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MONTHLY REVIEW
OF
BUSINESS CONDITIONS
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. VIII
San Francisco, California, August 20, 1924
Summary of National Conditions
Production in basic industries, after a con
siderable decline in recent months, was main
tained in July at the same level as in June.
Factory employment continued to decline.
Wholesale prices increased for the first time
since early in the year, reflecting chiefly the
advance in the prices of farm products.
Production. The Federal Reserve Board’s
index of production in basic industries, which
had declined 22 per cent between February and
June, remained practically unchanged during
July. The iron and steel and woolen industries
showed further curtailment, while production
of flour, cement, coal, and copper was larger
than in June. Factory employment decreased
4 per cent in July, owing to further reduction
of forces in the textile, metal, and automobile
No. 8
industries. Building contract awards showed
more than the usual seasonal decline in July,
but were 10 per cent larger than a year ago.
Crop conditions, as reported by the Depart
ment of Agriculture, were better on August
1st than a month earlier. Estimated production
of nearly all of the principal crops except to
bacco was larger than in July, and the yields
of wheat, oats, rye, and cotton are expected to
be considerably larger than last year.
Trade. Railroad shipments increased in July,
owing to larger loadings of miscellaneous mer
chandise, grain, and coal. Wholesale trade was
3 per cent larger than in June, owing to in
creased sales of meat, dry goods, and drugs,
but was 3 per cent smaller than a year ago.
Retail trade showed the usual seasonal decline
in July, and department store sales were 1 per
PER CENT
1919 1920 1921 1922 1923 1924
Production In B u ie Indnatrica
Index of 22 baste commodltie* corrected for «etsonsl variation (1919=»100).
Latest fiera* Joïjr» 94.
W holeaak Prima
Index of U. S. Borea« of Labor Statistici (1913=100, bate adoptedby Bureau).
Late* ficure. July. 147.
Those desiring tliig review sent them regularly will receive it without charge upon application.
106
A ugust, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
cent greater and mail order sales 7 per cent less
than a year ago. Merchandise stocks at de
partment stores continued to decline during
July, and were only slightly larger at the end
of the month than a year earlier.
Prices. Wholesale prices, as measured by the
index of the Bureau of Labor Statistics, in-
for bankers' acceptances and short term gov
ernment securities. During August the dis
count rate at the Federal Reserve Bank of New
York was reduced from 3J/i to 3 per cent, and
at the Federal Reserve Banks of Cleveland and
of San Francisco the discount rate was reduced
from 4 to 3yi per cent.
BILLIONS OF DOLLARS
.Loans <and
\*Disc 'ounts
nand
Deposits
Investtvents ,
Time Dé'posits
1919 1920 1921 1922 1923 1924
Factory Employment
Index for 33 M a n u f a c tu r in g Industries (1919=100), Latest figure, July, 87.
creased more than 1 per cent in July. Prices of
farm products, foods, and clothing increased,
while prices of building materials again de
clined sharply, and prices of metals, fuel, and
house furnishings decreased slightly. During
the first half of August, quotations for corn,
beef, sugar, silk, copper, rubber, and anthracite
coal advanced, while prices of cotton, flour, and
bricks declined.
Bank credit. Commercial loans of member
banks in leading cities increased considerably,
owing partly to seasonal influences, early in
August. Both loans secured by stocks and
bonds and investments continued to increase,
so that at the middle of August total loans and
investments of these banks were larger than
at any previous time. Further growth of de
mand deposits carried them also to the highest
level on record. Between the middle of July
and the middle of August Federal reserve
banks* discounts for member banks declined
further, and their holdings of acceptances de
creased. United States security holdings in
creased, however, and total earning assets of
Federal reserve banks remained practically un
changed. Continued easing in money rates in
the New York market during July and early
August is indicated by a decline of % of 1 per
cent in prevailing rates for commercial paper
to 3-3J4 per cent. After the middle of August
there was some advance in open market rates
1919 1920 1921 1922 1923 1924
M ember Bank Credit
Weekly figures for member banks in 101 leading cities. Latest figure, August 13.
Summary of District Conditions
A moderate increase in business activity was
recorded in the Twelfth District during July,
following four months of decline. Wider dis
tribution of goods at wholesale and retail has
been accompanied by rising commodity prices,
and more recently productive industry has in
creased in response to strengthening demand
and price advances. Bank credit has continued
plentiful, and interest rates relatively low.
Reflecting recent trends of business in the
district, this bank's index of bank debits (cor
rected for seasonal variation, year to year
growth, and price changes) advanced 6.5 per
cent during July, and was again slightly above
normal (100) in that month. During June the
index had fallen below normal for the first time
since November, 1922. The value of trade at
retail during July, as reported by representa
tive department stores in the larger cities, was
practically the same as during July a year ago,
and, if allowance be made for seasonal factors,
was larger than in the previous two months of
the present year. This improvement was
quickly reflected in increased purchases from
wholesalers, indicating light stocks of goods on
retailers’ shelves. In general, however, trade
at wholesale may still be termed inactive, al
though not displaying the abnormal dullness
noted during May and June,
A ugust, 1924
Accompanying the increasing willingness of
consumers and retailers to buy in more normal
amounts, commodity prices at wholesale have
moved upward, reversing a downward trend
which has continued since last February. Pri
vate weekly indexes of wholesale prices ad
vanced steadily during July, preceding the up
ward movement of the United States Bureau
of Labor's monthly index of the general whole
sale price level (404 commodities), which stood
at 147 for July compared with 145 for June
(1913 prices=100). Of particular importance
to this district were increases in prices of
grains, wool, non-ferrous metals, and lumber.
The improvement in business conditions was
not generally reflected in July figures of indus
trial production, but evidence, mostly nonstatistical, down to August 20th indicates that
production schedules were increased during
the latter part of July and the early part of
August. A significant increase in the number
and value of building permits issued in 20
principal cities was reported during July as
compared with June, and while the July figures
were still below the high levels of a year ago
the percentages of decline were smaller than in
any month since April. In the lumber industry
shipments increased in comparison with pro
duction, while new orders increased in com
parison with both shipments and production.
Stocks of lumber held by mills accordingly de
clined and their unfilled orders increased. Rela
tive stability in production of important miner
als, petroleum, and flour was reported.
Deposits continued to increase in the banks
of the district during July and, in the absence
of increased commercial borrowing, were
largely diverted into investment channels.
During the five weeks ending August 13th de
mand deposits at reporting member banks in
principal cities increased by $34,000,000 or 4.7
per cent, commercial loans declined by $6,000,000 or 0.7 per cent, and investments increased
by $9,000,000 or 2.5 per cent. Total earning
assets of the Reserve Bank increased during
this period, but solely as the result of further
purchases of United States government securi
ties. Total discounts of the Reserve Bank, at
$19,000,000 on August 13, 1924, were at the
lowest point since April, 1917. On August 21,
1924, the Federal Reserve Bank of San Fran
cisco lowered its rediscount rate on all classes
of paper from 4 to 3j4 per cent. The 4 per cent
rate had been in effect since June 10, 1924, it
having superseded the 4}4 per cent rate an
nounced March 21, 1923.
107
FEDERAL RESERVE AGENT AT SAN FRANCISCO
Agriculture
Final crop yields in the Twelfth District this
year will be generally smaller in volume than
last year and, in some cases, slightly below
normal in quality, due to the general shortage
of rainfall, but growers are being paid higher
prices than they received a year ago for the
majority of agricultural products. Grain prices
have advanced substantially since June; re
turns now being received by deciduous fruit
growers for number one grade fruit are better
than those obtained last year; prices for canned
and dried fruits have been rising recently, with
markets for these products active; and the pur
chasing power of farm products, as measured
by the Department of Agriculture’s index for
the United States, stood at 83 in July, 1924,
(1913—100), compared with 74 in March, 1924,
and 72 in July, 1923.
Physical aspects of the agricultural situation
in this district changed little, other than
seasonally, during July and early August. Field
crops not yet matured were benefited slightly
by scattered showers in certain sections of the
Pacific Northwest and Intermountain States,
but the drought of previous months continued
in most of the district's major agricultural
areas excepting in Arizona. During recent
weeks, farmers, favored in this instance by con
tinued dry weather, have commenced to har
vest their 1924 crops. Harvesting and thresh
ing of wheat, barley, and oats has been prac
tically completed in California, and is progress
ing rapidly in the Pacific Northwest. Picking
and processing of the important deciduous
fruits in California proceeded satisfactorily.
As threshing returns become available it is
evident that the 1924 yield of wheat is some
what greater than previously estimated, con
sidering the district as a whole. Figures for
wheat, oats, barley, and rice, covering the im
portant grain growing states of the district
follow :
G R A IN C R O PS
California . . .
Idaho ............
Oregon .........
Utah .............
W ashington .
/— A ll Wheat—%r ~ - Barley— \
Yield*
Yield*
t E « t ifB stimated Actual mated Actual
1924
19231924
1923
(bushels) (bushel«) (bushels) (bushels)
4,770 16,157 10,282 33,069
16,227 30,115
2,892
3,999
15,237 28,010
2,211
2,969
4,290
6,567
721
893
27,421 61*743 2,390
3,884
*•— Oats — — *
Yield*
fEatimated
Actual
1924
1923
(bushels) (bushels)
1,649
3,780
6,054
7,820
7,776
10,617
2,756
3,062
8,461
11,970
Totals . . . .
67,945 142,592 18,496 44,814
26,696
37,249
United States 814,117 785,741 184,170 198,185 1,439,041 1,299,823
California Riee:
r Y ield* s
10 Year Eatimatedf Actual
Jnjy I, Average
1924
1923
1934 Aaft. 1» (búhela)
(bashels )
90
90
5,011
5,470
(per cent of nonna!)
Ani. 1,
1924
87
*000 omitted.
tAugust 1st
( 1923
90
106
^Preliminary.
108
A ugust, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
Harvesting of the earlier maturing field
crops has commenced. Cotton is being picked
in Arizona and California, and sugar beets are
now being pulled in the latter state. Digging
of mid-season potatoes is general in the dis
trict. Estimated yields of the important field
crops in this district are given in the following
tables :
FIELD CROPS*
Potatoes, Sugar Beets» and Tame Hay:
✓•“-Potatoes
Sugar BeetsTame
1924f
1923Î
1924t 1923Î
1924f
(bushels) (bushels) (tons) (tons)
(tons)
A riz o n a ................
..
..
*.
..
608
6,594
7,800
696 581
4,316
California ...........
Idaho ................... 10,613
11,725
379 498
2,066
Nevada ................
539
870
..
325
Oregon .................
3,629
4,180
..
..
1,595
2,128
2,688
766 1,075
1,124
Utah .....................
Washington ........
6,248
8,060
..
..
1,630
12th D istrict........ 29,751
35,323
United S ta te s .... 399,360§ 413,262§
Hay
1923Î
(tons)
612
5,268
2,650
477
2,214
1,407
2,362
1,841 2,154 11,664 14,990
7,439 7,006 90,100 89,100
*000 omitted.
fForecasted yield as of August 1, 1924.
{Actual yield.
§20 states.
Beans, Cotton, Hops :
Acreage*
1924
1923
(acres) (acres)
Beansf ............................. 243
350
(Arizona, California,
and Idaho)
C o tto n î..................
305
213
(Arizona and Califor
nia)
Hopsg .............................. 17.3
16
(California, Oregon,
and Washington)
t-----------Yield*----------- \
Forecasted
Aug. 1,
Actual
Unit
1924
1923
bu.
2,869
5,725
bales
lbs.
177
132
17,514
17,770
*000 omitted.
^United States crop (8 states), 1924— 13,688,000 bushels.
1923—15,740,000 bushels.
ÎUnited States crop, 1924— 12,351,000 bales.
1923—10,128,478 bales.
§Practically all hops produced in United States are grown in the
Twelfth District.
The condition and estimated yield of decidu
ous fruit and nut crops in California on the
dates indicated are as follows :
t---- Condition-----\
August 1st
10-Year
1924
1923 Average
61
78
73
71
99
79
72
88
79
78
90
..
74
89
..
69
91
..
69
92
..
66
80
..
71
99
79*
66
66
..
A lm onds...............
Apricots ...............
Grapes ..................
W in e .................
Table ................
Raisin ...............
P e ach es.................
Pears ....................
Plums ...................
P r u n e s ..................
Walnut s ................ 82
90
77
/
Yield—
Forecasted
Actual
Aug. 1.1924
1923
(tons)
(tons)
9,200
11,000
137,000f
170,000f
l,638,000t
..
237,000
..
340,000
..
428,000
300,000
380,000
115,000
128,000
..
69,000
100,000*
80,000*
25,000
25,000
•Seven-year average,
t Fresh basis.
¿Dried basis.
Further progress in harvesting maturing de
ciduous fruits in the Pacific Northwest tends
to confirm previous estimates placing the 1924
deciduous fruit yields in those states from 20
to 50 per cent below estimated production last
year. Condition and production figures for the
district’s important apple crop, the greater part
of which is produced in the Pacific Northwest,
are presented below :
t----Condition— \
1,
1923
82
88
86
90
86
Commercial Yield —s
Forecasted
Actual
Aug. 1, 1924
1923
July 1,
1924
76
50
70
66
56
4,917,000
2,484,000
3,954,000
600,000
19,332,000
5,196,000
4,800,000
5,250,000
1,119,000
27,594,000
T o t a l s ................................................
U nited States . . 57.8
63.8
66.5
31,287,000
88,146,000
43,959,000
103,209,000
C alifornia ..........
Idaho .................
O r e g o n ...............
U tah ....................
W ashington . . . .
Aug.
1924
70
46
65
60
58
(boxes)
(boxes)
Railroad transportation, an important factor
in the deciduous fruit raising industry of this
district, continued adequate during the past
month. The first heavy shipments of grapes
during the present shipping season were sent
to Eastern markets from California during the
last weeks of July. In recent years grapes have
made up approximately three-fourths of the
total shipments of seasonal deciduous fruits
from California. The number of refrigerator
cars on the lines of the principal railroads serv
ing California and the Pacific Northwest on
July IS, 1924, and 1923, as reported by the
American Railway Association, Car Service
Division,* follows :
¥July
. 115,
C
T , t,
July 15,
C a lifo rn ia .....................................................
Pacific N o rth w e s t......................................
1924
37,352
10,407
1923
28,483
14,566
T o t a ls ........................................................
47,759
43,049
(A) Movement o f Crops to Market*
T W E L F T H F E D E R A L R E S ER V E D IS T R IC T
W heat Exports^
Portland and Puget
Sound ......... (bu.)
Barley Exports^
San Francisco (bu.)
Orange Shipments§
California . . . (cars)
Lem on Shipments§
California . . . (cars)
T otal Deciduous
Fruit Shipments^
California . . . (cars)
T otal Deciduous
Fruit Shipments^
Pacific
N orthw est . . (cars)
1924*1925
Season to
July 31, 1924
1922-1923
1923-1924
Season to
Season to
July 31,1923 July 31.1922
547,729
(0.8) t
786,668
(0.6)
1,307,010
(1*3)
1,113,650
(6.0)t
992,966
(2.1)
2,110,764
(4.9)
37,193
(72.1)
42,827
(86.5)
25,726
(83.3)
10,578
(80.5)
7,047
(71.9)
8,361
(80.3)
9,345
13,961
6,573
863
839
231
•Figures in parentheses indicate percentage of new crop only.
Carryover figures are disregarded.
fPercentage figures based upon August 1st crop estimate.
¿Season begins J u ly 1st.
¿Season begins November 1st.
f Season begins about M ay 1st
A ugust, 1924
109
FEDERAL RESERVE AGENT AT SAN FRANCISCO
Figures for total receipts of all classes of
Available data roughly measuring the prog
ress made in marketing certain crops of the livestock at eight principal markets of the dis
district are presented in table “A.” The total trict during July are presented in the accom
export movement of wheat from Pacific North panying table and chart. Receipts of cattle and
western ports was 30.0 per cent smaller during calves combined, and of sheep were seasonally
July, 1924, than during July, 1923, and was smaller during July than during June. Ship
smaller than the reported movement during ments of hogs have been unusually large dur
any previous July since the record was first ing the past month, reflecting, no doubt, ad
kept by this bank in July, 1918. Total foreign vancing prices paid for hogs.
and domestic shipments of wheat and wheat as
L I V E S T O C K R E C E IP T S A T E I G H T M A R K E T S
flour amounting to 2,713,637 bushels were
Cattle
Calves
Hogs
Sheep
slightly larger, however, than one year ago July, 1924................................ 64,850 24,607 201,351 285,881
1924................................ 72,834
23,093
197,220 293,455
(2,144,419 bushels), but smaller than the five- June,
July, 1923................................ 69,101
22,280
176,373 230,904
year (1919-1923) average of 3,442,884 bushels. Four-Y ear Average*
J u l y ........................................ 61,598
18,913
136,109 237,688
Smaller total shipments of deciduous fruits
J u n e ....................................... 67,694
17,442
143,723 255,560
from California during July, 1924, than during *1921-1924.
July, 1923, are a result of the smaller crops in
that state this year. Inasmuch as deciduous T H O U S A N D S
fruit crops in the Pacific Northwest (Idaho, 500------ ---Oregon, and Washington) are also smaller
than a year ago, it seems probable that the
slightly larger shipments during July, 1924, as
compared with July, 1923, and the large in
crease over July, 1922, represent a tendency
towards the marketing of a greater proportion
of the earlier deciduous fruits grown in those
states in Eastern fresh fruit markets.
Livestock—Animal Products
Summer showers in the Pacific Northwest
and in parts of the Intermountain States dur
ing late July and the first two weeks of August,
although beneficial to scattered ranges and
pastures, did not materially improve general
conditions, and no improvement in the feed
situation was reported. Despite the relative
shortage of feed and water supplies on grazing
and pasture lands, losses of livestock have been
small. Large areas of stubble field are being
utilized for pasture purposes following the
harvest of hay and grain crops. The condition
(per cent of normal) of ranges, cattle, and
sheep as reported by the Department of Agri
culture for the states of this district is pre
sented below:
r — Ranges— \
July
Aug. 1,
1,
1924 1923 1924
Arizona .. . .. 79
82
92
California . .
52
Idaho
62
Nevada ........
64
O r e g o n .........
69
U t a h .............
72
Washington . . . 74
99
74
,------Cattli
July
A ug. 1,
1,
1924 1923 1924
85
85
94
84
95
86
81
96
75
75
92
79
84
79 101
76
93
78
82
78
98
, ------
Sheep
Jnly
Aug. 1.
1.
1924 1923 1924
90
94
95
84
97
85
88
99
78
83
75
97
85 101
85
82
86
94
92
90
98
O L l [ III
I 111 I i ll
I 11J—I.. .1 i I I l i t
1923
I- LU .- L- 1
1924
Receipts oi livestock at Eight of the Principal Markets of the District
1S£3*1924. (L o s Angeles, Ogden, Portland, Salt Lake City, San
Francisco, Seattle, Spokane, and Tacoma included)
Production of butter continued in large vol
ume during July, and cold storage stocks of
butter increased to the highest point on record
(8,580,037 pounds) on August 1, 1924. More
than three-fourths of present reported stocks
of cold storage butter in the district are held
at California markets. A further slight in
crease in cold storage stocks of eggs was re
ported during the month.
C O L D S T O R A G E H O L D IN G S O F B U T T E R A N D E G G S
Five-Year
_
,
,
Aug* 1,
July 1,
Aug. 1,
Average
Butter (pounds)
1924
1924
1923
Aug. latg
*12th D is tric t..
8,580,037 6,778,552
6,563,787
5,543,994
United States... 133,402,000 74,184,000 101,774,000 102,553,000
Eggs (cases)
tl2 th D is tric t..
U n ited States...
554,165
9,264,000
524,560
8,685,000
664,789
10,509,000
%
8,599,000
•Four markets. fS ix markets. ¿Figures not available. $1920-1924.
110
Prices
The general price level moved sharply up
ward during July, ending a decline in prices
which had been practically uninterrupted since
last February. Commodity groups such as
farm products and minerals, prices of which
have been below the general price level for the
past three years, have participated largely in
recent price movements, and further partial
correction of existing price mal-adjustments
has taken place.
Of prime importance to the agricultural in
dustry of the district has been the advance in
prices paid for wheat. On August 15th wheat
was quoted for September delivery on the Chi
cago market at $1.27% to $1.32}^ per bushel,
compared with $1.13^ to $1.13j4 per bushel
on June 14, 1924, and $0.99^ to $1.01 per
bushel on August 15, 1923. Shipping barley
was quoted at $2.50 per cental at San Fran
cisco on August 15th compared with $2.05 per
cental two months ago and $1.45 per cental a
year ago. Wheat flour advanced 5.2 per cent
in price during July, average California mill
prices being $8.00 per barrel on August 1st
compared with $7.60 per barrel on July 1, 1924,
and $7.04 per barrel on August 1, 1923.
All classes of livestock, except lambs, were
quoted during July in the district’s markets at
prices ranging from 3.0 to 10.0 per cent higher
than one year ago. During the past month
prices advanced approximately 11.0 per cent
for hogs, tended slightly downward for beef
cattle, and declined nearly 5.0 per cent for
lambs. Wool prices, which had followed a
gentle downward course since April, 1924,
turned upward during July, and the average of
98 quotations on the Boston market at the
close of July (77.58 cents per pound) was 5.8
per cent higher than one month ago, although
still fractionally lower than one year ago. The
price of spot middling uplands cotton at New
Orleans advanced one cent per pound during
July, and at the close of the month, at 29.42 to
30.00 cents per pound, was about 7 cents per
pound higher than on August 1, 1923. Cane
sugar was quoted at $7.25 per 100 pounds at
San Francisco on August 20th, compared with
$6.85 per 100 pounds on July 18, 1924, and
$7.S3 per 100 pounds on August 20, 1923. Prices
for canned and dried fruits continued to ad
vance during July, and the general level of
prices for these products is as high as, or
slightly higher than, one year ago. Dairy and
poultry products were quoted at seasonally
higher prices during July than during June,
1924, but sold for less than they did one year
ago.
Indexes compiled by the Department of
Agriculture showing trend of the farm price
A ugust, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
of crops, livestock, crops and livestock com
bined, wholesale prices of non-agricultural
commodities, and the purchasing power of
farm products follow (1913=^=100) :
/--------Farm Price--------\
Whole15th of month
sale
Pur*
Crops Price Non- chasing
and
AgriculPower
Livestock tural
Farm
LiveComComProdCrops
stock
bined modities*
uctst
July,
1924............. 155
101
128
..
83
June,
1924............. 142
102
122
155
79
M arch, 1924............. 138
100
119
161
74
July,
1923............. 136
102
119
165
72
1923 A verage........... 136
103
120
167
72
1922 A verage........... 113
111
112
163
69
1921 A verage........... 109
107
108
161
67
1920 A verage........... 238
168
203
234
86
1919 A verage........... 234
198
216
195
111
1918 A verage........... 224
192
208
186
112
•D epartm ent of Labor “ All Commodities” excluding farm products
and food.
fF arm product index divided by index of non-agricultural com
modities.
Non-ferrous metal markets were stronger
during July, as will appear from the following
table:
Actual
Aug. 19,
1924
Monthly Averages
July, June, July,
1924
1924 1923
(cents)
(cents) (cents) (cents)
Copper (lb.) New York Electrolytic 13.75
Lead (lb.) New Y ork .......................... 8.25
Silver (oz.) New Y ork....................... 66H
Zinc (lb.) St. L ouis............................ 6.22
Quicksilver (dollars per flask) San
F ran cisco .......................................... 71.85*
12.39
7.12
67.16
5.90
12.32
7.02
66.69
5.79
14.32
6.24
63.02
6.09
71.22
71.91
66.05
•A ugust 13, 1924.
Lumber prices in general advanced slightly
during July, small increases ranging from 3.0
per cent to 5.0 per cent being recorded at pro
ducing centers in the Pacific Northwest, al
though declines for some grades and kinds of
lumber were also reported. Present prices are
from 20.0 per cent to 30.0 per cent lower than
one year ago. Petroleum prices were un
changed during the month.
Industrial Activity
Monthly figures of production in the princi
pal industries of the district during July do not
afford a wholly satisfactory means of gauging
the trend of industrial activity, for other evi
dence, mostly non-statistical, suggests that de
clines shown by monthly reports were the re
sult of decreased production during the first
half of the month, and that a slight increase in
production marked its closing weeks, thus ter
minating, for the present, the decline in pro
ductive activity which began in February,
i924.
Definite improvement in the building indus
try is reflected in figures of building permits
issued in 20 principal cities of the district dur
ing the month. While still below the high
levels of a year ago, both in number and value,
the July figures showed smaller percentage
decreases for the year period than have been
A ugust, 1924
111
FEDERAL RESERVE AGENT AT SAN FRANCISCO
reported in any month since April. Recent
trends of activity in the industry, as shown by
monthly and cumulative year to date compari
sons of building permit figures for 20 cities,
are indicated in the following table :
Month in 1924
Month in 1924 compared
compared with
with same Month in
preceding
1923
Month
Cumulative
Monthly
No.
Value
No.
Value
No.
Value
3.5%
9.3%
0.4% — 3.8%
J u ly . . . . - 5.5% — 3.4%
0.5% — 3.8% — 8.9% — 11.6%
J u n e ----- -15.6% —28.5%
■
—
11.5%
—
7.6%
3.7%
1.9%
Majr . . . . -12.6% — 18.7%
8 .2 %
8 . 1% — 8.7% ■—12.2%
A p ril . . .
2.2% — 2.4%
12 . 1%
12. 1%
11.0%
15.1%
M arch . .
1.5% — 2.1%
22.5%
5.1%
2.8%
19.3%
February. 26._
18.5%
27.0%
14.9%
—
9.3%
12 .6 %
27.0%
Jan u ary . 12.6%
Building materials costs have declined
markedly during recent months as shown by
the following price index numbers of the
United States Department of Labor.
January ..................
F e b r u a r y ................
M arch .....................
April ........................
M a y ..........................
June ........................
1924
181
182
182
182
180
173
1923
188
192
198
204
202
194
1924
1923
J u l y .......................... 169
A u g u s t.....................
S e p te m b e r..............
October ...................
November ..............
D e c e m b e r...............
190
186
182
182
181
178
The Aberthaw index of the total cost of con
structing a reinforced concrete factory building
stood at 196 on August 1, 1924 (1914 average=100), compared with 198 a month earlier
and 206 a year ago. The peak of recent years,
207, was reached on June 1, 1923.
Lumber production during July was less
than during June, but how much of the de
crease was due to seasonal curtailment in the
first two weeks of the month cannot yet be
determined. The July cut was also smaller
than during July, 1923, this being the fourth
consecutive month during which production
has fallen below that of the corresponding
month a year ago. Shipments of lumber were
slightly larger than production and new orders
received by the mills were considerably greater
in volume than either production or shipments,
so that stocks of lumber held at mills were re
duced and the amount of their unfilled orders
increased. Figures follow (000 omitted) :
July, 1924 June. 1924 July, 1923 June, 1923
(board feet) (board feet) (board feet) (board feet)
60
Production ........................
S h ip m e n ts ..........................
Orders ................................
U nfilled O rd e rs.................
N um ber of Mills R eport
ing ....................................
AO
AM OTNT OF PER MITS IN
M l LI.IO N S OF DOLLARS
515,453
517,302
540,924
358,851
538,066
494,362
486,569
338,494
673,392
573,249
533,294
439,315
642,411
585,894
488,082
504,845
182
187
200
192
20
ER OF PER *HTS
M IL L IO N S O F B O A R D F E E T
600
IO
600
i
i '
i iii
i
' iii
i
i iii
i i »I»
1923
i i 11
i i il
1924
400
Building Permits Issued in 20 Principal Cities, Twelfth Federal
Reserve District, 1923*1924
200
July, 1924
Vaine
321 $ 1,158,918
B e r k e le y ........
64
B o i s e ..............
29,204
83
Fresno ...........
96,490
Long Beach ..
363
1,419,968
L o s A n g eles.. 3,552
11,599,782
983
Oakland ........
3,350,532
40
161,000
O g d e n ............
272
Pasadena .......
871,465
P h o e n ix .........
86
125,868
2,048,145
P o r tla n d ........ 1,243
20
33,325
Reno ..............
252
609,405
Sacramento ..
Salt Lake City 138
646,048
San D ieg o ___
522
879,080
San Francisco. 776
3,988,466
San J o se .........
547,560
86
S e a tt ie ............
920
2,061,110
Spokane ......... 200
198,350
Stockton .......
526,515
91
Tacoma
319
492,343
D istrict ....1 0 ,3 3 1
$30,843,574
J
w
u H,
N o.
222
25
136
339
4,722
892
25
332
55
1,059
23
263
120
363
733
79
890
205
82
373
July, 1923
Value
$
444,700
25,305
271,916
1,377,332
15,083,273
1,947,324
58,290
760,079
94,242
1,532,115
40,132
1,065,330
676,025
1,177,045
3,227,115
157,480
3,122,315
181,645
323,740
386,445
10,938 $31,951,848
<
p
\
s
*
r
1
SHIPMENTS-------1-—— 1r .
r -------rL —
(B ) B u i l d i n g P e r m i t s —
No.
-Yr
1923
. .r
r n
rr—: r
. .
. 1
1924
Lumber Production, Orders Received, and Shipments in Twelfth
Federal Reserve District as Reported by Four Lumber
Associations, 1923-1924
Logging companies in the Pacific Northwest
continued to curtail production during July,
partly as a result of the summer fire hazard
and partly as a result of the sluggish condition
of the log market. Available supplies of logs
were reported as ample for immediate needs of
the mills.
Domestic demand for lumber increased as
the month progressed, particular improvement
in buying demand being noted in the markets
of the Middle West. Orders for shipments to
foreign markets were smaller in volume than
in June, but nearly three times as large as in
July, 1923.
Little change in activity was reported from
the mines of the district during July, although
112
A ugust, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
preliminary figures indicate that production
was slightly less than during June. Final fig
ures of national production of copper, silver,
zinc, and quicksilver during May and June,
1924, and June, 1923, follow:
June, 1924
M ay. 1924
June, 1923
Copper (lbs.) (mine produc
tion) .................................... 126,948,000* 130,644,000f 125,479,000
Silver (oz.) (commercial
bars) ....................................
5,228,000
5,832,680
5,100,840
Zinc (tons) (slab) ...............
43,442
47,666
42,840
Quicksilver (flasks of 75 lbs.,
estim ated) .........................
775,550
1,080
Figures for lead are not available.
*Prelim inary.
month (98,357,215 gallons) was less than pro
duction (109,567,063 gallons), however, and
stored stocks increased 4.2 per cent, reaching a
total of 276,959,482 gallons on June 30, 1924.
During June, 1923, stocks of gasolene declined
by 2.9 per cent, and at the close of the month
stood at 142,859,892 gallons. Pertinent data
concerning the California oil industry are pre
sented in the following table:
P ETR O LEU M
Indicated
Average
Stored
Average
Daily t
Stocks at
Daily
Consomption End of
Production (Shipments)
Month
(barrels)
(barrels)
(barrels)
fRevised.
A general strengthening of the market for
non-ferrous metals was reported during July,
and prices for silver, copper, lead, and zinc
moved upward. Increased domestic demand
for all metals, and larger foreign purchases of
copper and silver were responsible for the
movement.
July,
June,
Sept.,
July,
1 9 2 4 ...
1 9 2 4 ...
1923*..
1 9 2 3 ...
621,766
626,933
858,750
814,906
593,109
591,403
779,657
620,762
137
88
93
95
55,975
37,209
139,960
161,599
*Peak of production.
GASOLENE
June, 1924
M IL L IO N S
101,466,225
100,577,855
85,496,609
78,655,604
*— New Wells
Daily
ProducNumber
tion
Opened
(barrels)
May, 1924
June, 1923
M ay, 1923
(gallons)
(e a llo n u )
Refinery O utput. 109,567,063 114,860,114115,316,719 112,314,674
Stored S tocks*.. 276,959,482 265,749,634 142,859,892 147,125,960
(g a llo n s )
(g a llo n s )
*As of the last day of the month.
Production of flour at mills of the district,
which has been at high seasonal levels in recent
months, declined slightly during July. Output
during the month (462,327 barrels) was sub-
1923
1924
Production, Shipments, and Stored Stocks of Petroleum, and Refinery
Stored Stocks of Gaaolene, 1923-1924
Average daily flow of petroleum in Califor
nia oil fields was 0.8 per cent smaller in volume
during July, 1924, than during June, 1924, con
tinuing the downward trend of production
noted during recent months. Average daily
production for the month was 621,766 barrels,
as compared with 626,933 barrels in June, 1924,
and 814,906 barrels in July, 1923. A small in
crease (0.3 per cent) in indicated average daily
consumption was insufficient to prevent a
slight accumulation of stored stocks of petro
leum during the month. Reported stocks, at
101,466,225 barrels on August 1, 1924, were 0.9
per cent and 29.0 per cent greater than on July
1, 1924, and August 1, 1923, respectively. Pro
duction of gasolene at California refineries de
clined during June for the first time since Feb
ruary, 1924. Indicated consumption during the
TH O U SA N D S OF B A R R E L S
900
/
:k s o t f J O in f
500
N
•V,
V*
OUI p u t o r n o u n
IO O
O
1923
1924
Monthly Floor Output, and Stocks of Wheat and Flour at End of Month
of 16 Reporting Milling Companies
stantially greater, however, than during July,
1923, or the four-year average (1921-1924) for
July. Stocks of flour held by reporting millers,
although showing a seasonal increase during
July, were, on July 31, 1924, 10.9 per cent and
17.7 per cent smaller, respectively, than on
July 31, 1923, or the five-year average for that
date. A closer adjustment than has prevailed
in recent previous years between millers'
A ugust, 1924
113
FEDERAL RESERVE AGENT AT SAN FRANCISCO
stocks of flour and the effective market demand
for their products is indicated. Stocks of wheat
held by millers on July 31, 1924, at 1,803,093
bushels, were the largest reported for that date
since this bank began keeping the record in
1920. Total figures for 16 milling companies
for which comparative data are available for
the past five years follow:
July, 1924
462,327
O utput (b b ls .)....
Stocks*
Flour (b b ls.). . .
403,092
x W heat (bu.) . . . 1,803,093
June, 1924
July, 1923
470,108
393,330
361,780
1,632,835
452,435
1,233,375
*As of the first day of the following month.
1 1920-1924. $Four-year average, 1921-1924.
Five-Year
Averaget
July
401,193$
489,890
1,446,708
capacity of the industry in California, particu
larly in the southern part of the state.
Percentage Increase or Decrease (— ) in Volume of Sales
June, 1924, compared with June, 1923*
Total
M anu Industrial
Agricul
Mining
facturing
Sales
ture
— 15.2
13.0
9.6
8.0
(—4.2)
(0.6)
(6.4) (— 19.6)
8.0
9.5
7.1
5.2
Pacific N orthw est___
(20.8)
(—4.1) (—2.0)
(—2.5)
44.0
— 15.3
29.1
20.2
Interm ountain States.
(3.5)
(17.7)
(15.9)
(14.0)
— 11.3
12.1
Tw elfth D istric t.........
9.4
10.6
(— 3.8)
(6.5)
(— 3.9)
(0.4)
•F igures in parentheses indicate percentage increase or decrease
(— ) June, 1924, compared with May, 1924.
C alifornia ...................
Number and Distribution of Industrial Consumers and Actual
Volume of Sales
Number of
Industrial Consumers
Industrial Sales K. W . H .
June,
June,
June,
June,
1924
1923
1924
1923
The important fruit canning industry oper C a lif o r n ia .................. 81,706 70,685
280,413,112 259,438,155
N orthw est . . 13,939
12,191
79,135,771
75,211,728
ated at high seasonal levels during July and Pacific
Interm ountain States 5,340
5,386
71,336,802
59,337,318
430,885,685 393,987,201
the first weeks of August. The 1924 pack of Tw elfth D istrict ....100,985 88,262
canned apricots in California, now completed,
is larger than was the 1923 pack of this fruit. General Business and Trade
The volume of other fruits now being packed
Moderate improvement in business and trade
in that state generally continues below last appeared during July, following several
year's figures, and commercial factors estimate months of declining activity. Adjusted figures
that the total pack of all fruits will be smaller of bank debits for the principal cities of the disthan in 1923. Dried fruit operators, having
M IL L IO N S OF D O L L A R S
completed the drying of apricots during July, 3000
began work with prunes and raisins in midAugust and curing of the latter fruits has com
menced. The market position of canned and 2800
dried fruits has shown further improvement.
Old crop packs of both canned and dried fruits
19 24 Ä
were further reduced during July and carry 2600 \
/ 0
over stocks on August 1st were generally
19 23
V i '\
smaller than one year ago. Foreign and domes
V
' v >/ c\
v_
tic markets for canned and dried fruits have 2400 \
;
1
"■"T
T
been active, and more forward buying has been
reported than was the case a year ago.
It is quite generally reported from all states
%i
of the district that there was more unemploy 2200
ti
V
ment during July, 1924, than during July, 1923,
#
although normal seasonal increases in employ
ment occurred in July as compared with June. 2000
»
i
i .. 1___ L 1 ..
t i i—m
The relative increase of unemployment as com
pared with a year ago may be attributed to Debits to Individual Accounts in 20 Principal Cities, Twelfth Federal
Reserve District. 1923-1924
the lessened need for labor on the farms of the
district as a result of this year’s smaller crops, trict (an accurate index of general business
curtailment in the lumber industry, and the conditions), which had fallen 15.5 per cent be
generally lower level of activity in business tween February and June, increased 6.5 per
and trade which prevailed during the first six cent during July and were at levels which in
months of 1924 as compared with 1923.
dicated that a normal volume of trade was car
Changes in production and distribution of ried on during that month. Table “ C” (page
electric energy in the Twelfth District during 114) shows bank debits unadjusted for price
June, 1924, as compared with June, 1923, and changes, seasonal variations, and normal an
May, 1924, are indicated in the following nual growth, for the months of July, 1924, and
tables, compiled from reports of 20 producing July, 1923, and cumulative totals for the first
companies operating in the district. Decreased seven months of 1924 and 1923 as reported for
flow of water in streams used to generate 21 cities of the district. Figures for Phoenix,
power, following upon an unusually dry win Arizona, are not included in the total for 20
ter and spring season, has restricted productive cities shown in the above chart.
XfK
\ /
\ /
y
A /
if
j\
114
A ugust, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
Diminution in stocks of goods on retailers’
shelves at a time of sustained buying by con
sumers resulted in increased purchases from
wholesalers during July, and the wholesale
trade situation showed improvement over re
cent previous months. Comparing the value
of sales in eight of eleven reporting lines dur
ing July, 1924, with sales during July, 1923,
increases were larger and decreases were
smaller than when the same comparison was
made between June, 1924, and June, 1923, or
May, 1924, and May, 1923. Declines in the
value of sales of six of the reporting lines dur
ing July, 1924, compared with June, 1924, were
largely seasonal. Percentage changes in the
JULY PRICES 1923=10056*JULY 1923 SALES
(/•& BUKAU0FUBM M KX
NO. WHOLESALE rWCES
a g r ic u l t u r a l im plements
AUTOMOaOf SUPPLES
AUTOMOBILE TIRES
DRUGS
value of sales of reporting wholesale dealers
during July, 1924, compared with one year ago
and one month ago, follow:
Percentage increase or
decrease ( —) in the value
No. ot
Firms
A gricultural Im plem ents......... ......... 20
Automobile Supplies............................ 17
Automobile T ire s .................................. 20
D ry Goods................................... .......... 13
.......... 27
compared with
June, 1924
July, 1923
—18.0
—26.3
— 4.3
1.2
14.7
44.5
22.4
9.3
14.3
— 3.5
— 3.1
7.6
— 2.2
3.3
— 5.8
— 10.8
— 13.9
— 7.8
— 14.6
—22.8
5.3
— 7.0
The volume of trade at retail, as indicated by
the value of sales of 35 reporting department
stores, was well maintained during July, 1924.
As compared with July, 1923, sales showed a
slight increase (0.004 per cent) in value,
whereas during May and June, 1924, declines
were reported for the year period. The July
increase for the year was due entirely to inM1LLIONS OF D O LLAR S
DRY GOODS
FURNITURE
I
I
I
1
26
GROCCWES
24
1
1
1
1
’f
I
f
22
20
20
40
60
00
100 120 140
18
Dollar Value of Sales of Representative Wholesale Firms and General
Wholesale Prices in July, 1924, compared with July, 1923
(O Bank Debits*—
12
t--------------- Jn ly1924
Berkeley ............ ,$ 17,096 $
Boise ..................
13,191
F re s n o ...............
30,247
Long Beach........
47,479
Los A n g e l e s ____ . 703,307
Oakland ............. 124,445
Ogden ...............
21,640
Pasadena ......... .
29,559
18,865
Phoenix ...........
P o r t l a n d ............ .
153,459
7,971
Reno . . . . . . . . . . .
Sacramento
39,949
S alt L ak e C it y ,
60,916
53,207
San Diego........
808,352
S a n F r a n c is c o . .
24,087
San Jose...........
182,323
S e a t t l e ................ .
46,562
22,377
38,057
Tacoma ............ .
8,111
Yakima ............. .
T o t a l ............. : .$2,45 M 0 0
1923
16,808
12,813
45,768
58,516
706,621
119,668
24,657
29,848
15,873
152,587
10,737
35,581
58,849
48,581
750,867
21,844
166,825
48,615
25,627
39,559
8,893
$2,399,137
r - — Seven Months--------*
1924
1923
$ 124,542 $ 120,411
78,593
87,457
210,162
329,160
384,818
404,904
5,345,872
4,795,459
869,239
866,496
158,361
198,048
239,649
224,776
145,382
129,514
1,105,216
1,023,242
56,493
70,262
312,013
308,961
435,938
433,993
345,253
329,847
5,650,680
5,511,038
147,411
153,970
1,253,162
1,166,113
328*423
337,047
160,315
163,565
285,253
271,060
65,780
66,285
$17,702,555
*Estimated from weekly totals (000 omitted).
16 1924
14
x /7
$16,991,608
v
/
^
V r
* V 'J
/
s v
IO
r r
.■
r
—
1------ 1____ 1—
1
1*1
Net Sales of 35 Department Stores in Twelfth Federal Reserve District
( in Million! of Dollars)
creases reported from California cities, cities in
other states of the district again reporting
small decreases. As compared with June,-1924,
sales during July, 1924, declined 7.2 per cent,
a smaller decline than that which usually oc
curs at this season of the year. It is reported
that stocks of goods on retailers’ shelves are
not large and purchases have recently in
creased, the percentage of outstanding orders
at the close of July, 1924, to total purchases
during the preceding year amounting to 10.2
per cent, as compared with 8.8 per cent on
June 30,1924. It was 12.0 per cent on July 31,
1923, and 11.5 per cent on June 30, 1923. A
detailed statement of percentage changes in
A ugust, 1924
the value of sales and stocks of reporting de
partment stores in the district follows:
Percentageincrease Percentage increase
or decrease (—) in or decrease (—) in
value of sales
value of stocks
July, 1924.
July, 1924,
No.
compared with
compared with
of
July,
June,
July,
June,
Stores
1923
1924
1923
1924
Los A ngeles................. 6
0.7
— 1.8
15.6
— 2.0
O akland ....................... 4
3.8
—20.7
1.7
— 2.9
— 0.7
— 17.4
11.8
— 3.5
Salt Lake C ity ............ 4
San Francisco............. 10
0.4
— 8.1
1.6
— 0.3
Seattle .......................... 5
— 0.2
— 9.2
4.7
— 7.8
Spokane ....................... 5 — 11.8
— 9.0
— 11.1
— 5.5
District* ................. 35
0.004 — 7.2
5.8
— 2.6
•Figures for one store included in district figures not included in
figures for cities shown above.
Registrations (sales) of new automobiles in
the states of this district (an index of the pur
chasing power of the community) were less by
12.5 per cent during the first six months of
1924 than during the first six months of 1923,
compared with a decrease of 9.5 per cent (re
vised figure) for the first five months of 1924,
compared with the first five months of 1923.
Declines in cumulative totals were principally
the result of declines in California and Wash
ington. Figures follow:
R EG ISTR A TIO N S O F N EW A U TO M O BILES
Passenger
Jan. 1 to July 1,
Commercial
Jan. 1 to July 1,
1924
4,872
92,108
6,750
17,492
6,788
22,826
1923
4,917
114,745
4,795
16,417
6,241
24,477
1924
557
8,206
639
1,139
528
2,562
1923
383
11,784
307
675
648
2,523
Total (6 s ta te s )............ 150,836
171.592
13,631
16,320
A rizona ..............................
California ..........................
I d a h o ..................................
Oregon ..............................
U tah ....................................
W ashington ......................
National production of automobiles during
July, 1924, was 7.1 per cent greater than during
June, 1924, the first increase over the preceding
month reported since March, 1924. As com
pared with July, 1923, production during July,
1924, was less by 19.7 per cent.
Figures compiled by the Federal Reserve
Bank of Chicago follow:
July, 1924
Passenger C a r s ................................... 237,431
T rucks ................................................... 24,895
T otal .................................................. 262,326
June, 1924 July, 1923
217,845
27,040
297,173
29,712
244,885
326,885
Savings deposits at 71 banks in seven prin
cipal cities of the district amounted to $1,013,823,000 on July 31, 1924, a decline of 0.2 per
cent from the record figure ($1,016,605,000)
reported on June, 30, 1924. This decline may
possibly be accounted for by withdrawals of
interest payments, credited on June 30th, dur
ing the following month, As compared with a
year ago, savings deposits on July 31st had in
creased 8.6 per cent, all cities reporting in
115
FEDERAL RESERVE AGENT AT SAN FRANCISCO
creases. Detailed changes in the amount of
savings deposits during the month and year as
reported by the 71 banks are presented in the
following table (000 omitted) :
PwCent iacre„ .
or decrease (—)
July, 1924,
compared with
Number
July,
June,
June,
July,
July,
of
1924
1923
1924
1924
Banks
1923
9.0 ■—0.05
Los Angeles .. 13 $ 338,916 $ 339,103 $310,765
0.1
95,311
89,156
7.0
Oakland* . . . . 7
95,457
1.3
47,438
8.9
51,692
51,012
Portland ........ 9
0.7
26,868
6.0
28,277
Salt Lake City 8
28,500
8.4 — 0.8
415,005
418,444t 382,813
San Franciscof 14
59,425
11.8 —0.4
66,756
66,479
Seattlef ........ 14
17,702
15,889
11.8 —0.4
Spokane ........ 6
17,774
T o ta l.......... 71 $1,013,823 $1,016,605$ $932,354
8.6 —0.2
•Includes one bank in Berkeley which was formerly a branch of an
Oakland bank.
tThe consolidations of reporting banks has reduced their number,
but has not affected the value of reported figures for compara
tive purposes.
^Revised figures.
R. G. Dun & Company’s preliminary figures
of the number and liabilities of business fail
ures in the states of this district during July,
1924, and June, 1924, are tabulated below:
........
........
........
,
.
........
W ashington......... ........
July, 1924
No. Liabilitiea
2 $ 13,035
1,704,565
137
73,290
8
2
90,300
306,363
36
24,695
30
318,917
District ............ ........ 220
$2,531,165
June,
No.
1 $
75
8
3
16
16
43
162
1924
24,323
779,085
49,626
576
132,103
145,801
473,303
$1,604,817
Percentage increases in the number and lia
bilities of business failures in the Twelfth Fed
eral Reserve District follow:
July, 1924, compared with
July, 1923
June, 1924
Number of Business Failures........................ 54.9
35.8
Liability of Business Failures...................... 32.9
57.7
Banking and Credit Situation
Further increase of demand deposits, con
tinued diminution in the use of bank credit
for commercial purposes, and a reduction in,
member bank borrowings from the Federal Re
serve Bank have characterized the banking
situation during recent weeks. Commercial
loans of reporting member banks declined $11,000,000 (1.4 per cent) during the four weeks
ended August 6, 1924, and, although they rose
approximately $4,000,000 during the week
ended August 13th, remained below levels of
earlier months of the year. A decline in total
loans, amounting to $7,000,000 (0.7 per cent)
during the five-week period was more than
offset by an increase of $9,000,000 (2.5 per cent)
in investments, so that the total volume of
reporting member bank credit in use (total
116
A ugust, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
loans and investments) increased $2,000,000
(0.1 per cent). At $1,372,000,000 on August 13,
1924, it was $24,000,000 (1.7 per cent) below
the record figure ($1,396,000,000) reached on
May 14, 1924, but above the figures of a year
ago. Demand deposits increased by $34,000,000
during the five-week period and, at $765,000,000 on August 13th, were larger than one year
ago. Borrowings of reporting city banks from
the Federal Reserve Bank declined to $2,000,000, the lowest figure in recent years.
Changes occurring in the principal items of
the statement of 66 reporting member banks in
this district during the month and during the
year are presented in the following table. (In
creases indicated by plus, decreases by minus
signs.) The figures are in millions of dollars,
numbers in parentheses indicating percentage
changes.
Change from
One Month
Ago
Total Loans............................. — 7 (0 .7 % )
Investments ........................... + 9 (2 .5 % )
Demand D epo sits................. + 3 4 (4 .7 % )
Tim e D epo sits........................— 6 (1 .0 % )
Borrowings from Federal
Reserve B a n k .....................— 9 (8 1 .8 % )
ago. The increase in holdings of United States
Government securities amounted to $8,000,000,
the present investment in this class of paper
being more than five times as great as that of
a year ago. Total discounts, as well as hold
ings of acceptances purchased in the open mar
ket, declined during the month, the former by
$3,000,000 (13.6 per cent). Holdings of paper
discounted for member banks and of accept
ances are well below those of a year ago, total
discounts, at $19,000,000 on August 13,1924, be
ing smaller than at any time since April 6, 1917.
The volume of Federal reserve notes in cir
culation declined during July, but increased
seasonally during the first week of August.
/
M IL L IO N S OF D O L L A R S
Co nChange from dition
One Year Aug. 13„
Ago
1924
+ 1 8 (1 .8 % )
1,007
+ 1 7 (4 .9 % )
365
+ 3 4 (4 .7 % )
765
+ 8 1 (1 5 .1 % )
619
— 43 (9 5 .6 % )
2
M IL L IO N S OF D O LLA R S
1400
1
T O I A L D E P O S IT S
A*
i r v i
Total Reserves, Federal Reserve Note Circulation, Bills Discounted,
and Investments, Federal Reserve Bank oi San Francisco
1200
Principal changes in the condition of the
Federal Reserve Bank of San Francisco during
the month and during the year follow (figures
are in millions of dollars) :
TOTAL LOANS t iND DISC O Ü N TS
IO O O
800 _
400
h,
’* " " - .
_
1
^
_____ ___ _
' ----
------------
------ -----■—
300
IO O
^
B ILLS ft W ABLE
WITH
REDISCOUNTS ] ~ —
1
»923
r 'n
■
------------
* > -T -
1924»
1 I-
Total Deposits, Loans and Discounts, Investments, and Bills Payable
and Redisconnts of Reporting Member Banks
Total earning assets of the Federal Reserve
Bank of San Francisco, as a result of further
purchases of United States Government securi
ties, increased by $3,000,000 (4.1 per cent) dur
ing the four weeks ended August 13, 1924, but,
at $76,000,000 on that date, were less by $21,000,000 (21.6 per cent) than they were a year
Change from
One Month
Ago
Total D is c o u n ts ..................— 3 (1 3 .6 % )
Investments ......................... + 6 (1 1 .8 % )
United States Securities... + 8 (1 6 .7 % )
Federal Reserve Note C ir
culation ............................. — 3 (1 5 .0 % )
Total R eserves....................— 7 ( 2 .3 % )
ConChange from dition
One Year
Aug. 13,
Ago
1924
— 54 ( 74 .0% )
19
+ 3 3 (1 3 7 .5 % )
57
+ 4 7 (5 22.2 % )
56
— 8 (
+18 (
3 .8 % )
6 .4 % )
203
296
Interest rates again declined during the five
weeks ended August 16, 1924. The following
table shows weekly average interest rates on
various types of paper in the New York market
as reported by the Federal Reserve Bank of
New York:
Week
Ended
Ang. 16^
1924
Tim e M o n e y .................... 2 J i - 2 # %
3 -3 %
Commercial P a p e r........
Bankers* Acceptances .
2
Week
Ended
July 12.
1924
2 # -3 %
3J4
2
1923
H igh
5#%
554
4 }i
Week
Ended
Aug. 18,
1923
5*4%
S Ji
4%
@FedFRASER