Show COMMODITIES GAIN GAININ IN WESTERN STATES I I Twelfth district business fluctuated L considerably during durig March and averaged averaged aver aged somewhat lower than in February Feb February being influenced by banking holidays during the first half hal of the te month and by the earthquake in the theIs Los Is Angeles region March 10 Practically the entire entro decline in both bot Ir in industry and trade tade cam came in I the te early earl part of ot the month most fields felds of activity ac having recovered approximately approximate ly to t February levels by the end of March Marketing of agricultural products product proceeded about as a usual since Ince necessary necessary necessary sary facilities to finance transactions involving food and fc feed fed d products product were provided throughout the banking bankIng bank ing holiday Prices of commodities important in the twelfth district averaged aver aged sU slightly higher in March than thanin thanIn thanin in February and after a brief bre decline at the beginning of April Apri continued their advance Weather conditions in most parts part of the district were more satisfactory for the te growth of range feed and planted crops in March than in Feb Feb- Reports of farmers farmers' intentions to t plant indicated that acreage sown to spring wheat would be about 33 per cent larger this thi year than in 1932 This increase in spring wheat acreage is I the result resul of the relatively small smal winter wheat crop which was damaged damaged dam dam- aged by cold weather last lat autumn Larger than in 1932 arc are expected ex cx to be planted to t beans and I oats oat while planting of barley and potatoes po po I will wi probably be smaller I Although lumber production did I Inot not increase by the full ful seasonal I amount during durin March operations were stimulated late in the month by ny bya nya a rising volume of orders The value of engineering construction changed l little ittle but building permits permit were con con- higher in March than in in n February Output of ol cement Increased increased in In- creased sharply About the usual change in industrial employment was reported to have taken ten place during duing the month The T seasonally adjusted index of department store sales receded from 65 65 5 per cent of the 1925 1923 average in February to t 58 per cent in i March a new low level since 1919 New automobile registrations were the te few fewest t in number since 1922 The value of wholesale sales and the volume vol ume of traffic increased somewhat more than is usual usua from February to March Between March 22 and April Apri 19 19 currency and coin cin returned return d to te the federal reserve bank of San Francisco Fran cisco cico totaled 37 mIlon dollars This made a net return of ot million dollars dol lars since sice March 13 the day on which currency and coin coln in i the hands hand of commercial banks bak and the public reached is its record high point compared com corn pared with wih withdrawals amounting to million milon dollars dolar between mid mid- January and March Mach 13 In I addition additon to t the 37 million dollars received during the te four weeks end ing irig April Apri 19 as a a result resul of of ot currency banks bank were supplied with a considerable volume of funds through local beat disbursements disbursement by the United States treasury in i excess of collections These Tese funds were used by banks to rebuild their deposits deposit with eastern correspondents and ad to t meet payments payment resulting from net transfers of funds fund out of the district district part of which was wa caused by purchases purchases pur pur- chases cha of securities in eastern mar mar- Only a small mal part of the re re- re deposited currency was used to t re reo duce borrowings borrowings' or to increase reserve reserve re reo serve sere balances balance at the federal reserve bank of San Francisco Francico Considerable progress was vas wa made during the first three weeks wees of April in restoring operations in banks baks which had not been licensed to t reopen in i March March |