Show l LOCAL GAl BUSINESS I BETTER THAN YEAR AGO 1 I High 1923 Levels Have I Been Passed in This i I I District Uy liy IX Hank Bank of or San Man co Federal F 1 B e erre Te re Steady expansion of or business activity In Jn this thin district continued during February Feb Seb and by the close of or that month the high levels of or 1923 had been reached or surpassed Distribution and trade in particular are substantially more active than a year ago Production has been of or large lance volume notwithstanding recent curtailments of ot operations In lumbering and corper copper mining the re result re- re sult of r a a. temporary excess of or output over o current consumption Credit for rorI financing business ha has been abundant I I and rates of or interest relatively low low- i Checks drawn against Individual ac accounts RC- RC counts count bank debits at nt banks bank In twenty clearing house c centers the best index I or of general business conditions conditions' in the district were per cent greater durIng during dur dur- ing log February 1924 than during durin February February ary 1928 After Atter making making- due allowance I for the normal annual growth of ot business busi busi- I ness this thia Increase still indicates anI an I unusual gain in tile the total volume of ot I trade Building enterprise one of ot the I chief factors affecting general business conditions hat haS been more nOre than seasonallY seasonally season season- all ally ally- active and continuance of ot activity ity at high levels Is indicated by the ti figures of ot building permits Issued durIng during during dur dur- ing February They were 26 23 3 per cent greater In number and per cent greater in value than during durina February 1923 1323 itself a a. record month in the tha Industry industry In Industry In- In in this district Building materials materials ma ma- tends prices according to the index of ot the United States bureau of ot labor stood at 1013 1913 prices equal In February n 0 O. O 06 6 per cent above the figore figure fig fig- ure ore for tor January but 6 62 2 per cent below the February 1923 figure EMPLOYMENT IET GOOD Of Ot principal Interest amon among factors relating to the productive Industries of or orthe the district was the reported curtailment curtailment curtailment curtail curtail- ment of ot lumber and copper output durIn during during dur dur- ing In the latter part of ot February although production of or both of or these commodities commodities ties ha has continued at high levels Lumber Lumber Lum Lum- ber mills of or tho the district temporarily at least have havo produced more lumber than the market will readily absorb at prevailing prevailing pre pre- prices and a II redu reduction tion in output has followed Producers Producer of copper have faced a a. similar situation and are ara now reported to have adopted a 0 similar remedy remedy rem rem- edy Production of ot other principal metals metals met met- als oh ha has changed little although non- non statistical reports indicate some expansion expansion expansion sion In output of ot lead Production of ot petroleum In California was 1 12 2 per percent percent percent cent smaller during February than during during during dur dur- ing January continuing tho the downward oe g-oe goes trend apparent roar roar-e since I last September br Consumption s m of p petroleum eu increased 4 45 1 per cent during the month and almost equalled production so that stored stocks by a a. smaller amount than in any month of or the tho past year except December 1923 Unemployment during February 1924 1324 was reported to tobe tobe tobe be slightly larger in volume than durIng dur dur- ing lag February 1923 1921 as 3 a result of or declinIng declining de de- de- de clining dining demand for mr unskilled labor In agriculture and antI the lumbering and mining Trade at retail as lis reported by thirty thirty- five department stores In six principal cities of ot the tile district wa wall 17 7 per cent greater in In value alue during K February 1924 than during February 1923 Stocks held by these store stores at th the close of ot th tha month were 92 per cent larger by value than ItOC stocks S held a a. year ago t but ut were moving from dealers dealers' shelves taster raster than in the earlier year Trade at wholesale improved during February eight of ot the eleven leven lines of or business for which this bank banIc collects figures snowIng snow snow- ing leg Increases In value of ot sales over a year ago Decrease in value of ot sales of ot two of the three thre re remaining lines appeared ap P ap- ap to b bp largely the result of ot price declines decline o. o over r the year ear period INTEREST RATES BATES LOW Tha rho general level of ot prices changed little during February the tho index number number num num- ber of or the United States bureau of or labor standing at 1913 prices equal compared with a month ago aro and a year ago Irregularity characterized charac charac- tensed the movement of ot prices of ot the principal products of this district Notable Notable Nota Nota- ble general changes were advances in prices s of ot livestock and metals and declines de de- de- de clines dines In prices of ot grains and lumber Moderate increases in credit needs of ot the die dl net appeared during the month I total loans of ot reporting member banks rising approximately during the four tour weeks ending March Starch 6 6 5 Such loans are now flow at the highest point reached h since January a w when n they were r first reported separately pa iy on member member mem mem- ber b bank statements t n s Member banks a I Ito i b hu hua have e not t found it necessary ces thus far to Increase materially their borrowings from the federal dral reserve bank whose total rediscounts have fluctuated be between between between be- be tween 40 and 60 50 millions of ot dollars At in March 12 they were larger than one month ago and approximately equal to the total reported a a. year ago Interest rates in view of the abundance of ot funds runds available ble for financing business have continued continued con con- relatively low San Francisco banks tanks that the prevailing rate charged charge l on customers' customers prime commercial commercial commer commer- cial paper of ot ninety days maturity was Ii 5 per cent during the week ending March Starch 15 16 1924 compared with 6 Cj per percent percent percent cent during March a a. year ago Banks in other cities clUes of ot the district report similar ease case in Interest rates rate |