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M F Not to be released for publication before the morning o f February 2 5 , 1 9 20 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 PE R R IN CHAIRMAN OF THE BOARD Federal reser v e a gent and G E N E R A L B U S IN E S S A N D A G R IC 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 IS T R IC T F ebruary 15, 1920. L A C K o f r a in 'F e d e r a l fr o m 50 th re a te n s to R eserve to 90 per season al average in C a lifo r n ia , N o rth w e st. fo r n ia s e r io u s ly D is t r ic t . c u r ta il 19 20 c r o p s P r e c ip ita tio n ce n t b e lo w n orm al d u r in g th ro u g h o u t s in c e J u ly 1, 19 19, h a s b e e n and fr o m 20 to 40 A s a con seq u en ce per ce n t b e lo w p la n te d th e been g ro w th e x c e e d in g ly o f b a r le y , w h e a t s lo w W a s h in g to n , fa ll s o w n th a t th e c r o p B ecau se s till h e ld in g to n o f in becau se to b a r le y o f th e oa ts in n o r m a l in and w ith th e P a c ific a good 1 0 0 ,0 0 0 t o n s . In th e G e r m in a h as, h ow ev er, Id a h o, w e ll a n d r a in am ount O regon and in d ic a t io n s are w ill a v e r a g e a b o u t 70 p e r c e n t o f n o r m a l. car sh orta g e, m u ch in te r io r a p p r o x im a t e ly o f w areh ou ses 1 ,5 0 0 ,0 0 0 th e 1919 a w a itin g b u s h e ls o f g r a in crop o f tr a n s p o r ta tio n . w heat w ere O regon In m oved d u r in g o u ts id e A b o u t 9 0 p e r c e n t o f th e w h e a t r e c e iv e d o f m a n u fa c tu r e , o r s p ite o f h a y a s w h e a t h e ld sh orta g e in is W ash a b o u t 10 p e r ce n t w a s c a r r ie d in S e a ttle in is s till h e ld in th a t c it y e it h e r a s m a n u fa c t u r e d flo u r , a s flo u r in In th e n orm al s h o u ld C a lifo r n ia d rou g h t. w h e a t is w in t e r in g J a n u a r y , b u t o f t h is a m o u n t o n ly o f th e sta te. and and o n e -h a lf o f th e 1 9 19 C a li t o 1 ,0 0 0 ,0 0 0 t o n s , e x c e e d i n g p r e v i o u s r e c o r d s b y and averaged d is tr ic t, fa ll d u r in g th e s p r in g m o n th s th e C a lifo r n ia b a r le y c r o p tio n th e T w e lft h 50 p e r ce n t b e lo w a p p r o x im a t e ly w h eat acreage has been in Ja n u a ry in som e stora g e b y s e c tio n s and 1919 p rocess m ille r s , th e e x c e p tio n a lly h ig h p r ic e o f fe e d t h r o u g h o u t th e d is tr ic t, c a ttle a r e w in t e r in g c o m p a r a t iv e ly w e ll a n d a re in fa ir c o n d itio n . w e r e 2 5 ,1 1 7 ,0 0 0 h e a d on J a n u a ry 1, 1920, as c o m p a r e d 5 7 1 ,0 0 0 lo w s : A c c o r d in g to g o v e r n m e n t e s tim a te s , th e r e o f liv e s to c k , v a lu e d on Ja n u a ry 1, 1919. w ith a t $ 7 1 1 ,4 3 1 ,0 0 0 i n t h is 2 5 ,1 9 6 ,0 0 0 h e a d , v a l u e d D e ta ils b y c la s s e s o f liv e s to c k d is tr ic t a t $ 7 2 0 ,- are as fo l (0G0 om itted) STATE Horses Mules M ilch Cows Other Cattle 132 400 270 75 282 145 303 10 59 4 3 10 2 20 57 571 136 35 224 109 228 1200 1634 537 535 708 518 298 1300 2972 3234 1596 2547 2245 757 50 973 187 32 314 114 291 1607 1678 108 112 1360 1351 5430 5369 14651 14597 1961 2089 A r i z o n a ................... C a l if o r n ia ........... I d a h o ........................ N e v a d a ..................... ................... O regon Utah ........................ W a s h in g t o n .............. 1920 i ^ a n ’ 1, TX KJ o tX Aa l li Os < [ Jan. 1, 1919 1 9 2 0 . . ..$ 1 3 5 ,2 7 6 V a l u e s ( ^ a n * 1, L Jan. 1, 1 9 1 9 . . . . 145,706 C a r s h o r ta g e c o n tin u e s In th e P a c ific o f th e cars to N o rth w e st r e q u ir e d , Swine $1 1,962 $122,600 $2 50 ,6 63 $ 1 54 ,1 12 $36,81* 12,737 104,439 24 7,50 3 170,328 39,85* r e s tr ic t o p e r a t io n s in lu m b e r and Sheep m ills lu m b e r are th e r e c e iv in g m a n u fa c tu r e r s lu m b e r in d u s tr y . o n ly per rep ort 30 e q u a llin g o n ly 87 p e r c e n t o f p la n t c a p a c ity a n d o r d e r s a c c e p t e d 5 0 p e r c e n t o f b u s in e s s o ffe r e d . an th e P a c ific N o r th w e s t r e p o r t e d o f 3 2 7 ,1 8 9 ,5 3 5 f e e t , 2 6 .6 p e r c e n t b e l o w 4 .4 per cen t above as as o n ly D u r in g fiv e w e e k s e n d in g F e b r u a r y 5 th , a v e r a g e o f 1 2 5 lu m b e r m ills in fe e t, cen t p r o d u c tio n a cu t n o r m a l , a n d o r d e r s o f 3 4 2 ,3 9 2 ,3 4 0 p r o d u c tio n . D u r in g J a n u a r y 3 1 st, a n a v e r a g e o f 1 3 C a lifo r n ia th e fo u r redw ood w eeks e n d in g m ills r e p o r t e d a cu t o f 2 2 ,1 0 6 ,0 0 0 f e e t , a s c o m p a r e d w i t h 1 8 ,8 4 1 ,0 0 0 f e e t d u r i n g t h e p r e c e d i n g fo u r in w eeks, and C a lifo r n ia orders p rod u ced 5 ,8 6 3 ,0 7 7 f e e t o f w h i t e a m o u n te d B u ild in g o f 2 7 ,6 3 5 ,0 0 0 1 6 ,0 6 6 ,8 8 5 and red fir . fe e t. fe e t D u r in g o f w h it e D u r in g th e 1919, and sam e s ix te e n su gar p e r io d m ills p in e and s h ip m e n ts t o 3 5 ,5 9 9 ,1 0 4 f e e t o f p i n e a n d 7 ,1 7 0 ,6 5 5 f e e t o f fir . p e r m its g a t e d $ 1 3 ,0 0 9 ,4 2 9 i n ce m b e r, 1919, a n d in n in e te e n p r in c ip a l c itie s J a n u a ry , 1920, as c o m p a r e d $ 2 ,9 6 5 ,5 6 4 in Ja n u a ry , 1919. o f th e w ith d is tr ic t aggre $ 1 0 ,8 1 4 ,2 9 3 i n C o m p a r a tiv e D e sta te m e n t o f b u i l d i n g p e r m i t s i n t h o s e c i t i e s r e p o r t i n g p e r m i t s i n e x c e s s o f $ 5 0 0 ,0 0 0 in J a n u a r y , 1 9 2 0 , is g iv e n b e l o w : f--------- January, 1920--------- ^ Num ber 1928 Los A n g e l e s , C a lif......... 490 S a n F r a n c i s c o , C a li f.. . . 771 S e a t t l e , W a s h ................. 581 L o n g B e a c h , C a lif............ 694 P o r t l a n d , O re................... 224 F r e s n o , C a lif...................... 354 O a k l a n d , C a lif................. 143 S a c r a m e n t o , C a lif............ R e ta il tra d e th a n in A m ount $4 ,186 ,26 6 1,636,7 33 1,291,3 10 1,271,8 20 92 4,305 875,540 54 8,69 3 517,641 a v e r a g e d 4 0 p e r c e n t s m a lle r b y D e ce m b e r, 1919, d u e to th e heavy ,------- Decem ber, 1919------- ^ Num ber A m ount 1763 461 603 571 453 180 272 92 v a lu e C h r is tm a s $ 3 ,611 ,08 3 1 ,3 68,8 27 59 9,36 0 1 ,1 54,1 80 6 9 4,68 2 5 7 0,465 782,64 8 11 2,366 in J a n u a ry , 1920, p u rch ases in D e- c e m b e r , b u t a v e r a g e d 5 0 p e r c e n t g r e a te r in J a n u a r y , 19 20, th a n in J a n u a ry , 1919. in C o m p a r a tiv e sta te m e n t o f p e r c e n ta g e in c r e a s e s a n d d e cr e a s e s s a le s b y r e p r e s e n ta tiv e d is t r ic t is g iv e n d e p a r tm e n t s to re s in th e la r g e r c itie s o f t h is b e lo w : CO M PARISO N OF R E TA IL TR AD E J A N U A R Y , 1919— J A N U A R Y , 1920 IN TW E L F T H FED E R A L RESERVE DISTRICT (----- Percentage o f increase or decrease------N (2 ) (1) C om parison o f net sales w ith those o f January, 1919 L os A n g e l e s ........................ ...................... O a k l a n d ................................................. S a n F r a n c i s c o ............. .................... S a l t L a k e C i t y ........... ..................... S e a t t l e ............................. ...................... S p o k a n e ........................... . . ............... D i s t r i c t ................ .................... Stocks at end o f m onth com pared w ith A B Jan., 1919 Dec., 1919 83.8 41.4 53.5 23.8 23.9 36.2 44.0 10.6 45.9 9.7 8.4* 4.7 44.5 25.4 2.0* 9.4 50.9 38.3 2.7 (4) (3) % o f average stocks at end o f January to sales during January Los A n g e l e s ....................... ........................... Oa k l a n d .................... .............................. ... 1919 33.3 422.7 490.6 405.2 S a n F r a n c i s c o ............. .................... S a l t L a k e C i t y ........... % o f outstanding orders at end o f m onth to total purchases during calendar year . . . . . . . . . 18.2 . . . . . . . S p o k a n e ........................... .................... 427.1 508.8 18.4 37.2 D i s t r i c t ................ .................... 428.3 28.0 S e a t t l e ............................. .................... ^Decrease B a n k c le a r in g s in 21 p r in c ip a l c itie s in 1 1 9 ,0 0 0 d u r in g J a n u a ry, 1920, as th e d is tr ic t a g g r e g a te d com pared w ith c e m b e r , 1 9 1 9 , a n d $ 1 ,2 5 9 ,1 3 1 ,0 0 0 i n J a n u a r y , 1 9 1 9 . $ 1 ,7 4 5 ,- $ 1 ,7 8 1 ,0 8 4 ,0 0 0 In in D e th o s e c itie s w h o s e c l e a r i n g s e x c e e d e d $ 5 0 ,0 0 0 ,0 0 0 d u r i n g J a n u a r y , L o s A n g e l e s a n d S p o k a n e a lo n e s h o w e d in c r e a s e s o v e r D e c e m b e r . T he o p e n in g o f a F ederal R e s e r v e B a n k b r a n c h in L o s A n g e le s o n J a n u a r y 2 n d is la r g e ly r e s p o n s ib le f o r th e in c r e a s e d c le a r in g s in th a t c ity . in g s in F ed eral R eserve B ank and C o m p a r a tiv e sta te m e n t o f c le a r bran ch c itie s in th e d is t r ic t is g iv e n b e lo w : January, 1920 Sa n F r a n c is c o , C a l i f .. . , $721,4 76 ,000 Los A n g e l e s , C a lif. . . . 316,283,000 S e a t t l e , W a s h .................... , 17 5,300,000 P o r tlan d , O re.................... 1 44,839,000 S al t L a k e C i t y , U ta h . . . . 84,812,000 S p o k a n e , W a s h ................. 59,480 ,00 0 ^Increase. Decem ber, 1919 $ 7 73 ,871,000 265,55 0,0 00 1 8 3,45 8,0 00 15 1,64 2,0 00 95 ,592,000 5 8 ,001 ,00 0 % Decrease 8.8 19.1* 4.5 4.5 11.5 1.7* In terest a n d d is c o u n t ra te s have sh ow n a ten d en cy to becom e som e w h a t fir m e r , a lt h o u g h p e r h a p s n o t s u ffic ie n tly to c h a n g e th o s e p r e v io u s ly q u o te d o f 6 p e r c e n t in in d u s tr ia l c e n te r s a n d 8 p e r c e n t in a g r ic u ltu r a l s e c tio n s . D u r in g J a n u a r y o f 19 20 th e r e w e r e 8 0 fa ilu r e s in p a r e d w ith 70 d u r in g J a n u a ry , 1919. in J a n u a ry , 1920, as c o m p a r e d sta tem en t b y sta tes fo r L ia b ilitie s th is d is t r ic t a s c o m a m o u n te d to $ 1 ,8 6 9 ,2 3 7 w i t h $ 6 9 2 ,0 2 2 i n J a n u a r y , 1 9 1 9 . J a n u a ry , 1920, as fu r n is h e d by R . D e ta ile d G. D un and C o m p a n y is a s f o l l o w s : STATE Num ber ......................................... C a l i f o r n i a .................................... I d a h o .............................................. O r e g o n ........................................... Assets 3 41 2 7 A r iz o n a $ N e v a d a ............................................. None U t a h ................................................ W a s h in g t o n .............................. ................................. T otals D a ily p r o d u c tio n in 13 14 80 o f p e tr o le u m J a n u a ry , 1920, as co m p a re d in $ 9,000 373,10 2 14,000 45,059 None None 114,841 669,00 0 165,476 1,262,6 00 $904,932 C a lifo r n ia w ith L iabilities 3,500 85 ,095 11,200 21,296 $1 ,8 6 9 ,2 3 7 averaged 2 6 7 ,4 9 7 b a r r e l s in 2 7 3 ,0 8 7 b a r r e l s D e ce m b e r, 1919, a n d d a i l y s h i p m e n t s a v e r a g e d 3 0 1 ,1 1 0 b a r r e l s , a s c o m p a r e d b a r r e ls in D ecem b er, b a r r e ls to 2 9 ,6 1 1 ,6 2 5 1919. b a r r e ls U n e m p lo y m e n t d u r in g m a te d nu m ber o f S tored on Ja n u a ry w ere 31, in th e d is tr ic t T e le p h o n e and p o r tin g , T e le g r a p h W a s h in g to n h ow ever, not C om pany have been th a t b u t fe w in 1919. e m p lo y e e s e m p lo y e d C a lifo r n ia , c a lle d on have a n d in U ta h 1 2 0 0 to 1 4 0 0 m in e r s a r e s tr ik in g . 8 6 8 ,6 9 8 n o m in a l, th e e s ti e x c e e d in g s tr ik e , 1 0 ,0 0 0 S tr ik e s d u r in g th e fir s t m o n t h o f 1 9 20, b u t a t p r e s e n t 2 0 0 0 e le c tr ic a l w o r k e r s N evada, and by 1920. w i t h 5 0 ,0 0 0 a t t h is t i m e d u r i n g la b o r d is tu r b a n c e s w e r e a t a m in im u m w i t h 2 8 9 ,3 9 1 d ecreased th e w in te r m o n t h s h a s b e e n u n e m p lo y e d p resen t, as c o m p a re d stock s by a n d a h a lf th e P a c ific Id a h o, th e respon ded at and O regon , com pan y to th e re c a ll,
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