Show 61 TWELFTH by isaac B Ney newton tort Cb chairman airman of the board federal reserve bank san francisco dunna july general business busine activity in the twelfth federal re reserve erve district was slightly above aboe the beels of recent months reported valur of sales ales at retail and wholesale ho lebale did not fully reflect the improvement in general bu business iness but trade volume continued large no significant change in the pre prevailing ailing strong banking and credit situation was noich physical aspects of the agricultural situation continued encouraging in general crop yields yield s have been satisfactory and livestock are in good condition prices for farm products liae have tended downward however both actually and in relation to price of non agricultural commodities the purchasing basing power of farm products 3 aa 33 3 a group is now approximately 6 per cent lower than a year ago industry as a whole is operating at high seasonal levels and volume of employment increased during july a result chiefly of seasonal indrea increases os o in activity in the food products indus trie the amount of building under construction st continued largo large but value of permits issued has recently chown a decrease le crease as s compared with the pat paa pa t three record years lumber production during july was per cent smaller than during june due largely to the customary curtailment of lumbering operations operation si in the firt two weeks of the later month i A high level of activity in mining of non ferrous metals was as reported i during july 1926 and volume of production of copper lead and zinc wa was i greater than in june 1926 or july lozo flour production of IS 16 large nul 1 ling companies regularly reporting to this bank was larger in july than in any previous month of 1926 and ex e ceedee the five year 1921 19 1926 16 i average for july by 20 8 per cent the canned fruit industry continued to operate at high seasonal levels during july and the first ue weeks ks of august trade factors report chati that domestic demand for car canned f fruit has been active during the p present t waon 0 md and that ganv opera operators are enlarging their production schedules as the season eason progresses export markets have been relatively inactive during recent w weeks eels I 1 value of total sales at ret retail all I 1 r reported ei by 69 store in thi this lr district t declined seasonally during july 1926 1 but was 4 49 9 per cent larger than a year ago wholesale trade during july was less active than a year ago total value of sales reported to this j bank by firms in eleven lines of bus business inezs was as 2 20 0 per cent smaller in july 1926 than in july 1025 35 1 total loans of 65 reporting r banks in the principal cities of the district increased slightly during the I 1 four weeks between july and august alth march of this year total loans of reporting banks bank have fluctuated about th recent increase in volume of loans resulted from an increase in loins loans lo ins i on securities commercial loans declining slightly lightly during the month decline in total inest investments ments noted during june and july did not continue continua during the first weeks of august when a small iacre increase le was as reported 1 |