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R E D IT C O N D IT IO N S IN T H E C IT IE S AND IN D U S T R IA L C E N T E R S O F T H E
Seventh Federal Reserve D istrict continue to reflect the gradual improvement in evidence
during March. In some sections the reports to this bank covering March, show increased oper
ations on the basis of actual orders, while in others, actual orders, resulting from inquiries, are
not yet apparent. The continued downward trend of money rates indicates that the March
demands did not m aterially check the easing of money conditions. The over-subscription in this
district and in the entire country of the April 15 issue of United States Certificates at a rate of
three and one-half per cent, is also significant.
C
Heavy rains with bad road conditions have retarded trade in the country districts, and also have
delayed the spring plowing. The growing crops throughout the district are giving promise of
further improvement in the agricultural sections.
Efforts to re-establish dairy herds in some localities have called for increased credit accom
modations for that purpose in sections where these herds were reduced during the war, to comply
with the insistent demand for increased grain production and because of the greater profit on grain
at war prices. W ith changed conditions, some lands are being converted into pasture. From
some sections of this district there is reported a marked falling off in the inquiry during March
for funds for first m ortgages on farm lands.
PO SITIO N OF TH E FEDER AL RESERVE BANK OF CHICAGO
Loans made to member banks by the Federal Reserve Bank of Chicago during the first weeks
of April showed a downward tendency, similar to that which took place during the first part
of March of this year. The trend during the preparation for the tax period the latter part of
March was upward, and while the movement of this item has been irregular, the aggregate is
still above the low point recorded about the middle of March.
Up to the latter part of 1920, loans to member banks increased, but since th at time they have
decreased rapidly, as is shown in the accompanying chart. M onthly data are the daily averages
for the month indicated, while the weekly data during March and April are the actual figures
at the time of the weekly published statem ent. The increasing difference between loans to mem
ber banks and the total earning assets indicates increased holdings in investm ents since the first
V olum e
5,
N um ber
4
C o m p il e d ' A p r il
26, 1922
F E D E R A L R E S E R V E B A N K O F C H IC A G O
C O M P A R A T I V E P O S IT I O N
of the year. There has been a fairly steady increase
in total reserves since the latter part of 1920. During
the last weeks of March, this year, however, there
was some decrease.
Federal Reserve notes, on the other hand, have
shown a steady decrease since the latter part of 1920,
and were fairly steady during March and April. In
crease since the latter part of 1920 in the ratio of total
reserves to deposits and Federal Reserve note liabilities
combined, reflects the improved condition of the bank.
R E P O R T IN G M E M B E R B A N K S S E V E N T H D I S T R I C T
C O M P A R A T I V E P O S IT I O N
B A N K T R A N S A C T I O N S IN B A N K E R S ’ A C C E P T A N C E S
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
=LL
Mar.Apr.
Loams,D iscounts and Investments . ____ ,Weekly Data
L oans a nd D is c o u n t s
D e p o s it s . ------ --— - Page 1
April
,»»■.. . . .
During March and the first part of April, this ratio
did not fluctuate materially.
Member Banks in the Seventh Reserve District
The decrease in loans and investments combined
from the peak of 1920 and the irregular trend of de
posits at members banks in Chicago, Detroit, and other
selected cities of the district, are. shown in the ac
companying chart. The figures are based on weekly
reports from more than one hundred selected member
banks, and, while the number has been reduced in the
period covered, owing to consolidations of reporting
banks and liquidation, the changes do not affect the
trend. Averages for the months shown are those of
the weekly figures.
Figures for loans and discounts separately are not
available for 1920, but the totals of loans, discounts,
and investments give an idea of the trend. The effect
of Government financing is especially noticeable in in
vestment holdings of Chicago banks on March 15.
War Finance Corporation
Continued falling off in advances approved for
states in this Federal Reserve district by the War
Finance Corporation was in evidence during March and
the first part of April. This is especially noticeable in
Iowa, where the advances since March 11 have aver
aged less than $200,000 a week, compared with an
average of more than $750,000 for the ten preceding
weeks. Advances in the other states also were small,
although Illinois and Wisconsin each had weeks in
March and April which showed comparatively large
amounts.
Bankers’ Acceptances
Reports on bankers’ acceptances made to this bank
by twenty-seven banks in this Federal Reserve district
show considerable fluctuation in amount of bills ac
cepted since July of last year, and bills sold follow
the same general trends.
March purchase rates were reported to this bank
ranging from 3% to 5 per cent, although most rates
were reported at 4 and 4'/& per cent. Maturities of
bills purchased were divided as follows: 30-day, 17.4
per cent; 60-day, 32.0 per cent; 90-day, 50.6 per cent.
Most of these were reported drawn against meats and
provisions, grain, coffee, agricultural machinery, skins,
and silks.
Six bill dealers of this Federal Reserve district re
porting direct to this bank show average weekly pur
chases in the district during the five weeks ending April
15, amounting to $2,275,000 compared with $2,889,000
for the four weeks immediately preceding; and average
weekly sales of $2,797,000 compared with $2,526,000.
These amounts represent only purchases and sales to
customers in this district, and do not include trans
actions between branches of the same house. In the
period ending April 15, transfers from other branches
were made for sales in this district. Bills held at the
close of the period show a decrease of nearly 50
per cent.
Bankers’ acceptances bought by the Federal Reserve
Bank of Chicago show an increase from twelve millions
during February to fourteen millions during March.
A decrease is noted in bills held at the close of the
month from seventeen millions to thirteen millions.
Commercial Paper
March sales of eight commercial paper dealers re
porting direct to this bank aggregate 70 per cent more
than during February. The increase was general among
the reporting dealers. The demand for paper has been
good, with the supply running lower. Rates were re
ported lower during March, ranging from 4j£ to 6 per
cent, with the customary rate from 4^4 to 5}4 per cent.
Debits by Banks to Individual Accounts
Debits to individual accounts, as reported to this
bank from the leading clearing house centers of the
Seventh Federal Reserve District during March and
April, 1922, show considerable fluctuation, but with
larger increases than were reported in 1921. Com
pared with the corresponding periods of 1920, debits
still show a marked decrease. Based on weekly reports,
the ratio of the average for the weeks in the months
indicated to the average during 1920, is shown in the
accompanying chart. Debits beginning January, 1921,
are not exactly comparable with 1920 figures, since the
1920 reports are not available for all the 166 clearing
house centers reporting in 1921 and 1922. In January,
D E B IT S T O IN D IV I D U A L A C C O U N T S
A T C L E A R IN G H O U S E B A N K S
R A T I O T O A V E R A G E IN 1920
S A V IN G S
S T A T I S T I C S C O M P A R E D W I T H 1920 A V E R A G E
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
1921, the number of reporting clearing house centers
was increased, and this increased the volume of clear
ings for the United States about two per cent over what
it would have been without these additional centers.
Savings Accounts and Deposits
Savings deposits in this Federal Reserve district in
creased materially during 1920, but decreased almost
continuously during 1921 up to October, as is shown in
the accompanying chart. There was some increase, how
ever, on December 1, 1921, and January 1, 1922, followed
by a decrease on February 1, 1922; since that time
there has been practically no change. These deposits
are those subject to notice as reported to this bank
by 190 banks in this district, with aggregate savings
deposits of 737 millions on April 1. The number of
banks varies for the different months on account of
consolidations and the introduction of savings accounts,
but the figures are strictly comparable.
Statistics reported by 122 of these banks, with sav
ings deposits of 654 millions on April 1, show trends
for the average accounts following a course similar to
that of the amount of deposits. The average account
for these banks has decreased considerably, however,
from the average during 1920.
Bonds and Investments
The outstanding feature in the investment market
in March was the continued strength in the market
price of corporation, municipal, and railroad bonds,
which indicates a demand in excess of the supply of this
class of securities. Even current industrial bonds, which
the public has been scrutinizing more carefully than any
other class of securities, have been readily disposed of.
All issues of Liberty bonds advanced steadily during
March and the early part of April.
April
Page 3
AGRICULTURAL PRODUCTION AND CONDITIONS
Winter grains in the Seventh Federal Reserve Dis
trict were in fine condition in early April. However,
some wheat sown late in the fall shows signs of being
stunted, especially in Michigan and Wisconsin, but the
percentage is small and little wheat acreage is reported
abandoned. Some damage is reported in Northern Illi
nois from the abundance of moisture. Fields in early
April were too wet to permit the sowing of oats or any
considerable starting on spring plowing.
Inability to sow oats on account of the continued
wet weather will cause a shifting of these fields to corn,
especially in Iowa and in Indiana. This may increase
the corn acreage, which otherwise would have been
smaller than last year. Illinois indications are for about
the same corn acreage as last year. Preparations are for
a larger acreage of both soy beans and alfalfa in some
sections.
The Bureau of Markets and Crop Estimates reports
the comparative condition of winter wheat and rye
on April 1 in the five states lying in the Seventh Fed
eral Reserve District, as slightly lower than for the same
period a year ago, and computes the probable production
of winter wheat for the United States at 572,974,000
bushels compared with the 1921 estimate of 587,032,000
bushels.
rather light the early part of April, but some wheat
was bought for shipment to Italy toward the middle
of the month. Stocks of grain in public and private
warehouses at the principal points of accumulation, at
lake and seaboard points, and in transit in the United
States, for the week ending April 8, 1922, compared
with the corresponding periods a month and a year
previous, follow in thousands of bushels:
A p r il 8, 1922
WHEAT
CORN
OATS
RYE
W arehouses and A float. .34,163
Bonded ................ ................ 3,041
45,305
63,606
271
8,700
321
1,667
112
48,078
67,843
1,144
7,752
817
1,725
103
32,716
33,416
68
1,804
2,006
101
barley
M o n t h P r e v io u s
W arehouses and A flo a t.. .38,852
Bonded .............. ................ 6,409
Y ear P r e v io u s
W arehouses and Afloat. .17,877
Bonded ................
N o t e : These totals furnished by the Secretary of the Chicago
Board of Trade.
Contract Grain Prices at Chicago
Cash contract and future delivery grain prices at
Chicago in April showed an upward trend, after the
slightly downward movement in March, as seen from
the accompanying chart:
G R A I N P R IC E S A T C H I C A G O
Precautions are being taken to prevent the European
corn borer from reaching the corn belt. The state of
Iowa has placed a quarantine against all corn and
other farm products from the listed infested territories
in the eastern part of the United States, unless ac
companied by a certificate of inspection by the United
States Department of Agriculture.
March receipts of grain at the primary markets were
below those of the preceding month and March, 1921.
March shipments of wheat and oats from primary
markets were larger than those for February, but March
corn shipments were less; compared with a year ago,
March shipments of oats and corn were larger, but
wheat shipments were smaller. Chicago grain ship
ments compared with a month ago and last year, in
thousands of units, follow:
MARCH
1922
Flour
W heat
Corn
Oats
Rye
Barley
(bbls.)
(bu.)
(bu.) . .
(bu.) . .
(bu.) . .
(bu.) . .
1,003
1,284
12,106
6,092
286
285
MONTH
AGO
716
919
19,329
4,457
105
167
YEAR
AGO
688
1,484
10,716
5,488
172
399
March exports of grain with comparisons follow in
thousands of units:
1922
'MONTH
AGO
YEAR
AGO
835
22,668
2,210
902
7,645
1,495
464
22,052
239
1,194
5,576
1,203
1,567
13,371
99
1,750
14,601
1,369
42,312
31,596
58,311
MARCH
Barley ..............
Corn ..................
Oats ..................
R ye .....................
W heat ..............
W heat Flour .
Total V alue in Dollars
Grain and Preparations o f G ra in ..
Farmers were selling but little grain in early April
because of the condition of the roads, and because
of the spring farm work. Export grain business was
Page 4
April
*Break in curve represents changes from one option to the
other because previous option runs out.
Farm Land Cash Rent and Value
Generally speaking the trend in both cash rents and
land values on farm acreage is downward. This is re
vealed by rather scattered returns from all parts of the
Seventh Federal Reserve District. Unfortunately, no
comparative statistics on this subject with the previous
year are available, excepting for Iowa and Michigan, and
in these states the figures are rather incomplete com
pared with the data now being gathered. This state
ment, therefore, is made on general information rather
than statistical data, but it is borne out by such com
parative data as is available. For instance, the average
rent in Michigan is now $4.90 an acre, compared with
$5.40 a year ago, while in Iowa, the average rental is
$7.23 compared with $10.34, a year ago, according to
the compilation by the agricultural departments of
those two states.
The average value per acre in Iowa a year ago was
$232.00, which compares with $180.00 at the present
time. The average rental on plow land a year ago was
$10.71, whereas it is now quoted as $8.00, while the
average value of plow land was $230.00, against the
present value of $184.00. The Michigan department
has not collected these detailed statistics.
Statistics of cash rents and value per acre on farm
land for this year now available to this bank as the
result of the cooperation of the state agricultural de
partments of Illinois, Indiana, Iowa, Michigan, and
Wisconsin, follow:
A verage A verage
VALUE
1922 RENT
111. ...$6.90
Ind. ... 6.00
7.23
Iowa
Mich. 4.90
W is.. . 5.90
P low
L and
RENT
$150.00
101.00
180.00
80.00
115.00
$7.90
7.00
8.00
5.90
7.80
P low
L and
VALUE
P a stu r e
RENT
$155.00
105.00
184.00
39.00 @ 77.00
117.00
$ 4 .9 5
P a stu r e
L and
v a lu e
4 .0 0
5 .4 5
$116.00
67.00
131.00
2.50
3.50
63.00
Flour Production in the District
Increasing activity in flour production during March
is reported to this bank by forty-nine representative
millers in the Seventh Federal Reserve District. In
creases are shown in both wheat and other flour.
P r o d u c t io n
MARCH, 1922
................ (b b ls .)..
472,385
+ 1 1 .3
+ 1 0 .8
+ 4 7 .2
+ 9 4 .5
+ 1 1 .3
+ 5 2 .3
Operations for March as reported by forty-eight
mills were 49.7 per. cent of capacity production (24hour working day), at 50.1 per cent in February, and
at 32.5 per cent in March, 1921.
Movement of Live Stock
March feeder shipments of cattle and calves from
the sixty-eight markets were 16 per cent greater than
in February and 19.7 per cent more than in March,
1921, while feeder shipments of sheep decreased 15.1
per cent compared with February, 1922, but increased
70.6 per cent compared with March last year. The
average prices of live stock per hundred pounds at
Chicago follow:
W
eek
e n d in g
15,
1922
A P R IL
C la ss
.Native B eef Steers
750-1,050 lbs...............
1,500-1,800 lb s..............
General A verage .........
Fat Cows and H eifers.
Canners and C u tters..
Calves ................................
Stockers and F e e d e r s..
H ogs ..................................
Sheep ...............................
Y earling Sheep ...........
Lambs ................................
m il l io n s
68
MARKETS tMTHE LIMITED STATES.
*
IQS
J
\
/
\
SH =EF
y
\
.....
CA TTL E
8 Y a r d s - S e v e n t h D is t r ic t .
P er C e n t C h a n g e fro m
MONTH AGO
YEAR AGO
Wheat Flour ___ (bbls.) . . 406,794
A ll Other Flour (b b ls .)..
65,591
Total
R E C E IP T S O F L I V E S T O C K
$ 7.15
8.75
M
M ARCH
1922
$ 7.30
8.80
8.00
6.00
5.50
3.60
3.30
7.25
8.75
6.85
6.85
10.38* 10.45
8.40 @ 10.00
8.30
12.75
12.75
14.40
13.75 ® 14.10
onths
FEB.
S L A U G H T E R O F L IV E S T O C K
OF
MARCH
1922
1921
$ 6.80
8.50
7.45
4.70
2.90
10.75
6.65
9.85
7.70
12.10
14.50
$ 8.40
10.25
9.05
6.65
3.65
10.20
8.10
9.90
5.80
7.80
9.65
’ Average April 1 to 15 inclusive.
Receipts and slaughter of hogs at the sixty-eight
markets in the United States decreased from February
but for cattle, calves, and sheep, increased. At the eight
yards in the Seventh Federal Reserve District, receipts
and slaughter of hogs and sheep were less than in Feb
ruary, but of cattle and calves were more. Live stock
receipts at the twenty principal markets in the United
States, for the first two weeks in April, were less than
April
Page 5
for the corresponding period in March. Slaughter at
the sixty-eight markets in March was divided as fol
lows: cattle, 624,823; hogs, 2,245,945; sheep, 779,955;
calves, 369,236; and at the eight yards in the Seventh
Federal Reserve District: cattle, 208,310; hogs, 732,646;
sheep, 224,759; and calves, 153,158.
Meats and Provisions
Returns from thirty-six meat packing houses in
the United States made direct to this bank show a
decrease of 0.1 per cent in average weekly sales (in
dollars) in March from those for February; thirtyseven show a decline of 8.8 per cent from March, 1921,
one not giving figures for a year ago, and two not giving
figures for previous month. Eighteen retail meat
markets in the Seventh Federal Reserve District show
an increase in the total sales for March over those
for February. From Chicago net shipments (ship
ments less receipts) of meat and lard during March
were 14.9 per cent more than in February, 1922, but
20.3 per cent less than in March a year ago. Ship
ments alone were greater than in February, 1922, but
less than in March, 1921. Domestic trade in fresh and
cured meats, which was rather slow in March, showed
some signs of improvement in early April. Reporting
firms show no increase in rural buying. Collections
were fair to good in early April.
Chicago March wholesale prices compared with
February showed lamb, mutton, and beef about the
same; veal and lard, lower; pork, both cured and
fresh, fluctuating with a tendency to be on the whole
slightly higher, although some cuts declined. Prices for
the first half of April showed veal and most cuts of
cured pork slightly below the corresponding period
in March; lamb, fresh pork, mutton, and a few cuts
of cured pork were higher; beef showed but little
change.
Retail prices at Chicago for beef in March were on
a par with February; veal, lower; pork, mutton, and
lamb, higher. The first two weeks in April showed little
change from the corresponding period in March, except
on pork cuts, whch advanced while veal and a few cuts
of beef declined.
Stocks of lard at Chicago on April 14, were more
than on March 31. Stocks of cured meats and lard
at principal western packing points on March. 31, were
more than on February 28. Cold storage holdings of
frozen and cured meats for the entire United States
follow in thousands of pounds:
A p r il 1,
1922
50,750
98,233
2,872
7,890
Frozen B eef ......................... . .
Frozen Pork ......................... . .
Frozen Lamb and M utton. . .
Cured B eef ........................... .
In Process ...........................
D ry Salt Pork ......................., . 70,068
In Process .........................
Pickled Pork ......................... . .121,607
In Process ........................... .225,208
Lard ............................................. . . 85,445
M iscellaneous Meats ......... . 54,856
N o t e : These holdings include
w arehouses and packing plants.
M a r c h 1,
1921
1922
55,785
114,063
219,964
86,219
2,863
38,520
13,575
7,437
10,559
10,707
61,715
158,461
77,566
96,929
98,408
160,253
207,300 223,542
128,614
61,297
56,459
87,935
1921
122,402
208,889
59,304
12,612
11,394
138,092
113,801
148,839
227,537
117,690
95,163
stocks in both cold storage
Eight large exporters of meats and lard, report
ing direct to this bank, show March exports below
those of February. The lenten season, large receipts
of Danish and Dutch provisions, and the declining
Page 6
April
German mark were factors affecting the demand for
provisionsboth from
the continent and from the
United Kingdom; the early April demand was very
limited. Prices abroad were below the Chicago market
plus the cost of transportation and packing.
The bulk of present shipments runs largely to
consignments. Drafts are being paid promptly be
cause of the care being taken before shipments are
made. Stocks abroad are reported to be about on a par
with last month, with possibly a slight increase. Ex
ports of meats and fats from the United States in
thousands of units compare as follows:
M arch M o n th
9le0 0il
...................................... (p o u n d s )..
Lard ............................................ (p o u n d s )..
Compound ..................................(p o u n d s )..
Margarine ................................... (p o u n d s )..
Pork, fresh, cured, smoked (p o u n d s )..
B eef, fresh cured, canned . . (pounds) . .
Total of all meats ................ (p o u n d s )..
Total of all m eats.................. (d o lla r s )..
1922
10,159
65,633
5,214
168
58,627
3,371
67,828
11,792
ago
Y ear
ago
8,047 8,348
78,091 83,683
3,254 4,211
134
462
59,878 59,358
2,583 3,259
68,963
*
11,083 13,560
* Figure not available.
Produce—Butter and Cheese
March production of creamery butter in the United
States was larger than for February, 1922, and for
March, 1921. The Wisconsin cheese output and the
receipts of cheese at principal Wisconsin markets for
the four weeks ending March 25, were greater than for
the preceding four-week period, and this volume was
maintained in early April. Receipts and shipments of
butter, cheese, eggs, and poultry at Chicago were more
than in February. Butter and cheese receipts were
even more than in March, 1921, but egg receipts were
less.
The wholesale price of 92-score butter at Chicago
averaged 37.65 cents per pound compared with 36.65
cents for February, but declined the early part of
April. Prices of live poultry (excepting turkeys) were
firmer in March than in February, while eggs declined.
During the first half of April, egg prices continued
steady with poultry prices firmer. Wholesale prices
of cheese at Plymouth, Wisconsin, were lower in March
than in February, but during the first half of April they
were less than for the corresponding period in March.
The Bureau of Markets reports cold storage hold
ings of poultry and dairy products in the United States
as follows in thousands of pounds:
A p r il 1,
1922
Poultry ............................................... 68,480
Butter ..............................
10,189
Cheese .................................................. 19,336
Case Eggs* ......................................
949
Frozen Eggs* .................................... 10,472
1921
62,315
16,948
24,907
1,926
20,873
M a r c h 1,
1922
1921
88,710 79,001
24,120 29,729
25,478 30,458
13
43
13,193 22,363
*In thousands of cases o f 30 dozen each._
N o t e : T hese holdings include stocks in both cold storage
ware houses and packing plants.
Boxes and Containers
Ten manufacturers of boxes and containers report
ing to this bank averaged 71.1 per cent of ordinary
capacity during the month of March. Dollar sales
increased throughout the industry, while actual in
crease in production is shown only among box board
manufacturers. Comparative percentages follow:
N um ber
R e p o r t in g
Sales in dollars .............. .........
Box board consumption . .........
Lumber consumption . . . .........
15
10
3
M a r c h , 1922,
C o m pa red W IT H
YEAR AGO
M O N TH AGO
+ 17.5
+ 2 0 .2
— 6.1
— 2.7
+ 2 4 .8
+ 4.0
INDUSTRIAL EMPLOYMENT CONDITIONS
Manufacturing industries made a further definite
but for the Tailors-to-the-Trade who show an increase
improvement in employment conditions during the month
in activity during this time. Stone and cement plants
of March. Sixty-five industrial centers included in
resumed operations on a large scale, as indicated by an
the survey by the United States Employment Service
increase of close to 33 per cent. Automobiles and
show an aggregate increase of 2.5 per cent in the num
accessories are still adding more men and are now
ber of workers. The Illinois Department of Labor, with
employing 12 per cent more men than a year ago, with
reports from 925 firms in the state, finds the gain made
practically the same amount of payrolls as at that time.
by these firms during the month to be 1.6 per cent.
The monthly report from the Employers’ Association
Firms reporting directly to this bank on industrial con
of Detroit shows an increase of 9.4 per cent in the
ditions for the Seventh Federal Reserve District show
“Vehicles for Land Transportation” industry of that
an increase of 2.3 per cent as reflected in the following
city.
table:
Iron and steel products continue to show an en
D is t r ic t
C h ic a g o
couraging improvement. Agricultural machinery and
Number of firms reporting.............................
293
62
railway equipment increased each by about 15 per cent
Total number employed March 31, 1 9 2 2 ..
1 7 5 ,2 3 8
5 5 ,5 4 2
Number employed as compared with—
in employment and 30 per cent in payroll. Improve
(a) the preceding m onth...........................
+ 2 .3
— 0 .8
(b) the same month a year ago............
+ 2 .1
— 2 .3
ment in this industry during the last three months is
A m ount o f payroll as compared with—
reflected in the returns of forty-six firms reporting to
(a) the preceding m onth.............................
+ 1 1 .0
+ 6 .3
— 4 .8
(b) the same month a year a g o ............
— 1 0 .5
this
bank and is clearly indicated in the accompanying
Pay per man as compared with—
(a) the preceding m onth...........................
+ 8 .5
+ 7 .1
chart covering two years.
(b) the same month a year a g o...........
Percentage of production to ordinary
capacity— .
(a) March, 1922 ..............................................
(b) February, 1922 .......................................
(c) March, 1921 ..............................................
— 6 .7
— 8 .4
C H A N G E F R O M A P R . 30, 1920, IN E M P L O Y M E N T A N D
70
64
58
69
64
65
While the increase in the number o f w o r k e r s , a s
shown by the above table, is not especially large, that
of total payrolls is considerable, indicating that many
men already at work are getting back to full-time
schedules. Particular mention is made of this fact
by certain industries in comparing present conditions
with those of a year ago. Thus, an iron foundry states
that, whereas their men were working only eight hours
a day and three days a week, a year ago, they are now
working nine hours and five days a week. Several
other firms coming under the group of unclassified iron
and steel products report similar changes. A large
musical instrument factory reports a five-day schedule
now as against three-and-one-half days in March, 1921,
with a consequent increase in total payrolls that out
While manufacturing industries are thus on the road
weighs any wage reduction that has been put through
to recovery and the demand for farm labor is helping
in this industry.
further to relieve unemployment, the coal strike that
Of the twenty-nine industrial groups, into which
went into effect April 1 added a total of 137,000 union
these returns are classified, all but eight show increases
miners to such unemployed within the states of Illinois,
for the month, both in number of workers and amount
Indiana, and Iowa. The issue between the railroad em
of payrolls, and of the eight decreases the largest was
ployes and the carriers, now before the United States
for the tailoring industry amounting to 6.4 per cent.
Railway Labor Board, is another factor on which in
This decline is seasonal, wholesale manufacturers of
dustrial improvement is waiting and until a settlement
clothing having about completed their spring orders at
of this is made, progress will necessarily be slow.
this time. The figures would have fallen still further
BITUMINOUS COAL PRODUCTION
Production in the Seventh Federal Reserve District
When approximately 600,000 coal miners in the
also showed a material increase during March. The
United States went on strike on April 1, estimates show
total output from all Illinois mines for the month
that over 50,000,000 net tons of bituminous coal had
reached 8,438,935 tons, an increase of 13.6 per cent
been produced in the country’s mines during the month,
compared with February, and of 65.5 per cent, com
an increase of 64.0 per cent over February production,
pared with March, 1921, while 176 mines in Indiana
report an output of 2,582,014 tons for March, as
and considerably in excess of any month’s output dur
against 2,058,926 tons for February.
ing the past year. This increase, however, did not
Indiana mines operated 51.4 per cent of full time,
materially raise the low mark set for the coal year
as compared with 49.6 per cent in February, the per
ended March 31, the 434,279,000 tons of bituminous
centage of full-time hours lost being distributed as fol
coal mined during that period being the lowest ton
lows: transportation, 1.5 per cent in March, against 1.1
nage produced during the past ten years.
April
Page 7
per cent in February; labor trouble, 2.9 per cent, against
1.6 per cent; mine disability, 5.7 per cent, against 6.5 per
cent; and lack of market, 38.5 per cent, against 41.3 per
cent. The estimated tonnage lost from these causes was
1,788,578.
During the first week of the nation-wide coal strike,
the estimated total output of 3,582,000 tons produced
came almost entirely from the non-union mines of the
eastern district, which so far have not been materially
affected by the general strike call. While this output
was the lowest for any one week in recent production
records, operators still producing explain the dull market
as an important factor. Reports would indicate that
from 60 to 64 per cent of the total bituminous ton
nage of the country has been closed, while the strike
in the anthracite fields is practically one hundred per
cent effective.
Bituminous reserve stocks on hand approximated
63,000,000 tons on April 1, which the Geological Survey
estimated as sufficient to last fifty-two days, based on
January and February consumption and if evenly dis
tributed. It is estimated that the mines now operat
ing are capable of producing about 40.0 per cent of the
present consumption.
The apparent unconcern of the consumer has been
one of the remarkable features of the present strike.
Public utilities and railroads have been the principal
buyers for storage, reports estimating their reserves
at from sixty to one hundred and twenty days’ supply.
Prices on most grades of coal remained steady dur
ing the first week of April because of the large stocks
on hand and the dull market. At the beginning of the
second week, however, the market strengthened mate
rially in the East and slightly in the W e|t. Smokeless
coal quotations showed a dollar increase in Chicago.
Screenings are scarce, and have been rising steadily
since the middle of March. Domestics are holding
steady in price, but with no demand.
MANUFACTURING ACTIVITIES AND OUTPUT
Agricultural Machinery
was 19,349 from companies reporting 12,861 trucks built
Agricultural implement manufacturers in the Seventh
in February, an increase of 50.4 per cent. Truck pro
duction during February by all reporting manufacturers
Federal Reserve District making returns direct to this
bank show a seasonal increase in March sales from those
was 12,8981 The estimated production of passenger
in February in practically all lines, the greatest increase
cars and trucks during the first quarter of 1922 was 62
being in heavy and threshing machinery, but general
per cent over that of the same period of 1921. March
farm machinery shows a healthy gain also. A good
shipments, partly estimated, also show a large increase
volume of inquiries for heavy machinery continued
over the preceding month and a year ago. The National
in early April. Dealers in general lines were showing
Automobile Chamber of Commerce estimates this in
no disposition to stock up, but have been reducing their
crease at 32 per cent over February, and 65 per cent
hold-over inventories from the preceding year.
over March of last year, based on the factory shipping
Production is considerably below that of a year ago,
figures for all manufacturers as follows:
C arloads
D r iv e a w a y s
B oat
because of the large 1921 stocks carried over by manu
1922
1921
1922
1921
1922
1921
facturers. Except for a few minor price recessions,
March .............. 25,210* 16,287 15,804*
9,939
264
75
.........
19,636
9,986
10,173
7,507
180
99
February
principally on gas tractors, prices in March and early
January ............ 15,297
6,485 7,467
3,185
143
93
April were about on a par with those of February. Col
*Partly estimated.
lections, when compared with sales, are better than
Reports from dealers in regard to the used car
they were a year ago.
market indicate that this branch of the automobile
Returns from fifteen firms indicate an increase during
business is shaping up better and the demand is im
March in domestic shipments of pitcher pumps and
proving.
hydro-pneumatic outfits for the Seventh Federal Reserve
Iron and Steel
District, and in hydro-pneumatic outfits and all other
Substantial improvement in the sales of steel and
hand and windmill pumps for the United States. All
iron in the Seventh Federal Reserve District is shown
other domestic shipments declined during the month.
over February in reports made direct to this bank. All
Foreign shipments, however, showed a decided increase.
classes of industries, except manufacturers of agricul
Total domestic and foreign shipments for this district
tural machinery, were buying actively in early April,
increased 0.1 per cent and 10.0 per cent over February
and many customers have placed orders for the replen
totals, as to units and value, respectively. Total ship
ishment of their stocks, because of their inability to
ments for the United States increased 15.5 per cent in
secure as prompt deliveries as have been made the last
value, and 0.3 per cent in units shipped.
few months. The export demand has been good. Sev
eral additional stacks in the United States were blown
Automobile Production and Shipments
Marked increase in both production and shipments
in during March, including three in the Illinois and
of automobiles during March over the preceding month
Indiana district. In the Gary district the mills are
and a year ago is shown in the statistics reported
operating nearer capacity than at any time in many
through the National Automobile Chamber of Commerce
months. Comparative figures in gross tons follow:
M arch
Y ear
M onth
and direct to this bank. The production of passenger
ago
ago
1922
cars during March by manufacturers, representing ap
P ig Iron Production
273,444
361,003
344,675
Illinois
and
Indiana................
proximately 90 per cent of the total February produc
2,034,794 1,630,180 1,595,522
U nited States^ ....................
tion, was 152,512 compared with 98,487 by identical
Steel Ingots (thirty companies) 2,370,751 1,745,022* 1,570,978
■{•Unfilled Orders, U . S. Steel
companies in February, an increase of 54.9 per cent.
4,494,140 4,141,069 6,284,765
Practically complete returns show an output of 109,005
’ Revised figure.
cars during February. Truck production during March
f A t close of month.
Page 8
April
Prices of iron and steel per gross ton at Chicago
compare as follows:
W eek
APR. I S ,
Lake Superior Charcoal
P ig I r o n ..............................
Malleable .................................
Average 14 iron and
steel products in the
U nited S t a t e s ....................
1922
-------------- M o n t h s
M ARCH
o f -------------FEBRUARY
MARCH
1922
1922
$26.90
20.00
$30.50
18.85
$38.50
26.50
34.02
32.97
32.86
45.37
Hide and Leather Markets
The packer hide market at Chicago was active dur
ing March and early April, but at New York was
rather quiet after the middle of March. Country hides
were only moderately active at Chicago and New York
in March and the first part of April.
Sales of green calf skins in the Middle West during
March were greater than in February; while Chicago
sales in early April were meagre, there was some ac
tivity at New York. Sheep skin sales were quiet at
both Chicago and New York.
Net shipments at Chicago and shipments alone of
green hides and skins were larger than in February,
1922, but considerably less than in March, 1921. Official
holdings of the principal items of green hides and skins
in the United States on March 1, 1922, with percentage
comparisons, follow:
M arch l,
1922
5,761,394
3,770,581
8,083,020
13,044,644
C hange
MONTH
AGO
— 4.8
— 4.4
— 14.9
+ 6.2
fr o m
YEAR
AGO
— 27.4
— 16.8
— 31.2
+ 4.4
The average prices of green hides at Chicago, with
comparisons, follow:
A p r . 15, A pr . 16, M arch
1922
1921
1922
Hides
H eavy Native Steers (Packers) $13.50 $10.50
12.50
8.75
B utt Brand (Packer) ...........
9.00
H eavy N ative Steers (Country) 8.75
6.25
3.50
Branded (C o u n try )....................
Skins
Calf .................................................. 12.50* 13.50
1.08
2.10
Lamb ...............................................
F eb .
1922
$13.25
12.25
8.25
6.00
$13.75
14.50
9.00
6.50
13.50
2.27
13.75
2.11
*Range $10.00 to $15.00.
N o t e : A ll e x c e p t lamb s k in s p ric e d by th e h u n d r e d p o u n d s ;
lamb s k in s a r e p ric e d p e r s k in .
Leather and Tanning
Returns from seven tanners in the Seventh Federal
Reserve District indicate a decline in March sales of
the majority of leathers, especially those used in the
manufacture of shoes, but strap, bag, case, harness, sole,
and calf showed a small increase. Sales of all leathers
were greater than for the same period in 1921. The
demand was extremely quiet in early April; shoe manu
facturers continued to purchase only for immediate
requirements, showing no disposition to anticipate re
quirements for even a limited time. Low grades and
cheaper leathers and specialty kinds seemed to be more
in demand than others. Purchases of leather belting
in early April were greater than a month ago.
Early April prices of leather were about on a par
with those of March, although there was some tendency
to shade on larger sales. Stocks held by the five firms
reporting on this item were about the same as for the
previous month, with a possible slight increase. Stocks
of the principal kinds of leather on hand in the United
M a r c h 1,
1921
$26.00
20.00
Cattle H ides (hides) .............. .
Calf and Kip (skins) .............. .
Goat and Cabrettas (skins) . .
Sheep and Lamb (skins) . . . .
States on March 1, 1922, with percentage comparisons,
follow:
Cattle Upper Leather (sides) ............
Sole Leather (backs, bends, and sides)
Cattle Upper Splits (equivalent sides)
B elting Butts (butts) ..............................
Harness and Case Bag (sides) ............
Calf and Kip (skins) ..............................
Goat, Kid and Cabrettas (s k in s). . . .
Sheep, Lamb, and Shearlings (skins)
Offal, B elting and Sole (pounds) . . . .
Cut Soles (dozen p a ir ).........................
1922
8,053,436
11,836,234
5,521,241
897,580
817,099
8,609,464
24,955,000
11,384,599
81,793,269
8,679,636
C h a n g e fro m
MONTH
YEAR
AGO
AGO
+
1.2
+
2.2
—
+
+
+
+
+
3.6
5.5
2.4
5.3
1.5
2.5
+ 2.0
—0.0
— 14.2
+ 9.9
— 0.9
+ 16.5
+ 9.6
+ 15.2
— 4.1
+ 11.5
+ 4.1
+ 11.6
Shoe Manufacturing
Twenty-three shoe manufacturers in the Seventh
Federal Reserve District, reporting direct to this bank,
averaged 67 per cent of maximum production during
March. Stocks of shoes held by twenty firms selling
principally to retailers were equal to three and one-half
weeks’ business, but, eliminating one firm selling prin
cipally on order, the average was raised to four and
one-half weeks’ business, computed on March produc
tion. Stocks held by four firms selling principally to
jobbers and wholesalers were less than one weeks’
production.
Although unfilled orders on hand for twenty-five
firms were less than for the preceding month, at
the end of March they were 72.6 per cent larger than
stocks on hand, 9.9 per cent more than March ship
ments, and 22.6 per cent more than March production.
March shipments were 11.4 per cent greater than March
production. Changes follow in percentages, based on
pairs, March, 1922, compared w ith:
N u m b e r M o n t h N u m b e r Y ear
OF FIRMS
ago
OF FIRMS AGO
Seventh Federal Reserve D istrict
Production .................................... .
Stocks on hand at end of
month .............................................
Shipments .................................... .
Unfilled orders on h a n d ......... .
31
31
24
+ 10.1
18
+ 4 0 .2
— 11.2
16
19
10
— 5.0*
+ 41.8
+ 12.3
+ 14.9
— 6.3
*Ten concerns show an increase of 154.5 per cent.
While one firm can promise immediate delivery, the
range on deliveries is from three to nine weeks.
New business in early April was reported slow with
shoe buyers not interested, orders being for small quan
tities with but little buying for future delivery. To
ward the middle of April some improvement was noted
by four manufacturers. Sporting goods and extreme
styles were reported to be in better demand than other
lines.
Clothing and Tailoring Industry
Few new spring orders came in during the month
of March, thus leaving the total volume for the sea
son at practically the same figure as reported by whole
sale clothing manufacturers a month ago. Further can
cellations were made and these now amount to about
10 per cent of the season’s orders. In comparison
with a year ago, orders for the season average about
26 per cent larger. Conditions vary greatly, however,
ranging from a decrease of 50 per cent to an increase
of 100 per cent among the several reporting manufac
turers. Production and shipments are somewhat lighter
than they were at this time a year ago. In the Tailorsto-the-Trade industry seasonal activity is apparent and
operations are slightly ahead of those of March, 1921.
April
Page g
The following tables show comparisons of returns in
percentages:
Clothing M anufacturing W holesale—
Number o f firms reporting ....................................................
9
Orders for spring from opening of season to date of
report compared with orders during a similar period
of time for last year’s spring s e a s o n .................................. + 2 6 .4
Cancellations received during corresponding periods—
(a) Percentage o f 1922 spring d e liv e r y .........................
10.4*
(b) Percentage of 1921 spring d e liv e r y .........................
9.6*
Number o f suits made as compared with—
fa ) February, 1922 ............................................................... — 4.5±
(b) March, 1921 ........................................................ ........... — 5.7
Number o f suits shipped as compared with—
(a) February, 1922 ............................................................. + 12.8 J
(b) March, 1921 .................................................................... — 5.7
T ailors-to-the-T rade—
Number of firms reporting........................................................
13
Orders for suits as compared with—
(a) February, 1922 ............................................................... + 7 9 .8 +
+ 8.6
(b) March, 1921 ...................................................................
Number of suits made as compared with—
+ 8 9 .7 +
(a) February, 1922 ...............................................................
(b) March, 1921 ......................................._.............................. + 7.1
Number o f suits shipped as compared with—
(a) February, 1922 ................................................................. + 9 0 .0 +
(b) March, 1921 ...................................................................... + 5.5
*Based on returns from six firms; + nine firms; ± seven firms.
Furniture
During March the furniture industry showed con
siderable improvement in increased orders and ship
ments. Although still below normal productive capacity,
business is considered good and prospects are reported
brighter in spite of a backward spring season and
hesitant buying. Cancellations were heavier during
March, while collections showed a slight improvement
compared with February and with a year ago. The
figures for March compared with the preceding month,,
follow:
S e v e n t h R eserve
D is t r ic t
M ARCH
1922
Number Reporting* . .
Orders ................................
Shipments .........................
Cancellations ..................
Unfilled Orders April 1
Production percentage
of normal .....................
C hange
49
$2,530,437 + 6.9
2,671,653 + 1 6 .3
130,131 + 6 3 .1
3,853,240
-----80.4
U n it e d S tates
M ARCH
1922
C hange
96
$3,589,027 + 1 0 .4
3,743,135 + 1 7 .8
263,733 + 5 9 .8
4,667,589
-----78.0
*Based on combined returns to Associated Furniture, and to
this bank.
Eighteen manufacturers in this district reporting
direct to this bank show March orders 0.9 per cent
below those of the same period in 1921, while ship
ments show an increase of 36.5 per cent, and unfilled
orders, of 42.5 per cent. Finished and semi-finished
stocks on hand April 1 were 7.1 per cent lower than
on the same date a year ago. Cancellations increased
111.0 per cent.
Raw Wool and Finished Woolens
Returns direct to this bank indicate a smaller volume
of raw wool sales in March than in February, 1922,
or in March, 1921. Contracting between dealers and
producers for the spring clip was limited up to the
middle of April and even the Jericho clip of nearly
three-quarters of a million pounds remained unsold.
Growers placed a higher price on 1922 wool than dealers
were willing to pay, and also higher than seaboard
markets seemed to warrant, along with the uncertainty
of the tariff and the decreased buying power of New
England mills since the curtailment of operations be
cause of labor trouble. The weather has retarded the
shearing of wool. Production for the season to the
middle of April was behind that of last year, except
at local slaughter stations. Shearing in Iowa does
not start much before the close of April.
Page io
April
Domestic markets were rather quiet in early April.
Pulled wool prices were unchanged from those of
March, and, while prices of good wool were actually
no lower, some price reductions were made by firms
who had expected further advances and had made their
prices on a future basis rather than on the going
market. Stocks of raw wool in the hands of dealers
at the end of March showed but little change from
those of February, but the total stocks held by dealers
and producers were considerably below those for March,
1921, at which time a large portion of the 1920 clip was
still on hand.
Sales of finished woolens from three mills in the
Seventh Federal Reserve District were about on a par
with February, 1922, and March, 1921. While up to
the middle of March there were no marked changes in
prices from those of a month ago, there was some ten
dency to advance.
Paper
Mills in the Box Board Manufacturers Association
located in the central states and manufacturing 70 per
cent of the United States output of this commodity,
report their operating time for the month of March at
70.5 per cent of capacity in 1922, as against 64 per
cent of capacity during the same month a year ago.
Sales of both coarse and fine paper reported to
this bank by five firms have increased during March
as compared with February. When compared with
March, 1921, fine paper sales show an increase, while
coarse paper shows a decrease. Collections were re
ported slightly improved.
Transportation Conditions
The trend of the carloadings of revenue freight
throughout the United States since the first week in
January of this year has been steadily upward; this
is the reverse of the first quarter of 1920 and 1921
during which periods carloadings dropped to their low
est levels for the year. Comparing the four-week period
ending March 25, 1922, with the preceding four-week
period increases were shown in all commodities ex
cepting live stock, and grain and grain products. Com
pared with the corresponding period of last year, the
loadings of each commodity increased, the most notice
able being coal shipments which were 51.7 per cent
more than in March, 1921.
The latest figures available are those for the week
ending April 1, when both in the central western dis
trict and throughout the United States the carloadings
were less than those of the preceding week. This can
be entirely accounted for by decreased shipments of
coal. The statistics of carloadings for the central
western district covering the four weeks ending March
25, and the per cent change compared with a month
and a year previous follow:
Grain and Grain P rod u cts..
Live stock ..................................
Coal ...............................................
M erchandise ..............................
M iscellaneous ...........................
T otal ....................................
C urrent
46,043
38,615
92,259
126,142
154,440
457,499
M o n t h A go Y ear A go
+ 4.6
— 25.6
— 1.6
— 8.7
+ 73.6
+ 9.7
+ 3.0
+ 9.0
+ 6.4
+ 5.7
+ 10.5
+ 1.6
Carload shipments of fruits and vegetables for the
United States are shown in the accompanying table:
a pples
CABBAGE CELERY
str aw O N IO N S POTATOES B ERRIES
T his Season
to April 1 .. 84,593
37,751
14,798
20,813
202,286
372
to&April 1 .. 104,744
36,680
13,427
27,869
176,806
724
MERCHANDISING CONDITIONS
Wholesale Trade
For the first time since returns have been made by
the present group of wholesalers (September, 1921),
all classes show gains in dollar sales over the preced
ing month, and with the exception of dry goods the
increases are the largest yet noted. Average daily
sales are also larger than in February.
Stocks on hand are about the same as last month,
but below 1921 inventories in all commodities except
dry goods. The light stocks carried by most whole
salers are easily replenished by prompt shipments of
manufacturers. A few grocery firms have received
orders for future delivery.
Hardware firms average the largest decrease in sell
ing price from March, 1921. Although on the whole
their prices remained steady during the month, there
is a slight tendency for raw materials to advance,
while certain manufactured goods are still in the pro
cess of deflation. Some grocery firms report increased
prices for sugar, tea, coffee, cereals, and! canned goods.
The ratio of March collections to accounts outstand
ing February 28, is higher than last month for grocer
ies, hardware, and automobile accessories, but lower
than a year ago for the first two groups as well as
for shoes and dry goods. The percentage change in
net sales for March compared with February, 1922,
and March, 1921, follows:
M
e r c h a n d is e
N
Groceries ................................
H a r d w a r e ................................
Drugs ...................................... ___
Shoes ...................................... ___
Automobile Accessories . . __
D ry Goods ........................... . . . .
C hange
M O N T H AGO
um ber
+ 2 7 .2
+ 6 2 .6
+ 24.0
+ 6 2 .7
+ 2 7 .1
+ 15.2
12
11
11
10
fr o m
YEAR AGO
— 10.6
— 13.8
+ 2.8
— 28.7
— 3.4
— 5.1
Mail Order Trade
Mail order business improved during March. One
firm reports farm implement sales ahead of a year ago,
with demand especially strong for hardware and tools.
A marked gain is also noted in some wearing apparel
lines. March net sales show percentage changes from
last month and the same month a year ago, as follows:
Change
M O N T H AGO
Sears, Roebuck and Company......................
M ontgomery Ward and Company ...........
Total ....................................................................
+ 2 7 .3
+ 3 8 .8
+ 3 1 .0
fro m
YEAR AGO
— 21.4
+ 8.6
13.3
Retail Trade
March sales of sixty-eight department stores re
porting to this bank show a favorable seasonal gain
over February. Compared with the corresponding in
crease in 1921, this year’s gain is about 7 per cent less
on a dollar basis, but larger in the amount of goods
sold, which is especially to be noted considering the
late Easter. Demand seems heaviest for medium-priced
goods.
With few exceptions, dollar sales of individual
firms are below those a year ago, with the smaller stores
averaging the largest decrease when grouped according
to size of sales. Comparisons of dollar sales are
affected, however, by price reductions which are vari
ously estimated from 10 to 20 per cent.
The ratio of sales to stocks on hand at the end
of the month indicates a proportionally larger inven
tory now than in March. 1921.
Collections during the month for thirty-eight firms
were 40.4 per cent of accounts outstanding February
28, which is somewhat higher than last month, b u t
below a year ago. A summary in percentages of r e turns follows :
T urnN e t S a l e s -C h a n g e
Chicago . . . .
D etroit . . . .
Milwaukee .
Indianapolis
D es M oines.
Outside . . . .
D istrict . . . .
*
9 firms;
+
No.
12
6
4
3
3
40
68
M ONTH
8.5
+ 18.4
+ 1775
+ 3 9 .8
+ 3 8 .6
+ 2 0 .9 + +
+ 20 .9 * *
+
4; t 2;
tt
S to c k s -C h a n g e
m onth
YEAR
YEAR
37;
— 10.5
— 9.9
— 20.7
— 9.9.
— 16.7
— 24.5
— 15.5
§
33;
+ 14.8*
7.7+
5.8
6.3*
+ 13.6
+
6 . lg
+
7.5(1
+
+
+
|
32;
**
65;
over
RATE
9 .5 *
3.6*
—
—
+
+
4.8+
4.5
12.4t
16.0
3 .2 +
1 .8
—
—
0 .7 8
+
II
0.4R
3.5f
3.7
1.8|
2.6!
55; 1 54.
Chain Stores
March sales of six chain stores in the Seventh
Federal Reserve District reporting to this bank aver
age a gain of 13.2 per cent over February. Federal
Reserve Board statistics covering twenty-six groups
of chain stores located throughout the United States
show February sales ahead of a year ago for thirteen
grocery, six drug, and four five- and ten-cent stores,
but below for three cigar chains. Compared with Janu
ary, all groups except five- and ten-cent stores report
decreases.
BUILDING MATERIALS AND CONSTRUCTION
creased 39 per cent, and shipments 66 per cent. The
Lumber
While the lumber demand has not yet reached very
lumber movement during February of this year was
large proportions, there was a definite improvement
about the same as that of March a year ago. Com
in sales during the month of March according to re
parative figures in thousands of feet board measure
ports from manufacturers and dealers of the district.
follow:
Wholesalers are beginning to show some tendency to
M arch , 1922 M onth A go
Y ear A go
stock up more heavily for an active building season,
Receipts ................................ 236,540
169,840
169,691
Shipments ...........................
121,703
73,391
73,975
but retailers are still very careful in their purchases.
A slight increase is noted in the industrial demand
N et Receipts .............. 114,837
96,449
95,716
for lumber on the part of the automobile and box
Reports on lumber operations by the National Lum
trades. Reports to this bank state that there is no
ber Manufacturers’ Association for the month of March,
difficulty in obtaining desired grades of lumber, al
show decidedly improved conditions. For the total
though some items of good hardwood are becoming
month shipments and orders were about 6 and 13 per
scarce.
cent, respectively, ahead of the cut, while for the week
Receipts and shipments of lumber at Chicago dur
ending April 1, shipments were 14 per cent and orders
ing March, as reported to this bank, were much larger
30
per cent ahead of production.
than during the previous month, receipts having in
April Page II
Brick
Brick yards in the Middle West are showing signs
of greater activity, many plants having resumed opera
tions during the last month. Reports show a great
reduction in the number of burned brick on hand, while
the unburned brick are piling up in expectation of an
active building season. The price index of common
brick is now 172, computed by the Bureau of Labor
Statistics on the 1913 basis covering prices in the entire
country.
The many varieties of vitrified paving brick are
being reduced. This is the result of a joint conference
of representatives of the industry held last November,
and of a recent meeting between such representatives and
the newly established division of Simplified Commercial
Practices of the Department of Commerce in an effort
to effect a saving of many millions of dollars annu
ally. The recognized varieties of such brick have been
reduced from sixty-six to seven.
Building Contracts and Permits
The volume of building construction assumed large
proportion during March. Contracts awarded within
the Seventh Federal Reserve District as reported by
the F. W. Dodge Company amounted to $58,081,526,
which was 80 per cent more than during February and
55 per cent ahead of the valuation a year ago. Of
this amount $17,235,204 was for residential purposes.
Contemplated new work in seme of the important
cities of the district as reflected in building permits
and the percentage changes, that have taken place from
a month and a year ago, are shown in the following
table:
M a r c h , 1922
P E R M IT S
M o n t h A go
ESTIM A TED
COST
P E R M IT S
. 1,327 $19,333,900
Chicago
2,065,051
Indianapolis. . 1,218
493,445
D es M oines. .
177
4,935,392
D etroit........... 1,700
2,238,763
M ilw aukee. . . 2,664
7,681,229
24 other cities 2,922
Total ......... .10,008 36,747,780
+ 109
+ 112
+
+
+
+
+
35
105
60
116
93
COST
+ 43
+ 77
+
10
+ 50
+227
+201
+ 70
Of the twenty-four cities that are grouped together
in the above table, only one showed a decrease for the
month in estimated valuation; of the others, nineteen
went up by more than 100 per cent. In a comparison
with the figures. on the estimated valuation of a year
ago, ten out of the twenty-four cities show increases
that range from 164 to 903 per Um,
Foreign Commerce and Stock of Gold
The substantial gain in the value of our foreign
trade during March is reflected in the increased imports
of merchandise, which were 19.6 per cent over those
of February, and in exports, which increased 32.4
per cent. Exports, however, are still 14.1 per cent
below those of March, 1921.
Figures for the nine months ended March, 1922,
show the total value of the country’s imports and ex*ports still considerably below the corresponding period
a year ago. Detailed figures as given by the Depart
ment of Commerce follow in thousands of dollars:
M arch
1922
Imports
258.000
Exports . . . 332.000
E xcess of
E xports.
+ 164
—
1913 — 100.0)
1913
Coffee ...................... . $ .24%
Flour ....................... . 5.10
Sugar ....................... . 4.37
.062
Rice .........................
H ouse Paint . . . . 1.07
2.10
Prepared Roofing
.78
Polts . . . . ..............
W alking Plow . . . . 9.95
Automobile T ires . 14.25
Blankets ................ . 1.00
M attress ................ . 3.25
Shoes (W om en’s
D ress) ................ . 2.89
W ork Shoes ......... . 2.75
.05
Calico ......................
M uslin (U nbleached) .06%
.11%
Percale .................. .
.96
Taffeta ..................
.12
H osiery ..................
.89
.89
Overalls ..............
.40
Underwear .........
W aist ....................... . 1.98
D ress (S erge) . . . . 4.65
Suits (M en’s) . . . . 8.75
Page 12 April
1917
FALL P R IC E SPR IN G
•
95.9
186.7
165.2
85.5
143.9
111.9
191.0
124.6
80.0
175.0
1 2 0 .0
137.7
1 2 1 .8
170.0
153.8
113.0
130.2
125.0
164.0
156.2
87.5
186.4
236.1
102.3
FALL
—
22
+
+
+
7
94
64
35,005
134,711
932,574
2,500,159
F ebruary
N in e M o n t h s
M arch
1922
28,739
1,732
1921
87,272
710
1921-22
434,104
.20,781
1920-21
456.150
131,318
27,007
86,562
413,323
324,832
FALL
S PR IN G
1921
1920
1919
1918
S PR IN G
1920-21
3,009,279
5,509,438
N in e M o n th s
The total stock of gold available for money April 1
was $3,742,167,762, as compared with $2,943,876,553 a
year previous.
)R STAPLE ARTICLES AT CHICAGO.
kind and quality. These prices are reduced to index
numbers or percentages of the price on a 1913 base,
indicating the costs in the periods named of quantities
of the article which would cost 100 cents in the fall
of 1913.
( P r ic e F a ll ,
r t ic l e
1922
33,488
986
Excess of
Imports. . 32,502
12
+ 26
MAIL ORDER PRICE COMPARISONS
Catalogue prices of staple articles at one of the
large mail-order .houses in Chicago are compared with
1913 prices in the accompanying table. The prices are
those of the two catalogues each year, one in the spring
and one in the fall, and are for articles of the same
A
1921-22
1,879,600
2,812,174
COST
+ 12
+ 12
+
1
+ 12
1921
251,969
386,680
74,000
M arch
Im ports. .
Exports . .
+ 77
+ 4
+ 8
M arch
1922
215,743
250,748
Imports of gold into the United States during
March continued to show an increase, notwithstanding
the fact that no shipments were received from England
during that period. A large part of the gold received
came from Norway and Sweden, and much of the
latter country’s shipments are still of Russian origin.
Detailed figures as given by the Department of Com
merce in thousands of dollars follow:
Y ear A go
P E R M IT S
F ebruary
FALL
S PR IN G
1922
fa ll
S PR IN G
FALL
(current)
P R IC E
SPR IN G
102.0
233.0
179.4
151.6
194.4
111.9
198.7
124.6
97.2
219.0
137.8
99.2
225.9
189.9
174.2
183.2
126.2
282.1
143.2
107.0
365.0
152.3
91.8
225.9
201.4
177.4
182.2
118.1
233.3
143.2
107.0
369.0
169.2
136.7
210.2
224.3
177.4
267.3
135.7
264.1
158.3
124.6
439.0
204.6
185.7
252.6
263.2
250.0
241.1
140.5
200.0
163.3
106.3
385.0
213.8
176.3
278.4
393.6
271.0
241.1
154.8
216.7
184.4
97.9
395.0
244.6
157.1
280.8
572.1
319.4
255.1
197.6
279.5
178.4
117.5
495.0
336.9
89.8
153.9
148.7
88.7
245.8
150.0
220.5
190.4
83.9
275.0
198.5
85.7
169.6
135.9
77.4
211.2
126.2
165.4
172.5
69.8
225.0
17.0.8
102.0
151.0
122.0
104.8
157.9
102.4
141.0
128.1
62.8
225.0
161.5
$ .25
7.70
5.33
.065
1.69
2.15
1.10
12.75
8.95
2.25
5.25
162.3
136.4
190.0
184.6
130.4
130.2
141.7
207.9
166.3
169.2
140.0
250.0
246.2
191.3
165.6
158.3
252.8
167.4
112.5
164.4
143.6
420.0
369.’2
243.5
165.6
191.7
280.9
264.0
173.0
163.6
400.0
338.5
252.2
206.2
225.0
278.7
3 76.4
157.5
190.3
152.4
280.0
292.3
226.1
175.0
200.0
275.3
222.5
207.5
201.0
401.1
182.3
241.5
166.9
380.0
415.4
252.2
289.6
225.0
334.8
353.9
147.5
206.9
152.4
480.0
430.8
339.1
258.3
275.0
391.0
392.1
137.7
126.5
200.0
184.6
126.1
161.5
191.7
212.4
189.9
92.5
176.3
214.6
226.9
136.7
116.0
200.0
130.8
108.7
164.6
183.3
178.7
156.2
92.5
201.0
150.1
19.1.4
120.8
107.3
210.0
207.7
130.4
144.8
183.3
174.2
149.4
92.5
189.4
150.1
180.0
3.49
2.95
.105
.135
.15
1.39
.22
1.55
1.33
.37
3.75
6-98
15.75
i i 2.6
148.0
201.0
279.1
170.9
245.7
330.9
302!6
424.7
328.6
@FedFRASER