| Show 13 U S I 1 N I 1 Q S conditions IN THE TWELFTH RESERVE DISTRICT JUNE 1932 atle little chanse change in twelfth district business activity ans recorded d durin it rina june aggregate industrial production was was slightly lower than in may flirt eases in lumbering and output of food processing industries not quite offsetting declines in other fields department sto storey re 1 trade increased noticeably after a seasonal allo allowance bor for the first time since last october and registrations of new automobiles rose sharply ply other trade measures changed little or declined prices of a number of commodities important in the district advanced thus following the recent upward movement of wholesale prices in the united states banking and credit changes were chiefly of a seasonal nature and tile the relatively easy condition of recent i months continued 1 at the beginning of july the outlook for crop production was satis balls factory the condition of livestock I 1 ns as well as ranges improved during june and at the end of that month was nas better belter than nt at tile the same time a year wo ago when hen tile the lack of rainfall in the spring of 0 1931 had begun to have a pronounced effect prices for far farm faim products continue extremely eti emely low notwithstanding advances in several quotations p those for livestock and mining rec receded eded further during dining june and production of petroleum declined presumably surn ably as a result of that ind 1 curtail ailment mant program lumber output was at the high point of the year in june contrary to the seasonal move mant which usually reaches a peak in may consumption of lumber as indicated by new orders also increased flour milling slaughtering aal w wool aa I 1 consumption increased tile the july holiday demand for currency dominated commercial commer clcil bank operations rations during the five weeks end pd ed july 20 A substantial inflow of i funds to this district during the last I 1 week of june resulted fi aiom am district banks recalling balances which had ad been deposited in other parts of tile the united states the inflow was much more than offset in the following two i weeks however by increased currency circulation and subsequent losses of gold to other districts through both commercial banking and treasury operations rations A slower than usual return of holiday currency from circulation necessitated increased borrowing from the reserve bank to build up reserve deposits during dining the second brok of july total loans of reporting member binks banks continued to decline but both time and net demand deposits increased slightly during tile the four weeks ended july 20 |
