Show TRADE VOLUME SHOWS INCREASE business conditions in the y twelfth federal reserve dist by john perrin statistical records of 0 business activity vity in the twelfth federal reserve district comprising the states of arizona california idaho nevada oregon utah and washington show that the volume of trade during february 1925 was slightly larger than in february 1924 due allowance being made where necessary for or the extra business day in in february a year ago moderate reductions in industrial output have recently been reported but distribution has continued in undiminished volume banks of 0 the district have extended a greater amount of credit than ever before generally without finding it necessary to borrow from the federal reserve bank interest rates have remained unchanged except for an increase in the rate on bankers acceptances from 3 to 3 18 1 8 per cent to 3 18 1 8 to 3 14 1 4 per cent debits to individual accounts batik banh debits afford the best available single measure of general business activity in the district the total reported by banks in 21 principal cities tor for february 1925 was compared with in february 1924 in january 1925 and in january 1924 the february 1925 bank debit figures are the largest reported in a any february of record the apparent decline from january to february was due to non business factors chiefly the shortness of the later month it if adjusted tor for normal seasonal variation the figures would show an increase from january to february ot of 8 per cent decreases in industrial output were general during february 1925 5 production ot of lumber was practically unchanged as compared with january 1925 and per cent less than in february 1924 activity at the mines of 0 the district receded from the high levels of 0 recent previous months but was greater than a year ago production of petroleum in california averaged barrels per day the lowest daily average since abr february 1923 production ot of petroleum exceeded consumption however and stored stocks increased by barrels to a new high point of 0 barrels on february 23 1925 reported flour production in the district during february 1925 was 15 per cent less than in january 1925 28 per cent less than in february 1924 and 15 per cent less than the five year average for february the value of building permits issued in 20 principal cities of the district during february 1925 was 45 per cent below that of february a year ago there was a seasonal increase in building activity and in value of building permits issued as compared with janu january ry 1925 value of sales at wholesale as reported by firms in eleven lines oi of business was approximately 8 per cent less during february 1925 than during february 1924 seven 0 of the eleven lines tor for which figures are av available agricultural implements automobile supplies autom automobile obile tires drugs dry goods electrical supplies furniture groceries hardware shoes and stationery showed decreases for the bear year period the declines ranging from 76 per cent to per cent value of sales at retail as shown by sales ot of 32 department stores in principal cities of the district was 50 per cent less during february 1925 than during february 1924 in making comparisons pari sons with february a year ago account must be taken of the fact that february 1924 included an extra business day because of leap year the level ot of commodity prices at wholesale advanced fractionally during february but at a slower rate than during the previous six months the general price level was approximately 6 per cent higher than a year ago the purchasing power of farm products in terms of other commodities declined about 1 per cent during february but excepting january 1924 was at the highest levels since 1920 the lower price level tor for farm products was the result chiefly ot of declines in prices 0 of grains particularly wheat since these february figures were compiled there have been some further declines in grain prices on march IS 18 1925 may wheat at chicago sold tor for 14 per bushel or below the high point reached on january 30 1925 the march quotation was however approximately BO 50 per cent higher than the quotation of a year ago banking and credit statistics tor for february reflect increasing business activity commercial loans ot of reporting member banks increased by or 22 per cent during the tour four weeks ended march 11 1925 investment holdings ot af these banks decreased by or 45 per cent during this period and their demand deposits declined 04 per cent concurrence of these three movements Is the normal expectation in a period of 0 increasing business activity when 1111 loans are already at a high level total loans of 0 reporting member banks at on 1 march alth were higher than ever before discounts at the federal reserve dank bank of sari san francisco increased by or 43 per recent during the four our weeks ended march 18 1925 total reserves increased from to during these four our weeks and federal reserve note circulation increased from to |