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IM F Not to be released for publication before the morning o f June 2 5 9 19 20 F E D E R A L O F R E S E R V E S A N B A N K F R A N C IS C O J O H N PER RIN C h a ir m a n o f t h e B o a r d Federal r eser v e agent and G E N E R A L B U S IN E S S A N D A G R I C U L T U R A L C O N D I T I O N S IN T H E T W E L F T H F E D E R A L R E S E R V E D I S T R I C T June 15, 1920. C O N D IT IO N is o f c r o p s in p r a c tic a lly c ip ita tio n , d u r in g g ro w th th is d is t r ic t , a s c o m p a r e d u n ch an ged. M ay, have o f c r o p s b e in g C o ld p re v e n te d re ta rd e d fr o m w h e a t c r o p o f t h e d is t r ic t is n o w pared w it h fa v o r a b le 6 1 ,0 5 1 ,0 0 0 d u r in g th e th e s p r in g w h e a t c r o p o f t h is b u s h e ls d e fic ie n t p re p la n tin g and im p r o v e m e n t, th re e year to ago. th e fo u r If th e w eeks. w ea th er g r o w in g in d ic a t in g w ith a ll w h e a t g r o w n p r o d u c tio n ago, and fr o s ts T he w in te r season, c o n d itio n s th e in c r e a s e are in w ill, h o w e v e r , c o m p e n s a te f o r a p p r o x im a t e ly h a lf 5 0 ,2 7 7 ,0 0 0 b u s h e l s , a s c o m p a r e d n e t d e c r e a s e in a m on th e s t i m a t e d a t 5 1 ,1 6 4 ,0 0 0 b u s h e l s , a s c o m a r e m a in d e r o f d e fic ie n c y , p r e d ic tio n s E s tim a te d w ea th er, w ith by sta tes in fo r th a t t h is crop 4 5 ,4 2 5 ,0 0 0 b u s h e l s th e d is tr ic t b e in g 1920, as w ill am ount a year to a g o , th e 5 ,0 8 5 ,0 0 0 b u s h e l s . com p ared w ith 1919, is r e p o r t e d b y th e U n ite d S ta te s B u r e a u o f C r o p E s tim a te s a s fo llo w s : ,--------- WINTER W HEAT--------- , (B ushels) 1920 1919 (E stim ated) STATE A r iz o n a . . . . C a l if o r n ia . I d a h o ............. .... .... ............. N evada O regon Ut a h W a s h in g t o n T otal. . . 1,0 00,0 00 9,1 1 8 ,0 0 0 7,2 27,0 00 68 ,000 1 4 ,500 ,00 0 2 ,9 1 2 ,0 0 0 1 6 ,3 3 9 ,0 0 0 51 ,1 6 4 ,0 0 0 ♦Included w ith w inter wheat. 1,0 00,0 00 16 ,334 ,00 0 6,1 0 5 ,0 0 0 80 ,000 16 ,0 1 0 ,0 0 0 1,7 22,0 00 19 ,800 ,00 0 61 ,0 5 1 ,0 0 0 ------ SPRING W H E A T --------- ■> (B ushels) 1920 1919 (E stim ated) * * 15,907 ,00 0 61 6,000 4,2 15,000 2,9 98,0 00 26,541 ,00 0 50 ,277 ,00 0 * * 17 ,735 ,00 0 58 7 ,0 0 0 4,8 43,0 00 1,9 60,0 00 2 0 ,300 ,00 0 ,------------------- TO TAL--------------------, (Bushels) 1920 1919 (Estim ated) 1,000,000 9,1 18,0 00 23 ,1 3 4 ,0 0 0 68 4,000 18 ,715 ,00 0 5,9 10,0 00 42,880 ,00 0 1,000,000 16 ,334,000 23,840 ,00 0 667,000 20,853 ,00 0 3,682,000 40,100 ,00 0 45 ,4 2 5 ,0 0 0 1 0 1 ,44 1,0 00 10 6,47 6,0 00 No separate estimate m ade. P r o d u c tio n o f oa ts 4 4 .0 0 0 .0 0 0 b u s h e l s in t h is d is tr ic t w ill a p p r o x im a t e ly d u r in g fa ilin g 1 .0 0 0 .0 0 0 b a r le y th e d ecrea ses b u s h e ls . grow n in In in C a lifo r n ia C a lifo r n ia , th is d is tr ic t, 6 0 0 .0 0 0 t o n s a s c o m p a r e d w ith th e crop w ill p r o b a b ly and C a lifo r n ia , as c o m p a r e d 9 0 .0 0 0 i n 1 9 1 7 . T he co tto n is crop a p p r o x im a t e ly th r e e -fo u r th s e s tim a te d a year at o n ly ago. In a p p r o x im a t e ly acres have 1 4 0 ,0 0 0 a c r e s i n been o f th e 5 0 0 ,0 0 0 to o th e r sta tes th e sam e p la n te d to 1 9 1 9 ; 1 2 0 ,0 0 0 i n a s in r ic e in 1918, a n d th a t o f th is a c r e a g e w i l l n o t b e h a r v e s t e d . o f A r iz o n a T h e w it h 90 as yet u n d er a m in im u m a b le be b y and th e Im p e r ia l V a lle y in C a lifo r n ia is t w o t o t h r e e w e e k s la t e a n d c o n d i t i o n is o n l y 8 0 p e r c e n t o f n o r m a l , as co m p a red crop w ith O regon B e c a u s e o f w a t e r s h o r t a g e , h o w e v e r , it is p r e d ic t e d a c o n s id e r a b le p o r tio n fr o m 1 7 0 ,0 0 0 4 3 ,0 0 0 ,0 0 0 p rod u ces is 9 0 0 ,0 0 0 t o n s o f th e d is t r ic t th is c r o p 1 6 0 ,0 0 0 and w h ic h 1919. B e tw e e n w ith to 1 9 1 9 , in c r e a s e s in e s t im a te d c r o p in I d a h o , U ta h a n d W a s h in g t o n o ffs e t 1920, as co m p a re d am ount b u s h e ls to in 1919. P r a c tic a lly a fe w non e bu yers o f are th is y e a r ’s g u a r a n t e e in g p r ic e o f 60 ce n ts p e r p o u n d fo r th e c o m in g c r o p . c o n d itio n th a n p e r c e n t in c o n tr a c t, a lth o u g h th a t o f o f C a lifo r n ia a m on th d e c id u o u s ago. W ith fr u it s is th e som ew h at e x c e p tio n o f g r a p e s , m o s t fr u it c r o p s w ill fa ll sh o rt o f th e r e c o r d c r o p le s s fa v o r p each es and o f 1919 b y fr o m 2 5 to 3 0 p e r c e n t a n d w ill b e s lig h tly u n d e r th e a v e r a g e f o r th e p r e c e d in g fiv e y e a r s . It is n o w s lig h tly b e lo w any oth er a n tic ip a te d , h o w e v e r , th a t th e p e a c h th e c r o p p r e v io u s o f 1 6 ,0 0 0 ,0 0 0 b u s h e l s i n year. O u tp u t o f grapes e q u a l, o r s lig h tly e x c e e d , th e r e c o r d c r o p and o f 1919. r a is in s b e in g th a t o f p r o b a b ly q u oted w ill th e q u a lity o f O p e n in g p r ic e s f o r fr e s h fr u its a r e in th o s e o f a y e a r a g o , p e a r s fo r e x a m p le n o w in e x c e s s o f 19 19 p r ic e s . w ill T h e a p r ic o t c r o p p r o b a b ly e q u a l o n ly a b o u t 70 p e r ce n t o f th a t o f 1919 a n d f r u it is q u it e in f e r io r . cro p , th ou g h 1919, w ill e x c e e d advan ce o f at $15 p e r ton C o n tr a r y to e x p e c ta tio n s , c a n n e r s a re o ffe r in g in c r e a s e d p r ic e s o v e r 1 9 1 9 f o r th e h ig h e s t g r a d e s o f fr u it r e q u ir in g la r g e p r o p o r tio n s o f su gar, and d ecreased p r ic e s fo r som e lo w e r grades, r e q u ir in g o n ly s m a ll p r o p o r t io n s o f su g a r. In th e P a c ific N o rth w e s t, th e p ru n e a n d c h e r r y c r o p s fro m 55 to 60 p e r c e n t o f th o s e o f 1 9 1 9 ; th e a p p le c r o p p e r c e n t; a n d th e p e a r c r o p a r e e s tim a te d at at fr o m 70 at 50 p e r ce n t o f th a t o f 1919. 50 to T h e Y a k im a V a lle y , in W a s h in g to n , p e a c h c r o p w ill n o t e x c e e d 20 0 c a r s , as c o m p a r e d w i t h 2 ,2 0 0 i n 1 9 1 9 . T h e p r o s p e c ts a re th a t th e lo g a n b e r r y c r o p o f W est e r n W a s h in g t o n w ill n o t e x c e e d 4 0 p e r c e n t, r a s p b e r r ie s 75 p e r c e n t a n d s tr a w b e r r ie s 85 p e r c e n t o f n o r m a l. R ange fo r c o n d itio n s th r o u g h o u t th e several years. ever, has b een T h e s lo w , d u e to A r iz o n a , it is r e p o r t e d d is tr ic t are m o v e m e n t o f c a ttle th e la te s p r in g and th a t s a le s o f y e a r lin g 15 to 2 0 p e r c e n t o f n o r m a l a n d $ 4 to $ 6 le s s th a n a y e a r a g o . b e tte r and la c k stock th a t y e a r lin g a t th is sh eep o f to tim e th a n ranges, h ow e a r ly grass. have been steers o n ly a re p r ic e d at fr o m I n t h e P a c ific N o r t h w e s t , m u c h le s s y o u n g s t o c k is b e in g p u r c h a s e d f o r s la u g h t e r t h a n a t th is t im e la s t y e a r . p a r a t iv e sta tem en t s la u g h te r in o f r e c e ip ts th e p u b lic kane and T acom a yards is g iv e n In fr o m o f liv e s to c k at P o r tla n d , and o f p u rch ases S a lt L a k e C om fo r lo c a l C ity , S e a ttle , S p o b e lo w : RECEIPTS OF LIVE STO C K May, 1920 A p ril, 1920 H o r s e s a n d M u l e s ....................... 25,755 33,925 73,978 820 24 ,065 32,449 36,456 645 T o t a l ........................................... 134,478 93,615 C a t t l e a n d C a l v e s .................... H o g s ..................................................... S h e e p ................................................... May, 1919 25,410 52,578 64,217 514 142,719 PURCHASES FOR LOCAL SLAUGHTER May, 1920 C a t t l e a n d C a l v e s ............................................. S h e e p ............................................................................ 12,263 23,147 21,385 T o t a l .................................................................... 56,795 H o g s .............................................................................. T h e w o o l c lip fle e c e th a n in in th is 1919. d is t r ic t is a v e r a g i n g B e fo r e M a y a fe w s a le s w e r e m a d e a t fr o m cen ts fo r c o a rs e r g ra d es. none o f th e 1920 bu yers lig h te r p e r w ere o ffe r in g 50 to 55 ce n ts f o r fin e r g r a d e s a n d 35 N o r m a lly , m o s t o f th e c lip w o u ld n o w b e u n d e r c lip has E a s te r n m ills a n d t r a n s p o r ta t io n fa ilu r e to m o v e th e c lip . 74,770 60 to 63 c e n ts p e r p o u n d a n d d u r in g c o n t r a c t , b u t th is y e a r b u y e r s h a v e n o t e n t e r e d c a lly 14,352 37,791 22,627 o n e -h a lf p o u n d s h e a r in g b e g a n , s o m e to c o n tra ct th e b e tte r g ra d e s at fr o m May, 1919 been s o ld . th e m ark et C a n c e lla tio n d iffic u ltie s a r e a s s ig n e d and o f p r a c ti orders at as rea son s fo r A p p r o x im a te ly s a lm o n pack ed 1920 p a ck 1 ,4 7 5 ,0 0 0 on th e cases P a c ific w ill n o t e x c e e d r e m a in C oast in u n s o ld 1919. 8 ,0 0 0 ,0 0 0 5 ,0 0 0 ,0 0 0 c a s e s a s c o m p a r e d 1 9 1 9 ; 9 ,0 0 0 ,0 0 0 i n 1 9 1 8 , a n d 1 0 ,0 0 0 ,0 0 0 i n 1 9 1 7 . o f 1919 stock s o n o f I n d ic a t io n s cases are w it h th a t o f th e 8 ,0 0 0 ,0 0 0 i n S ta te m e n t is g iv e n b e l o w h a n d , o f p r e s e n t s a le p r ic e s a n d p r ic e s a t w h ic h som e co n tra cts fo r th e 1920 p a c k h a v e b e e n m a d e : 1 9 1 9 Pack Unsold Sales During May Market Price June 10 Contracts for 1 9 2 0 Pack (Per case) (Per case) (Per case) (Cases) T a l l R e d s ................................................... T a l l M e d i u m R e d s .......... 225,000 50 0,00 0 750,000 ....................... T a l l P in k s T a l l C h u m s ....................... $ 3 .4 0 2 .2 5 1 .7 5 1 .3 5 $ 2 .1 0 1 .6 5 1 .2 5 $ 3 .3 5 2 .5 0 1 .7 5 1 .5 0 1,475,000 S h orta g e c u r ta ilin g c e a s e d in an o f has r e s u lte d ou tp u t in in th is o f 124 m ills in f e e t , 3 4 .3 per th e W est ce n t b e lo w fe e t, 18 p e r c e n t b e lo w cu t. 2 4 5 ,2 5 0 ,0 0 0 fe e t, o f w h ic h cargo p e r io d orders, an and C oast cu t; L u m b e r m e n ’s fe e t w ith a ccep ted orders r a il orders; orders o f 2 8 7 ,3 4 5 ,0 0 0 6 5 ,7 2 4 ,0 0 0 orders. redw ood fe e t D u r in g m ills o f 2 2 ,1 0 4 ,0 0 0 f e e t , a n d o f p r e c e d in g o f have Ju n e 5, A s s o c ia tio n n o r m a l; s h ip m e n ts export C a lifo r n ia o f 1 7 ,4 8 2 ,0 0 0 f e e t , a s c o m p a r e d and and fe e t w e r e 7 4 ,4 9 2 ,0 0 0 a v e r a g e o f tw e lv e fe e t a u to m a tic a lly o p e r a tio n s U n f i l l e d o r d e r s , o n J u n e 5 , a g g r e g a t e d 3 8 5 ,- c u t o f 2 7 ,1 3 6 ,0 0 0 f e e t ; s h i p m e n t s 2 3 ,3 8 6 ,0 0 0 is n ig h t D u r in g th e fo u r w e e k s e n d in g 4 6 6 .0 0 0 sam e w h ic h and a c u t o f 3 5 0 ,2 7 5 ,0 0 0 f e e t , 4 .5 p e r c e n t b e l o w 2 3 1 .0 5 5 .0 0 0 d o m e s tic c o n g e s tio n , d is tr ic t, a ll p r o d u c in g r e g io n s . average rep orted cars lu m b e r th e rep orted orders a a ccep ted a c u t o f 2 6 ,4 4 7 ,0 0 0 f e e t ; s h i p m e n t s o f 2 4 ,6 9 9 ,0 0 0 fe e t d u r in g th e fo u r w eek s. B u ild in g D ecreases w as in g e n e r a lly b u ild in g m ore a c tiv e p e r m its o f d u r in g $ 7 1 1 ,0 0 0 M ay and th a n o f d u r in g A p r il. $ 1 ,4 5 2 ,0 0 0 w ere r e p o r t e d b y L o s A n g e le s , C a lifo r n ia , a n d P o r t la n d , O r e g o n , r e s p e c t iv e ly , in M a y , a s c o m p a r e d w ith A p r il. In th e o t h e r la r g e r c itie s o f th e d is tr ic t, h o w e v e r , p e r m its m a te r ia lly c e d in g m on th , a g g r e g a tin g A p r il, 1920, is s u e d th e M ay p e r m its $ 1 4 ,5 9 8 ,0 7 5 and in in in n in e te e n M ay, $ 9 ,3 0 4 ,0 3 0 in 1920, M ay, as exceeded p r in c ip a l com pared 1919. th ose c itie s w ith C o m p a r a tiv e o f o f th e th e p re d is tr ic t $ 1 4 ,7 2 8 ,8 5 7 in sta tem en t of b u ild in g p e r m its in th ose c itie s r e p o r tin g p e r m its in excess o f $ 5 0 0 ,0 0 0 in M a y , 1 9 2 0 , is g iv e n b e l o w : May, 1920 ......................... Los A n g e l e s ............................... S e a t t l e ........................................... O a k l a n d ......................................... P o r t l a n d ......................................... L o n g B e a c h ................................. S p o k a n e ........................................... P a s a d e n a ......................................... Sa n D a ily p r o d u c tio n 2 7 8 ,3 2 3 b a r r e ls , b a r r e ls in th ereb y o f M ay, 1919. d e c r e a s in g M ay p e tr o le u m as co m p a re d stored on tio n o f 8 ,7 9 5 b a r r e l s , w e r e A 31. stock s F ifty -s e v e n sh orta g e in w ith o f by opened and d u r in g b a r r e ls 5 2 0 ,0 8 7 w e lls , is May, 1919 $1 ,516 ,77 8 1,9 14,4 70 1,755,795 704,782 1,063,118 413,926 330,620 193,184 averaged new g a s o lin e A p ril, 1920 $2 ,0 0 0 ,6 7 2 3 ,8 74,4 72 1,155,3 20 765,777 2 ,2 85,8 00 773,14 5 305,95 5 27 2 ,9 1 4 C a lifo r n ia 2 7 4 ,8 8 7 S h ip m e n ts r e ls M ay. $ 3 ,879 ,06 2 3,163,0 42 1,809,160 957,679 83 4,03 5 82 8,705 555,12 0 50 5,27 2 F r a n c is c o 3 w e lls to w ere 2 7 6 ,0 3 1 per day, 2 6 ,5 9 1 ,8 9 7 bar in it ia l q u ite averaged and b a r r e ls b a r r e ls an M ay A p r il 2 9 5 ,1 0 0 w ith rep orted in d a ily p rod u c abandoned g e n e r a lly d u r in g th rou g h ou t th e d is tr ic t. S a le s o f r e p r e s e n t a t iv e r e t a il s t o r e s in th is d is t r ic t a v e r a g e d , b y v a lu e , 6 .5 per cen t g re a te r per g re a te r d u r in g cen t o f M ay, d u r in g 1920, th e in c r e a s e M ay th a n th a n d u r in g d u r in g M ay, o v e r M ay, 1919, w a s A p r il 1919. due and 32 per cen t A p p r o x im a te ly to in c r e a s e s in 45 p r ic e . S a l e s b y r e p r e s e n t a t i v e w h o l e s a l e f i r m s w e r e a p p r o x i m a t e l y 7 .5 p e r c e n t g r e a te r , b y v a lu e , d u r in g M a y th a n per cen t g re a te r d u r in g M ay, d u r in g 1920, th a n A p r il, a n d d u r in g a p p r o x im a t e ly M ay, m a te ly 40 p e r c e n t o f th e in c r e a s e o v e r M a y , 1919, w a s in p r ic e s , th e p r o p o r t i o n v a r io u s cen t; r e p o r tin g g r o c e r ie s , 4 0 cen t. A s R e ta il fir m s w h o le s a le except den cy. stock s in per th e case hand a o f lin e s d ry p r ic e s w ith w h ere in c lin e d M a y 31 as in a th ere to fo llo w s : per s lig h t w as a per and 65 per o f as M ay com pared w ere w ith rep orted fa ir to as g o o d good in s lig h t w h o le s a le A p r il. no chan ge. goods, to needs c e n t le s s and S ta te m e n t but in c r e a s e d ow n w a rd cu rren t v a lu e , 5 p e r b oth d u r in g sh oes som e ten d en cy fo r o f th e 35 A p r il 30, a lth o u g h 53 p e r c e n t g r e a te r th a n o n M a y 31, 1919. d u r in g each h a rd w are, p r a c tic a lly p r ic e s p u rch ase a v e r a g in g , b y cen t, sh ow ed w eakn ess fir m , sh oes, are b e in g 37 A p p r o x i d u e to in c r e a s e s d u e to h ig h e r p r ic e s in g ood s, 45 A p r il, s lig h t r e m a in e d fir m s on cen t; w ith rep orted R e ta il on w h o le s a le com p ared p r ic e s o f in c r e a s e 1919. ten o n ly , th a n on C o lle c tio n s r e ta il o f tra d e, in c r e a s e s in r e ta il a n d w h o le s a le tra d e o f r e p o r tin g fir m s in th e p r in c ip a l c itie s o f th is d is t r ic t f o r M a y , 1 9 2 0 , a s c o m p a r e d w it h M a y , 1 9 1 9 , is g iv e n b e l o w : INCREASES IN SALES IN M A Y , 1 9 2 0 , O V E R M A Y , 1 9 1 9 Los A n g e l e s . . Hardware Dry Goods Groceries T otal* (P er cent) (P er cent) (Per cent) (P er cent) (P er cent) 3 8 .8 4 4 .6 8 .9 3 1 .8 5 9 .8 2 0 .3 2 0 .3 3 8 .4 4 9 .2 2 0 .3 2 2 .0 2 3 .0 ,.. w h olesale t 5 2 .1 3 9 .5 1 7 .1 2 1 .1 4 4 .4 O a k l a n d .............. Sacram ento . . . San F r a n c is c o 4 3 .2 5 5 .2 4 5 .1 P o r t l a n d ........... 2 6 .4 6 .4 5 6 .9 Sa l t L a k e C it y Seattle .............. .......... S p o k a n e .............. .......... T acom a RADE------------- RETAIL TRADE Department Stores .............. .. D is t r ic t . . . 3 1 .6 5 5 .5 2 3 .0 7 0 .0 3 7 .1 4 5 .6 4 3 .1 5 1 .8 1 7 .9 3 3 .1 Collections 3 2 .6 G ood G ood G ood G ood G ood G ood G ood G ood G ood 3 7 .0 G ood N o t e . — Percentages fo r reporting b o o t and shoe firm s— San F rancisco, 15.,6% ; D istrict, 14.8%. ♦ Including reporting drug, and b oot and shoe firm s. B ank c le a r in g s in 19 p r in c ip a l c itie s o f th e d is tr ic t a g g re g a te d $ 1 ,6 3 2 ,4 3 2 ,0 0 0 d u r i n g M a y , a s c o m p a r e d w i t h $ 1 ,7 2 1 ,0 9 2 ,0 0 0 d u r i n g A p r i l , a d ecrease o f 5 .1 per c e n t, w h ic h com pares w ith a d ecrease o f 5 .2 p e r c e n t in A p r il a s c o m p a r e d w ith M a r ch , th e d e c r e a s e in M a y a s c o m p a r e d w ith M arch w ith M ay, a m o u n tin g to 1919, h ow ev er, 5 6 6 ,0 0 0 , o r 2 5 .0 p e r c e n t . F ed era l R eserve ba n k $ 1 7 5 ,7 7 1 ,0 0 0 , o r th e c le a r in g s C o m p a r a tiv e an d bran ch 9 .7 in c it ie s is g iv e n Los A n ....................... ................................. P o r t l a n d ............................... S a l t L a k e C i t y ................ S p o k a n e ................................. g eles Seattle D u r in g M a y 104 d u r in g th ere A p r il w ere and 44 $6 53 ,3 93 ,000 3 1 7,52 7,0 00 17 6 ,3 4 1 ,0 0 0 149,35 3,0 00 69 ,1 3 2 ,0 0 0 52 ,3 5 6 ,0 0 0 8 0 fa ilu r e s d u r in g in M ay, cen t. c itie s sta tem en t o f May, 1920 S a n F r a n c i s c o .................. per th ese A s com p ared in c r e a s e d bank A p ril, 1920 May, 1919 $ 5 6 4 ,2 5 0 ,0 0 0 1 7 9 ,6 9 1 ,0 0 0 1 5 7,36 2,0 00 1 3 2 ,8 2 7 ,0 0 0 6 4 ,2 8 3 ,0 0 0 4 0 ,6 2 0 ,0 0 0 th is $ 7 5 3 ,3 0 0 a n d a s s e t s t o $ 4 1 6 ,5 1 8 , a s c o m p a r e d in b e lo w : $6 5 4 ,4 3 0 ,0 0 0 32 8 ,8 1 6 ,0 0 0 1 9 7 ,95 2,0 00 1 7 1 ,09 9,0 00 73 ,379 ,00 0 57 ,1 2 1 ,0 0 0 d is tr ic t 1919. $ 3 2 6 ,- c le a r in g s as com p a red L ia b ilitie s w ith a m o u n te d to w i t h l i a b i l i t i e s o f $ 1 ,3 0 2 ,1 5 9 a n d a s s e t s o f $ 7 1 2 , 4 3 7 d u r i n g A p r i l a n d l i a b i l i t i e s o f $ 9 0 0 , 5 8 2 a n d fa s s e t s o f $ 1 6 0 ,6 7 4 d u r in g M ay, 1919. C o m p a r a tiv e sta tem en t o f fa ilu r e s by s ta te s , a s f u r n is h e d b y R . G . D u n a n d C o m p a n y , is g iv e n b e l o w : ,----------------NUMBER-----------------s ,--------------------------LIABILITIES--------------------------, May, 1920 A p ril, 1920 May, 1919 A p ril, 1920 May, 1919 1 2 2 $ 2 ,5 0 0 $ 1 ,1 0 0 $ 1 8 ,6 5 7 ................ 41 53 22 4 3 7 ,5 6 0 6 1 3 ,7 1 4 3 5 2 ,0 2 7 .............................. 3 4 4 1 6 ,3 3 1 5 1 ,4 4 0 N e v a d a ........................... 1 3 .. ........................ A r iz o n a C a l if o r n ia Id ah o May, 1920 4 ,0 0 0 1 0 2 ,2 0 0 1 4 ,3 0 0 ........................... O r e g o n .......................... 16 22 7 7 8 ,5 7 7 1 7 5 ,3 4 7 2 1 9 ,0 0 0 U t a h ................................ 3 5 3 1 0 ,4 9 9 1 2 ,8 5 8 2 4 1 ,9 0 0 W a s h i n g t o n .............. 15 15 6 2 0 3 ,8 3 3 3 4 5 ,5 0 0 5 4 ,6 9 8 T o t a l ................ In terest a n d 80 per cen t, m on th . In a lth o u g h to m a ry 44 d is c o u n t ra te s h a v e m o n th , th e p r e v a ilin g 7% 104 as $ 7 5 3 ,3 0 0 c o n tin u e d to s tiffe n r a te s in in d u s tr ia l c e n te r s n o w com p ared w ith 6 to 7 per cen t a g r ic u ltu r a l c e n te rs th e p r e v a ilin g s o m e lo a n s a r e m a d e ra tes $ 1 ,3 0 2 ,1 5 9 ch arged by at 9 an d banks in F ederal d u r in g b e in g d u r in g ra te R eserve th e p a st fr o m th e r e m a in s 10 p e r cen t. $ 9 0 0 ,5 8 2 6^ to p r e c e d in g 8 per cen t, S ta te m e n t o f c u s bank and bran ch c it ie s f o r t h e m o n t h e n d in g J u n e 1 0 is g iv e n b e l o w : PRIME COMMERCIAL PAPER Open Customers Market S a n F r a n c i s c o ...................... Los A n g eles 6% % ........................... 6— 7 P o r t l a n d .................................. 6V2 — 7 Sa l t Lake S e a ttle C i t y ................... 8 ...................................... 7 ................................... 7 Spokane T he In la b o r and s itu a tio n arou n d u n s k ille d la b o r . has S e a ttle , a g e o f u n s k ille d r a ilr o a d m on th ago. 6% 6 7 7 6% 7 7 7 8 8 7 7 7 7— 8 7 8 7% — 7% 7V2 a 6% % 6% som ew h at s lig h t d u r in g excess o f 6V2 % th e b oth la s t m on th . s k ille d and I n W e s t e r n W a s h in g t o n , t h e r e is a c o n s id e r a b le s h o r t is a s h o r t a g e o f f a r m a 7% % 7V2 is Secured by Liberty Bonds and United COLLATERAL States Certificates LOANS o f Indebtedness 7 im p r o v e d th ere INTERBANK LOANS W it h h e lp . E ls e w h e r e th r o u g h o u t th e d is tr ic t th e r e la b o r e r s , a lth o u g h n o t a s s e v e r e a s w a s a n tic ip a te d th e e x c e p tio n o f s tr ik e s o f ba k ers and b u ild in g t r a d e s e m p lo y e e s in S e a ttle , t h e r e a r e , a t th e m o m e n t , n o s t r ik e s o r la b o r d is t u r b a n c e s o f a n y im p o r t a n c e in t h is d is t r ic t . COMPARATIVE STATEMENT OF CONDITION OF MEMBER BANKS IN RESERVE CITIES OF TWELFTH FEDERAL RESERVE DISTRICT A p ril 2, 1920 N um ber o f Reporting Banks .................................... 66 May 7, 1920 June 4,1920 67 67 United States Government Obligations : (000.00 om itted) U. S. B on d s to Secure C irc u la tio n ............. $34,60 5 $3 4,605 V ic to r y L oan N o t e s .............................................. 12,902 12,382 12,741 O ther U . S. B o n d s ................................................ 61,736 61 ,338 61,659 U. S. Certificates o f In d e b te d n ess............... 30,550 36,005 39,775 T o t a l ................................................................... $ 1 39 ,7 93 $144 ,3 30 $148 ,6 60 $30,94 6 $ 3 4,48 5 Loans and Investments: L o an s Secu red b y U. S. W a r O bligations $3 0,72 3 $31,89 4 L o an s Secured b y O ther Stocks and Bonds 144,891 148,456 148,37 6 O ther L oan s and In v e stm e n ts....................... 911,381 94 6,948 9 1 0,74 3 T o t a l ................................................................... $1 ,086 ,99 5 $ 1 ,127 ,29 8 $1 ,0 9 0 ,0 6 5 Deposits : D em a n d D ep o sits ................................................ $6 13 ,9 10 $597,461 $6 2 2 ,9 1 7 ........................................................ 478,05 7 48 4,758 50 8,05 9 T o t a l ................................................................... $1 ,0 9 1 ,9 6 7 $ 1 ,082 ,21 9 $1 ,1 3 0 ,9 7 6 T im e D ep o sits
@FedFRASER