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Not to be released for publication before the morning o f A u gu st 2 7 , 1 9 2 0 N F F E D E R A L O F R E S E R V E S A N B A N K F R A N C IS C O J O H N PER RIN C h a ir m a n o f t h e B o a r d AND FEDERAL RESERVE AGENT G E N E R A L B U S IN E S S A N D A G R I C U L T U R A L C O N D I T I O N S IN T H E T W E L F T H F E D E R A L R E S E R V E D I S T R I C T August 16, 1920. A V O R A B L E F p roved F ed eral R eserve th e g r o w in g in g to n w h e r e la c k w ill r e g io n o f r a in S ta te s B u r e a u p rod u ce fo r good D is t r ic t e x c e p t in In te r -M o u n ta in U n ite d c o n d itio n s th e p r o s p e c ts and le s s 2 5 ,0 0 0 ,0 0 0 b u s h e ls sta tem en t o f th a n e s tim a te d o f le s s th a n w heat th a n any crop crop o f in have th e s e c tio n s r e g io n in 1st p r e d ic tio n t h is T he d is tr ic t A lth o u g h 1919, a n d o f W ash t h a t th is year. to im T w e lfth d e v e lo p m e n t. p r e d ic ts t h is o f fa r m in g w heat p r io r p r o d u c tio n t h is it is o n ly a p p r o x im a t e ly 1919. C o m p a r a tiv e d is tr ic t fo r July 1 , 1 9 2 0 1919 1918 (Estim ated) bu shels bushels bu shels (Estim ated) bushels W in t e r W h e a t . . 53 ,372 ,00 0 S p r in g W h e a t . .4 6 ,0 7 2 ,0 0 0 T o t a l .............99,444 ,00 0 E a r lie r in th e th e J u ly crop m on th th e past b e lo w : August 1, 1 9 2 0 th e s e a s o n $ 2 .6 0 p e r b u s h e l . o f th e d r y o f w heat record past a ll s e c tio n s E s tim a te s n o w th e g re a te r t h r e e y e a r s is g iv e n som e p a rts b u s h e ls e s t i m a t e is 3 ,8 0 0 ,0 0 0 b u s h e l s 1 ,5 6 4 ,0 0 0 b u s h e l s th e in h a s s lig h tly r e ta r d e d o f C rop 9 9 ,4 4 4 ,0 0 0 in d u r in g crop s 53,364 ,00 0 49 ,880 ,00 0 61,075 ,00 0 ) 39,933 ,00 0 ) 75>812>000 10 3,24 4,0 00 101,00 8,0 00 som e w h ea t w as con tra cted A t p re se n t a fe w 75,812,000 fo r at fr o m $ 2 .5 0 t o c o n tra cts a re b e in g m a d e at b e tw e e n $ 2 .1 0 a n d $ 2 .2 5 p e r b u s h e l , w i t h g r o w e r s s h o w i n g a d i s p o s i t i o n t o r e f r a i n fr o m s e llin g a t a n y fig u r e w ere b e in g p e r b u s h e l. fr e e ly m ade u n d e r $ 2 .2 5 . at th e A t t h is t im e G overn m en t p r ic e con tra cts o f $ 2 .2 0 H a r v e s t in g is p r o g r e s s in g s a t is fa c t o r ily , b u t s h o r t a g e o f c a r s is r e s u lt in g in s lo w m o v e m e n t o f g r a in f r o m th ereb y la s t y e a r g u a ra n teed t e n d in g to red u ce p r ic e s o ffe re d in t e r io r p o in t s to t e r m in a ls , grow ers. A good export de m a n d is r e p o r t e d in th e P a c ific N o r t h w e s t a n d e x p o r t e r s a r e r e p o r t e d as h a v in g c h a r t e r e d a s u ffic ie n t n u m b e r o f s h ip s to h a n d le a ll s t o c k s w h ic h th ey a n tic ip a te Y ie ld s r e c e iv in g o f fie ld 1919 a n d crop s d u r in g S e p te m b e r o th e r th a n 1918, as in d ic a te d by and O cto b e r. w h e a t w ill p r o b a b ly th e F e d e r a l R e s e r v e D is t r ic t p r e p a r e d fo llo w in g by exceed th ose fo r th e T w e lfth S ta te s B u r e a u o f C rop e s tim a te s th e U n ite d o f E s tim a te s : August 1 , 1 9 2 0 1919 C orn . . 9,2 14,0 00 bushels O at s . .4 6 ,2 7 4 ,0 0 0 bushels H a y . . . 12,933 ,00 0 tons C o n d itio n p r a c tic a lly m a te ly fo r o f b a r le y 7 5 0 ,0 0 0 t o n s th e new crop $ 3 .0 0 e a r lie r m ark et has been C a lifo r n ia T he w ill w ith d rop p ed ten T he s e llin g in 1920 h op 5 5 0 ,0 0 0 t o n s cen ts o f th e very hopes crop e s tim a te d d is tr ic t f o r per season , e r r a tic d u r in g h u n dred and $ 3 .0 0 m arket p r o d u c tio n by w ith th e a t a la te r at b etw een 1919. le a d in g p r o d u c in g 1 9 1 9 is g iv e n T ons 130,000 75 p e r ce n t o f th e c r o p G r e a t B r ita in . T h e fu tu re to a g re a t e x te n t u p o n w h e th e r G e r m a n y w ill th e m a n u fa c tu r e b e e r in sta te. s ta p le ) y ie ld If has been o f th e m a r k e t o f beer and th e e ffe c t E n g la n d . It is p r e d ic t e d t h a t s t a t e w i l l a m o u n t t o 9 0 ,0 0 0 b a l e s o f A m e r i c a n th e 1919 c r o p and 2 0 ,0 0 0 b a l e s w h ic h c o n d itio n s w as o f s h o r t s ta p le th e la r g e s t c o t t o n r e m a in fa v o r a b le co tto n , crop u n til th is 1919 16 0,000 -1 8 0 ,0 0 0 on sta te in b e lo w : 73,000 35,000 22,000 o f th e p re s e n t ta x 1 6 0 ,0 0 0 a n d sta tes 90,000 60,000 30,000 th a t a p p r o x im a t e ly fo r e x p o r t to d a te. C o m p a r a tiv e C o tt o n p r o s p e c t s in A r iz o n a c o n t in u e to im p r o v e . (lo n g P r ic e s d u r in g s h o w in g a te n d e n c y to r e fr a in fa v o r a b le 1 3 0 ,0 0 0 t o n s i n b e p e r m itte d to im p o r t m a lt f o r in 1919. T he o f th e d is tr ic t is e s t im a te d f o r h o p s is s a id to d e p e n d th e c r o p is been C a l i f o r n i a .................................... 85,000 O regon ........................................... 48,000 W a s h in g t o n .............................. 27,000 - c o n s u m p t io n ago a p p r o x i w e ig h t A u g u st, 1920 u pon to 1919. o f a m ore d u r in g (Estim ated) T ons R e p o r ts in d ic a te m on th d u r in g th e p a s t m o n th , d e a le r s h a v e 1920 as c o m p a re d s o ld , p r in c ip a lly a am ount b e i n g a r o u n d $ 2 .4 0 a s c o m p a r e d w i t h $ 2 .5 0 a m o n t h in 1 8 0 ,0 0 0 t o n s a s c o m p a r e d w i t h m ent w ith p r o b a b ly b u y in g c a u t io u s ly a n d g r o w e r s h a v e b e e n fr o m 8,5 8 1 ,0 0 0 bushels 37,850 ,00 0 bushels 10,574 ,00 0 tons as co m p a re d y ie ld as co m p a re d have th e p a st m o n th , n o w ago, in u n ch an ged. 1918 8,493,0 00 bushels 39 ,579 ,00 0 bushels 12,373 ,00 0 tons ever p ic k in g p e r a c r e w ill b e 2 1 8 p o u n d s o f lin t c o t t o n fo r m ore th a n h a rv ested tim e th e A m e r ic a n th a t E g y p tia n in tw ic e th a t average E g y p tia n a n d 4 7 5 p o u n d s f o r s h o r t s ta p le , a s c o m p a r e d p o u n d s r e s p e c tiv e ly la s t y e a r w h e n A r iz o n a in th e U n ite d S ta te s in y ie ld p e r a c r e . in th e I m p e r ia l V a lle y in p ast m on th , b u t, e s tim a te d at c o m b in e d crop w ith o n ly p oor 7 7 ,0 0 0 sta n d b a le s , th e and 85 230 p ou n d s ran k ed per I m p e r ia l V a lle y o f g r o w in g la te o f a and s ta p le are and grow ers o ffe r in g grow ers 60 to are $ 1 .0 0 f o r cen ts r e fu s in g lo n g and th e T h ere v a r io u s to sam e as is are to y ie ld o f r ic e 1919. in 38 p la n tin g , n orm al A r iz o n a no fo r 40 th a t p r ic e s at is no 7 and A fo r co tto n , but s ta p le and cover at to fe w sh ort cost any o f p r ic e , arran ge w ith p e r io d . e s tim a te d been b etw een not cotton in d e fin ite d u r in g th e p a s t m o n th . m ade sh ort do fo r is T he w ill p r o b a b ly s ta p le fo r th e y ie ld crop . pou n d e n d e a v o r in g an has lo n g o ffe r e d are fo r per cen ts dem and C a lifo r n ia T h ere cen ts pou n d th a n o r g a n iz a t io n s th a t o f b e in g per a t le s s th is y e a r ’s c r o p c o n d itio n o f th e c r o p d e liv e r y 34 p r a c tic a lly co tto n carry A n t ic ip a t e d th e cen ts s e ll s ta p le , c la im in g p r o d u c tio n . th e b a n k s 75 to fr o m sta te co tto n a m o u n t t o 1 8 7 ,0 0 0 b a l e s , a s c o m p a r e d w i t h 1 7 6 ,0 0 0 b a l e s i n 1 9 1 9 . b u yers 450 s o m e w h a t d u r in g m u ch cen t and as th e s e c o n d T h e c o n d itio n C a lifo r n ia h a s im p r o v e d a o f b oth w ith a t 3 ,5 0 0 ,0 0 0 b a g s , m a te r ia l A fe w 8 cen ts ch an ge in th e c o n tr a c ts f o r fu tu r e per pound, p rac t ic a lly th e s a m e a s th e p r ic e a y e a r a g o . T he c o n d itio n o f C a lifo r n ia d e c id u o u s a p r ic o ts , h a s s h o w n n o m a te r ia l c h a n g e c r o p , h o w e v e r , is n o w e s tim a te d have been w ith th e e x c e p tio n at b etw een 45 and 60 p e r T he cen t o f th a t an e s tim a te o f 65 p e r c e n t a m o n t h ago. p u rch ased by can n ers a t p r ic e s r a n g in g fr o m to $115 p e r to n , p r a c t ic a lly th e sa m e a s th e a v e r a g e p r ic e s o f 1919. c a tio n s are redu ce th e can n ers. ago. th a t h ig h cost p r o p o r tio n T he p ru n e O p e n in g o f crop p r ic e s o f th e is fr u it, to cen ts s iz e as and e s tim a te d nam ed q u a lity com p ared o f w ith su gar C a lifo r n ia by fr u it. t in p la te w ill te n d to fr u it crop s o ld to cen t C a lifo r n ia $100 In d i o f th a t o f a y e a r P ru n e and A p r ic o t 18 a n d 33 ce n ts p e r p o u n d , a c c o r d T h is o p e n in g and d e c id u o u s at 75 p e r th e G r o w e r s , I n c ., h a v e r a n g e d b e t w e e n in g o f a p r ic o t w ith o f la s t y e a r , a s c o m p a r e d A p r ic o ts fr u its , d u r in g th e m o n th . is p r ic e s a d ecrease la s t year. o f fr o m L arge % to a m o u n ts iy 2 o f p r u n e s s o ld to E u r o p e in 1 9 1 9 a r e b e in g r e t u r n e d t o th is c o u n t r y , t h e r e b y a ffe c tin g th e m ark et a d v e r s e ly and b e in g in c a u s in g l o w e r o p e n i n g p r ic e s th is y e a r . one o f th e T h e crop p r in c ip a l a b ly e x c e e d s lig h tly th e 19 19 c r o p w h i c h a g g r e g a t e d 1 8 5 ,0 0 0 t o n s . in g by p r ic e s fo r r a is in s as C om pan y, have ran ged T he be y ie ld g re a te r fr o m o f d e c id u o u s th a n w as nam ed 20 fr u its th e C a lifo r n ia fa c to r s o f r a is in s w ill p r o b A s s o c ia te d O pen R a is in to 23V£ c e n ts p e r p o u n d . in a n tic ip a te d th e P a c ific N o r th w e s t w ill p r o b a b ly at th is tim e la s t m on th becau se o f fa v o r a b le w ill b e m a ted 1919 g r o w in g lig h te r at la s t 1 1 0 ,0 0 0 ,0 0 0 and sam e c o n d itio n s . th a n 2 7 ,0 0 0 ,0 0 0 a s in 1919. T he year. pounds in as 1918. crop s T he o f p e a r s , a p r ic o ts crop o f com p ared B erry p ru n es, w ith crop s w ith 5 6 ,0 0 0 ,0 0 0 w ill S ta te m e n t o f th e e s tim a te d th e P a c ific N o r th w e s t as c o m p a r e d and be a p p le s h ow ever, is e s ti pou n ds in a p p r o x im a t e ly a p p le c r o p 1 9 1 9 is g iv e n by th e d is tr ic ts in b e lo w : 1920 1919 (E stim ated) OREGON: Carloads M e d fo rd and Rogue R iver D i s t r i c t .. . 550 U m p q ua D is t r ic t .............................................. 200 W illa m ette D is t r ic t ......................................... 450 T o t a l ............................................................. Carloads 684 208 617 1,200 1,509 H o o d R iver D is t r ic t...................................... 2,000 Y a k im a D is t r ic t ............................ .................... 7,000 W e n a tc h ee D is t r ic t .........................................10,291 3,136 9,702 10,291 W a s h in g t o n : T o t a l .............................................................19,291 R e s t o f P a c i f i c N o r t h w e s t .......................... T o t a l P a c if ic P r ic e s th ose o f o f b e r r ie s o f oth er fo r fr u its , s m a ll p u r c h a s e s c a n n in g by 8,000 N o r t h w e s t .............25,491 a lth o u g h w ere fir m s lig h tly can n ers, a y e a r a g o , as in d ic a te d b y 23 ,129 5,0 00 are th a n c a n n in g d u r in g c o n s id e r a b ly th e fo llo w in g August, 1 9 2 0 d u r in g le s s 32,638 in season , and J u ly , b e c a u s e excess o f th ose o f ta b le : July, 1 9 2 0 1919 (A verage) . . . 18c p er lb. . . 1 3 c per lb. P eaches .............$75 per ton P e a r s .................... $75 per ton 17c to 18c per lb. 13 c per lb. $80 per ton $85 per ton R a s p b e r r ie s L o g a n b e r r ie s T h e C a lifo r n ia c r o p 65 and fr e e ly . 70 per cen t o f o f V a le n c ia th a t o f O n J u ly 31 o n ly to b e s h ip p e d , as c o m p a r e d in g o p e r a tio n s p r ic e s m a rk e ts. lo a d s , th ere Q u a n tity as ago, has w ill a v e r a g e b e tw e e n been m o v in g w i t h 7 ,6 0 0 c a r s a t t h e s a m e to been fr o m w ere on hand com p ared w ith d a te m ark et r e m a in e d a year ago. o f le m o n s is a p p r o x i m a t e l y n o r m a l , p a c k p r a c tic a lly c o m p e t it io n d is c o n tin u e d w ith O n ly 6 6 3 c a r s o f le m o n s w e r e J u ly , a lt h o u g h m en t. have r e s u ltin g o r a n g e s , w h ic h year to 20c per lb. per lb. per ton per ton a p p r o x i m a t e l y 3 ,3 5 0 c a r s o f t h is c r o p A lt h o u g h th e s iz e o f th e c r o p in a 14c 8c $50 $50 a p p r o x im a t e ly at p a c k in g s h ip p e d 2 ,0 0 0 hou ses a p p r o x im a t e ly becau se fo r e ig n 500 fr o m cars is o f le m o n s th e in t h is s t a t e d u r in g a v a ila b le e s tim a te d c a r lo a d s d rop E a stern at at fo r 1 ,3 0 0 t h is s h ip car tim e in 1917, 1918, a n d 1919. T h e a v e r a g e p r ic e r e c e iv e d fo r C a lifo r n ia le m o n s i n J u l y w a s $ 1 .6 2 p e r b o x f . o . b . , a s c o m p a r e d w i t h $ 3 .6 1 p e r b o x in J u ly , d u r in g 1919. J u ly o f T he average th is year p r ic e w as $ 1 .7 4 d u r in g th e s a m e m o n th in 19 19. p r ic e s o f im p o r te d per box, C a lifo r n ia le m o n s as f. o . b . in N ew Y ork com p ared w ith $ 4 .3 3 g r o w e r s r e p o r t th a t p re s e n t d o n o t c o v e r c o s t o f p r o d u c tio n . F r u it s h ip m e n ts fr o m C a lifo r n ia d u r in g th e fir s t seven m on th s o f 1 9 2 0 a g g r e g a t e d 4 3 ,6 3 8 c a r l o a d s a s c o m p a r e d w i t h 4 7 ,0 4 9 c a r l o a d s d u r i n g th e sam e fr u it is p e r io d g iv e n in 1919. D e ta ile d c o m p a r a tiv e sta tem en t b y Carloads C arloads 234 ......................................... ............... C a n t a l o u p e s ............................. ............... 1,187 C h e r r i e s ...................................... ............... 426 1,630 W a t e r m e l o n s ........................... ............... 2,312 P e a r s .............................................. ............... P l u m s a n d P r u n e s ................ ............... 973 2,278 P e a c h e s ...................................... ............... 392 S t r a w b e r r i e s ......................... ............... L em ons ........................................ ............... 7,456 O r a n g e s ........................................ ............... 26,750 278 1,254 148 2,169 1,858 1,401 1,729 569 8,965 28,678 ................................ ............... 43,638 47,049 A pples T otal C o m p a r a tiv e s ta te m e n t o f c a r lo a d o f 1919 is o f January 1 to July 3 1 , 1 9 1 9 January 1 to July 3 1 , 1 9 2 0 fo r th e m o n th k in d s b e lo w : o f J u ly , 1 9 2 0 , a n d g iv e n fo r s h ip m e n ts o f C a lifo r n ia th e fir s t s e v e n m on th s v e g e ta b le s o f 1920 an d b e lo w : C abbage ....................... D r y B e a n s .................. L e t t u c e ....................... O n io n s ......................... T o m a t o e s .................... W h i t e P otatoes . . . . T o t a l .................... January 1 to July 3 1 , 1 9 1 9 January 1 to July 3 1 , 1 9 2 0 July, 1 9 2 0 22 1 ,1 8 7 1 ,2 5 4 178 3 ,7 9 0 4 ,0 9 1 87 5 ,0 3 7 2 ,3 1 5 221 1 ,7 3 3 1 ,2 7 8 179 225 142 2 ,5 9 7 3 ,5 3 4 2 ,1 5 3 3 ,2 8 4 1 5 ,5 0 6 1 1 ,2 3 3 T h e C a l i f o r n i a w a l n u t c r o p w i l l p r o b a b l y a m o u n t t o 4 7 ,5 0 0 ,0 0 0 p o u n d s as com p ared crop fr o m w ith 5 7 ,0 0 0 ,0 0 0 tre e s w h ic h pounds w ill c o m e in to in 1919. b e a r in g p r o x im a t e ly 8 p e r c e n t o f la s t y e a r ’s c r o p , a n d trees w ill am ount to 76 per cen t o f th a t a m o u n tin g to 8 4 p e r c e n t o f th a t o f 1919. w ill a v e r a g e la r g e r th a n in o f th e c r o p w ill b e o f It is th is grades w ill th a t th e c r o p la s t year, I n d ic a t io n s a n y p r e v io u s y e a r , a n d s m a lle r s iz e d e s tim a te d year th e are w ith th e ap fr o m to ta l o ld e r crop th a t th e n u ts th a t o n ly as co m p a re d th a t equal 6 p er cen t 30 per cen t in 1919. average P resen t rep orts b etw een 25 are and 28 th a t th e cen ts p r ic e per fo r pound, th is as y e a r ’s crop com p ared w ill w ith 31 % c e n t s la s t y e a r . C a r s h o r ta g e in not been th e P a c ific N o r th w e s t a n d r e lie v e d t io n a l c a r s h a v e d u r in g th e p a st m o n th . as yet b een r e c e iv e d in I n te r -M o u n ta in It is r e p o r t e d th e car s itu a tio n in th is s e c tio n is illu s tr a te d A u g u s t 7, S e a ttle c a r r e q u ir e m e n t s w e r e and o n ly 129 b ox t h a t 5 ,0 0 0 n e w cars and 527 b o x 2 9 fla t c a r s w ere r e fr ig e r a to r c a r s h a v e b e e n 2 ,5 0 0 o f th ese have as yet b e in g been fo r use in r e c e iv e d . th e b y th e fa ct cars and 2 1 5 fla t c a r s , a v a ila b le . It is th a t to a b ilit y m ovem ent to fa ll and W a s h in g to n , In te r -M o u n ta in are T he and and o f In w a ln u t C a lifo r n ia crop , m u st C h r is tm a s t h is g r a in a p p r e h e n s iv e N ovem b er, T h a n k s g iv in g becau se tem p ora ry be m oved. grow ers m on th s. O cto b e r crop s e s ta b lis h u n til th e y c a n cars, b u t m ove to but r e g io n s itu a tio n t h e r e is n o w h ic h is tra d e h o ld m a rk e te d a d v a n ta g e o u s ly m e n t o f ca rs th a n at p resen t. ch ases p o in ts at co u n try d iffic u lt ie s are u n le s s t h e r e is G r a in s u p p ly fo r d u r in g s h ip m e n t in t im e secu re th e best a n tic ip a te d w hen a m u ch m ore d e a le r s a r e in c lin e d som ew h at c a u t io u s ly , th e g r a in in m ovem ent o f th e d u r in g fo r th e m a rk e t, can n ot r a p id m ove to m a k e becau se a stock s a n d w a ln u t g r o w e r s a n t ic ip a t e t h a t 4 0 p e r c e n t o f t h is y e a r ’s c r o p be su p A n x ie ty r e s u ltin g to m a rk e ts to none th e p resen t sh orta g e th e ready E a stern h o lid a y is w areh ou ses c o n c e r n in g reach on rep orted p l y o f b o x c a r s is r e p o r t e d t o e q u a l o n l y 5 0 p e r c e n t o f d e m a n d . as th e T h e s e r io u s n e s s a s s ig n e d to th e P a c ific C o a s t, O regon In has a d d i th e P a c ific N o r th w e s t w ith r e s u lt th a t h a r v e s t e d g r a in s a r e b e in g m a r k e t e d s lo w ly . o f r e g io n th a t fe w p u r tr a n s p o r ta tio n becom es m ore a c tiv e . R anges e x c e lle n t w est, $20 $23 are per P a c ific stock becau se s id e r a b le w in te r d ecrea se and in A r iz o n a , you n g due a lfa lfa g r o w in g w in te r th e sh e e p s e n ta tiv e s o f th e o f fr o m to N o rth e rn A r iz o n a a lfa lfa $18 per in th a t o f in cost ton c a ttle fo r la s t th ere as are P a c ific liv e s to c k d u r in g w ith fe e d m en and p r o b a b ly to be th e in N o rth com p ared s u ffic ie n t w in te r , w ill c a r r ie d to are liq u i a con c o m in g m ark et n ext year. p a stu ra g e S ou th ern A r iz o n a sh eepm en r e g io n th e H ow ever, m an y a v a ila b le co tto n , to c a r r y in g r e s u lt sh orta g e In te r -M o u n ta in o f se a s o n , w ill fu r n is h num ber stock la n d $16 th e heavy th e th e to in and crop s th e w in te r . w ith in la r g e at fr o m e a r lie r th rou g h in d e b te d n e s s , N o rth w e st T he s e llin g ton th e s to ck s e llin g In th e w h ic h to carry d a te in c o n d itio n . have and A r iz o n a a s in been la r g e w ill p r e v io u s c o n v e r s io n not years. e n d e a v o r in g p a s tu r a g e in S o u th e r n C a lifo r n ia , b u t h a v e n o t b e e n be to a b le o f to R ep re secu re a b le to d o so a s y e t. C o m p a r a tiv e sta tem en t o f r e c e ip ts s la u g h t e r in P o r t la n d , S a lt L a k e g iv e n o f c a ttle and p u rch ases C ity , S e a ttle , S p o k a n e , a n d fo r lo c a l T a c o m a , is b e lo w : RECEIPTS OF LIVE STO CK J u l y ,1919 J u l y ,1920 Cattle ................................................ Calves ................................................ 2 2 ,2 1 6 2 1 ,5 9 6 2 ,3 3 7 3 ,3 3 5 ...................................................... 2 5 ,2 3 8 2 7 ,6 1 0 ................................................... 7 3 ,3 6 4 5 4 ,3 8 6 M u l e s ..................... 668 633 T o t a l ........................................... 1 2 3 ,8 2 3 1 0 7 ,5 6 0 H ogs Sh eep H orses and . . PURCHASES OF LIVE STO C K FOR LOCAL SLAUGHTER J u ly ,1919 J u ly ,1920 ................................................ 9 ,0 8 6 Calves ................................................ 1 ,7 3 6 2 ,4 2 4 ...................................................... 1 6 ,8 7 1 1 9 ,3 2 9 3 0 ,6 3 1 2 7 ,8 3 3 5 8 ,3 2 4 6 3 ,5 1 9 H ogs Sh eep ................................................... . T o t a l ........................................... N o m a te r ia l im p r o v e m e n t h a s b e e n th e past m ade m on th . to A fe w lo c a l m ills . fin e m e d iu m com p ared F ren ch w ith In n oted g e n e r a lly P o r tla n d an in o f w ool w as m a d e in com p ared S om e grow ers stora g e hopes o f w ith s o ld at 52 A m a rk e ts o f fr o m 60 c lip cen ts fe w h ig h e r g r o w e r s in at fr o m to have o f per p r ic e s la te r been fin e and pound, as s a le s o f w o o l f r o m 70 53 to 56 cen ts cen ts p e r on. T he th is d is t r ic t r a n g e s f r o m I d a h o to 5 0 p e r c e n t in N e v a d a , a n d g r o w e r s h o ld fr o m grades, O regon a r e s h ip p in g th e ir w o o l to E a s t e r n r e c e iv in g s o ld b y E a stern p r ic e s th e w o o l m a r k e t d u r in g lo w e r E a stern a p r ic e o f 5 4 c e n t s la s t y e a r . la s t y e a r . th e 1920 c lip s a le s , c o m b in g th is d is t r ic t h a v e b e e n p er pou n d , as in 1 3 ,9 3 3 Cattle pound cen ters fo r am ount o f 10 p e r c e n t in a m o u n ts e s tim a te d at 3 0 p e r c e n t t o 5 0 p e r c e n t o f t h e c lip in t h e v a r io u s s e c t io n s o f th is d is tr ic t. H e a v y s a le s o f s h e e p b y g r o w e r s a r e r e s u lt in g in a sh orta g e o f b r e e d in g e w e s , a n d it is a n t ic ip a t e d th a t t h e r e w ill b e a d e c id e d s h o r t a g e in la m b s a v a ila b le I n d ic a t io n s m a te r ia lly are fo r th a t sh ort o f m a rk et n ext year. th e n orm al 1920 in s a lm o n a ll pack s e c tio n s , as in th is sh ow n d is tr ic t by th e e s tim a te s : K IN D OF SALMON Pack K i n g s , S p r i n g , o r C h i n o o k ............................. 8 0 % o f n o r m a l R ed and S o g k e y e ..................................................... 6 5 % o f n o r m a l M e d i u m R e d a n d C o h o e ........................................ 6 0 % o f n o r m a l P in k s Ch u m s ................................................................................ 7 5 % o f 1 9 1 9 ............................................................................. 4 0 % o f 1 9 1 9 w ill be fo llo w in g It is p r e d ic t e d p r o x im a te ly th a t o f p in k 1 .7 5 0 .0 0 0 th a t th e to ta l A la s k a n 1 ,2 5 0 ,0 0 0 s a lm o n cases if cases, as p r o b a b ly p ack ers p ack com p ared 1 ,5 0 0 ,0 0 0 sta y fo r o f red w ith cases th e s a lm o n 1 ,2 0 4 ,3 4 3 (a lth o u g h la t e r u n ), as w ill b e cases it in m ay 7 5 0 .0 0 0 t o 1 ,0 0 0 ,0 0 0 c a s e s , a s c o m p a r e d 1 ,3 6 6 ,8 5 9 c a s e s i n T he s a lm o n n e ith e r th e s a lm o n , w h ic h R iv e r pack o p e n in g Type o f Can in th e P uget s a lm o n , ru n every w h ic h per equal dozen Columbia River Chinooks Sound run d is tr ic t every fo u r years, a re w ill p r o b a b ly p r ic e s 1 ,3 4 8 ,4 6 2 c a s e s i n w ith s a lm o n , 1919, a n d 1918. ru n p in k w ith reach com p ared 1 ,6 5 7 ,4 3 4 c a s e s i n 1 9 1 9 , a n d 2 ,4 1 8 ,2 1 2 c a s e s i n 1 9 1 8 ; t h a t o f C h u m ap 1919; can s th a t o f fo r due and be very n or th is y e a r . 1919. 1920 w ill years, T he C o m p a r is o n 1919 is g iv e n s m a ll th e as sock eye C o lu m b ia o f rep orted b e lo w : ,------------------------------------------ A la s k a --------------------------------------------- , Reds Medium Red Pink Chum Puget Sound Sockeye 1920 1919 1920 1-lb . T ails ----- $3.90 $3.15 (1) 1-lb. Flats ----- 4.00 3.25 (1) y2-lb. Flats . . . 2.502.00 $2.75-3.00 tw o 1919 (1) (1) $2.50 1920 $3.25 3.40 2.30 1919 $3.35 3.50 2.25 19201919 1920 1919 1920 $2.25$2.75 $1.75 $2.45 $1.35 2.40 2.90 1.902.40 (2) 1.602.00 1.15 1.40 (2) 1919 $2.10 (2) (2) (1) P acked p rin cip a lly in % -lb . flats. (2) P acked p rin cip a lly in 1-lb. tails. A d is a g r e e m e n t b e t w e e n d e la y e d J u ly 1 th e o p e n in g u n til about w ill p r o b a b ly o f th e red u ce tu n a fis h e r m e n a n d c a n n e r s r e g a r d in g p r ic e s th e end th e tu n a o f pack th e ca tch in m on th . c o n s id e r a b ly S ou th ern C a lifo r n ia T he sta rt b e lo w C a r s h o r t a g e c o n t in u e s to r e s tr ic t lu m b e r in g N o rth w e st. th ose th a t A p p r o x im a te ly are C o m p a r a tiv e r u n n in g sta tem en t m e n ’s A s s o c ia tio n 20 are o f is g iv e n per cen t o p e r a tin g th e at o p e r a tio n s la t e o f in n o r m a l. o p e r a tio n s in th e o n ly 75 o f th e fr o m c a n n in g m ills per are cen t W est th e P a c ific c lo s e d c a p a c ity . C oast L u m ber b e lo w : Four weeks ending July 3 1 , 1 9 2 0 122 A v e r a g e N u m b e r o f M il l s R e p o r t in g . Four weeks ending July 3 , 1 9 2 0 122 2 3 9,95 6,6 15 feet .................... .. 3 1 .0 % 32 6 ,6 1 7 ,0 0 0 feet 7 .5 % 23 2 ,4 9 1 ,5 7 5 feet 3 .1 % 2 0 3 ,4 7 1 ,0 0 0 feet 3 7 .7 % 22 8,85 8,5 88 feet 4 .6 % 26 5 ,6 1 7 ,0 0 0 feet 1 8 .6 % 20 9,19 0,0 00 feet 69 ,682,000 feet 51,197,000 feet 23 4 ,0 3 6 ,0 0 0 feet 56 ,422 ,00 0 feet 5 2 ,114 ,00 0 feet T o t a l ................................................................ ■330,069,000 feet 34 2,57 2,0 00 feet P r o d u c t io n “ O rders b e lo w n orm al A c c e p t e d ............................................. “ S h ip m e n t s “ ........................................................... b elo w p ro d u ctio n ............... ........................................................... b elo w p ro d u ctio n ............... * U n s h ip p e d O rders R a il .................................................................... D om estic c a r g o ........................................... E x p o rt c a r g o ................................................ *As o f July 31 and July 3, 1919, respectively. and o f S t a t e m e n t o f o p e r a t io n s o f o t h e r p r in c ip a l l u m b e r a s s o c ia t io n s in th is d is tr ic t fo r th e fo u r w eeks e n d in g J u ly 3 1 , 1 9 2 0 , is Western Pine Manufacturers Association A v e r a g e N u m b e r M il l s R e p o r t in g C ut 31 2 5 ,8 0 5 ,0 0 0 f e e t 1 7 ,4 5 9 ,0 0 0 f e e t 6 2 ,4 8 2 ,0 0 0 f e e t 1 7 ,3 4 5 ,0 0 0 f e e t 1 7 ,9 8 3 ,0 0 0 f e e t c o n tin u e s cen t b u ild in g a c tiv e , a g g r e g a tin g $ 1 5 ,7 2 2 ,9 3 7 i n 5 1 .0 per p e r m its in D a ily as 3 1 0 ,2 7 1 cen t g iv e n o f $ 1 0 ,4 6 8 ,3 6 3 i n r e p o r tin g per J u ly , 1 9 1 9 , in c r e a s e s C o m p a r a tiv e p e r m its in d a ily p r o d u c t io n im m e d ia te r e lie f in July, 1 9 1 9 3 ,7 2 3 ,6 2 3 1 ,9 4 9 ,6 9 2 1 ,7 9 2 ,7 0 0 1 ,3 9 8 ,3 0 0 1 ,0 3 5 ,7 8 5 7 2 2 ,5 9 5 1 ,3 7 4 ,0 0 5 1 ,0 5 0 ,6 4 2 5 9 6 ,5 2 8 1 ,0 1 5 ,6 2 0 1 ,3 2 3 ,2 3 0 1 ,5 7 4 ,2 3 5 7 1 3 ,8 5 0 9 8 0 ,2 1 0 4 9 1 ,6 8 1 in d u r in g C a lifo r n ia d u r in g 2 7 3 ,0 6 9 b a r r e l s th e re b y on and C a lifo r n ia in d u s tr ia l 3 1 st. o f 2 1 ,3 3 0 b a r r e l s s ig h t. In C a lifo r n ia , pu rposes. T he fr o m 6 ,1 1 6 o n d a ily p r o d u c tio n T he average sam e p e r io d fr o m J u ly June. averaged S h ip m e n ts stored stock s F ifty -o n e w ere new opened 4 0 .9 6 b a r r e l s sta tem en t C a lifo r n ia o f is g iv e n num ber R e ta il Ja n u a ry to per 2 9 .6 4 to o f and W a s h in g to n dem ands fo r p r o d u c in g 1 , 1 9 1 5 , t o 9 ,2 7 3 o n w e ll d ecreased b a r r e ls , and d a ily o il C om r e fin e r ie s Number Daily capacity (bbls.) 1 , 1 9 1 8 ............................................. 38 2 8 3 ,4 1 0 Ja n u a r y 1 , 1 9 1 9 ............................................. 37 2 8 0 ,8 7 0 Ja n u a r y 1, 1 9 2 0 ............................................. 41 3 1 0 ,3 2 0 as th is p r o d u c tio n in b e lo w : rep orted th is d is t r ic t a v e r a g e d o f in A p r il 1, d u r in g in c r e a s e d c a p a c ity a g r i w e lls Ja n u a r y tra d e, s ix th e P a c ific C o a s t w ith O regon num ber Date • by w e lls and f o r t h e s t a t e a m o u n t i n g , t h e r e f o r e , t o o n l y 2 4 ,0 0 0 b a r r e l s p e r d a y . p a r a t iv e of J u ly . in c r e a s e d 1920. in d e c r e a s in g J u ly g a s o lin e is b e in g r a t io n e d , p r e fe r e n c e b e in g g iv e n c u lt u r a l o f 0 .5 o f $ 5 0 0 ,0 0 0 $ 1 ,8 8 7 ,6 0 9 S h o r ta g e o f g a s o lin e c o n tin u e s to b e g e n e r a l o n no excess of w ith sta tem en t June, 1 9 2 0 2 4 ,4 0 6 ,7 5 3 b a r r e l s abandoned c itie s com pared $ 6 ,6 1 0 ,6 8 1 day w ith in itia l p r in c ip a l as July, 1 9 2 0 w ith to w ere 19 1920, $ 5 ,1 2 1 ,0 5 0 p e tr o le u m 9 6 4 ,1 5 0 b a r r e l s an in J u ly , b e lo w : com p ared b a r r e ls p e r m its in r e s p e c tiv e ly . th o s e c itie s p r o d u c tio n b a r r e ls averaged b u ild in g $ 1 5 ,8 0 3 ,8 9 4 Ju n e, 1920, a n d and J u ly , 1 9 2 0 , is 2 7 9 ,1 6 9 w e lls 2 2 ,6 2 5 ,0 0 0 f e e t 6 6 ,3 0 0 ,0 0 0 f e e t d is tr ic t d u r in g 11 3 6 ,2 9 5 ,0 0 0 f e e t ................................................... B u ild in g per „ ... . n , , California Redwood Association .............................................................. S h ip m e n t s th is b e lo w : 9 ......................................................................1 0 4 ,7 8 8 ,0 0 0 f e e t O rders g iv e n California White and Sugar Pine Manufacturers Assn. by 29 r e p r e s e n ta tiv e 1 5 .5 p e r c e n t s m a l l e r , b y d ep a rtm en t v a lu e , d u r in g stores J u ly in th a n i n J u n e a n d 2 1 .2 p e r c e n t l a r g e r , b y v a l u e , t h a n i n J u l y , 1 9 1 9 . to ta l J u ly s a le s , b y le s s th a n in p e r cen t; per s a le s by 120 v a lu e , b y th e p r e c e d in g o f sh oe cen t. r e p r e s e n ta tiv e D ry w h o le s a le fir m s 6 .7 p e r c e n t , s a l e s o f r e p o r t i n g m on th fir m s b y goods by 7 .7 p e r 1 0 .0 p e r c e n t ; fir m s rep orted s a le s exceeded h a rd w are cen t; and o f A lth o u g h June fir m s w ere d ru g fir m s by 4 .7 o f fu r n itu r e fir m s by 5 .5 a s 3 3 .4 p e r c e n t in excess J u n e ; g r o c e r y f i r m s 5 .4 p e r c e n t ; a n d s t a t i o n e r y f i r m s 5 .5 p e r c e n t . s a le s b y 1919, v a lu e by 1 2 .0 s ta t io n e r y p o r tin g ago. s a le o f a ll r e p o r tin g per fir m s , cen t, and w h o le s a le sh oe A ll o t h e r lin e s grocery, ten d en cy in d ry th e 3 1 .7 p r ic e s la r g e s t per fir m s in c r e a s e s cen t by d ry in c r e a s e s . and d u r in g s ta tio n e r y , a n d fu r n itu r e sh oe th e past m en ts d e liv e r ie s , fr o m m any con cern s th e E a st b e c a u s e w ere rep orted c r e a s in g but in nu m ber stores p er J u ly , cen t S a le s by by re D e p a rtm e n t stores and w h o le rep orted w h ile a s lig h t d ow n w a rd w h o le s a le h a rd w are, an u p w ard te n d e n c y in p r ic e s . s it u a t io n is n o t i n t e r f e r i n g w it h report d iffic u lty o f ca r sh orta g e. rep orted 3 7 .3 fir m s . o f a year g e n e r a l as g o o d , th e sa m e o f b e in g goods th ose th a n m on th , stores re p o rte d exceeded 2 1 .8 p e r c e n t l e s s stores R e p o r t s in d ic a t e th a t th e tr a n s p o r ta tio n lo c a l fir m s a g g re g a te d sh ow ed goods w h o le s a le o f T o ta l th a t in s e c u r in g C o lle c tio n s a s in J u ly J u n e , a lth o u g h c o lle c tio n s s h ip d u r in g J u ly an w ere in o n ly fa ir . S ta te m e n t o f in c r e a s e s and d ecreases in r e ta il tra d e o f 29 fir m s fo r J u ly , 1 9 2 0 , a s c o m p a r e d w it h J u n e , 1 9 2 0 , a n d J u ly , 1 9 1 9 , is g iv e n b e l o w : CO N D ITIO N O F R E TA IL T R A D E D URING JULY, 1 9 2 0 Percentage o f Increase or Decrease C om parison o f net sales w ith Ju ly, 1919 C om parison o f net sales w ith June, 1920 Los A n g e l e s ................... ....................... ........................ ....................... S a c r a m e n t o ................... ....................... S a n F r a n c i s c o .............. ....................... S a l t L a k e C i t y ........... ....................... Seattle ........................... ....................... S p o k a n e ........................... ....................... 35.1 16.9 20.1 21.0 20.6 0.2 22.7 6.1 * 20.1* 15.6* 5.0 * 11.8* 7.4* ........................... ....................... 2L2 15^5* Oakland D is t r ic t 26.7* ♦Decrease. S ta te m e n t o f in c r e a s e s a n d f o r J u ly , 1 9 2 0 , a s c o m p a r e d d e c r e a s e s in w h o le s a le tra d e o f 1 2 0 fir m s w it h J u n e , 1 9 2 0 , a n d J u ly , 1 9 1 9 , a n d fo r th e fir s t s e v e n is g iv e n m on th s o f 1920, as co m p a re d w ith th e s a m e p e r io d in 1919, b e lo w : CO ND ITIO N O F W H O LESA LE TR AD E DURING JULY, 1 9 2 0 Percentage o f increase or decrease in Net Sales for July, 1 9 2 0 , over July, 1 9 1 9 Hardware L os A . , , , Shoes Stationery Furniture Total* 7.1 7.7 4.7 52.0 15.3 20.2 8.4 33.5 54.8 1 .5 t 1.8 2 3 .7 t 3 4 .3 f 45.1 1 8 .8 t 1.1 • 4.8 , . 78.6 11.1 20.8 57.2 4 .3 t 4.1 12.3 6.1 20.4 31.7 F r a n c is c o . . P o r t l a n d .............. 15.8 Sa c r a m e n t o Sa n Dry Goods Groceries . 29 .3 12.2 . 30.4 ngeles . . . Sa l t L a k e C i t y . Seattle ................ Spo k a n e ................ , T a c o m a ................... D is t r ic t . . . . , . . . 2.7 2 1 .8 f 80.5 74.8 7.9 28.2 37.6 14.1 11.8 8.8 4.1 10.1 21.8 8.5 37.3 8.8 12.0 15.3 . . . D r u g s : San F ra n c isc o 2 9 .1 % ; P ortlan d 1 1 .1 % ; D istrict 2 3 .7 % . Percentage o f increase in net sales January 1 to July 3 0 , 1 9 2 0 over same period, 1 9 1 9 Hardware Los A n g e l e s S a c r a m e n t o .......... Sa n F r a n c is c o P ortland . . ................ Sa l t L a k e C i t y . . . . 59.7 46.0 . 52.2 , 33.0 ................. ..................... 26.6 87.7 30.1 D i s t r i c t ........... 42.3 Seattle ..................... S p o k a n e ................... T acom a Dry Goods 49.1 31.9 . .. 58 .8 57.1 48.9 Groceries Shoes 34.8 18.7 28.5 28.2 32.5 20.9 25.2 19.3 37.5 ... 20.9 27.7 14.3 7 .2 t ... ... Stationery Furniture Total* 21.2 . .. 82.4 51.0 52 .2 52.9 54.3 50.0 23 .5 37.5 41.4 14.4 ... 74.5 46.5 27.6 35.9 21.9 33.6 28.9 33.0 27.5 43 .4 5 5 .4 34.2 D r u g s : San F ra n c isc o 2 1 .3 % ; D istrict 2 5 .2 % . Percentage o f increase or decrease in net sales for July, 1 9 2 0 over June, 1 9 2 0 Hardware Los A n g e l e s . S a c r a m e n t o .......... Sa n F r a n c is c o P ortland .. ................ Sa l t L a k e C i t y . . 6 .7 f . 1 9 .4 f .. 3 .6 f . 4 .0 t ................. Dry Goods Groceries . . . . .. 40.3 19.0 ... 7.9 1 .2 t 18.6 S e a t t l e ...................... . . . 1 8 .3 t S p o k a n e ................... . . 13.6 2 .4 t 1 4 .2 f 38.0 2 .6 f 14.2 12.9 T a c o m a ..................... . . . 1 2 .6 t D i s t r i c t ........... , Shoes 1 0 .9 f ... 1 2 .3 f 6 .5 f ... ... Stationery Furniture 33.4 5.4 1 0 .0 t 0.4 8.6 ... ... 5.4 ... 4 .1 t 12.1 ... 2.5 t 12.8 2 6 .4 f 1 0 .5 t 9.4 t 7 .7 t Total 2 2 .3 t ... ... 22.9 11.9 5.5 8 .9 t 0 .8 t 17.5 1.2 5.5 t 6.7 D r u g s : P ortlan d 8 .2 % t ; D istrict 4 .7 % f . ♦Includes reporting drug firm s. tDecrease. B a n k c l e a r i n g s i n 1 9 p r i n c i p a l c i t i e s o f t h e d i s t r i c t a g g r e g a t e d $ 1 ,7 1 8 ,4 5 8 ,0 0 0 d ecrease d u r in g J u ly , as o f $ 8 ,0 0 0 , a n d com pared w ith $ 1 ,4 2 0 ,7 1 8 ,0 0 0 $ 1 ,7 1 8 ,4 6 6 ,0 0 0 d u r in g d u r in g J u ly , 1 9 1 9 , a n June, in c r e a s e a o f $ 2 9 7 ,7 4 0 ,0 0 0 , in g s in or 2 1 .0 per cen t. F ed era l R eserve B ank C o m p a r a tiv e and bran ch sta tem en t c itie s July, 1920 is June, 192 0 F r a n c is c o D u r in g J u ly th e r e w e r e 101 fa ilu r e s in 103 d u r in g June. L ia b ilitie s a m o u n te d $ 6 4 1 ,2 3 7 as com pared w ith c le a r $6 3 3 ,2 7 3 ,0 0 0 21 0 ,3 3 2 ,0 0 0 1 7 0,86 6,0 00 1 2 8,15 1,0 00 64 ,8 4 7 ,0 0 0 4 1 ,445 ,00 0 th is d is t r ic t a s c o m p a r e d to $ 6 ,9 0 0 ,5 9 6 d u r i n g t h e p r e c e d i n g m o n t h . e q u a lle d bank b e lo w : July, 1919 ..................$ 6 97 ,5 00 ,000 $6 93 ,0 0 0 ,0 0 0 L o s A n g e l e s ....................... 33 7,50 6,0 00 33 6,26 3,0 00 170,89 2,0 00 1 8 3,22 0,0 00 S e a t t l e ................................... P o r t l a n d ............................... 15 7,54 0,0 00 1 6 6,64 2,0 00 70 ,265,000 72,995 ,00 0 S a l t L a k e C i t y .................. S p o k a n e ................................. 5 2 ,327 ,00 0 5 5 ,190 ,00 0 San o f g iv e n $ 1 ,2 9 2 ,2 5 1 as co m p a red w ith w ith E x c e s s o f lia b ilitie s o v e r a s s e ts $ 4 5 8 ,5 0 5 in June. C o m p a r a tiv e s ta te m e n t o f fa ilu r e s b y sta te s, a s fu r n is h e d b y R . G . D u n a n d C o m p a n y , is g iv e n b e l o w : ,-------------------July, 1 9 2 0 -------------------- * No. A r i z o n a ............... .... I d a h o .................. N e v a d a ............... O r e g o n ............... U t a h .................... W a s h in g t o n . . C a l if o r n ia Assets 2 53 0 0 16 0 30 $ T o t a l .......... 101 In terest s tiffe n and d u r in g $ 6 51 ,0 14 d is c o u n t th e 7,300 16 1,15 3 0 0 104,850 0 377,711 past ra tes m on th , , L iabilities No. 9,0 00 36 5,36 3 0 0 0 23 9,71 0 0 6 7 8,17 8 2 61 0 $ 103 sh ow n a lth o u g h ra tes ch arged b y th e m o n th 6^ F ederal R eserve e n d in g A u g u s t 1 0 th is g i v e n $ 38,000 56 4,27 9 0 0 377,60 0 0 5,9 2 0 ,7 1 7 $6 ,9 0 0 ,5 9 6 ten d en cy to s u ffic ie n tly to c o n tin u e ch an ge to th e to 8 p e r c e n t in in d u s tr ia l a g r ic u ltu r a l c e n te rs . b a n k s in L iabilities 26 ,500 57 7 ,5 4 7 0 0 129,50 0 0 5 ,7 0 8 ,5 4 4 $6,442 ,09 1 a not p r e v a ilin g ra te s p r e v io u s ly q u o te d o f fr o m c e n t e r s a n d 8 p e r c e n t in Assets $ 15 0 25 $1 ,292 ,25 1 have June, 1 9 2 0 -------------------- , S ta te m e n t o f c u s to m a r y B ank and bran ch c itie s fo r b e lo w : Secured by Liberty Prime Commercial Paper Customers Open Market Inter-Bank Loans Collateral Loans S a n F r a n c i s c o ..........................6 % 8 6 L os P o r t l a n d .............................. ....7 8 8 6 7 C i t y ................ .... 8 8 ................................. ....7 ................................... 7 8 8 dem and th ro u g h o u t A n g e l e s ....................... .... 7 Sa l t Lake Seattle Spo k an e S u p p ly th ere are o f no la b o r about s tr ik e s or e q u a ls la b o r d is tu r b a n c e s m o m e n t e x c e p t th a t o f b a k e r s in S e a ttle . 6 % -8 H States Certificat^ o f Indebtedness 6 ^ -7 7 7 7 7 8 8 8 7 7 7 -8 7 -8 7 8 o f any th e d is tr ic t im p o r ta n c e at and th e COMPARATIVE STATEMENT OF CONDITION OF MEMBER BANKS IN RESERVE CITIES OF TWELFTH FEDERAL RESERVE DISTRICT Ju n e 4,1920 N um ber o f Reporting B a n k s ........................................... United States Government Obligations: J u ly 2,1920 67 J u ly 30,192# 68 68 (_____________ (000.00 o m itte d ) U . S. B on d s to Secure C irc u la tio n ............. $ 34,485 $ 34,485 V ic to r y L oan N o te s ............................................. 12,741 12,567 12,021 O ther U . S. B o n d s ................................................... 61,659 61 ,526 63 ,770 U . S. Certificates o f In d e b te d n e ss............... 39,775 26 ,966 27 ,146 $1 48,660 $ 1 35 ,5 44 $1 35 ,4 72 T o t a l ........................................................................ . $ 32,535 L o a n s a n d In v e s t m e n t s : L o an s Secured b y U . S. W a r O b lig a tio n s. $ 30,946 $ 32 ,699 $ 34,902 L oans Secured b y Other Stocks and B onds 148,376 1 4 4,189 144,634 Other L oan s and In v e stm e n ts......................... 910,74 3 988,20 7 991,124 $1 ,090 ,06 5 $ 1 ,165 ,09 5 $1 ,170 ,66 0 $ $ T o t a l .................................................................... D e p o s it s : D em an d D eposits .................................................. $ 622,917 619,074 632,024 508,059 520,658 519,826 T o t a l .......................................................................... $1,130,976 $1,139,732 $1,151,850 T im e D eposits .......................................................... C O M P A R A T IV E S T A T E M E N T O F C O N D IT IO N O F F E D E R A L R E S E R V E B A N K O F S A N F R A N C IS C O RESOURCES: Gold and Gold Certificates................... Gold Settlement Fund— F. R. B oard... Gold with Foreign Agencies................. Aug. 13,1920 $ , Total Gold Held by Bank......... Gold with Federal Reserve Agent....... $ Total Bills on Hand. U. S. Government Bonds. .. U. S. Victory Notes.......... U. S. Certificates of Indebl All other Earning Assets. . Bank Premises ............................... Uncollected Items and Other Deduc tions from Gross Deposits................. 5% Redemption Fund Against F. R. Bank Notes ................................. All other Resources......................... Contingent Liability on Bills Purchased for Foreign Correspon dents .................................................... 1 2 ,2 6 7 ,0 0 0 3 9 ,5 5 0 ,0 0 0 3 5 ,2 8 9 ,0 0 0 5 ,1 3 0 ,0 0 0 5 ,1 3 0 ,0 0 0 5 8 ,5 5 9 ,0 0 0 $ 5 2 ,6 8 6 ,0 0 0 Aug. 15,1919 $ 9 ,6 7 0 ,0 0 0 4 2 ,8 5 6 ,0 0 0 $ 5 2 ,5 2 6 ,0 0 0 1 1 2 ,8 0 3 ,0 0 0 1 0 ,9 0 9 ,0 0 0 9 2 ,8 9 1 ,0 0 0 2 ,2 1 6 ,0 0 0 $ 1 6 3 ,5 9 6 ,0 0 0 $ 1 7 6 ,3 9 8 ,0 0 0 $ 1 4 7 ,6 3 3 ,0 0 0 9 8 3 ,0 0 0 8 1 6 ,0 0 0 2 6 1 ,0 0 0 $ 1 6 4 ,5 7 9 ,0 0 0 $ 1 7 7 ,2 1 4 ,0 0 0 $ 1 4 7 ,8 9 4 ,0 0 0 $ $ $ 5 0 ,4 0 5 ,0 0 0 1 0 2 ,4 0 7 ,0 0 0 4 4 ,1 9 1 ,0 0 0 4 9 ,9 3 7 ,0 0 0 1 0 0 ,3 7 4 ,0 0 0 1 6 .7 6 4 .0 0 0 5 2 ,2 2 4 ,0 0 0 4 4 ,1 2 5 ,0 0 0 8 6 .2 8 8 .0 0 0 $ 2 0 5 ,0 3 6 ,0 0 0 $ 1 8 8 ,6 9 0 ,0 0 0 $ 1 5 2 ,9 8 9 ,0 0 0 2 ,6 3 2 ,0 0 0 2 ,6 3 2 ,0 0 0 2 ,6 3 2 ,0 0 0 i 1 ,2 0 3 ,0 0 0 1 5 ,1 8 6 ,0 0 0 6 ,6 7 1 ,0 0 0 $ 2 1 8 ,8 7 1 ,0 0 0 $ 2 0 6 ,5 0 8 ,0 0 0 $ 1 6 2 ,2 9 2 ,0 0 0 2 3 1 ,0 0 0 2 3 1 ,0 0 0 4 0 0 ,0 0 0 4 0 ,0 5 7 ,0 0 0 5 1 ,4 4 1 ,0 0 0 3 2 ,3 3 4 ,0 0 0 6 6 5 .0 0 0 3 2 5 .0 0 0 6 6 5 .0 0 0 3 2 9 .0 0 0 4 5 0 .0 0 0 8 9 4 .0 0 0 $ 4 2 4 ,7 2 8 ,0 0 0 $ 4 3 6 ,3 8 8 ,0 0 0 $ 3 4 4 ,2 6 4 ,0 0 0 $ $ LIABILITIES: $ 6 ,7 8 3 ,0 0 0 Capital Paid In ............................... 1 1 ,6 6 2 ,0 0 0 Surplus ........................................... 1 ,2 2 7 ,0 0 0 Government Deposits ................... 1 1 9 ,0 3 5 ,0 0 0 Due to Members— Reserve Accoun , 2 9 ,7 4 8 ,0 0 0 Deferred Availability Items.......... Other Deposits, Including ForeignL 3 ,3 0 1 ,0 0 0 Government Credits ................. F. R. Bank Notes in Circulation—Net Liability ...................................... All other Liabilities ....................... July 16,1920 $ 9 5 .0 0 6 .0 0 0 1 0 .0 3 1 .0 0 0 Legal Tender Notes, Silver, etc. Bills Discounted: Secured by Govt. War Obligations. 1 3 ,8 7 9 ,0 0 0 6 ,3 9 9 ,0 0 0 4 ,9 8 2 ,0 0 0 1 1 ,6 6 2 ,0 0 0 4 .5 7 7 .0 0 0 1 2 5 ,7 7 2 ,0 0 0 9 6 .7 4 6 .0 0 0 3 2 ,7 9 0 ,0 0 0 1 9 .0 6 7 .0 0 0 5 ,7 5 6 ,0 0 0 5 ,9 5 9 ,0 0 0 $ 1 5 3 ,3 1 1 ,0 0 0 $ 1 6 4 ,3 1 8 ,0 0 0 $ 1 2 6 ,7 8 4 ,0 0 0 2 3 8 ,9 4 9 ,0 0 0 2 4 1 ,1 3 5 ,0 0 0 1 9 8 ,3 4 1 ,0 0 0 1 1 ,0 7 0 ,0 0 0 1 0 ,7 1 8 ,0 0 0 2 ,9 5 3 ,0 0 0 2 ,1 5 6 ,0 0 0 8 .0 7 6 .0 0 0 1 .5 0 4 .0 0 0 $ 4 2 4 ,7 2 8 ,0 0 0 $ 4 3 6 ,3 8 8 ,0 0 0 $ 3 4 4 ,2 6 4 ,0 0 0 5 .0 1 2 .0 0 0 M em o: 736,000 736,000
@FedFRASER