East Oregonian : E.O. (Pendleton, OR) 1888-current, 1922-05-27
OTHER NEWS OF THIS
DEPARTMENT ON PAGE B
NORMAL OR BETTER
tcontinued from 1'age ~

per cent, this being the fifth consecu-
tive month in which demand has ex-
.ceeded current production. The min
ing industry Is reported to be more
active than at any time in the past
year. Gold and silver mines with the
richer ore deposits, and which have
been closed down. are being worked
companies in the district are now in
operation after year of comparative
inactivity or of complete cessation of
Operations
l. Petroleum production continues at
record levels but consumption has
been tagging behind output, and stor-
ed stocks on May / were 30,745,050
barrels, the largest amount since April
1917, and $50 per cent greater than
Ione year ago.
Normal Yield Expected.
Normal or better than normal yields
of most of the agricultural crops of
lthe district are expected. The May
1st estimate Of the United States de-
partment Of agriculture places the
yield of winter wheat at 1888, 900
bushels. decrease of 7.949, 900 bush
els, or 9.S per cent from last years
record crop and an increase of 1856
lper cent over The previous five year
average.
| Deciduous fruit orchards, with the
exception of apricots are in good con-
dition. Fairly accurate. estimates Of
the damage done to the California
orange crop by the January frosts arc
now available and it is expected that
approximately IS per cent G3,050, 900
boxes) of the previously estimated
crop will be marketable.
Prices of agricultural products
were relatively stable during April
and the gains of the previous three
months We're generally held. Tenta-
tive prices for fruits and actual prices
of livestock and wool are we'll above
prices of one year ago.
Loans Increased.
Increased activity in industry and
agriculture is reflected in the loans
and discounts of reporting member
banks which increased from 1894.
264, 900 to $S53,231,000 or 2.3 per
cent, during April. At the same time
deposits in these banks increased
from $1,114, ,092, 900 to $1,152,sO7, 900,
or 3.5 per cent, and they were able to
reduce their borrowings from the fed
eral reserve bank from s22,651 900 to
$14,672. 900 Of 35.2 per cent. Borrow
ings of all member banks from the
federal reserve bank declined from
$49,025, 600 to $43,279.O00, or III per
cent in the four-week period ending
May 10.
April was month of little or no
improvement In retail and wholesale
trade. A decline Of 1.3 per cent in |
the value of sales at retail compared |
with sales in April 1921, was reported ]
notwithstanding the fact that Easter
buying was included in March sales
last year and in April sales this year
In eight of the ten reporting lines of
wholesale trade the value, and prob
ably the physical volume, Of sales was
less in April, 1922. than In April,
1921. The exceptions were agricul-
turak implements apd hardware.
Building Increased.
Building permits issued during April
give further evidence of exceptional
activity In construction and building
Pehmits issued were 1876 per cent
greater in number and Sis per cent I
greater in value than in April, 1922.
The volume Of business transacted
n the district. as reflected in reports 1
" debts to individual accounts In 20 L
principal cities was practically the ls
anne in April. 1922, as In March, y
1922. and April, 1921. The number !
nd liability Of business failures, al t
hough large, was less than in the
,revious month. "
Employment in the district Is in y
reasing rapidly as industrial activity
Increases and seasonal farm and con- &
truction work Is begun. p