Imperial Valley press., 1932-04-05

not included in the above calcula-
ton, was 1.15 per cert.
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 sum-
mary continues in part:
Both the number and value Of
construction projects for which
building permits were issued in
Los Angeles during March were
substantially larger than in Feb
ruarY although smaller than q
year ago. The petroleum industry
of the state reduced production in
the latter part of March to the
lowest average rate of daily output
which has been accomplished since
the curtailment program was put
into effect. Since the first of the
year, however, there has been an
increase in the aggregate stocks of
crude oil and other petroleum
products held in this state. Ac-
tivity in other leading industries
exhibited somewhat spotty tend
oncics, Slight gains over the pre-
yious month being shown by some
meat packers, automobile tire man
ufacturers and iron and steel pro-
ducers. In contrast with these
three groups, a decline in demand
was noted by furniture fabricators
and little change was reported by
cement plants, grain milling con-
Germs and companies supplying
tools and equipment to the oil in
dustry.
Retail trade in Los Angeles
showed some further slackening in
demand during March, notwith-
standing the fact that buying for
the Easter season was largely con-
centrated in that month. Rela-
lively few mercantile establish
ments reported increases in sales
volumes which were of normal sea-
sonal proportions 1t is believed by
some observers that merchandising
efforts were less aggressive this
year during the period Immediately
preceding Easter than they were in
1881 and that for this reason the
showing was less satisfactory than
was anticipated. Reports received
from 25 communities in the south
ern part of the state indicate that
retail prices are still declining in
a ma ajCritY of localities and that
increased sales volumes were eX-
perienced in a larger number of in
stances by department stores than
by other classes of mercantile in
stitutions during the month just
ended, After making allowances
Tor the upward trend which is
usual in March, wholesale trade
in this section may be said to have
declined moderately last month.
Weather conditions were gen.
orally satisfactory for truck crops
throughout the period under re-
view. In some sections, particularly
in the northern and central parts
of the state, higher temperatures
and additional rain are needed to
provide adequate feed supplies for
llvestcck.> In at least two import
ant instances, namely the lettuce
deal in Imperial Valley and the
carrot crop in the Santa Maria
Guadalupe district, growers have
operated on a considerably more
profitable basis this season than
Nes the case a year ago. Sugar
beet paintings in the OXnard re-
gion are reported as being in fine
condition, the stand on most farms
being estimated at approximately
100 per cent. Prices of most agri-
cultural products receded to lower
levels during the month. Cotton
planting was started in this state
with present estimates pointing tG
an important diminution in acreage
compared with recent years. The
Coachella Valley Bermuda onion
acreage, on the other nand, shows
an increase Of SO per cent over
l..