Show conditions IN IH MM DISTRICT after ter due allowance for seasonal expansion the business situation sit u aaion in diio twelfth 1 l t LA lastrico strict ihas has remained changed during the past three months g ontas industrial activity which had bosn been stable during february and R march appears to have shown z about b ut the seasonal increase e during ril r divergent movements were shown wn by the various available measures ri s of trade commodity pric prices continued in d to decline and the agricultural I 1 outlook alook was attended by factors similar s la r to those prevailing in in recent rn months sntos art iccie was little to a iter alter tha agricultural F u t ral situation during april the probability that there will vill be good crops and low prices pi ices approaches appi caches a cetan hinfy tj april rains raina afforded r rt lica to dry land farming in in some arp are and d helpa to replenish the smaller than ih an usual irrigation water supplies RIn Ea fall although well below normal ili inmost ihas most parts of the district this y i has been equal to or slightly blaer er than lost year ear the principal exception is is in in northern and central cceal where precipitation has been unusually unus ally light this sea s sori ei i in certain areas the growth e on ranges has been somewhat ora ehlt retarded this spring by lack of la ral fall this situation has induced market movement of livestock from california the condition of abich ch is less favorable than us va aalt the condition ot of most crops 1 according ang to 0 may I 1 estimates is as accor satisfactory a emoiy as in other years industrial stia operations pe rations increased from march to april by about the usual amount total lumber production increased more than seasonally al developments in in this industry uniform throughout atie dm tr let 11 daily average output of cruder crude oil was negligibly less than in april but reports for far the first half of may indicate an upturn was a model moderate at increase in the output of refined oil pro products ducis during april mining of nonferrous non f ferrous arous metals other than gold continued at an unusually slow building and construction ac injety declined from jhb relatively high levels of march trade activity did not change greatly from the tha march levels department store sales declined slightly during april but this was due almost entirely to the fact thit nearly all of this years easter trading din camo camaj in in maeh mach registrations of new automobiles I 1 and wholesale trade increased somewhat pome what but the volume of railway f and traffic contracted slightly during april neither total deposits nor total loans and investments of reporting member banks have changed appreciably during the past five weeks borrowings from tle the federal reserve bank of san francisco by city member i banks increased temporarily duri during i late april and the first half of I 1 may but have since decided to less than a million dollars I 1 recent reductions of acceptance buying rates by the federal reserve I 1 dank bank af 0 S san in Franci francisco zeo have hac been followed by an increased sale ot of ac cep celi ly by anen nii enber per banks bamks as a means of obtaining funds from the restive bank there have been marked declines during recent months in TO member banks holdings Mol dings of acceptances cep as well veil as in the creation of tilis type lot lof paper additional financing liy by the united states slates treasurer has resulted in in an expansion in member bank holdings of government securities eurit les while investments in other securities were about the same on may 20 as on april 15 there has been no change in interest rates charged cus customers bomers by commercial banks during late april and early may rates paid to depositors have been red deduc din i ed both by banks and by buil building and loan |