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B u sin ess C onditions
R eserve
DISTRICT

S even th
FEDERAL
M O N TH L Y R EV IE W P U B LIS H E D BY T H E
F E D E R A L R E S E R V E B A N K OF C H ICA GO

Volume 10, No. 4

April 1, 1027

BUSINESS CONDITIONS IN THE UNITED STATES

I

N D U S T R IA L output increased further in February and
was slightly larger than a year ago, and distribution of
commodities by the railroads was larger than for the corre­
sponding period of any previous year. The general level
of wholesale prices continued to decline and was in Feb­
ruary at the lowest level since the summer of 1924.
PRODUCTION— Production of manufactures increased
in February for the second consecutive month, and the out­
put of minerals, after declining in January, advanced once
more in February to the record level reached last December.
Factory production and employment, however, continued
smaller than during the corresponding month of last year.
Production of iron and steel has increased steadily since
December, and reports indicate that operations of steel
mills in March were at almost the same high rate as in
March, 1926. Automobile production increased from 234,000 cars in January to 298,000 cars in February, and
weekly figures of employment in Detroit factories indicate
some further additions to production in March, but output
has continued much smaller than a year ago. Daily average
consumption of cotton by mills in February was larger
than in any previous month on record, but activity of
woolen and silk mills decreased as compared with January.
Production of bituminous coal has been maintained in large
volume, while that of anthracite has been considerably re­
duced. The output of building materials was smaller dur­
P R O D U C TIO N OF M A N U F A C T U R E S A N D

M IN ER ALS

ing the first two months of this year than in the correspond­
ing period of 1926. The value of building contracts awarded
in February was 3 per cent smaller than in the same month
of last year, but awards for the first three weeks in March
were in approximately the same volume as in 1926. Con­
tracts in Southeastern and Northwestern states have been
considerably smaller than a year ago, while those in the
Central W est have been much larger.
TRADE— Retail trade showed less than the usual sea­
sonal decline between January and February. Sales of de­
partment stores and chain stores were larger than in Feb­
ruary of last year, while those of mail order houses were
smaller. Wholesale firms reported a smaller volume of busi­
ness in February than a year ago, and this decline occurred
in nearly all leading lines. Inventories of department stores
increased in February in anticipation of the usual expansion
in spring trade, but the growth was less than is customary
at this season, and at the end of the month stocks were
slightly smaller than a year ago. Stocks of merchandise
carried by wholesale firms also increased in February, but
they were generally smaller than in the corresponding
month of last year.
Railroad shipments of commodities have increased steadily
since January by more than the usual seasonal amount and
have exceeded those for the same period last year, owing to
larger shipments of coal, of miscellaneous commodities, and
FACTORY EM PLOYM EN T AND PAYROLL

PER CENT

***

M IN E R A L S
y y n .

MANUFACTURERS

1923

1924

1925

1926

1927

Index numbers of production of manufactures and minerals,
adjusted for seasonal variations (1923-1925 average= 10 0 ). L a t­
est figures, February, 1927: Manufactures, 106; Minerals, 120.




Compiled March 28, 1927

of merchandise in less-than-carload lots.
PRICES— Wholesale prices, according to the index of the
Bureau of Labor Statistics, continued to decline in February.
Among non-agricultural products decreases occurred in the
prices of coal, petroleum, iron and steel, nonferrous metals,
and lumber, and the index for non-agricultural prices as a
group was at the lowest post-war level.
Prices of live stock and livestock products and of
clothing materials advanced in February. During the first
three weeks of March there were decreases in prices of
grains, live stock, sugar, silk, wool, coal, petroleum and
gasoline, while prices of potatoes, pig iron, hides, and rub­
ber advanced.
BANK CREDIT— Demand for commercial credit at
member banks in leading cities increased seasonally be­
tween the middle of February and the middle of March.
There was also growth in the volume of funds used in
the security market, as indicated by increases in loans to
W HOLESALE

PR ICES

Indexes of U. S. Bureau of Labor Statistics (1913=100). L a t­
est figures, February, 1927: All Commodities, 146.4; Agricultural
Commodities, 143.8; Non-agricultural Commodities, 148.3.

brokers and dealers in securities.
Consequently, total
loans of the reporting banks at the end of the period were
close to the level of last autumn. Financial operations of
the United States Treasury around the middle of March,
with disbursements temporarily in excess of receipts, re­
sulted in a temporary abundance of funds, which was re­
flected at member banks in leading cities in a growth of
deposits, in reduced indebtedness at the reserve banks, and
in increased holdings of securities.
At the reserve banks, following changes in holdings of
bills and securities accompanying the financial operations
of the Treasury, the total volume of credit outstanding on
March 23 was somewhat larger than four weeks earlier.
Conditions in the money market in March were slightly
firmer than in February. Rates on prime commercial paper
advanced from 4 per cent to 4-41/4 per cent, and call
money was also higher, while rates on acceptances de­
clined somewhat.
MONEY RATES

W eekly rates in N ew York money market— Commercial paper
rate on 4- to 6-months’ paper, and acceptance rate on 90-day
paper. Latest figures, third week of March, 1927: Commercial
Paper Rate, 4% per cent; New York Reserve Bank Discount
Rate, 4 per cent; Acceptance Rate, 3% per cent.

BUSINESS CONDITIONS IN THE SEVENTH RESERVE DISTRICT
HE business situation in the Middle W est is character­
ized by a broadening of activity. Most of the industrial
and trade statistics covered by this survey indicate gains in
the February-January comparisons, but in many instances
without reaching the 1926 levels.
Following these trends— an increase over the preceding
month and a decline from last year—may be cited the
manufacture and distribution of automobiles, pig iron out­
put, shipments of castings, and production and sales of
farm machinery and equipment. All contributed to reverse
the downward trend noted in factory employment since fall,
so that both the number of men and the amount of payrolls
advanced in February over January.
Building construction, as reflected by awards and permits,
gained in both the monthly and yearly comparisons. Manu­
facturers of shoes likewise reported heavier production and
shipments than in January or a year ago. Department store
sales were ahead of February, 1926, with the gain over the
preceding month more pronounced than usual. Retail furni­
ture sales exceeded the January volume and nearly equaled
that of a year ago; orders booked by manufacturers de­
clined in both comparisons. Wholesale dealers in hardware,
dry goods, and shoes registered increases over January,
while drug and grocery firms showed declines; all except
the last-named group averaged decreases from Febru­
ary, 1926.

T

Page 2




Reports from agricultural sections reflect the seasonal
quiet of the winter months. Live stock shipments as usual
contracted from January, and production and sales at meat
packing plants were seasonally lower. The volume of flour
produced was less than that in the preceding month and a
year ago. Sales of dairy products exceeded the January
volume and for butter were ahead of February, 1926.
Financial changes during February were largely seasonal
— the smaller volume in check payments and commercial
paper sales, the heavier amount of savings deposits and
bankers’ acceptances, and the reduction in collections. The
bond market was less active.
CREDIT CONDITIONS AND M ON EY RATES
Such changes as have taken place in the general credit
situation in the district during recent weeks have been
seasonal in nature, reflecting heightened activity in certain
lines wfith the approach of spring. Unusually favorable
weather throughout most of the district in February tended
to lessen the usual dullness of that month. Banks in areas
concerned with cattle feeding report considerable liquidation
of indebtedness. In manufacturing centers, demand for
credit accommodation was fairly well maintained through
February with little or no change in rates. In Chicago,
aside from a slight acceleration of borrowing at banks in­
cident to March 1 settlements, funds have been more than
sufficient to meet needs, and a downward movement in

rates has been reported, reflected only slightly, however, in
actual quotations which are as follows: Commercial paper
4 to 4J4 per cent, customers’ over-the-counter loans 4)4 to
4^4 Per cent, and collateral loans 4)4 to 424 per cent. The
average rate earned on loans and discounts by ten of the
large Chicago banks in February was 4.87 per cent as
compared with the 5.02 per cent shown for January. For
six of the more important banks in Detroit this figure
averaged 5.43 per cent in February, as against 5.45 per cent
in January and 5.36 per cent in February, 1926. The pre­
vailing rate on loans and discounts in that city during the
week ending March 15 was 4)4 to 6 per cent, unchanged
from the corresponding week in the preceding month.
Total bills and securities of the Federal Reserve Bank of
Chicago have shown a rising trend thus far in March, on
the sixteenth aggregating $167,353,000, an increase of about
$7,500,000 over March 9, the result of heavier holdings of
certificates of indebtedness. Loans to member banks declined
on March 16 to $61,983,000 from the $80,528,000 shown the
preceding week, and compared with $78,871,000 February 16.
Federal Reserve notes in circulation, following a rising
trend until March 16, on that date declined approximately
$2,500,000 from the preceding week, standing at $218,985,000,
as against $221,497,000 March 9 and $210,803,000 Febru­
ary 16.
P O S I T IO N O F T H E F E D E R A L R E S E R V E B A N K O F C H I C A G O

Latest figures, March 16, 1927, in thousands of dollars: Fed­
eral Reserve Notes, 218,985; Total Bills and Securities, 167,353;
Bills Discounted, 61,983.

Loans and discounts of reporting member banks until
March 16 showed little week-to-week change but stood at
higher levels than during the latter part of February; on
March 16 they aggregated $2,155,258,000 as compared with
$2,139,240,000 February 16, and represented a rise of about
7 Yi million from March 9. Investments on March 16,
amounting to $776,513,000, were the largest in volume since
October 13, 1926, when $783,361,000 was shown; the
March 16 total compared with $751,721,000 on the corre­
sponding reporting date in February and involved an increase
of about 22 million over the previous week. Net demand
deposits have fluctuated widely during the past five weeks;
$1,792,508,000 was shown for this item on March 16, com­
paring with $1,783,768,000 February 16. Time deposits de­
clined on each weekly reporting date from February 9 to
March 9, totaling $1,052,313,000, however, on March 16, a rise
of over 2 million from the preceding week and as against
$1,058,685,000 February 16.
Statistics on commercial paper sales evidenced the usual
January-February recession: the eleven houses reporting to
this bank each sold a smaller dollar volume of bills during
February than in the preceding month, with the group
averaging a drop of 23.5 per cent. In the comparison with
a year ago, the decrease of 2.0 per cent represents indi­
vidually seven increases and four declines. Rates eased
during the month, all but three dealers listing 4y2 for high,



and half the firms, for the first time since last summer,
quoting 324 for low; customary ruled at 4 to 4*4. Paper
outstanding on February 28 for five dealers totaled 3.6 per
cent above the January 31 amount, but 8.9 per cent below
a year ago; the former comparison reflects four increases,
the latter three. Outstandings of twenty-six firms located
throughout the country amounted to $573,598,000 at the
close of February, compared with $551,000,000 a month
earlier.
Weekly purchases by six reporting dealers operating in
the Chicago open bill market from February 17 to March 16
averaged 25.5 per cent less than during the preceding fiveweek period; buying from both acceptors and others fell
off. Sales in the same comparison increased 1.8 per cent,
reflecting gains in the volume sold to the Federal Reserve
Bank and to local banks but declines to out-of-town banks
and others. Transactions with other offices dropped in
both purchases and sales. Commodities principally in­
volved in the operations were sugar, grain, rubber, tobacco,
cotton, and canned goods. Supply and demand improved,
the majority of the dealers indicating for the last week of
the period a fair amount available, and a good inquiry,
with bills moving freely. Holdings were about half as
heavy on March 16 as in the middle of February; ninetyday maturities predominated, with sixty- and thirty-day
following. Rates, both bid and offered, on March 16 for
sixty-day, and for four- and six-month paper were the same
as on February 16; thirty- and ninety-day rates each de­
clined one-eighth per cent.
Sixteen reporting banks in this district accepted during
February 44.3 per cent less in bills than in the preceding
month and 30.3 per cent below the volume of a year ago.
Purchases in the same comparisons, however, increased
21.9 and 12.6 per cent, respectively. Sales were within
0.4 per cent of the January volume, gains at four banks
offsetting declines at five; the drop from February, 1926,
averaged 30.6 per cent. Acceptances reported by three of
the banks during the first half of March covered principally
transactions in rubber, grain, cotton, coffee, tea, sugar,
meats, and lard. Total holdings advanced 9.4 per cent
from January 31 to February 28, and the banks’ own bills
27.4 per cent; both were markedly heavier than a year ago.
The aggregate liability of the banks as acceptors for ac­
ceptances outstanding increased 5.5 per cent during the
month, and was 3.5 per cent above February 28, 1926; both
comparisons reflect individually six gains and seven de­
clines. The Federal Reserve Bank of Chicago purchased
$28,070,130 during February, and was holding at the close
of the month $34,585,340, the smallest amount since July.
Agricultural Financing— Nineteen Joint Stock Land banks
on February 28 showed loans outstanding in the five states
including the Seventh district as $218,786,000, a rise of
$2,700,000 over the corresponding figure on January 31 and
approximately $17,500,000 higher than a year ago. Four
Federal Land banks, with loans outstanding in the same
territory amounting to $189,041,643, registered a rise of
about $5,000,000 from January 31 and o f $23,000,000 over
February 27, 1926. Loans and discounts (including re­
discounts) of four Federal Intermediate Credit banks con­
tinued the downward trend shown for several months, on
February 28 amounting to $891,237, compared with $918,418
at the end of January and $1,707,255 on the corresponding
date in 1926.
Volume of Payment by Check—The aggregate of debits
to individual accounts in February as reported by thirtyseven clearing house centers in the district showed a drop
of 11.8 per cent from the preceding month, in large part
seasonal, the February volume being $5,277,509,000 as
against $5,981,824,000 in January. Four of the larger cities
Page 3

in the district, Chicago, Detroit, Milwaukee, and Indian­
apolis, declined 11.5 per cent in the total of payment by
check, and thirty-three smaller centers reporting the item
showed a 13.1 per cent decrease. As compared with Feb­
ruary, 1926, the thirty-seven cities increased in the aggre­
gate 0.1 per cent, the four larger cities declined by the
same percentage, and the thirty-three smaller clearing house
centers gained 0.7 per cent.
Savings— March 1 savings deposits of 213 reporting banks
in this district aggregated 0.2 per cent heavier than on
February 1; the increase reflects individual advances by
about half the group but state declines except in Michigan.
In comparison with a year ago, 106 increases and 76 de­
clines averaged a gain of 0.7 per cent for the district, with

Indiana, Michigan, and Wisconsin totals higher and Illinois
and Iowa lower. The number of accounts reached a new
level, exceeding February 1 by 0.4 per cent and March 1,
1926, by 3.0 per cent; both comparisons represented gains
in all five states and individually by two-thirds of the
banks.
Bonds— The slight reaction noted in the bond market the
middle of February was felt during the remainder of that
month, and extended into March. The large amount of
new financing and the high prices tended to curtail buying.
Decrease in purchases by banks contributed to the slowing
down; sales to individuals, however, showed improvement.
Municipals continued in strong demand with prices ad­
vancing; real estate bonds likewise sold in large volume.

AGRICULTURAL PRODUCTION AND FOODSTUFFS
A report by the Bureau of Agricultural Economics of the
United States Department of Agriculture shows proposed
plantings for 1927 in the north central states as follows:
spring wheat (exclusive of durum) 99.6 per cent, corn 98.1
per cent, oats 101.7 per cent, barley 115.1 per cent, Irish
potatoes 114.0 per cent, tame hay 101.3 per cent, and to­
bacco 94.4 per cent of the acreage harvested in 1926. For
the country as a whole, intended plantings indicate increases
of 1.8 per cent for corn, 3.2 per cent for oats, 14.3 per cent
for barley, 1.6 per cent for spring wheat, 14.9 per cent for
Irish potatoes, and 1.8 per cent for tame hay, and a reduc­
tion of 3.3 per cent for tobacco from the acreage grown
for last harvest. Farm stocks of potatoes in the United
States were heavier on March 1 than a year ago but were
under holdings for March 1, 1925.
Flour— Mills in the Seventh district do not report any
improvement in conditions. Production continues to de­
cline, and although sales showed an increase in volume
over a year ago for the fourth successive month, the
value of these transactions was less and both were under
January. Receipts of flour at Chicago were 11,000 barrels
heavier in February than in the preceding month, while
shipments declined 42,000 barrels; receipts gained 44,000
barrels over last February and shipments 25,000 barrels.
CHANGES IN FEBRUARY, 1927, FROM PREVIOUS MONTHS
P er c e n t
Ja n u a r y

change

_
.
.
1927
Production (bbls.) ........................ — 7.3
Stocks of flour at end o f month
(bbls.) ........................................... — 2.9
Stocks of wheat at end of month
(bu.)
— 0.2
Sales (volume) ...... _....... .......... _....— 5.5
Sales (value) _________ _______ _... — 9.2
Production includes wheat and other flours.
to wheat flour only.

from

F ebruary

1926
— 8.9

Co m p a n ie s
INCLUDED

30

+ 9.5

27

+50.2
+ 9.4
— 11.9

27
15
15

Balance of items refer

Grain Marketing— February receipts at interior primary
markets in the United States aggregated somewhat larger
for corn and slightly smaller for oats than those in the
preceding month; reshipments increased. The wheat move­
ment registered the only gain in volume over February, 1926,
though showing some recession from January. All the
items, except wheat receipts, fell below the 1922-26 average
for February. Visible supplies of corn and rye increased,
and the stock of other grain in the United States declined
on March 12 in comparison with the corresponding date
in February. Inventories of wheat, rye, and corn were
greater than a year ago, but holdings of oats and barley
were smaller. Farm stocks of oats, corn, barley, and rye
showed a recession and those of wheat an expansion in
quantity on March 1 as compared with last year, according
to an estimate made by the Bureau of Agricultural
Economics. The volume of trading in grain futures by
members of the Chicago Board of Trade was 7.9 per cent
less for February than for January, and fell 40.2 per cent
below a year ag®; contracts for corn and oat futures in­
Digitized Page 4
for FRASER


creased and those for wheat and rye declined in both com­
parisons. February quotations ranged from barely steady
to slightly firmer for wheat, averaged a little lower on oats
and corn, and slightly higher for rye than in January.
Movement of Live Stock— Live stock receipts at public
stock yards in the United States receded to seasonally low
levels during February and continued to consist largely of
hogs, short-fed cattle, and fat lambs from the corn belt
and adjacent states.
LIVE STOCK SLAUGHTER
C attle

Yards in Seventh District,
February, 1927 .............
Federally Inspected Slaugter U. S.
February, 19271 .............
January, 1927 ................
February, 1926 ......

H

ogs

L a m bs and
S heep

C alves

221,392

682,915

302,806

122,571

700,423
786,373
694,616

3,394,560
4,513,543
3,351,165

1,005,635
1,114,889
987,730

376,688
396,652
378,308

Reshipments to feed lots showed the customary recession
from January, but those of cattle and lambs were in excess
of February, 1926.
AVERAGE PRICES OF LIVE STOCK
(Per hundred pounds at Chicago)
W

M

e e k ended

M arch 12,
1927
Native Beef Steers (average) $10.85
Fat Cows and Heifers.......
7.50
Hogs (bulk of sales) ......... ..... 11.55
Yearling Sheep ................... ...... 12.00
Lambs (average) ............... ..... 14.95

F eb.

1927
$10.50
6.75
11.80
11.20
13.00

o n t h s of

Ja n .

1927
$10.20
6.40
11.95
10.25
12.55

F eb.

1926
$ 9.65
6.60
12.35
11.65
13.50

The International Live Stock Exhibition indices show
the volume of inspected slaughter in the United States as
9'5, the price of all live stock as 121, and the total value
of the slaughter as 115 for February, compared with index
numbers of 96, 123, and 118, respectively, for January.
Meat Packing— Production at slaughtering establishments
in the United States showed a seasonal recession in Febru­
ary from the preceding month, and employment for the last
week of the period was lower by 3.0 per cent in number,
7.7 per cent in hours worked, and 6.7 per cent in value than
corresponding figures for January. Domestic demand
averaged fair for meats and improved slightly for lard.
Sales billed to domestic and foreign customers by fifty-two
meat packing concerns in the United States declined 5.2
per cent in total value from January and were 3.0 per cent
under February, 1926. Quotations at Chicago eased for
pork, lard, and common to medium veal; remained fairly
steady for most beef carcasses and good to choice veal;
and strengthened somewhat for lamb, mutton, pickled
skinned hams, and the majority of beef cuts. Prices tended
to strengthen a little early in March. Packing plants and
cold-storage warehouses in the United States had larger in­
ventories on March 1 than at the beginning of the previous
month, the increases in pork and lard stocks having more
than offset the recessions in beef, lamb, and miscellaneous
meats. All items, with the exception of dry salt pork,
exceeded a year ago. Total holdings fell below the 1922-26
average for March.

Foreign trade remained rather slow for hog meats and
only fair for lard, so that the quantity of packing-house
products forwarded for export aggregated less for February
than for January. Continental demand for American lard
showed some improvement toward the end of the period.
Consignment inventories abroad were reported lower on
March 1 than a month ago. European quotations contin­
ued under the Chicago parity.
Dairy Products— Butter production in the Seventh Fed­
eral Reserve district showed a decline in February of 0.04
per cent from January and an expansion of 13.1 per cent
over a year ago, according to a compilation for sixty-one
creameries. A very slight recession from last year and a
gain over the preceding period were indicated for the coun­
try as a whole in figures released for the four weeks ended
February 26 by the American Association of Creamery
Butter Manufacturers. Sales of creamery butter billed to
customers by sixty-three companies in the district were
6.7 per cent larger in volume than in January and exceeded

FUEL AND PO>
Coal— Production of bituminous coal in this district con­
tinued heavy during February, sustained, as in January, by
industrial and railroad storage programs in anticipation of
a suspension of operations on April 1. This demand had
been fairly well satisfied by March 1, however, so that the
market for industrial coals has become more quiet. De­
mand for domestic sizes remained dull throughout the
period, due to continued mild weather. Prices of Southern
Illinois coals on March 10 had been shaded somewhat from
quotations a month previous.
Aggregate February output of coal from Illinois mines—
8,096,303 tons— was 300,000 tons below that in January be­
cause of the shorter month, but increased 44.3 per cent over
a year ago; 227 mines operated for an average of 19.3 days
and employed 72,014 men, in comparison with 226 mines, 20.2
days, and 72,259 men in January. United States production
of bituminous coal declined somewhat from the prior month,
but was unusually heavy for February.
Electric Energy—The following tables show February
changes reported in various items from January and from
a year ago by six central station companies in the Seventh

those of a year ago by 5.5 per cent. The quantity of
American cheese received at Wisconsin primary markets
from factories located in that state totaled 13.8 per cent
greater for the four weeks ended February 26 than for the
preceding period, and was 7.4 per cent less than a year ago;
redistribution from these centers increased 22.2 per cent
and declined 9.7 per cent, respectively, in the two com­
parisons. Inventories of dairy products at cold-storage
warehouses and packing plants in the United States were
seasonally smaller on March 1 than at the beginning of
February. Stocks of butter and cheese showed a recession
and eggs a gain in comparison with a year ago. Cheese
and egg holdings exceeded the 1922-26 average for March 1,
while butter inventories declined about 58 per cent. An
increased volume of eggs and cheese and a slightly smaller
tonnage of butter were received at Chicago during February
than in the previous month. Chicago quotations for Feb­
ruary firmed slightly for butter and declined for eggs and
cheese in comparison with January.

I PRODUCTION
district, and also indices of industrial activity in the north
central states and in the United States as measured by
electric energy consumption.
CHANGES IN FEBRUARY, 1927, FROM PREVIOUS MONTHS
(Compiled from direct reports to this bank by six companies)
P er ce n t
Ja n u a r y

c h a n g e from

F ebruary

1927
Plant capacity (K W ) ............................ .......... — 0.2
Plant output (K W H ) ............................ .......... — 9.9
Plant output (daily average— KW H )... .......... — 0.2
Peakload demand (K W ) ...................... .............. — 6.5
Industrial sales (K W H ) ........................ .......... + 0.5
Industrial sales (working day average—
K W H ) ............................................................... + 4 .6
F ebru ary

1926
+ 11.7
+ 6.0
+ 6.0
+ 5.7
+ 4.7
+
Ja n u a r y

4.7

F ebru ary

1927

1927

1926

74.4

Ratio peakload demand to plant
capacity ................................................. .....
Load factor ............................................... .....

79.4
55.1

78.6
58.7

5 8 .8

INDUSTRIAL ACTIVITY AS MEASURED BY ELECTRIC ENERGY
CONSUMPTION
(Monthly average

1923-1925 = 100)
F eb.

1927
North Central States ......................... .. 111.6
United States
.. 106.2
Data furnished by McGraw-Hill Company.

Ja n .

1927
101.4
107.1

F eb.

1926
113.2
114.2

Ja n .

1926
107.5
113.8

MANUFACTURING ACTIVITIES AND OUTPUT
Automobile Production and Distribution — Operating
schedules of automobile companies were expanded still
further in February, as evidenced in production figures for
that month; output of passenger cars in the United States
totaled 260,330, an increase of 32.2 per cent over January
and almost 90 per cent greater than the low point of pro­
duction in December, 1926. The number of cars manu­
factured was 18.6 per cent below February a year ago, and
21.4 per cent under the corresponding month of 1924, but
7.1 per cent larger than in February, 1925. Truck produc­
tion for February in the United States of 38,029 exceeded
that of January, and was higher than in February of the
three preceding years.
Sales of new cars, at both wholesale and retail, and those
of used cars showed decided increases in February over the
preceding month, as reported by fifty-six dealers and dis­
tributors in the Middle West. Stocks of new and used cars
also increased somewhat. In the comparisons with Febru­
ary, 1926, new car sales were substantially smaller, though
the number of used cars sold exceeded last year’s figure.
For the second successive month, a decline was reported in
the year-to-year comparison in the number of new cars on
hand at the end of the month, while stocks of used cars
were slightly heavier in number. The proportion of cars



sold on the deferred payment plan increased by a moderate
percentage in February, sales made on this plan by thirtytwo dealers averaging 45.3 per cent of their total retail sales
for the month, as compared with 42.8 and 46.0 per cent,
respectively, in the preceding month and February last year.
MIDWEST DISTRIBUTION OF AUTOMOBILES
Changes in February, 1927, from previous months
P er

New cars
Wholesale—
Number sold .............. .
Value ............................ .
Retail—
Number sold .............. .
V alue ............................ .
On hand February 28—
Number ........................ .
Value ............................ .
Used cars
Number sold .............. .
Salable on hand—
Number ........................ .
Value ............................ .

Ta

cent
n u a r y

change
F

from

e b r u a r y

1927
+69.6
+69.5

1926
— 15.5
— 28.8

+60.7
+59.3
+13.1
+17.1

C o m p a n i e s in c l u d e d
Ja n u a r y
F ebruary

1927
33
33

1926
30
30

— 20.1
— 13.6

55
55

52
52

— 15.7
— 6.5

54
54

51
51

+46.8

+ 12.1

55

52

+
+

4- 2.3
+ 5.3

55
55

52
52

6.5
7.3

Agricultural Machinery and Equipment— Sales of agricul­
tural machinery and equipment billed during February to
domestic and foreign customers by seventy-seven manufac­
turers in the United States showed a gain over January of
27.9 per cent for heavy machinery, of 24.5 per cent for all
other (exclusive of barn supplies), and of 20.5 per cent for
barn equipment. The figures for the tractor-thresherPage 9

combined harvester group increased 0.6 per cent in com­
parison with a year ago, while those for the light group and
for barn equipment declined 11.7 and 6.3 per cent, respec­
tively. Total sales were ahead of the 1923-25 February
average but below the corresponding period last year.
PRODUCTION AND SALES OF FARM EQUIPMENT IN THE
UNITED STATES
Changes in February, 1927, from previous months
P er c e n t
Ja n u a r y
1927
Domestic sales billed ...... ................. + 2 6 . 7
Sales billed for export...... ................. + 1 7 . 8
Total sales billed ............ ....................+ 2 5 . 5
Production ........................ ............ + 0 .4

Sales based on value,
ment during the month.

change

from

F ebruary
19 26
----- 9 .2
+ 0.5
— 8.1
— 12.5

C o m p a n ie s
I ncluded
77
41
77
75

Production computed from average employ-

Iron and Steel Products— February reports from steel
mills in the Chicago district indicate a very good demand
throughout the month, with sales and shipments larger
than in January and increasing production schedules. Un­
filled orders of the United States Steel Corporation on
February 28 declined about 203,000 tons from the end of
January. Steel ingot production in the United States in­
creased in February for the second successive month, the
daily average of 155,232 tons gaining 6.0 per cent over the
preceding month, though falling 2.0 per cent below a year
ago and 0.7 per cent under February, 1925. Average daily
pig iron output for the country expanded about 5 per cent
for February over January, and gained 0.6 per cent over
the corresponding month last year; in the Indiana and
Illinois district there was an increase of 7 per cent in the
month-to-month comparison, but production remained lower
than a year ago.
Until the middle of February, prices continued the down­
ward trend evident since the first of last December. Greater
steadiness was apparent, however, after February 15, and
on both March 9 and 16 the composite average price of
fourteen iron and steel products, as compiled by Iron Trade
Review, showed a slight rise. Pig iron prices at Chicago
were lower on March 1, while scrap metal prices also re­
ceded further about the first of the month.
Total shipments in February by twenty-seven iron and
steel casting foundries in the Seventh district increased
8.2 per cent in value over January and were 15.5 per cent
less than a year ago; tonnage forwarded gained 8.8 and de­
clined 14.1 per cent in these comparisons. Production fol­
lowed a similar trend. Shipments by thirteen stove and
furnace manufacturers were heavier in the aggregate than
in either January or the corresponding month of last year;
both stocks and production showed increases in the monthto-month and stocks in the yearly comparison; while orders
booked were less than in January but slightly above Feb­
ruary, 1926.
Shoe Manufacturing, Tanning, and Hides— Shipments
during February by thirty-one shoe manufacturers in the
Seventh Federal Reserve district exceeded the month’s pro­
duction by 7.0 per cent; each of the items gained over

January and the corresponding period last year. The quan­
tity of unfilled orders held by twenty-four companies gave
assurance of nearly six weeks’ operations at the present
rate of distribution. The number of stock shoes reported
on hand by twenty-nine factories was equivalent to 74.9 per
cent of February shipments by these concerns.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN
FEBRUARY, 1927, FROM PREVIOUS MONTHS

Production .................................
Shipments ...................................
Stock shoes on hand.................
Unfilled orders .........................

P er ce n t
Ja n u a r y
1927
.... + 1 3 . 6
.... + 3 5 . 5
.... — 5.0
.... — 4 .0

change

prom

F ebru ary
1 9 26
+ 1 5 .4
+ 19.5
- 4 .8
+ 1 1 .9

Co m p a n ie s
I ncluded
31
31
29
23

Representative tanners in the Seventh district reported
rather irregular trends in leather production for February,
with the aggregate about on a level with the previous
month and larger than in February, 1926; the value of
sales billed to customers totaled under January and a year
ago. Prices remained fairly steady.
The sales volume of packer green hides at Chicago in­
creased slightly in February over January, and that for
calf skins showed a recession. Purchases by tanners in
the district were reported smaller than in January. The
market for hides was very active at the beginning of
March. Quotations at Chicago averaged lower for Feb­
ruary than for the preceding month.
Furniture— Orders booked by twenty-six furniture manu­
facturers in the Seventh Federal Reserve district during
February totaled less by 26.0 per cent than in the preceding
month, a seasonal trend. Nineteen firms reported an aggre­
gate of new business 0.5 per cent below February last year
and 14.0 per cent under the same month of 1925. Ship­
ments averaged 14.7 per cent heavier in February than in
January, 1.4 per cent under a year ago, and 5.9 per cent
over February, 1925. Unfilled orders declined 1.3 per cent
from January 31, owing to the excess amount of shipments
over orders booked, and were 5.7 per cent below the end
of January last year. The rate of operations changed little
or increased over January with the majority of manufac­
turers, but continued under the rate of 1926.
Raw Wool and Finished Woolens— Steadiness of prices
characterized the raw wool market during February, with
demand variously reported as fairly active or rather quiet.
Mills have been buying generally in small quantities only
and for prompt shipment. There was considerable con­
tracting through most of the month for the domestic clip
in the West, but activity declined the last few days owing
to the firm demand for higher prices by the growers. For­
eign markets have been maintaining strong price levels.
The majority of openings for the heavy-weight season have
taken place, with prices averaging under a year ago but
slightly above those of last spring. It is somewhat early
to report the effect of these openings; a few firms in the
district are booking satisfactory orders, while others in­
dicate that no large advance business has yet been received.

INDUSTRIAL EMPLOYMENT CONDITIONS
A one per cent increase in employment during the period
January 15 to February 15 reversed the downward trend
that has been in progress at manufacturing plants of the
district since last September. Total wage payments for
the same period gained over 4 per cent, a result of longer
working hours as wrell as the increase in men. The im­
provement thus evident during February was not so
marked, however, as usual for the season, and employment
remains lower than for any month of 1926. A comparison
with 1925 and 1924 likewise is unfavorable if we exclude
the periods of greatest depression during these years, each
of which lasted about four months— in 1924 until the close
of November, and through August in 1925.
Digitized Page 6
for FRASER


After three months of consecutive declines, the metals
and machinery group added more men to its working
forces, the increase amounting to nearly one per cent. The
vehicles group registered a pronounced gain, the first since
last May, reflecting renewed activity in the automobile in­
dustry throughout the district. For Detroit alone, the
Employers’ Association reports have shown a steady ad­
vance in employment since early January, and the increase
for the month ending with the second week in March
amounted to about 3 per cent. Reports for building ma­
terials give signs of the preparation for spring demand,
with a number of brick yards that were closed during the
winter having resumed operations. In textiles, the seasonal

there was some improvement in the demand for labor at
free employment offices, and by early March the ratio of
applicants to available positions had declined somewhat,
the records for Illinois showing a reduction from 214 per
cent to 204, and for Indiana from 213 per cent to 163.

gains of several months previous continue, but they are
moderate in proportions. The leather industry appears
hesitant, and losses were recorded for the chemicals and
food products groups.
While outdoor work remained inactive during February,

EMPLOYMENT AND EARNINGS—SEVENTH FEDERAL RESERVE DISTRICT
N
I

n d u s t r ia l

umber

G ro up s
F ebruary
1927

All groups ( 1 0 ) ......................................................................................................
Metals and metal products (other than vehicles)...................
Vehicles ..........................................................................................
Textiles and textile products......................................................
Food and related products ...........................................................
Stone, clay and glass products...................................................................
Lumber and its products....................................................................................
Chemical' products .................................................................................................
Leather products ...................................................................................................
Rubber products ......................................................................................................
Paper and printing............ ...............................................................................

3 5 3 ,2 5 0
1 5 4 ,1 2 8
3 1 ,7 1 3
2 6 ,7 6 7
3 9 ,7 4 7
1 2 ,9 0 8
3 1 ,6 5 9
8 ,9 9 7
1 5 ,7 1 7
3 ,2 3 0
2 8 ,3 8 4

W
>45

of

W

eek

age

T

E arners

ended

J a n u a r y 15
1927

P er C e n t
C hange

3 4 9 ,8 6 8
1 5 2,82 5
3 1 ,1 6 3
2 6 ,1 9 9
3 9 ,9 5 3
1 2 ,6 9 0
3 1 ,0 5 9
9 ,0 1 3
1 5 ,9 3 4
3 ,0 6 6
2 7 ,9 6 6

+ 1.0
+ 0 .9
+ 1.8
+ 2 .2
— 0.5
+ 1.7
+ 1.9
— 0 .2
— 1.4
+ 5.3

_____+1-5

F ebruary
1927

W
15

$ 9 ,2 6 5 ,9 1 3
3 ,8 5 5 ,9 0 6
9 6 3 ,8 1 8
6 9 3 ,5 3 1
1 ,0 0 9 ,5 3 9
3 7 9 ,5 6 9
7 7 1 ,6 8 9
2 3 9 ,6 4 9
3 5 4 ,0 9 5
8 7 ,1 9 6
9 1 0 ,9 2 1

E a r n in g s

otal
eek

ended

J a n u a r y 15
1927
$ 8 ,8 8 1 ,2 4 0
3 ,6 7 2 ,9 4 1
8 7 4 ,3 0 8
6 5 8 ,6 8 4
1 ,0 4 2 ,9 4 8
3 6 1 ,0 4 1
7 2 4 ,8 7 6
2 2 6 ,5 8 7
3 4 7 ,2 4 5
7 5 ,7 6 5
8 9 6 ,8 4 5

P er C e n t
C hange
+
4.3
+
5 .0
+ 10 .2

+

5.3

—

3 .2

+

5.1

+

6 .5

+

5.8

+

2 .0

+ 15.1
+ 1.6

BUILDING MATERIAL AND CONSTRUCTION ACTIVITIES
Dollar sales of twenty-four reporting wholesale lumber
dealers increased G.9 per cent over January, although they
continued to show a decline (13.6 per cent) from a year ago.
Retail sales as reported by 237 lumber yards were 9.3 per
cent less and 11.3 per cent larger in the respective compari­
sons. Both groups reported stocks somewhat larger than
for January and approximately the same as a year ago.
The automobile industry was in the market for
quantities of hardwoods, and railroads were buying soft­
woods for construction purposes. The ratio of outstanding
accounts to sales at wholesale was 133 in February, as
compared with 142 in January and 120 in February, 1926;
for retail yards these ratios were 440; 411, and 439, re­
spectively.
The cement and brick industries met with favorable
weather conditions throughout most of February. This,
together with the usual seasonal improvement, resulted in

a sufficient increase in shipments to reduce stocks below
those of both January and a year ago. Production contin­
ued to decline. Bricklaying was practically uninterrupted
in the territory around Chicago, a condition, however, not
found in all parts of the Seventh district.
Building Construction— Contracts awarded in the Seventh
district during February totaled $69,698,110, an increase of
23.6 per cent over January and of 29.4 over February, 1926.
O f this amount $29,038,270 was for residential building, in
which the respective increases were 17.2 and 11.4 per cent.
For fifty cities reporting to this bank the total number of
permits issued increased 42.9 and 4.4 per cent in the
monthly and yearly comparisons, while estimated cost of
buildings to be constructed was 53.1 and 33.5 per cent
greater. Five of the larger cities showed a slight decrease
in the aggregate number of permits as compared with a
year ago.

MERCHANDISING CONDITIONS
Wholesale Trade— In all five lines of wholesale trade re­
porting to this bank, collections for February were low; in
none of the groups did this item exceed January, and only
in groceries was it larger than a year ago. Changes in
sales, stocks, and accounts outstanding varied, with in­
creases predominating in the monthly and decreases in the
yearly comparison.
Groceries— A general tendency to slowness was indicated
in the reports of thirty-seven firms, only seven of which
reported sales increases over January, and twelve over a
year ago. In the aggregate, sales declined 3.9 and gained
1.0 per cent in the respective comparisons. Total volume
of sales for the first two months of the year was 1.9 per
cent larger than for the same period of 1926. Stocks were
somewhat heavier than in the previous month, but not so
large as a year ago. Outstanding accounts and collections
decreased 1.7 and 6.7 per cent from January and increased
0.8 and 0.4 per cent over lhst year.
Hardware— Sales of seventeen firms exceeded the Janu­
ary figure by 6.8 per cent, but fell 5.3 per cent below
February, 1926; individually, about one-half of the firms
showed declines in this comparison. The sales total for
January and February was 7.2 per cent smaller than for
the same period of 1926. Stocks increased by 5.0 and 2.8
per cent in these comparisons. Collections were generally
slow, declining 22.2 and 10.8 per cent, respectively, with
only one firm reporting increases in the former and three
in the latter comparison. Outstanding accounts were 2.0
per cent larger than in January and 1.0 per cent smaller
than at the end of February, 1926.



Dry Goods— Reports for twelve dealers indicate that ag­
gregate sales and accounts receivable advanced over January
and declined from February a year ago. The increases for
the month were 9.0 and 1.1 per cent, while the declines from
February, 1926, amounted to 10.3 and 2.3 per cent, re­
spectively. Total sales volume for the first two months of
this year was 10.2 per cent smaller than for the corre­
sponding period of 1926. Stocks decreased 9.2 per cent
from January and 22.6 per cent from a year ago. Collec­
tions declined in both comparisons, dropping 10.6 and 2.5
per cent, respectively.
Drugs—Aggregate declines in sales of 4,6 and 2.6 per
cent in the respective comparisons with January, 1927, and
February, 1926, were reported by thirteen dealers. For the
first two months of the year, as compared with January
and February, 1926, there was a total decrease in sales
volume of 5.0 per cent. Stocks increased over January, but
were less than those at the end of February a year ago.
Collections continued smaller, registering drops of 7.1 and
8.5 per cent, respectively, while outstanding accounts ag­
gregated 1.5 per cent larger than in January and 8.9 per
cent smaller than a year ago.
Shoes— Of nine reporting dealers only one showed a
sales decline as compared with January, and the total in­
crease in sales amounted to 31.4 per cent. As compared
with February, 1926, five firms registered decreased
sales, making an aggregate decline of 4.2 per cent. Total
sales for the two months, January and February, were 3.5
per cent smaller than in the same period of 1926; stocks,
while not so large as in January, were about the same as
Page 7

a year ago; outstanding accounts increased by 6.5 per cent
in the former and declined 0.7 per cent in the latter com­
parison; and collections decreased 13.2 and 0.3 per cent,
respectively.
Department Store Trade— According to reports of eightyeight firms, department store sales, with an aggregate in­
crease of 6.9 per cent, showed the only marked improvement
over January that has been made in any February for a
number of years. As compared with a year ago there was
an increase of 4.6 per cent. Individually, not quite half the
firms reported gains in the month-to-month and slightly
more than half in the yearly comparisons. Total sales for
January and February exceeded the same period in 1926
by 0.1 per cent. Inventories increased 7.0 per cent over
January, but declined 3.0 per cent from a year ago. The
ratio of sales to average stocks was 27.8 per cent as com­
pared with 26.1 per cent in February, 1926; for the first two
months of 1927 this figure was 53.0 as against 52.3 for the
same period of last year. The ratio of orders for new goods
to total 1926 purchases stood at 7.7 per cent on February 28
and 6.8 per cent at the end of the previous month. Out­
standing accounts declined 7.2 per cent from the end of
January and increased 11.9 per cent over February, 1926.
Collections, while 19.2 per cent smaller than in January,
were 6.6 per cent larger than a year ago. The ratio of

collections to outstanding accounts was 38.7 for the month
this year and 39.9 per cent in 1926.
Retail Furniture Trade— Twenty-nine retail furniture^
dealers and twenty-one department stores showed an ag­
gregate increase of 24.8 per cent in February sales over
those for January, and a decline of 1.4 per cent from Feb­
ruary, 1926, although individually a majority of firms re­
corded increases over a year ago. Inventories expanded
3.6 per cent over the preceding month and were 2.1 per
cent below February 28 last year. Installment sales of
twenty-two furniture dealers increased 38.6 and 3.7 per cent,
respectively, in the month-to-month and yearly compari­
sons, while collections on these sales declined 17.8 and 5.0
per cent. Collections on all sales decreased 13.1 and 1.5 per
cent, respectively. Outstanding accounts were slightly
larger in both comparisons.
Retail Shoe Tirade— Sales of forty-one reporting shoe
dealers declined 3.9 per cent from the January totals, but
were 3.0 per cent ahead of February, 1926. Individually,
eighteen firms reported increases in the first and thirty-one
in the second comparison. The ratio of outstanding ac­
counts to sales stood at 115.1 per cent in February, as
against 113.8 for January and 101.2 a year ago. Stocks
were 8.3 per cent larger in the first and 7.2 per cent smaller
in the second comparison, and collections declined 14.6 and
25.1 per cent, respectively.

M O N TH LY BUSINESS INDICES COMPUTED BY FEDERAL RESERVE BANK OF CHICAGO
(Index numbers express a comparison of unit or dollar volume for the month indicated, using the monthly average for 1923-1924-1925 as a base,
unless otherwise indicated. Where figures for latest month shown are partly estimated on basis of returns received to date, revisions will be given
the following month. Data refer to the Seventh Federal Reserve District unless otherwise noted.)
1926
1926
Firms 1927
1927
Jan.
Jan.
No. of Feb.
Feb.
Jan.
Feb.
No. of Feb. Jan.
Firms 1927
1926
1926
1927
Wholesale Trade— 3
Meat Packing— (U. S.)Net Sales (in dollars) :
. 62 105.5 111.4 108.7 116.8
59.5
61.2
57.9
58.4
Groceries ............................................ ... 39
Casting Foundries—
75.3
76.6
72.5
68.5
Hardware ........... ................................ ... 19
Shipments (in dollars).....
. 27
77.6
71.6
94.0
83.9
64.8
69.2
61.8
56.6
Dry Goods .......................................... ... 13
Stoves and Furnaces —
94.9
89.7
92.3
90.5
Drugs .................................................. ... 13
. 13
71.4
55.9
76.8
61.3
27.2
36.2
34.9
26.5
Shoes ............................... ..................... ... 10
Agricultural Machinery
Retail Trade (Dept. Stores)— 3
& Equipment— (U. S .)—
Net Sales (in dollars) :
98.4 103.2
7 103.9 101.5
Domestic Sales (in dollars)....
. 90 133.8 105.6 147.4 119.4
Chicago ....... - .............- ...........................
Exports (in dollars)........... .....
4 162.9 138.1 157.2 138.5
. 60 143.6
Detroit ..... .................. - ......................
93.5 177.3 116.9
95.4 100.1
Total Sales (in dollars).......... „.
3 103.7 106.8
. 90 135.0 103.7 152.2 119.0
Des Moines ...................................... — ...
5 111.1 123.0 105.9 121.6
. 88 134.0 136.9 136.1 141.3
Indianapolis ........................................ ...
5 132.9 122.3 122.3 143.3
Milwaukee ............................................ ...
Furniture—
85.1
81.2
85.9
87.9
Outside ................................................ ... 39
. 19 102.8 131.3 103.5 167.6
Seventh District ................................ ... 64 124.1 114.5 1 1 8 .3 1 1 8 .8
. 19 105.5 101.0 108.5 102.4
Retail Trade— (U. S .)— 3
Shoes— 1
*
11 4
114
104
Department Stores .............................. ... 359
Production
. 34 107.7
94.6
87.4
93.5
111
116
107
Mail Order Houses............................... ...
4
. 34 116.3
85.3
97.9
91.7
Chain Stores :
Electric Energy—
286
343
287
Grocery ..................... ........................... ... 27
178
.
8 126.0 139.6 118.6 126.6
209
172
9
Drug .................. _................................
8 133.1 130.5 124.7 117.9
97
108
6
106
Shoe! .....................................................
166
177
170
5
Five and Ten Cent ......................... ..
Flour—
167
178
173
Candy ......................... _....;
Production (in bbls.)........................... .' 34
83.2
89.7
91.5
94.1
101
94
103
Music .............. ........... ......
Output of Butter by Creameries—
127
Cigar ........ - ........................
127
134
87.8
. 76
87.8
82.4
86.5
Stamp Tax Collections— 4
Sales .............. ..................................
. 76
89.7
85.7
83.3
80.9
89.2 119.6 119.2 170.1
Sales or Transfers of Capital Stock.......
Automobiles—
Sales of Produce on Exchange— Futures
53.3
73.1 108.0 165.4
Distribution in Middle W e s t:
U. S. Primary Markets— 5
New1 Cars— Wholesale— Number sold... 28 144.3
86.0 166.6 113.5
Grain Receipts:
.... 28 116.1
68.3 154.5
97.1
Oats ...:...................................................
54.4
72.0
49.3
58.6
New Cars— Retail
-“
Number sold... 48
71.0
44.6
87.9
67.0
Corn .......................................................
113.5 109.8 119.9 132.1
. 48
47.1
73.8
86.1
63.0
Wheat .....................................................
60.8
48.3
57.9
60.5
New Cars— On Hand. 42 125.5 103.7 148.8 114.4
Grain Shipments :
. 42 126.4 103.3 136.6 106.7
39.3
33.3
51.9
55.4
Oats .........................................................
Used Cars
-Number sold... 41 116.0
81.1
79.7 106.5
Corn ...................... ..................................
38.1
45.9
45.3
36.6
. 41 144.8 133.2 156.4 156.8
Wheat .....................................................
30.6
33.4
28.6
34.4
■Value....
. 41 123.3 113.3 119.2 120.0
Building Construction—
Production (U . S.) : Passenger cars....
94.4
90.0
68.1 110.6
Contracts awarded (in dollars) :
Trucks
113.1 110.5 112.1
88.7
94.0
101.1
90.8
86.3
Residential ............. ...............................
Freight Carloadings— (U. S .j—
76.0
Total .........................................................
83.8
80.0
103.6
Grain and Grain Products.............
100.8
97.0 102.6
101.3
Permits :
89.1 100.8
Live Stock .... - ..................._.........
87.6
97.6
52.2
76.6
48.4
72.9
Chicago ................................... Number
Coal .....................................................
129.0 129.4 105.8 108.4
127.5
79.8
90.9
67.5
Cost.....
Coke ..................................................... .
71.0
33.1
57.3
39.7
108.4 102.4 156.0 151.0
Indianapolis .................. ......... Number
46.2
Forest Products .................. .............
Cost.....
98.0
27.5
73.3
100.7
90.4 109.5
93.9
Ore .... ...................................................
35.1
30.4
39.2
28.4
28.7
Des Moines ............................... Number
24.7
27.5
25.5
Merchandise and Miscellaneous.......
Cost.....
30.5
30.6
33.3
27.1
103.4
95.6 102.2
95.6
52.2
Total .... .................... ......................
48.5
34.8
60.1
Detroit ....................................... Number
104.2
98.8 100.3
96.1
Cost.....
108.5
58.5
73.6
80.4
Iron and Steel—
61.4
56.2
58.3
Milwaukee ............................... Number
54.4
Pig Iron Production3
Cost.....
52.9
73.3
97.8
40.8
Illinois and Indiana.....................
110.1 102.9 112.1 108.8
Others (45) ............................. Number
50.9
43.2
32.8
36.6
United States .... ........................
106.9 101.9 106.3 108.9
Cost.....
66.9
67.3
55.2
44.6
Steel Ingot Production— (U . S .)3....
116.5 109.9 118.9 119.8
Fifty Cities ............................. Number
56.4
39.4
45.2
53.9
Unfilled Orders U. S. Steel Corp
75.3
79.6
96.7 102.3
Cost.....
104.4
68.2
62.3
78.2
1. Monthly average of mean of production and .
100; 2. Average daily production; 3. Monthly average 1919=100; 4.
First Illinois internal revenue district; 5. Monthly average receipts 1923-24-25 = 100.
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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102