The enormous wealth from production of Up to October 11, 1916, 14,351 cars of copper has some reflection in the large percent- peaches, pears, and grapes had been shipped age of increase in deposits shown by the banks out of California this season, compared with of Arizona, Utah, and Nevada. The profits of 12,900 cars for a corresponding period in 1915. a single copper company in Utah are said to A carload of soft-shelled walnuts recently have reached $4,000,000 in one month. The shipped is said to have sold for $10,000. large gain in Idaho marks the great prosperity in the cattle and sheep industries. A reliable Boise (Idaho) banker gives the information that sheepmen are realizing the unheard of price of $8 for lambs in Chicago, with a freight cost of 90 cents. September bank clearings in 17 leading cities of this district were 35 per cent greater in 1916 than in 1915. The greatest increases were 56 per cent in Salt Lake City and 42 per cent in Seattle. September building permits in the same 17 cities show 31 per cent increase, with the largest increase in Portland. Stocks of grain in this district are lower than in years. Due to heavy European and eastern demand, buyers of barley, in the production of which California leads all the States, are offering $1.70 to $1.90 per cental as compared with $1.30 to $1.40 last year (or 82 to 91 cents per bushel this year as compared with 62 to 67 cents last year). Growers of sugar beets have received high prices, and sugar factories have made exceptional profits. The Government estimates a crop of 4,097,000 bushels of beans, 40 per cent Lima, from 248,000 acres in California, another product in which California leads. Damage from discoloration by rain is reported in some sections. California's onion crop exceeds 2,000,000 bushels, second only to that of New York. The apple crop of central Washington suffered damage from a windstorm on September 26, some 800 carloads of fruit being blown from the trees. Prices for apples are reported as good. Prices for prunes, which have now been harvested, range from 5 to 6 cents, which is unusually high. In the northwest the sizes were larger than usual. Unusually early rains about the 1st of October caused damage to raisins, grapes, figs, and dried fruits. The olive crop is much below normal. About 50 per cent of the crop is pickled, almost entirely in the form of ripe olives, the remainder being used for making oil. There is a record crop of Valencia oranges this year, aggregating from 13,000 to 14,000 carloads, compared with 9,500 in 1915 and 12,000 in 1914. Returns to growers have been equaled only once in recent years. The maturing crop of navel oranges, the first shipments of which will be made about November 15, is estimated at 93 per cent of a full crop, or about 5 per cent above the average. The embargo has been raised against shipments of citrus fruits to Australasia, a market which absorbs about 3,300 carloads. With the Florida crop estimated at 71 per cent, the outlook seems to be for good prices. A condition of general prosperity always assures large returns to Pacific Coast fruit growers, who are now benefiting unusually because of the great business activity of the East. Lack of transportation continues to hamper the lumber industry. Even for interior shipments there is an acute shortage of cars. Shipyards, which are crowded to the limit, report some difficulty in securing material. A disagreement recently between the members of two labor unions, reported to have no complaint against the employing concern, resulted in 2,200 employees of a San Francisco shipbuilder going on strike. To the 5,000 tons of shipping under the American flag on the Pacific Ocean, 17,000 tons have been added by the purchase of three steamers by the Pacific Mail Steamship Co. This compares with 80,000 tons prior to the war. Japanese interests are largely in control of trans-Pacific transportation, the Japanese merchant marine, on January 31, 1916, comprising 1,856,877 registered gross tons of steam and 554,605 gross tons of sailing vessels, with half a million gross tons since started on a total daily average of 265,514 barrels. This Japanese stocks. One Japanese company, compares with a daily average in September, which bought the principal ships of the Pacific 1914, of 282,152 barrels. Shipments during Mail Steamship Co., is reported to be earning September increased 2,021 barrels per day to $1,000,000 per month. Norwegian interests a daily average of 307,145 barrels, a new are also active, and are reported as about to establish a Norway-California line. A merger of the Pacific Alaska Navigation Co. and the Pacific Coast Steamship Co. into the Pacific Steamship Co. involves 22 steamships of 55,000 gross tons and makes the new company supreme in the coastwise service along the entire Pacific coast, including Alaska. Greater efficiency in operation is anticipated from combining the two fleets under a single management. Petroleum production in California during September increased 6,055 barrels per day to record, reducing stocks in storage 1,248,923 barrels, a total reduction during nine months of 8,566,630 barrels. The amount now remaining in storage is 48,469,257 barrels. The president of a Phoenix (Ariz.) bank sums up the local situation with this statement: "The outlook in all lines of business is all that can be desired." Except for inactivity here and there, as in lumbering and real estate, this is typical of conditions quite generally throughout this district, so far as the near future is concerned. DISTRIBUTION OF DISCOUNTED PAPER eight months of the present year. Discounts BY CLASSES, SIZES, AND MATURITIES. of this class of paper since September 2, 1915, the date of the first discount of this class of paper at special reduced rates, total $4,774,900, of which about two-thirds is credited to the Richmond and Atlanta banks. The total number of bills discounted during September was 5,214, compared with 8,542 for the immediately preceding month, and 9,173 for September of the past year. As the amount of the bills discounted during September shows a much smaller relative decrease, the average size of the paper discounted during the month, $2,740, is largely in excess of the August, 1916, average of $2,030, and of the September, 1915, average of $1,570. Over one-half of the amount of the month's discounts is represented by Commercial paper discounted by the Federal Reserve Banks during September, 1916, amounted to $14,308,700, compared with $17,351,800 for August, 1916, and $13,238,200 for September, 1915. Of the total September discounts the share of the three southern banks is about 46.2 per cent, as against slightly over 40 per cent in August, 1916, and 65.4 per cent in September, 1915. The only other bank with discount operations of some volume for the month is Chicago, which reports considerable discounts of farmers' paper among its total monthly discounts of 2.3 millions. Discounts of the Federal Reserve Banks for the nine months of the present year totaled $114,387,200 large-sized notes in denominations of over as against $112,620,500 for the corresponding period in 1915. Among the total discounts for the month advances to member banks against their own notes secured by discounted paper or United States bonds and Treasury notes figure to an amount of $1,260,850. Such advances, not to exceed 15 days, were authorized by a recent amendment to section 13 of the Federal Reserve Act and special rates ranging between 3 and 4 per cent have been announced for this class of paper by all the Federal Reserve Banks. Discounts of commodity paper likewise included in the monthly total aggregate $1,636,300 as against $507,500 in August and an average of $1,299,000 for the eight months of the present year. Nearly all of this paper was handled by the Richmond, Atlanta, and St. Louis banks. During the present year the discounts of commodity paper totaled $12,028,400 of which nearly 90 per cent was secured by cotton, while the total since September 8, 1915, the date when special lower commodity paper rates first went into effect, was $22,343,500, handled by seven banks. Discounts of trade acceptances (two-name paper) figure in the above monthly total to an amount of $583,500, compared with $230,400 in August and an average of $279,000 for the $5,000, as against a little over 30 per cent in September, 1915, while the share in the total amount of medium-sized notes, in denominations of over $1,000 to $5,000, is over 40 per cent, being slightly larger than in September of the past year. Small notes (in amounts up to $250) constituted 13 per cent of the total number and less than 1 per cent of the month's total discounts. Of the total bills discounted during the month 10.4 per cent was 10-day paper, i. e., maturing within 10 days from the day of discount by the Federal Reserve Banks; 26.9 per cent 30-day paper; 27.3 per cent 60-day paper, and 28.7 per cent 90-day paper. Less than $1,000,000 is represented by the amount of 6-month paper, i. e., agricultural and live stock paper with maturities in excess of 90 days at the time of discount by the Federal Reserve Banks, the Chicago and Dallas banks reporting over 60 per cent of this class of paper. On the last Friday of the month the banks held a total of $25,953,000 of discounted paper, compared with $27,032,000 about a month before, and $30,033,000 on the corresponding date in 1915. Nearly 60 per cent of the discounted paper held about the end of the month was the share of the three southern banks, compared with 62.5 per cent about the end of August, 1916, and 68.5 on the nearest date in growing number of banks in agricultural comthe past year. munities is being accommodated through the rediscount of farmers' paper. The number of southern banks rediscounting during September was 213, compared with 371 reported the month before, and 416 in September of the past Of the 7,624 member banks only 448, or less than 6 per cent, figure in the list of banks accommodated through the discount of paper during the past month. The largest number, 85, is shown for the Chicago district, where a year. Commercial paper, exclusive of bankers' acceptances, rediscounted by each of the Federal Reserve Banks during the month of September, 1916, distributed by sizes. Total.. 126 10.9 561 101.4 899 357.71, 028 793. 91, 249 2, 141.2 8993, 681.3 293 2,358.0 1591, 864. 35, 214 14, 308. 7100.0 100.0 2,740 |