Imperial Valley press., 1934-04-07
IMP R0VEMENT
IN BUSINESS
DURING MARCH

UUIll!sU N!nlIUH
improvement of moderate pro-
portions characterized the business
situation in Southern California
during March, according to the
Monthly Summary of business con-
ditions published by Security-First
National bank.
Both retail trade and industrial
activity showed gains as compared
with February, with the most favor
able record being made by Los
Angeles department store sales.
Bank debts in Los Angeles totaled
$3.50, 463 ISL, the largest figure since
March, 1882, with the exception of
July of last year. In view of the
fact that trading on the securities
exchanges, which always exerts a
pronounced influence on bank deb
its, was of relatively light volume
during March, the business review
considers this Showing of especial
| significance.
Building activity during March,
as measured by the value of per-
mits issued registered a modest gain
over preceding months but in con-
traSt with former years was of
! small proportions. Conditions in the
petroleum industry remained un-
settled throughout the past month
with difficulty centering around
the gasoline price structure and the
efforts to establish a marketing
cartel for the western states.
The business review reports that
employees of the Civil Works Adj
ministration, who have been dis
missed because of discontinued ac-
tivities of the Federal organization
in Southern California, are in many
outlying localities being absorbed
into crop cultivating and harvesting
ment, however, will probably not
be of particular benefit to workers
in the metropolitan area" the sum-
mary states, continuing in part as
| follows:
| In comparison with March, 1893
retail trade in Los Angeles during
! the past month showed a Specta-
cular increase, estimated at about
40 per cent. This large gain is ex-
planned in part by the fact thai
| trade was at the lowest ebb of the
depression in March of last year
Moreover, the increase in retail
prices which, according to the Fair.
child index, amounted to over *
per cent during the year account:
| for an important portion of the
rise.
Early Easter Aids
| A further element in the sit.
uation is the fact that Easter came
on April l this year as compared
with April 16 in 1888 and, con.
sequently, caused much more buy
ing of spring clothing to occu
in March than was the case yea
ago. Despite these consideration
which tend to make the SHOWING
/ less favorable, estimates indicat
that the actual volume of merchan
disc sold was larger than in Febru
airy, 1884, and appreciably abov
the quantity moved over the coun
tiers during March, 1888. Represen
tative communities in Southern
California, other than Los Angeles
showed an increase in trade il
March as compared with Februar,
in a majority of instances.
Wholesale trade in Los Angelo
was much larger than in the cor
responding month year previous
and equal to or above the Februar.
1884, level in most instances. Tir'
distributors experienced a decline
relative to February while hard
ware, grocery and dry goods firms
increased their volume.
THE condition statements of thu
Los Angeles reporting membeI
banks revealed an increase in re
serves with the Federal Reserve
Bank of $8826,0O0 during the fou
weeks ended March % to the high
est figure since March 81, 1929
Loans and investments, on the 9TH
err hand, showed decline of 49,
! $4,000, with most of the reduction
being concentrated in the loan ac'
counts.
Deposits were expanded by 49,
100000 during the month, thu
largest gain being reported in thu
demand accounts, which rose ST.
100000. Deposits of out-of-towr
banks and the government also
increased while the total balance
in time accounts was reduced. Witt
a rise of $876,000, government funds
on account reached a new high
level for the local area during re-
cent years.
Manufacturing activity in the
Los Angeles metropolitan area in
creased slightly more than is sea-
Sonal during March, according II
reports received from representa-.
tive companies in leading local in
dustries. Practically all lines eX-
perienced a stable or improved
volume of business, although the
level of prices remained unsat'
isfactory in some fields.
steel and oil tool fabricator'
experienced a firm market demand
with some concerns showing vol