The Cordova daily times., 1921-04-30
RESERVEBANK SEES HOPEFUL
 SIGNS AHEAD

sociated Press) .-Definite signs of business revival in certain industries of the Twelfth Federal Reserve District appeared during the past month, during which period also spring activity in agricultural opera tions began according to a report made public here today by the Fed eral Reserve Bank of San Froncisco.
 Lumber production, which has been at the lowest point in two years, was 17.3 per cent greater last month than in February" the report said. Approximately sixty per cent of the mills today are in operation-some on part time-as against less than fifty per cent on March l, 1921.
 Several milk condensaries, which had been closed since the end of 1920, have resumed operations and others have increased their output to meet orders growing out of more active domestic demand and a slight increase in foreign shipments.
 Unemployment has decreased, ex- cept in the copper mining centers, where shutting down of the principal producers has been ordered until the market price of copper rises to a point which will make production profitable.
 "In the shipbuilding industry, two new contracts of record size were announced by one yard, although others are nearing the end of the construction for which they have contracts
 "The building industry shows dis tint signs of revival, permits in March 1921, exceeding in value those of March, 1920, by 26.9 per cent and be- ing so far in excess of those in Feb hruary, 1921, as to indicate more than seasonal increase of activity.
 Bank clearings were only fifteen per cent less in total value than in March, 1920, which, in view of the years decline in price indicates that the volume of business being done is not less and probably greater than that of last year at this season.
 Various price indices show that wholesale prices are approximately forty per cent lower than they were a year ago, and the volume of ac- tual transactions in the wholesale 1 trade generally is probably not less than 1t was a year ago at this time. ''In the agricultural industries, mixed tendencies appear. Certain commodities-rice, cotton, barley, wool and hops-have not moved mar ketward in appreciable quantities dur ing the month, but sugar, both cane and wheat, and canned fruits have been steadily moving into consump- tion.
 Precipitation occurred opportune- ly during March but the month was not marked by the abundant rainfall which has characterized the winter of 1920-21. Conditions are reported exceptionally favorable for growing crops in all sections of the district, save portions of southern California and southern Arizona, where the rainfall has been below normal all season.
 l "A cold spell followed by frost occurred over the whole district during the last few days of March and the first few days of April. Some damage was reported from practical ly every fruit and grape growing area, and individual growers suffered severely in some cases, reports in dicate a considerable reduction in the prospective crops of apricots and grapes"
 A section of the banks report de- voted to citrus fruits said on April l, 1921, approximately 35 per cent of the naval orange crop, now estimated at 23,000 cars. remained to be gath cred. The navel orange crop in 1919-20 was 16,7O0 carloads. Wealth | Oi SoiiuAtlohoJ ICpOlt uCSifll Cu have been favorable for the distri- button.
 "The Valencia orange crop, which will be harvested during the summer months, is estimated at 22,200 cars" the statement said. "The coming crop promises to be the largest ever harvested in the state and the or anges appear to be of normal size, without an excess of either large or small fruits"
 Discussing sugar beet plantings, the report said the acreage planted this year was expected to be about the same as last year, when 292,OOO acres were set out.
 Regarding livestock, the report de- l IL ~G