OCR Text |
Show ported. Sales at retail and at wholesale and the volume of intercoastal trade showed some contraction between be-tween April and May, after allowance allow-ance for seasonal tendencies. The adjusted indexes of carloadings and registrations of new automobiles, however, advanced moderately. Reserve Bank credit employed in the Twelfth District expanded considerably con-siderably during late May and has been substantially larger in volume since the beginning of June than during any similar period since the first of this year. The increase iii credit extended by this Bank followed fol-lowed an outflow of funds from the District in settlement of trade balances. Partly as a result of these inter-district payments, both demand and time deposits of reporting re-porting member member banks were reduced substantially during tho four weeks ending June 17. Banks and individuals in the Twelfth District were allotted approximately ap-proximately 35 million dollars of tho United States Government bonds issued June 15. As a result member bank holdings of Government Govern-ment securities increased sharply as did Government deposits, since the bonds were purchased to a considerable extent with deposits credited to the account of the Treasurer of the United States. |