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B usiness C onditions R eser v e DISTRICT S eventh FEDERAL M O N T H L Y R E V I E W P U B L IS H E D BY T H E F E D E R A L R E S E R V E B A N K OF CHICAGO Volume 11, No. 5 May 1, 1928 NATIONAL SUMMARY OF BUSINESS CONDITIONS N D U S T R IA L production during March was in about the same volume as in February and there was a season al increase in the distribution of commodities. W holesale prices remained practically unchanged. D uring the past m onth there have been increases in bank credit in use and in member bank borrow ing at the reserve banks, and open m arket money rates have shown further advances. P R O D U C T IO N —Production of manufactures was m ain tained during M arch at the high level reached in February, and the output of minerals also showed little change. P ro duction of passenger automobiles and trucks during March totaled 413,000, the largest output recorded for any month since August, 1926, and production schedules in automobile plants continued large during April. Activity in the iron and steel industry was also maintained at a high level during March and April, and lumber production was in larger vol ume than a year ago. Cotton and wool consumption de clined in March, but silk deliveries were the largest on rec ord. There was some decline in meat packing and in the production of sole leather, and the output of boots and shoes in M arch showed less than the usual seasonal increase. Mining of bitum inous coal decreased during M arch by less than the usual seasonal amount, but as the result of a strike in certain Middle W estern mines, production in the early weeks of April was considerably curtailed. Building con I PR O D UC TIO N OF M A N U F A C T U R E S A N D MINERALS . Index numbers of production of manufactures and minerals, adjusted for seasonal variations (1923-1925 average = 100). Latest figures, March, 1928: Manufactures, 111; Minerals, 104. tracts awarded were smaller in March than a year ago, while those for the first three weeks in April were in about the same volume as in the corresponding period of last year. As a result of large contracts during the first tw o m onths of this year, total aw ards for the year to April 20 exceeded those for the same period of 1927. Contracts for residential buildings and for public works have been especially large. T R A D E —Sales of wholesale firms increased less than usual in M arch and were som ewhat smaller than in the same month of last year. Sales of departm ent stores, on the other hand, after allowance is made for custom ary sea sonal changes and the early date of Easter, were about the same in March as in the preceding month and in March, 1927. Stocks of merchandise carried in M arch by whole sale firms were larger, while those of departm ent stores were smaller than at this time last year. The volume of freight carloadings showed more than the usual seasonal increase in March, but declined in the first two weeks of April. Loadings continued smaller than a year ago for all classes of commodities except grains and live stock. PRICES —The general level of wholesale commodity prices showed little change in March, the index of the Bu reau of Labor Statistics declining slightly from 96.4 to 96.0 per cent of the 1926 average. There were decreases in the WHOLESALE PRICES Index of U. S. Bureau of Labor Statistics (1926 = 100, base adopted by the Bureau). Latest figure, March, 1928: 96.0. Compiled April 26, 1928 prices of live stock, railway products, meats, coal, and rub ber; prices of grains, cattle feed, cotton, and steel, on the other hand, advanced. D uring the first three weeks in April, there were further substantial increases in prices of grains and more moderate advances in flour, hogs, cotton, and lum ber, while prices of cattle and rubber declined. B A N K C R E D IT —Between M arch 21 and April 18 total loans and investments of m ember banks in leading cities increased by about $410,000,000, reaching the highest level on record. The advance was largely in loans on securities which showed an increase of nearly $380,000,000, and in April were close to the high point of the first of the year. Loans for commercial purposes continued the increase which began in February, and notw ithstanding a small de cline during the last week of the period, were nearly $350,000,000 larger on April 18 than at the end of January. The volume of reserve bank credit in use increased by $180,000,000 during the five weeks ending April 25, reflect ing increased reserve requirem ents of member banks and a further net outflow of gold am ounting to more than $50,000,000. Reserve bank holdings of securities were reduced by about $80,000,000 during the period, while discounts for member banks increased by $230,000,000. Acceptance hold ings also showed a small increase. A firmer tendency in the money m arket was evidenced at the end of M arch and dur ing April by further increases in rates on call and time loans on securities, and by increases of from 4 - 4 per cent to 4 y2 per cent in the rates on commercial paper, and from 3^2 per cent to 37/s per cent in the rate on 90-day bankers’ acceptances. Between April 20 and April 25 discount rates were raised from 4 to 4^2 per cent at the Boston, Chicago, St. Louis, Richmond, and Minneapolis Federal Reserve banks. RESERVE MEMBER BANK BANK CREDIT CREDIT Monthly averages of daily figures for twelve Federal Reserve banks. Latest figures, averages for first 23 days In April, 1928: Total Reserve Bank Credit, 1,367 million; Discounts for Member Banks, 641 million; U. S. Securities, 369 million; and Acceptances, 357 million. BUSINESS CONDITIONS IN THE SEVENTH RESERVE DISTRICT Industrial and trade conditions of the Seventh district have continued to display increased activity in recent weeks. Production of passenger automobiles, and of agricultural machinery and equipment have been larger, and exceed the same period of 1927. Pig iron and steel ingot output in the district likewise have gained over the preceding month, and M arch production of the form er was higher than for any M arch on record. The tonnage of iron and steel castings produced and shipped in M arch exceeded that of the pre ceding m onth or March last year. Activity in building m a terials shows a seasonal expansion, but does not equal the level of a year ago. M arch production at shoe and furniture factories of the district was less in both the m onth-to-m onth and yearly comparisons, although shipments in each indus try registered seasonal gains. Employm ent statistics con firm these trends, the metals, vehicles, and building materials groups reporting increases in the period from F ebruary 15 to March 15, and the furniture and leather industries indicating declines. W holesale trade in the Seventh district gained over Feb ruary, while half the lines reporting to this bank showed recessions in M arch from a year ago and half increases. D epartm ent store sales were considerably larger than in the preceding month, and also totaled more than in March last year, and chain store sales increased in both com pari sons. Retail furniture and shoe trade expanded in March, with the form er also better than in the corresponding month of 1927. D istribution of automobiles continues to Page 2 gain, and retail sales are larger than a year ago. In the agricultural situation and the production of food stuffs may be noted a slight retarding in farm w ork during early April, because of w eather conditions, which followed a good start in March; evidence of heavy abandonm ent of w inter wheat acreage; a continued strengthening in grain prices with the M arch movement heavier than a m onth or a year previous; and a smaller m arketing of live stock than in February with that of all except hogs below last March. Production at slaughtering establishments declined in M arch from the preceding m onth but increased over a year ago, and meat packing sales were also below F ebru ary and above last year. Butter production in the district gained over February, but was less than in March, 1927, and sales followed the same trend. The volume of flour milled increased in the monthly and yearly comparisons. Recent financial developments include: a firming tend ency in the Chicago money m arket; increased commercial paper sales but with the volume under a year ago; a similar trend in sales of bankers’ acceptances; a large seasonal gain in volume of check paym ent over February and a smaller increase over March, 1927; monthly and yearly gains in savings deposits for the district; and good demand for the better class of bonds, with a tendency tow ard lower yields. C R E D IT C O N D IT IO N S A N D M O N E Y R A TE S There has been a noticeable firming tendency in the Chi cago money m arket during the past ten days or two weeks. Demand for commercial purposes, after showing a decline the latter half of March, has increased thus far in April, and the demand for funds to finance stock exchange opera tions has been a contributory factor to the m arket’s activity during the month. Rates have moved up about one-fourth per cent, and at present are Al 2 to 5 per cent for collateral / loans, 4 to 4^2 for commercial paper, and 4 to 5 for custom ers’ over-the-counter loans, with some banks placing 5 ^ per cent as the high of the range. The average rate earned on loans and discounts by ten of the large loop banks during the calendar month of March was 4.84 per cent, compared with 4.80 per cent in February and 4.95 per cent in March a year ago. Seasonally increased de mand is reported from some sections of the district, while other areas report no marked expansion over the earlier months of the year, the current volume approxim ating a year ago. The average rate earned on loans and discounts by five large banks in D etroit during the calendar month of M arch was 5.37 per cent, as against 5.40 the preceding month and 5.41 per cent in March, 1927; the prevailing rate on commercial loans for the week ended April 15 was 4^2-6 per cent. The volume of reserve bank credit in use has been on a higher level since the middle of M arch than at any time since the early weeks af the year; total bills and securities on April 4 were $192,570,000, dropping during the two fol lowing weeks to $166,981,000 April 18. On M arch 14 this item stood at $154,081,000. Loans to member banks amounted to $89,118,000 April 4, moving downward the sub sequent week to $71,043,000. On April 18 the item rose to $74,298,000 compared with $51,058,000 M arch 14. Fed eral Reserve notes in circulation have moved steadily up ward, though the weekly changes have been small; $248,381,000 on April 18 compared with $246,152,000 April 11, and with $235,178,000 M arch 14. POSITIO N REPORTING MEMBER BANKS—7TH DISTRICT *Break in curve indicates data not comparable with preceding. Based on weekly reports to this bank by approximately 49 member banks in Chicago, 13 in Detroit, and 44 in other selected cities. Latest figures, April 18, 1928, in thousands of dollars: Loans and Discounts, 2,308,895; Demand Deposits, 1,851,390; Time Deposits, 1,264,418; Investments, 924,384. Loans and discounts of reporting member banks in the Seventh district on April 11 showed the largest aggregate thus far in 1928, on that date am ounting to $2,313,959,000, compared with $2,299,371,000 the preceding week and $2,277,222,000 March 14; the gains took place for the most part in Chicago and D etroit, and represented a heavier volume of loans for commercial purposes, as well as of loans secured by stocks and bonds, in these two centers; other selected cities showed practically no change in the am ount of loans secured by collateral, while commercial loans changed little in volume. O n April 18, a small drop took place, total loans and discounts of reporting member banks am ounting to $2,308,895,000. Investm ents of repo rt ing member banks have moved upward, with the exception of a decline on M arch 28 from the prior week, since the middle of M arch; on April 18 this item for the entire dis trict stood at $924,384,000, compared with $913,262,000 the preceding week. Investm ents of Chicago reporting mem bers are in the main responsible for this trend. N et de mand deposits of reporting member banks in Chicago during the past m onth have been in lesser volume than in the preceding month, but since M arch 21 have shown a steady gain each week; for the entire district net demand deposits of $1,859,456,000 on April 11 compared with $1,837,670,000 April 4, and $1,874,351,000 M arch 14. A decline of about 8 million from the prior week took place April 18. Time deposits continue to increase; for the reporting mem ber banks in the district, the item totaled $1,264,418,000 April 18, a rise of about 1^2 million from the preceding week; on March 14 the corresponding total was $1,227,562,000; reporting member banks in Chicago were respon sible for the greater part of these increases. M arch sales of commercial paper were 11.4 per cent greater than those of the preceding month, but 3.6 per cent below the corresponding period of last year, according to a compilation for eleven dealers. Individually, however, seven of the concerns showed recessions from February, and four experienced gains over a year ago. The supply of paper was reported as small to moderate, with demand for bills indicated between limited and fair. Selling rates trended slightly upward in M arch and ranged from 4J44 y2 for high (m ostly at 4J/2) to 4 per cent for low, the custom ary figure being 4-4J4 per cent. D uring the first two weeks of April, quotations averaged 4 ^ - 4 ^ for high and 4 per cent for low, with the custom ary figure around 4Y\ per cent. O utstandings of five dealers showed an aggregate increase on March 31 of 1.3 per cent over February, but were 4.7 per cent less than a year ago; for twenty-five dealers located throughout the U nited States, outstandings am ounted to $569,000,000. Average weekly purchases in the Chicago open bill m ar ket were 0.8 per cent smaller and sales were 61.1 per cent larger from M arch 15 to April 18 than from February 16 to March 14, and showed respective gains of 31.8 per cent and 74.9 per cent over a year ago, according to a compila tion for six dealers. Receipts from other offices averaged 20.1 per cent above the weekly basis for F ebruary 16 to March 14, and totaled 39.3 per cent greater than last year, while forwardings to other offices decreased 94.9 per cent and 93.8 per cent in these comparisons. Bills were drawn principally against packing-house products, grain, cotton, dry goods, flour, crude rubber, hides, sugar, canned goods, dollar exchange, raw silk, wool, sausage casings, coffee, lumber, woolen yarn, butter, eggs, poultry, tobacco, copper, soft lead, walnuts, and rags. The supply of paper was lim ited to fair, with the demand for bills also about fair. Sixty-day, 90-day, and longer m aturities were indicated as in best demand. Rates firmed, April 18 offerings ranging from 3 ^ for 30 days to 4 per cent for 180 days. Holdings showed a recession of 49.1 per cent from M arch 14. Sixteen banks in the Seventh district accepted an 11.6 per cent greater quantity of bills during M arch than in the preceding month, and the volume was 38.9 per cent larger than a year ago. Purchases increased 97.6 per cent and 5.4 per cent in the respective comparisons, while sales gained 32.7 per cent over February and totaled 4.0 per cent below the corresponding period last year. Individu ally, however, m ost of the banks reported smaller pur chases than in March, 1927, and half showed a decrease in acceptances and sales from February. Bills accepted dur ing the first two weeks of April by three local banks Page 3 totaled in excess of the corresponding period of March, and were drawn principally against lard and meat, crude rubber, dry goods, cotton, coffee, grain, electrical machin ery, raw silk, burlap, brushes, sausage casings, rattan, shoes, and feathers. Liability of the banks for outstanding ac ceptances increased 1.8 per cent on March 31 over the close of February, and was 31.5 per cent larger than a year ago. H oldings decreased 10.5 per cent from February 29, but totaled 121.1 per cent more than on the corresponding date of 1927; bills still retained in portfolios of the orig inating bank declined 0.3 per cent and increased 97.6 per cent in these comparisons. The Federal Reserve Bank of Chicago bought $39,458,552 of bankers’ acceptances during M arch and held $43,808,197 in this class of bills at the close of the month. Volume of Payment by Check—A gain of 22 per cent over February was shown in the volume of paym ent by check reported by thirty-seven clearing house cities in the Seventh district. The aggregate in March was $6,972,688,000 as against $5,713,472,000 in February, the difference being largely seasonal in nature and also in part the result of the greater num ber of days in March. As compared w ith March, 1927, the gain this year was 12.1 per cent. The four larger cities, Chicago, Detroit, Milwaukee, and Indianapolis, expanded in the aggregate volume of check paym ent 22.6 per cent over February, and 14.6 over March a year ago. T hirty-three smaller cities increased 18.6 per cent in the monthly comparison, but dropped 0.5 per cent below the corresponding m onth in 1927. Chicago alone with $4,393,474,000 gained 24.0 per cent over February and 13.3 per cent over M arch a year ago. Savings—Seventh district savings figures for M arch 31 totaled 0.5 per cent greater in volume of deposits, 0.2 per cent larger in num ber of depositors, and 0.3 per cent higher in average accounts than at the beginning of the month, and increased 3.9, 1.1, and 2.7 per cent, respectively, over April 1, 1927, according to a compilation for 207 reporting banks. The decline from M arch 1 in average and total deposits in Iowa, and in num ber of accounts in W isconsin and Illinois, together with a decrease from last year in number of accounts in W isconsin, marked the only in stances in which the state totals failed to follow the general trend of the district. O ne-third of the banks, however, indicated a lowering in deposits from a m onth previous, while one-fourth of the individual reports showed recessions in the year-to-year comparison. Bonds— Good bonds continue in excellent demand, the volume of sales being in the main dependent only on the am ount available. There has been a heavy dem and from institutions during recent weeks; foreign issues continue to meet with favor, and public utilities are readily absorbed by investors. The price trend has been upward. Owing to the high prices commanded by the better grade of utility bonds, there is a considerable movement tow ard diversifi cation. The demand for sound first m ortgage real estate bonds continues active, and their supply is rather low. The heavy pressure of funds seeking investm ent outlet is resulting in the issuance of lower rate securities. AGRICULTURAL PRODUCTION AND FOODSTUFFS On the basis of April 1 condition, a reliable crop statis tician has estimated the 1928 crop of w inter wheat for the five states including the Seventh district as 65,050,000 bushels compared w ith 87,524,000 bushels harvested last autumn. The commercial estim ates for the U nited States crop of w inter w heat range between 520,000,000 and 556,000,000 bushels and average around 540,000,000 bushels, compared w ith the 1927 harvest of 552,384,000 bushels. Figures released for April 1 by the United States D epart ment of A griculture show the condition of w inter grain and pastures less favorable than a year ago. Unusually heavy abandonm ent of winter wheat (especially the late seedings) in Illinois and Indiana is indicatd for this spring. Farm w ork made satisfactory progress in the district during M arch; more or less delay was experienced during the early part of April because of snowfall, rain, and freezing tem peratures. The U. S. Bureau of A gricultural Eco nomics estim ates that the number of cattle on feed for m arket declined 17 per cent in Wisconsin, 15 per cent in Indiana, 25 per cent in Illinois, 18 per cent in Michigan, and 14 per cent in Iowa on April 1 in comparison w ith the corresponding date of 1927. Grain Marketing—L arger quantities of wheat, corn, and oats were handled at interior prim ary markets in the U nited States during M arch than in the preceding month, a year ago, or the five-year average for the period, although corn receipts declined from F ebruary and the movement of oats -was below the 1923-27 M arch average. Visible supplies of wheat, corn, and oats decreased, and those of rye and barley increased in the U nited States on April 14 in comparison with the corresponding Saturday of March. Stocks of wheat and barley exceeded those of last year; holdings of other grain declined. The volume of trading in grain fu tures by members of the Chicago Board of T rade increased 40.7 per cent in March over February, and was 19.9 per cent greater than a year ago; commitments for w heat and rye, however, were less than in March, 1927. Prices con Page 4 tinued to strengthen during March and early April. FLOUR PRODUCTION IN THE SEVENTH DISTRICT Changes in M arch, 1928,- from previous m onths P er c e n t c h a n g e from F ebruary M a rch 1928 P ro d u ctio n (bbls.) ............ + 2.7 Stocks of flour a t end of m onth (bbls.) .............. ............. + 1 8 .4 Stocks of w heat at end ot m onth (b u .) ................ ............. — 14.9 ............. — 3.8 Sales (volum e) ..... Sales (value) ........ ............. — 7.0 1927 + 9.1 C o m p a n ie s INCLUDED 31 7.5 27 — 15.6 — 15.5 — 13.7 27 12 + Production includes wheat and other flours. to wheat flour only. 12 Balance of items refer Movement of Live Stock—M arketing of live stock in M arch decreased in volume from February, w ith receipts of hogs at public stock yards in the United States rem aining considerably in excess of a year ago and the 1923-27 aver age, and with the supply of cattle and calves continuing to show a marked recession from last year and the five-year average for March. Lamb receipts declined in comparison with the corresponding m onth of 1927. LIVE STOCK SLAUGHTER C attle Y ards in Seventh D istrict, M arch, 1928 ................. F ederally Inspected S laugh te r U. S. M arch, 1928 .......... F e b ru a ry , 1928 ..... M arch, 1927 ................ H ogs L am bs and S heep C alves 193,360 995,209 217,096 142.200 664,948 666,079 761,299 5,139,754 5,779,821 3,837,278 1,015,861 1,048,419 1,026,736 407,200 373,789 456,599 M arch reshipm ents to feed lots showed a decline from February, and were below a year ago. AVERAGE PRICES OF LIVE STOCK (P e r h u n d re d pounds a t C hicago) W eekended A pr il 14 1928 N ative B eef Steers (average) $13.20 F a t Cows and H e ife rs...... ......... . 9.85 H ogs (b u lk of sa le s ).......... .......... 8.80 Y earling Sheep ................... ........... 13.00 Lam bs ........................................ .......... 16.65 M arch 1928 $12.85 9.45 8.10 13.75 16.15 M o n t h s of F eb. 1928 $13.25 9.15 8.10 13.85 15.40 M arch 1927 $10.50 6.75 11.80 11.20 13.00 Meat Packing—Production at slaughtering establishm ents in the U nited States decreased in M arch from the preced ing m onth and increased over a year ago. Em ploym ent for the last payroll-of the m onth showed recessions-of 7,1 per those in the U nited Kingdom continued somewhat below the U nited States basis. cent in num ber of employes, 7.8 per cent in hours worked, and 6.1 per cent in value compared with corresponding data for February. Domestic trade averaged good for fresh pork, fairly good for lard, and rather draggy for beef; the demand for lamb, smoked meat, and dry salt pork remained seasonally quiet during the first two weeks of the period, but showed considerable improvement with the approach of Easter. Sales billed to domestic and foreign customers by fifty-nine meat packing companies in the U nited States aggregated 3.8 per cent smaller than in F ebruary but were 0.8 per cent greater than in March, 1927. Demand in do mestic m arkets averaged fair to good at the beginning of April. P ork prices at Chicago showed little change in M arch from the preceding month except for a slight easing in quotations for hams, picnics, pickled bellies, smoked meats, and heavy fat backs, and somewhat firmer levels for lard, pork loins, dry salt bellies, and light fat backs. Beef and veal quotations averaged a little lower than in F ebru ary, while the price of lamb advanced. April 1 inventories at packing plants and cold-storage warehouses in the United States totaled in excess of those for M arch 1 and the 192327 April 1 average, and were considerably above a year ago; beef holdings declined in all three comparisons, and lamb stocks decreased from last month and the five-year average. Shipments for export showed some expansion in March over February. Foreign demand improved for oleo oil and neutral lard, but continued practically un changed for m ost other products. April 1 inventories already abroad and in transit to European countries were reported as slightly heavier than at the beginning of March. Prices on the Continent remained close to Chicago parity; Dairy Products—Butter production in the district -in creased 11.2 per cent in M arch over the preceding month and decreased 3.2 per cent in comparison w ith last year, according to a compilation of the reports sent direct to this bank by sixty-eight creameries. Statistics released by the American Association of Creamery Butter M anufac turers indicate somewhat similar trends for the United States. Seventy companies in the Seventh district billed a 7.5 per cent larger tonnage of cream ery butter to custom ers during the month than in February, although the vol ume was 3.8 per cent less than in March, 1927. Receipts of American cheese at W isconsin prim ary m arkets from factories within the state gained 9.5 per cent during the four weeks ended March 31 over the preceding period, and were 4.2 per cent in excess of a year ago; redistribution from these centers increased 3.5 and 7.1 per cent in these comparisons. April 1 inventories of butter and cheese at cold-storage warehouses and packing plants in the United States were seasonally less than a m onth previous; egg stocks made a custom ary gain over M arch 1. Holdings of eggs and cheese decreased in comparison with last year, but exceeded the 1923-27 April 1 average; butter inven tories showed an opposite trend. Chicago receipts of dairy products increased over February, with the volume of butter greater than a year ago and the tonnage of cheese and eggs smaller. B utter prices advanced in March, while quotations for cheese and eggs declined. Prices tended to ease during the early part of April. INDUSTRIAL EMPLOYMENT CONDITIONS W ith losses and' gains evenly distributed am ong the re porting industrial groups, aggregate employment at m anu facturing plants of the Chicago Federal Reserve district registered a gain of 1.2 per cent in men and 0.8 per cent in am ount of payrolls during the period February 15 to M arch 15. The groups registering gains were the metals, vehicles, stone, clay and glass products, lumber, and chemicals, although in this latter the increase in employment was ac companied by a decline in payrolls. M etals and vehicles, as well as a seasonal increase in the demand for building materials, may be said to be sustaining the industrial m ar ket for labor. Even in these lines conditions were not uniformly good. The non-ferrous metals, cooking and heating apparatus, watches and jewelry registered declines. In the lumber group, box factories, panel and veneer mills, and the m anufacturers of sash, door, and interior trim, showed increasing activity, but furniture factories reported a recession. O ther im portant industries in which the trend in em ployment was dow nw ard were hosiery and clothing, tanning, meat packing, paper and printing. Employm ent at D etroit, as reported by the Em ployers’ Association of th at city, has continued to expand, the vol ume on April 10 exceeding that of March 13 by 2.6 per cent and showing a gain of 10.1 per cent over the corre sponding date a year ago. Records at the free employment offices of states in this district also indicated some improve ment in the unem ployment situation, the ratio of applicants to available positions registering a lower percentage than the preceding month. In Illinois the ratio changed from 204 per cent to 173; in Iowa from 345 to 336; while in Indiana the average for M arch was 159 as compared with 171 during February. An increasing demand for labor in the building industry was largely responsible for the decline in the unemployment ratios. EMPLOYMENT AND EARNINGS—SEVENTH FEDERAL RESERVE DISTRICT N I n d u s t r ia l G rou ps u m ber of M arch 15, 1928 All groups ( 1 0 ) ................................................................................... - ..................................... M etals and metal products (o th e r th a n veh icles) ............................... Textiles and textile products................. ..................................................... Food and related p roducts.............. .. ........................................................... Stone, clay, a nd glass p ro d u cts ................................................................................. L um ber and its p ro d u cts ................................................................................................... Chem ical products ..................................................................................................................... L eather p roducts ....................................................................................................................... R ubber p roducts ....................................................................................................................... P aper a nd p rin tin g .................................................................................................................. W age E T arners W e e k E nded 3 4 0 ,2 7 7 1 3 3 ,3 9 9 2 9 ,7 5 1 2 7 ,4 8 5 4 7 ,9 0 8 1 3 ,0 1 0 2 8 ,2 1 6 1 0 ,4 9 6 1 4 ,9 3 5 3 ,9 1 9 3 1 ,1 5 8 F W ebruary 15, 1928 3 3 6 ,3 9 3 1 2 9 ,8 3 2 2 8 ,6 2 3 2 7 ,8 9 9 4 8 ,2 0 9 1 2 ,0 2 7 2 7 ,9 5 0 1 0 ,3 2 3 1 5 ,1 8 3 4 ,0 0 6 3 2 ,3 4 1 P er C C ent M hange + + + — — + + + — — — 1 .2 2 .7 3 .9 1 .5 0 .6 8 .2 1 .0 1 .7 1 .6 2 .2 3 .7 arch eek 15, 1928 $ 9 ,2 6 9 ,8 2 1 3 ,6 1 3 , 0 3 2 9 3 5 ,6 2 3 6 5 2 ,3 9 1 1 ,3 0 5 , 5 1 0 3 8 2 ,1 7 2 6 9 8 ,4 4 6 2 8 0 ,9 6 3 3 2 2 ,2 4 9 9 8 ,4 0 5 9 8 1 ,0 3 0 otal E E a r n in g s nded F ebruary 15, 1928 $ 9 ,1 9 6 ,5 8 3 3 ,5 3 3 ,5 4 4 8 9 1 ,7 1 0 6 8 8 ,7 9 8 1 ,3 2 7 , 0 8 0 3 3 6 ,7 2 4 6 9 0 ,0 9 7 2 8 2 ,0 4 0 3 3 9 ,7 7 7 8 8 ,1 4 9 1 ,0 1 8 , 6 6 4 P er C C ent hange + 0 .8 + 2 .2 + 4 .9 — 5 .3 — 1 .6 + 1 3 .5 + 1 .2 — 0 .4 — 5 .2 + 1 1 .6 — 3 .7 MANUFACTURING ACTIVITIES AND OUTPUT Automobile Production and Distribution—F irst-quarter production of passenger automobiles in the U nited States exceeded that of the corresponding period of 1927 by 7.2 per cent, while truck output showed an aggregate decline of 21.9 per cent. M arch production of passenger cars for; the country totaled 371,408, a gain of 27.7 per cent over the preceding m onth and of 7.4 per cent over M arch last year. T ruck output in M arch aggregated 41,417, or 26.7 Page 5 per cent more than in February and 14.7 per cent under a year ago. Continued expansion in automobile distribution was shown during March in the Middle W est. Sales of new cars, at wholesale and retail, and those of used cars increased over February. The aggregate of cars sold at retail was also larger than in M arch last year, but wholesale distribu tion and used car sales declined in this comparison. Stocks of new cars have increased, while those of used cars showed a decline from the end of F ebruary and were less in num ber than on M arch 31, 1927, but increased in value. Tw entynine dealers reported that deferred paym ent sales averaged 39.7 per cent of their total retail sales in March, which compares with a ratio of 46.9 in February and of 44.5 in M arch last year. MIDWEST DISTRIBUTION OF AUTOMOBILES C hanges in M arch, 1928, from previous m onths P er c en t c h a n g e from F ebruary M arch 1928 N ew cars W holesale— N u m b er sold .......................... V alue ......................................R etail— N um b er sold .......................... V alue ........................................ O n hand M arch 31— N um ber ................................... V alue ........................................ U sed cars— N um ber sold .......................... . Salable on hand—N um ber .......................... V alue ........................................ 1927 C o m p a n ie s INCLUDED + 4.2 + 9.1 — 26.5 — 31.7 34 34 -f-86.1 + 6 5 .3 + 11.5 + 9.8 83 83 + 1 5 .5 + 1 0 .0 + 2 5 .4 + 1 5 .3 53 53 + 4 0 .2 — 2.9 83 — 1.9 — 2.4 — 13.9 + 8.5 51 51 Agricultural Machinery and Equipment—M arch sales of agricultural machinery and equipment billed to domestic and foreign customers by seventy-eight m anufacturers in the United States showed a seasonal expansion over F eb ruary of 35.9 per cent in the tractor, thresher, combination harvester-thresher group, of 20.5 per cent in “all other” (exclusive of barn supplies), and of 8.6 per cent in barn equipment. Business in the heavy line was 15.4 per cent greater than in March, 1927, sales of light machinery in creased 13.4 per cent, while those in the barn equipment group decreased 22.2 per cent. PRODUCTION AND SALES OF FARM EQUIPMENT IN THE UNITED STATES C hanges in M arch, 1928, fro m previous m onths P er c e n t c h a n g e fro m F e br u a ry M arch D om estic sales b illed.......... ........ Sales billed fo r ex p o rt........ ........ T otal sales b illed................... ........ P ro d u ctio n .............................. ......... 1928 + 3 5 .8 — 5.8 + 2 7 .1 + 5.7 1927 + 15.5 + 5.3 + 13.8 + 2 2 .5 C o m p a n ie s INCLUDED 78 42 78 75 P ro d u ctio n com puted from average em ploym ent d u rin g th e m onth. Sales based on value. Iron and Steel Products—M arch continued the improve m ent evidenced in the steel industry of the Chicago district for several m onths previous, and first-quarter business is reported as having been som ewhat larger than for the cor responding period of 1927. The volume of operations in M arch was large and showed an increase over the preceding month. M arch pig iron output in the Indiana and Illinois district also increased over February and was larger than for any M arch on record (1919). For the country as a whole production of pig iron, though heavier in the m onthto-m onth comparison, was below the corresponding month in several previous years. Steel ingot output in the U nited States likewise gained over February, but was below M arch of last year. A drop was shown on March 31 from Feb ruary 29 in unfilled orders of the United States Steel Cor poration, the total of 4,335,206 tons on the form er date com paring with 4.398,189 the latter; the aggregate on hand M arch 31, 1927, was 3,553,140 tons. Little change took place in the Iron Trade Review com posite price of leading iron and steel products following the drop shown M arch 21 to $35.70, the average on April Page 6 11 standing at $35.77, but on April 18 it again declined to $35.56. Scrap metal prices have remained fairly stationary at the lower levels quoted after the middle of March. Both steel and malleable casting foundries reported a gain in March shipments over February, that for malleable castings being much larger than for steel; in the compari-1 son with the corresponding month last year, an increase in tonnage was shown by steel castings but a decline in value, while malleable castings gained in both tonnage and value shipped. Production increased in the m onthly and yearly comparisons. O rders booked by malleable casting foundries were larger than in February or a year ago, while those by steel casting foundries gained over the pre ceding month but declined from March, 1927. Shipments by stove and furnace m anufacturers of the district increased in M arch over February and a year ago; orders booked declined in the former and increased in the latter com pari son; production was below February and last year. Shoe Manufacturing, Tanning, and Hides—M arch ship ments from shoe factories in the Seventh district showed a seasonal gain over the preceding month, and totaled 10.2 per cent larger than current production which remained about on a level with February. Twenty-five companies reported stock shoes on hand at the end of the m onth equivalent in the aggregate to 77.3 per cent of the volume of their M arch shipments. A pproxim ately four and onehalf weeks’ operation at the current rate of distribution was indicated by the unfilled orders on the books of tw entythree firms. CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN MARCH, 1928, FROM PREVIOUS MONTHS P er c e n t c h a n g e fro m F eb. M ar. P ro d u ctio n ............................... Shipm ents ............................... Stock shoes on h a n d ............. U nfilled o rders ...................... 1928 — 0.6 + 1 1 .2 — 3.8 — 12.0 1927 — 12.9 — 11.7 — 0.7 — 13.9 C o m p a n ie s in c l u d e d F eb . .M a r . 1928 30 30 25 23 1927 30 30 25 22 L eather production in the Seventh district continued at nearly the same rate in M arch as in the preceding month and remained below a year ago; sales decreased somewhat from February, but were ahead of the corresponding period of 1927, according to reports sent direct to this bank bji representative tanners. Prices tended to firm. * M arch sales of packer green hides and calf skins at Chi cago showed a large increase over the preceding m onth; shipments from the city and purchases by district tanneries also were reported as larger than in February. Chicago quotations remained easy until the middle of M arch and then trended upward. Furniture—Activity in the furniture industry of this dis trict continues, as for some time past, below the level of a year ago. O rders booked during M arch by tw enty-six m anufacturers totaled 7.1 per cent less than in March, 1927, although half the firms reported gains, and shipm ents were 8.2 per cent under a year ago, with more than tw o-thirds the companies indicating declines. The am ount of unfilled orders on hand M arch 31 showed a decrease of 34.3 per cent from the corresponding date last year. In the com parison with the preceding month, orders booked during M arch increased 10.0 per cent and shipm ents 17.1 per cent, the larger volume of shipm ents reducing unfilled orders 16.3 per cent below those on hand February 29. The rate of March operations was lower than in February or March last year. Raw W ool and Finished Woolens —The raw wool m ar ket continued to display strength in March, with prices firm and a good volume of wool moving into consumption, although activity was somewhat less than in February. T hree-eighths and one-quarter blood wools were in best demand and the supply very scarce, so th at prices advanced on these grades. Foreign m arkets show continued activity and strength, and are still slightly above the parity of do mestic markets. Prices at the close of the second series o? London sales had advanced over the previous sale, and stocks were well sold. The finished goods m arket for the fall season has been slow in developing, though production has increased w ith some firms; others report conditions unsatisfactory. BUILDING MATERIAL AND CONSTRUCTION ACTIVITIES Retail yards and industrial consumers were in the m arket for an increasing volume of lumber during March, the sales by tw enty-four wholesale concerns of the district showing gains of 27.2 per cent in dollars and 26.4 per cent in board feet over the preceding month. Buyers were still cautious, covering only their immediate requirem ents, and as a result price quotations were weak the greater part of the month, firming up, however, early in April. At 218 retail yards, sales reported in dollar units, were 44.0 per cent larger than in February but 14.2 per cent lower than a year ago. W holesalers also reported a decline from a year ago, of 9.3 per cent in dollar sales and 10.8 per cent in board feet. O utstanding accounts at both wholesale and retail increased during the month, but their ratio to sales fell off, retail yards registering 329 per cent in comparison with 457, and wholesale firms 110 as compared with 127 the preceding month. The corresponding ratios a year ago were 297 and 112, respectively. Stocks were heavier than in February but approxim ately the same as last year. In the cement industry, production and shipments re flected the usual seasonal expansion, with the latter slightly below production so that stocks remained high. Activity in this industry is considerably below that of a year ago, and as a result stocks held are much larger. Brick companies report a similar condition, shipments and production in creasing during the month, though smaller in volume than a year ago. The slowing-down in this industry is attributed to delayed building activity. Building Construction—Contracts awarded in the district during M arch am ounted to $108,092,764, slightly less than in F ebruary and 13.0 per cent less than in March, 1927. Awards so far this year, however, exceed those of the cor responding period a year ago by 16.6 per cent. Contracts for residential building were $49,591,867, an increase of 13.9' per cent over February and of 16.1 over March, 1927. Perm its issued in fifty cities of the district gained considererably over the preceding month, 66.6 per cent in number and 68.2 per cent in estimated cost. The smaller cities shared with the larger in this advance. In comparison with M arch a year ago, the figures showed recessions of 23 per cent in num ber of permits and 16 per cent in their estimated cost, while for the first three months of this year total permits indicate losses of 14 and 11 per cent, respec tively, in number and cost. BUILDING CONTRACTS A W A R D E D S E V E N T H DISTRICT IN T H E 1288331.824 . TOTAL RESIDENTIAL 3MOS. 1928 YEAR 3M0&. 1927 YEAR 5MO& YEAR 192b 3MOS. YEAR 1925 3M05. 1924 YEAR 3M0S 1923 YEAR 3M0S 1922 MERCHANDISING CONDITIONS Wholesale Trade—Gains over February were shown dur ing M arch in all six reporting lines of wholesale trade in this district, while in comparison with a year ago, half the groups indicated declines and half increases. For the first quarter of 1928, grocery, drug, and shoe firms reported aggregate gains over the corresponding period of 1927 of 1.8, 3.9, and 5.6 per cent, respectively, and decreases of 4.5 per cent in hardware, 5.6 in dry goods, and 0.4 per cent in electrical supplies were indicated. March collections were larger in all lines than in the preceding month, and in all except hardw are and dry goods were above a year ago. H ardw are firms in Iowa state that collections are not no ticeably improving. As reported for February, prices are firm or stationary in all lines except shoes where the trend is upward, and in electrical supplies where some reports indicate a downward tendency. WHOLESALE TRADE DURING THE MONTH OF MARCH, 1928 N et Sales D u rin g M onth G roceries ................ H ardw are .............. D ry Goods .............. D rugs ....... ............... . Shoes ....................... E lectrical Supplies Stocks at E n d of M onth P er C e n t C h a n g e F rom P r ec ed in g S a m e M o n t h M onth L a st Y ear P er C e n t C h a n g e F rom P r eced in g S a m e M o n t h M onth L ast Y ear (2 5 )4 (38) + 10.4 (3 8 )— 1.3 (1 1 ) (17)4-28.1 (1 7 )— 13.1 (1 3 ) 4- 6.5 (1 3 )—(1 0 )— 15.0 2) (1 4 ) 4-19.8 (1 4 )4 - (15.8 ( 6 )4 ( 8 )4 -4 4 .8 ( 8 )4 - 8-9 (3 7 )4 -1 1 .9 (4 1 )4 - 4.3 (2 8 )4 - 1.8 A ccounts O u tstan d in g E n d of M onth Collections D u rin g M onth P er C e n t C h a n g e F rom R a t io to P r eced in g S am e M on th N et S ales M onth L a st Y ear D u r in g M o n t h P er C e n t C h a n g e F rom P r ec ed in g S a m e M o n t h M onth L ast Y ear (2 5 )— 1.0 (3 5 ) 4- 1.8 (3 4 )— 1.5 (35) — 0.4 (1 1 )4 - (17)4-10.4 (1 7 )4 - 0.4 0.1 (17) (10)4-11.0 (13) (1 3 )4 - 4.2 (1 1 )— 3.5 — 0.6 (1 2 )4 - (1 2 )4 - 4.9 4.1 (1 2 )— 0.0 (12) 3.9 ( 5)4-22.0 ( 7)4-13.0 ( 6 )4 - 8.6 ( 7) 2.8 (3234- 0.8 (3 6 ) 4- 4.9 (4 0 )— 0.8 (40) 2.9 107.3 201.0 297.2 130.4 247.2 141.5 (2 8 )4 - 6.7 (1 5 )4 - 8.1 ( 9 )4 - 4.2 ( 8 )4 - 7.5 ( 6)4-24.8 (2 5 )4 - 3.4 (2 8 )4 (1 5 )— ( 9 )— ( 6 )4 ( 5 )-f (2 8 )4 - 1.7 2.4 8.2 0.3 6.3 1.8 F ig u res in p arentheses in d icate n um ber of firms included. Department Store Trade—An aggregate gain of 8.1 per cent was shown over a year ago in March sales of eightyfour departm ent stores of the district. Sales by Chicago reporting stores indicated little change from last year, as did those for fifty-nine firms in smaller cities, while Detroit, Indianapolis, and Milwaukee firms reported increases. F irst-quarter sales for the district totaled 6.8 per cent more than for the same period of 1927. In the comparison with Page 7 the preceding month, M arch sales increased seasonally 23.5 per cent. Stocks of sixty-one firms on March 31 averaged 6.4 per cent heavier than a month previous, and were 0.3 per cent less than a year ago. Stock turnover for March this year was 33.7 per cent, compared with 31.2 per cent last year; turnover for the first quarter of 1928 averaged 91.8 per cent, against 84.8 per cent for the corresponding period of 1927. Collections during March declined 4.4 per cent from February, but were 3.6 per cent larger than a year ago, while accounts outstanding M arch 31 were 1.5 and 6.1 per cent above a month and a year previous, respectively. The ratio of March, 1928, collections to accounts outstanding the end of February was 41.6, com pared w ith 40.1 a year ago. Retail Shoe Trade—Tw enty-four retail dealers and the shoe sections of tw enty departm ent stores in the Seventh district reported an aggregate gain in M arch sales over February of 54.4 per cent, only two firms showing declines. As compared w ith March, 1927, sales were lower by 4.4 per cent, w ith about one-half the individual reports indicat ing a decline. Sales so far in 1928 have totaled 6.1 per M ONTHLY B U SIN E SS IN D IC E S cent below the same period of last year. Stocks on March 31 increased 9.4 per cent over a month previous, and were 4.6 per cent smaller than a year ago. Collections during March, as reported by sixteen dealers, declined 7.6 per cent from the preceding m onth and 18.4 per cent from March, 1927. Accounts receivable M arch 31 increased 11.9 per cent in the m onth-to-m onth comparison and decreased 33.9 per cent in the yearly. The ratio of accounts receivable to sales during the month was 56.9 per cent for March, 73.1 in February, and 87.7 a year ago. Chain Store Trade— M arch sales of tw enty-six chains in the Seventh district operating 2,346 stores during the month, gained 12.9 per cent in the aggregate over F eb ru ary and were 19.6 per cent above a year ago. In the monthto-m onth comparison, only men’s clothing and shoe chains showed a decline, while in the yearly, grocery, drug, fiveand-ten-cent, shoe, and m en’s clothing chains reported increases, and cigars, musical instrum ents, furniture, and women’s clothing indicated smaller sales. The num ber of stores in operation during M arch changed little from the preceding month, and was 19.8 per cent greater than in March, 1927. C O M P U T E D B Y F E D E R A L R E SE R V E B A N K O F C H IC A G O (In d e x num bers express a com parison of un it o r dollar volum e for the m onth indicated, usin g th e m onthly average for 1923-1924-1925 as a base, unless otherw ise indicated. W h ere figures fer la te st m o n th show n a re p a rtly estim ated on basis of re tu rn s received to date, revisions will be given the follow ing m onth. D a ta re fe r to th e Seventh F ed eral R eserve D istric t unless otherw ise noted.) N o. of F irm s Meat Packing— (U . S .) — Sales (in d o lla rs)...................... Mar. 1928 Feb. 1928 M ar. 1927 Feb. 1927 ... 103.0 106.2 102.4 105.3 59 Casting Foundries— Shipm ents : ... ... ... ... 16 16 18 15 91.8 97.9 82.2 114.1 87.1 95.4 62.2 91.6 93.5 96.3 77.1 110.8 80.8 80.2 66.3 99.5 ... 12 96.5 82.7 87.7 73.1 ... ... ... ... 83 56 83 82 216.5 207.9 213.8 144.6 159.4 218.2 168.8 136.5 185.1 199.8 187.4 119.1 133.5 176.2 140.4 121.4 ... ... 27 27 102.4 115.6 93.1 98.8 107.7 125.5 107.9 107.8 ... ... 32 32 102.5 112.9 103.0 104.5 117.8 127.9 106.5 114.1 ... ... 8 8 151.2 163.3 145.8 155.9 138.5 145.7 126.8 135.8 ... I n tons ___ 32 108.1 105.3 99.1 84.0 Stoves and Furnaces— Agricultural Machinery & Equipment— (U . S .) — E x p o rts Furniture Shoes— 1 P roduction Electric Energy— Flour— P ro d u ctio n Output of Butter by Creameries— Sales — ............................................ ... ... 74 74 98.0 95.0 88.0 88.4 101.3 98.7 88.7 88.2 Automobiles— D istrib u tio n in M iddle W e s t : Production ( U . S .) : Passenger cars.. T r u c k s _____...— 161.8 133.2 117.1 129.4 165.0 162.8 155.1 144.2 143.6 126.2 115.4 155.3 122.1 62.9 78.3 142.9 148.0 115.3 147.0 147.1 98.8 91.1 207.8 176.3 104.7 116.6 131.8 137.7 159.7 162.9 133.5 117.5 135.2 163.6 133.8 78.1 85.5 132.7 133.7 114.3 165.2 133.9 89.8 113.1 Freight Carloadings— (U . S .) — Grain and Grain Products................. ..... Live Stock ..... ................ - ............... ............. Coal ..................................................— .............. Coke ..................................................................... Forest Products ...........................— ............ Ore ........................ .................................. - ......... Merchandise and Miscellaneous— ........ T o t a l .... ................ .................. .................... 102.2 86.1 93.9 90.8 95.8 22.1 106.8 99.1 106.9 101.0 102.5 97.9 99.2 21.5 100.9 98.1 84.2 82.2 117.8 102.9 98.8 28.4 108.4 104.0 98.1 87.4 128.5 108.3 100.5 28.4 103.0 103.7 Iron and Steel— Pig Iron Production :2 Illinois and Indiana................................. United States ..... .................................... Steel Ingot Production— (U . S .) — 2~~ Unfilled Orders U . S. Steel Corp........ 133.1 105.1 125.3 90.8 127.3 101.8 121.4 92.1 123.1 114.4 126.0 74.4 110.1 106.9 119.2 75.3 N ew cars— R etail N ew cars— O n h U sed cars- 1.. ... L. ... ... ... I.. ... ... 36 36 89 89 53 53 83 51 51 No. of Firm s W holesale T rad e— N et Sales (in dollars) : G roceries ............................ 37 H a rd w are ........... 17 D ry Goods .................................................... 12 D ru g s .......................... 10 Shoes .............................................................. 8 R etail T ra d e (D e p t. S to res)— N et Sales (in dollars) : Chicago ........ .................................................. D e tro it ......................... Indianapolis ................................................. M ilw aukee .................................................... O utside ......................................................... Seventh D istric t ....... Feb. 1927 94.3 88.7 80.0 109.9 110.4 85.9 69.2 75.1 90.9 76.3 96.0 102.1 94.0 104.9 101.3 80.4 68.5 69.7 88.4 76.2 104.5 143.1 105.5 106.9 102.0 115.4 79.5 131.5 78.9 82.7 76.4 94.1 106.4 127.7 99.6 96.3 101.9 108.5 77.8 108.8 79.2 90.1 81.7 90.4 103 125 85 108 100 125 83 101 209 163 117 133 119 200 107 194 148 86 115 106 137 96 174 143 96 116 115 148 111 148 129 84 104 103 114 99 148.4 45.0 118.2 45.9 89.2 53.3 57.8 206.9 65.4 48.5 85.9 53.9 49.3 113.5 60.5 61.5 112.1 43.5 42.5 101.1 37.8 55.2 46.4 35.3 39.3 38.1 30.6 168.9 157.8 148.3 158.8 145.5 181.4 100.6 103.5 74.6 129.2 75.7 62.4 67.0 43.2 78.5 143.1 73.8 93.2 87.8 101.8 80.0 120.4 59.0 84.8 44.8 49.6 33.0 179.0 36.3 55.9 66.1 55.6 43.9 63.0 48.0 71.6 122.0 174.1 100.4 132.5 56.7 36.4 87.6 94.7 98.9 130.7 115.5 140.2 104.0 143.8 76.6 127.5 71.0 98.0 35.1 30.5 48.5 108.5 61.4 73.3 50.9 67.4 56.4 104.4 Stamp Tax Collections— 3 Sales or T ransfers of C apital S tock ...... Sales of Produce on E xchange— F u tu re s U . S. Primary Markets— 4 G rain R e c e ip ts : O ats ............................ - ................................. C om ..................... .......................................... W h eat ............................................................ G rain Shipm ents : O ats ................................................................ C orn ...... ......................................................... W h ea t ....... .................................................... B uilding Construction— C ontracts aw arded (in dollars) : R esidential .................................... T o ta l ................................................. P e rm its : Chicago .......... N um ber C ost...... Indianapolis ......... N um ber C ost___ D es M oines ................................. N u m b er C o st...... D e tro it .............................................N um ber C ost___ M ilw aukee ____________ N um ber Cost___ O th e rs (4 5 )....................................N um ber C ost___ F ifty C ities____________ N um ber 1. M onthly average of m ean of p ro d u ctio n and shipm ents in 1923-24-25 = 100; d is tr ic t; 4. M onthly average receipts 1923-24-25 = 100. Page M ar. 1927 68.0 182.5 75.1 R etail T rade— (U . S .)— D e partm ent Stores ___________________ 565 M ail O rd er H ouses ...................................... 4 C hain Stores : G r o c e r y ...... ............................... 34 D ru g .............................................................. 13 Shoe ................................................................ 7 Five and T en C ent .................................... 14 C andy .................... 4 A pparel ..... 5 4 C igar — .............. ...................... .................. Feb. 1928 226.1 57.0 7 4 5 5 60 81 M ar. 1928 C ost...... 2. A verage daily p ro d u c tio n ; 3. F irst Illinois in te rn a l revenue
@FedFRASER