Full text of Economic Review (Federal Reserve Bank of San Francisco) : August 16, 1921

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« • ' “ N OT TO BE RELEASED FOR PUBLICATION BEFORE TH E M O RN ING OF A U G U S T 2 7 , 1 9 2 1

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g r ic u l t u r a l

a n d

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u s in e s s

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IN T H E T W E L F T H F E D E R A L R E S E R V E D IS T R IC T

M o n th ly R e p o rt to the F ed eral R eserv e B oa rd
by
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco

Vol. Y.

San Francisco, California, August 16, 1921

E cumulative effect of a greater m ove­
T Hment
of goods at retail than at wholesale,
which has been evident for several
months from the trade reports received by
this bank, is now being reflected in one of
the m ajor industries of this district. Canners
of fruits and of salmon report a distinctly
stronger demand for their proT h e Month ducts within the last few weeks,
and the opening prices of the
principal fruit canner have twice been raised
on certain varieties of fruit while other varie­
ties have been sold out entirely. Through
the canners this influence has been trans­
mitted to the growers of fruits who are now
reported to be receiving for peaches— the
staple line in this industry— around $50 per
ton compared with $35 per ton bid by the
canners at the opening of the season.
Reports from the retail and wholesale trade
for July affirm conclusions drawn from earlier
reports and mentioned a b o v e ; namely, that
the volume of the movement of goods at retail
exceeds that at wholesale. For the district
generally, retail sales of department stores
were 12.9 per cent less in dollar value during
the month than during July, 1920, and the
value of sales for the year to August 1st is
but 7.2 per cent less than the value of sales
during the same period of 1920. The average
percentage of decline in the selling prices of
their goods reported by these stores during
the year is at least 20 per cent, and it is ap­
parent that the volume of goods now being
sold by these large retailers is in excess of
that moved by them a year ago. In the
wholesale trade, on the other hand, the per­
centages of decline in value of sales during
the current month compared with July, 1920,

are in several cases stated to be greater than
the reported decline in the selling price of
the product, and it is probable that the move­
ment of goods at wholesale throughout the
district is generally less than it was last year
at this time. Continuation of such a discrep­
ancy must eventually produce a condition in
other lines analogous to that now obtaining in
the canning industry.
Generalizations cannot be used in summar­
izing conditions affecting the raw products
of the district other than fruits. Marketing
is proceeding rapidly with some and with
others movement is sluggish. The 115,000,000
bushel wheat crop of the district has thus far
been marketed in volume 130 per cent greater
than that of last year to this date, and exports
this season are 30 per cent larger than they
were at this time a year ago. Approximately
75 per cent of the district’s 1921 w ool clip of
nearly 73,000,000 pounds has passed out of
the growers’ hands by actual sale to dealers
and mill buyers at prices of from 12-18c per
pound. Marketing of livestock generally is
in about the same volume as it was in July,
1920, there having been during recent months
a noticeable decline in the marketing of sheep
from the range areas. Heavy showers have
benefited those ranges previously suffering
from drought in all areas except southern
California. Operators in the lumber indus­
try of the Pacific Northwest, where produc­
tion is about 65 per cent of normal, express
more hopeful sentiments concerning the im­
mediate future, basing them upon several fac­
tors, among which are anticipated buying by
the railroads, increasing export demand from
Australia and the Orient, enlarged purchas­
ing power in rural districts as a result of

Those desiring this report sent them regularly will receive it without charge upon application.




No. 8

A g r ic u ltu r a l a n d B u s in e s s

2

C o n d itio n

marketing crops, and the small stocks of lum­ banks (67 in number) did not increase thei
ber believed to be remaining in the hands of loans and discounts during July, compare«
jobbers and in retail yards throughout the with June, money deposited with them b;
country. Petroleum output in California de­ their customers from sales of early product
clined slightly during the month but not so evidently being sufficient to care for de
much as shipments, and stocks were added to mands incident to later harvesting an<
during July. Prices of crude petroleum and marketing operations. On the contrary, mem
gasoline were reduced August 3rd; all grades ber banks continued to reduce their borrow
of petroleum falling 25 cents per barrel at ings from this bank, whose holdings of bill:
the well and gasoline from 25c to 23c per discounted for member banks declined $12,
gallon. The mining industry of the district 600,000 (8 per cent) during the month. Fed
awaits revival of industrial demand for its eral reserve notes of this bank in circulatioi
also declined $9,400,000 (4 per cent), an<
products.
It is equally difficult to generalize from the the reserve ratio of the bank accordingly ros<
conventional statistics of business activity. 2.4 per cent during the month to 62.6 per cen
July bank clearings of the district, approxi­ on August 10th, compared with 46.7 per cen
mately 22 per cent less than those of a year on August 13, 1920. Reduction in the dis
ago, would indicate, in view of the decline in count rate of the reserve bank to 5% per cen
wholesale and retail prices, that the volume has been reflected by slightly easier monej
of business being done is somewhat greater rates in the larger cities of the district, bu
than it was a year ago, but business failures rates in the country are unchanged.
Harvesting of grains in the southern state!
for July were, with one exception, the great­
est in the last eighteen months both in num­ of the district is about completed. In th(
ber and total liabilities involved.
Building northern states winter wheat has been cut anc
is being threshed, and the cutting
permits in July outnumbered by 25 per cent
those of July, 1920, with dwellings and apart­ W heat and of spring wheat is now undeway. Estimates of yields, whicl
ment houses the predominant type of con­ Barley
have not materially changed sinc<
struction. Unemployment during July was
approximately the same in amount as in June. July 1st, are given in table “ A .”
Marketing of this year’s grain crop is pro­
The ability of farmers to dispense with much
harvest help which last year they considered ceeding rapidly and many farmers are selling
essential has so reduced the normal demand their grain immediately after threshing, in con­
from that quarter that it has not more than trast with the tendency to hold for highei
balanced the decline in the number of those prices which obtained at this time last year
Receipts and shipments at terminal points
employed in lumbering, mining, fishing, and
shipbuilding. Savings deposits of 79 banks have been heavy.
Receipts of wheat at Portland, Oregon, and
in the district on July 15th were approxi­
mately the same as those of June 15th last at Puget Sound shipping p oin ts :
P er G en t
In crease
and 6.8 per cent greater than they were a
July 1 -A u g . 12
July 1 -A u g . 12
1921 Seasox
year ago. Considering the decline in prices
1921
1920
over
(Cars*)
(Cars*)
1920 Seasox
during that time savings bank depositors can
1 ,5 9 7
100
now command a considerably larger volume Portland .......... . . 3 ,1 9 8
Puget S o u n d .. . . 1 ,4 4 1
418
245
of goods than they could in July, 1920.
The banking structure of the district grows
2 ,0 1 5
130
■. .
4 ,6 3 9
progressively stronger. Reporting member
•Average number o f bushels per car 1,500.

(A) Estimated Yields o f Wheat and Barley-W h e a t-

-B a r le y —

A u g . 1. 1921
(bushels)

1920
(bushels)

Arizona ............................................
California .......................................
Idaho .................................................
Nevada .............................................
Oregon .............................................
Utah ..................................................
W ashington ....................................

882,000
8,080,000
25,590,000
555,000
22,975,000
6,265,000
51,014,000

8 6 4 ,0 0 0
9 ,1 0 0 , 0 0 0
2 3 ,6 0 0 , 0 0 0

Totals .......................................

115,361,000




A u « . 1,1921
(bushels)
9 0 5 ,0 0 0

1920
(bushels)
6 8 0 , 00C
2 8 ,7 5 0 ,0 0 C

4 2 0 ,0 0 0
2 2 ,9 0 0 ,0 0 0
5 ,3 6 6 , 0 0 0

2 9 ,0 0 0 ,0 0 0
3 ,2 4 7 ,0 0 0
3 0 2 ,0 0 0
2 ,4 8 5 , 0 0 0
6 2 3 ,0 0 0

3 7 ,9 8 2 ,0 0 0

3 ,7 1 2 ,0 0 0

3 ,8 8 3 ,0 0 0

1 0 0 ,2 3 2 ,0 0 0

4 0 ,2 7 4 , 0 0 0

4 0 ,3 6 4 ,0 0 C

3 ,4 8 6 ,0 0 C
3 0 4 ,0 0 0
2 ,5 7 6 ,0 0 0
6 8 5 ,0 0 0

F ederal R eserve

Bank

of San

3

F r a n c isc o

Stocks of barley in warehouses
wharves at Port Costa, California:

and on
Percent
In crease
A u g ., 1920A u g ., 1921

A u g . 1,1921

July 1, 1921

A u g . 1, 1920

3,571,083 bu.

1,487,494 bu.

1,549,958 bu.

130

Exports of wheat from Portland and Puget
Sound ports during July, 1921, were 2,972,519
bushels compared with 2,213,923 bushels in
July, 1920.
Reported prices to growers of wheat and
barley in some of the states of the district as
compared with those of a year ago are shown
b e lo w :
1921
(per bushel)

W h eat

1920
(per bushel)

W ashington ............. $ .90— $ .95
Oregon .....................
.95— 1.00
Utah ......................................75—
.80
California ..................
$1.95*

$2.00— $2.65
2.00— 2.25
2.00— 2.25
3.75—- 4.00*

Barley

California ..................

$1.15— $1.25f

*N o. 1 hard white wheat
hundredweight.
fP e r hundredweight.

delivered

at

$2.25— $2.50f
San

Francisco,

per

M on th ly A v era g e H ig h and L o w P rices o f N o . 2 R ed W inter W heat
at C h ic a g o . S e m i-M o n th ly E x p o rt B a rley P rices at San F ra n cisco .

(B) Milling—
N o . M ills R e p o rtin g
June
July

r

■'

'
July
(barrels)

Production of reporting flour mills in this
district was approximately the same during
July as during June, an increased output in
Oregon being offset by smaller proM illing duction in California. Operations
were 41.2 per cent of capacity com ­
pared with 41.7 per cent in June and 38 per
cent in July, 1920. Millers report that do­
mestic buying continues on a day to day basis
with prices steady or tending slightly down­
ward. Increased demand from the export
trade has been noted recently.
Stocks of flour in millers’ hands on August
1st, as reported by 24 large operators were
203,214 barrels, compared with 338,977 bar­
rels on the same day in 1920. Stocks of wheat
held by 21 operators on August 1st were
869,760 bushels compared with 1,257,288 bush­
els on August 1st, a year ago, the entire de­
crease occurring in California.
Table “ B ” shows the July production of the
reporting mills by states, and the percentage
of mill capacity in operation this year and
last year.
Final disposition of the California apricot
crop has been made during the past four
weeks. The yield is estimated to have been
105,000
tons,
compared
Deciduous 115,000 tons last year. During
Fruits
the same period the peak of the
movement to market of California
peaches and pears was passed and shipments
from W ashington and Oregon began. The
heaviest shipments from the latter states will
be made during late August and early Sep­
tember. Picking and shipping of Gravenstein
apples in California and early apples in Ore­
gon and W ashington is under way. Estimated
1921 yields of peaches, pears and apples in the

O utput------------------- ^
June
(barrels)

Per C e n t M ill C a p a city in O p era tion
July
June
July
1921
1921
1920

California .......... 14
4
Idaho ...................
Oregon ............... 25
W ashington —
29

15
5
25
31

221,876
13,174
100,250
263,315

260,169
12,945
78,788
271,232

54
44
32
38

65
43
38

44

72

76

598,615

623,134

41.2

41.7

38

District

..............

36

22

(C) Estimated Yields o f Peaches, Pears and Apples—
--------------- P ea ch es---------------(in thousands of bushels)
1921
1920

California ......................
Idaho ..............................
Oregon ...........................
Utah .................................
W ashington .................

320,000*
166
199
864
1,386

*In tons (approximately 4 1 ^
t ju ly 1st estimate.




345,000*
40
100
825
423

bushels per ton ),

---------------Pears------------------- f ------------------------------------- A p p le s -------------(in thousands of bushels)
(in thousands of bushels)
1921
1920
1921
1920

65,000*
73
630f
47
1,397

100 ,000*
83
560
60
2,246

5,356
3,585
4,800t
918
24,538

6,003
3,631
3,300
918
17,000

with

4

A g r ic u ltu r a l a n d B u s in e s s

C o n d itio n .

principal fruitgrow ing states of the district,
compared with yields in 1920, are shown in
table “ C” (see preceding page).
Prices to growers of fruit advanced gener­
ally during the latter part of July. Increased
demand from eastern fresh fruit buyers came
with the decline in the movement to market
of a record peach crop in Georgia. A sudden
revival of demand for western canned fruits
caused packers to advance their bids to grow ­
ers in order to obtain additional supplies of
the rapidly disappearing fruits. Apricots sold
for $40 to $60 per ton, cling peaches for $50
to $55 per ton (as high as $60 in W ashington)
and pears for $65 to $75 per ton. The in­
creased price for peaches was especially ac­
ceptable to growers, the opening bids of the
canners for this fruit having been $35, com ­
pared with 1920 prices of $90 to $110 per ton.
The California Pear Growers’ Association
disposed of the fruit under its control at its
fixed price of $61.75 per ton for No. 1 Bartletts, while the Oregon Growers’ Co-opera­
tive Association sold its pool for $65 per ton.
Shipments of peaches and pears from Cali­
fornia during July were considerably less
than those of twelve months ago, as shown
by the follow ing carload shipment figures :

by a record breaking crop (10,000 carloads'
of Georgia Elberta peaches.
California fruit canneries will put up fron
55 to 65 per cent of their 1920 pack of 11,
382,863 cases, according to latest estimate:
available. In the opening weeks o
Canned the canning season, packers hesitate(
Fruits
to contract for fresh fruit, in viev
of losses suffered on the 1920 pack
the relatively large holdover stocks, and i
prospective small demand. The pack of cher
ries and apricots accordingly was but one
third to one-half of last year’s pack. As Juh
progressed, however, the demand for Pacific
Coast canned fruits increased, partly due tc
more general realization by the trade of th(
fruit shortage resulting from small yields it
other parts of the country, and partly due t(
the increasing consumer demand, which be
came evident after prices were lowered in th<
spring.
Prices of canned goods were ad
vanced above opening levels in many cases
and canners hastened to make delayed pur
chases of fruit from the growers. The resul
has been higher prices to growers, and highe:
quotations on the canned product. As an ex
ample of the change in prices of canned fruit
table “ D ” is presented. It shows the opening
prices and recent advances of the largest op
Peaches
Pears
erator in the canned fruit industry.
70
June, 1921................................................
Approxim ately 40 per cent of the Californi;
June, 1920.................................................
314
6
July, 1921.................................................
761
1,431 yellow free peach crop, and practically tin
July, 1920................................................
1,811
2,249 entire crop of yellow clings was taken by th<
canners. Nearly 80 per cent of the Californii
T w o m onths, 1921.............................
831
1,431
pear crop went to the canneries. It is estimatec
2,125
2,255
Tw o months, 1920.............................
that about 10 per cent of the southern Oregoi
The difference in shipments of pears corres­ pear crop, 20 per cent of the W ashington pea;
ponds to the reduction in the crop yield, but crop and 15 per cent of the Utah peach crop ar<
the decrease in peach shipments is out of pro­ being canned. The canning of peaches in th<
portion to the smaller yield and is to be at­ Northwest and of pears in Utah is relatively
tributed to the competition offered in the East unimportant.

(D) Canned Fruit Prices—
Fruit (Choice Grade— Can Size N o.

2% )

Apricots ...................................................
^Blackberries ...........................................
Cherries, B lack ......................................
Cherries, Royal A n n e .........................
Grapes, M u sca t......................................
^Loganberries ........................................
Peaches, Y ellow F ree........................
Peaches, Y ellow C lin g.....................
Peaches, W h ite C lin g........................
Pears, B artlett.......................................

July 21
Opening Prices
1921 Pack
(per doz.)

.

.

.
’•'Strawberries

.....................................

•Standard grade.
fA d van ced 10c dozen on standard grade.




$2.35
2.25
3.00
3.00
2.35
2.35
2.30
2.35
2.35
3.00
2.05
2.40
2.90

Revised Prices
1921 Pack
(per doz.)
Aug. 1
Aug. 10

$2.50
2.25

2.35
2.35
2.50
2.50
2.50
3.25
2.15

$2.60
2.25
-t-t2.35
2.35
2.50
2.60
2.60
3.25
2.25

Per Gent Increase
Compared with
Opening Prices
Aug. 1
Aug. 10

6.4

8.7
6.4
6.4
8.3
4.8

10.6

8.7

10.6
10.6
8.3
9.7

Federal R eserve B ank

of

San

5

F r a n c isc o

W eather and range conditions were favor­
able for the livestock industry of the district
during July. Heavy showers in the range
sections of Arizona greatly beneLivestock
fited grow ing feed and replen­
ished the failing water supply.
Range and pasture lands in other states re­
mained in excellent condition with the ex­
ception of small drought-stricken areas in
southern California. Indications are that hay
and grain will be abundant at country points
adjacent to range areas at prices not far from
$6 per ton for hay and $1 per hundred pounds
for feed grain.
M ore cattle were received during July at
the principal markets of the district than dur­
ing June, and receipts approximated more
closely than a month ago receipts during the
summer of 1920. Calves continue to be sent
to market in numbers about half those of
1920. July witnessed a marked decline in the
arrivals of sheep at market, though these con­
tinue to be greater than receipts a year ago.
A t Spokane and Salt Lake City, where condi­
tions in the northwestern range states are most
clearly reflected, declines in receipts of cattle
and sheep compared with July, 1920, were
particularly large. Information from 60 mar­
kets in the United States shows that the
amount of feeder stock sent to market during
the first six months of this year was 25 per
cent less than last year’s figures.
Receipts of livestock at the five principal
markets of the district during July, 1921, and
1920, are shown in table “ E.”
W ith the exception of hogs, prices of which
advanced materially as is customary at this
season, quotations for livestock at the markets
of the district during July changed little from
those prevailing in June. Calves were slightly

higher at the end of the month than at the
beginning, but steers and cows were slightly
lower. Prices of cattle at Spokane in the mid­
dle of July were the lowest reported in five
years. In Chicago, on the other hand, prices
of cattle rose during July and the prices of
sheep advanced proportionately as much as
those of hogs (about 30 per cent). The range
in livestock prices at the five principal markets
of the district is shown in table “ F.”
Final figures on the 1921 wool clip in the
Twelfth Federal Reserve District are not
available, but it is estimated that it was ap­
proximately 90 per cent of the 1920
W o o l clip of 81,000,000 pounds. Marketing
of the 1921 clip has proceeded rapidly
and reports indicate that 75 per cent of the
wool produced has been sold outright by the
grower to mill buyers and wool dealers. A t
the present time it would appear that eastern
buyers have purchased all the desirable clips
that growers are willing to sell at present
prices, and have temporarily retired from the
field. The eastern market for wool is reported
to be slowly broadening with a large number
of mills running to capacity on orders received
for spring goods.
Three significant features of the recent
marketing of wool in this district are worthy
of comment.
1.
Presence of “ distress” lots of w ool from
both the 1920 and 1921 clips. Approximately
75 per cent of the 1920 clip remained to be
marketed at the opening of the 1921 season.
Some sales of small lots have been made since
that time but usually at “ distress” prices.
Manufacturers were also able to buy consider­
able quantities of the 1921 clip at practically
their own prices, due to the pressure of grow ­
ers’ financial obligations. There was, there-

(E) Receipts o f Livestock—
C a lve s

Cattle

Portland ............
Salt Lake City.. . .
Seattle ................
Spokane ............
Tacom a ..............
Total

...............

H ogs

Sheep

July
1920

July
1921

July
1920

July
1921

July
1920

July
1921

July
1920

9,303
3,055
3,859
2,703
2,183

9,198
4,549
4,283
3,873
2,206

524
63

221

892
207
3Í4

324
146

238

6,905
3,857
5,167
1,731
3,629

13,046
2,754
3,353
3,490
2,595

43,238
7,993
9,706
8,577
9,798

31,246
10,207
9,434
15,943
6,534

21,103

24,109

1,278

2,337

21,289

25,238

79,312

73,364

July
1921

686

and M u les
July
July
1921
1920

52

128

6

21

39

124

97

273

F) Range in Livestock Prices—
H ig h e st and L o w e s t A v e ra g e T o p P rices Per H u n d red w eig h t R e ce iv e d at F iv e Principal M a rk ets D u rin g July.
W eek of

Fat Steers

July S............................$5.60— 7.25
July 11............................6.00— 7.75
July 18............................6.00— 7.75
July 2 5 ..........................
5.50— 7.00




Cow s

C a lv e s

$4.85— 6.00
5.00— 6.00
5.00— 6.00
4.50— 6.00

$6.00— 9.50
6.00— 9.00
6.00— 11.00
6.00— 11.00

$ 8.45—
9.50—
9.80—
10.30—

H ogs

L am bs

9.50
11.00
14.25
13.75

$5.00— 7.50
6.50— 8.00
6.30— 8.00
6.00— 7.75

6

fore, little competitive bidding. A possible
exception to this last statement was noticed
in the case of fine staple wools. There was
an apparent scarcity of the finer grades of
w ool and competition among purchasers was
relatively keen.
2. Adjustm ent of prices to pre-war levels.
Prices paid to producers for w ool were ap­
proximately the same as those prevailing in
1915. There have been numerous sales at
prices ranging between 12 and 18 cents a
pound, depending upon the grade and fine­
ness of the w ool and the financial necessities
of the seller.
Because of the necessity of
adjusting w oolgrow ers’ overdrafts on their
consignments of last year’s clip, many sales
of this year’s w ool have resulted in actual pay­
ment to the grow er of less than 15c per pound.
3. Shipment of w ool to the Atlantic Coast
by way of the Panama Canal. A large propor­
tion of the wool going to eastern markets,
both on purchase by manufacturers’ agents
and on consignment, has been shipped by rail
to Pacific Coast points and thence by boat
through the Panama Canal.
Stocks of butter in cold storage in four cities
of this district increased only 338,521 pounds
during July as compared with an increase of
1,236,429 pounds in June and an
Dairy
increase of 1,178,542 pounds durProducts ing July, 1920. This decline in
the rate at which holdings of butter
are being accumulated, contrary to the usual
seasonal movement, is attributed to an unusu­
ally active consuming demand and to small
receipts. The wholesale price of 93 score fresh
creamery butter at San Francisco rose from
37^4 cents per pound, July 1st to 41^4 cents
per pound August 1st.
Butter in storage
in four cities of this district on August 1st
of this year totaled 3,170,786 pounds, a de­
crease of 1,644,698 pounds, or 34 per cent, from
the same date in 1920. A statement of the
movement of stocks of cold storage butter dur­
ing July, 1921, and 1920, and holdings on A u­
gust 1st, at the four principal markets of this
district are shown in table “ G.”
The average price paid to milk producers
by fluid milk distributors (presented in table
“ H ” ), shows a decline of two cents per hun­
dredweight in the Mountain Section and a
decline of eight cents in the Pacific Section,
compared with June, 1921, and a decline of 79
cents and 85 cents, respectively, compared with
July, 1920. (A ccording to corrected figures
received this month, the average price paid to
milk producers in the Pacific Section during




A g r ic u ltu r a l a n d B u s in e s s

C o n d itio n *

June, 1921, was $2.82 per hundredweight in­
stead of $3.07 as stated in our July report.)
Reduced prices and a seasonal increase in
consumption have quickened the movement of
canned salmon into consuming channels and
an appreciable reduction of the large
Salm on holdover (chiefly pinks and chums
or lower grade salmon) from the 192C
pack has taken place. On August 1st spot
prices of the majority of grades of canned sal­
mon were 35 to 50 per cent below 1920 open­
ing prices and the holdover of 1920 pack goods
remaining on the Pacific Coast was estimated
at 2,000,000 cases or more than 40 per cent of
last year’s pack. During the second week of
this month a strong domestic and export de­
mand developed, causing the price of chums to
advance from 70 to 90 cents per case and the
price of pinks from 80 cents to $1.00 per case.
Holdings were reported to have been materi­
ally decreased during this period of activity.
(G) Movement o f Stocks o f Cold Storage
Butter—
City

July, 1921
N et
Increase
(Pounds)

July, 1920
N et
Increase
(Pounds)

A u g. 1,
1921
Holdings
(Pounds)

A u g. 1,
1920
Holdingi
(Pounds

408
162,222
73,382
102,509

271,507
302,731
157,454
446,850

684,366
437,652
1,361,033
687,735

995,72^
878,18:
1,559,00(
1,382,57:

Los A n g e le s...
Portland .........
San Francisco.
Seattle ..............
T otal

...........

338,521

1,178,542 3,170,786 4,815,48<

( / / ) Prices Received by Milk Producers*—
July,
1921
Range

Sectionf

Mountain (5 Mkts.J) .$1.73-$2.65
Pacific (7 M k t s 4 ) . . . . 1.67- 3.65
U. S. ( I l l M k t s j ) . . . . 1.20- 4.70
*A11 prices
butter fat. ^
fM oun tain
zona.
Pacific
fornia.
^Beginning
which prices
which milk is

July,
1921
A v erage

June,
1921
A v e rage

July,
1920
Average

$2.21
2.74
2.55

$2.23
2.82
2.41

$3.0(
3.5<
3.3:

per hundredweight for milk testing
section includes Idaho, U tah,
section includes W ashington,

3.5

per cen

N evada, and A ri
O regon and Cali

with this issue the markets are the cities foi
are reported instead o f the country stations a
bought for these cities.

(I) Estimated Pack o f Salmon for 19219
Canneries
Operating
1921
1920

District

W estern Alaska.
Central Alaska..
S. E. A la s k a .. . .
Puget Sound—
Columbia River.
Totals

27
23
25

28
35
80

20 *

11*

18

.............. 113

*Approximate.

Pack
Estimated
1921

1 ,200,000

Actual
1920

19

600,000
600,000
300,000
300,000

913,00C
1,280,00(
2 ,202 ,00(
167,00(
481,00(

173

3,000,000

5,043,00(

F ederal R eserve B a nk

of San

7

F r a n c isc o

On August 15th one large factor announced
opening prices on the 1921 pack. They com ­
pare with 1920 opening prices as fo llo w s:
1920 O pen in g
P rice s
(per doz.)

O n e P ound T all C ans

Reds ................................................
Medium R ed s...............................
Kings ..............................................
Pinks ..............................................
Chums ............................................

1921 O pening
Prices
(per doz.)

$3.25
2.75
3.00
1.50
1.15

$2.25
1.50
1.75
1.15
1.05

Preliminary estimates of the 1921 pack of
salmon in the five principal fishing districts
on the Pacific Coast place this year’s output
at approximately 3,000,000 cases, compared
with 5,043,000 cases packed in the same sec­
tions in 1920. Less than 70 per cent of the can­
neries which operated last year are open this
season and the run of fish has been generally
light. However, preliminary estimates will un­
doubtedly have to be revised, as fishing is still
in progress.
It is estimated that the pack on Puget Sound
will be about twice that of 1920 (167,000 cases)
as this is the year in the four-year cycle when
the Sockeyes run in the Sound. The run has
thus far been light, however, and later esti­
mates will probably show a reduction in the
pack of this district. On the Columbia River,
there were floods and disputes between canners and fishermen during May and June, and
since July 1st, the run has been below normal.
The pack may not be more than 50 per cent of
last year’s pack (481,000 cases). Table “ I” (op ­
posite page) shows estimates of the 1920 and
1921 packs of salmon in the five principal
fishing districts on the Pacific Coast.
Production of lumber in this district, which
has been increasing steadily since January of
this year, decreased slightly during July. The
cut (329,343,000 feet) reported by
Lum ber the four lumber associations in this
district, was 48,262,000 feet, or 12.7
per cent less than the June cut, and operations
are reported to be approximately 65 per cent
of normal. Orders and shipments in July also
declined compared with last month, due in
part to the fact that buyers and shippers are
postponing purchases in anticipation of an­
nounced freight rate reductions which are not

(J) Lumber—
of Mills
reporting . .
Cut* .................
Shipments* . .
Orders* .........

West Coast
Lumbermens*
Association
July 30

106
189,471
200,157
181,207

*In thousands of feet.




Western Pine
Manufacturers*
Association

June 25

July 30

111

44
88,191
58,002
59,650

227,461
236,932
218,280

yet effective. Orders received decreased from
292,190,000 feet in June to 263,416,000 feet in
July, or 9.5 per cent, while shipments declined
from 318,697,000 feet in June to 286,727,000
feet in July, or 10.0 per cent.
MILLIONS OF BOARD fo
Eoo

MILLIONS, OF BOARD FEET

/

/

N

/

\
\

/

\

v

\
\
V
1920

/

/

\

192

P rod u ction o f L u m b er in T w e lfth F ederal R e se rv e D istrict
as R e p o rte d by L u m b er A s s o c ia tio n s 1920-1921

Lumbermen of this district generally con­
sider the present outlook favorable, basing
their opinions upon the following fa ctors:
1. Anticipated resumption of buying by
railroads of the country, which are normally
among the principal consumers of lumber.
2. Early and continuous marketing of their
crops by farmers, which is expected to stimu­
late rural consumption of lumber.
3. Increased building operations in the
cities of the country, as wages and the prices
of building materials decline.
4. Reduced railroad freight rates to mar­
kets east of the Mississippi River announced
July 11, and to take effect as soon as the
tariffs can be published. The new rate will
be 95 cents instead of $1.06^2 per hundred
pounds to the Atlantic Seaboard.
5. Limited stocks of lumber in the hands
of distributors.
Present buying is largely
confined to “ fill-in” orders and it is believed
a marked increase in public demand could
not be met from dealers’ stocks.
6. An improved export situation. Japan is
buying, Australia is showing renewed in­
terest, and China is taking her normal vol­
ume of Douglas fir.
Comparative figures of cut, orders and ship­
ments of reporting mills of the four associa­
tions in this district are shown in table “ J.”
CaliforniaWhite
and Sugar Pine
Manufacturers*
Association

California
Redwood
Association

-1921— F o u r W e e k s Ending----------------------------June 25
July 30
June 25
July 30
June 25

44
95,891
56,069
51,500

/

7
28,558
13,338
13,039

6

11

11

24,723
12,288

23,123
15,230
9,520

29,530
13,408
14,409

8,001

TOTAL
July 30

168
329,343
286,727
263,416

June 25

172
377,605
318,697
292,190

8

A g r ic u ltu r a l a n d B u sin e ss

Metal production in this district during the
first six months of 1921 was below that of
the same period in 1920, and recent previous
years, according to reports of the
M ining United States Geological Survey.
L ow market prices prevailing have
caused a substantial reduction in the output
of copper, lead and zinc. The greatly de­
creased production of these metals has caused
a corresponding, although proportionately
smaller, decline in the production of gold and
silver, inasmuch as considerable quantities of
the latter metals are extracted from ores
mined principally for their copper or lead
content.
Labor troubles in Nevada mining
districts have been a factor in reducing the
output there.
During June, reporting mining properties
in this district which are being operated, pro­
duced more gold, silver and lead, and less
copper, than in the corresponding month last
year according to reports received from 12
large mines located in California, Idaho, Utah,
Nevada and Arizona. Compared with May,
1921, decreases in the production of copper,
lead and gold, and a small increase in the pro­
duction of silver were reported. O f the mines
which are operating at all, reporting gold,
silver and lead mines are operating at 100 per
cent, and copper mines at 66 per cent of ca­
pacity.
Favorable factors in the present situation
are the reduced costs of production, made
possible by lower wage scales for mine labor,
and reduced freight rates on ore and bullion.
Improvement in the industry now awaits re­
vival of domestic and foreign demand for cop­
per, lead and zinc.
Comparative figures of the output of metal
of 12 mines reporting to this bank are shown
in the follow ing table :
June, 1921

*Copper (pounds). 4,755,463
Lead (p ou n d s)... 13,132,304
Silver (o u n c e s)..
454,129
Gold (o u n c e s )...
30,808

June, 1920

M ay, 1921

5,130,142
10,872,870
278,600
24,521

5,448,669
14,104,001
450,106
31,273

* B lis te r

The significant feature of the July opera­
tions in the oil fields of California was the
continued increase in stored stocks of pe-

C o n d itio n s

troleum, which on July 31st stood at 31,634,179
barrels compared with 29,768,643 barrels on
June 30th and 24,406,753 barrels on July 31,
1920.
The present figure reprePetroleum sents the largest stock of petrol­
eum in storage in the state of Cali­
fornia since October, 1919, the trend now being
opposite to that which prevailed last year at
this time when stored stocks were being rap­
idly depleted and a shortage of petroleum
products, particularly gasoline, was experi­
enced.
Millions of Barrels

Millions of B a r r e l s

30
20

S I OK>EC

j T<7C

30
20

<s

r Is
340,000
,v
A VE R A< lE ‘lAIL V S HIF¡
r

320 000
310 ooo
/' V

300 ooo
290 OOO
280,000

>

■A

V

Barrels
340,000

/x

MT>

/

330,000

/
V

V

~\

f
S

300,000
290,000

'\

1
A

270.000

/■'

270,000

AV ■R.^GE D/HL'I ’ P ÎOI >UCTIO X

V

260.000
250.000
240.000

250,000

2IOOOO

200000

,

3

4

. 5

7 8
1919

.o „

,2

,

2

3 4

*

f, 7 s
1920

9

IO

12 , Z 3 4. 1921

6 7

200000

Petroleum Production, Shipments and Stored Stocks
(California) 1919-1921

Production was lowered slightly during
July, the average daily output being 331,252
barrels compared with 337,625 barrels in June
a decrease of 6,373 barrels per day. The
sharp upward movement in shipment figures
recorded in June was not sustained and the
decline in consumption, which began in D e­
cember, 1920, was resumed. Average daily
shipments during July wrere 271,073 barrels
and for June, 280,494 barrels, a decrease of
9,421 barrels per day.
On August 3rd, the Standard Oil Company
of California announced a horizontal reduc­
tion of 25 cents per barrel in the buying prices
of all grades of crude oil at the wells in the
producing fields.
A similar reduction was
made in May of this year and present prices
are from 16.9 per cent to 31.2 per cent below
the level of July, 1920. The price of gasoline
was reduced from 25 to 23 cents per gallon.

(K) Petroleum—
July, 1921

Production (daily a vera ge )......................
331,252 bbls.
Shipments (daily a vera ge)........................
271,073 bbls.
Stored Stocks (end of m o n th )................ 31,634,179 bbls.
N ew W e lls O pened......................................
76
W ith daily production.............................
19,675 bbls.
W e lls Abandoned...........................................
5




June, 1921

337,625
280,494
29,768,643
76
19,965

2

bbls.
bbls.
bbls.
bbls.

July, 1920

279,169
310,271
24,406,753
51
21,330

6

bbls.
bbls.
bbls.
bbls.

F ederal R eserve

Bank

of San

F r a n c isc o

9

Seventy-six new wells with an initial daily
production of 19,675 barrels were completed
during July and five wells were abandoned,
a net gain of 71 producing wells during the
month.
Statistics on oil field operations as fur­
nished by the Standard Oil Company of Cali­
fornia are shown in table “ K ” (opposite page).
Reports received by this bank from eight
of the principal power companies in Califor­
nia, covering their operations during the
month of June, indicate that the
Electric consumption of electrical energy
Power
for industrial purposes was 8.7 per
cent less in June, 1921, than in
June, 1920. The reduction occurred chiefly
in agricultural districts, where this year’s
more abundant supply of surface water for
irrigating purposes, and a reduction in the
acreage of crops (especially rice) which re­
quire large amounts of water, have lessened
the need for power to operate pumps. The
mining industry of the state is also using less
electrical power than one year ago, some
mines being closed down and others operat­
ing at reduced capacity.
Other industries
combined appear to be taking their usual

quota of electrical energy. In southern Cali­
fornia an increase in the total industrial con­
sumption of electrical energy has been shown,
notwithstanding lessened agricultural de­
mand.
Again comparing June, 1921, and June, 1920,
the plant capacity of the reporting companies
has increased 18.9 per cent, the plant output
3.9 per cent, the number of industrial con­
sumers 10.7 per cent and the connected load,
or motor capacity, of these consumers 8.9 per
cent.
Statistics on the electrical power industry
of the state of California as reported by eight
of the principal power companies are shown
in table “ L .”
Bureau of Census figures of the results of
census of manufactures in the state of
W ashington for 1919 and 1914 are shown in
table “ M .” These figures exWashington
elude the hand trades, buildManufactures m g trades and neighborhood
industries and take into ac­
count only establishments conducted under
the factory system. The summary shows a
consistent increase at the census of 1919, as
compared with that for 1914.

(L) Electric PowerT y p e o f Plant

(a) H ydro power. . .
(b) Steam ............. . .
(c) Purchased . . . .
Total

................

Plant C a p a city
K. V . A .
June, 1920
June, 1921

Peakload
K. VV.
June, 1921
J un e, 1920

509,620
303,295

414,270
268,910

399,548
135,052
56,290

300,160
207,982
26,580

244,495,918
37,764,569

179,533,960
91,873,692

812,915

683,180

652,590*

576,377*

282,260,487

271,407,652

Plant O utput
K. W . H .
June, 1921
June, 1920

No. of Consumers and Sales:
N um ber of
C on su m ers
June, 1921
June, 1920

38,402
*61,700

K. W .

34,690

in 1921 and 41,655 K . W .

in

C o n n e cte d
L oa d H . P.
June, 1921
June, 1920

1,235,854

1,134,654

159,776,640

175,050,601

1920 included in total but not in segregated figures.

(M) Washington Manufactures—
1919

4,919
Number of Establishm ents...............................................
150,482
Persons engaged in manufactures..................................
Proprietors and firm m em bers....................................
4,196
13,354
Salaried em ployees............................................................
132,932
W a g e earners (average n u m ber).............................
587,702
Primary H orsepow er...........................................................
$553,125,000
Capital .......................................................................................
225,757,000
Services ......................................................................................
30,574,000
Salaries ...................................................................................
195,183,000
W a g e s .....................................................................................
443,202,000
Materials ....................................................................................
809,635,000
Value of Products.................................................................
Value added by manufacture (value of product less
’ 366,433,000
cost of m aterials)...............................................................




Sales
K. W . H .
June, 1921
June, 1920

C en su s-------------------------- -—^
1914

Per C en t o f
In crease
1914-1919

3,829
78,448
3,155
8,088
67,205
399,567
$277,715,000
63,207,000
11,504,000
51,703,000
136,609,000
245,326,000

28.5
91.8
33.0
65.1
97.8
47.1
99.2
257.2
165.8
277.5
224.4
230.0

108,717,000

237.1

10

A g r ic u ltu r a l a n d B u s in e s s

The dollar value of sales of 30 representa­
tive department stores and mail order houses
in this district during July declined 12.9 per
cent compared with July, 1920. H ow Retail ever, present retail prices are reported
T rade to average 20 per cent less than in
July, 1920, and the value of the aver­
age sale as reported by 11 stores is 16.3 per
cent less than a year ago, indicating that the
physical volume of trade continues greater
than last year.
In July, for the first time this year, the
value of sales in Los Angeles was less than
in the corresponding month a year ago, a
slight decline (1.5 per cent) being reported.
The average net increase or decrease (— ) dur­
ing the past month in value of net sales in
the reporting cities of this district, is as fol­
lows I
Seven months ending

Los A n g e le s ...
Oakland ............
Sacramento . . .
Salt Lake City.
San Francisco..
Seattle ................
Spokane .............
District .............

— 1.5
— 7.9
— 11.4
— 16.2
— 11.6
— 18.6
. — 22.0
— 12.9

the close of July this year than in July, 1920.
The percentage of outstanding orders at the
close of July to total purchases during the
year 1920 was 10.0 per cent compared with
8.4 per cent in June and 5.4 per cent in
January.
Collections were characterized by the re­
porting firms as follow s :
Excellent

No. of F ir m s ....

—
—
—
—
—
—
—

0

M ILLIO N S
17

17

------------------

1 9 1 9

Si

ly ^ U

b A L t i )

7.0
.4
9.4
5.6
5.0
16.1
9.6
7.2

June, 1921

2.93
2.63
1.89
2.30

Poor

11

M _ E s
li

July 30, 1920

— 9.8
— 24.3
— 13.8
— 22.8
— 12.5
— 12.4
— 18.0
— 12.6

July, 1921

Fair

13

M ILLION S

19 2 0

i

> o)e s

r

/
/

The amount of the average sale (cash,
charge and C. O. D .) reported by 11 firms
was $2.30 in July, compared with $2.52 in June
and $2.75 in July, 1920. Follow ing is a state­
ment of the average sale (cash, charge and
C. O. D .) in Los Angeles, San Francisco,
Seattle and the district:
Los A n g e le s........... $
San Francisco........
Seattle .................... ..
District .....................

Good

1

Table “ N ” gives in detail statistics in re­
gard to sales, stocks and outstanding orders
reported by 30 representative department
stores and mail order houses in this district.

July 30, 1921,
compared to

July, 1921,
compared with
July, 1920
June, 1921

C o n d itio n s

........
1921 S o l e

V4
>

**

✓

✓

N
X

1r1
¡¡11
II
It
h
¡1
I
1
1

s*
%

✓
✓

1 9 1 9 S o l e s*"* ***

/
/
/

—

t

July, 1920

$ 2.88
2.77
2.05
2.52

$ 3.85
3.03

2.22
2.75

Value of stocks (selling price) of the re­
porting firms averaged 18.3 per cent lower at

JAN. FEB. MAR. APR.MAY JUNE JULY AUG.SEPT. OCT. NOV. DEC.
N e t Sales of 22 Department Stores in Twelfth Federal Reserve District
(in M illio n s o f D ollars)

(N) Retail Trade Activity—
CONDITION OF RETAIL TRAD E DURING JULY, 1921
In Federal Reserve District No. 12
(30 Stores R ep ortin g)

Percentage increase or decrease
of net sales during July, 1921,
over net sales during same
month last y ear...................................
Percentage increase or decrease
of net sales during July, 1921,
over net sales during June, 1921..
Percentage increase or decrease
of net sales from January, 1921,
to July 31, 1921, inclusive, over
net sales during same period
last year....................................................




Los
Angeles

Oakland

1.5

— 7.9

-11.4

-16.2

9.8

-24.3

— 13.1

—22X

7.0

—

.4

Sacramento

—

9.4

Salt Lake
City

5.6

San
Francisco

Seattle

Spokane

District

-11.6

-18.(

-22.0

— 12.9

— 12.5

-12.4

-18.0

-12.6

—

-16.1

9.6

5.0

—

7.2

F ederal R eserve B ank

of San

11

F r a n c isc o

The majority of wholesalers report that
there has been an increase in the proportion of
sales of staple goods to fancy goods during
the present year, retailers having sensed the
careful buying attitude of the consuming pub­
lic and made their purchases accordingly.
Present prices compared with those of one
year ago are substantially lower in all report­
ing lines of business. W ith the exception of
groceries and automobile equipment, includ­
ing tires, the reported percentage of decline in
the price of the particular commodity during
the year is less than the percentage of decline
in the value of sales, which indicates that the
physical volume of merchandise now being
sold at wholesale is, on the whole, less than
it was a year ago. During the month of July,
however, prices were reported as steadier than
they have been at any time during the past
year. Some further reductions in prices were
reported by dealers in hardware and furniture
but previous declines in these lines have not
been so great as in other classes of goods.
Collections were characterized as follows
by the reporting firms.

Trade at wholesale during July was less in
value and probably in volume than it was
in July a year ago. Reports to this bank
from 185 representative wholeW holesale sale firms in ten lines of business
Trade
in this district show decreases
varying from 17.1 per cent to 50.1
per cent in the value of net sales during July,
1921, compared with July, 1920, in all lines
except automobile tires, where an increase of
6.1 per cent was recorded. Compared with
June, 1921, the net value of July sales of re­
porting stores was less in all lines except auto­
mobile tires, automotive equipment
and
groceries. The average net increase or dec re a se (— ) in th e v a lu e o f n et sa le s fo r th e
ten r e p o r tin g lin es o f b u s in e s s w a s as fo llo w s :

July, 1921, compared to
July, 1920
June, 1921

— 35.4
Hardware . . .
D ry G oo d s. ..
— 50.1
Groceries . . .
— 20.7
— 17.1
Drugs ............
— 36.7
Shoes .............
Stationery . . .
— 39.1
— 26.2
Furniture . . . .
Auto T ir e s ...
6.1
Auto Equipment — 17.4
^Agricultural
Implements . . — 46.0

First seven months
of 1921 compared
to first seven
months of 1920

— 13.5
— 14.7

11.8
11.2
1.6

— 32.5
— 34.1
— 26.4
— 15.3
— 32.9
— 21.5
— 33.4
— 20.4
— 23.2

— 2.7

— 51.7

12.0
—
—
—
—

2.9
16.9
3.4

Excellent

*Beginning with this issue, figures on wholesale agricultural
implement business will be regularly included in the monthly
wholesale trade report.

Good

Fair

Poor

11
Statements of increases or decreases (— ) in
the value of net sales of reporting wholesale
firms during July, 1921, compared with July,
1920, and the first seven months of 1921, com ­
pared with the first seven months of 1920, are
shown in table “ O .”
No. of Firm s......

3

51

91

(O ) Wholesale Trade—
(la )

Percentage increase or decrease (— ) in net sales for July, 1921,
over July, 1920

Agricultural

Number of re- Implements
porting firms.. 20
Los A n g e le s ... .— 42.1
Portland ........... — 46.6
Sacramento . . .
Salt Lake City. .‘ — 34.7
San Francisco.. .— 78.6
Seattle ..............
Spokane ........... — 47.1
Tacom a .............
District ................— 46.0
(l b )

18
— 20.8
— 22.3
— 5.5
— 5.7
— 18.4
— 26.6

— 17.2

Auto Tires

15
25.4

Drugs

9

Dry Goods

12
— 4Ò.0

Ì5.6
3.6
59.0
24.7
6.1

— 23.9
— 23.7

— 17.1

— 36.2
— 50.7
— 58.0

— 50.1

Furniture

Groceries

Hardware

Ü .3

28
— 13.0
— 23.2
— 28.3
— 18.6
— 19.9

— 43.4
— 26.2

— 2 Ò.1
— 27.3
— 20.7

24
— 23.7
— 30.3
— 31.8
— 42.8
— 42.0
— 38.4
— 40.1
— 13.9
— 35.4

15
— 7.6
— 47.0

Shoes

15
— 29.8
— 44.6

— 38.3
— 20.8
— 36.7

Stationery

29
— 29.3
— 38.1
— 33.8
— 49.8
— 45.3
— 31.5
— 29.8
— 39.1

Percentage of increase or decrease (— ) in net sales for January 1, to
July 31, 1921, over same period last year

Agricultural
Auto
Implements Supplies

Number of reporting firms.. 20
Los A n g e le s ... . — 49.3
Portland ........... ,— 53.0
Sacramento . . .
Salt Lake City. !— 53.2
San Francisco. . . — 45.9
Seattle ................
Spokane ............ — 50.7
Tacom a ..............
District .............. — 51.7




Auto
Supplies

—
—
—
—

18
14.2
31.1
19.5
34.4

Auto Tires

Drugs

15
— 18.2

9

Dry Goods

12
— 38.0

— 2 2 .7

— 46.3
— 38.5

— 4 0 .3

— 2 9 .1

— 25.0

Furniture

Groceries

Hardware

15
— 24.3
— 50.6

28
— 15.3
— 33.0
— 18.3
— 33.9

24
— 29.4
— 30.6
— 21.8
— 39.9

15
— 15.6
— 37.8

— 4 3 .2

— 2 3 .7

— 3 0 .0

— 27.8
— 43.5

— 30.3
— 3 3 .6

— 52.6

— 41.1

— 45.4
— 4 4 .2
— 2 3 .2

— 2 0 .4

— Ì5.3

— 34.1

— 3 3 .4

— 3Ò.4
— 25.6
— 26.4

Shoes

29
— 13.9
— 23.2
— 29.4

— 2 7 .6

— 14.5
— 3 2 .5

Stationery

— 3 2 .9

— 2 3 .8
— 3 0 .4

— 17.0
— 45.1
— 21.5

12

A g r ic u ltu ra l an d B u s in e s s

Reports received from the five customs dis­
tricts of the Pacific Coast show that total
exports during the first six months of 1921
were valued at $134,650,000 comF oreign
pared with $290,369,000 in the
C om m erce corresponding period in 1920, a
decline of 53.6 per cent. During
the same period imports showed a decline of
60.5 per cent, having been valued at $87,120,000 in 1921 and $220,815,000 in 1920.
W hile a part of these declines in dollar values
of our foreign trade may be attributed to fall­
ing com m odity prices, it is a fact that the
volume of trade passing through Pacific Coast
ports has suffered a marked reduction, esti­
mated to be from 25 to 40 per cent. The
world-wide trade depression (which has been
keenly felt in the Orient and South America)
and the depreciated exchanges of most of the
countries with which we trade are cited as
the underlying causes for this decline. Ship­
ment from foreign countries direct through
the Panama Canal to the eastern seaboard of
goods which form erly were shipped to Pacific
Coast ports and thence east by rail, has also
served to reduce the foreign trade figures of
this particular district.
T h e value of exports declined steadily from
January to May, but a sharp upward m ove­
ment in June carried figures for that month
to the highest point reached in the present
year, with the exception of the January fig­
ure. The value of imports was relatively
steady during the period and considering price
changes it is probable that there has been an
expansion in the volume of import trade dur­
ing the year. The so-called “ favorable bal­
ance” of trade of the ports of the district
(P ) Exports—
I--------------M o n th E n din g-------------- \

C o n d itio n s

was $15,366,000 in January, 1921, declined to
$2,576,000 in May, and rose to $15,992,000 in
June.

V a lu e o f Im ports and E x p o rts o f the U n ite d States
(in Millions of Dollars)

By commodities, there has been, during the
first six months of 1921 as compared with the
same period of 1920, an increase in the volume
(not value) of exports of wheat, barley, dried
fruits, canned fruits and in the foodstuffs
group as a whole, which forms the m ajor
part of the export trade of this coast. Iron
and steel shipments have shown a consider­
able decline.
Imports, which normally in­
clude principally foodstuffs, vegetable oils,
and other products of the Orient and Central
and South America, and manufactured goods
from Europe, have shown differing tenden­
cies. A general decline is noted in imports
of goods from the Orient and Latin America

Per G ent In crease
or D e cre a s e (— )
June, 1921 o ve r
June, 1920

-S ix M o n th s E n d in g June 30, 1921
Jun e 30, 1920

P er C e n t In crea se
or D e cr e a s e (— )
F ir s t Six M o n th s
1921 o v er 1920

June 30, 1921

June 30, 1920

L os A n g e le s ...$ 2,343,977
Portland ..........
7,263,262
San D ie g o .........
199,586
San Francisco. 10,700,847
Seattle ...............
6,516,089

$ 2,088,958
5,705,452
453,030
15,938,263
18,392,975

27.3
— 56.0
— 32.8
— 64.5

$ 11,659,349
28,892,338
1,659,455
56,393,147
36,045,543

$ 10,280,893
21,191,341
4,447,934
127,047,925
127,401,475

13.4
36.3
— 62.6
— 55.6
— 71.7

$42,578,678

— 36.5

$134,649,832

$290,369,568

— 53.6

T o t a l ......... $27,023,761

(Q) Imports—
✓--------------M o n th E n din g-------------- \
June 30, 1921
June 30, 1920

12.2

Per G en t In crease
o r D e cre a se (— )
June, 1921 o v e r
June, 1920

- S i x M o n th s E n d in g June 30, 1921
June 30, 1920

Los A n g e le s ...$
592,258
Portland ..........
382,835
San D ie g o ..........
80,474
San Francisco. 6,196,564
Seattle ...............
3,779,317

$ 2,725,442
980,889
519,465
24,574,775
15,981,888

— 78.2
— 61.0
— 84.5
— 74.7
— 76.3

$ 4,869,153
1,789,681
4,684,775
53,410,754
22,365,325

Total ......... $11,031,448

$44,782,459

— 75.3

7,119,688




P er G en t In crea se
or D e cr e a s e (—)
F ir s t Six M on th s
1921 o v er 1920

£

5,355,207
4,993,852
6,807,245
116,814,639
86,844,420

— 9.0
— 64.1
— 31.1
— 54.2
— 74.2

$220,815,363

— 60.5

F ederal R eserve B a n k

of San

13

F r a n c isc o

(excepting sugar and coffee), but the impor­
tant import trade with Europe has improved
during the year.
Comparative trade of this coast with cer­
tain trading areas during the first six months
of 1921 and 1920 may be summarized as
fo llo w s:

industries of this district reductions in wages
have now been put into effect or are contem­
plated, according to reports reW age
ceived by this bank during the
Adjustm ents past month. Average wage re­
ductions during the year A ug­
ust 1, 1920-August 1, 1921, for labor employed
in the industries listed, have been as follow s:

In creases ( + ) o r d ecreases (— ) in the value o f foreign trade o f
this district during the first six m onths o f 1921
com p a red w ith first six m onths o f 1920:
E x p o r ts

A u s tr a la s ia ...............................................
China ........................................................
Japan ........................................................
South A m erica.......................................
Europe ......................................................

—
—
—
—
+

=
—
—
—
+

Comparative figures of exports and im­
ports of the principal ports of this district
are shown in tables “ P ” and “ Q ” (see opposite
page).
Unemployment in the Twelfth Federal R e­
serve District during July was about equal in
volume to that of June. Increased demands
for labor from agricultural areas
Labor were largely offset by reduced em­
ployment rolls in the mining, lumber­
ing, fishing and shipbuilding industries. D e­
spite abundant crops in nearly all sections,
harvesting operations have been carried on
with less additional seasonal labor than for a
number of years past, and the supply of har­
vest hands continues to exceed the demand.
W ith the exception of San Francisco, where
the building trades strike is still in progress,
there was a slight improvement in em ploy­
ment conditions in the larger cities of the
district. The monthly report of the United
States Employment Service of the Depart­
ment of Labor, based on reports from firms
em ploying 500 men or over, shows the follow ­
ing changes in July, compared with June, for
the cities included:
N u m e rica l in cre a se
o r d ecrease (—) in
em ploym ent during
July com pared
w ith Jun e

Los Angeles ..........
Portland ...................
Seattle ........................
San Francisco ........

677
794
45
— 597

P ercen tage in crea se
o r decrease (—) in
em ploym ent during
July com pared
w ith June

3.0
14.7
2.3
— 8.5

Part time employment is still reported by
some industrial plants in San Francisco, Oak­
land, Stockton, Seattle, Spokane and Tacoma.
The past year has witnessed a general, al­
though uneven, reduction of commodity
prices. W ages have likewise declined gener­
ally but irregularly and in most of the principal




........... 25%
Lumbering ................................... ........... 33%
..
10 %
Oil ................................................... ...........
o% t
M illing (F lo u r ).......................... ...........
8%
M etal Trades (shipbuilding) ............ 10 %
.
10 %
Building T rad es.........................
Public U tilities............................ ........... 20 % *
Agriculture .................................. ...........45%
Miscellaneous .......................... 1 2 ^ % - 20 %

Im ports

*N ew employees and common labor now being hired at $1.00
per day less than previous wage ($4.50 per day).
t N o reduction possible in majority o f companies until A u ­
gust 31, 1921, due to working agreements entered into between
oil companies and their employees in August, 1920.

Building permits issued in 20 principal cities
of this district during July, numbered 7925
with an estimated valuation of $15,298,698,
compared with 6343 permits issued
Building in July, 1920, with a valuation of
Perm its
$16,033,054. Due to declines in the
cost of building operations during
the past year, the increase of 1582, or 24.9
per cent, in the number of permits is more
representative of the actual volume of con­
struction than would be a comparison of the
dollar values of the permits granted.
28

.M01INT
VER/^GE 0
. HUNDR: D5 )F D

26

28

\CH 3ERNIT /I

26

\

24

22
20

24

! \
1

\

j

V.

18
16

S °-

12
10

-o -

\

'o

/U \
\

18
\

'/
/

v

0—-o )6

\

14

MOUO 0 ■ PEIiMITi
MILLIO Û- DOILARS

o-

\

/ °\
v

22
20

/ '

I

1

\

12

/
\
y

/
V

8
6

8
\

6

IBE.R OF 1■ERMITS 1NTH3US/
2

4

3

5

192 0

8

y

ND5
12

2

3

4

5

1921

6

T

B u ilding Perm its Issu ed in 20 P rincipal C itie s, T w e lfth F ed era l
R e se rv e D is trict, 1920-1921

O f the 20 reporting cities, 17 show an in­
crease in the number of permits issued during
July, 1921, over July, 1920, and 12 cities an
increase in value of permits. Increases are
confined to no particular section of the dis­
trict. A noteworthy feature of the month

14

A g r ic u ltu r a l a n d B u s in e s s

was the increased activity in all reporting
cities in the Pacific Northwest. Compared
with July, 1920, the value of permits issued
in July, 1921, increased 118.4 per cent in
Seattle, 24.1 per cent in Spokane, 3.4 per cent
in Portland, and 1.6 per cent in Tacoma.
Building activities in San Francisco and
vicinity are still curtailed, due to strike con­
ditions in the building trades.
Answers to a questionnaire circulated by
this bank indicate that the construction of
moderate priced homes and dwellings con­
stitutes a large part of present building ac­
tivity. Further evidence of demand for dwel­
lings is contained in the report received from
several large cities that there is a shortage
of apartment house buildings.
Comparative figures of the number and value
o f building permits issued in the 20 reporting
cities of the district are shown in table “ R .”
A slight increase in the number of business
failures in this district carried July figures

to the highest point in the past eighteen
months, with the exception of March, 1921.
A marked upward movement in the
Business amount of liabilities involved also
Failures occurred, and disregarding the ab­
normally large figures of June, 1920,
(caused by the failure of one concern), the
July figures were the largest in the present
readjustment period.

Business Failures, Twelfth Federal Reserve District, 1920-1921
N o t e — T he great increase in liabilities in June, 1920, was due to the failure of
one concern in Seattle. Washington.

Per Cent
Increase or
Decrease (— )
July, 1921 over
July, 1920

CR) Building Permits—
N o.

Berkeley ...........
Boise ..................
Fresno ................
L o n g B ea ch .. ,
L o s A n g e le s ... . .
Oakland ............
Ogden ................ , .
Pasadena ..........
Phoenix ............
Portland ...........
Reno ...................
Sacramento . . . . . . .
Salt Lake City.
San D ie g o .........
San J o se..............
San Francisco.
Seattle ................ , ,
Spokane ...........
Stockton ...........
Tacom a ..............
Total

.........

.

July, 1921
Value

N o.

C o n d itio n s

June, 1921
Value

N o.

July, 1920
Value

131
61
169
206
2,717
492
48
274
60
1,119
26
175
117
319
64
446
825
217
51
408

$

161,760
295,342
202,406
516,700
5,503,363
1,162,628
119,040
701,247
110,354
1,446,324
50,500
183,417
363,182
385,138
79,913
1,000,240
2,217,270
180,775
365,218
253,881

162
94
156
249
2,712
533
54
275
54
1,149
22
153
132
360
50
475
850
231
74
416

$

292,583
118,948
235,505
775,700
6,269,546
1,486,022
96,750
552,318
152,985
1,428,685
115,200
261,450
244,614
799,944
62,255
920,965
919,740
141,505
142,655
433,324

125
45
128
351
2,154
368
21
215
102
791
14
101
78
190
63
364
757
112
80
284

$

7,925

$15,298,698

8,201

$15,450,694

6,343

$16,033,054

June, 1921
Amount

N o.

212,979
112,600
203,460
713,850
5,121,050
1,374,005
34,270
335,294
225,160
1,398,330
24,350
180,665
415,730
261,327
111,381
3,723,623
1,015,620
145,579
174,198
249,583

— 24.0
180.3
—
.4
— 27.6
7.4
— 15.4
250.0
109.2
— .51.1
3.4
108.3
1.6
— 12.5
47.5
— 27.9
— 73.1
118.4
24.1
109.7
1.6
—

4.5

(S) Business Failures—
N o.

Arizona ...........................
California .....................
Idaho ..............................
Nevada ...........................
O regon ...........................
Utah .................................
W ashington .................
District




....................
8
.................... 72
.................... 11
....................
0
.................... 30
....................
6
.................... 24

........................... .................... T5I

July, 1921
Amount

N o.

$
64,800
2,285,031
56,832
0
980,020
133,582
1,016,603

10
66
5
0
21
11
30

$ 216,900
761,186
48,863
0
548,247
48,065
342,656

2
53
0
0
16
0
30

4,536,868

143

1,965,917

101

July, 1920
Amount

$

9,000
365,363
0
0
239,710
0
678,178
1,292,251

F ederal R eserve B a nk

of San

Failures in the Tw elfth Federal Reserve
District numbered 151 in July, compared with
143 in June, and 101 in July, 1920, the per­
centage increase being 5.6 for the month and
49.5 for the year.
Liabilities involved
amounted to $4,536,868 compared with $1,965,917 in June (an increase of 130.8 per cent),
and $1,292,251 in July, 1920, (an increase of
251.0 per cent). The average failure in the
district had liabilities of $30,045 compared
with $13,747 in June, 1921, and $12,794 in
July, 1920.
R. G. D un’s comparative fig­
ures for the states of this district are shown
in table “ S” (see opposite page).
Total clearings in 20 principal cities of the
district during July, were $1,348,251,000, a
decrease of $69,346,000, or 4.8 per cent, from
June and of $376,360,000, or 21.8
B ank
per cent, from July, 1920. July
Clearings clearings are $466,640,000, or 25.6
per cent below the peak of O cto­
ber, 1920, ($1,814,891,000). The percentage
decline in bank clearings during the past year
is less than the per cent of decline in com ­
modity prices at wholesale and retail during
the same period, and it is probable, therefore,
that the physical volume of trade is as great
as, or greater than, it was a year ago. D e­
creased clearings in July of this year com ­
pared with July, 1920, were reported from all
cities with the exception of L ong Beach and
Pasadena, where increases occurred of 22.9
and 48.6 per cent, respectively.
Comparative figures of clearings for the 20
reporting cities are shown in table “ T .”
In conform ity with the declining price level
during the past year and, in certain localities
(T )

15

F r a n c isc o

with retarded business activity, there has been
a continuous increase in the percentage of de­
cline in debits to individual account during
each month of 1921 as compared with the
corresponding month of 1920.
D E B IT S T O I N D I V I D U A L A C C O U N T S
(In M illions of Dollars)
District

January . . .
February ..
April

, ,.

..........

June ...........
July ............

, ,.

1921

1920

2,141
1,770
2,479
1,865
1,808
2,194
1,691

2,155
2,011
2,695
2,180
2,171
2,761
2,273

IONS
W
OO
1700

■"X
\ A Vs
r
1
\
y
s/
1600 \ I
\. A
1500 vV
1500
\ / \
1400
1400
V
\/
1300
1300
V
1200
1200
' 2 3 4 ? 6 7 8 9 to '• 12 ■ 2 ? -.5 6 7
Bank Clearings in 20 Principal Cities, Twelfth Federal Reserve
District, 1920-1921. (in M illio n s of D o lla rs)

Improvement in general credit conditions
and the appearance of funds from the market­
ing of crops have been reflected during the
month ending August 15th by
Acceptance a steadily increasing demand
M arket
for acceptances, especially from
banks in the agricultural dis­
trict which have already moved their pro­
ducts. It is apparent that the idea of includ­
ing a certain proportion of acceptances in the

July, 1921

Total

......................................

*(000 omitted).




$

5,018
11,552
4,889
13,575
15,125
332,929
42,758
6,081
12,885
107,852
3,059
22,777
47,773
11,421
7,208
514,400
116,695
40,289
18,558
13,407

, ,$1,348,251

— 6.7
— 11.97
— 8.03
— 14.45
— 16.73
— 20.5
— 25.6

S
M
ILL.ION

Bank Clearings*—

Bakersfield ...................................
Berkeley ........................................
Boise ...............................................
Fresno ............................................
L on g Beach...................................
L os A n g ele s..................................
Oakland .........................................
Ogden .............................................
Pasadena .......................................
Portland ........................................
Reno ...............................................
Sacramento ..................................
Salt Lake C ity .............................
San D ie g o ......................................
San Jose...........................................
San Francisco..............................
Seattle .............................................
Spokane ..........................................
Stockton ........................................
Tacom a ...........................................

Per Cent
Decline

June, 1921

$

5,201
12,115
3,912
13,622
15,215
353,224
41,634
16,775
13,610
121,189
2,845
19,641
49,080
11,438
6,084
531,100
123,958
42,862
19,757
14,335

$1,417,597

July, 1920

$

Per Cent Increase
or Decrease (—)
July, 1921 over
J u ly ,1920

6,153
13,000
22,735
16,377
12,299
337,506
47,431
7,481
8,667
157,540
3,815
26,737
70,265
13,426
10,452
697,500
170,892
52,327
28,000
22,008

— 16.6
— 7.6
— 77.2
— 18.7
22.9
— 1.4
— 8.5
— 18.7
48.6
— 31.8
— 19.0
— 15.3
— 31.4
— 15.3
— 30.0
— 26.2
— 31.7
— 23.0
— 32.1
— 36.3

$1,724,611

— 21.8

16

A g r ic u ltu r a l a n d

secondary reserve of banks is meeting with
wider favor.
Demand from country banks
has so far been most active in California, al­
though there is a grow ing interest in the
Northwest.
The supply of bills has been somewhat
larger, due in part to the renewal of a large
block of sugar bills. A s is natural at this
season, canned goods have also been the basis
of many acceptance transactions. Bills drawn
for the purpose of creating dollar exchange
have not been a factor in this market.
The gradual decline in the bill rate which
began in June continued during July and early
August, being accelerated by the lowering of
the Federal Reserve Bank’s rediscount rate
on July 25th to 5yZ> per cent. T w o days later
the basic rate on prime ninety-day bills drop­
ped to 5 % per cent and on July 29th was
again reduced to 5 per cent at which rate it
now stands (A ugust 15th), for all maturities
under 90 days.
(The rate for eligible non­
member bills is
per cent.) The bill rate
also reflects the extreme ease of the money
market in Eastern centers which prevailed
towards the close of July, but the subsequent
stiffening there has as yet had no effect on
the bill market here.
Savings deposits in this district (as re­
ported by 79 banks in the seven principal
cities) totaled $739,493,000 on July 15th. If
the savings deposits of one bank
Savings
which closed its doors in June be
Deposits deducted from the total as of June
15th, the decrease in savings de­
posits in the district during the month ending
July 15th was 6 tenths of 1 per cent. Note­
w orthy decreases were reported from Seattle
and Los Angeles and an increase from San
Francisco. Again allowing for the failed bank,
savings deposits on July 15, 1921, were 6.8
per cent greater than on the same date in 1920,
all cities reporting an increase except Seattle
and Portland.
The growth of savings deposits in the seven
principal cities in the district is shown in the
accom panying table “ U ” and chart.

B u sin ess

A vera ge M o n th ly Savings D e p o sits in B anks in P rincip al C itie s o f
T w e lfth F ed era l R e s e r v e D istrict, 1919-1921
(in M illio n s o f D ollars)

On July 27th, the Secretary of the Treasury
announced an offering of treasury certificates
of indebtedness in two series, both dated and
bearing interest from August
Government 1, 1921; series T M -2 1922, maFinancing
turing on March 15, 1922, with
interest at the rate of 5% Per
cent per annum ; series B-1922 maturing on
August 1, 1922, with interest at the rate of
5^2 per cent per annum.
Subscriptions to
both series were closed at noon, August 1, 1921.
The combined total subscription was $1,030,006,500, of which $376,362,500 was allotted.
The Tw elfth Federal Reserve District re­
ported subscriptions totaling $25,000,000, of
which $21,630,000 was allotted by the Secre­
tary of the Treasury. The heavy subscrip­
tion indicates the increasing demand on the
part of investors for this class of short-term
government securities.
Loans and discounts of 67 reporting mem­
ber banks in this district on August 3rd last
at $862,470,000 were almost identical in
amount with holdings a month ago, July 6,

June 15, 1921

July 15, 1920

P e r C e n t In crea se
o r D e cr e a s e (— )
July 15, 1921 o v e r
July 15, 19

$240,006
73,825
36,507
22,641
322,913
34,539
13,510

$208,337
72,936
37,376
21,609
302,036
37,224
12,557

13.4
1.3
— 1.1
3.2
8.3
— 20.8
6.3

$743,941

$692,075

6.8

( V) Savings Deposits *—
C ities

N u m b e r of B anks

L os A n g e le s.................
Oakland .........................
Portland ........................
Salt Lake C ity ............
San Francisco..............
Seattle ............................
Spokane .........................
Totals ....................
*(000 omitted).




14
7
10
10
17
15
6
79

July 15, 1921

$236,393
73,890
36,958
22,295
327,137
29,465
13,355
$739,493

C o n d itio n s

F ederal R eserve B a nk

of San

17

F r a n c isc o

1921. The only material changes revealed in
the reports of these banks on August 3, 1921,
were a decline of approximately $6,000,000 (20
per cent) in vault cash, an
Reporting
increase of $11,000,000 in
Member Banks government deposits (as a
result of the public offering
of Treasury Certificates dated August 1, 1921)
and a decline of $15,000,000 (13 per cent) in
bills payable and rediscounts with this bank,
which on August 3rd last were $77,077,000,
compared with $92,540,000 a month ago and
$93,134,000 a year previous, (August 6, 1920).
A reduction in holdings of bills discounted
by $12,600,000 (8 per cent), a decline in Fed­
eral Reserve note circulation of $9,400,000,
(4 per cent), and an increase
Federal
in gold reserves of $4,300,000
Reserve Bank (2 per cent) were the princi­
pal changes in the report of
condition of this bank on August 10, 1921,
compared with the report of July 13, 1921.
Progress by member banks in paying off their
indebtedness to the reserve bank may be
measured by comparing its total holdings of
bills discounted on August 10, 1921, ($134,336,000) with the $152,812,000 held a year
ago (August 13, 1920) and with the $176,872,000 carried by this bank at the peak of
such holdings, December 10, 1920. The amount

of Federal reserve notes now in circulation,
$227,821,000 compares with $238,949,000 a
year ago (August 13, 1920), and $272,548,000
at the peak of December 23, 1920. Since the
peak in each case, there has been a 24 per cent
decline in holdings of bills discounted and a
5 per cent decline in the amount of reserve
notes in circulation. Since August 13, 1920,
also, the reserves of this bank have been
augmented by $53,000,000 (of which $51,000,000 was gold) to $217,990,000 on A u ­
gust 10th last, an increase of 32 per cent. The
bank’s reserve ratio on August 10, 1921, was
62.6 per cent compared with 60.2 per cent on
July 13, 1920, and 46.7 per cent on August
13, 1920.
Millions

M illio n s

\
RAL 'ESi•rev : n OTE
FE >E

260

INCIRCULAT.C>N

/ ' "S
1
TOTAL b"l'ls Dl iCOUNT ED

"-I
SO
60
40
30

-•v
40

1

...

p„

ILLSBOUGHT ,
1

MA

T
— __

1

July ! Aug. 1Sept 1 Oct

Dec

1920

| Jan. | Feb. |March | April
|
1921

Maÿ

June \ JulV 1 Aug.

Federal Reserve Note Circulation, Bills Discounted and Bills Bought
in the Open Market, Federal Reserve Bank of San Francisco
( in M illio n s o f D ollars)

( V ) Principal Resource and Liability Items o f Reporting Member Banks in Reserve Cities in
Twelfth Federal Reserve District—
A u g . 3,1921

*N

u m b er o f

R ep o r tin g

B a n k s

.......................................................

1. Loans and discounts (exclusive of rediscounts):
(a) Secured by United States Government O b lig a tio n s.. .$
(b) Secured by Stocks and Bonds other than U. S. Bonds
(c) A ll O t h e r ............................................................................................
(See explanatory foot note below concerning item 1 (c)

in

6 7

Ju ly 6,1921

A u g . 6,1920

6 7

6 6

23,787,000 $
24,956,000
146,458,000
146,757,000
692,225,000
691,437,000

$

35,024,000
144,868,000
963,654,000f

1920)

2. Investm ents:
97,551,000
102,370,000
(a) United States B on d s.....................................................................
(b) United States Victory N o te s ...................................................
15,281,000
13,746,000
(c) United States Certificates of Indebtedness.......................
19,059,000
14,425,000
(d) Other Bonds, Stocks and Securities......................................
168,083,000
173,102,000
(e) United States Treasury N o te s.................................................
4,192,000
2,417,000
3. Total Loans and Discounts and Investments............................... 1,166,636,000
1,169,210,000
4. Reserve Balance with Federal Reserve B ank...............................
72,130,000
73,231,000
5. Cash in V a u lt..................................................................................................
23,418,000
29,448,000
6. N et Demand Deposits on which reserve is com puted................
554,128,000
553,589,000
7. Tim e Deposits, including Savings D eposits....................................
543,137,000
545,327,000
8. Government Deposits ................................................................................
15,431,000
4,833,000
9. Bills Payable with Federal Reserve Bank:
(a) Secured by United States Government O b lig a tio n s...
19,956,000
25,245,000
(b) A ll O t h e r ............................................................................................
141,000
393,000
10. Bills Rediscounted with Federal Reserve Bank:
(a) Secured by United States Government O b lig a tio n s...
3,437,000
3,988,000
______ (b) A ll Other .............................................................................................
53,543,000
62,914,000

94,679,000
11,554,000
26,285,000
-0 -0 276,064,000
79,069,000
27,275,000
621,783,000
512,443,000
4,510,000
23,965,000
360,000
4,276,000
64,533,000

*Total resources of reporting banks are approximately 44 per cent of total resources o f all banks, and 67 per cent o f total
resources of all member banks in Tw elfth Federal Reserve District.
Reporting banks embraceall member banks in San Fran­
cisco, Los Angeles, Oakland, Portland, Seattle, Tacoma, Spokane, Salt Lake City and Ogden.
fP rior to Jan. 1, 1921, this figure included “ all other investments” as well as “ all otherloans.”
A fte r that date, “ all other
investments” were reported separately as “ other bonds, stocks and securities,” in item 2 (d ). Consequently
a figure in 1921
comparable to item 1 (c) in 1920 would be the total o f item 1 (c) and 2 (d) in 1921.




COMPARATIVE STATEMENT OF
CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO
AT CLOSE OF BUSINESS AUGUST 10, 1921
RESOURCES—
Gold and Gold Certificates.....................................
Gold Settlement Fund— Federal Reserve Board. .
Gold with Foreign A gen cies...................................

August 10, 1921

July 13,1921

August 13,1920

$ 20,689,000
32,843,000

$ 20,056,000
32,528,000

$ 13,879,000
39,550,000
5,130,000

- 0 -

- 0 -

Total Gold Held by B ank..........................

$ 53,532,000

$ 52,584,000

$ 58,559,000

Gold with Federal Reserve A g e n t........................
Gold Redemption F u n d..............................................

152,099,000
9,063,000

150,560,000
7,187,000

95.006.000
10.031.000

Total Gold R e s e r v e s .....................................

$214,694,000

$210,331,000

$163,596,000

Legal Tender, Notes, Silver, etc..............................

3,296,000

3,372,000

983,000

Total Reserves..................................................

$217,990,000

$213,703,000

$164,579,000

Bills D iscounted:
Secured by U. S. Government Obligations. . . .
A ll O th er....................................................................
Bills Bought in Open M arket...................................

$ 37,047,000
97,289,000
3,057,000

$ 38,082,000
108,852,000
2,229,000

$ 50,405,000
102,407,000
52,224,000

Total Bills on H a n d . . . ...............................

$137,393,000

$149,163,000

$205,036,000

U. S. Bonds and N otes............................................
One-Year Certificates of Indebt. (Pittman A c t ).
A ll Other Certificates of Indebtedness..................

204.000
9,880,000
269.000

208,000
9,880,000
1,000

2,632,000
11,203,000

Total Earning A ssets.....................................

$147,746,000

$159,252,000

$218,871,000

586.000
494.000
-0 34,459,000
5,808,000

560.000
494.000

231.000
665.000

41,202,000
3,549,000

40,057,000
325.000

$407,083,000

$418,760,000

$424,728,000

$

$

$

Bank Prem ises..............................................................
5% Redemption Fund Against F. R. Bank Notes
Gold A broad in Custody or in Transit...............
Uncollected Item s........................................................
All Other R esources...................................................
Total R esources................................................

- 0 -

- 0 -

- 0 -

LIABILITIES—
Capital Paid I n ...........................................................
Surplus .........................................................................
Reserved for Government Franchise T a x ...........
D ep osits:
Government .............................................................
Member Bank Reserve A ccou n t........................
A ll O th er....................................................................
Total D eposits..................................................
F. R. Notes in Actual Circulation........................
F. R. Bank Notes in Circulation— Net Liability
Deferred Availability Item s.....................................
All Other Liabilities..................................................
T otal Liabilities................................................
M em o: Contingent Liability on Bills Purchased
for Foreign Correspondents.




7,404,000
15,207,000
2,390,000

7,342,000
15,207,000
2,225,000

3.852.000
1.431.000
111,434,000 • 110,782,000
5.017.000
5.816.000

6,783,000
11,662,000
-0 1.227.000
119,035,000
3.301.000

$120,303,000

$118,029,000

$123,563,000

227,821,000
5.709.000
26,423,000
1.826.000

237,217,000
6.535.000
30,509,000
1.696.000

238,949,000
11.070.000
29.748.000
2,953,000

$407,083,000

$418,760,000

$424,728,000

2,589,000

1,472,000

736,000