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Show Trirss Situation In the Twelfth District a- nui"ri od unchanged u,al activ- thrM HVli had been stable during ity. which haa u appears tu February and seaS9nal in-! have shown about , uw Divergent: crease during April- yar. movements were shown oy us available ; nud t0 de-Commodity de-Commodity Pi ultural outlook dine and the a. r" simiiar to wa3 attended by factors these P'fttoalter the ag- Srdedri most parts of the "istr eyC?r c-li c-nia where precipi-U?cn precipi-U?cn has Cecn"' unusually light this Season In certain areas, the wth ef forage on ranges has been somewhat retarded this spring W "ack of rainfall. This situation hL'liduced an early market movement move-ment of livestock from California, the 'condition of which is less favorable fa-vorable than usual. The condition condi-tion of most crops, according to Mav 1 estimates, is as satisfactory as in other recent years. industrial operations increased from March to April by about the usual amount. Total lumber production pro-duction increased more than seasonally, sea-sonally, although developments in this industry was not uniform throughout the District. Dai.y average output of crude oil was ncliPiblv less than in April, but reports for the first half of May indicate an upturn. There was a moderate increase in the output of refined oil products during April. Mining of non-ferrous metals other oth-er than gold continued at an unusually un-usually slow rate. Building and construction activity declined from the relatively high levels of March. Trade activity did not change greatly from the March levels. Department store sales declined slightly during April, but this was due almost entirely to the fact that nearly all of this year's Easter Eas-ter trading came in March. Registrations Reg-istrations of new automobiles and wholesale trade increased somewhat, some-what, but the volume of railway and intercoastal traffic contracted slightly during April. Neither total deposits nor total loans and investments of reporting member banks have changed appreciably ap-preciably during the past five weeks. Borrowings from the Federal Fed-eral Reserve Bank of San Francisco Fran-cisco by city member banks increased in-creased temporarily during late 1 ond the first half of May but tPlr sSce declined to less than a han n icllars Recent, reductions -'acce. ance buying rates by the Federal Reserve Bank of San Fran H, co have been followed by an ncreed sale of acceptances by member banks as a means of 00- n funds from the Reserve Bank There-"havo been marked declines I, ,riirr recent months in member banks' holdings of acceptances as .11 as the creation of thrs expansion expan-sion in member bank holdings ol government securities, while in-."stirents in-."stirents in other securities were out the same on May 20 as on Anril 15 There has been no change in interest rates charge: customers by commercial banks auring late April and early May. Rates paid to depositors have been feduced both by banks and by building and loan associations. |