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CHICAGO, A P R IL 25, 1920
h a s b e e n a g r a d u a l t ig h t e n in g o f t h e m o n e y m a r k e t ;
rates are firming up and the banks throughout the Seventh Federal Reserve District are
borrowing freely at the Federal Reserve Bank, reflecting the abnormal demand for credit in
all lines of business.
T
h ere
The traffic situation is seriously affecting business. While the car shortage has prevented
a free movement of finished goods and has also embarrassed manufacturing facilities by non
receipt of materials, fuel and supplies, the interruption of transportation by strikes has brought
about a more acute condition. Collections have slowed down during the last sixty days, but
this is explained to some extent by the inability to deliver goods after they have been sold and
by the condition of roads in the country districts. With more settled weather conditions in
the country districts some improvement may be expected.
A G R IC U L T U R A L BO RRO W IN GS C O N TIN U E P E R S IS T E N T
Nearly two months have elapsed since the great
demand in connection with farm land transfers became
apparent. The liquidation which usually follows such
activity has not taken place to the extent expected.
There is no question that the lack of transportation
facilities has had much to do with this but it is
quite possible that this one feature may be unduly
emphasized.
Government reports do not indicate much more
than a normal percentage of grain in the hands of the
farmers, while their obligations to their banks are much
larger than a year ago. Advices in answer to special
inquiries directed to banks in all sections of the corn
belt support the Government estimate and fail to
indicate that the supplies of grain and livestock on the
farms ready for market are abnormally large compared
with other years; hence the perplexing feature of the
insistent borrowings at the country banks and the
demand upon the Reserve banks in consequence. It
is difficult, therefore, to escape the conclusion that
many banks in this territory are carrying a larger
amount than usual of real estate loans based on farm
lands at high values, or of unsecured paper given in
connection with such transactions, which, however
good in itself, can be liquidated only out of the proceeds
of crops which are not yet in the ground.
W H E R E G R A IN C O N GESTIO N F R E E Z E S C R E D IT S
Practically every bank replying to a general inquiry,
reports that there has been a greatly increased use of
credit by farmers as well as manufacturers. This
situation is particularly aggravated in some of the
agricultural districts, where farmers have not been
able to market their grain because of bad roads and
inadequate cars and where elevators are filled to
capacity.
One banker in a town in the Seventh Federal
Reserve District, which is not centered in an agricultural
district but which is a prominent grain shipping point,
estimates that credit to the extent of approximately
$5,000,000 has been granted to carry grain above
normal times. Embargoes and costly delays in ship
ments have prevented some agricultural sections from
shipping their grain or livestock. These factors have
C O M PILED A P R IL 23, 1920
had the effect of freezing credits to the amount of
value of the commodity involved. If these credits
could have been released promptly they could have
been used to finance other transactions, but being
tied up, further credit expansion to handle other
transactions became imperative.
B A N K E R S D IS C R IM IN A T IN G IN E X T E N D IN G C R E D IT
One of the encouraging developments in connection
with the loan situation is the increasing disposition on
the part of leading bankers of the district to carefully
sift loan applications. Customers are being asked to
explain specifically for what purpose they are seeking
credit extensions, with a view of determining whether
the amounts can be pared down. This discrimination,
if followed throughout the Middle West, should result
in a considerable contraction in the volume of credit
without injuring those engaged in legitimate busi
ness or impairing the ability to obtain credit where
it is essential.
Under existing conditions, strong old established
concerns who are seasonal borrowers, if at all, and who
have large balances in the bank, have the advantage.
On the contrary, persistent borrowers are seriously
handicapped, because the inability to get sufficient raw
material leaves them with their products incomplete.
One manufacturing concern estimates that the railroad
situation, combined with the shortage of labor and raw
material, has increased his use of credit 20 per cent over
and above the additional amount required because of
the higher wages and increased costs of material.
B U S IN E S S F R E T T IN G B U T D E T E R M IN E D TO GO A H EA D
There is an almost insatiable demand for everything
produced, and even the abnormally high production
costs seem to be lost sight of in an effort to go ahead
and supply the requirements.
With this volume of business causing a strain upon
the resources of the nation, necessarily failure on the
part of any factor in the situation to properly function
increases the demand for credit and adds to the financial
burden resting upon the banking system, hence the feel
ing of apprehension in industrial centers when there
loomed before the business community a menacing rail
road strike, which if extended, threatened to paralyze in
dustrial activity, and to produce a shortage of both food
and fuel. The practical shutting down of the Stock
Yards at Chicago, throwing out of work 44,000 em
ployees, and the clpsing down of 80 per cent of Detroit
industries dependent upon central station for power,
together with the cessation of operations by numerous
other mid-west plants, afford specific illustrations of
what actually did occur.
E X T E N T OF B REA K D O W N IN T R A N SP O R T A T IO N F A C IL IT IE S
Manufacturers for some months have been ex
periencing a serious interference through transportation
irregularities, and a shortage of labor and raw mater
ial. Whether this transportation inadequacy is due to
the poor physical condition of the railroads or a
record-breaking tonnage, or both, does not alter the
fact that business, already handi .apped by inefficiency
of labor and other factors, is compelled to realize on the
products of its industry or borrow more liberally at
the banks.
Motor trucks have been pressed into use wherever
possible, and yet the transportation facilities of the
country are proving inadequate. The automobile
industry is compelled to drive 20 to 50 per cent of its
output to sales agents. While railroad officials estimate
the actual shortage in freight cars at 100,000 and in
locomotives at 2,000, others estimate that under exist
ing conditions at least 700,000 cars and 20,000 lo
comotives would be required in addition to present
equipment to move the freight offered. There is
particularly a shortage of flat cars, while manufacturers
of agricultural machinery state that they are forced to
ship in gondola and cattle cars, neither of which are
adapted for this puprose but both of which are being
used as makeshifts.
Another interference with the conduct of business is
the expressmen’s strike, which has shifted a tremendous
burden to the parcel post system, thus glutting the
postal facilities and seriously retarding the delivery of
the mails.
Some relief to the traffic congestion will be afforded
by the opening of water transportation and by the
seasonal betterment in railroad shipping, providing
strikes do not paralyze rail operation.
RAW M A T E R IA L R E Q U IR E M E N T S A B SO R B IN G C R E D IT
Obviously the high level of prices and the shortage
of available raw materials necessitate, it is estimated,
double the amount of capital or credit for a given
volume of trade. This is a big factor in the loan item
not only in the country districts but in the manu
facturing centers scattered all through the Middle
West.
Illustrating this is the instance of a large pig iron
user who applied for a line of credit far in excess of
normal borrowings at this time of the year. The
disposition to reject the application on the ground
that the loan partook of a speculative operation in
pig iron brought a protest from the applicant, who
stated that it was imperative that he carry eight
months’ supply of melting iron to safeguard plant
assets and to protect contract liabilities requiring
such an amount of pig iron. Another instance was
a manufacturer who was advised by his bank to sell
some of the excessive material in his inventory. Such
sale at the existing prices would mean a clear profit
double his ordinary individual manufacturing profit.
The manufacturer pointed out that it would be im
possible for him to replace the material excepting at
an advance and that the lack of material would mean
the surrender of goodwill and the position of the con
cern, thus destroying the value of the plant as a going
business.
SH O RTA G E OF LA B O R CO N TIN U ES TO B E F E L T K E E N L Y
Shortage of labor and raw materials, vital factors
in the industrial situation, show no signs of an early
improvement. Estimates of the shortage of labor
run from about io to 25 per cent— no lines being
exempt. Particularly is there a shortage of common
labor, although of course in some lines there is a
shortage of skilled labor also.
Another important consideration in the situation is
the abnormal shifting of labor. One concern has this
to say: “ The number of accessions and separations
in our factory labor is more than we have ever known
in our history. This is a constant source of expense
because of the necessity of training and retraining
workers. It is quite evident that we lose a substantial
amount of money in this operation. This condition
can be remedied only when the time arrives that our
workers are as permanently attached to us as they
were formerly.”
The Labor Questionnaire covering March, including
representative industries throughout the Seventh
Federal Reserve District shows an average decrease
of 4.5 per cent from February in number actually
employed on the last full day of the month, and a
decrease of 9.8 per cent compared with March last
year. The average percentage of full capacity em
ployed in March was 75.1 against 77.0 in February,
1920, and 78.3 in March a year ago. The average
payroll disbursements in March showed an increase of
5.1 per cent over February and an increase of 12.9
per cent over March, 1919. There is a shortage of
labor now against a surplus a year ago.
SOM E T E N D E N C Y TO W ARD C O N SE R V A T IV E B U Y IN G IN C IT IE S
While a special investigation of retail trade in
various lines develops the fact that the public, more
particularly the wage earning or laboring class, is
still spending freely, a few points principally the larger
cities in the Middle West, report indications of a
halt or a show of conservatism. Grocery, dry goods,
jewelry and furniture concerns report a tendency to
buy the highest priced goods. There is, of course,
some saving.
On the whole the country districts continue to report
the liberal purchase of articles in the luxury or semi
luxury classes. Several grocery houses report that a
number of their staple items— for instance navy
beans—which usually have found a ready market,
particularly among the working classes, this year are
finding a very limited demand, whereas the higher
priced articles and what is termed “ fancy” groceries
are in heavy demand.
There is a distinct lessening in the buying ofjewelry
in the cities by the working classes, compared with a
month ago. Watch repairs are more promptly made
now than earlier in the year.
C A N N IN G IN D U S
Careful investigation among the leading canners in
Illinois, Indiana, Iowa, Michigan and Wisconsin
reveals considerable recovery by the canning industry,
which felt seriously the competition caused by the
dumping of the surplus stocks of the War Department
on the market at much less than the cost of production,
especially tomatoes. Not an unusually large stock
is being carried over in most instances, but the present
demand for spot delivery is far below the normal for
this season.
The chief difficulty in this industry, as far as the
future is concerned, is the decrease in acreage in all
The condition of retail trade throughout the district,
gauged by our February Questionnaire, answered by
representative mercantile concerns and reduced to
accurately “ weighted” averages, is as follows: Net
sales showed an average increase of 51.68 per cent over
the corresponding month last year. The first two
months of this year show 50.70 per cent increase in
net sales compared with the same period of 1919.
Stock inventories stood 51.80 per cent higher at the
end of February than at the same date a year ago.
Compared with January, 1920, February stocks showed
an increase of 55.68 per cent. The ratio of average
stocks to average monthly sales stood 344.8 at the
end of February against 358.3 at the end of January—
indicating the familiar difficulty in obtaining merchan
dise from manufacturers.
Outstanding orders for retail stock merchandise
showed a February ratio of 29.74 per cent to the total
of purchases in 1919. At the end of January this
ratio stood at 17.5 per cent—indicating confidence in
the outlook and willingness to stock up as fast as
deliveries can be obtained. The Questionnaire un
doubtedly shows a healthy condition of retail trade.
IS R E C O V E R IN G
states excepting Wisconsin, and more especially in
Michigan and Indiana, devoted to the production of
vegetables and other products usually canned. This
decrease is due to the inability of farmers to compete
with the prices paid for labor by manufacturing con
cerns, and also to the high price obtainable for field
corn and other products.
The present canners’crop indications are good, and
with the Government surplus out of the way, it is
estimated that the spot market will be cleaned up by
the time the 1920 pack is ready for sale. There is a
good demand for futures in all lines of high grade fancy
goods, but a very small demand for standard lines and
practically none for sub-grades. The outcome of the
1920 canners pack depends largely on the attitude of
the banks regarding the financing of the business
through the packing season.
CRO P CO N DITIO NS GOOD B U T LA B O R S C A R C IT Y CU TS A C R E A G E
The general condition of the soil and crop prospects
seem to be favorable. The season, however, has been
delayed by excessive moisture. Farmers have not
been able to start spring plowing, as a rule. The
heavy fall of snow in April damaged some crops in
certain parts of the district, but this was in no wise
general. At the same time this white covering was
very beneficial to the wheat in the ground.
Apparently the most disturbing factor in the crop
situation is the growing scarcity of farm labor, which
seems likely to develop into a very serious problem
later in the year. An example of how this is working
is to be found in the fact that upon one main traveled
road of 8 or 9 miles over a very fine farm section of
southern Michigan, more than 1,000 acres of excellent
old farming land will be practically abandoned this
season because the owners are simply unable to obtain
the necessary labor to properly till their lands. This
condition, if aggravated, will likely have an effect on
crops in a broad sense, and is bound to complicate and
render more serious the problems of the High Cost of
Living.
One benefit of the effect of this shortage of farm
labor, however, is the increased use of labor saving
machinery in agricultural pursuits. Makers of this
machinery report a good demand and say that its
use will go a long way not only toward alleviating the
labor shortage, but in intensifying production. Un
doubtedly, however, acreage is below normal because
of farm labor shortage.
M O V EM E N T OF C R E D IT L E S S A C T IV E
The movement of credit reflected in the aggregate
debits to individual account, indicates less activity
than a month ago. The total debits as of April 1 4 ,
reported by 182 banks in 22 leading clearing house
centers, including Chicago, was $1,101,984,000, which
was $7,751,000 less than the corresponding week of
the previous month, although it is still $256,473,000
greater than for the second week of April a year ago.
D ISCO U N T AN D IN T E R E S T R A T E S
The open market range of discount and interest rates prevailing in Chicago during the thirty-day period
ending April 15, 1920, together with a comparison of rates during the thirty-day periods ending March 15 ,19 20 , and
April 15, 1919, follows:
A P R IL 1920
High Low
M AR CH 1920
Customary
High
Low
Customary
A P R IL 1919
High
Low
Customary
I . Rates of discount charged by banks to customers
2.
3.
4.
5.
6.
7.
8.
for prime commercial paper such as is now
eligible under the Federal Reserve Act:
a. Running 30, 60 and 90 d ays...........................
b. Running 4 to 6 months...................................
Rates for prime commercial paper purchased in
the open market:
a. Running 30 to 90 days.....................................
b. Running 4 to 6 months...................................
Rates charged on loans to other banks—secured
by bills payable...........................................................
Rates for bankers’ acceptances of 60 to 90 days
maturities:
a. Endorsed.............................................................
b. Unendorsed........................................................
Rates for demand paper secured by prime stock
exchange collateral or other current collateral. . .
Rates for time paper secured by collateral men
tioned in No. 5:
a. Running 3 months.............................................
b. Running 3 to 6 months....................................
Rates (when paper is current in city) for:
a. Cattle loans........................................................
b. Commodity paper secured by warehouse
receipts, etc..........................................................
Rates for ordinary commercial loans running 30,
60 and 90 days, (not including loans to enable
purchase of bonds) secured by:
a. Liberty bonds.....................................................
b. Certificates of indebtedness............................
7
7
6
6
6y@ 7
6)4 & 7
7
7
6
6
6 @ 6)4
6 @ 6)4
6
6
5)4
5)4
5)4 @6
5)4 @ 6
7
7
6
6
(>y @ 7
6y @7
7
7
6
6
6 @ 6)4
6 @ 6)4
5)4
5)4
5)4
5)4
5)4® 5)4
5)4® 5)4
7
6
6)4 @ 7
6)4
5#
6 @ 6)4
6
5)4
5)4
6
6
57/8
5 7/8 @ 6
5 7/8 @ 6
6 1/8
6 1/8
6
6
6@ 6 1/8
6 @ 6 1/8
4 5/ i 6
4 5/16
4)4
5 7/8
4X
4)4 ® 4 5 / 1 6
4)4 @4 5/* 6
7
sy2
6# @7
7
6
6 @6)4
6
5)4
5)4 @6
7
6\
y2
6)4 @7
6)4 @ 7
7
7
6
6 @ 6)4
6 @ 6)4
6
6
6
5)4
5)4
5)4 @ 6
5)4 @ 6
7
6y2
6)4 @ 7
6)4
6)4
6)4
6
6
6
7
v /2
6)4 ©
7
6)4
6)4
6)4
6
5)4
6
7
6
(>
y2
6)4 @ 7
5/4
6)4
6)4
5/4
6 @ 6)4
6 @ 6)4
6
6
5
5)4
5
5)4
5)4
7
5
S E L E C T E D M E M B E R B A N K S T A T IS T IC S — S E V E N T H D IS T R IC T
(ooo’s omitted)
CHICAGO
-50 Member BanksApril 9, March 12, April 1 1 ,
1920
1920
1919
D E T R O IT
-12 Member Banks----April 9, March 12, April I I ,
1920
1919
1920
O TH ER
— 45 Member BanksApril 9, March 12, April 1 1 ,
1920
1920
1919
$59,520
$ 79,379
$55,841
11,19 5
16,831
I terns—
$90,540 $175,864
•$ 7M 33
Loans— (exclusive of rediscount)
Secured by U. S. war obligations. . 70,662
67,605
(a) Liberty Bonds........................
52,601
(b) Victory Notes........................
H , 585
(c) Certificates of indebtedness.
2 ,9 3 1
Loans secured by stocks and bonds347,566
364,838
All other loans and investments.. 869,373
929,293
849, 253*
(exclusive of rediscounts)
Reserve Balance with Federal Re104,811
serve Banks...............................
139,671
36,688
Cash in vau lt.................................... . . . 38,629
37,455
Deposits—
794,988
Net Demand................................. . ..970,485 1,023,898
269,882
Tim e................................................ . ..272,623
163,057
Government..................................
2,548
36,445
*Indudes loans secured by stocks and bonds except U. S. Securities.
{Figures for April 1 1 , 1919, were from 44 Chicago Banks.
13,036
$89,763
9> i 3
8
14,27a
2,690
765
800
60,076
309,817
256,349*
32,010
13,782
23,442
12,540
3°,939
13,445
211,639
221,834
1,10 0
229,489
220,538
1,526
167,508
166,677
261,818
115,296
13,746
2,333
30,701
$ 83,979
13,999
2,389
61,090
316,819
$60,005
58,996
332,75°
15,567
57,147
332,322
281,276*
34,238
15,058
26,034
14,251
270,801
112,784
1,072
229,291
95,706
13,497
B U IL D IN G P E R M IT S OF S E V E N T H F E D E R A L R E S E R V E D IS T R IC T C IT IE S
M AR CH 1920
No.
of
Estimated
Permits
Cost
Location
Illinois
Aurora............................................. ...........................
3°
Chicago...........................................
Decatur........................................... .................................
96
East St. Louis................................ ...........................
75
Evanston........................................ ..............................
46
Peoria.............................................. ..............................
72
Quincy............................................. ...........................
1
........................... 138
Springfield.......................................
Indiana
Elkhart............................................ ...........................
5
Evansville....................................... ...........................
85
Fort Wayne................................... ...........................
9°
Hammond.......................................
Indianapolis................................... .............................. 7 H
Richmond....................................... ..............................
15
South Bend.................................... ........................... 181
Terre Haute...................................
Iowa
Cedar Rapids................................. ..............................
75
Davenport......................................
Des Moines....................................
Dubuque......................................... ...........................
28
Mason C ity .................................... ..............................
91
Sioux C ity ...................................... .............................. 125
Michigan
...........................
63
Detroit............................................ .............................. 1,986
F lin t................................................ .............................. 5 j 6
Grand Rapids................................ ........................... 180
Jackson............................................
Kalamazoo . . . . ............................. ...........................
34
Lansing........................................... ........................... ” 9
Saginaw...........................................
Wisconsin
Kenosha.......................................... ........................... 123
M adison.. ................................. ...........................
41
Milwaukee...................................... ........................... 368
...........................
26
Sheboygan............... ................... ...........................
58
Superior.......................................... ...........................
49
$
79,870
10,600,100
646,850
272,261
M ARCH 1919
No.
of
Estimated
Permits
Cost
13
497
53
42
295,993
280,880
3,000
447, 55°
252,340
9,250
69.635
323,746
99,050
831,454
20,466
509,191
” 3,936
240,000
311,500
424,950
116,460
38,126
298,910
94,900
8,762,410
1,165,941
600,890
198,773
67,692
12 1,6 15
150,920
158,887
271,430
1,663,408
A2,C2C
21,996
34,120
$
Per
Cent
Gain
Per
Cent
Loss
234
••
...
23,950
5,098,250
123,125
425
344,070
39,455
650
i°7
43
8
110,010
25,000
155
60
60,480
4
6,500
54,325
20
...
...
90
3i7
97
x
42
28
52
55
606
28
94
98
125
104
24
26
62
15 1,12 7
78,675
529,314
12,085
97,140
53,187
84,000
101,000
301,950
126,359
26,320
225,900
1,052
220
130
82
16
61
64
3,238,440
327,800
164,343
92
20
362
...
” 5
25
57
...
185
208
...
...
69
424
H4
40
•••
46
7
...
32
...
170
...
...
370.180
44
74
64.393
28,760
116,490
50,680
77,740
255
266
2 11
134
4
196
57
1,265,440
247
31
14,570
100,799
...
...
5°
66
B U IL D IN G S T A T IST IC S FO R T H E M ONTH OF M A R C H , 1920
SE V EN T H F E D E R A L R E S E R V E D IS T R IC T
(Covering Illinois, Indiana, Iowa, Michigan, Wisconsin and portions of Missouri and Eastern Kansas.)
Class
Business Buildings.......................... .
Educational Buildings...................
Hospitals and Institutions............
Industrial Buildings.......................
Military and Naval Buildings........
Public Buildings.............................. .
Public Works and Public Utilities.
Religious and Memorial Buildings
Residential Buildings..................... .
Social and Recreational Buildings.
T o tal............................................
CO N T EM PLA T ED P R O JE C T S
No. of
Projects
Valuation
$24,0 <8,200
■
574
166
x 1,608,000
25
5,040,500
.
301
36,146,500
2
73,000
24
784,900
586
48,987,500
3,209,300
55
• 1,245
35 . 539.00°
100
110,425,000
3.078
? 275.87 I.9°o
CO N TRACTS AW ARDED
No. of New Floor Space
Projects
Sq. ft.
Valuation
3 ,114 800
403
$ I 4, I 77>IO°
907,200
5,124,600
64
16
234,000
1,140,000
218
7,366,300
30,891,900
2
50,400
209,000
10
25,500
161,900
269
19,235,570
20
204,800
1,502,000
3,7x9,400
15,748,300
899
28
293,700
1,536,900
1,929
$89,727,270
CO N TRACTS AW ARD ED
(January 1 to April 1)
1920..............................................$229,233,000
19 19 ............................................. 110,164,000
19 18 ............................................. 63,232,000
19 17 .............................................. 120,308,000
19 16 ................................................ $81,380,000
l 91 S ................................................ 43.834,000
19 14 ................................................ 38,796,000
1 9l 3 ................................................ 34,591,000
1 9 12 .................................................$22,674,000
19” ............................................ 42,764,3i3
19 10 ................................................ 48,707,809
A L L D IST R IC T S
(States north of the Ohio and east of the Missouri rivers.)
453
96
958
32
100
1,266
187
8
w
A
T o tal...........................................
i ,797
00
Class
Business Buildings..........................
Educational Buildings....................
Hospitals and Institutions............
Industrial Buildings.......................
Military and Naval buildings.. . .
Public Buildings..............................
Public Works and Public Utilities.
Religious and Memorial Buildings
Residential Buildings...................
Social and Recreational Buldings.
Miscellaneous...................................
C O N T EM PLA T ED P R O JE C T S
No. of
Projects
Valuation
43,960,400
11,908,600
119,535,800
9 ,I3 3.5°o
7
3,903,600
113,632,600
9,772,800
120,522,610
128,681,900
172,000
9 ,125
$642,849,010
3,891
338
CO N TRACTS AW ARD ED
No. of New Floor Space
Projects
Sq. ft.
Valuation
1,190
10,553,000
$52,446,700
176
3,520,000
22,145,400
655,700
3,006,300
45
104,839,900
705
23,873,700
8
261,400
911,300
129,500
1,190,900
35
546
65,733,270
404,200
2,912,500
51
16,605,000
65,459,96o
2,703
120
1,5x4,500
9,250,600
$327,896,830
5,579
CO N TRACTS AW ARDED
(January 1 to April 1)
1920..............................................$780,408,000
19x6.............................................. $223,645,000
l 9l 9 ............................................. 275,555,000
IQI5.............................................. 167,637,300
19 18 ............................................. 415,069,000
19 14 .............................................. 149,032,000
1 9 17 ............................................. 318,785,000
19 1 3 .............................................. 196,788,000
(Building statistics compiled by the F. W. Dodge Company)
19 12 ..............................................$154,413,500
1 9 1 1 .............................................. 173,904,313
19 10 .......................
R E C E IP T S AND SH IP M E N T S OF IM P O R T A N T C O M M O D ITIES A T CHICAGO
(ooo’s omitted)
Products
Flour, barrels....................................
Wheat, bushels.................................
Corn, bushels....................................
Oats, bushels.....................................
Cured Meats, pounds.....................
Fresh Meats, pounds.......................
Lard, pounds.....................................
Cheese, pounds.................................
Butter, pounds.................................
Eggs, cases .......................................
Potatoes, bushels.............................
Hides, pounds...................................
Lumber, thousand feet...................
R E C E IP T S
March
February
1919
1920
1920
1919
1,007
648
390
.....................
785
2,231
2,812
1,231
..................... 977
..................... 8,449
3 ,7 i 4
3.824
7,759
6,841
4.346
..................... 5 568
3,719
18.840
6,599
2 i ,533
82,284
79,322
90,027
..................... 7 1,844
15,282
13,670
17, 3 11
12 ,3 11
11,250
1 5,394
15,488
1 ^,946
16,370
166
13 1
377
1,128
..................... 1,098
x,66i
1,364
18,492
16,761
19,510
.....................15,040
98
124
235
SH IPM EN T S
March
1920
686
i ,375
2,804
4,679
106,701
203,092
46,469
21,040
26,371
267
378
13,789
122
1919
440
1,760
i ,572
February
1920
1919
199
734
627
3 d 41
1,964
2 .7 1 5
5,403
159,756
101,022
158,551
60,206
199,337
49,376
225,589
46,576
145
344
14,671
162
482
22,279
8,775
20,090
223
692
20,927
46
3,645
32,780
45,256
22,922
81
3,493
129,757
5,733
45
C O M PA R A T IV E L IV E STO CK S T A T IS T IC S
Receipts of live stock at Chicago for the four weeks ending April io, compare as follows:
Y ear
1920 (4 weeks)............................................................................................
1919 (4 weeks)............................................................................................
Cattle
148,245
198,520
Decrease........................................................................................ . . . .
Calves
54,741
77,870
50,275
Hogs
383,802
610,932
Sh;ep
225,196
23,129
227,130
84,056
14 1,14 0
Receipts of Live Stock at the Principal markets during March, and during the first three months of 1920 compared
with the corresponding periods of the previous year, showing the following changes:
1920
M arch................................................
Three months..................................
Cattle
2 per cent Increase
10 per cent Decrease
Calves
18 per cent Increase
17 per cent Increase
Sheep
None
3 per cent Increase
Receipts of hogs during March, 1920, aggregated 1,909,122 head against 1,845,443 in March, 1919.
The average prices compared as follows per hundredweight:
CATTLE
March, 1920................................................................................................
March, 19 19 ................................................................................................
Choice
$15.40
20.20
Three months— 1920.................................................................................
Three months— 19 19 .................................................................................
17.06
19.98
Common
$13.08
16.05
*3-37
15-97
Sheep
$13.32
14.10
Lambs
$18.82
19.00
Hogs
$14-95
19.10
12.72
11.9 2
* 9-37
17.55
..........
........
Cash lard in March, 1920 ranged from $ 19 .6 2 ^ to $ 2 1.3 7 ^ cwt- compared with $25.50 to $28.60 in March, 1919.
Cash ribs in March, 1920 ranged from $18.00 to $19.25 compared with $24.00 to $27.25 in March, 1919.
@FedFRASER