Imperial Valley press., 1934-02-09
BANK REPORT SHOWS STEADY
IMPROVEMENT IN BUSINESS

While the rate of business activi-
ty in Los Angeles and Southern Cal
Ifornia was practically the same in
January as in the preceding month,
signs of gradual improvement in the
underlying economic situation were
increasingly evident, according to
The latest monthly summary of busi-
ness conditions compiled and pub
lished by Security First National
bank.
Greater confidence in the gener-
al financial outlook was particularly
noticeable, apparently due to the
announcement of a definite none
tary policy by the administration
and the anticipation of enactment
of new monetary legislation by con-
gresS,' the summary reports.
"Debits to individual bank ac-
counts in Los Angeles were larger in
January than in any month since
April, 1882, with the exception o.
last July. The current total of $554.-
355, $40 is per cent larger than IN
December and n per cent above
that for January, 1888
Aggregate deposits of the report
ing member banks of the federal re-
serve system in Los Angeles rose
during January to the highest point
since September, 1881. Both the de-
mand and time classifications in
creased during the month, a gain OF
3.5 percent being shown by the for
! mer. On January 25, demand de-
positS were 1876 per cent larger than
on the corresponding date year
ago while time funds were slightly
smaller the review states, contin-
uing, in part, as follows:
Loans on securities are now be-
low the level of January, 1893, while
those for other purposes are a lit
tie larger. OF the several classes OF
assets, investments in United States
government securities have ShoWr
the most pronounced expansion, ill.,
creasing 80 per cent during the past
year. Reserves with the federal re-
serve bank showed further growth
during January, while borrowing
by member banks from the reServS
system remained at zero.
Retail trade in Los Angeles was
more than 25 per cent larger in jan
uary than in the similar month 6
year previous. After adjusting fol
| the seasonal element introduced by
the holiday period, the January fl
cure stood slightly below the De-
cember total, but was above the re-
! cent low mark registered in NoVem'
! ber.
Factories At Peak
| industrial firms equalled theil
December showing in majority o.
| instances. However, certain line
such as automobile tire manufac
ture, reported important increase
that exceeded the records of boti
a month and year previous. Plant
operated close to capacity to I'll
the requirements of the new buyini
season. Although still small relativ
/ to prosperous years, business in mos
industries remained substantial,
above the first part of 1888. In SOM
lines, orders now on file for fu
ture delivery make certain a con
tinuation of the expansion in de
mand which began last spring.
Producers in the heavy indus
tries, such as steel, cement and oi
tools, are running at rates even will
December, which level has beel
we'll sustained during the last feN
months. Oil tool firms enjoyed tn
best market during the month. All
important advance in the cemen
and steel lines depends to an i'm
portant degree upon the revival @
private building and constructio
activity, in the opinion of industr
leaders.
Trade conditions were general