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A g r ic u l t u r a l a n d B u s in e s s 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 r t to the F ederal R eserv e B oa rd by JOHN PERRIN, Chairman of the Board and Federal Reserve Agent Federal Reserve Bank of San Francisco Vol. VI San Francisco, California, October 16, 1922 R O D U C T IV E activity has increased nota bly during the past six months in all the m ajor industries and in nearly every sec tion of the Tw elfth District, but there has been only a slight increase in the use of bank credit for commercial purposes. Total loans and dis counts of reporting member banks in the larger cities have increased but T h e M onth $55,218,000 or 6.7 per cent, since February 1st, when the low point of the year, $818,102,000, was reached. Redis counts of these banks with the Federal Reserve Bank, at $11,966,000 on October 9th, were near the lowest levels of the year. Recently their holdings of investments have declined slightly. The country banks, as a group, have borrowed only in small amounts during the current crop m oving season. On October 11th the total dis counts of the Federal Reserve Bank had de clined to $34,573,000, the smallest figure since member banks began to reduce their borrow ings in December, 1920. Interest rates in the principal banking centers were generally un changed during the month. An exception was the rate on 30 to 90-day paper of customers in San Francisco, which, at 5 per cent, was lower than at any time during the present period of readjustment. The interest rate on bankers’ acceptances advanced from 3yi per cent on September 15th to 3% per cent on October 17th. Industry has been hindered recently in some sections by inadequate transportation service and in others by a shortage of labor. The lumber industry in particular has been incon venienced by inadequate supplies of freight cars. Partly as a result thereof, production of lumber, which is now approximately 100 per cent of normal, has exceeded shipments and orders for four consecutive months. The short age of labor previously noted in the mining industry of this district continues. Average P wages of all classes of mine workers were in creased approximately 10 per cent during A u gust and September. All of the more important metals are being produced in increasing quan tities. In the petroleum fields of California, production reached the record figure of 406,838 barrels per day during September. Stored stocks on October 1st totaled 56,259,301 barrels, the largest amount held in storage since Jan uary, 1916. Building throughout the district continued active. Permits issued during Sep tember were greater in both number and value than one year ago. A ccording to the United States Bureau of Labor index, wholesale prices of building materials are now 16 per cent above their low point of March, 1922, and 17 per cent above the general level of wholesale prices. Goods continue to be distributed freely at retail and wholesale. The value of sales of 31 department stores was 3.7 per cent greater than in September, 1921. In the wholesale trade, nine of the 10 lines reported an increase in the value of their sales compared with one year ago. Dealers in six lines sold more goods in September than in August. Charges to deposi tors' accounts (bank debits) in the banks of the 20 principal cities of the district again ex ceeded those of the corresponding month a year ag o; this month by 7 per cent. Business failures during September, 1922, were less than in any month since April, 1922, and were below the figures for September, 1921, in both number and amount of liabilities. After advancing from 138 in January, 1922— the low point— to 155 in July and August, the United States Bureau of Labor index number of wholesale prices declined two points, to 153, during September. Prices of the principal products of this district changed little during the month. An average crop of wheat, amounting to 96,659,000 bushels, has been harvested in this Those desiring this report sent them regularly will receive it without charge upon application No. 10 174 A g ricu ltu r a l district. The movement to market was more rapid during September, but is still retarded by a shortage of freight cars and the reported hope of many farmers that better prices will prevail in future months. Threshing returns indicate that the California barley crop totaled 41,654,000 bushels, the largest yield since 1914. The large potato crop of the district has thus far been marketed with difficulty and prices are low. Beans, rice, sugar beets and cotton have been grown and harvested under gener ally favorable conditions, and prices for each of these commodities are at present equal to or higher than prices on October 1, 1921. W ith the exception of apples in the Pacific North west and grapes in California, the fruit ship ping season is practically completed. Livestock are being marketed in normal quantities and returns to producers are higher than they have been for some time past. An active demand for stocker and feeder animals prevailed through out the month. Threshing of wheat in this district was prac tically completed during September. October 1st estimates of the total 1922 yield, 96,659,000 bushels, are slightly less than previous Grains estimates, making this year’s crop about equal to the average production of the past five years. In 1921, 122,035,000 bushels of wheat were harvested in this dis trict. Average yields per acre this year were from one to five bushels less than last year, due to insufficient rainfall in the major produc ing areas during the grow ing season. M ovement of wheat to terminal markets in this district has been retarded by a scarcity of freight cars, and by the unwillingness of many growers to sell at prices which have prevailed so far this season. Exports of wheat from Port land and Puget Sound were large during Sep tember, totaling 4,325,000 bushels, compared with 5,760,000 bushels in September, 1921. E x port movement of wheat from the Pacific Northwest during the first three months of the 1922-1923 season, compared with correspond- (A ) M illing— N o . M ills R ep ortin g S e p t., 1922 A u g ., 1922 and B u s in e s s C o n d itio n s ing periods of the two previous seasons, has been as fo llo w s : July 1 to O ct. 1, 1922 (bushels) July 1 to O ct. 1, 1921 (bushels) July 1 to O ct. 1, 1920 (bushels) 5,787,473 765,175 11,584,332 997,398 5,090,149 677,308 T o ta l......... 6,552,648 12,581,730 5,767,457 Portland . . . . Puget Sound. W heat prices in the markets of this district were slightly higher on O ctober 16th than they were a month previous. In the Portland mar ket, prices have advanced 3 to 8 cents per bushel for various grades of wheat. In the San Francisco market, milling wheat, which was quoted at $1.08 to $1.11 per bushel on Septem ber 16th, advanced to $1.14 to $1.17 per bushel on October 16th, the latter prices being ap proximately 3 cents per bushel below prices quoted one year ago. Present estimates of the 1922 barley crop in California indicate an average yield of 34.7 bushels per acre, and total production of 41,654,000 bushels. The 1921 crop of barley in California amounted to 29,700,000 bushels. M ovement of California barley during Sep tember, as indicated by receipts at San Fran cisco and exports from that port, was in greater volume than in previous months of the 19221923 season. The movement since July 1, 1922, has been smaller than in the first quarter of the 1921-1922 cereal year. B A R L E Y M O V E M E N T A T SA N F R A N C IS C O July 1 to July 1 to July 1 to O c t . 1, 1922 O ct. 1, 1921 O ct. 1, 1920 (bushels) (bushels) (bushels) 9,344,638 1,732,280 Receipts ....... 8,155,062 Exports ........ 7,079,728 9,606,090 1,776,568 Late in September, and during the first tw o weeks of October, the volume of barley sales in the San Francisco market increased, and prices advanced. Shipping barley was quoted at $1.40 to $1.50 per 100 pounds on O ctober 16th, an advance of 20 cents per 100 pounds since the middle of September. One year ago shipping barley was quoted at $1.25 to $1.30 per 100 pounds. ------ O u tp u t---------—— S ept., 1922 A u g ., 1922 (barrels) (barrels) Per C e n t M ill C a p a city in O p e ra tion S ept., 1922 A u g ., 1922 S ept., 1921 California ................. ............... Idaho ........................ ............... O regon..................... ............... Washington............................... 10 2 16 20 10 3 19 21 285,563 7,863 139,615 368,034 259,657 13,663 122,129 276,204 71.3 58.9 44.8 59.4 61.4 70.0 34.6 44.0 75.0 45.0 50.0 65.0 District..................... ............... 48 53 801,075 671,653 59.5 47.2 63.0 F ed era l R eserve B ank o f S an F ra n cisco 175 Activity in flour milling, noted in August, became more pronounced during September. Reporting mills operated at 59.5 per cent of capacity, as compared with 47.2 per Milling cent of capacity in August, and 63.0 per cent of capacity during Septem ber, 1921 (see table “ A ” ). The volume of domestic orders for flour in creased during September. Export demand was sluggish, and millers reported that prices of fered by export factors were unprofitably low. Although production of flour was increased during September, shipments to fill previous or current orders were large enough to dimin ish stocks of flour in the hands of millers. This movement is shown by the accompanying chart, compiled from comparable reports of 16 large m illing companies. Millers increased their stocks of wheat dur ing the month. Good grades of milling wheat are reported to be selling at a premium on the Pacific Coast. Production of beans, hops and cotton will be smaller, according to October 1st estimates, than was forecasted earlier in the season. W ith the exception of sugar beets and hops, Field the 1922 yields of field crops in this disCrops trict are all larger than 1921 yields (see table “ B ” ). It is generally reported that growers of potatoes are having difficulty in marketing their crops at a profit. Yields throughout the United States are large, and prices are low. Prices to growers for potatoes in Idaho range from $0.40 to $0.60 per 100 pounds, as compared with $1.20 to $1.50 per 100 pounds obtained in 1921. Many fields of beans in California were dam aged and expected yields were reduced by un usually hot weather during September. The 1922 yield of Lima beans in that state is esti mated at 1,350,000 bags of 100 pounds each (2,250,000 bushels). Lima beans are now sell ing at prices ranging from $7.25 to $7.35 per 100 pounds, and an active demand is reported. During the 1921 season the average price for Lima beans marketed through the Lima Bean Growers Association was $6.30 per 100 pounds. Stocks of all varieties of beans in California warehouses on September 1, 1922, were esti mated to be 177,500 bags of 100 pounds each, as compared with 537,810 bags on the same date a year ago. Market prices for California beans are now more favorable to growers than they were a year ago, as indicated by the fol lowing quotations: P R I C E S P E R 100 P O U N D S . F . O . B . C A L I F O R N I A O ct. 15.1922 M on th ly F lou r O utput, and S tock s o f W heat and F lou r at E n d o f M o n th , o f 16 R ep ortin g M illin g C om p a n ies As the present harvesting season has pro gressed, estimates of yields of hay, potatoes, rice and sugar beets have been revised upward. Small White................... $5.25-5.50 Pink .............................. 5.25-5.50 Henderson Bush............ 7.00-7.50 Blackeye ....................... 5.00-5.25 O ct. 15,1921 $4.50-4.75 4.75-4.90 5.00-5.25 3.40-3.60 The rice harvest in California was delayed by the September rains, but no serious damage (B) Grains and Field Crops— Twelfth Federal R eserve District— Unit bushels Barley Oats .. Corn . Hay .. Potatoe Beans . Rice, p Cotton (Long Staple). a “ “ tons bushels “ centals tons pounds bales “ F orecasted Y ie ld O ctob er 1, 1922 F orecasted Y ield Septem ber 1, 1922 96,659,000 49,887,000 29,938,000 12,148,000 14,931,000 44,618,000 4,977,000 3,862,000 1,586,000 28,040,000 60,000 35,000 98,191,000 46,828,000 29,263,000 11,817,000 14,748,000 42,493,000 5,697,000 3,779,000 1,554,000 31,838,000 69,000 37,000 Final Estim ate o f Y ie ld s 1921 122,035,000 39,148,000 34,343,000 11,599,000 16,115,000 35,371,000 3,902,000 3,280,500 2,578,000 29,140,000 40,641 37,094 176 was reported. The holdover of 1921 crop paddy rice in the hands of growers on October 1st was approximately 150,000 bags of 100 pounds each, out of a total crop of 3,528,000 bags. Prices for finished rice (California Fancy) in the San Francisco market declined from $5.25 per 100 pounds to $4.75 per 100 pounds during the past month, chiefly due to lack of export demand from Japan. The sugar content of the comparatively small 1922 crop of beets, now being harvested in this district, is reported to be normal or better than normal. Advancing prices for refined sugar, upon which payments to growers are based, indicate that returns to beet growers during the 1922 season will be higher than during the 1921 season, when growers received from $5.50 to $7.50 per ton. Due to a scarcity of hop pickers, and the low prices obtaining for hops, many growers in this district did not harvest the 1922 crop, thus cut ting down the estimated yield. H ops not grown under contract are now being sold at 8 and 10 cents per pound, with little demand reported at that price. The 1922 yield of short staple cotton in this district was reduced by hot weather during August and September. The quality of the cotton now being picked and ginned is above the average of previous years. Growers in California are reported to be receiving prices ranging from 20 to 22 cents per pound for short staple cotton, as compared with 18 to 20 cents per pound obtained one year ago. Commercial factors estimate that the carry over of long staple (Pim a) cotton in Arizona on O ctober 1st was 3,899 bales, and that ap proxim ately 7,000 bales were held on consign ment in Eastern markets. During July, August and September there was an active demand for Pima cotton in New England cotton manufac turing centers. Prices paid for No. 2 grade Pima cotton during this period returned ap proximately 32 to 33 cents per pound to growers in Arizona. Recently, removal of the 7-cent import duty on Egyptian long staple cotton has enabled importers to sell this variety of cotton at prices below those prevailing for Pima cotton, and demand for the latter has subsided. Early varieties of apples in this district have been harvested and marketed. Harvesting of the later varieties of apples in the Fruits Pacific Northwest began during Sep tember. The apple crop in that section of the district is reported to be smaller in quantity and poorer in quality than normal, A g ricu ltu r a l and B u sin e ss C o n d itio n s having suffered particularly from codling-m oth injury. On October 1st, the apple crop in five producing states was estimated by the United States Department of Agriculture as follow s : F orecasted Y ie ld O ct. 1, 1922 (bushels) Final Estim ates o f Y ie ld s 1921 1920 (bushels) (bushels) California ...... 7,587,000 Idaho ............. 4,275,000 Oregon .......... 6,239,000 Utah .............. 1,008,000 Washington ... 25,175,000 6,500,000 4,289,000 6,667,000 1,037,000 29,062,000 6,003,000 3,631,000 3,300,000 1,064,000 17,000,000 Total .......... 44,284,000 47,555,000 30,998,000 Shipments of boxed apples from this district during the 1922-1923 season to date, have been small as compared with the same period of the 1921-1922 season. C A R L O T S H IP M E N T S O F B O X E D A P P L E S 1922 C r o p 1921 C r o p T o ta l Shipm ents to O ct. 14 to O c t . 15 1921-1922 S eason (cars) (cars) (cars) California......... 2,220 Idaho ............... 492 Oregon ............. 364 123 Utah ................ Washington . . . . 5,423 3,071 2,644 1,223 431 8,954 5,072 5,825 6,554 735 32,937 Total ............. 8,622 16,323 51,123 Early varieties of apples were marketed un der unfavorable conditions. The competition of other fruits was keen, an abundant crop of early apples was produced in Eastern states, and the purchasing power of a large group of con sumers was reduced by strikes then obtaining. Prices obtained were reported to be from 20 to 60 cents per box lower than prices prevailing a year ago, and the margin between cost of pro duction and net return to the grower narrow. Commercial factors in the Pacific Northwest report that apple prices have increased slightly since the middle of September. During the first two weeks of October, fancy grade Jonathan apples were quoted at $1.35 per box f. o. b. Spokane. One year ago the same variety and grade of apples sold for $1.75 per box. W ith the exception of grapes, the bulk of the deciduous fruit crop of California has now been shipped. Total shipments of California decidu ous fruits, excluding grapes, during the 1922 season, compared with the two previous sea sons, are reported as follow s : 1922 (cars) 1921 (cars) 1920 (cars) Apricots ......... ............... 193 Cherries ......................... 502 Peaches ......................... 2,300 Pears ............................. 5,314 Plums ............................ 3,477 284 665 3,334 3,876 3,100 312 494 3,148 4,391 2,564 Shipments of grapes from California during the 1922 season, to October 6th, totaled 19,465 F ed era l R eserve B ank 177 o f S an F ra n cisco cars compared with 16,942 cars shipped during the same period a year ago. A shortage of re frigerator cars has seriously hampered the grape shipping movement during the past month. It is now estimated that the available supply of cars will meet approximately 75 per cent of the requirements of shippers, and that the total movement of grapes from California will accordingly be less than 35,000 cars, com pared with early season estimates of shipments totaling 40,000 cars. returns. The market for this fruit has strength ened as the season progressed. Commercial factors report that trading in canned and dried California fruits has increased during the past month. A large part of the pack has already been sold, most of the remain ing stocks are reported to be firmly held, and in general the opening prices of the principal packers are being maintained or have been re vised upward. During September, 1,146 cars of oranges and 478 cars of lemons were shipped from Califor nia, as compared with 2,542 cars of oranges and 888 cars of lemons shipped during the same month last year. Smaller quantities are shipped this season as a result of the destructive frosts earlier in the year. Oranges of desirable size and quality were freely purchased at high prices. H ot weather and small supplies of lemons caused prices for the latter to advance rapidly. Average returns to members of the California Fruit Growers Exchange for citrus fruits marketed during September, 1922, as compared with average returns in August, 1922, and September, 1921, were reported as fo llo w s: S ept., 1922 A u g.. 1922 Sept.. 1921 (per box) C a liforn ia F ru it Shipm ents, 1921-1922 Price returns to growers for California de ciduous fruits have been lower during the 1922 season than during the previous year. In gen eral, yields of fruit in all sections of the United States were large and shipments to Eastern markets were abnormally heavy. Growers of both wine and table grapes who have been able to ship their product have received favorable Oranges ..................... $5.04 Lem ons...................... 5.58 (per box) (per box) $4.94 3.69 $3.46 4.44 Pastures and ranges in this district suffered from lack of moisture throughout September, but rains early in October relieved Livestock prevailing drought conditions in the major grazing areas. Parts of Utah, Arizona and southern California are still in need of rainfall, but conditions are not (O R eceipts o f Livestock— S e p t.. 1922 C attle Sept., 1921 *Los Angeles.... 19,651 Ogden ............. 6,738 Portland .......... 11,580 Salt Lake City.. 4,786 *San Francisco... 16,622 Seattle ............. 4,021 Spokane ........... 4,935 Tacom a............ 1,898 17,215 3,065 11,552 3,195 17,937 3,392 2,167 1,799 Twelfth District.70,231 60,322 Horses C a lves Sept., Sept., 1922 1921 H ogs Sept., 1922 Sept., 1921 7,604 221 1,061 112 6,698 115 243 278 30,356 9,884 10,835 5,381 28,892 5,127 2,239 4,429 22,812 7,216 10,140 2,634 19,295 16,332 97,143 8,871 223 1,169 124 7,278 312 698 620 Sheep S ept., Sept., 1922 1921 and M u le s Sept., Sept., 1922 1921 2,974 2,264 3,266 43,430 113,126 61,503 23,157 47,554 14,679 76,456 6,826 7,771 7,612 8,974 3,112 49,033 58 30,475 44 87,377 23 37 3,879 74,038 321,273 263,691 162 22,732 74 26 17 27 144 * R e ce ip ts in the L o s A n g e le s and S an F r a n c is c o B a y d istricts re p re se n t a m a jo rity o f the anim als sla u g h tered in C a lifo rn ia . (D) R a n ge in Livestock P rices— H igh est and L o w e st A v e ra g e T o p P rices Per H undredw eigh t R e ce iv e d at A b o v e M ark ets D uring Septem ber. W eek of September September September September Pat Steers 4......$7.00—8.25 11...... 7.00—8.25 18...... 7.00—8.25 25...... 7.00—8.25 C ow s $4.00—6.00 5.00—6.00 5.00—6.00 5.00—6.00 C a lv e s H ogs Lam bs $8.00—10.00 8.00—10.00 8.00—10.00 8.00—10.00 $ 8.90—11.50 9.00—12.25 9.50—11.50 10.00—11.50 $10.00—11.50 10.00—12.25 9.75—12.00 9.75—12.00 178 A g ricu ltu r a l serious. Although livestock generally are re ported to be in fair to good condition, there are few fat cattle on the ranges. Animals in north ern states of the district are now being moved to winter feeding grounds. Receipts of cattle at all of the principal mar kets of the district, except San Francisco, were larger during September, 1922, than during August, 1922, or September, 1921 (see table “ C,” and accompanying chart). Total receipts o f sheep were much larger than during the pre ceding month or the same month a year ago, the increase being due to large receipts at Ogden and Salt Lake City, for reshipment to Eastern markets. H ogs were marketed in larger quantities than last year in all cities ex cept Spokane. B u s in e s s C o n d itio n s A strong demand for stocker and feeder ani mals is reported from all markets. This is in significant contrast with the situation prevail ing during the past two years. Best quality feeder steers are reported to be selling at prices ranging from 5 cents per pound in Arizona to 6 cents in California. The seasonal decline in butter production in this district was unusually large during Sep tember. A scarcity of best quality butter was experienced in California Dairy and markets, causing h e a v y Poultry Products w it h d r a w a ls from cold storage in San Francisco and Los Angeles. Cold storage holdings of butter in the four principal markets of the dis trict declined 1,269,559 pounds during the month, as compared with a reduction of 528,914 pounds during September, 1921 (see table “ E ” ). This movement was accompanied by an advance in price. u o z THOUSANDS THOUSANDS 1 400 400 A ft 1 ** »1 oca 360 1 J* ;■i•s HEEF «* L„ . ... 1 320 320 >» l\ ‘ «• > • « ; \ 1 280 280 f **" 1■■ / V %% ! • a •V 1 ; v * ; V ■ % 1" 240 240 § > \ r 11 # o\ \ / 200 200 V * h\ ; v»/ à f60 160 #o V N / 120 120 °“°ss >GS i UH C P \ 80 ÖÜ CAI TLE UVES 40 40 o o IS 21 19 £2 and R eceip ts o f L iv e s to ck at E ig h t o f the Principal M ark ets o f the D istrict 1921-1922. ( L o s A n g e le s , O gden, Portland, S a lt L a k e C ity , San F ra n cis co , Seattle, Spok an e and T a co m a in clu d e d ) Livestock prices in the principal markets of the district have shown a general upward ten dency during September and early October. In California markets, prices for prime fat cattle have advanced ^ to 1 cent per pound over August quotations. Few animals of this grade are available on the Pacific Coast. High prices prevailing in Eastern markets during the past month have attracted shipments of range stock from this district, and further diminished the already scanty supply of fat cattle. Sheep and lambs from the Intermountain states moved to Eastern markets in large numbers during the month. During the second week in October, good W estern lambs sold in the Chicago mar ket at prices ranging from $13.50 to $14.00 per 100 pounds. Similar lambs sold for $8.50 to $9.00 per 100 pounds during the same period a year ago. Seasonal M o v e m e n t o f H o ld in g s o f C o ld Storage Butter at Fou r Principal M a rk e ts o f the D istrict, 1921-1922 (E) M ovem ent o f Stocks o f Cold Storage B utter— Sept., 1922 N et D e cre a se (pounds) Los Angeles... 419,560 Portland......... 158,859 San Francisco., 431,077 260,063 Totals ....... 1,269,559 S e p t., 1921 N et D e cre a se (pounds) O ct. 1, 1922 H o ld in g s (pounds) O c t . 1, 1921 H o ld in g s (pounds) 47,964 174,486 188,645 117,819 926,290 543,468 981,671 510,541 650,050 129,178 867,277 192,264 528,914 2,961,970 1,838,769 (F ) P rices R eceived by M ilk P rod u cers*— S e c tio n f S ept.. 1922 R ange Sept., 1922 A v erage A u g ., 1922 A v erage S ep t., 1921 A v erage Mountain (5 M kts.)....$1-37-2.17 $1.88 $1.81 $2.51 Pacific (7 Mkts.)........ 1.77-3.20 2.31 2.27 2.88 U. S. (86 Mkts.).......... 1.35-4.70 2.31 2.25 2.84 *A11 p rice s p e r h u n d re d w e ig h t f o r m ilk te stin g 3.5 p e r c e n t bu tter fat. ■[M ountain S e c tio n in clu d e s I d a h o , U ta h , N e v a d a an d A r iz o n a . P a cific S e c tio n in c lu d e s W a s h in g t o n , O r e g o n an d C a lifo rn ia . F ed eral R eserve B ank 179 o f S an F ra n cisco Prices for butter and other dairy products advanced in all markets of the district during September, a normal movement at this season of the year. In the San Francisco market the price of 93 score fresh creamery butter, which stood at 46 cents per pound on September 15th, advanced to 55 cents per pound during the sec ond week in October. The relatively high prices prevailing in this market attracted large shipments of butter from the Pacific North west, and prices had declined to 54 cents per pound by October 16th. Prices paid to producers for raw milk in creased slightly during September, advancing 7 cents per 100 pounds in the Mountain Section and 4 cents per 100 pounds in the Pacific Sec tion. Compared with September, 1921, raw milk prices have declined $0.63 and $0.57 per 100 pounds in the Mountain and Pacific Sec tions, respectively (see table “ F,” on preceding page). Improvement in the statistical position of canned milk is indicated by reports of light seasonal production, increased domestic de mand, and consequent reduction of surplus stocks. Considerable trading activity in canned milk was reported during September and prices have recently been advancing. Holdings of cold storage eggs in this district were further reduced during September al though holdings are now considerably larger than a year ago, as shown by the following figures: G O L D S T O R A G E H O L D IN G S O F E G G S Twelfth District. Sept. 1, 1922 (cases) O ct. 1, 1921 (cases) 392,647 498,789 314,445 E gg prices have advanced rapidly during the past two months. Extra grade fresh California eggs, which were quoted at 28% cents per dozen in the San Francisco market on August 15th, and 43% cents on September 15th, are now (O ctober 14th) quoted at 55% cents per dozen. Price advances and declines in this district were balanced during September, the general level of prices for its principal prodPrices ucts showing no appreciable change (see table “ G” ). The United States Bureau of Labor index number of wholesale prices, which stood unchanged at 155 through (G ) Com m odity P rices— Commodity 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 Beef).. .Weekly average price at Chicago.. Sheep ......................... Weekly average price at Chicago.. Lambs ........................Weekly average price at Chicago.. H o g s ........................... Weekly average price at Chicago.. W heat............... Chicago contract prices for September and December Wheat......................... Barley............... Shipping Barley F. O. B. San Francisco. Rice ...................California Fancy Japan at San Francisco. Cotton .............. Middling Uplands—Weekly range of spot quotations at New Orleans.................. W o o l.................Average of 98 quotations at Boston....... Sugar ................ Beet granulated F. O. B. San Francisco.. Apples .............. Gravensteins at San Francisco................ Oranges ............Valencias, special brands, Los Angeles.. Lemons .............Special Brands Fancy at Los Angeles... Dried Apples... .Choice in 50-lb. boxes F. O. B. California Dried Apricots...Choice in 25-lb. boxes F. O. B. California Prunes .............. Size 40/50 in 25-lb. boxes F. O. B. Calif.. Raisins.............. Loose Muscatel in 25-lb. boxes F. O. B. California ............................................. Canned Apricots.Choice 2 y s F. O. B. California............... Canned Peaches..Cling, Choice, 2^s F. O. B. California.. Canned Pears__ Bartlett, Standard, 2^s F. O. B. Calif... Butter............... 93 score at San Francisco........................ Eggs .................Extras—San Francisco............................ Copper.............. Electrolytic; New York Spot................... Lead ..................New York Spot........................................ Petroleum......... California 35° and above.......................... Douglas Fir........2x4, 16-ft. No. S1S1E F. O. B. Seattle... Douglas Fir........12x12 Timbers F. O. B. Seattle.............. *Revised figures. O ct. 1, 1922 (cases) U nit 100 100 100 100 lbs. lbs. lbs. lbs. bu. cental cental lb. lb. lb. box box box lb. lb. lb. lb. doz. doz. doz. lb. doz. lb. lb. bbl. M ft. M ft. O ct. 6.1922 O n e M o n th A g o O ne Y ear A g o 145.4 153 139.6 155 125.3 141 155.6 10.65 6.20 13.80 8.95 154.5 10.55 5.95 14.30 9.25 164.8 8.25 4.65 8.60 7.65 1.06^-1.08 1.40-1.50 4.75 20.00-20.50# 72.61# 6.80 1.50-2.00 10.00-11.00 8.00-9.00 .09^ .22^-.23^ .11J4—.12 .11 3.25 2.60 2.85 .54 .60^ .14 6 .6 2 5 4 1.95 20.50 20.00 1.07^-1.11 1.30-1.40 4.75 1.10^-1.14 1.30-1.40 5.00 20.00-20.50# 19.25-20.50# 41.02# 72.25# 6.45 5.70 1.50-2.00 2.25-3.00 10.00-11.00 5.50-6.00 8.00-9.00 5.00-5.50 .09 .14-.145Í .20-.21J* .22^-23^2 .1154-12 . n y 4- . n y 2 .11 3.25 2.60 2.85 .5154 .56 .14 6.65# 1.95 20.50 20.00 .15 3.00 2.50 2.95 .47^ .59 .1 2 « 4.70# 2.45 11.50 14.00 180 A g ricu ltu r a l July and August, declined to 153 in September. The cost of living, as shown by the index number of the National Industrial Conference Board, advanced from 154.5 in August to 155.6 in September. The index number of prices of 20 basic commodities, compiled by the Federal Reserve Bank of New York, advanced from 139.6 to 145.4 during the month. Prices for cattle, sheep, dairy and poultry products, barley and sugar, advanced during September, while prices for lambs, hogs, wheat and rice declined. Prices for barley advanced 10 cents per cental in the San Francisco mar ket. In the same market, prices of eggs ad vanced 4 cents per dozen and prices of butter 3^2 cents per pound. The price of granulated beet sugar advanced from $6.45 per 100 pounds on September 6th to $6.80 per 100 pounds on October 6th. During this period, the price of Fancy Japan rice declined from $5.35 per 100 pounds to $4.75 per 100 pounds. United States Bureau of Labor Index of Wholesale Prices (1913=100). National Industrial Conference BoardIndexof theCostof Living(July 1914=100). In September, for the fourth consecutive month, production of lumber at the mills of this district exceeded shipments and new or ders. Some accumulation of stocks Lum ber has resulted, but the holdings of mills are generally less than a year ago. No marked decline in the demand for lumber is reported, but a shortage of railroad freight cars is impeding shipments. (H) Lum berAverage No. of Orders* * I n th ou sa n d s o f fe e t. f B a s e d o n 89 m ills. W eat Cocut L u m b e r m e n *s A s s o c ia tio n S e p t., 1922 Sept., 1921 . 122 102 357,457 234,950 314,230 217,638 .308,416 254,626 .278,345t 153,034t W e s te rn P in e M a n u fa c tu re rs * A s s o c ia tio n Sept., 1922 38 123,435 95,486 80,675 79,925 Sept., 1921 48 72,501 80,075 75,091 42,650 and B u sin e ss C o n d itio n s Production of lumber during September, 1922, was approximately 100 per cent of the estimated normal capacity of reporting mills, compared with 75 per cent in September, 1921. Figures showing the percentage increase or de crease in activity of 179 mills in the four lum ber associations in this district fo llo w : Septem ber, 1922 com pared with S eptem ber, 1921 S eptem ber, 1922 com pared w ith A u gust, 1922* Production ..........58.0% Increase Shipments ......... 42.8% Increase Orders ................ 19.0% Increase Unfilled Orders.. 82.3% Increase 1.9% Decrease .8% Decrease 8.6% Decrease .8% Increase * A u g u s t, 1922, fig u res b a se d o n r e p o rts o f 186 m ills. The domestic market for lumber during Sep tember maintained much of its previous activ ity. The price advances noted in August were generally held during September. Despite a de cline in rail shipments, the movement of lum ber to consuming and distributing centers was heavy, due principally to the increased water borne shipments from the cargo mills of the Pacific Northwest. Stocks of lumber held by mills on October 1, 1922, were reported to be considerably less than holdings on October 1, 1921, but larger than stocks of lumber held on September 1, 1922. L oggin g operations in creased during September, 1922, compared with August, 1922, and September, 1921. Commer cial factors estimate that the supply of logs held on October 1, 1922, was 10 per cent larger than the September 1, 1922, holdings and 15 600 I 500 • 01 rF■wtÁ 9< y S' Wr StIIPMEM ft* A ORf>¿RS 400 300 200 PRODUCTION _ 100 SHIPMENTS _ ORDERS ____ 19 21 MILLIONSOFBOAROFEET 600 è'I / â 500 f è 400 £ 300 200 100 .— T L u m b er P rodu ction , O rd ers R e c e iv e d , and Shipm ents in T w elfth F ed eral R eserv e D istrict as R ep orted b y F o u r L u m ber A ss o c ia tio n s, 1921-1922 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 Sept., 1922 S ept., 1921 7 42,552 31,457 22,739 5 13,106 12,422 13,895 C a lif o r n ia R e d tc o o d A s s o c ia tio n S ept., 1922 12 35,178 32,266 27,405 52,140 Sept., 1921 12 32,813 21,363 25,361 29,323 S ept., 1922 179 558,622 473,439 439,235 410,410 Sept., 1921 167 353,370 331,498 368,973 225,007 F ed era l R eserve B ank 18 1 o f S an F ra n cisco per cent in excess of holdings on October 1, 1921. Shingle mills were less active than other branches of the lumber industry during Sep tember. Some shingle mills were closed both on account of labor troubles and the inadequate supply of railroad cars. A deficiency of cars for local transportation resulted in a shortage of shingle logs at the mills, while the lack of cars for transcontinental shipments caused an accumulation of manufactured shingles in the mill yards. During September several large lumber com panies in the Pacific Northwest announced an increase in the wages of lumber workers, vary ing from 25 to 50 cents per eight-hour day, according to occupation. The new wage scale for com m on labor is around $4.00 per day. Comparative figures of cut, orders, ship ments and unfilled orders of the four lumber associations in this district are shown in table “ H .” Evidences of increased activity in the cop per, silver and zinc mining industries have multiplied during the past two months. The latest available figures of the national M ining production of these metals refer to the month of August, 1922. They show a large increase in output compared with August, 1921, and a marked advance over July, 1922. The figures fo llo w : improvement in the metal market since one year ago. t ---------------A v era ge P r ic e s ---------------- s Sept., 1922 A u g .. 1922 Sept.,1921 (cents) (cents) (cents) Copper (lb.) New York Electrolytic.. 13.99 Lead (lb.) New York....... 6.11 Silver (oz. troy) New York Foreign........ 69.51 Zinc (lb.) St. Louis......... 6.54 13.97 5.82 12.19 4.60 69.41 6.21 66.16 4.23 Copper (lbs ) A u gu st , 1922 July, 1922 A u gu st, 1921 (mine production) 100,838,000 90,998,646 21,414,000 Silver (oz.) (commercial bars) 5,561,523 4,340,574 4,017,000 Zinc (tons) (slab) ................. 31,423 28,547 14,621 In August, 1922, the production of copper at nine of the 13 principal copper mines which are operating in this district was 34,679,000 pounds compared with 30,309,000 pounds in July, 1922. In August, 1921, the combined output of the three mines then producing metal was 6,849,000 pounds. Reports received by this bank from 19 mines in the district engaged in the produc tion of gold, silver and lead indicate a small increase in the output of these metals in A u gust, 1922, compared with July, 1922. Com pared with August, 1921, there was an increase in the output of gold and silver and a small decrease in the production of lead. A ccording to reports received from the prin cipal mining camps of this district, the short age of skilled and unskilled miners noted dur ing August, continued in September. W ages paid miners have been increased in many min ing camps and the general average of wages is now about 10 per cent above the level of wages paid on August 1, 1922. W ages paid mine workers in some of the principal mining dis tricts on October 1, 1922, August 1, 1922, and in December, 1918, approximately the high point in the rise of wages, are shown in the follow ing table compiled by the Engineering and Mining Journal-Press: F ig u r e s fo r lead are n o t available. C op per* The outstanding feature of the national metal market during September was the rapid increase in the demand for zinc and lead and the notable advance in the prices of these metals. It is estimated that there were 38,412 tons of zinc consumed during August, an amount which was 6,989 tons in excess of pro duction during that month. In July, 1922, sales of zinc totaled 32,875 tons and in August, 1921, they totaled 20,480 tons. Stocks of zinc on September 1, 1922, amounted to 21,629 tons, the smallest total reported since 1919. Production of copper in the United States increased 10.8 per cent during August, 1922, compared with July, 1922, and was 370.9 per cent greater than in August, 1921. Comparative average prices for copper, sil ver, lead and zinc (shown below ) reflect the D istrict O ct. 1,1922 A u g . 1,1922 D e c .,1918 Globe-Miami, Arizona ... Ely, Nevada.................... Engels-Walker, California Bingham, U tah ............... Lead-Zinc: Coeur d’Alene, Idaho....... Tintic, U tah.................... Shasta, California............ Silver-Gold: Tonopah, Nevada............. Oatman, Arizona............. Randsburg, California.... $4.95 4.75 4.50 4.75 $4.50 4.25 4.50 3.75 $5.90 5.50 4.50 5.25 5.00 4.75 4.25 4.25 4.00 4.00 5.50 5.00 5.25 5.00 6.00 5.25 5.00 6.00 5.50 5.50 During September, production of petroleum in California averaged 406,838 barrels per day, the largest daily amount of crude petroleum ever produced in that state. ShipPetroleum ments also increased during the month, the indicated consumption being 340,600 barrels per day, compared with a daily average of 298,999 barrels in August, 1 82 A g ricu ltu r a l 1922. Continuance of the excess of production over consumption resulted in a further increase in stored stocks, and storage holdings advanced to 56,259,301 barrels on October 1, 1922, the highest figure since January, 1916. Ninetyseven new wells were completed during Sep tember and 16 wells abandoned, a net increase of 81 producing wells during the month. C A L IF O R N IA *See footnote to Table " i ” . C o n d itio n s N u m ber o f A u to m o b ile s R egistered o n Jauuary 1st S to ck s o f G a so le n e in the U n ited States on Septem ber 1st (gallons) N u m b er o f G a llon s o f G a s o le n e p e r A u to m o b ile 7,558,848 9,211,295 10,448,632 323,239,991 567,645,548 703,738,310 42.7 61.6 67.0 Statistics on oil field operations as furnished by the American Petroleum Institute are shown in table “ I.” S eptem ber, 1922 ■ P ë tr o lG U I T l B u s in e s s Stocks of gasolene held at refineries in Cali fornia on September 1, 1922, totaled 44,175,708 gallons compared with 41,920,742 gallons held on August 1, 1922, an increase of 3,082,966 gal lons or 5.3 per cent. Compared with September 1, 1921, stored stocks of gasolene on September 1, 1922, showed a decline of 19,195,251 gallons or 30.2 per cent. Stored stocks of gasolene held at refineries in the United States on September 1, 1922, were less than storage holdings on August 1, 1922, and greater than holdings on September 1, 1921. Some indication of the possible demand for gasolene and of the adequacy of stored stocks may be found in a comparison of the number of automobiles in actual use with the gasolene supply. Figures showing the amount of gasolene available on September 1st for each automobile in the United States registered on January 1st of the last three years follow : 192 0 192 1 192 2 P rodu ction , Shipm ents and S tored S to ck s o ! P etroleum , and Refinery ________ Stored S to ck s o f G aso le n e 1921-1922 and A u g u st, 1922 Production (daily average)....................................... 406,838 bbls. 340,600 bbls. Indicated Consumption (daily average).................... Stored Stocks (end of month)....................................56,259,301 bbls. New Wells Completed................................................ 97 With Daily Production............................................ 76,347 bbls. Wells Abandoned........................................................ 16 382,221 bbls. 298,999 bbls. 54,272,194 bbls. 76 52,553 bbls. 20 S eptem ber. 1921 264,314 bbls. 269,588 bbls. 33,671,495 bbls. 47 8,690 bbls. 5 *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. (J) Electric E nergy— Plant C a p a city (1) Production— P eakload K. W . K;. w . Plant O u tpu t K . W . H . July, 1922 A u gust, 1921 A u gu st, 1922 July, 1922 A u gu st, 1921 828,156* 790,080* 735,178* 371 ,805,132 362,545 ,57 2 336,532 ,85 3 260,570* 251,524* 237 ,505 * 114,273,218 105,660,225 100,840,114 79,729,273 78,930,971 6 0 ,384,194 565 ,717 ,50 9 547 ,136,768 497 ,757 ,16 1 C a lifo rn ia (8 com p a n ies re p o r tin g ) ...................... A u gu st, 1922 July, 1922 A u gu st, 1921 A u gust, 1922 978,795 969,075 942,475 P a c ific N o rth w e s t (6 co m p a n ie s r e p o r t in g ) . 365,675 365,675 353,675 In te r m o u n ta in S tates (6 c o m p a n ie s r e p o r t in g ) . 233,027 238,657 215,432 148,323* 146,030* 119,381* 1,573,407 1,511,582 1,237,049* 1,187,634* 1,092,064* T w e lft h D is tr ic t (20 c o m p a n ie s r e p o r t in g ) . 1,5 77,677 N u m b e r o f Industrial C on su m ers (2) Sales— C a l i f o r n i a ........................... , C o n n e cte d Industrial L oa d H . P. A u gu st, 1922 July, 1922 A u gu st, 1921 A u gu st, 1922 52,908 10,079 52,029 46,374 9,200 1,737,746* 161,970* 7,567 281 ,258 * 277 ,863 * 63,141 2 ,180,974* 2,176,928* I n te r m o u n ta in S tates . . . 10,458 10,860 10,315 T w e lft h D is tr ic t .............. 73,445 73,204 July, 1922 1,720,744* 178,321* A u gu st, 1921 Industrial Sales K. W . H . A u gu st, 1922 July, 1922 A u gu st, 1921 1,575,622* 257 ,133,940 225 ,436 ,49 8 156,062* 66,402,675 2 60,992* 71,792,233 59,054,497 57,356,816 4 1 ,173,586 1,992,676* 387 ,980 ,67 0 349 ,195,989 340,704,691 237 ,086 ,22 3 62,444,882 * N o t re p o r te d b y all co m p a n ie s. F ig u r e s so m a rk e d are com p a ra b le u n d e r r e s p e ctiv e h e ad in gs a n d dates, b u t n o t s tr ic tly accu ra te f o r c o m p a r is o n w ith o th e r p o r tio n s o f the table. F ed era l R eserve B an k o f S an F r a n c is c o 183 The results of a special employment survey Total reported sales of electric energy to in dustrial consumers in this district amounted to of manufacturing industries in California, con 387,980,670 kilowatt hours during August, ducted by the Bureau of Labor Statistics of the State of California, are summarized in the fol 1922, an increase of 11 per cent over Electric industrial power sales during July, lowing table: Energy 1922, and 14 per cent over the E m ploym en t C o n d itio n s —500 M anufacturin g C o n ce rn s Percentage amount sold during August, 1921 Increase (see table “ J” )* The most pronounced expan Sept., 1922 Number of Persons Employed compared sion of industrial activity was reflected in the Number Sept. 1, Julyl, Sept. 1, with 1922 1921 Sept.,1921 manufacturing industries, where electric power A g ric u ltu ra l Im plem en ts of Firms 1922 in c lu d in g T r a c to r s ........... 6 1,099 1,190 607 81.1 consumption during August increased 10 per cent over the preceding month, and 33 per cent B rick , S to n e , C lay P r o d u cts 15 2,386 2 , 2 3 4 1,818 31.2 C a n n in g, D ry in g , P r e s e r v in g 78 20,386 11,656 13,593 50.0 over the same month a year ago. The volume F o u n d r y , M a ch in e S h o p s .. 36 2,661 2,519 1,839 44.7 of power sales to the mining industry remained P r in tin g , P u b lis h in g ............ 11 1,463 1,448 1,366 7.1 unchanged during August at a level 23 per M in e ra l O il R e fin in g ............ 5 4,879 4,524 3,788 28.8 cent higher than a year ago. Sales of power to S aw M ills, L o g g in g C a m p s. 22 15,114 13,369 11,218 34.7 3,345 3,210 3,020 10.8 S la u g h te rin g , P a c k in g ......... 13 agricultural consumers increased to a seasonal O th er In d u s tr ie s* .................314 54,643 54,072 57,112 4 .3 f peak, but showed no significant variation from T o ta l ........................................500 105,976 94,222 94,361 12.3 normal. Consumption of power by the oil pro * O th e r in d u strie s in clu d e s b a k e ry products,, be v e ra g e and ice plants, ducing industry in California during August cem en t, ch em ica l p ro d u cts , c o n fe c t io n e r y , flour m ills, gas e n gin es, glass p ro d u cts, la u n d rie s, leath er p ro d u cts, m etal p r o d was 25 per cent greater than during July and ucts, stru ctu ra l a n d o rn a m e n ta l steel, paper p ro d u cts, pla n in g m ills, r a ilro a d repair shops, sh ip b u ild in g , sugar, ten ts-a w n in gs, 34 per cent greater than during August a year to b a c c o p ro d u cts, w a g o n s a n d a u tom obiles, and w e a rin g apparel, ago. Sales to the lumber industry in the Pacific f D e n o te s d ecrease. Northwest increased 10 per cent over July, and Reports from Oregon and W ashington indi were 18 per cent larger than during August, 1921. Sales of power for industrial purposes cate further improvement in employment con by certain industries and by sections of this ditions in those states during September. Em district are compared in the follow ing percent ployment increased in the building and metal trades, in the lumber camps, and in the agri age table: cultural sections. The number of workers em Percentage Increase o r D e cre a se , A u gust. 1922, com pared w ith A u gu st, 1921 T otal ployed in the 10 principal lumbering districts A g ric u lM anuIndustrial of Oregon, W ashington and Idaho totaled 83,ture M in in g factu ring Sales 000 on October 1, 1922, compared with 81,500 California ............ -j- 4.2 + 8 .2 +36.7 + 8.4 Pacific Northwest. — 0.1 +19.9 — ¡— 21.4 +14.9 on September 1, 1922, and 62,000 on October 1, Intermountain __ +70.4 +96.6 +18-2 +43.4 1921. Twelfth District... + 6.5 + 2 3 . 5 +32.7 +13.8 The number of workers employed in the In Favorable employment conditions are re termountain States (Arizona, Idaho, Nevada ported from nearly all sections of the district. and Utah) increased during September com Skilled workers in most lines are in active de pared with August. The pronounced shortage mand and unskilled workers are of skilled and unskilled mine workers noted in Em ploym ent finding employment in lumber August continued undiminished. ing, mining and late harvesting W age increases for skilled and unskilled operations. In California employment in labor in the mining and lumbering industries creased during September due to an active de were reported during the month, and are men mand for workers in the harvest fields of the tioned in the paragraphs of this report on min Sacramento and San Joaquin valleys, the in ing and lumbering. creased activitity in the metal trades industry Trade at retail in this district continues in the larger cities, and the steady demand for greater in dollar value than in 1921. Sales of building trades artisans in all parts of the 31 representative department stores in Sep state. For the second consecutive month, the tember, 1922, were 3.7 per cent larger number of placements made by public employ Retail than in September, 1921. Nineteen of ment offices in California increased both as Trade the 31 stores, situated in all parts of compared with the preceding month and with the district, participated in this in the corresponding month in 1921. There were crease in sales. Following the usual seasonal 30,935 placements reported in September, 1922, trend, the value of September, 1922, sales of 27,253 in August, 1922, and 14,009 in Septem reporting stores was 5.6 per cent less than the ber, 1921. value of sales in August, 1922. 184 A g ricu ltu r a l During September the value of stocks of merchandise of reporting stores increased 4.2 per cent, a normal movement at this time of the year when fall and winter merchandise pre viously purchased is being received from man ufacturers and wholesalers. The value of stocks of reporting stores on O ctober 1, 1922, was 5.6 per cent less than on O ctober 1, 1921. and B u s in e s s C o n d itio n s A statistical record of the movement of stocks on hand, outstanding orders, and the rate of turnover of stocks for reporting stores is given in the follow ing table: Percentage increase or decrease ( — ) in the value o f sto ck s at end o f m onth com pared w ith sam e m onth o f previou s year January, February, :.. March, :.. April, May, June, July, August, September,1922.!.. Percentage outstanding orders at end o f m onth to total purchases during year 1921 3.4 —4.3 —2.4 —4.3 —9.0 —1.9 —1.4 —7.6 —5.6 A n n u al rate o f turnover o f stock s indicated at end o f m onth 2.4 2.3 2.3 2.4 2.6 2.5 2.4 2.6 2.6 8.9 10.3 9.5 7.2 9.1 11.2 10.7 10.6 7.9 Collections were characterized by reporting firms as fo llo w s: No. of reporting firms___ N e t Sales o f 32 D epartm en t S tores in T w e lfth F ed era l R e se rv e D is tr ic t (in Millions of Dollars) E x cellent G ood F a ir Poor 2 13 5 0 Table “ K ” gives in detail statistics in regard to sales, stocks and outstanding orders as fur nished by 31 department stores in this district. Reports received by this bank from 196 wholesale firms in 10 lines of business indicate that the value of sales during SepW holesale tember, 1922, was greater than the Trade value of sales during September, 1921, in all lines except wholesale shoes in which a decline of 1.9 per cent occurred. Compared with August, 1922, increases in the (K ) R eta il Trade A ctivity*— CONDITION OF RETAIL TRADE DURING SEPTEMBER, 1922 In Federal Reserve District No. 12 (31 Stores Reporting) O akland Salt Lake C ity San F ra n cisco 6 4 4 8 5 4.2 3.6 — .3 3.9 8.6 — 6.1 3.7 —21.1 1.9 28.0 — 3.6 14.5 15.5 — 5.6 — .02 — 1.9 3.6 10.4 — 5.6 4.2 —13.0 — 4.0 — 1.7 — 3.6 — .1 1.6 — 5.6 — .5 5.6 6.4 7.6 3.9 4.4 4.2 411.6 571.5 591.7 458.1 388.8 653.4 455.7 9.5 7.4 7.9 L os A n geles No. of reporting firms........................... Net sales (percentage increase or de crease) September, 1922, compared with September, 1921......................... September, 1922, compared with August, 1922........................................ Period July 1 to September 30, 1922, compared with same period in 1921... Stocks: (Percentage increase or de crease) September, 1922, compared with September, 1921......................... September, 1922, compared with August, 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 September, 1922, to total purchases during year 1921...................... * ( — ) D e n o te s decrease. 5.9 7.5 4.5 8.09 Seattle S p ok an e 3 D is tr ic t 31 F ed era l R eserve B ank 18 5 o f S a n F ra n cisco Percentage o f C o lle ctio n s during M on th (S e p te m b e r ) to T otal A m ou n t D u e from C u stom ers (ou tsta n din g) on First o f that M on th value of sales were noted in six of the 10 re porting lines. The average net increase or decrease (— ) in the value of sales of all reporting firms in each line of business wras as follow s: Nine months Automobile Supplies............ Drugs................................... Dry Goods............................ Furniture ............................. Hardware ............................ Shoes ................................... Stationery ........................... ending S ept., 1922 Sept. 30,1922 com pared with com pared with Sept., A u g ., same period 1921 1922 in 1921 N um ber firm s Agricultural Imple- o f ments ...................... Automobile Supplies... Automobile Tires........ D rugs......................... Dry Goods................... Furniture ................... Groceries ................... Hardware .............. Shoes ......................... Stationery................... N u m ber o f F irm s 24 36.9 17 .4 21 4.1 9 1.0 15 1.7 15 .01 31 13.9 22 17.2 14 — 1.9 28 8.1 — — — — 3.8 4.9 7.0 4.9 6.7 15.5 8.4 1.0 2.2 3.6 .3 — 1.4 — 6.9 4.5 — 1.3 7.3 .3 12.6 — 2.0 — .9 16 5 10 6 17 10 11 1922 1921 60.8 75.1 37.9 47.3 49.9 38.7 65.1 63.3 77.6 41.2 40.4 46.8 43.3 68.7 AUGUST PRICES1921=100%=AUGUST1921SALES U.S.BUREAUOFLABORINDEX NO.W HOLESALEPRICES AGRICULTURALIM PLEM ENTS AUTOMOBILESUPPLIES AUTOMOBILETIRES One hundred and seven firms reported their collections on October 1, 1922, and October 1, 1921, as follow s: DRUGS DRYGOODS FURNITURE Percentage o f Past D u e A c c o u n ts on O cto b e r 1, 1922, to T otal A m ou n t D u e from C u stom ers on the Sam e D ate N um ber of F irm s Agricultural Implements........ 2 Automobile Tires................... 10 GROCERIES HARDWARE 1922 1921 41.0 31.2 22.5 27.3 SHOES STATIONERY Percentage o f O utstandings O cto b e r 1,1922 to S eptem ber, 1922, Sales 20 N u m b er o f F irm s 1922 1921 20 113.0 113.7 Groceries 40 60 80 100 120 14-0 160 D ollar V a lu e o f Sales o f Represen tative W h olesale H o u se s and G en eral W h olesale P rices in S eptem ber, 1922, C om pa red with Septem ber, 1921 (L) W holesale Trade— (la) Percentage of increase or decrease (—) in net sales during September, 1922, compared with September, 1921 Number of re porting firms Los Angeles.. Portland ....... Salt Lake City San Francisco Seattle .......... Spokane ....... Tacoma ........ District ........ A gricultural Im plem ents A u to Supplies . 24 . 96.5 49.0 . 20.0 . 65.9 17 .5 — 5.9 —13.4 5.6 6.8 ‘—28.3 36.9 A u to T ires* ., 21 64.4 3.6 6.0 25.0 12.5 13.3 *‘ .4 *4.1* D ru gs Furniture G ro ce rie s 15 22.1 15 — 3.9 — 8.1 —22.2 —*’ .3 — .8 *9.5 *i.0 — *4.8 1.7 Ì6.0 .01 31 — .3 3.4 14.0 43.9 16.9 — 2.0 11.2 13.9 9 ## — 2.9 D ry G o o d s H ardw a re 22 18.8 24.1 — 4.0 9.4 29.2 8.2 25.3 17.2 Sh oes 14 12.9 32.8 —14.8 — 8.3 — 1.9 Stationery 28 14.4 12.2 10.9 6.8 .4 — 4.9 10.3 8.1 *S a les o f o n e firm in c lu d e d in the p e rce n ta g e figu res f o r d is trict but not in c lu d e d in the p e rce n ta g e figu res f o r the v a rio u s cities. (lb) Percentage of increase or decrease (—) in net sales from January 1 , 1922, to September 30, 1922, compared with the same period last year. Number of re porting firms Los Angeles.. Portland ....... Salt Lake City San Francisco Seattle .......... Spokane ........ Tacoma ........ District ........ A u to A gricultu ra l Im plem ents S upplies . 24 . 85.7 —18.8 .—22.6 . 10.7 82.9 .3 17 1.4 — 1.9 — 3.7 — 5.9 — 4.8 A u to T ir e s 21 30.1 .8 9.3 — 3.8 2.8 — 1.2 ## #é — 1.4 — 6.9 D ru gs D ry G o o d s Fu rn iture 15 — 1.8 15 — .9 9.2 —ÌÓ.6 —*2.7 24.0 *3.9 ‘ 4.5 — *4.9 — 1.3 24.7 7.3 9 Ì.5 G ro ce rie s 31 — 4.1 — .6 2.2 6.6 8.0 — 9.7 12.0 .3 H ardw a re 22 32.3 5.3 — 6.2 1.3 21.3 — 6.7 — 2.7 12.6 S hoes 14 11.6 2.3 — 9.7 15.9 — 2.0 Stationer? 28 2.4 — 2.8 — 1.1 — 6.2 13.3 — 5.0 — 2.5 — .9 186 A g r ic u ltu r a l The volume of summer orders on which goods are now being delivered is reported to have been the same or slightly larger in all lines than in 1921. For the first time this year a general advance in the level of prices was in dicated by the reports received during Sep tember. Collections during the past four months have been reported as follow s : N u m ber of F irm s R ep orting C o lle ctio n s as E x cellen t G ood Fair Poor June ............................ ...5 July ................................5 August............................5 September......................4 45 51 53 56 74 79 70 78 5 10 9 10 Statements of increases or decreases in net sales of 196 reporting wholesale firms during September, 1922, compared with September, 1921, and the nine months of 1922 compared with the same period in 1921 are shown in table “ L .” and B u sin e ss C o n d itio n s Reports received from the five customs dis tricts of the Pacific Coast show that total ex ports during the first eight months of 1922 were valued at $191,791,419, com Foreign pared with $188,317,668 in the corC om m erce responding period of 1921, an in crease of 1.8 per cent. During the same eight months’ period, imports showed an increase of 138.2 per cent, having been valued at $264,861,025 in 1922 and $111,149,088 in 1921. Exports from Pacific Coast ports during A u gust, 1922, totaled $24,265,155 or 10.2 per cent less than the total for August, 1921. Imports during August, 1922, were valued at $42,021,145, a gain of 261.9 per cent over August, 1921. In table “ M ” are presented figures compiled by this bank, showing the quantities of the principal commodities exported and imported through Pacific Coast ports during the first half of 1922 and the same period in 1921. E x ports of dried and citrus fruits, ‘Canned salmon, (M) F oreign C om m erce— E x p orts— San F r a n cis c o B a r l e y ...................................................... B o o k s , P r in t e d U nit Jan. 1, 1922 to June 30, 1922 bu. 3,092,500 M a t t e r .................... lb. 1,073,461 C anned and P reserved F r u it .. .. lb. 31,341,546 C i g a r e t t e s ............................................... M C o tto n ...................................................... lb. D rie d F r u i t s ......................................... lb. F lo u r ....................................................... bbl. L u m b e r .................................................... M ft. M ilk — E v a p ora ted , C o n d e n s e d __ lb. P e tr o le u m a n d P e tr o le u m p r o d u c ts gal. M o t io n P ic t u r e F ilm s ...................... ft. S a lm on ( c a n n e d ) ................................. lb. S ole L e a th e r ........................................... lb. 1,447,777 14,571,527 3 3,497,795 109,250 20,188 6,375,072 Jan. 1, 1921 to June 30,1921 4,140,667 267,088 34,624,052 111,914,112 26,634,041 166,593 7,803 6,845,266 116,743,480 14,082,743 14,868,189 5,035,634 1,773,606 2,528,083 1,668,491 6,880,625 6,853,660 M ilk ( c o n d e n s e d ) ................................ lb. C op p er I n g o t s ........................................ lb. F l o u r ......................................................... bbl. L u m b er ................................................... S a lm on ( c a n n e d ) ................................. W h e a t ...................................................... Jan. 1, 1921 to June 30,1921 . lb. 18,748,030 23,973,966 . lb. 23,653,853 42,828,480 5,911,300 94,450,170 33,842,186 87,533,258 3,972,052 U n it C o c o a n u t O il .................................. . gal. lb. . lb. . C o tto n C l o t h .................................... N e w s p rin t— P a p e r ....................... .. R ic e (c le a n e d ) .............................. .. S ilk ..................................................... , lb. sq. yd. lb. lb. lb. . lb. T e a ..................................................... .. lb. W o o l (r a w ) .................................... .. lb. 17,154,888 74,412,318 2,469,467 25,159,823 9,414,783 4,805,972 103,542,545 3,230,838 13,824,026 63,036,778 877,895 6,284,381 15,760,615 13,527 65,119,011 1,612,425 29,330,295 Im ports— W ashington (Seattle) E x p orts— W ashington (Seattle) I r o n — S te e l R o d s ............................... Jan. 1, 1922 to June 30, 1922 Im ports— San F ra n cisco lb. M ft. lb. bu. 52,729,269 1,292,476 662,182 7,775,855 24,638,438 , lb. C h in ese N u t O i l .............................. ■ gal. S o y a B e a n O i l .................................. lb. 9,748,238 1,682,060 11,115,672 8 , 7 2 6 , 6 19 14,762,235 21,666,665 8,171,693 310,153 1,351,649 C o p p e r O re a n d C o n c e n tr a te s .., lb. N e w s p rin t— P a p e r ........................ lb. 19,458,864 6,853,660 lb. 9,737,000 23,218 1,292,4 76 671,058 lb. 1,459,158 599,805 lb. 4,3 1 9 ,9 2 4 .................................. lb. lb. lb. 979,853 18,715,200 2,276,952 lb. 3,451,184 lb. lb. 715,000 56,716 57,419 lb. 243 ,630 593,253 W o o l ..................................................... E x p orts— O reg on (Portlan d) F ru it— c a n n e d an d o t h e r ................. lb. M ft. 543,739 467,542 145,931 63,202 H id e s , P e lts ......................................... lb. P a p e r — n ew sp rin t, w ra p p in g . . . . lb. 2,443,708 747,533 3,904,107 S a lm on ( c a n n e d ) ................................. lb. 1,709,134 1,912,007 1,786,595 F ir B o a r d s .............................................. T im b e rs— L o g s .................................... cu. ft. W h e a t ...................................................... bu. B a g s— B u rla p R ubber 5,137,152 12,649,818 Im ports— O re go n (P ortlan d) 13,986,023 (c r u d e ) ............................. 3,181,515 1,248,497 E x p orts— L o s A n geles and San D ie g o Im ports— L o s A n g eles and San D ie g o C otton ...................................................... lb. F r u it (c a n n e d ) ................................... lb. F ru it— C itru s ....................................... bx . 14,890,526 9,710,234 25,385,443 45,296 36,471 lb. 5,126,381 10,350,563 22,747,738 H o n e y ....................................................... lb. 162,159 61,069,678 lb. 5,188,344 1,312,087 46,438,944 lb. 1,099,724 1,801,645 P e tr o le u m an d P e tr o le u m p r o d u c ts gal. C o ffe e ................................................... lb. 2,392,273 F ed era l R eserve B ank 187 o f S a n F ra n cisco flour, condensed milk, sole leather, petroleum and petroleum products were greater in physi cal volume during the first six months of 1922 than in the first six months of 1921. Am ong the imports increases in shipments of coffee, cocoa, copra, cotton cloth, newsprint paper, silk, sugar, tea and rubber are shown. Compared with the record month of August, 1922, building activity in this district declined slightly during September but the number and value of projected buildings conBuilding tinue to exceed the figures of one Activity year ago. There were 11,291 per mits issued in September, 1922, with an estimated value of $23,968,073 compared with 11,596 permits with a value of $29,424,332 issued in August, 1922, a decrease of 2.6 and 30 30 26 26 22 22 18 18 14 AMOUNT QVPERMITSIN MILLIOf4S OF 0(>LLAftS 14 /■— s* . r 10 / r \V OsV / y 6 * NUME1EROFPiRMITS1» THOUSANOS 2 1921 10 £ V 2 18.5 per cent in number and value respectively. In comparison with September a year ago, when 11,174 permits with a value of $20,134,993 were granted, there was an increase of 1.0 per cent in number and 19.0 per cent in value in September, 1922. O f the reporting cities, 10 showed an increase in number and 14 in the value of permits issued during September, 1922, compared with September, 1921. In order that comparative figures of the value of building permits issued may be used to estimate the physical volume of construc tion in 1922, 1921, and previous years, allow ance must be made for changes in prices of building materials and in the wages of building trades’ laborers during the periods under dis cussion. A record of the trend of building material prices is provided by the recently re vised index numbers of the United States Bu reau of Labor Statistics. This index is con structed from 41 separate price series and in cludes all important structural materials, each of which is weighted in accordance with its commercial importance in 1919. Prices in 1913 equal 100 in the index. According to this in dex the average price of structural materials reached its peak in April, 1920. The subsequent decline ended in March, 1922, and since that month the general level of building material prices has increased 16.1 per cent. 1922 Peak A p ril, 1920 B uilding Perm its Issued in 20 P rincipal C itie s, T w e lfth F ederal R e se rv e D is trict, 1921-1922 300 Sept., 1921 Subsequent L o w M a rch , 1922 156 155 (N ) B u i l d i n g P e r m it s — N o. Berkeley ........ .......... Septem ber, 1922 V a lu e Fresno ........... .......... 193 Long Beach. . . .......... 314 Los Angeles .. .......... 4,275 Oakland ........ .......... 868 Ogden ........... .......... 33 Pasadena ....... .......... 395 Phoenix ........ 55 Portland ........ .......... 1,411 Reno .............. .......... 17 Sacramento .. . .......... 236 129 Salt Lake City. .......... 478 San Diego . . . . .......... San Francisco . ......... 661 82 San J ose........ .......... Seattle ........... .......... 1,008 Spokane ........ .......... 312 Stockton ....... .......... 117 Tacoma ......... .......... 386 471,400 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 1,345,820 283,680 148,936 577,727 229 85 176 287 4,294 852 65 337 43 1,644 26 264 142 386 690 72 1,006 333 151 514 District.......... .......... 11,291 $23,968,073 11,596 237 $ N o. A u gust, 1922 V a lu e $ N o. Septem ber, 1921 V a lu e 556,300 112,524 407,398 856,988 11,523,891 1,651,201 167,600 925,358 109,985 1,941,380 46,500 868,046 421,075 1,082,216 6,214,082 193,785 1,200,740 391,136 385,100 369,027 148 122 193 387 3,931 719 50 387 80 1,571 33 287 125 415 631 76 1,146 268 105 500 $29,424,332 11,174 $ S ept., 1922 180 Per C e n t Increase or D e cre a se (— ) in V a lu e Sept., 1922 com pared w ith S ept., 1921 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 50.7 — 57.5 153.9 60.1 23.6 21.0 — 53.9 4.1 — 63.2 — 14.2 470.9 — 63.1 31.4 31.1 40.5 59.9 — .7 40.1 15.3 69.8 $20,134,993 19.0 188 A g ricu ltu r a l a n d The price level of building materials as a group is now approximately 17 per cent above the average price level for all commodities. Comparative figures of the number and value of building permits issued in 20 cities during September, 1922, August, 1922, and September, 1921, are presented in table “ N.” The number of business failures in this dis trict during September was smaller than in any month since April, 1921, and 29 per cent below the monthly average number of failBusiness ures during the first nine months of Failures 1922. There were 127 failures re ported with liabilities of $2,072,833. In September, 1921, there were 192 failures with liabilities of $2,680,934. Compared with these figures, the report for September, 1922, shows a decrease of 33.8 per cent in number and 22.6 per cent in amount of liabilities in volved. A similar comparison of September, 1922, figures with the figures for August, 1922, shows a decline of 30.6 per cent in number and of 4.3 per cent in liabilities of failures in the later month. NO. OF FA ILU R E S 200 D ebits to Individual A c c o u n ts in 20 Principal C itie s, T w elfth F ed era l R eserve D istrict, 1921-1922 ki w y v \ t 120 120 19 20 140NTHL Y AVer AGE 80 - A v Note: The figures used in preparing the abore chart are for calendar months andarepartlyestimated. 160 11 * 1921 MONTH LY AVE! IA6E , 200 k if t 160 AGE (O) Bank Debits*— F o u r w eeks ending Sept. 27. 1922 80 li Ul »9*9 110MTHL 40 Berkeley ......... .,$ 40 1920 1921 I9 2 2 B u sin ess F a ilu res, T w e lfth F ed era l R eserv e D istrict, 1919-1922 R. G. Dun & Company’s comparative figures of the number and liabilities of business fail ures in the states of this district during Sep tember, 1922, and August, 1922, follow : S eptem ber, 1922 N o. Arizona ................ 2 California ............. Idaho .................... Nevada................. Oregon ................. Utah ..................... Washington ......... The volume of business transacted in this district during September, 1922, as measured by debits to individual bank accounts, was greater than in August, 1922, or SepBank tember, 1921. Banks in 21 cities reDebits ported total debits during the four weeks ending S e p t e m b e r 27th, of $1,986,598,000 compared with $1,794,102,000 in the preceding four weeks, an increase of 10.7 per cent. -MA I District C o n d itio n s HO.OF F A IL U R E S 4At1 1919 B u sin e ss Liabilities A u gu st, 1922 N o. $ 94,540 .. $ 47 504,351 85 6 163,641 8 1 34,280 3 24 315,626 34 9 101,041 9 38 859,354 44 127 $2,072,833 Liabilities 748,069 160,968 7,500 452,065 52,167 746,743 183 $2,167,512 Long Beach .. . Los Angeles. . . . Oakland .......... Pasadena ........ Phoenixf ........ Portland ......... Sacramento Salt Lake City.. San Diego........ San Francisco... Stockton ......... 16,744 11,118 49,552 35,071 474,656 83,177 18,757 21,490 13,210 132,556 10,010 64,310 50,849 33,996 703,228 19,906 146,080 37,217 20,575 34,094 10,002 , $1,986,598 F o u r w eek s ending A u g . 30, 1922 F ou r w eek s ending S ept. 28.1921 $ $ 13,369 9,954 36,542 31,705 431,387 78,080 16,603 20,155 12,794 124,962 8,911 58,731 50,442 31,914 612,503 20,666 137,504 36,695 19,119 34,028 8,038 $1,794,102 *000 O m itted. fS e p te m b e r , 1921, figu res f o r P h o e n ix n o t available. 12,613 10,662 48,125 21,243 388,067 70,567 11,014 18,080 148,936 9,718 57,463 55,118 29,018 690,704 19,331 136,671 45,669 19,351 35,094 11,196 $1,838,640 F ed era l R eserve B an k 189 o f S a n F ra n cisco This increase is largely seasonal. Compared with the four weeks ending September 28, 1921, total debits to individual accounts in 20 cities during September, 1922, were greater by $134,748,000 or 7.3 per cent. During the past year the general level of prices, as indicated by the United States Department of Labor index number of wholesale prices, increased 8.5 per cent. Viewed in the light of this increase in prices, the slightly smaller percentage increase in debits to individual accounts during the year period, evidences a close approximation in the physical volume of business done in September, 1922 and 1921. Comparative figures of debits to individual accounts in 2 1 clearing house centers during the four weeks ending September 27, 1922, August 30, 1922, and September 28, 1921, are shown in table “ O .” The total amount in all savings accounts, as reported by 75 banks in seven principal cities, increased 1.4 per cent during the month ended September 30th, being on that date Savings $782,673,000, compared with $772,Accounts 150,000 on August 31st. Savings account totals on September 30th established new high records in San Francisco, Los Angeles, Oakland and Portland. The total for the seven reporting cities is 10.3 per cent greater than it was one year ago. 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. M IL L IO N S M IL L IO N S TOTAL 500 400 300 500 400 300 SAN FRANCISCO LOS ANGELES^ 200 200 100 100 OAKLAND -------- -------- 50 SEA =RH=£--------- — 40 3 0 TI*®**— ------- SALT LAKE CITY 2 0 ■ W -------------SPOKANE_ ■ ------- — ----10 1920 1919 20 ^ i 10 Savings A c c o u n ts in Banks in Seven Principal C ities o f the T w elfth Federal R eserve D istrict, 1919-1922 Constantly changing conditions character ized the acceptance market during the past month. On September 15th selling rates in the open market had advanced to Acceptances 3 per cent, the first change since June 14th when rates steadied at 3 per cent. Following this came several further advances until on October 4th prices reached 3 per cent, at which level they have remained firm to date (October 15th). This rapid rise has made acceptances attrac tive to a larger body of potential buyers of short term paper, it being generally felt that acceptances at Zy2 per cent are more nearly in line with other investments of equal tenure and security. A widening of the market has been manifest, with more numerous inquiries from country banks. o r D e cre a se Sept. 30, 1922 Sept. 30, 19 Sept. 30, 1922 A u g . 31, 1922 Sept. 30, 1921 13 7 9 9 16 15 6 $241,929 78,617 41,488 25,074 350,337 31,375 13,853 $238,189 77,204 40,595 24,104 346,679 31,245 14,134 $210,997 73,456 36,861 23,879 321,074 29,615 13,616 14.7 7.0 12.6 5.0 9.1 5.9 1.7 75 $782,673 $772,150 $709,498 10.3 N u m ber of Banks T o ta l................................... ‘ 1922 1921 (P ) Savings A ccou n ts*— Los Angeles.......................... . , Oakland ................................. Portland ................................ Salt Lake City........................ San Francisco........................ Seattle ................................... . Spokane ................................. 50 40 30 PO RTL.A N D *000 O m itted. (Q ) A ccep ta n ces* ---------------------------------------------A m ou n t B ou gh t--------------------------------------------- s Created in A m ou n t A cce p te d T w elfth D istrict S ept., 1922 A u g ., 1922 Sept., 1922 A u g ., 1922 P a cific N orth w est .........$1,254,848 $ 704,023 $ 155,624 $ A m ou n t held at close o f month Sept.. 1922 A u g ., 1922 A ll O ther Total Sept., 1922 A u g ., 1922 Sept., 1922 A u g ., 1922 237,113 $ 96,585 $ 176,451 $ 252,209 $ 413,564 $ 767,095 $ 930,453 N o rth e r n C a lifo rn ia .. 4,892,325 5,074,927 3,742,349 3,082,406 367,521 2,021,654 4,109,870 5,104,060 1,369,403 6,814,002 S o u th e rn C a lifo rn ia .. 920,999 573,867 676,000 653,895 3,252,064 4,327,307 3,928,064 4,980,202 8,771,093 6,745,179 O th er D is tricts T o ta l .............. .............................$7,068,172 $6,352,817 $4,573,973 $3,973,414 $3,716,170 $6,525,412 $8,290,143 $11,597,826 $10,907,591 $14 ,489,634 190 A g ricu ltu r a l The volume of new bills appearing in the market is undiminished and continues about sufficient to meet the slightly increased de mand. Foreign drawn bills are no more numer ous, but acceptances based on seasonal crop movements are more plentiful, especially those drawn against grains, raisins and cotton. A general classification of acceptances mar keted shows a grow ing preference for long term b ills : M aturities 30 60 90 120 150 S eptem ber 15 to O cto b e r 15 days................. days................. days................. days................. days................. 25.5% 21.6% 35.9% 15.0% 2.0% A u gu st 15 to Septem ber 15 22.8% 55.3% 19.4% 2.5% and B u s in e s s C o n d itio n s $873,320,000 on October 4th were $6,496,000 above the figure reported on September 6th. Investments of the same banks deBanking clined slightly during the month, Situation standing at $332,202,000 on O ctober 4th compared with $333,627,000 on September 6th. Total deposits, including time, net demand and government deposits, stood on O ctober 4th at the highest figure ever reported, $1,205,617,000. Rediscounts of reporting banks with the Federal Reserve Bank, after a brief advance in August and early September, de clined from $13,025,000 on September 6th to $11,966,000 on O ctober 4th. Percentage comparisons of the acceptance business of 35 principal accepting banks in this district during September, 1922, compared with August, 1922, and September, 1921, are pre sented in the follow ing table: Sept., 1922 c o m pared w ith Sept.. 1921 Amount of bills accepted .. +73.5% Amount of bills bought____+65.9% Amount of bills held at close of month............................— 4.3% Sept., 1922 c o m pared with A u g .. 1922 +11.2% —28.5% —24.7% Purchases and holdings of acceptances of re porting banks appear in table “ Q .” On October 9th the Treasury Department opened subscription books for an issue of per cent Treasury Bonds dated October 16, 1922, due October Governm ent deemable at the option of the Financing United States Government at par and accrued interest on and after October 15, 1947. The offering was for $500,000,000, or thereabouts, sales to be effected for cash and in exchange for 4% per cent V ic tory Notes or Certificates of Indebtedness of Series TD-1922 or TD2-1922. Subscriptions to the “ primary” or cash offer ing were closed at noon, O ctober 14th. Sub scriptions to the “ secondary,” or exchange of fering were held open until noon, October 21st. Total cash subscriptions amounted to $1,399,823,900. In this district $67,390,800 was sub scribed, of which $18,887,400 was subsequently allotted. Exchanges effected through this bank, under the “ secondary” offering, exceeded $1 2 ,500,000. Loans and discounts of 66 reporting member banks continued the gradual upward movement which has been in progress since February 1, 1922, when they were $818,102,000, and at T otal 1952, D ep o sits,reL oans and D iscou n ts, Investm ents, and B ills 15, and R ed iscou n ts o f R ep ortin g M e m b e r Banks P ayable Thus far this autumn the resources of the member banks of the district have provided ample credit accommodation for business and industry and, in general, rediscounting with the Federal Reserve Bank has been light. Some indication of increased business activity ap pears in recent advances in the amount of Fed eral Reserve notes in circulation, but the up ward movement of this item is largely the re sult of the seasonal need for currency at crop moving time and of recent advances in the general price level. The total amount of Fed eral Reserve Notes in circulation on October 1 1 th, $225,648,000, was below figures reported in June, May, March and January of this year, and $7,036,000 less than the amount reported on October 11, 1921. Bills discounted for all member banks in the district declined from $43,352,000 on September 13th, to $34,573,000 on October 11th, a decrease of $8,779,000 or 20 per cent. Federal Reserve Bank of San Francisco 191 Recent declines in member banks’ redis counts are attributable primarily to the normal liquidation of their own customers’ loans out of the proceeds of sales of commodities. The War Finance Corporation is advancing each month appreciably less money in this district, the total for September being $212,163, com pared with $2,853,323 in May, and $5,552,142 in January. The Comptroller’s called report as of Sep tember 15th last revealed a condition of note worthy strength in the reserve city national banks of the district, i. e., those located in Los Angeles, Oakland, Ogden, Portland, Salt Lake City, San Francisco, Seattle, Spokane and T a coma. Changes in the principal asset and liabil ity items of these banks combined are listed in the follow ing table, comparison being made with June 30, 1922, the date of the preceding call, and September 6, 1921, approximately one year ago. Increase (-f) or decrease (—) in principal asset and liability items of all national banks in reserve cities of 12th district on September 15,1922, compared with Loans and Bonds and Cash and Discounts Securities Exchange June 30, 1922.$+13,484,000 $ + 4,442,000 $+24,151,000 Sept. 6 , 1 9 2 1 . - 2,405,000 +20,754,000 +48,471,000 Total Deposits Total Reserves, Federal Reserve Note Circulation, Bills Discounted, U. S. Government Securities Held, and Bills Bought in the Open Market, Federal Reserve Bank of San Francisco Borrowed Money—All June 30 ,1 9 2 2...........................$ + 52,323,000 $— 5,244,000 Sept. 6 ,1 9 2 1 ........................... +130,897,000 — 57,578,000 PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN RESERVE CITIES IN TWELFTH FEDERAL RESERVE DISTRICT Oct. 4, 1922 N um ber o f Reporting B a n ks ................................................................ 66* Loans and Discounts (exclusive of rediscounts)................................. $ 873,320,000 Investments ............................................................................................................ 332,202,000 Cash in Vault and with Federal Reserve B an k...................................... 105,776,000 Total D ep osits......................................................................................................... 1,205,617,000 Bills Payable and Rediscounts with Federal Reserve Bank........... 11,966,000 Sept. 6,1922 Oct. 5,1921 68 69 $ 866,824,000 333,627,000 101,831,000 1,196,793,000 13,025,000 $ 875,333,000 317,337,000 96.856.000 1,147,156,000 66.469.000 * T w o m erg ers have r e d u c e d the n u m b e r o f r e p o r tin g ban ks b y tw o , but co m p a ris o n s o f re s o u r c e an d lia b ility item s h a v e n o t b een a ffected . COMPARATIVE STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF SAN FRANCISCO AT CLOSE OF BUSINESS, OCTOBER 11, 1922 RESOURCES Oct. 11, 1922 Sept. 13, 1922 Oct. 11. 1921 Total Reserves.........................................................................................................$248,516,000 Bills Discounted............................................................. ...................................... 34,573,000 Bills Bought in Open M arket................................. ........................................ 43,622,000 United States Government Securities......................................................... 51,975,000 $242,000,000 43,352,000 33,831,000 52,977,000 $240,254,000 118,621,000 3,834,000 8,277,000 Total Earning A sse ts................................................. ........................................$130,170,000 53,545,000 A ll Other R esources*................................................. ........................................ $130,160,000 55,671,000 $130,732,000 44,203,000 $427,831,000 $415,189,000 $ 22,811,000 138,866,000 221,327,000 44,827,000 $ 22,589,000 119,387,000 232,684,000 40,529,000 $420,574,000 $415,189,000 48,612,000 41,080,000 38,630,000 32,559,000 Total Resources................................... ........................................$432,231,000 L IA B IL IT IE S Capital and Surplus..................................................... ........................................$ 22,806,000 Total D eposits................................................................. ........................................ 140,239,000 Federal Reserve Notes in Actual Circulation,,........................................ 225,648,000 43,538,000 A ll Other Liabilitiesf.................................................. ........................................ Total Liabilities................................... ........................................$432,231,000 ^Includes “Uncollected Item s” ............................. ........................................ fIncludes “ Deferred Availability Item s” ......... ........................................ 47,159,000 39,538,000 AN IN D E X O F R E T A IL T R A D E During the past three years this bank has 2. The regular recurrence of seasonal peaks been assembling statistics on the dollar value and troughs in the sales activity of department of sales of 32 representative department stores stores. The major peak of sales occurs in D e in eight of the principal cities of the Twelfth cember, due to the Christmas holiday trade, Federal Reserve District. These data have and a minor peak appears in the spring, usually formed the basis for a study of the general in May. Each of these periods of large sales is trend of retail trade in this district and the pre followed by a period of light trading, one cul liminary results of the work are here presented. minating in the short month of February and T o facilitate comparisons the totals of the the second in midsummer, in July. sales of all reporting stores, which were origin ally received in actual dollar values, have been reduced to index numbers. In constructing the index an average of monthly sales during the year 1919 was used as a base, or 100, and the sales during each month from January, 1919, to September, 1922, expressed as percentages of this base. The accompanying table and chart show clearly two th in gs: 1. That the dollar value of department store sales declined little during the period of gen eral depression which follow ed the unusual business activity o f the last half 1919 and the first half 1920. W hen allowance is made for the rapid decline in prices which began about May, 1920, and continued until July, 1921, it would appear that the physical volume of mer chandise sold by these stores has increased Value of Sales of 32 Representative Department Stores in the during the past tw o years. Twelfth Federal Reserve District INDEX NUMBERS OF THE VALUE OF SALES OF DEPARTMENT STORES IN THE TWELFTH FEDERAL RESERVE DISTRICT (1919 Monthly Average=100) San Francisco Los Angeles Oakland Seattle Spokane Salt Lake City District (8 stores) (6 stores) (4 stores) (5 stores) (3 stores) (4 stores) (32 stores)* 109.6 95.2 72.8 62.2 83.0 85.0 82.4 87.0 76.1 78.2 93.1 93.0 82.0 142.0 78.7 82.1 98.1 98.9 107.3 106.2 81.8 95.8 131.7 104.1 143.9 95.1 83.5 101.5 98.8 115.4 106.1 81.8 73.2 99.2 106.5 106.0 155.6 108.2 93.9 116.4 131.2 99.8 87.4 113.4 109.4 127.6 118.8 186.2 140.1 120.5 146.1 133.6 129.7 132.8 119.7 154.9 125.6 144.6 142.7 218.9 104.0 84.5 ........... 113.0 . . 106.7 ........... 150.4 ........... 10 1.1 ........... 86.6 ........... 115.4 ........... 111.3 138.0 116.5 147.5 141.4 160.9 142.4 127.0 166.1 130.9 64.2 54.0 79.1 83.0 90.2 91.9 83.8 88.4 101.3 69.7 67.8 82.9 95.3 98.6 76.2 65.0 80.4 90.0 111.3 100.7 84.2 109.9 109.4 131.2 100.8 100.2 110.6 76.9 90.3 104.4 77.2 75.6 96.8 92.8 118.0 112.5 1921 January .................. February ............... March .................... Aoril ........................ M ay ......................... June ......................... July .......................... August ................... September ........... October ................. Novem ber ............ December ............ 1922 January .................. February ............... March .................... April ........................ M ay ......................... June ......................... July .......................... August ................... September ........... . ., ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... . .. . 120.0 112 .1 99.5 92.3 112.8 110.8 102.6 103.8 88.2 98.8 95.1 114.7 106.5 183.2 86.2 69.7 93.9 98.0 103.5 108.5 80.8 97.9 99.8 1 1 1.2 1 1 1 .1 116.2 108.4 93.3 112.4 109.2 123.7 116.3 181.7 ^ F ig u res o f r e p o r tin g sto re s in P o r t la n d a n d S a cra m e n to in c lu d e d in the in d e x n u m bers f o r the d is trict, but n o t p re s e n te d sep a ra tely as o n ly o n e sto re r e p o r te d in each o f these cities.
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