Imperial Valley press., 1932-08-08
Business Shows
Little Variation
For Last Month

apparent III NilC ACNNA OA SNAASA a
economic activity in Los Angeles
and Southern California in July
from that which prevailed during
the preceding month. While con-
Germs dealing in consumers goods
and services enjoyed slight in
crease in sales over those OF the
earlier period, wholesalers and
manufacturers reported reduced
business in most instances. One OF
the common statistical indexes,
namely bank debts, registered a
decrease of 0.6 per cent for Los
Angeles during July as compared
with June. The Olympic games,
now being held, have attracted
many visitors to this locality and
operators OF hotels, restaurants and
other organizations catering to
tourist needs are benefiting from
the influx.
This is the Introductory para
graph of the monthly summary OF
business conditions in the Pacific
Southwest territory compiled by the
department of research and service
of the Security First National Bank
of Los Angeles. and released for
publication today. The summary
continues in part;
From a national viewpoint the
month was featured by several en-
couraging factors. Quotations on
securities, both bonds and stocks,
increased appreciably during July,
closing the period at the highest
levels since May, as measured by
DoW-J Jones. Professor Irving Fish
ers index of wholesale commodity
prices rose from 500 for the week
ended July l to 500 for that ending
July % In addition, there were
of improved business SEN
timent from a number of quarters.
Building activity in Los Angeles,
as measured by the value OF build
ing permits issued, remained at the
low levels of the past two months.
A decrease from the preceding per-
iod in both the number and aggre-
gate liabilities of business firms fail
ing in Los Angeles and Southern
California was indicated for the
four weeks ended July 20 by pre-
liminary reports received from r.
G. Dun & Company.
Statistics on sales of electric
power for industrial purposes in
this region showed a greater than
increase between May and
June (the latest month for which
figures are vailable, due, it is
thought, to increased activity in
automobile and tire factories and
on certain public construction pro-
iects. Passenger automobile regis
trations in Southern California
totaled 4,910 in June, which figure
is the largest reported for any
month since September, 1881. While
final figures are not available, July
registrations are not expected to
equal the showing made in the pre-
ceding month.
Crops in Southern California
made normal progress during the
period under review as result OF
the favorable weather which pre-
vailed in most agricultural districts.
Harvesting of sugar beets has
started and refineries at OXnard and
Santa Ana expect to crush a total
of approximately $4,000 tons dur
ing the season which will continue
for at least three months. In the
San Joaquin Valley peach canning
is under way and the fresh grape
movement is increasing rapidly.
Bean and cotton statistics released
during the past month reveal
marked decline in acreage and prob
able production as compared with
1881. Prices of citrus fruits, par
ticularly lemons, averaged somewhat
higher in July than in the preced-
ing month Although ship
ments have been substantially
lower than last season, the cur
rent melon harvest in the Imperial
Valley has not been generally pro-
fitabl to growers.
Securities Markets
Financing by the United States
Treasury Department during July
included two issues of treasury
notes and three series of bills, with
an aggregate value of $3.50, 100000
The demand for the two series of
treasury notes was particularly
large, with subscriptions totaling
several billion dollars. OF the $780,
100000 borrowed in this manner,
approximately one-third is to be
used in retiring maturing certifi-
Gates of Indebtedness while the bal
ance is TO be divided between the
Reconstruction Finance Corpora
ance is to be divided betWeenPT
ton and the treasury.
The general bond market was
strong throughout July, there being
net advance in prices on every
day but two, as measured by the
DoW--ones average of daily clos
ing quotations en- 40 leading cor
porate bonds. This index reached
its lowest point for the current year
on June l, when it stood at 65.70
BY July l, it had increased to $3.50
and on July 30 it was 7497. The
month was featured by the offer
ing of three large issues of public
utility bonds, all of which are re-
ported to have been well received
It is expected that additional secur-
tiles of this type will be offered to
investors in the near future.