Show WAS kv ASGOOD GOOD I YEAR nAR SHOWS I me of Trade Proba- Proba Proba-I Proba y Larger Than Ever C erve Bank Reports year r el 1926 was characterized large age volume of Ind Industrial out out- an business activity which In was probably than in any previous year he Twelfth Federal Reserve according to a rece re- re I. I ce ed Monday fonday by V. V W. W L L. r. r r manager of the Salt Lake ch from Isaac B. B Newton an of th the board and fed federal ral t e agent o of the Federal Renk Re- Re J of San r cord volume of trade at rea re- re a and d a substantial volume at wa was evidenced in 1926 report Ia says The report Is as ws 1 l m Of farm crops prOduced h district dIstrct was larger in 1926 In any other r year ear of r record p 1923 Large yields offset a reduction In prices for agricultural products product ever ver and returns to ers were smaller in 1925 h o of bank credit avail avail- during 1926 was adequate for districts district's ts t's needs Interest rates I med ed steady at moderate levels d demands mands upon the Federal Re- Re eI ank of San Francisco were unduly heavy tilTS EXCELLENT ris of recession in industrial tra tia Oe e activity appeared during atter part of 1926 The year ear closed with Industrial activity volume lume ot of employment at lev- lev lightly below those of Decem- Decem 1925 with distribution at at moderately low levels with retail trade active but carrying Jarger arger than at any time since the ig of 1924 Banking and credit continued sound construction again largely to prevailing in- in l activity during 1926 al- al ot of and value alue permits issued in twenty ip l cities of the district were ler than in any year since record volume of lumber cut during the year although I Gf F th than n seasonal curtailment J r the recent months resul resulted id December 1926 cut which w was s tJan that ot of December 1925 u ut tI t f flour in the district was r 1 during 3 1926 than in 1925 but IPg that year ear was smaller nany year ear since 1920 The Thed d ci fruit ruit and vegetable pack Inor in inor or la Ia amounted to n 1926 the largest pack of revision of canned fruit as as by an mi- mi aCtor artor ln n the trade on JanuJ Janu- Janu J The new quotations r 1 against e Jupe Jue 1 1927 and which S In other concessions to buy buy- aLp aIto gen generally raIly lower than the g eg named In July 1926 V i HOLIDAY SEASON e moderate decline In trade tradeS S which was reported during part of 1926 was checked s 5 temporarily by an active season In December Sales Increased by more tire tIe usual seasonal amount W v re approximately equal in into into to sales during December This fact acquires when It Is remembered that wholesale price level fi 6 per cent lower during DeI De- De r I 1926 than during Decem- Decem 1925 1923 This banks bank Index ot of sales at retail in which allowance Is made for usual seas mal varla- varla tion again advanced during Dec De- De c cember 1926 and its index of dail daily average bank debits which is also adjusted for tor usual seasonal movements move move- meats ments advanced for the first time since last During recent weeks condition statements of sixtY five reporting member banks In the cities of the Twelfth federaL reserve district ha have hae e reflected to the usual holiday and end year changes in demand for tor credit accommodation Prior to the Christmas holidays demand for credit and currency Increased in In- creased and interest rates all all- slightly With the passing of the year end this seasonal demand demand de- de mand ceased and by mid January the volume ot of total loans and disCounts discounts dis- dis counts of these thes banks had declined to December 1 levels LOWER NEWLY DEMAND Member bank demands for funds at the Federal Reserve Bank of San I Francisco Increased temporarily during December but neither before before be- be I fore ChrIstmas nor at the year enc were demands so great as those experienced during the autumn harvest season On January 12 1927 total bills and securities hele bela by the reserve bank were larger in amount than one year rear ago The usual increase In hand to hand currency requirements during the month preceding nas resulted result result- ec ed In a temporary expansion of In federal reserve note circulation of this bank and a decline de- de dine cline of approximately in Its cash reserves Subsequent contraction contraction con con- traction In currency demands exceeded ex- ex the previous expansion and the volume of federal reserve notes I In circulation declined to the lowest lowest low low- est level since September 1918 while reserves again Increased Preliminary estimates of the United ates dep department ot of agricultUre agri- agri cultUre re indicate that the acreage ot of winter wheat planted in the district district dis- dis during the autumn of 1926 was approximately 13 pe cent larger than that planted du ing the autumn autumn au- au of 1925 Favorable weather including a generous seasonal rainfall rain rain- fall has marked the beginning of the 1927 agricultural season over most of the Twelfth federal reserve district A moderately h heavy avy now now- fall in mountain areas of f the territory terri tern tory gives gf promise or an adequate supply of water for purposes purpose later in the he season n. n |