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CHICAGO, FEBR U A R Y 28, 1921 P N C O U R A G IN G COM M ENTS OF LEADERS OF FIN AN CE AN D IN D U STR Y IN the Seventh Federal Reserve District find various confirmations in the statistics for Jan uary gathered from replies to questionnaires sent by the Federal Reserve Bank of Chicago. Favorable movements in foreign exchange quotations have encouraged grain export, and this is reflected in a more generous shipment of farm holdings. The process of liquidation is es pecially noteworthy in Iowa. This is indicated by the steady reduction of Iowa bank borrow ings at the Federal Reserve Bank of Chicago. The peak of this item was attained early in December, when these borrowings stood at $98,636,000. At the end of the year they had de clined a little more than three millions and on February 23 they had been reduced to $76,397,000, showing a liquidation of $22,239,000 of the borrowings at the Federal Reserve Bank. This liquidation of loans from the agricultural sections is also reflected in the statement of the cor respondent banks in reserve and central reserve cities. The reduction of loans by commercial and industrial borrowers has slowed up. A T T IT U D E OF M ERCH AN TS TOW ARD READ JU STM E N T There is reported from all sections of the district a strong demand for extensions of loans, although a slight easing has been reported here and there. Specu lative tendency is no longer noticeable, there appar ently having been a general feeling that this is not the time for speculative ventures. Bankers prominent in their localities generally report that people seem to have finally reached the conclusion that economy is high ly desirable. The more progressive merchants have pursued a cautious purchasing policy and have succeeded in r e d u c i n g s t o c k s of merchandise compared with a few months ago. Manufacturers are making a persistent effort to reduce inventories. While there has been liquidation of inventories by manufacturers, many are still carrying considerable quantities of raw material, partly finished goods, and products ready for shipment. This accounts, to some extent at least, for the slowness in the liquidation of loans in commercial and industrial centers. Reports from leading bankers in these centers in dicate that commercial and industrial loans generally are being renewed and extended; some small payments are reported as having been made by canners, com- Compiled February 25, 1921 mission men, and merchants. The number of new loans is comparatively light, made chiefly to lumber men and grain dealers. There is a large amount of agricultural loans, both direct and indirect, yet to be liquidated, and bankers report from many sections that it will take the proceeds of a new crop to repay these borrowings. In Wisconsin the liquidation of country bank loans at correspondent banks at this time is traceable chiefly to the large payments of loans by banks in the tobacco growing sections. These loans in one of the large banking centers receded about io per cent in thirty days. One feature bearing on the general banking situa tion is the slow movement of corn owing to the con dition of the roads. The movement a few weeks ago of corn from farms released some funds in the country, but a great deal of this corn went into storage, the spread between cash and futures permitting elevators to load up and make a fair carrying charge, which in effect was a switch of loans from country to primary centers. While there has been some disposition of farmers in the southwest to move their wheat in con siderable quantities, going to gulf ports for export, this is not so marked in this district, yet it has a bear ing on the bank situation here because of loans by larger banks to correspondent banks in other districts. The material decline in market values has also been a factor in retarding the liquidation of loans, as borrowers are finding it difficult to realize sufficient cash from grain and live stock to meet obligations in curred when prices were inflated. ASKIN G EX TEN SIO N S OF FARM M ORTGAGE LOANS Land values are beginning to recede from the high levels attained in the activity and speculation that fol lowed the signing of the armistice. The recession is not very marked but is reported from some of those sections where the activity was greatest. In these sections where rentals were made on the basis of high prices for products and inflated land values, there are many instances cited where farmers are having difficulty in taking care of the interest on some of their heavy loans due March i, owners being compelled to ask for extensions until another crop is produced. Farm mortgage bankers say that the loans which they are making are quite considerable in volume and run almost entirely to the best class of farmers, the money being used to pay debts already contracted and now carried by banks. They report little or no liqui dation of mortgage loans on farms this season. The high cash rentals, based on recent valuations, are out of line with the returns to the renter, and these afford a problem of adjustment. Advices from all parts of the district indicate that there will not be a great deal of shifting of farmers this spring nor much change in ownership of farm lands. Owners and tenants apparently are inclined to let matters remain in statu quo in expectation of a change that will sustain better values. IN D U STR IAL AN D LABOR CONDITIONS The labor situation remains practically unchanged since last month. The slight improvement notice able at that time is confirmed by later reports. Reports received in answer to our labor question naire show 1.9 per cent more men employed by thirtyseven manufacturing concerns on January 31 than at the close of the preceding month of December. The number of men and women employed by the report ing concerns would be 50,000 at full operating capacity. The pay rolls of these concerns show a decrease of about 10.3 per cent. This indicates a reduction either in the wage scale or in the working hours per day. Comparing the number of men employed and the amount of the pay roll for January with the same month a year ago, we find a reduction of about 21 per cent in numbers and 18 per cent in pay rolls. I. II. III. Number employed as compared with (a) the preceding m onth................................................. 1.9% increase (b) the same month a year ago.....................20.6% decrease Amount o f pay roll as compared with (a) the preceding m onth.................................. 10.3% decrease (b) the same month a year ago .....................17-7% decrease Percentage o f capacity o f plant operating: (a) January, 1921.............................................. 54-9 % (b) December, 1920.......................................... 61.4% (c) January, 1920.............................................. 83.6% The Employers’ Association of Detroit states that the number of men employed by the seventy-nine firms reporting to them was 54,870 on February 22. This is about 25 per cent of a year ago. A t the end of December less than 14 per cent of the 176,000 em ployed in the latter part of September were working, while 31 per cent were working on February 22. However, forty-three shops are working on a reduced schedule— an average of thirty-seven hours per man per week. Many industries report a reduction in wages and a shortening of hours. The coal mines, while operating at 50 per cent capacity, made no changes in the mine workers’ wage scale or hours. The lumber mills report a reduction in wages but not in hours. The building trades show the greatest amount of unemployment and they are followed closely by the metal and machinery workers. For Chicago the ratio of supply and demand— 3 ^ — is considerably higher than that of the state, which is 2 ^ . This can be ac counted for by the large number that come to the in dustrial centers to secure employment. It is esti mated that there are about 100,000 unemployed in Chicago at the present time. According to reports no changes have taken place in the wage scale or the hours of labor of the building mechanics in Chicago. The reports of the Illinois Free Employment Bureau give some enlightening informa tion on the situation. The numbers of registrations for each hundred places open, both by industries and localities, follow: Jan. 1921 Dec. 1920 Building and Construction. . . . Clerical......................................... Factory w o r k ............................. M etal m achinery........................ Miscellaneous.............................. Common labor............................ Casual workers........................... i ° 35-9 218.6 195.0 840.8 438.6 191.2 Chicago......................................... Illinois (including Chicago)__ 329.1 Industry 653-9 400.3 108.0 274-5 293-5 655.9 420.8 211.2 105.0 234.8 198.7 N ov. 1920 168.4 203.0 144.6 236.0 210.8 109.3 102.8 Oct. 1920 159-7 109.9 102.8 127.9 104.6 151.0 1152 I IO.4 143.8 92-3 98.7 HOUSING PROBLEM P E R P LE X IN G While building operations are being widely dis cussed, because of the housing problem, nothing so far has been done in an organized way for starting work in the spring. There is a desire and a great need, es pecially in Chicago, for renewed activity in this indus try, but plans are held in abeyance by present relatively high costs and a scarcity of funds. Rentals are again being increased in Chicago. Loans may be had at 6 per cent, 3 ^ per cent com mission, up to 15,000, on 40 per cent of the cost of the land and building, but for amounts larger than this the commission rates are regarded as practically pro hibitive. Compared with the peak price of 1920, most of the building materials have come down. Lumber has had a big decline; stocks on hand at most of the mills are below normal. Manufacturing operations have been curtailed and all logging operations this winter have been below normal. The Illinois Society of Architects is obtaining au thoritative information on the changes in costs of the different items of a building by comparing two sets of estimates that have been submitted by con tractors on the same structure, one last year and one since January 15, this year. Some of the results are given in the table and chart below. COST OF BU ILD IN G — 1920 and PER-CENT P R O J E C T NO. 1: A N 18 A P A R T M E N T B U IL D IN G M ay 20, 1920 1921 OF CHANGE IN C O S T DECREASE. IN C R E A S E January 10, 1921 M asonry.......................... ...................... $44 )3° ° ......... ........ $40,220, C arpentry...................... ....................... 74 ,ooo........ ........ 55,700 . Concrete.......................... ....................... 5»2oo........ ........ 4,650. 6,200 Stone.............................. ....................... 5.578 ........ .......... Plum bing......................... ....................... 28,100........ .......... 25,870, H eating.......................... ....................... n .2 5 0 ........ ........ 10,600. E lectric........................... ....................... 4,525 ........ ........ 4,300. Plastering........................ .......... 17,400. S teel.................................. • ■ •••*............ 4,629........ ........ 4,109. ........ 2,960. Sheet M eta l.................... Pain tin g........................... ...................... 14,920........ ........ 12,300. 2,200. Glass................................. ..................... 2 ,113 ........ ........ T ile ................................... ...................... 5,843 ........ ........ 5,7°oT o ta l............................. ...................$225,548......... . . . .$192,209. P R O J E C T NO. 2: A S M A L L M A N U F A C T U R IN G P L A N T July 19, 1920 January 19, 1921 T o ta l................................................. $605,348................. $ 5 5 1,2 8 2 .... P R O J E C T NO. 3: A H IG H G R A D E R E S ID E N C E Jan. & Feb., 1920 Jan. & Feb., 1921 T o ta l................................................... $65,139................... $63,164----- In project number one, where the various items making up the total cost of the structure have been enumerated, the percentage decrease or increase of each of such items can be seen. The effect of a change in a particular item on the total cost necessarily depends on the relation of the item itself to the total. For instance, a change in the price of glass would affect the H final result less than a similar change in masonry, since glass is the smallest and masonry is one of the largest in the given list. In order, therefore, to know how a decline in price is going to affect the final cost of a building, it is necessary to know what percentage of the total cost this item constitutes. Material and labor for each branch of the work of project number two are given in percentages of the total cost of the structure in the following table and chart: PERCENT Items Concrete m asonry.................... Brick M ason ry........................... Carpenter W ork ....................... Radial Brick Chim ney............ W ater Tube Boilers................... Struc. Steel and Misc. I r o n .. Steel Sash.................................... Fire Doors, e tc .......................... Glazing....................................... Plastering..................................... Roofing....................................... Pain ting....................................... H eating........................................ Electric W iring........................... Sprinklers..................................... G ravity T a n k ........................... Plumbing and Drainage.......... Miscellaneous............................ OF TOTAL. COST. M ater- % of to% o f toials tal cost Labor tal cost ■ ■ $56,254.. . 10.20 $43, 986 . ..7.90 .. 41.I S ° - • • 7-48 32,130. . .5.84 •• 53.354 -. • 9-70 22,866. ..4 .15 • • 3. 566 .. . .65 2,304- . . .41 4,836. . . .88 •• 9.387 . • . 1.70 13.440 .. - 2-45 12,300. . . 2.23 .. 20,585.. • 3-77 3,984- . . .72 2,960.. • -53 3 ,350 . . . .61 8,456. • • I -53 •• I 3 . 525 - • . 2.42 ■ • 3.471 • • • .63 4,243 • .. .76 . . 12,090.. . 2.20 4 .3 10- . . .78 9 ,396 . ..1 .7 1 •• 3.265-. • -59 ■ • 47>7° o . • . 8.67 13,300. . .2.42 .. 15,150.. • 2.74 5, 856 . . . 1.07 ■ ■ 19.675-. • 3-57 12,440. . .2.26 .. 4,847-• . .88 1,450. .. .26 .. 13,1x2.. . 2.38 6,164. .. 1.12 •• 15,484-• • 2.83 10,894. .. 1.96 T o ta l....................................... $349,OI5 63-39 $202,265 • • .36.61 mmsm. AAA'TE.R i a l r.,.~~ ji~3 L A B O R . As the bids for these projects were actual com petitive bids, the proportion of the various items to the total cost will probably vary but slightly for any simi lar structure. complete five-room, two-story house, stucco, reveals some interesting price comparisons between the peak of 1920 and the present time. Lumber decreased 34 per cent, plumbing 21 per cent, heating and galvan ized iron 7 per cent, electric wiring and fixtures 16 per cent, mill work 28 per cent, painting and material 6 per cent. On the other hand, excavation and foun dation, other masonry material, rough and finished hardware, sand and gravel, common labor, mason labor, carpenter labor, and miscellaneous items, show no decline. The total reduction for the completed building was 14.8 per cent. There is considerable talk among contractors and labor men in Chicago about a reduction in the labor scale from $1.25 to $1.00 per hour. Such a reduction in project number two would mean a decrease of 7.3 per cent in the final cost. A lumber dealer in one of the smaller cities in Illi nois, giving the itemized cost of the construction of a W HAT BU ILD IN G STA TISTICS SHOW While the statistics showing the contemplated projects and contracts awarded for the Seventh Fed eral Reserve District are not available, figures are available covering the section of the country of which this district is a part, namely, Illinois, Indiana, Iowa, Michigan and Wisconsin. The statistics, however, also include Missouri, a portion of Eastern Kansas, and Nebraska, and show 1,703 building projects con templated, with an estimated value of $127,918,800, and 634 projects on which contracts have been award ed, with a valuation of $35,832,900. The classifica tion of these projects follows: CO N TE M PLA TE D PRO JECTS No. of Projects Business Buildings.................................................................. ................................. Educational B uildings............................................................ ............................... Hospitals and Institutions................................................... ................................. Industrial Buildings.............................................................. ................................................................ M ilitary and N aval Buildings............................................... ............................... Public B uildings..................................................................... ................................. Public Works and Public U tilities....................................... ............................... Religious and Memorial Buildings..................................... ................................. Residential B u ild in g s............................................................ ............................... Social and Recreational B uildings....................................... ................................. T o ta l....................................................................................... (a) (b) 1,005 Buildings 408 Buildings Valuation 236 $17,966,500 1 4 ,0 0 3 ,5 0 0 114 2,515,000 23 16,528,500 I 51 740,000 3 1,767,600 35 433 42,640,000 5,659,700 69 15,578,200 (a) 558 81 10,519,800 O Go Class $127,918,800 CON TRACTS AW ARD ED New No. of Floor Space Projects Sq. ft. Valuation 112 J9 7 58 2 II 88 16 (b) 306 *5 634 1,040,500 688,300 225,400 547,100 78,100 19,000 170,900 8 5 9 ,9 0 0 247,900 $8,582,100 3 , 575, 50° 1,106,000 3,377,000 8 50,000 338,000 10,613,200 870,200 4,366,700 2,154,200 $35,832,9°° Statistics compiled by F. W . Dodge Company. It will be noted from the following statistics show ing the January awards over a period of years, that the contracts awarded during the first month of 1921 were greater than for January in any of the preceding years with the exception of 1920: J A N U A R Y , 1921 J A N U A R Y , 1920 No. o f B u ild ings No. of Build ings 22,280,000 1915........................................................................ 13.342,000 T o ta l.......... . 470 1920............................................................................................ 60,681,000 i9 J9 ............................................................................................ 1918............................................................................................ 14.633,000 15,458,000 1 9 1 7 ........................................................................................... 28,619,000 1916 ............................................................................................ 1914............................................................................................ 6,243,000 1 9 1 1 ............................................................................................. 26,154,000 1910............................................................................................. 10,272,000 No. of Buildings Estimated Cost JA N U A R Y , 1920 No. of Buildings Estimated Cost $ .......... 93,325 T3 $ 22 14 34,500 114,580 30,800 84,900 18 72,300 1 54, 55° I ,02 5, 52q 30,082 20,505 J7 275 3 18 17,2 to 3 i ,26o $1,396,291 362 $1,688,495 24 19 62 $ 28,203 6,807 209,200 II $ 47,000 39 34 47 77,925 91 7 8,393 9 , 97° 132 82 1, 375,205 25 76 34 17 Per Cent Cost Gain Loss IOW A Cedar Rapids Davenport. . Des M oines. Dubuque. . . Mason C ity. Sioux C i t y . . . • . • • • 33 85,450 2 38 58 T o ta l.......... . 168 $348,023 190 24,775 47,000 J7 23 2t2,8oo 5,000 40 72 27 I 3>755 179,640 52 $ 676,120 49 M IC H IG A N Battle Creek.. B ay C ity . . . . D etroit.......... F lin t............... Grand Rapids Jackson.......... Kalam azoo. . . Lansing.......... Pontiac.......... Saginaw ......... . 26 30 813 81 112 20 . 16 • 43 • 45 49 T o ta l.......... • I235 $ $ 18,348 38 77,475 8 686 156 72 12 12 83,740 23 26,181 38,800 49 P 35 44 52,415 50 $4,602,887 O O The permits for January, 1921, issued by the prin cipal Seventh Federal Reserve District cities, for the most part show a loss in value compared with the cor responding month of the previous year. The number of projects, however, was greater. Chicago reports only 166 building permits, compared with 328 a year before. The cities showing an increase in value in building projects are Hammond, Gary and Richmond, Indiana; Dubuque, Iowa; Battle Creek, Bay City, Kalamazoo and Lansing, Michigan; and Madison and Sheboygan, Wisconsin. The permit statistics follow: J A N U A R Y , 1921 Per Cent Cost Gain Loss 17,913,000 1913 ............................................................................................. 12,180,000 1912............................................................................................ Estimated Cost IN D IA N A E lkhart.......... Ft. Wayne. .. • 39 20 Hammond. . . G a ry ............... • 42 Indianapolis.. • 331 Richm ond__ • 15 Terre H a u te .. • 23 1921............................................................................................. $35,832,900 Estimated Cost $7,262,429 37 $ 37>lg 6 79,040 9 I 4 , 9°4 21,790 62 20 $ 47,875 69,040 949,306 14,028 3 ,98 i ,943 45,920 267,347 14,060 37,400 27 5,658,830 852,965 29 94 49 528,455 46 97 71 34,933 25,694 IL L IN O IS Aurora......... Chicago....... D ecatur....... E vanston.... Peoria.......... R ock ford .... Springfield. . • ■ 13 .. 166 .. 28 •■ •• •• $ 30,224 8 4,1 iq,OOO 328 47 .33° 13 30,400 IO $ 110,200 7,682,000 73,900 61,500 72 46 36 50 26 24 117,943 21 55 59 62,975 89,280 26 40 G 9 , 75o 252,730 256,275 75 $4 ,497,I 52 446 $8,596,355 48 T o ta l........ ■ • 366 65 M A N U FACTU R IN G O PERA Manufacturing activity, speaking generally, on the basis of 135 reports from the principal industries of the district, shows only moderate improvement, many plants continuing to curtail in their slowing down pro cess, while others have increased their activity for the purpose of finishing partly completed work. The automobile industry continues to show im provement compared with the end of December, some plants reporting operations at 50 per cent of capacity, others lower, the average indicating a production of about 25 per cent of the peak of 1920. The automo bile shipments in January were 66 per cent compared with December, 1920, and 33 per cent of those in Jan uary a year ago. The shipments in January, accord ing to the preliminary figures, indicate 8,000 car loads W ISC O N SIN Kenosha........ M adison........ M ilw au k ee... Sheboygan. . . 47 18 149 15 T o ta l.......... 229 Grand T o ta l.. 2468 93 W $1,052,920 192 $1,080,249 $11,897,273 2220 $r9, 303,648 22 14 3 57 3 38 ST ILL R E ST R IC T E D and 5,000 machines driven away from the factories on their own power. Piano manufacturers are operating between 25 and 30 per cent of capacity by shortening the hours of operation per week. The independent steel companies are running at about 35 per cent of capacity and United States Steel Corporation western plants at a much higher per centage. The railroads are not buying beyond their actual current requirements owing to decrease in business and small supply of funds. Prices of steel products have declined but are irregular and the com panies report little business booked at the present time. Biscuit and confectionery plants report an output of about one-third, while the cereal plants are running at about 65 per cent of normal, according to the ad vices from representative concerns in these lines. FOOD STAPLES ON A LOW ER L E V E L In the grocery business there appears to be no tendency, either on the part of jobbers or retailers, to stock up, the reported policy being to buy from hand to mouth. Stocks, both in volume and in dollars, are considerably lower than they were a few months ago, the wholesale lines showing a falling off in net sales. Few commodities handled by grocers continue at the 1920 price level. The most severe declines have been noticed in staple articles, such as sugar, rice, beans, cereals, syrup, canned vegetables and dried fruits, the prices having continued on the down grade since January 1. R E T A IL AN D W HOLESALE T R A D E CONDITIONS The retailer is showing more of a disposition, ac cording to advices, to fall in line with the wholesalers, although there are still considerable variations in this respect. Retailers report sales smaller than in January, 1920, but say there is in evidence a purchasing power for cash at the bargain prices being offered for the pur pose of clearing stocks. The regular monthly ques tionnaire sent out to representative retail stores in the Seventh Federal Reserve District for January, 1921: N et Sales January, 1921, compared with January, 1920........................................ ................................................................................... 6.7% decrease Retail inventories January, 1921, compared with January, 1920......................... ................................................................................ 9.3% decrease Retail inventories January, 1921, compared with December, 1920..................... ................................................................................... 1.5% decrease Percentage o f inventories January, 1921, to total net sales January, 1921........ ................................................................................ 5 >7 -°% Percentage o f outstanding orders January, 1921, to total purchases, year 1920 ................................................................................. 8.1% The decrease in net sales refers to retail prices ac tually realized and not to quantity of commodities. It appears, from these returns and from other ad vices, that retail stocks remain heavy in the hands of merchants in spite of their “ bargain sales” and other efforts to bring about liquidation. To offset this con dition, merchants are buying new stock and placing orders for future delivery with much caution, as indi cated by the small percentage of outstanding orders to total stock purchases during 1920. N et N et N et N et N et D ry Goods Shoes........ C loth in g... Groceries.. T ailorin g .. sales January, sales January, sales January, sales January, sales January, 1921, 1921, 1921, 1921, 1921, compared compared compared compared compared with with with with with Wool has moved freely within the past month and inasmuch as the new crop is not available and will not be for three or four months, stocks are rapidly de creasing. Clothing prices since the first of the year Wholesalers in the five great staple lines of domestic supply report a sensible improvement in the situation. Cancellation of orders seems to be a thing of the past. Re-stocking is cautious but road men come in with some orders and report a better feeling. Returns from forty-eight wholesale and jobbing houses in five leading lines of trade in this district re veal the following conditions for January, 1921: January, January, January, January, January, 1920 1920, 1920. 1920. 1920. . 63.0% 44 5% 47-7% .28.7% 4 1.1% decrease decrease d ecrease decrease decrease have been cut in proportion to costs based on raw ma terial. Wool prices, since December 1, have shown im provement. C O M PAR ATIVE L IV E STO CK STA TISTICS A comparison of live stock receipts at the principal markets for the month of January show a 32 per cent decrease in cattle, 17 per cent decrease in calves, 11 per cent decrease in sheep and lambs and 16 per cent decrease in hogs, compared with January a year ago. The receipt of hogs at these six markets in January aggregated 2,160,855 head. The average price per hundredweight for each class of live stock at Chicago in January compares as follows: Cash lard in January, 1921, ranged from $12.62% to $13.30 per hundredweight compared with $22.80 to $24.45 January, I92o. Cash ribs in January, 1921, ranged from $11.45 t0 $^7..12% per hundredweight compared with $19.00 to $20.00 in January, 1920. Receipts of live stock at Chicago for the four weeks ending February 12, 1921, compare as follows: Year January, 1 9 2 1 __ January, 1920 . . . Cattle Cattle Choice Common Sheep Lambs Hogs $11.02 18.05 $ 4-95 11.49 $10.90 19.28 $ 9.40 $ 8.71 14.00 r 4-55 Cattle Calves Hogs $53,659 ■ $921,595 Sheep 92 1 .................. $137,167 191° ................... 278,616 60,350 734, 592 156,539 D ecrea se.......... ♦ Increase $ 41,349 $ 6,691 *$187,003 *$101,376 I $357,9l 5 CO LLECTIONS AN D M OVEM EN T OF C R E D IT Collections, both in the wholesale and retail busi ness, are reported slow. Credit movements, as indi cated in the aggregate debits to individual accounts, show a decrease of 15.6 per cent compared with the previous month, and a decrease of 19.9 per cent over a year ago. The total debits as of February 16, 1921, reported by 202 banks in 23 leading clearing house centers, in cluding Chicago, were $889,777,000, a decrease of $164,634,000 from the corresponding week of January, and a decrease of $221,252,000 compared with the same period of last year. R E L A T IO N O F B O R R O W IN G S O F M E M B E R B A N K S T O N O R M A L B A S IC L IN E B Y S T A T E S A N D F O R D IS T R IC T PER CENT A V A ILA BLE CAR SU PPLY IN CREASES The chart below shows the car surplusages and de ferred car requisitions for a period of four years. Box, vent, auto, furniture, flat, gondola, coke, tank, re frigerator, and stock cars are included in the term freight cars. These data were compiled from reports of the American Railway Association, Car Service Bu reau, of Washington, D. C., and do not include Cana dian Railways. F R E IG H T C A R SH O R T A G E A N D SU R P LU S IN U N IT E D S T A T E S SH O RTAG E SLTR PLAJS THOUSAN DS. vJAN) -JULY 1917 UAN UULY 1918 UAN UULY 1919 UAN UULY UAN 19 2 0 0 2 .1 OPEN M A R K E T DISCO UN T AN D IN T E R E ST RATES A T CHICAGO The open market range of discount and interest rates prevailing in Chicago, during the thirty-day period ending February 15, 1921, together with a comparison of rates during the thirty-day periods ending January 15, 1921, and February 15, 1920, follow: F E B R U A R Y , 1921 I. 2. 3- High Low 7 7 7 J A N U A R Y , 1921 Custom ary High Low F E B R U A R Y , 1920 Custom ary High Low Custom ary Rates of discount charged by banks to customers for prime commercial paper such as is now eligible under the Federal Reserve Act: a. Running 30, 60 and 90 d ays............................... b. Running 4 to 6 m onths....................................... 6K 7 7 7 7 6 7 7 7 6 5K SK@ 6 6 SK 5 H @6 Rates for prime commercial paper purchased in the open market: a. Running 30 to 90 d ays......................................... 6K 6 6 b. Running 4 to 6 m onths....................................... 6K 6 6 6 5K Rates charged on loans to other banks— secured by bills payable............................................................................... 9 7 8 7 7 7 5 K @6 4 - Rates for bankers’ acceptances of 60 to 90 days maturities: a. Endorsed................................................................. 5% 5 X 5 ^ @ 5^ b. Unendorsed............................................................ 6X 5K 5M 6 6 5- Rates for demand paper secured by prime stock exchange collateral or other current collateral............................. 6. 7 7 7 6K 7 6K 6//a 5^ @ 5^ Rates for time paper secured by collateral mentioned in Number 5: a. Running 3 m onths................................................ b. Running 3 to 6 m onths....................................... sy 6 6K 7 7 7 7 7 7 7 7 7 7 6y 5^ 7 - Rates (when paper is current in city) for: 8. a. Cattle loans............................................................ 7 7 7 7 7 7 6K 6 b. Commodity paper secured by warehouse re ceipts, etc.................................................................... 7 7 7 7 7 7 6K 6 6 7 7 6y 6 K @7 6 K @7 7 7 6 7 7 6K 6 6 6K 6 6 6@ 6K Rates for ordinary commercial loans running 30, 60 and 90 days, (not including loans to enable purchase of bonds) secured by: a. Liberty bonds........................................................ b. Certificates of indebtedness............................... 6y 6 R EC EIPT S AN D SH IPM ENTS OF IM PO R TA N T CO M M OD ITIES A T CHICAGO ( o o o ’ s O m it t e d ) R E C E IP T S December January 1921 1920 1920 1919 January 1921 691 1,144 772 1,145 1,814 2,478 2,095 Corn .................... .. .B ushels......... U I 93 21,606 8,124 6,223 7,457 479 1,415 7,056 O ats.................... . . . B ushels......... 5,806 424 4,559 655 5,620 R y e ..................... .. . Bushels......... 7,297 754 B a rle y................ .. . Bushels......... 952 1,000 1,221 10,547 Fresh M e a ts .. . . 3.179 53.786 103,469 L a rd .................... 10,422 Cheese................ S H IP M E N T S December 1920 1920 1919 802 479 1,306 4,200 3,590 3,903 5,776 305 1,105 57i 670 803 3,379 3,903 3i 7 427 598 53 i 4,878 “ ,635 60,093 130,472 67,158 97,904 125,967 277,562 163,558 20,757 57,369 9,033 114,055 294,410 14,087 35 ,6oi 72,477 11,601 11,809 12,190 8,756 21,032 B u tter................ 13.564 15,888 17,267 15,704 18,077 28,495 57,677 14,453 i 8,577 E ggs.................... 62 58 15,904 55 34,294 9,306 18,142 48 P otatoes............. .. . Bushels......... 918 1,298 243 336 16,855 23,720 16,199 W ool................... 8.955 454 i , i 77 17,088 173 313 H ides.................. .. . Pounds.......... 1,132 18,007 ” 7 275 3,094 Lum ber.............. 108 4,371 71 4,584 66 F lou r.................. .. .B arrels.......... W heat................ Cured M eats. . . U 957 208 12,404 378 165 U 979 226 48 783 2,466 3,357 4 , 99 i 326 219 303 28,683 5,462 75
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