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M
arch
31, 1922
' p H E OUTSTANDING FEATU RE IN BUSINESS DEVELOPM EN T DURING THE
A past few weeks has been the improvement in basic industries, including steel, especially
railway equipment, copper, and other metals. A marked increase in the production of auto
mobiles has also been a feature of the month. Building which has been on the upgrade for
several months past continued its growth in activity, February permits being about forty
per cent in excess of those of February, 1921, while the advance is still continuing.
As against this favorable trend in the physical volume of production in basic lines is the
fact that a variety of conditions have operated to offset the encouraging improvement which
has been noted in textiles during the winter months. Prominent among these unfavorable
influences is the disturbed relation with labor, but uncertainty as to cost of production and lack
of forward orders has had a depressing effect in those districts where no labor troubles have
made themselves felt. No important changes have been observed in other manufacturing
lines, such as leather, boots and shoes. Agriculturally, the month has been one of favorable
development considering the season. According to official figures a marked, even if still limit
ed, decrease in unemployment is underway.
In trade, both retail and wholesale, the tendency has been on the whole downward although
not pronouncedly so. Retail trade is uniformly lower than it was a month ago or than it was
at this time last year. The movement of commodities to market during the month has been
very satisfactory. Increase in car loadings has been noticeable in many parts of the country.
The advance in the index number of wholesale prices shown by the Federal Reserve Board
compilation amounts to four points for the month.
Financially, the month has shown but little change. Discount and interest rates have not
moved materially. Foreign trade shows a somewhat further decline with a much closer ap
proach to adjustment of export and import figures both here and abroad. Increasing stability
in foreign exchanges, with the exception of marks, has been the rule.
V olume 5, N umber 3
C ompiled M arch 28, 1922
C R E D IT CO NDITIONS IN TH E M ID D LE W EST
The March first settlement period in the corn belt
passed with no evidence of embarrassment in the Sev
enth Federal Reserve District. This fact is of con
siderable significance because at that time an enormous
volume of farm land contracts are concluded; interest
and principal installments on farm mortgages fall due;
and preparation also must be made to meet requirements
of income taxes, as well as real estate and personal
property taxes, payable soon afterward.
There is marked improvement in agricultural
sections, due to the material advance in prices of farm
products compared with the low point of a few months
ago. This advance applies particularly to corn, hogs,
and cattle; furthermore, government statistics show a
large amount of corn and hogs still upon the farms.
The effect of this has been largely to dispel the pessi
mism of last year, and instead there has come a distinct
feeling of hopefulness and confidence that better things
are in store for the farmer. This is not interpreted,
however, as meaning that within the next few months
the farmer will be a large buyer of other than prime
necessities. On the contrary, he is showing a disposi
tion to husband his resources against future require
ments.
An encouraging feature now manifest in parts of the
district is a stronger demand for farms to rent; last fall
many land owners found it difficult to secure desirable
tenants. Another favorable indication is a disposition
to restock the feed lots as quickly as present holdings
of cattle and hogs are marketed.
Improvement in conditions affecting the general
credit situation is indicated in reports from practically
all parts of the district. From manufacturing centers
increasing activity of plants is reported.
Total borrowings from the Federal Reserve Bank
by member banks in every state of the district are now
below the theoretical basic line of credit for the first
time since early in 1920.
Collections are mixed with indications of some im
provement, and liquidation of old accounts is proceed
ing fairly well.
FED ERAL RESERVE BAN K STATISTICS
In analyzing results of operations of the Federal
Reserve Bank of Chicago, for the period from February
21 to March 22, the decrease in bills discounted by
member banks is significant because it indicates the
readiness with which March settlements were effected
through the banks. Bills discounted secured by
Government obligations decreased thirteen millions,
and other bills discounted, five millions. Deposits by
member banks increased almost nineteen millions
during the third week of the period, but decreased six
teen millions in the week following.
Increase in holdings of United States securities
during the period, amounted to more than twenty-three
millions. The ratio of total reserves to deposit and
Federal Reserve note liabilities combined increased
From 77.4 per cent to 77.6 per cent. On March 25,
Page 2
1921, the ratio stood at 43.0 per cent.
statistics follow:
Detailed
A m o u n t s in t h o u s a n d s o f d o l l a r s
MAR. 2 2 ,
FEB. 2 1 ,
MAR. 2 5 ,
19 2 1
1922
I9 2 2
Reserves.............................. 48 8 ,513
3 1 5 ,8 9 9
4 7 4 ,2 5 7
Total
Bills Discounted: Secured by
Government obligations...........
All other.....................................
Bills bought in Open M arket._
U. S. Securities held.....................
2 1 ,5 2 7
3 4 ,6 2 0
58 ,391
1 3 > 88
3
63 ,20 7
16 ,8 13
1 2 9 ,7 4 5
2 8 5 ,4 9 5
1 0 ,2 9 4
82,436
58,7 3 2
4 4 ,10 2
Total Earning Assets................ 1 7 5 ,7 4 2
469 ,6 36
1 7 3 ,3 7 2
Total Deposits............................... 2<q,020
253,898
246,202
F. R. Notes in Actual Circulation. 3 69,8 2 5
4 8 0 ,3 4 5
3 6 5 ,7 1 9
Ratio of Total Reserves to Deposit
and Federal Reserve Note Liabilities Combined...................... 7 7 -6 %
7 7 -4 %
4 3 -°%
PR IN CIPAL ASSETS AND LIABILITIES OF REPORTING
M EM BER BANKS
Loans and discounts (including rediscounts with
the Federal Reserve Bank) by reporting member banks
in Detroit decreased materially during the period
from February 15 to March 15, while Chicago banks
show some increase.
CO N TEN TS
Agricultural M achinery...............................................................
Agriculture......................................................................................
Assets and Liabilities o f Reporting M ember B an k s..............
Automobile Production and Shipments....................................
Bankers’ Acceptances...................................................................
Bituminous Coal Production......................................................
Bond and Investment Securities................................................
Box and Container........................................................................
B rick .................................................................................................
Building and Construction..........................................................
Building Contracts and Perm its................................................
Business M o r ta lity .......................................................................
Cem ent............................................................................................
Chain S tores..................................................................................
Clothing and Tailoring Ind u stry................................................
C o al..................................................................................................
Commercial P aper.........................................................................
Contract Grain Prices at Chicago.............................................
Credit Conditions..........................................................................
D airy Products and P o u ltry.......................................................
Debits— Individual Accounts.....................................................
Federal Reserve Bank S tatistics................................................
Flour Production...........................................................................
Foreign Commerce and Stock o f G old .....................................
Furniture........................................................................................
Grain Stocks on Farms in U. S.................................................
Hide and Leather M arkets.........................................................
Industrial Employment Situation.............................................
Iron and S teel................................................................................
Leather and T an n ing....................................................................
L ive Stock M ovem ent..................................................................
L u m ber............................................................................................
M ail Order T ra d e ..........................................................................
M anufacturing Activities and O u tp u t......................................
M eats and Provisions— United S tates......................................
Merchandising Conditions...........................................................
Produce— Butter and Cheese......................................................
Retail T rad e...................................................................................
Savings Accounts and D eposits..................................................
Shoe M anufacturing.....................................................................
Summary o f Conditions— A ll D istricts.....................................
Transportation Conditions........................
W ar Finance Corporation...........................................................
Wholesale T ra d e ............................................................................
W ool..................................................................................................
page
9
5
2
9
3
8
4
II
14
14
14
15
14
12
11
8
3
6
2
7
4
2
6
16
11
5
10
8
9
10
6
14
12
9
6
12
7
13
4
10
1
13
3
12
11
Investment holdings, which show large increase
for Chicago banks, are affected by Government financ
ing on March 15; holdings on that date include pay
ments made on subscriptions for which adjustments on
the basis of allotments had not been received. The
final allotment was approximately one-fourth of the
subscription.
Deposits continue to show an increase, although
considerably smaller than in the preceding four weeks,
except for Detroit banks, where the rate of increase is
considerably larger.
Bills rediscounted and bills payable with the Federal
Reserve Bank continue to show marked decrease from
the preceding month and a year ago.
Detailed comparisons follow:
PER CENT CHANGE MARCH 1 5, 1 9 2 2 , FROM
FEB. 1 5 , I9 2 2
MARCH l8 , I 9 2 I
OTHER
OTHER
CHICHISELECTDESELECTDECAGO
TROIT
ED
ED
CAGO
TROIT
CITIES
CITIES
T
t*-0
-2 1.7
- 3-4
-19.2
- 4-7
- 5-7
- 13-5
+ 6 -3 + 34-9
+ 3-4 + 10.4
+ 11.0
+ 3-5
-97.1
- 97-5
-90.5
-97.8
- 94-5
Evidence of a decrease in the demand for funds from
the War Finance Corporation for agricultural and live
stock purposes may be noted from the most recent
approvals of advances. In the four weeks ending
March 18, total advances approved for the five states
lying largely in this Federal Reserve District
amounted to $3,833,000, compared with $4,760,000 in
the four weeks immediately preceding, and $7,754,000
in the four weeks ending January 21. Comparison of
advances approved during these four-week periods, in
thousands of dollars, follows:
FOUR WEEKS ENDING
MAR. l8 ,
FEB. l8 ,
JAN. 2 1 ,
I922
I922
I922
642
220
1,739
3.109
4,451
753
789
i ,358
3,833
29,115
4,760
41,027
Illinois............................ .................
Indiana.......................... .................
Io w a ............................... .................
487
1.897
W isconsin...................... .................
T o tal (five states)......................
T otal (United States)................
676
20
I n T h o u san d s of D o llars
FEBRUARY
JANUARY
Number of banks reporting... .....................
^ B ills bought...........................
tB ills sold..................................
Bills held at close o f m onth. . .....................
Am ount accepted.....................
1922
27
1922
27*
3 ,2 41
8,564
1,871
1,204
1 3 ,8 0 7
-86.9
W A R F IN A N C E C O R P O R A T IO N A N D JO IN T S T O C K
LAND BANKS
*For comparative purposes transactions of one reporting bank
are excluded from January totals, and have been included in those of
dealers.
**Exclusive of bills purchased by the accepting bank, and of
purchases for the account o f specific customers.
tExclusive of bills purchased for the account of, and sold to
specific customers.
Reports from six bill dealers covering the four-week
period from February 13, to March 11, give purchases
of bankers’ acceptances amounting to $11,556,000, as
compared with $10,291,000 in the four weeks immedi
ately preceding; sales amounting to $10,103,000, as
compared with $7,407,000; and bills held at the close of
the month amounting to $3,489,000, as compared with
$4,575,000. These figures include those of one bank
doing a large brokerage business. Dealers report the
supply of bills small with an increasing demand for
them.
Comparative statistics on bankers’ acceptances at
the Federal Reserve Bank of Chicago for January and
February follow:
FEBRUARY
206
7,754
46,919
The twelve Joint Stock Land Banks operating in
this territory during the last six months have furnished
over ten million dollars to the five states lying largely
in this district. While loans for these states could not
in all cases be separated from those of states in other
Federal Reserve districts, ten of these banks show
approximately $38,260,000 loans outstanding in the
BAN KERS’ ACCEPTAN CES
While February purchases and sales of bankers’
acceptances by reporting banks of the district increased
considerably in number, the amount accepted was
less than for January. Bills held at the close of the
month show a large increase.
Purchase rates for February were reported ranging
from 3% to
per cent, with rates at 4 and 4 ^ per
cent predominating. The maturities of bills pur
chased were divided as follows: 30-day, 8 per cent;
60-day, 45 per cent; 90-day, 38 per cent; and 180-day,
9 per cent. Most of these were reported drawn against
grain, meat, wheat, coffee, agricultural machinery, and
provisions.
A detailed summary of returns follows:
-16 .2
-13.8
+
Loans and Discounts.......... -f- 1.6
-6 .3 - 0.2
Investments... -f-18.9
- 2-5 + 1-3
Loans, Discounts
a n d Invest
ments.......... + 4 - 8
- 4-5 + o-i
CashandKeserve
Balance....... + 1.5 + 24.8 + 1 1 .8
Deposits..........+ 1.5 + 6.3 + 1.8
B i l l s rediscounted with
Federal Re
serve Bank.. -12 .5 -46.6 -2 1.4
Bills payable
with Federal
Reserve Bank -60.3 -89.3 -40.9
five states on March 1, 1921; $38,965,000 on Septem
ber 1, 1921; and $49,782,000 on March 1, 1922.
Between March 1, and September 1, of 1921, these
banks did very little business pending legislation
increasing the maximum rate of interest borne by
their bonds, which legislation was completed the
latter part of August, 1921.
JANUARY
1922
1922
Bankers’ Acceptances rediscounted............
None
$
75,000
*Bankers’ Acceptances bought..................... $11,950,515 19,409,308
Bankers’ Acceptances sold from holdings..
None
34,975
D u r in g M o n th
H eld a t C lo se o f M on th
Bankers’ Acceptances rediscounted............
^Bankers’ Acceptances bought.....................
None
17,414,229
None
15,340,286
*Included in Acceptances bought, but not in Acceptances sold,
are those bought with agreement by the sellers to repurchase within
fifteen days.
C O M M E R C IA L P A P E R
Aggregate sales reported by seven commercial
paper dealers show a decrease of 2.0 per cent during
Page 3
February as compared with January. Reports on the
supply of paper vary, some dealers finding an increas
ing supply, and others decreasing, with few demands for
new money. The demand for paper is affected by
Government financing.
Rates were reported ranging from 4 to 6 per cent,
with the customary rate from 5 to 5 K per cent.
D E B IT S B Y B A N K S T O IN D IV ID U A L A C C O U N T S
The aggregate debits by banks to individual ac
counts in the twenty-four clearing house centers in the
Seventh Federal Reserve District for the week ending
March 15,1922, show an increase, both when compared
with the corresponding week of February and with the
corresponding week a year ago.
The volume of debits in the four weeks ending
March 15, 1922, also increased, compared with the cor
responding period of last year, in contrast with the
four wreeks immediately preceding, which show a
decrease of 5.6 per cent from the corresponding period
last year.
Comparisons by weeks for the Seventh
Federal Reserve District, expressed in thousands of
dollars, follow:
1922
N um
WEEK
ENDING
ber
M arch
1?
M arch
8
M arch
1
February 21
T o ta l...
Increase
February *5
February 8
February
1
January 25
1921
T otal
BANKS
202
202
202
202
1,003,049
948,399
1,048,631
807,860
3.807,939
3 - i%
822,892
004,882
923,3 W
202
202
202
202
833,330
T o ta l..........
Decrease. . .
3,484,421
5 -6 %
N um
WEEK
ENDING
ber
M arch
M arch
M arch
February
T otal
banks
16
9
2
23
209
209
209
209
994,098
896,391
1,028,183
774,541
T o t a l.. .
February
February
February
January
3,693,213
16
9
2
26
892,021
880,538
966,859
952,876
209
211
210
208
3,692,294
T o t a l...
Debits to individual accounts, reported by the
leading clearing house centers in the United States
for the four-week period ending March 15, 1922, show
a larger increase compared with the corresponding
period a year ago than is shown by those in the Seventh
Federal Reserve District. Also, for the four weeks
immediately preceding, they show a smaller percentage
of decrease compared with a year ago than that shown
by clearing house centers of this district. The total
debits for the leading clearing houses in the twelve
Federal Reserve districts, compared by weeks, in
thousands of dollars, are as follows:
1922
N um
WEEK
ber
ENDING
M arch
15
M arch
8
M arch
I
February 21
T o ta l...
Increase
February L 5
February 8
February
1
January 25
T o ta l..........
D ecrease...
1921
T otal
C en ters
16 3
164
164
164
8,282,895
8,239,664
9,125,860
7,218,294
32,866,713
166
166
167
4 -3 %
7,169,266
7,926,876
8,148,639
i6 5 7, 572,295
30,817,076
4 -6 %
Page 4
M arch
M arch
March
February
T o t a l...
SAVINGS
NUMBER
DEPOSITS
OF BANKS MARCH I ,
I922
PER CENT CHANGEFROM
F E B .I,
MARCH I ,
1922
I92I
+ 0 .1
- 0 .9
+ 0 .2
+ 1 .5
- 0 .7
- 2 .1
-9-2
-0 -4
- 3 .5
-1 0 .3
States
Illinois..........................
Indiana.........................
Io w a .............................
M ichigan......................
Wisconsin....................
59
44
30
32
24
$357,968,402
52,792,748
58,532,401
214,376,053
37,284,691
D istrict....................
189
$720,954,295
+ 0 .4
- 3 .4
The average account in those banks for which
figures are available increased slightly as contrasted
with the decrease during January. This is based on
136 banks having savings deposits on March 1, 1922, of
$661,796,775 in 2,104,597 accounts. The average
account on March 1, 1922, was $314.45 compared with
$314.14 on February 1, 1922, and $336.08 on March 1,
1921. Michigan shows an increase in the average
account; all other states show decreases.
Percentage changes in the average accounts for
reporting banks follow:
PER CENT CHANGE
MARCH I , I9 2 2 , FROM
NUMBER FEBRUARY I MARCH I ,
of banks
19 2 2
19 2 1
Illinois...............................................
Indiana.............................................
I o w a ..? ............................................
M ichigan..........................................
Wisconsin.........................................
States
48
27
21
26
14
- 0 .4
-0 .8
- 0 .3
+ 1 .6
—1 .9
—
7-4
- 9 .6
“ 5-9
- 3 .9
- 1 1 .9
136
+ 0 .1
- 6 .4
CENTERS
16
9
2
23
163
164
164
164
T o ta l. . .
February
February
February
January
Changes by states in amounts of savings deposits of
reporting banks are as follows:
T otal
ber
ENDING
All states report withdrawals for investment in real
estate and bonds. Indiana banks continue to report
unemployment as the chief cause for withdrawals,
while recent activity in the automobile industry is
reflected in the increased savings deposits reported from
Michigan. Wisconsin banks report continued with
drawals for tax payments and living expenses.
D istrict.........................................
N um
WEEK
S A V IN G S A C C O U N T S A N D D E P O S IT S
Savings deposits, as reported by 189 banks in the
Seventh Federal Reserve District, increased slightly
during February, but are considerably below those of a
year ago. Indiana and Wisconsin show decreases for
February, while Michigan shows a comparatively large
gain; Illinois and Iowa show slight increases.
8,684,486
7,586,379
8,695,435
6, 554,346
31,520,646
16
9
2
26
166
166
167
165
7,484,519
7,657,125
85841,448
8,3c 6,99 i
32,290,083
B O N D S A N D IN V E S T M E N T S
The investment market continued active through
the first part of March; prices did not advance material
ly, but continued strong. Utility bonds found ready
sale at good prices. Activity in the municipal bond
market continued with prices higher. Dealers’ shelves
are reported well cleared of industrial bonds because
of the slackened demand of corporate borrowers.
Easing in general interest rates has had its effect on
prices of bonds but financing contemplated by corpora
tions is awaiting still easier investment money.
AG R ICU LTU R AL PRODUCTION AN D CONDITIONS
It is feared that the severe sleet and ice storm in
Wisconsin, North-Central Michigan, and Northern
Iowa has damaged the fruit trees and winter grain in
those localities. Freezing and thawing weather in
Iowa, Northern Illinois, Northern Indiana, and
Southern and Central Michigan, has done some
damage to crops. The outlook for winter grains in the
Seventh Federal Reserve District, although good, was
not quite so favorable by the middle of March as it had
been during early February.
Receipts of oats, corn, and wheat at the primary
markets during February were larger than for the
preceding month or for February, 1921, although there
has been some falling off recently, partly because
farmers are getting ready for their spring work.
Shipments of corn from the primary markets in
February were larger than for either January, 1922,
or for February, 1921; oats, were less than for either
period; while wheat shipments were larger than for
January, 1922, but below those of February, 1921.
Shipments of grain from Chicago with comparisons
follow:
I n T h o u s a n d s o f U n it s
FEBRUARY JANUARY FEBRUARY
1922
Flour
W heat
Corn
Oats
R ye
Barley
I922
I92I
(bbls.)........................................
7 *6
(bu.)...........................................
(bu.)........................................... I9,3 29
(bu.)........................................... 4,457
(bu.)...........................................
105
(bu.)...........................................
167
5 11
637
14.406
4 ,552
74
229
5^7
1,192
5,166
3 > °4
3
234
465
9l9
The stocks of grain in public and private warehouses
at principal points of accumulation, at lake and sea
board ports, and in transit by water in the United
States with comparisons in thousands of bushels follow:
WEEK ENDING
WEEK ENDING
MARCH 12 , I9 2 I
MARCH I I , 1922
WAREHOUSES
WAREHOUSES
AND
AND
BONDED
AFLOAT
BONDED
AFLOAT
W heat
Corn
Oats
R ye
Barley
(bu.)........................ 38,852
(bu.)........................ 48,078
(bu.)........................ 67,843
(bu.)........................
7,752
(bu.)......................... 1,725
6,409
1,144
817
103
26,399
26,977
34,345
1,669
267
2,153
129
S T O C K S O F G R A IN O N F A R M S IN U. S.
CORN
(Thousands of Bushels)
CROP
PFR CENT
1912
2 4 ,9 8
,4 6 8
2,672,804
>
9'7
1918
■9I9
1920
1921
',045,575
1,564,832
3,081,251
' , 3 ' 3 , 12 0
' 9'2
1913
1914
M '8,337
1,121,768
1,141,060
' 9'5
1916
1,549,030
1,251,837
•9'7
19' 8
1919
1920
1921
1,592,740
1,538,124
i,23i,754
1,526,055
1,060,737
PART OF CROP HELD ON FARMS MARCH i FOLLOWING
W HEAT
(Thousands of Bushels)
CROP
PRODUCTION
PART OF CROP HELD ON FARMS MARCH I FOLLOWING
PER CENT
O
19U
19 14
1915
1 9 18
19 0
2
19 1
2
73°>l67
763,380
8 1,0
9 17
1,025,801
636,318
636,655
921438
934,265
787,128
794,893
5
I5 4I
67
10
15
20
25
30
35
40
4 5 __ JO
=1
=
15',795
152.903
244448
100,650
107,745
128,703
169.904
H7,037
13 6
1-13
BARLEY
(Thousands of Bushels)
CROP
PRODUCTION
PART OF CROP HELD ON FARMS MARCH 1 FOLLOWING
PER CENT
O
19
12
1917
1918
1919
1920
1921
4 7 9 ,877
1 5,602
164,176
3 307
,2 2 6
PRODUCTION
a s f o l lo w s :
C o rn ...................................... ...............................
W heat................................... ...............................
O ats....................................... ...............................
B arley...................................
2,502,665
2,858,509
CROP
'913
1921
567,581
2 2 ,954
303,200
782,303
',253.29°
855,269
OATS
The Crop Reporting Board estimates stocks of
grain on farms on March 1, in the five states lying
largely within the Seventh Federal Reserve District
1922
2,566,927
3 6 ,2 3
,0 5 3
(Thousands of Bushels)
1919
IN THOUSANDS OF BUSHELS
20 25 30 35 40 45 50
1,116,559
19 16
1,324,488
B arley.................... (bushels). . . .
385,221
463,853
C o r n .......................(bushels). . . . . 22,052,216 19,233,394
8, 144,346
O a t s .......................(bushels)___
154,934
H3,423
239,370
1,129,336 3,756,838
R y e .........................(bushels)___ 1,194,249
W heat....................(bushels). . . . 5,576,489 10,038,187 18 ,4 6 8 ,7 1 1
1,023,362
Wheat Flour . . . . (barrels). . . . 1,203,175
1,098,567
Total Value in Dollars
Grain and Preparations o f
G rain....................................... 31,595,720 33,462,290 65,831,524
IQ 15
910,894
2,994.793
1915
1916
19 12
FEBRUARY
I9 2 1
5
1,290,642
866,352
19 14
February exports of grain with comparisons follow:
1922
3.'24.746
‘ 9'3
1917
JANUARY
PART OF CROP HELD ON FARMS MARCH I FOLLOWING
O
N ote: These totals furnished by the Secretary o f the Chicago
Board o f Trade.
FEBRUARY
I92 2
PRODUCTION
19 14
1915
5
IO
15
20
25
30
35
4O
45
223,824
178,189
' 94,953
228,851
2H.759
256,225
161,345
202,024
151,181
44>
4'9
81,746
33,820
65,229
40,950
I I , l 62
Page 5
50
C O N T R A C T G R A IN P R IC E S A T C H IC A G O
Contract grain prices at Chicago were generally
higher in the early part of March than in February, and
farmers have been well satisfied to dispose of a share of
WEEK ENDING
MARCH I I , I9 2 2 *
M ay
W h e a t ...................................................................... $ 1 -34 X @ 1 . 4 3H
“
...................................................................... 1 . 1 6 K @ 1 . 2 2
C o r n ..................................................................................60
@ .6 5
July
Mav
July
.........................................6
3H
M ay
.6
8
@
O a t s .................................................................................. 38
@
.4 2 K
.................................................... 39^ © -437
A
July
M ay
R y e ..............................................................
i.o 6 K t
their surplus grains, but toward the middle of March,
prices showed a downward tendency. Prices per
bushel of cash contract grain at Chicago with compar
isons follow:
MONTH
FEBRU A RY, I 9 2 2
$1. I8FS @ I .49^
1.03^ @1.28%
MONTH
JANUARY, I92 2
$1 .07K @ 1.19^
97
■ X @ i- o s H
.52
@ .5 4 K
■ 53X @ -7°M
■ S5H © .72K
■ 53H ©
3
•38^ @ -44^
•3 9 K
@
■ lV * @
.38
@
- 4 $ H
.8 @1.11
8
.8 1 K
39
- 3i
/
.40^8
@
89K
MONTH
FEBRUARY, I 9 2 I
$ 1 -4 ° X ® 1 . 6 5 K
■ 63X @ .73
.65K @ -75
•4 0 H
@
-4 lV*
.4IK @ .47H
I.28K @ I.47K
^ P ric e s fo r w e e k e n d in g M a r c h 4 w e re h ig h e r th a n th e s e p ric e s .
t P r ic e fo r M a r c h 1 7 .
F LO U R P R O D U C T IO N IN T H E D IS T R IC T
Flour production in the Seventh Federal Reserve
District increased during February compared with
January, 1922, and February, 1921, both wheat and
other flour participating in the increase.
Detailed comparisons of reports from forty-eight
representative millers follow:
B arrels
P r o d u ce d P e r c e n t c h a n g e fro m
FEBRUARY JANUARY FEBRUARY
I922
Wheat Flour.................................. 377.547
All Other Flour.............................
61,464
T otal........................................... 439.011
I922
I92I
+ 18 .3
+ 34 -1
+ 1 3 .9
+96.2
+ 17-6
+ 4°-3
Based on capacity production (24-hour working
day) these mills were operating at 48.4 per cent in
February and at 39.5 per cent in January, while in
February, 1921, operations were at 34.5 per cent.
M O V E M E N T O F L IV E S T O C K
Receipts and slaughter of live stock decreased at
the principal markets in February compared with
January. For the first three weeks in March, receipts
of cattle increased while hogs and sheep fell off at the
twenty markets, compared with the corresponding
period in February.
Detailed statistics follow with number of head in
thousands:
S i x t y -e ig h t m a r k e t s
NO
HEAD
S lau gh ter—
C a t t le .. . .
H ogs.........
Sheep........
C alves. . . .
FEB.
19 2 2
E ig h t y a r d s , s e v e n t h
FEDERAL RESERVE DISTRICT
NUMBER
PER CENT
PER CENT
HEAD
CHANGE FROM
CHANGE FROM
JAN.
FEB.
FEB.
JAN.
FEB.
I92 I
1922
1922
19 22
I9 2 I
+ 13
- 12
- 18
9
3
7
745
759
- 1 4 .1
- 8 .0
- 1 7 .9
223
- I 7 .O
- 1 2 .7
-2 1 .8
27 1
-
+ 10
8
96
- 6 .4
- 1 9 .I
-l8 .I
4 - 1 2 .6
+ 19 8
- 9 9
/
- 7 *7
308
1,092
- 1 6 .O
- 2 2 .1
+ 1 6 .3
-2 0 .7
345
-2 2 .6
+ 16 7
114
-
55°
2,2 85
5 -2
184
+ 2 5 .6
R e c e ip t s—
C a t t le .. . .
H ogs.........
Sheep........
C a lv e s .. . .
1,0 4 4
3 ,6 12
- 1 4 .6
- 1 5 .6
U399
- 2 3 .7
- 8 .4
371
8 .9
- 1 3 .0
4 “ 8 .4
The February feeder movement of cattle and calves
from the principal feeder markets back to the farms was
heavier than in January, but the movement of sheep
and lambs was a trifle smaller in volume. From the
sixty-eight markets the movement of cattle and calves
was 4.4 per cent more than in January, 1922, and 46.6
per cent more than in February, 1921; movement of
sheep and lambs from the sixty-eight markets was 7.3
Page 6
per cent less than in January, 1922, but 173.5 Per cent
more than last year.
Average prices of live stock per hundred pounds at
Chicago follow:
WEEK ENDING
MAR. l8 , I9 2 2
C lass
N a t iv e B e e f
75 0 -10 5 0
10 50 -120 0
12 0 0 -13 50
S te e rs
l b s ............... • *
l b s ...............
l b s ...............
I 3 5 ° " I 5 ° ° 16 s ...............
150 0-180 0 l b s ...............
G en eral A v e r a g e s .
F a t C o w s a n d H e if e r s .
C an n ers an d C u tte r s . .
C a l v e s ...................................
S to ck e rs an d F e e d e r s ..
H o g s ......................................
P i g s ........................................
S h e e p .................................... .
Y e a r l in g S h e e p ................
7 -2 5
------- M o n t h s
FEB.
JAN.
I9 2 2
19 22
7 .2 0
6 .7 0
7 -5 5
7 -1 5
8 .0 0
8 .5 0
5 .2 5
4 .7 0
2 .9 0
1 0 .7 5
7 .6 0
8 .1 5
7 .0 5
4 .6 0
2 .7 5
7 -4 5
8 .0 0
6 .8 5
1 0 .6 9 *
7 . 2 5 @ 8 .5 0
1 2 .7 5
L a m b s .................................. . 1 4 . 1 0 @ 1 4 .5 0
--------FEB.
19 21
$ 6 .8 0 $ 6 . 1 5 $ 7 . 5 0
7 .6 0
8 .0 0
8 .3 0
8 .7 0
3 -2 5
o f
6 .6 5
9 .8 5
9 .5 0
7 .7 0
1 2 .1 0
1 4 .5 0
9 -3 5
5 .9 0
8 .0 0
8 .4 0
6 .2 5
1 0 .4 0
1 2 .4 5
8 .1 0
8 .5 5
9 .0 5
9 .2 0
8 .2 0
5 .8 5
3 -2 5
1 0 .7 0
6 .8 0
9 -3 5
9 .6 5
4 -7 5
6 .8 5
9 .2 0
*Average M arch 1 to 20.
Live stock prices, except sheep, were downward to
ward the middle of March.
M E A T S A N D P R O V ISIO N S
Returns from thirty-eight meat packing houses in the
United States show an increase of 2.2 per cent in the
average weekly sales in February over those of January,
1922, and thirty-seven show a decrease of 12.1 per cent
from sales for February, 1921. Higher prices in
February were a factor in the increase of dollar sales
over those for January.
Net shipments (shipments less receipts) of meats
and lard from Chicago were 9.4 per cent less in volume
during February than in January,1922, and 22.5 per
cent less than in February, 1921.
Twenty-one packers report that the lenten period
accounts for the domestic trade in fresh and cured
meats being rather slow in the early part of March.
Rural buying shows but little change.
Collections in early March were about the same as
in the preceding month, with a few exceptions, where
improvement was noted, and others where collections
were a little slower.
Twenty-nine retail meat markets in the Seventh
Federal Reserve District showed practically no change
in February dollar sales from those of January, but
were 13.4 per cent below those of February, 1921.
Chicago wholesale prices of pork, beef rounds and
chucks, and veal advanced steadily throughout Feb
ruary, and the average price for the month was higher
than that for January. Some cuts of lamb and mutton
advanced slightly and other cuts showed no change,
while beef prices declined compared with January.
Wholesale prices of veal and pork at Chicago (except
loins, which advanced, and sweet pickled clear bellies,
which showed no change) showed declines for the week
ending March 18, compared with the high point of
prices in February. Some cuts of beef advanced slight
ly while other beef cuts, lamb, and mutton showed
practically no change from the high point for February.
Chicago retail prices of pork and lamb advanced
from those of January, but beef, veal, and mutton
showed practically no change. Pork prices for the
week ending March 18 declined; beef and veal did not
change from February, but lamb and mutton advanced.
Chicago stocks of lard on March 14 were greater
than on February 28, but considerably below those of a
year ago; March 1 stocks of meat and lard at principal
western markets were slightly larger than for the pre
vious month, but show substantial decreases from a
year ago. Cold storage holdings of frozen and cured
meats for the entire United States follow:
I n T h o u san d s o f P oun ds
MARCH I ,
FEBRUARY I ,
1922
I92I
1922
I92I
Frozen B eef....................................
55,725 122,402 61,522
Frozen P o rk ....................................
85,136 208,889 71,722
Frozen Lamb and M utton . . . .
4,019
59,304
3,914
Cured B eef...................................
7,206
12,612
6,347
In Process................................
10,728
11,394 10,426
D ry Salt P ork ................................
61,578 138,092 5 4 , 4 2 3
In Process...................................
77,780 113,801 74,266
Pickled P o rk ..................................
97,687 148,839 88,387
In Process................................ 223,110 227,537 196,100
L a rd .................................................
61,258 117,690 61,202
Miscellaneous M ea ts....................
56,618 95,163 57,1? 1
119,965
150,594
78,082
11,535
11,391
103,590
99,319
122,768
193,560
83,549
85,254
Note: These holdings include stocks in both cold storage ware
houses and packing plants.
The majority of packers report more exports for
warded in February than in January. Exports of
meats and provisions from the United States in
February follow:
FEBRUARY
I922
JANUARY
I922
FEBRUARY
I92I
Beef, canned.................(pou n ds)..
193,148
155,061 1,708,678
Beef, fresh.................... (pounds)..
320,430
522,601
979,081
Beef, pickled, etc. . . . (pounds). . 2,069,015 1,764,743 1,750,756
Oleo O i l s .................... (pou n ds).. 8,047,556 4,789,144 9,250,483
Pork, fresh................... (pou n ds)..
879,227 1,063,800 5,914,797
Pork, pickled.............(poun ds).. 2,816,260 3,772,083 3,150,452
B acon..........................(pounds). .30,973,688 26,095,093 31,637,140
Hams and Shoulders (pounds). .25,209,136 22,012,003 15,847,799
L a r d ............................(pounds). .75,519,634 73,194,128 91,840,951
Neutral L a rd .............(poun ds).. 2,571,219 1,279,363 2,843,921
C o m p o u n d *............... (pounds). . 3,254,244 4,507,384 3,606,891
Sausage, canned . . . . (pounds). . 182,145
1x1,006
380,353
M argerine.................... (poun ds)..
134,671
279,666
484,754
T otal o f all meats
(pounds). . 68,962,8536 1,2 2 6,2 3 4...................
* Includes vegetable compound.
The export demand for meats and provisions in
early March fell off from the preceding month, which
change is attributed to the fact that resellers and
dealers in foreign countries took advantage of recent
advances in prices to clean up their stocks, and realize
a profit before making further purchases. The lenten
season was a factor also. Reports indicate that more
than 50 per cent of present shipments consist of con
signments, although a few concerns report a good
portion of their shipments going forward as straight
sales. France is reported to be a modest buyer because
of the considerable supply of domestic production on
hand.
Collections and prices abroad are reported as
generally satisfactory, and consignment stocks are
reported about equal to the demand.
PRODUCE— BU TTER AN D
CH EESE
February production of creamery butter in the
United States increased over that of January and was
about 17 per cent more than production for February,
1921. Severe storms during the latter part of the
month crippled transportation to the extent that the
Wisconsin cheese output for the four weeks ending
February 28 was 1.3 per cent less than for the preceding
four-week period.
Substantial increase in cheese
production was made during the first three weeks in
March.
Butter receipts and shipments at Chicago during
February declined slightly from those of the previous
month, but for cheese and eggs, increased; poultry
receipts declined. February receipts of cheese at
Wisconsin markets were larger than those of the pre
vious month or a year ago.
February wholesale prices of cheese at Plymouth,
Wisconsin, compared favorably with those for the pre
ceding month, in spite of the temporary break at the
close. Former prices were restored during the first
week in March and after that declined. The Chicago
wholesale price of 92-score creamery butter averaged
36.65 cents a pound for February, compared with
34.42 cents in January, and these prices were main
tained in early March. Wholesale prices of live fowls
and spring chickens increased during February as com
pared with January; prices on turkeys were steady but
on eggs and live geese, declined. Egg prices showed still
further declines in the early part of March, but live
fowls and spring chickens advanced, and then fluctuat
ed later in the month.
The Bureau of Markets reports the cold storage
holdings of poultry and dairy products in the United
States as follows:
I n T h o u san d s o f P ou n ds
MARCH I ,
1922
Broilers...................................
Roasters.................................
Fowls......................................
Turkeys..................................
Miscellaneous Poultry........
Creamery Butter...................
Packing Stock Butter...........
American Cheese...................
Swiss Cheese..........................
Brick and Munster...............
Limburger..............................
Cottage, Pot and Bakers.. . .
Cream and Neufchatel.........
All Other Cheese...................
Case Eggs*.............................
Frozen Eggs*.........................
•■
■•
••
..
••
..
••
..
••
..
33>°°8
16,741
7,637
21,058
2M 57
1,518
*4,953
2,987
U 599
493
1,677
159
•• 3, 54i
13
.. 13,120
1921
11,827
23,273
15,098
6,682
22,121
27,103
2,626
17,477
2 ,95!
1,200
681
3,319
58
4,772
43
22,363
FEBRUARY I,
1922
12,546
37,831
20,562
1921
11,496
23,817
15,598
7,973
6,407
24,438
23,777
35,°47
U447
21,430
3,252
1,710
585
1,920
229
3,874
179
16,209
41,486
2,847
25,000
3,675
1,492
791
3,723
99
5,426
43
24,927
*In thousands o f cases o f 30 dozen each.
N ote: These holdings include stocks in both cold storage ware
houses and packing plants.
Page 7
IN D U STRIAL EM PL O Y M E N T CONDITIONS
While employment conditions for a large number of
of about 8 per cent in the “ Vehicles for Land Trans
manufacturing industries changed considerably during
portation” industry; the greatest bulk of this gain was
the month of February, the total number employed by
contributed by a metal stampings concern. Of the two
the industries remained practically the same. The
groups representing the greatest number of workers,
monthly survey made by the United States Employ
the total iron and steel products showed a definite
ment Service shows a gain of less than one per cent in
increase, while the packing industry showed a de
the mill and factory workers of sixty-five industrial
crease.
centers. The surveys made by the Departments of
Changes in employment for the various groups
Labor of the States of Illinois and Iowa show increases
are shown in the following table:
of .15 and 3.45 per cent, respectively.
P er
Returns from 319 firms in the Seventh Federal Re
N umCENT CHANGE
serve District reporting to this bank show a slight
BER OF NUM BER OF I N NUM BER OF
increase, 1.1 per cent in the number of men, but a
FIR M S
EMPLOYES
M EN SINCE
REPORTF E B . 28 , j A N . 3 1 , F E B , 28 .
decrease of 3.5 per cent in the total payroll. Figures
ING
1922
1922
1921
for Chicago alone are less favorable than those for the
I n d u str y
entire district.
Steel and Iron— (Primary Pro-l8 .8
duction)........................................ 8
10,401 + 6.6
Detailed results of the returns for this district were
46.2
Agricultural M achinery................. 14
4.293 + 15-3 —
as follows:
H eavy M achinery...........................
- 1 5 .8
DISTRICT
Number of firms reporting..............................
319
Total Number employed February 28, 1922.. 172,157
Number employed as compared with—
(a) the preceding month..............................
+ 1.1
(b) the same month a year ago................
-2 .3
Amount of payroll as compared with—
(a) the preceding month..............................
-3 .5
(b) the same month a year ago..................
-1 1 . 5
CHICAGO
82
74,933
- 1 .5
-4 .7
-6 .3
-14- 5
P ay per man as compared with—
(a) the preceding month.............................
(b) the same month a year ago................
Percentage of production to ordinary capacity:
(a) February, 1922........................................
(b) January, 1922.........................................
<c) February, 1921........................................
-4 .?
-9 .4
- 4-9
-10.3
62
63
65
65
58
55
O f the twenty-eight reporting groups, fifteen show
increases in the number of employes for the month and
thirteen show decreases. In the stone, cement, and
clay products group, operations are being partly re
sumed after a temporary shut-down; this change caused
a material increase in the total figures, in spite of the
local strike reported at one quarry, and the closing of
another plant on account of labor trouble. The
heavy increase shown for the agricultural machinery
group is confined largely to those firms manufac
turing tractors and threshing machines.
However,
ten out of fourteen reporting firms show some increase.
More workers are employed in the manufacture of
electrical goods and of automobiles and their accessories.
The increase shown for the latter group is supplement
ed by separate reports for Detroit which indicate a gain
Railw ay E quipm ent.......................
Machine T ools.................................
Other Steel and Iron P rod u cts...
T otal Steel and Iron Products.
R ailw ay Repair Shops...................
Automobiles and Accessories. . . .
Electrical Goods.............................
M etals other than Steel and Iron .
C o a l...................................................
Public U tility ..................................
Lum ber.............................................
Stone, Cement and C lay Products
Contracting and Building............
Furniture..........................................
M usical Instrum ents.....................
11
2,198
2,015
1,029
11,270
31,206
8,161
5> i
94
4,93°
3 *6 7
5
7
30,828
9
2,007
2,206
7
7
4
17
SI
4
9
7
2,793
29
21
5,!67
22
8
5,427
+ 1.8
+ 4 -°
- 2.3
- 2.6
-I I
. 7
-
i -7
0 .7
-1 2 .5
-1 6 .9
-22 .8
+ 22.5
+ 18.0
- 0.9
+ 21.9
+ 5-3
- i -9
+ 8 .9
- 2 1 .0
-4 9 .6
+ 24-3
-
0.3
+
-
4.0
1.8
+ 3-3
+ 1 .1
+ 10.8
+ 15.2
+ 6.6
- i -3
- 1 .4
- 2.2
+ 2 6 .8
+
1,894
3 -4
F ood P ro d u cts
P ackin g........................................
4
Bread and Bakery Products. . .
4
Other Products........................... 9
T o tal Food Products............. 17
Tailoring........................................... 2 0
K n it Goods and W earing Apparel 12
Leather............................................. I I
Shoes................................................. 2 2
Chemicals, Paints, D yes, and Soap 10
Paper and Printing......................... i s
Containers........................................ 1 7
Unclassified...................................... 6
Entire D istrict.................... 3 i 9
-
875
i
+
4,309
19,241
- 1 4 .6
- 2.3
3 -2 + 8.4
2.2 - 9.8
0 .6
+ 10.6
+ 29.7
0 .5
0 .7
+ 49-3
1-9 + 4 8 .2
0.5 + 3-4
0 .4 - 1 . 2
-
14 ,0 5 7
+
-
10 ,0 79
5,401
4 ,5 6 7
+
7,218
5,044
+
5,12 4
2,897
-5
5-2
+
8,559
I
+
1-4
-
72»I 57
+
l .i
- 2.3
5-4
The greatest improvements in employment, since a
year ago, are shown by the following in the order given:
leather, shoes, knit goods and wearing apparel, furni
ture, railway repair shops, and metals other than iron
and steel.
BITUM INOUS COAL PRODUCTION
In spite of the nearness of the predicted strike, coal
production in the Seventh Federal Reserve District
showed only a slight increase during February. Reports
indicate that the lack of market continues to be the
main factor in the comparatively low production, al
though the shorter month accounts to some extent
for the increase not being greater. Most of the increase
at the mines has been taken up by the railroads and
public utilities. Dealers are fairly well supplied and
are not storing any great quantities, because of the
uncertainty of prices after April i . The average indus
trial consumer does not appear to be greatly concerned
about a coal shortage.
Page 8
Detailed reports from forty-three mines in the
Central Illinois coal mining district show a production
of 279,464 tons during the week ended March n ,
compared with 266,217 tons during the previous week.
Mines operated 58.0 per cent of full time, as compared
with 55.8 per cent during the week of March 4, the
percentage of full-time hours lost being distributed as
follows: transportation, 0.0 per cent, week of March
11, compared with 0.7 per cent, week of March 4;
labor shortage, 1.1 per cent, against 1.7 per cent; mine
disability, 1.4 per cent, against 2.0 per cent; and lack of
market, 39.1 per cent, against 39.8 per cent. The
estimated tonnage lost on account of these causes was
189,132.
The estimated total production from all Illinois
mines is 7,430,270 tons for February, as against
6,861,340 tons for January, and 5,313,000 tons for
February, 1921.
Indiana district production from 176 mines was
2,058,926 tons in February, compared with 1,851,675
tons in January. Mines operated 49.6 per cent of full
time, as compared with 42.0 per cent in January, the
percentage of full-time hours lost being distributed as
follows: transportation, 1.1 per cent in February,
against 0.8 per cent in January; labor trouble, 1.6 per
cent, against 2.5 per cent; mine disability, 6.5 per cent,
against 5.9 per cent; and lack of market, 41.3 per cent,
against 48.7 per cent. The estimated tonnage lost
from these causes was 1,490,623. Production in the
week ending March 11, was 5OI>644 tons, compared
with 549,609 tons in the preceding week.
Screenings and steam sizes have been in slightly
better demand, but prices remain practically unchanged.
Domestic sizes have been slow in selling because of the
mild weather. Railroads are still increasing their
storage supplies. The industrial demand shows a slight
increase, particularly in the iron and steel trade. Col
lections continue very slow, especially in the West.
In general, the impending coal strike has not caused
any marked disturbance on the market. Attempts
are now being made by the Illinois coal operators and
Illinois union officials to reach a separate agreement for
the state. A strike vote, as authorized by the Indian
apolis convention last month, is now being taken in the
union fields.
M AN U FACTU R IN G A C T IV IT IE S A N D OUTPUT
A G R IC U L T U R A L M A C H IN E R Y
IR O N A N D S T E E L
February sales of general and heavy agricultural and
threshing machinery were about on a par with those of
January, 1922, although all reporting firms show
material decreases in their sales from those of a year
ago.
Production continues at a low point and while some
few manufacturers have increased their forces in order
to take care of their 1922 schedules, which are light and
short, others, who have a full line of stocks on hand,
continue at practically a standstill.
Collections are reported fair with some improve
ment over those of the preceding month.
Conditions in the iron and steel industry improved
in February. While the daily average of pig iron
production was larger than in January, tonnage for the
entire month was less, February being a shorter month.
Unfilled orders show a decrease of 100,609 gross tons;
this change is ascribed to greater activity by the mills
rather than to a falling off of orders received. Twelve
more furnaces were in blast in the United States on
March 1 than on February 1, and increases in produc
tion in the Illinois and Indiana district were apparent
the middle of March.
A U T O M O B IL E PR O D U C T IO N
Increasing activity both in production and ship
ments continued during February in the automobile
industry. Manufacturers who reported 81,614 pas
senger cars built in January, show an output of 108,544
cars during February or an increase of 33.0 per cent
over January. Truck production from companies
reporting 9,133 trucks built in January, was 12,829
during February, or an increase of 40.5 per cent.
While production figures for the corresponding
months of 1921 are not available, such reports and
statistics as have now been compiled for these months
indicate that during both January and February, this
year, production was considerably more than that dur
ing the first two months in 1921. It will be recalled
that a year ago there was a stock of new cars to
draw on, which had accumulated during the latter part
of 1920, and this was gradually disposed of to ultimate
purchasers. As this stock was reduced or depleted, the
building of additional cars speeded up.
February shipments including driveaways, as re
ported to the National Automobile Chamber of Com
merce, increased over January, 1922, and were much
greater than in February, 1921. Comparative ship
ments as reported in detail are as follows:
C arloads
1922
1921
D r iv e a w a y s
1922
1921
Jan uary................................ 15,241 6,485 7,397 3,185
F eb ru ary.............................. 19,600 9,986 9,950 7,507
B oat
1922
1921
154
169
93
99
Gradual increase in the operations of practically
all lines of industry requiring steel has resulted in a
heavier demand for steel products. Railroads have
been rather liberal buyers of cars and track materials,
while the building industry shows unquestionable signs
of betterment. The satisfactory volume of sales and
mill operations continued in early March.
Comparative figures in gross tons follow:
F ebruary
1922
January F ebruary
1922
1921
P ig I r o n
Illinois and Indiana...................
273,444
United S tates............................... 1,630,180
Steel Ingots (thirty com panies)... 1,742,345
Unfilled Orders on Books o f the
United States Steel Corporation
(at end o f m onth)....................... 4,141,069
287,313
1,645,809
1,593,482
406,222
1,937,257
1,749,477
4,241,678 6,933,897
Competition is keen and as a result prices are report
ed rather unsatisfactory from the producer’s stand
point, although the prices of some kinds of pig iron have
been increased slightly in early March.
Prices of iron and steel follow:
W eek
e n d in g
16,
1922
MAR.
Average 14 iron and
steel products in the
United S tates.........
P rice P er G ross T on
at C hicago
L ake Superior Charcoal Pig Iron _
_
M alleable.................
--------------- M o n t h s
FEBRUARY
o f -----------------
JANUARY
FEBRUARY
1922
1922
1921
*3 2 .8 7
*32.86
*3 3 -4 5
*48.81
26.00
20.00
30.50
18.85
3 1 -5°
19.00
38.50
2 9 .!5
Page 9
T H E H ID E A N D L E A T H E R M A R K E T S
While the market for green hides and calf and kip
skins at Chicago and in the East was rather quiet
during February, early March sales of packer hides
show a large volume for Chicago and considerable
activity in New York, although the market was not
so active towards the middle of March. Sales of
calf and kip skins have been rather meagre during
early March, but sheep skins are well sold up and the
market at Chicago was rather quiet during the first
week. Reports indicate that packer holdings of strike
take-off hides were reduced materially during the early
part of March.
Net shipments (shipments less receipts) of green
hides from Chicago declined 73.5 per cent from January,
1922, and were only about 10 per cent of those of
February, 1921. Shipments alone were less than those
for January and declined 41.2 per cent from those of
a year ago.
Total calf and kip skin sales for the entire United
States were 54.4 per cent below those of January, while
cattle hide sales increased 0.5 per cent.
Sales of
green hides and calf and kip skins in the East were
more than in January, but those in the Middle West
declined.
Official holdings of the principal items of hides and
skins in the United States on February 1, 1922, with
comparisons, follow:
P er
H o ld in gs
ce n t
ch an g e
JANUARY I,
FEBRUARY I,
1922
19 22
Cattle H ides............. . (hides) 6 ,0 5 3 ,2 12
C a lf and K ip ............ . (skins) 3 . 9 4 3 .4 8 3
Goat and C ab rettas. . (skins) 9 . 4 9 8.S 55
Sheep and L am b . . . . . (skins) 12 ,2 80 ,83 1
Cattle and Kip, India Tanned
139,500
(hides and skins) . .
19 21
4 -0
+
-2 3
- 1 . 2
- I
-4
- I I . 8
-2 7 .1
- 6 .9
3 -1
- 30
6
00
1
-
from
FEBRUARY I,
7-7
The average prices of green hides at Chicago, with
comparisons, follow:
W e e k , e n d in g
MAR. I I ,
MAR.
12,
F o u r w e e k s in
JAN.
FEB.
1922
1921
1922
1922
P a c k e r H id e s
H eavy N ative Steers. . .
Bu tt B ran d .....................
H eavy N ative C o w s .. . .
N ative B u lls....................
...
$
$
.13
.12
. 1 yA
?
.1 5 3 4
.16 3 4
$
.0934
. l6
.11
• J 4/4
.1434
.14 H
.0 7 34
.0834
.0 8 3 4
. 10
.0 8 X
.0934
.0534
•°9
•0 934
.0 634
.0 6 y i
, i i
)4
C o u n t r y H id e s
H eavy N ative Steers. ..
Branded.............................
.0 5 3 4
S kin s
C a lf Skins........................
Lam b S kins.....................
■ i
...
3
2.40
.12 *
V*
i
-37 J4
/*
3
3
N ote: A ll except lamb skins priced by the pound; lamb skins
priced per skin.
L E A T H E R A N D T A N N IN G
Reports from eight tanners in the Seventh Federal
Reserve District show a volume of sales of tanned
leather slightly in excess of that for January, and six
show increases in sales over those for February, 1921,
but three show declines.
New orders booked the early part of March hardly
measured up to expectations and have been running
largely to lower grade, cheaper priced, and specialty
leathers. Sales of belting are reported as satisfactory,
Page io
cent
change
fro m
FEB. I ,
JAN. I ,
1922
I922
I92I
Sole Leather (backs, bends and sides).. 11,586,867 + 2 .5
Cattle Upper Leather (sides)................. 7. 957.979 d* 6.0
Cattle Upper Splits (equivalent sides).. 5,724,813 + 4 . 1
850,696 - 3 . 1
Belting Butts (butts)................................
Harness and Case Bag (sides)................
798,197 + 0 .2
C a lf and K ip (skins)................................. 8,176,043 — 0. 3
Goat, K id and Cabrettas (skins)...........24,575,405 -f- 0 .1
Sheep, Lam b and Shearling (skins)___ 11,106,771 + 2.2
Offal, Belting and Sole (pounds)............ 80,156,602 - 2 . 5
Cu t Soles (dozen pair).............................. 8,683,629 - 4 .5
+4.1
- 1 2 .7
+1.9
+ 3 0 .1
+ 8.1
+ 2 1 .7
- 1 2 .1
+ 1 .4
-j- 6. 2
-j- 1 .4
FEB. I ,
SHOE M A N U F A C T U R IN G
Twenty-eight shoe manufacturers averaged 70 per
cent of maximum production during February, which was
a slight decline from the preceding month. Stocks
held by sixteen firms selling exclusively or principally
to retailers were equal to about five weeks’ business,
computed on the basis of February production. Six
firms selling exclusively or principally to wholesalers or
jobbers had stocks of less than one week’s production.
Unfilled orders for twenty-seven manufacturers were
about equal to six weeks’ business, based on February
shipments and production, which were nearly equal,
although the large volume of unfilled orders held by one
firm raises the average for twenty-eight reporting firms
to nine weeks’ business.
Comparison follows in percentages, based on pairs,
February 1922 with:
JANUARY
1.6 4
•i
*Range $. 1 0 to $.1 7 for 1922, and $.08 to $.16 for 1921.
P er
H o l d in g s
.14
2 .113 4
which indicates the general resumption of manufactur
ing operations in other lines of industry.
Shoe manufacturers do not show a disposition to
take on any larger purchases than during last month;
the majority are buying very conservatively, al
though some are reported buying rather freely.
Prices on March 6, generally speaking, were un
changed from those of the preceding month but there
was a wider range in the asking prices of different tan
ners and some tendency toward shading.
Sales of tanned leather sides in the United States
show a decline of 31.1 per cent from January, which
month was 12.9 per cent below December, according
to revised figures. Collections show irregular trends.
Finished stocks of leather held by western tanners
are reported to be about on a par with those of a month
ago. Stocks of the principal kinds of leather on hand
in the United States on February 1, 1922, with com
parisons, follow:
Number o f firms reporting production...........
Production............................................................
Stocks on hand at end o f m onth.....................
Shipm ents.............................................................
Unfilled orders on hand.....................................
I922
33
- 2 .7
- 2 .2
7.6
-2 0 .5
FEBRUARY
I92I
20
"bS ^-5
-4 3 .2
+ 59-9
+ 2 3 .8
Four manufacturers can promise immediate delivery
on orders, but the remainder require from three to six
weeks and, in one extreme case, from nine to thirteen
weeks.
So far as sales are concerned, conditions in early
March are reported to be quiet; merchants are hesitat
ing to take on orders and are buying in small quantities
and only for immediate needs; an increasing tendency
to cancel orders is reported. Four firms report collec
tions slow.
C L O T H IN G A N D T A IL O R IN G IN D U S T R Y
With orders for the spring season practically com
plete, it becomes apparent that the increase in the
volume of such orders over those of last year’s spring
season is not so large as the earlier activity seemed to
promise. Latest returns from nine wholesale clothing
manufacturers show 32 per cent increase; a month ago
this figure was up to 46 per cent. The reason for this
reduction in percentage of increase over last year is
that much of last year’s volume of spring orders came
in at the close of the season, whereas, this year the
activity was greater early in the season. One concern
reports an increase of 60 per cent in the total volume
of its spring orders in the corresponding period of the
season a year ago.
The Tailors-to-the-Trade and the Cut-Trim-Make
industries are beginning to show greater activity, but
operations are less than those of a year ago.
The following tables show comparisons of returns
in percentages:
C l o t h in g
M a n u f a c t u r in g
W h o lesale
Number o f firms reporting..........................................
Orders for spring from opening of season to date o f
report compared with orders during a similar
period o f time for last year’s spring season..........
Cancellations received during corresponding periods—
(a) Percentage o f 1922 spring delivery..................
(b) Percentage o f 1921 spring delivery.................
Number o f suits made as compared with—
(a) January, 1922.....................................................
(b) February, 19 2 1...................................................
Number o f suits shipped as compared with—
(a) January, 1922.....................................................
(b) February, 19 2 1...................................................
9
+ 3 2 .0
9.2
8.1
- 1 6 .2
+ 25.5
(a) J a n u a r y , 1 9 2 2 ................................................................
(b) February, 19 2 1...................................................
Number o f suits shipped as compared with—
(a) January, 1922.....................................................
(b) February, 192 1...................................................
15
+ 7 0 .1
-6 .0
U n it e d S t a t e s
p e r CENT
change
change
FRO M
FROM
FEB. 1 9 22 JAN. I9 2 2 FEB. I9 2 2 JAN. I9 2 2
Number reporting*........
Orders...............................
Shipments........................
C a n ce lla tio n s.................
M arch 1, unfilled orders.
Production percentage o f
norm al........... ..............
6l
$3,021,657
l 3&
-35.4
$4,695,872
4,593,022
196,111
7,109,063
3,OI3> 2 + 30-3
33
111,313 + i6 -3
5,332,834
........
83.6
-2 8 .4
+ 2 5 .6
+ 1 3 .7
...........
79.8
*Based on combined returns to Associated Furniture, and to
this bank.
Figures are also available from seventeen manu
facturers in the district reporting direct to this bank,
which show the present improved condition of the
industry as compared with that of a year ago. February
orders were 27.2 per cent greater than those of the same
period in 1921, while shipments show an increase
of 39.2 per cent, and unfilled orders of 51.3 per cent.
Cancellations were 41.2 per cent under those of a year
ago. On the whole, the outlook for the industry is
encouraging.
B O X A N D C O N T A IN E R
Thirteen manufacturers of boxes and containers in
February averaged 57 per cent of ordinary capacity.
Their statistical position follows:
P er C ent C hange
F E B R U A R Y ,I9 22
CO M PAR ED WITH
JAN. I9 2 2
Number reporting sales......................................
Sales in dollars.....................................................
Box board consumed..........................................
Lumber consumed...............................................
FEB. I9 2 I
15
+ 9 .1
-0.2
+ 1 0 .2
15
+ 1 1 .7
+ 1 1 6 .9
+ 3 1 .1
W O OL
+ 7 2 .0
“
3-5
-[-71.6
-3.1
F U R N IT U R E
February operations in the furniture industry, with
the exception of factories manufacturing office equip
ment, compare favorably with the pre-war average.
While reports to Associated Furniture and to this bank
indicate a considerable decrease in orders both in the
Seventh Federal Reserve District and in the country
as a whole, the reduction may, for the most part, be
regarded as a normal seasonal fluctuation. With col
lections very slow and capital tied up, the average
dealer will not place his orders until he begins to feel an
increased demand, which is not expected before another
month.
Shipments, however, show a marked increase over
those of January, chiefly because of the volume of
orders booked during the January market. Cancel
lations also were slightly heavier for the same reason.
The volume of unfilled orders reported would indicate
S eventh F ederal
R e s e r v e D is t r ic t
p e r CENT
+ 3 8 .7
—~ •^
1 35
T a il o r s -t o th e- T r a d e
Number of firms reporting...........................................
Orders for suits as compared with—
(a) January, 1922.....................................................
(b) February, 1921...................................................
Num ber o f suits made as compared with—
that the industry had about six weeks’ business on its
books on March I. Comparative figures for the dis
trict and the United States follow:
Shipm ents o f wool from C h icago in F eb ru ary were
only about 50 per cent of those made during January
and were below those of a year ago. Receipts at
Chicago were larger than for either period.
Domestic markets in early March, in the absence of
dealer speculative buying, were quiet but firm. The
volume of sales of raw wool for February was somewhat
smaller than for January. Prices of raw wool in early
March remained practically unchanged from those of
the previous month. Manufacturers bought rather
freely until the third week in February, when there was
a noticeable check in the demand. This was attributed
to the disappointing volume of cloth orders received
from mills making men’s wear, to the uncertainty of
tariff action, and to keen competition, which neces
sitated sales of the manufactured product on the basis
of the wool prices before the recent advances. These
factors resulted in the mills buying only to meet cur
rent requirements.
Raw wool stocks in the hands of dealers and pro
ducers are reported to be about on a par with last
month, but are only about half of those held a year
ago.
Page 11
M ERCH AN D ISIN G CONDITIONS
W H O LE SA L E T R A D E
Reports from wholesalers indicate a more optimistic
attitude prevailing among the buying public which they
feel will express itself soon in increased merchandising
operations. Several encouraging features may also be
noted in the statistics reported for February.
ratio would have been had 1921 prices continued, based
on the estimated value per unit of sale compared with a
year ago, as given by reporting firms:
PER. CEMT.
For the first time since such data have been compiled
(September, 1921) returns to the drug questionnaire
average a gain in net sales over the same month of the
preceding year. Dry goods firms also report an in
crease though much smaller than the corresponding
percentage given last month. Other groups show
decreases which are larger than in January, but more
than offset by price reductions. Tonnage sales of two
cereal firms are considerably ahead of February, 1921;
advance sales are also somewhat heavier.
Net sales for three groups are larger than last
month, and comparisons of average daily sales show
gains over January for all commodities except groceries,
dry goods, and coarse paper.
Increases in stocks were made by all groups rang
ing from 1.2 per cent for dry goods to 13.3 per cent
for shoes. Compared with February, 1921, dollar in
ventories are lower except for dry goods, and the differ
ences are only partly accounted for by decreases in
price.
Although several wholesalers find collections satis
factory, the majority report continued difficulty.
Aggregate collections of firms giving dollar amounts
are smaller than a year ago, for all groups, except
automobile accessories and shoes, and are below those
of last month, for dry goods, hardware, and shoes.
February is usually a poor month, however, especially
in the agricultural sections.
Prices of sugar, coffee, flour, dried fruits, beans,
syrups, and cereals increased generally, but prices on
canned milk were among the very few which declined
during the month. Strong demand for canned fruits
and vegetables is reported.
While no special demand for builders’ hardware has
yet developed in this part of the country, dealers look
forward to an active spring and summer.
A summary of returns follows in percentages:
N um ber
M e r c h a n d is e
Groceries...................................
H ardw are...................................
D rugs........................................
Shoes...........................................
D ry G oods.................................
Automobile Accessories......... .
Fine P aper.................................—
Coarse P a p er.............................
OF
FIRMS
42
18
17
17
14
4
3
N et
SALES
*MONTH
- 5-3
+ 3 -6
- 1.8
+29.0
-10.5
- 2 .1
I .O
-23.8
{ year
-I4.9
-l8.2
+
4-7
-I4.4
T 8.2
- 3-5
- 6.0
- 34-6
*Change February, 192a, from January, 192a.
tChange February, 1922, from February, 1921.
{Collections during February to Outstandings, January 31.
In the accompanying chart, the first bar of each
group represents the ratio of February sales to those of
February, 1921; the second bar illustrates what that
Page 12
RW IO A C TU A L MET SALES FES. 1922 TO MELT SALES FE B .I02I.
1
1 RATIO A U U S T E D liE T S A L E S F E S 1922.TO H E X S A L E S F E B .19X1.
M A IL O R D E R T R A D E
February sales by one of the two largest mail order
houses in Chicago are ahead of last month and a year
ago; while the other, reports a decrease from January,
1922, as well as from February, 1921.
A summary in percentages follows:
NET SALES--- CHANGE
FEBRUARY, I9 2 2 , FROM
JANUARY, FEBRUARY,
1922
Sears, Roebuck and C om pany.........................
M ontgomery W ard and Com pany..................
T o ta l..................................................................
1921
- 1 2 .5
+ 3 .4
- 8.0
- 1 1 .4
+ 5.9
- 6 .5
In the Federal Reserve Board’s report on January
trade, the month’s sales of four mail order houses in the
United States are shown as 5 .4 and 18.5 per cent less
than January and December, 1921, respectively.
C H A IN S T O R E S
Six groups of chain stores in the Seventh Federal
Reserve District give aggregate sales larger for
February than for January, 1922.
January statistics compiled by the Federal Reserve
Board show a falling off from December in the net sales
° f twenty-six firms operating chain stores located
P er C ent C h ange
Sto ck s
E s t im a t e d V a l u e
*MONTH
PER UNIT OF SALE
+
+
+
4-4
3 -1
2.4
+ 13-3
+
1
+
i -7
2
{year
-27.1
-36-4
-1 9 .1
- 33-5
+ 17.1
-25.0
-23-7
-27-5
- I I . 9
-22.0
-36.7
-15-5
-31.0
{ R a t io C o l l e c t io n s
OUTSTANDINGS
I922
51 -7
4 3-i
53-4
20.2
30-9
4 1 .1
to
1921
63.0
40.7
50.4
26.4
34-7
3 S-o
throughout the United States. Decreases range from
5 per cent for grocery firms to over 60 per cent for five
and ten cent stores.
Compared with January, 1921, gains were made by
both grocery and five and ten cent stores, while drug
and cigar chains report declines.
A summary of returns in percentages follows:
T R A N S P O R T A T IO N C O N D IT IO N S
N E T S A L E S ---- C H A N G E
NUMBER
JANUARY,
OF
DECEMBER
C H A IN S
Grocery Stores.............................
Five and Ten Cent Stores........
Drug Stores.................................
Cigar Stores.................................
13
6
-------
4
3
1922
FRO M
JANUARY
1921
1921
- 5.0
-60.8
- 1 9 .4
- 35-7
+ 11.0
+ 9-9
- 1.0
- 7-4
R E T A IL T R A D E
February returns from seventy-six department
stores give total net sales about io per cent below
those both for last month and a year ago. While
Chicago firms made considerable gain over January,
sales of other groups fell off, with Indianapolis stores
showing the largest decrease Comparison of average
daily sales with last month shows a decline from
January of only 6.4 per cent for the district as
a whole.
Dealers report continued tendency on the part of
consumers to buy in small quantities. Special sales
are being held, generally, as an effective means of
maintaining trade.
Stocks have accumulated during the month for all
groups, and those for Chicago, Indianapolis, and out
side stores are larger than a year ago.. The percent
age of operating expense and overhead to gross sales
for the entire district is the highest yet noted. All
groups, except Indianapolis, show a lower ratio of
collections to outstanding accounts than for Feb
ruary, 1921.
A summary of returns in percentages follows:
M il C h icago
I n d i
W
AUTROIT
KEE
ana-
Other
E n t ir e
d is -
PO
LIS
c it ie s
TRICT
D e-
The seasonal falling off of live stock shipments is
reflected in the carloadings of this commodity, which
decreased 7.1 per cent from a month ago, and are about
the same as the figure for the corresponding period of
last year.
Weekly figures for loadings of grain and grain
products show changes so slight that shipments of these
products seem to be more or less stabilized.
For the
four-week period, they show a gain of 6.1 per cent over
the preceding four weeks, and 37.6 per cent increase
over the corresponding period of last year.
Loadings of general merchandise show improve
ment over both periods of comparison, and weekly
figures show a steady upward trend.
The threatened strike of the coal miners has caused
some increase in the loadings of coal and a gradual
decline since the first of the year in the surplus of coal
cars.
The numbers of freight cars idle on March 8 be
cause of “ no requisitions "totaled 223,846 cars, of this
total 88,974 were surplus box cars, while 86,464 were
coal cars.
Total freight carloading throughout the United
States for the week ending March 11, increased 3.2
per cent over the preceding week, and 18.4 per cent
over the corresponding week of last year, but only 1.2
per cent over the corresponding week of 1920. Each
of the American Railway Association districts shows
increases over the corresponding figure for the last
year.
Comparative statistics for the Central Western
District follow:
PER CENT
CHANGE
FROM
ca rload in g s
for
Li
/
1
OO
Number of firms re
porting ..............
6
48
4
15
76
3
Net Sales— Change
February, 1922,
from J a n u a r y,
1922.................. + J5-3 -15.2 -15.8 -21.3 - 5-9 -10.2
Net Sales— Change
February, 1922,
from February,
1921..................
- 9.0 - 5-6 -17 .2 -1 1 .2 - 14-3 -10.6
Net Sales— Change
J a n u a r y 1, to
February 28,1922
from same period
1921..................
- 8.6
-1.8 - 1 3 1 - 7.2 -14.6
S t o c k s— C h a n g e
February, 1922,
from J a n u a r y ,
1922.................. + 15.2 + 12 .0 + 4.7 + 10.0 + 10.4 + 10.4
S t o c k s— C h a n g e
February, 1922,
from February,
1921.................. - f 2.2
-0.5
- 8.5 — 2.6 “f“18.4 + 2.9
T ur n o v e r Rat e s
(times per year).
1.8
3-4
3-5
3 -2
i -9
2-5
Percentage of Op
erating Expense
and Overhead to
Gross Sales for
February, 1922..
32.8
33-6
3 i -9
3 9 -1
33-5
February, 1921..
27.7
41.8
27.5
30.8
3°- 9
Percentage of Col
lections
during
February to Out
standings Jan. 31,
In 1922.
42.7
52.8
47-9
3 4 -i
37-4
In 1921.
48.5
52.6
50.7
364
39-9
Freight carloadings throughout the United States
for the four-week period ending February 25, 1922,
were 8.9 per cent greater than those of the preceding
four-week period, and 11.7 per cent more than for the
corresponding period of last year.
th e
FOUR-WEEK
PERIOD
en d in g
pr ec ed in g
FOUR-WEEK
PERIOD
FEB. 2 5 ,
1922
Grain and Grain Products.
L ive S to ck ...........................
C o a l......................................
M erchandise........................
M iscellaneous......................
T o ta l.................................
en d in g
JAN. 2 8 ,
19 22
61,9 0 2
4 2 ,3 1 2
84,133
1 15> °
73
PER CENT
CHANGE
FROM
FOUR-WEEK
PERIOD
ENDING
FEB. 2 5 ,
19 21
+ 1 3 -3
" 4 -9
- 0 .1
+ 3 9 -8
- 2 2 .9
+
+
+
1 .8
6 .1
1 4 6 ,1 7 6
+
8.7
4 -3
+ 2 5 -5
45°.253
+
4 -4
+ 1 0 .9
Carload shipments of fruits and vegetables for the
United States are shown in the accompanying table:
MIXED
APPLES
CAB-
LET-
BAGE
TUCE
This Season to Feb
ruary 25................... 78,216 31,826 6,611
ONIONS
POTATOES
19,501
VEGETABLE
175,187 2,248
Last Season to Feb
ruary 2 5 ................... 98,339 33.364 6,989 25,937 156,059 2,379
Page 13
BU ILD IN G M ATERIALS AN D CONSTRUCTION
LUM BER
Conditions in the lumber industry are about the
same as in early February, with dealers and manu
facturers buying only for actual needs and refusing to
stock up for future requirements. No outstanding
demand has been felt from any special industry, but
the grades of lumber most commonly used for building
and construction purposes seem to have moved faster
than the better grades.
In the eastern section of the country, demand for
lumber has been greater than in the Middle West
where the market remains exceedingly dull. Receipts
and shipments of lumber at Chicago during February
were slightly larger than for the previous month, net
receipts increasing by 1.4 per cent; considerable im
provement from a year ago is shown.
I n T h o u s a n d s o f F e e t B. M .
FEB. 19 22 JAN. 19 22
FEB. I9 2 1
R eceipts............................................ 169,840
Shipments...........................................
73)39 *
N et R eceipts...................................
96,449
162,539
67,444
123,178
55,000
95,° 9S
68,178
The report on lumber operations for February by the
National Lumber Manufacturers Association shows
that shipments during the month were 3.3 per cent
below production and 1.6 per cent below orders. Dur
ing January the differences were 5.7 per cent and 5 per
cent. Production has remained fairly constant.
For the ten weeks ending March 11, the Southern
Pine Association shows more orders than shipments,
orders being 8 per cent and shipments 12 per cent below
the production for this period. For the West Coast
Lumbermen’s Association shipments were 9 per cent
less than production, as against a difference of 14 per
cent for orders.
slight, has continued through the month of February.
Demand in the north central states has been good for
the winter season.
The number of brick-yards closed down remains
about the same as last month, but as one correspondent
states, the accumulated stock of fall manufacture is
ample to supply the demand during the cold months,
and plants can be started on short notice; coal has been
stocked in large quantities in anticipation of a strike
April 1.
Reports as to prices vary considerably, and while
there may have been a slight decrease in the average
for the whole country during January, February prices
are more stable and in some cases even show an upward
tendency.
Two very important steps, affecting the welfare of
the brick industry as a whole, have been taken lately
by those directly concerned in this industry. One is
the agreement by the international organization of
bricklayers, having a membership of 100,000 union
bricklayers in this country, which pledges the organiza
tion not to place restraint on the efficiency of the in
dividual worker, or to discriminate against non-union
material or against any contractor because he may not
be a member of a trade association.
The second important step was taken by the Com
mon Brick Manufacturers’ Association of America at
their recent meeting in St. Louis. A proposal was made
at this meeting, details of which are now under consid
eration, to form a corporation, with members of the
association as stockholders, and to use the funds of
such corporation in the purchase of second mortgages
in new brick construction. An inducement would
thus be offered for the more extensive use of brick in
building.
L U M B E R M O V E M E N T F O R F E B R U A R Y , 1922
CUT
SHIPMENTS
ORDERS
'<
■
0*
0
Vo
ccT
Southern Pine Association__ 292,249,326 267,298,497 274,968,580
W est Coast Lumbermen’s As
sociation................................. 312,005,016 271,804,534 271,449,521
Western Pine M anufacturers
Association............................ 34,673,000 73,741,000 74,600,000
California W hite & Sugar Pine
Association............................. 1,000,000
7,689,000
9,709,000
California Redwood Association ........................................
7,730,000
7,236,000
North Carolina Pine Association ...........................
32,381,144 26,072,445 26,903,044
Northern Hemlock & Hard
wood Manufacturers Association..................................... 5,231,000
6,604,000
6,881,000
T o ta l.......................................(583,385,486 660,939,476 671,747,145
B R IC K
Reports from the Common Brick Manufacturers’
Association of America, according to information
received as of February 1, show a slight increase in
January orders, while stocks decreased. The ratio
between the two rose from 55.8 per cent to 63.9 per
cent during the month, while for the same month a
year ago this ratio was only 34 per cent, orders being
very light and stocks heavy at that time. Later
reports would indicate that this improvement, while
Page 14
CEM ENT
Cement production continued to be curtailed during
January, but in spite of this fact, stocks on hand have
accumulated. The following estimates are from the
latest report issued by the United States Geological
Survey.
I n T h o u san d s o f B a r r e l s
JANUARY, D E C E M B E R , JANUARY,
I9 2 I
19 22
19 21
Production...............................
Shipm ents................................ . . . .
Stocks at en d o f m o n t h .......... . . . .
4,052
6 ,5 5 9
3 ,6 9 7
4,098
2,829
13 ,14 8
11,9 3 8
10,300
2 ,5 3 9
Judging from general reports from cement manu
facturers, there has been little improvement in the
situation during February. Conditions vary, however,
and several plants are reported to have resumed opera
tions with a definite increase in employment. The
agreement entered into by representatives of the middle
western states during the Good Roads Show, held at
Chicago the latter part of January, not to go ahead with
hard road projects until cement quotations declined,
has had its effect on sales.
B U IL D IN G
CO N TRACTS
AND
P E R M IT S
Reports to the F. W. Dodge Company on building
contracts awarded during February give a total valua
tion of $177,472,900, which is 6.7 per cent more than is
shown by corresponding returns for January, and is 76.1
per cent more than for February, 1921. This figure is
also about 8 per cent ahead of valuations given for last
March, at which time the seasonal activity for the year
had set in. With building materials now costing
9 per cent less than they did a year ago, according to
the U. S. Department of Labor index numbers, the
actual volume of building is even better than is in
dicated by the valuation; wages within the building
trades have been reduced generally, although the
amount of such reductions vary greatly in different
localities.
In terms of floor space contracted for, the change
since a year ago amounts to an increase of 79 per cent,
which is greatly in excess of the increase shown in the
total number of projects contracted for. This diver
gence would indicate that projects contracted for at
the present time are undertaken on a larger scale.
While residential building continues to lead, amounting
to 43 per cent of the total, business building has in
creased, constituting 11 per cent of the total, as against
14 per cent during January.
Of the districts included in these returns, the North
west, or the Minneapolis district, made a gain of 60
per cent for the month. This gain may be accounted
for largely by the great number of contracts for educa
tional purposes. The following table shows the returns
for the Chicago district:
NO. OF
C ontracts A w arded
Business Buildings.........................
Educational Buildings...................
Hospitals and Institutions............
Industrial Buildings.......................
M ilitary and N aval B uildings....
Public Buildings.............................
Public Works and Public Utilities
Religious and Memorial Buildings
*Residential Buildings...................
Social and Recreational buildings
T o ta l............................................
PRO
JECTS
183
50
12
SPACE IN
v a l u a t io n
SQUARE FEET
58
4
4
161
19
715
125,000
2,8.16,000
l9
3 18 ,3 0 0
1,225
35 ,100
$0,622,200
5,210,100
2 ,7 3 5,000
2,400,1; 00
100,000
190,000
q,776,8oo
912,500
12,732,100
1,579,000
IL L IN O IS
A u rora................
C hicago..............
D ecatur...................
E van ston ...........
Peoria.................
R ockford...........
Springfield.........
18 $
46,375
634 13,493,800
51 253,575
43
260,980
23
72,375
29
42,905
47
381,230
8$
11,575
311 15,366,000
38
50,675
44
103,025
35
63,600
72
54,170
59
57,200
T o ta l..................
845
14,551,240
567
IN D IA N A
E lk h art..............
E van sville.........
Fort W a y n e .. . .
G a ry ...................
Ham m ond.........
Indianapolis_
_
Richm ond.........
South B en d ___
3
91
47
38
19
575
24
70
4,500
98,058
191,035
115,390
35,°5°
1,170,248
66,000
85,355
7
49
57
57
38
512
10
67
867
1,765,636
797
122,095
137,215
448,755
22,927
6,300
71,975
61
41
58
14
2
54
809,267
230
17
20,285
51
21,092
830 3,281,631
279
35,158
279
247,315
32
35> °
37
24
39,890
48
302,782
24
16,240
101
93,480
31
9
1,101
T o ta l..................
IO W A
Cedar R a p id s...
D avenport........
Des Moines. . . .
D ubuque...........
Mason C i t y . . . .
Sioux C it y .........
54
55
131
9
4
35
M IC H IG A N
Battle Creek. . .
B ay C it y ...........
D etroit...................
F lin t........................
Grand Rapids. .
Jackson..............
Kalam azoo........
Lansing..............
P on tiac..............
Saginaw ..................
288
197
113
29
29
73
14
112
+ 3° °
- 13
+40 0
+ 15 3
+ i4
- 21
+566
15,706,245
- 7
12,000
- 63
28,005 + 2 5 0
208,600
- 9
177.955 “ 35
135,900
- 74
617,834 + 89
7,260
T809
72,955 + 17
1,260,509 +
40
121,820
+ 2
59,870 + 1 2 9
178,990 + 1 5 0
61,860 - 63
2,620 + 14 0
7 9 ,6 i o
- 10
504,770
+ 60
24,725 - 1 8
47,050
- 55
2,659,280 + 23
120,756
- 71
198,323 + 2 5
47,805
- 26
32,080 + 24
116,125 + J6i
8,085 _k Ioo
106,083
_ 12
T o ta l..................
1,685
4,093,243
1,708
3,360,312
W ISC O N SIN
Kenosha............
M adison............
M ilw aukee........
+ 22
32
30
1,666
18,051
77,265
684,176
36
19
1,570
38,030
- 53
27,700+ 1 7 9
1,191,723
- 43
$45,258,200
*1,119 Buildings.
General demand for building as indicated by the
estimated cost of projects for which permits have been
issued, continued as heavy in February as in January.
Of the states in the accompanying table, Indiana and
Iowa show the largest percentage increases over the
figures for a year ago, while Wisconsin shows the largest
percentage decrease. This marks a definite change
from January, when the yearly comparison showed a
loss for Indiana and Iowa, but a gain of over 200 per
cent for Wisconsin.
Illinois, Indiana, and Iowa gained during the month
both in the number of permits issued and the estimated
cost of these projects. In Iowa these gains amounted
to 81 and 145 per cent, respectively. Michigan and
Wisconsin, on the other hand, show a decided falling
off. Milwaukee, which constitutes a large part of the
amount reported for Wisconsin, issued permits during
February amounting to only about one-fifth of the
estimated cost for January.
PER CENT
F e b r u a r y , 19 2 2
F e b r u a r y , 19 2 1
change
NO. OF ESTIMATED NO. OF ESTIMATED
FROM
PERMITS
COST
PERMITS
COST
I9 2 I
T o ta l.......................
NEW FLOOR
1,404,3°°
986,800
240,000
802,600
40,000
Following are the detailed statistics:
T o ta l..................
Grand T o ta l_
_
1,728
779,492
5,413 21,998,878
B U SIN E SS
1,625
4,927
1,257,453
22,089,289
- 38
- o
M O R T A L IT Y
Business failures during February, both in the
Seventh Federal Reserve District and in the United
States, decreased in number and liabilities from
January, but increased considerably when compared
with February a year ago. A part of the reduction
during February, however, is because of the shorter
month. The number of February insolvencies exceeds
that of any previous February for which records are
available, and the indebtedness involved is the heaviest,
aside from the amounts reported in January and
December, of any month.
The accompanying charts afford a comparative
study of business failures in the Seventh Federal Reserve
District and in the United States during the past six
Page 15
years. The index numbers used are based upon the
five-year monthly average, 1916-1920. The general
trends for the entire country and for the district are
very similar. Failures and liabilities show consistent
declines during the war period when prices were on an
upward trend, but as soon as the peak in prices was
reached, an increase in failures set in which continued,
with fluctuations, until January, 1922.
BU SIN E SS M O R T A L IT Y — S E V E N T H F E D E R A L
R E S E R V E D IS T R IC T
PER CEttT.
F O R E IG N C O M M E R C E A N D S T O C K O F GO LD
Imports and exports of merchandise show compara
tively little change during the month of February.
Although imports decreased 0.1 per cent in value, and
exports 10.0 per cent, allowance should be made for the
shorter month covered. Compared with February a
year ago, imports increased 1.1 per cent, while exports
have fallen off 48.4 per cent.
Figures for the eight months ending February, 1922,
show a decrease in the value of imports and exports of
41.1 per cent and 51.6 per cent, respectively, when
compared with the corresponding period a year ago.
In this comparison, reductions in prices are factors and
the decline in the volume of trade has been considerably
less than these figures indicate. Detailed figures as
given by the Department of Commerce follow:
I n T h o u san d s o f D o l la r s
EIGHT MONTHS
FEB.
Excess o f E x p o rts..,
B U SIN E SS M O R T A L IT Y — U N IT E D S T A T E S
PER. CEMT.
FEB.
ENDED
19 22
Im ports....................
E xports....................
JAN.
I9 2 2
I9 2 I
19 22
217,0 0 0
25 1,0 0 0
2 1 7 ,1 9 5
2 7 8 ,8 72
2 1 4 ,5 3 0 1,6 2 2 ,8 6 6 2 ,7 5 7 ,3 1 0
4 8 6 ,4 5 4 2,48 0,425 5 ,1 2 2 ,7 5 7
34,000
6 1 ,6 7 7
2 7 1 ,9 2 4
FEBRUARY
I9 2 I
8 5 7 ,5 5 9 2 ,3 6 5 ,4 4 7
Imports of gold to the United States during Feb
ruary show an increase of 8.0 per cent over January, and
exports were approximately double those of January.
Imports during the early part of March show a slight
falling off because of the South African strike. Addi
tional importations of Russian gold, however, are
expected to partially offset this decline.
Detailed figures as given by the Department of
Commerce follow:
I n T h ou san d s of D ollars
EIGHT
FEB.
JAN.
Im ports....................
E xports....................
1922
28,700
1,732
1922
I92I
26,571
46,627
863
1,036
Excess o f Im p o rts..
26,968
25,70 8
FEB.
4 5 ,5 9 1
MONTHS
ENDED FEBRUARY
1922
400,577
19,795
I92I
368,878
130,608
3 8 0 ,78 2
23 8 ,2 70
The total stock of gold available for money March i ,
was $3,709,665,254, as compared with $2,857,314,446
the year previous.
@FedFRASER