| Show BUSINESS conditions IN THE TWELFTH FEDERL reder L RESERVE DISTRICT by john perrin chairman Chain nan of the board of federal Re reserve ere bank of san francisco there vas a slight increase in general bu busine ine s q ac activity tivit in the twelfth federal resene re sene district during october industrial output excepting the seasonal industries vas as larger in volume than during september IM 1925 or october 1924 and distribution of commodities proceeded more actively than in the previous month r the same month a lear car ago growth in volume of trade was ac comp compared amed b an increased demand let for credit which vas reflected in ember bank statements of loans and discounts and to a lesser degree in tUte Ute ments of bills and securities held by the federal resene rescue bank of value of building permits issued in SO 20 cities of the district v a I 1 fi A pr ir tent cent greater dunna october 1926 1925 than daig du dang ang september 1925 industrial indu anal employment declined in volume during october 1925 due to teas reas onal decreases in demand for corkers in the fruit canning and packing fishing and agricultural in dusine durt ne but the number of persons mp loed was aas reported to be larger than in october 1324 1924 lumber production as reported b four associations whose members operate in this dittri district ct exceeded shipments and nen ne orders recen receded ed b 6 66 6 per cent and per cent re during october Sel seasonal tonal increases increases in flour milling activity were reported during october the output of 16 representative milling companies of the district was jarger in alume than during september 1925 and october 1924 by 77 pr per cent and 0 4 per cent respectively As compared with the five year 1920 1924 average for the month production during october 1925 showed a decline of 19 1 per cent figures of agricultural production and of market returns to farmers have hae continued to reflect a more sat it is factory agricultural situation than has hag prevailed in this district during recent barg trade at retail increased b more than the usual seas Feas seasonal onil onal amount dur ing october an index inde baad upon sales reported b 32 department stores adjusted for normal movements ments advanced from in septem her ber to in october part of the in m cre cretes ies in balue aluc of eales ales were no doubt due to higher prices now noa prevailing as com complied paled with a bear ago the general bhole wholesale ale price level leel vas as 38 per cent higher in october 1925 than in october 1924 1 the trend of prices price was inas don downward ikard during october but there has been some evidence ei dence of a reer al of the movement during the firt part of november no ember the rhe wholesale price index number of the bureau of labor statistics declined during october and at 6 1913 prices nas as 13 per cent below aclo the figure for september and 17 per cent below belou the figuie figgie for augut august a recent peak the rediscount rate of the federal recene bank of san Fran francisco cco has been indrea increased ed from 3 4 to 4 per cent on all classes claes of of all maturities mat unties effect effective ie november No ember 23 1925 the az per cent rate had bad been effective eff etie since augut 25 1924 |
