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S N T Not to be released for publication before the morning o f A pril 2 5 , 19 20 F E D E R A L O F R E S E R V E S A N B A N K F R A N C IS C O J O H N PE R RIN C h a ir m a n o f t h e B o a r d F e d e r a l R e s e r v e Ag e n t and G E N E R A L B U S IN E S S A N D A G R I C U L T U R A L C O N D I T I O N S IN T H E T W E L F T H F E D E R A L R E S E R V E D IS T R IC T April 15, 1920. A T E R IA L M tu ra l im p r o v e m e n t o v e r th e p r e v io u s ly o u tlo o k th ro u g h o u t th e has d is tr ic t r e s u lte d d u r in g fr o m M arch u n s a tis fa c to r y r a in fa ll, and th e w h ic h fir s t h a lf o f c o n d i t i o n o f w i n t e r w h e a t is n o w 85 p e r c e n t o f n o r m a l in per in cen t in O reg on , 87 per cen t Id a h o, 9 8 p e r c e n t in U ta h , a s c o m p a r e d w it h m a te ly 95 p e r c e n t a t th e n o r m a lly p r o d u c e s sam e per cen t in 1919. o n e -th ir d In gen eral A p r il. T he C a lifo r n ia , 91 in N evada th e d is tr ic t c o n d it io n p e r io d a p p r o x im a t e ly 94 a g r ic u l w as and o f a p p r o x i W a s h in g t o n , w h ic h o f th e w in te r w h e a t g r o w n in t h is d is t r ic t , t h e c o n d i t i o n is o n l y 7 3 p e r c e n t o f n o r m a l, a s c o m p a r e d w ith 10 97 to per 20 acreage T he cen t per is in p la n tin g I n te r -M o u n ta in o f year o f A p r il has th e C a lifo r n ia is b e in g r e g io n assu red fr u its M arch . p e r ce n t o f th e dam aged by it d is tr ic t w ill be w heat w ill n ecessa ry in th a t a p p r o x im a te c o n d itio n fo r by th e s u ffic ie n t ir r ig a te d and a n tic ip a te d t h r ip . fo r d ry o f a except la te year in ago. O regon , s p r in g . and fr o m w heat In th e th e e a r ly p a r t fa r m in g s e c tio n s and la n d s . n u ts ro t, m o is tu r e reseed S p r in g th a t s e e d in g , so m e w h a t re ta rd e d to sta te. h e a v y s n o w fa ll d u r in g M a r c h B row n th e and fa ll-s o w n e x c e lle n t a b u n d a n t w a ter fo r d u r in g ago, th e th rou g h ou t grou n d w h ere a cen t w ere it is s e v e r e ly in ju r e d rep orted , w ill a p r ic o t c r o p , a n d T he a lm o n d 45 to 50 p e r c e n t o f th a t o f a y e a r a g o . crop by r a in s d e stro y p ru n es w ill and fr o m 30 have been p r o b a b ly not S h ip m e n ts o f C a lifo r n ia fr o s t to 40 s lig h tly exceed oran ges d u r i n g t h e f i r s t t h r e e m o n t h s o f 1 9 2 0 a g g r e g a t e d 9 ,8 5 5 c a r l o a d s , a s c o m pared le m o n s 1919. w ith 1 1 ,4 1 3 2 ,1 3 3 c a r lo a d s c a r lo a d s , P rosp ects fo r th is t im e la s t m o n t h . as oth er d u r in g com p ared crop s P la n tin g acreage in th e sam e w ith th e p e r io d 2 ,0 8 6 sta te in are be m a te r ia lly 1919; fir s t m u ch o f b e a n s is p r o c e e d i n g w ill in th e o f o f b e tte r under red u ced and q u a rte r as th a n at fa v o r a b le c o n d itio n s , a lth o u g h w ith 19 19. In th e I m p e r ia l V a lle y , in c lu d in g th a t p a r t lo c a t e d in M e x ic o , com p ared 2 2 5 .0 0 0 acres have been p la n te d to co tto n , as com p ared w ith 1 4 5 ,0 0 0 a c r e s in 1 9 1 9 , a n d p r a c t ic a lly a ll o f th e a n t ic ip a t e d P im a o r L o n g S ta p le c r o p is u n d e r c o n t r a c t . R ange c o n d itio n s have im p r o v e d u n s a tis fa c to r y , p a r tic u la r ly in d u r in g O regon and th e p a s t m o n th , b u t r e m a in W a s h in g to n , w h e r e s t ill o n e x p e n s iv e w in t e r f e e d a n d is in o n l y f a i r c o n d i t i o n . in g has good. com m en ced and e a r ly in d ic a t io n s are th a t th e c h a s in g fr o m G overn m en t q u a lity w ill b e s a le s and fr o m a u c tio n s orders e n d in g becau se A p r il 3rd , o f in a b ility an average to o f secu re 128 w ith 6 .5 U n fille d per cen t b e lo w fe e t, d o m e s tic th e fiv e o f n o r m a l. w h ic h cargo w eeks im p o r te d w ool e n d in g and to r e s tr ic t a c c e p t a n c e D u r in g rep orted orders fe e t 5 2 ,5 0 9 ,0 0 0 A p r il 1 0 th , a n on w ere fe e t average fiv e A p r il r a il w eeks book ed fe e t, w h ic h 3rd 6 1 ,7 3 6 ,0 0 0 orders. tw e lv e o f w as a g g re g a te d orders, export o f th e orders a c u t o f 4 3 8 ,0 5 5 ,0 0 0 3 2 4 ,6 6 0 ,0 0 0 orders, cars. m ills 3 4 7 .5 6 4 .0 0 0 f e e t , a s c o m p a r e d 4 3 8 .9 0 5 .0 0 0 o f th e 1920 d o m e s tic c lip . L u m b e r m ills in t jie P a c i f i c N o r t h w e s t c o n t i n u e fe e t is T h e m a r k e t , h o w e v e r , is d u ll, a s E a s t e r n m a n u f a c t u r e r s a r e p u r ra th er th a n fr o m o f stock W o o l sh ear D u r in g C a lifo r n ia red w o o d m i l l s r e p o r t e d a c u t o f 3 0 ,8 6 0 ,0 0 0 f e e t a n d o r d e r s o f 2 8 ,4 8 2 ,0 0 0 f e e t , a s c o m p a r e d w i t h a c u t o f 3 1 ,8 6 4 ,0 0 0 f e e t d u r i n g t h e p r e c e d i n g f i v e w e e k s an d ord ers a ccep ted B u ild in g o f 2 9 ,9 7 2 ,0 0 0 f e e t . c o n tin u e s a c tiv e . B u ild in g p e r m its c i t i e s o f t h e d i s t r i c t a g g r e g a t e d $ 1 4 ,1 8 3 ,0 7 9 i n w ith $ 1 2 ,4 3 8 ,2 3 5 in c r e a s e s of in o f 14 a n d b u ild in g p e r m its F ebru ary, 132 p e r in 1920, and c itie s n in e te e n $ 6 ,1 1 3 ,4 3 8 ce n t, r e s p e c tiv e ly . th ose in p r in c ip a l M a rch , 1920, as c o m p a r e d in M arch , C o m p a r a tiv e r e p o r tin g p e r m its in l8t Qi92<>TER ^ 1919, sta tem en t excess o f $ 5 0 0 ,0 0 0 d u r i n g M a r c h , 1 9 2 0 , is g i v e n b e l o w : MARCH, 1 9 2 0 MARCH, 1 9 1 9 $3 ,076 ,76 3 $ 1 ,122 ,41 5 $ 1 0,54 9,4 44 S a n F r a n c i s c o ...................... 2,759,087 90 8,631 7 ,0 44,0 92 S e a t t l e .................................... 1,390,2 75 705,780 3,620,7 45 T a c o m a .................................... 1,1 98,2 82 232,73 7 1,548,0 16 846,10 5 685,60 5 2,7 91,7 65 P o r t l a n d ................................ L o n g B e a c h ........................... 84 4,290 613,469 3,1 27,2 53 O a k l a n d ................................. 687,173 494,706 2,157,368 F r e s n o ..................................... 58 3,290 20 8,75 7 2,092,4 89 S p o k a n e ................................... 524,110 45,245 820,065 Los A n g e l e s ......................... T o t a l s .............................. $ 1 1 ,90 9,3 75 S a le s o f r e ta il s to re s in g re a te r, b y v a lu e , d u r in g 1919, a n d fr o m th is $5 ,0 1 7 ,3 4 5 $ 3 3 ,75 1,2 37 $1 2 ,8 7 4 ,8 5 0 d is tr ic t a v e r a g e d M a rch , 1920, th a n $2 ,941,861 1 ,6 93,1 14 2,903,0 60 44 1,270 1,166,4 05 1,933,511 1,248,5 43 454,87 4 92,212 fr o m d u r in g 35 th e to 40 sam e 3 0 to 35 p e r c e n t g r e a te r th a n in F e b r u a r y , 19 2 0 . p er cen t m on th in S a le s b y w h o le s a le s to re s w e r e a p p r o x im a t e ly 60 p e r c e n t g r e a te r b y v a lu e d u r in g M a r ch , 1920, th a n d u r in g M a r ch , 19 19, a n d fr o m th a n in F e b r u a r y , 19 20. to advan ce som e M a r ch , a lth o u g h c o m m o d it ie s , s u c h d rygood s to d u r in g an d h a rd w are a d v a n c in g p r ic e s . fo o d s tu ffs d e c lin e d are p u r c h a s in g a s s ilk th e re w as fa b r ic s , to a te n d e n cy d e c lin e fo r s lig h tly . th e e x c e p tio n o f s lig h tly d u r in g M a r ch . o n ly fo r w ere g ood , as co m p a re d w ith fa ir to g o o d p r ic e s R e ta il m e r c h a n t s in e s s e n tia ls . T he c itie s of th is d is tr ic t fo r M arch , as com p ared in c o lle c tio n s d u r in g F e b r u a r y . 1920, o f a ll lin e s in c r e a s e D u r in g M a r ch S ta tem e n t o f in c r e a s e s in r e t a il a n d w h o le s a le t r a d e o f r e p o r t in g fir m s in c ip a l o f a ten d en cy s u g a r, w h o le s a le c u r r e n t r e q u ir e m e n ts . s a le s d u r in g M a r c h w a s la r g e ly in p r ic e s W h o le s a le s to r e s r e p o r t th e m a r k e t fir m , w it h W it h goods 20 to 25 p e r c e n t g r e a te r D e p a r tm e n t s to re s r e p o r t th a t p r ic e s c o n tin u e d th e p r in w ith M arch , 1 9 1 9 , is g iv e n b e l o w : INCREASE IN SALES IN M ARCH, 1 9 2 0 , O VER M ARCH, 1 9 1 9 r e t a il t r a d e w h olesale Department Stores Per Cent L os A n g e l e s Oak lan d Sa c r a m e n t o Sa n 58.4 31.0 65.1 . 35.4 . . . ................ . . . F r a n c is c o P ortland . . ................ Seattle , S p o k a n e ................ 10.5 19.2 19.8 T a c o m a ................... D is t r ic t Dry Goods Per Cent Per Cent TRADE . . . . . . . 37.8 Total* Groceries Per Cent Per Cent 46.9 72.2 38.7 53.0 47.0 44.8 91.2 .............. Sa l t L a k e C i t y . Hardware 74.8 77.4 64.4 93.7 25.1 49.6 159.5 65.9 108.1 74.7 71.8 26.4 21.0 49.7 68.9 49.0 53.8 61.4 38.0 43.5 71.7 84.2 44.3 58.9 * Including reporting w holesale drug firm s. D u r in g M a r c h t h e r e w e r e 8 8 fa ilu r e s in th is d is t r ic t , a s c o m p a r e d w it h 54 d u r in g F ebru ary. $ 1 ,0 4 5 ,3 9 9 , $ 3 3 2 ,4 1 8 as L ia b ilitie s com p ared d u r in g th e w ith p r e c e d in g a m o u n te d lia b ilitie s m on th . of to $ 1 ,5 5 5 ,9 3 2 $ 1 ,0 7 5 ,7 9 0 C o m p a r a tiv e and and a sse ts a sse ts sta tem en t o f u r e s b y s ta te s is g iv e n b e l o w : NUMBER March February LIABILITIES March February A r i z o n a ..................... C a l if o r n ia ............. .......... I d a h o ........................... .......... N evada 31 1 1 14 9 14 7 2 12 194,467 744,516 28 9,98 4 620,689 11,000 50 000 Ul/jV vV 41,414 13,420 339,267 88 54 $1,555 ,93 2 $1,075 ,79 0 ........................ O r e g o n ........................ Utah 46 5 ........................... W a s h i n g t o n .......... T o tal ................ $ 324,565 2,400 (Figures fu rn ish ed b y R. G. Dun & Com pany.) $ to of fa il B a n k c l e a r i n g s i n 1 8 p r i n c i p a l c i t i e s o f t h e d i s t r i c t a g g r e g a t e d $ 1 ,8 0 8 ,2 0 3 ,0 0 0 i n M a r c h , 1 9 2 0 , a s c o m p a r e d w i t h $ 1 ,4 3 8 ,3 8 3 ,0 0 0 i n F e b r u a r y a n d $ 1 ,1 9 8 ,8 7 5 ,0 0 0 i n M a r c h , 1 9 1 9 , i n c r e a s e s o f 2 5 .7 p e r c e n t a n d 5 0 .9 p e r c e n t , r e s p e c tiv e ly . B ank C o m p a r a tiv e an d bran ch c it ie s in sta tem en t o f MARCH, 1 9 2 0 S a n F r a n c is c o ..................$ Los A n g e l e s ...................... S e a t t l e ................................ P or tlan d ............................ S a l t L a k e C i t y ............... S p o k a n e .............................. T otal In te re st and d is c o u n t 6 to 7 p er p e r io d in ra tes in in F ederal MARCH, 1 9 1 9 57 9,14 7,0 00 $ 2 7 7,68 2,0 00 1 5 5 ,89 1,0 00 12 8,28 5,0 00 77 ,706 ,00 0 47,723 ,00 0 $ 1 ,266 ,43 4,00 0 in d u s tr ia l 52 5,19 6,0 00 16 2,38 1,0 00 15 2,23 5,0 00 1 2 4,13 0,0 00 56 ,1 0 9 ,0 0 0 36,583,000 $ 1 ,056 ,63 4,00 0 cen ters have sh ow n d u r in g th e p a s t m o n th , p r e v a ilin g ra te s n o w cen t, as c o m p a r e d M arch . In w ith a g r ic u ltu r a l fr o m 6 to s e c tio n s 6% th e R eserve b e lo w : FEBRUARY, 1 9 2 0 721,369,000 $ 3 3 2,86 2,0 00 212,47 2,0 00 173,17 3,0 00 69 ,4 6 2 ,0 0 0 6 1 ,387 ,00 0 ......................... $1 ,57 0 ,7 2 5 ,0 0 0 d e n c y to s tiffe n c le a r in g s t h is d is t r ic t is g iv e n per cen t p r e v a ilin g a ten b e in g fr o m at th e ra te sam e r e m a in s 8 p e r cen t. L abor sh orta g e e x is ts fa r m in g c o m m u n itie s . in a ll s e c tio n s o f th e T h e d e m a n d fo r fa r m d is tr ic t, p a r tic u la r ly la b o r a v e ra g e s fr o m in 100 to 1 0 5 p e r c e n t o f t h a t o f a y e a r a g o a n d t h e s u p p ly is a p p r o x i m a t e ly 9 5 p e r cen t o f th e dem and, except p e r c e n t o f th e d e m a n d . in C a lifo r n ia , w h ere it e q u a ls s w it c h m e n , a s tr ik e o f a p p r o x im a t e ly 3 0 0 c a r p e n t e r s in s tr ik e o f e le c tr ic a l w o r k e r s b etw een in D a ily p r o d u c tio n b a r r e ls , m en ts averaged stock s by as o f p e tr o le u m com p ared 3 1 3 ,4 3 8 1 ,1 6 0 ,5 5 7 c a p a c ity o f abandoned 9 ,2 1 5 d u r in g San exceeded sh orta g e c u r ta ile d . o f b a r r e ls , F r a n c is c o o il is no B ay Spokane, and a d is tr ic t in v o lv in g s tr ik e s o r la b o r to C a lifo r n ia 2 7 4 ,0 2 6 per 2 7 ,5 7 8 ,3 6 4 w ere each b a r r e ls , F ifty -o n e open ed m on th and s in c e u n le s s in th ereb y d is tu r b M arch S h ip d e c r e a s in g stored com p ared w e lls , w ith p r o d u c in g o f J u ly , averaged F ebru ary. as new 12 C o n s u m p tio n th re a te n e d d u r in g b a r r e ls day, 31, 1919. m on th . p r o d u c tio n cru d e in w ith b a r r e ls b a r r e ls th e 80 th is d is t r ic t d u r in g t h e p a s t m o n t h . 3 2 ,6 7 1 ,0 5 9 b a r r e l s o n M a r c h has th e 500 a n d 1000 m e n , th e re h a v e b e e n a n c e s o f a n y im p o r t a n c e in 2 7 6 ,0 0 1 o n ly E x c e p t f o r th e u n a u t h o r iz e d s tr ik e o f r a ilr o a d w e lls C a lifo r n ia 1919, c o n s u m p t io n and is w ith a d a ily w ere p e tr o le u m a s e r io u s m a te r ia lly
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