East Oregonian : E.O. (Pendleton, OR) 1888-current, 1922-07-11
CONDITIONS
IMPROVE IN TWELFTH
RESERVE DISTRICT

a more optimistic note on the con-
dtion Of business in the twelfth fed-
eral reserve district is struck in the
report issued from San Francisco June
! Il. Crops are good, the lumber in
! dustry is stronger by reason OF the
! greater amount of building / leing done
and trade conditions are much better.
| \ part of the report is as follows:
There was a married. increase in
! trading activity in this district during
! May and reported sales at both retail
/ and wholesale were greater in value
than in the same month last year. In
I the retail trade. sales of 50 repre-
sentative department stores and mail
order houses were 15.5 per cent great
er in value in May, 1922, than in May
l92l, this being the first month of the
present year during which the value
of such sales has been greater than in
the corresponding month a year ago
In the Wholesale trade the various
lines except automobile tires and
Hhoesl report increases of | to 81 per
cent in the dollar value of their sales
during May, 1922, compared with May
gel by far the most Favorable show
ing made this year. These increases
evidence the greater purchasing pow
"r of the community growing out Of
Increased activity in industry, an inn |
proved employment situation, and ad- !
vancing prices for farm products,
The crops of the district made faV- I
"rahle progress during May and nor
NAL yields are expected in most sec
tons. Prices already made on some
varieties of deciduoUs fruit are uni .
formly higher than those paid to the
grower a year ago. Shearing of wool |
has been completed except in some
parts of the northern states and about |
30 per cent of the district clip (72,-
2oO, 600 pounds has already been "
sold New clip wool has recently. been 4
purchased for 80 TO Is cents per
pound compared with prices of 5 TO 4
II cents paid at this time last year.
The banking situation in the district
changed little during the month Re
discounts with the Federal Reserve
Bank, both by city and country mem
her banks were, reduced, the total on
June 14th being $1,255,0OO. or 20 per
cent, less than on May 9th, Loans
and discounts of repairing member
banks remained practically stationary
anu Oh June iJn were ASJ6,ahU,UUU
compared with SS63, 900 on May
3rd. Interest rates on commercial
paper( bought through brokers) ana
on costumers' paper in four of the
leading financial centers of the dis
trict declined one-quarter to one-half
of ! per cent during the month
Building activity continues at rec
ord figures, the number of permits is
sued during May having been exceed
ed only in one month, October. 1921.
Permits issued were 321 per cent
greater in number and So per cent
greater i'm value than in May, 1921.
Debts to individual accounts i'm the
district were 81 per cent greater in
The four weeks ending May 81, 1922,
Than in the same four weeks i'm 1921
indicating an increase in the volume
of business transacted. Business fail
ures were less in number i'm May than
in April, but liabilities were greater
Compared with May, 1921, the num-
Der of failures increased 14.5 per cent
md the amount of liabilities 27.S per
cent Savings deposits in the princ-
pal cities of the district have increased
in each of the past seven months cx-
rept April. and on May 81, 1922. were
"a per cent greater than on May 81,
1921.