Capital journal. (Salem, Or.) 1919-1980, 1922-05-27
TRADE
CONDITIONS.
LMPROvI ING.
Federal Reserve Report
Notes Marked Improve
ment In Basic Indus
tries In Pacific Area.

Unusual activity in the mining
loil and lumber industries through
fout the west, continued strength
in the banking situation, and com
parative dullness IN wholesale and
retail trade are noted in the re-
port for April of John Perrin, San
Francisco, federal reserve agent
for the twelfth district.
Improvement in the lumber in
dustry was the outstanding fea-
ture," according to the report.
Production during April was 95
per cent of normal, and during the
first two weeks of May reached
normal. Orders received during
Apill exceeded production by 27.1
per cent, this being the fifth con-
secutiye month in which demand
has exceeded current production.
Farm Prospects Good.
Normal or better than normal
Yields of most of the agricultural
craas of the district are expected.
The May estimate of the United
States department OF Agriculture
places the yield of winter wheat
at 1889, 900 bushels, decrease
Of 7,949,000 bushels, or 9.8 per
cent, from last years record crop
and an increase of 1856 per cent
over the previous fiveyear aver
age. Deciduous fruit orchards,
excepting apricots, are In good
Fairly accurate estl-
mates of the damage done to the
orange crop by the Jan
aary frosts are now available and
it is expected that approximately |
58 per cent (13,050, 1000 boxes) OF |
The previously estimated crop will
De marketable. Prices Of agricul-
-ural products were relatively
stable during April and the gains
If the previous three months were
generally held. Tentative prices
or fruits and actual prices OF
livestock and wool are well above
prices of one ago.
Loan Money Easier.
Increased activity in industry
md agriculture is reflected in the
oans and discounts or reporting
member banks which Increased
rom $S34,264, 900 to $853,231,-
100 or 2.3 per cent during April.
1t the same time deposits in these
'anks increased from S1,114,092,-
100 to s1,152, 900, or 3.5 per
ent and they were able to reduce
heir borrowings from the federal
eserve bank from s22, ,651 900 to
.14,672,000 or 35.2 per cent. Bor-
owings of all member banks from
he federal reserve bank declined
rom s49.$25, 900 to $43,27s,0OO,
r III per cent in the four-week
Ieriod ending May 10.
Retail Trade Stationary.
April was month of little or
% Improvement in retail and
yholesa1e trade. A decline of 1.3
er cent in the value of sales at
etail compared with sales I'm
.pri1, 1921, was reported, not
the fact that Easter
uying was included in March
ales last year and in April sales
his year In eight OF the ten re
orting lines Of wholesale trade
he value, and probably the physi-
al volume, OF sales was less in
pril. 1922. than in April, 1921.
he exceptions were agricultural ,
and hardware.
Building Continues Active. 1
Building permits issued dur i
lg April give further evidence OF (
ACTIVITY in construc- )
on and building. Permits Issued !
ere 1876 per cent greater IN {
umber and 5I.6 per cent greater I
i value than in April, 1921. and
ere approximately equal to the '
srmits issued In the record C
onth OF March, I2:e@ The vol t
me of business transacted in the I
istriet, as reflected in reports OF [
shts to individual accounts I'm 20 C
cities was practically
lie same in April, 1922. as in e
arch. 1922. and April, 1921. The e
imber and liability Of business 2
iiiures. although large. was less 8
IAN IN the previous month. {