OCR Text |
Show Business Continues to Expand Continued aggressive expansion of 'nrtustrv and moderate activity in trade marked the month of April and hhe early weeks of Mnv in the Twelfth Federal Reserve District. Demand for credit increased and, bv mid-May. member bank loans were higher than -.ver before. The expansion in volume vol-ume of credit in use was largely in 'oans for commercial purposes, although al-though loans on securities advanced "A nenr the penk levels of last March. The District's supply of funds increased increas-ed substantially during the weeks preceding pre-ceding May 15, however, and despite hhe growth of member bank loans demand de-mand for credit at the Reserve Bank was reduced to the lowest levels of the current year. Industry, in the aggregate, continued con-tinued the rapid growth which has characterized the productive activities activi-ties of the District since the middle of 1928. The present high level of activity chiefly reflects heavy production pro-duction schedules in the lumber, paper and pulp, iron and steel, copper, and petroleum industries. Output of cement ce-ment and of food products was smaller smal-ler last month than a year ago. Trade expanded by less than the usual seasonal amount during April, 1929, (partly as a result of the early date of Easter Sunday this year) but was more active than in April, 192b. The increase, as compared with a year ago, reflected hea-'ier shipments vf commodities both by rail and by water, increased automobile sales, and more active trade at wholesale. Sales at retail approximated those of last t year. The District's agricultural utl rendered uncertain by v1 weather during the winter and spring months, was further obscured during April and early May by adverse price developments. |