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SIXTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD
BY THE

FEDERAL RESERVE AGENT
FEDERAL RESERVE BANK
SAN FRANCISCO
FOR THE YEAR ENDED DECEMBER 31, 1920




SIXTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD
BY THE

FEDERAL RESERVE AGENT
FEDERAL RESERVE BANK
SAN FRANCISCO
FOR THE YEAR ENDED DECEMBER 31, 1920




LETTER OF TRANSMITTAL.

Federal Reserve Bank,
San Francisco, Calif., January 3,1921.

SIR:

I have the honor to submit the following report concerning
the operations of the Federal Reserve Bank of San Francisco
and conditions in the Twelfth Federal Reserve District, for the
year ended December 31,1920.
Yours respectfully,

Chairman of the Board
and Federal Reserve Agent.

Honorable W. P. G. Harding,
Governor, Federal Reserve Board,
Washington, D. C.







PRESENT BUILDING AND SITE OF NEW BUILDING
The bank premises will occupy the block bounded by Sansome, Sacramento, Battery and Commercial Streets
San Francisco, California










SIDE ELEVATION OF NEW BUILDING
FEDERAL RESERVE BANK OP SAN FRANCISCO

TABLE OF CONTENTS.
PAGE

Financial Results of Operation
11
Summary Review of Year
11
Earnings, Expenses and Dividends
12
Discount and Investment Operations
12
Discount Rates
12
Classification of Bill Holdings
13
Currency Issues
15
Federal Reserve Notes
15
Federal Reserve Bank Notes
16
Reserve Movement
16
Fiscal Agency Operations
17
Deposits of Treasury Funds with Banks
17
Sales of War Savings Stamps
18
Conversions and Exchanges of U. S. Bonds
18
Clearings and Collections
19
Gold Settlement Fund
20
Telegraphic Transfers
20
Operations of Branches
20
Member Bank Relations
21
Movement of Membership
21
National Banks with Fiduciary Powers
21
Examinations
22
Relations with State Banking Departments
23
Transfer of Sub-Treasury Functions to Federal Reserve Bank
23
Banking Quarters
24
Internal Organization
24
Review of Agricultural and Business Conditions
25-37
Statistical Tables
38-69
Graphic Charts
70-75
Exhibit A. Carload Shipments of Fruit from California
70
Exhibit B. Production of Petroleum in California
71
Exhibit C. Production of Lumber in Twelfth Federal Reserve
District
72
Exhibit D. Building Permits in Twenty Principal Cities of
District
73
Exhibit E. Bank Clearings in Twenty Principal Cities of
District
74
Exhibit F. Amount and Liabilities of Business Failures in
District
75
76
Digitized Map of District
for FRASER


OFFICERS AND DIRECTORS
of the
FEDERAL RESERVE BANK OF SAN FRANCISCO.

Directors.
Class A.

Class B.

M. A. BUCHAN, 1921

JOHN A. MCGREGOR, 1921

C. K. MCINTOSH, 1922

ELMER H. COX, 1922

JOHN WILLIS BAER, 1923

A. B. C. DOHRMANN, 1923

Class C.
WALTON N. MOORE, 1921
EDWARD ELLIOTT, 1922
JOHN PERRIN, 1923

Officers.
JOHN PERRIN,

JNO. U. CALKINS,

Chairman and
Federal Reserve Agent

Governor
WM. A. DAY,
Deputy Governor
IRA CLEHK,

S. G. SARGENT,

Assistant Federal Reserve Agent
and Chief Examiner

Assistant Deputy Governor
W. N. AMBROSE, Cashier

W. M. HALE, Assistant Cashier
C. D. PHILLIPS, Assistant Cashier
F. H. HOLMAN, Assistant Cashier
C. E. EARHART, Assistant Cashier
JAY L. REED, Assistant Cashier
H. N. MANGELS, Assistant Cashier
M. MCRITCHIE, Acting Assistant_Cashier
H. M. CRAFT, Acting Assistant Cashier
E. C. MAILLIARD, Acting Assistant Cashier
H. S. HOUSE, Auditor

J. M. OSMER, Assistant Auditor
J. E. BEALE, Assistant Auditor
E. J. GRIFFIN, Acting Assistant Auditor

Member Federal Advisory Council.



A. L. MILLS

OFFICERS AND DIRECTORS OF BRANCHES.

Spokane Branch.
Directors

Officers

PETER MCGREGOR!

..

W. L. PARTNER, Manager

W. L. PARTNER*

G. H. SCHMIDT, Cashier

R. L. RUTTER*

EVAN BERG, Assistant Cashier

G. I. ToEvsf

E. W. MORTON, Assistant Auditor

D. W. TWOHY*

Seattle Branch.
M. A. ARNOLD*

C. R. SHAW, Acting Manager

M. F. BACKUS*

D. L. DAVIS, Cashier

CHAS. H. CLARKEf

C. A. BEMIS, Assistant Cashier

CHAS. E. PEABODY!

G. H. WILLIAMS, Assistant Auditor

C. R. SHAW*

Portland Branch.
J. C. AINSWORTH*

FREDERICK GREENWOOD, Manager

EDWARD COOKINGHAM*

R. B. WEST, Cashier

FREDERICK GREENWOOD*

J. P. BLANCHARD, Acting Assistant Cashier

NATHAN STRAUSS!

A. B. MASON, Assistant Auditor

{One vacancy.)*;

• ,

Salt Lake City Branch.
CHAPIN A. DAY*

R. B. MOTHERWELL, Manager

L. H. FARNSWORTH*

J. C. GALBRAITH, Cashier

LAFAYETTE HANCHETT!

PAUL M. LEE, Assistant Cashier

R. B. MOTHERWELL*

JOS. M. LEISNER, Acting Assistant Cashier

G. G. WRiGHTf

W. F. Cox, Assistant Auditor

Los Angeles Branch.
I. B. NEWTONf

C. J. SHEPHERD, Manager

H. M. ROBINSON!

A. B. NORDLING, Cashier

J. F. SAKTORI*

H. C. VOGELSANG, Assistant Cashier

C. J. SHEPHERD*

A. W. SCOUGALL, Assistant Auditor

A. J. WATERS*
tAppointed by Federal Reserve Board.
•Appointed by Federal Reserve Bank.







SIXTH ANNUAL REPORT
TO THE

FEDERAL RESERVE BOARD
BY THE

FEDERAL RESERVE AGENT
FEDERAL RESERVE BANK
SAN FRANCISCO.

FINANCIAL RESULTS OF OPERATION.
Summary Review of the Year.

The extent to which this bank has aided its members in meeting the
banking requirements of the agricultural, industrial and business activities of this Federal Reserve District is revealed in the comparative statements of its condition at the close of the years 1917-1920, inclusive.
(See Table 1.)
Holdings of bills discounted for member banks rose from $73,895,000
on December 31, 1919, to $167,598,000 on December 31, 1920, an increase of 126.8 per cent. It is significant that the increase in holdings of
bills discounted for member banks was much greater during the period
ending June 4 than it was during the remainder of the year, being $66,436,000 for the first period and $11,662,000 for the second, when the
expansion normally to be expected on account of the fall harvesting and
marketing of crops occurred.
The funds for meeting the increasing volume of rediscount applications from member banks were obtained in large part by permitting
holdings of bills (banker's acceptances) bought in the open market to
diminish steadily in amount during the first six months of the year, when
they fell from $102,558,000 on December 31, 1919, to $43,017,000 on
June 25, a decrease of 58 per cent. Although such holdings increased
gradually to $65,135,000 on September 24, they again fell off slowly
until at the end of the year they stood at $46,798,000. The large increase
in volume of rediscounts for member banks during the year also resulted
in a lower reserve percentage at the end of the year, when it was 47.97
per cent as compared with 52.63 per cent on December 31, 1919. Actual
cash reserves at the end of the year, $183,095,000, were but .78 per cent

less than those on December 31, 1919, when $184,538,000 was held.


12

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Due chiefly to the addition of 46 national and 62 state bank members
to the bank in 1920, and in part to additions in the capital and surplus of
existing members, the paid-in capital of this bank increased from $5,749,000 at close of business on December 31, 1919, to $6,926,000 on the
same day of 1920. The surplus fund was increased out of the profits of
the bank for the year and on December 31, 1920, stood at $14,194,000
as compared with $7,539,000 on December 31, 1919. The surplus fund
is now 102.5 per cent of the subscribed capital stock of the bank.
Federal reserve notes in circulation increased from $242,461,000 on
December 31, 1919, to $272,463,000 on December 31, 1920, an increase
of 12.3 per cent. During the same period Federal reserve bank notes
declined in amount from $11,844,000 to $8,156,000, a decrease of 45.2
per cent.
Earnings, Expenses and Dividends.
The constantly growing demands of its member banks for accommodation during the year, resulting in the heaviest extension of the discount
facility in the bank's history, caused net earnings for the year 1920 to
mount from $5,589,000 in 1919, to $10,108,000, an increase of 80.8 per
cent. These earnings, approximately 145 per cent on the paid-in capital
of the bank, were distributed as follows: dividends were paid at the
rate of 6 per cent per annum for the period January 1 to December 31,
1920, amounting to $384,000; $6,654,000 was credited to surplus account
and the sum of $3,069,000 was paid to the Government as a franchise tax.
Table 2 displays in detail the sources of income and items of expense
for the year, together with the distribution of the net earnings of the
year.
DISCOUNT AND INVESTMENT OPERATIONS.
Of a total of 831 member banks on December 31, 1920, 578 or 69.55
per cent had discounted with this bank during the year as compared with
421, or 58.63 per cent during the year ending December 31, 1919, out of
a membership of 718 on December 31, 1919. The total number of discount offerings accepted during the year 1920 was 92,781 aggregating
$2,965,647,547.68 as compared with 37,687 offerings aggregating $1,952,570,957.68 in 1919. The increase during 1920 in the number of offerings
discounted was 146.19 per cent and in the amount of such offerings the
increase was 51.9 per cent.
Discount Rates.
• Successive revisions in the schedule of the bank's discount rates during
the first seven months of the year resulted in the establishment of a uni of 6 per cent for all classes of paper save notes of member banks
form rate


ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

13

or their customers secured by United States Certificates of Indebtedness, on which notes the rate corresponds to the interest rate borne by
the certificates pledged as collateral, with a minimum rate of 53^ per
cent. For a detailed schedule of rates in effect at various dates throughout the year see Table 3.
Classification of Bill Holdings.
The year's high and low levels of holdings of discounted bills secured
by Government war obligations were within $20,000,000 of each other,
and the amounts held January 2 and December 31, 1920, were respectively $42,940,000 and $51,546,000, an increase for the year of $8,606,000,
or 20.0 per cent. The high level of these holdings, $59,455,000, occurred
on December 10, and the low level, $40,168,000, was reached on June 18.
Against this relative constancy in the amount of holdings of discounted
bills secured by Government war obligations, there appeared a heavy
increase in the volume of "all other" bills (representing almost entirely
the notes of member banks' customers) discounted for member banks,
which, from $31,297,000 on January 2, 1920, rose to $116,051,000 on
December 31, 1920, an increase of $84,754,000, or 270.8 per cent, The
expansion in holdings of this class of paper began immediately after the
opening of the year and continued steadily during the spring-planting
season with but two slight recessions, which occurred in the third week
of March and the last week of May, until June 4, when the amount held
was $97,733,000. The combined effect of seasonal diminution of activity
during the summer months of June, July and August and the warning
against undiscriminating extension of bank credits, which emanated
from the meeting of the Federal Reserve Board, the Federal Advisory
Council, and the Class A directors of the twelve reserve banks in Washington, on May 17-18, 1920, was to check further expansion during this
period in holdings of these bills, and on August 27, at $105,403,000, they
stood only $7,670,000 above the June 4 figure. The call for funds during
the fall to harvest and market the district's large crops caused a sharp
increase in the amount of bills discounted (notes of customers of member
banks), and they rose to their peak level of the year on October 8 at
$121,027,000, an increase of 286 per cent over the amount held on
January 2, 1920. The crest of this demand passed, liquidation set in and
continued until November 19, when $105,349,000 were held. The customary expansion during early December raised holdings to $117,416,000
on the 10th of the month, and on the last day of the year they stood at
$116,051,000.
In response to a telegram from the Federal Reserve Board on December 14, 1920, requesting information on the subject, this bank advised
the Board that the total amount of paper of all maturities rediscounted
by it during the year 1919, and which could be said to be based on pro
duction and sales of farm products (excluding notes secured by Govern

14

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

ment war obligations the proceeds of which may have been used for
agricultural purposes) was approximately $35,000,000, and that the
same total for 1920 was estimated at $122,000,000, an increase of 253
per cent. On December 7, also, this bank held 20,389 notes under rediscount, and of this total 11,584 or 57 per cent represented loans to
agricultural and livestock interests. As of additional interest in showing
the support and accommodation extended by this bank through its member banks to the agricultural and livestock interests of the District, there
is quoted herewith the results of an investigation into this subject made
on September 7 of this year:
"Of the $162,500,000 of bills discounted held (by this bank) on September 3, 1920, $98,500,000 or 58.77 per cent represents advances
directly or indirectly in support of agricultural and livestock interests.
In addition, the bank holds $57,700,000 bills (banker's acceptances)
bought in the open market, of which $9,200,000 or 15.94 per cent are
based upon agriculture and livestock."
Coincidently with the progressive increase in the amount of discounted
bills held by the bank, occurred a decline in its holdings of bills (banker's
acceptances) purchased, which declined from their peak of $119,418,000
on January 23 to the low level of $43,017,000 on June 25, after which
they rose to $65,135,000 on September 24 and again declined to $46,798,000, the amount held on December 31, 1920. This bank has bid
consistently throughout the year for all offerings of prime bankers' acceptances originating in this district, whether offered locally or from other
districts, thereby maintaining a market for them in this district as constant and stable as that of New York for acceptances originating there.
The rates paid have been, as nearly as ascertainable, identical with those
prevailing in New York. The principal market being in New York and
the obligation resting upon the whole Federal Reserve System to maintain an open market under all conditions for banker's acceptances, this
bank has regularly participated pro rata in the purchase of acceptances
by the Federal Reserve Bank of New York, and on occasions has also
made purchases from other Federal reserve banks needing to replenish
their reserves.
Holdings of United States securities remained constant throughout
the year, with three exceptions only, on March 19, June 18, and November 19, when they were from $7,000,000 to $15,000,000 in excess of the
year's average holdings of approximately $14,000,000.
The excess holdings on March 19 and June 19 represented one-day
Treasury Certificates bought by the bank in order to provide the Government with funds pending the receipt of the income tax instalments
due on the 15th of those months. Excess holdings of one-day certificates
on November 19 followed an excess of redemptions by this bank of an
issue of certificates of indebtedness maturing November 15 over receipts
 another issue put out on the same date.
by it from


ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

15

In Table 4 appears a detailed statistical record of the movement
of the aforementioned and other principal asset and liability items during
the calendar year 1920. In Table 5 is shown the distribution of the discount accommodation afforded by this bank during the year among the
national bank members on one hand and all other member banks on the
other. In Table 6 is a list of those institutions in this district empowered
to accept up to 100 per cent of their capital and surplus.
CURRENCY ISSUES.
The amount of Federal reserve notes of this bank in circulation continued, as in 1919, to contract and expand with the varying needs for
actual currency required for cash settlements in the business and commerce of the district.
The shrinkage in the volume of business transactions which occurs
after the first of the year, due primarily to the contraction in retail trade
with the end of the holidays, the conclusion of periodical payments of
interest, rents and taxes, the curtailment of activity attendant upon
inventory-taking, and, ordinarily, the completion of the major portion
of the marketing of the crops, became apparent in the first week of
January, 1920. The volume of transactions settled in cash declined correspondingly and by February 20 the amount of notes in circulation had
decreased from $242,770,000 on January 2,1920, to $222,616,000, (a contraction of over 8 per cent) at approximately which level they remained
until April 23, when the spring activity in fruit and other agricultural
pursuits occurred. A steady expansion then followed until on July 9 the
circulation was $244,971,000. With the passing of the mid-year settlements, the need for currency diminished and contraction again occurred
for two weeks. The amount of notes outstanding then varied little until
September, when the increasing number and volume of the agricultural
and business activities of the fall caused a renewed demand for currency
which was reflected in a steady increase in circulation of notes, persisting,
with slight recessions at the end of each month, until the end of the year,
when it stood at $272,463,000, and an increase of 12.3 per cent over the
circulation on December 31, 1919. The peak of the year occurred on
December 24, 1920, when the volume of notes outstanding was $273,849,000.
The fluctuation in outstanding volume of circulation of Federal reserve notes throughout the year is presented in Table 4 and accompanying charts. Table 7 shows the interdistrict movement of Federal reserve
notes, which arises out of the fact that every Federal reserve bank must
redeem, as fast as they come in, the notes of other Federal reserve banks
which it receives. Notes fit for circulation are sent direct to the issuing
bank and unfit notes are sent to Washington for cancellation. These
Digitized cancelled notes are charged to the account of the issuing Federal reserve
for FRASER


16

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO

bank and credit given to the bank redeeming them, both operations
being adjusted through the Gold Settlement Fund in Washington. (See
page 20 following for description of latter.)
This bank pays the cost of all shipments of currency, both to member
banks and from them. It maintains the convertibility of the Federal
reserve notes by redeeming in gold upon presentation the notes of any
reserve bank. Although legally the Federal reserve note is redeemable in
lawful money (gold, gold certificates, silver, silver certificates, and
greenbacks), in practice notes presented over the counter for redemption
are redeemed in gold, because other lands of lawful money are very
largely in circulation in the pockets of the people. Of the $508,178,516
of silver certificates and United States notes (greenbacks) outstanding
on October 30, 1920, $442,428,852, or 87 per cent of the total was in
denominations of one, two and five dollars, and therefore very largely
in the pockets of the people, so that gold (and gold certificates) is the
only form of lawful money available in the Federal reserve banks for the
redemption of Federal reserve notes.
. Tables 8 and 9 show the denominations and total amounts of Federal
reserve notes issued, redeemed, and outstanding during the year.
The circulation of Federal reserve bank notes (secured by Government
obligations) decreased in volume during the year from $11,844,000 on
December 31, 1919, to $8,156,000 on December 31, 1920, or 31.1 per
cent. These are chiefly in $1 and $2 denominations, issued to avoid the
inconvenience which would have followed the withdrawal from circulation of silver dollars and silver certificates to provide silver bullion for
shipment to the Orient during the war.
RESERVE MOVEMENT DURING THE YEAR.
The percentage of the total cash reserves of the bank to its combined
deposit and Federal reserve note liabilities varied during the year according to the demand for accommodation from member banks and to the
volume of bills (banker's acceptances) purchased by the bank in the
open market. Its high points were around the 1st of January and the
end of June, of July, and of December, and the low points were reached
about the 1st of February, the middle of April, and the 1st of October.
The high point of 52.6 per cent on January 2 was not again reached
during the year, and on December 31, 1920, it stood at 47.9 per cent.
The low point, 40.3 per cent, was touched twice, once on January 30
and again on September 24.
At all times during the year the bank maintained a secondary reserve
consisting of open market purchases of acceptances and bills, the high
and low points of which were on January 23 and June 25, respectively,
when holdings were $119,418,000, and $43,017,000. On December 31,
 stood at $46,798,000.
1920, they


ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

17

In Table 4 appear figures showing the actual cash reserves and the
reserve percentages by weeks throughout the year.

FISCAL AGENCY OPERATIONS.

The Victory Loan of April 21, 1919, for $4,498,000,000 was the last
Government war loan offered for popular subscription, but the Government has continued to sell during 1920 Treasury Certificates of Indebtedness with maturities of from six weeks to twelve months and rates of
from 43^ per cent to 6 per cent, the offerings since June 15, 1920, having
been at ffi/± per cent and 6 per cent for six months and twelve months
maturities respectively. The distribution of these offerings has been
made through the Federal reserve banks as fiscal agents of the L'nited
States Government and the total amount of subscriptions received by
this bank and certificates allotted during the year was $261,569,000.
On December 31, 1920, maturities aggregating $162,592,000 were still
outstanding, $98,977,000 having matured in the course of the year.
Table 10 lists the various issues of Certificates of Indebtedness offered
during the year and indicates their distribution among the different
kinds of purchasers. It is significant and gratifying to note that 307
individuals subscribed to the issue dated December 15, 1920, as against
40 to the issue dated January 2, 1920, although the latter issue was more
than 50 per cent the larger. This increasing participation by individual
subscribers releases by so much the resources of the banks of the district
for the service of the agricultural, commercial and industrial needs of
the community.
Deposits of Treasury Funds with Banks.

The Treasury Department has continued during 1920 the plan of
depositing, until required, the proceeds of sales of Certificates of Indebtedness in qualified depositary banks. The Federal Reserve Bank has
appointed the depositaries and has had the responsibility of receiving
and approving the collateral furnished by depositary banks, depositing
and withdrawing funds, and collecting interest on deposits, all such
operations being under the direction and supervision of the Treasury
Department. Qualified depositary banks may, under the law, pay for
Certificates of Indebtedness by opening book credits in favor of the
Federal Reserve Bank of San Francisco as fiscal agent of the United
States, "War Loan Deposit Account." As the funds represented by these
deposits are withdrawn by the Government only as and when they are
needed for payments, disturbances in the money market incident to
Government financing have been negligible. These deposits have been
Digitizedwithdrawn on a pro rata basis upon instructions from the Treasury
for FRASER


18

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Department, and wherever possible, notice of 48 hours or more has been
given.
The number of banks in this district acting as such depositaries during
1920 was 226.
On January 19, 1920, the amount of deposits outstanding with depositaries was at its peak at $18,257,302.00. The total amount of deposits
made with depositaries during the year was $155,443,696.43, of which
there remained outstanding on December 31 the sum of $10,672,274.00.
Sales of War Savings Stamps.

Publicity work in connection with the War Savings Campaign has
continued during 1920 under a so-called "War Loan Organization,"
which is under the general supervision of the Governor of the Federal
Reserve Bank as Chairman of the Twelfth Federal Reserve District
Government Savings Organization.
Sales during 1920 of War Savings Stamps and Certificates showed a
marked decrease as compared with the results obtained in 1919. Following are comparative figures:
1920.

Sale of Thrift Stamps
Sale of War Savings Stamps
Sale of Treasury Savings Certificates
Filled Thrift Cards exchanged for War Savings
Certificate Stamps
War Savings Certificates exchanged for Treasury
Savings Certificates

1919.

$48,661.25
460,770.00
365,300.00

$126,993.00
1,538,550.00
1,428,400.00

62,960.00

186,740.00

1,100.00

7,400.00

Redemption of War Savings Stamps from February 18, 1920, to
December 27, 1920, amounted to $5,076,167.08.
Conversions and Exchange of United States Bonds.

One of the chief functions of this bank as fiscal agent of the Government during the year 1920 has been the exchange of temporary for
definitive Liberty Loan Bonds. The scope of this activity is revealed in
the number of pieces handled during the year, which in the single operation of receiving for and delivering on exchange, transfer and registration, totaled 2,746,015.
In addition, the bank, as fiscal agent, has handled the conversions of
one issue of bonds into another which involved handling 784,667 pieces.
United States Government bond and certificate coupons to the number

of 5,313,675 were paid. It was necessary, during the year, to increase by


ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

19

54, or 42 per cent, the number of employees in this department, whose
personnel now numbers 183, approximately the same number it contained during the height of the Government's war financing in 1918.
Exchanges of temporary bonds for Fourth Loan permanent bonds will
commence about the middle of January and this will conclude exchanges
of temporary bonds for permanent bonds, inasmuch as Victory Loan
Notes, the last of the popular loans sold for financing the war, were
issued in permanent form. Table 11 shows the details of receipts, deliveries, and conversion and exchange operations.
CLEARINGS AND COLLECTION SERVICE.
The year 1920 has witnessed an increasing use by the banking community of the clearings and collections service of this bank, and during
the year ending December 31, 1920, 463 banks availed themselves of the
clearing and collection facilities, an increase of 35.3 per cent over the
number (343) which had used it during the year ending December 31,
1919. Between January and December, 1920, the daily average number
of checks handled by this bank and its branches increased from 75,560,
aggregating $23,922,000.00, to 136,430, aggregating $32,200,000.00.
These figures do not take into consideration the checks routed by member banks in this district direct to other Federal reserve banks and
branches. Some conception of the magnitude of the operations of this
department of the bank may be gathered from the total number of
items handled during the year, which was 27,314,000 in 1920 as compared with 13,796,000 items in 1919 and 8,001,000 in 1918. The total
amount of the items handled during these three years was $8,061,091,000
in 1920, $6,672,057,000 in 1919 and $5,058,223,000 in 1918.
Items for clearance or collection are received from all member and
clearing non-member banks in this district and from other Federal
reserve banks, and forwarded to the drawee banks, whose accounts with
the reserve bank are charged upon advice from the drawee bank of
receipt of these items. Credit is given to the depositing bank in accordance with a time schedule based upon the number of days required for
collection. Items on banks which are not members of the clearing and
collection service of this bank are presented to them for payment, which
may, in their option, be by check upon one of their correspondents in a
reserve bank or branch city, or by shipment of currency at the expense
of this bank.
On December 15, 1920, there were 831 member banks and 1028 nonmember banks in this district. Checks on all of these banks are collected
at par by the Federal Reserve Bank, and the service is rendered without
charge. Table 12 gives the statistical details of the operations of the
and collections service.
clearings


20

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Gold Settlement Fund.

Settlements between all Federal reserve banks are made daily through
the gold deposit which each Federal reserve bank maintains with the
Federal Reserve Board in Washington for this purpose, and in this way
the movement of gold from one section of the country to another is
avoided. During the year payments by this bank to other Federal
reserve banks aggregating $2,924,829,000 and payments by them to
this bank amounting to $3,062,588,000 (a total of $5,987,417,000) were
made through the Gold Settlement Fund. The excess of payments to this
bank, namely $137,759,000, was but 2.3 per cent of the total transactions. Table 13 shows the gross and net debits and credits through the
fund by four week periods throughout the year.
Direct Telegraphic Transfers.

The daily settlements previously described are facilitated by the inter
connection of all reserve banks and branches over the Federal reserve
leased wire system. By means of this system member banks are enabled
to make speedy transfer of funds to all Federal reserve bank and branch
cities without charge.
During January, 1920, this bank and branches handled 3178 telegraphic transfers to and from member banks for $334,915,000. During
December, 1920, 5424 of such transfers, involving $400,353,000, were
handled. During the year 29,291 telegraphic transfers amounting to
$3,043,193,000 were thus handled for banks which were members of the
clearings system without charge to themselves. These are exclusive of
transfers for account of the Treasurer of the United States. Table 14
shows the detail in regard to the sale of telegraphic transfers, the number
and amount of collection (non-cash) items handled during the year and
the number of member and clearing non-member banks in the different
states of the district making use of the clearing and collection facilities
of the bank.
OPERATIONS OF BRANCHES.

The fifth branch of this bank was opened in Los Angeles, California,
on January 2, 1920, the territory assigned to it being Southern California and that part of Arizona located in the Twelfth Federal Reserve
District. In addition to the one in Los Angeles, branches of this bank are
now located at Spokane and Seattle, Washington; Portland, Oregon;
and Salt Lake City, Utah; the order of naming the last four being that of
their establishment. Following page 75 is a map of the district showing
the head office and branch territories.
The number, capital and resources of the member banks in each
branch territory, and the average monthly operations of each branch
Digitized forare shown in Table 15.
FRASER


ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO

MEMBER BANK RELATIONS.

21

'

.

Movement of Membership.

During the past year there were organized 36 new national banks
with combined capital of $2,240,000, as compared with 30 new banks
having capital of $1,465,000 in 1919; 15 state banks, with capital of
$1,225,000 were converted into national banks, as compared with 14
having capital of $1,380,000 in 1919, and 13 national banks, with
capital of $4,200,000 liquidated or consolidated with other banks (of
which four were national banks and eight state banks), as compared
with four, with capital of $475,000 in 1919. There was therefore a net
increase of 38 national bank members during the year. In addition to
this, national banks have increased their capital by $5,943,000, the net
increase in capital of national bank members, therefore, amounting to
$6,108,000.
The number of state bank members in this district increased from 137
with capital of $31,514,000 on December 31, 1919, to 199 with capital of
$42,023,000 on December 31, 1920, an increase of 62 banks with capital
of $10,509,000. In addition, applications for membership from 14 state
banks with combined capital of $4,263,000 are now pending.
The movement of national and state bank membership is tabulated
in Tables 16 and 17 respectively.
Fiduciary Powers.
During 1920, 14 national banks, with capital and surplus of $5,930,000
and resources of $70,159,000 made original application for permission to
exercise some or all of the fiduciary powers permitted in the amendment
of September 26, 1918, to the Federal Reserve Act, and two national
banks with capital and surplus of $1,050,000 and resources of $14,466,000,
having previously been granted authority to exercise limited powers,
made application for permission to exercise additional powers. The number applying in 1919 was 31, with capital and surplus of $16,774,000 and
resources of $238,930,000, and on December 31, 1919, two of these applications were still pending, one being subsequently granted and the other
refused. Of the applications received in 1920, 14 were granted, none
was refused, and two were pending on December 31, 1920. A list showing
the national banks authorized to exercise fiduciary powers and the
nature of such powers permitted to each appears in Table 18.




22

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

EXAMINATIONS.
An increase of 45 per cent during the year in the number of state
bank members has correspondingly increased the work of the Examining
Division. That this additional'work could be handled, as it has been,
without an increase in the number of the bank's field examiners has
been due largely to the assistance and hearty cooperation of the various
state banking departments.
It has been considered desirable to make independent examinations of
all state banks applying for membership, and with but two exceptions
this policy has been followed throughout the year.
With few exceptions all state bank members have been examined by
Reserve Bank examiners during the year, either independently or jointly
with state examiners. Where the latter procedure has been followed, the
Reserve Bank examiners have made independent reports. Through
arrangements made with the various state banking departments, this
bank is furnished with certified copies of all their reports made in connection with examinations of state bank members, and it is thus assured of
at least one examination report of each bank every calendar year, while
in some instances, it may receive as many as three separate reports, two
by state examiners and one by Federal reserve examiners.
Of the 67 state banks admitted to membership in the district during
the year, 58 were previously examined by the Federal reserve examiners,
two were accepted on reports of examinations made by state authorities,
and seven admitted without examination, concurrently with the issuance
of their charters. The following table shows the number and character
of examinations conducted during the year, as compared with the year
1919:
1920.
State banks for admission, jointly with state authorities
State banks for admission, independently
State bank members, jointly with state authorities
State bank members, independently
National banks, jointly with national examiners
National banks, independently
TOTAL NUMBER OF EXAMINATIONS CONDUCTED

Independent examinations
Joint examinations




1919.

8
44
60
31
6
4

3
58
36
23

153
79
74

• 7

2
129
83
46

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

23

Relations with State Banking Departments.
Relations with the banking departments of the seven states comprising this district continue to be of a most cordial nature. Commissioners
and superintendents and their examiners have generously cooperated
with the Federal Reserve Bank and its examining staff. With the written
consent of the state bank members, given at the time of admission, reports and other information are freely exchanged with the state authorities, who have always shown a willingness to support this bank in
criticisms offered and in securing adjustments desired. With the view of
fostering a still closer relationship between the Federal Reserve Bank
and the state banking departments, invitations were extended to the
following bank commissioners and superintendents of the various states
of the district, to meet with the officers and examiners of this bank in
San Francisco on November 18, 1920:
JESSE L. BOYCE
CHARLES F. STERN
J. C. FRALICK
WILL H. BENNETT
N. T. PORTER
CLAUDE P. HAY
GILBERT C. ROSS

State Auditor and Bank Comptroller
Superintendent of Banks
Commissioner of Commerce and Industry.
Superintendent of Banks
Bank Commissioner
Bank Commissioner
State Bank Examiner

Arizona
California
. Idaho
Oregon
Utah
Washington
Nevada

All attended save Mr. Ross of Nevada, and a most interesting and
beneficial conference was continued during two days, in which discussion
was had of various matters of mutual interest to the state banking departments and the Federal Reserve Bank. Similar conferences each year
are contemplated.
•
TRANSFER OF SUB-TREASURY FUNCTIONS TO
FEDERAL RESERVE BANK.
On December 21, 1920, in accordance with the provisions of the Act of
Congress approved May 29, 1920, the Federal Reserve Bank assumed
the following functions previously exercised by the Sub-Treasury of the
United States in San Francisco, the first two of which had previously
been exercised in part by this bank:
The
The
The
The

receipt of public moneys from Government depositary officers,
payment of Government warrants and checks for disbursing officers,
exchange, replacement and redemption of United States paper currency,
exchange and redemption of United States coin.

Operations incident to the redemption of currency will continue to be
handled at the Sub-Treasury, located at the southwest corner of
Pine and Sansome streets. The rest of the functions above listed will
henceforth be performed at the Federal Reserve Bank, 315 Battery
street. The quarters in the Sub-Treasury building assigned to the Federal




24

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Reserve Bank will be used for the storage of United States coin, currency, temporary and permanent bonds, and for the housing of approximately 105 of its employees engaged in the custody and delivery of
definitive bonds, the custody and shipment of temporary bonds and
bond coupons, and the custody and redemption of currency.
This bank has taken over, on a temporary basis for a period not exceeding one year, the Sub-Treasury staff consisting of ten persons acting
in a clerical capacity, six guards and watchmen, and four maintenance
employees, a total of twenty.
BANK QUARTERS.

The end of the year finds actual work begun on the excavation for the
bank's new building, which is to occupy the site owned by this bank,
119 feet 6 inches by 275 feet and bounded by Sansome, Sacramento,
Battery and Commercial streets.
All of the old buildings on the property have been razed except the
six-story building 73 by 104 feet at present occupied by the bank, around
which the new building will be constructed. When space in the latter is
ready for occupancy the old building will then be razed and the new
structure completed. In addition to the building mentioned and practically the entire Sub-Treasury building, the second and fourth floors and
part of the basement of the building at 440 Sansome street (approximately 15,000 square feet of floor space) are occupied by the bank. The
branches occupy rented quarters.
INTERNAL ORGANIZATION.

Constant and rapid enlargement during the year in the scope of the
bank's operations has necessitated a considerably more numerous personnel. Although the increase in the number of officers is slight, from 27
on December 31, 1919, to 32 on December 31, 1920, the total number
of employees increased from 567 to 1132. Four-fifths of this increase in
personnel occurred in three departments, 253 having been added to the
Banking Department, 150 to the Transit Department and 54 to the
Fiscal Agency Department. In the Banking Department the increase
during the year in the number of discount offerings handled, which rose
from 37,687 in 1919 to 92,781 in 1920, was chiefly responsible for the
expansion of the personnel from 36 to 109; in the Transit Department
the number of employees rose from 100 to 250, largely on account of the
increase of 97 per cent in the number of clearing and collection items
handled, the total having risen from 13,796,000 in 1919 to 27,314,000 in
1920. Transactions involving the sale, exchange, conversion, registration
and payment of different classes of Government obligations (Treasury



ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

25

Certificates, Liberty Loan Bonds, bond coupons and War Savings securities) caused the personnel of the Fiscal Agency Department to grow
from 129 to 183 during the year. Transactions involving only the exchange of temporary for definitive bonds have more than filled the place
of those incident to the flotation of the Victory Loan of 1919.
Of the 1132 members of the bank's staff on December 31, 1920, 507
were women and 627 were men. The average annual salary of the
officers was $5720 and of the employees $1358. A statement of the
number and salaries of officers and employees for the years 1916 to 1920
inclusive, appears in Table 19.
The net increase of the official staff was as follows:
2 Branch Managers to relieve the two Assistant Deputy Governors who
were temporarily acting as Branch Managers;
4 Assistant Cashiers at Head Office; and
'
1 Assistant Cashier at Salt Lake City Branch.

Other changes also occurred in the official staff during the year, these
being occasioned by the resignations of two former branch managers.
During the year four officers of this bank resigned to aceejft positions
with commercial banks in the district. Mr. C. L. Lamping, manager of
the Portland branch, accepted a vice-presidency in the Northwestern
National Bank of Portland, Oregon; Mr. Charles A. McLean, manager
of the Seattle branch, accepted a vice-presidency in the Ladd and Tilton
Bank of Portland, Oregon; Mr. Charles H. Stewart, Assistant Deputy
Governor, accepted a vice-presidency in the Northwestern National
Bank of Portland, Oregon, and Mr. E. H. Tucker, Assistant Federal
Reserve Agent, joined the Research Department of the First National
Bank of Los Angeles, California.

REVIEW OF AGRICULTURAL AND BUSINESS CONDITIONS.
Agriculture.

Another year of exceptionally good crops has paved the way for continued sound business conditions in this largely agricultural district.
Yields of all of the principal crops compare favorably with the record
yields of last year, smaller crops of some of the grains and fruits being
offset by larger yields of oats, hay, cotton, sugar beets, potatoes, hops,
oranges and lemons. Prices received by the growers have averaged lower
than last year, although higher prices compensated the fruit-men for
short crops of peaches and pears, and the grape-growers received for
their product by far the highest prices in the history of the industry.
Some depression has been felt in the wool, cotton and rice-producing
communities because of the slackened demand for these commodities.




26

ANNUAL KEPOKT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Estimates of production of fifteen of the principal crops of the district,
a comparison of these yields with those of the total United States and a
comparison of the population of the district to the total United States,
follow:
Per Cent District to Total
United States.

1920.

100,232,000 bushels
41,134,000
"
44,398,000
7,500,000
"
13,028,000 tons
260,000 bales
2,839,000 tons
3,150,000 bushels
38,019,000
37,629,000 pounds
27,372,000 bushels
15,188,000
6,568,000
18,700,000 boxes
4,500,000
1920.
6,858,642

Wheat
Barley
Oats
Rice
Hay
Cotton
Sugar Beets
Beans
Potatoes
Hops
Apples (Commercial)....
Peaches
Pears
Oranges
Lemons
^
DISTRICT POPULATION

1919.

101,788,000 bushels
43,628,000
*
40,283,000
7,881,000
12,149,000 tons
177,000 bales
2,035,000 tons
5,560,000 bushels
31,879,000
"
27,759,000 pounds
31,935,000 bushels
22,769,000
"
6,897,000
17,350,000 boxes
3,900,000
«
1910.
5,177,478

1920.
12.7
20.4
2.9
18.1
12.1
2.0
33.2
33.6
6.3
96.6
25.1
34.7
38.0
68.7
98.0
1920.
6.5

1919.
11.0
24.0
3.0
19.0
11.0
1.5
31.7
48.0
9.0
94.5
40.5
45.1
49.5
72.0
98.0
1910.
5.6

Gain
or Loss
1920-19)9.
—1,556,000
—2,494,000
4,115,000
— 381,000
879,000
83,000
804,000
—2,410,000
6,140,000
9,870,000
^4,563,000
—7,581,000
— 329,000
1,350,000
600,000
1920-1910.
1.681,162

Field Crops.
The severe winter in the Pacific Northwest and the lack of sufficient
moisture in other sections combined to cause slightly decreased yields
of all grains except oats. In the dry areas much of the abandoned grain
was cut for hay and the hay crop of the district exceeded last year's
production by 879,000 tons.
Stimulated by high prices received in 1919, the cotton acreage of the
district was increased 68 per cent, from 297,000 acres to 500,000 acres.
The majority of the increase was in plantings of the Pima variety of
American-Egyptian long staple cotton and the 1920 production of this
cotton is estimated at 96,000 bales compared to 40,600 bales in 1919.
The estimated cotton acreage and yield this year and last year follows:
AMERICAN-EGYPTIAN COTTON.
Acreage.

Estimated Yield (Bales).

1920.

1919.

1920.

1919.

California
Arizona

43,000
200,000

1,400
87,000

16,000
80,000

600
40,000

TOTAL

243,000

88,400

96,000

40,600




ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

27

SHORT STAPLE COTTON.
Estimated Yield (Bales).

Acreage.
1919.

1920.

1919.

232,000*
25,200

183,600f
25,800

134,000*
20,000

103,100§
20,000

257,200

209,400

154,000

123,100

1920.
California
Arizona
TOTAL

•Includes 130,000 acres in the lower Imperial Valley, Mexico,
tlncludes 85,000 acres in the lower Imperial Valley, Mexico,
{includes 89,000 bales grown in the lower Imperial Valley, Mexico.
^Includes 52,000 bales grown in the lower Imperial Valley, Mexico.

During the spring and early summer the rice acreage in California
was considerably reduced because of the lack of water and the threatened
shortage of hydro-electric power. Early fall rains and flood conditions in
some of the rice-growing areas during part of the harvesting season
further depleted the crop. It is now estimated at slightly below that of
last year, when California produced 3,500,000 bags of 100 pounds each
and ranked second in production among the rice-growing states of the
country. .
High prices received last year account for the increased plantings and
yields of potatoes and, conversely, low prices received last year account
for the decreased plantings and yields of beans.
Fruits.

Increased production of fruits in California was offset by decreased
yields in the other states of the district and total district yields were
below those of last year. Comparative car-lot shipments from California
for the fruit years of 1919 and 1920 were as follows:
1920.
Oranges
Grapes
Lemons
Pears
Peaches
Plums
Cherries
Apricots
TOTAL. .

1919.

35,547
24,849
9,029
4,376
3,107
2,533

39,307
19,017
10,023
4,248
2,773
2,918
335

495
310

80,246

419

79,040

Car-lot fruit shipments from California, by months, are shown
graphically in Exhibit A.



28

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

The output of dried fruits in California was lower than last year in
every instance except figs, where production remained stationary. This
is accounted for partly by short crops of drying varieties and partly by
the lack of demand for dried fruit during the season. A table showing
the estimated production of dried fruit and nuts in 1920 and 1919
follows:
1920.
5,000 tons
10,000 a
12,000 it
24,000 a
2,500 it
90,000 u
185,000 u
5,500 ti
20,500 ti

Apples...
Apricots.
Figs
Peaches
Pears
Prunes.. .
Raisins.
Almonds.
Walnuts.

1919.
12,500 tons
15,500 a
12,000 a
34,000 tt
5,750 tt
140,000 It
197,500 It
7,250 It
28,100 it

The boxed apple crop of the district, which forms 90 per cent of the
total United States boxed apple production, is estimated at 24,600,000
boxes, approximately 7,000,000 boxes less than last year. A comparative
statement of the car-lot shipment of apples by States in 1919 and 1920
follows:
Season.
California
Idaho
Oregon
Utah
Washington

July 1—June 30
Aug. 1—May 31
July 15—May 30
Sept. 20—Mar. 15 ....
July 1—June 30

TOTAL

To Dec. 31, To Dec. 31, Total 1919
1920.
1919.
Season.
3,838
2,321
2,287
559
14,894

3,583
3,291
3,736
193
19,357

4,153
3,943
5,443
199
27,168

23,899

30,160

40,906

Livestock.

The livestock year in the stock-raising sections of the district was
inaugurated under unfavorable conditions. A severe winter forced the
stockmen to begin feeding early, and feed prices were abnormally high
compared to later prices for the fed stock. However, the last months of
the year have offered encouragement to the industry, as hay prices have
been lower, pasture is abundant, and the winter has been late. Range
and pasture are in better condition than they have been for the last five
years. A table showing the comparative livestock movement at the five
principal markets of the district during 1920 and 1919 follows:



29

ANNUAL HBPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

YEARLY RECEIPTS OF LIVESTOCK.
Cattle.

Sheep.

Hogs.

1920.

TOTAL

1920.

1919.

1920.

1919.

127,266
49,027
55,007
60,280
19,652

113,985
66,706
57,918
59,020
23,987

174,824
34,488
96,036
47,095
34,996

204,870
46,541
128,135
59,758
36,429

235,941
483,682
81,377
127,349
44,066

214,523
387,689
99,888
114,793
30,126

311,232

Portland
Salt Lake City
Seattle
Spokane
Tacoma

1919.

321,616

387,439

475,733

972,415

847,019

YEARLY PURCHASES FOR LOCAL SLAUGHTER.
Cattle.

Sheep.

Hogs.

1920.

Portland
Salt Lake City
Seattle*
Spokane
Tacoma
TOTAL

1919.

1920.

1919.

1920.

1919.

61,045
22,937
52,828
30,248
19,652

53,414
21,766
32,357
29,495
23,987

90,619
45,188
91,616
31,931
34,996

102,654
48,988
37,866
41,600
36,429

103,752
32,672
90,484
10,049
44,066

128,984
27,220
69,938
13,181
30,126

186,710

161.019

294,350

267,537

287,023

269,449

*1919 figures for July-December only.

The wool clip of the district (81,000,000 pounds) which is approximately one-third of the total United States clip, was 4,783,000 pounds
less than last year. The demand for wool began to decline soon after
,the new clip became available and much of the year's output is still in
first hands or has been sent to wool-storage centers on consignment.
The production by States has been as follows:
1920.

Arizona
California
Idaho
Nevada
Oregon
Utah
Washington
TOTAL




1919.

5,000,000 lbs.
12,000,000 "
21,000,000 "
9,000,000 "
14,000,000 "
15,000,000 "
5,000,000 "

5,000,000
13,298,000
22,145,000
10,500,000
14,040,000
15,800,000
5,000,000

lbs.
"
"
"
"
"
"

81,000,000 lbs.

85,783,000 lbs.

30

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Salmon.

The steady reduction in the output of canned salmon which has been
in progress since the record-breaking pack of 10,000,000 cases in 1917,
continued this year and the 1920 pack is estimated at approximately
5,000,000 cases, over 1,000,000 cases less than in 1919. A table showing
the estimated pack by districts follows:
ESTIMATE OF 1920 SALMON PACK.*

District.
Western Alaska
Central Alaska
Southeast Alaska
TOTAL ALASKA

Puget Sound
Columbia River
Coastal Streams
TOTAL U. S. PACK

Red.

King.

Medium
Red.

Pink.

Chum.

Total
1919.

44,013
864,527
147,411 1,314,320
775,760 2,045,968

710,800
577,393
202,366

46,696
14,638
22,620

11,759
30,879
68,514

51,259
543,999
976,708

1,490,559

83,954

111,152

1,571,966

80,000
5,000
2,500

50,000
475,000
25,000

25,000
35,000
40,000

1,578,059

633,954

211,152

967,184 4,224,815 4,592,000
25,000
15,000
7,500

1,571,966

Total.

180,000 1,290,883
530,000f 580,000
75,000

1,014,684 5,009,815

6,462,S83

*A11 figures are for full cases of four dozen cans.
fSpring pack only. Fall pack estimated at 120,000 cases of all grades.

Mining.

With the exception of gold, the output of the five principal metals
mined in the Twelfth Federal Reserve District during the year 1920
(gold, silver, copper, lead and zinc) is in excess of the 1919 output, although in each case below the figures of 1918: Reports from all parts of
the district affirm that high costs of mining, milling, smelting and refining are retarding the recovery of the mining industry.
Gold.

The world-wide depression in the gold mining industry, induced by
rising commodity prices, and consequently the smaller amount of goods
and services obtainable for an ounce of gold, has been reflected in this
district by a continuous decline in the value of the gold output in the
past three years. The production for 1920, $25,700,800, is approximately
$4,000,000 less than in the preceding year and $8,000,000 less than in
1918. The 1920 production would have been less had it depended upon
the output of mines producing gold only. It has been augmented by
the addition of gold extracted from ores which were mined principally
for their copper or silver content. This fact accounts for the slightly increased production in Arizona during the past year.



ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

31

In California there has been an unprecedented closing down of gold
mines, especially in the Mother Lode district, due not only to the decrease in the purchasing power of gold but to restrictions of hydroelectric power on account of the succession of dry years, and to high
costs of labor. It is significant that only 52 per cent of the state's production of gold now comes from lode mines, and that 48 per cent comes from
dredges and other placer operations. 68 per cent of the state's gold
output came from lode mines in 1915, 54.9 per cent in 1910, and 68.9
per cent in 1905.
.
.
Silver.
High prices for silver prevailing until the late spring of this year,
followed by the standard price of $1.00 per ounce at which the Government buys domestic silver under the terms of the Pittman Act, combined
to raise the production of silver during 1920 above the level of 1919.
With the exception of Utah, the largest producing state of the district,
where the production remained practically constant, the output of silver
in the other four principal producing states, Nevada, Idaho, Arizona
and California, was in excess of the 1919 figures. Total production for
the district was 34,332,592 fine ounces as compared with 31,005,592
fine ounces in 1919 and 41,159,815 fine ounces in 1918. In Arizona, as is
the case with gold, the largest producers of silver are the copper mines.
In California the increase came chiefly from the lead and lead-silver
ores in Southern California.
Copper.

> .

The rapid fall in the market price of copper during the last quarter
of 1920 resulted in the dosing of many of the largest producing mines in
this district and prevented realization of the expectation entertained
earlier in the year that the production of 1920 would substantially exceed that of 1919. The year closed with an estimated production of
751,857,702 pounds as against 725,985,370 pounds in 1919 and 1,166,611,024 pounds in 1918. Of the states in this district producing copper
in large quantities (Arizona, Utah, Nevada and California) production
fell off in Utah and California and increased in Arizona and Nevada.
Lead.

By far the largest portion of the lead mined in this district comes from
the states of Idaho and Utah, Idaho alone producing over one-half the
district's output for the year. In this state there was a substantial increase in production during 1920, but it is still considered below normal.

The production of lead showed a greater percentage of increase during


32

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

the year than did that of any of the other principal metals. Production
for 1920 was 432,322,000 pounds as compared with 333,964,161 pounds
in 1919 and 516,178,913 pounds in 1918.
Zinc.

Practically all the zinc mined in this district during 1920 came from
the states of Idaho and Utah, the former producing 28,309,000 pounds
and the latter 6,000,000 pounds. Each of these states records increased
production for the year 1920, the increase being over 90 per cent in
Idaho. It should be noted that figures for Nevada are not now available
and these would further swell the production of this metal.
The table on the opposite page, compiled from information furnished
by the United States Geological Survey, lists in comparative form the
production by states of this district of the five principal metals during
the years 1920, 1919 and 1918:




a
a

PRODUCTION OF FIVE PRINCIPAL METALS DURING 1920*, 1919 AND 1918.

State.
Arizona
California..
Idaho
Nevada
Oregon
Utah
Washington

TOTAL. .

Gold
(Dollars)"

1920
1919
1918
1920
1919
1918
1920
1919
1918
1920
1919
1918
1920
1919
1918
1920
1919
1918
1920
1919
1918

$4,686,000
4,506,413
5,434,535
13,933,600
10,695,955
16,489,120
469,000
713,238
702,780
3,579,000
4,541,502
6,619,361
942,200
903,555
1,270,378
1,949,000
2,159,471
2,948,906
142,000
252,862
303,634

5,532,000
5,266,605
6,686,152
1,538,650
1,107,189
1,427,711
7,545,000
5,579,056
9,172,340
7,780,000
6,863,580
10,000,599
119,942
111,121
107,323
11,618,000
11,649,961
13,455,597
193,000
259,384
310,093

1920
1919
1918

$25,700,800
29,772,996
33,768,714

34,332,592
31,005,592
41,159,815

*An ounce of fine gold is worth $20.6718.



Silver
(Fine Ozs.).

Year.

Lead
(Pounds).

Recoverable
Zinc
(Pounds).

Total
Value.

559,235,000
538,100,844
764,885,874
12,934,900
21,732,507
47,331,709
2,203,000
3,122,703
6,533,888
55,790,000
52,331,175
116,316,441
2,300,802
2,215,000
2,451,010
117,000,000
124,061,807
227,169,630
2,394,000
1,676,576
1,922,406

14,000,000
10,203,078
12,503,689
5,071,000
3,508,207
13,372,057
2.54,662,000
182,341,898
294,695,993
19,510,000
15,349,370
23,316,534

1,457,000
1,717,000
2,269,643
1,572,500
472,900
5,561,393
28,309,000
15,994,229
45,161,712

1107,725,000
108,707,000
202,134.880

2,000
10,601
134,000,000
123,829,051
167,008,224
5,079,000
2,146,157
5,271,818

6,000,000
4,431,024
18,399,417
38,873

1,808,920
1,983,942
46,000,000
45,439,000
86,047,597
1,193,000
959,000
1,467,421

751,857,702
725,985,370
1,166,611,024

432,322,000
333,964,161
516,178,913

37,338,500
31.896,259
88,155,791

$211,022,000f
223,047,965
407,778,869

d
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Copper
(Pounds).

fCalifornia and Oregon omitted.

8,182,666
16,724,753

23,124,045
31,064,747
32,144,000
19,376,000
36,552,158
23,900,000
23,634,000
48,528,124

{Figures for 1920 are estimates.

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34

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Petroleum.

'

During the year 1920, the production of petroleum in California was
105,721,186 barrels, which is 2,097,491 barrels in excess of the previous
record production, made in the year 1914. Shipments up to December 31,
1920, aggregated 114,098,324 barrels and stored stocks decreased from
30,480,320 barrels on December 31, 1919, to 22,240,271 barrels on December 31, 1920. A chart showing the average daily production and consumption and the amount of stored stocks is shown in Exhibit B.
A shortage of gasoline throughout the district first became apparent
in June and lasted until the latter part of August. During this period
gasoline was rationed in California, Oregon and Washington, the preference being given to agricultural and industrial demands.
Lumber.

Lumber production has been below normal throughout the year, due
chiefly to a shortage of cars, which lasted through July and caused the
mills to restrict the acceptance of orders so that production was automatically curtailed. The car shortage ceased in August, as far as the
lumber industry was concerned, due to the decreased demand for
lumber. An additional factor in decreased production was the application
of the new railroad freight rates, which increased the spread in cents
per 100 pounds, that previously existed between Southern and Western
lumber in Northern and Eastern markets. Production has continued to
decline, accentuated by the usual seasonal curtailment in the winter
months.
During the period December 27, 1919, to December 25, 1920, an
average of 162 mills (not including California redwood mills) reported
production of 5,240,439,706 feet; orders accepted, 3,873,770,338 feet,
26.07 per cent below production; and shipments of 4,500,791,224 feet,
14.11 per cent below production.
A chart showing the production of lumber, by months, is presented in
Exhibit C.
Building.

Building activity during the year 1920 was greater both in value and
number of operations than in 1919. The value of the permits issued in
the twenty principal cities of the district during the year was $176,874,000 as compared with $100,234,000 in 1919 and $57,310,000 in 1918.
This increased activity was chiefly noticeable in Southern California,
particularly in Los Angeles, where the value of permits issued during
1920 ($60,005,000), was $36,270,000 in excess of the value of permits
 1919 ($23,735,000), an increase of 152.8 per cent. Table 20
issued in


ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

35

shows the comparative value of building permits issued in the principal
cities of the district for the past six years and a chart exhibiting the
trend in 1919 and 1920 appears in Exhibit D.
Bank Clearings.
Bank clearings during the past year were maintained at approximately
the high level reached in December, 1919, and clearings each month have
been larger than during the corresponding month in 1919.
Table 21 shows comparative bank clearings in twenty principal cities
of the district during the years 1911 to 1920, and Exhibit E represents
the figures for 1919 and 1920, graphically.
,
Money Rates.
Money rates in industrial centers of this district advanced during the
first half of the year from 6 per cent to 6J-£ to 8 per cent, and have been
firm at the latter figures during the last six months of 1920. In agricultural sections the prevailing rate has been 8 per cent throughout the
year.
>
Business Failures.
From February to May and again in the month of October, there were
noticeable increases in the number of business failures in the district.
The amount of liabilities has fluctuated sharply, reaching a high mark
for the year in June immediately following the low mark for the year,
set in May. A chart graphically presenting comparative figures for this
year and last year is given in Exhibit F.
Retail Trade.

.

,

V

Reports from an average of thirty representative department stores in
the principal cities of the district show that retail sales during the first
eleven months of 1920 have ranged from 8.2 per cent to 51.7 per cent in
excess of those in the corresponding months in 1919. However, this
excess has been decreasing steadily since May, 1920, when it was 31.1
per cent, reaching the low point for the year (8.2 per cent), in October
and rallying slightly to 11.3 per cent in November. Table 22 shows the
percentage increase or decrease in retail trade during 1920 over the
corresponding months in 1919.
Wholesale Trade.
Returns covering the first eleven months of the year indicate that net
sales in the wholesale trade of the district for 1920 will be greater than

they were during 1919. Reports from approximately 120 representative


36

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

firms in the seven lines of business (hardware, dry goods, groceries,
drugs, shoes, furniture and stationery) indicate a generally increasing
activity during the first quarter of 1920 when net sales in all lines were
substantially in excess of those of corresponding months in 1919. In the
months of April and May, however, this expansion of activity appeared
to be checked and immediately afterward a gradual decline was apparent
from the smaller percentages of increase in net sales reported each month
as compared with the same month of 1919. While monthly sales continued larger than those of the same months of the year previous, the
excess diminished steadily until October when all lines save drugs and
stationery reported that their sales were less than those of October,
1919. This experience was duplicated in the month of November.
The monthly value of shoe sales first fell below the 1919 figures in the
month of June instead of October. Statistics collected since the month
of September, 1920, show that monthly sales of automobile tires
also registered declines as compared with the corresponding months in
1919, before this condition had become general in the wholesale trade.
Reported sales were 23.5 per cent less by value in September, 1920,
than in September, 1919, 27.9 per cent less in October, 1920, than in
October, 1919, and 32.9 per cent less in November, 1920, than in November, 1919.
Imports and Exports.

Exports from Pacific Coast ports during the year 1920 were 14.65 per
cent less than in 1919 and imports showed a decline of 16.4 per cent in
the same period. These decreases are largely accounted for by the reduced foreign commerce of the Washington Customs District of which
Seattle is the chief port. The business and trade depression in the Orient
during the spring and the return of world shipping to pre-war trade
routes, utilizing the Suez and Panama Canals, apparently had a marked
influence on the foreign commerce of the Washington district and its
exports and imports decreased 34.0 per cent and 31.5 per cent respectively during 1920 compared with 1919. Of the other Pacific Coast Customs Districts, Portland and Los Angeles reported an increase and San
Francisco a slight decrease in both exports and imports. Table 23 shows
comparative figures on imports and exports for the last five years.
Car Shortage.

The shortage of freight cars, brought on by the lack of new construction and repairs during the war, and by labor troubles on several railroads during the early part of 1920, reached its peak in this district
during the crop-moving season of 1920 and then rapidly fell away until

in December it had disappeared and the Committees on Car Service at


ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

37

San Francisco, Portland and Seattle were disbanded. During the earlymonths of the year the lumber industry of the Pacific Northwest was
seriously affected. In July and August some difficulty was encountered
in the grain-shipping sections of the Intermountain region and a serious
shortage occurred in California, especially in the grape-shipping centers
during the late summer and fall. Trade throughout the district was also
hampered, due to the length of time required for shipments from eastern
manufacturing districts to reach this coast.
As indicative of the difficulty encountered in meeting seasonal peak
load requirements, a chart showing the car-lot shipments of fruit from
California by months is given in Exhibit A.
Labor.

Unemployment throughout the district during the first two months of
1920 was considerably less than for the same period in 1919, and by the
middle of March, the number of laborers, especially in the agricultural
regions, was generally reported as insufficient to meet the demand. Labor
continued fully employed at high wages during the summer. The completion of the fall harvests, the diminution of activity in the lumbering
and shipbuilding industries and in the wholesale trade, and the cessation of highway and construction work, with the approach of winter,
caused more than the customary unemployment in this district in the
late fall. At the close of 1920, unemployment was reported slightly in
excess of normal, and appeared to be increasing. The general trend of
wages during the early part of the year was upward, but this tendency
ceased in the early fall, about the time announcements were made of
reductions in the prices of various commodities and in the wages of
eastern mill operatives. There have been no strikes or labor disturbances
of consequence in this district this year, although there was considerable
unrest during the spring and early summer months.




Table 1.
COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

00

>

RESOURCES.
Gold and gold certificates
Gold settlement fund —Federal Reserve Board .
Gold with foreign agencies
TOTAL GOLD HELD BY BANK

Gold with Federal Reserve Agent
Gold redemption fund
TOTAL GOLD RESERVES

Legal tender notes, silver, etc
TOTAL RESERVES

Bills discounted: I
Secured by Government war obligations
All other
Bills bought in open market
TOTAL BILLS ON HAND

United States Government Bonds
United States Victor}' Notes
United States Certificates of Indebtedness
All other earning assets
TOTAL EAHNING ASSETS
Continued on next page.




1920.

1919.

1918.

1917.

$28,628,893.00
23,723,928.31
151,800.00

$13,353,315.00
27,109,505.22
6,040,729.73

812,191,500.00
11,056,184.32
320,588.09

$26,441,085.00
17,672,000.00
2,887,500.00

$52,504,621.31

$46,503,009.95

$23,568,272.41

$47,000,585.00

$119,000,070.00
10,308,658.97

$129,050,435 00
8,638,055.00

$125,614,335.00
1,789,405.00

$46,993,550.00
24,335.00

a
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$181,933,350.28

$184,192,699.95

$150,972,012.41

$94,018,470.00

1,161,755.55

345,882.25

518,038.35

408,822.55

$183,095,105.83

$184,538,582.20

$151,490,050.76

$94,427,292.55

$51,546,008.69
116,051,995.00
46,798,233.52

$43,551,372.71
30,344,585.70
102,558,190.S6

$45,024,583.00
33,734,845.09
36,279,726.68

$2,498,352.00
23,281,849.18
17,082,455.93

$214,396,237.21

$170,454,149.33

$115,039,154.77

$42,862,657.11

2,087,450.00
—0—
11,030,500 00
—0—

2,032,450.00
—0—
11,843,500.00
—0—

2,460,950.00
—05,724,000.00
—0—

2,455,000.00
—0—
1,500,000 00
—0—

oo

$227,514,187 21

$190,930,099.33

$123,224,104.77

$40,817,057.11

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Table 1.

d
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Comparative Statement of Condition of Federal Reserve Bank of San Francisco—Continued.

Bank premises
Uncollected items and other deductions from gross deposits
5% redemption fund against Federal Reserve bank notes..
All other resources
TOTAL RESOURCES

1920.

1919.

1918.

1917.

$253,003.53
48,101,597.36
665,000.00
1,347,068.09

$231,375.00
54,273,205.65
605,000.00
367,594.99

$400,000.00
44,671,524.00
356,400.00
1,301,065.15

$431,005,857.17

$321,443,744.68

$160,878,436.76

795,178.49

LIABILITIES.
Capital paid in
Surplus
Government Deposits
Due to members—reserve account
Deferred availability items
Other deposits, including foreign government credits
• • ' TOTAL GROSS DEPOSITS

F. R. notes in actual circulation
F. R. bank notes in circulation—net liability
All other liabilities
TOTAL LIABILITIES




t

$120,000.00
18,718,308.61

$460,975,962.02

RESOURCES—Continued.

$6,926,600.00
14,194,228.29
5,882,929.13
114,452,433.72
33,712,886.18
3,900,868.99

$5,749,750.00
7,539,373.68
3,672,893.82
117,929,882.55
34,771,800.87
6,071,291.29

$4,636,550.00
1,224,087.56
410,991.01
73,235,715.37
17,265,669.80
4,454,015.92

$4,162,450.00
-012,353,938.63
63,779,910.34
7,535,550.97
4,970,910.89

$157,955,118 02

$162,445,928.53

$95,366,392.70

$88,640,310.83

272,463,350.00
8,156,817.00
1,279,848.71

242,461,760.00
11,844,905.00
964,139.96

212,244,625.00
6,252,055.00
1,720,034.42

$431,005,857.17

$321,443,744.68

$160,878,436.76

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07,744,305.00
-0331,370.93

$460,975,962.02

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Table 2.

^

EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO FOR YEAR 1920
AND TOTALS FOR 1919, 1918, 1917.
EARNINGS.
Bills discounted—members, including those acquired from other Federal reserve banks.
Bills bought in open market, including those acquired from other Federal reserve banks
United States securities
Municipal warrants
Transfers—net earnings
Foreign exchange
Commissions received
Deficient reserve penalties (including interest)
Miscellaneous
TOTAL
TOTAL
TOTAL
TOTAL

EARNINGS
EARNINGS
EARNINGS
EARNINGS

W
H

$8,259,064.52
3,890,556.28
322,787.02-087,706.69
-071.84
130,156.20
15,725.04
$12,706,667.59
7,021,224.34
4,187,785.00
8.54,755.00

1920
1919
1918
1917

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CURRENT EXPENSES.
1. Expenses of Operation.
Assessments account expenses of Federal Reserve Board
Federal Advisory Council (fees and traveling expenses)
Governors' conferences (including traveling expenses)

O
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$45,964.25
1,417.47
1,272.21
CD

o
Continued on next page.




o

Table 2.

Earnings and Expenses of the Federal Reserve Bank of San Francisco for Year 1920

5S

and Totals for 1919, 1918, 1917—Continued.

>

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1. Expenses of Operation—Continued.
Federal Reserve Agents' conferences (including traveling expenses).
Salaries: Bank officers
Clerical staff
Special officers and watchmen
All other
Life insurance premiums (employees' group insurance)
Directors' fees
Per diem allowance
Traveling expenses
Officers' and clerks' traveling expenses
Legal fees
,
Rent
Taxes and fire insurance
Telephone
Telegraph
Postage
Expressage
Insurance and premiums on fidelity bonds.
Light, heat and power
Printing and stationery
Repairs and alterations
Continued on next page.




$1,683.17
188,016.83
1,018,812.03
33,149.79
38,690.79
9,789.25
8,420.00
848.6G
1,830.21
32,192.64
4,545.37
21,162.63
8,222.08
10,415.19
70,615.33
67,340.67
7,652.64
26,408.48
9,245.56
178,488.83
70,295.78

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Table 2.

Earnings and Expenses of the Federal Reserve Bank of San Francisco for Year 1920
and Totals for 1919, 1918, 1917—Continued.

6 r
Z

1. Expenses of Operation—Continued.
Currency shipments to and from member and non-member banks and between the Federal Reserve Bank and its branch or
branches
Currency shipments (other than Federal reserve and Federal reserve bank notes) to and from Washington or a subtreasury
All other expenses, n. s., including exchange paid
TOTAL EXPENSES OF OPERATION

Federal reserve currency (original cost including shipping charges)
Miscellaneous charges account Federal reserve currency
Taxes on Federal reserve bank note circulation
Furniture and equipment
Bank premises

W

$37,920.64
17,190.38
81,962.79
$1,993,553.67
$219,398.19
40,600.19
46,283.23
202,750.73

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TOTAL CURRENT EXPENSES 1920

$2,502,586.01

TOTAL CURRENT EXPENSES 1919

1,431,755.17

TOTAL CURRENT EXPENSES 1918

1,070,570.00

TOTAL CURRENT EXPENSES 1917

307,711.00

CURRENT NET EARNINGS YEAR 1920

$10,204,081.58

CURRENT NET EARNINGS YEAR 1919

$5,589,469.17

CURRENT NET EARNINGS YEAR 1918

$3,117,215.00

CURRENT NET EARNINGS YEAK 1917

$547,044.00

Continued on next page.




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Table 2.

Earnings and Expenses of the Federal Reserve Bank of San Francisco for Year 1920
and Totals for 1919, 1918, 1917—Continued.
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2. Fiscal Agency Department Expenses.
Amounts Reimbursed by the Treasury Department and Balances Reimbursable at End of the Calendar Year 1920
Total disbursements during 1920
Amount reimbursable January 1, 1920

$545,049.12
211,749.03
$756,798.15
657,465.73

TOTAL

Reimbursements received during 1920
BALANCE REIMBURSABLE JANUARY 1, 1920

99,332.42

PROFIT AND LOSS ACCOUNT.
Earnings
Current expenses
Current net earnings for year
Additions to current net earnings on account of: Federal Reserve Board assessments
All other
TOTAL

;

Deductions from current net earnings on account of:
Bank premises
New building
Assessment account expenses Federal Reserve Board
All other
Total deductions
Net earnings available for dividends, surplus and franchise tax December 31, 1920
Dividends paid
Transferred to surplus fund
Franchise tax paid United States Government
Continued on next page-




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$12,706,667.59
2,502,586.01
$10,204,081.58
45,964.25
416.50
$10,250,462.33
$31,375.00
92,195.17
12,658.18
5,411.21
$141,639.56
$10,108,822.77
384,713.53
6,654,854.61
3,069,254.63

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Table 2.

2

Earnings and Expenses of the Federal Reserve Bank of San Francisco for Year 1920
and Totals for 1919, 1918, 1917—Continued.

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EARNINGS AND CURRENT EXPENSES BY MONTHS FOR THE CALENDAR YEAR 1920.
Earnings.

Current Expenses.

O
}

January...
February..
March
April
May
June
July
August
September
October...
November
December.

$879,795.53
883,020.56
928,564.07
1,042,771 47
1,112,400.65
988,020.32
1,049,521.22
1,114,481.93
1,181,399.70
1,201,563.62
1,125,293.68
1,199,828.84

TOTAL.

112,706,667.59




January
February..
March
April
May
June
July
August....
September.
October...
November.
December.
TOTAL

$112,649.69
115,913.62
155,846.91
138,922.27
138,825.32
441,376.56
152,455.39
163,332.69
176,348.60
172,299.67
192,785.77
541,829.52

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$2,502,580.01
33
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Table 3.

DISCOUNT RATES.

©

so

3

Member Banks' Collateral Notes Secured By
U.S.
U. S.
Cert, of Bonds or ComIndebt- Victory mercial
edness. Notes. Paper.
January 12
February 2
March 10
April 12
May 1
May 3
June 7
July 12




Rediscounts—Customers' Notes Secured By

U.S.
War
U. K.
ComAgricultural
War
Cert, of Bonds or Finance mercial
or Livestock
Finance Indebt- Victory Corp.
Paper.
Paper.
Corp.
edness. Notes. Bonds.
Bonds.
1-90 da 1-90 da. 1-90 da. 1-90 da. 1-90 da. 91-6 M

V/2

5
5M
514

5%
6
6

5M
VA
53^-6

Bankers
Acceptances
Trade
Disc'dfor
AcceptMember
ances.
Banks
1-90 da. 1-90 da.
4%
G
6
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I

Table 4.
FEDERAL RESERVE BANK OF SAN FRANCISCO.
MOVEMENT OF PRINCIPAL ASSET AND LIABILITY ITEMS DURING THE CALENDAR YEAR 1920.

C5

(Amounts in thousands of dollars).
DISCOUNTED BILLS.

PURCHASED BILLS.

Discounted for Member Banks
in T h i s District.
Date.

January
2
9
16
23
30
February
6
13
20
27
March
5
12
19
26
April
2
9
16
23
30
May
14
21
28
June
4
11
18
25

Total
Earning
Assets.

Total
Held.

Discounted
For Other
F. R.
Banks.

A.

Total.

B.

C.

Secured b v
G o v ' t War Per Cent
Obligations. (B-i-A).

PerReserve. centages.
Purchased Purchased
from
in Open
Market. Other F . R .
Bank1* l

Total
Held.

U.S.
Securities.

Total
F . R. Notes
Net
Cash
in
Deposits.
Reserves.
Circulation.

Actual.

Adjusted

74,237
79,906
81,957
82,750
90,534

42,940
48,921
45,357
45,940
49,091

57.8
61.2
55.3
55.5
54.2

89,384
107,098
109,287
115,838
115,848

13,679
2,441
406
3.5S0
3,408

103,063
109,539
109,003
119,418
119,256

14,476
14,313
14,650
15,198
14,997

185,305
167,999
159,135
153,191
134,553

109,408
106,691
115,888
115,757
107,273

242,770
239,843
234,144
229,131
226,303

52.6
48.5
45.5
44.4
40.3

56.5
49.2
48.4
45.5
41.3

96,015
98,600
100,374
107,584

96,015
98,600
100,374
107,584

51,4,'I2
52,423
51,351
50,482

53.6
53.2
51.1
52.5

108,405
98,915
90,687
83,845

3,408
3,408
3,408
3,408

111,813
102,323
94,095
87,253

14,047
15,988
14,207
13,813

140,824
145,266
148,435
146,838

113,398
111,257
108,766
106,134

223,578
224,974
222,616
223,514

41.8
43.2
44.8
44.5

42.8
44.2
45.8
45.6

212,120
210,596
210,134
192,398

114,566
116,203
98,601
111,878

114,566
116,203
98,601
106,878

51,350
52,951
40,579
44,095

44.8
45.6
41.2
41.3

80,633
77,472
69,612
64,926

3,408
3,408
3,408
2,081

84,041
80,880
73,020
67,007

13,513
13,513
38.513
13,513

144,419
154,649
150,025
166,954

100,835
115,312
110,792
111,931

224,455
224,805
224,583
222,455

43.6
45.5
44.7
49.9

44.6
46.5
45.5
52.0

208,607
218,183
218,410
221,175
219,983

125,413
123,421
119,104
121,573
131,740

113,653
115,612
119,104
121,573
131,740

46.507
46,550
49,262
50,900
52,821

40.9
40.3
41.4
41.9
40.1

64,340
76,878
83,422
83,718
82,417

4,341
2,371
2,871
2,371
—7,687

68,681
79,249
85,793
86,089
74,730

14,513
15,513
13,513
13.513
13,513

152,914
145,781
148.369
135,600
142,884

113,578
117,300
119,431
109,897
109,723

222.986
221,947
222,353
222,093
227,529

45.4
43.0
43.4
40.8
42 4

50.2
46.0
44.1
41.6
40.1

226,577
229,083
231,024
223,700

140,351
143,167
147,259
147.0S6

140,351
143,167
147,259
14 7,086

55,179
56,296
56,858
58,227

39 3
39.3

:w «
39.6

78,183
74,038
68,029
60,435

—5.470
— 1,634
2.14S
2,371

72,713
72,403
70,177
62,806

13.513
13,513
13,588
13.K68

141,988
147,635
143,912
144,249

112,915
121,882
119.810
112,329

229,865
228,602
228,711
229,286

41.4
42.1
41.3
42.2

39.8
41.7
41.9
42.9

229,881
214,416
194,859
194,542

155,936
147,786
127,614
137,688

155,936
147,786
127,614
137,688

58,203
55,667
40,168
42,225

37.3
37.7
31.5
30.7

57,416
50,251
42,108
42,625

2,371
2,371
1,355
3!)2

59.787
52,622
43,463
43,017

14,158
14,008
23,782
13,837

147,935
162,975
172,874
181,408

117,679
118,007
105,300
115,090

233,311
232,438
235,406
234,155

42.1
46.5
50.7
52.0

42.8
47.2
51.1
52.1

191,776
203,758
216,300
217,366
224,787

74,237
79,906
91,957
82,750
90,534

221,875
216,911
208,676
208,650


Continued on next page.


10,000

5,000
11,760
7,809

s

Table 4.

Federal Reserve Bank of San Francisco—Movement of Principal Asset and Liability
Items During the Calendar Year IQ20—Continued.
PURCHASED BILLS.

D I S C O U N T E D BILLS.
Discounted for Member Banks
in This District.

Date.

Total
Earning
Assets.

Total
Held.

Discounted
For Other
F . R.
Banks.

A.

Total.

July
2

H.

C.

Reserve
Percentages.
Purchased Purchased
from
in Open
Market. Other F.R.
1

Total
Held.

11. S.
Securities.

Banks.

Secured by Per Cent
Gov't War (11-S-A).
Obligations.

Total
Cash
Reserves.

F. R. Notes
Net
in
Deposits.
Circulation.

2

Actual.

Adjusted.

9
16
23

209,101
212,968
206,509
208,569
216,216

149,205
152,857
144,566
140,443
148,319

149,205
152,857
144,566
140,443
148,319

50,049
49,567
44,192
46,005
48,142

33.5
32.4
30.6
32.8
32.5

34,843
36,138
34,117
34,268
34,982

10,008
10,008
10,008
18,086
19,092

44,851
46,146
44,125
52,354
54,074

15,045
13,965
17,818
15,772
13,823

168,940
172,127
177,214
172,997
163,831

108,529
110,706
112,876
114,779
113,019

241,461
244,971
241,136
236,880
236,686

48.3
48.4
50.1
49.2
46 8

51.1
51.2
52.9
54.3
52.3

13
20

219,406
218,872
221,752
228,604

152,229
152,812
152,405
158,199

152,229
152,812
152,405
158,199

49,416
50,405
50,270
52,796

32.5
33.0
33.0
33.4

36,781
34,835
39,260
40,636

16,590
17,389
14,235
15,672

53,371
52,224
53,495
56,308

13,806
13,836
1.5,852
14,097

160,942
164,579
163,125
159,256

111,598
113,254
114,459
113,830

237,893
238,949
239,271
241,933

46.1
46.7
46.1
44.8

50.8
51.7
50.1
49.2

10
17

234,101
234,579
231,752
249,168

162,559
159,044
154,602
170,156

162,559
159,044
154,602
170,156

53,364
51,457
48,956
52,678

32.8
32.4
31.7
31.0

46,369
51,601
54,746
56,926

11,304
10,014
8,584
8,209

57,733
61,615
63,330
65,135

13,809
13,920
13,820
13,877

159,300
162,499
164,575
145,894

114,003
112,689
111,387
112,900

247,038
252,011
252,350
249,362

44.1
44.6
45 2
40.3

47.3
47.3
47.6
42.5

8
15
22

249,321
245,413
237,102
237,418
234,464

174,550
176,268
165,556
162,698
160,301

174,550
176,268
165,556
162,698
160,301

53,708
55,241
53,388
.55,785
53,385

30.8
31.3
32.2
34.3
33.3

56,114
53,233
56,404
60,041
00,137

4,951
2,073
1,345
886
93

61,065
55,306
57,749
60,927
60,230

13,706
13,839
13,797
13,793
13,933

154,622
160,183
165,358
166,560
164,066

118,537
118,144
113,224
116,394
113,646

252,516
254,381
256,213
254,297
251,746

41.7
43.0
44.8
44.9
44.9

43.0
43.6
45.1
45.2
45.0

238,337
224,901
222,517
235,222

165,489
156,168
151,009
159,438

165,489
156,168
151,009
159,438

54,681
49,328
45,660
52,820

33.0
31.6
30.2
33.1

58,866
54,801
51,477
49,913

50
6,9 i 7

58,916
54,801
51,477
56,830

13,932
13,932
20,031
18,954

167,729
177,615
184,865
164,316

118,406
112,260
114,801
107,455

254,126
256,662
258,759
258,281

45.0
48.1
49.5
44.9

45.0
48.1
49.5
46.8

237,763
243,990
225,909
227,046
225,676

171,284
176,872
164,166
165,836
164,686

171,284
176,872
164,166
165,836
164,686

55,360
59.457
53,693
55,253
49,623

32.3
33.6
32.7
33.3
30.1

45,629
46,268
41,313

6,917
6,917
6,917
6,917
6,917

52,546
53,185
48,230
47,213
47,266

13,933
13,933
13,513
13,997
13,724

178,142
175,498
187,958
179,080
187,717

118,799
118,461
107,502
101,323
110.209

262,938
266,811
271,851
272,548
270.745

46.7
45.6
49.5
47.9
49.3

48.5
47.3
51.1
49.7
51.1

30
August
6
27
September
3
24
October
1

29
November
5
12
19
26
December
3
10
17
23
30

40,296
40,349

1
Miuutj sign indicates net amounts sold to other Federal reserve banks.
'Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other Federal reserve banks.




48

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN" FRANCISCO.

i

FEDERAL RESERVE BANK OFSAti FRANCISCO
MOVEMEHT OF EARHIN 0 ASSETS
DURING I9Z0.
!
-IS]
UNITED STATES

SECURITIES

PURCHASED BILLS MELD
1

i

PERCENTAGEOFWAR PAPER TO TOTAL DISCOUNTSKIR' BAHKSlitDISTRICT
zoo
IPS

DISCOUNTED BILLS. (SEE NOTE BELOW)
Z7S
250
ZZS
ZOO
ITS
ISO
I2S
100

75
SO

as
o

Z7S
ZSO
ZZS
ZOO
IPS
ISO
IZS

w
75

11II ili li ill ii II
TOTAL EARtime

ASSETS

so

ill 2S
0

JAN. FEB. MAR. APR. MAY JUNE JULY AUG SEPT. OCT. NOK\DEC.

(A) Paper secured by Oovernment War Obligations discounted for banks
in district.
(B) Total paper discounted for banks in district.
(C) Total discounted paper held.

Space between lines (B) and (C) represents paper discounted for other
http://fraser.stlouisfed.org/
federal reserve banks.
Federal Reserve Bank of St. Louis

49

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

FEDERALRESERVEBAnKOrSAHrRAnCISCO
NET DEPOSIT LIABILITY,
F.R. NOTE CIRCULATION,
CASH RESERVES.AND RESERVE RATIOS. 1920.

1

70

y

1

60

4 -S r---

~A

so

——•».

40
30

1

20

1

10

1

RESERVE PERCENTAGES. ACTUAL-A; AOIUSTED-B: SEENOTEBELOW.
ISO I

:

1

1

1

1

1

1

1

1

1

1 ISO

DEPOSITAttPFFUiOTELIABILITIES,-!.; AND TOTAL RESERVES/C:
JAN FEB. MAR. APR. MAT JUNE JULY AU6. SEPT. OCT. NOY. DEC.
Jldjiisted jwxzttbages are calculated, after increasing or
T&luevu) reserves held' - by the- amauntofaccomodationextended to
i f r h J l f f i S




0

Table 5.

s
d

r
w

DISTRIBUTION OF DISCOUNT OPERATIONS BETWEEN NATIONAL
AND STATE BANK MEMBERS.
National Banks.
1920.
Number of members
Number of members discounting
Per cent of members discounting
Number of discount offerings
Number accepted
Number refused
Total amount discounted




1919.

B

o

State Banks.
1920.

585
641
199
343
414
164
58.63%
64.59%
82.41%
31,456
76,663
28,047
29,713
68,041
24,740
1,743
8,622
3,307
SI,949,150,130 11,1)02,938,917 $1,016,497,419

1919.

Tl

w
o
B

Totals.
1920.

1919.

133
840
718
78
578
421
58.65%
68.81%
58.63%
8,643
104,710
40,099
7,974
37,687
92,781
669
2,412
11,929
$258,123,414 $2,965,647,548 $1,951,062,331

a
a
ts
03

B

a

B

o
W
>

C/J

o

o

•

Tables 6, 7.

ANNUAL BEPOET OF FEDERAL RESERVE BANK OF SAN FHANCISCO.

Table 6.

51

,
ACCEPTANCES TO 100 PER CENT.

i

The following banks in the Twelfth Federal Reserve District have
been granted authority by the Federal Reserve Board to accept drafts
and bills of exchange up to 100 per cent of their capital stock and surplus:
•
California:

Los Angeles...
San Francisco

Oregon:

Santa Barbara
Portland

Washington:

Seattle

Spokane.
Tacoma

.. .First National Bank
Merchants National Bank
. . .American National Bank
Anglo & London-Paris National Bank
Bank of California, N. A.
Crocker National Bank
First National Bank
Wells Fargo Nevada National Bank
.. . First National Bank
. .. First National Bank
Ladd & Tilton Bank
Northwestern National Bank
United States National Bank
.. .Dexter Horton National Bank
First National Bank
National Bank of Commerce
Seaboard National Bank
Seattle National Bank
Union National Bank
.. .Exchange National Bank
Old National Bank
• Spokane & Eastern Trust Company
.. National Bank of Tacoma

Table 7.
INTER-DISTRICT FEDERAL RESERVE NOTE MOVEMENT
DURING 1920.
Federal Reserve Bank of

Received from

Returned to

Boston
New York...
Philadelphia
Cleveland...
Richmond...
Atlanta
Chicago
St. Louis....
Minneapolis.
Kansas City
Dallas

$1,578,700.00
17,798,750.00
1,337,950.00
1,306,500.00
711,750.00
1,246,750.00
10,341,200.00
2,878,615.00
5,932,700.00
5,644,705.00

$2,460,340.00
12,639,005.00
2,321,225.00
3,615,960.00
1,637,405.00
2,871,685.00
14,534,360.00
2,878,780.00
5,001,165.00
7,281,445.00
4,350,660.00

TOTAL...

852,626,620.00

$59,592,030.00




3,849,000 00

Table 8.

to

FEDERAL RESERVE NOTES ISSUED AND RETIRED BY FEDERAL RESERVE AGENT DURING 1920.
(By Months.)
Outstanding
on First of Month.
January
February
March
April
May
June
July
August
September...
October
November...
December
January, 1921

$280,024,435
269,017,160
261,469,515
261,955,930
260,234,165
263,228,575
270,838,720
273,434,420
273,819,620
285,203,820
291,108,270
297,581,670
313,144,070

Issued
During Month.

Retired
During Month.

Increase
or Decrease.*

$9,960,000
3,560,000
11,080,000
9,660,000
10,760,000
17,230,000
16,960,000
12,060,000
21,880,000
15,920,000
19,380,000
32,920,000

$20,967,275
11,107,645
10,593,585
11,381,765
7,765,590
9,619,855
14,364,300
12,274,800
10,496,500
10,014,850
12,906,600
17,357,600

111,007,275*
7,547,645*
486,415
1,721,765*
2,994,410
7,610,145
2,595,700
385,200
11,383,500
5,905,150
6,473,400
15,562,400

$181,970,000

$148,850,365

g
o

S)
3

H
O
M

S5

72

TOTAL....




$33,119,635

Table 9.
FEDERAL RESERVE NOTES ISSUED AND REDEEMED BY FEDERAL RESERVE AGENT DURING 1920.

w'
M
*9
O
W
H

(By Denominations.)

O

Fives.

Tens.

Twenties.

Fifties.

Hundreds.

Outstanding December 31
Issued during 1920

$40,579,385
39,520,000

$55,850,390
34,320,000

$122,396,560
62,800,000

$18,336,600
8,000,000

$30,231,000
10,400,000

Outstanding Dec. 31, 1919, plus issued during 1920. .
Notes redeemed

$80,099,385
34,766,415

$90,170,390
33,520,870

$185,196,560
53,217,380

$26,336,600
4,319,200

$40,631,000
5,093,000

f

Outstanding Dec. 31

$45,332,970

$50,649,520

$131,979,180

$22,017,400

$35,538,000

2

Year.
1919

1920

Five
Hundreds.

Thousands.

Five
Thousands.

Ten
Thousands.

Total.
01

1920

Outstanding Dec. 31
Issued during 1920

$2,194,500
2,100,000

$5,591,000
6,200,000

$1,845,000
7,900,000

$3,000,000
10,730,000

$280,024,435
181,970,000

Outstanding Dec. 31, 1919, plus issued during 1920. .
Notes redeemed

1919

$4,294,500
553,500

$11,791,000
1,900,000

$9,745,000
5,750,000

$13,730,000
9,730,000

$461,994,435
148,850,365

Outstanding Dec. 31

$3,735,000

$9,891,000

$3,995,000

$4,000,000

$313,144,070




H
K
W
W

Table 9—Continued.
Year

*J
H
D
H
W

Table 10.

Or

DISTRIBUTION BY ISSUES OF CERTIFICATES OF INDEBTEDNESS.

Date of Issue
1920.

Date of
Maturity.

Issue Symbol.

Rate.

Nation al Banks'
Subscriptions.
No.

Jan.
Feb.
Mar.
April
April
April
May
June
June
July
July
Aug.
Sept.
Sept.
Oct.
Nov.
Dec.
Dec.

2
2
15
1
15
15
17
15
15
15
15
16
15
15
15
15
15
15

Dec.
Mar.
Mar.
July
July
Oct.
Nov.
Jan.
June
Mar.
Jan.
Aug.
Mar.
Sept.
Mar.
May
June
Dec.

15, 1920
15, 1920
15, 1921
1, 1920
15, 1920
15, 1920
15, 1920
3, 1921
15, 1921
15, 1921
15, 1921
16, 1921
15, 1921
15, 1921
15, 1921
16, 1921
15, 1921
15, 1921




TD
TM-4
TM-1921
E-1920
F-1920
G-1920
H-1920
A-1921
TJ-1921
TM-2-1921
B-1921
C-1921
TM-3-1921
TS-1921
TM-4-1921
D-1921
TJ-2-1921
TD-1921

4»

4
a
a
5
5{
5*
5!
6
5!
5}
6
5!
6

51
5!
5|
6

174
112
117
80
57
110
88
61
121
80
71
136
58
181
127
156
72
165

Amount.

$22,671,500
16,583,000
8,734,000
6,806,500
4,060,500
6,601,000
5,191,000
9,438,500
8,613,000
4,550,000
3,009,000
5,255,500
4,327,000
8,777,000
5,916,500
10,065,500
6,876,500
11,770,000

Other B a n k s '
Subscriptions.
No.

177
112
92
68
32
85
65
43
109
46
51
111
54
159
116
144
57
128

Amount.

$9,356,000
4,081,500
3,822,000
l,S27,000
632,000
2,899,000
1,202,500
3,803,500
2,558,000
1,053,000
1,411,500
4,249,500
1,482,500
6,390,000
1,848,000
4,429,500
1,517,500
4,079,500

Trust Companies'
Subscriptions.
No.

26
22
19
12
10
17
11
10
23
8
12
28
12
26
23
24
14
25

Amount.

$4,653,000
2,664,500
1,919,500
873,500
1,242,500
1,233,000
1,019,500
2,111,500
2,702,000
841,500
3,080,500
1,330,000
155,000
2,489,000
960,500
2,364,500
1,689,000
4,790,500

Individuals'
Subscriptions.
No.

40
61
93
64
18
81
86
43
173
126
53
190
37
266
126
155
59
307

Amount.

$1,710,500
1,921,000
1,587,500
334,000
279,500
712,500
423,000
1,396,500
1,727,000
655,500
399,000
587,000
185,500
1,444,000
597,000
745,500
2,117,000
2,740,000

Total
Subscriptions.
No.

417
307
321
224
117
293
250
157
426
260
187
465
161
632
392
479
202
625

Amount.

$38,400,000
25,250,000
16,063,000
9,841,000
6,214,500
11,435,500
7,836,000
16,750,000
15,600,000
7,100,000
7,900,000
11,422,000
6,150,000
19,100,000
9,322,000
17,605,000
12,200,000
23,380,000

Allotment.

Amount.

538,400,000
25,250,000
16,063,000
9,841,000
6,214,500
11,435,500
7,836,000
16,750,000
15,600,000
7,100,000
7,900,000
11,422,000
6,150,000
19,100,000
9,322,000
17,605,000
12,200,000
23,380,000

w
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1-3

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a
o
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w

H

CO

H
W

S
01
a
O

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Table 11.

z
z
a
GOVERNMENT BOND TRANSACTIONS.

w

H

Summary of Deliveries, Conversions, Exchanges, Etc.

11
O
ft)

No. of Pieces.
Fourth Loan Bonds delivered
Victory Notes delivered
, Interim Certificates received
£% Bonds delivered in exchange for interim certificates
Received for exchange of denomination
Delivered in exchange of denomination
Received for exchange, transfer and registration
Delivered on exchange, transfer and registration
Received for conversion
Delivered on conversion
War Savings Stamps, Thrift Stamps and Treasury Savings Certificates delivered
Filled Thrift Cards received and destroyed
Redeemed War Savings Stamps forwarded to Washington
United States Government coupons paid




4
4,371
212
301
462,634
87,669
1,571,520
1,174,495
426,913
357,754
401,887
117,131
916
5,313,675

Amount.
$400.00
1,164,950.00
21,450.00
22,450.00
58,886,150.00
58,886,150.00
350,652,350.00
346,927,900.00
60,852,450.00
60,671,850.00
917,173.25
468,524.00
3,743.20
29,898,583.12

M
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ft)
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ft)

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en
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t

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00
o
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Table 12.
OPERATIONS OF CHECK CLEARING AND COLLECTION DEPARTMENT.
Detailed Classification of Number and Amount of Items Handled, by Months, During 1920, with Totals for
1920, 1919, 1918 and 1917.

2!

a
t
W
B

(Numbers and Amounts in Thousands Only.)
Items Drawn on

Ban ts in

Own District.
Month.

Located in F. R.
Bank and
Branch Cities.

Located Outside
F. R. Bank and
Branch Cities.

J a n u a r y 2 to J a n u a r y 15
February 15
Mureh 15
April 15
May 15
July 15
August 15
September 15
October 15
November 15
December 15
December 31
TOTALS—1920

1919
1918
1917

United States.

2

1
No.

Items Drawn
on Treasurer of

Amount.

No.

No.

Totals fal.

1920.

Amount

No.

Amount.

No.

1919.

1918.

6

7

3

1917.

5

4

3

Amount.

O

Items Forwarded
to Other
F. R. Banks
and Their
Branches.

8

Amount.

146
314
371
459
384
400
404
421
453
454
503
548
318

$133,807
253,184
281,050
325,534
305,774
322,246
329,720
310,982
352,856
375,028
360,103
371,196
189,333

611
1,274
1,379
1,451
1,426
1,489
1,580
1,691
1,899
2,017
2,011
2,226
1,223

$61,087
117,627
132,367
145,527
13S.6S6
141,512
151,357
149,112
172,119
197,443
196,398
201,026
104,582

50
91
106
119
129
127
129
112
134
139
149
154
84

384,384
120,960
104,754
288,018
67,852
144,813
235,042
104,970
100,691
107,857
. 88,511
193,135
85,109

25
51
66
85
78
80
106
107
120
126
129
143
89

$24,649
48,025
61,270
69,562
47,224
39.65S
38,919
38,041
41,290
46,467
45,954
. 47,620
24,750

832
1,730
1,922
2,114
2,017
2,096
2,219
2,331
2,606
2,736
2,792
3,071
1,714

$303,926
539,797
579,440
828,642
559,536
648,229
755,938
603,105
666,956
726,794
690,965
812,978
403,775

5,175
2,590
614
407

$3,910,813
2,571,231
978,752
650,610

20,277
10,563
6,525
1,812

$1,908,843
1,140,899
1,760.701
390.254

1,523
1,496
713
172

$1,726,996
2,549,565
2,034,237
655,112

1,203
377
*

$573,429
496,239
*

28,180

No.

Amount.

463
945
963
1,290
1,175
1,164
1,216
1,217
1,273
1,438
1,546
1,491
845

$251,858
712,230
413,804
516,477
479,453
645,079
560,392
566,001
595,876
582,732
516,283
572,968
344,781

15,026

.No.

Amount.

492
4T9
472
565
537
567
674
681
680
852
899
954

$238,982
257,658
226,386
302,501
394,703
375,380
526,439
408,503
454,440
517,907
456,858
613,933

7,852

No.

B

Amount.

$4,773,690

>

$6,757,934

$8,120,081

* Exact figures not obtainable.




145
157
180
164
177
201
356
502
509

$43,044
80,065
107,448
202,332
159,862
172,612
191,632
327,554
411,427

2,391

$1,695,976

a
a
a
a

o

21
o
S
o

c

>
5J

Table 13.

d

GOLD SETTLEMENT FUND OPERATIONS FOR 1920.
(000 Omitted.)
O

a
Four Weeks' Period Ending.

Net
Debits.

Total
Debits.

Total
Credits.

Net
Credits.

Balance
at Close.
O

January 2
January 29....
February 26...
March 25
April 22
May 20.. .June 17
July 15
August 12
September 9...
October 7
November 4...
December 2...
December 31..
TOTAL FOR YEAK.




10,522
12,970

$284,492
221,656
248,215
278,826
201,980
255,937
260,515
250,636
226,095
284,132
280,049
285,135
275,793

$280,089
228,325
259,679
263,604
216,382
243,270
274,907
250,199
243,139
270,761
282,284
274,613
262,823

$3,386

$3,353,461

$3,350,075

$4,403

15,221
12,667
437
13,371

$6,668
11,464
14,402
14,392
17,044
2,235

$27,110
22,706
29,374
40,838
25,617
40,019
27,352
41,744
41,307
58,351
44,980
47,216
36,694
23,724

a
H
w
a
t
55

on
>•

55

cn
o

o

Table 14.

58

•

ANNUAL EEPOKT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Table 14.
NUMBER AND AMOUNT OF MAIL TRANSFERS AND
TELEGRAPHIC TRANSFERS BOUGHT AND SOLD
EACH MONTH DURING 1920.
By Draft.

Number.

Amount.

302
283
400
387

$27,242,128
27,040,408
33,709,249
30,368,310

1,372

3118,360,095

1,835
1,631
2,175
2,171
2,155
2,562
2,487
2,443
2,656
2,966
3,078
3,132

$247,721,082
189,073,163
240,526,270
239,634,138
217,705,891
247,326,608
278,300,560
267,959,638 258,050,919
273,522,602
289,257,867
288,115,253

January
February
March
April
TOTAL

By Telegraph.
January..
February.
March- • • •
April
May
June
July
August
September
October
November
December
TOTAL

29,291

$3,043,193,991

NUMBER AND TOTAL AMOUNT OF COLLECTION (NON CASH)
ITEMS HANDLED.
Received for collection during 1920
Number returned unpaid
Number collected
Number outstanding December 31, 1920
Amount collected

$281,319,165.26

BANKS USING COLLECTION AND CLEARING FACILITIES OF
FEDERAL RESERVE BANK.
Dec. 31, 1919.
Member banks
Clearing non-member banks




Dec. 31, 1920.

337
6

447
16

Table 15.

a

OPERATIONS OF BRANCHES.
Member Banks.
Number of
Member
Banks.

Branch.

Los Angeles.. .
Portland
Seattle
Salt Lake City
Spokane

167
119
61
177
08

Capital of
Member Banks.

Resources of
Member Banks.

$32,571,000

$583,595,000
237,032,000
218,495,000
199,000,000
137,081,000

9,208,000

11,555,000
13,587,000
15,389,000

H
O

3

l
B
O
B
»
W
B
GO

Operations.

Branch.

Los Angeles....
Portland
Seattle
Salt Lake City.
Spokane




Total No.
Discounting Banks
(First 11
Months).
69
50
22
147
68

Average Monthly, 1Q20.
Total
Discounts
and Rediscounts.

Currency
Shipped
to Banks.

Number.

Amount.

$15,131,724
18,065,755
17,980,337
39,780,713
10,032,717

$6,313,006
2,541,307
3,572,075
1,366,141
1,131,035

619,871
231,776
293,960
428,244
201,372

$137,120,719.00
59,009,092.73
80,675,813.00
96,753,172.37
41,682,535.40

Transit Items Handled
(Jan. 1—Dee. 15).

s
O

Table 16.

MOVEMENT OF NATIONAL BANK MEMBERSHIP DURING 1920.

Dec. 31, 1919.
States.

Organizations
of New Banks.
Capital.

No.
Alaska...
Arizona
California
Idaho
Nevada
Oregon
Utah.
Washington
TOTAL




Capital.

1
12
294
78
10
88
27
85

$25,000
1,125,000
63,577,000
4,813,000
1,435,000
10,481,000
3,455,000
13,035,000

1
14
8
1
4
3
5

$25,000
700,000
580,000
25,000
310,000
175,000
425,000

595

$97,946,000

36

$2,240,000

No.

Conversions
of State Banks.
No.

Capital.

Liquidations
and Consolidations.
No.

Capital.

Dec. 31, 1920.
No.

Capital.
$25,000
1,150,000
65,241,000
4,668,000
1,460,000
11,265,000
4,400,000
14,835,000
$103,104,000

5

600,000

2
1

50,000
75,000

1
13
307
86
11
92
28
94

14

$1,175,000

13

$4,200,000

632

8
1

$525,000
50,000

9
1

$3,975,000
100,000

a
H
t"1

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H

EC

H
W
H

o
*

•

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>•

2!

3
O

o

Table 17.

w
H
o

MOVEMENT OF STATE BANK MEMBERSHIP.

H
O

(000 Omitted.)

Dec. 31, 1919.

Net Increase Due
to Admissions and
Withdrawals During
1920

Total Number
Members and
Applicants on
Dec. 31, 1920.

Applications
Pending on
Dec. 31, 1920.

Non-Member State
Banks Eligible
for Membership
Dec. 31, 1920.

No.
Arizona
California
Idaho .
Nevada
Oregon
Utah
Washington

. .

DISTRICT




Capital.

No.

Capital.

No.

Capital.

No.

Capital.

No.

Capital.

2
22
U

$525
18,857
1,561

17
9

8,210
389

1
3
4

$75
3,650
163

3
42
47

$600
38,283
2,157

13
28
38

2,140
3,768
4,663

14
8
14

550
560
800

1
2
3

50
75
250

28
38
55

2,740
4,851
5,903

32
311
45
20
68
43
100

$1,996
42,811
1,853
1,597
4,716
1,901
7,400

137

$31,514

62

$10,509

14

$4,263

213

$54,534

619

$62,274

O
M
W

H
td

Z

Table 18.
62

.

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

Table 18.
NATIONAL BANKS WITH FIDUCIARY POWERS.

The Federal Reserve Board has authorized the national banks of this
district listed below to exercise one or more fiduciary powers as follows:
(1)
(2)
(3)
(4)
(9)

Trustee
(5) Guardian of Estates
Executor
(6) Assignee
Administrator
(7) Receiver
Registrar of Stocks and Bonds
(8) Committee of Estates of Lunatics
Any other fiduciary capacity in which state banks, trust companies or
other corporations which come into competition with national banks are
permitted to act under the laws of the state in which the national bank is
located.

The numerals opposite the name of each bank, which refer to the list
given above, indicate the power or powers it is authorized to exercise.
Territory of Hawaii.
Place
Honolulu

Name of Bank
First National Bank of Hawaii

Powers Granted
1 to 8 incl. f

Fairbanks

First National Bank

Bakersfield
Calexico
Chico
Fullerton
Los Angeles
Los Angeles
Mountain View
Oakland
Orland
Pleasanton
Redwood City
Sacramento
Sacramento
San Francisco
San Francisco
Santa Barbara
Santa Barbara
Santa Paula
Visalia
Wilmington
Pasadena

First National Bank
1 to 9 incl.
First National Bank
4
Butte County National Bank
1 to 9 incl.
Farmers and Merchants National Bank
4
Continental National Bank
4
Farmers and Merchants National Bank
1 to 9 incl.
First National Bank
4
Central National Bank
1 to 9 incl.
First National Bank
4
First National Bank
4
First National Bank of SanMateo County. .1,2,3,5,7,8and 9
Capital National Bank
1 to 9 incl.
National Bank of D. O. Mills & Company... 1 to 7 and 9
American National Bank
4
Bank of California N. A
1 to 9 incl.
First National Bank
1 to 9 incl.
County National Bank & Trust Co
1 to 9 incl.
First National Bank
1 to 9 incl.
First National Bank
4
First National Bank
4
National Bank and Trust Company
1 to 9 incl.

Alaska.
1 to 9 incl.

California.

Boise
Boise
Hagermau
Hailey
Moscow
Payette
Digitized forWeiser
FRASER



Idaho.
Boise City National Bank
First National Bank
First National Bank
Hailey National Bank
First National Bank
First National Bank
First National Bank

1 to 9 incl.
1 to 5 incl.
1
1 to 3 incl.
1 to 4 incl.
1 to 9 incl.
1 to 9 incl.

Table 18—Continued.

ANNUAL REPORT OF FEDERAL RESERVE BANK OF SAN FRANCISCO.

63

Nevada.
Powers Granted
4

Place
Tonopah..

Name of Bank
.Nevada First National Bank.

Ashland
Corvallis
Eugene
Grants Pass..
Harrisburg... .
Junction City.
Marshfield
Medford
Milton
Ontario
Pendleton
Pendleton
Portland
Portland
Salem

. First National Bank
1 to 9 incl.
. First National Bank
1 to 4 incl.
. First National Bank
1 to 4 incl.
First National Bank of Southern Oregon.. 1,2,3,5.6,7 and 9
. First National Bank
1 to 3 incl.
First National Bank
1,2,3,5,6,7 and9
First National Bank of Coos Bay
1 to 9 incl.
Medford National Bank
1 to 9 incl.
. First National Bank
1 to 4 incl.
First National Bank
2 and 3
. American National Bank
1 to 4 incl.
. First National Bank
1 to 4 incl.
. First National Bank
1 to 4 incl.
. United States National Bank
1 to 9 incl.
Capital National Bank
1 to 9 incl.

Salt Lake City.
Salt Lake City.

Continental National Bank
. Deseret National Bank

Oregon.

Utah.

Bellingham
Bellingham
Clarkston
Colfax
Ellensburg
Everett
Hoquiam
Mt. Vernon
Oroville
Pasco
Port Angeles.. .
Pullman
Seattle
Seattle
Seattle
Seattle
Seattle
Seattle
Seattle
Spokane
Spokane
Spokane
Tacoma
Toppenish
Vancouver
Walla Walla....
Walla Walla....
Walla Walla....
DigitizedYakima
for FRASER

1 to 4 incl.
1 to 4 incl.

Washington.
. Bellingham National Bank
First National Bank
First National Bank
Farmers National Bank
. Washington National Bank
. First National Bank
. First National Bank
. First National Bank
First National Bank
. First National Bank
. Citizens National Bank
First National Bank
Dexter Horton National Bank
. First National Bank
. Metropolitan National Bank
National Bank of Commerce
National City Bank
Seattle National Bank
Union National Bank
Exchange National Bank
Fidelity National Bank
Old National Bank
National Bank of Tacoma
First National Bank
Vancouver National Bank
. Baker-Boyer National Bank
. First National Bank
Third National Bank
. Yakima National Bank



1 to 4 incl.
1 to 5 incl. and 9
1 to 9 incl.
1 to 4 incl.
1 to 3 incl.
1 to 9 incl.
1 to 9 incl.
1 to 3 incl.
1 to 9 incl.
1 to 9 incl.
1 to 9 incl.
1 to 7 incl.
1 to 9 incl.
1 to 4 incl.
1to 7 incl. and 9
1 to 9 incl.
1 to 9 incl.
1, 2, 3, 4, 6 and 7
1 to 9 incl.
1 to 9 incl.
1 to 9 incl.
1 to 9 incl.
1 to 9 incl.
1 to 9 incl.
1 to 4 incl.
1 to 9 incl.
1 to 9 incl.
1, 3 and 4
1 to 9 incl.

&

Table 19.

NUMBER AND SALARIES OF
OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BANK OF SAN FRANCISCO

t
w
m

(INCLUDING SPOKANE, PORTLAND, SEATTLE, SALT LAKE CITY AND LOS ANGELES BRANCHES).

13

o
Number of Officers
and Employees.

Departments.
1916.

3

Annual Salary.

1917. 1918. 1919. 1920

1916.

1917.

1918.

1919.

$14,000
18,000
68,280
162,840
30,960
62,940
16,224
51,060
229,800
60,320
12,600

$18,000
18,000
108,000
237,380
40,740
108,720
43,460
49,900
128,340
79,000

$727,024

1920.

M
O
H

W

Chairman and Federal Reserve Agent.
Governor
Other officers
Banking Department
Bookkeeping Department
Transit Department
Federal Reserve Agent's Department.
Auditing
Fiscal Agency Department,
General
Capital Issues
TOTAL




1
1
3
29
5
15
2
2

62

1
1
10

1
1
23
176
33
100
18
33
129
53

1
1
29
429
54
250
23
53
183
109

312,000
15,000

17
'31
3
8
122
11

1
1
18
139
27
64
10
36
189
41

4,620

$14,000
18,000
39,500
88,860
18,240
28,740
3,420
12,186
140,100
980

273

531

567

1132

$91,930

$370,026

69

12,200
26,930
4,620

11,640
1,620
3,300

$24,000
24,000
125,020
581,592
71,340
305,760
59,780
88,380
245,280
152,100

to
H
CO
H
W
2!
O
CA

$831,.540 $1,677,252
2!

o

5

Table 20.
BUILDING PERMITS OF PRINCIPAL CITIES IN THE TWELFTH FEDERAL RESERVE DISTRICT.
(000 Omitted.)
CITIES.

1915.

1916.

1917.

1918.

1919.

1920.

$1,777
4,113
7,217
27,266
7,135
1,831
2,056
2,852
14,729
1,066
1,477
2,215
1,463
163
9,781
1,579
4,060
15,613
1,687
2,877

$2,873
6,783
10,991
60,005
9,490
3,713
3,449
5,467
26,730
1,743
2,634
4,545
1,144
336
12,088
1,084
2,531
13,760
• 3,036
4,742

$110,957

$176,874

>
55

>
f
O

w
H

Berkeley
Fresno
Long Beach
Los Angeles
Oakland
Pasadena
Sacramento*
San Diego
San Francisco
San Jose
Stockton
Phoenix
Boise
Reno
Portland
Ogden
Salt Lake City
Seattle
Spokane
Tacoma
TOTAL. . .

No records for August, 191S.



2,250
6,471
1,291
790

221
6,299
862
2,868
8,480
1,574
1,619

463
3,642
1,407
2,733
6,713
2,140
1,144

$702
1,834
2,897
8,866
5,381
464
1,181
1,601
8,985
524
1,049
735
126
61
6,178
245
2,314
10,899
1,423
2,845

$00,417

$70,812

$67,499

$57,310

$1,201
1,368
11,885
5,044
1,494
1,392
1,284
18,624
536
1,018

446
5,189

$876
1,058
15,035
5,367
1,619
2,111
1,878
18,825
716
1,169

$2,079
1,033
16,934
4,442
1,369
1,895
904
18,172
490
1,353

1

H
O
H

H

o

o
O

Table 21.
BANK CLEARINGS OF THE PRINCIPAL CITIES IN THE TWELFTH FEDERAL RESERVE DISTRICT.
(000,000 Omitted.)
1912.

TOTAL

1913.

1914.

1915.

$22

1911.

Bakersfield, California
Berkeley, California
Fresno, California
Long Beach, California
Los Angeles, California
Oakland, California
Pasadena, California
Sacramento, California
San Diego, California
San Francisco, California...
San Jose, California
Stockton, California
Boise, Idaho
Reno, Nevada
Portland, Oregon
Ogden, Utah
Salt Lake City, Utah
Seattle, Washington
Spokane, Washington
Tacoma, Washington

I
1916.

$24

$24

$20

51

57

54
26
1,048
181
44
101
100
2,694
35
50

72
30
1,284
223
50
126
112
3,480
44
72

109
38
1,502
269
58
164
121
4,838
54
93
30
808
100
710
1,151
344
162

$10,047

1917.

1918.

1919.

1920.

124
52
1,547
335
50
203
106
5,629
55
99
72
21
1,323
100
697
1,860
422
244

$27§
96§
203
87
2,339
460
75
270
113
7,286
142
150
92
40
1,652
118
827
2,020
554
258

$61
152
277
163
3,994
552
131
324
244
8,122
117
294

$36

t
'40
943
173
42
78
83
2,427
30
40

1,169

1,211

223
47
93
132
2,678
36
45

189
48
108
134
2,624
36
46

53
17
1,145
176
44
103
103
2,516
36
47

557

15
596

15
628

14
577

15
554

309
002
225
139

333
665
219
133

315
628
203
110

350
612
193
99

21
650
61
513
790
255
115

$6,442

$6,470

5,111

$6,176

$7,926

t

553

,966

$12,982

$16,809

85ft

w

H

••d

o
a
H
O
H
W
!

H
H

CO

5

45
1,905
136
893
2,072
660
261

H
W
2|
W
O

$20;488

W

l

2!

"Organized 1912.
jOrganized 1919.
|Organized 1914.
ffClearings for March, August, September, not included.




§Begins with March.

§§Begins with June.

oo
o

o

Table 22.

z
z
CONDITION OF RETAIL TRADE
IN THE
TWELFTH FEDERAL RESERVE DISTRICT, 1920.

a
o
w
!
H

Percentage of Increase or Decrease of Net Sales to those of Corresponding Period of 1919.

Jan.
Los Angeles
San Francisco
Oakland
Sacramento
Seattle
Spokane
Salt Lake City
DISTRICT




Feb. Mar.

Apr.

May

June

July

Aug. Sept.

83.8
53 5
41.4
54.2
23.9
36.2
23.8

51.C
26.9
27.4
22.6
22.4
23.6
11.5

58.4
35.4
31.0
65.1
19.2
19.8
10.5

43.6
28.5
14.9
33.9
4.3
10.9
7.1

38.2
44.4
17.1
21.1
6.3
48.4
26.4

39.0
23.C
15.2
32.1
11.1
62.8
18.3

35.1 48.9
21.0 15.6
16.9 15.3
20.1
3.1
0.2 -8.0
22.7 12.7
20.6 11.6

51.7

31.1

37.8

13.8

31.1

27.8

21.2

21.7

Oct.

Nov.

a

Jan. 1 to July 1, 1920
June30,1920. Nov. 30,1920.

29.1 19.3 31.2
10.4 11.5
9.9
25.5 22.0
7.2
22.9
9.9
-4.5 -14.6 -16.4
6.7
4.6
5.6
19.2
8.9 14.7

49.8
35.3
23.2
38.3
13.4
35.7
14.7
33.2

CO

M
9

33.7
11.7
18.2

14.5

US
H

14.8

8.2

11.3

-9.2
8.4
12.2

>
5?

OS

Table 23.

8 8
IMPORTS AND EXPORTS—TWELFTH FEDERAL RESERVE DISTRICT.
(000 Omitted.)
3
f

EXPORTS.

1916.

1917.

1918.

1919.

1920.

w
ts

San Francisco District
*Los Angeles District
Oregon
Washington
tSan Diego

$158,726
7,593
6,282
188,087

$211,292
7,627
14,616
296,189

$240,530
15,923
44,458
292,274

$225,829
20,882
61,432
192,881
5,243

8328,557

TOTAL

$119,104
4,453
4,018
200,982

$360,688

$529,724

$593,185

$506,267

TOTAL

W
H

H

$117,142
5,461
2,435
169,035

$232,016
8,068
2,432
289,478

$245,738
9,727
2,755
300,990

$238,027
15,609
3,151
195,918

$211,928
15,553
8,216
134,079
7,915

$294,073

$531,994

$559,210

$452,705

$377,691

*Formerly known as Southern California and included San Diego prior to March 1, 1920.
fBeginning March 1, 1920.



H
O
H
W

H
W

IMPORTS.
San Francisco District
*Los Angeles District
Oregon
Washington
fSan Diego

o

w
2!
O

a:
o

o

Table 24.

COMPARATIVE STATEMENT OF THE BANKING RESOURCES OF THE
TWELFTH FEDERAL RESERVE DISTRICT, 1919-1920.
(000 Omitted.)
National Banks.
Nov. 15,
1920.

Number of banks
RESOURCES.
Loans and discounts
Stocks, bonds and other securities..
Banking house, furniture and fixtures,
other real estate
Cash and exchange
Acceptances and letters of credit...
Other resources
TOTAL RESOURCES

LIABILITIES.
Capital
Surplus and undivided profits
Due to banks
Deposits—demand
Deposits—time
Rediscounts
Money and bonds borrowed
Circulation outstanding
Acceptances and letters of credit. . .
Other liabilities
TOTAL LIABILITIES

*Or call next
 preceding this date.


Dec. 31,
1919.
594

635

State Member Banks.
Dec. 31,
1919.

Nov. 15,
1920.

137

197

State Non-Member Banks.
*Dec. 31,
1919.
1,069

*Nov. 15,
1920.
1,025

Combined.
Nov. 15,
1920.

Dec. 31,
1919.
1,800

o
o

1,857
d

$937,221
331,476

SI 009,402
295,554

$393,499
166,436

$532 933
191,483

$704,426
273,184

$742,524
277,628

$2,035,146
771,096

$2,284,859
764,665

37,016
422,144
24,000
13,939

41,351
367,965
22,246
31,888
$1,768,406

21,237
130,694
2,874
12,200
$891,421

38,630
213,824
5,570
12,435
$1,248,069

36,939
167,255
3,971
15,734
$1,244,051

92,043
751,903
31,747
31,558
$3,713,493

99,527
665,914
29,091
59,822

$1,765,796

16,397
115,935
2,177
5,184
$699,628

$97,921
77,939
255,095
893,475
266,497
33,519
45,635
63,960
24,428
7,327

$103,319
91,412
208,188
840,843
287,399
97,470
49,268
61,783
24,224
4,500
$1,768,406

$32,967
23,718
37,508
196,123
393,456
3,602
7,798

$49,981
40,216
37,252
260,291
452,080
22,148
18,692

$84,102
47,329
11,774
476,521
591,152
10,993
4,354

$85,768
51,650
6,708
431,909
615,594
4,501
15,068

2,805
7,956
$891,421

4,316
17,528
$1,248,069

3,867
28,986

$214,990
148,986
304,377
1,566,119
1,251,105
48,114
57,787
63,960
30,839
27,216
$3,713,493

$1,765,796

2,095
2,361
$699,628

$1,244,051

$3,903,878
$239,068
183,278
252,148
1,533,043
1,355,073
124,119
83,028
61,783
30,896
41,442
$3,903,878

x
a
o

W

o

o
C3

51

z

Exhibit A

CARLOAD FRUIT SHIPMENTS FROM CALIFORNIA

Jan | Fed \ Mar \ Apr \ Moy \ June \ Ju/y \ Aug \ Sept \ Ocf
I92O



\ A/o\/ \ Dec

I4.O0Q

Exhibit B.

PETROLEUM PRODUCTION (CALIFORNIA) 1919and 1920
Stored Stocks

(barrels)

Average Daily Production WMExcess of Production overSh/pments
Average Daily Shipment \w\lxcess of Shipments over Production

Jan | Feb \Mar \Apr \May\June\July\Au^\Sept\Oct \/Voi/\Dec \Jan \ Feb \Mar \Apr \May \June\July\AuQ\Sept\Oct
/9J9
J92O



Exhibit C.

TOTAL MONTHLY PRODUCTIONof LUMBER-n theTWELFTH FEDERAL RESERVE DISTRICT
AS REPORTED by LUMBER ASSOCIATIONS 1920
600

Wes1 Coast
Lumbermens Assn

Western Pine
Monufae/urers Assn

Co/iformo V e
and Sugar Pine

Manufacturers Assn

California Redwood 6 0 0
Association
500

4- Weeks £r?c//ngr_
Jan.24\Feb. 21 \ Mor2o\April./f\ May,l5\june.l2\ Ju/y,/0\ Aug.Z\ Sept4\ Oct.2 \ Oct3Q\ rVov.27\Dec.24



I92O

Exhibit D.
28

BVILDIMG PERMITS IN 20 PRINCIPAL CITIES OF THE
TWELFTH FFniiTCAT. Pff.SF.WE THSTPir.T

26

=
Amount of Permits in Mi/lions of Dollars.
m m Number ofPermits in Thousands.
immm Averoge Amount of Each Permit i
in Hundreds.
JL

24
22
2O

I*

16

14
12
10

>

4

JWJT

t

8r
6

f

\jr

18

J
A
y
}
1

5^

.

r

ZZ£

BX3

/gig

J
1
-

JA

1

Hr

n

\

^ n 18

=
^

16
=
14
>

***cmr

^x

'0

\

w

2 W*^
Jan. Feb. Mar Apr. May June July




A'

J^^

A

10

8

2

Sept. Oct. Nov Dec.

Mar

/toy June Ju/u Aug. Sept
/920

Afov. Z?ec.

1

J
00

o

Exhibit E.

BANK CLEARINGS in 2 0 PRINCIPAL CITIES of the
TWELFTH FEDERAL RESERVE DISTRICT

-

Amount ofClearings in
"— Millions of Dollars.

.

1,800
\

ill

1,700

IlillUlliil

1,600

•1
11

1,500
1,400
1,300
1,200

ill

1.100
l,0O0

N9

J
I
\1I

III D 1 1 1
II 11 1 I

1 1 IIIHilllS! m
1

1
isi

1919

• 1
lllllll
•

-

•mil II

III 1

IK IL III 111

nnnn 1,700

11
1I
1

1,600

ll.SOO

II 11
1
II
if

III

Jan\Feb Mor AprMay June Julij Aug\Sept Oct\Mov Dec\Jan i



I

1.800

m

II
II II III

1.400
1300
1,200

VanApr 1 MoijUuwJu/y Ai jg Sept Oct A/oi/ t Get•I
I92O

Exhibit F.

NUMBER AND AMOUNT OF LIAf MLITIES OF BUSINESS FAILURES
IN THE TWELFTH FEDEK!AL RESERVE DISTRICT

150

Number of business

100

]

Failures

::: :: :

—^11 ii f

150

,

if • 1

MILLIONS

HlMI
( •[ " •

I!

l0

°

^

13

o
%

MILLIONS

T-—Amount of Liabilities

6

I1

6

H
O

5

5

ilii

4
3

ill4

W

3

illlllliiltl 2
2

1

rmTmT^^

1

ID

.
1

1 11

:

lin—Smtftil i i r —

! 1 111 " Ilifflr—

M
CO

n
o

Jan Feb Mar Apr Mdy\Jun^July AuQ Sept Ocnflov Dec
Jan Feb Mar Apr May\JuneJuly Aug Sept Oct Mov\Dec\

1919

1920

- NOTE:—The great increase in liabilities in June, 1920, was due to the failure of one concern in Seattle, Washington.



I

,
L

^

Map Showing Territories of
Head Office and Branches

Twelfth Federal Reserve District
Including States of Arizona
r
California
Idaho
Nevada
OregonUtah
Washington




SAN FRANCISI

TWELFTH
FEDERAL RESERVE
DISTRICT