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A g ric u lt u ra l
and
B u sin ess C o n d itio 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, May 18, 1922
E A T E R than seasonal increases in ac
G Rtivity
in the major extractive industries
of the district, continued strength in the
banking situation, and a period of comparative
dullness in wholesale and retail trade char
acterized the month of April in the Twelfth
Federal Reserve District.
Improvement in the lumber industry was
the outstanding feature. Production during
April was at 95 per cent of the estimated nor
mal capacity of reporting mills
The Month and during the first two weeks
of May reached normal capacity.
Orders received during April exceeded produc
tion by 27.1 per cent, this being the fifth con
secutive month in which demand has exceeded
current production. The mining industry is
reported to be more active than at any time in
the past year. Gold and silver mines with the
richer ore deposits, and which have been closed
down, are being worked again, and 12 of the
16 large copper companies in the district are
now in operation after a year of comparative
inactivity or of complete cessation of opera
tions. Petroleum production continues at rec
ord levels but consumption has been lagging
behind output, and stored stocks on May 1st
were 39,795,057 barrels, the largest amount
since April, 1917, and 56.9 per cent greater
than one year ago.
Normal or better than normal yields of most
of the agricultural crops of the district are ex
pected. The May 1st estimate of the United
States Department of Agriculture places the
yield of winter wheat at 72,829,000 bushels, a
decrease of 7,949,000 bushels, or 9.8 per cent,
from last year’s record crop and an increase of
28.5 per cent over the previous five-year aver
age. Deciduous fruit orchards, with the excep
tion o f apricots, are in good condition. Fairly
accurate estimates of the damage done to the
California orange crop by the January frosts
are now available and it is expected that ap
proximately 58 per cent (13,050,000 boxes) of
the previously estimated crop will be market
able. Prices of agricultural products were rela
tively stable during April and the gains of the
previous three months were generally held.
Tentative prices for fruits and actual prices of
livestock and w ool are well above prices of one
year ago.
Increased activity in industry and agricul
ture is reflected in the loans and discounts of
reporting member banks which increased from
$834,264,000 to $853,231,000, or 2.3 per cent,
during April. A t the same time deposits in
these banks increased from $1,114,092,000 to
$1,152,807,000, or 3.5 per cent, and they were
able to reduce their borrowings from the Fed
eral Reserve Bank from $22,651,000 to $14,672,000, or 35.2 per cent. Borrowings of all
member banks from the Federal Reserve Bank
declined from $49,025,000 to $43,279,000, or
11.7 per cent in the four-week period ending
May 10th.
April was a month of little or no improve
ment in retail and wholesale trade. A decline
of 1.3 per cent in the value of sales at retail
compared with sales in April, 1921, was re
ported, notwithstanding the fact that Easter
buying was included in March sales last year
and in April sales this year. In eight of the
10 reporting lines of wholesale trade the value,
and probably the physical volume, of sales
was less in April, 1922, than in April, 1921.
The exceptions wTere agricultural implements
and hardware.
Building permits issued during April give
further evidence of exceptional activity in con
struction and building. Permits issued were
16.5 per cent greater in number and 51.6 per
cent greater in value than in April, 1921, and
Those desiring this report sent them regularly will receive it without charge upon application
No. 5
Agricultural and Business Conditions
74
were approximately equal to the permits issued
in the record month of March, 1922. The
volume of business transacted in the district,
as reflected in reports of debits to individual
accounts in 20 principal cities was practically
the same in April, 1922, as in March, 1922,
and April, 1921. The number and liability of
business failures, although large, was less than
in the previous month. Employment in the
district is increasing rapidly as industrial ac
tivity increases and seasonal farm and con
struction work is begun.
Unfavorable grow ing weather during April,
slightly lowered the average condition of win
ter wheat in this district, according to the May
1st report of the United States DeGrains partment of Agriculture (see table
“ A ” ). There has been an improve
ment in weather conditions during the first
half of May, although some fields in northern
California are in need of rains to insure a full
crop and in other states the crop would be
improved in many sections by warmer grow
ing weather.
Estimates of abandonment of winter wheat
as of May 1st show a reduction of 6.3 per cent
in the total acreage (3,579,000 acres) sown in
this district. On the premise that average con
ditions prevail until harvest, it is estimated
that this acreage will produce 72,829,000
bushels of winter wheat, as compared with
80,778,000 bushels produced in 1921, a decrease
of 7,949,000 bushels, or 9.8 per cent. It is esti
mated that total winter wheat production in
the United States during the 1922 season will
be 584,793,000 bushels, only 0.4 per cent less
than the 1921 crop yield. Comparative condi
tions, acreage abandoned, and estimated yields
of winter wheat by states in this district are
shown in table “ A .”
Commercial factors estimated that on April
1st the available exportable surplus of wheat
in the Pacific Northwest for the remaining
three months of the cereal year was approxi
mately 12,000,000 bushels. Exports of wheat
from Portland and Puget Sound during April
are reported to have totaled 3,384,000 bushels,
reducing this total on May 1st, to 8,616,000
bushels (disregarding shipments by rail).
Export movement of California barley con
tinued to increase during April, shipments
from San Francisco amounting to 378,929 cen
tals, as compared with 260,943 centals exported
from that port during the preceding month,
and 150,073 centals exported during April,
1921.
W heat prices are reported to have shown
an upward trend during April, in Pacific Coast
markets. (N o. 1 hard wheat advanced 3 cents
per bushel in the San Francisco market,
and is now [M ay 15th] quoted at $1.41 to
$1.44 per bushel.) The barley market at San
Francisco is reported to have weakened slightly
during the past two weeks, and on May 15th
shipping barley was quoted at $1.45 to $1.55
per cental, a recession of 5 cents per cental
in the upper range of prices. On the corre
sponding date a year ago, shipping barley was
quoted at $1.20 to $1.25 per cental.
Flour output was sharply curtailed by mills
in this district during April, and average pro
duction of 61 reporting mills declined to 33.8
per cent of capacity (the lowest point
M illing of the 1921-1922 cereal year) com
pared with an average production of
50.1 per cent of capacity during the preceding
month, and 34.5 per cent of capacity during
April, 1921 (see table “ B ” on opposite page).
Millers attribute the decreased output during
April to the follow ing fa cts:
1. Old export orders have been completed
and delivered, and little new export business
has been booked.
2. Domestic demand has been light, and
domestic sales of flour steadily decreasing.
3. Price offers for flour have been low, while
millers have been obliged to pay high prices
for scarce lots of desirable milling wheat.
The trend of milling activity in this district
as indicated by the reports of 16 large milling
( A ) C o n d i t i o n , A c r e a g e a n d E s t im a t e d Y i e ld o f W i n t e r W h e a t Condition (Per Cent of Normal)
May,
April,
May,
10-year
average
1922
1921
1922
Arizona . . . . . . . . . . .
92
California ............ . .. 90
Idaho ...................
88
Oregon ................
91
Utah .............
.. 93
W a sh in g ton ........
85
12th D istrict........
United S ta te s ....
83.5
95
94
92
90
89
85
80
80
97
99
98
99
92
82
90
96
94
92
78.4
88.8
87.1
Acreage Sown
1922
50,000
759,000
436,000
894,000
148,000
1,292,000
3,579,000
38,131,000
Per Cent
Abandoned
1922
2.0
8.7
6.0
4.4
2.0
7.0
6.3
13.9
Estimated Yield
1922
1921
1,330,000
12,960,000
9,020,000
18,505,000
2,611,000
28,403,000
72,829,000
584,793,000
840,000
8,355,000
10,279,000
20,862,000
2,985,000
37,457,000
80,778,000
587,032,000
Federal Reserve Bank of San Francisco
75
companies, is shown in the accompanying
chart. During April, stocks of wheat held by
these mills decreased, flour output was cut to
the lowest point of the season, and stocks of
flour on hand increased slightly.
Monthly Flour Output, and Stocks of Wheat and Flour at End of Month,
of 16 Reporting Milling Companies
Although sub-normal temperatures were re
ported from practically all sections of the dis
trict at some time during April, and although
a few localities suffered severe
Deciduous frosts, the majority of orchards
Fruits
are reported to be in better than
average condition, and prospects
on May 15th were favorable for heavy yields of
the principal varieties of fruits. In California,
the condition of peach orchards indicates a rec
ord crop, while cherries and pears promise to be
about normal in yield. The apricot crop of that
state, curtailed by frost injury, is expected to
be light, the present estimate being for 52 per
cent of a theoretically normal crop. The United
States Department of Agriculture reported the
condition of California fruits and nuts on May
1st as follow s:
Condition on M ay 1st
10-year
average
(Percentag-e o f N orm al)
1922
1921
Almonds ...............................77
Apples ....................................96
Apricots .................................52
Cherries .................................90
Peaches .................................92
Pears ......................................92
Prunes ....................................95
58
*
45
66
*
*
*
69
*
68
80
*
*
*
*N ot estimated previous to 1922.
(.B) Milling
No MUls Reporting
April, 1922 March, 1922
California ......................................
Idaho ..............................................
Oregon ..........................................
Washington ..................................
District ..........................................
10
3
22
26
61
10
3
21
27
61
In the Pacific Northwest, berry crops are in
excellent condition, and normal yields of
cherries, pears, and apples are expected. Severe
frosts early in May are reported to have in
jured the latter fruits, but the extent of the
damage will not be ascertainable for a month
or more.
Although a definite estimate of the size of
the 1922 fruit pack is impracticable as yet,
depending as it does upon the price of raw
fruits, and the response of the jobbing trade
to 1922 opening prices, fruit canners in Cali
fornia are preparing for a larger output than
the small pack of last year (8,511,851 cases).
Tentative estimates from southern California
indicate that the 1922 pack of fruits in that
section (chiefly apricots and peaches) will
show a 40 to 50 per cent increase over the
1921 pack. Estimates from the Pacific North
west indicate that the 1922 fruit pack in Ore
gon and W ashington will be 25 per cent larger
than the 1921 pack (the chief increase being
in the production of canned berries).
Prices of raw fruits have not yet been estab
lished. The chief factor in the situation at pres
ent is the advancing prices of dried and canned
fruits, which have followed the unusual de
mand for these products and the rapid reduc
tion in holdover stocks. During the 1921 and
1920 seasons, growers in northern California
are reported to have received the follow ing
prices, for the principal varieties of canning
fruits :
Price Per Ton
1921
1920
Apricots ......................................$ 60.00
Cherries ....................................... 120.00
Peaches ....................................... 35.00
Pears ...........................................
65.00
$100.00
240.00
110.00
100.00
Present tentative estimates indicate that
growers this season will receive higher prices
for their fruit than they did in 1921.
A ccording to the May 1st estimate of the
United States Department of Agriculture,
13,050,000
boxes of oranges will be
Citrus shipped from California during the
Fruits present 1921-1922 season (58 per cent
of the estimate of December 1st). Ship
ments of oranges from California during the
-O u tp u tM arch, 1922
April, 1922
(barrels)
(barrels)
Per Cent M ill Capacity
in Operation
March,
April,
1922
1921
April,
1922
171,360
13,566
88,157
221,863
303,859
9,640
102,989
300,734
69.2
43.4
38.8
45.6
45
35
33
25
494,946
707,202
50.1
34.5
76
Agricultural and Business Conditions
Since these opening prices were named, re
sales of contracts for future delivery of canned
pineapple have been reported at prices as much
as 10 per cent above the opening quotations.
The increased price differential this year be
tween the two kinds of canned pineapple is
attributed to the desire of the canners to pop
ularize the grated and crushed product, which
has been lagging behind the sliced fruit in
popularity and volume of sales.
Losses of livestock in this district from ex
posure and lack of feed have been greater than
normal during the past winter, which has been
unusually long and severe, accordLivestock ing to United States Department
of Agriculture estimates. Feed on
the majority of the pastures and ranges of the
district was late in starting growth and its
condition is generally reported to be much
below the average for this period of the year.
W ith the advent of warmer weather, however,
pastures are improving, and livestock are
quickly regaining lost weight. Valley pastures
in northern California are reported to have
deteriorated rapidly under the influence of dry
ing winds, and cattle in that section are being
moved to summer ranges in the mountains as
Condition on M ay 1st
rapidly as possible.
(Percen tage o f Norm al)
Lambing in the district was accompanied
10-year
1922
1921
average
by losses heavier than usual, partly due to the
Oranges ............................... 78
92
93
weakened condition of the ewes in many sec
Lemons ............................... 66
90
90
tions because of insufficient feeding during the
winter and partly due to adverse weather con
Both orange and lemon orchards in many
ditions during the lambing season.
sections were defoliated by the January freeze,
Receipts of cattle and calves at eight princi
lowering the vitality of trees, and making a
pal markets of the district (see table “ C” on
large yield of fruit during the forthcoming
opposite page) were approximately the same
year impossible.
during April, 1922, as during the preceding
Canners of pineapple estimate that the 1922 month, and the corresponding month a year
season Hawaiian pineapple pack will be ap ago. The number of cows and heifers mar
proximately 5,250,000 cases, as compared with keted is reported to have been small, in con
5,262,000
cases packedtrast
in to
1921,
the situation a year ago, when breeding
Pineapples and 5,978,000 cases in 1920. A
animals were being sold. Receipts of sheep
normal pack averages approxi showed the usual seasonal increase over the
mately 65 per cent sliced pineapple and 35 per preceding month, while remaining less than
cent crushed and grated pineapple.
during April a year ago. In Pacific Northwest
Sliced pineapple has recently been the most ern markets the shortage of sheep has been
popular item in the canned fruit trade, and it acute, and receipts during April were small.
is reported that stocks have been reduced to
In contrast with the situation prevailing a
a minimum. Opening prices on the forthcom year ago, it is reported that at present prices
ing 1922 pack of pineapple were named early for the different kinds of livestock, producers
in May by the largest canners of this fruit, are realizing a reasonable profit on their sales.
quotations of two principal operators compar Cattle marketing is proceeding in an orderly
ing with 1921 opening prices as follow s:
manner, and little stock is being sold prema
turely. The supply of fed cattle in all states of
Price Per Dozen Cana
1922
1921
the district is reported to be small, and the
Extra, sliced, No. 2 y2 cans (8 slices).. $2.75
$2.35 supply of grass fed cattle in California and
Extra, grated or crushed, No. 2 ^ cans. 1.75
2.00 Arizona is below normal and late in com ing to
1920-1921 season totaled 21,600,000 boxes.
The California Fruit Growers Exchange
estimates that the 1921-1922 navel orange crop,
which has been harvested and shipped, totaled
5,750,000 boxes for the state. This authority
estimates the Valencia orange crop, which is
now being harvested, at 6,440,000 boxes, and
reports that the fruit is running to small sizes,
and showing evidence of greater damage from
the January freeze than had been previously
estimated.
Market prices for California oranges during
the past month have been favorable to growers,
although imports of Spanish and Italian or
anges are reported to have furnished a new
source of competition in Eastern marketing
centers. Exchange growers have received an
average price of $4.49 per box for oranges
(f. o. b. California) and $3.59 per box for
lemons, during April, 1922. During the corre
sponding month a year ago, growers received
an average price of $2.37 per box for oranges
and $2.06 per box for lemons. Orange and
lemon orchards were reported by the United
States Department of Agriculture to be in the
follow ing condition (as of May 1st) :
Federal Reserve Bank of San Francisco
77
market. Livestock prices at the principal mar
kets of the district (presented in table “ D ” )
remained steady during April, except for a
seasonal decline in prices of sheep and lambs,
follow ing increased receipts. Movement of
spring lambs from California began during the
last two weeks of April, and shipments are
now reaching Eastern markets in large num
bers. Prices of California spring lambs have
Receipts of Livestock at Eight of the Principal Markets of the District
1921-1922. (L os Angeles, Ogden, Portland, Salt Lake City, San
Francisco, Seattle, Spokane and Tacoma included)
declined from early season levels ($16.00 to
$17.00 per 100 pounds), and during the second
wreek in May sold at prices ranging from $14.50
to $15.50 per 100 pounds in Eastern markets.
During the corresponding period a year ago,
spring lambs sold at from $11.00 to $12.00 per
100 pounds.
Long continued cold weather, and retarded
growth of feed in many sections of the district,
have unfavorably affected the condition of
sheep during the past two months, and
W ool caused losses of weight and quality in
many fleeces. Sheep shearing is near
ing completion in Arizona and California, and
is well along in other states of the district.
W ool growers now estimate the forthcoming
1922 w ool clip of this district at 72,250,000
pounds, and report that 42 per cent, or approxi
mately 30,466,000 pounds, had been sheared by
May 1st. The 1921 w ool clip in this district is
reported to have been 78,150,000 pounds.
Marketing of 1922 w ool has been character
ized by the large amount of contracting before
shearing (during a period of advancing prices)
and by the rapid sales of consigned and pooled
lots of wool since shearing operations began.
Approximately 35 per cent of the total 1922
clip in this district was contracted for by
March 1st, at prices ranging from 25 to 30
cents per pound for “ average” and “ top”
( C ) R e c e ip t s o f L iv e s t o c k —
Calves
April,
April,
1922
1921
Cattle
April,
April,
1921
1922
Hogs
April,
1922
April,
1921
Sheep
April,
April,
1922
1921
*Los Angeles .. .16,726
6,632
Ogden ...............
Portland ............. 7,967
Salt Lake C ity.. . 7,519
*San Francisco.. .15.657
3,515
Seattle ..............
Spokane ............. 2,358
Tacoma .............. 2,565
15,514
5,766
7,451
3,063
23,040
4,558
2,509
1,826
6,643
500
737
126
2,860
44
121
187
6,975
234
670
48
5,256
130
226
36
32,658
11,314
16,636
5,794
28,281
12,222
3,158
3,700
25,933
8,618
11,301
' 5,515
25,367
7,195
2,327
4,085
53,317
47,468
10,051
21,515
80,904
688
75
779
39,297
40,095
22,172
21,004
92,068
5,160
1,586
3,399
Twelfth District. .62,939
63,727
11,218
13,575
113,763
90,341
214,797
224,781
Horses
and M ules
April, April,
1922
1921
#.
167
48
117
133
72
35
19
61
60
42
412
342
*Receipts in the Los Angeles and San Francisco Bay districts represent a m ajority of the animals slaughtered in California.
(D ) R a n g e i n L iv e s t o c k P r i c e s —
Highest and Lowest Average Top Prices Per Hundredweight Received at Above Markets During April.
Week of
Fat Steers
April 3 ................ $7.00— 8.25
April 10................ 7.00— 8.50
April 17................ 7.00— 8.50
April 24................ 7.00— 8.50
Cows
Calves
Hogs
Lambs
$4.50— 6.50
4.50— 6.75
4.25— 6.75
4.50— 6.75
$6.50— 10.00
6.50— 10.00
6.50— 10.00
6.50— 10.00
$10.00— 11.75
10.35— 11.75
10.25— 11.75
10.00— 11.90
$8.50— 14.00
8.50— 15.00
8.50— 13.10
8.50— 13.10
Agricultural and Business Conditions
78
grades of wool, respectively. From February
15th to April 15th the w ool market was quiet
and buyers did little contracting. Since the
beginning o f shearing operations the wool
market has strengthened and prices have re
sumed their upward movement. The large
Jericho w ool pool in Utah sold at 40 cents per
pound, establishing a new top price for the
season to growers for high-grade wool. W ool
is now reported to be selling rapidly, at prices
ranging from 20 cents per pound for the poor
est grades to 40 cents per pound for the best
grades, or from 25 to 35 cents per pound for
medium grades. Last year these grades sold
at 10 to 15 cents per pound on a reluctant
market. W ith the exception of some large lots
held in grow ers’ grading and marketing pools,
it is expected that practically all of the wool in
the district will be sold by the time shearing
operations are over.
Butter production increased rapidly in
northern California during April, and move
ment into cold storage was larger than during
the corresponding period a year
Dairy
ago. In the territory tributary to
Products Seattle and Portland, however, the
usual seasonal increase in produc
tion has been delayed by weather conditions
and it was necessary for those markets to
bring in butter from other sections to take care
o f current needs. A total of 626,157 pounds of
butter moved into cold storage in the principal
markets of the district during April as com
pared with an increase of 103,195 pounds dur
ing April, 1921. Cold storage holdings of but
ter at these markets were 738,209 pounds on
M ay 1st (see table “ E ” ). On the same date a
year ago, holdings totaled 508,551 pounds.
M ILLIONS OF POUNDS
'
MILLIONS OF POUNDS
reported to be anticipating a short producing
season, and are storing butter at prices three
cents per pound above last year’s into storage
price levels. Fresh creamery butter (93 score)
which sold in the San Francisco market on
April 15th at 3 3 J/ 2 cents per pound, was on
May 15th selling for 36^2 cents per pound.
The average price to producers for raw milk
declined 5 cents per 100 pounds in the M oun
tain section during April, 1922, as compared
with March, 1922 (see table “ F ” ), and declined
10 cents per 100 pounds in the Pacific section
during the same period. Compared with April,
1921, prices have declined $0.39 and $0.70 per
100 pounds in the Mountain and Pacific sec
tions, respectively.
Although April was a month of relative
price stability the general trend appeared to be
definitely upward. In the livestock market
cattle prices advanced steadily during
Prices the month, hog prices were main
tained at levels well above those of the
previous quarter, and sheep prices although
declining in the middle of the month, later
recovered a large part of this decline. The
grains, especially wheat, were in good demand
and wheat prices recorded an appreciable ad
vance during the month (from $1.31^ per
bushel on April 7th to $1.42^ per bushel on
May 5th, on the Chicago market).
(E ) M o v e m e n t o f Sto c k s o f C o ld S to ra g e
B u tte r—
April, 1922
Net
Increase
(pounds)
Los A ngeles... 288,078
1,675
Portland .........
San Francisco. 335,874
530
626,157
April, 1921
Net
Increase
(pounds)
May 1,
1922
Holdings
(pounds)
May 1,
1921
Holdings
(pounds)
47,990
32,288*
68,531
18,962
360,801
2,385
373,695
1,328
172,055
10,611
282,027
43,858
738,209
508,551
103,195
*N et withdrawal.
( F ) P r i c e s R e c e i v e d b y M i l k P r o d u c e r s *—
Seasonal Movement of Holdings of Cold Storage Butter at
Four Principal Markets of the District,
1920-1922
Contrary to the usual movement at this
season of the year, butter prices in the San
Francisco market have been gradually rising,
during the past month, due to the continued
demand from Northwestern points, and the
favorable market in Los Angeles. Dealers are
Section!
April,
1922
Range
Mountain (6 M k t s .)....$1.48-2.80
Pacific (9 M k ts.).......... 1.50-3.40
U. S. (97 M k ts.).......... 1.28-5.03
April,
1922
Average
March, April,
1922 1921
Aver- Average age
$1.97
2.32
2.15
$2.02
2.42
2.21
$2.36
3.02
2.62
*A11 prices per hundredweight for milk testing 3.5 per cent butter
fat.
fM oun tain Section includes Idaho, U tah, Nevada and Arizona.
Pacific Section includes W ashington, Oregon and California.
79
Federal Reserve Bank of San Francisco
During the past month prices for both cot
ton and w ool have been rising. T o the strong
statistical position of cotton (due to increasing
world consumption and decreased stocks),
with the possibility of a close balance between
supply and demand during the next crop year
have been attributed recent price advances for
this commodity. The average of 98 w ool quo
tations on the Boston market declined slightly
during April but new clip wools in the western
states sold at advanced prices during the
month.
Fruit prices remained unchanged, trading in
1921 crop apples and canned and dried fruits
being on a small scale due to the scanty avail
able stocks. Oranges and lemons continue to
bring high prices, further advances being re
corded in April.
A m ong the non-agricultural commodities
copper, lead, and lumber advanced and petro
leum remained unchanged compared with the
previous month. Changes in the prices of some
of the principal products of the district are
shown in table “ G.”
Production of lumber during April reached
95 per cent of the estimated normal capacity
of reporting mills and reports received during
the first weeks of May show that
Lum ber normal production has now been
reached and in a few cases exceeded.
Orders received and shipments made in April
exceeded production for the fifth consecutive
month, the former by 27.1 per cent and the
latter by 9.1 per cent. Practically all of the
large sawmills of the Pacific Northwest are
now operating and the majority of the small
mills are cutting.
April production of lumber as reported by
177 mills was 389,020,000 feet compared with
253.506.000 feet produced in April, 1921, and
381.572.000 feet in March, 1922, an increase of
53.4 per cent during the year and of 1.9 per
cent during the month. Shipments during
April totaled 424,725,000 feet compared with
266.361.000 feet in April, 1921, and 420,108,000
feet in March, 1922. Orders were received for
494.687.000 feet of lumber, an increase of 200,080.000 feet, or 67.9 per cent over April, 1921,
(G ) C o m m o d it y P r ic e s Commodity
Twenty Basic Commodities (F. R. B. of N. Y .) 1913=100.
W holesale Prices (U. S. Bureau of Labor) 1913=100........
Cost of Living (National Industrial Conference Board)
July, 1914=100........................................................................
Cattle (Native Beef) .. .W eekly average price at C h icago..
Sheep .................
Lambs ...............
Hogs ..................
W h e a t ............... . Chicago contract prices for May wheat..
Barley .............. .Shipping Barley F. O. B. San Francisco.
Rice ................... .California Fancy Japan at San Francisco
Cotton .............. .Middling Uplands— W eekly range of spot
quotations at New Orleans...................
W o o l ................. .Average o f 98 quotations at B oston........
Sugar ................ .Beet granulated F. O. B. San F ra n cisco..
Apples .............. . N. W . Winesaps at New Y o r k .................
Oranges ............ .Navels— Market pack at Los A n g e le s...
Lemons ............ .L oose pack at Los A ngeles.......................
. Choice in 50-lb. boxes F. 0 . B. California
Dried Apples
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.
C a liforn ia ...................................................
Canned Apricots. Choice 2 ^ s F. O. B. California.................
Canned Peaches. .Cling choice, 2*/£s F. O. B. California___
Canned Pears__ .Bartlett, Standard 2y2s, F. O. B. Calif...
Butter .............. ..93 score at San Francisco...........................
E g g s .................. ..Extras— San Francisco .............................
Copper ............. .Electrolytic, New York Spot...................
Lead .................. ..N ew Y ork S pot............................................
Petroleum ..........California 35° and above.............................
Douglas F ir____ 2x4, 16-ft. No. 1 S1S1E F. O. B. Seattle..
Douglas F ir .. . . , .12x12 Timbers F. O. B. Seattle.................
Unit
M ay 5,1922
One Month Ago
One Y ear Ago
133.1
152.0
126.7
152.0
128.1
154.0
154.8
$ 8.25
100 lbs.
9.00
100 lbs.
100 lbs.
14.85
10.25
100 lbs.
1.42^-1.39¿4
bu.
1.45-1.55
cental
cental
4.90
lb.
lb.
lb.
box
box
box
lb.
lb.
lb.
lb.
doz.
doz.
doz.
lb.
doz.
lb.
lb.
bbl.
M feet
M feet
154.7
$ 7.85
9.75
13.90
10.30
1.31^-1.30^
1.40-1.55
5.00
167.6
$ 8.15
6.75
10.35
8.35
1.45^-1.42
1.35-1.45
4.25
18.12*
58.98*
5.60*
2.25-5.00
5.50-6.00
2.50-3.00
•16^2
.26
.14- .14*4
16.63*
59.64*
5.70*
2.00-4.50
4.50-5.50
2.25-2.50
. 1 6 ^ 2 - .17
.26
.13J4- .1454
11.63*
41.75*
5.60*
3.00-3.50
1.50-2.25
.07V4- -08
.18*4- .19
.10¿4- -H
.1 5 «
3.00
2.60
3.00
.35
.2?y2
.13- .13^
5.25^-5.500
2.45
14.50
17.00
.1 5 «
3.00
2.60
3.00
•31^2
.27
. 1 2 3 ^ - .127/s
4.90*-4.95*
2.45
11.50
15.00
•24«
2.25
2.70
2.65
.32^4
.26
.1 2 ^ - .13
4.85*
2.70
12.50
16.00
Agricultural and Business Conditions
and of 27,341,000 feet, or 5.8 per cent over
March of this year. In the three associations
for which such figures are available, unfilled
orders at the close of April amounted to 426,940,000 feet compared with 249,529,000 feet on
April 30, 1921, and 378,340,000 feet on March
31, 1922.
The domestic market for Pacific Northwest
ern lumber was more active during April than
in any month during the past year. This was
evidenced by a heavy intercoastal movement,
increased rail shipments, and improved de
mand in California. The line yards of North
and South Dakota, which have not purchased
fir lumber for 18 months, are now reported to
be inquiring for stock. In California, notwith
standing a noticeable increase in production,
the supply of the upper grades of redwood has
not been equal to the demand. The present
volume of orders from retail yards for siding,
mouldings, window frames and other milled
items has only been exceeded by the large
orders placed in the fall of 1919 and the early
spring of 1920. The export market improved
during April, largely due to a renewal of Jap
anese demand for Pacific Coast lumber. The
Douglas Fir Exploitation and Export Com
pany received new orders totaling 57,000,000
feet in April compared with 31,484,000 feet in
March and 23,500,000 feet in April a year ago.
Lumber Production, Orders Received, and Shipments in Twelfth
Federal Reserve District as Reported by Four Lumber
Associations, 1921*1922
<H ) Lumber—
W est C oast
L u m b e r m e n ’s
A s s o c ia tio n
April,
1922
Average No. of
Mills reporting. . 98
Cut* ..................... 264,081
Shipments* ......... ,279,796
Orders* ............... .315,249
Unfilled Orders*. .252,551
*In thousands of feet.
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
L ogging operations are now proceeding at
approximately 100 per cent of capacity and the
present demand for logs is reported to be
greater than at any time during the past 12
months. In the Inland Empire, winter camps
are closing and spring camps starting as rap
idly as the weather permits. The shingle
branch of the lumber industry has also been
improving steadily, present production being
95 per cent of capacity. Shingle prices have
advanced due to the increased demand, from
$2.45 per 1,000 on April 1, 1922, to $2.60 per
1,000 on May 6, 1922.
Comparative figures of the cut, orders, un
filled orders and shipments of the four lumber
associations in this district are shown in table
“ H .”
The gold and silver mining industry is re
ported to be in better condition than at any
time during the past 18 months. Although
activity is still far below normal,
Mining many of the conditions which dis
couraged the production of metal in
1920-1921 have now disappeared and those
mines having rich ore deposits are again being
worked. Many mines not engaged in produc
tion of metal are proceeding with development
and construction work preparatory to resum
ing operations.
Dredge gold mining in California is proceed
ing normally, there being 31 dredges in opera
tion at the present time. Renewed activity has
been noted in the placer and drift mining dis
tricts. In Nevada it is reported that more
actual work is now being carried on in the
gold and silver mining camps than for several
years previous. In the Intermountain states
silver is largely produced as a secondary prod
uct at lead and copper mines. The production
of the latter metals is increasing and the silver
output will be enlarged accordingly.
The lead mining industry is now reported to
be in a favorable position as demand is im
proving and surplus stocks have been greatly
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
TO TAL
April,
1921
April,
1922
April,
1921
April,
1922
April,
1921
April,
1922
April,
1921
April,
1922
April,
1921
98
165,292
178,865
215,083
164,105
39
81,869
101,645
133,175
125,650
41
59,573
58,887
53,375
51,250
28
11,318
18,499
18,119
24
4,831
7,942
6,864
12
31,752
24,785
28,144
48,739
12
23,810
20,667
19,285
34,174
177
389,020
424,725
494,687
426,940
175
253,506
266,361
294,607
249,529
Federal Reserve Bank of San Francisco
81
reduced. Price advances have resulted, the
average price of lead on the New Y ork market
being 5.30 cents per pound on May 5th com
pared with 4.70 cents per pound on March
31st and 4.50 cents per pound on May 1st a
year ago.
Reports received by this bank from 16 mines
in the district engaged in the production of
gold, silver and lead show an increase in the
output of these metals in March, 1922, com
pared with February, 1922. In comparison
with March, 1921, the reports indicate an in
crease in the production of silver and a de
crease in the output of gold and lead. Those
gold, silver and lead mines which are reporting
are operating at approximately 100 per cent
of capacity. Comparative figures of the output
of metal of 16 reporting mines in March, 1922,
February, 1922, and March, 1921, are shown
in the follow ing ta ble:
March, 1922
Gold (oz.) ........
34,101
Silver (oz.) . . . .
809,320
Lead (lbs.) ....11,598,440
February, 1922
March, 1921
32,238
692,686
10,552,688
38,040
786,184
12,956,033
Sixteen of the principal copper mines of the
district produced 23,669,000 pounds of blister
copper during March, compared with 17,026,000 pounds during February, 8,078,000 pounds
during January, and 48,635,000 pounds during
March, 1921. Although 12 of the 16 mines are
now in operation, only seven produced smelted
metal during March. Blister copper from the
others will soon be forthcoming. Sales of re
fined copper in the United States during April
are estimated at 130,000,000 pounds, compared
with 185,000,000 pounds during March and
65,000,000 pounds during January. The price
of electrolytic copper for early delivery in New
Y ork was 13.25 cents per pound on May 14th
compared with 12.875 cents per pound a month
ago.
H ow mine production in the United States
has steadily increased since the first of the
year and how stocks of copper have neverthe
less diminished, ow ing to expanding sales, are
shown in table “ I.” Production in March was
( I)
46 per cent of normal, compared with 21 per
cent of normal in January. Stocks are still
greater than normal.
Increased production, and a decrease in con
sumption, were the outstanding features of the
petroleum market in California during April,
and as a result the stored stocks
Petroleum of crude petroleum rose to the
highest level reached since April,
1917. Present storage stocks are so large that
several of the major producers are curtailing
production in the older fields, although the
exploitation of new fields continues in the com
petitive areas of southern California.
Average daily production of petroleum in
California during April was 341,077 barrels, an
increase of 7,340 barrels a day compared with
March and of 2,096 barrels compared with
April a year ago.
Consumption decreased
slightly during the month, April daily ship
ments of 280,965 barrels being 11,163 barrels
less than daily shipments in March and 60,112
barrels less than daily production during April.
The resultant increase in stored stocks (1,803,363 barrels) carried the holdings of California
oil companies to 39,795,057 barrels compared
Production, Shipments and Stored Stocks of Petroleum, and Refinery
Stored Stocks of Gasolene (California) 1921-1922
C u r r e n t C o p p e r S t a t is t ic s f o r th e U n i t e d S t a t e s , 1 9 2 2 ■
Mine
Production
Imports
Sales
Domestic and
Foreign
(pounds)
(pounds)
(p ou n d s)
January ............................... 25,848,000
February ............................ 37,416,000
March ................................. 61,867,000
First Quarter..................... 125,131,000
Last Quarter, 1921............ 65,507,000
12,880,000
28,444,000
39,123,000
80,447,000
92,415,000
65,000,000
100,000,000
185,000,000
350,000,000
430,000,000
Exports
(pounds)
53,130,000
52,862,000
80,853,000
186,845,000
186,790,000
Excess of Sales
Over Additions
to Supply
Price of
Electrolytic
Copper
in New Y ork
(pounds)
(cents per poun d)
26,272,000
34,140,000
84,010,000
144,422,000
272,078,000
13.69
13.12
12.98
13.26
13.25
Agricultural and Business Conditions
82
Industrial consumption of electric energy in
the district as a whole was 4.1 per cent less in
March, 1922, than in March, 1921, but the de
crease was wholly confined to the
Electric Intermountain territory, the Pacific
Energy
Northwest showing a notable in
crease in consumption (6.6 per cent)
and California a slight gain (1.6 per cent) com
pared with the previous year. Compared with
February, 1922, total March sales for the dis
trict increased 3.7 per cent, a gain doubtless
due to the smaller number of working days in
February.
The greatest activity in the Pacific North
west is noted in the lumber indutry which con
sumed 36.9 per cent more power in March,
1922, than in March, 1921. Mining in the same
section increased its purchases 17.6 per cent
and agriculture 4.5 per cent. In California the
mining industry consumed 8.8 per cent less
power during March, 1922, than during Febru
ary, 1922, and 8.0 per cent less than during
March, 1921. Oil producers in that state pur
chased 4.1 per cent less power than during the
preceding month, and 8.9 per cent more than
a year ago. In the Intermountain states sales
of power to mines and farms were far smaller
in March, 1922, than during the same month a
year ago, and total sales of industrial power
show a 38.1 per cent decrease.
Statistics on production and sales of electric
energy during March, as reported by 15 prin-
with 25,356,769 barrels held one year ago.
Forty-nine new wells with an initial daily pro
duction of 17,330 barrels were completed dur
ing April and nine wells abandoned, a net
increase of 40 producing wells during the
month. A t the present time development work
is most active in the Huntington Beach, Long
Beach and Santa Fe Springs fields.
Stored stocks of gasoline held in California,
which have been increasing steadily since the
period of shortage during the summer of 1920,
decreased 12,693,835 gallons during March and
stood at 63,718,701 gallons on April 1st. Stored
stocks on April 1, 1921, amounted to 51,573,945
gallons, the increase over the year period being
12,144,776 gallons, or 23 per cent.
Prices of petroleum and petroleum products
have not changed since August 3, 1921. A
statement of pre-war, peak, subsequent low
since peak, and present prices of petroleum
and petroleum derivatives fo llo w s :
Price
Jan., 1914
Peak Price Lowest Price Present
Since 1912 Since Peak
Price
Crude Petroleum
Aug. 3,1921
25° Gravity* (bbl.) $0.55
$1.96
$1.46
$1.46
Gasolinef (gal.) . . . . 1 5 . 2 7 .23
.23
K erosene! (gal.) .. .09
.16J4
.14J4
.14J^
*Field price.
fR etail service station price.
¿W holesale price to trade.
Statistics on oilfield operations as furnished
by the Standard Oil Company of California are
shown in table “ J.”
( / ) P e t r o l e u m -----
April, 1922
March, 1922
341,077 bbls.
Production (daily average)..............................................
Shipments (daily average)..............................................
280,965 bbls.
Stored Stocks (end of m on th ).......................................39,795,057 bbls.
New W ells Opened............................................................
49
W ith Daily P roduction....................................................
17,330bbls.
W ells Abandoned .............................................................................9
333,737 bbls.
292,128 bbls.
37,991,694 bbls.
58
22,000 bbls.
2
April, 1921
338,981 bbls.
300,877bbls.
25,356,769 bbls.
58
18,470 bbls.
5
( K ) E l e c t r ic E n e r g y —
(1) Production—
California (8 companies
reporting) .....................
Pacific Northwest (3
companies reportin g).
Intermountain States (4
companies rep ortin g).
Plant Capacity K. W.
March,
February,
March,
1922
973,925
1922
961,925
March,
1921
849,895
1922
651,636*
1922
740,405*
149,557
189,455
198,545
173,955
137,680
212,997
212,997
204,872
85,962
Tw elfth District (15 com
panies reporting) ....1 ,3 7 6 ,3 7 7
1,373,467
1,228,722
(2) Sales
Peakload K. W .
February,
March,
Number of Industrial Consumers
Mar.,
Feb.,
Mar.,
875,278*
93,416*
983,378*
1921
527,136*
Plant Output K. W . H .
March,
February,
1922
273,414,999
March,
1922
244,427,027
1921
265,360,120
128,372
63,015,345
58,521,207
61,214,308
106,331
42,150,236
40,286,604
52,209,196
378,580,580
343,234,838
378,783,624
761,839*
Connected Industrial Load H . P.
Mar.,
Feb.,
Mar.,
Industrial Sales K. W . H.
Mar.,
Feb.,
Mar.,
California ..........................
Pacific Northwest ..........
Intermountain States . .
1922
41,662*
4,759
9,688
1922
41,921*
4,769
9,656
1921
38,285*
6,187
8,806
1922
1922
1921
1,373,568* 1,362,716* 1,255,254*
121,628
121,920
115,992
290,337
289,900
269,785
1922
147,973,420
30,419,577
20,443,312
1922
141,748,548
29,152,726
20,829,088
1921
145,771,633
28,514,164
33,074,010
Twelfth
56,109*
56,346*
53,278*
1,785,533* 1,774,536* 1,641,031*
198,836,309
191,730,362
207,359,807
D istrict..............
*N ot reported by all companies. Figures so marked are comparable under respective headings and dates, but not strictly accurate for
comparison with other portions o f the table.
Federal Reserve Bank of San Francisco
cipal power companies in the district, are pre
sented in table “ K ” on opposite page.
Employment in all sections of the district
increased during April largely due to seasonal
demands of the agricultural, lumbering, and
mining industries for both skilled and
Labor unskilled laborers. Labor authorities
state that present unemployment is
much less extensive than it was at this season
a year ago, when curtailed industrial activity
and strikes in the marine and building trades
greatly reduced the number of workers on the
payrolls of the district.
Employment in California was distinctly
greater during April than during the previous
month or in April, 1921. The large amount of
building now being done has increased employ
ment, not only in the building trades, but also
in allied industries such as lumbering, planing
mill work and other manufactures of building
supplies. Vegetable canning has begun in the
Sacramento Valley and as the season advances
there will be greatly increased demand for
labor in the vegetable and fruit canning indus
try. In the mountain districts power construc
tion work, lumbering and logging operations
have absorbed considerable numbers of un
skilled laborers. Payroll figures indicate a
moderate increase in employment in Los A n
geles and San Francisco, the principal improve
ment being in the iron and steel industries,
shirt and garment factories, tanneries, and the
stone and clay industries.
Unemployment has been greatly relieved in
all sections of Oregon and W ashington as a
result of the increased demand for labor in
agriculture, lumbering and construction work.
Reports from 10 principal lumbering sections
of Idaho, Oregon and W ashington show that
64,500 loggers and lumbermen were on the
payrolls May 1st compared with 61,427 men on
March 25th, an increase of 3,073 or 5 per cent.
In Arizona, Idaho, Nevada and Utah, pres
ent employment is reported to be greater than
at any time during the past year. This im
provement is largely due to renewed activity
in the mining sections of those states and to
an increased demand for seasonal agricultural
labor. Four of the largest mining companies
in the Globe-Miami copper mining district of
Arizona reported an increase of 44 per cent in
the number of employees on their payroll on
M ay 1st compared with April 1st. One excep
tion to the uniformly favorable reports re
ceived from other sections is noted in the coal
mining regions of Utah where approximately
30 per cent of the mine workers are on strike.
83
In three of the four principal cities of the
district employment in manufacturing indus
tries increased during April according to fig
ures compiled by the United States Em ploy
ment Service, Department of Labor. Based on
reports of firms in the cities of Los Angeles,
Portland, San Francisco and Seattle, em ploy
ing 501 men or more, the total number em
ployed increased 1,032 during April compared
with March. Figures showing the actual and
percentage increase or decrease in employment
in the manufacturing industries of these cities
are given in the follow ing table:
Numerical increase or
decrease (— ) in employment during April, 1922
compared with March,
1922
Percentage increase or
decrease (—) in employ
ment during April, 1922
compared with March,
1922
(F irm s employing- 501 m en or m ore)
883
Los A ngeles............
Portland .................
54
San Francisco.........
258
Seattle ..................... — 163
3.5
.7
3.6
— 6.9
The past year has witnessed a general re
duction of wages in most of the principal in
dustries of this district. Since August 1, 1920,
wages have been reduced approximately 45
per cent in agriculture, 30 per cent in lumber
ing, 25 per cent in mining and 10 per cent in
the building trades. The hourly wage now
paid skilled mechanics in the building trades in
San Francisco, Los Angeles and Seattle fol
low :
Los Angeles San Francisco Seattle
Bricklayers ...................... $1.25
$1.12^
$1.00
Carpenters .......................
1.00
1.00
.80
Hoist E n g in e e rs.............
1.00
1.00
.90
Hod Carriers ..................
1.12^
.75
.70
Pile D r iv e r s .............................. 87y2
1.00
1.00
Structural Iron Workers.
1.00
1.12^
.80-90
Unskilled L a b o r ............. 56*4-.62^ A7y2-.50 .50-.60
Trade at retail during April, 1922, was less
in value than in April, 1921, in all reporting
cities except Los Angeles where an increase
of 5.8 per cent was reported. In the
Retail district as a whole the value of departTrade ment store and mail order house sales
during April, 1922, was 1.3 per cent
less than during April, 1921, total sales of 32
reporting stores amounting to $12,709,820 in
April of this year and $12,886,895 in April of
last year. Sales for the first four months of
1922 were 5.6 per cent less in value than in the
corresponding period of 1921. The comparison
between April, 1922, and April, 1921, becomes
more unfavorable when it is remembered that
a large part of the Easter trade occurred in
April this year whereas Easter sales were made
in March last year. The average decline in
retail prices during the year, however, is re
Agricultural and Business Conditions
March, 1922, and six-tenths of 1 per cent
greater than in April, 1921. Follow ing is a
statement of the average sale (cash, charge
and c. o. d.) in Los Angeles, Salt Lake City,
San Francisco and Seattle.
ported to have been greater than the percent
age decline in value of sales, and it is probable
that the physical volume of trade at retail has
not diminished.
MILLIONS
MI LLI ONS
April,
1922
March,
1922
April,
1921
Los Angeles . ....................$3.64
Salt Lake City,................... 1.87
San Francisco ................... 3.07
Seattle ............ ................... 1.84
$3.91
1.58
3.13
1.80
$4.02
2.04
3.20
1.81
................... $2.34
$2.33
$2.41
17
A statistical record of the movement of
stocks on hand, outstanding orders, and the
rate of turnover of stocks, for the reporting
stores is given in the follow ing table:
Percentage
increase or
decrease (— )
in the value of
stocks at end of
month compared
with same month
of year previous
1922.
1922. .
1922. .
1922. .
January,
February,
March,
April,
N et Sales of 22 Department Stores in Twelfth Federal Reserve District
(In M illio n s o f D ollars)
The amount of the average sale (cash,
charge and c. o. d.) reported by 12 stores was
$2.34 in April, 1922, compared with $2.33 in
March, 1922, and $2.41 in April, 1921. The
number of individual sales transactions in
April, 1922, was 1.0 per cent greater than in
Percentage
outstanding
orders at
end of month to
total purchases
during
year 1921
3.4
— 4.3
— 2.4
— 4.3
Annual rate
of turnover
of stocks
indicated at
end of month
2.04
1.93
2.04
2.02
8.9
10.3
9.5
7.2
Collections were characterized by reporting
firms as follows :
Excellent
Number of firms.............
Good
Fair
Poor
10
11
0
1
Table “ L ” gives in detail statistics in regard
to sales, stocks and orders as furnished by 32
department stores and mail order houses in
this district.
( L ) R e t a il T ra d e A c t iv ity —
CONDITION OF RETAIL TRADE DURING APRIL, 1922
In Federal Reserve District No. 12
(32 Stores R eporting)
No. of reporting firms...............................
Net sales (percentage increase or de
crease) April, 1922, compared with
April, 1921 ................................................
April, 1922, compared with March,
1922 ........................................................
Period Jan. 1 to April 30, 1922,
compared with same period in 1921.
Stocks: (percentage increase or de
crease) April, 1922, compared with
April, 1921 ................................................
April, 1922, compared with March,
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 April, 1922, to total pur
chases during vear 1921.......................
Los
Angeles
Oakland
Salt Lake
City
San
Francisco
6
4
4
8
Seattle
5
Spokane
District
3
32
5.8
— 11.5
— 9.0
— 2.7
— 2.2
— 3.6
— 1.3
— 4.1
4.3
11.8
— 5.5
4.9
14.8
— 2.0
.4
— 16.3
— 17.4
— 5.3
— 7.5
— 13.0
— 5.6
16.3
10.1
2.4
10.5
— 10.2
2.8
— 4.3
.2
— 3.1
1.9
3.7
—
.8
1.0
1.9
461.2
623.9
566.6
493.2
454.2
721.1
491.9
5.0
7.9
6.3
4.8
7.2
8.2
Federal Reserve Bank of San Francisco
85
Trade at wholesale as reported to this bank
by 191 representative firms in April was gen
erally less in value than one year ago. Of the
10
lines of business for
W holesale ures are compiled only two, agriTrade
cultural implements and hardware
show an increase in value of sales
in April, 1922, compared with April, 1921. The
increase in these two lines, reflecting as it does
im proving conditions in the farming districts
and the unusual activity in building, is signifi
cant especially at a time when wholesale trade
in general appears to be in a period of more
than seasonal dullness. Compared with March,
1922, seasonal increases were reported in the
value of sales of agricultural implements (19.6
per cent), automobile supplies (16.3 per cent),
automobile tires (4.5 per cent) and hardware
(2.9 per cent).
The average net increase or decrease (— ) in
the value of sales of all reporting firms in each
line of business was as fo llo w s :
April, 1922,
compared with
A p r.,
M ar.,
1921
1922
Agricultural Implements..
Automotive Supplies.........
Automobile T ires...............
Drugs ..................................
Dry Goods .........................
Furniture ............................
Groceries ............................
Hardware ...........................
Shoes ...................................
Stationery ..........................
In order to estimate the physical volume of
goods sold at wholesale, it is necessary to con
sider declines in the prices of the commodities
included
which fig-in each reporting line of business.
These declines may be approximated by refer
ence to the decline in general wholesale prices
from April, 1921, to April, 1922, as reported by
the United States Department of Labor, which
has been 1.3 per cent. Inasmuch as the per
centage decline in the value of sales in all lines
shown above (except agricultural implements
and hardware) have been greater than the per
centage decline in general wholesale prices, it
would seem probable that the volume of goods
sold was less than one year ago.
APRIL
U.S.BUREAUOFLABORINDEX
NO. WHOLESALE PRICES
n ^ P R I^ | ! 9 2 2 ^ S A L E S
AGRICULTURALIMPLEMENTS
— 25.7
— 11.3
— 12.8
3.6
1.1
2.2
— 11.8
— .7
— 6.6
— 11.3
! ! ■
■
■
■
m
m
m
J I
J
A U T O M O B IL E S U P P L IE S
h
AUTOMOBILE TIRES
m m m m w m m iJ t
Four Months
ending Apr. 30,
1922, compared
with same
period in
1921
5.0
19.6
— 9.6
16.3
— 11.6
4.5
— 4.2 — 19.5
— 11.2 — 10.5
— 3.1 — 2.0
— 6.5 — 11.7
1.1
2.9
— 18.5 — 9.6
— 8.3 — .9
I
PRICES 1921*100%= APRIL ‘ 1921SALES
^ P R IL | I9 2 2 ^ R IC E S
DRUGS
m m w m m m m im J i
D R Y .G O O D S
m m w m m m m iJ Ê
F U R N IT U R E
G R O C E R IE S
m m m im m w m w l
H ARDW ARE
mmwmmmmmmi ■
SHOES
STATIONERY
0
20
40
60
80
100
120
14-0
160
|
Dollar Value of Sales of Representative Wholesale Houses and General
Wholesale Prices in April, 1922, Compared with April, 1921
(M ) W h o le s a le T r a d e —
(la)
Percentage of increase or decrease (—) in net sales during April, 1922, compared with April, 1921
Number of re Implements
porting firms. . 23
Los A ngeles. . . . 143.9
P o rtla n d .......... — 14.2
Salt Lake City. .— 16.5
San Francisco.. .
5.8
Seattle .............
Spokane .......... ‘ —23.8
Tacoma ...........
5.0
District ............
(lb)
Anto Tires
20
— 8.0
— 11.1
— 14.2
— 11.8
— 3.4
15
22.2
— 9.8
8.3
23.6
58.4
2.1
— 9.6
— 11.6
Drugs
Dry Goods
Furniture
Groceries
Hardware
9
14
— 19.5
16
—21.2
— 7.1
— Ì4.1
—Ì8.4
28.7
*9.6
— 4.2
— Ü.2
31
— 3.5
— 5.4
— 3.5
— 9.6
6.7
— 9.3
— 1.1
— 6.5
21
32.8
— 3.8
— 14.4
— 15.9
9.0
— 19.4
.3
1.1
17.2
— 3.1
Shoes
16
3.6
— 33.7
—2Ì.5
— 16.2
— Ì8.5
Stationery
26
— 2.4
— 16.3
2.3
— 21.3
38.9
.3
— *8.3
Percentage of increase or decrease (—) in net sales from January 1, to April 30, 1922,
compared with the same period last year.
Number of re Implements
porting firms. . 23
Los A n g eles... . 59.8
P o r tla n d .......... — 42.4
Salt Lake City. .— 45.8
San Francisco.. .— 17.7
Seattle ............
Spokane .......... ’ — 53.0
Tacoma ...........
District ............ —25.7
Auto
Supplies
Auto
Supplies
Auto Tires
20
— 3.7
— 12.1
— 18.8
— 19.7
— 15.0
15
27.7
6.0
— 4.9
— 17.5
38.8
— 10.5
— 11.3
— 12.8
Drugs
Dry Goods
Furniture
14
— 13.6
16
— 14.1
10.0
— *3.6
— *4.4
37.1
“ .3
*3.6
’ i.i
9
30.5
2.2
Groceries
31
— 9.8
— 12.0
— 9.9
— 15.3
3.2
— 16.1
— .1
— 11.8
Hardware
21
30.0
— 13.6
—22.0
— 11.7
9.1
— 23.6
— 7.5
— .7
Shoes
16
4.3
— 19.9
— ’ 7.7
.8
— *6.6
Stationery
26
— 4.9
— 14.6
— 9.3
—21.9
8.4
— 9.2
— Ü.3
Agricultural and Business Conditions
86
Collections during the past four months have
been reported as follow s :
Number of Firms Reporting Collections as
Excellent
January .......................... ...4
F eb ru a ry ........................ ... 1
M a r c h ............................. ...3
April ............................... ...5
Good
Fair
40
28
30
37
Poor
80
78
92
95
31
36
26
17
One hundred and thirteen firms reported
their collections on May 1, 1922, and May 1,
1921, as follow s:
Percentage of Past Due Accounts on M ay 1, 1922, to Total Amount Due
from Customers on the Same Date
Number of
Firms
Agricultural Implements.........
Automobile T ires.....................
6
5
1922
1921
32.2
15.9
27.3
19.2
April, 1922, compared with April, 1921, and the
four months of 1922 compared with the same
period in 1921 are shown in table “ M ” on pre
ceding page.
Building permits issued in 20 principal cities
of this district during April, 1922, numbered
10,966 with an estimated valuation of $30,195,052 compared with 11,196 permits
Building with a value of $27,432,286 issued in
Activity
March, 1922, a decrease of 230, or
2.0
per cent in number and an in
crease of $2,762,766, or 10 per cent in value. In
comparison with April a year ago, when 9,412
permits with a value of $19,907,621 were issued,
there was an increase in number of 1,554, or
16.5 per cent, and in value of $10,287,431, or
51.6 per cent.
Percentage of Collections during month (April) to total amount Due
from Customers (outstanding) on first of that month
Number of
Firms
Automobile Supplies..
.. ,
Drugs ...............................
Dry G ood s.......................
Furniture .........................
Hardware ........................ , ,
Shoes ...............................
,
Stationery ....................... . . .
19
5
8
12
16
10
13
1922
1921
55.6
75.8
36.1
46.3
45.7
33.3
62.4
56.3
74.1
41.6
51.9
42.5
39.0
59.4
Percentage of Outstandings M ay 1, 1922 to April, 1922 Sales
Number of
Firms
Groceries .................................
19
1922
128.4
1921
120.1
Statements of increases or decreases (— ) in
the value of sales of 191 reporting firms during
Building Permits Issued in 20 Principal Cities. Twelfth Federal
Reserve District, 1921*1922
(N ) B u i l d i n g P e r m it s —
N o.
173
Berkeley .....................
Boise ............................
98
Fresno .........................
235
Long Beach ................
350
L os A n g e le s ................ 3,983
Oakland .......................
772
Ogden ..........................
34
Pasadena ....................
284
Phoenix .......................
43
Portland ...................... 1,366
Reno .............................
20
Sacramento .................
305
Salt Lake C ity.............
138
San D i e g o ...................
395
San Francisco ............
766
San Jose ......................
85
Seattle ..........................
973
Spokane ......................
408
Stockton .....................
150
Tacoma .......................
388
District ........................ 10,966
April, 1922
Value
$
430,200
73,347
641,474
2,475,597
12,959,686
1,850,160
97,360
961,396
91,590
1,865,970
66,500
532,303
330,270
821,446
3,993,720
341,310
1,632,175
359,190
379,643
291,715
$30,195,052
N o.
195
93
240
350
4,241
732
26
312
54
1,388
24
315
107
382
848
75
968
295
150
401
11,196
arch, 1922
Value
N o.
April, 1921
Value
Per Cent Increase
or Decrease (— )
in Value April,
1922 compared
with April, 1921
512,000
111,461
607,966
1,154,083
10,964,829
1,925,577
46,885
643,877
384,558
3,162,855
88,275
813,737
245,310
581,700
3,289,251
120,160
1,791,670
302,418
384,143
301,531
154
104
207
357
2,904
636
64
258
85
1,300
26
202
148
340
597
68
1,091
330
80
461
$
325,569
107,327
356,990
1,505,400
7,250,571
1,321,246
133,000
375,392
175,817
1,940,305
31,124
336,015
297,990
1,657,055
1,913,592
133,620
1,439,855
203,855
109,520
293,378
32.1
— 31.6
79.6
64.4
78.7
40.0
— 26.7
156.1
— 36.5
— 3.8
113.6
58.4
10.8
— 50.4
108.7
155.4
13.3
76.1
246.6
—
.5
$27,432,286
9,412
$19,907,621
51.6
$
Federal Reserve Bank of San Francisco
87
In view of known reductions in the cost of
building materials during the past year, the
increase in the value of permits in April, 1922,
compared with April, 1921, represents a more
than proportional increase in the physical vol
ume of building in prospect in the 20 reporting
cities. O f the reporting cities 12 show an in
crease in the number of permits issued during
April, 1922, compared with April, 1921, and 14
cities an increase in the value of permits issued
during the corresponding periods.
The accompanying chart shows the total
number, total valuation and average value of
building permits issued in this district since
January, 1921. Comparative figures of the num
ber and value of building permits issued in 20
reporting cities during April, 1922, March,
1922, and April, 1921, are shown in table “ N ”
(see opposite page).
Business failures during April were substan
tially less both in number and in amount of
liabilities than in March, 1922, and greater in
number but less in amount of liabilBusiness ities than in April a year ago. There
Failures were 179 failures reported in April
with liabilities of $1,908,432 com
pared with 229 failures with liabilities of
$5,272,387 in March, a decrease of 50 or 21.8
per cent in number and of $3,363,955 or 63.7
per cent in liabilities involved. Compared with
April, 1921, when 102 failures with liabilities
of $2,670,853 were reported, there was an in
crease of 77 or 75.4 per cent in number and a
decrease of $762,421 or 28.5 per cent in liabili
ties.
(O) Bank Debits*—
Four weeks
ending
Apr. 26.1922
Berkeley ........... $
Boise ................
Fresno .............
L ong Beach ....
L os Angeles . . ,
Oakland ............
Ogden ..............
Pasadena ..........
Portland ...........
Reno ................
Sacramento ....
Salt Lake C ity..
San Diego ........
San Francisco .. ..
San Jose ...........
Seattle ..............
Spokane ...........
Stockton ...........
Tacoma ............
Yakima .............
15,574
10,073
53,123
27,774
448,679
82,082
17,069
22,337
131,896
8,730
61,437
51,396
39,422
659,579
17,788
141,292
40,107
21,686
33,379
10,437
Total .............. , $1,893,860
*000 Omitted.
Four weeks
ending
M ar. 29, 1922
Four weeks
ending
Apr. 27, 1921
$
$
17,114
9,027
36,151
27,659
461,910
74,032
17,335
25,204
126,615
8,778
55,035
46,053
34,938
656,888
17,584
140,322
42,594
19,086
35,316
10,505
$1,862,146
11,039
10,512
37,537
23,202
399,970
72,796
12,563
23,701
157,931
10,167
46,993
65,767
33,349
713,976
20,637
126,495
42,676
20,109
35,938
8,684
$1,874,042
Liabilities of the average failure in the dis
trict amounted to $10,661 in April, 1922, com
pared with $23,023 in March, 1922, and $26,184
in April, 1921.
1<0.0FFtVILURES
LIAB1UTIESINMILL.IONS
987-
ÌFFAI-Un sy
> N
<.C
54- —
3-
V
\ f
V
X
1—
1 2 2i
/
/
7
t7*
-w V
----- 225
—--- 200
\
\
----- ISO
----- 100
v .1 .
w
- V -- V -
V -
-----50
11 12 11 a :1 4- !i 6 3' 0 i> 10 11 12
4 :i 6 ;’ 8 S> ie
1921!
1921
Business Failures, Twelfth Federal Reserve District, 1921-1922
R. G. Dun & Company’s comparative figures
of the number and liabilities of business fail
ures in the states of this district during April,
1922, and March, 1922, follow :
N o.
Arizona ...........
California ....... . . .
April, 1922
Liabilities
2
5
Nevada ...........
1
Oregon ........... , , , 45
Utah ................
8
42
Washington ...
33,156
1,019,050
82,571
700
380,353
17,582
375,020
3
105
11
47
9
53
32,000
1,440,083
211,234
8,500
487,164
86,450
3,006,956
179
$1,908,432
229
$5,272,387
76
$
March, 1922
Liabilities
N o.
1
$
The volume of business transacted in this
district during April, 1922, as measured by
debits to individual accounts in 20 principal
clearing house centers, was slightly
Bank
greater than in March, 1922, or April,
Debits 1921. In the four weeks period ending
April 26, 1922, debits to individual
accounts totaled $1,893,860,000 compared with
$1,874,042,000 during the same period in 1921,
an increase of $19,818,000 or 1.0 per cent. Com
pared with the preceding four weeks, the total
bank debits showed an increase of $31,714,000,
or 1.7 per cent.
W ith the exception of four weeks in N ovem
ber, 1921, this four-week period is the first
since November, 1920, in which bank debits
have been greater than during the correspond
ing period of the previous year. This increase
in conjunction with the fact that wholesale
prices (United States Bureau of Labor) have
declined 1.3 per cent during the year ending
May 1, 1922, makes it evident that the physical
volume of business transacted in April, 1922,
was greater than it was one year ago. The
accompanying chart shows the monthly m ove
ment of debits to individual accounts during
1921 and 1922 to date. Comparative figures of
Agricultural and Business Conditions
88
debits to individual accounts in 20 clearing
house centers during the four weeks ending
April 26, 1922, March 29, 1922, and April 27,
1921, are shown in table “ O ” on preceding
page.
show losses in comparisons with figures of a
year ago. Savings deposits in Seattle, however,
have increased 2.8 per cent since September
30, 1921.
Savings Accounts in Banks in Seven Principal Cities of the
Twelfth Federal Reserve District, 1919-1922
Debits to Individual Accounts in 20 Principal Cities, Twelfth Federal
Reserve District, 1921-1922
Note: The figures used in preparing the above
chart are for calendar months and are partly esti
mated. The figures shown in table “ O ” on preceding
page are for four-week periods and are therefore not
strictly comparable with this chart.
The total amount in all savings accounts as
reported by 74 banks in seven principal cities,
decreased 22-hundredths of 1 per cent during
the month ending April 30th, being
Savings
on that date $741,694,000 compared
Accounts with $743,349,000 on March 31st.
This is the first decrease in the
monthly totals as reported by 74 identical
banks since last September. It was due prin
cipally to a decline in the total for Portland,
although the banks in San Francisco, Seattle
and Salt Lake City also reported slight de
clines during the month.
The increase in savings accounts during the
year ending April 30th was 4.4 per cent.
Seattle, Spokane and Portland continue to
#
Per Cent Increase
(P) Savings
Accounts* ----®
Number of Banks
Los Angeles ................
Oakland .......................
Portland ......................
Salt Lake C ity..............
San Francisco .............
Seattle ..........................
Spokane .......................
The changes in savings accounts in each
city from one month and one year ago are
shown in table “ P ” and in the accompanying
chart are shown the changes since January,
1919.
Reports received by this bank from 36 of the
principal accepting banks in the district show
an increase of $2,444,047 or 42.1 per cent in the
amount of acceptances bought
Acceptances in April, 1922, compared with
March, 1922, and, comparing the
same two months, an increase of $405,592 or
11.7 per cent in the amount of bills accepted.
The most noteworthy feature of these reports
was the marked increase in purchases of ac
ceptances by banks in southern California,
April purchases totaling $4,507,212 compared
with $1,240,333 in March as shown in table
“ Q ” on opposite page.
Notwithstanding the improvement indicated
by the above figures, the present demand for
acceptances does not compare favorably with
A p r. 30, 1922 over
April 30,1922
March 31, 1922
4 <>r Decrease (— )
April 30, 1921
A p ril'30,1921
.....................
.....................
.....................
.....................
.....................
.....................
.....................
13
7
9
9
16
14
6
$230,474
75,231
36,574
24,750
332,628
28,891
13,146
$229,711
74,909
38,015
25,105
333,685
29,130
12,794
$211,973
72,822
37,677
23,024
317,458
33,486
13,756
8.7
3.3
— 2.9
7.5
4.8
— 13.7
— 4.4
Total ......................... .....................
74
$741,694
$743,349
$710,196
4.4
*000 Omitted.
89
Federal Reserve Bank of San Francisco
that of last year and may be characterized as
dull. The majority of country banks are still
out of the market, a reflection of the seasonal
demand upon them for funds to conduct the
spring agricultural operations. In the cities the
demand has been variable although sales have
been more numerous than in the month of
March. Offerings of Pacific Coast bills in
creased in amount and number and are now
more nearly equal to the demand. New bills
arose from transactions in coffee, cotton, lum
ber, sugar and wheat.
There has been a further easing of rates due
to factors of both domestic and foreign origin.
The marketing on April 15th of United States
Treasury Certificates bearing an interest rate
of 3^2 per cent was followed by a decline of
rates on prime bank bills to 3% per cent. Even
this rate did not equalize supply and demand,
and on M ay 6th prime bills were quoted at
3 % per cent, the reason given being the con
tinued shortage of high-grade paper. Current
rates (M ay 15th) are quoted at that figure.
The influence of the London discount market
cannot be disregarded in seeking reasons for
the present price of acceptances. In March
rates on prime bills in London and New York
were at comparable levels, but recently rates
in London have again declined rapidly, and are
now quoted at 2^ per cent, with call money
at 2 per cent.
A general classification, according to matur
ity of bills marketed during the past two
months, shows a substantial increase in sales
of the larger maturities.
30
60
90
120
days............
days............
days............
days............
..............
..............
..............
..............
of this district, which temporarily ceased the
latter part of March, has been renewed. On
May 3rd loans and discounts were $853,231,000,
compared with $834,263,000 on
Banking April 5th and $818,102,000 on FebSituation ruary 1st. Coincident with the ex
pansion in loans and discounts, total
deposits have increased from $1,114,092,000 on
April 5th to $1,152,807,000 on May 3rd. Total
deposits on the latter date were $61,650,000, or
5.7 per cent greater than a year ago. A ccom
panying the proportionately faster increase in
deposits has been a reduction of the borrow
ings of the reporting member banks from the
Reserve Bank from $22,651,000 on April 5th to
$14,672,000 on May 3rd.
The movement of loans, deposits, and bor
rowings of all banks (member and non-mem
ber) in the Twelfth District at successive call
dates during the two-year readjustment period,
which began in the spring of 1920, is shown in
table “ R ” and chart (see following page).
From these data it appears that until the
spring of 1921 (condition reports dated April
28th) the decline in deposits was more rapid
than the decline in loans, forcing the banks to
seek outside assistance in the form of redis-
T<
1000
TO TAL LOAr IS / ND I ISO >UH rs
600
400
SOO
400
300
800
200
200
March 15 to
April 15
100
19.6%
11.5%
58.5%
10.4%
28.7%
38.8%
29.4%
3.1%
90
4-0
100
5ISC
S P- lYAB .E A NO
FR
rs w
\
30
SO
40
/>
30
V
V
20
v s
• 20
V
—
(Q ) Acceptances*—
)EP< 'SITS
1000
April 15 to
May 15
Expansion in the loans and discounts of 68
reporting member banks in the principal cities
M IL .L K 9 N S
2000
M IU LIOIN S
2000
2
3
4-
5
6
7
19; S I
8
9
10
li
IE T l 2
3
4
192.2.
Total Deposits, Loans and Discounts, Investments, and Bills Payable
and Rediscounts of Reporting Member Banks
(----------------------------------------- Amount Bought----------------------------------------- >,
Created in
Amount Accepted
Twelfth District
All Other
Total
April, 1922 Mar., 1922 April, 1922 Mar., 1922 April, 1922 Mar., 1922 April, 1922 Mar., 1922
Pacific Northwest
------ $
423,487 $
10
5
327,874 $
50,080 $
38,607 $
579,109 $
847,638 $
629,189 $
886,245
Amount held at
close of month
April, 1922 Mar., 1922
$ 2,513,606 $ 3,868,206
Northern California
..
3,180,794
2,802,478
2,989,942
2,651,284
116,904
1,021,338
3,106,846
3,672,622
2,326,251
3,502,891
Southern California
..
265,162
333,499
542,109
287,662
3,965,103
952,671
4,507,212
1,240,333
10,261,019
9,781,241
Other Districts
Total
............
............................. $3,869,443 $3,463,851 $3,582,131 $2,977,553 $4,661,116 $2,821,647 $8,243,247 $5,799,200 $15,100,876 $17,152,338
*36 Banks reporting.
90
Agricultural and Business Conditions
counts with the Federal Reserve Bank, or
borrowings from correspondents. After that
date deposits steadily increased in amount
while loans as steadily declined, the result
being heavy repayment by the banks of bor
rowed money. On March 10, 1922, the bor
rowings of banks of the district as a whole
were less than half (48.3 per cent) of what
they were on June 30, 1920.
May statements of the Federal Reserve Bank
of San Francisco show that its discounts for
all member banks are still decreasing. On
May 10th they were $43,279,000 compared with
MILLIONS
$49,025,000 on April 12th. During the same
period purchases of bills in the open market
increased slightly and holdings of government
securities by $3,069,000 to $60,009,000. During
the four weeks ending May 10th, total reserves
increased nearly $10,000,000 to $279,427,000,
notes in circulation increased $9,003,000 to
$226,674,000 and total deposits declined $2,655,000 to $144,011,000.
PERCENT
Total Reserves, Federal Reserve Note Circulation, Bills Discounted,
U . S. Government Securities H eld, and Bills Bought in the Open
Market, Federal Reserve Bank of San Francisco
Movement of Loans, Deposits and Borrowings o f A ll Banks in the
Twelfth District at Successive Gall Dates, 1920-1922
A comparison of the statement of May 10th
writh that of a year ago reveals significant
developments during the 12 months. Total
earning assets have fallen from $186,126,000 to
$109,379,000, due chiefly to a decline in bills
discounted from $166,027,000 to $43,279,000.
Holdings of United States government securi
ties have increased from $12,361,000 to $60,009,000. Total cash reserves have increased
from $198,813,000 to $279,427,000. Despite
these noteworthy changes in the assets of this
bank, Federal Reserve Notes in circulation on
May 10th were only $11,999,000, or 5 per cent
less than a year ago, and member bank reserve
deposits were $9,328,000 or 8.3 per cent greater
than a year ago.
(JR) C o m p a r a t iv e S t a t e m e n t o f C o n d i t i o n o f B a n k s i n T w e lf t h F e d e r a l R e s e r v e D i s t r i c t *—
June
Nov.
April
June
Dec.
Mar.
30,
15,
28,
30,
31,
10,
*000 Omitted.
1920..
1920..
1921..
1921..
1921..
1922..
..
..
..
..
..
..
Number
of
Banks
Gapital
and
Surplus
1,824
1,854
1,854
1,856
1,816
1,805
338,572
349,733
357,227
359,814
359,313
357,352
Deposits
3,007,227
3,086,823
2,820,392
2,821,876
2,960,229
2,931,022
Loans
and
Discounts
Ratio
Loans and
Discounts to
Date
Deposits
2,211,955
2,283,743
2,152,360
2,125,092
2,090,589
2,057,398
73.5
74.0
76.4
75.3
70.6
70.2
Ratio Total Borrowings
to
to
Gapital
Borrowed
and
F . R. Bank
Other
Deposits Surplus
142,367
159,583
163,132
151,207
69,269
59,702
61,512
62,097
60,562
55,745
43,242
38,945
6.8
7.2
7.9
7.3
3.8
3.4
60.2
63.4
62.6
57.5
31.3
27.6
91
Federal Reserve Bank of San Francisco
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN
CITIES IN TWELFTH FEDERAL RESERVE DISTRICT
Number of Reporting Banks................................................ . . -
RESERVE
M ay 3,1922
April 5, 1922
68
68
68
$ 834,263,000
308,678,000
100,399,000
1,114,092,000
22,651,000
$ 864,301,000
307,558,000
93,776,000
1,091,157,000
102,776,000
Loans and Discounts (exclusive of rediscounts)............................$ 853,231,000
Investments .............................................................................................
315,167,000
Cash in Vault and with Federal Reserve Bank.................................
98,887,000
Total Deposits ........................................................................................ 1,152,807,000
Bills Payable and Rediscounts with Federal Reserve Bank..........
14,672,000
M ay 4, 1921
COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO
AT CLOSE OF BUSINESS, MAY 10, 1922
RESOU RCES
May 10, 1922
April 12, 1922
M ay 11, 1921
Total Reserve .......................................................................................... $279,427,000
Bills Discounted ..................................................................................... 43,279,000
Bills Bought in Open Market...............................................................
6,091,000
United States Government Securities................................................
60,009,000
$269,788,000
49,025,000
5,562,000
56,940,000
$198,813,000
166,027,000
7,738,000
12,361,000
Total Earning Assets............................................................................. $109,379,000
All Other Resources*.............................................................................
40,581,000
$111,527,000
45,294,000
$186,126,000
36,685,000
Total Resources .......................................................................................$429,387,000
$426,609,000
$421,624,000
Capital and Surplus................................................................................. $ 22,578,000
Total Deposits ......................................................................................... 144,011,000
Federal Reserve Notes in Actual Circulation................................... 226,674,000
All Other Liabilitiesf.............................................................................. 36,124,000
$ 22,590,000
146,666,000
217,671,000
39,682,000
$ 21,466,000
120,966,000
238,673,000
40,519,000
Total Liabilities....................................................................................... $429,352,000
$426,609,000
$421,624,000
L IA B IL IT IE S
^Includes “ Uncollected Items” ................
•{•Includes “ Deferred Availability Items”
33.851.000
30.409.000
38,775,000
33,914,000
35.056.000
28.174.000
R ATE OF TURNOVER OF BAN K DEPOSITS
A measure of business activity is found in
the rate of turnover or velocity of bank de
posits, that is, the rapidity with which bank
deposits are checked out. W hen business is
active the turnover of deposits is rapid, but
when there is less activity, deposits tend to
remain longer in the banks before they are
checked out.
Figures for bank clearings give some meas
ure of this rate of turnover of deposits, but
they reflect not only the rate of turnover but
also changes in the amounts of deposits. A
study which the Federal Reserve Bank of New
Y ork has been carrying forward for three years
with the co-operation of the reserve banks of
Boston, »Chicago and San Francisco now gives
us f of -the first time comparative figures showTing £>y months the rate of turnover of deposits
for typical groups of banks in different parts
of the country. The figure for any month is
the ratio between the checks drawn by individ
uals and the average amount of demand de
posits against which the checks are drawn.
ANNUAL
100
90
80
70
60
f
7 w
V
W
r
V
50
5/ \
N
A
\ S
V4
/
\\
«r - ■
------
r 'V * .
V
\
o
\/
V
1
90
80
60
50
December
»
V
i
Annual Rate of Turnover of Bank Deposits in Representative Groups
of Banks in Boston, New York and San Francisco
A s shown in the accompanying chart, the
velocity of deposits in New Y ork and Boston
tended to be most rapid late in 1919 and slow
est in the middle of the year 1921, at about the
time when operations in a number of industries
were most curtailed. A part of the succeeding
increase in these two cities was undoubtedly
due to normal seasonal causes, but a part of it
appears to reflect more active business. In San
Francisco the trend has been quite different
and although there have been minor peaks and
depressions, the velocity of bank deposits
seems to have remained relatively uniform
throughout the three-year period. It has been
felt for sometime that the business depression
of late 1920 and 1921 was not so acute in the
San Francisco banking area as in the eastern
industrial centers and these figures are con
firmation of this impression.
San
Francisco
6 Banks
64.7
63.6
62.1
63.7
72.4
81.2
81.3
72.6
74.5
85.4
91.3
89.5
31.7
30.5
31.4
31.2
34.2
37.3
38.2
33.8
35.4
42.9
45.1
47.6
35.5
39.6
39.0
34.0
38.0
38.5
41.9
43.1
44.2
42.8
42.5
44.9
83.1
77.0
76.6
77.3
70.6
68.7
67.1
62.7
66.0
77.5
79.1
83.8
42.5
37.4
38.0
39.4
38.0
36.1
36.2
30.8
34.4
37.0
38.0
39.0
40.9
42.6
43.1
40.3
40.7
39.4
38.5
35.4
41.6
41.6
40.2
41.8
76.3
68.0
64.1
62.9
68.7
66.2
66.2
58.7
65.7
70.4
75.7
77.1
33.5
30.9
30.0
30.0
31.1
30.4
29.3
25.9
28.2
32.2
33.6
32.8
39.4
37.7
42.8
42.4
40.2
42.3
38.9
36.7
38.6
42.2
37.4
42.8
74.2
75.2
75.4
79.9
32.4
29.6
32.7
34.1*
43.9
37.7
41.2
39.4
1920
40
Va
S'
1
,
,.
70
V
-R / ,N C s c
E1 0 6 T O
\
,
April
May
June
July
Boston
11 Banks
N ew York City
42 Banks
100
1
1
K i;st f
NljL W '
V
Year
1919
A N N U A L RATE
RATE
40
The figures for velocity have been computed
from the reports for debits to individual ac
counts and for net demand deposits for indi
vidual banks. In order to make these two sets
of figures directly comparable it was necessary
to subtract withdrawals of Government de
posits, and estimates of withdrawals of time
deposits from the figures of debits; and it was
necessary to subtract net amount due banks
from net demand deposits. All of these figures
were first tabulated upon a weekly basis and
were then converted to an annual rate for each
month. Figures showing the annual rate of
turnover for these cities, together with the
number of banks for which data were reported,
are shown in the accompanying table.
April ........
May .........
June ........
July .........
August .. .
September
1921
January ..
February .
March . . .
April .......
May ........
June ........
July .........
August .. .
September
1922
April .........
^Preliminary.
..
@FedFRASER