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« » “ N OT TO BE RELEASED FOR PUBLICATION BEFORE TH E AFTERNOON OF J U L Y 2 9 , 1 9 2 1
A
g r ic u l t u r a l
a n d
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 ederal R eserve B oa rd
by
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. V.
San Francisco, California, July 16, 1921
No. 7
FINANCIAL CONDITIONS IN THE TWELFTH FEDERAL RESERVE DISTRICT
S U R V E Y of financial conditions in the
seven states com posing this Federal Re
serve district, based upon reports of con
dition of all banks (state and national) has
recently been concluded as of April 28, 1921,
the latest date on which reports of both na
tional and state banks have been simultane
ously published. The study related primarily
to conditions in the agricultural regions of the
district and did not include the cities of San
Francisco, Oakland, Berkeley, Los Angeles,
Portland, Seattle and Salt Lake City.
As an index to the financial condition of a
given area, there was chosen the ratio of total
loans and investments of all banks in that area
to their total deposits, and the various zones
were then placed in three categories; the first
including all districts where the ratio of bank
loans and discounts to deposits was less than
80 per cent, and where financial conditions
therefore may be considered “ g ood ” (colored
blue on accompanying map) ; the second in
cluding all districts where the ratio was be
tween 80 per cent and 100 per cent, and where
financial conditions may therefore be consid
ered “ fair” (colored yellow on accompanying
map) ; and the third including all districts
where the ratio exceeded 100 per cent (where,
consequently many banks were borrowing
from the Federal Reserve Bank or from their
correspondents), and where financial condi
tions may therefore be characterized as “ poor”
(colored green on accompanying map).
The first category, embracing districts where
financial conditions were good, included the
western halves of the three Pacific Coast states
(W ashington, Oregon and California), the
A
State of Nevada and the vicinity of Prescott,
Arizona, (where financing of the principal in
dustries, livestock and mining, is done chiefly
by city, instead of country banks), and small
areas in the northern part of Idaho and north
western W ashington. The total deposits of
banks in this category were 54.9 per cent of
total country bank deposits of the district, in
dicating that on April 28th financial conditions
in over one-half the country districts were good.
The second category, embracing districts
where financial conditions were fair, included
chiefly the Sacramento and San Joaquin val
leys (where complete marketing of 1920 crops
had not then been achieved) and certain coastal
sections in California where beans are grown,
together with the fruit-raising sections of
W ashington and Utah. Total deposits of banks
in this category were 34.8 per cent of total
country bank deposits of the district; so that
on April 28th financial conditions could be
classed as fair to good in approximately 90 per
cent (34.8—
1—54.9) of the country districts.
The third category, embracing districts
where financial conditions were poor, included
a broad area stretching from eastern Oregon
and the dry farming country west of Spokane,
Washington, through central and southern
Idaho, Utah, and Arizona (excluding the Pres
cott area). Substantially similar reasons ac
count for conditions in this zone ; crop failures
and unfavorable conditions for livestock in the
years preceding 1920 and unwillingness or in
ability to market the products raised or har
vested in that year, with the consequent inade
quacy of banking capital to handle commercial
and agricultural requirements which is now
Those desiring this report sent them regularly will receive it without charge upon application.
A g r ic u ltu r a l a n d B u s in e s s
C o n d itio n s
F IN A N C IA L C O N D IT IO N S
IN
THE
TW E LFTH
FE D E R A L RESERVE
D IS T R IC T
L E G E N D
□
G O O D
F A IR
I
I
POOR
F ederal R eserve
Bank
of San
F r a n c isc o
remarked in this area. Deposits of banks in
this category, however, were but 10.3 per cent
of total country bank deposits of the Twelfth
District (which in turn were but 42.8 per cent
of total bank deposits of the district) indicat
ing that, despite its geographical extent, the
area where financial conditions were poor con
tains a relatively small proportion of the bank
ing deposits of the district.
The movement of wholesale prices of rep
resentative products of this district indicates
that the full force of readjustment has probably
been felt in the basic products of
The Month the soil, including metals, which
provide the m ajor portion of the
annual production of the district. The table
quoted elsewhere in this issue, showing pres
ent prices compared with those during and
preceding the war, shows that quotations for
beans, copper, cotton, rice, wheat and wool
are at present higher than the low points
which were reached in the price decline which
commenced in the spring of 1920. The fact
that so many of these prices are at or ap
proaching pre-war levels illustrates the un
equal character of the period of readjustment.
The wholesale price index of the Bureau of
Labor is now approximately 50 per cent above
the 1913 levels whereas an index of represen
tative raw materials prepared by the Federal
Reserve Bank of New Y ork was on July 9th,
4.1 per cent above the 1913 level.
Until recently retail prices had not recorded
declines commensurate with the drop in whole
sale prices, particularly those of raw materials.
In recent months, however, especially in the
large city department stores reporting to this
bank, sharp price reductions in nearly all lines
have been made. The effect has been to stimu
late sales and the physical volume of retail
trade in the district generally continues greater
than it was in June, 1920. The decline in dollar
value of sales was but 7.8 per cent for June
last compared with June, 1920, whereas it is
probable that retail prices in the larger depart
ment stores are now at least 20 per cent less
than they were a year ago.
The yield of deciduous fruits generally this
season is less than it was a year ago, but
demand for fresh fruit in eastern markets
has been above normal and shipments from
California have been considerably greater
than they were last season to this date. The
movement of citrus fruits— oranges and lem
ons— has also exceeded all previous records.
Lemon prices during the first week in July
recorded sharp advances, reaching $7.50 per
box f. o. b. California, compared with $2.00
3
earlier in the season. Lacking orders for futures
fruit canners will pack only from 40 to 75
per cent of last year’s pack. Opening prices for
1921 quoted by the largest factor in the trade
show reductions from 35 to 45 per cent com
pared with opening prices of 1920. The record
wheat crop of the Pacific Northwest is now
m oving to market and carload sales of No. 1
Turkey Red wheat are reported at prices of
$1.06 to $1.01 per bushel at grow ers’ shipping
point.
The customary closing of lumber mills at
the Fourth of July is expected to last longer
than usual this year, as mill stocks have re
cently been increasing. Approximately 50 per
cent of the salmon canneries which operated
last year are operating this season and only
small amounts of the cheaper grades of fish will
be packed. The closing of certain fisheries and
shipyards in coastal regions of the Pacific
Northwest has increased unemployment there,
but the situation is rapidly being relieved by
the demand for agricultural labor in fields and
orchards. Except in San Francisco, where no
settlement has been made of a building trades
dispute, there has been a slight increase in em
ployment compared with the month of May.
In the district as a whole, building opera
tions continue to exceed by a large margin
those of a year ago and statistics for the first
six months of 1921 indicate that building per
mits have been 30.4 per cent larger in number
and 5.5 per cent greater in value than they
were in the first six months of 1920, indicating
a substantial increase in the volume of building
during 1921. Average reductions of $1 per day
have been made during the past six months in
the wages paid in the various building trades
throughout the district. The percentage re
duction has ranged between 10 and 20 per cent.
The steady decline in combined bank clear
ings of 20 principal cities which has obtained
since October, 1920, was arrested during the
past month, figures for June showing a 6 per
cent increase over May clearings. The per cent
of decrease compared with June, 1920 (17.8 per
cent), is substantially less than the average
reduction in combined wholesale and retail
commodity prices during the same period, and
it is therefore altogether probable that the
physical volume of business in this district is
greater now than it was last year at this time.
It is significant to note, during the past year
of readjustment, that savings deposits through
out the district have increased 8.3 per cent.
The total for the district on June 15, 1921, was
fractionally (27/100 per cent) less than the
total for May, 1921.
4
A g r ic u ltu r a l a n d B u s in e s s
Reduction of approximately 8 per cent in
rediscounts with the Federal Reserve Bank by
67 reporting member banks in the seven prin
cipal cities of the district, chiefly in rediscounts
secured by United States government obliga
tions, occurred during the month ending July
6th. A similar liquidation of borrowings from
this bank by the other member banks of the
district also occurred, so that all classes of dis
counts declined 12 per cent during the month,
and on July 13th were 16 per cent beneath the
peak of $176,862,000 on December 19, 1920.
This liquidation was reflected chiefly in
stronger cash reserves of the bank which reg
istered an increase of $21,000,000. The reserve
ratio rose from 57 on June 13th to 60.2 on July
13th. The circulation of Federal Reserve notes
increased by $5,500,000 (2.5 per cent) chiefly
in response to harvesting and other seasonal
requirements in the agricultural sections of the
districts.
The effect of post-war price adjustments on
some of the principal products of this district
is shown in table “ A .” Cattle, rice, and lima
beans have fallen below their
Price
pre-war levels. Barley, beans,
Readjustments
copper, cotton, lambs, hogs,
wheat and wool have ap
proached the prices of 1913 and 1914. Lumber
and petroleum continue to bring prices con
siderably in excess of pre-war returns.
Advances in the prices of beans, copper,
cotton and rice have occurred since their low
points of the present readjustment period.
C o n d itio n s
W ool and wheat in this district have showr
considerable strength recently and a sharp up
turn in prices has been recorded. Pre-war
peak, low-since-peak, and July 1st wholesale
prices of the commodities listed are presentee
in table “ A .”
The total wheat crop of this district is esti
mated, as of July 1st, to be 114,461,000 bushels
compared with 105,671,000 bushels produced
in 1920. The holdover on July 1st is
Wheat estimated to be 10 per cent of Iasi
year’s crop or 3,800,000 bushels ir
W ashington, 6 per cent or 1,400,000 bushels ir
Idaho and 4 per cent or 844,000 bushels ir
Oregon, a total of 6,044,000 bushels in the
Pacific Northwest. The movement of 19201921 crop winter wheat to market has begun
In Oregon one car of Turkey Red wheat is re
ported to have sold on July 2nd for $1.06 pei
bushel and two cars on July 9th for $1 pei
bushel.
Forecasts of this year’s wheat crop in the
states of this district and estimates of the 192(
yield are as follows :
July 1, 1921
(bushels)
1920
(bushels)
W ashington .......................... 49,602,000
Idaho ....................................... 26,279,000
Oregon ............................. .... 22,400,000
8,565,000
California ...............................
Utah .........................................
6,055,000
Arizona ...................................
958,000
Nevada ....................................
602,000
Total
...................................114,461,000
37,982,00(
23,600,00!
21,104,001
16,335,001
5,366,00<
864,00*
420,001
105,671,00(
(A) Commodity Prices—
(A ll p rices baaed o n San F ra n cis co quotation s unless oth erw ise noted)
C o m m o d ity
P r e -W a r
P rice
Peak
P rice
L ow
S in ce Peak
P rice
.Dollars per 100 lbs. . . .
Dollars per bushel . . .
.97
.46
3.60
1.72
1.10
1.10
.53
.53
Dollars per 100 lbs. . . .
Dollars per 100 lbs. . . .
Dollars per 100 lbs. . . .
. Cents per lb.....................
4.35
5.40
6.90
11.
13.00
16.25
16.50
28.5
5.45
3.60
5.75
12.5
6.40
3.65
5.75
12.62
Cents per lb.....................
.Cents per lb.....................
9.85
20 .
43.75
80.
10.38
25.-30.
7.00
6.75
9.00
U nit
Presen t
D a te o
7 /1 /2
Beans:
7 /1 /2
7/ 1 / 2 :
7 /1 /2 :
7 /1 /2
Cotton:
12.00
25.-30.
7 /1 /2
7 /1 /2
7.00
7.50
9.00
6 /3 0 /2
6 /3 0 /2
6 /3 0 /2
38.50 12.50-14.00 14.00
1.70
1.45
1.45
16.5
14.5
14.5
25.
25.
27.
12.75
3.90
3.95
5.00
1.60
2.15
3.00
.96
1.29
10 .
10 . - 22 .
65.
6/192
6/192
6 /3 0 /2
6 /3 0 /2
7 /1 /2
7 /1 /2
Livestock (Prices Portland, O regon)
Petroleum (21° gravity).
.Dollars per 100 lbs. . . .
.Dollars per 100 lbs. . . .
.Dollars per 100 lbs. . . .
8.22
15.50
6.80
9.01
20.00
.Dollars per 1000 feet .
Dollars per barrel . . . .
.Cents per gallon .........
, Cents per gallon .........
.Dollars per 100 lbs. . . .
.Dollars per 100 lbs. . . .
Dollars per bushel . . .
. Cents per lb.....................
6.25
.425
9.
14.5
4.25
1.55
.93
7.-24.
23.35
6 /3 0 /2
F ederal R eserve B a nk
of San
5
F r a n c isc o
Flour mills in this district increased their
output during June, operating at 42 per cent of
capacity compared with 34 per cent in May
and 63 per cent of capacity in June,
M illing 1920. Increased activity among Cali
fornia millers was largely responsible
for the improvement noted for June compared
with May of this year, millers in W ashington
having increased production slightly and Ore
gon and Idaho millers having further curtailed
their production.
Stocks of flour in millers’ hands on July 1st,
as reported by 25 large operators, were 276,389
barrels, compared with 465,349 barrels on the
same day in 1920. Stocks of wheat held by the
25 operators on the same date amounted to
872,381 bushels, while a year ago they held
1,503,333 bushels.
Table “ B ” shows the June production of the
reporting mills by states, and the percentage
of mill capacity in operation this year and last
year.
rk
i?
Estimated yields
Deciduous Fruit Conditions of California de.
ciduous fruits now being marketed are as fol
lows :
1921
1920
(tons)
Cherries ................................................. 15,000
Plums ...................................................... 35,000
Pears ........................................................ 67,000
Apricots ................................................. 100,000
Peaches .................................................. 325,000
(tons)
17,500
35,000
100,000
115,000
345,000
The California crop of berries of all sorts is
estimated to be slightly smaller than last year.
During the first week of July strong winds
of high temperature in the Sacramento Valley
blew from the trees many plums, apricots and
pears and caused considerable damage, es
pecially to pears, the loss to the latter being
estimated at 6,000 tons. High temperatures
prevailed over northern California during the
second week of this month and a small amount
of fruit was sunburned, but elsewhere favor
able growing conditions were reported.
In W ashington a peach crop of 25,125 tons is
predicted for 1921 compared with 8,813 tons
last year when the crop was unusually poor,
and a crop of 30,333 tons of pears is forecasted,
compared with 46,792 tons in 1920. In Oregon
the peach crop is again reported to be a failure
and the pears to be equal to the 10-year aver
age. Oregon produced 2,083 tons of peaches
and 11,667 tons of pears in 1920. In both
W ashington and Oregon the yields of all ber
ries are reported to be about 50 per cent larger
than they were last year, and supplies now
going to market are temporarily in excess of
the combined demands of the fresh fruit mar
kets and the canners.
Despite decreased yields of deciduous fruits
this year, shipments out of California have
been considerably greater thus far than those
of last year, reflecting both the
Fruit
weakness of the local demand
Shipments from canners and the curtailment,
on account of spring frosts, of
green fruit yields in the Middle W est. Rail
roads of the state have amply prepared for the
increased traffic. The Pacific Fruit Express
Company reports that it has 4,000 new stan
dard refrigerator cars available for this sea
son’s business, and that its total equipment is
now approximately 19,300 cars. In addition,
this company, which handles the fruit-shipping
of the Southern Pacific Railway Company, has
arranged to receive 4,000 to 5,000 refrigerator
cars from eastern roads during the heavy
shipping season. The refrigerator department
of the Atchison, Topeka and Santa Fe Railway
Company reports that it has received 2,500 new
refrigerator cars this year and now has more
than 5,000 cars available for loading in Califor
nia and Arizona. In contrast to conditions pre
vailing last year, its cars are being returned
promptly from eastern destinations. In view
of the lighter movement of other commodities,
shipments on shorter schedules, and the ab
sence of congestion at terminals, it is thought
that perishable crops this season will not suffer
from a shortage of refrigerator cars.
O f citrus fruits there were 44,733 cars
shipped out of California from November 1,
(B ) Milling—
OutputN o . M ills R ep ortin g
June
M ay
11
California ___ ■ 15
25
O regon ..........
W ashington .
31
5
Idaho ...............
Utah ................
25
31
5
76
72
D is t r ic t ...........
June
(barrels)
M ay
(barrels)
260,169
78,788
271,232
12,945
190,788
98,604
223,118
12,882
623,134
525,392
Per C e n t M ill C a p a city in O p eration
June
M ay
June
1921
1921
1920
65
38
43
44
28
29
47
69
60
50
41.7
34
63
22
••
A g r ic u ltu r a l a n d B u s in e s s
6
1920, to July 3, 1921, (36,539 cars of oranges
and 8,194 cars of lemons) as compared with
35,763 cars in the corresponding period of
1919-20 (29,300 cars of oranges and 6,463 cars
of lem ons). Lem on shipments have been heavy
for several weeks past, due to the hot weather
demand from sections of the Middle W est, the
East and Canada. W ith only average supplies
on the various markets to meet the sharply
increased demand, prices have risen rapidly,
reaching $7.50 per box f. o. b. shipping point
at the end of June. Shippers are hastening to
take advantage of the situation.
Carloads
Car,0* £ ,
IXOOO
HOOO
9000
/
8000
/*
6000
5000
A
/N
V
A
V
/
/
/
/
\ 1
/
/
/
10000
1
\
9000
8000
EClDilOUS
/
V CITRus
S'—
. . . __
—— 2 3 4 5 I1962<0 7 8 9 10
/
tA "
\
\
\
\
/
/
IIOOO
Tr
\
7000
V
/
6000
5000
/
1
1 1r
r—
/
4000
3000
-4 —
/
\~
\
/
/
2000
1000
)2i
C a lifo rn ia F ru it Shipm ents 1920*1921
Imports of lemons from Italy in the period
January 1 to June 1, 1921, were valued at
$302,564, and in the same period in 1920 at
$1,245,623. A llow ing for price declines during
the year (the average price of Italian lemons
on the New Y ork auction market for the year
1920 was $2.35 a box compared with an average
price of $1.96 a box in the first quarter of
1921) these figures indicate a marked decrease
in the volume of lemon imports this year.
The accom panying chart shows shipments
of citrus fruits from California and of decidu
C o n d itio n s
ous fruits from that part of the state north of
the Tehachapi Pass for the first six months of
1921 and for the year 1920.
Canners of fruit in this district will pack con
siderably less than last year when 13,658,072
cases were packed in California, Oregon, W ash
ington and Idaho. In California the
Canned general forecast is a fruit pack of
Fruit
from 50 to 75 per cent of the 1920
pack of 11,382,863 cases. In Oregon
and Washington the reduction will probably
be greater as the industry is not so firmly
established in those states and many of the
smaller canneries will not operate this year.
The general program seems to be to pack as
many cases this season as, added to the carry
over from last season, will produce a total
supply of canned fruits equal to the number of
cases sold during 1920.
Hesitancy prevails among both canners and
jobbers of canned fruits. Both these groups
were forced to take losses on fruit packed in
1920 which was not disposed of before the de
cline in prices which commenced in June, 1920.
As distributors, buying chiefly to meet current
needs, are placing few orders for future deliv
ery, canners are disposed to curtail their pack.
There is noted a continued active demand for
California canned fruit for immediate delivery,
which would indicate that the holdover of last
year’s pack in jobbers’ and retailers’ hands has
been consumed.
Costs of production, including the costs oi
green fruit, labor, sugar, labels and box shook
have been reduced and it is estimated that it
will cost from 35 to 50 per cent less this year
than last year to put up a case of canned fruit
The approximate percentage decline since last
year in the cost of the principal items entering
into the total cost of production has been for
green fruit 50 per cent; sugar 75 per cent;
(C) Canned Fruit Prices—1920 and 1921 —
F ru it (C h o ic e G ra d e — C an S iz e N o . 2% )
Apricots ........... ..........................................................
♦Blackberries .............................................................
Cherries, B l a c k ........................................................
Cherries, Royal A n n e ............................................
Grapes, Muscat .......................................................
♦Loganberries ...........................................................
Peaches, Y ellow F ree......................................... ..
Peaches, Y ellow C lin g .........................................
Peaches, W h ite C lin g............................................
Pears, Bartlett ........................................................
Plums ..........................................................................
♦Raspberries ..............................................................
* Strawberries .............................................................
^Standard Grade.
O pening 1
1920 P a d
(p e r d o z .
$3.85
3.00
4.00
4.50
3.40
4.15
3.90
4.15
4.15
4.65
3.40
5.65
5.50
R ev ised Prices
1920 P a ck
(Spring 1921)
(per d o z .)
O pen in g P rices
1921 P a ck
(p er d o z .)
P er C e n t
D e cre a se
1920-1921
$ 1 .8 0
$ 2 .3 5
— 3 9 .0
2 .3 5
2 .2 5
— 2 5 .0
3 .0 0
— 2 5 .0
2 .7 0
3 .0 0
— 3 3 .3
2 .7 0
2 .3 5
— 3 0 .9
2 .5 0
2 .7 0
3 .io
1 .8 0
2 .3 5
— 4 3 .4
2 .3 0
— 4 1 .0
2 .3 5
— 4 3 .4
2 .3 5
— 4 3 .4
3 .0 0
2 .1 5
— 3 5 .5
— 3 6 .8
2 .4 0
— 5 7 .5
2 .9 0
— 4 7 .3
F ederal R eserve B a n k
of San
7
F r a n c isc o
labor (m ale), 5 to 20 per cent; labels 15 per
cent; box shook, 25 per cent. There has been
no reduction in the cost of tin can containers.
The follow ing table presents a summary of the
prevailing prices reported paid or bid and
asked for green fruit from the principal grow
ing sections, the wide range in prices being due
either to differences in the quality of fruit in
different sections or to differences between the
growers and canners regarding prices :
Cherries (R oyal A n n e),
1921
1920
per lb................................... $ 0.04-$ 0.05
$ 0 .1 0 -$ 0.13
Apricots, per t o n .............. 25.00- 60.00
75.00- 110.00
♦Peaches (C ling), per ton 35.00- 60.00
90.00- 110.00
♦Peaches (Freestone),
35.00
50.00- 75.00
per ton .............................
♦Pears (N o. 1 Bartlett),
per ton ............................. 40.00- 61.75
100.00
Loganberries, per l b . . . .
..
.035
.10.13
.06
.19.20
Raspberries, per lb..................05Strawberries, per lb.................04.05
.18.19
*Prices on the bulk of the crop not yet determined.
Due to the present unsettled condition of
the canned fruit market and doubt as to the
costs of green fruit, canners have been slow
to announce prices on this year’s pack. The
California Packing Corporation, the largest
packer of canned fruits in the district, recently
published formal opening prices, the list show
ing reductions of from 35 to 45 per cent on
most fruits compared with the opening prices
in 1920. Table “ C” shows the opening prices
on the 1920 pack and the 1921 pack of this
large operator.
Growing sugar beets in all of the producing
states of this district are reported to be well
above the 10-year average of condition at this
date. In Utah, Idaho and W ashSugar Beets ington the open winter permitted
early preparation of the seed
beds and opportune rainfall and a warm spring
have favored healthy growth. Similar condi
tions have prevailed in California. The acreage
planted to this crop is reported as about the
same as in 1920 in California (a decrease in
Orange County being balanced by an increase
in other districts), 15 per cent less in Utah and
Idaho, and slightly greater in W ashington (a
comparatively small producer) but because of
the excellent condition of the crop a greater
yield than last year is in prospect. The United
States Department of Agriculture estimated
the 1920 acreage, production, and average
sugar extraction (based on the weight of beets)
as follow s:
^
A v era ge
t ------------A c r e a g e ------------\
Planted
H a rv e ste d
P ro d u ctio n
(Short Tons)
California .135,700 123,500
1,037,000
Idaho ......... 57,600
55,600
498,000
Utah ........... 116,100
112,700
1,304,000
U. S ...............978,500
880,500
8,530,000
E xtraction
(PerCent)
15.79
12.97
11.40
12.99
Average prices paid to growers last year
were $13 per ton in California and $12 per ton
in Utah and Idaho. This year one of the prin
cipal refineries in the Intermountain states
says growers will receive “ somewhere in the
neighborhood of six dollars per ton for beets
of average quality, if the sugar market meets
expectations” and another guarantees a return
of $5.50 per ton in Utah and $6 per ton in Idaho
and W ashington. Prices in California gener
ally rule slightly higher than in the Inter
mountain district because of the greater sugar
content of the beets grown in that state. Prac
tically all prices are based on a sliding scale,
the return to the growers depending partly on
the sugar content of their beets and partly on
the prices which factories receive for their
output of refined sugar. Sugar refiners state
that the margin between manufacturing costs
and selling price promises to be narrow. W ith
the exception of the elements of railroad rates
and coal prices, cost of production is being
reduced.
Dollars p*T 100Pounds
Dollars per 100Pounds
2f
24
21
24
f
22
20
IQ
16
-3/
14 “\
12 I
10J
8
6
4
/
/
V
22
20
\
18
16
14
\>
s*
jarusry . lum (4,tve•*<?! ?
12
10
8
6
ce
4
2
2
S
1?H9l
2
1920
Beet Sugar Prices in the Twelfth Federal Reserve District 1919-1921
(Quotations F. O. B. Refinery— San Francisco)
Range and pasture conditions continued
above normal throughout the district with the
exception of Arizona and southern Utah where
deficient rainfall has caused a
Livestock shortage of grass and water. Hot
weather is drying up the grazing
areas in lower altitudes, but most of the stock
is now in the mountains where the grass is
reported plentiful.
Receipts of cattle and calves at the principal
markets of the district during June were below
those of a year ago, the decrease being most
noticeable in Portland. In order to meet matur
ing obligations, a larger proportion than usual
of the herds of the district was sold last fall,
and there is now a shortage of beef cattle in
the range country. Low prices now obtaining,
excellent range conditions, and surplus feed
in many sections have created a demand for
stocker animals but there are few available and
livestock men generally are unable to finance
8
A g r ic u ltu r a l a n d B u s in e s s
their purchase in large numbers where they
can be obtained.
Sheep and lambs are com ing to market in
larger numbers than in 1920. The new lamb
crop is now being marketed and bringing
prices ranging from $5.50 to $10 a hundred
weight on the markets of this district. Despite
the fact that no hay was fed to sheep during
the winter, the spring lamb crop has been the
best in several years and the lambs generally
have been larger and better finished than they
normally are.
Receipts of livestock and purchases for local
slaughter at the five principal markets of the
district during June, 1921 and 1920, are shown
in tables “ D ” and “ E.”
Prices of all kinds of livestock were slightly
lower at the end of June than at the beginning
of the month, with hogs holding steadiest and
lambs showing the greatest variations. Average
June prices were lower than those of May, the
decline being most marked in calves. Com
pared with June a year ago, livestock prices
are from 25 per cent lower in the case of calves
to 40 per cent lower in the case of hogs. The
range in livestock prices at the five principal
markets of the district is shown in table “ F.”
Butter in cold storage in four cities of this
district increased 1,114,943 pounds during June
C o n d itio n s
as compared with an increase of 1,236,429
pounds in May. During June of last year the
increase in holdings was 1,717,656 pounds.
Butter in storage on July 1st of this
Dairy
year totaled 2,832,265 pounds, a deProducts crease of 22 per cent from the same
date in 1920. A statement of the
movement of stocks of cold storage butter dur
ing June, 1921 and 1920, and holdings on July
1st at the four principal markets of this district
are shown in table “ G.”
The average price paid to milk producers
by fluid milk distributors, presented in table
“ H ,” shows a decline of seven cents in the
Mountain Section and no change in the Pacific
Section, compared with May, 1921, and a de
cline of 81 cents and 35 cents, respectively,
compared with June, 1920.
(G) Movement o f Stocks o f Cold Storage
Butter—
June, 1921
N et
In crease
(P ou n d s)
C it y
L os A n g e le s... 185,780
Portland ......... ...166,658
San Francisco. 421,951
Seattle .................340,554
T o ta ls ........... 1,114,943
Jun e, 1920
N et
In cre a s e
(P ou n d s)
341,697
370,004
376,814
629,141
July 1,
1921
H o ld in g s
(P o u n d s)
July 1,
1920
H o ld in g i
(Pounds)
683,958
724,217
275,430
575,451
1,287,651 1,401,552
585,226
935,722
1,717,656 2,832,265
3,636,942
(D ) Receipts o f Livestock—
C attle
Portland ..........
Salt Lake City. . . .
Seattle ...............
Spokane ...........
Tacom a ...........
Total ..............
June
1921
June
1920
June
1921
8,818
2,744
3,303
3,956
1,744
14,006
7,332
5,455
5,338
1,782
703
283
109
485
20,565
33,913
C a lve s
June
1920
H ogs
June
1921
S heep
June
1920
June
1921
June
1920
and M ulea
June
June
1921
1920
9,667
3,005
11,513
2,998
4,972
17,065
3,302
4,946
3,288
2,986
49,295
15,843
9,608
10,438
4,830
22,072
42,642
5,551
20,246
2,358
22
12
1,401
556
281
628
184
84
44
1,592
3,050
32,155
31,587
90,014
72,869
224
74
••
126
95
40
186
447
(E) Purchases fo r Local Slaughter—
C a ttle
C a lves
June
June
1921
1920
June
1921
June
1920
Portland ..........
Salt Lake City
Seattle ..............
Spokane ...........
Tacoma .............
3,615
2,063
2,995
2,106
1,744
5,566
859
5,235
3,018
1,782
336
277
109
251
Total ..............
12,523
16,460
H ogs
Sheep
June
1921
June
1920
June
1921
June
1920
12
571
17
281
490
184
6,304
2,720
11,035
2,339
4,972
9,952
1,975
4,660
2,578
2,986
23,000
4,331
9,608
2,055
4,830
7,770
1,411
5,267
1,371
2,358
1,035
1,543
27,370
22,151
43,824
16,177
(F) Range in Livestock Prices—
H ig h e st and L o w e s t A v e ra g e T o p P rice s P er H u n d red w eig h t R e c e iv e d at F iv e P rincip al M a rk e ts D u rin g June.
W eek of
F at Steers
June 6 ......................... $7.50— 8.25
June 13.........................
7.15— 7.75
June 2 0 .........................
5.75— 7.50
June 2 7 .........................
6.50— 7.50
C o w s C a lv e s
$6.00— 7.00
5.50— 6.75
4.50— 6.50
5.25— 6.00
H ogs
$9.50—
9.00—
6.00—
6.00—
12.00
10.50
10.00
9.50
L am bs
$7.50— 9.75
7.50— 9.25
7.60— 9.25
8.75— 9.25
$6.00— 9.00
5.50— 10.00
6.50— 8.50
6.15— 8.00
F ederal R eserve B a n k
of San
9
F r a n c isc o
June production of lumber, as reported by
the four lumber associations of the district,
was 377,605,000 feet, the highest figure reached
during the current year, and 17,530,Lum ber 000 feet or 4.8 per cent greater than
the May cut. In the corresponding
weeks of 1920 the cut was reported to be
525.630.000 feet. Shipments and orders did not
keep pace with the increased cut and were less
than in June, 1920, or May, 1921. Shipments
decreased from 335,805,000 feet in May to
318.697.000 feet in June or 4.7 per cent and
were 15.6 per cent less than the June cut,
stocks on hand at the mills being increased
accordingly. Orders received during the month
totaled 292,190,000 feet compared with 342,724.000 feet in May, a decrease of 14.7 per cent.
A large part of the orders received by the mills
during the month called for mixed lots of lum
ber whereas, under normal conditions, many
of these orders would be for straight cars of
one kind of lumber. Lumbermen take this to
mean that the concerns making such purchases
have small stocks and are buying to meet
current needs only. The extreme quiet now
prevailing m lumber production is expected
to pass with the application of new freight
rates to eastern points (the new rate on fir to
New Y ork to be 95 cents compared with the
present rate of $1.06y2) to be made effective as
soon as the tariffs can be published and with
the resumption of railroad buying which is
expected in the near future. Spruce is in more
active demand, especially in the box grades,
as northern fruit growers and packers are now
placing orders for fall supplies.
(H ) Prices Received by Milk Producers*—
June,
1921
R a nge
S e c tio n f
Mountain (126 M k ts.).$1.57-$2.91
Pacific (151 M k t s .) .... 1.90- 3.39
U. S. (3,085 M k ts .).. . . 1.00- 4.05
June,
1921
A v erage
$2.23
3.07
2.11
M ay,
1921
A v erage
$2.30
3.07
2.55
June,
1920
A v e rage
$3.04
3.42
3.21
*A11 prices per hundredweight for milk testing 3.5 per cent
butter fat.
fM ountain section includes Idaho, U tah, Nevada and Arizona.
Pacific section includes W ashington, Oregon and California.
(I) Lumber—
Average No.
of Mills
West Coast
Lumbermens’
Association
June 25
111
227,461
236,932
218,280
*In thousands of feet.
Western Pine
Manufacturers*
Association
M a y 28
June 25
115
233,753
255,325
260,049
44
95,891
56,069
51,500
The combination of a sluggish lumber mar
ket, the marine strike, and high water in the
Columbia and W illamette rivers, which caused
the closing of several saw mills, has reduced
log requirements to the lowest point in years.
A t present 75 per cent of the logging camps
are closed down and loggers state that they
will not resume operations until improvement
is evident in lumber demand.
Further wage readjustments in the lumber
ing industry are reported and a scale calling
for a minimum wage of $3 per day for common
labor is now in effect. The former wage—
about the first of the year— was $3.40 per day.
W ages of other classes of laborers have been
similarly readjusted. Eight hours remains the
basic working day.
Comparative figures of cut, orders and ship
ments of the reporting mills of the four lumber
associations in this district are shown in table
U J
>f
Increased production of gold, silver and lead
and a decrease in the production of copper in
May, 1921, as compared with May, 1920, are
reported by 13 mines in the district.
Mining Compared with April, 1921, the same
mines report increases in copper,
lead, and silver production and a reduced out
put of gold.
The activity of reporting mines cannot be
used as an index of general conditions in the
mining industry at the present time, as many
properties are not being operated, particularly
in the copper mining sections. Those mines
which are still bringing out metal are the
lowest cost producers and they are operating
at reduced capacity.
Reporting gold, silver and lead mines which
are still operating continue at 100 per cent
capacity. Comparative figures of the output
of metal of 13 reporting mines in May, 1921,
April, 1921, and May, 1920, are shown in the
following table:
May>1921
May 1920
Apri|1921
♦Copper (pounds) . . 5,448,669
Lead (pounds) . . . . 13,673,327
Silver (ounces) . . . .
428,120
Gold (ounces) ........
39,178
5,186,846
11,339,279
373,274
44,968
*Blister.
CaliforniaWhite
and Sugar Pine
Manufacturers*
Association
California
Redwood
Association
-1921— F o u r W e e k s E nding----------------------------M a y 28
June 25
M a y 28
June 25
M a y 28
43
82,440
57,207
53,950
5,967,308
10,370,920
268,456
29,314
6
24,723
12,288
8,001
7
24,230
12,619
14,025
11
29,530
13,408
14,409
9
19,652
10,654
14,700
TOTAL
June 25
172
377,605
318,697
292,190
M a y 28
174
360,075
335,805
342,724
A g r ic u ltu r a l a n d B u s in e s s
10
Average daily production of petroleum in
California during June was 337,625 barrels, an
increase of 64,556 barrels a day compared with
June, 1920, and of 524 barrels a
P etroleum day compared with May, 1921.
Daily shipments in June were also
greater than during the previous month aver
aging 280,494 barrels compared with 250,020
barrels, an increase of 30,424 barrels a day.
Production continues greater than consump
tion, however, and stored stocks at the end of
June totaled 29,768,643 barrels representing an
increase of 1,713,933 barrels during the month.
Seventy-six new wells were opened, with an
initial daily production of 19,965 barrels, and
two wells were abandoned during the month,
an increase of 74 producing wells.
Petroleum and petroleum derivatives faced
by decreasing consumption and increasing
stored stocks are now yielding to pressure of
the present price readjustment period and re
ductions in the prices of crude oil, gasoline and
kerosene have recently been announced. A
comparison of pre-war, peak, and present
prices in five states of this district fo llo w s :
California
P r e -W a r
Peak
Present
Crude petroleum (bbl.) ...$ 0 .4 0
Kerosene (gal.) ........................ 09
Gasoline (gal.) .......................... 145
$1.60
.165
.27
$1.35
.145
.25
.175
.30*
.155
.28*
Oregon
Kerosene (gal.) ...........................10
Gasoline (gal.) .......................... 15
W ashington
Kerosene ( g a l . ) .......................... 10
Gasoline (gal.) .......................... 15
Unemployment in the district as a whole de
creased during June due largely to calls from
agricultural sections for harvest hands in the
grain fields and orchards. Labor conLabor ditions in the principal cities of the
district are practically unchanged, the
large increase in the number of unemployed
in San Francisco (due to the strike in the
building trades) being more than offset by de
creases in Los Angeles, Portland and Seattle.
The follow ing table is taken from the monthly
review of the United States Employment Serv
ice of the Department of Labor and is based
on reports from firms em ploying 500 men or
more in the four cities included:
N u m erical in crea se
o r d ecrease (—) in
em ploym ent during
June com pared
w ith M a y
.155
.27f
P ercentage in crea se
o r d ecrease (—) in
em ploym ent during
June com p a red
w ith M a y
Los Angeles .............
1,431
Portland ....................
1,009
Seattle ........................
5
San Francisco ......... — 2,362
6.7
2.3
.12
— 25.0
During the first two weeks of July the labor
situation in San Francisco and nearby com
munities improved. In San Francisco, while
the building trades strike remains unsettled,
it is stated that work is being gradually re
sumed under the so called “ open shop” plan.
In Oakland a similar strike was ended when
Millions of Barrels
Millions of Barrels
30
30
20
.175
.28
OR¡EC
5TC>c <s
10
-
Barréis
JMJOO
Nevada
Kerosene (gal.) .......................... 14
Gasoline (gal.) .......................... 185
320,OCO
.265
.35
.235
.37
.215
.305
r -N,
*'
\
\
V
/
/-
V
sao.*»
~\
\
y
(r
S
\
270.000
•\
<t ;
All V SHIP
/
AV
2*0,
16£ D- It-' P ÎOÎ
no «
»
¿70,000
V
»40.000
*0,00
^Includes Oregon State T ax 2c per gallon,
tln clu d es W ashington State T a x
AVE ÍA<
.245
.29
'
Arizona
Kerosene (gal.) .......................... 14
Gasoline (gal.) .......................... 18
C o n d itio n s
2)0,000
lc per gallon.
720.000
Statistics on oilfield operations as furnished
by the Standard Oil Company of California are
shown in table “ J.”
,-
• 4- 5
6 Ta
1919
9
IO
„ .2
,
2 ,
4
5 6
1920
7e
9
,, , 2 3 4.
1921
5
6 200 000
P etroleum P rodu ction , Shipm ents and Stored S to ck s
{C a liforn ia ) 1919-1921
(J) Petroleum —
June, 1921
M a y , 1921
Production (daily a v e ra g e )...
337,625 bbls.
337,101 bbls.
Shipments (daily avera ge). . . .
280,494 bbls.
250,070 bbls.
Stored Stocks (end of m onth) 29,768,643 bbls. 28,054,710 bbls.
N ew W e lls O pen ed ..................
76
59
W ith Daily Production........
19,965 bbls.
21,130 bbls.
W ells A ban don ed.........................
2
6
*December 31, 1920.
June, 1920
6 M onths P eriod
Jan .-Ju n e, 1921
6 M on th s P eriod
Jan .-June, 1920
273,069 bbls.
335,157 bbls.
274,917bbls.
313,769 bbls.
...........
25,370,903 bbls.29,768,643 bbls. *22,240,271 bbls.
36
383
215
6,455 bbls.
...........
4
31
36
F ederal R eserve B ank
of San
11
F r a n c isc o
workers and employers agreed on a 7 y2 per
cent reduction in wages and the resumption of
work under the “ open shop” system. Part time
employment is being resorted to in some plants
in Portland, Spokane and Tacoma.
Curtailed operations in the fishing and lum
bering industries and the closing down of ship
yards have caused increases in unemployment
in the coastal regions of the Pacific Northwest.
In the mining centers activity has not revived,
many of the copper mines being shut down and
those mines which are operating are running
at less than capacity. The increased demand
for farm labor has absorbed the labor supply
released by other industries but except in pre
dominantly agricultural communities the total
of unemployment has not been greatly reduced.
The monthly industrial survey of the United
States Employment Service, Department of
Labor, shows that 1,428 firms in 65 principal
industrial centers of the United States em
ployed 1,527,124 workers on June 30, 1921,
compared with 1,573,538 on May 31, 1921, a
net decrease of the number employed of 46,414
or 2.9 per cent. The net decrease in the same
establishments since January 1, 1921, has been
101,010 or 6.2 per cent.
Bureau of Census figures of the results of
census of manufactures in Nevada for 1919
and 1914 are printed in table “ K .” These fig
ures exclude the hand trades,
Nevada
building trades and neighborManufactures hood industries and take into
account only establishments
conducted under the factory system. The sum
mary shows certain increases at the census of
1919 as compared with that for 1914, but the
totals for the state are seriously affected by
the decrease in the smelting and refining of
copper in 1919 as compared with 1914.
A statement of the total number of automo
bile registrations in the states of this district
during June, 1921, June, 1920,
Automobile
and the six months period
Registrations (January-June, 1921 and 1920)
is given in table “ L.” These
figures include passenger and commercial vehi
cles but are exclusive of motorcycles.
(K) Nevada Manufactures—
1919
Per Cent of
Increase*
1914-1919
Census ------------------->,
1914
Number of Establishm ents.................... .................................
166
.................................
3,566
..................................
136
.................................
311
.................................
3,119
..................................
13,874
................................. $16,835,000
..................................
4,906,000
.................................
588,000
..................................
4,318,000
.................................. 16,491,000
.................................. 22,874,000
of product less
.................................
6,383,000
Persons engaged in manufactures. .
Proprietors and firm m e m b e r s ....
Salaried em ployees..................................
W a ge earners (average n u m ber). .
Primary H orsepow er..................................
Capital ...............................................................
Services ...........................................................
Salaries ........................................................
W a ge s ..........................................................
Materials .............................................. ...........
Value of Products......................................
Value added by manufacture (value
cost of m aterials)....................................
180
4,113
179
279
3,655
18,748
$13,591,000
4,049,000
471,000
3,578,000
9,317,000
16,083,000
— 7.8
— 13.3
— 24.0
11.5
— 14.7
6,766,000
— 5.7
— 26.0
23.9
21.2
24.8
20.7
77.0
42.2
*A minus sign (— ) denotes decrease.
(L) Registrations o f Motor Vehicles, Passenger and Commercial—
June, 1921
Arizona .............................................................................
tCalifornia .........................................................................
Idaho ..................................................................................
Nevada ..............................................................................
Oregon ..............................................................................
Utah ....................................................................................
♦Washington ....................................................................
tFebruary 1st to June 30th.
*March 1st to June 30th.
632
17.767
3,077
446
2,115
1,951
9,334
June, 1920
. . . . 32,234
15,434
2,72846,318
376
1,745102,274
2,68741,153
6,425
Six Months ending
June 30, 1921
Six Months ending
June 30, 1920
30,850
588,863f
466,702f
46,469
9,868
89,173
37,389
170,470*
162,831*
12
A g r ic u ltu r a l a n d B u s in e s s
C o n d itio n s
The physical volume of retail trade in the
district generally continues greater than last
year, declines in the dollar value of sales being
considerably less than the average deRetail cline in retail prices. The dollar value
T rade of June, 1921, sales of 31 representa
tive department stores and mail order
houses in this district was 7.8 per cent less than
in June, 1920, and in the first six months of the
present year was but 6.6 per cent less than in
the corresponding period in 1920. Retail prices
in the reporting stores have declined approxi
mately 20 per cent during the year June,
1920— June, 1921.
The amount of the average sale (cash,
charge and C. O. D .) reported by nine firms
was $2.55 in June, 1921, compared with $2.83
in May, 1921, and $3.37 in June, 1920. Follow
ing is a statement of the average sale (cash,
charge and C. O. D .) in Los Angeles, San
Francisco and Seattle:
June, 1921
M ay, 1921
Los A n g ele s............ $ 3.23
San F ran cisco ........
2.77
Seattle ....................... 2.66
D is t r i c t ......................
June, 1920
$ 2.82
2.99
3.07
$ 4.07
2.83
3.37
2.55
Net Sales of 22 Department Stores in
Twelfth Federal Reserve District
(in M illio n s o f D o lla rs)
(M) Retail Trade ActivityCONDITION OF RETAIL TRAD E DURING JUNE, 1921
In Federal Reserve District No. 12
(31 Stores R ep ortin g)
Oakland
Percentage increase or decrease
of net sales during June, 1921,
over net sales during same
month last y ear....................................
Percentage increase or decrease
of net sales during June, 1921,
over net sales during M ay, 1921..
Percentage increase or decrease
of net sales from January, 1921,
to June 30, 1921, inclusive, over
net sales during same period
last year .................................................
Percentage increase or decrease
of stocks close of June, 1921,
over stocks at close of same
month last y ear....................................
Percentage increase or decrease
of stocks close June, 1921, over
stocks at close of M ay, 1921.........
Percentage
of average
stocks
close of each month this season
to average monthly net sales
during same period.............................
Percentage
outstanding
orders
close of June, 1921, to total
purchases during year 1920...........
Los
Angeles
San
Francisco
Seattle
Spokane
Salt Lake
City
Sacramento
D istrict
3.9
2.9
— 5.7
— 13.5
— 23.4
— 6.1
— 13.8
— 7.8
13.9
2.3
— 27.6
5.5
— 1.2
— 8.0
— 14.8
— 5.8
.5
8.0
— 4.1
— 15.6
— 8.2
— 7.3
— 9.2
— 6.6
-18.4
— 17.6
— 16.3
— 28.3
— 16.3
— 25.7
— 32.6
— 20.9
4.7
— 9.1
— 8.6
— 5.1
— 7.1
— 8.3
— 6.8
— 7.6
468.2
376.0
394.4
410.1
575.5
422.0
469.7
5.0
11.1
10.3
6.2
9.2
4.0
8.4
F ederal R eserve B a n k
of San
13
F r a n c isc o
Seven stores reported sales greater in value
in June, 1921, than in June, 1920. Los Angeles
was the only city showing a similar increase
(2.9 per cent) in the value of sales in this
period. Both Los Angeles (8.0 per cent) and
Oakland (0.5 per cent) reported increases in
the value of sales in the first six months of
1921 compared with the first six months of
1920. The average net increase or decrease
(— ) in the value of sales in reporting cities of
this district is as fo llo w s :
June, 1921,
com p ared w ith
June, 1920
M a y , 1921
L os A n g e le s ..
San Francisco.
Sacramento ...
Oakland ...........
Seattle ..............
Spokane ...........
Salt Lake City.
2.9
— 5.7
— 13.8
— 3.9
— 13.5
— 23.4
— 6.1
Six m onths ending
June 30,1921,
com pared w ith
six m onths ending
June 30, 1920
8.0
2.3
— 27.6
— 14.8
13.9
5.5
— 1.2
— 8.0
Retailers continued to purchase goods spar
ingly and to reduce their inventories during
June. On June 30th the value of stocks (sell
ing price) of the 31 reporting stores was 20.9
per cent below the reported value in June,
1920, and 7.6 per cent below the reported value
on May 31, 1921. The percentage of average
stocks on hand to average monthly net sales
was approximately the same as on May 31st
and indicated a rate of turnover of two and
one-half times a year.
Collections were characterized by the report
ing firms as follows :
E x ce lle n t
G ood
F a ir
P oor
2
12
11
0
N o. of F irm s___
— 4.1
— 9.2
.5
— 15.6
— 1.8
— 7.3
Table “ M ” gives in detail statistics in regard
to sales, stocks and outstanding orders as re
ported by 31 representative department stores
and mail order houses in the district.
(N) Wholesale Trade—
( la )
Percentage of increase or decrease (— ) in net sales for June, 1921,
over M ay, 1921
H ardw a re
Number of re
porting firms. .. 23
Los A n g e le s ...
6.1
San Francisco.. . .
1.0
Seattle ................
11.2
Portland ...........
16.1
Tacoma ..............
12.5
Spokane ............
— 2.0
Salt Lake C i t y .....
18.8
Sacramento , , , — 6.5
District ..............
7.7
( lb )
— 3.7
5.8
12.9
D ru gs
31
6.3
— 17.3
10
*5.6
— ’ ¿.8
9.7
13.0
3.6
S hoes
15
— 20.1
—
.4
25.0
15.2
Stationery
Furn iture
25
18.0
— 18.0
4.8
— 1.6
15
7.2
—
.7
13.8
22.4
— ” .5
A u to T ire s
13
23.5
34.3
— ” .8
D ry G o o d s
11
— 3.9
3 2 .6
3 5 .4
— i0 .6
G ro ce rie s
—
— 36.5
— 30.7
2 4 .9
31
3 .5
*2.4
10
— 21.6
— 2 5 .9
— 2 7 .7
2 0 .3
4 0 .5
— 2 0 .1
— 4 3 .2
3 4 .8
D ru gs
— 3 7 .0
1 0 .0
—
*.3
S h oes
15
— 2 6 .2
— 1 9 .7
— 4 6 .2
—
9 .7
19
2.9
6.8
*9.0
— iÔ.3
— 13.0
— 3.5
72.8
154.1
23.0
”.2
32.7
*6.6
— ".5
—
Î7.0
— 2 6 .4
Stationery
25
— 1 6 .3
— 4 7 .2
— 2 2 .9
— 3 0 .7
F u rniture
15
2 .2
— 3 9 .4
A u to T ire s
13
—
.4
— 1 7 .2
— 3 2 .6
A u to m o tiv e
E q uip m en t
and S u p plies
19
— 1 8 .8
— 2 4 .9
— * 6 .6
— 4 0 .3
— 21.2
— 3 3 .3
— 2 2 .2
— 2 3 .7
17.2
— 1 4 .3
8 .9
— 33.3
— 1 0 .8
* 2 .5
— 1 6 .2
.#
— 1 8 .9
2 9 .2
A u to m o tiv e
E quipm en t
and Su p plies
1.0
23
2 0 .4
(l c )
— Î 7 .8
— 1 8 .1
— 3 4 .4
— 2 7 .0
Percentage of increase or decrease (— ) in net sales for January 1, to
June 30, 1921, over same period last year
H ardw are
Number of re
porting firms. .. 23
— 35.3
Los A n g e le s ...
San F ran cisco.. . . — 27.8
Seattle ................ . . — 41.5
— 30.6
Portland ...........
Tacoma .............. — 14.3
— 24.8
Spokane ............
Salt Lake City. . .— 39.4
Sacramento . . . — 22.4
District .............. — 33.2
11
G ro c e r ie s
Percentage increase or decrease (— ) in net sales for June, 1921,
over June, 1 9 2 0
H ardw a re
Number of re
porting firms. . .
—
Los A n g e le s ....
San F ran cisco.. . . —
Seattle ................ —
—
Portland ...........
Tacoma .............. —
Spokane ...........
—
Salt Lake City. . . —
Sacramento
,. —
District .............. —
D ry G o od s
D ry G o o d s
11
— 27.5
— 45.3
— 33.2
— 29.4
G ro c e r ie s
D rugs
31
— 8.5
— 24.0
10
— 34.8
— 30.6
— 32.2
— 34.3
— 16.0
— 25.1
Shoes
15
— 13.7
— 26.0
— 45.5
— 51.8
— 25.2
— 15.6
— 29.4
Stationery
F u rn itu re
25
— 11.0
— 17.6
— 30.2
— 20.1
15
— 28.5
— 44.1
— 19.6
— 20.8
— si.o
— 41.8
— 42.9
..
— 16.4
— 39.4
A u to m o tiv e
E q uip m en t
A u to T ire s and Sup plies
13
— 24.6
— 43.7
19
— 16.9
— 23.7
— 30.7
— 45.3
— 53.1
##
— 23.0
— 29.6
— 38.8
— 23.5
— 25.4
14
A g r ic u ltu r a l a n d B u s in e s s
C o n d itio n s
Changes in the cost of living in the United
Reports from 162 representative wholesale
firms in nine lines of business in the district States and in four of the principal cities of this
indicate that the value of net sales during June, district from December, 1914, to May, 1921, are
shown in the follow ing table
1921,
was less than the value of
and chart based on figures
W holesale June, 1920 sales in all lines except Cost o f Living
recently published by the
Trade
automobile tires where an increase
of 2.5 per cent occurred. Com United States Department of Labor. Costs of
pared with May, 1921, increases were reported food, clothing, housing, fuel and light, furni
in value of sales of hardware, drugs, stationery, ture and miscellaneous items are included in
automobile tires and automotive equipment, the total cost of living (December, 1914=100).
the largest gain being in sales of automobile
Per Gent
High
Decline
tires, reflecting the usual seasonal increase in
D ec., 1915 June, 1920
M ay, 1921 from High
purchases of this article.
Los A n g e le s ..
98.1
201.7
178.7
11.4
The average net increase or decrease (— ) in P o r t la n d .........
200.4
162.2
19.1
96.9
98.3
196.0
166.7
14.9
the net value of sales for the nine reporting San Francisco.
Seattle ............
180.2
14.4
99.0
210.5
lines of business was as fo llo w s:
United States.
June, 1921, compared with
June, 1920
M ay, 1921
Hardware ........... — 29.2
D ry G o o d s........... — 17.0
Groceries ............ — 26.4
Drugs ................... — 17.8
Shoes .................... — 18.1
Stationery .......... — 34.4
Furniture ............ — 27.0
Auto T ir e s...........
2.5
Auto Equipment
and S u p p lie s...— 16.2
First six months
of 1921 compared
with first six
months of 1920
7.7
—
.8
— 3.9
2.4
— .3
.5
32.7
— 33.2
— 29.4
— 25.1
— 15.6
— 29.4
— 16.4
— 39.4
— 23.0
6.6
— 25.4
.2
—
In the district as a whole the seasonal de
cline in volume of business which occurs in
several lines of wholesale trade during the
summer months has not been abnormally large
this year, although some dealers in all lines
report a larger decline than usual.
Present wholesale prices are 10 to 40 per
cent lower in all lines than they were one year
ago. The general trend of prices during June
was downward except in stationery and shoes.
Stationery prices continue to fluctuate without
material reductions and shoe prices are re
ported as steady.
Collections during June were characterized
by reporting firms as fo llo w s :
Excellent
No. of F ir m s ....
5
Good
Fair
39
63
210.1
175.1
16.6
A ccording to these figures living costs in
this district did not rise so rapidly as those
for the whole United States during the period
of rising prices and are now falling at approxi
mately the same rate as in the rest of the
country. The greatest increase in the district
is reported for Seattle and the decline since the
peak of June, 1920, has been smaller there than
in the other cities except Los Angeles. The
smallest increase in the cost of living during
the period of generally rising prices was re
ported for San Francisco which reached a peak
of 196.0 in June, 1920. Living costs since June,
1920, have declined most rapidly in Portland
and that city now has the lowest comparative
cost of living of reporting cities in the district.
Poor
5
There has been practically no change in col
lection conditions during the present year, the
majority of reporting firms stating each month
that collections are fair to good.
Statements of increases and decreases (— )
in the value of sales of reporting wholesale
firms during June, 1921, compared with June,
1920, and May, 1921, and the first six months
of 1921 compared with the same period in 1920,
are shown in table “ N .” (See preceding page.)
98.0
The Cost of Living in the United States Expressed as Percentages
of Figures for July, 1914
F ederal R eserve B ank
of San
F r a n c isc o
15
Savings deposits in this district (as reported
Follow ing are figures of postal receipts in
by 80 banks in the seven principal cities)
reporting cities in the Twelfth Federal Reserve
declined 27 hundredths of one per cent during District and in all of the reporting cities of the
the four weeks ending June 15th, United States:
Per C e n t
Increase
Savings
the total on that date being $750,June, 1921
Deposits 386,000 as compared with $752,443,over
M a y , 1921 June, 1920
Jun e, 1921
Jun e, 1920
000
on May 15th, and $693,024,000
8.9
San Francisco... .$ 474,887 $ 435,930 $ 451,315
on June 15, 1920. The increase in savings de Los
318,950
369,185
18.9
Angeles . . . .
379,274
179,090
166,708
2.0
182,683
posits during the last year has been 8.3 per
4.2
152,622
159,938
159,047
cent. During the four weeks ending June 15th Salt Lake City..
71,653
74,213
9.7
75,340
19,503,793
*
.19
19,789,909
U.
S.
(50
cities),.
19,751,690
last, increases were shown in San Francisco,
*Decrease.
Oakland and Salt Lake City, and decreases in
Los Angeles, Seattle, Portland and Spokane.
Building permits issued in the 20 principal
The growth of savings deposits in the seven cities of the district during June, represented
principal cities in the district is shown in the construction valued at $15,450,694 which was
accompanying chart.
4.0
per cent less than the value of
Building permits issued during June, 1920,
Activity and 13.2 per cent less than the value
of those reported in May, 1921. The
number of permits including new construction,
alterations, and repairs, increased 39.8 per cent
over June, 1920, but was 3.8 per cent less than
the number issued in May, 1921. Comparing
June, 1921, with the same month last year it
is interesting to note that in June, 1920, the
number of permits issued was at the low point
for the year (except December) but that the
average value of each permit was the highest
it has ever been. (See accompanying chart.)
Reports from the same 20 cities tabulated
for the six months period, January to June,
show that there were 48,224 permits issued in
1921 with a valuation of $92,390,706 compared
with 36,973 permits issued in the corresponding
period in 1920 with a valuation of $87,553,343,
an increase of 30.4 per cent in number and 5.5
per cent in value in the first six months of
A v era g e M on th ly Savings D e p o sits in B anks in P rincipal C itie s of
T w e lfth F ed era l R e se rve D is tr ic t, 1919-1921
1921. The large increase in the number of per
(in lM illio n s o f D o lla rs)
mits issued indicates much greater activity in
An official statement of postal receipts at building this year than in 1920, a fact not com
50 of the principal post offices in the United pletely revealed by the increase in the value
States shows that postal receipts during June, of permits, as prices have declined considerably
1921,
were 19 hundredths ofduring
one per
the year. Considering reductions in the
Postal
cent less than in June, 1920, and 1.3 cost of building materials during the past year,
Receipts per cent greater than in May, 1921. averaging 25 per cent, an increase in the dollar
Included in this list of 50 cities are value of permits issued this year compared
San Francisco, Los Angeles, Seattle, Portland with 1920 indicates a more than proportional
and Salt Lake City, all of which recorded in increase in actual construction.
creases in June, 1921, compared with June,
As presented by the monthly reports the
1920, ranging from 2 per cent in Seattle to 18.9 greatest gains in building activity during the
per cent in Los Angeles. Compared with May, six months period have been in southern Cali
1921, June postal receipts were greater in all fornia. Los Angeles, which is the leading city
reporting cities in this district except Portland of the district in the number and value of per
where a decrease of 56 hundredths of one per mits issued, reported an increase of 41.7 per
cent was recorded. San Francisco ranked sixth cent in this period and gains were also reported
in amount of postal receipts among the cities from other southern California cities including
of the country during June, 1921.
San D iego (190.7 per cent), Long Beach (7.8
16
A g r ic u ltu r a l a n d B u s in e s s
per cent), and Pasadena (38.0 per cent). Oak
land, Portland, Reno, and Ogden are the other
cities in the district which reported greater
building activity thus far this year than in 1920.
Reports from the larger cities in this district
indicate an average reduction of a dollar a day
during the present year in the wages paid in
the various building trades. Decreases are re
ported from San Francisco ( 7y2 per cent),
Oakland {7y2 per cent), Portland (10 per cent),
Spokane and Phoenix (12 per cent), Los A n
geles (plasterers and bricklayers 16 per cent;
com m on laborers 20 per cent), Salt Lake City
(20 per cent), Seattle (20 per cent reduction in
February, 1921). L on g Beach, Ogden and
Reno report that up to the present time there
have been no reductions in wages of union
labor in the building trades while in Boise a
reduction of 10 per cent has been made in the
wages of some crafts.
The accom panying chart shows the number,
valuation and average value of building per
mits issued in this district by months since
January, 1920. Comparative figures of the
number and value of building permits issued
in the 20 reporting cities of the district are
showrn in table “ O .”
The steady decline in bank clearings of the
20 principal cities of the district, which has
been in progress since October, 1920 (dis
regarding the rebound in March
Bank
from the low point reached in the
Clearings short month of February), was
arrested in June and clearings for
that month totaled $1,417,597,000, an increase
of 6.0 per cent compared with the May total
of $1,332,166,000. Compared with June, 1920,
clearings during June, 1921, showed a decrease
of 17.8 per cent. Increases in June of this year
over June, 1920, were reported from Ogden
(67.7 per cent), Pasadena (55.2 per cent), Long
Beach (32.6 per cent), and Los Angeles (5.1
per cent).
In the six months period, January to June,
1921, bank clearings in the reporting cities
totaled $8,551,195,000 compared with $10,077,095,000 in the corresponding period in 1920, a
decrease of 15.1 per cent. In the year period,
June, 1920, to June, 1921, prices at both retail
and wholesale declined from 10 to 45 per cent
which indicates that the physical volume of
MILL IONS
A
...
1700 \
\
1500
L
¿s—1—y
\
h Vs
!
J
MILLIONS
1' ""
1
r
\
—V
\
1700
V
\
VV
f\
/
\
I I a I ». 1 4 1 5 I * 1 7 I 6 I » I IOI !l J-lg
V
1200
I
1 2
1 3
I 4
I 5
I 6
• 2
B u ildin g Perm its Issu ed in 20 P rincipal C itie s, T w e lfth F ed era l
R e se rv e D istrict, 1920-1921
.? ,
7 0 9
to
»
N o.
June, 1920
V a lu e
«
_a_
s1—
v1300
4r
«
B ank C learin g s in 20 P rincipal C itie s, T w e lfth F ed era l R eserv e
D istrict, 1920-1921. (In Millions of Dollars)
(O) Building Permits—
Jun e, 1921
V a lu e
1500
\
\ /
\
NUMBER OF PERMITS IN TH)US/NOS
N o.
C o n d itio n s
Jan.- June, 1921,
N o.
V a lu e
Jan. -June, 1920
N o.
V a lu e
P er C e n t
In cre a s e o r
D e cr e a s e (— )
Jun e, 1921
J u n e ^ l^ O
P er C
Increas
D ecrea s
F irst 6 M
1921 o
F ir s t 6 M
192(
Los A n geles.. 2,712
Oakland ........... 533
Portland ........ 1,149
San Francisco 475
Seattle ............ 850
San Diego........ 360
Long B each .... 249
Pasadena ......... 275
Tacoma ............ 416
Berkeley ......... 162
153
Sacramento
Salt Lake City 132
Fresno ............. 156
Phoenix ............
54
74
Stockton .........
Spokane .......... 231
94
Boise ................
22
Reno .................
54
Ogden ...............
50
San Jose............
$ 6,269,546
1,486,022
1,428,685
920,965
919,740
799,944
775,700
552,318
433,324
292,583
261,450
244,614
235,505
152,985
142,655
141,505
118,948
115,200
96,750
62,255
1,691
323
743
480
800
168
340
186
223
100
88
68
143
127
62
158
81
11
23
49
$ 6,610,681
1,050,642
1,035,785
1,949,692
1,323,230
204,935
980,210
258,675
256,003
553,314
320,405
131,360
219,743
378,752
125,688
203,380
169,000
12,377
57,350
260,467
14,909
3,376
6,634
2,999
5,754
1,854
1,753
1,341
2,196
798
1,003
759
1,222
591
478
1,288
500
122
292
355
$34,302,477
6,667,580
8,331,895
11,246,498
6,111,545
3,959,396
6,156,144
2,447,546
1,837,734
1,549,153
1,915,152
1,400,542
1,829,575
1,173,064
770,845
869,175
438,372
256,179
567,045
560,789
9,647
2,104
5,020
3,197
5,298
992
2,188
904
1,437
655
758
416
1,101
988
428
830
403
88
166
355
$24,197,639
4,931,466
6,947,385
14,873,518
7,908,455
1,361,899
5,709,313
1,773,153
3,307,953
1,757,203
1,939,978
1,405,809
3,100,305
2,872,731
1,463,311
1,884,520
544,774
242,762
419,275
911,894
— 5.2
41.4
37.1
— 52.8
— 30.5
290.3
— 20.9
113.5
69.3
— 47.1
— 18.4
86.2
7.2
— 59.6
13.5
— 30.4
— 29.6
830.7
68.7
— 76.1
41.
35.
19.
— 24.
— 22.
190.
7.
38.
— 44.
— 11.
—
1.
Total______ 8,201
$15,450,694
5,864
$16,101,689
48,224
$92,390,706
36,975
$87,553,343
— 4.0
5.
— 4l!
— 59..
— 47.
— 53.
— 19.
5.
35.
— 38.
Federal R eserve B ank
of San
F r a n c isc o
17
business and trade in this district has prob
ably been greater during the first six months
of 1921 than during the corresponding period
of 1920.
Comparative figures of clearings for the
20 reporting cities are shown in table “ P.”
Business failures in the Twelfth Federal R e
serve District during June, 1921, were greater
in number but less in amount of liabilities than
in June, 1920, and less in number
Business and greater in liabilities than in
Failures
May, 1921. Failures in June last
numbered 143 compared with 103
in June, 1920. Comparison of total liabilities
involved in each case is not significant as there
was one failure in June, 1920, large enough to
swell the figures abnormally. In the six months
period ending June 30, 1921, there were 843
failures reported with liabilities amounting to
$13,489,600 compared to 509 failures with
liabilities of $13,457,015 in the corresponding
period of 1920, an increase of 65.6 per cent in
the number and two-tenths of 1 per cent in
the amount of liabilities.
R. G. Dun and Company’s comparative fig
ures for the states of this district are shown in
table “ Q .”
B u siness F a ilures, T w e lfth F ed era l R e se rv e D istrict, 1920-1921
N o t e — T h e great in c re a se in l ia b ilit ie s in J u n e , 1 920, w as d u e to th e failu re o f
o n e con cern in S e a ttle , W a s h in g to n .
(P ) Bank Clearings*—
Jun e, 1921
San Francisco... $
Los A n g e le s........
Seattle ..................
P o r t la n d ...............
Salt Lake C ity . .
Spokane ..............
Oakland ...............
Stockton .............
Sacramento . . . .
Ogden ..................
L on g Beach........
Tacom a ................
Fresno ..................
Pasadena ............
Berkeley ..............
San D ie g o ...........
San J ose................
Bakersfield .........
Boise ....................
Reno .....................
¿ T o ta l
5 3 1 ,1 0 0
M a y , 1921
;
3 5 3 ,2 2 4
Jan .-Ju n e
1921
Jan .-June
1920
$ 3 ,2 6 8 ,4 0 0
2 ,0 6 2 ,2 9 2
$ 4 ,0 2 2 ,8 1 5
— 2 3 .4
— 1 8 .7
3 3 6 ,2 6 3
1 ,9 0 9 ,4 3 3
5 .1
June, 1920
$
5 0 9 ,9 0 0
3 2 3 ,5 5 2
P er C e n t
In crea se or
P er C e n t
In crease or
D e cre a se (— )
D e cre a s e (—) F irst 6 M o n th s
1921 o v e r
June. 1921
o ver
F irst 6 M o n th s
June, 1920
1920
6 9 3 ,0 0 0
1 1 4 ,7 0 7
1 1 4 ,7 3 2
1 8 3 ,2 2 0
1 6 6 ,6 4 2
7 3 3 ,7 0 0
7 3 6 ,4 1 1
1 , 1 0 1 ,1 7 6
— 3 2 .2
8 .0
— 3 3 .4
1 2 1 ,1 8 9
9 3 3 ,3 9 1
— 2 7 .2
— 2 1 .1
4 9 ,0 8 0
4 7 ,8 1 2
7 2 ,9 9 5
3 2 2 ,7 8 9
4 4 7 ,5 0 3
— 3 2 .7
— 2 7 .9
4 2 ,8 6 2
5 5 ,1 9 0
2 4 8 ,8 3 9
3 3 3 ,2 9 7
— 2 2 .3
— 2 5 .3
4 1 ,6 3 4
3 8 ,9 8 9
4 2 ,8 7 2
4 7 ,3 6 4
2 5 8 ,8 4 8
2 7 1 ,9 3 3
— 1 2 .1
—
1 9 ,7 5 7
1 9 ,4 1 2
2 2 ,3 5 4
1 2 5 ,7 6 1
1 4 1 ,1 2 5
— 1 1 .6
— 1 0 .9
1 9 ,6 4 1
1 8 ,1 2 2
2 5 ,7 2 3
1 2 5 ,8 4 7
1 4 7 ,1 7 5
— 2 3 .2
— 1 4 .4
1 6 ,7 7 5
5 ,9 0 8
1 0 ,0 0 0
5 5 ,5 8 8
7 1 ,4 4 0
6 7 .7
— 2 2 .2
1 5 ,2 1 5
1 3 ,5 1 5
1 1 ,4 7 3
8 8 ,3 7 5
7 5 ,4 1 9
3 2 .6
1 7 .2
1 4 ,3 3 5
1 4 ,1 4 6
2 2 ,6 4 0
8 6 ,8 7 8
1 3 8 ,7 2 6
— 3 6 .7
— 3 7 .4
1 3 ,6 2 2
1 3 ,6 1 0
1 3 ,9 9 1
1 2 ,2 9 4
1 7 ,0 1 7
8 ,7 6 9
1 3 ,0 7 7
— 1 9 .9
5 5 .2
— 7 .4
— 2 5 .2
4 5 .1
1 3 ,2 5 7
1 0 ,6 9 6
6 ,3 9 4
1 2 ,4 5 5
9 5 ,7 9 0
8 2 ,4 9 4
7 4 ,9 7 8
6 9 ,1 4 1
1 2 8 ,0 7 1
5 6 ,8 4 1
1 2 ,1 1 5
1 1 ,4 3 8
6 ,0 8 4
—
5 ,2 0 1
3 ,9 1 2
5 ,3 7 9
3 ,7 4 4
5 ,7 5 3
5 3 ,4 9 6
3 2 ,6 3 2
2 ,8 4 5
2 ,7 4 4
7 ,5 0 1
4 ,0 8 0
4 0 ,7 0 3
3 2 ,0 8 0
2 5 ,5 1 2
— 8 .2
— 3 0 .1
.............. $ 1 ,4 1 7 , 5 9 7
$ 1 ,3 3 2 ,1 6 6
$ 1 ,7 2 4 ,2 1 9
1 2 3 ,9 5 8
8,703
7 3 ,8 1 1
7 6 ,1 2 7
t 4 0 ,6 9 1
2 1 ,9 9 3
1 6 ,7 6 9
$ 8 ,5 5 1 ,1 9 5
$ 1 0 ,0 7 7 ,0 9 5
— 9 .6
— 4 7 .8
— 3 0 .3
— 1 7 .8
4 .8
1 .6
9 .2
— 2 3 .9
—
1 .7
— 3 7 .3
— 2 3 .7
— 1 5 .1
tM arch, 1920, Clearings not included.
*000 omitted.
(
Q ) Business Failures—
N o.
California . . .
Oregon ..........
Washington .
Arizona .........
Idaho .............
Utah ................
Nevada
District
..........
66
21
30
10
5
11
143
June, 1921
A m oun t
$
N o.
761,186
548,247
342,656
216,900
48,863
48,065
61
15
25
2
$1,965,917
103
June, 1920
A m ount
P er C e n t
P er C e n t
In crease o r
In crease o r
D e cre a se (— )
D e cre a se (— ) First 6 M on th s
June, 1921
1 9 2 1 o ve r
over
First 6 M o n th s
June, 1920
1920
Jan.~June, 1921
N o.
A m ou n t
Jan. -June, 1920
N o.
A m ount
564,279
377,600
5,920,717
38,000
371
131
178
57
60
41
5
$ 4,097,089
3.838,554
2,971,858
516,600
1,277,035
761,164
27,300
273
81
95
8
15
32
5
$ 2,933,910
912,464
8,361,901
50,600
95,171
946,769
156,200
34.9
45.2
— 94.2
470.8
100.0
100.0
39.6
320.7
— 64.5
920.9
124.2
— 19.6
— 82.5
$6,900,596
843
$13,489,600
509
$13,457,015
— 71.5
.2
$
A g r ic u ltu r a l a n d B u s in e s s
18
Demand for bankers’ acceptances has been
uneven during the month ending July 15th.
Just previous to July 1st, buying fell off mate
rially, but since then, there has
Acceptance been a brisk movement of bills,
Market
especially those with longer ma
turities.
Buying has been fairly well distributed over
the whole coast, although the bulk of the de
mand has com e from California banks.
Prime bills are still scarce and are absorbed
rapidly by the market upon appearance.
The rate for prime 90’s continued to drop
during the month due to the continuing easy
condition of the call money market. On June
29th, this basic rate fell to 5 ^ per cent, fol
lowed by another drop to a 5% basis on July
8th. It stands at the latter figure at the present
time, July 15th.
Attention of bankers and others is being
directed to the advantages of this form of in
vestment for deposited funds which may be
subject to withdrawal independently of the
normal industrial or agricultural liquidation in
a community. Examples of such funds are
county, state and municipal deposits.
The prevailing rate on the commercial paper
of customers of banks in the six Federal R e
serve Bank and Branch cities of the district
remains unchanged at 6 y 2
Interest and
per cent for San Francisco
Discount Rates
and 7 per cent for all other
cities save Salt Lake City,
where it remains at 8 per cent. Rates on other
classes of paper show no uniform trend but a
slight tendency towards lower rates is mani
fested in the larger cities and an equally slight
tendency towards higher rates in the country
districts, as the season agricultural demands
become greater. (See table “ R.” )
Effective July 21st at the Federal Reserve
Banks of New York, Philadelphia and Boston
and July 25th at the Federal Reserve Bank of
San Francisco, discount rates on all classes of
paper of all maturities were reduced from 6 to
$y2 per cent.
Reduction of approximately 8 per cent in the
borrowings from the Federal Reserve Bank by
the 67 reporting member banks in this district
occurred during the four
Reporting
weeks ending July 6th. Bills
Member Banks payable and rediscounts of
these banks with the Federal
Reserve Bank then stood at $92,540,000 com
pared with $100,811,000 on June 8th. O f the
$8,300,000 reduction, $6,800,000 represents de
crease in borrowings secured by U. S. govern
ment obligations. The investments of these
same banks in short term government obliga
tions (certificates of indebtedness and victory
and treasury notes) declined by approximately
$9,000,000 or 25 per cent during the period,
indicating a gratifying absorption of such
securities by investors. A small decline of
$2,000,000 in demand deposits was balanced
by an increase of over $11,000,000 in time and
$4,000,000 in government deposits. Loans and
discounts to commercial borrowers increased
approximately $5,000,000, less than 1 per cent,
during the month. Total loans and invest
ments of these reporting member banks on
June 8, 1921, were $1,171,933,000, of which
sum their total borrowings from the reserve
bank ($100,811,000) were 8.6 per cent. On
July 6, 1921, their total loans and investments
were $1,169,210, of which their borrowings
with the reserve bank ($92,540,000) were 7.9
per cent. (See table “ S.” )
All classes of discounts with the bank de
clined during the month ending July 13th, the
total amount then held, $149,163,000, being
over 12 per cent less than the
Federal
June 8th figure of $170,830,000
Reserve Bank and 16 per cent beneath the
peak of $176,872,000 on D e
cember 10, 1920. Reduction was greatest in
discounts secured by U. S. government ob
ligations, holdings of $38,082,000 on July 13th
being $14,000,000, or 27 per cent less than the
(R ) Interest and Discount Rates—
(------ Prime Commercial Paper
Open Market
Customers
June
July
June
July
San Francisco.. . 6 ^
Los A n g e le s ... . 7
Salt Lake City. . 8
7
Portland ...........
Seattle ................ . 7
7
Spokane ............
6^
7
8
7
7
7
7
7
-0 7
7
-0 -
7
6
C o n d itio n s
Interbank Loans
June
July
6^2
6
-0 -
7
7%
7
-0 -
7
7
7
6^
7
7
7
7
7
Collateral
Demand Loans
July
June
Secured by
L. L. Bond* or
U. S. Certificates
of Indebtedness
July
June
7
7
7
7
ey2
7
8
8
8
7
7
7
7
7
7
7
7^
7
7
7
7
7
8
7
Federal R eserve
Bank
of San
19
F r a n c isc o
$52,087,000 held on June 8th. Accom panying
this liquidation an increase of approximately
the same amount ($21,000,000) occurred in the
money reserves of the bank, $20,500,000 of
which represented increase in gold holdings.
Demands for additional currency to pay har
vest hands and otherwise to facilitate seasonal
operations caused an increase of $5,500,000
( 2 y 2 per cent) in issues of federal reserve
notes. The bank’s reserve ratio on July 13th
was 60.2 per cent compared with 55 per cent
on June 8, 1921, and 43.9 per cent on July 16,
1920.
iln Millions of Dollars)
( S ) Principal Resource and Liability Items o f Reporting Member Banks in Reserve Cities in
Twelfth Federal Reserve District—
July 6,1921
* N u m b e r o f R e p o r tin g
1. Loans
(a)
(b)
(c)
B a n k s
.......................................................
and Discounts (exclusive of rediscounts) :
Secured by United States Government O bligations. . .$
Secured by Stocks and Bonds other than U. S. Bonds
A ll Other ...........................................................................................
June 8, 1921
6 7
24,956,000
146,757,000
691,437,000
July 9, 1920
6 8
$
25,154,000
148,595,000
686,855,000
6 8
$
33,015,000
145,706,000
$989,046,000
(See explanatory foot note below conccrning item 1 (c) in 1920)
2. Investm ents:
(a) United States B on d s.....................................................................
102,370,000
101,834,000
(b) United States V ictory N o te s ...................................................
13,746,000
17,031,000
(c) United States Certificates of Indebtedness........................
14,425,000
19,442,000
(d) Other Bonds, Stocks and Securities....................................
173,102,000
173,022,000
(e) United States Treasury N o te s.................................................
2,417,000
-0 3. Total Loans and Discounts and Investm ents................................. 1,169,210,000
1,171,933,000
4. Reserve Balance with Federal Reserve B an k.................................
73,231,000
72,734,000
5. Cash in V a u lt....................................................................................................
29,448,000
25,141,000
553,589,000
555,612,000
6. Net Demand Deposits on which reserve is com puted................
7. Tim e Deposits, including Savings D ep osits......................................
545,327,000
533,983,000
4,833,000
897,000
8. Government Deposits .................................................................................
9. Bills Payable with Federal Reserve Bank:
(a) Secured by United States Government O b lig a tio n s...
25,245,000
30,856,000
(b) All Other ...........................................................................................
393,000
118,000
10. Bills Rediscounted with Federal Reserve Bank:
(a)
Secured by United States Government O b lig a tio n s...
3,988,0005,182,000
______ (b) A ll Other ..............................................................................................
62,914,000
64,655,000
97,972,000
13,078,000
25,594,000
-0 -0 1,304,420,000
83,082,000
31,751,000
630,775,000
523,171,000
2,344,000
28,347,000
85,000
2,471,000
70,959,000
*Total resources of reporting banks are approximately 44 per cent o f total resources of all banks, and 67 per cent of total
resources of all member banks in Tw elfth Federal Reserve District. Reporting banks embraceall member banks in San Francisco,
Los Angeles, Oakland, Portland, Seattle, Tacoma, Spokane, Salt Lake City and Ogden.
JPrior to Jan. 1, 1921, this figure included “ all other investments” as well as “ all otherloans.” A fte r that date, “ all other
investments” were reported separately as “ other bonds, stocks and securities,” in item 2 (d ). Consequently a figure in 1921 com
parable to item 1 (c) in 1920 would be the total of item 1 (c) and 2 (d) in 1921.
ANNOUNCEM ENT
Under date of July 12, 1921, announcement has been made by the Stock Growers' Finance Corpora
tion that it is ready to receive applications for rediscount from banks and cattle loan companies
who have filed with the corporation a satisfactory financial statement. N ot having the organiza
tion to properly inspect and investigate loans, and recognizing that the situation requires that the
funds be made available promptly, the corporation has adopted the policy of making no direct loans.
This corporation is the organization which has been formed by the bankers of the country who
assembled at Chicago during the month of June to consider means of rendering financial assist
ance to the livestock industry. Information as to the method of making application for loans to
the corporation, or other information of interest to prospective borrowers or banks which have
agreed to furnish funds to the corporation, m ay be had by addressing the
S T O C K G R O W E R S ’ F IN A N C E C O R P O R A T IO N
1054 Continental & Commercial Bank Building
C H IC A G O , I L L I N O I S
COMPARATIVE STATEMENT OF
CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO
3 JULY 13, 1921
R ESOU RCES—
June 8,1921
July 16,1920
Gold and Gold Certificates....................................... $ 20,056,000
Gold Settlement Fund— Federal Reserve Board. .
32,528,000
Gold with Foreign A gen cies...................................
- 0 -
$ 18,651,000
36,190,000
- 0 -
$ 12,267,000
35,289,000
5,130,000
Total Gold Held by B ank............................
$ 52,584,000
$ 54,841,000
$ 52,686,000
Gold with Federal Reserve A g en t..........................
Gold Redemption F u n d..............................................
150,560,000
7,187,000
124,325,000
10,708,000
112,803,000
10,909,000
Total Gold Reserves.......................................
$210,331,000
$189,874,000
$176,398,000
Legal Tender Notes, Silver, E tc..............................
3,372,000
2,840,000
816,000
Total R eserves.................................................
$213,703,000
$192,714,000
$177,214,000
Bills Discounted:
Secured by U. S. Government Obligations. . . .
All Other ..................................................................
Bills Bought in Open M arket...............................
38,082,000
108,852,000
2,229,000
52,087,000
113,352,000
5,391,000
44,191,000
100,374,000
44,125,000
$149,163,000
$170,830,000
$188,690,000
U. S. Bonds and N otes..............................................
One-Year Certificates of Indebt. (Pittman A c t ) .
All Other Certificates of Indebtedness.................
208,000
9,880,000
1,000
424,000
10,380,000
2,000
2,632,000
15,186,000
Total Earning A ssets...................................
$159,252,000
$181,636,000
$206,508,000
Bank Prem ises............................................................
5% Redemption Fund Against F. R. Bank Note?
Gold Abroad in Custody or in Transit.................
Uncollected Item s.....................................................
All Other R esources.................................................
560,000
494,000
-0 41,202,000
3,549,000
559,000
544,000
34,485,000
2,576,000
231,000
665,000
-0 51,441,000
329,000
$418,760,000
$412,514,000
$436,388,000
$
$
$
July 13,1921
- 0 -
- 0 -
LIAB ILITIES—
Capital Paid I n ................................................
S u r p lu s .............................................................
Reserved for Government Franchise T ax.
Deposits :
Government ................................................
Member Bank Reserve A ccou n t.............
All O th er.......................................................
7,342,000
15,207,000
2,225,000
7,278,000
14,194,000
2,012,000
6,399,000
11,662,000
- 0 -
1,431,000
110,782,000
5,816,000
1,764,000
108,486,000
8,568,000
125,772,000
5,756,000
$118,029,000
$118,818,000
$131,528,000
F. R. Notes in Actual Circulation..........................
F. R. Bank Notes in Circulation— Net Liability. .
Deferred Availability Item s.....................................
All Other Liabilities..................................................
237,217,000
6,535,000
30,509,000
1,696,000
231,730,000
7,164,000
28,529,000
2,789,000
241,135,000
10,718,000
32,790,000
2,156,000
Total Liabilities...............................................
$418,760,000
$412,514,000
$436,388,000
1,472,000
1,472,000
736,000
Total D eposits..................................................
M e m o : Contingent Liability on Bills Purchased
for Foreign Correspondents.................................
- 0 -
@FedFRASER