| Show BUSINESS IN THE dellft RESERVE DISTRICT board chairman newton reviews conditions in j october quantitative measures of the business situation indicate that october was a month of slight faither recession in the twelfth federal reserve district dishi ct there was little change in the economic position of agriculture or tra trade d e jut but industry became less active let i ve and prices of many commod commodities ti es moved downward harvesting operations were practically completed during the past month and th the final jesuits are confirming the 1930 crop production tion estinia estimates tes of earlier months which indicated that aggregate output will be greater this year than it was in 1929 deports of wheat nohea t from puget sound and columbia river ports subnormal throughout most of the season were greater in volume duding october and early november than 1 in n either september 1930 on october 1929 A sharp i le of of T twelfth w e 1 aih dial district t r i ct w wheat 1 i e a t stocks accompanied cco m p 1 n ed this i i s 0 outflow u t f 1 0 iv but stocks still demain larger than usual large shipments of apples and grapes reached eastern auction markets during october and prices for these fruits especially for grapes were depressed markets for dairy dair y produce did not show the usual seasonal improvement in pro during october the districts livestock ranges and farm lands have been bene fitted by ra rainfall in recent weeks industrial activity declined during october this decline should not be construed as entirely unfavorable however because of the desirability of further adjustment between the supply of and the demand for certain raw materials and other commodities produced in in i the district unemployment generally has hot flot increased more than is is customary at this time of the year partly because of the smaller than seasonal decline in fruit canning and packing there was little change cha in the trade situation during october de pait ment store sales increased less than seasonally while wholesale trade and freight car lodgings lod aings showed only the usual septem ber october changes further weakness during october in the markets for many commodities brought a two per cent reduction in the bureau of labor statistics index of wholesale prices this movement also lias has become manifest in retail prices although to a lesser degree e e than in wholesale quotations the volume of credit extended by the federal reserve bank of san francisco to the twelfth dis tact increased moderately between mid inid october and mid november discounts averaged somewhat higher because of occasional daily borrowing of several million dollars by city member banks for the purpose of maintaining their deserve accounts |
