Imperial Valley press., 1921-07-28
B j s | \ ESS
IS GETTING
B ACK To
NORMAL
Federal Reserve Bank Re-
port Makes Most Optimis-
tic Showing in All Lines of
Economic EndeavOr on
Coast.
(By Associated Presy)

SAN FRANCISCO, July 28.-Indi-
cations are at hand that tie full force
of readjustment has been felt in the
basic products Of the soil, including
metals. in the Twelfth Federal Reserve
district, John Perrin, chairman of the
district board. said in regular month
ly statement submitted today to the
Federal Reserve bank. Retail prices
were beginning to show declines COM
with Wholesale. costs, the
report said.
The yield of deciduous fruits gen.
orally this season is shown to be less
than year ago, but the demand for
fresh fruits in Eastern markets is
above normal. The movement of or
anges and lemons is exceeding all pre-
vious records. Fruit Gamers will pack
only from 40 to so per cent of last
years figure because OF falling off of
orders.
Building operations throughout the
district continue to exceed those of a
year ago by wide margin. Average
reductions of 81 day have been MADE
in the wages of building workers while
30 per cent increase ina 80 per cent
increase in building permits have been
noted for the first six months Of 1921
over similar period last year.
The steady decline in bank clearings
of 20 principal cities which began in
October, 1920, was arrested during the
past month. the figures for June show
ing per cent increase over the May
clearings. Financial conditions We're
said to be good" in the western sec
tlons of Washington, Oregon and Cal
lfornia, throughout Nevada and in the
vicinity of Prescott, Ariz. "Fair" fin
ancial conditions exist in the Sacra-
mento and San Joaquin valleys and the
fruit raising districts of Washington
and Utah. Financial conditions are
poor" in the broad area stretching
from Eastern Oregon and the dry farm
ing country west of Spokane through
Central and Southern Idaho, Utah and
Arizona, exclusive of the Prescott area
Cattle, rice and lima beans have
fallen below their pre-war levels. Bar
ley, beans. copper, cotton, lambs, hogs,
wheat and wool are said to be ap-
preaching the 1913 and 1914 levels.
Lumber and petroleum continue to
of the pre- war returns.
per cotton and rice have occurred since
their low points of the present read
Justment period. A sharp upturn in
corded. Total wheat crop for the dis
trlct is estimated as of July l, to be
III, ,46l 900 bushels compared with
lO5,67l 900 bushels produced in 1920.
Holdover on July l is estimated at
10 per cent of last years crop in Wash
ington. per cent in Idaho, and per
cent in Oregon, total of GOA 900
bushels in the Pacific Northwest. Flour
mills in this district increased their
output during June to AZ per cent Of
capacity, compared with "a per cent
in May and 63 per cent in June, 1920.
due to increased activity of California
millers, Washington continuing to pro-
duce at the same rate and Oregon and
Idaho millers curtailing production.
Range and pasture conditions for
livestock continued normal through
out the district with the exception Of
Arizona and southern Utah where de-
ficient rainfall has caused shortage
of grass and water. Receipts of eat.
tie and calves at the principal marxets
of the district during June were below
those of year ago, the decrease be-
ing most noticeable in Portland. Prices
of all kinds of livestock were slightly
lower at the end Of June than at the
beginning of the month.
Average daily production Of petro-
leum in California during June was
3S7 ,625 barrels, an increase Of G4.55G
barrels day compared with June,
1920 and of 524 barrels q day ccm-
Continued on Page Two)