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THE BUSINESS REVIEW RESERVE DISTRICT APRIL i, 1915 THIRD FEDERAL PHILADELPHIA By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA B U SIN E SS C O N D IT IO N S IN T H E U N IT E D S T A T E S Production in basic industries declined in February from the high rate of out put in January, but continued above the level o f a year ago. Notwithstanding a decline in prices of agricultural commod ities, the average o f wholesale prices rose slightly owing to a further advance in prices o f certain other commodities. Production. The Federal Reserve Board’s index of production in 22 basic industries, which is adjusted to allow for differences in the number of working days and for seasonal variations, declined 3 per cent in February, but continued to be higher than at any time since the peak reached in May, 1923. Average daily output of iron and steel was exceptionally heavy, and copper production per day was the largest since 1918. There was a slight decline in activity in the woolen industry, and more considerable reduc tions in the output of lumber, cement, bituminous coal, and crude petroleum. Production of automobiles increased 19 per cent in February, the largest monthly increase in nearly two years, but the out put was still over 25 per cent smaller than a year ago. Factory employment increased by about 2 per cent in Febru ary, considerable increases being reported for the automobile, iron and steel, and clothing industries, while the number of workers in the packing and cement in dustries declined. Earnings of industrial workers in February were larger than in January, reflecting in part the re sumption of full-time work after the in ventory period. Reports to the Department o f A gri culture of intentions to plant in 1925 in dicate that the acreage of practically all grains and of tobacco will be larger, and that of white potatoes smaller, than in 1924. Trade. Total railroad freight move ments continued at approximately the same daily rate in February as in Janu ary, and shipments of merchandise in creased in recent weeks and were much larger than a year ago. Wholesale and retail sales were smaller during Febru ary than a year ago, owing partly to the fact that this year February had one less business day. Department store sales were one per cent smaller in February than in the corresponding month of 1924. Wholesale trade in all lines, except meats and hardware, was less than a year ago, and showed in February about the usual seasonal changes. Sales of groceries, meats, and drugs decreased, while sales of drygoods and shoes increased. PRODUCTION IN BASIC INDUSTRIES PER CEN T W HOLESALE Prices. The slight rise in the whole sale price index of the Bureau o f Labor Statistics was due to advances in the fuel and lighting group, largely in petro leum, and in building materials, while prices o f all the other commodity groups declined. In the first three weeks of March, prices of hogs, cotton goods, and rubber increased, while prices of many other commodities decreased, the largest decreases being those for wheat and other grains. Bank credit. Loans o f member banks in principal cities continued to increase between the middle of February and the middle o f March and on March 11 were larger than at any time in the past four years. The volume of loans for commer cial purposes has been at a high and almost constant level since last autumn, and loans on stocks and bonds, which have increased continuously since the summer of 1924, reached in March the largest amount on record. Increases in loans were accompanied by further re duction in the holdings of securities, par ticularly at banks in the financial centers. At the reserve banks demand for credit increased between the end o f January and the middle of March, chiefly as the result o f the export demand for gold and P R IC E S 2 OO 0 J 'V I' — , 150 ___ * lOO 50 O - * * ....................... 1922 1923 1924- 1925 Index of 22 basic commodities corrected for seasonal variation (1919=100). Latest figure— February, 123.5. 1922 1923 1924 1925 Index of U. S. Bureau of Labor Statistics (1913 = 100, base adopted by Bureau). Lat est figure— February, 161. 1922 1923 1924 1925 Weekly figures for m em ber banks in 101 lead ing cities. Latest figures, March 11. Page One PE R CENT the value of contemplated construction has been 4 per cent larger than in 1924. Building material manufacturers report some seasonal improvement in demand and operations but, for most products, the market is only fair and is poorer than last year. F A C T O R Y E M P LO Y M EN T loo 50 o 1922 1923 1924 1925 Index for 33 m anufacturing industries (1919 = 100). Latest figure— February, 95. the growth in domestic currency require ments, with the consequence that earning assets increased. A fter March 15, how ever, temporary abundance o f funds aris ing out o f Treasury operations resulted in a sharp reduction in member bank borrowings. Somewhat firmer conditions in the money market in the latter part of Feb ruary and the early weeks of March were indicated by a rise of the rate on 4-6 months’ prime commercial paper from to 4 per cent. B U SIN E SS C O N D IT IO N S IN T H E T H IR D F E D E R A L R E S E R V E D IS T R IC T Business in February and early March has been in rather unsatisfactory volume in spite o f the betterment in weather conditions, which was expected to bring a marked revival in trade. Retail busi ness failed to improve in February. In deed, with the exception o f apparel stores, which showed a marked gain over last year’s volume, sales were nearly 8 per cent less than in February, 1924. W hole sale trade was also disappointing and all lines except drugs recorded losses from last year’s totals. In the case o f shoes, drygoods and electrical supplies the de clines amounted to more than 12 per cent. Physical distribution, as measured by freight car loadings, increased seasonally in February and was at the same level as last year. The volume o f debits, which measures the dollar volume o f business, in February was at the same level as in the corresponding month last year, but in recent weeks debits have considerably ex ceeded last year’s figures. Other evidence also goes to show that business is somewhat less active than it was in the same period last year. Fac tory employment and wage payments, which increased slightly in February and again in March, were from 3 to 5 per cent under last year’s figures. Milder weather in February brought greater activity in building and a large increase in permits issued in the cities o f the district. For the first two months o f the year, moreover, Page Two Iron and steel production continued to increase in February and the unfilled orders of the Steel Corporation were also larger. Substantial orders from oil com panies, automobile manufacturers and railroads have been received, but, of late, demand has lessened and prices have weakened in some cases. The coal markets have also been weak with the coming of milder weather and reductions have been made in quotations of both anthracite and bituminous. Production of both coals is also smaller. General hesitancy has also characterized the textile markets. Quotations of both raw silk and wool have fallen and, in the latter case, the yarn and goods market has been much disturbed in consequence. The cotton market has been active, how ever, and prices are higher than at any time since October. Hosiery, underwear, and carpet and rug manufacturers re port active business and firm or rising prices. Much uncertainty prevails among other . industries of the district and in most cases business this year is not so good as in 1924. The leather trades report a sub sidence of buying and, in some cases, weaker prices. Paper and printing in dustries report only fair trade with a continuance o f hand-to-mouth buying. Much the same conditions prevail in the cigar and confectionery trades. In general, it may be said that, although there have been no severe recessions in either prices or in the volume o f trade, there has been a general slackening in the rapid rate of advance that was main tained during the fall months. EM PLOYM ENT AND W AGES Factory employment in the states of this district again increased in February, reaching a point 10.7 per cent above the level o f last July and only 3.1 per cent lower than in February 1924. Operations, as reflected by total wages paid, expanded nearly 3 per cent in February and were higher than at any time since last April. Nearly all the important industries shared in this most recent advance, but the textile, food, and building material industries reported the greatest gains. Among the textiles, silk mills, knit goods and dyeing and finishing establishments and clothing factories all had substantial gains. Potteries reported large gains in employment and wages, and cement mills and glass plants were also more active. Sugar refineries showed the greatest im provement in the food group, with em ployment nearly 22 per cent heavier. The metal manufacturers, almost without ex ception, were more active than in Janu ary ; the greatest improvement occurred SYNOPSIS OF BUSINESS CONDITIONS Compiled as of March 23, 1925 Business Bricks..................................................................... Cigars..................................................................... Chemicals............................................................... Coal, anthracite..................................................... Coal, bituminous................................................... Coke........................................................................ Confectionery........................................................ Cotton goods.......................................................... Drugs, wholesale.................................................... Drygoods, wholesale............................................. Electrical supplies, wholesale............................... Floor coverings...................................................... Groceries, wholesale.............................................. Hardware, wholesale............................................. Hosiery, full-fashioned.......................................... Hosiery, seamless.................................................. Iron and steel........................................................ Jewelry, wholesale................................................. Leather, heavy...................................................... Leatner belting...................................................... Leather, upper....................................................... Lumber.................................................................. 0 ;,s .......................................................................... Paint....................................................................... Paper...................................................................... Paper, wholesale.................................................... Pottery................................................................... Shoes, manufacture............................................... Shoes, retail............................................................ Shoes, wholesale.................................................... Silk goods............................................................... Silk, thrown........................................................... Sugar...................................................................... Underwear, heavy weight..................................... Underwear, light weight....................................... Woolen and worsted goods................................... Woolen and worsted yam s................................... Third Federal Reserve District Demand Fair Fair Fair Fair Poor Fair Fair Fair Good Fair Fair Good Fair Fair Good Good Fair Fair Fair Fair Fair Fair Good Good Fair Fair Fair Good Fair Fair Fair Good Fair Fair Good Good Poor Poor Prices Stocks Unchanged Firm Firm Lower Lower Lower Firm Higher Varied Firm Unchanged Firm Firm Unchanged Unchanged Firm Lower Unchanged Unchanged Higher Unchanged Firm Firm Unchanged Firm Firm Unchanged Unchanged Firm Higher Firm Firm Firm Higher Unchanged Unchanged Firm Firm Moderate Moderate Moderate Moderate Heavy Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Heavy Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Moderate Collections Fair Fair Fair Fair Fair Fair Fair Fair Fair Fair Fair Good Fair Fair Fair Fair Fair Fair Good Fair Good Fair Good Fair Good Fair Fair Fair Fair Fair Fair Good Fair Good Fair Fair Fair Fair EMPLOYMENT AND WAGES In Pennsylvania, New Jersey and Delaware Group and industry No. of plants report ing Number of wage earners— week ended Feb. 15, 1925 Per cent change from month ago Total weekly wages— week ended Feb. 15, 1925 374,696 + 1.0 $9,934,358 Metal manufactures: Automobiles, bodies, and parts. . Car construction and repair........ Elec, machinery and apparatus. . Engines, machines, mach. tools. . Foundries and machine shops.. .. Heating appliances, apparatus.. . Iron and steel blast furnaces....... Iron and steel forgings................. Steel works and rolling mills....... Structural iron works................... Misc. iron and steel products. . . . Shipbuilding.................................. Non-ferrous metals....................... 348 183,497 22 7,318 15 15,004 39 20,715 9,380 36 73 12,827 18 5,175 12 14,960 13 5,177 49 49,995 12 3,174 45 27,930 8 8,337 3,505 6 + + + + + + + + + + + 5,106,608 207,820 439,085 524,452 262,380 369,192 158,058 416,807 131,240 1,400,663 91,723 769,362 233,548 102,278 Textile products: Carpets and rugs.......................... Clothing......................................... Hats, felt and other..................... Cotton goods................................. Silk goods...................................... Woolens and worsteds................. Knit goods and hoisery............... Dyeing and finishing textiles. . . . Miscellaneous textile products. . . 234 14 26 69,976 3,789 3,644 5,221 8,366 17,308 11,204 10,712 8,127 1,605 + + + + + + + + Foods and tobacco: Bakeries......................................... Canneries....................................... Confectionery and ice cream....... Slaughtering and meat packing. . Sugar refining................................ Cigars and tobacco....................... 80 19 5 Per cent change from month ago Average weekly earnings— week ended Feb. 15, 1925 Per cent change from month ago + 2.9 $26.51 + 2 .0 + 2.5 + 4.0 + 7.2 + 1.1 + 2.5 + 6.7 +14.1 + 16.3 - 3.7 - 2 .0 + 2 .2 + 2.9 - 7.3 + 4.7 27.83 28.40 29.26 25.32 27.97 28.78 30.54 27.86 25.35 28.02 28.90 27.55 28.01 29.18 + 1.1 + 2 .0 + 1.4 + 3.7 + 1.5 + 2 .2 + 4.9 + 11.7 - 4.1 - 3.1 + 5.4 + 1.2 - 2.7 + 1.8 + 6.3 + 7.5 + 9.9 + 2.0 + 3.4 + 11.7 - 1.9 + 8.0 + 9.6 + 6 .2 23.03 27.80 18.33 23.74 22.74 5.8 4.9 2.7 1,611,808 105,327 66,782 123,952 190,243 375,257 252,265 242,637 222,564 32,781 22.52 22.65 27.39 20.42 + + + + + + + + + 20 22,168 3,505 152 5,695 2,665 3,810 6,341 + 3.4 + 0.3 - 1.9 + 2.7 - 2.3 +21.7 - 0.5 495,141 104,013 2,991 116,945 70,335 111,194 89,663 + 2.7 + 0.5 - 2 .2 + 8.4 - 9.0 + 20.0 - 8.3 22.34 29.68 19.68 20.53 26.39 29.18 14.14 + + - 0.3 5.6 6.9 1.4 7.8 Building materials: Brick, tile, terra cotta products. . Cement.......................................... Glass.............................................. Pottery.......................................... 76 19 15 27 15 25,815 3,444 7,768 9,774 4,829 + + + + 723,144 89,229 212,443 270,274 151,198 + 8.1 + 2.3 + 9.1 + 7.1 + 12.4 28.01 25.91 27.35 27.65 31.31 + + + + + 6 .0 2 .2 1.2 Chemicals and allied products: Chemicals and drugs.................... Explosives..................................... Paints and varnishes.................... Petroleum refining........................ Coke............................................... 73 37 28,207 6,503 2,625 1,445 16,575 1,059 + - 859,889 181,959 75,232 37,708 533,769 31,221 + 1.1 + 3.8 + 7.4 - 0.3 + 0.9 -1 9 .1 30.48 27.98 28.66 26.10 32.20 29.48 + + + + + - Miscellaneous industries: Lumber and planing mill prod . . . Furniture....................................... Musical instruments..................... Leather tanning............................ Leather products.......................... Boots and shoes............................ Paper and pulp products............. Printing and publishing............... Rubber tires and goods................ Novelties and jewelry.................. All other industries....................... 189 45,033 2,488 3,417 3,392 8,414 602 5,435 5,296 3,692 5,566 2,416 4,315 - 4.8 + 1.6 + 0.1 -4 9 .4 + 1.8 + 4.5 + 4.1 - 0.6 - 1.7 + 9.8 + 4.0 + 2.9 1,137,768 52,558 86,782 89,823 215,004 - 1.4 + 13.0 + 3.2 -3 5 .0 + 4.0 - 1.4 + 9.1 - 1.6 - 1.7 + 7.8 + 6.6 - 4.5 25.27 + 3.5 + 11.5 + 3.0 + 28.4 + 2.1 - 5.6 + 4.8 - 1.0 - 0 .0 - 1.8 + 2.5 - 7.2 All industries (48 ) ............................ 1,000 10 28 57 27 44 21 7 20 12 4 10 15 8 3 8 21 5 34 6 28 21 25 19 9 13 1.5 1.9 5.7 2.5 1.0 4.4 8.7 4.1 0.7 1.2 3.0 1.7 4.8 2 .8 2 .0 0.7 2.5 2 .0 0.3 2.1 1.8 4.4 1.4 2.9 4.8 11.1 0.5 3.0 4.2 4.1 0.1 11.2 12,002 108,665 135,598 116,859 153,071 62,041 105,365 21.68 21.12 25.40 26.48 25.55 19.94 19.99 25.60 31.65 27.50 25.68 24.42 4.2 6.7 7.3 0 .0 3.7 9.3 0.0 2.1 4.5 3.3 0.7 0 .2 3.5 3.7 1.5 0.7 12.1 4.0 1.0 9.0 item from late October down to the middle of February. The earning assets of the Federal Re serve Bank of Philadelphia advanced 20 millions in the four weeks ended March 18, owing to an increase o f 4 millions in discounted bills and o f 16 millions in other earning assets. Certain inter mediate movements in bills discounted are to be noted. From February 18 to February 28, an increase o f 14 millions occurred, but almost all of this gain was lost during the first week of March. The second week of March was marked by another surge upward of 11 millions, and this in turn within three or four days was followed by a reaction o f 8 millions. In the four weeks cash reserves declined 21 millions, note circulation changed very little, and deposits fell off two millions. The reserve ratio decreased from 81.0 to 74.2 per cent. Further advances in money rates at New York were reported during the month ended March 20. The rate for prime commercial paper increased from a range of 3 y2 to 3 ^ per cent on February 20 to 4 per cent on March 20, and the offering rate for 90-day bankers’ bills moved up from 3% per cent to 3% per cent. Following an increase from $117.96 on February 16 to $125.68 on March 6 in the Dow-Jones average price of twenty industrial stocks, a reversal in trend carried the average down to $118.25 on March 18, but in the two succeeding days an advance to $120.91 took place. Com pared with a month before, the average o f twenty railroad stocks showed a de cline of $2.16 and that o f forty bonds fell $.38. Savings deposits, as reported by 99 banks in the Third District, gained .6 of one per cent during February. Declines were reported by banks in Bethlehem, Reading, Scranton and Wilkes-Barre, but in twelve others, particularly Easton and Harrisburg, advances were noted. On March 1 savings deposits were 7.5 per cent above the level o f a year before. Percentage comparisons by cities fo llo w : Changes March 1, 1925, compared with Cities Previous month at car repair shops, foundries, blast fur naces and heating appliance plants. Only three industries among the entire group — shipyards, coke plants and musical in strument establishments— suffered large losses in both employment and wages. The loss of nearly SO per cent in working forces and 35 per cent in wages in the musical instrument industry was due chiefly to a large decline at one factory. The table above shows detailed changes in employment and wages at 1,000 estab lishments in the three states. Previous year + .8 % + 2 .0 “ - .3 “ + .9 “ + 9 .6 « + 8 .9 “ + .2 “ + 1 .6 * + .4 “ - .6 “ -1 .1 “ + .5 “ - .5 “ + .3 “ + .4 “ + 1 .6 ■ + .2 • + 8 .2 % + 9.4 “ + 5 .9 “ + .03 “ +27.1 “ + 15.7 * + 1.2 “ + 20.5 « + 6.5 “ + 12.7 “ + 13.4 “ + 5.2 “ + 9.4 * + 2.1 “ + 5.1 « + 15.9 “ + 5.2 “ + -6 % + 7.5 % F IN A N C IA L C O N D IT IO N S In the four weeks ended March 11 the total loans and discounts o f reporting member banks in four of the larger cities of the Third Federal Reserve District in creased 12 millions, as a result o f ad vances o f 4 millions in loans secured by stocks and bonds and of 8 millions in all other (largely commercial) loans. In the same four weeks investments gained 3 millions and total deposits— 10 millions. The increase in commercial loans during recent weeks is a departure from the generally downward trend pursued by this Allentown.......................... Altoona.............................. Bethlehem......................... Chester............................... Easton................................ Harrisburg......................... Johnstown......................... Lancaster........................... Philadelphia....................... Reading............................. Scranton............................. Trenton.............................. Wilkes-Barre..................... Williamsport..................... Wilmington....................... Y ork................................... Others................................ Totals......................... Page Three W H OLESALE TRADE FINANCIAL STATISTICS Third Federal Reserve District Changes in course of All figures except percentages in thousands of dollars Latest One month One year Reporting member banks: Loans secured by stocks and bonds................................... All other (largely commercial) loans................................. 329,800 366,300 + + 3,800 7,900 + + 51,900 13,400 Total loans........................................................................ Investments.......................................................................... 696,100 363,400 + 11,700 + 2,600 + + 65,300 74,400 Total loans and investments.......................................... Total deposits...................................................................... 1,059,500 949,500 + 14,300 + 10,300 + + 139,700 138,000 Federal Reserve Bank: Bills discounted.................................................................... Other earning assets............................................................ 31,900 64,600 + 4,402 + 15,800 — + 8,600 23,200 + 20,200 Total earning assets......................................................... 96,500 Federal reserve note circulation......................................... Total deposits...................................................................... Cash reserves........................................................................ Reserve ratio........................................................................ 156,600 130,000 212,600 74.2% + 500 2,000 — 20,900 6.8% - + _ + — - 42,400 11,400 47,100 7.5 % Debits (banks in 18 cities)*.................................................... Savings deposits (99 banks)................................................... Bankers’ acceptances:! Purchases by 5 dealers........................................................ Sales by 5 dealers: To Federal Reserve Bank............................................... To others.......................................................................... Executed by 11 banks!....................................................... Commercial paper sales, 5 dealers......................................... 571,962 565,834 + 95,410 + 3,490 + + 57,423 39,653 834 1,519 144 4,942 9,168 — + + 14,600 12 + 212 758 31 241 2,294 — 1,344 222 385 738 — + + New York City Mar. 20, 1925 Actual figures in all columns Money rates: Commercial paper................................................................ Bankers’ acceptances........................................................... Call money renewals............................................................ Security price averages: 20 industrial stocks.............................................................. 20 railroad stocks................................................................. 40 bonds................................................................................ 4 Liberty bonds.................................................................. * Weekly totals. t Weekly averages. Commercial paper. During March the market for commercial paper was less active than in February. For the first two weeks banks were conserving cash for income tax payments and the call money market in New York provided an attractive day-to-day investment for such funds. The government issues of March 15 also took some buyers out of the market. The advance in rates for com mercial paper has attracted some pur chasing by country institutions. Transac tions at 4 per cent constitute the bulk o f the business but some short maturities sold at 3M per cent and a larger total at over 4 per cent is reported. Dealers’ lists have increased during the month. In February the sales o f five dealers in the district were $9,167,500; this com pares with $11,461,500 in January and $8,425,000 in February, 1924. The amount sold to Philadelphia banks was $3,757,500 and to outside institutions $5,410,000. The rates at which sales were consum mated varied from 3 y to 4 per cent. Over 97 per cent of the total was sold at-from 2>y2 to 4 per cent, with the largest part at and 4 per cent. Page Four Month ago Year ago 4% 3M % 3M % 3 K -3 3 % 4 3 y8% 3% 4 K -5 % 4-4 y8% 3% $120.91 97.81 91.30 101.45 $121.64 99.97 91.68 101.53 $95.88 81.45 87.86 99.78 J Total for month ending 10th. R E T A IL T R A D E Retail sales are fairly good and pre liminary reports indicate that March sales will approximate those of March, 1924. The public is shopping carefully and is buying principally the cheaper and medium-priced goods. Price-cutting sales are the chief stimulants o f trade and are producing a satisfactory volume of business. Department stores report that spring hats and clothing, hosiery, light rugs and house-cleaning utensils are selling in good volume. Topcoats, hats, spring suits and neckwear are the best sellers in men’s apparel; and spring hats, light coats, spring suits, dresses, and hosiery are the most active items in women’s apparel. Rugs, carpets, linoleums, porch furniture and living room suites are moving fairly well at house-furnishing stores. Women’s and children’s shoes are in good request and men’s shoes are selling in fair volume. The prices o f most goods are firm and the same as they were last month. Rugs, linoleums and shoes are slightly higher than they were at the close of February. Prices at wholesale remain strong, but the number o f items that advanced during the month and the gains made were smaller than in February. Botanical drugs were an exception to the general trend and experienced a sharp break in prices. Sales as a whole were somewhat larger in March than in the previous month. This is a seasonal movement, and preliminary estimates indicate that the increase will not be as large as it was in March, 1924. In February sales of boots and shoes, drygoods, and jewelry were larger than they were in January, but were smaller in the other reporting lines. As compared with February, 1924, transactions were smaller in all the trades except drugs but it must be considered that February, 1925, contained one less business day than February, 1924, which accounts for some of the difference. Stocks were in most cases larger than they were either a month before or at the end o f February, 1924. Collections were slower than in January, with the exception of jewelry, electrical supplies and drygoods, and also were poorer than in February, 1924, with the exception o f drygoods and electrical supplies. Shoes. Sales o f shoes at wholesale during March, though larger than in February, are smaller, according to pre liminary reports, than they were in March, 1924. Shoes most in demand are pumps made o f patent leather, tan calf or black satin for wom en; pumps and oxfords of tan calf or patent leather for misses and children, and tan calf ox fords for men. Many o f the tan calf oxfords have crepe rubber soles. Prices are firm and, in some instances, higher. Nearly all sales call for shipment during March, and practically no orders have been taken for delivery later than April 15. Sales in February were only 0.9 per cent larger than in January and were 12.8 per cent smaller than in February, 1924. Jewelry. Wholesale jewelers report that trade is without any special features. Sales will probably be larger in March than they were in February, but buyers are very cautious and purchases are confined entirely to immediate needs. Prices are unchanged. Single stone and fancy rings, bar pins, watches, diamonds and remountings for old jewelry are a few o f the articles called for. Sales in February were 11.1 per cent larger than in January but were 8.6 per cent smaller than in February, 1924. Hardware. The net sales o f 29 wholesale hardware firms in this district were 3.9 per cent smaller in February than they were during the preceding month and 6.1 per cent less than in February of last year. Present demand larger than in January but 12.7 per cent smaller than in February, 1924. Stocks, though 5.5 per cent heavier on February 28 than on January 31, are 14.8 per cent lighter than on February 29, 1924. RETAIL TRADE Third Federal Reserve District Comparison of net sales Comparison of stocks Stock turnover Jan. 1 to Feb., 1925, Feb. 28, 1925, Feb. 28, 1925, Feb. 28, 1925, with with with with Jan. 1 to Feb., 1924 Feb. 29, 1924 Jan. 31,1925 Feb. 29, 1924 All reporting firms................... Firms in Philadelphia.............. Allentown, Bethlehem and Easton............................... Altoona................................. Harrisburg............................ Johnstown............................. Lancaster.............................. Reading................................. Scranton................................ Trenton................................. Wilkes-Barre......................... Williamsport......................... Wilmington........................... York...................................... All other cities...................... - 6 . 1% 7.5 “ - 0.5 - 2.3 - 20. 0 + 0 .2 - 7.2 - 7.3 - 0.2 + 3.6 - 8.7 - 5.5 - 4.2 + 2.6 - 2.9 - 1.3 “ “ “ “ “ “ “ “ “ “ “ “ “ “ 1925 Paper. The demand for paper is much the same as it was a month ago and as it was a year ago. Newsprint, book, and fine papers are in good request; wrapping and kraft papers are moving in fair volume, but tissues, crepe papers, and cardboards are selling slowly. Prices of paper are firm at the levels of a month ago. February sales were 6.4 per cent smaller than those of January, and 0.6 per cent less than those of February, 1924. Jobbers’ stocks at the close of February were 0.3 per cent larger than at the end of January. 1924 - 5 .1 % -5 .9 “ + 0.4 % + 0.6 “ + 4.5% + 3.0 “ .519 .510 .520 .542 -1 .9 -3 .8 - 8 .8 + 1.0 -1 .7 -9 .3 -3 .9 -1 .9 -9 .2 -0 .7 - 1.8 + 4 .9 -7 .3 + 1.3 - + 5.9 “ + 1 1 .5 “ .401 .268 .406 .254 + + + + + + + + + + + “ “ “ “ “ “ “ “ “ “ “ .357 .485 .368 .351 .420 .430 .460 .300 .260 .384 .283 .361 .518 .401 .329 .428 .468 .474 .292 .273 .391 .293 .524 .544 .484 .521 .583 .394 .599 .372 .451 .297 .914 1.032 .507 .628 .366 .416 .316 .914 1.044 .506 “ “ “ “ “ “ “ “ “ “ “ “ “ “ 0.5 “ 4.1 “ + 2 .0 - 6.2 - 2.2 - 12.8 + 2.1 + 3.8 + 1 9 .9 - 9.3 + 14.9 - 5.9 + 8 .1 “ “ “ “ “ “ “ “ “ “ “ 5.0 5.3 9.1 5.9 15.2 8.5 9.5 9.3 2.7 10.7 4.8 All department stores.............. in Philadelphia..................... outside Philadelphia............ - 7.8 “ - 10.2 “ - 1.7 “ -5 .9 “ -7 .4 “ -1 .9 “ - 0 .8 “ - 0 .8 “ - 0.9 “ + 3.0 “ + 0 .0 “ + 9.3 “ All apparel stores..................... Men’s apparel stores............... in Philadelphia..................... outside Philadelphia............ Women’s apparel stores.......... in Philadelphia..................... outside Philadelphia............ + + + + + + -1 .7 + 2.8 + 7 .9 - 4 .1 + 2 .5 + 3 .7 - 4 .1 + + + - + 5.0 “ 0.0 “ 0.8 “ 0.8 “ 3.0 “ 4.1 “ 0.8 “ + 20. 2 + 12.8 + 25.6 + 2.1 + 14.3 + 15.6 + 9.6 Credit houses............................ - 5.6 “ -2 .3 “ + 10.7 “ + 3.5 “ .336 .358 Shoe stores................................ + 5.3 “ + 3 .2 “ + 3.2 “ - .379 .372 3.8 “ 4.7 “ 12.2 “ 6.3 “ 11.6 “ 12.6 “ 5.7 “ is no better than fair, though builders, farming implement dealers and factories have entered the market more actively than they did a month ago. Largely on account of more favorable weather con ditions, the call for garden tools and other seasonal articles is better than it was at this time last year. Quotations in some instances are higher 'than they were a month ago, but in general they are unchanged. Prices in nearly all cases, however, are higher than they were in March, 1924. Stocks held by reporting firms were 6.3 per cent larger at the end of February than they were at the close of the preceding month and 4.7 per cent greater than on the last day o f February, 1924. Electrical supplies. Demand for radio supplies and equipment for use by contractors has created a fairly active market in the wholesale electrical trade, though the majority o f reports received by us indicate that the call is somewhat less than that o f a month ago. During February the net sales of 7 wholesale firms in this district were 6.6 per cent smaller than they were in the preceding month and 15.7 per cent less than in February o f last year. Prices are much the same as they were a month ago, and, with the exception of quotations on some grades of radio sup plies, which are lower, are unchanged from those prevailing at this time last year. Stocks in general are moderate. “ “ “ “ “ “ “ “ “ “ “ “ “ “ 1.0 “ Drygoods. Sales of drygoods nor mally increase in March, and preliminary reports indicate that, though this will again be true this year, sales will be smaller than they were in March, 1924. Novelty hosiery, underwear, ginghams, percales, novelty piece goods, trimmings, laces, neckwear, shirts and notions are the lines which are in best request. Price changes have been slight but those noted have been upward. The articles that have advanced are ginghams, bleached sheet ings, woolen blankets, and woolen under wear. Purchases made by wholesalers are reported to be smaller than they were a year ago. Sales in February were 6.9 per cent Drugs. Drugs are in good demand and are selling better than they were a year ago, but the daily volume o f sales is about the same as in February. Staples, seasonable patent medicines, disinfectants and oils are the best sellers. Drugs and fine chemicals are slightly higher than they were a month ago, but botanical drugs are much lower. The “ Oil, Paint and Drug Reporter’s” index number for 35 drugs and fine chemicals on March 16 was 202.9 as compared with 201.9 on February 16; that for 40 botanical drugs, on March 16 was 122.1 as against 132.7 on February 16. Sales in February were 4.4 per cent smaller than in January, but were 7.7 per cent greater than in February, 1924. Groceries. The demand for groceries continues to be fair; the daily volume o f sales is much the same as in February. Canned fish, canned vegetables, dried fruits, dried beans, sugar, canned milk, other staples and lenten goods are selling in good volume. Prices still show a slight rising tendency. Sugar, smoked meats, dried fruits, molasses, coffee and canned milk are slightly higher than they were a month ago; but flour, eggs, cheese, soap and wheat products are cheaper. Sales in February were 4.1 per cent smaller than those o f January and also 3.2 per WHOLESALE TRADE Third Federal Reserve District Net sales Feb., 1925, com pared with Jan., 1925 Boots and shoes.. Drugs................. Dry goods.......... Elec, supplies. . . . Groceries............ Hardware........... Jewelry............... Paper.................. + + + - 0.9% 4.4 “ 6.9 “ 6 .6 “ 4.1 “ 3.9 “ 11.1 “ 6.4 “ Stocks Feb., 1925, com pared with Feb., 1924 - 12 . 8 % + 7.7 “ -1 2 .7 “ -1 5 .7 “ - 3.2 “ - 6.1 “ - 8 .6 “ - 0 .6 “ Jan., 1925 Feb., 1924 + 11 . 1 % + + + + 5.5 5.4 0.4 6.3 2.9 0.3 “ “ “ “ “ “ 5.8% - 1 4 .8 “ + 8.9 “ + 6 .0 “ + 4 .7 “ + 0.5 “ + 5.8 “ Accounts out standing Feb., 1925, com pared with Jan., 1925 + 3 .0 % + 1 .7 “ -1 .7 “ -9 .7 “ -3 .9 “ + 2.1 “ + 0.1 “ + 0 .8 “ Feb., 1924 Ratio of accounts outstanding to sales Feb., 1925 - 6 . 2 % 293.3% + 11 . 8 “ 163.8 “ -1 2 .9 “ 249.3 “ -1 6 .6 “ 142.6 “ - 3.9 “ 122.6 “ + 4.5 “ 213.4 “ + 14.9 “ 468.3 “ + 4.9 “ 157.3 “ Jan., 1925 Feb., 1924 284.6% 277.0% 154.5 “ 153.3 “ 271.2 “ 249.9 “ 1 4 7.5“ 144.1 “ 119.0 “ 120.0 “ 200.5 “ 192.2 “ 519.8 “ 372.5 “ 146.1 “ 149.0 “ Page Five cent less than in February, 1924. Stocks at the close of February were 0.4 per cent smaller than at the close of January, but were 6.0 per cent larger than at the end o f February, 1924. SU G AR Raw sugar. Considering the fact that the grinding season in Cuba is at the height of activity, the raw sugar market has shown great strength during the month. Prices have advanced and have held nearly all of their gains despite large offerings. Cuban raw sugar tor prompt shipment is selling at 2 15/16 cents, c and f, equal to 4./1 cents duty paid, as compared with 2 13/16 cents, c and f, on February 23. Duty-free sugars are selling at 4.71 cents, delivered. A fairly good demand for raw sugar from eastern refiners has helped maintain the higher price, but the improved statistical position of the Cuban crop has been chiefly responsible for the advance. The Cuban Department o f Agriculture, Labor and Commerce has published its official estimate of 4,474,300 long tons for the new crop, which is much smaller than earlier private estimates. Guma-Mejer’s estimate was 4,724,714 long tons and that of Himely was 4,620,428 tons. A t the close o f February, Cuban pro duction of new sugar, according to Willett and Gray, equalled 1,810,280 long tons as compared with 1,700,199 long tons on the same date last year. On February 28, 179 centrales were grinding, as com pared with 177 on February 28, 1924. Total stocks in the United States and Cuba equalled 991,526 long tons at the close o f February, only 36,790 tons larger than they were a year ago. Receipts of raw sugar at Atlantic ports during the last week of February and first two weeks of March were 24 per cent smaller than for the same period o f last year and totalled 244,793 tons. Refined sugar. The call for refined sugar is fairly good and at times during the month buying has been heavy. The advance in raw sugar prices has been closely followed by a higher price for refined. On February 25, Atlantic port refiners were selling fine granulated at from 5.90 to 6.00 cents per pound, but quotations now range from 6.00 to 6.20 cents per pound. Eastern beet refiners are now selling refined beet sugar at 6.10 cents, seaboard basis. At this time last year quotations on cane granulated sugar ranged from 8.60 to 9.00 cents per pound. Export demand for refined sugar is very light. Meltings at Atlantic ports during the last week o f February and first two weeks of March totalled 231,000 tons, as compared with 228,000 tons in the same period of the previous year, an increase o f 1 per cent. Prices o f candies and most confections are firm and the same as they were a month ago. Raw materials, too, are un changed in price. Both finished stocks and supplies o f raw materials range from light to moderate and are stationary. C O N F E C T IO N E R Y Bricks. The call for building bricks is generally fair and stronger than it was at this time last month. It is not as good, however, as it was a year ago. Requests for fire bricks, however, are not as numer ous as they were in February and in some quarters the present call is classified as poor. The majority of orders for both grades o f bricks are for shipment either immediately or within 60 days. B U IL D IN G Reports received from fifteen cities in the Third Federal Reserve District show an increase in February o f 719 building permits and a gain o f $5,455,540 over the totals in the preceding month. Since weather conditions existing in February were more favorable to the undertaking of new construction than were those in the corresponding month o f 1924, the gain in estimated cost o f $4,200,000 over the totals reported in February o f last year is not surprising. The call for candies varies from fair to good, although it is not as heavy as it was in March, 1924. Chocolates and chocolate-coated candies are in better de mand than they were in February, but hard candies are not selling as actively as they were a month ago. Easter trade is fairly good and many factories are working on Easter orders, but the volume of this business is not as great as that of last year. Bar chocolate, chocolate coat ing, cocoa, and grocery confections are selling well. The large confectionery plants in this district are operating at about 85 per cent of capacity, but many o f the smaller factories are running at only 50 per cent. A few confectioners have a month’s business on hand, but the majority are working on a hand-to-mouth basis and have only a few days’ busi ness ahead. Prices o f finished bricks are in several instances weak though quotations are much the same as they were at this time last month. Considerable resistance to present prices is reported throughout the district. On the other hand, quotations for raw materials are firm and unchanged from the levels of a month ago. Manufacturers reporting to us are operating their plants at an average rate o f about 53 per cent of capacity, which is BUILDING PERMITS Third Federal Reserve District February, 1925 January and February February, 1924 1925 No. During 1924, the per capita consumption of sugar in the United States was greater than in any year on record with the exception of 1922. Source—Weekly Statistical Sugar Trade Journal Page Six Allentown............ Altoona............... Atlantic C itv. . . . .Bethlehem........... Camden............... Harrisburg.......... Lancaster............ Philadelphia........ Reading............... Scranton.............. Trenton............... Wilkes-Barre....... Williamsport....... Wilmington......... York.................... Total................ 25 64 123 11 104 39 44 957 Estimated cost in thousands $ 169 228 742 8 22 58 149 12 107 116 62 54 57 56 236 10,321 570 296 297 340 89 319 109 84 37 44 956 133 91 84 71 36 55 60 1,919 $14,190 1,892 100 344 No. 121 Estimated cost in thousands $ No. Estimated cost in thousands Estimated cost in thousands $ 310 183 67 104 92 1,571 171 169 169 95 54* 91 74 64 124 285 38 139 77 80 1,840 251 165 184 129 36* 128 132 $9,989 3,096* $22,821* 3,672* $22,018* 221 68 * Williamsport figures for January, 1924 and 1925, are not included. $ No. 354 321 1,318 23 414 288 290 16,889 635 505 475 608 89* 375 236 121 99 381 16 241 135 621 7,174 225 35 113 248 17 157 64 1924 541 147 1,024 100 772 333 893 15,816 466 473 499 392 67* 285 209 slightly higher than that computed at this time in February. Pottery. Manufacturers reporting to this bank say that the demand for pottery is fairly good and noticeably better than it was a month ago. Requests for sani tary porcelain fixtures, however, are in only fair volume though inquiries for many grades o f this product are increas ing in anticipation o f the spring trade. The call for all classes of pottery is not as strong as it was at this time last year. Unfilled orders are somewhat larger than they were four weeks ago and the greater part are for delivery within 60 days. Prices of finished goods are not particu larly firm; in fact, several manufacturers classify them as weak, though quotations in nearly all instances are the same as those listed at this time in February. On the other hand, a few reports indicate that prices of some raw materials are higher than they were a month ago. Stocks o f finished pottery vary from heavy to light and, in general, are sta tionary. Supplies of raw materials are moderate and decreasing. The average rate at which reporting firms are oper ating is close to 73 per cent of capacity, which is somewhat higher than the aver age rate reported in February. Notwith standing the recent increase in employ ment in the pottery industry, the supply of both skilled and unskilled workers is plentiful. Unfilled orders on hand will insure present production schedules for an average period o f about 7 weeks. Lumber. Both manufacturers and dealers report that the call for lumber is fair, but while the former say it is better than it was a month ago, the latter classify it as unchanged. Hardwoods are moving in good volume, with oak in best request. Demand for west coast lumber has slackened somewhat, which has bene fited the call for short leaf yellow pine. Unfilled orders are larger than they were a month ago and the majority of those on the books o f wholesalers and retailers are for shipment within 60 days. Prices of both finished lumber and raw materials are firm and, for the most part, unchanged from those prevailing at this time in February. One dealer, however, states that resistance to present prices has resulted in the granting of concessions, though the reductions are not large. Stocks o f finished goods and raw ma terials held by manufacturers are sub stantial and stationary, but supplies of lumber in dealers’ yards are from moder ate to light and are increasing. Manufacturers reporting to this bank are operating at an average rate o f about 85 per cent of maximum output, which is slightly in excess o f the average rate re ported a month ago. Unfilled orders now on hand will require the continuance o f present operating schedules for an average period o f not less than two months. Paint. Manufacturers find that the call for paint is fairly good and that it is better than it was both at this time last month .and a year ago. A substantial volume of unfilled orders is on hand and though a great many are for shipment beyond 90 days, the majority are for delivery either immediately or before June 1. Prices of finished paint and raw ma terials are in general firm and unchanged from those prevailing at this time last month, although in a few cases, slight reductions have been made. Some resist ance to present prices is being en countered, chiefly to those of the cheaper paints. On March 23, linseed oil was quoted at $1.09 per gallon, carload lots, cooperage basis, as compared with $1.12 per gallon on February 23. Stocks of both finished goods and raw materials are moderate and decreasing. Manufacturers reporting to us are op erating their establishments at an aver age rate o f approximately 70 per cent of capacity, somewhat higher than a month ago. Unfilled orders now on the books will support the present rate o f produc tion for periods ranging from a few days to as long as three months. IR O N A N D S T E E L During the first part of the month, the call for pig iron was scarcely fair. Re cently, however, inquiries for second quarter needs increased and were fo l lowed by the placing o f several sub stantial orders. Iron and steel castings are in fair request and the call for these products has increased during the past four weeks. The demand for iron bars and wire rods is not as strong as it was during the latter part of February and so far this month deliveries to railroads and industrial interests have not been heavy. The market for scrap is still weak and tonnages are easily secured. Automobile manufacturers are taking fair sized shipments of steel sheets but other buyers apparently are hesitant in making extensive commitments. The de mand for plates and structural shapes has not fulfilled expectations, although rail roads and oil companies have made in quiries for next quarter needs. Light and heavy hardware is in better demand than it was a month ago, but o f the call for machinery and tools, the reverse is true. Rails and track supplies are mov ing in good volume and inquiries are increasing. During the first two weeks in March prices of most steel products were well maintained, though concessions had been granted from time to time, particularly when large tonnages were involved. Re cently, however. Iron A ge’s composite price o f finished steel fell from 2.546 to 2.531 cents per pound, a loss o f 15 points. Within the last fortnight quotations for some grades of pig iron declined from 50 to 75 cents per ton. This was generally expected, however, and resulted in no weakness in general prices. On March 23 Philadelphia 2X pig iron was quoted at $24.26 per ton as compared with $25.01 per ton on February 23. Production of pig iron and steel ingots during February was somewhat less than in January, as will be noted in the table below. However, the daily rate was higher. Following a substantial gain in the total o f unfilled orders of the United States Steel Corporation during January, the aggregate again increased in Febru ary, bringing the total at the end o f that month to the highest point since August, 1923. In gross tons Production— Pig iron...................... Steel ingots................ Unfilled orders— U. S. Steel Corp........ February January 3,214,143 3,740,004 3,370,336 4,180,413 5,284,771 5,037,323 Iron foundries. The table below shows the principal operating features of 37 iron foundries located in this district whose monthly iron-making capacity totals 13,285 tons. Though production and stocks were smaller in February than in the preceding month, unfilled orders in both value and tonnage increased slightly. It will be observed that the changes in no instances were great. Iron foundry operations February Change from January Capacity........................... Production....................... Malleable iron............. Gray iron..................... Jobbing..................... For further mfr....... Shipments........................ Value............................ Unfilled orders................. Value............................ Raw stock: Pig iron........................ Scrap............................ Coke............................. 13,285 tons 5,522 “ 1,110 “ 4,412 “ 2,893 “ 1,519 “ 4,217 “ $647,704 2,929 tons $496,706 0 - 5.4% - 2.5 “ - 6.1 “ - 3.0 “ - 1 1 .5 “ + 2.9 “ - 2.8 “ + 1.6 “ + 2.5 “ 9,672 tons 3,148 “ 2,151 « - 0.7 “ 4.6 “ 3.2 “ Steel foundries. Production, value o f unfilled orders and stocks of pig iron were somewhat greater during February than in the preceding month, as is shown in the reports o f five steel foundries analyzed in the table below. In all other operating items, decreases occurred. Steel foundry operations February Capacity.......................... Production....................... Shipments........................ Value............................ Unfilled orders................. Value............................ Raw stock: Pig iron........................ Scrap............................ Coke............................. 6,050 tons 4,070 “ 3,256 “ $541,364 4,270 tons $1,282,331 2,840 tons 9,255 “ 442 “ Change from January 0 + + 1.7% 9.3 “ 2.4 “ 12.0 “ 7.5 “ + 9.8 “ - 7.0 “ - 22.0 « Page Seven COAL Anthracite. Owing largely to the warmer weather that has prevailed so far this month and to the usual seasonal de cline which precedes the beginning of spring, the demand for the domestic sizes o f anthracite has fallen off con siderably during the past four weeks. The call for steam sizes, however, has been fairly good and several substantial orders have been placed by large con sumers of these grades. Though company prices o f domestic grades remain at the levels quoted a month ago, those listed by independent coal interests have recently declined, in some instances as much as 75 cents per ton. On March 23 independent stove sizes were quoted at from $8.90 to $9.65 per ton, as compared with from $9.40 to $10.40 per ton on February 21. Quota tions for steam sizes are firm and gener ally unchanged from those listed a month ago. On March 23 buckwheat No. 1 was quoted at from $2.25 to $3 per ton. Weekly output so far in March has been increasing somewhat, as will be seen in the table below : Week ended In thousands of net tons 1925 Feb. Feb. Mar. Mar. 1,838 1,605 1,655 1,656 2 1 ... . 2 8 .... 7. . . . 1 4 ... . 1924 1,866 1,665 1,882 1,941 Per cent of change + 10.4 -1 4 .0 - 12.1 -1 4 .7 Bituminous. The call for bituminous during the past month has been poor. Operators reporting to us state that very little business is being transacted by the railroads and public utilities, as these con sumers are largely engaged in working off previously made contracts. Spot prices are from 25 to 35 cents lower than contract quotations and both are weak and in several instances lower than they were a month ago. It is re ported that in the middle west distress lots are numerous and that substantial price concessions are being granted in order to move stocks. In Philadelphia on March 23 Pool 10 coal was quoted at from $1.55 to $1.80 per ton as compared with from $1.70 to $2.00 per ton on February 21, a reduction o f from 15 to 20 cents per ton. During the first week in March pro duction increased somewhat, as will be noted in the following table. Since the end of January, however, the trend of output has been distinctly downward. Week ended In thousands of net tons 1925 Feb. Feb. Mar. Mar. 2 1 .... 28. .. . 7 .... 14___ 1924 9,464 8,855 9,394 8,623 10,697 11,061 9,944 9,943 Page Eight Per cent of change - 1 1 .5 -1 9 .9 - 5.5 -1 3 .3 Coke. Quotations generally are firm, though those for furnace grades were re duced twice during the first half of the month. On March 23, Connellsville fur nace coke was quoted at $3.25 per ton as compared with $3.75 per ton on Febru ary 21. Quotations for foundry grades remained unchanged during the month, and on March 23 were listed at $4.25 per ton. Output of beehive coke in each of the past four weeks fell below the corre sponding weeks of 1924, but during February production of by-product coke in the entire country totalled 3,125,000 tons as against 3,411,000 tons in the pre ceding month, and 2,981,000 tons during February of last year. M onthly output of petroleum reached a peak for the last two years in October, 1923. Production of gasoline, however, has steadily increased during that period. OILS preceding year, as will be noted in the table below. W ith the exception of January, 1925, this condition has pre vailed in every month since last April. Refiners reporting to us state that the demand for gasoline, kerosene, fuel and lubricating oils has been good throughout the first quarter and that recently, with the exception of that for fuel oils, the call has improved still further. Present demand is now better than it was a year ago. Refiners are taking larger quantities of petroleum and the demand for Penn sylvania crude oil, too, is greater than it was during last month and in March, 1924. Since the first of the year, prices of finished oils have tended upward, though recently, quotations for nearly all re fined products were reduced. In Phila delphia, on March 23, gasoline and kero sene were quoted at 20 cents and 14 cents per gallon (tank wagon), respec tively. From the first of the year until March 21 the price of Pennsylvania crude oil advanced $1 per barrel, and quotations on that date stood at $3.75 for all oils other than those in the Bradford district. The latter grades were quoted at $3.85 per barrel. On March 23, however, a reduction o f 20 cents per barrel was made in prices of all Pennsylvania grades. Stocks of both crude and refined oils are fairly heavy, though they are beginning to decrease, as is usual at this season. During recent months production of both refined and crude oils has been in creasing, as will be seen in the accom panying chart. Though the output of crude oil in the entire country was somewhat greater in January than it was in the corre sponding month of 1924, production during the last quarter o f that year was less than in the last three months of the Sources—Geological Survey; Petroleum Economist In thousands of barrels Month 1924-25 O ctober.. . . November.. December.. January.. . . 1923-24 59,937 56,297 56,617 59,284 65,977 64,829 58,892 56,455 of change - 9.2 -1 3 .2 - 3.9 + 5.0 COTTON Raw cotton. Stimulated by active buying here and abroad, together with the prevailing drought in certain grow ing sections which was highly unfavor able to the new crop, quotations for cot ton have risen during the past month to the highest levels since last October. Spot cotton held firm at an average of 26.03 cents per pound during the first week o f March, but a drop to 25.65 cents on March 23 followed. This compares with 24.50 cents last month and 28.90 cents a year ago. Domestic consumption o f cotton and linters declined from 641,525 bales for January to 600,730 bales for February, a drop of about 6.4 per cent. The total of mill takings for the seven months o f the present cotton year also decreased from 3,931,560 bales in 1923 to 3,838,344 bales in 1924, a decline of about 2.4 per cent. Exports, on the other hand, were unusually large. From August 1, 1924, to March 20, 1925, they totalled 6,783,479 bales, as compared with 4,581,664 bales last year. Stocks o f raw cotton in consuming establishments, public storage and at compresses on Feb ruary 28, were 13.3 per cent larger than those of last year. Final figures of the Bureau o f the Census shows that ginnings of 1924 crop totalled 13,618,751 bales, exclusive of linters, in contrast with 10,139,671 bales in 1923. This is the largest amount since 1914, when production reached 16,130,930 bales. The following table shows the position of American cotton: Season ’22-23 Season ’24-25 Season ’23-24 Visible supply at end of previous season 951 (July 31)................ Crop in sight, on March 20.............. 13,338 869 1,968 10,049 9,991 10,919 11,959 American cotton (thousands of bales) Total................. 14,289 V isib le su pp ly on 3,991 March 20.............. W orld’s takings to March 2 0 ............. 10,298 2,487 2,468 8,432 9,491 Cotton goods. A slight improvement in the sales of cotton fabrics during the past month is reported by several man ufacturers in this district. Light and heavy dress goods materials, together with domestics, have been in fairly steady demand. Substantial bookings also have been made in print cloths. Most of the orders, however, call for prompt ship ment, although some are for delivery during May and June. While a slight gain is noted in production, the present rate o f output has not changed mate rially from that of last month. Mills are now working at about 70 per cent o f capacity on the average. Unfilled orders will insure operation at the pres ent rate for the period of from one to three months, the average being about forty days. Though a number of firms state that their stocks of finished goods' are somewhat heavy, supplies of both the manufactured products and raw materials are, in the main, moderately light. Reflecting strength in the market for raw cotton and yarns, prices o f cotton goods have moved upward but slightly during the greater part of the month. Fairchild’s index number o f average quotations rose to 15.8 for the week ended March 21 in contrast with 15.7 a month ago, but it is still below the last year’s level, which was 16.1. During the last week, however, prices, particularly of unfinished goods, eased off somewhat. Continuing to comb the market for bar gains, buyers persist in their resistance to prices. Collections are fairly satis factory. WOOL Raw wool. A downward trend of quotations here and abroad, curtailed buying, and resistance to prices of man ufactured goods have characterized the Philadelphia wool market during the past month. Dun’s average o f ninetyeight quotations shows that domestic qualities dropped to 98.22 cents per pound on March 20, as compared with 102.04 cents on February 20, and 82.47 cents a year ago. This decline is es pecially marked in Montana fine staple and Ohio three-eighths blood. Prices of foreign wools also have decreased, merinos and crossbreds from 10 to 15 per cent, and coarse crossbreds from 15 to 20 per cent, below the January auc tion levels. The activity of American buyers abroad is shown by imports of foreign wools, which in February amounted to 37,724,975 pounds, as against 47,503,391 pounds in January and 39,486,531 pounds last year. The consumption of wool in this dis trict, as shown by reports from 77 es tablishments, was 12.1 per cent smaller in February than in January. Local stocks continue to be extremely light. An increase in wool production, however, has given dealers and manufacturers much encouragement. According to the fig ures compiled by the Department o f A g riculture, the American wool clip for 1924 rose to about 238,530,000 pounds of fleece wool and 43,800,000 pounds of pulled wool, as against 224,330,000 and 42,500,000 pounds, respectively, in 1923. The output o f the commercially impor tant wool-growing countries o f the world increased about 4.3 per cent during the corresponding period, as estimated by the textile division o f the Department of Commerce. The following table presents the preliminary data in regard to the an nual production. In pounds (000’s omitted) Countries 1909-1913 North America. South America. Australasia. . . . 332,320 578,026 570,347 219,694 903,620 627,470 1923 283,004 450,300 528,074 242,265 769,560 446,250 In accordance with the present trend in wool prices, quotations for both Brad ford and French yarns are weak; in fact, several reductions, ranging from 10 to 15 per cent, have been reported during the month. Collections are fairly good, although in a few cases they appear to be slower than last year. W oolen and worsted goods. Re stricted activity marks the present sit uation in the piece goods trade. A l though the position of woolen manufac turers continues to be somewhat better than that of the producers o f worsteds, the volume of current sales is much smaller than it was a month ago or last year. Resistance to higher prices and slackened demand are chiefly responsible for this decline. A significant feature is noted in the recent opening o f fall lines o f dress goods and coatings, which com prised about 80 per cent of staples or piece dyed weaves, as compared with 50 per cent each of staples and novelties last Sources—Journal of Commerce; Textile World; Cotton Facts 1924 298,237 443,484 548,303 255,265 838,000 453,250 T otal........ 3,231,477 2,719,453 2,836,539 Woolen and worsted yarns. Condi tions in the weaving and knitting yarn industry are extremely unsatisfactory. Principally because of the uncertainty in quotations for raw wool, together with strong opposition to prices by buyers and a consequent scarcity of new orders, sev eral spinners have reduced their opera tions drastically in preference to accumu lating stock. The average rate of out put, however, continues to be about the same as last month, but unfilled orders on hand have dropped to the point where they can insure operation at the present rate for the period of about 75 days. Stocks of finished goods are compara tively small, but they are not decreasing as rapidly as are those of raw materials. year. Supplies o f both finished goods and raw materials are moderately light, owing to the fact that current manufacturing is mainly against orders. Prices are generally firm and, in sev eral instances, advancing. This trend is more pronounced in woolens than in worsteds. Fairchild’s index of the average quotations for woolens in the all-year numbers rose to 260.4 for the week ended March 14, from 257.9 last month, whereas worsteds stood at 278.1 as against 276.9 during the same period. The average prices of fall woolens also show a larger gain than do worsted goods. Collections are as prompt as they were last month or a year ago. S IL K Raw silk. Following a period of ac tive trading in the early part o f the past month, business in raw silk has recently sagged somewhat, in spite o f the ’ strong demand prevailing in the fabric industry. Sales at Yokohama are lim Page Nine ited chiefly to small lots calling for spot or nearby delivery, although high grades o f silk continue to sell well for April and May shipment. Reports indicate that American buyers have been fairly active at Milan and to some extent at Canton, but they have shown little or no interest in the market at Shanghai. The recent movement of raw silk, as reported by the principal warehouses in New York City, is set forth in the following table: In bales Feb., 1925 Jan., 1925 Feb., 1924 Stocks............ Imports.......... Mill takings. . 60,249 39,046 37,529 58,732 37,084 39,885 40,226 25,632 29,804 Quotations have dropped considerably in the face o f the sharp rise in the rate of exchange for yen. Kansai doubleextra cracks declined to $6.50 per pound on March 23, as against $6.90 on Feb ruary 21 and $7.05 per pound last year. Thrown silk. Increased demand, gain in employment, continuance of low stocks, firm prices and satisfactory col lections are the principal features that have characterized this market during the past month. Returns from both commis sion and independent throwsters show that the volume of current sales exceeds that of the previous month and of last year. But, as most of the present orders call for prompt shipment, manufacturers, rather than accumulating stocks, are confining their output close to the actual requirements. Indeed, while the total of advance orders is larger than it was last month, it is not sufficient to insure production beyond the period o f thirty days on the average, working at the present rate, which is from 85 to 90 per cent o f capacity. Along with the favor able conditions that now prevail in the market for thrown and spun silk, busi ness in rayon (artificial silk) is exceed ingly active, the demand continuing strong from makers of hosiery and cotton goods. Several advances in quotations are noted, although recently prices eased off a little, probably owing to a marked re cession in raw silk. Organzine doubleextra crack was quoted at $7.50 per pound on March 20, as compared with $8.05 on February 20. Resistance to prices is practically negligible. Silk goods. Manufacturers o f silk goods have enjoyed a very high rate of activity during the past month. Stimu lated by the continued strength in de mand, their volume o f new and repeat business has reached considerable pro portions during the last thirty days. Sales o f standard fabrics, notably prints, georgettes and ribbons, have enabled ■producers to book orders for delivery during April, May and June, although about 70 per cent of them still call for Page Ten quick shipment. Nor is there any slack ening in production; on the contrary, em ployment has increased slightly and mills are now working at about the same rate as last month, which is 90 per cent of capacity. Supplies of raw materials are moderate, but those of finished goods are light and not easily obtainable in some of wanted weaves and patterns. During the greater part of the month, wholesale quotations for silk goods re mained firm and in several instances slight advances were noted. Lately, however, they have been somewhat eas ier, owing to the recent downward trend in the market for raw materials. No material resistance to prices is found at present. Compared with last year, set tlement of accounts appears to be more prompt. H O S IE R Y The demand for hosiery is good and production by the mills in this district is increasing. Indeed, every report re ceived by this bank from full-fashioned mills shows capacity production, and many o f the seamless mills also are run ning full time. Silk and silk and fibre mixtures are in best request, especially in novelty designs. Prices o f hosiery, except for that containing artificial silk, are unchanged, but advances have been made for hosiery made either wholly or in part of artificial silk because of the increase for some grades of that com modity. Manufacturers of spring-needle hosiery are finding it difficult to get bus iness, because prices now are not suffi ciently lower than quotations for fullfashioned merchandise, but latch-needle hosiery is selling in greater volume be cause of the improved quality resulting from better needles. Quotations o f yarns have not changed greatly; cotton is slightly higher, and silk somewhat lower. The table shows January operations of 404 mills in the United States com pared with those o f the previous month. Production, orders booked, and unfilled orders at the end o f the month were all larger, whereas cancellations decreased considerably. Hosiery industry,* United States, in dozen pairs Jan. % change from Dec. Total production..................... Full-fashioned, men............ Seamless, men..................... Full-fashioned, women....... Seamless, women................ Boys’ and misses’ ............... Children’s and infants’ ....... Athletic and sport............... Shipments............................... Finished stock, end of month. Orders booked......................... Cancellations received............ Unfilled orders, end of month. 4,429,757 55,758 1,655,460 670,077 1,078,931 528,883 424,027 16,621 4,095,349 7,607,963 5,052,001 227,084 8,623,083 + 7.5 + 3.0 + 7.0 + 0.4 + 8.9 + 10.6 +16.1 - 7.3 - 2.3 + 2.3 + 4.4 -2 4 .7 + 8.9 * Compiled by the Bureau of Census. In the Third Federal Reserve Dis trict 123 mills report that in February production increased 0.6 per cent and that orders booked were 10.1 per cent smaller than in January. UNDERWEAR Sales o f underwear, both o f heavy and light weights, have increased. Many factories in this district are operating at capacity and few are running at less than 70 per cent, the average production being about 85 per cent. Prices are unchanged; unfilled orders are larger, and are sufficient to take present output for periods varying, in the different plants, from 2 to 5 months. Stocks of finished goods are either light or mod erate and have decreased. In the table is shown production of underwear by 163 identical establish ments in the United States. Although shipments were larger in January than in any o f the other months, unfilled or ders showed an increase of 23 per cent on January 31, as compared with those on December 31, and were more than double those on October 31. (In-thousands of garments) underwear,* United States Oct., 1924 Nov., 1924 Dec., 1924 Jan., 1925 Heavy (winter). Light (summer). 619 348 524 379 512 498 448 611 Total......... 967 903 1,010 1,059 * Compiled from statistics by the Department of Commerce. F L O O R C O V E R IN G S o f carpets and rugs was larger during the month and most mills are now running all their machinery on full day-time shifts; indeed, a number of plants also have night shifts at work. In February total weekly wages paid, after a decline in January, rose to about the same level as in December. Sale's have been sufficient to provide an outlet for practically all the mer chandise which can be shipped before the end of the season, May 1. Prices are firmly maintained, the only exceptions being for discontinued patterns, and in some cases for rag rugs, which are meet ing keen competition from the Japanese. Quotations on carpet wools are lower, but spinners have not altered their ask ing prices for yarns. As a rule, manu facturers report a plentiful supply of labor, but a fe w small increases in the wages of unskilled help in the packing room and like positions have been paid. Production Since the advance in prices made by all manufacturers of linoleums and felt base goods, orders have been compara tively light, as dealers bought heavily be fore the increases took effect. Total orders booked are sufficient to keep plants running at full capacity until May 1. LEATHER Hides and skins. Smaller trading and lower prices have marked business in hides and skins during the past month. Domestic hides and skins are those of the poorest season of the year, but in many o f the foreign countries, such as Argentine and India, merchandise is of the best quality. The decline in the Chi cago hide market has been as much as 2 cents per pound on some selections and calf skins also are lower by an even larger amount. Stocks in the United States increased during January, with the exception of sheep and lamb, but are still below normal. Number of hides or skins January 31 Change during January Cattle............................... Calf and kip..................... Sheep and lamb............... Goat and kid................... 4,751,234 2,891,694 5,208,947 7,043,488 + 3.6% + 2.1 “ - 5 .5 “ + 1 4 .5 “ Leather. Sales of practically all leathers have decreased and the buying movement of December and January ap pears to have subsided, at least tem porarily. With the exception of an ad vance by one Philadelphia tanner, prices o f heavy leathers have made no further gain, in fact reports have been received that quotations can be shaded in a few instances in which tanners have an ac cumulation of a certain weight or grade. Prices of upper leathers are steady and unchanged. Exports of leather, exclusive o f fin ished leather belting, during January, were valued at $5,001,853. This is the largest total for any month since O c tober, 1920. The table shows that stocks were again lower in January than in the previous month and that production too was smaller, except o f calf, goat and kid, and cabretta, upper leathers. Reports o f the Bureau o f the Census indicate, however, that on January 31 the quantity of leather in process o f tanning gained as compared with that on December 31. Change in January, 1925, as compared with December, 1924 Production Backs, bends and sides....... Belting butts..................... Offal, sole and belting......... Cattle side, upper................ Calf................................ Goat and kid....................... Cabretta............................ - 5.4% - 2 .6 “ - 3.1 “ - 4.6 “ + 10.3 “ + 4.2 “ + 46.2 “ Stocks— end of month - 1 .2 % - 1.1 “ - 6 .0 “ -3 .8 “ -1 .3 “ - .9 “ -5 .0 “ The chart shows that the total produc tion of the three upper leathers was smaller in 1924 than in either 1922 or 1923. The production of calf leather was larger in 1924 than in 1922 b ut the two qualities w ith which it m ost closely competes, cattle side and goat, were made in smaller quantities. Source—Department of Commerce Sales o f leather belting continued in fair volume until early in March, when many makers increased their prices 10 per cent, since which advance the mar ket has been dull. Harness leathers are quiet and prices weak. Luggage, espe cially bags and cases, is meeting with a fair request. Shoes. Factories have finished mak ing the shoes ordered for Easter and business for later delivery, especially in fine shoes for women, is in compara tively small volume. Manufacturers of children’s shoes, however, have in some cases sold enough to keep them busy for from 2 to 3 months. Prices are firm, but, except in rare cases, have made no further advance. Production in this dis trict during March appears to be slightly greater than in February, although a ma jority o f the factories report that opera tions are unchanged. In the United States 26,067,930 pairs o f shoes were made in January, as compared with 26,497,156 pairs in January, 1924. The table shows the preliminary figures o f output, during February, o f the fac tories in this district. Production of shoes,* Third Federal Reserve District (in thousands of pairs) Feb. Boots and shoes, total................ 1,539 High and low cut (leather) total. 1,489 Men’s ....................................... 121 Boys’ and youths’ ................... 156 Women’s ................................. 265 Misses’ and children’s ............ 539 Infants’ .................................... 407 All other leather or part leather footwear............................... 50 Per cent change from Jan. P R IN T IN G A N D P U B L IS H IN G In general, the demand for printing is fair. Many commercial printers state that business is better than it was in March, 1924; but several report that it is not as good. Catalogues and directby-mail circulars are in good demand and general job work is in fair request. All branches o f the building materials trades are active buyers of advertising matter, and other lines are taking fair amounts. Operations at printing plants in this district average about 75 per cent of capacity. Sales o f advertising space by magazine publishers are not as heavy as they were a year ago. Space sales for the April numbers were considerably less than those for April, 1924. Subscription sales by solicitors are much the same as they were a year ago, but sales by mail show a decrease. Book publishers state that business is fairly good and publishers of textbooks have already booked many orders for late summer delivery. Litho graphic products, especially window dis play advertising, which were in only fair demand during January and February, are again selling actively. Manufactur ers of soft drinks, perfumes, tires and foodstuffs are the chief buyers. PAPER The demand for paper is fair and most mills report that it is not as good as it was last month, although it is about equal to that o f March, 1924. The call for newsprint, book, and fine papers is well sustained, but wrapping and kraft papers and many grades o f paper boards are selling more slowly than they were in February. Crepe papers, toilet and fine tissues, cardboards and build ing boards continue to sell in only fair volume; asbestos and felt papers are in poor demand. Converters, particularly tag makers, report that their products are in only fair request and that prices are weak. The rate of operations at mills in this district is less than it was in February and is about 75 per cent of capacity. Hand to mouth buying again prevails and few mills have more than 10 days’ or two weeks’ business on hand. Prices of most grades o f paper are the same as they were a month ago. Mechanical pulp is firm in price, but a few grades o f chemical pulps, notably sulphate or sulphite pulps, are cheaper than they were last month. Stocks of both finished products and raw materials at the mills are moderate. + 1.3 + 26.8 - 10.1 + 5.9 + .3 - 2 .0 + 7.5 * Preliminary report compiled by the Bureau of the Census. C H E M IC A L S Returns from producers o f chemicals in this district vary considerably, but in the main they show a substantial gain in the volume of sales, chiefly for quick shipment, over that o f the pre ceding month. Among the heavy acids, Page Eleven sulphuric, muriatic and nitric are in good demand and withdrawals on contracts continue satisfactory. In general, this is also true of alkalies, particularly lye, caustic soda and soda ash. Principally because of severe foreign competition and substitution o f other products, the call for acetate of lime and crude meth anol is poor, but charcoal is selling well. Business in lithopone is considerable, but active buying of dyestuffs is still wanting, probably owing mainly to slow activity in certain textiles. Coal tar products, however, are moving in fair proportions. Trading in anhydrous and aqua ammonia is also brisk. Nor is there any slack ening o f activities in the manufacture of fertilizers. Production o f chemicals in this dis trict has increased materially, as evi denced by gain in employment. Mills are now working at about 80 per cent of capacity, and unfilled orders will insure operation at this rate for a period of about two months on the average. Stocks of both finished products and raw mate rials are moderately light, except those o f acetate o f lime and crude methanol, which are somewhat large. BUSINESS INDICATORS Third Federal Reserve District The following data refer to the Third Federal Reserve District except where otherwise noted February, 1925 Year ago Previous month Retail trade—net salesf (155 stores)..................................... Department stores (66)....................................................... Apparel stores (43).............................................................. Shoe stores (25).................................................................... Credit stores (21)................................................................. $18,928,000 $15,324,000 $2,276,000 $434,000 $894,000 Wholesale trade—net sales (155 firms)................................. Boots and shoes (12 firms)................................................. Drugs (13 firms).................................................................. Drygoods (17 firms)............................................................ Electrical supplies (7 firms)................................................ Groceries (54 firms)............................................................. Hardware (29 firms)............................................................ Jewelry (11 firms)................................................................ Paper (12 firms)................................................................... $9,623,391 $286,778 $1,427,938 $960,818 $595,272 $3,566,322 $1,605,553 $277,449 $903,261 - 3.3% - 3.3 8 -1 0 .0 “ - 2.5 8 + 2 9 .8 8 + + - 6.1 % 7.8 8 3.8 8 5.3 8 5.6 8 - 3.0 + 0.9 - 4.4 + 6.9 - 6.6 - 4.1 - 3.9 +11.1 - 6.4 “ “ “ “ 8 8 8 “ “ - 4.4 -1 2 .8 + 7.7 -1 2 .7 -1 5 .7 - 3.2 - 6.1 - 8.6 - 0.6 + + + + - “ 8 “ “ “ “ “ 8 8 8 8 8 8 8 8 8 Production: prs. 1,538,853 Pig iron................................................................................. tons 191,329 doz. prs. 1,032,541 tons 5,522 tons 4,070 2,486,000 Cement................................................................................. bbls. Anthracite............................................................................. tons 7,176,000 Bituminous coal (Central district—percentage of fullper cent 58.0 lbs. 7,938,448 110,736,267 Active cotton spindle hours (Pennsylvania and New Jersey) Distribution: Freight car loadings (Allegheny district— weekly average) Tonnage of vessels (Port of Philadelphia)......................... Exports of wheat (from Port of Philadelphia).................. Exports of flour (from Port of Philadelphia).................... Imports of crude oil (into Port of Philadelphia)............. Financial: Loans, discounts and investments of member banks (weekly average).............................................................. Bills discounted held by Federal Reserve Bank of Phila delphia (daily average).................................................... Acceptances executed (11 banks for month ended 10th of following month).............................................................. Bankers’ acceptances sales (5 dealers— weekly average for period ended middle following m onth).................... Commercial paper sales (5 dealers)................................... Savings deposits (99 banks)................................................ Average quotations for coal tar products dropped about 26.6 per cent from the high point in February, 1924, to the low level in M arch, 1925. The fluctuations in prices of acids and industrial chem i cals were less striking, the declines being only 1.3 and 3.3 per cent re spectively. Latest figure compared with tons bus. lbs. gals. 186,922 2,828,234 4,935,729 20,540,315 9,450,000 $1,045,000,000 $30,351,000 $4,942,000 $1,663,000 $9,167,500 $565,834,000 1.3 8.2 0.6 5.4 1.7 9.7 3.0 - 9.4 “ -1 2 .1 “ + 2 1 .9 “ + 5.8 - 8.3 + 20.2 + 84.3 -6 6 .5 - 8 8 8 « “ 0.9 8 - 7.6 8 - 4.4 8 5.8 8 + 3.4 8 - 0.1 - 2.1 + 7 1 .5 +138.9 - 4 5 .2 8 8 8 8 8 + 1 4 .3 8 + 1 6 .3 “ -2 5 .6 8 - 4.6 8 + 8.4 8 + 9 0 .3 8 -2 0 .0 8 + 0.6 8 - 4 8 .5 8 + 8.8 8 + 7 .5 “ -1 8 .9 - 1 0 .0 + 2 3 .8 + 6 2 .5 + 54.7 + 2 .8 “ -1 2 .2 “ - 9.0 8 + 4 2 .0 8 + 2 5 .3 8 General: Debits (18 cities)................................................................. Commercial failures............................................................. Commercial failures—liabilities.......................................... Building permits (15 cities)................................................ Building contracts awarded (Philadelphia district)......... Employment— 1,000 plants in Pennsylvania, New Jersey and Delaware: $1,966,194,000 72 $2,162,977 $14,189,782 $33,531,400 Sales of life insurance (Pennsylvania, New Jersey and Delaware).......................................................................... 374,696 $26.51 + 1.0 8 + 2.0 8 $83,439,000 + 17.5 8 8 8 8 8 8 + 22.1 8 Source— Oil, Paint and Drug Reporter Quotations continue firm, there having been only a few recessions during the month. In nearly all cases, however, they are below the level o f those last year. Nevertheless, sellers continue to encounter a strong resistance to current prices. Collections are fairly prompt. C IG ARS Mild weather has slightly stimulated the sale o f cigars and most manufac turers report that the demand is greater than it was in February, but not as ♦Bureau of Census preliminary figures. ■(•Estimated. heavy as it was a year ago. Manufac turers o f nationally advertised brands report that business is fairly good and much the same as in March, 1924; but the small producers are having consid erable difficulty in obtaining orders and they state that the demand is poor. The five cent cigar and class C grades are now the best sellers; class B and class E cigars are selling somewhat slowly and in smaller volume than they were a year ago. The large cigar factories in this district are operating at about 80 per cent of capacity, but many of the smaller factories are working at only half of capacity. Few manufacturers have more than two weeks’ business on hand and many are running on a day-to-day basis. Cigar prices are firm and the weakness in prices of five-cent cigars, which was apparent a month ago, has, to a large extent, disappeared. Stocks of finished goods vary from moderate to heavy, but they are now decreasing. COMPILED AS OF MARCH 23, 1925 This business review will be sent regularly without charge to any address upon request Page Twelve
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