Capital journal. (Salem, Or.) 1919-1980, 1922-06-28
6AST BUSINESS
|ON UP GRADE IS
RESERVE REPORT

4
NAV for the first month this
.& the dollar value of sales of 32
/. .I.resentative department stores
,iB mail order houses was greater
|.4 4 in the corresponding month
Lar ago, sales in May, 1922, be-
s 1915 per cent greater in value
|,Sn in May, 1921. In the whole
.1s trade the various lines Tex
aAt automobile tires and shoes)
s,brt increases of l to 81 per cent
s The dollar value of their sales
ssring May 1922, compared with
f..T. 1921, by far the most favor
Ate showing made this year.
sh ese increases evidence the
feater purchasing power of
hA community growing out of In
reased activity in industry, with
h improved employment situa-
IA and advancing prices for
arm products.
Lumber Cut Increased.
Since January of this year
h6re has been a steady increase
n the production Of lumber in
hls district and in May, report
Ill lumber mills operated at 100
|aF cent of normal capacity for
he first time in two years. Orders
oneiyed exceeded the output and
Imfilled orders on hand at the
iose of the month were nearly
VICE as large as one year ago.
;everal of the principal copper
afnes of the district which re-
ently resumed operations are
.ow producing ore, and one more
afge company announced the
|nening of its mine during the
donth. During the present year
Ach months dairy production OF
in California has ex-
eeded that Of the previous month,
la month of May setting a pro-
Melon record of 357,376 barrels
i'll day. Stored stocks Of petro-
nm in that state, at 42,041,4 461
Iarrels, stand at the highest fig
I'D reached in the past five years.
Crops Favorable.
The crops of the district maze
progress during May
nd normal yields are expected in
nost sections. Prices already made
MI some varieties of deciduous
xhits are uniformly higher than
Nose paid to the grower year
I'D. Shearing of wool has been
except In some parts OF
I'D northern states and about 80
i'll cent of the district clip tIA,-
|SD,OOO pounds( has already been
&id. New clip wool has recently
,4en purchased for 35 to As cents
,sr pound compared with prices
LIS to II cents paid at this time
Ast year.
The banking situation in the
Iietrict changed little during the
a1nth. Re-discounts with the
ederal reserve bank, both by city
la country member banks were
'Sduced, the total on June Ia be-
nk $1,255, 1000 or 2.9 per cent less
Ian on May 10. Loans and dis
0unts of reporting member banks
manned practically stationary
LA on June Z were $853,J60,O00
impaired with $S53,2S1,000 on
EAy 3. Interest rates on CONNER
aal paper (bought through brok-
rs) and on customers paper in
one of the leading financial cen
srs of the district declined one
0nrth to one-half of one per cent
Hiring the month.
Building Active.
Building activity continues at
'eeord figures, the number OF per-
Lis issued during May having
SEN exceeded only in one month,
}ckober 1921. Permits issued
Fere 81 1 per cent greater in num-
I'LL and SOL per cent greater IN
|Aiue than in May, 1921. Debts
Is Individual accounts in the dis
tiet were 81 per cent greater IN
h6 four weeks ending May 81
l322, than in the same four weeks
i 1921, indicating an increase IN
AH volume of business transacted
aslBiness failures were less IN
|Hmber in May than in April, but
abilities were greater. Compared
IN May, 1921, the number OF
N7iures increased 14.5 per cent
|hH the amount Of liabilities 27.S
|sf cent. Savings deposits In the
HIncipal cities Of the district have
freased in each Of the past seven
s6nths except April and on May
q 1922, were "A per cent great
s Than on May 81, 1921.