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MONTHLY REVIEW
OF
BUSINESS CONDITIONS
JOHN PERRIN, Chairman of the Board and Federal Reserve Agent
Federal Reserve Bank of San Francisco
------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------:
Vol. VIII
San Francisco, California, September 20,1924
Summary of National Conditions
Production in basic industries was main
tained during August at about the same level
as in the two preceding months, and factory
employment showed a slight increase. Whole
sale prices, especially those of agricultural
products, showed a further advance.
Production. The Federal Reserve Board's
index of production in basic industries, ad
justed to allow for seasonal variations, con
tinued in August at the same level as in June
and July. Production of steel was substantially
larger than in July, and the output of pig iron
and mill consumption of cotton also increased.
Sugar meltings and production of anthracite
and zinc, on the other hand, were smaller.
Factory employment increased slightly in
August and average weekly earnings increased
No. 9
4 per cent, owing to less part-time employ
ment. Larger working forces were reported in
the textile, leather, and automobile industries.
Building contracts awarded, contrary to the
usual seasonal trend, were 3 per cent larger in
August than in July. Crop conditions showed
further improvement in August, and the Sep
tember estimates of production by the Depart
ment of Agriculture were larger for wheat,
oats, barley, and potatoes. Estimated yields of
corn, cotton, and tobacco, however, were
smaller. Harvesting has proceeded rapidly this
year, and the August marketing of wheat was
larger than in either of the last two years.
Trade. Bank debits, which reflect the vol
ume of business transactions settled by check,
showed about the usual seasonal decrease in
August, but were larger than a year ago. Rail
road shipments increased slightly as a result
PER CENT
1919 1920
1921 1922 1923 1924
Production in B u ie Industrie*
Index of 22 basic commoditica corrected for seasonal variation (1919=100).
Latest figure. August, 94.
Wholesale Price*
Index of U. S. Bureau of Labor Statistics (1913=100. base adopted by Bureau).
Latest figure. August, 150.
Those dwiriny tUa review sent them regularly will receive It without charge upon application.
118
Septem ber, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
of larger loadings of miscellaneous merchan
dise, grain, and coal. Wholesale trade was 7
per cent larger than in July, owing to seasonal
increases in sales of dry goods, shoes, and
meat, but continued to be smaller than a year
ago. Department store sales showed less than
the usual increase in August and were 7 per
the middle of September, although discounts
were at the low point for the year, the total
volume of reserve bank credit was higher than
at any time since last spring. Seasonal in
crease in the demand for currency was re
flected in a decline in cash reserve and, at the
reserve banks in certain of the agricultural
PER CENT
M IL L IO N S O F D O L L A R S
200
4000
Discoui
Total
IEjamint
— Sates with seasonal correction
-Sales without correction
rptance.
IISSec.
_____
1919 1920 1921 1922 1923 1924
Asseti
k :
1919 1920 1921 1922 1923 1924
Deportment Store Sale«
Index of 333 stores in 117 cities (1919=100). Latest figures, August, with
correction, 118» without correction, 93.
Reserve Bank Credit
Weekly figures for 12 Federal Reserve Banks. Latest figure, September 17.
cent smaller than last year. Mail order sales
increased more than usual at this season, and
were 1 per cent larger than in August, 1923.
Merchandise stocks of department stores at
the end of August, for the first time this year,
were smaller than on the corresponding date
of 1923.
Prices. Wholesale prices, as measured by the
index of the Bureau of Labor Statistics, in
creased 2 per cent in August, and were at about
the same level as a year ago. The advance was
due largely to further increases in prices of
farm products and foods, though all other com
modity groups, except metals and fuel, also ad
vanced. During the first three weeks of Sep
tember, prices of wheat, rye, wool, and rubber
increased, while those of cotton, silk, petro
leum, and metals declined.
Bank credit. Loans and investments of mem
ber banks in leading cities continued to in
crease during the four-week period ending Sep
tember 10th, and on that date reached a record
figure about $1,000,000,000 above the level of
three months earlier. The largest increase was
in loans on stocks and bonds, although com
mercial loans also increased, owing partly to
seasonal demands for credit. The growth of
investments by member banks continued,
though at a somewhat slackened rate. At the
Federal reserve banks there was a further in
crease in the holdings of Government securi
ties and of acceptances, with the result that in
districts, in an increase of Federal reserve note
circulation. Slightly firmer conditions in the
New York money market in late August and
early September were reflected in a slight ad
vance of the rate on commercial paper from
3-3J4 to 3}i per cent. After the middle of Sep
tember a recurrence of easier conditions fol
lowed Treasury operations. The September
15th offerings of one-year Treasury certificates
bore 2j4 per cent interest, the same rate as the
six-months issue sold in June.
Summary of District Conditions
Hesitant improvement characterized the bus
iness situation in the Twelfth Federal Reserve
District during August. A definite expansion
in industrial activity was noted, but seasonal
gains in volume of trade at wholesale and re
tail were smaller than usual. The trend of the
general price level was upward, although
counter movements were frequent and not
all commodities shared in the advances. Funds
for financing business continued in ample sup
ply at low rates, and member banks were able
to care for the slightly increased needs of their
commercial borrowers without recourse to the
Federal Reserve Bank.
Fact and opinion concerning present and
prospective returns to farmers for their 1924
crops are exerting a particularly important in
fluence on the general business situation this
year. Although definite statement must await
Septem ber, 1924
completion of harvesting and disposal of a
larger proportion of the crops than has already
been marketed, it is safe to say that recent
increases in prices of agricultural products
have done much to improve the outlook in
farming sections. Crop production for the dis
trict was generally smaller in volume this year
than in 1923, and slightly below the average
of recent years.
Reports of increasing industrial production,
which were quite numerous during the latter
part of July, have been confirmed by the statis
tical record for August. Lumber mills and
metal mines of the district have increased their
output in response to a growing demand for
their products on a strengthening market. The
building industry has continued active at levels
only slightly below the record figures of a year
ago, the number and value of building permits
issued in 20 principal cities of the district dur
ing August, 1924, being 12.1 per cent and 11.4
per cent, respectively, larger than during July,
1924, and 0.2 per cent and 15.1 per cent smaller
than during August, 1923. The latter decrease
must be interpreted in the light of a decline of
8.1 per cent in building material prices over
the year period. The fruit canning season is
now drawing to a close. Commercial factors
estimate that the pack in California will be
slightly smaller, and that in Oregon and Wash
ington approximately the same as last year.
This year's pack is meeting a steady market
demand at prices which have tended upward
as the season advances.
The total volume of trade transacted in the
district, as indicated by debits to individual
accounts at banks in 20 clearing house centers,
declined slightly during August as compared
with July, but was still slightly above esti
mated normal and well above the low point
reached in June. Retail trade activity increased
by less than the usual seasonal amount during
August and the increased buying which ap
peared in July, subsided, so that trade at
wholesale again presented marked irregulari
ties. Here also, however, the August figures
reflected a more favorable situation than that
which prevailed in June. The number and
liabilities of business failures within the dis
trict during August were less by more than 15
per cent than during July.
Increases in commercial demand for credit,
resulting both from seasonal needs of trade and
from recent slight increases in business activ
ity, have been met by member banks out of
their own resources. Commercial loans of 66
reporting member banks in the principal cities
of the district increased $5,000,000 during the
four weeks ended September 10, 1924. A re
duction of $4,000,000 in loans secured by stocks
119
FEDERAL RESERVE AGENT AT SAN FRANCISCO
and bonds and of $2,000,000 in investments pro
vided the funds necessary to care for this in
crease in commercial borrowing. Demand de
posits of reporting banks have increased fur
ther, and at $781,000,000 on September 10th,
were at record levels. Earning assets of the
Reserve Bank increased slightly during the
month as a result of purchases of government
securities and of acceptances. Discounts of the
bank, at $16,000,000 on September 17th were
at the lowest point reached since the latter
part of 1917. Interest rates have remained at
low levels.
Agriculture
The unrelieved dry spell which has had such
an unfavorable effect upon the growth of im
portant crops of the district, has in turn fa
vored the steady and rapid harvesting of the
yields which have been secured. During
August and early September, satisfactory
progress in threshing grains, gathering field
crops (including beans, cotton, potatoes, and
sugar beets), and picking, packing, and curing
deciduous fruits was quite generally reported.
Estimated yields on September 1st were but
little changed from the figures published on
August 1st, although the grains, particularly
wheat, were yielding more heavily and the
majority of deciduous fruits less heavily than
was anticipated a month ago. Prices of agri
cultural products in general held the gains of
the previous month or moved slightly upward.
The accompanying table shows the estimated
yields of some of the principal crops of the
district, and their average farm value per unit
of production on August 15th of the years 1924
and 1923. It is evident from this exhibit that
aggregate returns for the short crops of the
present year will compare more favorably with
returns received for the large crops of 1923
than was thought possible before the recent
rise in prices of agricultural commodities.
t------------------ Production------------------*
Estimated
Farm Prices
Sept. 1,
Aug. 1,
Actual
Aug. 15, Aug. 15,
Grain:
Unit
1924
1924
1923
1924
1923
Wheat ,.b u . 69,875,000 69,115,000 144,191,000 $1.16J $ .85$
Barley ...b u . 20,091,000 20,024,000 46,192,000 1.20*
.63*
Field Crops:
Beans . . .bu.
2,734,000 2,869,000
Potatoes bu. 30,559,000 29,751,000
Sugar
Beets ..t o n
1,678,000 1,841,000
Deciduous Fruits:
Apples (com
mercial) box 30,714,000 31,287,000
Grapes*..ton 1,536,000 1,638,000
Peaches..bu. 12,237,000 13,855,000
Pears . . .b u .
7,697,000 7,649,000
Prunes ..to n
117,500
117,500
___ (d rie d)
5,725,000
35,323,000
4.00*
1.08f
2.98*
.80f
2,154,000
43,959,000 1.40*
1.31*
1,811,000 35.001F 40.00ff
17,663,000 1.40*5 1.50*5
9,472,000 1.60*
1.56*
80,000* .1054*1.09#*!
•California, fldaho. ^Washington. {J u ly 15th.
f Thompson Seedless (commercial estimate September 15th).
(Wholesale price per pound— 40-50«.
120
S eptem ber, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
An approximate measure of progress made
in marketing the crops of the district during
the present season is given in Table “A”.
Many of the important crops of the district
have matured from one to three weeks earlier
than usual this season, and insofar as this is
true, shipments during recent weeks have been
relatively larger than in corresponding periods
of normal years. Grain exports during the
considerably in excess of that shown in the
table, shipments to domestic markets, par
ticularly California, having been nearly twice
as large during the past two months as during
July and August, 1923.
The figures of shipments of deciduous fruits
show a decline as compared with a year ago
which reflects the relative size of the crops
in the two years. The supply of refrigerator
cars for shipping fresh deciduous fruits from
this district to eastern fruit markets has con
tinued adequate for current needs of shippers.
Livestock—Animal Products
Although the drought of recent months was
broken in many sections of the district during
August and the first weeks of September, past
ures and ranges continued quite generally to
suffer from lack of moisture. Losses of live
stock have been largely averted by the early
removal of flocks and herds from customary
summer feeding grounds, and by increased
utilization of grain and hay stubble fields and
other supplementary feed resources. Yard
feeding of livestock has commenced sooner
TH O U SA N D S
5001
------ ------ ------ ------ ------------- ------ ------
California Fruit Shipments, 1923*1924
first two months of the 1924-1925 cereal year,
although smaller in volume than a year ago,
have been larger in proportion to the yield
than was the case in the 1923-1924 season.
The actual movement of wheat, too, has been
(A) M ovement o f Crops to Market*
T W E L F T H F E D E R A L R E S ER V E D IS T R IC T
W heat Exports^
Portland and Puget
S o u n d ..........
Barley Exports
San Francisco (bu.)
Orange Shipments§
California . . . (cars)
Lem on Shipments§
California . . . (cars)
T otal Deciduous
Fruit Shipments^
California . . . (cars)
T otal Deciduous
Fruit Shipments^
Pacific
N orthwest (cars)
1924-1925
Season to
Aug. 31,1924
1923-1924
1922-1923
Season to
Season to
Aug. 31,1923 Aug. 31,1922
1,424,499
(2.0) t
2,346,435
(1.6)
5,738,474
(5.9)
2,797,737
(15.1)
3,255,547
(7.3)
4,645,495
(10.8)
40,639
(78.8)
45,417
(91.8)
27,005
(87.5)
12,104
(92.2)
7,612
(77.7)
9,135
(87.7)
17,851
20,877
13,927
ill
)
4,144
6,935
1.656
ill
1 ill
I
111 . L I I I
1923
1 I 1.1
I
ill
I
II
1924
Receipts ot Livestock at Eight of the Principal Markets erf the District
1923-1924. (Los Angeles. Ogden, Portland, Salt Lake City, San
Francisco, Seattle, Spokane, and Tacoma inoladed)
and is being done on a larger scale than usual,
and an abnormal autumn demand for hay has
developed in many areas. Condition figures
of ranges, cattle, and sheep, expressed in per
centages of normal (normal==100), for the
states of this district follow:
/—
•Figures in parentheses indicate percentage of new crop only.
Carryover figures are disregarded,
tPercentage figures based on September 1st crop estimate.
¿Season begins J u ly 1st.
{Season begins November 1st
f Season begins about M ay 1st.
O 111
Range#------\
Aug.
1,
Sept. 1,
1924 1923 1924
79
California . . , .. 52
83
51
68
58
61
Utah .............
73
W ashington . . . 7 0
98
74
,------Catti«
Aug.
Sept.l,
1924 1923 192*
83
91
85
82
94
84
82
91
81
70
96
75
76 100
79
74
89
76
78
99
78
t------ Sheep >1 ^
Aug.
Sept. 1,
1,
1924 1923 1924
90
80
94
83
96
84
88
67
98
73
90
75
78 101
85
80
84
82
88 100
90
Total receipts of all classes of livestock at
eight principal markets of the district during
August reflected a normal seasonal movement
to marketing centers accelerated in some sec
tions by a shortage of feed which necessitated
an increase in early autumn shipments. Fig
ures follow:
LIVESTOCK RECEIPTS AT
Cattle
77,433
64,850
69,256
August, 1924.........................
July,
1924.........................
August, 1923.........................
Four-Year Average*
A u g u s t...............................
J u l y ....................................
*1921*1924.
121
FEDERAL RESERVE AGENT AT SAN FRANCISCO
Septem ber, 1924
66,034
61,598
EIGHT MARKETS
Calves
Hogs Sheep
26,872
159,774 294,006
24,607
201,351 285,881
23,918
170,161 239,364
21,214
129,608 267,781
18,913136,109 ^ 237,688
Production of butter continued at high levels
during August, and was accompanied by a
seasonal increase in holdings of cold storage
butter at the chief markets of this district. A
small decrease in cold storage stocks at Cali
fornia markets was more than offset by in
creased holdings in the Pacific Northwest,
although cold storage stocks in California
comprised approximately three-fourths of the
total for the district. Stocks of eggs held in
cold storage in this district declined seasonally
during August.
Prices of important products of this district,
including the majority of farm crops, live
stock, animal products, non-ferrous metals, and
lumber, participated in the general upward
movement. Of particular significance were
advances in prices of wool, sugar, and copper,
which appear to have been as much the result
of the general business and price situation as
of the market position of the individual com
modities.
Price movements for certain important prod
ucts of the district and representative index
numbers of the general price level are sum
marized in table “B.”
1N O EX N U M B E R S
COLD STORAGE HOLDINGS OF BUTTER AND EGGS
Five* Year
Sept. 1,
Average
Aug. 1,
Sept. 1,
Butter (pounds)
1924
1924
Sept. let#
1923
8,630,893
8,580,037
*12th District.
6,226,035
5,022,774
United States. 156,232,000 134,118,000lf 102,731,000 110,802,000
Eggs (cases)
tl2 th District.
516,815
554,165*
600,931
Î
United States.
8,751,000 9,267,000fl 9,883,000
8,152,000
*Four markets. fSix markets, iFigures not available. §1920*1924.
flRevised.
_____
Wholesale Prices and the Cost of Living, 1920-1924
United States Bureau of Labor Index of Wholesale Price» (1913=100)
National Industrial Conference Board Index of the Cost of Living (July 1914=100)
Prices
Industrial Activity
Upward movement of the general level of
prices, first noted in July, continued during
August, and prices at the close of the latter
month averaged approximately the same as
one year ago. Prices of farm products again
advanced further than did the general level of
all prices, and agricultural commodities as a
class are now selling more nearly on a parity
with other commodities than at any time since
the decline of prices in 1920.
Improvement in the industrial situation in
the Twelfth District, first noted during July,
became more pronounced during August, be
ing accentuated by expanding seasonal ac
tivity in agricultural centers.
Figures of building permits issued at 20
principal cities of the district during August,
1924, were larger than in recent previous
months, but remained at lower levels than a
year ago. The number of permits issued dur-
(B) Commodity Prices—
Commodity
U nit
Wholesale Prices (U. S. Bureau of Labor) 1913=100.................................
Purchasing Power of Farm Products (U. S. Department of Agriculture)
1913=100 ........................................................................................................
Lambs ......................... Weekly average price at Chicago......................
Wheat .........................Chicago contract price for September Wheat.
Wool ...........................Average of 98 quotations at Boston...................
Sugar ..........................Beet Granulated f. o. b. San Francisco.............
P r u n e s ........................Size 40/50 in 25-lb. boxes f. o. b. California..
Raisins .......................Thompsons in 25*lb. boxes f. o. b. California.
Canned Peaches......... r i ing Choice, 2\4s f. o. b. California.................
Copper ..........................Electrolytic, New Y ork Spot.................................
L e a d ............................New York Spot.....................................................
Lumber (S oftw ood). .W eekly índex, Û . S.*
*As published by the "Lum ber Manufacturer and Dealer.”
100 lbs.
100 lbs.
bu.
Ib.
100 lbs.
lb.
lb.
doz.
lb.
lb.
oz.
Sept. 5,1924
One Month Ago
One Year Ago
150.0
147.0
150.0
90.0
$10.00
13.40
1.227A-Ì.24H
82.551
7.40
.1 0 # -. 11
.0754
2.45
13.221
7 83*
68,52*
30.74
83.0
$10.05
13.35
1.30^-1.33
77.58*
6.75
.1 0 ^ -.1 0 J4
•07#
2.45
12.391
7.12#
67.16*
29.12
73.0
$10.40
12.95
1.01M -1.03K
76.46*
8.00
.09 J4 -.0 9 #
.08
2.25
13.82*
6.58*
62.79*
31.39
122
S eptem ber, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
mg* August, 1924, was 12.1 per cent greater and
their value was 11.4 per cent greater than in
July, but the increase during the month was
smaller, both in number and in value, than
during August, 1923, as compared with July,
1923. For the year period (August, 1924,
compared with August, 1923) number and
value of permits declined 0.2 per cent and 15.1
per cent, respectively. The decline in value
of permits issued represents only in part a
decline in actual volume of projected building,
as the cost of building materials has declined
approximately 8.1 per cent during the year.
The United States Bureau of Labor Statis
tics’ index stood at 169 in August, 1924, and
at 186 in August, 1923. Prices in 1913=100.
The Aberthaw index of the total cost of con
structing a reinforced concrete factory build
ing remained unchanged during August, and at
196 on September 1, 1924, was 4.8 per cent
lower than the figure (206) on September 1,
1923.
than either production or shipments, and un
filled orders on the books of the mills at the
close of August, 1924, were 15.8 per cent
larger than one month ago, and but 4.3 per
cent smaller than a year ago. Despite a larger
volume of production than of shipments during
the past month, stocks of lumber at mills were
reported to be small. Figures follow (000
omitted) :
Aug., 1924 July, 1924 Aug., 1923 Ju ly,1923
(board feet) (board feet) (board feet) (board feet)
Production ......................
Shipments .......................
Orders .............................
Unfilled Orders................
Number of Mills Report
ing .................................
586,568
549,480
616,196
415,523
515,453
517,302
540,924
358,851
664,863
551,354
533,326
434,169
673,392
573,249
533,294
439,315
181
182
193
200
Curtailment of logging operations in the
Pacific Northwest continued during August,
but an increase in activity was noted as the
summer fire hazard was lessened by rainfall
during the first weeks of September. Logs
have been in ample supply to meet current
demands of the mills.
An increased demand for lumber, both in
domestic and foreign markets was noted dur
ing August, practically all sections of this
country and the majority of foreign purchasers
participating in the buying movement.
MILLIONS OF BOARD F E E T
800
•
600
‘x ; U
f
400
Building Permit» Issued in 20 Principal Cities, Twelfth Federal
Reserve District, 1923-1924
Recent trends of activity in the building in
dustry in this district, as shown by monthly
and cumulative year to date comparisons of
building permit figures for 20 cities, are indi
cated in the following table:
Month m 1924 compared
with same Month in
- 1923Monthly
Cumulative
No.
Value
No.
Value
0.2%
August .
July . . . . — 5.5%
—15.6%
June
M a y ----- —12.6%
April . . . — 2.2%
1.5%
March ..
February. 26.3%
January .. 12.6%
Month in 1924
compared with
preceding
Month
No.
Value
—15.1% — 0.3% — 5.4%
12.1%
11.4%
— 3.4% — 0.4% — 3.8%
3.5%
9.3%
—28.5%
0.5% — 3.8% — 8.9% —11.6%
— 18.7%
3.7%
1.9% —11.5% — 7.6%
— 2.4%
8.2%
8.1% — 8.7% —12.2%
12.1%
12.1%
11.0%
15.1%
— 2.1%
18.5%
19.3%
5.1%
2.8%
22.5%
27.0%
12.6%
27.0%
14.9% — 9.3%
The volume of lumber cut by mills reporting
to four associations of this district increased
13.8 per cent during August, the gain being
partly seasonal and partly the result of a
strengthening demand for lumber products.
For the second consecutive month orders re
ceived were considerably larger in volume
SH IPM EN TS-------• —•
200 — O RD ERS •
ÍT , , t r - r - m ~ T T \Li—i—l! i i i l i
1923
i i1
li 1 1
1924
1 1 11
Lumber Production, Orders Received, and Shipments in Twelfth
Federal Reserve District as Reported by Four Lumber
Associations, 1923*1924
(C) Building Permits —
August. 1924
N o.
Value
Berkeley ................
Long Beach............
Los A n g e le s ........... .
.
P o r t l a n d ................. .
Sacramento ...........
Sa l t L a k e C i t y . . .
San Diego...............
S an F r a n c is c o . . . .
San Jose.................
416
68
110
345
3,835
1,113
34
334
84
1,543
16
289
131
582
894
82
S p o k a n e ...................
Stockton ................
District ...............
94
362
August, 1923
Value
N o.
901,908
103,207
148.916
1,045,041
13,893,095
3,026,716
113,200
1,306,328
210,529
3,152,125
59,200
497,976
507,263
1,632,051
4,040,980
298,440
2,116,960
185,167
369,319
742,632
229
61
142
404
5,932
1,120
30
381
51
1,443
19
339
96
421
787
94
854
218
117
439
$34,351,053
13,177
$
$
620,435
67,529
286,413
1,566,817
22,249,262
2,118,416
67,200
765,629
68,805
2,818,355
56,908
2,514,560
559,730
651,598
3,915,300
187,885
1,281,130
199,146
251,375
223,416
$40,469,909
Septem ber, 1924
123
FEDERAL RESERVE AGENT AT SAN FRANCISCO
Preliminary reports to this bank indicate
slightly greater activity in the mining industry
of the district during August than during July,
and evidences of increased production of gold,
silver, copper, and lead have accumulated
during the month.
Figures of national production of copper,
silver, zinc, and quicksilver during July and
June, 1924, and July, 1923, follow:
July, 1924
June, 1924
Copper (lbs.) (mine produc
tion) ................................... 129,486,000* 127,506,000
Silver (oz.) (commercial
4,492,351
5,228,000
„ bars) ...................................
42,913
43,442
Zinc (tons) (sla b )................
Quicksilver (flasksof 75 lbs.,
775,550
775,550
estimated) .........................
July. 1923
cent. Pertinent data concerning the California
oil industry are presented in the following
tables:
Aug.,
July,
Sept.,
Aug.,
•P eak
Average
Daily
Production
(barrels)
1924*.. 616,548
1 9 2 4 ... 621,766
1923*.. 858,750
1 9 2 3 ... 852,903
of production.
GASOLENE
125,249,347
5,406,000
43,065
t
Figures for lead are not available. ‘ Preliminary. tN ot available.
Further strengthening of non-ferrous metals
markets was reported during August and the
first weeks of September. Demand for copper,
silver, and lead was especially active, and note
worthy gains in prices were recorded for these
metals during the period under review.
Daily average production of petroleum in
California oil fields continued downward dur
ing August, but consumption declined by a
PETRO LEUM
Indicated
Average
Stored
^ New Wells
Daily
Stocks at
Daily
Consumption End of
Produc
tion
(Shipments)
Month
Number
(barrels)
(barrel*)
(barrels)
Opened
572,017
102,846,705
100
33,954
593,109
101,466,225
137
55,975
93
85,496,609
779,657
139,960
708,767
83,123,835
61
118,433
July, 1924
June, 1924 July, 1923
June, 1923
(gallons)
(gallons)
(gallons)
Refinery O utput. 93,742,087 109,567,063 121,212,438
Stored Stocks*.. 261,419,197 276,959,482 136,585,654
(gallon*)
115,316,719
142,859,892
*As of the last day of the month.
A slight decline in production of flour at 16
reporting mills of the district during August,
following a similar decline in July, brought
current output to levels well below those of the
M IL L IO N S O F B U S H E L S
5
V
\
M IL L IO N S
S'
)
A J
rocKso WHEAT
>
1
X
3 0 0
200
TH O U SAN D S OF B A R R E L S
STORED ST ÍCKS OF 6A SOLE
(GALLONS)
900
/
*%STO;ksoffi o u y
500
4-0
STORED S OCKS OF P rTROLEUM
<BBLS>
PETROL EUM PROg JCTION
(BBLS.)
2 0
o
- pet
Í OLE UM SM IPMENTS
(B 8 L S .)
IO
1923
Production. Shipments, and Stored Stocks of Petroleum, and Refinery
Stored Stocks of Gasolene in California. 1923-1924
greater amount and stored stocks were further
increased. The enormous growth of stored
stocks since January, 1921, when the upward
movement began, has carried holdings within
the state (102,846,705 barrels on August 31,
1924) to levels over 300 per cent higher than
three years ago. California refineries pro
duced less gasoline during July, 1924, than
during June, 1924, the decreased production,
at the season when consumption of gasolene
is greatest, resulting in a reduction of re
finery stocks of gasolene amounting to 14.5 per
V '
OUI PUTOf FLOUR
IO O
«924
1923
Monthly Plottr Output, and Stocks of Wheat and Flonr at End of Month
of 16 Reporting Milling Companies
first half of the year. Curtailment of produc
tion has evidently been necessary to prevent
an excessive accumulation of flour, as stocks
held by mills increased 1.7 per cent during
August whereas the average for the past five
years shows a decrease during that month.
Mill stocks of flour, at 420,180 barrels on Sep
tember 1st, were the largest reported for that
date since 1920. A normal seasonal increase
in stocks of wheat held by millers was recorded
during the month. Total figures for 16 milling
companies for which comparative data are
available for the past five years follow:
Aug., 1924
457,579
Output (b b l s .)....
Stocks*
F lou r (b b l s .)...
420,180
W h eat ( b u . ) . . . 1,932,525
July, 1924
462,327
Ang.. 1923
538,982
403,092
1,803,093
397,391
1,460,100
*As of the first day of the following month.
Five-Year
Averaget
Aug.
470,109
413,508
1,678,121
1 1920-1924.
124
Septem ber, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
The peak of the 1924 fruit canning season in
California was reached during the past month,
and operators are now finishing the season’s
pack. Commercial factors still estimate that
the total 1924 pack in California, although
larger for some varieties, notably apricots,
will be smaller than the 1923 pack (11,351,536 cases). Packing plants in the Pacific
Northwest continued active during early Sep
tember, and it is reported that the total pack
of fruit in Oregon and Washington will be
approximately the same in volume as last
year (3,745,365 cases). Continued dry warm
weather in California has favored rapid har
vesting and curing of dried fruit crops, par
ticularly prunes and raisins, in that state.
Both domestic and foreign markets for canned
and dried fruits have been active during recent
months, carryover stocks in the hands of
packers have been greatly reduced, and the
volume of future orders received for new pack
goods has been relatively greater than a year
ago.
Non-statistical data embracing all industries
in all states of the district indicate an improve
ment in the employment situation during
August as compared with July, but statistical
evidence for California which, of course, does
not include figures of agricultural workers,
shows a slight decline in the number of men
employed by reporting industrial establish
ments. As compared with one year ago the
volume of employment in the district has de
clined slightly.
mining, as sales to manufacturing industries
show a decrease for both periods.
Percentage Increase or Decrease (—) in Volume oi Sales
July, 1924, compared with July, 1923*
Total
Mann* Industrial
Agricul*
Mining
facturing
Sales
ture
-—14.4
12.7
34.0
6.1
C alifornia ........................
(6.4)
(35.4)
(15.5) (— 12.5)
12.7
4.4
Pacific N orthw est .........
4.7
23.5
(5.4)
( - 2 .6 )
(0.8)
(— 1.6)
Interm ountain States ..
75.9
— 12,9
5.9
7.9
(13.9) (— 19.8)
(0.05)
(2.4)
4.2
— 5.6
10.3
(
8
.5
)
(4.7)
(33.6)
(1.3)
_____
•F igures in parentheses indicate percentage increase or decrease
( —) July, 1924, compared with June, 1924.
Number and D istribution of Industrial Consumers and Actual
Volume of Sales
Number of
Industrial Consumers
Industrial Sales K. W. H .
California .................
Pacific N orthw est . .
Interm ountain States
Tw elfth D istrict . . . .
85,232
14,038
5,528
104,798
72,014
12,293
5,418
89,725
298,472,908
79,797,190
73,097,331
451,367,429
264,807,852
76,428,988
67,700,793
408,937,633
General Business and Trade
All of the gains in business activity noted in
July as compared with June were not held
during August, but the volume of distribution
and trade continued above the low levels of
the mid-year.
MILLIONS
or DOLLARS
EM PL O Y M EN T IN C A LIFO R N IA *
Percentage
Increase or
Decrease ( —)
N umber of
August
No. of Employees
compared
Firms July.
Aug.,
with
1924
1924
July
All Industries.................................... 471 86.864 85,789
- 12
Stone, Clay and Glass P roducts. 32
5,534
5,504
— 0.5
M etals, M achinery, and Convey
a n c e s ............................................. 113 19,418 19,334
— 0.4
Wood M anufactures.....................
86 23,413 21,887
— 6.5
17
1,408
1,498
6.4
Chemicals, Oils, Paints, E tc........ 21
5,710
4,297
—24.7
P rin tin g and Pap er G oods........... 36
4,394
5,101
16.1
Clothing, M illinery, and Laun
dering ........................................... 45
3,820
4,209
10.2
Foods, Beverages, and Tobacco,. 107 22,022 22,670
2.9
M iscellan eo u s................................. , 14
1,145
1,289
12.6
•F igures compiled by C alifornia State Bureau of Labor Statistics.
Changes in production and distribution of
electric energy in the Twelfth District during
July, 1924, as compared with July, 1923, and
June, 1924, are indicated in the following
tables, compiled from reports of 20 producing
companies operating in the district. A con
siderable proportion of the increased volume
of total industrial sales both as compared with
a year ago and a month ago may be attributed
to the heavier demands of agriculture and
Debits to individual accounts (bank debits)
at banks in 20 principal clearing house centers
of the district (the best single available index
of general business conditions) declined 2.3
per cent during August, 1924, as compared
with July, 1924, a decline slightly in excess
of the usual seasonal decrease estimated to be
approximately 1.4 per cent. If the reported
figures be corrected for seasonal variation,
year to year growth, and changes in the price
level, they indicate that the volume of business
transacted during August was approximately
normal. Table “D ” shows bank debits for
Septem ber, 1924
the month of August, 1924, and August, 1923,
and cumulative totals for the first eight
months of 1924 and 1923, as reported for 21
cities of the district. Figures for Phoenix,
Arizona, are not included in the total for 20
cities shown in the accompanying chart.
Although the improvement in trade at
wholesale noted in July was not fully main
tained during August, the situation still ap
peared more favorable than in recent preced
ing months. As compared with the corres
ponding months a year ago, increases were
but was slightly greater (0.01 per cent) than
during August, 1923. Stocks of goods held on
retailers’ shelves during July and August were
larger than during the corresponding months
of 1923, and the rate of stock turnover (esti
mated at 2.69 times per year) for these two
months of 1924, was slower than for July and
August, 1923 (2.92 times per year). A de
tailed statement of percentage changes in the
value of sales and stocks of reporting depart
ment stores in the district follows:
Percentage increase Percentage increase
or decrease ( — ) in
or decrease(— ) in
value of sales
value of stocks
Aug., 1924,
Aug.. 1924,
compared with
compared with
No.
July,
Aug.,
Aug.,
July,
of
1924
1924
Stores
1923
1923
16.4
5.5
— 6.6
— 0.6
16.2
4
— 2.1
2.1
1.0
6.8
2.6
0.06 — 1.0
3.6
24.3
— 2.0
. . 10
1.8
8.5
— 0.2
10.1
— 0.09
.. 5
— 6.7
14.6
•— 12.5
2.5
.,
5
AUGUST PRICES 1923=10056= AUGUST 1923SALES
U.S.BUREAU Of IABM M KX
NO WHOLESALE PWCES
125
FEDERAL RESERVE AGENT AT SAN FRANCISCO
4UGÜST 1924 PHICES
I AUGUST 1924 SALES
AGRICULTURAL IMPLEMENTS
AUTOMOBILE SUPPLES
Spokane
AUTOMOBILE TOES
16.9
0.01
0.5
0.1
•Figures for one store inclttded in district figures not included in
figures for cities shown above.
M ILLIONS OF DOLLARS
J
1
1
2 6
\
i
2 4
2 2
0 20 40 60 60 100 120 140 160
Dollar Value of Sales of Representative Wholesale Firms and General
Wholesale Prices in August* 1924, compared with August. 1923
smaller and decreases larger during August
than during July in five of the eleven report
ing lines, and increases were larger and de
creases smaller in three reporting lines. The
remaining three reporting lines showed similar
changes, as compared with a year ago, in each
of the two months. Seasonal gains in whole
sale trade during August as compared with
July were slightly smaller than usual. Per
centage changes in the value of sales of re
porting wholesale dealers during August, 1924,
compared with one year ago and one month
ago,
follow:
„Percentage
t increase
.
° ’
or
No. of
Firms
Drugs
Shoes
of sales during Aug., 1924»
compared with
July, 1924
Aug., 1923
-— 10.4
— 18.0
4.2
— 4.5
4.0
11.6
— 3.3
5.4
— 29.9
— 8.2
14.4
15.9
17-7
4.0
1.2
— 4.7
3.1
— 14.0
32.1
■— 20.7
— 9*2
18.8
The volume of trade at retail as indicated
by the value of sales of 35 reporting depart
ment stores in seven cities of the district, in
creased during August, as compared with
July, by less than the usual seasonal amount,
1
1
1
1
1
1
2 0
18
16
14
1924
V
ny - J
^
/ N/
V
12
IO
L i.
I
1 1 1
1
L
1
-----L
l_
rrrrrzi
Net Sales of 35 Department Stores in Twelfth Federal Reserve District
(In Millions of Dollars)
(D) Bank Debits*—
t ------------August
B e r k e le y .............. $
B oise .....................
F r e s n o ...................
L ong B ea c h .........
L os A ngeles . . . .
O a k la n d ................
Ogden ...................
Pasadena .............
P h oen ix ................
P ortland ............
R e n o ......................
S a c r a m e n to .........
S alt L ake C it y .
San D ie g o .............
S an F rancisco . .
San J o s e ................
S eattle ................
S p o k a n e ..............
Stockton ..............
T a c o m a .................
Y s l r im a .................
1924
16,538
11,063
33,988
43,746
667,017
130,582
23,417
27,298
16,893
153*729
7,564
47,619
60,631
46,080
786,034
24,527
178,603
45,715
2 3 ,7 6 4
39,068
9,390
■
\
1923
$
16,560
11,620
51,066
61,832
672,468
112,497
25,878
28,065
17,233
154,315
9,934
37,831
57,613
42,490
739,785
22,041
170,001
48,645
24,728
38,013
8,794
t-------Eight
M o n th s------- \
1924
1923
$
141,080 $
136,971
89,656
99,077
244,150
380,226
428,564
466,736
6,012,889
5,467,927
999,821
978,993
181,778
223,926
266,947
252,841
162,275
146,747
1,258,945
1,177,557
64,057
80,196
359,632
346,792
496,569
491,606
391,333
372,337
' 6,436,714
6,250,823
171,938
176,011
1,431,765
1,336,114
374,138
385,692
184,079
188,293
324,321
309,073
75,170
75,079
T otal .................$2,393,266
$2,351,409 $20,095,821
♦E stim ated from w eek ly to ta ls (000 o m itted ).
$19,343,017
126
Septem ber, 1924
MONTHLY REVIEW OF BUSINESS CONDITIONS
Registrations (sales) of new automobiles in ures in the states of this district during August
the states of this district (an index of commu 1924, and July 1924, are tabulated below:
nity purchasing power) were less by 14.3 per
August, 1924
July, 1924
Liabilities
No. Liabilities
cent during the first seven months of 1924 A rizona ............................ No.
2
$ 45,000
2 $ 13,035
than during the first seven months of 1923. California ........................ 96
1,250,404
137
1,704,565
Idaho ................................
6
55,516
8
73,290
Much of the decline has taken place in recent Nevada ............................. 0
0
2
90,300
............................. 35
218,837
36
306,363
months, a sales comparison of the first half of UOregon
t a h .............................. ..
4
42,129
5
24,695
525,821
30
318,917
1924 with the first half of 1923 showing a W ashington ..................... 38
decline of only 12.5 per cent, and a similar
D istrict ........................ 181
$2,137,707
220
$2,531,165
comparison of sales in the first quarters of
Percentage increases or decreases (—) in
the two years showing a slight increase in the number and liabilities of business failures
1924 as compared with 1923. Figures follow : in the Twelfth Federal Reserve District fol
low *
R E G IS T R A T I O N S O F N E W A U T O M O B I L E S
August, 1924, compared with
Arizona ..............................
California ..........................
Idaho ..................................
Oregon ...............................
Utah ....................................
Washington .......................
Total (6 states)............
Passenger
Jan. 1 to Aug. 1».
1924
-----1923
6,048
6,058
106,741
134,294
7,368
5,403
21,778
21,873
8,093
7,286
26,297
30,006
Jan. 1 to Aug. 1,
1924
1923
670
513
9,602
13,966
688
346
1,446
997
622
719
3,037
3,002
176,325
16,065
204,920.
19,543
National production of automobiles during
August, 1924, was 19.0 per cent less than
during August, 1923. An increase of 6.1 per
cent in production, as compared with July
1924, was slightly smaller than the normal
seasonal increase at this period. Figures com
piled by the Federal Reserve Bank of Chicago
follow:
Aug., 1924
Passenger Cars.................................... 251,553
Trucks ................................................... 26,781
Total ................................................. 278,334
August, 1923
Commerci*!
July, 1924 Aug., 1923
237,431
313,972
24,895
29,882
262,326
N umber of Business F a ilu res..........................
Liability of Business F a ilu res........................
Seasonal increases in commercial demands
for credit have been met by the member banks
of the district without recourse to the Federal
Reserve Bank.
Commercial loans of reporting member
banks increased $5,000,000 (0.6 per cent) dur
ing the four weeks ended September 10, 1924.
M IL L IO N S OF D O LLARS
1400
__ - •
7
T01 A L DE f*OSlTS
1
- — * +
1200
343,854
1923
Aug., 1924.
Number
oompared with
of
Aug.,
Aug.,
Aug.,, July,
July.
1924
Banks
1924
1923
1923
1924
Los A n g e le s ... 13 $ 337,659 $ 338,916 $311,381
8.4 — 0.3
Oakland* ......... 7
96,196
95,457
89,529
7.4
0.7
51,579
51,692
47,468
8.6 — 0.2
Salt Lake C ity. 8
28,988
28,500
27,134
6.8
1.7
San Franciscof. 14
415,536
415,005 382,454
8.6
0.1
67,257
Seattlet ........... 14
66,479
59,149
13,7
1.1
18,135
17,774
16,026
13.1
2.0
8.7
0.1
•Includes one bank in Berkeley which was form erly a branch of an
Oakland bank.
f T h e consolidation of reporting banks has reduced their number,
but has not affected the value of reported figures for compara
tive purposes.
R. G. Dun & Company's preliminary figures
of the number and liabilities of business fail
— 17.7
-—15.6
Banking and Credit Situation
TOTAL LOANS i ND DIS( OUNTS
Savings Deposits at 71 banks in seven prin
i
m*
cipal cities of the district amounted to $1,015,- IOOO
7 = ^
350,000 on August 31, 1924, this figure being
0.1 per cent higher than that reported on July
►
31, 1924, but still slightly below the record
_
[ ~ _j' ■1 ' '
figure ($1,016,605,000) reported on June 30,
.— —
fh ■*
1924. As compared with a year ago savings
deposits on August 31st had increased 8.7 per 3 0 0i
L—
cent, all reporting cities participating in the
ft CVABLE A ND REDtS COUNTS
lOOJ9 BILLS
WITH FEDERA ^RESEÇ £E6A»m
movement.
Detailed figures follow (000
__1— 1____ 1__1____ 1__ i_
omitted) :
Per Cent increase
T o t a l ............. 71 $1,015,350 $1,013;S23 $933,141
July, 1924
16.8
21.2
—
- - _ . —
__
_
. i j—
1924»
Total Deposits, Loans and Discounts, Investments, and Bills Payable
and Rediscounts of Reporting Member Banks
This increase was more than offset by declines
of $4,000,000 (1.9 per cent) in their loans se
cured by stocks and bonds, both government
and private, and $2,000,000 (0.5 per cent) in
investments, so that the total volume of mem
ber bank credit in use (total loans and invest
ments) was smaller by $1,000,000 (0.07 per
cent) at the close of the period than at its be
ginning. Demand deposits increased by $16,000,000 (2.1 per cent) during the four weeks
ended September 10th, and at $781,000,000 on
that date were at the highest point ever
reached.
Septem ber, 1924
Changes occurring in the principal items of
the statement of the 66 reporting member
banks in this district during the month and
during the year are presented in the following
table. (Increases indicated by plus, decreases
by minus signs.) The figures are in millions
of dollars, numbers in parentheses indicating
percentage changes.
Change from
One Month
Ago
Total L o an s..............................
Commercial L oans.................
investm ents ............................
Demand Deposits ..................
Time D eposits.........................
Borrowings from Federal
Reserve Bank ....................
127
FEDERAL RESERVE AGENT AT SAN FRANCISCO
+ 1
+ 5
— 2
+16
+14
0
(0.1% )
(0.6% )
(0.5% )
(2.1% )
(2.3% )
Con*
Change from dition
One Year Sept. 10*
Ago
1924
+ S
0
+16
+35
+92
( 0.5% )
( 4.6%)
( 4.7% )
(17.0% )
1,008
804
363
781
633
— 60 (96.8% )
2
for currency were met partly by an increase
in Federal reserve note circulation amounting
to $6,000,000 (3.0 per cent) and partly by the
issue of other forms of currency, as indicated
by a decline of $2,000,000 in reserves during
a period when deposits increased by $4,000,000.
Principal changes in the condition of the
Federal Reserve Bank of San Francisco during
the month and during the year follow (figures
are in millions of dollars):
Con*
Change from
dition
One Year
Sept. 17.
Ago
1924
Change from
One Month
Ago
T otal Discounts ............... — 3 (15.8% )
Investm ents ....................... + 1 4 (24.6% )
Total D e p o sits ................... + 4 ( 2.6% )
Federal Reserve Note Cir
culation .......................... + 6 ( 3.0% )
Total R e s e rv e s ...................— 2 ( 0.7% )
— 65 ( 80.2% )
+ 5 0 (238.1%)
+ 5 ( 3.2%)
16
71
160
— 9 (
+16 (
209
294
4.1% )
5.8% )
Interest rates increased less than the usual
seasonal amount during the four weeks ended
September 13th. The following table shows
weekly average interest rates on various types
of paper in the New York market as reported
by the Federal Reserve Bank of New York:
Week
Week
Ended
Ended
Sept. 20,
Aug. 16.
1923
1924
1924
High
Time M oney ................. 2 % -2 H %
Commercial Paper . . . .
3J4
Bankers* Acceptances .
2%
Total Reserves, Federal Reserve Note Circnlation. Bills Discounted,
and Investments, Federal Reserve Bank of San Francisco
At the Reserve Bank the decline in dis
counts, which has been in progress since
August, 1923, continued, the figure for total
borrowings of member banks reaching $16,000,000 on September 17th, the smallest
amount reported since the latter part of 1917.
Earning assets, however, owing to increased
investments in United States government
securities and in acceptances, were greater by
$11,000,000 (14.5 per cent) on September 17th
than on August 13th. Usual seasonal demands
Week
Ended
Sept.&,
1923
2 )4 -2 # %
3 -3 %
5J4
SH %
5f4
2
4 }i
4%
On September 8, 1924, the Secretary of the
Treasury announced an offering of United
States Treasury Certificates of Indebtedness
designated as Series TS 1925, dated and bear
ing interest from September 15, 1924, payable
September 15, 1925, with interest at the rate
of 2J4 per cent per annum, payable semiannu
ally. Subscription books were closed at the
close of business Wednesday, September 10,
1924, the issue having been heavily oversub
scribed. In this district subscriptions amount
ing to $54,483,000 were received, of which $33,791,500 were allotted.
CHANGES IN THE COST OF LIVING
There has been little change in the cost of
living, either in this district or in the United
States as a whole, during the past year. From
June, 1923, to June, 1924, the figures compiled
by the United States Bureau of Labor Statis
tics generally varied less than 1 per cent. Item
ized figures showing percentage increases or
decreases (—) from June, 1923, to June, 1924,
follow:
C H A N G E S IN T H E C O S T O F L IV IN G
Items of
Expenditure
Los
Angeles
Fpod .............
C o t h i n g ----H ousing .............
Fuel and L ig h t..
F u rn itu re and
Furnishings . .
M iscellaneous . .
Portland
San Francisco
and
Oakland
Seattle
.5
1.6
— ,8
— .7
.8
— .08
— .8
— .1
— .4
3.4
5.1
— .3
.5
— 3.6
— 6.9
2.2
— 3.6
— 1.6
1.6
— 1.4
— 3.5
— 1.2
— .2
Total
PER C E N T
I£ U
1 I I . I I
SANFRANCISCO
to o
LOS ANGELES
.— . SEATTLE
60
U.S
—
United
States
— 1.4
— .5
2.8
— 2.2
1.0
— .8
—
—2.8
.4
1.1
À
"""
V
's
60
v/
40
J/
DEC. 1
(5
a
0EC.
1922
ü©
DEC.
o
u
O
0EC.
1919
«0
<5
1017
DEC.
-u£
DEC.
1920
DECEMI ER 19 14 Pftl CES
o
HO
1923
June .....................................
July ......................................
August ................................
September ..........................
O c to b e r ................................
November ..........................
December ...........................
Wholesale
Prices
Farm
Products
Purchasing'
Power
ol Farm
Products*
138
135
139
144
144
146
145
71
72
73
75
75 ’
73
73
153
151
150
154
153
152
151
144
143
137
139
136
134
141
145
74
74
74
76
77
79
83
90
•These figures are the percentages which farm prices (of crops and
livestock as compiled by the D epartm ent of A griculture) are
of prices of commodities other than farm products and food,
as reported by the B ureau of Labor Statistics. Prices of 30
agricultural commodities, including wheat, barley, apples, oranges, potatoes, beans, beef cattle, hogs, sheep, chickens, eggs,
butter, milk, and wool, are considered.
à
A or
Jr
20
Wholesale
Prices
General
1924
January .............................. ....151
February ............................ ....152
M a r c h .................................. .... 150
A pril ........................................ 148
M a y ...................................... .... 147
June ......................................... 145
July ...................................... ....147
A ugust .....................................150
A
ê
y
the changes which have taken place in whole
sale prices in general and in prices of farm
products in particular since June, 1923. The
following table shows (for the United States
as a whole) the Bureau of Labor’s index num
bers of general wholesale prices, and of prices
of farm products, and the United States De
partment of Agriculture’s index number of pur
chasing power of farm products in terms of
other commodities (1913 prices and 1913 pur
chasing power=I00) :
tj ft
u <N
oa
Changes in the Cost of Living shown as Percentage Increase
since December, 1914
It is interesting to note in connection with
this comparative stability of the cost of living,
To the degree that the rapid increase in the
farmer’s purchasing power has been operative
in this district, the business situation has been
improved and mal-adjustments of economic re
lationships existing since the crisis of 1920
have been corrected.
COST OF LIVING IN THE TWELFTH FEDERAL RESERVE DISTRICT
Percentage Increase or Decrease ( — ) December* 1914 to June, 1924, June, 1920 to Jane, 1924, and June, 1923 to June, 1924.
C ity
Los A n geles__
P o r tla n d ...........
San Francisco
and Oakland.
Seattle ..............
United S tates...
Dec..
191410
June.
1924
35.2
28.5
----- F o o d - --------------\
June,
June,
1920 to
1923 to
June,
June,
1924
1924
—29.2 — .8
— 37.9 — .8
35.0 —30.4
.5
33.1 —34.3 — 1.6
35.6 —35.0 — 1.4
t--------Dec.,
1914 to
June,
1924
---------N
June,
1920 to
June,
1924
June,
1923 to
June,
1924
Dec..
1914to
June,
1924
June,
1920 to
June,
1924
June,
1923 to
June,
1924
39.8
7.5
.8
26.1
— 6.2
68.0
24.5
3.4
81.4 —36.3
61.1 — 37.7
— .7
— ,1
99.4
43.3
91.5 —34.2
76.2 —35.7
72.4 —39.4
— .4
— .3
— .5
38.0
64.0
—
COST O F LIVING, C o n tin u e d
C ity
Dec.,
1914 to
June,
1924
P o r tla n d .............................................
San Francisco and Oakland............
S e a tt le ................................................. .
United S tates................................................ 107.7
June,
1920 to
June,
1924
—21.9
—28.8
—23.1
—25,1
—26.3
June,
1923 to
June,
1924
—6.9
---3.6
— 1.6
— 1.4
—2.8
Dec..
1914to
Jnne,
1924
.5
1.0
2.8
M iscellan eo n s
■ %
June,
June,
1923 to
1920 to
Jnne,
June,
1924
1924
2.2
105.1
10.0
73.0 — 3.8 — 1.6
73.2 — 3.6 — 3.5
94.6
2.2 — 1.1
95.2 — 2
.4
,— 1?nel and I jg h t------\
June,
June,
Dec..
1923 to
1920 to
1914(0
June,
June,
June,
1924
1924
1924
33.6 — 13.0 — .08
5.8 —3.6
55.5
1.8
5.1
49.9
56.8 — 5.5 — .8
74.9
2.7 —2.2
Dec,
1914 to
June,
1924
75.1
52.8
57.3
66.7
64.1
---- T o tal June,
1920to
June,
1924
June,
1923 to
June,
1924
— 13.2
0
—23.8 — 1.2
— 19.8 — 2
—20.9
2
—21.9 — .4
@FedFRASER