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MONTHLY REVIEW
OF
B U S IN E S S C O N D IT IO N S
Federal Reserve Agent
Federal Reserve Bank of San Francisco
Vol. XIX
San Francisco, California, October 21, 1935
T W E L F T H
Im p ro v e m e n t
in
in d u stria l
o u tp u t in th e T w e l f th
in
Ju ly
an d
F E D E R A L
A u g u st
R E S E R V E
e m p lo y m e n t
an d
D is tric t w h ic h to o k p la c e
w as
w e ll
re ta in e d
d u rin g
S e p te m b e r. M e a su re s of tra d e w e re h ig h e r o n
sea so n a lly
of
a
ad ju sted
d ecrease
in
b a sis.
P rin c ip a lly
n o n -re sid e n tia l
a
b ecause
p e rm its,
in
D IS T R IC T
h o ld in g s
m a n d
C O N D IT IO N S
of
G o v ern m en t
d e p o sits
reach ed
th e
also
U n ite d
b a n k in g
crease
d u rin g th e
b u t c o n tin u e d
S ta te s
T re a su ry
b u ild in g s
w ere
ex ceeded
A
m o re
th a n
d o u b le
th a t of a y ear
E n g in e e rin g c o n tra c t a w a rd s e x c lu d in g
sm a lle r
th e m o n th ly
re d u c tio n
in
th a n
in
A u g u st,
b u t
at
C a lifo rn ia
co lle c tio n s
b y
reserv es
p erio d
fru it
recen t
se c u ritie s
o u tflo w of fu n d s th ro u g h
P a c ific
N o rth w e st.
T o tal
lu m b e r p ro d u c tio n
d e c lin e d b y
u su al
seaso n al
O u tp u t
a b o u t th e
th e
an d
a re tu rn
E a st,
fo r th e
th e re
a c c o u n ts
w as
an
n o tw ith sta n d in g
r e fin e d o ils c o n tin u e d to e x p a n d a n d n o n - f e r r o u s
crease
in
m e ta ls m in in g a c tiv ity
in
cru d e
in th is d is tr ic t in c re a s e d
d em an d
sp ecial
slig h tly fu rth e r. E m p lo y m e n t a t m o tio n p ic tu re
serv e
stu d io s
ex p an d ed
th a n
an d
th e
la b o ra to rie s
reco rd
In d u stria l
le v e ls
in
ab ly
le ss th a n
to ta l
m o re
D a ily
to
rise
little
lo w er
th e
seasonal
in O r e g o n
e m p lo y m e n t, a n d
p a y m e n ts
d e c lin e d
freig h t
c a rlo a d in g s
In te rc o a sta l
so m e
tra ffic
in
in
C a li
c o n sid e r
c o n tin u e d
d ec lin e
in c re a se d
is
fu r
d is tr ic t d e p a r t m e n t s to r e sa le s.
w ere
tu re
on
m in o r d a m a g e to
b en e ficia l
liv e sto c k
in
so il fo r fall p la n tin g .
in
S e p te m b e r
d istric t
w h o le ,
w as
p ric e s
for
u n h arv ested
p ro v id in g
ran g es
an d
farm
th a n
in
la c k
h a rv e stin g
on
of
rain
th e
of
la st
farm ers
an d
m o st
crops.
of
n eed ed
in
A c tiv ity
re la tiv e ly
in
th e
sin c e
la te
in
w ere,
th e
e n d in g
1932.
ra in fa ll
d u rin g
th e
and,
crops
sin c e
h ad
been
little d a m a g e
m a rk e tin g
of
to
th e
h a r
co m
crops.
d i s t r i c t ’s
A c c o rd in g
m o is
A g r i c u l t u r e ’s i n d e x , p r i c e s p a i d t o f a r m e r s w e r e
th e
on
an d
th e
p re c e d in g
O c to b e r
16.
h ig h e r th a n
In v e stm e n ts
d e
c lin e d slig h tly , th e e n tire re d u c tio n ta k in g p la c e
de
m a tu rin g an d
an d
A u g u st,
T h e a g g r e g a t e o f t h e s e lo a n s is n o w
tim e
S e p te m b e r
an d
g ro w ers
ab o u t
ago.
th e
slig h tly
a p p ro x im a te d
sam e
h ig h e r
as
to
in
th a n
th e
th e
le v e ls
of
D e p a rtm e n t
A u g u st,
in
an d
a
of
av erag ed
S e p te m b e r
1934.
In
c re a se d p ric e s fo r m e a t a n im a ls, d a iry p ro d u c ts ,
a n d ch ic k e n s a n d e g g s w e re e n tire ly re sp o n sib le
fo r th e ad v a n c e
of th e
E stim a te s
of
in d e x in th e y e a r-p e rio d .
are lo w e r th a n
C a lifo rn ia
te m b e r.
a n y
R e
b alan ces
of m a te ria l b e n e fit to
im p o rta n t
th e r
at
F ed eral
W id e sp re a d
S e p te m b e r
liv e sto c k
p le te d , c a u se d
c o m m e rc ia l lo a n s of T w e lfth
fo u r w eek s
d u rin g
O c to b e r w a s
v est
of
la te
d ay
cro p s w ere n o t ch a n g ed
th e
th e
in
in c re a se
fu rth e r.
D is tric t re p o rtin g m e m b e r b a n k s in c re a se d fu r
d u rin g
an
reserve
fall p la n tin g w o rk , it a id e d
P ric e s of m o s t cro p s
an d
a t
b an k
m o d e ra te
an d
S e p te m b e r
m o n th .
R ea l e sta te
n et
th e ir cu sto m e rs.
fu rth e r
a c c o u n ts
m e m b e r
h eld
sm all
y ea r
p rep arin g
p ro d u cts
s o m e w h a t h ig h e r th a n
C o ast
cro p s
V o lu m e of cro p s m a rk e te d
la rg e r
P a cific
p rin c ip a l a g ric u ltu ra l p ro d u c ts in c re a se d d u rin g
R a in s to r m s in la te S e p te m b e r a n d e a rly O c to
b u t
A lth o u g h
la y e d
M o r e th a n th e u s u a l in c r e a s e to o k p la c e in
b er cau sed
an d
a
c o n sid e ra b ly
first h a lf o f
S e p te m b e r, a lth o u g h
o th e r
ad v an ced
u su al
P a y ro lls
lo c al
in
Agriculture
O reg o n
e m p lo y m e n t.
av erag e
in
c u sto m a ry .
th er.
d id
w ag e
th a n
in
C a lifo rn ia
re d u c tio n w a s rep o rted .
creased
b u t
of A u g u st.
e m p lo y m e n t
sh a rp ly , w h ile
fo rn ia
w as
in
in te rd istric t p a y m e n ts
fo r cu rren c y
d e p o sit
B an k ,
of
u n u su a lly
of b an k s
T h u s,
of
th a n
of b a n k e rs ’ b alan ces
an d
a m o u n t.
exceeded
m o re
refu n d in g s
in
th e
to
U n ite d
re c e n t m o n th s. R e fle c tin g re la tiv e ly la rg e tr a n s
in
in
d e p o sits
c o n tin u e d
d isb u rse m e n ts
s u b sta n tia lly
of y e a r, w a s a p p ro x im a te ly o ffset b y a n in c re a se
p la n ts
tim e
u n d e r rev iew .
u tilitie s
a t
de
and,
of p o sta l sa v in g s fu n d s
T re asu ry ,
a n d v e g e ta b le c a n n e rie s, c u s to m a ry a t th is tim e
a c tiv ity
le v e ls
fe rs o f fu n d s in to th e d is tric t in c o n n e c tio n w ith
a v e ra g e fo r th e year.
o p e ra tio n s
A c tu a l
h ig h
advanced.
D istric t
to ta l
S ta te s
bonds.
n ew
d e sp ite a fu rth e r re tu rn
to
v a lu e of b u ild in g p e rm its d e c lin e d s u b s ta n tia lly
ea rlie r.
No. 10
of
o ran g e
m a te ria lly
a y e a r ago.
an d
S ep
T h i s y e a r ’s V a l e n c i a o r a n g e c r o p , m o s t
w h ic h
h as
b een
m a rk e te d ,
is
e stim a te d
2 6 ,9 5 0 ,0 0 0 b o x e s , t h e l a r g e s t o n r e c o r d .
p ric e s
le m o n
d u rin g
re c e iv e d
b y
g ro w ers
ad v an ced
at
A v erag e
fu rth e r
MONTHLY REVIEW OF BUSINESS CONDITIONS
74
d u rin g
S e p te m b e r,
slig h tly
b elo w
fo reca sts
a lth o u g h
th o se
in d icate
of
la st
th a t
th e
th e y
w ere
y ear.
still
P re lim in a ry
1935-1936
N av el
reduced.
th a n
been
m a rk e d ly
y ears.
p ared
b ein g
a
son.
T h e
th a n
n o rm a l,
crop
of
1 8 ,9 9 0 ,0 0 0 b o x e s
fo rth c o m in g
q u a n tity
an d
before
cro p
w ill
is
la st sea
m a tu rin g
n o t reach
th e
la te r
m a r k e t in
m id -N o v e m b er.
C a lifo rn ia d e c id u o u s fru its a n d n u ts n o w
h arv e ste d an d m a rk e te d
w a ln u ts,
eastern
an d
S e p te m b e r
in c lu d e g ra p e s , p ru n e s ,
alm o n d s.
m a rk e ts
S h ip m e n ts
c o n tin u e d
a n d
b ein g
O c to b e r,
fa irly
b u t
of g rap es
h eav y
p ric e s
to
d u rin g
ad v an ced
c o n sid e ra b ly a n d b y m id -O c to b e r a p p ro x im a te d
th o se
of
a
w in e rie s
o n ly
y e a r
ago.
D e m a n d
is g o o d , a n d
slig h tly
d u c tio n
of
lo w e r
p ric e s
th a n
g rap es
are
la st
th is
fo r
g rap es
re p o rted
y ear.
y ea r
is
by
to
T o ta l
be
p ro
e stim a te d
at
2 ,0 5 3 ,0 0 0 to n s , 21 p e r c e n t l a r g e r t h a n p r o d u c t io n
in 1934.
th a n
Y ie ld s of p ru n e s tu rn e d o u t to b e la rg e r
e x p e c te d
e a rlie r
in
th e
season,
an d
p ro
d u c tio n e s tim a te s as of O c to b e r 1 w e re in c re a se d
to 2 4 3 ,0 0 0 to n s .
th a t
th e
for
la st
T h i s f i g u r e is 4 2 p e r c e n t a b o v e
y ear,
an d
1928-1932 a v e ra g e .
23
p ercen t
la rg e r
th a n
T h e rain s of ea rly O c to
b e r a re re p o rte d to h a v e d a m a g e d d ry in g ra isin s
an d
p ru n es
th e
alm o n d
cen t
so m ew h at.
cro p
b elo w
p ric e s
a t
th a t
fo r
an n o u n c ed
L a te st
9 ,3 0 0
on
la st
e stim a te s
to n s, a
y e a r's
fig u re
crop.
S e p te m b e r
16
O p e n in g
w ere
29 to 49 p e rc e n t h ig h e r th a n la st y e a r.
p ric e s
fo r
w a ln u ts
w ere
o n ly
th o se of 1934, a lth o u g h th e
at
5 0 ,0 2 0
to n s,
is
crop, n o w
fro m
O p e n in g
slig h tly
c o n sid e ra b ly
p la c e
15 p e r
b elo w
e stim a te d
la rg e r.
U n d e r
te rm s of a m a rk e tin g a g re e m e n t b e tw e e n w a ln u t
g ro w ers an d
70
p erce n t
th e
of
S ecretary
th is
y e a r ’s
of A g ric u ltu re , o n ly
crop
is
to
be
so ld
in
In
th e
fav o red
sid e ra b le
P a c ific
b y
N o rth w e st,
w e a th e r
w o rm
d u rin g
d am ag e
to
fru it
crops
S e p te m b e r.
ap p les
h as
w ere
C o n
b een
re
p o rte d , an d , a lth o u g h to ta l p ro d u c tio n e s tim a te s
w e re in c reased , c o m m e rc ia l cro p e stim a te s w e re
u su al
A
tio n s
T h e
an d
of
m o st
in
fav o rab le
p a rtly
th e
re c e iv e d
sid e ra b ly
lo w e r th a n
e stim a te s
b y
g ro w in g
D e c id u o u s F ru its
C itru s F r u its ------V e g e ta b le s ..........
of w h e a t
p ro d u c tio n
a
1935
co m p ared
w ith
6 9 .0 0 0 .0 0 0 b u s h e ls la s t y e a r a n d
a g e o f 9 1 ,0 0 0 ,0 0 0 b u s h e ls .
18,664
5,247
6,803
38,775
84,507
74,369
49,394
67,397
74,945
...
...
833
1,250,123
106,581
633,707
10,999
3,614,994
2,608,397
1,669,122
R e c e ip t s *
C a t t l e ......................
H o g s ......................
S h eep ....................
E g g s (ca se s) . . .
B u tte r ( lb s .) . . .
W heat (c a r lo t s ).
B a rle y ( c a r l o t s ) .
98,925
87,705
737,858
134,811
4,990,207
11,143
1,342
Exports
S to rag e H oldings*
(e n d o f m o n th )
W h e a t ( b u . ) ____
B ea n s ( b a g s ) . . .
B u tte r ( lb s .) . . .
E g g s (c a s e s ) . . .
*At principal district markets.
173,463
709,431
870,698
127,376
1,094,097 1,696,944
544,570
3,991,352 3,450,941
105,999
1,539,652 1,424,795
5,192,216 58,706,071 60,407,855
5,291
26,839
21,440
1,368
3,209
3,354
f------------ 1935-------------\
f------------ 1934-------------%
S e p te m b e r
A u g u st S e p te m b e r
A u g u st
5,595,000
1,061,000
7,868,000
515,000
3,407,000
413,000
10,114,000
612,000
co n
in
th e
h a rv e st
a
of
cro p
of
1928-1932 a v e r
D o m e stic d e m a n d fo r
w h e a t h a s b e e n a c tiv e th is y e a r a n d th e p ro p o r
tio n
of th e
O c to b e r
th a n
c u rren t
1
w as
la st.
v an ced
h alf
of
cro p
so ld
W h e a t
O c to b e r,
and,
d e sp ite
h ig h e r ’ in
O c to b e r
th a n
y e a r
farm ers
th a n
a
rep o rts
w ere
H a rv e stin g
of
h alf
of
b ag s
co m p ared
bags.
O n ly
a
1935
p ric e s
in
100
1934
sm all
S e p te m b e r
C a lifo rn ia
crop
w as
w as
p o u n d s
as
an d
su b se q u en t
13 b y
are
d istric t.
of th e
at
1,
3 ,4 4 9 ,2 5 0
cro p
n o w
a g re e m e n t
crops
th e
h ad
b een
D u e
of
la rg e ly
th e
of
raised
5 ,3 6 4 ,0 0 0
to
T w e lfth
in
on
C a lifo rn ia
a r e a s in th is
fav o rab le
bags,
th e
of A g ric u ltu re .
season,
D istric t
C a li
te rm in a te d
th re sh e d
to
g ro w in g
T h e
a ffe c tin g
w as
S ecretary
b ein g
e stim a te
000
fu rth e r
O c to b e r
of
Id a h o , th e p rin c ip a l p ro d u c in g
end
1935
fo recast
of
p ro d u c tio n
p a rt
m a rk e tin g
S e p te m b e r
th e
of
p aid
u p to m id -O c to b e r, a n d ric e th r e s h e d
ric e
B ean s
d e
en d in g
D e p a rtm e n t
th u s fa r h a s b e e n of o n ly fa ir q u a lity .
fo rn ia
first
sm all
w eek
th a t
lo w e r in
T h e
of
w ith
h arv ested
la te r
a d
th e
in la te S e p te m b e r a n d th e firs t
O c to b e r.
2 ,7 2 3 ,4 0 0
an d
to
y ear
1934.
ric e
d elay ed b y rain s
u p
th is
P o rtla n d
th e
ago.
in d icate
slig h tly
in S e p te m b e r
at
S e p te m b e r
slig h tly
19
farm ers
la rg e r
q u o ta tio n s
d u rin g
c lin e s, w e r e
A g ric u ltu re
b y
c o n sid e ra b ly
sh a rp ly
w e a th e r
th e
p ro d u c tio n
co m p ared
at
O c to b e r
w ith
1
w as
5 ,1 4 0 ,-
b a g s h a rv e ste d la st y e a r a n d an a n n u a l a v e r
sto ra g e
t----- S ea so n to Date1935
1934
17,716
6,578
6,220
W h e a t ( b u .)
B a rle y ( b u .)
b e a rin g
are
1928 th ro u g h
1932. T h e to ta l s u p p ly of b e a n s (p ro d u c tio n p lu s
Agricultural Marketing Activity—
C arlot Shipm ents
is
c o n d i
a y e a r ago.
a g e o u t t u r n o f 4 ,9 5 6 ,0 0 0 b a g s f r o m
t--------S e p te m b e r------- \
1935
1934
is
p ro d u c tio n
g ro w ers
in d ic a te
b u sh els
h av e
p rev io u s
re s u lt of in c re a se d
N o rth w e st
8 1 .0 0 0 .0 0 0
m a tu re d
of ex c elle n t q u a lity
P ric e s
L a te st
in
in c re a s e
acreag e.
P a c ific
h as
sh ip m e n ts
th a n
p ear crop
re su lt
crop
seaso nal
sm a lle r
la rg e
th e
ap p le
an d
m a rk e te d .
p a rtly
an d
d o m e stic m a rk e ts.
y e a r ’s
la te r
o r a n g e c r o p w ill b e a b o u t 1 5 ,2 0 0 ,0 0 0 b o x e s , c o m
w ith
T h is
October 1935
6,046,000
1,869,000
5,120,000
483,000
5,187,000
657,000
7,155,000
620,000
y e a r
sto c k s)
th a n
is
la st.
ab o u t 3
P ric e s
lo w e st p o in t of th e
g u st,
and,
th e n , th e y
p ast
a lth o u g h
p e rc e n t s m a lle r th is
of
b ean s
reach ed
12 m o n th s
a d v a n c in g
la te
th e
in
sh a rp ly
a re still s o m e w h a t lo w e r th a n
A u
sin c e
a y ear
ago.
H a rv e stin g
of
c o tto n
in
C a lifo rn ia
an d
A ri
z o n a a n d o f s u g a r b e e ts, p o ta to e s , a n d o th e r la te
cro p s
th ro u g h o u t
fa c to rily
d u rin g
th e
la te
d istric t p ro g re s s e d
S e p te m b e r
h alf of O c to b e r, n o tw ith s ta n d in g
an d
sa tis
th e
first
te m p o ra ry d e
la y s b e c a u s e o f ra in s.
R e c e ip ts
m a rk e ts
S e p te m b e r
w as
of
b u tte r
d e c lin e d
b u t
th e
c o n sid e ra b ly
v an ced
2
c e n ts
in
th e
p rin c ip a l
se a so n a lly
fro m
m o v e m e n t
la rg e r th a n
p er p o u n d
o u t
u su a l.
fro m
d istric t
A u g u st
of
to
sto ra g e
P ric e s
a d
m id -S e p te m b e r
M O N T H LY
R E V IE W
OF
BUSINESS CONDITIONS
Federal Reserve Agent
Federal Reserve Bank of San Francisco
San Francisco, California, October 21, 1935
Supplement
R e s id e n t ia l
C o n sid e ra b le
ex p a n sio n
d e n tia l b u ild in g
c itie s*
h as
B u ild in g
of th e T w e lfth
been
reco rd ed
te n d en cy
in
in
th e
p e rm its issu ed
su ch
A c t i v it y —
v alu e
F ed eral R eserv e
d u rin g
b u ild in g
1935.
h as
of re si
in e le v e n
T h e
b een
la rg e r
tra d e s
d u strie s
o f e x p a n s i o n is i n d i c a t e d b y t h e f a c t
th a t in th e first n in e m o n th s
of
1935 re sid e n tia l
u sed
is
still
w ell
T o
co m p are
of h o m e
a t th e
w e ll
b o tto m
su sta in e d
c o n tra sts
clin e
1934.
of th e
in c re a se
m a rk e d ly
fro m
1925
to
th e
te m p o ra ry
1933.
in
N e v e rth e le ss,
en d
as
is
of
in
th e
ch a rt
w h ic h
fa irly
to rs.
of
w e ll
1932, a n d
th e
h o m es
w ith
su m m e r
b ro u g h t
d e
o u t
a
of
b y
h o m e b u ild in g th u s far
b u t
p ared
e ith e r th e p e a k o r th e
m in o r
ex p a n sio n
of th e
an d
u n in te rru p te d
re p resen ts
w ith
b y
la rg e
b u ild in g
th e
reco v ery
c h a rt, th e re v iv a l in
a
is s h o w n
w ith
sm all
th e
A s
p a g e , th is
w h en
av erag e
co m
le v el
rest
w as
In
D is tr ic t
1930.
C o n se q u e n tly ,
of
so m e
ex isted .
a
to o k
o f in
m a te ria ls
h o u ses
b y
th ro u g h o u t
w ere
y ears
a
v a rie ty
d istric t,
d u rin g
of
S econd, an d
to
c o n s id e r it in
ex p e rien ce d
sc a rc ity
le v el
D istric t w ith
d eg re e of a c tiv ity
th is
S ta te s,
b u ild in g
is t o
h ig h
re
y ears.
o r p ro sp e c tiv e
ab o u t
p a rtic u la rly
th e se
of
of
T w e lfth
s u b s ta n tia l in flu x
p la c e
T h ird ,
th e
p la ce,
U n ite d
1919
d istric t,
p resen t
in
b ro u g h t
an d
ta n c e ,
co n stru c tio n
u n u su a lly
first
o u tp u t
th a t of p re -d e p re ssio n
th e
c u rta ilm e n t
e rtie s
lo w , a n d
m a n u fa c tu re
p o st-w a r d ecad e
th e
of th e
in
in
b u ild in g
re la tio n to a n
n in e m o n th s of
in
b elo w
th a t
first
re la tiv e ly
ex te n siv e ly
m a in s
co m p ared
a to t a l o f $ 6 ,6 3 8 ,0 0 0 in th e
1920 to
en g ag ed
p e r m i t s in th e s e e le v e n c itie s to t a l e d $ 1 8 ,4 4 2 ,0 0 0
w ith
R e s e r v e
in th e d e c a d e fro m
u p w ard
p ra c tic a lly
F e d e r a l
No. 10
th e n u m b e r o f w o r k e r s e m p lo y e d in th e b u ild in g
D istric t
c o n tin u o u s sin c e th e b e g in n in g o f th is y e a r, a n d
th e d eg ree
T w e lfth
V ol. X I X
th e
of
fac
lik e
th e
a
w a r
sh arp
y ea rs,
re sid e n tia l
p ro p
of d o m in a n t im p o r
of p o p u la tio n
so u th e rn
th e
of
to
th e
C a lifo rn ia ,
1920-1930
decade.
c o m p a ra tiv e
p ro s
p e rity , a n d a m a te r ia l im p r o v e m e n t in s ta n d a r d s
* Includes Berkeley, L o n g Beach, L o s Angeles, O akla nd, P a sa d e n a ,
S a n D i e g o , S a n F r a n c i s c o , P o r t l a n d , S e a t t l e , Sp okanei, a n d
S a l t L a k e C it y .
of h o u s in g re su lte d .
F o u rth , p ro m o tio n a l b u ild
in g e n te rp ris e s flo u rish e d d u rin g th is p e rio d a n d
V A L U E O F R E S I D E N T I A L B U I L D I N G P E R M I T S —T w e l f th D is tr ic t
Ba se d up on figures for 11 cities.
A n n u a l index es 1920 to 1932; mo nt h ly in de xes 1933 to date.
(1923-1925 averag e= 100 ).
w e re fa c ilita te d
n ess
w ith
fin a n c e
a n d s u p p le m e n te d b y th e re a d i
w h ic h
su ch
fu n d s
co u ld
In flu e n c e d
p rin c ip a lly
b y
th e se
a p a rtm e n ts
a p p ro x im a te ly
fo r
elev en
y ears
1930.
fro m
in g s
J a n u a ry
v alu e
of
of fa m ilie s
w e re
v alu e
of
v id e d
fo r
p ro v id e d
facto rs,
in
a t
5 0 0 ,0 0 0
1920
le v els
an d
d e c lin e d
in
a lm o st
fa m ilie s
th e
Ja n u a ry
p e rm its
fo r in
n ew
1923.
n u m b e r
an d
d u rin g
to
re sid e n tia l
p ro v id e d
reco rd
p e rm its
1,
ac
h o u ses
c itie s u n d e r d is c u s s io n
B o th
n u m b e r
to
of
1,
an d
d w e ll
A lth o u g h
fa m ilie s
c o n tin u o u sly
p ro
fro m
th a t y e a r u n til 1933, th e p erio d of m o s t p re c ip i
ta te
d e c lin e w a s
fro m
th e
b e g in n in g
of
1929 to
M o st
of
th e
n ew
b e tw e e n
to
m e e t
in
th e
an
h o u ses
1920
in c rease
n u m b e r
O th e r n ew
an d
m a k in g
d e n c y to
as
of
an d
of
an d
1930
a p a rtm e n ts
w ere
req u ired
a p p ro x im a te ly
fa m ilie s
in
th e
4 0 0 ,0 0 0
elev en
c itie s.
d w e llin g s rep laced s tru c tu re s w h ic h
b u ild in g
sta g e s
excess
of
th e
o f d e m a n d , sin c e , in th e
p erio d ,
la rg e
v a c a n c ie s
in
A p p earan c e
th is
in c rease
in
v a c a n c ie s
in
a p p e ar
to
an d
v ie w
of
in
sin g le
h av e
d w e llin g
been
of
it
fa m ily
th e
d w e llin g s,
re la tiv e ly
be
sa id
b u t
th e y
in
1929,
th a t
ty p e
sm all
p re d o m in a n c e
m a y
c o n c e rn in g
th a t,
of
a t
th e
end
of
th a t
th e re
ery.
in
excess
of
e ffe c tiv e
d em an d .
A lth o u g h
cilitie s
d id
so m e
ex ist
q u en t e x trem e
be
tra c e d
re stric te d
1928
an d
to
a
to
th e
an d
in o n e
h o u sin g
1929,
th e
th e
g en eral
an d
in
p o p u la tio n
co u ld
C o n c e n tra tio n
d w e llin g to o k
m a y
b u sin e ss
red u ced
th a t
fa
su b se
b u ild in g a c tiv ity
e x p e n d itu re s
fa c ilitie s.
g ro u p s
of u sa b le
d ecrease
U n e m p lo y m e n t
fo r h o u sin g
fa m ily
in
d e c lin e in
p rin c ip a lly
d e p re ssio n
g ro w th .
excess
S o m e
red u ced
in
th e
elev en
a c c o rd in g
p rin c ip a l
g in n in g
in
n ew
to
esti
fa m ilie s
w ere
b u ild in g .
im p ro v e m e n t
u p o n
d u rin g
rep o rts
b een
v ery
in
h o m e
c o n sid e rab le
1933
of
co m e, th e
d e c lin e
p erio d
of
an d
1934.
re d u c tio n
in
in
of
is
of
ad v an ces
p la c e
sin c e
th e
in
b e
e m p lo y m e n t
p a y m e n ts,
sta b ility
re n ta ls
ta k e n
o n ly
in
reco v
B u re a u
su ch
h av e
in c re a se
w ag e
in
th e
th a t
C o a s t citie s
T h e
sta te m e n t
v a c a n c ie s
of b u sin e ss
fro m
in d ic a te
1935.
in
ad v an ces
d ata
slig h t, a n d
a g g re g a te
in
w a rra n t th e
a
th is
P a cific
th e
g re a te r
e m p lo y m e n t
v a c a n c ie s, th e
an d
in
te n d e n c y
fo r re n ta ls to a d v a n c e , a n d th e lib e ra l lo a n fa c ili
tie s
fo r n e w
h o m e
b u ild in g
g iv e
so m e
ex p lan a
tio n of w h y th e re h a s b e e n a rise in h o m e
th is
th is
r e c o v e r y is s till lo w , h o w e v e r , n o t o n l y
in
rela
tio n
1922
th e
A c tiv ity
re p resen ted
b u ild
b y
to
year.
le v e ls
fro m
1928, b u t a ls o in r e la tio n to
y ears
of m o re
erate
u n p re c e d e n te d
T h e
c o n stru c tio n
of reco v ery
a ttrib u te d
th e
p u b lic
h ig h
an
an d
S ta tistic s
be
p la c e to
also
fa m ilie s
fo llo w e d
ev id en ce
been
d e p re ssio n
of re la te d
re stric te d
o ld e r stru c tu re s .
a d d itio n a l
real
a lth o u g h
in c o m e s
m ad e
of
d u rin g
a v a ila b le ,
tio n s
g re a tly
o n
in c re a se ,
y ea r
h as
d w e llin g s
in g
n o t
b u t w h ic h
w o rk
e m p lo y m e n t
o b se rv a tio n
1929, th e to ta l su p p ly of resid e n tia l a c c o m m o d a
w as
o n ly
s t a t i s t i c a l e v i d e n c e is l a c k i n g , g e n e r a l
co n fid en ce
in fo rm a tio n
fo r
b u ild in g
T h e re
a d e q u a te
to
n o t
also
th e
an d
no
h o m es
w ith o u t m u c h
a p a r tm e n t h o u s e s w e re r e p o rte d to h a v e ex iste d .
is
lo n g
n u m b e r of
facilities
L a b o r
la te r
th e
p ro v id e d
h av e
in
u s e o f e x is tin g fa c ilitie s a s
fa c to r w h ic h
ren tal
w as
in g
d u rin g th e p erio d .
th e
a
fo r
T h e re
B u re a u of C en su s d ata, h o u s
th a t
of
e ith e r
m a te s b ased u p o n
ap p ear,
so m e
te n
c o n tin u e d
d o w n o r d e stro y e d
h o w ev er,
sale
a
a lte ra tio n
A lth o u g h
c itie s
o r
of n ew
rep air an d
It
b u ild in g w a s
m ak e
p o ssib le ,
w e re to rn
w o u ld
a v a ila b le
p ro p e rtie s.
A lth o u g h
th e e n d of 1932.
ere c te d
ap p re c ia b le e x te n t, th e re b y in c re a sin g v ac a n c ie s
a d d itio n a l
w ere
te n
o b ta in e d
e n te rp rise s.
co m m o d a tio n s
in th e
be
ac tiv ity .
in b u ild in g t h u s
to
to
m o d
m o d e st d eg ree
far m a y
b e la rg e ly
th e fa c t th a t p u rc h a s in g p o w e r of
is
still
y ea rs,
re la tiv e to
c o m m o d a tio n s
w e ll
w h ile
a lte rn a te
th ro u g h
e x is tin g d w e llin g s.
b elo w
pre-
c o n stru c tio n
c o sts
ren tal
or
ea rly -
c o sts
of o b ta in in g
o r
p u rch ase
are
ac
of
October 1935
to m id -O c to b e r, b r in g in g q u o ta tio n s fo r 92 sc o re
w ere
b u tte r
p rin tin g
in
75
federal reserve agent at san francisco
S an
F ran cisc o
to
31
c e n ts
p er p ou n d,
2 y2 c e n ts p e r p o u n d h ig h e r th a n a y e a r ag o .
A l
rep o rted
c lin e d
in
th e
in d u strie s.
fu rn itu re ,
T o ta l
c o n sid e ra b ly ,
en tire ly
as
th e
S e p te m b e r
tio n s a t th e se
R an g es
ria lly
th a n
av erag e
of
m a rk e ts
O c to b e r,
b y
an d
in
ex c e lle n t co n d itio n ,
in
th e
an d
o th e r
are
w ere
a lth o u g h
p le n tifu l
rain .
sio n
g o o d
se c tio n s
W ith
re la tiv e ly
in
in d u stria l
e m p lo y m e n t
d u rin g
S e p te m b e r,
a
creases
in
an d
te x tile s
in d u s trie s .
V a lu e
ea rly
in
a few
a t
m a te
an d
g e n e ra lly
n eed
q u o ta
17 p e rc e n t.
d istric t
N o rth w e st
feeds
exceeded
S e p te m b e r
p resen t
to
P a cific
an d
re c e n t y ears,
th e
rain s
at
la st
ad v an ced
th ro u g h o u t
aid ed
S e p te m b e r w ere m a rk
y ea r
th e
of
fru it
b u ild in g
p rin c ip a l c itie s in
lio n
d o lla rs
in
an d
ca lv e s
are
ago
o r th a n
O c to b e r
in
th e
1 in d icate
b e tte r
co n d itio n
a v e ra g e of th e
th a t
la st te n
all s ta te s b u t O r e g o n a n d W a s h i n g to n .
sta te s
g ro w ers
a d v a n ta g e
s ta te s
are
of
of th e
e x istin g
p le n tifu l,
m o re
slo w ly .
h ig h
g ro w ers
L ocal
m a in ta in e d
eig h t
m o n th s
are
a t h ig h
of
slig h tly
c u rren t
fro m
th is
from
m a rk e t
o th e r
sto c k
A u g u s t to
has
th e
co m p ared
g ro w ers
q u o ta tio n s
ta k in g
beef
d u rin g
as
first
w ith
fo r c a ttle
a d
S e p te m b e r an d
sh o w
little
raisers
th a t
to e x c e lle n t c o n d itio n .
fed
d u rin g
e x p e c te d
y ear.
to
th e
be
L a m b
m a rk ed
flo c k s
ch an g e
feed in g
m o d e ra te ly
seasonal
in
g o od
T h e n u m b e r of la m b s to
1935-1936
p ric e s
are
p aid
season
sm a lle r
th a n
g ro w ers
in c re a se
from
re sid e n tia l
ab ly
to
m id -A u g u st
to
d u rin g
a
e m p lo y m e n t
th e
p ra c tic a lly
ad v an ces
usu al
an d
a g g re g a te
in
th e
tw o
T h ird
rep o rted
fo r
in
S e p te m b e r
w as
Ju ly
fo llo w in g
m o n th s.
su b sta n tia lly
an d
fo r
w ere
V a lu e
b elo w
A u g u st.
T o ta l
in d u stria l
b y
th e
la rg e ly
E x c lu d in g
th e
th ird
q u arter,
th e
In
d ecreased
non-
co n sid e r
h ig h e r th a n
a y ear
aw ard s
fo r
48
p u b lic
m illio n
of 9 m illio n d o lla rs o v e r th e
p erio d .
a b o u t
70
L a st
m illio n
y ear
in
d o lla rs
of
c o n t r a c ts w e r e le t, th is to t a l in c lu d in g 3 0 m illio n
fo r th e
G ran d
C o u le e D a m
c o n stru c tio n
w o rk ,
p ro je c t.
h ig h e st
le v el fo r th e
O v e r
s ta te s
m e n t
th e
b y
400
of
in
th e
P u b lic
th e
T w e lfth
c o m in g
e m p lo y e d
W o rk s
d o lla rs
m o n th s
b ein g
c o n t r a c t s , is a t t h e
y ear, a c c o rd in g
n u m b e r
m illio n
A t p resen t,
in c lu d in g th a t
done on p rev io u sly a w a rd e d
has
to
on
fig u re s
p ro je c ts
A d m in istra tio n .
b een
D istric t
assig n e d
fo r
u n d e r th e
to
d isb u rse
E m e rg e n c y
— ■ -■ C al ifo rn (a--------- ^ r~‘ --------Or eg on
N o . of
N o . of
N o . r - E m p lo y ee s —> N o . /— E m pl o ye e s — *
of
S ept.
Sept.
of
Sept.
Sept.
F i r m s 1935
1934
Firm s
1935
1934
th e
e m p lo y m e n t
fru it
h ig h ly
ch an g e
w as
w o rk ers
a d d itio n
a
in
a m o u n t
C a lifo rn ia
in
c u rta ilm e n t
an d
v e g e ta b le
seaso nal
rep o rted
e m p lo y e d ,
n u m b e r
of
c a n n e rie s, th e
to
S to n e , C lay, and
G lass P r o d u c t s .
L u m b e r and W o o d
M a n u fa ctu re s . .
174,630
(+ 1 1 .3 )
156,964
112
25,874
(+ 1 6 .9 )
52
6,567
(+ 9 .5 )
5,996
3
147
( — 2 3 .8 )
193
94
13,052
( + 13.6)
1,450
( + 2 0 .4 )
11,491
39
8
11,802
( + 2 2 .6 )
1,806
( + 5 3 .1 )
9,623
1,204
9,102
( + 3 .0 )
8,839
6$
211
( + 12.8)
187
31
7,095
(+ 9 .3 )
6,494
25
4,813
(+ 8 .0 )
4,456
C lo th in g , M illin e ry .
and L a u n d e r in g 119
c u sto m a ry
at
I n d u s tr ie s
All In d u s tr ie s* . . . 1,086
flu c
in
S e p te m
in
c a n n in g
th e
la b o r
c a n n e rie s.
in d u s
n u m b e r
a lth o u g h
a
of
sm all
in c re a s e h a s u s u a lly ta k e n p la c e d u r in g S e p te m
ber.
fo r
re m a in d e r,
co v ered
a p p ro x im a te ly
th re e -m o n th
m o n th to m o n th , w e re lo w e r
re fle c tin g
re q u ire m e n ts
facto ry
exceeded
P e rm its
T h e
d o lla rs,
slig h tly
to
d o lla rs, a n in c re a s e
p re c e d in g
12
in A u g u s t .
no
A u g u st.
c o n tract
a m o u n te d
C o n
fo r e n g in e e rin g c o n stru c tio n , w h ic h
d e c lin e d
try ,
fo r re sid e n tia l
h as b een
S e p te m b e r.
m illio n
q u a rte r
w o rk s
in d u s
in flu e n c e s,
p re c e d in g
p e rm its
tu a te sh a rp ly fro m
b er,
seaso nal
u n ch a n g ed
b u ild in g
th a n
30
th a n
Employment—
fo r
tra c ts
in
b u ild in g , w h ic h
tria l o u tp u t in th e T w e l f th D is tr ic t a f te r a d j u s t
th a t
o n ly
m o re
O c to b e r.
F a c to ry
of
p e rm its
of w h ic h
a le v e l o n ly
fin a n c e d
a
A u g u st
e a rlie r.
la st
sh o w ed
in
rep resen ted
o v er
sh o w in g
Industry
m e n t
6 m il
b u t
y e a r
d o lla rs
little
is
m id -S e p te m b e r a n d m a rk e t q u o ta tio n s a d v a n ced
in e a rly
tw e n ty
th a n
lo w e r
th is
ac tu a l
rep o rt
in
alte ra tio n s a n d re p a ir w o rk to ta le d n e a rly 2 m il
a
m a rk e tin g
le v e ls
y ea r
far
lio n
fo rag e are
of
so
y e a rs in
In
an d
y ea r
th e la tte r d ate.
S heep
be
p ric e s.
feed
issu ed
d istric t a g g re g a te d
d o u b le th a t fo r S e p te m b e r la st y e a r. A b o u t h alf
In th o se
freely ,
c o n su m p tio n
re c e n t y ears. P ric e s p aid
v an ced
sto c k
d istrict w h e re
m o re
b een
se llin g
a
in
an d
lo w
c a ttle
th a n
of
c a n n in g
p ercen t
g ro w ers.
of
v e g e ta b le
h ay
b u ild in g , th e v a lu e
as
rep o rted
a m o u n t w as
of th is to ta l
R ep o rts
w as
S e p te m b e r. T h is
in g
liv e sto c k
c a n n in g
p rin c ip a lly
p e rm its
th e
p ric e s , th e o u tl o o k f o r w i n t e r m o n t h s is p r o m i s
to
re su lt
th e
of
in d u stry . In O re g o n , m o re th a n th e u su a l e x p a n
th is
in
de
re su lt
an d
la rg e r
w o rk ers
a
d ecreased
L o s A n g e le s d u rin g
to
an d
p a y ro lls
th o u g h e g g re c e ip ts in P o r tla n d , S a n F ra n c is c o ,
ed ly
p a y m e n ts
te x tile s,
facto ry
a re d u c tio n
w o rk ers
at
fru it
o f 16 p e r c e n t in
an d
la rg e s t d e c re a s e s in
v e g e ta b le
e m p lo y m e n t
F o o d , B e v e ra g e s,
and T o b a c c o . .
63,769
( + 1 9 .1 )
42,100
(+ 1 .7 )
O th e t I n d u s t r i e s f . 512 63,829
(+ 6 .5 )
M is c e lla n e o u s . . .
54
16.861
(+ 5 .9 )
W h o le s a le and
P u b lic U tilitie s
..
243
53,549
44
41,408
391
50,065
( + 5 .9 )
22,133
1,180
59,960
15,925
47,264
* P u b lic u tilities, w h o le s a le and retail fig u re s n o t in c lu d e d in this
total. ^ L a u n d e rin g o n ly , fI n c l u d e s th e fo llo w in g in d u s tr ie s :
M e ta ls, m a ch in e ry , and c o n v e y a n c e s ; leath er and r u b b e r
g o o d s ; o ils and paints ; p r in t in g and p a p e r g o o d s .
F ig u r e s in p aren th eses in d ica te p e r c e n t a g e c h a n g e fr o m S e p
t e m b e r 1934.
MONTHLY REVIEW OF BUSINESS CONDITIONS
76
R e lie f
th is
A p p ro p ria tio n s
su m
h as
A c t
alread y
of
b een
1935.
M u ch
allo tte d
to
of
sp e c ific
in e a rly S e p te m b e r . F u r t h e r r e d u c tio n s in p ric e s
w ere
L u m b e r p r o d u c tio n in th e d is tric t d e c lin e d b y
In
th e
th e
seaso n al
D o u g la s
a m o u n t
fir a r e a , th e
e ra te ly fu rth e r, a lth o u g h
to m a ry
p in e
p a rtic u la rly
th a n
d u rin g
th a n
d u rin g
th e
c u t in c reased
an y
1931.
N e w
in th e
p re c e d in g
ceeded
of
red w o o d
d e c lin e d
sin c e
b y
T o ta l p ro d u c tio n
S e p te m b e r av e ra g e d
m o n th
m o d
is c u s
O u tp u t of w e ste rn
u su a l a m o u n t.
A u g u st an d
in
S e p te m b e r.
so m e re c e ssio n
a t th is tim e o f y ea r.
an d
m o re
e ffe c te d
th e
ea rly
h ig h e r
s u m m e r
of
o r d e r s a v e ra g e d s o m e w h a t le ss th a n
b y
m o n th
an d
p ro d u c tio n .
w ere
W h ile
g e n e ra lly
ex
s h ip m e n ts
of
D o u g l a s fir w e r e w e ll m a i n t a i n e d a n d c o n t i n u e d
A c tiv ity
a t
C a lifo rn ia
O u tp u t
th e
fru it
an d
of th is
tra d e
w h a t
to
reach ed
fo rn ia a n d
F o r
re a c h in g
a
th e
y ears.
O u tp u t
w eek
of
h ig h e st
of
p ro ra tio n
c o n tin u e d
first th re e
le v e l
d a ily ,
w as
th e
m o re
fo r
of
th a n
an y
in c re a se
S e p te m b e r,
6 4 4 ,0 0 0
w eek
re stric te d
m o n th ,
co n tro l
w eek s
in
b arrels
o v er
so m e w h a t
w h e n
in s titu te d
a
n ew
b y
fiv e
in
th e
p la n
fo r
in d e p e n d e n t
p ack
n o t
o n ly
p ro d u c tio n
o r
7
av erag ed
p erce n t
m o re
6 4 0 ,-
th a n
in
I n th e first h a lf of O c to b e r, p ro d u c tio n
excess
th e
th a t m o n th .
C o ast h eld
an d
d a ily ,
of
le v e l
th e
S e p te m b e r
reach ed
in
th e
av erag e
th ird
b u t
w eek
of
A lth o u g h s h ip m e n ts to th e A tla n tic
u p
fu e l o il in
fa irly
w e ll, in v e n to rie s
C a lifo rn ia in c re a se d
of
cru d e
d u rin g
S ep
S e p te m b e r, a lth o u g h
re c e ssio n
rie n c e d a t th is seaso n .
cru d e
o il p r ic e s
in
la te
is u s u a l l y
ex p e
F o llo w in g a r e d u c tio n in
A u g u st,
re ta il
g a so lin e
in
th e
an d
d u rin g
sta te
co n tro l
to ta l ca tc h
th re a te n s
th e
S o m e w h a t
le ss
th a n
th e
75
44
39
78
53
40
54
64
64
10
17
10
15
10
16
111
221
140
286
69
263
la st
tu n a
y e a r
b y
a
th e p a c k in a n y
y ears.
an d
sla u g h te r w a s
w h en
se a so n a lly
p o rte d
in
to
e a rlie r.
to
C a li
ac tiv itie s
F a ilu re
re stric t th e
u su al
m e a t p a c k in g in d u s try to o k
be
m a rk e d ly
an im als
g ain
lo w e r th a n
fro m
d istric t
so m e w h a t
th e
a y ea r
d ro u g h t-stric k e n
to ta l. F lo u r m illin g
th e
in
p la c e in S e p te m b e r
b u t
in c re a se d
sto c k s
sm a lle r
w ere
th a n
a
re
m o n th
D is tric t o u tp u t of refin ed ca n e a n d b ee t
su g a r w as
a b o u t 18 p e r c e n t la r g e r in v o lu m e in
S e p te m b e r th a n a y e a r ago.
Trade
to
a
n ew
av erag e
h ig h
freig h t
w h e re a s a d e c lin e fro m
c u sto m a ry , a n d
in d e x
rose
c a rlo a d in g s
le v el fo r th e
th is
from
74
y e a r in
A u g u s t to
fu rth e r
rise
in c reased
S e p te m b e r,
S e p t e m b e r is
b a n k ’s s e a s o n a l l y
to
78
p erce n t
in
71
55
36
C a lifo rn ia
p la n
a
37
131
95
58
80
118
an d
o f s a r d in e s to 4 0 0 ,0 0 0 to n s .
w as
56
128
111
53
59
151
m o n th
S e p te m b e r.
Industry —
49
116
98
65
38
168
C a n n in g
re d u c tio n
T h is o ccu rren ce
,-------- 1934--------->
Sep t. A u g . J u ly
52
49
47
151 152 149
b y
so m e
s e a s o n in C a li
p re c e d in g
c a n n in g
fu rth e r
th e
o u tp u t
1925 av e ra g e.
,------------ 1935-------------x
G eneral
S ep t. A ug . J u ly J u n e
C arloadings— I n d u s tria l.
72
60
56
40
E l e c . P o w e r P r o d u c t i o n 169fí 1681Í 159 159
M anufactures
L u m b e r ................................ 6511 6411 51
34
R e f i n e d M i n e r a l O i l s f . . 1461T 146 142 142
F l o u r ..................................... 10311 102 106 106
C e m e n t .........................................
60
51
49
W o o l C o n s u m p t i o n ! ____ 14911 159 165 105
Slau g h ter of L i v e s to c k . .
9 5 f 99 103
93
M inerals
P etro leu m (C alifornia) t
97
91
85
84
L e a d (U n ite d S t a t e s ) $.
..
60
59
55
Silver ( U n ite d S ta te s ) t .
..
59
73
47
Building an d C o n s tr u c t io n #
T o t a l .......................................
5111 49
40
40
B uilding P e rm its — V alue
2411 2511 23
21
L a r g e r C i t i e s ...............
S m a l l e r C i t i e s ............... 36
33
35
30
Engineering C ontracts
A w arded— V alue
T o t a l ...........................
82
79
58
63
E x c l u d i n g B u i l d i n g s 148 147
98 108
cases,
la te in A u g u s t .
d ate
p ric e s o n th e P ac ific C o a s t w e re re d u c e d s h a rp ly
I n d e x e s o f daily ave rag e p r o du ct io n, ad ju ste d for se as ona l var ia ti on
(1923-1925 dai ly a ve ra g e= 1 0 0)
e stim a te d
y ear.
b u t ex ceed s
p erio d
sa rd in e
D a ily
d u rin g
in
o f th e flo a tin g re d u c tio n p la n ts to o p e ra te u n d e r
te m b er.
O u t p u t o f o il re fin e rie s a ls o e x p a n d e d
to
su b sta n tia l m a rg in
a re a s sw e lle d th e
of S e p te m b e r
la st
d u rin g
exceeds
m o n th
in
ea rly
c a n n e rie s
is
p ro d u cts
o p en ed
ea rlie r,
b arrels
p ack
to m a to
o p e ra to rs w a s a n n o u n c e d , b u t d u rin g th e e n tire
b elo w
in
S e p te m b e r w ith
1 0 ,0 0 0 ,0 0 0
th e
seaso n
in c re a se d
p ro d u c tio n
th e
th a n
U ta h
th e
to
o il
in
in
of fru it
a seaso n al p eak
c o m p a ra b le
C ru d e
v a rie ty
th e to m a to an d
fo rn ia
w as
an d
v e g e ta b le
slig h tly
ap p ro ach
la rg e r
p ro d u c tio n .
A u g u st.
m o n th
o f p e a r s in C a lif o r n ia a n d th e P a c ific N o r t h w e s t
th e w e ste rn
000
th e
c o m p le tio n o f th e p e a c h p a c k e a rly in th e m o n th .
p in e a re a w e re g e n e ra lly lo w e r th a n
la st
in
d e c lin e d
la rg e r th a n o u tp u t, s h ip m e n ts fro m
ra p id ly
la te r
O c to b e r.
p ro je c ts.
a b o u t
October 1935
a d ju ste d
of
th e
1923-
re fle c te d in p a r t
lu m b e r sh ip m e n ts
b y
rail
an d
a lso in flu e n c e d b y a la te r th a n u s u a l m o v e
m e n t
of a g ric u ltu ra l
lo a d in g s
w ere
th e
p ro d u cts
h ig h e st
in
th is
fiv e
y ear.
B u lk
y ears.
M er-
Distribution and Trade—
,--------------1935-------------- v ,-------- 1934---------s
Sep t. Aug. J u l y J u n e S ep t. A u g . J u ly
I n d e x e s a dj u st ed for seas on al vari ati on
C arloadings^
(1923-1925 a v e ra ge = 1 00 )
T o t a l ....................................
78
74
70
62
67
69
72
M e r c h a n d i s e ...................
83
83
82
82
78
83
92
In terco astal T rad e
T o t a l ..................................
70
61
47
63
80
74
48
W e s t b o u n d ........................
77 100
88
89
81
66
75
E a s t b o u n d ........................
66
51
37
54
78
78
41
R etail T r a d e
A u tom obile S a le sî
T o t a l ...............................
77
97 105
94
68
78
71
P a s s e n g e r ...................... 69
87
92
87
63
72
63
C o m m e r c i a l ...................157 179 198 175
124 133 128
D e p a rtm en t Store
S a l e s î .............................
84
82
83
86
78
76
73
S t o c k s § ........................... 63
62
62
63
63
62
63
C ollections#
f--------------------- A c tu a l F ig u r e s
— ---------->
R e g u l a r ...................
46.3 47.6 47.1 48.2
45.6 45.5 44.6
I n s t a l l m e n t ............
19.3 18.7 17.6 16.7
17.6 19.3 17.3
tNot adjusted! for seasonal variation. ^Prepared by Board of
Governors of the Federal Reserve System. #Indexes are for ÎDaily average. §At end of month. #Percent of collections during
month to amount outstanding at first of month.
three months ending with the month indicated. flPreliminary.
October 1935
c h a n d ise
by
th e
an d
fu ll
m isc e lla n e o u s
seasonal
lo a d in g s
a m o u n t.
in c re a se d
T o ta l
lo a d in g s
e x c e e d e d th o s e of S e p te m b e r 1934 b y 16 p e rc e n t.
D e p a rtm e n t
sto re
sa le s
in c re a se d
b y
c o n sid
e ra b ly m o re th a n th e a m o u n t re p o rte d fo r o th e r
recen t
77
federal reserve agent at san francisco
y ears
in
S e p te m b e r.
A n
in c rease
th o se
of
q u a rte r
a
y e a r
ju st
ea rlie r,
ended,
to o k
S ta tistic s re m a in e d
5
1935 c o m p ar ed with 1934 - -------\
t------STOCKS
,----- N E T S A L E S — ,
Ja n . 1 to
end of
Se p te m b e r
S ep te m b er
S ep te mb er*
9.3
1.6 ( 55)
7.5 ( 72)
9.7
—■ 5.3 ( 6)
12.2 ( 6)
16.7
5.9 ( 7)
13.0 ( 9)
10.1
2.2 ( 5)
6.1 ( 5)
8.8
4.4 ( 7)
8.7 ( 8)
7.9 ( 18)
9.2
4.2 ( 16)
14.2
6.0 ( 5)
5.1 ( 4)
8.8
7.3 ( 7)
— 1.0 ( 8)
5.7
0.8 ( 4)
6.4 ( 4)
9.1
— 0.4 ( 5)
15.8 ( 5)
9.2 ( 6)
4.6 ( 7)
8.1
4.2 ( 4)
6.1
—• 0.1 ( 4)
15.3 ( 40)
14.6
9.1 ( 28)
21.2 ( 33)
24.2
4.0 ( 25)
11.5
9.8 ( 1 45 )
2.6 (1 0 8 )
•{•Includes five a p p a r e l s t o r e s e a c h in P o r t l a n d a n d T a c o m a w h i c h
a r e n o t i n c l u d e d in d i s t r i c t d e p a r t m e n t s t o r e to t a l. F i g u r e s
in p a r e n t h e s e s i n d i c a t e n u m b e r of s t o r e s r e p o r t i n g .
• S e p t e m b e r 1935 h a d t h e s a m e n u m b e r o f t r a d i n g d a y s as S e p
t e m b e r 1934.
w ere
b er
in
A u g u st.
10 p e rc e n t la rg e r in v a lu e
1934,
av erag e
or
a p p ro x im a te ly
y e a r-p e rio d
in c re a se
T o ta l
th a n
th e
sa le s
in S e p t e m
sam e
as
th e
y ea r
for
th e
to
d ate. M a rk e d im p ro v e m e n t o v e r th e y e a r-p e rio d
w as
w ere
ev id en t
also
th ro u g h o u t
h ig h e r
in
C a lifo rn ia
m o st
p arts
of
an d
fro m
th e
P a c ific
la st y ear.
W H O L E S A L E T R A D E —T w el fth D is tr ic t
P er ce n ta ge cha ng es in val ue of sales
A g r ic u ltu r a l I m p le m e n t s . . .
A u to m o b ile S u p p lie s ..........
D r u g s ...........................................
D r y G o o d s ..................................
E le c tr ic a l S u p p lies ...............
F u r n i t u r e ....................................
G ro c e r ie s ....................................
H a r d w a r e ..................................
S h o e s ...........................................
P a p e r and S t a t i o n e r y ..........
,
.
.
,
S e p te m b e r 1935
,-----co m p ar ed wi t h—
Au g . 1935
S ept. 1934
3.0
37.3
— 1.1
11.5
2.0
9.3
— 3.4
3.0
39.1
— 1.3
15.1
30.1
8.3
1.7
16.7
0.7
— 16.3
13.3
6.8
17.6
1.2
14.3
W h o le s a le sa le s w e r e
a b o u t th e
C u m u l a ti v e
1935
c omp a r e d
with 1934
61.3
9.3
5.6
4.6
32.2
23.3
9.7
13.4
— 1.5
13.0
12.8
s a m e in
S ep
te m b e r a s in A u g u s t , b u t th e m a r g in o f in c r e a s e
o v e r la st y e a r w a s
co m p ared
M o re
14 p e r c e n t in t h e l a t e r m o n t h ,
w ith 9 p e r c e n t in A u g u s t.
th a n
th e
usu al
seaso n al
d e c lin e
to o k
p la c e in s a le s o f b o th p a s s e n g e r a n d c o m m e r c ia l
a u to m o b ile s d u rin g S e p te m b e r,a n d th e a d ju ste d
in d e x
d e c lin e d
av erag e,
to
co m p ared
77
p ercen t
w ith
97
of
in
th e
1923-1925
A u g u st.
T h is
la rg e d e c lin e w a s n o d o u b t p a rtly c a u se d b y th e
e a rlie r in tro d u c tio n
of n ew
m o b ile in d u s try th is y e a r.
an y
1929.
th e
in d e x
of
th e
B u reau
of
L a b o r
p ra c tic a lly u n c h a n g e d
fro m
h ig h e r
la st
p ric e s
y ear
fo r fa rm
C ost
of
T w e lfth
a t
D istric t
p resen t,
a
y ear
e a rlie r.
m a in ly
re ta il
in
sh o w ed
th e
m a jo r
little
first tw o
ho w ev er,
it
T h e
from
p ro d u c ts, fo o d s, a n d
fo o d
S e p te m b e r a n d
A t
th a n
re su lte d
h id e s.
c itie s
ch an g e
w eek s
ran g es
rise
h ig h e r
of
th e
d u rin g
of O c to b e r.
c o n sid e ra b ly
h ig h e r th a n a y e a r ea rlie r, in c re a s e s of 1 p e rc e n t
in
L os
A n g e le s,
p e r c e n t in
4
p ercen t
in
S an
P o r tla n d , 3 p e r c e n t in
F ran cisc o ,
2
S e a ttle , a n d
5
p e r c e n t in S a lt L a k e C ity , h a v i n g b e e n r e p o r t e d
b y
th e
B u reau
of
of
L a b o r
m e a ts,
S ta tistic s.
re ta il
p ric e s
eggs,
an d
sh o w
th e la rg est ad v a n ces fro m
E x c e p t fo r a slig h t re d u c tio n
tio n s,
can n ed
fru it p ric e s
a d v a n c in g .
P ric e s
e ra lly lo w e r th a n
A fte r d e c lin in g
b eet
su g ar
p ric e s
$ 5 .0 0 p e r h u n d r e d
g e n e ra l,
an d
o ils
a y ea r ago.
in p e a c h
re m a in e d
d u rin g th e p e rio d u n d e r rev iew .
m a r k e t w a s firm , w ith
In
fats
q u o ta
u n ch a n g ed
T h e d rie d fru it
p ric e s o f a lm o s t all v a r ie
of
d rie d
fru its
are
g e n
la st y ear.
slig h tly
in
ad v an ced
p o u n d s
Ju ly
in
an d
A u g u st,
S e p te m b e r
co m p ared
w ith
to
$ 4 .0 0
p e r h u n d re d p o u n d s la st O c to b e r.
sa le s
N o rth w e s t, a lth o u g h th e to ta l fo r th a t a re a w a s
u n ch a n g ed
in
p ercen t
fro m
tie s
g ain s
th e
in
m i d - S e p te m b e r to m i d - O c to b e r a t a le v e l a b o u t
R E T A I L T R A D E —T w el fth D is tr ic t
Per ce nt ag e cha nge s in val ue of sales an d s toc ks
la rg e
for
A v e ra g e w h o le s a le p ric e s of 784 c o m m o d itie s
S a n F ra n c isc o , S e a ttle , a n d
rep o rted
an d
th a n
Prices
in c lu d e d
D e p a r t m e n t S t o r e s ..........
L o s A n g e l e s ...................
O th e r So. California. .
O a k l a n d ...........................
S a n F r a n c i s c o ............
B a y R e g i o n ^ ...................
Central C a lifo rn ia .. . .
P o r t l a n d f ........................
S e a t t l e .............................
S p o k a n e ..........................
T a c o m a f ..........................
S a l t L a k e C i t y ..............
A p p a r e l S t o r e s .................
F u r n i t u r e S t o r e s ............
A ll S t o r e s .............................
la rg e r
c o r re s p o n d in g th r e e - m o n th p e rio d sin c e
p la c e in all p r in c ip a l c itie s o f th e d is tr ic t e x c e p t
S p o k an e, w h ic h h a d
ho w ev er,
w ere
m o d e ls b y th e a u to
S ale s re m a in e d a b o v e
Bank Debits* —
S ep te m b er
F i r s t nin e m o n t h s
S e p te m b e r
1934
1935
1934
1935
A rizona
25,252 $
21,594 $ 262,212 $ 2 22, 099
P h o e n i x ............ $
C a l if o r n ia
75,960
9,571
96,613
B akersfield . . .
9,407
169,058
135,730
B e r k e l e y ..........
14.644
15,488
150,422
178,797
21,736
19,630
F r e s n o ...............
203,174
259,566
L o n g Beach . .
26,850
21,983
4,791,016
5,810.881
488,616
L o s Angeles . . . .
611,411
1,450,932
1,493,358
176,800
O a k l a n d ............ .
182,143
161,683
186.350
15,189
P a s a d e n a ..........
19,528
936.690
528,950
S acram ento . . . .
127,476
71,196
50.281
65,388
San B ernardino.
6,378
5,594
263.317
27,441
S a n D i e g o ..........
363,198
38,973
650,247
6,885.325
6,091,407
759.364
San F ran cisc o .. .
146,479
167,535
S a n J o s e ............
22,345
19,273
85,932
71,983
8,963
8,180
Santa B arbara.
27,009
3,019
33,652
4,148
S an ta Rosa . . .
15,920
137,567
123,673
S t o c k t o n ............
14,609
Idaho
103,051
14,953
12,760
129,368
Nevada
74,292
66,188
8,410
7,918
O regon
42,709
35,500
5,375
4,532
E u g e n e ...............
1,242,829
1,098,038
159,524
134,444
P o r t l a n d ............
13,330
12,583
112,878
98,760
U tah
17,032
15,992
119,633
111,119
S a lt L a k e C i t y .
52,216
47,127
466,430
417,199
W ashington
41,466
Bellingham . . .
5,566
5,048
43,919
46.112
5,890
5,299
E v e r e t t ...............
47,966
164,407
140,344
1,361,497
1,219,226
S e a t t l e ...............
S p o k a n e ............
33,480
321,630
265,372
40,466
T a c o m a ............
26,262
22,856
216,119
198,596
W alla W a lla . . .
6,081
4,178
36,893
42,920
14,577
13,300
98,969
89,543
Y a k i m a ...............
T o t a l ............ $2,429,635
*In thousands of dollars.
$2,027,283 $21,419,953 $18 ,354,506
MONTHLY REVIEW OF BUSINESS CONDITIONS
78
The Credit Situation
c ity b a n k s a re s h o w n fo r th e first te n
th is
T o ta l
tric t
lo a n s
an d
re p o rtin g
in v e stm e n ts
m e m b e r
of T w e lfth
b an k s
D is
in c reased
m o d
y e a r in th e
D u rin g
p o rtin g
16. T h e
in c re a se
d e p o sits
m e rc ia l
an d
to o k
e sta te
re n tly
h ig h e r th a n
1932.
In v e stm e n ts
re d u c tio n
S ta te s
ta k in g
p la c e
p rin c ip a lly
lo a n s
a t an y
tim e
d ec lin e d
p la c e
w h ic h
in
in
co m
are
cu r
o th e r
real
esta te ,
h av e
th a n
to o k
lo w ed
p la c e
b y
a
of
lo w er
th o u g h
th e y
reco rd
fig u re s
fu rth e r
w ere
sh arp
of
U n ite d
b y
se c u ritie s
su b sta n tia lly
th a n
an d
an d
th e
of
fu rth e r.
a c tu a l
le v els
slig h tly
M arch ,
c o n sid e ra b ly
1931. T h e
re
D e m a n d
o n ly
la st
to
of
h ig h e st
are
re p o rted
still
d e p o sits
th e
d e p o sits
p eak
are
m id -S e p te m b e r
tim e
in c reased
tim e
m o n th s of
ch a rt.
b elo w
a l
th e
d em an d
to h e re in c lu d e d e m a n d
d e
d e p o sits
of in d iv id u a ls, p a rtn e rs h ip s , c o rp o ra tio n s , sta te s,
an d
m u n ic ip a litie s, b u t n o t d e p o sits of th e
M IL L I0 N S
sin c e
F ed -
OF D O L L A R S
C o n sid e ra b le e x p a n
Ja n u a ry
F ro m
in c re a se s
re p o rte d
on
an d
re la tiv e ly
d u rin g J u n e a n d Ju ly .
an d
p o sits re fe rre d
in c reased
p erio d
record,
fro m
ap p ro x im a te
e n tire
th o se
b etw e en
b an k s
n o w
fall of
h o ld in g s
th e b e g in n in g of th is y ear.
sio n
p erio d
sin c e th e
C o m m e r c ia l lo a n s , a s m e a s u r e d b y all lo a n s of
b an k s
on
c ity
a c co m p an y in g
d em an d
slig h tly , th e
G o v e rn m e n t bonds.
c ity
th e
m id -O c to b e r,
e r a te ly f u r th e r in th e f o u r w e e k s e n d in g O c to b e r
real
October 1935
ch an g e
A u g u s t to O c to b e r
in
T w e lfth
M a y , fo l
little
th is
class
D istric t
of
c ity
lo a n s
banks.
A f te r f lu c tu a tin g w ith little n e t c h a n g e d u rin g
th e
first
lo a n s
e ig h t
h av e
m o n th s
re c e n tly
crease
s lig h tly . A
b e r to
O c to b e r
b u t
th is
of
sh arp
w as
in c re a se
th e
sh o w n
y ear,
a
ad v an ce
sh o w n
w as
real
e sta te
te n d e n c y
in
fro m
in
S e p te m
re p o rted
p rin c ip a lly
to
fig u re s,
a
R E P O R T I N G M E M B E R B A N K S - T w e l f t h D istrict
Selected con dition item s. M on th ly averages o f w e e k ly figures.
re su lt
of re c la s s ify in g as re a l e s ta te lo a n s c e rta in lo a n s
p re v io u sly
c a te g o ry .
c lin e d
in c lu d e d
L o a n s
in
on
th e
co m m ercial
se c u ritie s,
to u n u s u a lly lo w
w h ic h
lo a n
h ad
d e
le v e ls in r e c e n t m o n th s ,
eral G o v e rn m e n t n o r of b an k s.
be
are
con fu sed
used
as
w ith
a
n et
b a sis
T h e y sh o u ld n o t
d em an d
fo r
d e p o sits
c o m p u tin g
w h ic h
reserv e
re
a ls o s h o w e d a s lig h t te n d e n c y to in c re a s e in th e
q u ire m e n ts . T h is class of d e p o s its h a s in c re a s e d
fo u r
s u b s ta n tia lly th is y e a r, a n d th e in c re a s e h a s b e e n
w eek s
C h an g es
an d
in
tim e
en d in g
in
O c to b e r
real esta te
an d
an d
d em an d
16.
co m m ercial
d e p o sits
of
lo a n s
re p o rtin g
SOURCES OF FU N DS
C om m ercia l
O perations
— 7.6
— 2.2
— 2.6
+ 1.5
+ 17.7
— 7.2
— 1.4
— 12.5
+ 20.7
— 27.4
+ 15.5
T reasury
O perations
+ 4.5
+ 14.6
+ 1.8
+ 7.5
— 1.1
+ 16.3
— 7.0
+ 2.9
+ 10.5
+ 25.1
— 1.2
Total
Supply
— 1.3
+ 10.4
—
.4
+ 9.7
+ 17.0
+ 8.5
— 7.3
— 9.7
+ 30.1
— 3.3
+ 18.6
U SES O F FU N D S
D em and
fo r
W eek
Ending
C u rre n cy
+ 4 .7
1935— A u g . 7 . . . . .
+ 1 .9
A u g. 1 4 ... ..
A u g . 2 1 . . . . . — 1.1
A u g . 28. . .
—
.4
S ep t. 4 . . . . .
+ 8 .5
S e p t. 11. . . . .
+ 2 .1
S e p t. 1 8 . . . . . — 1.1
— 3.6
S ep t. 25 . . .
..
+ 6 .7
O ct.
2.
O ct.
9 ... ..
+ 2 .1
.3
O ct. 1 6 . .. . . —
M em ber
B ank
R eserve
D ep osits
— 5.9
+ 8.7
+ 3.5
+ 9.5
+ 6.8
+ 5.0
— 2.9
— 7.8
— 1.9
+ 8.6
+ 26.6
O ther
F .R .B .
A c c o u n ts
—
.1
—
.2
— 2.8
+
.6
+ 1.7
+ 1.4
— 3.3
+ 1.7
+ 25.3
— 14.0
— 7.7
p rin c ip a lly
T h e
b y
e x p a n sio n
is
to
a d d itio n s of fu n d s
be
ex
to th e
( i n m illio n s of d ollars)
C h anges in m illions o f dollars during the w eek s indicated
R eserve
B ank
C re d it
+ 1.8
— 2.0
+
-4
+
.7
+
.4
—
.6
+ 1.1
—
.1
— 1.1
— 1.0
+ 4.3
co n tin u o u s.
p la in e d
F E D E R A L R E S E R V E B A N K O F S A N F R A N C IS C O
S O U R C E S A N D U SES O F B A N K IN G R E SE R V E S
T w elfth D istrict
W eek
Ending
1935- - A u g . 7.
A u g . 14.
A u g. 21.
A u g . 28 .
S ep t. 4 .
S ep t. 11.
S ep t. 18.
S ep t. 2 5 .
O ct.
2.
O ct.
9.
O c t . 16.
fa irly
T otal
D em and
— 1.3
+ 10.4
—
.4
+ 9.7
+ 17.0
+ 8.5
— 7.3
— 9.7
+ 30.1
— 3.3
+ 18.6
------- C on e lition
Sept. 18
O ct. 17
O ct. 16
O ct. 9
1935
1934
1935
1935
T o t a l B ills and S e c u r i t i e s . ..
201
201
167
201
B ills D i s c o u n t e d .................
B ills B o u g h t ...........................
U n ite d S ta te s S e c u r it ie s . .
i 99
199
i 99
166
T o t a l R e s e r v e s ........................
445
419
404
338
T o t a l D e p o s i t s ...........................
364
332
337
277
F e d e ra l R e s e r v e N o te s in
C ircu la tio n .............................
266
264
256
214
R a tio o f T o t a l R e s e rv e s to
D e p o s it and F e d e ra l R e
s e rv e
N o te
L ia b ilitie s
C o m b in e d ...............................
7 0 .6 %
6 9 .6 %
6 8 .7 %
6 8 .9 %
R E P O R T I N G M E M B E R B A N K S — T w elfth D istrict
O ct. 16
1935
1,994
L o a n s and I n v e s tm e n ts — T o t a l . .
903
L o a n s — T o t a l ..................................
173
O n S e c u r i t i e s .............................
25
A ccep tan ces, C om ’l P a p er. .
O n R e a l E s t a t e ........................
358
A ll O th e r ....................................
347
1,091
In v e s tm e n ts — T o t a l ....................
627
U n ite d S ta te s S e cu ritie s
S e c u r itie s G u a ra n teed b y
126
U n ite d S tates ......................
338
O th e r ^S e cu ritie s ......................
212
R e s e r v e w ith R e s e r v e B a n k ..........
17
C ash in V a u l t .......................................
869
N e t D e m a n d D e p o s i t s ...................
966
T im e D e p o s its . . . . ...........................
75
G o v e rn m e n t D e p o s it s ....................
235
D u e fro m B a n k s ................................
246
D u e to B a n k s ....................................
B o r r o w in g s a t R e s e r v e B a n k . .
-----C on d lition------O ct. 9 Sept. 18 O ct. 17
1935
1934
1935
1,982
1,880
1,996
905
886
900
174
170
214
24
25
23
349
344
358
348
344
318
1,091
1,096
980
634
641
598
125
332
190
18
856
965
84
230
237
125
330
192
17
861
953
84
228
239
28
354
161
15
721
935
59
186
206
FEDERAL RESERVE AGENT AT SAN FRANCISCO
October 1935
d istric t
as
a
re su lt
of
ex p e n d itu re s
in
th o u g h
rise in
so m e
ex p a n sio n
in
M arch
an d
p o rte d
b y
ste a d ily .
of th e
U n ite d
excess
of
d e p o sits
lo a n s
of
T h e
to
p o sta l sa v in g s
h as
tim e
D is tric t c ity
th e
w as
U n ite d
re su lte d
d e c lin e d
are
T re a su ry
in c lu d e d
fo u r m o n th s fro m
a p p ro x im a te ly
35
in g s fu n d s w e re
T w e lfth
to
of p o sta l
for
m o n th
sa v in g s
A
of
p erio d
as
th e
an
to
w as
m e n ts,
b an k s
d o lla rs
to
th e
w as
re
E x c e p t
w ith d ra w a ls
lik ely
to
ta k e
d istin g u ish e d
in c reased
1
fo r
p la c e ,
fro m
to ta l
s te a d ily sin c e th e
m e m b er b a n k
b u t
th e
p a rt
little
b y
a
reserv e
S e p te m b e r
d u rin g
h ig h e st
th e
p o in t
ch an g e
ad v an ce
c o m p a n ie d
of
in c re a se
th e
in
on
in
th e se
p rin c ip a lly
excess
o f lo c a l
m e n ts
in
th e
tric t w e re
B an k
in
b y
first
reserv e
h alf
in
th e
ta b u la tio n
uses
of
in
th e
R eserv e
an d
th e
d is
a sp ecial a c c o u n t a t th e
B an k
g ra d u a lly
u p o n
refu n d in g
in to
a
fu nd s,
cla ssific a tio n
A c c o u n ts.”
re tire d ,
la rg e
sh o w in g
reserve
th is
A s
acco u n t
p a rt of th e
fu n d s
b alan ces.
In
ad d itio n
u p o n
lo c a l
th e
to
th e
fu n d s
d istric t
re la tiv e ly
to
m eet
n et
o ccasio n ed
sm all
d em an d s
tra n sfe rs
b y
o u t
co m m ercial
of
an d
fin a n c ia l tra n s a c tio n s , a n d to th e te m p o r a r y im
p o u n d in g
ferred
of
to
fu n d s
in
th e
ab ov e, th e re
d em an d
for
a t th is
sp ecial
w as
cu rren cy .
fo r cu rren cy
acco u n t
re
a f u r th e r in c re a s e in
T h e
in c re a se d
seaso n
d em an d
is n o t u n u s u a l ,
an d
of
in te rd istric t
co m m ercial
re su lte d
in a n
T h is
t o t a l i n g $ 8 7 ,0 0 0 ,0 0 0 .
ex
se c u ritie s
in
N ew
in
d eb t
o u tc o m e
A t th e sa m e
fin a n c ia l
sm all n e t
la tte r c irc u m sta n c e w a s
of s u b sta n tia l
tra n sfe rs
S U M M A R Y
O F
of
m e e tin g
of
in la te
p u b lic
u n u su a lly
issu es
ac
d isb u rse
an d
fo r
w as
d isb u rse m e n ts
e x c lu siv e
an d
se c u ritie s
S e p te m b e r a n d
w ere
issu es
cific
in d u stria l
an d
p a y ro lls.
P a c ific C o a s t c o rp o ra tio n s w e re
m u n ic ip a l
c itie s
b y
first h a lf o f O c to b e r,
T h e se
refu n d in g
re stric te d
of
C o ast
th e
m a rk e te d
u n u s u a lly la rg e
to
bo n d s
a m o u n te d
issu es of
p u b lic
of
to
u tilitie s.
la rg e r
P a
a p p ro x im a te ly
$ 5 ,1 0 0 ,0 0 0 .
su b sta n tia l
T re a su ry
a c tiv ity
R e fu n d in g
of
S in c e
D u rin g
ber,
S e p te m b e r an d
d a ily
C o ast
th a n
av erag e
sto c k
in
a
th e
co rp o rate
ap p ears
w ere
d raw n
tre n d
la rg e ly
of
th e n fo u n d th e ir w a y in to m e m b e r b a n k re serv e
lio n d o lla rs d u r in g th e f o u r w e e k s .
of fu n d s.
co m p a n ie s a n d
tra n sfe rre d
an d
req u ire
in c rease
fu rth e r
co llectio n s.
d istric t,
tra n sa c tio n s
an d
F ed eral
se c u ritie s
w as
on e
in
so u rces
in flu e n c e
“O th e r
In
fu n d s
d e p o site d
tra d e
S e p te m b e r 18 to O c to
G o v ern m en t
o u tflo w
th e
R eserv e
th e ir
of u tility
E a st.
ch an g es
re d e m p tio n s a n d g o ld p u rc h a se s, to ta le d 93 m il
tim e
th e
a g ric u ltu ra l
fo l
b e r 16, a d d itio n s to d is tr ic t b a n k i n g f u n d s w e r e
S ta te s
in
tra n sa c tio n ,
w as
reco rd .
b alan ces
c o rre sp o n d in g
D u rin g th e p erio d fro m
U n ite d
h eld
a c tiv itie s
o f id le b a n k e r s ’ b a la n c e s th a t h a d b e e n
b alan ces
cess re se rv e s of d istric t m e m b e r b an k s.
fu rn ish e d
a re tu rn
is b r o u g h t a b o u t l a r g e l y b y a d d i t i o n a l n e e d s f o r
la tte r
b y
O c to b e r
Ju ly
y ear.
d e c re a s e in
lo w e d
fro m
fu n d s in to th e d is tric t in c o n n e c tio n w ith r e c e n t
refu n d in g
d o lla rs
rev iew .
w h e n
are
F ro m
b y
1
p o sta l sa v
m illio n
re tu rn ed
Ju ly ,
d e p o sits,
d u rin g
th e re
21
5y 2 m illio n
d e p o sits, h a v e
first of th is
in
ban k s.
ad d itio n a l
of w h ic h
v a c a tio n
tim e
d o lla rs
in th e f o u r w e e k s u n d e r
th e
th e
16, a n
sa v in g s w a s
T re a su ry ,
banks.
M a rc h 4 to J u ly
re c e iv e d b y th e T re a s u ry
D istric t m e m b e r
O c to b e r
p o rte d
m illio n
of
in th e
tim e d e p o s it c la ssific a tio n , b y d e p o s ita ry
D u r in g th e
re
re s u lt en tire ly
S ta te s
fu n d s, w h ic h
ea rly
d e p o sits
b an k s
th e
a l
fro m
B e tw e e n
to ta l
re d u c tio n
retu rn
T re a su ry
co lle c tio n s,
b anks.
m id -A u g u st
T w e lfth
S ta te s
lo c a l
79
ex ch an g es
th e
w as
sh arp
th e first h a lf of O c to
sh are
p rev io u s
in
six
ev id en ce
re c e ssio n
tu rn o v e r
w as
on
w eek s, b u t an
in
ea rly
O c to b e r.
in
P a c ific
so m ew h at
th e
lo w e r
u p w ard
F o llo w in g
m o n th ,
av erag e
p ric e s ro s e s te a d ily , r e a c h in g th e h ig h e s t le v e ls
of
th e
y ea r
by
p o rate
b o n d
ch an g e
fro m
N A T IO N A L
m id -O c to b e r.
p ric e s
a
at
th a t
m o n th
A v erag es
tim e
of
sh o w ed
co r
little
e a rlie r.
C O N D IT IO N S
Prepared by the Board of Governors of the Federal Reserve System
In d u stria l
creased
in
m o d itie s
to
re fle c tin g
eral
p ro d u c tio n
S e p te m b e r
le v e l
an d
an d
co n su m ers
e m p lo y m e n t
d istrib u tio n
w as
in
la rg e r
in p a r t s e a s o n a l in flu e n c e s .
of
w h o le sa le
p ric e s
in
an d
s e a so n a lly
m in es,
as
a d ju sted
tio n , a d v a n c e d fro m
in
m e asu red
in d e x
T h e
g e n
in
S e p te m b e r
of
O c to b e r
O u tp u t a t fac
in
th e
B o a r d ’s
of in d u stria l p ro d u c
8 8 p e r c e n t in
S e p te m b e r,
au to m o b ile s
A t ste e l m ills, a c tiv ity
little
sh o w e d
b y
of
49 p e rc e n t of c a p a c ity
8 7 p e r c e n t o f th e 1923-1925
A u g u s t to
p ro d u c tio n
v o lu m e ,
le v el.
P ro d u c tio n an d E m p lo y m e n t.
av e ra g e
th e
te x tile s.
change.
to ries
in
of co m
A t
an d
d u rin g
c o n tin u e d
a u to m o b ile
o u tp u t
in
d u rin g
at
A u g u s t to
th e
w o o le n
th e
fa c to rie s, a
as
w eek s
S e p te m b e r
sh arp
d ec lin e
p re p a ra tio n s
m o d e ls , w a s fo llo w e d in th e
e a rly p a rt of O c to b e r b y a rap id ad v an ce.
b er
p ro d u c tio n
te m b e r.
In
c o n tin u e d
th e
fro m
51 p e r c e n t
first th r e e
ab o u t
S e p te m b e r,
w ere m ad e fo r n ew
an d
in c reased
c o tto n
to
in c re a se
te x tile
in d u stry ,
in
L u m
S ep
w h ere
re fle c tin g c h ie fly in c re a s e s in th e o u tp u t o f iro n
o u tp u t h ad
an d
A p ril, a c tiv ity s h o w e d a m a r k e d in c re a s e in S e p
ste e l, lu m b e r, c o tto n
an d
silk te x tile s , a n d
a n th r a c ite , o ffs e t in p a r t in th e to t a l b y d e c lin e s
te m b e r.
b een
T h e re
a t a re la tiv e ly
lo w
le v e l sin c e
w a s a lso a n in c re a s e in o u tp u t a t
MONTHLY REVIEW OF BUSINESS CONDITIONS
80
silk m ills , w h ile a t w o o le n
has been
at an
eral m o n th s, th e re
F a c to ry
crease
at
w as
of
th e
sh o w ed
m id d le
S e p te m b e r.
fo u n d rie s
an d
h ig h
of
T h e
in
th e
ag e
le v e l fo r s e v
a d e c lin e .
e m p lo y m e n t
b etw e en
m id d le
m ills, w h e r e a c tiv ity
e x c e p tio n a lly
a
seaso n al
A u g u st
n u m b e r
lu m b e r,
in
an d
th e
e m p lo y e d
n o n -ferro u s
as
October 1935
co m p ared
C o m m o d ity
w ith
w h o le sa le
c o m m o d ity
th e
of
in d e x
sh o w ed
first
th e
d ecreased
w eek s
p ercen t
T h e
a
y ea r
g en eral
p ric e s,
B u rea u
little c h a n g e
th re e
75
P ric e s.
of
as
m e a su re d
L a b o r
O c to b e r.
of
b y
S ta tistic s,
d u rin g S e p te m b e r
of
ago.
le v el
P ric e s
an d
of
th e
g rain s
in th e m id d le o f O c to b e r , f o llo w in g a
m e ta ls, a n d m a c h in e ry in d u strie s in c re a se d s u b
c o n s id e r a b le a d v a n c e , w h ile p r ic e s o f silk , h id e s ,
sta n tia lly ,
w h ile
an d
th e re
a
w as
m ills,
an d
in
e m p lo y m e n t
at
silk
th e
au to m o b ile
c o n sid e ra b le
an d
crease of m o re
d e c lin e .
sh o w ed
ray o n
th a n
a
in d u stry
A t
season al
m ills
th e re
c o tto n
in c re a se
w as
an
in
th e u su a l seaso n al a m o u n t,
tin u e d to
e m p lo y m e n t
a t
w o o le n
m ills
an d
shoe
d e c lin e d .
abro ad.
A t th e
ch iefly
en d
e n d in g
im p o rts
of th e
p erio d
of
g o ld
reserv es
in e x c e s s o f le g a l r e q u i r e m e n t s a t $ 2 ,9 3 0 ,0 0 0 ,0 0 0
w ere
by
ab o u t
th e
th e
F.
sam e
W .
in
D o d g e
th e
six
C o rp o ra tio n ,
w eek s
en d in g
O c t o b e r 15 a s in t h e p r e v i o u s s ix w e e k s , r e f l e c t
an
a
in c rease
seaso nal
in
re sid e n tia l
ch a ra c te r,
an d
b u ild in g ,
slig h t
p a rtly
d ec lin e
in
o th e r ty p e s of c o n stru c tio n .
a t
th e
h ig h e st
le v el
on
reco rd .
A t w e e k ly r e p o r t in g m e m b e r b a n k s in 91 le a d
in g
c itie s
b y
a d ju sted
$ 4 0 ,0 0 0 ,0 0 0
16,
d e p o sits
d e c lin e d
to
a
n ew
w h ile
h ig h
b y
d em an d
d u rin g
O c to b e r
creased
th e
U n ite d
an d
le v e l.
d e p o sits
fo u r
in c re a se d
w eek s
S ta te s
e n d in g
G o v ern m en t
in te r-b a n k
b alan ces
L o a n s
se c u ritie s
$ 4 0 ,0 0 0 ,0 0 0 ,
o n
w h ile
o th e r
rose
d e
lo a n s
W H O L E S A L E PR IC ES
D E PA R T M E N T STO RE SALES
I n d e x e s of th e U n i t e d S tat es B u r e a u o f L a b o r S tat istics.
B y m o n t h s 1929 to 1931; by w e e k s 1932 to da te. (1926=100.)
I n d ex es of daily ave rage v al u e of sales. (1923-1925=100.)
D istrib u tio n .
F re ig h t-c a rlo a d in g s sh o w e d an
in c rease of m o re th a n th e u su a l seaso n al a m o u n t
S e p te m b e r a n d
h alf
of
O c to b e r.
in c re a s e d
a m o u n t in
th e
re fle c tin g
FACTORY EM PLOYM ENT
rep o rted
in
23,
I n d e x o f factory em plo y m e n t, a dj u st ed for seas on al v a r i
ation (1923-1925 a v e ra ge = 1 00 ) .
T h e v alu e of c o n stru c tio n c o n tra c ts a w a rd e d ,
of
p erio d .
IN D U S T R IA L PR O D U C T IO N
fa c to rie s
in g
th e
i n c r e a s e d u r i n g t h e fiv e w e e k s
O c to b e r
fro m
th ro u g h o u t
R eserv es of m e m b e r b an k s co n
I n d e x o f in d u str ia l p r o du ct io n , ad ju ste d for seas on al v a r i a
tion (1923-1925 av era ge = 10 0 ).
w h ile
as
in c re a se d
PER C E N T
PER C EN T
w as
co p p er
B a n k C re d it.
b y
w as
f u r th e r in
th a n
th e
sto re
e stim a te d
th e
first
sa le s
also
season al
S e p te m b e r, a n d fo r th e th ird q u a rte r
av erag e
in d e x
m o re
in c re a se d
D e p a rtm e n t
of th e
80
B o a r d ’s s e a s o n a l l y
p erce n t
of
th e
a d ju sted
1 9 23-1925
av er-
in c lu d in g
co m m ercial
c re d its,
in c reased
b y
$ 8 0 ,0 0 0 ,0 0 0 .
Y ie ld s o n b o th s h o rt-te rm
e rn m e n t
w eek
o b lig a tio n s
fro m
G o v
th e
la st
in A u g u s t to th e firs t p a r t o f O c t o b e r a n d
su b se q u e n tly
d e c lin e d .
m a rk e t m o n e y
le v e ls.
a n d lo n g -te rm
in c reased
rates
O th e r s h o rt-te rm
re m a in e d
at
open-
p rev io u s
lo w
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