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M S^N OT 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 THE AFTERNOON B u s in e s s a n d T W E L F T H BEFORE th e OF M A Y 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 e ra l R eserv e B o a rd b y JOHN 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. V . O U T S T A N D IN G in S a n F r a n c is c o , C a lifo r n ia , M a y T w e lfth d e v e lo p m e n ts F ederal th e p a s t m o n th b u ild in g 1st and of b u s h e ls , a p a r tic u la r ly th e w heat la r g e s t in M o n th d itio n In in g of th e 1920, g re a te r. m its and B ank are p r ic e of it th e d is in c r e a s e is con W a s h in g to n . and, th o se and of w ere lo a n s have to m em ber c itie s of th a n m o n th one to fo r b e in g year, done fo r m o n th , and s ta n d in g in re sto o d 000 on in a c u sto m e rs lo c a te d d is tr ic t, s lig h t by in but th e th e th e se la r g e r M ay in in th e A p r il n in e lo a n s th a n th o se per cent and a p p r o x im a te ly th a n th e y th e as a th e 1 0 th w ere $ 1 4 3 ,0 0 0 ,0 0 0 and th e on o u t m o n th M ay w ith in 1 1 th $ 2 2 8 ,6 0 2 ,- to s a le s year to N et tim e . of th e ir s a le s w h o le s a le bank to N et on cen t. 1 .4 w h ere per ce n t, 4 .3 to be w ere a it w as rep ort la s t th a t th e d u r in g g re a te r th a n th e 1920. in th o se fr o m 3 6 .2 per R e ta il num ber of tr a n s a c tio n s A p r il s a le s th a n sto re s th e r e p o r tin g th a n th e y th a t th e cent v a lu e 4 .8 re p o rte d th a n g re a te r per d u r in g in a w h o le . are le s s s a le s le s s a v e r a g in g sto re s is d is tr ic t cent d is tr ic t a s A p r il, r a n g in g s ta tio n e r y g r o c e r ie s . th e 1920, cent d u r in g le s s per O a k la n d and per N in e tra d e w ere d ecreases of w as d u r in g 8 .1 and it is p r o b a b l e th is 1921, of of 16 sam e per tr a n s a c tio n s at reserve $ 2 ,7 9 4 ,6 3 2 ,0 0 0 ' o n 3 .4 c itie s 6 A p r il, 25 w ith of F ederal $ 2 ,5 6 6 ,2 6 0 ,0 0 0 n e t s a le s o f d e p a r t m e n t s to r e s fr o m th ese 15 at A n g e le s in c r e a se s of e le v e n d ecrease L os year ago, and of w ere sam e r e d is d u r in g M ay D u r in g sto o d c e n t d e c lin e fo r th e num ber now 7, Bank in c r e a s e o f 4 .4 p e r c e n t o th e r p r in c ip a l ac reserve are in w ere num ber r e p o r tin g th e $ 7 ,4 0 7 ,0 0 0 th e r e s p e c tiv e ly , th e th a n e x p a n s io n M ay on 1920. 14, 1920, an in w ere fr o m s p r in g 69 in c r e a s e d E xcept p r ic e s sam e on d u r in g th e y e a r . F e d e r a l r e s e r v e n o t e s in a c t u a l g re a te r in 15 w ere a t $ 2 3 8 , 6 7 3 , OCX) c o m p a r e d fa ilu r e s in v e stm e n t season al of 4, now F e d e r a l r e s e r v e n o t e s o f t h i s b a n k in a c t u a l c ir c u la tio n A p r il, o th e r excess M ay 1920, 50 th e lia b ilit ie s in on th e are in c r e a s e d $ 1 6 6 ,0 0 0 ,0 0 0 14, th a t th e m em bers $ 2 3 ,0 0 0 ,0 0 0 d u r in g and R eserve at M ay to c u sto m a ry la r g e g re a te r c o u n ts F ederal 1921, com p ared and is th e th e y 11, in d ic a tin g B u sin e ss one A t th a n M ay 15 th e g re a te r d e p o s its s lig h tly c o m b in e d a p p r o x im a te ly 1920, T h e ir d is tr ic ts ac w h o le s a le ago. cent 1920. m a te r ia l) T h o s e d e s ir in g th is r e p o r t se n t t h e m 8 1920. d e c lin e d c ir c u la tio n in d iv id u a l a p p r o x im a te ly r e s u lte d banks ago of per 7, m o n th per b u ild in g fro m M ay N o. 5 cen t 1920. and th e ir th is of in on p ast th ere d im in u tio n s lig h tly A p r il, be k in d A p r il, e x c e p tin g A g r ic u ltu r a l tiv itie s year season al fa ilu r e , to w ere in now A p r il per v a lu e d ecreased d e b its b u s in e s s h ou se num ber and d u r in g th e 2 7 .4 in th a n a year ago. d e c lin e s a la r g e r w as th e a llo w a n c e w as sh ow ed to th a n m a k in g to e s tim a te d A p r il le s s cent v a lu e due th e y w ere d u r in g v o lu m e a of e x c e lle n t of in c r e a s e (a c c o r d in g cent th a n th e ir c le a r in g s co u n ts le ss on 6 6 ,0 0 0 ,0 0 0 T h e th e sta te per s m a lle r w h ic h le s s th a n ta il of h is to r y to th e 4 8 .9 d o u b tle s s cent a fte r w as T h e is co sts, per in S o u th e rn th e d is tr ic t g e n e r a lly th e n u m b e r o f b u ild p e r m its A p r il, per c h ie fly crop in c r e a s e 1 0 p e r c e n t in e x c e s s o f la s t y e a r ’s y ie ld . due th e d u r in g fo re c a st crop th e tr ic t, a n d T h e in governm en t w in te r th e in D is tr ic t w e re th e m a rk e d a c tiv ity , C a lifo r n ia M ay R eserve 16, 1921 7 .8 per fo r e ig h t r e g u la r ly of A p r il, to cent in th e fir st fo u r 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 th e of th is 1920, p e r c e n t in th e lin e s th e case case of m o n th s a p p lic a tio n . Agricultural and Business Conditions 2 of 1921 th e averaged sam e w h ic h , in in g th e even in v ie w year 1921 th a n M ore th a n th e d is tr ic t, per a in grad es of T h e and s a le s a are le s s It fo u r is th a n an is cent to of 40 at fo r grease, la s t year cent n e a r ly be 10 to com p ared d is t r ic t ’s c lip e ig h ty -o n e a ll g a th e re d th is 16 cu rred d u r in g a p p r e c ia b le crop s th e fir s t dam age th e is f o r e c a s t e d w e st. a b ly th a t everyw h ere H ow ever, w ill b e m illio n in in case th e th e th e se F arm of It som e and C o n d itio n of tw e e n $35 $65 $90 to w h ere a a in w eeks th e a p p le w h ic h of fo r th e th e in th e of P a c ific C a lifo r n ia cent of a p r ic o ts , a p p le s , w ith c h e r r ie s and of to of p ru n es, grap es be is everyw h ere W by th e u n til fo r h arvest tim e , b u s h e ls th e of d is tr ic t of D e s p ite 28 a of is com p ared a te n F or year th e donm ent cent 10 p a s tu r in g , w h o le m a l, 1920. per th e w ith U n ite d as 92 S ta te s as acreage in in te r W re p o rte d excess of to th e be per de and c e n t, c o m p a re d a ten year w ith average w heai abandonee in th e a w h o le , sow n in of th e fa ll e s tim a te d cent cen t. anc aban th e per tc nor 1920, per tc due d is tr ic cent in c e n t. 11 due A r iz o n a cent com e stim a te c per 1 1 .9 of pro th e per per o f 9 1 .4 w heat pre to ta l year, an in th a l w ill w in te r c o n d itio n 8 9 .1 w as com D e p a rt- C a lifo r n ia , cent e s tim a te d average of in a th is acreage per 1st fig u r e c o n d itio n s p r o d u c tio n as o p e r a tio r A s s u m in g b u s h e ls , and th ro u g h o u i S ta te s 5 8 ,0 5 9 ,0 0 0 of w orker« M ay U n ite d average 6 6 ,6 5 4 ,0 0 0 w ith ir as C o a st, u n e m tim e on 1 9 2 0 w a s le s s th a n u s u a l, b e in g g e n e r a lly o f D is tr ic t le a s t fo r e c a s te d is id le e ffe c t. at fo r c e d p ears, P art W h ea t N o rth fa llin g m a r in e th e t e n -y e a r -a v e r a g e v a il be w ith F r a n c is c o are everyw h ere in be in d u s tr y P a c ific m e n t o f A g r ic u ltu r e . of San w orkers am on g o f th e to o f w in t e r w h e a t in t h e T w e l f t l p ile d d r o u g h t, cent m ore m ore w ork com p ared W in te r h isto r y per re p o rte d A p r il. R eserve above ow n b u ild in g e x te n s iv e ly T h e c o n d itio n d o in g E x c e p t in str ik e d u r in g are th e ir board , th e w h ere th e is F ederal pared y e a r ’s in of are w ith d ecreased p la n ts d id w ill p r o b la s t 79 and d is tr ic t is fr u it la b o r $50 o th e r p o rts s lig h tly fa r m e r s am ount la s t y e a r . p lo y m e n t oc d is tr ic t. its 45 per A p r il d e c id u o u s crop to str ik e r e s u lt th a n fa r m pounds lim its . la b o r abundant to fr o s ts f r u i t s in case p e a c h e s , p lu m s , tw e e n tw o a t th is tim e fr o m produ ct th e th ro u g h o u t la r g e s t D e c id u o u s y ie ld W a g e s becau se o r d in a r y d u c tio n ap pears it, th e w ith tim e . la s t y e a r . now fo r th a n in c r e a s in g . fr o m at of are per b e in g p r ic e s a c tiv m ills 50 m and progress, of th e to of in d u str y to r a p id ly th e th e m o n th s 1920. lu m b e r re p o rte d pound th a t th e in D em and c lip in du r th a t im p r o v e m e n t per re p o rte d per is r e p o r t e d ta k e n 75 w ool of lin e s , d e c lin e s in d ic a te fir s t th e year. pound ce n ts w hat fro m lu m b e r new ce n ts th e com p ared th e th o se e ig h t p r ic e ce n t, season al and th a n th e o f m e r c h a n d is e h a s m o v e d d u r in g o p e r a tin g ) 40 re p o rte d e a r lie r fo r d u r in g th o s e m o n th s is now c e n t le s s 1920 o f w h o le s a le of d is tr ic t ity (A per in g r e a te r v o lu m e th is 50 32 p e r io d o a t 4 .( la s t y e a : O w in ^ h e a t— Condition (-----Per Gent of N o rm a l-----1921 1920 10-yr. Average Acreage Sown 1921 Percentage Abandoned 1921 Estimated Yield (bushels) 1921 1920 A r i z o n a ....................... C a l i f o r n i a .................. I d a h o ............................. 80 94 92 4 7 ,0 0 0 10 80 80 81 97 92 90 7 0 2 ,0 0 0 3 7 0 ,4 4 4 28 5 N e v a d a ....................... 92 95 96 3 ,0 0 0 8 O r e g o n ...................... . 99 90 96 7 1 2 ,0 0 0 U t a h ............................... 98 95 94 1 4 2 ,0 0 0 W a s h i n g t o n ............ 99 78 91 1 ,0 8 5 ,0 0 0 T w e lfth 92 8 9 .1 9 1 .4 3 ,0 6 1 ,4 4 4 8 .3 6 6 ,6 5 4 ,0 0 0 5 8 ,0 5 9 ,0 0 8 8 .8 7 9 .1 8 6 .8 3 8 ,7 2 1 ,0 0 0 4 .6 6 2 9 , 2 8 7 ,0 0 0 5 7 7 , 7 6 3 ,0 0 U n ite d (B ) D is tr ic t S t a t e s .. H a y — Estimated 1921 (tons) 8 ,9 8 3 ,0 0 0 1 7 0 ;,0 0 0 1 6 ,0 2 0 ,0 0 0 75,004 1 7 ,5 6 0 ,0 0 4 2 2 ,5 5 1 ,0 0 0 2 9 ,6 4 7 ,0 0 0 2 0 ,1 2 0 ,0 0 Production 1920 (tons) 3 5 0 ,0 0 0 3 9 2 ,0 0 0 3 , 6 5 8 ,0 0 0 3 ,1 9 1 ,0 0 0 5 ,1 8 2 ,0 0 0 N e v a d a ...................................................... .............................. O r e g o n ...................................................... .............................. U t a h ............................................................ .............................. W a s h i n g t o n . . .................................. .............................. 7 5 8 ,0 0 0 2 , 2 6 5 ,0 0 0 1 ,4 1 9 ,0 0 0 1 ,8 9 4 ,0 0 0 D i s t r i c t ............................... ............................... 1 3 , 5 3 5 ,0 0 0 U n ite d S t a t e s ........................................ ............................... 1 0 7 ,7 8 4 ,0 0 0 8 6 4 ,0 0 1 9 ,1 0 0 ,0 0 1 8 ,0 0 0 ,0 0 1 A r i z o n a .................................................... .............................. C a l i f o r n i a ............................................... .............................. I d a h o .......................................................... .............................. T w e lfth 1 , 0 0 0 ,0 0 0 8 ,3 8 3 ,0 0 0 2 ,3 4 0 ,0 0 Condition ,-----Per Cent of N orm al---M ay 1, M ay 1, 1921 1920 80 84 90 85 95 100 90 6 3 1 ,0 0 0 2 ,4 0 2 ,0 0 0 99 93 1 ,4 1 6 ,0 0 0 1 , 6 5 9 ,0 0 0 97 92 99 94 2 ,9 8 5 ,0 0 0 90 1 4 , 6 6 7 ,0 0 0 ~93A ~905 1 0 8 ,2 3 3 ,0 0 0 9 1 .5 8 9 .4 Federal Reserve Bank of San Francisco to th e lo w a b a n d o n m e n t fig u r e w heat crop m a te d at b u s h e ls th e th a n c o n d itio n in th e D is tr ic t, doned and o p p o s ite T h e hay in crop green , th e T w e lfth m ent is on M ay and in to 4 4 9 ,1 4 8 ta b le “ C ” hay, in c lu d in g grasses, F ederal th e R eserve U n ite d A g r ic u ltu r e e s tim a te d at have in have sta te s, p la n te d in red u ced d e s p ite A r iz o n a . w a s a ls o in c r e a s e d s ta n d in g th e w in te r . A p o rte d in m a te d lo w dam age. is to n s. 1920 w as T h e 1920 e s tim a te d and th e M ille r s a la c k a c tiv e in of hay th e in g M illin g on tio n 13 b u s h e ls pared of 1 ,0 3 9 ,6 0 5 p e cte d in is on b u s h e ls A Id a h o io n b u s h e ls on v o lu m e s h ip m e n t (C ) M b e fo r e th e h a v in g b e fo r e th e th is w ith o f th e p e rc e n ta g e year tio n a lly heavy th is y e a r a s com p ared in m ills in and la s t w ith hand on M a y 1, 1920. b u y in g exh au st ex w ill 79 new crop a lr e a d y J u ly been m ent y ie ld so h is to r y m ake of q u a n ti c o m m e r c ia l crop T h e p e a r c r o p is a ls o of y ie ld y e a r ’s. a p p r o x im a te ly of b e r r ie s S to n e 62 A p p le s cent is 66 of 70 is fr u its by th e o f A g r ic u ltu r e 1921 ce n t; ce n t, th e la s t y e a r ’s e s tim a te of ex su f in t h is of crop s 45 p each es, 71 re p o rte d to fr u its , th e S ta tes 1920 crop s C a lifo r n ia fo r D e p a rt and th e fo llo w s : Estimated 1921 in percentage of 1920 crop A p p l e s ..............................................6 , 0 0 3 ,0 0 0 b u s h e l s P e a c h e s ........................................... 3 4 5 ,0 0 0 t o n s P e a r s ................................................ 9 0 ,0 0 0 t o n s P r u n e s ............................................ 9 5 ,0 0 0 t o n s A p r i c o t s ........................................ 1 1 5 ,0 0 0 t o n s 1st. b e in g crop . U n ite d in y e a r ’s a p r ic o ts , are sto n e c h e r r ie s la s t and C a lifo r n ia th a n th a t cent per per in le s s e s tim a te d per Production 1920 m ill co n tra c te d th e 30 per cen t d a m a ge it p lu m s , a n tic ip a te d s u r p lu s y e a r , fiv e in y e a r ’s th e la s t p ears, s u ffe r e d per A n c o n tin u e any y ie ld ; c e n t; have com and to ta l e a r lie r r e p o r t s . e a r ly to e s tim a te and exceed p er cen t. sec is It y e a r ’s boxes, C a lifo r n ia , per m ore 1st L ast a p p r o x im a te h eavy r e s u lt 1st in have dam age, 1 9 2 0 w ill n o t b e crop boxes. a p p r o x im a te ly In w ill w h e a t, A p r il to fr u it, fr o st r e d u c tio n in to excep- N o r t h w e s t p r e s e n t in d ic a tio n s fo r e c a s ts . la s t an of of d is fr o st c o m in g and set e ffe c t fr o m se c tio n . 6 1 0 ,5 0 2 M ay on year w ith o f th e e x te n t acreage la r g e s t a p p le m illio n fe r e d and e x p o rt r e p o r tin g th e th e P a c ific th e p e cte d w ill th is th e fo r 2 ,5 0 0 ,0 0 0 m a n u fa c tu r in g sto c k e d b u s h e ls to a a ll s t a t e s som e o ffse t b o th been to F r u it above re r e m a i n i n g in t h e s t a t e s o f W a s h i n g t o n , O r e g o n and fr u it c r o p s in D e c id u o u s w as y ie ld . in as have in o f th e exp ort w heat s u ffic ie n t o p e r a tio n th is ta tiv e e s ti 1921 1st m o n th s m ille r s 1 ,0 2 4 ,5 2 2 th a t fe w h e a v ily w heat w ith in t h a t s e c t i o n , b u t it is t o o th e hay fo r M a y th a n N on e r e p r e se n ta tiv e S to c k s a m o u n te d com p ared and new In (s e e o p p o s ite p a g e ). flo u r , p ast is y e a r ’s N o rth w e st, fo r w heat flo u r . sta tes, g re a te r are hay is It crop la s t p r o d u c tio n P a c ific dem and d u r in g 1st fiv e b a r r e ls 1 st. b e a r in g in n o tw ith acreage 1920 of to d u r in g O regon . cent c o n d itio n th e of in and y e a r s is s h o w n in t a b le “ B ” of M ay in M arch . m ille r s m a rk e d as w a s e x p e c te d fro m acreage U ta h p r e v a ilin g d ecrease per y ie ld p la n te d Id a h o an d carryover 10 e x p e c te d in c re a se d A creage in s lig h t th a t th e th e p r ic e s C a lifo r n ia d u r in g th e w in te r an W a s h in g to n a p p r o x im a te by and h e a v y p a s tu r in g o f sto c k A r iz o n a w ith la r g e A p r il s u ffe re d D e p a rt- 1 6 ,5 3 5 ,0 0 0 in tr ic t w ild D is tr ic t S ta te s p r o d u c tio n D e c id u o u s a lfa lfa , and U n f a v o r a b l e w e a t h e r c o n d it io n s in th o se 6 6 ,2 5 1 s h o w s th e A p r il p r o d u c tio n m ills 1 7 ,6 8 5 ,0 0 0 t o n s . and m ills d e c lin e d 25 on on o f m ill c a p a c ity “ A ” by b a r r e ls b a r r e ls T a b le r e p o r tin g com p ared re p o rte d r e p o r tin g w ith 75 d is tr ic t A p r il flo u r aban of th is of 4 9 0 ,1 5 2 R e com p ared sh ow n c u ltiv a te d by of T h e sow n crop d u r in g m illio n F ederal of year. of cut e stim a te d Hay w heat o u tp u t sta te s e s ti p a g e ). to ta l g r a in s 1920 now e s tim a te . T w e lfth acreage T h e to ta l w in te r is e ig h t 1st w in te r th e e s tim a te d fo r or A p r il th e of th e th e p r o d u c tio n (s e e of th e S ta tes b u s h e ls th e sta te s serve th e U n ite d 6 2 9 ,2 8 7 ,0 0 0 m ore T h e 1 st, of 3 79 71 70 65 45 C h e r r i e s ........................................ 1 5 ,0 0 0 t o n s 66 P l u m s .............................................. 3 5 ,0 0 0 t o n s 62 illin g — -OutputN o. M ills Reporting April March C a l i f o r n i a _____ April (barrels) March (barrels) Per Cent M ill Capacity in Operation April March April 1921 1921 1920 11 11 1 9 4 ,8 1 5 1 9 0 ,3 1 6 45 45 5 7 .5 .2 5 27 1 1 1 ,5 6 2 W a s h in g t o n .. . ..3 3 I d a h o .................... 5 U t a h ...................... . . . 1 33 4 2 4 8 ,9 4 3 1 1 7 ,8 9 6 3 0 4 ,2 2 2 35 33 37 41 74 76 25 57 72 D i s t r i c t .............. . . . 7 5 76 3 4 .5 45 O r e g o n .............. . 1 7 ,8 4 6 (In c lu d e d 5 6 3 ,1 6 6 1 6 ,9 8 3 in C a lifo r n ia 6 2 9 ,4 1 7 fig u r e s ) 6 9 .8 crop Agricultural and Business Conditions 4 G reen fr u it e x p e cte d to s h ip m e n ts be h e a v ie r to E a ste r n th is year p o in ts th a n P r ic e q u o ta tio n s o n g r a p e s h a v e n o t y e t b e e n are n o r m a l, s ta b iliz e d d u e t o r e p o r t e d c r o p l o s s e s in t h e R o c k y M ou n th e ir ta in a ls o of and th e M id d le fa c t th a t w ill n o t b e If th e so d r ie d s m a lle r fr u it in m em bers fr o m p ru n e 1920 r e c e n tly m a te s in and th e th e 75 F rost w h ile ta in per a c a m p a ig n cent fie ld fo r of th e a p r ic o t a p r ic o ts at 50 per (1 0 ,0 0 0 t o n s ) and v in e s lo s s e s to C om pan y, th e w h ic h C a lifo r n ia , in cer to ta l cro p to S ta tes of h ir e d L a b or per 3 3 y s th e th a n r a is in s w ill be 1 8 5 .0 0 0 to n s in T h is sam e agen cy acres in th e la n d tu r e , d u e to n e w r a is in s over th a t th e 5 0 ,0 0 0 r e m a in w ill crop com es on p ast fe w B ased M a y on r a is in to n s d is p o s e d th e of now m en pared w ith so m uch to th e are r a isin of ta b le produ ced to d e p le tio n th e O c to b e r. crop F a r m crop th a t p re sen t has new F o r th e been c o n d itio n com grap es of th e v in e y a r d s w o u ld be 1 5 0 ,0 0 0 to w ork fo r c u r ta ile d do of Supply per cent of normal 1920 80 84 84 90 la b o r in t h e U n i t e d W a g e s 45 per and an fo r is ta b le in th e fa r m cent in la s t y e a r a ll th e as s e c tio n s n ecessary com bal p ro d u c ts w itli are to a la r g e and tr a d in g la n d s fa rm e rs in cases needed. of s u p p ly sta te s and o f th is S t a t e s is s h o w n p a id are com is d u e n o l e ffo r t to th e ir ow n h e lp c o m p a r a tiv e fa r m dem and d is tr ic t and in t a b le “ D . ” la b o r e r s a re a p p r o x im a te ly lo w e r th is year th a n in 1920 F i g u r e s a r e n o t a v a i l a b l e f o r a l l s t a t e s , b u t i t is e s tim a te d fr o m to $35 th a t to w ages $50 per $ 9 0 per m o n th L ittle change situ a tio n w ith board m o n th w ill com p ared average w ith $6^ la s t y e a r . w as re p o rte d in d u r in g A p r il, c o m p a r e d th e liv e s to c k w ith th e pre v i o u s m o n t h s o f 1 9 2 1 . D e f ic ie n t r a in fa ll in s o m e s e c tio n s , L iv e s to c k w e a th e r of fe e d and in c lo u d y o th e rs crop s, and fr e e z in g re ta rd ed but g ro w th fa v o r a b le c o n d i tio n s d u r in g th e w in te r a n d e a r ly s p r in g cau sed su ch tio n 1921 A r i z o n a ............................... ................. 1 1 0 C a l i f o r n i a .......................... ................. 9 0 I d a h o ..................................... ................. 1 0 4 A fo r In n e ig h b o r in g a d d itio n a l one th ere 1 00 jo b s m ore th e ir w ith th a n each 1 0 0 jo b s , la b o r e r s fa r m e r s p r ic e s w o r k in g m ore fo r tc g re a te i a g r ic u ltu r a l o p e r a tio n s w h ic h to d is and everyw h ere S ta te s each each th e how ever, w ords, fo r fa r m th e m s e lv e s . la b o r to n s L a s t y e a r th e 3 8 0 ,0 0 0 t o n s o f w in e g r a p e s L a b o r ----- m en te n d e n c y on th a t C a lifo r n ia ’s p r o 1 6 0 .0 0 0 t o n s o f t a b le g r a p e s . (D ) 69 fo r in dem and U n ite d a v a ila b le s u p p ly s lig h tly O regon a v a ila b le th e dem and to o th e r are In d is p la y in g w h ere c u l 1920 b e fo r e a n d o f w in e g r a p e s 2 2 5 ,0 0 0 t o n s . sta te 1919. o u t e a c h s e a s o n b e fo r e O c t o b e r 1 st. th e In m en jo b s . w ith in grap e th e due of m a r k e t in th e 1 s t, it w a s e s tim a te d d u c tio n of in c r e a s e o f 2 0 ,0 0 0 to u n s o ld , b u t, be years p le t e ly s o ld y ie ld to n s o f d e a le r s ’ s t o c k s , g r o w e r s b e lie v e h o ld in g s sta te com p ared 1 9 7 ,5 0 0 re p o rts an th e p la n tin g s d u r in g th e p a s t y e a r . A p p r o x im a te ly of lo s s d e v o te d one. hundred 109 s u p p ly c o s ts o f p r o d u c tio n , th e y cen t th e ii th e U n ite d th e w as red u ced per fo r w as n o r m a l, fa llin g to n s, and D em and of by sta te s r a p id ly and 1 3 5 ,0 0 0 1920, to hundred a ll b e lo w r a tio one one in R a is in 93 to n C a lifo r n ia , A s s o c ia te d c o n tr o ls h o ld in g grow ers A p r il fa r m average ce n t, n orm al N evada. m ake d u r in g re p o rts. in are year A g r ic u ltu r e , except enough ex ten t be a c o m p ile d of la b o r tr ic t th e ir w ill fa r m F a rm e s tim a te d th e fig u r e s D e p a rtm e n t o f t h e r a is in g r a p e c r o p r a is e d in C a li f o r n ia , h a s th a t $75 e a r ly in d ic a te d C a lifo r n ia in grow ers L ast to n . D ecreased grap e grow ers a to n . averaged A c c o r d in g to r u n s fo r d e p a r tm e n t e s ti not dam age e x te n t grap es above G row ers’ p e r c e n t o f la s t y e a r ’s p r o to s e c t io n s , d id T h e d r ie d to n s). dam age G rapes th e per m a p r o b a b ly A p r ic o t o f d r ie d in flic tin g h e a v y th e w ill ta b le som e at $100 c r o p , a n d w in e g r a p e s s o ld a t a n a v e r a g e o f $ 6 i is o f u s u a l s iz e . and Its at 75 ( 9 0 ,0 0 0 la s t y e a r . presen t c e n t o f la s t y e a r ’s p r o d u c tio n d u c tio n to sta te c o n tr o ls 8 2 p e r c e n t o f th e crop th e p ru n e cro p w ere c o n tr a c t, w h ic h sta te . 1921 th a t a n tic ip a te d c o m p le te d under a new acreage A t P rune seven y ea rs, an d n o w acreage now in m ovem ent v o lu m e . C a lifo r n ia A s s o c ia tio n as th e y y ie ld fr u it carryover T h e in s e c tio n s , a n d o p e r a tio n s e x te n s iv e r e d u c tio n s te r ia liz e , be W e ste rn can n ery a lth o u g h grap es abundant has g ro w th not been th a t m a te r ia lly th e gen eral s itu a a lte r e d . Demand per cent of normal 1920 1921 75 93 88 140 104 147 106 99 118 57 81 85 95 92 105 103 86 108 77 95 101 102 113 93 1921 Per cent of Supply to Demand 1920 N e v a d a ................................ ................. 9 8 O r e g o n ................................ ................. 9 9 U t a h ........................................ .................1 0 7 78 95 W a s h i n g t o n .................... ................. 1 0 3 78 91 100 113 78 7 2 .4 8 7 .5 1 0 5 .3 1 0 8 .8 6 8 .8 U n i t e d S t a t e s ................. ................. 9 5 .2 Federal Reserve Bank of San Francisco T h e c o n d itio n A r iz o n a is s till r e lie f fr o m c a ttle and in ea ste rn s e r io u s , drou gh t sh eep and th ere s o u th e a ste rn w here but to ste e rs and and th e re of fir s t n in e m o n th s o f th e but b r e e d in g a n im a ls w ere p o s s ib le , s p r in g p u rch ases p r in c ip a l c lo s e ly sh ow n tio n ta b le s M arch h o g s , w h ic h w ere p r in c ip a l and of lo w e r T h e in o f liv e s to c k at la s t year, th e th is to in a d e c lin e p r ic e s 1921, num ber th e d is tr ic t show brood T w e lfth sow s F ederal in Sow s In th e d is tr ic t as a in th e num ber of b r e e d in g th e b e lo w year. (E ) R e c e ip ts T h is rep ort sh ow s 1, sta te s D is - 1 9 2 0 fig u r e s . w h o le a r e d u c tio n sto ck th e fro m d u r e ffe c t Cattle as a r e s u lt of w h ic h brood sow s (H ) p a st. th e by th e sta te s been m id d le reason p r o d u c tio n is fo r sh ow n e s tim a te d fo r o f B r o o d on . . O r e g o n ............................... . . U t a h ...................................... . . . fe e d o th e r 1921 and a a c tiv e ste a d y w est fo r th e d is in ta b le num ber of 1920. S o w s — 1, 1921-------- , T w e lfth U n ite d 5 ,4 0 0 6 ,0 0 0 92 8 6 ,0 0 0 9 3 ,0 0 0 90 90 92 1 6 ,0 0 0 1 8 ,0 0 0 5 ,0 0 0 3 8 ,0 0 0 87 9 0 .1 S t a t e s ... . . , 9 7 .8 D is tr ic t. . . . Number Estimated Number April 1, 1920 90 , W a s h i n g t o n ................. .. , Calves April April 1921 1920 April 1920 4 ,0 0 0 3 5 ,0 0 0 90 1 1 ,0 0 0 1 3 ,0 0 0 3 0 ,0 0 0 3 3 ,0 0 0 1 8 7 ,0 0 0 2 0 6 ,0 0 0 8 ,7 8 6 ,0 0 0 8 ,9 8 5 ,0 0 0 Hogs 1 4 ,3 5 3 2 ,7 9 5 2 2 ,1 7 2 1 2 ,2 0 0 72 2 1 ,0 0 4 5 ,1 6 0 3 0 ,0 4 8 4 ,3 2 6 35 60 42 1 1 ,3 0 1 S e a t t l e .................................. ...4 ,5 5 8 4 ,3 2 5 130 298 5 ,5 1 5 7 ,1 9 5 S p o k a n e ............................... ...2 ,5 0 9 5 ,0 1 8 226 292 2 ,3 2 7 6 ,9 1 3 5 ,3 9 1 T a c o m a ...................................1 ,8 2 6 1 ,1 3 1 36 3 4 ,0 8 5 3 0 ,4 2 3 1 9 ,4 0 7 P u r c h a s e s f o r 2 2 ,2 4 3 L o c a l 1 ,1 1 0 1 ,6 9 8 Cattle Calves April April 1921 1920 3 ,1 6 1 2 ,0 7 7 4 ,2 1 9 359 645 8 ,8 6 5 1 ,2 5 6 1 51 23 4 ,5 5 8 1 ,1 3 4 4 ,2 8 6 130 S p o k a n e ........................ 2 ,5 8 1 50 T a c o m a ......................... 1 ,8 2 6 1 ,1 3 1 T o t a l .......................... 1 2 ,7 5 6 1 3 ,4 7 3 L iv e s to c k Lo w e st W eek ending 637 3 1 ,9 1 2 5 3 ,3 2 1 4 7 ,7 5 4 Hogs April 1921 April 1920 P o r t l a n d ...................... 2 ,4 6 0 1 ,5 8 6 3 ,3 9 9 543 209 93 211 57 225 586 S la u g h te r — April 1921 S a lt L a k e C i t y . . S e a t t l e ............................ Horses and M ules April April 1921 1920 April 1920 868 T o t a l ........................... Sheep April April 1921 1920 April 1921 237 in T h e A r i z o n a ............................... . . C a l i f o r n i a ......................... . . . I d a h o .................................... . . . 48 and A lth o u g h O n has th e Per Cent of Preceding Year 670 R a n g e d is tr ic t ,---------April 2 ,5 0 1 H ig h e s t m any reversed , as la c k in g . fr o m g iv e s N u m b e r 9 ,2 6 8 (G ) th e d e c lin in g “ H ,” C i t y ...............3 ,0 6 3 (F ) s la u g h te r e d . p a r tia lly be hogs m o n th s P o r t l a n d ............................ ...7 ,4 5 1 Lake th e 1920, w hen o f L iv e s to c k — April 1921 S a lt and year fe e d in th e A p r il 1 8 7 ,0 0 0 o r 9 .2 p e r c e n t , o c c u r r e d th e to d u r in g R eserve tr ic t w a s u n ifo r m ly in g and appears S ta te s D e th a t on B rood 2 0 6 ,0 0 0 to at p r ic e s c h a r a c te r iz e d d e m a n d fo r p o rk p r o d u c ts h a s b e e n th ree of is n o w “ G .” o f A g r ic u ltu r e of d is tr ic t hand as e x c e p tio n h ig h w h ic h t i m e p a s t , c o n fid e n c e in t h e h o g b u s in e s s in t h is im p o r te r is p r ic e s h a s b e e n a b u n d a n t a n d lo w e r in p r ic e f o r s o m e A p r il little v a r ia E s t im a t e s c o m p ile d b y th e U n it e d of fiv e s itu a tio n t r ic t ’s o w in g of p a rtm e n t th e th e d u r in g sh ow ed ran ge ta b le in g r a s s -fe d “ F ” m o n th m a rk e ts A p r i l is s h o w n d is tr ic t fig u r e s , w ith m a rk e ts. in c r e a se of s la u g h te r th e th o se th e an R e c e ip ts lo c a l of “ E ” d u r in g fro m fiv e fo r m a rk e ts in ea ste rn la m b s . a p p r o x im a te P r ic e s been m a rk e ts n o im hog o f th e F e e d in g th e has e a ste rn in d u s tr y d e c lin in g L o c a l d e m a n d fo r liv e s to c k h a s s h o w n s h ip m e n ts s w in e no m a n y lo s s e s a re r e p o r te d . p ro v e m e n t, th e been h a v in g c o n d itio n s . c o n tin u e s 5 Sheep April 1920 April 1921 April 1920 3 ,8 1 6 1 ,6 2 1 269 5 ,8 3 0 2 ,4 5 3 5 ,8 7 1 6 ,8 5 3 3 ,0 3 8 6 ,9 5 1 178 1 ,5 1 3 3 ,5 1 6 1 ,0 0 7 4 ,3 2 6 41 36 3 4 ,0 8 5 2 ,4 6 0 3 ,3 9 9 637 726 1 ,1 1 8 2 4 ,4 5 2 2 0 ,1 3 0 2 1 ,9 2 9 1 0 ,4 4 1 5 ,6 7 4 4 ,9 9 6 P r ic e s — A ve ra ge Top P r ic e s Per H u n d r e d w e ig h t R e c e iv e d at F iv e P r in c ip a l M a rk e ts D u r in g A p r il. Fat Steers Cows Calves Hogs Lambs 4 ................................ 1 1 ............................... $ 6 .7 5 -7 .7 5 6 .0 0 -8 .0 0 $ 5 .2 5 -6 .7 5 5 .2 5 - 6 .7 5 $ 6 .0 0 -1 3 .0 0 5 .2 5 -1 3 .0 0 $ 9 .4 0 -1 2 .0 0 9 .0 0 -1 1 .5 0 $ 6 .1 5 -8 .0 0 5 .0 0 - 8 .0 0 A p r i l 1 8 ................................ A p r i l 2 5 ................................ 7 .2 5 -8 .0 0 7 .2 5 - 8 .2 5 6 .0 0 -6 .7 5 6 .2 5 -6 .7 5 1 0 .0 0 -1 1 .5 0 1 0 .0 0 -1 1 .5 0 8 .6 0 -1 1 .0 0 8 .0 0 -1 0 .7 5 5 .0 0 - 9 .0 0 7 .5 0 - 8 .0 0 A p r il A p r il Agricultural and Business Conditions 6 D u r in g a th e r e la tiv e ly fr o m th e P a c ific by W o o l past tw o heavy N o rth w est w a te r. lo c a l m o n th s th ere has been on 1920 c lip w ool d a ir y m ovem ent of It and is e a ste rn e stim a te d ea ste rn a p p r o x im a te to th a t h o ld in g s fr o m 65 to 75 lim ite d u n s o ld p o n d in g cent S p r in g new c lip is n o w fe w s a le s have to 16 w ith c lip is per p r ic e s of advanced b e in g p la c e d been ce n ts w e ll m ade pound 50 in c e n ts on th e a th e a t p r ic e s and th e 10 pound p a id fo r new are r e d u c in g th e ir a to u c h do fo r pack of m o n th s h a v e 1920 pack. m u tto n a cte d s a c r ific e . L o w la m b s d u r in g th e p a st fe w as an A lth o u g h p re se n t, it e ffe c tiv e check on p r ic e s th is is e s tim a te d y e a r w ill b e b e lo w th a t th e to ta l th a t o f 1920. c lip T h e th is fo llo w in g O f A c c o r d in g tiv e ly c o m p a n ie s th ro u g h o u t th e d is tr ic t: Estimated Percentage 1920 Clip Unsold Estimated Clip 1921 in percentage of 1920 Clip 5 ,0 0 0 ,0 0 0 6 5 -7 0 75 C a l i f o r n i a . . . . 1 2 ,0 0 0 ,0 0 0 2 1 ,0 0 0 ,0 0 0 80 90 7 0 -8 0 90 9 ,0 0 0 ,0 0 0 80 1 4 ,0 0 0 ,0 0 0 6 5 -8 0 75 80 100 A r i z o n a ............ I d a h o .................. N e v a d a .............. O r e g o n ............. U t a h .................... . 1 5 ,0 0 0 , 0 0 0 W a s h i n g t o n . . 5 ,0 0 0 ,0 0 0 W h o le s a le San p r ic e s F r a n c is c o A p r il 1st to of 92 score m ark et rose 37^4 on E a ste rn D a ir y to w a rd P r o d u c ts p r ic e fr o m 34^2 th e c lo s e d e c lin in g th e to 31 P r o d u c tio n has in d u c e d a g e h o ld in g s . a tiv e d u r in g on M a y 1 st, at 1921 th e has con d en sed sh ow n p r e c e d in g m a in e d u n fille d T h e flu id th e c ific m o n th . in 1920, e v a p o ra te d change T h at d r e d w e ig h t. T h e brokers p r o d u c in g and m a rk e t th a t th is th e and red c o n d itio n s season s iz e of a of s a lm o n , th e w h ic h s h o u ld th e s a lm o n year and v a r ie s and to th e a c c o r d in g b r in g in g r e la fr o m Y u th e fa c t th a t th e fo u r y e a r s tw o -y e a r a th e r iv e r s o f C o lu m b ia is b a s e d o n be o f s a lm o n s p a w n in g b e d s in fr o m o f tw o th is a to d e f fo r d iffe r e n t c o n ju n c tio n of c y c le s . n u m b e r s o f th e c a n n e r ie s a re e x p e c te d r e m a in w ho c lo s e d d u r in g o p e ra te , th e th e ir a n o th e r th ere lo s s e s v a lu e year. b y u s in g w o u ld T h is th e season , m a jo r ity up and of e x p e c t to m in h e ld -o v e r su p g r e a tly c u r ta ilm e n t d e p r e c ia te in of is o u tp u t cea sed per (I ) M o v e m e n t th e ir sto r com p ar B u tte r — S to r a g e April April 1921 N et 1920 N et Withdrawals Withdrawals (Pounds) (Pounds) City M ay 1 1921 Holdings (Pounds) M ay 1 1920 Holdings (Pounds) L o s A n g e l e s . . . . * 2 6 ,7 8 6 P o r t l a n d .............. . . 3 2 ,2 8 8 S a n F r a n c i s c o . . * 6 3 ,4 8 7 * 1 1 8 ,8 5 7 * 2 ,3 3 9 1 5 0 ,8 5 1 1 0 ,6 1 1 1 2 1 ,2 3 3 6 ,2 9 8 * 1 3 ,8 9 0 2 7 5 ,5 7 3 * 1 8 ,9 6 2 1 7 ,7 6 6 4 3 ,8 5 8 2 3 4 ,1 2 6 820 1 4 1 ,5 2 3 1 5 2 ,8 5 2 4 8 0 ,8 9 3 3 6 2 ,4 7 7 w ith d r a w h o ld in g s m a rk e ts o f C o ld T o t a l s .............. , of * N et in c r e a s e . by m ilk dem and in d u s w ith th e has re a s lig h t in c r e a s e (J ) in P r ic e s R e c e iv e d Sectionf to m ilk p re se n te d producers b y in ta b le “ J ,” b y M ilk April Range M o u n ta in (1 3 2 M k t s .).$ 1 .9 2 -$ 2 .9 1 P a c i f i c ( 1 7 6 M k t s . ) . . . 2 . 6 0 - 3 .4 0 U. S. ( 3 ,0 0 6 M k t s .) ... 1 .5 4 - 4 .6 5 P r o d u c e r s *— April A v erage M arch A v e rage April 1920 A verage $ 2 .3 6 3 .0 2 $ 2 .4 8 3 .0 1 $ 3 .0 1 3 .3 4 2 .6 2 2 .6 4 3 .2 5 12 c e n ts p er h u n d r e d w e ig h t In te r m o u n ta in sh ow s and a ste a d y ce n ts com p ared th e p r ic e p a id d is tr ib u to r s , of P a P ackers o n e -fo u r t h ord ers. a d e c lin e pack in on th e and p r in c ip a l of p lie s , w h o s e m o n th , th e a la s t ta b le “ I .” is s h o w n average d is tr ic t and fo u r and little ste a d y m ilk sh o w s in A p r il, d is tr ic t s h o w n T h e try in c r e a se T h i s is in d ic a te d b y ru n a p p a r e n tly s ta te m e n t o f th e in c re a se s a n d a ls th e d e a le r s to th e fo u r -y e a r im iz e th e r e m a in in g o f a ll v a r ie t ie s e s tim a te v a r ie tie s , th o se p a s s e d th e p e a k , a n d p r ic e s h a v e r e a c h e d a le v e l th a t h a s to c y c le s L arge on S h ip m e n ts of in ite to ce n ts A p r il 12th , d u e to dem and. pound. b u tte r , annual th e 100 75 7 5 -9 5 of a p p r o x i- y e a r ’s p r o d u c tio n re p o rts, ru n N o rth w e st k o n . T h is Estimated Clip 1920 (pounds) lo c a l sh ow n s till la s t rep ort sock eye to la r g e th e w areh ou se is corres s a lm o n has is of cases th e th a n c h in o o k , th e o ce a n and its a r e n o t v e r y p le n t ifu l, a fa ir p a c k is a n tic ip a te d . r e p r e s e n ta tiv e grow ers of m ilk p r ic e s o f th e th e re s a lm o n , m ore p e r c e n ta g e fig u r e s a re a v e r a g e s o f e s tim a te s b y w ool w ith n o t w a rra n t th e te n d e n c y . d e fin ite fig u r e s a re n o t a v a ila b le a t lo w w areh ou ses. canned fo r v a r ie tie s o n e -t h ir d 6 ,5 0 0 ,0 0 0 of out fin a n c ia l m o n th s, c lo s e flo c k s , w h e r e it h a s b e e n p o s s ib le to d o s o w ith great part d e c r e a sin g dem and “ chum ” m a te ly C oast in g a flu c tu a tio n s or r e s u lt o f th e of in r e p o r t e d J to b e lo c a l c o n s u m in g fe w c ific to fo r m a rk e t fo r fre sh in c r e a s in g and r e v iv a l a s S a lm o n areas th e dem and. “ p in k ” grease, com p ared w o o l a t th is tim e la s t y e a r . Sheepm en to or m a rk e t. A o f fr o m and lia b le A lth o u g h th e s h e a r in g and s u p p ly of la s t y e a r ’s c lip . p r o d u c in g s u p p lie s p o in ts , c o m b in e d per o u tsid e a d is tr ic t, r ise fo r m e r w h ile of one se c tio n cent is th e P a per h u n dependent * A l l p r i c e s p e r h u n d r e d w e i g h t f o r m i l k t e s t i n g 3.5 p e r c e n t b u t t e r fa t. t M o u n t a in S e c t io n in c lu d e s Id a h o , U t a h , N e v a d a a n d A r iz o n a . P a c ific S e c tio n in c lu d e s W a s h in g t o n , O re gon a n d C a lifo r n ia . 7 Federal Reserve Bank of San Francisco e x p e c te d d u stry to in s a lm o n to p ackers have a s a lu ta r y p e r m ittin g be con su m ed hope r e -a d ju s te d th a t to a e ffe c t presen t by th e th e of of of p a c k in g s e llin g in canned 1 9 2 2 , a t w h ic h cost b a sis on sto ck s tim e can p r ic e be w rh i c h w ill m o v e th e p r o d u c t in t o c o n s u m i n g c h a n n e ls . S ig n s o f an season al i m p r o v e m e n t w h i c h is m o r e t h a n are now n o tic e a b le in d u s tr y o f th is d is tr ic t. gon and been c lo s e d L u m b er are p art tim e m a te d th a t 75 tr ic t are fo r cent o p e r a tin g lu m b e r in g th e w h ic h p a st fe w and o f th e th e m ills d is tr ic t, to ta le d w ith 2 0 2 ,9 7 0 ,0 0 0 w eek s, th e or an per of m o n th per cen t. by 1 1 .9 of fe e t p resen t in cen t. M arch or cent above a ctu a l cut an to in T h e in g p resen t m ark et a c tiv ity c r e a s in g and fr o m lo c a l and in g . A 58 54 50 50 42 fe e t, c o m p a r e d 38 38 cent fo u r d u r in g ea ste rn to A tla n tic w ith th e fo r th e and d u r in g th e in c r e a se th e w ith of tu rn of th e p r o d u c tio n w h o le s a le (K ) in d u str y and in c r e a se d 1 1 .7 fo r 18 »4 10 fr o m f e e t in per cent has q 14 IO -O _eo a ll dem and in k in d s is in m o v e m e n t to ce n te rs is p o in ts has M is s is s ip p i a c c o m p a n ie d to w a rd n orm al and grow ta k e n v a r ie tie s r iv e r s . th e re le v e ls th e and N. v. VO th e been A g e n e r a l c u t in ers o f fr o m of N* Indexnumberderivedfromweightedaueragepricesofrepresentativegrades ofOoug!asFir, YellowPine,Mort/iCarolinaPine,WMePine,Hemlock,Spruce&Cypress. T h e of average k in d s of 25 w ith its of th e by to resu m e m e n ts fo r c ia tio n s tio n a l sh ow n th e in t h i s L u m ber th e not w ork im p r o v e d lo g fo rm e r s h o u ld a c tiv ity . m ark et lo g g in g p resen t C o m p a r a tiv e has its v is ib le lim ite d , m a n y , lo g g in g dency o f lu m b e r in m ill in d u s t r y , b u t a s th e la tte r in c r e a s e c o n d itio n th e w ages p e r c e n t is r e p o r t e d . o p e r a tio n s u n s a tis fa c to r y th o u g h th e 40 in d u str y th e r e s p o n d in g ly th e to lo g g in g e n la r g e s o f th e a ll 18 cut c o n tin u in g and c o n s u m p tio n p r ic e 22 T h e w eek have 26 22 5 4 .0 A p r il w o o d s in t h e t e r r i t o r y n o r t h L o w e r p r ic e le v e ls 26 u n is o n seab oard east 30 re l u m b e r is r e s u m i n g c o m p e t i so u th e rn O h io 34 30 o f t i m b e r s is s h o w c o n s u m in g p la c e a n d w e s te r n tio n to 34 a p p r o x im a te ly lu m b e r s ta b ility . w eek 62 54 n o t ic e a b le in c r e a s e in in t e r c o a s t a l s h ip m e n ts of fo r ’' S o f t w o o d P r ic e In d e X 1 9 2 0 - 1921 -------------------- 46 w h ic h th e p o s s ib le e x c e p tio n 's r — d is p r o g r e s s d u r in g th e p a st tw o m o n th s . w ith e o f th e com p ared th u s b — 42 w ere sto ck s m 58 3 3 4 ,1 9 9 ,0 0 0 and ‘‘ L u 46 is fe e t, p r o d u c tio n , r e d u c tio n in d e x n u m b e r c o m p ile d sin c e J a n u a r y , 1 9 2 0 : o !: exceeded A p r il, ste a d y lu m b e r p r ic e “ L u m b e r ,” re per S h ip m e n ts per a p p r o x i fo llo w in g c h a rt tr a c e s th e m o v e m e n t o f th e s o ftw o o d by be re p o rts to r e c e iv e d 2 1 0 .9 1 8 .0 0 0 fe e t in 5 8 .4 T h e to th e p e a k le v e ls o f 1 9 2 0 . 62 40 p r o d u c tio n M arch , orders e stim a te d on p r e c e d in g 4 7 .4 3 3 4 ,9 3 4 ,0 0 0 A p r il per th e O rders to ta le d 2 1 7 .3 9 8 .0 0 0 in n orm al m ills . now a s s o c ia tio n s 2 9 9 ,2 3 5 ,0 0 0 fe e t T h e cent p o r tin g lu m b e r in c r e a s e m o n th . 75 w ith a c c o r d in g fo u r is d e c lin e o f w h o le s a le e s ti e ith e r it is A p r il th is com p ared o f lu m b e r , w h ic h m a te ly 4 0 p e r c e n t fr o m 50 per cent T h is now o p e r a tio n s c e n t d u r in g th e fir st m o n t h s o f th e y e a r . fr o m p r ic e s , have 50 per c e iv e d s lig h tly m o r e th a n e x c e s s o f th e g e n e r a l d e c lin e m o n th s to p r o d u c tio n is in is n o w th e p r ic e s o f o n e y e a r a g o . L u m b e r m i lls in O r e s c h e d u le s , per th e W a s h in g to n r e s u m in g fu ll o r in so ftw o o d b e lo w A t is c o n s id e r e d in te r e s ts s u p p ly c o m p a n ie s cor p resen t and, of sh o w a l lo g s no is ten o p e r a tio n s. fig u r e s of r e p o r tin g c u t, o rd e rs m ills o f th e d is tr ic t a s fu r n is h e d and s h ip fo u r asso by th e N a M a n u fa c tu r e r s ’ A s s o c ia tio n , are in t a b le “ K . ” L u m b e r — C a l if o r n ia W h it e A verage W est C o a st W e ste rn P in e L u m b e rm e n s * M a n u fa ctu re rs9 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 A s s o c ia t io n r N o. April 30 a n d S u g a r P in e C a lif o r n ia R edw ood T O T A L A s s o c ia t io n Four W eeks Ending April 30 M ar. 26 M ar. 26 April 30 M ar. 26 April 30 M ar. 26 April 30 118 39 35 6 7 10 11 173 2 2 0 ,2 6 2 1 8 7 ,9 1 7 5 4 ,3 6 6 2 2 ,3 1 2 4 ,8 3 1 9 ,1 6 3 1 8 ,8 4 2 2 5 3 ,4 2 7 2 0 9 ,9 7 0 5 4 ,8 3 2 4 1 ,7 5 0 7 ,9 4 2 8 ,7 1 0 1 5 ,7 4 3 2 9 9 ,2 3 5 3 3 4 ,1 9 9 2 0 2 ,9 7 0 2 1 0 ,9 1 8 O r d e r s * ................. . ,2 6 3 , 6 6 6 2 1 3 ,4 3 1 4 8 ,7 7 5 4 5 ,2 5 0 6 ,8 6 4 8 ,7 3 4 1 9 ,7 7 6 1 7 ,9 9 8 1 5 ,6 2 9 1 5 ,7 1 4 3 3 4 ,9 3 4 2 1 7 ,3 9 8 o f M ills r e p o r t in g .. . C u t * .......................... S h ip m e n ts * . .. *I n th o u sa n d s ,. 115 of fe e t. M ar. 26 170 Agricultural and Business Conditions 8 In cre a sed a fa llin g per in p r o d u c tio n o f f in th e M arch , of 1921, as c o m p a n ie s th e th e year deep in th e and and cop w ith M arch , T w e lfth D is tr ic t. 1921 g o ld la n g u ish e d le a d are re p o rte d b y R eserve of and o f g o ld com p ared 1920, M in in g s ilv e r p r o d u c tio n T h e brought m in in g d u r in g no F ederal fir s t q u a rte r im p r o v e m e n t in d u s tr y 1920 and w h ic h o p e r a tin g a re r u n n in g a t 5 0 p e r c e n t o f c a p a c ity . m in e s w h ic h have vance ord ers to ent m ark et m a te ly per s c a le copper cen t is th e In of th e under cent of to a p p a re n t, th e are m o n th , and th e in th e th a n fu ll d is tr ic t one and year p resen t ago w ith in itia l sin c e Jan u ary, I n i t ia l D a i l y P r o d u c t i o n 20 1920. in Th o u s a n d s \ \! / \ / 5 th e m in e s 1921, and fo llo w in g fo r M arch , A s N 70 u m b e r M of W e w O e lls p e n e d S i l v e r ( o u n c e s ) ............ G o l d ( o u n c e s ) .............. 60 50 4-0 40 m in e s 30 F avor is g re a te r w o r k in g M arch , March 1920 30 N 20 u m b e r W o f A ells b a n d o n e d 10 ■— 1921, in February 1921 1 1 ,2 4 0 ,5 5 7 1 0 ,9 3 4 ,7 6 9 5 8 5 ,2 4 7 2 0 ,8 4 3 6 5 5 ,3 0 0 1 7 ,9 4 0 s ' Dec. N ov. Feb. Mar. Apr: 1 9 21 Jan. T h e S ta n d a rd O il C o m p a n y o f C a lifo r n ia announced a th e b u y in g p r ic e s th e w e ll th e in r e d u c tio n t ie r -F u lle r t o n g iv in g p ared sin c e on San th e p resen t p r ic e s J u ly , 1920, 25 J o a q u in A of A verage d a ily p r o d u c tio n d u r in g b a r r e ls , A p r il, e x c e e d in g of P e tr o le u m of C o n s u m p tio n th e M arch and of 1921, p e tr o le u m to ta le d p r ic e s fo r record by 1298 th e average A p r il, 1920, b a r r e ls d a ily by a ls o in c r e a s e d p r o d u c tio n a day, p r o d u c tio n 6 4 ,1 0 4 s lig h tly b a r r e ls . d u r in g th e m o n t h , A p r i l d a ily s h ip m e n t s o f 3 0 0 ,8 7 7 b a r r e ls w ere in 5451 b a r r e ls M arch . to ta le d S to re d b a r r e ls F ifty -e ig h t w ith 1 8 ,4 7 0 b a r r e ls in c r e a s e of d r illin g s in c e th e in itia l 53 g iv e n cade. T h e th a n s h ip m e n ts end d a ily w e lls opened w e lls are now la r g e s t fo llo w in g and tim e ch art th e 595 a c tiv e num ber d e v e lo p m e n t in sh ow s th e th e o il past to to to to to num ber o il been in com e ffe c t b e lo w . 2 2 to a n d i n c lu d in g 2 2 .9 d e g r e e s g r a v i t y . . . 1 .5 0 2 3 to a n d in c lu d in g 2 3 .9 d e g r e e s g r a v i t y . . . 1 .5 6 1 .7 5 1 .81 2 4 t o a n d i n c lu d in g 2 4 .9 d e g r e e s g r a v i t y . . . 1 .6 3 1 .8 8 2 5 to a n d i n c lu d in g 2 5 .9 d e g r e e s g r a v i t y . . .1 .7 1 2 6 to a n d i n c lu d in g 2 6 .9 d e g r e e s g r a v i t y . . . 1 .8 0 1 .9 6 2 .0 5 and and and and and i n c lu d in g i n c lu d in g in c lu d in g i n c lu d in g i n c lu d in g 1 7 .9 1 8 .9 1 9 .9 2 0 .9 2 1 .9 degrees degrees d egrees d egrees d egrees F o r e a c h in c r e a s e in g r a v it y o f 1 fu ll d e g r e e a b o v e 2 6 d e g r e e s g r a v it y , u p t o a n d in c lu s i v e o f 3 4 .9 d e g r e e s g r a v it y , 10 c e n t s p e r b a r r e l a d d itio n a l. 3 5 d e g r e e s g r a v i t y a n d a b o v e , p e r b a r r e l ..$ 2 .7 0 R educed announced at 25 per is de W h it- sta te m e n t $ 1 .6 0 1 .61 1 .6 3 1 .6 6 1 .7 0 of of at g r a v i t y ....$ 1 .3 5 g r a v i t y . . . 1 .3 6 g r a v i t y . . . 1 .3 8 g r a v i t y . . .1 .4 1 g r a v i t y . . . 1 .4 5 d u r in g in th e any 14 18 19 20 21 abandoned, sta te , 1911, A p r il p r o d u c tio n w ere T h ere at of in c r e a se in o il Price Per Barrel July 20. Present 1920 Schedule Schedule m o n th . w ere p r o d u c in g th e S e p te m b e r, a c tiv e fiv e sta te . in th e an th e w e lls and of w e lls m ore an at d a ily b a r r e ls , d u r in g new A p r il fie ld s sto ck s 2 5 ,3 5 6 ,7 6 9 1 ,1 4 3 ,1 4 2 an g re a te r th a n and cru d e have has barrel cru d e V a lle y in 3 3 8 ,9 8 1 a c o m p a r a tiv e w h ic h is ce n ts a ll g r a d e s fie ld s . w ith of • B lis t e r C a lifo r n ia 20 10 at 1 5 ,5 1 9 ,7 2 8 1 0 ,3 8 2 ,2 9 5 7 7 6 ,5 5 4 1 7 ,2 6 6 70 60 great no ta b le : » C o p p e r ( p o u n d s ) . . . 1 2 ,4 6 4 ,0 9 9 L e a d ( p o u n d s ) .............. 1 2 ,9 5 6 ,2 1 1 « 50 1920, are sh o w n March 1921 20 5 Feb. Mar. Apr. May June Jufy\Auq. Sept. O ct. 1920 r e p o r tin g 25 ,0 C o m p a r a tiv e fig u r e s o f th e o u tp u t o f m e ta l o f F ebru ary, 30 ! N V . Ba r r e l s of j\ / V \ / \ / \ \ \ f \/ ---- - i c a p a c ity . e ig h te e n d a ily a fo u r le a d m in e s m in e s th e ir dow n. r e p o r tin g o u tp u t a ll th e s ta tio n a r y but w ith 25 10 on are o p e r a tin g a t 5 0 p e r c e n t o f c a p a c ity . a b le r e p o r ts w e r e r e c e iv e d fr o m m o n th s 30 p res of sh u t opened, P e t r o l e u m D r i l l i n g a n d D e v e l o p m e n t iO p e r a i n o N S ------- i n C a l i f o r n i a 1 9 2 0 -1 9 2 1 15 p r in c ip a l a r e la tiv e ly by ad c a p a c ity ). of w e lls m in in g a p p r o x i c a p a c ity d is tr ic t m o n th th o se of c o n tin u e s m ost m a in ta in s fr o m a c tiv ity per m o n th m in in g p o s itio n of p r o d u c tio n (4 7 la s t m in e B S ilv e r o p e r a tio n in new had m in e s num ber c o n d itio n s — r e p r e s e n tin g 15 reduced s u ffic ie n t ju s tify d is tr ic t— c o p p e r re p o rte d a e ig h te e n of p r o d u c tio n , a n d th e n u m b e r o f w e lls a b a n d o n e d ce n ts g a llo n th e sh ow n and p e r g a llo n on ta b le th e o il fie ld S ta n d a rd in fo r g a s o lin e it is n o w b e fo r e S ta tis tic s by p r ic e s have r e ta ilin g com p ared in $ 2 .9 5 a ls o been C a lifo r n ia w ith 27 c e n ts r e d u c tio n . o p e r a tio n s as fu r n is h e d O il C o m p a n y o f C a lifo r n ia “ L ” (se e o p p o s ite p a g e ). are 9 Federal Reserve Bank of San Francisco S lig h t in d e c lin e s A p r il and an in c r e a s e v a lu e , R e ta il 1921 T rad e in of in a lth o u g h s a le s in th e fir s t w ith th e h ou ses th e m o n th , not in q u a rte r of sam e p e r io d A p r il, A p r il 1920, 1921. by th is bank tra d e and a ll re p o rts O a k la n d are 9 .3 6 .4 th e per cent cent of o n ly le s s le s s c itie s r e c e iv e d , th e th is L os ones th a n th a n fr o m v_^n r \ p r i l 3 0 t h in w h ic h A n g e le s s h o w in g an in th e per o f A p r il, of of S a c ra m e n to s a le s year. 30, in th e sam e a year m u st to 30 p r o b a b ly year been th a n in 22 r e p r e s e n ta tiv e d is tr ic t fo r of e n d in g per in of th e le s s 1920. s a le s r e ta il T h e of cent a San F ran April 1921 March 1921 April 1920 $ 3 .5 2 $ 3 .7 5 3 .0 7 2 .7 4 $ 4 .4 5 3 .2 0 2 .5 2 $ 2 .9 8 $ 3 .0 1 2 .7 1 la s t year v a lu e as p e r io d on le v e ls , th e r e ta il lo w e r d e c lin e ress hand r e fle c ts , P resen t cent in re p o rte d sto re s v a lu e p r ic e ) w as at th e 1 3 .9 c lo s e th a n T h i s d e c r e a s e in t h e v a lu e th is in year as a d d itio n c a r e fu l b u y in g p r ic e s are at th is J u ly , th e past 1920, com p ared to p resen t a ttitu d e fr o m tim e r e ta il p r ic e s w h ic h s in c e d u r in g r e p o r tin g th e $ 3 .2 8 (s e llin g to and of 30 year. has been decreased m o n th 10 la s t in w ith lo w e r in th e per T h e prog v e lo c ity c o n tin u e s le s s of d e c lin e s o f fr o m p r ic e s , v o lu m e of s u b jo in e d v a lu e in th is In a sm u ch over account in 1920. m ovem ent v a lu e p e r io d 3 .8 g re a te r th e in fo u r m o n th s in to a in c r e a s e of p e r io d cent Spokane M arch v a lu e ta k e per S e a ttle , w ith w ere of an com p ared fo r th e 1921, c o m p a r is o n s 10 re p o rte d A p r il S a le s A p r il th a n in A n g e le s , v a lu e o f s to c k s 31, 1921. sto c k s r e ta ile r . 1920. L os 1 9 2 0 , b u t 3 .0 p e r c e n t a b o v e t h e fig u r e fo r M a r c h p r ic e and in t w e n ty -n in e c e n t b e lo w com p ared A p r il, D .) L o s A n g e l e s ............ San F r a n c isc o . . .. in c r e a s e in t h e v a lu e o f n e t s a le s in A p r i l, 1 9 2 1 , w ith O . S e a ttle : sto re s s e c tio n s per seven are C. and fr o m d e p a rtm e n t in w ere O f ch arge, c isc o s i g n i f ic a n t f e a t u r e s in M e a s u r e d b y d o lla r v a lu e , n e t m o n t h ly M arch , and v o lu m e , r e p r e s e n ta tiv e d u r in g r e ta il a t r e ta il p r e v io u s r e c e iv e d ord er o f s a le s th e 1920 w ere m a il d is tr ic t. v a lu e com p ared tw e n ty -n in e s a le s th e w ith in rep o rts and in com p ared of has s a le s th is ch art th e d e p a rtm e n t th ere net sh ow s s a le s sto re s in of th is 1 9 1 9 , 1 9 2 0 a n d th e fir s t fo u r m o n t h s 1921. T h e average d u r in g th e in th e net in c r e a s e p a st m o n th r e p o r tin g or d ecrease (— ) in t h e v a lu e o f n e t s a le s c itie s of th is d is tr ic t is as fo llo w s : April 1921 compared to April March 1920 1921 Los A n g e l e s ... . 3 .4 O a k l a n d .................. 1 .4 S a n F r a n c i s c o . . . — 9 .6 S a c r a m e n t o . . . . — 7 .3 S e a t t l e ....................... . — 16.1 — .9 — 8 .0 2 .2 2 .2 S a lt L a k e C i t y . S p o k a n e .................. — — 5 .3 .8 T h e am ount ch arge, w as in and $ 2 .9 8 A p r il, in C. — 8 .5 8 .7 6 .4 of O . A p r il, 1920, and Four Months Ending April 30,1921 Compared to Four Months ending April 30, 1920 th e D .) — 5 .2 — 5 .1 — 1 5 .7 .1 — average re p o rte d 1921, $ 3 .0 1 9 .7 2 .0 s a le by com p ared in M arch , l o w i n g is a s t a t e m e n t o f t h e a v e r a g e (L ) .9 (c a sh , te n fir m s w ith $ 3 .2 8 1921. s a le F o l (c a sh , P e tr o le u m — P r o d u c t i o n ( D a i l y A v e r a g e ) .......................... S h i p m e n t s ( D a i l y A v e r a g e ) .......................... April, 1921 March, 1921 February, 1921 April, 1920 3 3 8 ,9 8 1 b b l s . 3 0 0 ,8 7 7 “ 3 3 7 ,6 8 3 b b l s . 2 9 5 ,4 2 6 “ 3 2 7 ,8 6 4 b b l s . 3 1 6 ,8 1 2 “ 2 7 4 ,8 7 7 b b l s . 290 423 “ 2 2 ,9 0 3 ,6 3 9 60 2 7 ,1 1 1 9 8 4 37 S t o r e d S t o c k s ( E n d o f M o n t h ) ................. 2 5 ,3 5 6 , 7 6 9 N e w W e l l s O p e n e d ................................................ 58 W i t h I n i t i a l D a i l y P r o d u c t i o n ............... W e l l s A b a n d o n e d ...................................................... “ 1 8 ,4 7 0 b b l s . 5 2 4 ,2 1 3 ,6 2 7 66 “ 2 9 ,8 3 5 b b l s . 6 1 5 ,8 5 5 b b l s . 7 “ 5 ,5 1 0 b b l s . 5 “ Agricultural and Business Conditions 10 abrupt T h e th a n th e fo llo w in g d e c lin e ch art m o v e m e n t o f th e L a b o r ’s and in d e x r e ta il tr ia l U n ite d fo o d p r ic e s of w h o le s a le fo r and B o a r d ’s D e p a rtm e n t o f p r ic e s N a tio n a l In d u s in d e x num ber of w h ic h are n u m ber, in p r ic e s fu r n is h e d C o n fe r e n c e ta b le th e a n d t h e by th e N a tio n a l are C o s t o f L iv in 6 t J u ly , C lo t h in g ....1 8 8 A p r il, F u e l - L i g h t . . 100 N ov, S u n d r ie s . . . . N ov, 240 \ 220 200 220 < and \ X 200 N~1 \ sto ck s by m a il 29 and fo llo w in g 56% 63% -0 119 1920 79 21 1920 85 1920 o u ts ta n d in g 157 in Decline from High 71 69 7 d e ta il s t a t is t ic s h ou ses fr o m in d e x In d u s tr ia l th e 1920 re p r e s e n ta tiv e ord er R e p o rts t in r e g a r d ord ers d e p a rtm e n t th is as fu r sto re s d is tr ic t. w h o le s a le fir m s lin e s o f b u s i n e s s in t h i s d i s t r i c t s h o w IÔ 0 180 “ M ” g i v e s in s a le s , n is h e d 92 ite m s liv in g Present M a rch , 1921 to V — in Date of High S h e l t e r ............ 71 T a b le of 1914, p r ic e s ): F o o d ..................1 1 9 % 260 260 g iv e n to J u ly , th e o s p e rce ntage s o f u t y /9/4. T h e C o s t s o f th e N a t -io n a t b e r f o r J u ly I $ I 4 ) v a r io u s cost B oard, (c o m p a r e d th e th e High ( W h o le s a le a n d R e t a i l F o o d P r i c e s e x p r e s s e d t h e U .S .B u re a u o F L a b o r i n d e t f d u m b e r f o r d o f L iv in g f/ c u re s e x p r e s s e d a s p e r c e n t a g e in d u s t r ia l C o n fe re n ce B o a r d s in d e ji N u m of in in c lu d e d liv in g : W h o l e s a l e P r ic e s , R e t a il F o o d P r ic e s 240 th e w h o le s a le th e In cre a ses p r ic e s . g r a p h ic a lly S ta te s nu m bers C o n fe r e n c e cost in p re se n ts in e ig h t d ecreases \ 160 Ì 140 — •— 120 (M ) Feb- M a r A p r R e t a i l Mi71/ June Ju ly Aug. Se p t Oct 1 9 2 0 Nov. in 160 th e v a lu e of Q. net s a le s in a ll lin e s 1921, in A p r il, com p ared w ith 140 w ?i q h i e d ) i d e x H u m b e r b a s e d o n p r f i e s t F 7=0 OC/t s h e 't e r , d o * h i m r, f u , ?/, I ( ‘ f h t t ' n d . > u n c W e s ★ •Jan. N a t t 'o n c / In , l u s h fa / C in f e r •nee S o a r i ' k ■■ s U . S . B u r ? a u <' f L o (t o r ( 3 2 i C o n m o t i/ h e . ; U .S . B u n ? o u < f i o , > o r 2 2 Fo ids in ¡9 2 0 a n d A ■3 i n > 9 2 / 120 W h o le s a le m o n th T rad e tio n of w h ic h Dec. | Jan . F e b Mar: Apr. 1 /S> 2 / occurred , th e v a lu e la s t y e a r . th e an of dry in c r e a se net W ith th e goods of s a le s 1 .4 w as excep- tra d e , in per cent a ls o le s s A c tiv ity — T r a d e C O N D IT IO N O F R E T A IL T R A D E D U R IN G A P R IL , 1921 I n F e d e r a l R e s e r v e D i s t r i c t N o . 12 (29 Stores Oakland Los Angeles Reporting) San Francisco Seattle Spokane Salt Lake City Sacramento District 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 d u r in g A p r il, 1 9 2 1 , over net s a le s d u r in g sam e m o n t h l a s t y e a r ........................................... 1 .4 3 .4 9 .6 — 1 6 .1 6 .4 — 8 .7 P e r c e n ta g e in c r e a se o r d e c r e a s e o f n e t s a le s d u r in g A p r il, 1 921 , o v e r n e t s a le s d u r in g M a r c h , 1 9 2 1 ....................................................................... .9 8 .5 8 .0 2 .2 .8 — 5 .3 2 .0 9 .7 5 .2 — 1 5 .7 — -2 3 .5 — 1 2 .8 - 1 3 .8 — 2 8 .7 — 1 7 .7 2 .4 4 .5 4 .4 2 .6 9 .2 4 5 4 .3 3 6 7 .9 4 0 2 .6 3 9 9 .1 6 1 7 .8 9 .8 7 .5 6 .7 7 .9 — 7 .3 — 9 .3 2 .2 — 6 .4 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 A p r i l 3 0 , 1 9 2 1 , in c lu s iv e , o v e r net sa le s d u r in g sam e p e r io d l a s t y e a r .............................................................. P e rce n ta g e o f sto ck s over sto ck s m o n th at c lo s e in c r e a s e c lo s e o f of of 5 .1 3 .8 -1 1 .9 - 3 0 .5 -1 3 .9 1 .2 3 .0 3 .0 — — 4 7 7 .9 4 .9 — 8 .7 sam e o r d ecrease A p r il, 1921, s to c k s at c lo s e o f M a r c h , ....................................................................... P e rce n ta g e .9 o r d ecrease A p r il, 1921, l a s t y e a r ........................................... P e rce n ta g e o f sto c k s over 1921 in c r e a s e c lo s e o f average sto ck s c l o s e o f e a c h m o n t h t h is s e a s o n to average d u r in g sam e P e rce n ta g e c lo s e o f m o n t h ly net s a le s p e r i o d ................................ o u tsta n d in g ord ers A p r il, 1921 , to to ta l p u r c h a s e s d u r i n g y e a r 1 9 2 0 ........... th e sam e 11 Federal Reserve Bank of San Francisco in A p r il m o n th s m o n th s v a lu e s 5 0 .3 in 1921 of th e year r a n g in g average v a lu e of net b u s in e s s net T h e th e fo u r th e fir s t fo u r d ecreases per r e ta il W fo r as cent in in s a le s dru gs to th e or d ecrease e ig h t in r e p o r tin g th e lin e s fo llo w s : — 2 7 .5 — 1 5 .2 — — 3 6 .2 . . — 1 0 .3 , . . . . 8 .3 7 .8 . — 2 8 .6 m a jo r ity c le a n e d 8 .0 of d e a le r s th e ir h o le s a le 1 .7 — 3 1 .8 1 .4 — 1 3 .8 — 3 2 .3 1.1 6 .4 4 .0 — 1 .2 — 3 1 .8 — 1 8 .2 — 4 0 .0 .9 — 5 0 .3 — rep o rts have s h e lv e s r e c e iv e d not of yet h ig h e r a lly th e re o f ord ers h a v in g a lth o u g h been su m m er p r ic e s year sto ck s to fo r as p resen t su m m er m uch been no e x p e cte d , as le s s a ll th a n of th e has in day lin e s is th a n gen A p r il, ord ers p e r io d p assed . in year, in fu tu re norm al now is n eed s. la s t im p r o v e m e n t p la c in g are to d e liv e r y le s s in c r e a s e d b u y in g b u y in g m eet day fo r P resen t th e y w ere one ago. fir m s , good w h ic h is rep ort on w ere by 40, re p o rte d fa ir s u b s ta n tia lly th is by th e 74 and w ith th e ta b le “ N b y 9 and by 5, sam e poor as th e M arch s u b je c t. of w ith fo r th e e x c e lle n t in c re a se s M arch , p e r io d d ecreases d u r in g A p r il 1921, fir st fo u r m o n t h s sam e and fir m s in and of 1920 A p r il, 1921 are in 1920 com p ared sh ow n in ” Percentage of increase or decrease (—) in net sales for April, 1921, over March, 1921 Hardware Dry Goods Groceries Drugs Shoes Stationery Furniture 24 12 30 11 18 — 1 3 .4 27 21 S e a t t l e ........................................ P o r t l a n d .................................. — .6 — 1 1 .6 T a c o m a .................................. 1 6 .6 — 1 5 .7 6 .7 5 .4 C i t y ................. — S a c r a m e n t o .......................... -1 0 .7 D i s t r i c t ..................................... — 1.7 (lb) N o . o f r e p o r t in g fir m s L o s A n g e l e s ....................... 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 .................................. C i t y ................. — 3 .5 S p o k a n e .................................. Ì .4 — 7 .7 1.4 2 .7 5 2 .9 — .6 — 1 4 .1 — 1 6 .2 — — 4 .5 — 1 8 .7 — 1 4 .4 — 1 3 .5 2 .0 — 1 9 .3 6 .9 — 1 9 .6 — 1 6 .8 —13.8 Dry Goods Groceries 12 30 —19.2 (lc) Hardware .9 — 1.1 — 8 .3 1 1 .5 1 0 .2 ,, — 6.4 — *9.3 —26.2 .. —52.7 Drugs 11 — “ .1 —27.7 Shoes 18 1.6 — 5.2 —22.6 —13.9 —36.5 —28.3 —27.0 --------- —15.2 --------- —36.2 --------- —10.3 --------- — 8.3 Dry Goods 12 Groceries 30 — 4.1 Drugs 11 Shoes 18 —12.8 —30.2 —44.3 —44.4 T a c o m a .................................. S p o k a n e .................... .............. S a l t L a k e C i t y ................. S a c r a m e n t o .......................... ______ --------- --------- --------- --------- D i s t r i c t ..................................... —31.8 —32.3 —31.6 —13.5 —31.8 Los A n g e l e s ....................... 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 .................................. 4 .4 8 .5 1 2 .7 14 1 5 .0 — — 7 .5 2 .3 3 .3 — 1.2 — 3 7 .8 2 6 .3 — .9 Stationery Furniture 27 — 5.8 .09 —35.9 —13.4 —23.4 —16.2 —26.2 21 — .7 —37.1 — .04 —48.1 —44.3 —44.2 --------- — 7.8 Auto Tires 14 30.4 —19.9 —12.5 —45.7 —25.0 --------- —28.6 --------- — 8.0 Percentage of increase or decrease (—) in net sales for January 1, to April 30, 1921, over same period last year 24 —32.9 —26.4 —43.8 —28.8 —12.1 — 6.2 —39.0 —19.9 N o . o f r e p o r t in g fir m s — 4.0 Auto Tir Percentage increase or decrease (—) in net sales for April, 1921, over April, 1920 24 —24.9 —14.9 —43.8 —30.8 —20.4 —21.9 —31.3 —15.6 --------- ‘ 7 .4 .. — 2 2 .8 Hardware —27.5 and and re p o rte d com p ared in d ic a te 3 .1 S a lt L a k e V o lu m e had year, S ta te m e n ts A n g e l e s ....................... F r a n c i s c o ................. Lake la s t q u a n titie s T r a d e — N o . o f r e p o r t in g fir m s S a lt s m a ll s a le s o f r e p o r tin g w h o le s a le c o m p le te ly p r ic e d p u rch ased C o lle c tio n s — 3 1 .6 — 1 3 .5 — — — (la) Los San F or w ith Four months ending April 30 ,1921 April 1921 compared to compared to April, 1920 March, 1921 same period in 1920 A u to m o b ile T i r e s .— ( N ) 1 3 .5 in c re a se s a le s w ra s G oods. . G r o c e r ie s . . . D r u g s ............... S h o e s ................. S ta tio n e r y . . F u r n itu r e . . . th a t 1921. 1920, fr o m H ardw are . . D ry M arch , as com p ared p e r c e n t in a u t o m o b i le t ir e s w e r e r e p o r t e d . T h e of th a n of —3Ò.5 —36.2 —33.6 —25.3 —32.8 —30.1 —15.0 —*8.3 —35.4 Stationery Furniture 27 — 5.0 —22.8 —21.3 —12.0 —14.0 —10.9 —15.1 21 —32.4 —49.0 —14.4 —57.0 —44.4 —47.0 .--------- —18.2 --------- —40.0 Auto Tires 14 —33.1 —51.6 —54.5 —59.4 —68.1 --------- —50.3 Agricultural and Business Conditions 12 D u r in g th e m o n th of A p r il R eserve L a b or T h e m a te d and D is tr ic t c isc o , w h e r e M ay of 10, except in in c r e a s e fo llo w in g num ber on an fig u r e s San w as on F ran- re p o rte d . show u n e m p lo y e d F ederal th e e s ti Jan uary 1st 1921: January, 1921 M ay, 1921 m any in San tio n s F r a n c is c o in th e w ork ers. by th e F r a n c is c o board a v e r a g in g b u ild in g jo r ity in d u s tr y e ith e r w ere becau se s tr ik e . and T h u s fa r sh ip s fiv e w as are on th e re ow n a id . R enew ed r e fle c te d a ll been on tie d of w h ic h on fo r in a of M a y up by th e h ou ses San lo c a l o f th e th e m a e m p lo y m e n t on th e y str ik e w ere a of c e s sa tio n several and th e of s m a ll b u s i th e C oast h arbors p o rts, of th is th is ite m s C o n s id e r a b le recorded of M arch th is re tu rn s d is tr ic t th e of C en su s fig u r e s o f m a n u fa c tu re s are p re se n te d in fig u r e s in ta b le e x c lu d e tra d e s, and b u ild in g n e ig h b o r h o o d and ta k e c o n d u c te d as n a m e ly of reveal th a t in to in account under is to be th e fa c ex p e cte d p o p u la tio n F o r e ig n th e fo r e ig n th e e x p o rts fa llin g and in a r is in g C om m erce C oast fr o m o ff sh ort b e lo w J u ly , 1917, m o n th th e of $ 1 6 ,3 3 7 ,2 7 5 , ru ary, 1920, in but and im p o r t a n u fa c tu r e s — are a g a in 5 6 .3 7 5 .8 per per to ta le d tra d e , e s t a b l i s h m e n t s ............................................................................................. cent a cc e p te d le s s fo r per le s s b e lo w th a n th e 1918. th e tra d e tra d e cent 921 fig u r e in th e per im p o r ts in cent in th is rose over peak to F eb M arch , m o n th E x p la n a tio n s in our ex d e p r e ss io n d e c lin e and de- Census r th a n a n d * 7 1 .9 exp ort A u g u st, w o r ld -w id e s m a lle s t cent 2 3 .1 cent in - M arch th e M arch of are it d u r in g of 1919. to P a c ific per m o n th co u n try im p o r ts fr o m F ebru ary, peak of te n d e n cy , E x p o rts p o rts 7 .7 th is and $ 2 0 ,6 6 2 ,2 0 5 , sin c e com m erce n a tio n -w id e c r e a s in g . 1919 of in d u s tr y p r ic e s . p o rts N um ber of o u tsid e lu m b e r T h ese in c r e a s in g coast a fe w year, m uch S u b s t a n t i a l g a i n s in a ll r e p o r t in g d is tr ic t, J a n u a r y , to n n a g e s tr ik e , a lth o u g h are p e r io d th e hand e s ta b lis h m e n ts sy ste m . th e ir str ik e o f m a r in e w o r k e r s 1st. 1914 d u s tr ie s g e n e r a lly M and tra d e s to ry la s t as w ith o u t B ureau M a n u fa c tu re s o n ly d is u n e m p l o y m e n t in cen su s “ O .” w ages. I d a h o S ta te s o f th e 1919 o ffic e hundred in de th e N o rth w e st. th e s h ip s a re s a ilin g w ith c r e w s e n g a g e d a t r e d u c e d (O ) a c tiv ity do had T h e of w ith to by as year. p o s s ib le P a c ific em of e le v e n or as d e c r e a s in g U n ite d th e a ll s e c t io n s com p ared Id a h o b u ild in g account been and P a c ific in in in in e n d e a v o r in g w ork Id a h o L a r g e n u m b e r s o f id le m a r in e in are 5 ,0 0 0 c o n d i e a r lie r la b o r d ecreased r e s u lt s a red u c th e a c tiv e ly has th e a tre s th e n a t io n -w id e c a lle d been has fa r m e r s o f th e m a r in e by th a t in out w ere a p a rtm e n t h a v in g w hen e s tim a te d c o n s tr u c tio n stru c tu re s. w orkers has th e y fa rm 1 5 ,0 0 0 c ra fts aw ard engaged th ro w n th e r e s id e n c e s , n ess fo r c itie s str ik e recom m ended d is c o n tin u e d upon b u ild in g s , tra d e s w age is c o n s tr u c tio n w as w ork It m en becau se p lo y e d a n tic ip a te d m and u n e m p lo y e d am on g em U n e m p l o y m e n t in t h e c it ie s la b o r 4 ,8 0 0 p e r c e n t in t h e w a g e s 7 y 2 th e a w h ic h tra d e s. of and p art d ecreased a str ik e w a s in a u g u r a te d b u ild in g fo llo w in g of d u e to tra d e s M a y 9 th sev e n teen a r b itr a tio n tio n is la r g e ly b u ild in g O n num ber to sta ffs p e r c e p tib ly T h e th e r e s o r tin g w o r k in g a g r ic u ltu r a l C a l if o r n ia in are th e ir so is in c re a se keep A n fo r th e ir T h e in d u s tr ie s to L os is r e p o r t e d , been 2 ,0 0 0 1 ,0 0 0 7 ,0 0 0 except c a lls 3 ,0 0 0 2 ,5 0 0 A n g e l e s ................................ d is tr ic t not S p o k a n e ........................................... B e l l i n g h a m .................................. Los th e seaso n al tr ic t F r a n c i s c o .......................... 1 3 ,0 0 0 th e la b o r has 5 ,0 0 0 3 ,0 0 0 San of p lo y e d a n d in ta c t. 7 ,0 0 0 3 ,0 0 0 O regon c itie s of tim e S e a t t l e .............................................. T a c o m a ........................................... P o r t l a n d ......................................... 1 0 ,0 0 0 a ll g e le s , w h e r e n o p a rt tim e o p e r a tio n been Estimated Unemployment W a s h in g t o n In u n e m p lo y m e n t d e c r e a s e d in a ll s e c t i o n s o f t h e T w e l f t h ^ 1914 Per Cent of Increase 1914-1919 3 1 .9 1 6 ,2 7 7 698 1 0 ,5 2 9 m e m b e r s ............................................................................ 851 664 S a la r ie d e m p l o y e e s ............................................................................................................ W a g e e a r n e r s ( a v e r a g e n u m b e r ) ....................................................................... P r i m a r y h o r s e p o w e r .............................................................................................................. 1 ,4 9 4 1 3 ,9 3 2 4 3 .6 P erson s engaged P r o p rie to rs and in m a n u f a c t u r e s .......................................................................... fir m 5 4 .6 2 8 .2 7 2 ,2 5 4 946 8 ,9 1 9 5 0 ,3 2 6 C a p i t a l ................................................................................................................................................... S e r v i c e s ................................................................................................................................................ $ 9 4 , 9 9 3 ,0 0 0 $ 4 4 , 9 6 0 ,0 0 0 1 1 1 .3 2 1 ,2 2 8 ,0 0 0 8 , 7 3 1 ,0 0 0 1 4 3 .1 S a l a r i e s ........................................................................................................................................... 2 ,6 9 4 , 0 0 0 1 ,2 4 0 ,0 0 0 1 1 7 .3 W a g e s .............................................................................................................................................. 1 8 ,5 3 4 ,0 0 0 7 ,4 9 1 ,0 0 0 1 4 7 .4 M a t e r i a l s ........................................................................................................................................... 3 9 ,2 0 1 , 0 0 0 1 4 ,8 9 2 ,0 0 0 1 6 3 .2 V a l u e o f P r o d u c t s .................................................................................................................... V a lu e a d d e d b y m a n u fa c t u r e (v a lu e o f p r o d u c ts le s s c o s t o f 8 0 ,4 1 4 ,0 0 0 2 8 ,4 5 4 , 0 0 0 1 8 2 .6 m a t e r i a l s ) ................................................................................................................................ 4 1 ,2 1 3 ,0 0 0 1 3 , 5 6 2 ,0 0 0 2 0 3 .9 5 7 .9 5 6 .2 13 Federal Reserve Bank of San Francisco p re d a te d am on g s a le e x c h a n g e s o f th e our p r ic e U n ite d la r g e s t d e c lin e s S ta te s account fo r im p o r t fig u r e s T h e o n ly of L os th ree fir st in m o n th s th a n of in th is year w o r ld a ls o and in w as th e d u r in g a com p ared v a lu e ta b le s “ P ” fig u r e s and C oast w ith an yard s of on e x p o rts of th e been im p o r ts D e liv e r ie s (P ) d u r in g of 1st th e th e th e A p r il E x n o r t S ___ T h is A p r il in fo r S a n F r a n c i s c o ................. $ 7 ,3 8 2 , 2 6 8 L o s A n g e l e s ....................... 2 ,5 8 9 ,1 6 7 to n s and d e c lin e w h ic h fo u r of d e c lin e 5 9 ,8 0 0 e ig h t in c lu d e d March 31 1921 a fig u r e s , d istr ic t p ast th ir ty - to n n a g e is ste a d y (--------------- Month ■» to ta le d v e s s e ls of a c tiv ity p rogress 1st in in has m o n th s. ta n k ers in fu r n is h e d In th e by C oast in B u ild in g b u ild in g a p p r e c ia b ly 9412 of a v a lu a tio n 6318 p e r m its v a lu a tio n per cen t d u r in g p r ic e s in 1920. In v ie w year r a n g in g cent in cost ia ls , r e p o r te d d u r in g th e $ 4 ,3 0 0 ,0 0 0 — S 6 .6 3 5 .2 in needs and m a w ith th is and th is of an has O ffic ia l re as to 1 9 2 0 , w ith cent d u r in g cen t re p r e se n ta tiv e 1921, com p ared in c r e a s e per per d is tr ic t A p r il, com pared r e d u c tio n s 8 d is tr ic t th is A p r il, 2 7 .4 year w age tra d e s, th e b u ild in g in o f $ 1 9 ,9 0 7 ,6 2 1 or fir s t b u ild in g d u r in g d u r in g th e b u ild in g c itie s is su e d b e tw e e n of of in c r e a s e d . tw e n ty num ber of th e of con R e v ie w . cases in o f $ 1 5 ,6 2 2 ,9 8 5 , A p r il on th is b a n k fr o m is s u e d under b u ild in g a c tiv ity p e r m its w ith sta te m e n t p resen t year, as M a r in e som e A c tiv ity d e p a rtm e n ts w ere yard s th e o b v io u s a d ju s tm e n ts sh ow to n s, o f v e s s e ls d u r in g d e c lin in g c o u p le d 1 4 ,0 0 0 c o n tra cts m o n th . P a c ific to of new a c o m p a r a tiv e P a c ific by N o to n n a g e m o n th resp on se Ending Percent March 31 Increase or 1920 Decrease (— ) $ 1 7 ,0 1 0 ,0 3 1 1 ,9 1 4 ,7 0 5 fr e ig h te r th e g iv e s and o f each te r ia ls and d e a d w e ig h t th e c o n tin u a n c e s h ip b u ild in g in day 4 4 .4 d is tr ic t a re s h o w n to n s. fiv e fr o m a M ay a g g re g a te S h ip b u ild in g been “ R ” fir st w ith one d u r in g num ber of “ Q .” 3 8 9 ,8 7 0 sh ow s T a b le th e th e S te e l m e r c h a n t v e s s e ls u n d e r c o n s tr u c tio n fiv e announced s tim u la te d have and p o r ts to p r in c ip a l p o r ts o f th is P a c ific to n s a ll fo r p r iv a te a c c o u n t . ago. in c r e a s e im p o r ts th e M arch year fo r o f 4 5 ,8 0 0 s tr u c tio n d o lla r v a lu e s . ex p o rts but th e exp ort D is tr ic t an of in in m o n th show 1920, year th e in c r e a s e sam e are w h o le la s t y e a r . C o m p a r a tiv e o f th e in im p o r ts v a lu e of q u a rte r le s s th e th e an and s ta tis tic s cent in d e c lin e q u o te d w h ic h L arge p ast C u sto m s s h o w in g w ith P o r tla n d per th e w hen ex p o rts com p ared th e e ls e w h e r e of A n g e le s d is tr ic t b o th d u r in g and p art c o u n tr ie s c u sto m e rs. of in to v a lu e A p r il, th e and b u ild in g 50 p ast per m a te r in la s t m o n t h ’s is s u e , t h e in c r e a s e year in v a l u e re p re se n ts o f p e r m its a m ore th a n o f r o u g h ly p r o p o r tio n a l Per cent Increase or Decrease (—) f---------Three Months Ending---------N March 31 1921 March 31 1920 $ 2 9 , 8 8 9 ,1 7 6 6 , 9 4 0 ,4 3 3 $ 6 7 ,3 6 1 ,4 9 2 4 ,4 9 4 ,5 4 5 — 5 S .6 5 4 .4 P o r t l a n d ................................. 3 ,1 3 7 , 5 3 9 6 ,6 3 9 ,5 2 5 — 5 2 .7 1 1 ,7 7 9 ,3 0 7 8 ,1 5 6 ,2 8 9 S e a t t l e ...................................... 7 ,2 7 0 ,1 6 1 3 2 ,7 8 0 ,0 4 0 — 7 7 .8 2 5 ,1 4 7 , 5 6 0 6 4 ,5 5 2 ,9 9 5 — 6 1 .0 9 0 7 ,5 8 4 — 6 8 .8 8 9 5 ,3 1 5 2 ,7 0 6 ,0 8 4 — 6 7 .9 $ 5 9 ,2 5 1 ,8 8 5 — 6 5 .1 $ 7 4 ,6 5 1 ,7 9 1 San D i e g o ............................. 2 8 3 ,0 7 0 T o t a l ................................$ 2 0 ,6 6 2 ,2 0 5 (Q ) ( --------------- Month Ending--------------- N I m p o r ts — March 31 1921 S a n F r a n c is 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 .......................... ... . . San (R ) $ 1 0 , 0 1 6 ,7 6 9 6 1 3 ,9 2 5 2 9 0 ,6 0 4 D i e g o .................... 4 ,7 3 3 ,9 7 3 6 8 2 ,0 0 4 T o t a l ....................... $ 1 6 ,3 3 7 ,2 7 5 S h ip s U n d e r Per cent Increase or Decrease (—) t ---------Three M March 31 1920 $ 1 7 ,1 9 2 ,5 3 0 — 4 1 .7 4 9 2 ,8 3 9 9 2 8 ,5 5 1 1 7 ,9 5 9 ,6 5 4 2 4 .4 — 6 8 .7 — 7 3 .6 $ 2 5 ,1 8 8 ,3 3 9 2 ,4 1 6 ,6 0 9 8 5 8 ,8 4 5 1 2 ,4 1 5 ,0 9 0 8 8 7 ,8 4 7 — 2 3 .1 $ 3 7 ,4 6 1 ,4 2 1 — 5 6 .3 March 31 1921 4 4 .4 $ 1 4 7 ,2 7 1 ,4 0 5 — 4 9 .6 M arch 31 1920 Per cent Increase or Decrease (—) 4 9 ,2 6 9 ,4 9 3 1 ,2 7 4 ,4 0 4 — 4 8 .8 8 9 .6 3 ,6 3 2 ,8 9 0 3 , 1 3 8 ,9 3 1 4 5 ,3 2 7 ,8 8 1 5 , 7 2 4 ,0 9 0 — 7 2 .6 — 7 2 .6 — 3 6 .5 $ 4 4 ,5 1 1 ,7 7 3 $ 1 0 4 ,7 3 4 ,7 9 9 — 9 6 .4 C o n s tr u c tio n — M ay 1, 1921 Total D . W . Tonnage V essels April 1, 1921 Total D .W . Tonnage Vessels F o r U . S . S . B .............. 13 1 3 3 ,5 0 0 13 1 3 3 ,5 0 0 F o r P r iv a te A c c o u n t F o r e i g n ................................ 13 9 1 7 3 ,6 9 0 8 2 ,6 8 0 18 9 2 3 3 ,4 9 0 8 2 ,6 8 0 T o t a l ............................. 35 3 8 9 ,8 7 0 40 4 4 9 ,6 7 0 a 4 8 .9 March 1,1921 Vessels Total D .W . Tonnage Feb. 1.1921 Vessels Total D .W . Tonnage 14 21 1 4 2 ,9 0 0 2 6 2 ,0 9 0 16 24 9 8 2 ,6 8 0 9 2 7 8 ,1 3 0 8 2 ,6 8 0 44 4 8 7 ,6 7 0 49 5 1 6 ,5 6 0 1 5 5 ,7 5 0 Jan. 1, 1921 Total D . W . Tonnage Vessels 18 30 1 7 3 ,9 5 0 9 3 4 2 ,2 7 0 8 2 ,6 8 0 57 5 9 8 ,9 0 0 Agricultural and Business Condition 14 in c re a se th e in a ctu a l tw e n ty in c r e a s e in g in A p r il, th e an sam e p e r io d s . to p a r tic u la r c itie s (S ) in over in c r e a s e a ll B u ild in g c itie s num ber 1921, c itie s no b u ild in g r e p o r tin g in of P e r m m e n tio n an in g du r n ia p e r m its v a lu e 1920, of but th e sh o w iss u e d and p e r m its in c re a se s s e c tio n of O f A p r il, T h ese p a rts c o n s tr u c tio n . n in e te e n are are e le v e n fo r d is tr ic t. th e a c tiv ity L o n g in San A p r il, B each per cent and 94 in in T h e in v a lu e A p r il, in c r e a s e d per u n ifo r m S o u th e rn a p p r o a c h in g D ie g o 1920, o f th e c itie s p rogress. iss u e d H ow ever, be m ade r e p o r tin g is in w ith fr o m s h o u ld a ll w here boom c o n fin e d re p o rte d of ce n t, P asaden a a 1921, L o s 3 7 .5 April, 1921 Value M arch, 1921 N o. p e r ce n t. $ Value 3 ,8 7 4 ,4 7 2 L ow e Per Cent Increase o Decrease (April, 1921 over April, 192C $ 7 ,2 5 0 ,5 7 1 2 ,9 1 1 P o r t l a n d ...................................... 1 ,3 0 0 S a n F r a n c i s c o ....................... 597 1 ,9 4 0 ,3 0 5 1 , 9 1 3 ,5 9 2 1 ,3 6 2 591 1 ,5 2 7 ,8 0 5 2 ,9 4 1 ,4 0 1 895 571 2 ,2 8 5 ,8 0 0 2 ,0 0 0 , 6 7 2 — 1 5 .1 — 4 .3 S a n D i e g o ................................... L o n g B e a c h ............................. 1 ,6 5 7 ,0 5 5 1 ,5 0 5 ,4 0 0 338 414 3 2 6 ,3 7 7 1 ,3 5 9 ,6 0 9 165 296 1 5 3 ,5 1 1 7 7 3 ,1 4 5 9 7 9 .5 S e a t t l e ........................................... 1 ,0 9 1 1 ,4 3 9 ,8 5 5 1 ,1 9 6 9 2 3 ,1 8 0 1 ,0 2 1 1 ,1 5 5 ,3 2 0 O a k l a n d ....................................... P a s a d e n a ..................................... 636 258 1 ,3 2 1 ,2 4 6 3 7 5 ,3 9 2 703 247 1 ,3 1 4 ,4 5 7 4 0 9 ,0 1 2 369 144 7 6 5 ,7 7 7 2 7 2 ,9 1 4 7 2 .5 F r e s n o ........................................... 207 3 5 6 ,9 9 0 283 3 9 3 ,4 4 5 185 5 9 8 ,2 8 8 — 4 0 .3 4 5 .3 8 7 .1 9 4 .7 2 4 .6 3 7 .5 S a c r a m e n t o .............................. 202 3 3 6 ,0 1 5 142 3 2 0 ,1 0 0 114 2 0 0 ,8 6 5 B e r k e l e y ...................................... 154 3 2 5 ,5 6 9 158 3 3 9 ,3 3 3 105 2 2 4 ,0 0 3 4 5 .5 C i t y .................... 148 2 9 7 ,9 9 0 161 2 5 0 ,5 8 3 99 3 7 0 ,9 7 0 S a lt Lake ii 87. L o s A n g e l e s .............................2 , 9 0 4 340 357 $ 6 , 9 1 5 ,2 1 6 1 ,4 7 5 N o. ce n t, A n g e le s April, 1920 Value com p are« per its — No. b u ild in i o f th e p e r m it 9 7 9 .5 in sh ow C a lifo r T a c o m a ........................................ 461 2 9 3 ,3 7 8 444 3 6 1 ,9 3 5 277 1 ,1 8 7 ,3 7 6 — 1 0 .9 — 7 5 .2 S p o k a n e ....................................... 330 2 0 3 ,8 5 5 284 2 6 7 ,6 9 0 160 3 0 5 ,9 5 5 — 3 3 .4 P h o e n i x ........................................ 85 1 7 5 ,8 1 7 138 3 5 7 ,8 8 9 184 8 9 4 ,1 2 8 — 8 0 .3 San J o s e ..................................... 68 1 3 3 ,6 2 0 73 1 0 5 ,5 2 3 53 1 2 2 ,6 8 0 8 .9 O g d e n ............................................ 64 1 3 3 ,0 0 0 46 7 9 ,1 9 0 26 5 1 ,7 0 0 1 5 7 .2 S t o c k t o n ..................................... B o i s e ................................................ R e n o ................................................. 80 104 26 1 0 9 ,5 2 0 1 0 7 ,3 2 7 3 1 ,1 2 4 106 136 24 2 2 0 ,4 4 3 9 8 ,5 1 7 3 1 ,1 3 0 78 84 17 2 6 3 ,9 9 9 7 1 ,4 1 0 5 0 ,0 0 0 — 5 8 .5 5 0 .2 — 3 7 .7 Federal Reserve Bank of San Francisco m a te r ia l e ffe c t th e co sts on in c r e a s e has been p o rte d have hom e in of b u ild in g th is th a t c h ie f o b s ta c le but th a t to th ere m o n th s is fig u r e s of p e r m its of o p p o s ite in M arch r e m a in in th e are is re as in th e 1921. and tw e n ty in of fa ilu r e s num ber of th is in and year 1920. $ 3 ,0 4 6 ,6 9 1 B u s in e s s fo r and in le s s to ta l in lia b ilit ie s A p r il com p ared 165 fa ilu r e s but 102 to in of th is B an k an d a b u s i d ecrease in checks th e p rogress, R . fig u r e s in as p r in c ip a l th is d ecrease and a and sta te s “ T .” to com p ared s lig h t th e tw e n ty a r ise D u n fo r re p o rte d m o n th th ree G . ta b le in th e grad u al w ith 1920. show n bank of 8 w ith 1 5 .6 per la s t per cent d e c re a se c o m p a r e d w ith A p r il o f la s t A c co u n ts year. B ank c le a r in g s in C a lifo r n ia in c r e a s e d of s u b s ta n tia l $ 1 ,4 3 8 ,8 7 2 ,0 0 0 , In d iv id u a l de lia b ilitie s a t th is d is tr ic t lia b ilit ie s M arch , to c le a r in g s C le a r in g s in e x p e c te d M ay, D e b its to per la r g e a seaso n al decrease th e c o m p a r a tiv e bank 1 0 5 .1 one be cent A p r il, of w ith in of A p r il, p r a c t ic a lly in c r e a se d and fa ilu r e s s in c e w ith w as fa ilu r e is n o r m a lly in a m o u n ted a c tiv ity in c o n tin u e th a t s e c tio n S o u th e rn to o f th e r e fle c t d is tr ic t F a ilu r e s — No. A r i z o n a ..................................... .......................... 6 C a l i f o r n i a ............................... ..........................4 5 I d a h o .......................................... ..........................12 N e v a d a ..................................... ................. 1 O r e g o n ..................................... ..........................15 0 U t a h ........................................... ................. W a s h i n g t o n ........................ ..........................2 3 D i s t r i c t .......................... ..........................1 0 2 B a n k in th e A lth o u g h been a g g re g a te le s s num ber th a n to d is tr ic t a re A p r il C om pared fa ilu r e s lia b ilit ie s presen t has o f th is of num ber of C o m p a n y 's (se e th a n th e v a r ia tio n s , c itie s w ere A p r il in lia b ilitie s T h e $ 2 ,6 7 0 ,8 5 3 d is tr ic t lia b ilit ie s in fa ilu r e s th is th e fa ilu r e s w h ic h th ree “ S ” b o th num ber b u ild in g ta b le c h ie fly tim e , su b fir s t but due n ess w age is r e p o r tin g in of C o m p a r a tiv e v a lu e sh ow n of ce n t. v e stm e n t h o u se. d is tr ic t, situ a tio n per num ber sam e cent th e 1 4 .1 th e c itie s B u s in e s s (U ) th e prospect w as or num ber F a ilu r e s (T ) it 1920 g re a te r of som e th e p a st m o n th It of 1920, of p a g e ). B u s in e s s b o th co sts b u ild in g th a n d is tr ic t m uch stru ctu re . th ro u g h o u t now e ith e r is su e d th is th e crease m ark ed and m o r e g e n e r a l r e s u m p tio n T h e th e e s p e c ia lly d u r in g la b o r a b e tte r of an a c tiv ity of a c tiv ity a d ju s tm e n ts . s ta n tia lly c la s s h ig h c o n s tr u c tio n had b u ild in g 15 April, 1921 Am ount $ N o. M arch, 1921 Am ount No. 1 5 ,7 0 0 10 2 9 ,6 0 0 2 7 9 0 ,2 5 7 72 5 1 3 ,6 4 3 53 7 9 7 ,7 4 6 700 7 1 4 9 ,0 0 0 4 5 1 ,4 4 0 2 ,6 0 0 3 3 1 ,5 2 9 28 1 ,7 4 5 ,1 7 8 3 22 1 0 2 ,2 0 0 1 7 5 ,3 4 7 -0 - $ 1 ,1 0 0 6 1 3 ,7 1 4 1 0 ,5 0 0 5 1 2 ,8 5 8 7 3 4 ,9 2 1 43 6 9 6 ,1 7 0 15 3 4 5 ,5 0 0 $ 2 ,6 7 0 ,8 5 3 165 $ 3 ,0 4 6 ,6 9 1 104 $ 1 ,3 0 2 ,1 5 9 A p ril 1921 5 3 6 ,8 0 0 $ 4 C le a r in g s * - $ April, 1920 Am ount M arch 1921 $ 6 0 2 ,7 0 0 A p ril 1920 $ 6 5 4 ,4 3 0 Per Cent Increase or Decrease (— ) A p ril, 1921 over A p ril. 1920 — 1 7 .9 3 4 1 ,9 6 7 3 7 3 ,7 7 3 3 2 8 ,8 1 6 3 .9 1 3 9 ,3 2 7 1 3 3 ,3 0 4 1 4 4 ,6 1 2 1 7 1 ,0 9 9 1 9 7 ,9 5 2 — 1 8 .5 — 3 5 .2 1 2 8 ,0 7 8 S a lt L a k e C i t y . 5 1 ,9 6 4 5 5 ,3 3 1 7 3 ,3 9 6 — 2 9 .2 O a k l a n d ................. 4 4 ,7 6 1 4 8 ,6 2 9 4 7 ,2 6 4 — S p o k a n e ................. S t o c k t o n ................. 4 0 ,6 1 8 4 6 ,0 5 1 5 7 ,1 2 1 — 2 8 .8 5 .2 2 4 ,1 1 0 2 1 ,4 8 4 2 2 ,1 9 0 8 .6 S a c r a m e n t o .. . . L o n g B e a c h .. . 2 0 ,3 1 5 2 2 ,7 7 1 2 4 ,4 5 3 1 5 ,3 1 1 1 5 ,4 9 3 1 2 ,9 8 0 — 1 6 .9 1 7 .9 F r e s n o .................... 1 5 ,1 5 6 1 7 ,0 1 5 1 9 ,4 4 5 — 2 2 .0 T a c o m a ................. 1 5 ,1 5 4 1 6 ,4 0 4 2 2 ,7 4 7 — 3 3 .3 P a s a d e n a .............. S a n D i e g o ............ 1 3 ,9 9 7 1 5 ,0 4 9 1 1 ,8 9 5 1 1 ,5 8 0 9 ,9 0 5 1 4 ,4 3 4 B e r k e l e y ................. S a n J o s e .............. 1 1 ,8 4 5 6 ,7 4 1 O g d e n ...................... 6 ,6 8 8 1 3 ,0 6 7 6 ,9 9 8 6 ,9 1 3 1 1 ,4 0 9 8 ,4 7 5 1 3 ,6 7 6 4 1 .3 — 1 7 .5 3 .8 — 2 0 .4 — 5 1 .0 — 2 5 .9 B o i s e ......................... 5 ,6 9 3 B a k e r s f ie ld .. . . 5 ,6 7 6 5 ,1 5 0 6 ,0 4 6 5 ,4 2 4 4 .6 R e n o .......................... 2 ,7 7 6 2 ,9 2 4 3 ,6 1 4 — 2 3 .1 $ 1 ,4 3 8 ,8 7 2 $ 1 ,5 6 5 ,2 9 4 $ 1 ,7 0 6 , 5 1 6 — 1 5 .6 ♦ 000 omitted. 7 ,6 8 6 Agricultural and Business Condition 16 as com p ared L o n g L os w ith B each A n g e le s m o n th c itie s B e r k e le y ta lly an o th e r C o m p a r a tiv e c itie s are th e in to of of v a ile d and th o se la s t S ta te s 1920 th e lis t o f w ith la s t in fo r ta b le 113 sh o w th e San th e th a t d e b its de r e p o r tin g page tw e n ty to 1 5 ). c itie s in d iv id u a l of ac in d iv id u a l b a n k d e p o s it o r s , w e r e $ 1 ,8 6 4 ,7 5 7 ,0 0 0 in or 1 4 .4 w hen th e y A p r il, 1921, 1920, C om pared w ith y e a r, A p r il fig u r e s ce n t, th e th e sam e in w a s th e o n ly la r g e an in c r e a s e w ith th e fo r sam e fo r c itie s a r e th e C o m p a r is o n in d iv id u a l s h o u ld M arch , in of re p o rte d 1921. th is o f 2 4 .7 a L os per to ta l R eserve of th is la s t year year. F ederal R eserve in t a b le bank c le a r in g s account over m a k e a llo w a n c e com p ared C o m p a r a tiv e g iv e n a in th e paper fr o m 7^4 B ank and and p e r io d d e b its of a to year fo r d e c lin e s o f a p p r o x i d is c o u n t bou ght in per ra te th e ce n t to fo r open la r g e s t In te re st (L o s a n d D is c o u n t S e a ttle , R a te s d u r in g th e “ W (se e sh ow s (V ) a ls o D e b its th a t to ” p r im e of A n g e le s , s lig h tly per 7 y 2 cen t c o m m e r c ia l m ark et c itie s in th e in th e d is c o u n t ra te s RATE fo of s ix F edera CHANGES To From Date N e w Y ork C o m m e rc ia l P a p e r ...........7 6 ^ M a y 5 ,1 9 2 C h ic a g o C o m m e rc ia l P a p e r ...........7 6K M a y 6 ,1 9 2 P a p e r ...........7 6 B oston C o m m e rc ia l Secu red by o f I n d e b t e d n e s s ..............$ y 2 A tlanta C o m m e r c ia l 6 P a p e r ........... 7 6 M in n e a p o l is C o m m e rc ia l P a p e r ........... 7 A g r ic u ltu r a l an d L iv e s t o c k P a p e r ........................7 Secured of by A p r i l 1 5 ,1 9 2 C e r t ific a t e s M a y 5 ,1 9 2 M a y 1 5 ,1 9 2 6 y2 ey2 C e r t ific a t e s I n d e b t e d n e s s ..............S y 2 6 D allas P a p e r ........... 7 6 y2 T r a d e A c c e p t a n c e s .......... 7 A g r ic u ltu r a l an d L iv e sto ck P a p e r ......................7 e y 2 C o m m e rc ia l M a y 1 6 ,1 9 2 6% D u r in g th e b an k ers’ th is d is tr ic t F r a n c is c o , P o r tla n d ) occu rred past m o n th . fo llo w in g p ast W a s h in g to n and April 1921 broad e x is te d so u th e rn In th e p a r ts ern A c ce p ta n ce dem and has M ark et of v o lu m e . s m a ll T h e v a r ie d th e b e tw e e n 5 j4 of ra te per T h e flu c tu a tio n to th e page) Y o rk , but p r im e b an k ers’ m ore in th e fo r of C a li n o rth sta te th< sca tte re d p r im e and p a r tic u la r ly April 1920 has m oney a c c e p ta n c e s. March 1921 of and la t t e r fo : O regon anc n in e tie s 5 $ 4 and been due ha< is to ra te s th e T h e in in s c a r c ity dem and P o r t l a n d ................. ................................ S e a t t l e ...................... ................................ S a l t L a k e C i t y . ................................ 1 5 7 ,9 3 1 1 2 6 ,4 9 5 5 6 ,4 8 2 1 8 2 ,4 5 7 1 5 8 ,5 9 2 S p o k a n e ................. ................................ 4 2 ,6 7 6 5 5 ,0 0 9 T o t a l ................... ................................ $ 1 ,4 9 7 ,5 3 0 C i t i e s . . . ................................ 3 6 7 ,2 2 7 $ 2 ,0 1 7 ,5 6 9 4 6 1 ,2 0 9 $ 1 ,7 7 9 ,2 7 5 — 1 5 .8 4 0 0 ,4 7 9 — 8 .3 D i s t r i c t f ........... ............................... $ 1 ,8 6 4 ,7 5 7 $ 2 ,4 7 8 ,7 7 8 $ 2 ,1 7 9 ,7 5 4 — 1 4 .4 O th e r * 0 00 o m i t t e d . t T w e n t y c i t i e s — 113 b an k s, r e p o r tin g . 6 3 ,0 3 1 — 1 6 .3 3 9 5 ,3 3 0 1.1 1 9 7 ,6 7 9 — 2 0 .1 2 0 4 ,2 5 3 — 3 8 .0 — 2 3 .1 7 3 ,5 3 8 5 4 ,7 6 4 o fo i Per Cent Increase or Decrease (— April, 1921 over April, 1920 $ 1 ,0 1 8 ,8 3 6 5 3 9 ,6 4 4 8 5 3 ,7 1 1 i N e w 7 1 3 ,9 7 6 3 9 9 ,9 7 0 $ a P er c e n t. ra te s e a s in g in part been cent p re se n t w r itin g 5^4 dem and ce n tra l T h e m easu re pre a has th e fo r n ia . T a b le c o n d itio n s m o n th a cc e p ta n c e s I n d iv id u a l A c c o u n ts *— S a n F r a n c i s c o . ................................$ L o s A n g e l e s . . . ................................ and in d e b te d n e s s . D IS C O U N T fo u r San e a sie r lo a n s b o n d s a n d U n ite * “ V .” t o 2 0 p e r c e n t in r e ta il p r ic e s . R e d u c tio n in te r b a n k B an k s: m a t e l y 4 0 t o 4 5 p e r c e n t in w h o le s a le p r ic e s a n d 10 of Nam e of Bank and Class of Paper A n g e le s c ity o f th e d is tr ic t r e p o r tin g six of th a n m o n th a d ecrease h a v in g A p r il B ran ch le s s $ 2 ,1 7 9 ,7 5 4 ,0 0 0 . p r e v io u s m o n th fig u r e s cent to ta le d sh ow banks o f $ 2 ,4 7 8 ,7 7 8 ,0 0 0 per fo r lib e r ty lo a n c e r tific a te s occurred c o u n t , r e p r e s e n t in g a ll p a y m e n t s fo r a c c o u n t o f A p r il, ra te D u r in g th e p a st m o n th th e fo llo w in g c h a n g e J o a q u in d is tr ic t (se e in th e fu n d a m e n tw e n ty “ U ” banks in secu red b y B a k e r s fie ld th e th e se c tio n s and 5 .2 t o 5 1 .0 p e r c e n t a r e r e p o r t e d . fr o m d is tr ic t w itn e s s fig u r e s g iv e n R e p o rts r e m a in s over i m p r o v e m e n t in bears c re a se s o f fr o m w ith in c r e a s e a ls o c o n d itio n In g a in s in c r e a se c o m p a r e d a m ark ed sou n d P asaden a com p ared fr a c tio n a l S to c k to n V a lle y . year. s u b s ta n tia l decrease a r e p o r tin g year and and a but c le a r in g s . la s t re p o rte d — 2 2 .0 17 Federal Reserve Bank of San Francisco paper of w h ile th e d itio n s , th is c h a ra cte r s u p p ly , has S eason al due is to decreased c o n s ta n tly gen eral g r o w in g b u s in e s s con so m e w h a t. a c tiv itie s of th e s p r in g d u r in g sou rces of creased fr o m A ago year a ll banks on M ay $ 1 ,2 7 4 ,0 0 0 ,0 0 0 . th e in th e $ 1 ,2 6 0 ,0 0 0 ,0 0 0 7, d is tr ic t, to 1920, C o m b in e d had in $ 1 ,2 6 4 ,0 0 0 ,0 0 0 . th e y tim e sto o d and net at de p a s t f o u r w e e k s h a v e r e s u lt e d in s l ig h t l y g r e a t e r m and d e p o s it s o f t h e s a m e b a n k s d e c lin e d fr o m dem ands upon $ 1 ,1 0 5 ,0 0 0 ,0 0 0 to $ 1 ,0 9 6 ,0 0 0 ,0 0 0 d u r in g th e sam e m em ber c r e d it, a n d R e p o r tin g and b a n k s o f th is d is tr ic t fo r on M ay d is c o u n ts to ta l co u n ts) B an ks r e p o r t in g m e m b e r b a n k s lo c a te d th e la n d , San n in e T acom a, O gd en ) of S a lt th e in v e stm e n ts reserve F r a n c is c o , c itie s S e a ttle , Lake d is tr ic t and of (L o s P o r tla n d , C ity , o f th ese 69 and m ost and 1920. c ip a l re ) I n te r e s t a n d on very M ay A 7, 1920, w ith th e s lig h tly 4, 1921, th e banks and F ederal sto o d sam e at lia b ility in Interbank Loans April M ay n /A 6 y 6y¿ 7J4 7 (> y 7 6y¿ 7 1V 2 7M 7 7 7 7 7 6 7 7M 7 7 7 S a lt L a k e C i t y . 8 8 7V a 7 8 8 S p o k a n e ................. 7 7 7 ^ -0 -0 - -0 - 7 7 8 S e a t t l e ...................... P o r t l a n d ................. 7 ig T w e lf th F e d e r a l R e s e r v e M e m b e r B a n k s B a n k s .............................................................................................. 1. L o a n s a n d D i s c o u n t s ( e x c l u s i v e o f r e d i s c o u n t ) : ( a ) S e c u r e d b y U n i t e d S t a t e s G o v e r n m e n t O b l i g a t i o n s . . Í; (b ) Secured (c ) S ta te s B o n d s ........................................................................................................... A l l O t h e r .......................................................................................... .. ......................... (S e e e x p la n a t o r y f o o t n o te b e lo w c o n c e r n in g ite m 1 (c ) 2. by S to c k s fo r of th e of a l M ay 7, p r in th e se re Secured by L. L. Bonds or U . S. Certificates of Indebtedness M ay April 7 6 ]/2 7 7 8 7 8 7 8 7 8 7 8 8 7 8 in R e s e r v e C itie s in D is tr ic t— M ay 4,1921 *N u m b e r o f R e p o r tin g Bank w eeks “ X .” Collateral Demand Loans M ay April 7^2 7 ^ 7 as ite m s ta b le 6H 7 F r a n c i s c o . ........... e y 2 L o s A n g e le s ... fo u r $ 1 0 6 ,4 2 4 ,0 0 0 , fig u r e at p a y a b le R eserve th e sta te m e n t ap pears sto o d b ills R a te s — D is c o u n t Prime Commercial Paper Open Market Customers M ay April M ay April San ite m and d u r in g c o m p a r a tiv e resou rce th is R e d is c o u n ts p r e c is e ly p o r tin g s o u r c e s a p p r o x im a te 4 4 p e r c e n t o f th e to ta l re ( W M ay banks in c re a se d in A n to ta l O n $ 1 ,0 8 0 ,0 0 0 ,0 0 0 . O ak Spokane w h ose p e r io d . lo a n s r e d is - M em b er g e le s , and 4th (in c lu d in g and Bonds o th e r th a n April 27, 1921 6 9 2 5 , 4 8 0 ,0 0 0 M ay 7,1920 6 9 $ 2 6 ,7 1 3 ,0 0 0 6 6 $ 2 8 , 6 9 8 ,0 0 0 U n ite d 1 4 9 .9 2 1 .0 0 0 6 9 8 .8 4 2 .0 0 0 1 5 0 .8 6 5 .0 0 0 7 0 5 .3 4 2 .0 0 0 1 4 8 ,4 5 6 ,0 0 0 + 8 7 9 ,4 6 9 ,0 0 0 9 5 .9 4 3 .0 0 0 1 2 .3 8 2 .0 0 0 3 6 .0 0 5 .0 0 0 -0 1 ,2 0 0 ,9 5 3 ,0 0 0 in 1 9 2 0 ) . In v e stm e n ts: ( a ) U n i t e d S t a t e s B o n d s ........................................................................................ ( b ) U n i t e d S t a t e s V i c t o r y N o t e s ................................................................. ( 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 ......................... ( 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 ............................................. 1 0 3 .5 3 5 .0 0 0 1 8 .5 6 6 .0 0 0 1 6 .7 5 9 .0 0 0 1 7 4 .0 9 5 .0 0 0 1 0 3 .0 0 4 .0 0 0 1 9 .1 0 2 .0 0 0 1 8 .4 6 6 .0 0 0 1 7 0 .7 2 2 .0 0 0 I n v e s t m e n t s ..................................... 1 , 1 8 7 ,1 9 8 ,0 0 0 1 ,1 9 4 ,2 1 4 ,0 0 0 4. R e s e r v e B a l a n c e w i t h F e d e r a l R e s e r v e B a n k .......................................... 7 0 , 3 5 3 ,0 0 0 7 4 ,0 8 2 ,0 0 0 7 7 ,2 2 7 ,0 0 0 5. C ash 2 4 ,4 3 0 ,0 0 0 2 3 ,9 8 4 ,0 0 0 2 9 ,1 9 3 ,0 0 0 3. T o t a l Loans in T im e 8. G overn m ent B ills 10. B ills (a ) (b ) and D e p o s i t s o n w h i c h r e s e r v e is c o m p u t e d .................... 5 5 3 ,8 9 0 ,0 0 0 5 6 4 ,3 4 4 ,0 0 0 5 9 7 ,4 6 1 ,0 0 0 D e p o s i t s .......................................... 5 4 2 ,4 7 8 ,0 0 0 5 4 1 ,4 2 3 ,0 0 0 4 8 4 ,7 5 8 ,0 0 0 D e p o s i t s ........................................................................................................ 8 , 3 1 6 ,0 0 0 9 ,9 0 4 ,0 0 0 7 ,9 6 5 ,0 0 0 2 8 ,5 0 1 ,0 0 0 2 7 ,4 2 7 ,0 0 0 6 2 0 ,0 0 0 3 7 , 8 6 2 ,0 0 0 4 ,5 3 3 ,0 0 0 4 , 4 0 6 .0 0 0 7 2 ,7 7 0 ,0 0 0 6 7 ,7 2 1 ,0 0 0 3 ,1 9 6 ,0 0 0 6 7 , 4 7 9 ,0 0 0 D e p o sits, 9. (a ) (b ) D is c o u n ts V a u l t .......................................................................................................................... 6. N e t D e m a n d 7. and P a y a b le in c lu d in g w ith F ed eral S a v in g s R eserve B ank: 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 O b l i g a t i o n s ... A ll O t h e r .................................................................................................................... R e d is c o u n te d w ith F ederal R eserve 6 2 0 ,0 0 0 2 8 5 ,0 0 0 B ank: S e c u re d b y U n ite d S ta te s G o v e r n m e n t O b l i g a t i o n s ... A ll O t h e r .................................................................................................................... * T o t a l r e s o u r c e s o f r e p o r t in g b a n k s a r e a p p r o x im a t e ly 44% o f t o t a l r e s o u r c e s o f a l l b a n k s , a n d 6 7% o f t o t a l r e s o u r c e s o f a ll m e m b e r b a n k s in T w e lf t h F e d e r a l R e s e r v e D i s t r ic t . R e p o r t i n g b a n k s e m b r a c e a ll m e m b e r b a n k s in S a n F r a n c is c o , L o s A n g e le s , O a k la n d , P o r t la n d , S e a ttle , T a c o m a , S p o k a n e , S a l t L a k e C it y a n d O g d e n . f P r io r to J a n u a r y t h a t d ate , “ A l l O t h e r C o n s e q u e n t ly a fig u r e 1, 1921, t h i s f i g u r e i n c l u d e d “ A l l O t h e r I n v e s t m e n t s ” a s w e l l a s “ A l l O t h e r L o a n s . ” A fte r In v e s t m e n t s ” w e r e r e p o r te d s e p a r a t e ly a s “ O t h e r B o n d s , S t o c k s a n d S e c u r it ie s , ” in it e m 2 (d ). i n 192 1 c o m p a r a b l e t o i t e m 1 ( c ) i n 1 9 2 0 w o u l d b e t h e t o t a l o f i t e m s 1 ( c ) a n d 2 ( d ) f o r 1921. Agricultural and Business Conditions 18 R e d is c o u n ts d u r in g th e m a te ly fo r m em ber p ast fo u r $ 3 ,4 0 0 ,0 0 0 and banks w eeks on M ay 11th $ 1 6 6 ,0 2 7 ,0 0 0 a R eserve B an k D e c e m b e r 10, o f San $ 1 4 3 ,1 6 7 ,0 0 0 on year T h e reserve of in open th e d u r in g b ills th e of m ark et w as by $ 1 1 9 ,0 0 0 ,0 0 0 on Jan uary at w ith on an d In itia l ste p s coast of c e p t a n c e s — in s o ld , and ta k e n carry of in it no h ou ses of lo n g e r to fr o m p u b lic and m o n th . m a tu r itie s d is tr ic t th e m fir st p u b lis h e d uary M a y bou ght run o ff sto o d be N ew o ffe r in g of a read y P er c en t a g e — resp on se t o To O n L fo r to M ay b ills banks R on cent M ay on occurred on reserve cen t, 15, 1921, r a tio and a on w ith 4 1 .7 per 1920. E ffo rts are b e in g th is o f in v e s tm e n t. fo rm s u ita b le fo r banks in v e s tm e n t and w ith liq u id ity B ank tw o in d iv id u a ls is cu rrency, th e and and a c c u m u la te d Fe W R cor are oi p a r tic u la r ly w h ose s u r p lu s fu n d s degree of n o r m a lly an s a fe ty cash w hen or d e r a l R e s e r v e oi and r e a d ily w h ic h fa ll o ff, liq u id a tio n o th e r B of reserves eserve is cash s e c u r itie s, th ro u g h fr o m of reserve b e a r in g th e com p osed reserve secon d ary w hen lo a n s e l f t h o th e r d e s ir a b ilit y h ig h e s t are th e m ade c u sto m e rs’ th e T h ey p r im a r y in te r e s t s o ld c o n v in c e of d e s ir e d . reserves p a rts; h ic h fo r th e be on to and can Tw m ade p o r a tio n s cau ses, oi cash D is t r ic t a s e d — 8 0 \ 75 70 70 N & v /7 // 65 Bilk \ S ■¡ughtin i. ~)pen Mart et, adcfêû l o ! ipse/v e *V \ a t« «a / . . . . 6 5 \ ✓ X s 60 6 0 50 5 5 5 0 s e r 'e / 4 5 45 40 4 0 ¿C V i VOCY> CVi VO 5 sg 1 4 1 Ì £ i I i ^ i f 1 5 £ <o \ 55 tc Jan com p ared 8 0 75 d u r in g reserves $ 1 4 7 ,6 3 5 ,0 0 0 T h e A p r il 14, of in c r e a s e $ 2 0 3 ,0 0 0 ,0 0 0 per w ith p e a k A n to ta l w ith year. 5 5 .3 th e in ia b il it ie s th is w as m a r k e ta b le , re p o rte d . eserve of 11th per $ 7 ,1 0 0 ,0 0 0 of a 1920. r a isin g peak out 9 th w as is so bu yers s h ip p e d 21st 5 4 .6 a cc e p ta n c e s b ills th e se of t a l arranged n ecessary fr o m th e d e n o m in a tio n s su ch Y o rk . on ac ra te s— w e re of a com p ared a n d 30, com p ared and cent a g o A C C E P T A N C E S be b o u g h t, O ne has and have b an k ers’ of m o n th , $ 1 9 8 ,8 1 3 ,0 0 0 , secon dary and ban k ers’ reserves p ast ago to can at a sso rtm e n t w ill fo r g o ld th e year e s ta b lis h m e n t p ast in v e s tm e n t an th is to th e th e m ark et p r im e b ills d e liv e r e d v a r y in g th a t tru e w h ic h d u r in g la r g e s t to w a rd a in a 14th B A N K E R S ’ th is 11th , sto o d M ay a llo w e d M a y y e a r 1 9 2 0 , $ 6 ,3 0 0 ,0 0 0 on a (b a n k e r s ’ a c c e p ta n c e s) m o n th $ 7 ,7 3 8 ,0 0 0 $ 7 2 ,4 0 3 ,0 0 0 $ 1 7 6 ,8 7 2 ,0 0 0 ago. at a p p r o x i com p ared F ed eral F r a n c is c o peak in c r e a s e d by I ^ I I ^ ^ I * Federal Reserve Bank of San Francisco b e g in s of to a c c u m u la te . c r e d it and o b lig a tio n tra d e is th e T h e m ost a r isin g fr o m ban k ers’ in s tr u m e n t has E u ropean c o m m e r c ia l London, h ig h w h ere s ta n d in g best fo rm of fu n d s w h ic h In in th e are b ills F ederal d is c o u n t. th e R e c e n tly and a c o r p o r a tio n s, fo r p o s s ib le th e to do th e p u r c h a s in g m o m e n t s u b je c t to c a ll. a fo r s im ila r d e v e lo p m e n t reserve sy ste m ra te s fo r has th is bank account of th e of are fo r m of fu n d s. w ill of sort bu y its fu n d s to or bank p o lic y w h ic h p r o v id e its it h e ld a F ederal T h is has its o r g a n iz a tio n in in reserve n o te pu rsu ed b a n k e rs’ a cc e p ta n c e s excess c o n se r v a tiv e o f th o se cash and r e q u ir e d reserve d e p o s it a g a in s t lia b ilit y . se c o n d a r y re se rv e o f b a n k e r s’ a cc e p ta n c e s flu c tu a te d c r e d it in m o d a tio n to as and In in v e r s e ly th is p a n d in g o ff fr o m in v e s tin g d is tr ic t, m em ber lo a n s s u r p lu s th e w ith banks to dem and w ere a c c o m p a n y in g as banks in fo r accom in c r e a se d m em ber fu n d s th e d im in is h in g and w ere ex p a id hand. ch art (s e e o p p o s ite page) re p r im a r y a n d s e c o n d a r y r e s e r v e s o f th is b a n k b y ban k s, c o m in g is m o n th s on la s t and, p r im a r y m em bers, by a Jan u ary of 30, of a g a in s t in c u r r e d its 2, in to d e p o s it and It of th e r e v e a ls secon dary ex reserve of a h ig h o f $ l 1 9 ,2 5 6 ,0 0 0 th e ord er reserve su m m ary 1920. th e fr o m 1920, $ 7 ,7 3 8 ,0 0 0 , cash g r a p h ic Jan uary liq u id a tio n b a n k e rs’ a cc e p ta n c e s in v e s t if p re se n te d s in c e te n s iv e W h ere s p e c ifie d has of by broaden ed num ber s u r p lu s has th e o ffe r e lig ib le in d iv id u a ls of a ll p u rch ase m ark et th is bank. to d e c la r e d A ct and a cc e p ta n c e s p resen t id le th e h o ld its w h ic h g r o w in g ban k ers’ to put in sort d e s ir e d , p a r tic u la r ly th e m e r its so, th e as p u b lis h e d te m p o r a r ily th is in in s tr u m e n t, fe d e ra l its R eserve r e c o g n iz e m ent at of c o n s id e r a b ly to d e v e lo p e d c r e d it at an y and c o n s id e r e d T h is fo r m p r o d u c tio n ce n te rs, en courage bought of o th e r a c o u n tr y , th e a lw a y s in g s it w a s as liq u id a cc e p ta n c e , been in v e s tm e n t o rd er to th is lo n g 19 lo w to on M ay stre n g th e n w h ic h is reserve 1 1 th th e m a in ta in e d n o te lia b ilitie s a s a r e s u lt o f a c c o m m o d a t io n , th r o u g h r e d is c o u n ts , to m em ber banks in th is d is tr ic t. 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 O F S T A T E M E N T R E S E R V E B A N K B U S IN E S S M A Y RESOURCES— G o ld and O F O F 1 1 , S A N 1 9 2 1 April 8,1921 M ay 11,1921 G o ld C e r t i f i c a t e s .................................................................... G o ld S e ttle m e n t G o ld W ith Fund— F o r e ig n T o ta l G o ld F ederal R eserve $ B o a r d .. H e ld by B a n k ................................................... 1 7 ,4 8 5 ,0 0 0 $ 6 2 ,2 0 6 ,0 0 0 M ay 14,1920 $ 1 1 ,2 4 9 ,0 0 0 4 2 ,7 7 4 ,0 0 0 - 0 - - 0 $ 1 7 ,8 9 2 ,0 0 0 3 9 ,9 9 4 ,0 0 0 4 4 ,7 2 1 ,0 0 0 A g e n c i e s ............................................................. F R A N C IS C O $ 5 7 ,8 8 6 ,0 0 0 5 ,1 8 8 ,0 0 0 $ 5 9 ,2 1 1 ,0 0 0 G o ld W ith A g e n t ............................................ 1 2 5 ,5 2 7 ,0 0 0 1 2 1 ,2 1 8 ,0 0 0 7 7 .2 4 6 .0 0 0 G o ld R e d e m p tio n F u n d .............................................................................. 8 ,5 6 6 ,0 0 0 1 0 ,0 4 8 ,0 0 0 1 0 .5 5 1 .0 0 0 T o t a l G o ld R e s e r v e s .................................................................... $ 1 9 6 ,2 9 9 ,0 0 0 $ 1 8 9 ,1 5 2 ,0 0 0 $ 1 4 7 ,0 0 8 ,0 0 0 e t c .................................................. 2 ,5 1 4 ,0 0 0 2 ,6 8 3 ,0 0 0 6 2 7 ,0 0 0 R e s e r v e s .................................................................................... $ 1 9 8 ,8 1 3 ,0 0 0 $ 1 9 1 ,8 3 5 ,0 0 0 $ 1 4 7 ,6 3 5 ,0 0 0 L egal F ederal R eserve T ender, T o ta l B ills N o te s, S ilv e r , D is c o u n te d : G o v e r n m e n t O b l i g a t i o n s .............. 4 9 ,5 5 7 ,0 0 0 4 9 .2 5 0 .0 0 0 5 6 .2 9 6 .0 0 0 O t h e r ................................................................................................................ 1 1 6 ,4 7 0 ,0 0 0 1 1 3 ,8 8 9 ,0 0 0 8 6 .8 7 1 .0 0 0 M a r k e t .......................................................... 7 ,7 3 8 ,0 0 0 1 4 .0 3 0 .0 0 0 7 2 .4 0 3 .0 0 0 H a n d .................................................................... $ 1 7 3 ,7 6 5 ,0 0 0 $ 1 7 7 ,1 6 9 ,0 0 0 $ 2 1 5 ,5 7 0 ,0 0 0 B o n d s ....................................................................... 1 ,4 0 8 ,0 0 0 1 ,5 2 3 ,0 0 0 2 ,6 3 2 ,0 0 0 S ecu red A ll B ills by U . S. B ou gh t in O pen T o ta l B ills on U . S. G overn m ent U . S. V ic to r v N o t e s ........................................................................................ - 0 - - 0 - - 0 - A c t ) .. 1 0 ,8 8 0 ,0 0 0 1 0 ,8 8 0 ,0 0 0 1 0 ,8 8 0 ,0 0 0 A l l O t h e r 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 .................................. 7 3 ,0 0 0 1 6 5 ,0 0 0 1 ,0 0 C T o t a l E a r n i n g A s s e t s ................................................................ $ 1 8 6 ,1 2 6 ,0 0 0 $ 1 8 9 ,7 3 7 ,0 0 0 $ 2 2 9 , 0 8 3 , OCX P r e m i s e s ......................................................................................................... 5 4 8 .0 0 0 5 2 9 .0 0 0 2 3 1 ,0 0 ( 5 4 4 .0 0 0 6 6 5 .0 0 0 O n e -Y e a r B ank 5 % C e r tific a te s o f I n d e b t. R e d e m p tio n G o ld A broad in A g a in s t C u s t o d y o r in F . R . B ank N o te s - 0 - T r a n s i t .................................. 6 6 5 ,0 0 0 -O X - I t e m s ............................................................................................... 3 5 ,0 5 6 ,0 0 0 3 8 ,2 3 1 ,0 0 0 3 5 ,0 8 8 , 00C R e s o u r c e s ........................................................................................ 5 3 7 .0 0 0 5 0 8 .0 0 0 3 7 8 ,0 0 ( $ 4 2 1 ,6 2 4 ,0 0 0 $ 4 2 1 ,5 0 5 ,0 0 0 $ 4 1 3 ,0 7 2 ,0 0 0 U n c o lle c te d A ll O th e r Fund (P ittm a n T otal R e s o u r c e s .............................................................................. L IA B IL IT IE S — C a p ita l I n ..................................................................................................... 7 .2 7 2 .0 0 0 7 ,2 3 1 ,0 0 0 6 ,3 4 0 ,0 0 ( ............................................................................................................................. 1 4 ,1 9 4 ,0 0 0 1 4 ,1 9 4 ,0 0 0 7 ,5 3 9 ,0 0 ( P a id S u r p lu s R eserved fo r G overn m ent F r a n c h is e T a x ........................ 1 .5 9 7 .0 0 0 - 0 - - 0 - D e p o s its : 1 .5 3 5 .0 0 0 4 ,5 4 9 ,0 0 0 5 ,2 5 3 ,0 0 ( A c c o u n t ............................................ 1 1 2 ,1 6 0 ,0 0 0 112, 2 2 1 , 0 0 0 1 1 8 ,5 4 8 ,0 0 ( O t h e r ................................................................................................................ 7 .2 7 1 .0 0 0 1 0 ,1 7 7 ,0 0 0 7 , 4 4 3 ,0 0 ( D e p o s i t s ..................................................................................... $ 1 2 0 ,9 6 6 ,0 0 0 $ 1 2 6 ,9 4 7 ,0 0 0 $ 1 3 1 ,2 4 4 ,0 a 2 2 8 ,6 0 2 ,0 0 < G o v e r n m e n t ......................................................................................................... M em ber A ll B ank T o ta l R eserve 2 3 8 ,6 7 3 ,0 0 0 2 3 1 ,2 6 6 ,0 0 0 L ia b ilit y .. 8 .1 2 4 .0 0 0 8 .5 4 6 .0 0 0 I t e m s ................................................................ 2 8 ,1 7 4 ,0 0 0 2 9 ,7 9 4 ,0 0 0 2 5 ,7 2 7 ,0 0 1 L i a b i l i t i e s ........................................................................................ 2 .6 2 4 .0 0 0 3 .5 2 7 .0 0 0 4 ,7 6 6 ,0 0 1 $ 4 2 1 ,6 2 4 ,0 0 0 $ 4 2 1 ,5 0 5 ,0 0 0 1 ,4 7 2 ,0 0 0 1 ,4 7 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 ................................................ F. B ank N o tes R . D e fe r r e d T otal fo r C ir c u la tio n — N e t A v a ila b ility A ll O th e r M e m o : in 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 L ia b ility on B ills 8 , 8 5 4 , OCX $ 4 1 3 , 0 7 2 , OCX P u rch ased C o r r e s p o n d e n t s ......................................................... - 0 -
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