Full text of Economic Review (Federal Reserve Bank of San Francisco) : June 16, 1921

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W N O T

TO

BE

RELEASED

FOR

P U B L IC A T IO N

A g r ic u l t u r a l
IN

T H E

M o n th ly

F E D E R A L

R e p o rt

to

T H E M O R N IN G

B u s in e s s

a n d

T W E L F T H

BEFORE

th e

OF JU N E

2 8 ,1 9 2 1

C o n d it io n s

R E S E R V E

D IS T R IC T

F e d era l R eserv e

B o a rd

b y

JOH N

P E R R I N , C h a ir m a n o f th e B o a r d a n d F e d e r a l R e s e r v e A g e n t
F e d e r a l R e s e r v e B a n k o f S a n F r a n c is c o

V o l.

I

V .

S a n F r a n c is c o , C a lifo r n ia , J u n e 1 6 , 1 9 2 1

M P R O V E M E N T

in r e t a il t r a d e , c o n t i n u i n g

a c t iv it y in b u ild in g o p e r a t io n s , a n d
liq u id a tio n

p r in c ip a l

m em ber

o u ts ta n d in g
th e

T h e

banks

fe a tu re s

T w e lfth

d o lla r

o f lo a n s a n d

F ederal

v a lu e

of

M ay,
cent

s a le s

of

1920.

to

M ay,
rep ort

d o lla r

th is

year

c lin e s
cent

r e p r e s e n ta tiv e

de­

T h is

cent

d ecrease

d is tr ic t
th a n

w ith

1921,

v o lu m e

equal

to

of

th e ir

com p ared

w ith

b e tw e e n

s e llin g

m o d itie s h a n d le d .

th a n

A p r il,

42

per

per

c e n t in

o f th e

and

and

50

d iffe r e n t

m a jo r ity o f th e

of

tra d e

M ay

1920,

cent

re­

th a t

d u r in g

M ay,

20

w ith

w h o le s a le

s a le s

p r ic e s
A

of

c e n t to

of

re p o rte d

is g e n e r a l l y

g re a te r

10 p er

v a lu e s

per

even

of

in

d u r in g
of

th a n

and

in g

o p e r a tio n s ,

th is

th e

d is tr ic t.

c ific

crop

on

cases

are

p r ic e

r e a d ju s tm e n ts

lo s s e s

on

p r ic e s .
of

on

and

th e

num ber

O gden

and

o f p e r m its
per

in

la b o r e r s ,
d u r in g

hope

a

of

average
sh o w

p r ic e s

o f c a p a c ity .

h ig h e r

c e s s a tio n
d u r in g

th o se

S a cra m e n to

p r o x im a te ly

A
10

w ere

o f th e

d e c lin e
per

th e

w ith

9 .4

per

record

cen t

in c r e a se

M ay,
of
in

in

cent

m o n th

in

C ity ,
v a lu e

1920, w as over

$ 1 5 ,2 6 5 ,0 0 0 ,
th e

em ­

o p e r a tio n s

but

L o s A n g e le s , S a lt L a k e

com p ared

c e n t.

v e stm e n ts

In

b u ild in g

lo a n s




is

of

is

p la n t­

h a rv e st­

w itn e sse d

s itu a tio n

be

th e

m a tu r in g

S h e a r in g

in

w ool

in

la r g e s t
th e

has

P a­
been

S h ip m e n ts
th e

n o r m a lly
by

th e

by

h ig h

m ills .

k in d s

in

A p r il,

lu m b e r

o f a n im a ls
w ool have

11 c e n t s . F l o u r

r e m a in e d

fig u r e ,

th e

35

at

per

cent

a p p r o x i­

season al

in c r e a s e

to b e e x p e c te d h a v in g b e e n p r e v e n te d
of

w a t e r in t h e

M arch ,

sh ip p in g

th e

c lo s e d

c lo s in g

and

m in e s

1921, and

p r o d u c tio n .

th e
w as

of

str ik e

m any

m in e s

A p r il
20

and

W illa m e tte
r iv e r
o f th e

o u tp u t

L ead

in c r e a s in g , b e in g

and

in ­

th a n

in A p r i l a y e a r a g o , a n d

cess

of

of

p e r c e n t le s s

3 0 p e r c e n t b e lo w

ap­

M arch ,

and

p r in c ip a l c o p p e r

r e p o r tin g

1920,

th e

C o lu m b ia

cau sed

o f th e

r e m a in

o th e r

s a le s a t

a t a p p r o x im a te ly

c o n tin u a tio n

S ix

d is tr ic t

of

A p r il

riv e r s , w h ic h

th a n

several

is m o v i n g t o

a t 16 to 2 0 c e n ts p er p o u n d , c o m ­

c o n tin u e s

m a te ly

th e

fo r th e

or

o f t h e 6 8 r e p o r t i n g m e m b e r b a n k s in

T h o s e d e s ir in g th is r e p o r t se n t th e m

s p r in g

M ay

to

th e

tim e

ago.

e a r ly

of

p r o m is e s

e a r ly s e a s o n

d e la y in g

F r a n c is c o

of
of

litt le c h a n g e . S a le s o f n e w -c lip

m illin g

m in im iz in g

c o m p le te

c lo s e

year

a n d liv e s to c k g e n e r a lly

a lth o u g h

at

a

th a t

th is

c o m p le te d

con su m er

s t ill

bou ght

San

M ay

th a n

o f A p r il, 192 1 .

100

r e ta ile r s

in v e n to r ie s

a c tiv ity

th e

at

s u m m e r r a n g e s , w h ile m o v e m e n t to m a r k e t a n d

com ­

a c c o u n t o f d is a g r e e m e n ts b e tw e e n

d is tr ic t
in

of

in

to

in d ic a tin g

of

r e ta il

de­

17 4 w h o le ­

a t w h o le s a le ,

N o tw ith s ta n d in g

p lo y e r s

le s s

la c k in g

th e ir

b u ild in g

M a y

th e

not

p r ic e s

co sts

1920.

per

p a re d w ith

th e ir

w ere

and

a g r ic u lt u r a l

record

c itie s
M ay,

p e rc e n ta g e

done

m o n th

th e

N o rth w e st.

g e n e r a lly

b a s in g

th e

v o lu m e
th e

th e

in

of

w h o le s a le

b e in g

th e

W h a t

b ee n re p o rte d

r e p la c e m e n t

th a n

com m en cem en t

change

w heat

p r in c ip a l

p e r io d ,

b e tw e e n

in g

sa le fir m s r e p o r t in g s ta te t h a t r e ta ile r s a re n o w

upon

th e

th e ir b o r r o w in g s

th o se

le s s

b u s in e s s

la r g e r

little

is

M a y , a c c o m p a n ie d
in

B ank.

20

th a n

c o m b in e d

S ta n d in g

a d e c r e a s e o f 9 .1

o f s a le s

lin e s

4 .1

fig u r e

com p ared

or

V a r io u s

th e

but

of

le s s

p e rc e n ta g e

v o lu m e

be

th e

T h e

R eserve

c le a r in g s

per

d u r in g

o f $ 7 ,0 0 0 ,0 0 0

F ederal

B ank
20

p r ic e s

r a n g in g

in

D is tr ic t.

in

th e

in d if f e r e n t c it ie s

d e c lin e s

th e

fro m

w ere

M ay

a d ecrease

w as

th e

A p r il,

1920.

of

d is tr ic t o c c u r r e d

by

of

P h y s ic a l

p o rte d

29

1920, com p ared
in

d is tr ic t

m o n th

R eserve

c e n t le s s

per

th e

th e

b y th e

th e

p a r tm e n t sto re s
M o n th

fo r

in v e s tm e n ts

of

of

grad ual

N o. 6

p r o d u c tio n

th e
is

1 0 p e r c e n t l e s s in A p r i l , 1 9 2 1 ,

1921,

1 0 p e r c e n t in e x ­

p r o d u c tio n .

r e g u la r ly w ill r e c e iv e it w ith o u t c h a r g e u p o n a p p lic a t io n .

Agricultural and Business Conditions

2

G o ld

o u tp u t

dredges
th a t
of

in

of

A p r il

M arch ,

dredges
ber,

la s t

d u c tio n

has

fo r

g o ld

m in e s

cent

in

E x c e p tin g

th is

of

bank

m o n th

th e

s in c e

c o r r e sp o n d in g

of

m o n th

m in e s

exceeded

and

D ecem ­

th e ir

m o n th

pro­

of

th e

c o n d itio n s

tra d e s

produced

u n e m p lo y m e n t
to

be

in

th e

000

d u r in g

r e lie v e d

by

in

a

M ay,
th e

th e

m a r in e

s lig h t

in c r e a s e

w h ic h

is

a p p r o a c h in g

ex­
har­

to n s.

e x p e c te d
sta te ,

and

creased

s te a d ily

th e

decrease
F lo u r

per

m ills

in

at

N o

in c r e a s e

th e

of

( .4

a te

1919,

ce n t)
th is

has

M illin g

ste a d y
flo u r

e a ste rn

S to c k s

of

as

sh ow ed

a

d u r in g

35

exp ort

p r ic e s

b a r le y

w ill

to

of

th e

sh ow

op er­

c a p a c ity .
dem and

in flu e n c e

a

has

of

a

cau sed

s lig h t

advance

m a r k e t q u o ta tio n s .

w heat

1st, a s r e p o r te d

in

by

m ille r s ’

dom ,

on

June

1 9 o f th e la r g e s t m ills

in t h e

S u p e r io r
m ent

to

T h e

decrease

fle c tio n
ers

of

have

m o n th s
tu r in g

in

been

b u s h e ls

on

June

w heat

in c re a se d

in

sto ck s

ex p o rts

m ore

a c tiv e

e x p o r tin g

on

1,

M ay

T a b le

sto ck s

h ou ses
w ith

and

th e

is

a

d ir e c t

sh ow s

m ills

th e

by

d u r in g

th e

th a n

m ill c a p a c it y

M ay

sta te s,

in

m ill­

in

o p e r a tio n

th e

th is

m ills

of

c o m m e r c ia l

e x c lu s iv e

of

p r iv a te
C a lifo r n ia

June

B a r le y

in g

past

fe w

th e
A s s o c ia tio n .
over

(A )

ever

M

San

T h is

re p o rte d

to

th e

in

is
by

1 2 1 ,1 7 6

th e
th e

la r g e s t

and

la s t

in

th e

San

w ere

$ 1 .3 0
a

per

p r ic e
tim e ,

$ 1 .5 0

per

of
and

hun­

C a lifo r n ia
1,

1921,

d a te

la s t

F r a n c is c o

as

w are­

com p ared

year

G r a in

as

re­

T rade

A s ­

fo llo w s :
1921

1920

1 0 0 ,8 0 2

2 5 7 ,4 9 6

W heat

. .

6 1 9 ,9 2 0

6 5 1 ,6 6 0

B a r le y

, ,2 ,4 2 3 ,5 2 0

6 1 3 ,3 6 0

( c w t . ) ............

R ye

. .

9 2 ,8 8 0

8 8 ,7 8 0

1 ,0 3 1 ,1 3 3

1 , 6 2 4 ,6 7 0

1 8 ,3 4 0

1 3 ,6 2 0

( c w t . ) .............. . . .

Spot

sto ck s
to

s u m p tio n ,

fa rm e rs’

a m o u n te d
to n s,

on

accord-

rep ort

of

be

C a lifo r n ia

m o v in g

due

to

am on g
C anned

lin e s

F r u its

ers.

of

in g

T h e

p r ic e s

of

annual

carry­

fo r n ia

P a c k in g

an

canned

advance

m ore

p r ic e s

th e

T rade

in g

a

canned

m ore

to

p r in c ip a l

a p r ic o ts

of

11

per

spot

cent

v a r io u s

to

con su m -

change

an

q u o te d

are
con­

d is p o s itio n

p r ic e

w as

C o r p o r a tio n ,

in to

d is p la y

a ttr a c tiv e

m o n th

fr u its

r a p id ly

gen eral

r e ta ile r s

at

G r a in

a s s o c ia tio n .

du r­

advance
by

th e

p r ic e s

on

a ll

( --------------------Output-------------------- **

C a lifo r n ia
O r e g o n ..............
W a s h i n g t o n ,.
I d a h o ....................
U t a h .................... ..
D i s t r i c t ..............

,

M ay
(barrels)

April
(barrels)
1 9 4 ,8 1 5
1 1 1 ,5 6 2
2 4 8 ,9 4 3

11

11

1 9 0 ,7 8 8

25

25

9 8 ,6 0 4

sh ow ­
grad es.

31
4
0

33

71

75

5
1

Per Cent M ill Capacity in Operation
M ay
April
M ay
1921
1921
1920
44
28
29

2 2 3 ,1 1 8
7 ,8 4 6
47 #
1 2 ,8 8 2
( A p r i l f i g u r e s i n c l u d e d in t o t a l f o r C a l i f o r n i a )
5 2 5 ,3 9 2

5 6 3 ,1 6 6

34

in

C a li­

illin g —

N o . M ills Reporting
April
M ay




w as

s h ip ­

. . ,

O a ts

o f th e

w areh ou ses

s e m i-a n n u a l

F r a n c isc o

fo r

fo r

p e rc e n ta g e

year

h e ld

g r a n a r ie s ,

1 st,
to

b a r le y

sto ck s

has

a t th is

in

June

c o r r e s p o n d in g

by

re p o rte d

S to c k s

u s u a lly

o ffe re d

w ith

to

not

K in g ­

year,

B a r le y ,

$ 1 .2 0

g r a in
on

F lo u r

m a n u fa c ­

p r o d u c tio n

and

p r ic e

year

re­

as

year.

and

of

m ills

B eans

“A ”

th e

is

in

A c ­

are

U n ite d

crop

A u g u st,

o f fr o m

y ie ld s

E u rope.

w h ic h

com p ared
la s t

C a lifo r n ia

1920.

o f w h e a t,

w heat

1 st,

and

$ 3 .0 0

a p r e -w a r p r ic e

1st

in

th e

B r e w in g

as

n o rth e rn
s e r io u s ly

d r e d w e ig h t.

flo u r .

r e p o r tin g
of

1 ,0 6 0 ,5 0 5

1

J u ly

a p p r o x im a te ly

so c ia tio n ,

of

b u s h e ls

N o.

d u r in g

w ith

h o ld in g s

June

h u n d r e d w e ig h t,

p o rte d

1 ,8 8 6 ,6 6 1

O n

th e
have

th e

of

C a li­

V a lle y ,

c o u n tr ie s

c u sto m e r,

b e g in n in g

is

th e

p ro sp e c t.

o f p r o d u c tio n

la r g e s t

w eak.

in

su b n orm al

fr o m

of

so u th e rn

s u r p lu s

th ese

6 5 0 ,-

q u a lity

J o a q u in

in

of

upon

dem and

th e

in

it

b a r le y

p o r tio n

V a lle y

y ie ld

fr o m

but

at

d is t r ic t , a m o u n t e d t o 8 1 8 ,3 1 4 b u s h e ls , c o m p a r e d

and

to ta l

areas

th e

a c tiv e

of

of

and

good

San

m a r k e tin g

re p o rts

T o ta l

hands

lo w e r

depend

c o m p e tin g

been

d o m e stic

dem and

to

w h o le

M ay.

cent

in

a lth o u g h

a

fr a c tio n a l

c o n tin u e

per

ap peared

flo u r ,

d is tr ic t

d is tr ic t

a p p r o x im a te ly

fo r

above

fo r

sp r in g

th e

S u c c e ssfu l

of

m o is tu r e

th e

crop

5 0 0 ,0 0 0

ce n tra l

S a cra m en to

d im in is h e d

a v a ila b le ,

sin c e

of

in

1921

y ie ld

n o rth

la c k

th e

cu ra te

h a v e in ­

th e

b e tw e e n

su p erabu n d an ce
of

v e s t d e m a n d s a n d th e u n d e r ta k in g o f e x te n s iv e
d e p o s its , w h ic h

th e

and

a

of

it

gen erou s

in

but

fo r n ia

p la c e

A

p u b lic w o r k s .

S a v in g s

fo r e c a sts

sta te

p a rts
str ik e

b u ild in g

P resen t

and

excess

year.

C o n tin u in g

p e cte d

per

p r o d u c tio n

to

each

th e

r e p o r tin g
50

year.

r e p o r tin g

p r e v io u s

of

th e

w as

1921,

1920,

and

of

A p r il

4 4 .2
35
33

60
42

55

25

46

3 6 .5

51

Federal Reserve Bank of San Francisco

C hanges
G rade

in

p r ic e s

A p r ic o ts

to

jo b b e r s

are

as

on

3

N o . 2^4

m a ted

February, 1921

June, 1921

$ 4 .7 5 d o z .

$ 2 .5 5 d o z .

$ 2 .8 5 d o z .

advance w as

a red u ced
of

crop

u n s e a s o n a b le

p la c e

p resen t

O p e n in g
fr u its

and

spot

to

pared

w ith

b e e ts

c o n s titu te

each
per

of

1920

th e se

and

on

1921

th u s

fa r

27

per

per

o p e n in g
an

ite m s

on

by

th e

red u c­

green

as­

com ­

S p in a c h
th e

and

p r ic e s

in c re a se d

15

of

ce n ts

P in e a p p le

d e fic ie n t.

..........................

C h e r r ie s
R o y a l A n n e .................
B l a c k ...............................

2J^ E x t r a S l i c e d

$ 2 .3 5

$ 3 .4 5

c ip a l
and

m a rk e ts
1920,

tin u e

to

la r g e

ran ge

G r e e n ( l a r g e ) ............................................ .................. 2 .8 5

3 .9 0

la m b s

in

liv e s to c k

is

sh ow n

d is tr ic t

in

in

but

s lig h t

c o r r e s p o n d in g

P a c ific
th e

w as

d is tr ic t

to

ran ges.

are

p r in ­

M ay,

1921

and

“ C ” .

N o rth w e st

p r e v a ilin g

w ith

con­

p r ic e s

in

show

a

but

A p r il.

and

fiv e

T h e

ran ge

a t th e fiv e p r in c ip a l m a r k e t s
“ D ” .

c o m p le te d

d u r in g

c o n fin e d

“ B ”

m a rk ets,

com p ared

ta b le

d u r in g

ta b le s

th e

above

p r ic e s

in

S h e a r in g

w ere

th e

sh ow n

of hogs

s lig h t d e c lin e

th e

of

are

m id d le -w e s te r n

su m m er

M ay,
th e

in

and

a ll

m ovem ent

E x c e p t io n a lly

re p o rte d

fr o m

a ll

se c tio n s

sh eep
of

heavy

of

a c tiv itie s
bands

to

y ie ld s o f

s e c tio n s

except

o f L iv e s to c k —

Cattle

.................
C it y .. ..

M ay
1921

M ay
1920

M ay
1921

8 ,9 3 4

1 0 ,0 3 9
4 ,3 1 8

730
97
142

T a c o m a ....................

1 ,9 9 9
3 ,8 9 4
4 ,6 3 9
1 ,7 9 8

....................

2 1 ,2 6 4

S e a t t l e .....................
S p o k a n e .................

P u r c h a s e s f o r

P o r t l a n d .....................
S a lt L a k e C i t y . . . .
S e a ttle
..........................
Spokane
.....................
T a c o m a .......................
T o t a l ..........................

Calves
M ay
1920

Hogs

Sheep

H orses
and M ules
M ay
M ay
1921
1920

M ay
1921

M ay
1920

M ay
1921

M ay
1920

1 ,4 2 6

1 1 ,7 6 6

1 7 ,7 7 1

2 8 ,4 1 1
4 1 ,7 9 3

238

5 ,2 6 7

8 ,2 2 6
1 1 ,8 5 6
3 ,6 9 2

49
98

6 ,4 1 5

4 ,8 0 0
4 ,4 8 8
3 ,3 2 5
3 ,5 4 1

3 4 ,7 9 6
6 4 ,6 8 8
582

182

3 ,6 8 3
1 2 ,2 7 6
1 ,6 4 0

3 5 ,7 8 0

3 3 ,9 2 5

1 1 9 ,5 7 2

9 3 ,9 7 8

443

855

3 ,2 1 6
4 ,3 6 3
1 ,2 6 8

183
16

139
409
582
3

2 3 ,2 0 4

1 ,1 6 8

2 ,5 5 9

1 4 ,2 3 9

114

118
138
361

L o c a l S la u g h te r —

Cattle

in

sh ow n
th e

liv e s to c k

4 .2 5

R a n g e

b u lk

th e

A s p a r a g u s ........................ 2 ^ S q u a r e
W h i t e ( l a r g e ) ............................................ .................. 3 .0 0

(D )

has

w ith

th e

g r a s s -fa tte n e d

of

1 .8 5

(C )

dem and

com p ared?

w ill b e

has

d istr ic t w a s

h e n c e fo r th

at

1 .6 0

T o ta l

o ffe r e d

lo -

m a rk e t­

R e c e ip ts

2 .0 0

S a lt L a k e

th e

s la u g h te r

1 .7 5

P o r t la n d

r a in fa ll

m o n th

year.

2 ^

R e c e ip ts

w here

lo c a l

2 ^ W h o l e la r g e

(B )

and

of

C a lifo r n ia

fo r

'
4 .5 0
3 .5 0

................................

so u th e rn

th e

o f th e

la s t

3 .0 0
2 .0 0

.....................................

in

s e c tio n s
e x c e p tio n

of

C h o ic e
2^4 S t a n d a r d

B e e ts

a ll

p u rch ases

2 T
/z

S p in a c h

a p p r o x i­
s itu a tio n

b e e f th r o u g h o u t th e

L ocal

m o n th

M ay

gen eral

th e

A r iz o n a ,

c o n c lu d e d

v a r ia tio n

P r ic e s
Price per dozen
1921
1920

areas

b e e f c a ttle

sto ck .

in

w ith

D u r in g

o f h a y -fe d

o f th e

dozen.
Size and Grade

cal

a p p a r e n tly

T h e

fa v o r a b le

and
been

d u r in g

A p r il.

be

L iv e s to c k

in g

c h e r r ie s ,

p r ic e s .

re­

s p r in g -p a c k

sh ow

e x c e p tio n ,
h a v in g

to

p r ic e s .

on

to

account

q u o te d

cent

cent

of

d is tr ic t,

p rosp ect of

in a b ility

C o r p o r a tio n

fr o m

3 3 ^

th e

year on

F ebru ary

p r ic e s

P a c k in g

r a n g in g

paragus

at

on

th is

w ea th e r,

sto ck s

v e g e ta b le s

C a lifo r n ia
tio n s

p r e d ic a te d

o f a p r ic o ts

c o n d itio n s

th o se

c o n tin u e s

1920 Opening Price

T h e

L iv e s to c k

F ancy

fo llo w s :

Calves
M ay
M ay
1921
1920

M ay
1921

M ay
1920

5 ,0 7 9
1 ,7 9 7
3 ,8 1 1

4 ,1 3 4
607
2 ,9 7 5

410
222

1 ,1 3 2

142

2 ,1 1 6
1 ,7 9 8

1 ,6 4 5
1 ,2 6 8

104
16

1 4 ,6 0 1

1 0 ,6 2 9

894

L iv e s to c k

H ogs

Sheep

M ay
1921

M ay
1920

M ay
1921

May
1920

9 ,9 9 3
4 ,1 1 5

1 3 ,3 1 4
5 ,7 5 2

409

6 ,9 8 7
2 ,8 0 8
1 2 ,0 8 2

3 ,8 5 9

582

371

1 ,0 9 7

1 ,3 2 7

3

6 ,4 1 5

2 ,6 3 9
3 ,5 4 1

8 ,0 7 5
790
8 ,2 2 6
602

5 ,2 6 7

3 ,6 9 2

1 ,9 5 4

2 9 ,3 8 9

2 4 ,1 4 7

2 6 ,2 4 2

2 1 ,3 8 5

39

P r ic e s —

Highest and Lowest Average Top Prices Per Hundredweight Received at Five Principal Markets During M ay.
W eek of
M ay
M ay

2 ..................................
9 ..................................

Fat Steers

Cows

Calves

H ogs

Lambs

$ 7 .5 0 — 8 .2 5
7 .5 0 — 8 .7 5

$ 6 .2 5 — 7 .0 0
6 .2 5 — 7 .2 5

$ 1 0 .5 0 — 1 3 .0 0
1 0 .5 0 — 1 3 .0 0

$ 8 . 8 0 — 1 0 .2 5
8 .8 0 — 9 .7 5

$ 7 . 0 0 — 9 .0 0
7 .0 0 — 8 .2 5

M ay

1 6 ..................................

7 .5 0 — 8 .2 5

6 .2 5 — 7 .0 0

1 0 .5 0 — 1 2 .0 0

8 .6 5 —

9 .7 5

7 .0 0 — 9 .0 0

M ay

2 3 ..................................

7 .2 5 — 8 .0 0

6 .0 0 — 6 .5 0

1 0 .2 5 — 1 2 .0 0

9 .0 0 —

9 .7 5

7 .0 0 — 7 .5 0




Agricultural and Business Condition,

4

A r iz o n a ,
cau se
to

w h ere

of

th e

th e

w as

c o n d itio n

of

h ig h ,

be­

ew es,

due

T h e
a ll

to ta l

lo s s e s

liv e s to c k

e n d in g

A p r il

Several
e a ste rn

W ool

a

w ool

U ta h ,

11

pounds

of

in

of
in

a

th e

th e

ta b le
to

th e

to

20

re p o rte d

ago

in

th e

th e

p r ic e s
s a le

of

Y a k im a

grease.

a p p r o x im a te ly
s o ld

at

In

4 5 0 ,0 0 0
17

cen ts

ra te s

p o rts

s tim u la te d
and
by

d red
at

and

San

by
to

fifty

over

cen t

of

s u m p tio n
n o r m a l,

r a il

th e

fr o m

to

c a r lo a d s
s in c e

of

th e

is

L os

have

ra te s

w ool

in

p r e -w a r

about

70

S ta te s

of $3

d a ta

B u reau

of

to

a

is

b u tte r

now

k

40

;

con­

p r e -w a r
by

th e

M a rk e ts.

s

,'*'s HEE 3 \

m ovem ent
1921

and

J

30

10

/

Hi

1 1916

6

.

\

1 1917

|

1918

1919

1 1920

6
>> 5

M

a c tiv e

w e ll

m a rk ets.
c o ld

1920, and

d u r in g

tr a d in g
A

1 ,5 6 6 ,8 0 $

1920.

w as

P roduc

th e

m o n tl

re p o rte d

sta te m e n t

sto ra g e

b u tte r

h o ld in g s

on

of

d u r in g

June

ir
th <

M a y

1 s t a t th e

fo u r p r in c ip a l m a r k e t s o f t h e d is tr ic t a r e s h o w r
in

ta b le
T h e

flu id

“ F ” .

average

m ilk
a

s e c tio n

p r ic e p a id

d is tr ib u to r s ,
d e c lin e

and

com p ared

13

w ith

ce n ts an d 61

of

to

m ilk

produ cers

p re se n te d

18

ce n ts

ce n ts

in

A p r il,

in

th e

1921,

in
th e

ta b le

M o u n ta ir

P a c ific

and

a

b y

“ G ”

s e c tio n

d e c lin e

of 61

c e n ts , r e s p e c tiv e ly , c o m p a r e d w itl

M ay,

1920.

(F )

o v e m e n t

M

o f C o ld

B u tte r —

S to r a g e

City
Los

M ay, 1921
N et
Increase
(Pounds)

M ay, 1920
N et
Increase
(Pounds)

June 1,
1921
Holdings
(Pounds)

June 1,
1920
Holding
(Pounds

A n g e l e s ...

3 4 7 ,3 2 7

2 7 1 ,2 8 7

9 8 ,1 6 1

1 9 9 ,1 4 9

4 9 8 ,1 7 8
1 0 8 ,7 7 2

3 8 2 , 52(

P o r tla n d
............
S a n F r a n c is c o .

5 9 0 ,1 2 7

7 9 0 ,6 1 1

8 6 5 ,7 0 0

1 ,0 2 4 ,7 3 «

S e a ttle

2 0 0 ,8 1 4

3 0 5 ,7 6 1

2 4 4 ,6 7 2

3 0 6 ,5 8 :

T o t a l s .............. 1 ,2 3 6 ,4 2 9

1 ,5 6 6 ,8 0 8

1 , 7 1 7 ,3 2 2

.................

2 0 5 ,4 4 ;

1 ,9 1 9 ,2 8 «

(G )

P r ic e s

R e c e iv e d

b y

M

ilk

M ay,
1921
Range

Section!

M o u n t a i n (1 2 1 M k t s .) .$ 1 .5 7 -$ 2 .9 1
P a c ific (1 8 2 M k t s . ) . . . . 2 . 0 3 - 3 . 5 0
U .S .

(3 ,1 0 2 M k t s . ) . . . .

1 .2 3 -4 .0 5

P r o d u c e r s *—

April,
1921
A v erage

M ay,
1920
Aver­
age

$ 2 .3 2
2 .8 2

$ 2 .5 0
2 .9 5

$ 2 .9 i
3 .4 ,

2 .5 2

2 .6 0

3 .1 !

M ay,
1921
A v er­
age

11921
*A11 prices per hundredweight for milk testing 3.5 per cen
butter fat.
fM oun tain section includes Idaho, U tah, N evada and Arizona
Pacific section includes W ashington, Oregon and California.

Average Prices to Producer o f W o o l and Sheep
1914-1921

L iv e s to c k

and

7

\

c ^

1 1915

up

w ith

M ay,

9

/

7

20

in c r e a s e c

II
I

/

/

25

h e ld

of

sto ra g e

com p ared
d u r in g

tio n

a ll

in to

tc

ch a rt.

12

\

35

p ou n d s,

Dairy
Products

a c c o m p a n y in g

w oo

1914

a ll c it ie s o f t h e d is t r ic t , t o t a lin g

pounds

93

%

45

in

of

fr o m

p e r to n .

w o r ld
th e

c o m p ile d

;\

(E )

of

M a y

p r ic e s

hun­

re p o rte d

$20

of

th en ce

SHEEP (DOLLARS PER 100 POUNDS)
f \ ù t OOL
13

55

1914

M ovem en t

th e

S ta te s

d is p a tc h e d

at

w h ile

cent

have

O n e

w o r ld

c lip ,

per

to

and

been
1 st,

th e

A t­

p o in t s in U t a h

A n g e le s

Jan u ary

to

C anal

seab oard .

WOOL (IN CENTS PER POUND)

15

P a c ific

P anam a

A tla n tic

a c c o r d in g

U n ite d

th e

r a ilr o a d

P r o d u c tio n
per

w a te r

th ro u g h

P edro

s a v in g

by

w o o l s h ip m e n ts fr o m

Id a h o
w a te r

th e

d u r in g

of

U n ite d

in

sh ow s

R educed

years

th e

appears

cen ts

T h ese

fir st

re p o rte d

p ast

b y

in

fo r

pound.

la n tic

sh eep

1 ,2 3 6 ,4 2 9

“ E ” .

N o rth w est

ce n ts

in

year

bu yers

P a c ific

grease.

th e

or

w ere

exp osu re

d u r in g

pound

fle e c e s

w ool

in

16

m o n th
a

and

w ool

th e

fr o m

w ith

ce n ts

5 4 ,0 0 0

sh ow n

re p o rte d

p o in ts

p r ic e s

at

are

w ere

pound

n e w -c lip

d ise a s e

d is tr ic t, d u r in g

o f n e w -c lip

com p are

V a lle y

th e

30th ,

fr o m
at

fro m

in

s a le s

m ills

m o n th

C o m p a r is o n
and
1921

d r o u g h t.

of

a

m o r ta lity

w eakened

o r ta lity —

C o n d i t i o n o f F a r m A n i m a l s M a y 1, a n d E s t i m a t e d L o s s e s D u r i n g t h e Y e a r E n d i n g
A p r il 3 0 , w ith C o m p a r is o n s .
-------- C A T T L E ------------------------------.
Losses
Losses
Losses
from
from
from
Condition
Exposure
Disease
Disease
M ay 1
10-Y r.
10-Y r.
and
10-Y r.
1921 A v .
1921 A t .
Exposure 1921 A v .
*
*
*
*
(Number) ( * )
(9 b )
A r iz o n a ..
California
I d a h o .. . .
N e v a d a ..
O regon .. .
U ta h ..........
W ash in g’ n
U . S ..........

30
19
10
14
12
16
15
17.0

22
21
16
21

15
19
15
19.7

70
10
9
16
8
25
5
9.3

* Losses per 1,000 head.




37
22
21
25
17
26
12
15.0

114,500 85
65,540 98
12,198 98
17,160 98
17,820 100
23,821
98
10,120 96
1,742,817 95.8

93
97
97
96
97
96
97

94.9

,--------

S W IN E Losses
from
Condition
Disease
M ay 1
10-Y r.
10-Y r.
1921 A v .
1921
1921
Av.
*
*
(Number)
(% )

20
30
12
20
7
25
14
44.2

23
800
35
27,900
23
1,956
21
600
19
1,904
22
2,575
19
3.738
65.8 2,946,142

95
99
98
98
99
98
98
94.4

9b)

97

98
98
98
98
98
98
93.5

SHEEPLosses
Losses
Losses
from
from
from
Condi
Exposure
Disease
May
Disease
10-Y r.
10-Y r.
and
1(
1921 A v .
Exposure 1921
1921 A v .
*
*
*
*
(Number) (9b)
75
24
12
26
30
15
25
22.9

30
22
20
22
20
22

16
23.3

40
22
15
25
14
23
16
14.8

43
26
28
34
27
40
21
29.2

96,600
94,990
49,572
54,672
69,916
59,698
18,491
1,223,153

85
97
96
96
98
97
96
95.4

Federal Reserve Bank of San Francisco

T h e
in

th e

n o r m a l s e a s o n a l in c r e a s e in c u t is s h o w n

to ta le d

M ay

cent over

re p o rts

o f th e

th e
L u m b er

cut

ord ers

com p ared
new ed

and

w a te r

r iv e r s ,

c o n d itio n s
c a u s in g
r iv e r

but

th e

in

m ills

th e

in

In la n d

m ills

th a n

th e

In

c o r r e s p o n d in g

w as

5 3 6 ,3 5 4 ,0 0 0

th e*

C o lu m b ia
str ik e

b u ild in g

tra d e s

p e rc e n ta g e

of

p e r io d

3 6 0 ,0 7 5 ,0 0 0 b o a r d fe e t ,

cut

of

w eeks

2 3 .6

per

cent

2 9 9 ,2 3 5 ,0 0 0

fe e t.

of

1920

th e

in g

c o n s ig n e d

L oggers
and
in g

th e

re p o rte d
w e ll

s h ip m e n ts

of

tr ic t

T h e

and

in

in

M arch ,

1921,

MILLIONS OF BO/\RD f 6
Eo
Eo
T

g re a te r
year

th a n

y

/

o p e r a tin g

V
\

/
/

400

th o se

\

/

are

\

/

300

\

300

/

y

\

200

200

copper

dences

th e

100

1920

100

192

in

of

a

s lig h t

p r ic e

th e

S h ip m e n ts
8 0 5 ,0 0 0
A p r il,

and

th e

1920,

c e iv e d

(H )

in

w as

in

1921

M ay,

P a c ific

th ro u g h

w ith

p r io r

r a ilr o a d

d u r in g

fe e t

th e

3 3 5 ,-

fe e t

in

1920.

N o rth ­

th e

to

fr e ig h t

M ay

by

th e

sam e

th e

3 3 ^

ra te s.
fo u r

at

p e r io d
per

in

cent

O rders

re­

a s s o c ia tio n s

of

th e

in

of

a

in

th e

d ecrease

s ilv e r

and

cop­

com p ared

1920.

d is ­

s ilv e r ,

in c r e a s e

m in e s

in ­

fo u r

th is

o f g o ld ,

and

1921,

but

T h e

w ith

o u tp u t

of

d u r in g A p r il w a s

le s s

th a n

in

A p r il

a

in

are
and

and

w h ic h
per

3 8 6 ,2 2 3 ,8 1 0

C o m p a r a tiv e
tw e lv e

dem and
e x is tin g

co sts

of

copper
in

advances
fa v o r a b le

s itu a tio n .

pounds

of

cop­

s u p p ly o f

p r o d u c tio n

are

th e

E v i­

fo r

s m a ll

le v e ls

m in e s

p r o d u c in g

c a p a c ity .

and

lo w

p resen t

copper

s t ill

of

th e

year,

recen t

th e

in

le a d

are

cent

lo w e r e d

la s t

r e m a in e d

S ix

of

d istr ic t

w h ic h

b lis te r

copper

c lo s e d .

fig u r e s

r e p o r tin g

1921, and

fo llo w in g

m in e s

66

m e ta l,

la r g e s t

M arch ,

s ilv e r

r e d u c tio n s

fr o m

1920

of

fe lle d

1 0 0 p e r c e n t o f c a p a c ity

m in e s

of

th e

m in e s

A p r il,

o u tp u t

of

m e ta l

in

A p r il,

1921,

1920, are

sh ow n

in t h e

ta b le :

P anam a

C o a s t m a r k e ts in c re a se d 3 4 3 5

com p ared

w h ic h

of

sh ip m e n ts

to ta le d

3 3 4 ,1 9 9 ,0 0 0

4 2 9 ,3 9 8 ,0 0 0

C a n a l to A tla n tic

in c r e a s e

m o n th

w ith

fir s t q u a r te r

lu m b e r

ce n t,

th e

com p ared

1921,

D u r in g
w est

d u r in g

fe e t

an

g o ld

A p r il,

to

w ith

produ ced
in

up

“ H ” .

m in e s

r e v iv a l o f fo r e ig n

r e fin e d

fa c to r s

P r o d u c t io n o f L u m b e r in T w e lft h F e d e ra l R e s e r v e D is tr ic t
as R e p o rte d b y L u m b e r A s s o c ia tio n s 192 0-1 921

be­

r e g istr y .

m ills

ta b le
12

of

le a d

g o ld ,

o p e r a tin g

per,

y

th e

c u t, o r d e r s, a n d

p r o d u c tio n

M arch

at 90

com p ared

per

in

by

tra d e

ago.

R e p o r tin g

500

in

A p r il,

and

a ffe c te d

exp ort

of

p r o d u c tio n

in

fo r e ig n

m a r k e t c o n tin u e s

in d ic a te

th e fo u r r e p o r tin g
MIH-I0NÍ¡ OF BOAf*D FE: et
600

lo g

fr o m

th e

th e

per

per

exp ort

as

to b e c le a r in g

r e p o r tin g

le a d

th e

fo r e ig n

fig u r e s

p r o d u c tio n
M in in g

of

show n

r e c e iv e d

engaged

copper

th e

are

in a c tiv e ,

o f th e

2 .3

A lth o u g h

r e d u c e t h e fir e h a z a r d d u r ­

C o m p a r a tiv e

a s s o c ia tio n s

of

w eek s.

s e r io u s ly

s h ip s

tim b e r to

in c r e a se

s u s ta in e d ,

b u lk

in

su m m er.

a c tiv e .

an

fo u r

are re p o rte d

dow n

cut

fe e t.

is

fa ir ly

str ik e , th e

R e p o rts

w eek s’

or

is

fe e t,

p r e c e d in g

sh ip p in g h a s n o t b e e n

at

m o n th ,

to

fo u r

fe e t,

A p r il

re­

th e

tra d e

m a r in e

N o rth w e st.

to ta le d

g re a te r

M ay

c u r ta ile d

due

la r g e

th e

7 0 ,8 4 0 ,0 0 0

th e

in

rep ort

and

and

a

P a c ific

w as

th e

w as

in a c tiv ity

d u r in g

e n d in g M a y 2 8 th

m ills

W illa m e tte

of

e ith e r

a lth o u g h

d u r in g

sh ip p in g

th e

th a n

in c r e a s e s

b u s in e s s

c lo s in g

P r o d u c tio n

w h ic h

sh ow

e n fo r c e d

th e

g re a te r

s h ip m e n ts ,

r iv e r

in

and

3 4 2 ,7 2 4 ,0 0 0

dem and

A p r il.

a c tiv ity ,

tid e w a te r

a s s o c ia ­

ea ste rn

b o th

w ith

lu m b e r

F o r th e fir s t t im e th is y e a r

or

la tte r

fo u r

w as

tio n s o f th e d is tr ic t.

h ig h

5

* C o p p e r (p o u n d s ) . . .
L e a d (p o u n d s)
S ilv e r (o u n c e s )
G o ld ( o u n c e s )

April, 1921

April, 1920

7 ,8 0 2 ,7 1 6

1 1 ,0 7 1 ,8 4 0

............1 3 ,8 8 2 ,7 6 6 1 5 ,3 6 7 ,0 0 4

March, 1921
9 , 6 7 1 ,0 9 9

1 2 ,8 9 1 ,4 3 7

...........

4 1 7 ,3 0 2

4 3 0 ,4 9 5

5 3 6 ,3 3 0

..............

3 8 ,5 4 5

2 4 ,8 2 0

1 7 ,2 0 8

* Blister

L u m b e r —
C a l if o r n ia W h it e
W est C o a st

W e ste rn P in e

Lu m b e rm e n s*

M a n u fa ctu re rs*

A s s o c ia t io n

A s s o c ia t io n

an d

r

A verage N o.
o f M ills

Su gar

P in e

M a n u fa ctu re rs*
A s s o c ia t io n

C a lif o r n ia
Redw ood
A s s o c ia t io n

T O T A L

Four W eeks Ending ----------------------------------------------------------------------(1921)
M ay 28
April 30
April 30
April 30
M ay 28
M ay 28

M ay 28

April 30

M ay 28

April 30

115

43
8 2 ,4 4 0

4 ,8 3 1

9
1 9 ,6 5 2

174

5 4 ,3 6 6

7
2 4 ,2 3 0

10

C u t * ....................... . . . 2 3 3 , 7 5 3

115
2 2 0 ,2 6 2

1 9 ,7 7 6

3 6 0 ,0 7 5

170
2 9 9 ,2 3 5

2 5 5 ,3 2 5

2 5 3 ,4 2 7

5 7 ,2 0 7

5 4 ,8 3 2

1 2 ,6 1 9

7 ,9 4 2

1 0 ,6 5 4

1 7 ,9 9 8

3 3 5 ,8 0 5

3 3 4 ,1 9 9

2 6 0 ,0 4 9

2 6 3 ,6 6 6

5 3 ,9 5 0

4 8 ,7 7 5

1 4 ,0 2 5

6 ,8 6 4

1 4 ,7 0 0

1 5 ,6 2 9

3 4 2 ,7 2 4

3 3 4 ,9 3 4

r e p o r t in g .. . .
S h ip m e n ts *
O rd ers*

..

............. ■

* I n th ou sa n d s o f fe e t.




39

6

Agricultural and Business Conditio\

6

P r o d u c tio n
has

been

o f p e tr o le u m

in c r e a s in g

d ecreased

s lig h tly
d a ily

P e tr o le u m

d u r in g

b e in g

1 ,8 8 0

lis h e d

d u r in g A p r il.

th a n

in

com p ared
m o n th ,
s u lt,

sto ck s

to ta lin g

M ay,

F ifty -n in e

net

average

le s s

th a n

b a r r e ls

th e

b a r r e ls

w ere

th e

b a r r e ls .

in c r e a s e d

2 8 ,0 5 4 ,7 1 0

b a r r e ls

new

M a y

w e lls ,

2 1 ,1 3 0

and
of

b y

th e

are

sh ow n

th e

s ix

53

on

w ith

an

b a r r e ls
w e lls

vest

p u b lic

a

re­

th e

end

in itia l

d a ily

c o m p le te d

abandoned,

w e lls

d u r in g

a

th e

in

U n ite d
r e s u lts
of

O il

ta b le

o f th e
U ta h

in

B u reau
cen su s

of

ta b le

S a lt

sh o w s

th e

p e r io d

1914

(I )

P e tr o le u m

a
to

C a lifo r n ia

C en su s

L ake

1914,
“J” -

are

fig u r e s

and

in
fo r

p re se n te d

season ,

in c re a se

d u r in g

1919.

com p ared

s tr ik e

is

th e

tra d e s.
b e lo w

u n d e r ta k in g

of

of

th e

e m p lo y m e n t

p la n ts
and

c itie s

in

San

to

P o r tla n d ,
are

p r e v a ils

a lth o u g h

re p o rte d

to

in d u s tr ie s
d u r in g

s lig h tly

c o m p ile d

by

of

th e

S e r v ic e ,

D e p a rtm e n t

p o rts

of

fir m s

th e

c itie s

of

and

L os

reduc

(se e

3 ,3 2 9

of

th e

p la n ts
In

i
t li
d(

a c c o r d in g

fi£

of

500

th e

B ased

m en

S e a ttle ,
num ber
M ay

to

N in t

E m p lo y m e r

or

San
of

on

r<

m ore

i

F r a n c is c

u n e m p lo y e

com p ared

w ri t

ta b le ).

Numerical increase
or decrease (— ) in
employment during
M ay, compared
with April
P o r tla n d

it

e m p lo y m e n t

L abor.

d u r in g

fo llo w in g

no

S ta te s

e m p lo y in g

P o r tla n d ,

som e

S to c k to i

c lo s e d .

d ir e c to r

U n ite d

A n g e le s ,

in c re a se d

be

M ay,

th e

D is tr ic t

in

F r a n c is c o ,

creased

Percentage increas
or decrease (— ) in
employment durinj
M ay compared
with April

........................... — 1 5 6 7

— 2 6 .4

F r a n c i s c o .............. — 1 5 7 1
A n g e l e s ...................— 3 6 5

— 1 4 .3

S e a ttle

fc
ha

e x te n s i\

m a te r ia lly

m a n u fa c tu r in g

San
Los

t\

in

D em an

norm al

ap proach

e x p e c te d

it
w it

c o n d itio n s

s t ill

th e

d u r in

d is tr ic t

.................................

—

174

1 .6
9 .8

—

I n i t i a l D a i l y P r o d u c t i o n ................

April, 1921

M arch, 1921

3 3 8 ,9 8 1 b b l s .
3 0 0 ,8 7 7 b b l s .
2 5 ,3 5 6 ,7 6 9 b b ls .

3 3 7 ,6 8 3 b b l s .
2 9 5 ,4 2 6 b b ls .
2 4 ,2 1 3 ,6 2 7 b b ls .

M ay, 1920

59

58

66

2 1 ,1 3 0 b b l s .

1 8 ,4 7 0 b b l s .

2 9 ,8 3 5 b b l s .

6

5

6

W e l l s A b a n d o n e d .........................................................

M

are

e s ta b lis h ­

sy ste m . T h e

W e l l s O p e n e d ...................................................

U ta h

tim e

T acom a

A p r il

th e

u n e m p lo y m e n t.

P art

th e se

in

b u ild in g

la b o r

and

w orks

presen t

to

and

year, b u t

n e ig h b o r h o o d

M ay, 1921

(J )

of

fig u r e s

P r o d u c t i o n ( d a i l y a v e r a g e ) ...........................
3 3 7 ,1 0 1 b b l s .
S h i p m e n t s ( d a i l y a v e r a g e ) ...............................
2 5 0 ,0 7 0 b b l s .
S t o r e d S t o c k s ( e n d o f m o n t h ) .......................2 8 ,0 5 4 ,7 1 0 b b l s .
W ith

tim e

tr a d e s , b u ild ­

a c c o u n t o n ly

c o n s is te n t

C ity

T h ese

th e h a n d

tra d e s,

ta k e in to

of

m e n ts c o n d u c te d u n d e r th e fa c to r y
su m m ary

fu r n is h e d

o f m a n u fa c tu re s

in

and

e x c lu d e
in g

in d u s tr ie s a n d

C om pan y

and

1919

M a n u fa c tu r e s

as

“ I ” .

S ta te s

U ta h

o p e r a tio n s

due

lu m b e r in g an

ap paren t

som ew h at

a g r ic u lt u r a l

p r e v io u s

2 ,6 9 7 ,9 4 1

w ere

w ere

p r o d u c in g

o ilfie ld

S ta n d a rd

S ta te

N ew

fo r

A s

at

A p r il,

in

w as

u n e m p lo y m e n t

m a r in e

ures

S ta tis tic s

o f th e

L ab or

a c tiv ity

in d u s tr ie s

creased

th is

m o n th .

T h e

but

d u s tr ia l

of

in c r e a s e

M ay,

b a r r e ls ,

2 5 0 ,0 7 0

season al

a g r ic u lt u r a l

e sta b ­

s h ip m e n ts w e r e a ls o

5 0 ,8 0 7

in

b a r r e ls )

1921.

p r o d u c tio n
d u r in g

of

th e

b a r r e ls
3 3 8 ,9 8 1

3 0 0 ,8 7 7

F ebru ary,

(3 3 7 ,1 0 1

a v e r a g in g

d ecrease

sto re d

sin c e

M ay,

D a ily

A p r il,

w ith

a

b a r r e ls ,
of

of

In cre a sed

C a lifo r n ia , w h ic h

p r o d u c tio n

record

le s s

in

s te a d ily

57
8 ,7 9 5 b b l
3

a n u fa c tu r e s —

f '

N u m b e r o f e s t a b l i s h m e n t s ........................................
P e r s o n s e n g a g e d in m a n u f a c t u r e s ....................
P r o p r i e t o r s a n d f i r m m e m b e r s .......................
S a l a r i e d e m p l o y e e s ......................................................

2 7 8 ,3 2 3 b b l
2 9 5 ,1 0 0 b b l
2 6 ,5 9 1 , 8 9 7 b b l

--------------------C e n s u s ------------------------r
' *\
State of Utah
Salt Lake City
1919
1914
1919
1914

Per C ent of
Increase
1914- 1919
State
Salt
of
Lak<
Utah
Citi

1 ,1 5 9
2 3 ,0 5 8

1 ,1 0 9

415

366

4 .5

1 3 /

1 7 ,1 2 6

7 ,9 9 2

6 ,3 6 2

3 4 .6

2 5 .(

1 ,0 8 9
3 ,1 4 2

999

328

292

9 .0

2 ,2 3 3

1 ,3 0 2

1 ,1 3 9

4 0 .7

1 2 .V
1 4 .'

1 8 ,8 2 7

1 3 ,8 9 4

6 ,3 6 2

4 ,9 3 1

3 5 .5

2 9 .(

9 2 ,2 3 6
P r i m a r y h o r s e p o w e r .......................................................
C a p i t a l ..........................................................................................$ 1 4 3 ,3 6 6 ,0 0 0

5 9 ,5 3 6

1 5 ,7 9 6

1 2 ,7 5 5

5 4 .9

23.É

$ 7 1 , 8 4 3 ,0 0 0

$ 2 6 ,0 1 7 ,0 0 0

$ 1 9 , 2 4 7 ,0 0 0

9 9 .6

3 5 ./

1 3 ,6 9 6 ,0 0 0

9 ,3 7 9 ,0 0 0

9 7 .6
9 9 .3

84 S

9 7 .2

W age

e a r n e r s ( a v e r a g e n u m b e r ) .................

S e r v ic e s

.......................................................................................

2 7 ,0 6 4 ,0 0 0

...................................................................................

5 ,6 6 8 ,0 0 0

2 ,8 4 4 ,0 0 0

2 ,2 2 6 ,0 0 0

5 , 0 7 3 ,0 0 0
1 , 2 7 2 ,0 0 0

W a g e s ......................................................................................

2 1 ,3 9 6 ,0 0 0

1 0 ,8 5 2 ,0 0 0

7 ,1 5 3 ,0 0 0

3 ,8 0 1 ,0 0 0

S a la r ie s
M a te r ia ls
V a lu e

75.C
8 8 .;

....................................................................................

1 1 0 ,6 0 5 ,0 0 0

6 2 ,2 3 3 ,0 0 0

1 7 ,4 1 9 ,0 0 0

8 ,5 3 3 ,0 0 0

7 7 .7

104.1

o f P r o d u c t s .............................................................

1 5 6 ,8 0 4 ,0 0 0

8 7 ,1 1 2 ,0 0 0

3 3 ,3 5 7 ,0 0 0

1 6 ,6 6 3 ,0 0 0

8 0 .0

1 00.2

4 6 , 1 9 9 ,0 0 0

2 4 ,8 7 9 ,0 0 0

1 5 ,9 3 8 ,0 0 0

8 ,1 3 0 ,0 0 0

8 5 .7

9 6 .(

V a lu e a d d e d b y m a n u fa c tu r e (v a lu e o f
p r o d u c t s l e s s c o s t o f m a t e r i a l s ) ....................




7

Federal Reserve Bank of San Francisco

T h e

m o n th ly

in d u s tr ia l

S ta te s

E m p lo y m e n t

L abor,

in d ic a te s

pal

in d u s tr ia l

p lo y e d
pared

1 ,4 2 8

o f 7 ,2 1 1

J an u ary

on

31,

1921,

65

of

p r in c i­

S ta te s

em ­

1921,

and

$ 3 .0 2

sta te m e n t
C .O .D .)
tle

of

in

and

in

L os

th e

30,

.4 5

sam e

has

1921,

of

a

1 per

net

c e n t.

e s ta b lis h m e n ts

been

5 4 ,5 9 6 ,

or

3 .3

M ay,

th e

1920.

average

A n g e le s ,

San

(c a sh ,

is

a

ch arge,

F r a n c is c o ,

M ay,
1921
Los

F o llo w in g

s a le

S e a t­

d is tr ic t :

M a y 31, 1921, co m ­

A p r il

th e se

in

U n ite d

w ork ers, or
in

o f th e U n ite d

D e p a rtm e n t

fir m s

o f th e

1 ,5 8 0 ,7 4 9

n et d ecrease

sin c e
per

th a t

ce n te rs

1 ,5 7 3 ,5 3 8 w o r k e r s o n
w ith

d ecrease
T h e

su rvey

S e r v ic e ,

A n g e le s ...

$

April,
1921

3 .7 2

$

M ay,
1920

3 .9 5

$

4 .3 2

San F r a n c isc o .
S e a ttle
.................

2 .9 9
2 .2 4

2 .3 1

1 .9 7

D is tr ic t

3 .0 1

3 .0 7

3 .0 2

................

3 .0 3

3 .2 4

ce n t.

T w e n t y -n in e
sto re s
p ort

and

th e

r e p r e s e n t a t i v e

m a il o r d e r h o u s e s

v a lu e
(4 .1

of

th e ir

per

ce n t)

R e ta il

v o lu m e

T rad e

in a s m u c h
have

fro m

th e

of

le v e ls

is

d is tr ic t r e ­

s lig h tly

la s t

fr o m

are
10

M ay,

sto re s

w as

to

35

1920.

S a le s

fo r

in

th e

M ay,
fir st

p e r io d
T h e
d u r in g

la s t

Im p ro v e­

r e p o r tin g
in

m o n th s

w e r e 6 .9 p e r c e n t le s s in v a l u e t h a n

to

cent

b y th e fa c t

1 9 2 1 , th a n

fiv e

g re a te r

per

1920.

o f s a le s o f 15 o f th e 2 9

g re a te r

T h e

re p o rte d

m e n t in r e ta il t r a d e is a ls o in d ic a te d
th a t th e v a lu e

le s s

year.

d o u b tle s s

p r ic e s

of

d e p a rtm e n t

th is

s a le s

th a n

s a le s
as

d e c lin e d

h ig h

M ay

in

M ay,

of

1921

in t h e s a m e

year.

average

net

th e

m o n th

past

in c r e a s e
in

or

th e

d ecrease

v a lu e

of

(— )

s a le s

in

t h e r e p o r t i n g c i t ie s o f t h i s d i s t r i c t is a s f o l l o w s :
Five months ending
M ay 31, 1921,
compared with
five months ending
M ay 31, 1920

M ay, 1921,
compared with
M ay, 1920
April, 1921
Los
San

A n g e le s .. .
8 .8
F r a n c i s c o . ,— 2 .4
S a cra m e n to ... .
1 4 .8
O a k la n d
............. — 2 .1

—

— 1 6 .8

—

S a lt L a k e

C i t y . — 1 8 .7

1 6 .7

of

average
\j y

M ay,

1921,

com p ared

s a le

L ig iiL

w ith

4 .5
1 4 .0
1.5

2 .6
8 .6

t

9 .5
—

— 4 .7
— 1 0 .4

— 1 7 .9

U11U

in

2 .9
2 6 .2

— 1 3 .5
— 5 .4
—
(c a sh ,
i i i i i i a

$ 3 .0 7

ch arge,

W d ö

in

N e t S ales o f 22 D e p a rtm e n t S to re s in T w e lft h F e d e ra l
R e s e r v e D is tr ic t ( I n M illio n s o f D o lla r s )

3 .5

v p » J .U J L

A p r il,

T h e

v a lu e

of

M ay

cent

th a n

le s s

A verage

cent
th e
220

N

and
at

s :

and

M ay,

sto ck s

on

hand

at

th e

of

1921

average

m o n t h ly

in d ic a tin g

o n e -h a lf t im e s

th e

c lo s e

of

to

net

a

per

of

th e

4 6 6 .6

per

s a le s

ra te

of

a year.

M ay,

1 4 .2
1920.

end

a m o u n te d

d u r in g

tu rn o v e r

O u ts ta n d in g

1921,

C o lle c tio n s w e r e c h a r a c te r iz e d
in g

fir m s

as

w ere

6 .7

per

Excellent

T a b le
ta il

“ K ”

s ta tis tic s

s ta n d in g
U . S. B u re a u o f L a b o r P r ic e I n d ic e s (1913 = 100)
W h o le s a le P r ic e s — 327 C o m m o d itie s
R eta il F o o d P r ic e s — 22 A r t ic le s in 1920; 43 in 1921

tiv e
in

1

(se e

th e r e p o rt­

ord ers

d is tr ic t.

as

Good

Fair

Poor

13

4

1

fo llo w in g

r e g a r d in g

d e p a rtm en t

th is

by

fo llo w s :

N o . o f F ir m s . . . .




A p r il
of

p e r io d

of tw o

of

c lo s e

th e

ord ers

c lo s e

th e

c e n t o f th e to ta l p u r c h a s e s d u r in g th e y e a r 19 2 0 .

*180

160

of

o f sto c k s o f re p o rt­

at

m o n th s

sam e

p r ic e )

1 p e r c e n t lo w e r a t th e c lo s e

a t th e

th a n

fir s t fiv e

200

(s e llin g

in g fir m s a v e r a g e d

fu r n is h e d

sto re s

page)

s a le s ,

and

g iv e s

sto c k s

by
m a il

29

in

and

de­
o u t­

re p re se n ta ­

ord er

h ou ses

Agricultural and Business Conditions

8

R e p o rts

to th is b a n k

fr o m

1 7 4 r e p r e se n ta tiv e

w h o l e s a l e fir m s in n in e lin e s o f b u s in e s s
d is tr ic t

sh o w

a

gen eral

v a lu e

Wholesale
Trade

of

s a le s

com p ared

and

fu r n itu r e

w ere

th e

in

1921.

crease

(— )

T h e
in

average

th e

net

net

th e

w h o le s a le ,

net

c o m p a r e d w ith

of

s a le s

by

sh oes.

P resen t

—

6 .3

— 3 2 .2

— 1 7 .4

— 3 4 .0

G r o c e r i e s ...............

— 3 9 .1

2 .5

— 2 5 .8

D ru gs

......................

— 1 8 .1

—

6 .9

— 1 5 .8

Shoes

.......................

— 2 4 .3

— 1 7 .6

— 3 1 .0

S t a t i o n e r y ............

— 4 2 .6

— 2 0 .4

— 1 9 .0

.............

— 3 2 .4

.9

— 3 8 .1

T i r e s ............

— 2 0 .6

— 1 1 .3

— 2 8 .3

—

— 2 6 .5

R e ta il

T r a d e

n itu r e ,
20

to

20

30

to

per

in

in

40

th e

by

cent

fir m s

..

S ta te m e n ts

lo w e r

fo r

fo r

o th e r

M a y

as

20

and

to

5C

fo r fu r ­

sh oes,

and

c o m m o d itie s

w ere

c h a r a c te r iz e d

fo llo w s :

Excellent
N o . o f F ir m s

are

re p o rt.

d u r in g

r e p o r tin g

re p o rte d

fu r n itu r e

q u o ta tio n s

lo w e r

M a)

a u to m o tiv e

th o se o f a y e a r a g o

per

de­

g r o c e r ie s

w ere

good s,

co sts

of

d u r in g

and

re­

p r ic e s

re p o rte d .

d ru gs,

P r ic e s

dry

p r ic e

cent

C o lle c tio n s

5

Good

Fair

57

62

o f in c r e a se s

and

Poor
11

d ecreases

in

th e

v a lu e o f s a le s o f r e p o r tin g w h o le s a le fir m s d u r ­
in g

M ay

com p ared

1920, and

* Beginning with this issue figures o f the wholesale automo­
tive equipment and supply business will be regularly included in
the m onthly wholesale trade report.

)

d e a le r s

s till

p r ic e s

tir e s

s u p p lie s .

th e ir

in s ta n c e s

are

h ardw are,

p e r c e n t lo w e r th a n

in c lu d e d

♦ A u to E q u ip m e n t

(K

and

fr o ir

th a t

r e p la c e m e n t

som e

w h o le s a le
in

r e c e iv e d

in d ic a te

b a s in g

presen t

a u to m o b ile

ste a d y

— 3 8 .0

1.5

s ta tio n e r y ,

th e

— 3 6 .8

a n d S u p p l i e s . . . — 1 0 .0

of

fo r

............

A u to

tre n d

d ow n w ard

e q u ip m e n t

First five months
of 1921 compared
with first five
months o f 1920

now

r e a d ju s tm e n ts

de­

G o o d s ............

F u r n itu r e

T h e
w as

lin e s

a lth o u g h

or

in c r e a se

v a lu e

im ­

p r ic e

on

re p o rts

a ll

are

con su m er

la y e d

th e

in

g e n e r a lly

at

s lig h t

of

d e a le r s

to

to th e g e n ­

a

M ay, 1921, compared with
April, 1921
M ay, 1920
H ardw are

t a ile r s

w h o le s a le g r o c ­

w h ic h

m a jo r ity

and

n in e r e p o r tin g lin e s o f b u s in e s s w a s a s f o l l o w s :

D ry

T h e

w h o le s a le

1921,

1921,

E x c e p tio n s

tra d e s,

th e

M ay,

A p r il,

p r o v e m e n t w a s r e p o r t e d in M a y
A p r il,

in

d u r in g

w ith

M a y , 1920.
e r a l r u le

ery

d ecrease

in t h is

pared
in

w ith

ta b le

w ith

A p r il,

fo r th e fir s t fiv e
th e

“ L ”

sam e

(se e

1921, and

m o n th s o f

p e r io d

1920

com ­

are

sh ow n

Salt Lake
C ity
Sacramento

District

o p p o s ite

in

M a y

1921

p a g e ).

A c tiv ity -

C O N D IT IO N

O F R E T A IL T R A D E

D U R IN G

M A Y , 1921

I n F e d e r a l R e s e r v e D is t r i c t N o . 1 2

29Stores Reporting
Oakland

Los
Angeles

San
Francisco

m o n t h l a s t y e a r ..............................................

2 .1

8 .8

2 .4

— 1 6 .8

— 1 7 .9

-1 8 .7

1 4 .8

4 .1

P e r c e n t a g e in c r e a s e o r d e c r e a se
o f n e t s a le s d u r in g M a y , 1921 ,
o v e r n e t sa le s d u r in g A p r il, 1 9 2 1 ..

-1 0 .4

— 2 .9

2 6 .2

2 .6

8 .6

1 6 .7

4 .7

5 .1

1 .5

9 .5

4 .5

- 1 3 .5

5 .4

3 .5

1 4 .0

6 .9

— 1 6 .5

— 9 .4

-1 7 .6

— 2 7 .4

-1 7 .1

— 1 0 .9

— 2 9 .4

— 1 4 .2

6 .8

2 .3

—

—

—

4 6 4 .2

3 7 4 .1

3 8 3 .8

4 2 3 .4

6 0 2 .2

4 .8

9 .2

9 .1

5 .2

4 .0

P e rce n ta g e
of

net

over

in c re a se

sa le s
net

or

d u r in g

s a le s

Seattle

Spokane

decrease

M ay,

d u r in g

1921,
sam e

P e r c e n t a g e in c r e a s e o r d e c r e a s e
o f n e t s a le s f r o m J a n u a r y , 1921 ,
to

M a y 31, 1921 , in c lu s iv e , o v e r

net

s a le s

d u r in g

sam e

p e r io d

l a s t y e a r ..................................................................
P e rc e n ta g e
of

in cre a se

sto ck s

over

c lo s e

sto c k s

at

or

of

M ay,

c lo s e

1921,

of

sam e

m o n t h l a s t y e a r ..............................................
P e rce n ta g e
of

in c r e a se

sto ck s

over
1921

c lo s e

or

of

d ecrease

M ay,

1921,

s to c k s a t c lo s e o f A p r il,
..........................................................................

P e rc e n ta g e

of

—

decrease

average

—

2 .3

—

3 .0

—

2 .5

3 .2

6 .9

1 .0

sto ck s

c lo s e o f e a c h m o n t h th is s e a s o n
to

average

m o n t h ly

d u r in g s a m e
P e rce n ta g e

net

s a le s

p e r i o d ....................................

o u ts ta n d in g

3 8 2 .6

4 6 6 .6

ord ers

c lo s e o f M a y , 1921 , to to ta l p u r­
ch ases




d u r in g y e a r

1 9 2 0 .......................

6 .0

6 .7

Federal Reserve Bank of San Francisco

F ig u r e s
ta in

of

p r ic e s

s e le c te d

U n ite d

fa rm

p a id

p ro d u c ts,

th e

p r ic e

F arm

and

p o ta to e s

P r ic e s

and

h orses

th e
1914.

in

p r ic e .

q u o te d , w ith
c lin e d

and

s in c e

and

P r ic e s

of

g iv e n

as

1914,

are

(L )

W

p r ic e s

cer­

by

th e

1921 Prices; Per Cent of Corresponding Months in Pre-War
Five-Y ear Average, 1910-1914
Jan. 1

Feb. 1

M ar. 1

A pr. 1

M ay 1

1 71
118
105

167

150

123

106
90

165
104

97
85

89
76

P o ta to e s

168

146
125

H ay

....................

126
138

B u t t e r ................
Eggs
.................

93
173
206

Product

1st

of

15th ,

th is

in

average
sh ow n

b e lo w

of

1910-

th e

le a s t

a p p le s ,
year.

a t th e

have

T h e

de­

..............

fig u r e s

B e e f C a ttle

. ,

V e a l C a lv e s

a g r ic u lt u r a l

.

p ro d u c ts

average,

fo llo w in g

1910-

ta b le :

125
120
119
83
162

114

98

117
112

126
107

76
159

136

119

75
156
1 21

J a n .15

Feb. 15

M ar. 15

Apr. 15

124
125
138

1 21

123

118
134

105
1 11

115
146

110
130

120
131
110

1 41

133

165
189

in

1 9 2 0 -1 9 2 1

90

127
97

la tte r

advance

sam e

B a r le y

year.

o f p r e -w a r
th e

of w ool

w ere

season al

q u o te d
of

s e le c te d

sh ow n

1st, a n d

co tto n

o f a ll c o m m o d it ie s

th is

a

b a r le y ,

th e c lo s e o f th e

p e rcen ta g es

h o le s a le

of

sh ow n

18

have

e x c e p tio n

are n o w

Jan uary

M a y

fiv e -y e a r

p r ic e c o in c id e n t w ith

on

fo r

c o m p ile d

o a ts,

A p r il

cow s

Jan uary

r e c e n tly

season

on

T h e

th e

of

on

p r e -w a r

B u tte r

d e c lin e

as

producers

S ta te s D e p a r tm e n t o f A g r ic u ltu r e , sh o w
th a t

have

to

9

114
101

127
134

130

117

H o r s e s ............
W o o l .................

, .

69

69
107

70
1 01

68
99

B eans, D ry

. .

106
1 31

128

133

123

.

T r a d e —

(la)
Hardware

Percentage of increase or decrease (—) in net sales for May, 1921,
over April, 1921
Dry Goods

Groceries

Drugs

32

11

Shoes

Stationery

Furniture

Auto Tires

Automotive
Equipment
and Supplies

N u m b e r o f rep o r tin g

f i r m s ..
—

23
1.1

Los

A n g e le s

San

F r a n c i s c o . . . . — 1 5 .1
.....................

—

P o r t l a n d .................
..................

—

S e a ttle

9
—
— 2 2 .3

22

15

— 1 0 .0

— 1 5 .5

— 2 2 .9

— 1 3 .4

1 .3

— 1 6 .3

— 3 3 .7

—

—

—

— 3 4 .8

2 .7
.8

1.1
6 .3

* 4 .8

* 3 .3

1 4 .9

1 .4
7 .6
.9

1 1 .0

C i t y . ,. . —
—
S a cra m en to
—

6 .3

Spokane

.................

S a lt L a k e

D is tr ic t

....................

(ib )

Hardware
N u m b e r o f re­
p o r t i n g f i r m s .,.
23
L o s A n g e l e s . . . , . . — 3 5 .3
San

F r a n c i s c o .. . . —
—
—
—

S e a t t l e ....................
P o r t l a n d .................
T a c o m a ................
S p o k a n e ..............

4 0 .5
3 8 .4
4 1 .4
2 4 .5

— 1 7 .7
C i t y . . . — 4 5 .9
— 2 5 .0
S a cra m e n to . . .
D i s t r i c t .................... — 3 6 .8

.1

Hardware

— ’ 5 .9

— 2 2 .0
—

— * 8 .2

7.1
4 .8

8 .5
5 .0

18

4 .5

.8

4 5 .2

1 6 .9
1 8 .8

* ‘ .9

1 4 .2

Ì 5 .6

— 1 5 .5

.4

9 .4
2 .5

— 17 A

—

6 .9

— Ì 7 .6

— 2 0 .4

“ .9

Percentage increase or decrease (—) in net sales for May,
over May, 1 9 2 0
Drugs

9

32

11

— 4 2 .5

— 3 3 .9
— 3 5 .9

— 4 .3
— 1 7 .1

— 1 .8
— 5 4 .0

—
—
—
—
—

— 5 0 .0
— 3 6 .9

— 3 3 .6

— 3 7 .6
— 1 1 .4

— 3 8 .9
— 1 6 .6
— 2 0 .0

— 4 8 .9
— 3 3 .9
— 3 4 .1

— 3 7 .1
— 2 3 .5

4 3 .8
4 9 .1
3 8 .3
3 2 .7
4 4 .5

— 3 6 .3

Shoes
17

— 3 3 .1

— Ü .3

— * i .5

1921,

Groceries

Dry Goods

S a lt L a k e

(1 c)

27

— 1 0 .6

1 4 .2

Tacom a

17

5 .3

Stationery

Furniture

27

22
— 2 3 .6

Auto Tires
15
— 1 3 .8
— 3 2 .7
1 2 .9

Automotive
Equipment
and Supplies
18
— 7 .5
— 7 .6
— 3 1 .3
— 3 5 .6

— 4 0 .6

— Ì 5 .7
— 5 3 .7

— 4 3 .4

— 2Ò .6

— ÌÓ .0

— 2 0 .4
— 3 8 .0

— 3 9 .1

— Ì 8 .1

— 2 4 .3

— 4 2 .6

— 3 2 .4

Percentage of increase or decrease ( — •) in net sales for January
May 3 1 , 1 9 2 1 , over same period last year
Dry Goods

1,

to

Automotive
Equipment
Auto Tires and Supplies

Groceries

Drugs

Shoes

Stationery

9

32

11

17
— 1 1 .1

27

22

— 1 0 .5

— 3 0 .9

— 2 9 .5

— 3 2 .6

— 1 2 .6
— 2 2 .4

— 4 8 .5

— 1 3 .7
— 2 3 .4

— 4 7 .1
— 3 3 .8

— 3 5 .9
— 3 6 .1

— 4 5 .4

— 3 9 .4

Furniture

N u m b e r o f re­
23
fir m s . .
— 3 9 .6
A n g e le s ...
F r a n c i s c o . . . — 2 7 .9
— 4 2 .8
S e a t t l e ....................
P o r t la n d
............... — 3 1 .8
p o r tin g

Los
San

Tacom a

.............. ..

— 1 5 .0
— 1 8 .2

S p o k a n e ..............
S a l t L a k e C i t y . . . — 1 7 .9
S a c r a m e n t o ------- — 1 4 .0
D i s t r i c t .................




— 3 2 .2

— 2 7 .1

— 2 6 .6

— 4 7 .1

— 2 7 .3

— 4 5 .5
— 1 2 .2

— 3 4 .8
..

— 4 2 .9

— 1 8 .0

— 5 5 .4

— 1 4 .5

— 4 2 .8

— 1 3 .9

— 4 4 .8

..

— 2 1 .0

— 1 6 .3

— 2 4 .9
#.

— 2 5 .8

— 1 5 .8

3Ì.0

— Ì 9 .0

— 3 1 .3
..
— 3 4 .0

— 3 4 .6
— 2 3 .2

—

— 3 8 .1

15

18

— 3 4 .5
— 5 4 .4
— 4 3 .4

— 4Ò .6

— 2 8 .3

— 2 6 .5

Agricultural and Business Conditions

10

B u ild in g
of

th is

p e r m its

d is tr ic t

a v a lu a tio n

is s u e d

d u r in g

in 2 0

M ay

o f $ 1 7 ,7 6 3 ,7 3 2
s tr u c tio n

8 ,5 2 5

(in c lu d in g

and

r e p a ir s ).

w ith

in c re a se

o f 2 ,7 1 8

or

num ber

and

$ 2 ,5 8 5 ,2 2 2 ,

cent

p r ic e s
year,
th e

in

of
th e

tw o

v a lu e .

m any

a c tu a l v o lu m e
of

th o se

m o n th

O n

of

C om pared
th is

of

year,

in

an

cent
or

1 7 .0
in

d u r in g
is su e d

in d e x

th a n

th e

to

at
th e

is t h e v a l u e

w ith

th e

b u ild in g

record
p e r m its

w ere

and

v a lu e ,

m o n th s

but

of

M ay

M ay,
c itie s .
in g

in

S a lt

L ake

per

cent

O gden
c lin e
due

an

to

p le te

th e

b u ild in g

w eeks

an

of

a

average
T h e

m its

iss u e d

of

Jan uary,

a

la r g e

la s t

San

of

1 8 2 .5

issu e d ,

and

T h e

de­

F r a n c is c o

cau sed

o p e r a tio n s
of

year

d is tr ic t,

c e n t.

w h ic h

part

im p r o v e m e n t

w ith

per

du r­

record s,

a

d u r in g

M ay

and

is

com ­
th e

th e

fir st

June.
v a lu e

v a lu e

in

A n g e le s

in c r e a s e

in

w ith

r e p o r tin g

p r e v io u s

p e r m its

1 2 7 .6

m o n th

w h o le

and

L os

an

of

a c tiv ity

of

w as
of

p e r m its
$ 2 ,0 8 3 ,

$ 2 ,5 7 3

a c c o m p a n y in g

v a lu a tio n

20

In te r m o u n ta in

c o n d itio n s

average
as

of

m ark ed
p r e v io u s

A p r il.

M ark ed

s h o w in g

in

le s s

com p ared

rep resen t

num ber

in c r e a se

a

of

th e

a ll

to

th e

s u s p e n s io n

d istr ic t

in

le s s

cent

s till

com p ared

fr o m

str ik e

T h e

of

12

a c tiv ity

g re a te r p a rt o f th e
tw o

in

exceeded

C ity

in

of

1921,

a c tiv ity

re p o rte d

are

re tu rn s

c o n s tr u c tio n .

b u ild in g

cent
per

e x c lu d in g

c o n tin u in g

new

per

1 0 .7

M ay,

occu rred

m o n th

d w e llin g s
o f th e

w as

year,

B u ild in g

th e

9 .4

or

th e

d u r in g

1920,

or

fig u r e s

upon

th is

In creases

796

$ 2 ,1 4 3 ,8 8 9 ,

im p r o v e m e n t

in

d e c lin e s

p e r m its

r e lia b le

o f c o n str u c tio n

A p r il

per

m a te r ia ls

m ore

con­

re p re se n ts

4 4 .5

account

o f b u ild in g

is a

p e r m its .

of

th is

of

b u ild in g

num ber
p e r io d s

1920,

M ay

num ber

new

B u ild in g

d u r in g

w ith

C om pared

A c tiv ity

per

M ay,

p r in c ip a l c itie s

to ta le d

average
th is

in

ch art

iss u e d

M ay,

sh ow s

v a lu e

d is tr ic t

in

com p ared

of
by

th e

th e
w ith

1920.
nu m ber,

b u ild in g
m o n th s

per­
sin c e

1920.

C o m p a r a tiv e fig u r e s o f th e n u m b e r a n d v a lu e
of

(M )

B u ild in g

P e r m

p e r m its

M ay,

B u ild in g P e rm its Is s u e d in 20 P r in c ip a l C ities, T w e lft h
F e d e ra l R e s e r v e D istrict, 192 0-1 921

is s u e d

1921,

sh ow n

in

in

A p r il,

ta b le

20

L o s A n g e l e s .................... 2 ,6 2 4

M ay, 1921
Value
$

7 , 4 3 3 ,7 6 0

N o.
2 ,9 0 4

S e a t t l e .................................. 1 ,0 4 4
P o r t la n d
............................. 1 ,2 6 8

1 ,5 6 6 ,0 0 5
1 , 4 5 4 ,3 2 0

1 ,0 9 1
1 ,3 0 0

Long

il, 1921
Value
$

N o.
1 ,3 7 3
925

1 ,9 4 0 ,3 0 5

830

8 3 4 ,0 3 5
8 2 8 ,7 0 5
3 , 8 7 9 ,0 6 2

1 ,4 2 8 ,8 6 5

357

1 ,5 0 5 ,4 0 0

335

500

1 ,0 9 7 ,1 5 1

597

1 , 9 1 3 ,5 9 2

468

O a k la n d
................................
P a sad en a
.............................

565
249

1 ,0 3 3 ,3 2 3
6 3 3 ,1 0 2

636
258

1 ,3 2 1 ,2 4 6
3 7 5 ,3 9 2

341

S a c r a m e n t o .......................
S a n D i e g o .............................

219
294

5 6 0 ,6 9 5
4 1 6 ,2 9 8

202
340

3 3 6 ,0 1 5
1 ,6 5 7 ,0 5 5

S a l t L a k e C i t y .................
T a c o m a ..................................

197
335

4 0 9 ,2 2 0
3 7 3 ,8 3 6

148
461

2 9 7 ,9 9 0
2 9 3 ,3 7 8

F r e s n o ....................................
B e r k e l e y ................................

166
132

3 1 2 ,4 3 5
2 8 4 ,6 2 1

207
154

3 5 6 ,9 9 0
3 2 5 ,5 6 9

................................

83

1 9 6 ,7 5 5

85

1 7 5 ,8 1 7

...............................

257

1 7 4 ,3 8 0

330

2 0 3 ,8 5 5

.....................................

73

1 5 5 ,7 2 0

64

1 3 3 ,0 0 0

Spokane
O gden

M ay, 1920
Value

7 ,2 5 0 ,5 7 1
1 ,4 3 9 ,8 5 5

291

P h o e n ix

c itie s

M ay,

d u r in g

1920,

are

“ M ” .

.................

B e a c h .......................

and

its —

N o.

S a n F r a n c isc o

r e p o r tin g

1921,

$

Per Cent
Increase or
Decrease (— ]
M ay, 1921
over
M ay, 1920

3 ,1 6 3 ,0 4 2
1 , 8 0 9 ,1 6 0

1 3 4 .9
—

1 3 .4
7 4 .3

—

7 1 .7

7 2 .4

9 5 7 ,6 7 9
5 0 5 ,2 7 2

2 4 .2

115
167

2 7 6 ,6 8 0

1 0 2 .6

3 0 6 ,8 3 9

71

1 4 4 ,5 0 0

3 5 .6
1 8 2 .5

246

3 1 6 ,5 5 8

1 8 .0

137

6 4 .6

154

1 8 9 ,7 8 5
2 2 2 ,9 1 2

151

5 8 0 ,4 3 5

—

167
36

5 5 5 ,1 2 0

—

6 8 .5
1 2 7 .6

—

6 9 .5

179

7 .9

6 8 ,4 0 0

2 7 .6
6 6 .1

..............................

71

8 4 ,6 4 7

80

1 0 9 ,5 2 0

66

B o i s e ........................................
S a n J o s e .................................

95
43

7 7 ,5 9 5
4 6 ,2 5 4

104
68

1 0 7 ,3 2 7

68

2 7 8 ,0 3 7
9 0 ,3 1 4

—

1 4 .0

58

1 2 7 ,8 7 5

—

6 3 .8

R eno

19

2 4 ,7 5 0

26

1 3 3 ,6 2 0
3 1 ,1 2 4

11

4 4 ,1 0 0

—

4 3 .8

$ 1 9 ,9 0 7 ,6 2 1

5 ,8 9 8

$ 1 5 ,1 7 8 ,5 1 0

S to c k to n

........................................

T o t a l .................................. 8 ,5 2 5




$ 1 7 ,7 6 3 ,7 3 2

9 ,4 1 2

1 7 .0

11

Federal Reserve Bank of San Francisco

B ank

c le a r in g s

th is

d is tr ic t

000 ,

th e

fo r

s m a lle s t
June,

Bank
Clearings

cent
and

of

40

per

(N )

p r ic e s

cent

B a n k

and

20

1919.
b e lo w
1 9 .9

r e p o r tin g

1921,

am ount

of M ay,
w h o le s a le

th e

M ay,

in

any

T h is

cent

1920.

g e n e r a lly

m o n th

le s s

ap peared
in c r e a s e s

fa lle n

1 .8

th o se

la tte r

th e

is

a ctu a l

occurred

ce n t;
14

r e p o r tin g

m a te ­

g re a te r

S a l t L a k e C i t y .....................................
O a k la n d
...................................................

5 0 9 ,9 0 0
3 2 3 ,5 5 2
1 1 4 ,7 3 2
1 1 4 ,7 0 7
4 7 ,8 1 2
4 2 ,8 7 2

S p o k a n e ...................................................
S t o c k t o n ...................................................

3 8 ,9 8 9
1 9 ,4 1 2

S a cra m e n to

...........................................

1 8 ,1 2 2

.....................................................

1 4 ,1 4 6

.......................................................

1 3 ,9 9 1

5 3 6 ,8 0 0
3 4 1 ,9 6 7
1 3 9 ,3 2 7
1 2 8 ,0 7 8
5 1 ,9 6 4
4 4 ,7 6 1
4 0 ,6 1 8
2 4 ,1 1 0

b u s in e s s
th a n

per

as

fo llo w s :

c e n t,

c itie s

and

fig u r e s
are

3 2 .1

B e r k e le y ,
of

sh o w n

M ay
1920
$

L os

per

6 5 3 ,4 0 0

c le a r in g s
in

ta b le

A n g e le s ,

ce n t;
12

L o n g

per

fo r

cen t.

th e

Per Cent
Increase or
Decrease (— )
M ay, 1921
over
M ay, 1920
— 2 1 .9
1 .8

3 1 7 ,5 2 7
1 7 6 ,3 4 1

— 3 4 .9

1 7 6 ,3 4 0
6 9 ,1 3 2

— 3 4 .3
— 3 0 .8

4 5 ,0 2 6

— 4 .7
— 2 5 .5

5 2 ,3 9 6
2 2 ,3 3 4

— 1 3 .0

2 0 ,3 1 5
1 5 ,1 5 4

2 3 ,7 0 3
2 3 ,3 9 2

— 2 3 .5

1 9 ,8 7 7

— 2 9 .6

1 1 ,8 5 1

1 4 .0

— 3 9 .0

B e a c h ............................................

1 3 ,5 1 5

B e r k e l e y ...................................................

1 3 ,2 5 7

1 1 ,8 4 5

1 1 ,8 2 8

1 2 .0

P asaden a

................................................

1 2 ,2 9 4

1 3 ,9 9 7

9 ,3 0 2

3 2 .1

San

D i e g o ................................................

1 0 ,6 9 6

1 1 ,8 9 5

1 1 ,5 2 3

San

J o s e .....................................................

6 ,3 9 4

6 ,7 4 1

8 ,5 5 0

— 2 5 .2
— 6 3 .2

O gden

.........................................................

—

7 .1

5 ,9 0 8

6 ,6 8 8

1 6 ,0 7 6

............................................

5 ,3 7 9

5 ,6 7 6

5 ,4 1 8

—

B o is e

............................................................

3 ,7 4 4

5 ,6 9 3

7 ,3 9 1

— 4 9 .3

R eno

............................................................

2 ,7 4 4

2 ,7 7 6

3 ,4 3 6

— 2 0 .1

T o t a l ......................................................

$ 1 ,3 3 2 ,1 6 6

$ 1 ,4 3 8 ,8 7 2

$ 1 ,6 6 4 ,8 4 3

— 1 9 .9

B a k e r s fie ld




20

“ N ” .

1 5 ,1 5 6
1 5 ,3 1 1

Long

a

g e o g r a p h ic a lly , d e c r e a s e s

P asad en a,

April
1921
$

of
now

in a ll r e p o r t i n g c i t ie s s a v e f o u r , w h e r e

C o m p a r a tiv e

over

num ber

p r o b a b ly

C le a r in g s *—

S a n F r a n c i s c o .....................................
,$
L o s A n g e l e s ........................................... , .
P o r t l a n d ...................................................
S e a t t l e .........................................................

F resn o

per

B each,

d a te

M ay
1921

Tacom a

th a t

y e a r a g o . C o n sid e r e d

per

7 .3

d e c lin e d

have

so

tr a n s a c tio n s

s in c e

th a n

S in c e th e

p r ic e s

r ia lly ,

of

c le a r in g s

is

1921,

have

c itie s

$ 1 ,3 3 2 ,1 6 6 ,-

fig u r e

A p r il,

per

r e ta il

to ta le d

.7

Agricultural and Business Conditions

12

B u s in e s s
in

th is

fa ilu r e s ,

e x c lu s iv e

d is tr ic t d u r in g

M ay,

of

bank

g re a te r

in n u m b e r , b u t le s s in a m o u n t o f lia b ilit ie s t h a n
in

A p r il,

1921,

B u s in e s s

tw ic e

F a ilu r e s

of

fa ilu r e s

as

as

in

la r g e ,

u res

w ith
in

M ay,

w ith
an

of

M ay,

lia b ilit ie s

$ 1 1 ,4 0 0
and

of

an

th e

88

in

com p ared
in

th e

in

ta b le

T h e

in

35

th e

per

cent
of

1920.

num ber

lia b ilit ie s

to ta l

of

and

1 2 8 .5

R .

to

C o u n try

fo r

ban k ers’

i n c r e a s e
ban k ers,

1 02 fa il­
of

lia ­

C om pared

fa ilu r e s

sh ow s

th e

am ount

per

c e n t.

in

of

T h e

lia b ilitie s
A p r il,

G . D u n

and

o f b u s in e s s

of

1921,
C om ­

fa ilu r e s

“ O ” .

a c c e p ta n c e s

th ro u g h o u t

w ith

fe w

been

has

th e

con­

m o n th .

e x c e p tio n s ,

th e

p r in c ip a l

have

bu yers.

T h e A c ce p ta n ce

B u y in g

in

M ark et

O regon

h a s b een v e ry sp o tty

W a s h in g to n

and

w h ile in C a lifo r n ia , a lt h o u g h

lia b ili­

am ount

had

$ 2 6 ,1 8 4

fig u r e s

fo r

c e n t.

d is tr ic t

w ith

M ay,

th e
of

w e r e $ 1 ,7 2 1 ,4 7 7 c o m ­

num ber

per

c o m p a r a tiv e

sh ow n

or

in c re a se

fa ilu r e

$ 9 ,4 1 6

p a n y ’s
are

1920,

in

o f $ 2 ,6 7 0 ,8 5 3

d ecrease

$ 9 4 9 ,3 7 6 ,

in c re a se

average

a

1920.

tin u e d

a p p r o x im a te ly

am ount

M ay

lia b ilit ie s

A p r il,

b ilitie s

b o th

and

t ie s o f 1 5 1 fa ilu r e s in
p ared

and

D em an d

fa ilu r e s ,

1921, w ere

in

s m a ll

v o lu m e ,

it

has

been

very

e v e n ly

d is ­

tr ib u te d .
D u e
e a r ly

to

gen eral

tig h te n in g

part of June

ances

rose

fr o m

th e

ra te

per

5^ 4

of

on

cent

m on ey

to

5 %

per

I t h u n g a t th a t le v e l fo r a b o u t a w e e k
d ro p p e d b a c k to 5 %
1 6 th ,
th e

at

per

e x tre m e

w h ic h
th e

S y 2

p r e v a ils

fa c t

p r im e

th a t

th e

ce n t.

a n d th e n

a n d 5jH $, a n d i s t o d a y , J u n e

c e n t.

ease

in

b a n k e rs’ a cc e p t­

of

a t th e
th e re

is

T h is
th e

lo w
c a ll

ra te

is

due

m on ey

p r e s e n t tim e , a n d
an

u n u su al

to

m ark et
a ls o

to

s c a r c ity

of

b ills .

(O ) Business Failures—
N o.
C a l i f o r n i a ............................. ..........................
W a s h in g to n
...................... ..........................
O r e g o n .................................. ..........................
I d a h o ........................................ ..........................
A r iz o n a
................................. ..........................
U t a h .......................................... ..........................

76

M ay, 1921
Amount
$

April, 1921
N o.

7 5 6 ,7 8 4

16

3 4 5 ,7 5 1

19
14

2 3 7 ,5 5 6

16
10

N evada

.................................. ..........................

D is tr ic t

.................................. .......................... 151

0

1 7 0 ,8 2 6
1 6 0 ,3 0 0

45
23

$

7 9 0 ,2 5 7
7 3 4 ,9 2 1

15
12

3 3 1 ,5 2 9

6

1 5 ,7 0 0
0

0

0
1

$ 1 ,7 2 1 ,4 7 7

102

5 0 ,2 6 0

Amount

7 9 7 ,7 4 6

N o.

M ay, 1920
Amount

41
15
16
3
1

700

3
1

$ 2 ,6 7 0 ,8 5 3

80

Business Failures, Tw elfth Federal Reserve District, 1920-1921
N o t e .—




$ 4 3 7 ,5 6 0
2 0 3 ,8 3 3
7 8 ,5 7 7

The great increase in liabilities in June, 1920, was due to the failure o f one concern in Seattle, W ashington.

1 6 ,3 3 1
2 ,5 0 0
1 0 ,4 9 9
4 ,0 0 0
$

7 5 3 ,3 0 0

13

Federal Reserve Bank of San Francisco

P u rsu an t
S e creta ry
A p r il

to

th e

o f th e

30th ,

a

p rogram

o u tlin e d

T r e a s u r y ’s p u b lis h e d
new

m e th o d

fin a n c in g
G overn m en t

th e

F in a n c in g

te rm

of

w as

June

15

in

th e

o ffe r in g

u su al

of

G overn m en t

in a u g u r a te d
of

w ith
sh o r t-

T r e a s u r y s e c u r itie s.

tim e ,

th e

le tte r

A t th a t

m o n th ly

is s u e

of

C e r tific a te s o f I n d e b t e d n e s s w ith a m a t u r it y n o t
e x c e e d in g
of

one year w as

t h r e e -y e a r

T reasu ry

of

C e r tific a te s

announcem ent

w eek

p r io r

o ffe r in g
year

to

per

S y 2

cent

d a te d

N o te s

v a r y in g
of

w as

th e

d a te

a n is s u e

w h ic h

its

on

June

is s u e , o f

cen t

and

S e r ie s

a

8,

in

th is

t h r e e -y e a r

5^4

A -1 9 2 4 ,
June

at

in c r e a s in g
th is

m ore

d istr ic t

a llo tte d

to

of

15,

th e

th a n

fa r

s u b s c r ib e r s in

$ 1 2 ,3 7 5 ,0 0 0

S a v in g s
b y

81

50

in

fr a c t io n a lly
fo u r

th a t

S a v in g s

fir s t

g ro w th

in

th e

( .4

in

$ 6 7 8 ,0 5 2 ,0 0 0
year

o f 9 .1

T h e

a year
per

d is tr ic t

per

c itie s

(a s

p r in c ip a l
c e n t)

e n d in g

su ch

on

g ro w th

p r in c ip a l

E xcept
c a te s

in

of

in

of

has

th e

h o ld in g s

$ 3 ,6 8 3 ,0 0 0

occu rred ,

$ 1 5 ,2 6 5 ,0 0 0 .
c o u n ts
000

and

d e p o s its

w ith

th a t

of

by

T h e te n ­

n o t,

h ow ever,

on

banks
or

in c re a se

th a t

reth is

th e

fiv e

1921,

th e

of

th e n

b e in g

a ll

d is ­

$ 1 ,1 7 1 ,9 3 3 ,on

June

11,

fiv e -w e e k p e r io d

B ank.

of

a p p r o x i­

in

is

I t is

d u r in g

$ 7 2 ,0 0 0 ,0 0 0

on J u n e 8, 1921, sto o d
d e p o s its

68
in

p e r io d

d ecrease

d e c lin e

th ir d ,

c o m p a r a tiv e

8,

th e

th e

R eserve

th e

th e

th e

h o ld in g s

a

of

r e d is c o u n ts o f th e s e b a n k s

th e

th e se

of

banks

$ 1 ,3 1 0 ,1 6 6 ,0 0 0

$ 2 4 ,4 8 0 ,0 0 0 ,

by

th e

C e r tifi­

d u r in g

w ere

d u r in g

th e

of

seven
in

in c r e a s e

June

fo r

C o m b in e d

F ederal

n o te

th e

S ta te s

h o ld in g s

d e c lin e

a c c o m p a n ie d

th e

in

o f d isc o u n t a n d

d e c lin e d

m a t e ly $ 7 ,0 0 0 ,0 0 0 in

to

on

w ith

d u r in g th e

an

m e m b e r

e n d in g

L iq u id a tio n

w as

in g

1919.

d is tr ic t.

show n

U n ite d

in v e s tm e n ts

com p ared

1920.

is

a ll c la s s e s

p o r t i n g

to ta l

w ith

has

San

banks

in c r e a s e

w h ere

in v e s tm e n t

M ay

ste a d y

th e
81

d e p o s its

of

15th ,

w h ic h

of

d is tr ic t

In d e b te d n e ss,

d u r in g

th e

fe lt,

in

ch a rt.

ten t

d e p o sits

e a r lie s t

m o n th )

th ese

ago, an

de­

M a y

of

o f s a v in g s

c itie s

a c c o m p a n y in g

$ 2 1 ,-

re p o rte d

c itie s )

in
of

c e n t.

a p p r o x im a te ly

sin c e A p r il,

several

am ount

15.

in te r r u p tio n

o b ta in e d
dency

th e

of

ste a d ­

fir s t

e ffe c ts

1 5 , 1 9 2 1 , w e r e $ 7 4 0 ,4 0 9 ,0 0 0 c o m p a r e d

d is tr ic t

cent

w ere
past

c e n te rs

d e p o sits

w eeks

in v e s to r s

to ta l

$ 1 4 ,5 4 0 ,0 0 0 ,

seven

w eeks

D e p o s its

c o m m e r c ia l

B an k s

of

th e

th e

A n g e l e s , th e c h ie f m a n u fa c ­

M em b er

th is d is tr ic t w a s

A p r il

in

th e

T h e

L os

1921.

per

exceeded

(d u r in g

s a v in g s

M a y

a p p e a r in g

w h ere

r e a d ju s tm e n t

and

and

T o ta l

S e a ttle ,

R e p o r tin g

c lo s e

in d iv id u a l

w ith

on

d e p o s its

banks

c lin e d

by

s e c u r ity .

3 1 1 ,8 0 0 , a s c o m p a r e d
and

F r a n c is c o

d ecrease

in

b o th

n u m b e r o f in d iv id u a l s u b ­

dem and

c la s s

l a s t o f a ll

d a te o f is s u e , th e o ffe r in g

been
T h e

In ­

fr o m

c lo s e d

p o s t-w a r

and

tu r in g

th e

1920,

th e

c o m b in e d

a n y p r e v io u s o ffe r in g , an e v id e n c e o f th e

16

one

of

S e r ie s

in te r e s t
w ere

15, th e

a lr e a d y

s c r ip tio n s

N o tes,

lis ts

o v e r s u b s c r ib e d .

fo r

P u b­

C e r tific a te s

T J -1 9 2 2 , a n d

b e a r in g

b u s in e s s J u n e
h a v in g

T reasu ry

T reasu ry

S u b s c r ip tio n

ily

th e

u n ifo r m ,

Jan uary,

m o n th ly

In d e b te d n e ss.

m ade
of

by

w ith

o f $ 5 0 0 ,0 0 0 ,0 0 0 , o r t h e r e a b o u t s , o f o n e -

d e b te d n e ss,
per

a u g m e n te d

c o n te m p la te s

o ffe r in g s
lic

T reasu ry

been

in te r e s t­

th e y e a r

th e

net

b a la n c e d

to

th e

s lig h tly

m ore

in

d e p o s its ,

tim e

th a n

a t $ 5 3 3 ,9 8 3 ,0 0 0 .

d a te

w ere

sta te m e n t

of

ex­
on e-

w h ic h

D em and

$ 5 5 5 ,6 1 2 ,0 0 0 .
th e

of

dem and

A

p r in c ip a l

re­

s o u r c e a n d lia b ility ite m s o f th e r e p o r tin g m e m ­
ber

banks

appears

in

ta b le

“ P ”

(se e

fo llo w in g

p a g e ).
R e d is c o u n ts
p r a c tic a lly
th e

fo u r

fo r

m em ber

unchanged

w eeks

in

e n d in g
on

June

th a t d a te

R eserve B an k

$ 1 7 6 ,8 7 2 ,0 0 0
10,

a cc ep ta n c es)

bou ght

p e r m itte d

ru n

and

in

years.

30,

m o n th ,

and

(J u n e

11,

1920)

$ 2 7 2 ,5 4 8 ,0 0 0

cash

on

reserves

on

a

on

peak

open

of

D ecem ber
seco n d ary

b ills

(b a n k e r s’

m ark et

w as

a d d itio n a l

$ 2 ,3 4 7 ,0 0 0

June 8, m ark ed

th e lo w e s t

c la s s

of

$ 1 1 9 ,0 0 0 ,0 0 0

1920.

p r a c tic a lly

an

d u r in g

s ta n d in g

a t $ 1 6 5 ,4 3 9 ,0 0 0

T h e

of

th e

th is

of

c ir c u la t io n

7 3 0 ,0 0 0 ,
ago

of

peak

Jan uary

th e




h o ld in g s

T h e

a ctu a l

of

o ff

a t $ 5 ,3 9 1 ,0 0 0 o n

p o in t

on

to

in

1921,

w ith

1920.

reserve

(I n M illions o f D ollars)

8,

com p ared

F r a n c is c o

r e m a in e d

am ount

F ederal

o f San

Average M onthly Savings Deposits in Banks in Principal Cities
o f Tw elfth Federal Reserve District, 1919-1921

banks

to ta l

F ederal

d e c lin e d
June
th e
and

w as

in

8 th

sam e

reserve

sto o d
fig u r e

com p ared
23,

$ 6 ,0 9 9 ,0 0 0

tw o

reach ed
n o te s

$ 6 ,9 4 3 ,0 0 0

D ecem ber

d e c lin e d

b ills

at
as

in

d u r in g
$ 2 3 1 ,a

year

w ith

a peak

1920.

T o ta l

d u r in g

th e

Agricultural and Business Conditions

14

m o n th ,

8,

and

1921,

th e

w as

per cent on
June

11,

In

th e

b a n k ’s

55

per

M ay

11,

r a tio

com p ared

1921, and

4 6 .5

on

June

w ith

per

5 5 .3

read
in

as

fo llo w s

p e rcen ta g e

of

r e le a s e d
on

M ay

28 th ,

e stim a te s

by

S ta te s

D e p a rtm e n t

of

1920

th e
crops

on

page

cro p :

e s tim a te d

in

crop s

th e

of

C a lifo r n ia ,

..

U n ite d

A g r ic u ltu r e

and

P eaches

th e

a n tic i­

s h o u ld

A p r ic o ts
C h e r r ie s

1921

crop

Estimated Percentage
o f normal*
1920
1921

3,

D e c id u o u s F r u its , th e ta b le

sh o w in g

1921

of

1920

Production
1920

rep ort

E rra tu m

in s te a d

cent on

1920.

in t h e p a r a g r a p h

p a te d

reserve

c e n t,

. .
. .

have

73

58

87

73

70

61

76

69

55

45

80

63

70

70

* Corrected to June 1st.

ig

P r in c ip a l
F e d e r a l R e s e r v e

T w e lf th

M

e m b e r

B a n k s

June 8,1921
* N u m b e r

o f

R e p o r t in g

B a n k s

1. L o a n s a n d D i s c o u n t s

2.

..............................................................................................

in

6 7

( e x c lu s iv e o f r e d is c o u n t s :)

U n ite d

S ta te s

2 5 ,1 5 4 ,0 0 0

$

2 5 ,4 8 0 ,0 0 0

S t a t e s B o n d s ................................................................................................................

1 4 8 .5 9 5 .0 0 0

1 4 9 .9 2 1 .0 0 0

(c )

A l l o t h e r ...............................................................................................: * • • • . ............
(S e e e x p la n a t o r y fo o t n o te b e lo w c o n c e r n in g ite m

6 8 6 .8 5 5 .0 0 0

6 9 8 .8 4 2 .0 0 0

S to c k s

G overn m en t

O b lig a tio n s . J ;

Secured

by

C itie s

June 11, 1920

6 9

S ecu red

and

Bonds

o th e r

th an

$

3 3 ,0 1 6 ,0 0 0

U n ite d
1 4 4 ,9 3 2 ,0 0 0
t

9 8 4 ,9 4 2 ,0 0 0

1

in 1 9 2 0 ) .

In v e stm e n ts:
(a )

U n ite d

S ta te s

B o n d s ...........................................................................................

1 0 1 .8 3 4 .0 0 0

1 0 3 .5 3 5 .0 0 0

(b )

U n ite d

S ta te s

V ic to r y

N o t e s ....................................................................

1 7 . 0 3 1 .0 0 0

1 8 .5 6 6 .0 0 0

1 2 .5 6 1 .0 0 0

(c )

U n i t e d S t a t e s C e r t i f i c a t e s o f I n d e b t e d n e s s .................................

1 9 .4 4 2 .0 0 0

1 6 .7 5 9 .0 0 0

3 9 .2 3 1 . 0 0 0

(d )

O t h e r B o n d s , S t o c k s a n d S e c u r i t i e s .................................................
and

D is c o u n ts

and

I n v e s t m e n t s ..........................................

in

7 2 ,7 3 4 ,0 0 0

7 0 ,3 5 3 ,0 0 0

7 9 ,4 2 4 ,0 0 0

2 4 ,4 3 0 , 0 0 0

2 6 ,0 5 1 ,0 0 0

5 5 5 ,6 1 2 ,0 0 0

5 5 3 ,8 9 0 ,0 0 0

6 2 7 ,4 6 5 ,0 0 0

D e p o s i t s ...............................................

5 3 3 ,9 8 3 ,0 0 0

5 4 2 ,4 7 8 ,0 0 0

5 0 9 , 5 0 3 ,0 0 0

D e p o s i t s ..........................................................................................................

8 9 7 ,0 0 0

8 , 3 1 6 ,0 0 0

3 , 2 7 2 ,0 0 0

O b l i g a t i o n s ...

3 0 , 8 5 6 ,0 0 0

2 8 ,5 0 1 ,0 0 0

3 6 ,0 3 2 , 0 0 0

o t h e r .........................................................................................................................

1 1 8 ,0 0 0

6 2 0 ,0 0 0

4 8 5 ,0 0 0

D e p o s it s o n w h ic h

r e s e r v e is c o m p u t e d ....................

D e p o s it s , in c lu d in g S a v in g s

G overn m en t

9.

B ills P a y a b le w ith F e d e r a l R e s e r v e B a n k :
(a ) S e cu re d b y U n ite d S ta te s G o v e r n m e n t
A ll

B ills r e d is c o u n te d w ith F e d e r a l R e s e r v e B a n k
(a ) S e c u r e d b y U n ite d S ta te s G o v e r n m e n t
(b )

-0 1 ,3 1 0 ,1 6 6 ,0 0 0

2 5 ,1 4 1 ,0 0 0

8.

(b )

1 7 4 .0 9 5 .0 0 0
1 ,1 8 7 ,1 9 8 ,0 0 0

B a n k ............................................

6. N e t D e m a n d
7. T i m e

1 7 3 .0 2 2 .0 0 0
1 , 1 7 1 ,9 3 3 ,0 0 0

9 5 .4 8 4 . 0 0 0

V a u l t ..............................................................................................................................

R e s e r v e B a la n c e w ith F e d e r a l R e s e r v e

5. C a s h

10.

M ay 4,1921

6 8

(b )

3. T o t a l L o a n s

4.

R e s e r v e

(a )

(c)

by

in

D is tr ic t—

A ll

O b l ig a t io n s ...

5 ,1 8 2 ,0 0 0

4 ,5 3 3 ,0 0 0

2 ,3 1 1 ,0 0 0

o t h e r ..........................................................................................................................

6 4 ,6 5 5 ,0 0 0

7 2 ,7 7 0 ,0 0 0

6 6 ,4 4 9 ,0 0 0

*
Total resources o f reporting banks are approxim ately 4 4% o f total resources o f all banks, and 67% o f total resources o f all
m ember banks in T w elfth Federal Reserve District. R eporting banks embrace all member banks in San Francisco, Los A ngeles,
Oakland, Portland, Seattle, Tacom a, Spokane, Salt Lake City and Ogden.
t P rior to Jan. 1, 1921, this figure included “ all other investments” as well as “ all other loans.” A fte r that date, “ all other
investm ents” 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 o f item 1 (c ) and 2 (d ) in 1921.




Circular N o. 1, of the W a r Finance Corporation, containing
information for prospective applicants for advances, to­
gether with samples of forms to be used, may be had upon
request to the Federal Reserve Bank of San Francisco.

Federal Reserve Bank of San Francisco

15

C O M P A R A T IV E
C O N D IT IO N

O F

F E D E R A L

A T

C L O S E

S T A T E M E N T

R E S E R V E

O F

B A N K

B U S IN E S S

and

G o ld

S e ttle m e n t

G o ld

W ith

G o ld

C e r t i f i c a t e s ..................................................................
F und—

F o r e ig n

T o ta l

G o ld

M ay 11,1921

B a n k ....................................................

$

5 4 ,8 4 1 ,0 0 0

June 11, 1920
$

4 4 ,7 2 1 ,0 0 0

- 0 $

1 7 ,4 8 5 ,0 0 0

5 ,1 3 0 ,0 0 0

- 0 $

6 2 ,2 0 6 ,0 0 0

1 2 ,8 3 3 ,0 0 0
4 7 ,8 0 8 ,0 0 0

$

6 5 ,7 7 1 ,0 0 0

1 2 4 ,3 2 5 ,0 0 0

1 2 5 ,5 2 7 ,0 0 0

8 6 .5 8 8 .0 0 0

1 0 ,7 0 8 ,0 0 0

8 ,5 6 6 ,0 0 0

1 0 .0 8 0 .0 0 0

R e s e r v e s ..................................................................

$ 1 8 9 ,8 7 4 ,0 0 0

$ 1 9 6 ,2 9 9 ,0 0 0

$ 1 6 2 ,4 3 9 ,0 0 0

e t c ...................................................

2 ,8 4 0 ,0 0 0

2 ,5 1 4 ,0 0 0

5 3 7 ,0 0 0

T o t a l R e s e r v e s ....................................................................................

$ 1 9 2 ,7 1 4 ,0 0 0

$ 1 9 8 ,8 1 3 ,0 0 0

$ 1 6 2 ,9 7 6 ,0 0 0

R e d e m p tio n

F ederal

T o ta l

G o ld

T ender

N o te s,

S ilv e r ,

D is c o u n te d :
O b l i g a t i o n s ...............

5 2 ,0 8 7 ,0 0 0

4 9 ,5 5 7 ,0 0 0

5 5 .6 6 7 .0 0 0

O t h e r .................................................................................................................

1 1 3 ,3 5 2 ,0 0 0

1 1 6 ,4 7 0 ,0 0 0

9 2 .1 1 9 .0 0 0

M a r k e t ...........................................................

5 ,3 9 1 ,0 0 0

7 ,7 3 8 ,0 0 0

5 2 .6 2 2 .0 0 0

H a n d ..................................................................

$ 1 7 0 ,8 3 0 ,0 0 0

$ 1 7 3 ,7 6 5 ,0 0 0

$ 2 0 0 ,4 0 8 ,0 0 0

4 2 4 ,0 0 0

1 ,4 0 8 ,0 0 0

2 .6 3 2 .0 0 0

Secured b y
A ll
B ills

U . S. G overn m en t

B ou gh t
T o ta l

in

O pen

B ills

U . S. G overn m en t
S. V ic to r y

O n e -Y e a r
O th e r

B ank

B o n d s .........................................................................

- 0 -

N o t e s ........................................................................................

C e r tific a te s

of

(P ittm a n

A c t ) . .

-0 -

1 0 .8 8 0 .0 0 0

7 3 ,0 0 0

4 9 6 ,0 0 0

$ 1 8 6 ,1 2 6 ,0 0 0

$ 2 1 4 ,4 1 6 ,0 0 0
2 3 1 ,0 0 0

2,000

I n d e b t e d n e s s ..............................

- 0 -

1 0 ,8 8 0 ,0 0 0

1 0 ,3 8 0 ,0 0 0

A s s e t s ...............................................................

$ 1 8 1 ,6 3 6 ,0 0 0

P r e m i s e s .......................................................................................................

5 5 9 .0 0 0

5 4 8 .0 0 0

5 4 4 .0 0 0

5 4 4 .0 0 0

6 6 5 .0 0 0

- 0 -

- 0 -

- 0 -

E a r n in g

R e d e m p tio n

G o ld

on

C e r tific a te s o f I n d e b t.

T o ta l

A broad

O th e r

Fund

in

A g a in s t F . R . B a n k

C u sto d y

or

in

N o te s.

T r a n s i t ..............................

I t e m s .............................................................................................

3 4 ,4 8 5 ,0 0 0

3 5 ,0 5 6 ,0 0 0

3 7 ,8 9 0 ,0 0 0

R e s o u r c e s ....................................................................................

2 ,5 7 6 ,0 0 0

5 3 7 .0 0 0

4 8 9 .0 0 0

R e s o u r c e s ...............................................................................

$ 4 1 2 ,5 1 4 ,0 0 0

$ 4 2 1 ,6 2 4 ,0 0 0

$ 4 1 6 ,6 6 7 ,0 0 0

$

$

U n c o lle c te d
A ll

by

1 8 ,6 5 1 ,0 0 0

R e s e r v e A g e n t ............................................

W ith

5 %

1 9 2 1

3 6 ,1 9 0 ,0 0 0

B o a r d . .

F R A N C IS C O

F u n d .............................................................................

G o ld

A ll

F ederal R eserve

$

A g e n c i e s ...........................................................

H e ld

G o ld

U .

8 ,

S A N

June 8,1921

G o ld

B ills

O F

JU N E

RESOURCES—

L egal

O F

T o ta l
L IA B IL IT IE S —
C a p ita l

P a id

S u r p lu s

I n .......................................................................................................

............................................................................................................................

R eserved

fo r

G overn m ent

F r a n c h is e

T a x .......................

$

7 ,2 7 8 ,0 0 0

7 ,2 7 2 ,0 0 0

1 4 ,1 9 4 ,0 0 0

1 4 ,1 9 4 ,0 0 0

2, 0 1 2 , 0 0 0

1 ,5 9 7 ,0 0 0

6 ,3 7 7 ,0 0 0
7 ,5 3 9 ,0 0 0
- 0 -

D e p o s its :
1 .7 6 4 .0 0 0

1 .5 3 5 .0 0 0

2 ,6 0 1 ,0 0 0

A c c o u n t ............................................

1 0 8 ,4 8 6 ,0 0 0

1 1 2 ,1 6 0 ,0 0 0

1 1 9 ,9 8 9 ,0 0 0

O t h e r .................................................................................................................

8 .5 6 8 .0 0 0

7 .2 7 1 .0 0 0

6 ,2 9 2 ,0 0 0

D e p o s i t s .....................................................................................

$ 1 1 8 ,8 1 8 ,0 0 0

$ 1 2 0 ,9 6 6 ,0 0 0

$ 1 2 8 ,8 8 2 ,0 0 0

F . R . N o te s

i n a c t u a l c i r c u l a t i o n ....................................................

2 3 2 ,4 3 9 ,0 0 0

F . R .

N o te s

G overn m ent
M em ber
A ll

T o ta l

A ll

2 3 1 ,7 3 0 ,0 0 0

2 3 8 ,6 7 3 ,0 0 0

7 .1 6 4 .0 0 0

8 .1 2 4 .0 0 0

8 .7 2 3 .0 0 0

I t e m s ................................................................

2 8 ,5 2 9 ,0 0 0

2 8 ,1 7 4 ,0 0 0

2 7 ,0 1 6 ,0 0 0

L i a b i l i t i e s ......................................................................................

2 .7 8 9 .0 0 0

2 .6 2 4 .0 0 0

5 .6 9 1 .0 0 0

$ 4 1 2 ,5 1 4 ,0 0 0

$ 4 2 1 ,6 2 4 ,0 0 0

$ 4 1 6 ,6 6 7 ,0 0 0

1 ,4 7 2 ,0 0 0

1 ,4 7 2 ,0 0 0

T o ta l

fo r

C ir c u la tio n — N e t

L i a b i l i t i e s ...............................................................................

C o n tin g e n t

F o r e ig n




in

A v a ila b ilit y

O th e r

M e m o :

R eserve

L ia b ility . .

B ank

D e fe r r e d

.......................................................................................................

B ank

L ia b ility

on

B ills

P u rch ased

C o r r e s p o n d e n t s .........................................................

- 0 -