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Show Report Shows Business Declines Past 3 Months Expansion of business activity-m activity-m the Twelfth Federal Reserve District from Apnl to May was not r;uite as great as is usual be-iT"ii be-iT"ii Cose months. Industrial operations increased by slightly loss than the seasonal amount, and trade was less eetive than in Apnl There were lew drastic red iccions in prices of individual sonruodi-tics, sonruodi-tics, bit decir.es were wilespreae i'id average vl.olesale commx'ty piices continued to move downward down-ward shf.rply. There was an ia crease in the amount of Reserve Bank credit ir use in the District during the last week of Mr and discounts at the Federal Restive Bunk of San Francisco averaged higher during the first 20 days or June than at any time "--ice last December F miner reductions interest rates paid on deposits were announced during the first half of June while rates charged cus tomers advanced slightly. Less favorable growing conditions- principally insufficient soil moisture and irrigation water re sulted in a decline in the condition of most of the District's crops during dur-ing May. The June 1 estimate of winter wheat production, while considerably larger than last year's harvest, was well below the May 1 estimate. Most deciduous fruit crops in California were reported to be in good condition on June 1 and the present outlook is for crops mly moderately smaller than in 1930, in which year deciduous fruit production in the Twelfth District was unusually large. Livestock Live-stock have been maintained in fairly good condition throughout the District by shifting from one range area to another. Ranges generallv show the effects of lack of sufficient rainfall. There have been few outstanding changes in the level of agricultural prices dining din-ing the past month, and relatively low prices prevail for most farm products. Lumber production increased sea sonally during May and output of flour mills declined less than is customary during that month. There was a small increase in the output of crude oil. Reduced activity ac-tivity at petroleum refineries and increased consumer demnnd resulted result-ed in a further substantial reduction reduc-tion of gasoline stocks. A slight decline in copper production was accompanied by a decrease in stocks of blister copper, but refined inventories increased considerably during the month, contrary to the usual tendency. Engineering contracts con-tracts awarded were smaller in value than in April. A relatively small part of the year's fruit and vegetable canning has been done, but operations thus far have been at a lower rate than in 1930. Employment Em-ployment increased seasonally in a few industries during May. while further wage reductions were re- |