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WET*Not to be released for publication before
the afternoon o f January 2 6 , 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 PER RIN
C h a ir m a n o f t h e B o a r d
Federal Reser v e a g en t
and
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 IS T R IC T
January 15, 1920.
E A V Y
H
th e
ranges
sn ow s an d
in te r io r
and
se v e re c o ld
s e c tio n s
fo rc e d
o f
e a r lie r
th is
w e a t h e r in
d is tr ic t
w in te r
th e P a c ific N o r th w e s t a n d
have
fe e d in g
brou gh t
th a n
u s u a l,
liv e s to c k
o ff
r e q u ir in g
th e
heavy
p u r c h a s e s o f f e e d , a t e x c e p t io n a lly h ig h p r ic e s . It is a n t ic ip a t e d , h o w e v e r ,
th a t th e s n o w fa ll w ill r e s u lt in
s p r in g a n d e a r ly s u m m e r .
th e c o ld
s a tis fa c to r y r a n g e
c o n d it io n s in
th e la te
W in te r w h e a t w a s p r a c tic a lly u n d a m a g e d b y
a n d th e h e a v y s n o w s w ill g r e a tly in c r e a s e th e m o is tu r e c o n te n t
o f th e s o il, t h e r e b y im p r o v in g th e p r o s p e c ts f o r la r g e p e r a c r e y ie ld s d u r
in g 1920.
F r u it tr e e s in
s u ffe r e d fr o m
be
fr e e z in g .
O r e g o n , p a r tic u la r ly p e a c h
a n d p e a r trees, h a v e
T h e e x a c t a m o u n t o f d a m a g e , h o w e v e r , w ill n o t
a s c e r ta in a b le f o r s o m e
tim e .
I n C a lifo r n ia , b a r le y is s p r o u t in g v e r y
s l o w l y a n d l a c k o f r a i n i s c a u s i n g ¿ to p m ^ la jx ^ T t J r o p n c e r n in g p r o s p e c t s f o r
1920 crop s.
T he
***
m a jo r p o r tio n
**
* ***: :
o £ * $ i e #^ V a s h i n g t o n
.%
c o m m e r c i& ]/a * ifp le
3 2 0 , 0 0 0 b o x e s , w h i c h #c f > { r j ^ a r e s : w U h - ^ 1 9 ^ §
crop
o f 1 9 ,-
c r o p . • o f 1 2 ;8 S 8 ,Q 0 0 b o x e s , i s
o u t o f th e h a n d s o f ^ t h e .g r o w e r S j^ i^ ij^ -J ^ w u :m a r k e t e d a Y r | c o r d p r ic e s .
T he
d e a le r s
p er car
are
th rou g h
jio V i¿ s u ffe r in g
a
t h e * r e c e jif d r o p
lo s s
rep orted
at
i n ,#£ i i e 6 § *
a p p r o x im a t e ly
*he$vy
lo s s e s
$750
due
to
f r e e z i n g o f f r u i t i n c o m m b n : s i o C a g f c * ¿ W d 1 » t o e a i s i t ? : •*# *•
T h e 1 9 1 9 fr u it a n d v e g e t a b le p a c k in
b y 3 ,5 1 8 ,3 6 5 c a s e s a s s h o w n b y
C a lifo r n ia
exceeded
th a t o f 1918
th e fo llo w in g fig u r e s :
FRUITS
1919
(cases)
A p rico ts .............................................
P ears .....................................................
F ree peach es ...................................
C ling p e a c h e s ...................................
Other fru its ......................................
T
o t a l
F
r u it s
1918
(cases)
4,3 95,2 04
1,0 71,6 87
1,962,700
5,096,2 49
1,170,563
2 ,2 33,3 14
811,950
1,3 93,595
3,1 22,4 58
1,382,420
13 ,696 ,40 3
8,943,7 37
VEGETABLES
1919
1918
(cases)
(cases)
A sparagus ...........................................
Tom atoes ............................................
T o m a to p r o d u c t s ............................
O ther vegetables ............................
1,031,2 69
3,8 09,9 79
885,90 6
1 ,3 24,3 65
902,236
3 ,8 84,9 73
1,8 09,8 05
1,688,8 06
T o t a l V e g e t a b l e s ...............
7,051,519
8,2 85,8 20
T o t a l P a c k (fr u it and vegetables) .2 0 ,7 4 7 ,9 2 2
T he
la r g e s t
c o n s ig n m e n t
sta te, a m o u n tin g
c r o p , is
n ow
average
to
b e in g
p r ic e
w ith
e s tim a te d
th a t
1 3 ,0 0 0
to
rep orted
e a r lie r
a fte r
C a lifo r n ia
B e la w a n ,
as
season
th is
r ic e
17 ,229 ,55 7
ever
to n s, a p p r o x im a t e ly
s h ip p e d
w as
com p ared
o f
p r ic e s
o f
90
cen t
S u m a tra , v ia
a p p r o x im a t e ly
s h ip m e n t
ex p orted
10 p e r
fr o m
per
cen t
12
to
o f
t h is
th e
1919
S in g a p o r e .
cen ts
7%
fr o m
o f
per
8%
th e
T he
pou n d
cen ts.
1919
as
It
is
C a lifo r n ia
r ic e c r o p w ill h a v e b e e n m a r k e te d .
T he
1919
s a lm o n
1 ,6 0 0 ,0 0 0 c a s e s
pack
o f
th e
P a c ific
sh o rt o f th a t o f 1918.
C oast
w ill
E s tim a te s , b y
c o m p a r e d w ith 19 1 8 a r e a s fo llo w s :
be
1919 (Estim ated)
T otal
.
V .V *
.
O regon
59 0,02 1
18 3,095
1,6 1 4 ,7 3 4
6 ,6 76,9 18
624,041
8,026,000
9,688,809
t h e P ^ ^ c * K i o r t h w e s t , t h e lu m fie t fjt ^ c h jL s t r y i n
b e in g .* J K ? ,t ) 0 0 c a r p ^ e h i i j d
i n « h i J ) m e i l V ; . e^ s
a r e s t a c k e c f-fo ’c a p a c it jf,
are
r e f u & iiM jf t o
w ith
in a b ility
book
••••
a n d s h ip
W a s h in g to n
orders.
?•
•
•••
C o n tm if^ d , d e m a n d ,
r c s u jf e i l in » C o n tin u e d
•
$23 a n d $ 2 7 to $19, $26 a n d $30 p e r th o u s a n d
In
th ou sa n d
D u r in g
fr o m
P o r tla n d ,
fe e t
th e
in
Ja n u a ry,
sam e
$42 to fr o m
p resen t d em a n d
com m on
p e r io d
lu m b e r
1919
th e
to
has
fr o m
p r ic e
o f
fe e t in
num ber
$ 6 8 to $ 7 7 p e r th o u s a n d fe e t.
is f o r
stock s
u s e d in
to
fr o m
fr o m
$ 3 4 .5 0
one
in
$ 1 6 .5 0
flo o r in g
advan ced
h o u s e b u ild in g .
D u r in g
o f
1 7 4 ,6 9 1 ,6 6 2
e n d in g
f e e t , 2 6 .5
Ja n u a ry
per
cen t
3, 1920,
an
b e lo w
p r o d u c tio n
p r o d u c tio n .
average
o f
th ir te e n
th e
fo u r
th e P a c ific
N o r t h w e s t r e p o r t e d a c u t o f 2 2 0 ,9 2 1 ,0 1 2 f e e t , 5 4 .9 p e r c e n t b e l o w
w eeks
p er
D ecem b er.
T h e g re a te r p a r t o f th e
w e e k s e n d in g D e c e m b e r 3 1 , 1919, a n a v e r a g e o f 1 2 2 m ills in
o r d e r s o f 1 9 4 ,1 8 8 ,2 8 4 f e e t , 1 3 .8 p e r c e n t b e l o w
in
$17,
G r a y ’s H a r b o r d is
advan ced
$ 2 5 .5 0
c o u p le d
advan ce
l u m b e r p r i c e s a i m f t g a h f e . y f e a f i / t n d S v E o r 3 t> g s S a v i n g a d v a n c e d
tr ic t.
and
a r e s u lt, m ill y a r d s
r u n n in g -p r fly p a r t tim e a n d m a n y
a d d itio n a l
t o * ,i n & k f c ; t l e l i v e ! ’i e $ , ¿ a s
.,**
as
(cases)
53 1,00 0
20 0,00 0
1 ,3 95,0 00
4 ,6 00,0 00
1,300,000
C a r s h o r t a g e ,^ g e ^ ^ iis ly ^ lh f e r f e fin g .^ it K lu m b e r p r o d u c t io n
m e n t in
1919
1918
(cases)
C olu m bia R i v e r ..............................
O u tside r i v e r s ...................................
B ritish C olu m bia .........................
A laska ..................................................
Puget S o u n d ......................................
a p p r o x im a t e ly
d is tr ic ts , in
n o r m a l,
a n d s h ip m e n ts
D u r in g
th e
fo u r
C a lifo r n ia
red
w o o d m i l l s r e p o r t e d a c u t o f 1 8 ,8 4 1 ,0 0 0 f e e t , a s c o m p a r e d w i t h 2 7 ,0 3 9 ,0 0 0
fe e t
d u r in g
th e
fo u r
w eeks
e n d in g
2 6 ,6 4 6 ,0 0 0 f e e t a n d o r d e r s r e c e i v e d
B u ild in g
g a ted
p e r m its
$ 1 0 ,8 1 4 ,0 0 0
in
in
n in e te e n
D ecem ber
p r in c ip a l
D ecem b er,
1919,
as
c itie s
in
L on g
B each ,
$ 1 9 4 ,0 0 0 ,
oth er
C a lifo r n ia ,
c itie s
by
1 9 1 9 b u ild in g p e r m it s in
in
San
s h ip m e n ts
o f
th is
d is tr ic t
w ith
aggre
$ 1 2 ,8 8 6 ,0 0 0
in
A s c o m p a r e d w ith N o v e m
and
d ecreases
th e s e n in e te e n
o f
D ie g o , C a lifo r n ia , b y
$ 2 8 3 ,0 0 0 ,
s h o w in g
1919,
com p ared
N o v e m b e r a n d $ 3 ,4 3 0 ,0 0 0 i n D e c e m b e r , 1 9 1 8 .
b e r , D e c e m b e r p e r m its in c r e a s e d
3,
o f 2 3 ,6 7 9 ,0 0 0 f e e t .
in
or
F resn o,
s lig h t
c itie s
$ 4 1 7 ,0 0 0 ;
C a lifo r n ia ,
in c r e a s e s .
a m o u n te d
to
by
D u r in g
$ 1 1 1 ,0 4 5 ,0 0 0
a s c o m p a r e d w i t h $ 5 7 ,2 4 9 ,0 0 0 i n 1 9 1 8 .
C o m p a r a tiv e sta te m e n t fo r
th ose
c itie s
$ 5 ,0 0 0 ,0 0 0
g iv e n
r e p o r tin g
p e r m its
in
excess
b e lo w :
o f
1919
d u r in g
1918
1919
is
Increase
$ 1 8,48 0,0 00
L os A n g e l e s , C a lif............ $27,34 6,0 00 $ 8,866,0 00
S e a t t l e , W a s h ...................... 15 ,613,000
10,899 ,00 0
4 ,7 14,0 00
S a n F r a n c i s c o , C a l i f . . . . 14 ,729 ,00 0
8,985,0 00
5 ,7 44,0 00
P o r t l a n d , O re.......................
9,781,0 00
6,1 78,0 00
3,603,0 00
L o n g B e a c h , C a lif............
7,217,000
2,8 97,0 00
4 ,3 20,0 00
7,135,000
5 ,3 8 1 ,0 0 0
1,754,0 00
O a k l a n d , C a lif......................
T h e v a lu e o f m in e r a ls p r o d u c e d
t r ic t d e c r e a s e d
to
$ 2 2 3 ,0 4 7 ,9 6 5 ,
fr o m
in
in
th e T w e lfth
$ 4 6 0 ,2 3 7 ,8 3 4 , i n
1919.
H ig h
1917, to
o p e r a tin g
F e d e r a l R e s e r v e D is
$ 4 0 7 ,7 7 8 ,8 6 9 , i n
co sts,
la b o r
1918, a n d
s c a r c ity
accom
p a n ie d b y s tr ik e s a n d p o o r m a r k e ts f o r s o m e m e ta ls , h a v e b e e n th e p r in
c ip a l c o n tr ib u tin g
ever,
a
dem and
fa ce
o f
la r g e
fo r
fa c to r s
p r o p o r tio n
copp er
in c r e a s e d
in
o f
th is
d ecrease.
w h ic h
is r e s p o n s ib le
s ilv e r
p r ic e s .
e s tim a te s m e t a l p r o d u c t io n
in
com es
fo r
T he
th e
In
fr o m
case
copp er
d ecrea sed
U n ite d
th e v a r io u s
th e
S ta te s
sta te s in
o f
s ilv e r , h o w
ores,
th e
p r o d u c tio n
G e o lo g ic a l
t h is
s m a ll
in
th e
S u rvey
d is tr ic t, d u r in g
1918 a n d 1919, as fo llo w s :
GOLD
SILVER
Y ear (Fine Ozs.) (F ine Ozs.)
STATE
202,038
4,927,000
A rizona ........... ........ 1919
1918
262,919
6,686,152
840,758
1,121,069
California ----- ........ 1919
1918
797,732
1,427,711
34,365
5,701,000
I daho ............... ........ 1919
1918
33,999
9,172,340
230,004
7,177,000
N evada ............ ........ 1919
1918
320,239 10,000,599
51,848
Oregon ............. ........ 1919
211,523
1918
61,459
107,323
Utah ................. ........ 1919
104,137 11,569,000
1918
142,666 13,455,597
14,987
W ashington .. ........ 1919
299,000
1918
14,738
jp j
T otals
....
COPPER
(P oun ds)
522,000,000
764,885,874
22,299,656
47,331,769
3,100,000
6,533,888
51,000,000
116,316,441
2,638,714
2,451,016
123,626,000
227,169,630
1,321,000
RECOVERABLE
LEAD
ZINC
TOTAL
(P oun ds)
(Pounds')
VALUE
10,000,000
1,717,000 $108,707,000
12,503,689
2,269,643
202,134,880
4,455,161
965,259
23,124,045
13,372,057
5,561,393
31,064,747
184,000,000 16,565,000
19,376,000
294,695,993 45,161,712
36,552,158
12,558,000
8,182,000
23,634,000
23,316,534 16,724,753
48,528,124
2,000
1,808,920
10,601
1,983,942
121,249,000
4,467,000
45,439,000
167,008,224 18,399,417
86,047,597
1,700,000
959,000
5,271,818
38,873
1,467,421
t 1919 1,478,137 /^ O O ^ f c ü * ^ ^ ^ 5 , 3 7 0 ' t e , 964,161
" 1
1918
1,633,75^ 41,159,815 Q;<t66,611,024
51^,178,913
31,896,259
88,155,791
$223,047,965
407,778,869
D a ily
p r o d u c tio n
o f p e tr o le u m
in
C a lifo r n ia
averaged
2 6 7 ,4 9 7 b a r r e l s
i n D e c e m b e r , 1 9 1 9 , a s c o m p a r e d w i t h 2 7 0 ,3 3 9 b a r r e l s i n N o v e m b e r , 1 9 1 9 ,
and
s h ip m e n ts
stored
1919.
stock s
averaged
by
P r o d u c tio n
m en ts
to
d u r in g
2 8 9 ,3 9 1
b a r r e ls
6 7 8 ,7 1 4 b a r r e l s
to
per
day,
3 0 ,4 8 0 ,3 2 3
d u r in g 1919 a m o u n te d
1 0 2 ,7 8 4 ,3 8 4 b a r r e l s , s t o r e d
th ereb y
b a r r e ls
on
d e c r e a s in g
D ecem ber
t o 1 0 1 ,2 2 1 ,7 8 4 b a r r e l s
stock s
d e c r e a s in g
and
1 ,5 6 2 ,6 0 0
31,
s h ip
b a r r e ls
th e y e a r.
in
p rog
r e s s in th is d is t r ic t a n d s e a s o n a l u n e m p lo y m e n t is m u c h le s s t h a n
N o s tr ik e s o r la b o r
at th e
a
d is tu r b a n c e s o f a n y im p o r ta n c e
sam e
p e r io d
6 ,0 0 0
u n e m p lo y e d , as
year
W a s h in g to n , fr o m
ago.
S e a ttle ,
com p ared
W a s h in g to n ,
w ith
8 ,0 0 0
in
are
rep orts
n ow
fr o m
Ja n u a ry, 1919;
3 ,0 0 0
to
Spokane,
50 0 to 80 0, a p p r o x im a t e ly th e s a m e n u m b e r a s a y e a r
a g o ; P o r t l a n d , O r e g o n , 3 ,0 0 0 , a s c o m p a r e d
th is t im e la s t y e a r ;
w ith
S a lt L a k e C ity , U ta h , “ n o
fr o m
7 ,0 0 0
to
1 0 ,0 0 0
a s c o m p a r e d w i t h m o r e t h a n 3 ,0 0 0 u n e m p l o y e d i n J a n u a r y , 1 9 1 9 .
r a t e e s tim a te s f o r
S a n F r a n c is c o
at
m a t e r ia l u n e m p lo y m e n t ,”
a re u n o b ta in a b le b e c a u s e
o f
A ccu
th e
la r g e
n u m b e r o f fo r m e r s h ip -y a r d e m p lo y e e s w h o h a v e n o t a v a ile d t h e m s e lv e s
o f
o p p o r tu n itie s
e m p lo y m e n t in
to
re tu rn
to
w ork
and
m any
o f
w h om
are
s e e k in g
o t h e r lin e s .
R e ta il tr a d e c o n tin u e s
a c tiv e , a v e r a g in g
45 p e r ce n t g re a te r b y
v a lu e
in D e c e m b e r , 1919, th a n in D e c e m b e r , 19 18, a n d 70 p e r c e n t g r e a te r th a n
in
N o v e m b e r, 1919.
B a n k c le a r in g s in t w e n t y -fo u r p r in c ip a l c itie s o f th e d is tr ic t a m o u n t e d
t o $ 1 ,7 8 1 ,0 8 4 ,0 0 0 i n
D ecem b er,
1918,
D e ce m b e r, 1919, as c o m p a r e d
an
in c r e a s e
o f
4 0 .6
per
cen t,
N o v e m b e r , 1 9 1 9 , a n i n c r e a s e o f 9 .5 p e r c e n t .
N ovem ber
A n g e le s ,
and
w ere
1 0 .9
19 18 in
per
m ade
cen t.
in
San
F r a n c is c o ,
C o m p a r a tiv e
th o s e c itie s in
t h is
w it h
and
$ 1 ,2 6 6 ,1 9 5 ,0 0 0 i n
$ 1 ,6 2 6 ,1 2 0 ,0 0 0
in
T h e la r g e s t in c r e a s e s o v e r
1 4 .1
sta tem en t
d is tr ic t w h o s e
per
o f
cen t,
and
c le a r in g s
c le a r in g s
in
fo r
exceeded
L os
1919
$ 5 0 0 ,-
0 0 0 ,0 0 0 i s a s f o l l o w s :
1919*
S a n F r a n c i s c o , C a lif....................
L os A n g e l e s , C a lif.........................
S e a t t l e , W a s h ..................................
P o r t l a n d , O re..................................
S a l t L a k e C i t y , U ta h ...............
S p o k a n e , W a s h ................................
,
1918*
$7 ,285
2,339
2,019
1,653
,
827
554
Increase*
$5,629
1,547
1,860
1,323
697
422
$1,656
792
159
330
130
132
* 000,000 om itted.
In terest
th e
past
and
d is c o u n t ra te s
m on th ,
8 p e r c e n t in
n ow
have
a v e r a g in g
a g r ic u lt u r a l s e c tio n s .
6
sh ow n
per
a
cen t
ten d en cy
in
to
s tiffe n
in d u s tr ia l
d u r in g
cen ters
and
@FedFRASER