The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1923-04-28
CONDITIONS ARR
GOOD ON COAST
General Prosperity Shown
in Reserve Summary
ny JOHN PERRIN
Reserve Agent, Federal Reserve
Bank Of San FrnneiscO

BhFh Oi Dan IfaNHf~fh
Activity Of production and trade IN
the Twelfth Federal Reserve district.
which has been marked since the
first Of tho year. was sustained dur
ing March. with records Of previous
years being steadily approached or
exceeded In numerous lines Of aetiy-
iiy Labor Is fully employed and
wages are advancing. Substantial IN.
creaaes in rates OF pay IN the lum-
bering. mining and metal trades In
dusirles were announced during
March. Farmers IN many sections
are having difficulty In occurring ade'
quaie help for spring planting be-
cause OF the relatively low wages
paid agricultural lsborers.
Practically all OF the lumber mills
OF the district are now IN operation.
and production during March WAS
estimated 90 be 10 per cent above
normal for that month. The volume
OF orders received and shipnenfs
made continued greater than produc-
ton. Output Of the mines Of the dis
trfct increased. the metal market
continued active. and prices Of the
principal metals produced. except
silver. rose.
Petroleum production in California
NJ s32.s22 barrels per day. estab-
lifhed another record during March.
md storage stocks. already large.
were increased. Prices paid for
crude oil In Southern California
fields were reduced during the month
from 10 Al cents per barrel, accord
Ing 10 the gravity OF the oils.
Flour miliers. having completed
their fall and winter production pro
gram. eurtaiied their operations
slightly during March. Building per-
miis issued during March were great
er both in number and value than sn
any previous month OF which there
Is record. There were i3.s5s permits
authorizing construction valued ~
tto.2o5.4so issued in 20 reporting
cities.
Retail trade at department; stores.
during March. exceeding in value
that OF a year ago by approximate
~ 20 per cent. was being carried
on with stocks only slightly larger
than those tlen held. Eleven lines Of
wholesale business reported increases
IN the value Of their sales during
March. 1894. compared with March.
tiss?. and in the majority OF lines
the percentage increase WIS greater
than The Increase in the Wholesale
price level during the same period
The total activity OF business m
the district. as Indicated by debts
20 Individual accounts Mt banks IN
q cities. was s5.s per cent greater
than one year ago. the largest year
ly comparison reported since 1920.
Business failures during March de-
ciined in number and in amount OF
liabilities.
The business prosperity reflected
In the foregoing comparisons has
resulted in n steadily expanding vol
ume Of bank credits In the district
Total loans. discounts and invest
mcnts OF es reporting member
banks. located in the principal cit
lea OF the district. increased from
81. ,ss. ooo. 900 on March :. 10 si,3se.-
0oo. 900 on April IL. the latter fig
ure being slightly in excess OF the
highest previous figure reported on
December IL. 1920.
Comparison OF the present condi-
ton OF these hanks with their con-
di,ion then. however. reveals that.
while total loans and Investments
are now at the 1920 peak. total de-
posits. are at sI.3ss. 100000. are con-
sidcrabiy above the peak OF ti.is5--
900, 900 reported in the fall OF 1890.
AS a result. the total deposits OF
these banks are today as-i per cent
OF their total loans and investments.
as compared with Ss.2 per cent at
the peak OF the credit expansion in
1890. A might be expected under
such conditions. demands OF mem
Der banks upon the reserve bank for
credit have thus far been light. al
tho during the past month they
have tended more strongly upward.
as have interest rates
The general price level continued
upward during the month. Prices
OF many agricultural products OF
the district, however. are now lower
thhn one year ago. the principal
exceptions being wool. cotton. sugar
and barley. all OF which are selling
at prices considerably above those
OF April. 1922.
Crops and live stock OF the dis
trict are in good condition.