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B usiness C onditions R eserve S eventh FEDERAL Volume 9, No. 8 RESTRICT August 1, 1 9 2 6 M O N T H L Y R E V IE W P U B LISH E D BY T H E F E D E R A L RESERVE BANK OF CHICAGO BUSINESS CONDITIONS IN THE UNITED STATES N D U S T R IA L activity was at the same level in June as in May, and was slightly above the level of a year ago. The average of commodity prices advanced further between May and June. PR O D U C T IO N —The Federal Reserve Board’s index of production in basic industries remained unchanged in June. Production of iron and steel and activity of woolen machinery continued to decline, and there were also reduc tions in the output of copper, zinc, and petroleum, while cotton consumption, the m anufacture of food products, and the output of coal and cement increased. Production of automobiles was smaller in June than in May and for the first time this year was less than in the corresponding month of 1925. Declines took place in June in employ m ent and payrolls of all textile industries, except woolen and worsted goods and m en’s clothing, and some of these industries were less active than at any time since 1924. Building contracts awarded during June were slightly less than in May, and for the first time since early in 1925 were smaller than in the corresponding month of the pre ceding year. I Crop reports issued by the D epartm ent of A griculture indicated a slight im provement during June. The com posite condition of all crops on July 1 was reported as 6.4 per cent below the average July condition during the PRODUCTION WHOLESALE IN B A S I C I N D U S T R I E S I n d e x o f 22 b a s ic c o m m o d itie s , a d j u s t e d f o r s e a s o n a l v a r i a t i o n s (1 9 1 9 = 1 0 0 ). L a t e s t fig u r e , J u n e , 1926: 117. last ten years. The production of winter w heat was esti mated at 568,000,000, or 172,000,000 more than in 1925, and that of spring wheat at 200,000,000, or 71,000,000 less than last year. A production of 2,661,000,000 bushels of corn, or 8 .3 per cent less than last year, is indicated in the same report. Cotton production, on the basis of July 16 condi tion, was estim ated at 15,368,000 bales, or 718,000 bales less than the production of last year. TR A D E—Total volume of wholesale and retail trade in June was larger than for the same month in 1925. D epart ment store sales declined seasonally in June, and whole sale trade in all leading lines, except groceries, also decreased during the month. Sales of mail order houses increased more than usual in June, and were 5 per cent larger than ih June, 1925. Stocks of merchandise car ried by wholesale firms at the end of June were smaller than a year earlier. D epartm ent stores continued to reduce their stocks, and their inventories, which had been con siderably above last year’s level earlier in the year, were at the end of June only about one per cent larger than a year ago. F reight carloadings showed seasonal increases during June and continued through the first half of July at higher levels than in previous years. Loadings of grains in the southw estern states have been particularly large. PRICES I n d e x o f U . S. B u r e a u o f L a b o r S t a t i s t i c s (1 9 1 3 = 1 0 0 , a d o p te d b y t h e B u r e a u ) . L a t e s t fig u re , J u n e , 1926: 152.3. Compiled July 26, 1 9 2 6 b ase P R IC E S —The general level of wholesale prices, accord ing to the index of the Bureau of Labor Statistics, in creased from May to June by less than half of one per cent. Prices of livestock and meats advanced, and there were small increases for silk, petroleum products, nonferrous metals, and chemicals and drugs. Price decreases occurred in grains, cotton, textiles, building materials, and house furnishings. In the first two weeks of July prices of grains, flour, cotton, wool, and hides increased, while those of cattle, hogs, silk, and rubber declined. BANK CR ED IT—Loans and investments of member banks in leading cities at the end of June were in larger volume than at any previous time, and after declining during the first half of July, were still $900,000,000 above the level of a year ago. Of this increase about $385,000,000 was in loans on securities, $340,000,000 in commercial loans, and $175,000,000 in investments. Since the beginning of 1926 an increase in commercial loans together with the growth of investm ents has more than offset the reduction in loans on securities. The demand for credit at the end of the fiscal year and the increased currency requirem ents over the holiday were reflected in a grow th of member bank borrow ing at the reserve banks, and on July 7 total discounts w ere near the highest point of the year. W ith the return flow of currency from circulation after the holiday, discounts de clined, and on July 21 were in about the same volume as in the last half of June. The reserve banks’ holdings of acceptances and of U nited States securities changed little during the period, and the total volume of reserve bank credit outstanding in the third week of July was close to the June level. Money m arket conditions were firmer in July as indi cated chiefly by increases in rates on call and time security loans. Rates on acceptances and on commercial paper were also slightly higher. FEDER AL RESERVE BANK CREDIT MEMBER BANK CREDIT M o n th ly a v e r a g e s o f w e e k ly f ig u r e s f o r b a n k s in 101 le a d in g c itie s . L a t e s t f ig u r e s , a v e r a g e s f o r f ir s t tw o w e e k ly r e p o r t d a t e s in J u ly , 1926: A ll O t h e r L o a n s , 8 ,3 88 m illio n ; L o a n s o n S e c u r itie s , 5,6 45 m illio n ; I n v e s t m e n t s , 5,654 m illio n . M o n th ly a v e r a g e s o f d a ily f ig u r e s f o r tw e lv e F e d e r a l R e s e r v e B anks. L a t e s t fig u r e s , a v e r a g e s o f f i r s t 22 d a y s in J u ly , 1926: T o t a l R e s e r v e B a n k C r e d it, 1,1 82 m illio n ; D is c o u n ts f o r M e m b e r B a n k s , 555 m illio n ; A c c e p ta n c e s , 236 m illio n ; U . S. S e c u r itie s . 383 m illio n . BUSINESS CONDITIONS IN THE SEVENTH RESERVE DISTRICT U T S T A N D IN G features in the business situation of the Middle W est as the second half of 1926 began, were the improved crop conditions, the somewhat les sened purchasing of consum ers’ goods, the slight reduc tion in industrial employment, and the mixed trends in production schedules. W ith more favorable w eather during June, corn pro gressed fairly well and the small grains m atured for har vesting. O ther agricultural developments of the month were the seasonal increase in receipts of grain and the custom ary recession in shipments; the gains in production and sales of dairy products and flour; and the heavier ar rivals of livestock with accompanying increased activity at slaughtering establishm ents. Distributive statistics reflect the slowing down in de partm ent store trade, the curtailm ent in general wholesale trade w ith the exception of groceries, and the decline in automobile sales both by distributors and retail dealers. O Farm machinery sales, on the other hand, showed an ad vance over the May volume; lumber sales also averaged higher than in the preceding month, and the cement and brick industries reported active demand. Building con tracts during June exceeded the May awards, but were less than a year ago. Chicago steel mills maintained a high rate of operations for this season of the year. Of financial interest during June were the increase in the volume of check paym ents, the advance in savings deposits, http://fraser.stlouisfed.org/ Pace 2 Federal Reserve Bank of St. Louis the heavier commercial paper sales, the decline in bankers’ acceptance transactions, and the ready absorption of bond offerings. CREDIT C O N D IT IO N S A N D M O NEY RATES W ith the exception of a brief period of increased activity around the first of July in many of the larger cities, especi ally Chicago, credit conditions in the district are essentially unchanged from a month ago. The volume of demand is reported as approxim ately th at of last m onth, w ith some areas experiencing a slight decline and others noting a slight increase. In Chicago, while no change has taken place in rate levels, there is a tendency on the p art of some banks to charge a lower rate on short loans than / on those for longer periods, in anticipation of a small sea sonal rise in rates in the early autum n. C urrent rates in Chicago are: Commercial paper 4j£ to 4^4 per cent, cus tom ers’ over-the-counter loans 4 J4 to 5J4 per cent, and collateral loans 4^4 to 5J4 per cent. T he average rate earned on loans and discounts by ten of the larger Chi cago banks was 4.88 per cent in June, compared w ith 4.91 in May and 4.67 per cent in June, 1925. F or five D etroit banks this figure was 5.23 per cent for June, 1926, las compared with 5.08 per cent a year ago, and 5.17 per cent in May this year. The prevailing rate in the latter city during the week ended July 15 on custom ers’ prime com mercial paper was 4 Yi to 6 per cent. T otal bills and securities of the Federal Reserve Bank of Chicago on June 30 touched the highest point since M arch 31, as was the case also with total bills discounted. On July 21 the form er total was $148,559,000 compared with $180,149,000 June 30, and $159,450,000 on the corresponding reporting date in June, and total bills discounted of $56,250.000 on July 21 compared with $89,587,000 June 30, and $68,110,000 on June 23. Federal Reserve notes in circula tion continued to increase in volume until July 21 when $191,676,000 was given, compared with the $194,618,000 the previous week, which was the highest since December 31, 1924, when $196,529,000 was reported. On June 23 this year the figure was $183,577,000. Loans and discounts of reporting member banks in the Seventh district on July 14 aggregated $2,134,630,000, ex ceeding by approxim ately ten million the previous high point on June 16. Increased loans on stocks and bonds in Chicago represent the greater part of the increase over June 16. Investm ents of reporting members on July 14 were on a slightly higher level than on June 16, larger holdings of securities other than U nited States govern m ents by D etroit m em ber banks being responsible for the increase. N et demand deposits on July 14 am ounted to $1,811,538,000, exceeding slightly the June 16 aggregate of $1,811,075,000, thus establishing a new high point for the item since this bank has collected data. Time deposits on July 14 also established a new high, the $1,056,925,000 re ported on that date exceeding the previous high of $1,052,337.000 (June 30) by more than four million. This gain took place largely in Chicago and D etroit. POSITION REPORTING MEMBER BANKS— 7TH DISTRICT ‘ B r e a k in c u r v e i n d i c a t e s d a t a n o t c o m p a r a b le w i t h p r e c e d in g . B a s e d o n w e e k ly r e p o r t s to t h i s b a n k b y a p p r o x i m a t e l y 49 m e m b e r b a n k s in C h ic a g o , 13 in D e tr o it, a n d 44 in o t h e r s e le c te d c itie s . L a t e s t fig u r e s , J u l y 14, 1926, in t h o u s a n d s o f d o lla rs : L o a n s a n d D is c o u n ts , 2 ,1 34 ,6 30 ; D e m a n d D e p o s its , 1 ,8 1 1 ,5 3 8 ; 'T im e D e p o s its , 1,0 56 ,9 25 ; a n d I n v e s t m e n t s , 756 ,8 67 . The ten dealers regularly reporting to this bank sold 7.1 per cent more commercial paper during June than in May, all except two firms registering increases. In comparison with June, 1925, the gain of 21.3 per cent reflects individ ually seven increases and three declines; cumulative sales during the first six m onths of 1926 are 18.1 per cent less than last year. For each of the five dealers reporting the am ount of paper outstanding at the end of June, the volume reached the lowest point of the year, the aggregate falling 5.3 per cent below the May 31 figure. The custom ary selling rate during the month was 4 per cent, with the m ajority of dealers indicating 4)4 for high and 3)4 for low; after July 1 rates tended slightly firmer in that less paper was sold at 3)4- F or tw enty-six firms throughout the country, outstandings on June 30 were $652,432,000, as compared with $668,226,000 at the end of May. Aggregate sales of six reporting dealers in the Chicago open bill m arket from June 17 to July 14 amounted to 38.7 per cent less than in the preceding four weeks, one house transacting no business during the period and the others registering declines. W ith one exception purchases like wise were reduced, the decrease for the group averaging 33.7 per cent. For four firms furnishing data on the volume of bills held at the close of the period total holdings ad vanced 39.6 per cent over June 17. Demand for bills was indicated as fair to light, with ninety-day m aturities mov ing best; the offered rate on these of 3 per cent on July 14 compares with 3)4 the middle of June. The volume of bankers’ acceptances executed during June by sixteen reporting banks in this district dropped 17.3 per cent below the previous m onth’s total to the lowest level since January. Purchases showed a gain of 70.4 per cent in the same comparison. Sales were 50.3 per cent heavier than the Miay amount, and 1.8 per cent ahead of the year’s high in April. Bills accepted during the first two weeks of July by three Chicago houses covered transac tions principally in grain, provisions, petroleum , tea, cof fee, hides, pig iron, and feathers. On June 30 banks were holding of their own bills about 75 per cent the am ount held at the close of May; total holdings were only onefourth as large. The liability of the banks as acceptors for acceptances outstanding on the same date was 14.1 per cent less than on May 31, and 8.2 per cent under a year ago. Purchases during June by the Federal Reserve Bank of Chicago am ounted to $26,933,618 and holdings at the end of the month to $31,787,870. Agricultural Financing—Nineteen Joint Stock Land banks in the five states including the Seventh district on June 30 showed an aggregate of loans outstanding of $209,610,906, as compared with $208,235,154 at the end of May and $181,852,154 at the close of June, 1925. Loans of four Federal Land banks in the same territory increased from $171,550,670 on May 31 to $173,007,976 on June 30, which figure compares with $155,166,986 on the correspond ing date a year ago. Four Federal Interm ediate Credit banks reported a total of loans and discounts (including rediscounts) on June 30 of $1,428,119, as against $1,454,155 a month ago and $1,053,874 June 30, 1925. Volume of Payment by Check—The aggregate volume of paym ent by check in thirty-seven clearing house centers of the Seventh district was $6,009,047,000 in June, a gain of 4 per cent over May and 3.8 per cent above the corre sponding month a year ago. Chicago, D etroit, Milwaukee, and Indianapolis increased in the aggregate 4.3 per cent over May, 1926, and 3.7 per cent as compared with June, 1925, while Chicago w ith $3,605,168,000 showed a rise of 3.3 per cent as compared with May this year and of 2.2 per cent above June a year ago. T hirty-three smaller rep o rt ing centers reported an aggregate increase of 2.2 and 4.6 per cent, respectively, in the two comparisons. Savings—A ggregate savings deposits on July 1 of 221 reporting banks were 1.1 per cent larger than at the begin ning of June: individually, 149 banks registered increases, and by states all five included in this district made gains, Iowa, Michigan, and W isconsin reaching new records. Total deposits of 186 banks for which comparable 1925 data are available made a gain of 2.1 per cent over last year. The num ber of accounts advanced 0.2 per cent during the m onth, and was 2.9 per cent above a year ago; all states contributed to the form er gain, while in the latter com parison Illinois and Iowa showed declines. Bonds—The Chicago bond m arket during the past few weeks has reflected an increasing am ount of investment funds and the ready absorption of attractive offerings. Re investm ent of m aturities falling due June 15 accentuated the demand especially am ong private investors. The sit uation was further emphasized by the dearth of new financ ing, and the m oderate size of the issues brought out. D e m and for utility obligations has been pronounced and stocks Paee 3 have been well cleaned up; prices have F or the m ost part bonds are holding gains and few recessions. Certain foreign the German and Japanese, have shown advanced slightly. firm w ith several securities, notably m aterial price ad vancement. The German steel bonds sold beyond expec tations; Brazil bonds also went immediately. H igh grade rails are strong, as are municipals. There is good demand for sound first m ortgage real estate bonds. AGRICULTURAL PRODUCTION AND FOODSTUFFS W eather conditions have been more favorable to crops during the past month, so that the harvesting of small grain is now well under way. Corn has progressed fairly well, although the condition of many fields is rather backward for the season. The Bureau of Agricultural Economics estim ates the production of straw berries as 24,709,000 quarts for the five states including the Seventh district and the M ichigan-Illinois apple crop as 2,582,000 barrels, compared with the previous harvests of 14,592,000 quarts and 2,864,000 barrels, respectively. Indiana, Illinois, and Michigan anticipate an aggregate yield of 1,863,000 bushels of pears and 4,639,000 bushels of peaches this year, compared with 1.169.000 and 1,572,000 bushels, respectively, for 1925. A larger acreage in the district was devoted to onions than a year ago. Iowa, Michigan, and Illinois raised about 13 per cent more asparagus than last year. In Michigan less celery has been planted than in 1925, but W isconsin, Indiana, and Michigan are grow ing 17,330 acres of commercial cabbage this year compared with the last harvest of only 16,630 acres. The crop of dry beans in Michigan is estimated as 5,603,000 bushels, as against 8.289.000 bushels raised in 1925. C R O P PR O D U C TIO N E stim ated by th e B u re a u o f A g ric u ltu ral Economics as of Ju ly 1. (I n th o u san d s of bushel's) F iv e S tates I n c iu d in g S e v e n t h D is t r ic t F orecast F in a l 1926 1925 C orn ...............................967 ,6 09 1 ,237,696 O ats ...............................600.435 641 ,6 64 W in te r W h eat ............ 8 1 ,3 7 9 f 81,363 S pring W h ea t ............ 3 ,2 4 4 t 2,871 B arley ............................ 3 5,702 34,962 Rye ................................. 10,664 10,049 Potatoes (w h ite )....... 66,231 6 1,982 Tobacco* ...................... 4 6,929 62,291 18,68 0 A ll Tam e H a y * * ....... 1 9 ,3 0 2 f U F orecast 1926 2.660,780 1,334,260 567,762 199.595 190,959 39,966 334.044 1,139,251 7 7,800 n it e d S tates F in a l S-Y r. 1925 2 ,9 05 ,0 53 1,511,888 395 ,6 10 270,875 217,497 48,612 325 ,9 02 1,3 65 ,0 50 86,70 0 A v. 1921-25 2 ,849,188 1,326,916 548,843 252,959 186.105 68,153 396,469 1,287.829 90,500 * I n tho u san d s of pounds. * * I n th o u san d s of to n s. fC om m ercial e sti m ate used fo r W isconsin. tC om m ercial' estim ate used fo r W isconsin and M ichigan. The quantity of wheat remaining on farms in the United States on July 1 was less than a year ago or the five-year average for the date. According to a recent survey by the Bureau of Agricul tural Economics, intentions at the beginning of June indi cated increases in the num ber of sows bred or to be bred for fall farrow ing of 29.6 per cent in Iowa, 30.5 per cent in Indiana, 34.3 per cent in Illinois, 43.6 per cent in Michi gan, 44.6 per cent in W isconsin, and 39.0 per cent in the entire U nited States over farrow ings last autumn. Grain Marketing—June receipts of corn and wheat at interior prim ary m arkets in the United States increased and those of oats declined from the 1921-25 average vol ume for the period, but all arrivals were seasonally greater than in the preceding month. Reshipments from the above centers showed a custom ary recession in tonnage irom May and were under the 1921-25 June average. July 10 visible supplies of corn, oats, rye, and barley in the United States were under those for the corresponding week in June but exceeded stocks of a year ago; wheat holdings showed little change from the previous month but declined from July 11, 1925. Chicago quotations of wheat, corn, and oats averaged lower for June than for May; those of rye were slightly higher. Prices showed a firmer tendency tow ard the middle of July. June contracts by members of the Chicago Board of T rade for grain to be delivered at future dates represented larger tonnages of corn, oats, and rye and slightly smaller quantities of wheat than similar Pa*e 4 agreements placed during May; the total volume, however, was 37 per cent less than for the corresponding period a year ago. E xportations failed to equal those of May. Flour—Both production and sales of flour by mills in the Seventh district showed decided gains in June over May, and for the first time since July, 1925, production and the volume of sales increased in the com parison with the corresponding month of the previous year. A t Chi cago, 945,000 barrels of flour were received during the m onth and 670,000 barrels shipped; the figure for receipts represents a larger volume than for May but smaller than in June, 1925, while shipments were heavier in both com parisons. C H AN G E S' IN JU N E , 192$, F R O M P R E V IO U S M O N T H S P er c e n t c h a n g e fr o m C o m p a n ie s in c l u d e d M ay J une M ay J une P ro d u ctio n (b b ls .)............. Stocks of flour a t end of m onth (b b ls .)................... Stocks of w heat a t end of m onth (b u .) ..................... Sales (v o lu m e )................... Sales (v a lu e )....................... 1926 + 1 6 .8 1925 + 3.4 1926 33 1925 33 — 17.2 + 1 4 .4 29 29 — 44.7 + 3 3 .8 + 2 0 .7 — 21.4 + 2 0 .3 + 1 2 .0 29 16 16 29 15 15 P ro d u ctio n includes w heat a nd other flours. B alance of item s re fe r to w heat flour only. Movement of Live Stock—Receipts of hogs during June at public stock yards in the U nited States continued less than a year ago, while the arrivals of cattle, calves, and lambs increased; with the exception of calves all were in excess of May. Corn-fed steers of medium to good quality constituted the bulk of the bovine supply, although a sea sonally greater num ber of grasser cattle were received than in the previous month. Shed-born lambs from Idaho, W ashington, Oregon, and other states of the northw est were predom inant in the ovine markets; liquidation of the early crop of springers from California and Arizona neared completion. The hog receipts contained the usual large percentage of packing sows custom ary for this time of year. L IV E ST O C K S L A U G H T E R Y ards in S eventh D istrict, J u n e , 1926............................. P ublic Stock Y ards in U . S. Ju n e , 1926............................. M ay, 1926............................. Ju n e, 1925............................. C attle H ogs L a m b s and S heep C alves 263 ,1 04 754,565 285,842 135,272 782,757 757,060 716,138 2 ,0 87 ,0 40 1,872,089 2,298,010 9 98,463 844 ,7 19 907 ,8 66 4 3 4 ,1 50 4 36,883 474,083 Reshipments of cattle to feed lots declined and those of lambs increased over May; both were heavier than a year ago. M eat Packing—Slaughtering establishm ents in the United States increased their production during June over that for the previous month, while em ployment for the last payroll of the period gained 1.0 per cent in number, 0.6 per cent in hours worked, and 1.6 per cent in total value over corresponding figures for May. A good domestic trade for beef and smoked meat developed, and the con sumption of lamb, lard, cured meats, and the m ajority of fresh pork cuts about equaled current production; demand for heavy pork loins was rather draggy because of a large supply. The total value of sales billed to domestic and foreign customers increased 1.4 per cent over May and was 1.7 per cent in excess of a year ago, according to statistics compiled from the reports of fifty-eight companies in the United States. July 1 inventories aggregated less than a year ago or the five-year average for the season; lard, m utton, and the sweet-pickled and frozen pork hold- ings increased slightly over those at the beginning of June. Chicago quotations for pork products, smoked meat, lamb, steer rounds, and good-to-choice veal averaged higher in June than in May; the m ajority of beef prices held steady, while those for mutton, common to medium qual ity veal, and a few of the less desired cuts of beef showed a recession. The prices of lamb, mutton, and pork de clined during the latter part of June and in early July; those for veal and smoked meats continued steady. Beef quotations had advanced slightly by the middle of July. American packers forwarded a sm aller total volume of meat and fat in June for export than in May, partly owing to the seasonally small quantity of hog products available for trade abroad after supplying our domestic needs, and partly because foreign demand was restricted somewhat as a result of the liberal offering of local products by European slaughterers at prices under the cost of those from the U nited States. Exchange conditions on the Continent and the labor situation in England also continued to affect trade. Demand for lard was fairly good during the early part of June but lagged after mid-month. Very little bene fit accrued to the American exporters from the recently enacted British regulations which prohibit im portation of fresh meats from certain European countries, as m ost of the deficiency was offset by shipm ents of cured products from the Continent. Foreign quotations ’fell below a parity w ith those in the U nited States during the period. Consignment stocks held abroad on July 1 about equaled those of a m onth ago. Dairy Products—Seventy-three creameries in the Seventh district reported production of butter for June 17.1 per cent greater in the aggregate than for the preceding month and 13.1 per cent over June, 1925. Statistics issued by the American Association of Creamery Butter M anu facturers indicate a sim ilar trend for the country as a whole. Sales of b u tter increased 32.3 per cent over May and were 7.6 per cent above the corresponding m onth last year, according to a compilation made from the data sent direct to this bank by seventy-five creameries located in the Seventh Federal Reserve district. Receipts of cheese at prim ary m arkets in W isconsin from factories within that state aggregated 35.5 per cent more for the five weeks ended Ju ly 3 than for the previous period and were 3.0 per cent greater than a year ago; redistribution from those centers increased 15.2 per cent and declined 3.2 per cent, respectively, in the tw o comparisons. Produce receipts at Chicago showed a seasonal fluctuation from the preceding m onth, with the arrivals of b u tter and cheese larger and those of eggs smaller in volume than in May. Cold-storage holdings of dairy products in the U nited States on July 1 showed a seasonal gain in quantity over a month ago. Stocks of butter and cheese increased and those of eggs declined in comparison with a year ago and the 1921-25 aver age for July. Chicago prices for butter and eggs averaged about the same as in May, despite an easing tendency after the first week in June; quotations for cheese advanced. Prices held fairly steady during the early part of July. / c L coal being forced on the m arket through the suspension of shipm ents for a few days on the part of a large indus trial plant; this m arket recently has failed to show any definite trend. Production of bitum inous coal in the U nited States dur ing June was heavier than in May or the corresponding m onth of 1925 and 1924; anthracite output was also greater in these comparisons. June data on distribution of bitu minous coal from Lake Erie ports to American lake ports show increases over May and over any other June on record (1919). A lthough still comparatively quiet, conditions in the m id-west bitum inous coal industry were better during June than in May. Production in Illinois increased over the preceding m onth, totaling 4,044,135 tons, compared with 3,745,011 tons in May and 3,809,357 tons in June, 1925; this am ount is also larger than in the corresponding month of 1924. The early part of July there was some revival in de mand from country sources, but the city retail m arket re mained relatively inactive. The screenings m arket fell off som ewhat the end of June, owing partly to 100 cars of INDUSTRIAL EMPLOYMENT CONDITIONS The vehicles group showed a reversal in trend, register ing a decline in em ploym ent of 1.8 per cent after a con tinuous expansion since the beginning of the year. June is generally a quiet m onth in this as well as other indus tries, and m any plants close or operate w ith light shifts during the taking of inventory. U nder “textiles” the trend varied, men’s clothing showing increased employment but women’s a decline. The m anufacture of paints was about the only industry under “chemicals” to register a gain in employment. Boot and shoe factories also added w orkers during the month, while other leather industries declined. W ith the beginning of the vacation period there has been an increase in the registration at state free employment offices. For Indiana the ratio of applicants to available jobs rose from 114 per cent to 130, and for Illinois from 122 to 132. For the third consecutive m onth this year there was a slight reduction in the volume of em ployment at the indus trial plants of the Seventh district. The reduction during June at plants em ploying approxim ately 380,000 workers averaged 0.7 per cent, or the same as for each of the two preceding months. Changes within individual industrial groups, also, were to a great extent in line with those shown for May. Metals and metal products and lumber products continued to curtail their forces, while food prod ucts and building m aterials other than lumber still show an expansion. Most of the curtailm ent in the lumber industry was due to the seasonal lull in furniture and musical instru m ent factories. U nder food products, the canning industry made a heavy seasonal gain, and m eat packing plants and flour mills added considerably to their w orking forces. EM PLOYM ENT AND E A R N IN G S — S E V E N T H N I n d u s t r ia l G roup A l l g r o u p s ( 1 0 ) .......................................................................................— M e t a l s a n d m e t a l p r o d u c t s ( o t h e r t h a n v e h i c l e s ) ............... V e h icle s ........................................................................................................- ...... T e x t i l e s a n d t e x t i l e p r o d u c t s ..........................................- ..................... F o o d a n d r e l a t e d p r o d u c t s ..............................................................— S t o n e , c l a y , a n d g l a s s p r o d u c t s ..................... ................................... L u m b e r a n d i t s p r o d u c t s ....................................................... ............... C h e m i c a l p r o d u c t s ........................................................ .. ............................. L e a t h e r p r o d u c t s .............................................................................................. R u b b e r p r o d u c t s ............................................................................................... P a p e r a n d p r i n t i n g ............. .......................................................................... J um ber W 15 1926 une 3 7 8 .4 6 9 1 5 2 .4 0 6 4 5 ,0 3 8 2 7 .7 7 1 4 7 ,4 2 3 1 4 ,4 4 9 3 2 .9 1 6 1 0 ,6 8 9 1 6 .6 0 3 2 ,9 9 7 2 8 ,1 7 7 of FEDERAL W ace E RESERVE T arners eek ended M 15 1926 ay 3 8 1 .2 9 8 1 5 4 .2 9 7 4 5 ,8 5 7 2 7 ,8 4 3 4 5 .8 0 5 1 4 .0 4 1 3 5 ,2 9 7 1 0 ,8 6 3 1 6 .4 1 3 2 .9 5 3 2 7 .9 2 9 D IS T R IC T P e* C C ent hange — 0 .7 — 1 .2 — 1 .8 — 0 .3 + 3 .5 + 2 .9 — 6 .7 — 1 .6 + 1 .2 + 1 .5 + 0 .9 W J u n e 15 1926 otal eek $ 1 0 ,0 6 0 ,7 7 4 3 ,7 8 3 , 1 5 1 1 ,4 3 1 . 5 6 8 6 4 9 ,1 8 9 1 ,3 2 4 , 8 6 5 4 3 0 ,6 6 6 8 0 6 ,9 6 3 2 8 7 ,2 2 2 3 7 8 ,6 0 5 7 6 ,6 2 8 8 9 1 ,9 1 7 E a r n in g s ENDED M a y 15 1926 $ 1 0 ,0 8 3 ,4 3 3 3 ,8 6 7 , 4 9 2 1 ,4 7 1 , 3 1 3 6 0 2 ,5 8 3 1 ,2 6 6 ,2 5 1 4 2 3 .3 3 4 8 4 6 .8 6 8 2 8 5 ,5 3 6 3 5 9 ,2 4 3 7 1 .3 5 9 8 8 9 ,4 5 4 P er C C ent hange — 0 .2 — 2 .2 — 2 .7 + 7 .7 + 4 .6 + 1 .7 — 4 .7 + 0 .6 + 5 .4 + 7 .4 + 0 .3 5 MANUFACTURING ACTIVITIES AND OUTPUT Automobile Production and Distribution—According to the D epartm ent of Commerce report, production of pass enger automobiles in the U nited States during June totaled 339,542, while output of trucks aggregated 44,033, repre senting reductions from the preceding month of 9.0 and 8.0 per cent, respectively, and a loss in passenger car out put from a year ago of 3.6 per cent but a gain in truck production of 21.1 per cent. For the first half of 1926, passenger automobiles m anufactured in the U nited States totaled 2,070,390, compared with 1,866,131 in the same period of 1925, or an increase of 10.9 per cent; truck out put for the six m onths totaled 254,387, compared with 229,114 in the corresponding half of 1925. For the second consecutive month sales of automobiles at wholesale by reporting distributors in the Middle W est showed a decline during June; they were higher than in the same month of 1925. Reports from retail dealers indi cate a decided reduction in sales during June and likewise declines from a year ago. Stocks of new and used cars continue to diminish but remain considerably heavier than those held, on the corresponding date last year. For the six m onths’ period, both wholesale and retail sales of new cars have been greater, as well as those of used cars, while average stocks have been much larger. Deferred payment sales during June, as reported by thirty-eight dealers, aver aged 50.5 per cent of their total retail sales, compared with a ratio of 51.5 for May and of 47.2 in June, 1925. M ID W E S T D IS T R IB U T IO N OF A U T O M O B IL E S F ir st six m o n t h s , 1926 C h a n g e s fro m C hanges C o m p a n ie s in c l u d ed M ay J u n e 6 - m o . FROM sam e Tu n e M ay J u n e , 1926 '1925 PERIOD, 1925 1926 1925 PERIOD — 2.7 — 9.0 + 6.9 + 5.6 + 16.7 + 12.4 41 41 39 39 40 40 — 20.0 — 24.1 — 7.5 — 3.8 + 4.9 + 8.0 91 91 59 59 60 60 — 18.9 — 19.2 + 5 5 .9 + 4 9 .8 + 4 6 .7 * + 30.0* 64 64 62 62 61 61 1926 N ew cars W holesale— N um b er s o ld ...... V alue ................... R etail— N um ber s o ld ...... V alue .................... On hand J u n e 30— N um b er .............. V alue ................... U sed cars N um b er s o ld ...... Salable on han d — N um ber ................ V alue ................... — 9.0 + 11.7 + 8.3 93 61 60 — 8.4 — 8.4 + 43.4 + 4 9 .8 + 2 3 .6 * + 15.9* 64 64 62 62 61 61 June, which compares with 123,248 tons in the correspond ing m onth last year. Pig iron production for the country averaged 107,844 tons in June, a decrease from the preced ing month of 4,460 tons but an increase over June, 1925, of 18,729 tons. In the Illinois and Indiana district average daily pig iron output was higher than in May and consid erably above a year ago. Buying for the third quarter has been unusually heavy in this district. Following a low point for the year on June 23 ot $37.58, the composite price of fourteen leading iron and steel prod ucts as compiled by Iron Trade Review, rose to $37.74 for the weeks of June 30' and July 7, then dropped slightly again on July 14 to $37.69 and to $37.67 on July 21; this last compared with $37.45 on July 22 last year. At Chi cago the advance in prices on plates, shapes, and bars has been well maintained, while prices for iron and steel scrap continue to rise. Shipments of tw enty-nine iron and steel casting foundries of the district declined in volume during June for the sec ond consecutive month but showed an increase of 1.8 per cent in value, and a gain in both over June last year. Production, as measured by metal consumption, was less than in the preceding month, though-above a year ago. Fourteen stove and furnace m anufacturers report an aggre gate increase in shipm ents over the prior m onth and June, 1925; declines in orders booked were shown in both com parisons; production was heavier than in May or a year ago. Shoe Manufacturing, Tanning, and Hides—June ship m ents of shoes by thirty-five factories located in the Seventh district were 4.7 per cent under current production, while both items showed a gain in volume over May. In ventories reported for July 1 by thirty-one of the com panies were equivalent to 90.7 per cent of the quantity shipped by them during the preceding month. Unfilled orders on the books of tw enty-four firms were sufficient to provide approxim ately nine weeks’ future business at the current rate of distribution. C H A N G E S IN T H E SH OE M A N U F A C T U R IN G IN D U S T R Y IN JU N E , 1926, C O M P A R E D W IT H P R E V IO U S M O N T H S P er c en t c h a n g e f ro m M ay J une ‘ A verag e m o n th ly . A gricultural Machinery and Equipm ent—Sales of agricul tural machinery and equipment billed in June by 104 m anu facturers in the United States increased over those in May by 22.5 per cent for the heavy group (tractors, threshers, and combination harvesters), 42.6 per cent for agricultural pumps, 36.1 per cent for barn equipment, and declined 8.5 per cent for all other. Compared with the corresponding month of 1925 the gains were 49.3 per cent, 25.4 per cent. 35.4 per cent, and 28.0 per cent, respectively. P R O D U C TIO N A N D S A L E S O F F A R M E Q U IP M E N T IN T H E U N IT E D S T A T E S C o m p a n ie s in c l u d e d P er c e n t c h a n g e from M ay J une J une M ay D om estic sales b illed....... .. Sales billed fo r export... ... T otal sales billed............. ... P ro d u ctio n ........................... 1926 4- 5.0 + 0.4 + 4.4 — 2 .8 1925 + 33.1 + 6 4 .7 + 36.1 + 12.5 1926 104 51 104 100 Sales based on value. P ro d u ctio n com puted from employm ent. 1925 104 51 104 100 Iron and Steel Products—A high rate of activity for this season of the year was maintained by Chicago steel mills during June. O rders received were heavier than in May and considerably above June last year, and this new busi ness assures well sustained activity for the m onths of July and August. Specifications passed to the mills also increased over the preceding month and a year ago. Unfilled orders of the U nited States Steel Corporation on June 30 :otaled 3,478,642 tons, a decrease from May 31 of 170,608 :ons. Average daily ingot production for the United States ieclined from 151,744 tons in May to 144,256 tons for Page 6 P roduction ............................ S hipm ents ............................ In v e n to ries .......................... U nfilled orders ........- ......... 1926 + 1 8 .5 + 7.0 + 2.8 + 2 9 .7 1925 + 8.5 + 5.3 — 7.3 + 8.2 C o m p a n ie s in c l u d e d M ay June 1926 35 35 30 24 1925 35 35 29 23 D istrict leather production was rather irregular in trend during June, with part of the tanneries reporting a gain in operations over the preceding m onth and the others a reduction; the aggregate, however, increased slightly over May. The total value of sales billed to custom ers by these concerns exceeded that for the previous m onth or a year ago. Demand for harness experienced a seasonal recession and was under the corresponding m onth last year; the belting business about equaled that of June, 1925. Prices were practically unchanged during the month. An active m arket tow ard the end of June followed inac tion earlier in the period, and accounted for sales of calf skins and packer green hides at Chicago show ing an aggre gate increase in quantity for the m onth over Mhy. June receipts and shipm ents of hides and skins from this city gained over those in the preceding period, according to inform ation compiled by the local Board of Trade. Prices for June averaged a trifle under May; quotations tended to firm slightly by the middle of July. F urniture—A seasonal decline was reported in the volume of new business booked during June by eighteen furniture m anufacturers in this district, the decrease aver aging 22.5 per cent. O rders booked were 1.1 per cent above June last year, and an aggregate gain of 29.0 per cent was shdwn over the corresponding month of 1924. Shipments also followed a seasonal trend in their decline, averaging 10.4 per cent less than in the preceding month, 3.5 per cent below a year ago but with tw o-thirds of the firms show ing increases, and 27.8 per cent above June, 1924. A heavier volume of shipm ents than orders booked caused a decline in the am ount of unfilled orders held at the end of June of 7.2 per cent from May 31; orders on hand aggregated 2.7 per cent less than bn June 30 last year. P ro duction schedules wrere reduced from May and were below a year ago. Raw W ool and Finished W oolens—The m arket for raw wool broadened during the last two weeks of June; there was a larger movement to the mills and price quotations were firmer, in some cases even advancing slightly. T erri tory wools especially were more active. Pullers of wool in this district report stocks as relatively light. Little change has been shown in conditions in the finished goods industry. Production and sales remain curtailed and the m arket in general continues quiet. On July 7, the A m eri can W oolen Company opened the spring, 1927, lines of staple w orsteds at prices about 7 to 10 per cent less than for fall, 1926, or spring a year ago. T his opening took place somewhat earlier than last year’s. BUILDING MATERIAL AND CONSTRUCTION ACTIVITIES An active demand for lumber continued throughout June, and sales by both wholesale and retail distributors aver aged higher than for the preceding month. The increase as reported by tw enty-three wholesale and m anufacturing concerns am ounted to 5.0 per cent of the previous m onth’s sales, while for 216 retail yards the gain was 13.8 per cent. In com parison w ith the sales of June, 1925, retail yards showed an increase of 2.4 per cent, but wholesalers and m anufacturers registered a decline, 3.9 per cent. The tak ing of inventory affected the inquiries from m any of the factory consumers, and the furniture interests were sea sonally quiet. The demand for building material, especially flooring and interior finish, for railway car material, and for the requirem ents of the automobile industry was hold ing up in good volume. A t Chicago the receipts of lumber were 9.7 per cent larger than in May, and the shipments therefrom 5.6 per cent heavier. Price quotations con tinued to show a downward trend. O utstanding accounts for the reporting wholesale and m anufacturing concerns changed only slightly during the month, but in ratio to sales fell from 151 per cent to 146; the ratio at the close of June, 1925, was 132. At retail, outstandings increased during the month: the ratio to sales was 276 per cent as compared with 274 in May and 296 a year ago. Retail stocks were reported by the m ajority of firms as lower, but for wholesalers the increases and de creases were evenly divided. Cement moved in good volume during the m onth, not w ithstanding interruptions caused by the rainy weather. From Iowa reports show there has been some improve m ent due to the development of the road construction program . Stocks continue unusually high for the season of the year. The brick industry reports a capacity output for the Chicago territory with continuous operations of all plants. Shipments exceeded somewhat those of a month ago and were about on a level with June, 1925. Building Construction—Contracts awarded in the Sev enth district during June totaled $101,737,361, an increase of 7.1 per cent over the preceding month but 20.2 per cent be low the total of June, 1925. The first six m onths of 1926 have averaged 6.8 per cent less than the same period in 1925. Residential and other types of construction work have declined by practically the same percentage. Perm it val uation for the past six m onths shows a decrease of 5 per cent for the five larger cities but an increase of 8 per cent for the forty-five sm aller reporting cities, the total averag ing about 2 per cent below 1925. For June, the figures registered a decrease of 9.4 per cent in num ber and a gain of 2.1 per cent in valuation in comparison with the preceding month. Declines in valuation as well as in the number of permits were more numerous than increases, but the contemplated construction of a $5,000,000 factory in one of the reporting cities considerably raised the aggre gate amount. MERCHANDISING CONDITIONS Wholesale Trade—June returns to this bank from report ing wholesalers in the district indicate with few exceptions heavier sales of groceries than in the preceding month or a year ago; aggregate sales of drug dealers also show increases in both comparisons; the other three groups— hardware, dry goods, and shoe firms—registered declines from June, 1925, and from May of this year. Cumulative sales since January 1 are below the first six m onths of 1925 for over half the firms. Collections for nearly eighty per cent of the firms were larger than in May, and for the m ajority exceeded the receipts a year ago. For all groups except groceries accounts on the books were reduced during the month; in comparison with June 30, 1925, grocery and drug firms averaged slight advances, hardw are and shoe dealers decreases of over 3 per cent, and dry goods 10 per cent. The last named were the one group inventoried higher on June 30 than at the end of May; in the other commodities thirty-six out of forty-eight firms showed decreases, reduc tions ranging from 1.0 per cent for drugs to 7.7 per cent for shoes. The m ajority of grocery and drug dealers were carrying heavier stocks than a year ago, the groups aver aging gains of 10.9 and 4.3 per cent, respectively; declines for the others am ounted to 3.2 per cent for hardware, 6.7 for dry goods, and 25.2 per cent for shoes. Department Store Trade— D epartm ent stores reporting for June reflect a general falling off in sales, reduction in inventories, and declines in accounts outstanding, with varied collection comparisons. W ith ten exceptions, reporting firms sold a smaller volume of goods during June than in May, the group of ninety averaging a drop of 8.5 per cent. The gain of 4.2 per cent over June, 1925, represents individual increases at fifty-two stores and declines at forty, while the cumula tive excess since the begnning of the year of 7.2 per cent for eighty-six stores reflects fifty-one gains and thirtyfive declines. A ggregate stocks were reduced 3.3 per cent during the month, but were 3.2 per cent higher than on June 30, 1925. F or forty-seven firms June sales am ounted to 32.6 per cent of average stocks as compared with 31.7 per cent a year ago; sales since January 1 for the same group repre sent 185.1 per cent of average goods held, as against 178.6 the first half of 1925. The ratio of orders outstanding to total 1925 purchases advanced from 7.3 per cent on May 31 to 8.8 per cent by the end of June. Collections during the month were heavier than May receipts for thirty-nine firms and smaller for thirty-two; sixty of these showed declines in accounts outstanding from May 31 to June 30; for sixty-four stores collections Pace 7 am ounted to .41.6 per cent of receivables on the books May 31, or 1.3 points below the corresponding 1925 ratio. Retail Shoe Trade— Sales of shoes at retail in this district declined during June from the preceding m onth, reversing the upw ard trend followed since February; with nine excep tions, forty-six reporting dealers registered decreases from May, the group averaging a drop of 5.4 per cent. N ine teen firms furnishing data on accounts receivable by June 30 had reduced their outstandings 9.6 per cent below the May 31 balances, although individually less than half showed declines, and sales for the same firms had fallen off 15.9 per cent; the ratio of accounts on the books to the volume of goods sold am ounted to 82.5 per cent as com pared with 76.7 per cent at the end of May. The m ajority of dealers continued to lower their stocks: for thirty-three the aggregate reduction from May 30 averaged 7.7 per cent. Retail F urniture T rade— Forty-six retail dealers report ing June sales of furniture, furnishings, and equipment, averaged an increase of 21.3 per cent over a year ago; for forty of these, comparison with the preceding month indi cates a decrease of 29.8 per cent. Separate data available for part of the group on installm ent sales show a decrease from May of 32.8 per cent and a gain of 36.1 per cent over June, 1925. Collections on installm ent accounts were 41.2 per cent heavier than a year ago, and on total accounts 36.8 per cent larger; corresponding gains over the preced ing month am ount to 14.8 per cent and 4.3 per cent, respec tively. Accounts outstanding at the end of June for seVen firms were higher than on May 31 and for four lower; the increase of 24.6 per cent over June 30, 1925, reflects individually twelve gains and three declines. A ggregate stocks showed little change from the beginning of the month, but were 4.1 per cent heavier than a year ago. Chain Store Trade—The two grocery and two drug chain store systems reporting to this bank sold during June, 1926, the largest volume of goods on record for that month; for the former, however, average sales per store were below last year. In comparison with the preceding m onth, one drug and one musical instrum ent firm regis tered increases, and the other five chains declines. Mail Order Trade— Chicago’s two leading mail order houses both made gains during June over a year ago, and combined sales exceeded the May volume. Cumulative sales since January l are 10.5 per cent ahead of the first half of 1925. Buying as reported by one house is still very conservative with a view to keeping inventories low. \ M O N T H LY B U SIN E SS IN D IC ES COM PUTED BY F E D E R A L R ESER V E BANK OF CHICAGO (I n d e x n um bers express a com parison of u n it or dollar volum e for th e m onth indicated, using the m onthly average for 1919 as a base, unless otherw ise indicated. W h ere figures for latest m o n th show n a re p a rtly estim ated on basis of re tu rn s received to date, revisions will be given the fol low ing m onth. D a ta refer to th e Seventh Federal R eserve d istric t unless otherw ise n o te d .) M eat P ack in g — (U . S .)— Sales (in d o lla rs )1.............................. .......... C asting Fou n d ries— Shipm ents (in d o lla rs ).................... .......... Stoves a n d Furnaces— Shipm ents (in d o lla rs )...................... .......... A g ric u ltu ral M achinery & E quipm ent— (U . S . )1— D om estic Sales (in d o lla rs )............. .......... E x ports (in d o lla rs ).......................... .......... T o tal Sales (in d o lla rs )................... .......... P roductio n ............................................ .......... A g ricu ltu ral P um ps— (U . S . )1— S hipm ents (in d o lla rs )..................... ........ F u rn itu re 2— O rders (in d o lla rs ).......................... .......... Shipm ents (in d o lla rs )...................... .......... Shoes’— P ro d u ctio n (in p a ir s )........................ .......... Shiom ents (in p a ir s )................................... E lectric E n e rg y — O u tp u t of P la n ts (K W H ) .......................... In d u stria l Sales ( K W H ) .................. ......... F lo u r— P roductio n (in b b ls .)................................. O u tp u t of B u tte r by C ream eries1— P roductio n ............................................. ......... Sales ........................................................ ......... A utom obiles— D istrib u tio n in M iddle W e s t:1 N ew cars— W holesale— N um ber sold.. V alue ............. N ew cars— R etail— N um ber sold.. V alue ............. N ew cars— O n hand— N um ber ........ V alue ... ......... U sed cars— N um ber sold.. U sed cars— O n hand— N u m b er ........ V alue ............. P roductio n (U . S .) : Passenger cars.. T ru ck s .... F re ig h t C arloadings— (U . S . )— G rain and G rain P ro d u cts.............. L ive Stock ........................................... Coal ........................................................ Coke ........................................................ F o rest P ro d u cts .................................. O re ............................................................. M erchandise and M iscellaneous..... T o tal .................................................... Iro n a n d Steel— P ig Iro n P roduction :4 Illinois and In d ia n a ....................... U nited S tates .................................. Steel In g o t P ro d u ctio n — (U . S . )4— Unfilled O rd ers U . S. Steel Corp... No. of Ju n e Firm s 1926 M ay 1926 Ju n e 1925 M ay 1925 62 118.1 116.8 115.7 110.4 27 87.7 86.0 84.4 90.5 14 70.9 69.5 69.3 72.4 114 73 114 109 168.5 152.9 163.8 128.2 156.6 142.2 153.4 140.6 144.7 108.0 137.7 108.2 133.2 107.0 128.2 108.5 19 143.3 93.0 122.8 117.5 20 20 111.9 117.1 137.6 134.9 110.7 121.6 117.1 137.7 34 34 97.6 93.1 82.4 87.0 90.0 88.4 89.3 86.6 8 8 185.4 243.2 186.5 225.4 162.8 211.2 163.9 195.2 35 104.6 90.3 101.2 90.7 77 77 169.7 144.6 143.1 114.9 152.0 128.4 139.5 121.3 34 34 52 52 45 45 43 43 43 165.6 146.4 130.6 127.3 96.0 87.1 159.0 133.5 105.4 251.4 170.3 164.8 156.4 159.7 162.1 111.2 106.1 184.2 146.7 117.2 276.3 185.0 153.9 138.4 142.1 134.9 55.8 54.3 142.7 89.2 81.0 259.5 135.8 160.3 159.4 153.0 145.8 74.5 78.2 149.6 99.7 81.4 269.8 155.3 110.1 84.1 109.7 130.9 134.0 191.0 142.3 133.3 101.9 84.3 103.3 128.6 134.2 145.5 140.9 128.6 95.9 82.4 98.7 103 .6 130.8 173.4 137.5 126.1 93.8 80.3 94.3 102.4 131.2 168.0 129.7 120.3 166.1 128.7 127.9 58.0 161.4 134.0 134.6 60.9 136.4 106.4 109.4 61.9 144.6 112.8 118.0 67.6 W holesale T r a d e N e t Sales (in d o lla rs) : G roceries ....................................................... H a rd w are ..................................................... D ry Goods ................................................... D ru g s .................. ......................................... Shoes ................... .......................................... R etail T rade (D e p t. S to re s )— Net Sales (in d o lla r s ): Chicago ......................................................... D etro it ............................................................ Des M oines ................................................ Indian ap o lis ................................................ M ilw aukee .................................................. O utside ____ ................................................ Seventh D istric t ....................................... R etail T rade— (U . S .)— D epartm ent S to res............ ............................. Mail O rder H ouses....................................... C hain S to re s : G rocery ......................................................... D ru g .................................._......................... Shoe ................................................................ F ive and T en C en t..................................... C andy ............................................................ M usic .....................................................- ...... C igar .............................................................. S tam p T ax Collections5— Sales o r T ran sfers of C apital Sto ck...... Sales of P roduce on E xchange— F u tu res U. S. P rim a ry M arkets0— G rain R eceipts : O ats ................................................................ Corn ................................................................ W h eat ........................................................... G rain Shipm ents : O ats ................. .............................................. C om .................................................. ............. W h ea t ........................................................... B uilding C onstruction— C ontracts A w arded (in d o lla rs) : R esidential ................................................... T otal .............................................................. P erm its : C hicago ........................................N um ber C ost...... Indianapolis .................................N um ber C ost...... D es M oines .................................N um ber C ost...... D e tro it ..........................................N um ber C ost...... M ilw aukee ................................... N um ber C ost...... O thers (4 5 ) ...............................N um ber C ost...... F ifty Cities .................................N um ber C o st...... of June ns 1926 M ay 1926 M ay 1925 78.4 108.6 72.6 102.1 37.5 71.9 116.7 74.7 97.4 40.9 71.5 114.6 85.2 101.3 3 7.6 67.8 112.7 72.6 9 5.6 39.3 140.7 184.6 118.4 131.3 148.5 104.7 144.4 142.1 196.3 122.6 145.9 167.1 119.9 156.9 145.2 167.9 114.7 137.9 145.2 100.8 138.8 136.0 159.0 120.6 136.5 149.6 111.7 138.7 129 107 137 105 126 102 128 95 299 186 153 204 203 118 151 305 190 174 214 220 109 160 254 167 152 187 184 99 134 254 163 149 191 195 96 143 261.9 4 8 .6 144.4 57.8 158.2 64.4 151.9 99.6 70.7 160.8 73.4 64.2 81.2 49.7 88.4 117.8 72.3 64.5 81.0 58.7 61.0 75.4 52.5 103.1 83.9 62.9 92.2 92.1 55.4 105.5 68.4 67.4 240.3 185.1 231.1 172.9 254.1 231.8 253.5 177.8 230 .8 361.3 284.7 198.1 129.4 48.1 252.9 251.2 222.7 186.7 241.8 314.1 241.5 295 .2 257.9 353 .7 249.3 186.8 211.8 233.9 272.9 277.7 233 .2 203 .0 288.7 266 .6 266.5 289.1 276.5 381.0 2 2 5 .6 374.2 206.9 117.1 219.0 247.5 2 0 3 .4 175.6 235.9 194.5 226 .6 271.1 3 0 3 .6 484.3 251 .2 193.3 206.9 166.7 261 .2 247 .0 197.3 218.7 267.0 238.4 251.0 315.0 oduction. and 1. M onthly av erag e 1923-24-25 = 100; 2. M onthly average 1919-20-2 1 = 100; 3. _ M onthly average of m ean c 1923-24-25 = 100; 4. A verage daily production; 5. F irst Illinois internal' revenue district; 6. M onthly average receipts 1 9 1 9 = 1 0 0 . Page 8 June 1925 shipment's in
@FedFRASER