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A g ric u lt u ra l and B u sin ess C o n d itio n s IN T H E T W E L F T H F E D E R A L R E S E R V E D IS T R IC T M o n th ly R e p o rt to the F ed eral R eserv e B oa rd by JOHN PERRIN, Chairman of the Board and Federal Reserve Agent Federal Reserve Bank of San Francisco Vol. VI San Francisco, California, May 18, 1922 E A T E R than seasonal increases in ac G Rtivity in the major extractive industries of the district, continued strength in the banking situation, and a period of comparative dullness in wholesale and retail trade char acterized the month of April in the Twelfth Federal Reserve District. Improvement in the lumber industry was the outstanding feature. Production during April was at 95 per cent of the estimated nor mal capacity of reporting mills The Month and during the first two weeks of May reached normal capacity. Orders received during April exceeded produc tion by 27.1 per cent, this being the fifth con secutive month in which demand has exceeded current production. The mining industry is reported to be more active than at any time in the past year. Gold and silver mines with the richer ore deposits, and which have been closed down, are being worked again, and 12 of the 16 large copper companies in the district are now in operation after a year of comparative inactivity or of complete cessation of opera tions. Petroleum production continues at rec ord levels but consumption has been lagging behind output, and stored stocks on May 1st were 39,795,057 barrels, the largest amount since April, 1917, and 56.9 per cent greater than one year ago. Normal or better than normal yields of most of the agricultural crops of the district are ex pected. The May 1st estimate of the United States Department of Agriculture places the yield of winter wheat at 72,829,000 bushels, a decrease of 7,949,000 bushels, or 9.8 per cent, from last year’s record crop and an increase of 28.5 per cent over the previous five-year aver age. Deciduous fruit orchards, with the excep tion o f apricots, are in good condition. Fairly accurate estimates of the damage done to the California orange crop by the January frosts are now available and it is expected that ap proximately 58 per cent (13,050,000 boxes) of the previously estimated crop will be market able. Prices of agricultural products were rela tively stable during April and the gains of the previous three months were generally held. Tentative prices for fruits and actual prices of livestock and w ool are well above prices of one year ago. Increased activity in industry and agricul ture is reflected in the loans and discounts of reporting member banks which increased from $834,264,000 to $853,231,000, or 2.3 per cent, during April. A t the same time deposits in these banks increased from $1,114,092,000 to $1,152,807,000, or 3.5 per cent, and they were able to reduce their borrowings from the Fed eral Reserve Bank from $22,651,000 to $14,672,000, or 35.2 per cent. Borrowings of all member banks from the Federal Reserve Bank declined from $49,025,000 to $43,279,000, or 11.7 per cent in the four-week period ending May 10th. April was a month of little or no improve ment in retail and wholesale trade. A decline of 1.3 per cent in the value of sales at retail compared with sales in April, 1921, was re ported, notwithstanding the fact that Easter buying was included in March sales last year and in April sales this year. In eight of the 10 reporting lines of wholesale trade the value, and probably the physical volume, of sales was less in April, 1922, than in April, 1921. The exceptions wTere agricultural implements and hardware. Building permits issued during April give further evidence of exceptional activity in con struction and building. Permits issued were 16.5 per cent greater in number and 51.6 per cent greater in value than in April, 1921, and Those desiring this report sent them regularly will receive it without charge upon application No. 5 Agricultural and Business Conditions 74 were approximately equal to the permits issued in the record month of March, 1922. The volume of business transacted in the district, as reflected in reports of debits to individual accounts in 20 principal cities was practically the same in April, 1922, as in March, 1922, and April, 1921. The number and liability of business failures, although large, was less than in the previous month. Employment in the district is increasing rapidly as industrial ac tivity increases and seasonal farm and con struction work is begun. Unfavorable grow ing weather during April, slightly lowered the average condition of win ter wheat in this district, according to the May 1st report of the United States DeGrains partment of Agriculture (see table “ A ” ). There has been an improve ment in weather conditions during the first half of May, although some fields in northern California are in need of rains to insure a full crop and in other states the crop would be improved in many sections by warmer grow ing weather. Estimates of abandonment of winter wheat as of May 1st show a reduction of 6.3 per cent in the total acreage (3,579,000 acres) sown in this district. On the premise that average con ditions prevail until harvest, it is estimated that this acreage will produce 72,829,000 bushels of winter wheat, as compared with 80,778,000 bushels produced in 1921, a decrease of 7,949,000 bushels, or 9.8 per cent. It is esti mated that total winter wheat production in the United States during the 1922 season will be 584,793,000 bushels, only 0.4 per cent less than the 1921 crop yield. Comparative condi tions, acreage abandoned, and estimated yields of winter wheat by states in this district are shown in table “ A .” Commercial factors estimated that on April 1st the available exportable surplus of wheat in the Pacific Northwest for the remaining three months of the cereal year was approxi mately 12,000,000 bushels. Exports of wheat from Portland and Puget Sound during April are reported to have totaled 3,384,000 bushels, reducing this total on May 1st, to 8,616,000 bushels (disregarding shipments by rail). Export movement of California barley con tinued to increase during April, shipments from San Francisco amounting to 378,929 cen tals, as compared with 260,943 centals exported from that port during the preceding month, and 150,073 centals exported during April, 1921. W heat prices are reported to have shown an upward trend during April, in Pacific Coast markets. (N o. 1 hard wheat advanced 3 cents per bushel in the San Francisco market, and is now [M ay 15th] quoted at $1.41 to $1.44 per bushel.) The barley market at San Francisco is reported to have weakened slightly during the past two weeks, and on May 15th shipping barley was quoted at $1.45 to $1.55 per cental, a recession of 5 cents per cental in the upper range of prices. On the corre sponding date a year ago, shipping barley was quoted at $1.20 to $1.25 per cental. Flour output was sharply curtailed by mills in this district during April, and average pro duction of 61 reporting mills declined to 33.8 per cent of capacity (the lowest point M illing of the 1921-1922 cereal year) com pared with an average production of 50.1 per cent of capacity during the preceding month, and 34.5 per cent of capacity during April, 1921 (see table “ B ” on opposite page). Millers attribute the decreased output during April to the follow ing fa cts: 1. Old export orders have been completed and delivered, and little new export business has been booked. 2. Domestic demand has been light, and domestic sales of flour steadily decreasing. 3. Price offers for flour have been low, while millers have been obliged to pay high prices for scarce lots of desirable milling wheat. The trend of milling activity in this district as indicated by the reports of 16 large milling ( A ) C o n d i t i o n , A c r e a g e a n d E s t im a t e d Y i e ld o f W i n t e r W h e a t Condition (Per Cent of Normal) May, April, May, 10-year average 1922 1921 1922 Arizona . . . . . . . . . . . 92 California ............ . .. 90 Idaho ................... 88 Oregon ................ 91 Utah ............. .. 93 W a sh in g ton ........ 85 12th D istrict........ United S ta te s .... 83.5 95 94 92 90 89 85 80 80 97 99 98 99 92 82 90 96 94 92 78.4 88.8 87.1 Acreage Sown 1922 50,000 759,000 436,000 894,000 148,000 1,292,000 3,579,000 38,131,000 Per Cent Abandoned 1922 2.0 8.7 6.0 4.4 2.0 7.0 6.3 13.9 Estimated Yield 1922 1921 1,330,000 12,960,000 9,020,000 18,505,000 2,611,000 28,403,000 72,829,000 584,793,000 840,000 8,355,000 10,279,000 20,862,000 2,985,000 37,457,000 80,778,000 587,032,000 Federal Reserve Bank of San Francisco 75 companies, is shown in the accompanying chart. During April, stocks of wheat held by these mills decreased, flour output was cut to the lowest point of the season, and stocks of flour on hand increased slightly. Monthly Flour Output, and Stocks of Wheat and Flour at End of Month, of 16 Reporting Milling Companies Although sub-normal temperatures were re ported from practically all sections of the dis trict at some time during April, and although a few localities suffered severe Deciduous frosts, the majority of orchards Fruits are reported to be in better than average condition, and prospects on May 15th were favorable for heavy yields of the principal varieties of fruits. In California, the condition of peach orchards indicates a rec ord crop, while cherries and pears promise to be about normal in yield. The apricot crop of that state, curtailed by frost injury, is expected to be light, the present estimate being for 52 per cent of a theoretically normal crop. The United States Department of Agriculture reported the condition of California fruits and nuts on May 1st as follow s: Condition on M ay 1st 10-year average (Percentag-e o f N orm al) 1922 1921 Almonds ...............................77 Apples ....................................96 Apricots .................................52 Cherries .................................90 Peaches .................................92 Pears ......................................92 Prunes ....................................95 58 * 45 66 * * * 69 * 68 80 * * * *N ot estimated previous to 1922. (.B) Milling No MUls Reporting April, 1922 March, 1922 California ...................................... Idaho .............................................. Oregon .......................................... Washington .................................. District .......................................... 10 3 22 26 61 10 3 21 27 61 In the Pacific Northwest, berry crops are in excellent condition, and normal yields of cherries, pears, and apples are expected. Severe frosts early in May are reported to have in jured the latter fruits, but the extent of the damage will not be ascertainable for a month or more. Although a definite estimate of the size of the 1922 fruit pack is impracticable as yet, depending as it does upon the price of raw fruits, and the response of the jobbing trade to 1922 opening prices, fruit canners in Cali fornia are preparing for a larger output than the small pack of last year (8,511,851 cases). Tentative estimates from southern California indicate that the 1922 pack of fruits in that section (chiefly apricots and peaches) will show a 40 to 50 per cent increase over the 1921 pack. Estimates from the Pacific North west indicate that the 1922 fruit pack in Ore gon and W ashington will be 25 per cent larger than the 1921 pack (the chief increase being in the production of canned berries). Prices of raw fruits have not yet been estab lished. The chief factor in the situation at pres ent is the advancing prices of dried and canned fruits, which have followed the unusual de mand for these products and the rapid reduc tion in holdover stocks. During the 1921 and 1920 seasons, growers in northern California are reported to have received the follow ing prices, for the principal varieties of canning fruits : Price Per Ton 1921 1920 Apricots ......................................$ 60.00 Cherries ....................................... 120.00 Peaches ....................................... 35.00 Pears ........................................... 65.00 $100.00 240.00 110.00 100.00 Present tentative estimates indicate that growers this season will receive higher prices for their fruit than they did in 1921. A ccording to the May 1st estimate of the United States Department of Agriculture, 13,050,000 boxes of oranges will be Citrus shipped from California during the Fruits present 1921-1922 season (58 per cent of the estimate of December 1st). Ship ments of oranges from California during the -O u tp u tM arch, 1922 April, 1922 (barrels) (barrels) Per Cent M ill Capacity in Operation March, April, 1922 1921 April, 1922 171,360 13,566 88,157 221,863 303,859 9,640 102,989 300,734 69.2 43.4 38.8 45.6 45 35 33 25 494,946 707,202 50.1 34.5 76 Agricultural and Business Conditions Since these opening prices were named, re sales of contracts for future delivery of canned pineapple have been reported at prices as much as 10 per cent above the opening quotations. The increased price differential this year be tween the two kinds of canned pineapple is attributed to the desire of the canners to pop ularize the grated and crushed product, which has been lagging behind the sliced fruit in popularity and volume of sales. Losses of livestock in this district from ex posure and lack of feed have been greater than normal during the past winter, which has been unusually long and severe, accordLivestock ing to United States Department of Agriculture estimates. Feed on the majority of the pastures and ranges of the district was late in starting growth and its condition is generally reported to be much below the average for this period of the year. W ith the advent of warmer weather, however, pastures are improving, and livestock are quickly regaining lost weight. Valley pastures in northern California are reported to have deteriorated rapidly under the influence of dry ing winds, and cattle in that section are being moved to summer ranges in the mountains as Condition on M ay 1st rapidly as possible. (Percen tage o f Norm al) Lambing in the district was accompanied 10-year 1922 1921 average by losses heavier than usual, partly due to the Oranges ............................... 78 92 93 weakened condition of the ewes in many sec Lemons ............................... 66 90 90 tions because of insufficient feeding during the winter and partly due to adverse weather con Both orange and lemon orchards in many ditions during the lambing season. sections were defoliated by the January freeze, Receipts of cattle and calves at eight princi lowering the vitality of trees, and making a pal markets of the district (see table “ C” on large yield of fruit during the forthcoming opposite page) were approximately the same year impossible. during April, 1922, as during the preceding Canners of pineapple estimate that the 1922 month, and the corresponding month a year season Hawaiian pineapple pack will be ap ago. The number of cows and heifers mar proximately 5,250,000 cases, as compared with keted is reported to have been small, in con 5,262,000 cases packedtrast in to 1921, the situation a year ago, when breeding Pineapples and 5,978,000 cases in 1920. A animals were being sold. Receipts of sheep normal pack averages approxi showed the usual seasonal increase over the mately 65 per cent sliced pineapple and 35 per preceding month, while remaining less than cent crushed and grated pineapple. during April a year ago. In Pacific Northwest Sliced pineapple has recently been the most ern markets the shortage of sheep has been popular item in the canned fruit trade, and it acute, and receipts during April were small. is reported that stocks have been reduced to In contrast with the situation prevailing a a minimum. Opening prices on the forthcom year ago, it is reported that at present prices ing 1922 pack of pineapple were named early for the different kinds of livestock, producers in May by the largest canners of this fruit, are realizing a reasonable profit on their sales. quotations of two principal operators compar Cattle marketing is proceeding in an orderly ing with 1921 opening prices as follow s: manner, and little stock is being sold prema turely. The supply of fed cattle in all states of Price Per Dozen Cana 1922 1921 the district is reported to be small, and the Extra, sliced, No. 2 y2 cans (8 slices).. $2.75 $2.35 supply of grass fed cattle in California and Extra, grated or crushed, No. 2 ^ cans. 1.75 2.00 Arizona is below normal and late in com ing to 1920-1921 season totaled 21,600,000 boxes. The California Fruit Growers Exchange estimates that the 1921-1922 navel orange crop, which has been harvested and shipped, totaled 5,750,000 boxes for the state. This authority estimates the Valencia orange crop, which is now being harvested, at 6,440,000 boxes, and reports that the fruit is running to small sizes, and showing evidence of greater damage from the January freeze than had been previously estimated. Market prices for California oranges during the past month have been favorable to growers, although imports of Spanish and Italian or anges are reported to have furnished a new source of competition in Eastern marketing centers. Exchange growers have received an average price of $4.49 per box for oranges (f. o. b. California) and $3.59 per box for lemons, during April, 1922. During the corre sponding month a year ago, growers received an average price of $2.37 per box for oranges and $2.06 per box for lemons. Orange and lemon orchards were reported by the United States Department of Agriculture to be in the follow ing condition (as of May 1st) : Federal Reserve Bank of San Francisco 77 market. Livestock prices at the principal mar kets of the district (presented in table “ D ” ) remained steady during April, except for a seasonal decline in prices of sheep and lambs, follow ing increased receipts. Movement of spring lambs from California began during the last two weeks of April, and shipments are now reaching Eastern markets in large num bers. Prices of California spring lambs have Receipts of Livestock at Eight of the Principal Markets of the District 1921-1922. (L os Angeles, Ogden, Portland, Salt Lake City, San Francisco, Seattle, Spokane and Tacoma included) declined from early season levels ($16.00 to $17.00 per 100 pounds), and during the second wreek in May sold at prices ranging from $14.50 to $15.50 per 100 pounds in Eastern markets. During the corresponding period a year ago, spring lambs sold at from $11.00 to $12.00 per 100 pounds. Long continued cold weather, and retarded growth of feed in many sections of the district, have unfavorably affected the condition of sheep during the past two months, and W ool caused losses of weight and quality in many fleeces. Sheep shearing is near ing completion in Arizona and California, and is well along in other states of the district. W ool growers now estimate the forthcoming 1922 w ool clip of this district at 72,250,000 pounds, and report that 42 per cent, or approxi mately 30,466,000 pounds, had been sheared by May 1st. The 1921 w ool clip in this district is reported to have been 78,150,000 pounds. Marketing of 1922 w ool has been character ized by the large amount of contracting before shearing (during a period of advancing prices) and by the rapid sales of consigned and pooled lots of wool since shearing operations began. Approximately 35 per cent of the total 1922 clip in this district was contracted for by March 1st, at prices ranging from 25 to 30 cents per pound for “ average” and “ top” ( C ) R e c e ip t s o f L iv e s t o c k — Calves April, April, 1922 1921 Cattle April, April, 1921 1922 Hogs April, 1922 April, 1921 Sheep April, April, 1922 1921 *Los Angeles .. .16,726 6,632 Ogden ............... Portland ............. 7,967 Salt Lake C ity.. . 7,519 *San Francisco.. .15.657 3,515 Seattle .............. Spokane ............. 2,358 Tacoma .............. 2,565 15,514 5,766 7,451 3,063 23,040 4,558 2,509 1,826 6,643 500 737 126 2,860 44 121 187 6,975 234 670 48 5,256 130 226 36 32,658 11,314 16,636 5,794 28,281 12,222 3,158 3,700 25,933 8,618 11,301 ' 5,515 25,367 7,195 2,327 4,085 53,317 47,468 10,051 21,515 80,904 688 75 779 39,297 40,095 22,172 21,004 92,068 5,160 1,586 3,399 Twelfth District. .62,939 63,727 11,218 13,575 113,763 90,341 214,797 224,781 Horses and M ules April, April, 1922 1921 #. 167 48 117 133 72 35 19 61 60 42 412 342 *Receipts in the Los Angeles and San Francisco Bay districts represent a m ajority of the animals slaughtered in California. (D ) R a n g e i n L iv e s t o c k P r i c e s — Highest and Lowest Average Top Prices Per Hundredweight Received at Above Markets During April. Week of Fat Steers April 3 ................ $7.00— 8.25 April 10................ 7.00— 8.50 April 17................ 7.00— 8.50 April 24................ 7.00— 8.50 Cows Calves Hogs Lambs $4.50— 6.50 4.50— 6.75 4.25— 6.75 4.50— 6.75 $6.50— 10.00 6.50— 10.00 6.50— 10.00 6.50— 10.00 $10.00— 11.75 10.35— 11.75 10.25— 11.75 10.00— 11.90 $8.50— 14.00 8.50— 15.00 8.50— 13.10 8.50— 13.10 Agricultural and Business Conditions 78 grades of wool, respectively. From February 15th to April 15th the w ool market was quiet and buyers did little contracting. Since the beginning o f shearing operations the wool market has strengthened and prices have re sumed their upward movement. The large Jericho w ool pool in Utah sold at 40 cents per pound, establishing a new top price for the season to growers for high-grade wool. W ool is now reported to be selling rapidly, at prices ranging from 20 cents per pound for the poor est grades to 40 cents per pound for the best grades, or from 25 to 35 cents per pound for medium grades. Last year these grades sold at 10 to 15 cents per pound on a reluctant market. W ith the exception of some large lots held in grow ers’ grading and marketing pools, it is expected that practically all of the wool in the district will be sold by the time shearing operations are over. Butter production increased rapidly in northern California during April, and move ment into cold storage was larger than during the corresponding period a year Dairy ago. In the territory tributary to Products Seattle and Portland, however, the usual seasonal increase in produc tion has been delayed by weather conditions and it was necessary for those markets to bring in butter from other sections to take care o f current needs. A total of 626,157 pounds of butter moved into cold storage in the principal markets of the district during April as com pared with an increase of 103,195 pounds dur ing April, 1921. Cold storage holdings of but ter at these markets were 738,209 pounds on M ay 1st (see table “ E ” ). On the same date a year ago, holdings totaled 508,551 pounds. M ILLIONS OF POUNDS ' MILLIONS OF POUNDS reported to be anticipating a short producing season, and are storing butter at prices three cents per pound above last year’s into storage price levels. Fresh creamery butter (93 score) which sold in the San Francisco market on April 15th at 3 3 J/ 2 cents per pound, was on May 15th selling for 36^2 cents per pound. The average price to producers for raw milk declined 5 cents per 100 pounds in the M oun tain section during April, 1922, as compared with March, 1922 (see table “ F ” ), and declined 10 cents per 100 pounds in the Pacific section during the same period. Compared with April, 1921, prices have declined $0.39 and $0.70 per 100 pounds in the Mountain and Pacific sec tions, respectively. Although April was a month of relative price stability the general trend appeared to be definitely upward. In the livestock market cattle prices advanced steadily during Prices the month, hog prices were main tained at levels well above those of the previous quarter, and sheep prices although declining in the middle of the month, later recovered a large part of this decline. The grains, especially wheat, were in good demand and wheat prices recorded an appreciable ad vance during the month (from $1.31^ per bushel on April 7th to $1.42^ per bushel on May 5th, on the Chicago market). (E ) M o v e m e n t o f Sto c k s o f C o ld S to ra g e B u tte r— April, 1922 Net Increase (pounds) Los A ngeles... 288,078 1,675 Portland ......... San Francisco. 335,874 530 626,157 April, 1921 Net Increase (pounds) May 1, 1922 Holdings (pounds) May 1, 1921 Holdings (pounds) 47,990 32,288* 68,531 18,962 360,801 2,385 373,695 1,328 172,055 10,611 282,027 43,858 738,209 508,551 103,195 *N et withdrawal. ( F ) P r i c e s R e c e i v e d b y M i l k P r o d u c e r s *— Seasonal Movement of Holdings of Cold Storage Butter at Four Principal Markets of the District, 1920-1922 Contrary to the usual movement at this season of the year, butter prices in the San Francisco market have been gradually rising, during the past month, due to the continued demand from Northwestern points, and the favorable market in Los Angeles. Dealers are Section! April, 1922 Range Mountain (6 M k t s .)....$1.48-2.80 Pacific (9 M k ts.).......... 1.50-3.40 U. S. (97 M k ts.).......... 1.28-5.03 April, 1922 Average March, April, 1922 1921 Aver- Average age $1.97 2.32 2.15 $2.02 2.42 2.21 $2.36 3.02 2.62 *A11 prices per hundredweight for milk testing 3.5 per cent butter fat. fM oun tain Section includes Idaho, U tah, Nevada and Arizona. Pacific Section includes W ashington, Oregon and California. 79 Federal Reserve Bank of San Francisco During the past month prices for both cot ton and w ool have been rising. T o the strong statistical position of cotton (due to increasing world consumption and decreased stocks), with the possibility of a close balance between supply and demand during the next crop year have been attributed recent price advances for this commodity. The average of 98 w ool quo tations on the Boston market declined slightly during April but new clip wools in the western states sold at advanced prices during the month. Fruit prices remained unchanged, trading in 1921 crop apples and canned and dried fruits being on a small scale due to the scanty avail able stocks. Oranges and lemons continue to bring high prices, further advances being re corded in April. A m ong the non-agricultural commodities copper, lead, and lumber advanced and petro leum remained unchanged compared with the previous month. Changes in the prices of some of the principal products of the district are shown in table “ G.” Production of lumber during April reached 95 per cent of the estimated normal capacity of reporting mills and reports received during the first weeks of May show that Lum ber normal production has now been reached and in a few cases exceeded. Orders received and shipments made in April exceeded production for the fifth consecutive month, the former by 27.1 per cent and the latter by 9.1 per cent. Practically all of the large sawmills of the Pacific Northwest are now operating and the majority of the small mills are cutting. April production of lumber as reported by 177 mills was 389,020,000 feet compared with 253.506.000 feet produced in April, 1921, and 381.572.000 feet in March, 1922, an increase of 53.4 per cent during the year and of 1.9 per cent during the month. Shipments during April totaled 424,725,000 feet compared with 266.361.000 feet in April, 1921, and 420,108,000 feet in March, 1922. Orders were received for 494.687.000 feet of lumber, an increase of 200,080.000 feet, or 67.9 per cent over April, 1921, (G ) C o m m o d it y P r ic e s Commodity Twenty Basic Commodities (F. R. B. of N. Y .) 1913=100. W holesale Prices (U. S. Bureau of Labor) 1913=100........ Cost of Living (National Industrial Conference Board) July, 1914=100........................................................................ Cattle (Native Beef) .. .W eekly average price at C h icago.. Sheep ................. Lambs ............... Hogs .................. W h e a t ............... . Chicago contract prices for May wheat.. Barley .............. .Shipping Barley F. O. B. San Francisco. Rice ................... .California Fancy Japan at San Francisco Cotton .............. .Middling Uplands— W eekly range of spot quotations at New Orleans................... W o o l ................. .Average o f 98 quotations at B oston........ Sugar ................ .Beet granulated F. O. B. San F ra n cisco.. Apples .............. . N. W . Winesaps at New Y o r k ................. Oranges ............ .Navels— Market pack at Los A n g e le s... Lemons ............ .L oose pack at Los A ngeles....................... . Choice in 50-lb. boxes F. 0 . B. California Dried Apples Dried Apricots.. .Choice in 25-lb. boxes F. O. B. California Prunes .............. Size 40-50 in 25-lb. boxes F. O. B. Calif.. Raisins ............. . Loose Muscatel in 25-lb. boxes F. O. B. C a liforn ia ................................................... Canned Apricots. Choice 2 ^ s F. O. B. California................. Canned Peaches. .Cling choice, 2*/£s F. O. B. California___ Canned Pears__ .Bartlett, Standard 2y2s, F. O. B. Calif... Butter .............. ..93 score at San Francisco........................... E g g s .................. ..Extras— San Francisco ............................. Copper ............. .Electrolytic, New York Spot................... Lead .................. ..N ew Y ork S pot............................................ Petroleum ..........California 35° and above............................. Douglas F ir____ 2x4, 16-ft. No. 1 S1S1E F. O. B. Seattle.. Douglas F ir .. . . , .12x12 Timbers F. O. B. Seattle................. Unit M ay 5,1922 One Month Ago One Y ear Ago 133.1 152.0 126.7 152.0 128.1 154.0 154.8 $ 8.25 100 lbs. 9.00 100 lbs. 100 lbs. 14.85 10.25 100 lbs. 1.42^-1.39¿4 bu. 1.45-1.55 cental cental 4.90 lb. lb. lb. box box box lb. lb. lb. lb. doz. doz. doz. lb. doz. lb. lb. bbl. M feet M feet 154.7 $ 7.85 9.75 13.90 10.30 1.31^-1.30^ 1.40-1.55 5.00 167.6 $ 8.15 6.75 10.35 8.35 1.45^-1.42 1.35-1.45 4.25 18.12* 58.98* 5.60* 2.25-5.00 5.50-6.00 2.50-3.00 •16^2 .26 .14- .14*4 16.63* 59.64* 5.70* 2.00-4.50 4.50-5.50 2.25-2.50 . 1 6 ^ 2 - .17 .26 .13J4- .1454 11.63* 41.75* 5.60* 3.00-3.50 1.50-2.25 .07V4- -08 .18*4- .19 .10¿4- -H .1 5 « 3.00 2.60 3.00 .35 .2?y2 .13- .13^ 5.25^-5.500 2.45 14.50 17.00 .1 5 « 3.00 2.60 3.00 •31^2 .27 . 1 2 3 ^ - .127/s 4.90*-4.95* 2.45 11.50 15.00 •24« 2.25 2.70 2.65 .32^4 .26 .1 2 ^ - .13 4.85* 2.70 12.50 16.00 Agricultural and Business Conditions and of 27,341,000 feet, or 5.8 per cent over March of this year. In the three associations for which such figures are available, unfilled orders at the close of April amounted to 426,940,000 feet compared with 249,529,000 feet on April 30, 1921, and 378,340,000 feet on March 31, 1922. The domestic market for Pacific Northwest ern lumber was more active during April than in any month during the past year. This was evidenced by a heavy intercoastal movement, increased rail shipments, and improved de mand in California. The line yards of North and South Dakota, which have not purchased fir lumber for 18 months, are now reported to be inquiring for stock. In California, notwith standing a noticeable increase in production, the supply of the upper grades of redwood has not been equal to the demand. The present volume of orders from retail yards for siding, mouldings, window frames and other milled items has only been exceeded by the large orders placed in the fall of 1919 and the early spring of 1920. The export market improved during April, largely due to a renewal of Jap anese demand for Pacific Coast lumber. The Douglas Fir Exploitation and Export Com pany received new orders totaling 57,000,000 feet in April compared with 31,484,000 feet in March and 23,500,000 feet in April a year ago. Lumber Production, Orders Received, and Shipments in Twelfth Federal Reserve District as Reported by Four Lumber Associations, 1921*1922 <H ) Lumber— W est C oast L u m b e r m e n ’s A s s o c ia tio n April, 1922 Average No. of Mills reporting. . 98 Cut* ..................... 264,081 Shipments* ......... ,279,796 Orders* ............... .315,249 Unfilled Orders*. .252,551 *In thousands of feet. W e s te rn P in e M a n u fa c tu re rs * A s s o c ia tio n L ogging operations are now proceeding at approximately 100 per cent of capacity and the present demand for logs is reported to be greater than at any time during the past 12 months. In the Inland Empire, winter camps are closing and spring camps starting as rap idly as the weather permits. The shingle branch of the lumber industry has also been improving steadily, present production being 95 per cent of capacity. Shingle prices have advanced due to the increased demand, from $2.45 per 1,000 on April 1, 1922, to $2.60 per 1,000 on May 6, 1922. Comparative figures of the cut, orders, un filled orders and shipments of the four lumber associations in this district are shown in table “ H .” The gold and silver mining industry is re ported to be in better condition than at any time during the past 18 months. Although activity is still far below normal, Mining many of the conditions which dis couraged the production of metal in 1920-1921 have now disappeared and those mines having rich ore deposits are again being worked. Many mines not engaged in produc tion of metal are proceeding with development and construction work preparatory to resum ing operations. Dredge gold mining in California is proceed ing normally, there being 31 dredges in opera tion at the present time. Renewed activity has been noted in the placer and drift mining dis tricts. In Nevada it is reported that more actual work is now being carried on in the gold and silver mining camps than for several years previous. In the Intermountain states silver is largely produced as a secondary prod uct at lead and copper mines. The production of the latter metals is increasing and the silver output will be enlarged accordingly. The lead mining industry is now reported to be in a favorable position as demand is im proving and surplus stocks have been greatly C a lif o r n ia W h ite a n d S u g a r P in e M a n u fa c tu re rs * A s s o c ia tio n C a lif o r n ia Redw ood A s s o c ia tio n TO TAL April, 1921 April, 1922 April, 1921 April, 1922 April, 1921 April, 1922 April, 1921 April, 1922 April, 1921 98 165,292 178,865 215,083 164,105 39 81,869 101,645 133,175 125,650 41 59,573 58,887 53,375 51,250 28 11,318 18,499 18,119 24 4,831 7,942 6,864 12 31,752 24,785 28,144 48,739 12 23,810 20,667 19,285 34,174 177 389,020 424,725 494,687 426,940 175 253,506 266,361 294,607 249,529 Federal Reserve Bank of San Francisco 81 reduced. Price advances have resulted, the average price of lead on the New Y ork market being 5.30 cents per pound on May 5th com pared with 4.70 cents per pound on March 31st and 4.50 cents per pound on May 1st a year ago. Reports received by this bank from 16 mines in the district engaged in the production of gold, silver and lead show an increase in the output of these metals in March, 1922, com pared with February, 1922. In comparison with March, 1921, the reports indicate an in crease in the production of silver and a de crease in the output of gold and lead. Those gold, silver and lead mines which are reporting are operating at approximately 100 per cent of capacity. Comparative figures of the output of metal of 16 reporting mines in March, 1922, February, 1922, and March, 1921, are shown in the follow ing ta ble: March, 1922 Gold (oz.) ........ 34,101 Silver (oz.) . . . . 809,320 Lead (lbs.) ....11,598,440 February, 1922 March, 1921 32,238 692,686 10,552,688 38,040 786,184 12,956,033 Sixteen of the principal copper mines of the district produced 23,669,000 pounds of blister copper during March, compared with 17,026,000 pounds during February, 8,078,000 pounds during January, and 48,635,000 pounds during March, 1921. Although 12 of the 16 mines are now in operation, only seven produced smelted metal during March. Blister copper from the others will soon be forthcoming. Sales of re fined copper in the United States during April are estimated at 130,000,000 pounds, compared with 185,000,000 pounds during March and 65,000,000 pounds during January. The price of electrolytic copper for early delivery in New Y ork was 13.25 cents per pound on May 14th compared with 12.875 cents per pound a month ago. H ow mine production in the United States has steadily increased since the first of the year and how stocks of copper have neverthe less diminished, ow ing to expanding sales, are shown in table “ I.” Production in March was ( I) 46 per cent of normal, compared with 21 per cent of normal in January. Stocks are still greater than normal. Increased production, and a decrease in con sumption, were the outstanding features of the petroleum market in California during April, and as a result the stored stocks Petroleum of crude petroleum rose to the highest level reached since April, 1917. Present storage stocks are so large that several of the major producers are curtailing production in the older fields, although the exploitation of new fields continues in the com petitive areas of southern California. Average daily production of petroleum in California during April was 341,077 barrels, an increase of 7,340 barrels a day compared with March and of 2,096 barrels compared with April a year ago. Consumption decreased slightly during the month, April daily ship ments of 280,965 barrels being 11,163 barrels less than daily shipments in March and 60,112 barrels less than daily production during April. The resultant increase in stored stocks (1,803,363 barrels) carried the holdings of California oil companies to 39,795,057 barrels compared Production, Shipments and Stored Stocks of Petroleum, and Refinery Stored Stocks of Gasolene (California) 1921-1922 C u r r e n t C o p p e r S t a t is t ic s f o r th e U n i t e d S t a t e s , 1 9 2 2 ■ Mine Production Imports Sales Domestic and Foreign (pounds) (pounds) (p ou n d s) January ............................... 25,848,000 February ............................ 37,416,000 March ................................. 61,867,000 First Quarter..................... 125,131,000 Last Quarter, 1921............ 65,507,000 12,880,000 28,444,000 39,123,000 80,447,000 92,415,000 65,000,000 100,000,000 185,000,000 350,000,000 430,000,000 Exports (pounds) 53,130,000 52,862,000 80,853,000 186,845,000 186,790,000 Excess of Sales Over Additions to Supply Price of Electrolytic Copper in New Y ork (pounds) (cents per poun d) 26,272,000 34,140,000 84,010,000 144,422,000 272,078,000 13.69 13.12 12.98 13.26 13.25 Agricultural and Business Conditions 82 Industrial consumption of electric energy in the district as a whole was 4.1 per cent less in March, 1922, than in March, 1921, but the de crease was wholly confined to the Electric Intermountain territory, the Pacific Energy Northwest showing a notable in crease in consumption (6.6 per cent) and California a slight gain (1.6 per cent) com pared with the previous year. Compared with February, 1922, total March sales for the dis trict increased 3.7 per cent, a gain doubtless due to the smaller number of working days in February. The greatest activity in the Pacific North west is noted in the lumber indutry which con sumed 36.9 per cent more power in March, 1922, than in March, 1921. Mining in the same section increased its purchases 17.6 per cent and agriculture 4.5 per cent. In California the mining industry consumed 8.8 per cent less power during March, 1922, than during Febru ary, 1922, and 8.0 per cent less than during March, 1921. Oil producers in that state pur chased 4.1 per cent less power than during the preceding month, and 8.9 per cent more than a year ago. In the Intermountain states sales of power to mines and farms were far smaller in March, 1922, than during the same month a year ago, and total sales of industrial power show a 38.1 per cent decrease. Statistics on production and sales of electric energy during March, as reported by 15 prin- with 25,356,769 barrels held one year ago. Forty-nine new wells with an initial daily pro duction of 17,330 barrels were completed dur ing April and nine wells abandoned, a net increase of 40 producing wells during the month. A t the present time development work is most active in the Huntington Beach, Long Beach and Santa Fe Springs fields. Stored stocks of gasoline held in California, which have been increasing steadily since the period of shortage during the summer of 1920, decreased 12,693,835 gallons during March and stood at 63,718,701 gallons on April 1st. Stored stocks on April 1, 1921, amounted to 51,573,945 gallons, the increase over the year period being 12,144,776 gallons, or 23 per cent. Prices of petroleum and petroleum products have not changed since August 3, 1921. A statement of pre-war, peak, subsequent low since peak, and present prices of petroleum and petroleum derivatives fo llo w s : Price Jan., 1914 Peak Price Lowest Price Present Since 1912 Since Peak Price Crude Petroleum Aug. 3,1921 25° Gravity* (bbl.) $0.55 $1.96 $1.46 $1.46 Gasolinef (gal.) . . . . 1 5 . 2 7 .23 .23 K erosene! (gal.) .. .09 .16J4 .14J4 .14J^ *Field price. fR etail service station price. ¿W holesale price to trade. Statistics on oilfield operations as furnished by the Standard Oil Company of California are shown in table “ J.” ( / ) P e t r o l e u m ----- April, 1922 March, 1922 341,077 bbls. Production (daily average).............................................. Shipments (daily average).............................................. 280,965 bbls. Stored Stocks (end of m on th ).......................................39,795,057 bbls. New W ells Opened............................................................ 49 W ith Daily P roduction.................................................... 17,330bbls. W ells Abandoned .............................................................................9 333,737 bbls. 292,128 bbls. 37,991,694 bbls. 58 22,000 bbls. 2 April, 1921 338,981 bbls. 300,877bbls. 25,356,769 bbls. 58 18,470 bbls. 5 ( K ) E l e c t r ic E n e r g y — (1) Production— California (8 companies reporting) ..................... Pacific Northwest (3 companies reportin g). Intermountain States (4 companies rep ortin g). Plant Capacity K. W. March, February, March, 1922 973,925 1922 961,925 March, 1921 849,895 1922 651,636* 1922 740,405* 149,557 189,455 198,545 173,955 137,680 212,997 212,997 204,872 85,962 Tw elfth District (15 com panies reporting) ....1 ,3 7 6 ,3 7 7 1,373,467 1,228,722 (2) Sales Peakload K. W . February, March, Number of Industrial Consumers Mar., Feb., Mar., 875,278* 93,416* 983,378* 1921 527,136* Plant Output K. W . H . March, February, 1922 273,414,999 March, 1922 244,427,027 1921 265,360,120 128,372 63,015,345 58,521,207 61,214,308 106,331 42,150,236 40,286,604 52,209,196 378,580,580 343,234,838 378,783,624 761,839* Connected Industrial Load H . P. Mar., Feb., Mar., Industrial Sales K. W . H. Mar., Feb., Mar., California .......................... Pacific Northwest .......... Intermountain States . . 1922 41,662* 4,759 9,688 1922 41,921* 4,769 9,656 1921 38,285* 6,187 8,806 1922 1922 1921 1,373,568* 1,362,716* 1,255,254* 121,628 121,920 115,992 290,337 289,900 269,785 1922 147,973,420 30,419,577 20,443,312 1922 141,748,548 29,152,726 20,829,088 1921 145,771,633 28,514,164 33,074,010 Twelfth 56,109* 56,346* 53,278* 1,785,533* 1,774,536* 1,641,031* 198,836,309 191,730,362 207,359,807 D istrict.............. *N ot reported by all companies. Figures so marked are comparable under respective headings and dates, but not strictly accurate for comparison with other portions o f the table. Federal Reserve Bank of San Francisco cipal power companies in the district, are pre sented in table “ K ” on opposite page. Employment in all sections of the district increased during April largely due to seasonal demands of the agricultural, lumbering, and mining industries for both skilled and Labor unskilled laborers. Labor authorities state that present unemployment is much less extensive than it was at this season a year ago, when curtailed industrial activity and strikes in the marine and building trades greatly reduced the number of workers on the payrolls of the district. Employment in California was distinctly greater during April than during the previous month or in April, 1921. The large amount of building now being done has increased employ ment, not only in the building trades, but also in allied industries such as lumbering, planing mill work and other manufactures of building supplies. Vegetable canning has begun in the Sacramento Valley and as the season advances there will be greatly increased demand for labor in the vegetable and fruit canning indus try. In the mountain districts power construc tion work, lumbering and logging operations have absorbed considerable numbers of un skilled laborers. Payroll figures indicate a moderate increase in employment in Los A n geles and San Francisco, the principal improve ment being in the iron and steel industries, shirt and garment factories, tanneries, and the stone and clay industries. Unemployment has been greatly relieved in all sections of Oregon and W ashington as a result of the increased demand for labor in agriculture, lumbering and construction work. Reports from 10 principal lumbering sections of Idaho, Oregon and W ashington show that 64,500 loggers and lumbermen were on the payrolls May 1st compared with 61,427 men on March 25th, an increase of 3,073 or 5 per cent. In Arizona, Idaho, Nevada and Utah, pres ent employment is reported to be greater than at any time during the past year. This im provement is largely due to renewed activity in the mining sections of those states and to an increased demand for seasonal agricultural labor. Four of the largest mining companies in the Globe-Miami copper mining district of Arizona reported an increase of 44 per cent in the number of employees on their payroll on M ay 1st compared with April 1st. One excep tion to the uniformly favorable reports re ceived from other sections is noted in the coal mining regions of Utah where approximately 30 per cent of the mine workers are on strike. 83 In three of the four principal cities of the district employment in manufacturing indus tries increased during April according to fig ures compiled by the United States Em ploy ment Service, Department of Labor. Based on reports of firms in the cities of Los Angeles, Portland, San Francisco and Seattle, em ploy ing 501 men or more, the total number em ployed increased 1,032 during April compared with March. Figures showing the actual and percentage increase or decrease in employment in the manufacturing industries of these cities are given in the follow ing table: Numerical increase or decrease (— ) in employment during April, 1922 compared with March, 1922 Percentage increase or decrease (—) in employ ment during April, 1922 compared with March, 1922 (F irm s employing- 501 m en or m ore) 883 Los A ngeles............ Portland ................. 54 San Francisco......... 258 Seattle ..................... — 163 3.5 .7 3.6 — 6.9 The past year has witnessed a general re duction of wages in most of the principal in dustries of this district. Since August 1, 1920, wages have been reduced approximately 45 per cent in agriculture, 30 per cent in lumber ing, 25 per cent in mining and 10 per cent in the building trades. The hourly wage now paid skilled mechanics in the building trades in San Francisco, Los Angeles and Seattle fol low : Los Angeles San Francisco Seattle Bricklayers ...................... $1.25 $1.12^ $1.00 Carpenters ....................... 1.00 1.00 .80 Hoist E n g in e e rs............. 1.00 1.00 .90 Hod Carriers .................. 1.12^ .75 .70 Pile D r iv e r s .............................. 87y2 1.00 1.00 Structural Iron Workers. 1.00 1.12^ .80-90 Unskilled L a b o r ............. 56*4-.62^ A7y2-.50 .50-.60 Trade at retail during April, 1922, was less in value than in April, 1921, in all reporting cities except Los Angeles where an increase of 5.8 per cent was reported. In the Retail district as a whole the value of departTrade ment store and mail order house sales during April, 1922, was 1.3 per cent less than during April, 1921, total sales of 32 reporting stores amounting to $12,709,820 in April of this year and $12,886,895 in April of last year. Sales for the first four months of 1922 were 5.6 per cent less in value than in the corresponding period of 1921. The comparison between April, 1922, and April, 1921, becomes more unfavorable when it is remembered that a large part of the Easter trade occurred in April this year whereas Easter sales were made in March last year. The average decline in retail prices during the year, however, is re Agricultural and Business Conditions March, 1922, and six-tenths of 1 per cent greater than in April, 1921. Follow ing is a statement of the average sale (cash, charge and c. o. d.) in Los Angeles, Salt Lake City, San Francisco and Seattle. ported to have been greater than the percent age decline in value of sales, and it is probable that the physical volume of trade at retail has not diminished. MILLIONS MI LLI ONS April, 1922 March, 1922 April, 1921 Los Angeles . ....................$3.64 Salt Lake City,................... 1.87 San Francisco ................... 3.07 Seattle ............ ................... 1.84 $3.91 1.58 3.13 1.80 $4.02 2.04 3.20 1.81 ................... $2.34 $2.33 $2.41 17 A statistical record of the movement of stocks on hand, outstanding orders, and the rate of turnover of stocks, for the reporting stores is given in the follow ing table: Percentage increase or decrease (— ) in the value of stocks at end of month compared with same month of year previous 1922. 1922. . 1922. . 1922. . January, February, March, April, N et Sales of 22 Department Stores in Twelfth Federal Reserve District (In M illio n s o f D ollars) The amount of the average sale (cash, charge and c. o. d.) reported by 12 stores was $2.34 in April, 1922, compared with $2.33 in March, 1922, and $2.41 in April, 1921. The number of individual sales transactions in April, 1922, was 1.0 per cent greater than in Percentage outstanding orders at end of month to total purchases during year 1921 3.4 — 4.3 — 2.4 — 4.3 Annual rate of turnover of stocks indicated at end of month 2.04 1.93 2.04 2.02 8.9 10.3 9.5 7.2 Collections were characterized by reporting firms as follows : Excellent Number of firms............. Good Fair Poor 10 11 0 1 Table “ L ” gives in detail statistics in regard to sales, stocks and orders as furnished by 32 department stores and mail order houses in this district. ( L ) R e t a il T ra d e A c t iv ity — CONDITION OF RETAIL TRADE DURING APRIL, 1922 In Federal Reserve District No. 12 (32 Stores R eporting) No. of reporting firms............................... Net sales (percentage increase or de crease) April, 1922, compared with April, 1921 ................................................ April, 1922, compared with March, 1922 ........................................................ Period Jan. 1 to April 30, 1922, compared with same period in 1921. Stocks: (percentage increase or de crease) April, 1922, compared with April, 1921 ................................................ April, 1922, compared with March, 1922 ........................................................ Percentage of average stocks on hand at close of each month since Jan. 1, 1922, to average monthly sales dur ing same period....................................... Percentage outstanding orders at close of April, 1922, to total pur chases during vear 1921....................... Los Angeles Oakland Salt Lake City San Francisco 6 4 4 8 Seattle 5 Spokane District 3 32 5.8 — 11.5 — 9.0 — 2.7 — 2.2 — 3.6 — 1.3 — 4.1 4.3 11.8 — 5.5 4.9 14.8 — 2.0 .4 — 16.3 — 17.4 — 5.3 — 7.5 — 13.0 — 5.6 16.3 10.1 2.4 10.5 — 10.2 2.8 — 4.3 .2 — 3.1 1.9 3.7 — .8 1.0 1.9 461.2 623.9 566.6 493.2 454.2 721.1 491.9 5.0 7.9 6.3 4.8 7.2 8.2 Federal Reserve Bank of San Francisco 85 Trade at wholesale as reported to this bank by 191 representative firms in April was gen erally less in value than one year ago. Of the 10 lines of business for W holesale ures are compiled only two, agriTrade cultural implements and hardware show an increase in value of sales in April, 1922, compared with April, 1921. The increase in these two lines, reflecting as it does im proving conditions in the farming districts and the unusual activity in building, is signifi cant especially at a time when wholesale trade in general appears to be in a period of more than seasonal dullness. Compared with March, 1922, seasonal increases were reported in the value of sales of agricultural implements (19.6 per cent), automobile supplies (16.3 per cent), automobile tires (4.5 per cent) and hardware (2.9 per cent). The average net increase or decrease (— ) in the value of sales of all reporting firms in each line of business was as fo llo w s : April, 1922, compared with A p r., M ar., 1921 1922 Agricultural Implements.. Automotive Supplies......... Automobile T ires............... Drugs .................................. Dry Goods ......................... Furniture ............................ Groceries ............................ Hardware ........................... Shoes ................................... Stationery .......................... In order to estimate the physical volume of goods sold at wholesale, it is necessary to con sider declines in the prices of the commodities included which fig-in each reporting line of business. These declines may be approximated by refer ence to the decline in general wholesale prices from April, 1921, to April, 1922, as reported by the United States Department of Labor, which has been 1.3 per cent. Inasmuch as the per centage decline in the value of sales in all lines shown above (except agricultural implements and hardware) have been greater than the per centage decline in general wholesale prices, it would seem probable that the volume of goods sold was less than one year ago. APRIL U.S.BUREAUOFLABORINDEX NO. WHOLESALE PRICES n ^ P R I^ | ! 9 2 2 ^ S A L E S AGRICULTURALIMPLEMENTS — 25.7 — 11.3 — 12.8 3.6 1.1 2.2 — 11.8 — .7 — 6.6 — 11.3 ! ! ■ ■ ■ ■ m m m J I J A U T O M O B IL E S U P P L IE S h AUTOMOBILE TIRES m m m m w m m iJ t Four Months ending Apr. 30, 1922, compared with same period in 1921 5.0 19.6 — 9.6 16.3 — 11.6 4.5 — 4.2 — 19.5 — 11.2 — 10.5 — 3.1 — 2.0 — 6.5 — 11.7 1.1 2.9 — 18.5 — 9.6 — 8.3 — .9 I PRICES 1921*100%= APRIL ‘ 1921SALES ^ P R IL | I9 2 2 ^ R IC E S DRUGS m m w m m m m im J i D R Y .G O O D S m m w m m m m iJ Ê F U R N IT U R E G R O C E R IE S m m m im m w m w l H ARDW ARE mmwmmmmmmi ■ SHOES STATIONERY 0 20 40 60 80 100 120 14-0 160 | Dollar Value of Sales of Representative Wholesale Houses and General Wholesale Prices in April, 1922, Compared with April, 1921 (M ) W h o le s a le T r a d e — (la) Percentage of increase or decrease (—) in net sales during April, 1922, compared with April, 1921 Number of re Implements porting firms. . 23 Los A ngeles. . . . 143.9 P o rtla n d .......... — 14.2 Salt Lake City. .— 16.5 San Francisco.. . 5.8 Seattle ............. Spokane .......... ‘ —23.8 Tacoma ........... 5.0 District ............ (lb) Anto Tires 20 — 8.0 — 11.1 — 14.2 — 11.8 — 3.4 15 22.2 — 9.8 8.3 23.6 58.4 2.1 — 9.6 — 11.6 Drugs Dry Goods Furniture Groceries Hardware 9 14 — 19.5 16 —21.2 — 7.1 — Ì4.1 —Ì8.4 28.7 *9.6 — 4.2 — Ü.2 31 — 3.5 — 5.4 — 3.5 — 9.6 6.7 — 9.3 — 1.1 — 6.5 21 32.8 — 3.8 — 14.4 — 15.9 9.0 — 19.4 .3 1.1 17.2 — 3.1 Shoes 16 3.6 — 33.7 —2Ì.5 — 16.2 — Ì8.5 Stationery 26 — 2.4 — 16.3 2.3 — 21.3 38.9 .3 — *8.3 Percentage of increase or decrease (—) in net sales from January 1, to April 30, 1922, compared with the same period last year. Number of re Implements porting firms. . 23 Los A n g eles... . 59.8 P o r tla n d .......... — 42.4 Salt Lake City. .— 45.8 San Francisco.. .— 17.7 Seattle ............ Spokane .......... ’ — 53.0 Tacoma ........... District ............ —25.7 Auto Supplies Auto Supplies Auto Tires 20 — 3.7 — 12.1 — 18.8 — 19.7 — 15.0 15 27.7 6.0 — 4.9 — 17.5 38.8 — 10.5 — 11.3 — 12.8 Drugs Dry Goods Furniture 14 — 13.6 16 — 14.1 10.0 — *3.6 — *4.4 37.1 “ .3 *3.6 ’ i.i 9 30.5 2.2 Groceries 31 — 9.8 — 12.0 — 9.9 — 15.3 3.2 — 16.1 — .1 — 11.8 Hardware 21 30.0 — 13.6 —22.0 — 11.7 9.1 — 23.6 — 7.5 — .7 Shoes 16 4.3 — 19.9 — ’ 7.7 .8 — *6.6 Stationery 26 — 4.9 — 14.6 — 9.3 —21.9 8.4 — 9.2 — Ü.3 Agricultural and Business Conditions 86 Collections during the past four months have been reported as follow s : Number of Firms Reporting Collections as Excellent January .......................... ...4 F eb ru a ry ........................ ... 1 M a r c h ............................. ...3 April ............................... ...5 Good Fair 40 28 30 37 Poor 80 78 92 95 31 36 26 17 One hundred and thirteen firms reported their collections on May 1, 1922, and May 1, 1921, as follow s: Percentage of Past Due Accounts on M ay 1, 1922, to Total Amount Due from Customers on the Same Date Number of Firms Agricultural Implements......... Automobile T ires..................... 6 5 1922 1921 32.2 15.9 27.3 19.2 April, 1922, compared with April, 1921, and the four months of 1922 compared with the same period in 1921 are shown in table “ M ” on pre ceding page. Building permits issued in 20 principal cities of this district during April, 1922, numbered 10,966 with an estimated valuation of $30,195,052 compared with 11,196 permits Building with a value of $27,432,286 issued in Activity March, 1922, a decrease of 230, or 2.0 per cent in number and an in crease of $2,762,766, or 10 per cent in value. In comparison with April a year ago, when 9,412 permits with a value of $19,907,621 were issued, there was an increase in number of 1,554, or 16.5 per cent, and in value of $10,287,431, or 51.6 per cent. Percentage of Collections during month (April) to total amount Due from Customers (outstanding) on first of that month Number of Firms Automobile Supplies.. .. , Drugs ............................... Dry G ood s....................... Furniture ......................... Hardware ........................ , , Shoes ............................... , Stationery ....................... . . . 19 5 8 12 16 10 13 1922 1921 55.6 75.8 36.1 46.3 45.7 33.3 62.4 56.3 74.1 41.6 51.9 42.5 39.0 59.4 Percentage of Outstandings M ay 1, 1922 to April, 1922 Sales Number of Firms Groceries ................................. 19 1922 128.4 1921 120.1 Statements of increases or decreases (— ) in the value of sales of 191 reporting firms during Building Permits Issued in 20 Principal Cities. Twelfth Federal Reserve District, 1921*1922 (N ) B u i l d i n g P e r m it s — N o. 173 Berkeley ..................... Boise ............................ 98 Fresno ......................... 235 Long Beach ................ 350 L os A n g e le s ................ 3,983 Oakland ....................... 772 Ogden .......................... 34 Pasadena .................... 284 Phoenix ....................... 43 Portland ...................... 1,366 Reno ............................. 20 Sacramento ................. 305 Salt Lake C ity............. 138 San D i e g o ................... 395 San Francisco ............ 766 San Jose ...................... 85 Seattle .......................... 973 Spokane ...................... 408 Stockton ..................... 150 Tacoma ....................... 388 District ........................ 10,966 April, 1922 Value $ 430,200 73,347 641,474 2,475,597 12,959,686 1,850,160 97,360 961,396 91,590 1,865,970 66,500 532,303 330,270 821,446 3,993,720 341,310 1,632,175 359,190 379,643 291,715 $30,195,052 N o. 195 93 240 350 4,241 732 26 312 54 1,388 24 315 107 382 848 75 968 295 150 401 11,196 arch, 1922 Value N o. April, 1921 Value Per Cent Increase or Decrease (— ) in Value April, 1922 compared with April, 1921 512,000 111,461 607,966 1,154,083 10,964,829 1,925,577 46,885 643,877 384,558 3,162,855 88,275 813,737 245,310 581,700 3,289,251 120,160 1,791,670 302,418 384,143 301,531 154 104 207 357 2,904 636 64 258 85 1,300 26 202 148 340 597 68 1,091 330 80 461 $ 325,569 107,327 356,990 1,505,400 7,250,571 1,321,246 133,000 375,392 175,817 1,940,305 31,124 336,015 297,990 1,657,055 1,913,592 133,620 1,439,855 203,855 109,520 293,378 32.1 — 31.6 79.6 64.4 78.7 40.0 — 26.7 156.1 — 36.5 — 3.8 113.6 58.4 10.8 — 50.4 108.7 155.4 13.3 76.1 246.6 — .5 $27,432,286 9,412 $19,907,621 51.6 $ Federal Reserve Bank of San Francisco 87 In view of known reductions in the cost of building materials during the past year, the increase in the value of permits in April, 1922, compared with April, 1921, represents a more than proportional increase in the physical vol ume of building in prospect in the 20 reporting cities. O f the reporting cities 12 show an in crease in the number of permits issued during April, 1922, compared with April, 1921, and 14 cities an increase in the value of permits issued during the corresponding periods. The accompanying chart shows the total number, total valuation and average value of building permits issued in this district since January, 1921. Comparative figures of the num ber and value of building permits issued in 20 reporting cities during April, 1922, March, 1922, and April, 1921, are shown in table “ N ” (see opposite page). Business failures during April were substan tially less both in number and in amount of liabilities than in March, 1922, and greater in number but less in amount of liabilBusiness ities than in April a year ago. There Failures were 179 failures reported in April with liabilities of $1,908,432 com pared with 229 failures with liabilities of $5,272,387 in March, a decrease of 50 or 21.8 per cent in number and of $3,363,955 or 63.7 per cent in liabilities involved. Compared with April, 1921, when 102 failures with liabilities of $2,670,853 were reported, there was an in crease of 77 or 75.4 per cent in number and a decrease of $762,421 or 28.5 per cent in liabili ties. (O) Bank Debits*— Four weeks ending Apr. 26.1922 Berkeley ........... $ Boise ................ Fresno ............. L ong Beach .... L os Angeles . . , Oakland ............ Ogden .............. Pasadena .......... Portland ........... Reno ................ Sacramento .... Salt Lake C ity.. San Diego ........ San Francisco .. .. San Jose ........... Seattle .............. Spokane ........... Stockton ........... Tacoma ............ Yakima ............. 15,574 10,073 53,123 27,774 448,679 82,082 17,069 22,337 131,896 8,730 61,437 51,396 39,422 659,579 17,788 141,292 40,107 21,686 33,379 10,437 Total .............. , $1,893,860 *000 Omitted. Four weeks ending M ar. 29, 1922 Four weeks ending Apr. 27, 1921 $ $ 17,114 9,027 36,151 27,659 461,910 74,032 17,335 25,204 126,615 8,778 55,035 46,053 34,938 656,888 17,584 140,322 42,594 19,086 35,316 10,505 $1,862,146 11,039 10,512 37,537 23,202 399,970 72,796 12,563 23,701 157,931 10,167 46,993 65,767 33,349 713,976 20,637 126,495 42,676 20,109 35,938 8,684 $1,874,042 Liabilities of the average failure in the dis trict amounted to $10,661 in April, 1922, com pared with $23,023 in March, 1922, and $26,184 in April, 1921. 1<0.0FFtVILURES LIAB1UTIESINMILL.IONS 987- ÌFFAI-Un sy > N <.C 54- — 3- V \ f V X 1— 1 2 2i / / 7 t7* -w V ----- 225 —--- 200 \ \ ----- ISO ----- 100 v .1 . w - V -- V - V - -----50 11 12 11 a :1 4- !i 6 3' 0 i> 10 11 12 4 :i 6 ;’ 8 S> ie 1921! 1921 Business Failures, Twelfth Federal Reserve District, 1921-1922 R. G. Dun & Company’s comparative figures of the number and liabilities of business fail ures in the states of this district during April, 1922, and March, 1922, follow : N o. Arizona ........... California ....... . . . April, 1922 Liabilities 2 5 Nevada ........... 1 Oregon ........... , , , 45 Utah ................ 8 42 Washington ... 33,156 1,019,050 82,571 700 380,353 17,582 375,020 3 105 11 47 9 53 32,000 1,440,083 211,234 8,500 487,164 86,450 3,006,956 179 $1,908,432 229 $5,272,387 76 $ March, 1922 Liabilities N o. 1 $ The volume of business transacted in this district during April, 1922, as measured by debits to individual accounts in 20 principal clearing house centers, was slightly Bank greater than in March, 1922, or April, Debits 1921. In the four weeks period ending April 26, 1922, debits to individual accounts totaled $1,893,860,000 compared with $1,874,042,000 during the same period in 1921, an increase of $19,818,000 or 1.0 per cent. Com pared with the preceding four weeks, the total bank debits showed an increase of $31,714,000, or 1.7 per cent. W ith the exception of four weeks in N ovem ber, 1921, this four-week period is the first since November, 1920, in which bank debits have been greater than during the correspond ing period of the previous year. This increase in conjunction with the fact that wholesale prices (United States Bureau of Labor) have declined 1.3 per cent during the year ending May 1, 1922, makes it evident that the physical volume of business transacted in April, 1922, was greater than it was one year ago. The accompanying chart shows the monthly m ove ment of debits to individual accounts during 1921 and 1922 to date. Comparative figures of Agricultural and Business Conditions 88 debits to individual accounts in 20 clearing house centers during the four weeks ending April 26, 1922, March 29, 1922, and April 27, 1921, are shown in table “ O ” on preceding page. show losses in comparisons with figures of a year ago. Savings deposits in Seattle, however, have increased 2.8 per cent since September 30, 1921. Savings Accounts in Banks in Seven Principal Cities of the Twelfth Federal Reserve District, 1919-1922 Debits to Individual Accounts in 20 Principal Cities, Twelfth Federal Reserve District, 1921-1922 Note: The figures used in preparing the above chart are for calendar months and are partly esti mated. The figures shown in table “ O ” on preceding page are for four-week periods and are therefore not strictly comparable with this chart. The total amount in all savings accounts as reported by 74 banks in seven principal cities, decreased 22-hundredths of 1 per cent during the month ending April 30th, being Savings on that date $741,694,000 compared Accounts with $743,349,000 on March 31st. This is the first decrease in the monthly totals as reported by 74 identical banks since last September. It was due prin cipally to a decline in the total for Portland, although the banks in San Francisco, Seattle and Salt Lake City also reported slight de clines during the month. The increase in savings accounts during the year ending April 30th was 4.4 per cent. Seattle, Spokane and Portland continue to # Per Cent Increase (P) Savings Accounts* ----® Number of Banks Los Angeles ................ Oakland ....................... Portland ...................... Salt Lake C ity.............. San Francisco ............. Seattle .......................... Spokane ....................... The changes in savings accounts in each city from one month and one year ago are shown in table “ P ” and in the accompanying chart are shown the changes since January, 1919. Reports received by this bank from 36 of the principal accepting banks in the district show an increase of $2,444,047 or 42.1 per cent in the amount of acceptances bought Acceptances in April, 1922, compared with March, 1922, and, comparing the same two months, an increase of $405,592 or 11.7 per cent in the amount of bills accepted. The most noteworthy feature of these reports was the marked increase in purchases of ac ceptances by banks in southern California, April purchases totaling $4,507,212 compared with $1,240,333 in March as shown in table “ Q ” on opposite page. Notwithstanding the improvement indicated by the above figures, the present demand for acceptances does not compare favorably with A p r. 30, 1922 over April 30,1922 March 31, 1922 4 <>r Decrease (— ) April 30, 1921 A p ril'30,1921 ..................... ..................... ..................... ..................... ..................... ..................... ..................... 13 7 9 9 16 14 6 $230,474 75,231 36,574 24,750 332,628 28,891 13,146 $229,711 74,909 38,015 25,105 333,685 29,130 12,794 $211,973 72,822 37,677 23,024 317,458 33,486 13,756 8.7 3.3 — 2.9 7.5 4.8 — 13.7 — 4.4 Total ......................... ..................... 74 $741,694 $743,349 $710,196 4.4 *000 Omitted. 89 Federal Reserve Bank of San Francisco that of last year and may be characterized as dull. The majority of country banks are still out of the market, a reflection of the seasonal demand upon them for funds to conduct the spring agricultural operations. In the cities the demand has been variable although sales have been more numerous than in the month of March. Offerings of Pacific Coast bills in creased in amount and number and are now more nearly equal to the demand. New bills arose from transactions in coffee, cotton, lum ber, sugar and wheat. There has been a further easing of rates due to factors of both domestic and foreign origin. The marketing on April 15th of United States Treasury Certificates bearing an interest rate of 3^2 per cent was followed by a decline of rates on prime bank bills to 3% per cent. Even this rate did not equalize supply and demand, and on M ay 6th prime bills were quoted at 3 % per cent, the reason given being the con tinued shortage of high-grade paper. Current rates (M ay 15th) are quoted at that figure. The influence of the London discount market cannot be disregarded in seeking reasons for the present price of acceptances. In March rates on prime bills in London and New York were at comparable levels, but recently rates in London have again declined rapidly, and are now quoted at 2^ per cent, with call money at 2 per cent. A general classification, according to matur ity of bills marketed during the past two months, shows a substantial increase in sales of the larger maturities. 30 60 90 120 days............ days............ days............ days............ .............. .............. .............. .............. of this district, which temporarily ceased the latter part of March, has been renewed. On May 3rd loans and discounts were $853,231,000, compared with $834,263,000 on Banking April 5th and $818,102,000 on FebSituation ruary 1st. Coincident with the ex pansion in loans and discounts, total deposits have increased from $1,114,092,000 on April 5th to $1,152,807,000 on May 3rd. Total deposits on the latter date were $61,650,000, or 5.7 per cent greater than a year ago. A ccom panying the proportionately faster increase in deposits has been a reduction of the borrow ings of the reporting member banks from the Reserve Bank from $22,651,000 on April 5th to $14,672,000 on May 3rd. The movement of loans, deposits, and bor rowings of all banks (member and non-mem ber) in the Twelfth District at successive call dates during the two-year readjustment period, which began in the spring of 1920, is shown in table “ R ” and chart (see following page). From these data it appears that until the spring of 1921 (condition reports dated April 28th) the decline in deposits was more rapid than the decline in loans, forcing the banks to seek outside assistance in the form of redis- T< 1000 TO TAL LOAr IS / ND I ISO >UH rs 600 400 SOO 400 300 800 200 200 March 15 to April 15 100 19.6% 11.5% 58.5% 10.4% 28.7% 38.8% 29.4% 3.1% 90 4-0 100 5ISC S P- lYAB .E A NO FR rs w \ 30 SO 40 /> 30 V V 20 v s • 20 V — (Q ) Acceptances*— )EP< 'SITS 1000 April 15 to May 15 Expansion in the loans and discounts of 68 reporting member banks in the principal cities M IL .L K 9 N S 2000 M IU LIOIN S 2000 2 3 4- 5 6 7 19; S I 8 9 10 li IE T l 2 3 4 192.2. Total Deposits, Loans and Discounts, Investments, and Bills Payable and Rediscounts of Reporting Member Banks (----------------------------------------- Amount Bought----------------------------------------- >, Created in Amount Accepted Twelfth District All Other Total April, 1922 Mar., 1922 April, 1922 Mar., 1922 April, 1922 Mar., 1922 April, 1922 Mar., 1922 Pacific Northwest ------ $ 423,487 $ 10 5 327,874 $ 50,080 $ 38,607 $ 579,109 $ 847,638 $ 629,189 $ 886,245 Amount held at close of month April, 1922 Mar., 1922 $ 2,513,606 $ 3,868,206 Northern California .. 3,180,794 2,802,478 2,989,942 2,651,284 116,904 1,021,338 3,106,846 3,672,622 2,326,251 3,502,891 Southern California .. 265,162 333,499 542,109 287,662 3,965,103 952,671 4,507,212 1,240,333 10,261,019 9,781,241 Other Districts Total ............ ............................. $3,869,443 $3,463,851 $3,582,131 $2,977,553 $4,661,116 $2,821,647 $8,243,247 $5,799,200 $15,100,876 $17,152,338 *36 Banks reporting. 90 Agricultural and Business Conditions counts with the Federal Reserve Bank, or borrowings from correspondents. After that date deposits steadily increased in amount while loans as steadily declined, the result being heavy repayment by the banks of bor rowed money. On March 10, 1922, the bor rowings of banks of the district as a whole were less than half (48.3 per cent) of what they were on June 30, 1920. May statements of the Federal Reserve Bank of San Francisco show that its discounts for all member banks are still decreasing. On May 10th they were $43,279,000 compared with MILLIONS $49,025,000 on April 12th. During the same period purchases of bills in the open market increased slightly and holdings of government securities by $3,069,000 to $60,009,000. During the four weeks ending May 10th, total reserves increased nearly $10,000,000 to $279,427,000, notes in circulation increased $9,003,000 to $226,674,000 and total deposits declined $2,655,000 to $144,011,000. PERCENT Total Reserves, Federal Reserve Note Circulation, Bills Discounted, U . S. Government Securities H eld, and Bills Bought in the Open Market, Federal Reserve Bank of San Francisco Movement of Loans, Deposits and Borrowings o f A ll Banks in the Twelfth District at Successive Gall Dates, 1920-1922 A comparison of the statement of May 10th writh that of a year ago reveals significant developments during the 12 months. Total earning assets have fallen from $186,126,000 to $109,379,000, due chiefly to a decline in bills discounted from $166,027,000 to $43,279,000. Holdings of United States government securi ties have increased from $12,361,000 to $60,009,000. Total cash reserves have increased from $198,813,000 to $279,427,000. Despite these noteworthy changes in the assets of this bank, Federal Reserve Notes in circulation on May 10th were only $11,999,000, or 5 per cent less than a year ago, and member bank reserve deposits were $9,328,000 or 8.3 per cent greater than a year ago. (JR) C o m p a r a t iv e S t a t e m e n t o f C o n d i t i o n o f B a n k s i n 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 i c t *— June Nov. April June Dec. Mar. 30, 15, 28, 30, 31, 10, *000 Omitted. 1920.. 1920.. 1921.. 1921.. 1921.. 1922.. .. .. .. .. .. .. Number of Banks Gapital and Surplus 1,824 1,854 1,854 1,856 1,816 1,805 338,572 349,733 357,227 359,814 359,313 357,352 Deposits 3,007,227 3,086,823 2,820,392 2,821,876 2,960,229 2,931,022 Loans and Discounts Ratio Loans and Discounts to Date Deposits 2,211,955 2,283,743 2,152,360 2,125,092 2,090,589 2,057,398 73.5 74.0 76.4 75.3 70.6 70.2 Ratio Total Borrowings to to Gapital Borrowed and F . R. Bank Other Deposits Surplus 142,367 159,583 163,132 151,207 69,269 59,702 61,512 62,097 60,562 55,745 43,242 38,945 6.8 7.2 7.9 7.3 3.8 3.4 60.2 63.4 62.6 57.5 31.3 27.6 91 Federal Reserve Bank of San Francisco PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN CITIES IN TWELFTH FEDERAL RESERVE DISTRICT Number of Reporting Banks................................................ . . - RESERVE M ay 3,1922 April 5, 1922 68 68 68 $ 834,263,000 308,678,000 100,399,000 1,114,092,000 22,651,000 $ 864,301,000 307,558,000 93,776,000 1,091,157,000 102,776,000 Loans and Discounts (exclusive of rediscounts)............................$ 853,231,000 Investments ............................................................................................. 315,167,000 Cash in Vault and with Federal Reserve Bank................................. 98,887,000 Total Deposits ........................................................................................ 1,152,807,000 Bills Payable and Rediscounts with Federal Reserve Bank.......... 14,672,000 M ay 4, 1921 COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO AT CLOSE OF BUSINESS, MAY 10, 1922 RESOU RCES May 10, 1922 April 12, 1922 M ay 11, 1921 Total Reserve .......................................................................................... $279,427,000 Bills Discounted ..................................................................................... 43,279,000 Bills Bought in Open Market............................................................... 6,091,000 United States Government Securities................................................ 60,009,000 $269,788,000 49,025,000 5,562,000 56,940,000 $198,813,000 166,027,000 7,738,000 12,361,000 Total Earning Assets............................................................................. $109,379,000 All Other Resources*............................................................................. 40,581,000 $111,527,000 45,294,000 $186,126,000 36,685,000 Total Resources .......................................................................................$429,387,000 $426,609,000 $421,624,000 Capital and Surplus................................................................................. $ 22,578,000 Total Deposits ......................................................................................... 144,011,000 Federal Reserve Notes in Actual Circulation................................... 226,674,000 All Other Liabilitiesf.............................................................................. 36,124,000 $ 22,590,000 146,666,000 217,671,000 39,682,000 $ 21,466,000 120,966,000 238,673,000 40,519,000 Total Liabilities....................................................................................... $429,352,000 $426,609,000 $421,624,000 L IA B IL IT IE S ^Includes “ Uncollected Items” ................ •{•Includes “ Deferred Availability Items” 33.851.000 30.409.000 38,775,000 33,914,000 35.056.000 28.174.000 R ATE OF TURNOVER OF BAN K DEPOSITS A measure of business activity is found in the rate of turnover or velocity of bank de posits, that is, the rapidity with which bank deposits are checked out. W hen business is active the turnover of deposits is rapid, but when there is less activity, deposits tend to remain longer in the banks before they are checked out. Figures for bank clearings give some meas ure of this rate of turnover of deposits, but they reflect not only the rate of turnover but also changes in the amounts of deposits. A study which the Federal Reserve Bank of New Y ork has been carrying forward for three years with the co-operation of the reserve banks of Boston, »Chicago and San Francisco now gives us f of -the first time comparative figures showTing £>y months the rate of turnover of deposits for typical groups of banks in different parts of the country. The figure for any month is the ratio between the checks drawn by individ uals and the average amount of demand de posits against which the checks are drawn. ANNUAL 100 90 80 70 60 f 7 w V W r V 50 5/ \ N A \ S V4 / \\ «r - ■ ------ r 'V * . V \ o \/ V 1 90 80 60 50 December » V i Annual Rate of Turnover of Bank Deposits in Representative Groups of Banks in Boston, New York and San Francisco A s shown in the accompanying chart, the velocity of deposits in New Y ork and Boston tended to be most rapid late in 1919 and slow est in the middle of the year 1921, at about the time when operations in a number of industries were most curtailed. A part of the succeeding increase in these two cities was undoubtedly due to normal seasonal causes, but a part of it appears to reflect more active business. In San Francisco the trend has been quite different and although there have been minor peaks and depressions, the velocity of bank deposits seems to have remained relatively uniform throughout the three-year period. It has been felt for sometime that the business depression of late 1920 and 1921 was not so acute in the San Francisco banking area as in the eastern industrial centers and these figures are con firmation of this impression. San Francisco 6 Banks 64.7 63.6 62.1 63.7 72.4 81.2 81.3 72.6 74.5 85.4 91.3 89.5 31.7 30.5 31.4 31.2 34.2 37.3 38.2 33.8 35.4 42.9 45.1 47.6 35.5 39.6 39.0 34.0 38.0 38.5 41.9 43.1 44.2 42.8 42.5 44.9 83.1 77.0 76.6 77.3 70.6 68.7 67.1 62.7 66.0 77.5 79.1 83.8 42.5 37.4 38.0 39.4 38.0 36.1 36.2 30.8 34.4 37.0 38.0 39.0 40.9 42.6 43.1 40.3 40.7 39.4 38.5 35.4 41.6 41.6 40.2 41.8 76.3 68.0 64.1 62.9 68.7 66.2 66.2 58.7 65.7 70.4 75.7 77.1 33.5 30.9 30.0 30.0 31.1 30.4 29.3 25.9 28.2 32.2 33.6 32.8 39.4 37.7 42.8 42.4 40.2 42.3 38.9 36.7 38.6 42.2 37.4 42.8 74.2 75.2 75.4 79.9 32.4 29.6 32.7 34.1* 43.9 37.7 41.2 39.4 1920 40 Va S' 1 , ,. 70 V -R / ,N C s c E1 0 6 T O \ , April May June July Boston 11 Banks N ew York City 42 Banks 100 1 1 K i;st f NljL W ' V Year 1919 A N N U A L RATE RATE 40 The figures for velocity have been computed from the reports for debits to individual ac counts and for net demand deposits for indi vidual banks. In order to make these two sets of figures directly comparable it was necessary to subtract withdrawals of Government de posits, and estimates of withdrawals of time deposits from the figures of debits; and it was necessary to subtract net amount due banks from net demand deposits. All of these figures were first tabulated upon a weekly basis and were then converted to an annual rate for each month. Figures showing the annual rate of turnover for these cities, together with the number of banks for which data were reported, are shown in the accompanying table. April ........ May ......... June ........ July ......... August .. . September 1921 January .. February . March . . . April ....... May ........ June ........ July ......... August .. . September 1922 April ......... ^Preliminary. ..