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Ê B - N O T T O B E R E L E A S E D F O R P U B L IC ^
A g r ic u l t u r a l
*' ' v
I f T<«
a n d
THE A F T E R N O O N O F J A N U A R Y 2 8 , 1 9 2 2
B u s in e s s
C o n d it io 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
M o n th ly R e p o rt to the F ed eral R eserv e B oa rd
by
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. VI
San Francisco, Caliibi:*
a territory so largely dependent i\vr its
I Nprosperity
upon the condition oi
gn
culture and livestock as the Twelfth r i d
nuary 16, 1922
No. 1
pvi:
of farm products. As a measure of the
pv: v [ asing power of the rural communities,
LwV. _ver, they should be qualified by allowance
for reductions which have occurred during the
same period in the cost of living (20.4 per cent
between July, 1920, and December, 1921) and
particularly in the farmer's cost of production.
In the latter item, wages of farm labor are
one of the predominant elements and these are
reported by the Department of Agriculture to
have been $45.50 per month with board in 1921
as compared with $73.21 with board in 1920.
Those industries of the District directly
allied with agriculture are in appreciably better
condition than they were at the beginning of
1921. Sixty-one reporting flour mills of the
District are now operating at 56 per cent
capacity comp^red^ with 26.7 per cent a year
erai Reserve District, substantial and per
manent recovery from the severe readjustment
of the past year must await the results of the
crops of 1922. There is already apparent, how
ever, pronounced improvement
T he Month in the credit situation when com
pared with the beginning of
1921, as indicated both by the strong position
of the banks generally throughout the District
and by the availability and cost of bank credit
for agriculture, industry and commerce. Total
borrowings of member banks from this bank
at the beginning of 1921 ($171,211,000) were
more than twice the $71,271,000 borrowed at
the beginning of 1922. Improvement in the
condition of the 67 reporting member banks of
the District is reflected in the reduction dur
ing the year in the ratio of their total loans sewmi^ly** Embarrassed with ,*jstn .abnormally
and discounts to total deposits, which was 81.3 kjkVy*#carry over of goods pro*dtfc#èÛ#£t high
per cent at the beginning of 1921 and 75 per /
has i>e3rt*^t!fe thu£*&sf£ £o dispt>s£ o£ this
cent at the beginning of 1922. On January*. ’carryover fo l# :
iKe *¿1921 pack*,*.Vhich
that
23rd the discount rate of this bank will be /#er *••is reported to have been 70 per cent
duced from 5 to Ay2 per cent. Prevailing in-*« of J^20.j «Market.4^«a*nd. .at the .end oi**l521
terest rates charged by the principal member was*rêfü*ted
jançl pçrê$eji$: .^ im a te s are
banks of the District have been reported to be that the* Trmf ancf vegetable* i5â<?k in the Dis
easing slowly during the closing months of trict during the com ing year will be a large
1921, and it would appear that conservative one. From all parts of the District come re
enterprise in general will not be hampered in ports of increase in and improvement of dairy
its conduct during 1922 either by the lack of herds, as a result of reawakened appreciation
in the farming communities of the stability
available bank credit or by its cost.
Customary yearly returns of the United and profitableness of dairying as a collateral
States Department of Agriculture show that farm activity.
the December 1st farm value of the 15 prin
In industrial activity the most notable con
cipal crops of the District was $513,000,000 trast with conditions prevailing a year ago
compared with $730,000,000 in 1920, a decline appears in the lumber industry. December,
of 30 per cent. These figures reflect the sub 1921, was more active than is customary. Pro
stantial decreases which have occurred in duction of four associations of this District was
T h o s e d e s i r i n g th is r e p o r t s e n t t h e m r e g u la r ly w ill r e c e i v e it w it h o u t c h a r g e u p o n a p p l ic a t io n
Agricultural and Business Conditions
2
36 per cent greater than it was in December, Spokane, savings deposits generally through
1920; orders received were 179 per cent greater out the District do not show the decline which
and shipments 55 per cent greater in amount; might have been anticipated, but instead, an
unfilled orders reported by two associations increase of 4.5 per cent in amount during the
were 190 per cent greater at the end of 1921 year ending December 15th. Savings deposits
than they were at the end of 1920. Exports on that date were also 1.2 per cent greater
of lumber to Japan during the first nine months than they were the month before.
of 1921 were 174 per cent greater than during
December sales of 28 reporting retail stores
the first nine months of 1920, and recently a in the District were 2.4 per cent less in dollar
slight revival in Australian demand has value than they were in December, 1920. Sales
appeared.
in San Francisco and Los Angeles were larger
Building activity throughout the District in dollar value than in December, 1920. In
continues at record figures, December returns view of the substantial decrease in the average
being second only to those of last October. selling price of their merchandise (estimated
The year 1921 shows an increase of 31.5 per by several stores to be 20 per cent or m ore),
cent in number and 17.9 per cent in value of it is apparent that the holiday trade this year
permits compared with the year 1920. In view was appreciably larger in physical volume than
of the considerable reduction in cost of build it was last year.
ing during the year, the physical volume of
Figures are now available covering sales
construction for 1921 was even larger in com during the years 1920 and 1921 of the reporting
parison with 1920 than the foregoing figures firms in ten lines of wholesale trade in this
of value would indicate.
District. These figures are based upon a com
In the field of business, failures continue to parison of dollar value of net sales and show a
be heavy, those for December being the largest decrease in all reporting lines, varying from
reported to this bank during the past three 11.7 per cent for drugs to 52.6 for agricultural
years. They were greater by 41.5 per cent in implements. Excluding the latter, the average
number and 13 per cent in total liability than decline for all lines would not be far from 20
failures in December, 1920. Bank clearings, of per cent. If corrections of dollar values were
the 20 principal cities during December, of made to compensate for the price declines
$1,627,956,000 were only 4.1 per cent less than which have occurred in all lines during the
the clearings of December, 1920. This is the past two years, it is probable that the physical
smallest percentage of decrease for any month volume of merchandise moved at wholesale
of 1921, when compared with the correspond would show approximately the same as that
ing month of 1920,
a*nonjsidfcrably smaller moved in 1920. During the last two months
percentage of fccS4a%e*titci}i cfcct/rredfin#whole- of 1921 in particular, comparisons of sales in
sale and #i;ettfy-.*£Hc£s** "during the* :pefio(i.# It various lines with sales in the corresponding
would ap£.<*V t«h*at the physical volume ©¿iitlsj- months of 1920 have shown diminution of the
ness is #tf©.^*greatej-#i]ia$ it.jv#a$,a }jear ago;.**.. percentages of decline and certain instances of
N o^j\Jistandii^
Seattle aty}*** •increase. In November three wholesale lines
•
• • • • • • •
••• • •••
••• •
*,
(A) CropTwelfth Fedeidl'JfcGsjgrve district—
•••*••
• • *—^V6ducft<fa
*• ^—• ••—*—
* •
••• • » f
•
Crop Unit
1921
W heat (bushels)...........122,045
Oats (bushels)............... 39,148
Barley (bu sh els)........... 34,343
Hay (to n s )................... 16,125
Cotton (p ou n d s)........... 54,453
Beans (bushels) .......... 3,902
Rice (bu sh els)............... 5,880
Potatoes (bushels)....... 35,371
Sugar Beets (to n s )...... 2,496
Hops (p ou n d s).............. 28,560
Apples (barrels)........... 11,761
Peaches (bushels)........ 14,781
Pears (bushels)............ 5,821
Oranges (b o x e s )........... 22,500
Lemons (b o x e s )........... 4,664
*(000 Omitted.)
(
##
1920
100,232
44,398
41,134
14,082
130,000
2,925
9,720
39,445
2,867
36,360
7,377
15,188
6,568
18,700
3,750
1919
100,563
38,711
40,205
13,127
58,000
5,120
9,300
32,222
2,711
27,759
10,769
22,273
6,897
15,075
4,663
_
.
Farm Value on December 1st
— Total*----1919
1921
1920
1919
$102,531
13,682
21,652
149,214
11,690
11,005
6,762
36,179
16,287
6,885
44,333
16,467
9,209
49,500
18,003
$1 38,156
31,724
40,540
233,791
39,000
9,713
11,761
42,361
36,340
12,821
27,193
29,912
14,229
51,425
11,475
$211,406
36,602
56,609
255,705
27,324
22,290
24,831
50,198
29,871
21,497
50,035
34,074
14,965
41 ,456
17,941
$513,399
$730,441
$894,804
f------------- Per Unit------------- N
1921
1920
$ .8 4 $ 1.37 $2.10
.39
.71
.94
.55
.98
1.40
9.24
13.79 19.47
.21
.30
.47
2.82
3.32
4.35
1.15
1.21
2.67
1.02
1.07
1.55
6.52
12.67
11.01
.24
.35
.77
3.76
3.68
4.64
1.11
1.96
1.52
1.58
2.16
1.75
2.20
2.75
2.75
3.86
3.06
3.64
Federal Reserve Bank of San Francisco
3
(dry goods, furniture and automobile tires)
reported larger dollar values of sales than in
November, 1920, and in December two more
lines (drugs and shoes) were added to the list.
Figures compiled from the December crop
production and price estimates of the United
States Department of Agriculture show that
the total farm value of 15 of the
1921 Crop
principal crops of the Twelfth
P roduction Federal Reserve District was
and Values $513,399,000 in 1921 compared
with a total value of $730,441,000 in 1920 and $894,804,000 in 1919.
The decline in the purchasing power of the
farming communities which these figures sug
gest has been partly offset by declining prices
for the things the farmer has to buy, including
items entering into the cost of production of
his product and items entering into the cost of
living of himself and his family. It is estimated
by the National Industrial Conference Board
that the cost of living in the United States de
clined 20.4 per cent from July, 1920, to De
cember, 1921.
The reduced cost of farm labor in 1921 as
compared with 1920 and 1919 was the most
important factor in lowering costs of produc
tion of the crops of this District. Labor costs
in the far western states are estimated by the
United States Department of Agriculture as
follow s :
Farm Labor per month
(with board) .............
Harvest Hands per day
(with board) ..............
Harvest Hands per day
(without board) ........
1920
1919
.$45.05
$73.21
$62.96
2.43
4.48
3.80
3.34
5.39
4.67
1921
Estimated production and value of 15 of the
principal crops grown in the Twelfth Federal
Reserve District are shown in table “ A .” (See
opposite page.)
A ccording to figures compiled from the D e
cember report of the Bureau of Markets and
Crop Estimates (presented in table “ B” ) the
Twelfth Federal Reserve District
W inter shows a slightly reduced acreage
W heat
sown to winter wheat during the fall
of 1921 (3,573,000 acres) compared
with the acreage sown in 1920 (3,586,000
acres). W eather conditions over a large part
of the District were not favorable for fall seed
ing operations, due to the absence of rains
until late in the season.
The condition of winter wheat in this Dis
trict, as reported on December 1st, was con
siderably below the 10 year average, or
normal. Since that time copious rains have
fallen in California, Oregon, Arizona, Nevada
and Utah, and some improvement in the con
dition of all fall sown grains has resulted. A
light layer of snow covers many of the fields
in Idaho and W ashington and although the
condition of the crop may have improved since
the earlier estimate, no definite statement is
possible.
Dull markets and preinventory reduction of
stocks, caused a further decline in the output
of flour mills during December as compared
with the previous month, according
M illing to leading millers of the District.
Total production of 61 reporting
mills was 55.9 per cent of capacity as compared
with 58.9 per cent in November, and 26.7 per
(B) Acreage and Condition o f Winter Wheat—
f---------Area Sown
Autumn, 1921
Arizona ....................................... .........................
California .................................... ........................
Idaho .......................................... .........................
Nevada ........................................ ........................
Oregon ....................................... .........................
Utah ............................................ .........................
Washington ............................... .........................
(Preliminary)
42,000
759,000
436,000
2,000
894,000
148,000
1,292,000
Twelfth District ...................... ......................... 3,573,000
Total U. S................................... ......................... 44,293,000
(C) Milling—
Output
No. Mills Reporting
December
November
California ........
Idaho ................
Oregon ............
Washington
9
5
22
District .............
December
25
10
5
27
29
/
, . .6 1
71
1
(Acres)-----(Revised)
44,000
774,000
436,000
3,000
813,000
156,000
1,360,000
3,586,000
44,847,000
—
November
(barrels)
(barrels)
2 1 5 ,3 1 4
2 7 5 ,5 7 8
'
5 ,9 9 1
1 7 1 ',5 5 3
M726
• 157^9633 8 6 ,1 3 6
F Î & 7 S ,Î 3 9
5
r
Autumn, 1920
1921
Condition December 1st--------10 Year
1920
Average
95
90
81
85
92
80
79
93
95
95
90
97
97
97
95
90
92
91
93
92
89
76.0
87.9
89.0
Per Cent Mill Capacity in Operation
December
November
December
1921
1921
1920
4 0 2 ,9 S (
50.8
44.4
50.8
57.2
68.6
23.1
50.9
58.1
37.8
26.1
20.7
26.1
856,079 j
55.9
58.9
26.7
4
Agricultural and Business Conditions
cent a year ago. Millers report that there is
practically no export demand for flour, and
that while inquiries in the domestic market
have been frequent, few sales have been con
summated.
W heat prices are reported as steady with
a few sales, in the Northwestern states, while
in California a slight downward trend is noted.
Millers did not increase their stocks of flour
or wheat during December, reports of 15 large
operators in the District showing that stocks
of flour on hand January 1st, were 354,344
barrels compared with 374,587 barrels held on
January 1, 1920. Stocks of wheat held by re
porting millers on January 1st were 1,888,986
bushels as compared with 2,159,832 bushels
held on the same date a year ago.
Production of 61 reporting flour mills in this
District during December and November, and
the percentages of mill capacity in operation
during those months and in December, 1920,
are shown in table “ C.” (See preceding page.)
Combined estimates for the five states which
produce canned fruits and vegetables (shown
in table “ D ” ) give a total pack of 14,626,139
cases for the Tw elfth FedCanned Fruits
eral Reserve District during
and Vegetables
the 1921 season compared
with 20,243,724 cases packed
in 1920. The 1921 pack of canned fruits and
vegetables in California (which produces the
majority of the total pack of the District) was
11,127,798 cases compared with a 1920 pack of
16,632,809 cases. This is the smallest Cali
(D) Fruit and Vegetable Pack—By States—
(---------------- Fruits---------------- ^
f ----------- Vegetables------------\
t----------Combined Totals-
1921
1920
1921
1920
1921
1920
(eases)
(cases)
(cases)
(cases)
(cases)
(cases)
California* ...................
Idaho* ..........................
Oregon* ........................
Utah§ ............................
Washington* ...............
8 ,5 1 1 ,8 5 1
6 6 ,3 2 8
1 1 ,3 8 2 ,8 6 3
8 8 ,3 5 1
5 ,2 4 9 ,9 4 6
4 0 ,0 9 4
1 ,0 1 9 ,3 9 1
1 ,1 2 9 ,5 8 1
1 1 ,1 2 7 ,7 9 8
7 4 ,8 2 8
1 .3 5 8 .2 0 2
1 6 ,6 3 2 ,8 0 9
1 , 3 0 4 ,4 5 7
2 , 6 1 5 ,9 4 7
8 ,5 0 0
5 3 ,7 4 5
Twelfth D istrict...
1 1 ,2 5 8 ,6 9 9
6 8 ,5 1 5
1 ,3 0 7 ,5 4 8
1 2 8 ,4 4 5
1 , 1 0 8 ,0 1 4
5 8 5 ,5 9 3
8 8 ,6 2 3
1 1 7 ,5 0 2
1 0 3 ,6 5 5
1 2 3 ,4 3 7
6 5 4 ,1 0 8
1 .4 1 1 .2 0 3
1 ,2 4 7 ,0 8 3
1 ,0 0 3 ,9 3 6
1 4 ,6 2 4 ,1 2 2
3 ,3 6 7 ,4 4 0
5 ,6 1 9 ,6 0 2
1 4 ,6 2 6 ,1 3 9
2 0 ,2 4 3 ,7 2 4
1 , 1 2 7 ,3 7 3
*Estimated by Canners’ League of California.
$By the American Can Company.
§By Utah Canners’ Association.
(E) Fruit and Vegetable Pack—By Varieties—
r
1921
FRUIT
------- California*-^—
1920
(cases)
(cases)
t------- Oregon, Washington and Idaho!------- \
1919
1921
1920
1919
(cases)
(cases)
(cases)
(cases)
996,699
63
965,742
211,783
420,835
1,591
697,090
353,861
392^784
1,619
10,392
110,766
122,740
814,460
7,140
878,516
251,052
360
339,204
36,632
42,986
136,138
5,902
Apples .............................
Apricots .........................
B e rrie s.............................
Cherries .........................
Grapes ............................
Pears ..............................
Peaches ...........................
Plums .............................
Prunes .............................
Other Fruits ..................
98,500
1,150,514
93,377
222,772
. 91,886
872,396
5,796,267
141,348
9,041
2,312,020
181,151
647,977
114,886
1,184,288
6,753,198
164,740
134,245
4,395,204
148,412
460,614
104,446
1,071,687
7,058,949
280,261
44,791
Ì5*562
42,584
375*303
83
10,045
100,982
17,633
Total Fruits ..........
8,511,851
11,382,863
13,696,403
2,678,333
2,111,678
2,512,390
887,030
97,815
86,074
434,068
357,092
495,101
258,767
1,024,813
99,269
366,679
685,228
1,858,822
833,019
382,116
1,031,269
154,278
191,564
476,866
3,809,979
885,906
501,657
35*422
140
8,496
3,714
¿¿’025
400
6,736
45,683
577
78,256
5,067
1,040
53,415
1Ì8*Ì28
137,310
99*347
Total Vegetables ..
2,615,947
5,249,946
7,051,519
165,900
252,154
237,702
Combined Totals ..
. 11,127,798
16,632,809
20,749,922
2,844,233
2,363,832
2,750,092
VEGETABLE
Asparagus ......................
Beans (string) ..............
Peas .................................
Spinach ...........................
Tomatoes .......................
Tom ato Products ........
Other Vegetables .........
,
.
*Estimated by Canners’ League of California.
$By the American Can Company.
Federal Reserve Bank of San Francisco
fornia pack since 1916, although the 1921 pack
of fruit only, (8,511,851 cases compared with
a 1920 pack of 11,382,863 cases) was approxi
mately the same as the average pack during
the five year period from 1914 to 1918 (see
accompanying chart). The 1921 vegetable
pack in California was 2,615,947 cases as com
pared with a 1920 pack of 5,249,946 cases.
A brief review of the canning year will ex
plain the varying trends in the industry in the
different states. Canners generally entered the
year 1921 with the largest holdover stocks in
the history of the business. In California,
where the holdover is normally too small to be
considered, there were approximately 3,066,871
cases of canned fruits and vegetables in the
cannery warehouses of the state on February
1, 1921. In order to move their large holdings,
C A S E S C IN M IL L IO N S )
221--
C A S E S ( IN M IL L IO N S )
—i22
Pack of Canned Fruits and Vegetables in California, 1914-1921
canners reduced their prices from 30 to 45 per
cent and it is reported that the financial strain
on their resources resulting from this large
reduction in inventory value of their stocks,
coupled with the unfavorable preseason market
outlook, caused them to plan for a greatly
curtailed pack in 1921 compared with 1920.
Reduced prices stimulated consumption and
late in the 1921 packing season, both domestic
and foreign demand had reached fairly large
proportions. T o meet the rapidly reviving de
mand, packs of the later varieties of fruits were
greatly increased over early season estimates
but despite this increase the pack in California,
Idaho and Utah fell well below that of the pre
vious year. Due to the late season in Oregon
and W ashington, packers in these states were
better able to increase their output in responsi
to the fall demand and the pack in these state:
was larger than in the previous year.
A ccording to reports from various canning
factors, conditions are favorable for a larg<
pack of canned fruits and vegetables during
the forthcom ing 1922 season. The increasing
domestic demand for these products and ai
unexpected export demand, are reported t(
have reduced stocks in the hands of packerto a point where they are below normal fo:
this time of the year. Forecasted requirement;
of California canners lead the American Cai
Company to estimate an increase of 40 to 5(
per cent in takings of cans during the 192;
season as compared with 1921.
Present prices of refined beet sugar, f. o. b
refinery, San Francisco (5 cents per pound oi
January 16th) are the lowest prices since De
cember, 1914. A year ago the price wa
Beet
7.80 cents per pound, and on June 1
Sugar 1920, at the highest point, it was 26.1(
cents per pound. It has been estimate<
that the price of refined sugar is only 8 pe:
cent higher than the 1909-1913 average price
whereas the level of all commodities at whole
sale, according to the United States Bureau o
Labor statistics, is 51.4 per cent higher thai
the prewar average level.
Growers of sugar beets in Utah and Idaho
under contracts entered into with the bee
sugar factories last spring, are guarantee(
minimum payments of $5.50 and $6.00 per toi
for their beets, but growers in California gen
erally will be paid according to the price thi
refineries receive for sugar during the pres
ent crop year. A typical California contrac
states that if the company receives during th<
year begun July 1, 1921, an average price o
five cents per pound and the percentage o
sugar in beets delivered to it is 17.6 per cen
(the 1920 average for this state) it will pay th<
grower $6.84 per ton, while if the average pric<
received is 4 y2 cents, $6.16 per ton will be paid
The average price received by growers for th<
1920 crop was $13.13 per ton in California
$12.10 in Utah, and $12.03 in Idaho.
The chief cause for the continuous fall it
sugar prices is reported to be the decline ii
the price of raw Cuban cane sugar in Nev\
York, in turn caused by a large new Cubar
crop coming on a market in which there exist«
an abnormally large holdover from the ole
crop.
In 1912-13 Cuba produced approximate^
2,500,000 long tons of sugar and in the calendar
year 1913 exported amounts equal to 87 pei
cent of this crop to the United States and 1(
Agricultural and Business Conditions
6
per cent to the United Kingdom. In 1920-21
the outturn was 3,900,000 long tons, of which,
it has been estimated, 1,500,000 tons remained
on the island on December 1st. The present
crop is roughly estimated at 3,000,000 tons.
The increase in the production up to 1921 had
been largely consumed by European countries,
whose beet sugar output had been curtailed by
the effects of the war, but it is reported that
Europe is regaining the position where her
own crops and prewar sources of supply suffice
for her demand.
The production of refined beet sugar in the
principal sugar beet grow ing states of this
District and in the United States during 1920,
and the estimated production during 1921, is as
follow s .
1920-1921
1921-1922
California ................................
Utah ..........................................
Idaho ........................................
United States...........................
(long-tons)
150,000
145,000
51,000
973,000
(lone tons)
148,000
138,000
47,000
900,000
The production of refined beet sugar in the
United States in 1913-14 was 655,000 long tons.
A large reduction (787,950 bags of 100
pounds each) from the O ctober 1st estimate
o f the 1921 crop of rice in California is shown
in the December report of the DepartR ice ment of Agriculture. A ccording to the
latest figures California rice growers
produced 2,646,000 bags of rice of 100 pounds
each (5,880,000 bushels) on 120,000 acres of
land during the 1921 season. In 1920 a total
of 4,374,000 bags (9,720,000 bushels) of rice
were grown in California, approximately 20
per cent of which was damaged or destroyed
by rains during the harvesting season.
Commercial factors report that the local
market for rice has been dull during the past
month, with local millers and dealers buying
only to fill orders already on hand. Three
public auctions have been held by the Rice
Growers Association of California, which con
trols about 50 per cent of the California crop.
On January 5th no sales were made. On
January 11th, 20,000 bags of paddy (rough
uncleaned rice) were sold at prices which
would yield $2.80 per hundred pounds for
rice milling 55 pounds of cleaned rice to 100
pounds of paddy. On January 18th, 8,700 bags
of paddy were sold at prices which would
yield $2.75 per hundred pounds on the above
basis.
Recent rains in California and southern A ri
zona have improved the condition of livestock
ranges in those states, and green feed is now
grow ing rapidly. In the InterLivestock mountain states winter ranges are
covered with a layer of snow, and
cattle and sheep are reported in fair condition,
in spite of some shrinkage from inclement
weather. The condition of livestock ranges in
Oregon is reported to be below normal, there
having been practically no growth of grass
during the past six weeks. In all sections
where heavy snow on the ranges makes feed
ing necessary, an abundance of low priced hay
is reported available.
Receipts of livestock at six of the principal
markets of the District during December (table
“ F” ) show large increases in shipments of hogs
and sheep (102 and 78 per cent, respectively)
(F) Receipts o f LivestockDec.,
1921
Gattle
Dec.,
1920
Calves
Dec.,
Dec.,
1921
1920
Horses
and Mules
Dec.,
Dec.,
1921
1920
Dec.,
1920
Dec.,
1921
Dec.,
1920
8,831
10,947
3,091
12,450
3,690
3,624
30,480
20,458
30,776
12,400
3,458
3,501
21,783
7,054
14,930
7,957
5,471
1,351
298
72
17
23
*93
40
75
81
39,542
101,073
56,537
510
289
7,310
6,897
4,952
2,704
3,320
1,973
12,664
7,594
4,549
3,981
4,299
2,313
107
415
202
850
’ 75
71
110
Ì89
133
411
27,660
15,349
8,035
17,541
4,139
7,344
T o t a l ............... 27,246
35,400
778
1,785
80,068
Ogden ...............
Portland ............
Salt Lake C ity....
Seattle ...............
Spokane ............
Tacoma .............
Sheep
Hogs
Dec.,
1921
( G) Range in Livestock Prices—
Highest and Lowest Average Top Prices Per Hundredweight Received at Above Markets During December.
Week of
Fat Steers
December 5.......... $5.50— 6.25
December 12.......... S.SO—6.75
December 19.......... 5.00— 7.25
December 26.......... 5.25— 7.50
Cows
Calves
Hogs
$4.25— 4.75
4.00— 5.12
4.00— 5.50
4.00— 6.00
$5.00— 10.00
4.10— 10.00
5.50— 10.00
6.50— 9.50
$6.35— 8.25
6.35— 8.25
6.40— 8.25
6.50— 8.50
Lambs
$5.50— 7.57
5.50— 8.25
5.00— 9.00
5.00— 9.00
7
Federal Reserve Bank of San Francisco
compared with the corresponding month a year
ago. Receipts of cattle show a sharp decline
as compared with December, 1920, and with
November, 1921.
Receipts of Livestock at Six of the Principal Markets of the District
1920-1921. (Ogden, Portland, Salt Lake City, Seattle, Spokane and
Tacoma included)
The range in livestock prices at six markets
of this District during December (as shown
in table “ G,” see opposite page) indicates a
rise in the prices of steers and cows during the
m on th ; a decrease in the prices of hogs early
in December, with an upward reaction later
in the m onth; and a spread in the range of
prices for lambs, indicating increases in some
markets, and decreases in others.
Cold storage holdings of butter at four prin
cipal markets were reduced during Decem
ber by net withdrawals of 112,991 pounds.
Net withdrawals during November
Dairy
amounted to 74,123 pounds and in
Products December, 1920, to 448,918 pounds.
Cold storage holdings of butter at
the same markets were reported on January
1st as 752,918 pounds, compared with 1,668,778 pounds in storage a year ago, a reduction
of 915,860 pounds, or 54 per cent. A statement
of the movement and holdings of cold storage
butter is shown in table “ H .”
Fairly heavy local production and large ar
rivals of Australian butter have depressed the
San Francisco market during the past six
weeks. The price of 93 score fresh creamery
butter declined from 4 2 cents on December
1st to 34% cents on January 14th. Further
shipments of Australian butter are expected at
San Francisco and Vancouver (British Col
umbia) during the latter part of January.
Eastern markets are reported to be well
stocked and at present do not offer the usual
outlet for surplus butter arriving at Pacific
Coast markets.
Prices received by milk producers in this
District during December (presented in table
“ I ” ) show that the average price per 100
pounds decreased 6 cents in the Mountain
section and increased 2 cents in the Pacific
section as compared with November, and de
clined $0.82 and $1.19 in the Mountain and
Pacific sections respectively, as compared with
a year ago.
Dairy factors report a slight increase in the
production of milk and dairy products in Cali
fornia, Utah and Idaho during 1921 as com
pared with 1920. Production in other states
remained approximately the same as the
previous season. Increasing dairy herds and
a general revival of the dairy industry are re
ported from all states, the movement being
attributed to attractive prices for dairy pro
ducts compared with other farm products, and
to greatly reduced costs of production. The
extent of this reduction is illustrated by the
follow ing comparative estimates for Cali
fornia :
1921
1920
Value of hay per t o n ...
$10.86
$20.00
W ages of milkers, per
month (with b o a rd ). .$75.00-$90.00 $100.00-$125.00
W ages of dairy farm
laborers, per month
(with board) .............$50.00—$65.00 $ 75.00-$ 90.00
Marked improvement in the condition of the
lumber industry as compared with one year
ago is shown by a comparison of figures on
production, sales, and shipments for
Lum ber December, 1921, with similar figures
for December, 1920. In the latter
month the total of orders received by the
four associations of the District stood at
(H) Movement o f Stocks o f Cold Storage
Butter—
Dec., 1921
Dec., 1920
Jan. 1,
Net
Net
1922
Withdrawals Withdrawals Holdings
City
(pounds)
Los Angeles . 155,008
Portland .......
23,231
San Francisco
89,127*
Seattle ............ 23,879
T o ta ls
112,991
Jan. 1,
1921
Holdings
(pounds)
475,924
268,698
466,989
457,167
(pounds)
76,195
61,016
204,717
106,990
(pounds)
177,679
23,286
503,286
48,667
448,918
752,918 1,668,778
*Net addition.
(I) Prices Received by Milk Producers*—
Sectionf
Dec.,
1921
Range
Mountain (5 M k ts.). .$1.73-$2.80
Pacific (10 M k t s .).... 1.85- 3.03
U. S. (101 M k ts.)....... 1.45- 6.78
Dec.,
1921
Average
Nov.,
1921
Average
Dec.,
1920
Average
$2.32
2.57
2.56
$2.38
2.55
2.56
$3.14
3.76
3.41
*A11 prices per hundredweight for milk testing 3.5 per cent
butter fat.
fMountain Section includes Idaho, Utah, Nevada and Arizona.
Pacific Section includes Washington, Oregon and California.
Agricultural and Business Conditions
8
the lowest point in the past tw o years, while the first nine months of 1920 to 208,332,770 feet
production and shipments, which had declined in the first nine months of 1921, an increase
steadily since the previous August, were at of 174 per cent. In the domestic market buy
approximately the low point for the readjust ing for Atlantic Coast and California shipment
ment period. N ot only did production, sales, continued heavy for this season of the year.
Reports received from several logging
and shipments in December, 1921, greatly
exceed those of the same month a year ago, operators indicate that the production of logs
but the month, which is usually a quiet one was less in December, 1921, than in N ovem
in the industry, was marked by a moderately ber, 1921, but greater than in December, 1920.
heavy demand for lumber for water shipment L ogging was greatly curtailed in all sections,
(dom estic and foreign), a slight increase in due in part to unusually severe storms and in
prices of upper grades of some woods, and re part to the usual holiday shutdown for re
ports of small and incomplete stocks in the pairs.
hands of mills and distributors. Prospects for
Comparative figures of cut, orders, unfilled
increased movement of lumber by rail also orders, and shipments as reported by four lum
improved as a result of lowered freight rates ber associations during December, 1921, and
to points in the northeastern quarter of the November, 1921, are shown in table “ J.”
United States.
Preliminary figures issued by the United
Production of lumber in December, as re States Geological Survey show that the pro
ported by four lumber associations, was 280,- duction of gold, silver, lead and copper in the
622.000 feet compared with 206,421,000 feet in
states of this District during 1921
December, 1920, an increase of 35.9 per cent, M ining was less than in 1920. The largest
and with 355,898,000 feet in November, 1921.
decreases were in the production of
Orders received by reporting mills totaled lead and copper, the production of gold having
302.866.000 feet, an increase of 179.3 per cent been practically the same and of silver only
over December, 1920. Shipments from the slightly less than in the previous year. Figures
same mills were 54.9 per cent greater than one in detail for gold, silver and lead are given in
year ago, totaling 285,659,000 feet in Decem table “ K ” (see opposite page), and for copper
ber, 1921, and 184,373,000 feet in December, in the succeeding paragraph.
1920. Orders and shipments both exceeded
A notable increase in the production of silver
production in December, 1921, the former by
(105.9 per cent) and a slight increase in the
7.9 per cent and the latter by 1.7 per cent. production of gold (10.0 per cent) was reported
In the tw o lumber associations for which for the state of California.
figures are available, unfilled orders amounted
Reports received by this bank from 13 large
to 1,140,370,000 feet at the close of the year mining companies covering their operations
compared with 1,077,032,000 feet on November during the month of November, 1921, show an
30, 1921, and 651,556,000 feet on December increased production of silver, copper and lead
31, 1920.
and a decreased production of gold compared
The December export market witnessed con with November, 1920. Compared with O cto
tinued large purchases by Japan and a slight ber, 1921, increases in the production of silver
revival in the Australian demand for Pacific and lead and decreases in the production of
Coast lumber. Figures recently compiled by the gold and copper were reported. The situation
Pacific Lumber Inspection Bureau show that in most of the metal mining areas remains un
the Japanese export business from west changed, with curtailed operations and result
coast mills increased from 76,081,351 feet in ing unemployment in the copper and silver-
(J) Lumber-
West Coast
Lumbermen*s
Association
Average No.
Nov. 26
Dec. 31
of Mills
reporting . . . .
101
105
Cut* .................
228,652 261,176
Shipments* . . . .
198,076 222,856
Orders* .............
225,160 230,114
Unfilled Orders* 1,081,945 1,021,277
Western Pine
Manufacturers'
Association
Dec. 31
Nov. 26
42
32,283
59,298
58,025
58,245
44
47,243
72,354
73,225
55,755
CaliforniaWhite
and Sugar Pine
Manufacturers’
Association
California
Redwood
Association%
—1921—Four Weeks Ending—
Dec. 31
Nov. 26
Dec. 31
5
3,609
13,350
8,445
20
32,046
33,339
14,238
12
16,078
14,935
11,236
*In thousands of feet.
^Figures reported are for two-week periods ending December 17th and November 12th.
Nov. 26
Dec. 31
Nov. 26
12
15,433
13,029
19,688
160
280,622
285,659
302,866
1,140,370
181
355,898
341,578
337,265
1,077,032
Federal Reserve Bank of San Francisco
9
lead producing sections. In Arizona (Miami
district), one of the three reverberators of the
International Smelter was put in operation
during the early part of December and for the
first time in seven months copper bullion was
poured.
Comparative figures of the output of metal
of 13 reporting mines in November, 1921,
October, 1921, and November, 1920, are shown
in the following table:
Nov. 1921
Copper (lb s .).... 4,514,542
Lead (lb s .)..........10,502,167
Silver ( o z .) ..........
731,186
Gold ( o z .) ...........
31,644
Oct. 1921
Nov. 1920
5,083,323
9,950,041
651,403
32,339
4,493,993
10,148,683
599,002
32,520
The
estimated production of the copper
mines of this District in 1921 was
Copper 226,930,105 pounds, compared with
745,250,381 pounds in 1920 and
679,560,104 pounds in 1913*.
1921
(pounds)
Arizona ............. 163,087,000
California ........... 11,681,705
1,436,000
Idaho ..................
Nevada ............... 15,515,000
Oregon ..............
274,400
Utah .................... 35,534,000
Washington .......
402,000
Total District..226,930,105
1920
1913* f
745,250,381
679,560,104
(pounds)
(pounds)!
558,256,302 404,278,809
12,626,272
32,492,265
2,538,396
8,711,490
50,559,763 85,209,536
2,355,276
77,812
116,931,238 148,057,450
1,983,134
732,742
Copper stocks in the United States on the
first day of this year (1922) were over twice
average prewar (1909-1913) stocks of 360,000,000 pounds, but considerably less than they
were a year ago.
Blister and
Refined
(pounds)
January 1,1921. 659,000,000
January 1,1922. 496,000,000
Reduction
.. 163,000,000
material in process
of refining
Total
(pounds)
465,000,000
297,000,000
(pounds)
1,124,000,000
793,000,000
168,000,000
331,000,000
The average price of electrolytic copper in
New Y ork as reported by “ Iron A g e” was
13.82 cents per pound in December compared
with average prices of 13.26 cents in N ovem
ber, 12 cents in August, 17.50 cents in 1920,
35.74 cents in March, 1917, and 14.11 cents
during the five years 1909-1913.
The year 1921 established a new record for
petroleum production in California, 114,849,924 barrels being produced compared with
105,721,186 barrels in 1920, an inPetroleum crease of 9,128,738 barrels or 8.6
per cent. Seven hundred and four
new wells were completed during 1921, and
47 wells abandoned, an increase of 657 pro
ducing wells during the year.
*Smelter output, closely comparable with mine production.
O f the 15 principal mines (whose production
in 1920 was 93 per cent of the production of
this District and 51 per cent of the mine
output of the United States) the two now
operating report the follow ing output figures:
1921
(pounds)
November ................................. 6,120,000
O c t o b e r ...................................... 6,621,000
11 Months .................................66,840,000
1920
(pounds)
7,175,000
8,032,000
86,316,000
The decrease in output of this District re
flects the general situation of the copper in
dustry. Smelter output in the United States,
as estimated by the United States Geological
Survey, was 461,000,000 pounds in 1921 com
pared with 1,209,061,040 pounds in 1920.
Petroleum Development Operations in California, 1920-1921
(K ) Output o f Metal in 1921 and 1920—
,----------- Gold
1921
($)*-------- \
(---------- Silver (oz.)---------- \
t------------ Lead (lb.)-------------\
1920
1921
1920
Arizona ................... ............. 3,046,000
California ............... ............. 15,744,910
497,000
Idaho ...................... .............
Nevada .................... ............. 3,340,000
775,194
Oregon ................. .............
Utah ........................ ............. 1,794,000
148,000
Washington .......... ..........
4,786,122
14,311,043
485,590
3,566,728
1,017,490
2,014,556
120,860
2,179,000
3,514,276
5,720,000
6,681,000
43,120
12,366,000
132,000
5,355,303
1,706,327
7,326,794
7,745,093
82,743
13,106,976
199,678
5,182,000
779,298
192,000,000
7,803,000
350
89,782,000
132,000
14,599,765
4,813,510
249,609,976
21,263,700
T o t a l ............... .............25,345,104
26,302,389
30,635,396
35,522,914
295,678,648
436,912,311
*An ounce of fine gold is worth $20.6718.
1921
1920
140,838,1 Í3
5,787,247
Agricultural and Business Conditions
10
The average daily production of petroleum
in California during December was 325,478
barrels, an increase of 32,115 barrels per day
compared with November and 545 barrels per
day compared with December, 1920. Con
sumption decreased during December, average
daily shipments totaling 275,944 barrels com
pared with 280,993 barrels in November and
335,967 barrels in December, 1920. The de
crease in shipments coupled with the increase
in production resulted in an increase of 1,535,562 barrels in stored stocks which on Decem
ber 31, 1921, stood at 35,021,912 barrels com
pared with 33,486,350 barrels on November 30,
1921, and 22,240,271 barrels on December 31,
1920.
Forty-five new wells with an initial daily
production of 16,160 barrels were completed
during December and one well abandoned, a
net increase of 44 producing wells during the
month.
Statistics on oilfield operations as furnished
by the Standard Oil Company of California,
are shown in table “ L .”
Seasonal declines in the sales of electric
energy for industrial purposes are reflected
in the reports for November of eight principal
power producing companies in CaliE lectric fornia. Total industrial sales were
Energy
10.8 per cent less during November
than during October, but showed
an increase of 5.9 per cent over November,
1920. Compared with the previous month the
greatest declines in consumption of industrial
power were reported from the San Joaquin
Valley and southern California, where a large
proportion of the total power consumed is sold
to agricultural industries.
Segregated figures on industrial sales by
seven companies, show that sales to agricul
tural consumers declined from 61,205,243 K.
W . H. in September to 36,598,774 K. W . H.
in October, and 22,304,567 K. W . H. in N o
vember, reflecting decreasing needs of farmers
for power to pump irrigating water. Sales to
the oil industry increased 33 per cent during
November, due to the settlement of the oil
workers’ strike and the resumption of opera
tions in the oilfields of the San Joaquin V al
ley. Sales to the mining industry, which have
been increasing during preceding months,
showed a slight decrease as compared with
October, and in most cases where comparative
figures are available, were reported as less
than during November of the previous year.
Statistics on the electric power industry in
California, as reported by eight companies, are
presented in table “ M ” (see opposite page).
Seasonal increases in the number of unem
ployed were reported from all sections during
December, due to the cessation of practically
all agricultural and outdoor construcLabor tion work. The influx of transient
laborers from the rural districts to
cities has swelled the number of unemployed
in the principal centers of population. The
majority of those out of employment are un
skilled laborers. The demand for skilled
laborers in the building trades continued dur
ing the month.
In California, Oregon and W ashington the
increase in unemployment has been most no
ticeable, reduced payrolls in the steel and
metal, shipbuilding, lumbering, and fishing in
dustries, adding to the number thrown out of
employment in the agricultural areas. In the
Intermountain states the problem is not so
serious and in most sections there was no
marked suffering from unemployment, al
though the supply of labor was plentiful.
Decreased industrial activity in December
as compared with November is indicated by
the monthly report of the United States Em
ployment Service on manufacturing industries
in four cities.
Numerical increase or
decrease (—) in
employment during
December compared
with November
Los A ngeles..
Portland ........
San Francisco
Seattle ...........
1,060
— 557
— 385
— 278
Percentage increase or
decrease (—) in
employment during
December compared
with November
4.8
— 6.9
— 5.8
—12.0
W age reductions for both skilled and
unskilled labor continue to be reported. U n
skilled laborers in various industries are re
ceiving from 10 per cent to 25 per cent less
(L) Petroleum —
December, 1921
Production (daily average).....................
325,478 bbls.
Shipments (daily average)......................
275,944 bbls.
Stored Stocks (end of m on th )............35,021,912 bbls.
New Wells Opened.................................
45
With Daily P r o d u ctio n .......................
16,160 bbls.
W ells Abandoned .....................................
1
November, 1921
293,323
280,993
33,486,350
38
9,755
1
bbls.
bbls.
bbls.
bbls.
December, 1920
324,933
335,967
22,240,271
58
16,625
9
bbls.
bbls.
bbls.
bbls.
11
Federal Reserve Bank of San Francisco
than one year ago. The majority of the mining
companies in Utah announced a reduction in
wages of 50 cents per shift, or approximately
10 per cent, effective January 16, 1922. In San
Francisco important wage arbitration awards
reduced the wages of practically all of the
building trades crafts, skilled mechanics be
ing reduced from the previous basis of $8.35
per day to $8.00 per day. Under the award
the present wage scale will remain in effect
until January 1, 1923. W ages of metal trades
workers in the same city were also reduced
10 per cent during the month.
Trade at retail during December, 1921, was
only 2.4 per cent less in value than during
December, 1920, according to reports received
from 28 representative department
Retail stores and mail order houses. Sales of
T rade reporting stores in San Francisco and
Los Angeles were actually greater in
value in December, 1921, than in December,
1920. The percentage of decrease in the dis
trict is the smallest percentage decline in the
value of sales reported for any month in 1921
when compared with the corresponding month
in 1920 and, when price declines during the
year period are taken into consideration, indi
cates that holiday buying was greater in
volume than in the previous year. Further
evidence leading to this conclusion is provided
by reports received from nine stores showing
that their individual sales transactions were
8.6 per cent greater in December, 1921, than
in December, 1920. The usual seasonal in
crease in value and volume of sales, as com
pared with November, was noted by all stores
and averaged 53.1 per cent in the district.
Sales for the six months’ period ending De
cember 31, 1921, were 7.5 per cent less in value
than sales in the same period in 1920.
The amount of the average sale (cash,
charge, C. O. D.) reported by eight stores was
$2.49 in December compared with $2.58 in
November and $2.76 in December, 1920. F ol
lowing is a statement of the average sale
(cash, charge, C. O. D .) in Los Angeles, San
Francisco and Seattle.
Dec. 1921
Nov. 1921
Dec. 1920
$ 3.54
Los Angeles .
San Francisco . . . . 2.67
1.83
$ 4.24
3.02
1.94
$ 3.91
$ 2.49
$ 2.58
$ 2.76
District ..........
..
1.91
The value (selling price) of stocks of reporting firms at the close of December was
16.2 per cent less than at close of November,
1921, and 13.8 per cent less than on December
31, 1920. Average stocks on hand at close of
the six months’ period ending December 31,
1921, amounted to 411.7 per cent of the aver
age monthly net sales during the same period.
Net Sales of 22 Department Stores in Twelfth Federal Reserve District
(in Millions of Dollars)
(M) Electric Powert—
(a)
(b)
(c)
Plant Capacity K. V . A .
Nov.,
Oct.,
Nov.,
Type of Plant
1921
1921
1920
HydroPower .................... 657,575 657,575 500,425
Steam .................................. 346,045 350,045 314,595
Purchased ..............................................................................
1,003,620 1,007,620
815,020
Peakload K. W .f
Nov.,
Oct.,
Nov.,
1921
1921
1920
401,995 405,993 359,490
199,160 188,970 173,886
56,411
50,307
43,975
Plant Output K. W . H.
Nov.,
Oct., Nov.,
1921
1921
1920
202,117,811 229,650,086 199,864,451
78,423,036
64,740,196
53,944,742
33,937,213* 33,533,606* 21,753,140*
703,076
280,540,847
689,860
617,301
294,390,282
253,809,193
Number of Industrial Consumers and Sales:
Number of Industrial Consumers^
Nov.,
Oct.,
Nov.,
1921
1921
1920
42,869
41,939
37,956
Connected Industrial Load H . P.^j
Nov.,
Oct.,
Nov.,
1921
1921
1920
1,290,824
1,301,467
1,210,816
$8 Companies reporting.
fUnsegregated figures for 1 company included in totals.
*Not included in total plant output.
§7 Companies reporting.
If6 Companies reporting.
Industrial Sales K. W . H .
Nov.,
Oct.,
Nov.,
1921
1921
1920
167,671,665
188,042,276
157,633,233
Agricultural and Business Conditions
12
Collections were characterized by reporting
firms as fo llo w s :
Number of Firms
Excellent
Good
1
8
Fair
Poor
0
Statements of increases or decreases in the
value of net sales of 28 representative depart
ment stores and mail order houses during
December, 1921, compared with November,
1921, and December, 1920, and the six months’
period ending December 31, 1921, compared
with the same period in 1920 are shown in
table “ N .”
Detailed reports received from 181 whole
sale firms in ten lines of business in this dis
trict indicate that the value of net sales during
December was greater than the
W holesale value of December, 1920, sales in
T rade
drugs, dry goods, furniture and
shoes, percentage increases rang
ing from 7.8 per cent in drugs to 30.6 per cent
in furniture. Compared with November, 1921,
decreases were reported in the value of sales
in all lines except automobile tires, drugs and
stationery.
The average net increases or decreases (— )
in the value of sales of each reporting line
were as fo llo w s:
December, 1921
compared with
Dec., 1920
Nov., 1921
Agricultural
Implements .. ... — 51.2
Automotive Supplies— 4.8
Automobile Tires. — 8.7
7.8
Drugs ....................
11.2
Dry Goods ...........
30.6
Furniture .............
Groceries .............. — 13.2
Hardware ............. — 14.0
26.7
Shoes ....................
Stationery ............ — 18.9
— 11.8
— 8.5
98.3
1.0
—26.3
— 17.4
— 15.2
— 8.9
— 10.3
26.1
Year 1921
compared with
Year 1920
— 52.6
— 19.2
— 19.7
— 11.7
— 26.7
— 20.3
— 24.3
— 28.9
— 19.9
— 24.2
If due allowance be made for price declines
at wholesale during the year 1921 (the United
States Department of Labor index number of
wholesale prices declined 21.1 per cent from
December, 1920, to December, 1921, and aver
aged 37.0 per cent lower in 1921 than in 1920)
it appears that the volume of sales in D ecem
ber, 1921, and in the year 1921 was generally
greater than in December, 1920, and in the
year 1920, respectively. The one exception to
this general statement is in the sales of agri
cultural implements which were less both in
value and in volume in 1921 than in 1920.
Collections were reported excellent by nine
firms, good by 43, fair by 73 and poor by 17.
One hundred and eleven wholesale firms gave
the percentage of their collections during D e
cember, 1921, to the total amount due from
customers (outstanding) on December 1, 1921,
1920Prices - ioos*»*December 1920Sales
December
U.S.BUREAU OF LABOR INDEX
NO. WHOLESALE PRICES
AGRICULTURAL IMPLEMENTS
AUTOMOBILE SUPPLIES
. n
. . J
AUTOMOBILE TIRES
DRUGS
DRY GOODS
FURNITURE:
«ROC&RlfcS
HARDWARE
SHOES
STATIONERY
20
40
60
8 0
100
120
140
160
Dollar Value of Sales of Representative Wholesale Houses and General
Wholesale Prices in December, 1921, Compared with December, 1920
(N) Retail Trade Activity—
CONDITION OF RETAIL TRADE DURING DECEMBER, 1921
In Federal Reserve District No. 12
(28 Stores Reporting)
L 08
Angeles
Percentage increase or decrease
(—) of net sales during Decem
ber, 1921, compared with net
sales during same month last
year ....................................................
Percentage increase or decrease
(— ) of net sales during Decem
ber, 1921, compared with net
sales during November, 1921..........
Percentage increase or decrease
(— ) of net sales from July 1,
1921, to December 31, 1921, in
clusive, compared with net sales
during same period last year..........
Oakland
Sacramento
Salt Lake
City
San
Francisco
Seattle
Spokane
District
2.6
9.1
-15.3
— 16.0
1.6
1.2
-14.5
— 2.4
54.0
71.9
37.0
46.9
60.4
73.2
39.9
53.1
.9
— 9.4
— 13.8
— 16.5
6.3
7.4
-10.9
— 7.5
13
Federal Reserve Bank of San Francisco
and 1920 as fo llo w s : (The November figures
are inserted for comparative purposes).
Number
of Firms
Agricultural Implements.
Automotive Supplies.........
Automobile Tires .............
Drugs ................................
Dry Goods .......................
Furniture ...........................
Groceries ............................
Hardware . . . . ...................
Shoes ...................................
Stationery .........................
9
15
11
4
7
10
17
16
10
12
Dec.,
1921
Nov.,
1921
25.8
53.7
49.8
82.4
40.6
51.0
59.6
48.6
44.2
58.2
27.1
55.0
62.7
84.0
41.2
54.9
64.1
45.5
42.0
62.3
Dec.,
1920
40.6
59.0
57.8
69.2
45.3
54.1
61.7
49.6
46.8
71.3
Statements of increases or decreases (— ) in
net sales of reporting wholesale firms during
December, 1921, compared with December,
1920, and the 12 months of 1921, compared
with the same period of 1920 are shown in
table “ O .”
Building activity during December as
shown by the number and value of building
permits issued in 20 principal cities reached
the second highest point ever touched in this
District, being exceeded only by the building
returns for October, 1921. Building permits
issued in December numbered 7,672 with an
estimated valuation of $21,004,120 compared
with 5,364 permits with a valuation of $13,877,021, issued during December, 1920, an in
crease of 2,308, or 43.1 per cent, in
Building number and of $7,127,099, or 51.3
Activity
per cent, in value. Compared with
November, 1921, December per
mits were 24.5 per cent less in number and
7.2 per cent greater in value. Increases oc
curred in 15 reporting cities during December,
1921, compared with December, 1920.
During the year 1921 there were 106,177
permits with an estimated valuation of $208,968,615 issued in the 20 reporting cities com
pared with 81,047 permits with a valuation of
$177,137,048 issued in 1920. These figures rep
resent an increase of 25,130, or 31.5 per cent,
in number, and of $31,831,567, or 17.9 per cent,
in value of building permits issued in 1921
compared with 1920. If allowance is made for
declines in the cost of building materials and
labor during the year, the increase in the
physical volume of construction compared
with 1920 is even greater than the above fig
ures indicate.
The accompanying chart shows the number,
total valuation and average value of building
permits issued in this District since January,
( 0 ) W h o le sa le T ra d e (la)
Percentage of increase or decrease (— ) in net sales for December, 1921, over December, 1920
Agricultural
Number of re Implements
porting firms .. 21
Los Angeles .. . .— 37.5
Portland ......... — 49.4
Sacramento . .
Salt Lake City !1— 46.3
San Francisco . . — 58.6
Seattle .............
Spokane .......... — 47.6
T a c o m a ...........
District ........... — 51.2
(lb)
20
6.2
— 1.8
— 16.9
— 2.0
— 15.3
— 20.1
— 4.8
Drugs
12
— 4.9
49.2
— 5.2
— 30.7
4.6
7
Dry Goods
12
Furniture
15
30.0
22.0
78.7
31
— 12.0
— 12.3
— 14.2
— 31.2
— 2.1
41.6
30.6
—26.5
— 11.6
— 13.2
— Î2.0
14.3
Groceries
27.8
'7.8
— ’ ¿.7
ii.2
Hardware
Shoes
22
10.6
— 32.2
17.1
— 22 9
— 20.7
— 15.4
— 12.5
— 14.2
— 14.0
14
53.8
Stationery
27
— 3.0
— 2.3
21.5
45.1
— 27.0
— 36.6
— 25.8
— 7.4
26.7
— is.9
Percentage of increase or decrease (— ) in net sales for January 1 to December 31, 1921, over
same period last year
Agricultural
Number of re Implements
porting firms . . 21
Los Angeles .. . . — 51.6
Portland ......... — 55.1
Sacramento . ..
Salt Lake City . — 49.1
San Francisco.. . . . — 60.9
Seattle ...........
Spokane ......... — 42.0
Tacoma ..........
District ........... , — 52.6
Auto
Supplies Auto Tires
Auto
Supplies Auto Tires
20
— 8.8
— 25.6
— 16.7
— 26.9
— 23.3
— 33.4
—
i9.2
Drugs
12
— 7.7
— 32.5
— 26.5
7
12
Furniture
15
— 14.5
— 16 7
— 26.1
Groceries
— 24.6
31
— 11.4
— 29.4
— 20.4
— 32.0
— 24.9
— 26.5
— 20.3
3Ô.3
25.9
—24.3
— 24.0
— 34.6
— 15.5
— 32.5
— 19.7
Dry Goods
—
ii.7
—26.7
—
—
Hardware
Shoes
22
19.9
32.1
18.1
36.2
14
—
—
—
—
— 28.9
— 35.4
— 25.5
— 14.6
—28.9
— 29.2
Stationery
27
— 16.1
— 24.8
— 29.6
—
Ï5.9
—28.4
— 31.1
— 20.4
— 18.7
— Î9.9
—24.2
Agricultural and Business Conditions
14
1920. Comparative figures of the number and
value of building permits issued in 20 report
ing cities during December, 1921, November,
1921, and December, 1920, are shown in table
«p a
there were 1851 failures reported with liabili
ties amounting to $34,280,351. These latter
figures show an increase of 55.9 per cent in the
number of failures and of 20.6 per cent in the
amount of liabilities in the year 1921 com
pared with 1920. Liabilities of the average
failure in the District during 1921 were $18,411 compared with $23,932 in 1920. R. G.
Dun and Company’s comparative figures of
Building Permits Issued in 20 Principal Cities, Twelfth Federal
Reserve District, 1920-1921
Business failures (exclusive of bank fail
ures) during December were the largest re
ported to this bank in the past three years,
both in number and in amount of
Business liabilities. There were 201 failures
Failures
reported in December with liabili
ties of $5,093,420 compared with
142 failures with liabilities of $4,330,343 in
December, 1920, an increase of 59, or 41.5 per
cent, in number and of $763,077, or 13.0 per
cent, in liabilities involved. Compared with
November, 1921, when 178 failures with lia
bilities of $3,623,247 were reported, there was
an increase of 23, or 12.8 per cent, in number
and of $1,470,173, or 40.5 per cent, in liabili
ties. In the year ending December 31, 1921,
Business Failures, Twelfth Federal Reserve District, 1920-1921
Note—The great increase in liabilities in June, 1920, was due to the failure of
one concern in Seattle. Washington.
the number and liabilities of business failures
in the states of this District during N ovember
and December, 1921, are shown in the follow
ing table:
December, 1921
No.
Liabilities
Arizona ..................
C a liforn ia ................
Idaho .....................
Nevada ...................
Oregon ...................
Utah .......................
W ashington ..........
6
79
9
3
41
12
51
D is t r ic t ................... 201
November, 1921
No.
Liabilities
$ 112,0006 $ 109,700
1,459,55569
1,202,954
631,342
12
719,509
24,787
1
600
1,769,43234
1,026,859
220,448
9
53,259
875,856
47
510,366
$5,093,420
178
(P ) B u i l d i n g P e r m it s —
No.
December, 1921
Value
Berkeley .......... ............ 130
43
Boise ................ ............
Fresno ............ ............. 203
Long Beach .. ............ 270
Los Angeles . . . ............3,364
Oakland ........... ............ 500
20
Ogden .............. ............
Pasadena ........ ............. 209
Phoenix ........... ............
52
P o rtla n d .......... ............. 731
15
Reno ................ ............
Sacramento . . . ............ 224
Salt Lake City ............ 117
San Diego
............ 265
San Francisco . ............ 568
San Jose .......... ............
59
Seattle ............. ............ 518
Spokane .......... ............ 115
Stockton .......... ............
68
Tacoma ............ ............ 201
Total ........ ............7,672
No.
November, 1921
Value
294,955
20,389
500,539
1,392,700
9,168,851
2,149,756
93,800
396,278
77,930
854,055
36,730
420,266
404,595
1,775,711
2,007,705
121,370
494,835
88,225
163,133
542,297
208
56
253
390
4,242
646
36
362
50
1,082
7
288
157
409
613
89
735
183
93
263
$21,004,120
10,162
$
$
No.
December, 1920
Value
$3,623,247
Per Cent Increase
or Decrease (—)
in Value Dec.,
1921 compared
with Dec., 1920
438,942
57,676
405,988
1,254,500
8,685,775
1,235,174
65,222
701,998
86,903
1,374,615
3,600
496,235
385,876
846,995
2,244,606
238,100
593,800
118,205
165,130
180,652
76
40
200
219
1,913
324
21
175
108
594
5
106
29
249
376
48
577
69
42
193
$
102,099
22,075
2,234,944
442,170
3,803,838
629,779
46,950
238,889
127,352
632,605
12,400
231,200
316,250
1,220,463
1,749,330
57,884
1,676,765
116,550
73,368
142,110
189.2
— 9.0
— 77.6
214.9
141.0
241.2
102.1
65.6
— 38.5
34.9
208.3
81.8
27.8
45.5
14.8
108.6
— 70.4
— 24.1
123.2
281.6
$19,579,992
5,364
$13,877,021
51.3
Federal Reserve Bank of San Francisco
15
Total bank clearings in 20 principal cities
during December were $1,627,956,000, a de
crease of $70,441,000, or 4.1 per cent, com
pared with December, 1920, when
Bank
clearings of $1,698,397,000 were
Clearings reported. This is the smallest de
crease reported for any month in
1921 when compared with the corresponding
month in 1920, and, as in the 11 previous
months, is less than the percentage of decline
in com m odity prices at wholesale and retail
during the same period. This is an indication
that the physical volume of business trans
acted in 1921 exceeded that transacted in 1920.
In the 12 months’ period ending December 31,
1921, bank clearings in reporting cities totaled
$17,500,787,000 compared with $20,415,927,000
in the corresponding period of 1920, a decrease
of 14.2 per cent.
Bank Clearings in 20 Principal Cities, Twelfth Federal Reserve
District, 1920-1921. (in Millions of Dollars)
Comparative figures of clearings for the 20
reporting cities of the district during Decem
ber, 1921, November, 1921, and December,
1920, are shown in table “ Q .”
Continued although irregular easing of in
terest rates is noticeable in this District. Open
market rates on prime commercial paper de
clined Yz per cent in Portland and
Interest Seattle and were generally %. per
Rales
cent lower in San Francisco. No
change was reported from Los A n
geles or Salt Lake City on this class of paper.
On other classes of paper, rates remained
practically the same as one month ago, al
though customers’ prime commercial paper
tended toward lower rates in San Francisco.
A statement of interest rates charged on
prime commercial paper by banks in Federal
Reserve Bank and Branch cities for the thirtyday periods ending January 5, 1922, and De
cember 5, 1921, follow s:
Prime Commercial
Paper of Customers
Jan. 5
Dec. 5
Los Angeles . . .
P o rtla n d ..........,
Salt Lake City.,
San Francisco,.
Seattle ..............
Spokane ...............
7
7
8
6
7
7
7
7
8
6 -6 ^
7
7
Commercial Paper Bought
Through Brokers
Dec. 5
Jan. 5
5^
5
5/2
5^
sk
5^4-5^
6
s yA
On January 23rd the rediscount rate of the
Federal Reserve Bank of San Francisco was
reduced from 5 to 4 y2 per cent on all classes
and maturities of paper. The rediscount rate
is now 4 y> per cent at the Federal Reserve
Banks of Boston, New York, Philadelphia and
San Francisco.
The course of the acceptance market during
the period December 15th to January 15th
was uneven. During the latter part of D e
cember, when most of the banks
Acceptance were conserving their holdings
Market
of cash, the demand fell off ma
terially, resulting in a slight
easing of selling rates around the end of the
month. After the first of the year, however,
large amounts of idle money sought invest
ment in the call money market and in bankers’
acceptances. In consequence, call money rates
fell as low as 3 per cent in New York, which
made acceptances at the then prevailing rate
of
per cent an attractive investment as
short time securities. The demand for bills
of this character became so great that within
the space of a few days after the first of Janu
ary the rate for prime bills fell from 4 % per
cent to
per cent, at which point it stands
today (January 15th). The bulk of this de
mand came from large city banks. Many coun
try banks have found the rate too low to be
attractive. Coincident with the large demand
for prime bills was a shortage of supply which
brought about the necessary condition of a
rapidly weakening market.
(Q) Bank Clearings*—
Dec., 1921
Bakersfield
. ,$
Berkeley ..........
Long Beach , ,
Los Angeles , ,
Oakland ............
Pasadena ..........
Portland ............ . .
Sacramento
Salt Lake City .
San Diego ........
San Francisco .. ...
San Jose ...........
Seattle .................
Spokane .............
StocktonJ ........
Tacoma ............
4,483
15,706
4,755
21,587
17,382
407,624
54,877
9,004
15,123
130,244
2,449
27,953
69,572
14,110
613,500
9,183
142,149
45,878
9,335
13,042
. .$1,627,956
Nov., 1921
$
4,361
14,218
4,604
28,828
16,249
376,010
50,671
9,355
13,876
128,828
2,855
29,901
62,568
11,195
573,700
9,585
128,739
45,026
10,879
13,106
$1,534,554
*(000 Omitted.)
IDecember, 1920, clearings for Stockton omitted.
Dec., 1920
$
5,860
13,280
6,995
23,000
16,346
380,189
48,030
16,153
15,207
150,605
3,839
27,896
88,117
14,859
664,100
8,456
145,711
50,751
19*003
$1,698,397
Agricultural and Business Conditions
16
A rough classification of bills marketed as
reported by the principal dealer on the Coast
shows that short term bills and 120-day bills
have gained greatly in favor. The approxi-.
mate percentages of each class to the total
sales of all classes follow s:
Dec. 15 t« Jan. 15
30
60
90
120
150
day .................................. 22.5%
day .................................. 33.3%
day .................................. 24.4%
day .................................. 19.8%
d a y ........................................
Nov. 15 to Dec. 15
6.5%
33.0%
56.3%
3.6%
0.6%
Inactivity in the market during December
is reflected in the reports to this bank of 36
of the principal accepting banks of the Dis
trict. The total purchases during December
of $6,085,368 were $5,266,917 less than pur
chases in November ($11,352,285) the de
crease being almost entirely in purchases of
bills originating outside of the District. Wheat,
sugar, rice and cotton were the principal com
modities on which acceptances executed dur
ing the month were based. Purchases and
holdings of acceptances of reporting banks ap
pear in table “ R .”
The total amount in all savings accounts
against which pass books are issued, as re
ported by 78 banks in seven principal cities,
increased 1.22 per cent during the
Savings
month ending December 15th, beDeposils ing on that date $749,005,000, com
pared with $738,000,000 on Novem
ber 15th. The most noteworthy increases were
reported in Los Angeles and San Francisco.
(R) Acceptances f—
/____________
Amount Accepted
Dec.
Nov.
Created in
Twelfth District
Dec.
Nov.
During the year ending December 15th
there was an increase of 4.5 per cent in savings
deposits, although Seattle and Spokane were
decided exceptions to the general trend.
The changes in the savings deposits in each
city are shown in the accompanying table
“ S.” The decrease of one in the number of
reporting banks in Los Angeles and the re
vision of that city’s November total are due
to a consolidation.
Loans and discounts of reporting member
banks on January 4, 1922, at $880,604,000 were
$30,771,000, or 3.4 per cent, less than they
were four weeks previously on
Banking
December 7, 1921. Investments at
Situation $316,580,000 were approximately
$5,000,000 higher. Total deposits
of $1,173,788,000 were $7,605,000 less and cash
holdings of $33,670,000 were over $2,660,000
larger. Borrowings from the reserve bank in-
Federal Reserve Note Circulation, Bills Discounted and Bills Bought
in the Open Market, Federal Reserve Bank of San Francisco
(la Millions of Dollars)
-------Amount Bought------------------------------------------^
All Other
Dec.
Nov.
Total
Dec.
Nov.
Amount held at
close of month
Dec.
Nov.
Pacific Northwest ___ $ 320,421 $1,451,433 $ 438,109 $ 225,982 $ 353,934 $1,957,511 $ 792,043 $ 2,183,493 $ 5,625,686 $ 6,679,742
Northern California . . 2,870,742 3,461,612 2,142,686 2,291,734 1,953,168 2,571,826 4,095,854
4,863,560
3,919,022
2,916,197
Southern California* ..
358,873
651,006
33,639
206,971 1,163,832 4,098,261 1,197,471
4,305,232
5,178,955
5,513,946
Other Districts ............
-0 -0 -0 -0 -0-0-0-0-0-0Total ...................... $3,550,036 $5,564,051 $2,614,434 $2,724,687 $3,470,934 $8,627,598 $6,085,368 $11,352,285 $14,723,663 $15,109,885
f36 Banks reporting.
*November totals changed due to revised figures received fr om one bank.
(S) Savings D ep osits*Los Angeles . . .
Oakland ............
Portland ..........
Salt Lake City .
San Francisco .
Seattle .............
Spokane ............
Total ......... ,
*In thousands of dollars.
Number of Banks
Dec. 15,1921
Nov. 15,1921
Dec. 15,1920
Dec. 15, 1921 over
Dec. 15, 1920
13
7
10
10
17
15
6
$244,460
74,434
37,456
21,642
329,466
29,689
11,858
$238,514
74,267
36,913
21,868
324,937
29,668
11,833
$217,260
72,307
38,117
21,195
316,990
37,897
13,303
12.5
2.9
— 1.7
2.1
3.9
—21.7
— 10.8
78
$749,005
$738,000
$717,069
4.5
.
.
,
Federal Reserve Bank of San Francisco
17
creased $5,158,000, or 18.1 per cent, to $33,670,000, an expansion not unusual at the turn of
the year.
The increase in borrowings of city banks
during the past month was practically offset
by the decline in country bank borrowings, so
that the total of bills discounted held by the
Federal Reserve Bank on January 10 ($65,348,000), was only $1,298,000 more than the
sum held on December 14, 1921. Acceptance
holdings declined from $22,223,000 to $12,447,000 but investments in United States Gov
^IN C IP A L RESOURCE AN D
ernment securities increased 50 per cent to
$12,515,000. The net decline in earning assets
for the period was $4,052,000, leaving the
total $90,310,000 on January 11, 1922. Federal
Reserve notes in circulation on that date
amounted to $230,970,000, practically un
changed from December 14, 1921. During this
period, however, the amount in circulation had
increased to a maximum of $244,252,000 on
December 28th, in response to demands of the
public, through their banks, for currency to
facilitate the holiday and year end payments.
L IA B ILITY ITEM S OF REP O RTIN G M E M B ER B A N K S IN RESERVE
CITIES IN T W E L F T H FEDERAL RESERVE D ISTR IC T
jr
o f R ep o r tin g
B a n k s
......................................................
Jan. 4, 1922
Dec. 7,1921
Jan. 7,1921
6 7
6 4
6 6
as and Discounts.............................................................................. $ 880,604,000 $ 914,375,000
$ 925,760,000
stments ................. ..........................................................................
316,580,000
311,626,000
289,757,000
in Vault and with Federal Reserve Bank...............................
105,835,000
103,175,000
104,747,000
>tai Deposits ...................................................... ,................................. 1,173,788,000
1,181,393,000
1,137,629,000
Payable and Rediscounts with Federal Reserve B a n k ..........
33,670,000
28,512,000
115,503,000
C O M PARATIVE STA TEM E N T OF CONDITION OF FED ER A L RESERVE B A N K OF SA N FRANCISCO
A T CLOSE OF BUSINESS, J A N U A R Y 11, 1922
RESOURCES
Jan. 11,1922
•<-al Reserves .........................................................................................$285,422,000
Is Discounted ..................................................................................... 65,348,000
s Bought in Open Market................................................ ............... 12,447,000
ted States Government Securities.................................................. 12,515,000
Dec. 14, 1921
Jan. 14,1921
$284,116,000
64,050,000
22,223,000
8,089,000
$194,777,000
159,065,000
33,509,000
14,074,000
Total Earning Assets ..................................................................... $ 90,310,000
ill Other Resources* .......................................................................... 49,337,000
$ 94,362,000
50,423,000
$206,648,000
46,450,000
Total R e so u r c e s ............................................................................... $425,069,000
$428,901,000
$447,875,000
Capital and Surplus ...............................................................................$ 22,579,000
>tpl Deposits ...................................................................................... 129,943,000
:al Reserve Notes in Actual C ircu lation ................................. 230,970,000
Jther Liabilities*)*............-................. .............................................
41,577,000
$ 22,578,000
127,050,000
231,268,000
48,005,000
$ 21,143,000
122,646,000
260,068,000
44,018,000
.............................................................................$425,069,000
$428,901,000
$447,875,000
42,831,000
38,785,000
44,903,000
33,980,000
L IA B IL IT IE S
Total Liabilities
Includes “ Uncollected Items,, .........................................................
•¡•Includes “ Deferred Availability Items,, ........................................
41,949,000
35,585,000
REDISCOUNT OPERATIONS
IN THE TW ELFTH FEDERAL RESERVE DISTRICT
The course of rediscounting by the member
banks of this bank during the years 1919, 1920
and 1921 is graphically illustrated in the ac
companying chart, in which city and country
bank borrowings have been segregated. Such
a segregation, however, is at best but a rough
indication of the extent to which the country
or agricultural interests have used the credit
resources of the Federal Reserve Bank, as
compared with the city or industrial and com
mercial interests. It tends considerably to un-
I i
3 4 5 6 7 8 0 10 II 12 I 2 3 4 5 6 7 8 9 IO II l î I 2 3 4 5 6 7 8 9 10 II
1919
»920
______
192»
Comparative Rediscount Operations, 1919-1921
City banks include all member banks in Los Angeles,
Oakland and Berkeley, Portland, Salt Lake City, San Francisco,
Seattle and Spokane. Country banks include all other member
banks.
N o t e :
derstate the fact because much of the credit
extended to “ city banks” during the years
1920 and 1921 was for the purpose of enabling
them to assist correspondent banks and cus
tomers in country districts. The exact or ap
proximate amount of borrowings by city
banks for this purpose is not definitely ascer
tainable, but it is known to have been large.
W ithout, however, attempting to make the
adjustment which these considerations would
justify, and having reference only to the fig
ures reflected in the chart above, it is note
worthy that borrowings of country member
banks increased rapidly from the spring of
1920. This date marked the beginning of the
long price decline which ushered in the diffi
cult business readjustment of the past year
and a half. From a total of $27,524,000 on April
20, 1920, their borrowings increased without
interruption to a peak of $63,231,000 on August
31, of that year. The liquidation of borrow
ings from proceeds of crop sales, which is cus
tomary after this date, resulted in a decline
to November 30, 1920, of only 12.7 per cent
in borrowings, after which date increases oc
curred until on Decem ber 14, 1920, they stood
at $57,357,000 or 108.4 per cent above the
April, 1920, figure. During the corresponding
period borrowings of city banks follow ed more
nearly their seasonal course, increasing from
$93,214,000 on April 20, 1920, to $108,512,000
on June 8th, declining approximately 20 per
cent from the latter amount during the sum
mer, and rising to a peak on December 7th of
$115,756,000, an increase of 24 per cent from
the April figure, compared with the increase
of 108.4 per cent above mentioned for country
banks.
Reduction of city bank borrowings follow
ing the peak reached on December 7, 1920, was
interrupted by the spring demands of 1921,
but since May 15th of that year has been
steady and substantial, until on December
27th last such borrowings at $32,867,000 were
65 per cent less than the $93,214,000 borrowed
on April 20, 1920. Borrowings of country
banks follow ing the December, 1920, peak
fluctuated slightly up and down until the end
of April, 1921, when they increased in five
weeks from $58,228,000 to $67,321,000 at ap
proximately which level they remained during
the rest of the summer, reaching a peak of
$68,985,000 on August 23, or 150.6 per cent
above the April 20, 1920, figure of $27,524,000.
Since August, 1921, when returns from the
marketing of crops of that year began to come
in, the country banks have rapidly reduced
their borrowings to a total of $39,193,000 on
December 27, 1921, a figure 42.4 per cent above
the $27,524,000 borrowed in April, 1920, while,
as was seen above, city bank borrowings in
December 27, 1921, were 65 per cent below
their April, 1920, figure.
These figures are summarized in the follow
ing table:
Borrowings from Federal Reserve Bank
City Banks
April, 1920 ................... $ 93,214,000
c
l
j. T> l
S (Dec. 7. 1920)
Subsequent Peak . . . { 115,756,000
Percentage Increase..
24%
December 27, 1 9 2 1 ....$ 32,867,000
Percentage Decrease
from April, 1920___
65%
Country Banks
$27,524,000
( (Avis. 23, 1921)
I 68,985,000
150.6%
$39,193,000
in c r e a s e
42.4%
These facts are interesting refutation of the
charge sometimes advanced by the misin
formed that, during the period of falling prices
after the spring of 1920, credit to country mem
ber banks was curtailed by Federal Reserve
Banks. The figures show that the opposite was
the case.
@FedFRASER