Show k summary of business conditions in twelfth federal reserve district hesitant improvement characterized the business situation in the twelfth federal reserve district during august A definite expansion in industrial activity was noted but seasonal gains in iii volume of trade at wholesale and retail were smaller than usual the trend ot of the general price level was upward although counter movements were frequent and not all commodities shared in the advances funds tor for financing business continued in ample cupi supply at low rates and member banks were able to care for for the slightly increased needs of their commercial borrowers without recourse to the federal re serve dank bauk fact and opinion concerning present and prospective returns to farmers tor for their 1924 crops are exerting a particularly important influence on the general business situation this I 1 year although definite s statement ta bement must await completion ot of hai harvesting vesting and disposal of a larger proportion of the crops than has already been marketed it is safe to say that recent increases ii 1 I prices of agricultural products have done much to improve tile the outlook in farming sections crop production tor for the district was generally smaller in volume this year than in 1923 and slightly below tile the average of 0 recent years reports of increasing industrial production which vl deh were quite numerous during the latter part of 0 july have been confirmed by the statistical record tor for august lumber mills and metal mines of the district have increased their output in response to 4 a growing demand for their products on a nian cei ina building industry lias has continued active rt ai levels only slightly the ref rc cord figures of a yeat ago the number and value of building permits I 1 issued in 20 principal cities of the district during august 1921 1924 being per cent and per cent respect respectively vey larger than during july 1321 1921 and per cent and per cent smaller than during august 1923 the latter decrease must be interpreted in the light of a decline of 81 per cent it ii building material prices over the year period perio d the fruit canning season is now drawing to a close commercial factors estimate that the pack in california will be slightly smaller and that in oregon and washington approximately the same as last year this years pack is meeting a steady market demand at prices which have tended upward as the season advances the total volume of 0 trade transact ter in the district bs as indicated by debits to individual accounts at banks jr ir 20 clearing house centers declined slightly during august as compared with july bu but t was still slightly above estimated normal and well above the lo 10 low w point reached in june I 1 retail trade activity increased by less than the usual seasonal amount during august and the increased buying appeared in july subsided subside 1 so that trade at wholesale again presented marked irregularities here also however the august figures reflected a more favorable situation than that which prevailed in june the number and liabilities of business i failures within the district dur during ng august yere vere less by mo more re than 5 per cent than during july increases in commercial demand tor for credit resulting both from season all needs of trade and from recent slight increases in business activity have been met by in member ember banks out of 0 their own resources commercial loans of 0 66 reporting member banks in n the principal cities of 0 the district increased during the lour four weeks ended september 10 1924 A reduction of in loans secured by stocks and bonds and of 0 2000 investments provided the funds necessary to care tor for this increase in commercial borrowing demand deposits of reporting banks have increased further and at on september were at record levels earning asset ol of the reserve dank bank increased slightly during the month as a result of 0 purchases of government securities and of 0 acceptances discounts of 0 the bank at on september were at tile the lowest point reached since the latter part of 0 1917 interest rates have remained at low levels |