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IjdfeT N o t t o b e r e l e a s e d f o r p u b l i c a t i o n b e f o r e
th e a fte r n o o n o f D e c e m b e r 2 , 1 9 2 0
FEDERAL RESERVE BANK
OF SAN FRANCISCO
JO H N
P E R R IN
C H A IR M A N O F T H E B O A R D
a n d
F ed era l, r e se r v e
a g e n t
GENERAL BUSINESS AND AGRICULTURAL CONDITIONS
IN THE TWELFTH FEDERAL RESERVE DISTRICT
November 16, 1920.
The Month. Timely rains during October and early November have
facilitated extensive sowing of winter wheat and have replenished
power and irrigation reservoirs. The movement of the large grain crops
of this district to market has begun and is proceeding normally. Despite
many “reduction sales,” retail trade is reported to be 8.2 per cent greater
in value of sales than it was in October, 1919, and 11.8 per cent greater
than last month. Conflicting reports are received from the wholesale
trade, some lines reporting increases in sales as compared with October,
1919, and others decreases. All but one line report that sales for the
first ten months of this year were in excess of those during the same
period in 1919.
There is encouragement for the livestock industry in the lower prices
for hay which rule this year. Car shortage is diminishing steadily, there
is but little more than the customary seasonal unemployment and no
strikes or labor disturbances are reported. This bank’s last statement
(of November 12th) indicates that the peak of the member banks’ de
mands for autumn credit accommodation has passed.
The lumber industry shows further curtailment, as does also copper
mining. During the past month business failures were heavier, foreign
commerce fell off, building activity diminished, and clearings, save in
Los Angeles, declined or remained stationary.
Grain. After an unusually long threshing season, due to unfavorable
weather conditions, the grain harvest in the Pacific Northwest was
completed late in October. All of the grain in the Twelfth Federal
Reserve District is now out of the fields and forecasts of yields remain
the same as last month. The estimated yields in 1920 compared with
those in 1919 are as follows:
1920
1919
W h e a t .......................................9 6 , 5 9 7 , 0 0 0 b u s h e l s
1 0 1 ,7 8 8 ,0 0 0 b u s h e ls
O a t s ............................................. 4 4 , 1 1 5 , 0 0 0 b u s h e l s
4 0 ,2 8 3 ,0 0 0 b u s h e ls
B a r l e y ......................................
9 9 7 ,0 0 0 t o n s
9 7 7 ,0 0 0 t o n s
Figures of receipts of grain at terminal points indicate that these
large crops are moving to market in normal quantities. The receipts
of grain at Portland (in carlots) and San Francisco (in tons) for the
month of October, this year and in 1919, were as follow s:
1920
W HEAT
1919
BARLEY
1920
1919
OATS
1920
1919
P o r t l a n d ................................1 , 6 4 8
1 ,4 0 5
34
9
38
37
Sa n
4 ,6 4 5
3 0 ,0 9 5
1 1 ,2 3 7
1 ,0 8 1
620
F r a n c i s c o ...................2 , 4 9 9
As Portland is the chief point of export for the grain growing dis
tricts of the Pacific Northwest, and as San Francisco is a representative
California distributing center, these figures are a reliable indication of
the movement of grain in the Pacific Coast States. It may be noted
that decreased receipts of wheat at San Francisco this year correspond
to the reduced crop in California compared with that of 1919. In the
intermountain region the movement to shipping points has been ham
pered by continued wet weather, the roads being in bad condition, but
considerable movement is expected within the next thirty days.
The grain market, both domestic and foreign, is quiet. Millers are
only purchasing sufficient wheat to meet their current needs, whereas
in former years they have accumulated large stocks at this season. The
export demand, which was brisk earlier in the year, has fallen off, and
English buyers, who were the largest purchasers, have for the present
withdrawn from the local market. Buyers are dealing only in small
lots and are not at this time contracting for large blocks of grain.
Other grains show the same tendencies as wheat, and similar condi
tions prevail in the general grain market.
Rice. The harvesting of rice in California is nearing completion and
yields are fulfilling previous expectations. Present indications are that
a large part of the crop will be warehoused and placed on the market as
the demand appears. The Pacific Rice Growers Association voted to
fix a minimum price of $3.08 a hundredweight for paddy rice at the
growers’ shipping point, but little of the crop has been sold at this
figure. The first of the new crop was milled during the second week in
October, but only a few mills are operating and those not to full capacity.
[2]
Millers will offer their product only on the basis of the price they must
pay the grower for paddy rice and buyers are taking very little at such
figures in the face of large exportable surpluses ready to come on the
market from Siam, Saigon and Burma.
California is the third largest rice producing state in the country,
according to present crop estimates. The leading producing states for
1920 are as follows:
P A D D Y R IC E
(Bushels)
24,640,000
T e x a s ............................................................................................. 10,146,000
C a l i f o r n i a ................................................................................ 9,421,000
A r k a n s a s ................................................................................... 7,780,000
S o u th
C a r o l i n a ................................................................
101,000
L o u is ia n a
................................................................................
T w o b u sh e ls o f p a d d y ric e are the a p p ro x im a te eq u iv a le n t o f
o n e b u sh el o f cle a n e d rice.
The total annual consumption of cleaned rice in the United States is
estimated at 8,072,200 bushels, or approximately 3 pounds per person.
In Porto Rico the annual consumption per capita is 98 pounds.
Cotton. The picking of cotton in Arizona is proceeding slowly and
there is a pronounced shortage of labor in the fields of the Mesa,
Phoenix and Yuma districts. The workers are not only scarce but are
demanding increased compensation. They are now receiving 2 to 2
a pound for picking short staple cotton and 4c a pound for long staple.
In California, the Imperial and San Joaquin valleys report fair progress
in picking and sufficient labor supply. Ginning is keeping pace with
picking in the latter districts but is considerably behind in Arizona.
The market continues stagnant and few sales are reported, prices rang
ing from 17c to 21c for short staple and 50c to 60c for long staple.
Potatoes. The potato crop in the Twelfth Federal Reserve District
gained 423,000 bushels in the November first forecast and is now placed
at 38,019,000 bushels. Digging is proceeding slowly in all sections due
to the low prices prevailing and, in the Pacific Northwest and Inter
mountain producing districts, to the continued wet weather. The rain
has done considerable damage to the crop in Oregon, Washington and
Idaho and in the latter state a portion of the crop was lost through
freezing in the ground. Prices to the grower are now averaging about
$1.25 to $1.35 a hundredweight f. o. b. shipping points and demand is
strong at these prices, but farmers are not selling freely.
Apples. Weather conditions have not been altogether favorable during
the apple picking season in the Pacific Northwest and this, combined
with a heavy production of small sized fruit, has cut down the estimated
[3]
yield in the Twelfth Federal Reserve District to 26,485,000 bushels com
pared with the October first estimate of 29,058,000 bushels and as
against 38,484,000 bushels last year. Approximately one-third of this
yield may be considered as the commercial apple crop of the district.
Nearly three-fourths of the crop is now off the trees and no trouble
is being experienced in caring for the fruit. The supply of refrigerator
cars has been adequate throughout the season and it is thought that
sufficient storage space will be available for those apples that are being
stored in the district.
There has been a good demand all season for standard varieties in
desirable assortments and medium to large sizes, at prices which would
net the grower a satisfactory profit. Unpopular varieties and small
sizes may return a loss because of the unusually large local crops in
many parts of the country, and the lack of export demand.
Prospects for a market for the late varieties are better at present
than they have been for some time. Local supplies are being absorbed
in the middle western markets, and, with the setting in of cold weather,
consumption is expected to increase.
Citrus Fruits. The new citrus fruit year began on the first of Novem
ber and carload shipments of navel oranges are already moving out of
the Northern California and Arizona producing districts. The crop out
look in these sections is good, recent rains having helped to size up the
fruit, and in Southern California the condition of the crop is improving
as the harvest season approaches. The shipping movement will gain
momentum from now on and shipments during December are expected
to average one hundred cars a day. The 1920-1921 California orange
crop is estimated at 49,000 cars as compared with 35,679 in 1919, but
the failure of the fruit in some districts to size up according to expecta
tions may reduce this estimate slightly.
Valencia oranges have been practically cleared off the market leaving
the early winter field to the navels, the prices for which are accordingly
high as compared with last year, when there was a considerable carry
over of the summer ripening variety. Indications are that the new crop
will be taken readily by the trade and increased outlets are being de
veloped both here and in foreign countries. The principal country
importing California oranges is Canada, which took 817,470 boxes in
the year ending September 1, 1920. Total exports of oranges from the
United States during the year ending June 30, 1920, were 1,619,393 boxes
of which Canada took 1,501,121 boxes. Other importing countries are
Great Britain, New Zealand and Australia.
[4 ]
Grapes and Raisins. The absence of early rains during October made
it possible to ship a large quantity of grapes. The car shortage at the
peak of the shipping season restricted shipments in the period of assured
fair weather and extended the season into a period which is normally
uncertain. Clear weather during the last two weeks in October saved
the situation, however, and up to October 31st, 23,136 cars were shipped
as compared with 17,536 cars in the same period last year. This in
crease of 5,600 cars is represented almost entirely by increased activity
in the wine grape market, there being little or no increase in the pro
duction of table grape varieties. The season is now closed with the
exception of a few shipments of Emperor grapes which normally move
out at this time.
On November 8th the California Associated Raisin Company named
prices on the unsold portion of its crop, announcing an advance of X
/ 2C
a pound over the opening prices on all 1920 raisins except layers and
clusters. These prices are effective until January 1, 1921. It is ex
pected that the independent packers will follow the lead of the Asso
ciation in naming prices.
The market for grapes gained strength in the last two weeks of the
season and raisins are still in strong demand. It is estimated that the
returns to the grape industry in California in 1920 will be over 70 per
cent greater than the return in 1919, as shown by the following table:
1920
(E stim ate)
R a is in s
W in e
T a b le
........................................ $80,000,000
................................. 30,000,000
G r a p e s ................................
20,000,000
G rapes
T o ta l
...................................$130,000,000
1919
$42,500,000
18,092,950
15,041,200
$75,634,150
Olives. The olive season opened during the last days of October and
picking of the 1920-1921 crop is now proceeding rapidly. An estimated
yield of 10,000 tons is expected, compared to 14,000 tons last season.
In the Sacramento Valley the crop is about 25 per cent larger than last
year and a large crop is reported in the San Joaquin Valley. In
Southern California, however, the trees are only bearing about 25 per
cent of a possible crop.
Few contracts have been closed for this year’s crop. Prices to the
grower are now $60 to $100 a ton compared to $210 a ton last year and
a high mark of $400 a ton in 1918. Few of the packers are planning
a normal run of processed ripe olives and a large portion of the crop
will probably go into the manufacture of olive oil or be dried by what
is known as the Greek process, under which the olives are salted and
[5 ]
dried, either in the sun or in drying sheds. The demand for this style
of olive is confined to the population of foreign extraction. There is
practically no foreign competition with the California ripe olive but
there is keen competition with the Greek style of olive and with olive oil.
Livestock. A comparative statement of the receipts of livestock and
purchases for local slaughter for the month of October is given below:
RECEIPTS OF LIVESTOCK
CATTLE
1920
1919
11,903
P o r t la n d .................. . . 11,431
S a lt L a k e C i t y . . . .
3,603
5,652
CALVES
1920
1919
915
1 ,659
203
388
2,427
3,249
2 7,886
3 1,752
5,099
1,8 6 8
2,868
317
1 44
834
3,657
266
T o t a l s ............... 2 7,840
3 5,865
2 ,533
6 ,560
S e a tt le
Sp o k a n e
T acoma
.................... . .
.................. . .
....................... . .
5,8 3 9
6,352
9,090
HOGS
1920
1919
12,247
1 3,869
710
1,737
7,719
3,756
3,397
6,436
4,801
h o rse s
AND
M ULES
SH EEP
1920
1919
1920 1919
42
97
1 59
192
1 6,513
127,6 5 2
1 8,598
8 0,888
5,919
27,420
1 1 ,0 5 4
30,520
4,485
33
16 4
24
377
1 8 2,252 145 ,5 4 5
398
690
4,748
PURCHASES FOR LOCAL SLAUGHTER
CATTLECALVES
1920
1919
1920
P o r t la n d ..................................................... 5,105
4 ,066
661
S a l t L a k e C i t y ......................................
700
1,710 174
144
S e a t t l e ....................................................... 5 ,742
6,021 388
8 34
HOGS
1919
1920
1,2 8 4
5,9 6 3
409
7,614
S p o k a n e .......................................................
T a com a
.......................................................
1,177
2 ,577
1 ,868
T o t a l s ............................................. 15,9 9 2
3,165
2 ,868 317
17,830
628
266
2,1 6 8
3,705
1919
6,917
3 ,428
6,2 6 4
SH EEP
1920
1 2 ,2 9 4
776
5 ,9 1 9
1919
6,9 2 2
1 ,836
11,0 5 4
2 ,003
2 ,427
2,4 2 2
3 ,249
2,7 6 3
4,7 4 8
2,5 5 3
4,485
1 8,416
2 2,280
2 6,500
26,850
Beneficial rains fell in every state in the Twelfth Federal Reserve
District during October and early November and range and pasture
conditions continue better than they have been for some years past. An
abundant crop of hay gives additional promise of winter and spring
feeding, but up to the present, less stock is reported going into the feed
lots of the district, than in a number of years past.
W ith the exception of a heavy run of feeder lambs from Utah and
Nevada to Colorado and eastern feed lots, the receipts of livestock have
been light in all the markets of the district. Light receipts of hogs
are looked for from now until the heavy movement begins in the
spring.
Trading was active although prices barely held their own, or showed
a slight decline. Steers ranged from $7.00 to $10.00 a hundredweight,
rallying slightly in the later trading. Cows brought from $4.00 to $7.50
a hundred, prime animals bringing the higher prices and breeding
stock selling at the lower levels. Sheep are reported to have held
their own despite the low prices for wool and pelts and sold steadily
at $8.00 to $10.00 a hundredweight. Prices of hogs showed slight ad
vances and sold as high as $17.50 a hundredweight during the month.
[6]
D airying. Some apprehension concerning the immediate future of the
dairy industry in the Pacific Northwest is being expressed as a result of
the contraction of the canned milk industry. Some plants have been
closed entirely and those which are operating have cut the price paid
for milk, even though this is the season of the year when fluid milk
prices usually rise. Condensarles which paid $3.25 a hundredweight
for milk testing 3.5 per cent butter fat a year ago, reduced the price to
$2.90 in September of this year and some sales at $2.00 a hundred
pounds were reported during October. A table showing comparative
prices received by milk producers follows:
PRICES RECEIVED BY MILK PRODUCERS*
O ctober Range
F rom
F rom
C o n d e n s a r ie s
F lu id
M ilk
.....................$2.30 to $3.91
. 2.62 to 4.44
D is tr ib u to r s
O ctober
Average
September
Average
O ctober
1919
$2.56
3.56
$2.84
3.53
$3.25
4.14
*A11 prices per hundredweight for milk testing 3.5 per cent butten fat.
the intermountain district and high on the coast.
Prices range low in
As a result of these low prices some dairymen have shipped their
cows from the coast dairying districts to Eastern Oregon and Southern
Idaho where there is a surplus of hay. During the last few years there
has been a tendency for hay growers to sell all their crop and dispose
of their dairy cattle, and the reversal of this tendency is a healthy
agricultural sign. Some of the dairy herds are being improved by the
elimination of the poorer cows which do not now return a profit on
the feed they consume.
Lower hay prices have stimulated dairying in the intermountain
region and many farmers are purchasing dairy cows. At present there
is a shortage of fresh milk in that section and it is dependent on out
side sources for its butter and cheese.
Butter. Heavy supplies of butter on all markets in the district were
rapidly reflected in lower prices and wholesale butter dropped from
an average of 65 cents a pound to 54 cents a pound during October.
Increased supplies were largely due to the closing of several canned
milk establishments, the milk formerly used by them being utilized in
the making of butter and cheese.
The decrease in prices has been an effective method of meeting com
petition from New Zealand as it now costs practically as much to land
the foreign butter here as the domestic product brings. There were
222,176 pounds of New Zealand butter landed in San Francisco during
late October and early November. A comparative statement of cold
[7]
storage withdrawals during October of this year and last year and total
holdings on November first, follow :
HOLDINGS AND WITHDRAWALS OF COLD STORAGE BUTTER
October, 1920,
C IT Y
N et W ithdraw als
O ctober, 1919,
N et W ithdraw als
................... 146,167 lbs.
P o r tla n d
....................... 59,042 l b s .
S a n F r a n c i s c o ................. 113,657 lbs.
S e a ttle
........................... 128,319 lbs.
Los
A n g e le s
T o ta ls
................... 447,185 lbs.
33,456 lbs.
250,846 l b s .
234,389 lbs.
464,097 lbs.
982,788 lbs.
N ov. 1, 1920,
N ov. 1, 1919,
H oldings
H oldings
715,445 lbs.
425,356 l b s .
809,320 lbs.
724,492 lbs.
272,420 lbs.
736,238 l b s .
1,353,412 lbs.
1,084,234 lbs.
2,674,613 lbs.
3,446,304 lbs.
Lumber. The lumber production during October of the mills report
ing to the four associations in this district was approximately the same
as that of September, which was considerably below normal. The W est
Coast Lumberman reports that forty-three mills in Oregon and W a sh
ington have ceased operations entirely or are greatly curtailing their
output, as a result of falling off in new business and reduced prices of
lumber. Mill prices for lumber have declined forty to fifty per cent
from peak levels.
Demand from competitive eastern territory continues light. Plans
are under consideration for sending larger amounts of lumber by water
to eastern seaboard cities, from there to be distributed. Railroad buy
ing, principally of ties, and California requirements were the principal
sources of demand for northwestern lumber during the past month.
Figures of cut, shipments and orders of the reporting mills in the
four associations of this district are tabulated below:
LUMBER STATISTICS
V e s t Coast
Lumbermen’ s
Association
4 W eeks
ending
O ct. 23
Preceding
Four
W eeks
N o. M ills R e p o r tin g .
120
....................................................... 2 74,685
123
2 8 6,440
* S h ip m e n ts ........................................ 235 ,3 5 6
* O r d e r s .................................................. 213,315
233,220
2 0 2,008
A verage
*C ut
Western Pine
Manufacturers’
Association
4 W eek s
ending
O ct. 23
Preceding
Four
W eek s
36
32
103,8 0 6 102,763
5 3,745
32,625
65,340
33,075
California White and
Sugar Pine Manufact
urers Association
4 W eek s
ending
O ct. 23
8
Preceding
Four
W eeks
8
38,821
43,5 2 9
14,336
17 ,1 1 3
9,185
12,7 8 9
California
Redwood
Association
Pre4 W e e k s ceding
ending
Four
O ct. 23 W e e k s
10
2 4,9 0 6
1 6 ,0 5 9
22,6 0 6
10
26,0 2 9
1 7,626
1 9,388
* In th o u s a n d s o f b o a r d feet.
Copper Mining. Copper production in this district is reported to be
approximately 60 per cent of normal. In Arizona, where the largest
proportion of copper is mined in this district, a number of mines have
[ 8 ]
ceased operations entirely, while others are employing reduced forces,
which has caused a slight surplus of unskilled labor in the industry.
Petroleum. September’s record production of petroleum in California
was exceeded during October when the daily average production rose
to 305,102 barrels as compared with 304,340 barrels the month previous.
Shipments increased more than proportionately, however, with a con
sequent draft on stored stocks, which continued the decline that has
been manifested since July, 1919. Following are figures furnished by
the Standard Oil Company:
OCTOBER
SEPTEM BER
Daily average........
305,102 bbls.
S h i p m e n t s — Daily average.........
324,896 bbls.
S t o r e d S t o c k s — End of month. . 22,545,026 bbls.
N ew
W ells
O p e n e d ....................................
47
With initial daily production..
W ells
1 2 ,3 9 5
A b a n d o n e d .........................................
AUGUST
304,340 bbls.
313,533 bbls.
23,158,657 bbls.
P r o d u c tio n —
290,590 bbls.
321,955 bbls.
23,434,464 bbls.
55
bbls.
2 1 ,7 7 5
56
bbls.
4
2 0 ,5 5 0
5
bbls.
5
Car Shortage. A substantial diminution of car shortage throughout
the district occurred during the past four weeks. The number of open
cars required was reduced from 822 to 378, and of closed cars from
3,889 to 1,246 during the month ending November 4th. The tank car
situation, which showed a slight shortage in California on November
4th, is not considered serious.
A comparative statement of car shortages in California, Oregon and
the terminal of Seattle on November 4th and October 9th follows:
CAR SHORTAGES
OPEN
N ov. 4 O ct. 9
GONDOLAS
N ov. 4 O ct. 9
R E F R IG .
N ov. 4 O ct. 9
..............138 140
715 2,273
35 150
556
175
...................
242 1,011
P.......... 215 627 505 1,565
O r e g o n — Other lines. . .
34
................
.......................
10
S e a t t l e ...................
25
21 26
51
...........................................
759 800
.............
.............
4
10
N ov. 4
CLOSED
O ct. 9
STOCK
N ov. 4 O ct. 9
C a lifo r n ia
O r e g o n — S.
T o ta l
............378
822
1,246
3,889
35
150
798
1,196
763
810
Shortage of tank cars, Novem ber 4th in California was 75.
Retail Trade Activity. Twenty-eight representative department stores
in the Twelfth Federal Reserve District report an increase of 8.2 per
cent in value of net sales during October of 1920 over the same month
last year, and an increase of 11.8 per cent over the figures for Septem
ber, 1920. Reports indicate that prices have declined during the past
month, and collections are represented as good to fair.
[9]
Statement of increases or decreases in retail trade during October,
1920, as compared with the same month last year and with September,
1920, for twenty-eight reporting firms follows:
CONDITION OF RETAIL TRADE DURING OCTOBER, 1920
r - P E R C E N T A G E O F IN C R E A S E
Comparison of
N et Sales with
O ct., 1919
Los
A n g e l e s ...................................
Sa n
F r a n c i s c o ............................
Seattle
.............................................
Oakland
..........................................
Salt L a k e
C i t y ..........................
S p o k a n e ............................................
Sacr am en to
................................
D i s t r i c t .............................
Comparison of
N et Sales with
Sept., 1920
.................
19.3
.................
11.5
................. *14.6
.................
22.0
.................
8.9
.................
4.6
.................
9.9
9.8
13.3
2.3
20.9
17.8
38.0
13.4
.................
11.8
8.2
*Decrease.
Wholesale Trade. Reports from 133 representative wholesale firms
in eight lines of business in this district indicate that the value of net
sales during October of this year was less than that in October, 1919, in
the automobile tire, shoe, dry goods, hardware and furniture businesses,
but greater in the stationery, drug and grocery lines by 21.9, 12.0 and
9.6 per cent respectively. The decreases were greatest for automobile
tires and shoes, being 27.9 and 22.2 per cent respectively.
Only one class of business, that of wholesale shoes, shows a decrease
in volume of net sales for the first ten months of 1920 compared with
the same period of 1919. The largest increases are reported by dealers
in stationery, hardware and dry goods and amount to 40.5, 31.4 and 31.0
per cent respectively.
Each line reported October sales to be less in value than those of
September, the decrease being greatest in the automobile tire and dry
goods businesses, 18.8 and 17.5 per cent respectively, and lowest in the
wholesale drug and grocery businesses, being 1.3 and 2.3 per cent re
spectively.
Collections are still reported good by the majority of firms, although
there is a slight decrease as compared with last month in the number
reporting them good.
Current unfilled orders are generally reported much smaller except
in the stationery business which reports normal unfilled orders, at
tributed in some cases to the Christmas trade.
Reports indicate that few orders for spring delivery are being re
ceived and that the tendency of retailers is to buy only for their current
needs.
[10]
Transportation conditions continue satisfactory, only a few firms re
porting slight delays in trans-continental shipments.
Prices are generally reported as showing a downward tendency
during October, particularly noticeable by dealers in hardware, dry
goods, groceries, shoes and automobile tires. Drug firms notice it only
to a limited extent, while stationery and furniture dealers report prices
holding firm.
Statements of increases or decreases in wholesale trade of 133 firms
for October, 1920, as compared with September, 1920, and October, 1919,
and for the first ten months of 1920 as compared with the same period
in 1919 follow :
CONDITION OF WHOLESALE TRADE DURING OCTOBER, 1920
(la) Percentage of increase or decrease in net sales during October, 1920, over October, 1919
Dry
Goods
Hard
ware
No. of reporting firms
Gro
ceries
12
23
28
Los
A n g e l e s ------ ............. — 5 . 2
0 .1
S a n F r a n c i s c o ..
1 3 .3
S e a t t l e ................
1 .6
P o r t l a n d .............
2 4 .2
T a c o m a ................
S p o k a n e ................
—
1 .9
Sa l t L a k e C it y .
S a c r a m e n t o . . . ............. — 1 2 . 2
D is t r ic t .
.
............. —
4 .4
Drugs
7
18
2 4 .1
13
2 1 .2
— 2 1 .7
— 2 4 .2
1 0 .4
2 6 .2
—
— Ì 3 .* 6
1 7 .3
3 1 .5
7 .7
5 .6
• • • *
2 8 .1
—
6 .6
1 5 .4
—
19
— 2 5 .1
8 .2
— 3 1 .1
2 .5
— 1 9 .4
41 ' i
• • •
1 5 .4
2 2 .8
. . . .
• • • *
6.2
1 2 .0
13
— 1 6 .3
3 5 .4
44*. 7
9 .6
Auto
Tires
1 .8
0 .0
— 2 2 ‘. 9
— 1 0 .2
Fur
niture
Sta
tionery
Shoes
. . . .
— 2272
2 1 .9
— 1~2
— 2 7 .9
(lb) Percentage of increase or decrease in net sales, January 1 to October 31, 1920, over same
period last year
Hard
ware
No. of reporting firms 22
Los
A n g e l e s .....................
S a n F r a n c i s c o ................
S e a t t l e ..............................
P o r t l a n d ..........................
T a c o m a ..............................
S p o k a n e .............................
S a l t L a k e C i t y ..............
S a c r a m e n t o ...................
D i s t r i c t ................
42.2
37.5
17.9
27.5
16.4
53.2
28.8
3Ï74
Dry
Goods
Gro
ceries
12
28
29.2
39.5
19.5
20.0
30.1
25.3
31.2
22.3
26.6
29.9
38.5
15.7
54Ì4
3170
Drugs
6
Fur
niture
Sta
tionery
Shoes
18 * 19
19.8
43.9
51.5
43.3
29.8
19.4
28.9
32.5
25.2
4^8
13
— ’ ¿'.9
22.2 — 22’.2
Auto
Tires
13
—
4.9
13.5
. . . .
‘ ¿;é
¿ ¿ ‘. i
28.1 — 5.6
2X8
40.5
To
(lc) Percentage of increase or decrease in net sales for October, 1920, over September, 1920
Hard
ware
No. of reporting firms
23
Dry
Goods
12
Los
A n g e l e s . . . . ............. — 1 2 . 9
8.2 — Ì 7 ! 4
S a n F r a n c i s c o ..
— 1 6 .0 — 2 7 . 9
S e a t t l e ................
P ortland
...........
, — 1 7 .3 — 1 .3
7 .1
T a c o m a ................
Y .2
— 1 8 .5
S p o k a n e ...............
Sa l t L a k e C i t y .
—
5 .4
Sa c r a m e n t o . . .
D is t r ic t . . . .
.
3 .9
Gro
ceries
— 1775
Drugs
12
27
—
2 .4
—
i'.iy
17
—
Ó.9
1 4 .2
—
13.i
— 24.9
4 .1
18
— 1 6 .0
21.1
10.2
— 4 1 .3
—
— 3 2 .9
— 1 6 .7
— 1 0 .9
—
Fur
niture
Sta
tionery
Shoes
6 .2
Auto
Tires
13
5.2
— 2 5 .7
— 1 4 .7
— ’ ¿ ’. 6
2 .7
4 .5
4 .9
....
— 1 1 .5
—
2 .3
[11]
— 1 7 3
—
5 .6
— 1 1 .5
— '1 7 7
— 1 8 .8
Foreign Commerce. Imports into Pacific Coast ports during Septem
ber were 29.2 per cent less in value than in September, 1919, and ex
ports were 13.4 per cent less. Both imports and exports were less for
the eight-months period ending September 30, 1920, than they were
for the same period last year, but imports fell off less rapidly than did
exports, a situation to be expected in view of the existing depreciation
in the currencies of foreign countries, which acts as a barrier against
imports from this country but tends to stimulate their exports to us.
IMPORTS
(000 omitted)
M onth Ending
% In - E igh t M onths Ending
Sept. 30,
Sept. 30, crease or
Sept. 30,
1920
1919 Decrease
1920
.................
.....................
P o r tla n d
.........................
W a s h in g to n
...................
S a n D i e g o .........................
San
Los
F r a n c is c o
A n g e le s
T o t a l P a c ific
T o ta l
%
o f
U n ite d
C oast
U n ite d
183,875
7,053
7,243
116,879
709
.. 28,47640,257 — 29.2
315,759
. . . 363,000 435,000 — 16.5 4,358,000
C o a st.
S ta te s.
P a c ific
T o ta l
18,875
23,969 — 21.2
714422
68.9
512464
10.3
8,323
15,350 — 45.7
5252
00.0
Sept. 30,
1919
% In crease or
D ecrease
176,280
3.7
2,216
218.2
1,845
292.5
154,781 — 24.4
709
00.0
335,831
2,697,000
— 5.9
61.5
to
S t a t e s ..
7.8 9.2
7.2
12.4
EXPORTS
(000 omitted)
M onth Ending
Sept. 30,
Sept. 30,
1920
1919
San
.................
.....................
.........................
...................
.........................
F r a n c is c o
A n g e le s
P o r tla n d
W a s h in g to n
S a n D ie g o
Los
T o t a l P a c ific
T o ta l
%
U n ite d
C o a s t ...
S t a t e s ....
o f
P a c ific
C oast
to
T o t a l U n ite d S t a t e s ..
14,750
1,497
5,377
9,257
41
30,922
606,000
5.1
12,185
1,364
2,171
19,980
41
% In crease or
Decrease
E igh t M onths Ending
Sept. 30,
Sept. 30,
1920
1919
21.0
9.7
47.6
— 53.6
00.0
172,898
13,665
41,714
164,269
399
172,287
0.3
6,771
101.8
33,209
25.6
240,761 — 31.7
302
32.1
35,741 — 13.4
392,945
453,330
595,0001.8 6,082,000 5,867,000
6.0
6.4
% ln crease or
Decrease
— 13.3
3.6
7.7
Labor. No strikes of importance are in progress in this district, nor
are there any announcements of intended strikes. There is but little
more than the customary seasonal unemployment of unskilled laborers,
due to the closing of the harvest season and the falling off in lumber
ing operations. No unemployment of skilled laborers is reported.
Business Failures. Nevada reported no failures for the month. In the
other states of the district failures during October increased over three
fold in total liabilities compared with last month but were 38 per cent
[1 2]
less in liabilities than in June, the high month of this year. Idaho’s
two failures represented total liabilities of $1,500,500. The average
failure in California has liabilities of $28,000, in Oregon and W ash
ington $18,000, in Arizona $11,000, and in Utah $3,000. R. G. Dun and
Company’s comparative figures by states for the past three months
fo llo w :
OCTOBER
N o.
L ia b ilitie s
SEPTEM BER
N o.
L ia b ilitie s
$
..
5
. 67
2
0
22
. 7
. 23
57,400
1,886,585
1,500,500
0
407,223
26,089
421,259
3
45
10
2
11
11
19
D is t r ic t .
.126
$4,299,056
101
A r i z o n a ..................
C a l if o r n ia
. . .
.........................
Idaho
N evada
.....................
O r e g o n .....................
U ta h
.........................
W a s h in g t o n
$
AUGUST
N o.
1,500
401,032
163,929
8,602
87,258
290,261
291,978
0
41
5
1
16
6
21
$1,244,560
~90
L ia b ilitie s
$
0
209,254
33,844
1,000
263,658
131,882
367,600
$1,007,238
Building Activity. Building permits issued in nineteen principal cities
of the district during October averaged 15.8 per cent less by value and
9.9 per cent by number than those issued during September. The de
crease appeared both in repairs and new construction, and was less
pronounced in the interior than on the coast. Building is still proceed
ing on a larger scale, however, than in October, 1919, both in value
and number of permits issued. The increase in value over last year
was 18.1 per cent, while the increase in number of permits was 29.5
per cent. The average value of each permit has declined steadily since
June of this year, when a peak of $2,750 was reached. In October it
was $1,675 as compared with $1,796 in September.
Following are the number and value of building permits for October,
1920, September, 1920, and October, 1919, both for the nineteen prin
cipal cities of the district and for the six cities whose total permits
were greater than $500,000.
BUILDING PERMITS
(19 cities)
October, 1920
N o.
*V a lu e
Los
......... 3,210
6,432
418
1,399
.......... 455
1,097
............... 816
758
............ 927
695
............. 463
521
i s t r i c t . . . 8,378f 14,040
A n g e le s
S a n F r a n c is c o ....
L o n g B e a c h
S e a ttle
P o r tla n d
O a k la n d
T o ta l
D
September, 1920
N o.
*V alu e
3,515
7,231
435
1,997
475
1,231
1,046
865
1,074
803
510
798
9,295 16,694
D uring
M onth
11.0
29.9
10.8
12.3
13.4
34.8
15.8
% Decrease
in Value
O ctober, 1919
N o.
*V a lu e
1,353
470
392
1,190
883
461
6,469
3,140
1,325
850
1,434
1,422
586
11,885
% Decrease
in Value
During
Year
104.8$
5.5$
29.0$
47.1
51.1
11.0
18.1$
*(000) omitted.
fPercentage decrease in number over last month, 9 .9 % , and increase over O ctober,
¿Increase.
[13]
1919, 2 9 .5 % .
C learings and Debits to In d ivid u al Accounts. October bank clearings
throughout the district were practically the same in amount as in
September, a substantial increase in Los Angeles offsetting decreases in
the other Federal Reserve Bank and Branch cities except Portland,
whose figures remained practically unchanged. Total clearings for the
district were 5.4 per cent greater than those of October, 1919.
October figures of debits to individual accounts, representing all
payments for the account of individual bank depositors as reported
by 113 banks in twenty cities of the district were $2,295,240,000, which
is 14.6 per cent less than those of last month, $2,686,720,000, although
10.4 per cent in excess of the $2,078,003,000 reported in October, 1919.
Comparative figures of clearings are tabulated below:
BANK CLEARINGS
October, 1920
September, 1920
October, 1919
Sa n
F r a n c is c o . . .
$ 7 0 8 ,3 0 0 ,0 0 0
$ 7 1 2 ,0 0 0 ,0 0 0
$ 7 4 2 ,2 7 9 ,0 0 0
Los
A n g e l e s ............
3 5 8 .5 1 1 .0 0 0
3 4 6 .9 4 5 .0 0 0
2 3 0 .7 3 7 .0 0 0
.......................
1 7 1 .6 2 0 .0 0 0
1 7 5 .8 7 4 .0 0 0
1 9 7 .5 0 1 .0 0 0
P o r t l a n d ....................
Salt L a k e C it y .
1 8 0 .8 3 8 .0 0 0
7 5 .1 3 8 .0 0 0
1 8 0 .3 6 3 .0 0 0
1 8 1 .4 4 8 .0 0 0
S p o k a n e ......................
6 2 .6 5 3 .0 0 0
6 9 .3 7 9 .0 0 0
5 7 .6 6 2 .0 0 0
8 3 .3 5 4 .0 0 0
6 8 .4 3 5 .0 0 0
Seattle
T o t a l .......................................$ 1 , 5 5 7 , 0 6 0 , 0 0 0
T otal
D is t r ic t * . . . . $ 1 ,8 1 7 ,9 7 6 ,0 0 0
$ 1 ,5 4 2 ,2 2 3 ,0 0 0
$ 1 ,5 0 3 ,7 5 4 ,0 0 0
$ 1 ,7 8 8 ,9 1 9 ,0 0 0
$ 1 ,7 2 4 ,6 1 8 ,0 0 0
*22 cities reporting.
Interest and D iscount Rates. The customary rates charged in Federal
Reserve Bank and Branch cities for the thirty-day periods ending
October 15 and November 15 respectively are tabulated herewith in
c o m p a ra u v e
iu n ii;
Prime Commercial Paper
Open Market
Customers
Nov.
O ct.
N ov.
O ct.
Interbank
Loans
Nov.
Oct.
6%
7
6%
7
8
8
7
61/2
7
6
8
7
7
8
8
7
P o r t l a n d ................
7
8
8
7
8
7
Salt L a k e
8
8
7
8
7
7
8
7 1/2
IV
7
N one
7
7
Sa n
F r a n c is c o .. .
Los A ngeles. . . .
Seattle
....................
Cit y . .
S p o k a n e ................... .
2
6
Collateral
Loans
N ov.
Oct.
6%
7
7
7
8
8
7
8
7
8
N one
7
Secured by
L. L . Bonds
or U .S .
Certificates of
Indebtedness
N ov.
Oct.
6%
6y2
7
7
7
7
7
7
8
8
8
8
Federal Reserve Bank. The amount of bills discounted for member
banks declined during the past month by over $10,000,000, from $176,268,000 to $165,485,000, compared with an increase of $17,224,000 during
the preceding five weeks. Member banks’ reserve deposits during the
month showed an increase of over $2,000,000, and cash reserves were
over $7,000,000 larger. The amount of Federal Reserve Notes in actual
circulation remained practically unchanged.
[14]
ERRATA
C o r r e c tio n s in r e p o r t r e le a s e d N o v e m b e r 1 .
P ag e 4 — B ean s.
The estimated production of beans in the Twelfth Federal Reserve
District this year compared with last year is as follows:
1920
C a l if o r n ia
1919
....................................3 , 0 7 4 , 0 0 0 b u s h e l s
A r i z o n a .............................................
7 8 ,0 0 0 b u s h e ls
4 ,4 6 4 ,0 0 0 b u s h e ls
1 3 6 ,0 0 0 b u s h e ls
These figures include lima beans and beans other than limas (the
figure for the 1920 production in California is in correction of the
figure published in last month’s report, which included only beans
other than limas.)
Page 7— Line 13.
The compromise was suggested by the Government, not by the Com
pany.
Page 14—
For the table on Imports and Exports substitute the follow ing:
IMPORTS
(000omitted)
% In % ln M onth Ending
crease ( + ) or
Eight M onths Ending
crease ( + ) or
A u g. 31, ’20 A u g. 31, ’ 19 D ecrease(— ) A u g. 31, ’20
A u g. 31, ’ 19 Decrease (— )
F r a n c i s c o ......................
A n g e l e s ............................
P o r t l a n d ....................................
W a s h in g t o n (S e a ttle ).
Sa n
Los
Sa n
D i e g o ..................................
T otal
P a c if ic
T o t a l U n ite d
%
Coast. .
2 0 ,5 1 0
448
525
1 2 ,3 5 8
2 1 ,3 9 2
155
57
1 5 ,4 0 8
— 4 .1
+ 1 8 9 .0
+ 8 2 1 .1
— 1 9 .7
1 6 4 ,9 9 9
6 ,3 3 9
6 ,7 3 1
1 0 8 ,5 5 6
1 5 2 ,3 1 1
1 ,7 9 3
1 ,3 8 1
1 3 9 ,4 3 2
+ 8 .3
+ 2 5 3 .5
+ 3 8 7 .4
— 2 2 .2
102
18
+ 4 6 6 .7
656
389
+ 6 8 .6
3 3 ,9 4 3
3 7 ,0 3 0
— 8 .3
2 8 7 ,2 8 1
2 9 5 ,3 0 6
— 2 .7
S t a t e s . .5 1 9 ,0 0 0
3 0 7 ,0 0 0
+ 6 9 .1
4 ,0 0 0 ,0 0 0
2 ,2 6 2 ,0 0 0
+ 7 6 .8
o f P a c ific C o a st to
T o t a l U n ite d S ta te s
6 .5 %
1 2 .0 %
7 .1 %
1 3 .0 %
EXPORTS
(000 omitted)
% In
% In
M onth Ending
crease (-{-) or
Eight M onths Ending
crease ( + ) or
A u g. 31,
A u g. 31, ’ 19 Decrease ( - - ) A u g. 31,
A u g. 31, ’ 19 Decrease (— )
*20
13,619
432
Los
5,642
(Seattle). 11,356
116
S a n D i e g o ..................................
P a c if ic
T o t a l U n ite d
%
— 1.2
+125.0
+ 17.0
— 29.6
+37.3
—6.9
362,022
417,600
— 13.3
—9.6
5,483,000
5,272,000
+4.0
31,165
44,210
.584,000
646,000
Coast..
S ta te s.
160,103
5,407
31,039
220,791
260
— 34.3
— 62.6
+2.8
— 32.6
+329.6
F r a n c i s c o ......................
A n g e l e s ............................
P o r t l a n d ...................................
W a s h in g to n
T otal
’20
158,148
12,168
36,337
155,012
357
20,685
1,155
5,484
16,859
27
Sa n
P a c if ic C o a s t to
T o t a l U n it e d S t a t e s
of
5.6%
6.8%
[15]
6.6%
8.1%
COMPARATIVE STATEMENT OF
CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO
C e r t i f i c a t e s .................................... $
G o ld
1 3 ,2 6 1 ,0 0 0
$
1 3 ,4 7 5 ,0 0 0
G o ld
and
G o ld
S e ttle m e n t F u n d — F . R . B o a r d . . . .
4 8 ,7 9 9 ,0 0 0
4 9 ,1 7 5 ,0 0 0
A g e n c i e s ................................
3 ,5 7 5 ,0 0 0
4 ,1 1 8 ,0 0 0
G o ld w ith F o r e ig n
T o ta l
G o ld w ith
G o ld
G o ld
by
B a n k .................... $
6 5 ,6 3 5 ,0 0 0
6 6 ,7 6 8 ,0 0 0
1 3 ,6 3 5 ,0 0 0
2 9 ,5 0 6 ,0 0 0
5 ,8 5 0 ,0 0 0
$
4 8 ,9 9 1 ,0 0 0
9 9 ,8 4 2 ,0 0 0
8 1 ,2 4 2 ,0 0 0
1 0 ,4 2 1 ,0 0 0
1 1 ,6 2 7 ,0 0 0
4 ,5 4 2 ,0 0 0
R e s e r v e s ................................... $ 1 6 7 , 3 3 9 , 0 0 0
$ 1 5 9 ,6 3 7 ,0 0 0
$ 1 5 3 ,3 7 5 ,0 0 0
F u n d ..........................................
3 9 1 ,0 0 0
5 4 6 ,0 0 0
2 9 1 ,0 0 0
R e s e r v e s ................................................... $ 1 6 7 , 7 3 0 , 0 0 0
$ 1 6 0 ,1 8 3 ,0 0 0
$ 1 5 3 ,6 6 6 ,0 0 0
Tender
T o ta l
$
$
9 1 ,2 8 3 ,0 0 0
F e d e r a l R e s e r v e A g e n t ................
R e d e m p tio n
T o ta l G o ld
Legal
H e ld
N o v . 7, 1919
O ct. 8, 1920
N ov. 5, 1920
RESOURCES:
N o te s,
S ilv e r ,
e t c ......................
B ills D is c o u n t e d :
Secured
A ll
B ills
by
5 4 ,6 8 1 ,0 0 0
5 5 ,2 4 2 ,0 0 0
5 6 ,0 8 4 ,0 0 0
1 1 0 ,8 0 7 ,0 0 0
1 2 1 ,0 2 6 ,0 0 0
3 0 ,4 3 8 ,0 0 0
5 8 ,9 1 5 ,0 0 0
5 5 ,3 0 6 ,0 0 0
9 3 ,9 5 3 ,0 0 0
H a n d .................................... $ 2 2 4 , 4 0 3 , 0 0 0
$ 2 3 1 ,5 7 4 ,0 0 0
$ 1 8 0 ,4 7 5 ,0 0 0
2 ,6 3 2 ,0 0 0
2 ,6 3 2 ,0 0 0
2 ,6 3 2 ,0 0 0
G o v t. W a r
O b lig a t io n s .. .
O t h e r ................................................................................
B o u g h t in
O pen
T o ta l B ills
on
M a r k e t .............................
U . S . G o v e r n m e n t B o n d s ..........................................
U.
S. V ic to r y
0
N o t e s .......................................................
1 1 ,3 0 1 ,0 0 0
U . S . C e r t i f i c a t e s o f I n d e b t e d n e s s ................
A ll
O th e r
E a r n in g
T o ta l
Bank
A s s e t s ................ ..
0
1 1 ,2 0 7 ,0 0 0
1 0 ,6 8 2 ,0 0 0
0
0
0
$ 2 3 8 ,3 3 6 ,0 0 0
$ 2 4 5 ,4 1 3 ,0 0 0
$ 1 9 3 ,7 8 9 ,0 0 0
A s s e t s .......................................
E a r n in g
0
P r e m i s e s ......................................................................
2 3 1 ,0 0 0
2 3 1 ,0 0 0
4 0 0 ,0 0 0
and
O th e r
D educ
D e p o s i t s .............................
4 3 ,4 7 9 ,0 0 0
4 3 ,0 4 7 ,0 0 0
4 3 ,9 2 0 ,0 0 0
5%
R e d e m p tio n
Fund
A g a in st
F.
R.
B a n k N o t e s .......................................................................
6 6 5 ,0 0 0
6 6 5 ,0 0 0
6 5 5 ,0 0 0
A ll O th e r
4 3 2 ,0 0 0
3 0 2 ,0 0 0
9 2 1 ,0 0 0
R e s o u r c e s ............................................ $ 4 5 0 , 8 7 3 , 0 0 0
$ 4 4 9 ,8 4 1 ,0 0 0
$ 3 9 3 ,3 5 1 ,0 0 0
i n .................................................................... $
$
$
U n c o lle c te d
Ite m s
tio n s fr o m G ro ss
R e s o u r c e s .......................................................
T otal
L IA B IL IT IE S :
C a p ita l P a id
6 ,8 5 9 ,0 0 0
6 ,8 8 0 ,0 0 0
5 ,4 4 2 ,0 0 0
1 1 ,6 6 2 ,0 0 0
1 1 ,6 6 2 ,0 0 0
3 ,0 4 3 ,0 0 0
4 ,9 4 1 ,0 0 0
7 ,7 0 9 ,0 0 0
A c c o u n t .. . .
1 2 1 ,1 9 4 ,0 0 0
1 1 8 ,9 2 6 ,0 0 0
1 0 8 ,9 5 8 ,0 0 0
I t e m s ................................
3 4 ,9 8 3 ,0 0 0
3 4 ,8 4 6 ,0 0 0
2 5 ,3 6 1 ,0 0 0
O th e r
D e p o s its ,
In c lu d in g
F o r e ig n
G o v e r n m e n t C r e d i t s .............................................
2 ,6 6 5 ,0 0 0
2 ,4 7 8 ,0 0 0
6 ,4 9 7 ,0 0 0
D e p o s i t s ................................ $ 1 6 1 , 8 8 5 , 0 0 0
$ 1 6 1 ,1 9 1 ,0 0 0
$ 1 4 8 ,5 2 5 ,0 0 0
S u r p lu s
.......................................................................................
G overn m en t
Due
to
D e p o s i t s ...................................................
M em bers— R eserve
D e fe r r e d
A v a ila b ility
T o ta l
G ross
F . R . N o te s in
A c t u a l C i r c u l a t i o n ................
4 ,5 7 8 ,0 0 0
2 5 4 ,1 2 6 ,0 0 0
2 5 4 ,3 8 0 ,0 0 0
2 2 0 ,3 5 7 ,0 0 0
R . B a n k N o te s in C ir c u la tio n — N e t
L i a b i l i t y ...............................................................................
1 0 ,6 2 7 ,0 0 0
1 0 ,8 3 1 ,0 0 0
1 1 ,2 7 4 ,0 0 0
A l l O t h e r L i a b i l i t i e s .......................................................
5 ,7 1 4 ,0 0 0
4 ,8 9 7 ,0 0 0
3 ,1 7 5 ,0 0 0
L i a b i l i t i e s ....................................... .. . $ 4 5 0 , 8 7 3 , 0 0 0
$ 4 4 9 ,8 4 1 ,0 0 0
$ 3 9 3 ,3 5 1 ,0 0 0
F.
T otal
M e m o : C o n tin g e n t L ia b ilit y o n B ills P u r
c h a s e d f o r F o r e ig n C o r r e s p o n d e n t s .. . . ’
[16]
7 3 6 ,0 0 0
7 3 6 ,0 0 0
0
@FedFRASER