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MONTHLY REVIEW
OF
BUSINESS CONDITIONS
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. V n i
San Francisco, California, June 20,1924
Summary of National Conditions
Production of basic commodities and factory
employment showed unusually large declines
in May and were considerably below the levels
of a year ago. Purchases at wholesale and re
tail also declined during the month and were
somewhat below last year’s volume. Commer
cial loans at member banks decreased, and
there was a further decline in money rates.
Production. The Federal Reserve Board’s
index of production in basic industries, ad
justed to allow for seasonal variations, de
clined about 10 per cent in May to a point
about 18 per cent below the peak reached a
year ago. Particularly marked decreases were
shown for production of iron and steel and
mill consumption of cotton. Output of anthra
cite coal, cement, and tobacco products, on the
other hand, was slightly larger than in April.
No. 6
Factory employment declined 4 per cent in
May, the number of employees being reduced
in almost all reporting industries. The largest
reductions of working forces occurred in the
textile, metal, automobile, and leather indus
tries. The value of building contracts awarded
in May was 13 per cent less than in the month
before, and for the first time since the begin
ning of the year fell below the corresponding
month in 1923. Department of Agriculture
forecasts, as of June 1st, indicated smaller
yields of wheat, oats, and barley, as compared
with the harvests of 1923. The condition of
the cotton crop on May 25th was 5 per cent
lower than a year ago and 7 per cent below
the average condition for the past ten years.
Trade. Railroad shipments showed a slight
increase in May, but were 8 per cent smaller
than a year ago. Carloadings of all classes of
1919 1920 1921 1922 1923 1924
Production in Basic Industrie*
Index of 22 basic commodities corrected for seasonal variation (1919=100).
Latest figure. May, 103.
Wholesale Prices
Index of U. S. Bureau of Labor Statistics (1913=100. base adopted by Bureau).
Latest figure, May, 147.
Those desiring this review sent them regularly will receive it without charge upon application.
82
MONTHLY REVIEW OF BUSINESS CONDITIONS
freight, with the exception of grain and live
stock, were smaller than in May, 1923. Whole
sale trade decreased slightly in May and was
6 per cent less than in May, 1923. Sales of dry
goods, shoes, and hardware were much smaller
than a year ago, while drug sales were slightly
larger. Retail trade at department stores and
mail order houses declined more than is usual
June, 1924
earning assets were somewhat larger than a
month ago.
The prevailing ease in the money market
was reflected in a further decline from 4% to
3^2“ 3% per cent in rates on prime commercial
paper in New York. The June 15th issue of
six-month Treasury Certificates bore a rate of
2% per cent compared with 4 per cent on a
PER CENT
1919 1920 1921 1922 1923 1924
Factory Employment
M ember Bank Credit
Index for 33 Manofactuinf Industri» ( 1919=100). Latest figure, May. 93.
Weekly figures for member banks in 101 leading citie*. Latest figure, Jane 11.
for the season during May, and was smaller
than last year. Department store stocks were
4 per cent smaller in May, 1924, than in April,
1924, and 3 per cent larger than in May, 1923.
Prices. Wholesale prices, as measured by
the index of the Bureau of Labor Statistics,
declined 1 per cent during May to a level about
8 per cent below the high point reached in the
spring of 1923. Prices of all commodity groups,
with the exception of food, declined in May.
During the first half of June quotations on
wheat, corn, rye, and milk increased, while
prices of hogs, beef, cotton, and lumber de
clined.
Bank credit. Decreased demand for credit
for current business requirements between the
middle of May and the middle of June was re
flected in a smaller volume of borrowings for
commercial purposes at member banks in lead
ing cities. Further purchases of corporate
securities by these banks and larger loans on
stocks and bonds, however, resulted in an in
crease for the month in their total loans and
investments. There was an unusually large
increase in net demand deposits of these banks,
which carried the total of these deposits to the
highest figures on record. At the Federal re
serve banks, between May 21st and June 18th,
there was a further decline in discounts for
member banks and in acceptances purchased
in the open market. Government security hold
ings, on the other hand, increased and total
similar offering last December. Discount rates
at the Federal Reserve Banks of Cleveland,
Richmond, Atlanta, Chicago, St. Louis, and
San Francisco were reduced from 4l/ 2 to 4 per
cent during June, and the rates in Boston, New
York, and Philadelphia were reduced to Zy2
per cent.
Summary of District Conditions
A moderate recession of business activity
appeared in this district during May. Declines
in production, noted during March and April,
continued, and the first evidences of a decline
in the distribution and consumption of goods
were observed. Instead, however, of the in
crease in demand by business men for bank
accommodation which has heretofore charac
terized the beginning of a major depression,
the credit requirements of business in the dis
trict have recently diminished promptly with
the decline in trade activity, indicating that
there are no large stocks of goods being with
held from the market and carried by means of
bank loans. Accompanying the diminishing
demand for bank credit, interest rates at the
banks have eased slightly. The trend of prices
was downward during the month, continuing
a movement begun in February.
Foremost among the factors contributing to
this decline in business activity have been the
falling off in building permits which in May
June, 1924
FEDERAL RESERVE AGENT AT SAN FRANCISCO
83
were 13 per cent less than a year ago but were time since April, 1918, and total earning assets
still in relatively large volume; the hesitancy were down to levels approached only once (in
in the market for lumber, following several the spring of 1922) since the summer of that
months of large production; the unsatisfactory year. Interest rates at the principal financial
condition of growing crops, which in every centers of the district in general declined
state of the district except Arizona are re slightly during May and early June. Rates
ported to have suffered to a material degree charged customers on ordinary commercial
from lack of seasonal rainfall; the problems loans are now' uniform at 6 per cent except in
facing copper mines because current produc
tion cannot be sold at prices favorable to the San Francisco where the prevailing rate is 5
high cost producers; and the hampering effects to 6 per cent. Effective June 10, 1924, the Fed
of the hoof and mouth disease of livestock in eral Reserve Bank of San Francisco reduced
parts of California, a factor of declining im its rediscount rate from 4j4 to 4 per cent. The
portance as eradication of the disease pro 4j<£ per cent rate had been in effect since
March 21, 1923.
gresses.
Notwithstanding these unfavorable influ
ences, figures of debits to individual accounts Agriculture
(bank debits), which afford the best single
An accumulated shortage of rainfall, amount
available index of business conditions in this ing to more than 50 per cent of the normal pre
district, declined only slightly during May,
1924, both as compared with April, 1924, and cipitation over large areas of the district, has
May, 1923. (Allowance being made for changes resulted in unsatisfactory crop conditions on
due to seasonal variation and normal year to unirrigated lands, and has threatened a short
year growth.) The movement of bank debits age of water for irrigation purposes later in
at 20 principal cities of the district during re the year. Temporary relief from drought con
cent months is best shown by the following ditions was reported in the Pacific Northwest
and in parts of the Intermountain States dur
index numbers (n orm als 100) :
ing the first weeks of June, when the long dry
May,
1924.......... 104.2*
February, 1924. . . . 113.5 spell was broken by generally heavy showers.
April, 1924.......... 104.6* January, 1924. . . . 103.4 Further rainfall will be needed soon, however,
March, 1924.......... 107.3
May,
1923. . . . 108.6
if normal yields of grains and field crops are
•Prelim inary.
to be harvested on unirrigated lands in these
Irregularity in the wholesale trade situation states. The season when heavy rains normally
has persisted, and nine of the eleven lines of fall in California has passed, and the general
business reporting to this bank showed de lack of moisture in that state is now reflected
creases in value of sales during May, 1924, as in the curtailed plantings of many field crops
compared with May, 1923. It should be noted, and in the generally unsatisfactory condition
however, that wholesale prices today are ap of all growing crops solely dependent upon
proximately 5.7 per cent lower than a year ago. rainfall for moisture.
The important wheat crop of this district
Sales of retail dealers were also slightly
smaller than a year ago, the value of sales of did not make satisfactory progress during May,
35 department stores in 7 cities of the district and reported conditions on June 1st were far
being 0.6 per cent less than in May, 1923. below normal. Condition figures for both win
While sales of these stores decreased, stocks ter and spring wheat on June 1 and May 1,
held by them increased, so that the annual rate 1924, and June 1, 1923, and figures of acreage
of stock turnover indicated by the relation be planted to spring wheat in 1924 and 1923 in the
tween sales and stocks in May, 1924, was but more important grain raising states of the dis
2.88 compared with an indicated annual rate trict follow:
Spring Wheat
of 3.16 in May, 1923. Increases in the number
Condition of
Conditionf
Winter Wheat
(Per Cent
and liabilities of business failures, both as com
(Per Cent of Normal) of Normal)
Acreage Sown*
pared with one month ago and one year ago
June M ay June June Jane
1924
1923
1,1924
1.1924
1,1923
1,1924
1,1923
(acres)
(acres)
were reported during May.
....................................
California
...
54
64
91
Decreased demands for credit in the district
598 659
have been reflected during the past month in a Idaho .......... .73 91 96 88 97
70 95
230 242
decline of $13,000,000 or 1.3 per cent in total Oregon ....... .6596 97
114 124
loans of reporting member banks, of $9,000,000 U ta h ............ .60 93 93 85 94
1,000 1,124
or 2.5 per cent in their investments, and of Washington . 58 83 92 89 92
$8,000,(X)0 or 34.8 per cent in their borrowings
T otals............................................
1,942 2,149
from the Federal Reserve Bank. Total dis United States. 73.9 84.8 76.3 82.3 90.2 16,920 18,786
counts of the Federal Reserve Bank at $33,omitted.
000,000 on June 18th were lower than at any t*000
Figure« for H ay 1, 1924, not available.
84
MONTHLY REVIEW OF BUSINESS CONDITIONS
June, 1924
The estimated condition of barley in Cali most crops. The condition of deciduous fruit
fornia was 57.0 per cent of normal on June 1, crops in California is given in the following
1924, and the forecasted yield on that date was table:
t----------- Condition------------ \
10.055.000 bushels from 504,000 acres, or only
(per cent of normal)
Final
10
Yield
46.0 per cent of the acreage harvested in 1923.
June 1st Year
May 1st
1923
1924 1923 Average 1924 1923
(tons)
There were 33,069,000 bushels of barley pro
........... ..63
75 72
61
75
11,000
duced on 1,095,000 acres in that state in 1923. Almonds
Apples ............... ..75
76 79
90
80 5,196,000*
Should the yield be no greater than the present Apricots ............ ..65
98 69
66
98
170,000
forecast, the 1924 barley crop in California will Cherries ............ ..62
75 74* 65
73
14,500
91 86
77
87
380,000
be the smallest on record since 1898. Esti Peaches ............. ..75
................. ..68
75 78
70
90
128,000
mates of the total 1924 acreage and yield of Pears
Plums ................ ..74
97 79f 78
95
69,000
all wheat, barley, and oats, and figures of the Prunes ............... ..68 60 75 68 60
80,000
total 1923 acreage and yield of these grains for W alnuts ............ ..80 89 79 ..
..
25,000
five important grain growing states of the dis *7*year average.
average.
trict (California, Idaho, Oregon, Utah, and 15-year
jCommercial crop in boxes—total crop 8,450,000 boxes.
Washington) are given in the following table:
Damage to Pacific Northwestern deciduous
Estimated
Estimated
fruits, the result of excessively cold weather in
Acreage
Acreage
Yield
Yield
1924
1923
1924
1923
April and early May, has proved less serious
(acres)
(acres)
(bushels)
(bushels)
than at first reported, although present pros*
All Wheat . . 4,927,000 5,653,000 71,691,000 141,388,000
pects indicate smaller yields than last year.
B a r le y ........
824,000 1,383,000 18,568,000 44,925,000
Condition figures (per cent of normal) for June
Oats ...........
838,000 893,000 26,353,000 38,647,000
1st, and the 1923 yield of the important apple
Commercial estimates indicate that the acre crop in the chief commercial apple producing
age planted to rice in California this season is states of the district follow :
Production
approximately the same as the area harvested
Condition
(commercial)
June
1st
1923
in 1923 (106,000 acres). The growing rice is
1924
1923
(boxes)
in good condition and up to the present time California .................................75
76
5,196,000
96
4,800,000
has made better progress than during the same I d a h o ..........................................56
Oregon ......................................70
90
5,250,000
period in the 1923 growing season.
Utah ...........................................70
95
780,000
Spring plantings of field crops have been W ashington .............................55
88
27,594,000
practically completed in this district and, ex
Total 5 sta tes.............................
..
43,620,000
cepting plantings on unirrigated land in Cali
103,209,000
fornia, the crops (beans, cotton, potatoes, sugar United S ta tes............ .............. 71.6 75.5
beets, etc.) are generally in good condition.
A slight decline in the condition of Califor
Reports indicate, however, that further rainfall nia citrus fruits was recorded during May, but
will be needed to insure satisfactory yields of normal yields of both oranges and lemons are
still in prospect.
Markets for both canned and dried fruits,
although normally more sluggish during the
(A) Movement o f Crops to Market*
summer months than earlier in the marketing
T W E L F T H F E D E R A L R E S ER V E D IS T R IC T
season, continued relatively active during May,
1922-1923
1921-1922
1923-1924
absorbing substantial amounts of the 1923
Season to
Season to
Season to
W heat E xportsf
M ay 31,1923 M ay 31,1922
M ay 31.1924
carryover
of these products.
Portland and Puget
Available data for roughly measuring the
Sound ......... (bu.) 29,933,806 18,870,498 41,855,340
progress made in marketing certain crops of
(19.3)
(33.1)
(20.9)
Barley E xportsf
the district are presented in Table“A.”
San Francisco (bu.) 10,098,075
(21.7)
Apple Shipm ents!
T welfth Dis. (cars)
57,468
(99.4)
Orange Shipments^
California . . . (cars)
27,883
(50.6)
Lem on Shipments^
7,264
California . . . ( c a rs )
(56.9)
15,655,825
(37.1)
16,570,954
(42.1)
40,989
(91.5)
50,868
(99.5)
32,526
(65.7)
21,818
(70.6)
4,720
(48.2)
5,867
(56.3)
'Figures in parentheses indicate percentage of crop,
tSeason begins Ju ly 1st
{Season be*ins November 1st.
Livestock— Animal Products
The condition of pastures and grazing lands
in the Pacific Nprthwest and Intermountain
States remained favorable to the livestock in
dustry during May and early June. Seasonal
rainfall over a large part of this area, excepting
certain sections of Arizona, has been consider
ably less than normal during the present year,
however, and continuance of satisfactory con
ditions depends in large degree upon the
June, 1924
85
FEDERAL RESERVE AGENT AT SAN FRANCISCO
amount of rainfall received in the immediate
future. In California, livestock are beginning
to suffer from the shortage of feed on pastures
and ranges as a result of drought conditions
prevailing throughout the state, and the situa
tion has been further complicated by restric
tions (due to the presence of hoof and mouth
disease) upon the movement of live animals
both within the state and into other states.
The hoof and mouth disease of livestock,
which has been present in parts of California
since February, now appears to be under com
plete control, the few remaining cases being
confined to relatively small areas of the state.
Up to June 1, 1924, losses on account of
slaughtered animals and destroyed property
totaled $3,732,406. Slightly more than 93,000
head of cattle, sheep, swine, and goats had
been killed, or less than 2.0 per cent of the total
of cloven footed animals in the state.
Shearing of the 1924 wool clip in all but a
few sections of the district was completed
TH O U SA N D S
California markets as a result of the presence
of hoof and mouth disease in that state.
L IV E S T O C K R E C E IP T S A T E I G H T M A R K E TS
Cattle
Calves
Hogs
Sheep
May, 1924.................
April, 1924.................
May, 1923.................
4-year average*—
M a y ........................
4-year average*—
April ......................
70,029 23,088 209,506 371,778
64,086 15,348 184,021 204,675
67,895 20,511 170,364 440,028
62,463 17,698 150,864
64,144 14,353
401,750
141,766 214,808
*1921-1924.
Receipts of butter in the district’s markets
during May were greatly in excess of current
needs, a situation due to a rapid seasonal in
crease of production. Practically all of the
surplus butter was placed in cold storage in
anticipation of an early decline in the volume
of production because of relatively poor feed
and pasture conditions, particularly in Cali
fornia which normally supplies more than half
of the butter produced in the district. Cold
storage stocks of butter on June 1, 1924, were
greater than on June 1st of any previous year
of which this bank has record and were 78.0
per cent greater than the 5-year average (in
cluding June 1, 1924) for that date. A rapid
but normal increase in holdings of cold storage
eggs occurred during May, reflecting produc
tion trends during the month.
C O L D S T O R A G E H O L D IN G S O F B U T T E R A N D E G G S
June 1*
Butter (pounds)
1924
•Twelfth D istrict. 4,361,528
United States........22,328,000
Eggs (cases)
tTw e lfth District.
429,049
U nited States........ 6,944,000
M ay 1,
1924
1,859,787
8,977,000
June 1,
1923
2,193,561
10,112,000
Five-Year
Average
June 1st
2,451,286
17,461,000
295,810
3,609,000
532,749
7,890,000
t
6,806,000
*Four markets. fS ix markets. (Figures not available.
Price»
Prices generally tended toward lower levels
during May. The decline of the average price
level for agricultural products of the Twelfth
District was slight, decreases in livestock
early in June. Previous estimates placing the prices, both at the district’s chief markets and
total clip of the district at 78,500,000 pounds, at Chicago, and in wool, wheat, wheat flour and
a somewhat larger yield than was produced in sugar prices being partially offset by small
1923, appear at this time to be approximately advances for some varieties of deciduous
correct. Buyers of wool have been slightly fruits (fresh and canned) and for dairy and
more active during recent weeks than they poultry products. Prices of other commodities
were earlier in the season, and it is estimated within the group were relatively stable. Defi
that approximately 75.0 per cent of the 1924 nite price declines among mineral and forest
clip has now been sold or contracted for sale. products were recorded during the month.
About 50.0 per cent of the clip had been sold
Livestock prices at the principal markets of
at this time a year ago.
this district and at Chicago declined during
Figures for total receipts of all classes of May as they had in April. In this district
livestock at eight principal markets of the dis prices at the close of the month were higher
trict during May are presented in the accom for cattle and hogs and lower for lambs than
panying table and chart. As in April, depar on June 1, 1923. Average prices at Chicago
tures from normal seasonal trends may be during the first weeks of June, 1924, were
attributed largely to conditions prevailing in slightly higher for sheep, lambs, and hogs, and
Receipt« of Livestock at Eight of the Principal Markets of the District
1923-1924. (L o s Angeles, Ogden, Portland* Salt Lake Cityf San
Francisco, Seattle, Spokane, and Tacoma inchided)
86
June, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
lower for beef cattle than one year ago. Prices
for July wheat at Chicago continued upward
during May, then declined to a low point of
$1.04^j per bushel on June 3rd, and later ad
vanced to $1.12j^ per bushel (June 14th), the
highest price for future wheat recorded at that
market since February, 1924. On June 14,
1923, July wheat was quoted at $1.12^ per
bushel at the Chicago market. Wool prices
again declined during the month, the average
of 98 quotations at Boston, at 77.34 cents per
pound on June 6th, being 4.5 per cent and 7.8
per cent, respectively, lower than one month
ago and one year ago. Prices offered growers
in this district for unscoured wool during May
ranged from 3 to 5 cents per pound lower than
during April and were 3.0 to 8.0 per cent below
those paid during May, 1923. On June 5th,
sugar prices, which have been declining irregu
larly since November, 1923, reached a low
point for the present movement, granulated
beet sugar at San Francisco being quoted at
$6.60 per 100 pounds. On June 18th quota
tions for the same grade and kind of sugar
advanced to $7.10 per 100 pounds, which com
pares with a price of $9.70 per 100 pounds on
June 18, 1923. Quotations for canned fruits
generally strengthened during the month, but
many varieties continued at lower levels than
a year ago. On June 16th the largest factor
in the trade announced its 1924 opening prices
for canned fruit. Opening prices for the past
five years and spot prices on May 15, 1924, and
1923, for the more important varieties of
canned fruits follow:
t
1924
per
doz.
A p p le s .............. .,$2.20
A p r ic o t s ........... . 2.45
Blackberries ___. 2.85
Cherries, R. A ., . 2.85
Grapes, Muscat. 2.25
Plums, E g g .. . . . 1.85
Loganberries* ., . 3.10
Peaches, Y . C .. . 2.40
Peaches, Y . F .., . 2.25
Pears, Bartlett. . 3.00
Choice Grade
N o. 2*/* Cant
(f. o. b. cannery)
1922
1921
1923
per
per
per
doz.
doz.
doz.
$2.20 $2.25 $2.60
2.15
2.70
2.35
3.00
2.60
2.25
3.25
3.90
3.00
2.10
2.35
2.35
1.85
2.15
2.00
2.25
2.35
3.10
2.25
2.60
2.35
2.10
2.35
2.30
3.25
3.15
2.65
1920
per
doz.
t
$3.85
3.00
4.50
4.15
3.40
4.15
4.15
3.90
4.65
Spot Price
M ay 15, M ay 15.
1924
per
doz.
t
$2.45
3.00
3.00
2.25
1.85
3.10
2.40
2.25
3.00
1923
per
doz.
t
$2.75
2 .3 Í
4.15
2.35
2.15
t
2.75
t
3.10
*F. O. B. San Francisco.
fN o t quoted.
Average prices paid by canners for apricots,
cherries, pears, and peaches during the 1922
and 1923 canning seasons and prices at present
(June 20th) established for these fruits are
given in the following table:
Number One Grade
1924
Cnotng Fruit
(per ton)
A pricots ................
. . . $ 65
Cherries ....................... . . . 115
45*
Peaches, Y. C...........
Peaches, Y. F ..............
Pears, B a r tle tt.. . . . . . . . . 6 0
*GïOVCfi* offering pricc.
1923
(per ton)
1922
(per ton)
$25-$35
190-200
30
25
35
$75-$100
196
60
45
7125
Dried fruit prices displayed further weakness
during May, and, for many varieties, stood
on June 1st at substantially lower levels than
one year ago. Butter and egg quotations ad
vanced seasonally during May.
Non-ferrous metals (excepting silver) sold
for less during May and the first weeks of June
than during April, 1924, or May, 1923. Copper,
which was quoted at 13 cents per pound on
May 20th, sold for 12^ cents per pound on
June 20th, compared with a price of 15^8 cents
per pound quoted on June 20, 1923. Lead
prices declined from 7.25 to 7 cents per pound
during the last week of May, but on June 20th
the metal was again quoted at 7.25 cents per
pound on the New York market, a quotation
identical with the published price on May 20,
1924, and June 20, 1923. Average monthly
prices for copper, lead, silver, zinc, and quick
silver follow:
May, 1924
Copper (lb.)
New York E lectrolytic..
Lead (lb.)
New Y ork.........................
Silver (oz.)
N ew Y ork .........................
Zinc (lb.)
St. L ou is............................
Quicksilver (dollars per
flask) San F rancisco___
A pr., 1924
M ay, 1923
(cents)
(cents)
(cents)
12.77
13.21
15.44
7.27
8.26
7.31
65.52
64.14
67.04
5.79
6.12
6.63
72.65
72.25
67.03
Prices paid producers for petroleum in California oil fields were unchanged during the
month, the quotation for crude oil of 35 degrees
gravity and above standing at $1.40 per barrel,
compared with $1.04 per barrel one year ago.
Lumber prices at Pacific Northwestern pro
ducing centers continued downward during
May. Declines for the month ranged from 4.0
to 8.0 per cent, and prices prevailing at the end
of May were from 20.0 to 30.0 per cent lower
than one year ago. The softwood index of
“ Lumber” stood at 30.59 for the week ending
June 6, 1924, compared with 31.72 one month
ago and 35.40 one year ago.
Industrial Activity
Industrial activity during May, 1924, as in
April, was below the levels of earlier months
of the year and, if allowance be made for nor
mal year to year growth, production was prob
ably smaller in volume than in May, 1923.
Although output of the lumber industry of
the district continued large, 200 mills in four
associations reporting a gain of 2.1 per cent as
compared with April, 1924, the cut was 5.7 per
cent less than in May, 1923. This decrease, as
compared with a year ago, was the second re
ported during the past two and one-half years,
that reported in April, 1924, being the first
The volume of shipments and of new orders
June, 1924
87
FEDERAL RESERVE AGENT AT SAN FRANCISCO
received by district mills continued the decline
first reported in April and remained smaller
than one year ago. Figures follow (000
omitted) :
May, 1924 Apr.. 1924 May, 1923 A p r.,1923
(board feet) (board feet) (board feet) (board feet)
Production ........... ..641,456
Shipments ............ ..558,490
Orders ................... ..500,096
Unfilled Orders... 384,370
627,838
618,267
530,011
455,846
680,193
618,534
535,299
575,280
649,400
619,512
580,014
628,419
Commercial factors report that logging oper
ations in the Pacific Northwest have been
sharply curtailed during recent weeks. Forest
fires during May caused some loss to the lum
ber industry in this district, and interfered
with logging and lumbering operations. Fires
have appeared earlier than usual this year
owing to the unusually dry spring weather.
Domestic lumber markets continued rela
tively inactive during May. Foreign demand,
however, increased, and the volume of new
orders placed in overseas trade during the
M IL L IO N S OF B O A R D F E E T
recent weeks, particularly in the case of lead
and zinc. Sales of copper have been reported
in good volume, but present market prices are
not attractive to many of the higher cost pro
ducers of this metal.
A slight decrease in the production of petro
leum in California during May was accom
panied by an even greater decline in consump
tion, and stored stocks at the close of the
month were 2.2 per cent greater than on May
1st Production of gasolene at California re
fineries during April was 0.8 per cent greater
than during March, a large part of the in
creased output being added to stored stocks,
M IL L IO N S
4 0 0
3 0 0
2 0 0
STORED ST DCKS OF GA SOLEN E X "
(GALLONS)
IO O
8 0
6 0
STORED S OCKS OF P :t r o l e u m
ÍB B L S .)
4 0
PETROL ;U M PROD JCTION
ÍD8LS.)
2 0
A!
Í0LEUM SH IPMENTS
(B B LS .)
IO
--------------------
1924
1923
Production, Shipments, and Stored Stocks of Petroleum, and Refinery
Stored Stocks of Gasolene, 1923-1924
Lumber Production, Orders Received, and Shipments in Twelfth
Federal Reserve District as Reported by Four Lumber
Associations, 1923-1924
month was more than twice as great as in
April and slightly larger than in May, 1923.
Preliminary reports for the mining industry
of the district show a slight tendency towards
decreased production during May, the decline
affecting all of the principal metals. Figures
for national production of copper, silver, zinc,
and quicksilver during April, 1924, and April,
1923, (figures for May are not yet available)
are given in the following table:
Copper (lbs.) (mine A pr.. 1924
M ar., 1924
A pr., 1923
production) . . . . 131,600,000 128,560,000 118,424,000
Silver (oz.) (com
mercial b ar s ) . . .
4,588,375
5,726,600 6,616,000
Zinc (tons)
(slab) .................
44,949
47,775
46,866
Quicksilver (flasks—
__75 lbs., estimated)
1,120
1,165
*
•Not available. Figures for lead are not available.
The reported slackening of producers’ activi
ties during May is no doubt a reflection of
relatively sluggish market conditions ;during
which on May 1, 1924, were 0.2 per cent and
80.4 per cent greater, respectively, than on
April 1, 1924, and May 1, 1923. A statistical
summary of the California oil industry fol1°W S *
P ETR O LEU M
Indicated
Average
Average
Daily
Daily
Consumption
Production (Shipments)
May, 1924
Apr. 1924
Sept., 1923*
May, 1923
(barrels)
(barrels)
639,793
643,328
858,750
694,689
569,590
621,030
779,657
654,942
Stored
r - New Wells — s
Stocks at
Daily
End of
Produe*
Month
Number
tion
(barrels)
Opened (barrels)
99,511,937
97,335,651
85,496,609
70,169,898
150
97
93
56
56,451
37,937
139,960
96,420
•P e a k of production.
GASOLENE
A p r., 1924 M ar., 1924 A p r., 1923 M ar., 1923
(canons)
(gallons)
(calions)
(râlions)
Refinery O utput. 113,124,488 112,234,823 102,428,548 104,402,122
Stored Stocks*.. 246,600,953 246,170,979 136,684,477 138,058,780
*As of the last day of the month.
Output of flour at 16 regularly reporting
mills was greater during May than during
April, this being the first time that May pro
duction has exceeded that of the earlier month
June, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
88
since this bank began keeping the record in
August, 1920. The increased production of
millers evidently resulted from a more active
market demand for their product, as it was
accompanied by a decrease in reported stocks
of flour. Production during May, 1924, was
39.6 per cent greater than during May, 1923,
and 25.5 per cent greater than the four-year
(1921-1924) average for May. Stocks of flour
held on June 1, 1924, were smaller by 8.8 per
cent, 13.3 per cent, and 10.2 per cent, respec
tively, than on May 1, 1924, June 1, 1923, and
the five-year average for June 1st. Reported
stocks of wheat held at the close of May
showed a decline of but 1.7 per cent and 0.9
per cent, from one month ago and one year
ago, respectively, and an increase of 20.2 per
cent over the five-year average. Figures fol
low :
Five-Year
May. 1924
A pr., 1924
May, 1923
United States Department of Labor index
number of building materials prices stood at
180 in May, 1924 (1913 prices=100). This is
1.9 per cent lower than a month ago, and 10.2
per cent less than a year ago (1923 peak). The
Aberthaw index number of the total cost of
constructing a reinforced concrete factory
building stood at 199 on June 1, 1924 (100 in
1915), compared with 200 on May 1, 1924, and
207 on June 1, 1923, the most recent peak.
Average
(1920-1924)
May
Output (bbls.) 421,961 411,405 302,129 336,245f
Stocks*
Flour (bbls.) 449,346 492,486 517,704 500,211
W heat (bu.) 2,269,107 2,307,082 2,288,340 1,886,865
*As of the first day of the following month.
fF our-year average, 1921-1924.
Building Permits Issued in 20 Principal Cities, Twelfth Federal
Reserve District, 1923*1924
Employment in the district generally con
tinued at about the same level during May as
in April, whereas the normal seasonal expec
tation is an increase in the volume of employ
ment during the later month. A slightly
greater volume of unemployment was reported
than in May, 1923. Factors principally respon
sible for the present labor situation are the
unfavorable agricultural outlook, hesitancy in
the lumber industry, and the downward trend
of building activity. Evidence continues at
TH O U SA N D S OF B A R R E L S
900
/ -v
V j T O :k s
off
5
-OUI*'
500
OUT
‘‘O
p u t or FLOUR
j
(B) B uilding Permits—
V**
N o.
B e r k e le y ........
IC O
1923
1924
Monthly Flour Output, and Stoeks of Wheat and Flour at End of Month
of 16 Reporting Milling Companies
A definite, though slight, downward trend
in building activity is indicated by figures of
building permits issued in principal cities of this
district during recent months. In May, for the
second consecutive month, the value of pros
pective building permitted was less than in the
preceding month, and, for the third consecu
tive month, it was less than in the correspond
ing month a year ago* The decline for May,
1924, compared with May, 1923 (187 per cent),
was greater than the estimated decline of
building costs over the same period. The
Fresno ...........
Long B each ...
Los A n g e le s..
Oakland ........
O g d e n ............
Pasadena ----Phoenix .........
P o r tla n d ........
Sacramento . .
Salt Lake City
San D ie g o ___
San Francisco.
San J o se .........
Seattle ............
Spokane ........
S to c k to n ........
Tacoma ..........
May, 1924
Value
235 $ 747,004
77
47,009
98
130,903
411
2,027,373
3,817
8,789,932
1,013
2,240,983
53
144,750
287
691,220
83
102,415
2,535,760
1,251
21
28,700
948,872
290
516,525
193
1,260,208
483
5,478,111
932
249,650
90
4,758,170
960
372,670
236
249,750
86
589,010
340
D istrict ....1 0 ,9 5 6
$31,909,015
No.
May, 1923
Value
247 $ 816,510
164,000
82
241,583
146
1,740,817
478
18,926,881
5,184
935
2,373,020
78
227,000
272
896,373
62
133,287
1,322
2,594,620
17
87,996
297
703,740
179
1,516,295
432
765,865
948
4,928,986
132
337,360
933
1,867,280
288
277,155
121
342,871
388
328,101
12,541
$39,269,740
June, 1924
89
FEDERAL RESERVE AGENT AT SAN FRANCISCO
hand, however, indicating that an influx of
casual laborers from other states has contrib
uted to the present surplus of labor in this dis
trict.
Total industrial sales of electric energy in
the Twelfth District during April, 1924, were
13.1 per cent greater than in April, 1923. The
increase of sales to agricultural and manufac
turing consumers more than offset a decline of
2.5 per cent in sales to the mining industry.
The serious lack of seasonal rainfall through
out the greater part of the district, necessitat
ing more irrigation than in previous years, has
caused a greater demand for power on farms.
Although the increase during the year period in
the use of electric energy by manufacturers
(15.8 per cent) undoubtedly indicates a growth
in the number and an expansion in the
size of such enterprises, it should again be
pointed out that a large proportion of this in
crease is a result of the substitution of elec
tricity for other types of power. A statistical
summary of the industry in the Twelfth Dis
trict is presented in the following tables:
cities in the Twelfth District, 9 cities in the
Twelfth District outside of California, and 11
cities in California during the first five months
of 1924 and during May, 1923. Allowance has
been made for seasonal variation in the re
ported figures, and also for the extra business
day in February, 1924.
Twelfth
District*
20 Centers
1924
M a y ........................ $2,519,700
April ...................... 2,532,000
March .................... 2,605,000
F e b r u a r y ..............
2,785,600
January ................
2,510,400
Outside
California*
9 Centers
California*
11 Centers
$550,900
560,300
557,500
545,100
528,800
$1,968,800
1,971,700
2,047,500
2,240,500
1,981,600
537,300
1,959,900
1923
May ........................
2,497,200
*000 omitted.
M IL L IO N S OF D O LLA R S
Percentage Increase or Decrease (— ) in Volume of Sales
April, 1924, compared with A pril, 1923
Total
AgrtculMann- Industrial
ture
Mining facturing Sales
California .......................
7.5
Pacific N orthw est......... 25.5
Intermountain S tates... 17.3
T welfth D istrict............ 8.4
17.8
15.2
— 42.2
— 2.5
12.2
23.8
7.2
15.8
13.8
13.4
9.7
13.1
Number and Distribution of Industrial Consumers and Actual
Volume of Sales
Number of
Industrial Consumers
A pr.,
A p r.,
1924
1923
C a lifo rn ia .................. 79,090 56,426
Pacific Northwest . . 13,067 11,686
Intermountain States 5,208
4,976
Tw elfth District . . . . 97,365 73,088
Industrial Sales K. W . H .
A pr..
A pr.,
1924
1923
243,143,710 213,532,197
77,465,818
68,262,220
56,782,239
51,731,780
377,391,767 333,526,197
General Business and Trade
The moderate decline in business activity,
first noted in California during March and
April, became general throughout the district
during May, and while trade continued large
in volume it was below the high levels of the
previous two months.
Debits to individual accounts (bank debits)
at banks in 20 principal clearing house centers,
figures of which afford the best single avail
able index of general business activity in this
district, declined slightly during May, 1924, as
compared with April, 1924, whereas there is
normally a slight increase during the later
month. As compared with May, 1923, bank
debits for May, 1924, increased 0.9 per cent, an
amount substantially less than the estimated
rate of normal annual growth (6.5 per cent).
The following table shows bank debits for 20
Debits to Individual Accounts in 20 Principal Cities, Twelfth Federal
Reserve District. 1923*1924
(C) B ank Debits*—
1924
Four
Weeks
ending
M ay 28
16,587
B e rk e le y ........... .$
9,667
Fresno ................
26,311
Long B e a c h .....
49,993
Los A n g e l e s . . . . .
675,695
111,160
Oakland .............
18,323
29,151
Pasadena ............
19,900
146,840
P o r t l a n d ..............
7,161
Reno ......... ..........
41,536
Sacramento
56,728
S alt La k e C it y .
41,317
San Diego...........
718,556
S a n F r a n c is c o . . ,
17,447
161,054
S p o k a n e ................
41,228
Stockton
............
20,077
36,569
8,561
Yakima ...............
.$2,253,861
*000 omitted.
1923
Cumulative
Total for
Year to Week
ending
May 28
$
90,789 $
55,411
157,844
295,346
4,024,785
653,534
120,511
184,266
107,475
818,017
41,912
247,741
321,812
248,924
4,141,777
106,717
907,099
238,354
119,447
209,399
49,929
$13,141,089
Cumulative
Four
Total for
Weeks Year to Week
ending
ending
M ay 29
M ay 29
88,611
14,339 $
62,662
10,777
242,992
38,640
289,243
52,949
625,922
3,440,980
622,067
105,914
25,856
152,358
30,071
165,827
94,623
16,799
133,324
734,214
8,670
49,264
41,290
247,653
55,391
317,306
40,784
239,230
703,928
4,007,008
18,260
114,060
149,082
837,729
42,076
242,026
20,720
114,325
34,101
189,136
8,349
49,043
$2,177,242
$12,300,357
90
June, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
The wholesale trade situation was less favor
able during May than during April or March,
months during which trade at wholesale had
previously been characterized as irregular. Of
the eleven lines of business which report to
this bank, nine showed decreases in value of
sales as compared with May, 1923. Retailers
are buying cautiously, and as trade at retail
has slackened moderately, their immediate
MAY PRICES 1923=10094= MAY I9233ALE5
U.S4UKAU Of LABORM0EX
MO. WHOLESALE PRICES
AGRICULTURAL IMPLEMENTS
AUTOMOBILE SUPPLES
AUTOMOBILE TIRES
cent larger than on May 31, 1923. The rate of
stock turnover during May, 1924, was 2.88 as
compared with a rate of 3.16 during May, 1923.
A detailed statement of the percentage changes
in value of sales and stocks of reporting de
partment stores of the district follows:
No.
of
Stores
Los Ange l e s . . . 6
Oakland .......... 4
Salt Lake City. 4
San Francisco. 10
Seattle ........... .. 5
5
35
♦District
Percentage increase Percentage increase
or decrease(— )in
value of stocks
value of sales
May, 1924.
May, 1924,
compared with
compared with
A pr.,
May,
May,
A pr.,
1924
1924
1923
1923
7.3
0.1
2.2
2.7
— 0.2
26.0
— 11.3
6.0
5.7
8.6
— 5.2 -- 2.4
— 0.6
4.6
24.0
4.7
12.7
0.9
0.8
— 4.5
7.8
— 4.7
—0.9
—3.6
—6.1
—3.0
—4.5
—4.7
•Figures for one store included in district figures not included in
figures for cities shown above.
DRUGS
M IL L IO N S O P D O L L A R S
j
2 6
1
I
t
24
1
1
22
1
I
1
1
2 0
0
20
40
60
60
100
1
18
Dollar Value of Sales of Representative Wholesale Firms and General
Wholesale Prices in May, 1924, compared with May, 1923
needs have diminished. Percentage changes in
the value of sales of reporting wholesale dealers
during May, 1924, as compared with one year
ago and one month ago follow:
Percentage Increase or
Decrease ( — ) in the Valne
of Sales During May, 1924,
No. of
compared with
Firms
May, 1923 A pril, 1924
Hardware
. 21
17
21
8
15
6
. 17
, 28
21
15
27
—21.4
— 13.4
12.6
7.7
— 11.6
— 3.9
— 3.3
— 4.7
— 12.5
— 14.9
— 1.9
—19.1
— 4.8
14.8
— 6.9
0.1
—16.8
— 2.7
— 1.7
1.9
3.2
6.2
s, as indicated by reports received from 35 large department stores,
were smaller in value during May, 1924, than
during May, 1923, and showed less than the
normal seasonal increase as compared with
April, 1924. (Sales during the latter month
were unusually large, however, due to the late
Easter season.) The decline as compared with
a year ago (0.6 per cent), although small, com
pares with gains of 6.1 per cent in March-April,
17.7 per cent in February, and 13.6 per cent in
Jaifuary compared with the corresponding
months of the preceding year. Stocks of re
porting stores on May 31, 1924, were 7.8 per
16
14
12
1924
N //
v V/
^
\ 19
s/
V
23
S/
1
1
/
IO
rt
1
iii
1
1
!
-— - — ——J
1 ! 1
Net Sales of 35 Department Stores in Twelfth Federal Reserve District
(In Million» of Dollars)
Registrations (sales) of new automobiles in
the states of this district during the first four
months of 1924 (an index of purchasing power
of the community) were less by 7.6 per cent
than during the first four months of 1923, the
number of new passenger cars and of new com
mercial vehicles registered declining 7.2 per
cent and 11.9 per cent respectively. These de
clines were the result largely of declines in
registrations in California and Washington.
Total registrations of old and new automobiles
during the first five months of 1924 were 29.2
per cent greater than during the first five
months of 1923. Figures follow:
A U T O M O B I L E R E G IS T R A T I O N S
■New Cara
- Total Cars
Passenger
Commercial
O ld and New
Jan. 1 to M ay
a y 11,, Jan. Ito M a y 1,
Jan. 1 to June 1,
1924 1923
1923
1924
1924
1923
2,816 370
199
Arizona ..............
3,106
49,236
40,007
California .......... 62,780 71,463 5,433 7,103 1,167,475
901,274
2,336 373
158
88,941
Idaho ...................
3,927
49,070
821 428
Oregon ............... 12,634 10,925
159,148* 130,868
2,700
209 285
U tah .................... 3*524
62,608
48,638
Washington . . . . 11,732 15,075 1,421 1,616
219,773
182,443
To tal (6 states) 97,703 105,315 8,627 9,789
•Revised figure«.
1,747,181 1,352,300
June, 1924
FEDERAL RESERVE AGENT AT SAN FRANCISCO
Production of automobiles during May, 1924,
was less than during May, 1923, and April,
1924, by 20.5 per cent and 16.2 per cent re
spectively. Figures compiled by the Federal
Reserve Bank of Chicago follow:
Apr., 1924
May, 1923
Passenger Cars............. 279,385
Trucks ............................ 32,326
May. 1924
336,968
34,977
350,073
42,446
Total ........................... 311,711
371,945
392,446
91
ures in the states of this district during May,
1924, and April, 1924, follow:
No.
Arizona ...............
C alifo rn ia ............
Idaho ...................
Nevada ................
O r e g o n ................
U t a h .....................
W ashington .......
May, 1924
Liabilities
April, 1924
No.
Liabilities
0
01 $ 114,570
127 $1,417,427
96
710,780
5
47,713
24
148,814
2
2,450
0
0
43
327,099
33
249,320
13
138,197
12
369,626
36
503,094
31
556,803
Savings deposits at 72 banks in 7 principal
D is t r ic t ............ 226 $2,435,980
197 $2,149,913
cities declined during May for the second con
secutive month, but were 9.6 per cent greater Percentage increases in the number and liabili
than a year ago. This increase for the year ties of business failures in the Twelfth Federal
period was considerably in excess of the in Reserve District follow:
crease which could be attributed to interest
M ay, 1924, compared with
M ay, 1923
A p r., 1924
accruals alone. Detailed changes in the amount
Number of Business Failures___ 9.1
Liabilities of Business F ailures.. 21.9
14.7
13.3
Banking and Credit Situation
Savings Deposits of 72 Banks in Seven Cities of Twelfth District
_____
(Base year 1919.)
N o t e : Four per cent line represents Savings Deposits as of January 31, 1919,
with interest accruals at a rate of 4 per cent compounded semi-annually, assuming
no new deposits.
of savings deposits during the month and year,
as reported by the 72 banks, are presented in
th e fo llo w in g t a b le :
p „ c . 0, i « w« „
or Decrease ( — )
Number
compared with
of
*May,
•Apr.,
♦May,
May, A pr.,
Banks
1924
1924
1923
1923 1924
Los Angeles .. 13 $337,391 $ 341,228 $303,964
10.9 — 1.1
93,242
93,260
87,008
7.1 — 0.02
49,841
Portland . . . . . 9
49,837
44,825
11.1 — 0.008
28,068
Salt Lake City. 8
28,178
26,282
7.2
0.4
San Francisco. 14
407,998
408,111Î 376,593
8.3 — 0.03
Seattle ........ . . IS
65,442
65,114
57,042
14.7
0.5
Spokane . . . .
17,144
16,910
15,545
10.3
1.4
T o t a l ........ . . 72
$999,232 $1,002,532 $911,259
9.6
— 0.33
*000 omitted.
f Includes one bank in Berkeley which was formerly a branch of an
Oakland bank.
{Revised.
R. G. Dun & Company’s preliminary figures
of the number and liabilities of business fail
There was a marked decline in the requests
for credit accommodation made upon member
banks in the Twelfth District during May and
early June, and an accompanying decrease in
the amount of Federal reserve bank credit in
use. This slackening in the demand for credit
has contributed to the prevailing ease in in
terest rates, which declined still further during
the month ending June 14, 1924. The Federal
Reserve Bank of San Francisco on June 10,
1924, lowered its rediscount rate on all classes
of paper from 4j^ per cent, the rate prevailing
since March 21, 1923, to 4 per cent.
Total loans and investments of reporting
member banks of this district amounted to
$1,370,000,000 on June 11,1924, a decline of $22,000,000 (1.6 per cent) for the month, but an
increase of $1,000,000 (less than 0.1 per cent)
for the year. The decline for the month was
due to decreases both in total loans and in in
vestments, while the increase for the year was
wholly the result of an increase in total loans.
Time and demand deposits declined during the
first four weeks of the period but advanced
sharply during the fifth week, the two items
showing a net gain for the five weeks of
$9,000,000 or 0.7 per cent. Perhaps the most
significant movement of this period was the
increase of $16,000,000 in demand deposits dur
ing the week ending June 11th, accompanied
by an increase of $9,000,000 in loans and in
vestments and a decrease of $6,000,000 in bor
rowings from the Federal Reserve Bank.
Changes occurring in the principal items of
the statement of 74 reporting member banks
in this district during the month and during
the year are presented in the following table
92
June, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
(increases are indicated by plus, decreases by
minus signs). The figures are in millions of
dollars, numbers in parentheses indicating per
centage changes:
Change from
One Month
Ago
Total Loans
Investments
Demand D eposits
Time Deposits...
Borrowings from
Federal Re
serve B a n k . . . ,
Change from
One Year
Ago
+13
— 12
— 3
+25
— 13 (1.3%)
— 9 (2.5%)
+
8 ( 1 .1 % )
+
1 ( 0 .2%)
— 8 (34.8%)
(1.3%)
(3.3%)
(0.4%)
(4.3%)
Principal changes in the condition of the
Federal Reserve Bank of San Francisco during
the month and during the year follow (figures
are in millions of dollars) :
Con
dition
June 11,
1924
1,019
351
733
610
—21 (58.3%)
15
M I L L I O N S OF D O L L A R S
Total Discounts.
Investm ents __
United States
Securities ___
Federal Reserve
Note Circula
tion .................
Total Reserves
Condition
June 18,
1924
Change from
One Month
Ago
Change from
One Year
Ago
— 8 (19.5%)
+ 7 (17.1%)
—31 (48.4%)
+ 17 (54.8%)
33
48
+ 1 0 (30.3%)
+ 3 4 (377.8%)
43
— 2 ( 1 .0 % )
0
— 1 (0.4%)
+ 2 4 (9.0%)
205
292
M IL L IO N S OF D O L L A R S
Total Reserve*, Federal Reserve Note Circulation, Bills Discounted,
and Investments, Federal Reserve Bank of San Francisco
Total Deposits» Loans and Discounts, Investments, and Bills Payable
and Rediscounts of Reporting Member Banks
Declining credit needs in the district further
reduced the dependence of member banks upon
the Federal Reserve Bank and discounts of
the latter, at $31,000,000 on June 18th, were
19,5 per cent below one month ago and 48.4
per cent below a year ago. The Reserve Bank
maintained its earning assets at approximately
the levels of the previous month, however, by
increasing its investment in United States Gov
ernment securities, holdings of which on June
18, 1924, were nearly four times as large as on
June 20, 1923. The volume of Federal reserve
notes in circulation has shown only minor fluc
tuations during recent weeks, the general trend
being slightly downward. On June 18, 1924,
the volume of notes in circulation was the
same as a year ago.
Interest rates declined during the four weeks
ending June 14th to the lowest levels since
1917. The following table shows weekly aver
age interest rates on various classes of paper
in the New York market as reported by the
Federal Reserve Bank of New York:
June 14,
1924
Time M oney.................
Commercial P aper__ 3 ^ -4
Bankers'A cceptances. 2Y%
M ay 17,
1924
3^4-4%
4J4—4J4
Autumn
June 16.
Peak
1923
1923
sy2%
5%
4H
4.8
5
4Ms
On June 9, 1924, the Secretary of the Treas
ury announced an issue of United States Treas
ury Certificates of Indebtedness date June 16,
1924 (Series TD2-1924), maturing December
15, 1924, and bearing interest at the rate of 2^4
per cent per annum, the lowest rate on any
offering of government securities during the
past ten years. Subscription books were closed
on June 11, 1924, the issue oversubscribed ap
proximately 3j^ times.
NOTE: The following table summarizes changes in Federal reserve bank discount rates during the present year:
Federal Reserve
Bank of
Boston .................
N ew Y ork ............
Philadelphia . . . .
C le v e la n d .............
Present
Rate
t y 2%
3%
-jf/
iA
l
4
Former
Rate
4 y2%
»4
, T/
4*4.
4j4
Date of
Change
June 12,1924
June 12,1924
t
,0
June 18,1924
June 1,1924
Federal Reserve
Bank of
Richmond ...........
Atlanta .................
Chicago ................
St. L ou is...............
San F rancisco__
Present
Rate
Former
Rate
4
4
4
4
4
4^
4}4
4J4
4{4
4J4
Date of
Change
June
June
June
June
June
14, 1924
18,1924
14,1924
19,1924
10,1924
*O n M ay 1, 1924, the New Y o rk bank reduced its rate from 4J4 to 4 per cent. T h e other Federal reserve banks (Minneapolis, Kansas
City, and Dallas) all maintain a 4J4 per cent rate, having made no change this year.
@FedFRASER