Imperial Valley press., 1922-02-28
Basis For Optimism Is
Found in Hard Facts
Government Review Shows That Prices Are Improving
and In General the Whole Situation Is
Becoming Steadier


products of this district have risen
materially since the first of the year
Wheat, wool and all kinds of livestock
benefited particularly, rs did also the
citrus fruits, but the latter at the ex.
pense of damage by killing frosts and
winds estimated rs high as so per cent
of the anticipated crop. Commodities
such as barley, rice and cotton which
did not participate in the general rise
are nevertheless at prices comparing
fayorably with those of year ago
SINCE large part of last years crops
is already out Of the farmers hands
the recent rise in prices will not oper-
ate primarily to increase returns to
producers. 1t is significant, however,
in its bearing upon returns to be re-
ceived from crops now in the ground.
That the increased prices have, how
ever, resulted in considerable market
ing Of products would appear from the
condition reports of the 66 reporting
member banks in the principal cities
OF the district. The decline in their
loans and discounts between January
4th and February Sth was slightly over
$6O,0Q0,O00 or 60 per cent, and they
reduced their borrowings from the
Federal Reserve Bank to $21 ,OOO, 900 a
decline for the month Of $l2,6OO, 900,
or 37.4 per cent. Bills discounted by
the Federal Reserve Bank or all mem
Der banks on February 9Th ($57 7,5OS,-
0OO) were 1l.9 per cent less in amount
THAN they were on January 11th, and
constituted new low figure for the
readjustment period.
The lumber industry of the district
continued to improve during January,
increases being registered in produc-
tl0n, shipments and orders received,
both as compared with the months of
december and January, 1921. The cut
OF the largest lumber association in
the district for the week ending Feb
ruary l1th 134 mills reporting) was
only IL per cent below normal, The
export movement of Douglas fir dur
lng 1921 (455,233,00O feet) exceeded
by S,0050G0 feet the exports of 1920.
IN the mining industry the noteworthy
development was announcement of de-
cisions to resume operations by five of
the principal copper companies of Ar
iona which have been closed since
May, 1921. Their resumption will
mean that seven Of the fifteen prin-
clpai copper mines in this district will
be in operation. .s -
Petroleum production Iii. California,
although Decreasing 8 per cent in Jan,
nary, compared with December, 1921,
still outrnns consumption and stocks
are now at the peak (sinee the low
poin of-Deeember,s 1920 of $4,000 zoe
barrels.
Employment conditions during Jan.
nary were practically unchanged as
compared with December with much
unemployment in mining centers, in
metal trades, at the shipyards and
among unskilled workers. Real i'm.
provement is anticipated with the re-
sumption of farm work and other ont
door labor in the spring.
In the field of commerce and trade
Improvement is apparent in the returns
covering the movement of exports and
imports through the principal ports of
tne district during the last six months
OF 1921. Both imports and exports in
the month of December, 1921, exceeded
IN value those of December, 1920. the
former by l54 per cent and the latter
by per cent. The greatest movement
is reported in the trade with japan
and the United Kingdom. Retail trade
as reflected in reports from 33 depart
ment stores in the leading cities of
the district continues to exceed in vol
nne that of year ago. The decline
IN value of total January sales of
these department stores, when compar-
"a with January, 1921, was only So
per cent whereas these stores repoyt
average price declines during the ner.
iod considerably in excess of this per-
eentage: The improvement in the
wholesale trade which began to be an.
parent in October, 1921, continues. OF
the 10 reporting lines of business. 2
report the value Of their sales during
January, 1922, in excess of those Of
January, 1921. Six of the seven re-
naming lines report a percentage of
decline in the dollar value of their Jan
uary sales which is appreciably less
than the percentage of decline report