The border vidette., 1932-04-30
BUSINESS CONDITIONS IN 18TH
FEDERAL RESERVE DISTRICT

San Francisco. April 22.-An
increase in Twelfth District busi.
ness activity almost equal to the
customary seasonal rise accom-.
panied the easing of banking and
credit facilities during March.
Industrial activity was unchang.
ed, after allowing for the usual
seasonal advances, while the
distribution of commodities de.
clined further from the low
! levels Of the preceding month.
Credit conditions at the middle
of April were substantially the
same as in mid March, at which
time considerable Improvement
was evident as compared with
Immediately preceding months.
Su BIN ormal temperatures
throughout the district retarded
the growth of many crops during
March. Fall-sown wheat is in
fair condition and it seems prob.
able that production for the Dis.
trict will approximate the harvest
of 1881. despite some reduction
in the Pacific Northwest. The
development of deciduous fruits
was retarded and the crop dam
aged slightly by freezing tenn.
peratures in early April. April
II estimates indicate that the
Valencia orange crop will be-
larger than in 1881. The condi.
tion of the crop is satisfactory,
except that the fruit is running
to small sizes. The condition of
livestock remained unusually
poor during March.
Production of crude oil in Cal.
ifornia was slightly lower in
March than in February, but in.
creased in the first half of April.
Refinery runs of crude oil in.
creased in the latter two weeks
of March, more than offsetting
decreases earlier in the month,
and gasoline in storage averaged
slightly above February levels.
LAUNDERING expanded by about
the seasonal amount. The value
Of building permits issued during
March rose more than seasonal.
ly, and engineering contracts
awarded also increased in value.
Mining operations we're further
curtaileG. Flour milling showed
slight change. Seasonal employ.
ment requirements effected some
reduction in unemployment in
the District. but wage decreases
continued.
Retail sales responded only in
part to the early occurrence of
Easter Sunday and to the GUS
tomary February March stimuli.
US. and the adjusted index de.
clined substantially. Approxim.
ately the usual increase in sales
of new automobiles was recorded
in March. Wholesale trade re-
NAMED practically unchanged.
As in February, intercoastal
traffic increased somewhat.
Twelfth District demand for
credit changed little during the
five weeks ending April 20. Dis.
counts at the Federal Reserve
Bank of San Francisco averaged
slightly lower than in preceding
weeks. and holding in locally
purchased acceptances we're re-
duced. Credit extended outside
the District was increased by the
moderate participation of this
Bank in the Systems open
market program of purchasing
United States Government secur-
tiles. Additional currency re.
turned from circulation and the
United States Treasury expend.
lures 10 this area continued to
exceed collections. These two
factors com bined with small Mint
purchases of locally produced
gold to bolster declining deposits
Of reporting member banks. De.
posits actually decreased further,
however. principally because of
rather large net payments of
funds to other districts (mostly
New York; for the accounts of
individuals. Declines in loans
also continues to reduce deposits.
Investment holdings of mem bers
:anks we're reduced slightly.
Money rates remained unchang.
I'd in this District. despite fur.
tber easing in national markets.