Show BUSINESS conditions IN THE TWELFTH FEDERAL RESERVE DISTRICT by john perrin chairman of the board and federal reserve agent productive activity in the district declined moderately during april but the distribution of 0 goods continued at the high levels of previous months the total volume of 0 business tra transacted ns acted the resultant of these conflicting movements was smaller during april than during march and if correction be made I 1 for normal growth was slightly b below e the level of april 1923 it should be said however that the decline in the tha district figures tor for april as was the case in march was due solely to abnormal conditions prevailing in california in the district outside of that state there has been a steady growth in business activity during the first four months of 1924 slight curtailment of lumber production as compared with a year ago was noted during the month a movement forecasted during recent weeks by small increases in mill mil stocks and continued price weakness shipments of and orders tor for lumber continued in large volume mineral production appears to be stabilized at levels slightly below the peak of recent mouths months the continuous decline in flow of petroleum from cal if nornia nernia wells which began in september 1923 terminated at least temporarily during april when average daily production increased b a fraction of one per cent as compared with march the number and value of building permits issued in 20 principal cities of the district dur dui ing april declined from the seasonal seamona peak of the previous month anc were in each c case ase approximately 2 per cent below the figures for april 1923 restricted prodoc tion programs have resulted in t moderate decreases in employment ir in the district as compared with a year ago comparison of april trade movements particularly at retail with those of 0 a year ago are rendered difficult by the difference in easter dates of the two years and in some cases it has been necessary to consider the combined f figures for march and april in order to ascertain the real trend sales of 35 reporting department stores for the two months were 61 per cent larger in 1924 than in 1923 and while stocks held this year are slightly larger than those held a year ago the rate of stock turnover has been practically the same conflicting tendencies have persisted in the wholesale trade a xe reflection of the cautious purchasing attitude of retail buyers and no definite buying trend is distinguishable during april five of the 11 lines of business reporting to this bank showed increases in the value of their sales as compared with one month ago and four of the 11 lines showed increases as compared with one year ago changes in prices of individual commodities have been numerous during recent weeks but advances and declines have been in approximate balance and comparatively stable for the united states tho the level of wholesale prices according to the index number of the bureau of labor statistics at in april 1924 compared with in march 1924 and in april 1923 bank credit for business busi nesa and industrial du enterprises of the district has continued abundant member banks were able during april and early may to increase their total loans loan and investments whilo while reducing their borrowings from tho the federal reserve bank Int interest enest rates already low tended downward during the month the outbreak of toot foot and mouth disease 0 of livestock in parts of the southern half of california which threatened serious injury to the livestock and allied industries of that state is slowly being brought under control upon invitation of state authorities the federal government has assumed complete charge of eradication work and has standardized eradication and quarantine antine measures modification of intrastate quarantines has been permitted wherever it has been possible to do so without reducing the effectiveness of established methods of controlling the disease it is anticipated that embargoes of other states against california products which authorities of the federal government certify as safe for shipment will soon be lifted |