Arizona republican., 1922-06-28
BUSINESS INCREASES
ARE SEEN BY PERRIN
OF FEDERAL RESERVE
Federal Reserve Agent for
Twelfth District Cites
Advancing Prices for
Farm Products.

SAN FRANCISCO, June 27.-1n-
creased activity in practically all
lines of industry, with an improved
employment situation and advancing
prices for farm products are features
Of the report for May of John Perrin,
San Francisco, federal reserve agent
for the twelfth district, made public
here today.
An abstract of Mr.. Perrin's report
follows:
.In Nav for. the first month this
wear the dollar value of sales OF 80
representative department stores ana
mail order houses was greater than
in the corresponding month q year
ago, sales in May, 1922, being lo.o per
cent greater in value than IN May
1921.
'In the wholesale trade the vari-
GUS lines Except automobile tires ana
shoes) report increases OF 10 o.
per cent in the dollar value OF their
sales during May, 1922, compared
with May, 1921, by far the most fav-
orable showing made this year. These
increases evidence the greater pur-
chasing power of the community
growing out of increased activity in
INDUSTRY, with an improved employ
ment situation and advancing prices
for farm products.
"Since January of this year there
has been a steady increase in the pro-
duction of lumber in this district ano
in Nav reporting lumber mills oped-
afed at 100 per cent of normal ca
nscity for the first time in two years.
Orders received exceeded the output
and untitled orders on hand at the
close of the month were nearly twice
as large as one year ago..
"Several of the principal copper
mines of the district Whlcn recentiy
resumed operations are now produe-
ing ore, and one more large company
announced the opening OF lis mine
during the month.
During the present year each
months daily production of petroleum
in California has exceeded that OF the
previous month, the month OF May
setting a production record of 1913
barrels per day. Stored stocks OF
netroleum in that state at 42,O41, Adj
barrels. stand at the highest flgure
reached in the past five years.
sReported increases in lndustrial
activity are confirmed by increased
sales of electric power for industrial
nurnoses. The most noteworthy i'm
nroyement is reported in the inter-
mountain district, where, largely IN
resonse to the growing needs OF tne
mining industry. sales OF electric
power during April increased ap-
proximately 80 per cent over Marcn.
aThe crops of the district MADE
favorable progress during May anu
normal yields are expected IN most
wections. Prices already mace on
come varieties of deciduous fruits are
uniformly higher than those PAID TO
the grower a year ago.
"Shearing of wool has been com
,,leted except in some parts of the
rsorthern states and about SO per
rent of the district clip t72,250,0 600
r,o,,nds) has already been sold. New
cffu wool has recently been purchased
for IS to As cents per pound, com
uared with prices of Is to IL cents
Maid at this time last year
asaThe banking situation in the dis
yrfct changed little during the month.
Rediscounts with the federal reserve
hank. both by city and country mem
Der banks. were reduced, the total
on June IA being $1.255,000, or 20
per cent less than on May 10. Loans
and discounts of reporting member
banks remained practically station
slrv and on June Z were 1858, 100000,
compared with 1853, 3,231, 900 on May
B. Interest rates on commercial pa
l,er (bought through brokers) and on
customers paper in some of the lead
ing financial centers of the district
declined u to II of / per cent during
the month.
'.Building activity continues at rec
ord figures, the number Of permits
issued during May having been ex-
ceeded only in one month. October,
1921. Permits issued were 32.1 per
cent greater in number and 59.1 per
cent greater in value than in May.
1921.
"Debits to individual accounts In
the district were 81 per cept greater
in the four weeks ending May 81,
1922, than in the same four weeks in
1921, indicating an increase in the
volume of business transacted.
Business failures were less IN
number in May than in April, but
liabilities were greater. Compared
with May, 1921, the number of fail
ures increased 14.5 per cent and the
amount of liabilities 27.S per cent. !.
Savings deposits in the prlnclpaIl
cities Of the district have increased
in each of the past seven months ex-
cept April, and on May 81. 1922, were
"A per cent greater than on May
81 1901