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FEDFRPL RE S
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RD
STJITEf>mJ•;T FOil. THE Pr\FSS
X- 3341
For release in J>'lorning Papers,
Fr~dar, ~arc~
3, 1922.
The fell o,, ing, is a revievv of seneral business and
financial conii tior:s throu6hout the several Federal
heserve Districts durin~ the month of February, as
contained in the forthcoming issue of the Federal
Reserve Bulletin.
''
Durin6 the past month
irr,prove:~.:ent
of conditions in
several basic industries has furnished a r.ore hopeful prospect
for the trade of the co,c.ine, :noLths.
This better outlook has in
some measure been offset by labor and other difficulties in tne textile industry r;hich have resulted in reduced activity ir, that
branch of business.
Fluctuations in the price of raw materials
have subjected the textile trade to still further difficulty, ,.hile
in that industry, as well as in others, the lack of forward orders
has made it difficult to plan policies far in advance.
Fairly
E:ood conditions are renorted in the shoe and leather industry, alI
I
though imr rovement has been laq:,ely conf irlod tci Nev; Eng_land.
iron and steel
It is to be
varyin~
noted~
In
opinions exist as to the situation and outlock.
however, that there has been distinct increase in
the activity or the rlants of the United States Steel Corporation as
well as some increase in the activity of independent ;nill s.
Iron
,~,..,.
•• _)
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X- 3341
-2-
and steel prices have, hovvever, tended to decline, or at best to hold
their own, rather than to advance.
In the chemical industry business
activity has been given a severe setback as a result of uncertainty
as to the future.
In the nonferrous n;etals} especially cor ;·er} there
has been a distinct increase in rroduction >'iith the reopenine;. of mines
which have been shut do;vn for a long tirr.e past.
The net outcome of these changes has been to diminish the irregularity and uneveness noted in the movement of industry during 1921.
Textiles and allied lines which he.ve been far in advance of others are
losin& their relative i1iomentum.
The evenin;; tendency thus evidenced
by current readjustments is reflected in the fact that the Board's
price index remains
.,
'
unchan~ed
at 136.
The significance of this apparent
stability of the price situation is not disclosed until account is taken
of the fact that there have been noteworthy advances in prices of many
agricultural products during the
~onth.
The effect of these advances
would have been to raise the &eneral price index had they not been offset by
correspondin~
declines in other lines of industry.
Tbe readjust-
ment process, it would aprear} has now definitely reached the sta[e of
.
I
inter-industrial price revisior...
Tne advance iL value of agricultural
products has tended to create conditions materially facilitating both
the liquidation o£ loans at banks ar:d the rapidity of ,1.ove:Jent of
'!lroducts to market,
The mors satisfactory :T.arketing and price con-
ditions have not only extended to grain1 but have also included tobacco
and otter products.
Early crop reports from the southwestern grain
regions have not been altogether reassuring.
,.
'·
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f""'-,1"'!:-",
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X-3341
-3-
The long continued slackness of employment and past uncertainty
as to agricultural prices have produced an effect upon trade
activity~-
with the result that both wholesale and retail trade indexes are dis-
•
posed to show recession of buying in most parts of the country save
for seasonal activity in special lines 1 such as dry goods,
betterment of retail
dem~1d
AlthouJQ
has been reported in the farming districts 1
the effect of higher agricultural prices has not yet brought about
any considerable modification of conditions.
It should 1 however1 be
remembered in this ccLnectior., that the f ar;ner had already largely·
disposed of his last year's crop.
The volume of employment (another importaHt factor in influencin~;.,
derr,and for goods) shows but little modification, althou~ fib,ures
reported by the United States Euployment Service indicate a slieht
advance.
This co11di tion, however, holds good chiefly in the population
centers.
Strikes in the textile region of New EEc_;land as well as labor
troubles elsewhere have during the latter part
tended to
ag~ravate
o~,
the month of Fabruary
the unemployment situatior..
Continued improve!Tlent is noted in buildi:r"g operations.
As com-
pared with last year the volume of building is very much larger, January
'·
permits being more than double what they were a year aco•
This is re-
sulting in some increase in demand for steel and iron products as well
as for other materia+s.
It has also ircreased the demand for labor in
parts of the country where ti1e surplus of unemployed would othendse
have been more considerable.
()
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X-334l
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Financially the month has shc.m cor:tinued reductions in th·::J
volume of credit required by the comnunity.
Portfolios both of re-
serve and member banks sho.v still further reduction1 while interest
rates have remained fairly stable at the levels already reacned.
,·
Foreign e%change has shown a decidedly stronger tendency, the hi£hest
levels for a long time past havinb been reached in sterling, francs~
and some. other European currencies.
Business failures are on a
materially higher level than in 1921, while the month of February,
as previously predicted by commercial agencies, also shows an increase
in commercial failures as contrasted with January.
~!CULTURE.
The condition of winter wheat has shown some im-
provement recently, as a result of snows and rains in the latter part
of January and the early part of February.
District No. 10 (Kansas
City) states that the Kansas wheat cror·, .except in the eastern haU of
the state, is in poorer condition than ha.:;; been repor~ed at "'~his saason
ir, many years.
Drought still prevails in large sections of Oklahoma ad
Colorado, but the deterioration of wheat in Nebraska has beer, checked by
recent snows.
No.
,
'r
7
Weather was favorable for the wheat crop in Districts
(Chicago) and No. 8 (St. Louis) up to the middle of February.
District No. 11 (Dallas) February rair1s have benefited
Texas wheat crop is reported to be far bel ow normal..
In
crop S 1 but t!1e
Vegetable and
truck crops of the Gulf Coast and the Rio Grande Valley have so far
escaped dan:age from killing freezes and generally promise fair yields.
District No~ 8 (St, Louis) reports that stocks of corn on the farms are
unusually large for this season, and that much corn is. being fed to
cattle and hogs.
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X-3341
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COTTON.
The price of middlins-upland cotton at New Orleans
the third week of February 1 was
average.
\_.
In District No.
16.75
cents~
the same as the January
11 (Dallas) cold rainy weather has tern1
pore.rily hal ted the preparation of soil for the new crop, but has
been very beneficial in furnishing an abundant supply of subsoil
moisture.
Although freezing temperatures have frequently occurred
in the northern part of the District,. it is feared that the ccld waves
have not been sufficiently severs to insure v1ide-spread destruction
of boll weevils.
Heavy reduction in Texas wheat acreage may result
in an increased planting of cotton.
District No. 8 (St. Louis)
reports that demand for cotton is quiet, while District No. 5 (nichmond)
states that farmers continue to held a substantial portion of the last
crop on farms or in bonded warehouses.
United States amounted to
Exports of raw cotton frorr; the
475,910 bales in January} as compared with
639,825 bales in December.
TOBPCCO.
Se.les of leaf tobacco on the .narkets of Virginia and
North Carolina have becm limited.
,,lost of the markets i:j the bright
belt closed during February, and the dark markets expect to close
during March.
In spite of the large amount of low grade tobacco corr:ing
on the market as farmers olea" their barns, prices have been well sustained.
The ~rowers Oooperative Association has commenced o~eruticns
in the burley district 1 making advances to grov;ers as tobacco is
delivered to it.
reported by it.
Several large sales at quite sstisfactory prices are
In the vrestern dark district 1 the greater portion of
the tobacco has been delivered at very satisfactory prices.
i-llest of
the undelivered tobacco is of inferior grade, but is bringinG a fair price.
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X-3341
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The cigar leaf market in District No. 3 (Philadelphia) continues
dull, and in all but a few sections, the largest part of the 1921
crop is still in the growers', hands.
While the quality in gene.ral
is poor, prices to date have been lower than in recent years.
Demand
for cigars is reportej light in J?istrict No. 3 {Philadelphia) and
)'
production is still being curtailed.
January, 1922, sales were no
greater than January, 1921 1 which in tu.rn was the poorest month in
years.
A slight improvement is reported since_ the first of February.
Only a few makers of pupular brands are producing cigars in any appreciable volume.
FRUIT. Prices of citrus fruit, both in California and-Florida,
rose ·rapidly in the latter part of January, as a result of the severe
damage t_o the California crops from frost.
OffiCiats of the California
Fruit Growers Exchange estimate that 50 per cent of the orange crop
and 33-1/3 per cent of the lemon crop have been destroyed by frosts
and.winds.
Oranges suffered more severely than lemons, because lemons
are planted in more favored situations and are more
by smudge-fires and heating plants.
gener~.ly
protected
Shipments of oranges ·and lemons
from California from November 1, 1921, to January 29, 1922, amounted
to 10,439 cars, an increase of about 2 per cent over the shipments ir.
the corresponding period of the previous crop year.
District No.
According to
6 {Atlanta), extremely cold weather at distributing
points has hindered the moveme.ot of citrus fruit from Florida, but
during this season to date, shipments of orant;es have be.en approximately
as heavy, and shipments of grapefruit have been 12 par cent heavier
than in the corresponding weeks of the last crop year.
It is estimated
that only 45 per cent of the grapefruit crop has been shipped from
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X-3341
Florida1 and over 6J500 carloads are said to be still on the trees.
Unsettled and cold weather during January is reported to have
caused some damage to fruit in Michigan.
In New Mexico there was
some premature blossoming of apricot trees in January 1 but District
No. 10 (Kansas City) reports that subsequent loss from frosts was
negligible.
The southern strawberry crop was in good condition at
the end of January.
GRAIN
~OVEMENTS.
The volume of grain movements showed a
further slight advance during January, due to the exceedingly heavy
marketing of corn.
Receipts of corn at Chicago amounted to 2S1 568JOCO
bushels in January, as compared'with 13,288,000 bushels in December,
and correspondingly large increases in receipts were recorded at
Minneapolis, Omaha, and St. Louis.
January receipts of wheat showed
some curtailment at most reporting centers, although slight increases
were recorded at St. Louis and
Wichita~
.Receipts of rye also declined,
but receipts of oats and barley registered moderate increases.
Stocks
of grain at 11 interior centers declined somewhat during January,
although tnere was some increase in stocks of rye and barley.
The
most general reduction occurred in the case of wheat stocks, which
declined at all important centers except Duluth.
District No. 12 (San
Francisco) reports that total exports of wheat and carley from Pacific
Coast ports during the present cereal year are
during the same period of the previous saason.
in the case of wheat, to
47~46S,2ll"bushels
considera'~ly
higher than
These exports
amounted~
this year) as compared with
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X-3341
-8FLOUR.
January production of flour showed an increase over
December in certain Districts, but in othtH s the reverse was true.
In District No. 9 (Minneapolis) the January output reported was
1, 935,754 barrels, as compared with 1 1 754,654 barrels in December 1
,,
\
.
while in District No. 8 (St. Louis) the respective figures for 11
millers were 333,966 barrels ar.d 24o,600 barrels.
In District No~
'
7 (Chicago), however, January production of 44 millers was 289,478
barrels, a decrease of 3.3 per cent from the December figure, while
in District No. 10 (Kansas City) 1,398,989 barrels were produced in
January.
Output in District No. 12 (San Francisco) decreased from
775,139 barrels reported
by
Gl mills in December to 711,292 barrels
reported by 67 mills in January.
1
A decidedly better feeling per-
vaded the trade in District No. 6 (St. Louis), accompanied by stronger
demand for both home consumption and export.
Retailers and ultimate
consumers show a disposition to replenish stocks.
In District No. 10
(Kansas City), demand was somewhat slow early in January, most of the
orders being for quick sh:pment.
The incra&se in wheat prices, and the
accompanying increase in flour, has stimulated purchasing, although,
states District No. 10 (Kansas City) "not to the extent of creating
any extraordinary demands 11 •
LIVE STOCK.
Movement of each of the principal classes of live sccc.h:
to market during January was heavi.er than in December 1 although in all
cases less than in January 1 1921.
Receipts of cattle and calves at 15
western markets during January were 1,128, 020 head 1 as cornpared with
975,330 head during December and
1 1 1~1,814
head during January, 1321.
In the case of hogs, receipts increased from 2,673,947 head during
De cerr1ber to 2, 332 1 551 head during Jar"uary) as co:upared with 3, 339,419
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nead durir:g January, 1921.
X-3341
H.eceipts of sheep during January were 1,101}679
head, as compared with 974,034 nead. duri.r-'-g December and 1,112, 024 head during
January, 1921.
During January there was more activity in the purchase of
stocker and feeder cattle, calves and sheap in District Nc. 10 (Kansas City)
than ha1 been obser.ved for .many months.
Such purcnassrs in quite a number
of instances oucbid buyers for the packers.
i:
The live stock in the District
in general is rel'ortad to be ir1 a very fa·.rorable position. In Districts Nos.
11 (Dallas) and 12 (San Francisco) 1 howl3ver 1 conditions have been unfavorable.
Winter rains in District No. 11 (Dallas) hi:we not been sufficient to relieve
the drought from which ranges have been suffering for several m.o..ths 1 while
in District No. 12 (San Francisco) there.was unusually cold weather throughout
January.
Twenty-three
represe,~tative
packers
re~or-t
an increase of 1. 8 per cent
in January sales (measured· in doll.ars) over those for December, but a decline
of .17.8 per cent from those for January, lS'2L
Reports from District No. 7
(Chicago) generally state that domastic trade in fresh meats was slow during
the latter part of January and early February, although J.omestic trade in
cured meats and lard was good.
A marked revival took place 'in ti1e demand for
lard and provisions in the United Kingdom and on the continent; and prices
advanced.
~.
Production of bituminous coal showed an increase during january.
The output for the month was 37,600,000 tons, as compared with the Decertiber
production of 30,975,000 tcns 1 and a production in January, 1921, of 4q 270,000
.
tons.
\iith the exception of October, the figures for January 1 1922, are the
largest since January a year ago.
The preser.t production is large enough to
meet current requirements f cr consumption and export and at the same time add
to the reserve in storage.
Due to the expectation of a strike of bi tumino:..ts
r ___
-10miners on April lst, there has baen
X-3341
ar;.
up of reserves during the last month.
improved demand and a building
This has been especially notice-
able with railroads and public utilities, - electric utility plants
having
51
days' suprly on hand and coal gas plants
January 1st.
59
days' supply on
Other classes of consumers hold from four to eight weeks
1
supuly •. Stocks throL:ghout the country on January 1 amounted to 47 1 5001000
tons in addition to 7,151,000 tons on the Upper Lake docks.
Production of anthracite coal increased from 5,984,000 tons in
December to 6, 258,000 tons in January, which is 15 per cent below the
7, 410,000 tons production for January, 1921.
District No. 3 (Philadelphia)
reports that continued cold weather during the past month has resulted in
only a slight improvement in the domestic demand for prepared sizes of
anthracite.
All purchasing is of a hand-to-mouth nature and orders are
for only small lots 1 as operators and dealers alike are umv1lling to
accumulate stocks b'efore the end of the present coal year.
Domestic
consumers are unwilling to purcbase at the present price as their fuel
needs vvill lessen considerably after .April~ ·~and consumers of steem sizes
are also reluctant to stock at the present price, since they are awnre
oi
the existence of heavy supnlies of stear coal in the yards of dealers
and operators.
In an endeavor to reduce their holdings, independent
operators have reduced their prices, even on some of the popular sizes,
to the companies' level, and retail dealers have sbaded existing prices as
much as 50 cents or $1 a ton.
The production of the bee-hive coke for
January was 496,000 tons as compared with 514,000 tons in December and
1,137,000 tons in January, 1921, while January production of by-product
coke was 1,903,000 tons as compared with 1,360,000 tons in December and
•.
2, 278, 000 tons in January a year ago.
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Reports from District No. 10 (Kansas C~ty) state that the
number of oil wells completed j_n January of
t~is
y9ar was less +:l·.an one-
half the total completed du:i:'ing .Jar>uary, 1921, b·..tt the quality of the wells
was sueb as to brin£: the new production to within 3 per cent of the total
new production for
J~~ary,
1921.
Cn1de oil production for Kansas, Okla-
homa and ~yo~ing runounted to approximately 14,369,000 barrels, as compared
with 12,:}.5S,OOO barrels in Jcmuary, 1921.
"'ProC.uc~ion
c·~ No • 11 ,'n
l· n nl·
· str;•'\..
.. a ,• -.:..J.s )
130 '\. . ~rrol,..
~
' 1ed
~
'~,',)~a
~l.•·.',).!.'··j
\ "~ (
VC.
of crude petroleum
.:>
d-,·e~
..., C'
W.l.J.Lt;:-
T~«.v·a···
uc..:J.o\.>
!.J.
breaking all previous records and registering an increase of 1,496,380
over
barrels
th~ necember production figure.
In that District 212 new
producin~ wells, with an initial flow of
259,188 birrels, were completed
in January e.s compared with 203 producers with an initial flow of 328,984
·•
barrels in necember.
Average daily production of petroleum in California
during January \was 315,755 barrels, a decrease of 9, 723 barrels a day,
compared with December, and of 15,.431 barrels a day compared with January
a year ago.
Fifty-two new producing wells with an initial daily production
of 11,210 barrels were completed during Januar,y.
Stored stocks at the end
of the month increased to 36,·184, 527 barrels, an increase of 1, 162,615
barrels over the amount stored during December.
Prices for crude oil
showed very little change during the month of January, but are hi>?her
than in January, 1921, at which time crude oil prices were showing rap5.d
declines.
IFON ANT'l STE~t:
.~f~~r
the ext:rer:;e cln. llness of Dec~r~h~r, Jo:mu.er.y
steel ingot production showed an increase to 1,593,432 tons from the figure
of 1,427,093 tons during the preceding month, but pig iron production
showed a slight decrease, from 1,649,086 tons in December to 1.638,697 tons
in January.
The unfilled orders of the United States Steel Corporation at
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X-3341
the close of the month likewise showed a small dacrease, from 4,268,414
tons to 4,241,678 tons.
conditions
in-February.
Divergent reports E:re, however, heard as to
On the one hand the fact that increased dew3nd
since the middle of January has served to carry operations back to the
\
level obtained in November is pointed to.
Furtherrr.ore, sorrs important
companies having a diversified output have recently been able to run at·
better than 60 per cent of their capacity.
On the other hand, while it is
acknowledged that many firms report an increasing volutre of inquiries, and
in some instances a larger number of orders, it is believed that the
increase has been but slight.
It is genE?rally acknowledged that at least· a
considerable part of the present demand is for small quantities and for
immediate delivery.
A
large part has been for the replenishment of exhausted.
lines, revealed when inventories were completed in January.
More active
demand by cement and oil interests, as well as for export, is reported.
There have been some sales of both railroad equipment and structural steel,
lroth inquiries and orders being believed 'by some to afford decided· encourage·ment, while others regard them as "disappoltntingly small".
All in all, it
is apparent that conflicting tendencies are still in evidence and that no
marked terdency toward ,either further progress or recession has yet
a~eared.
This is r'3flected by the fact that :prices for 'both pig iron and finished stef....
products in general continue weak.
AUTOM013ILES.:,
Some improvement in the automobile industry in January
is reported, although when compared with a year ago. production is considerably less.
C~anies re~orting
as against 52,026 in December.
.
)
produced 54,086 passenger cars in January,
These companies prodv.ced 73.6 per cent of
X-3341
- 13 the total output reported for t1ecember.
rvianufac turers report that the
results of the New York and Chicago automobile shows, both in at tend.ance
tha~
and interest displayed by the puolic, were better
stated by District No.
4 (Cleveland) that the public is
confjJl.ence after the recent -pdce reCll.JCt50'"', end
to come in.
expected.
+,:~at
It is
show~ng more
orde:r"J e>l"e '··er,.;:minz
Output of reporting truck manufacturers decreased from 6,318
trucks in December to 5,837 in January.
These manufacturers produced
76.1 per cent of the total output reported for December.
l:!QN!l'EFROUS MH;TAT,S:
market during February.
There was little change in the nonferrous metal
The price of copper (New York, net refinery) was
12.875 cents to 13.0 cents -o~r ::oound on February 15~2 as compared with
13.25 cents per -pound on February 1, while the price of lead l':as been
practlcally stabilized at
4.70
cents per ?ound since last September.
The zinc market has been exceptionally quiet, the price rerraining around
4.50
cents.
Copper
production in January arr.ounted to
25,848,284
pounds
in comparison with a production of 18,595,182 pounds in December.
Some
of the more important copper companies have resurr.ed operations in spite of
the reduction in the price of the metal.
reports January shipments of
28,~31
ristrict No. 10 ("Kansas City)
tons of zinc blende as campar2d with
30,096 tons for January, 1921, average ·-prices being $26.44 and
resp"3cti vely.
~27.ll,
Production of zinc show·ed a further increase, amountinf:; to
23,706 tons in January as compared with 22,013 tons in December, but was
still less than the amount produced in January, 1921, •.>vhich totaled
25,916 tons.
Thera was a further slight reduction in the amount of zinc
on hand, stocks at the end of January ,"'Jriour:.ting to
with 66,608 tons at the end of Decembe~.
65,678
tons as compared
District No. 10 (Ransas City)
- 14 -
X-3341
reports that the price of lead ore was very steady throughout the month
of
January, the
prevailin~
price being $60.00 per ton every week.
stocks at the end of the month show3d 72,000 tons of zinc
Ore
blende aa
against 50,000 tons for the same d?.te in 1921, and of 600 tons of lead
ore as against 500 tons on the
corres~onding
date in 1921.
District
No. 12 (San Francisco) states that reports received from 14 of the largest
in that District show a decreased nroduction of gold, silver and
min~s
lead for December as compar8d
COTTON T!i:VT!TJES:
~~ith
the previous month.
There has 'besn a subsidence of activity in the
cotton goods mills during recent weeks, although the consUIIIPtion ·or·
cotton in January as reported by the Bureau of the Census rose to
526,552 bales as compared with 511,800 bales in December.
The continued
fluctuations in the price of raw cotton have been a serious hinderance to
the placing of forward orders, and the extensive strikes in New England
mills following announced wage reductions have added to the already
existing uncertainties.
During January, however, the rate of the activity
of the New EnglarA cotton industry was well maintained and even showed a
slight increase..
Goods mills in District No. 3 (Philadelphia) are
operating at about 70 per cent of capacity with orders booked sufficient
)
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to enable them to continue running at that rate for about six to eight
weeks.
Very little manufacturing is being done for stock.
first part of February, the yarn market in
was reported to be exceedingly dull.
~istrict
Thl.ring the.
No. 3 (?.hiladelphia)
Orders were in small lots for
irnr,ediate delivery and buying was confined chiefly to the knitting trade.
Yarn mills in the District were operating at 65
..
p~r
about 75 per cent of orders being filled from stock.
cent of ca.pacity with
District No. 5
X-3341
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. . . .,, r':,_
(Richreond) says that the mills in that section "continued to run on
approximately full time in an effort to get the cost of production as low
as po;;siole, but orders
of stock has resulted".
bc.i.~ . . g
On
far less than the
O'l.i.~l:Jut,
son.t:: accua;ulation
account of the unwillingness of buyers to
place forward orders, many mills were beginning to curtail their operating
time.
Cotton cloth manufacturers in
~istrict
No.
6 (4tlanta) have also
felt the unfavorable effects of the uncertain markets for raw cotton.
In
the case of the goods mills, demand decreased during January and a number
of the mills reported that they were
conditions for future delivery".
~able
to secure orders under present
Statistics based on the returns from
4o r~presentative goods mills in the District showed a reduction in the
yardage output of clothing during January of 1.7 per cent as compared with
December but an increase of
Shipments increased
39.1 per cent as compard with a year ago.
3.4 per cent during the
~~nth
and 29~4 per cent as compared with January, 1921.
as compared with December
6.8 per cent greater than at tl:e end of the preceding month and
cent above those on hand a year ago,
~were
Orders an hand
'8.2 per
Although yarn buyers were also said
to be purchasing only for lmrr::"l::Uate n':leds the
re"?c~ts
39
recei-o;red from
representative yarn mills in District No. 6 (Ptlanta) showed a great
increase in activity during January.
compared with December and was
.I •
Production rose
90.6 per cent ·
Yarn shipments increased 2.8 per cent as
per cent as compared with January,
month were
17.9 per cent as
greater than a year ago .
co~ared
with
Decen~er
and
108.1
1921. Orders on hand at the end of the
15.9 -per cent larger than at the end of December and 20,5 per
cent larger than a year ago.
It is st-£,ted that the demand for low grade
yarns appears to be weak. consumers showing preference for the better grades.
X-3341
- 16 TOOLEN TEXTILES:
Activity in woolen textiles has shown a slight
recession during the past month, as is evident from the statistics of
active and idle machinery and percentages of idle hours reported by the
Bureau of Census.
in all cases
The percentages of idle looms to total reported rose
exce~t
in that of carpet and rug looms.
For looms wider
than 50" reed space, the percentage of idle machinery on February 1, was
34.3 as compared with 30.3 at the beginning of January. . The corresponding
perc.,ntages for looms 50" reed space or less were 27.2 and 21.2 respectively .
On the other hand, there was a reduction in the percentage of idle carpet
and rug looms from 26.2 to 22. 4, (February 1).
The percentage of idle
woolen spindles rose from 25.1 to 27, and for worsted spindles from 13
to 14.3.
Percentage of idle hours to totals reported were also greater
in the case of weaving machinery e*cepting carpet and rug looms, the figures
for looms wider than 50n reed space being 35.2 per cent on February 1, as
compared with 32.9 ner cent at the beginninQ of January.
The corresponding
figures for looms 50" reed space or less were 32 per cent and 27.8 ?er cent.
The
percent~ge
of idle hours for carpet and rug looms, however, was reduced
to 23.9, as compared with 29.7 for the preceding month.
idle spirdle hours remained
of woolen
spindl~s,
~ractically
Percentages of
unchanged, falling in the case
from 25.6 at the beginning of January to 25.4 on
February 1, while in the case of worsted spindles they rose from 13.3 at
the beginning of January to 13-9 on February 1.
District No. 1 (Boston) reports woolen and worsted machinery to be
"moderately active" although not operating at as high a rate as during the
past two or
thr~e
months.
Orders taFen at the recent opening sales of the
mills were, generally speaking, below expectations.
In District No. 3
- 17(P"niladelphia) production of wo:Jlen
~mel
worsted cloth increased
sligL~ly
during the month and reporting mills averaged about 75 per cent of operating
capacity.
However, orders on hand \rere not in most cases sufficient to
make possible the maintenance of this rate of production for more than 30
';
days.
In the yarn market, Tiistrict No. 3 (Philadelphia) reports a
falling off in the demand for knitting yarns but there was a slight
improvement in the call for weaving yarns,· although the market continues
to be very limited.
Carpet yarns, however, were in active demand.
Operations of yarn mills in the District averaged about 80 per cent of
capacity and it was stated that most spinners could continue at that rate
for two or three months on the basis of orders on hand.
In some cases,
departments were being operated at night and a majority of the mills were
e~loying
a full
force of men.
The market for raw wool continues to remain firm although a lessening
of the volume of operations has been noticeable since the beginning of
February according to the report from !'lis.trict No. 1 (Boston).
prices in the. Boston
mar~et.
Raw wool
advanced. on the a'?'erage nearly 50 per cent to
the beginning of February as compared with fall quotations.
No. 12 (San Francisco) reports that at the
is held by growers in that District.
pre~ent
District
time little or no wool
Between 75 and 80 per cent of the
1921 wool clip and carry-over was sold between June 1 and November 1, 1921,
at prices ranging from 9 cents to 20 cents per pound according to the grade
of wool and locality Where grow.n.
from
~ool
buyers are now said to be offering
17 cents to 33 cents per pound for various small holdings still
the growers• hands.
amounted to
in
Raw wool consumption during the month of January
61,192,000 pounds.
r......,. ····
1~
;_)
- 18 -
--CLOTHING:
Clothing sales in Districts No. 2 (New York) and No. 8
(St. Louis) showed very slight
December.
2.3
chan~s
in January as compared with
In the former District there was a negligible increase of
per cent in sales for 10
re~orting
firms while in the latter there
was a slight recession in the volume of sales of
J
both Districts
sal~s
District No. 2
(N~N
7
reporting
firms~
as compared with a year ago showed reductions.
York) this drop amounted to 22.8 per cent.
received from six wholesale manufacturers of
District No.
23
(Chic~go)
men~s
In
In
Returns
clothing located in
showed that the volume of orders for spring
received to date was 25.8 per cent ah.ead of orders received fo-r the spring
sAason last year.
two seasons.
The comparison is for the sarr:e number of days during the
The production increased slightly during the month, the
number of suits made being
5.4 per cent greater than during December and
64.1 per cent in excess of production for January, 1921. Shipments were
327 ·9 per cent greater than
January a year ago.
in December and
58.9 per cent greater than in
The reports received from 10 tailor-to-the-trade
showed a slowing down in activity, as the number of suits made was 36.5
per cent below that of the preceding month, although 11.4 per cent
than a year ago.
greate~
Orders received during the month were 30 per cent below
December figures but
14.5 per cent above those for Januax·y a year ago.
Shipments declined 36.5 per cent from the December totals, but increased
11
~er
cent over last year •
..,
J
- 19 -
highly unsatisfactory COl'ldi tion, due
ir~
considerable :part to the
l~nc~rtain
ties growing out of the speculative rise in the prices of raw silk in the
Japanese markets.
'
Buyers, in consequence, are unwilling to make forward
commitments on the basis of present costs of production, and the few orders
that are being placed are chiefly for immediate delivery.
District No. 3
('PhiJ.adel~hia) in
The situation in
the case of mills manufacturing silk goods,
is bett':!r than might be ·expected, considering these disturbing factors,
as the average rate of operation of renorting firms is about 70 per cent
of capacity.
A number of mills, as a matter of fact,
are operating at full
capacity but in all cases activity is based on orders received some time
ago.
.r •
The demard for silk yarns has fallen off to a certain extent and the
cessation of
b~ving
by hosiery manufacturers has been an unfavorable factor,
but nevertheless, yar11 rrmmfacturers in Tlistrict No, 3 ('Philadelphia•) are
opArating at "an almost normal 11 rate for this season of the year.
how:::;ve:.. engageJ. en ordel's
mills
~~c::n dU1·i~1g
pr"lvious
mo.:1~hs.
They are,
Ai. thougt1 a few
are running at full capacity with enough business to il'lsure capacity
operation for about six weeks , reporting establishments are
a~eraging
only
60 per cent of capacity and on the basis of present orders can not continue
at that rate more than two weeks.
Latest reports from Paterson and North
Hudson, February 11, show a very low percentage of activity, as only
3.653
looms out of a total of 15.000 reporting were operating in Paterson and the
p~rcentage
of operating loom hours to total available was only 23.02 per
cent, a reduction from the figure of 24.13 per cent reported two weeks ago.
In North ?Udson, the percentage of operating loom hours to total
re~orted
was 57.48 per cent as com:pared with 58.8 per cent on January 28.
Active
looms amounted to 2,456 out of a total of
4.179,
- 20 ROSIE~
Reports from 33 hosiery firms in District No. 3 (Philadelphia)
show a large incrPase in orders booked during January.
In the case of those
reporting firrrs which sell to the wholesale trade, orders booked
during
the month increased 55.5 per cent as compared with December while in the
case of the firms selling to the retail trade the increase was 181.9 p8r cent.
Unfilled orders on hand January first were 1.9 per cent greater than during
the preceding month in the case of firms
selling to the wholesale trade
and 33 per cent larger in the case of firms selling to the retail trade.
Product
manufactu~d
during the month rose for both classes of firms, the
respective nercentages being 0.4 and 13.
Shipments in the case of firms
SAlling to the wholesale trade advanced 11.7 per cent and in the case of
firms selling to the retail trade dropped 24.7 per cent.
Tl'w
report from
District No. 3 (Philadelphis) says that "statements received regarding the
amount of business being done are very conflicting and it is agreed that
difficulties are rr;et with, due to the fact that the cost of mate:cials has
increased. while there is difficulty in placing orders at any advance in
prices over those narrad earlier in the season.
During the month there was
a slight decline in the price of silk and cotton yarns but not sufficient
'
'
to enable manufacturers to make any concessions to buyers".
District No.
6
(Atlanta) reports that there is little change i:n the activity of the cotton
,,_,•...___
\•
___,,----;---.,..---·r-----~/.-
·-.,/
hosiery mills in that
~~··-·-
section
Orders hooked during the
month were,
however, considerably largc:;r than in Decemb 2r and about the same as reported
for January of the preceding year.
X-3341.
- 21 ~ERW.EAR:
In January, 1922, reports were received from 55 mills
producing underwear, as compared with
1921.
49
in December, and
61 in January,
Actual production during the past twelve months shows material
~rogress.
A
year ago the
~reduction
of 61 reporting mills was only
148,023 dozens, or 16.4 p~r cent of norn~l, while the most recent figures
from 55 mills place ac ~,~-:-~ production at 6lLO, 489 dozens, or 79.1 ';?Cr cert
4'
of normal.
In December the production of
49
mills stood at 77.0 per cent
of normal.
The greater part of the January 1922 production was along the line of
summer underwear, which amounted to 347,977 dozens or 95.3 per cent of normal,
while the production of winter garments amounted to 292,512 dozens or 65.8
',.
.
p~r
cent of normal.
Comparative reports received from 34 mills show marked improvement for
the month of January as compared with the December returns from the Slimle
mills.
Production tose from 398,338 dozens in December to
January, a gain of
~17,051
dozens in
4.7 per cent. Unfilled orders fell slightly from
1,228,611 dozens on December 13 to 1,175,377 dozens January 14, a decrease
of 4.3 per cent.
The most striking gains are seen in new orders received and
shipments during the month.
The former rose from 271,764 dozens in December
~o 481,270 in January, an increase of 77.1 per cent, while 524,007 dozens
were shipped during January as compared with 320,126 dozens in Der.ember,
a gain of 63.7 per cent.
At the sarr.e time cancellations fell off 36 per
cent from 10,850 dozens in December to 6,94o do~ens in January.
Forty mills with a normal production of 635,149 dozens, reported an
actual production of 505,242 do~ens during January with unfilled orders on
hand February 1, amounting to 1:531,205 dozens, the 'balance of orders having
increased 18.2 per cent since January 1. :new Orders arnouuted to 722,616
dozens or 11~. 2 per cent of normal production, while shipments were 78.7
p~r cent of normal production.
Cancellations were slight, being only
1.1 p~r cent of normal production.
X-3341
SHOES
A~~D
LE PTHER.
r,, . ·.
i~u
22 -
j
~
~~J
{..
Demand for hides and skins continued to be ver.y dull during the
last week in January and the first three weeks in February, and prices of
packer hides at Chicago yltelded somewhat in the week ending February 18th.
District No.
7
(Chicago) reports 1 howevGr, t h at more interest has been shown
in country and specialty hides than in the uacker class.
Sales of green
calf and kip skins throughout the United States were 105 per cent greater
in J~muary than in December.
The curtailment made several weeks ago by
most of the tanners in the number of hides put into process will not be
felt in the finished leather market for severe.l months.
District No. 3
{Pbiladelphia) states that sales of leather are not large but orders are
being received steadily.
Sales ·of belting in District No~
7
(Chicago)
were greater in J~nuary than in either December or :!fenuary, 1921, but
belting prices advanced.
Demand for shoe leathers bas been
restricte~
largely to special tics, such as patent, grey sue1e, smoke1 elk skins, ani
veals.
January se.les in the United States were 124 per cent larger than
those of December,
due to a heavy increase in demand in the Naddle West.
Shoe manufacturing showed an
cncour~ging
increase in actiVity
during January, except in District No. 8 (St. Louis).
Reports from eight
manufacturers in District No. l (Boston) indicate that January production
was 12 per cent greater than thet of Decerober and ll.J :per cent gree.ter than
thl'lt in Jenu?ry. 1921.
2 :per cent in shipments
Six of these
~d
a iecrease of
January in comparison with December.
trict No.
m~nufacturers
7
showed an increase of
per cent in new
o~lers
for
Forty-five reporting firms in Dis-
3 (Philadelphia) show increases of 15 T-er cent in -production, 14
per cent in
shipments~
18 per cent in new orders, 8.5 per cent in stocks •
and 5 :per cent in number of operatives -:luring Janue.ry, while the volume of
unfilled criers was re:luce:'l.
~bout
5 per cent ..
Shoe manufacturers in
•
)
- 23 -
X-3341
that District are runnit.J.g their fectories at a higher T:'e:>:-cents.g;.; of
capacity than at any time since last spring, although prices still
continue to decline.
In the high grade factories specialties pre-
dominate, varying from strap sli-:9pers to sport shoes.
28 concerns in District No.
Reports from
7 (Chicago) show that production increased
1 per cent, shipments 4 per ~ent, and stocks 16 r.er cent during the
month of J anu ery.
Retail merchants are reported to be buying only in
small q_uantities and low t:riced shoes have the best demand.
Factory
operation in District No. 8 (st. Louis) ranged from 45 to 100 per cent
of capacity, with lower production confined chiefly to interests
specializing in expensive footwear.
January sales of 11 reporting
manufacturers in thst District showed increaseu
ranging from
te
to 140
per cent in number of paits over January, 1921, but were slightly smaller
than in December, 1921.
:, 'l;~
1~~--' •C)
..._,
- 24 LUMT'ER: The lumber si tua.tion shows a. slight improvement.
The
close of the inventory -pe.riod has bcnefi tei the inius try by ro1 in
creased demand, but the increase
~~s
fallen short of expectations.
General coniitions in the lumber in"Lustry of District No~ 12 (San
Francisco) improved during January, which was evidence·i by an in:t
crease in ·.:-reduction, shi-pments and orders, both a.s comparel with
December, 1921, and with
J~nuary
during the four weeks ending
Proiuction of lurnb;::r
a. year ago.
J~nu~ry
25, accorling to reports re-
ceived from three lumber associations, totaled 327,624,000 feet
compared with 264,544,000 feet in the ~receding four weeks, ~increase of 23.7 per cent during the month.
Compared with January,
1921, when 152,110,000 feet \vere cut, there was an increase of
175,514,000 feet, or 115.3 per cent.
Present cut is approximately
80 per cent of normal rroduction for the rerorting mills·
Orders
received during the month tota1ei 343,565,000 feet compared with
270,724,000 feet in December and 17S,614,0CO feet in Jgnuary a year
ago.
~nd
The January orders exceeie'i the
J~nu?.ry
cut bv 4.8 per cent
the shipments were 5-3 per cent above the actual rroiuction,
continuing the reduction in stocks which has been in ~rofress since
last November.
approxim~tely
Logging rro,iuction d.uring January wa.s repol·ted to be
50 per cent of normal.
Severe weather conditions h&ve
foreed m~y camps to suspen::l operations for the "ast three months·
District No. 6 (.Atlanta.) reports that although winter weather has
interfered somewhat with mill ani logring operations, there hes been
some improvement in the industry, as shown by an increase both in
- 25 orders and pro:luction over the precei.ing month.
February 3rc1. of the
75 reporting mills of the Southern Pine Association
57 reported full time
full time and
Dece~ber.
41
and. only
4 shut down, corrpared with 6 operating
shut down out of the
76
reporting for the last week in
Production since January 1st has been about 81 per cent of
District No. 11 (Dallas) reports a ~rod.uction of
nonnal.
for
23
For the week ending
mills during January as comrared with
in Decerrber.
95,954,972
85,572,937 feet
feet for
45
mills
There has been a sharp decline of shipments corr.bined with
an increase in new orders, making the unfilled orders of
41
mills on
Janu8ry 31st, 44,667,936 feet against a total of 39,230,622 feet for 45
mills on December 31st.
The demand for
up::-a~
gr,.,des of lumber has been
very weak.
Lumber sales at retoil in District No.
9
(Minneapolis) declined
25 per cent between December ani January, but were larger than in January
a. year ago.
Stocks, while lower than a ye~r ago, were larger at the end
of January than at the end of December.
On the other hand the number of
board feet ordered during January, 1922 1 nearly doubled that of January
a year ego, and shipments during J~nuary were more than double those of
a. year ago.
Production of reporting mills in January was 4,536.322
board feet as compared with
1,803.114
boari feet in Decerrber.
In
District No. l3 (Stw Louis) there has been a declining market for westcoast lumber, moderate red.uction of stocks, reggei prices, and. a, somewhat lower selling basis for hardwoods.
South::;rn pine, bowc:ver, has been
making headway 1 ani with a gradually• increasing demand has apparently
strengthened its rrice position since the new
ye~r-
- 26 -
'
·-
:'·
- ....
'BUilDING: Iluildinty penni ts issued in 166 selected cities rea~hed. a
total value of $138,631,902 during January is compared with $ll.~O,}B2,4C5
In seven of the 12
during December and. $61,522,867 during January, 1921.
Federal Reserve Districts- No. 1 (Tioston), No.3 (Philadelphia), No. 5
(Richmond) 1 No. 6 (.Atlanta)
1
No. 7 (Chicago), No. 11 (Dallas), end No. 12
)
(San Francisco) - the value of renni ts issued was greater in January than
in December.
These increases varied in size from 3 per cent in District
No.7 (Chicago) to 64 per cent in District No. 11 (Dallas).
Decreases were
registered in the other five Districts and ranged in size from 3
~er
cent
for District No. 2 (New York) to 52 per cent for District No. 9 ·(Minneapolis).
The value of permits issued in JanuPry, 1922, was greater than in January,
t
1921, in the case of every Fe4.eral Reserve District.
These increases varied
from 4 per cent for District No. 4 (Cleveland) to 230 per ~ent for District
No. 2 (New York).
The value of contracts awarded in seven Federal Reserve
Districts (statistics of which are compiled by the F. W. Doige Co.) decreased from $183,633,754 in December to ¢148,377,055 in January.
Decreases
occurred in Districts No.1 (Boston), No.2 (New York), No.3 (Philadelphia),
No.5 (Richmond), No- 7(Chicago), and No.9 (Minneapolis), while there was
a moderate increase in the velue of contracts awarded in District No.4
(Cleveland).
District No. 1 (Iioston) states that resiiential construction continues
to be maintained at a high rate, whereas the number of new business buildings shows a marked decline.
Reports from District No.
3
(Philadelphia)
indicate considerable building ~-ctivity, which has been encouraged by further
declines in rrices of materials.
In District No. 6 {Ptlanta) building has
~.-
continued in large volume during the
·~·in+,er
months, as the weather has been
unusually mild, but building for industriel purposes has not revived to the
same extent as home buil1ing.
A large nu..nber of small homes are also being
built in the southern sections of
able weather
conditions prevail.
~istrict
No.8 (St. Louis), where favor-
Distl·ict No.
that there is a noticeable increase in the
9 (Y.-Hnneapolis) reports
aver~ge
size of permit issued
Construction
for new construction, in spite of declining building costs.
activity in District No. 11 (Dallas) is
increasin~
in volume and is being
extended from residential building to building for business purposes.
District No. 12 (San Francisco) reports the.t building activity in January
once more reached record proportions, exceeding that in any month with the
exception of October, 1921.
EMPLOYMENT:
The reports rec0ived from the various Districts concern-
ing developments in the labor situation during the :past month are of a somewhat conflicting character.
The latest stetements issued by the United
States Employment Service covering firms employing more than 500 workers
show that for the period ending Januery 1 there was an increase of 4.2 :per cent
in numbers employed as compared with the end of December.
Increases were
especially noticeable in the case of vehicles for land transportation in
which there was an increase of 58.4 per cent during the month.
!eat her
ani its finished 't'ro:iucts ani met~"ls followed with increases of 3·7 ani 2.8
per cent respectively.
The lergest decreases occurrer:l in railroad repair
shops which showed a re1.uction of
3·9
per cent in numbers employed ani in
tobacco manufacture in which there was a decrease of 2.6 per cent.
The
~ '',f""!t
- 28 -
:
net increase in numbers emplo;y·ed amounted to
ing firms which were ernnloyinp
1,556,507
63,4oO for the
workers on Janu~ry
the date of this report, conli tions have arisen which have
increases in unemployment in
cert~in
<"'
... ~·j
1, I..JZ8 re:p.::-rt-
31.
Since
br:t;~~ght
about
sections of the country notably in
District No. 1 (:nos ton) where wiies:prea:i strikes in the textile mills of
t
Rhode Island and New H:.rrrpshire ~re now in progress.
The strikes
stPrted t.bout the rni'l:lle of Fcbr..Pry when mills in northern New England
and Rhode lsl,_m-1. '"nnovnced
!:'"
reiuction of
20
per cant in wage rates
accompanied in some inst-nces by l".n increase in working hours from 48
to
54
per week.
So fa.r, cotton mill operetives in M'3-ssachusetts h-::lVe
not been ~ffected to any greet extent rs no wPge reductions bEve been made
either in Fell River ot· NeN ! aiford.
'Little change c cc'lrrecl i n the
according
employment situation in that st0te during the past month,
to the reports of tha M.."'ss<->chusetts Pu~·,lic Employment Offices at Springfield, Worcester end Boston.
The n~ber applying for all lines of work
was, however, reported to be in ~11 cases lPrgely in excess of dem~nd.
In New York Stete, there was a slight decrease of
1.5
per cent in the
numbers employed in 1,500 est~clishrnents which m~de reports to the State
Dep~rtment
of Lebor.
The decre~se w~s ~ttributed mainly to se~sonal
reductions and the closing of
f~ctories
for repairs.
In District No.
3
(PhilPdelphia) a l~rge number of unemployed was still reported for the
six cities of ~ltoona, H~rrisburg, Johnstown, Philadelphi~, Scr~nton
and Willif:'J:I'l..sport according to the Pennsylv~IDia StPte Depc.rtment of Labor.
The number of unemp~oyed rose from
February 15.
232,960
on February
to
234,275
on
However, this is en improvement over conditions on
Janu?ry l when there were 243,293 une~loyed..
1
Reports received by the
tf~
t ...... .-·.~ ;
J
X-3341
- 29
Phih.:ielphia
iniic~te
Feder~l
a high
degre~
th$.t the nu:m.ber of
of 1"1te.
Reserve P!!!Dk from other sections of the District
of unemployment ?..s m.?.r.y
~.ppJ.i.cnnts
District No.
5
:for work
h~s
m~m:::~cturers
state
been exce})ti.,nnlly large
(Ricmnon~) rep~rts that during_the
past
month there has been sorre evidence of an incr8ase in the numbers unemployed-.
Street ce.r strikes have been in progress in Richmond,
Norfolk and Portsmouth en:.l one has been called in Columbia, S. C.
fi number of ship y2ris' employees heve been laid off in Newport News.
Employment agencies in the District note
~
influx of workers from
northern f!n.i eastern points who have been inducei to migr?.te by inform.<>_t:ton of greater "'Ctivity in the in-iustries of the southeastern
stl'>tes.
Special reports mAde to the
Feder~l
th~t at the end of January there was
Reserve lank of
an increpse of
4.3
Chic~go
show
rer cent in
numbers employed by reporting finns as corr;:;,.rei with the eni of December although a decline of
occurred.
on JenuAry
5.8
per cent as comppred with
a¥ea~
ago
The in1Uiry covers 205 firms which employed 116,277 men
31.
The increases in employment were exceptionally heavy
in the case of automobiles and accessories, met<e.ls other
and iron, and
egricultur~l
machinery.
The respective
th~n
steel
rercent~ges
In the automobile gro,.tp, the heavy increc.se
was caused by the
oper~.tions
after
f~ct
thet two of the five reporting plents resumed
tem:por~rily
closing iown.
In the
machinery group the increases in numbers ernployei
~ gric ul tural
~re
offset in p?rt
by the f2ct tiT> t meny plants are working on re:lucei scredules o·r
, • . flf
-
.,_-:.c
X-3341
- 30meint~ining
relief employment.
In District No.
9
(Minnenpolis), con-
ditions improved. .iuring the month of Janu"'ry .<>ni speCial reports maie
to tha Fe.ierf11 Reserve r.?nk of Minne?polis covering firms employing
less than
500 men in Minneg,polis
Pnd.
also incluling mining end lumber-
ing compl!!nies in the District showed Sl1 increase of 8.2 per cent in numbers
'
employed.
The United
St~tes
Employment Service covering the
este.blisl:rnents like,vise reported slight increases 1.uring
l~rger
Janu~ry.
The
most "('ronouncei improvement in conUtions occurre1 for minirlg com:pe.nies
in Montena an::l. MichigM, in luniber m.o.nufecturing and in construction work•
Corrrp:,ring the tot<ll number Grnployed by finns reporting directly to
the Fe:ie r~l Reserve :Bank on February 1 with nunibers employed on the s erne
.•
i!'>te of the c-rece1ing ye"'r there we.s a reduction of 20 per cent recorded •
The iecrease was heaviest in the case of mining companies in northern
Minnesota which were
date a year ago.
ch~nge
empl:oyitl~
District No. 10 (KBnsas City) reports no especi2.l
during the month.
inius tri'll
pl~nts
less than :h?lf as many men as on the same
Reports received directly frarn a number of
loc$ted. in the district showei
?.
slight im:Provement,
as these :plents .vere employint_. 39,655 men at the close of Janu<?ry as
compared with
ye~r ~go.
the month.
39,349 at the end of the rreceding month end 38. , 686
In District
No~
11 (Dall!'s) no speciel
Numbers employed.
incre~sed
ch~nge
e.
was noted during
in the builcdng trades but it was
St"lted th.,t in cotton seed proiucts plants, re,ilrO?.·i shops, mining, lumber
e.ni metP1 trp.:les ani
~ong
the rmks of
cleric~l
?.ni unskilled. workers
there was still a lerge iegree of unemployment 1:revP.lent.
In District
~31-
X- 3341
No. 12 (San Fr.:--ncisco) t>lso there were :er:!cticelly no changes during
the month of Jmu!"ry.
In C?lifornia, OrefOn
~nl
Washington there
we.s reportei to h?Jve been "tn im:Provement in outlook".
Increased
activity in lumbering eni other inlustries was 3bsorbing some of the
~n1
unem9loyed forces of the District,
'
anl Utah
~n
in 1\rizona, Nevada, Idaho,
incre'1se in minin§ ?ctivity es::;:eci-"'lly in the copper mining
d.~stricts h~d
On the other henl,
occurred..
r~ilro~d
end construction
work were reduced in scope and the decreeses in numbers employed in
these lines Pbout
counterb~l~nced
WFOLES ,r.t.E rrRt-DE:
the
incre~ses
in other lines.
Stetistics giving sales of the four reporting
wholesale lines, groceries, dry goods, bard.ware e.nd boots end shoes,
iniicete no chPnges of mom3nt during the rast month, P-lthough in the
cese of dry goods a mPrkei seasonal
u~turn
in sples is registered for
all Districts except No. 2 (New York) in which there was a decline of
14.3
per cent for
3
reporting firms.
were edv~ces renging from
11 finns r'2porting, to
5 firms reporting.
4.5
In all other Districts there
rer cent in District No.
4
(Clevelend)
95·3 per cent in District No. 10 (Kansas City)
A majority of the other Districts record exception-
ally hec-vy incre?ses amounting to 49.2 -_=-er cent in the case of District
No.7 (Chicago) with 11 firms reporting t>.nd
No.
5
(Richmond), 14 firms reporting.
54.9 per cent in District
In all other c ?.ses except
District No. 12 (San Fr~ncisco) incr3~ses were in excess of 25 per
cent as cornp?red with the preceding month.
s~les
were heavier as compared.
with Jro1uary a year ago in every case except District No .. 6 (l\tlanta) where
there was a negligible drop of
1.5 per cent for 21 reporting firms ..
- 32 -
Otherwise, increases ranged from
2.5 per cent for 14 firms in
District No. 5 (Richmond) to 62.1 per cent for five firms in
District No. 10 (Kansas City).
Increases as compared with a year
ago were also especially heavy in Districts No. 2 (New York),
llb. · T (Chicago) ,No. 9 (111inneapolis), the advances a.mov.nting to
'
40.3 per cent for three firms, 42.4 per cent for 11 firms, and
50.1 per cent for four fhms, respectively.
Reports from wholesale
grocery firms indicate a generally dull trade during the month
of January in all Distr:i.cts except :t-!o~ 9 (M5T:~.'I').8P,:poJ is) ;.n ~hich
an advance of
3.5 per cent for
12 firms occurred and
~istrict
No. 12 (San Francisco), in which there was an increase of 15.5
per cent for 31 fi~s.
Decreases were recorded ranging from 2.4
per cent in ristrict No. 11 (Dallas), 12 firms reporting, to 11.8
per cent in District No9 2 ((New York), 41 firms reporting.
As
compared with a year ago, decreases were evident in all reporting
~istricts
although they were pot
suffjcien~ly
pronounced to more
than offset the intervening price declines in most cases.
,.
, !"' ' •. r"'
. l)
-33·
X-3341
The declines in sales were least in
Di~trict
No. 12 (San Francisco)
where a drop of 1. 9 per cent was recorded for 31 firms; the decrease
was greatest in District No. 6 (Atlanta) 1 where sales were 18.8 per cent
less for the 32 reporting firms.
Seasonal dullness in the hardware
trade is also reflected in the fairly pronounced drop in sales that ocw
curred in most reporting Districts during the month of January.
Excl u.sive
of District No. 5 (Richmond) in which an advance of 7.1 per cent in the
sales of
19
reporting
reporting firms occurred 1 declines were registered in all
Districts~
the minimum being 2.5 per cent for District No. 12
(San Francisco) with 21 firms rep orting, and the maximum amounting to
29.5 per cent for eight reporting firms in District No. 10 (Kansas City).
The volume of sales as compared with a year ago nas been fairly well sus-
,•
tained, the decreases ranging from a negligible amount of • 7 per cent in
District No. 12 (San Francisco) 21 firms reporting1 to 28.6 per cant in
District No. 4 (Cleveland), 10 firms reporting.
Three reporting shoe
wholesalers in District No. 9 (Minneapolis) reported a very heavy increase
in sales during January of 73.G per cent as cc.mpared with the preceding
month.
Otherwise declines were recorded in Districts No. 2 (New York)~
No. 5 (Richmcnd), No. 6 (Atlanta) 1 No. 7 (Chicago) and No. 12 (San Francisco)"
rising from 2.7 per cent in the case of District No.6 (Atlanta)~nine firms
..
reporting to 15.2 per cent in the case of District No. 7 (Chicago), 16
firms reporting.
As compared with a year ago, fou.r Districts, No. 2 (New
York) 1 No. 5 (Richmond) 1 No. 9 (MiQneapolis)~ and No. 12 (San Francisco)
show increases amounting to
6.4 per cent eight firms reporting; 36.5 per
1
centJ 20 firms; 47.1 per cent, three firms reporting; and 26.2 per cent 1
2l firms reporting respectively.
-34RETAIL TRftDE.
X-3341
Retail sales in January showed the usual decrease
in volume after the holiday buying.
All Districts reported decreases
in dollar amounts as compared with January 1 1921 figures, but this is
attributed in most cases to decline of prices rather than a smaller
volume of trade.
The public did not respond as usual to the annual
sales, and extra sales efforts were necessary to maintain even the
current volume of sales.
preceding months.
Collections were rather poorer than in the
The percentage of unpaid charge accounts compared
with cash payments being large, especially in country districts.
The
dollar amount of sales recorded by 387 stores throughout the United
States showed a decrease of 12,4 per cent from
January~
1921.
Decreases recorded by the vario\l.s districts were as follows:
lli.Jtiri ~1.
~~~Dl
No. 1
"II 23
"II 45
"
(Boston)
8.1
(New York)
7.8
(Philadelphia) 12.2
(Cleveland)
21.9
(Richmond)
17.0
6 (Atlanta)
19.4
r~r.Mtn.i
~j.sl_
No. 1
II
8
II
9
" 10
11 11
" 12
(Chicago)
(St. Lou:Ls)
(Minneap o1is)
(Kanqas City)
(Dallas)
(San Francisco)
6.6
15.1
15.6
12.9
19.0
6.3
Department stores' stocks showed a decrease of 4.2 per cent from last
month~
but are about the same size as last year.
The rate of turnover
was slightly less than in December., 1921} but there was a rather sub ...
stantial increase in the volume of outstanding orders.
PRICES.
The most significant feature in the price situation in
the first three weeks of February was the rise in prices of agricultural
commodities.
Prices of grains and live stock., not only on the large ex-
changes but generally throushout the country, showed appreciable advances,
while wool prices.. especially for the finer grades, were materia1.ly
higher than in December and January.
Raw cotton, however, was slightly
-35-
X-3341
lower at the opening of February thar1 in January 1 but the February
average quotation for upland middling at New Orleans was
as compared with 16.75/:,
in January.
16.29p a pound
Prices of nonagricultural raw
materials were for the most part lower in February than in January.
An
average of the prices of all grades of bituminous coal on the leading
markets of the country was $2.21 a ton at the mine in February, as compared with $2.26 in January.
Pig iron prices were also lower in February,
as were prices of copper and tin.
practically unchanged for
q
Lumber prices in general have been
period of several weeks.
An average of February prices of manufactured goods would probably
show little change from the January average.
Steel products continued to
decline in February, also cotton yarns and cloth.
Wocl and silk textiles,
on the other hand, increased although in the case of the finished
gcod~
trading appears to have been on a comparatively narrow basis •. Food prices
showed a tendency to increase because of the rise in prices of agricultural
commodities.
January is the most recent month for which index numbers of wholesale prices are available.
The Federal Reserve Board index for that month
was 138 (with prices in 1913 considered as 100).
as the December index.
Between December and January small reductions ·Nere
made on the average in the prices of manufactured
as a group advanced.
This figure was the same
goods~
while raw materials
The increase in the latter group was due to the advance
in prices of farm products.
Changes in retail prices and the cost of living in general have
been slight during the past few months) as is shown by a study of the cost
of living in
32 cities which was published by the Bureau of Labor Statistics
early in February.
This study
sh~vs
that between September and December1
t
X-3341
1921, there was an average reduction
per cent.
in the
cost of living of only 1.7
The total reduction since the peak of prices in the summer of
1920 is estimated at 19.5 per cent.
FO~EIGN
TFADE.
January exrorts and imports were both somewhat
lower than those reported for December.
Exports 1 whicn amounted to
$279, OC0 000 were at a level lower than had been reached at any tirne since
1
.August, 1915.
Imports., which were valued at $216 1 000,0001 although lower
than the December total> did not decline to the very low values recorded.
in the summer months of 1921,
Foreign trade at this season of the year
is normally less than at other times, so that this latest decline is Lot
unexpected 1 nor does it signify anything new of a disturbing sort.
One of the most
signi~icant
facts in connection with American foreign
trade in recent months has been the readjustment of exports and imports
upon a basis more nearly approaching an even balance.
In January the
excess of merchandise exports over imports was only $63, 000, 000 as compared
with $445,000,000 for the previous January, and a monthly average during
1921 of $165,000, 000.
The latest foreign trade figures,
therefore~
indicate the contin-
uance of a tendency which becamd especially pronounced in
November~
1921,
when merchandise exports exceeded imports by $6},000,000 as compared with
the far greater
amount of $155,0001 000 in October.
lf allo•vance is made
for imports of gold and also for estimate{; of the various "invisible"
elements in our trade balance, such as immigrants' remittar:ces and foreign
investments, the excess of merchandise exports has been more than offset
in each of the last three months, with the result that our balance of
trade has actually been reversed and for those m..:nths constituted a s17iall
debit against us.
...
'
-~:
J'
,·~
~~ ~~-·- r"' j
-37SHinniNG.
X-3341
Ocean freight rates during February remained
generally steady1 while such changes as occurred were in the
direction of higher quotations.
Grain was the principal commodity
for which substantially increased rates were paid from American
ports to the United Kingdom and the Continent 1 while small increases over January rates were effective on flour in the same
trades. West Indian sugar cargoes, although not so active as in
January1 continued to furnish employment to many vessels.
Time
chartering for future requirements was less in evidence than in
tne previous month, but tnere was good demand for steamers in
position for prompt loading,and charterers at times found difficulty
in filling their immediate needs without o-ffering a premium.
Steamship men report that cargo offerings are on the increase,
which, coupled with the firmness of freight rates and improved
foreign exchange conditions, has given rise to a feeling of greater
confidence. in shipping circles than prevailed two or three months
ago.
@FedFRASER