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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT MARCH i, 1937 FEDERAL RESERVE BANK OF PHILADELPHIA Business and Banking Conditions in the United States Industrial activity, adjusted for sea sonal changes, showed a decline in January following a rapid rise in No vember and December. Distribution of commodities to consumers declined more than seasonally. Production and employment. Vol ume of industrial production, which usually increases at this time of year, declined from December to January, and the Board’s seasonally adjusted index was 115 per cent of the 1923 1925 average as compared with 121 in December and 114 in November. Steel production increased, though by less than the usual seasonal amount, and was larger in January than at any other time during the recovery period. In the first three weeks of February output of steel increased somewhat fur ther. Output of automobiles was cur tailed by strikes in January and the first half of February but after the strikes were settled production rose sharply. At lumber mills there was a considerable decrease in activity in January, reflecting in part the effects of unusually cold weather in the west ern lumber regions. Production of plate glass declined further in January but toward the end of the month the strikes which had restricted output since October were settled. At textile mills activity declined from the excep tionally high level reached in Decem ber, and in the meat packing industry there was also a decrease, while out put at shoe factories increased. Mineral production was smaller in January than in December, reflecting a reduction in output of coal. There was a further rise in output of crude petroleum. Value of construction contracts awarded showed a considerable rise in January, according to figures of the F. W. Dodge Corporation, and was substantially larger than a year ago. The most marked increases over De cember were in factory building, which recently has been in larger volume than at any time since 1930, and in residen tial building. The increase in residen tial building was largely in publiclyfinanced apartment construction. Factory employment and payrolls showed about the usual seasonal de cline between the middle of December and the middle of January. Among the durable goods industries there were increases in employment at blast fur INDUSTRIAL PRODUCTION FACTORY EMPLOYMENT naces and steel mills and at foundries and machine shops, while in the auto mobile industry there was a consider able decline. In industries producing nondurable goods employment declined by less than the usual seasonal amount, with increases at textile mills and in the chemical industries, and seasonal reductions in working forces in most other lines. Distribution. Department store sales showed the usual seasonal decrease in January, while sales at variety stores and mail order houses declined con siderably more than is usual. Car loadMEMBER BANK LOANS AND INVESTMENTS Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934, to February 17, 1937. Loans on real estate and loans to banks excluded. WHOLESALE PRICES Foods r/iW. ~J Form Products Index of physical volume of production, ad justed for seasonal variation. By months, January 1929 to January 1937, Index of number employed, adjusted for sea sonal variation. By months, January 19g9 tro lannarir 1047 Indexes compiled by the United States Bureau of Labor Statistics. By weeks, 1932 to date. Latest figure is for week ending February 20, Page One ings of revenue freight also declined in January, reflecting in part the effects of floods. There were substantial de clines in shipments of forest products, coal and miscellaneous freight. Commodity prices. The general level of wholesale commodity prices, which, according to the Bureau of Labor Sta tistics, had advanced more than 5 per cent from the end of October to the middle of January, showed little change from the middle of January to the third week of February. Prices of agricul tural commodities declined slightly, while industrial commodities as a group continued to advance. There were substantial increases in nonferrous metals, lumber, and petroleum and smaller increases in a wide variety of finished products, while prices of glass and certain cotton textiles declined, following rapid increases in other re cent months. Bank credit. Total loans and invest ments of weekly reporting member banks in leading cities declined some what further during the four weeks ending February 17, reflecting prin cipally a decrease in holdings of United States Government obligations. Commercial loans, following a seasonal decline in January, increased at re porting banks outside New York City and remained practically unchanged in New York. On January 31 the Board of Gover nors raised reserve requirements for member banks by 33jJ per cent, half of the increase to become effective on March 1 and half on May 1. This ac tion completes the use of the Board's authority under the law to raise reserve requirements. Excess reserves of member banks showed little change in the five weeks ending February 24; there was a fur ther increase at New York City banks and a decline at banks elsewhere. The rate on bankers’ acceptances was raised 1/16 of 1 per cent on Feb ruary 1, following a similar increase on January 16. Market yields on short and medium term Treasury obligations also increased slightly in January and the early part of February while yields on long-term government bonds showed little change. Business and Banking Conditions in the Philadelphia Federal Reserve District Business activity in the Philadelphia Federal Reserve District generally slackened somewhat during January, following a considerable expansion in the previous month. Industrial pro duction fell off 4 per cent but continued 22 per cent larger than a year ago. The sharpest decline occurred in the output of anthracite fuel. The value of building contracts awarded for the con struction of residential buildings in creased, while awards for other types of construction decreased from Decem ber to January. Industrial employment and payrolls declined seasonally but continued sub stantially larger than a year before. Early reports indicate that there have been seasonal increases in factory em ployment and payrolls during Febru ary. The value of retail trade sales re usually does at the turn of the year. Latest reports, however, indicate that there has been some improvement in February, particularly in lines manu facturing metal products, leather and shoes, paper, textile goods, and cloth ing. The volume of unfilled orders as reported by the principal groups of industries seems to be larger than a month ago and substantially above last year. Prices again have advanced during the month and continue appreciably higher than a year ago. The index compiled by the Bureau of Labor Sta tistics on the basis of prices for all commodities, other than farm products and foods, rose to 84 per cent of the 1926 average on February 20 as com pared with 83 on January 23 and 79 a year ago. flects a decline by about the usual sea sonal amount from December to Janu ary and the preliminary reports for February show improvement. Busi ness at wholesale has been somewhat more active than is to be expected. Automobile sales declined sharply in the month but continued substantially larger than a year ago. The volume of merchandise shipped by rail and water has been well sustained and the movement of manufactures from the Philadelphia area has increased fur ther for the fourth consecutive month. Commodity prices showed addi tional increases during January and early February. Retail food prices also have advanced further. Manufacturing. Activity in many manufacturing lines, including most textiles, has slackened somewhat as it DEPARTMENT STORE SALES PRODUCTION AND PRICES ADJUSTE PERCENT TOR SEASONAL VARIATION I923-E5AV0-I00 INDUSTRIAL PRODUCTION (pHILA. FED. RES DISt) UNIT ID STATES U.S. COMMODITY PRICES A/vN • V Vv ■vA* \\v A IB. • A ADELPHIA 1 PHIL FE DERAL RESERVE DISTRICT PRICES OF RAW MATERIALS IS32 1933 Page Two 1934 19.3 5 1 \ 1936 1937 1932 1933 1934 1935 1936 1937 ........... Stocks of finished goods at factories Business Indicators have shown little change during the Philadelphia Federal Reserve District month and generally are smaller than they were at the same time last year. Index numbers: percentages of the 1923-1925 average as 100 The supply of raw materials at report Adjusted for seasonal variation Not adjusted ing plants recently declined somewhat, Adjusted indexes allow for the usual seasonal change in activity. although current purchases have been cent ange larger than a year ago. At the end of Unadjusted indexes reflect merely the which may Nov. 1937 Jan. Nov Dec. Jan. last year, the supply of raw materials actual changebe typical. or may not Jan. 1936 Dec. Jan. 1936 1936 1937 1936 1936 1936 1937 om in the country as a whole was larger Year than a year before but remained sub ago ago stantially smaller than for several years 93 Industrial production....... 100 78 95p - 4 4- 22 78 r 95 96 94p prior to 1935. The index of the De Manufacturing—total.............. 75 91 98 94p - 4 + 25 74 93 94 92p D ............................... 89 61 90 90p + 0 4- 47 partment of Commerce, covering a se C ' ....................... 94 r 104 85 99p - 6 4- 16 Metal products...................... 71r 100 109 104 - 4 + 47 lected number of important raw ma 68 r 100 104r 101 Textile products.................... 82 r 93 r 109 lOOp - 9 + 21 85 98 r 105 102p terials, in December last was 167 per Transportation equipment. 88 64 73 82 + 13 + 28 64 73 85 82 Food products....................... 77 73 79p + 3 + 8 77 71 76 79 77p cent of the 1923-25 average as com Tobacco and products......... 98 111 87 101 - 9 + 16 72 117 81 84 Building materials................ 48 24 42 - 14 4- 72 pared with 154 at the end of 1935 and 49 21 45 36 48 Chemicals and products. . . 109 128 129 129p 128 127 1 + 19 106 120 134 126p Leather and products......... a high of about 215 at the end of 1933. 128 126 141 138p + 3 + 8 132 143p Paper and printing.............. 91 82 92 - 2 + 12 94 82 95 92 91 The number of wage earners and Coal mining................................ 70 r 72 58p - 22 - 17 75 76 r 74 75 64p Anthracite............................... 71 r 70 56p - 23 - 21 73 the amount of wage disbursements con 77 r 72 72 61p Bituminous............................. 86 60 88 76 - 14 + 26 69 92 95 86 Crude oil..................................... tinued at relatively high levels, de 416 461 487 496 + 2 + 19 399 447 458 476 Electric power clines from December to January being Output..................................... 215 232 237 236 + 10 228 241 254 250 Sales, totalJ............................ 212 233 231 234 + 0 + 10 218 appreciably smaller than usual. Pre 240 238 241 1 Sales to industriest.............. 151 181 176 185 + 5 + 22 147 184 167 180 liminary reports for February indicate increases by about the customary sea Employment and wages—Pa. Factory—Wage earners.................... + 14* 77 87 88 88 Payrolls............................................ sonal amount as compared with 4- 34* 66 89 86 r 91 Man-hours (1927-28 =100)......... + 35* 67 96 r 91 91 January. General (1932=100) Employment................................... + 12* 106 125 119 121 The index of employment in 68 Penn Payrolls............................................ + 27* 131 176 166 167 sylvania industries in January was 88 Building and real estate per cent of the 1923-25 average or over Contracts awardedf—total............ 71 59 71 + 21 - 1 59 56 59 54 55 Residential*}".................................... 23 45 51 + 22 +118 41 18 47 39 40 14 per cent higher than a year ago. Non-residentialf............................ 73 46 57 8 - 22 53 67 49 48 52 Public works and utilities f........ 112 146 104 The payroll index was 89 or nearly 35 94 19 - 23 138 117 110 106 Permits for building—17 cities. . . 11 17 24 + 20 +132 20 6 15 14 14 Real estate deeds—Philadelphia. . per cent above that in January 1936. 42 28 29 - 26 - 31 39 39 38 27 30 Writs for Sheriff sales—Phila........ 641 460 905 504 - 44 - 21 738 515 923 580 Estimates based on these indexes show that all manufacturing industries in Distribution Retail trade—sales............................ 66 85 84p 84 + 26 50 100 139 63p Pennsylvania in the payroll period stocks......................... 72 69 76 80p 5 4- 16 62 72 71 p 83 Wholesale trade—sales.................... 82 89 94 106p 13 4- 28 71 103 108 90p nearest to the middle of January em . stocks.................. 67 73 74 79p 6 + 17 66 76 69 77p Life insurance sales........................... 102 101 95 106 + 12 4- 5 90 ployed almost 950,000 wage earners 99 108 94 New passenger auto, registrations. 112 154 323 182 44 4- 62 60 98 108 174 Hotels—Occupancy.......................... and their payroll averaged approxi + 7 s1 + 5* 113 118p 122 111 Income, total..................... 6s1 + 3* 124 r 136 136 127p Freight car loadings—total............ mately $22,750,000 a week. 4- 30 58 77 74 72 1 + 28 55 Merchandise and miscellaneous. 1 72 71 75 Reports from manufacturing estab Coal................................................... 4 + 8 75 82 83 81 lishments in Delaware showed little Business liquidations change in employment and but a small Number............................ 26* - 41* 104 52 49 62 Amount of liabilities. . . 4-110* - 30* 53 37 20 18 decline in wage payments from De cember to January. In southern New Payment of accounts Check payments..................... 82 96 97 95 + 15 84 102 104 97 Jersey, the number of wage earners in Rate of collections (actual) Retail trade.......................... 28 - 7 4" 0 33 33 30 33 this period decreased nearly 3 per cent Wholesale trade.................. 79p 4- 3 + 12 69 74 81 77p and payrolls 6 per cent but employ Prices—United States ment was 10 per cent larger and pay W (1926=100). 4- 2* + 7* 81 82 86 84 Farm products................ 4- 3* + 17* 78 rolls 20 per cent greater than a year 85 91 88 Foods................................. 4- 2* + 4* 83 84 85 87 Other commodities........ ago. As in the case of Pennsylvania, 4- 1* + 6* 79 81 83 82 R ................................. 4- 2* + 4* 81 82 83 85 Philadelphia.................... there has been some improvement in 4- 2* + 5* 84 85 88 85 Scranton........................... 4- l* 4- 4* 78 80 82 81 the early part of February. Production of manufactures during % change from Jan. Dec. (In millions of dollars) Jan. January declined, following a sub 1936 1936 1936 1936 1937 Month Year ago ago stantial increase in the previous month. and credit This bank’s index of productive ac Banking Reserve Bank Federal tivity, which is adjusted for seasonal Bills discounted............................... $ (a) $ (a) $ (a) $ (a) $ (a) Other bills and securities.............. 184 214 214 214 200 -7 variation, was 94 per cent of the 1923 + 9 Member bank reserves.................. 294 406 397 383 387 +1 +32 Reserve ratio (per cent)................ 72.6 25 average as compared with 98 in 73.3 73.3 73.1 75.0 +3 + 3 Reporting member banks Loans to customers........................ & 400 $ 417 $ 413 $ 413 December and 91 in November. A % 413 0 + 3 Other loans and investments... . 726 764 763 769 778 +1 + 7 year ago, this index was 75 or 20 per Total deposits (adjusted)............. 1,373 1,491 1,480 1,478 1,483 +0 + 8 Bankers’ acceptances outstanding.. 12.2 12.7 cent lower than this year. The decline 13.1 13.5 13.8 +2 +13 during the month reflected primarily * Computed from data unadjusted for seasonal variation. p—Preliminary. r—Revised. T 3-month moving daily average centered at 3rd month, lessened activity in the industries proJ Not included in production index. (a) Less than $600,000. urable goods onsumers goods holesale etail food Page Three METAL PRODUCTS-EMPLOYE HOURS WORKED OUTPUT OF TEXTILE GOODS PHILADELPHIA FEDERAL RESERVE DISTRICT PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENT PERCENT STEEL WORKS AND ROLLING MILLS / \WOOLENS < I \ AND [ .« \ WORSTEDS FOUNDRIES AND 'I\ I t\ /' 'U>\.A / MACHINE SHOPS 'COTTON 1932 1933 1934 1935 ducing consumers' goods, including silk and wool manufactures, carpets and rugs, knit goods and shoes. Output of industries comprising dur able goods showed little change. The most noticeable improvement during the month occurred in such individual industries in this group as pig iron and shipbuilding. Sharp declines in the output of automobile parts and bodies reflect largely labor difficulties in the early part of the month. Apart from declines in cement and electrical apparatus, changes in other important lines of manufacture on the whole have not been of significant proportions, when seasonal factors are taken into consideration. Output of electric power generally was well maintained at a rate of about 10 per cent higher than a year ago. This was also true of total sales of electricity. Daily average consumption of electrical energy by industries in creased in the month and was 22 per cent larger than a year ago. Coal and other fuels. Output of an thracite was well maintained in the. closing months of 1936, but declined sharply in January and was the small est for that period since 1933. In early February production continued in about the same volume as a month before. Owing largely to mild weather, the demand for household fuel has been somewhat less active than usual; consequently shipments of hard coal have decreased further and in January were 19 per cent smaller than a year earlier. Stimulated by an increasing de mand from such industrial consumers as railroads, public utilities and manu facturing plants, the market for Penn sylvania bituminous coal has been Digitized Page Four for FRASER 1936 1937 1932 1933 more active this year than last. Colliery output decreased in January, but ex panded rather sharply during the first half of February. Shipments of soft coal showed some decline in January following a marked upward trend since about the middle of last summer. Output of bi-product coke changed little in January, following larger than seasonal gains for five consecutive months, but exceeded that of a year ago by 32 per cent. Production of gas and fuel oils showed an increase as compared with December and was the greatest of any January in the past six years. Wholesale prices of fuel and light ing materials generally have fluctuated narrowly in recent months at about 78 per cent of the 1926 average. Lately quotations for crude oil and certain petroleum products have ad vanced somewhat, while those for coal and coke have continued firm. (Output and shipment figures are daily averages) Anthracite Production............... tons Shipments.................tons Priced.......... (1926=100) Employment............. No. Bituminous Production................tons Shipments.........No. cars Prices.......... (1926=100) Employment............. No. Coke Prod___ (1923-25=100) Prices.......... (1926=100) Gas and fuel oil Prod___ (1923-25=100) Prices.......... (1926=100) Per cent change from January 1937 Month Year ago ago 161,000 103,271 81.6 97,029 -15 - 9 - 1 - 1 -22 -19 - 1 - 8 410,760 30,138 96.8 135,212 + 7 5 1 0 +26 + X - 2 + 3 129.9 97.6 + 0 - 0 +32 + 6 147.2* 69.3 + 2 ~ 1 +11 + 6 Sources: Bureau of Mines and Bureau of Labor Statistics. * Estimated. Building. Awards of building con tracts in this district totaled $12,277,- 1934 1935 1936 1937 000 in January, a decrease of IS per cent from a month before and a de cline of 13 per cent compared with a year ago. The decrease in the month reflected a sharp drop in the value of contracts awarded for public works and utilities and a smaller decline in awards for non-residential buildings, chiefly educational, factory and un classified structures. The dollar vol ume of contracts let for residential buildings was larger than in Decem ber and substantially greater than in January 1936; in the case of one and two family dwellings the trend has been generally upward for nearly two years and the January volume was the largest for that month since 1929. Building contracts Philadelphia Federal Reserve District Per cent change January 1937 (000’s From From omitted) month year ago ago Residential........................ $ 4,872 Apts, and hotels........... 602 Family houses............... 4,270 Non-residential................ 4,474 Commercial................... 1,768 Factories........................ 993 Educational................... 894 All other......................... 819 + 14 +200 + 5 - 15 - 0 - 19 - 31 - 14 +182 +358 + 168 - 45 + 18 +239 - 79 - 61 Total buildings........ $ 9,346 Public works and utilities 2,931 - 2 - 41 - 5 - 31 Grand total............... $12,277 - 15 - 13 Source: F. W. Dodge Corporation. Demand for most building materials has slackened since the turn of the year, owing largely to seasonal in fluences ; current reports indicate, however, that it has been much more active than a year ago, particularly for such products as lumber and pottery. Employment at plants in Pennsylvania producing materials used extensively SUPPLEMENT TO THE BUSINESS REVIEW FEDERAL RESERVE BANK OF PHILADELPHIA MARCH i, 1937 Member Bank Reserves and Deposits Under the Federal Reserve Act every bank, bank ing association and trust company which becomes a member of the Federal Reserve System is required to establish and maintain reserve balances with its Federal reserve bank. The amount of these balances varies according to the type of deposits and the location of the bank. The minimum statutory re quirement on demand deposits is 13 per cent for member banks in central reserve cities, 10 per cent for banks located in reserve cities and 7 per cent for banks located outside of these cities, which com monly are referred to as “country” banks. In the case of time deposits, the requirement is 3 per cent for all banks regardless of location. The Board of Governors of the Federal Reserve System was given the power under the Banking Act of 1935 to change these reserve requirements within the range of the minimum statutory amount and no more than twice such amount. The governing reason for any change in reserve requirements is indicated by the language of the statute—“in order to prevent injurious credit expansion or contraction.” As in terpreted by the Board, this provision means that the Board should use this power not only to counteract an injurious credit expansion or contraction after it has developed, but also to anticipate and prevent such an expansion or contraction. Largely because of the enormous growth of excess reserves in recent years, the Board of Governors used this new power last year, increasing reserve re quirements by one-half, effective August 16. A further increase in the present reserve requirements to the maximum under the law has been made re cently so that one-half of this increase takes effect on March 1 and the remaining one-half on May 1 this year. The accompanying table shows changes in reserves on time and net demand deposits which member banks must carry at their reserve banks. EXCESS RESERVES OF MEMBER BANKS (AVERAGES or DAILY FIGURES) UNITED MILLIONS 3000 STATES MILLIONS $ ALL MEMBER BANKS 2500 2000 1934 MILLIONS # PHILADELPHIA FEDERAL RESERVE DISTRICT 1934 1935 Page One Percentages of reserves to be main tained by member banks Prior Aug. 16, to 1936 to Aug. 16, Mar. 1, 1936 1937 Mar. 1, 1937 to May 1, 1937 May 1, 1937 and after On net demand deposits Central reserve city banks.................... Reserve city banks................................. “Country” banks.................................... 13% 10% 7% 19«% 15 % 10 K% 22 U% 17A% 12J4% 26% 20% 14% On time deposits Banks regardless of location................ 3% i'A% 5 H% 6% Excess Reserves Excess reserves constitute those funds which mem ber banks hold at their reserve banks over and above the required amount on their demand and time de posits. For example, if the required amount is $1,000,000 and the actual amount held at the reserve bank is $1,500,000, there is an excess of $500,000 in reserve, and it is this amount that is frequently described as surplus or idle funds. The graph on page one shows the movement of excess reserves for different classes of member banks in the Phil adelphia Federal Reserve District and for the Fed eral Reserve System as a whole. The volume of excess reserves on February 24 last was about $2,100,000,000 for all member banks; the amount of required reserves was approximately $4,600,000,000. Prior to 1931 banks did not hold reserves much in excess of legal requirements. They usually employed them in the form of loans and in vestments, but at present profitable outlets for such employment of idle funds are limited. Figures in the table below show the reserve posi tion of member banks by classes at the beginning of this year and the growth of excess reserves over the past three years. Federal Reserve System (Dollar figures in millions) Central Re reserve serve cities cities Other places Total December 1936 Reserves, total... . $3,267 $2,157 $1,241 *6,665 Reserves required , 2,394 1,482 742 4,619 Excess reserves . . . 872 675 498 2,046 Ratio of excess to required.............. 36% 46% 67% 44% Excess reserves 1933—Dec.............. $ 308 1934—Dec.............. 795 1935—Dec.............. 1,703 1936—Aug. 1-15. 1,516 Aug. 16-31. 760 Dec.............. 872 1937—Jan............... Page Two $261 561 780 970 601 675 Philadelphia Federal Reserve District Phila Other delphia places Total $255 155 99 $128 86 43 $383 241 142 64% 50% 59% $197 $ 766 $ 7 392 1,748 54 499 2,983 91 619 3,105 106 490 1,852 54 498 2,046 99 100 $10 26 33 54 41 43 44 $ 17 80 124 160 95 142 144 Reserves in excess of legal requirements may serve as a basis for increasing deposits several times the amount of the excess. Reserves are often called high-powered money in contradistinction to lowpowered money or means of payment as represented by bank deposits and checks drawn on them. It is estimated that prior to the action of last summer every dollar of reserves could support $12 of mem ber bank credit. After reserves were raised by onehalf, that amount was reduced to $8. In other words, current excess reserves of $2,100,000,000 would provide a basis for increasing member bank deposits eight times as much or approximately $16,800,000, 000. By the final increase of one-third, the amount of possible expansion will be reduced to $6 of deposits to $1 of reserves. The increase in reserve require ments therefore reduces the basis for credit ex pansion at a time when a large portion of member bank funds lies unused. In exercising its powers under the law the Board of Governors stated that “it is far better to sterilize a part of these superfluous reserves while they are still unused than to permit a credit structure to be erected upon them and then to withdraw the founda tion of the structure.” Even after the requirements are increased to the full measure of the law, there will still remain a considerably larger amount of un employed funds to care for legitimate current bus iness requirements than was the case in the earlier years of active business. Computations as of January 13 last show that for the reserve system as a whole only 197 out of 6,367 member banks would be in need of additional funds to meet the maximum increase in reserve require ments if they recalled as much as one-half of their balances with correspondent banks. The amount involved would total $123,000,000, of which $110, 000,000 would be needed by the banks in central re serve cities, $11,000,000 by banks in reserve cities and only $2,300,000 by the banks outside of these cities. After the full increase has gone into effect, it appears that member banks of the System will still have excess reserves of about $500,000,000, or several times larger than in the active years before the depression. With respect to member banks in this district, an increase in reserve requirements to the maximum under the law would make it necessary for 6 out of 24 member banks in Philadelphia to provide an ad ditional amount of $651,000, after withdrawing up to one-half of their balances with correspondents. In the case of members outside of Philadelphia 58 out of 634 banks would not be able to meet the full requirements after they recall one-half of their funds held at correspondent banks, and the amount needed would total only $431,000. It is clear that in the aggregate neither the num ber of banks nor the amount involved will be large, although individual banks may have to sell assets or borrow to meet the full increase in reserve re quirements even after a substantial withdrawal of funds held with other banks. Figures for this dis trict and for the system as a whole show that balances carried by member banks with their correspondents have been at least twice as large as in earlier years. For example, these balances of Philadelphia mem ber banks in June last year were about, $152,000,000 as compared with $67,000,000 seven years earlier. Member banks in the district outside Philadelphia last year carried $129,000,000 with their correspond ents as against $46,000,000 in 1929. The influx of gold into this country from abroad has had the most important effect on the expansion of member bank reserves, although the purchases of gold from domestic sources and the monetization of purchased silver also have been contributing factors. The diffusion of the reserves among the various groups of banks and different sections of the country has been brought about by the innumer able commercial and public transactions which re quire a continuous transfer of funds among regions and classes of banks. While imported gold itself does not flow to the banks in the interior, its effect upon the volume and distribution of reserves is pervasive throughout our entire banking system. For example, gold received in New York has an immediate effect on reserves of banks in that city, but presently a portion of these reserves is disseminated among the banks in the in terior through business settlements and other trans fers. Payments arising out of a great many com mercial transactions involving goods, securities and services are constantly being made between regions and with each payment there occurs a shift of mem ber bank reserves through the clearing system. Moreover, public expenditures of funds obtained through the sale of government securities to banks, especially those in larger cities, have had a wide spread influence upon the distribution of reserves among all banks. Banks outside large centers gen erally, therefore, have shared very substantially in the growth of reserves, as shown by large increases in both reserves and balances with correspondent banks. Changes in Bank Deposits Deposits of all banks in the United States, ex clusive of interbank deposits, increased from nearly $38,000,000,000 in June 1933 to over $51,300,000, 000 in June 1936, and the expansion has continued into this year. The growth of deposits at member banks was at an even greater rate than in the case of all banks. The increase has been well distributed among all classes of banks and types of deposits, although banks in reserve cities and those outside Deposits of member (000,000’s omitted in dollar figures) Dec. 30, Dec. 31, Dec.31, June 30, 1933 1934 1935 1936 Aver change age Dec. 1933to 1936 1936 UNITED STATES Central reserve cities Demand deposits............. Time deposits................... $7,911 $10,625 $12,458 $13,205 $13,240 +67% 1,107 1,041 1,024 1,061 1,132 + 2% Total............................... $9,018 $11,666 $13,482 $14,266 $14,372 +59% Reserve cities Demand deposits............. Time deposits................... Total............................... Country banks $6,279 3,653 $8,294 4,003 $9,747 $10,399 $11,160 +78% 4,276 4,449 4,374 +20% $9,932 $12,297 $14,023 $14,848 $15,534 +56% Time deposits................... $3,865 4,365 $5,021 4,864 Total............................... $8,230 $9,885 $10,949 $11,591 $12,249 +49% All member banks Time deposits................... $5,835 5,114 $6,314 5,277 $6,873 +78% 5,376 +23% $18,055 $23,940 $28,040 $29,918 $31,273 +73% 9,125 9,908 10,414 10,787 10,882 +19% Total............................... $27,180 $33,848 $38,454 $40,705 $42,155 +55% PHILADELPHIA FEDERAL RESERVE DISTRICT Philadelphia Demand deposits............. Time deposits................... $712 249 $926 247 $1,090 214 $1,116 234 $1,217 +71% 229 - 8% Total............................... $961 $1,173 $1,304 $1,350 $1,446 +50% Country banks Demand deposits............. Time deposits................... $357 689 $443 766 Sol 6 809 $562 827 $651 +82% 838 +22% Total............................... $1,046 $1,209 $1,325 $1,389 $1,489 +42% All member banks Demand deposits............. Time deposits................... $1,069 938 $1,369 1,013 $1,606 1,023 $1,678 1,061 $1,868 +75% 1,067 +14% Total............................... $2,007 $2,382 $2,629 $2,739 $2,935 +46% Dec. 31 1936 Page Three larger cities showed the largest relative growth in demand deposits. The data in the table on page three indicate changes in total deposits by groups of member banks from 1933 to the end of 1936. The available amount representing means of pay ment at present is unprecedentedly large. It is esti mated that the total of deposits in banks and the Postal Savings System and of currency outside the banks exceeds the volume of 1929 by approximately $2,000,000,000. Moreover, the use of deposits so far has been unusually sluggish. As pointed out in the statement of the Board of Governors, “the pres ent volume of deposits, if utilized at a rate of turn over comparable to pre-depression levels, is sufficient to sustain a vastly greater rate of business activity than exists today.” VALUE OF RESIDENTIAL BUILDING CONTRACTS PERCENT SALES OF NEW PASSENGER AUTOMOBILES REGISTRATIONS PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENT 100 APARTMENTS AND HOTELS UNITED STATES PHILADELPHIA ONE AND TWO FAMILY HOUSES FEDERAL RESERVE DISTRICT TOTAL 1932 933 1934 1935 in building' and construction, though now a little under the peak of last fall, over the past seven months has been at the highest levels since 1930; the index of wage earners was 70 in Jan uary, relative to the 1923-1925 aver age, comparing with 56 a year ago and a depression low of 39 in February 1933. Wholesale prices of building mate rials in the country as a whole have increased steadily since the middle of last year, reflecting chiefly higher quo tations for lumber, structural steel and plumbing and heating supplies. About the middle of February the Bureau of Labor Statistics index was 92, relative to the 1926 average, or 8 per cent above a year ago; this was the highest point reached thus far in the recovery period ■ and compared with a low ot about 70 in the early months of 1933. Agriculture. Reflecting chiefly ad vances in the prices of many agricul tural commodities, the cash income of farmers in this district, as in the country, showed a further substan tial gain last year. Department of Agriculture reports show that for the entire year 1936 sales of farm products in Pennsylvania, New Jersey and Delaware amounted to approximately $320,000,000. This was an increase of 7 per cent over a year before and was the largest annual total since 1930. Receipts from the sale of crops regis tered the greatest percentage gain over 1935 and constituted a somewhat larger proportion of the total cash in come thah was the case in several earlier years. Comparisons with the depression low, reached in 1932, and with 1929, a relatively high year in point of farm income, follow: 1936 1932 1937 Receipts from the sale of farm products —Pennsyl vania, New Jersey and Delaware Per cent change from 1936 (000’s omitted) Crops................ S 93,991 Livestock and products. . 225,286 Total............. $319,277 1935 1932 1929 +27.2 +56.0 -15.8 4- 0.9 +46.0 -18.7 + 7.5 +48.8 -17.7 Wholesale prices of farm products in the country generally have increased sharply since early last year. Quota tions for grains have contributed in a large measure to this rise, although other commodities such as livestock, fruits and dairy products also have ad vanced. About the middle of Febru ary the Bureau of Labor Statistics’ price index for agricultural commodi ties was about 92 per cent of the 1926 average, or approximately 15 per cent above the level of a year earlier. Distribution, trade and service. The value of sales by department, apparel, shoe and credit stores exceeded that of a year ago by 26 per cent, reflecting more active demand and higher prices. The greatest increase was that of 66 per cent in the business of credit stores, which handle chiefly furniture and other household equipment on the in stallment plan. In the case of depart ment store sales, the increase over January of last year was 11 per cent at Philadelphia establishments and 24 per cent for those located in other parts of this district. The change from December to Janu ary reflects about the customary rate of decline, so that our seasonally ad justed index of retail sales was un changed at 84 per cent of the 1923 1925 average. In the case of men’s apparel and shoe stores the decrease 1933 1934 1935 1937 from December was somewhat smaller than was to be expected but it was of larger than seasonal proportions at women’s apparel stores; sales by de partment and credit stores showed nearly the usual rate of change in this period. Dollar sales in each of the eight re porting lines of wholesale trade in January were considerably larger than a year ago. Increases ranged from 73 per cent in electrical supplies to 13 per cent in the case of groceries and the combined total was 28 per cent higher. Compared with December, sales of shoes, drugs, dry goods and electrical supplies registered sufficiently favorable changes to raise the season ally adjusted index measuring total dollar sales of the eight lines from 94 per cent of the 1923-1925 average in December to 106 in January. During January wholesalers in creased their inventories more sharply than usual and the decline in those held by retailers was less than usual; compared with a year ago, stocks of goods at the end of the month showed an increase of 16 per cent at retail and a gain of 17 per cent in wholesale lines. The rate of stock turnover at retail was 4 per cent and at wholesale 16 per cent more rapid in January this year than last. Collections were effected at a more rapid rate than a year ago, but this was much more marked in whole sale lines than in retail trade. Rail shipments of commodities have been well maintained in recent months. Total freight car loadings in this sec tion in January were the greatest for that month since 1930. Seasonally ad justed ’ indexes measuring the move ment of merchandise and miscellaneous freight, coal, coke and ore in particu lar, registered sharp increases in the Page Five fourth quarter of 1936 and such re cessions as occurred in January were quite small by comparison. The vol ume of rail freight, chiefly manufac tured goods, originating in the Phila delphia industrial area also has con tinued at higher than seasonal levels since last September, and in January it exceeded that of any like month in the past four years. January sales of new passenger auto mobiles in this district, although sub stantially below the relatively high levels of last fall, were the largest for that month since 1923. As indicated by registrations, the number of new units sold during January amounted to about 12,900, compared with ap proximately 24,000 cars a month be fore. This sharp decline over the yearend reflected in some measure a de crease in productive activity occasioned by labor difficulties at certain large plants. Activity of non-resort commercial hotels increased somewhat in January although a decline occurred in the rev enue from food and miscellaneous sources. Compared with a year ago room occupancy showed a gain of S per cent and total revenue was 3 per cent greater. Other details follow: Hotel business Philadelphia Federal Reserve District Jan. per cent change from Month Year ago ago — 0 + 7 —0 +5 Other sources....................... + 9 — 10 -19 +7 —1 +1 Total revenue.................. - 6 +3 Room occupancy.................... Per cent of capacity used: Jan. 1937............................. 57.9 Dec. 1936............................. 47.7 Jan. 1936............................. 52.1 Income from: Guest rooms........................ Reserves of member banks on February 17, total ing 366J4 millions, were 56 millions below the record peak attained last October, but still were 89 millions greater than a year ago. Contributing mainly to a decrease of 19% millions in member bank reserves over the last four weeks was a 20 million excess of Treasury receipts over local disburse ments. This excess, which was due largely to the withdrawal of 30 mil lions from deposits that had been created in payment for new security issues, was reflected only in small measure in increased Treasury bal ances at the reserve bank, as large sums were transferred to other sec tions of the country. Another factor Banking conditions. Page Six tending to reduce reserves was a 3% million rise in currency demand. As often is the case, the return flow of currency following the Christmas holi days ceased after the third week of January, and the trend since then has been slowly upward. There was some increase in reserve bank float, helping to sustain the level of member bank reserves, and a small favorable balance in commercial and financial transac tions with other districts. Federal Reserve Bank of Philadelphia Feb. 17, (Dollar figures in 1937 millions) Bills discounted.... $ 0.5 Bills bought.............. 0.3 Industrial advances. 4.4 United States securities............... 194.8 Total bills and securities............... Federal res. note circulatiou............. Member bank reserve deposits. . U. S. Treasurer— general account Foreign bank deposits.................. Other deposits.......... Total reserves........... Reserve ratio............ Changes in— Four weeks One year Feb. 17, 1937 Reporting member banks (000,000’s omitted) Changes in Four One weeks year Assets Loans to brokers and dealers: Outside New York City. . Loans on securities to others (except banks)................ Acceptances and commercial paper bought.................. $ +$ 4 - 2 - 10 32 63 2 191 * -$ 1 137 Other loans............................... U. S. Government securities. Obligations fully guaranteed by U. S. Gov’t................ 9 19 + 2 + 1 + 10 — 3 - 1 + 24 453 347 - 5 +$24 + 44 85 298 - 4 4 - 30 Total loans and investments................................. $1,183 Reserve with Federal Reserve Bank....................... 249 Cash in vault........................... 16 Balances with other banks. . 145 Other assets—net................... 89 —$13 +*38 - 14 - 1 - 7 + 2 + 55 + 2 - 25 + 4 +®0.2 + 0.0 - 0.2 -$ 0.0 - 0.2 - 2.1 0 + 17.7 Liabilities Demand deposits, adjusted . $200.0 -$0.0 +$15.4 U. S. Government deposits.. Interbank deposits................. 826 260 35 313 + 4 - 1 - 20 - 18 + + 4 2 305.1 + 1.6 + 36.2 366.5 -19.3 + 88.8 Other liabilities....................... Capital account...................... 21 227 + + + + 3 4 12.3 + 0.6 + + 2.0 - 0.1 -18.3 - 1.0% + 6.3 — 1.5 +118.1 + 3.0% 10.8 1.7 512.8 73.6% 1 1 + 61 7.3 Deposits at the reporting member banks dropped from 1,469 to 1,434 mil lions. There was a small increase in deposits of individuals, firms, and cor porations, when adjustment is made for cash items in process of collection, but decreases of 20 millions occurred in those of the Federal Government and 18 millions in interbank deposits. The deposit loss was met largely by drawing 14 millions from reserve bal ances and 7 millions from those held with other banks. Funds also were provided by a decrease of 11 millions in open market loans and investments. Loans to customers decreased 2 mil lions. Those made on stock or bond collateral have been falling off over the last three months and are 6 millions less than a year ago. Little change recently has been shown in loans to banks or in those made on real estate. The unclassified, so-called commercial, group too has fluctuated within a rela tively narrow range over the last month; such loans now are close to the highest point of the last year and exceed those on the books of the re porting banks a year ago by 24 mil lions or over 14 per cent. Preliminary figures for all member banks as of December 31, 1936 show that unclassified loans increased in Philadelphia during 1936, but that this expansion was largely offset by a drop outside of the city, so that there was little expansion in the total. Although the reporting banks have increased their holdings of direct obli gations of the United States by 44 mil lions within the past year, their owner ship of obligations fully guaranteed by the Federal Government now is about 30 millions less than a year ago. The volume of unclassified securities in their portfolios is about equal to the amount then held, a rise up to the middle of last summer being about the same as the downturn since that time. MEMBER BANK RESERVES AND RELATED FACTORS Changes in weeks ending— Philadelphia Federal Reserve District (Millions of dollars) Changes in four weeks Jan. 27 Feb. 3 Feb. 10 Feb. 17 Sources of funds Reserve bank credit extended in district.......................... Commercial transfers (chiefly interdistrict)..................... Treasury operations................................................................ - 1.4 - 7.2 - 2.7 -0.7 + 1.6 -5.1 -0.2 +1.6 -4.1 +5.0 +5.0 -8.1 + 2.7 + 1.0 -20.0 Total....................................................................................... -11.3 -4.2 -2.7 +1.9 -16.3 Uses of funds Currency demand.................................................................... Member bank reserve deposits............................................ "Other deposits” at reserve bank...................................... Unexpended capital funds of reserve bank...................... + 0.8 -12.7 + 0.6 - 0.0 +0.2 -4.1 -0.3 +0.0 +4.1 -6.1 -0.7 -0.0 -1.7 +3.6 +0.3 -0.3 + 3.4 -19.3 - 0.1 - 0.3 Total........................................................................................ -11.3 -4.2 -2.7 +1.9 -16.3 Employment and Payrolls in Pennsylvania LOANS TO CUSTOMERS REPORTING MEMBER BANKS PHILA. FED. RES. DISTRICT MILLIONS (All figures are rounded from original data) $ Manufacturing Indexes OTHER LOANS 200 - J e*JV t y Employment* v-' (Indexes are percentages of the 1923-25 average taken as 100. Total and group indexes are weighted proportionately.) v-\ 160 LOANS ON SEC JRITIES 1935 1936 Loans to banks and open market excluded 1937 FOOD PRODUCTS PERCENT + 14 +24 +14 +26 + 10 + 9 + 14 + 1 + 9 +15 + 9 - 1 + 8 + 8 -0 +i +i +2 -1 +0 -3 -2 -3 -7 +i +i -0 -0 89 97 131 62 96 95 103 100 66 52 95 94 97 93 Cigars and tobacco. . Rubber tires, goods. . . Musical instruments. . LOANS ON REAL ESTAT 1934 Jan. 1937— Per cent Per cent Jan. Jan. per cent 1937 change from 1937 change from change from index index Jan. Dec. Jan. Dec. Jan. Dec. 1936 1936 1936 1936 1936 1936 All manufacturing — 88 Iron, steel and products . 82 Non-ferrous metal prods. 120 Transportation equip.... 70 Textiles and clothing... . 108 Textiles........................... 104 Clothing.......................... 124 h ood products................... 104 Stone, clay and glass... . 74 Lumber products............. 62 Chemicals and products. 93 Leather and products. . . 95 Paper and printing.......... 97 Printing.......................... 93 40 Employehours f Payrolls* + 2 + 18 +119 -4 +2 -2 56 94 47 64 89 54 +34 +56 +ai +28 +22 +23 +20 +n +20 +36 +24 + 12 + 14 + 12 +35 +46 +27 +43 +21 +22 +15 + 7 +24 +33 +29 +n +14 +12 - 5 - 1 - 4 - 4 - 4 - 5 - 2 - 3 -41 -12 + 2 + 3 - 4 - 3 +12 +36 +136 - 2 - 1 - 1 - 4 - 4 - 5 - 2 - 1 - 9 -10 - 0 + 6 - 3 - 3 - 7 - 5 -18 +21 - 6 +57 + 0 +132 -16 1923-25AVG.= 100 * Figures from 2296 plants. 100 ou TPUT - f Figures from 2056 plants. General Index Numbers ph.ua DELPHIA FE 3ERAL RESERVE DISTRICT / 80 /■* ,./V • • y 1 ▼ ▼ » .vA\ 60 i WHOLESALE FOOD RICES 40 1932 1933 1934 1935 1936 ’37 Source! ll.S. Bureau ol labor Stafia)rc% Percentage change—January 1937 from January 1936 Manufacturing Employ ment Wage payments Building permits (value) Debits Allentown............. Altoona.................. Harrisburg............ Johnstown............ Lancaster.............. Philadelphia......... Reading................. Scranton............... Trenton................. Wilkes-Barre.... W illiamsport........ Wilmington.......... Y ork....................... +21 + 9 +12 +60 +15 +12 + 14 +17 +11 - 0 +12 +14 + 8 +46 +42 +41 +99 +30 +23 +45 +15 +23 + S +25 +24 +33 + 251 + 338 + 124 + 130 + 720 + 93 + 6fi + 57 + 608 + 648 +1394 + 135 + 445 +18 +26 + 9 +42 +24 + 5 +30 + 4 - 7 + 9 +16 +42 +22 Allentown............. Altoona.................. Harrisburg............ Johnstown............ Lancaster.............. Philadelphia......... Reading................. Scranton............... Trenton................. Wilkes-Barre. . . . Williamsport........ Wilmington.......... York............... ..... . +1 +1 + 2 + 6 - 0 - 0 + 2 - 2 - 0 - 2 - 1 + 0 - 6 City areas* Jan. 1937 index General index (weighted)____ UNITSD STATES 1931 Employment (Indexes are percentages of the 1932 average taken as 100. In dividual indexes are combined proportionately into general in dex number.) / J**• \ V''1* Covering twelve branches of trade and industry "•.•A Manufacturing.................................. Anthracite mining........................... Bituminous coal mining.............. Building and construction.......... Quarrying and non-met. mining Crude petroleum producing. . . Public utilities.................................... Retail trade......................................... Wholesale trade................................ Hotels...................................................... Laundries.............................................. Dyeing and cleaning..................... 119 139 88 127 71 106 162 93 111 115 107 103 96 Per cent change from Jan. 1936 Dec. 1936 + 12 + 14 - 8 + 3 +44 +26 -17 + 5 + 8 + 8 + 4 + 8 +11 - 0 - 1 + 0 -10 - 6 - 1 - 0 -24 - 0 - 0 + 1 - 2 - 5 Payrolls Jan. 1937 index 166 216 80 226 83 182 168 99 120 113 116 109 97 Per cent change from Jan. 1936 Dec. 1936 +27 +34 -22 +19 +70 +70 - 3 + 6 +14 +11 +10 +13 +10 - 6 - 2 -23 - 6 -14 -10 + 1 - 1 -19 + o - 1 + 1 - 1 Retail trade sales +27 +33 +23 +43 +22 + 14 +23 + 8 +37 +12 INDUSTRIAL EMPLOYMENT AND PAYROLLS PENNSYLVANIA I-MANUFACTURING INDUSTRIES AND SERVICES PERCENT PAYROLLS +21 January 1937 from December 1936 + 0 -10 + 2 + 6 + 2 + 0 - 4 -11 - 4 - 4 - 2 - 2 - 6 + + + + — + _ _ — 26 68 44 51 369 32 72 10 21 47 22 61 30 - 9 - 8 -11 -16 -13 -13 - 8 - 2 — 15 — 6 — 9 -28 - 9 -56 -53 -54 -57 —57 -58 -60 —61 —63 —58 EMPLOYMENT -59 1932 1933 1934 1935 * Area not restricted to the corporate limits of cities given here. Page Seven Index numbers of individual lines of trade and manufacture WHOLESALE TRADE Philadelphia federal reserve district Philadelphia Federal Reserve District Index numbers: percentages of the 1923-1925 average as 100 Adjusted indexes allow for the usual seasonal change in activity. Unadjusted indexes reflect merely the actual change which may or may not be typical. Adjusted for seasonal variation Not adjusted Per cent change Jan. Nov. Dec. Jan. 1936 1936 1936 1937 Jan. 1936 Jan. 1937 frc>m Nov. Dec. 1936 1936 Jan. 1937 63p 54p 75p 92p 65p 63 Month Year ago ago Retail trade Sales Total of all stores............................ Department.................................. Men's apparel.............................. W omen’s apparel........................ Shoe................................................ Credit............................................. 66 85 84p — 1 84 65 79 76p + 0 76 8lp + 10 70 78 74 85 104 115r 103p 11 61 81 77 83p + 8 57 r 97 r 97 95 2 + + + + + + 26 16 16 22 35 66 50 47 65 76 48 38 r 100 91 89 125 79 124 Stocks of goods Total of all stores............................ Department.................................. Men’s apparel.............................. Women’s apparel........................ Shoe................................................ Credit............................................. 69 72 76 53 56 57 78 67 78 99 104 109 71 67 67 82 r 96 r 101 + + + + + 16 16 18 20 9 22 62 47 62 84 65 78 r 83 72 71p 66 55 55p 77 80 72p 128 101 lOlp 63 59p 70 109 r 94 95 + 4 80p 62p 92p 119p 65p 100 + 5 + 7 + 18 + 9 4 - 1 139 137 124 173r 98 149 drugs DRY GOODS Rate of stock turnover 0.27 0 28 Wholesale trade Sales Total of all lines.............................. Boots and shoes.......................... Drugs.............................................. Dry goods..................................... Electrical supplies....................... Groceries........................................ Hardware....................................... Jewelry........................................... Paper.............................................. 82 89 60 46 91 105 50 r 58 86 84 112 119 42 66 37 67 70 81 94 lOOp + 13 81 + 88 43 106 1lip + 8 73 f 30 57 89 r I49p + 67 127 1 128 53 — 23 69 54 — 12 62 85 - 7 91 + + + + + + + + + 28 71 35 37 25 93 48 40 r 73 57 13 105 27 33 48 21 22 72 103 48 108 75 109 J 29 73 96 85 108 90p 41 50 108 117p 59 59 148 lOOp 129 118 75 42 126 31 87 88 Stocks of goods Total of all lines.............................. Boots and shoes........................... Drugs.............................................. Dry goods..................................... Electrical supplies....................... Groceries........................................ Hardware....................................... Jewelry........................................... Paper.............................................. 67 73 27 40 91 119 44 r 43 107 123 67 r 76 76 69 64 66 63 61 79p + 6 74 36 _ 18 44 lOOp — 17 121 49 + 11 44 r 133 177p + 33 78 + 7 73 74 + 8 69 14 66 r 57 64 + 4 61 + + + + + + + 17 66 10 41 9 90 12 41r 64 102 17 09 r 8 69 14 57 2 61 76 25 120 42 134 82 70 64 61 69 34 114 38 r 119 75 65 53 r 59 ELECTRICAL SUPPLIES 77p 37 ' 98p 46 168p 81 75 49 63 GROCERl Rate of stock turnover + 16 0.45 0.52 Output of manufactures Pig iron................................................... Steel......................................................... Iron castings.......................................... Steel castings........................................ Electrical apparatus............................ Motor vehicles...................................... Automobile parts and bodies........... Locomotives and cars......................... Shipbuilding.......................................... Silk manufactures............................... Woolen and worsteds.......................... Cotton products................................... Carpets and rugs................................. Hosiery................................................... Underwear............................................. Cement................................................... Brick....................................................... Lumber and products......................... 41 66 65 58 87 r 15 73 25 175 89 72 47 r 115 96 117 17r 37 23 59 98 69 125 112 23 79 35 263 101 80 56 146 105 146 64 57 34 Slaughtering, meat packing.............. Sugar refining........................................ Canning and preserving.................... Cigars...................................................... Paper and wood pulp......................... Printing and publishing..................... Shoes....................................................... Leather, goat and kid........................ Explosives.............................................. Paints and varnishes........................... Petroleum products............................. Coke, by-product................................. 85 93 51 86 64 86 147 109 82 80 139 99 95 47 62 96 72 94 138 114 100 84 164 130 14 2 1 3 9 19 12 5 36 — 4 — 12 + 7 — 6 — 11 — 5 — 38 + 0 2 1* 90 88 — 2 58 119 +106 63 64p + 0 110 100 — 9 72 74 + 2 98 96 2 174 165 — 6 110 112p + 2 107 87 — 19 90 r 96 + 7 159 103p + 3 130 134 3 65 102 80 323 132r 26 88 37 169 106 97 60 r 182 125 156 64 58 r 35 75 100 79 119 120 21 78 39 231 102 86 64 171 111 148 40 58 34 * Computed from data unadjusted for seasonal variation. Page Eight + — — — — — — + + + 82 + 61 + 23 +104 + 38 + 37 + 7 + 53 + 32 + 15 + 19 + 36 + 49 + 16 + 26 +140 4- 56 + 51 - 0* + 4 + 28 + 24 + 16 + 15 + 12 + 12 + 3 + 7 + 21 + 17 + 32 40 65 59 62 82 r 14 72 24 178 90 73 48 r 108 100 115 12r 34 21 89 92 64 50 71 64 86 150 116 82 72 138 99 p—Preliminary. 59 95 70 116 119 20 73 33 263 102 87 59 168 119 147 63 56 35 90 105 30 68 116 72 95 130 111 100 86 164 125 65 95r 74 118 128 21 86 37 178 108 90 64 r 172 121 154 53 56 r 34 90 96 37 64 79 73 99 148 120 106 87 158 130 73 98 72 126 113 19 77 37 235 104 86 65 160 116 145 28 54 31 88 96 82 63p 82 74 96 168 119p 87 87 161p 130 r—Revised. HARDWARE JEWELRY PAPER
@FedFRASER