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B usiness Conditions R eserv e DISTRICT S ev en th FEDERAL MONTHLY REVIEW PUBLISHED BY THE FEDERAL RESERVE BANK OF CHICAGO Volume 7, No. 9 September 1, 1924 BUSINESS CONDITIONS IN THE UNITED STATES P RODUCTION in basic industries, after a con siderable decline in recent months, was main tained in July at the same level as in June. Factory employment continued to decline. Wholesale prices increased for the first time since early in the year, reflecting chiefly the advance in the prices of farm products. PRODUCTION—The Federal Reserve Board’s index of production in basic industries, which had declined 22 per cent between February and June, remained practically unchanged during July. Iron and steel and woolen industries showed further cur tailment, while production of flour, cement, coal, and copper was larger than in June. Factory em ployment decreased 4 per cent in July owing to further reduction of forces in the textile, metal, and automobile industries. Building contract awards P R O D U C TIO N IN showed more than the usual seasonal decline in July, but were 10 per cent larger than a year ago. Crop conditions, as reported by the Department of Agriculture, were higher on August 1 than a month earlier. Estimated production of nearly all of the principal crops except tobacco was larger than in July and the yields of wheat, oats, rye, and cotton are expected to be considerably larger than last year. TRADE— Railroad shipments increased in July owing to larger loadings of miscellaneous mer chandise, grain, and coal. Wholesale trade was 3 per cent larger than in June, owing to increased sales of meat, dry goods, and drugs, but was 3 per cent smaller than a year ago. Retail trade showed the usual seasonal decline in July, and department store sales were 1 per cent greater B ASIC I N D U S T R I E S Index of 22 basic commodities corrected for seasonal varia tion (1919=100). Latest figure, July, 1924: 94. Compiled August 27, 1924 FACTORY EM PLOYM ENT and mail order sales 7 per cent less than a year ago. Mer chandise stocks at department stores continued to decline during July and were only slightly larger at the end of the month than a year earlier. PRICES— Wholesale prices, as measured by the index of the Bureau of Labor Statistics, increased more than 1 per cent in July. Prices of farm products, foods, and clothing increased, while prices of building materials again declined sharply and prices of metals, fuel, and house furnishings also decreased. During the first half of August quotations on corn, beef, sugar, silk, copper, rubber, and anthracite advanced, while prices of cotton, flour, and bricks declined. BANK CREDIT— Commercial loans of member banks in leading cities, owing partly to seasonal influences, in creased considerably early in August. Loans secured by stocks and bonds and investments continued to increase, so that at the middle of August total loans and investments of W HOLESALE P R IC ES Index of U. S. Bureau of Labor Statistics (1913=100, base adopted by the Bureau). Latest figure, July, 1924: 147. those banks were larger than at any previous time. Further growth of demand deposits carried them also to the high est level on record. Between the middle of July and the middle of August Federal Reserve bank discounts for member banks declined further and their holdings of acceptances decreased some what. United States security holdings increased, however, and total earning assets of Federal Reserve banks remained practically unchanged. Continued easing in money rates in the New Y ork market during July and early August is indicated by a decline of %. of 1 per cent in prevailing rates for commercial paper to 3-3*4 per cent. After the middle of August there was some advance in open market rates for bankers’ acceptances and short-term government securities. During August the discount rate at the Federal Reserve Bank of New York was reduced from 3 }i to 3 per cent and at the Federal Reserve Bank of Cleveland and of San Francisco from 4 to 3 y2 per cent. MEMBER BANK C R E D IT Weekly figures for member banks in 101 leading cities. Latest figures, August 14, 1924: Loans and Discounts, 12,403 million; Investments, 5,033 million; Demand Deposits, 12,425 million; Time Deposits, 4,554 million. BUSINESS CONDITIONS IN THE SEVENTH RESERVE DISTRICT I M P R O V E D sentiment is perhaps the outstanding cur rent feature of business conditions in the Middle West. Especially evident is the better feeling in rural com munities where the rise in farm product prices contributed a substantial basis for improved agricultural credit. In the winter wheat sections some of the advantages of the large yield at high prices have been realized; while in the corn belt, where marketing so far has been confined chiefly to hogs on the sharp advance, the attractive prices for cash corn, as well as higher quotations on futures, are offsetting any discouragement arising from unfavor able corn crop prospects. In industrial areas aggregate employment declined dur ing July both in number of men and amount of payroll. Important factors in a generally bettered situation are the maintenance of wage rates at their high levels, and unmistakable signs of improvement appearing in such Page 2 September basic industries as iron and steel output and automobile production. The better sentiment has not developed to any great extent in the coal industry. Merchandising activity during July reflected for the most part the curtailment characteristic of the summer months, although instances were not infrequent of coun ter influences at work tending to offset declines earlier in the year. Changes in the financial situation during the month in clude the decrease in loans to member banks by the Fed eral Reserve bank, the slightly downward trend of money rates, the decline in savings from the preceding month, and the gain in volume of payment by check. Through out July and thus far in August the bond market has been active. Business failures reported for the district dropped 30 per cent from the preceding month and year. BANKING CONDITIONS AND M ONEY RATES Credit demand for commercial and industrial purposes exhibited no marked increase; in agricultural sections the relatively strong demand noted last month has diminished little, although reports indicate that some country banks are liquidating their obligations in somewhat greater volume than earlier in the summer. Improved prices for agricultural products have resulted in a generally more cheerful attitude on the part of the farmers and reports in dicate that business sentiments in rural sections are im proving psychologically, at least, as a direct result of the upward price trend. Money rates in Chicago moved down ward slightly, rates on commercial paper at the present time being 3 to 3J4 per cent, the bulk of the business go ing at 3'J4, whereas a month ago the range was 3% to 3 Collateral loans carry 4 to 4^2, compared with 4% to 434 per cent a month ago; over-the-counter loans, however, at 4$4 to 5 per cent, represent a J4 Per cent gain fhe lower range, these being the only exception to the easing tendency in rates. Loans to member banks by the Federal Reserve bank decreased steadily in volume, and the figure on August 20 of $33,781,000 was the lowest since April 10, 1918, when loans aggregated $33,277,007. Purchases of government securities and o f bills in the open market were reflected in slightly higher earning as sets on August 20 than the preceding week. Federal Re serve notes in circulation on August 20 aggregating $229,130,000 had decreased about 16 million from the corre sponding reporting date in July, and almost 2 million from the preceding week. Loans and discounts of reporting member banks on August 13, with a total of $1,871,264,000 reached the high est peak since April 1, 1921, when $1,871,457,000 was re ported. The advance of 22 million on August 13 as com pared with the preceding week represented increases in loans on stocks and bonds in Chicago, and lesser gains in loans in that city on security other than stocks and bondsand government securities. Investments of reporting members showed a steady gain since July 9, when a considerable drop from the preceding reporting date was indicated. Demand deposits on August 13 totaled $1,703,264,000, a rise of over 36 million from August 6. Time deposits in Chicago and Detroit member banks on August P O S ITIO N O F F E D E R A L R E S E R V E B A N K O F C H IC A G O 13 stood at a slightly higher level than on the correspond ing reporting date in July, and in other selected cities showed a slight gain. Sales of commercial paper by ten dealers in this dis trict aggregated 3.2 per cent more in July than in June, a much less pronounced increase than the remarkable gain in the latter month. Compared with a year ago they registered an advance of 50.7 per cent. Paper of these dealers outstanding at the close of the month increased ever the preceding month and July, 1923, 1.9 per cent and 4.1 per cent, respectively. Rates in July prevailed at 3% @ 3 A per cent, although a top of 412 per cent was re l / corded, and the high rate with most dealers was 4 per cent. In general 3J4 per cent was the low rate, al though some sales were made at 3 per cent. Demand from city banks remained good, but country banks con tinued to purchase sparingly. The supply of paper was only fair. The weekly average volume of bills purchased by five dealers in the open market in the five weeks ended Au gust 13 was reduced 6.3 per cent from that of the pre ceding four-week period. Brokers’ sales to Chicago banks increased greatly, while those to out-of-town banks dropped with the net result of sales more than twice those of the preceding period. Holdings on August 13 were 45.5 per cent less than on July 9. Rates were slightly shaded on all maturities, at the close of the period 90day bills being bid at 2y& per cent and offered at 2 per cent. The supply of bills was very light and the demand generally poor, although better for short- than for long term maturities. Eighteen accepting banks in the district more than doubled the volume of bills accepted in July over June, and executed the largest aggregate since March, 1921, when this bank began to gather data. Compared with July, 1923, the volume was also more than double. Purchases were augmented 53.1 per cent and sales 75.9 per cent over June, both items being greatly above a year ago. Total month-end holdings advanced similarly, while those of the banks’ own acceptances were twice as great as in June. The liability of the banks as acceptors for their acceptances outstanding at the close of the month increased 21.0 per cent over June and 60.8 per cent over a year ago. Purchases of bankers’ acceptances by the Federal Re serve bank during July receded to $2,363,176, the smallest monthly volume since November, 1917, while holdings at the close of July amounted to $1,541,496, only slightly more than the previous low point at the close of Septem ber, 1921. Agricultural Financing—Twenty-two Joint Stock Land banks reported aggregate loans outstanding in the five states including the Seventh district on July 31 as $159,098,383, compared with $157,450,678 on June 30, a gain of over 1Yz million. Approximately the same increase was shown by four Federal Land banks whose aggregate loans in this territory on July 31 were $142,146,290. Loans and rediscounts of four Intermediate Credit banks for the same date dropped to a level about thirty thousand below the figure shown on June 30. The relative volume o f out rage 3 September standing loans in the various states embracing the Seventh district is shown in the tabulation below: J o i n t S to c k L and B a n k s F e deral ’ I n t e r m e d ia t e L and B a n k s C r e d it B a n k s Number of banks................. 22 Illinois .................................... $47,462,849 Indiana .................................. 30,030,220 Iowa ........................................ 75,632,214 Wisconsin .......... 4,427,200 Michigan .................. 1,545,900 4 $21,494,440 31,234,800 48,154,750 23,654,100 17,608,200 $142,146,290 $159,098,383 4 $ 497,036 22,311 83,138 602,580 500 $1,205,565 ’ Includes direct loans and rediscounts. Volume of Payment by Check— A gain of 1.6 per cent over June and 3.3 per cent over July, 1923, in the volume cf payment by check was shown by the reports of twentyfour clearing house centers covering the month of July. Detroit alone of the four larger centers reported a reces sion from the preceding month, only 0.4 per cent, how ever, whereas Chicago, Milwaukee, and Indianapolis ex panded 1.7, 1.9, and 4.3 per cent, respectively. The gain in the aggregate of these four cities was 1.4 per cent over June and 2.9 per cent over July, 1923. Volume of check payment in twelve of the twenty smaller reporting cities moved to a higher level than in June, offset slightly by declines in eight, resulting in a gain of 2.5 per cent for the group over June and 5.5 per cent above July of last year. A ggregate J u l y , 1924 (000 o m it t e d ) Chicago ..................................... $2,976,571 661,579 Detroit ..................................... Milwaukee ............................... 253,384 Indianapolis ............................. 155,071 P ercen tage C h a n g e s from June J uly 1924 + 1.7 — 0.4 + 1.9 + 4.3 1923 +4.1 + 3 .6 — 6.8 — 4.2 Total 4 cities .........................$4,046,605 Total 20 cities ........................ 671,377 + 1 .4 + 2.5 + 2.9 +5.5 Total 24 cities ..........................$4,717,982 + 1 .6 + 3.3 Savings—The amount of savings deposits and the aver age savings account in this district, as reported by 202 banks, declined 1.8 per cent and 1.6 per cent, respectively, between July 1 and August 1. Iowa registered an in crease of 0.4 per cent in the amount of savings deposits and 0.2 per cent in the average savings account, while the other four states showed declines ranging, in the former item, from 1.2 per cent in Wisconsin to 2.9 per cent in Illinois, and in the latter, from 0.5 per cent in Indiana to 2.7 per cent in Illinois. Reasons given for the interruption of the general up ward trend which has been in evidence during the past couple of months were the usual heavy withdrawals after the crediting of interest on July 1, poor industrial condi tions, and the placing of funds in other investments paying a higher rate of interest. Compared with a year ago savings deposits increased in amount in all of the five states, the district gain aggregat ing 4.5 per cent. Increases in the individual states ranged from 1.5 per cent in Indiana to 6.7 per cent in Michigan. A gain of 0.2 per cent was indicated in the size of the average savings account in the district, increases being registered in Illinois of 0.1; Michigan, 0.5; and Wisconsin, 0.8 per cent; while Indiana and Iowa each showed a de cline of 0.8 per cent. Bonds—Throughout July and extending well into Au gust the bond market was very active with practically all classes of bonds recording advances. Public utilities, rails, and foreign issues were the most popular. New issues of fered in this district were readily absorbed, with the in vesting public buying on a much larger scale than for some time past. Banks and institutions, however, are still large purchasers and with the farmers better off, banks in the farming district, which have not been in the market for some time, are now buying. The second half of Au gust started with a slight falling off in inquiries. On ac count of the high levels reached by the groups mentioned above, some investors are beginning to turn to industrials causing the price to advance slightly. AGRICULTURAL PRODUCTION AND FOODSTUFFS Reports of early threshing returns sent direct to this bank indicate that the oat yield per acre will be greater in 1924 than a year ago. In Michigan, Iowa, and the north ern part of Indiana, wheat is yielding more per acre than in 1923, but in other parts of the district the average is somewhat below last year. Reports from 128 county agents representing 183,036 farmers show that in a large portion of the Seventh district the growth of corn to date has been retarded to such an extent that there is no as surance the crop will reach full maturity before early frosts may be expected. CROP PRODUCTION Estimated by the Bureau of Agricultural Economics as of August 1 (In thousands of bushels) S e v e n t h D i s t r ic t F orecast F in a l 1924 Corn ........................790,429 Oats ........................574,109 Total Wheat.......... 64.707 Winter Wheat.... 61,945 Spring Wheat.... 2,762 Potatoes ............... 68,301 Tobacco* ................ 41,415 Hay** (Tam e).................. 1923 976.124 490,254 82,965 79,815 3,150 70,752 50,354 18,003 U n it e d S tates F orecast F in a l 1924 2,576,440 1,439,041 814,117 589,350 224,767 398,821 1,202,350 89,017 1923 3,046,387 1,299,823 785,741 572,340 213,401 412,392 1,491,066 89,098 1918-22 5-Y r. A v . 2,899,428 1,302,516 880,989 624.653 256,336 390,616 1,361,000 85,800 *In thousands of pounds. **In thousands of tons— district figures for 1924 not yet available. Page 4 September Dairy herds have increased over a year ago but fewer other cattle are on farms than at this time last year. Calf production in the Seventh district during the first seven months of 1924 nearly equalled the figure for the corre sponding period in 1923. In the United States there were 6 per cent more milk cows, two years old and over, on farms June 1, 1924, than on the corresponding date in 1923, according to a recent estimate by the Department of Agriculture. GRAIN M ARKETING In accordance with the customary movement and also because of the attractiveness of prevailing prices at har vest time, the new crop of wheat was shipped to terminal markets in increasing volume during July. Arrivals of this class of grain at primary markets of the United States ex ceeded those in July last year and nearly equalled the fig ure for the corresponding period in 1922. Receipts and shipments of corn were limited to approximately the same volume as in July, 1923, but those of oats declined from June to a point below last year’s July level. Domestic de mand for grain has changed little from a month ago. Moderate export inquiry for wheat continues, but keen competition from the Argentine is a limiting factor in our exportation of corn to world markets. Exports of barley were larger than in June but those of wheat, rye, oats, and corn declined. Chicago market prices of wheat and corn advanced during July, while those of oats remained moderately firm. On the Chicago Board of Trade, July trading in grain futures exceeded that of June. The visible supply of wheat in the United States, Can ada, and the United Kingdom was 136,229,000 bushels on August 9, 1924, compared with 141,298,000 bushels on July 12, 1924, and 101,510,000 bushels on August 11, 1923. Sixtyfive and one-quarter million bushels of the 1923 oat crop remained on farms in the United States on August 1 , 1924, this amount being 8 per cent smaller than the carry-over a year ago, according to an estimate made by the Bureau of Agricultural Economics. VISIBLE SUPPLY OF GRAIN IN THE UNITED STATES Figures supplied by the Chicago Board of Trade (In thousands of bushels) B arley R ye O ats August 16, 1924 W h e a t C orn 302 15,146 5,507 2,373 Warehouses and Afloat.... ....58,106 191 2,759 615 .... 2,548 Bonded ................ July 19, 1924 310 3,771 15,415 3,951 Warehouses and Afloat.........34,175 128 142 2,153 .... 4,210 Bonded .... ........... August 18, 1923 12,353 1,101 6,338 2,105 Warehouses and Afloat........ 48,752 766 99 82 .... 1.209 Flour— Operations at thirty-six flour mills in this district averaged 54.2 per cent of capacity during July compared with 59.0 per cent in the previous month, and output of flour declined 4.3 per cent from the June level, that of wheat flour receding 4.5 per cent, with other flour gaining 1.5 per cent. Compared with a year ago flour production in this district increased 30.8 per cent, representing a gain of 34.0 per cent in wheat flour, while other flour showed a decline of 18.8 per cent. Operations during July, 1923, were maintained at an average of 43.1 per cent of capacity. Stocks of flour held by mills at the end of July were 16.7 per cent smaller than at the beginning of the month and 7.6 per cent less than a year ago. Wheat stocks increased 9.9 per cent during the month, but declined 18.3 per cent from the July 31, 1923, level. In contrast with the downward trend in production, July sales of flour reached an amount 35.3 per cent larger in volume and 39.7 per cent greater in value, than those of June, and comparison with a year ago revealed gains of 13.4 per cent in volume and 32.0 per cent in value. Most firms reported collections about the same as in June. The increased trading in flour was also reflected in the Chicago Board of Trade figures which showed receipts at Chicago amounting to 1,015,000 barrels compared with 899.000 barrels in the previous month and 714,000 bar rels during the corresponding month last year; shipments from Chicago aggregated 638,000 barrels compared with 580.000 barrels in June and 586,000 barrels a year ago. M OVEM ENT OF L IVE STOCK A greater volume of sheep and lambs arrived at public stock yards in the United States during July than in any other month since January, 1924, while slaughter of this class of animals reached the highest level since October, 1923. Although greater than in June, the total receipts of bovine stock were somewhat lower than in May, but the aggregate of cattle slaughtered exceeded that for any month since January. The beginning of the usual mid summer decline in hog receipts was evidenced by a smaller volume of marketings in July than in the prior month, (the sharp price advance developing the latter part of July). Slaughter of all live stock rose above the five-year aver age for July. LIVE STOCK SLAUGHTER C attle Yards in Seventh District July, 1924 .......................244,251 Public Stock Yards in U. S. July, 1924 ............. .........721,711 June, 1924 ....................... 637,657 July, 1923 ......................717,209 July, 1922 .......................669,010 S heep L am bs C alves 960,875 H ogs 279,187 2,605,398 2,851,895 2,651,881 1,939,818 959,493 903,356 935,988 955,790 105,868 ^ 419,956 392,337 387,136 332,502 a nd Fewer cattle, calves, and hogs but an increased number of sheep and lambs were shipped back to feed lots during July than in either the preceding month or the correspond ing period a year ago. AVERAGE PRICES OF LIVE STOCK Per hundred pounds at Chicago W e e k ended A u g u st 16, 1924 Native Beef Steers (average).......... $ 9.70 Fat Cows and Heifers............. ........ 5.55 Canners and Cutters................. ........ 2.65 Calves ......................................... ........ 11.25 Stockers and Feeders.............. ........ 5.85 Hogs (bulk of sales) ............. ........ 9.20 Sheep .......................................... ........ 7.10 Yearling Sheep ....................... ......... 10.00 Lambs ......................................... ........ 13.45 Ju ly 1924 $ 9.45 6.05 2.90 9.85 6.25 7.75 5.80 10.85 13.85 M o n t h s of J une J u ly 1924 $ 9.35 1923 $ 9.65 6.20 6.20 3.00 8.85 6.75 7.05 5.30 2.95 10.65 5.85 7.00 5.95 10.85 14.20 12.00 14.65 Meat Packing— As a result of a seasonal reduction in the number of hogs received, employment at slaughtering es tablishments in the United States declined 2.0 per cent in number, 6.1 per cent in hours worked, and 4.3 per cent in total payrolls for the period covered by the last paydate in July compared with the corresponding period in the preceding month. Despite an increase in the amount of veal, beef, and lamb produced, the aggregate for all products was slightly lower than in June. Statistics com piled from reports made direct to this bank byfifty-one meat packing companies in the UnitedStates show total sales for July 6.1 per cent greater than in the prior month and 4.4 per cent in excess of those for July a year ago. Supplies of meat and lard in cold storage warehouses in the United States declined from July 1, and with the excep tion of lard and beef all were under a year ago. Total holdings were slightly heavier than the August 1 average for the three-year period, 1921-23. At Chicago, prices of beef held steady, those of veal were slightly firmer than in June, while lard, pork, and lamb held firm until near the close of July when these three products advanced in price sharply, so that by the middle of August, notwithstanding a tendency to move slightly downward, they were on a much higher basis than in the early part of July. Export business increased about the time pork prices be gan to harden in July but inquiry again slackened toward the close of the month when quotations were placed on the higher level necessitated by a marked advance in the cost of live hogs. A greater portion of present purchases of American product are now being made from spot stocks already in the United Kingdom or on the Conti nent. The total volume of meats and lard forwarded in July for export did not quite equal that of June. Con signed stocks already abroad on August 1 were indicated Page 5 September as slightly lower than at the beginning of the preceding month, according to reports made direct to this bank by firms engaged in foreign trade. Prices in Europe for many of our products are slightly under present parity with those in the United States. period of 1923. In the Seventh district, the sales of cream ery butter declined 6.5 per cent from June but were 18.3 per cent in excess of the total for July last year, accord ing to statistics compiled from reports by representative companies. DAIRY PRODUCTS AND POULTRY A lessened volume of eggs and butter but cheese and poultry in greater quantity arrived at Chicago during July than in the preceding month, receipts exceeding those of a year ago. Supplies of dairy products in cold storage warehouses in the United States rose above the level on July 1 and were greater than on the corresponding date a year ago or the five-year average for August 1. Stocks of poultry were reduced slightly from a month ago, the total being somewhat under that at the beginning of August last year. Prices during July of all products averaged lower at Chicago than in June but have again moved to ward higher levels. The seasonal downswing in butter production normally begins in July; this year the district output of creamery butter in July fell 0.4 per cent below the June level but was 22.6 per cent in excess of that a year ago, according to re ports submitted by representative factories. Statistics is sued weekly by the American Association of Creamery Butter Manufacturers indicate a total July production in the United States lower than in the preceding month. W is consin factories made 2.6 per cent less cheese during the five weeks ended August 9 than in the prior period, the output being 1.0 per cent under that in the corresponding FUEL AND POWER PRODUCTION COAL Although production of bituminous coal in Illinois in creased from 3,978,560 tons during June to 4,536,520 tons in July, little improvement in the market for Middle West output was noticeable. A few purchases by railroads and industrials were in evidence while very little domestic buy ing developed. Prices in the middle of August averaged about the same as during the corresponding period of the previous month. Despite the marked decline in output during the week ended July 5, production of bituminous coal in the United States during the month totaled 32,284,000 net tons, a gain of 1,837,000 tons over the June level; July, 1923, output aggregated 45,126,000 tons. Reports furnished by the Ore and Coal Exchange indi cate a heavier lake trade in July than in the preceding month, but the volume remained below that of a year ago. Following are figures on the loadings of bituminous coal at Lake Erie ports in July and June, 1924, and July, 1923, together with the relative volume of cargo and fuel in cluded in the loading figures: J u l y , 1924 J u n e , 1924 J u l y , 1923 Cargo ..............................................3,418,426 Fuel ........... - .................................. 203,239 2,747,125 185,668 4,653,109 257,370 Total ............................... ............3,621,665 2,932,793 4,910,479 Distribution of bituminous coal to American ports on Lake Superior aggregated 1,510,045 tons and on Lake Michigan, 854,465 tons, compared with 1,125,525 tons and 780,115 tons, respectively, in June. The market for anthracite has been reported dull, with INDUSTRIAL EMPL A decrease of 2.3 per cent in employment and 5.7 per cent in payrolls was reported for the month ended July 15, by representative industries of the Seventh Federal Reserve district. In Illinois the decline was especially heavy, amounting to approximately 4.0 per cent in men and 7.0 per cent in payrolls, more than for any previous Page 6 September stove and egg coal in strongest demand. Total July pro duction amounted to 7,782,000 net tons compared with 7,704,000 tons in the preceding month, and 8,320,000 tons during the corresponding month a year ago. The notice able curtailment of output during the week ended July 5 was due to the Fourth of July holiday. It is reported that despite the slow demand for anthracite, large companies, as well as some of the independent operators, advanced their mine-price quotations for domestic coals on an aver age of about 10 cents per ton. ELECTRIC ENERGY The average daily industrial sales of electric energy in July declined from the preceding month and from a year ago. The increases in aggregate monthly production and sales are in contrast to fairly extensive declines in June. Peakload demand rose in July, following a decline in June from May. The capacity of plants of reporting compa nies was reduced 0.2 per cent from June and was 13.9 per cent above a year ago. CHANGES IN JULY, 1924, FROM PREVIOUS MONTHS Compiled from direct reports to this bank from seven companies J uly P e r c e n t c h a n g e fro m June J uly 1924 Plant output (K .W .H .)............................ ..495,201,109 Plant output (daily average— K .W .H .).._ 15,974,229 Peakload demand (K .W .)......................... .. 1,214,380 Industrial sales (K .W .H .)....................... ..206,117,204 Industrial sales (working day average— K .W .H .) .................................................... 7,927,585 1924 + 1.4 — 1.9 + 0.4 + 0.5 1923 + 1.2 + 1.2 + 3.5 — 4.7 Ratio of peakload demand to plant capacity .................................................... Load factor.................................................. — 3.4 — 8.4 July J une J u ly 1924 1924 1923 65.2 54.8 64.8 56.1 71.8 56.1 tfENT CONDITIONS month of the present depression. W isconsin reported a gain in employment but a further drop in total earnings as occasioned by increases in part-time operations. For the other states embracing the district, employment con ditions remained relatively stable with a slight tendency toward an improvement. W age rates throughout the dis trict are being maintained and any decline in average earn ings may be attributed to a curtailment in working hours. Seasonal shutting down of many plants for repairs and in ventory-taking contributed to the unfavorable showing for the month. Of the industries reporting, metals and metal products were again seriously affected, reducing the number of men 7 per cent and shortening the time schedules so that total earnings dropped 13 per cent. These declines were simi* lar to those of the previous month. In the manufacture of vehicles, employment continued to decline but at a less rapid rate. Conditions were irregular in the building ma terials groups, many brick yards and stone quarries still operating at full capacity, but the general tendency was downward. A marked increase was experienced by the food products group, the seasonal activity of canneries and fruit packing requiring a large number of additional work ers. A substantial advance was reported for the rubber products group, while paper and printing, and textiles and textile products remained fairly stable. The United States Employment Service reports indi cate that a considerable number of men are out of work. For Illinois, there were 172 applicants for each 100 posi tions open during the months of June and July; in In diana, the ratio was 147 early in July, but decreased to 109 by the first week of August. EMPLOYMENT AND EARNINGS — SEVENTH FEDERAL RESERVE DISTRICT I n d u s t r ia l G rou p A ll groups (10) ....... ................................................... ...... Metals and metal products (other than vehicles).... ...... Vehicles ..................................... - .................................. ...... Textiles and textile products...................................... ...... Food and related products ........................................... Stone, clay and glass products.................................... ...... Lumber and its products.............................................. Chemical products......................................................— ...... Leather products............................................................ Rubber products................ ............................................ Paper and printing........................................................ Number of wage earners week ended— Per Cent July 15 June 15 Change 363.205 371,576 — 2.3 150,219 139,965 — 6.8 39,621 40,752 — 2.8 27,664 27,860 + 0.7 55,288 50,528 + 9.4 12,558 — 1.7 12,349 33,582 — 3.0 32,590 — 11.2 9,313 8,268 — 0.5 16,125 16,050 2,512 2,661 dr 5.9 + 0.8 28,323 28,553 Total earnings week ended— July 15 8,436,581 2,698,973 1,088,524 664,964 1,426,406 350,642 743,893 204,449 338,483 69,648 850,599 Per Cent Change — 5.7 — 12.8 — 4.3 — 0.9 + 4.7' — 6.0 — 7.5 — 14.9 — 3.5 June 15 8,947,824 3,096,255 1,137,937 671,126 1,361,823 373,190 804,534 240,154 350,872 65,184 846,749 + 6.8 + 0.5 MANUFACTURING ACTIVITIES AND OUTPUT AU TO M O BILE PRODUCTION AND DISTRIBUTION An upturn in the trend of automobile production is in dicated in the July reports received by this bank, a direct contrast to the seasonal decline evidenced at this time in past years. While this condition reverses the usual trend, the unseasonable decreases in production of April, May, and June have reduced the number of cars in warehouses and with dealers to a point where increased output can readily be absorbed. In July, tot the fourth consecutive month, the year-to-year comparison was unfavorable. Passenger cars produced during July by identical manu facturers, representing practically complete production, amounted to 237,431, a gain of 9.0 per cent over June, but a shrinkage of 20.1 per cent from July last year. Trucks built in July by manufacturers whose June output was 27,040, numbered 24,895, a further drop of 7.9 per cent in the month-to-month comparison and 16.2 per cent from a year ago. Last year at this time the July comparison with June of passenger cars and trucks produced showed de clines of 11.8 per cent and 25.6 per cent, respectively. Price advances were announced by some manufacturers at the time the 1925 models were brought out. Reports on the number of cars in warehouses cago, the distributing point for a large portion Middle West, show only a small number of cars age at the present time and very few, if any, ments. in Chi o f the in stor replace The wholesale distribution of passenger cars during July by eighty dealers and distributors in the Middle West was larger in the aggregate than in June, although re ports varied considerably, many showing declines. Com pared with a year ago further tapering off took place. The movement of cars into consumers’ hands continued at a lesser volume than in the preceding month and year, with' the declines less marked than in May or June. New cars in dealers’ hands on July 31 again numbered less than in the preceding month, but remained at a point considerably above a year ago, although the gain was not so great as in past months. The number of used cars sold during the month decreased from June, but were larger than in July, 1923. Salable used cars on hand July 31 maintained an unbroken record of declines for the past three months, but were in excess of last year. These cars represented 104 per cent of the used cars sold during July. DISTRIBUTION OF AUTOMOBILES Changes in July, 1924, from previous months P er c e n t CHANGE FROM J une July C o m p a n ie s INCLUDED J une J u ly 1924 Number of new cars sold Wholesale ................. Retail ..................... ..... Value of new cars sold Wholesale ................... Retail ............................ New cars on hand at end of month Number .................... Value ....................... Used cars sold during the month ........ ................... Salable used cars on hand at end of month Number ................... Value ....................... 1923 1924 1923 + 23.4 — 3.8 — 0.4 — 10.2 45 75 41 74 + 17.3 — 0.7 + 2.3 — 4.0 45 75 41 74 — 22.7 — 22.7 +38.9 + 32.3 79 79 74 74 — 5.8 + 14.5 74 72 — 6.3 +25.9 + 9.9 75 75 59 59 — 6.6 Automobiles exported from the United States during the first six months of this year advanced markedly over a year ago and established a record for combined exports of passenger cars and trucks. The June exports num bering 10,142 passenger cars valued at $7,474,069 were 29.4 per cent below May for both items and 18.1 per cent Page 7 September and 16.7 per cent, respectively, under a year ago, the first unfavorable comparison shown since January, 1922. Trucks exported numbered 2,191, or 20.0 per cent less than in May, with a value of $1,532,860 or 3.8 per cent below that month, while compared with last year gains of 2.9 per cent and 34.1 per cent were made. AGRICULTURAL MACHINERY AND EQUIPM ENT A majority of manufacturers making equipment such as threshers, grain storage machinery, corn cutters, huskers, shredders, and shellers, report an increase in sales in July over the prior month, but this was largely offset by de clines reported in the planting, cultivation, and tillage ma chinery groups. The aggregate of domestic and export sales rose above the June total but showed a recession from last year. In this industry, during the inventory period following the completion in July of the manufac turing season for the calendar year’s business, many com panies reduce their forces until in the fall when the manu facture of equipment for distribution the following year is begun. The operating ratio in the manufacture of agricul tural implements is 50.5 per cent of the estimated normal for July. The average number of employees was smaller during the first seven months in 1924 than in the corre sponding period last year. Collections continue to lag. PRODUCTION AND SALES OF FARM EQUIPMENT IN THE U. S. Changes in July, 1924, from previous months P er c e n t c h a n g e f r o m J une J uly 1924 Domestic sales................. + 2.4 Sales billedfor export.. — 6.8 Total sales................ + 1.0 Production . — 6.1 Sales based on dollar amounts. ment. 1923 — 3.2 — 6.0 — 3.6 — 18.7 C o m p a n ie s in c l u d e d J une J u ly 1924 113 113 113 103 1923 113 113 113 103 Production computed from em ploy increase in orders near the month end. The pig iron market quieted considerably. Mill and furnace opera tions showed fewer changes near the end o f July. Dur ing the month pig iron prices were gradually shifted up from the previous price of $19.50 to $20.00, base furnace. The mean daily production of pig iron in the United States underwent a further decline of 14.8 per cent in July, bringing the average daily volume to 57,577 tons. In the Illinois and Indiana district average daily pig iron output declined 20.5 per cent. Daily production of steel ingots averaged 13.4 per cent less for the country than in June. Unfilled orders of the United States Steel Corporation stood at 3,187,072 tons on July 31, a decline of 2.3 per cent from June, the smallest recession since the curtailment commenced in March. Zinc— Production of slab zinc in July declined to 42,913 tons, a drop of 1.2 per cent from June. Shipments, how ever, were 10.4 per cent larger and aggregated 39,892 tons. Stocks on hand at the close of July were 52,705 tons, an increase of 6.1 per cent. Shipments of zinc ore from the Joplin district underwent a weekly average decline of 19.0 per cent, although remaining well above a year ago. The monthly average price per ton increased slightly to $39.31. Casting Foundries— Receding for the third successive month, production in July by reporting casting foundries in this district was considerably smaller than in June. Each month in 1924 has shown considerable declines from the operations in 1923. Shipments increased slightly dur ing July, but continued at a smaller volume in the yearto-year comparison. The average price per ton of cast ings shipped in July by twenty-three foundries was $148.27, compared with $148.64 in June, and $152.32 in July, 1923. The operating ratio of these companies was 60.2 per cent in the month under review, compared with 65.6 per cent in June. IRON AND STEEL PRODUCTS The latter half of July saw the first unmistakable signs of improvement in steel purchasing for some months. Demands from the oil industry constituted an important source of tonnage, while structural steel awards were in large volume. Operations were more consistently main tained than has been the case for several months, and the rate was increased toward the end of the month. A l though prices continued to recede, caution was still main tained by consumers, in anticipation of possible further lowering. Activity in the pig iron market moderated considerably following the buying movement in June, although fair purchasing continued throughout the month. The fore part of July witnessed the beginning o f producers’ efforts to prevent future price declines and, while some conces sions were to be had for a time, the market firmed and prices rose from 50 cents to $1.00 per ton in practically all centers. The market for iron and steel scrap exhibited considerable activity and price increases in some materials were fairly extensive. Signs of gradual betterment in the Chicago market for steel became evident near the end of July, although actual new business was probably not in sufficient volume for the mills’ order books to show any improvement over the close of June. Inquiry improved, and there was some Page 8 September CHANGES IN JULY, 1924, FROM PREVIOUS MONTHS P er’ c e n t c h a n g e fro m J une July 1924 Pig iron consumed......... + 11.4 Iron scrap consumed....... — 30.6 Steel scrap consumed...... — 11.8 Total tonnage consumed — 9.1 Castings shipped (tonnage) ................... . + 1.6 Castings shipped (dollars) ..................... + 1.4 1923 — 23.7 — 14.2 — 28.6 — 27.0 C o m p a n ie s in c l u d e d June July 1924 26 26 26 26 1923 26 26 26 26 — 20.8 26 26 — 23.2 25 25 Stoves and Furnaces— The outstanding feature during July in operations of reporting stove and furnace manu facturers in the district was a greater shrinkage in pro duction than in any single month since the drop in De cember, 1921. Shipments were under those of June, and orders continued the decline in month-to-month com parisons shown since January, while inventories showed the first decline in this comparison since December, 1923. Collections continue slow with a large number of manu facturers in some districts, the East and Central West affording most difficulty. CHANGES IN JULY, 1924, FROM PREVIOUS MONTHS P er c e n t c h a n g e fro m J une July 1924 Shipments ....................... — 3.5 Orders accepted............... — 13.4 Inventories ...................... — 2.9 Operations (moulding room ).......... — 29.6 C o m p a n ie s in c l u d e d June July 1923 + 0.3 + 8.3 +1.7 1924 18 13 13 1923 17 12 12 — 27.3 16 16 SHOE MANUFACTURING, TANNING, AND HIDES In line with the usual practice, many of the district fac tories lowered their output in July to permit taking of annual inventories and vacations. Forwardings declined slightly, but they were 8.8 per cent greater than the month’s production, resulting in further reduction of in ventories to a point slightly under a year ago. On August 1, twenty-eight manufacturers held stocks of shoes equal in volume to 95.7 per cent of their shipments in July. Unfilled orders reported by twenty-six companies were equivalent to over seven weeks’ business at the July rate. CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN JULY, 1924, COMPARED WITH PREVIOUS MONTHS P ee c e n t c h a n g e fro m J une 1924 Production ..................... — 6.2 Shipments .............. — 0.7 Inventories .................... — 7.8 Unfilled orders................. — 7.5 C o m p a n ie s in c l u d e d July June J uly 1923 — 7.0 — 4.6 — 4.3 — 16.1 1924 36 36 28 24 1923 36 36 28 26 Production of leather in this district receded from June and a year ago, but an increase over June and a decrease from a year ago in total sales in dollars were indicated by reports sent direct to this bank by representative tanners. Demand for harnesses and belting also improved. At present little change has actually taken place in prices, although a firming tendency is noticeable. Active trading in calf skins continued during July, while considerably more packer green hides were moved at Chi cago than in June, this activity extending in large propor tions during the early part of August with prices show ing a decided advance over those prevailing in the preceding month. A slightly smaller total tonnage of green hides and skins was shipped out o f Chicago in July than in June, according to statistics compiled by the Chicago Board of Trade. RA W W O O L AND FINISHED W OOLENS W ool prices, during the last two weeks of July and the early part of August, not only continued firm, but even registered increases ranging approximately from 5 to 10 per cent. This strengthening, however, has been at tributed largely to the scarcity of wool stocks and the consequent buying by both mills and dealers to cover pos sible future requirements, rather than to increased manu facturing needs. Dealers’ stocks of wool were reported less than usual for this season of the year, and nearly all of the 1924 clip has been disposed of, estimates indi cating that about 10 per cent remained in growers’ hands at the end of July. The fine and medium grade wools v/ere in the greatest demand, but the lower grades also showed some improvement. Pulled wools were very active and it is reported that some houses have disposed of al most all of their B wools. There has been little demand for foreign wools in domestic markets. In Australia, where the season is expected to open early in September, the clip is said to be excellent in quality, well grown, and sound. Although it is reported that a slightly better feeling began to develop among woolen and worsted manufac turers as wool markets strengthened and agricultural con ditions improved, the goods market continued unsatis factory with mills operating on an average of about 50 per cent of capacity. The American W oolen Company, in opening its line of men’s fabrics for the spring of 1925, announced prices averaging 7 per cent below July, 1923, and 2J4 per cent lower for 1924 fall lines than six months ago. FURNITURE Although orders placed with furniture manufacturers in this district during July showed a marked increase over June, reports indicate that business booked during the recent market was less in volume than last year. A c cording to figures from twenty-one firms, July orders were 64.1 per cent greater than those of June, all plants except four showing increases. In contrast with the gain in orders, shipments declined 1.3 per cent from the June level. Figures for nineteen firms showed an increase in unfilled orders during the month amounting to 48.2 per cent, leav ing about seven weeks’business on hand on July 31, based on shipments during the month. Collections were reported by most firms to be about the same or a little slower than in June, while cancellations showed a very slight increase. Operations at seventeen mills averaged 66.9 per cent of capacity in July compared with 75.2 per cent in the preceding month. Compared with a year ago, a general decline in activity was in evidence, aggregate decreases of 5.6 per cent in orders booked, 30.3 per cent in shipments, and 37.4 per cent in unfilled orders having been reported, while figures from eighteen plants indicated that operations during July, 1924, averaged 66.8 per cent of capacity compared with 85.3 per cent during the corresponding month last year. Cancellations were 45.7 per cent smaller than for a year ago and collections were generally slower for the majority of the firms reporting on this item. BUILDING MATERIALS AND CONSTRUCTION ACTIVITIES Signs of recovery from the dullness of the past few months appeared in the lumber industry during July. Manufacturers in the United States reported substantial increases in orders as dealers began to renew depleted stocks, the volume of new business exceeding that of both June, 1924, and July, 1923. Shipments, though relatively light, were larger than in June and, with a still further reduction in the July cut, producers’ stocks are becoming broken and the percentage of unfilled orders increasing. The most notable activity was in southern pine, while the revival of the northern hemlock and hardwood market has been slower. Dealers in this district report a fairly satis factory volume of business, although sales were slightly less than in the preceding month and buying continued sporadic. Most of the large orders came from the build ing industry, with demand equally divided between hard woods and softwoods. As a result of the better tone in the market, prices stiffened somewhat during July, but Page 9 September they are still unsatisfactory. Collections are good, in most cases better than last year, and about the only diffi culties encountered have been in the farming sections of the district. The volume of brick and cement used during July was very heavy, especially in the Chicago district, and there was even some slight improvement in demand from dealers in the agricultural sections. Production of brick in Chi cago was greater than in June because of more favorable weather, while cement shipments were made promptly owing to the ample stocks carried by manufacturers. Both production and shipments of cement in the United States established new records during July. The ratio of shipments to production was 118.4, in comparison with 111.1 in. June, which effected a decline in stocks of 17.4 per cent. BUILDING CONSTRUCTION A noticeable diminution in building took place during July in this district, the value of all contracts awarded being 29.8 per cent less than in June. Residential projects declined for the second successive month and, with the exception of February, were the smallest so far this year. July construction was ahead of 1923, but this was partly due to the fact that there was a decided slump in building at this time a year ago. The Illinois totals were the lowest this year and the percentage declines were greater than in any of the other states of the district. Increases were reported over 1923 in Iowa, Michigan, and Wisconsin, but in the comparisons with June, Iowa was the only state to show a gain. The number and value of projects contemplated in July continued the decline initiated in May. Reports from fifty cities in the district recorded recessions from June of 2.5 and 17.3 per cent, respectively, in number and esti mated cost of permits issued. W ork in prospect is well in advance, however, of that at this time last year. A l though building proposed in Chicago was higher than in any previous July, it was decidedly lower than in June; the value of permits issued in Detroit was also less. The three other large cities of the district— Indianapolis, Mil waukee and Des Moines— reported increases over June in estimated cost of work planned, the amount in both Des Moines and Indianapolis being the largest this year. Other cities having notable gains were Gary and Ham mond, Indiana; Flint, Michigan; and Kenosha, W isconsin; the increases in the latter two were due to permits issued for public buildings. MERCHANDISING CONDITIONS Wholesale Trade—Wholesale trade during July was in fluenced by two diverging factors: on the one hand, the usual curtailment coincident with the summer months, and on the other, the effects of the optimistic feeling now developing in this district. Of the latter may be noted the fact that during July, for the first time since January, aggregate sales o f reporting wholesale grocers were larger than during the corresponding month of 1 9 2 3 , while in hardware and drugs a greater pro portion of individual dealers showed gains than in May or June, narrowing considerably the gap between the two years. The former factor—the seasonal falling off in sales ex pected during July—is apparent in the comparisons with June for shoes, hardware, and groceries, total business for the last two, however, contracting less than in 1922 and 1923. The other groups averaged gains; that for dry goods, resulting as last year from inclusion of winter goods in the July ship ment figures; but the increase in drug sales contrasting with generally prevailing declines in previous years. It should be noted, nevertheless, that in drugs July this year marked the turning point from a downward trend continued since April—a movement more prolonged than usual. In stocks, hardware and drug dealers for the most part made reductions during July; dry goods firms, on the con trary, with one exception showed increases; while grocery and shoe returns were more evenly divided between declines and gains. Compared with a year ago, July 31 inventories this year were lower for the majority in each group. Grocery dealers continued to average the only increase over 1923 in total collections, the differences for the other com modities, however, less marked than corresponding differences in sales. For all groups, accounts outstanding at the end of Page 10 September July were in smaller volume than a year ago. Four fewer delinquent accounts were reported for July than during June to the National Electrical Credit Association by member man ufacturers and jobbers in the Central Division, the aggregate of $107,773.30 being 0.9 per cent smaller than the June amount, but 17.9 per cent larger than for July, 1923. Department Store Trade— Returns to this bank reflect the seasonally low sales period characteristic of department store trade during July. With six exceptions, reporting firms in dicated a smaller volume of business than during June, the average drop of 21 per cent for the district being less sharp, however, than corresponding decreases in any o f the three preceding years. Nevertheless, the aggregate decline, covering three months as it does this year, is more extensive for the season than the 1921 and 1922 decreases which began in June, as well as that noted for 1923, when the downward trend held off until July. Compared with a year ago, for the first time since April, the majority of stores showed gains, the group increase of 3.1 per cent comparing with 2.4 per cent, the average gain for the first half of the year. Total collections also were somewhat higher than during July, 1923. In comparison with the preceding month, how ever, the downward trend continued, as is evident from the accompanying chart. The chart shows in addition the larger volume of accounts outstanding during 1924 than in the two preceding years; the upward trend followed at this season in both 1922 and 1923, however, is not apparent this year. As in previous years, stock reductions were general during the month, amounting on the whole to 2.5 per cent, while the gain of 4.4 per cent over July 31, 1923, is the smallest D E P A R TM E N T STO R E C O LLEC TIO N S A N D O U TS TA N D IN G ACCOUNTS ^Accounts Outstanding/ June. Compared with a year ago, only one house reported a gain in total volume of business, although for the other the number of orders increased. Aggregate sales so far in 1924 are 5 per cent ahead of the first seven months of 1923 and 43 per cent larger than in 1921 and 1922. The decline from the 1920 volume amounts to 9 per cent. TRANSPORTATION Collections . « 1 1 1 1 1 1 1 1 1 1 1 1922 1 1 1 1 1 l l II 1923 1 l i i i i ] i i i i i i 1924 Based on reports to this bank from 37 department stores in the district. Latest figures shown: Accounts Outstanding; June 30, 1924, 110.7; Collections, July, 1924, 45.3. noted this year. Higher outstanding orders anticipate the fall business preparations. Chain Store Trade— Three drug store chain systems re porting July sales to this bank registered gains over the June volume of business as well as above the corresponding month of any previous year. Sales by the two musical instrument firms reporting, on the contrary, were the smallest for any July since 1921. For groceries> compari sons with the preceding month vary for the different firms. Mail Order Trade— Mail order sales during July by Chicago’s two leading firms averaged 18.2 per cent below Although following a trend similar to that of last year, the weekly volume of traffic for the past few months has remained approximately 100,000 cars below the correspond ing 1923 loadings. The increase during July over June in total shipments is due partially to the recent revival in the movement of grain and grain products stimulated largely by the more attractive prices offered the farmer. These shipments, however, remain below those of the correspond ing period of the past three years. Various gains were shown in most other commodity shipments, but no increases above 1923 were registered. The net operating income of Class 1 Railroads in June was $65,528,960. While earnings are considerably below those of June, 1923, a slight increase over May is shown. This increase it attributable to further operating economies, as traffic during May and June was practically in the same volume. The present ability of the railroads to transport com modities in large volume is encouraging the current ten dency of hand-to-mouth buying by industry in general, and has contributed to the curtailed volume of business offered the carriers at the present time. Page 11 September MONTHLY BUSINESS INDICES COMPUTED BY FEDERAL RESERVE BANK OF CHICAGO (Index numbers express a comparison of unit or* dollar volume for the month indicated, using the monthly average for 1919 as a base, unless other wise indicated. Where figures for latest month shown are partly estimated on basis of returns received to date, revisions will be given the following month. Data refer to the Seventh Federal Reserve district unless otherwise noted.) No. of July Firms 1924 June 1924 July 1923 June 1923 Meat Packing— (U. S.)— Sales (in dollars)1 ................ Casting Foundries— Shipments (in dollars)......... Stoves and Furnaces— Shipments (in dollars)......... 64 94.4 89.0 91.1 S7.8 29 79.9 80.6 106.4 111.6 19 74.5 83.5 71.2 103.1 Agricultural Machinery & Equipment— (U. S.)2 — Domestic Sales (in dollars) 130 112.6 110.0 Exports (in dollars)............. 130 102.7 110.2 Total Sales (in dollars)....... 130 111.1 110.0 116.7 109.5 115.6 130.3 108.7 127.1 Furniture3 — Orders (in dollars).............. Shipments (in dollars)......... 23 23 138.3 91.5 84.0 93.5 141.5 131.5 114.4 134.3 Shoes4 — Production (in pairs)........... Shipments (in pairs).......... 36 36 114.4 124.4 122.0 125.3 123.2 130.6 152.2 158.7 Freight Carloadings— (U. S . ) Grain and Grain Products.. Live Stock.............................. Coal ....................................... Coke ....................................... Forest Products .................. Ore ......................................... Merchandise and Miscellaneous .................. Total ...................................... 120.8 91.1 88.4 78.1 110.5 153.4 97.3 90.7 86.9 81.0 119.2 159.4 117.2 94.6 117.8 159.3 129.2 230.5 89.2 89.7 114.5 162.4 135.7 214.7 123.5 114.8 120.6 112.7 125.7 127.9 126.4 125.8 64.9 68.7 81.6 80.6 156.2 141.9 155.7 146.3 63.2 73.0 124.7 127.9 53.2 54.4 98.6 106.5 Iron and Steel— Pig Iron Production:0 Illinois and Indiana......... United States .................. Steel Ingot Production— (U. S.)°................................ Unfilled Orders U. S. Steel Corp...................................... Automobiles— (U. S.)— Production: Passenger Cars ................ Trucks ............................... Shipments:8 Carloads ............................ Driveways ........................ Boat7 .................................. Sales (7th District)— New Automobiles ........... New Automobile Trucks Parts and Accessories..... 171.9 96.3 157.7 104.6 215.1 114.9 244.0 154.5 134.1 66.5 221.1 124.5 64.2 215.8 156.9 119.6 298.8 192.6 150.6 397.8 120.4 57.8 73.0 140.7 69.3 51.3 215.9 106.3 89.4 192.6 97.5 87.8 108.6 99.2 111.5 117.5 54.4 25.0 61.3 68.2 10 144.2 10 163.8 141.9 163.3 142.5 171.9 142.3 168.7 Stamp Tax Collections8 — Sales or Transfers of Capital Stock .................................. Sales of Produce on Exchange— Futures .............. Electric Energy— Output of Plants (K W H ).. Industrial Sales (K W H ).... 1. Monthly average 1920-1921 = 100; of production and shipments in 1919=100; 8. First Illinois internal revenue district; Page 12 September No. of July Firms 1924 June 1924 July 1923 June 1923 75.8 100.7 32.9 93.8 80.5 79.2 102.3 34.5 91.9 71.2 74.4 91.6 103.2 123.7 72.7 55.7 94.2 101.6 86.0 99.2 Wholesale Trade— Net Sales (in dollars): Groceries .......................... Hardware .......................... Shoes .................................. Drugs ................................ Dry Goods ........................ 40 21 7 14 13 Retail Trade (Department Stores)— Net Sales (in dollars): Chicago .............................. Detroit ................................ Des Moines ...................... Indianapolis ...................... Milwaukee - ...................... Outside .............................. Seventh District ............... 9 109.5 130.7 4 103.2 136.8 3 97.2 104.3 4 103.7 134.3 5 112.5 139.7 40 78.9 95.5 99.0 124.6 65 96.6 96.2 84.2 106.6 113.6 79.9 96.0 144.2 144.0 128.4 152.1 153.3 112.9 138.1 Retail Trade— (U. S.)— 120 89 89 74 127 86 196 143 140 162 75 176 131 177 141 102 143 82 176 128 183 149 144 154 97 176 136 51.9 122.4 129.1 69.5 115.8 54.0 79.7 123.7 116.0 74.4 97.5 58.2 44.0 73.5 54.3 69.9 96.8 46.3 72.3 78.3 57.0 78.5 75.9 52.8 97.6 102.0 76.3 71.5 127.2 99.4 164.9 141.6 117.7 96.9 144.8 151.0 91 Department Stores ............. 333 4 Mail Order Houses............... 69 Chain Stores: Grocery .............................. 28 207 Drug .................................. 9 151 6 111 Shoe .................................... 5 163 Five and Ten Cent........... 4 72 Music .................................. 4 195 Candy .................................. 3 129 Cigar .............................. U. S. Primary Markets9 — Grain Receipts: Oats ................................... Corn .................................... Wheat ................................ Grain Shipments: Oats .................................... Corn .................................... Wheat ................................ Flour Production— (In Barrels) .......................... Building Construction— Contracts Awarded (in dollars): Residential .... Total ............. Permits: Chicago ............... Number C o s t..... Indianapolis .......Number C o st..... Des Moines .......Number C o st..... Detroit .......... .....Number C ost..... Milwaukee .........Number C ost..... Others (45) .......Number C o st..... Fifty Cities .........Number C ost..... 42 227.7 274.3 236.1 220.9 225.1 394.9 190.0 203.7 241.4 255.9 227.5 224.8 278.1 164.6 192.8 178.7 196.1 187.3 220.6 224.5 261.8 142.8 195.2 155.8 203.1 194.9 167.9 202.4 175.0 205.2 117.2 140.7 207.1 211.0 214.3 231.6 200.3 174.0 211.8 169.5 215.0 220.6 219.8 233.2 189.5 151.4 156.8 225.4 213.3 218.8 208.2 223.9 202.6 245.1 163.3 189.8 2. Monthly average 1923 = 100; 3. Monthly average 1919-1920-1921=100. 4. Monthly average pf mean 5. Average daily production; 6. Monthly average 1920=100; 7. Base figures (1920) partly estimated; 9. Monthly average receipts 1919 = 100.
@FedFRASER