The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT APRIL z, 19x8 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 and distribution of com modities increased further in February, while wholesale commodity prices re mained practically unchanged. Commer cial loans of member banks showed a larger increase in February and the first half of March than at the same season in other recent years. Production. Production of manufac tures in February, as indicated by the Federal Reserve Board’s Index, increased 3 per cent over January, and was 2 per cent larger than a year ago, while pro duction of minerals declined slightly and continued to be substantially smaller than last year. Factory employment and pay rolls showed a seasonal increase in Feb ruary but continued at a lower level than a year ago. Output of iron and steel, automobiles, and agricultural machinery has increased considerably since the first of the year. Daily average production of steel ingots in February was larger than in any other month since March, 1927, and current reports indicate that output was sustained in the first three weeks in March. Production of non-ferrous metals also increased in February. A c tivity in the textile industries has shown little change since the first of the year. Production of bituminous coal and crude petroleum, which decreased in Feb In d e x n u m b e r s o f p r o d u c tio n o f m a n u fa c tu r e s a n d m in e r a ls a d j u s t e d f o r s e a s o n a l v a r ia t io n s (1923-25 a v e r a g e = 1 0 0 ). L a t e s t fig u r e s ; F e b r u a r y , M in e r a ls , 103 ; M a n u f a c t u r e s , 109. ruary, increased slightly in the first half of March. Building contracts awarded were larger in February than in the cor responding month of any previous year, reflecting chiefly a large volume of awards for residential construction in the New York and Chicago districts. Contracts let in the first two weeks of March were in approximately the same volume as in the corresponding period of last year. stock and larger. grain products have been Trade. Sales of wholesale firms in leading lines increased in February and were slightly larger than a year ago, while sales of department stores, after allowance for the customary seasonal changes, were in about the same volume as in January and somewhat smaller than a year ago. Stocks of merchandise car ried both by wholesale firms and by de partment stores showed a seasonal in crease in February. Freight car loadings have shown some what more than the usual seasonal in crease since the beginning of the year, but have continued to be in smaller volume than in the corresponding period of last year, owing chiefly to much smaller shipments of coal. Loadings of merchan dise in less-than-car-load lots and of mis cellaneous commodities have been less than in the corresponding period of the last two years, while loadings of live Prices. The general level of whole sale commodity prices, as indicated by the Bureau of Labor Statistics Index, re mained practically unchanged in February at approximately 96 per cent of the 1926 average. There were decreases in the prices of cotton, sugar, non-ferrous metals, chemicals, and rubber, as well as a seasonal decline in dairy products. D e creases occurred in prices of grains, metals, hides and leather products, and steel. In the first two weeks in March, prices of grains, hogs, and cotton ad vanced while those of cattle and rubber showed further declines. Bank credit. From the middle of February to the middle of March the loans and investments of member banks in leading cities increased by $200,000,000 reflecting a growth in the banks’ com mercial loans. The banks’ loans on se curities and investments showed little change for the period. The volume of reserve bank credit out standing increased somewhat from Feb ruary to March chiefly in consequence of increased borrowings by member banks, which in part reflected further with drawals of gold for export. During the four weeks ending March i n d e x o f U n it e d S t a t e s B u r e a u o f L a b o r S t a t i s t i c s (1926 = 1 0 0 , b a s e a d o p t e d b y b u r e a u ) . L a t e s t fig u r e , F e b r u a r y , 96.4. M o n t h l y a v e r a g e s o f w e e k ly fig u r e s f o r b a n k s in 101 l e a d i n g c it i e s . L a t e s t fig u r e s a r e a v e r a g e s o f fir s t t w o w e e k ly r e p o r t d a t e s in M a r c h . Page One 21, conditions in the money market were firmer; the rate on prime commercial paper increased from 4 to 4J4 per cent and there were advances in time rates on security loans. MONEY RATES _ t J ; j * ------------ N .Y R e s e r v e ---------- A c c e p t a n c e ____ i____ 1924 1925 BANK RATE DISCOUNT RATE | 1926 1927 “— B U SIN E SS C O N D IT IO N S IN T H E P H IL A D E L P H IA F E D E R A L R E S E R V E D IS T R IC T Recent developments reflect a seasonal increase in business activity in the Phila delphia Federal Reserve District, al though some conflicting currents still ex ist in both the manufacture and distribu tion of commodities. The current volume of business in the district, despite recent improvement, is still substantially less than at this time last year. Manufacturing industries as a rule have shown an appreciable expansion since the first of the year, and this better ment was more pronounced than at the same time last year. W age disburse ments in Pennsylvania factories reporting to this bank were over 8 per cent larger in February than in January, while in the same period of last year payrolls inincreased only about 4 per cent. Simi larly, the number of wage earners em ployed rose nearly 2 per cent as against two-tenths of one per cent in the like month last year. Industrial employment and wage payments, however, were still about 9 per cent smaller than in Febru ary, 1927. The demand for labor by Pennsylvania employers, which in Sep tember reached the lowest level since 1921, has turned upward recently, al though the ratio of open positions re ported to the public employment offices to the number of male applicants was about 17 per cent smaller in February than in the same month last year. Conditions in the principal branches of the textile industry continue diversified. The market for piece goods has been rather quiet, while the demand for yarns and most fibers has moved forward at a moderate pace during the past month. Business in full-fashioned hosiery is in creasingly active and plant operations show a further gain. The floor covering situation also has turned slightly for the better since the middle of last month. The February, 1928 Previous month Year ago - 3 .6 % - 2 .4 “ -1 0 .3 “ -1 9 .7 “ + 3 8 .6 “ - 3 .4 % - 3 .7 “ - 0 .2 “ + 4 .6 “ -1 1 .9 “ Retail trade— estimated net sales (135 stores)..................... Department stores (5 8 )......................................................... Apparel stores (3 5 )................................................................. Shoe stores (2 4 )........................................................................ Credit stores (1 8 ).................................................................... $17,249,000 $13,827,000 $2,156,000 $503,000 $763,000 Wholesale trade— net sales (129 firm s).................................. Boots and shoes (6 )................................................................. Drugs (1 4 )................................................................................. D ry goods (1 6)......................................................................... Electrical supplies (5 )............................................................. Groceries (44)........................................................................... Hardware (2 2 ).......................................................................... Jewelry (1 1 ).............................................................................. Paper (1 1)................................................................................. $7,827,535 $101,961 $1,536,528 $583,452 $518,376 $2,910,687 $1,153,614 $260,698 $762,219 + 2 .5 + 1.1 - 5 .4 + 1 7 .6 + 5 3 .2 + 0 .1 - 1 .9 + 2 1 .6 - 2 .3 “ “ “ “ “ “ * “ “ + 3 .0 -2 1 .3 + 1 .4 - 3 .8 + 2 9 .1 + 8 .2 - 4 .2 -1 4 .1 + 2 .2 265,860 $7,009,172 prs. 1,501,813 doz. prs. 1,428,919 lbs. 7,237,086 86,755,341 tons 236,367 tons 3,792 tons 4,805 tons 5,497,000 tons 10,246,000 bbls. 2,135,000 K W H 419,656,000 + 1 .8 + 8 .3 -1 .3 + 2.1 + 8 .1 + 2 .3 + 0 .0 3 + 7 .6 + 2 .2 - 3 .4 - 5.1 - 9 .2 - 5 .6 “ “ “ “ “ “ “ “ “ “ “ “ “ - Productive activity— Employment— 807 plants in P enna.................................... W age payments in above plants.......................................... 1928 W e e k ly r a t e s i n N e w Y o r k m o n e y m a r k e t : c o m m e r c ia l p a p er ra te o n 4 -t o -6 m o n t h s p a p er a n d a c c e p ta n c e r a te o n 9 0 -d a y p a p e r. Ptige Two Latest figure compared with BUSINESS INDICATORS Philadelphia Federal Reserve District Active cotton spindle hours (Penna. and N. J .).............. Pig iron production................................................................. Iron casting production (28 foundries).............................. Steel casting production (10 foundries)............................. Anthracite................................................................................. Bituminous coal— P enna....................................................... C em ent...................................................................................... Electric power output (12 system s).................................... Distribution— Freight car loadings (Allegheny district— weekly average) Tonnage of vessels (Port of Philadelphia)........................ Financial and credit— Debits (17 cities)..................................................................... Savings deposits (98 banks).................................................. Bills discounted held b y F. R . B. of Phila. (daily) average)................................................................................. Acceptances executed (9 banks for month ended Mar. 10) Bankers’ acceptances sales (4 dealers— weekly average for period ended Mar. 14)................................................. Commercial paper sales (5 dealers).................................... Commercial failures— number.............................................. Commercial failures— liabilities............................................ Building and real estate— Building permits (16 cities)................................................... Building contracts awarded (Philadelphia district)........ Number of real estate deeds recorded (Philadelphia cou n ty ).................................................................................. Value of mortgages recorded (Philadelphia co u n ty ). .. . Miscellaneous— Sales of life insurance (Penna., N. J., and D e l.)............. Retail sales of automobiles (lO distributors)............. . . . Wholesale sales of automobiles (11 distributors)............. tons “ “ “ “ “ “ “ “ “ 8 .5 “ 9 .1 “ + 7 .2 -2 2 .4 -1 2 .5 -2 3 .0 - 6 .1 -2 2 .0 - 9 .3 + 5 .9 “ “ “ “ “ “ “ “ 177,312 3,438,916 + 3 .3 “ - 2 .4 “ - 9 .1 “ + 1 2 .3 “ $2,253,722,000 $6S2,619,000 -1 6 .3 “ - 0.1 “ + 0 .8 “ + 5 .9 “ $53,062,000 $4,519,000 + 1 9 .6 “ + 6 .3 “ + 4 8 .7 “ + 1 7 .6 “ -3 7 .7 -3 8 .1 - 3 .9 + 6 0 .0 + 1 8 .4 -4 3 .5 + 4 5 .6 -7 2 .2 $2,887,000 $5,550,000 99 $2,296,593 “ “ “ “ “ “ “ “ $13,866,434 $34,980,400 + 5 1 .6 “ - 2 .2 “ + 2 0 .8 “ + 2 3 .7 “ 4,569 $28,084,048 -1 0 .7 “ + 1 4 .3 “ + 6 .2 “ -1 7 .4 “ $98,444,000 $3,389,000 $5,326,000 + 3 0 .7 “ + 7 4 .6 “ + 5 9 .3 “ -1 0 .6 “ + 5 8 .6 “ + 8 6 .4 “ * Bureau of Census preliminary figures. market for hides is strong and that for leather continues fairly brisk, but the de mand for shoes has declined a little. Quickened largely by the seasonal de mand, the output of iron and steel prod ucts has increased further in the month. Daily production of pig iron, though still materially below the volume of a year earlier, was nearly 7 per cent greater in February than in January. Opera tions of foundries increased in February, but were still considerably lower than a year ago. In the extractive industries, the de mand for crude petroleum and refined oils shows the most pronounced seasonal improvement, following marked dulness that prevailed for some months past. The market for anthracite also is fair but that for bituminous coal continues sluggish and the output remains much under the volume in the same period last year. Activity in the construction industry shows the enlargement which usually comes with the spring. Chiefly in antici pation of stronger demand, several lines making building materials report broad ening of plant operations. Distribution of merchandise, while in dicating some betterment customary at this time, does not measure up to the average of recent years. Retail trade during the first part of March was less than fair but since then has improved somewhat. The dollar volume of retail business during February was more than 3 per cent below that of a year before. A moderate rate of activity prevails in most wholesale lines, with prices gener ally unchanged. Wholesale sales were nearly 3 per cent larger in February than a month and a year before. Total payments by check during the first three weeks of March exceeded the amount for the corresponding period of last year by 8 per cent. Nevertheless, shipments of goods by rail in the Alle gheny district, though increasing some what in the latest four weeks, were about 10 per cent less than at the same time last year, the smaller movement of coal and ore being chiefly responsible for this decline. Funds available for the accommodation of trade and industry are ample. Money rates, which have fluctuated within a narrow range, have advanced slightly during the past month. Borrowings by trade and industry have increased some what in recent weeks, although they re main smaller than a year ago. Index numbers of wholesale com m odity prices (Average 1926 = 100) Feb., 1927 Jan., 1928 Feb., 1928 All com m odities.............. 95.9 96.3 96.4 Farm products................. F ood s................................. Hides and leather produ cts................................ Textile products.............. Fuel and lighting............ Metals and metal produ cts................................ Building materials.......... Chemicals and drugs. . . . Housefurnishing g ood s. . Miscellaneous................... 95.4 95.9 106.1 98.5 104.5 98.7 100.2 94.6 95.8 121.0 96.7 80.8 124.1 96.6 81.2 98.0 96.2 97.6 97.9 90.6 98.1 90.8 96.3 98.6 8 9.0 98.3 91.0 95.8 98.4 87.3 February, 1928, compared with February, 1927 CITY CONDITIONS Philadelphia Federal Reserve District Allentown Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York area. . . “ u u “ “ u “ “ u .. Em ploy ment - 2 .5 % -1 .8 - 9 .4 - 0 .4 - 9 .7 - 7 .6 - 9 .9 -2 0 .7 -1 3 .4 -1 5 .9 -1 1 .0 -1 6 .1 “ “ “ “ “ “ “ “ “ “ “ W age payments - 7 .2 % - 3 .9 - 8 .0 - 4 .8 - 9 .0 -1 1 .6 - 5.1 -2 0 .8 -1 4 .6 - 6 .2 -1 1 .4 -1 5 .1 “ “ “ “ “ “ “ “ “ “ “ Value of building permits - 6 3 .0 % 4 .0 “ + 1 0 2 .6 “ - 3 0.5 “ + 1 3 7 .3 “ + 53.5 “ + 3 9.9 “ - 52.8 “ - 4 2.8 “ - 6 7.4 “ + 6 6.9 “ - 84.3 “ - 4 1.4 “ Debits Savings deposits + 0 .5 % + 1 6 .2 “ 0 .0 “ - 3 .5 “ + 1 6 .7 “ - 0 .9 “ - 0 .7 “ + 0 .1 “ + 4 .6 “ + 1 4 .1 “ + 14.7 “ + 15.7 “ + 3 .7 “ + 4 .8 % + 9 .5 “ + 1 7 .0 “ + 4 .7 “ + 2 4 .6 “ + 7 .2 “ + 3 .5 “ - 4 .9 “ + 7 .0 “ + 10.6 “ + 12.6 “ - 3 .4 “ + 7 .1 “ Retail trade sales Electric power sales + 0 .8 % - 6 .8 “ + 2 .7 “ - 8 .2 “ + 9 .8 “ - 4 .5 “ + 1 .6 “ - 4 .4 “ + 5 .2 “ - 0 .7 “ + 1 1 .1 “ + 3 .1 “ + 1 .8 % * -1 8 .7 “ + 5 .8 “ - 1 .0 “ t + 1 2 .3 “ + 8 .1 “ + 2 .7 “ + 3 .1 “ + 1 4 .3 “ t § § + 5 .7 “ + 2 .4 “ + 9 .7 % -1 0 .1 “ - 2 .6 “ + 3 1 .0 “ - 8 .0 “ - 5 .3 “ -2 1 .2 “ - 7 .8 “ + 1 0 .7 “ + 2 .7 “ + 1 5 .2 “ + 1 7 .3 “ + - February, 1928, compared with January, 1928 Allentown Altoona Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York « “ “ “ “ U U U U “ “ + + + + + + + + - 0 .9 % 6 .1 “ 4 .6 “ 2 .7 “ 4 .9 “ 1.1 “ 0 .5 “ 3 .5 “ 0 .7 “ 1.7 “ 1 .8 “ 0 .0 “ 7 .6 “ + 7 .5 % + 1 2 .0 “ + 1 2 .5 “ + 1 .5 “ + 5.1 “ + 2 .5 “ + 5 .9 “ + 1 8 .1 “ + 6 .6 “ + 1 0 .8 “ + 1.2 “ + 0 .9 “ - 4 .3 “ - 2 0 .6 % + 3 8.2 “ - 9 3.8 “ - 6 8.2 “ + 5 2 9 .8 “ + 148.3 “ + 2 1 2 .4 “ + 4 .4 “ + 2 2 3 .6 “ - 14.2 “ + 1 9 0 .3 “ + 2 6.6 “ + 51.6 “ -1 5 .0 % + 0 .4 “ - 0 .3 “ - 4 .3 * - 9 .2 “ -1 7 .9 “ -1 2 .4 “ - 7 .5 “ - 0.1 “ - 5.1 “ + 1 .8 “ -3 8 .5 “ -1 5 .9 “ + + + + + + + + + 0 .0 % 1 .8 “ 1.4 “ 0 .3 “ 0 .6 “ 0 .4 “ 1 .8 “ 3 .7 “ 1 .3 “ 1.3 “ 2 .4 “ 6 .2 “ 2 .1 “ - 5 .1 % * 5 .0 “ 7 .6 “ 3 .7 “ t 3 .5 “ 5 .9 “ 2 .5 “ 4 .5 “ 0 .5 “ t § § 2 .5 “ 6 .1 “ Source: Bureau of Labor Statistics F IN A N C IA L C O N D IT IO N S The total loans and investments of 120 member banks in the Philadelphia Fed eral reserve district changed little in the four weeks ended March 14,. decreasing from 1,563 to 1,559 millions. Seasonal expansion in business credit needs was evidenced by an increase in “other” loans and discounts, which are largely of a commercial character, although there also was an increase in loans on stocks and bonds. Investments declined from 542 to 528 millions, 12 millions of the decrease being reported by Philadelphia banks. The sum of net demand and time de posits decreased from 1,361 to 1,356 millions and Government deposits also declined. In the year ended March 14, loans and discounts increased from 1,016 to 1,031 millions, most of the increase of 15 millions taking place outside of Philadel phia. The figures of one hundred of these banks, reporting in total an increase of 12 millions, show that loans on se curities on March 14 were 26 millions larger than they were on March 16, B ILLS MILLIONS Of DOLLARS 2.0 1.5 \V DISCOUNTED FOR ALLENTOWN — * Includes Wilkes-Barre and Williamsport areas, § Included in Allentown area. Changes in condition of banks (Figures in thousands of dollars) f Production (not sales). + Includes Camden area. Loans and discounts Invest ments Net demand deposits Time deposits + 1 1 ,7 1 7 - 1,357 - 1 1 ,7 7 2 - 2,269 + 5,219 - 6,229 - 4,286 + 118 + 1 0 ,3 6 0 -1 4 ,0 4 1 - - + 3,953 + 11,388 + 2 4 ,4 0 8 + 9,520 - 1 1 ,6 1 5 + 290 + 28 ,87 1 + 18,801 + 15,341 + 3 3 ,9 2 8 - 1 1 ,3 2 5 + 4 7 ,6 7 2 Changes in four weeks ended Mar. 14: 1,010 4,168 Changes in year ended Mar. 14: MEMBER BANKS BETHLEHEM — EASTON A lw A A nJ » M V' 1.0 0.5 1927 1928 1927, whereas other loans had fallen off 14 millions, or 2.9 per cent. Security holdings on March 14 this year were 34 millions larger than a year earlier. Net demand deposits declined from 901 to 890 millions, but time deposits advanced from 418 to 466 millions. The reports of member banks in Phila delphia, for the week ended March 21, show increases of 3.2 millions in loans and investments and 9.6 millions in the total of net demand, time and Government de posits. The Federal Reserve Bank of Phila delphia gained 44.6 millions in the transit clearings with other districts in the period from February 22 to March 21, although 25.5 millions of the gains from this source were lost through transfers for the Gov ernment. The cash reserves of the bank increased from 169 to 186 millions, changes in the Federal reserve note and Page Three deposit liabilities were minor, and the reserve ratio advanced from 64.2 to 70.5 per cent. Member bank borrowings declined from 52 to 45.6 millions in the four weeks. Weekly figures fo llo w : Amounts under discount for banks in (Millions of dollars) Phila delphia 1928— Feb. 22.. 29.. Mar. 7.. 14.. 21.. 1927 — Mar. 23.. Other 20 other commu large nities cities Total bills dis counted 29.4 3 5.3 18.2 2 7.8 23.5 12.1 13.7 13.6 12.5 11 .0 10.5 10.8 10.6 11.0 11.1 52.0 59.8 4 2.4 51.3 45.6 18.9 13.0 13.3 45.2 Tw o new issues of Government securi ties appeared on March 15, subscriptions in this district totaling 71 millions and allotments 40 millions. These new issues resulted in an increase in Government deposits at banks in this district from 1.4 millions on March 14 to 33 millions on the 15th. According to the reports of large mem ber banks in Philadelphia, the rate on customers’ prime commercial paper was 4^2-444 per cent in the week ended March 15, as compared with 41 /4-4y2 per cent a month earlier. Commercial paper. Smaller pur chases of commercial paper by banks in Philadelphia mainly account for a decline in sales from $8,965,500 in January to $5,550,000 in February, as reported by five dealers in this district. Comparative figures fo llo w : Sales to C ity banks 1928— Country banks Total sales $1,750,000 4.7 2 6.00 0 $3,800,000 4,2 3 9,50 0 $5,550,000 8,965,500 2.471.000 3,503,200 4 ,4 1 7,50 0 3,812,500 5,877,500 5,405,000 6,283,500 9,380,700 9,822,500 1927— N o v ......... F e b .......... Of the sales in February made by three dealers, 70 per cent were at 4 per cent, 17 per cent at lower rates and 13 per cent at higher. In January 49 per cent were at 4 per cent, 45 per cent at 3J4 Per cent, and the balance at 4% and 4l/ 2 per cent. Bankers’ acceptances. Sales of bankers’ acceptances in this district by four dealers declined from a weekly av erage of $4,633,000 in the period ended February 15 to $2,887,000 in that ending on March 14. A total of $4,519,000 of bankers’ ac ceptances was executed by nine banks in this district in the month ended March 10, as against $4,251,000 in the month pre Page Four Sales in Third District Acceptance transactions T o Fed. Res. Bank W eekly averages, period ending: 1928Mar. 1 4 . . . . $2,774,000 Feb. 15. .. . 4,161,000 Jan. 16. .. . 2,760,000 1927Mar. 1 6 . . . . 2,266,000 To others Purin Third District $113,000 472,000 60,000 $323,000 331,000 328,000 172,000 299,000 ceding and $3,843,000 a year ago. The amount outstanding increased from $11,225,000 on March 10, 1927 to $13,435,000 this year. S ource: Federal R eserve Board tween fair and poor. Prices continue practically unchanged, except for some advances in groceries and a few declines in hardware. Sales of reporting firms were 2.5 per cent larger in February than in January and 3 per cent greater than a year be fore. Gains over a year earlier were reported by electrical supplies, groceries, paper and drugs, while losses were shown by dealers in shoes, jewelry, hard ware, and drygoods. Four lines carried smaller inventories while three lines held larger stocks at the end of the month than on the same date last year. Most firms showed a greater volume of ac counts outstanding at the end of Febru ary than a year before. Collections de clined from January to February and five out of eight lines reported smaller pay ments than in February, 1927. D IS T R IB U T IO N Railroad shipments of merchandise and miscellaneous commodities in the Alle gheny district in the four weeks ended March 10 increased 3.3 per cent but were about one per cent smaller than in the same period last year. Total freight car loadings also were slightly larger than four weeks earlier but were almost 10 per cent below the volume of a year before, smaller shipments of coal and ore being chiefly responsible for this decline. Wholesale trade. Early reports in dicate that a moderate rate of activity prevails in most lines of wholesale trade. Sales of drygoods, electrical supplies, hardware, and paper showed gains, while those of groceries registered slight losses in the first fortnight of March, as indi cated by the number of replies received. Increases offset decreases in the sale of jewelry, the demand for which varies be WHOLESALE TRADE Philadelphia Federal Reserve District D rugs..................... D ry go o d s ............. Electrical supplies Groceries............... Hardware.............. Jewelry................... Paper...................... Net sales, Feb., 1928, compared with Feb., 1927 Jan., 1928 -2 1 .3 % + 1 .4 “ - 3 .8 “ + 2 9 .1 “ + 8 .2 “ - 4 .2 “ -1 4 .1 “ + 2 .2 “ + 1 -1% - 5 .4 “ + 1 7 .6 “ + 5 3 .2 “ + 0.1 “ - 1.9 “ + 2 1 .6 “ - 2 .3 “ Retail trade. Preliminary reports show that retail trade in the first fort night of March varied between fair and poor, decreases in sales being more nu merous than increases. Prices as a rule continue unchanged. February sales declined 3.4 per cent Stocks, Feb., 1928, compared with Feb., 1927 Jan., 1928 ...........% ...........% + 1 1 .4 '“ -1 .0 “ - 0 .6 “ + 1 .9 “ -1 3 .4 “ -9 .1 “ + 0 .6 “ -3 .4 “ + 3 .3 “ + 1 . 0 “ - 0 .4 “ + 5 .7 “ - 4 .4 “ -0 .5 “ Accounts out standing, Feb., 1928, compared with Feb., 1927 + 5 .5 % - 3 .8 “ + 0 .1 “ + 6 5 .9 “ + 5 .7 “ + 3 .8 “ + 3 .0 “ - 4 .7 “ Jan., 1928 - 4 .1 % + 0 .1 “ -3 .3 “ + 4 .4 “ -1 .6 “ + 0 .1 “ -4 .6 “ -0 .8 “ Collections, Feb., 1928, compared with Ratio of ac counts out stand ing to sales, Feb., 1928 Feb., 1927 Jan., 1928 6 00 .0% 216.4 “ 307.0 “ ’ 6 9.6 “ 131.6 “ 249.3 “ 551.1 “ 145.6 “ -1 0 .5 % - 4 .8 “ -1 2 .2 “ + 3 1 .7 “ + 2 .8 “ - 7 .4 “ - 6 .8 “ + 0 .5 “ -3 4 .3 % - 2 .4 “ -1 2 .2 “ -1 8 .0 “ - 2 .5 “ - 9 .1 “ -7 5 .2 “ + 3 .9 “ from the dollar volume in the same month last year. Shoe stores and apparel stores outside of Philadelphia were the only lines that showed gains over the sales of a year before. Inventories carried by retailers reporting to this bank were 5.9 per cent larger than at the end of Janu ary but 2.2 per cent smaller than on the corresponding date last year. Accounts receivable at the end of the month were 4.4 per cent greater as compared with a year earlier. Collections during the month were 4.3 per cent larger than in February, 1927. Automobile trade. Reporting dis tributors indicate that trading in auto mobiles is progressing actively, as is usual at this season. Deliveries of new pas senger cars to retail dealers by 11 dis tributors of this district during February increased substantially in number and value as compared with the volume of a month and a year before. Sales of new cars at retail also showed a pronounced gain, as did sales of used cars. Retail sales on deferred payment, too, registered a marked rise in number and value in contrast with the sales of a month and a year earlier. Inventories of new cars carried by dealers at the end of the month were noticeably larger than on the same date of the preceding month and last year. Stocks of used cars also were appreciably greater. Details are shown in the ac companying table. IN D U S T R IA L C O N D IT IO N S The industrial situation, though still somewhat mixed, shows signs of seasonal improvement. From January to Febru ary, employment in Pennsylvania in creased 1.8 per cent, wage payments 8.3 per cent and the employe-hours worked at reporting plants during February rose 9.7 per cent. Last year at the same time employment increased only two-tenths of one per cent and payrolls 4.4 per cent. Nevertheless, February employment and wage disbursements were still about 9 per cent below the total for the same month last year. Industrial consumption of electric power was 3.2 per cent smaller in Feb ruary than in January and was sixtenths of one per cent below that of Feb ruary, 1927. Total sales of electricity also declined in the month, but exceeded that of a year earlier by 4.5 per cent The output of electricity by 12 central stations of this district, while declining 5.6 per cent during the month, was al most 6 per cent greater than in February, 1927. Details are given in the accom panying table. Iron and steel. Activity in the fab rication of iron and steel products con tinues to show seasonal improvement. Demand for castings, plates and shapes, structural steel, machinery and tools, and track supplies has increased since the middle of last month. Among the most Comparison of net sales RETAIL TRADE Philadelphia Federal Reserve District Department stores....................... in Philadelphia......................... outside Philadelphia............... Apparel stores............................... M en’s apparel stores............... outside Philadelphia........... W om en’s apoarel stores......... in Philadelphia..................... outside Philadelphia........... Shoe stores.................................... Credit stores................................. Jan. 1 to Feb. 29, 1928 Feb. 29, 1928, with with with Jan. 1 to Feb. 28, Jan. 31, Feb. 28, 1928 1927 1928 Feb., 1928, with Feb., 1927 A ll reporting stores...................... - 3 .4 % - + 3 .7 5 .0 0 .5 0 .2 1.5 0 .0 + 4 .7 - 0 .9 -1 .5 + 5 .2 + 4 .6 -1 1 .9 Comparison of stocks “ “ “ “ “ “ “ “ “ “ “ “ 4 .8 % - - 5 .3 - 6 .4 - 2 .7 - 2.1 - 6 .3 - 7 .9 - 3 .3 - 0 .2 - 0 .6 + 3 .3 + 8 .4 -1 2 .2 “ “ “ “ “ “ “ “ “ “ “ “ 2 .2 % + 5 .9 % - 1 .8 “ - 2 .3 “ - 0 .7 “ -1 .1 “ - 4 .4 “ - 3 .6 “ - 5 .4 “ -1 1 .7 “ - 0 .5 “ + 18.4 “ - 1 .8 “ -1 2 .2 “ + 5 .7 + 6 .0 + 5 .0 + 15.9 + 16.6 + 2 9 .4 + 0 .2 + 1 2 .4 + 1 5 .3 + 14.9 + 2 .4 - 1 .8 “ “ “ “ “ “ “ “ “ “ “ “ Rate of turnover, Jan. 1 to Feb. 29 1928 1927 Accounts Collec receiv tions able during at end of month month com com pared pared with with year ago year ago 0.49 0.48 + 4 .4 % + 4 .3 % 0.48 0 .50 0.43 0.72 0.46 0.50 0.41 0.93 0.97 0 .65 0 .38 0.41 0.47 0.49 0.42 0.73 0 .45 0.51 0.39 0.94 0.99 0.61 0.42 0 .40 + 7 .8 + 4 .2 + 7 .8 + 1 5 .1 + 9 .8 “ “ “ “ “ + 2 .8 + 4 .5 + 2 .7 + 1 0 .5 - 2 .8 + 9 .8 + 1 6 .5 + 1 7 .5 + 1 3 .0 + 5 .0 - 1 .8 “ “ “ “ “ “ - 2 .8 “ + 1 2 .9 “ + 1 6 .0 “ - 3.1 “ + 3 .0 “ + 2 .1 “ “ “ “ “ “ February, 1928, change from AUTOM OBILE TRADE Philadelphia Federal Reserve District 11 distributors February, 1927 Sales, new cars, wholesale........................................ Sales, new cars, at retail........................................... Stocks of new cars..................................................... Sales of used cars....................................................... Stocks of used cars..................................................... Retail sales, deferred paym ent................................ active buyers at present are construction companies, railroads, and public utilities. Prices of finished products for the most part have remained fairly steady during the month. Operations have increased seasonally in the past four weeks. From January to February activity in iron and steel foundries of this district increased, al Rated generator ca p a city. . . Generated output................... H ydro-electric..................... Steam .................................... Purchased............................ Sales of electricity.................. Lighting................................ M unicipal........................ Residential and cummercia l................................ P ow er.................................... M unicipal......................... Street cars and railroads Industries......................... A ll other sales..................... Number Value Number Value + 9 2 .0 % + 6 6 .9 “ + 3 2 .0 “ + 2 2 .5 “ + 4 0 .2 “ + 2 3 .7 “ + 8 6 .4 % + 5 8 .6 “ + 1 2 .9 “ + 5 .9 “ + 3 8 .2 “ + 2 8 .0 “ + 6 4 .3 % + 8 1 .1 “ + 1 9 .3 “ + 4 6 .8 “ + 1 4 .5 “ + 2 1 .9 “ + 5 9 .3 % + 7 4 .6 “ + 1 7 .5 “ + 4 8 .1 “ + 9 .6 “ + 1 3 .0 “ also was 5.4 per cent greater than in January, both the total and the daily average being the largest ever recorded for February. Unfilled orders of the United States Steel Corporation in Feb ruary increased 2.9 per cent and totaled the largest amount shown for any month since Febuary, 1926. Comparisons with a year earlier follow : Feb., 1928, change from ELECTRIC POWER Philadelphia Federal Re serve District 12 systems (Figures in tons) Feb., 1927 + + + + + + + 3 .2 % 5 .9 “ 13.8 “ 0 .2 “ 3 3 .1 “ 4 .5 “ 10.4 “ 10.1 “ + 10.4 “ + 2 .9 “ + 1 8 2 .4 “ + 7 .6 “ 0 .6 “ + 1 .2 “ Jan., 1928 - 1 -5 % 5 .6 “ 6 .7 “ 5 .7 “ 4 .7 “ 5 .3 “ 9 .4 “ 12.2 “ 9 .0 “ 2 .8 “ + 1 4 7 .7 “ 8 .2 “ 3 .2 “ 9 .5 “ January, 1928 D aily production Pig iron— United States. P h ila . F ed . Res. D is t ... Steel ingots,U.S. Feb., 1927 Feb., 1928 Per cent change 105,024 100,004 - 10,873 157,557 8,151 160,591 -2 5 .0 + 1.9 Unfilled orders— U.S. Steel Corp 3,597,119 4,398,189 + 2 2 .3 4 .8 Source: Iron Age. though production and shipments did not equal the volume of a year before. Un filled orders for iron castings were 39 per cent larger while those for steel castings almost 31 per cent smaller than in February, 1927. The daily output of pig iron also increased 6.9 per cent and in the United States 8.0 per cent. Daily production of steel ingots in the country Page Five Textiles. Business in raw wool and yarns continues fairly active, sales ex ceeding the volume of four weeks and a year ago. The market for woolen and worsted piece goods, however, remains rather quiet and sales do not measure up to those at the same time last year. Prices have advanced further during the month in sympathy with the trend in quo tations for yarns and wool fibers. Un filled orders for fabrics, though sufficient to assure operations at the present rate for about two months, are smaller than a year ago, while advance business in raw wool and yarns is somewhat ahead of that of a year ago. Plant operations range from 77 to 85 per cent of capacity. Consumption of raw wool in this district was 8.1 per cent larger in February than in January and in the country was 6.5 per cent greater. Little change is reported in stocks of yarns and fabrics, but supplies of wool fibers have declined further in the month. According to the Fairchild Analytical Bu reau, the probable domestic wool produc tion in 1928 is placed at about 301,589,000 pounds, or nearly 9 per cent greater than last year and materially larger than that in many years past. The number of sheep is about 4 per cent larger than in 1927, and the quality of fleeces appears to be good. Contracting in the west is reported to be heavy. Sales of thrown silk are larger than last month and a year ago but the de mand for broadsilks has slackened some what since last month and is not up to the volume at the same time last year. Broadsilk prices are steady and quota tions for raw silk have fluctuated only within a narrow range. Operations of the broadsilk industry continue unchanged, while those of throw sters have increased a trifle. Advance business in silk fabrics is smaller while unfilled orders for thrown silk are larger than a year ago. Stocks of finished goods show little change since last month. The movement of raw silk in the country is shown in the accompanying table. The cotton manufacturing industry is not as active as was the case at the same time last year, sales of piece goods being materially smaller. Compared with a month ago, the demand has remained Raw silk * (Figures in bales) Feb., 1927 Jan., 1928 Feb., 1928 Storage (warehouse). 33,991 43,758 42,860 46,408 47528 52,420 44,828 41,677 50,679 * The Silk Association of America, Inc. practically unchanged. Prices of finished goods have declined since last month. Quotations for raw cotton, on the other hand, have advanced somewhat in the month, spot cotton selling on March 26 at 20.00 cents a pound as against 19.00 cents a month before and 14.40 cents a year earlier. Plant operations have declined con siderably since the latter part of last month, contrary to the seasonal trend of past years. Unfilled orders, though suf ficient to assure production at the present rate for about one month, are appreciably smaller than at the same time last year. Stocks of finished goods are heavier than a month and a year ago. Daily con sumption of raw cotton in the country was greater in February than in Janu ary, but noticeably smaller than that of a year before. Manufacturers report a good and in creased demand for women’s full-fash ioned silk hosiery and a fair demand for men’s full-fashioned. The demand for men’s and women’s seamless shows little change. There was almost no price change in the month. Stocks of finished goods are moderate and are smaller than those of a month and a year ago. Plant operations vary little from the previous month. Unfilled orders assure operations for about a month and a half. From January to February employment at ho siery plants in Pennsylvania increased 1.3 per cent, while wages declined 0.2 per cent. Some improvement in business is re ported by carpet and rug manufacturers, though a considerable number say that demand is only fair. No price changes are reported. Unfilled orders are smaller than a year ago and will insure operation for an average period of one month. Operations run very close to the level of the previous month. The number of wage earners in Pennsylvania decreased 5.3 per cent from January to February, and wages showed a 6.6 per cent decrease. Manufacturers of linoleums and feltbase goods report a fair amount of busi ness, with no change in prices. Leather. During the past month there was renewed activity in the market for packer hides and they are now re ported to be closely sold up. The price of heavy native steers is about the same as a month ago and there has been little fluctuation in the interval. Strong resistance to prices on the part of buyers has resulted in slight declines in the price of goatskins. Some scarcity of skins is noted. Black kid is in fair de Page Six mand, while that for colored kid varies from fair to good and is better than that of a month ago. No price changes are reported. Unfilled orders are slightly smaller than a month ago and stocks of finished goods have decreased. Opera tions show some decrease in the month. Sole leather is in fair and decreased de mand with prices unchanged. Demand for leather goods is only fair, though sales are larger than a month ago. There are no price changes. A fair demand for shoes is reported, with sales slightly smaller than those of a month and a year ago. Stocks of fin ished goods are below the level of last month and last year. Unfilled orders are smaller than a year ago, and insure opera tions for a month. Many firms report higher prices. The number of wage earn ers in the industry increased 1.6 per cent from January to February, and wages showed a 5.1 per cent advance. Produc tion in this district in February was 1,501,813 pairs, as compared with 1,522,136 pairs in January. The February pro duction in the United States was 24,933,130 pairs, as compared with 22,497,521 pairs in January. B U IL D IN G Some signs of improvement are ap parent in the building industry as is usual at this time. The proposed expenditure under permits issued in 16 cities of this district increased nearly 52 per cent from January to February and was almost 21 per cent greater than in the same month last year. Chiefly because of the sharp increase in residential construction, the total value of contracts awarded in this district was close to the January volume and was substantially greater than a year before, as shown in the following table: Figures represent the value of contracts awards (000 omitted) Philadelphia Fed. Res. District— T o ta l....................... Residential............. Feb., 1927 $28,269 11,515 Jan., 1928 $35,765 9,697 Feb., 1928 $34,980 18,113 United States— T o ta l........................ $394,870 $427,169 $465,331 Residential............. 164,375 193,189 238,985 Source: F. W . Dodge Corporation. The number of real estate deeds re corded in Philadelphia county during February, though smaller than in Janu ary, was larger than in February, 1927; the value of mortgages recorded, on the other hand, was greater than in Janu ary, but noticeably smaller than a year earlier. Properties offered at sheriff sale in Philadelphia increased 17.4 per cent between January and February and were 32.4 per cent greater than in February, 1927. With the approach of spring, the de- Number of wage earners— week ended EMPLOYMENT AND WAGES in Pennsylvania Source : W. F. Dodge Corporation mand for building materials has improved since last month. Sales of pottery, paint, cement, and brick are greater than those of four weeks ago, although they do not equal the volume at the same time last year. The lumber market, however, ap pears to be rather quiet. Prices of build ing materials are fairly steady, except for some advances in pottery and a few de clines in lumber. Plant operations have increased some what in the glass, paint and pottery indus tries, while little change is reported by brick, cement, and lumber plants. Un filled orders as a rule are smaller than the volume reported at the same time last year. Stocks are moderate, except for the seasonal increase in cement. Compared with a year ago, supplies of paint and cement are slightly larger, while those of lumber and pottery are smaller; in brick, reports showing inventory gains over a year ago are offset by those registering declines. Paper. Little change is noted in the paper industry. The demand continues fair and sales are a trifle larger than a year ago. Prices remain unchanged. Un filled orders practically equal those at the same time last year, and plant opera tions have shown a slight gain in the month. Stocks generally are smaller than on the same date last year. Confectionery. Sales of confection ery compare favorably with the volume of a year ago, but have not been up to those of four weeks ago. Prices have declined in the month. The output also has been reduced somewhat since the middle of last month. Compared wdth a year ago, unfilled orders are smaller. Supplies, though moderate, are some what heavier than on the same date last month and last year. Coal. A fair rate of activity exists in the market for domestic and steam sizes of anthracite, although buying during the last fortnight has been hampered some what by the uncertainty concerning the change in prices which usually occurs on April 1. The level of anthracite quota tions remains unchanged and is somewhat below that prevailing at this time last year. The output during the four weeks ended March 17 totaled 5,078,000 tons, a decrease of over 4 per cent from that of No. of plants report ing Feb. 15, 1928 Per cent change from month ago T otal weekly wages— week ended Feb. 15, 1928 Per cent change from month ago Average weekly earnings— week ended Feb. 15, 1928 Per cent change from month ago Manufacturing industries (52)........ 807 265,860 + 1.8 $7,009,172 + 8.3 $26.36 + 6 .4 Metal products.................................... Blast furnaces.................................. Steel works and rolling m ills........ Iron and steel forgings................... Structural iron w ork...................... Steam and hot water heating app. Stoves and furnaces....................... Foundries.......................................... Machinery and parts..................... Electrical apparatus....................... Engines and pum ps........................ Hardware and to o ls....................... Brass and bronze products........... Jewelry and novelties.................... 238 10 44 10 10 19 8 39 38 17 10 19 10 4 104,381 2,390 55,248 1,844 3,608 4,872 929 7,332 8,703 7,878 3,298 6,255 695 1,329 + 2 .8 + 1 0 .4 + 3 .9 + 3 .5 - 2 .0 + 3 .6 + 5 2 .3 + 1.1 + 1.9 - 4.1 + 1.7 + 1.0 + 3 .9 + 4.2 3,010,953 69,594 1,644,777 49,507 102,876 147,459 24,040 203,953 263,598 214,913 92,581 146,312 19,869 31,474 + 1 1 .8 + 6 .4 + 1 4 .9 + 1 1 .0 + 2.3 + 9 .9 + 5 1 .6 + 1 0 .8 + 7.3 + 7 .0 + 9 .5 + 6 .5 + 5 .4 + 2 .4 28.85 29.12 29.77 26.85 28.51 30.27 25.88 27.82 30.29 27.28 28.07 23.39 28.59 23.68 + 8 .7 - 3 .7 + 1 0 .5 + 7.3 + 4 .4 + 6.1 - 0 .5 + 9 .6 + 5.3 + 1 1 .6 + 7 .7 + 5 .5 + 1.4 - 1.7 Transportation equipment................. Automobiles..................................... Automobile bodies and parts . . Locom otives and cars.................... Railroad repair shops..................... Ship building.................................... 42 7 12 13 7 3 30,214 4,055 7,755 13,179 3,435 1,790 + + + - 0 .0 2 .6 14.7 5.5 3 .9 9.2 874,922 131,418 237,572 354,288 93,598 58,046 + 5.2 + 1 0 .0 + 1 4 .2 - 2.2 + 9.3 + 2 .8 28.96 32.41 30.63 26.88 27.25 32.43 + 5.2 + 7 .2 - 0 .4 + 3 .5 + 1 3 .7 + 1 3 .3 Textile products.................................. Cotton goods.................................... Woolens and worsteds................... Silk goods......................................... Textile dyeing and finishing........ Carpets and rugs............................. H a ts................................................... Hosiery.............................................. Knit goods, other............................ M en’s clothing................................. W om en’s clothing........................... Shirts and furnishings................... 164 14 16 39 8 10 5 27 15 11 9 10 59,593 4,086 6,671 19,760 1,828 2,817 3,862 11,916 2,870 1,814 1,490 2,479 + + + + + + + + + + - 3.3 2 .6 3 .2 6 .6 1.9 5.3 0.1 1.3 5 .7 5.2 13.4 4 .8 1,352,404 93,626 142,795 408,699 48,327 69,537 107,204 324,386 55,345 40,893 22,930 38,662 + 7 .6 + 5 .0 + 5 .4 + 19.1 + 5.1 - 6 .6 + 9 .0 - 0 .2 + 1 3 .0 + 5 .7 + 1 3 .9 + 4.3 22.69 22.91 21.41 20.68 26.44 24.68 27.76 27.22 19.28 22.54 15.39 15.60 + 4 .2 + 2 .3 + 2.1 + 1 1 .7 + 3 .2 - 1.3 + 8 .9 - 1.5 + 6 .9 + 0 .4 + 0 .5 + 9 .6 Foods and tobacco.............................. Bread and bakery products.......... C onfectionery.................................. Ice cream .......................................... Meat packing.................................. Cigars and toba cco......................... 99 29 14 11 14 31 20,985 4,238 4,394 1,172 2,062 9,119 + - 1.7 0 .3 2.1 2 .8 2.5 2 .5 431,015 123,192 84,353 38,375 60,428 124,667 + + - 0.1 0.1 6 .8 0 .0 2.2 2 .6 20.54 29.07 19.20 32.74 29.31 13.67 + + + + - Stone, clay and glass products........ Brick, tile and pottery................... Cem ent.............................................. Glass.................................................. 66 29 14 23 16,545 4,258 5,785 6,502 + 0.1 3.1 2 .8 4 .5 445,694 104,271 168,566 172,857 + 1 1 .3 + 9.1 + 0 .5 + 2 5 .9 26.94 24.49 29.14 26.59 + 1 1 .4 + 1 2 .6 + 3 .3 + 2 0 .6 Lumber products................................. Lumber and planing mills............. Furniture.......................................... W ooden b oxes................................. 45 19 20 6 4,468 1,954 1,871 643 + 3 .4 + 0 .5 + 1 0 .1 - 5 .4 98,934 44,289 43,769 10,876 + + + + 7 .6 2 .6 12.7 9 .6 22.14 22.67 23.39 16.91 + 4.1 + 2.1 + 2 .4 + 1 5 .9 Chemical products.............................. Chemicals and drugs...................... C ok e................................................... E xplosives......................................... Paints and varnishes...................... Petroleum refining.......................... 47 27 3 3 9 5 10,872 1,408 2,800 531 1,038 5,095 + + + + 0 .4 1.7 0 .3 1.5 1.2 0 .4 320,543 38,360 85,713 13,257 28,128 155,085 + 8 .4 + 3 .4 + 9 .8 + 2 7 .1 + 1 2 .9 + 6 .8 29.48 27.24 30.61 24.97 27.10 30.44 + 8 .0 + 1.7 + 1 0 .1 + 2 9 .0 + 11.7 + 6 .4 Leather and rubber products........... Leather tanning.............................. Shoes.................................................. Leather products, other................ Rubber tires and good s................. 51 17 23 7 4 11,810 5,919 4,280 654 957 + 1.1 + 0 .4 + 1.6 + 7 .0 - 1.1 266,146 146,020 81,409 13,333 25,384 + 0 .0 - 0 .6 + 5.1 + 2.1 - 1 1 .5 22.54 24.67 19.02 20.39 26.52 - 1.1 - 1.0 + 3 .4 - 4 .6 - 1 0 .5 Paper and printing............................. Paper and wood pulp..................... Paper boxes and bags.................... Printing and publishing................. 55 12 6 37 6,992 3,140 671 3,181 - 1.4 0.2 7.2 1.2 208,561 92,552 9,740 106,269 + + - 1.8 4 .7 0 .5 0 .4 29.83 29.48 14.52 33.41 + + + + Construction and contracting * ........ Buildings........................................... Street and highw ay........................ General.............................................. 37 20 4 13 2,972 1,205 252 1,515 - 1 5 .5 - 4 .7 - 5 1 .4 - 1 2 .7 95,327 39,222 6,914 49,191 - 4 .6 + 1.7 - 4 4 .5 + 0 .5 32.08 32.55 27.44 32.47 + 1 2 .9 + 6 .7 + 1 4 .4 + 1 5 .1 1.8 0 .2 9.1 2 .7 0 .3 0.1 3 .2 4 .9 7 .2 0 .9 *N ot included in total for all industries. the preceding four weeks, and nearly 8 per cent from that at the same time last year. Conditions in the bituminous industry continue unsatisfactory, sales having de creased further during the month. Pub lic utilities and railroads appear to be among the most active purchasers at pres ent. Prices again have declined. Several collieries report curtailment of produc tion. The output in the four weeks ended March 17 amounted to 40,550,000 tons, which shows a gain of 3 per cent over that of four weeks before but loss of about 23 per cent from that in the corre sponding period last year. Page Seven Cigars. Manufacturers of cigars re port that business continues rather slow, sales being in smaller volume than four weeks and a year ago. Prices show prac tically no change. Unfilled orders just about equal those at the same time last year. Some improvement has taken place in the output since the first of this month. Stocks, which are moderate, have in creased slightly during the month but are somewhat smaller than a year ago. Oils. The refinery demand for Penn sylvania crude petroleum has been some what heavier since the first of the year than is usual at this time. Since Novem ber prices of crude oil have advanced from $2.65 to $2.80 a barrel. The average price prevailing in ten oil fields of the country also has risen. Petroleum pro duction is reported to be at about the same rate as in January when the daily output was somewhat lower than a year before. Producers’ stocks, which are larger than a year earlier, show little change. The market for refined oils generally is increasingly active, the demand for gasoline, kerosene, wax and asphalt be ing seasonally active. But the fuel oil market remains rather slow. The trend of prices for refined oils, particularly for . gasoline, is slightly upward as is usual at this time. Some reports show that since March 1 refinery operations have increased slightly. Reporting refiners state that their stocks are moderate. lections generally are prompt. Col Crude Oil (Figures in thou sands of barrels) Produc tion in cluding imports Annual totals— 1924................... 1925................... 1926................... 1927................... 808,474 841,880 852,158 965,873 781,852 811,786 868,776 902,125 353,266 336,260 309,125 371,704 Jan., 1927............. 78,466 54,307 278,972 Jan., 1928............. 75,989 53,378 358,892 Indicated Stocks of consump crude oil, tion, in end of cluding period * exports * East of California; the annual totals also in clude the refinable crude stocks in California. Source: American Petroleum Institute and Bu reau of Mines. BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT Prices Retail trade ................. Demand U nfilled orders com pared w ith a year ago Operations S tocks Unchanged Fair Larger than at end of January but smaller than a year before Wholesale trade Drugs .......................... Dry goods ............... Electrical supplies.. Groceries ................... H ardw are ................... J ew elry ........................ Unchanged Little change Unchanged Some advances Some declines Unchanged Larger than a year ago Slightly larger Smaller Smaller Slightly larger Larger Paper .......................... Shoes ............................ W ool ............................ Iron and steel products Cotton .............................. Silk .................................. Unchanged Unchanged H gher Steady Lower Unchanged Fair Fair to poor, increased Fair; increased Fair Fair to p oor; increased Fair to p oor; losses offset gains Fairly active: increased Fair Fairly active Fair: improved Fair to poor Fair for thrown silk; less active for broadsilk Smaller Larger Larger Smaller Smaller for broadsilk; larger for thrown silk Higher Decreased Unchanged; throwing slightly higher Hosiery ............................ Unchanged Carpets and r u g s ......... Shoes ................................ Leather goods ............ Leather— kid ................. Unchanged Higher Unchanged Unchanged Fair for yarns; slow for piece goods Good in full-fashioned; fair in seamless Fair la ir Fair; increased slightly Fair Paper .............................. Unchanged Fair Smaller for fa brics; larger for yarns Larger than a month ago Smaller Smaller Little change Smaller than a month ago Little change Cigars and toba cco . . . Oils Crude ............................ Refined ....................... Brick ................................ Lumber-mills ............... Paint ................................ Pottery ............................ Cement ........................... Confectionery ............... Building ....................... Unchanged Poor Unchanged Some improvement Advanced since Nov. Some advances Little change Lower Unchanged Higher Unchanged Lower Construction costs unchanged Unchanged Lower Increased Increasing Fair: uiereased Poor Fair: increased Fairlv active Fair Fair Fair SI ghtly smaller Smaller Slightly smaller Larger Smaller Smaller Value of February permits increased Little change Rome improvement Little change Little change H igher Higher Little change Lower February contracts ahead o f a year before W ool ................................ Anthracite ..................... Bituminous coa l ......... Page Eight Higher Fair Poor Smaller Moderate Increased Little change Generally lower Little change in fabrics Little change Smaller Little change Slightly lower Slightly larger Slightly smaller Little change Smaller Little change Smaller Slightly higher Unchanged; smaller than a year ago Smaller than a year ago Lower Little change Little change Little change Smaller Little change Little change I ,arger Larger
@FedFRASER