Capital journal. (Salem, Or.) 1919-1980, 1922-03-01
ADVANCE
In PRICES
Is NOTED
Farm Product Market
On Up Grade Says
Report of Federal Re
serve Agent

Of most of the principal farm
products OF the Twelfth Federal
Reserve District have risen ma
terially since the first Of the year.
John Perrin, federal reserve ag-
ent, San Francisco, declared In
his monthly report made public
here today.
wheat, wool and all kinds
OF livestock benefited particular
". as did also the citrus fruits,
but the latter made as high as
80 per cent Of the anticipated
CROP" the report said.
Farmer Not Yet Benefited.
commodities such as barley,
rice and cotton which did not par
ticipate in the general rise are
nevertheless at prices comparing
fayorably with these OF year
ago.
"Since large part OF last
years crop is already out OF the
farmers hands the recent rise in
prices will not operate primarily
TO increase return to producers.
1t Is significant in its bearing up
on returns to be received from
crops now in the ground.
That the increased prices have,
however, resulted in a consider
able marketing OF products
would appear from the condition
reports of the sc reporting mem
ber banks in the principal cities
of the district. The decline In
their loans and discounts between
January and February 8 was
slightly over $60,000,00O, or SO
per cent, and they reduced their
borrowings for the month OF $12,-
100000, or 37.4 per cent. Bills
discounted by the Federal reserve
bank for all member banks on
February 8 ($57,50S,000) were
11.9 per cent less in amount than
they were January IL, and con-
stitute a new low figure for the
readjustment period.
Lumber Improves
"The lumber industry OF the |
district continued to improve dur
ing January, increases being reg
istered with the months Of Dec
ember and January, 1921. The
cut OF the largest lumber asso-
citation in the district for the
week ending February IL (134
mills reporting) was only IL per
cent below normal. The export
movement of Douglas fir during
1921 (455,233,O00 feet) exceed
ed by 5,000,00 feet the exports |
Of 1920.
'In the mining industry the
noteworthy development was an
nouncement OF decisions to re-
sumo operations by five OF the
principal copper companies OF
Arizona which have been closed |
since May, 1921. Their resump
tion will mean that seven Of the |
fifteen principal copper mines In
this district will be in operation,
Retail Trade Firm
"Retail trade as reflected in re-
ports from 35 department stores |
in the leaedlng cities of the dist
rict continues to exceed in vol
ume that of year ago. The de-
cline in value OF total January
sales Of these department stores,
when compared with January,
1921, was only 6.3 per cent,
whereas these stores report ever
age price declines during the per-
Tod considerably in excess of this
percentage.
"The improvement in the |
wholesale trade, which began to |
be apparent in October, 1921, con
tinues. OF the 10 reporting |
lines Of business, 8 report the |
value of their sales during jan
uary, 1929. in excess of those OF |
January 1921. Six of the seven
remaining lines report a percent
age of decline in the dollar value
OF their January sales which is
appreciably less than the percent
age OF decline reported in the
prices of their goods during the
year.
Failures Increase
Building activities has again
reached record proportions, ex-
eeeding by S13,900,00o, or 155
per cent, the value of operations
reported for January, 1921. OF
teh 90 cities reporting, II advise
a larger number OF permits is
sued during January, 1922, than
during January. 1921.
"Business failures during Jan
uary, following the national trend
were larger in number than in
any month during recent years.
Personal Liberty