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A g r ic u l t u r a l a n d B u sin e ss C o n d it io 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 ederal R eserv e B oa rd
by
JOHN PERRIN, Chairman o f the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. V I
San Francisco, California, November 16, 1922
H E banks of the district have financed
the harvesting and marketing of its crops
practically without recourse to the Fed
eral Reserve Bank. Country member banks
actually reduced their borrowings from the
Federal Reserve Bank during October. City
member banks increased their total loans and
discounts and also their borrowT he M o n tli ings from the Federal Reserve
Bank during the month, but the
total of their rediscounts on November 8th,
$20,652,000, was less than 50 per cent of what
it was one year ago. As a result of an increase
of % per cent in San Francisco and declines
in Los Angeles and Seattle, the prevailing rate
of interest on customers’ loans is now practi
cally uniform at 5>4-6 per cent in the leading
financial centers of the Pacific Coast.
There has been no slackening of industrial
activity despite the approach of the winter
season and the shortage of freight cars in many
sections. Production of lumber during October
was at record levels. Shipments were curtailed
by the car shortage and mills were reluctant
to accept new orders, the prompt shipment of
which could not be promised. Consumption of
the principal mineral products of the district
continues to exceed present output and stocks
have been or are being reduced to normal
levels. Metal prices have remained steady or
have advanced, the market for lead and zinc
being particularly active. Production of petro
leum in California at 432,885 barrels per day
increased 6.4 per cent over the previous record
month of September, 1922, chiefly due to flush
output in the newer fields at Santa Fe Springs
and Huntington Beach. Current consumption
also increased but was less than production,
and storage stocks rose to 57,569,832 barrels
T
on November 1, 1922, compared with 33,116,456
barrels held on November 1, 1921. The num
ber of building permits issued in 20 principal
cities during October, 1922, was 12,254, a rec
ord for this district and an increase of 7.0 per
cent over the number issued in October, 1921.
Employment conditions at the beginning of
the winter season are reported to be better
than normal. The usual seasonal decrease in
the demand for workers in outdoor activities
has been largely offset by an increased demand
in other industries.
Prices of nearly all of the more important
agricultural products rose during October and,
despite the car shortage, the movement of the
district's crops to market was accelerated. The
general price level as shown by the United
States Bureau of Labor index number, which
uses 1913 prices as 100, advanced from 153 in
September to 154 in October. The farm prod
ucts group in this index advanced from 133 in
September to 138 in October.
Reporting department stores in this district
enjoyed the best October trade in their history
during the past month. The value of sales of
32 stores was 10.3 per cent greater than in
October, 1921. Eight of the 10 lines of whole
sale trade, for which sales figures are assem
bled, showed an increase in the value of sales
in October, 1922, compared with October, 1921.
If figures for San Francisco be excluded, the
total of bank debits in reporting cities of the
district was 22.7 per cent greater during O cto
ber, 1922, than during the corresponding month
a year ago. Including the figures for San Fran
cisco the same comparison shows an increase
of 5.8 per cent. Business failures during the
month were greater both in number and in
liabilities than in September, 1922, or October,
1921.
Those desiring this report sent them regularly will receive it without charge upon application
No. 11
Agricultural and Business Conditions
194
Fall seeding operations over a large part of
the grain grow ing area of this district were de
layed by dry weather during October. In
W ashington and northern Idaho seedGrains ing of winter wheat was practically
completed by November 1st but rain
fall in that section has not been timely for
proper germination of cereal crops. In west
ern Oregon and northern California, where
rainfall has been plentiful, fall plowing and
seeding is well advanced, and fall sown crops
in these localities are reported to be in excellent
condition.
Marketing of 1922 crop wheat in the Pacific
Northwest has been delayed by car shortages
during October. Export movement of wheat
from Portland and the Puget Sound ports was
moderately heavy during the month. For the
season beginning July 1, 1922, exports from
the Pacific Northwest have been only one-half
as large as last year, as shown by the follow
ing estim ates:
W H E A T EXPO RTS
July 1st to November 1st
1922
1921
(bushels)
P o r t la n d ................ 8,365,621
Puget Sou nd........ 2,329,691
Total .................. 10,695,312
1920
(bushels)
(bushels)
16,776,340
3,148,516
7,703,520
2,096,298
19,924,856
9,799,818
Dom estic demand for wheat in the Pacific
Northwest has been active, remaining supplies
have been strongly held, and prices have ad
vanced rapidly during the past month. The
supply of desirable grades of milling wheat is
reported to be smaller than the probable needs
of millers. Prices for hard varieties of wheat
continue to be relatively higher on the Pacific
Coast than in Eastern marketing centers. In
the San Francisco market, hard white milling
wheat which was quoted at $1.14 to $1.17 per
bushel on O ctober 16th, advanced to $1.26 to
$1.32 per bushel on November 16th, a gain of
approximately 15 cents per bushel.
Dealers’ estimates of the commercial crop
of barley in California this season are below
30,000,000 bushels (700,000 tons). These fac
tors estimate that 2,100,000 bushels (50,000
(A) Milling-
B A R L E Y EXPO R TS
July 1st to November 1st
1922
1921
(bushels)
San F r a n c isc o .... 10,699,109
10
,
10
2
(bushels)
11,484,742
2,898,688
Per Cent Mill Capacity
in Operation
Oct.,
Sept.,
Oct.,
1921
1922
1922
Oct., 1922
(barrels)
.......-■%
Sept.. 1922
(barrels)
285,563
7,863
139,615
368,034
81.1
55.6
54.7
801,075
3
15
17
20
344,117
10,630
166,312
389,851
45
48
910,910
16
1920
(bushels)
Commercial factors estimate that approxi
mately 1,000,000 bushels (25,000 tons) of feed
barley have been shipped out of the state, and
that 6,000,000 bushels (145,000 tons) of feed
barley have been sold for consumption within
the state. These factors estimate that approxi
mately 75 per cent of the 1922 barley crop in
California is out of the hands of farmers.
The demand for barley has increased during
the past month, and trading has been active.
A shortage of small grains for poultry and
stock feed is reported in California, especially
in the vicinity of Los Angeles, and an un
usually large volume of feed barley has been
consumed. Feed barley was quoted at $1.45 to
$1.50 per cental in the San Francisco market
on November 14th, an increase of approxi
mately 8 cents per cental over prices quoted
one month previous. A year ago in the same
market feed barley was quoted at $1.30 to $1.35
per cental.
Reporting flour mills in the district operated
at 67.6 per cent of capacity during O ctober
compared with 59.5 per cent of capacity in
September, 1922, and 61.9 per cent of
MiUing capacity in October, 1921 (see table
“ A ” ). Flour millers report that do
mestic buying has been stimulated during the
past month by advancing prices for wheat,
t ----- ------Output
No. Mills Reporting
Sept., 1922
Oct.. 1922
Idaho
tons) of barley were carried over from the
1921-1922 season, making the total commercial
supply of California barley available for the
1922-1923 season less than 32,000,000 bushels
(750,000 tons). The corresponding figure for
1921 was 30,450,000 bushels (725,000 tons).
A large quantity of barley was exported
from San Francisco during October. The total
export movement of barley from that port dur
ing the first four months of the 1922-1923 crop
season has been only slightly less than the un
usually heavy movement during the same per
iod of the preceding season.
71.0
50.8
65.5
68.0
71.3
58.9
44.8
59.4
67.6
59.5
61.9
68.0
195
Federal Reserve Bank of San Francisco
with corresponding advances in the price of
flour. Price quotations for flour furnished by
reporting millers, indicate that flour prices in
Oregon are higher and in California and W ash
ington slightly lower than they were a year
ago.
A V E R A G E LIST PRICES FOR FLOUR, N O V E M B E R 1st
(per barrel)
First Grade
Family Patent
1922
1921
California ..................... $7.62
O r e g o n ........................... 7.20
W ashington ................. 6.91
D is t r i c t ........................... 7.24
$7.89
7.00
7.00
7.29
First Grade
Bakers Patent
1922
1921
$7.41
6.95
6.46
6.94
$7.43
6.80
6.73
6.98
A steady export movement of flour is re
ported, although millers in the Pacific North
west are hampered in their efforts to secure
this trade, by the relatively high prices obtain
ing for milling wheat.
Monthly Flour Output, and Stocks of Wheat and Flour at End of Month,
of 16 Reporting Milling Companies
A considerable portion of the 44,500,000
bushel potato crop in this district has been left
in the ground because growers deemed present
market prices would not cover costs of
Field
digging and transporting them to marCrops ket. The crop was unusually large,
cars for shipping have been difficult to
obtain, storage space was filled early in the
season, and market prices, both in this district
and throughout the United States, have been
low, declining still further during October.
H igh temperatures late in the season, insect
damage, and early rains have reduced the ex
pected yield of all varieties of beans in Cali
fornia. The 1922 yield of lima beans in that
state is now estimated to be 1,270,000 bags of
100 pounds each, and all other beans 1,560,000
bags of 100 pounds each. All varieties of beans
have been in active demand during the past
month, and prices have advanced rapidly, as
indicated by the follow ing quotations:
DEALER S’ Q U O T ATIO N S FOR BEAN S— F. O. B. C A L IF O R N IA
(Pricc per 100 pounds)
Nov. 11,1922
Small W h it e . . . . $5.75-5.95
Pink ..................... 6.25-6.40
Henderson Bush 8.50-9.00
Blackeye ............. 5.15-5.30
Oct. 15,1922
$5.25-5.50
5.25-5.50
7.00-7.50
5.00-5.25
Nov. 11, 1921
$4.75-4.90
4.45-4.60
5.75
3.90-4.00
The rice harvest in California was delayed,
and part of the crop endangered, by heavy
rains in late October and early November. On
November 15th, 45 per cent of the estimated
1922 crop of 4,260,000 centals of paddy rice was
still in the field, in shocks or uncut. During
October, the car shortage delayed movement
of new crop rice, enabling dealers in San Fran
cisco to dispose of practically all remaining
stocks of 1921 crop milled rice. Dealers are
reported to be offering $2.35 to $2.50 per 100
pounds for paddy rice, but few sales have been
made at these prices.
Freezing temperatures early in November
caused considerable damage to cotton plants
in Arizona. Approxim ately one-third of the
crop of 55,000 bales remained unharvested at
that date, and unmatured bolls were badly in
jured. Demand for Pima cotton, which was
temporarily checked by the removal of the
tariff on Egyptian cotton, is again reported to
be active and prices for this variety of cotton
have advanced. Number 2 Pima cotton was
quoted at 36 T
/ 2 cents a pound on November 7th,
compared with 34 cents a pound on October
18th. W orld supplies of short staple cotton are
reported to be in close adjustment with poten
tial demand. Growers in this district are mar
keting their short staple cotton at prices con
siderably above those obtaining a year ago.
The 1922 apple crop of this district was prac
tically all harvested and in storage by the mid
dle of November. The commercial crop is esti
mated at 34,713,000 bushels, compared
Fruits with 38,825,000 bushels in 1921. Esti
mates of the commercial crop in the
United States place the 1922 yield at 95,703,000
bushels, a large increase over the 63,612,000
bushels marketed in 1921.
C O M M E R C IA L APPLE CROP
Forecasted
Yield
1922
(bushels)
Estimated
Yield
1921
(bushels)
California ................................
4,977,000
3,840,000
Idaho .........................................
2,925,000
4,047,000
Oregon ......................................
Utah ...........................................
W ashington ............................
4,419,000
1,080,000
21,312,000
5,001,000
1,037,000
24,900,000
Total ................................. 34,713,000
38,825,000
Agricultural and Business Conditions
196
Relatively small shipments o f apples from
this district during the 1922-1923 season to
date are attributed to the uncertain market pre
vailing for Northwestern boxed apples and to
some extent to the light crop. A shortage of
cars during the shipping season has been a
contributing factor.
C A R L O T SHIPM EN TS OF BO X ED APPLES
Available
for
Total
Shipment Shipments
To Nov. 11. To Nov. 12, 1922-1923 1921-1922
1922
1921
Season
Season
(care)
C a lifo rn ia .............. 3,092
Idaho ...................... 1,887
O r e g o n .................. 1,307
Utah ........................
450
W ashington ........10,693
T o t a l .................. 17,429
(cars)
3,857
4,657
3,499
691
19,675
32,379
(cars)
6,500
3,800
5,800
700
28,000
44,800
(cars)
5,072
5,825
6,554
735
32,937
51,123
Supplies of apples grown in states adjacent
to Eastern marketing centers have been large,
and prices have been low, during the 1922-1923
season to date. Prices for apples now being
marketed from the Pacific Northwest, as com
pared with prices received during the same
period in 1921, are reported as follow s:
marketed during October, 1922, as compared
with average returns in September, 1922, and
October, 1921, were reported as fo llo w s :
Oct., 1922
Sept.. 1922
Oct., 1921
(per box)
(per box)
(per box)
$5.04
5.58
$2.36
2.55
Oranges ............................ $4.30
Lem ons .............................
6.62
The condition of the 1922-1923 orange crop
in California is estimated to be 60 per cent of
normal, compared with 88 per cent a year ago,
and a 10-year average condition of 80 per cent
at this period of the year. The California Fruit
Growers Exchange estimates that the 19221923 crop of navel oranges there will total
7.500.000 boxes, as compared with 6,848,000
boxes harvested during the 1921-1922 season.
The lemon crop of the state is estimated at
4.400.000 boxes, as compared with 4,050,000
boxes of lemons shipped during the 1921-1922
season.
R A N G E IN PRICES FOR APPLES
F. O. B. Pacific-Northwest
Nov. 1 to 16,
Nov. 1 to 16,
1922
1921
Extra Fancy Grade
(per box)
(per box)
Jonathan .......................... $1.25-1.40
Delicious .......................... 2.15-2.25
W i n e s a p ...........................
1.60-1.65
$1.80-2.25
3.00-3.25
1.90-2.15
There were 16,288 cars of grapes shipped
from California during October. Shipments
during the 1922 season to November 6th
totaled 34,805 cars, compared with 27,277 cars
during the corresponding period in 1921. A
shortage of cars during O ctober seriously ham
pered grape shippers, picking was delayed, and
many of the grapes left on the vines were dam
aged by rains. The peak of the California grape
shipping season is now past, and only late
varieties of table grapes remain to be marketed.
During October, 1,427 cars of oranges and
313 cars of lemons were shipped from Califor
nia, com pleting the citrus fruit season 19211922. During the season from November 1,
1921, to O ctober 31, 1922, 29,322 cars of or
anges, and 9,932 cars of lemons were shipped
from California, compared with 48,075 cars of
oranges and 11,807 cars of lemons shipped dur
ing the 1920-1921 season. Prices for California
oranges declined in Eastern markets during the
month, as the result of the competition of large
shipments of this fruit from Florida and Porto
Rico. Average returns to members of the Cali
fornia Fruit Growers Exchange for citrus fruits
Unfavorable weather follow ing the bloom ing
period is reported to have caused California
olives to set not more than one-half o f a nor
mal crop, or between 10,000 and 11,000 tons.
It is estimated that the forthcom ing 1922-1923
season pack of processed olives in California
will be approximately 275,000 cases of 24
quarts each, as compared with a pack o f 240,000 cases during the 1921-1922 season. The
carryover of 1921-1922 crop olives is estimated
to be 50,000 cases. Demand for California
olives gradually increased during the past
year, and in general was better than for sev
eral previous seasons. Stocks of processed
olives were reduced to normal. Olive packers
are actively contracting for new crop olives at
prices ranging from $100 to $250 per ton de
pending upon the variety. During the 19211922 season growers received from $65 to $110
per ton for their olives.
Federal Reserve Bank of San Francisco
197
General rains over the Pacific Coast area
have improved livestock pastures in California
and western Oregon and W ashington. Rain
fall in the interior states of the
Livestock district is still below normal for
this period of the year. In the dis
trict generally livestock are in good condition.
Marketable stock of the best grade is reported
scarce.
Receipts of all varieties of livestock at the
principal markets of the district during O cto
ber, 1922, were much larger than during O cto
ber, 1921, cattle receipts showing an increase
of 19 per cent, hog receipts an increase of 35
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AMD Ci U V E S
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o
19 >21
1922
Receipts of Livestock at Eight of the Principal Markets of the District
1921-1922. (Los Angeles, Ogden, Portland, Salt Lake City, San
Francisco, Seattle, Spokane and Tacoma included)
per cent, and sheep receipts an increase of 43
per cent. The increase in the receipts of cattle
and sheep was most marked in the Intermoun
tain livestock centers, Ogden and Salt Lake
City, while hog receipts were unusually large
in Los Angeles and San Francisco. The figures
are presented in table “ B.”
The trend of prices for livestock in the prin
cipal markets of this district during October
was not well defined. Cattle prices declined
slightly, hog prices declined sharply in all mar
kets outside of California, and prices for sheep
and lambs advanced steadily in all markets ex
cept Ogden. A definite upward movement in
prices for high quality steers appeared in a
majority of the markets of the district early in
November and lamb prices made additional
gains. W eekly average prices for highest grade
steers, hogs, and lambs, compiled from the
daily range of price quotations in five markets
of the district are presented in table “ C.”
Stocks of cold storage butter in this district
are large. In the four principal markets of this
district, withdrawals of 822,294 pounds of but
ter from cold storage during O ctoDairy
ber left holdings of 2,139,676 pounds
Products on November 1, 1922, as compared
with holdings of 892,583 pounds on
November 1, 1921 (see table “ D ” and the ac
companying chart).
Butter prices have declined during the past
month. In the San Francisco market, the price
of 93 score fresh creamery butter, which had
advanced to a peak of 55 cents per pound on
(B) Receipts o f Livestock—
Cattle
Oct.,
1922
Oct.,
1921
Calves
Oct.,
Oct.,
1921
1922
Sheep
Hogs
Oct.,
1922
Oct.,
1921
Oct.,
1922
Oct.,
1921
*L o s A n g e le s ...,.21,782
Ogden .................., 14,348
Portland ........... . 13,912
Salt Lake C i t y ... 13,805
♦San F rancisco...,19,809
Seattle .................. 3,659
Spokane .............. 4,882
Tacom a .............. , 1,945
19,011
10,827
12,299
8,761
18,915
4,455
3,537
1,867
9,220
634
2,097
148
9,130
468
982
596
7,816
272
1,045
508
6,397
401
777
318
35,438
9,885
19,421
5,165
37,092
9,521
3,690
5,261
26,162
11,015
11,638
5,038
24,640
6,377
3,053
4,646
43,496
118,947
19,666
122,789
82,952
20,032
4,195
45,931
44,916
27,770
53,017
88,420
14,896
11,309
3,860
Tw elfth D istrict.94,142
79,672
23,275
17,534
125,473
92,569
418,765
290,119
^Receipts in the Los Angeles and San Francisco Bay districts
6,688
Horses
and Mules
Oct..
Oct..
1922
1921
138
49
228
46
19
##
26
80
••
431
155
a majority of the animals slaughtered in California.
(C) Weekly Average Price Quotations fo r Best Grade Livestock
Prime Steers
/■— —- - Week Ending————— %
Oct. 14 Oct. 21 Oct. 28 Nov. 4
Los A n g ele s........$7.87 $7.72 $7.75 $7.93
Ogden .................. 6.52
6.70
6.70
6.75
Portland .............. 6.91
7.00
6.85
7.25
San F r a n c isc o ... 7.87
7.87
7.87
7.87
Spokane ............... 6.64
6.62
6.62
6.62
Light Hogs
/— — —— Week Ending—
Oct. 14
Oct. 21
Oct. 28
$10.70
9.05
10.54
11.18
10.66
$10.75
8.80
10.45
10.85
10.75
Nov. 4
Oct. 14
$11.00 $11.16
7.81
8.55
10.23
10.55
10.89
10.85
9.95
10.75
$13.00
10.88
10.00
12.25
9.00
Choice Lambs
\\r_i,
Oct. 21
Oct. 28
$13.00
11.55
10.33
12.33
9.75
$13.25
11.26
10.50
12.81
9.81
Nov. 4
$13.41
10.90
10.75
13.18
9.87
Agricultural and Business Conditions
198
October 14th, declined steadily until on N o
vember 14th it stood at 43 y2 cents per pound.
Butter prices in that market are now 5 cents
per pound below prices obtaining one year ago.
A surplus of fancy grade butter on the Pacific
Coast, and the possibility of seasonal imports
of butter from New Zealand and Australia are
factors to which the weakness of the San
Francisco market is attributed.
Prices paid producers for raw milk changed lit
tle during October compared with the previous
month. Compared with October, 1921, raw milk
prices have declined 23 cents per 100 pounds in
the Mountain Section, and 16 cents per 100
pounds in the Pacific Section (see table “ E” ).
H oldings of cold storage eggs in five markets
of the district were reduced by approximately
100,000 cases during October, as shown by the
follow ing estimates:
C O L D S T O R A G E H O L D IN G S O F E G G S
N o v . 1,
O c t . 1,
1922
1922
(cases)
N o v . 1,
1921
(cases)
Twelfth D istrict... 282,576
Extra grade fresh California eggs, which
were quoted at 56% cents per dozen in the San
Francisco market on October 16th, advanced to
66 cents per dozen on October 25th, and declined
to 56^4 cents per dozen on November 14th.
All indices show an upward movement of
prices in this district, and throughout the
United States during October. O f the general
price indices, the weekly index number
Prices of prices of 20 basic commodities, com
piled by the Federal Reserve Bank of
New York, showed the most marked advance,
rising from 145.4 during the first week in O c
tober, to 148.0 during the first week in N ovem
ber. The United States Bureau of Labor index
number of wholesale prices, including 404 com
modities, rose from 153 in September to 154 in
October. The cost of living, as represented by
the index number of the National Industrial
Conference Board, advanced from 155.6 in Sep
tember to 157.1 in October.
(cases)
392,647
223,831
W h o le s a le P r ic e s a n d t h e C o s t o f L iv in g , 1920-1922
S e a s o n a l M o v e m e n t o f H o l d i n g s o f C o ld S to r a g e B u t te r a t F o u r
P r in c i p a l M a r k e t s o f t h e D i s t r i c t , 1921-1922
(D ) Movement o f Stocks o f Cold Storage
Butter—
O c t ., 1922
N et
D e c re ase
(pounds)
Los A n g e le s... 342,396
Portland ........., 168,340
San Francisco.. 305,598
5,960
Seattle ............
Totals ......... 822,294
O c t ., 1921
N et
D ecrease
(pounds)
N o v . 1,
1922
H o ld in g s
(pounds)
N o v . 1.
1921
H o ld in g s
(pounds)
369,755
32,181
490,628
53,622
583,894
375,128
676,073
504,581
280,295
96,997
376,649
138,642
946,186 2,139,676
892,583
(E) Prices Received by Milk Producers*—
S e c tio n f
O c t .,
1922
R ange
Mountain (5 M k ts .)....$1.32-2.80
Pacific (6 M k ts.).......... 1.77-3.20
U. S. ( 85 M k ts.)............ 1.30-4.81
O c t .,
1922
A v e rage
$2.01
2.44
2.35
S e p t .,
1922
A v e rage
O c t .,
1921
A v erage
$2.02
2.41
2.28
$2.24
2.60
2.58
*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.
United States Bureau of Labor Index of Wholesale Prices (1913=100).
National Industrial Conference Board Index of the Cost of LirinsOuly 1914=100).
The upward trend of prices for the principal
commodities of this district which are now be
ing marketed was especially noteworthy, a
majority of its important agricultural products
sharing in the general price advance. Although
prices for cattle, lambs and hogs declined
slightly in Eastern markets, and in the Inter
mountain markets in this district, prices for
steers, sheep and lambs advanced in Pacific
Coast markets, and prices for hogs advanced in
California markets. W heat and barley ad
vanced in price approximately 10 cents per
bushel; California rice, 25 cents per 100
pounds; short staple cotton, 3)4 cents per
pound; beet sugar, 40 cents per 100 pounds;
lemons, $1.00 per b o x ; dried apricots and
prunes, y2 cent per p ou n d ; and dried apples, 1
cent per pound (see table “ F ” ).
Butter prices declined 7 cents per pound in
Federal Reserve Bank of San Francisco
the San Francisco market during October, but
prices for dairy and poultry products in other
markets of the district remained fairly steady.
Prices received for California oranges show no
change in the accompanying quotations for the
Los Angeles market but the actual returns
from all markets netted growers approximately
75 cents per box less than during the preceding
month,
Salmon canning operations in this district
were practically completed by November 1st.
The run of salmon during the 1922 season has
been generally larger than expected,
Salm on especially in southeastern Alaskan
waters, and estimates of the pack were
raised as the canning season progressed. The
most recent figure is 5,391,000 cases, a consid
erable increase over the small 1921 pack of
3,617,396 cases but less than any other salmon
pack since 1914. The total 1922 pack of canned
salmon is estimated as follow s (1921 figures
are given for comparison) :
199
P r e lim in a r y
E s t im a te
o f P a c k , 1922
F in a l
E s t im a te
o f P a c k , 1921
(cases)
(cases)
4,669,000
227,000
400,000
95,000
2,604,973
653,490
323,241
35,962
Total U . S. P a c k ..,
British Colum bia........
5,391,000
1,033,000
750,000
3,617,396
603,548
705,493
W o rld Pack ..............
7,174,000
4,926,437
Puget Sound...................
Columbia R iver.............
Other U. S. W a t e r s ...
A steady demand for canned salmon during
the 1921-1922 season, in conjunction with a
small pack in 1921, reduced carryover stocks
of salmon in this district to normal levels by
July 1, 1922, the end of the 1921-1922 season.
The figures are given in table “ G.” Commer
cial factors report that the market for canned
salmon is now characterized by a brisk de
mand, causing a steady reduction of stocks, a
condition which is in sharp contrast with the
dull market prevailing from 1919 up to the be-
(F) Commodity Prices—
C o m m o d ity
Twenty Basic Commodities (F. R. B. of N. Y .) 1913=100.
Wholesale Prices (U . S. Bureau of Labor*) 1913=100___
Cost of Living (National Industrial Conference Board)
July, 1914=100............................................ ................. ...........
Cattle (Native B e e f).. .W eekly average price at Chicago..
Sheep .............................Weekly average price at Chicago..
Lambs ............................ W eekly average price at Chicago..
H o g s ............................... Weekly average price at Chicago..
W h e a t ................. Chicago contract prices for December
Wheat .........................................................
B a r le y ................. Shipping Barley f. o. b. San F ra n cisco...
Rice ..................... California Fancy Japan at San Francisco.
C o t t o n ................. Middling Uplands— W eekly range of spot
quotations at New Orleans.....................
W o o l ................... Average of 98 quotations at B oston.........
S u g a r................... Beet granulated f. o. b. San F rancisco.. . .
A p p le s ................. Extra Fancy Winesaps f. o. b. Pacific
Northwest .................................................
O ra n g es.............. Valencias, special brands, Los A ngeles..
Lemons ............. Special Brands, Fancy, at Los A ngeles..
Dried A pples.......Choice in 50-lb. boxes f. o. b. California..
Dried A pricots...C hoice in 25-lb. boxes f. o. b. California..
Prunes ................ Size 40/50 in 25-lb. boxes f. o. b. C alif....
Raisins ................Loose Muscatel in 25-lb. boxes f. o. b.
California ...................................................
Canned Apricots.Choice 2 ^ s f. o. b. California.....................
Canned Peaches.. Cling, Choice, 2 ^ s f. o. b. California........
Canned P e a r s .... Bartlett, Standard, 2 ^ s f. o. b. California
Butter ................. 93 score at San Francisco............................
E g g s .................... Extras— San Francisco.................................
C o p p e r ................ Electrolytic; New Y ork S pot......................
Lead .................... New Y ork S pot.............................................
P etroleu m ...........California 35° and above..............................
Douglas F ir.........2x4, 16-ft. No. S1S1E f. o. b. Seattle.........
Douglas F ir.........12x12 Timbers f. o. b. Seattle....................
*Revi&ed figures.
U n it
100
100
100
100
lbs.
lbs.
lbs.
lbs.
bu.
cental
cental
lb.
lb.
100 lbs.
box
box
box
lb.
lb.
lb.
lb.
doz.
doz.
doz.
lb.
doz.
lb.
lb.
bbl.
M ft.
M ft.
N o v . 3 .1 9 2 2
O n e M o n th A g o
O ne Y ear A go
148.0
154
145.4
153
127.5
142
157.1
$10.30
6.65
13.40
155.6
$10.65
163.7
$7.70
4.60
8.80
7.60
8.20
6.20
13.80
8.95
1.16-1.175^ 1 .0 6 ^ -1 .0 8
1.45-1.55
1.40-1.50
5.00
4.75
23.25-24.00^
76.844
7.20
20.00-20.50tf
72.614
6.80
.99-1.0234
1.30-1.40
4.85
18.50-18.75tf
40.29tf
5.50
1.60-1.65
1.50-1.65
10 .00- 11.00
10 .00- 11.00
2.00-2.35
5.75-6.00
9.00-10.00
.10 ^
.2 3 -2 4
A 2y4- . u y 2
8.00-9.00
.0 9 ^
.2 2 ^ -2 3 ^ 2
. 1 1 % - . 12
.12/2
.1 9 -2 1 J/2
. 10 % - . 11
.i i
3.25
2.60
2.85
.4 6 ^
.59^2
. 1 3s/4
7X254
1.95
20.50
3.25
2.60
2.85
.54
.60^2
.14
6.6254
1.95
20.50
20.00
20.00
.11
.
.15
3.00
2.60
3.00
.48
.68
.13
4.70tf
2.45
11.50
14.00
Agricultural and Business Conditions
200
ginning of the present year. Canned salmon
traders estimate that approximately 35 per cent
of the 1922 pack of salmon remains unsold in
the hands of American canners.
Present spot prices for salmon, opening
prices for the 1922 season, and opening prices
for the 1921 season are compared in the follow
ing table :
Spot
O p e n in g
O p e n in g
V a r ie ty
P r ic e
N o v . 8,
1922
P r ic e
A u g . 8,
1922
(Per doz. No. 1 tall cans)
Alaska R eds........... $2.25
P in k s ......................
1.15
Chums .................... 1.10
P r ic e
1921
$2.25
1.15
1.05
$2.35
1.10
1.00
Production of lumber continued above nor
mal during October reaching the highest figure
in the past tw o years. Because of a shortage of
freight cars, mills have been unable
Lum ber to ship all of the lumber they have
sold and many mills have refused,
temporarily, to accept further orders. Both
shipments and orders received were relatively
less in volum e in October, 1922, than in Sep
tember, 1922. Figures showing the percentage
increase or decrease in activity o f 206 reporting
mills in the four lumber associations in this
d is tric t
fo llo w :
O c t o b e r . 1922
c o m p a r e d w ith
O c t o b e r , 1921*
Production ....... 63.1%
S h ip m en ts......... 8.5%
O r d e r s ......................9%
Unfilled Orders. 44.0%
Increase
Increase
Decrease
Increase
O c t o b e r , 1922
c o m p a r e d w ith
S e p t e m b e r , 1922f
12.5%
8.2%
.9%
1.0%
Increase
Decrease
Increase
Increase
* October, 1921, figures based on 165 mills
tSeptem ber, 1922, figures based on 179 mills.
The domestic market for lumber during O c
tober, 1922, was seriously affected by the con
tinued shortage of freight cars, which cut
down deliveries and curtailed the acceptance
of new business. Mills in Oregon, W ashington
and Idaho reported that from 40 to 75 per cent
of their freight car requirements remained un
filled during the month, the extent of the de
ficiency depending upon the location of the
mill and the equipment of the railroad serving
each particular territory. Partly as a result of
the inadequate rail service, domestic water
borne business continued heavy during O cto
ber. It is reported that shippers are now book
ing steamer space for shipments of yard stock
to be made in January, February and March,
1923. Continuance of the excess of production
over shipments resulted in a further increase in
stocks of lumber in all grades held at mills.
In general prices on the various grades of lum
ber remained unchanged during the month.
There was an increase in the foreign demand
for lumber during October, and several large
shipments were made to the Orient and A us
tralia. A new high record for foreign and do
mestic shipments of lumber by water from
Pacific Northwestern mills was established
during the first nine months of 1922. W ater
borne cargoes during this period totaled 2,381,203,785 feet compared with 1,249,057,310 feet
during the same period in 1921, an increase of
91 per cent. The follow ing table shows the
destination and amount of water-borne ship
ments from the Pacific N orthwest during the
first nine months of 1922 and 1921 as reported
by the Pacific Lumber Inspection Bureau.
F irs t
N in e M o n th s
1922
(feetR M .)
C a liforn ia ....................... 1,106,536,336
Japan ..............................
462,451,577
Atlantic C o a s t ...............
395,216,959
China ..............................
136,458,037
Australia ........................
105,377,029
South America
(W est C oa st).............
43,938,391
Hawaiian Islands............
43,036,497
Europe .............................
32,536,476
15,747,776
South A f r ic a ...................
India .................................
9,811,740
All Other*........................
30,092,967
599,927,627
208,332,770
139,791,775
99,438,314
40,958,646
Total ........................... 2,381,203,785
1,249,057,310
Stocks in first hands, July 1, 1921...................
United States Pack, 1921...................................
Supply available for 1921-1922.........................
Consumption, July 1, 1921, to July 1, 1922...
Stocks in first hands, July 1, 1922...................
United States Pack, 1922...................................
Supply available for 1922-1923.........................
Commercial estimate of unsold stocks on
November 1, 1922.............................................
*Totals so indicated include unsegregated varieties.
(Commercial Estimates)
K in g
(cases)
—B y V a r i e t i e s Goho
(ca se s)
220,000
1,870,396
2,090,396
1,800,396
200,000
2,223,000
2,423,000
100,000
369,756
469,756
419,756
50,000
273,000
323,000
150,000
238,595
388,595
318,595
70,000
178,000
248,000
1,100,000
845,184
1,945,184
1,745,184
200,000
1,768,000
1,968,000
940,000
288,539
1,228,539
1,148,539
80,000
839,000
919,000
850,000
100,000
150,000
750,000
150,000
R ed
(cases)
37,506,279
50,040,483
20,653,060
4,621,940
10,131,377
37,655,039
*A11 other includes South America (East C oast), Alaska, Panama,
Philippines, Central Am erica, Cuba, Egypt, M exico, N ew Zea
land, South Sea Islands, Straits Settlements, W e s t Indies.
(G) Packs and Movement o f Canned Salmon in the United States.
'
F irs t
N i n e M o n th s
1921
(feetB.M.)
P in k
(ca se s)
Chum
(c a se s)
T o ta l
A ll V a r ie t ie s
(cases)
2,510,000
3,617,396sK
6,122,470
5,522,470
600,000
5,391,000*
5,991,000*
2,000,000
Federal Reserve Bank of San Francisco
201
Aided by favorable weather conditions, log
ging camps operated at maximum capacity
during October. The log supply in all sections
was more than sufficient to meet mill require
ments and surplus stocks of logs were accumu
lated for winter use. Log prices generally re
mained firm during the month. The decline in
activity noted in the shingle branch of the
lumber industry in September continued dur
ing the month of October.
Comparative figures of the production, or
ders, shipments and unfilled orders of the four
lumber associations in this district are shown
in table “H .”
MILLIONS 0F80ARD FEET
MILLIONS OF BOARD FEET
600!
7^ r g /|
i6o°
-1500
-400
-300
-200
PRODUCTION _
S H IP M E N T S ..........
ORDERS
-100
1922
1921
Lumber Production, Orders Received, and Shipments in Twelfth
Federal Reserve District as Reported by Four Lumber
Associations, 1921*1922
The mining industry continues active, stim
ulated by the fact that present consumptive de
mands exceed current production, a condition
which is steadily reducing previously
Mining accumulated surplus stocks. During
each month of the present year since
April, production of the principal non-ferrous
metals has exceeded that of the corresponding
month a year ago, a record which was main
tained in September, the latest month for
which figures are available. Figures showing
the national production of copper, silver, and
zinc, three of the most important metals pro
duced in this district, are shown in the follow
ing table which compares the output in Sep
tember, 1922, with August, 1922, and Septem
ber, 1921 :
Copper (lbs.)
Sept.,1922
(mine production) 96,407,992
Silver (oz.)
(commercial bars) 5,324,873
Zinc (tons)
(slab) ......................
33,134
Aug.. 1922
Sept.. 1921
100,838,000 20,926,554
5,561,523
4,211,915
31,423
14,367
Figures for lead are not available.
Production of copper in the United States
during September, 1922, was 360.7 per cent
greater than in September, 1921, when the ma
jority of the mines were closed and 4.3 per cent
less than the August, 1922, output. Production
and shipments of zinc during the first nine
months of 1922 averaged 27,855 and 33,164 tons
per month respectively. Consequently surplus
stocks of zinc have been reduced 47,802 tons
during this period. The 1922 monthly average
shipments of zinc, 33,164 tons, may be com
pared with monthly average shipments of ap
proximately 18,500 tons in 1921, 29,300 tons in
1920, and 24,000 tons in pre-war years.
Average prices quoted for copper, lead and
zinc during October reflect the improvement
which has taken place in the metal market dur
ing the past year. The most noteworthy ad
vances have been in the prices of lead and zinc,
these metals now being quoted at the highest
prices since October, 1920.
f--------------Average Prices-------------- >
Oct.. 1922
Sept., 1922 Oct., 1921
Copper (lb.)
(cents)
(cents)
(cents)
13.88
6.53
13.99
6.11
12.92
4.69
68.01
69.51
6.54
70.97
4.60
Silver (oz.)
6.84
Reports received from nine of the 13 prin
cipal copper mines which are operating in this
district show that they produced 32,891,000
pounds of copper in September, 1922, compared
with 34,679,000 pounds in August, 1922. In
C a l if o r n ia W h it e
(H) Lumber—
W est C o a st
Lu m b e rm e n
*s
A s s o c ia t io n
Average N o. of
M ills Reporting.
*In thousands o f feet.
fBased on 84 mills.
Oct.,
1922
Oct.,
1921
143
¿13,491
297,423
302,823
252,862f
267,751
266,018
300,674
195,187t
102
W e ste rn P in e
M a n u fa ctu re rs *
a n d S u g a r P in e
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
Oct.,
1922
45
140,995
87,245
88,675
103,650
Oct.,
1921
44
63,458
84,137
95,500
54,850
Oct.,
1922
6
38,685
24,797
20,129
Oct.,
1921
7
22,417
25,067
18,981
C a lif o r n ia
R edw ood
A s s o c ia t io n
Oct.,
1922
T O T A L
Oct.,
1921
Oct.,
1922
Oct.,
1921
12
12
35,522
25,115
31,988
58,237
31,660
25,035
32,552
37,801
206
628,693
434,580
443,615
414,749
165
385,286
400,257
447,707
287,838
Agricultural and Business Conditions
202
September, 1921, the production of three mines
of the district then producing copper was
6,879,000 pounds.
An increase of 6.4 per cent over the previous
high record month of September, 1922, oc
curred in the daily average production of petro
leum in California, which during
Petroleum O ctober amounted to 432,885 bar
rels. Consumption (shipments) of
petroleum averaged 390,600 barrels per day
during October, 1922, compared with 340,600
barrels in September, 1922, and 245,861 barrels
in October, 1921. October production exceeded
consumption by 1,310,531 barrels and stored
stocks of petroleum were consequently further
increased, standing at 57,569,832 barrels on
N ovem ber 1, 1922, compared with 56,259,301
barrels on O ctober 1, 1922, and 33,116,456 bar
rels on N ovem ber 1, 1921. Eighty-four new
wells were completed in California during
O ctober and 17 wells abandoned, a net in
crease of 67 producing wells during the month.
MILLIONS
MILLIONS
90
80
70
60
50
40
90
80
70
60
50
SToa SD
/ SK 5CKS Of G&SOLEj■HE
(GAI r.)
30
f
40
30
TORSD STOCK S OF
ETRQL fU M ( I 8LS)
Z0
20
PETROLEUfA PRODJCT10N( bbls:
V “s \ \
PST»oCeufc
SH IF Í ^EN TSi 3BLS.)
S j C -
1Í2Í3
4 I5 Í6 7 1819
lOjll jl2
„j
A
.df
/
1 12 13 4 15 |ö 7|8{9 I0|ll|l2
1922
1931
C A L IF O R N IA
P r o d u c ti o n , S h i p m e n t s a n d S t o r e d S t o c k s o f P e t r o l e u m , a n d R e f in e r y
S t o r e d S t o c k s o f G a s o l e n e 1921-1922
*S ee footnote to T a b le " i ” .
(I) Petroleum*—
In September, for the second consecutive
month, there was an increase in stored stocks
of gasolene in California. Stocks of gasolene
held at refineries in that state on O ctober 1,
1922, totaled 55,634,199 gallons compared with
44,175,708 gallons on September 1, 1922, and
59,622,914 gallons on October 1, 1921.
Prices of petroleum and petroleum products
have been declining during the past few
months. Buying prices on all grades of petro
leum were lowered approximately 25 cents per
barrel on July 15, 1922, and an additional 25
cents per barrel 10 days later. On October 24,
1922, the price of gasolene was reduced 1 cent
per gallon, the first reduction since August 3,
1921. A statement of pre-war, peak and pres
ent prices of petroleum and gasolene in Cali
fornia follow s:
P re -W a r
Crude Petroleum
25° gravity* (b b l.).............. $ .55
Gasolenef ( g a l . ) ...............................1 5 ^
P resen t
$ .96
.22
*Field price. fRetail service station price.
Statistics on oilfield operations as furnished
by the American Petroleum Institute are
shown in table “ I.”
Sales of electric power for industrial pur
poses during September, 1922, were 15.1 per
cent greater than in September, 1921, accord
ing to reports from 20 of the princiElectric pal electric power companies in the
Energy
Twelfth Federal Reserve District.
Increased activity in manufacturing,
lumbering, mining and oil production was re
sponsible for the gain in volume of sales, there
being but a small increase in consumption in
agricultural sections. The seasonal decrease
in sales of electric power to agricultural con
sumers caused a decline of 7.0 per cent in the
total volume of sales during September, 1922,
compared with August, 1922. Sales of power
for industrial purposes by certain industries
and by sections of this district are compared in
the percentage table on the follow ing page.
O c t o b e r . 1922
Production (daily average)....................................................
432,885 bbls.
Indicated Consumption (daily average)...........................
390,600 bbls.
Stored Stocks (end of m o n th ).............................................57,569,832 bbls.
N ew W e lls Com pleted...............................................................
84
W ith Daily Production..........................................................
67,203 bbls.
W ells Abandoned..........................................................................
Peak
$1.96
.27
17
S e p t e m b e r , 1922
406,838
340,600
56,259,301
97
76,347
16
O c t o b e r , 1921
bbls.
bbls.
bbls.
227,957 bbls.
245,861 bbls.
33,116,456 bbls.
32
bbls.
14,825 bbls.
1
^Beginning with August, 1922, figures on petroleum operations furnished by the American Petroleum Institute. They are not strictly
comparable with the figures previously furnished by the Standard Oil Company, which were partly estimated.
Federal Reserve Bank of San Francisco
203
Percentage Increase or Decrease, September, 1922,
compared with September, 1921
Total
Agricul
Manu
Industrial
ture
Mining
facturing
Sales
California ................
Pacifie N orthw est.
Intermountain . . . .
Tw elfth D istrict...
+ 3.3
+ 19.2
+ 6 3 .8
+ 15.6
— 4.4
+ 1 5 .5
+ 5 0 .8
+ 10.1
+ 2 8 .7
+ 2 3 .1
+ 7.5
+ 2 6 .6
+ 1 0 .5
+ 6.7
+ 5 8 .4
+ 1 5 .1
Detailed figures as reported by 20 of the
principal power companies of the district are
presented in table “ J-”
In the accompanying chart are shown the
seasonal fluctuations in total industrial sales
of eight California power companies during
1921 and 1922. The growth of the connected
industrial load, in horsepower, has been corre
lated with the monthly sales, in K. W . H., and
is also presented. The ratio obtaining between
the tw o scales used is constant.
in October, 1921. Inasmuch as the average
percentage increase in the selling price of mer
chandise during the period October, 1921, to
October, 1922, has been less than the percen
tage increase in value of sales, it would
Retail seem that the quantity of goods now
Trade being sold at retail is greater than it
was a year ago. Comparing the value
of sales during October, 1922, with similar fig
ures for September, 1922, an increase of 21.3
per cent is noted. This increase is slightly in
excess of the usual seasonal gain.
In October, for the ninth consecutive month,
the value of stocks of reporting stores was less
Connected Industrial Load (H.P.) and Monthly Sales (K.W .H.) of
8 California Power Companies, 1921-1922
Sales of 32 department stores in this district
during October, 1922, were greater in value
than in any O ctober since 1919, when this bank
first began collecting retail trade statistics.
They were 10.3 per cent greater in value than
Net Sales of 32 Department Stores in Twelfth Federal Reserve District
(In Millions of Dollars)
(J) Electric Energy—
(1) Production—
Plant Capacity K. W .
September, August, September,
California (8 companies
1922
reporting) ......................1,048,045
Pacific Northwest (6
companies rep ortin g). 365,735
Intermountain States (6
companies rep ortin g). 232,197
Tw elfth District (20
companies reporting) . 1,645,977
Plant Output K. W . H .
September
August,
September,
1922
1922
1921
1922
978,795
1921
974,345
794,930*
828,156*
708,624*
345,052,610
371,715,018
308,576,203
365,675
355,175
187,050*
174,870*
163,459*
111,986,204
114,273,218
98,698,134
233,027
227,157
142,924*
148,323*
118,583*
76,244,939
79,729,273
52,534,127
1,577,497
1,556,677
1,124,904*
1,151,349*
990,666*
533,283,753
565,717,509
459,808,464
Number of Industrial Consumers
September, August, September,
1922
1922
1921
(2) Sales—
Peakload K. W .
September,
August,
September,
1922
1922
1921
Connected Industrial Load H . P.
September,
August,
September,
1922
1922
1921
Industrial Sales K. W . H.
September,
September,
August,
1922
1921
1922
California ..........................
Pacific Northwest ..........
Intermountain States . .
53,624
11,013
10,533
52,908
10,079
10,458
48,962
10,289
9,682
1,733,384*
164,231*
283,873*
1,737,746*
161,970*
281,258*
1,602,312*
158,048*
261,019*
315,019,330
68,092,305
55,693,948
257,133,940
71,792,233
59,054,497
294,760,901
63,775,413
35,151,594
Tw elfth District
75,170
73,445
6 8 ,9 3 3
2,181,488*
2,180,974*
2,021,379*
438,805,583
387,980,670
393,687,908
............
*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 of the table.
Agricultural and, Business Conditions
204
than in the corresponding month of 1921. Mak
ing the same comparison, the value of sales
was greater for the sixth consecutive month.
It is evident that merchants are conducting the
present large volume of business with smaller
stocks o f merchandise than were held in the
previous year. The steady increase in the an
nual rate o f turnover o f goods at reporting
stores bears out this assumption.
P e rc e n ta g e
in c re a se o r
d e c re a s e
i n t h e v a lu e o f
s to c k s a t e n d o f
m o n th c o m p a r e d
w ith s a m e m o n th
o f p re v io u s y e a r
(—)
P e rc e n ta g e
o u t s t a n d in g
o rd ers at
e n d o f m o n th to
to ta l p u r c h a s e s
d u r in g
y e a r 1921
January,
1922.
3.4
February, 1922. . - 4 . 3
March,
1922. . —2.4
April,
1922. . —4.3
May,
1922. . — 9.0
June,
1922. . — 1.9
1922. . — 1.4
July,
1922. . — 7.6
August,
September,1922. . — 5.6
October, 1922. . —4.7
A n n u a l ra te
of tu rn o v e r
o f s to c k s
i n d ic a te d a t
e n d o f m o n th
8.9
10.3
9.5
7.2
9.1
11.2
10.7
10.6
7.9
10.7
2.4
2.3
2.3
2.4
2.6
2.5
2.4
2.6
2.6
2.7
6
9
6
0
Table “ K ” gives in detail statistics in regard
to sales, stocks and outstanding orders as fur
nished by 32 department stores in this district.
e n d in g
O c t ., 1922
O c t . 31,1 9 2 2
c o m p a r e d w ith c o m p a r e d w ith
S e p t ., s a m e p e r io d
O c t .,
1922
in 1921
1921
N um ber
o f f ir m s
Agricultural Imple-
Collections were characterized by reporting
firms aS follow s .
E x c e ll e n t
G ood
F a ir
Poor
No. of reporting firms........
October sales were greater in value than
those of October, 1921, in all reporting lines of
wholesale trade except automobile tires and
drugs, where small decreases ocW holesale curred. Compared with SeptemTrade
ber of this year, October showed
a substantial increase in four of
the 10 reporting lines of business, while the de
clines in the m ajority of the six remaining
lines were largely seasonal. In October, for
the second consecutive month, a general ad
vance in the level of prices was reported by
firms in all lines of business except automobile
tires, prices of which remained at previous
levels.
The average net increase or decrease (— ) in
the value of sales of 192 reporting firms in 10
lines of business was as fo llo w s :
Ten montha
24
Automobile Supplies. .. 17
Automobile Tires — , 16
9
Dry G ood s................. , 15
17
Furniture ..................
Groceries .................. . 31
22
Hardware .................
14
S ta tion ery .................
27
33.2 — 9.8
2.0 — 2.5
— 8.0 — 5.7
— 1.2
.8
1.0 — 7.3
12.5
14.5
20.3
14.8
18.8
1.7
6.1 — 0.2
11.7 — 3.3
1.9
— 1.5
— 9.2
3.8
3.4
6.3
3.9
13.2
— 1.4
.5
(K) Retail Trade Activity* —
CONDITION OF RETAIL TRADE DURING OCTOBER, 1922
In Federal Reserve District No. 12
(32 Stores Reporting)
Los
A n g e le s
O a k la n d
No. o f reporting firms...............................
Net sales (percentage increase or de
crease) October, 1922, compared
with October, 1921.................................
October, 1922, compared with Sep
tember, 1922 .............................................
Period July 1 to October 31, 1922,
compared with same period in 1921..
Stocks: (Percentage increase or de
crease) October, 1922, compared
with October, 1921...................................
October, 1922, compared with Sep
tember, 1922 .............................................
Percentage of average stocks on hand
at close of each month since July 1,
1922, to average monthly sales dur
ing same period........................................
Percentage outstanding orders at close
of October, 1922, to total pur
chases during year 1921.......................
* (— ) Denotes decrease.
S a lt L a k e
C ity
San
F ra n c is c o
4
4
8
16.0
6.3
7.1
9.6
10.6
— 1.4
10.3
28.2
22.3
19.7
23.0
1.4
24.3
21.3
8.6
1.5
.8
5.4
10.4
— 4.3
6.0
— 12.9
— 4.0
— 1.4
— 2.9
4.3
.7
— 4.7
.3
2.4
3.0
3.0
5.8
— 2.2
1.9
390.9
542.1
549.3
435.7
389.1
593.2
434.4
10.7
6.2
6.5
10.7
6
—
12.6
S e a tt l e
5
Spokane
3
D is tric t
32
Federal Reserve Bank of San Francisco
205
Percentage of Collections during Month (October) to Total Amount
Due from Customers (outstanding) on First of that Month
One hundred and sixteen firms reported
their collections on November 1, 1922, and
November 1, 1921, as follow s:
Number of
Firms
Percentage of Past Due Accounts on November 1, 1922, to Total
Amount Due from Customers on the Same Date
Number of
Firms
Agricultural Im plem ents..........
3
Automobile T ir e s ......................... 10
1922
1921
31.2
23.5
22.4
1922
1921
22
110.1
113.9
Groceries ........................................
16
7
Dry G o o d s.................................
Furniture .................................
Hardware ................................
10
11
Stationery
Percentage of Outstandings November 1. 1922, to October, 1922, Sales
Number of
Firms
Automobile Supplies.............
8
12
...............................
Number of Firms Reporting Collections as
Excellent
Good
Fair
Poor
J u l y ....................................... .... 5
August ............................... .... 5
September ............................. 4
October .............................. ....5
U.S.8UREAUOFLABOR INDEX
NO. WHOLESALE PRICES
A6RICULTURALIMPLEMENTS |
AUTOMOBILE SUPPLIES
AUTOMOBILE TIRES
DRUGS
DRY GOODS
FURNITURE
GROCERIES
HARDWARE
SHOES
STATIONERY
20
40
1921
61.0
69.1
44.3
51.7
50.6
41.0
65.8
Collections during the past four months have
been reported as fo llo w s:
OCTOBER PRICESI82I*IOO%=OCTOBERI92I SALES
0
, 16
1922
60.2
67.0
40.3
53.1
52.5
39.9
65.4
60 80 100 120 140 160
Dollar Value of Sales of Representative Wholesale Houses and General
Wholesale Prices in October, 1922, Compared with October, 1921
51
53
56
79
70
78
70
68
10
9
10
12
Statements of increases or decreases in net
sales of 192 reporting wholesale firms during
October, 1922, compared with October, 1921,
and the ten months of 1922 compared with the
same period in 1921 are shown in table “ L .”
Exports from the ports of the Twelfth Fed
eral Reserve district during September, 1922,
were valued at $30,160,825, an increase of
eight-tenths of 1 per cent comForeign
pared with September, 1921. ImCom m erce ports during September, 1922,
totaled $27,041,879, an increase of
140.2 per cent compared with September, 1921.
During September, 1922, Pacific Coast imports
( I) Wholesale Trade—
(la) Percentage of increase or decrease (—) in net sales during October, 1922, compared with October, 1921
Agricultural
Auto
Number of re- imP*ements Supplies
porting firms.. 24
17
Los A n g e l e s ....
52.2
3.5
Portland .............
55.1
— 5.5
Salt Lake C i t y ...— 13.4
28.7
San F rancisco... 73.7
— 1.7
S e a t t le .......................................... 1.8
Spokane ..............
35.9
..
T a c o m a ........................
..
District ................ 33.2
2.5
Auto Tires
16
2.7
..
..
— 11.8
— 12.9
— 25.9
..
— 8.0
Drugs
Dry Goods
9
..
2.4
..
— 23.5
..
..
..
— 1.2
15
1.5
..
..
— 2.4
..
..
13.4
1.0
Furniture
17
25.1
2.0
..
10.2
..
..
21.3
12.5
Groceries
31
5.2
26.9
23.1
28.1
10.4
18.1
37.2
20.3
Hardware
22
30.8
11.1
— 2.5
14.4
29.5
8.0
12.2
18.8
Shoes
Stationery
14
20.4
24.7
..
— 3.4
3.2
..
..
6.1
27
13.5
7.2
— 2.4
11.1
37.2
— .2
61.6
11.7
(lb) Percentage of increase or decrease (—) in net sales from January 1, 1922, to October 31, 1922,
compared with the same period last year.
Agricultural
Auto
Number of re- Implements Supplies
porting firms.. 24
Los A n g e l e s ....
70.9
Portland ..............— 21.3
Salt Lake C i t y ...— 21.5
San Francisco...
16.0
Seattle ..........................
Spokane ............... 72.7
T a c o m a .........................
District ................
1.9
17
1.6
— 2.3
— 6.7
— 5.5
— 4.2
..
..
— 1.5
Auto Tires
16
37.1
..
..
— 10.1
9.6
— 23.2
..
— 9.2
Drugs
9
..
1.6
..
— 12.4
..
..
..
3.8
Dry Goods
Furniture
IS
— 1.7
..
..
1.2
..
..
19.3
3.4
17
— 1.4
8.3
..
4.7
..
..
22.4
6.3
Groceries Hardware
31
2.4
2.3
4.3
9.0
8.2
— 5.6
14.3
3.9
22
32.1
5.9
— 5.8
2.6
22.1
— 5.3
— 1.4
13.2
Shoes
14
12.6
1.9
..
— 9.0
15.7
..
..
— 1.4
Stationery
27
3.2
— 1.5
— 1.2
— 4.3
15.8
— 6.1
.1
.5
Agricultural and Business Conditions
206
came principally from Japan, China, the Philip
pines, Australia, Colombia, England and Can
ada. The chief countries purchasing goods on
this coast, named in the order of the volume of
their purchases, were England, Japan, China,
Australia, France, the Philippines and Canada.
Statistical confirmation of the gain in trade
of Pacific Coast ports, resulting from the oper
ation of the Panama Canal under peace condi
tions, is now available. The follow ing table
shows the percentage o f imports and exports
of certain groups of ports to the total foreign
trade of the United States in the fiscal years
1922, 1920 and 1914: 1922
1920
m4
Im ports
Pacific Coast Ports
percentage of total 11.0
Atlantic Coast Ports
percentage of total 67.5
E xports
Im ports
E xports
8.1
8.9
6.6
50.1
71.8
62.9
Im E x
ports ports
7.3
5.9
72.5 55.1
Figures showing the origin and destination
of all tonnage passing through the Panama
Canal during the first nine months of 1922 and
1921 are shown in table “ M .” The leading
commodities carried from Atlantic to Pacific
Coast ports were iron and steel, coal, sulphur
and manufactured articles. The bulk of the
cargo shipped from W est Coast ports to the
Atlantic Coast consisted of lumber, canned
goods, oils, metals and fresh and dried fruits.
T he principal exports to Europe, shipped
through the Panama Canal, were wheat, bar
ley, flour, lumber, oils and canned goods. Im
ports from Europe consisted chiefly of iron,
glassware and small manufactured articles.
A ccording to reports received from the seven
states of this district, employment conditions
remained practically unchanged during O cto
ber, 1922, compared with SepE m ploym ent tember, 1922. Compared with
October, 1921, there was a
marked increase in employment in all sections
and industries of the district. The district, as
a whole, enters the winter months with less
than the customary amount of unemployment.
In the Pacific Northwest there was a decline
during October in the number of unskilled
workers employed, due to the completion of
the salmon fishing season and to a gradual
diminution in the demand for workers in har
vesting operations and in the lumber industry.
A steady demand for skilled labor in the build
ing trades continued during the month. The
number of workers employed in the 10 princi
pal lumbering districts of Idaho, Oregon and
W ashington totaled 79,756 on November 1,
1922, compared with 83,000 on O ctober 1, 1922,
and 62,000 on November 1, 1921.
Employment conditions in California were
practically unchanged during the month. A
decreasing demand for farm labor was reported
from nearly all agricultural sections but the
workers so released were largely employed in
other industries and the total number of un
employed was not materially increased. Build
ing activity was greater in O ctober than in
September and an increased demand for skilled
building trades artisans resulted in all parts of
the state. Public employment offices in eight
cities of California reported a decrease of 7.7
(M) Panama Canal Traffic—
Origin o f A ll Tonnage
Atlantic to Pacific
January— September
1922
1921
Destination of A ll Tonnage
Pacific to Atlantic
January—September
1922
1921
(tons)
(tons)
(tons)
(tons)
East Coast of United States.............................................
Europe ........................................................................................
M exico .......................................................................................
Cristobal ....................................................................................
Miscellaneous ..........................................................................
3,117,337
1,346,734
190,650
171,132
240,063
2,345,731
1,172,802
383,122
200,054
207,975
2,031,718
1,406,262
170,232
174,363
122,147
1,485,040
1,848,087
430,230
200,189
133,376
Total ........................................................................................
5,065,916
4,309,684
3,903,722
4,096,920
Origin o f A ll Tonnage
Pacific to Atlantic
January—September
1922
1921
Destination of A ll Tonnage
Atlantic to Pacific
Janu ary— S ep temb er
1922
1921
(tons)
(tons)
(tons)
(tons)
W e s t Coast of United States...........................................
W e s t Coast of South A m erica ........................................
Far E a s t .....................................................................................
Australasia ................................................................................
Miscellaneous ..........................................................................
1,625,346
1,121,985
275,056
364,908
516,427
1,540,781
1,372,202
625,119
215,218
343,600
1,751,747
1,140,204
1,036,794
694,172
392,999
1,460,040
1,073,356
776,989
685,957
313,342
T o t a l .............................................................................................
3,093,722
4,096,920
5,065,916
4,309,684
Federal Reserve Bank of San Francisco
207
per cent in the number of placements made
during October, 1922, compared with Septem
ber, 1922. Compared with October, 1921, the
number of workers placed increased 119.4 per
cent. Figures showing the number of posi
tions filled by reporting public employment
offices during October, 1922, September, 1922,
and October, 1921, follow :
f-----Number of Positions Filled----- >
Oct., 1922
Sept., 1922 Oct., 1921
Bakersfield .............................
Fresno ......................................
Los A n g e le s............................
Oakland ...................................
Sacramento ............................
San Francisco.........................
San J o s e ...................................
Stockton .................................
843
1,925
11,533
3,110
1,661
5,421
1,614
922
1,245
2,207
12,337
3,187
1,805
5,515
1,913
1,101
1,016
6,416
1,631
695
1,877
1,118
601
October, 1921, according to figures compiled
by the United States Employment Service of
the Department of Labor. Compared with Sep
tember, 1922, there was an increase in the
number of men employed in Los Angeles, Port
land and Seattle. Figures showing the total
number of workers on the payrolls of 40 manu
facturing firms usually employing 501 men or
more are given in the follow ing table:
t-----Number of Men on Payroll*-----\
Number of
Firms
29,310
13,354
In the Intermountain states (Arizona, Idaho,
Nevada, and Utah) decreased employment in
agricultural and other outdoor industries was
offset by increased employment in mining
camps and cities, and the total number of men
employed at the end of October was unchanged
as compared with the close of September. A
shortage of mine laborers in the principal min
ing districts continues. Skilled tradesmen have
been in demand in practically all lines of ac
tivity.
In Los Angeles, San Francisco and Seattle
employment in manufacturing industries in
creased during October, 1922, compared with
Sept. 30,
1922
Oct. 31,
1921
16
Los A n g e le s..
8
Portland .........
San Francisco,. . . 1 0
6
Seattle .............
28,822
7,680
6,812
2,417
28,092
7,289
6,817
2,311
24,621
7,928
6,157
2,377
40
45,731
44.509
41,083
Total ............
27,029
Oct. 31,
1922
*These figures do not represent the total number o f men en
gaged in manufacturing activities in these cities, but only the
payroll figures of a selected number o f firms.
According to figures compiled by the United
States Department of Agriculture, wages paid
farm labor in the W estern states on October
1, 1922, were lower than the average wages
paid during the year 1921. The figures are
given in the follow ing table:
Wages by the Month
Far W estern States:
With Board
October 1, 1922......................... $45.38
1921 Average ............................
47.29
United States:
October 1, 1922......................... 28.97
1921 A v e r a g e ............................
30.14
.
Without Board
$66.81
68.01
41.58
43.32
Per Cent Increase
(N ) Building Permits------------------------------------------------------------------------------------------------------------------------------------------------- or Decrease ( - )
No.
Berkeley ..........................
Boise .................................
Fresno .............................
L ong Beach ....................
L os A ngeles ....................
Oakland ...........................
Ogden ..............................
Pasadena ........................
Phoenix ...........................
P o rtla n d ...........................
Reno .................................
Sacramento ...................
Salt Lake C ity ...............
San Diego .......................
San Francisco ................
San Jose ..........................
Seattle ..............................
Spokane ...........................
Stockton .........................
Tacoma ...........................
224
91
301
425
4,951
1,025
36
434
47
1,213
13
301
108
495
679
79
1,013
329
139
351
D istric t ..........................12,254
October, 1922
Value
$
420,000
49,951
611,352
1,248,801
11,580,427
2,316,833
58,800
1,297,256
154,788
1,519,185
46,900
1,378,486
297,480
660,900
4,719,394
116,110
2,249,035
223,564
168,199
220,698
$29,338,159
l
September, 1922
Value
No.
No.
$
180
237
84
193
314
4,275
868
33
395
55
1,411
17
236
129
478
661
82
1,008
312
117
386
11,291
471,400
39,353
491,130
1,317,438
10,267,894
1,789,439
48,308
788,439
79,601
1,534,005
176,950
338,560
330,800
861,980
2,951,858
124,755
1,345,820
283,680
148,936
577,727
$23,968,073
October, 1921
Value
in Value Oct.,
1922, compared
with Oct., 1921
242
434
4,489
673
53
371
56
1,441
26
318
119
417
672
76
960
271
129
394
371,326
91,457
345,468
2,127,360
9,781,394
1,245,220
111,565
1,123,131
75,914
1,942,510
42,375
489,226
284,610
1,016,873
2,498,523
116,890
750,115
442,205
225,770
251,809
13.1
— 45.3
76.9
— 41.3
18.3
11,442
$23,333,741
25.7
121
$
86.0
— 47.2
15.4
103.8
— 21.7
10.6
181.7
4.5
— 35.0
88.9
—
.6
199.8
— 49.4
— 25.4
— 12.3
Agricultural and Business Conditions
208
Building activity, measured by the number
of building permits issued in 20 of the princi
pal cities of this district during October, 1922,
reached the highest figure ever reB uilding corded, exceeding the previous recAetivity
ord month of August, 1922, by 5.6
per cent and the month of October,
1921, by 7.0 per cent. The value of permits is
sued during October, 1922, was also large, hav
ing been exceeded only by value of permits issued
during April, June and September of this year.
Building departments of 20 cities report that
the total number of permits issued during O c
tober, 1922, was 12,254 and the value of such
permits $29,338,159, an increase of 7.0 per cent
in number and 25.7 per cent in value compared
with October, 1921. Compared with Septem
ber, 1922, there was an increase of 8.5 per cent
in the number of permits issued and of 22.4 per
cent in the value of construction involved. O f
the reporting cities, 11 showed an increase in
number of permits issued during October, 1922,
compared with October, 1921, and 12 cities an
increase in the value of permits issued during
per cent in number and 34.0 per cent in liabili
ties involved. Compared with October, 1921,
when 136 failures with liabilities of $1,919,919
were reported there was an increase of 48 or
35.2 per cent in number and of $859,589 or 44.7
per cent in liabilities.
R. G. Dun & Company’s comparative figures
of the number and liabilities of business fail
ures in the states of this district during O cto
ber, 1922, and September, 1922, follow :
October, 1922
No.
Liabilities
Arizona ..................... 2
California .................
Idaho ..........................
Nevada ......................
Oregon ......................
Utah ............................
W ashington ............
D is t r i c t ....................
$
81
19
2
29
12
39
184
8,3562 $
919,588
978,449
21,100
320,161
85,089
446,765
$2,779,508
10
9
7
6
5
4
3
2
i
NO.OPFAILUPLES
94,540
47
6
1
24
9
38
127
504,351
163,641
34,280
315,626
101,041
859,354
$2,072,833
NO/OF FAILURES
LIABILITIES IN MILLIONS
8
September, 1922
No.
Liabilities
/
é\
Vf
*♦* •'
v
A
LIAB LITIES
/
L!
V
/
.A.
V A
\ / ♦ v / ’L * ♦*
V
V %. J
, v
V A
\ A
—V_1
✓
250
200
150
1922
1921
Business Failures, Twelfth Federal Reserve District, 1921-1922
(O) Bank Debits*—
Berkeley ............
Building Permits Issued in 20 Principal Cities, Twelfth Federal
Reserve District, 1921-1922
the same period (see table “ N ” on the preced
ing page). Inasmuch as the wholesale price
level of building materials during October,
1922, was 15.0 per cent higher than one year
ago, according to the United States Depart
ment of Labor, the increase in the number of
building permits issued is more representa
tive of the actual volume of construction than
would be a comparison of the estimated dollar
values of the permits granted.
Business failures in this district during O c
tober, 1922, were greater both in number and
liabilities than in September, 1922,
Business or October, 1921. There were 184
Failures failures reported in October, 1922,
with liabilities of $2,779,508, com
pared with 127 failures with liabilities of $2,072,833 in September, 1922, an increase of 44.8
L on g B e a c h .. . .
Los Angeles__
Oakland ..............
Pasadena ...........
Phoenixf ...........
Portland .........
Sacramento
..
....
Salt Lake City..
San D i e g o .........
San Francisco..
San J ose..............
Seattle ............
Spokane ..........
Stockton ...........
Tacom a .............
Total ................
..
Four weeks
ending
Nov. 1, 1922
Four weeks
ending
Sept. 27,1922
Four weeks
ending
Nov. 2,1921
$
$
$
16,516
11,957
67,859
38,507
508,205
101,728
20,698
23,729
17,146
146,418
10,519
61,544
57,794
36,015
693,751
25,081
151,170
48,273
21,885
37,311
10,841
$2,106,947
*000 Omitted.
tFigures for 1921 are not available.
16,744
11,118
49,552
35,071
474,656
83,177
18,757
21,490
13,210
132,556
13,517
10,951
68,191
22,185
440,016
73,625
15,200
20,733
10,002
145,773
10,049
67,548
53,699
29,307
736,518
23,292
130,427
43,450
20,407
35,633
14,088
$1,986,598
$1,974,609
10,010
64,310
50,849
33,996
703,228
19,906
146,080
37,217
20,575
34,094
Federal Reserve Bank of San Francisco
209
Debits to individual accounts in 21 of the
principal cities of this district during October
totaled $2,106,947,000, an increase of 6.0 per
cent over the September, 1922, figures
Bank
and of 5.8 per cent over the figures for
Debits October, 1921. Considered geographi
cally bank debits during October,
1922, compared with October, 1921, were
greater in 16 of the reporting cities. Compared
with September, 1922, there was an increase in
18 cities. In San Francisco, the leading finan
cial center of the district, bank debits were less
in three of the four weeks of October, 1922,
compared with the corresponding weeks of O c
tober, 1921. W ere it not for the decline in the
figures for San Francisco, the increase in bank
debits for the district as a whole would be 22.7
per cent compared with one year ago and 10.1
per cent compared with one month ago.
The total amount in all savings accounts as
reported by 75 banks in seven principal cities
increased 88 hundredths of 1 per cent during
the month ending October 31st, beSavings
ing on that date $789,559,000 comAccounts pared with $782,673,000 on Septem
ber 30th. Increases were reported
from all cities except Portland and Salt Lake
City, the greatest increase occurring in Los
Angeles. The total for the seven reporting
cities is 11.0 per cent greater than it was one
year ago.
M IL L IO N S
M IL L IO N S
IVVV
TOTAL
500
400
300
SAN FRANCISCO
IDA
lUw
20
PORTL Ajhj;b
50
^ ... 40
30
20
SPO KAN E__
1919
200
100
O A KLA N D
------S£A TTfcE---------- ------50
40
uiV“
*
■
—
'rjgz£Z-30
SALT LAKE CITY
10
---------
LOS ANGELES^
200
500
400
300
10
1920
1921
1922
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 estimated.
Comparative figures of bank debits in 21 of
the principal cities of this district during the
four weeks ending November 1, 1922, Septem
ber 27, 1922, and November 2, 1921, are shown
in table “ O ”
The changes in the savings accounts in the
seven cities from one month and one year ago
are shown in table “ P,” and in the accompany
ing chart are shown the changes since January,
1919.
Continuing the upward movement which be
gan in October, rates on bankers* acceptances
have advanced by successive stages to 4 per
cent, this rate having been
Acceptances reached on O ctober 25th. Since
that date prices have been steady.
A broadening market has accompanied this
advance in the yield of prime bills, as it became
more generally recognized that their prices
were on a level with government securities of
Per Cent Inorease
(P) Saving» Account**—
ot«
Number of Bank,
Los Angeles .................................
Oakland ........................................
Portland .......................................
Salt Lake City...............................
San Francisco...............................
Seattle ..........................................
Spokane .......................................
Total ................................................
*000 Omitted.
13
7
9
9
16
15
6
75
Oct. 31.1922
Sept. 30,1922
Oct. 31.1921
$247,110
79,179
40,968
24,428
350,541
32,638
14,695
$241,929
78,617
41,488
25,074
350,337
31,375
13,853
$211,971
73,395
37,516
23,919
321,212
29,723
13,721
$789,559
$782,673
$711,457
Oct. 31,1921
16.6
7.9
9.2
2.1
9.1
9.8
7.1
11.0
Agricultural and Business Conditions
210
similar maturity. Some indication of the grad
ual release of funds from crop requirements is
found in the increased inquiries from country
districts. City banks, on the contrary, have
been in the market less frequently, possibly due
to a greater demand for commercial and indus
trial accommodation.
Bills drawn to finance domestic crop move
ments are decreasing in volume as the autumn
passes, but there is noted at the same time an
increase in the amount of export bills offered.
Foreign drawn bills are scarce.
A general classification of acceptances mar
keted shows continued interest in long maturi
ties :
October 15 to
November 15
Maturities
September 15 to
October 15
30 d a y s....................... 11.3%
60 d a y s...................... 14.2%
90 d a ys...................... 63.8%
120 d a y s...................... 6.5%
150 d a ys....................... 4.2 %
25.5%
2 1 .6%
35.9%
15.0%
2.0%
Reports received by this bank from 35 of the
principal accepting banks in this district show
little change in the volume of their acceptance
business in October, 1922, compared with Sep
tember, 1922. Compared with October, 1921,
these banks show an increase in the amount of
acceptances purchased and in the amount of
bills accepted. Percentage comparisons of the
acceptance business of reporting banks in this
district during October, 1922, compared with
September, 1922, and October, 1921, are pre
sented in the follow ing table:
Oct., 1922, compared with
Oct., 1921
Am ount of bills a c c e p te d ....
Am ount of bills bou gh t.........
Am ount of bills held at close
o f m on th ...................................
Oct., 1922, com
pared with
Sept., 1922
+ 4 3 .6 %
+ 1 4 .5 %
+ 6.8%
+ 2 .1 %
— 18.1%
— 3.0%
The principal commodities upon which these
acceptances were based were canned fruit,
wheat, cotton and raisins. Purchases and holdins of acceptances of reporting banks appear in
table “Q ”
Loans and discounts of 66 reporting banks in
the larger cities of this district reached an
(Q) Acceptances*—
Pacific Northwest ------ $ 850,728 $1,254,848 $1,324,307 $ 155,624 $
N orthern California . . 5,096,821
4,892,325
1,559,254 3,742,349
Total
920,999
622,550
676,000
All Other
Total
Oct., 1922 Sept., 1922 Oct., 1922 Sept., 1922
877,975 $
34,033
4,050,000
Amount held at
close of month
Oct., 1922 Sept., 1922
96,585 $2,202,282 $ 252,209 $ 1,756,638 $
367,521
1,593,287
4,109,870
645,271
3,252,064
4,672,550
3,928,064
8,177,718
767,095
1,369,403
8,771,093
............................. $7,555,037 $7,068,172 $3,506,111 $4,573,973 $4,962,008 $3,716,170 $8,468,119 $8,290,143 $10,579,627 $10,907,591
*35 Banks reporting.
Total Deposits, Loans and Discounts, Investments, and Bills Payable
and Rediscounts of Reporting Member Banks
,-------------------- -A m « , Bough.----------------------- ,
Created in
Amount Accepted
Twelfth District
Oct., 1922 Sept., 1922 Oct., 1922 Sept., 1922
Southern California . . 1,607,488
Other Districts ...............
..
autumn peak of $887,606,000 on O ctober 18,
1922, and then declined slightly to $882,418,000
on November 8th. The latter figure is $9,098,000,
or 1.3 per cent above the figure
Banking for O ctober 4th and is only $2,754,Situation 000, less than the reported total for
November 9, 1921, at which time a
considerable volume of “ frozen” loans, not rep
resenting current business activity, was in
cluded in the total. This increased loan demand
from their customers checked at least tempo
rarily the downward movement of rediscounts
of these reporting banks with the Federal Re
serve Bank. Their total rediscounts on N ovem
ber 8th were $20,652,000, compared with $11,966,000 on O ctober 4th, an increase of 72.6 per
cent. The figure for N ovember 8th is the larg
est total reported since April 5, 1922. Invest
ments of the 66 reporting banks increased 4.0
per cent, deposits 0.2 per cent and cash hold
ings 8.0 per cent during the month.
Rediscounts of all member banks, both city
and country, with the Federal Reserve Bank
advanced from $34,573,000 on O ctober 11th to
$41,194,000 on November 8th and then declined
Federal Reserve Bank of San Francisco
211
to $37,211,000 on November 15th, the net ad
vance for the five-week period being $2,638,000.
Comparing the figures which are available for
the same date, November 8th, it appears that
the increase in rediscounts of reporting city
banks, noted in the previous paragraph, was
partly offset by a reduction in rediscounts of
country banks.
Total Reserves, Federal Reserve Note Circulation, Bills Discounted,
U . S. Government Securities Held, and Bills Bought in the Open
Market, Federal Reserve Bank of San Francisco
During the month the Federal Reserve Bank
reduced its holdings of bills purchased in the
open market by $9,453,000 and of government
securities by $9,983,000. Total earning assets
declined $16,798,000 to $113,372,000. Federal
Reserve note circulation has fluctuated within
narrow limits, the average amount in circula
tion during the period from October 11th to
November 15th having been $222,621,000.
The prevailing interest rate charged to cus
tomers of member banks in the larger cities has
become more nearly uniform during the past
month. In San Francisco, where it has been
consistently lower than elswhere in this dis
trict, it has risen from 5% to 5
in Los
Angeles, it has declined from 6% to 5% % ; and
in Seattle, where reported rates have ruled con
siderably higher than in the two California
cities, the rate has declined from 7% to 6 % . In
the New Y ork market, the prevailing interest
rate on prime commercial paper has advanced
from 4 % -4 % % , during the week ending Sep
tember 2nd, to 4^4% during the week ending
November 11th, an increase which is probably
to be accounted for by the seasonal demands
for credit during the autumn crop moving per
iod.
P R IN C IP A L RESO U RCE A ND L IA B IL IT Y IT E M S OF R E P O R T IN G M E M B E R B A N K S IN R E SE R V E
C IT IE S IN TW ELFTH F E D E R A L R E S E R V E D IS T R IC T
N ov. 8,1922
Num ber o f Reporting Banks ........................................................
66*
Loans and Discounts (exclusive of rediscounts)................................. $ 882,418,000
Investments ...........................................................................................................
345,708,000
Cash in Vault and with Federal Reserve B ank......................................
114,237,000
Total D eposits......................................................................................................... 1,233,826,000
Bills P ayable and Rediscounts with Federal Reserve Bank...........
20,652,000
Oct. 4, 1922
N ov. 9, 1921
66*
$ 873,320,000
332,202,000
105,776,000
1,205,617,000
11,966,000
69*
$ 885,172,000
303,315,000
103,500,000
1,151,802,000
41,664,000
^ M erg ers h a ve re d u c e d the n u m b e r o f re p o r tin g ban ks bu t co m p a riso n s o f r e s o u r c e an d lia b ility item s h a v e n o t b e e n a ffe cte d .
C O M P A R A T IV E ST A T EM E N T OF CO N DITIO N OF F E D E R A L R E S E R V E B A N K OF SA N FRANCISCO
A T CLO SE OF BUSINESS, N O V E M B E R 15, 1922
RESOURCES
N ov. 15. 1922
37,211,000
34,169,000
41,992,000
$113,372,000
A ll Other R esources*....................................................................................... . 61,826,000
Total Resources......................................................... 5438,711,000
Bills Discounted..................................................................................................
Bills Bought in Open M arket.......................................................................
United States Government Securities..................................................... .
Oct. 11, 1922
N ov. 16. 1921
$130,170,000
53,545,000
$432,231,000
$279,101,000
81,376,000
5,429,000
8, 101.000
$ 94,906,000
49,563,000
$423,570,000
$ 22,806,000
140,239,000
225,648,000
43,538,000
$432,231,000
47,159,000
39,538,000
$ 22,616,000
129,745,000
225,139,000
46,070,000
$423,570,000
42,995,000
37,715,000
$248,516,000
34,573,000
43,622,000
51,975,000
L IA B IL IT IE S
$ 22,760,000
143,991,000
Total D eposits.......................................................................................................
221,984,000
Federal Reserve Notes in Actual Circulation........................................
A ll Other L iab ilities!....................................................................................... . 49,976,000
Total Liabilities........................................................... $438,711,000
^Includes “Uncollected Item s” ...................................................................
55,333,000
•(•Includes “ Deferred Availability Item s” ...............................................
46,392,000
A N I N D E X O F D E B IT S T O IN D I V I D U A L A C C O U N T S
Previous to the year 1918 figures of bank
clearings were generally accepted as the most
accurate indicator of the degree of business
activity from year to year. Analysis of uncor
rected clearings figures, however, showed them
to be inaccurate as an index of the physical
volume of business transacted, and inadequate
as an index of the trend of business from year
to year. The Federal Reserve Board, therefore,
undertook to obtain figures of all bank trans
actions, including not only the checks actually
passing through the clearing house but also
Debits to Individual Accounts in 20 Principal Cities of the Twelfth
Federal Reserve District and Wholesale Prices in the United
States, 1919-1922*
the large volume of checks settled within indi
vidual banks. These “ debits to individual ac
counts” or “ bank debits” include all charges
to accounts of individuals, firms, corporations,
and the United States Government, and debits
against savings accounts, payments from trust
accounts, and paid certificates of deposit.
The Federal Reserve Bank of San Francisco
has maintained a record of bank debits in 20 of
the principal clearing house centers of the dis
trict since January, 1919. T o facilitate accurate
comparison, these figures have been reduced to
* Federal Reserve Bank Index of Debits to Individual Accounts.
(Average of same month in 1919, 1920, 1921--100).
United States Bureau of Labor Index of Wholesale Prices.
(1919 monthly av'eraffe^lOO).
index numbers, and seasonal variations have
been eliminated. The base (100) for the series
is a monthly figure which is the average of the
reported bank debits for the same month in
each of the three years, 1919-1921 inclusive,
and bank debits reported each month are ex
pressed as percentages of this base.
Increases or decreases in the amount of bank
debits do not represent solely an increase in
the physical volume of trade. In interpreting
the figures presented in the accompanying table
and chart the influence of the rise and fall of
the price level in the period covered should not
be disregarded. During the past three years
the movement of bank debits has followed the
general trend of the com m odity price level, ris
ing and falling with it, as a larger or smaller
amount of dollars is required to transact a
given physical volume of business. The rapid
rise of the index in 1919-1920 and its subse
quent fall in 1920-1921 is largely thus ex
plained. During 1922 on the other hand, prices
have been more stable, the increase from Janu
ary to October, 1922, having been 11.6 per cent
and the rise in bank debits over that period
therefore reflects a gradual increase in the
physical volume of business transacted. For
comparative purposes there is added to the
chart showing the movement of bank debits a
line showing the movement of the United
States Bureau of Labor’s Index of W holesale
Prices (404 commodities) with the year 1919 as
100.
I N D E X N U M B E R S O F D E B IT S T O I N D I V I D U A L A C C O U N T S
Average of the same month in 1919, 1920, 1921=100
January .......................
February ....................
March ...........................
April ..............................
M ay ...............................
J u n e ...............................
July ...............................
August .........................
September ..................
October ........................
November ..................
December ...................
1919
1920
79.8
82.5
82.3
78.6
90.5
89.6
90.2
100.4
96.5
98.7
104.5
100.1
112.4
115.9
116.8
118.7
117.0
115.1
119.5
111.7
110.5
107.5
104.4
104.6
1921
107.7
101.5
100.8
102.5
92.4
95.2
90.2
87.8
92.9
93.6
91.0
95.2
1922
95.2
98.2
98.7
100.1
98.8
101.7
96.6
99.2
100.1
95.3
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