The border vidette., 1932-09-03
BUSINESS CONDITIONS IN THE
18TH FED. RES. DIST.

Twelfth District business act.
ivity was about the same in July
as ia the preceding two months.
Seasonal changes were recorded
in measures of industrial produc
ton. while slightly more than
the usual decline in trade activ
ity was indicated. Credit de
mands were met without diff
Guilty and credit extended by the
Federal Reserve Bank of San
Francisco declined moderately.
Wholesale prices for q number
of commodities important in
the Twelfth District increased
further between the middle of
July and August 20.
Farming activities were favor.
ed by excellent whether condi.
lions during July, except in the
wheat growing areas of eastern
Oregon where some damage was
caused by strong winds. August
1 estimates indicased that pro
ductions of grains and deciduous
fruits would be larger than in
1881 and that field crops, with
the exception of hay, would be
smaller The 1882 barley bar
vest was exceptionally large. 1t
was predicted that the Valencia
orange crop would slightly ex
ceed 1881 prod uction, while a re
duction in the lemon crop con
tinued to be expected. Volume
of agricultural products market
ed continued to be smaller than
in the preceding year. despite
generally large storage stocks
and prospects of larger than
average yields. The condition of
livestock improved considerably.
rejecting an abundance of range
forage. Advances 10 prices dur
ing July we're larger on the aver
age for farm products than for
other commodities.
Production Of petroleum in
California. which continued IN
der voluntary restriction. .averag
ed slightly lower in July than IN
June, but increased in the first
half of August. A substantial
reduction in stocks of gasoline
accompanied a small decrease in
refinery operations. Prod uction
of lumber and cement when,
adjusted for seasonal factors.
changed little from the low levels
of recent months. Although the
value Of engineering contracts
awarded in July increased sharp
ly as a result of Federal Govern.
ment projects, building permits
we're smaller in value than in
June. Flour milling declined.
after seasonal adjustment. Can.
ming factories operated on sche.
dulles substantially lower than in
1881. Employment increased
seasonally and wage reductions
APPARENTLY we're less numerous
than in earlier months of the
year.
The value of retail sales re
NAMED practically unchanged
during July, after allowance for
seasonal factors, while sales at
wholesale and registrations of
new automobiles declined con.
trary to the usual tendency dur.
ing that month. Decreases in
freight carloading we're smaller
than is customary during July.
Intercoastal traffic increased less
than is usual from June to July.
A larger volume of funds was
supplied to the Twelfth District
commercial banking structure
during the four weeks ending
August II. than in the preceding
month. Gains through the gold
settlement fund and expenditures
of the United States Treasury in
excess of collections in the Dis
trict more than offset declines in
reserve bank credit. The in
creased supply of furds was
used in part to meet demand by
the public. for additional cur
rency. the remainder eccumulat
ing as increased member bank
reserves. Total deposits of re.
porting member banks moved
upward from late July levels,
rejecting increase Government
deposits. Time and net demand
deposits of banks did not change
appreciably, while loans declin
ed moderately.