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B usiness C onditions S eventh fEDERAL R eserve RESTRICT MONTHLY REVIEW PUBLISHED BY THE FEDERAL RESERVE BANK OF CHICAGO Volume 7, No. 4 April 1, 1924 BUSINESS CONDITIONS IN THE UNITED STATES E M PLO YM EN T at industrial establishments increased in February and the output of basic commodities was slightly larger. Distribution, both at wholesale and retail continued large. Wholesale prices were somewhat higher, and there was a fur ther increase in the volume of borrowing for com mercial purposes. large at iron and steel plants, automobile factories, and textile finishing establishments. Fuller employ ment through reduction of part time work is in dicated by an increase of over 5 per cent in average weekly earnings. Building activity was slightly less than in January, though contracts awarded were 7 per cent larger than a year ago. PRODUCTION— The Federal Reserve Board’s index of production in basic industries, adjusted to allow for length of month and other seasonal vari ation, increased less than 1 per cent in February. Production of pig iron, steel ingots, and flour increased, while mill consumption of cotton and production of cement and lumber declined. Factory employment advanced 1 per cent in February, fol lowing successive decreases during the three pre ceding months. Increases in working forces were reported by most industries and were particularly TRADE— Railroad shipments in February were in greater daily volume than in January and car loadings of practically all important commodities were larger than a year ago. The daily average volume of wholesale business increased about 5 per cent in February, but wras slightly smaller than a year ago. Sales of meat, dry goods, and hardware were larger than in February, 1923, while sales of shoes were smaller. Department store sales in February averaged about the same daily volume as in January and about 8 per cent more than a year FACTORY Index for 33 manufacturing industries (1919=100). February, 1924: 99. P R O D U C T IO N EMPLOYMENT Latest figure, IN BASIC IN D U S T R IE S Index of 22 basic commodities corrected for seasonal variation (1919=100). Latest figure, February, 1924: 121. Compiled March 27, 1924 ago, while merchandise stocks at these stores at the end of the month were 6 per cent above last year’s level. Busi ness of mail order houses and chain stores ’also showed increased activity in comparison with January. PRICES—Wholesale prices, as measured by the index of the Bureau of Labor Statistics, advanced slightly in February. Prices of fuel, metals, and building materials increased, while prices of farm products, clothing, and chemicals declined. During the first two weeks in March price declines occurred in wheat, cotton, silk, hides, and rubber, and price advances in hogs, copper, and crude pe troleum. BANK CREDIT— The volume of borrowing for com mercial purposes at member banks in leading cities in the early part of March continued the increase which began in the latter part of January, and on March 12 total loans of the reporting banks were higher than at any time since the WHOLESALE P R IC E S seasonal peak at the turn of the year, and about $275,000,000 higher than a year ago. At the Federal Reserve Banks during the four-week period ending March 19 a further decline in the volume of discounts for member banks and of acceptances was offset by an increase in the holdings of United States securities, so that total earning assets were at about the same level as in February. Federal Reserve note circulation con tinued to decline, while the total money in circulation increased. Easier money conditions were reflected in a slight decline in rates for commercial paper to 4 per cent and also in lower rates for bankers’ acceptances and reduced yields on Treasury Certificates. The March offering of $400,000,000 of one-year Treasury Certificates bearing interest at 4 per cent as compared with 4 % per cent on a similar issue sold in December, was oversubscribed. RESERVE B A N K C R E D IT W eekly figures for 12 Federal Reserve banks. Latest figures, March 19. 1924: Total Earning Assets, 922 million; Discounts, 431 million; Acceptances and United States Securities, 491 million. BUSINESS CONDITIONS IN THE SEVENTH RESERVE DISTRICT USINESS conditions in the Middle West continue to present a varied appearance. Reports to this bank covering industrial andj commercial activities during the second month of 1924 reveal the divergent trends of Janu ary, reversed here and there, however, by seasonal fea tures. Such was the slower live stock movement and the curtailment at meat packing plants. A contrary develop ment was the quickened interest in grain. O f marked progress has been the activity at iron and steel mills, now approaching capacity operations. Auto mobile production also expanded, setting a new record for February. Both industries contributed largely to the aggregate gain for the district in industrial employment. Coal output, on the other hand, was less than in January, and building contracts likewise fell off. Distribution of goods at retail, seasonally low, never B Page 2 April theless, made substantial gains over a year ago. Freight' car loadings also reflect the unusually large amount of goods being moved. CREDIT AND FINANCE No marked changes in the general credit situation were evidenced in February. The demand for funds was mod erate; March 1 settlements were made with comparative ease and required no great volume of assistance from cor respondent banks or the Federal Reserve bank. Very little liquidation was reported in February on the part of banks in agricultural sections of the district, where unusually bad roads have prevented farmers from selling their produce and have retarded business generally in many towns cater ing primarily to agricultural trade. The volume of pay ment by check in February showed a considerable drop from the preceding month. Time and demand deposits, as well as savings, showed an increasing trend. Manufac as of those bought and sold, was at a considerably higher level than in February, 1923. turing centers report industrial conditions normal, many lines already reflecting preparation for the approaching Operations of the Federal Reserve bank in the bill mar ket were slightly greater in February than in January. An increase of 2 million in the volume purchased in Feb ruary brought the month’s total to 22 million and was ac companied by an increase of one million in the holdings at the close of the month. There were no sales from hold ings in February. spring demand. Business Failures— Business failures in the Seventh dis trict declined 3.2 per cent in number from January and 30.9 per cent in liabilities involved, whereas January showed gains over December both in number of casualties and volume of liabilities. a decrease from January of 17.9 per cent in number and 29.9 per cent in liabilities. Reports for February indicate that failures in the Seventh district exceeded those in the corresponding month last year by 24.6 per cent in num ber, while liabilities, amounting to $8,733,400, more than doubled. AGRICULTURAL FINANCING Figures for the entire country show For the country as a whole, failures in February were 14.7 per cent in number above the corresponding month last year, but liabilities dropped 11.5 per cent. Commercial Paper—The volume of commercial paper sales in February declined 11.3 per cent from that of Jan uary, although the decrease was less than for the corre On, February 29 loans outstanding of Joint Stock Land, Federal Land, and Intermediate Credit banks in the five states including the Seventh district showed considerable gains over the volume reported at the close of January. The aggregate loans of twenty-two Joint Stock Land banks were $150,164,921, and of four Federal Land banks $130,681,740, compared with $146,915,647 and $126,107,790, re spectively, on January 31. Four Intermediate Credit banks increased loans outstanding by approximately $34,000, the total at the close of February being reported as $642,471. The distribution by states of outstanding loans on Feb ruary 29 of these classes of banks is given below: i ing at the close of the month was 1.9 per cent above that oint Stock and Banks Number of Banks............ .. 22 Illinois ................................. $ 43,169,319 Iowa ..................................... 72,315,642 Indiana ........... 29,063,960 Wisconsin ..................... 4,302,300 Michigan ............................. 1,313,700 Federal Intermediate Land Banks Credit Banks 4 4 $ 19,761,790 $397,556 44,252,050 107,295 28,492.100 10.406 21,776,200 127,214 16,399,600 0 on January 31; compared with a year ago it was consid $150,164,921 $130,681,740 sponding comparison in any of the past three years. The eight reporting dealers had total sales 8.7 per cent greater than in February, 1923. erably smaller. The amount of paper outstand A slight easing tendency in rates was MEMBER BANKS IN TH E DISTRICT evidenced but no reduction so pronounced as in the past few months was shown. The aggregate of loans and discounts of Chicago and Demand for paper during the month was fair, while the supply improved somewhat. Open Bill Market—The weekly average volume of bills purchased, exclusive of transfers from other branches of reporting dealers, in the four-week period ended March 12 declined 4.3 per cent from the average in the previous five-week period. Sales by the five reporting dealers in creased 5.0 per cent on the same basis, the largest increase being in sales to local banks. Holdings of bills at the close of the period aggregated 1.5 per cent more than on February 13, the date of the last report. $642,471 Detroit member banks on March 5 exceeded the total on February 6 by a small amount. The movement of loans and discounts in other selected cities since the middle of January has been clearly upward. Investments of Chicago and Detroit member banks have increased gradually in the aggregate since January 9, al though small decreases from the preceding week wera shown on, one or two reporting dates. Investments of members in other selected cities have declined slowly in The supply of bills was declared good by one dealer; the others found it limited. Demand was good and the bills moved freely at the offered rates. During the period under review rates firmed in practically all maturities. volume from a high point on July 18, 1923, until on March Acceptances— Bankers’ acceptances executed in Febru ary by eighteen reporting banks increased in volume 28.3 per cent over those of the preceding month, with pur chases more than doubled compared with January, and sales declined 4.6 per cent. Holdings, both in the aggre gate and in the volume of the banks’ own, acceptances, were the largest at the close of February since March, 1923. The liability of these banks on acceptances out standing on February 29 was $27,820,981, which compares with $31,568,269 at the close o f January. While monthend holdings and the banks’ liabilities were smaller than a year ago, the volume of acceptances executed, as well established trend was noticeable in that period. 5 the total was the smallest since January 10, 1923. Demand deposits of Chicago and Detroit banks were subject to wide weekly fluctuation in February, but no On the thirteenth the aggregate was the highest shown on any reporting date in 1923 and thus far in 1924, reaching $1,274,059,000. In other selected cities week-to-week changes in demand deposits were less marked; since De cember 26, 1923, the tendency has been steadily upward. The trend of time deposits throughout 1923 was mani festly upward, a movement interrupted during January of this year, but again evident in February, in Chicago and Detroit, as well as in other selected cities. Page 3 April P O S IT IO N M IL L IO N S R E P O R T IN G O F D O LLA R S MEMBER C H IC A G O AN D BANKS, 7TH D IS T R IC T D E T R O IT 1600 ’' ' V ^ D IS C O U N T S l o a n s 1 .... / 1400 v A ' w v ^ V 1200 A IM A N D D E P 0 S T s r* ’ y * J*\ 1000 800 600 T IM E 0 E P O S IT S 1 L» IN V E S T M E N T S 400 VOLUME OF PAYMENT BY CHECK The February volume of payment by check was less by 11.1 per cent than in January, as shown in the aggre gate of twenty-four clearing house centers reporting debits to this bank. All reporting centers showed a decline from January with one exception, wherein no change occurred. In the four largest cities, Chicago, Milwaukee, Detroit, and Indianapolis, the aggregate decline was 11.5, and in the twenty smaller cities 8 per cent. These shrinkages were in excess of those shown in January when payment by check was 3.7 per cent less in the total of all reporting centers than in December. The decline for the four larger cities in January was 3.8 per cent below December and in the twenty smaller cities 2.9 per cent. — 200 V O L U M E OF P A Y M E N T BY C H E C K C h e c k s D r a w n on C l e a r i n g H ou s e B a n k s , 7 t h D i s t r i c t 0 O T H E R S E L E C T E D C IT IE S ____ 400 — — _ I DEM AND 200 --------- — Billions of Dollars --------- . L O A N S t D I S C O U N T ! y ----------------------— D E P O S IT S |TW B D E P O S IT S jlis V E S T M E N T S % ~ •' Chicago. D e t ro it, Milw auke O 1919 1920 1921 1922 192 } 1924 •Break in curve indicates data not comparable with pre ceding. Based on weekly reports to this bank by approximately 49 member banks in Chicago; 13 in Detroit, and 44 in other selected cities. Latest figures shown, March 4, 1924. In d ia r la p o lis / POSITION OF TH E FEDERAL RESERVE BANK Loans to member banks were lower in volume during February than in January, but comparison with the cor responding month of 1923 shows little change in weekly aggregates. In view of the increasing volume of loans and discounts extended by member banks, this fact indicates an improved position of members, largely the result of in creased deposits, a condition which enables them to meet borrowing needs of their customers with less discounting with the Federal Reserve bank. Earning assets likewise decreased in February as compared with January, and Fed eral Reserve notes followed the same direction reflecting the paying out of gold certificates instead of Federal Re serve notes to meet requirements for currency, which, how ever, in all probability were slightly less than in January. Total reserves declined during February; on March 5 a slight increase was shown, followed by a drop the subse quent week. P O S IT IO N FEDERAL RESERVE BANK OF C H IC A G O Latest figures shown, March 12, 1924, in thousands of dollars: Federal Reserve Notes, 336,514; Total Earning Assets, 123,618. Page 4 April - O t h e r Cleaning C e n te r s 1919 1920 1921 1922 192^ 1924 Figures used are estimates for calendar months based on weekly reports to this bank. Latest figures shown, February, 1924, in thousands of dollars: Chicago, Detroit, Milwaukee, and Indianapolis, 3,651,495; 20 Other Clearing House Centers, 580,622. SAVINGS ACCOUNTS AND DEPOSITS An expansion was reported both in the amount of sav ings deposits and the average account on March 1 com pared with February 1, according to figures' from banks representing approximately 40 per cent o f the savings de posits in this district. Michigan, with its gain of 1.3 per cent, showed the largest increase— Illinois and Wisconsin also reported gains of 0.5 and 0.2 per cent, respectively. The increases, however, were partly offset by the declines of 0.3 per cent in Indiana and 0.5 per cent in Iowa. Indiana showed a downward trend in its average account of 1.2 per cent and Iowa 0.9 per cent, the other states reporting increases of 0.3 per cent in Wisconsin, 0.4 per cent in Illi nois, and 0.7 per cent in Michigan. While savings deposits in the district increased 7.8 per cent over March 1, 1923, the average account showed little change, an aggregate gain of 0.6 per cent having been re ported. Indiana’s average account declined 2.8 per cent, while the remaining four states showed increases ranging from 0.2 to 2.3 per cent. The greatest gain in the amount of savings deposits appeared in Michigan where an ex- pansion of 11.5 per cent was indicated, while Indiana rep resented the lower extreme with its increase of only 2.9 per cent. BONDS AND INVESTMENTS Demand in the investment market relaxed considerably during the latter part of February. The flotation of the $150,000,000 Japanese External Loan seems to have marked the turning point in the demand. Since then the number of new offerings has been rather limited. Public utilities and other corporate offerings have been most favored, with small investors the principal buyers, although banks have been entering the market to some extent. Price trend on the whole has been slightly downward. Real estate bonds shared with the general list in slackened demand. The new offering of one-year $400,000,000 United States Treasury Certificates of Indebtedness, dated and interest bearing March 15, 1924, and maturing March 15, 1925, was oversubscribed both for the country and for this district. The total allotment of cash and exchange subscriptions for the Seventh district was $49,417,500. AGRICULTURAL PRODUCTS AND CONDITIONS GRAIN M ARKETING The grain movement was greater at interior primary markets o f the United States during February than in the previous month or in February, 1923. The receipts of wheat, however, were slightly less than in the corre sponding period last year and shipments of wheat and oats were smaller in volume from these markets in February than in the preceding month. Prices held firm. Exports of wheat, oats, and rye declined in February, but those of corn and barley increased. Wheat futures traded in on the Chicago Board of Trade were slightly greater in total volume during February than in January, but trading in corn, oats, and rye futures declined. The aggregate value of grain remaining on farms on March 1, 1924, was greater than a year ago. Year Corn 1924 ....... 1923 ....... 1922 ....... Oats 1924 ....... 1923 ....... 1922 ....... Wheat** 1924 ....... 1923 ....... 1922 ....... Barley*** 1924 ....... 1923 ....... 1922 ....... STOCKS OF GRAIN ON FARMS MARCH 1 (Amounts given in thousands) Entire United States Seventh District States* Ratio to Previous Number of Total Year’ s Total Number of Value Crop Bushels Value Bushels 37.8 37.6 42.5 1,153,175 1,093,306 1,305,559 882,179 792,647 656.696 425,100 441,092 473,032 287,154 282,411 210.249 34.2 34.6 38.2 444,810 421,118 411,934 201,944 178,554 142.941 185,954 186.764 168,742 79,424 74,991 52.741 17.0 17.9 16.5 133,871 155,474 134,253 131.194 162,315 143,651 22,533 18,708 15,970 22,723 21,316 18,256 22.6 23.3 27.3 44,844 42,469 42,294 26,010 23,868 19,878 6,794 7,324 6,244 4,284 4,354 3,284 Government farm price on February 15 used for the United States; district value totals represent aggregate of weighted values in five states. "Entire states of Illinois, Indiana, Iowa, Michigaa, and Wisconsin, except as noted. " ‘ District figures do not include Wisconsin. ‘ " ‘ District figures do not include Indiana. VISIBLE SUPPLY OF GRAIN IN THE UNITED STATES Stocks in private and public warehouses, at principal points of ac cumulation, at lake and seaboard points, and in transit by water in the United States. Figures supplied by the Secretary of the Chicago Board of Trade. (In thousands of bushels) Wheat March 15, 1924 Warehouses and Afloat...... ...... 61.656 Bonded .................................. .... 13,581 February 9, 1924 Warehouses and Afloat------- ...... 65,949 Bonded .................................. ___ 21,900 March 17, 1923 Warehouses and Afloat........ ......46,470 Bonded ..................... - .......... ...... 15,584 Corn Oats Rye 25.052 18,063 1.616 21,641 1,500 10,725 17,821 1.483 20.127 2,249 30,548 25,325 2,290 Barley '■ H 1,531 no 2,288 169 . iff 1 j 17,518 2,752 1,589 1,409 The amount of wheat held by country mills and eleva tors in the United States on March 1, 1924, was estimated at 90,396,000 bushels compared with 92,538>,000 bushels a year ago. Visible wheat supplies in the United States, Canada, and the United Kingdom were 268,609,000 bushels on March 1 compared with 245,813,000 bushels on Febru ary 2 and 205,159,000 bushels on March 3, 1923. H IG H A N D L O W SP O T P R IC E S O F W H E A T A N D C O R N FO R M O N D A Y OF E A C H W E E K A T C H IC A G O Prices o f W h ea t are No. 2 and better; Corn No. 2, mixed and better. L a test figure show n, M arch 17, 1924: W h ea t, H igh, 110 c en ts; L ow , 10S% ce n ts; Corn, H ig h an d Low, 79 cents. FLOUR The downward trend in the flour industry during Febru ary compared with January, reflected both in the produc tion and sales figures, is partly attributable to the fact that February was a shorter month. According to reports from forty mills, total output decreased 10.3 per cent from Janu ary, wheat flour showing a decline of 8.5 per cent and other flour 25.0 per cent. An increase of 28.7 per cent was reported in total output over February, 1923, with expansion of 25.2 per cent in wheat flour and 79.5 per cent in flour other than wheat. Operations at these mills aver aged 53.9 per cent of capacity, compared with 57.7 per cent in January and 43.6 per cent in February a year ago. Stocks of flour decreased 11.4 per cent during February, while wheat stocks showed little change; compared with a year ago there was an increase of 1.2 per cent in flour inventories while stocks of wheat were reduced 6.7 per cent. February sales declined from the January level 6.5 per cent in volume and 2.1 per cent in value, but increased 21.9 per cent in volume and 2.2 per cent in value over the same month last year. M OVEM ENT OF LIVE STOCK Live stock receipts and slaughter were greater in Feb ruary than in the corresponding period of last year, but showed a seasonal recession from those in January, 1924. Page 5 April LIVE STOCK SLAUGHTER Cattle Hogs Sheep Calves 222,353 316,431 114,323 115,708 3,227,375 725,266 4,016,024 919,056 2,819,017 707,622 2,285,637 761,023 2,604,290 934,642 314,045 367,951 286,251 271,347 244,866 Ligui yarus, ocvciuu uiauici February, 1924 .............................„205,950 January, 1924 ..............................263,152 Public Stock Yards in U. S. February, 1924 ............ 601,360 January, 1924 ................................. 787,333 February, 1923 .... 583,551 February, 1922 ....... 550,462 February, 1921 ........... 483,186 1,067,454 1,379,874 Fewer cattle and sheep were shipped back to feed lots in February than in the preceding month or February a year ago. AVERAGE PRICES OF LIVE STOCK Per hundred pounds at Chicago Week Ended Months of March 15, February January February 1924 1924 1924" 1923 Class $ 9.30 Native Beef Steers (average). ........ $ 9.40 $ 9.45 $ 8.85 5.65 Fat Cows and Heifers................ ........ 5.90 5.55 5.50 3.00 2.90 3.40 Canners and Cutters................ ........ 3.20 ........ 9.50 10.50 11.10 11.10 Calves ........................................ 6.25 6.15 7.10 Stockers and Feeders.............. ........ 6.95 7.10 8.05 7.10 Hogs (bulk of sales)................ ........ 7.40 7.65 8.75 7.50 Sheep ................... ....................... ........ 9.65 12.15 12.45 11.25 Yearling Sheep .................... ........ 13.50 13.90 14.70 13.35 Lambs ...... ...... ...........................____ 15.40 MEAT PACKING Although production continued in large volume during February, 1924, it was seasonally less than in January. March 1 inventories were greater than a month ago or on March 1 last year. Reports from fifty-two meat packing companies in the United States show February sales in dollars 4.6 per cent in excess of February a year ago and a decrease of 5.9 per cent from January, which is partly accounted for by the nearness o f the Lenten season. Em ployment declined 4.9 per cent in number, 5.6 per cent in hours worked, and 4.4 per cent in total payrolls in the period covered by the last pay-date in February compared with figures for the corresponding period in the preced ing month. Wholesale prices of the majority of fresh and sweet pickled pork cuts were slightly easier at Chicago during February than in January; those of lamb, veal, and dry salt pork advanced, but lard prices declined. Shipments forwarded in February for export were largely in fulfillment of orders placed in earlier months, the total volume of forwardings being 20 to 25 per cent less than in January, according to reports sent direct to this bank by meat packers engaged in foreign trade. No ma terial change in conditions has taken place in English markets, but in the last month the industry has been ex periencing a temporary lull in demand from Continental countries. The majority of prices for United States prod uct in markets of the United Kingdom continue below a parity with those in the United States. Consignment stocks already abroad were indicated as slightly greater on March 1 than at the beginning of February. DAIRY PRODUCTS AND POULTRY The output of creamery butter increased 6.3 per cent in volume during February over the corresponding period of last year, but decreased 3.5 per cent from January, 1S24, according to compilations made from production re ports submitted to this bank by representative factories in the Seventh district. W eekly statistics issued by the American Association of Creamery Butter Manufacturers indicate that production in the United States was slightly more in February than in either the preceding month or the corresponding period a year ago. Production of cheese in Wisconsin factories increased approximately 3 per cent during the five-week period ended March 8 over the cor responding period ended February 1. District sales of creamery butter decreased 3.8 per cent from those in Janu ary, but were 9.3 per cent greater than in February a year ago, according to statistics compiled from reports made direct to this bank by representative companies. Dairy products were received at Chicago in greater volume during February than in January or the corre sponding period of last year; poultry receipts were smaller than in January, but were greater than in February, 1923. Stocks of eggs, cheese, and creamery butter in storage warehouses in the United States were less on March 1, 1924, than the month preceding; all holdings were in ex cess of those a year ago. The trend of prices of dairy products has been down ward, but prices of practically all kinds of poultry are firmer than a month ago. FUEL AND POWER PRODUCTION COAL The lessening probabilities of a strike in the central competitive bituminous fields and the wage agreement reached at the Jacksonville conference of miners and op erators have had a marked effect upon the coal industry. With the exception of the week ended March 1, there has been a steady downward trend in the production of bitumi nous coal in the United States from 11,501,000 tons during the week ended February 9 to 9,617,000 tons in the week ended March 8. The gain in production during the week ended March 1 was merely a partial recovery from the de cline in the preceding week when the observance of W ash ington’s birthday and heavy storms in the East served to accentuate the downward movement. In the Seventh Federal Reserve district it is reported that a number of high-cost mines have recently closed, while others have considerably reduced their running time. Page 6 April Total Illinois production in February showed declines of 23.8 per cent from January and 13.3 per cent from the same month a year ago. Demand in the Chicago coal market has been very slow for all grades and it is reported that in most instances the large consumers are now turning to their stock piles in stead of entering the market for supplies to meet their im mediate needs, while contracting for future requirements is also very limited. New circulars for Southern Illinois were issued the middle of March, announcing marked re ductions in coarse coal, a cut of 75 cents having been made in lump. Subsequently, Central Illinois and Indiana No. 4 operators announced downward revisions of their prices on domestic. The average spot price of bituminous coal dur ing the week ended February 11, according to Coal Age, was $2.27, the highest point reached since the week ended October 8, 1923, when the average price was $2.30. In the weeks following, a steady downward trend was in evidence, which reached the level of $2.18 during the week ended March 10. Production of anthracite, which aggregated 1,893,000 tons during the week ended February 2, continued at a level of approximately 1,900,000 tons the two subsequent weeks, dropping to 1,655,000 tons during the week ended February 23. Output in the weeks ended March 1 and March 8, aggregated 1,866,000 tons and 1,882,000 tons, respectively. The demand for anthracite is now dominated chiefly by the weather which has not been very favorable recently for the development of an active market. Stove coal has been in greatest demand. ELECTRIC ENERGY The decline in aggregate plant output of electric energy in February was less extensive this year than in the cor responding month of any of the five years since figures have been reported to this bank. Sales to industrial users increased; in but one other February (1922) since figures have been available, has an increase over January been shown. In all items the February level of operations over a year ago was greater than that shown by a similar com parison for January. The February decline in peakload demand is seasonal. CHANGES IN FEBRUARY, 1924, FROM PREVIOUS MONTHS Compiled from direct reports to this bank from ten companies Per cent change from February January February 1924 1924 1923 + 10.3 . 1,866,630 + 1.5 .579,856,033 — 4.8 + 15.8 . 19,995,036 + 11.8 + 1.8 . 1,470,630 — 2.5 + 14.9 .233,341,186 + 8.4 +21.8 Industrial sales (working day average ' 9,333,647 +12.7 -fiO .9 February January February 1924 1924 1923 Ratio peakload demand to plant capacity ....................... 78.8 82.0 75.6 Load factor ............... ......... 56.7 54.2 58.2 INDUSTRIAL EMPLOYMENT CONDITIONS The volume of industrial employment increased 0.8 per cent during February, as shown by reports sent to this bank by 338 firms representing about 233,000 men. In ag gregate payrolls and man-hours of work, however, the fewer work-days of the month were reflected in declines of 0.4 per cent and 1.3 per cent, respectively. Although the present volume of employment does not greatly differ from that of a year ago, payrolls are considerably higher. The few industries in which payrolls have declined show an even greater loss in volume o f employment, indicating that wage rates in these as well as in other reporting industries have advanced considerably since a year ago. Two indus tries, however, formed exceptions to this general condition — the manufacture of knit goods, in which volume of em ployment increased more than payrolls, and the boot and shoe industry, where practically the same percentage de crease was shown for both. Industries in which the volume of employment is markedly lower than last year at this time are those concerned with the manufacture of agricultural machinery, railway equipment, boots and shoes, and chem icals, as well as operations in railroad repair shops. The heaviest expansions for the year have been made by iron and steel mills, non-ferrous metals, electrical goods, public utilities, and in construction and building. Comparisons between the volume of employment at the beginning and at the close of February, show that of 29 reporting industrial groups, 21 expanded while 8 reduced their* working forces. The largest additions noted were in the iron and steel mills and the automobile industry, which groups reported increases o f approximately 8 and 9 per cent, respectively. The heaviest decreases of the month were experienced in the railroad repair shops and in the meat packing industry. Improvement in the employment situation is reflected also in the Illinois Employment Bureau statistics which show decreases in the heavy ratio of applications to the number of available positions. MANUFACTURING ACTIVITIES AND OUTPUT AU TO M O BILE PRODUCTION AND DISTRIBUTION Seasonal increases are in evidence in the total passenger car and truck production statistics for February, which show gains of 16.2 per cent over January and 30.6 per cent over a year ago. The advance over January in the monthly aggregate does not fully reflect the marked im provement made during the month, since the daily aver age production indicated an increase of 20.9 per cent. The yearly comparison of the daily averages shows an increase of only 25.4 per cent as the result of one more day in February of this year. The gains in February over the preceding month and year were approximately the same as in the corresponding month of 1923. Upward price changes were announced by some manufacturers although a few downward revisions were made during the month. Passenger car production statistics of identical manufac turers reporting direct to this bank and through the Na tional Automobile Chamber o f Commerce, representing practically complete January production, show 336,284 cars built during February, compared with 287,211 in January, an increase of 17.1 per cent. Trucks produced by identical manufacturers building 28,247 trucks during January, amounted to 30,399 in February, a gain of 7.6 per cent. Automobile production statistics reported by the Census Bureau show 336,363 pasenger cars produced during Feb ruary compared with 287,302 in January. Trucks built during February amounted to 31,072 compared with 28,846 in January. February sales of new automobiles and motorcycles in the five states including the Seventh Federal Reserve dis trict amounted to $120,589,386, a decrease of 42.6 per cent from January and a gain of 18.5 per cent over February, 1923. Sales in these five states during 1923 were equal to 86 per cent of the total for the entire country. The Febru ary sales of new automobile trucks and motor wagons were $16,881,437 declining 42.1 per cent below January and in creasing 42.2 per cent above the same month a year ago. Sales of parts and accessories during the month aggregated $7,588,721, a loss of 63.1 per cent from January and 49.9 per cent from a year ago. Pag* 7 April Total February sales of new automobiles and motorcycles for the entire United States aggregated $136,780,000, a de crease of 40.3 per cent compared with the previous! month and an increase of 16.2 per cent compared with a year ago. The total sales of automobile trucks and motor wagons in February for the entire country aggregated $29,578,000, a decrease of 29.5 per cent from the previous month and an in crease of 25.0 per cent compared with a year ago. Sales of automobile accessories and parts in the United States in February aggregated $42,599,000, a decrease of 26.0 per cent compared with the previous month and 38.7 per cent compared with a year ago. Stocks of new cars in hands of dealers on February 29, as shown by reports received from eighty-five distribu tors and dealers in the Middle West, were again consider ably in excess of the preceding month and year, evidently the result of dealers desiring to have a sufficient number of cars on hand for the anticipated spring demand. Used cars sold during February increased over January but were less than last year. The number and value of salable used cars on hand February 29 increased over January 31, and February 28, 1923. STOCKS OF NEW AND USED CARS ON HAND AND USED CAR SALES Changes in February, 1924, from previous months Per cent change from Companies included January February January February 1924 1923 1924 1923 New cars on hand at end of month Number .................... .. +19.7 +43.0 84 53 Value ......................... +19.7 +19.7 84 53 Used cars sold during the month ............................. +26.9 — 4.6 80 60 Salable used cars on hand at end of month Number ....................... + 2.8 +10.9 79 46 Value ......................... + 3.0 + 3.6 79 46 Shipments of automobiles during February increased seasonally according to the figures reported by the Na tional Automobile Chamber of Commerce. Passenger cars exported from the United States during January numbered 12,614 valued at $9,104,548 compared with 10,069 and $7,587,003 in December. Exports of trucks increased from 2,066 in December to 2,845 for January and from $1,710,209 in value to $1,853,033. Inventories of cas ings and inner tubes reported by the Rubber Association of America increased during January as the result of in creased production. TREND OF P R O D U C T IO N A N D S A LE S OF A U T O M O B IL E S J U L Y , 1921, T O F E B R U A R Y , 1924, I N C L U S I V E P ro d u c i o n - / ' '-A 1 _________ b A ■h S 1 1 192.1 1922 1 1 ■ 1 1 . . 1 ■LULL! I 1.1 i 1 I 1923 1924 1919 monthly average production of-automobiles (138,138)=100. 1920 fiscal year, monthly average sales of automobiles and motorcycles ($100,891,053) =100. Latest figures shown, February, 1924: Production, 243.4; Sales, 119.5. Page 8 April CASTING FOUNDRIES General increases over January in activities of casting foundries in the district were reported for February. The returns show a decline from a year ago, although not to so great an extent as was the case in January. The heightened activity in February over January is in contrast with the condition a year ago when February showed a decline. The bulk of shipments of the reporting foundries is being made to railroads, car builders, and automobile man ufacturers, while road building machinery manufacturers come in for a fair portion. Orders on the books of these foundries are for the same classes of trade. CHANGES IN FEBRUARY, 1924, FROM PREVIOUS MONTHS Compiled from direct reports to this bank Per cent change from Companies included January February January February 1924 1923 1924 1923 + 13.8 28 25 Pig iron consumed........... + 11.2 — 3.4 28 25 Iron scrap consumed------ +49.0 — 26.6 28 25 Steel scrap consumed....... + 17.2 — 18.6 28 25 Total tonnage consumed.... + 17.9 24 Castings shipped (tonnage) + 19.4 — 16.2 27 27 27 Castings shipped (dollars) + 16.3 — 1.8 STOVES AND FURNACES The seasonal increase in shipments of stoves and fur naces in February as compared with January is larger this year than was the case in 1923. The majority of reporting firms increased shipments and expanded their moulding room operations. Decreased orders were re ported by about half of the firms. CHANGES IN FEBRUARY, 1924, FROM PREVIOUS MONTHS Compiled from direct reports to this bank Per cent change from Companies included January February January February 1924 1923 1924 1923 Shipments ......................... +30.1 +12.7 18 18 Orders accepted................. — 0.8 + 30.6 14 12 Inventories .................. ...... + 6.1 +25.0 11 10 Operations (moulding room) ............................. +19.3 + 9.6 15 12 IRON AND STEEL Activity in the pig iron market was confined almost entirely to the first part of the month and even then heavy purchases were not the rule. Shipments o f pig iron were heavy, particularly toward the close of the period. Pig iron prices at Chicago increased early in February, and the composite average of iron and steel prices for the country again increased. Continuing the upward trend established in January, operations at steel mills were maintained on a high plane. Mill bookings were at the best rate in the early part of the month, market activity declining toward the close, although railroad buying continued to be conspicuous. Activities in the Chicago district were maintained on a very satisfactory basis and new business was well in excess of shipments. Buying was for current and nearby require ments, but was sufficient, in the aggregate, to insure main tenance of present operations at least until the summer months. Steadiness of prices and the ability to obtain prompt shipment have obtained for some time and have encouraged the satisfactory market condition in which speculation is absent. Collections of the mills are very satisfactory. Average daily production of pig iron in the country increased 8.9 per cent over January, the corresponding increase for the Illinois and Indiana district being 10.1 per cent. Production of steel ingots increased in the aggregate 5.0 per cent and on the daily average basis 13.4 per cent over the preceding month. Unfilled orders of the United States Steel Corporation continue to rise and the February total exceeded that of January by 2.4 per cent. While shipments of slab zinc in February increased 4.1 per cent compared with January, production declined from 49,709 tons to 43,933 tons, and stocks were 8.6 per cent smaller. Reports from the Joplin district show that the shipment of zinc ores in February averaged 2,000 tons per week more than in January; the total movement of ores in February was 58,194 tons, which compares with 49,863 tons in the preceding month. The average price rose from $43.04 per ton to $44.60 per ton. AGRICULTURAL M ACHINERY AND EQUIPM ENT February reports show improvement in the agricultural machinery industry. Factory sales reported to this bank were considerably more than in January and were fully as large as in the corresponding period last year. Farmers continue to show conservatism in buying. Production re mained at approximately the January level. PRODUCTION AND SALES OF FARM EQUIPMENT IN THE U. S * Changes in February, 1924, from previous months Per cent change from January February 1923 1924 Domestic sales billed....... + 42.4 + 9.1 Sales billed for export.... — 5.4 + 90.5 Total domestic and export sales ............................... + 32.1 + 16.8 Production ....................... + 1.1 — 3.1 *Sales based on dollar amounts. ment. Companies included January' February 1924 1923 115 115 115 115 115 105 115 105 Production computed from em ploy SHOE MANUFACTURING, TANNING AND HIDES Greater activity in the shoe industry during February in comparison, with January is shown by the volume of ship ments reported by factories in the Seventh district. Both production and shipments fell off slightly compared with February of last year, but were larger than in the corre sponding period of 1922. The February volume of unfilled orders was less than in the preceding month, but forward ings were equal to current production. Inventories were slightly greater on March 1 than at the beginning of February. Packer green hide and calf skin markets were less active at Chicago during February than in the previous month and a smaller volume o f purchases than in January was reported by representative tanners in the Seventh district. Actual shipments of hides and skins, however, were greater at Chicago in February than in January. Prices of hides held moderately firm during February but trended lower at Chicago the first part o f March. Firm prices for lamb, calf and kip skins continued. RA W W O O L AND FINISHED W OO LEN S The low prices at which the American W oolen Com pany opened its lines of men’s fancy worsted goods on February 18 and its women’s wear lines on February 26, so far have not stimulated advanced buying to any great extent. Hesitancy is more marked in men’s staple lines than in women's wear. The strength of foreign markets continues to be an important factor in the American wool situation. Despite the unsatisfactory conditions in the goods market and the fact that mills are continuing their policy of buying chiefly for immediate needs, raw wool prices remained firm during February and early March, with little speculative buying in evidence. Sales during February, according to reports from wool dealers in this district declined from the January level in most instances, though a few firms reported increases. Shipments from Chicago aggregated 5,136,000 pounds compared with 3,919,000 pounds in the previous month and 1,949,000 pounds in February, 1923. Quarter and three-eighths blood continue in the greatest demand, but fine wools have remained firm. There has been a fair amount of activity in pulled wools, with a scarcity in supply reported in some grades. Contracting for the new clip in the W est has progressed more slowly than usual because of the difficulty on the part of growers and buyers in agreeing on prices. FURNITURE Companies included January February 1924 1923 35 35 35 35 28 28 26 26 The furniture manufacturing industry during February showed a downward trend in orders from the previous month, while little change in the ratio of operations to plant capacity was reported. Figures from sixteen furni ture manufacturers in this district indicated declines in orders booked during the month of 19.8 per cent from January and 3.9 per cent from February, 1923, with ship ments for seventeen firms showing an increase of 17.2 per cent over the previous month and a decline of 13.3 per cent from February last year. Operations at fourteen plants averaged 83.9 per cent of capacity during the month compared with 84.4 per cent in January. Reports from representative tanning companies indicate that the February production of leather for the district was nearly equal to that of January, but smaller than in the corresponding period of 1923. The sales billed in Feb ruary were greater in total value than those in either February, 1923, or January, 1924. Leather prices have remained practically unchanged during February. Unfilled orders showed a gain of 9.1 per cent during February and, based on shipments during the month, were sufficient for approximately five weeks’ business; compared with the end of February last year, there was a decline of 37.4 per cent in unfilled orders. Little change in col lections was reported, either from January or from the same month a year ago. CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN FEBRUARY. 1*24, COMPARED WITH PREVIOUS MONTHS Per cent change from January February 1924 1923 Production ....... „ ................ 4- 1.5 — 9.2 Shipments ..... ...............— +20.8 — 9.8 Inventories ......... ....... ....... + 3.4 +22.1 — 15.8 Unfilled orders................ ... — 3.4 i Page 9 April BUILDING MATERIAL AND CONSTRUCTION ACTIVITIES CEMENT Production of cement in the Seventh district showed a slight tendency to decline during February, although mills continued active. The present demand is good with orders for future delivery a little below last year. Stocks on hand at most mills are higher than at any time last year, and prices at leading markets have remained stationary. For the country as a whole an increase in shipments amounting to 13.9 per cent gave evidence of the early spring demand in the cement industry. Production, although slightly below the previous month, was 4.6 per cent above February, 1923. Stocks on hand at the end of February reached a new high point, 18.8 per cent above January and 23.6 per cent above the corresponding month of last year. The total reserves at the end of February amounted to 16,811,000 barrels, or nearly double the quantity produced during the month. BRICK Reports from outlying parts of the district indicate vary ing conditions in the brick industry, some yards reporting February business as dull, while others showed slight in creases. Iowa reports indicate that many plants are closed, and although demand is light, stocks have decreased. In Michigan, shipments have been about the same as for the corresponding month in previous years, though slightly below the preceding month. Many inquiries were reported, and an increase in orders during the last week of the month. In Chicago and adjacent territory, activities at yards are above normal, owing to the unusual winter demand, which prevented the accumulation of large stocks earlier in the season. No price changes were reported in the district. LUMBER Sales of lumber for February as reported by leading dealers in this district increased 12.8 per cent over the previous month, and 4.7 per cent as compared with the corresponding month of last year. Automobile and furni ture manufacturers were active buyers of hard woods dur ing the month and some dealers reported sales to makers of flooring and interior trim. Soft woods sold chiefly to retail yards and to car builders. Dry stocks of hardwood are low, and prices on the better grades are firm, with increases in some lines. Prices of soft woods have remained steady except for slight advances on Southern Pine in some markets. Lumber movements at Chicago increased as indicated by receipts and shipments. Receipts for the month increased 31.4 per cent while shipments were 39.8 per cent above January. Compared with last year, the increases amounted to 13.3 and 51.9 per cent, respectively. CONTRACTS AND PERMITS Contracts awarded in the district for February, based on actual values, declined 7.1 per cent for the month, and were 2.1 per cent below the corresponding month of last year. This recession was caused by a drop of 34.9 per cent in residential construction. O f the five states including the Seventh district, Indiana and Iowa alone reported gains over January amounting to 96.1 and 143.2 per cent, respectively. Indiana showed an increase of 67.5 per cent in comparison with the corre sponding month of last year, while in Iowa the same com parison revealed a decline of 39.9 per cent. These states reported large gains in residential construction, but the decreases in other states more than offset these gains. The total of estimated costs of permits for fifty cities of the district increased 43.4 per cent over January, though there was a decline of 3.5 per cent compared with Febru ary of last year. In comparison with the corresponding period a year ago, Illinois was the only state to show a decrease, but the relative volume of construction in that state is so large that the decline morje than counteracted the gains made elsewhere. Increases over the preceding month were reported in all states except Wisconsin, where a decline in Milwaukee caused a slight loss. Chicago, Indianapolis, Detroit, and Des Moines showed increases over January, and the aggregate gain for the five cities was 43.6 per cent. MERCHANDISING CONDITIONS W H O LESA LE TRADE For wholesale houses reporting to this bank, February business in general failed to maintain the expansion noted during January. Individually, less than a third of the dealers showed gains over the preceding month, and nearly half of those that did were firms not participating in the January increases. By commodity groups, hardware deal ers alone averaged an excess over January, the result of gains at the larger stores, however. A factor curtailing country trade was the bad condition of many roads, ham pering salesmen’s activities, as well as keeping purchasers from the trading centers. Sales comparisons with a year ago vary, dry goods and grocery dealers showing a majority of increases, drugs and Page 10 April shoes a majority of declines, and hardware firms being about evenly divided. Hardware, dry goods, and drug sales con tinued to register gains over 1922 and 1921; grocery sales, 17 per cent larger than February, 1922, were 3 per cent below February, 1921; and shoe sales fell below both 1922 and 1921. On February 29, dry goods inventories were slightly lower than at the end of January. Other groups reported increases, 8 per cent for hardware firms being the highest. In drugs the 5 per cent gain is a seasonal feature accom panying the usual slackened trade of February, rather than the result of stocking up. Compared with the end of February, 1923, stocks were larger this year for thirtytwo out of fifty-six firms, with hardware, dry goods, and shoes averaging increases of 6, 10, and 23 per cent, respect ively, and groceries and drugs showing small declines. Accounts outstanding for the majority of firms in each group except drugs increased during the month, while comparisons with February 28, 1923, ranged from 8 per cent decline in shoes to 10.5 per cent increase in drugs. February collections by groups were smaller in total volume than during January; compared with a year ago, about half the firms showed increases. DEPARTMENT STORE TRADE Reports received by this bank reflected the seasonal slackness characteristic of department store trade during February. For over half the stores business was less than the January volume, but partly on account of Febru ary’s extra day this year the sales index for the district as a whole rose 0.6 per cent, which is in contrast to declines in the three previous years. The greater number of days likewise accentuated the gain over February, 1923, which even on a daily average basis amounted to 15 per cent, a significant increase in view of the noteworthy activity early last year. Com pared with two years ago, February sales this year were nearly 40 per cent heavier, with only nine stores showing declines. Over February, 1921, increases at thirty-one stores, and declines at twenty-four averaged for the district a gain of 24 per cent. Generally higher inventories brought the stock index for forty-eight stores to 118.6, or 13 points above January 31, normally the low date of the year. For the same firms, February sales were 27.9 per cent of the average inventories for January 31 and February 29, and indicated a somewhat closer stock margin than in the two preceding years, when corresponding comparisons were 24.7 for 1922 and 25.5 for 1923. Future commitments showed little change from Janu ary, orders on the books at the end of February amount ing to 8.7 per cent of total purchases during 1923. February collections for forty firms were 16.3 per cent below the January volume, but 17.8 per cent larger than in 1923; of accounts outstanding at the beginning of the m onth, they represented 43.6 per cent, compared with 45.1 per cent, the January ratio, and 43.0 a year ago. SPECIALTY STORE TRADE A separate study, recently begun, of trade at women’s specialty stores, reveals the aggregate sales of four firms reporting for February, as 21 per cent ahead of 1923. Com pared with January business, all of the stores showed declines, averaging on the whole 12.2 per cent. Corre sponding comparisons in collections were 16.3 per cent gain over February, 1923, and 14.3 per cent decrease from the preceding month. On February 29, outstanding accounts, reduced 10 per cent since the beginning of the month, were nevertheless 26 per cent heavier than a year ago. The three stores furnishing merchandise figures showed higher inventories at the end of February than on January 31. The volume of goods received during the month was also heavier for each store than in January. CHAIN STORE TRADE Of eight chain store systems reporting to this bank, February sales for all but two were in excess of the corre sponding month in previous years. Comparisons with January vary, drug and music chains showing increases, and grocery and shoe systems showing decreases. M AIL ORDER TRADE Combined sales during February at Chicago’s two lead ing mail order houses aggregated nearly the same volume as in January. The gain of 16.4 per cent over a year ago, five points in excess of the corresponding January increase, raised the average gain for the two months to 13.8 per cent. Gains of 67.4 and 56.5 per cent over February, 1922, and 1921, respectively, also are more favorable than those noted for January. The percentage decrease of 21.5 from February, 1920, however, compares with 19.7 in January. TRANSPORTATION The notable volume of traffic handled by the railroads throughout 1923 has continued during the first two months of this year. The weekly average shipments in February exceeded those of the previous month by 55,000 cars. A larger volume of freight was moved during February of this year than for the same period of any year for which figures are available. Unusually large movements for this time of the year of forest products, merchandise, and mis cellaneous freight were principally responsible for this increase. January’s net operating income of Class I railroads aggregated $51,281,000, which, compared with $69,695,000 for December, shows a decrease o f 26.4 per cent; in January of last year the total was $60,874,000. Page 11 April MONTHLY 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 1919 as a base, unless other wise indicated. Figures for latest month shown partly estimated on basis of returns received to date. Data refer to the Seventh Federal Reserve dis trict unless otherwise noted.) No. of Feb. Firms 1924 Employment— Iron and Steel Products: Number Employed.......... 97 Amount of Payroll............. 97 All Industries: Number Employed............. 338 Amount of Payroll............. 338 Meat Packing— (U. S . ) Sales (in dollars)1............... 63 Casting Foundries— Shipments (in dollars)......... 29 Stoves and Furnaces— Shipments (in dollars)........... 19 Agricultural Pumps— (U. S.)— Shipments (in dollars)........... 20 Agricultural Machinery & Equipment— (U. S.)2— Domestic Sales (in dollars).. 132 Exports (in dollars)............... 132 Total Sales (in dollars)....... 132 Furniture’— Orders (in dollars)............... 23 Shipments (in dollars)........... 23 Shoes*— Production (in pairs)........... 36 Shipments (in pairs)............. 36 Freight Carloadings— (U. S . ) Grain and Grain Products.... Live Stock....................................... C o a l.................................... Coke .............................................. Forest Products............................ Ore ................................ Merchandise and Miscellaneous .......................... T o t a l...................................... Iron and Steel— Pig Iron Production:5 Illinois and Indiana........... United States............................ Steel Ingot Production— (U. S .)'...................................... Unfilled Orders U. S. Steel Corp................ Automobiles— (U. S.)— Production: Passenger Cars.................. Trucks ............................... Shipments:' C arloads.............................. Driveaways ........................ Boat1 ................ .................. Sales (7th District)— New Automobiles ............. New Automobile Trucks.... Parts and Accessories....... Stamp Tax Collections8— Sales or Transfer of Capital Stock...................... Sales of Produce on Exchange— Futures ......... Jan. 1924 Feb. 1923 Jan. 1923 89.8 89.5 86.0 86.5 90.8 83.9 88.8 96.9 112.2 96.1 112.6 95.5 102.4 94.6 106.1 89.6 95.2 85.2 86.4 83.6 71.9 83.4 86.1 82.2 62.3 73.9 58.3 96.3 88.1 88.0 86.5 99.5 103.9 100.3 69.9 109.8 75.9 89.6 58.9 85.0 89.8 78.6 88.1 151.0 143.4 199.2 116.4 140.4 151.7 223.0 129.1 147.3 156.0 145.2 128.8 153.7 159.7 168.5 161.4 119.5 109.1 95.7 112.8 98.8 121.6119.6 125.5 145.6 104.5 171.9 145.8 121.4 122.3 23.5 26.5 27.0 124.7 106.6 123.2 155.9 119.4 110.5 112.0 117.6 110.3 110.8 117.3 109.6 131.2 84.7 122.2 29.5 140.6 127.7 126.5 116.2 124.3 127.6 127.4 124.3 134.1 118.2 127.7 125.6 121.5 115.3 82.0 80.0 243.4 117.6 207.9 109.3 187.8 82.8 161.9 73.2 235.2 123.1 32.4 221.6 104.4 30.0 172.9 111.1 26.0 168.4 76.5 21.5 119.5 208.2 65.4 113.0 87.3 32.2 100.8 46.0 64.4 144.0 61.1 98.2 103.5 220.6 267.0 265.9 31.2 31.1 57.6 69.9 No. of Feb. Firms 1924 Electric Energy— Output of Plants (K W H ).. .. Industrial Sales (K W H ).. ... Wholesale Trade— Net Sales (in dollars) : Groceries ............................. Hardware ........................ ... Shoes ................................... Drugs ................................ .. Dry Goods........................ .. Retail Trade (Department Stores)— Net Sales (in dollars): Chicago ........................ Detroit .......... ................ ..... Des Moines.................. Indianapolis.................. Milwaukee .................. ..... O utside.......................... ..... Seventh District.......... ..... Retail Trade— (U. S.)— Department Stores.............. Mail Order Houses.............. Chain Stores: Grocery .............................. D r u g .................................... Shoe .................................... Five and Ten Cent.......... Music .................................. Candy .................................. Cigar .................................. U. S. Primary Markets8— •Grain Receipts: Oats .............................. Corn .............................. Wheat ............................ Grain Shipments: O a ts................................ Corn .............................. Wheat ............................ Flour Production— (In barrels)...................... ..... Building Construction— Contracts Awarded (in dollars): Residential.......................... Total .................................... Permits: Chicago ................. Number Cost..... Indianapolis .......Number Cost..... Des Moines........... Number Cost..... Detroit ................. Number Cost..... Milwaukee ...........Number Cost..... Others (45)........... Number Cost..... Fifty Cities........... Number Cost..... Jan. Feb. 1924 1923 Jan. 1923 10 10 161.5 174.8 169.6 161.3 139.4 143.6 151.8 145.6 40 21 7 14 13 67.2 84.9 36.8 91.1 92.1 69.0 83.3 43.3 96.6 100.1 69.8 78.8 54.4 93.0 88.6 65.0 82.9 55.6 97.4 99.9 9 120.7 6 130.2 3 89.9 4 118.8 5 117.2 43 88.5 70 113.4 105.0 126.0 97.8 136.2 121.2 83.3 112.6 104.7 105.0 80.3 105.2 100.5 73.0 94.9 100.4 109.6 97.3 132.1 111.2 80.3 103.7 333 4 101 96 109 99 90 84 101 89 32 185 10 143 6 93 5 140 4 97 4 166 3 124 189 141 99 126 84 154 119 159 126 72 117 88 133 110 165 129 86 115 95 132 116 99.4 291.9 61.3 87.3 204.2 49.4 82.3 213.3 66.4 123.1 253.4 119.9 71.0 140.9 34.1 78.4 125.6 36.6 72.8 109.0 33.7 101.6 154.9 56.2 98.1 109.3 75.7 83.7 112.9 83.3 173.4 89.7 113.9 85.1 90.6 78.5 42 163.4 145.2 137.9 158.8 215.3 162.6 319.1 214.9 126.2 102.1 87.8 99.7 254.6 94.9 150.2 189.6 124.5 75.5 118.6 102.0 89.2 53.8 101.4 105.8 116.8 87.1 82.7 82.7 162.8 103.0 105.4 91.5 124.3 108.3 116.7 137.2 77.9 82.0 66.7 72.5 71.4 63.1 60.1 74.9 108.8 81.4 69.9 76.1 105.4 86.8 87.4 98.8 159.9 111.5 165.6 127.3 1. Monthly average 1920-1921=100 ; 2. Monthly average 1923=100 ; 3. Monthly average 1919-1920-1921=100 ; 4. Monthly average of mean of production and shipments in 1919=100; 5. Average daily production; 6. Monthly average 1920=100 ; 7. Base figures (1920) partly estimated; 8. First Illinois internal revenue district; 9. Monthly average receipts 1919=100. Page 12 April
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