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VOL. 4, No. 7—JU L Y 30, 1921 t h e s e v e n t h f e d e r a l r e s e r v e d is crops falling somewhat short of earlier predictions, is regarded as sufficient to enable the farmer to pay current bills and liquidate a considerable portion of his bank indebtedness, if he is able to market his products. This statement, however, will not apply with equal force to all sections of the district. His problem now is becoming one of mar kets and transportation instead of one of production and, together with the manufacturer, he is beginning to realize more and more the vital importance of the resumption of purchases by the European consumer in the American market and the clearing up of the foreign exchange situation. A- trict, even with the wheat and oat g r ic u l t u r a l p r o d u c t io n in Meantime, manufacturing and mercantile business is reflecting a distinct disposition on the part of the domestic consumer to buy only what is absolutely necessary, and not to look so much at the intrinsic value as at the price-mark to determine whether the particular article sought is being offered at a substantial reduction from the peak of a year ago. In the agricul tural sections, because of the early and far-reaching readjustment in prices of farm products, the disposition is to be more insistent regarding price concessions than in the manufacturing centers. CO NSUM PTIO N OF M E A T S P E R C A P IT A SHOWS A D E C R E A S E Statistics reveal that during the first five months of 1921 the people of the United States consumed less meat per capita than in the corresponding period of the previous year, this reduction in the consumption of all meats being eight-tenths of a pound. The chief curtailment in meat consumption was in beef and veal, as can be seen in the accompanying table. BEEF & VEAL PO U N D S PO RK L A M B !t M U T T O N TO TAL PO UND S PO UND S PO U N D S 19 2 1 19 2 0 I9 2I 19 2 0 19 2 1 3-69 4 .6 6 5-35 F eb ru ary 2 .8 5 3 .8 2 5-49 4 - 36 •53 •43 M a r c h .. 3 -64 4 . 3 8 3-47 4 . 0 7 3-42 4 3 1 4 .4 6 4 -0 3 .4 8 4 .7 6 3-78 40 Ja n u a ry . A p r il. . . M a y ____ T o t a l... D ecrease 17 .0 7 4- i7 2 1.2 4 4 .7 8 2 3-8 5 2 .7 9 * 3 .0 8 19 2 0 I9 2I 1 920 .4 0 9 .7 I 10 .4 1 •35 •33 7 .6 4 7 .2 5 8 .5 8 8 .7 4 .2 9 8 .6 3 8 .I 4 4 .8 2 •36 •2 5 2 1 .0 6 2 .2 0 1.6 2 0 .5 8 * 8 .5 6 9-38 43 -!2 43-92 O .8 0 Six months statistics, compared with the corre sponding period of a year ago, show a greater percent age of decrease in total shipments of cattle and calves than in total receipts. There was a decrease in local slaughter of 8.7 per cent, while the shipments of Stockers and feeders back to the farms were 24.8 per cent less. Government earlier reports show smaller farm holdings. The tendency now is toward an increase in the feeding of hogs, as is indicated by the movement of hog feeders. The slaughter of sheep is heavier, while the movement of sheep feeders and Stockers to the farms is about half that of a year ago, attributed chiefly to the uncertainty of the wool market. The detailed statistics follow: *Increase. Compiled Ju ly 26, 1921 R E C E IP T S AND D ISPO SITIO N OF L IV E STO CK A T 69 M A R K E T S STO CKER AND R E C E IP T S 1920 1921 1920 1,061,271 I 97P 75 74,615 27.5 271,690 607,578 191,674 24.0 799,252 5,490,748 521,964 8.7 6,012,712 1,255,232 4 i 3,345 24.8 1,668,577 3 ,489,555 4,139,083 2,474,203 52,786* 2.2* 2,421,417 33 >3I6 43,333 1,143,300 164,584 12 .6 1,307,884 304,290 162,925 467,215 7,625,502 686,869 8.3 8,312,371 226,970 781,885 806,244 1,004,814 56,457 5-3 9 >°i3 >2 i 3 10^37,921 3 >573>o83 3,709,169 1,224,708 12 .0 136,086 3-7 23,566,611 14, 593,995 597,075 1 >639)687 10,499,476 1,560,949* 17.5 * 8 ,938,527 844,787 6,183,253 1,397,844* 29.2* 4,785,409 CO M PARATIVE P R IC E S ON L IV E STOCK A T CHICAGO $ 7 -4 2 4-37 4-15 4-75 Page 1 7-55 7.85 8.00 8 .10 5.20 2.38 5 .18 1920 June 16-30 Ju ly 1-15 $ 14 .15 14 8 3 15.70 16.20 16 .52 9-57 4-77 8.52 7.62 # 1 3 93 14 80 15 78 l6 20 1 6 45 9 4 7 6 35 85 95 68 582,181 734,065 55.8 24,359 1,316,246 4 ,379,343 4,201,478 177,865* 4.2* 1921 1920 June 16-30 Ju ly I- 15 June 16 30 Ju ly 1 Calves........................ $ 8.97 $10 .25 $ 13.6 2 $ 13 .2 0 5.58 Stockers and feeders. 9.05 8.90 5-55 4 .18 Fat native sheep........ 3-55 7-75 IO. IO Fat native lambs........ 10 .32 14.98 13-52 5.80 Fat western sheep___ 8.90 5-°5 8-35 14.22 Fat western lambs. . . 10.80 11.0 8 15.80 Yearling sheep............ 8.09 10.58 9.28 Hogs............................. 15 .11 8.38 14.72 All except hogs based on weekly averages; hogs based on daily averages. CO O r^» The shrinkage in the price of live cattle from that of last year, which is accounted for by the decreased demand for meat, together with the low hide market and lower prices for offal, will be noted from the follow ing comparative table: 88,910 138,060 60.8 CO d These changes, traceable partly to smaller per capita consumption and to a dropping off in exports, particularly of beef, also indicate, to some extent, the diminished supply of cattle in the country. The decrease in shipments of feeders back to the farm, to gether with the statistics on slaughter, seem to indi cate that feeders and Stockers are being slaughtered, instead ot being purchased for the farm. There is a disposition on the part of the big cattle feeders, because of the difficulty in financing their operation, and of the uncertainty regarding profits, to curtail their activities, and to send stock to the market unfinished. In the Middle West live stock situation there is an abundance of feed, and a shortage of cattle and calves and of long time credit to fatten them. I f the feeding ol cattle is to be resumed on anything like a pre-war or normal scale, it will call for some very large advances. ? 7-47 7-67 7 -s 6 8.07 8.23 4.90 2 .15 34-9 1,092,510 247,723* 29.3* D IF F IC U L T IE S IN FIN A N CIN G C A T T L E RA ISIN G Native beef steers 750-1050 lbs........ • 1050-1200 lbs........ • 1200-1350 lbs........ • 1350-1 500 l b s .......... 1500-1800 lbs........ • Fat cows, heifers.. . . Canners, cutters---- . All bulls..................... • Bologna bulls............ . 15,191,070 3.9 1,849,527 209,840* 12.8* 1921 June 16-30 Ju ly 1-15 10,017 2 3 .1 649,528 x5-7 D R ESSED 0 1,878,951 1920 TO TAL S H IP M E N T S 1921 15-9 22,202,429 1,364,182 5.8 S H IP M E N T S 1921 1920 I , 579,94 I 299,010 FEED ER SLA U G H TER 0 1921 June— Cattle and Calves. . . Decrease................ Decrease per cent. Total fo r 6 months— Cattle and Calves. .. Decrease................. Decrease per cent. June— Hogs........................... Decrease................ Decrease per cent. Total fo r 6 months— Hogs........................... Decrease................ Decrease per cent. June— Sheep.......................... Decrease................ Decrease per cent. Total fo r 6 months— Sheep.......................... Decrease................ Decrease per cent. ♦ Increase. LO CAL M EA T AND PROVISION M A R K E T FACTO RS Dressed hogs, on Ju ly 15, were 1 cents a pound higher than on June 15, the prices for green hams to 4 cents higher, and other pork products ruled from 1 to 3 cents higher, depending on the cut. Sweet pickled hams advanced between 3 and 4 cents, while the other pickled products ranged from y2 to 2 cents higher. These increases are attributable to the im proved export demand from England for pork products. The British Food Ministry still has a quantity of Wiltshires, but its old stock of bacon has been prac tically consumed; hence the increased demand from England for bacon. Old stocks of bacon and pork products in Holland, Belgium, the Scandinavian coun tries, and other parts of Continental Europe, are fast disappearing and this is resulting in a greater demand for dry salt meats and barreled pork. There is an im proved demand in the shape of sales, instead of ship ments on consignment, for dry salt meats in Germany and other countries adjacent thereto. There was a good domestic demand for pork loins toward the latter part of Ju ly. Weather conditions affected domestic sales of fresh meat in June and Ju ly , 19 2 1 1921 Wholesale Prices per cwt.— Prime native steers dressed S h @ i 6 ^1 5.65 @16.68 30.00 29.00 Steer loins No. i f .............. 16 .5 0 Steer rounds No. 1 ............ 1 6 -75 14 .0 0 14 .0 0 Cow rounds......................... 7 .1 6 Cow chucks......................... 5 -2-5 26.50 27.00 Choice lambs...................... 9 .5 0 Heavy sheep....................... 8 -3 4 1 4 .5 ° Dressed hogs........................ T3 - 3 4 9.268 9 .725 Loose Prime Steam L ard .. Choice carcass veal............ 16 .5 0 @ 18 .c0 15.6 7 @ 17 .0 0 2 1.0 0 Pork loins.............................. 19-33 Retail Prices per cwt.— * 30.00 30.00 Beef rib roast No. 1 h v y .. Beef round steak No. 1 . . . 3 3 -°° 3 3 -00 52.00 52.00 Porterhouse No. 1 .............. 2 6.r i @29.00 26.00 Pork loins 8 to 10 lb.......... 42.00 42.00 Hind quarters lamb, good 15 .CO 15 .0 0 Good stews lamb................ 25.OO 25.00 Mutton legs......................... 10.00 10.00 Mutton stew....................... 20.00 20.00 Hind quarters veal............ 14 .0 0 14 .0 0 Fore quarters veal............. fSirloin and porterhouse come from this cut. *Compiled from published prices furnished by the ter Butchers Association of Chicago. 1020 $27 @ 28 46.OO 28.00 16 .0 0 II .OO 3 5 .0 ° 13 .0 0 22.0 0 17 .6 0 28.00 34.00 4O.OO 4 5.00 75.0 0 42.00 @45.00 4O.OO 18 .0 0 25.OO 18 .0 0 29.00 @36.00 20.00 @29.00 United Mas Wholesale prices for best prime good and medium steer carcass beef declined 1 cents between June 1, and Ju ly 16, and other classes of beef declined corre spondingly. Retail meat prices, however, showed little change in the last month. There has been practically no beef export business and packers are advised that England, Australia, and Germany have enough stock on hand to supply the domestic requirements for some time. This has had a great bearing on the Argentine, as well as the domestic market. The pending tariff bill, together with a 50 per cent curtailment in the kill ing of beef in the Argentine, has tended to stabilize the market on live stock and meats. Lard has been moving to export in moderate quan tities, Germany showing a good demand for lard and fats, although German prices offered are below other countries. Germany purchased 7 million pounds of Chicago lard during the week ending Ju ly 21. Stocks of lard in the United States increased over 18 million pounds during M ay, and about 24 million pounds in June. There was a large p r o d u c t io n during the first six months of this year, 786,153,000 pounds, compared with 717,718,000 pounds during the corresponding period of 1920. Stocks of lard on hand January 1, 19 21, were 59,318,673 pounds, and on hand Ju ly 1, 19 21, were 205,878,000 pounds. STO RAGE H OLDINGS OF FRO ZEN AND CU RED M EATS Storage holdings of meats as a rule show a decrease in stocks on Ju ly 1, 19 21, as against the previous month. The increase in dry salt and sweet pickled pork in process indicates that the packers are beginning to build up their stocks of cured meats. Storage hold ings in the United States compare as follows in thousands of pounds: STO CKS OF FRO ZEN AN D C U R E D M E A T S IN U. S. July 1, 1920 Ju ly 1, 1921 Frozen B e e f... ................... Frozen P o rk ... ................... Frozen Lamb and’ Mutton Cured B e e f.. . . ................... In process of cure.......... Drv Salt Pork. ................... In process of cure........... Pickled Pork. . ................... In process of cure........... L ard ................. ................... Miscellaneous M eats......... 76,653 182,799 8,719 11,38 1 8 ,0 5 142,918 106,886 U S -f 15 228,413 20^,878 85,145 June 1, 1921 June 1, 1920 130,619 156,963 95,297 170,0544 ,3 ” 16 ,121 10,234 88,836 194,486 I 5,877 ” ,835 19,158 311,77 5 144,455 96 d 55 329,042 101,740 144,725 221,566 181,992 90,392 218,414 1 52,307 86,384 96,905 161,333 242,386 i 93 ,3 l6 86,047 8,881 5,735 7,494 153,179 W e ste rn m e a t s to c k s , o th e r th an la rd a t p r in c ip a l points for Ju ly 1 show little change from June. The stocks at Chicago, Kansas City, Omaha, St. Joseph, Milwaukee, St. Louis and East St. Louis, dbmpare as follows, with the last three figures omitted: July 1, 1921 Pork (barrels) Mess pork, new........................... Other pork................................... • • June 1, 1921 Ju ly 1, I920 3,494 52,714 5,322 5°,943 24,673 70,197 56,208 Total pork—barrels.............. Lard (pounds) Prime Steam, new...................... • - 122,437 Prime Steam, old....................... 21,725 Other lard.................................... 56,265 94,870 105,118 100,802 14,547 25,354 Total lard—pounds.............. .. 144,162 Dry Salt Pork (pounds) Short ribs..................................... 1 ,11 7 Short clears................................. Extra clears................................. 9,796 20,069 Fat backs..................................... 2,501 Extra ribs..................................... Shoulders..................................... Bellies........................................... • • 72,739 Other cuts.................................... ■ • 42,384 119,665 126,158 00 u> 0 A V E R A G E CO M PARATIVE M E A T P R IC E S A T CHICAGO Ju ly i to 15 June 16 to 30 Ju ly 24 to 31 16,518 1,523 io, 35 i 22,954 i , 75° i , 54i 70,985 42,244 17,409 8,146 13,892 24,015 2,164 6,156 66,278 87,589 Total D. S. Pork—pounds. . . . 169,660 Sweet Pickled Pork (pounds) Hams............................................ 29,446 Skinned hams............................. Picnics.......................................... • ■ 23,971 Shoulders..................................... 548 Bellies........................................... • • 33>5°2 167,866 225,649 7 L 993 434 32,571 75,558 29,716 27,255 377 27,405 158,464 326,330 160,311 385,960 Total S. P. Pork—pounds .. TOTAL CUTS (pounds). .. 155,365 325,025 30,854 22,612 2 CROPS GOOD B U T C A R SH O RTA G E M E N A C E S M A R K E T IN G Excessive heat resulted in an early harvest of wheat and oats all through the Seventh Federal Reserve Dis trict, but it also has affected the filling out of the grain properly, and consequently threshing returns are some what of a disappointment. The winter wheat acreage for the country was slightly above that of 1920. The crop estimates on wheat for Illinois on Ju ly 1 conditions indicated 42,937,000 bushels, against 35,720,000 a year ago, and 42,485,000, the five year aver age; Michigan 14,949,000 bushels against 13,795,000 a year ago, and 15,647,000, the five year average; Indiana 26,648,000 bushels, against 23,400,000 a year Page 3 ago, and 37,936,000 the five year average; Iowa 8,913,000 against 8,491,000 a year ago, and 9,696,000, the five year average. This indicated winter wheat pro duction in these states of 93,447,000 bushels, against 81,406,000 bushels a year ago, and a five year average of 105,764,000. Scattered threshing returns show that the actual production is falling short of the Ju ly esti mate. The corn crop is growing rapidly and is look ing exceptionally well. There is a decided tendency among farmers all through the district to market their wheat as fast as it is threshed, and this already has resulted in some congestion at grain terminals and a shortage of grain carrying cars. The railroads have not been in a finan cial position to increase their equipment or to repair a sufficient number of cars to care for the requirements should the grain movement become unusually heavy. Cars arriving at Chicago and other terminals are not being unloaded and released promptly, partly due to the strike of elevator employees and partly due to market conditions. This, together with the conges tion at ports, is proving a serious handicap to the rail roads in providing for the grain movement. The traffic men admit that they cannot handle the movement if all the grain is offered for shipment as soon as threshed. WIN I L Western elevators are pretty well filled up with"last year’s crop, which is another factor to be reckoned with. Some railroads report as high as 10 per cent of their grain cars in repair shops. The car shortage so far, is not serious, but the heavy movement of grain to market has not yet begun. Eastern railroads are loan ing cars fit for grain loading to the Western lines. -M IL L IO N S OF DU too 200 0 RWCTI A L L WMEAl. 300 400 500 fcOO 700 800 900 1000 EXPORTS mm PRODUCED IN7 ™DIST. CIV-T 1921 ESTIM ATE 0AT6 WMEAl MILLIONS o r DU. I I TOTAL. ULS PROOUCTlOn H H ")I a 'DIST. "PRODUCTION SZE23 E X P O R T S ■PRODUCED IN TNG 77 -“ rED.'RES.THST. IQZI E S T IM A T E . t ::'J IS2.I E S T I M A T E T H E PRODUCTION OF CORN, W HEAT, COTTON, OATS AND H A Y, B Y F E D E R A L R E S E R V E D IS T R IC T S AS FO RECAST B Y T H E D E P A R T M E N T OF A G R IC U L T U R E, JU L Y i , 1921, CO M PARE AS FOLLOWS: (In thousands of units of measurement) CORN (Bushels) Federal Reserve District Boston......................................... New Y o rk .................................. Philadelphia............................... Cleveland.................................. ■ ••• Richmond................................... Chicago....................................... St. Louis..................................... Minneapolis............................... Kansas C ity............................... Dallas.......................................... San Francisco............................ T O T A L .............................. ••• Page 4 Julv 1 Forecast for 1921 Estimate for 1920 TO TAL W HEAT (Bu.) W IN T ER W HEAT (Bu.) SP R IN G W HEAT (Bu.) Ju lv 1 Forecast for 1921 Estimate for 1920 9,746 4,535 38,550 63^33 216,642 202,850 266,055 987,897 44 1,118 2 ^Q,I26 542,699 199,638 10,124 7M 09 67,019 168,386 2<2,qOQ 21,561 ” 4 , 5*5 368 12,016 23,022 35,442 36,871 6,363 66,<70 60,6 i i 145,521 282,060 18,222 100,102 3 >I2 3.I39 3,232,367 809,412 787,128 37402 59.553 195.975 993.233 449,328 323 10,305 24,009 4 G787 29,942 7,J47 Ju ly 1 Forecast for 1921 Estimate for 1920 Ju ly 1 Forecast for 1921 323 485 308 20,833 68,909 11,276 22,711 34,979 36,871 6,363 10,21654,887 59,895 6,659 268,685 17,508 57,929 16 1,310 * 5, 5*3 728 45,606 573,930 577,763 235,482 9,820 23,701 4 L 372 29,942 7,*47 61,293 66,441 7,076 237,396 415 578 Estimate for 1920 368 740 3 11 463 11,643 716 138,862 13,375 7i 4 42,173 209,365 OATS (Bushels) COTTON (Bales) Ju ly 1 Forecast for 1921 F E D E R A L R E S E R V E D IS T R IC T Boston................................................................. New York........................................................... Philadelphia........................................................ Cleveland............................................................ Richmond............................................................. Atlanta................................................................ Chicago................................................................. St. Louis............................................................... Minneapolis......................................................... Kansas C ity......................................................... Dallas.................................................................... San Francisco..................................................... Estimate for 1920 Ju ly 1 Forecast for 1921 H A Y, tame and wild (Tons) Estimate for 1920 Ju ly 1 Forecast for 1921 Estimate for 1920 8,206 4,211 9,571 3,077 4,486 6,005 46,797 22,372 28,882 2,444 2,945 92,711 66,250 5,858 6,209 25,626 25,471 4,417 4,751 28,090 3 L 965 4 ,37 1 4,594 505,905 587,706 15,442 17,129 68,714 8,183 77,814 7,559 306,867 16,261 17,896 283,954 187,627 229,297 20,301 i 7,8 i3 48,296 1,898 2,005 47,217 44,220 14,004 44,398 I 3,335 1,526,055 96,961 108,233 328,937 California (Mexico): Ju ly i, 1921 forecast—30,000 bales; estimate 37,036 1,416 2,389 2,435 I , 5I7 2,085 555 3>OI7 146 4 4,725 (a) 174 81 (b) 12,987 T O T A L..................................................... • • • (b) 8,433 (a) In addition the following amounts were estimated grown in Lower for 1920—75,000 bales. (b) Cotton grown outside of cotton belt included as follows: Ju ly 1, 1921 forecast—6,000 bales; estimate for 1920— 15,000 bales. M A N U FA C T U R IN G CO N TIN U ES H E S IT A N T AU TO M O BILE IN D U ST R Y R E A D JU ST IN G P R IC E S Price adjustments of the automobile industry to a lower selling level are progressing in an orderly man ner. So far, seventy-two automobile manufacturers have announced reductions in the marketing price of their cars, while four have increased the price. Some of the prices announced are back to the 1918 level, notwithstanding improvements. While there has been some revival in sales, in consequence of these re ductions, thus far, the announcements have not sta bilized the market to the extent expected by the manu facturers. That element of the public having available funds is still holding aloof to some extent in the automobile market, as well as in other lines, on the expectation that there will be further price re ductions, losing sight of the fact that existing condi tions, taxes, and increased overhead, due to curtailed production, are factors to be reckoned with, in making a selling price that affords some profit on manufac tures from materials on the lowered cost basis. Another factor is the scarcity of funds in the farming communities. Reductions on higher priced cars have been com paratively fewer than in the medium grade automobile. About 30 per cent of the cars selling above $4,000.00 have been reduced in price, while more than 50 per cent of those selling under $4,000.00 have announced reductions. Measured in percentage, the reductions range from 5 per cent to 34 per cent, the average de crease announced by forty-five of the companies which have reduced prices, being 14.8 per cent. Efforts are being made on the part of manufactur ers to avoid guaranteeing prices, as was done earlier in the year, but, instead, to endeavor to impress the public, which now generally seems to be waiting for final adjustment of motor car prices, that they are getting only a reasonable profit included in the selling price. Competition, however, among car manufac turers is becoming quite keen, and those companies which are showing a high percentage of capacity oper ation and excellent sales for this season, attribute their success to salesmanship and to the early recognition that market conditions are changing, so that the auto mobile producer must seek the buyer, instead of the buyers clamoring for the car. Incomplete reports indicate shipments in June, 8 per cent in excess of the final figures for M ay, and 60 per cent of the total for June, 1920. This year, aver aging the boat shipments and driveaways in carload equivalents, the total shipments for the second quar ter are nearly twice that of the first quarter, and 61 per cent of the total for the second quarter, last year. Figures compare as follows: C A R L O A D S ']* I92I Ju n e ............. 19,200* M a y ............. 18,608 April............ 20,187 March.......... 16,287 February.... 9,986 January........ 6,485 fN ot computed in *Partly estimated. I920 D R IV E A W A Y S I92I I920 22,516 18,000 60,746 21,977 154 9 3 74,286 17,147 14,197 64,634 29,326 9,939 57,273 25,505 7,507 43,719 25,057 3,185 29,283 number of machines. BOAT I92I 3,700* 2,381 1,619 75 99 93 I92O 8,350 ........... ........... ........... ........... ........... Statistics are now available showing the total purchases, past due accounts, and notes outstanding for automobile parts and accessories. During the month of M ay, the comparative figures of purchases by automobile passenger car and-motor truck makers are gathered from three hundred parts and accessory manufacturers. The past due accounts, and also the notes outstanding, are the totals of those reported. The comparative figures follow: TO TAL PU R C H A SE S TO TAL ACCOUNTS PA ST DUE M a y .......................... $26,653,406 $ 4 , 5 i 5>i 57 April......................... 26,746,580 5,352,271 March...................... 20,120,386 5,603,992 February................. 10,408,962 6,717,165 Jan u ary........................ 6,264,587 8,099,727 TO TAL NO TES O U T ST A N D IN G $ 4 ,447.593 5,371,086 5,069,877 6,063,118 4 ,359>87 I CONDITIONS IN G E N E R A L M AN U FACTU R IN G L IN E S Manufacturing generally is marking time. Here and there production shows a slight increase over the previous month, but the output compares unfavorably with a year ago, and the change seems to be due to low stocks in the retailers’ hands rather tjian to a general * V 5 demand. Boxes and containers sales for June, as reported by nine firms, were 29 per cent of those for the corresponding month of last year, while sales for the first six months of this year were 35 per cent of those for the similar period of 1920. Allowing for price declines, this tells the story of production where the goods are shipped in boxes or containers. Agricultural machinery production is at low ebb. There is an improvement in the manufacture of woolen goods in the Middle West, and mills are well booked with orders and are increasing production. Pig iron production in June was the lowest for any month since 1908. Steel mills are running one-quarter of capacity, with few orders being placed. The re cent readjustment by the various steel manufacturers is causing some inquiry, but has not yet speeded up production to any considerable extent. H ID E AND L E A T H E R IN D U S T R Y S T IL L M A R K IN G T IM E H ID E M A R K E T R E F L E C T S REN EW ED A C T IV IT Y L E A T H E R SUBN O RM AL; SHOE M A K E R S SP E E D UP The last of June and the first of Ju ly hides were very quiet, although a few sales were reported; onehalf million hides, of which 250,000 were sold in one day, were marketed in the week ending Ju ly 15, at declines of 1 to i K cents from previous sales prices. This cleaned up most of the large packers’ supply. There has been some inquiry for country hides, but little trading, although the market is higher since sales of packer hides Ju ly 14. Comparisons between prices of Ju ly, 19 21, and pre ceding months, show that green hides have fallen about 21 cents per pound, on an average, or the equivalent of 1 cent a pound or more on the live weight of the carcass and about 1 ^ cents a pound on the dressed weight of the cattle: 19 2 1 19 2 0 June Jan. Packer Hides July 15 July $14.00 $27.00 $38.85 Native Steers.................. . .$12.50 to $13 I4 .O O 25.00 Texas Steers.................... . . I I to 13.50 33 -8° 14.00 25.00 B utts................................ .. 12.50 33 -2° I4 .O O 24.00 32.60 Colorados......................... . . 12.00 I I.O O 23.00 Branded Cows................ . . 10.00 3 i -6o 12.00 27.00 39.00 Heavy Cows................... . . 10 to I I 12.00 20.00 37.00 Light Cows..................... .. 10.50 8.00 23.CO Native Bulls................... .. 7.50 33 -oo 6.50 21.00 28.40 Branded Bulls................ .. 6.50 21.00 30.00 Calf Skins........................ . . 20.00 79.20 Country H id e s 20.00 8.50 Heavy Steers................... 33 -8o 6.50 17.00 Heavy Cows and B uffs. . . . 8.00 27.80 C.OO 13.00 22.80 Branded........................... . . 5.00 N o t e —The first six items in July, 1921, reflect the effect of the sale of 310,050 hides on Ju ly 13, quotations on Ju ly 15 showing a tendency to recover. Conditions in the leather market are still subnor mal. About eighty-two per cent of the sole leather of the country is in the tanners’ hands at the present time. The hand-to-mouth policy of purchasing on the part of the customers, together with the small export busi ness, accounts for this position. Inventories of the leather houses as a rule were marked down the first of June to the present selling values, which are below December inventories. Leath er houses believe that unless the leather industry is called upon to make further liquidation during the next five months, a small profit will be shown in the sale of June inventories. There is more activity in the shoe business than for many months, the improvement being stronger in Chicago than elsewhere, although Boston is also se curing orders. Trade reports say that shoe manufac turers in the Chicago district are working at an average of better than 75 per cent, while reports of four Chicago manufacturers show increase in pro duction of 19 per cent and in shipments of 16 per cent in June, 19 21, as compared with June, 1920. Prices are approximately 33JI3 per cent below a year ago, declines being due to drop in raw material and reduction in mark-up. Census reports show stocks of green hides on hand, at end of M ay, 1921 and September, 1920, and distri bution of the same as follows: D EALERS AND M ay 3 1, 1921 Cattle................. Calf and k ip ... . Goat and kid. . . Sheep and lamb Sept. 30, 1920 Cattle................. Calf and k ip .. . . Goat and kid. . . Sheep and lamb . to ta l PACKERS 7.441,619 BO O T & SH O E O TH ER M FRS. TANN ERS IM P O R T E R S M FRS. 2 ,10 0 ,4 4 6 2 ,18 1,9 0 9 1,9 4 6 ,4 2 2 1,18 4 ,6 6 0 4 , 736 , 6 4 i 7 0 1,9 6 4 2 ,5 5 5 ,5 6 1 r, 444,476 3 2 ,4 1 6 8 ,7 8 9 ,12 3 952 6 ,6 2 8 ,9 5 3 2 ,15 6 ,2 18 3 , 334, 1 8 7 1,0 8 8 ,8 7 3 7 , 572,304 4 , 632,597 5 ,0 9 3 ,8 2 4 2 ,15 0 ,! 6 8 2 ,9 14 1,6 3 8 ,6 4 9 1,17 2 ,5 0 8 4 ,6 2 5 ,5 8 1 2 ,2 3 6 ,5 7 8 1 , 694,352 15 ,6 0 5 ,4 2 6 12 ,8 7 5 1 2 ,7 3 0 ,3 0 2 2 ,8 4 0 ,9 9 1 11,235,417 1,2 0 9 ,8 3 1 4 , 342,576 J 93 5, 553, 8 i 8 3 ,0 0 0 2 8 ,18 2 2 ,2 2 4 . 64 4 0 ,3 4 9 2 4 ,8 7 8 10 7 ,5 9 6 9 ,4 10 2 0 ,5 16 2 ,3 2 7 742 12 8 ,4 2 8 764 COAL PRO D U CTIO N C O N TIN U ES TO D R A G At the present time the soft coal industry is passing through the worst depression it has experienced in many years, find there seems no immediate prospect of a revival in sight. The bituminous coal business began to feel the effects of the readjustment period as early as January 1 of this year, but some of the com panies were not affected until March. Several factors Page 6 conspired lately to intensify the dullness which has permeated the market for the last six or eight weeks. The end of the British strike brought with it at least the temporary end of foreign interest in American coals for immediate buying. Foreign buyers disappeared from the coal fields and markets, and a new dullness settled on the export trade. M any of the large con tract customers of big coal companies practically dis continued taking any coal at all, since that time. Some of the big railroads have accounts with the large coal companies which are seven months past due and which are not being reduced to exceed ten per cent a month, and the railroads give no encouragement for anything better until the United States Government makes substantial payments on their guaranty pro vided in the Transportation Act. Owing to the un certainties of the income and excess profits taxes, the coal companies hesitate to extend operations or develop new properties. At the same time, mine operators realize the diffi culties which may be experienced by coal operators in taking care of the domestic trade during the fall and winter months. This trade has held aloof, expect ing lower prices and lower freight rates. The operating time of mines in this territory in June was slightly under M ay. There is a somewhat better market tone on steam coal, particularly screen ings, as reduced running time and demand for domestic sizes is decreasing the production of those grades. The number of cars of screenings on hand unbilled in Central and Southern Illinois decreased from 1,100 to 400 cars during June. M E R C A N T IL E T R A D E R E F L E C T S U N D E R C U R R E N T S OF R E A D JU S T M E N T In practically all lines of mercantile trade, countercurrents are at work attendant on the readjustment of prices. In some instances, liquidation of stocks has reached the point where the merchandise bought at the top prices has been exhausted, and re-orders at reduced prices are stimulating trade activity. In others, mer chandise bought at the high prices is moving slowly, even when offered by the merchant at a loss. In some lines, the depletion of stocks is stimulating the demand on the wholesaler. Conditions in the wholesale dry goods line are regarded satis factory, while the volume of sales is fairly good; in some instances it is reported better than a "year ago. The hot weather has stimulated trade in men’s furnish ings and ladies’ light weight wearing apparel and hos iery, but the special price reductions, generally speak ing have been relied upon to stimulate retail trade. Some of the large dry goods houses report that they are selling more units, even in the face of a decrease in the dollar sales. Necessarily, this is a factor in the increased sales by wholesalers, the latter being trace able to smaller stocks carried by the retailer, compared with last year, and to the need of more frequent re plenishment of those stocks. CO LLECTIO N S A R E R E G A R D E D AS F A IR Collections generally have been fair, although it should be noted that most wholesalers and jobbers have many more slow accounts on their books than for some years, the reason being that these accounts be long principally to those merchants who overbought or who were not able to turn their stocks, and liquidate, and take their losses last year. It is evident that the larger per cent of retail clothiers will require to the end of the year to properly liquidate their business. In general, buying by the retailers for fall has been con servative. SHOE DEM AND FE A T U R E IN W HOLESALE T R A D E Analysis of the wholesale merchandising business for June in the Seventh Federal Reserve District, re veals a more favorable comparison of net sales in shoes with 1920. An improvement was noted in M ay over April, when M ay sales showed a decrease of 10.1 per cent by eleven dealers from M ay, 1920. In their re port for June, nine shoe dealers showed an increase of 0.7 per cent, as compared with June, 1920. Com parisons for dry goods and groceries are not so favor able; the former showing a decrease of 30.8 per cent for June from eleven firms, as compared with 22.1 per cent from thirteen firms for M ay; and the latter, 52.8 per cent for June, from twenty-one firms, as compared with 45.2 per cent from twenty-six firms for M ay. Most of the dealers report that buying by both whole saler and retailer continues cautious, and that can cellations are negligible. Prices are stable in dry goods and shoes, in the opinion of the majority of the reporting firms; while in groceries a downward trend is. reported by nine firms although one firm reports an upward trend and six believe prices are stable. CH AN GES IN CLO TH IN G IN D U ST R Y FROM 1920 Returns from clothing manufacturers for June show greatest change in the Cut-Trim-Make Industry in which a much larger percentage of decrease in orders, production, and shipments from June, 1920, appears than in the M ay comparison. Detailed statistics for June are as follows: T A IL O R S -T O -T H E TRADE Number of firms reporting.. Orders for suits as compared with June, 1920...................... Number of suits made as com pared with Ju n e , 1920.......... Number of suits shipped as compared with June, 1920 C U T -T R IM -M A K E J7 5 -32.1% -36.3% -31 °% - 3 8-3% -3°-6% -3 °- °% W H O LE SA LE Number of firms reporting................................... Orders for suits for fall since January, 1921 as compared with same season, 1920...................... Number of suits made as compared with June, 1920............................................................................ Number of suits shipped as compared with June, 1920............................................................................ C L O T H IN G 8 -18.8% -43-5% -4 2 .1% R E T A IL T R A D E N E T SA LES CO N TIN U E TO D E C R E A SE A falling off in the dollar amount of sales from 1920 is again reported by department stores, although re duction in prices will account for all, or a large part, of the decrease. The decrease for June, 19 21, from June, 1920, is 15.5 per cent from forty-eight stores, as compared with 12.0 per cent from sixty-one stores, reporting for M ay. A decrease of 1.5 per cent for June, as compared with M ay, is shown by stores for which comparative figures are available. The de crease for the six months period ending June 30, coin age 7 pared with the corresponding period in 1920, is 9.3 per cent. A reduction in stocks at selling price of 3.2 per cent is shown during June, 19 21, making the total reduction, as compared with June, 1920, of 19.1 per cent, although, in such comparison, reduction in prices should again be considered, in estimating the volume of stock. A turnover rate of 2.8 times a year is re ported. IN D U S T R IA L E M P L O Y M E N T CO N DITIO NS IN T H E M ID D L E W EST Reports covering the labor situation in the Seventh Federal Reserve District for June indicate that the manufacturing plants of the district are still reducing their working forces. A reduction of 0.8 per cent was made by 192 firms employing 12 1,3 18 men. This was considerably less than in M ay when 4.3 per cent of the men were laid off. Total payrolls decreased 3.4 per cent from M ay to June, reducing the average wage per man by 2.7 per cent. This was due in many instances to a shorter hour schedule as well as to a revised wage scale. In the iron and steel industries a decline of 4.3 per cent in employment was largely due to the inactivity of the steel mills and the agricultural implement con cerns. Railway repair shops also were hard hit, the four concerns reporting to this bank showing a drop of 19 per cent. A reduction of 15.9 per cent in the automo bile industry as indicated by the reports from eleven plants throughout the district outside of Detroit, should be supplemented by the report from the Em ployers’ Association of Detroit. The 79 firms repre sented by this association made no change in employ ment during the month of June and the reports for Ju ly give indication of a possible increase in activity. Of the industries showing an increase in employ ment, the most notable was the contracting and build ing industry where, after a decline of 19 per cent in M ay, an increase of 30 per cent took place in June. Minor gains were made also in the clothing, in the knit goods, and in the shoe manufacturing industries. Chicago makes a somewhat better showing than the entire district, its increase of 2.7 per cent being largely due to the contracting and building industry. The Buildings’ Trades in Chicago are working at the old wage scale pending the decision of Judge Landis. Compared with June, 1920, the reports represent ing the combined industries of the Seventh Federal Reserve District show a falling off of 35.0 per cent in employment, 45.6 per cent in payroll, and 16.4 per cent in wages per man. The analysis of the replies to the Labor Question naire shows: D IS T R IC T Number of firms reporting................................ Total number employed June 30, 1 9 2 1 . . . . Number employed as compared with (a) the preceding month............................. (b) the same month a year ago................. Amount of payroll as compared with (a) the preceding month............................. (b) the same month a year ago................. Pay per man as compared with (a) the preceding month............................. (b) the same month a year ago................. Percentage of production to maximum monthly output in 1920: (a) June, 19 2 1............................................... (b) M ay, 19 2 1............................................... (c) June, 1920............................................... 19 1 12 1,3 18 C H IC A G O 61 56,450 -0 .8 % ~35-0% + 2 .7 % - 2 3 .1 % -3 .4 % -4 5.6 % + 0 .4 % -30 .6 % -2 .7 % -16 .4 % -2 .2 % -9 .8 % 4 7-°% 48.0% 83.0% 5 1.0 % 540% 80.0% According to the records of the Free Employment Offices of the State of Illinois the registrations for each 100 places open have increased steadily during the last three months from 204 in April, to 220 in M ay, and reaching 240 in June. H IG H COST OF CO N STRU CTIO N AND S C A R C IT Y OF M O N E Y C U R T A IL B U IL D IN G Reports from forty-four representative Building and Loan Associations of the district indicate curtail ment of building by the present high cost of construc tion and the lack of funds available for building loans. In many cases building is reported at a standstill. In practically all of the reports is emphasized the ser iousness of the building situation resulting from the great need for residences at a time when building is so curtailed. One correspondent reports caution in the building of new homes, and that only those compelled to build or buy are going into the venture. Another reports that only about 10 per cent of the loans this year are for new houses as compared with a normal figure of 75 per cent. In some parts of the district considerable building is reported in spite of the gen erally unfavorable condition, and one correspondent estimates more residence building in his city than in any year since 19 13. All of the reports indicate a continuation of the disposition to save on the part of their depositors, although as one expresses it, “ During the war ability Page 8 to save was there, but the wish was absent; today the wish is there, but the ability to save is not present.” Withdrawals are reported by most of the correspon dents as much heavier than last year, although as one states, “ Withdrawals, particularly by small stockhold ers and those unemployed are made only when abso lutely necessary.” One correspondent estimates that 10 per cent of the withdrawals are due to living require ments and unemployment, 20 per cent for the purchase of real estate, and 70 per cent diverted to other in vestments. In some of the cities where unemploy ment is especially marked, savings are reported to have been used to a great extent to meet living requirements, and reports are made that some accounts not touched for years have been drawn against. Especially as affecting the loans made by Building and Loan Asso ciations is the fact that the bank rate on loans made to the associations for temporary requirements has been so much higher than the rate of interest charged by the associations as to make supply of money from the banks prohibitive. Comparative figures available from twenty-eight of the reporting concerns show total deposits on their books at the close of 1920, were 50 per cent greater than those at the close of 19 17, compared with 23 per cent greater at the close of 19 19 , and 6 per cent greater at the close of 1918. At the close of Ju ly, the corres ponding figure was 57 per cent indicating that, con sidering the withdrawals mentioned, the growth of deposits for the first six months of 1921 is at a rate considerably less than that of the two preceding years. The effect of the purchase of Government War Ob ligations in diverting savings for investment in those bonds is mentioned by some of the correspondents and accounts for the small figures during 1918 and even a loss by some of the associations. Changes in loans fol lowed changes in deposits very closely, as is natural. B U IL D IN G A C T IV IT Y IN PRO SPECT Building statistics for cities in the Seventh Federal Reserve District, for June, show an increase of 7 per cent in number of permits, as compared with June, 1920, and a decrease in estimated cost of 10 per cent. June is the first month since March that increase in number of permits has been shown, and all of the states, except Michigan, contributed to the increase. In estimated cost, also, all of the states except Michigan show an increase. While contracts awarded in the Chicago District during June show a small increase in the number of projects, there is a decrease in valuation from corres ponding figures for M ay. In June there were 1,754 contracts awarded as compared with 1,639 in M ay, with a valuation of $61,028,200 as compared with $72,894,400 in M ay. Detailed statistics for June, 19 21, covering Illinois, Indiana, Iowa, Michigan, Wiscon sin, Missouri and portions of eastern Kansas and Ne braska follow: CO N TRACTS AW A RD ED IN JU N E NEW NO. OF B U IL D IN G S P R O JE C T S Business Buildings..................... Educational Buildings............... Hospitals and Institutions........ Industrial Buildings................... Military and Naval Buildings.. Public Buildings......................... Public Works and Public Utilities........................................... Religious and Memorial Buildings............................................ Residential Buildings................ Social and Recreational Buildings............................................ T otal......................................... FLO O R SPACE IN SQ . FT. 1,378,200 1,600,400 320,500 610,400 203 137 18 52 I 18 38,200 V A L U A T IO N $7,519,600 9,066,800 2,967,600 2,461,000 37,700 339,000 17,132,300 3 61 2,098,000 (a) 887 406,700 3,428,100 15,377,900 40 634,300 4,028,300 37 $61,028,200 U754 CO N TRACTS AW ARDED JA N . I TO JU L Y I 19 2 1................................................. 1920................................................. 19 19 ................................................. 19 18 ................................................ 19 17 ................................................ 19 16 ................................................ 19 15 ................................................. J 9*4 ................................................ 1913................................................ 19 12 ................................................. $325,929,000 465,753,000 392,983,000 188,343,000 344,419,00° 219,237,000 119,021,000 104,656,000 106,531,000 59,402,000 I 9 I I .......................................................................... 80,822,000 19 10 ................................................. 111,959,000 (a) 1,15 1 Buildings. Building Statistics by F. W. Dodge Co. B A N K IN G AN D C R E D IT CON DITIO NS RESER V E BANK LOANS D E C R E A SE The weekly statements of the Federal Reserve Bank of Chicago for the period from June 22 to Ju ly 20 show a more favorable condition, due largely to changes oc curring in the last two weeks. Total Bills on Hand show a decrease of 9.2 per cent for the four week period, while Total Deposits and Total Reserves increased 4.4 per cent and 9.1 per cent, respectively. Federal Re serve Notes in Circulation showed an increase on Ju ly 6 and a decrease from Ju ly 6 to Ju ly 20, result ing in a net decrease of 1.3 per cent for the four weeks. The Reserve Percentage, which had been around 54 per cent for three weeks, changed in the week ending Ju ly 13 to 57.3 per cent and stood at 58.6 per cent on Ju ly 20. LIQ UIDATIO N OF LOANS A T M E M B E R B A N K S SLOWS UP Reports from 113 member banks in the district, in cluding 52 banks in Chicago and 13 in Detroit, reflect a slightly less favorable condition from the standpoint of the liquidation of loans than was reported in the preceding month. In the five week period from June 8 to Ju ly 13 these banks reduced their loans and dis counts, including rediscounts with the Federal Reserve Banks, by 0.9 per cent, as compared with 2.9 per cent in the four week period from M ay 11 to June 8. De troit banks, which had in the preceding period shown a decrease of 5.7 per cent, report an increase of 3.0 per cent, while Chicago banks show a decrease of 1.7 per cent as compared with 2.8 per cent in the preceding period. Rediscounts by these banks at the Federal Reserve Bank show a decrease of 4.0 per cent as compared with a decrease of 8.2 per cent during the preceding period. Detroit banks, which had the largest percentage of reduction, 39.9 per cent, in the preceding period, show an increase of 2.4 per cent, while Chicago banks, which showed a decrease in the preceding period of 7.4 per cent, now show a decrease of 6.7 per cent. A reduction of 0.4 per cent in time deposits and an increase of 0.2 per cent in total deposits are shown for all reporting banks from June 8 to Ju ly 13. No changes in the customary discounts and in terest rates at Chicago banks during the month ending June 15 are reported, although there are some minor changes in the high and low rates. The customary rate for the period, as reported, is 7 per cent on all classes of paper, except on commercial loans secured by Government obligations, in which a rate of 6>^ @ 7 per cent is given. Page 9 PU RCH ASES OF A C C EPT A N C ES B Y B A N K S IN C R E A SE Statistics on Bankers Acceptances at the Federal Reserve Bank of Chicago for June are as follows: Reports from banks and dealers in the Seventh Federal Reserve District show an increase in purchases of acceptances by banks in June, although sales showed a marked decrease. Country banks are reported to have purchased less, the demand coming from corporations and small buyers. The maturities of bills purchased were divided as follows: 30 day, 13.3 per cent; 60 day, 18.8 per cent; 90 day, 65.6 per cent, and 180 day, 2.3 per cent. Classification of practically all purchases shows that 68 per cent of bills purchased were based on trans actions involving importation or exportation of goods. Comparison of returns from 29 banks shows an in crease of 22.3 per cent in bills bought; of 75.4 per cent in bills held at close of the month; and of 4.2 per cent in bills accepted. Bills sold decreased 17.5 per cent. Reporting dealers show decreases in all the items; 27.3 per cent in bills bought; 52.2 per cent in bills sold, and 15.6 per cent in bills held at the close of the month. Comparative figures for M ay and June transac tions are given below: (IN TH O U SAN D S OF d o lla rs JU N E 29 Bills bought................ Bills sold...................... Held at close of month Amount accepted. . . . 3 BANKS D U R IN G H ELD i 4 j 9 11 7>978 13,671 5,734 16,821 6,743 2,872 ___ 29 BAN KS D EALERS 12,188 16,579 3,270 16,140 MAY C LO SE O F M O NTH The commercial paper market in Chicago continued slow during June, with a falling off in country buying and very little city or suburban demand. This con dition is said to be due in part to income tax payments and high rates of interest. One dealer reports banks buying only the very best paper, even if below the average market rate. Sales of five dealers, show de crease of 23.7 per cent for June as compared with M ay. A tendency for lower rates is reported. Rates ranged from to 8y& per cent, the customary rate as re ported ranging from 7 to 8 per cent. The investment market during the last thirty days has been unusually quiet and the level of prices is almost as low as it was in December and in M ay, 1920. The municipal bond market has been very active at the low prices. Public utility securities continue to be in fair demand, although prices have not risen. The light and power end of the public utility business is emerging from the war conditions on a sound basis. ) 3 JU N E Bankers Acceptances Rediscounted........ None 6,500 *Bankers Acceptances B o u g h t................... 3,499,624 4,821,453 ^Included in Acceptances Bought but not in Acceptances Sold, are those bought with agreement by the seller to repurchase within 15 days. CO M M ERCIAL PA PE R SA LES D E C R E A SE MAY D EALERS M O NTH Bankers Acceptances Rediscounted.. $ 578,281 $ 60,000 8,331,600 10,997,981 *Bankers Acceptances B o u g h t................... Bankers Acceptances Sold from holdings 199,156 2,331,162 10,067 14,108 3>402 HOW R E T A IL P R IC E S OF S T A P L E S C O M PA RE The accompanying table gives comparisons of catalogue prices of staple articles at one of the large mail order houses in Chicago with the 19 13 price. Two catalogues a year are issued—one in the spring and one in the fall and the two quotations refer to these catalogues. Where only one quotation is shown, it was listed in only one catalogue. The prices are for articles of exactly the same kind and quality and are reduced to index numbers or percentages of the prices on a 19 13 base, indicating the cost in the per iods named of dollar amounts of the article in the fall of 19 13. M A IL O RD ER P R IC E COM PARISONS FOR ST A P L E A R T IC L E S A T CHICAGO (PRICE FALL, 1913 = 100.0) ARTICLE 1917 J9T3 FALL SPRING FALL PRICE Coffee................................. ■$ . 24K Flour................................... . 5.10 Sugar.................................. • 4-37 Rice.................................... .062 Tomatoes (Canned)............... • 1 -33 House Paint......................... . 1.07 Prepared Roofing................... . 2.10 Bolts................................... . .78 Walking Plow....................... • 9-95 Automobile Tires.................. . 14.25 Harness............................... • 24-75 Blankets.............................. Mattress.............................. • 3-25 Shoes (Women’s Dress).......... .. 2.89 Work Shoes.......................... • 2.75 Calico................................. . .05 Muslin (Unbleached).............. .o6>4 Percale................................ . 11 K Taffeta................................ .96 Hosiery................................ . 12 Shirts.................................. .89 Overalls............................... . .89 Underwear........................... .40 W aist............................................... . 1.98 4 .6 c 99.2 225.9 189.9 174.2 185.0 183.2 126.2 282.1 M3-2 107.0 185.7 365.O I 52-3 169.2 I 4 O .O 2<0.0 246.2 I9I -3 165.6 I 58-3 252.8 167.4 112.5 O Page 10 • 8.75 SPRING OO Suit (Men’s)................................... 102.0 233° 179-4 151.6 161.7 194.4 h i .9 198.7 124.6 97.2 161.4 219.0 J37-8 137-7 162.3 121.8 136-4 170.0 190.0 153-8 184.6 113.0 i3°-4 130.2 130.2 125.0 141.7 164.0 207.9 156.2 166.3 87.5 . . . . 186.4 ...... * 2^6.1 102.3 112.6 95-9 186.7 165.2 85-5 138.3 M3-9 h i .9 191 .O 124.6 80.0 128.3 175.0 120.0 1918 FALL 1919 SPRING 91.8 136.7 225.9 210.2 201.4 224.3 177-4 177-4 197.7 175.2 182.2 267.3 118.1 J35-7 233-3 264.1 143-2 158.3 107.0 124.6 185.7 212.1 369.0 439 ° 169.2 204.6 164.4 173-° 143-6 163.6 420.0 400.0 369.2 338-5 243-5 252.2 165.6 206.2 191.7 225.0 280.9 278.7 264.0 376.4 1920 FALL SPRING 185.7 252.6 263.2 250.0 191.7 241.1 140.5 200.0 163-3 106.3 220.2 3850 213.8 190.3 152.4 280.0 292.3 226.1 176.3 278.4 x75-o 200.0 393-6 271.0 194.0 241.1 154.8 216.7 184.4 97-9 268.7 395-0 244.6 241.5 166.9 380.0 4I5-4 252.2 289.6 225.0 334-8 353-9 147-5 275-3 222.5 157-5 207.5 201.0 . . . . 201.0 279. I 401 . I 170.9 245-7 182.3 330-9 FALL 1921 SPRING (current) FALL P R I C E 89.8 85.7 $ .21 153-9 169.6 8.65 148.7 135-9 5-94 3J9-4 88.7 77-4 .048 188.0 116.5 109.8 1.46 255.! 245.8 211.2 2.26 197.6 150.0 126.2 2.65 279.5 220.5 165.4 1.29 178.4 190.4 172.5 17.16 117-5 83-9 69.8 9-95 283.9 209.7 184.8 45-75 495-o 275.0 225.0 2.25 336-9 198.5 170.8 5-55 206.9 T37-7 j 36-7 3-95 152.4 126.5 116.0 3-i9 480.0 200.0 200.0 .10 430.8 184.6 130.8 .085 339 1 126.1 108.7 .125 258-3 161.5 164.6 1.58 275.0 I9I -7 183 3 .22 391.0 212.4 178.7 1 •59 392.1 i 89-9 156.2 i -39 92.5 92.5 •37 302.0 176.3 201.0 3-98 4 2 4 .7 214.6 150. I 328.6 226.9 1 9 1 - 4 16-75 157.1 280.8 572.1 HOW P R IC E S OF S T A P L E G R O C E R IE S A T CHICAGO C O M PA RE The accompanying table gives comparisons of actual prices paid by jobbers, F.O.B, Chicago, with pre-war prices. The figures in each case are the “ high” for the periods indicated and are reduced to (P R IC E 19 14 = 10 0 .0 ) index numbers or percentages of the prices on a 19 14 base, indicating the cost in the periods named of dollar amounts of the article in 1914. W HO LESALE P R IC E COM PARISONS FOR G R O C E R IES A T CHICAGO I 9H PRICE PER 1915 1916 1919 1918 1920 I 9I7 A R T IC L E Almonds—Calif. D rake............................. Asparagus—No. 2)4 Cal. White.............. . . Apples—Canned—M d ............................... Beans—Dry—Michigan............................. Beets—No. 3 C u t....................................... Coffee—Green—No. 7 R io ........................ Coffee— Green—No. 4 Santos.................. Corn—Canned—Standard........................ Hominy— Canned—No. 3 Standard. . . . Kraut—Canned—No. 3 Standard........... Lard—-Pure.................................................. Matches—Searchlight................................ Milk— Evaporated—1602......................... Peaches—No. 2)4 Cal. Exstd................... Peaches—Calif. Evap.—Ch...................... Peanuts—No. 1 Virginia........................... Pears— No. 3 Exstd. N. Y ........................ Peas—Canned—No. 2 E. Jun e................ . . Peas— Canned—No. 2—Ex. Sift.............. Pepper—-Whole B lk .................................... Pineapple—Hawaiian—No. 2 )4 ............... Prunes—60-70 C al...................................... Pumpkin—No. 3 Standard....................... Raisins—Choice Seed................................. Rice— Fancy Blue Rose ............................ Salmon—No. 1 Pink.................................. Sardines— % Oil Maine............................. Spinach—No. 3 Standard ....................... Sugar—-Fine Gran....................................... Sw. Potatoes— No. 3 Stan d ard ............... Tea— Formosa............................................. Tomatoes—No. 3 Standard....................... Walnuts— No. 1 Calif................................. Vinegar— Pure Cider.................................. Macaroni...................................................... Cocoa—Bulk................................................ . . .19 2.95 lb. dz. .08)4 lb. .75 .70 dz. dz. 100.0 100.0 109.3 108.8 105.6 85-7 93-5 100.0 100.0 107-7 3.52 2 .10 .04)4 1.5 0 .80 1.1 5 case dz. lb. dz. dz. dz. 2.35 dz. .75 .08 .04X .92)4 3.45 1.05 6.80 1.15 . 19 K .95 .16 .15 .0 5 K .09)4 dz. lb. lb. dz. case dz. lb. dz. lb. dz. lb. gal. lb. lb. IOI .0 100.0 100.9 I I I .9 92-3 78.9 100.0 106.2 108.7 130.4 104.3 90.0 100.0 100.0 115 .8 10 8 .1 100.0 104.8 963 104.3 10 5 .1 110 .5 1 0 3 .1 100.0 J 45-5 153-8 84.2 IOI .7 137 .2 175-4 12 2 .2 104.3 100.0 *73-3 10 7 .1 238.5 145.0 132 -1 127.8 12 1.4 1 2 3 .1 78.9 100.0 97-4 H 3.6 248.8 252.6 150.0 108.6 9 1 -3 253-3 117 -4 185.7 384.6 224.8 13 2 -1 166.2 140.5 200.0 184.2 126.7 206.2 160.9 173-9 234-8 143-7 1 1 9 .1 90.0 180.0 170.2 130.0 2 13-3 137-5 137-5 194-7 115 .8 135 -1 130.4 166.7 118 .4 ” 3-0 98.7 126.3 100.0 106.7 I 9°-9 243-6 216 .2 147.8 238.1 133 -i 160.9 14 1.0 210.5 125.0 180.0 I 9°-9 148.7 126.3 248.8 215.8 177.8 205.7 197.8 246.7 200.0 2 2 3.1 222.1 13 2 .1 198-3 192.9 2 15 .4 226.3 218 .7 187.0 247.8 246.8 135-0 213-3 137-5 226.3 232.4 194.2 166.7 I 39 -° 2 17 .4 16 4 .1 242.1 175.0 213-3 18 1.8 174-4 239-5 16 1.0 309-3 166.7 17 2 .3 254.3 247.8 206.7 18 5.7 2 15 .4 290.0 1 3 2 .1 253-4 300.0 376-9 273-7 233-3 206.2 278-3 2 13 .0 291.5 180.0 233-3 237-5 3° 5-3 259-5 150 .7 166.7 244.1 200.0 169.2 257.9 250.0 266.7 295-5 246.2 94-7 16 1.0 2 16 .3 278-9 144.4 152-4 202.2 186.7 178.6 230.8 2 13.8 142.6 146.3 238.1 3 I 5-4 273-7 July1921 7 1.1 252.5 255.8 87.7 244-4 7 1.4 78.3 233-3 257.2 277.0 10 1.0 142.6 127.9 178.6 269.2 257-7 206.7 162.5 12 6 .1 I 9 I -3 180.9 160.0 180.0 3 12 .5 294.7 2 16 .2 136.2 166.7 214-3 200.0 90.4 169.6 398.5 230.4 184.6 226.3 293-7 300.0 190.9 184.6 237-5 230-4 92-3 166.0 90.0 253-3 225.0 84.2 10 8 .1 92-3 92 -3 152.6 237-5 140.0 236.4 52-3 Ju ly, 1921 PRICE PER .13 K 4.50 5 - 5° 2.50 1.3 0 .06% .09 1.0 0 1 . 10 2 .15 23-75 6.80 4-25 3-75 lb. dz. dz. bu. dz. lb. lb. dz. dz. dz. lb. case case dz. ib. lb. dz. dz. dz. lb. 3-90 dz. •°9 ib. 2 .15 dz. .18 ib. .04 lb. 1.00 dz. 3-25 case 2 .10 dz. 6 .15 ib. i -95 dz. .18 ib. 2-45 dz. •38 ib. .21 gal. .0 7 K lb. .05 lb. .17 ^ .0 7 K 2.50 1.10 2.50 . 10 K T R E N D OF IN D IC E S OF B A S IC C O M M O D ITIES IN D E X P R IC E S OF 12 B A SIC CO M M O DITIES The accompanying chart shows the sharp decrease in American wholesale prices of basic commodities since the peak in M ay, 1920. The index stood at 104.09 on Ju ly 5, showing a decrease of 57.05 per cent from the peak reached on M ay 17, 1920, and was the lowest since the latter part of 19 15. This index num ber is compiled by the Federal Reserve Bank of New York, and is based on prices of hides, rubber, cotton, wheat, corn, hogs, sugar, copper, lead, pig iron, tim ber, and petroleum. Page 11
@FedFRASER