The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BUSINESS CONDITIONS IN THE UNITED STATES year, and average weekly earnings in all reporting in Production and shipment of goods continued in dustries increased by 3.8 per cent. The advances were heavy volume during May. The volume o f employ most general in the cotton, steel, meat packing, and ment was sustained and many wage advances were sugar refining industries. reported. Wholesale commodity prices declined dur In agriculture the condition of both winter and ing May and the early weeks of June. spring wheat is reported less favorable than a year PRO D U CTIO N — Production of iron and steel, ago, while the condition of the cotton crop is slightly cement, and petroleum was larger in May than in any better than last year, owing entirely to more favorable previous month, and mill consumption of cotton was growing conditions in Texas. A shortage of farm close to maximum. The high level of production in labor is reported from most sections of the country. these industries, together with increases in practically all other reporting lines, is reflected in an advance T R A D E — Active distribution of commodities is in of 2 per cent in May in the Federal Reserve Board’s dicated by heavy movement of merchandise and mis index of production in basic industries. In the build cellaneous freight, and carloadings continued to> exceed ing industry there was a further decline, in principal all previous records for this season. In certain lines of trade a decline in the volume of manufacturers’ cities, in the value o f permits granted which represent prospective building operations. Contract awards, orders for future delivery is reported. The volume of however, which represent actual current undertakings, both wholesale and retail trade was larger in May continued to increase, although declines are reported than in April. Among the wholesale lines sales of in the New York and Chicago districts. meat, hardware, and shoes showed particularly large increases, while sales of clothing and dry goods de This industrial activity has been accompanied by a slight increase in employment at industrial establish creased. The Federal Reserve Board’s index of whole ments. The demand for labor was also reflected in sale trade, which makes no allowance for seasonal a larger number of wage advances during the 30-day changes, was 5 per cent higher than in April and 14 period ending May 1£) than in any earlier month this per cent higher than a year ago. Sales of department INDEX OF BASIC Combination of Corrected for PRODUCTION IN INDUSTRIES 22 Individual Series Seasonal Variation PRICES— INDEX NUMBER OF WHOLESALE PRICES U. S. Bureau of Labor Statistics PEHCEflT imimtxmt 1913-100 SO BANK CREDIT 800 Member Banks in Leading Cities BANK CREDIT All Federal Reserve Banks Latest figures Tune 13. 1923: loans discounts 11,823 million, invest ments 4,649 million, demand de posits 11,320 million, time de posits 3,991 million. Latest figures June 20, 1923: Federal reserve notes, 2,222 million, earning assets 1.058 million. yv/ 0 1919 1920 1921 1922 192? Base adopted by the Bureau of Labor Statistics. Latest figure May. 1923: 156 C o m p il e d Ju n e 27, 1923 stores increased about 8 per cent in May, and all reporting lines of chain store business reported increases. Mail order sales were 6 per cent less than in April, but were larger than in any previous May. W HOLESALE PRICES— Price declines were reported during May and the first three weeks o f June for a large number of commodities. All of the nine groups in the Bu reau of Labor Statistics’ index, except food and house furn ishings, show decreases for May, and the average for all commodities declined by 2 per cent BANK CREDIT—Loans of reporting member banks in principal cities, which have been increasing since the early part of the year, declined by $115,000,000 between May 16 and June 13. Bank holdings of government securities which increased by over $100,000,000 in connection with the treasury transactions of May 15, later declined as the securities were distributed by the banks. These decreases in loans of member banks and the receipt during May of $45,000,000 of gold from abroad were accom panied by a decrease in the earning assests of Federal Reserve banks by $120,000,000, for the four weeks ending June 20. At that time the volume of Federal Reserve bank credit in use reached the lowest point since the opening of the year and approached the low point reached in August, 1922. Reserve bank holdings of bankers’ acceptances and government obliga tions are now lower than at any time since early in 1922. The total volume of money in circulation increased by $38,000,000 between May 1 and June 1, the increase being chiefly in gold and silver certificates, rather than in Federal Reserve notes. Money rates continued to show a slightly easier tendency. The June 15 issue of $150,000,000 six months treasury certifi cates carried a rate of interest of 4 per cent, compared with 4 % per cent on a similar issue sold in March. BUSINESS CONDITIONS IN THE SEVENTH RESERVE DISTRICT USINESS activity in the Middle W est continues about as in April, but with a smaller volume o f new orders, the maintenance of activity in production during May being largely traceable to the earlier accumulation of orders. Outstanding features of other than seasonal char acter were the new records in pig iron and steel produc tion, the unequaled automobile output, large receipts of live stock, and unprecedented carloadings for this period of the year. Labor continues fully employed. B Farm operations were somewhat delayed by unfavorable weather and by shortage of labor. Most lines of mer chandising in the Seventh Reserve district were more active than the previous month; comparisons with a year ago, on the other hand, were less favorable than earlier in the year. In building, postponement of projects has had the effect of relieving the pressure in a competitive market. The coal situation for the district, both in production and sales, remained about the same as in April. Loans by the reserve bank to member banks decreased, and total reserves in creased. Savings deposits made a further gain. The vol ume of cancelled checks continued large. M ONEY AND BANKING Business sentiment during the greater part of May veered more strongly toward conservatism with a feeling of uncertainty and caution manifesting itself. In the latter part of May and early June, however, business men, while proceeding cautiously, apparently gathered confi dence in the outlook for the immediate future. The agri cultural community has gained courage and is more optimistic, generally, than a year ago, although the drop in hog prices and in some localities the effect of the back ward spring season on crops are discouraging factors. Farmers did not receive the full benefit of the recent in crease in price o f corn because most of them had already disposed of the greater part of their available supply. In agricultural sections the slackening in business is partly due -to the activity o f farmers in field work. Reports from agricultural and industrial sections indicate Page 2 July no marked change in the trend of credit conditions on the whole in the district during May. In some localities in creased demand for accommodations appeared, while in others the demand slackened. The banks continue able, in most instances, to meet the increases without borrowing. Although May business failure statistics for the district show an increase in the number of defaults of some 16 per cent over the previous month, continued improvement in business conditions during the month is reflected by a decrease of more than 46 per cent in the total liabilities in volved. Little change is seen in figures for the country as a whole, with the exception of a slight drop in total liabilities. COMMERCIAL PAPER AND ACCEPTANCES The aggregate sales during May of ten commercial paper dealers in the district reporting to this bank were 13. per cent greater than in April, although four dealers showed decreased sales during the month. Compared with May a year ago sales declined slightly. The demand from banks for commercial paper was reported slow dur ing the month because of government financing and de mand for building operations; several dealers reported a strong demand for prime paper. The supply of paper was small, although one dealer reported a better supply than a month ago. Selling rates during May ranged from 4J4 to 5J4 Per cent, showing no change from April. The prevailing rates were at 5 and 5 % ; however, two dealers reported a 5J4 per cent rate. One dealer reported an easing tendency in rates the last week of the month. Operations in the open bill market during the period ended June 13 were on a smaller scale than in the month ended May 16. Purchases by six dealers in the district reporting to this bank averaged $2,123,000 weekly in the period under review compared with $2,234,000 in the pre ceding period. Sales decreased considerably averaging only $1,893,000 compared with $2,764,000. Of the total sales during the period, sales to the Federal Reserve Bank and local banks amounted to only 33 per cent, while sales to out-of-town banks were 59 per cent of the total. Bills held at the close of the period were $4,162,000, an increase of $806,000 from May 16. The supply of bills was reported fair during the period, although one dealer found it small. Most dealers reported the demand for bills light; one dealer, however, expe rienced a good demand. Bills moved freely at the offered rate, according to two dealers; one dealer reported the movement slow. Offered rates at the close of the period ranged from 4@ 4j£ per cent for short maturities to for longer term, showing no change from the close of the preceding period. Bid rates ranged from 4J/£@4J4 for maturities under 120 days to 4J^@ 4^ per cent for longer maturities. Maturities under 90 days were in the best demand. Commodities against which bills were reported drawn were: agricultural implements, meats and provisions, grain, sugar, cotton, and raisins. The volume of acceptances executed during May at twenty-six banks representing the greater part of the ac cepting business in the district was 31 per cent less than in the preceding month. Bills bought and bills sold de creased considerably in volume, also, compared with April, largely on account of one bank’s transactions, which were small compared with the large amount of business done in April. Six of the reporting banks were in the market for bills during May. Bills held on May 31, amounted to $1,426,381, compared with $398,357 on April 30; of these holdings 15 per cent and 75 per cent, respectively, were the accepting banks’ own bills. The liability of these banks on outstanding acceptances was 6 per cent greater at the close of May than at the close of April. Eleven banks reported no transactions. Bankers’ acceptances bought during the month by this bank amounted to 11 million, a decrease of 8 million from April. No bills were sold from holdings during the month. Bills held at the close of the month were 29 million, com pared with 34 million at the close of April. MEMBER BANKS IN TH E DISTRICT Both deposits and loans and discounts at reporting mem ber banks in Chicago were at a considerably higher level in May than in April, largely on account of deposits of public funds the first part of May. After the middle of May, however, both items showed a decreasing trend, except for an increase in deposits June 13. At Detroit banks, loans and discounts increased with the exception o f the last week of May and the second week in June when there were some reductions. Time and demand deposits at these banks continued their upward trend during May and the decrease in demand deposits the first week in June wasi more than offset by the increase the following week. At banks outside Chicago and Detroit, loans and discounts remained at approximately the April level until the last week of May, after which decreases appeared. Deposits fluctuated but the net decrease in demand deposits during the month was offset by an increase in time deposits. D e mand deposits increased materially the first week in June. Government deposits and investments in Government securities at reporting member banks in the district in creased markedly May 16, incident to Government financ ing. In the weeks following decreases were shown, until June 6, when holdings o f Government securities at Chicago banks increased. R E P O R T IN G M EM B ER BANKS, S E V E N TH C O M P A R A T IV E P O S IT IO N D IS T R IC T *B reak in curve in d ica tes d a ta n ot com p a ra b le w ith p reced ing. B a sed on w e e k ly rep orts to th is ba n k b y ap p rox im a tely 48 m em b er ba n k s in C hicago, 13 in D etroit, and 45 in other selected cities. JOINT STOCK AND FEDERAL LAND BANKS Loans by the Joint Stock and Federal Land banks out standing in the five states lying largely in this district in creased less rapidly in May than in April. A t the close of May, loans by twenty Joint Stock Land banks amounted to $130,069,000, an increase of $4,845,000 for the month compared with $5,653,000 for April. (Figures shown pre viously were for fifteen banks, not including five which com menced operations during the last year.) Loans by the J O IN T STO CK A N D F E D E R A L L A N D BANKS Lo a n s O u t s t a n d i n g in S t a t e s of t h e D i s t r i c t D a ta as a t close o f each m onth, based on reports d irect to this bank b y tw en ty Join t S tock and fou r F ed eral L an d banks. F igu res sh ow n p rev iou sly did n ot includ e five Join t S tock L an d banks w h ich com m en ced op era tion s d u rin g the last y ear. L a test figures sh ow n in th ousand s o f dollars M ay, 1923; F ed era l L an d banks 108,250, Join t S tock L an d banks 130,069. July Page 3 four Federal Land banks amounted to $108,250,000, an in crease o f $2,061,000 for the month compared with $2,455,000 for April. POSITION OF TH E RESERVE BANK Loans to member banks and total earning assets at the reserve bank declined during May, the only increase being incident to Government financing in the week ended May 16. The temporary increase in the week of May 2 was more than offset by the decrease the week following. Both items increased slightly the first week of June, but in the following week decreased— loans to the lowest figure since February 21, and earning assets to the lowest since January 24. The increase June 20 brought loans to the May 23 figure of 84 million. Total reserves increased from 532 million on May 2 to 575 million on May 29, but de creases the following weeks reduced them to 548 million on June 20. Federal Reserve notes in circulation increased 8 million during May, followed by a 3 million reduction the first two weeks in June. FEDERAL RESERVE BANK OF C H IC A G O , dividual accounts at clearing house banks in the four larger centers increased 3.1 per cent over April and in the twenty smaller centers 5.0 per cent. The gains were gen eral throughout the district, only four of the twenty-four centers showing decreased volume for the month. Compared with May last year, the increases were 19.0 per cent for the larger centers and 23.2 per cent for the smaller, although the gains in May over April this year were approximately the same as last year. C he ck s V O L U M E OF P A Y M E N T BY C H E C K D r a w n on C l e a r i n g H o u s e B a n k s , S e v e n t h R es e r v e D i s t r i c t Federal C O M P A R A T IV E POSITION MILLIONS OF DOLLARS - 7001 MILLIONS OF DOLLARS 700 600 600 TO T/ L reseb\ es |A i r w 500 500 \ . 400 300 f t * . • 1* 17 A 200 t r . M 400 ' 300 T» LOAfa to l MEM 9ER BANKS V \j * ZOO 'V i \ \ 100 t 100 O O 1319 1920 19Z1 1922. 1923 L a test figures sh ow n in th ou san d s o f dollars June 20, 1923: total reserves, 548,093; loans to m em ber banks, 84,367. SAVINGS ACCOUNTS AND DEPOSITS A further gain in the savings deposits of reporting banks representing approximately 40 per cent of the total of the district was shown during May, although part o f this increase is customary on June 1. A gain on June 1 of 1.2 per cent was shown over May 1, while compared with a year ago a gain of 12.0 per cent was made. The gain in savings deposits since the low point reached on October 1, 1921, is 13.0 per cent. The average account on June 1 was 0.6 per cent more than on May 1, and 3.0 per cent more than a year ago. Real estate purchases and building were given as the reasons for withdrawals during the month. DEBITS TO IN D IVID U AL ACCOUNTS The volume of payments by check at banks in the dis trict continued at a high level during May. Debits to in Page 4 July F igu res used are estim a tes fo r calend ar m on th s based on w eek ly reports to this bank. L a te st figures sh ow n in th ousand s of dollars M ay, 1923: C hicago, D etroit, M ilw aukee, and Indian apolis, 4,273,103; oth e r clea rin g cen ters, 685,151. BONDS AND INVESTM ENTS The general tone o f the investment market continued to improve the first half of June. The portion of the Aus trian Government loan that was offered in the Middle West met with remarkable success, as also have the other large issues brought out during the early part of June. Prices on the whole trended slightly upward. There is a good demand for high-grade railroad and public utility bonds, and short-term notes; industrial securities of strongly entrenched companies carrying an interest rate o f 6 per cent or more continue to be readily absorbed; and municipals still find a ready market. First mortgage real estate bonds, while not quite so active as in past months, were in fair demand. The leading First M ort gage underwriting houses are declining to finance buildings erected for speculative purposes. Although the issue of $150,000,000 Treasury Tax Cer tificates June 15 carried only a 4 per cent rate, subscrip tions exceeded the offering. Excess over the quota for the district was not so marked as for the country as a whole, in which applications were more than twice the amount offered. AGRICULTURAL PRODUCTION Plant growth was retarded by the cold, dry weather during the greater part of May, but June rains brought some improvement. In some localities, more particularly in Western Iowa, excessive moisture is reported. Crops in early June, generally speaking, for the district were in only fair to good condition, according to direct reports from 139 county agents representing 152,511 farmers. The unfavorable weather and the labor shortage have de layed farm operations and have resulted in slightly less corn being planted in Illinois, Indiana, Michigan, and parts of Iowa and Wisconsin than contemplated earlier in the season. The poor stand of early planted corn in some parts o f Iowa, Illinois, and Indiana necessitated replant ing, but in other parts of the district the corn was reported to be nearly up to normal. There has been some abandon ment of less productive land in Michigan, Indiana, and certain counties of Illinois because o f the reduced price on farm products, the cultivation proving unprofitable for tenants and owners. The percentage to the total is small but the shifting of these farmers, to other occupations is having some effect upon the total crop acreage. This abandonment for the most part relates to farms well worn or poorer farms brought into production by the high prices of the war period. The condition of winter wheat continued to be below normal, although little acreage has been plowed under because of thin stands. Due to lack of moisture, hay meadows and clover fields were in poor condition. The dry weather was detrimental to the growth of oats also, but alfalfa was indicated to be in good condition. The Bureau of Agricultural Economics on the basis of the June 1 condition forecasted a production of 486,223,000 bushels of oats for the district. This compares with 461,600.000 bushels produced in these states in 1922. A pro duction of 80,366,000 bushels of wheat, compared with 78.175.000 bushels, the 1922 final, was forecasted for the district. UNITED STATES CROP PRODUCTION ■Estimated by the Bureau o f Agricultural Economics as of June 1 In thousands of bushels Forecast, 1923.___ Final, 1922_______ Average, 1917-21.. A ll W heat O ats 1,256,456 816,580 862,091 1.201,436 1,377,903 834,801 B a rl ey 196,110 186,118 191,974 R yf. 72,473 95,497 70,324 * H ay 99,000 112,791 99,000 *In thousands of tons. GRAIN M ARKETING The usual seasonal volume of grain was not marketed during May because farmers had been hindered by the backward season and were engaged in field work. Hence, the receipts were less at interior primary markets of the United States during May than in April and were con siderably smaller than a year ago. Shipments of corn and wheat from these markets increased in May compared with April, but shipments of oats declined; all were less than a year ago. Domestic demand for corn and oats has been fair but poor for wheat. Exportations of wheat and rye were AND CONDITIONS more than in April, while corn declined. Due to the fact that European needs are being supplied by other countries, the export demand for United States corn, oats, and wheat continues to be limited. The Department of Agriculture has estimated the visible supply of wheat, and flour as wheat, in the United States, Canada, United Kingdom, Argentina, and afloat to the United Kingdom and the European continent to be 228,062,000 bushels on May 1, 1923, compared with 189,869,000 bushels a year ago. Present indications are that the United States carry-over of wheat will be greater at the end of this season than in 1922. The latest estimates from reliable sources indicate a world’s carry-over of ap proximately 250,000,000 bushels of wheat at the beginning of the crop year 1923-1924. This is larger than forecasted a few months ago and is more than at the beginning of the 1922-1923 crop year, but is about equal to a pre-war carry-over. UNITED STATES VISIBLE SUPPLY OF GRAIN Stocks in public and private warehouses at principal points of accumulation, at lake and seaboard points and in transit by water, in the United States, June 9, 1923. Figures supplied by the Secretary of the Chicago Board o f Trade. In thousands of bushels June 9. 1923 Warehouses and Afloat.__ Bonded ___ May 12, 1923 Warehouses and Afloat___ Bonded ----- _______ June 10, 1922 Warehouses and A float.... Bonded ...... — B arley W heat C orn O ats R ye 31,315 1,991 5,246 12,220 229 16,366 923 1,211 41,217 4,588 15,299 18,068 774 18,370 1,459 2,084 475 25,808 4,831 30,313 47,272 948 4,568 1,622 407 356 — 669 Grain prices, with the exception of corn, which remained firm, were lower at Chicago in May than in April and continued to trend downward the first part of June. FLOUR PRODUCTION Flour production during May at forty-two mills in the district reporting to this bank was 6.9 per cent greater than in April, although operations were at 42.6 per cent of capacity compared with 41.5 per cent in the preceding month in which there was one less working day. Com pared with May, 1922, an increase of 19.0 per cent was made, operations at that time being at only 35.8 per cent of capacity. The production of wheat flour in May ex ceeded that of April by 10.8 per cent and that of a year ago by 16.5 per cent. Production of flour other than wheat decreased 19.3 per cent from April, and increased 47.6 per cent over May a year ago. Stocks o f flour on hand May 31, at thirty mills were 4.7 per cent less than April 30, although fourteen mills re ported increases. Stocks of wheat at these mills decreased 19.7 per cent; only five reporting increases. May sales of flour in barrels were 5.8 per cent less than April in volume, and were 7.7 per cent less in dollar amounts. M OVEM ENT OF L IVE STOCK Record receipts of live stock for May were established this year. The totals for cattle and calves and for hogs July Page S were the largest for May since statistics of receipts and shipments at public stock yards were established at the beginning of 1916; sheep receipts were somewhat less than in May, 1921, but were larger than for the corresponding month of the other years. nally less in the United States than in the previous month, but were considerably in excess of those a year ago, al though they were about 9.0 per cent less than the five-year average for that date. Lard stocks were more at Chi cago on June 14 than at the beginning of the month. SLAUGHTER IN MAY Exporting companies report a slight reduction in meat tonnage was offset by an increase in that for lard so that the total volume of meats and lard forwarded in May for ex port was indicated to be fully as great as in April. There was some slowing up in export demand the first of June, partly on account of the unsatisfactory condition of Ger man exchange. There has been little improvement in the English demand for products from the United States be cause of the continued importations from Denmark of large quantities of pork products into the United Kingdom. R e cent Danish hog slaughterings have been very large. Pres ent Continental prices are quite satisfactory but those in the United Kingdom continue to be below a parity with those in the United States. Eight yards in district, May, 1923 Public Stock yards in U. S. May, 1923......... April, 1923________ May, 1922_________ 2^834 1,055°,331 220,253 711,984 680,307 698,522 3,072,396 2,923,601 2,571,537 888,189 460,960 855,323 399,800 852,298 387,445 173^672 The movement of feeder cattle, calves, and sheep back to the farms showed a large increase over April. Com pared with a year ago, the movement increased for sheep, but declined for cattle and calves. AVERAGE PRICES OF LIVE STOCK Per hundred pounds at Chicago W e e k E nded J u n e 16, M ay, 1923 1923 Class $9.50 Native Beef Steers (average) — $6.75 6.90 Fat Cows and Heifers............... 3.75 Canners and Cutters______ ___ 3.00 9.10 Calves ........ ........... ........ ............... 9.50 7.55 6.75 Stockers and Feeders.......... ......... 7.55 6.80 Hogs ____________________ __ ___ 5.58 7.90 Sheep ____________ __ ______ ___ 11.65 14.35 Yearling Sheep.— ........................ Lambs .......................................... 15.60@ 16.25 14.15 M o n t h s of A p r il , M ay, 1923 $9.00 6.55 3.60 8.40 7.10 8.10 7.90 12.00 13.30 1922 $8.30 6.75 3.65 8.75 7.35 10.50 8.00 10.45 13.40 MEAT PACKING The domestic demand for packing house products con tinues broad. The volume of meats and lard shipped from Chicago in May was greater than in April but less than a year ago. Direct reports to this bank from fifty-five meat packing companies in the United States show a seasonal increase of 10.8 per cent in total dollar sales over April; these sales were also 11.6 per cent greater than a year ago. Employment according to the last payroll in May com pared with that for the previous month increased 0.2 per cent in number, 1.9 per cent in total payroll, and 0.5 per cent in hours worked as shown by returns made by repre sentative meat packing companies in the United States. In using these comparisons on employment allowance must be made for the holiday at the end of May. Wholesale prices of pork, with the exception of loins which increased, averaged lower at Chicago during May than in April; beef showed little change; veal and lamb increased slightly. Pork prices are indicated to be low in proportion to the cost of live hogs. Despite the heavy slaughter of live stock in May, the June 1 cold storage holdings of meats and lard were nomi BUTTER, CHEESE, EGGS, AN D POULTRY The production o f creamery butter during May was 50.2 per cent greater in the district than in April but 1.4 per cent less than a year ago, according to companies reporting direct to this bank. Statistics issued for May by the American Association of Creamery Butter Manufacturers indicate a large increase over April but a small decline from a year ago in the production of creamery butter in the United States. The volume of creamery butter sales in May by reporting companies in the district was about 31.2 per cent more than in April but 6.4 per cent less than in May, 1922. The volume of egg sales was also larger than in the previous month. The output of cheese in W is consin was about 14 per cent greater in May than in April but was 2.5 per cent less than a year ago. May receipts of butter, eggs, cheese, and poultry were greater at Chicago than in April. Butter and cheese receipts were less than a year ago, but egg and poultry receipts were greater. The prices of cheese averaged higher at Wisconsin mar kets during May than in April. Average prices for butter and poultry were less at Chicago during May than in the previous month, eggs showed little change, but fowls in creased. All prices trended lower the first part of June. There was a seasonal increase from May in the June 1 cold storage holdings o f butter, cheese, and eggs in the United States, but a decline in the holdings of poultry; all except butter were greater than a year ago. INDUSTRIAL EMPLOYMENT CONDITIONS Employment in manufacturing industries has remained fairly constant since the seasonal expansion that occurred during March. A tendency to advance wages is still ap parent in many industries. In the lumber industry, a large number of increases ranging from 2J^ to 5< cents an hour were made in an effort to keep labor from drifting into other employment. Other increases amounting to 10 per cent were reported for brass foundries and paper mills and, in several paint factories, a similar bonus was granted Page 6 July temporarily. Many gains were also shown for stone, ce ment, metal and machinery workers. Returns from 296 firms reporting to this bank show an increase of 0.5 per cent in employment and of 1.3 per cent in payrolls during May. According to about four-fifths of these firms there was no change from the previous month in the total number of man-hours of work. Primary production of iron and steel continued to show expansion while manufactured products as a whole showed little change. The largest gains reported for the month were in the stone and cement and in the construction industries. Next to railway equipment, the heaviest decrease reported was for lumber and millwork where employment fell off 4.1 per cent but where the amount of payrolls was kept up to the level of the previous month. Reports from the free employment offices of Illinois show a slight increase since April in the ratio of applicants to number of positions available. The report from the Illi nois Department of Labor, however, indicates little change in general employment conditions during May. FUEL AND POWER PRODUCTION COAL Despite the fact that this period of the year is generally one of relatively low production in the bituminous mines of the country, the present rate of output continues at a level which has been exceeded at this season only under war stimulation during 1918. Since the second week of May, when a gradual decline in production was checked, the weekly output of soft coal has risen to as high as 11,000,000 tons and has been maintained well in excess of the 10,000,000 ton mark, with the exception of the last week o f May when the total tonnage dropped on account of the Me morial Day holiday. The opening o f navigation on the Great Lakes on May 5 with the consequent heavy move ment of coal to the Lake Superior docks may have con tributed to this increase in production. During the cal endar year to June 9 the total output of bituminous coal amounted to almost 242,000,000 tons, or approximately 1 per cent above the average for the same period in 1917, 1918, and 1920, and more than 33 per cent in excess of the aver age tonnage for 1919, 1921, and 1922. While production for the country as a whole has been on the increase during the past month, there has been little change in the situation in Illinois and Indiana. Many mines are either completely shut down or are on the point of closing, and most of those still] operating are averaging little more than two or three days per week because of the low spot prices still prevailing and the lack o f market for these grades. With a drop of 3.8 per cent from the level of the previous month, total production for Illinois during May amounted to only 5,950,610 tons. Although the cool weather and some stocking of domes tic sizes have sustained the demand for anthracite, produc tion during the greater part of May and in early June fell slightly below the level of 2,000,000 tons per week which had previously been maintained. The total output for the month of May has been estimated at approximately 8,573,000 tons. The coal business of this district during the month of May continued to exhibit the lack of vitality which has characterized it during the past few months, and there was little improvement apparent in early June. Large con sumers have been picking up some distress coal and a few are also taking some lump in anticipation of a car shortage this fall, but, with the exception of the larger Illinois rail roads which are storing their winter fuel supply, the stock ing program which was expected has not materialized. Screenings are weak and instead of the usual shortage of this grade at this season, there is a considerable surplus. Demand for domestic sizes is also light. Spot prices of soft coal continue to decline—approxi mately 3 per cent during the month of May and some 40 per cent since the beginning of the year. With the exception of some contract coal and railroad storage orders, much of the local output is reported being sold at or below the cost of production, but even these low prices have at tracted few buyers. Anthracite spot prices are slightly weaker. ELECTRIC ENERGY The aggregate output of electric energy during May at nine central companies in the district reporting to this bank, amounting to 509,041,127 K.W .H ., shows a gain of 1.2 per cent over April, while the daily average output de creased 2.0 per cent because of the longer month. The gain over a year ago, while not as large as in the previous months, was 18.3 per cent. The load factor at these plants was at 55.7 per cent compared with 56.5 per cent in the pre ceding month; a year ago the load factor was at 56.0 per cent. May sales of electric power for industrial purposes in creased 3.3 per cent over April, although the sales based on actual working days during the month show a slight decrease. Compared with a year ago, the May sales in creased 25.8 per cent. While the increase is not so great as in past months, this can be accounted for in the gain of 14.5 per cent shown in May, 1922, over April. The peak load demand during the month under review was 73.7 per cent of capacity, compared with 66.6 per cent in May, 1922. Peakload demand and plant capacity increased 19.0 per cent and 7.5 per cent, respectively, over a year ago. MANUFACTURING ACTIVITIES AND OUTPUT AUTOMOBILES Automobile production established a new record in May when approximately 3 per cent more cars and trucks were built than in April, the previous record month. Manu facturers reporting through the National Automobile Chamber of Commerce and direct to this bank, represent ing practically complete April production, built 350,073 pas senger cars in May compared with 343,793 in April, an increase of 1.8 per cent. Truck production increased at a more rapid rate— 15.2 per cent for manufacturers whose output was 42,373 in May compared with 36,786 in April. Compared with May, 1922, the increase in passenger car production was more than 50 per cent and in truck produc tion nearly 85 per cent. During May a slight falling off in actual sales is reported, although this was not general in all sections or for all July Page 7 makes of cars. The proportionately large demand for closed cars is delaying deliveries in some cases because of the inability of manufacturers to meet the demand for this type of car. The used car problem continues to be a factor in the industry and reports indicate that many dealers are finding it more difficult to market used cars. On the other hand some distributors report a more satisfactory situation in some of the larger centers, the number of sales in which no trade was involved1 being proportionately greater than in 1922. May shipments reported by the National Automobile Chamber of Commerce increased over April. Carload ship ments and driveaways were approximately 2 per cent more in May, while boat shipments, reflecting the seasonal lake movement, were nearly two and one-half times those of April. Compared with May last year shipments are much heavier, although the percentage increase over April was smaller except for those by boat, in which approximately the same rate of increase was in evidence last year as this. Exports of both passenger cars and trucks from the United States continued to increase during April. Exports from Canada decreased and, in passenger cars, sufficiently to cause a slight reduction from the March figure for the two countries combined. Production o f casings and inner tubes during April was in excess of shipments resulting in increased inventories at the close of the month, according to the report of the Rubber Association of America. Reductions in tire prices were announced in June. IRON, STEEL AND OTHER M ETALS Record production of pig iron continues, together with heavy shipments of iron ore from the Lake Superior docks. To date the ore has been moving to the furnaces with regularity because of the ability of navigation companies to take care of the large volume. The total production of iron and steel was larger in the United States during May than in any other previous calendar month on record, but industry absorbed the large output as soon as it was produced. May shipments by steel mills were somewhat in excess of the new business booked. A nominal reduc tion was shown in the amount of unfilled orders held by the United States Steel Corporation on May 31 compared with those at the end of April. Prices were higher in May than in April but the trend was downward in the first half of June. The composite price average as of the middle of June, owing principally to a decline of $2.00 a ton in pig iron, was almost a dollar a ton less than the peak of the present cycle reached in May. The demand for steel and iron is more diversified and a slight tendency to expand was noticeable following the decline in prices. Scrap mar kets show less activity and scrap prices continued to de cline in early June. The American Zinc Institute reports May production and shipments of slab zinc at 47,347 and 43,304 tons, respec tively, compared with 46,866 and 47,911 tons in April. Stocks on hand increased from those on May 1. Page 8 July CASTINGS May shipments by casting foundries in the district were in excess of April. Employment, total payrolls, and hours worked increased reflecting a greater consumption of raw material than in the previous month. PERCENTAGE CHANGES IN MAY FROM PREVIOUS MONTHS Compiled from direct reports to this bank Mo. Av. No. OF A p r il , No. of 1st F our C o m p a n ie s 1923 C o m p a n ie s M onths 1923 Pig iron consumed.......... .... .... 26 + 8.5 + 5.8 26 Iron scrap consumed........... .... 26 +22.9 +21.8 26 Steel scrap consumed........... .... 26 26 — 2.6 + 5.3 26 + 0.6 Total tonnage consumed....... .... 26 + 6.4 + 8.6 25 + 12.4 Castings shipped (tonnage) .... 25 22 Castings shipped (dollars).. __ 24 + 12.4 +20.8 STOVES AND FURNACES The stove and furnace factory moulding rooms during May were operating at about the same rate as in April but were 21 per cent nearer to capacity than in May, 1922. Shipments in May increased over those for April but there was a decline in the volume of new business received. Orders and shipments were considerably in excess of those a year ago. Stocks increased, but the orders accepted dur ing the month were in excess of May shipments. Can cellations were indicated to be equal to 8.1 per cent of the orders accepted during May. PERCENTAGE CHANGES IN MAY FROM PREVIOUS MONTHS Based on dollar values and compiled from direct reports to this bank No. of A p r il , N o . of M ay, C o m p a n ie s 1923 C o m p a n ie s 1922 Shipments ............. 21 +11.3 16 +49.9 Orders accepted________________ 17 — 10.1 IS +23.6 Cancellations ..................... 8 +70.0 8 +56.5 Stocks on hand............................. 13 + 5.7 13 +21.7 AGRICULTURAL M ACHINERY AND EQUIPMENT A further increase in sales of agricultural machinery and equipment since the first of the year was shown during May in reports to this bank from 110 manufacturers. The gain over April, amounting to 10.6 per cent, was largely the result of seasonal increased sales in the wagon and har vester divisions of the industry, while the sales of tillage tools showed the usual seasonal decrease. Sales of other products of the industry varied, some manufacturers report ing increases, while others reported decreases. Foreign sales during May were 29 per cent more than in April. Production during May, as indicated by employment statis tics, was at 66.8 per cent of normal for the month com pared with 68.6 per cent in the preceding month, a drop of 2.6 per cent. Sales of agricultural pumps in May were greater than in April or a year ago. Conditions in the industry as indicated in reports from a number of manufacturers show sales considerably above a year ago. The demand for equipment during the month was good in some lines of the industry with further im provement looked for. Some manufacturers again stress the point of the wide spread in prices paid to the farmer and those paid to the producers of other commodities. CLOTHING AND TAILORING INDUSTRY Current demand for summer garments, as indicated by May reports from Tailors-to-the-Trade in this district, is being maintained at about the level shown during the last few months. Orders, production, and shipments were about 1 per cent below the April figures, but are still more than 19 per cent in excess of last year’s business during the same period. PERCENTAGE CHANGES IN TAILORS-TO-THE-TRADE Number o f firms reporting........... .................................................. ...... 9 Orders for suits compared with— (a) April, 1923 ................. ...................................... ............. .............— 1.9 (b) May, 1922 ........................ +19.8 Number of suits made as compared with— (a) April, 1923 ......................... ........................ ........ .................. — 0.7 (b) May, 1922 .............................................................. +21.4 Number of suits shipped as compared with— (a) April, 1923 ................. ........... ................................................. - — 0.4 tb) May, 1922 ....................................... +21.3 RAW W O O L AND FINISHED W OO LEN S The raw wool markets of the United States were on a par with April for the first part of May but since the middle of the month they have been decidedly quiet. The active trading throughout the range states seems to be about over and buyers are showing no interest in purchasing except at lower prices. Texas markets were active in May. An increase in Chicago receipts resulted in the May shipments of raw wool from that city being greater than in April but they were less than a year ago. Net shipments after deducting receipts were less at Chicago than in the previous month. Some of the South American wool held in bond at Boston a month ago has been exported to Eng land and the Continent because of the dullness in eastern markets. The English, Australian, and New Zealand wool markets continued to be strong in the early part of June. Reporting woolen mills in the Seventh District show pro duction for May about equal to that for April. Sales were reported slightly less than in the previous month. Prices showed an easier tendency. SHOE MANUFACTURING, TANNING AND HIDES More shoes were manufactured and shipped in May than in April, or a year ago. The increase in production was seasonal, but shipments usually show a small decline in May. Production for the month was in about the same volume as current shipments. Twenty-nine companies on May 31 had inventories equal to 102.4 per cent of their May shipments. Unfilled orders held by twenty-five companies were 114.9 per cent more than their shipments during May. The number employed during the last payroll period in May was 3.4 per cent less than in the corresponding period of April. Preliminary reports from the Bureau of the Census indicate that the total boot and shoe production in the United States was 2.4 per cent less in May than in April. PERCENTAGE CHANGES IN MAY FROM PREVIOUS MONTHS Based on pairs and compiled from direct reports to this bank N o . of C o m p a n ie s Production ........ Shipments .......... Stocks on hand........................... Unfilled orders on hand............. 32 32 29 25 A p r il , .N o . of 1923 C o m p a n ie s + 0.3 31 + 4.2 31 + 5.1 22 +16.4 18 M ay, 1922 +24.4 +27.1 +24.8 +48.6 Tanners in the district reporting direct to this bank show a seasonal decline in the volume of new business booked during May. A slightly smaller production was evidenced by a decline of 0.9 per cent in the number employed during the last payroll period in May. The total sales in May were indicated to be in less volume than in April. Belting manufacturers and some of the tanners of sole and spe cialty leathers reported an increase in volume over the pre vious month. Leather prices in May were practically un changed from April, but some of the staple lines showed an easier tendency toward the close of the month. Stocks on hand tended to increase. More calfskins were sold in the Chicago market but slightly less packer green hides in May than in April. Re porting tanners in the district showed a tendency to limit their purchases to current requirements. Despite this, their total purchases were indicated to be slightly more than in April. May shipments of green hides and skins from Chi cago were more than in April but less than a year ago. Prices in May were about on the same level as in April but they declined in the first half of June because of quiet markets. F U R N IT U R E The furniture industry of the district experienced the usual pre-market lull in activity during the month of May. Considerably fewer orders were booked by manufacturers and the volume of shipments made did not equal the April level. A marked reduction in unfilled orders is also shown, although they are still more than twice as heavy as they were a year ago. Cancellations were heavier. May collec tions were reported about on a par with those of the pre vious month. PERCENTAGE CHANGES IN MOVEMENT OF FURNITURE D is t r ic t C hange F rom A p r il 1923 M ay, Number reporting*......................... 30 Orders ............................................. $1,082,067 — 10.2 Shipments ..................................... 1,240,830 — 9.3 Cancellations ................................ .. 134,708 + 46.0 Unfilled orders, June 1............... 1,797,369 89.4 Production percentage of normal U n it e d S t ates C hange F rom M ay, 1923 A p r il 58 $2,178,232 2,288,987 191,527 3,166,886 89.0 — 2.6 — 0.8 + 60.9 *Based on c o m b in e d re tu rn s to A s s o c ia te d F u rn itu r e an d to this bank. BOXES AND CONTAINERS The demand for boxes and containers in the district con tinues to grow. Sales during May were considerably heav ier than in the previous month and more than 70 per cent in excess of a year ago, while production remained at about the same level reported a month ago, with nine re porting firms averaging 73.0 per cent of ordinary capacity. May sales in the wooden box division of the industry were more than 5 per cent heavier than during April, and production increased practically 11 per cent during the same period. BUILDING MATERIAL AND CONSTRUCTION ACTIVITIES CEMENT During May cement plants in the district operated at full capacity, with an increase in employment. Stocks con tinued to diminish while production as well as shipments made further gains. Shipping conditions were reported as satisfactory and prices remained stable. The Geological Survey report on the cement industry for the entire country showed increases of 13.7 and 10.0 per July Page 9 cent, respectively, for production and shipments of cement during May. The corresponding increases over a year ago were slightly larger, 15 and 12 per cent, respectively. The stocks on hand at the close of May were 11.7 per cent less than at the close of April, and were 21.5 per cent lower than May, 1922. caused farmers to postpone their drainage work and build ing operations until after the busy season. W ith the excep tion of paving brick, stocks in general have been accum ulating and a number of plants are ready to close down. O f twelve large factories in the Mason City district, only eight are reported to be in operation and these are selling about 90 per cent of their output. LUMBER Hesitancy in placing new business and a desire to move stock were evident in the1lumber market for May bringing about a general weakening in standard price quotations. Most of the larger factories of the district seem to be well supplied with lumber for their present needs and there have been no new inquiries recently for railroad equipment. In the building industry also, considerable caution is shown in replacing stocks although demand has continued active. The shipments of lumber for the month were large in volume, covering purchases made earlier in the year, and unfilled orders showed a sharp decline. At Chicago the receipts increased slightly, about 6 per cent while ship ments decreased by about 6 per cent, leaving the net re ceipts unusually high, the increase over the April figures amounting to 25 per cent. BRICK Brick manufacturing in the Chicago district continued at full speed during May with no apparent let-up in sales and deliveries. Stocks showed no increases and prices remained stable although wages increased approximately 12J^ per cent. From other sections o f this district, however, several reports indicated that while the demand for brick was still heavy, an appreciable lessening was noticeable during the last month. Throughout the state of Iowa manufacturers of clay products report lack of demand which is ascribed to the unfavorable weather this spring, a condition which CONTRACTS AND PERMITS Building operations during the month of May continued to make heavy demands on the available supply of labor and materials. The postponement of a large number of contemplated projects has served to relieve the pressure in the general building market without any apparent reduc tion in the actual volume of construction work in progress. The contracts awarded in the district totaled $70,229,000, a decrease of 6.7 per cent from April and of 1.3 per cent since May a year ago. Illinois, and to a less extent, W is consin, showed increases for the month, while Iowa, Indi ana, and Michigan showed decreases. Contracts awarded for residential construction amounted to 38 per cent of total cost or slightly less than the average for the first five months o f this year. The various states of the dis trict show a wide divergence in the proportion of residen tial contracts, the average for this year ranging from less than 20 per cent in Iowa to more than 50 per cent in Michigan. Permit figures for the month of May of fifty cities showed a decrease of 33.7 per cent in estimated cost, while the number increased 11.4 per cent. In Chicago, where the esti mated cost went up about 100 per cent during the previous month, these figures returned to the earlier March level. Total permits for these cities during the first five months of this year have exceeded those of the same period of 1922 by 25.4 per cent in number and 73.6 per cent in cost. CONDITIONS W H O LESA LE TRADE More than two-thirds of the wholesalers reporting May sales to this bank made gains in dollar amounts over last; month. Grouped by commodities, dry goods dealers alone showed more declines than increases— a fact partly ex plained by the susceptibility of their trade to the unfavor able weather conditions. This group, furthermore, aver aged less gain over the previous year than noted for several months. Hardware and drug increases also were smallest since fall, while in automobile accessories the increase, although still more than 25 per cent, was below any other since April, 1922. The gain over last month in shoe sales was in contrast to a decrease in 1922; total sales for the first five months of 1923, however, are nearly 7 per cent smaller than last year’s. The volume of stocks held May 31 was about the same as at the beginning of the month for all groups, with automo bile accessory dealers averaging the largest change— a 6.6 per cent gain. In four commodities—groceries, hardware, automobile accessories, and dry goods— inventories were Page 10 July more than 10 per cent above June 1, 1922, and for the last named the increase is the most marked in nearly a year. O f fifty returns giving collections, forty-three were in excess of last year, and by groups percentage comparisons were more favorable than in sales. About half the firms during the month reduced their accounts outstanding. CHAIN STORE TRADE Eight chain stores making regular returns to this bank and representing four lines of commodities all report better May sales than in 1922, with increases averaging over 30 per cent or about five points above the corresponding gain noted last month. Compared with April, 1923, increases were made by seven o f the firms, while sales of six are in excess of any previous month this year. M AIL ORDER TRADE Mail order business during May showed a decided tend ency on the part of rural districts to buy merchandise, al though one Chicago house reports better sales in the south and east than in this district Combined sales o f the coun try’s two largest firms were 40 per cent ahead of May, 1922, and 12.4 per cent above the corresponding month of the peak year, 1920. DEPARTM ENT STORE TRADE The group of department stores reporting regularly to this bank for May averaged about the same volume o f busi ness as in April. Individually, however, most o f the firms report gains. Compared with the corresponding month of the previous year, the increase in sales was 12.7 per cent, the smallest since October. The general reduction in stocks since the first of the month reflects in part the usual adjustments at this time in preparation for July inventories. The percentage gain over a year ago is nearly the same as during the earlier months of 1923. The majority of firms furnishing data on outstanding or ders continued ahead of last year, but showed a falling off from April. With few exceptions, collections were heavier than during April or a year ago. Outstanding accounts also were larger. TRANSPORTATION CONDITIONS Freight carloadings continued their upward trend throughout the month of May. The returns for the week ended May 5 were 961,029, the loadings for later weeks constantly increasing until the million-car-a-week record occurred the week ended May 26. This record has been attained for only seven previous weeks since 1918, when figures were first made available, and in these instances, not earlier than August. Practically no shortage of freight cars was in evidence the latter part of May, the surplus exceed ing car shortage in the week ended May 22 for the first time since September 1, 1922. New equipment and a more even distribution of freight cars are partly responsible for this unusual condition. The increases in individual commodities for May, 1923, measured with a year ago appeared in all commodities ex cepting grain and grain products. Comparing May with the previous month, slight decreases were shown for grain and grain products, coke and forest products, while the increases were in coal ore and merchandise and miscella neous freight, with live stock remaining practically the same. The addition of new equipment is indicated by the sta tistics from May 1 to May 15, when 5,633 new freight cars and 308 new locomotives were put into service. MONTHLY IN D E X OF PER CErrr 200 REVENUE 1 9 1 9 H 0n t h F R E IG H T C A R L O A D IN G S l v a v e r a g e -10 0 PERCENT 150 150 A A//' / rr / \ */\ 100 s S V 100 50 0. 50 Jii.ii.mm 1919 B ased on retu rn s to th is bank from 64 depa rtm en t stores in the S eventh D istrict. L a te st figure sh ow n M ay, 1923: 130.5. O 1920 1921 1922 1923 B ased on figures o f A m erica n R a ilw a y A ssocia tion sh ow ing a v era g es o f w eek ly ca rloa d in g s fo r the m onths indicated. L a test figure sh ow n M ay, 1923: 122.4. MONTHLY BUSINESS STATISTICS ASSEMBLED BY FEDERAL RESERVE BANK OF CHICAGO No. of Firms Freight Carloadings— (United States)— 1 Grain and Grain Products — ............................. Live stock ............................ Coal ................. ...................... Coke ..................................... Forest Products ..........„ ...... Ore ........................................ Merchandise and Miscellaneous .............. ........... Total ................................... May, April, 1922 1922 May, 1923 April, 1923 88.7 95.3 111.3 164.9 133.0 157.7 98.1 95.3 108.5 17'2.9 135.3 52.2 108.4 88.3 50.1 94.9 105.9 44.1 83.2 81.3 41.8 87.5 97.9 26.1 126.4 122.4 124.8 116.9 115.1 96.4 110.4 88,9 April, 1923 May, 1922 April, 19*22 67.7 72.3 55.8 85.8 112.4 69.3 102.4 179.6 91.4 48.2 97.2 50.3 81.4 102,. 8 64.3 87.1 98.2 40.3 124.9 167.8 80.8 67.4 105.7 36.9 No. of May, Firms 1923 Movement of Grain at U. S. Interior Primary Markets— (Average monthly receipts 1919=100) Receipts: Oats .......................... k...... Corn .................................. Wheat ................................ Shipments: Oats .................................. Corn .................................. Wheat ..................... ......... July Page 11 MONTHLY BUSINESS STATISTICS ASSEMBLED BY FEDERAL RESERVE BANK OF CHICAGO (Continued) No. of May, Firms 1923 April, 1923 Employment— Iron and Steel Products; Number Employed _ 56 91.1 91.4 Amount of Payroll_ 56 90.5 86.9 All Industries: Number Employed 296 97,3 96.7 Amount of Payroll..... 296 113.8 111.9 M.eat Packing— (United1 States)— Sales (in dollars)......... . 62 85.9 95.2 (Monthly Average, 1920-1921=100) Iron and Steel— Pig Iron Production; Illinois and Indiana......... 160.1 137.5 United States.................... 151.8 139.2 Steel Ingot Production: 30 Companies in U. S...... 148.0 139.0 Unfilled Orders U. S. Steel Corp..................... 116.5 121.6 Automobiles— (United States)— Production: Passenger Cars................. 253.4 248.9 Trucks ..... .......... .............. 163.9 142.3 Shipments (Monthly A v erage, 1920=100): Carloads .... ...................... 220.2 215.0 Driveaways ...................... 154.3 151.7 Boat (Base Figures (1920), partly estimated) .......................... 143.5 355.2 Stoves and Furnaces— Shipments (in dollars) 18 80.6 72.4 Agricultural Pumps— (United States)— Shipments (in dollars) 20 111.6 100.0 Furniture (Monthly average 1919, 1920, 1921=100)— Orders (in dollars)....... 13 85.5 Shipments (in dollars) 13 131.0 Shoes— (Monthly Average of mean of production an d s h i p m e n t s i n 1919=100)— Production (in pairs).... 37 159.1 Shipments (in pairs)..... 37 158.9 Electric Energy— Output of Plants (K W H .) .................. 10 145.3 Industrial Sales (K W H .) .................. 10 163.4 Flour Production— (In barrels)............. 45 80.8 Stamp Tax Collections— (First Illinois Internal Revenue District) Sales or Transfers of Capital Stock.................... 229.5 Sales of Produce on Ex77.5 change— Futures ............. 109.6 142.5 May, April, 1922 1922 72.3 58.8 68.0 54.4 81.8 91.4 79.3 86.3 88.3 73.1 113.8 90.6 105.8 81.3 113.4 102.1 87.7 85.0 167.8 89.7 142.5 84.6 159.7 73.5 149.8 57.0 218.3 87.3 53.7 51.5 94.4 77.9 114.9 111.8 88.0 110.0 158.6 152.5 126 0 119.6 122.8 122.6 143.6 122.8 117.6 158.2 130.0 113.5 75.6 69.8 65.9 333.1 107.9 114.5 44.7 76.0 115.0 April, 1923 May, April, 1922 1922 111.2 68.4 77.0 101.6 72.2 81.3 168.8 127.8 177.4 136.9 152.9 129.4 109.9 116.9 271.4 370.8 269.0 711.9 231.9 311.3 239.5 196.7 291.3 263.1 283.6 301.6 289.5 320.8 272.6 240.7 284.3 237.2 259.8 186.3 259.8 199.0 199.0 163 0 247.7 187.6 207.8 172.5 170.0 204.6 130.8 82.4 265.9 242.1 216.8 316.0 244.0 155.2 195.0 178.1 308.1 197.2 289.7 258.7 244.8 156.7 212.9 149.0 280.3 256.8 252.2 386.5 230.0 225.5 196.3 153.2 39 20 12 13 12 75.6 12,9.5 58.7 107.9 79.6 79.1 116.1 54.6 104.6 82.9 73.1 109.5 72.1 98.7 76.9 64.4 90.2 74.4 92.0 69.8 7 91.4 83.8 73.4 61.4 9 6 3 3 3 40 64 136.3 137.8 116.4 156.8 119.2 146.0 113.4 145.5 112.3 130.5 103.5 127.6 119.0 125.2 106.0 144.7 116.1 101.4 117.5 118.8 117.1 100.5 131.3 111.9 103.4 113.0 126.1 95.4 116.6 102.0 115.4' 69.9 113.1 77.1 177.0 141.4 140.0 154.6 105.3 136.5 163.8 134.7 121.6 143.0 98.8 124.8 137.9 123.2 126.9 129.6 80.9 128.8 139.2 120.5 156.1 134.9 78.9 124.5 No. of May, Firms 1923 Boxes and Containers116.2 Sales (in dollars)........... 6 Boxboard Consumption (tons) .......................... 6 97.8 Building ConstructionContracts Awarded (in dollars): Residential .................. Total ............................ Permits: Chicago— Number .................. Estimated Cost....... Indianapolis— Number ................... Estimated Cost....... Des Moines— Number .................. Estimated Cost....... Detroit— Number .................. Estimated Cost....... Milwaukee— Number .... .............. Estimated Cost....... Forty-five Other Cities— Number ...................... Estimated Cost ......... Total— Fifty Cities— Number ........................ Estimated Cost ......... Wholesale Trade— Net Sales (in dollars): Groceries .................... Hardware .................... Shoes ............................ Drugs .......................... Dry Goods.................. Automobile Acces sories ............................ Retail Trade (Depart ment Stores)— Net Sales (in dollars) : Chicago ........................ Detroit ......................... Des Moines ................ Indianapolis ........... Milwaukee .................. Outside ........................ Seventh District ......... ___ Retail Trade (United States) — Department Stores.........396 Mail Order Houses....... 4 Chain Stores: Grocery ........................ 21 Drug __........................ 8 Shoe .............................. 5 Five and Ten Cent..... 4 Music ........................... 4 Cigar ............................ 3 Index numbers express a comparison o f unit or dollar volume for the month indicated, using the monthly average for 1919 as a base, unless other wise indicated. Figures for latest month shown partly estimated on basis of returns received to date. Data refer to the Seventh Federal Reserve District unless otherwise noted. The following are sources of data used in obtaining the index numbers in cases where they are not based on direct returns to this bank: Iron and Steel— Iron Age, Iron Trade Review, and Steel and Metal Digest; Automobile shipments— National Automobile Chamber of Commerce; Freight Carloadings— American Railway Association; Retail Trade, United States— Federal Reserve Board; Movement of Grain— Howard, Bartels & Co., Daily Trade Bulletin. Page 12 July
@FedFRASER