East Oregonian : E.O. (Pendleton, OR) 1888-current, 1922-10-28
Business Failures in Sep
tember Were Less Than in
Any Month Since April.
96,659,000 BUSHELS
OF WHEAT HARVESTED
testock Being Marketed in
Normal Quantities; Large
Potato Crop; Low Prices.

SAN FRANCISCO, Oct 2S.-(A.
REPRODUCTIVE activity has increas-
ed notably during the past siN
months in all the major industries
in the Twelfth Federal Reserve Dis
trict, according to report issued
here today by John Perrin, federal
. reserve agent. There has been only
q slight increase in the use of bank
credit for commercial purposes
however, Mr.. Perrin said.
Total loans and discounts of re-
porting member banks in the larger
cities have increased but $55,2lS,-
600 or 6.7 percent since Feb. l,
when the low point of the year.
$81S,102,000, was reached. Redis-
counts of these banks with the fed
eral reserve bank on October We're
near the lowest levels of the year.
Recently their holdings on invest
ments have declined slightly. The
country banks, as a group. have bor-
rowed only in small amounts during
the current crop moving season. On
Oct. II the total discounts of the
federal reserve bank had declined
to ,$34,573,000. the smallest figure
since member banks began to re-
dgee their porrogings in December
1920. q
Interest ratesS in the principa,
banking centers were generally un-
changed during the month. An ex-
ception was the rate on 80 to 80 day
paper of customers in San Francis
co, which at percent was lower
than at any time during the present
period of readjustment. The inter-
est rate on bankers acccptances ad-
vanced from 3 IL percent on Sept.
10 to "a percent on oct. II.
Industry has been hindered re-
Gently in some sections by made
quate transportation service and in
others by shortage of labor, The
lumber industry in particular has
been inconvenienced. Partly as
result thereof production of lumber
which is now approximately 100 per-
cent normal, has exceeded shipments
and orders for four consecutive
months.
THE shortage of labor previously
noted in the mining industry of this
district continues. Average wages OF
all classes of mine workers were in
creased approximately 10 percent
during August and September. All
the more important metals are being
produced in increasing quantities.
"In the petroleum fields of Cali
fornia, production reached the rec
ord figure of 406,S3S barrels per day
during September. Stored stocks. OF
Oct. ! totaled 56,259,301 barrels, th,
largest, amount held in storage since
February, 1916.
Building throughout the district
continues active. Permits issued dur
ing September were greater. in both
number and value than one year
ago. According TO the United states
Bureau of Labor index. wholesale
prices of building materials are now
16 percent above their low point OF
March, 1922, and II percent above
the general level of wholesale prices.
Goods continue to be distributed
RELY at retail and wholesale. The
alue of sales of 81 department
stores was 81 percent greater than
in September. 1921. In the whole
sale trade. nine of the ten lines re-
ported an increase in the value OF
their sales compared with one year
ago. Dealers in six lines sold more
goods in September than in August.