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CHICAGO, SEPTEM BER 25, 1920 P R I M A R Y W EALTH WHICH HAS BEEN V A ST LY IN CREASED NOT ON LY in the Seventh Federal Reserve District but all over the country by the magnificent crops of 1920, is contributing much to the stabilization of economic conditions in the process of business readjustment and liquidation which is now on There is still sufficient in the existing situation to call for the continuation of conservatism on the part of business men in the use of credit, but the great recuperative power of a people possessed of billions more than the usual yield of grain and other agricultural staples is calculated to inspire confidence that the nation is successfully meeting the after-war emergency. HOW TH IS P R IM A R Y W EALTH IS D ISTR IBU TE D The 1920 crop of wheat in sight at this time figures 770,015,000 bushels, of which the Seventh Federal Reserve District contributes 63,990,000. The acreage of 1920 was only 73.3 per cent of 1919, but the yield fell short of the five-year average by only 18.5 per cent, thereby refuting all the early forecasts. The corn crop reaches 3,131,349,000 bushels of superb quality— 13.5 per cent more than the five-year average. Of this crop the Seventh Federal Reserve District claims a trifle less than last year’s yield. A considerable percentage of the new crop has gone or will go into silage which means much for the meat and milk interests. Iowa never had such a corn crop, writes one banker, and other middle west corn states say if the frosts hold off until October 1, their corn production will go far to right things. Oats total 1,441,839,000 bushels— 15.5 per cent more than 1919, and 27,300,000 bushels in excess of the five- year average. O f this great yield the Seventh Federal Reserve District contributes 557,071,000 bushels or more than one-third of the American crop— and 21 per cent more than the crop of 1919. The potato crop of this district aggregates 93,270,000 bushels— 10 per cent greater than last year. For the country the yield is figured at 413,000,000 bushels — a gain of 15.5 per cent. Wisconsin’s potato crop was curtailed somewhat by drought. Flax, barley and rye show substantial gains com pared with 1919, and these with a cotton yield in ex cess of the five-year average, although raised elsewhere, but so essential to many industries in the middle west, form vital elements of prosperity for industry and finance. Further comment on the crop figures seems needless, as all men of affairs know that money, credit and popular well-being result very largely from bumper farm production. Compiled September 23,1920 TRANSPORTATIO N SHOWS GE N E R A L IM PRO VEM EN T For the first time in many months there is almost universal recognition of improvement in the transporta tion situation. Virtually all lines of industry report both a freer movement of freight to them and more prompt delivery of the finished product to market. Two factors are responsible for this betterment; name ly, the return of large numbers of workers to the freight yards and increased operating efficiency. During the last month or two a vigorous campaign fyas been waged among both the railroad men and the shippers for the heavier loading of the cars and the prompt unloading which has borne fruit. The railroads are moving more freight, the cars are making more ton miles per day, and there is less holding of cars at warehouses or terminals awaiting unloading. An indication of the general condition is reflected by the Illinois Central, which broke all its records dur ing the month of August by handling 1,602,009,000 ton miles of freight. The highest mark heretofore was established in March, 1918, when 1,575,000,000 ton miles were handled on the system. The general belief of business men is that serious transportation troubles are over, as there are definite signs of a clearing up of traffic congestion. This relief should mean less credit required by industrial enter prises, which heretofore have been hampered by in adequate transportation, and have been compelled to borrow on large inventories at times when the finished product could not be moved to market. In conse quence the investment in goods in transit would be lower and a quicker turnover brought about in many lines of merchandise. Notwithstanding this impression among business men regarding the transportation situation, the status of our loans do not indicate liquidation of indebtedness at the banks, especially in the agricultural sections of the district. In at least one state, Iowa, purely agri cultural, the borrowings by member banks at the Federal Reserve Bank of Chicago are at the highest point. In Wisconsin, agricultural and manufacturing, the member bank borrowings although proportionately large, show a downward tendency. T E N D E N C Y TO SLOW DOWN N O TICE A BLE IN M A N Y IN DU STRIES There have been distinct signs of slowing down in a number of industries, particularly in the automobile industry. Many of the automobile plants in this district are running at only from 20 to 50 per cent of capacity with many of them nearer the lower figure. This is not a general condition, however, as several of the larger companies are running full time. One lead ing manufacturer’s estimate is that 20 per cent is a fair average of the slowing down in the industry as a whole. One of the reasons for the let down by motor manu facturers is the difficulty dealers are meeting in secur ing banking assistance to carry stocks of automobiles. One large maker of both trucks and pleasure cars says dealers have greater difficulty financing time sales on trucks than is encountered in the sale of pleasure cars. His explanation for this is that formerly many trucks were sold to irresponsible people engaged in the trucking business who, not having experience, failed to take due account of the cost of operating the truck and accepted business at prices which did not give them a profit, and after operating for a few months turned their trucks back. Part makers and tire makers report a lessening in the demand for their product which has resulted in more expeditious deliveries than has been the case for sometime. One large automobile builder has an nounced a price reduction on his cars. BUILDIN G CO NSTRUCTION IS M A R K IN G TIM E Another direction in which an easing is noted is in the building trades. Building enterprises all through the district are practically at a standstill, which re sults in a lessened demand for structural steel, brick, cement, and lumber. This has had a partially bene ficial effect in that it has caused a decline in price of building materials and also indirectly caused greater efficiency on the part of workers in the building trades. With more men out of employment in the building trades, those at work have improved in efficiency or productiveness. As a consequence of this, coupled with lower ma terial prices, it is variously estimated that the net costs in buildings are 15 to 20 per cent lower than they were a month ago. Lumber prices have held steady during the last thirty days, but this is chiefly because there was a good decline about four months ago. STEEL M ILLS R E F L E C T SLOW ING DOWN PROCESS Lessened demand from the automobile and building industries has been felt in the steel trade. On the whole, though, the demand for steel from other lines still continues good. Plants in this district are considerably below capacity operations. The railroads have been slow to buy, although there are a number of inquiries from that source now for the next year’s delivery. Steel plants are still short on fuel and this also has proven a handicap for them. In the pig iron industry orders from foundries are limited chiefly to small tonnages for early shipment, representing buying on a hand-to-mouth basis during the readjustment period. The price continues firm with little change either way. The limited supply of foundry coke for prompt shipment is bringing £18.50 to $20.00 per ton at the ovens, according to the district from which it is shipped, with furnace coke a dollar or two behind this. Little or no business in pig iron is being booked for 1920 shipment. CAN CELLATIO NS NUMEROUS IN M ERCH AN D ISIN G LINES ff? Rather general discussion of price reductions and the difficulties involved in transportation have resulted in a large number of cancellations in textile lines. The result is that merchandise stocks are large. The situa tion is an aftermath of artificially stimulated conditions in the previous years of 1918 and 1919, when the mills allotted textile manufacturers only a part of their orders. In the current year the mills have allotted in full order to converters, and as many manufacturers to insure themselves a full supply had over-ordered, the result is an increased stock on hand. Pending the liquidations of these stocks, the banks will have to carry the manufacturers. Retail trade in the Seventh District is in a sound No. of Net Sales Concerns Pet. Increases Business Dry Goods......... ............ 13 13*55 20.29 Shoes.................. ............ 7 *Groceries .......... ............ l9 4-93 f Clothing............. ............ 3 118.0 79.0 Tailoring............ ............ 2 position, judging by the replies to our monthly inquiry. Following are the averages, as computed September 16, covering August: Net Sales, August 1920 over July 1920.. 44.9 per cent Net Sales, August 1920 over August 1919 39 per cent Stocks, August 1920 over August 1919. . 76.6 per cent Stocks, August 1920 over July 1920....... 24.1 per cent Percentage of average stocks to sales July 1 to August 3 1...................................... 435*7 per cent Orders outstanding to total purchases in 1919...................................................... 24.3 per cent Wholesale Trade Conditions in the Seventh District for the end of August as computed September 16 from replies to our regular inquiry follow: Cancellations 50.0 67.2 13.0 Large No data Bad Delivery 100% “ No” 66% “ No” 91% “ No” No data No data Trade Caution 100% “ Yes” 66% “ Yes” 93% “ Yes” No data No data Price Trend 100% “ Down” 100% “ Down” 85.7% “ Down” No data 100% “ Down” *Demoralization in sugar a prejudicial factor in the trade. fVolume due to “ reduced price sales.” As to prices in woolens, leading manufacturers re gard the situation as more encouraging. The new prices put upon woolens for the spring season of 1921 show only a slight reduction, and in some cases a little advance over the corresponding period of a year ago. There is an actual reduction, however, compared with quotations for the present fall season, which marked the peak in high prices. The belief is that the new price basis for the spring season will stabilize the present market in woolens which has been badly demoralized since the shut down of the mills and cur tailing of production. This stabilizing of prices, is expected to assist in a more orderly liquidation of sur plus stock of woolens, and give confidence to the woolen buyers and clothing manufacturers in determining proper replacement costs and production prices in woolen textiles. The price of wool has declined to a point where it is below the markets from which the United States is obliged to buy its requirements in excess of our domestic production. The declines range from 25 per cent to 40 per cent from M ay 1, 1920, and have been more radical than any previously known to the trade and there are some signs of improvement at present. The clothing manufacturing industry which centers in Chicago complains that the press comments pre dicting a considerable reduction in clothing prices, is resulting in numerous cancellations of orders, and the return of goods. The manufacturer estimates that labor is receiving wages 300 per cent of those pre vailing in 1914. The slowing down in this line, if con tinued, one of the large manufacturers declares, will result in the idleness of from 15,000 to 20,000 employees, as manufacturers cannot continue to produce goods on which they are compelled to take a loss. BOND B U YIN G H ABIT STILL IN E V ID E N C E An encouraging sign is the growth of thrift on the part of the public generally. Probably the best indica tion of this is the steady increase in savings deposits and the large number of small investors in prime se curities. A leading bond house reports that on a recent offering of securities by them the average sale was only $1,500, whereas, a few years ago the average sale would more likely have been $15,000. Bond houses generally report that the amount of securities which have been absorbed and are being daily absorbed by the investors of small means is enormous. Indication of this increased thrift is found in another direction; namely, the curtailment of living expenses which is reflected in the growing demand for moderate priced goods. This is evident in both the grocery and dry goods lines, as well as in the purchase of luxury articles, such as musical instruments and jewelry. LEATH ER , SHOE AN D FU R N ITU R E PRODUCTION CU R TA ILE D The leather trade also is feeling the effect of a curtailment of operations in other lines, the slowing down in the Automotive industry being reflected in small orders for leather from that source. The tanning and shoe business has been exceedingly dull during the past month with tanners operating about one-half of capacity because of an over supply of leather in face of a light demand. Hides and skins are lower in price. In the shoe trade both whole salers and retailers are proceeding cautiously, buying only for immediate needs, pending development of a definite price trend. Due to labor difficulties some furniture factories have been either closed down entirely or running about one-third capacity and this caused a curtailment of orders from that direction. M O N EY IN STRONG D EM AN D NO TW ITH STAN D IN G HIGH RATES There continues a persistent demand for money. One banker writes that loans to grain commission merchants, millers, malsters, wholesale grocers, and bankers have been reduced, but these reductions are more than offset by increases to the metal trades, tanners and the canning and textile industries. There has been no appreciable reduction in loans at the banks in general in the district, although some bankers re port a slight tendency in this direction. One Iowa banker says, ‘ ‘our customers tell us that they expect to reduce their loans from now on and give as their reason, therefor, that they are reducing their stock and intend to bring their business down to a safe level.” In the grain districts there has been some improve ment in this regard, presumably as a result of the marketing of small grain and also some corn. As the marketing of grain increases, it is expected farmers’ loans will be correspondingly reduced. Grain men ap parently are not experiencing any diffiulty in obtaining credit, with the exception of smaller dealers operating country stations where they have been buying from farmers; these have had to curtail. Collections generally are slow. Most lines of busi ness report returns to them are not coming in nearly as quickly or as satisfactorily as a few months ago. This is partially because the farmer is holding off pay ment of his bills until the movement of the crops is accomplished and his winter finances have been cared for. Some interests, in consequence of the slow ing up in collections, have changed selling terms to 30 days on all goods, instead of 30 and 60 as has been the custom heretofore. As a general rule where extension of credit is asked by the merchant it is granted without much delay. During the month of August, there was increased mortality recorded in the Seventh Federal Reserve District. According to the compilation by R. G. Dun & Company there were 86 commercial failures in this district during August, 1920, involving liabilities of 13,177,188. In the same month of last year 63 firms failed having liabilities of $1,079,013. SHORTAGE IN FUEL SERIOUS PROBLEM The fuel situation continues to be a subject of con cern, although there has been slight improvement dur ing the last several weeks. Some localities are more fortunate, as for instance in Iowa, where a large amount of fuel has been stored as the result of thorough ad vertising given to the prospective fuel shortage. Pro duction at the mines in Indiana, Illinois and Iowa, has greatly increased over the previous months, and the railroads have worked diligently to move this ad ditional fuel to the large centers where both industrial plants and householders were badly in need of coal. In view of the fact that little or no coal has been sorted by either industrial plants or dealers, the out look for the future is rather disturbing. Such demands on the mines operating at full speed during the winter, and if the winter is severe there will be great difficulty in providing fuel. LABOR SITUATION SHOWS IM PRO VEM EN T From all parts of the district and all industries represented in the Federal Reserve Bank investigation come reports of increasing efficiency on the part of labor. Both the labor turnover and the production per man show improvement. The supply of labor shows an increase, partially due to the release of workers by those plants forced to curtail operations for one reason or another. This has resulted in the weeding out process, whereby, inefficient workers have been released. In certain lines requiring skilled help there is a shortage but ordinary workers apparently are very plentiful. Factory labor conditions in the Seventh Federal Reserve District, as deduced from our regular monthly inquiry, are satisfactory, a normal supply ruling and no strikes reported. The following averages represent the situation at the end of August: Number employed, August 1920 to July 1920 (Decrease)............................................... 1.0 per cent Number employed, August 1920 to August 1919 (Decrease)................................................ 12.7 per cent Percentage of Capacity employed: August 1920 .................................................................. 80.3 per cent Percentage of Capacity employed: July 1920 .................................................................. 83.0 per cent Percentage of Capacity employed: August 1919 .................................................................. 91.0 per cent Actual Pay Rolls, August 1920 to July 1920 (Decrease)............................................... 3.5 per cent Actual Pay Rolls, August 1920 to Aug. 1919 (Increase)................................................ 2.7 per cent C R E D IT M OVEM EN T SHOWS ST E A D Y IN CREA SE Credit movement, as indicated in the aggregate debits to individual accounts, shows a steady increase, compared with the previous month as well as a year ago. The total debits as of September 15, 1920, reported by 196 banks, in 23 leading clearing house centers, including Chicago, was $1,248,463,000, an increase of $57,662,000 over the corresponding week of August, and $469,972,000 greater than in the same period of last year. CH ART SHOWING TR E N D OF M EM BE R B A N K BORROW INGS B Y STATES While the total line showing the ratio of member bank borrowings for the Seventh Federal Reserve District has dipped below the basic discount line, the trend was upwards towards the middle of September. Iowa’s total borrowings were 80 points above its basic discount figure and practically at the high ME lb T R ^ ISO 780 170 /GO /SO /40 /so ILO no 700 SO 80 point, while Wisconsin’s borrowings were below the high point but about 28 points above her basic dis count line. Illinois has been running steady for some weeks. Indiana borrowings fluctuate but with a general upward trend in September. Michigan also shows an upward trend. JULY 7 /4 1 /■■ 7 -----------------_ _ SO L r T r T — WWl ........ ‘JISCOl/SM IOWA e •**«*■ ILLINOIS• » » • « ' * « 0 — - 9— MICHIGAN— Bnj/L DulQUHT * — — AUC-U5T U ' —T 14 VI— —— 4T — — — 7r - ~ " // - — 74 SEPTEMBER " IS 1 ' - '" 17 / 'I — T — 4V 8 " ” IS —1 —O- s "-1 y * 1\ — —- ****«*«■!*£ CT'1" — , __ ____ - - ------------ __, **■ “ — •— ^ ------------- - •••* i( | ) t / ------ ------- ----^ , — sa g . 77 — 7-7— ' ___ ----------- - —— ____ _ -------- 1 ___ - — -* — 1 .,,, >*•****} 70 7 NOTE— The Federal Reserve Bank of Chicago has not formally adopted the so-called basic or normal line of credit which indicates the amount which each member bank would be entitled to if all member banks were utilizing their full borrowing privileges. O PEN M A R K E T DISCOUN T AND IN TE R E ST RATES IN CHICAGO The open market range of discount and interest rates prevailing in Chicago during the thirty-day period ending September 15, 1920, together with a comparison of rates during the thirty-day periods ending August 15, 1920, and September 15, 1919, follows: 3. 4. 5. 6. 7. 8. SEPTEM BER , 1920 High Low Customary Hi Rates of discount charged by banks to customers forr prime commercial paper such as is now eligible under the Federal Reserve Act: 6 a. Running 30, 60 and 90 days..............................■ 77 7 b. Running 4 to 6 months..................................... • 77 ey 3 7 Rates for prime commercial paper purchased in the open market: 7@8 a. Running 30 to 90 days*.....................................• 7@8 7@8 7@8 b. Running 4 to 6 months*................................... • 7@8 7@8 Rates charged on loans to other banks— secured by bills payable.......................... ..................................... • 7 7 7 Rates for bankers’ acceptances of 60 to 90 days maturities: a. Endorsed.............................................................. b. Unendorsed.........................................................• 77 7 7 Rates for demand paper secured by prime stock ex 6 yt change collateral or other current collateral............•7 7 7 Rates for time paper secured by collateral mentionedi in No. 5: 6 'A a. Running 3 months...............................................• 77 7 b. Running 3 to 6 months......................................• 77 6 'A 7 Rates (when paper is current in city) for: a. Cattle loans..........................................................• 99 7 7 b. Commodity paper secured by warehouse receipts, etc 7 7 • 7 Rates for ordinary commercial loans running 30, 603 and 90 days, (not including loans to enable pur chase of bonds) secured by: a. Liberty bonds.......................................................• 77 7 7 6 6 b. Certificates of indebtedness................................. 66 ■ "Bankers report seven per cent and brokers offerings show eight per cent High AUGUST, 1920 SEPTEM BER , 1919 Customary High Low Low Customary 7 7 6 7 7 7 6 6 5 5 5K @6 5.K @6 7 7 7 7 7 7 5/^ S 5 5 X @ 5K S K @ 5>4 7 7 7 6 sK s K ©6 6 (•Vs 6X 6@6^ 6X @ 6 ^ 4& 7 6^ 7 6 5K 5 K @6 7 7 6*4 7 7 6 6 5K 5^ 5K @6 5>£ @6 7 7 7 6 5^ $ } 4@ 6 7 7 7 6 5K 7 7 6 6 7 6 6 6 S 5 6 'A 4K@45/i6 5^ 5^ SE L E C TE D M EM BE R B A N K ST A TIST ICS— SEVEN TH D IST R IC T (ooo’s omitted) Number of Banks Reporting................... Total U. S. Securities................................ Loans— (exclusive of rediscounts) Secured bv U. S. war obligations......... Loans secured by stocks and bonds . other than U. S. securities................ AH other loans and investments.......... (exclusive of rediscounts) Reserve Balance with Federal Reserve Banks................................................... Cash in vault.............................................. Deposits— Net Demands......................................... 1 ime........................................................ Government............................................ Sept. 10, 1920 CHICAGO Aug. 13, Sept. 12, 1920 1919 49 $49,768 50 44 $53>854 $137,505 D ETRO IT Aug. 13, Sept. 12, 1920 1919 12 12 $71,869 $61,486 $84,050 Sept. 10, 1920 12 54,631 58,090 73,353 11,480 354,7/0 873,694 339,807 893,246 271,698 636,141 I30,999 39,940 138,356 36,099 97G483 287,523 1,504 969,349 285,056 3,713 OTHER Sept. 10, Aug. 13, Sept. 12, 1920 1920 *9*9 45 44 45 $56,386 553,538 $65,788 14,780 11,661 *3,659 *3,404 *6,377 59,955 3 j 6, i 67 59,175 328,667 39,786 264,455 57,596 3*9,45° 57,55* 3 *4,057 36,887 278,682 122,690 38,739 28,712 *3,559 30,432 13,526 28,494 1 5,379 27,502 16,045 27,442 *5,470 29,158 *4,33* 902,202 169,309 33,404 207,516 224,754 1,260 212,929 224,149 331 223,573 181,280 10,764 244,837 118,002 55* 241,146 118,609 1,602 248,426 101,027 10,098 COST OF LIV IN G IN TH E U N ITE D STATES Curves shown in the chart below graphically present curve is based on index numbers computed by the the price tendency in the United States in the period Bureau of Labor. January, 1913, to July, 1920. In each instance the CO M PARATIVE L IV E STO CK STA TISTICS Receipts of live stock at Chicago for the four weeks ending September 11, compare as follows: Tear Cattle I92° ........................................................................................................ 231,313 * 9 * 9 ........................................................................................................ 255,464 Decrease........................................................................................ ♦ Increase 24,151 Calves Hogs Sheep 46,258 48,207 397)948 440,994 376,67a 562,11a 1,949 *21,276 121,118 Receipts of live stock at the principal markets during August, and during the first eight months of 1920 compared with the corresponding periods of the previous year, show the following changes: 1920 A u g u st.......................................... Eight months............................... Cattle 23 per cent Decrease 10 per cent Decrease Calves 4 pet cent Decrease 5 per cent Increase Sheep and Lambs 33 per cent Decrease 14 per cent Decrease Hogs 9 per cent Decrease 8 per cent Decrease Receipts of hogs at the six principal markets during June, 1920, aggregated 1,049,554 head, as compared with 1,068,471 in August, 1919. The average prices compared as follows per hundredweight: Cattle Choice August T920............................................................. $17-48 August 1919............................................................. 18.90 Eight months— 1920............................................... 16.42 18.90 Eight months— 1919............................................... Cattle Common $14-85 16.50 13.70 15.53 Sheep $7.91 9.65 11.17 11.33 Lambs $13.32 16.78 17.11 16.85 Hogs $14.20 1-9.90 14.64 20.64 Cash lard in August, 1920, ranged from $17.90 to $18.90 cwt. compared with $27.20 to $33.65 in August 1919. Cash cwt. compared with $21.50 to $28.00 in August 1919. ribs in August, 1920, ranged from $14.75 t0 PROD U CTION OF CORN, W HEAT, COTTON, OATS AN D H A Y, B Y F E D E R A L RE SE R VE D ISTR ICTS Forecast of the Bureau of Crop Estimates as of September I, 1920. (In thousands of units of measurement.) CORN (Bushels) 7,081 34,223 57,153 198,893 190,672 253,202 891,55a 438,887 245,420 483,17a 193,853 9,214 7,692 37,866 61,769 212,077 202,334 259,295 896,181 464,938 234,226 548,679 196,997 9.295 T otal.......... 3.I3 L 349 3,003,32a Sept. 1 Forecast for 1920 Aug. 1 Forecast for 1920 Estimate for 1919 10,276 41,089 66,444 212,297 188,994 240,315 927,852 380,722 242,363 372,870 225,743 8,485 468 n ,8 i6 23,808 34,597 37,613 6,614 63,99° 54,722 161,631 260,723 15,166 98,867 463 11,816 23,838 34,633 37,613 6,614 65,345 54,774 183,197 261,226 15,184 99,444 2,917*45° 770,015 794,147 COTTON (Bales) Sept. 1 Forecast for 1920 Federal Re serve District T otal............ August 1 Forecast for 1920 Estimate for 1919 Estimate for 1919 480 12,493 25,92a 63,748 37,°94 10,326 112,202 108,022 I35,°94 300,994 33,605 101,008 11,094 23,510 34,027 37,613 6,614 49,471 53,885 7,185 241,464 14,406 53,372 11,094 23>5IQ 34,027 37,6 i 3 6,614 49,471 53,885 7,185 241,464 14,406 53,372 ” ,743 25,606 62,714 37,094 10,326 93,062 107,021 5,757 284,53! 32,707 61,075 468 722 298 570 463 722 328 606 480 750 316 1,034 *4,5*9 837 154,446 19,259 760 45,495 15,874 889 176,012 19,762 778 46,072 19,140 1,001 129,337 16,463 898 39,933 940,988 532,641 532,641 731>636 237,374 261,506 209,352 August 1 Forecast for 1920 2,190 2,990 2,372 2,816 2,112 2,173 1,789 1,126 4,284 (a) 184 4,081 (a) 187 832 3,097 (a)ii7 (b) 12,783 (b) 12,518 (b) 11,030 M 4i ,839 Sept, i Forecast for 1920 Aug. 1 Forecast for 1920 Sept. 1 Forecast for 1920 2,230 2,833 SPRING W HEAT (Bushels) Sept. 1 Forecast for 1920 Aug. 1 Forecast for 1920 Estimate for 1919 H AY, tame and wild (Tons) OATS (Bushels) 13,752 46,118 26,287 84,140 27,522 28,566 557,07* 72,701 29!,933 202,799 44,946 46,004 Vo 00 GO Boston.................. New York............ Philadelphia........ Cleveland............ Richmond............ Atlanta................ Chicago................ St. Louis.............. Minneapolis......... Kansas C ity........ Dallas.................. San Francisco__ W IN TER W HEAT (Bushels) Estimate for 1919 Aug. 1 Forecast for 1920 Sept. 1 Forecast for Federal Reserve District 1920 Boston............... New Y ork.......... Philadelphia.. . . Cleveland.......... Richmond.......... Atlanta.............. Chicago.............. St. Louis............ Minneapolis.. . . Kansas C ity .. . . Dallas................ San Francisco... TO TAL W HEAT (Bushels) Estimate for 1919 Sept. 1 Forecast for 1920 August 1 Forecast for 1920 Estimate for 1919 13,433 44,619 25,807 82,061 27,530 28,128 530,141 71,508 289,219 198,783 44,56x 46,274 12,123 31,856 23,214 70,279 26,397 29,008 461,082 63,595 208.857 182,677 99,004 40,219 4,3oo 6,019 3,093 5,996 4,558 4,468 16,979 7,690 17,905 20,530 1,885 13,028 4,339 6,058 3,168 6,011 4,540 4,494 17,185 7,658 18,831 20,257 1,792 12,933 4,912 7,073 3, i 55 6,089 4,916 4,272 18,629 8,124 17,245 19,907 2,309 12,035 1,402,064 1,248,311 106,451 107,266 108,666 (a) In addition the following amounts were estimated grown in Lower California (Mexico): Sept, i, 1920 forecast— 89,000 bales; August 1, 1920 forecast— 93,000 bales; estimate for 1919— 52,000 bales. (b) Cotton grown outside of cotton belt included as follows: Sept. I, 1920 forecast— 14,000 bales; Aug. 1, 1920 forecast— 12,000 bales; estimate for 1919— 7,000 bales. R EC EIPTS AND SH IPM ENTS OF IM PO R TA N T CO M M ODITIES A T CHICAGO (ooo’s omitted) Products 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................. R ECEIPTS August July 1920 1920 *9*9 *9*9 606 *73 591 2,562 8,585 21,413 9,375 4,887 9,067 3,296 3,72i 12,318 11,012 7,299 467 5oi 783 369 867 2,8lO 1.324 519 17,790 5,524 19,463 93,466 101,634 47,286 56,977 13,760 12,733 *1,339 24,505 18,680 22,328 21,853 34,424 30,589 42,917 4 L 523 622 412 421 643 617 732 563 17,604 18,263 8,626 9,855 22,6l8 9,192 7,253 8,343 170 222 aoo SHIPM ENTS July August 1920 1919 1920 1919 508 476 663 340 2,632 14,827 1,292 6,464 2,946 1,910 2,316 2,995 4,702 8,321 6,443 4,323 389 533 613 45 972 398 356 1,789 51,009 82,987 96,487 45,503 150,165 152,057 *35,789 177,395 22,064 23,308 49, i 99 55,215 8,241 7,390 29,875 3 I P 79 41,919 19,870 33,884 22,459 162 267 286 254 214 94 124 399 10,298 22,183 13,897 9,793 15,206 12,844 8,416 4, i 49 81 82 90 87 T R E N D OF NEW BU ILDIN G IN R E PR E SE N TA T IV E CITIES Baltimore, Boston, Chicago, Cleveland, Detroit, Los Angeles, Minneapolis, New Orleans, New York City (all boros), Philadelphia, Pittsburgh, San Francisco, Seattle and Kansas City. The figures represent the valuation in millions of dollars. In the attached chart there is indicated the total valuation of building permits issued each month in fourteen cities during 1919 and 1920, and the average valuation per month for the six-year permit from 1914 to 1919 inclusive, as compiled by the American Con tractor. The cities included in the statistics are: BU ILDIN G STATISTICS FOR TH E M ONTH OF AUGUST, 1920 CH I C A G O DISTRICT (Illinois, Indiana, Iowa, Wisconsin, Michigan, Missouri and Portions of Eastern Kansas and Nebraska.) CONTEM PLATED PROJECTS No. of Valuation Projects Class Business Buildings...................................................... Educational Buildings............................................... Hospitals and Institutions......................................... Industrial Buildings................................................... Military and Naval Buildings.................................. Public Buildings......................................................... ........................... ........................... 286 82 ........................... 27 ............................ 4 ............................ ............................ 27 411 Religious and Memorial Buildings........................... ............................ Residential Buildings................................................. ............................ Social and Recreational Buildings............................ ........................... ............................ 57 677 66 I $1 7,405,200 4,58] ,600 3,513,000 21,471,500 175,000 1,137,800 25,504,500 6,213,500 27.693.300 5,388,50° 20,000 ?i 13,103,000 T otal.................................................................... CONTRACTS AW ARDED No. of New Floor Space Projects Sq. ft. Valuation 241 93 17 137 1 20 232 39 544 34 1,528,600 1,047,800 140,100 2,737,3°° 50,000 65,400 161,900 1,591,800 406,300 I>358 $9,141,700 6,351,100 1,342,5°° 14,594,500 250,000 923,700 38,202,600 1,356,400 6,720,500 2,585,000 $81,468,000 CONTRACTS AW ARDED (J a n u a ry 1 to September 1) 1 9 2 0 ___ 1 9 1 6 ........................... ......................... 1 2 5 5 ,7 5 2 ,7 4 6 1 9 1 2 ............................ J 9 * 9 ......... I 9 I 5 - - ....................... 1 9 1 1 ............................ ............................ 8 8 ,4 8 4 ,3 13 1 9 1 8 ...................................................... 237,835,000 1 9 U ............................ 1 9 1 0 ............................ 1 9 1 7 . . . . ............................................. i 9 J 3 .................. 398,066,000
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