th s
ending Jun e 30,
Jun e, 1922
1922 com p ared
com p a red w ith
w ith sam e
June
M ay
p e riod in
1921
1922
1921

Agricultural Implements..
Automotive Supplies........
Automobile Tires.............
Dry Goods.......................
Furniture ........................
Groceries .........................
Hardware ........................
N e t Sales o f 32 D epartm en t Stores in T w e lfth F ed era l R e se rv e D is tr ic t
(in Millions of Dollars)

Stationery .......................

13.8 — 1.7
7.3
8.0
1.1
30.8
7.3
2.5
2.7
1.5
11.9
12.4
18.4
10.9
18.9
7.8
— 5.0
.7
7.0
10.0

— 8.9
— 4.4
2.5
5.9
3.4
5.6
— 2.8
1.4
— 5.5
— 6.6

(L) R eta il Trade A ctivity—
CONDITION OF RETAIL TRADE DURING JUNE, 1922
In Federal Reserve District No. 12
(32 Stores Reporting)
Los
A n g e le s
O akland

No. of reporting firms............................
Net sales (percentage increase or de­
crease) June, 1922, compared with
June, 1921 ...........................................
June, 1922, compared with May, 1922..
Period Jan. 1 to June 30, 1922, com­
pared with the same period in 1921...
Stocks: (percentage increase or de­
crease) June, 1922, compared with
June, 1921 ...........................................
June, 1922, compared with May, 1922..
Percentage of average stocks on hand
at close of each month since Jan. 1,
1922, to average monthly sales dur­
ing same period..................................
Percentage outstanding orders at
close of June, 1922, to total pur­
chases during year 1921......................




Salt L a k e
C ity

7.1
-11.5

— 4.8
4.7

5.5
9.9

5.2

—11.1

—12.6

— 5.5
— 4.8

.7
— 7.0

4.1
- 5.7

425.1

576.9

11.9

San
F ra n cis co

4.4
-32.7

Seattle

Spokane

5

3

D is t r ic t

32
3.0
-15.6

5.7
1.9

— 4.3
2.3

2.1

-11.5

1.8
— 7.6

— .4
— 2.9

2.6
— 6.3

— 1.9
— 6.0

526.9

450.6

419.8

667.2

463.0

7.3

12.1

10.5

10.6

11.2

-

.7

F ed era l R eserve B an k

125

o f S an F ra n cisco

Collections during the past six months have
been reported as fo llo w s :
N o . o f Firm s R ep orting C o lle ctio n s as
E x cellen t
G ood
Fair
P oor

January .......................
February.....................
March .........................
April ...........................
M a y .............................
June ............................

4
1
3
5
7
5

40
28
30
37
50
45

80
78
92
95
87
74

31
36
26
17
7
5

One hundred and twelve firms reported their
collections on July 1, 1922, and July 1, 1921, as
fo llo w s:
P ercentage o f Past D u e A cco u n ts on July 1, 1922, to T otal A m ou n t
D u e from C u stom ers on the Sam e D ate
N u m b er o f
Firm s

Agricultural Implements....... 6
Automobile Tires................... 11

Percentage o f O utstandings July 1, 1922, to June, 1922, Sales
N u m ber o f
Firm s

Automobile Supplies.. . ....
D rugs..........................
Dry Goods...................
Furniture ....................
Hardware ...................
Shoes ..........................
Stationery ...................

16
3
8
9
16
9
12

1921

JUNE

P R IC ES 1921 = 1 0 0 % =

I JUNE

11922[

1 JUNE

11922 1 S A L E S 1

JU N E

11921 SALES

P R IC E S !

U.S.BUREAU OF LABOR INDEX
NO. WHOLESALE P R IC ES

1

AGRICULTURAL IMPLEMENTS

A U T O M O B IL E S U P P L IE S
A U T O M O B IL E T I R E S

1922

1921

41.5
17.1

42.1
11.3

DRUGS
D R 't G O O D S

ir.... v \

F U R N lT lf R E

Percentage o f C o lle ctio n s during M o n th (J u n e ) to T o ta l A m ou n t
D u e from C u sto m e rs (ou tsta n d in g) on First o f that M on th
N u m ber o f
F irm s

1922

Groceries ............................. 22
108.3
115.1
Statements of increase or decreases (— ) in
the value of sales of 196 reporting firms during
June, 1922, compared with June, 1921, and the
six months of 1922 compared with the same
period in 1921 are shown in table “ M.”

"

.v"

" Y ■/

G R O C E R IE S
_____

1922

1921

60.3
78.2
39.9
56.8
50.3
35.5
62.7

60.1
70.4
44.4
54.7
46.4
39.3
61.5

H ARDW ARE
¿

1

—

—

'

SH O ES
—

—

J

s t a t io n e r y

0

20

40

60

80

1
100

120

140

160

|

D ollar V a lu e o f Sales o f R epresen tative W h olesale H o u s e s and G en eral
W h olesale P rices in June, 1922. C om pa red w ith June, 1921

(M) W holesale Trade—
(la) Percentage of increase or decrease (—) in net sales during June, 1922, compared with June, 1921
A gricultural

Number of re­ Im plem ents
porting firms,.. 25
Los Angeles... . 73.6
Portland ........ —13.2
Salt Lake City.
1.0
San Francisco.... 69.4
Seattle ............
Spokane ........ — 1.2
Tacom a..........
District ..........
13.8

A u to
Sup plies

18
7.8
4.2
20.8
2.1
1.7
7.3

A u to T ire s

22
36.6
30.3
35.3
27.3
— 2.1
16.6
U

D ru gs

D ry G o o d s

F u rn iture

G ro c e r ie s

H ardw a re

16
— .3

14
3.7
7.6

— 4.0

— *2.0
9.8

22.6

7.3

30.6
2.7

32.1
11.9

30
12.1
20.1
53.8
27.5
— 1.8
— .7
21.2
18.4

21
29.4
9.9
10.4
15.1
30.8
.6
—13.8
18.9

Shoes

16
18.1
3.8
—15.7
23.9
— 5.0

Stationery

26
.7
6.2
3.5
11.2
21.2
— 2.7
7.0

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

Number of re­ Im plem ents
porting firms... 25
Los Angeles... . 73.9
Portland ........ —28.0
Salt Lake City. .—23.1
San Francisco.. .— 4.6
Seattle............
Spokane .......... —33.6
Tacoma ..........
District .......... *— *8.9




A u to
S u p plies

A u to T ire s

18
.4
— 6.9
— 3.6
—12.3
— 8.0

22
36.8
13.1
12.9
1.4
4.1
.5

— 4.4

2.5

D ru gs

D ry G o o d s

F urniture

16
—12.6

14
— 9.5
8.7

— 2.2

— **.5
31.4

13.0

,.
5.9

24.0
3.4

24.7
5.6

8

G ro ce rie s

30
— 2.7
— 3.6
4.7
— 2.5
7.4
—12.3
3.9
— 2.8

H ard w a re

21
10.4
— 1.8
—10.0
— 3.8
14.6
—13.0
— 8.0
1.4

S hoes

16
8.1
— 5.7
—10.8
9.2
— 5.5

Stationen

26
— .9
— 9.3
— 4.2
—15.9
11.2
— 6.8
— *6.6

126

An increased demand for skilled laborers in
the building trades and for unskilled laborers
in the agricultural districts was reported from
California. Reports of public employLabor ment offices in 10 of the larger cities
in California show that 26,247 work­
ers were placed during June, 1922, compared
with 22,183 workers in May, 1922, and 12,574
workers in June, 1921. Employment in all
sections of the Pacific Northwest also in­
creased during June, largely due to a seasonal
increase in the need for both skilled and un­
skilled laborers in the agricultural, lumbering,
and building industries. The number of work­
ers now employed in lumbering and logging
operations in Oregon, W ashington and Idaho,
approximately 77,500, is reported to be the
maximum number necessary to operate pres­
ent equipment efficiently.
Labor conditions in the Intermountain
states, Arizona, Idaho, Nevada and Utah, re­
flect even greater relative improvement than
in the other states of the district when com ­
pared with conditions one year ago. Large
gains in employment were reported in nearly
all branches of industry in these states. The
number o f workers employed in Arizona dur­
ing June, 1922, was reported to be 65 per cent
greater than one year ago.
Em ploym ent in the manufacturing indus­
tries of the four largest cities of the district
increased during June, 1922, compared with
June, 1921. Compared with May, 1922, em­
ploym ent increased in three of the four cities,
a decrease in San Francisco being reported.
The accom panying chart shows the monthly
trend o f employment of manufacturing firms
in Los Angeles, Portland, San Francisco and
Seattle during 1921 and 1922 to date.

N u m b er o f W o rk e rs on the P a y ro lls o f M anufacturin g F irm s in F o u r
C ities as R e p o rte d b y U n ited States E m ploym ent S ervice

Figures showing the total number of work­
ers on the pay rolls of 40 manufacturing firms
in Los Angeles, Portland, San Francisco and




A g r ic u ltu r a l a n d

B u sin e ss

C o n d itio n s

Seattle usually employing 500 men or more,
are given in the follow ing ta b le:

P ercentage
increa se in
num ber of
m en on p a y ­
roll June 30,
1922
t --------N u m ber o f M e n on P a y ro ll---------com pared
N u m ber June 30,
M a y 31, June 30, w ith June 30,
o i firm s
1922
1922
1921
1921

Los Angeles.. 16
Portland ......
8
San Francisco. 10
6
Seattle .........

26,250 25,501 22,775
7,811 7,792 5,395
7,067 7,244 7,057
2,282 2,209 1,956

15.2
44.5
.1
16.6

Total ........ 40

43,410 42,746 37,183

16.7

W ages paid workers in the lumber industry
in nearly all of the principal lumbering sections
of Oregon, W ashington and Idaho were in­
creased approximately 10 per cent during the
past month. Unskilled labor in this industry,
with but few exceptions, is now receiving $3.40
for eight hours work.
Building activity during June was exceeded
only during April, 1922. Building permits is­
sued in 20 principal cities during June num­
bered 10,156 with an estimated valBuilding uation of $29,598,278, compared
Activity
with 8,201 permits with a valuation
of $15,450,694 issued in June, 1921,
an increase of 1,955, or 23.8 per cent, in num­
ber, and of $14,147,584, or 91.5 per cent, in
value. The same 20 cities for the six months’
period, January to June, 1922, report 59,482
permits issued with a valuation of $157,287,598,
compared with 48,224 permits issued in the
corresponding period of 1921 with a valuation
of $92,390,706, an increase of 23.3 per cent in
number and 70.1 per cent in value in 1922, com ­
pared with 1921. A ccording to reports re­
ceived by this bank, construction for residen­
tial purposes constitutes the greater part of
present building activity in the larger cities of
the district. In Boise, Los Angeles, Portland,
Reno, Tacom a and Seattle, a shortage of apart­
ment house buildings and schools is reported.
Figures recently compiled by the Bankers
Econom ic Service indicate an accumulated
shortage of buildings in the United States dur­
ing the past 13 years, amounting to 21 per
cent of the estimated total normal volume of
building in that period. The study shows that
building operations in the Pacific States have
been proportionately less than in any other sec­
tion of the country during the past 10 years,
the accumulated shortage being 34 per cent.
The shortages by groups of states are as fol­
low s: Middle W estern States, 9 per cent;
Southern States, 17 per cent; New England
States, 22 per cent; W estern States, 22 per

F ed era l R eserve B an k

o f S an F ra n cisco

127

cent ; Eastern States, 23 per cent ; Pacific
States, 34 per cent.
The follow ing table presents their analysis
of the building situation in Los Angeles, Oak­
land, Portland, San Francisco and Seattle:
A ccu m u lated
Building
Shortage
1909-1921

Relative
Per C en t o f
Estim ated V o lu m e o f
Y ear’s
N orm al
Building
N orm al
Building
J a n .-M a y , A ttained in
for 1922*
1922*
5 M on th s

Los Angeles.. . , 36.1%
Portland....... . .. 45.6%
San Francisco. ... 32.3%
Seattle.......... ... 33.1%
Oakland ....... ■ 34.2%

$44,659 $24,493
20,836
5,324
29,717
9,822
16,945
3,753

54.84
25.55
33.05
22.15

*000 O m itted.
/

—
A/E R> GE/M 01 NT OF E; iCH
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,
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4I-

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9

10

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12

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9

1o

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ia

B u ilding Perm its Issu ed in 20 P rincip al C itie s, T w e lfth F ed eral
R eserv e D is tr ic t, 1921-1922

The accompanying chart shows the number,
total valuation and average value of building
permits issued in this district since January,
1921. Comparative figures of the number and
value of building permits issued in 20 report­
ing cities during June, 1922, May, 1922, and
June, 1921, are shown in table “ N.”
Business failures in the district during June,
1922, were greater both in number and liabil­
ities than in May, 1922, or June, 1921. There
were 206 failures reported in June,
Business 1922, with liabilities of $2,523,253,
Failures compared with 173 failures with
liabilities of $2,200,338 in May, 1922,
an increase of 33, or 19.0 per cent, in number
and of $322,915, or 14.6 per cent, in liabilities
involved. Compared with June, 1921, when 143
failures with liabilities of $1,965,917 were re­
ported there was an increase of 63, or 44.0 per
cent, in number and of $557,336, or 28.3 per
cent, in liabilities. Commercial defaults during
the first six months of 1922 numbered 1,148
with liabilities of $19,885,566 compared with
843 failures having liabilities of $13,489,600 in
the corresponding period of 1921. Segregated
according to states, the June, 1922, returns
show an increase in the number of failures
compared with June, 1921, in all states except
Arizona and Utah, while the liabilities were
larger in four of the seven states, the excep-

(N ) Building Perm its—

Per C e n t In crease
o r D e cre a s e (— )

N o.

216
Berkeley .............
B oise...................
70
190
Fresno................
Long Beach ........
239
3,751
Los Angeles.......
773
Oakland .............
Ogden ................
60
Pasadena ............
306
Phoenix .............
45
Portland ............. . . 1,317
22
Reno ...................
Sacramento........
240
178
Salt Lake City---379
San Diego ..........
648
San Francisco ....
76
San Jose .............
892
Seattle ................
Spokane .............
267
101
Stockton .............
Tacoma ..............
386
District...............




10,156

V a lu e

$

N o.

671,800
51,639
433,195
1,123,049
10,652,265
3,381,045
137,375
900,092
140,380
2,230,855
44,100
753,914
738,737
608,326
3,336,701
215,150
2,892,030
391,575
221,060
674,990

192
103
192
301
4,024
813
76
297
59
1,404
23
347
195
382
786
78
990
480
147
377

$29,598,278

11,266

V a lu e

N o.

V a lu e

w ith June, 1921

$

652,400
61,705
993,500
1,502,551
9,327,504
2,243,745
139,660
851,924
119,810
* 2,916,755
69,190
507,210
538,105
628,883
4,377,066
166,640
1,643,030
395,817
357,810
777,933

162
94
156
249
2,712
533
54
275
54
1,149
22
153
132
360
475
50
850
231
74
416

$

292,583
118,948
235,505
775,700
6,269,546
1,486,022
96,750
552,318
152,985
1,428,685
115,200
261,450
244,614
799,944
920,965
62,255
919,740
141,505
142,655
433,324

129.6
— 56.5
83.9
44.7
69.9
127.5
41.8
62.9
— 8.2
56.1
— 61.7
188.3
202.0
— 23.9
262.3
245.5
214.4
176.7
54.9
55.7

$28,271,238

8,201

$15,450,694

91.5

1 28

A g r ic u ltu r a l

tions being Arizona, California and Oregon.
The average liabilities of business failures in
June, 1922, were $12,248 compared with $12,718 in May, 1922, and $13,747 in June, 1921.

R. G. Dun & Company's comparative figures
of the number and liabilities of business fail­
ures in the states of this district during June,
1922, and May, 1922, follow :
May, 1922
Liabilities

June, 1922
No.
Liabilities

No.

2
91
9
2
39
11
52

623,622
465,360
31,000
432,231
197,618
763,422

10,000

2 $ 37,200
1,230,002
28,342
6
3,000
1
406,164
25
59,608
7
436,121
44

District .............206 $2,523,253

173 $2,200,338

Arizona ................
California .............
Idaho ....................
Nevada .................
Oregon ................
Utah ....................
Washington .........

In June, for the third consecutive month,
debits to individual accounts in 20 clearing
house centers were greater than in the cor­
responding month a year ago. In the
four weeks' period ending June 28,
Bank
Debits 1922, debits to individual accounts of
184 banks in 20 cities totaled $1,901,120.000, compared with $1,799,194,000 during




C o n d itio n s

( O) Bank D ebits*—
Four weeks
ending
June 28, 1922

Four weeks
ending
May 31,1922

Four weeks
ending
June 29, 1921

$

$

$

Berkeley..........

Long Beach
Los Angeles. . . . . .
Oakland ..........

Sacramento
Salt Lake City..
San Diego .......
San Francisco.. ..
San Jose ..........
Seattle............. ..
Spokane ..........
Stockton ..........
Tacom a...........
Yakima............

Note: The figures used in preparing the above chart are for calendar months
and are partly estimated.

B u sin e ss

the same period in 1921, an increase of $101,926,000, or 5.6 per cent.
Since June, 1921, wholesale prices (accord­
ing to the United States Department of Labor)
have increased 5.6 per cent, and retail prices
have shown comparatively little change. An
increase of 5.6 per cent in debits to individual
accounts during the year period therefore sug­
gests that the physical volume of business
transacted during June, 1922, was greater than
in the corresponding month of 1921. O f the
2 1 reporting cities, 18 showed an increase in
bank debits during June, 1922, compared with
June, 1921. The accompanying chart shows
the monthly movement of debits to individual
accounts during 1921 and 1922 to date. Com­
parative figures of debits to individual accounts
in 2 1 clearing house centers during the four
weeks ending June 28, 1922, M ay 31, 1922, and
June 29, 1921, are shown in table “ O .”
The total amount in all savings accounts as
reported by 75 banks in seven principal cities,
increased 2.8 per cent during the month end­
ing June 30th, being on that date
Savings
$768,704,000, compared with $747,Accounts 296,000 on May 31st. This is the
largest monthly percentage in­
crease during the present year and with four

Pasadena ........
Phoenixf ........
Portland.......... . .

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

and

15,544
11,615
37,086
29,132
475,926
79,698
10,615
23,620
18,335
128,370
10,710
58,992
50,402
36,374
667,003
17,900
139,669
43,047
19,966
36,103
9,348

Totals ........ ..$1,919,455
*000 Omitted.
f F ig u r e s f o r

1921 n o t available.

18,688
11,119
35,667
26,744
463,754
75,652
19,299
23,192
18,460
112,617
8,884
51,165
49,224
34,627
613,065
16,233
122,798
42,710
18,603
31,304
8,961

$1,802,766

11,119
9,741
33,254
21,887
404,237
72,534
12,699
20,546
135,120
10,610
49,392
55,914
29,370
687,032
15,218
129,238
44,036
17,297
32,261
7,689

$1,799,194

F ed era l R eserve B an k

129

o f S a n F ra n cisco

exceptions, the largest during the past 42
months. The gains in San Francisco (4.2 per
cent) and Portland (3.7 per cent) are partic­
ularly noteworthy. The increase in savings
accounts during the year ending June 30th was
5.5 per cent.
The changes in savings accounts in the
seven cities from one month and one year ago,
are shown in table “ P ,” and in the accompany­
ing chart are shown the changes since January,
1919.
MILLIONS

Reports received by this bank from 35 prin­
cipal accepting banks in the district show a
decrease of $3,424,817, or 38.7 per cent, in the
amount of acceptances bought
Acceptances in June compared with May,
and comparing the same two
months a decrease of $998,772, or 19.4 per cent,
in the amount of bills accepted. The total
amount of bills in portfolios of reporting banks
on June 30, 1922, was $10,397,680, compared
with $13,700,450 held on May 31, 1922, a de­
cline of $3,302,770, or 24.4 per cent. The prin­
cipal commodities upon which these accept­
ances were based were wheat, sugar, coffee
and canned fruit. Purchases and holdings of
reporting banks appear in table “ Q .”
The dull condition of the acceptance market
indicated by the above reports, is noted in all
sections, although more activity is reported in
Northern California than in other parts of the
district. Returns from crops now being har­
vested are not yet available in the agricultural
sections and country banks have little surplus
funds for investment in acceptances. City banks
are purchasing acceptances in fair volume.
Offerings of bills created in the district dur­
ing the month ending July 15 were more nearly

________________MILLIONS

Tl
A « IS c<»

S AI <1

il K3El .E 5

L0

0, M LI A Ml )

SI :A n U. E

O Rl ■L,*

■>L

u- L

SI >c

Xi

E

19EO

1919

i

CE c T

7 8 9 10

s G 7è 9

z

il

s

II

12

7 8 9

19ZZ

i9ai

Savings A c c o u n ts in Banks in S even Principal C itie s o f the
T w elfth Federal R e se rv e D istrict, 1919-1922

(P ) Savings A ccoun ts*---

Decíea^Tf—f
N u m ber of Banks

June 30, 1922

M a y 31,1922

June 30, 1921

Jun e 30, 19

Los Angeles ............... ..................
Oakland .................... ...................
Portland .................... ...................
Salt Lake City............. ..................
San Francisco ............. ..................
Seattle ........................ ..................
Spokane .................... ...................

13
7
9
9
16
15
6

$235,981
76,388
39,663
24,242
347,504
30,918
14,008

$231,821
74,990
38,239
24,548
333,494
30,321
13,883

$215,536
73,706
38,030
24,931
325,028
34,857
14,230

8.7
3.5
4.1
— 2.8
6.5
—11.3
— 1.6

T o ta l....................... ...................

75

$768,704

$747,296

$726,318

5.5

*000 O m itted.

(<?) Acceptances^

,

Amount Bough,--------------------------- ,

C reated in
A m ou n t A c c e p te d
T w elfth D istrict
A ll O ther
June, 1922 M a y , 1922June, 1922 M a y , 1922 Jun e, 1922 M a y , 1922 Jun e, 1922
P a cific N o rth w e s t ____ $ 512,341 $1,261,784
N o r th e r n C a lifo r n ia . . 3,162,520
3,445,273
S o u th e r n C a lifo rn ia
O th er D is tricts
T o ta l

..

453 ,016

419,502

0

0

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

$

A m o u n t held at
T otal
c lo s e o f m onth
M a y , 1922
Jun e, 1922
M a y , 1922

10,000 $ 738,000 $
51,544 $
77,525 $
61,544 $2,296,520* $ 1,536,505 $ 2,903,578
1,908,292 2,689,343
1,784,590
1,385,684 3 ,788,651* 4,115,624* 2,366,213
2,157,000
351,900

412,364

1,203,332

2 ,0 05,736

1,555,232

2,418,100

0

0

0

0

0

0

............................. $4,127,877 $5,126,649 $2,270,192 $3,839,707 $3,039,466 $3,468,945 $5,405,427

$8,830,244

6,494,962

8,639,872

0

0

$10 ,397 ,68 0 $13 ,700 ,45 0

* F ig u re s o f o n e ban k in clu d e d in “ T o ta l A m o u n t B o u g h t” but n ot in clu d e d u n d e r h ea d in gs A m o u n t B ou g h t “ C reated in T w e lfth D is ­
t r ic t” o r “ A ll O th e r.”
1*35 B a n k s rep ortin g .




130

A g r ic u ltu r a l a n d

equal to the demand for them than in pre­
vious months (except May 15-June 15). Rates
on prime bills during the month ending July
15th remained unchanged at 3 per cent. A gen­
eral classification according to maturity of bills
marketed during the past two months shows
continued preference among buyers for bills
of 60 and 90-day maturities.
30
60
90
120

M a y 15 to
June 15

June 15 to
July 15

M aturities

Reports of condition of the 68 reporting
member banks in the nine reserve cities of the
district as of July 5, 1922, reflect preparations
for the large cash payments inciBanking dent to the close of the fiscal year
Situation on June 30th. Their cash holdings
increased by $7,000,000 over the
June 7th figure to $105,516,000, and borrowings
from the Federal Reserve Bank more than
doubled, rising from $7,060,000 on June 7, 1922,
to $16,275,000 on July 5th. Increases of ap­
proximately $1 ,000,000 each occurred in investM I L L K )NS

MILLI ONS
2000(—

2000

T< TAL >E

1000

1000
S 1.NO ( (SOW imrs

»00
400
300

S00 INi/I•sjlMEI

TS —

200
100
30 -

1 II L IS ft YAB .E A NO
1RE 3IS( 01n TS W IT■H F «

'
»
SO

V "

30 -

40
30

20

1

\
» .

i

2

:3

4-

I?

6
;r
192 i

0

9

10

II 12

t

-!

3

-*

V
5

6
*

7
1922.

10

* $7,060,000 on June 7. 1922
T otal D ep osits, L oa n s and D isco u n ts, Investm ents, and Bills Payable
and R ed iscou n ts o f R ep ortin g M e m b e r Banks

ment holdings and total deposits, the former
standing on July 5th at $325,910,000 and the
latter at $1,169,037,000. Figures giving the
condition of the Federal Reserve Bank of San
Francisco are available for a date one week
later (July 12th) than those for member banks.
They show that total borrowings of all mem­
ber banks at $44,000,000 are but $2,000,000 in
excess of borrowings of $42,000,000 on June

T otal R eserves, F ed eral R eserve N o te C ircu lation , B ills D is co u n te d ,
U . S. G ov ern m en t Securities H e ld , and B ills B ou ght in the O p en
M arket, F ed eral R eserve B ank o f San F ra n cisco

14th, suggesting that the substantial increase
in borrowings of the reserve city banks above
indicated was almost offset by repayments of
loans on the part of country banks, and this
notwithstanding the increase in agricultural
activity at this season throughout the district.
Effective July 8th the rediscount rate of this
bank on all classes of paper was reduced from
Ay2 per cent to 4 per cent. In the week end­
ing July 12th, total bills discounted by this
bank declined $3,000,000, nearly $2,000,000 of
which represented bills secured by United
States Government obligations. A slight in­
crease ($1,700,000) in circulation of Federal
reserve notes occurred during the month ending July 12th; the total outstanding on that
date was $218,939,000, compared with $237,217,000 a year ago (July 13, 1921).

PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN
CITIES IN TWELFTH FEDERAL RESERVE DISTRICT
Number o f Reporting B a n k s ................................................... . -.

July 5,1922

June 7, 1922

68

68

Loans and Discounts (exclusive of rediscounts)......................... $ 845,427,000 $ 853,560,000
Investments...................................................................................
325,910,000
324,471,000
Cash in Vault and with Federal Reserve Bank.............................
105,516,000
98,971,000
Total Deposits .............................................................................. 1,169,037,000
1,168,061,000
Bills Payable and Rediscounts with Federal Reserve Bank.........
16,275,000
7,060,000




C o n d itio n s

2.4%
45.8%
51.6%
0.2%)

davs............... , , . 10.4%
days........ ....... 34.6%
days. . . . . . . , 49.0%
days........
. , 6.0%

TOT/1a LOAI

B u s in e s s

RESERVE

July 6,1921

70

$ 861,427,000
304,325,000
102,443,000
1,101,207,000
91,016,000

F ed era l R eserve B an k

131

o f S a n F ra n cisco

COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO
AT CLOSE OF BUSINESS, JULY 12, 1922
RESOURCES
July 12, 1922

June 14, 1922

July 13. 1921

Total Reserves.............................................................................. $253,765,000
Bills Discounted ........................................................................... 43,990,000
Bills Bought in Open Market........................................................ 15,264,000
United States Government Securities.......................................... 62,104,000

$255,008,000
42,024,000
16,764,000
60,049,000

$213,703,000
146,934,000
2,229,000
10,089,000

Total Earning Assets.................................................................... 121,358,000
All Other Resources*.................................................................... 49,840,000

118,837,000
49,208,000

159,252,000
45,805,000

Total Resources ....................................................................... $424,963,000

$423,053,000

$418,760,000

LIABILITIES
Capital and Surplus....................................................................... $ 22,617,000
Total Deposits .............................................................................. 142,422,000
Federal Reserve Notes in Actual Circulation.............................. 218,939,000
All Other Liabilitiesf.................................................................... 40,985,000

$ 22,562,000
142,591,000
217,233,000
40,567,000

$ 22,549,000
118,029,000
237,217,000
40,965,000

Total Liabilities .........................................................................$424,963,000

$423,053,000

$418,760,000

43.303.000
35.991.000

42.357.000
35.417.000

41.202.000
30.509.000

^Includes “Uncollected Items” ...............
•(•Includes “ Deferred Availability Items”




POPU LATIO N OF TW ELFTH FEDERAL RESERVE DISTRICT
B Y STATES: SHOWING RACE O R N ATIVITY
(U. S. Census 1920)

C a liforn ia

Armenia ................
Atlantic Islands .. .
Australia ..............
Austria ................. .
Belgium ................
Canada .................. .
Central America ...
Czecho Slovakia ...
Denmark .............. .
England ...............
Finland .................
France ...................
Germany............... .
Greece ...................
Hungary ...............
Ireland ..................
Italy ......................
Jugo-Slavia ...........
Mexico ..................
Netherlands ..........
N orw ay.................
Pacific Islands.......
P oland...................
Portugal ...............
Rumania ...............
Russia ...................
Scotland ...............

5,687
8,892
4,013
13,264
2,202
59,562
1,495
3,377
18,721
58,572
7,053
20,387
67,180
10,313
5,252
45,308
88,502
7,277
86,610
4,592
11,460
1,656
7,082
24,517
2,403
27,224
16,597
2,301
11,123
31,925
16,097
1,259
3,433
6,236

W ashington

O reg on

U tah

261

104
149

1,458
1,228

816
595

124
338

250
6,073
1,566

1,416
5,112
1,347

1,180
545
378

592
2,205

1,304
1,277

575
1,412

1,013
859
293
327
192
946

100
537

250,055

102,241

56,455

38,963

78,099

14,802

1,222,187

1,069,722
6,883
9,061
2,363
17,387
1,150

666,995
2,144
4,590
3,090
4,151
268

385,446
1,446
2,711
342
2,936
60

386,705
920
3,098
585
1,569
26

213,350
8,005
32,989
1,137
550
32

55,897
346
4,907
689
754
12

5,361,164
58,507
74,716
37,018
99,299
6,811

449,396

431,866

334,162

221
987

781

484

190

1,466

4,954

1,962

1,178

6,970
14,836
779
434
3,589
3,029

420
2,240
4,451
989
482
4,143
716

551
1,271
182
609
1,069
618

1,207
3,225
836
1,083
1,980
2,109

1,410
1,323
460
1,125
439
2,482

398
2,882
407
394
1,516
329
212
1,206
1,261
1,167
60,242

1,480

240

11,124
7,886

6,979
3,699

684
2,310

34,793
3,671

553
10,532
4,166

2,040
6,152

681,572

Native White ......... 2,583,049
Negro .....................
38,763
Indian .....................
17,360
Chinese ...................
28,812
Japanese .................
71,952
All Other.................
5,263




T w elfth
D is trict

206

1,792
8,359
20,806
11,863
2,452
22,315
4,214
1,056
8,927
10,813
3,565

2,798
722
13,774

3,906

Total .................... 3,426,771

N evada

337

6,494
. .
1,438
42,988

3,097
30,304

Total, Foreign-born
White ...............

A r iz o n a

5,687
8,892
10,728
18,504
4,362
125,884
1,495
6,721
40,841
110,771
27,323
26,031
113,552
21,147
7,429
63,231
112,089
15,184
150,798
11,025
53,853
1,656
13,073
24,666
2,403
48,409
32,653
2,301
15,535
89,839
27,518
1,586
8,236
18,765

1,132
3,602
7,953
6,050
1,273
13,740
1,928
909
4,203
4,324
1,186
569
917
6,955

Spain ....................
Sweden .................
Switzerland ..........
Syria .....................
Wales ....................
All Other ..............

Idah o

1,356,621

783,479

970
2,641
693
1,169

, .

77,407

6,859,702