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« • “N OT TO BE RELEASED FOR P U B L IC A T IO N A g r ic u l t u r a l IN T H E M o n th ly F E D E R A L R e p o r t to THE M O R N IN G B u s in e s s a n d T W E L F T H BEFORE th e OF A P R IL 2 8 ,1 9 2 1 C o n d it io n s R E S E R V E D IS T R IC T F e d e ra l R eserv e B o a rd b y JOH N P E R R I N , C h a ir m a n o f th e B o a r d a n d F e d e r a l R e s e r v e A g e n t F e d e r a l R e s e r v e B a n k o f S a n F r a n c is c o V o l. V . S a n F r a n c is c o , C a lifo r n ia , A p r i l 1 6 , 1 9 2 1 D E F IN IT E c e r ta in peared w h ic h d u r in g p e r io d tu ra l s ig n s a ls o o p e r a tio n s w h ic h has years, w as b u s in e s s th e been at lo w e s t a g a in s t le s s o f th is y e a r . had been in m eet fo r e ig n s h ip m e n ts. in th e dow n p r o d u c tio n in d u s tr y tw o n e a r in g th e y T h e of in th e have end of b e in g a s lig h t in c r e a se de pro m a r k e t p r ic e th e w ill m ake s h ip b u ild in g o f record a lth o u g h s iz e w ere o th e rs c o n s tr u c tio n fo r are w h ic h so fa r o n ly in ( 5 7 .3 15 M arch , d e c lin e sh ow s M arch , d is tin c t 1921, 1920, b y per 1921, of per 1920, in to g re a te r cent b e in g in th a n excess B ank in in of th e in g to p r ic e 25 per q u a rte r s a le s is la s t not of m ore c le a r w h ic h le v e l in w ith c o n c lu s io n lo w e r M arch q u a rte r 1921 of dry net good s, fu r n itu r e , decrease r a n g in g tir e s . th a n of b u s in e s s V a r io u s th ey g e n e r a lly In at is th e C e r ta in w o o l, in but and canned fr u its In 7 .3 ago per cen t th a t w h o le p e r c e n t lo w e r th a t th e v o lu m e th e w h o le s a le not le s s th a n tra d e it w a s in d u s tr ie s p r ic e w h ic h r e ta il to th a t th e w heat le s s and m arket th is in g th e m o n th , a n d p r ic e cane la s t to of th e been th e have c o n tin u e d m o v in g in to th e fr u its , p r in c ip a l passed th ro u g h th e S to c k s m ore s lo w ly and been m o n th . o ffe re d th e b e e t, been p u b lic m ar- d u r in g canned by have p r ic e s , of te n d e n m oved and s te a d ily case r e d u c tio n s in have not q u a n titie s been seem g e n e r a lly m ix e d fr e e ly on de n o te of as 1920 th e dow n w ard du r a d v ic e s g e n e r a lly s ta te th a t Those desiring this report sent them regularly will receive it without charge upon application. th e a u to m o b ile sh ow so in in th e fe a tu re at th e b o th have creases year sta tir e s ), h op s— have w o rth y v a lu e of (h a r d c o m m o d it ie s — r ic e , c o tto n , su gar, c o n s u m p tio n . ra th e r M arch , a u to m o b ile a p p r e c ia b le m o n th , fa c to r s , a year a g r ic u lt u r a l su b s ta n tia l w h o le s a le in tim e . c ie s a p p e a r . b a r le y , net fir s t sh oes, in d ic e s p r o b a b ly th is rep ort th e to 4 7 .4 p e r c e n t in tr a n s a c tio n s in fir st dru gs, b etw een p r ic e w ere th e e ig h t r e p o r t in g lin e s and 15 year, o f th e th a n p r ic e s a re a p p r o x im a te ly 4 0 a c tu a l year in le s s be la s t For sto re s s a le s w ere re id e n tic a l 1920. g r o c e r ie s , tio n e r y , grocery a lm o s t sam e to th a n e x c e ss o f th o se M arch by n o tw ith s ta n d th e m year w ere 1 9 2 0 , in e a c h o f t h e w are, by th is th e 1920; d u r in g th a t, of M arch , 1 .6 p e r c e n t in tra d e sa le sh ow c o n fir m e d d e p a rtm e n t sto re s re p o rte d th o se of is re p r e s e n ta tiv e cent s a le s v a lu e a 25 d is tr ic t a net Such fr o m th e to ta l v ie w in d ic a te s th a t o f per cen t in d ic a te le s s done s ig n s e x c e e d in g 2 6 .9 c e n t) as w h ic h , p r ic e s , b u s in e s s season . tu rn s k e tw a rd w ere p r o b a b ly m ore p r in c ip a l in g s v o lu m e a m in in g s e a s o n a l in c r e a s e o f a c tiv ity . y e a r ’s of w h ic h In of M arch , F ebru ary, in have in c r e a s e d out th a n th a n 1920, have th e p o in t in d u s tr y p e r m its th o se of th e end u n til th e yard , of 1st co n tra c ts. r e v iv a l, th o se of c o n tra cts one b u ild in g v a lu e and new by tim e — M arch c o n d e n s a r ie s , w h ic h and p r o fita b le . announced part in has ord ered a per cen te rs, s h u ttin g to 65 copper has been r is e s tw o F eb U n e m p lo y m e n t du cers copper in in to d a y on g r o w in g w here of on o th e rs dem and except are cent th e and ord ers d o m e stic creased , per s in c e o p e r a tio n s to a c tiv e 50 S e v e r a l m ilk c lo s e d resu m ed o u tp u t th a n p r o d u c tio n , th a n m ills o p e r a tio n — s o m e as a g r ic u l a p p r o x im a te ly th e in ap d u r in g in p o in t g re a te r and of m o n th , a c tiv ity cent cent r e v iv a l d is tr ic t L u m ber th e per th is p ast began. 1 7 .3 M o n th of s p r in g ru ary T h e of in d u s tr ie s N o. 4 Agricultural and Business Conditions 2 th e re new w ill be crop little , e n te r s L iq u id a tio n m em ber 69 r e p o r tin g c itie s fo u r of norm al dem ands a c tiv itie s , In about w ith th e n e a r ly in c r e a s e are r e c e iv e d fr o m q u e n tly and a in dom la r g e been but abundant r a in fa ll W e a th e r are a b le C rop C o n d itio n s ern of fo r g r a in d u r in g M ild fr o s t th e a p r ic o t, fr u it has days of and cases. r e s u lt fr o m E ffe c tiv e a lth o u g h r a n g in g A fr o m 20 k in d s a c o ld of S o u th been b e lo w th e M arch g ro w e rs’ h an d s. good per seed - is grap e crop s of th is by fir st fe w th e per be dem and B r itis h im p o r t M ovem en t c h a n n e ls and 28 is been ce n ts la c k in g acreage 50 fo r v a r ie ty . r e m a in s th is per th e T h e is w ill be acres com es m any th e se cases canned fo r A t and 20 have th e g r o w in g is e x p e c te d acreage account fr u its in to m a te r ia lly of de and th e c o n s u m in g d u r in g is u s u a l l y p a r tic u la r ly by th e th e ir and cost som e cost of due p r ic e w ho of lin e s M arch , con su m p heavy, but heavy can n ers, th e in a n tic ip a te d to w areh ou ses b e lo w goods is em bargo. m ade in g on. 14 c o n d itio n s on 85 it a p p r e c ia b le b e tw e e n reduced crop of pound, no crop 1920 in c id e n t to p r o h ib itio n of m ore F r u its are at c u ts c le a r p r ic e s in p r o d u c tio n of at p r ic e s p r o d u c tio n b e lo w fo r next seaso n . P la c in g o f “ d is tr e s s g o o d s ” o n can n ers w ho fo u n d th e ir h o ld in g s have in C arryover H ow ever, is tu rn fr o m norm al been in been fo r in flu e n tia l can n ers’ in th e seaso n w ill at ce n t, and o p e r a tin g m an y in cases 1920 in pack presen t s e llin g p r ic e s are in pre p r ic e s in c r e a s e d be in T h e little aver a c a p ita l w h ic h gross h im not c o n tin u e s . m a k in g season . o f h is le a v e s c a p ita l to to w ill dem and gen eral c o m in g p r o p o r tio n th e in of fin a n lis t r e fle c te d s m a ll c a n n e r o p e r a te s w ith s le n d e r d is p o s e p r ic e s . th e th e to m e e t m a tu r in g if p r e s e n t can n ers p r e p a r a tio n age has a t lo w e r th e m a r k e t b y n ecessary r e d u c tio n r e ta il s a le s of it in o r d e r t o o b lig a tio n s , w h ic h grap es a t p r ic e s per pound s ta p le a p p r o x im a te ly s t ill m ade h ar it p r ic e per be 1921 tio n , w h ic h excess co tto n w ill th e p a r tia lly a s a r e s u lt o f n o r m a l s p r in g c ip ita tin g in 1 a t in 1 6 2 ,0 0 0 of fa v o r a b le in c r e a s e d c ia l r e d u c tio n N o. no crop , peak c e n ts new th e m a te r ia lly area, a but hops W e a th e r e x c e p tio n a lly fr o m s e v e r e ly of acreage w hen ran ge pound. creased th e is a r e s u lt o f th e 1920 y e a r ’s 14 p r ic e s v in e s , g r o w in g th a t to th e a d u r in g pound w hen p resen t re p o rte d a p r ic o ts have T h e th e is cau se. fo r s a le s fr u it fo llo w e d su ffe re d in d ic a te of de th e p r e v a il m a k in g A s r ic e of la s t carryover and o th e r d is tr ic t and dam age grow ers crop , a s p r in g set s p e ll h ow ever, p o r tio n s th a n th e T h is and e x p e r ie n c e d 1920 p r ic e fr o m th ere sec- and and w h o le fr u it a n d to fo r good b u lk red u ced a ll w ea th e r pru n e lo n g be fa v o r - in m ade and A m e r ic a n -E g y p tia n of crop s th e 1921 th a t to lo w e r been e s tim a te d th e C a lifo r n ia th e dem and a fe w c e n ts c h a r a c te r iz e d C o n d itio n s th e dropped hop w e a th e r b r o u g h t o u t b lo s R e p o rts p r o sp e c tiv e m ay in s e l r ic e , are C a li d u r in g h u n d r e d w e ig h t in in p la n te d . A lth o u g h been d is tr ic t, s a v e a ll Som e in d iv id u a l m any of days every th a n th e fa v o r a b le over A p r il. p r a c tic a lly le s s by e x c e p tio n a lly m o n th , and g e n e r a lly . fe w th e a v o id e d . s c a le . fie ld s a grow n “ dam aged” m a r k e tin g th a t has th e th e ir c r o p . has w eed s, r ic e s m a ll grow ers e x p e c te d d u r in g 1 9 2 0 -1 9 2 1 . ch erry, tre e s occu rred la s t have g r o w in g of th e in g o p e r a tio n s. re p o rte d q u a lity m ark ed per M an y and C anned w ere c id u o u s w r itin g good th e r a in fa ll h a s s o il c o n d itio n s of to season . F a ll-s o w n som s fa ile d d is tr ic t not $ 4 .5 0 w h ic h fre as of grou n d be th in n in g a in cen ts s a lv a g e have th is of r ic e . v e s tin g le ft or can crop on 50 d iffic u lty o f th e o p p o r tu n e ly o f th e A r iz o n a , w h e re g ro w th about te m p t to in d e b te d n e ss A t been and grow n th e grass q u a lity 1920 c la s s ifie d p r ic e fa n c y th e co tto n W h ere fr o m fa ir p la n tin g of w ith s e c tio n s cou rse, of re p o rte d tio n s a ll q u o te d crop s bank w as of is 1920 o f S o u th e rn n orm al w in te r , fre e c o n tin u e d h a v in g w ere th e w h ic h w in te r an d r ic e , has ce n ts m o n th cost o f o n e -t h ir d occurred th e fo r n ia in g ‘V o lu n t e e r ” of corre b e tte r. P r e c ip ita tio n M arch , th e re tu rn s u n til be crop H a r v e s tin g c o m in g crop s of m any p o s itio n grow er. se c tio n th e ir B ank th e and th e cases, fo r every in c r e a s e d w ill c o m p a r a tiv e ly b ecau se su ch th e s p r in g p e r io d is it s o ld , d is c h a r g e to th e occur of fo r com p ared In de account R eserve as of la s t y e a r ’s p la n tin g s . v o lu n te e r th e th e ir on d u r in g to p r o fit p ro sp ects n e a r ly sam e in and s a le s fa ile d have y ie ld th e can reserve d u r in g lo a n s o f la s t y e a r . banks n in e c r e d it $ 9 ,0 0 0 ,0 0 0 h a rv ested h a lt in g , 8 th , F ederal of and w h ile m uch fr o m th a t, th e ir im p r o v e m e n t c o m m e r c ia l crop s th e A p r il $ 1 4 ,0 0 0 ,0 0 0 of p e r io d m ark ed in fo r th e c u sto m e rs s lo w $ 2 5 ,0 0 0 ,0 0 0 r e d is c o u n ts no by be e n d in g $ 1 5 ,0 0 0 ,0 0 0 . s p o n d in g to w hen J u ly . d is tr ic t r e p o r tin g a g r ic u ltu r a l an in m em ber banks th e in c r e a s e d carryover b o r r o w in g s d ecreased th e any, m ark et ap pears w e e k s ’ p e r io d p o s its of of banks if th e s a le s r e m a in in g w ith and in sto c k s little fin a n c e a n o th e r p a c k . or no Federal Reserve Bank of San Francisco N o has a p p r e c ia b le in c r e a s e a c c o m p a n ie d p r ic e s , and th e m ills th e y th e new ers are have crop been been c lin e s th e p r ic e in hard a w h ite b u sh el 1 8 th . A s a s lig h tly , E u rope to th e to th e w as a fr o m h e s ita n c y fir st h a lf o ffe r e d barrel are by fo r of d o m e stic th e best m o n th are fa m ily tra d e in in th ree w est r e p o r tin g age of m ill le t m ills h as, of by flo u r and m a in ta in e d . in in fo r m e d C a lifo r n ia 1s t , w hen agree th e and flo u r p r o d u c tio n and th e a v o id year a ls o and C a lifo r n ia crop m a te ly B a r le y se v e n te e n a b n o r m a lly and (B ) a w ill 2 0 0 ,0 0 0 g r a in be of to n s of fr o m h ig h e s t 1 0 9 ,0 0 0 heavy A p r il carryover fo r to n s crop i l l i n g — • No. March in N o. 1 11 11 29 W a s h in g to n . .. .3 3 35 4 1 6 1 D i s t r i c t .................... . 7 6 82 I d a h o ........................ U t a h .......................... th e fe e d Mills Reporting February 27 C a l i f o r n i a ............ O r e g o n .................... th e (A ) th e be o n ly sta te 1 6 ,7 0 0 u n c e r ta in ty con su m ed have can be 35 per to cent fa v o r a b le o f th e crop , and of a t 2 3 ,0 0 0 be in s h ip p e d . 1 9 1 9 -1 9 2 0 W e a th e r been a acreage p r o fita b ly e s tim a te d crop in o u t r a ise d b a r le y c a r lo a d s . have to a n im a ls im p o r ta n t b a r le y , oran ge Panam a fo r c o n d i- th e d is dem and has in e x c e lle n t tra n sfe r has fr o m c o n d itio n . tr a in to d is p a tc h e d been no to In boat e x p e r im e n ta l b o a tlo a d r e c e n tly sh ip p e d C a n a l to th e A tla n tic se a b o a rd , ord er at to A tla n tic of oran ges w as E u rope. rep o rt as to N o r th e r n C a r lo t G r a in Month of March T h e aver 1916 T h ere in c id e n t d r a ft e a c h ), r e m a in e d 1920 recorded 1914. at w ill crop , n o w a p p r o x i- d u r in g to in occur A lth o u g h c o n d itio n o f th e June on P ortland : W h e a t. F l o u r .. th e w as Seattle: p r e v i 1 9 1 5 , fo llo w in g of b a r le y 15th , 1900 fig u r e an tra d e on com es carryover p e r io d th e dem and on M th e re th e o f b a r le y annual year to n s, b e in g s lig h t in c r o p o f C a lifo r n ia b a r le y . age o u s ly fa c to rs of a p p r o x im a te ly boxes p o rts, an p e rce n t th is ex p e cte d by tr ia l s h ip m e n t o f o r a n g e s r e c e n t ly v ia th e of tim e . g r o w in g d r o u g h ts presen t th is navel a r r iv e d M arch is n o r m a l. A at N o rth o ffse t no th e th e tr ib u tio n exp ort P a c ific be w h ic h T h e tio n s been 1921 a t th is a u to m o b ile , a n d in 1st w as o p e r a tio n th a t new m a rk e t, 5 2 ,0 0 0 (4 6 2 th e re best A p r il F r u its d o rm a n t. m ade c o n su m p tio n C a lifo r n ia navel oran ge C itr u s T h e p r ic e s 1 9 2 0 , a lth o u g h fa v o r a b le r e p la c e m e n t w h e th e r w h o le , th e be w ill lo c a l p r o d u c tio n O n la s t y e a r . T h e s u r p lu s $ 9 .0 0 “ A .” sta te s in of cars can K in g d o m , im p r o v e m e n ts w heat o f th e in th e am ount q u e s tio n seem p r ic e s peak d u r in g th a t o f p r o v id e d tra c to r a n d th e U n ite d th e th e b a r le y th a n acreage y ie ld , p r ic e s , th e on areas. th e c a p a c ity th e in D u r c le a n e d c o m p a r a tiv e ly in t a b l e sh ow s th e p r ic e s (T h e re of L a c k in g lo c a l r e c e ip ts g iv e n “ B ” th e to grad es. a lth o u g h p r in c ip a l p o in ts are T a b le w heat A p r il of red uced flo u r r e m a in s C o m p a r a tiv e th e fo r som e flo u r to $ 8 .2 0 b u s h e ls A T / 2 s ta tio n a r y , n o te d th e as flo u r of at fr o m s tim u lu s dem and r e m a in e d by p r ic e d to le s s e x c e p tio n a lly p r o h ib itio n , of h ig h e r at h a rv e st. h o ld in g s sto ck s p er ce n t fr o m e s tim a te R e d u c tio n cargoes and w h e a t in a b a r r e l o f f lo u r .) n ecessary have r e v is in g m ills a p p r o x im a te ly in g ly som e p r ic e s in b e fo r e s h ip m e n ts m ark et t h u s fa r , it is p o s s i b le t h a t t h e creased in c r e a se d be th e r e d u c tio n M arch F r a n c is c o p la n te d to to seaso n $ 1 .1 0 p r e s e n t w h e a t p r ic e s . th e th e of w ho th e has h e a v ie r d is p a tc h h ig h e r c o r r e s p o n d w ith in g in M ille r s at m ille d sh ow n b u y in g San $ 1 .0 0 t o $ 1 .2 0 p e r h u n d r e d w e ig h t , 1920. a cc u ra te D ue 1 2 th fo r on no of de A p r il $ 1 .4 1 A creage ex p e cte d w h ic h in c r e a s e s o ld of Jan u ary, A s n o tic e a b le O n w ith exp ort th e th is th e a d e c lin e o f 6 6 % ap fa r m sto c k s by w h e a t. ap p aren t and bou ght flo u r have is O r ie n t. w heat of r e s u lt and P o r tla n d com p ared and to of in at c a p a c ity . on r a n g in g fr o m w heat o p e ra te s e ll q u o te d a c tiv ity in ap p roach es, to fo llo w e d w heat as year h o ld in g , has to o n e -h a lf te n d in g o ffe r in g s m illin g d e c lin e c o n tin u e p r o x im a te ly M illin g in ste a d y 3 is presen t T acoma : th e but tim e , b a r le y W h e a t. F l o u r .. W h e a t. F l o u r .. T o t a l s : W h e a t. F l o u r .. w as (-------------------- Output-------------------- ^ February March (barrels) (barrels) .1 ,5 2 1 R e c e ip ts — Season to April 1st Last Season to April 1st . 99 1 3 ,5 2 3 673 3 ,4 3 6 5 ,4 0 4 7 ,5 2 2 . 246 4 ,0 3 1 . 49 321 683 . 448 3 ,9 3 8 6 ,2 3 7 . 110 807 2 ,7 0 7 .2 ,2 1 5 2 1 ,4 9 2 1 9 ,1 6 3 258 1,801 6 ,8 2 6 . Per Cent M ill Capacity in Operation March February March 1921 1921 1920 1 8 4 ,3 1 7 1 9 0 ,3 1 6 1 1 7 ,8 9 6 3 0 4 ,2 2 2 9 5 ,0 2 7 2 7 4 ,2 9 8 45 37 41 5 8 .5 29 86 36 95 1 6 ,9 8 3 1 9 ,7 7 8 57 55 72 45 4 4 .8 80 (In c lu d e d 6 2 9 ,4 1 7 in C a lifo r n ia 5 7 3 ,4 2 0 67 fig u r e s ) 4 Agricultural and Business Conditions fr u it A upon a r r iv a l, c o m p a r iso n ra te s on of c itr u s C a lifo r n ia to no d iffic u lty ocean fr u its N ew and s h ip p e d Y o rk O ran ges. ..$ 0 .8 0 .. T h e V a le n c ia h a rv e ste d m a ted is e s to sta te , d u r in g be and th e s iz e d in g Weight per box (pounds) w h ic h su m m er T h e 78 th e appear excess to be of o f e ith e r la r g e be e s ti in le m o n m o n th . to m a ry at abn orm al m ark et has not C o n s u m p tio n th is tim e s u r p lu s m e n t s in M a r c h of in is ch anged le s s year, th a n and grow ers’ th e re h an d s. s u p p ly ea ste rn a fe e lin g th e b u lk of th a t e x p e c te d Su gar a c r e s ). B e e ts in g and has In fo llo w w hen la r g e are r e d u c tio n in t h is crop 1921 to ta l in co u n try as now th o se to to in be season w ill y e a r ’s th e th e to d is sta te , p la n te d c lo s e ly a p p r o x i p la n tin g s areas in g r o w in g w h ere to v a r y , b u t it ( 2 9 2 ,0 0 0 w h ic h c o m p le te d , a m p le th e e x c e p tio n C a lifo r n ia re In d ic a tio n s s u ffic ie n t o p tim is m th e been good of to le m o n s w e r e b e in g acreage th e la s t e ffo r t m o n th s. th e is s h ip m e n ts an of grow ers le m o n s of d u r in g ern of s h ip m e n ts o f th e su g a r b e e ts p o r te d , w ith S h ip a su m m er m a te an r e s u lt m a rk e ts. been o f fo r e ig n th e cu s is th e p r ic e d fo r e ig n has w arran t s m a ll d u r in g is on E s tim a te s th e are c a r s in M a r c h , heavy a b n o r m a l h o ld in g s th ere d u r in g norm al or th e p osal o f prom h a rv e ste d 1921, a p e r io d o f c u r ta ile d p la c e d 84 is crop c o m p a r a tiv e ly s to c k s o f lo w th a t w ill m o n th s, c o m in g ever oran ges an duce M arch , 1920, and 897 T h e M arch , fr u it. T h e th e th e crop c a r s in 1919. S o u th e rn 1 .6 6 5 0 .7 0 cars. 651 fr e ig h t $ 1 .9 2 la r g e s t th e s iz e , w ith o u t fr o m R ail Shipments per 1 0 0 pounds oran ge a t 2 2 ,2 0 0 a n tic ip a te d . fo llo w s : W ater Shipments per 1 0 0 pounds Lem ons . is r a ilr o a d c o n d itio n s seed - r a in fa ll are re o f s e c t io n s in S o u t h th e r a in fa ll is b e lo w n o r m a l. to ta le d 9 3 6 c a rs c o m p a r e d w ith R E F I N E R Y S U G A R P R IC E S IN T H E T W E L F T H F E D E R A L R E S E R V E D I S T R I C T 1 9 1 9 - 1 9 2 0 - 1 9 2 1 28 28 26 26 / \ / 24 \ 24 \ ! 22 22 / \ / ,2 0 \ / / L a 20 V \ )0 \ o £16 o / V f 1 x i* \ 16 \ / z \ / / \ / 12 14 \ 12 / 10 / 10 \ 8 6 JA NU \ R ' f - K JU f IE 19 14 AV ER AG E fj‘ RE - v ✓A R f>RI CE 4 2 ■ ? i7 — e v il1919-*- ' • ^ <*> CO ^ ' 7 ^ 7 . T T 1920 — tVJ *! Q U O T A T IO N DATES 4Jr 1921 Federal Reserve Bank of San Francisco R e p o rts in d ic a te 1920 fro m th a t crop beet fr o m ( 2 ,8 3 9 ,0 0 0 th a t th e o u tlo o k of th e to fo r of an of produ cers grow ers p r ic e fo r to in c r e a se d r e fin e d su gar c o n d itio n e d o f th e th e are now d u r in g re tu rn as can e p r e v io u s ly th e s o ld . port S u gar been at th e su gar of are co n te n t p resen t crop p o rte d to ch art Is la n d s be in th e can e p re se n te d and th e rehas T h e 1920- to n s crop a ls o is on d u r in g in la b o r account is re and L iv e s to c k th e d is tr ic t and th a t th e ir and fro m d itio n sh eep w in te r due to N o rth w e st, and fr o m C o n d itio n s in Calves March March 1921 1920 Cattle March 1920 P o r t l a n d ...................... 8 ,4 6 7 9 ,8 4 7 571 S a lt L a k e C it y . . . S e a t t l e .......................... S p o k a n e ....................... T a c o m a ......................... 5 ,9 5 5 4 ,0 1 9 64 4 ,4 1 5 2 ,4 0 3 1 ,9 5 9 3 ,6 7 8 3 ,4 5 1 1 ,3 7 3 135 65 2 97 681 44 2 3 ,1 9 9 2 2 ,3 6 8 837 1 ,8 5 7 T o t a l ......................... P u r c h a s e s f o r s ta g n a tio n se r io u s str ic k e n to areas R e c e ip ts pu rch ases to th e and of “ D .” sam e th is d e fic ie n t at fiv e d u r in g m a rk e ts is of g iv e n ta b le and p r in M arch in p r ic e s in C a li c a lv e s , th e 983 52 Hogs March March 1921 1920 ta b le s r e c e iv e d “ E .” 1 8 ,9 2 7 3 ,7 1 1 2 ,9 9 2 1 8 ,7 7 7 3 ,3 7 2 2 ,6 9 3 2 6 ,8 7 5 1 6 ,8 7 8 2 ,7 3 8 5 ,1 2 4 4 ,8 7 0 2 ,8 8 4 638 2 ,0 9 4 6 ,5 0 2 1 ,5 7 2 1 ,3 1 4 3 3 ,4 9 2 3 2 ,5 9 6 6 3 ,5 3 0 3 3 ,0 8 5 1 7 ,0 4 5 1 1 ,9 3 9 1 1 ,7 5 8 Calves March 1921 1920 March 1921 Hogs March 1920 March 1920 5 ,9 8 4 4 ,2 6 7 337 361 1 6 ,7 0 4 1 2 ,0 6 4 8 ,8 7 8 1 ,9 3 4 1 ,4 6 8 183 52 2 ,5 2 9 2 ,8 0 7 5 ,9 4 0 1 ,9 6 2 S e a t t l e .................................. 4 ,3 3 4 3 ,5 2 1 135 75 2 ,9 9 2 2 ,6 9 3 1 6 ,6 5 8 6 ,1 2 8 S p o k a n e .............................. 1 ,9 6 2 2 ,2 8 0 41 153 2 ,0 6 3 3 ,4 7 8 649 442 T a c o m a ............................... 1 ,9 5 9 1 ,3 7 3 2 44 5 ,1 2 4 2 ,8 8 4 2 ,0 9 4 1 ,3 1 4 in L iv e s to c k Lo w e st Week ending 82 Sheep March 1921 4 ,2 6 5 T o t a l ............................... 1 4 ,4 5 4 Horses and Unies March March 1921 1 9 2 « Sheep March March 1921 1920 C i t y ............ M arch M arch of are re p o rte d . e x c e p tin g ran ge im drough t grou n d s C o lo r a d o and cau sed little la s t y e a r , a s s h o w n T h e to r a in S ta te fr o m S a lt R a n g e c o n tin u e th e d is tr ic t re P a c ific p o in ts . sh ow s la u g h te r con m ark et m arket have fe e d in g and lo c a l m a rk e ts of sh ip m e n ts liv e s to c k , fo r w here part m ar fa v o r a b le th e s h ip m e n ts sto ck m e n , M e x ic o of in liv e s to c k Som e fo r n ia , N e w pork A r iz o n a , in t h e lo s s e s fr e s h M id d le -W e s te r n so u th e rn p ro v e m e n t. and P o r t l a n d ............................ H ig h e s t a n d in c re a se 203 20 85 30 77 39 413 — — 209 740 S la u g h te r — L o c a l Cattle March MarchMarch 1921 1920 (E ) th e fe w o f L iv e s to c k — R e c e ip ts Lake to of are e x c e lle n t a c tiv e heavy in th e a t th e page. re p o rts at te r m in a l in w in te r T h e b e r e c e iv e d “ C ” but m a rk e ts b u y in g are m ild e x c e p tio n a lly c ip a l p a st tw o not a p p e a r in g th e w e r e h e a v ie r th a n b a s is sto ck e r t h a t in q u ir ie s ran ges c o n d itio n s . m a in s fa ll op por in h erd s. C a ttle k e ts are liv e s to c k o ffe r a n im a ls , p r in c ip a l sta te sto c k m e n of to in v e s tm e n t fe e d e r fr o m and seem p r o fita b le h ow ever. March 1921 (D ) fo r fe e d s tu ffs w o u ld th e th e o p p o site la s t b e in g C ane c o n d itio n flu c tu a tio n s on crop co m p e te n t r a in fa ll. su gar been a p p r o x im a te ly of e x c e lle n t s h o w in g o f su gar p rodu cers 5 5 4 ,0 0 0 y e a r ’s c o n tin u e d p r ic e o f r e fin e d is th is s c a r c ity H a w a iia n and be w ith tim e have 1 9 1 9 -1 9 2 0 w ill of to lo ts ” m ark et m a rk e te d . com p ared o w in g la te (C ) a p r ic e c o n tra cts th e H a w a iia n th e ir e n tir e ly C u ltu r e d e la y e d th e L arge to n s year. years year. p r o v id in g m ark et m in im u m on th a t 1921 5 7 5 ,0 0 0 A tu n itie s co n tra c ts and T h e m ark et p la c e d C ane in and g u a r a n te e in g is q u ie t a n d m o s t o f t h e “ d i s t r e s s of s o ld , of p r e v a ilin g fe e d su gar p r ic e s now b e e ts. T h e L o w th e th is o ffe r in g to n , ad van ces. a been crop per w o u ld of cent fo r th e d is p o s itio n crop 1921 on per has $ 6 .0 0 a ls o p rodu cers 40 to n s) th e ir $ 5 .5 0 to is f a v o r a b l e r e m a in d e r Sugar su g ar 30 1 2 ,9 0 9 698 685 2 9 ,4 1 2 2 3 ,9 2 6 3 4 ,2 1 9 1 5 ,8 3 0 P r ic e s — A ve ra ge Top Fat Steers P r ic e s Per H u n d r e d w e ig h t Cows R e c e iv e d at F iv e CalvesHogs P r in c ip a l M a r k e ts D u r in g M arch Lambs 7 ........................... 1 4 ........................... $ 6 .5 0 -8 .5 0 7 .1 0 -8 .5 0 $ 6 .0 0 -7 .5 0 6 .0 0 - 7 .5 0 $ 9 . 0 0 - 1 3 .0 0 9 .0 0 -1 3 .0 0 $ 1 0 . 2 5 - 1 2 .6 5 9 . 8 5 - 1 2 .0 0 M arch 2 1 ........................... 7 .2 0 -8 .5 0 6 .2 5 - 7 .5 0 9 .0 0 -1 3 .0 0 1 0 .1 0 -1 2 .0 0 8 .0 0 -9 .0 0 M arch 2 8 ........................... 6 .7 5 - 8 .5 0 5 .5 0 - 6 .7 5 9 .0 0 -1 3 .0 0 9 .9 0 -1 2 .6 5 7 .7 5 - 8 .5 0 $ 7 .0 0 -9 .0 0 8 0 0 -9 0 0 Agricultural and Business Conditions 6 G en eral w eak n ess te r iz e d th e b u tte r d u r in g M arch . to and T h is tio n P r o d u c ts w h ic h of lo c a l as d is t r ic t is s t ill a m o n t h of th e m o n th r e s u m p tio n of c o ld th e of sto ra g e fro m 7 2 8 ,7 0 3 A ord er aw ay. situ a tio n E a ste rn to ta l h o ld in g s b u tte r b e in g dem and m ake to of 1 7 .3 w eeks in of th is th e r e lie v e d end by a L u m b er w h ic h of has been to ta le d 6 8 .1 c o n tin u e d to be heavy, c r e a s in g , d u r in g th e m o n th p u rch ases pou n d s. of c o ld M arch , 1921, and per O rders sto ra g e 1920, and crease w eek s, d is tr ic t is g iv e n in ta b le cen t. of th e p rogress in are r e c e iv e d per of an w ith in c r e a s e is cu rren t th e w ith part m o n th b u y in g m o n th over fo u r e a r ly th e by and n eeds. th e fe e t of in c o n s e r v a tiv e m eet th e com p ared c o r r e s p o n d in g or 2 8 3 ,1 2 9 ,0 0 0 cent grad ual com p ared s t ill d u r in g to ta le d and is to rep - in d u str y , th e d u r in g v o lu m e it is o f th e s in c e fe e t, o n ly at in c re a se lu m b e r F ebru ary, T h e fo u r re p o rte d n e v e r th e le s s c o n tin u a n c e a lth o u g h o f 3 0 .2 in t h e th e fe e t w as th is it S h ip m e n ts a s s o c ia tio n s c ip a l of a 3 5 4 ,5 6 3 ,0 0 0 2 1 0 ,9 1 8 ,0 0 0 c o r r e s p o n d in g cut season al in F ebru ary. th e A lth o u g h re se n ts W ith d r a w a ls 4 0 3 ,9 4 6 fe e t. recovery dem and. to In 1 9 2 0 , th e p a r tly p r ic e d is p o s e c e n t. M arch , 4 6 8 ,6 7 9 ,3 9 6 th e to ta l h o ld in g s o n A p r il 1 st, a t th e fo u r p r in m a rk ets per of d im in u - T ow ard sta te m e n t w ith d r a w a ls d u r in g a season w as red u ced pounds c o m p a r a tiv e to sto ra g e C oast d u e la r g e ly E a ste r n d e a le r s in th e ch arac P a c ific w as and fo r c e d produ ct th e r e c e ip ts , a n d c o n c e s s io n s cu rrent on c o n d itio n in c r e a s e d D a ir y u n c e r ta in ty m ark et or fo u r an in p r e c e d in g fo u r 3 8 0 ,1 5 0 ,1 2 9 fe e t w eeks o f la s t y e a r . “ F .” C o n s id e r a b le m o n th ra te d m ilk ders th e had been an a s lig h t have a S to r a g e m ore in c r e a se p r ic e s p a id to m ilk tr ib u to r s . T h e m o u n ta in d is tr ic t per have w h ile sh ow ed th e P a c ific of p r ic e s d is tr ic t a n d in th e M arch to U n ite d p r o d u c tio n of 1 8 ,6 8 6 1 2 4 ,0 6 5 7 9 ,5 5 0 P o r t l a n d ............. S a n F r a n c is c o ...1 7 6 ,5 5 6 3 4 ,2 2 0 4 2 ,8 9 9 3 ,9 5 9 9 1 ,7 8 3 2 1 2 ,0 8 6 2 2 0 ,2 3 6 1 0 5 ,6 3 9 9 2 ,1 8 7 2 4 ,8 9 6 1 8 ,5 8 6 3 2 4 ,7 7 7 2 3 6 ,8 7 6 4 0 3 ,9 4 6 2 4 5 ,1 5 7 fo r a s s o c ia tio n s in th is th e g iv e s lu m b e r re p o rts fro m d is tr ic t F ebru ary in * N e t in c r e a s e . d is In te r 30 ce n ts sh o w ed as 2 ,3 7 6 (G ) P r ic e s R e c e iv e d b y M ilk P r o d u c e r s *— Mar. Average Feb. Average Mar. 1920 Average $ 2 .4 7 $ 2 .7 7 $ 3 .0 7 2 .9 9 2 .6 2 3 .0 6 2 .9 0 3 .4 8 3 .5 5 F ebru ary a Section f March Range com p ara p rod u cers S ta te s to th a n of A p r i li 1920 Holdings (Pounds) L o s A n g e l e s . . . .* 3 6 ,9 6 8 a c tiv e m ilk w ith “ G ” p a id a c c o r d in g fe e t g r e a te r d e c lin e o f C o ld or in th e d is tr ic t T a b le fig u r e s fe e t), a in com p ared d e c lin e o f s ix c e n t s . tiv e flu id p r ic e ith d r a w a ls over w itn e s s e d producers b y average h u n d r e d w e ig h t p r ic e s , been W March March April 1 1 9 2 1 Net 1921 1 9 2 0 Net Withdrawals Withdrawals Holdings (Pounds) (Pounds) (Pounds) City s h ip m e n ts . d e c lin e s a n d B u tte r — S to re d u n fille d in c r e a s e fo llo w in g H o ld in g s te m p o o th e rs and (F ) Several o u tp u t. s te a d ily past evapo c lo s e d and sh ow ed and th e and d is tr ic t. th e ir m o n th , dem and F u rth e r ber th e o p e r a tio n s M arch p r e v io u s e ig n of d ecreased d u r in g d u r in g con den sed in c r e a s e d have d o m e s tic th e w h ic h resu m ed g r a d u a lly sto ck s in in d u s tr y c o n d e n sa r ie s , r a r ily , im p r o v e m e n t occurred a in th is w h o le . (8 6 M o u n ta in M k t s .) .$ 2 .1 0 -$ 2 .9 8 P a c ific (2 3 1 M k t s .) . . . U . S. (3 0 1 4 M k t s .) . . . . 2 . 3 8 - 3 .5 8 1 .6 5 - 4 .3 9 ( 2 3 8 ,2 3 4 ,0 0 0 th e w as fo u r lu m 3 5 ,2 6 4 ,0 0 0 c u t, an in c r e a s e * A ll p r ic e s p e r h u n d r e d w e ig h t fo r m ilk t e s t i n g 3.5 p e r c e n t b u tt e r fa t . f M o u n t a in S e c tio n in c lu d e s I d a h o , U t a h , N e v a d a a n d A r iz o n a . P a c ific S e c tio n in c lu d e s W a s h i n g t o n , O r e g o n a n d C a lifo r n ia . (JET) L u m b e r — C a lif o r n ia W e ste rn P in e M a n u fa ctu re rs * W est C o a st L u m b e r m e n ’« A s s o c ia t io n A s s o c ia t io n A verage N o. o f M ills r e p o r t i n g ........... 4 Weeks ending Mar. 2 6 Previous Four Weeks 4 Weeks ending Mar. 2 6 Previous Four Weeks W h it e a n d S u g a r P in e C a lif o r n ia M a n u fa ctu re rs * Redw ood A s s o c ia t io n A s s o c ia t io n 4 Weeks ending Mar. 26 Previous Four Weeks 4 Weeks ending Mar. 26 T O T A L Previous Four Weeks 4 Weeks ending Mar. 2 6 Previous Four Weeks 35 1 6 ,9 6 4 6 11 li 1 6 2 ,6 4 8 35 2 2 ,3 1 2 7 C u t * .............................. 1 8 7 ,9 1 7 S h i p m e n t s * ............ 2 0 9 , 9 7 0 9 ,1 6 3 5 ,3 7 8 1 8 ,8 4 2 1 7 ,9 8 0 1 5 7 ,9 7 0 4 1 ,7 5 0 3 7 ,3 3 7 8 ,7 1 0 5 ,8 2 7 1 5 ,7 4 3 9 ,7 8 4 3 5 4 ,5 6 3 2 1 0 ,9 1 8 O r d e r s * ..................... 2 1 3 ,4 3 1 1 6 7 ,4 8 3 4 5 ,2 5 0 3 6 ,8 5 0 8 ,7 3 4 5 ,5 8 7 1 5 ,7 1 4 7 ,4 7 8 2 8 3 ,1 2 9 2 1 7 ,3 9 8 118 * In t h o u s a n d s o f b o a rd fe e t. 118 171 2 3 8 ,2 3 4 170 2 0 2 ,9 7 0 Federal Reserve Bank of San Francisco T h e 7 l u m b e r m a r k e t in g e n e r a l h a s b e e n a c tiv e d u r in g th e p ast m o n th th a n m ore at an y tim e s i n c e t h e f ir s t o f t h e y e a r a n d it is b e l i e v e d 75 per cent o p e r a tin g b e in g of by th e o v e r h a u le d U n c e r ta in ty w ith w h ic h fr u it in and r e fle c te d sh ook in of box sh ook th e d is tr ic t m ills in w ill be now th e of canned of is th e now cent are fo r th e sh ow n la r g e ver, fo r le a d in th e in ver m in e s le a d 80 a of p r ic e s fa c to rs in fo r m red uced g o ld cent per cent of s u p p lie s r e str ic tin g of th e T h e put of 1920, fo llo w in g of ago, and la b o r at th e s il and th e c o n tin u e but and p r ic e s R ay in 1921, 1921, are sh o w n ta b le : Feb. 1 9 2 0 Jan. 1 9 2 1 8 ,1 2 0 ,5 2 3 1 0 ,0 5 4 ,3 6 9 3 7 ,2 8 4 1 5 ,0 2 3 3 6 ,5 2 9 S ilv e r ( o z s . ) ................. 7 5 8 ,7 8 3 4 8 6 ,3 3 1 8 0 8 ,9 6 3 Lead ( p o u n d s ) . . . . 1 3 ,5 9 5 ,2 8 6 1 1 , 2 9 0 ,8 2 5 1 6 ,5 5 8 ,4 7 4 C o p p e r. r e le a s e d by vey d is tr ic t th is fla s k s ) of S t a t e s in p u t, 10 (1 3 ,0 7 0 w as N o and fig u r e s S ta te s produced q u ic k s ilv e r m in e s , m in e m in e . or th e 1920 U n ite d C a lifo r n ia fr o m one th e N evada p r o d u c tio n w as in w ith w ith w ith cent th e Su r (9 4 6 9 U n ite d O f th e to ta l o u t c r e d ite d O regon per m in e d fla s k s ). r e c e n tly G e o lo g ic a l 7 2 .4 24 79 9366 fla s k s fla s k s fr o m fla s k s re p o rte d fr o m fr o m one Id a h o A r iz o n a . Som e d is tr ic t m in e s o f th e are in la r g e s t am on g th e copper th e U n ite d 16 S ta te s produ cers im p o r ta n t w h ic h o u t have sh u t 1920 Production Blister copper (pounds) D is t r ic t : 9 5 ,0 6 2 ,0 0 0 7 9 ,2 5 0 ,0 0 0 .............................................................. 4 9 , 4 1 1 ,8 7 3 C o m m e r c i a l ......................................................... 6 ,5 0 0 ,0 0 0 T w e lfth in th is copper have D i s t r i c t ........................................3 8 6 ,2 2 3 ,8 1 0 O ther an D is t r ic t s : C a l u m e t a n d H e c l a a n d s u b s i d i a r i e s .............. 1 0 1 ,3 9 5 ,1 7 7 C h i n o ................................................................................................ 4 6 , 6 1 1 ,4 3 2 G r e e n e -C a n a n e a .................................................................... 4 3 ,3 5 0 ,0 0 0 D o m i n i o n .......................................................................... 2 9 ,9 6 1 ,7 0 0 N o rth B u t t e ............................................................................... T o ta l O th e r T o ta l A ll T h ese to ta l T h e D i s t r i c t s ...........................................3 9 8 ,3 6 5 ,6 8 3 m in e s c o n tr ib u te o u tp u t r e fin a b le hands a m o u n ts to of 75 th e s u r p lu s o f th e per of p rodu cers a p p r o x im a te ly set fo r s h ip m e n t A s s o c ia tio n . in c r e a s in g proved th e tio n s sto c k s to 50 to of S ta te s w as of D u r in g to a p p r o x im a te ly in 1920 it w as 1 ,0 0 0 ,0 0 0 ,0 0 0 m and d w in d le d to w as to m er, b e in g T h e and p r ic e th e fir st m e th o d a of o n ly op era w hen w as un th e year and 40 to to m ore d o m e s tic and b ig g e s t copper d e c lin e d in c r e a s e d p ou n d s, p r o p o r tio n s , bu yer. of e x p o rte d p r o d u c tio n s lig h tly our m in e s 1 ,2 0 0 ,0 0 0 ,0 0 0 w as H ow ever, of m e e tin g it a n n u a lly m eager m o n th s been op era of copper b e tw e e n w ar s m a ll of th a t 2 ,5 0 0 ,0 0 0 ,0 0 0 fo r m e r ly has of a lte r n a tiv e copper d u r in g been C opper p r o d u c tio n . th e pou n d s. d e c lin e d w h ic h th e th e c e s s a tio n la r g e pounds th is by s u r p lu s o n ly so o u tp u t cent E u rope. th e fu r th e r 1 ,3 0 0 ,0 0 0 ,0 0 0 per be becam e fin a n c e U n ite d and in e ffe c tu a l in pounds have c u r ta ilm e n t C o m p le te ap peared u n s o ld th e an s itu a tio n . copper w h ic h T h is and th e p r e s e n t tim e 7 5 0 ,0 0 0 ,0 0 0 pounds s te a d ily of S ta te s. u n s o ld a t th e 4 0 0 ,0 0 0 ,0 0 0 fo r e ig n cent U n ite d in c lu d in g a s id e 1 6 ,5 9 7 ,3 7 4 C o m p a n i e s ...........................................7 8 4 ,5 8 9 ,4 9 3 s m e lte r P r e -w a r p r e lim in a r y w h ic h p r o fit 1920 A n a c o n d a .....................................................................................1 6 0 ,4 5 0 ,0 0 0 w is e to m in e s th e 4 9 ,6 2 1 ,9 3 8 E xp ort Feb. 1 9 2 1 6 ,7 6 7 , 6 1 6 A c c o r d in g sh ow s C o n s o l i d a t e d ...................................................... T o ta l th e (p o u n d s) . . * B lis t e r ta b le th a t th e m in e d ............................................................................... C o n s o lid a te d A r iz o n a and F ebru ary, Jan u ary, a d ju s te d be D o d g e . ....................................................................... N evada as r e lie f p r o m is e d . in so m ay p r in c ip a l is c o sts C o p p e r C o m p a n y ................................................... 1 0 6 ,3 7 7 ,9 9 9 P h e lp s R e la tiv e ly c o m m o d ity m in e s p r o d u c tio n m a r k e t p r ic e o f c o p p e r been T welfth U ta h O ld o p e r a tin g c a p a c ity is n o w and ( o z s . ) ................... G o ld th e su ch m e ta l dow n : tio n s ♦C opper fo llo w in g in c r e a se c a p a c ity , and d e c lin in g r e p o r tin g F ebru ary, in a b ly . and of s il cop per. p r o d u c tio n , la b o r e x p e n s e 15 have th is com p ared a year are of in g o ld , s ilv e r 1921, m in e s per of C o m p a r a tiv e fig u r e s o f th e o u tp u t o f m e ta l o f th e a n d th e Sh u t D ow n u n til s u r p lu s p a g e ). s m a ll of and d is tr ic t m in e s g o ld , m o n th p r o d u c tio n 90 th is m in e s a t 1 0 0 p e r c e n t c a p a c ity . h ig h th e at fifte e n F ebru ary, r e p o r tin g in o p p o s ite in d ic a te sam e th e a p p r o x im a te ly s h ip m e n ts p r o d u c tio n p r o d u c tio n w ith d ecrease (se e th e le a d th e c u t, fr o m in and in M in in g “ H ” r e c e iv e d copper of a s s o c ia tio n s ta b le engaged T h e C o p p e r M in e s a l users fill t h e i r r e q u i r e m e n t s fig u r e s fo u r in R e p o rts d is tr ic t red u ced I n s p ir a tio n C o m p a r a tiv e o p e r a tio n s la r g e o p e r a tin g c a p a c ity th e of p resen t box year. ord ers th e m e ta l s e a s o n ’s in d u s tr ie s w hen su s p e n s io n as th a t are th is are per seaso n u s u a lly to p a c k in g m ills tim e r e o p e n in g . o p e r a tio n s 50 is t h e to p r e v a ile d s a lm o n a p p r o x im a te ly th is a has T h ese th o u g h th e M an y regard c u r ta ile d m ills . in 15th . p re p a ra to ry o p e r a tio n s , at m ills A p r il nounced de e x p o rts G erm an y, exp ort r a p id ly 1 9 2 1 , w h ile but th a n in cu s 1920 p r o d u c tio n Agricultural and Business Conditions 8 co sts th e w ere la tte r m o n th s e ra te d tio n of at per tw een w ith in g a lo s s . fo r th e of 16 ce n ts ce n ts sta g n a n t e le c tr o ly tic on th e th e c o m p a n ie s N ew co sts to A Y o rk op produ c ce n ts in F ebru ary of 1 5 ,8 5 5 s in c e In ord er s ix -te n th s T rad e sto re s re p o rte d CEN TS PER 1 9 1 3 LB. 26 CENTS PER • \ / / \ / / / j i I / I I 20 I IA / V / V \ 16 V \ 14 \ 1914 1916 1915 THE W AR P E R IO D th e is as P e tr o le u m 12 1920 1919 1921 of C a lifo r n ia , th e 3 3 7 ,6 8 3 re p re se n ts b a r r e ls o u tp u t in g re a te r th a n 1920. th e sto ck s M arch w ere la r g e r th a n J u ly , 1920, T h e la r g e r e fle c tio n d a ily in c r e a s e of o f 3 1 6 ,8 1 2 S h ip m e n ts N ew W e lls W ith T h is is have th is year th ree been th e at sto ck s sh ip m e n ts , th e w ith cent th a n th a n of in th e M arch , m o n th s of g re a te r p e r io d n e t in c r e a s e net s a le s fo r 9819 Los of th is is a year m o n th d a ily ago. or decrease th e th a n (— ) r e p o r tin g in c itie s A n g e l e s ..................................................... 9 .9 1 8 .2 3 .1 2 4 .6 S a c r a m e n t o ........................................................ — 6 .2 .9 2 6 .6 S e a t t l e ...................................................................... — 1 4 .6 3 3 .4 S p o k a n e ................................................................. 4 .6 1 9 .4 S a lt 1 .7 2 5 .1 Lake C i t y .............................................. am ount C. O . $ 3 .1 4 in M arch th is of year, th is th a n M arch d ir e c t b e in g s h ip m e n ts T h e to average w as s a le te n a year ago 7 .5 s a le per is a sta te m e n t and of in th e San (c a sh , fir m s $ 3 .0 1 F ebru ary, 1921, w h en in cent fe ll d u r in g M arch la r g e r it w a s $ 2 .8 0 . average s a le F r a n c is c o , L os S e a ttle : March 1921 February 1921 March 1920 $ 3 .9 4 $ 4 .2 7 F r a n c i s c o ................. $ 3 .0 7 A n g e l e s .................... S e a ttle 2 .7 4 ............................... 3 .0 1 T h e v a lu e r e p o r tin g a t th e 3 .7 5 .................................. D is tr ic t at (s e llin g fir m s c lo s e 1920, bu t hand F ebru ary. by f ---------------- Average Sale ---------------- N Los average average c h a r g e , C . O . D .) A n g e le s San tim e th e re p o rte d how ever, t h a t in (c a sh , of D .) year. F o llo w in g m o n th b a r r e ls . a v a lu e F r a n c i s c o .................................................. — b a r r e ls any th e in March, 1 9 2 1 , Compared t o : March February 1920 1921 M arch , 1 ,3 0 9 ,9 8 8 2 4 ,2 1 3 ,6 2 7 sto re d per b a r r e ls in of be d a ily 6 1 ,6 8 2 end of fig u r e of average A v e r a g e ) ......................... of p r ic e ) averaged M arch in c r e a se d th e 2 .8 0 end of th is 4 .5 of per year th a n per cent F ebru ary, 3 .1 4 sto ck s 2 1 .6 in over 1921. of cent th e lo w e r M arch , th o se T h e on per- March, 1921 February, 1 9 2 1 January, 1 9 2 1 March, 1 9 2 0 3 3 7 ,6 8 3 b b l s . 3 2 7 ,8 6 4 b b l s . 3 3 1 ,1 8 6 b b l s . 2 7 6 ,0 0 1 b b l s . 2 9 5 ,4 2 6 3 1 6 ,8 1 2 “ 3 1 9 ,7 6 9 2 2 ,9 0 3 ,6 3 9 “ 2 2 ,5 9 4 ,1 9 0 66 60 A v e r a g e ) ........................... O p e n e d ............................................... D a ily P r o d u c t i o n ............. W e l l s A b a n d o n e d ........................................................ 15 t h e ir s a le s le s s in v a lu e ( E n d o f M o n t h ) ................. 2 4 ,2 1 3 ,6 2 7 (D a ily In itia l ce n t g re a te r — (D a ily S to re d S to c k s th e d u r in g in of averaged fo llo w s : T h e sta te p r o d u c tio n p r o d u c tio n com p ared b a r r e ls P e tr o le u m P r o d u c tio n in d ecreased b a r r e ls th e to ta lin g sh ip m e n ts 2 9 5 ,4 2 6 (I) th e y th e in c r e a s e and at (e x c lu s iv e a lth o u g h fir s t c o r r e s p o n d in g ch arge, m o n th fo r b a r r e ls . in c r e a s e d and sin c e d a ily over d a ily th e record an F ebru ary S to re d d u r in g d u r in g new average in g P e tr o le u m a “ I .” 10 ( l 9 1 7 -1 9 lö ) O M IT T E D p r o d u c tio n e s ta b lis h e d 1 .6 average v a lu e fro m M arch O il C o m d is tr ic t O a k l a n d ................................................................. \ D U R IN G w ere T h e San / 1913 fo r 18 \ \ \ 10 fie ld tw e n ty -e ig h t sto res per p ro o il ta b le of 20 / / / I * P R IC E S of th e in 22 / f 12 28 PA J S. \ f 14 J f j IO\ J I »6\\ 1 1 / / / year th e / s LB. 26 1 24 22 fo r S ta n d a rd th is 1920, d a ily on of w e lls * 1 9 2 1 J - Á 23 M arch new in itia l s a le s of one M arch , S a le s th e in in 60 F ig u r e s d e p a rtm e n t R e ta il 1920. an sh ow n net h ou ses) in N E W Y O R K M A R K E T P R IC E E L E C T R O L Y T IC C O P P E R by are 1921, r e p r e se n ta tiv e 1913 fo llo w s : fu r n is h e d M arch , m a il w ith d u r in g p r o d u c tio n w ith b a r r e ls . C a lifo r n ia opened d a ily com p ared d u c tio n of w ere in itia l opened a sh o w w e lls an b a r r e ls pany e le c tr o ly tic m ark et 2 9 ,8 3 5 o p e r a tio n s m ar new w ith com p ared ch art of be S ix ty -s ix M arch T h e 12% p r ic e in th re e ran ge w ^ a r. 12 th e of pound, copper. of fir st copper th e at th a t th e a b e fo r e so and r e fin e d flu c tu a tio n s copper red uced , 1920 O p e r a tin g of and 9 .5 now pound of m ost pound to is s lig h tly 1921, 1 3 .5 7 ket o n ly m o n th s “ 3 1 3 ,4 3 8 “ “ 2 7 ,5 7 8 , 3 6 4 64 51 2 9 ,8 3 5 b b l s . 1 5 ,8 5 5 b b l s . 2 9 ,8 5 2 b b l s . 7 ,8 9 5 b b l s . 6 7 5 12 “ 9 Federal Reserve Bank of San Francisco c e n ta g e end of th e net w as an of average th e m o n th s m o n th ly s a le s d u r in g per c e n t, im p r o v e m e n t w ith w hen th e c lo s e of at c lo s e O u ts id e of of th e w as to 7 .8 th e to ta l th e p r e v io u s in p r ic e th e ord ers p u rch ases in m o n th . of le s s a ll m a te r ia ls b u y in g in g th e s a le s o f th e net s a le s in a ll 1920, F ebru ary, but 1921. R e ta il fir m s per T h is cent re p o rte d by J an u ary has P r ic e s are s o ld . It in to In c lu d v a lu e th e and of d is of to a 20 year fo r have “ J” w h ic h d e p a rtm e n t im p r o v e m e n t in h ou ses) w ere in ago, th is in th e w ere s ix , re p o rte d in fir m s , and w ere in d ic a tin g as “ ex “ poor” by r e c e iv e d in th a t c o lle c tio n s by th ere d u r in g cent a lth o u g h a ll th e c la s s e s sto re s le s s th a n p e rc e n t of goods te m p o r a r ily c o n s e q u e n tly , dem and e x is ts , a have “ in sh a rp not de a r tic le s . in d e ta il th e sto ck s and s u p p lie d sto re s per goods w h ic h , o th e r d e p a rtm en t 33 fo r th a t g iv e s s a le s , in to u n ifo r m sta te d in by s o ld fr o m not th a n g re a te r goods is as T a b le in fo u n d r e p o r tin g re p o rts ch ange c o n c e n tra te d gard s ig n ific a n t pow er year. and c lin e d th e “ fa ir ” little tim e s ty le ” is M arch of F ebru ary re p o rte d ages la b o r one, and been th is b u y in g d is tr ic t S im ila r p resen t are e s p e c ia lly th e d u r in g tw e lv e fir m . and w a s 4 .0 p e r c e n t le s s th a n 2 8 .8 c e lle n t” p ros h o u se s, th e r e p o r tin g by T h e ru r a l d is tr ic ts . m a il o r d e r of tr ic t d u r in g M a r c h M arch , th e C o lle c tio n s “ good ” one is of c o m m u n itie s. at and p art a g r ic u lt u r a l M a rch , as crop s a c tiv ity la r g e fa r m in g in la s t y e a r , b u t tra d e a la r g e ly th e c o n tin u e s h arvest of th e w as cen t. c itie s , tr a d e abundant at s a le s o u ts ta n d in g per 1920, th e fa r m e r m u s t p u r c h a se h a v e se r v e d s tim u la te (J ) of s in c e com of sto ck s m o n th ly ru ral to p e r io d tu rn o v e r average net th e in d ic a te s m o n th s in v a lu e o f s a le s t h a n w ith an d e c lin e w h ic h of to M arch th e of year sam e w h ic h im p r o v e m e n t w a s n o te d com p ared pect of year and a m ark ed m o n th ra te at th is th e th re e p e rc e n ta g e la s t v o lu m e th e hand of fig u r e fir s t p e rc e n ta g e each T h e th e a in th e 5 1 5 .3 . d u r in g on th re e 4 0 4 .7 pared sto c k s fir s t s ta tis tic s o u ts ta n d in g by 28 (e x c lu s iv e in re ord ers r e p r e s e n ta tiv e of m a il ord er M arch . A c tiv ity — T r a d e C O N D IT IO N O F R E T A IL T R A D E D U R IN G M A R C H , 1921 I n F e d e r a l R e s e r v e D i s t r i c t N o . 12 (28 Stores R eporting) Oakland Los San Angeles Francisco Salt Lake City Sacramento District Seattle Spokane 3 .1 — 1 4 .6 4 .6 1 .7 2 4 .6 3 3 .4 1 9 .4 2 5 .1 4 .3 -1 5 .6 1 .3 6 .0 4 .2 1 .6 P e r c e n ta g e in c re a se o r d e c r e a se of net s a le s d u r in g M arch , 1921, over sam e m o n th P e rce n ta g e net s a le s d u r in g l a s t y e a r ............................. in c r e a s e or of net s a le s d u r in g 1921, over net s a le s of in c r e a s e net 1921, to s a le s or 31, 2 6 .6 1 8 .2 9 .8 1 1 .9 — 2 7 .2 — 1 2 .8 -2 1 .9 — 3 3 .8 — 2 0 .9 — 1 5.1 -3 0 .3 -2 1 .6 7 .7 6 .2 3 .1 3 .1 1 .4 6 .6 6 .8 4 .5 4 5 5 .3 3 5 3 .2 4 0 1 .5 4 3 8 .0 6 2 1 .6 4 0 4 .7 10.2 6.9 5.6 6.3 7.8 — 6 .2 .6 2 4 .7 d ecrease fro m M arch 9 .9 M arch , d u r in g F e b r u a r y , 1 9 2 1 .................... ............................ P e rce n ta g e .9 d ecrease Jan uary, 1921, in c lu siv e , o v e r n e t s a le s d u r in g s a m e p e r io d l a s t y e a r .............................................. P e rcen ta g e of in c r e a s e sto ck s 1921, at over P e rcen ta g e o f sto ck s over d ecrease of at M arch , c lo s e of l a s t y e a r ............................ in c r e a s e or d ecrease c lo s e o f M a r c h , sto ck s ary, c lo s e sto ck s sa m e m o n th or at c lo s e of 1921, F ebru 1 9 2 1 ................................................................. P e rcen ta g e of — average sto ck s c lo s e e a c h m o n t h -t h is s e a s o n to a v e r a g e m o n t h ly n e t s a le s d u r in g sam e P e rcen ta g e c lo s e of p e r i o d ........................................... o u ts ta n d in g M arch , 1921, p u r c h a s e s d u r in g y e a r ord ers to to ta l 1 9 2 0 ............... Agricultural and Business Conditions 10 T h e th e 22 ch art sh o w n m ovem ent of r e p r e s e n ta tiv e tr ic t of fo r 1919, 1921. th e ch art b e lo w th e p re se n ts v a lu e of g r a p h ic a lly th e net d e p a rtm e n t sto re s 1920 (It w ill are fo r and be th e n o te d 22 fir st in t h i s th re e th a t sto re s, s a le s th e w h ile of d is m o n th s fig u r e s th o se in in th e V a r io u s p r ic e s th a n of p r ic e are th e y w ere a ctu a l is y e a r a t th is TW ELFTH of M IL L IO N S th is SALES o f c o n fid e n c e th e are a not by of A U G .S E P T . OCT. N O V . D E C . a fo r th e ta b le m o n th A r iz o n a L abor s a le s W h o le s a le r a n g in g T rad e g r o c e r ie s m o b ile T h e th e average v a lu e lin e s of net net la s t year b e tw e e n to 4 7 .4 r e p r e se n ta tiv e b u s in e s s are by 7 .3 per le s s in th a n s a le s o f b u s in e s s w a s as fo r ent th e cent decrease e ig h t in a u to (— ) in r e p o r tin g th re e th e d is tr ic t w h ere th e le s s am ount in th e and w ork h e lp u rb an been has years. G r o c e r i e s .............................................................. — 7 .3 D r u g s ....................................................................... — 1 0 .4 2 0 .9 1 4 .3 e m p lo y m e n t, a n d S h o e s ......................................................................... — 1 6 .0 6 8 .4 1 .3 F u r n i t u r e .............................................................. — 3 0 .6 1 9 .7 A u to m o b ile 4 6 .7 P o r tla n d lu m b e r in g fo r th e m o n th in g ago of pres th e re . in te re sts are ca se s are d ir e c te d to a is case m ark ed h ig h w a y red u ce th e T h at th is la r g e ly are in un b e lo w due d o in g le s s on th e p ast d ecrease to m ore h ir e d in fe w un e m p l o y m e n t in S e a t t le is a ls o M ore and to w e ll d e p e n d in g th e a fa r m , w in te r . g e n e r a lly and rep o rts in c r e a s in g . ce n te rs g re a te r been 3 3 .9 2 8 .5 9 .7 m in - unem situ a tio n served th e fa r m e r s th e m s e lv e s th a n it copper of of th e season al has d u r in g not fa c t th a t of w ork in reached has th a n s e c tio n s a d d itio n a l m e n . e m p lo y m e n t th e are r e s u m p tio n m a n u fa c tu r in g r e s u m p tio n r e c la m a tio n r e lie f 1921 p a g e ). la r g e p rosp ect r e lie v e of 1920, O u ts id e re p o rte d in in 4. s a le s M arch , th o se c o n tin u e d s h o u ld re M arch and is in c lo s e d . is by m o n th s e x c e p tin g th e in d i in d u r in g 1921, g re a te st H a r d w a r e ............................................................— 3 3 .6 D r y G o o d s .........................................................— 2 9 .1 fir m s o p p o s ite re p o rts, e m p lo y in g peak March, 1 9 2 1 , Compared t o : March February 1920 1921 T i r e s ........................................ — 4 7 .4 “ poor” n o t r e d u c i n g t h e ir f o r c e s , b u t in s o m e in fo llo w s : S t a t i o n e r y ............................................................— and (se e th e lin e s , w h ic h w ^ere or d ecreases “ K ,” U ta h a ll in w h o le s a le r s p e r io d have in per T h e or p ast F rom cent a ll 74 fir s t o p e r a tio n s m o n th fa c t fir m e r th a n p e rc e n ta g e s tir e s . in c r e a se lu m b e r in g n o tic e a b le w ere sam e and but th e o f th e r e p o r tin g fir m s, by in ex w here th e ago, in g in d u str y , 11 p r ic e s lin e s C o lle c tio n s F ebru ary, p lo y m e n t th a t it gen p res w ith sta tio n e r y , w h o le s a le w ith a tim e and “ fa ir ” w ith and in is o f in c re a se s m in e s of a of r e p o r tin g r e p o r tin g U n e m p lo y m e n t w as sh ow th e and th a n b e in g fu r n itu r e som e th e 43, r e p o r tin g sh ow n th o se o n ly . sp r in g s ta b ility m o n th “ e x c e lle n t’’ b y com p ared a ll r e d u c tio n s . com p ared 1920, th e It th e fo r of S ta te m e n ts d is tr ic t la s t b u y in g s m a lle r com p ared in h ardw are p r ic e “ good ” of in d e fin e d . been m a jo r ity p o rte d th is s t ill a lle g e d and d u r in g have ca te d of are m uch w hen lo w e r sta tio n e r y e x c e p tin g lin e s tra d e w as in a ll lin e s a r e t o reason p r ic e s ago is th ey e ig h t it le v e ls . th a t p r ic e s in w h o le s a le th a n is la c k tre n d fir m s lo w e r v o lu m e th e o f o rd e rs fo r p r ic e c e p tin g w h o le s a le th e le s s v o lu m e ent •— 149 th a t in w h o le s a le r s d e liv e r ie s P resen t fr o m cent m eet cu rren t n eed s eral SALES r e c e iv e d w h o le s a le per not d is tr ic t to year, a year R e p o rts a g o , so la s t ------ 1 9 2 0 S A L E S J A N . F E B .M A R .A P R .M A Y J U N E JULY th a t 40 M IL L IO N S 17 1921 and e ffe c t th a t th e w as 17 ---1 9 1 9 fr o m su m m er F E D E R A L R E SE R V E D IS T R IC T (I N M I L L I O N S O F D O L L A R S ) sh ow tim e . R e ta ile r s N E T S A L E S OF 2 2 D E P A R T M E N T S T O R E S IN THE year p r o b a b ly c o n s e r v a tiv e ly R e p o rts a tr a n s a c tio n s g e n e r a lly c u r r e n t m o n th ly ta b le a re fo r 2 8 s t o r e s ). in d ic e s a p p r o x im a te ly m en are at c o n s id e r a b le w ork in w ork th a n num ber o th e r are se c tio n s . one be In Federal Reserve Bank of San Francisco Spokane c o n d itio n s r e m a in s a m e , w ith a p p r o x im a te ly p lo y m e n t, th e tu ra l la b o r com pared m ost n o tic e a b le A r iz o n a a b le th a n or la s t In m o n th m ore dem and of to has C en su s th e m in in g in d u s tr ia l th a n one 1914 are in g A r iz o n a in of c o u n t o n ly ) W in in g ta b le p a g e ). hand m o tio n fo r n ia , has th e a tr e s th e are and th e sea In d u stry r e s u lt s fo r (se e of fig u r e s tra d e s, tra d e s and n e ig h b o r h o o d and ta k e c o n d u c te d of A of sta te m e n t m o to r be of and is of th e in a d m is p ic tu r e p r ic e s p la n n in g com p ared a year num ber ago. of sta te s to C a li in c id e n t in c r e a s in g th e in to h e n c e fo rth $ 5 0 ,0 0 0 , are n o w v e h ic le s to now pro at an w ith th e T h e p r in p r o d u c tio n . r e g is tr a tio n s of th is d is tr ic t f o r t h e p a s t s ix y e a r s is s h o w n A u to m o b ile ta b le R e g is tr a tio n T h ese ac u n d e r th e w ill con due to m o tio n re v isio n c o s t o f $ 1 0 0 ,0 0 0 ex- b u ild - in to cost re d u c tio n p ic tu r e s c ip a l p r o d u c e r s 1919 fo llo w - o c c u r r in g , a 1 9 1 4 -1 9 1 9 . c h ie fly to w h ic h gen eral duce average th e of w h ic h , c o n fin e d ch arges P ic tu r e sh ow s p e r io d in d u s tr y is a n tic ip a te d s io n M o tio n ago su m m ary p ic tu r e c o n d itio n s , cessa in d u s tr ie s , e s ta b lis h m e n ts h o le s a le “ L ” T h ese th e T h e c lim a tic average th e T h e d u r in g th e op era in c r e a s e d . e lu d e M a n u fa c tu re s ^ and sy ste m . fa v o r con cern s m o n th w orkers fig u r e s p r in te d b e in g U ta h c e n s u s o f m a n u f a c t u r e s in A r i z o n a and (K due fa c to r y s is te n t in c r e a s e a g r ic u l years In copper th e out of em fo r fo r m e r s e c tio n . o u td o o r o c c u p a tio n s B u reau dem and la r g e ly of m en fo r m en a r e , if a n y th in g , le s s C a lifo r n ia e m p lo y in g th e th is p r a c t ic a lly 2000 w ith c u r ta ilm e n t tio n s . son al in c o n d itio n s tio n th e reduced 11 “ M ” fig u r e s sen ger b ile s , but are (se e and e x c lu s iv e fo llo w in g in c lu d e c o m m e r c ia l of in p a g e ). b o th pas a u to m o m o to r c y c le s . T r a d e . (la) Percentage of increase or decrease (—) in net sales for March, 1921, over February, 1921 Hardware Los A n g e l e s ....................... 23 1 8 .9 San F r a n c i s c o ................. 2 9 .8 S e a t t l e ....................................... P o r t l a n d .................................. 3 3 .1 N o . o f r e p o r t in g fir m s T a c o m a ................................... S p o k a n e ............................ S a l t L a k e C i t y ................. S a c r a m e n t o .......................... D i s t r i c t ..................................... 4 4 .5 — 1 1 .7 6 8 .3 5 1 .5 Dry Goods 11 3 0 .0 3 2 .1 Stationery 12 15 20 1 1 .0 1 4 .8 3 1 .7 2 8 .2 1 3 .2 8 2 .3 5 5 .8 Drugs 2 7 .1 1 6 .5 1 3 .4 2 3 .1 4 7 .8 * 8 .5 7 6 .7 Furniture Auto Tires 19 14 2 8 .0 3 6 .9 1 1 .1 6 .1 — 5 .7 — 1 5 .2 2 9 .7 1 5 .4 — 3 2 .6 — 1 5 .0 5 1 .0 8 9 .8 * 9 .7 2 3 .3 4 3 .5 3 4 .4 — 1 7 .3 2 0 .8 4 0 .1 3 3 .9 Shoes 30 Groceries 2 8 .5 2 0 .9 1 4 .3 6 8 .4 1 .3 1 9 .7 4 6 .7 (lb) Percentage increase or decrease (—) in net sales for March, 1921, over March, 1920 Hardware N o . o f r e p o r t in g fir m s Los San A n g e l e s ....................... F r a n c i s c o ................. S e a ttle .................................... P o r t l a n d .................................. T a c o m a ................................... S p o k a n e .................................. S a l t L a k e C i t y ................. S a c r a m e n t o .......................... D i s t r i c t ..................................... (lc) Groceries 11 — 2 1 .9 — 3 3 .6 — 2 9 .1 — — — — — — — — 12 .0 — 2 9 .5 — 2 7 .6 4 .3 — Shoes 7 .6 7 .4 — 6 .1 — 2 8 .3 — 3 7 .7 — 3 8 .1 — 7 .3 — 1 0 .4 Stationery 16 1 6 .0 ‘ 9 .5 1 7 .1 1 5 .8 3 7 .2 5 .5 23 Dry Goods Groceries 11 30 — 3 6 .2 1 .6 — 1 3 .0 — 3 5 .6 — 3 0 .6 S e a t t l e ....................................... — 4 3 .9 P o r t l a n d .................................. T a c o m a ................................... S p o k a n e .................................. — 2 7 .4 — 7 .3 — 1 2 .4 — 4 3 .6 S a l t L a k e C i t y ................. S a c r a m e n t o .......................... — 4 1 .8 — 2 0 .2 — 4 3 .9 — 3 1 .9 — 9 .9 — 3 3 .7 — 3 7 .7 — 1 6 .7 12 — — — — — A n g e l e s ....................... F r a n c i s c o ................. Los San Drugs 30 4 .1 — — — — 24 3 0 .8 4 .3 2 0 .7 1 8 .6 — ’ 6 .9 — 1 3 .8 — 1 6 .0 — 9 .7 Furniture Auto Tir 19 — 2 2 .9 15 — 3 9 .8 — 4 2 .9 — 7 5 .0 — — — — — 3 9 .5 .6 4 7 .7 3 4 .5 4 7 .2 — 3 0 .6 — 4 3 .4 — 2 6 .9 — 4 7 .4 Percentage of increase or decrease (—) in net sales for January 1, to March 31, 1921, over same period last year Hardware N o . o f r e p o r t in g fir m s Dry Goods 23 4 0 .7 2 8 .6 4 4 .3 2 5 .6 1 6 .6 2 7 .3 3 6 .8 — 2 0 .4 Drugs Shoes Stationery 12 16 24 19 15 — 1 7 .3 — 3 8 .2 — 1 5 .2 — 4 5 .7 — 1 2 .1 — 3 8 .8 — 3 9 .4 — 4 7 .0 — 5 2 .4 — 2 0 .4 — — 6 1 .3 — 4 8 .0 — 9 .4 — 1 1 .0 — 3 6 .7 — 1 2 .5 — 3 1 .6 8 .0 Furniture 3 .9 Auto Tires — 5 7 .0 — 4 6 .8 — 6 .1 — 5 9 .0 — 5 6 .5 — 6 6 .3 — 3 9 .3 — 5 2 .1 — 1 1 .5 — 1 4 .9 — 3 8 .1 — 1 0 .9 Agricultural and Business Conditions 12 Im p o rts in to F ebruary 3 7 .1 per P a c ific w ere cent 62 le s s in 1920. F o r e ig n in g C om m erce w ere E x p o rts to ta le d fo r per o n ly fir s t and 28, 1921, com p ared F ebru ary, w ith 1920, a th is P a c ific P a c ific b o th C oast e x p o rts c u sto m s o f an year c o n s tr u c tio n of d is tr ic t to and com p ared sh ow im p o r ts w ith p r in c ip a l an d u r in g F ebru ary p o rts in t a b le s “ N ” a n d T h a t th is fo r e ig n com m erce C o a s t is s h o w n 14 th th e ste e l th a n 30 per in ste e l v e s s e ls , th e rep o rt th a t u p 286 S h ip p in g w ooden m erch ant are am ou nt of to n n a g e fle e t. to P a c ific U n ite d M arch cam e B oard o p e r a tio n s h ip s , o f th e O f sta tio n e d th e on or had been 536 p a st. (L ) A r iz o n a (se e M o p p o s ite page) T a b le P a c ific p a r a tiv e p re se n ts it in several c a llin g ore fo r and is its C oast e a r ly th e th e coal la r g e s t dow n yard . in c o m p a n ie s its yard B oard. w ar T h is p e r io d o p e r a tio n s has fo r been d is p o s itio n w ill c o m p le tio n c o n s tr u c tin g th e of in D e liv e r y 1922. th a t th e now sta te m e n t to be e v e r la id s h ip b u ild in g S h ip p in g as a A p r il “ Q ” (se e fig u r e s 1 st, fu r n is h e d o p p o s ite of v e s s e ls M arch by th e a n u fa c tu r e s — of fo r be and has som e p la n t 1st page) and tim e by and th e e q u ip in m a n u f a c t u r e s ................................................... g iv e s com c o n s tr u c tio n F ebru ary M a r in e 1, 1921, R e v ie w . Per cent of Increase 1 9 1 4 -1 9 1 9 Census N u m b e r o f e s t a b l i s h m e n t s ....................................................................... 1914 478 322 4 8 .4 9 ,9 5 4 8 ,0 1 4 2 4 .2 m e m b e r s ...................................................... 416 267 5 5 .8 e m p l o y e e s ..................................................................................... 1 ,3 3 1 849 5 6 .8 W a g e e a r n e r s ( a v e r a g e n u m b e r ) ................................................ P r i m a r y h o r s e p o w e r ....................................................................................... 8 ,2 0 7 6 ,8 9 8 9 6 ,3 7 7 5 4 ,6 9 7 1 9 .0 7 6 .2 P r o p r ie to r s an d S a la r ie d fir m C a p i t a l ............................................................................................................................ $ 1 7 0 ,6 7 9 ,0 0 0 $ 4 0 , 3 0 0 ,0 0 0 3 2 3 .5 S e r v i c e s ......................................................................................................................... 1 4 ,3 9 5 ,0 0 0 S a l a r i e s .................................................................................................................... 2 ,9 5 0 ,0 0 0 7 , 6 4 7 ,0 0 0 1 ,4 1 8 ,0 0 0 1 0 8 .0 8 8 .2 W a g e s ....................................................................................................................... 1 1 ,4 4 5 ,0 0 0 6 ,2 2 9 ,0 0 0 8 3 .7 M a t e r i a l s ...................................................................................................................... 8 7 ,5 0 1 ,0 0 0 3 9 ,2 8 3 ,0 0 0 1 2 2 .7 V a l u e o f P r o d u c t s ............................................................................................. 1 1 3 ,0 1 5 ,0 0 0 6 4 ,0 9 0 , 0 0 0 7 6 .3 2 5 ,5 1 4 ,0 0 0 2 4 ,8 0 7 ,0 0 0 2 .9 V a lu e added by m a n u fa c tu r e r (v a lu e of produ ct le s s m a t e r i a l ) ............................................................................................................. (M ) R e g is tr a tio n s o f M o to r a th e yard m ade under P a c ific 1919 P erson s en gaged 40 o f 4 4 9 ,6 7 0 fir s t w ill upon d u r in g c u r ta ilin g id le on “ P ” in n u m bered m e n t. G overn C o a st. T a b le S ta te s as in c o n str u c tio n 1st th e announced June w h ic h N o m ade la r g e has in a c tiv e com pany m ore 536 th e c lo s e d and P a c ific be th e C a lifo r n ia fr e ig h te r and c o m m e r c ia l 40 in g iv e n th e v a lu e S ta te s and are to of be c e n t o f th e ow ned d is tr ic t e x p e c te d O n e under A p r il m erch a n tm en a is o f th e c a r r ie d b o tto m s. c o m b in a tio n to n s ago. th e v e s s e ls w ill b e 2 0 ,0 0 0 d e a d w e ig h t S h ip b u ild in g (s e e o p p o s ite p a g e ). th e fr o m m ent th is T h e p r o p o r tio n announced tw o in d u r in g d is tr ic t c o n tra c ts, of th e in c r e a s e year th e th is on been F ebru ary, a is n o t c o n fin e d t o by U n ite d v e s s e ls of “ O ” d e c lin e w ith d r a w n have a c tiv ity d is tr ic t d e a d w e ig h t to n n a g e new decrease C o m p a r a tiv e fig u r e s o n th e e x p o r ts a n d im p o r ts o f th e T w o m o n th s, w as of yard s a g g re g a te to n s. $ 8 8 ,0 2 1 ,5 2 0 d is tr ic t sh ow s fo r e ig n C oast c a r r ie r s . A n g e le s s h ip p in g th is S te e l m e r c h a n t v e s s e ls th e p e r c e n t. of a ls o and of of com m erce A m e r ic a n com fo r p o rts 1920 and fo r e ig n im p o r ts c o m p a r is o n p r in c ip a l year end- $ 2 8 ,1 7 4 ,4 5 8 m o n th s th e F ebruary, $ 6 7 ,2 7 3 ,3 7 8 tw o s ta tistic a l c e n t. L os 1921, in m o n th s 1 9 2 0 , a d e c r e a s e o f 5 8 .1 $ 5 3 ,9 8 9 ,5 8 6 T h e e x p o rts tw o at w ith d u r in g and th a n th e v a lu e d p o rts le s s v a lu e F ebru ary th e Jan u ary 3 9 .7 in fo r cent F or pared s a m e p e r io d in C oast per V e h ic le s , P a s s e n g e r a n d C o m m e r c ia l— (Exclusive of Motorcycles) in States of Twelfth Federal Reserve District 1915 A r i z o n a ..................................... 7 ,3 0 8 C a l i f o r n i a ...............................1 6 3 ,7 9 5 1916 1 2 ,1 2 0 2 3 2 ,4 4 0 I d a h o ............................................................................................... . . N e v a d a ..................................... 2 ,0 0 0 4 ,6 5 5 1917 1918 1919 1920 1 9 ,8 8 8 2 3 ,9 0 5 2 8 ,9 7 9 3 4 ,5 5 9 3 6 4 ,8 0 0 4 7 7 ,4 5 0 5 8 3 ,6 2 3 2 3 ,0 0 0 4 2 ,5 0 0 5 0 ,8 6 1 9 ,3 0 4 1 0 ,4 5 9 1 0 3 ,7 9 0 3 0 6 ,9 1 6 2 4 ,7 6 8 6 ,7 2 4 8 ,1 5 0 O r e g o n ..................................... 2 3 ,5 8 5 3 3 ,9 1 7 4 8 ,6 3 2 6 3 ,3 2 5 8 3 ,3 0 2 U t a h ........................................... 7 ,9 9 4 1 3 ,5 0 7 2 1 ,5 7 6 2 2 ,5 2 5 3 9 ,7 4 8 4 2 ,5 7 1 W a s h i n g t o n * ....................................... 4 6 ,0 0 0 f 7 0 ,0 3 2 1 0 3 ,0 0 1 1 3 1 ,3 6 9 1 7 3 ,9 3 4 * Y e a r r u n s fr o m M a r c h 1 st to F e b r u a r y t F r o m J u n e 1 t o F e b r u a r y 28, 1916. 2 8th . Federal Reserve Bank of San Francisco B u ild in g c itie s of p e r m its th is issu e d d is tr ic t to B u ild in g A c tiv ity th e 20 M arch $ 1 8 ,5 4 2 ,8 3 5 , 5 7 .3 th e d u r in g in d u r in g per cent v a lu e of 13 p r in c ip a l ber of a m o u n ted and r e p a ir s ) w h ic h w as g re a te r th a n th o se th o se re p o rte d in M arch , (N ) F x n n r t s ___ San F r a n c i s c o ..................$ 9 , 2 1 7 , 6 7 6 1920. T h e /---------------- Month Ending----------------N Feb. 28 Feb. 2 8 1921 1920 in d u s tr y a r e s u lt of w ar th e w h o le , d e fin ite a fte r m o n th s r e s tr ic tio n s Per cent f------------------- Two Months Ending------------- N Increase or Feb. 2 8 Feb. 2 8 Decrease (— ) 1921 1920 Per cent Increase or Decrease (— ) 6 8 .7 3 ,9 4 7 .4 8 ,6 4 1 ,7 6 8 1 ,5 1 6 ,7 6 4 4 6 9 .9 6 ,8 5 5 ,6 1 3 1 5 ,8 8 9 ,1 9 7 — 5 6 .8 1 7 ,8 7 7 ,3 9 9 3 1 ,7 7 2 ,9 5 5 — 4 3 .7 2 9 0 ,3 5 4 7 5 0 ,0 9 0 — 6 1 .3 6 1 2 ,2 4 5 1 ,7 9 8 ,5 0 0 — 6 5 .9 T o t a l ............................... $ 2 2 ,4 0 8 ,0 4 5 $ 3 5 ,6 4 5 ,1 0 5 — 3 7 .1 t ----------------Month Ending----------------^ Feb 28 1921 28 1920 $ 5 3 , 9 8 9 ,5 8 6 $ 8 8 ,0 2 1 ,5 2 0 P ercen t (------------------- Two Months Ending----------- N Increase or Feb. 2 8 Feb. 28 Decrease ( — ) 1921 1920 Per cent Increase or Decrease (— ) $ 1 8 ,7 6 3 ,4 9 2 6 3 4 ,8 0 8 4 1 9 ,7 9 4 5 1 .3 O r e g o n .................................... 3 0 1 ,7 8 1 3 5 3 ,7 2 7 — 1 4 .7 5 6 8 ,2 4 1 W a s h i n g t o n ....................... 3 ,5 2 9 , 9 1 8 1 3 ,3 9 8 ,5 1 0 — 7 3 .6 7 ,6 8 1 , 1 1 7 2 7 ,3 6 8 ,2 2 7 — 7 1 .8 S a n D i e g o ............................. 1 ,5 6 2 ,8 6 8 2 ,0 3 1 ,7 5 6 — 2 3 .0 2 ,9 5 0 ,8 4 6 4 ,8 3 6 ,2 4 3 — 6 3 .9 $ 6 7 ,2 7 3 ,3 7 8 — 5 8 .1 (P ) E x p o r ts a n d 1 , 8 0 2 ,6 8 4 — 6 2 .0 $ 2 8 ,1 7 4 ,4 5 8 $ 3 2 ,0 7 6 ,9 6 3 — 3 9 .7 7 ,2 3 3 ,1 0 9 $ 3 4 , 9 6 7 ,2 7 9 $ 1 5 , 1 7 1 ,5 7 0 — 5 5 .3 L o s A n g e l e s ....................... T o t a l ............................... $ 1 3 , 2 6 2 ,4 8 4 — 6 1 .4 of and 9 9 ,3 1 1 S a n D i e g o ............................. — 4 7 .6 an tu r n in g 2 ,5 7 9 ,8 4 0 W a s h i n g t o n ....................... F r a n c i s c o ................. $ b u ild in g A s a $ 5 0 ,3 5 3 ,4 6 1 4 ,0 0 7 ,0 8 0 San on m ark s 4 ,3 5 1 ,2 6 6 O r e g o n .................................... I m n o r t M ___ th e is , one, and cent $ 2 2 ,5 0 6 ,9 0 8 1 , 2 9 0 ,1 4 0 / in in a c tiv ity . s h o w in g per 5 7 .9 2 ,0 3 7 ,3 2 2 v F eb 1920. M arch 4 7 .2 c o n s tr u c tio n over p o in t $ 1 7 , 6 1 6 ,3 6 7 L o s A n g e l e s ....................... ( 0 ) new r u a r y , 1 9 2 1 , a n d 3 8 .3 p e r c e n t o v e r M a r c h , T h e n u m (in c lu d in g in c r e a se d e n c o u r a g in g g ra n te d F e b r u a r y , 1 9 2 1 , a n d 2 6 .9 p e r c e n t g r e a te r th a n p e r m its — 5 2 .7 7 8 1 ,5 6 5 1 3 .0 2 ,2 1 0 , 3 8 0 — 7 4 .2 I m p o r ts — Entrances and Clearances, Deadweight Tonnage and Cargo Tons of Vessels at Pacific Coast Ports— By Ports and Flags During Calendar Year 1920 F ig u r e s ( No. of Entrances L o s A n g e l e s ................................. 64 State s S h ip p in g B oard f .................... . > Cargo (Tons) .. ... ----------Exports---------- ------------— .— Cargo No. of Deadweight (Tons) Tonnage Clearances 8 0 ,3 5 2 105 6 2 8 ,0 8 2 4 1 1 ,6 6 0 10 0 7 3 1 ,1 2 6 1 ,9 2 0 ,5 8 7 4 2 6 ,6 6 0 8 5 8 ,5 5 8 415 2 ,3 9 7 ,2 8 9 2 6 ,2 6 7 8 2 6 ,4 0 5 436 1 ,4 7 3 ,7 4 7 3 2 4 ,0 6 1 476 1 ,6 1 1 ,4 9 4 4 0 3 ,7 7 0 P o r t s ....................... 238 6 3 0 ,1 9 9 1 3 1 ,7 6 9 336 1 ,1 9 0 ,6 2 4 6 3 6 ,2 5 5 T o t a l ........................................ 1 ,1 8 0 5 ,0 8 8 ,1 7 5 1 ,3 8 8 ,8 5 4 1 ,3 0 9 6 , 0 8 1 ,9 1 3 2 ,7 3 6 ,9 0 3 F r a n c i s c o ............................ S e a t t l e ................................................ A ll U n ite d 3 9 3 ,5 3 6 1 9 3 ,4 0 4 P o r t l a n d ............................................. San fro m ----------- Imports--------Deadweight Tonnage O th e r , 292 Total Pacific Coast— By Flags U . S . S . B ........................................ . . . 132 1 ,1 2 4 ,3 6 1 3 2 6 ,4 2 2 225 1 ,9 3 2 ,9 2 1 1 ,0 0 0 ,1 5 5 In d e p e n d e n t A m e r ic a n F o r e i g n ............................................. 645 2 , 1 4 4 ,7 8 0 6 5 0 ,3 9 1 675 2 ,1 9 3 ,8 6 8 9 6 7 ,3 5 4 403 1 ,8 1 9 ,0 3 4 4 1 2 ,0 1 2 409 1 ,9 5 5 ,1 2 4 7 6 9 ,3 9 4 (Q ) S h ip s U n d e r C o n s tr u c tio n — April 1, 1 921 Yessels Total D. W . Tonnage For Feb. 1 , 1 9 2 1 Yessels Total D. W . Tonnage B . . . . ........................................... 13 1 3 3 ,5 0 0 16 18 9 2 3 3 ,4 9 0 14 21 1 4 2 ,9 0 0 F o r P r i v a t e A c c o u n t ..................................... F o r e i g n * ..................................................................... 2 6 2 ,0 9 0 24 1 5 5 ,7 5 0 2 7 8 ,1 3 0 8 2 ,6 8 0 9 8 2 ,6 8 0 9 8 2 ,6 8 0 T o t a l ................................................................... 40 44 4 8 7 ,6 7 0 49 5 1 6 ,5 6 0 * A U . S. S. March 1, 1 9 2 1 Total D. W . Tonnage c o r r e c t io n o f 4 00 t o n s h a s been m ade in 4 4 9 ,6 7 0 th e to n n a ge of v e s s e ls u n d e r c o n s t r u c t io n fo r fo r e ig n a c c o u n t. 14 Agricultural and Business Conditions su b sequ en t new h ig h co sts c o n s tr u c tio n b e lo w norm al h ou ses and pu rposes and e x ists num ber in g b u ild in g m ent in p a n ie d of in a sh o rta g e and r e p o r tin g been ta b le b u ild in g m a te r ia ls co sts w h ic h have have and c o n d itio n s been s h o u ld in c r e a se in and 50 45 40 35 30 25 20 IS STRUCTURAL STEEL NAILS & HARDWARE. fo llo w in g change in w ith m ark et on ago a in 5 10 15 2 0 2 5 3 0 35 4 0 WHITE LEAD. ac th e of p e r m its PLATE-WINDOW GLASS p e rc e n ta g e m a te r ia ls in su rvey fig u r e s P e r m th e b u ild in g a year of o f b u ild in g B u ild in g sh ow s C ham ber C o m p a r a tiv e ( R ) of based F r a n c is c o v a lu e ch art p r ic e s com p ared San sh ow n OIL................ I T h e c is c o are PAINT.............| accom tiv ity . as d istr ic t LUMBER....... re ta rd b u ild in g th is PERCENT OF CHANGE .IN PRICES OF BUILDING MATERIAL IN im p r o v e be of S A N FRANCISC0;MARCH 1921 COMPARED W ITH M AR C H 1 9 2 0 DECREASE in c r e a s e : red u ced fu r th e r c itie s “ R .” of b u s in e s s c itie s . o p e r a tio n s , m ark ed m a te r ia ls , years a p u b lic la b o r o f fa c to rs b u s in e s s by fo r m any p r ic e s th e and several c o n s e q u e n tly in r e d u c tio n la b o r fo r stru ctu re s D e c lin in g som e of has to d a y San m ade PRESSED BRICK.. PLUMBING GOODS. F ran by ELECTRICAL MATERIAL th e CEMENT 8c LIME C om m erce. th e num ber issu e d in th e and AGO) COMMON BRICK. 0) SHEET METAL... AGO) CRUSHED ROCK N0.3 tw e n ty its — February, 1921 Yalue No. March, 1921 Value No. No. March, 1920 Yalue Per cent Increase or Decrease (—) Mar., 1921 over Mar., 1920 P h o e n i x ........................................... 138 3 5 7 ,8 8 9 103 1 1 0 ,7 4 6 206 4 2 4 ,5 9 4 — 1 5 .7 F r e s n o .............................................. 283 3 9 3 ,4 4 5 228 1 8 9 ,6 5 0 204 5 8 3 ,2 9 0 — 3 2 .5 ....................... 158 3 3 9 ,3 3 3 110 1 6 8 ,5 1 4 108 2 2 0 ,1 9 2 5 4 .0 6 ,9 1 5 ,2 1 6 1 ,8 8 7 3 ,1 3 1 ,6 7 0 1 ,5 9 5 3 ,0 7 6 ,7 6 3 1 2 4 .8 414 1 ,3 5 9 ,6 0 9 226 6 1 4 ,0 0 0 301 8 4 4 ,2 9 0 6 1 .0 703 1 ,3 1 4 ,4 5 7 587 9 6 6 ,2 0 3 401 6 8 7 ,1 7 3 9 1 .2 $ Los Angeles---- ....................... 2 ,9 1 1 Long B e a c h -------....................... O a k l a n d .................... ..................... P a s a d e n a ................. ..................... $ $ 247 4 0 9 ,0 1 2 170 2 9 8 ,7 0 6 140 3 8 8 ,7 1 4 5 .4 S a c r a m e n t o ........... ....................... San D ie g o * .. . . 142 3 2 0 ,1 0 0 163 2 8 8 ,1 8 0 169 3 5 7 ,5 2 0 — 1 0 .3 2 6 0 ,3 8 0 187 2 8 0 ,3 6 6 1 6 .4 San Francisco.,....................... 591 3 ,1 2 6 ,5 8 1 1 1 4 ,3 6 5 650 62 6 .6 73 468 63 2 ,7 5 9 ,0 8 7 S a n J o s e ................. ....................... S t o c k t o n .................. ..................... ..................... 2 ,9 4 1 ,4 0 1 1 0 5 ,5 2 3 1 1 9 ,3 4 8 — 1 1 .7 106 136 2 2 0 ,4 4 3 89 1 1 5 ,9 3 0 94 4 5 4 ,8 7 9 — 5 1 .5 9 8 ,5 1 7 41 2 4 ,7 6 7 80 24 ............... .......................1 ,3 6 2 3 1 ,1 3 0 18 899 3 1 ,8 4 0 21 1 2 0 ,1 9 0 8 0 ,5 3 5 — 6 1 .2 Portland.......... 3 2 6 ,3 7 7 — 1 8 .3 1 ,3 3 4 ,2 2 0 1 ,0 3 9 8 4 6 ,1 0 5 46 O g d e n ....................... ....................... ....................... 161 ....................... 1 ,1 9 6 33 6 0 ,4 7 5 34 8 5 ,5 0 0 Salt Lake City.. Seattle............. Spokane.......... ....................... 7 9 ,1 9 0 2 5 0 ,5 8 3 73 1 2 7 ,6 4 0 59 9 2 3 ,1 8 0 839 5 7 8 ,9 2 5 996 1 6 6 ,4 6 0 1 ,3 9 0 ,2 7 5 5 0 .6 — 3 3 .5 284 2 6 7 ,6 9 0 112 4 4 ,6 2 5 182 ....................... 444 3 6 1 ,9 3 5 286 1 9 6 ,0 9 2 281 5 2 4 ,1 1 0 1 ,1 9 8 ,2 8 2 — 6 9 .8 6 ,3 9 5 $ 1 1 ,7 8 3 ,5 0 9 6 ,8 0 9 $ 1 4 , 6 0 7 ,6 7 3 2 6 .9 T o t a l . . ....................... 9 ,4 1 9 * Num ber (S ) o f p e r m it s fo r B u s in e s s San D ie g o 1 ,5 2 7 ,8 0 5 $ 1 8 ,5 4 2 ,8 3 5 n o t in c lu d e d F a ilu r e s — No. A r i z o n a ................................... ............................ C a l i f o r n i a .......................................................... I d a h o ........................................... .......................... N e v a d a ..................................... .. .......................... 10 in $ 2 9 ,6 0 0 No. 5 54 February, 1921 Amount* $ 3 7 ,1 0 0 March, 1920 Amount* -0- 46 $ 3 2 4 ,5 6 5 5 2 ,4 0 0 1 2 ,6 0 0 10 2 O r e g o n .................................... .......................... U t a h ............................................ .......................... 28 4 1 ,7 4 5 ,1 7 8 30 1 0 ,5 0 0 5 W a s h i n g t o n .................................................... 43 6 9 6 ,1 7 0 38 $ 3 ,0 4 6 ,6 9 1 144 $ 1 ,4 5 6 , 3 6 6 No. -0- 1 3 0 ,5 2 5 4 ,0 0 0 3 4 3 ,0 8 2 7 * Amount of liabilities before deducting assets. — 4 9 .0 4 2 3 ,4 2 6 5 1 3 ,6 4 3 4 9 ,0 0 0 D i s t r i c t ........................ ............................1 6 5 7 .0 192 1 f i g u r e s . March, 1921 Amount* 72 8 0 .4 — -0- -0- 14 1 9 4 ,4 6 7 1 3 6 ,2 4 3 9 3 8 1 ,9 9 0 14 7 4 4 ,5 1 6 2 8 9 ,9 8 4 88 $ 1 ,5 5 5 , 9 3 2 Federal Reserve Bank of San Francisco B u s in e s s in c re a se d pared fa ilu r e s d u r in g b o th w ith in F ebru ary ago. B u s in e s s p o rte d F a ilu r e s a m o u n tin g $ 1 ,4 5 6 ,3 6 6 re p o rte d in am ount th e of in average 144 $ 1 8 ,4 6 4 . In lia b ilit ie s A r iz o n a of in W a s h in g to n R . G . u res fo r D un th e ta b le “ S ” B ank sta te s in lia b ilit ie s or an per th e th e had average $ 6 2 ,3 2 7 ; in U t a h o f th is an d M arch in 1920, in th e year C a lifo r n ia e x c e p tio n to th e fr o m th a t s e c tio n cent in M arch , th e fr a c tio n a l A 1920, of M arch , sio n d e b its 1921, tw e n ty of c itie s s im ila r c itie s of a ll as to o th e r to P a c ific and fo r B ranch th e “V ” in te re st p e r io d (se e in th e draw n an of a cc o u n ts by 113 le a d s fr o m c le a r in g s . N o rth w e st over sh o w tw e n ty “ T .” m o n th d is tr ic t, is r e p o r tin g fo r th e ta b le M arch , a and fo r th e 10, 1 9 2 1 , is 1921, g iv e n p a g e ). March 1921 $ 6 0 2 ,7 0 0 March 1920 $ 7 2 1 ,3 6 9 Per Cent Increase or Decrease (—) Mar. 1921 over Mar. 1920 — 1 6 .7 3 7 3 ,7 7 3 3 3 2 ,8 6 2 2 0 .8 1 4 4 ,6 1 2 2 1 2 ,4 7 2 — 3 1 .9 1 3 3 ,3 0 4 1 7 3 ,1 7 3 — 2 3 .0 5 5 ,3 3 1 6 9 ,4 6 2 — 2 0 .3 4 6 ,0 5 1 6 1 ,3 8 7 — 2 4 .9 4 8 ,6 2 9 4 7 ,3 8 8 2 .6 1 7 ,0 1 5 2 1 ,4 5 2 — 2 0 .6 L o n g B e a c h ............ 1 5 ,4 9 3 1 3 ,7 7 1 1 2 .5 P a s a d e n a .................... 1 5 ,0 4 9 1 0 ,5 7 9 4 2 .2 . S a c r a m e n t o .............. 2 2 ,7 7 1 2 4 ,3 4 7 — S t o c k t o n .................... 2 1 ,4 8 4 2 5 ,7 7 0 — 1 6 .6 S a n D i e g o ................. 6 .4 1 1 ,5 8 0 1 3 ,5 9 4 — 1 4 .8 S a n J o s e ....................... 6 ,9 9 8 9 ,0 4 9 — 3 3 .7 B a k e r s f i e l d .............. 6 ,0 4 6 5 ,6 1 4 7 .7 B o i s e ............................... 5 ,1 5 0 B e r k e l e y .................... 6 ,9 1 3 11*517 — 3 9 .9 1 6 ,4 0 4 2 9 ,3 1 2 — 4 4 .0 2 ,9 2 4 3 ,8 8 0 1 3 ,0 6 7 1 2 ,4 2 5 — 2 4 .4 5 .1 $ 1 ,5 6 5 ,2 9 4 $ 1 ,7 9 9 ,4 2 3 — 1 3 .0 c o m p a r is o n S a lt th e 1000 omitted. L ake I n d iv id u a l A c c o u n ts *— February 1921 March 1921 S a n F r a n c i s c o . ................................$ 1 , 0 1 8 , 8 3 6 5 3 9 ,6 4 4 L o s A n g e l e s . . . ................................ P o r t l a n d ............... ................................ 1 8 2 ,4 5 7 and d is tr ic t th ir ty -d a y A p r il 10, $ March 1920 Per Cent Increase or Decrease ( —) March, 1921 over March, 1920 6 9 1 ,3 8 1 3 7 0 ,2 7 2 $ 1 ,0 1 5 ,4 1 6 .3 5 2 9 ,6 3 7 1 .8 — 2 4 .6 1 5 8 ,5 9 2 1 3 8 ,2 8 0 1 1 6 ,6 5 1 2 4 2 ,2 6 2 S e a t t l e ..................... ................................ S a l t L a k e C i t y . ................................ 2 5 6 ,4 8 6 — 3 8 .1 6 3 ,0 3 1 5 3 ,3 6 1 9 4 ,6 4 3 — 3 3 .3 S p o k a n e ................ ................................ 5 5 ,0 0 9 3 9 ,4 4 5 6 7 ,8 6 8 — 1 8 .9 T o t a l ................... ................................ 2 ,0 1 7 , 5 6 9 1 ,4 0 9 ,3 9 0 2 , 2 0 6 ,3 1 2 — 8 .5 4 6 1 ,2 0 9 3 6 0 ,9 7 7 4 8 8 ,7 6 7 — 5 .6 D i s t r i c t f . . . . ................................ $ 2 ,4 7 8 ,7 7 8 $ 1 ,7 7 0 ,3 6 7 $ 2 ,6 9 5 ,0 7 9 — 8 .2 O th e r C i t i e s . . . ................................ * 000 omitted. 20 cities—113 banks, reporting. f in ra te s B ank o f th is e n d in g fo llo w in g g iv e n d is c o u n t c itie s M arch F ederal are C le a r in g s * - in c o n c lu A lth o u g h and B a n k d u r in g banks to a (T ) Portland............ Salt Lake City.. Spokane............ a c tiv ity . 1921, sh ow a w h o le s ix c itie s ta b u la te d R a te s r e p o r tin g c itie s fig u r e s re p o rte d th a t of sam e B e r k e le y in d iv id u a l bank th e D e b its to d is tr ic t a s b a n k s in F e d e r a l R e s e r v e San Francisco... Los Angeles.... in c r e a s e o f 1 0 p e r M arch , g iv e n w ith o f th e m o n th ly (U ) are by of e x p e r ie n c e c itie s and C o m p a r a tiv e c o m p a r is o n th e th e of O a k la n d c itie s b u s in e s s sh o w in g an in c r e a s e s , decreases. r e p o r tin g d is tr ic t, c le a r in g s 1920. of th e S o u th e rn of fig u r e s and sta te m e n t ta b le b o th in in d ic a te s am ount rest fo r th e and cen t v ie w A c co u n ts th e A n g e le s tw e n ty 13 p e r In d iv id u a l of ” D is c o u n t th e fig sh o w n th e w h ic h , a p p r o x im a te ly D e b its to ta b le in d is tr ic t w e r e d u r in g C le a r in g s B ank In te re st in of w e ig h t o f th e ir r e tu r n s B ran ch t h e d e c r e a s e in g e n e r a l p r ic e s B an k L os th e ce n te r m ark ed d ecreases, p a g e ). d u r in g M arch , R eserve “U fin a n c ia l c e n t. $2625, c o m p a r a tiv e d is tr ic t a re and of $ 1 6 ,1 9 0 . o p p o s ite per ch arged had $7133; 8 .2 A T h e fa ilu r e C a lifo r n ia F r a n c is c o C o m p a r a tiv e of tre n d lia b ilit ie s and r e g io n , s h o w s lig h t in c r e a s e s a n d to d u r in g co u n try . tr a d in g re d u c e s th e d e c re a se in c r e a s e cent fo llo w s of in c itie s o f th e th a n 109 C o m p a n y ’s c le a r in g s r e p o r tin g le s s and (se e of d is tr ic t I d a h o $ 7 0 0 0 ; in O r e g o n and w ith th e I n te r -m o u n ta in San re- lia b ilit ie s th e $296 0; year com p ared F ebru ary th e a fa ilu r e s w ith in c r e a se in com $ 3 ,0 4 6 ,6 9 1 fa ilu r e s s e c tio n s fa ilu r e M arch 165 M arch to in T h is o th e r w ith C ity , of M arch lia b ilit ie s w ere lia b ilit ie s m o n th . sh ow n in m o n th and and T h ere w ith th e num ber 15 Agricultural and Business Conditions 16 O n A p r il nounced S ta te s 1 1 th an th e T reasu ry o ffe r in g T reasu ry be of d a te d d e s ig n a te d F in a n c in g D e p a rtm e n t by In d e b te d n e ss, R eserve B ank 15th , “ S e r ie s of is s u e and of w ere b u s in e s s had been of c lo s e d on but A p r il fo u r a p p lic a tio n s , 100 per of 637 cent 1 5 th days th e and, a llo w e d issu e w as R eserve Su b th e th ere b o r r o w in g s ber of th e a th e s c r ib e d San by s e c u r ity . th ro u g h F r a n c isc o th e C H A R T ( V ) i— i— i— I n te r e s t i— a n d in v e s to r s a g g re g a te F ed eral w as th is su b R eserve B ank R A T IO S C A P IT A L A N D i— i— i- !— D is c o u n t i— i— sta n d of i— Los F r a n c i s c o ..... . . 6 ^ 7 A n g e l e s .............. 6 7 S e a t t l e .......................... .. . 7 7 P o r t l a n d ....................... 7 8 8 .7 7 S a lt L a k e C i t y . . . S p o k a n e ......................... 7 $ 1 3 ,9 0 0 ,0 0 0 $ 1 6 3 ,1 3 9 ,0 0 0 , in c r e a s e an to 50 per in th e p r e c e d in g fo u r w eeks or th e c o r r e s p o n d in g p e r io d of th e ir c u sto m e r s d is tr ic t, seaso n o th e r r e fle c ts of th e in c r e a se d fr o m w h ic h year, th e is to m em be w hen ex sp r in g s e a s o n a l a g r ic u ltu r a l o p e r a o c c u r r in g . th e fo u r R eserve at w eeks N o tes decreased by $ 2 3 1 ,2 6 6 ,0 0 0 e n d in g th is reached e n tir e on A p r il bank in $ 8 ,6 0 0 ,0 0 0 com p ared P r a c t ic a lly th e of w ith D ecem ber d ecrease i— i— i— 8th , a ctu a l and now th e peak 23, occu rred OF M E M B E R B A N K S , B Y S T A T E S i— i— i— i— ^— i— i— i— i— m — i— i— R a te s — V2 by in o f $ 2 7 2 ,5 4 8 ,0 0 0 Prime Commercial Paper Customers Open Market April March April March San F ederal 1920. in th e OF R E D IS C O U N T S W IT H FED ER AL R E SE R V E B A N K SURPLUS i— are c ir c u la tio n fo r am ount th e in c re a se d a p p r o x im a te ly th e a t th is F ederal $ 1 9 ,1 0 0 ,0 0 0 . S H O W IN G TO C O M B I N E D !4 0 i— p r iv a te T h e by of D u r in g te n d e re d in dem and tio n s fro m F r a n c is c o a c c o m m o d a tio n p la n tin g a n d to ta l T w e lfth w ere banks p e cte d n e a r ly in d iv id u a ls , s h o w i n g a c o n s id e r a b le in c r e a s e of T h is filin g th e by c la s s 1920. c lo s e banks San c e n t g re a te r th a n th a t o c c u r r in g C o n d itio n s fo r in 334 an d th o u g h O u t r e c e iv e d D is tr ic t, at a lr e a d y o v e r s u b s c r ib e d . su b sc r ip tio n s F ederal p r o m p tly of C r e d it th e in te r e st a t th e ra te o f 5 y 2 p e r ce n t p e r a n n u m . s c r ip tio n s B a n k in g H -1 9 2 1 ,” b e a r in g m em ber and m a t u r i n g in s i x m o n t h s f r o m d a te th e fo u r w e e k s e n d in g A p r il 8 th , b o r r o w in g s of A p r il as D u r in g an U n ite d $ 1 5 0 ,0 0 0 ,0 0 0 C e r tific a te s to G overn m en t of Interbank Loans April March Collateral Demand Loans April March 1 9 2 0 -1 9 2 1 i— i— i— i— i2 * ' Secured by L. L. Bonds or U. S. Certificates of Indebtedness April March 7 U 7 3 /4 6^2 e y 6^2 7 6^2 7V a 7y4 7 7 7 7 7 7 8 7 7 8 7 7 8 8 7V 4 7 H - 0- 2 7 7V4 7 7 7 7 7 7 7Ya 8 7 7 7 8 8 8 8 8 8 8 8 - 0- Federal Reserve Bank of San Francisco la s t tw o am ount w eeks in o f M a r c h , s in c e c ir c u la tio n has not w h ic h 17 tim e flu c tu a te d th e m a te r ia lly . reserves a fte r a sh a rp th e la s t t w o th e y w eeks w ere on a cc e p ta n c e s) ket d e c lin e d and by on w ith c la s s paper ary 30, d is c o u n te d 1920. $ 8 1 ,0 0 0 ,0 0 0 , M arch 8 th D u r in g d u r in g in o u ts id e fu n d s le n d th e ir th e m o n th h a d n o t d isc o u n te d th is th a t a c c o m m o d a tio n 856 per cent of of w ere c u sto m e rs in th a t, 1 st, sam e of p e r io d in c r e a se d d iv e r te d banks th is o r r e d is c o u n te d 36 banks m em ber d isc o u n te d d u r in g b an k s, or th is bank F ebru ary. 5 3 .8 per r e d is c o u n te d cent to fo r d is tr ic t. of M arch , 40 banks fr o m th is Janu p r e v io u s ly m em ber b ills R e p o rts A p r il th e (4 2 9 ) 847 ban k s, ban k s, m en ts 000, in fro m out d u r in g dem and of to d e p o sits th ey b an k s, th is fu n d s, fu n d s m al resort th ro u g h s h o u ld liq u id a tio n $ 1 ,2 6 0 ,0 0 0 ,- on in th e a th e A r iz o n a , o p p o s ite w h ic h to ta l m em ber d is tr ic t s u r p lu s . bear of te n d e n c ie s m em bers to th e ir tim e a n d $ 1 ,1 3 0 ,0 0 0 ,0 0 0 $ 2 5 ,0 0 0 ,0 0 0 . in v o lv in g to th is w hen th e m as w ill page, appear s h o w in g r e d is c o u n ts in th e ir th e in by w ith seven c o m b in e d fo r a d e q u a te th ro u g h c u sto m e rs’ as bank n or lo a n s , in t h e I n t e r -m o u n t a in banks to fro m decrease c o m in g of in v e s t $ 1 5 ,0 0 0 ,0 0 0 , r e d is c o u n tin g , be e n d in g and to a by lo d is tr ic t p e r io d lo a n s by a p p r o x im a te ly c o n tr a d ic to r y do O f as w eek s’ d e c lin e d $ 1 ,1 0 5 ,0 0 0 ,0 0 0 , T h ese r a tio ban k s) of lo a n s p r o c e e d in g m em ber $ 1 ,2 4 5 ,0 0 0 ,0 0 0 in c r e a se and M arch , fo u r of is c itie s c o m b in e d of any of 69 reserve th e m ost pron ou n ced to ta l fr o m banks w h ile a t th e s a m e tim e th e ir c o m b in e d com p ared (4 6 1 n in e th e ir rose an as d u r in g th e liq u id a tio n c o m m e r c ia l w h ic h su ch th a t h a ltin g ly . sh o w m ar appear of (b a n k open sam e w o u ld in on banks It c a ted c h a r a c te r d u r in g th e c u r r e n t y e a r r e c e iv e d w ith 5 0 .7 m e m b e r s h ip c u sto m e rs m ore $ 1 4 ,0 3 0 ,0 0 0 , fu n d s paper dem ands d e c lin e h o ld in g m em ber in d ic a tin g th e th e at 8 th , a m o u n t to $ 1 1 9 ,0 0 0 ,0 0 0 fo r m e e tin g sh a rp now sto o d m a x im u m of A p r il $ 1 ,8 0 0 ,0 0 0 in $ 1 6 ,2 0 0 ,0 0 0 in v e s te d D u r in g on 1 1, 1 9 2 1 . B ills p u rch ased a b ills to bank of M arch A p r il com p ared of th is a p p r o x im a te ly e r ’s p e r io d of in c r e a s e a n d e q u a lly $ 1 9 1 ,8 3 5 ,0 0 0 , th a n w ith to ta l F ebru ary. T o ta l in com p ared of a are se c tio n th e ch art sta te s, th is sta te s th e bank of c a p ita l of th is and 18 C O M P A R A T IV E C O N D IT IO N O F A T F E D E R A L C L O S E O F S T A T E M E N T R E S E R V E B A N K B U S IN E S S A P R IL G o ld and G o ld S e ttle m e n t G o ld W ith G o ld C e r t i f i c a t e s .................................................................... Fund— F o r e ig n T o ta l G o ld S A N 8 , 1 9 2 1 F. B o a r d ..................................... A g e n c i e s .......................................................... H e ld B y 1 7 ,8 9 2 ,0 0 0 3 9 ,9 9 4 ,0 0 0 - 0 - 3 8 ,8 0 7 ,0 0 0 - 0 - Apr. 9,1920 $ 1 0 ,3 7 8 ,0 0 0 2 9 ,9 2 6 ,0 0 0 5 ,1 8 8 ,0 0 0 B a n k ................................................ 5 7 ,8 8 6 ,0 0 0 5 6 ,7 9 4 ,0 0 0 4 5 ,4 9 2 ,0 0 0 1 2 2 ,8 5 7 ,0 0 0 9 1 ,0 0 4 ,0 0 0 1 0 ,0 4 8 ,0 0 0 8 ,4 3 7 ,0 0 0 8 ,8 0 5 ,0 0 0 R e s e r v e s ................................................................ $ 1 8 9 ,1 5 2 ,0 0 0 $ 1 8 8 ,0 8 8 ,0 0 0 $ 1 4 5 ,3 0 1 ,0 0 0 e t c .................................................. 2 ,6 8 3 ,0 0 0 2 ,0 0 9 ,0 0 0 4 8 1 ,0 0 0 R e s e r v e s .................................................................................... $ 1 9 1 ,8 3 5 ,0 0 0 1 9 0 ,0 9 7 ,0 0 0 1 4 5 ,7 8 2 ,0 0 0 F ederal R eserve T o ta l G o ld T ender, N o te s, S ilv e r , D is c o u n te d : Secured A ll B y U . S. G overn m en t O b lig a t io n s .. . . 4 9 ,2 5 0 ,0 0 0 4 7 ,8 1 1 ,0 0 0 5 4 ,3 5 9 ,0 0 0 1 1 3 ,8 8 9 ,0 0 0 1 0 1 ,4 3 7 ,0 0 0 6 9 ,0 6 2 ,0 0 0 M a r k e t ........................... .............................. 1 4 ,0 3 0 ,0 0 0 3 0 ,2 7 6 ,0 0 0 7 9 ,2 5 0 ,0 0 0 H a n d .................................................................... $ 1 7 7 ,1 6 9 ,0 0 0 $ 1 7 9 ,5 2 4 ,0 0 0 $ 2 0 2 ,6 7 1 ,0 0 0 B o n d s ....................................................................... 1 ,5 2 3 ,0 0 0 1 ,8 2 2 ,0 0 0 2 ,6 3 2 ,0 0 0 O t h e r ................................................................................................................ B ills B ou gh t in T o ta l B ills U . S. U . S . V ic to r y O pen on G overn m ent N o t e s ........................................................................................ C e r tific a te s A c t) .. 1 0 ,8 8 0 ,0 0 0 A ll O th e r C e r t i f i c a t e s o f I n d e b t e d n e s s .................................. 1 6 5 ,0 0 0 T o ta l B ank o f In d e b t. (P ittm a n - 0 - O n e -Y e a r E a r n i n g A s s e t s ................................................................ P r e m i s e s ..................................................................................................... R e d e m p tio n G o ld A broad in Fund A g a in st F . R . B a n k N o te s. C u s t o d y o r i n T r a n s i t .................................. $ 1 8 9 ,7 3 7 ,0 0 0 - 0 1 1 ,0 2 5 ,0 0 0 - 0 $ 1 9 2 ,3 7 1 ,0 0 0 - 0 - 1 0 ,8 8 0 ,0 0 0 2, 0 0 1 , 0 0 0 $ 2 1 8 ,1 8 4 ,0 0 0 5 2 9 ,0 0 0 5 1 5 ,0 0 0 2 3 1 ,0 0 0 6 6 5 ,0 0 0 6 6 5 ,0 0 0 1 ,4 6 5 ,0 0 0 -O - 1 5 2 ,0 0 0 - 0 - I t e m s ............................................................................................... 3 8 ,2 3 1 ,0 0 0 4 3 ,2 5 7 ,0 0 0 3 9 ,0 2 6 ,0 0 0 O t h e r R e s o u r c e s ........................................................................................ 5 0 8 ,0 0 0 4 6 1 ,0 0 0 3 6 9 ,0 0 0 $ 4 2 1 ,5 0 5 ,0 0 0 $ 4 2 7 ,5 1 8 ,0 0 0 $ 4 0 5 ,0 5 7 ,0 0 0 U n c o lle c te d A ll 1 7 ,9 8 7 ,0 0 0 1 2 1 ,2 1 8 ,0 0 0 R e d e m p tio n 5 % Mar. 11,1921 $ A g e n t ............................................ W ith T o ta l R . $ F R A N C IS C O F u n d .............................................................................. G o ld G o ld B ills O F Apr. 8,1921 RESOURCES— L egal O F T R o t a l e s o u r c e s ................................................................. L IA B IL IT IE S — C a p ita l I n ..................................................................................................... 7 ,2 3 1 ,0 0 0 7 ,1 6 9 ,0 0 0 6 ,0 3 0 ,0 0 0 ............................................................................................................................. 1 4 ,1 9 4 ,0 0 0 1 4 ,1 9 4 ,0 0 0 7 ,5 3 9 ,0 0 0 P a id S u r p lu s 4 ,5 4 9 ,0 0 0 3 ,0 6 7 ,0 0 0 2 ,5 5 4 ,0 0 0 112, 2 2 1 , 0 0 0 1 0 8 ,0 7 9 ,0 0 0 1 2 0 ,5 8 8 ,0 0 0 C r e d i t s ................................................................................. 1 0 ,1 7 7 ,0 0 0 8 ,9 5 6 ,0 0 0 8 ,5 8 1 ,0 0 0 D e p o s i t s ..................................................................................... $ 1 2 6 ,9 4 7 ,0 0 0 120, 1 0 2 , 0 0 0 1 3 1 ,7 2 3 ,0 0 0 i n A c t u a l C i r c u l a t i o n ............................................... 2 2 1 ,9 4 7 ,0 0 0 G overn m ent D ue to O th e r D e p o s i t s ................................................................................. M em b ers— R eserve D e p o s its , G overn m ent T o ta l R . B ank D e fe r r e d A ll 2 3 1 ,2 6 6 ,0 0 0 2 3 9 ,8 0 9 ,0 0 0 8 ,5 4 6 ,0 0 0 8 ,9 0 1 ,0 0 0 9 ,4 6 1 ,0 0 0 I t e m s ................................................................ 2 9 ,7 9 4 ,0 0 0 3 4 ,5 0 2 ,0 0 0 2 4 ,6 0 6 ,0 0 0 L i a b i l i t i e s ..................................................................................... 3 ,5 2 7 ,0 0 0 2 ,8 4 1 ,0 0 0 3 ,7 5 1 ,0 0 0 T $ 4 2 1 ,5 0 5 ,0 0 0 $ 4 2 7 ,5 1 8 ,0 0 0 $ 4 0 5 ,0 5 7 ,0 0 0 M em o : fo r 1 ,4 7 2 ,0 0 0 1 ,4 7 2 ,0 0 0 N o te s in A v a ila b ilit y O th e r F o r e ig n L ia b ili t y .. F . R . N o tes F . In c lu d in g A c c o u n t ..................................... o t a l L ia b i l i t i e s C o n tin g e n t F o r e ig n C ir c u la tio n — N e t .............................................................. L ia b ility on B ills P u rch ased C o r r e s p o n d e n t s .......................................................... - 0 -
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