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’Not to be releasedfor publication before the afternoon o f M arch 2 5 , 1 9 2 0 F E D E R A L O F R E S E R V E S A N B A N K F R A N C IS C O J O H N PER RIN CHAIRMAN OF THE BOARD Federal Reserve a g en t and G E N E R A L B U S IN E S S A N D A G R I C U L T U R A L C O N D I T I O N S IN T H E T W E L F T H F E D E R A L R E S E R V E D I S T R I C T M arch 15, 1920. E C E N T R r a in s h a v e m a t e r ia lly im p r o v e d th e T w e lft h s till fr o m F ed era l R eserve 30 to 60 p e r c e n t b e lo w p ro sp e cts fo r D is t r ic t , a lt h o u g h n o r m a l. In 1920 cro p s in s e a s o n a l r a i n f a l l is C a lifo r n ia , th e r ic e , b e a n a n d s u g a r b e e t a c r e a g e is b e in g m a t e r ia lly c u r t a ile d a n d a s e r io u s s h o r t a g e o f h y d r o - e l e c t r i c p o w e r is p r o b a b l e b e c a u s e o f l a c k o f p r e c i p i t a t i o n . S h orta g e acreage are o f w a ter sow n th a t n o r m a l. s e c tio n s th e to fa ll-s o w n W h ile o f fo r ir r ig a tio n s p r in g crop s w heat acreage Id a h o, In p ro sp e cts fo r n o rm a l cro p s R a n g e c o n d itio n s N o r th e rn U ta h . are p u rposes and m ay th e P a c ific crop p la n te d N evada 80 p e r c e n t o f n o r m a l. in w ill average w ill b e U ta h , som ew h at N o rth w e st th e about u n d im in is h e d y ie ld w ill and 70 in redu ce th e in d ic a t io n s per th e cen t o f ir r ig a te d a p p r o x im a te o n ly th e d r y fa r m in g p o r t io n s o f th e se sta tes, th e a r e e x c e lle n t. fa v o r a b le in a ll p a r ts o f th e d is tr ic t e x c e p t in T h e o p e n w in t e r h a s r e s u lt e d in s m a ll lo s s o f liv e s t o c k th r o u g h e x p o s u r e a n d th e re h a s n o w b e e n e n o u g h p r e c ip ita tio n to a ss u re s u ffic ie n t fe e d d u r in g th e su m m er, a lth o u g h p o s tp o n e d f o r s e v e r a l w e e k s in C a lifo r n ia . c o m p le te d , w ith g r a z in g has had to be L a m b i n g is a b o u t 5 0 p e r c e n t la r g e in c r e a s e s r e p o r te d . L u m b e r s t o c k s a r e s o d e p le t e d in th e P a c ific N o r t h w e s t th a t it is p r o b a b le th a t a n o r m a l v o lu m e o f m ill s to ck s w ill n o t b e a tta in e d fo r m ore th a n a y e a r , a lth o u g h o n ly a b ou t 50 p e r in th e car s itu a tio n m ovem ent o f p la n ts cen t o f 2 ,0 2 8 has a re r u n n in g th e b u s in e s s been cars, u n fille d r a il o r d e r s fr o m n o tic e d d u r in g th e to c a p a c ity o ffe r e d . d u r in g w eek and are a c c e p tin g s lig h t im p r o v e m e n t th e past e n d in g 1 2 ,6 0 1 t o 1 2 ,2 7 3 c a r s . th a t th e re w ill b e n o r e lie f fr o m A fe w M arch w eeks, 6, th e d e c r e a s in g It is a n t ic ip a t e d , h o w e v e r , ca r sh orta g e fo r se v e ra l m on th s. D u r in g th e fiv e w e e k s e n d in g M a r c h 6, a n a v e r a g e o f 1 2 2 m ills r e p o r t e d a c u t o f 4 0 4 ,0 0 0 ,0 0 0 fe e t, 35 fe e t, per 6 .2 cen t per cen t b e lo w b e lo w n o r m a l, p r o d u c tio n . and D u r in g orders th e o f fiv e 3 0 0 ,0 0 0 ,0 0 0 w eeks e n d in g M a r c h 6, a n a v e r a g e o f th ir te e n C a lifo r n ia r e d w o o d m ills r e p o r t e d o f 3 1 ,8 4 6 ,0 0 0 fe e t and orders r e c e iv e d o f 2 9 ,7 9 2 ,0 0 0 fe e t, as a cu t com p ared w i t h a c u t o f 2 4 ,8 1 4 ,0 0 0 f e e t a n d o r d e r s o f 3 0 ,1 8 1 ,0 0 0 f e e t d u r i n g t h e p r e c e d in g fiv e w e e k s . B u ild in g p e r m its in 18 p r in c ip a l c itie s $ 1 2 ,3 7 4 ,9 3 0 d u r i n g F e b r u a r y , a s c o m p a r e d ary, an d $ 4 ,8 9 0 ,1 9 8 p resen t ra te sh orta g e o f d u r in g o f b u ild in g h o u s in g F e b ru a ry , 1919. fa c ilit ie s in th e It is it w ill ta k e fiv e y e a r s th e la r g e r p a r a t iv e s ta te m e n t o f b u ild in g p e r m its in in o f d is tr ic t a g g re g a te d w i t h $ 1 2 ,9 3 4 ,8 2 9 d u r i n g J a n u e s tim a te d to o v e r c o m e c itie s o f th e th a t th e at th e e x is t in g d is tr ic t. th o s e c itie s r e p o r t in g C om p e r m its e x c e s s o f $ 5 0 0 ,0 0 0 i n F e b r u a r y is g i v e n b e l o w : F E B R U A R Y, 1920J A N U A R Y , 1920 CITY N um ber L os A n g e l e s ......................... 1585 Sa n F r a n c i s c o .................... .............................. L o n g B e a c h ........................... S e a t t l e .................................... O a k l a n d ................................. F r e s n o ..................................... P ortland 538 819 335 785 316 208 A m ount N um ber Am ount $3 ,286 ,41 5 2,6 4 8 ,2 7 2 1,021,3 55 1,011,1 43 93 9,160 92 1,50 2 63 3 ,6 5 9 1928 490 694 581 771 354 224 $4,186 ,26 6 1,6 36,7 33 924,30 5 1,271,8 20 1,2 91,310 548,693 875,540 B o t h th e r e ta il a n d w h o le s a le tr a d e r e p o r t th e c u s t o m a r y d e c r e a s e s in b u s in e s s d u r in g F e b r u a r y a s c o m p a r e d w it h J a n u a r y , s a le s b y v a lu e s , o f d e p a r t m e n t s to r e s d e c r e a s in g fr o m w are stores 15 20 to cen t. report A s per fr o m cen t, in c r e a s e s 65 p e r cen t. to and com p ared s a le h a r d w a r e fr o m 5 to 70 in 10 o f w ith s a le s stores fr o m per cen t, per 20 to 25 p e r c e n t ; o f w h o le s a le h a r d cen t; of w h o le s a le F ebru ary, by v a lu e w h o le s a le grocery 1919, of fr o m d rygood s stores fr o m h ow ever, 25 to 30 w h o le s a le grocery to d ep a rtm en t per 60 to 65 p e r c e n t ; w h o le s a le and stores 25 stores W h o le s a le fir m s r e p o r t th a t p r e s e n t d e m a n d cen t; d rygood s fr o m 20 fr o m 30 per stores w h o le stores to is p r i m a r i l y s ta p le s a n d e s s e n tia l g o o d s r a t h e r th a n s p e c ia ltie s a n d lu x u r ie s a n d 25 fo r th a t r e ta il d e a le r s a r e p u r c h a s in g grocery p r ic e s w h o le s a le sh ow p r ic e s a s u p p lie s f o r ten d en cy c o n tin u e to to cu rren t use d e c lin e advan ce. C o lle c tio n s w ere rep orted as fa ir to g o o d , as c o m p a r e d in g C o m p a r a tiv e Ja n u a ry. o n ly . s lig h tly , b u t sta tem en t o f w ith r e ta il oth er d u r in g good and W h o le s a le in to lin e s F ebru ary e x c e lle n t d u r w h o le s a le tra d e o f r e p o r t i n g fir m s in p r i n c i p a l c it ie s o f t h is d is t r ic t is a s f o l l o w s : R ETA IL TR AD E* CITY Los C om parison o f net sales during February, 1920, w ith those o f January, 1920 F ebruary, 1919 % Decrease % Increase A n g e l e s . . . .................... 14.4 20.5 22.2 23.2 51.6 27.4 22.8 26.9 ................ .................... S p o k a n e .............. .................... 20.7 25.7 15.5 .................... 21.1 Oakland ............. .................... S a c r a m e n t o . . . .................... S a n F r a n c i s c o .. .................... P ortland Sa l t W H O L E SA L E TR AD Et C om parison o f net sales during February, 1920, w ith those o f January, 1920 % Decrease 11.5 22.4 23.6 28.4 21.3 31.3 21.4 15.5 30.5 8.1 40.8 18.5 26.6 94.1 56.0 31.3 23.1 41.2 ........... C i t y .................... Lake Seattle D is t r ic t , February, 1919 % Increase Departm ent stores. G roceries, d rygood s, hardw are, drugs. D u r in g w ith to 80 F ebru ary d u r in g $ 3 3 2 ,4 1 8 , th e re w ere J a n u a ry. as 5 4 fa ilu r e s in L ia b ilitie s com p ared w ith t h is a m o u n te d lia b ilit ie s $ 9 0 4 ,9 3 2 d u r i n g t h e p r e c e d i n g m o n t h . o f to d is tr ic t, a s c o m p a r e d $ 1 ,0 7 5 ,7 9 0 $ 1 ,8 6 9 ,2 3 7 and and a sse ts a ss e ts o f C o m p a r a tiv e s ta te m e n t b y sta tes, g iv in g n u m b e r o f f a ilu r e s a n d lia b ilit ie s , is a s f o l l o w s : NUM BER January 1920 STATE Idah o ............. ..1 4 ............. 54 $1,869 ,23 7 ................................ 2 ............. .. N evada 7 ........................... N o n e ................................ ..1 3 W a s h in g t o n Total N one 1 7 1 2 12 3 .....................41 O regon Utah January 1920 9,000 373,102 14,000 45,059 N on e 165,476 1,262,600 A r i z o n a .......................... C a l if o r n ia LIAB ILITIES F ebruary 1920 80 $ 31 February 1920 $ N on e 620,689 11,000 41,414 50,000 13,420 339,267 $1 ,075,790 (Figures fu rn ish ed b y R. G. Dun & Com pany) In terest a n d d is c o u n t ra te s h a v e w h a t fir m e r d u r in g per cen t in sh ow n a ten d en cy th e p a st m o n th , th e p r e v a ilin g in d u s tr ia l cen ters, and 8 per cen t in to becom e ra te s b e in g a g r ic u ltu r a l 6 som e to 6x/2 s e c tio n s . B a n k c le a r in g s in 2 0 p r in c ip a l c itie s o f th e d is tr ic t a g g r e g a te d 9 4 0 ,0 0 0 in d ecrease F ebru ary o f 1 5 .1 per cen t, as c o m p a re d L a b o r is f u l l y arou n d m any th ere tim e any as c e n t, a lth o u g h w ith a g r ic u ltu r a l g e n e r a lly o f th e y e a r. im p o r ta n c e p ro sp e cts D a ily s e c tio n s T h ere d u r in g p r o d u c tio n in th ere som e o f a n y la b o r o f w it h $ 1 ,6 6 0 ,3 0 7 ,0 0 0 in c r e a s in g in $ 1 ,3 8 9 ,- Ja n u a ry, $ 2 5 9 ,9 4 0 ,0 0 0 , o r 2 2 .3 a per F e b ru a ry , 1919. e m p lo y e d S e a ttle , w h e r e is com p ared a ll s e c tio n s are n ow report a u n e m p lo y m e n t have been th e past o f th e a p p r o x im a t e ly no sh orta g e th rou g h ou t s tr ik e s m on th and e x c e p t in and u n e m p lo y e d , and o f th e o r la b o r th ere d iffic u lt ie s in th e p e tr o le u m C a lifo r n ia in d is tr ic t, 4 ,0 0 0 are la b o r , a lth o u g h d is tr ic t at th is d is tu r b a n c e s no o f im m e d ia t e d is tr ic t. F ebru ary aver a g e d 2 7 4 ,0 2 6 b a r r e l s a s c o m p a r e d w i t h 2 7 3 ,0 8 7 b a r r e l s i n J a n u a r y . d u r in g S h ip m e n t s a v e r a g e d 3 0 4 ,1 2 0 b a r r e l s p e r d a y , t h e r e b y d e c r e a s i n g s t o r e d s t o c k s b y 8 7 2 ,7 0 4 b a r r e l s t o 2 8 ,7 3 8 ,9 2 1 b a r r e l s o n F e b ru a ry 29, 1920.