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CHICAGO, N O V EM BER 3, 1920 E C IA L A T T E N T IO N HAS B E E N G IV E N TO T H E AUTO M O BILE IN D U S T R Y IN SPthe preparation of this report. Advices indicate that transportation facilities as they relate to this industry are better, but that fuel is considerably below the normal supply. Prices are reported from 8 per cent lower to 7 per cent higher than a year ago, and from 15 to 36 per cent higher than pre-war period. Declines are reported in some of the raw materials but ad vances in others tend to offset the savings elsewhere. Wages continue firm but production is beginning to decline as evidence of overproduction and the strained credit situation begin to press prices downward. The automobile industry, confronted by the public demand for just as good cars at “ lower cost,” has had to think fast and correctly or take the drastic penalty of temporary (or perman ent) loss of trade prestige and “ goodwill,” as well as loss of current orders. The difficulty of meeting the situation was the more serious for the reason that manufacturers possessed of abun dant inventories of raw materials, had paid for them the top prices and they had either to stand heavy loss on such materials or else face the peril of losing sales now and hereafter. In order to meet the situation, some of the manufacturers have adopted one or more of four expedients, namely, making a flat reduction in price, or announcing their intention of ad hering to an announced price for a definite time, thus stabilizing the selling quotation, or guar anteeing the price for a fixed time, with a pledge that any reduction meantime shall be retro active to current buyers, or making a temporary reduction in current prices until January 1. Naturally, the last named carries with it the intimation of a restoration of prices after the first of the year. A W A ITIN G R ESU M PTIO N What everyone in the Middle West seems to be most interested in, judging from their expressions by letter, is, when the public will again enter the market and absorb goods for consumption. There is a wide diversity of opinion expressed by bankers and business men as to how far the readjustment of prices and in dustrial conditions is likely to go at this time, and this seems to be indicative of the extent to which counter currents are manifesting themselves in the Middle West. Those who have taken the step of cutting prices of their products, as for instance, one of the large OF G E N E R A L P U B L IC B U Y IN G motor companies, expresses conviction that this pro cedure is quite as much for their own ultimate good as for the general welfare; that in the end the concern will earn a greater profit under this policy than by attempt ing to hold out against the inevitable. This class of manufacturers, as expressed by one of them, is proceeding on the idea “ that prices are coming down because they must—not because costs have been lower, but because business in this country cannot re sume in its normal volume and confidence until the adequate buying power of the dollar has been restored.” Compiled October 30, 1920 STEEL PRICES RECEDING VERY SLOWLY Prices of steel plates, structural material and mer chants bars are lower by 45 per cent than at the peak of 1919 and somewhat lower than a year ago, but they are 150 per cent over pre-war, due to the high cost of coke and other raw materials. WTages remain high, but bookings are slow and there is a slacking down of new business. Some concerns in the Middle West are operating at full capacity on old orders; others report that help is being released. Transportation showing a great improvement, the industry, generally speaking, is reported to be in a position to meet a revival of the buying demand. Pending some radical change in the underlying factors the trade is making the best of existing conditions. PRO DUCTION OF COAL R E P O R T E D AS IN C R E A S IN G Production of coal is increasing as the car supply now permits 70 per cent operation. Prices have ma terially declined and seem likely to go lower. Large consumers have larger stocks than at any time prev ious to this year, but storage is not normal. The closing of lake navigation soon will clear the way for rail shipments to the rail territory. Wisconsin storage stocks are low and there is a prospect of a winter shortage. The effort has been to supply these territories relying on lake transportation Prices are regarded as on a fair cost of production basis in 35 per cent of the market according to corres pondents who declare the investigations and litigation apply to only 15 per cent of the total in Illinois and Indiana. Production costs are about 30 per cent over last year due to wages and mining rates. A new agreement with the men has improved the relations of mine work ers and operators. first. SU G A R P R IC E B R E A K U P SE T S CALCULATIO NS In the grocery trade and among purveying of food stuffs, the break in granulated sugar, from 3 0 ^ to 1 2 y2 cents is the big feature. On Septem ber 23 refiners were buying duty-paid raws at 10.76 cents and a week later the same duty-paid stock was being bought at 9 cents. This break of 176 points was reflected in Chicago by a fall of spot sugar from 14.25 to 13 cents in a week. England bought October-December Peruvian sugar at 7 cents F. O. B. Wholesalers in the Middle West had believed in the sugar situation, and were very heavy buyers at the top, paying spot cash. Canning products naturally reacted in sympathy with the slump in sugar prices. As indicated by last month’s questionnaire to the canning trade a great quantity of tinned goods were in first hands, jobbers refusing to finance the job of carrying stock at a time when lower prices seemed imminent. With the break in sugar there was wholesale “ dumping” of canned stuff containing sugar as an important ingredient. This included condensed milk, canned fruits, etc. The last month, therefore, shows heavy declines in sugar, milk, canned goods, including particularly corn and tomatoes, also in coffee, beans, potatoes, soap and flour. As sugar sold from 1 6^4 cents to 307^ cents in 1864; declined to 15 cents in 1869 with a “ bulge” to 20 cents, then went steadily down to a “ low” of 3 cents flat in 1891, the recent flurry in sugar appears to be the most violent ever known to the American trade. The consensus of the trade opinion is that the vol ume of business for September (including sugar resales at wholesale) was about 16.8 per cent over the sales of September, 1919. Sugar prices dropped 59 per cent from the “ top” ; flour is reported 5.4 per cent down and tomatoes and corn 25 per cent and 29.5 per cent off. A G R IC U L T U R A L IM P L E M E N T S C O N TIN U E TO SHOW R E S IS T A N C E Implement prices are holding so far at a level 10 per cent over 1919 and 80 to 100 per cent above 1914. Raw materials for this industry are up from 25 to 33 per cent; wages are up 10 per cent and production is reported as being maintained by a good demand. Sales are said to be slowing down a little but the farm ers are counted on by implement men to spend some of their crop money from now on. F A L L W H EAT S E L L IN G BELOW N O RM AL Reverting to the crop situation, present indications based on the estimated conditions are for a production greater than the forecast a month ago, in corn, oats, buckwheat, potatoes, rice, clover seed, apples, beans, syrup and sugar beets. This refers to the country as a whole, but production has also been stimulated in the Seventh Federal Reserve District by the seasonable weather that has prevailed everywhere, excepting in southern Michigan where a dry, hot wave lasted some weeks and hurt or delayed some crops. In northern Illinois the corn crop has matured and the harvest is at least two weeks earlier than usual. The pasturage has been scorched somewhat by the recent dry spell, which has delayed seeding. The wheat crop is estimated at 60 per cent of normal. Iowa, with its exceptional corn crop, is still struggling with the problem of marketing. Very little of the small grain has been moved and there is still some car shortage reported, while the banks are closely loaned up. In that part of Indiana in the Seventh Federal Reserve District an excellent corn crop is assured, but the winter wheat is below normal. A comparatively large acreage is going into rye this year, while restricted transportation facilities and declining of markets are retarding the movement of crops. This condition, coupled with the high interest rate at the banks and the limited funds available for the customers’ loan, has slowed up collections somewhat. The labor supply is reported as ample to meet the demands but wages continue high. Wisconsin reports the corn and potato crops above the average, both in yield and quality. Fall planting is below normal owing to unfavorable soil conditions and shortage of labor. The slow moving of the crops in that state has added to the tightened condition of the money market and has resulted in slower collec tions, with farmers seeking to increase credit rather than liquidating old obligations. In southern Michigan the corn, apple and potato crops are excellent, with other main crops above the average. Merchants are reported to be purchasing rather freely for 1921 delivery, but the car shortage, filled-up condition of the elevators and the price ten dency have slowed down the marketing of crops and have had a similar effect on the loaning position of the banks and the collections reflected elsewhere in the District. L E A T H E R IN D U S T R Y R E F L E C T S E F F E C T OF C U R T A IL E D B U Y IN G The western hide market continues at a standstill with very little merchandise moving. Prices on all per cent while wages in that industry are constant. He attributes the decline in prices partly to excessive grades and kinds of hides are the lowest in several imports. years. Stocks are reported large with tanners loaded up. comparisons: He also furnishes the following interesting Shoe manufacturers are producing about 50 per cent of normal capacity and seem confident that the situation will improve in the near future, basing this on the limited supplies carried by retailers, which stocks they figure will be replenished soon. In some of the cheaper grades of shoes, manufacturers are experienc ing some revival, and seasonal conditions are stimulat ing buying from the retailers. One of the large leather manufacturers calls atten tion to the fact that leather production is off about 56 Declines since Sides Horse hide Calf Kid Sole August 1919 51 per cent 45©5 5 58 57 38 LEATH ER Declines since September 1919 Sides 41 per cent Horse hide 35@45 Kid 47 Calf 48 Sole 28 Rise since August 1914 Sides 69 per cent Horse hide 87@ioo 107 Calf 28 Sole Kid H7 Tanning cost n o @ i2 0 per cent higher than 1914 RAW M A T E R IA L Declines since August 19x9 Cow hide 67 per cent Horse hide 67 Calf 80 Kips 73 Kid 71 Sole 64 B U IL D IN G A C T IV IT IE S S T IL L LA G G IN G Building remains in a lethargic state. Lumber has had a drop of 25 to 30 per cent from last year but is higher than pre-war level. Cement is off 12}4 to 35 per cent. Common brick remains high—about the same as last year. Fuel, labor and transportation costs prevent declines in brick prices. When these handicaps are removed a big volume of building is expected to appear. It is estimated the United States is short about $3,000,000,000 of the normal building increase and this must be made up in some way. Those engaged in this line say some com petition, however, is now apparent in structural work whereas earlier in the year “ no bids” was the usual result of efforts to start something. C R E D IT M O VEM EN T SHOWS D E C R E A S E Credit movement, as indicated in the aggregate debits to individual accounts, shows a decrease of about 15 per cent compared with the previous month; but an increase of 4 ^ per cent over a year ago. The total debits as of October 13, 1920, reported by 191 banks in 23 leading clearing house centers, including Chicago, were $1,056,357,000, a decrease of $189,569,000 over the corresponding week of Septem ber, and $46,239,000 greater than in the same period of last year. S E L E C T E D M E M B E R B A N K S T A T IS T IC S — S E V E N T H D IS T R IC T (ooo’s omitted) Oct. 8, 1920 Number of Banks Reporting.................... Total U. S. Securities.................................. Loans— (exclusive of rediscounts) Secured by U. S. war obligations......... Loans secured by stocks and bonds other than U. S. securities................. All other loans and investments........... (exclusive of rediscounts) Reserve Balance with Federal Reserve Banks..................................................... Cash in vault................................................ Deposits— Net D em and........................................... Tim e........................................................... Government.............................................. CHICAGO Sept. 10, Oct. 10, 1920 1919 51 $45,156 49 44 $49,768 $ 99,3 U Oct. 8, 1920 12 $65,150 54)35° 54,631 75,786 i °,747 333.Q45 354,77° 873,694 248,423 698,206 58,957 334,419 135.959 I 3°,999 39,94° 119,616 39, 6 19 97G483 287,523 1,504 862,499 172,051 29»353 889,704 38.147 955,000 291,167 7.473 D E T R O IT Sept, io, Oct. io, 1920 1919 12 12 $71,869 $ 67,377 Oct. 8, 1920 O TH ER Sept. 10, Oct. 10 1920 1919 45 45 44 $ 53,693 $56,386 $61,618 11,480 10,529 I 3»I49 13,659 14,683 336,167 59,955 41,407 273,522 55, 5i 6 216,106 57,596 3 1 9,45° 2Q2.022 26,930 12,640 28,712 I 3,559 27,919 I 4,723 26,511 16,016 27,502 16,04 5 27,893 ! 3,927 183,090 226,243 4,804 207,516 211,892 235,788 224,754 183,525 244,837 118,002 551 234,449 102,084 7,519 1,260 6,141 118,079 3, 28i 38.334 R E S U L T S OF Q U EST IO N N A IR ES ON M E R C A N T IL E AN D LA B O R CO N D ITIO N S The regular monthly questionnaires, covering mercantile and labor conditions for September 1920, as shown by representative concerns in the Seventh D i s t r i c t , y i e l d t h e f o l l o w i n g a v e r a g e s of i n c r e a s e or decrease for comparative dates as noted: R E T A IL T R A D E — CHICAGO—D IST R IC T SEV EN September 1920 Net Sales September 1920 over September 19 19 ............................................................................................................................................................. 28.4% Net Sales January-September 1920 over same period of 19 19 ....................................................................................................................................... 35- 5% Retail Stocks over September 19 19 .................................................................................................................................................................................... 57.2% Retail Stocks over August 1920.......................................................................................................................................................................................... 3 -9% Ratio of average stocks to net sales January 1 -September 30, 1 920........................................................................................................................... 409.1% Ratio of outstanding orders September 30, 1920 to total purchases during 19 19 ..................................................................................................... 15 .7 % W HO LESALE T R A D E — CHICAGO— D IS T R IC T SE V EN September 1 920, Compared with September 1919 Replies Dry Goods............................... ............................... Shoes......................................... ....................................... Clothing................................... Tailoring................................... ....................................... Groceries.................................. f Decrease. Per Cent Per Cent Increase Cancellation Net Sales September Sept. 1919-1920 1919-1920 13 8 0.72 +20.90 150.4 3 3 3- o 19 .1 12 .0 150.0 640.0 No Data 5-0 Difficult Delivery Trade Caution Price Trend No No No No No Yes Yes Yes Yes Yes Down Down Down Down Down LABO R CONDITIONS— CHICAGO, D IS T R IC T SE V EN Labor Supply.................. Number employed......... Plant capacity operating Actual Pay Rolls............ September 1920 Normal (Dec.) 1.3 % 8 4 .1% (Dec.) 4.4% August 1920 Shortage ............... 85% ............... September 1919 Shortage (Dec.) 8.4% 89.8% (Inc.) 15.0 % WATCHES AND JEWELRY PRICES HOLDING STEADY scarcity of fine materials and suitable skilled labor is In high grade goods prices are steady. Pearls and diamonds are high. Wages in these industries remain unchanged at the high level. Cheap machine made jewelry is lower. Watches remain about at last year’s prices, 10 to 44 per cent above pre-war. There is a hard to obtain. Public taste now appreciate fine time pieces and any prospect of reduced prices has not been a serious factor. POW ER PRO DUCTION IN SEV E N T H F E D E R A L R E S E R V E D IS T R IC T AND IN CO U N TRY The total production of electricity in millions of States, and comparative curves showing the produc- kilowatt hours per month, is shown in the following chart, as produced by both fuel and water in the United tion within the Seventh Federal District, (In Millions of Kilowatt Hours) FE8 —— ___ m m r -------------- 3000 300 ISO ME m ------------------- MY • — 1 . U N IT E D 5 TATES 2 . IL L IN O IS 4 . W IS C O N S IN 5 . IO W A 3 . M IC H IG A N 6 . IN D IA N A ZOO ISO 100 ^rr.vrr-v ------ - • ~ _____________ “ V S r- SO 0 e.FRSCB. PRO D U CTIO N OF B IT U M IN U S COAL Average d a i l y production o f bituminous coal, including coal coked, is shown in the chart below, which is based on figures compiled by the United States Geological Survey. (Millions of Net Tons) PRO D U CTIO N OF CORN, W H EA T, COTTON, AND OATS, B Y F E D E R A L R E S E R V E D IS T R IC T S Forecast of the Bureau of Crop Estimates as of October I, 1920. (In thousands of units of measurement.) CORN (Bushels) Federal Reserve District Boston......................................................... New Y o rk ................................................... Philadelphia............................................... Cleveland.................................................... Richmond................................................... A tlanta........................................................ Chicago....................................................... St. Louis..................................................... Minneapolis............................................... Kansas C ity............................................... Dallas.......................................................... San Francisco............................................ T otal................................................... . Oct. 1 Forecast for 1920 8,166 39,1 7 * 62,563 211,282 1 99)349 259,043 939)972 468,004 260,030 561,543 197,680 9)3^9 3,216,192 TOTAL W H EAT (Bushels) Sept. 1 Forecast for 1920 7,692 37,866 61,769 212,077 202,334 259,295 896,181 464,938 234,226 548,679 1 96,997 Estimate for 1920 10,276 4 L 039 66,444 212,297 188,994 240,315 927,852 380,722 242,363 372,870 9,295 8,485 225,743 3, T3I,349 2,9 I 7,45° SP R IN G W HEAT (Bushels) Oct. 1 Forecast for 1920 440 ” ,834 23,808 Sept. 1 Forecast for 1920 468 11,8 16 23,808 Estimate for 1919 480 12,493 25,922 34,487 34,597 37,6 i 3 63,748 37,°94 37,613 6,614 63,037 54,684 Sept. 1 Forecast for 1920 468 722 298 570 13,566 14,519 837 154,446 19,259 760 54,722 259,108 1 5,” 3 95,9i6 161,631 260,723 15,166 98,867 300,994 33,6o5 101,008 135,094 140,809 17,644 707 42,544 45,495 39,933 750,648 770,015 940,988 218,007 237,374 209,352 COTTON (Bales) Federal Reserve District Boston......................................................... New Y o rk ................................................... Philadelphia............................................... Cleveland.................................................... Richm ond.................................................. Atlanta........................................................ Chicago....................................................... St. Louis...................................................... Minneapolis............................................... Kansas C ity............................................... Dallas.......................................................... San Francisco............................................ Oct. 1 Forecast for 1920 799 19,140 1,001 129,337 16,463 898 OATS (Bushels) Sept. 1 Forecast for 1920 Estimate for 1919 Oct. 1 Forecast for 1920 Sept. 1 Forecast for 1920 46,118 28,291 85,291 28,005 27,177 46,283 26,287 84,140 27,522 28,566 559,327 557,071 832 70,585 287,150 204,218 29L 933 202,799 3,°97 48,155 44,946 2,086 2,665 2,230 2,833 2,372 2,816 2,023 2 ,112 1,789 1,126 4,284 184 (a) 117 (a) Estimate for 1919 12,123 31,856 23,214 70,279 13,752 13,599 1,018 4,126 189 (a) Estimate for 1919 480 750 316 1,034 10,326 112,202 108,022 147,994 6,614 63,990 Oct. 1 Forecast for 1920 440 740 298 460 26,397 29,008 461,082 72,701 44,281 63,595 208,857 182,677 99,004 40,219 46,004 T o tal................................................... (a) (b) 12,123 (b) 12,783 (b) 11,030 (b) 1,444,362 1,248,311 1,441,839 In addition the following amounts were estimated grown in Lower California (Mexico): October 1 and September 1, 1920 forecast— 89,000 bales; estimate for 1919— <2,000 bales. Cotton grown outside of cotton belt included as follows: October 1, 1920 forecast—■ 16,000 bales; September 1, 1920 forecast— 14,000 bales; estimate for 1919—7,000 bales. R E C E IP T S AND S H IP M E N T S OF IM P O R T A N T C O M M O D ITIES A T CHICAGO (ooo’s omitted) R E C E IP T S September August 1919 19x9 1920 1920 Flour, barrels............................................. ..................... Wheat, bushels............................................ ..................... Corn, bushels............................................. ..................... Oats, bushels.............................................. ..................... Rye, bushels............................................... ..................... Barley, bushels.......................................... ..................... Cured Meats, pounds............................... ..................... Fresh Meats, pounds................................ ..................... Lard, pounds............................................. ..................... Cheese, pounds.......................................... Butter, pounds............................................ ..................... Eggs, cases................................................. ..................... Potatoes, bushels...................................... ..................... Hides, pounds............................................ Wool, pounds............................................. ..................... Lumber, thousand feet............................ ..................... 3,920 1,074 20,218 12,061 7,554 9,697 554 8,940 327 562 8,585 3,72i 10,687 501 1,076 6,311 i ,356 5*9 613 50,575 5,48o 27,951 381 1,986 2,376 193 11,4 13 67,095 6,230 20,523 22,731 320 1,6 11 i 4,309 2,252 205 6,094 47,286 12,733 16,828 30,589 421 710 8,626 7,253 202 SH IPM EN T S September August 1920 1919 1920 1919 873 484 21,413 3,296 12,318 783 1,324 17,790 5,249 93,466 1 1 >339 18,680 34,424 412 732 17,604 8,343 170 2,683 3,886 402 332 62,425 197,048 29,996 8,225 20,326 328 207 20,907 8,088 87 652 15,440 2,603 6,506 99 672 100,097 175,611 55,98o 41,025 40,540 219 680 33,839 5,965 93 476 6,464 2,946 4,702 613 356 51,009 135,789 23,308 7,390 19,870 254 94 10,298 4,149 81 663 14,827 i , 910 8,321 45 972 82,987 1 52,o57 49,x99 3 L 079 33,884 162 214 22,183 12,844 87 O PEN M A R K E T D ISCO U N T AND IN T E R E S T R A T E S IN CHICAGO The open market range of discount and interest rates prevailing in Chicago during the thirty-day period ending October 15 , 1920, together with a comparison of rates during the thirty-day periods ending September 15, 1920, and October 15, 1919, follows: 1. 2. 3. 4. 5. 6. 7. 8 High Rates of discount charged by banks to customers for prime commercial paper such as is now eligible under the Federal Reserve Act: a. Running 30, 60 and 90 days................................ 7 b. Running 4 to 6 months........................................ 7 Rates for prime commercial paper purchased in the open market: a. Running 30 to 90 d a y s * ..................................... 7@8 b. Running 4 to 6 months * .................................... 7@8 Rates charged on loans to other banks—secured by bills payable..................................................................... 7 Rates for bankers’ acceptances of 60 to 90 days maturities: a. Endorsed................................................................. 7 b. Unendorsed............................................................ 7 Rates for demand paper secured by prime stock ex change collateral or other current collateral.............7 Rates for time paper secured by collateral mentioned in No. 5: a. Running 3 months................................................ 7 b. Running 3 to 6 months....................................... 7 Rates (when paper is current in city) for: a. Cattle loans............................................................ 7 b. Commodity paper secured by warehouse receipts, etc.......................................................... 7 Rates for ordinary commercial loans running 30, 60 and 90 days, (not including loans to enable pur chase of bonds) secured by: a. Liberty bonds......................................................... 6@7 b. Certificates of indebtedness................................ 6@J O CTO BER, 1920 Low Customary S E P T E M B E R 1920 O CTO BER, 1919 High Low Customary High Low Customary 77 77 7@8 7@8 7@8 7@8 7@8 7@8 7 7 7 7 7 7 7 7 7 (>X@7 6J^@7 6A@7 6A @7 7 7 7 6@7 6@j 7 77 7 7 7 77 6@7 6@7 7 6 6A 77 7@8 7@8 6 6 sX 7@8 7©8 5^ 5^ sX 5% @5A 7 sK sX sX 4A 4X 4X 4/4 @5ts 4 I5<> 6 5K 5 K @6 6 6 5K 5 A@(> 5 A @6 6 5X 5^ 7 7 7 6A 7 (>A 7 7 7 7 7 7 7 6 7 6 6 6 5K @6 $A ©6 sa 6 7 6 5^ @s a 4 K@ 4 nr 5K 5 5 sX@6 *Bankers report seven per cent and brokers’ offerings show eight per B U IL D IN G S T A T IST IC S FOR T H E MONTH OF S E P T E M B E R , 1920 CHICAGO DISTRICT (Illinois, Indiana, Iowa, Wisconsin, Michigan, Missouri and Portions of Eastern Kansas and Nebraska.) CO N TEM PLATED P R O JE C T S No. of Valuation Class Projects $12,213,700 Business Buildings........................................................................................ 268 4,704,700 Educational Buildings................................................................................. 69 2,871,000 Hospitals and Institutions............................... 1......................................... 19 Industrial Buildings..................................................................................... 194 22,757,7° ° 25,000 Military and Naval Buildings.................................................................... 2 463,000 Public Buildings............................................................................................ 34 48,266,600 352 Public Works and Public Utilities............................................................ 1,450,000 Religious and Memorial Buildings............................................................ 40 16,001,100 Residential Buildings................................................................................... (a) 743 4,452,700 Social and Recreational Buildings............................................................ 56 T o tal....................................................................................................... co ntracts 1920..............................................5670,549,000 19 19 ...................... 638,986,000 19 18 ............................................. 324,006,000 1 9 17 ............................................. 509,466,000 aw arded 1,777 CO N TRACTS AW ARDED No. of New Floor Space Projects Sq. ft. Valuation 194 1,614,500 $7,918,900 5 56,600 2,796,000 5° 125,200 15 8 4 3 .3 0 0 148 4>373>8 oo 17,231,000 14 228 3° (b) 630 28 $113,206,100 1*337 2 5 i ,3 ° o i3 3 » S o o 2,084,100 140,300 1,281,100 12,771,100 1,012,500 8,690,900 1,195,900 $ 53,740,700 (January 1 to October 1) 1916.....................................&331>671,897 19 15 .............................................. 216,208,600 19 14 ............................................. 164,472,100 19 13 .............................................. 144,267,000 (a) 1,362 Buildings, (b) 1,189 Buildings. Compiled by F . W. Dodge Company 19 12 .................................................$99,087,000 1 9 1 1 .................................................108,845,313 19 10 .................................................155,482,805 C O M PA R A T IV E L IV E STO CK S T A T IS T IC S Receipts of live stock at Chicago for the four weeks ending October 16, 1920 compare as follows: Year Cattle 1 9 2 0 ............................................................................................................ 282,384 1 9 1 9 ............................................................................................................. 3° 9>3°7 Decrease............................................................................................. 26,923 Calves 52,340 67,919 369,914 Hogs 447>552 Sheep 467,828 637,147 15,579 77>638 169,319 Receipts of live stock at the principal markets during September, and during the first nine months of 1920 compared with the corresponding periods of the previous year, show the following changes: 1920 September................................... Nine months............................... Hogs 9 per cent Decrease 8 per cent Decrease Sheep and Lambs 41 per cent Decrease 20 per cent Decrease Calves 5 per cent Increase 5 per cent Increase Cattle 5 per cent Decrease 9 per cent Decrease Receipts of hogs at the six principal markets during September, 1920, aggregated 914,861 head, against 1,000,620 in September, 1919. The average prices compared as follows per hundredweight: Cattle Choice Cattle Common *15.16 September 19 2 0 ......................... ............................. *18 .13 September 1 9 1 9 ....................... .......................... I 7-89 Nine months— 19 2 0 ................. . Nine months—1 9 1 9 ................. ................................ 18.79 Sheep *6.88 8.30 10.70 10.99 15-55 13.86 15-53 Lambs Hogs * 13-39 14.90 16.58 16.57 * 14-75 20.00 14-73 19.70 Cash lard in September 1920, ranged from $18.35 to $20.85 cwt- compared with $23.95 to L2 in September 1919. Cash ribs in September 1920, ranged from $ 1 5 . 1 2 to $18.25 cwt. compared with $18.75 to $ 2 2 .8 7 ^ in September 1919. A L IE N M O V EM E N T IN AND OUT OF U N IT E D ST A T E S The following chart taken from the Standard Daily Trade service of October 15, 1920 shows the departing and admitting of aliens to this country. r t p l i i ---- The migration movement for August 1920 shows 86,Goo immigrants admitted, and 95,000 departed, 1, II 11 ? C? ^ M K ^ 4 151 A " S &c C /3 CO sipISis^lS.lsl
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