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CHICAGO, FEBR U A R Y 28, 1921

P N C O U R A G IN G COM M ENTS OF LEADERS OF FIN AN CE AN D IN D U STR Y IN
the Seventh Federal Reserve District find various confirmations in the statistics for Jan­
uary gathered from replies to questionnaires sent by the Federal Reserve Bank of Chicago.
Favorable movements in foreign exchange quotations have encouraged grain export, and this
is reflected in a more generous shipment of farm holdings. The process of liquidation is es­
pecially noteworthy in Iowa. This is indicated by the steady reduction of Iowa bank borrow­
ings at the Federal Reserve Bank of Chicago. The peak of this item was attained early in
December, when these borrowings stood at $98,636,000. At the end of the year they had de­
clined a little more than three millions and on February 23 they had been reduced to $76,397,000,
showing a liquidation of $22,239,000 of the borrowings at the Federal Reserve Bank. This
liquidation of loans from the agricultural sections is also reflected in the statement of the cor­
respondent banks in reserve and central reserve cities. The reduction of loans by commercial
and industrial borrowers has slowed up.

A T T IT U D E OF M ERCH AN TS TOW ARD READ JU STM E N T
There is reported from all sections of the district
a strong demand for extensions of loans, although a
slight easing has been reported here and there. Specu­
lative tendency is no longer noticeable, there appar­
ently having been a general feeling that this is not the
time for speculative ventures. Bankers prominent in
their localities generally report that people seem to
have finally reached the conclusion that economy is high­
ly desirable. The more progressive merchants have
pursued a cautious purchasing policy and have
succeeded in r e d u c i n g s t o c k s of merchandise
compared with a few months ago. Manufacturers




are making a persistent effort to reduce inventories.
While there has been liquidation of inventories by
manufacturers, many are still carrying considerable
quantities of raw material, partly finished goods, and
products ready for shipment. This accounts, to some
extent at least, for the slowness in the liquidation of
loans in commercial and industrial centers.
Reports from leading bankers in these centers in­
dicate that commercial and industrial loans generally
are being renewed and extended; some small payments
are reported as having been made by canners, com-

Compiled February 25, 1921

mission men, and merchants. The number of new
loans is comparatively light, made chiefly to lumber­
men and grain dealers. There is a large amount of
agricultural loans, both direct and indirect, yet to be
liquidated, and bankers report from many sections
that it will take the proceeds of a new crop to repay
these borrowings. In Wisconsin the liquidation of
country bank loans at correspondent banks at this
time is traceable chiefly to the large payments of loans
by banks in the tobacco growing sections. These
loans in one of the large banking centers receded about
io per cent in thirty days.
One feature bearing on the general banking situa­
tion is the slow movement of corn owing to the con­
dition of the roads. The movement a few weeks ago
of corn from farms released some funds in the country,

but a great deal of this corn went into storage, the
spread between cash and futures permitting elevators
to load up and make a fair carrying charge, which in
effect was a switch of loans from country to primary
centers. While there has been some disposition of
farmers in the southwest to move their wheat in con­
siderable quantities, going to gulf ports for export,
this is not so marked in this district, yet it has a bear­
ing on the bank situation here because of loans by
larger banks to correspondent banks in other districts.
The material decline in market values has also
been a factor in retarding the liquidation of loans, as
borrowers are finding it difficult to realize sufficient
cash from grain and live stock to meet obligations in­
curred when prices were inflated.

ASKIN G EX TEN SIO N S OF FARM M ORTGAGE LOANS
Land values are beginning to recede from the high
levels attained in the activity and speculation that fol­
lowed the signing of the armistice. The recession
is not very marked but is reported from some of
those sections where the activity was greatest. In
these sections where rentals were made on the basis of
high prices for products and inflated land values, there
are many instances cited where farmers are having
difficulty in taking care of the interest on some of their
heavy loans due March i, owners being compelled to
ask for extensions until another crop is produced.
Farm mortgage bankers say that the loans which
they are making are quite considerable in volume and

run almost entirely to the best class of farmers, the
money being used to pay debts already contracted and
now carried by banks. They report little or no liqui­
dation of mortgage loans on farms this season. The
high cash rentals, based on recent valuations, are out
of line with the returns to the renter, and these afford
a problem of adjustment.
Advices from all parts of the district indicate that
there will not be a great deal of shifting of farmers this
spring nor much change in ownership of farm lands.
Owners and tenants apparently are inclined to let
matters remain in statu quo in expectation of a change
that will sustain better values.

IN D U STR IAL AN D LABOR CONDITIONS
The labor situation remains practically unchanged
since last month. The slight improvement notice­
able at that time is confirmed by later reports.
Reports received in answer to our labor question­
naire show 1.9 per cent more men employed by thirtyseven manufacturing concerns on January 31 than at
the close of the preceding month of December. The
number of men and women employed by the report­
ing concerns would be 50,000 at full operating capacity.
The pay rolls of these concerns show a decrease of about
10.3 per cent. This indicates a reduction either in the
wage scale or in the working hours per day.
Comparing the number of men employed and the
amount of the pay roll for January with the same month
a year ago, we find a reduction of about 21 per cent in
numbers and 18 per cent in pay rolls.
I.

II.

III.

Number employed as compared with
(a) the preceding m onth................................................. 1.9% increase
(b) the same month a year ago.....................20.6% decrease
Amount o f pay roll as compared with
(a) the preceding m onth.................................. 10.3% decrease
(b) the same month a year ago .....................17-7% decrease
Percentage o f capacity o f plant operating:
(a) January, 1921.............................................. 54-9 %
(b) December, 1920.......................................... 61.4%
(c) January, 1920.............................................. 83.6%




The Employers’ Association of Detroit states that
the number of men employed by the seventy-nine
firms reporting to them was 54,870 on February 22.
This is about 25 per cent of a year ago. A t the end
of December less than 14 per cent of the 176,000 em­
ployed in the latter part of September were working,
while 31 per cent were working on February 22.
However, forty-three shops are working on a reduced
schedule— an average of thirty-seven hours per man
per week.
Many industries report a reduction in wages and a
shortening of hours. The coal mines, while operating at
50 per cent capacity, made no changes in the mine
workers’ wage scale or hours. The lumber mills report
a reduction in wages but not in hours.
The building trades show the greatest amount of
unemployment and they are followed closely by the
metal and machinery workers. For Chicago the ratio
of supply and demand— 3 ^ — is considerably higher
than that of the state, which is 2 ^ . This can be ac­
counted for by the large number that come to the in­
dustrial centers to secure employment. It is esti­

mated that there are about 100,000 unemployed in
Chicago at the present time.
According to reports no changes have taken place
in the wage scale or the hours of labor of the building
mechanics in Chicago. The reports of the Illinois Free
Employment Bureau give some enlightening informa­
tion on the situation. The numbers of registrations
for each hundred places open, both by industries and
localities, follow:

Jan.
1921

Dec.
1920

Building and Construction. . . .
Clerical.........................................
Factory w o r k .............................
M etal m achinery........................
Miscellaneous..............................
Common labor............................
Casual workers...........................

i ° 35-9
218.6
195.0
840.8

438.6
191.2

Chicago.........................................
Illinois (including Chicago)_
_

329.1

Industry

653-9

400.3
108.0

274-5

293-5

655.9
420.8
211.2
105.0
234.8
198.7

N ov.
1920
168.4
203.0
144.6
236.0
210.8
109.3
102.8

Oct.
1920

159-7

109.9
102.8

127.9

104.6
151.0
1152
I IO.4
143.8

92-3

98.7

HOUSING PROBLEM P E R P LE X IN G
While building operations are being widely dis­
cussed, because of the housing problem, nothing so far
has been done in an organized way for starting work in
the spring. There is a desire and a great need, es­
pecially in Chicago, for renewed activity in this indus­
try, but plans are held in abeyance by present relatively
high costs and a scarcity of funds. Rentals are again
being increased in Chicago.
Loans may be had at 6 per cent, 3 ^ per cent com­
mission, up to 15,000, on 40 per cent of the cost of the
land and building, but for amounts larger than this
the commission rates are regarded as practically pro­
hibitive.

Compared with the peak price of 1920, most of the
building materials have come down. Lumber has had
a big decline; stocks on hand at most of the mills are
below normal. Manufacturing operations have been
curtailed and all logging operations this winter have
been below normal.
The Illinois Society of Architects is obtaining au­
thoritative information on the changes in costs of the
different items of a building by comparing two
sets of estimates that have been submitted by con­
tractors on the same structure, one last year and one
since January 15, this year. Some of the results are
given in the table and chart below.

COST OF BU ILD IN G — 1920

and

PER-CENT
P R O J E C T NO. 1:

A N 18 A P A R T M E N T B U IL D IN G
M ay 20, 1920

1921
OF CHANGE

IN C O S T

DECREASE.

IN C R E A S E

January 10, 1921

M asonry.......................... ...................... $44 )3° ° ......... ........ $40,220,
C arpentry...................... ....................... 74 ,ooo........ ........ 55,700 .
Concrete.......................... ....................... 5»2oo........ ........
4,650.
6,200
Stone.............................. ....................... 5.578 ........ ..........
Plum bing......................... ....................... 28,100........ .......... 25,870,
H eating.......................... ....................... n .2 5 0 ........ ........ 10,600.
E lectric........................... ....................... 4,525 ........ ........
4,300.
Plastering........................
.......... 17,400.
S teel.................................. • ■ •••*............ 4,629........ ........
4,109.
........
2,960.
Sheet M eta l....................
Pain tin g........................... ...................... 14,920........ ........ 12,300.
2,200.
Glass................................. ..................... 2 ,113 ........ ........
T ile ................................... ......................
5,843 ........ ........ 5,7°oT o ta l............................. ...................$225,548......... . . . .$192,209.
P R O J E C T NO. 2:

A S M A L L M A N U F A C T U R IN G P L A N T

July 19, 1920 January 19, 1921
T o ta l................................................. $605,348................. $ 5 5 1,2 8 2 ....
P R O J E C T NO. 3:

A H IG H G R A D E R E S ID E N C E
Jan. & Feb., 1920 Jan. & Feb., 1921

T o ta l................................................... $65,139................... $63,164-----

In project number one, where the various items
making up the total cost of the structure have been
enumerated, the percentage decrease or increase of each
of such items can be seen. The effect of a change in a
particular item on the total cost necessarily depends
on the relation of the item itself to the total. For
instance, a change in the price of glass would affect the




H
final result less than a similar change in masonry,
since glass is the smallest and masonry is one of the
largest in the given list. In order, therefore, to know
how a decline in price is going to affect the final cost
of a building, it is necessary to know what percentage
of the total cost this item constitutes.

Material and labor for each branch of the work
of project number two are given in percentages of

the total cost of the structure in the following table
and chart:
PERCENT

Items
Concrete m asonry....................
Brick M ason ry...........................
Carpenter W ork .......................
Radial Brick Chim ney............
W ater Tube Boilers...................
Struc. Steel and Misc. I r o n ..
Steel Sash....................................
Fire Doors, e tc ..........................
Glazing.......................................
Plastering.....................................
Roofing.......................................
Pain ting.......................................
H eating........................................
Electric W iring...........................
Sprinklers.....................................
G ravity T a n k ...........................
Plumbing and Drainage..........
Miscellaneous............................

OF

TOTAL. COST.

M ater- % of to% o f toials
tal cost Labor tal cost
■ ■ $56,254.. . 10.20 $43, 986 . ..7.90
.. 41.I S ° - • • 7-48 32,130. . .5.84
•• 53.354 -. • 9-70 22,866. ..4 .15
• • 3. 566 .. . .65
2,304- . . .41
4,836. . . .88
•• 9.387 . • . 1.70
13.440 .. - 2-45 12,300. . . 2.23
.. 20,585.. • 3-77
3,984- . . .72
2,960.. • -53
3 ,350 . . . .61
8,456. • • I -53
•• I 3 . 525 - • . 2.42
■ • 3.471 • • • .63
4,243 • .. .76
. . 12,090.. . 2.20
4 .3 10- . . .78
9 ,396 . ..1 .7 1
•• 3.265-. • -59
■ • 47> ° o . • . 8.67 13,300. . .2.42
7
.. 15,150.. • 2.74
5, 856 . . . 1.07
■ ■ 19.675-. • 3-57 12,440. . .2.26
.. 4,847-• . .88
1,450. .. .26
.. 13,1x2.. . 2.38
6,164. .. 1.12
•• 15,484-• • 2.83 10,894. .. 1.96

T o ta l.......................................

$349,OI5

63-39 $202,265 • • .36.61

mmsm. AAA'TE.R i a l
r.,.~~~ L A B O R .
ji 3

As the bids for these projects were actual com­
petitive bids, the proportion of the various items to the
total cost will probably vary but slightly for any simi­
lar structure.

complete five-room, two-story house, stucco, reveals
some interesting price comparisons between the peak
of 1920 and the present time. Lumber decreased 34
per cent, plumbing 21 per cent, heating and galvan­
ized iron 7 per cent, electric wiring and fixtures 16
per cent, mill work 28 per cent, painting and material
6 per cent. On the other hand, excavation and foun­
dation, other masonry material, rough and finished
hardware, sand and gravel, common labor, mason
labor, carpenter labor, and miscellaneous items, show
no decline. The total reduction for the completed
building was 14.8 per cent.

There is considerable talk among contractors and
labor men in Chicago about a reduction in the labor
scale from $1.25 to $1.00 per hour. Such a reduction
in project number two would mean a decrease of 7.3
per cent in the final cost.
A lumber dealer in one of the smaller cities in Illi­
nois, giving the itemized cost of the construction of a

W HAT BU ILD IN G STA TISTICS SHOW
While the statistics showing the contemplated
projects and contracts awarded for the Seventh Fed­
eral Reserve District are not available, figures are
available covering the section of the country of which
this district is a part, namely, Illinois, Indiana, Iowa,
Michigan and Wisconsin. The statistics, however,

also include Missouri, a portion of Eastern Kansas,
and Nebraska, and show 1,703 building projects con­
templated, with an estimated value of $127,918,800,
and 634 projects on which contracts have been award­
ed, with a valuation of $35,832,900. The classifica­
tion of these projects follows:
CO N TE M PLA TE D PRO JECTS
No. of
Projects

Business Buildings.................................................................. .................................
Educational B uildings............................................................ ...............................
Hospitals and Institutions................................................... .................................
Industrial Buildings.............................................................. ................................................................
M ilitary and N aval Buildings............................................... ...............................
Public B uildings..................................................................... .................................
Public Works and Public U tilities....................................... ...............................
Religious and Memorial Buildings..................................... .................................
Residential B u ild in g s............................................................ ...............................
Social and Recreational B uildings....................................... .................................
T o ta l.......................................................................................
(a)
(b)

1,005 Buildings
408 Buildings




Valuation

236 $17,966,500
1 4 ,0 0 3 ,5 0 0
114
2,515,000
23
16,528,500
I 51
740,000
3
1,767,600
35
433 42,640,000
5,659,700
69
15,578,200
(a) 558
81
10,519,800
O
Go

Class

$127,918,800

CON TRACTS AW ARD ED
New
No. of
Floor Space
Projects
Sq. ft.
Valuation
112

J9
7
58

2
II

88
16
(b) 306

*5
634

1,040,500
688,300
225,400
547,100
78,100
19,000
170,900
8 5 9 ,9 0 0

247,900

$8,582,100

3 , 575, 50°

1,106,000
3,377,000
8 50,000
338,000
10,613,200
870,200
4,366,700
2,154,200
$35,832,9°°

Statistics compiled by F. W . Dodge Company.

It will be noted from the following statistics show­
ing the January awards over a period of years, that
the contracts awarded during the first month of 1921
were greater than for January in any of the preceding
years with the exception of 1920:

J A N U A R Y , 1921

J A N U A R Y , 1920

No. o f
B u ild
ings

No. of
Build
ings

22,280,000

1915........................................................................ 13.342,000

T o ta l.......... . 470

1920............................................................................................

60,681,000

i9 J9 ............................................................................................
1918............................................................................................

14.633,000
15,458,000

1 9 1 7 ........................................................................................... 28,619,000
1916 ............................................................................................
1914............................................................................................

6,243,000

1 9 1 1 ............................................................................................. 26,154,000
1910............................................................................................. 10,272,000

No. of
Buildings

Estimated
Cost

JA N U A R Y , 1920
No. of
Buildings

Estimated
Cost

$

..........

93,325

T
3

$

22
14

34,500

114,580
30,800
84,900

18

72,300
1 54, 55°
I ,02 5, 52q
30,082
20,505

J7
275
3
18

17,2 to
3 i ,26o

$1,396,291

362

$1,688,495

24
19
62

$ 28,203
6,807
209,200

II

$ 47,000

39

34
47

77,925

91

7

8,393
9 , 97°

132
82

1, 375,205

25
76
34
17

Per Cent
Cost
Gain Loss

IOW A
Cedar Rapids
Davenport. .
Des M oines.
Dubuque. . .
Mason C ity.
Sioux C i t y . .

.
•
.
•
•
•

33

85,450

T o ta l.......... . 168

$348,023

190

24,775
47,000

J7

2t2,8oo
5,000

2
38
58

23

40

72

27

I 3>755
179,640

52

$ 676,120

49

M IC H IG A N
Battle Creek..
B ay C ity . . . .
D etroit..........
F lin t...............
Grand Rapids
Jackson..........
Kalam azoo. . .
Lansing..........
Pontiac..........
Saginaw .........

.

26
30
813
81
112
20
. 16
• 43
• 45
49

T o ta l.......... • I235

$

$

18,348

38

77,475

8
686
156
72
12
12

83,740

23

26,181
38,800
49 P 35

44

52,415

50

$4,602,887

O
O

The permits for January, 1921, issued by the prin­
cipal Seventh Federal Reserve District cities, for the
most part show a loss in value compared with the cor­
responding month of the previous year. The number
of projects, however, was greater. Chicago reports
only 166 building permits, compared with 328 a year
before. The cities showing an increase in value in
building projects are Hammond, Gary and Richmond,
Indiana; Dubuque, Iowa; Battle Creek, Bay City,
Kalamazoo and Lansing, Michigan; and Madison and
Sheboygan, Wisconsin. The permit statistics follow:
J A N U A R Y , 1921

Per Cent
Cost
Gain Loss

17,913,000

1913 ............................................................................................. 12,180,000
1912............................................................................................

Estimated
Cost

IN D IA N A
E lkhart..........
Ft. Wayne. .. • 39
20
Hammond. . .
G a ry ............... • 42
Indianapolis.. • 331
Richm ond__ • 15
Terre H a u te .. • 23

1921............................................................................................. $35,832,900

Estimated
Cost

$7,262,429

37

$ 37>lg 6
79,040
9 I 4 , 9°4
21,790

62
20

$ 47,875
69,040
949,306
14,028

3 ,98 i ,943

45,920

267,347
14,060

37,400

27

5,658,830
852,965

29
94
49

528,455

46

97
71

34,933

25,694

IL L IN O IS
Aurora.........
Chicago.......
D ecatur.......
E vanston....
Peoria..........
R ock ford ....
Springfield. .

• ■ 13
.. 166
.. 28
•■
••
••

$ 30,224
8
4,1 iq,OOO 328
47 .33° 13
30,400 IO

$ 110,200
7,682,000
73,900
61,500

72
46
36

50

26

24

117,943

21

55
59

62,975
89,280

26
40

G 9 , 75o
252,730
256,275

75

$4 ,497,I 52 446

$8,596,355

48

T o ta l........ ■ • 366

65

M A N U FACTU R IN G O PERA
Manufacturing activity, speaking generally, on the
basis of 135 reports from the principal industries of
the district, shows only moderate improvement, many
plants continuing to curtail in their slowing down pro­
cess, while others have increased their activity for the
purpose of finishing partly completed work.
The automobile industry continues to show im­
provement compared with the end of December, some
plants reporting operations at 50 per cent of capacity,
others lower, the average indicating a production of
about 25 per cent of the peak of 1920. The automo­
bile shipments in January were 66 per cent compared
with December, 1920, and 33 per cent of those in Jan­
uary a year ago. The shipments in January, accord­
ing to the preliminary figures, indicate 8,000 car loads




W ISC O N SIN
Kenosha........
M adison........
M ilw au k ee...
Sheboygan. . .

47

18
149
15

T o ta l.......... 229
Grand T o ta l.. 2468

93
W

$1,052,920 192 $1,080,249
$11,897,273 2220 $r9, 303,648

22
14

3
57
3
38

ST ILL R E ST R IC T E D
and 5,000 machines driven away from the factories
on their own power.
Piano manufacturers are operating between 25 and
30 per cent of capacity by shortening the hours of
operation per week.
The independent steel companies are running at
about 35 per cent of capacity and United States
Steel Corporation western plants at a much higher per­
centage. The railroads are not buying beyond their
actual current requirements owing to decrease in
business and small supply of funds. Prices of steel
products have declined but are irregular and the com­
panies report little business booked at the present time.
Biscuit and confectionery plants report an output
of about one-third, while the cereal plants are running
at about 65 per cent of normal, according to the ad­
vices from representative concerns in these lines.

FOOD STAPLES ON A LOW ER L E V E L
In the grocery business there appears to be no
tendency, either on the part of jobbers or retailers, to
stock up, the reported policy being to buy from hand
to mouth. Stocks, both in volume and in dollars, are
considerably lower than they were a few months ago,
the wholesale lines showing a falling off in net sales.

Few commodities handled by grocers continue at the
1920 price level. The most severe declines have been
noticed in staple articles, such as sugar, rice, beans,
cereals, syrup, canned vegetables and dried fruits,
the prices having continued on the down grade since
January 1.

R E T A IL AN D W HOLESALE T R A D E CONDITIONS
The retailer is showing more of a disposition, ac­
cording to advices, to fall in line with the wholesalers,
although there are still considerable variations in this
respect.
Retailers report sales smaller than in January, 1920,

but say there is in evidence a purchasing power for
cash at the bargain prices being offered for the pur­
pose of clearing stocks. The regular monthly ques­
tionnaire sent out to representative retail stores in the
Seventh Federal Reserve District for January, 1921:

N et Sales January, 1921, compared with January, 1920........................................ ...................................................................................
6.7% decrease
Retail inventories January, 1921, compared with January, 1920......................... ................................................................................
9.3% decrease
Retail inventories January, 1921, compared with December, 1920..................... ...................................................................................
1.5% decrease
Percentage o f inventories January, 1921, to total net sales January, 1921........ ................................................................................
5 >7 -°%
Percentage o f outstanding orders January, 1921, to total purchases, year 1920 .................................................................................
8.1%

The decrease in net sales refers to retail prices ac­
tually realized and not to quantity of commodities.
It appears, from these returns and from other ad­
vices, that retail stocks remain heavy in the hands of
merchants in spite of their “ bargain sales” and other
efforts to bring about liquidation. To offset this con­
dition, merchants are buying new stock and placing
orders for future delivery with much caution, as indi­
cated by the small percentage of outstanding orders
to total stock purchases during 1920.
N et
N et
N et
N et
N et

D ry Goods
Shoes........
C loth in g...
Groceries..
T ailorin g ..

sales January,
sales January,
sales January,
sales January,
sales January,

1921,
1921,
1921,
1921,
1921,

compared
compared
compared
compared
compared

with
with
with
with
with

Wool has moved freely within the past month
and inasmuch as the new crop is not available and will
not be for three or four months, stocks are rapidly de­
creasing. Clothing prices since the first of the year

Wholesalers in the five great staple lines of domestic
supply report a sensible improvement in the situation.
Cancellation of orders seems to be a thing of the past.
Re-stocking is cautious but road men come in with some
orders and report a better feeling.
Returns from forty-eight wholesale and jobbing
houses in five leading lines of trade in this district re­
veal the following conditions for January, 1921:
January,
January,
January,
January,
January,

1920
1920,
1920.
1920.
1920.

. 63.0%
44 5%
47-7%
.28.7%
4 1.1%

decrease
decrease
d ecrease
decrease
decrease

have been cut in proportion to costs based on raw ma­
terial. Wool prices, since December 1, have shown im­
provement.

C O M PAR ATIVE L IV E STO CK STA TISTICS
A comparison of live stock receipts at the principal
markets for the month of January show a 32 per cent
decrease in cattle, 17 per cent decrease in calves, 11
per cent decrease in sheep and lambs and 16 per cent
decrease in hogs, compared with January a year ago.
The receipt of hogs at these six markets in January
aggregated 2,160,855 head. The average price per
hundredweight for each class of live stock at Chicago
in January compares as follows:

Cash lard in January, 1921, ranged from $12.62%
to $13.30 per hundredweight compared with $22.80 to
$24.45
January, I92o. Cash ribs in January, 1921,
ranged from $11.45 t0 $^7..12% per hundredweight
compared with $19.00 to $20.00 in January, 1920.
Receipts of live stock at Chicago for the four weeks
ending February 12, 1921, compare as follows:
Year

Cattle
Cattle
Choice Common
January, 1 9 2 1 __
January, 1920 . . .

Sheep

Lambs

Hogs

$11.02
18.05

$ 4-95
11.49

$10.90
19.28

$ 9.40




$ 8.71
14.00

r 4-55

Cattle

Calves

Hogs

$53,659 ■ $921,595

Sheep

92 1 ..................

$137,167

191° ...................

278,616

60,350

734, 592

156,539

D ecrea se..........
♦ Increase

$ 41,349

$ 6,691

*$187,003

*$101,376

I

$357,9l 5

CO LLECTIONS AN D M OVEM EN T OF C R E D IT
Collections, both in the wholesale and retail busi­
ness, are reported slow. Credit movements, as indi­
cated in the aggregate debits to individual accounts,
show a decrease of 15.6 per cent compared with the
previous month, and a decrease of 19.9 per cent over a
year ago.

The total debits as of February 16, 1921, reported
by 202 banks in 23 leading clearing house centers, in­
cluding Chicago, were $889,777,000, a decrease of
$164,634,000 from the corresponding week of January,
and a decrease of $221,252,000 compared with the
same period of last year.

R E L A T IO N O F B O R R O W IN G S O F M E M B E R B A N K S T O N O R M A L B A S IC L IN E B Y S T A T E S A N D F O R D IS T R IC T
PER CENT

A V A ILA BLE CAR SU PPLY IN CREASES
The chart below shows the car surplusages and de­
ferred car requisitions for a period of four years. Box,
vent, auto, furniture, flat, gondola, coke, tank, re­
frigerator, and stock cars are included in the term

freight cars. These data were compiled from reports
of the American Railway Association, Car Service Bu­
reau, of Washington, D. C., and do not include Cana­
dian Railways.

F R E IG H T C A R SH O R T A G E A N D SU R P LU S IN U N IT E D S T A T E S

SH O RTAG E

SLTR PLAJS

THOUSAN DS.

vJAN)

-JULY
1 1
9 7




UAN

UULY
1 1
9 8

UAN

UULY
1 1
9 9

UAN

UULY

UAN

19 2 0

0 2 .1

OPEN M A R K E T DISCO UN T AN D IN T E R E ST RATES A T CHICAGO
The open market range of discount and interest
rates prevailing in Chicago, during the thirty-day
period ending February 15, 1921, together with a

comparison of rates during the thirty-day periods
ending January 15, 1921, and February 15, 1920,
follow:

F E B R U A R Y , 1921

High
I.

7
7

Custom ­
ary
High

7

Low

F E B R U A R Y , 1920

Custom ­
ary

High

Low

Custom­
ary

Rates of discount charged by banks to customers for
prime commercial paper such as is now eligible under
the Federal Reserve Act:
a.

Running 30, 60 and 90 d ays...............................

b.
2.

Low

J A N U A R Y , 1921

Running 4 to 6 m onths.......................................

6K

7
7

7
7

6

7

6

5K

SK@ 6

6

7
7

SK

5 H @6

Rates for prime commercial paper purchased in the open
market:
a.

3-

Running 30 to 90 d ays.........................................

6K

6

6

b.

Running 4 to 6 m onths.......................................

6K

6

6

6

5K

Rates charged on loans to other banks— secured by bills
payable...............................................................................

9

7

8

7

7

7

5 K @6

4 - Rates for bankers’ acceptances of 60 to 90 days maturities:
a.

Endorsed.................................................................

5%

5 X 5 ^ @ 5^

b.

Unendorsed............................................................

6X

5K

5M

6

6

5- Rates for demand paper secured by prime stock exchange
collateral or other current collateral.............................

6.

7

7

7

6K

7

6K

6//
a

5^

@

5^

Rates for time paper secured by collateral mentioned in
Number 5:
a.

Running 3 m onths................................................

b.

Running 3 to 6 m onths.......................................

sy

6

6K

7
7

7

7
7

7
7

7

7
7

6y

5^

7 - Rates (when paper is current in city) for:
a.

8.

Cattle loans............................................................

7

7

7

7

7

7

6K

6

b.

Commodity paper secured by warehouse re­
ceipts, etc....................................................................

7

7

7

7

7

7

6K

6

6

7
7

6y

6 K @7
6 K @7

7
7

6

7
7

6K

6

6

6K

6

6

6@ 6K

Rates for ordinary commercial loans running 30, 60 and
90 days, (not including loans to enable purchase of
bonds) secured by:
a.

Liberty bonds........................................................

b.

Certificates of indebtedness...............................

6y

6

R EC EIPT S AN D SH IPM ENTS OF IM PO R TA N T CO M M OD ITIES A T CHICAGO
( o o o ’ s O m it t e d )
R E C E IP T S
December
January
1921
1920
1920
1919

January
1921

691

1,144

772

1,145

1,814

2,478

2,095

Corn .................... .. .B ushels.........

U I 93
21,606

8,124

6,223

7,457

479
1,415
7,056

O ats.................... . . . B ushels.........

5,806
424

4,559
655

5,620

R y e ..................... .. . Bushels.........

7,297
754

B a rle y................ .. . Bushels.........

952

1,000

1,221

10,547

Fresh M e a ts .. . .

3.179
53.786

103,469

L a rd ....................

10,422

Cheese................

S H IP M E N T S
December
1920
1920
1919
802

479
1,306

4,200

3,590
3,903
5,776

305
1,105

57i
670

803

3,379
3,903
3i 7

427

598

53 i

4,878

“ ,635

60,093

130,472

67,158

97,904

125,967

277,562

163,558

20,757

57,369
9,033

114,055
294,410

14,087

35 ,6oi

72,477

11,601

11,809

12,190

8,756

21,032

B u tter................

13.564
15,888

17,267

15,704

18,077

28,495

57,677
14,453
i 8,577

E ggs....................

62

58

15,904
55

34,294
9,306
18,142

48

P otatoes............. .. . Bushels.........

918

1,298

243
336

16,855

23,720

16,199

W ool...................

8.955
454

i , i 77
17,088

173
313

H ides.................. .. . Pounds..........

1,132
18,007

” 7
275
3,094

Lum ber..............

108

4,371
71

4,584
66

F lou r.................. .. .B arrels..........
W heat................

Cured M eats. . .




U 957
208

12,404

378
165

U 979
226

48

783
2,466

3,357
4 , 99 i
326

219
303
28,683
5,462

75


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102