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MONTHLY REVIEW OF BUSINESS CONDITIONS ISAAC B. NEWTON, Chairman of the Board and Federal Reserve Agent Federal Reserve Bank o f San Francisco V ol. X San Francisco, California, August 20,1926 N o. 8 SUMMARY OF NATIO NAL CONDITIONS Production in basic industries and factory employment and payrolls declined slightly in July, but the decrease in production was smaller than is usual at this season. Wholesale prices, after a further decline in July, were at the lowest level in nearly two years. Production. The Federal Reserve Board’s index of production in basic industries, which is adjusted for seasonal variations, increased about one per cent in July. Declines in the out put of iron and steel and anthracite, and in the activity of textile mills were larger than the usual seasonal reductions, while production of flour, copper, zinc, cement and petroleum in creased. The manufacture of automobiles de clined further and was smaller than a year ago. Factory employment and payrolls showed the usual seasonal decline in July, which is due largely to closing for stock-taking and repairs and to summer vacations. Declines were noted in nearly all the important indus tries for which reports are received, with the exception of leather and shoes and certain food products and building materials. Building PER CEN T contracts awarded in 37 states east of the Rocky Mountains declined in July for the fourth consecutive month and, as in June, were smaller than a year ago. Figures for the first three weeks in August were also below those for the corresponding period of last year. The principal decreases were in the New York and Atlanta districts. The composite condition of all crops, as re ported by the Department of Agriculture, shows an improvement of two per cent in July owing largely to the increase in the expected production of wheat. Cotton production on the basis of August 16th conditions, is estimated at 15.248.000 bales, compared with an output of 16.104.000 in 1925. Trade. Volume of trade at wholesale and re tail showed a further seasonal decline in July, but continued to be large. Retail trade was larger than a year ago, while wholesale trade was slightly smaller. Sales of department stores and mail order houses declined less than is usual at this season and were 4 per cent and 13 per cent, respectively, larger than in July of last PER CEN T 1922 P R O D U C T IO N IN B A SIC IN D U S T R IE S Index of 22 basic commodities corrected for seasonal variation (1919=100). Latest figure, July, 119. 1923 1924 1925 1926 W H O L E S A L E P R IC E S Index of U . S. B ureau of Labor Statistics (1913 = 100, base adopted by B ureau). Latest figure, July, 150.7. 58 A u g u st, 1926 M O N T H L Y R E V IE W OF B U S IN E S S C O N D IT IO N S B a n k C redit. B etw een th e m iddle of Ju ly and th e m iddle of A u g u st, to ta l loans and in v est m ents of m em ber banks in leading cities in creased slightly, reflecting a g ro w th in th e seasonal dem and for credit for com m ercial p u r poses. L oans on securities on A u g u st 18th w ere in ab o u t th e sam e volum e as a m o n th earlier, w hile the b an k s’ in v estm en ts declined. B etw een Ju ly 21st and A u g u st 18th discounts for m em ber banks and th e holdings of acceptances in creased considerably, w hile U n ited S tates secu rity holdings w ere som ew hat reduced, w ith year. M erchandise inventories a t d ep artm en t stores continued to decline in Ju ly and at the end of th e m onth w ere in about th e sam e volum e as last year. Stocks of m eat, dry goods and shoes, carried by w holesale firms w ere sm aller th a n a y ear ago, b u t stocks of groceries, hard w are and dru g s w ere larger. S h ipm ents of goods by railroads w ere m ain tain ed a t a high level d u rin g Ju ly for nearly all ty pes of com m odities. L oadings of grain w ere larg e r th a n for any m onth since O ctober, 1924, and w ere in record volum e for July. PEP CENT ^ ---------f\ 1 X » i / i i *n 1 f/i i 1 ¥ / i r U J h v '" * ' I L- 3Lf » i \ - 192 2 1923 1924 1925 1923 1 924 1925 1926 M O N EY RATES W eekly rates in N ew Y ork money m arket: commercial paper rate on 4- to 6-months paper and acceptance rate on 90-day paper. P rices. T h e B ureau of L ab o r S ta tistic s’ index of w holesale com m odity prices declined about 1.6 per cent in Ju ly to th e low est level since S eptem ber, 1924. P rice declines w ere show n for m ost com m odity groups, p articu larly farm p ro d u cts and foods, w hile prices of steel and o th er m etals advanced. In th e first th ree weeks of A u g u st, th e prices of grains, cotton and ru b b e r declined fu rth e r, w hile cattle, hogs, p otato es, coal and coke advanced in price. th e consequence th a t th e to ta l volum e of re serve bank credit increased by ab o u t $50,000,000. M oney m ark et conditions becam e firm er in A ugust. T h e ra te on com m ercial paper, w hich w as four per cent in Ju n e and Ju ly , in creased to 4 ^ -4 ^ 2 p er cent, and th e ra te on 90 day bankers acceptances advanced to 3$4 per cent. T h e discount ra te of th e F ederal R eserve B ank of N ew Y ork w as advanced on A u g u st 13th from 3 y2 to 4 p er cent. 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 C O N D IT IO N S Statistical Sum m ary— - « coMrÎERC3AL PAP ER R A T E — - N.Y. n ESERV E SAPm DISCOUNT R A T E ACCÜ•PTAM CE R ès\TE L . _ J 1922 1926 M E M B E R B A N K C R E D IT M onthly averages of w eekly figures for banks in 101 leading cities. Latest figures are averages for first three weekly report dates in A ugust. t W j. *■». gg. B ank D eb its—21 c i t i e s * ............................................. $3,147,750 $2,961,959 $2,766,952 $2,751,302 B ank D eb its— In d e x N u m b e rs f—20 c itie s........ 169 154 147 142 B uildin g P e rm its—20 cities ....................................$31,671,181 $36,220,399 $33,155,732 $39,072,852 R etail Sales— 32 sto res— In d e x N u m b e rs f.......... 157 154 150 147 Savings D ep o sits—69 b a n k s * § ................................ $1,204,508 $1,207,3440 $1,118,5490 $1,128,792 L u m b er P ro d u c tio n — 4 associations— b o ard feet* 756,966 852,9960 681,238 728,185 P e tro le u m P ro d u c tio n ^ — C alifornia—b arrels .. . 604,619 608,981 658,421 642,938 F lo u r P ro d u c tio n — 16 com panies— b a r r e l s ........ 454,175# 363,898 275,634 276,313 R ep o rtin g M em ber B ank L o an s and D iscounts*|| $1,200,933 $1,192,245 $1,112,409 $1,116,227 R ep o rtin g M em b er B ank D e p o sits* ||................... $1,630,982 $1,631,253 $1,554,544 $1,570,558 F ed eral R eserve B an k D isc o u n ts* ||..................... $44,292 $46,977 $41,802 $37,939 F ed eral R eserv e B ank R eserv e R a tio ||................. 71.8 72.0 74.7 75.9 July, 192611 compared with July, June, 1925 1926 13.8 15.0 — 4.5 4.7 7.7 11.1 — 8.2 64.8 8.0 4.9 6.0 — 3.9 6.3 9.7 — 12.6 1.9 — 0.2 — 11.3 — 0.7 24.8 0.7 0.0 — 5.7 — 0.3 * In th o u san d s. fA d ju s te d fo r seaso n al v a ria tio n s— 1919 m onthly average— 100. J D a ily average p ro d u c tio n . §N ot c om parable w ith figures p u b lish ed in p rev io u s R eview s. ||A ug. 11, 1926, and J u ly 14, 1926; A u g u st 12, 1925, and J u ly 15, 1925. ftP ercentage in crease o r d ecrease (— ). QRevised. # P r e lim in a r y . A u g u st, 1926 A g ric u ltu ra l A ctivities In th e T w elfth F ederal R eserve D istrict, the peak of an early h arv est season has been reached. A s h arv estin g has progressed, yields generally have proved to be g re a te r th an w as anticipated. C ondition of livestock in th e d istrict generally is satisfactory, alth o u g h som e ca ttle are reported to have been forced to m ark et d u rin g recent w eeks as a resu lt of dim inished w a te r supplies on ranges in U tah, N evada, and N o rth e rn A ri zona. D u rin g early Ju ly and th e first w eeks of A u g u st, seasonal rainfall im proved the situ a tion in some sections of the In term o u n ta in range country, p articu larly in A rizona. D eciduous fru it production in C alifornia and th e Pacific N o rth w est appears to have reached record pro portions this year, a re su lt of increased bearin g acreage and a favorable grow ing sea son. R etu rn s to grow ers for deciduous fruits, except pears, have averaged slig h tly higher th an a year ago. P R O D U C T IO N O F C A L IF O R N IA H O R T IC U L T U R A L C R O P S (Except A pples) r------------ Condition------------- n t---------- Y ie ld ---------- \ 10-year Forecast A ugust 1, average J u ly l, A ugust 1* A ctual 1926 1925 (1916-25) 1926 1926 1925 (ton s) A lm onds ___ 90 56 67 91 A p ric o ts í .................... . . .. 66 C h e r r i e s ? .......................................... ..........72 F ig s ................. 90 83 91 91 G rapes .................. ........ 79 .. 84 W ine ................ ........ 85 .. 89 T ab le ................ ........ 80 .. 78 R aisin ....................... 76 .. 85 O lives ............. 53 69 65 58 P eaches ......... 89 79 .. 90 75 78 78 P e a rs .............. 82 P l u m s ............................. 72 77 92 P ru n e s ........... 62 65 74 60 W aln u ts ......... 55 94 84 55 84 75 83 O ran g es ......... 82 L em ons ......... 92 80 77 94 A pples— C om m ercial C rop T w elfth D ist r i c t | | ........................................................... U n ite d S ta te s 73.2 57.2 60.8 73.1 59 FE D E R A L R ESE R V E A G E N T A T SA N FR A N C ISC O (tons) 14,000 7,500 160,000§ 150,000 17,000§ 11,000 ... 9,500 2,166,000 1,955,000 426,000 395,000 418,000 424,000* 1,322,000 1,136,000* ... 14,000 473,000 390,000 214,500 181,000 75,000 51,000 143,000 145,000 21,000 30,500 22,100,000f 20,800,000f 5,800,000f 6,000,000f 46,854,000f 29,745,000f 118,677,0001 95,727,000f * I t is e stim ate d th a t a b o u t 100,000 to n s of ta b le and 38,000 tons of ra isin g rap es w ere n o t h a rv e ste d an d are included in the above estim ates. fB o x es. JS easo n over. § P relim in ary figure of sea so n ’s yield. || C alifornia, Id a h o , O reg o n , and W a s h in g to n . M ark etin g of grapes from C alifornia com m enced in A ugust. G rape gro w in g in terests in th a t state, in co-operation w ith th e railroads, have w orked ou t a plan for expediting shipm ent of grapes w hich is expected to reduce the usual car sh o rtag e and im prove d istrib u tio n of th e crop to consum ers. C alifornia citrus fruits are reported to be in good condition. W a rm w eath er has stim ulated consum ption of both oranges and lem ons in E a ste rn consum ing centers, and ship m ents from C alifornia have increased g reatly during recent weeks. H a rv estin g of winter wheat has been p ra cti cally com pleted in th e Pacific N orthw est. W h e at grow ers are rep o rted to be m ark e tin g th e ir pro d uct m ore freely th a n th ey did early in th e 19251926 m ark etin g season. P re se n t estim ates indi cate a to tal production of w heat in this d istrict P R O D U C T IO N —P R IN C IP A L G R A IN A N D F IE L D C RO PS* Tw elfth Federal R eserve D istrict and U nited States Preliminary Estim ate Forecast Five-Y ear A ugust 1, J u ly l, A ctual Average 1926 1926 1925 (1919-1923) W h ea t (bu sh els) fT w elfth D is tric t. . . 103,062 99,472 115,641 99,644 U n ited S t a t e s . . . . . 839,201 767,357 666,485 852,176 B arley (bu sh els) $T w elfth D is tric t. . . 39,433 40,315 44,364 39,395 U n ite d S t a t e s . . . . . 191,088 190,959 217,497 173,576 R ice (bushels) §Tw elfth D is tr ic t.. 8,370 8,463 4,738 7,363 U n ite d S t a t e s . . . . . 40,500 39,600 34,300 40,856 B eans (bushels) ^T w elfth D is tric t. . 6,219 6,336 6,154 5,147 U n ite d S t a t e s . . . . . 19,100 18,600 19,500 12,068 C otton (bales) T w elfth D is tric t. . 220 123 U n ite d S t a t e s . . . . ! 15,621 10,621 16,086 P o ta to e s (bu sh els) fT w elfth D is tric t. . . 39,530 36,352 31,840 35,760 U n ite d S ta te s . . .. . 345,569 334,000 326,000 388,497 S u g a r B eets (to n s) ||T w elfth D is tric t. . 1,152 945 2,010 2,144 U n ited S t a t e s . . . . 6,654 6,748 6,652 7,423 H ops (po u n d s) T w elfth D is tric t. . . 25,631 28,500 26,733 *000 om itted. fD o e s n o t include A rizona. A rizona and W ash in g to n . § C alifornia, and U ta h . ^C alifornia and Idaho. $D oes n o t include II C alifornia, Id a h o , in excess of th e 1925 crop and approxim ately equal to the five-year (1921-1925) average o u t put. T h e 1926 barley crop in C alifornia is esti m ated to be approxim ately equal in am ount to th e 1925 crop (32,240,000 bushels). T h e m ar k et for C alifornia barley, m uch of w hich is shipped to th e U n ited K ingdom for brew ing purposes, has been sluggish d u rin g recent weeks. A ccording to trad e reports, th ere w as a ca rry over of 130,000 tons (5,408,000 bushels) of barley in C alifornia w arehouses on Ju n e 1,1926,com pared w ith a carry o v er of 32,646 tons (1,358,000 bushels) reported one year previously, and a ten -y ear (1916-1925) average carryover of 53,018 tons (2,182,000 bushels) for Ju n e 1st. (A) A gricultural M arketing A c tiv ity — f------- E x p o rts -------- n f------ C arlot Shipm ents------- % Livestock Receipts W heat* Barley* Deciat Eight M arkets in 12th D istrict Portland and San duous O rangest Lem onsf C attle Puget Sound Francisco FruitsU Calif. Calif. and M onthly (1000 bu.) (1000 bu,) (cars) (cars) (cars) Calves Hogs Sheep Ju ly , 1926........................................................ 1,675 13,150 9,151 4,627 1,914 89,486 139,858 310,820 J u n e, 1926........................................................ 4,302 967 3,852 4,495 1,859 94,275 144,493 334,086 Ju ly , 5-year average (1919-1923)......... 1,566 12,717 5,382 3,124 1,069 82,721$ 137,558$ 245,969$ C um ulative ,---------------------- C rop Y e a r --------------------- > f----------- C alendar Y e a r-----------To J u ly 31, 1926........................................... 1,675 13,150 14,344 40,617 10,849 693,592 1,176,680 1,799,906 (1.6) (33.3) (79.6) (72.3) T o J u ly 31, 1925........................................... 3410 16,301 9,992 32,999 9,622 703,042 1,417,382 1,765,653 (0.5) (71.6) (68.7) (83.7) F iv e-y ear av erag e to J u ly 3 1 s t................ 1,566 12,717 7,662 35,822 8,517 610,976$ 1,190,180$ 1,665,516$ ____ (1919-192 3) (1.4) (31.5) (75.6) (75.3) ColdStorageHoldings^ 12th D istrict B utter Eggs (1000 (1000 lb s.) cases) 7,754 542 6,024 501 6,458|| 580|| F ig u re s in p a re n th e se s in d ic a te p e rc en tag e of new crop only. *Season begins J u ly 1st. fS e a so n begins N ovem ber 1st. §A t end of m o n th . || 1922-1926. ^C alifornia, ex cluding apples. Season begins A p ril 1st. QRevised. $1921-1925. 60 M O N T H L Y R E V IE W OF B U S IN E S S C O N D IT IO N S G row th of co tto n in A rizona, California, and L ow er C alifornia (a p a rt of M exico in w hich the co tto n g ro w in g in d u stry is largely financed by A m erican ca p ita l), has been satisfactory. T he rice crop in C alifornia is in good condition, and th e la te st forecast indicates th a t p roduc tion w ill be nearly double th a t of 1925. A n increase of 46 per cent (47,000 acres) in area p lan ted to this crop p artia lly accounts for the increased p roduction this year. O nly a sm all q u a n tity of good g ra d e 1925 crop rice is re p o rted as rem ain in g in tra d e channels. H a r v estin g of su g ar b eets is com m encing, and esti m ates of th e d istric t yield indicate th a t the 1926 o u tp u t will be less th a n half th a t of 1925. Sev eral factors, including poor m ark et prospects for su g ar at th e tim e of sp rin g p lan tin g and the presence of d estru ctiv e p lan t diseases in the field have tended to reduce th e production of su g ar beets in th e d istric t this year. A su rv ey of th e sheep raisin g in d u stry recently published by th e U n ited S tates D e p artm en t of A g ric u ltu re indicates an increase of 1,124,000 head or 14.5 per cent in th e num ber of lam bs in th e T w e lfth F ederal R eserve D istrict this sea son as com pared w ith th e 1925 season. T h e in crease w as estim ated a t 2,000,000 head, or 10 per cent for th e so-called “w este rn sheep sta te s,” w hich include M ontana, W yom ing, Colorado, and N ew M exico, in addition to th e seven states included in this district. D em and for ewe lam bs to au g m en t flocks or to replace old ewes is re p o rted to have been stro n g in recent m onths, w hile feeder lam b m ark ets have been relatively inactive. W ool p roduction in th is d istrict w as 9.5 per cent g re a te r this y ear th an it w as in 1925, according to go v ern m en t estim ate. F ig ures for th e d istrict and for th e U n ited S tates fo llo w : E S T IM A T E D P R O D U C T IO N O F W O OL* 1920-1926 1926 1925 1924 1923 .................................................................. 1922 .................................................................. 1921 .................................................................. 1920 .................................................................. * In th o u san d s of po u n d s. U nited States 269,054 254,260 242,405 224,330 222,560 223,062 235,005 Tw elfth D istrict 96,924 88,568 85,103 78,195 77,331 78,842 81,036 (B) B uilding P erm its — B erk eley ..................... Boise ........................... F resn o ........................ L o n g B e a c h .............. L os A n g e le s .............. O a k lan d ..................... O gden ......................... P a sa d e n a .................. P h o e n ix ...................... P o rtla n d ..................... R eno ............................ S a c ra m e n to .............. S alt L ake C ity ......... S an D iego ................ S an F r a n c i s c o ......... S an J o s e ..................... S e a t t l e ......................... Spokane .................... S to c k to n ..................... T aco m a ...................... D is tric t .................. July, 1926 July. 1925 N o. V alue N o. 272 $ 418,943 396 45 65,205 60 80 151,716 94 312 813,515 307 2,906 14,126,776 3,480 887 2,362,726 1,101 20 55,200 38 217 630,343 210 68 125,161 97 1,039 3,257,405 1,137 19 48,550 25 185 476,951 219 95 312,005 118 709 1,690,647 651 864 3,556,069 918 101 251,275 87 897 2,426,485 1,037 166 349,629 198 90 234,345 90 296 318,235 339 9,268 $31,671,181 10,602 V alue 848,193 38,236 112,342 692,071 11,298,896 4,268,075 103,150 734,918 204,357 2,295,390 176,497 680,928 503,430 1,338,354 5,755,745 177,400 3,478,930 414,715 284,390 749,715 $33,155,732 $ A u g u st, 1926 Industrial Activity Available data relating to productive activity indicate that district industries, including agri culture, are operating at seasonally high levels. Volume of employment increased during July as compared with June, a result chiefly of sea sonal increases in activity in the food products industries. The amount of building under construction continues large, but figures of permits issued show a decrease as compared with the past three MILLIONS OF DOLLARS V A L U E O F B U IL D IN G P E R M IT S -2 0 C IT IE S C um ulative totals for the years 1919 to 1926. (O E m ploym ent — - Oregon --------C alifornia-----N o. of N o. of N o. Em ployees N o. Em ployees of July. June, of June, July, Industries Firm s 1926 1926 Firm s! 1926 1926 All In d u s trie s .......... 741 176,974 164,544 98 18,512 18,737 (7.6) ( - 1 .2 ) S to n e, C lay and 8,275 8,604 6 247 253 G lass P ro d u c ts . 47 (— 3.8) (— 2.4) L u m b e r an d W ood 42 13,981 M an u fac tu re s . . 115 28,974 28,956 14,090 (0.1) (— 0.8) 969 20 2,661 2,711 4 976 (— 0.7) (— 1.8) C lothing, M illinery and L au n d e rin g . 65 7,567 7,558 7 441 459 (0.1) (— 3.9) F ood, B everages an d T o b a c c o .. . 152 46,837 34,017 29 2,223 2,360 (37.7) (— 5.8) W a te r, L ig h t an d P o w e r . . . . 9,174 5 9,362 (— 2.0) O th e r In d u s trie s * . 323 71,269 71,122 (0.2) 14 2,217 2,214 10 651 M iscellaneous . . . . 599 (8.7) (0.1) * In c lu d e s th e follow ing in d u s trie s : m etals, m ac h in ery and co n v eyances ; le a th e r an d ru b b e r g o o d s ; chem icals, oils and p a in ts ; p rin tin g and p a p er goods. F ig u re s in p a re n th e se s re p re s e n t p e rc e n ta g e c hanges from Ju n e. A u g u st, 1926 61 FE D ER A L R ESE R V E A G E N T A T SA N FR A N C ISC O record years. Ju ly figures of value of building perm its issued in 20 principal cities of this dis tric t w ere seasonally sm aller th a n in June, and w ere 4.5 per cent sm aller th an th e figures re p o rted for July, 1925. E vidence of a tendency to w ard reduced activity in th e building in d u stry of th is d istrict is contained in figures of the value of building perm its issued d u rin g th e first seven m onths of the y ear w hich show ed a decrease of 12.9 per cent as com pared w ith th e correspond in g period in 1925, a record building year. M onthly and cum ulative year-to-date com pari sons of building perm it figures in this district ap p ear below, and detailed figures by cities are show n in T able “B .” L u m b er production d u rin g Ju ly w as 11.3 per cent less th an d u rin g Ju n e, due largely to th e custom ary cu rtailm en t of lum bering operations in the first tw o w eeks of the later m onth. T h e MILLIONS OF BOARD F E E T B U IL D IN G P E R M IT S IN 20 C IT IE S P er C ent Increase or Decrease (— ) M onths in 1926 compared with same M onths in 1925 M onthly Y ear-to-date No. Value No. Value -12.6% — 4.5% ■-1 2 .1 % — 12.9% Ju ly •• June . -12.0% — 7.3% •-1 2 .0 % — 14.1% M ay . . -1 5 .3 % — 25.8% -1 2 .0 % — 15.5% A p ril . -1 2 .7 % — 15.7% —11.2% — 12.8% M arch 7.8% — 9.8% -1 0 .7 % — 11.6% F e b ru a ry . — 11.2% -----18.1% -1 2 .6 % — 12.8% J a n u a ry . . — 13.8% ■ 7.3% M onth in 1926 compared with preceding M onth N o. Value 2 .6 % — 12. 6 % 1.7% 25.6% ■11.3% — 17.8% ■13.5% — 3.4% 37.1% 35.7% ■ 4.4% — 8.3% 3.5% — 21.3% T h e U n ited S tates B ureau of L ab or S ta tis tics’ index n um ber of w holesale building m ate rials prices increased slightly from 1 7 1 .2injune to 171.5 in Ju ly (1913 prices = 100). I t was 170 in Ju ly 1925, and 169 in Ju ly , 1924. T he A berth aw index of th e cost of building stood at 198 (1914 = 100) on A u g u st 1st, a reduction of one p oint from the preceding m onth. A y ear ago it w as 194. F ig u res of n ational production of non-ferrous m etals, a considerable proportion of w hich is produced in the T w elfth F ederal R eserve D is trict, fo llo w : N O N -F E R R O U S M E T A L S —N ational Production July, 1926 June, 1926 July, 1925 C opper (s h o rt to n s) (m ine 72,949 70,707 p ro d u c tio n ) ......................... 67,648 46,552 49,749 L ead (s h o rt to n s) ( c r u d e ) . 48,558 Z inc (s h o rt to n s) (sla b ) . . . 48,403 48,226 47,583 S ilver (o z.) (com m ercial b a rs ) ....................................... 4,660,000 5,446,000 5,831,000 (D) Bank Debits *— July, 1926 19,524 B erk eley ........... .$ 14,831 B oise .................. 34,674 F resn o ............... L o n g B each . . 49,953 917,682 L o s A ngeles . . . 184,599 O ak lan d ........... . 16,842 O gden ............... 37,677 P a sad e n a ......... P h o e n ix ........... 25,877 P o rtla n d ........... . 190,805 10,281 R eno .................. 32,111 S acram en to . . . S alt L ak e C ity. 72,688 67,538 San D iego San F ran c isco . . 1,075,332 32,869 San Jo se ......... S eattle ............... 216,056 28,443 Spokane ........... 27,237 S to c k to n ........... T a c o m a .............. 48,071 14,660 Y akim a ............. D is tric t ......... .$3,147,750 *000 o m itted . July, 1925 $ 18,537 13,949 33,788 47,265 778,672 135,421 21,133 35,927 21,322 173,271 9,320 34,178 64,375 57,446 966,942 27,336 198,474 52,479 24,654 41,700 10,763 $2,766,952 f------Seven M onths-------1926 1925 $ 135,342 $ 127,345 90,405 80,456 243,042 203,444 363,728 332,808 5,498,142 6,142,706 1,194,570 951,160 158,356 135,440 253,468 268,495 161,920 179,988 1,237,957 1,104,450 62,863 58,188 223,263 259,543 468,609 493,670 376,363 460,206 6,483,982 7,518,841 179,114 166,209 1,465,580 1,356,621 350,254 391,106 188,023 172,153 323,974 304,138 89,064 80,088 $21,387,377 $18,947,697 Lum ber Production, O rders Received, and Shipm ents in Tw elfth Federal Reserve D istrict as R eported by F our Lum ber A ssociations, 1923-1926. Ju ly cut and th e am ount of new orders received by mills w ere both approxim ately 10 per cent above Ju ly , 1925, and w ere larg er th an reported for any Ju ly in the last four years. L U M B E R A C T IV IT Y * July, June, July, F irst Seven M o nths1925 1926 1926 1925 1926 P ro d u c tio n S hipm ents ___ O rd ers .............. U nfilled O rd e rs t No. of M ills R e p o rtin g î . (board feet) (board feet) (board feet) (board feet) (board feet) 756,966 , 852,996 . 681,238 5,026,017 . 741,408 803,789 690,824 5,057,685 772,849 796,293 695,672 5,126,732 586,442 549,674 490,043 4,509,582 4,590,486 4,559,418 177181 177 182 180 *As re p o rte d by four associations, 000 om itted except in case of n u m b e r of m ills rep o rtin g . fR e p o rte d by th re e associa tions. T he figures are no t stric tly com parable w ith other figures a p p ea rin g in the table. ^A verage. S ource : N a tio n a l L u m b er M an u fac tu re rs A ssociation. R eported average daily production of petro leum in C alifornia decreased slig h tly durin g Ju ly as com pared w ith Ju n e and, as in th e p re vious th ree m onths of this year, w as below th e o u tp u t of th e sam e m onth a y ear ago. Indicated average daily consum ption (shipm ents) w as larg er in both Ju n e and Ju ly , 1926, th a n durin g any m onth since D ecem ber, 1923, and exceeded p roduction d u rin g both m onths, so th a t stocks of crude oil decreased. T h is is th e first tim e in the past four and one-half years th a t stocks of crude oil have decreased for tw o consecutive m onths. S light decreases in stocks w ere re ported in D ecem ber, 1923 (0.2 per cen t), and in A pril, 1926, follow ing the destruction of 8,214,864 barrels of stored crude oil by fire. P E T R O L E U M —California July, Ju n e, July, Sept., Indicated Stored A verage — N ew W ells —> Average Daily Stocks at D aily Daily C onsum ption End of N um ber Produc Production (Shipments) M onth Opened tion (barrels) (barrels) (barrels) (barrels) 1926. . 604,619 685,393 121,910,744 68 27,582 1926. . 608,981 645,812 67 124,414,745 30,346 1925. . 658,421 550,862 88,941 116,497,0580> 102 1923* . 858,750 93 139,960 t t *P eak of pro d u ctio n . fC o m p a ra b le figures n o t available. ORevised. S ource : A m erican P e tro leu m In s titu te . A u g u st, 1926 M O N T H L Y R E V IE W OF B U S IN E S S C O N D IT IO N S 62 F lo u r p roduction of 16 large m illing com panies re g u la rly re p o rtin g to this bank was larg er in Ju ly th a n in any previous m onth of 1926 and exceeded th e five-year (1921-1925) average for Ju ly by 20.8 per cent. M illers’ stocks of flour decreased seasonally d u rin g th e m onth and co ntinued below th e five-year average fig ure. Stocks of w h eat increased seasonally, and at 1,570,287 bushels on Ju ly 31st, th ey w ere 22.8 per cent g re a te r th a n th e five-year average figure for th a t date. F ig u res fo llo w : F L O U R M IL L IN G * J u ly ,1926 454,175$ O u tp u t ( b b ls ,) . . S to c k s t F lo u r (b b ls .).. 345,338$ W h e a t (b u .).. 1,570,287$ June, 1926 363,898 357,044 1,128,082 July, 1925 275,634 321,221 756,254 Five-Y ear Average July, 1921-1925 376,081 384,477 1,278,948 *As rep o rte d by 16 com panies. fA s of th e first day of th e fol lo w in g m o n th . $ P relim in ary . T h e canned fru it in d u stry continued to op erate at high seasonal levels d u rin g Ju ly and th e first w eeks of A ugust. T ra d e factors rep o rt th a t dom estic dem and for canned fru it has been active durin g th e p re sen t season and th a t m any o p erators are en larg in g th e ir production sched ules as th e season progresses. E x p o rt m arkets have been relatively inactive d uring recent weeks. General Business and Trade D u rin g Ju ly , general business activity was slig h tly above th e levels of recent m onths. R ep o rted value of sales a t retail and w holesale did n ot fully reflect th e im provem ent in general INDEX NUMBERS approxim ate m easure of business activ ity in th e district, advanced from 147 in Ju n e to 157 in Ju ly (1919 m onthly average = 100). T h e index, ad ju sted for seasonal variation, stood at 169 in Ju ly (1919 = 100), the h ig h est p oint it has reached. In July, 1925, it w as 147, or 13 per cent low er th an in July, 1926. B A N K D E B IT S —Tw elfth D istrict Index for 20 Principal Cities* W ith o u t S easonal A d ju s tm e n t. . . W ith S easonal A d ju s tm e n t........... July, 1926 157 169 June, M ay, 1926 1926 1925 147 154 146 153 July, 137 147 *D aily averages, 1919 a v erag e — 100. D etailed figures of check p aym ents in 21 principal clearing house centers are given in T able "D .” T h e value of to ta l sales a t re ta il rep o rted by 69 stores in this d istrict declined seasonally in July, b u t w as 4.9 per cent larg e r th a n in Ju ly , 1925. A g g reg ate stocks w ere reduced 1.9 per cent d u rin g July, 1926. A t th e end of th a t m onth, stocks w ere 0.2 per cent larg e r in value th a n one y ear ago. T h e indicated ra te of stock tu rn o v er, based upon rep o rts of 32 re p o rtin g d ep a rtm en t stores, was higher in Ju ly , 1926 (2.71 tim es per y ear) th an in Ju ly , 1925 (2.65 tim es per y ea r). In d ex num bers of d ep a rtm en t sto re sales, based upon value of sales of 32 rep resen tativ e d e p a rt m ent stores in th is d istrict, are given b e lo w : D E P A R T M E N T ST O R E SA L E S—Index N um bers (1919 M onthly Average = 100) O ak Los Angeles land (6)* (5)* W ithout Seasonal A djustm ent 1926. . 200 128 Ju ly , 142 Ju n e, 1926. . 209 152 *May, 1926. . 214 144 A pril, 1926. . 222 148 M arch, 1926. . 247 112 Feb., 1926. . 180 124 Jan ., 1926. . 210 117 1925. . 188 Ju ly , W ith Seasonal 1926. Ju ly , 1926. Ju n e, M ay, 1926. A pril, 1926. M arch, 1926. Feb., 1926. Jan ., 1926. Ju ly , 1925. A djustm ent! . 233 161 141 . 226 163 . 233 . 237 149 . 255 158 149 . 223 . 221 145 . 219 146 San F ra n cisco (8)* Salt Lake C ity (4)* Seattle (5)* Spo kane (3)* D is trict (32)* 109 124 147 134 146 108 113 104 84 109 121 106 105 82 86 85 89 98 98 102 95 73 75 91 79 91 90 95 93 76 70 77 129 142 152 150 160 119 130 124 141 149 133 139 147 142 128 134 105 106 105 113 115 114 104 106 97 98 100 108 102 113 99 100 101 90 90 98 110 110 97 99 157 154 147 155 164 156 148 150 * F ig u res in pa re n th e se s in d ic a te n u m b e r of sto res. O ne sto re in cluded in d is tric t figures n o t included in cities show n above. fN o a d ju stm e n t has been m ade for business days lo st due to S a tu rd a y closing of sto re s d u rin g th e sum m er m onths. B A N K D E B I T S - T W E L F T H D IS T R IC T Index for 20 principal cities, Phoenix, A rizona, not included,(daily averages, 1919 average =100). L atest figures, July, with _____ adjustm ent, 169; w ithout adjustm ent, 157. *B ased u pon a v erag e m o n th to m o n th in c re a se d u rin g th e years 1919 to 1925 inclusive. business, b u t tra d e volum e continued as large as in th e preceding four m onths. W holesale trad e w as sm aller in value th an a year ago. T h is b a n k ’s index of daily average bank deb its (debits to individual accounts), w hich is an W holesale trad e d u rin g Ju ly was less active th an a year ago. T o tal value of sales rep o rted to this bank by 163 firms in eleven lines of b u si ness was 2.0 per cent sm aller in Ju ly , 1926, th a n in Ju ly , 1925. Seven of th e eleven lines show ed decreases over th e y ear period. T h e U n ited S tates B ureau of L abor S ta tistic s’ index n u m b er of w holesale prices indicates th a t th e g en eral w holesale price level has declined ap p ro x im ately 6 p er cent since Ju ly , 1925, a facto r A u g u st, 1926 63 FE D E R A L R ESE R V E A G E N T A T SA N F R A N C ISC O w hich should be tak en into account w hen com paring’ dollar value figures of sales in an en deavor to estim ate physical volum e of trade. W HOLESALE TRADE Percentage increase or decrease (—) r----------in V alue of Sales----------July, 1926 July, 1926 June, 1926 compared compared compared No. of with with with Firm s July, 1925 J u n e ,1926 June, 1925 A g ric u ltu ra l Im p lem e n ts. 15 — 3.6 — 6.7 31.5 A u to m o b ile S upplies . . . . 14 - - 8.5 0.6 0.1 A utom obile T ire s ........... 17 — 15.6 — 9.8 — 8.2 D ru g s .................................... 7 1.0 4.1 1.4 D ry G o o d s ........................... 15 8.8 6.6 1.1 E lectrical Supplies ......... 9 — 0.1 — 3.9 — 2.6 F u rn itu re ............................. 15 —- 9.1 — 11.4 3.1 G roceries ............................. 18 4.2 0.5 0.1 H a r d w a r e ............................. 17 — 0.9 — 8.0 2.3 13 19.2 — 18.2 16.4 Shoes .................................... S ta tio n e ry ........................... 23 3.4 1.0 4.9 O n Ju ly 31,1926, savings deposits in 69 banks in seven principal cities of the district w ere 7.7 per cent larger th an on Ju ly 31, 1925, and 0.2 per cent sm aller th an on Ju n e 30, 1926, the la t te r being largely a seasonal m ovem ent. S A V IN G S D E P O S IT S N um ber July of 31, Banks 1926* Los A ngeles . . 13 $420,493 7 102,246 O akland f ___ P o rtla n d ......... 7 55,316 S a lt L ak e C ity 8 33,004 S an F ra n c is c o . 14 492,042 81,880 S e a ttle ............. 14 Sp o k an e ........... 6 19,527 June 30, 1926* $422,213 102,596 55,735 32,839 493,1120 81,457 19,392 July 31. 1925* $375,534 98,338 53,0770 30,281 467,8080 74,294 19,217 July 31,19261 compared with July June 31, 30. 1925 1926 12.0 — 0.4 4.0 — 0.3 4.2 — 0.8 9.1 0.5 5.2 — 0.2 10.2 0.5 1.6 0.7 T o tal ............ 69 $1,204,508 $1,207,3440$1,118,5490 7.7 — 0.2 *000 o m itted , fln c lu d e s one b a n k in B erk eley w hich w as fo r m erly a b ra n c h of an O ak lan d b a n k . $ P e rc e n ta g e increase o r d ecrease (— ). ORevised. Prices T h e U n ited S tates B ureau of L abor S ta tis tics’ index of w holesale prices declined during Ju ly , stan d in g at 150.7 (1913 prices = 100) in th a t m onth, com pared w ith 152.3 in June, 1926, and 159.9 in July, 1925. T h e D e p artm en t of A g ric u ltu re ’s farm price index declined from 139 in Ju n e to 135 in July, 1926, w hile the B ureau of L ab o r S ta tistic s’ index of non-ag ricultural com m odities declined from 159.9 to 159.2, low erin g th e ratio betw een these tw o indexes (an indication of th e pu rch asin g pow er of farm p ro d u c ts), to 84.8, th e low est point reached since Septem ber, 1924, w hen it stood at 83.4. A m o n th ago this ratio w as 86.9. In Tuly, 1925, it was 90.0. L ivestock price levels, as reflected by prices in Chicago, declined d u rin g July. W eekly av er age prices for cattle, lam bs, and hogs, w ere 4.1 per cent, 5.7 per cent, and 15.8 per cent, lower, respectively, th a n th e average prices one m onth ago, and 25.2 per cent, 5.4 per cent, and 14.6 per cent low er th an th e price for th e corresponding period in 1925. C hicago quotations fo llo w : W eek Ending Beef C attle Lambs Hogs Sheep $11.45 13.60 13.40 $6.60 5.80 7.25 (W eekly average per 100 pounds) A u g u st 6, 1926......................... Ju ly 2, 1926......................... A u g u st 7, 1925......................... $9.35 9.75 12.50 $14.10 14.95 14.90 W h e a t prices advanced d uring July, b u t de clined slig h tly d u rin g th e early w eeks of A u gust. A t Chicago, S eptem ber co n tra ct w h eat w as quoted at $1.38 to $1.39% per bushel on A u g u st 6,1926, com pared w ith $ 1 .3 4 ^ to $1.37^g on Ju ly 6, 1926. On A u g u st 12, 1926, the q u o ta tions ranged from $1.35 to $ 1 .3 6 ^ per bushel, w hich com pared w ith a range of $1.58% to $ 1 .6 4 ^ on A u g u st 12, 1925. T he dow nw ard tren d of cotton prices w as checked d u rin g July, b u t w as resum ed in A u gust. Spot quotations for m iddling uplands cot ton a t N ew O rleans for the w eek ending A u g u st 12, 1926, ranged from 17.17 to 18.27 cents per pound, show ing an increase of 1.1 per cent d u rin g th e m onth, b u t a decrease of 26.0 per cent from the quotations for the corresponding period a year ago. T h e average of 98 wool quo tatio n s on th e B oston m ark et stood at 66.76 cents per pound on A u g u st 6, 1926, com pared w ith 66.11 cents per pound on Ju ly 2, 1926, an advance of one per cent d u rin g July. T he p res ent average show s a decline of 16.2 per cent from the average of A u g u st 7, 1925, w hich w as 79.65 cents per pound. T h e price of refined beet sugar, f. o. b. San F rancisco, advanced to $5.80 per 100 pounds on Ju ly 29, 1926, a 20-cent increase from the price w hich had prevailed since M ay 12, 1926. O ne year ago the qu o tatio n w as $5.60 per 100 pounds. T he general tren d of su g ar prices w as dow n w ard from A pril, 1923, w hen beet su g ar w as quoted a t $10.25 per 100 pounds f. o. b. San Francisco, to O ctober, 1925, w hen th e price was $5.05 per 100 pounds. T h e 1925 low w as b u t five cents above th e low point reached in D ecem ber, 1921, d u rin g th e 1920-1921 depression. (E) Com m odity Prices Commodity U nit A ugust 6,1926 O ne M onth Ago O ne Y ear Ago W h o lesale P rice s (U . S. B u re au of L a b o r) 1 9 1 3 = 1 0 0 ...................................... 150.7 152.3 159.9 P u rc h a s in g P o w er of F a rm P ro d u c ts (U . S. D e p a rtm e n t of A g ric u ltu re )* 84.8 86.9 90 W h e a t ........................... C hicago c o n tra c t p rice fo r S ep tem b er w h e a t.................bu. 1 .3 3 ^ - 1 .3 4 ^ 1.38—1.39 ^4 1.5954—1.66J4 W ool ..............................A verage of 98 q u o ta tio n s a t B o s to n ...................................lb. 66.76$ 6 6.110 79.650 A pples ........................... C alifornia G rav en stein , w holesale a t San F ran cisco , box 1.00-1.35 1.50-2.75 3.25-3.50 O ran g es ........................V alencias F an cy , w holesale a t San F ra n c is c o .......... ....box 4.50-5.25 4.00-5.25 7.25-7.50 P ru n e s ........................... Size 40/50 in 25-lb. boxes, f. o. b. C alifo rn ia .......... ....lb. .0 8 -.0 8 ^ .0 8 % -.0 8 $ i .09- 09 ^ R aisin s .......................... Th o m p so n Seedless b u lk in 25-lb. boxes, f. o. b. .073^ C alifo rn ia ........................................................................... .... lb. .o 734 N o t Q uoted C anned P each es C ling choice, 2 l/>s, f. o. b. C a lifo rn ia .................................doz. $2.20 $2.20 $2.20 B u tte r 92 score a t San F r a n c is c o ................................................. ....lb. .42 .52 •40^2 C o p p e r ........................... E lec tro ly tic, m o n th ly av erag e a t N ew Y o r k . .................lb. 13.9240 13.6560 13.9460 L ead ...............................M o n th ly av erag e a t N ew Y o rk ............................ .................lb. 8.4990 8.0330 8.1510 S ilv er ..............................M o n th ly av erag e a t N ew Y o rk ............................ .................oz. 64.7930 65.4810 69A42Ù L u m b e r (S o ftw o o d )..W e e k ly In d e x , U n ite d S ta te s f ........................... ............. 29.96 30.22 29.95 * R atio of farm p rices (A u g u st, 1909-July, 1 9 1 4 = 1 0 0 ) to w holesale prices of n o n -a g ric u ltu ral com m odities (1910-1914=:100). |A s p u b lish ed by “ T h e L u m b e r M an u fa c tu re r an d D e a le r.” 64 A u g u st, 1926 M O N T H L Y R E V IE W OF B U S IN E S S C O N D IT IO N S D ried fru it prices have been relatively stable d u rin g recent m onths at levels slightly above those of one y ear ago. D R IE D F R U IT P R IC E S (Cents per pound) C hoice G rad e Aug. 14, Bulk in 25 lb. boxes 1926 9 A pples* ........................................... A p ric o ts, N o r t h e r n ..................... 21^ F ig s, B lack M issio n .................. 1054 F ig s, W h ite A d ria tic .................. 6% ~6]4 P e a rs , N o rth e rn ......................... 1 0 5 4 -1 0 # P each es, U n p eeled Y e llo w .. . . 13 34-14 P ru n e s , 40/50 .............................. 8J4§ R aisin s, T h o m p so n .................. 7J4 R aisin s, 3 C row n M u s c a te l ... 7-754 Aug. 15, 1925 ny2 1924-20 1224-13 5 ^ -5 2 4 17*4-18 1 3 ^ -1 4 $ 1 1 ^ -1 2 8 7 Aug. 16, 1924 1 1 5 4 - 1 1 y2 15 5^-16 t 6J4~6^ 17 9y4- 9 y 2 1024-11 8 7^4 * B ulk in 50-lb. boxes. fW ith d ra w n . JS e p tem b er 12, 1925. §Openin g price, A u g u st 16, 1926. A verage prices of copper, lead, and zinc, ad vanced 2.0 per cent, 5.8 per cent, and 4.2 per cent, respectively, d u rin g Ju ly as com pared w ith Ju n e, 1926, w hile average silver prices de clined 1.1 p er cent. T h e averages for copper and silver w ere 0.2 p er cent, and 6.7 per cent lower, respectively, in Ju ly , 1926, th an in July, 1925, w hile those for lead and zinc w ere 4.3 per cent and 2.8 per cent h ig h er th a n one y ear ago. A n ational index of lum ber prices, published by “T he L u m b er M an u factu rer and D ealer,” stood a t 29.96 d u rin g Ju ly , 1926, com pared w ith 30.22 one m onth ago and 29.95 one year ago. Banking and Credit Situation C om m ercial dem and for credit in the T w elfth F ed eral R eserve D istric t has changed little d u r in g th e p ast few m onths. Seasonal dem ands for MILLIONS OF DOLLARS and A u g u st 11th, and on th e la te r date w ere at p ractically the sam e level as a t th e end of M arch. T he slight increase in volum e of to tal loans d u rin g the four w eeks period resu lted from an increase in loans on securities. D ecline in to tal investm ents, noted d u rin g Ju n e and Ju ly , did no t continue d u rin g th e first w eeks of A u g u st, w hen a sm all increase w as reported. R elative m ovem ents of com m ercial loans and of investm ents of banks d u rin g th e ag ric u ltu ral h arv estin g and m ark e tin g season largely reflect the tem p o rary dem ands of a g ric u ltu rists for funds. T h e volum e of n et dem and deposits at re p o rtin g m em ber banks show ed a sm all net gain d u rin g the m onth, w hile tim e deposits de clined slightly. As indicated in th e Ju ly R eview , these m ovem ents of th e tw o classes of deposits w ere co n tra ry to those w hich have prevailed d u rin g the p ast year. R E P O R T IN G M E M B E R B A N K S — Tw elfth D istrict (In millions of dollars, percentage changes in parentheses.) Condition Aug. 11, 1926 t--------- Changes fro m -----------O ne M onth O ne Y ear Ago Ago : increase \ T o ta l L o a n s ....................... 1,201 C om m ercial L oans .......... . 903 L o a n s on S ecu rities . . . . 298 In v e stm e n ts ......................... . 465 T o tal L oans and In v e s t m en ts ............................. .. . 1,665 N et D em and D e p o sits. ... . 774 T im e D eposits .................. . . 844 B o rro w in g s from F ed eral R eserve B an k ................ 32 ( ± r decrease / + 9 (0.7) + 89 ( 8.0) — 1 (0.1) + 44 ( 5.1) + 9 (3.2) + 45 (17.6) 0 + 17 ( 3.7) + 9 (0.5) + 5 (0.7) — 4 (0.4) + 105 ( 6.7) + 4 ( 0.5) + 64 ( 8.2) — 1 (3.1) + 6 (23.5) T o tal earning assets (to tal bills and secu ri ties held) of th e F ed eral R eserve B an k of S an F rancisco w ere relatively stable d u rin g Ju ly , b u t declined earty in A ugust. O n A u g u st 11, 1926, earning assets w ere 3 per cent below th e figures for Ju ly 14th, $119,000,000, and 10 per cent larg e r in am ount th a n one y ear ago. M od erate fluctuations in dem and for currency w ere reflected in corresponding fluctuations in th e circulation of F ederal reserve notes of the F e d eral R eserve B ank of San F rancisco, a n et de cline in circulation of nearly 2 per cent b eing rep o rted for the period Ju ly 14th to A u g u st 11th. On th e la tte r date circulation w as nearly 5 p er cent sm aller in volum e th a n one y ea r ago. F E D E R A L R E S E R V E B A N K O F SA N F R A N C IS C O (In m illions of dollars, percentage changes in parentheses.) C on dition Aug. 11, 1926 M E M B E R B A N K C R E D IT —T W E L F T H D IS T R IC T Figures for 66 mem ber banks in leading cities, as of last W ednesday of each month. Latest figures, July 28. funds for crop m oving and o th er ag ricu ltu ral purposes have n o t been abnorm al alth o u g h h a r v estin g operations have reached an early peak. A vailable funds have continued adequate for m eetin g all business requirem ents. T o tal loans of 65 re p o rtin g m em ber banks in th e principal cities of th e d istrict increased slig h tly d u rin g th e fo u r w eeks betw een Ju ly 14th ----------Changes from------------One M onth O ne Y ear Ago Ago ( H~ = increase \ =decrease / T o ta l B ills and S e c u ritie s. B ills D is c o u n te d .................. U n ite d S ta te s S e c u ritie s ... B ills B o u g h t ........................... T o tal R e s e r v e s ....................... T o ta l D e p o s i t s ....................... F e d e ra l R eserve N ote C ircu latio n ......................... 116 44 49 22 258 170 —3 —3 —1 0 —5 —2 (2.7) (5.7) (1.4) ( 1. 2 ) + 5 + 3 — 13 + 6 189 -4 ( 1 .8 ) — 9 ( 4.8) ( 1 .8 ) + 11 ( 10.0 ) + 2 ( 6 .0 ) (12.4) (17.7) ( 4.6) ( 3.9) In te re s t rates at com m ercial banks of the d istrict w ere practically unchanged d u ring the m onth.
@FedFRASER