Full text of Economic Review (Federal Reserve Bank of San Francisco) : August 16, 1922

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

A

g r ic u l t u r a l

a n d

B

u s in e s s

C

o n d it io n s

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

M o n th ly R e p o rt to the F ederal R eserv e B oa rd
by

JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. VI

San Francisco, California, August 16, 1922

E S P IT E the retarding influence of strikes
in the railroad and coal mining industries
of the nation, business activity in this dis­
trict continued to increase during July. Bank
debits in 20 principal cities were 12 per cent
greater in value than in July, 1921, by far the
largest increase in any month of this year com ­
pared with the same month a
T h e M onth year ago. Retail sales of 32 rep­
resentative department stores
were 3.1 per cent greater in value than in July,
1921, this being the third consecutive month
during which such an increase has been noted.
Although wholesale dealers in 10 lines of busi­
ness report generally that retailers are still
buying to meet current needs only, neverthe­
less the value of sales in nine of the 10 lines
was greater in July, 1922, than in the same
month last year. Customs reports from the
four largest ports of the district covering the
first half of 1922 show that there was a sub­
stantial increase, compared with the corre­
sponding period of 1921, in the physical vol­
ume of the principal commodities exported and
imported. As compared with a year ago, em­
ployment conditions are completely reversed.
In July, 1921, unemployment throughout the
district was general: today reports of a short­
age of laborers are not uncommon. In the
mining districts of Arizona, Idaho, Nevada and
Utah particularly, there is a strong demand for
skilled miners.
Productive activity in the district has gen­
erally continued at the high levels reached in
June. Mining of copper, gold, lead and silver
has proceeded more actively than at any time
this year. The production of gold is increasing
steadily, partly because of enlarged dredger
operations in California and partly because of
the reopening of deep quartz mines in that
state and other gold producing states of the
district. Lumber camps and mills have been

D

forced to curtail their operations on account of
the unusual fire hazard this summer, but pro­
duction of finished lumber during July was 41
per cent in excess of the output in July, 1921.
Petroleum production in California at 373,695
barrels per day set a new high record, the in­
crease occurring despite the closing of 620
wells in the older producing fields in order to
conserve storage facilities and prevent over­
production. On July 31st, stored stocks of
petroleum in that state totaled 45,187,910 bar­
rels, the highest figure reached in the past five
years. There was a seasonal decline in the
number of building permits issued during July
as compared with previous months of this year,
but compared with July, 1921, there was an
increase of 18.8 per cent.
As threshing has progressed, estimates of
the yield of wheat in the district have been
further reduced. A total production of 98,300,000 bushels was forecasted on August 1st, com ­
pared with a forecasted yield of 103,518,000
bushels on July 1, 1922, and a total yield of
122,000,000 bushels in 1921. The crop of barley
in California, now estimated at 38,400,000
bushels, is approximately 9,000,000 bushels
greater than the 1921 crop. Prices of grain are
below those of last year, and the movement to
market is proceeding more slowly than it was
a year ago. Climatic factors have favored the
fruit crops of the district, and if existing train
service can be maintained throughout the re­
mainder of the summer, their movement to
market will be accomplished without the seri­
ous losses which were threatened by recent
temporary embargoes on shipments of perish­
able products, imposed as a result of the rail­
road strike. A record production of dried fruits
is already in prospect. Opening prices named
on all varieties, except raisins, have been
higher than in 1921, when prices were unusu­
ally low because of the necessity of moving

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




No. 8

134

large carryover stocks as well as the new crop.
Contrary price tendencies have appeared
during the month, advances and declines in
the prices of the principal products of the dis­
trict being equally numerous. In the country
as a whole raw materials have declined ap­
proximately 2 per cent. The general whole­
sale price level, as reported by the U. S. D e­
partment of Labor, increased 3.3 per cent dur­
ing the month and is now 9.9 per cent higher
than one year ago. The cost of living in the
four principal cities of the district, as reported
by the same agency, was relatively stable dur­
ing the second quarter of 1922, continuing to
range from 14.4 to 24.1 per cent below the peak
of June, 1920.
Country banks are now being called upon to
aid in financing the harvesting and marketing
of the district’s crops, and they have slightly
increased their borrowings from the Federal
Reserve Bank. The banks in the large cities
continue to meet the demands of their cus­
tomers without seeking aid from the Federal
Reserve Bank. Loans and discounts of 68 re­
porting member banks increased $17,600,000
during the month and their deposits increased
by an equal amount. Their rediscounts with
the Federal Reserve Bank declined by $6,913,000 to a total of $9,362,000; with one exception,
the lowest point reached this year. Total re­
discounts of city and country member banks
combined on August 16th, at $43,388,000, were
approximately the same as on July 15th. The
prevailing interest rate charged customers by
banks in the largest cities of the district is un­
changed at Sy2-6 per cent.
Harvesting of winter wheat in this district
is practically completed, and threshing is pro­
gressing rapidly. Yields are reported to be
good in quality but small in quantity
Crains as compared with recent years. Con­
tinued dry, hot weather has further
reduced yields of spring wheat in the Pacific
Northwest, the condition of this grain in
W ashington having been estimated on August
1st as 50 per cent of normal. The United States
Department of A griculture’s forecast of the
1922 yield of all wheat in this district, as of
August 1st, was 98,300,000 bushels, a reduc­
tion of 5,218,000 bushels from July 1st esti­
mates (see table “ A ” ). In 1921, this district
produced 122,035,000 bushels of wheat.
Commercial factors report that the 1922
wheat crop is not m oving to market as rapidly
as usual. W heat now being marketed in the
Pacific Northwest is reported to be bringing
from $0.80 to $ 1.00 per bushel at grow er’s sell­
ing points, which is from 5 to 10 cents per




A g ricu ltu r a l

and

B u sin e ss

C o n d itio n s

bushel less than the growers received during
July, 1921. In contrast to the active export
market existing in July, 1921, at the opening of
the wheat year, export demand for Pacific
Northwestern wTheat was small during July,
1922. Moderate amounts of wheat have been
contracted for shipment to Japan and England
during September, but only small sales for im­
mediate shipment are reported. Declining
prices during the month caused buyers to
purchase cautiously, thus reducing the volume
of forward contracts by millers and other do­
mestic consumers for 1922 crop wheat.
Threshing returns from the 1922 barley crop
harvested in California are reported excellent.
On August 1st the total yield wras estimated at
38,400,000 bushels or 914,000 tons. In 1921, the
California barley crop totaled 29,700,000 bush­
els or 707,000 tons. Distributors of California
barley estimate that the commercial crop
available for marketing during the 1922 sea­
son will be considerably greater than the 1921
commercial crop, as shown by the follow ing
figures:
1922-1923
1921-1922
(tons)

Commercial Crop .................... 800,000
Carryover ................................ 50,000
Total Available..................... 850,000

(tons)

650,000
125,000
775,000

Averages of several commercial estimates of
the probable distribution of the supply of bar­
ley available this year are as fo llo w s :
Tons
Domestic feed ................................................ 340,000
Domestic seed and malt................................ 85,000
Available for export....................................... 425,000
Barley has moved to terminal concentration
points less rapidly than during the correspond­
ing weeks of 1921, but supplies at these points
are more than sufficient to take care of export
orders, which are reported- to be considerably
less than at this time a year ago. Demand for
feed barley is reported as normal, but that for
brewing barley, both export and domestic, has
been light. Shipping barley is now, August
15th, quoted at $1.27}4 to $1.35 per cental in
the San Francisco market, an advance of 5
(A ) Estimated Yield o f A ll W heat—
A u gust F oreca st
o i Y ie ld ,

1922

(bushels)

Arizona ............
California ........
Idaho ...............
Nevada ............
Oregon ............
Utah .................
Washington . . . .

1,274,000
14,900,000
23,752,000
651,000
19,300,000
5,419,000
33,004,000

July F oreca st
o f Y ie ld ,

1922

(bushels)

1,330,000
13,243,000
23,810,000
630,000
21,127,000
5,610,000
37,768,000

E stim ated
A ctu al
Y ie ld ,

1921

(bushels)

830,000
8,355,000
27,079,000
493,000
24,317,000
6,299,000
54,662,000

Twelfth District. 98,300,000 103,518,000 122,035,000
United States .. .805,043,000 816,936,000 795,137,000

F ed era l R eserv e B ank

135

o f S a n F ra n cisc o

cents per cental compared with prices quoted
a month ago. Growers are reported to be re­
ceiving $0.95 to $1.05 per cental for feed bar­
ley at interior shipping points, which is 10
cents per cental under the prices offered dur­
ing August, 1921.
Although July is normally a month of sea­
sonal dullness in flour milling operations, the
output of mills in this district was unusually
curtailed during the past month. ReM illing porting mills operated at an average
of 28.7 per cent of capacity during
July, 1922, as compared with 32.1 per cent of
capacity during June, 1922, and 41.2 per cent
during July, 1921 (see table “ B ” ).
California and Oregon millers report fair
domestic but no export demand for flour dur­
ing the month, while large millers in W ashing­
ton report a strong export demand at low
prices. The trend of wheat prices was down­
ward during July, and millers did little buying.
M illing activity in this district during the
past tw o crop seasons, as indicated by com ­
parable reports from 16 large milling compan­
ies, is shown in the accompanying chart.

M on th ly F lou r O utput, and S to ck s o f W heat and F lou r at E n d o f M o n th ,
o f 16 R ep ortin g M illin g C om p a n ies

Strikes and threats of strikes on the princi­
pal railroads serving the fruit producing sec­
tions of the district, and more espeGreen cially of California, have greatly inFruits convenienced shippers of green fruits.
In a few cases fruit which had been
loaded, but could not be moved, or which had

(B) MillingIdaho




been picked but could not be loaded, has been
lost. Embargoes on the shipment of perishable
products from California were announced dur­
ing the first two weeks of August, but, with
the recent increases in train movement have
been cancelled. The movement of fresh fruits
to Eastern markets and to local canneries has
been hampered, but a prompt resumption of
normal train service now in prospect will pre­
vent serious loss.
Carlot shipments of deciduous fruits from
California during the 1922 season to August
1 st, the estimated total number of cars which
will be shipped during 1922, and shipments
during 1921 and 1920 are shown in the follow ­
ing table:
Shipm ents
to date
A u g . 13, 1922
(cars)

Estim ated
Shipm ents
1921
1920
(cars)
(cars)

Apricots ..
190
Cherries .. . . 493
All Grapes ,. .. 512
Peaches .. . . 1,513
2,908
3,076
Plums ___

190
493
40,000
3,500
4,000
3,400

285
665
28,259
3,334
4,160
3,099

312
494
24,280
3,148
4,391
2,564

8,692

51,582

40,072

35,189

Adverse conditions now prevailing, both as
to the transportation of and market demand
for California fruits, indicate that actual carlot
shipments during the 1922 season will be less
than the foregoing estimate of 51,282 cars.
Transportation companies serving California
fruit shippers have added to their refrigerator
car equipment during the past year and have
improved and enlarged their icing plants, both
at primary shipping points and at renewal sta­
tions along the route to Eastern markets. They
report 34,500 refrigerator cars fit for service
compared with 28,300 a year ago, equipment
which, it is claimed, would have been adequate
under normal conditions to move the record
1922 crops of fruit. Continuance of strike con­
ditions in any branch of the railroad service
would hamper the efficient use of available
equipment during the peak of the shipping
season in late August and early September.
Price returns to California growers for plums

r~

N o . M ills R ep ortin g
July, 1922
Jun e, 1922

Forecasted
total shipm ents
during
1922 season
(cars)

July, 1922
(barrels)

O u tp u t-----------■—»
June, 1922
(barrels)

Per G en t M ill C a p a city
in O peration
June,
July,
1922
1921

July,
1922

, 10
2
19
24

10
3
22
28

151,739
7,662
87,196
165,327

196,808
9,300
61,089
213,541

35.9
65.0
25.0
25.3

46.8
53.0
16.4
30.7

54
44
32
38

55

63

411,924

480,738

28.7

32.1

41.2

136

A g r ic u ltu r a l

and pears marketed during July were reported
from 25 to 50 per cent less than price returns a
year ago, and the general market for fresh de­
ciduous fruits shipped from this state has not
compared favorably with the 1921 market. This
has been due largely to the follow ing factors:
1. Fruit crops in Eastern states, which were cur­
tailed by frost damage in the spring of 1921,
have been normal this year. These fruits are
actively competing with Pacific Coast fruits
in the large Eastern markets.
2. Reduced purchasing power of a considerable
part of the population in Eastern markets due
to strikes in the coal, railroad and minor in­
dustries, has curtailed the demand for fruit.
Current developments in the California fruit
situation indicate a larger pack of canned fruits
in 1922 than was anticipated earlier in the
season, when predictions were that
Canned it would exceed 10,000,000 cases.
Fruits
Growers’ prices for canning fruits
have been reduced as the season has
progressed. The uncertainties as to railroad
transportation and relatively low prices pre­
vailing in Eastern markets have caused large
amounts of fruits suitable for both table and
cannery to be sent to canneries.
The market for California canned fruits is
reported quiet at present. Packers of the better
known brands report a considerable volume of
advance sales of all varieties, and the short
packs of apricots and cherries have been in
active demand. In other lines, jobbers are re­
ported to have covered their requirements for
early fall months, and to be awaiting more
definite information concerning the size of the
pack and the probable consumer demand be­
fore making further purchases.
A record production of dried fruits, which
may be augmented if the shipment of green
fruit is further hindered by railroad strike con­
ditions, is forecasted for the 1922 seaD ried son in California. It is estimated that
Fruits the raisin crop will be 62 per cent
larger than the 1921 crop, that the out­
put of dried peaches will be 50 per cent greater
than last year, and that 5 per cent more prunes
will be produced. M inor dried fruit crops
show small increases or decreases in 1922 com ­
pared with 1921.
C a lifo rn ia D rie d Fruits
C o m m e rcia l F o re ca sts
F inal Estim ates
o f 1922 tonnage
1921
1920
(as compared with 1921)
(tons)
(tons)

Apples............ .. Doubtful
Apricots ........... Decrease
Figs ............... .. Same
Peaches ......... .. 50% Increase
Prunes ........... .. 105,000 tons
Pears................ Increase
Raisins........... .. 225,000 tons
Total ..........




7,000
12,000
9,600
21,000
100,000
1,200
138,500
289,300

5,500
9,500
12,300
26,000
97,500
2,700
176,870
330^70

and

B u sin e ss

C o n d itio n s

It is estimated that the 1922 prune crop in
Oregon will approximate 30,000 tons as com ­
pared with a 1921 crop of 14,000 tons.
The 1922 opening prices on all varieties of
dried fruit have been announced by the largest
factors in each line excepting prunes, and inde­
pendent dealers are quoting prices on the lat­
ter. Excepting raisins, dried fruit prices this
year are uniformly higher than the 1921 open­
ing prices, as shown by the follow ing compar­
ative quotations.
D ried Fruits
(Choice Grades)

P rice A u g . 15.
1922
(cents per pound)

11
Apples, 50-lb. boxes...
Apricots, Northern ...
24
Figs, White Adriatic..
8
Figs, Black Mission... ... 13*4
Peaches, Unpeeled Yellow 11^2
Pears, 50-lb. boxes.. .. ... 1454
11
Prunes, 50/60 ............
Raisins, 3 cr. Muscatel ... 10

t ----- O pening P rice----- ^

1922

1921
1920
(cents per pound)

12
2234

sy2
1154
ny2
15

io**
10

1034
1854
8
8
9/^2
1254
854
133/4

11
24
11
10

i6y2

1554
17
2354

Opening prices quoted on the principal va­
rieties of California dried fruits for the past
13 seasons by one of the principal factors in the
State are shown in the accompanying chart.

Represen tative O pen in g P rices o f C a lifo rn ia D rie d Fruits, 1907-1922
(C h o ic e G ra d es)

The marketing prospect for the 1922 output
of dried fruits is reported favorable. Prac­
tically no carryover stocks are held by pro­
ducers, while stocks in the hands of distrib­
utors and of dealers are thought to be small.
The volume of advance orders evidences the
strength of both domestic and foreign demand
for 1922 crop dried fruits. Prune buying has
been stimulated by the absence of carryover
stocks and by reports of a short crop in France.
Opening prices on 1922 crop prunes as an­
nounced by independent factors, have recently
been revised upward. The growers’ associa­
tion controlling the m ajority of prunes in Cal­
ifornia has not named opening prices, but re­
ports the receipt of a large volume of advance
orders on a “ firm at opening price” basis. A

F ed eral R eserv e B ank

of San

137

F ra n c is c o

small proportion of the 1922 dried peach ton­
nage has been sold. Independent packers are
now quoting dried peaches slightly below
opening prices. The 1922 apricot crop was
small, the dried portion of it sold rapidly at
advancing prices, and most distributors have
withdrawn from the market. Raisins have not
been so favorably situated in the market as
have other California dried fruits. Stocks of
1921 crop raisins have moved slowly, and in
July, 1922, the carryover was estimated to be
more than 40,000 tons out of a total crop of
135.000 tons. On August 1st the Sun Maid
Raisin Growers Company, which controls the
majority of the crop, reduced spot prices for
3 crown Muscatel raisins from 1 4 cents per
pound to 93^2 cents per pound, and propor­
tionately for other varieties. H oldover raisins
have moved rapidly out of grow ers’ hands
since that time, almost exhausting their stocks.
Opening prices on the large 1922 crop of rais­
ins were y2 cent a pound above the August 1st
prices on the holdover of 1921 crop raisins.
This was lower than was generally expected
and a large volume of sales is already reported.
Plantings of 1922 cotton in this district will
total approximately 315,000 acres, including
128.000 acres in that portion of the Imperial
V alley which lies in M exico. In 1921
Cotton plantings of cotton totaled 230,000
acres, including 45,000 acres in Lower
California. Comparative acreages and fore­
casted yields in 1922 and 1921 are shown in the
follow ing table :
Estim ated A cre a g e

Arizona ..
California*

1922

1921

(acres)

(acres)

105.000 90,000
210.000 140,000

Total .......... 315,000 230,000

Estim ated Y ie ld

1922

1921

(bales)

(bales)

59,000
120,000

44,000
74,000

179,000 118,000

^ In clu d e s plan tin gs in L o w e r C a lifo rn ia , M e x ic o , o f 128,000 a cres
o f c o tto n in 1922, a n d 45,000 a cre s in 1921.

O f the forecasted yield of 59,000 bales of cot­
ton in Arizona during the 1922 season, 37,000
bales are of the long staple (Pim a) variety.
The 1921 crop of Pima cotton in Arizona was
estimated to be 35,000 bales.
An increasing demand for Pima cotton dur­
ing the past three months is reported by com ­
mercial factors, who estimate that between
15,000 and 20,000 bales of this cotton have
moved from Arizona to Eastern marketing cen­
ters since May 1st. A ccording to these esti­
mates the unsold carryover of Pima cotton in
Arizona on August 1 st amounted to 6,100
bales ,* while additional stocks which have been
sold but not yet shipped amount to 5,600 bales,




bringing total holdings in that state to approx­
imately 12,000 bales. A year ago, the unsold
carryover of Pima cotton in Arizona was ap­
proximately 65,000 bales. Estimates furnished
by the United States Census Bureau corrob­
orate trade reports that consumption of Am er­
ican Egyptian (Pim a) cotton by textile mills
is increasing. During July, 1922, 5,919 bales
of Pima cotton were consumed, as compared
with 2,471 bales consumed in July, 1921. Pima
cotton consumption during the 12 months^
period ending July 31, 1922, was 49,548 bales,
compared with 16,828 bales consumed during
the crop year ending July 31, 1921. Price quo­
tations on both long staple (Pim a) and short
staple cotton have advanced approximately 6
cents per pound since May 1, 1922, No. 2 grade
Pima now being quoted at 3 6 ^ cents per
pound in New England markets, and short
staple cotton around 22 cents per pound on the
New Y ork cotton exchange.
A fundamental factor in the market position
of cotton is that the w orld’s surplus supplies o f
raw cotton are now decidedly subnormal. A t
the end of the recent crop season, on July 31*
1922, carryover stocks of American cotton in
the world were estimated to be 4,934,000 bales*
as compared with a carryover of 9,843,000 bales
on July 31, 1921, and 6,665,000 bales on July 31*
1920. The adjustment between the world sup­
ply of and demand for cotton appears to be
close.
Pasture and livestock conditions improved
slightly during July. Showers in Pacific North­
western and Intermountain areas relieved pre­
vailing drought conditions, alLivestock though valley pastures in Oregon
and W ashington are still unusu­
ally dry. The supply of hay for winter feeding
of livestock will apparently be ample, prelimi­
nary estimates of the 1922 crop in this district
forecasting a yield of 11,500,000 tons, which is
only 1 1 per cent below the abnormally large
crop of 13,000,000 tons harvested in 1921.
Cattle and hog receipts at the principal mar­
kets of the district during July, 1922, were
greater than in the same month a year ago.
Sheepmen generally are selling only strictly
market animals and receipts of sheep were 2 1
per cent less than in July, 1921. Restocking o f
depleted flocks is proceeding actively. The
sheep industry has been greatly stimulated by
the early sale of the season’s wool clip at prices
profitable to the grower, and by the favorable
market which has prevailed for lambs. Receipts
of all varieties of livestock show a seasonal
decrease during July, 1922, as compared with
June, 1922.

138

A g ricu ltu r a l

Cattle prices in the principal markets of the
district were fairly stable during July, al­
though a slight recession occurred near the
end of the month (see table “ D ” ). A t the preent time growers in California are reported to
be receiving from 6.25 to 6.50 cents per pound
for average quality steers while sales of prime
fat steers are reported at 6.75 and 7.00 cents
per pound. There is a strong demand for feeder
cattle in all parts of the district, and marked
activity in restocking depleted herds is re­
ported. Prices of hogs and lambs increased
during the month. Livestock prices in the

R eceip ts o f L iv e s to c k at E igh t o f the P rincipal M ark ets o f the D istrict
1921-1922. ( L o s A n g e le s , O gden , Portland, Salt L a ke C ity , San
F ra n cisco , Seattle. S pok an e and T a co m a in clu d e d )

Cattle

C a lves
July,
1921

July.
1921

July,
1922

*Los Angeles... . 18,859
Ogden ..............
849
Portland .......... 11,377
Salt Lake City.. . 1,263
*San Francisco . .16,917
Seattle .............. 4,236
Spokane .......... 3,376
Tacoma ............ , 1,887

14,360
885
9,302
2,992
17,391
3,859
2,703
2,183

7,912
355
1,571
238
5,447
108
231
189

Twelfth District. .58,764

53,675

C o n d itio n s

1922

Fat Steers ...................... $ 6.50- 8.50
Cows ............................... 4.50- 6.50
Calves ............................ 6.00-10.00
Hogs .............................. 10.00-13.00
Lambs............................. 8.50-12.50

1921

$6.00- 7.75
4.85- 6.00
6.00-11.00
8.45-13.75
5.00- 8.00

Butter production was maintained at a high
level during July, due to the lateness of the
spring season of heavy production. It was in
excess of the output during July,
Dairy
1921, and its movement into storage
Products was also larger than a year ago.
Holdings of cold storage butter in
the four principal markets of the district on
August 1, 1922, totaled 4,664,416 pounds, as
compared with holdings of 3,927,617 pounds on
July 1, 1922, and 3,170,786 pounds on August
1, 1921 (see table “ E ” on opposite page). Total
holdings of cold storage butter in the United
States on August 1, 1922, were estimated to be
102,892,000 pounds, as compared with 82,838,000 pounds held on August 1, 1921, and five*
year average holdings on this date of 97,027,000
pounds.
The price of 93 score fresh creamery butter
in the San Francisco market has ranged be­
tween 37 and 42 cents per pound during the
past month, and is now, August 15th, quoted
at 41^4 cents per pound, practically the same
as one month ago.

J

July,
1922

B u sin e ss

principal markets of this district during July,
1922, as compared with the same month a year
ago, were as fo llo w s:
Range inTop prices DuHng Jnly

(O R eceipts o f L ivestock—
r

and

July,
1922

H o rs e s
H ogs
July,
1921

6,373
80
524
63
4,984
221
324
146

31,197
8,751
14,919
4,009
18,645
5,229
2,987
3,491

22,491
10,633
6,905
3,857
23,072
5,167
1,731
3,629

16,051 12,715

89,228

77,485

Sheep
July,
1922

44,878
25,610
22,306
11,660
76,840
5,170
953
3,725

July,
1921

44,666
34,478
43,238
7,993
85,369
9,706
8,577
9,798

191,142 242,825

and M u le s
July,
Ju ly,
1922
1921

*2
57
22

’ i

37
52

47

39
••

128

129

*R e c e ip ts in the L o s A n g e le s a n d S a n F r a n cis c o B a y d istricts re p r e s e n t a m a jo r it y o f the anim als sla u g h te re d in C a lifo rn ia .

(D) R a n ge in Livestock P rices—
H ig h e st and L o w e st A v e ra g e T o p P rices Per H u n dredw eigh t R e ce iv e d at A b o v e M a rk ets D u rin g July.
W eek of

July
July
July
July




Fat Steers

10............... $6.50—8.50
17............... 6.50—8.50
24............... 6.50—8.50
31............... 6.50—8.00

C ow s

$4.50—6.50
4.50—6.50
4.50—6.50
4.50—6.50

C a lv e s

$6.00—10.00
6.00—10.00
6.00— 9.00
6.00— 9.00

H ogs

L am bs

$10.25—12.25
10.20—12.50
10.25—12.50
10.00—13.00

$8.50—12.00
8.00—12.50
8.50—12.50
8.50—12.50

F ed era l R eserv e B an k

139

o f S a n F r a n c is c o

The average price to producers for raw milk
advanced 7 cents per 100 pounds in the M oun­
tain section during July, 1922, and decreased
2 cents per 100 pounds in the Pacific section
during the same period (see table “ F ” ). Com­
pared with July, 1921, milk prices have de­
clined $0.36 per pound in both the Mountain
and Pacific sections.
Mid-summer curtailment of lumber produc­
tion has been accompanied by a decline in the
volume o f lumber sold and shipped, but activ­
ity in the camps and mills of the
Lum ber district continues greatly to exceed
that of a year ago. Figures showing
the percentage increase or decrease in activity
of 155 mills in the four lumber associations in
this district follow :
July, 1922, C o m ­
pared with
July, 1921

Production ___
Shipments ......
Orders ...........
Unfilled Orders

July, 1922, C o m ­
pared with
June, 1922

41.5% increase
81.5% increase
61.8% increase
68.0% increase

18.1% decrease
19.8% decrease
25.5% decrease
12.1% decrease

Ju ly, 1921
N et
In crease

(pounds)

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

(pounds)

1922
(feet)

1921
(feet)

1920
(feet)

Cut .......... 5,026,559,542 3,851,238,236 5,657,274,474
Shipments . 5,263,704,416 3,959,427,201 5,115,299,374
Orders . . . . 5,540,694,529 4,044,635,725 4,656,343,417

(E ) M ovem ent o f Stocks o f Cold Storage
B utter—
July, 1922
N et
Increase

Figures now available on the cut, orders and
shipments of the seven principal soft w ood
lumbering associations in the United States,
four of which are in this district, indicate that
during the first half of 1922 the industry has
enjoyed a more substantial period of activity
than in any previous half year. Consolidated
reports for the first six months of 1922 show
that while production was 1 1 per cent below
the peak period in the first six months of 1920,
orders gained 18 per cent and shipments 3 per
cent over that previous record half year. In
1920 production exceeded shipments which in
turn were greater in amount than the volume
of new orders received, while this year the
exact reverse of this situation has prevailed.
Compared with 1921, production in 1922 in­
creased 30 per cent, shipments 32 per cent and
orders 36 per cent. The consolidated figures
of the seven associations for the first six
months of the past three years follow :

A u g . 1,
1922
H o ld in g s

A u g . 1,
1921
H old in gs

(pounds)

(pounds)

160,676
184,402
114,867
276,854

26,645 1,559,749 684,366
228,104 672,809 437,652
73,382 1,584,111 1,361,033
45,094 847,747 687,735

Totals ....... 736,799

373,225 4,664,416 3,170,786

Seasonal diminution of activity character­
ized the domestic market during July, ship­
ments to Pacific Coast and eastern consuming
centers decreasing noticeably. Notwithstand­
ing this decrease, it was difficult in some in­
stances to secure adequate rail service due to

(F ) P rices R eceiv ed by Milk P roducers*July,
1922
R ange

S e c tio n f

July,
1922
A v er­
age

June,
1922
A ver­
age

July,
1921

Aver­
age

Mountain (5 Mkts.) .. .$1.46-2.20 $1.85 $1.78 $2.21
Pacific (6 Mkts.)........ 1.52-3.20 2.38 2.40 2.74
U. S. (100 Mkts.)....... 1.20-4.82 2.18 2.08 2.55
*A11 p rice s p er h u n d re d w e ig h t f o r m ilk te stin g 3.5 p e r ce n t b u tter
fat.
t M o u n t a in S e c tio n in clu d e s Id a h o , U ta h , N e v a d a and A r iz o n a .
P a cific S e c tio n in clu d e s W a s h in g to n , O r e g o n and C a lifo rn ia .

(G ) Lum ber—

W est C oast
L u m b e r m e n *s
A s s o c ia tio n

July,
1922
Average No. of
Mills Reporting . 92
Cut* ................... .246,606
Shipments* ........ 268,313
Orders* .............. ,225,149
Unfilled Orders*.,.278,116
* I n th ou sa n d s o f fe e t.




July,
1921

92
160,140
144,364
139,357
208,591

W e s te rn P in e
M a n u fa c tu re rs *
A s s o c ia tio n

A s s o cia tio n s, 1921-1922

C a lif o r n ia W h ite
a n d S u g a r P in e
M a n u fa c tu re rs *
A s s o c ia tio n

C a lif o r n ia
Redw ood
A s s o c ia tio n

TO TAL

July,
1922

July,
1921

July,
1922

July,
1921

July,
1922

July,
1921

July.
1922

45
125,863
109,246
87,925
108,025

43
89,695
58,877
60,500
38,200

6
30,768
18,422
22,179

7
28,558
13,338
13,039

12
31,379
25,551
25,030
55,181

12
22,957
15,574
9,714
27,645

155
434,616
421,532
360,283
441,322

July,
1921

154
301,350
232,153
222,610
274,436

140
the competition of agricultural crops for avail'
able freight cars and the railroad strike diffi­
culties. Prices remained firm during the
month.
There was little change in the export de­
mand for lumber during July. The amount of
new business placed decreased slightly but in­
quiries from Japan and Australia increased in
number. The Douglas Fir Exploitation &
Export Company, which controls 85 per cent
o f the foreign business done in Douglas fir,
received new orders totaling 16,000,000 feet in
July compared with 17,000,000 feet in June and
28,000,000 feet in July a year ago.
L o g production in the Pacific Northwest
during July, 1922, was less than in June, 1922,
and July, 1921, due to the unusually dry sea­
son, which has increased the fire hazard and
forced many camps to remain closed longer
than is usual at this period of the year. As
a result, there has been a shortage of good logs
in many sections. It is estimated that the pro­
duction of logs during July, 1922, was approx­
imately 50 per cent of normal, compared with
90 per cent in June, 1922, and 70 per cent in
July, 1921. The lumber industry of the Pacific
Northwest has suffered unusually severe losses
by fire this year. It is estimated that fire losses
have lowered total productive capacity 3 per
cent and logging capacity 2 per cent. During
the 1921 season, the reported loss due to fire
did not exceed cne-half of 1 per cent of the
total productive capacity. The loss of logs,
green timber, and property thus far in 1922
is conservatively estimated at $3 ,000,000, an
amount far in excess of the 10 -year average foi
June and July.
Distinct improvement in all branches of the
metal mining industry has been noticeable dur*
ing the past few months of this year, and com ­
pared with one year ago there is
M ining greatly increased activity in both pro­
duction and marketing. This improve­
ment is reflected in the follow ing figures which
show the national production of copper, silver
and zinc in June, 1922, and June, 1921.
Copper
June*1922
June*1921
(mine production).. 93,739,847 lbs. 18,033,954 lbs.
Silver
(commercial bars).. 4,760,160 ozs. 4,023,175 ozs.
Zinc (slab) ...............
28,547 tons
19,443 tons
Figures on the production o f lead are not
available.
A ctivity in copper mining, which began in
April of this year, continued through June and
July at an accelerated pace. Nine of the 17
principal copper mines in this district pro­
duced 29,297,000 pounds of copper in June,




A g ricu ltu r a l

and

B u s in e s s

C o n d itio n s

1922, compared with 24,883,000 pounds pro­
duced in May, 1922, an increase of 4,414,000
pounds or 17.7 per cent. In June, 1921, only
three of these mines were producing metal, and
their combined output was 6,055,000 pounds.
Copper produced since the general resumption
of mining activity in April and M ay of this
year is now appearing on the market in the
refined state. The increased supply has been
accompanied by an increase in demand, and
prices have held steady or improved slightly.
Estimated stocks of refined and blister copper
in the United States on July 1st totaled 486,200,000 pounds compared with estimated hold­
ings of 502,100,000 pounds on June 1st and
791,000,000 pounds on January 1st.
The production of gold in the district, and
in California especially, has been steadily in­
creasing during the present year, according to
reports of the United States Geological Survey.
This has been due principally to the increased
output of dredging properties in California, but
the resumption of operations at many small
quartz mines has been a contributing factor.
In California the output of gold from deep or
quartz mines has increased 4 per cent during
the present year, and the output of placer
mines and dredges combined has increased 15
per cent.
The metal market has been comparatively
stable during July, slight increases occurring
in the prices of copper and zinc and slight de­
creases in the prices of lead and silver.
t --------------A v e ra g e P r ic e s --------------\

July, 1922

Copper (lbs.)
(cents)
New York Electrolytic... 13.90
Lead (lbs.)
New York ...................... 5.72
Silver (oz. troy)
New York Foreign.......... 70.24
Zinc (lbs.)
St. L ou is......................... 5.69

June, 1922

July, 1921

(cen,s>
13.82

(c'nts)
12.42

5.74

4.41

71.14

60.26

5.34

4.23

Notwithstanding the closing of 620 produc­
ing wells in the older fields of the San Joaquin
Valley and Santa Maria districts, a new high
record for the production of petroPetroleum leum in California was established
during July. Daily production av­
eraged 373,695 barrels compared with 355,274
barrels in June, 1922, and 357,376 barrels in
May, 1922, the previous record month.
Daily shipments during July were 55,183
barrels less than daily production and stored
stocks on July 31, 1922, totaled 45,187,910 bar­
rels, the highest figure reached during the past
five years. Present stocks are equivalent to 141
days’ supply of oil at the current rate of con­
sumption. Development work in the older

F ed eral R eserve B ank

141

o f S an F ra n cisco

fields has practically ceased, and some produc­
ing wells have been closed in order to conserve
storage capacity and prevent a large over­
supply of oil. A ctive drilling continues in the
newer fields at Long Beach, Huntington Beach,
and Santa Fe Springs.
One hundred new wells with an initial daily
MILLIONS

M IL L IO N S

------- 19 0
------- 8 0

---- 70
------- 6 0
------- 5 0
-------4 0

TOREO S T O C l
ETROL ËUM (

---- 30

OF

ÖBLS.)
20

10

m ROLEUMPRODJCT10N(BBLS.'
p e t

COLEUS»

SHIPMENTS« BBLS.)
11Z 13 U 1516 7 1819 I io 1»»11211 12 13 1415 16 17 18 19 1101 U fil2

192 2

192)
C A L IF O R N IA

P rodu ction , Shipm ents and Stored S to ck s o f Petroleum , and Refinery
Stored S to ck s o f G aso le n e 1921-1922

production of 66,195 barrels were completed
during July and two wells abandoned, a net
increase of 98 producing wells during the
month.
Statistics on oil field operations as furnished
by the Standard Oil Company of California are
shown in table “ H .”
Sales of electric power for industrial pur­
poses increased in all sections of the district
during June, 1922. Total industrial sales were
15.6
per cent greater than during
E lectric June, 1921, and 13.7 per cent greater
Energy
than during May, 1922. In Califor­
nia, sales of power to agricultural
consumers during June increased readily to a
point 31 per cent above comparable sales in the
same month a year ago. Other sections of the
district reported large seasonal gains in con­
sumption of power by agricultural industries
but sales were lower than in 1921 despite the
unusually dry weather experienced this year
which might be expected to increase the need
for power for irrigation purposes. Increased
sales of power to oil producers in California
and lumber operators in the Pacific Northwest
during June reflect gains in productive activity
in these industries over the preceding month
and the same month a year ago. Power sales to

July 1922

(H ) P etroleu m —

(I) E lectric E n ergy—
Plant C a p a city
(1) Production—

K. W .
June,
1921

June,
1922

Joly, 1921
331,252 bbls.
271,073 bbls.
31,634,179 bbls.
76
19,675 bbls.
5

June, 1922

Production (daily average)....................................... 373,695 bbls.
Shipments (daily average)....................................... 318,512 bbls.
Stored stocks (end of month)..................................45,187,910 bbls.
New Wells Opened...................................................
100
With Daily production...............................................
66,195 bbls.
Wells Abandoned .....................................................
2

P eakload K . W .
M ay,
June,
1922
1921

355,274 bbls.
307,415 bbls.
43,477,237 bbls.
68
35,985 bbls.
7

June,
1922

Plant O utput K. W .
M ay,
1922

C a lifo r n ia (8 com p an ies
r e p o r tin g ) .....................

June,
1922

M ay,
1922

969,075

969,075

932,055

777,766*

687,326*

755,064*

349,705,289

333,370,897

P a cific N o rth w e s t (5
com p a n ies r e p o r t in g ).

356,585

359,495

331,585

224,720*

149,236*

201 ,908 *

105,927,639

101,630,669

In te r m o u n ta in States (6
c om p a n ies r e p o r t in g ).

238,657

239,157

222,897

139,921*

132,661*

113,784*

7 3,733,648

67,173,457

T w e lft h D is tr ic t (1 9
co m p a n ie s r e p o r t in g ). 1,564,317

1,567,727

1,486,537

1,142,407*

969 ,223 * 1,070,756*

529 ,366,576

502,175,023

N u m b e r o f Industrial C on su m ers
June,
M ay,
June,
1922
1922
1921

(2 ) S a l e s —

C o n n e cte d Industrial L oa d H . P.
June,
M ay,
June,
1922
1922
1921

Industrial Sales K . W . H .
June,
1922

June,
1921

M ay,
1922

June,
1921
198,597,375

C a lifo r n ia ...........................

51,398

43,604

44,619

1,722,268

1,415,273* 1,536.625

225,406.211

193,195,259

..........

10,907

9,981

10,327

176,656*

160,196*

167,599*

65,006,148

62,420,638

59,021,127

In te r m o u n ta in States . .

10,141

10,020

9,339

295 ,251 *

2 74 ,221 *

2 72 ,650 *

52,370,259

45,749,274

38,585,527

T w e lft h D is tr ic t ..............

72,446

63,605

64,285

301,365,171

296,204 ,02 9

P a cific N o rth w e s t

2 ,194,175* 1,849,690* 1,976,874*

342 ,782,618

* N o t rep o r te d b y all co m p a n ie s. F ig u r e s so m a rk e d are co m p a ra b le u n d e r re sp e ctiv e h ead in gs and dates, but n o t s tr ic tly a ccu ra te f o r
co m p a ris o n w ith o th e r p o r tio n s o f th e table.




A g ricu ltu r a l

142

the mining industry decreased slightly during
June compared with the preceding month, but
were approximately equal to similar sales a
year ago. June, 1922, sales of power for in­
dustrial purposes by industries and by sections
of this district, are compared with June, 1921,
sales, in the follow ing percentage table:
A g ric u lture

M in in g

Total
M anuIndustrial
factu ring
Sales ;

California .......... + 31.3% — .9% +19.5% +13.5%
Pacific Northwest.— 8.3% +10.7% —10.4% +10.1%
Intermountain . . . —22.0% — 7.0% + 6.0% +35.7%
Twelfth District..+26.7% — .8% + 8.8% +15.6%
During July, 1922, wholesale prices in the
country at large, as shown by the United
States Bureau of Labor index numbers, ad­
vanced 3.33 per cent and the general
Prices price level is now 9.9 per cent higher
than during July, 1921. The weekly
index number o f prices of 20 basic commodi­

and

B u sin e ss

C o n d itio n s

ties, compiled by the Federal Reserve Bank of
New York, declined 2 per cent during the
month of July, standing at 138.3 on August
5th compared with 143.6 on July 8th. This de­
cline reflects recent downward trends in the
prices of raw products, which, in the index
number of the United States Department of
Labor, are counterbalanced by the upward
movement of prices of producers’ goods and
consumers’ goods.
The general average of prices of the prin­
cipal commodities of this district remained
approximately stationary during June, ad­
vances for rice, sugar, oranges, copper and
lead, being offset by declines for livestock,
grains, cotton, lemons, and petroleum. Con­
tinued active demand for California rice during
the month was accompanied by an advance in
price from $5.25 per hundred pounds to $5.55
per hundred pounds of cleaned rice. Sugar
advanced from $6.70 per 100 pounds on July
7th to $7.10 per 100 pounds on August 4th.

(J) Commodity Prices—
C o m m o d ity

Twenty Basic Commodities (F. R. B. of N. Y.) 1913=100.
Wholesale Prices (U. S. Bureau of Labor*) 1913=100___
Cost of Living (National Industrial Conference Board)
July, 1914=100
Cattle (Native Beef).. .Weekly average price at Chicago..
Sheep ...............
Lambs ..............
H o g s .................
W h eat.............. .Chicago contract prices for Julyf and
Sept.f W heat.......................................
Barley.............. .Shipping Barley F. O. B. San Francisco.
Rice ................. .. California Fancy Japan at San Francisco.
Cotton................Middling Uplands—Weekly range of spot
quotations at New Orleans.................
W o o l ............... .Average of 98 quotations at Boston.......
Sugar............... ..Beet granulated F. O. B. San Francisco.
A pples............. ., Gravensteins at San Francisco...............
Oranges .......... .Valencias, special brands, Los Angeles..
Lem ons............ .Special Brands Fancy at Los Angeles...
Dried Apples__ , Choice in 50-lb. boxes F. O. B. California
Dried Apricots ...Choice in 25-lb. boxes F. O. B. California
Prunes ............ ..Size 40/50 in 25-lb. boxes F. O. B. Calif.
Raisins ............. .Loose Muscatel in 25-lb. boxes F. O. B.
California ............................................
Canned Apricots.Choice 2l^s F. O. B. California..............
Canned Peaches.,. Cling choice, 2^s F. O. B. California....
Canned Pears.....Bartlett, Standard 2}is F.O.B. California
Butter ............... ,93 score at San Francisco........................
Eggs .................. Extras—San Francisco...........................
Copper ............. .Electrolytic; New York Spot.................
Lead ..................New York Spot.......................................
Petroleum .........California 35° and above........................
2x4, 16-ft. No. S1S1E F. O. B. Seattle...
Douglas Fir ..
Douglas Fir ..... .12x12 Timbers F. O. B. Seattle...............
^ R ev ised figu res.




U nit

100 lbs.
100 lbs.
100 lbs.
100 lbs.
bu.
cental
cental
lb.
lb.
lb.
box
box
box
lb.
lb.
lb.
lb.
doz.
doz.
doz.
lb.
doz.
lb.
lb.
bbl.
M ft.
M ft.

A u gu st 4,1922

O n e M o n th A g o

O n e Y ea r A g o

138.3
155.0

143.6
150.0

121.4
141.0

155.6
$9.65

155.4
$9.40
6.50
12.90
10.05

162.0
$8.60
5.15
10.25
10.30

6.00

12.50
9.20

1.06-1.08^41 1.13^-1.15^2$ 1.19*í-1.25ját
1.25-1.30
1.25-1.35
1.30-1.40
5.55
3.90
5.25
21.50*
73.98*
7.10*
2.25-2.75
10.00-10.50
6.50
.11- . 11J*
.24

.uy4-A2y2

.11

3.25
2.60
2.85
A iy 4

.2854
.14
5.80*
1.95
17.50
17.00

22.50*
74.01*
6.70*
,,
7.7S-8.S0
6.65-7.50

11.00-12.25*
40.21*
6.35*
1.75-2.75
5.00-5.50
6.00-6.50

•23J4-.24
•12H -. 12M

.I8-.I 85*

.12%

.15#
3.25
2.60
2.85
.40
.31Já
.13&-.14
5.75*
2.45
17.50
17.00

.12

.MA-.llX
.13
3.00
2.50
2.95
.4134
.49

.12

4.30*
2.45
10.50
13.00

F ed era l R eserve B ank

143

o f S a n F ra n cisco

In the Chicago livestock market, beef prices
advanced during July, while prices of sheep,
lambs and hogs declined. This was exactly the
reverse of livestock price trends in the prin­
cipal markets of this district.
Nearly all markets were heavily supplied
with fresh deciduous fruits during the month,
and prices declined. Canned fruit prices re­
mained steady, but the trend of prices for
dried fruits, except apricots, was downward.
Changes in the prices of some of the princi­
pal commodities of the district are shown in
table “ J” on opposite page.

curring in the building, lumbering and agricul­
tural industries. Reports from mills and camps
in the lumbering sections of Oregon, W ashing­
ton and Idaho show that 78,769 men were on
the payrolls August 1, 1922, compared with
77,500 on July 1, 1922, and 53,750 on August
1st a year ago. Increased activity in mining
has further added to employment in the Inter­
mountain States, including Arizona, southern
Idaho, Nevada and Utah. Reports received
from 10 of the largest mining companies oper­
ating in these states, indicate a marked short­
age of both skilled and unskilled miners, the
average reported shortage being 20 per cent of
the number of men required.
Public employment offices in some of the
larger cities of this district report fewer appli­
cants for work, more calls from employers,
and an increase in the number of positions ac­
tually filled during July, 1922, compared with
July, 1921. Figures showing the number of
positions filled by public employment offices
in seven cities of this district follow :
N u m ber o f P osition s F illed
July. 1922
June, 1922
July, 1921

United States Bureau of Labor Index of Wholesale Prices (1913=100).
National Industrial Conference Board Index of the Cost of Living (July 1914=100).

The demand for both skilled and unskilled
workmen in the states of this district continued
to improve during July, 1922. A shortage of
certain classes of laborers is
Em ploym ent now reported from some sec­
tions. The number of idle rail­
road workers in the district, due to strike con­
ditions, has been partly offset by increased
payrolls in the building and mining industries
and by the seasonal absorption of workers in
the agricultural sections, where the harvest is
in progress. Farmers and canning and packing
plants have generally been able to obtain suffi­
cient seasonal help to meet their needs. They
are paying the same or slightly higher wages
than at this time last year.
Employment in California during July in­
creased compared with June due principally to
increased activity in the agricultural sections
and in the mountain districts where extensive
lumbering operations and electric power plant
construction work are being carried on. The
total number of workers employed in the
Pacific Northwest was greater in July than in
June, the principal increases in employment oc­




Los Angeles ................
San Francisco ............
Seattle ..........................
Oakland ......................
Sacramento ..................
San Jose ......................
Phoenix .......................

9,929
4,183
4,500*
2,410
1,279
1,056
353

11,073
5,681
4,355
2,814
1,489
1,334
616

4,761
1,641
1,955
1,423
574
717
215

^E stim ated.

Employment in the manufacturing industries
of the four largest cities of the district in­
creased during July, 1922, compared with July,
1921. Figures showing the total number of
workers on the payrolls of 40 manufacturing
firms in Los Angeles, Portland, San Francisco
and Seattle, usually employing 501 men or
more are given in the following table:

t --------N u m ber o f M e n on P ayroll*-------- ^

N u m ber
o f firm s

July 31,
1922

June 30,
1922

July 31,
1921

Percentage
increase in
num ber o f
m en on p a y ­
roll July 31,
1922
com pared
with July 31,
1921

Los Angeles.. 16
Portland ...... 8
San Francisco 10
Seattle .........
6

27,272 26,250 23,452
6,645 7,811 6,189
7,092 7,067 6,460
2,159 2,282 2,001

16.2
7.3
9.4
7.8

40

43,168 43,410 38,102

13.2

* T h e se fig u res d o n o t re p re se n t the total n u m b er o f m en e n g a g ed
in m a n u fa c tu r in g a ctiv itie s in these cities, bu t o n ly the p a y ­
r o ll figu res o f a se le cte d n u m ber o f firm s.

144

A g r ic u ltu r a l

In July, for the third consecutive month,
trade at retail in this district was greater in
value than in the corresponding month a year
ago. The dollar value of sales of 32
Retail representative department stores durT rade ing July, 1922, was 3.1 per cent greater
than in July, 1921. This increase in
the dollar value of sales also indicates an in­
crease in the physical volume of merchandise
sold, as retail prices on the average have
changed little or not at all during the past year.
The usual seasonal decrease in value and vol­
ume of sales in July as compared with June
was noted in all cities and averaged 14.0 per
cent for the district.
A statistical record of the movement of
stocks on hand, outstanding orders, and the

N e t Sales o f 32 D ep artm en t S tores in T w e lfth F ed era l R e s e rv e D is tr ic t
(in Millions of Dollars)

and

B u s in e s s

C o n d itio n s

rate of turnover of stocks for reporting stores
is given in the follow ing table:
Percentage
increase or
Percentage
decrease (—)
outstanding
in the value o f
orders at
s to ck s at end o f end of m onth to
m onth com pared total pu rchases
'w ith sam e m onth
during
o f previou s year
year 1921

January,
February,
March,
April,
May,
Tune,
July,

1922..
1922..
1922..
1922..
1922..
1922..
1922..

3.4
—4.3
—2.4
—4.3
—9.0
—1.9
—1.4

A n n u al rate
o f turnover
o f stock s
indica ted at
end o f m onth

8.9
10.3
9.5
7.2
9.1
11.2
10.7

2.4
2.3
2.3
2.4
2.6
2.5
2.4

Table “ K ” gives in detail statistics in regard
to sales, as furnished by 32 department stores
in this district.
Representative wholesale firms in ten lines
o f business report the dollar value of July,
1922, sales in excess of those of July, 1921, in
all lines except automobile tires.
W holesale The percentages of increase ranged
Trade
between 2.2 per cent for automo­
tive supplies and 23.3 per cent for
hardware. Sales of automobile tires at whole­
sale were 10.8 per cent less in value in July,
1922, than in July, 1921, but tire prices have
been considerably reduced during that period.
The mid-season period of dullness in trade,
which affects several of the reporting lines, ac­
counts in most cases for the decrease in the
value of sales in July, 1922, compared with
June, 1922, shown by all lines except dry
goods. The marked decline in sales of auto­
mobile tires and the small decline in the sales
of automotive equipment in July as compared
with June cannot, however, be ascribed en­
tirely to seasonal influences.
No changes in the buying habits of retailers
are indicated in the replies received from
wholesale dealers in answer to a question con­
cerning the volume and character of summer
buying this year as compared with previous

(K) Retail Trade Activity—
CONDITION OF RETAIL TRADE DURING JULY, 1922
In Federal Reserve District No. 12
(32 Stores Reporting)
L os
A n g e le s
O akland

No. of reporting firms...........................
Net sales (percentage increase or de­
crease) July, 1922, compared with
July, 1921 ............................................
July, 1922, compared with June, 1922..




6.6
—10.7

— 6.1
—25.4

Salt L a ke
C ity

— 5.6
—23.0

San
F ra n cisco

Seattle

8

5

2.4
—14.3

10.0
— 8.8

S pok an e

3

— 5.5
—23.7

D is trict

32

3.1
— 14.0

F ed era l R eserve B an k

145

o f S an F ra n c is c o

years. Nearly 200 firms were addressed and of
these 120 responded. Only 18 firms reported a
tendency on the part of retailers to increase
their stocks in anticipation of future needs
while 102 firms stated that retailers were still
buying conservatively and only to the extent
of their immediate requirements.
The average net increase or decrease (— ) in
the value of sales of all reporting firms in each
line of business was as fo llo w s:
Seven Months
ending Ju ly 31,
1922 com pared
with same
period in
1921

com pared with
June
July
1922
1921

Agricultural Implements. 10.5
2.2
Automotive Supplies......
Automobile Tires........... —10.8
Drugs ............................
6.4
Dry Goods...................... 14.3
8.7
Furniture .......................
5.3
Groceries .......................
Hardware ...................... 23.3
6.1
Shoes .............................
Stationery .....................
7.8

Percentage o f C o lle ctio n s during M on th (J u ly ) to T otal A m ou n t
D u e from C u stom ers (ou tsta n din g) on First o f that M on th
N u m ber of
Firm s

Automobile Supplies........
Drugs ..............................
Dry Goods.........................
Furniture .........................
Hardware .........................
Shoes ...............................
Stationery ........................

60.8
85.6
46.6
50.6
43.8
36.8
59.2

22

120.2

114.7

JULY PRICES1921=100%- JULY 192ISA1ES

AUTOMOBILESUPPLIES
AUTOMOBILETIRES
DRUGS

«

J

60

80

DRVGOODS
FURNITURE
GROCERIES
HARDWARE

P ercentage of Past D u e A c c o u n ts on A u gu st 1, 1922, to T otal A m o u n t
D u e from C u stom ers on the Sam e D ate

STATIONERY

Agricultural Implements... . 2
8
Automobile Tires.............

1921

U.S.BUREAUOFLABORINDEX
NO.W
HOLESALEPRICES
AGRICULTURALIM
PIEMENTS

One hundred and eight firms reported their
collections on August 1, 1922, and August 1,
1921, as fo llo w s :

N u m b er o f
F irm s

1922

58.8
80.5
41.4
49.6
47.2
33.7
60.7

P ercentage o f O utstandings A u gu st 1, 1922 to July, 1922 Sales

Groceries .........................

12.1
— 3.8
9.2
4.7
4.3
5.9
— 1.9
8.7
— 3.6
— 5.0

— 7.9
— 2.1
—28.5
— 5.3
3.0
—22.4
— 2.1
—12.6
—13.4
— 4.5

14
4
10
10
18
9
11

SHOES

20

1922

1921

36.5
15.3

20.5
12.8

40

100 120 140

160

D ollar V a lu e o f Sales o f R epresen tative W h olesale H o u s e s and G en eral
W h olesale Prices in July, 1922. C om pa red with July, 1921

(L) W holesale Trade—
(la) Percentage of increase or decrease (—) in net sales during July, 1922, compared with July, 1921
Number of re­
porting firms
Los Angeles..
Portland .......
Salt Lake City
San Francisco
Seattle ..........
Spokane .......
Tacoma ........
District ........

Agricultu ral
Im plem ents

A u to
S upplies

. 22
. 123.3
11.9
.—13.5
. 176.1

22
4.0
12.6
—15.9
— 1.2
2.3

—23.6
ÌÓ.5

*2.2

A u to T ire s

D ru gs

20

9

— 6 .6
— 1 5 .6
3 2 .8
— 1 4 .3
— 1 2 .8
— 3 1 .2
— ÌÓ .8

D ry G o o d s
16

16

2 1 .3

— 1 2 .0
3 8 .5

* 9 .2

Ü .4

* i.o
— 2 3 .6

Fu rn iture

G ro c e r ie s

H ardw are

30
— 2.3
5.0
— .1
15.8

22
40.7
14.0
2.0
19.6
32.1
— 3.3
— 9.8
23.3

3 5 .8

* 6 .4

2 3 .7
1 4 .3

2 4 .3
8 .7

— *9.9
28.2
5.3

Shoes

15
26.8
44.4
— *9.3
27.4
*6.1

Stationery

26
11.3
—16.9
—19.5
8.6
36.5
2.2
*7.8

(lb) Percentage of increase or decrease (—) in net sales from January 1, 1922, to July 31, 1922,
compared with the same period last year.
A g ricu ltu ra l

Number of re­ Im plem ents
porting firms.,. 22
Los Angeles... . 77.6
Portland ........
61.7
Salt Lake City., .—20.2
San Francisco . . 9.8
Seattle ............
Spokane ........ —31.3
Tacoma ..........
12.1
District ..........




A u to
Supplies

22
1.0
— 3.4
—10.3
—10.1
— 6.3

A u to T ire s

20
27.5
6.9
17.1
— 7.6
14.0
— 6.3

D ru gs

9

9.2

Furn iture

16
—13.1

16
— 9.3
17.7

” .5
31.8

'5.0

30
— .6
— 2.3
7.0
— 2.9

25.6
4.3

24.7
5.9

—ii.8
10.6
— 1.9

2.2
—Ì2.9
,,
..

#t

—*3.8

D ry G o o d s

4.7

G ro ce rie s

H ardw a re

22
31.8
.4
—20.5
— .9
19.5
—11.4
— 9.8
8.7

Shoes

Statione

15
10.2
— .5

26
.8
—16.2
— 6.6
—12.0
13.8
— 5.6

—ÌÒ.3
14.2
— *3.6

— *5.0

146

A g ricu ltu r a l

and

B u s in e s s

C o n d itio n s

Reports received from the five customs dis­ ocean freight rates on the principal com m odi­
tricts of the Pacific Coast show that exports ties shipped from the Pacific Coast to Austral­
during the first six months of 1922 were valued asia, the W est Coast of South America, Europe
at $145,272,362, an increase of 2.6 and the Orient are approximately 20 per cent
F oreign
per cent over the announced valu- below the freight rates charged on the same
C om m erce ation of $141,551,169 in the corre­ commodities in 1921. A comparison of average
sponding period of 1921. Compar­ exchange rates for June, 1922, with the rates
ing the same two periods, imports increased in June, 1921, shows that with the exception of
114.3 per cent, being valued at $188,597,362 in the Italian lira and the Japanese yen, which
1922 and $87,983,268 in 1921. There can be no are practically unchanged, and the German
doubt, therefore, that there has been a great mark, advances have occurred during the year
increase in the physical volume of imports. in all the leading foreign currencies.
During the past year the general level of prices
G o ld Par
June,
Jun e,
of
1922
1921
has risen slightly, and it is accordingly uncer­
A v e ra g e
A v era g e
M on eta ry
E x ch an ge
(cents)
C
ou
n
tries
U
nit
(cents)
(cents)
tain whether an increase of 2.6 per cent in value
19.30
8.76
8.07
Franc
o f all exports represents an increase in the
23.82
.32
1.44
physical volume of exported goods. But avail­ Germany . . . . Mark
Great Britain. Pound
486.65 445.19 378.15
able figures on the physical quantities of ex­ Italy ............ Lira
19.30
4.96
4.97
ports of petroleum products, dried and canned
26.80
17.21
2 1 .6 6
Denmark .... Krone
Krone
26.80
17.07
14.61
fruits, canned fish, wheat flour, wheat, lumber,
Krona
26.80
25.81
22.56
hides, and rice, which together make up a large
Dollar
100.00
98.84
88.76
part of the export trade of the Pacific Coast, Argentina ... Peso (gold) 96.48
81.86
69.85
show that they were greater, in both volume
32.44
13.72
11.64
Milreis
Shanghai Tael 66.85* 79.03
66.35
and value, during the first five months of 1922
48.66
28.91
24.54
Rupee
than during the first five months of 1921. E x­
Yen
49.85
47.75
47.97
port shipments of cotton declined approxi­
*1913 A v e ra g e .
mately 60 per cent in volume comparing the
same two periods. The principal imports pass­
Comparative figures of the value of exports
ing through the ports of the district are raw and imports of the five customs districts on the
silk, sugar, coffee, copra, w ool and crude rub­ Pacific Coast are shown in table “ M .”
Fewer permits for building were issued in
ber, and the receipts of each of these com m odi­
ties were greater in actual volume in 1922 than this district during July than in any month
in 1921.
of the present year since February. The de­
cline was partly seasonal, however,
These increases in the foreign trade of this
Coast during 1922 as compared with 1921, may Building and building activity continues
be traced to the improvement in world wide Activity
greatly in excess of that reported
one year ago. Building departments
trade conditions, the lower freight rates now
prevailing, and the increase in the dollar value of 20 cities report that the total number of per­
mits issued during July, 1922, was 1,490, or
of the currencies of many of the countries
which are our principal customers. Present
18.8 per cent greater, and the value of con­

(M) Foreign Commerce—

Percentage
in crea se or
decrease
six m onths 1922
com p ared w ith
first six m onths
1921

June, 1921

Percentage
in crea se or
de cre a se
June, 1922
com pared w ith
June, 1921

Los Angeles ..............$ 1,472,423
Portland ....... ............ 7,324,399
San Diego
..........
662,972
San Francisco ........... 10,243,306
Seattle .......... .......... 7,725,073

$ 2,343,977
7,263,262
199,586
10,700,847
6,516,069

— 37.1
.8
232.1
— 4.2
18.5

$ 8,783,065
27,088,867
3,212,711
57,427,985
48,759,734

$ 11,659,349
28,892,338
1,659,455
56,393,147
42,946,880

Total ........ .......... $27,428,173

$27,023,741

1.4

$145,272,362

$141,551,169

2.6

592,258
382,835
80,474
6,196,564
3,779,317

108.6
63.6
85.1
203.9
347.5

$ 7,784,700
3,820,698
3,785,713
83,919,142
89,287,109

$ 4,869,153
1,789,681
4,161,593
53,410,754
23,752,087

59.8
113.4
— 9.0
57.1
275.9

$11,031,448

242.3

$188,597,362

$ 87,983,268

114.3

(—)

(—)

E x p orts

June, 1922

Six M o n th s E n din g
Jun e, 1922
June, 1921

—25.5
6.2
93.6
1.8
13.4

—

Im ports

Los Angeles . . .......... $ 1,235,742
Portland ....... ..........
626,351
San Diego
..........
148,971
San Francisco ........... 18,836,329
Seattle .......... .......... 16,915,974
Total ......... .......... $37,763,367




$

F ed era l R eserve B an k

147

o f S a n F ra n cisco

templated construction $7,092,318, or 46.3 per
cent greater, than building permits issued dur­
ing July, 1921. Inasmuch as the price level of
building materials is slightly higher than one
year ago, the increase in the number of permits
granted is more representative of the physical
volume of construction than would be a com ­
parison of the dollar values of the permits
granted. Comparative figures of the number
and value of building permits issued in 20
principal cities during July, 1922, June, 1922,
and July, 1921, are shown in table “ N .”
Figures compiled from the Federal Census
of 1920 show that among 35 cities in the United
States having a population of 100,000 or more,
there were fewer persons per dwelling, but
also a smaller percentage of homes owned, in

B u ilding Perm its Issu ed in 20 Principal C itie s. T w e lfth F ed era l
R e se rv e D is trict, 1921-1922

the cities of this district than in the country as
a whole.
P e r­
P e r­
P e r­
sons centage
per
of
d w e ll­ ow ned
ing
hom es

N o . of
D w ellings

P opulation

125,004
47,297
54,664
90,132
23,685
60,516
22,389

576,673
216,261
258,288
506,676
118,110
315,312
104,437

4.6
4.6
4.7
5.6
5.0
5.2
4.7

34.7
42.0
44.6
27.4
44.3
46.3
44.6

65.3
58.0
55.4
72.6
55.7
53.7
55.4

Twelfth Dist. 423,687 2,095,757
United States 3,066,387 21,719,805

4.9
7.0

38.1
44.6

61.9
55.4

Los Angeles.
Oakland . . . .
Portland ....
San Francisco
Salt Lake City
Spokane . . . .

The volume of business transactions in this
district during July, 1922, as measured by
debits to individual bank accounts in 2 1 prin­
cipal clearing house centers, was
Bank
slightly greater than in June, 1922,
Debits and, as reported by 20 cities, was 12
per cent greater than in July, 1921.
This latter increase of 12 per cent, which
amounted to $219,578,000, was more than
double the percentage increase noted in June,
1922, as compared with June, 1921. W hen it is
considered that wholesale prices, as reported
by the United States Bureau of Labor, have in­
creased only 9.9 per cent in the year period
July, 1921, to July, 1922, and that retail prices
are practically unchanged, an increase of 12.0
per cent in bank debits indicates that the phys­
ical volume of business transacted in July of
this year was substantially larger than it was
in July, 1921.

(N ) B uilding Perm its—

Per C e n t In crease
o r D e cre a se (—
in V a lu e July,
1922 com pared
with July, 1921

)

July, 1922
V a lu e
N o.

June, 1922
N o.
V a lu e

Berkeley ........ .............. 101
Boise .............. .............. 85
Fresno............ .............. 133
Long Beach ................. 208
Los Angeles .. ............. 3,393
Oakland ........ ............. 721
41
Ogden ............ .............
Pasadena ....... ............. 308
45
Phoenix ........ .............
Portland ........ ............. 1,313
29
Reno .............. .............
Sacramento ... .............. 213
Salt Lake City. ............. 159
San Diego ---- .............. 369
San Francisco . .............. 595
79
San Jose ........ .............
Seattle ............ ............. 842
Spokane ........ ............. 248
Stockton ........ ............. 109
Tacoma ........ .............. 424

$

527,250
49,906
370,288
535,884
8,064,018
1,900,712
87,660
987,826
137,082
2,206,615
69,120
367,858
569,951
710,006
3,024,036
166,245
1,559,205
273,022
409,196
375,136

216
70
190
239
3,751
773
60
306
45
1,317
22
240
178
379
648
76
892
267
101
386

District .......... ............. 9,415

$22,391,016

10,156




centage
of
rented
hom es

N o.

July. 1921
V a lu e

$

671,800
51,639
433,195
1,123,049
10,652,265
3,381,045
137,375
900,092
140,380
2,230,855
44,100
753,914
738,737
608,326
3,336,701
215,150
2,892,030
391,575
221,060
674,990

131
61
169
206
2,717
492
48
274
60
1,119
26
175
117
319
446
64
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
1,000,240
79,913
2,217,270
180,775
365,218
253,881

225.9
— 83.1
82.9
3.7
46.5
63.4
— 26.3
40.8
24.2
52.7
36.8
100.5
56.9
84.3
202.3
108.0
— 29.6
51.0
12.0
47.7

$29,598,278

7,925

$15,298,698

46.3

148

A g ricu ltu r a l

Bank debits during July, 1922, compared
with July, 1921, were greater in 18 of the re­
porting cities. Compared with June, 1922,
there was an increase in eight cities. Compara­
tive figures of debits to individual accounts in
2 1 clearing house centers during the four
weeks ending August 2, 1922, June 28, 1922,
and August 3, 1921, are shown in table “ O .”

D eb its to In dividu al A c c o u n ts in 20 P rincipal C itie s, T w elfth F ederal
R eserve D istrict, 1921-1922
Note:

Berkeley ......... $
Boise ...............
Fresno ............
Long Beach ...
Los Angeles ...
Oakland ..........
O g d en f............
Pasadena ........
PhoenixJ ........
Portland ..........
Reno ...............
Sacramento
Salt Lake City .
San D ie g o .......
San Francisco . ..
San J o se ..........
Seattle ............
Spokane ..........
Stockton ........
Tacoma ..........
Yakima ..........
Total ............

14,375
11,135
40,760
35,909
476,051
77,227
15,779
23,237
15,135
123,935
10,164
56,902
52,055
36,834
675,287
19,464
134,945
39,354
19,871
35,285
8,960

$1,922,664

F o u r w eeks
ending
June 28,1922

$

$1,919,455

*000 O m itted .
t F ig u r e s f o r 1921 b ased o n th re e w eeks.
^ F ig u re s f o r 1921 n o t a v ailable.




15,544
11,615
37,086
29,132
475,926
79,698
10,615
23,620
18,335
128,370
10,710
58,992
50,402
36,374
667,003
17,900
139,669
43,047
19,966
36,103
9,348

F o u r w eeks
ending
A u g u st 3,1921

$

11,897
11,661
32,669
22,866
394,944
70,965
9,574
19,249
122,747
9,894
51,864
50,580
30,876
625,183
17,549
123,215
40,803
17,498
31,557
7,495

$1,703,086

C o n d itio n s

R. G. Dun & Company’s comparative figures
of the number and liabilities of business fail­
ures in the states of this district during July,
1922, and June, 1922, fo llo w :

The figures used in preparing the above chart are for calendar months

F o u r w eeks
ending
A u g u st 2, 1922

B u s in e s s

Business failures in this district during July,
1922, were approximately the same in number
but 54.3 per cent less in total liabilities than
during July, 1921, and were 25.7 per
Business cent less in number and 17.8 per
Failures cent less in liabilities than in June,
1922.
The average liabilities. of
business failures in July, 1922, were $13,540
compared with $12,248 in June, 1922, and $30,045 in July, 1921.

July, 1922
N o.

a nd are partly estimated.

( O) Bank Debits*—

and

Arizona ................
California .............
Idaho ...................
Nevada .................
O regon .................
Utah .....................
Washington .........

3
77
8
1
21
10
33

L iabilities N o .

$ 10,500
1,003,096
86,593
7,420
127,370
563,516
273,267

District ................ 153 $2,071,762

June, 1922
L iabilities

2 $ 10,000
91
623,622
9
465,360
2
31,000
39
432,231
11
197,618
52
763,422
206 $2,523,253

The total amount in all savings accounts as
reported by 75 banks in seven principal cities
declined 65 hundredths of 1 per cent during the
month ending July 31st, being on
Savings
that date $766,807,000, compared
Accounts with $771,793,000 on June 30th. The
decrease was due almost entirely to
the smaller total reported for the later date by
San Francisco banks. Savings accounts in the
seven cities on July 31st were 2.3 per cent
greater than on M ay 31st and 7.3 per cent
greater than on July 31, 1921.
The changes in savings accounts in the seven
cities from one month and one year ago are
shown in table “ P,” and in the accompanying
chart are shown the changes since January,
1919. In July for the first time since August,
1920, the total of savings accounts in the re­
porting banks of Seattle exceeded that of the
corresponding month in the preceding year.
The peak of savings accounts in Seattle was
reached in December, 1919. A t the lowest

F ed era l R eserve B an k

149

o f S a n F ra n cisco

point, in September, 1921, they were 30 per
cent below the peak. They are now 5.6 per
cent greater than last September. In Spokane,
savings accounts are 10 per cent less than at
their peak in December, 1920.
MILLIONS

MILLIONS

500
400

500
300
200

_____ —

SAN FRANCISCO.
LOS ANGELES

100
OAKLAND

50
40

s e a t ][LE

PORTLANP

6

50
40
30

„ ,

_

S/M.T|_AK CITY

20

ZO
SPOKANE ___

1919

1920

1921

1922

Savings A c c o u n ts in Banks in Seven Principal C itie s o f the
T w elfth F ederal R eserve D istrict, 1919-1922

Reports received by this bank from the prin­
cipal accepting banks in the district show a
marked increase in the volume of their accept­
ance business in July compared
Acceptances with June. The total of bills ac­
cepted in July was $8,151,861, an
increase of $4,023,984 or 97.4 per cent over the
June figure. The amount of bills bought, in­
cluding both those created in this district and

in other districts, also increased, rising from
$5,405,427 in June to $11,597,826 in July.^ The
total amount of acceptances in the portfolios of
reporting banks on July 31, 1922, was $14,489,634 compared with $10,397,680 held on June 30,
1922. The principal commodities upon which
these acceptances were based were raisins,
canned and dried fruits, grain and cotton. Pur­
chases and holdings of acceptances of report­
ing banks appear in table “ Q .”
The general market for acceptances in the
month ending August 15th was featured by a
short period of activity followed by a relapse
to the previous state of dullness. The bulk of
the demand for this paper is still from city
banks. Occasional inquiries come from coun­
try banks but the latter are generally remain­
ing out of the market. An increasing interest
in trade acceptances is being manifested and
bills of that type which appear in the open
market are being absorbed readily.
The supply of new bills being offered on the
open market is increasing and during the past
month reached proportions which exceeded the
demand. M ost of the increased supply of bills
consists of acceptances grow ing out of domes­
tic shipment or storage of commodities.
Rates have held steady at 3 per cent and 3 /
z%
per cent for all maturities up to four months,
although for a few days at the beginning of
the period 2 % per cent was asked during a

(P ) Savings A ccou n ts*---

Poi Deciea^f-)6
N u m b er of Banka

Los Angeles ..................................
Oakland .........................................
Portland .........................................
Salt Lake City................................
San Francisco ...............................
Seattle ..........................................
Spokane .........................................

13
7
9
9
16
15
6

Total ..........................................

75

July 31,1922

June 30,1922

July 31, 1921

$235,987
76,115
39,688
24,028
345,660
31,261
14,068

$235,981
76,388
39,663
24,242
350,432
30,918
14,169

$213,087
73,630
37,828
24,591
321,853
30,160
13,779

$766,807

$771,793

July 31, 1922* o v er
Ju ly 31,1921

10.7
3.4
4.9
— 2.3
7.4
3.7
2.1

$714,928

7.3

*000 O m itted.

(Q ) A ccep ta n cesf -

- A m ou n t B o u g h tC reated in
T w elfth D istrict
J u ly, 1922 Jun e, 1922

A m o u n t A c c e p te d
July, 1922 June, 1922
P a cific N o rth w e s t ------ $ 353,399 $ 512,341
N o rth e r n C a lifo rn ia . . 6,676,445
3,162,520
S ou th ern C a lifo rn ia . . 1,122,027
453 ,016
O th er D istricts ...............
T o ta l

$

A m o u n t held at
c lo s e o f m onth
July, 1922
June, 1922

A ll O ther
T otal
Ju ly, 1922 Jun e, 1922 Ju ly, 1922 June, 1922

96,348 $
10,000 $ 160,555 $
51,544 $
256,903 $
61,544
4 ,0 70,030
1,908,292
2,829,765
1,784,590 6,899,795 3,788,651*
724,247
351,900
3,716,881
1,203,332 4,441,128 1,555,232

.............................$8,151,861 $4,127,877 $4,890,625 $2,270,192 $6,707,201 $3,039,466 $11 ,597 ,82 6 $5,405,427

$

930,453 $ 1,536,505
6,814,002
2,366,213
6,745,179
6,494,962

$14 ,489,634 $10,397 ,68 0

t3 5 B a n ks rep ortin g .
^ F ig u res o f o n e b a n k in clu d e d in “ T o ta l A m o u n t B o u g h t” bu t n o t in clu d e d u n d e r h ea d in gs am ou n t b ou g h t “ C reated in T w e lfth D is ­
t r ic t” o r “ A ll O th e r.”




150

A g r ic u ltu r a l

temporary shortage of bills bearing prime
names. A general classification according to
maturity of acceptances marketed during the
past tw o months shows a marked preference
among buyers for bills of 60 and 90-day maturi­
ties.
M aturities

30
60
90
120

July 15 to
A u gu st 15

days.......... . . ..
3.8%
days.......... , , 27.8%
, 67.8%
days..........
days.......... . . . 0.6%

June 15 to
July 15

10.4%
34.6%
49.0%
6.0%

On June 15th, the Treasury Department
offered, in exchange for 4^4 per cent V ictory
Notes, an issue oi
per cent Treasury Notes,
designated Series B-1925, dated
G overnm ent June 15, 1922, and maturing DeF inancing
cember 15, 1925. In order that
all holders of 4% per cent V ic­
tory Notes might have ample opportunity to
make this exchange, if they so desired, the
Treasury Department held the subscription
books open until the close of business, June
22, 1922. The total amount of V ictory Notes
exchanged for Treasury Notes of Series B-1925
was $335,141,300, of which $11,363,200 was ex­
changed through the Federal Reserve Bank of
San Francisco.
On July 26th, the Treasury Department
offered Treasury Notes, designated Series B1926, in exchange for 4 ^ per cent V ictory
Notes of certain series, and for cash sale. The
notes, bearing interest at the rate of 4% per
cent, were dated August 1, 1922, and will
mature on September 15, 1926. The amount of
the offering was $300,000,000 or thereabouts,
with the right reserved by the Secretary of the
Treasury to allot additional notes to the extent
that payment was tendered in 4^4 per cent
V ictory Notes. The subscription books for
this second offering of Treasury Notes in ex­
change for V ictory Notes were held open until
close of business on August 8th, although sub­
scriptions under the cash sale offering were
closed August 1st.
Total subscriptions to the primary or cash
sale offering of these notes amounted to $ 1 ,236,861,450, of which $345,425,000 was allotted.
In this district, the subscriptions under the pri­
mary offering amounted to $69,407,200, and
allotments subsequently authorized amounted
to $24,357,000. Under the conversion provision,
there were issued in exchange for V ictory
Notes, Treasury Notes of Series B-1926 aggre­
gating $141,515,700, of which $10,467,000 were
exchanged through the Federal Reserve Bank
o f San Francisco.




and

B u s in e s s

C o n d itio n s

The large city banks throughout the district
continue in a strong and liquid condition in the
face of increasing credit demands upon them
incident to the harvesting and marBanking keting of seasonal products. Total
Situation loans and discounts of 68 reporting
member banks on August 9, 1922,
had increased $17,600,000 over the July 5th
figure, and total deposits had increased by an

T otal D ep o sits, Loans and D isco u n ts, Investm ents, and B ills Payable
and R ed iscou n ts o f R ep ortin g M e m b e r Banks

approximately equal amount. The ratio of total
loans and discounts of reporting banks to their
total deposits was 73 per cent, compared with
75 per cent at the beginning of the year 1922.
Investment holdings of these banks were
greater by $8,645,000 on August 7th than on
July 5th. Borrowings from the Federal Re­
serve Bank, follow ing a sharp rise at the close
of the fiscal year, on June 30th, dropped back
to previous levels and on August 9th stood at
$9,362,000, next to the lowest figure reached
this year.
Figures are now available covering a period
of five weeks since July 8th, when the redis-

F ed era l R eserve B ank

o f S a n F r a n c is c o

15 1

count rate of the Federal Reserve Bank of San
Francisco on all classes of paper was reduced
from 4*^ to 4 per cent. During that period, the
total volume of rediscounts has fluctuated but
little, being on August 16th $43,388,000, ap­
proximately the same as on July 15th. The re­
duction of $7,000,000 in rediscounts of reserve
city member banks, noted above, has been
offset by increased borrowings of country
member banks, a normal condition when the

district’s crops are being harvested. Bills dis­
counted, secured by United States Government
obligations, increased from $8,923,000 on July
5th to $11,007,000 on July 26th but have since
declined to $10,113,000, the net increase from
July 5th to August 16th being $1,190,000, or
13.3 per cent.
Federal Reserve Notes in circulation on
August 16th amounted to $216,013,000, a de­
crease of $2,926,000 from one month ago.

PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN RESERVE
CITIES IN TWELFTH FEDERAL RESERVE DISTRICT
A u g . 9,1922

Number of Reporting Banks ..................... ...............

July 5, 1922

68

Loans and Discounts (exclusive of rediscounts)......................... $ 863,027,000
Investments .................................................................................
334,555,000
Cash in Vault and with Federal Reserve Bank...........................
104,934,000
Total Deposits .............................................................................. 1,184,485,000
Bills Payable and Rediscounts with Federal Reserve Bank........
9,362,000

68

$ 845,427,000
325,910,000
105,516,000
1,169,037,000
16,275,000

A u g . 10,1921

70

$ 864,803,000
305,855,000
98,265,000
1,120,405,000
67,672,000

COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO
AT CLOSE OF BUSINESS, AUGUST 16, 1922
RESOURCES
A u g . 16, 1922

July 12, 1922

A u g . 17. 1921

Total Reserves ..............................................................................$259,093,000
Bills Discounted .......................................................................... 43,388,000
Bills Bought in Open Market...................................................... 17,702,000
United States Government Securities.......................................... 53,977,000

$253,765,000
43,990,000
15,264,000
62,104,000

$222,783,000
129,731,000
3,311,000
10,227,000

Total Earning Assets....................................................................$115,067,000
All Other Resources*.................................................................... 45,656,000

$121,358,000
49,840,000

$143,269,000
39,872,000

Total Resources.........................................................................$419,816,000

$412,789,000

$405,924,000

LIABILITIES
Capital and Surplus.......................................................................$ 22,789,000
Total Deposits .............................................................................. 141,308,000
Federal Reserve Notes in Actual Circulation.............................. 216,013,000
All Other Liabilitiesf....................................................................... 39,706,000
Total Liabilities .........................................................................$419,816,000
^Includes “Uncollected Items” ....................................................
■¡'Includes “ Deferred Availability Items” .......................................




38,914,000
35,172,000

$ 22,617,000
142,422,000
218,939,000
40,985,000

$ 22,621,000
119,550,000
225,944,000
37,809,000

$412,789,000

$405,924,000

43,303,000
35,991,000

32,997,000
28,177,000




B U S IN E S S

R E C O V E R Y

IN

TH E

TW E LFTH

FED ERAL

RESERVE

D IS T R IC T

A statistical summary of the condition of agriculture, business, employment, and
finance in the Twelfth Federal Reserve District in July, 1922, is presented in the fol­
low ing table. T o facilitate comparison of the various items, index numbers are used,
with the month of July, 1920, representing 100 in each case. In that month, prosperity in
this district, follow ing the post-armistice business expansion, was approximately at its
peak. The trough of the ensuing depression occurred about one year later, and therefore
the month of July, 1921, is also included. Comparison of present conditions may thus be
made with what were approximately the best and the worst conditions since the armistice.
PRODUCTION—Physical Volume
Agriculture
Grains—Wheat, barley and rice (12th District)...........................
Fruits—Apples, grapes, peaches, pears, prunes, lemons, oranges
(12th District)..........................................................................
Receipts of Livestock at 6 Markets
Cattle .......................................................................................
Sheep .......................................................................................
Hogs ........................................................................................
Flour Milling (12th District).............................................................
Lumber (3 Associations)....................................................................
Petroleum (California Production)...................................................
Stocks in California..................................................................

July, 1920

J u l y , 1922

July, 1921

104.4

110.7

100

101.6

98.6

100

89.2
62.5
134.8
84.2
118.4
135.1
185.1

78.7
101.8
109.3
107.9
81.8
118.6
129.6

100
100
100
100
100
100
100

64.3
92.0
74.4
81.7
148.4
151.4

58.5
90.0
73.7
74.4
124.9
149.5

100
100
100
100
100
100

113.2
113.9

100*
106.1

100

5^

6

BUSINESS ACTIVITY
Prices—U. S. Bureau of Labor average of 404 commodities............
Department Store Sales; dollar value, 32 stores...............................
Wholesale Trade; total value sales 147 firms in 10 lines...................
Bank Debits in 20 cities.....................................................................
Building Permits; number issued in 20 cities...................................
Business Failures; number in 12th District.......................................
tfPLOYMENT
Actual Number of Workers on Payroll of 40 firms...........................
Savings Deposits in seven largest cities............................................
NANCE
Rediscount Rate Federal Reserve Bank (Actual).............................
Rates Charged Commercial Borrowers by San Francisco Banks
(Actual) ........................................................................................
Borrowings of Member Banks from Federal Reserve Bank............
Deposits of 68 Reporting Member Banks.........................................
Loans and Discounts of 68 Reporting Member Banks....................
*July, 1921 = 100.

4
5^
30.3
101.7
91.0

6^
100.4
95.5
93.7

6^
100
100
100