| Show business conditions in ill twelfth fth federal reserve district by isaac B newton of the board fedrial reserve bank 0 of san francisco A general satisfactory agrical agricultural tura I 1 outlook a large volume of trade well veil sustained industrial activity and an ample supply of credit are tile the chief features of the present business situation in the twelfth federal reserve district aggregate production pio plo of the districts farms barnis and ranges during has approximated that of a year ago and with the exception of a few specialized crops market conditions have been satisfactory the livestock industry has achieved a particularly favorable position the volume of trade transacted during september 1928 was at seasonably high levels and exceeded that of a year vear ago current trade conditions reflect a general satisfactory employment situation and seasonal expansion in buying power of agricultural communities muni ties industrial operations excepting building activity ity have been somewhat mole moie active during duling recent weeks than either one month or one year ago improvement in those industries such as copper mining lumbering and petroleum production and refining which have cooperatively achieved a partial regulation of output has been noteworthy an increased demand for the ample supply of credit available to corn com merce and industry was evident during early october although the total volume of commercial loans extended by member banks of the district was lower than during eaily september total lonas on securities at these banks increased throughout september and the first half of october reflecting reflection in part increased activity in security markets discounts at the reserve bank have dee decreased ceased since leaching a high point on september 5 |
