The border vidette., 1934-06-30
1WELFTeFE0ERAL RESERVE
DISTRICT

San Francisco. June 26.
Twelfth District industry and
trade were about the came In
May as in April. after allowance
for seasonal factors. Reports
covering the period from the
middle of April TO the middle Of
May indicated that employ yment
Was fairly we'll maintained at the
highest level Of the year.
| Declines ia output occurred in
the lumber and -four milling Ia.
dustries. in which operation
were red uced as q result Of tran.
sportation difficulties in connec.
ton With the lonRshoremen's
strike beginning on May 9 Pro.
duction Of crude oil was unchang
ed and refinery activity expand.
cd further. Contract awards for
public work construction were
the highest for any month since
last October and private con.
structlon was stimulated to some
extent by increased industrial
building.
Department store sales, adjust.
ed for seasonal variations, were
approximately the same in May
a. in April of this year and ia
May 1888.
Freight carloadings increased
slightly more than sessonally
and sales of new automobiles de.
clined less than Ia customary
during May. Iotercoastal ship.
ments throuth the Panama Canal
particularly from the Atlantic to
the Pacific, we're substantially
restricted.
/ Rainfall early ia June improv.
ed livestock ranges and benefit.
4 ed most growing crops, although
it damaged some deciduous fruits
aud berries slightly. Ranges
still show the effects Of lack OF
rainfall, however. aud. except
ia Washington, Oregon. a d
northern California, crops have
suffered more or less from short.
ages OF irrigation water. A NUN.
Der OF counties ia the district
have been classed by the Agri.
cultural Adjustment Administra.
ton as ia the emergency drouRhs
areas, and surplus cattle are be-
log moved from these regions.
Outlook for grain crops, except
wheat. is poorer than at this
time last year. Despite recent
unfavorable growing conditions.
the aggregate yield Of deciduous
fruits ia expected to equal the
1888 output. Stimulated by pros.
poets Of small crops throughout
the country, prices Of farm pro.
ducts tended upward rather con.
sistently during the last half OF
May and first hsif OF June.
Net demand deposits Of report.
ing member banks continued to
be expanded during the S weeks
ending June 90 by Government
pay ments to individuals and cor.
porations in excess Of the amounts
collected from them. Banks aud
iudivid uals in the Twelfth Dis.
trict were allotted SO million dol.
lars Of the United States secur.
ittes issued on June Is. OF this
total, payment by banks through
deposit credit to the Treasurer's
account amounted to 81 million
dollars thereby further increas.
ing total deposits. Excess re.
serves OF member banks increas.
ed to q new high level on June
l3 as result OF the net Treasury
disbursements, but declined
somewhat ia the following week
due to on outflow Of funds Incl.
dent to interdistrict commercial
and financial transactions. Re.
Il scsiug these easy money COO.
ditions, interest rates were re.
ouced still further during June.
Banks also continued to
increase their in vest.
msnts in securities other than
obligations Of the Uoited States
Government. Loans showed lit.
tie change during the period
under review.