| Show BUSINESS conditions IN TWELFTH FEDERAL RESERVE DISTRICT FEBRUARY 1927 by isaac B newton chain chairman nan of the board and federal reserve reene agent the total volume of business transacted in the twelfth reserve district was smaller during february 1927 than during january 1927 but business activity which unlike business volume bears no direct relation to the number of working flays days in the month increased seasonally the in crease crea ie however was less than that which usually occurs ot at this season of the rhe year this banks index of daily average volume of checks cashed bank debits by batilla in 20 principal cities of the district declined dec linel j bioni aiom per cent of the average i in january 1927 to per cent in february 1927 1991 19 91 A year ago the in dex stood at per cent of the 1919 I 1 average according to the index of I 1 I 1 bank debits general business activity thus far in 1927 has been at levels above the trend of past years heavy rains over the district luring during february and early march hindered spring agricultural operations but assured an ample supply of soil goil moisture for the early growing season added to prospective supplies of irrigation water and gave promise of adequate feed supplies on spring and summer ranges industrial activity reached slightly higher levels during february than during january 1927 but continued a little below the levels of a year ago lumbering and building construction were less active than in 1926 ahie output of general manufactures fac tures petroleum and flow flour and other foodstuffs was greater than in thi tha earlier carlier year the total volume of employment continued slightly larger than a year ago g trade activity was maintained at moderate levels during ferrua february 1927 value of sales at retail declined by less than the usual seasor seasonal lal amount as compared with janu january vy 1927 and was greater than during february 1926 sales at wholesale were slightly sin smaller aller in value than in february a year ago the decline wis less than that of the general level of wholesale prices over the year period however and it is probable a ble that the physical volume of goods moved through wholesale channels was larg er during february 1927 than during february 1926 prices generally fluctuated irregularly within relatively narrow limits luring during february the trend iena bein slightly down downward warL representative indexes of prices at wholesale were approximately 55 per cent lower during february 1027 than during february 1926 prices of some of the important products of this district moved counter to the general price level and there were small advances in quotations quotation on livestock wool cotton oranges silver zinc and lumber reflecting seasonal expansion in business activity commercial loans of reporting city member banks rose to record levels during the latter days of february and the first week of march borrowings of member banks f from r ont the federal reserve bank of san francisco also increased seasonally during this period |
