Arizona republican., 1922-03-01
STATISTICS SHOW
BETTER PRICE FOR
PRODUCTSOF FARM

Prices for most OF the principal
farm products of this district have
risen materially since the first of the
year. Wheat, wool and all kinds of
livestock benefited particularly, as
did also the citrus fruits. but the
latter at the expense of damage by
killing frosts and winds estimated as
high as so per cent of the anticipated
crop. Commodities such as barley,
rice and cotton which did not partici-
pate in the general rise are never
theless at prices comparing favorably
with those Of year ago.
Since a large part of last years
crops is already out of the farmers
hands the recent rise in prices will
not operate primarily to increase re-
turns to producers. 1t is significant.
however, it is bearing upon returns
to be received from crops now in the
ground. That the increased prices
have, however, resulted in consider
able marketing Of products would
appear from the condition reports of
the &c reporting member banks in
the principal cities of the district.
The decline in their loans and dis
counts between Jan. 4 and Feb. 3
was slightly over $60,000000. or SO
per cent. and they reduced their bor-
rowings from the federal reserve
month OF s12 900, or 37.4 per cent.
Bills discounted by the federal re-
serve bank for all member banks on
Feb. s ($57, ,50S,000) were 11.9 per cent
less in amount than they were on
January IL, and constituted a new
low figure for the readjustment pc
riod.
The lumber industry OF the district
continued to improve during Janu-
airy, increases being registered in
production, shipments and orders re-
ceived. 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. II. (134 mills re-
porting) was only IL per cent below
normal. The export movement Of
Douglas fir during 1921 (455,23S,O00
feeD exceeded by 100000 feet the
export of 1920. In the mining indus
try the noteworthy development was
announcement of decisions to resume
operations by five of the principal
copper companies OF Arizona which
have been closed since May. 1921.
Their resumption will mean that
seven of the is principal copper
mines in this district will be In oper-
alton.
Petroleum production in California,
although decreasing per cent in
January. compared with December.
1921. still outruns consumption and
stocks are now at the peak (since
the low point Of December, 1920 of
5000, 900 barrels.
Employment conditions during
January were practically unchanged
as compared with December with
much unemployment in mining CEN
ters in metal trades, at the ship
yards and among unskilled workers.
Real improvement is anticipated with
the resumption of farm work and
other outdoor labor in the spring.
In the field OF commerce and trade
Improvement is apparent In the re-
turns covering the movement or ex-
ports and imports through the prin-
cipal ports of the district during the
last six months of 1921. Both I'M
ports and exports in the month of
december. 1921. exceeded in value
those of December, 1920, tn former
by 154 per cent and the latter by
per cent. The greatest improvement
is reported in the trade with Japan
and the United Kingdom. Retail
trade as reflected in reports from SS
department stores in the leading
cities OF the district continues to ex-
ceed in volume that of a year ago.
The decline In value OF total jan
uarv sales of these department
stores. when compared with January
1921. was only 6.3 per cent whereas
these stores report average price de-
clines during the period considerably
in excess of this percentage. The
Improvement in the wholesale trade
which began to be apparent in Octo-
Der. 1921, continues. OF the 10 re-
porting lines of business, three re-