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MONTHLY REVIEW
OF
BUSINESS CONDITIONS
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. VIII
San Francisco, California, July 21, 1924
No. 7
porting the largest reductions in forces. Value
of building contracts awarded in June was 8
Production of basic commodities and factory per cent smaller than in May, though 4 per
employment showed further large declines dur cent larger than in June, 1923.
ing June. Trade, both at wholesale and retail,
Condition of the corn crop on July 1st, as
also decreased during the month and was in reported by the Department of Agriculture,
smaller volume than a year ago.
was the lowest on record for that date and
Production. The Federal Reserve Board's indicated a probable yield about 500,000,000
index of production in basic industries, ad bushels less than last year. The recorded con
justed to allow for seasonal variation, declined dition of the rop was less satisfactory than a
about 9 per cent in June to a point 22 per cent month earliery while forecasts for wheat and
below the level of the first two months of the oats were larger than in June.
year. Iron and steel and cotton manufacturing
Trade. Railroad shipments decreased in
industries continued to show the most marked June, and were about 15 per cent less than a
curtailment of activity, and decreases were year ago owing to smaller loadings of all classes
general in other industries. Factory employ of freight except grain and livestock. Whole
ment decreased 3 per cent in June, the metal, sale trade showed a further slight decline in
automobile, textile, and leather industries re June and was 11 per cent smaller than a year
Summary of National Conditions
PER CENT
Production in B u ie Industrie«
Index of 22 bask commodities corrected for seasonal variation (1919=100).
Latest figure. June, 94.
Wholesale Prices
Index of U.S. Boreaaof Labor Statistics ( 1913=100, base adopted by Bareaa).
Latest figure. June. 145.
Those desiring ibis review neat them regularly will receive It without charge upon application.
94
July, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
ago. Sales of hardware, drugs, shoes, and dry
goods decreased, while sales of groceries and
meat increased slightly. Sales of department
stores and chain stores showed more than the
usual seasonal decrease during June, and were
smaller than last year. Mail order sales in June
showed less than the usual seasonal decline and
July 16th were larger than at any time since
the organization of the system. Money rates
in July were comparatively steady, but con
tinued to show a somewhat easier tendency.
Discount rates at the Federal Reserve Banks
of Kansas City and Dallas were reduced during
July from AJ/2 to 4 per cent.
M IL L IO N S O F D O L L A R S
4000
3000
2000
si
Diacoui
Total
Earning Asseti
1000
eptance. “H -* l-SSec. 1
»<
1919 1920 1921 1922 1923 1924
Factory Employment
Reserve Bank Credit
Weekly figures for 12 Federal Reserve Banks. Latest figure, July 23.
Index for 33 Manufacturing Industries (1919=100). Latest figure, Jane, 90.
were larger than a year ago. Department stores
further reduced their stocks of merchandise and
slightly increased their outstanding orders.
Prices. Wholesale prices, as measured by the
index of the Bureau of Labor Statistics, de
clined more than 1 per cent in June to a level
5 per cent below the high point for this year.
Prices of all groups of commodities, except
clothing, showed declines, and decreases were
particularly large for building materials. Dur
ing the first three weeks of July quotations on
wheat, corn, and hogs advanced sharply, while
prices of sugar, cotton goods, and iron and steel
products were lower.
Bank Credit. Commercial loans at member
banks in leading cities during June and the first
two weeks of July remained at a relatively con
stant level considerably below the peak reached
in April, while investment holdings and loans
secured by stocks and bonds increased rapidly
and carried total loans and investments to the
high point for the year. Demand deposits,
owing partly to the growth of bankers’ balances
at financial centers, advanced to a record level.
At the reserve banks there was a continued
decline in discounts and an increase in pur
chases of Government securities in the open
market. As a consequence, total earning assets
in the middle of July were only slightly less
than at the beginning of June. Member bank
reserve balances increased rapidly, reflecting a
return flow of currency and further imports of
gold. Total deposits at the reserve banks on
Summary of District Conditions
Distribution of commodities at wholesale
and retail throughout the Twelfth District dur
ing June was in smaller volume than during
preceding months. This decline in general
trade has followed by from two to three
months the falling off in basic industrial pro
duction which appeared early in the spring.
Declines both in production and distribution
have been from the high levels of the late win
ter, so that, notwithstanding five months' dim
inishing activity, this bank's corrected index
of bank debits (checks drawn against individ
uals’ accounts at banks), probably the fairest
measure of general business conditions obtain
able, did not fall below “normal” (100) until
June, when it appears to have stood at 96. The
movement of the index, which is corrected for
seasonal variation, year to year growth, and
price changes, has been as follows during the
first six months of 1924:
____
January ...........................................105.4
F e b r u a r y ...................................... ..113.1
March ..............................................104.9
A p r il.................................................103.4
May .............................................. ..103.0*
J u n e ..................................................96.0*
•Prelim inary.
During all of this period, however, and par
ticularly during recent weeks, bank credit for
conducting business has been in ample supply
and relatively cheap.
July, 1924
95
FEDERAL RESERVE AGENT AT SAN FRANCISCO
The decline in general trade, which June
figures confirm, has been preceded and is still
attended by declining production throughout
the district. During June lumber production
in the district was smaller than in the preced
ing month for the first time since January,
1924, and the value of building permits was
28.5 per cent and 8.9 per cent below figures re
ported for a year ago and a month ago, re
spectively, continuing the downward tendency
of the past three months. Flour milling has
remained active, however, while petroleum pro
duction has, temporarily at least, been stabil
ized.
In distribution, which held up well in vol
ume during the first four months of the year,
declines were more pronounced during June
than during May. Ten of the eleven lines of
wholesale trade reporting to this bank showed
decreases in volume of sales during June, 1924,
as compared with June, 1923, while the month
to month declines have recently been greater
than the normal seasonal expectation. Sales of
representative department stores in the larger
cities declined by more than the seasonal
amount from May to June, and during the
latter month were 1.8 per cent less in value
than during June, 1923. Stocks held by the
same stores were 7.5 per cent larger in value
on July 1, 1924, than on July 1, 1923, which,
taken in conjunction with decline of sales over
the year period, indicates a slower turnover of
goods.
Although the total volume of member bank
credit in use in the district has remained at
or near the highest levels recorded, its com
position has changed steadily toward a smaller
proportion of commercial loans to customers
and a larger proportion of investments, a
change explainable both by diminishing busi
ness activity and by the relatively rapid in
crease in time as compared with demand de
posits of the banks. Significant figures follow
(000,000 omitted) :
Com
mercial
Loans
July
9,1924 $805
May
14,1924 833
January 9,1924 812
July
11,1923 788
Other
Loans
and
Invest
ments
$565
563
538
545
Total
Loans
and
Invest
ments
$1,370
1,396*
1,350
1,333
Tim e
Demand
Deposits Deposits
$731
736
758
740
$625*
607
571
531
•Highest point on record.
The amount of Federal reserve bank credit
in use in the district has been steadily declin
ing, total earning assets of this bank, at $73,000,000 on July 16th, having been smaller than
at any time since the summer of 1918.
Interest rates in the larger cities throughout
the past month have remained at low levels,
only a slight and temporary hardening of rates
having been noted at the close of the fiscal
year on June 30th.
Agriculture
Few changes in the general agricultural sit
uation in the Twelfth Federal Reserve District,
other than those of a seasonal nature, were re
ported during June. In the Pacific Northwest
the condition of growing crops was improved
slightly in many sections by light rainfall dur
ing the first weeks of July, but the added
moisture came too late, and was insufficient in
volume, to overcome entirely effects of the
serious lack of rainfall earlier in the present
season. Yields of most crops, especially the
grains, will be lower than last year. In Cali
fornia, effects of the drought have become
more apparent as the season has advanced.
Present condition of the majority of crops in
that state, some of which are now being har
vested, indicates a lower yield per acre, and
frequently a yield of poorer quality than last
year. Most of the streams which supply irri
gation water are far below normal levels. In
the Intermountain States, scattered showers
in the northern section during the first weeks
of July did not materially influence the gen
eral agricultural situation there. Many of the
field crops grown on unirrigated soil, such as
beans, hay, potatoes, and sugar beets, and the
grains (which crops comprise the greater part
of agricultural production in these states) are
now so far advanced that additional moisture
will be of no great benefit in promoting
growth. In Arizona, the usual summer
showers have been falling and a normal agri
cultural situation prevails in that state.
Harvesting of grain crops, particularly win
ter wheat, is now in progress in this district.
Yields, although in some instances better than
previously anticipated, are less than half as
large in volume as last year. Figures of the
estimated condition and yield of all wheat,
barley and rice in the chief grain growing
states of the district on July 1st, with com
parative data for one month ago and one year
ago and the actual 1923 yield, are given in the
following table :
' - A l l Wheat—>.
Yield*
Estimated
Jnh rl, Actual
1924
1923
r — Barley— \
Ricet— >
Yield*
Yield*
Forecast
Forecast
J u ly l, Actual July I, Actual
1924
1Hi
1923
1923
(bushels) (bushels) (bushels) (bushels) (bushels) (bushels)
C a lif o r n ia ...........
3,928
I d a h o .................... 15,734
14,656
Oregon ...............
Utah .....................
4,233
Washington ___
25,339
Tw elfth D istrict. 63,890
United States—
740,000
16,157
30,115
28,010
6,567
61,743
142,592
786,000
9,979
33,069
..
..
5,184
..
..
5,470
..
..
*000 omitted.
fRtce acreage: 1924, 90,000 acre»; 1923, 106,000 sere*.
96
Figures of acreage and forecasted yield of
the important field crops of the district, segre
gated by the chief states growing them, are
presented in the following tables:
^ *
Cotton
■ -„
t------------Bean»
Acreage*
Yield*
Acreage*
Yield*
Fore*
Fore
casted A ctcasted
J u ly l, ual
June 25, Aetna!
1924J 1923 1924 1923 19241 1923
1924
1923
(acres)
(bushels)
(acres)
(bales)
A rizona ...............
5
6
37
39 179§ 128§ 108,932
C alifornia (T otal) ..
. . 1,969 4,694 126
85
ff
Lima B eansf . . 68 100 ...................................
"O th e r” B eansf 105 199
.................................................
Idaho ................... 65 45 819 990 ...........................
77,500
54,500
T otals .............. 243 350 2,825 5,723 305 213
..
132,000
*000 omitted.
f Yield not reported separately.
^Prelim inary.
§Including Pim a cotton acreage: 1924, 8,000 acres; 1923, 40,000
acres.
^Figures not available.
" — \ --------- Sugar Beets -------- >
f------------- Potatoes
Acreage*
Yield*
Acreage*
Yield*
ForeFore
casted
casted A ctJuly 1, Actual
July 1,
ual
1924t 1923
1924
1923 19241 1923 1924 1923
(acres)
52
50
67
67
43
42
14
16
49
52
C alifornia . . .
Idaho .............
Oregon ..........
U tah ..............
W ashington ..
Totals ........ 225
227
(bushels)
6,545
7,800
10,713 11,725
3,805
4,243
2,201
2,688
6,272
8,060
29,536
34,516
(acres)
(tons)
93
61
676
581
62
43
368
498
.........................................
98
83
780 1,075
253
187
1,824
2,154
*000 omitted.
fPrelim inary.
The condition and estimated yield of decidu
ous fruit crops in California as reported by the
Department of Agriculture for the dates indi
cated are as follows :
f
— Condition —
-July 1st------**
10-Year Jun el,
1924 1923 Average 1924
Almonds . .
Apples ... .
Apricots . .
Cherries . .
Grapes ... .
W ine .. .
Table .. .
Raisin .. .
Peaches .. .
P e a r s ___ ,
Plums . . . .
Prunes ... .
W alnuts . .
July, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
62
76
65
65
73
79
74
70
72
68
73
66
76
77
82
102
81
96
72
78
(#
##
92
80
97
63
90
78
78*
76
76
63
75
65
62
84
78
72
75
68
74
68
80
,-------------Y ie ld -----------Forecasted
Actual
Julv 1.1924
1923
(tons)
(tODs)
9,500
11,000
5,337,000t 5,196,000t
137,000
170,000
14,500
13,500
313,000
120,000
100,000
23,000
237,000
340,000
428,000
380,000
128,000
69,000
80,000
25,000
*Seven-year average.
fCom m ercial crop in boxes. Total crop, 1924— 8,896,000 boxes
Total crop, 1923—8,450,000 boxes.
The deciduous fruit situation in the Pacific
Northwest changed little during the past
month. It is estimated that yields this season
will be from 20 to 50 per cent smaller in vol
ume than last year.
Considerable improvement in railroad trans
portation, as it affects the movement of fresh
fruit from this district, has been achieved during
the past year, both through more efficient serv
ice with old equipment and by the addition of
new refrigerator cars on the lines serving the
important fruit shipping states of the district.
The total number of refrigerator cars on the
lines of the principal railroads serving Cali
fornia and the Pacific Northwest on June 15,
1924, and 1923, as reported by the American
Railway Association, Car Service Division,
f 0 ll0 W :
June 15,
1924
June 15,
1923
C aliforn ia.......................................... 27,898
Pacific N orthw est........................... 9,219*
21,314
12,486
Totals ............................................ 37,117
33,800
*It is anticipated that the yield of perishable products in the
Pacific N orthw est will be substantially smaller than a year ago.
According to present commercial estimates
the 1924 canned fruit pack in California will be
approximately 85 per cent as large as the 1923
pack (11,351,536 cases), a probable slight in
crease in the amount of apricots canned this
year being insufficient to offset a material de
cline in the pack of other fruits, particularly
peaches. The supply of canning peaches was
reduced by killing spring frosts in some of the
principal growing regions. Canning opera
tions are now under way in some sections of
the state. Both canned and dried fruit markets
have been relatively active during recent weeks
and both industries are entering the 1924
season with a substantially smaller carryover
of old crop goods than one year ago.
Available data for roughly measuring the
progress made in marketing certain crops of
the district are presented in table “A.” Total
wheat exports from the Pacific Northwest
(Idaho, Oregon, and Washington) during the
past season were greater than during any of
the preceding five crop years, except 19211922, and domestic shipments are also reported
to have been considerably larger in volume
(A) M ovement o f Crops to Market*
T W E L F T H F E D E R A L R E S ER V E D IS T R IC T
1923-1924
Season to
W heat E xp ortsf
June 30,1924
Portland and Puget
Sound ......... (bu.) 31,988,585
(22.4)
Barley E xp ortsf
San Francisco (bu.) 10,574,508
(22.8)
Apple Shipm entsf
Twelfth Dist. (cars)
57,643
(99.8)
Orange Shipments^
33,672
California . . . (cars)
(61.2)
Lemon Shipments^
9,360
California . . . (cars)
(73.4)
Total Deciduous
Fruit Shipments§
California . . . (cars)
2,911
1922-1923
Season to
June 30,1923
1921-1922
Season to
June 30,1922
19,985,229 42,719,581
(33.8)
(20.4)
16,138,050
(37.6)
17,241,010
(43.8)
41,063
(91.7)
50,923
(99.6)
38,742
(78.3)
24,011
(77.8)
6,258
(63.9)
7,534
(72.3)
.3,884
1,157
•Figures in parentheses indicate percentage of crop,
t Season begins Ju ly 1st.
¿Season begins November 1st.
{E xcludin g apples. Season begins M a y 1st
97
FEDERAL RESERVE AGENT AT SAN FRANCISCO
July, 1924
than in previous seasons. A combination of
these two favorable circumstances has effected
the marketing of all but approximately 10,000,000 bushels (commercial estimate of the carry
over on July 1, 1924) of the record 1923 wheat
crop, which for the three states totaled 118,665,000 bushels. The decrease in deciduous
fruit shipments from California as compared
with last year has been due largely to a de
cline in plum shipments.
Livestock—Animal Products
Figures for total receipts for all classes of
livestock at eight principal markets of the dis
trict during June are presented in the accom
panying table and chart. Receipts of. cattle,
calves, and hogs at Southern California mar
kets during June, 1924, were slightly lower
than one year ago, and this decline, together
with a small decrease in cattle receipts for all
other California markets during the past
month, largely accounts for any apparent de
partures from normal seasonal trends.
L IV E S T O C K R E C E I P T S A T E I G H T M A R K E T S
Range and pasture conditions showed no im
provement during June, except in certain sec
tions of Arizona and the Pacific Northwest.
Continued deficiency of rainfall and the abnor
mally hot weather which has prevailed over
large areas during the past month have tended
to dry up feed grass and to decrease available
water supplies on many ranges. Livestock are
being moved to stubble fields in California and
feeding grounds which usually are reserved for
the early fall months are now being used to
TH O U S A N D S
500
400
300
200
Cattle
June, 1924.................
May, 1924.................
June, 1923.................
4-year average*—
J u n e ......................
May ......................
Calves
Hogs
Sheep
72,834 23,093
70,029 23,088
74,750 19,915
197,220 293,455
209,506 371,778
179,457 229,663
67,694 17,442
62,463 17,698
143,723 255,560
150,864 401,750
*1921-1924.
Federal officials report that the hoof and
mouth disease in California is definitely under
control and state that rapid progress toward
eradication is now being made. The few addi
tional outbreaks of the disease which have oc
curred during the past month have been con
fined to previously infected and quarantined
areas.
As a result of the continued rapid seasonal
increase of butter production, cold storage
stocks, both in the Twelfth District and in the
United States, increased rapidly during June.
Increases in holdings of cold storage eggs
were less marked, as production normally be
gins to slacken during June.
C O L D S T O R A G E H O L D IN G S O F B U T T E R A N D E G G S
Five*Year
July 1,
June 1,
July 1,
Average
Butter (pounds)
1924
1924
1923
July lstg
IOO
•Twelfth District 6,778,552 4,361,528 4,676,890
4,400,555
United S tates.. .74,446,000 22,348,000 62,768,000 66,971,000
Eggs (cases)
tTwelfth District 524,560
429,049
634,208
t
United S ta te s... 8,697,000
6,944,000 10,222,000
8,395,000
I L .1 0 ,1 .1 1 ,1 , .1 t i l ,l
1923
Receipt» of Livestock at Eight of the Principal Market« of the District
1923*1924. (L o s Angeles, Ogden, Portland, Salt Lake City, San
Francisco, Seattle, Spokane, and Tacoma included)
supplement scanty summer pastures in that
state and in parts of Intermountain and Pacific
Northwestern states. The condition (per cent
of normal) of ranges, cattle, and sheep as re
ported by the Department of Agriculture for
the states of this district is presented below:
Arizona .........
California . . .
Idaho .............
Nevada ..........
Oregon ..........
U t a h ...............
Washington ..
t------ Rsnget------ \
June
July 1.
1»
1924 1923 1924
92
73
95
52
88
55
62
104
65
64
103
78
69* 101
65*
72
88
75
74* 102
74*
•Condition of all pastures:
Ore
Wa<
,------Cattle------- x
Jnne
July 1,
1,
1924 1923 1924
94
84
95
88
86
95
84
75 101
79
92
85
84
99
83
78
92
80
82
97
85
Ju ly l f 1924
. . . 62
56
,------ Sheep------- \
June
July 1,
1,
1924 1923 1924
95
90 96
85
96 88
78
101 83
83
101 96
85 101
85
86
95
98
92
98 90
June^t, 1924
65
•Four markets. fSix markets. ^Figures not available.
91920-1924.
Price»
Price movements among the chief agricul
tural products of the Twelfth District during
June effected little change in the general price
level of the group. A rapid advance in grain
prices and the general upward tendency of
prices for many varieties of fruits (fresh,
canned, and dried) were largely offset by the
decline of wool, cotton, and livestock quota
tions. Further recession of the price level for
mineral and forest products was recorded dur
ing the month.
Of chief importance during the past month
has been the rapid advance of grain prices.
July wheat, which sold for $1.03#r$1.04j4 per
bushel on June 4th at the Chicago market, ad-
98
July, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
vanced to $1.15^-$1.16j4 per bushel on July
3rd, and'was quoted at $1.26-$1.29^ per bushel
on July 18th, the latter price being 27.0 per
cent above the price quoted on July 18, 1923
($ *98—$1.00 per bushel). The price of shipping
barley advanced 20.5 per cent during the
month reaching $2.35 per cental at San Fran
cisco on July 3, 1924, compared with $1.50 per
cental on July 3, 1923. Rice quotations at the
close of June, at $5.30 per cental for California
Fancy Japan rice on the San Francisco market,
were 5 cents per cental higher than one month
ago and 65 cents per cental higher than one
year ago. Livestock prices, the general level
of which has been declining during recent
months, continued downward (excepting lamb
quotations which advanced slightly) during
June, and at the close of the month all classes
of meat animals sold for less than they did one
year ago on the Chicago market. At the prin
cipal markets in this district, prices paid for
beef cattle and lambs increased, and hog quo
tations declined during June. The course of
cotton prices was slightly downward during
June, but at the close of the month the general
level was approximately 3.6 per cent above
that of one year ago. Wool prices continued
their decline of recent months during June.
At 73.28 cents per pound on July 3rd, the aver
age of 98 wool quotations on the Boston mar
ket was slightly more than 4 cents below the
average one month ago and 8.65 cents lower
than one year ago. San Francisco prices for
granulated cane sugar stood at $7.30 per 100
(B) Canned and Dried Fruit Prices
Canned Fruit (f. o. b. cannery California):
Opening Price*
Choice Grade
N o. 27a Cans
1924
perdoz.
1923
per doz.
Spot Price«
July 12, July 12.
1924
1923
perdoz. perdoz.
Apples ............................... $2.20 $2.20
Apricots ............................ 2.45
2.15
Blackberries .................... 2.85
3.00
Cherries, R. A .................... 2.85
3.25
2.10
Grapes, M uscat................ 2.25
Plums, E g g ....................... 1.85
1.85
Loganberries* ................. 3.10
3.10
Peaches, Y. C.................... 2.40
2.25
Peaches, Y. F .................... 2.25
2.10
Pears, B artlett.................. 3.00
2.65
$2.20
2.50
2.85
2.85
2.25
1.85
3.10
2.45
2.25
3.10
$ ..
2.75
2.35
4.15
2.35
2.15
2.75
3.10
*F. o. b. San Francisco.
Dried F ru it (cents per pound):
r —
Opening Price«
Choice Grade
Bulk in 25 lb. boxes
1924
1923
1922
A p p le s * .....................m - 9 7'A- 754
12
Apricots, Northern. 12$4
14#
2 1 8
Figs, W hite Adriatic 654
6#
8#
Figs, Black Mission. 9
7#
1154
Peaches, Unpeeled
Y e llo w ................... 8
7 J4
11H
Pears* ...................... 1 2 #
8 -8 #
15
Prunes, 40/50.......... 1 0 # 9 J 4 -9 # 8 # - 8 #
Raisins, 3 Crow n
Loose Muscatel..........
10
Raisins, Thompsons . .
854
10
•Bulk in 50-lb. boxes.
s— Spot Prices —
July 12, July 12,
1921
1924
1923
10*4 9 # - 9 # 6 # - 6 #
5 4
1354
10
8
6H
6#
8
9#
9#
954
12 #
8
8#
13
10#
7
7#
9 # -1 0
13 tf
1 4
8#
8
7 )4 -8
9#
pounds on June 18th and $6.85 per 100 pounds
on July 19th, compared with $9.00 per 100
pounds on July 19, 1923. Small advances were
recorded for the majority of canned and dried
fruits during June, but most grades and vari
eties still sold for less than they did one year
ago. A statistical summary of prices for these
two products is presented in table “ B.”
The market for copper, the non-ferrous
metal produced in greatest volume in the
Twelfth District, continued weak. Prices de
clined J4 ceirt Per pound during June, reaching
12}i cents per pound on July 3rd, and then ad
vanced to 1 2 cents per pound on July 10th.
The present (July 21st) quotation is 12^ cents
per pound. Lead and zinc prices fluctuated
little during the month, and the present (July
21st) quotations of 7 cents per pound for lead
and 5.90 cents per pound for zinc are 7.7 per
cent higher and 1.3 per cent lower, respec
tively, than market prices for these products
one year ago. Silver sold for 66.25 cents per
ounce on the New York market on July 3,
1924, a quotation fractionally lower than one
month ago, but 4.5 per cent higher than one
year ago. Average monthly prices for copper,
lead, silver, zinc, and quicksilver follow:
June, 1924
Copper (lb.)
(cent«)
New York E lectrolytic.. 12.33
Lead (lb.)
N ew Y ork .........................
7.02
Silver (oz.)
N ew Y ork ......................... 66.69
Zinc (lb.)
St. L o u is............................
5.79
Quicksilver (dollars per
flask) San Francisco----- 71.91
May, 1924
(cents)
June, 1923
(cent*)
12.77
14.66
7.27
7.15
65.52
64.86
5.79
6.03
72.65
66.80
The downward trend of lumber prices at
producing centers in the Pacific Northwest,
noted during recent months, continued during
June. Prices at the close of the month were
from 6.0 to 15.0 per cent lower than at its be
ginning, and 30.0 to 35.0 per cent below those
of one year ago. The softwood index of “ Lum
ber” stood at 29.41 for the week ending July
11, 1924, compared with 30.31 one month ago
and 34.00 one year ago. Prices paid producers
for petroleum in California, which have been
unchanged during the past four months at
$1.40 per barrel for crude oil of 35 degrees
gravity and above, are 34.6 per cent higher
than one year ago.
Indiistrial Activity
Available evidence, both statistical and nonstatistical, indicates that the downward trend
of industrial activity in the Twelfth District,
from the high levels noted earlier in the year,
continued during June, and that production
was slightly below that of June, 1923.
July, 1924
The quantity of lumber produced by mills
reporting to four associations in this district
decreased 16.1 per cent during June as com
pared with May. The monthly decrease during
June was the first reported since January,
1924, but the cut was, for the third consecutive
month, smaller than that reported for the cor
responding month last year. Stocks of lumber
at the mills tended to increase during June,
the volume of shipments being smaller than
production and 11.5 per cent below the figures
for May, 1924. Orders for lumber placed with
the mills totaled 486,569,000 board feet during
-i:he month, a figure smaller by 2.7 per cent and
0.4 per cent, respectively, than the volume of
orders reported for May, 1924, and June, 1923.
Figures follow (000 omitted) :
June, 1924 May, 1924 June, 1923
(board feet) (botrd feet) (board feet)
Production ...........
Shipments ............
Orders ...................
Unfilled Orders...
Number of
Mills Reporting.
99
FEDERAL RESERVE AGENT AT SAN FRANCISCO
538,066
494,362
486,569
338,494
641,456
558,490
500,096
384,370
187
201
642,411
585,894
488,082
504,845
May. 1923
(board feet)
trict. Figures for national production of cop
per, silver, zinc, and quicksilver during May
and April, 1924, and May, 1923, follow :
Copper (lbs.) (mine M ay, 1924
A pr,, 1924
M ay, 1923
production) . . . . 131,054,000 131,600,000 124,784,916
Silver (oz.) (com
mercial b ar s) . . .
5,832,680
4,588,375
6,835,221
Zinc (tons)
(slab) .................
47,666
44,949
47,347
Quicksilver (flasks—
75 lbs., estimated)
1,080
1,120
Figures for lead are not available.
Non-ferrous metals markets generally con
tinued sluggish during June, domestic demand
for copper, lead, and zinc being relatively inac
tive. Foreign demand for copper during the
last half of the month and early in July, how
ever, was reported slightly more active than
during previous recent weeks.
680,193
618,534 M IL L IO N S
535,299 4 0 0
575,280 3 0 0
192200
200
STORED St 5CKS OF 6Ai S O L E N E ^ 1
(GALLONS)
M IL L IO N S O F B O A R D F E E T
IO O
8 0
60
AO
STORED S OCKS OF P rrROLEUM
<BB LS>
PETROL ÎUM PftOg ¿CTION
CBBLSJ
2 0
¡OLEUM SH IPMENT5
(B B L S .)
IO
Lamber Production, Order» Received, and Shipments in Twelfth
Federal Reserve District aa Reported by Four Lumber
Associations, 1923-1924
Logging operations in the Pacific North
west were further curtailed during the past
month, but available supplies of logs are re
ported sufficient to maintain the present rate
of activity of the industry for some time.
Domestic lumber markets were relatively
inactive during June, non-statistical evidence
indicating the transaction of a smaller volume
of business during that month than during
May, 1924, and June, 1923. The volume of
new orders received from foreign markets,
however, increased during June, and was
nearly twice as great as in the preceding month
and more than four times as large as in June,
1923
1924
Production, Shipments, and Stored Stocks of Petroleum, and Refinery
Stored Stocks of Gasolene, 1923-1924
Petroleum production in California oil fields
during June was 5.1 per cent smaller in volume
than during May. Although declining produc
tion was accompanied by an increase of con
sumption (as indicated by shipments), stored
stocks increased slightly (1.1 per cent) during
the month. The production of 118,108,412 bar
rels of crude oil reported from California oil
fields during the first six months of 1924 was
but 0.6 per cent greater in volume than pro
duction (117,390,826 barrels) during the first
six months of 1923. Stored stocks of petroleum
were increased by 8,652,702 barrels (9.4 per
cent) during the first six months of 1924, com
pared with an increase of 12,141,254 barrels
1923*
Preliminary reports indicate little change (19.8 per cent) during the first six months of
during June in the output of the principal 1923* Average daily indicated consumption of
minerals produced at the mines of this dis- gasolene during June, at 3,087,465 gallons, was
July, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
100
less than refinery production, and stored stocks
increased 7.8 per cent during the month. A
statistical summary of the California oil in
dustry follows:
P E TR O LE U M
Indicated
Average
Stored
Average
Daily
Stocks at
Daily
Consumption
End of
Production (Shipments)
Month
(barrels)
(barrels)
(barrels)
June,
i t ay,
Sept.,
June,
1924
1924
1923*
1923
626,933
639,793
858,750
755,570
591,403
569,590
779,657
650,345
New W ells—>
Daily
ProducNumber
tion
Opened (barrels)
100,577,85588 37,209
99,511,937150 56,451
85,496,609 93 139,960
73,326,18279 152,974
•P eak of production.
GASOLENE
May, 1924 A pr., 1924
(gallons)
(gallons)
May, 1923
(gallons)
A pr., 1923
(gallons)
Refinery O u tp u t. 114,860,114 113,124,488 112,314,674 192,428,548
Stored S to ck s* .. 265,749,634 246,600,953 147,125,960 136,684,477
*As of the last day of the month.
Flour milling activity in the Twelfth District
continued at high seasonal levels during June,
the reports of 16 regularly reporting companies
showing an increase of 11.4 per cent in total
respectively, greater than on July 1, 1923, and
the five-year average for July 1st. Figures foll0 W :
Five-Y ew
June, 1924
May, 1924 June. 1923
Averagef
June
Output (bbls.) 470,108 421,961 345,342 376,969$
Stocks*
Flour (bbls.) 361,780 449,346 492,571 450,118
W heat (bu.) 1,632,835 2,269,107 1,418,798 1,433,569
*As of the first day of the following month.
tl920*1924.
JFour-year average, 1921-1924.
A continuance of the downward tendency of
building activity in this district noted during
the past three months was indicated by the
figures of building permits issued during June.
The following table summarizes recent trends
of activity in the industry as indicated by the
percentage increase or decrease (—) in both
the number and value of building permits is
sued in 20 cities during each of the first six
6 0
4 0
2 0
M IL L IO N S O F B U S H E L S
5
4
10
3
2
5
I
I
1923
O
TH O U SA N D S OF B A R R E L S
1924
Building Permits Issued in 20 Principal Cities, Twelfth Federal
Reserve District, 1923-1924
900
/
500
£
:K5 0FF! o u r /
(C )
Building Permits —
V '
No.
OUT p u t or FLOUR
B e r k e le y ........
IO O
O
11 o n
I 111.,. I.. j i » I IVi-! » i I. r . i i » I ii i 1 ü
1923
1924
Monthly Floor Output, and Stocks of Wheat and Floor at End of Month
of 16 Reporting Milling Companies
output, compared with an increase of 12.1 per
cent in the four-year average for June as com
pare with May. Production, at 469,626 barrels
for June, was greater than any figure previ
ously reported for that month since this bank
has been keeping the record. The increased
activity of the industry appears to have been
the result of an increasing demand, as re
ported stocks of flour declined 19.5 per cent
during the month. Stocks of wheat held by
the 16 companies declined during June, and on
July 1, 1924, were 28.0 per cent less than on
June 1st, and 15.1 per cent and 13.8 per cent,
Fresno ...........
Long Be a c h . . .
L os A n g e le s ..
Oakland ........
O g d e n ............
Pasadena .......
Phoenix .........
P o r tla n d ........
Sacramento ..
Salt Lake City
San D ie g o ----San Francisco.
San J o s e .........
Seattle ...........
Spokane ........
S to c k to n ........
Tacoma .........
June, 1924
Value
No.
June, 1923
Value
243 $ 568,516
56
40,712
68
64,013
416
1,515,232
10,292,542
3,387
936
2,527,008
30
82,200
247
628,146
61
100,000
1,159
2,344,290
63,750
18
509,410
235
561,245
167
1,524,490
480
3,899,374
858
198,135
78
2,094,350
898
236,970
217
276,555
94
670,695
332
188 $ 527,175
86,913
91
242,306
126
3,422,324
396
5,094
15,074,446
894
2,751,751
39
126,650
278
1,265,854
88
111,122
1,155
2,166,470
10
19,625
282
990,485
179
521,075
429
1,390,720
868
4,213,346
100
301,550
892
5,230,445
241
426,510
97
269,560
378
353,463
$28,197,633
11,825 $39,491,790
D istrict . . . . 9,980
July, 1924
101
FEDERAL RESERVE AGENT AT SAN FRANCISCO
months of 1924 compared with the same month
one year ago and the previous month.
Month in 1924 compared with month
in 1923
Number
Value
January ........ 12.6%
February . . . . 26.3%
1.5%
March ...........
A p r il.............. — 2.2%
May ............... — 12.6%
J u n e ............... —15.6%
27.0%
18.5%
— 2.1%
— 2.4%
— 18.7%
—28.5%
Month in 1924 com
pared with preceding
month
Number
Value
14.9%
5.1%
11.0%
— 8.7%
— 11.5%
— 8.9%
— 9.3%
2.8%
15.1%
— 12.2%
— 7.6%
— 11.6%
The decline in value of building permits dur
ing June and May, 1924, as compared with
June and May, 1923, respectively, was in each
“case greater than the estimated decline of
building costs during the same periods.
The United States Department of Labor's
index number of building materials prices
stood at 173 in June, 1924 (1913 prices=100),
a decrease of 3.8 per cent from one month ago
and of 10.8 per cent from one year ago. The
Aberthaw index number of the total cost of
constructing a reinforced concrete factory
building stood at 198 on July 1, 1924 (1914
average=100), compared with 199 on June 1,
1924, and 206 on July 1, 1923.
From non-statistical evidence now available
it appears probable that employment in the
Twelfth District generally decreased some
what during June, and continued at levels
slightly lower than one year ago. The increase
in unemployment, as compared with one year
ago, is greatest among unskilled labor, par
ticularly in the agricultural and lumber indus
tries. The number of men employed in the
lumber industry of the Pacific Northwest
(Idaho, Oregon, and Washington) on July 1,
1924, was estimated at 69,500, compared with
74,900 on June 1st and 95,000 on July 1, 1923.
Although friere is little unemployment of
skilled building tradesmen and miners, em
ployers generally report no labor shortage in
these lines.
Sales of electric energy to industries in the
Twelfth District were 20.3 per cent greater
during May, 1924, than during May, 1923, and
13.6 per cent greater than during April, 1924.
Among the industries for which segregated
figures are available, the largest percentage in
crease, both during the year period and the
month, was for agriculture. As a result of the
dry weather which has prevailed during the
present season in the chief agricultural states
of the district, a heavy increase in the use of
electric power for pumping irrigation water
has occurred, and sales to agriculture have be
come of increasing importance to the industry,
amounting to 16.0 per cent of the total volume
of industrial sales during May, 1924, compared
with 10.4 per cent during April, 1924, and 11.8
per cent during May, 1923. Total sales to the
mining industry decreased slightly during the
year period, a large decline in the Intermoun
tain States and the Pacific Northwest more
than offsetting an advance of 21.3 per cent in
California. Manufacturing industries of the
district consumed 10.9 per cent more electrical
power during May, 1924, than during May,
1923. A current statistical summary of the in
dustry in the Twelfth District is presented in
the following tables :
Percentage Increase or Decrease (— ) in Volume of Sales
May, 1924, compared with May, 1923
Total
Agricul'
M anu- Industrial
ture
Mining factoring
Sales
C aliforn ia......................
Pacific N orthw est........
Intermountain States..
Twelfth D istrict...........
66.5
23.9
34.4
63.1
21.3
— 6.6
■
—36.3
— 4.2
7.7
18.0
4.6
10.9
22.5
13.6
19.7
20.3
Number and Distribution of Industrial Consumers and Actual
Volume of Sales
Number of
Industrial Sales K. W . H .
Industrial Consumers
May,
May,
May,
May,
1923
1924
1924
1923
California ................. 79,395 68,181
278,915,106 227,592,155
Pacific Northwest . . 13,642 11,976
80,927,548
71,234,656
Intermountain States 5,517
5,355
68,903,468
57,538,471
Tw elfth District . . . . 98,554 85,512
428,746,122 356,365,282
As a result of the decreasing flow of water
in streams used to develop electric energy in
Southern California, power companies serving
that territory have ordered a general decrease
of 25 per cent in the consumption of power.
General Easiness and Trade
The recent decline in business activity in the
district continued during June. Checks drawn
against individual accounts (bank debits) at
M IL L IO N S OF D O LLA R S
banks in 21 principal clearing house centers
declined 3.4 per cent in total amount during
June, 1924, as compared with May, 1924,
whereas normally there is a seasonal increase
of approximately 4.0 per cent. As compared
with June, 1923, bank debits for Jane, 1924, de-
July, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
102
clined 6.1 per cent, the second consecutive
month in which they have been below the fig
ures of a year ago. The estimated general price
level for this district declined less than 1.0 per
cent during the same period.
The accompanying chart (page 101) of
monthly bank debits in 20 principal cities (fig
ures for Phoenix, Arizona, are not included)
shows the general downward tendency in busi
ness during the past three months. If allow
ance be made for the fewer number of days in
February, it appears that activity reached a
peak in that month, since when there has been
a steady decline. Table “D” shows bank debits
for the months of June, 1924, and June, 1923,
and cumulative totals for the first six months of
1924 and of 1923 in 21 cities in this district.
The downward trend of sales at wholesale
which has appeared during the past three or
four months continued during the past month,
ten of the eleven reporting lines showing de
creases in the value of sales during June, 1924,
UAM SAUOFUBM M CX
NO. WHOLESALE PRICES
JUNE PRICES >923*100%* JUNE I923 3ALE5
I
J U N E 1 19241 PRICES
AGRICULTURAL WPLEMEHTS
AUTOMQHLE SUPPLES
AUTOMOBILE TIRES
As was the case last month, sales at retail
during June, 1924, were slightly less than dur
ing June, 1923. As compared with the preced
ing month the decline of 14.0 per cent during
June was considerably greater than the usual
seasonal decrease. The decline for the year
period, amounting to 1.8 per cent, cannot be
attributed to price changes, the estimated level
of retail prices in this district having shown a
slight gain (less than 1.0 per cent). Stocks of
reporting stores on June 30, 1924, were 7.5 per
cent larger in value than on June 30, 1923. The
rate of stock turnover during June, 1924, was
2.83 as compared with a rate of 3.16 during
June, 1923. A detailed statement of the per
centage changes in the value of sales and
stocks of reporting department stores in the
district follows:
„r ercentage .increase „Percentage increase
or decrease ( — ) in
vaine of sales
Jane, 1924,
compared with
June,
May,
1923
1924
No.
of
Stores
6
Los An g e l e s , . .
Oakland .......... .. 4
Salt Lake City. .. 4
San F ra n cisco .. ..10
Seattle ............. , 5
Spokanef ........ .. 4
♦D istrictt .. . .34
— 0.07
S.6
— 7.4
3.3
— 5.9
—22.0
— 1.8
—
— 10.1
0.6
— 17.0
—21.8
— 9.3
— 16.0
— 14.0
or decrease(— ) in
value of stocks
June, 1924,
compared with
June,
May,
1923
1924
21.0
2.3
11.9
1.0
3.6
— 4.6
7.5
—2.1
6.7
—6.8
—7.0
—4.6
—4.5
—4.7
•Figures for one store included in district figures not included in
figures for cities shown above.
fPrelim m ary.
DfVSS
DRY GOODS
M IL L IO N S OF DO LLAR S
FURNITURE
GROCERES
SHOES
STATIONERY
20
40
80
SO
100
120
(40
160
Dollar Value of Sales of Representative Wholesale Firms and General
Wholesale Prices in Jane, 1924, compared with June. 1923
as compared with June, 1923, automobile tires
alone showing an increase. Percentage changes
in the value of sales of reporting wholesale
dealers during June, 1924, compared with one
year ago and one month ago, follow:
Percentage increase or
decrease ( - ) in the value
of sales during June, 1924,
compared with
No. of
Firms
Jane, 1923
May, 1924
Agricultural Im plem ents.. . .
Automobile Supplies........ ..
Automobile T ires.............. ,
D r u g s ...............................
..
Dry G oods....... ....................
Electrical Supplies............ ..
Furniture ............................ ..
Groceries ............................ ..
Hardware ............................ ,
..
Stationery ........................... . .
20
17
20
8
12
6
17
27
21
15
27
— 16.5
— 7.4
40.3
— 2.9
— 12.8
— 4.0
—20.3
— 5.5
— 19.1
—21.7
— 15.9
2.7
7.1
15.2
— 3.0
— 9.7
— 4.9
—10.4
9.5
— 7.8
— 11.1
— 5.4
Net Sales of 35 Department Stores in Twelfth Federal Reserve District
( I n M illio n « of D o lla r « )
Registrations (sales) of new automobiles in
the states of this district during the first five
months of 1924 (an index of purchasing power
of the community) were less by 10.8 per cent
than during the first five months of 1923. Sales
of automobiles during May, 1924 (as indicated
by new car registrations), were less by 0.3 per
cent and 27.2 per cent, respectively, than dur
ing April, 1924, and May, 1923. Declines in
July, 1924
FEDERAL RESERVE AGENT AT SAN FRANCISCO
cumulative totals of new registrations were the
result largely of declines in registrations in
California. Figures follow:
R EG ISTR A TIO N S O F N EW A U TO M O BILES
Passenger
Commercial
Jan. 1 to June 1,
Jan. 1 to June 1,
1924
1923
1924
1923
Arizona ...................
C alifornia................
Idaho .......................
Oregon ....................
Utah .........................
W ashington ...........
4,163
77,299
5,631
15,878
5,207
*
3,950
94,057
3,671
14,521
4,337
18,899
472
6,813
521
1,039
342
*
292
9,555
235
577
422
1,994
T otal (5 states).. 108,178
120,535
9,187
11,081
*Not available.
National production of automobiles during
June, 1924, was less than during June, 1923,
and May, 1924, by 35.0 per cent and 21.4 per
cent, respectively. Figures compiled by the
Federal Reserve Bank of Chicago follow:
June, 1924
Passenger Cars............. 217,845
T r u c k s ............................ 27,040
May. 1924
June. 1923
279,385
32,326
337,048
39,945
103
month and for the year. Detailed changes in
the amount of savings deposits during the
month and year as reported by the 72 banks are
presented in the following table (000 omitted) :
Per C ent increate
June, 1924,
Number
compared with
of
May,
June,
June, May,
June,
Banka
1924
1924
1923
1923 1924
9.5
0.5
Los A n g e les.. . 13 $ 339,103 $337,391 $309,638
6.4
2.2
95,311
93,242
89,570
Oakland* . . . . 7
2.3
P ortland ......... 9
51,012
10.3
49,837
46,235
Salt Lake City. 8
0.3
28,178
26,530
6.5
28,277
3.2
9.1
421,354 407,998 386,027
San Franciscof 14
65,442
2.0
Seattle ............ 15
66,756.
58,701
13.7
3.2
17,702
Spokane ......... 6
17,144
15,516
14.0
Total ........... 72 $1,019,515 $999,232 $932,217
9.3
2.0
•Includes one bank in Berkeley which was form erly a branch o f an
O akland bank,
fT h e consolidation of reporting banks has reduced th e ir num ber,
but has not affected the value of reported figures for compara*
tive purposes.
R. G. Dun & Company’s preliminary figures
of the number and liabilities of business fail
ures in the states of this district during June,
1924, and May, 1924, follow :
No.
June. 1924
Liabilities
No.
May, 1924
Liabilities
0
Total ........................... 244,885
311,711
376,993 Arizona ...............
1 $ 24,323
0
779,085
127 $1,417,427
Production during the first six months of 1924 C aliforn ia............ 75
8
49,626
5
47,713
was reported at 1,992,030 passenger cars and
2
3
576
2,450
trucks, compared with 2,016,968 passenger cars Nevada ................
O r e g o n ................ 16
132,103
43
327,099
and trucks during the first six months of 1923.
Utah .................... 16
145,801
13
138,197
Savings deposits at 72 banks in seven prin W
ashington ....... 43
473,303
36
503,094
cipal cities increased 2.0 per cent during June,
as compared with May, and at $1,019,515,000
226
D is t r ic t ............ 162 $1,604,817
on June 30, 1924, were greater by 0.9 per cent
Percentage increases and decreases (—) in
than the previous record figure reported on
March 31, 1924. As compared with a year ago, the number and liabilities of business failures
savings deposits increased 9.3 per cent, an in the Twelfth Federal Reserve District fol
amount considerably in excess of the increase low.
June, 1924, compared with
June. 1923
May, 1924
which could be attributed to interest accruals
Number of Business Failures........ 8.0
—28.4
alone. All cities reported increases for the
Liability of Business Failures........ 2.2
Banking and Credit Situation
(D) Bank Debits*—
June,
1924
B e r k e le y ............. $ 17,450
Boise ....................
11,436
Fresno ................
26,426
Long Beach.........
46,851
Los A ngeles. . . .
700,255
Oakland .............
106,513
Ogden .................
19,750
Pasadena ............
28,811
Phoenix ..............
21,062
P ortland ...........
149,469
Reno ....................
8,057
Sacramento ___
36,029
S alt Lake Cit y .
62,923
San D iego...........
48,195
S a» F rancisco. .
777,716
San J o s e .............
19,255
S e a t t l e ..............
179,757
S p o k a n e .............
47,274
S to c k to n .............
20,638
T a c o m a ...............
40,792
Y a k u n a ...............
8,802
Total ............... $2,377,461
Cumulative
Total from
FiratofYear
to
July 1*1924
$ 107,446 $
65,402
179,915
337,339
4,642,565
744,794
136,721
210,090
126,517
951,757
48,522
272,064
375,022
292,046
4,842,328
123,324
1,070,839
281,861
137,938
247,196
57,669
$15,251,355
June,
1923
16,268
13,223
46,615
61,164
706,983
137,591
24,490
31,622
20,760
150,081
11,655
35,203
66,640
47,901
829,544
20,766
178,692
51,445
25,579
45,296
9,421
$2,530,939
•Estimated from weekly totals (000 omitted).
—34.1
Cumulative
Total from
First of Year
to
July 1,1923
$ 103,603
74,644
283,392
346,388
4,088,838
746,828
173,391
194,928
113,641
870,655
59,525
273,380
375,144
281,266
4.760,171
132,126
999,288
288,432
137,938
231,501
57,392
$14,592,471
An abundant potential supply of credit at a
time of slackening demand for commercial loans
has characterized the banking situation during
the past month, and interest rates have contin
ued at unusually low levels. The total volume of
member bank credit in use remained relatively
unchanged, although a slight decline in loans
to business concerns was noted. Demand for
credit at the Reserve Bank, except for a tem
porary increase during the week ending July
2nd (reflecting member bank needs at the end
of the fiscal year), continued the decline which
has been in progress intermittently since the
spring of 1923.
Total loans and investments of reporting
member banks in this district fluctuated within
relatively narrow limits during June and early
July, and on July 9th, at $1,370,000,000, showed
104
MONTHLY REVIEW OF BUSINESS CONDITIONS
no change from the figure reported last month,
an increase of $5,OCX),000 in investments being
offset by a similar decline in total loans. As
compared with one year ago, total loans and
investments on July 9, 1924, were greater by
$37,000,000 (2.8 per cent), total loans showing
an increase of $34,000,000 (3.5 per cent). De
mand deposits changed little during the month,
the net movement for the four weeks ended
July 9th being a decline of $2,000,000 or less
than 0.3 per cent. Time deposits continued to
increase, and borrowings from the Reserve
Bank to decline.
the month to a figure almost double that of a
year ago. The volume of Federal reserve notes
in circulation, except for a seasonal increase
during the early part of July, showed little
change for the month, and on July 16, 1924,
was $4,000,000 (1.9 per cent) smaller than on
July 18, 1923.
Principal changes in the condition of the
Federal Reserve Bank of San Francisco during
the month and during the year follow (figures
are in millions of dollars) :
Change from
One Month
Ago
Total Discounts.
Investm ents __ .
United States
Securities . . . .
Federal Reserve
N ote Circula
tion ............... .
Total R eserves. .
M IL L IO N S OF D O L L A R S
400
3 0 0
2 0 0
July, 1924
Change from
One Year
Ago
Condition
July 16,
1924
— 11 (33.3%)
+ 3 ( 6.25%)
—60 (73.2%)
+ 2 5 (96.2%)
22
51
+ 5 (11.6%)
+ 3 9 (433.3%)
48
+ 1 ( 0.5%)
+ 1 1 ( 3.8%)
— 4 ( 1.9%)
+ 3 9 (14.7%)
206
303
M IL L IO N S OF D O LLA R S
IO O
1923
1 9 2 4
Total Reiervei, Federal Reserve Note C irc u la tio n , Bills Discounted,
and Investments, Federal Reserve Bank of San Franciaoo
Changes occurring in the principal items of
the statement of 74 reporting member banks in
this district during the month and during the
year are presented in the following table (in
creases indicated by plus, decreases by minus
signs). The figures are in millions of dollars,
numbers in parentheses indicating percentage
changes.
Con.
Change from
One Month
Ago
Total L oans........ — 5 (0.5%)
In vestm en ts........ + 5 (1.4%)
Demand D eposits — 2 (0.3%)
Time D ep osits... + 1 5 (2.5%)
Borrowings from
Federal Re
serve Bank___ — 4(26.7%)
Change from
One Year
Ago
dition
July 9,
1924
+ 3 4 (3.5%)
+ 3 (0.8%)
— 9 (1.2%)
+94(17.7% )
1,014
356
731
625
Total Deposits, Loans and Discounts, Investments, and Bills Payable
and Rediscounts of Reporting Member Banks
Interest rates declined from previous low
levels during the four weeks ended July 12,
1924, the rate on commercial paper reaching
the lowest point since 1916. The following
—46(80.7%)
11
table shows weekly average interest rates on
various
classes of paper in the New York mar
Total earning assets of the Federal Reserve
ket
as
reported
by the Federal Reserve Bank
Bank of San Francisco during June and the
of
New
York:
first half of July declined, except for a tempo
Week
Week
Week
Ended
Ended
Ended
rary seasonal increase during the week ending
July 12.
Jane 14,
1923
July 14,
1924
1924
High
1923
July 2nd, and, at $73,000,000 on July 16, 1924,
were less by $8,000,000 (9.9 per cent) and $34,- Time M on ey............... 2^ -3% 3 # % Sy2% 5}*%
3$4-4 5%
5
000,000 (31.7 per cent) than one month ago and Commercial Pa p e r . . .
Bankers* Acceptances 2
2H
4%
4%
one year ago, respectively. The decline both
for the month and for the year period was due
The prevailing rate charged customers by
entirely to a decline in total discounts amount San Francisco banks on prime commercial
ing to $11,000,000 (33.3 per cent) for the month loans was 5 per cent during the week ending
and $60,000,000 (73.2 per cent) for the year July 15, 1924, compared with 5-6 per cent one
period Investment holdings increased during month ago and 5 per cent one year ago.
@FedFRASER