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Show CONTINUED GAINS' NOTED JNREPORT Twelfth district industry and trade showed mixed tendencies in Augtist but, on the whole, activity retained most of its previous gains and continued con-tinued higher than a year earlier. Industrial In-dustrial employment increased substantially sub-stantially more than is usual at this reason, and there was considerable expansion in payrolls. Harvesting of most grain and fie'd crops progressed satisfactorily during dur-ing August and the first half of September. Sep-tember. Deciduous fruit crops were damaged to some extent by insects and high temperatures, however, and are pvrieettil tr ho Sr-ijll.. in rlin jgregate than in 1932. September I forecasts continued to indicate larger citrus fruit crops than in 1932. Cou-jditions Cou-jditions of both ranges and livestock : became poorer during the month. Although Al-though farm products prices decreased decreas-ed somewhat during August, they were considerably higher in mid-September than a year earlier. Electric power production changed little from July to August, whereas a slight decline is ordinarily expecte !. Activity at lumher mills did not increase in-crease as much as is usual from July : to August, although production continued con-tinued at relatively high level. New orders of lumber fill off somewhat futher during the month. California output of crude 'l averaged higher during August and the first part of September than in Julv , but was reduced re-duced considerably in the week ending end-ing September 16 to -ISO.OOO barrels daily. That was the first full week of production under the new federal code allotments. Operations at canneries can-neries expanded seasonally, despi'e the restrictive influences of strikes among fruit pickers. Non-ferrous metal mining was slightly more active in August than in July. The seasonally adjusted index of department store sales was lower in August than in July, entirely as a result re-sult of decreases in California, where a 2 1-2 per cent sales tax became effective ef-fective on August 1. Railroad freight carloadings and wholesale trade increased in-creased slightly less than is customary custo-mary from July to August, but continued con-tinued substantially higher than a year ago. Intercoastal traffic expanded ex-panded sharply, reflecting the highest high-est eastbound tonnage in two years. Banking and credit conditions in the twelfth district continued to improve im-prove during the five weeks ending September 20. Commercial loans of reporting memher banks tended upward up-ward during this period, particularly during September. At the same time interest rates charged customers by the citv banks were reduced. Net demand de-mand deposits increased while time deposits showed little net change. Investment In-vestment holdings averaged slightlv lower than in the preceding montn. Member banks reduced borrowings from the reserve bank with funds received re-ceived front commercial transactions with other districts and from net United States treasury disbursements in excess of collections in this area. Most of the currency withdrawn in early September to meet demands aver the Labor day, holiday was returned re-turned by the middle of this month. Seasonally increasing needs of trade normally call for an expanding circulation cir-culation through the remainder of the vear. 0 |