Show BUSINESS conditions OF TWELFTH FEDERAL RESERVE DISTRICT by john perrin chairman of the board and federal reserve agent federal reserve bank of san francisco california april 1926 seasonal increases in industrial activity and volume ot of trade in the twelfth federal reserve district were reported during march taking the business business situation as a whole there was some evidence that the amount of 0 the increase was slightly less than has been usual at this season in past years volume of payment by checks bank debits in 20 principal cities of the district a measure of 0 business activity increased per cent during march as compared with Febi february uary the increase was smaller than the estimated normil normal seasonal increase between the two months and this banks revised index of 0 bank debits adjusted tor for seasonal variations declined from from in february to in fin march 1926 1919 average equals in march 1925 it a tood stood at principal industries of the district tor for which data are available reported seasonal increases of 0 production during march building continued active and the value of 0 boulding permits issued in 20 principal cities gave evidence ot of a large volume of 0 prospective building available statistical and non lion statistical data show that volume ot of employment increased during the month and was at approximately the levels ot of a year ago the value ot of building permits issued in 20 principal cities of the district was per cent larger during match march 1926 than during february 1926 a seasonal increase but was 98 per cent less than in march 1925 the first quarter of 1926 a total of 90 building permits valued at was issued in the 20 cities estin estimated ted expenditures on the building program involved were per cent smaller than similar figures tor for the first quarter of 1925 the lumber industry of the district cut sold and shipped more anore lumber during march 1926 than during february 1926 or 11 march larch 1925 volume of shipments of the reporting mills during the month was 18 19 per cent larger and volume of orders booked was 60 per cent larger than was their production so that stocks on hand may be presumed to have declined and volume of unfilled orders to have increased the flour milling industry as represented ty by 16 large milling companies ol of the district i increased its production by approximately ly 9 per cent during march millers held slightly smaller stocks of flour and wheat at the close of the month than at its beginning volume 0 of production during march 1926 was slightly larger than in march 1925 but was 24 per cent below the five year 1921 1925 average tor for march during march 1926 average dally daily production of petroleum in california continued the decline which has been in progress for the past seven months but was one per cent greater than in march larch 1925 indicated consume colsum eption of petroleum also declined during the month continuing smal smaller lerin in volume than production and stored stocks in california increased to a new high point on I 1 march 31 1926 barrels the effect of the destruction by tire fire during early april of a large quantity of stored oil will not be Jp apparent Parent until the figures for that mouth month are available the agricultural situation was greatly improved as a result of rains which tell fell over much of the district during the first weeks ot of april trade at retail as indicated by reports of 68 retail stores in 21 import ant cities of the district increased per cent during march 1926 as compared with february 1926 and was per cent cents larger than in march 1325 this banks index of sales at 32 representative department stores which Is adjusted for seasonal variations advanced from in february 1926 to in march 1926 1919 monthly average equals the index st stood at in match march 1923 1925 value of 0 sa sales lesof 0 whole wholesale salo firms in eleven lines of business was iper per cent greater during march 1926 than during february 1926 and 43 per cent greater than during march 1925 eight of the eleven reporting lines tor for which segregated data are available showed increases over the year period the united states bureau of labor statistics index of 0 wholesale prices stood at 1516 1515 1913 prices equals in march 1926 compared with 1550 in february 1926 and 1610 in march 1925 the decline of 22 per cent during march continued a downward movement which has been in progress since august 1925 an index of prices of non nonagricultural agricultural commodities from the same source remained practically unchanged during march as an did the department ot of agricultures Agri cultures farm pr price lee index the ratio between these two indexes an indications indic ationo the purchasing power ot of farm products continued at 87 where it has stood for the past six months in march 1925 this ratio was 91 banking and credle situations changes in the banking and credit situation in the twelfth district during ing the past thirty days have been c chiefly a reflection of seasonal influence total loans and investments of 0 66 reporting member banks in 9 cities ot of the district increased slightly dur during ing the four weeks ending april 7 1926 the increase being largely a result of increases in colIa collateral t leral loans and in investment holdings the amount of commercial loans changed little during the tha period |