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« • “NOT TO BE RELEASED FOR PUBLICATION BEFORE THE MORNING OF OCTOBER 27, 1921 A g r ic u l t u r a l and B u s in e s s C o n d it io n s IN THE TWELFTH FEDERAL RESERVE DISTRICT Monthly Report to the Federal Reserve Board by JOHN PERRIN, Chairman of the Board and Federal Reserve Agent Federal Reserve Bank of San Francisco Vol. V. San Francisco, California, October 17, 1921 R O M P T m arketing of the ab u n d an t crops of th is d istrict has been reflected during th e p ast m onth in an easier credit condi tion, p articu larly in th e ru ral sections of the d istrict. F o r the first tim e in m ore th an a year and a half the custom ary ra te charged cus to m ers by banks in the leading financial cen te r of the in term o u n tain states T h e M o n th (Idaho, U tah and N evada) is re ported to be 7V2 per cent instead of 8 per cent. Com bined rediscounts of all c o u n try banks in the d istrict show a steady decline since A u g u st 16th, and the to tal of $60,000,000 under rediscount for country banks on O ctober 4th was less th an the to tal at any tim e since early sum m er. F unds received from th e early and heavy sales of ag ricu ltu ral prod ucts th is season have apparently supplied the credit need w hich in norm al years is m et by an increase of bank borrow ings at this season. T he statem en t of the 65 rep o rtin g m em ber banks in this d istrict as of O ctober 5th last show s th a t th eir borrow ings d u rin g th e past m onth from th e Federal R eserve B ank have not increased, despite a sm all expansion ($3,723,000) in loans to th eir custom ers. In the in dustrial field expansion of building activ ity is notew orthy, Septem ber building re tu rn s from 20 principal cities reached the h ig h est point since this bank has kept records (1917), w ith the num ber of perm its 19 per cent, and th e ir value 17.6 per cent, g re ater th an the corresponding totals for Septem ber, 1920. A c tive cargo buying and large seasonal orders from dom estic consum ers d u rin g Septem ber produced a volum e of new business for the re p o rtin g lum ber mills of th is d istrict g reater th a n the am ount reported for any m onth since M ay, 1920. L um ber production in the first w eek of O ctober was reported to be 80 per cent of norm al. C ontinuing declines in prices P No. 10 of m aterials have operated to encourage silver and gold m ining in the district, p articu larly the deep (as distinguished from placer) gold m ines, and a m oderate increase of activity is noted in these fields. P etroleum production in C alifornia durin g Septem ber, on account of a strike in the San Joaquin V alley oil fields, w as the sm allest m onthly production in tw o and a half years, and for the first tim e this year consum ption exceeded production, w ith a re su ltan t decrease in storage stocks. B oth retail and w holesale trade experienced the increased activity w hich is custom ary in S eptem ber as com pared w ith A ugust. Sales of 30 rep resen tativ e dep artm en t stores during Septem ber w ere 8.7 per cent less in dollar value th an in Septem ber, 1920, w hereas sim ilar p er centages in the ten lines of w holesale trad e re p o rtin g to this bank vary from 12.2 per cent in the case of autom obile tires to 52.3 per cent in the case of ag ricu ltu ral im plem ents. H av in g regard for th e g re ater percentage of decline in w holesale than in retail prices, it is probably tru e th a t the physical volum e of goods now m oving at w holesale (w ith the exception of ag ricu ltu ral im plem ents and perhaps statio n ery) is about th e sam e as th a t of Septem ber, 1920, while the volum e of retail m ovem ent is appreciably larger th an it w as a year ago. S lightly increased em ploym ent in the four larg est cities of the d istrict d u rin g Septem ber scarcely counterbalanced the cessation of h ar vest activities in m any rural districts, and the n et change in em ploym ent conditions during the m onth has been negligible. T he heavy m ark etin g of grain observed last m onth has continued d uring the m onth of Sep tem ber. R eceipts at seaboard cities in the Pacific N o rth w e st th u s far this season have been 114 per cent g re ater th an those of the Those desiring this report sent them regularly w ill receive it w ithout charge upon application. 2 Agricultural and Business Condition. corresponding period of 1920. A ctivity in flour m illing has increased substantially, 64 re p o rt ing m ills now o p eratin g at 63 per cent of capacity com pared w ith 43 per cent a m onth ago and 44 per cent in Septem ber, 1920. R e p o rtin g m ills assign as a reason for this activ ity an increase in both dom estic and foreign d em and for flour. O th er seasonal crops of this d istrict now m oving to m ark et are apples from the Pacific N o rth w est, cotton from A rizona and southern C alifornia, rice from n o rth ern C alifornia, and C alifornia specialty fru its such as raisins, prunes, alm onds and w alnuts. T he early m a tu rity of the apple crop of the Pacific N o rth w est has p erm itted shipm ents so far this season 200 per cent g re ater in am ount th an those of last y ear to the sam e date, and at prices w hich have averaged approxim ately the sam e as those received in 1920. C otton grow ers in th e d istrict have been p articu larly benefited by the recent increase in cotton prices, inas m uch as th ere has been no loss of crop due to the weevil, th is p est not h aving infested the cotton gro w in g areas of this district. In C alifornia the su b stan tial carryover of th e ir 1920 crop, w hich a few m onths ago was d istu rb in g the producers of raisins and prunes in C alifornia, is now reported to have been sold and dem and for th e new crops is steady at opening prices. A lm onds and w alnuts, of w hich com m odities C alifornia grow s over 90 per cent of th e U nited S tates production, have been bo u g h t rapidly at opening prices, and grow ers have now practically sold out. H a rv e stin g of spring w heat in this d istrict is rapidly being com pleted. A s th resh in g has progressed a slig h t reduction in the estim ated yield has been m ade and it is now W heat and placed at 43,713,000 bushels comBarley pared w ith 46,099,000 bushels es tim ated on Septem ber 1st and 42,173,000 bushels harvested in 1920. In te r m itte n t rainfall has delayed th resh in g in some sections b u t has been favorable for field prep aratio n for n ex t y e a r’s crops. G rains from th e ab u n d an t h arv ests of the d istrict continue to m ove to m arket rapidly. R eceipts and exports of w heat at P o rtlan d and (A) M illing— No. Mills Reporting September August P u g et Sound shipping points since the begin ning of the crop y ear fo llo w : RECEIPTS July 1-Oct. 15 1921 (cars) Portland ........... P u get S o u n d .. . T otals ........... EXPORTS Percentage July 1-Oct. 15 Increase 1921 over 1920 1920 (cars) 13,190 7,738 , 20,928 July 1-Oct. 1 1921 5,881 3,878 124.3 96.9 9,759 114.4 July 1-Oct. 1 1920 (bushels) ^bushels) Portland ........... P u get S o u n d ... 11,584,332 997,398 5,090,149 677,308 127.5 47.2 T otals ........... 12,581,730 5,767,457 118.1 R eceipts and exports of barley at San F ra n cisco for the season Ju ly 1 to O ctober 1, 1921 and 1920, w ere as fo llo w s: Percentage July 1-Oct. 1 Increase 1920 1921 over (centals)* 1920 July 1-Oct. 1 1921 (centals)* R e c e ip t s ..................... 4,469,820 E xports ..................... 4,803,045 866,140 888,284 416.1 440.7 (*O ne cental equals approxim ately two bushels.) G rain prices have fluctuated d u rin g th< m onth b u t the net re su lt of th e m ovem ent hai been a decline. T he estim ated average pricei to grow ers (per bushel) for w h eat and barley com pared w ith prices received last year at thii tim e are quoted by th e U n ited S tates D ep art m ent of A g ricu ltu re as follow s : 1921 Wheat California .................... $1.12 Idaho .................................. 77 O r e g o n ............................... 92 W ashington ......................93 1920 1921 $2.20 1.99 2.08 2.17 $0.58 .57 .70 .59 Barley 1920 $1.3 1.5 1.4. 1.2< A n increasing volum e of business, both ir dom estic and export flour m arkets, w as re fleeted in g re ater activity of flour mills of th< d istrict d u rin g Septem ber. P roduc M illing tion of 64 rep o rtin g mills increase( m ore th an 46 per cent and they ar< now operating at 63 per cent of capacity com pared w ith 43.3 per cent one m onth ago and 4¿ per cent a year ago. D om estic dem and is re ported to be steady to increasing. F oreigi buyers have been heavy pu rch asers in th< Pacific N orthw est, b u t trad e w ith the O rien has been ham pered by th e inab ility of flou m illers and sellers to secure sufficient carg( space for im m ediate shipm ents. S eptem ber ex OutputSeptember August (barrels) (barrels) Per Cent Mill Capacity in Operation September August Septembe 1921 1921 1920 California ... Idaho ............ O r e g o n ......... W ashington 10 , 5 21 28 11 5 25 29 358,775 18,538 144,901 448,418 239,379 16,473 112,697 293,641 75 45 50 65 47 45 41 42 50 41 40 43 D is t r ic t ......... 64 70 970,632 662,190 63 43.3 44 3 Federal Reserve Bank of San Francisco p o rts of flour from P o rtla n d and P u g e t Sound shipping points follow : September, 1921 (barrels) Portland ........................... 221,918 P uget S o u n d ................... 241,142 September, 1920 (barrels) Percentage Increase 1921 over 1920 81,751 162,506 171.4 48.9 Stocks of flour in m illers’ hands on O ctober 1st, as rep o rted by 17 large operators, w ere 295,139 b arrels com pared w ith 369,806 barrels on O ctober 1, 1920. Stocks of w h eat held by th e sam e m illers w ere 1,976,634 bushels com pared w ith 2,335,877 bushels held one year ago. T ab le “A ” (see opposite page) show s th e Sep tem b er p roduction of the re p o rtin g m ills by states and the percentages of m ill capacity in op eratio n this year and last year. T h e record crop of apples (33,307,000 bushels) in prospect in the Pacific N o rth w e st ern states is being harvested and shipped to m arket. S hipm ents th u s far this Fruits season have been approxim ately 200 per cent g re a te r th an last year, the in crease being p artly due to th e size of the crop and p artly to its earlier m atu rity . T h ey are rep o rted as follows : 1921 1920 Season to October 8fh (cars) (cars) Idaho ................................................. 1,964 O regon .............................................. 620 W ashin gton .................................... 5,907 404 167 2,172 T otals ........................................... 8,491 2,743 T his heavy m ovem ent, coinciding w ith the C alifornia grape shipping season, has taxed the refrig erato r car service of the w estern rail roads to capacity and the shortag e of cars in some sections has become serious. Box cars have been utilized to ship fru it to some ex tent and railroads are req u estin g m axim um loading of refrig erato r cars, p ro m p t unloading at des tination, and quick re tu rn of em pty cars to shipping points. T he car service division of the A m erican R ailw ay A ssociation estim ates th a t th e am ount of perishable freig h t in sigh t to be m oved in the final q u arte r of 1921 is about 40 per cent in excess of the am oun t m oved during th e sam e period in 1920. A pple buyers have been active in placing orders for im m ediate requirem ents b ut sales of fu tu re consignm ents are less num erous. P re s en t prices to the grow ers range from 15 per cent above to slightly below the prices paid in 1920 for com parable grades and varieties of apples w hen prices averaged as follow s: Jo n a th ans, $2.20 per box; G rim es Golden, $1.85 per box; K ing David, $1.75 per box; W in ter B an ana, $2.90 per box; Delicious, $2.95 per box. California grape shipm ents have been slig htly in excess of last y ear’s record m ovem ent, to ta l ing 19,658 cars up to O ctober 8th com pared w ith 17,484 cars shipped in th e sam e period in 1920. T he peak of the shipping season has now been passed. P rices of w ine grapes w ere m ain tained at phenom enally high levels, the grow ers receiving from $75 to $10 0 a ton for the raw grapes. Septem ber w eather w as excellent for drying fruits, the light rainfall in the m iddle of the m onth causing practically no dam age. All of the dryin g fruits are now un der cover. T he O ctober 1st estim ate of the U nited S tates D ep artm en t of A gricultu re places th e C alifornia prune crop at 95,000 tons, the sam e as last year, and the O regon crop at 10,000 tons or approxim ately one-half of th e 1920 yield. T he California P ru n e and A pricot G row ers’ A ssociation reports th a t the m arket w as practically cleared of 1920 crop prunes by the m iddle of O ctober and th a t the m arket for 1921 crop prunes, both dom estic and foreign, has been steady a t opening prices. D om estic buyers continue to purchase in sm all lots from consigned stocks a t eastern d istrib u tin g cen ters b u t th e to tal am o unt of all purchases has been large. T he O regon and W ash in g to n G row ers’ Co-operative A ssociation, which tem porarily w ithdrew from the m arket until they could ascertain the exact quantities of the v ari ous sizes of prunes w hich th ey w ould have to sell, are again quoting prunes at th eir opening prices. T h e 1921 crop of raisins in C alifornia will probably am ount to 125,000 tons according to O ctober 1st estim ates. L ast y ear 180,000 tons of raisins w ere produced. T he holdover of 1920 crop raisins, w hich am ounted to 50,000 tons in July, is reported to have been reduced to less th an 10,000 tons consisting principally of seeded m uscat raisins, and considerable stren g th is again ap p aren t in the raisin m arket. A llotm ents from the 1921 crop are being sold rapidly, the C alifornia A ssociated R aisin Com pany rep o rtin g th a t 90 per cent of th e New Y ork allotm ent has already been moved and th a t lesser d istrib u tin g centers are purchasing alm ost as heavily. A lm onds and w alnu ts of the 1921 crop have found active m arkets. O nly sm all lots of later varieties of alm onds rem ain to be disposed of and stocks of w alnu ts have been com pletely sold out at opening prices or above. O pening prices announced by the California W a ln u t G row ers’ A ssociation w ere as follows : 1921 (per pound) No. 1 Soft S h e ll............. ............... 2 4 ^ c N o. 2 Soft S h e ll............. 1920 (per pound) 22^ c 16^c 4 Agricultural and Business Condition 5 Federal Reserve Bank of San Francisco D igging of su g ar beets is now in progress in all p roducing sections of th e district, and as the harv est progresses slight decreases Sugar in the condition of the crop and the B eets estim ated production are reported. E stim ated yields by states com pared w ith last y ear are as follows : 1921 (tons) 1920 (tons) 958,000 California ............................... I d a h o ........................................ 380,274 U tah ......................................... 1,310,000 1,073,828 404,078 1,389,000 T otal .................................... 2,648,274 2,866,906 prices are from 18 to 20 cents per pound and rep resen t an increase of approxim ately 9 cents per pound since the low point of the year in the m onth of June. G row ers are reported w ill ing to sell and it is expected th a t the crop will move to m arket as fast as it is ginned. T he 1921 production forecast for A rizona in dicates a yield of 45,000 bales, including 32,000 bales of P im a long staple cotton. L a st year C E N T S PER POUND, C E N T S PER POUND 80 U n d er co n tra ct w ith refineries entered into last spring, m any grow ers of su g ar beets are gu aran teed m inim um paym ents of $5.50 to $6.00 per ton for th eir product. A dditional pay m ents are prom ised if the su g ar co n ten t of the beets or th e price received for the refined sugar by the factories during the year ending O ctober 1, 1922, average above certain figures. L ast y ear g row ers w ere g u aran teed a m inim um pay m en t of $ 1 2 per ton. T h e p resen t (O ctober 15th) San F rancisco q u o tatio n for refined beet su g ar is $5.50 per 100 pounds, com pared w ith $5.85 one m onth ago and $12.30 per 100 pounds one year ago. T h e large holdover of sugar in C uba (now esti m ated at 1,700,000 tons) and the expectation voiced in the trad e th a t the 1921-22 o u ttu rn in th e U n ited S tates and those producing coun tries w hich norm ally seek a m ark et here will probably be in excess of consum ption require m ents are assigned as causes for the present level of su gar prices. A decrease of over 50 per cent in production com pared w ith last year, increased prices, and a m ore active dem and have been the o u tsta n d ing features of th e national cotton Cotton situ atio n d u rin g th e p ast m onth and grow ers in C alifornia and A rizona are p artic u la rly well situ ated to share in the gen eral m ark et im provem ent w hich has resulted, inasm uch as reduced production in this d istrict is th e resu lt of reduced acreage only and does n o t reflect crop losses caused by unfavorable cu ltu ral conditions or insect pests. T h e 1920 crop of cotton in C alifornia w hich w as estim ated at 150,000 bales (including 89,000 bales grow n in L ow er C alifornia, M ex ico,) and approxim ately 90 per cent of w hich w as sh o rt staple cotton, has been gradually disposed of durin g the p ast y ear to dom estic and Jap an ese buyers. T h e 1921 crop is esti m ated to be 68,000 bales (including 34,000 bales gro w n in L ow er California, M exico). P rese n t 70 / 65 / / / v. \ // \ / 55 \ \ \ \ 70 65 \ 60 \ \/ 55 } \ / / 30 / SHO u s TAPI / / 20 45 \ \ t 25 50 \ A MERJCAr EipYP' 1A h 35 15 / 75 \ / 50 40 / \ 60 45 80 / / 75 f \ \ y / \ \ / / 40 55 30 25 \ 20 15 \ 10' 10 1912-15 13- 14 14- 15 15-16 ti>- 17 17-18 18-19 19-20 20-2 1 1921-221 Average Yearly Price to the Producer American-Egyptian (Pima) and Short Staple Cotton *1921-22 figures are October 1st quotations, not yearly average prices. 103,000 bales, including 80,000 bales of P im a long staple cotton w ere produced in this state. In th e Salt R iver V alley approxim ately 50,000 bales of 1920 crop long staple cotton, o u t of a total crop of 78,500 bales, rem ained in p ro ducers’ hands w hen picking of the 1921 crop com m enced. B etw een 7,500 and 10,000 bales of this 1920 crop cotton w ere sold d uring S eptem ber and the dem and is im proving slowly. O ne favorable factor in th e fu tu re m ark et for P im a long staple cotton is the g re atly reduced crop in E gypt, as the E g y p tian p roduct is now the chief com petitor of P im a cotton in the ex tra staple m arket. T he 1921 crop in E g y p t is esti m ated at approxim ately 688,000 bales of 500 pounds each, or less th an 50 per cent of the estim ated production in 1920. P rice q u o ta tions in the S alt R iver V alley of A rizona for num ber 1 P im a cotton advanced from approxi m ately 27 cents per pound in m id-A ugust to 42 cents a pound in the la tte r p a rt of Septem ber and the first w eek of O ctober. A recession in price to 38 cents per pound has been reported for the second w eek in O ctober. T h e accom panying ch a rt show s the prices received by grow ers of cotton in this d istrict by years since the com m ercial introduction of the crop. Agricultural and Business Condition 6 W e a th e r conditions d u rin g the la tte r p a rt of S eptem ber and th e first tw o w eeks of O ctober favored th e rice crop in C alifornia. T h e condi tion of th e crop as a w hole has im proved R ice ab o u t 5 per cent com pared w ith one m onth ago and it is now expected th a t a fair yield will be secured in m any fields w hich w ere previously th o u g h t to be failures. H a r v estin g is proceeding rapidly and O ctober 1st p ro d uction estim ates place th is y e a r’s yield at 3,475,000 bags of 100 pounds each, com pared w ith an estim ate of 3,000,000 bags on S epten ber 1st and a to tal crop of 4,000,000 bag s i 1920. N ew crop C alifornia F an cy Jap a n rice fc O ctober delivery w as quoted at $5.00 p er 1C pound bag on O ctober 15th at San Francisc« T h is com pares w ith prices paid in p rev io t years as follows :* Per 100 pound b 1921........................................................................... $5.< 1920........................................................................... $5.35- 6.< 1919........................................................................... 10.1 1 9 1 8 .......................................................................... 7.1 *A11 price q uotations are fo r fan cy Jap an grade C aliforn cleaned rice at San Francisco. Acreage, Production, and Value (in millions of dollars) of Rice Crop in California 1910-1921. (Preliminary Estimates for 1921) T h e m ark et has been steady and report from com peting prod uction sections in th U nited S tates have been favorable. Septen ber 1st estim ates of th e to tal yield of 1921 ric in the U nited S tates (including California place it a t 14,715,000 bags of 100 pounds eac com pared w ith 24,169,000 bags in 1920, a d< crease in yield of 40 per cent. A siatic rice crop are harvested several m onths later th an th C alifornia crop and no reliable crop estim ate from A siatic fields are y et available. A t th p resen t tim e, how ever, th ere is an actual s h o r age of rice in Jap an and large shipm ents c C alifornia rice have recen tly been m ade to the m arket. T he accom panying c h a rt show s th e gro w t of the rice grow in g in d u stry in C alifornia sine its com m ercial introduction. R ange conditions over th e entire d istrict r< m ain above the average. T h e recent rains i (B) Receipts o f Livestock — Cattle Calves Sept., Sept., 1921 1920 Sheep Hogs Sept., Sept., 1921 1920 Sept., 1921 Sept., 1920 H orses and Mul Sept., Sep 1921 192 Sept., 1921 Sept., 1920 O gden ................ Portland ............ Salt Lake C ity .. . . Seattle ................ Spokane ............. T acom a .............. 3,065 11,304 3,195 3,292 2,167 1,799 3,033 11,552 3,639 4,928 3,725 1,743 221 1,021 112 115 243 278 50 1,061 106 315 695 196 7,216 11,938 2,634 2,974 2,264 3,266 4,483 10,140 725 3,743 3,660 2,188 61,503 32,135 14,679 7,771 8,974 3,879 81,852 30,475 38,948 8,742 23,362 3,974 74 555 26 17 27 1,1( T o t a l ............... 24,822 28,620 1,990 2,423 30,292 24,939 128,941 187,353 699 1,5: z 1( (C) R ange in Livestock Prices — Highest and Lowest Average Top Prices Per Hundredweight Received at Above Markets During September. Week of Fat Steers Septem ber 5 ........... $5.00— 6.50 Septem ber 12........... 5.75— 6.50 Septem ber 19........... 5.35— 6.25 Septem ber 2 6 ........... 5.50— 6.25 Cows Calves Hogs $4.00— 5.75 4.00— 5.75 4.50— 5.50 4.25— 5.25 $6.00— 11.00 8.50— 11.00 7.00— 11.00 8.00— 11.00 $9.00— 11.75 8.75— 12.50 8.40— 12.00 8.00— 11.65 Lambs $6.00—7.( 5.25— 6./ 6.00—6.£ 6.00—7.( Federal Reserve Bank of San Francisco 7 so u th ern A rizona have im proved the desert Section, com pared w ith A ugust, 1921, and range and unusually good g razin g is reported show ed a decline of 83 cents and 85 cents re in the n o rth ern p a rt of th a t state. In U tah and spectively, com pared w ith Septem ber, 1920. th e n o rth w e ste rn p a rt of the disT h e cum ulative effect of several favorable L ivestock tric t cattle are rep o rted in good factors w hich have been increasingly apparen t condition and m oving to w ard the in th e lum ber situ atio n w as reflected in the late S eptem ber rep o rts of th e four m ark et and w in ter ranges. R eceipts of livestock for S eptem ber at the L u m b e r lum ber associations in this district. A ctive cargo buying, especially by principal m arkets of the d istrict show the usual seasonal increase over A u g u st b u t in a m ajo r Japan, and large seasonal orders from dom estic ity of cases w ere lig h ter th a n in th e corre d istrib u to rs sen t th e to tal of new business sponding m onth of 1920. T he n o tew o rth y ex secured durin g th e m onth to the hig h est point ception to this tendency is th e receipts of hogs, since M ay, 1920, orders being placed for w hich show nearly a 50 per cent increase over 369.093.000 feet of lum ber. T his figure is th e m onth of A u g u st and a h igher to ta l nu m 36.486.000 feet, or 19.0 per cent g re ater th an ber th an in Septem ber, 1920. R eceipts of cattle th e to tal orders received durin g A ugust, and show ed a considerable increase over A ugust, 88.246.000 feet, or 31.4 per cent, g re ater th an and w ere approxim ately the sam e as th e 1920 th e orders received in Septem ber, 1920. S eptem ber production of lum ber as reported figures for Septem ber. R eceipts of livestock a t six of th e principal m arkets of the d istrict by th e four associations in this d istrict w as 346.719.000 feet, com pared w ith 355,187,000 feet are show n in table “B ” (see opposite page). In crease in the receipt of hogs is reflected in in th e preceding four w eeks and 461,479,000 som e of th e m arkets by a slig h t decline in feet in Septem ber, 1920, a decrease of 2.3 per prices, as com pared to those of A ugust, b u t the cent d u rin g the m onth and 24.0 per cent d u r scarcity of the local supply is keeping the ing th e year. P ro d u ctio n averaged approxi m ark et firm. P rices for other varieties of live m ately 75 per cent of norm al d uring th e m onth stock show no change w o rth y of note. T he b u t in th e final w eek increased rapidly and ran g e of livestock prices at the principal m ar d u rin g th a t tim e w as over 80 per cent of n o r kets of th e d istrict is show n in table “C” (see mal. S hipm ents declined from 341,906,000 feet in A u g u st to 320,988,000 feet in Septem ber, or opposite page). 6.1 p er cent. R eduction of cold storage holdings of b u tte r T he anticipated resum ption of norm al b u y continued d u rin g the m onth of Septem ber, and ing of lum ber by the railroads of the co u n try n et w ith d raw als at the four principal m arkets of th e d istrict am ounted to 634,013 has not m aterialized and p resen t purchases are D airy pounds. H oldings at these sam e reported to be for necessary repair w ork only. P ro d u c ts m arkets as reported on O ctober 1, T he seasonal dem and for shingles has been 1921, w ere 1,784,714 pounds com pared w ith 3,121,798 pounds on O ctober 1,1920, (D) M ovement o f Stocks o f Cold Storage a decrease of 42 per cent. L arg e shipm ents of B utter — b u tte r are being m ade to so u th ern C alifornia, Sept., 1921 Sept., 1920 Oct. 1, Oct. 1, 1921 Net 1920 Net w here a sh o rtag e exists, and the cold storage City Decrease Decrease Holdings Holdings (p ou nd s) (pounds) (pounds) (pounds) holdings a t P o rtla n d and S eattle are excep Los A n g e le s.. . 118,699 102,762 579,315 861,612 tio n ally low. T h e w holesale price of 93 score fresh cream Portland .......... 174,486 189,003 129,178 484,398 San Francisco. 175,304 164,458 922,977 ery b u tte r on the local m arkets has risen stead Seattle .............. 165,524 276,436 883,957 192,264 852,811 ily, advancing at San F rancisco from 4 3 ^ cents T otal ............. 634,013 on S eptem ber 1st, to 46^2 cents on O ctober 1st. 732,659 1,784,714 3,121,798 S carcity of the best grade b u tte r is holding the eastern m arket firm. A statem en t of the m ove m en t of stocks of cold storage b u tte r d uring (E ) Prices R eceived by Milk Producers *— Sept., Aug., Sept., S eptem ber, 1921 and 1920, and holdings on Sept., 1921 1921 1920 Section! 1921 AverAverAverO cto b er 1st a t th e four principal m arkets in Range age age age th is d istrict are show n in table “D .” M ountain (5 M k ts .). .$1.73—$2.77 $2.51 $2.49 $3.34 T h e average price paid to m ilk producers Pacific (9 M k ts.)........ 1.80- 3.28 2.83 2.84 3.68 d u rin g Septem ber, 1921, by fluid m ilk d istrib u U. S. (104 M k ts.)........ 1.15- 6.41 2.84 2.88 3.79 tors (p resen ted in table “E ”) increased 2 cents *A11 prices per hun d red w eig h t fo r m ilk te stin g 3.5 per cent per 100 pounds in the M ountain Section and b u tte r fat. fM o u n ta in Section includes Idaho, U tah, N evada and A rizona. decreased 1 cent per 100 pounds in th e Pacific Pacific S ection includes W ashington, O regon and C alifornia. Agricultural and Business Condition 8 exceptionally heavy and stocks on hand are g re a tly depleted, due to the lim ited production d u rin g th e sum m er m onths w hen the m ark et w as u n u su ally inactive. L o g g in g operations are now proceeding at ap p roxim ately 75 per cent of capacity and the situ atio n is distin ctly im proved over th a t w hich prevailed one m onth ago. M any opera to rs are opening cam ps for fall operations in o rd er to accum ulate a surplus of logs before th e cu sto m ary closed period in th e w in ter m onths. T h e N ational L u m b erm en ’s A ssociation re p o rts th a t o u t of a norm al em ploym ent of 57,013 m en in th e saw m ills of O regon and W a sh in g to n , 35,159 are a t p resen t on the p ay roll. In th e In lan d E m pire (Idaho, and E a s t ern O regon) em ploym ent is approxim ately 55 p er cent of norm al. R eports from C alifornia pine m ills indicate th a t five ou t of 47 associa tio n m ills are o p eratin g full tim e. A bout 6,000 m en are em ployed com pared w ith a norm al p ayroll of 12,000. R edw ood m ills re p o rt p rac tically norm al labor conditions. C om parative figures of cut, orders and ship m en ts of the re p o rtin g m ills of the four lum ber associations in th is d istrict are show n in tab le “F .” T en m ines in th is d istrict engaged in the p ro d uction of gold, silver and lead re p o rt an increased o u tp u t of m etal d u rin g A ugust, 1921, both as com pared w ith July, 1921, M ining and A u g u st, 1920. C opper m ining continues on the sam e restricted scale noted heretofore and at th e p resen t tim e only one of th e 15 large copper m ines in this d istrict is operating. T h e m ost significant developm ent d u rin g th e p ast m onth has been the slight revival in gold and silver m ining activity. Several of th e sm aller gold m ines of th e d istrict w hich have been closed, have reopened or are engaged in co n stru ctio n and rep air w ork p re p ara to ry to reopening. T h e im provem ent is noted chiefly in deep gold m ining properties as placer m ines have o perated a t or near capacity th ro u g h o u t th e year. T h e supply of w a te r this year has (F ) Lum ber — i i v ^ i a g c i> u . of M ills reporting .. Cut* ............... Shipm ents* .. Orders* ......... W e st C o a st L u m b e r m e n ’s A s s o c ia tio n Oct. 1 Sept. 3 102 234,950 217,638 254,626 103 235,187 250,023 236,034 * In th o u san d s of feet. W e ste r n P in e M a n u f a c tu r e r s * A s s o c ia tio n been m ore favorable for placer m in in g an< dredge m ining th an in 1920. T h e p resen t condition of th e m ining in d u s tn is not fairly reflected by th e figures in th e tabli show n below, how ever, as m any m ines are stil sh u t dow n because of u n satisfac to ry m arke prices for th eir product. T hose m ines whicl are o p eratin g are th e low cost producers w itl high grade ore. D ecreasing costs for m ining supplies are i favorable factor in th e situ atio n b u t w age ad ju stm e n ts continue to be a source of conten tion betw een o p erato rs and m in ers’ unions. F ollow ing are com parative figures of th< o u tp u t of m etal of ten re p o rtin g m ines in thi; d istrict for A ugust, 1921, July, 1921, anc A ugust, 1920: Aug., 1921 35,026 Gold ( o z .) ........... 402,276 Silver ( o z .) ......... Lead (lb s .) ........ 11,369,169 *Copper ( l b s . ) . . . 4,280,221 July, 1921 Aug., 192 34,665 322,228 10,512,687 4,112,746 25,10 250,12 7,287,56 4,628,33 *Blister. T h e o u tstan d in g featu re of S eptem ber opera tions in the oilfields of C alifornia w as th e largi decline in production of crude oil, caused b] th e cessation of w ork on m am Petroleum leases as a re su lt of a strik e of oi field em ployees in th e north eri C alifornia oil d istrict (located in th e S outheri San Jo aq u in V alley). T h is d istrict is th e heav iest producing area in th e sta te and include: th e M idw ay, C oalinga and th e K ern Rive fields. T he daily average p roduction of petro leu n in C alifornia d u rin g S eptem ber w as 264,3L barrels, th e sm allest figure rep o rted in th e pas tw o and one-half years. D aily average produc tion in A ugust, 1921, w as 323,616 barrels, anc in S eptem ber, 1920, 304,340 barrels. C onsum p tion, co ntinuing at norm al levels, exceeded th< curtailed production, average daily shipm ent: d u rin g the m onth being 269,588 b arrels o 5,274 barrels in excess of daily production T o m eet this deficit stored stocks w ere draw i upon and on S eptem ber 30th th e y stood a 33,671,495 barrels com pared w ith 33,829,721 b arrels on A u g u st 31, 1921. U n til last m ontl 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 R edw ood A s s o c ia tio n ------------------------- 1921—Four Weeks Ending----------------------Sept. 3 Sept. 3 Oct. 1 Oct. 1 Oct. 1 Sept. 3 35 70,388 71,146 76,550 40 69,237 68,049 66,200 5 13,106 12,422 13,895 6 24,700 15,104 11,940 10 28,275 19,782 24,022 10 26,063 8,730 18,433 TOTAL Oct. 1 152 346,719 320,988 369,093 Sept. z 159 355,18 341,90 332,60 9 Federal Reserve Bank of San Francisco C alifornia has been placing oil in storage at th e ra te of about 1 ,000,000 barrels a m onth since D ecem ber, 1920. F orty-seven new wells w ere rep o rted opened d u rin g the m onth w ith an initial daily production of 8,690 barrels and five w ells abandoned, an increase of 42 p ro d u cing w ells d u rin g the m onth. S tatistics on oil field production, as fu r nished by the S tandard Oil C om pany of Cali fornia, are show n in table “ G.” Sales of electric energy for in d u strial p u r poses d u rin g A ugust, as rep o rted to this bank by nine of th e principal pow er producers in California, w ere 4.6 per cent g re ater E le c tric th an in July, 1921, and 4.9 per cent P ow er g re ater th an in A ugust, 1920. T he increase, com pared w ith the previous m onth, w as general th ro u g h o u t th e state. C om pared w ith A ugust, 1920, a reduction in sales w as reported from n o rth ern C alifornia b u t th is reduction w as m ore th a n co u n terb al anced by increased sales in so u th ern C alifornia and the San Joaquin V alley. As th e dry season advanced, needs of ag ri cu ltu ral pow er users in irrig ated d istricts in creased. T he influence of the ab u n d an t early season supply of surface w ater also becam e less noticeable and the dem and from ag ricu ltu ral sections w as slightly larg er th an in A ugust, 1920. A sm all increase in the consum ption of electric energy by the m ining in d u stry of the state w as also noted both as com pared w ith July, 1921, and A ugust, 1920. T he to tal o u tp u t of electric energy of th e re p o rtin g com panies d u rin g A ugust, 1921, in creased 8.7 per cent com pared w ith A ugust, 1920, and 2.4 per cent com pared w ith July, 1921. S tatistics on th e electrical pow er in d u stry in th e state of California, as reported by nine of th e principal pow er com panies, are show n in table “H .” In Septem ber, 1921, the dollar value of net sales of 30 rep resen tativ e d ep artm en t stores and m ail order houses in this d istrict averaged 8.7 per cent less th an in Septem ber, R etail 1920. As has been previously sugT ra d e gested, th is percentage of decline is su b stan tially less th an th e percentage of decline in average selling prices of goods in these stores d u rin g th e year, indicating th a t th e physical volum e of goods m oving at retail is larg er now th a n it w as a year ago. F o u r stores reported the value of th e ir sales in Sep tem ber of this y ear to be g re ater th an in Sep tem ber, 1920. C om pared w ith the previous m onth of this year, S eptem ber sales declined 1.2 per cent in value, th e decline being largely due to dullness in th e retail trad e in Los A n geles. T w enty-one of the 30 rep o rtin g stores stated th a t the value of th eir sales w as g re ater in S eptem ber th an in A ugust. T he average n et increase or decrease (— ) d uring th e p ast (G) Petroleum — September, 1921 August, 1921 264,314 bbls. Production (daily a v e r a g e )..................... Shipm ents (daily a v e r a g e )....................... 269,588 bbls. Stored Stocks (end of m o n th )............... 33,671,495 bbls. N ew W ells O p en ed .................................... 47 W ith D aily P ro d u ctio n .......................... 8,690 bbls. W ells A band oned .......................................... 5 323,616 252,792 33,829,725 83 20,895 3 September 1920 bbls. bbls. bbls. 304,340 bbls. 313,533 bbls. 23,158,657 bbls. 55 21,775 bbls. 5 bbls. (H ) Electric Pow er — Type of Plant (a ) (b) (c) Plant Capacity K. V. A. Aug., July, Aug., 1921 1921 1920 H y d ro P o w e r ....................... 659,020 626,020 522,870 Steam ..................................... 342,825 349,995 308,440 P u r c h a s e d ................................................................................. T o tal ....................................... 1,001,845 976,015 831,310 Peakload K. W.f Aug., July, Aug., 1921 1921 1920 Plant Output K. W. H. Aug., July, Aug., 1921 1921 1920 436,535 176,130 51,287 476,522 127,820 53,125 354,395 201,925 36,845 282,408,030 71,413,639 35,421,117* 293,865,610 51.519,891 33,182,720* 198,435,960 126,808,902 27,7 49,522* 664,272 657,467 593,165 353,821,669 345,385,501 325,244,862 Number of Industrial Consumers and Sales: Number of Industrial Consumers^ Aug., July, Aug., 1921 1921 1920 41,661 41,586 36,030 Connected Industrial Load H . P.£ Aug., July, Aug., 1921 1921 1920 1,328,857 1,249,269 1,232,248 Industrial Sales K. W. H. Aug., July, Aug., 1921 1921 1920 233,899,623 223,556,517 222,887,834 t58,060 K . W . in A ugust, 1921; 60,870 K . W . in Ju ly , 1921; and 47,110 K . W . in A ugust, 1920, included in to tal b u t n o t in seg reg ated figures. *N ot included in to tal p la n t output. $E ight com panies reporting. § Seven com panies rep orting. Agricultural and Business Conditions 10 m o n th in th e value of n et sales in the rep o rtin g cities of th is d istric t is show n as fo llo w s: September, 1921, compared with Sept., 1920 Aug., 1921 L os A n g e le s ..... Oakland ............. Sacram ento . . . .. Salt Lake C ity. San F r a n c isc o .. Seattle . Spokane D istrict . — .3 — .2 — 9.5 — 12.5 — 15.7 — 5.7 — 13.9 — 12.8 — 8.8 — 18.9 — 2.2 21.9 35.4 — 4.2 18.9 16.1 — 1.2 —12.8 —21.6 13.9 — 4.7 — Three months ending September 30, 1921, compared with the three months ending September 30, 10.8 — 11.4 — 8.7 N um ber of Firm s T h e am o u n t of th e average sale (cash, charge, c. o. d.) rep o rted by nine firm s w as $2.94 in S eptem ber com pared w ith $2.68 in A u g u st and $3.26 in Septem ber, 1920. F ollow in g is a sta te m e n t of th e average sale (cash, charge, c. o. d.) in L os A ngeles, San F rancisco and S eattle. San F ran cisco. orders on O ctober 1st to to tal purchases d u r ing the year 1920 w as 8.1 per cent com pared w ith 10.0 per cent on S eptem ber 1st. C ollections w ere ch aracterized by re p o rtin g firm s as fo llo w s: Sept., 1921 Aug., 1921 $ 3.52 3.19 2.38 $ 3.16 3.05 2.02 $ 4.25 3.38 2.32 $ 2.94 $ 2.68 $ 3.26 Excellent Good Fair Poor 2 10 6 0 S tatem en ts of increases or decreases in th e value of n et sales of 30 rep resen tativ e d e p a rt m ent stores and m ail o rd er houses d u rin g Sep tem ber, 1921, com pared w ith S eptem ber, 1920, and A ugust, 1921, and th e th ree m onths ending S eptem ber 30, 1921, com pared w ith sam e p er iod in 1920, are show n in tab le “ I.” Sept., 1920 T h e value (selling price) of stocks of re p o rt ing firm s at th e close of Septem ber, 1921, was 15.7 per cent less th a n at th e close of S eptem ber, 1920, and 4.3 per cent g re ater th an at close of A u gust, 1921. T h e com parison w ith Sep tem ber, 1920, is inform ing as to th e physical q u a n tity of m erchandise now on the shelves of these retailers. M ost of them rep o rt an average decline of over 20 per cent d u rin g th e year in retail selling prices (on w hich basis th eir stocks are com puted and reported to this bank) and it is alto g eth er probable, therefore, th a t th e physical volum e of m erchandise now car ried by these firm s is at least equal to and p ro b ably exceeds the qu an tities carried in Sep tem ber, 1920. T he percentage of o u tstan d in g N et Sales of 22 Department Stores in Twelfth Federal Reserve District (in M illions of Dollars) (I) R eta il Trade A ctivity — CONDITION OF RETAIL TRADE DURING SEPTEMBER, 1921 In Federal Reserve District N o. 12 (30 Stores R ep ortin g) P ercen tage increase or decrease of net sales during Septem ber, 1921, over net sales during same m onth last y e a r ................................ P ercentage increase or decrease of net sales during Septem ber, 1921, over net sales during A ugust, 1921....................................... P ercen tage increase or decrease o f net sales from July 1, 1921, to Septem ber 30, 1921, inclusive, over net sales during sam e per iod last y e a r ....................................... Los Angeles Oakland Sacramento — .3 — 12.8 — 18.9 .2 Salt Lake San City Francisco Seattle Spokane D istrict —21.1 — 13.9 — 4.7 — 10.8 — 11.4 — 8.7 2.2 21.9 35.4 __ 4.2 18.9 16.1 — 1.2 — 9.5 — 12.5 — 15.7 — 5.7 — 13.9 12.8 — - Federal Reserve Bank of San Francisco 11 tain in each of the re p o rtin g lines excepting ag ricu ltu ral im plem ents and possibly statio n ery. W ith the advance of autum n, dem ands of retailers have increased m aterially and Sep tem ber sales w ere g re a te r in value th an A u g u st sales in all re p o rtin g lines except autom obile tires, autom obile supplies and ag ricu ltu ral im plem ents, sales of w hich norm ally decline at this season of the year. T he average n et in creases or decreases (— ) in dollar value of sales of the ten re p o rtin g lines of business w ere as fo llo w s: Nine months ending D etailed reports received by this bank from 194 rep resen tativ e w holesale firm s in ten lines of business in this d istrict indicate th a t the dollar value of S eptem ber sales W h olesale w as less th an th e value of sales in T ra d e S eptem ber of last year, th e p er centage of decrease ra n g in g from 12.2 per cent in autom obile tires to 52.3 per cent in ag ric u ltu ral im plem ents. B efore esti m atin g th e physical q u a n tity of goods m oving a t w holesale, how ever, it is necessary to con sider w ith these percentages the item of price decline. In those lines in w hich d u rin g the y ear th e average decline in selling prices has Sept., 1921, Sept. 30,1921 compared with compared with same Aug., 1921 period in 1920 A gricultural Sept., 1920 Im plem ents .. — 52.3 A uto S u p p lie s... — 20.3 A uto T ir e s ...........— 12.2 Drugs .................. — 18.8 D ry G o o d s.......... — 19.5 Furniture ............ — 13.2 Groceries ............ — 27.7 Hardware ...........—22.8 Shoes ................... — 13.0 Stationery .......... — 27.3 Wholesale Prices, Retail Food Prices and the Cost of Living U . S. Bureau of Labor W holesale Prices— 327 Commodities U . S. Bureau of Labor R etail Food Prices— 22 articles in 1920; 43 in 1921 National Industrial Conference Board Cost of Living— Based on prices of food, clothing, shelter, fuel, light and sundries. been g re ater th an the p ercentages quoted in colum n one below it is probable th a t the physi cal volum e of goods m oving has no t dim in ished. Such a condition w ould appear to ob — 31.4 — .09 —20.7 .3 24.7 32.7 3.1 6.0 29.2 12.1 — 52.2 —26.3 —22.3 — 15.9 — 33.5 — 30.3 — 26.3 — 33.4 —26.6 — 23.7 R eports received from 148 w holesale dealers concerning the ch aracter of th e p resen t buying dem and indicate th a t retailers are still buying conservatively to m eet cu rren t needs, only six w holesalers rep o rtin g a tendency am ong retail dealers to increase th eir stocks. A m ajority of the sam e firm s rep o rt th a t staples are selling m ore readily th an fancy goods. O n hundred and nine w holesale firm s in all re p o rtin g lines (J) Wholesale Trade — (la) Percentage increase or decrease (—) in net sales for September, 1921 over September, 1920 Agricultural Num ber of re Implements porting firms .. 24 Los A n geles . . . . .— 60.1 Portland ........... — 70.3 Sacram ento . . . Salt Lake City. .’— 38.3 San Francisco. . . — 67.4 Seattle ............... Spokane ............ — 44.4 Tacom a ............. D istrict ............. — 52.3 (lb) Auto Supplies Auto Tires 20 — 14.2 —24.1 — 33.9 — 10.4 — 30.4 — 30.9 —20.3 15 — 20.3 — ÌÒ.3 — 18.1 11.7 43.0 — Ì2.2 Drugs 9 Dry Goods Furniture 17 — 11.5 — 10.4 — i 5.7 —21.0 — *3.4 29 — 17.5 — 30.5 — 33.2 —29.9 — 32.5 — 18.9 — 13.2 —25.9 —26.1 —27.7 —27.2 — Ì8.8 Groceries Hardware 13 — Ì9.5 22 — 19.3 — 38.7 —24.0 — 33.6 — 27.9 — 33.4 — 36.0 —23.8 — 30.1 Shoes 16 — 10.6 — 33.1 i.7 —25.8 — 13.0 Stationery 28 — 34.9 — 30.0 —29.8 —29.0 — 10.3 — 10.8 — 44.0 —27.3 Percentage increase or decrease (—) in net sales for January 1, to September 30, 1921 over same period last year Agricultural Num ber of re Implements porting firms .. 24 L os A ngeles . . . . .— 60.2 Portland .......... — 51.3 Sacram ento . . . Salt Lake City.! .'— 49.8 San F ra n cisco ... .— 54.5 Seattle ............... Spokane ........... — 56.2 Tacom a ............. D istrict ............. — 52.2 Auto Supplies Auto Tires 20 — 12.2 — 27.2 — 21.1 — 33.1 — 24.6 — 37.6 —22.3 15 — 18.7 — i 7.7 — 34.5 — 18.8 —25.7 —26.3 Drugs 9 Dry Goods Furniture 17 — 23.9 — 28.1 — 32.0 — 42.2 — 38.3 — 2 5 .6 — 37.6 — 30.3 — 30.7 —25.0 —26.3 — 25.6 — Ì5.9 Groceries Hardware 13 29 — 15.S — 32.9 — 21.7 — 3 2 .5 — 33.5 22 — 33.8 — 32.2 — 21.5 — 38.6 — 30.2 — 39.6 —26.6 — 13.4 — 33.4 Shoes 16 — 15.7 — 37.4 — 2Ò.0 — 50.1 —26.6 Stationery 28 — 18.2 — 24.8 — ¿i.o —27.6 —25.0 — 16.7 —21.8 —23.7 Agricultural and Business Conditions 12 of b u siness re p o rted the percentage of th eir collections d u rin g Septem ber, 1921, to the to tal am o u n t due from custom ers (o u tstan d in g ) on S eptem ber 1, 1921, and 1920 as follow s: Number of Firms A gricultural Im plem ents. A utom otive S u p p lies........ A uto T ir e s ............................ D rugs ................................... D ry G o o d s............................ Furniture ............................. Groceries ............................. Hardware ............................ Shoes .................................... S t a t io n e r y ............................ 11 18 11 5 6 8 16 13 10 11 Sept., 1921 Aug., 1921 34.2 60.1 63.7 82.0 38.8 59.5 74.4 51.2 36.9 55.6 35.2 61.3 60.0 91.9 35.0 51.6 82.0 46.3 40.7 53.0 Sept., 1920 44.1 61.5 64.9 69.0 38.1 64.9 83.0 55.4 39.7 64.0 No definite tren d of prices w as indicated for Septem ber, som e dealers rep o rtin g increases and oth ers decreases as com pared w ith the previous m onth. P rese n t prices are from 10 to 45 per cent low er th an one year ago in all lines. Collections w ere reported excellent by four firms, good by 65, fair by 83 and poor by nine. S tatem en ts of increases or decreases in n et sales of re p o rtin g w holesale firms du ring Septem ber, 1921, com pared w ith Septem ber, 1920, and first nine m onths of 1921 com pared w ith first nine m onths of 1920 are show n in table “J ” (see preceding page). D ecreased unem ploym ent in some in dustries and sections d u ring the m onth of Septem ber was offset by increased unem ploym ent in o thers, and the to tal num ber of men L ab o r em ployed in gainful occupations at the end of the m onth w as approxim ately unchanged. T he close of the fishing season in O regon and W a sh in g to n caused a m arked reduction in em ploym ent rolls and a fu rth e r decline w as reported in the shipbuilding industry. C onsid erable im provem ent is noted in the lum bering sections of these states and the coal m ines of W ashington, w hich have been closed because of labor troubles since last M arch, have re sum ed operations. In C alifornia th e dem and for unskilled labor, to h arv est the later crops has furnished em ploym ent to num erous tra n sient w orkers, b u t has not m aterially increased the total num ber of m en em ployed. A slight decrease in unem ploym ent is reported from the m ining d istricts of U tah, N evada, and A rizona, b u t the situation is otherw ise unchanged. A n increased dem and for h arv est labor and the com m encem ent of railroad construction w ork have im proved conditions in Idaho. T h e m onthly rep o rt of th e U nited S tates E m ploym ent Service, D ep artm en t of Labor, based on reports from m an u factu rin g firms em ploying 500 men or over, show s th e follow ing changes in S eptem ber over A u g u st for th e cities in this d istric t: Numerical increase in employment during September compared with August L os A n g e le s.. San Francisco. S e a t t le ............. P o r t la n d ......... 571 219 81 1,387 2.5 3.7 3.5 21.7 P a r t tim e em ploym ent still o b tain s in m any plants, th e industries chiefly affected being th e m etal trades and shipbuilding. B uilding activ ity has show n a m arked im provem ent over last m onth in practically all cities of th e d istrict and th e dem and for skilled labor in th e build ing trades has im proved. T h e resu lts of a special survey conducted in th e S tate of C alifornia by th e U n ited S tates B ureau of L abor S tatistics, show ing th e n u m ber of persons em ployed by 272 estab lish m en ts in various industries th ro u g h o u t C alifornia d u rin g Septem ber, 1921, A ugust, 1921, and Septem ber, 1920, are show n in table “K .” (K) California Em ploym ent Statistics — Number of Establishments Slaughtering and P a c k in g ............................ C lothing, W earin g A p p a rel......................... A gricultural Im plem ents, T ra cto rs........... Gas E ngines, Pum ps, B o ile r s..................... F oundry— M achine S h o p s............................. Planing M ills— M anufacturers of Lumber Tannery, W o o l S co u rin g .............................. P rinting, P u b lish in g ........................................ Mineral, Oil R efin in g...................................... Railroad Repair S h o p s................................... Canning, D rying, P r e ser v in g ..................... Shipbuilding, N aval R ep airs....... ................ L o g g in g M ills.................................................... 14 22 7 14 37 37 10 16 8 32 44 8 23 272 Percentage increase in employment during September compared with August Sept., 1921 - Month Ending Aug., 1921 Sept., 1920 Per Cent Increase or Decrease (—) from Sept., 1920 3,164 4,014 738 1,233 3,008 6,637 712 3,316 4,788 17,087 5,308 13,538 10,480 3,196 4,091 743 1,293 3,155 6,318 678 3,082 5,165 16,341 8,345 16,457 10,310 3,303 4,447 2,019 2,343 4,447 6,663 652 3,090 9,454 20,712 8,290 33,837 11,585 — 4 — 10 — 63 — 47 — 32 — .3 9 1 — 49 — 18 — 36 — 60 — 10 74,023 79,174 110,842 — 33.2 13 Federal Reserve Bank of San Francisco S eptem ber building re tu rn s reached the h ig h est po in t ever touched in this district. Official rep o rts to this bank from the building dep artm en ts of 20 cities in the disB uilding tric t show 11,169 perm its issued Activity d u rin g Septem ber, 1921, w ith a v al uation of $20,134,993 com pared w ith 9,382 perm its issued d u rin g Septem ber, 1920, w ith a v aluation of $17,117,294 or an increase of 19.0 p er cent in num ber and 17.6 per cent in value d u rin g Septem ber of th is year com pared w ith Septem ber, 1920. C onsidering the de crease in th e price level d u rin g the year, these figures rep resen t a su b stan tial increase in th e physical volum e of construction. Of the 20 re p o rtin g cities, 13 show an increase in the value of perm its issued d u rin g Septem ber, 1921, over Septem ber, 1920, and 17 cities an in crease in th e num ber of perm its for th e sam e period. Building Permits Issued in 20 Principal Cities, Twelfth Federal Reserve District, 1920-1921 (L ) C onstruction activity has steadily im proved since m idsum m er, the A u g u st and S eptem ber reports having show n large increases over th e preceding m onth both in num ber and value of perm its issued. B uilding perm its issued durin g Septem ber w ere 9.6 per cent g re ater in num ber and 11.0 per cent g re ater in value th a n those issued d u rin g A u g u st and exceeded the num ber and value of perm its issued d u rin g July, 1921, by 40.8 and 31.6 per cent, respectively. T h e accom panying ch a rt show s th e num ber, to tal valuation and average value of building perm its issued in this d istrict by m onths since Jan u ary , 1920. C om parative figures of the nu m ber and value of p erm its issued in 20 re p o rtin g cities d u rin g S eptem ber, 1921, A ugust, 1921, and Septem ber, 1920, are show n in table “ L .” B usiness failures in this d istrict durin g Sep tem b er exceeded in num ber those of any o th er m onth d uring the p resen t re ad ju stm e n t period. T he am ount of liabilities involved Business w as less th an in the preceding Failures m onth b u t considerably g re ater th an in the corresponding m onth in 1920. Septem ber reports included 192 failures w ith to tal liabilities am ounting to $2,680,934, an increase of 90 per cent in num ber and 115.4 per cent in am ount of liabilities com pared w ith Septem ber, 1920. In com parison w ith the p re ceding m onth of th e p resen t year, w hen 150 failures w ith liabilities of $2,936,363 w ere re ported, th ere w as an increase in num ber of 42, or 28 per cent, and a decrease in the am ount of liabilities of $255,429, or 8 per cent. L iabilities of th e average failure in th e dis tric t am ounted to $13,963 in Septem ber com Building Perm its — September, 1921 No. Value B erkeley ......... 148 B oise ............... . . .. 117 Fresno ...................... 193 L on g B each . . . 387 L os A n geles , ........ 3,931 Oakland ........... . , . , 719 O gden ............... 50 Pasadena ........., , 387 P h o e n ix ............ 80 P ortland ......... 1,571 R e n o ................. . 33 Sacram ento , . 287 Salt Lake C ity. 125 San D ieg o . ........ 415 San F rancisco. 631 San J o s e ............. . . , 76 Seattle ............. 1,146 Spokane ........... 268 Stockton ........... 105 T acom a .............. . . . 500 T otal .......... . , 11,169 $ No. 312,629 92,748 193,424 822,675 8,303,665 1,478,739 104,800 757,204 216,861 1,789,195 30,993 918,121 251,560 657,081 2,100,163 78,010 1,355,430 202,460 129,145 340,090 130 110 199 300 3,554 652 54 295 54 1,591 23 260 160 365 381 46 1,113 251 88 561 $20,134,993 10,187 August, 1921 Value $ No. September, 1920 Value Per Cent Increase or Decrease (—) Sept., 1921 over Sept., 1920 248,664 64,327 383,572 889,164 7,015,861 1,852,609 115,600 566,531 58,344 1,486,982 54,375 348,788 346,620 442,109 1,316,937 39,075 1,340,430 222,992 115,140 318,245 117 106 265 475 3,515 510 27 359 192 1,074 11 142 72 338 435 63 1,046 189 87 359 $ 187,545 33,644 411,705 1,231,250 7,231,440 798,169 48,150 383,562 589,638 802,860 16,675 546,065 88,360 554,952 1,996,612 134,733 865,330 277,100 423,669 495,835 66.6 175.5 — 53.0 — 33.2 14.8 85.2 117.6 97.6 — 63.2 123.3 85.8 68.1 184.6 18.4 5.2 — 42.1 56.6 — 27.0 — 69.5 — 31.4 $17,226,365 9,382 $17,117,294 17.6 14 Agricultural and Business Conditions p ared w ith $19,575 in A ugust, 1921, and $12,322 in Septem ber, 1920. R. G. D un & C om pany’s figures of th e num ber and liabilities of business failures (exclusive of bank failures) in this dis tric t are show n in table “M .” Business Failures, Twelfth Federal Reserve District, 1920-1921 N o t e — T he great increase in lia b ilitie s in June, 1920, was due to the failure of one concern in Seattle, W ashington. B ank clearings of th e 20 re p o rtin g cities of th is d istric t for Septem ber, 1921, totaled $1,467,012,000, an increase of 4.4 per cent com p ared w ith last m onth and a deBank crease of 17.9 per cent com pared Clearings w ith S eptem ber of last year. In th e y ear period Septem ber, 1920, to Septem ber, 1921, w holesale and retail prices have declined from 45 to 15 per cent, depend in g upon th e com m odity, and it is accordingly a p p a ren t th a t the physical volum e of business being tran sa cted in this d istrict continues g re a te r th is y ear th a n it was last year. D e creases in S eptem ber of this y ear com pared w ith S eptem ber, 1920, w ere reported from all cities, w ith exception of B erkeley, w here an increase of 6.3 per cent occurred. In th e nine m o n th s’ period, J a n u a ry to Sep tem ber, 1921 (inclusive), bank clearings in the re p o rtin g cities to taled $12,771,981,000 com p ared w ith $15,169,456,000 in the correspond ing period of 1920, a decrease of 15.8 per cent. C om pared w ith th e previous m onth, S eptem ber clearings w ere g re ater in 13 of the 20 re p o rtin g cities, th e increase being m ost n otice able in cities in ag ricu ltu ral d istricts and in th o se seaboard cities w hich are p artic u la rly in terested in th e m ovem ent of seasonal ag ri cu ltu ral products. C om parative figures of clearings for th e 20 re p o rtin g cities are show n in table “ N ” (on opposite page). T h e n o tew o rth y featu re of the San F ra n cisco bill m arket d u rin g th e m onth ending O ctober 10th w as the stead y decline in rates. F rom 5 per cent, at w hich figure Acceptance it had rem ained for over a m onth, Market th e ra te fell successively to 4 } i per cent, 4% per cent, 4 ^ per cent, and finally Ay2 per cent on O ctober 11th. T h is decline is a ttrib u te d to th e pronounced easing of the call m oney and bill rates in th e E ast. In spite of th is d im inution of re tu rn on acceptances, dem and is re p o rted to have been fairly well m aintained th ro u g h o u t th e m onth. N o rth e rn C alifornia and th e Pacific N o rth w e st continue to accept over 90 per cent of th e bills draw n in this district, and to b uy 80 per cent of all acceptances sold here. B ills of 120 and 150 day m atu rities have becom e m ore popular, doubtless due to an ticip atio n of fu rth e r ra te declines in th e im m ediate future. M atu rities of bills purchased d u rin g th e m o n th ending O c to b er 1 1 th w ere divided ro u g h ly as follow s: 30 d a y . . . . 26.0% 60 d a y . . . . 25.0% 90 d a y ... .42.5% 120 d a y . . . . 6.0% 150 d a y . . . . 0.5% Bills o rig in atin g in th is d istric t are still som ew hat larg er in to tal am o u n t th a n th ey w ere d uring th e sum m er m onths, doubtless due to continuation of crop m arketing . T h e 37 principal accepting banks of th e d istrict re ported total S eptem ber purchases of accept ances of $5,994,000 com pared w ith $2,996,000 in A ugust. Of the $5,994,000 purchased, $2,118,000 ,700 \ \ A\ j V VV 1500 r \ \- OHS 1800 1700 1600 \ \\ VV 1300 IgOO • a ? ?_ « * « 9 ,o- -L /\ I \ / 1300 1200 !. * ? - -.5 - e» - ß 0 Bank Clearings in 20 Principal Cities, Twelfth Federal Reserve District, 1920-1921. (In M illions of Dollars) (M ) Business Failures — No. A rizona ............................................... California ................... ...................... Idaho .................................................. N evada ......................... ................. O regon ......................... ..................... U tah .................................................... W ash in gton ..................................... 9 88 16 1 28 10 40 D istrict ............................................... 192 September, 1921 Liabilities No. 80,600 1,075,026 169,953 5,000 214,944 144,586 990,825 4 83 11 0 22 5 25 $2,680,934 150 $ August, 1921 Liabilities $ No. 1,200 1,541,075 129,601 0 629,206 32,780 602,501 3 45 10 2 11 11 19 $2,936,363 101 September, 1920 Liabilities $ 1,500 401,032 163,929 8,602 87,258 290,261 291,978 $1,244,560 15 Federal Reserve Bank of San Francisco represented bills draw n in this district, based p rim arily upon canned goods, w heat, su g ar and coffee. T hese 37 banks reported a to tal of $11,480,000 acceptances held at close of Sep tem b er com pared w ith $4,075,000 on hand at th e end of A ugust. R ates in th e open discount m ark et at the end of th e period w ere as fo llo w s: 30 days 60 days 90 days Per Cent Per Cent Per Cent 4 //2 4^ 4^4 43/4 E ligible mem ber b a n k s.,. E ligible n on -m em b ers. . . . m prevailing in the d istrict show a tendency tow ard easier m oney in the country districts. T he cu stom ary ra te in S alt Lake City, w hich has been reported at 8 per Interest and cent since early in 1920 is D iscount Rates now reported to be 7^2 per cent. T he open m ark et com m ercial paper ra te th ro u g h o u t the w hole dis tric t reflects, in its decline of from % to per cent d u rin g th e p ast m onth, the easier credit condition w hich declining rates in east ern centers have foretold for th e last several weeks. A statem en t of in tere st and discount rates charged by banks in F ederal R eserve B ank and F ederal R eserve B ranch cities of th is dis tric t tab u lated for th e 30 day periods ending O ctober 5, 1921, and Septem ber 5, 1921, is given in table “O .” O n O ctober 13th the F ederal R eserve B oard approved a m inim um ra te of 4 per cent for p u rch ases by this bank of b an k e rs’ acceptances in th e open m arket. F o r th e first tim e in a y ear and a half the m o n th ly reports to this bank of in tere st rates (N) Bank Clearings *— September, 1921 Bakersfield ........................... . $ B erkeley .................................. B oise ........................................ F resno .................................... L ong B ea ch .......................... . L os A n g e le s........................... Oakland ................................. Ogden .................................... Pasadena ............................... Portland ................................ Reno ....................................... . Sacram ento ............................ , Salt Lake C ity ..................... ........ San D ie g o ............................... San F ra n cisc o ...................... . . . . San J o s e ................................... Seattle ...................................... Spokane ................................... Stockton .................................. Tacom a .................................... ......... T otal ................................. 4,365 14,452 4,816 22,945 14,387 336,748 43,564 6,817 11,881 141,181 2,803 24,737 52,574 11,360 551,600 7,618 131,887 48,221 21,801 13,255 $ $1,467,012 August, 1921 September, 1920 4,507 14,607 4,476 16,070 15,337 329,817 45,785 6,087 11,964 130,150 3,049 23,737 47,965 11,427 530,300 7,621 127,321 41,747 20,343 13,212 $ $1,405,522 Per Cent Increase or Decrease (—) Sept., 1921 over Sept., 1920 6,054 13,593 7,390 25,144 15,410 346,945 48,620 10,406 12,718 180,364 3,859 31,734 69,379 13,263 712,000 11,222 175,874 57,662 25,043 20,255 —27.8 6.3 — 34.9 — 8.7 — 6.6 — 2.9 — 10.3 — 34.4 — 6.5 — 21.7 — 27.3 — 22.0 —24.2 — 14.3 — 22.5 — 32.1 — 25.0 — 16.3 — 12.9 — 34.5 $1,786,935 — 17.9 * In thousands of dollars. ( 0 ) Interest and Discount R ates — f-------Prime Commercial P ap er------- \ Customers Open Market Month ending Month ending Oct. 5 Sept. 5 Oct. 5 Sept. 5 L os A n g e le s ...,. P o r t la n d ............ Salt Lake City. . San F rancisco. .. Seattle .............. Spokane ........... 7 7 m (>y2 7 7 7 7 8 6^2 7 7 6 6 -0 6 6 -0 - 6^2 -0 &Â V /2 -0 - Interbank Loans Month ending Oct. 5 Sept. 5 6 7 7 6 7 7 6^ 7 8 6^2 7 7 Collateral Demand Loans Month ending Oct. 5 Sept. 5 7 7 -0 6^2 7 7 7 7 8 6^2 7 7 Secured by L. L. Bonds or U. S. Certificates of Indebtedness Month ending Oct. 5 Sept. 5 7 7 7 654 7Y2 7 7 7 8 6y2 7 7 Agricultural and Business Conditions 16 S avings deposits in this d istrict (as reported by 79 banks in th e seven principal cities) in creased d u rin g th e m onth ending Septem ber 15th, th irteen h u n d red th s of 1 per Savings cent being on th a t date $742,144,000 D eposits com pared w ith $741,206,000 on A ug u st 15th. T h e increase in savings deposits d u rin g th e year ending Septem ber 15th w as 6.3 per cent. F inancial operations of th e G overnm ent an d investm ent purchases of U n ited S tates secu ri ties are reflected in th e com bined sta te m e n t of the 65 re p o rtin g m em ber R eporting banks in th is d istrict as of M ember Ranks O ctober 5th last. G overn m ent deposits rose by $14,000,000 to $20 ,668,000 accom panied by a decline of approxim ately th e sam e am ount in n et de m and deposits. A n increase of approxim ately $13,000,000 occurred in th e in vestm en ts b y these banks in U n ited S tates bonds, tre a su ry certificates and tre a su ry notes, probably re p re sen tin g in v estm en t of a p a rt of th e increase of $24,000,000 in th eir tim e deposits w hich oc curred durin g th e m onth. L oans to com m ercial b orrow ers (“all o th e r” loans and discounts) rose slightly ($3,723,000) to $709,765,000. T h is increase w as counterbalanced by a decline of $4,000,000 in loans secured by stocks and bonds o th er th an U nited S tates bonds. B orro w in g s by the 65 re p o rtin g m em ber banks from th e F ederal R eserve B ank on O ctober 5th last, as com pared w ith S eptem ber 7, 1921, w ere u n changed at $67,700,000. In norm al years it is cu stom ary for banks in this d istric t to increase th eir borrow ings at this season to handle th e m ark etin g of crops and livestock and th e au tu m n m ovem ent of m erchandise. Average Monthly Savings Deposits in Banks in Principal Cities o Twelfth Federal Reserve District, 1919-1921 (in M illions of Dollars) T h e g ro w th of savings deposits in the seven principal cities in th e d istrict is show n in the accom panying table “P ” and chart. T h e line re p resen tin g the savings deposits of Spokane has been corrected. In previous reports Spo kane w as credited from Jan u ary , 1919, to May, 1921, w ith approxim ately four m illion dollars in excess of its actual deposits so th a t w h at appeared to have been a drop of tw o and onehalf m illions in A pril last w as in reality an increase in savings deposits in Spokane of one and o ne-fourth m illion dollars. Rediscounts of Member Banks on Selected Dates, 1920-1921 (in M illio n s o f D o lla rs) (P) Savings Deposits * — Number of Banks San Francisco Oakland ............ , , , Spokane ............. Seattle ................ Portland ............ ,, .. Salt Lake C ity ., , , Los A n g e le s .... , , , T otals ....... , . , . * In th o u san d s of dollars. Sept. 15, 1921 Aug. 15, 1921 Sept. 15, 1920 17 7 6 15 10 10 14 $327,461 73,337 13,531 29,674 36,069 22,264 239,808 $329,482 74,807 13,150 26,765 37,872 22,221 236,909 $305,328 73,762 13,313 36,788 37,863 22,350 208,964 79 $742,144 $741,206 $698,368 P er Cent Increase or Decrease (—) Sept. 15, 1921 over Sept. 15, 1920 7.2 .6 1.6 — 19.3 — 4.7 — .4 14.8 — 6.3 17 Federal Reserve Bank of San Francisco A custo m ary autum n dem and for additional currency to facilitate the m ore num erous tra n s actions a tten d in g the m ark etin g of agricultural products and the quickening F e d e ra l of w holesale and retail trad e R eserv e B a n k a t th is season w as reflected d u rin g the m onth ending O c to b er 11th by an increase of $4,000,000 (1.75 per cent) in th e circulation of F ederal R eserve notes of th is bank, the to tal on th a t date rising to $232,684,000. L a st year at this tim e the vol um e o u tstan d in g was $256,213,000. T otal bills discounted on O ctober 11th at $118,600,000 w ere p ractically unchanged in am ount as com p ared w ith Septem ber 17, 1921, b u t w ere nearly 30 per cent less th a n th e to tal of $165,600,000 of such bills held last y ear at this season. T h a t custom ers of m em ber banks are succeeding in reducing th eir indebtedness to th e la tte r m ay be inferred from the decline d u r ing the m onth of $8,400,000 in this b an k ’s hold ing of rediscounts of cu sto m ers’ paper. Bills discounted secured by G overnm ent obliga tions, how ever, increased by practically the sam e am ount. T o tal reserves on O ctober 11, 1921, of $240,254,000 represented a gain of $4,500,000 for th e m onth, over $4,200,000 of w hich w as in gold. lions Millions K « >¥r s n JT, RV r s yrc TAL N CÜLF t 5* ... U N 1 Bli o, ÎCO _ 160 to v -- 00 V- ... =1 L- BOUSHT , July | Au, | 5.p t| Oct. I32?.. 40 orleu MAiiCi T - | ec Jan. | ....................... _L....................... .... June ! Ju ly ! Auo , . Sept. O. .. ... Federal Reserve Note Circulation, Bills Discounted and Bills Bought in the Open Market, Federal Reserve Bank of San Francisco (in M illions of Dollars) ( Q ) P rincipal Resource and L iability Items o f R eporting M ember Banks in Reserve Cities in Twelfth Federal Reserve D istrict — *N u m b e r o f R e p o rtin g B a n k s ...................................................................... 1. L oans (a) (b) (c) Oct. 5,1921 Sept. 7,1921 65 66 and discounts (exclusive of red isco u n ts): Secured by U nited States G overnm ent O b lig a tio n s.. .$ 24,097,000 Secured by Stocks and Bonds other than U. S. Bonds 142,427,000 A ll O th er......................................................................................... 709,765,000 $ 24,021,000 146,523,000 706,042,000 Oct. 8,1920 66 $ 32,880,000 145,723,000 989,504,0001 (S ee explanatory foot note below concerning item 1 (c) in 1920.) 2. Investm ents: (a) U nited States (b) U nited States (c) U nited States (d) O ther Bonds, (e) U nited States 102,568,000 19,048,000 20,204,000 170,394,000 6,764,000 97,593,000 16,058,000 19,238,000 167,258,000 2,887,000 96,024,000 13,350,000 24,379,000 -0 -0 - 3. T otal Loans and D iscounts and In v estm en ts................................ !1,195,267,000 1,179,620,000 1,301,860,000 B o n d s.................................................................. V ictory N o t e s ................................................. Certificates of In d eb ted n ess..................... Stocks and S ecu rities.................................... Treasury N o te s ............................................... 4. Reserve Balance with Federal R eserve B an k ................................ 74,030,000 76,314,000 79,121,000 5. Cash in V a u lt.............................................................................................. 23,010,000 23,648,000 27,732,000 6. N et Demand D eposits on which reserve is com puted............... 562,772,000 8. Governm ent D e p o sits............................................................................... 565,413,000 20,668,000 574,301,000 541,682,000 623,053,000 7. T im e D eposits, including Savings D e p o sits.................................. 6,535,000 9,318,000 9. B ills Payable w ith Federal R eserve Bank: (a) Secured by U nited States G overnm ent O b lig a tio n s... (b) A ll O th er......................................................................................... 28,668,000 596,000 23,003,000 141,000 31,665,000 210,000 10. B ills R ediscounted w ith Federal Reserve Bank: (a) Secured by U nited States Governm ent O b lig a tio n s... (b) A ll O th er......................................................................................... 2,595,000 35,929,000 2,917,000 39,697,000 3,288,000 81,862,000 514,263,000 * T otal resources of rep o rtin g banks are approxim ately 44 per cent of total resources of all banks, and 64 per cent of to tal resources of all m em ber banks in T w elfth F ed eral R eserve D istrict. R eporting banks em brace all m em ber banks in San Francisco, Los A ngeles, O akland, P o rtla n d , Seattle, Tacom a, Spokane, S alt Lake C ity an d Ogden. f P r io r to Jan . 1, 1921, this figure in clu d ed “ all o ther in v e stm en ts” as well as “ all o th e r lo an s.” A fte r th a t date, “ all o th er in v e stm en ts” w ere rep o rted separately as “ o th er bonds, stocks and securities,” in item 2 (d ). C onsequently a figure in 1921 com parable to item 1 (c) in 1920 w ould be the to ta l of item 1 (c) and 2 (d ) in 1921. COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO AT CLOSE OF BUSINESS OCTOBER 11, 1921 RESO UR CES Oct. 11,1921 Sept. 14, 1921 Oct. 15,1920 Gold and Gold C ertificates............................................................................ $ 17,961,000 41,178,000 Gold Settlem ent Fund— Federal R eserve B oard .................................. Gold W ith F oreign A g e n c ie s...................................................................... -0 - $ 20,804,000 34,392,000 -0 - $ 13,289,000 36.175.000 3.984.000 T otal Gold H eld by B a n k .................................................................... $ 59,139,000 $ 55,196,000 $ 53,448,000 167,746,000 8,973,000 98.580.000 12.910.000 $231,915,000 $164,938,000 3,822,000 420.000 $235,737,000 $165,358,000 42,189,000 76,432,000 3,834,000 34,558,000 84,839,000 3,655,000 53.388.000 112,168,000 57.749.000 T otal B ills on H a n d ................................................................................. $122,455,000 $123,052,000 $223,305,000 214,000 7,880,000 183,000 204,000 8,880,000 11,000 2.632.000 10.880.000 283.000 T otal E arning A s s e ts ............................................................................... $130,732,000 $132,147,000 $237,100,000 673,000 444,000 38,630,000 4,456,000 638,000 494,000 45,358,000 5,001,000 231.000 665.000 52,603,000 335.000 T ota l R e so u r c es........................................................................................ $415,189,000 $419,375,000 $456,292,000 Gold W ith Federal R eserve A g e n t............................................................ Gold R edem ption F u n d ................................................................................. 167,911,000 9,612,000 T otal Gold R e se r v e s...............................................................................$236,662,000 L egal Tender N otes, Silver, etc.................................................................. 3,592,000 T otal R e se r v e s...........................................................................................$240,254,000 B ills D iscounted: Secured by U. S. Governm ent O b lig a tio n s___ A ll O th er........................................................................ Bills B ought in Open M ark et.................................................................... U nited States Bonds and N o te s .................................................................. O ne-Y ear Certificates of Indebtedness (P ittm an A c t ) ..................... A ll O ther C ertificates of In d eb ted n ess................................................... Bank P r e m ise s................................................................................................... 5% R edem ption Fund A gain st Federal R eserve Bank N o t e s . . . . U n collected Ite m s ............................................................................................. A ll O ther R eso u r ce s........................................................................................ L IA B I L I T IE S Capital Paid I n .................................................................................................. Surplus ................................................................................................................. R eserved for G overnm ent Franchise T a x ............................................. $ 7,382,000 15,207,000 2,835,000 $ 7,359,000 15,207,000 2,664,000 $ 6,884,000 11,662,000 - 0- D ep osits: G overn m en t................................................................................... M em ber B ank R eserve A c co u n t........................................... A ll O th e r........................................................................................ 3,029,000 112,742,000 3,616,000 3,703,000 114,799,000 3,902,000 1,214,000 120,180,00C 3,482,00C T o ta l D e p o sits........................................................................................... $119,387,000 $122,404,000 $124,876,00C Federal R eserve N o te s in A ctual C irculation...................................... Federal R eserve Bank N o tes in Circulation— N et L ia b ility ........... D eferred A vailability Ite m s .......................................................................... A ll Other L ia b ilities........................................................................................ 232,684,000 3,275,000 32,559,000 1,860,000 228,674,000 4,100,000 37,241,000 1,726,000 256,213,00C 10,622,00C 40,951,00C 5,084,00C T otal L ia b ilities......................................................................................... $415,189,000 $419,375,000 $456,292,00C M em o: C ontingent Liability on Bills Purchased for Foreign Correspondents ............................................................................................. 1,539,000 1,569,000 736,00C
@FedFRASER