Capital journal. (Salem, Or.) 1919-1980, 1922-05-01
.l11AST BANKING
CONDITIONS ARE
BETTER, REPORT


,,s conditions in the Twelfth
,ne soral Reserve district contin-
10 improve, John Perrin, San
u'oncisco, W federal reserve agent.
,.aIared In his monthly report
made public here today.
"Rorrowings from the Federal
ooserye Bank of both city and
"mrtrv members combined fell
,s"m Al 100000 on March 8 to
40 oO2hOOO on April IL, a decline
~ s12,OS1,OOO, or 1877 percent.
~his reduction was accomplished
:. Ioast in the case of the country
momber banks at season of the
,oor when the requirements Of
,hair customers are unusually
soovv. and indicates a growing
ah,lity on the part of these banks
II meet customers needs without
occurring outside assistance.
Building Activity Grows
"The most striking industrial
dovelopment In recent weeks Is
,be record activity in building
onerations. Figures Of building
nprmits for March were, in point
yalue. the largest figures ever
tenorted in this district, exceed
ing the previous record month
If october, 1921, by 17.5 percent
COMPARED with the month of
March a year ago, this years fig
rres exhibit an increase of 49.9
Dercent in value and 14.7 percent
IN number. indicating a period
II unusual activity in construc-
don lines during the summer and
fall.
Among other industries Of the
district numbering is the most ac-
five. Production during March
was approximately 90 percent of
normal, the highest percentage
reported by this inductry in the
mast 16 months. New orders re-
Ceived by mills in the four prin-
ipal lumber associations were
A.4 percent greater than March
production.
Farm Outlook Good
"Agriculturally, there have
been few new developments dur
ng the month. In many sections
the winter season extended well
into March and farm work has
bene delayed from two to three
weeks. The winter wheat crop
now appears to be in better con-
dltion than on December 1, but
Il is not expected that the re-
cord crop Of last year, 78,000,-
700 bushels, will be equalled.
The present outlook for the decid |
nous fruit crops of the district |
Is excellent, with the exception |
Of apricots, the yield of which has
been reduced as much as go per-
cent in some sections by attacks |
Of brown rot and killing frosts. |
Preliminary estimates of cotton
and sugar beet paintings indicate |
slight increase in acreage of |
cotton in the principal growing |
sections and a reduction of ap
FOximatelv 25 weren't in th~
acreage Of sugar beets, compared
with last year. Prices of agrlcul-
tural products, while they have
not continued the steady gains
which characterized their move
nent in the first two months Of
the year, have fluctuated at levels
tppreciably higher than those of
January 1.
Retail Trade Slumps
An increased demand for un-
KILLED laborers, partly seasoned
and partly due to greater pro-
ductive activity in the district
has increased the number of men
employed and all states report
mat the peak of unemployment
las apparently ben pasesed.
ifaue at retail during the
month was 62 percent less in
value than in March, 1921, but
'Ae comparison loses much of its
fgnificance when it is remember
Cd that Easter buying occurred
ID March last year and will be
argely reflected in April sales
mis- year. After making due al
NWance for declines in retail
pnces of from to 10 percent
over the year period it is prob
sOle that the physical volume of
BUSINESS in March, 1922, was at
tast equal to that of March, 1921
AZ Wholesale, trade in general
was du4I, and did not compare
@Vorabiy with 1921 figures eth
H In Valnn nr in nhuoiooI vol |