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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT APRIL i 1931 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA Business and Financial Conditions in the United States Output of the most important indus tries increased more than seasonally in February; and although factory em ployment advanced at a less rapid rate, the volume of wage payments at factories also rose by more than the usual seasonal amount. The general level of commodity prices continued to decline. Industrial production as measured by the Board’s index, which is adjusted to allow for seasonal variation, increased by 4 per cent in February from the low level prevail ing in December and January. On the basis of the average for 1923-1925 as 100, the volume of production in February was 85, compared with 82 for the two preceding months, and 107 for February of last year. At steel mills activity increased consider ably, and the output of automobiles advanced by somewhat more than the usual seasonal amount. Output of shoe factories and textile mills in creased substantially, while the output Production. INDUSTRIAL PRODUCTION Index number of industrial production, ad justed for seasonal variation. (1923-1925 av erage = 100.) of coal continued to decline. During the first half of March activity at steel mills continued to increase. Value of building contracts awarded in February was slightly larger than in January, according to the F. W. Dodge Corporation. An increase in residential building was accompanied by a decrease in contracts for public works and utilities, while awards for factories and commercial buildings continued in small volume. In the first half of March there was an in crease in the daily average of con tracts awarded, as is usual at this season. industries, the rate of increase was larger than usual. Distribution. Daily average freight car loadings showed little change from January to February, while ordinarily there is an increase at this season. Sales by department stores increased slightly. Wholesale prices. Wholesale com modity prices declined further in WHOLESALE PRICES Factory employment and payrolls. Factory employment increased slightly less than usual in February, while factory payrolls increased by more than the seasonal amount from the low level of January. In many indus tries the rate of increase in payrolls was about the same as in February of other recent years, but in the automo bile, shoe, woolen goods, and clothing MEMBER BANK CREDIT Monthly averages of weekly figures for re porting member banks in leading cities. Latest figures are averages of first two weeks in March. Index of United States Statistics (1926=100). Bureau of Labor FACTORY EMPLOYMENT AMD PAYROLLS Indexes of factory employment and payrolls, without adjustment for seasonal variation. (1923-1925 average =100.) Page One February, and the Bureau of Labor Statistics’ Index, at 75.5 per cent of the 1926 average, was about 18 per cent below the level of a year ago. Prices of many agricultural products decreased considerably, while the price of cotton advanced further. In the first half of March there were con siderable increases in prices of silver, livestock, meats and hides, and de clines in the prices of petroleum and cotton. Bank credit. Loans and investments of member banks in leading cities changed relatively little between the end of January and the middle of March. Total loans on securities de clined, notwithstanding the growth in brokers’ loans in New York City, and all other loans showed considerable further liquidation, while the banks’ investments continued to increase. Volume of reserve bank credit tended downward in February and showed little change between March 4 and March 18. Funds arising from gold imports in February were largely absorbed in meeting occasional de mand for currency while in the early part of March there was an increase in member bank reserve balances. Money rates in the open market continued at low levels from the mid dle of February to the middle of March. Rates on commercial paper were reduced from a range of 2J4-2J4 to a prevailing level of 2l 2 per cent, / while rates on 90 day bankers’ ac ceptances remained at 1per cent. Yields on high grade bonds continued to decline. Business and Financial Conditions in the Philadelphia Federal Reserve District Somewhat more than seasonal im provement in industry and trade oc curred during February, following the extraordinarily low level of activity that marked the previous month. The upturn was broadly diversified, not confined to a few lines of highly sea sonal character. Preliminary returns for March indicate that the spring gain continues well sustained, though at substantially lower levels than in several past years. Loans to customers have not in creased despite the recent increase in business activity, but the banks have added to their investments. Discounts at the reserve bank declined and the reserve position continues exception ally strong. Money rates are steady at the lowest level in years. Manufacturing. The demand for manufactured products showed a little larger gain than usual in February and was well maintained in the first half of March. Wholesale prices of manu factured products showed a further decline in February but since the latter part of that month fluctuations have been negligible. Orders on the books of manufac turing concerns generally have in creased somewhat since the middle of last month. This is especially notice able in most textiles, shoes and leather, and some of the building materials. Stocks of finished goods have declined further in the month and are notice ably smaller than a year ago. Factory employment in this district increased a little more than usual from January to February but it was 17 per cent lower than in February 1930. Wage payments advanced 3 per cent Page Two from the previous month but were al most 30 per cent below the level of a year earlier. This upturn from the exceptionally low point reached in January was the first change for the better since the fall season. The index of employe-hours worked also rose 3 per cent in Pennsylvania and 5 per cent in Delaware, indicating a higher rate of plant operations in February than January. More than seasonal gains in em ployment occurred in the textile, food and tobacco, stone and clay, lumber, chemical, and leather and rubber in dustries. The transportation equip ment and paper and printing groups showed declines, while a slight in crease in the metal group was less than customary. Wage disbursements showed striking increases from Janu ary to February in textiles, foods, some of the building materials, leather and rubber products, and paper and printing, while metal products and transportation equipment reported slight further recessions. Our preliminary index of productive activity, which is corrected for the usual seasonal variations, was 4 per cent higher in February than January, the latter month being the lowest in output of manufactures in the past eight years. Seven out of nine manu facturing groups reported larger gains in output than is ordinarily expected for February, while production of transportation equipment and metal products failed to measure up to the expected schedules. The textile industry recorded by far the most pronounced gains from the exceptionally low level prevailing in January. Increased output occurred in such major branches as woolen and worsteds, cotton, knit-goods, floor cov erings, and silk, although the demand for thrown silk, cotton yarns, and rayon has been somewhat hampered by labor difficulties in hosiery and up holstery mills. Daily mill takings of wool fibers by local factories increased by a larger amount than is customary. Deliveries of silk and cotton fibers also showed marked daily increases from January even though they continued in smaller quantities than in the past two years. Prices of textile raw ma terials and other products in the first three weeks of March fluctuated within a narrower range than in many weeks before and lately they even showed some advances. In response to an active demand, shoe factories showed more than sea sonal expansion in their schedules. The daily output in February increased sharply for the second successive month after a marked falling off in the latter part of last year. There has also been some improvement in the hide market. Hide prices have ad vanced recently but they continue lower than a year ago; they are also be low the pre-war level. The situation in the leather industry likewise shows some betterment and local tanneries are more active though at levels ma terially lower than in the past six years. Weakness in prices is still noticeable. Seasonal upturn is evident in chemi cal and allied products. The daily out put of explosives and by-product coke continued on the increase. Production WAGE PAYMENTS ALL MANUFACTURING INDUSTRIES jPERCENT RAW SILK THOUSANDS- DOLLARS PER POUND BALES WEW JERSEY "PRICES PENNSYLVANI, -DELIVERIES 1927 Sources: American Iron and Steel Institute Iron Age at petroleum refineries also showed a decided improvement. The increase in paints and varnishes, on the other hand, was somewhat smaller than is normally expected. The manufacture and preparation of food products, while continuing at lower levels than in past years, showed gains in the output of bread and bak ery products, sugar, canned and pre served goods, and in slaughterings of cattle and calves. Daily production of cigars increased further by a larger amount than was to be expected while that of tobacco and snuff declined from January. The groups comprising transporta tion equipment and fabricated metal products sustained declines in their output when the necessary allowance is made for seasonal changes. Gains made during February in production of such items as pig iron, steel castings, and structural steel were more than offset by declines in the output of a great variety of other products in cluded in these groups. Nevertheless, operations of steel and other plants during March showed some expansion. As a result of a seasonally active demand, the output of some of the basic building materials increased noticeably during February. This is especially marked in the case of brick and cement though not of lumber. In consequence of curtailed production in earlier months and of larger purchases by construction concerns, stocks of ce ment in February were lower than in the same month of the past four years. Prices of building materials showed further declines in February but TO MILLS 1929 Sources: Silk Association of America Fairchilds News Service February, 1931 BUSINESS INDICATORS Philadelphia Federal Reserve District Percentage change since Amount Jan., 1931 Retail trade*—estimated net sales (149) stores Department (66)...................................... Men’s apparel (19).................................. ‘ ‘ ‘' Women’s apparel (14). . . shoe (35)............... ................................................. Credit (15).........................................' ' ’ ^ ‘ ‘ ’ ' ' $663,100 $580,000 $16,900 $45,400 $8,300 $12,500 Wholesale trade*—net sales (98 firms). Boots and shoes (5)...................... Drugs (10).................................................. ! ' Dry goods (10)........................’ ' ’ ’ ^ ' Electrical supplies (4).......................... ......... Groceries (31)............................................ Hardware (21).................................... Jewelry (10)................................' Paper (7)................................... !!!!!!!!!!!!!! Productive activity*— Employment—823 plants in Penna................. Wage payments (weekly average). . . Shoe production!—76 factories............ Hosiery production!—135 mills............. Underwear production!—53 mills................... Wool consumption!—63 mills................... 7.7. Active cotton spindle hours.................... Pig iron production.................................. .. . Iron casting production—32 foundries. Steel casting production—11 foundries Anthracite....................................................... Bituminous coal—Penna...............’ ’ 7 7 Petroleum receipts at Port of Philadelphia Cement............................................................. Electric power output—10 systems........ .. $219,736 $2,091 $57,569 $5,823 $6,390 $88,968 $37,720 $6,564 $14,611 doz. prs. . doz. pcs. . .........lbs.. ..tons. . ..tons. . ..tons.. ..tons. . ..tons.. . . bbls. . . . bbls. . KWH. . 271,584 $6,086,026 45,466 51,270 13,499 238,558 634,435 4,538 95 214 229,400 362,100 35,700 58,200 17,855,200 + 0.7 + 4.0 -31.9 -21.3 - 6.7 +33.0 - 0.2 +45.5 - 7.7 + 1.0 - 6.3 - 1.4 + 9.9 +35.2 + 2.3 + 1.5 + 3.0 +17.3 + 3.7 +17.9 +38.0 + 7.6 +11.2 5.5 +16.4 3.1 3.3 -25.0 +11.5 - 0.0 Feb., 1930 - 9.9 - 9.3 -14.4 -10.8 -22.9 -17.2 -16.1 -28.9 - 4.4 -25.5 -36.4 -13.7 -25.9 -31.8 -16.0 -16.8 -31.1 +30.3 -56.3 -43.1 -38.2 -10.9 -13.8 -29.2 -19.8 - 4.8 Financial and credit— Debits (check payments)—18 cities........ » Loans and investments—March 18—93 member banks........... Bills discounted held by F. R. B. of Phila. (daily average)........ Bankers acceptances outstanding—end of month. Commercial paper sales—4 dealers.......................’ ’ ‘ ’ ’ ‘ ' ] Commercial failures—number................. Commercial failures—liabilities . 7. 7 ' 7 !!!.'.’!!! 7 ...7 ! 7 ’ ’ ’ $1,890,895,000 $i,772.620,000 $24,200,000 $25,820,000 $6,607,000 115 $4,602,504 + 2.2 +43.8 -40.4 +11.5 -22.9 + 10.5 -52.1 - 1.9 - 5.3 - 6.5 +22.5 Building and real estate— Building permits—17 cities......................................... Building contracts awarded........... ................. Number of real estate deeds recorded (Philadelphia county) Value of mortgages recorded (Philadelphia county) ' bhenff sales—writs issued for March—(Philadelphia county). .. $2,317,538 $14,142,800 3,573 $9,869,485 1,382 +18.9 +28.4 -16.0 -61.6 +13.8 -46.9 -20.3 -18.2 -35.3 +29.2 Miscellaneous— Freight car loadings (Allegheny district)............. number Tonnage of vessels (Port of Philadelphia)........ tons bales of life insurance (Penna., N. J., and Del.).......................... Automobile sales registrations of new passenger cars......... units 570,450 3,854,925 $93,622,000 7,531 - 7.8 -13.9 -20.3 +14.2 -16.2 -32.9 * Daily average of monthly figures. -17.3 + 3.9 -11.4 + 6.6 - 1.1 ! Bureau of Census preliminary figures. Page Three GOAT AND CEMENT KID LEATHER PHILADELPHIA FEDERAL RESERVE DISTRICT MILLjONS BARRELS MILLIONS SKINS * 7 STOCKS6 STOCKS V r\ '---------- -—f---------- \ —/-------- ^ ‘-/ 5 4 ------- At A !\ / ' \ J rV / \ \ 1 V T i \J \ LA\ / ! ___ v i t V %*\ 3 V\ M. a t___________ —w — \ 2 ^PRO OUTPUT AUCTION 1 0 1927 1928 1929 Source: Department of Commerce 1927 1929 1930 1931 Sources: Department of Commerce Bureau of Mines creased slightly in February but were the lowest for that month since 1922. The value of contracts awarded for new construction was somewhat larger than in January although it was con siderably smaller than in February 1930. Awards for residential build ings increased sharply last month and were larger than a year ago; con tracts let for commercial buildings also showed a gain, while those for public works and utilities and factories de clined and were substantially smaller than a year earlier. Building and real estate. As shown In the first fortnight of March, by the indexes of employment and awards for public works and utilities wage payments, activity in the con increased noticeably while those for struction and contracting industry de residential and non-residential con clined in February by about the usual struction were appreciably smaller seasonal amount and continued at than in February; the value of total levels considerably below those of re awards, however, continued upward cent years. Construction costs in- but remained substantially smaller than a year ago. The proposed ex penditure under permits issued in February, 1931, seventeen cities increased and was the per cent change Electric power largest since November, although it from Philadelphia Federal was by far the smallest for February Reserve District 11 Systems Jan.. Feb., in several years. 1931 1930 The real estate market remains quiet although there has been more inquiry 0.0 Rated generator capacity.......... + 5.4 regarding the purchase of moderate - 0.0 Generated output........................ - 4.8 and lower priced homes. Such im +80.3 Hydro-electric.......................... -56.4 - 6.3 Steam.......................................... + 13.3 provement as has taken place in the - 0.8 Purchased.................................. + 3.2 renting demand for houses and apart + 2.2 Sales of electricity........................ - 4.5 — 3.1 ments has been restricted largely to Lighting...................................... + 6.5 - 3.3 Municipal.............................. + 6.7 dwellings renting at relatively low Residential and commer- 3.1 cial....................................... + 6.4 rates. Funds for second mortgages re + 3.6 - 3.1 + 16.3 mained scarce and unusual caution is Municipal.............................. + 1.9 — 2.5 Street cars and railroads. . + 8.3 still being exercised in extending first - 5.2* + 4.7* Industries.............................. + 6.6 All other sales........................... -33.1 mortgage money. Both the number of deeds and the * Working days average; other items are com value of mortgages recorded in Phila puted on calendar days. changes in the first three weeks of March were insignificant. Industrial consumption of electrical energy, computed on the basis of work ing days, rose 5 per cent in February though it continued the lowest for that month since 1926. The output of elec tric power, figured on the basis of calendar days, showed virtually no change between January and Febru ary. Details of production and sales of electricity are given in the ac companying table. 1928 delphia County declined sharply in February and were the smallest for that month in recent years. Fore closures, after declining from the un usually high peak reached in January, rose sharply in March and exceeded those of any like month on record. Coal. Largely because of the lessened demand incident to warmer weather, the daily output of anthracite declined in February and the total production of 5,391,000 tons was the smallest for that month since 1926. The weekly output of collieries continued to de cline during the first fortnight of March and was substantially smaller than in the corresponding periods of a month and year ago. Although the daily output of Penn sylvania bituminous coal was some what smaller in February than a month earlier, the decline was less than usual for this season and reflected, at least in part, a slight upturn in the industrial demand. The total production in the month of 8,690,000 tons showed a de cline of nearly 14 per cent from the same period of 1930 and was the small est of any February in recent years. Shipments last month for the country averaged considerably lower than in January, the decline being especially pronounced in the last two weeks of February; in the first part of March, however, the movement of coal in creased sharply. Distribution. Daily retail sales in February, which usually show a de cline from January, increased almost one per cent, owing to larger business at department and credit stores. Sales of apparel and shoe stores, on the » * Page Four ♦ AUTOMOBILE REGISTRATION PHILADELPHIA FEDERAL PERCENT RESERVE DISTRICT ____ _____PASSENGER j\ CARSr J___________________ FREIGHT CAR ALLEGHENY LOADINGS DISTRICT ADJUSTED FOR SEASONA. K variIATIONS \ 1923- 25 AVG. INDE) SE A50NALLV 1928 1929 Sources: R. L. Polk Company Pennsylvania Motor List Co. other hand, were materially smaller than in the preceding month. Early reports covering the first fortnight of March indicate seasonal gains in sales and some further declines in prices. In comparison with February 1930, daily sales were 10 per cent smaller, decreases ranging from 9 per cent for department stores to 23 per cent for shoe stores. The dollar volume was also 11 per cent smaller in the first two months this year than last, reflecting probably the influence of lower prices. All city areas reported smaller sales than in the first two months last year. Inventories at retail establishments increased in February in anticipation of larger demand incident to the spring holiday season. Nevertheless, they were nearly 15 per cent smaller than a year ago. As in the case of sales, the downward change in prices had some bearing on the reduction in inventories. The rate of turn-over in the first two months of this year was a trifle higher than a year ago. Retail prices of food on February 15 were lower by 4 per cent in Phila delphia and 5 per cent in Scranton than in the previous month as against a decline of 4.3 per cent for the coun try. In comparison with a year ago, retail food prices decreased 16 per cent in Philadelphia and 17 per cent in Scranton as against an average drop of 17 per cent for the country. Daily business at wholesale shows less than the usual decline from Janu ary to February. Sales of shoes, hard ware, jewelry, paper, and dry goods were larger, while those of drugs, electrical supplies, and groceries were J FMAMJ JASOND Source: Railicay Age smaller than in January, even when computed on the daily basis. Such increases as were reported in the first half of March were practically offset by reports showing declines. Prices continue to show weakness, further re cessions being rather marked in dry goods, groceries, and hardware. In comparison with February 1930, the daily dollar sales were about 16 per cent smaller. Declines varied from 4 per cent in drugs to 36 per cent in elec trical supplies, and they synchronized with a continuous recession in whole sale commodity prices. In the first two months of this year, all lines showed substantial losses except drugs, which reported a small gain over a year ago. Stocks of drugs, dry goods, hard ware, and paper were somewhat larger, while those of electrical supplies, groceries, and jewelry were smaller at the end of February than a month ago. Compared with the previous year, only drugs showed a small increase. Ac counts receivable outstanding at the end of February in most lines were smaller than a month and a year ago. Collections showed substantial declines from January, except for small in creases in drugs and paper; they were also smaller than in February 1930. Freight car loadings, which usually show a gain between January and Feb ruary, declined 8 per cent, but in early March registered a marked gain, which was rather well distributed among all classes of commodities. In compari son with a year ago, loadings remained about one-fifth less and were about one-quarter smaller than in the same period of 1929. Short hauls of mer chandise by truck are said to be in creasingly active. Sales of new passenger automobiles in February increased more than is customary, following a rather sharp decline in January. Nevertheless, in comparison with a year ago, they were one-third smaller. The market for used passenger cars’ continues well sustained. Somewhat more than the usual seasonal gain also is reported in the sale of life insurance in this sec tion, but the volume still remains 16 per cent below that of a year ago. The number of commercial failures was substantially smaller in February than January, but the amount of lia bilities was larger. Liabilities also ex ceeded those of the previous year, while the number of defunct concerns declined somewhat. Foreign trade at the port of Phila delphia continued noticeably below the volume of a year ago. Imports of 24 commodities in tonnage during Febru ary declined about 4 per cent, while exports of 16 commodities fell off 32 per cent from a year before. The largest import items comprised crude oil, sugar, and molasses, while the largest volume exported consisted of lubricating oil, gasoline, wheat, and automobile parts. Financial conditions. Increased sea sonal activity in industry and trade has not had any appreciable effect on the banking figures of this district. Money rates are at a low level, and the demand for funds is quiet; dis counts for member banks continue to be in small volume and this bank’s re serve ratio is at a high level. Page Five BILLS MILLIONS DOLLARS CURRENCY DISCOUNTED FEDERAL RESERVE BANK OF PHILADELPHIA_ _ _ MILLIONS DOLLARS MILLION 5 DOLLARS + 30 - DEMAND FEDERAL RESERVE BANK OF PHILADELPHIA Weekly changes cumulated since April, 1927 20 - 30 1930 -40 1928 1929 1930 The demand for currency declined very slightly during the four weeks ended March 18; in each of the two years preceding there was a return movement from circulation of from 3 to 4 millions. The banks, however, were able to retire 4 millions of their borrowings from the reserve bank and also to add nearly 7 millions to their reserve deposits. The funds to accom plish this were derived mostly from a favorable balance in the settlement of commercial and financial transactions with other districts and from an excess of Treasury disbursements in the dis trict over collections. It should be noted that the period covered included only a few days after the date on which income tax payments were due. Income tax checks collected and credited to the Treasurer of the United States by this bank totaled less than 16 millions from March 1 to March 18; the first twenty-four days of the month show a total of 27 millions credited, as compared with 46 millions in the same period last year. The re serve ratio of the bank on March 18 was 88.2 per cent, the highest since September 1930, and 3.7 per cent higher than a month ago; bills dis counted were at the lowest point since November. The total of loans and investments reported by member banks in Philadel phia, Camden, Scranton, and Wilming ton on March 18 was at the highest point on record, and showed an in crease from 1,307 to 1,372 millions in the past four weeks. Investments, augmented by government securities newly issued on March 16, rose from 460 to 522 millions; the banks also in creased their holdings of bought com Page Six JAN FEB MAR APR MAY JUNE JULY AUG SEP mercial paper by 12 millions, after months of almost continuous decline. Loans on securities decreased 9 mil lions, while other loans (excluding bought commercial paper) show prac tically no change. The reporting banks continue to hold only very small amounts of purchased bankers’ accept ances. The increase of 65 millions in mem ber bank credit accompanied a rise of nearly 100 millions in the total of their net demand, time and government de posits, of which nearly one-half was in government deposits. Amounts due from banks rose 61 millions, while sums due to banks increased by 36 millions. The steadily mounting volume of in vestments stands out sharply in the table given below, which is made up from the figures of 93 banks in twenty cities of this district; in the past year investments have risen by 245 millions, while loans have declined. The major part of the increases in investments and deposits was in the figures re ported by Philadelphia banks; a com parable group of banks outside of this 93 banks in 20 cities (000’s omitted) Loans on securities. . Other loans and discounts................... Investments................ Total loans and investments. . . . . . Net demand deposits. Time deposits............. Mar. 12, Mar. 18, Changes 1930 1931 $582 $543 - $39 617 405 580 650 - 37 + 245 $1,004 849 499 $1,773 915 609 +$169 + 66 + 110 city shows a relatively smaller gain in investments and a decline in the sum of net demand and time deposits. Four dealers reported $6,607,000 of Commercial paper sales (four dealers) OCT NOV DEC Sales to— Total sales Country banks City banks 1930—Nov. . . $3,165,000 $1,582,500 $4,747,500 Dec.... 1.705.000 1,265,000 2.970.000 1931—Jan.... 3.040.000 1.554.500 4,594,500 Feb.... 4,072,500 2.534.500 6.607.000 1930—Feb.. . . 1929—Feb___ 875,000 6,100,000 6,975,000 777,500 2,495,000 3,272,500 sales of commercial paper during Feb ruary; this was an increase over the January figure but failed to equal the total of a year earlier by a small margin. Outstanding acceptances of banks in the Philadelphia Federal Reserve Dis trict increased from $25,274,000 on January 31 to $25,820,000 on February 28, but there was practically no change in the national total. This district’s figure is only 2 per cent less than a year earlier, although the per centage decline in commodity prices during the year was much greater. Changes in Federal Reserve Philadelphia (Dollar figures in millions) Bills discounted for banks in Philadelphia.... Other communities................... Total bills discounted.............. Bills bought.............. United States securities............... Other securities.... Total bills and securities........... Member bank reserve deposits. . Cash reserves........... Reserve ratio............ Mar. 18, 1931 Four weeks One year $2 -*i - $3 17 - 3 - 10 $19 2 -*4 - 1 —$13 - 7 50 0 - 1 0 + - *71 —$6 —$19 2 1 + 7 + 12 149 253 + 28 + 15 S8.2%| + 3.7% + 8.2% Employment Payrolls February. 1931 February, 1931 Employment and wages in Pennsylvania Per cent change since Feb. index* Feb., 1930 Jan., 1931 Employ ment Per cent change since Feb. index* Feb., 1930 Jan., 1931 All manufacturing industries (51). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.2 + 1.5 -16.8 68.3 + 3.0 -31.0 Metal products......................... Blast furnaces...................... Steel wks. and rolling mills Iron and steel forgings... . Structural iron work.......... Steam & hot wtr. htg. app. Stoves and furnaces........... Foundries............................... Machinery and parts......... Electrical apparatus........... Engines and pumps............ Hardware and tools........... Brass and bronze products 76.6 45.1 71.6 70.5 86.8 96.7 58.5 76.2 84.9 94.9 65.0 76.7 73.1 + 0.3 - 1.1 + 1.8 - 8.7 - 4.7 + 5.5 +10.6 - 0.9 - 0.8 - 1.8 - 2.5 - 2.2 - 2.1 -19.8 -24.5 -16.6 -32.1 -25.0 - 3.3 -27.5 -28.2 -22.2 -22.3 -32.8 -23.8 -30.9 63.3 38.4 58.6 61.8 65.0 86.5 38.2 62.4 68.0 85.2 48.7 63.1 57.7 - 0.6 - 2.3 - 0.8 - 6.6 + 0.8 +15.2 +14.4 + 4.5 - 0.4 - 3.3 - 8.3 + 3.3 - 8.4 -37.0 -34.9 -34.8 -38.8 -45.7 -18.6 -42.8 -40.3 -41.4 -38.8 -52.9 -37.8 -48.7 Transportation equipment... Automobiles.......................... Auto, bodies and parts. . . Locomotives and cars.... Railroad repair shops........ Shipbuilding................... 53.2 f 55.8 50.4 27.1 73.5 73.0 - 4.0 - 0.4 + 2.9 -10.6 + 1.0 - 4.2 -30.8 - 6.8 -36.5 -50.1 - 6.4 -15.6 40.5f 31.9 39.3 19.7 64.6 108.9 - 1.0 0.0 +18.0 - 7.5 + 2.4 - 7.1 -46.1 -31.5 -48.8 -66.2 — 15.6 -13.6 91.1 61.3 60.6 102.9 91.4 52.3 82.1 107.6 80.4 78.5 141.6 131.7 + 4.2 + 3.5 +14.6 + 4.0 + 1.3 + 4.8 - 1.6 + 5.1 + 7.3 + 5.5 - 1.1 - 1.4 -14.4 -18.9 - 3.3 -14.5 -10.0 -27.5 -10.4 -17.2 -17.5 - 7.9 + 3.3 - 7.9 82.2 62.3 55.8 104.9 94.2 37.7 45.7 103.6 69.6 65.1 139.9 111.6 + 11.7 +25.1 +26.2 +16.9 +21.2 + 9.9 -27.0 + 8.0 +29.1 +17.9 - 1.8 - 1.2 -26.8 -11.9 - 7.0 -20.5 -14.4 -37.6 -49.7 -36.0 -24.7 -32.8 + 0.9 -26.9 105.0 Foods and tobacco......... Bread & bakery products. . 108.2 101.4 Confectionery.............. 89.7 Ice cream..................... 96.6 Meat packing.............. 103.6 Cigars and tobacco... + 7.5 - 1.2 + 4.1 + 1.4 - 1.3 -t-15.6 - 4.9 95.2 4.4 103.9 5.4 102.7 3.3 88.2 3.8 85.7 4.6 81.1 + 5.3 + 1.1 +10.2 + 1.6 - 6.2 +12.3 - 8.5 - 8.5 - 7.4 - 7.3 -11.9 - 8.8 + + + - Textile products...................... Cotton gooas........................ Woolens and worsteds.... Silk goods................... Textile dyeing & finishing. Carpets and rugs................ Hats........................................ Hosiery................................... Knit goods, other............... Men’s clothing..................... Women’s clothing............... Shirts and furnishings.... Percentage change—Feb., 1931, from Feb., 1930 City areas* Stone, clay & glass products Brick, tile and pottery.... Cement................................... Glass....................................... 58.3 71.5 52.9 53.6 1.4 7.4 2.5 6.5 -24.1 -13.0 -13.7 -41.6 44.4 54.0 40.3 45.0 + 12.1 +24.4 + 0.8 +20.6 -37.7 -29.5 -30.2 -50.7 Lumber products..................... Lumber & planing mills... Furniture............................... Wooden boxes...................... . 57.0 + 8.0 36.9 + 1.4 62.3 + 9.5 67.3 +12.4 -27.5 -46.5 -24.8 + 0.1 47.5 29.5 51.2 62.0 +16.4 - 3.3 +18.2 +37.8 -39.7 -58.3 -38.6 - 2.5 + 2.4 + 1.0 - 0.9 0.0 + 2.0 + 4.0 - 9.9 89.3 -17.1 66.8 -19.1 57.9 -12.3 83.9 -11.4 76.5 - 4.9 133.3 + 6.1 - 2.1 - 3.7 + 4.7 + 3.9 +n.i + + + + + 3.4 1.5 7.5 2.0 3.3 - 6.1 - 3.5 - 7.2 -21.8 - 3.6 88.3 92.4 86.5 85.9 84.2 + 5.2 + 2.9 +14.4 + 7.6 - 2.7 -14.3 -16.1 - 8.9 -16.9 -14.3 Paper and printing................ Paper and wood pulp... . Paper boxes and bags. . . Printing and publishing. 94.4 81.2 73.9 101.5 + - 0.5 0.6 4.4 0.4 - 5.1 99.7 - 6.5 75.6 -21.0 86.7 - 2.2 108.7 + 3.7 + 7.5 +20.9 + 2.2 87.1 -19.2 + 5.3 -23.0 -18.3 -12.4 —12.6 -29.1 - 9.0 -20.2 —18.4 -11.9 -15.0 - 8.7 —18.5 —15.5 -11.2 -29.8 -31.1 -26.1 -35.8 -17.3 -29.7 -39.0 -19.5 -26.2 -21.3 -31.7 -23.8 -23.7 -47.7 ^-82.3 -55.6 -73.4 -70.1 -51.2 - 4.4 -44.5 -74.3 + 4.4 -63.2 + 0.0 -69.5 Debits -22.5 -12.3 -24.2 -28.2 -23.7 -20.0 -12.2 -26.1 -19.3 -13.6 -31.2 -18.3 Retail trade sales — 1.6 — 57 — 11.4 — 15 7 — 9.7 -13.6 — 7 1 - 6.8 — 4 2 -12.9 February, 1931, from January, 1931 Allentown... Altoona........ Harrisburg. . Johnstown... Lancaster. . . Philadelphia. Reading....... Scranton.... Trenton....... Wilkes-Barre Williamsport Wilmington.. York............ + 2.5 - 2.7 + 4.7 +12.6 + 1.2 + 1.0 - 0.1 + 0.5 + 1.8 + 3.7 + 4.4 + 0.3 + 4.1 + + + + + + + + + + 1.5 4.6 3.8 6.0 6.0 2.6 0.1 7.3 0.9 7.8 4.7 2.6 6.4 +115.9 - 14.3 + 49.2 + 79.3 + 50.5 + 31.2 +135.3 - 44.8 - 78.0 +233.6 + 65.9 + 50.7 + 81.2 -23.1 -11.9 -12.8 -11.7 -20.5 -16.7 -18.9 -10.2 -14.5 -24.1 -21.6 -31.1 -20.1 - 7.3 - 6.0 -20.2 +34.7 -23.4 - 8.0 -10.4 - 9.8 + 1.7 -13.4 -11.4 * Area not rastricted to the corporate limits of cities given here. Percentage change Wholesale trade Philadelphia Federal Reserve District Net sales: 1931 compared with 1930 Feb. (daily av.) Two months -28.9 - 4.4 -25.5 -36.4 -13.7 -25.9 -31.8 -16.0 Stocks: Feb. 28, 1931, compared with -34.9 + 1.0 -23.1 -27.7 -13.3 -27.2 -37.2 -21.1 -13.4 -20.6 -15.2 -10.7 Anthracite................................ Trenton......... Wilkes-Barre Williamsport. Wilmington.. York............ Building permits (value) Feb. 28, 1930 Jan. 31, 1931 + 0.5 -17.0 +4.6 +1.6 -1.5 -1.3 +4.2 -0.6 +0.4 Collec tions during Feb. 1931, compared with 1930 -15.0 -23.0 -30.1 -16.4 -23.2 - 6.3 Leather and rubber products. 94.0 Leather tanning..................... 103.6 Shoes......................................... 89.8 Leather products, other... . 77.4 Rubber tires and goods.... 87.3 Allentown. . . Altoona........ Harrisburg. . Johnstown.. . Lancaster. . . Philadelphia. Reading....... Scranton.... Wage payments Chemical products......... Chemicals and drugs. Coke............................... Explosives.................... Paints and varnishes. Petroleum refining. .. 88.4 71.9 73.7 76.1 81.4 122.9 Bituminous coal..................... - 1.4 79.8 — 2.8 Construction & contracting. 46.5 -10.6 -33.9 41.0 - 2.6 -40.1 Street railways...................... 78.0 - 0.4 - 9.5 82.3 + 0.2 -12.4 Retail trade............. .. ,.......... 91.1 - 2.0 - 4.7 Wholesale trade.................... 88.6 - 0.3 - 4.0 Boots and shoes... Drugs....................... Dry goods............... Electrical supplies. Groceries............... Hardware............. Jewelry.................... Paper................. -10.1 -10.4 -16.8 -12.6 -32.4 - 2.2 -13.9 -36.3 -18.0 -25.7 -28.0 -28.6 Percentage change Retail trade Philadelphia Federal Reserve District Net sales: 1931, compared with 1930 Feb. Two months Stocks: Feb. 28, 1931, compared with Rate of turnover: two months Feb. 28, Jan. 31, 1930 1931 1930 1931 All reporting stores................. - 9.9 -10.9 -14.5 + 4.7 0.57 0.58 Department............................ in Philadelphia.................... outside Philadelphia.......... Men’s apparel...................... in Philadelphia................ outside Philadelphia.......... Women’s apparel.............. in Philadelphia............. outside Philadelphia.......... Shoe.................................. Credit............................. - 9.3 - 9.4 - 9.0 -14.4 -14.6 -14.2 -10.8 - 9.2 -20.2 -22.9 -17.2 -10.9 -12.8 - 5.5 - 9.4 - 9.5 - 9.3 -10.0 - 9.4 -14.0 -16.4 -14.6 -14.5 -14.1 -15.4 + 4.0 0.57 0.58 + 4.1 0.63 0.62 + 3.8 0.43 0.48 -17.3 -17.7 -20.4 - 6.6 -13.3 -10.1 + 0.1 +11.3 + 9.2 +19.4 + 2.3 + 3.0 0.32 0.89 0.97 0.57 0.37 0.32 0.34 0.98 1.08 0.59 0.37 0.32 * 1923-1925 average = 100. t Preliminary figures. Page Seven Synopsis of Industrial and Trade Conditions in the Philadelphia Federal Reserve District Operations Demand Stocks 1 Manufacturing Iron and steel Blast furnaces ........................ Pig iron output increased Little change Steel works and rolling mills ........................................... Some gain Foundries and Some increase machine Little change Electrical apparatus............. Steel casting production increased, output of iron castings declined Little change Declined Transportation equipment Declined Locomotives and cars........... S’low Little change Declined, though contracts for new ships increased in February Some gain Increased Textiles Little change Fair, increased, prices somewhat higher Light, declined Increased Moderate, smaller than a year ago Quiet, some gain, unfilled orders Increased larger Moderate, declined, smaller than a year ago Wool manufactures.................. Fair, increased Hosiery ........................................ Light, declined Increased Fair, some increase . Quiet, some gain, unfilled orders Some increase larger Declined Fair, increased, larger Increased Declined More active Increased, unfilled orders larger Smaller kid.............................. Fair, some increase Some gain Little change goods Increased seasonally Unfilled orders larger Moderate, month Only seasonally fair Increased Declined More active Increased, unfilled orders larger Some increase but smaller than a year ago Little change Little change Light, little change Quiet, little change Declined Little change Leather product* Leather—sole ........................... ..................... unfilled orders some increase in the Building materials Brick................................................ Electrical supplies................ Lumber—mills ........................ Paints and varnishes........... Fair, increased, prices unchanged Increased in February less than Little change in the month but smaller than a year ago usual Pottery........................................... Quiet, little change Little change Moderate, declined Quiet, declined Increased in February Moderate, declined, smaller than a year ago Quiet, prices lower Some increase Smaller than a year ago Increased Increased Moderate, little change Fair, little change Increased Moderate Fair Increased Moderate, little change Permits increased in February Contracts showed February Miscellaneous leaf ........................... Building some gain in Coal raining Declined Fair, some decline Bituminous ................................ Some increase, prices little change in Some decline Trade Some increase, but smaller than a year ago Some seasonal gain Wholesale and jobbing. . . . Page Eight Declined less than price declines usual, some Some increase
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