Full text of Business Review (Federal Reserve Bank of Philadelphia) : August 1, 1925

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THE BUSINESS REVIEW
THIRD FEDERAL
PHILADELPHIA

RESERVE DISTRICT
AUGUST i, 1915

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
Production of basic commodities and
factory employment declined further in
June, while railway freight shipments
and the volume of wholesale trade in­
creased. Wholesale prices, after declin­
ing for two months, advanced in June.
Production. Production in basic in­
dustries, as indicated by the Federal Re­
serve Board’s index, declined about one
per cent in June to the lowest level since
the autumn of 1924, but was 17 per cent
above the low point of last summer.
Output o f pig iron, steel ingots, lumber,
newsprint and petroleum, and mill con­
sumption o f cotton declined in June, while
production of bituminous coal, sole
leather, and wheat flour increased. The
number of automobiles manufactured dur­
ing June was slightly less than in May.
Factory employment declined one per
cent and factory payrolls over two per
cent between May 15 and June 15, re­
flecting substantial decline in the auto­
mobile, boot and shoe, textile, and iron
and steel industries. Building contracts
awarded during June were larger in
value than during May and almost equaled
the peak figure for April. In square feet
o f floor space the June awards were a
little smaller than those for May. Resi­
dential contracts in June were the

U N IT E D STA T E S

smallest for any month since February,
but greatly exceed those of a year ago.
The Department of Agriculture esti­
mate of the condition of all crops com­
bined on July 1 showed some improve­
ment from the month before. The corn
crop forecast places it at approximately
550,000,000 bushels above last year. The
July 15 cotton crop estimate was 13,588,000 bales, compared with a forecast
of 14,339,000 bales on June 25.

o f groceries, shoes, and hardware were
smaller at the end o f June than a month
earlier, but those o f drygoods and drugs
were larger. Compared with a year ago
stocks of groceries and drugs were larger
in value while stocks of drygoods, shoes,
and hardware were smaller.
Prices. Wholesale commodity prices
advanced 1.4 per cent in June, according
to the index o f the Bureau o f Labor Sta­
tistics, following declines in April and
May. The largest increase for any com­
modity group was for the miscellaneous
group which includes crude rubber; prices
of farm products, foods and fuel and
lighting also advanced, while prices of
building materials declined considerably.
In the first half o f July quotations on
flour, beef, hogs, wool, copper, petroleum,
hides and rubber increased, while prices
of sugar, bituminous coal, and hardwood
lumber declined.

Trade.
Freight car loadings were
larger during June than during May, asJ
is usual at that season, and also con­
siderably exceeded the figures for June,
1924, the low point of last year. Sales
at department stores during June were
seasonally smaller than in May, but
totaled 5 per cent more than last year.
It should be borne in mind, however,
that in June of this year there were four
Sundays as compared with five in the
preceding month as well as in June, 1924.
Bank credit. A t member banks in
Mail order sales were six per cent larger
leading cities, the volume of loans on
than in May and exceeded the amount
securities continued to increase after the
for June, 1924. Sales of wholesale firms
middle o f June and during the first half
were 5 per cent greater than in May
o f July was at a higher level than at any
and larger than in any June in the last
previous time. Demand for bank credit
five years. Department store stocks were
for commercial purposes was relatively
reduced further in June, but were slightly
inactive and the volume o f commercial
larger than a year ago. Wholesale stocks
loans at reporting member banks remained

PER CENT

W H OLESALE

P R IC E S

FEDERAL RESERVE BAMK CREDIT

BILLIONS OF DOLLARS

duo

150
E a r n in g A s s e t s

\\I^

lOO

V

D isc o u o t slju

V
50
y

• "V

'u . S . S e N ~ ~ j r^ r

1922
Index of 22 basic commodities corrected for
seasonal variation (1919 = 100). Latest
figure— June, 110.




1923

1924

1925

Index of U. S. Bureau of Labor Statistics (1913
= 1 0 0 , base adopted by Bureau). Lat­
est figure— June, 157.4.

1922

1923

1924

1925

Weekly figures for 12 Federal Reserve Banks.
Latest figure, July 22.

Page One

F A C TO R Y EM P LO YM EN T AMD PAYROLL
PER CENT

1501

Payroll

y 'S
A

loo

V

Errploymen •

1922

1923

1924

1925

Index for 33 m anufacturing industries (1919=
100). Latest figure— June, Employ­
m ent 94.2, payroll 105.2

near the low level for this year, although
considerably above the amount for the
corresponding period in 1924.
A t the reserve banks the seasonal de­
mand for credit and currency was re­
flected in increased borrowing by member
banks which carried discounts at the be­
ginning o f July to the highest level in
more than a year, and notwithstanding
the subsequent decline the total on July
22 was still at a relatively high level.
Total earning assets on that date showed
little change as compared with the figures
for four weeks earlier.
Firmness in the money market at the
close of the fiscal year was followed by
an easing of money after the first week
o f July. In the latter part o f the month
there was again evidence of firmer money
conditions. These changes were reflected
chiefly in the movement o f rates for call
money, quoted rates on prime commercial
paper and on bankers’ acceptances remain­
ing throughout the period at 3-)4— 4 per
cent and 3% per cent.
B U S I N E S S 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
In spite of numerous seasonal declines
in June and July the business situation
in the Philadelphia Federal Reserve Dis­
trict is now distinctly better than it was
a year ago. Not only is business senti­
ment more cheerful, but purchasing of
goods as well as distributive and produc­
tive activity are much greater than in
the same months of 1924. Industrial em­
ployment in the district and wage pay­
ments to factory workers continued a
gradual recession which commenced in
April, but they are both now well above
the levels o f a year ago. More evidence
o f stronger buying power is furnished by
reports from wholesale and retail mer­
chants. June sales of retail stores in
nearly all parts of the district were in
excess o f those of 1924, and in men’s
apparel and shoes the gains were as high
as 10 to 20 per cent. In wholesale trade
as well sales in most lines were larger
Page Two




than last year, while stocks of goods, gen­
erally, were lighter.
Railroad freight
shipments have increased each month this
year and in June were 8 per cent larger
than those of the previous year. A fair
indication o f the dollar amount of busi­
ness transactions is given by the volume
o f debits to individual accounts; the
amount of these transactions in June was
18 per cent above that of the same period
o f last year, and was larger than in any
month o f the past four years.
Productive activity in the district also
compares favorably with that o f last
summer. Building trades generally are
active, as the volume o f new construc­
tion undertaken, for the fifth consecutive
month this year, is greatly in excess of
that of 1924. The iron and steel indus­
try, it is true, has been slackening for
the past few months, but, even so, the
production o f pig iron and of iron and
steel castings in the district is consider­
ably larger than it was last year at this
time. Prices of steel products continue
weak, however.
Output of coal, both
bituminous and anthracite, has been well
maintained during recent weeks, demand
for the latter having been stimulated by
the possibility of a strike.
Among the textiles, silk goods con­
tinue in excellent demand, while the wool
and cotton industries are seasonally dull.
The market for hosiery is good and mill
activity continues at a high rate. The
underwear trade is quiet, however, as is
the market for floor coverings. Clothing
sales are ahead of those o f 1924, although
factories are still operating at much less

than capacity. Most of the other indus­
tries, including shoes, leather and cigars,
report fairly satisfactory conditions with
output at or above last year’s levels. O f
considerable significance at the present
time is the favorable outlook for agricul­
ture in the district. Recent rains have
improved the situation and the prospect
for nearly all crops except fruits is now
fairly satisfactory.
EM PLOYM ENT AND W AGES
Factory employment and operations de­
clined during the month o f June through­
out Pennsylvania, New Jersey and Dela­
ware.
The decline in operations was
more general than that in employment,
all the groups sharing in the decline with
the exception o f the food and tobacco
group, which had a net increase o f 1.6
per cent caused by a large expansion in
the confectionery and ice cream industry.
Among the individual industries lumber
and planing mills experienced the most
marked advance in both employment and
operations. This expansion was caused
chiefly by the beginning o f the bark peel­
ing season, which caused a large in­
crease at one establishment. The auto­
mobile and sugar industries also reported
substantial gains. The increase in the
manufacture of hats was not general, but
was due chiefly to the resumption of
activity in June at one factory which had
curtailed operations during the month of
May. Iron and steel blast furnaces, iron
and steel forging plants, shipyards, most
o f the textile mills, potteries and estab-

SYNOPSIS OF BUSINESS CONDITIONS
Compiled as of July 23, 1925
Business

C em ent........................................................................
Cigars...........................................................................
Clothing.......................................................................
Coal, anthracite.........................................................
Coal, bitum inous.......................................................
C otton good s..............................................................
C otton yarns...............................................................
Drugs, wholesale.......................................................
Drygoods, wholesale.................................................
Electrical supplies, wholesale..................................
Floor coverings...........................................................
F lou r.............................................................................
Groceries, wholesale..................................................
Hardware, wholesale................................................
Hosiery, full-fashioned - ...........................................
Hosiery, seamless.......................................................
Iron and steel.............................................................
Jewelry, wholesale.....................................................
Leather belting..........................................................
Leather, h ea vy...........................................................
Leather, up p er...........................................................
L um ber........................................................................
P a in t.............................................................................
P ap er............................................................................
Paper, wholesale........................................................
Paper boxes.................................................................
Shoes, m anufacture..................................................
Shoes, retail.................................................................
Shoes, wholesale.........................................................
Silk go o d s ....................................................................
Sugar............................................................................
Underwear, heavy w eight:......................................
Underwear, light weight..........................................
W oolen and worsted goods......................................
W oolen and worsted yarns......................................

Philadelphia Federal Reserve District
Demand
G ood
G ood
Fair
Fair
Fair
Poor
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Good
Good
G ood
Fair
Fair
Fair
Fair
Fair
Fair
Good
Fair
Fair
Fair
Fair
G ood
Fair
Fair
G ood
Good
Fair
Fair
Poor
Poor

Prices

Stocks

Firm
Unchanged
Unchanged
Higher
Weak
Firm
Firm
Firm
Unchanged
Firm
Unchanged
Firm
Higher
Lower
Unchanged
Unchanged
W eak
Unchanged
Unchanged
Unchanged
Unchanged
Higher
W eak
Unchanged
Unchanged
Weak
Unchanged
Unchanged
Unchanged
Unchanged
Lower
Unchanged
Unchanged
Unchanged
Unchanged

Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Light
Moderate
Moderate
Moderate
M oderate
M oderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
H eavy
Moderate
Moderate
Moderate
Moderate

Collections
G ood
Fair
G ood
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Poor
G ood
Fair
G ood
Fair
Fair
Fair
Fair
Fair
Fair
G ood
G ood
G ood
Fair
Fair
Fair
Fair
Fair
Fair
Fair
G ood
G ood
Fair
Fair
Fair
Fair

EMPLOYMENT AND WAGES

Electric power

June.
1925
000’s omitted

Change
from June,
1924

Throughout Pennsylvania, New Jersey and Delaware
Rated generator caNumber of
wage earners—
week ended
Group and industry

No. of
plants
report­
ing

June
15,
1925

Per cent
change
from
month
ago

T otal
weekly wages—
week ended

June
15,
1925

Per cent
change
from
month
ago

Average weekly
earnings—
week ended

June
15,
1925

Per cent
change
from
month
ago

All industries (48)

995 368,201

-

0 .6

$9,565,795

3 .0

$25.98

-

2 .4

Metal manufactures:
Automobiles, bodies, and p arts. .
Car construction and repair.........
Elec, machinery and apparatus. .
Engines, machines, mach. tools. .
Foundries and machine s h op s.. . .
Heating appl. and apparatus. . . .
Iron and steel blast furnaces........
Iron and steel forgings...................
Steel works and rolling m ills........
Structural iron works.....................
Misc. iron and steel products. . . .
Shipbuilding.....................................
Non-ferrous m etals.........................

342 176,593
9,050
23
15,808
14
18,931
37
9,838
37
12,491
70
5,465
17
13,664
12
4,346
13
44,013
48
3,592
12
26,874
45
8,972
8
3,639
6

+
+
+
+
+

1.4
8.1
0 .7
2 .5
1-4
2 .2
0 .0
7 .0
5 .2
3 .7
2 .8
1 .3
4 .1
3 .4

4,8 1 3,90 9
266,599
473,969
460,788
287,125
345,183
155,414
363,270
99,081
1,183,065
94,946
724,396
256,941
103,132

- 3 .4
+ 4 .1
+ 0 .3
- 0 .8
+ 2 .3
- 2 .6
- 4 .3
-1 2 .7
-1 0 .2
- 4 .3
- 0 .4
- 4 .8
- 5 .3
- 1.1

27.26
29.46
29.98
24.34
29.19
27.63
28.44
26.59
22.80
26.88
26.43
27.05
28.64
27.34

+
+
-

2 .0
3 .7
1.0
3 .2
0 .9
0 .5
4 .3
6 .1
5 .3
0 .7
3 .2
3 .5
1.3
4 .3

Textile products:
Carpets and rugs.............................
Clothing.............................................
Hats, felt and oth er........................
C otton goods....................................
Silk goods..........................................
Woolens and worsteds...................
Knit goods and hosiery.................
Dyeing and finishing textiles. . . .
Miscellaneous textile p roducts. . .

224
14
25
9
27
57
25
40
20
7

66,933
4,430
3,870
5,067
8,154
19,187
9,690
10,724
4,398
1,413

+
+
+
-

0 .0
2 .3
3 .8
6 .9
2 .8
2 .5
2 .0
2 .0
4 .0
7.1

1,438,272
116,659
69,551
133,290
169,851
394,530
190,962
233,144
102,921
27,564

- 5 .0
- 5 .4
- 6 .1
+ 1 3 .6
- 7 .8
- 3 .2
- 7 .5
- 9 .7
- 9 .7
- 6 .1

21.49
26.33
17.97
26.31
20.83
20.56
19.69
21.74
23.40
19.51

+
—
+

5 .0
3 .2
2 .4
6 .3
5.1
5 .5
9 .3
7 .9
5 .9
1.1

Foods and tobacco:
Bakeries............................................
Canneries..........................................
Confectionery and ice cream ........
Slaughtering and meat packing. .
Sugar refining...................................
Cigars and tob a cco .........................

86
20
9
20
12
4
21

24,943
3,847
3,159
5,598
2,502
3,529
6,308

+
+
+
+
+
-

1.9
3 .9
4 .5
8 .6
0 .2
5 .2
2 .5

561,381
111,304
64,992
119,125
68,423
109,445
88,092

+ 1.6
+ 0 .3
- 7 .0
+ 1 0 .3
- 0 .0
+ 7 .5
- 5 .7

22.51
28.93
20.57
21.28
27.35
21.01
13.97

+
+
-

0 .2
3 .5
2 .7
1.6
0 .2
2 .2
3 .3

Building materials:
Brick, tile, terra cotta products. .
Cem ent..............................................
Glass...................................................
P ottery..............................................

78
21
15
27
15

25,972
3,539
8,033
9,663
4,737

+
+
-

0 .7
0 .9
2 .0
0 .5
7 .2

735,082
88,804
237,246
264,961
144,071

- 3 .3
- 4 .1
+ 1.5
- 1.7
-1 2 .4

28.30
25.09
29.53
27.42
30.41

-

2 .6
3 .2
0 .5
2.1
5 .6

Chemicals and allied products:
Chemicals and drugs......................
E xplosives.........................................
Paints and varnishes......................
Petroleum refining......... *...............
C o k e...................................................

75
39
10
15
8
3

29,637
6,643
2,629
1,484
17,878
1,003

+
+
+
-

0 .5
5 .3
0 .2
1-2
3.1
2 .7

925,253
183,425
74,754
38,009
600,500
28,466

+
+
-

0 .0
3 .8
3 .0
0 .7
0 .9
1.6

31.22
27.61
28.43
25.61
22.59
28.38

+
+
+

0 .5
1.7
3 .2
1.9
2.1
1.1

Miscellaneous industries:
Lumber and planing mill prod . . .
Furniture..........................................
Musical instruments.......................
Leather tanning..............................
Leather products.............................
Boots and shoes..............................
Paper and pulp products...............
Printing and publishing.................
R ubber tires and go o d s .................
Novelties and jew elry....................
All other industries.........................

190
8
21
7
34
6
27
21
26
19
9
12

44,123
3,110
2,943
4,043
8,142
605
4,509
5,029
3,961
5,330
2,271
4,180

+ 0 .2
+ 2 3 .2
- 2 .0
+ 2 .8
+ 0 .5
+ 3 .4
- 7 .6
- 1.3
+ 0 .7
- 2 .7
+ 0.1
- 1.6

1,091,898
57,774
68,010
104,676
204,017
11,022
80,513
129,186
132,422
142,625
54,487
107,166

- 2 .9
+ 19.3
- 7 .2
+ 2 .6
- 1.9
+ 1 .8
-1 1 .9
- 4 .1
- 0 .9
- 6 .8
- 3 .9
- 5 .2

24.75
18.58
23.11
25.89
25.06
18.22
17.86
25.69
33.43
26.76
23.99
25.64

-

3.1
3.1
5 .4
0 .1
2 .3
1 .5
4 .6
2 .9
1.6
4 .2
4 .0
3 .6

-

247
107,863
92,948
11,760
T otal pow er............. 72,084
Industrial p o w e r .. . 63,539

F IN A N C IA L

KW
KW H
KWH
KW H
KWH
KW H

- 2 .0 %
+ 2 0 .5 “
+ 2 3 .1 “
+ 10.5 “
+ 2 0 .3 “
+ 1 7 .7 “

C O N D IT IO N S

The loans of reporting member banks
in leading cities of the Philadelphia Fed­
eral Reserve District on July 8 were
practically the same as they were on
June 10. Loans on securities declined
8.6 millions and other loans, largely o f a
commercial character, advanced about the
same amount. Loans o f the latter class
reached the highest point since early in
December.
In the course o f the last
four weeks investments declined 5.5 mil­
lions and deposits, 12.1 millions.
From 39.1 millions on June 17, bills
discounted held by the Federal Reserve
Bank o f Philadelphia increased to 45.3
millions on July 1. A reaction to 39.4
millions on July 8 was followed by a fur­
ther advance to 46.5 millions on the 15th.
Holdings o f acceptances declined 6.1
millions in the four weeks, but other earn­
ing assets were practically unchanged.
Federal reserve note circulation, total de­
posits and cash reserves all declined, but
in no case was the change large. The
reserve ratio on July 15 was 79.1 per
cent, the same as on June 17.
In New York City the rates for com­
mercial paper and bankers’ acceptances
remained unchanged during the month.
Savings deposits, as reported by 99
banks in this district, decreased 0.4 of
one per cent during June, and on July 1
were 5.5 per cent higher than a year
before.
Percentage changes by cities
fo llo w :

Changes Ju ne 1, 1925,
compar ed with
Cities

lishments manufacturing chemicals and
drugs, boots and shoes, and rubber tires
and •
goods all reported notable losses in
both employment and wage payments.
E L E C T R IC P O W E R
In our first month’ s survey of the
electric power industry in the Phila­
delphia Federal Reserve District, re­
turns were received from 7 systems with
a rated generator capacity o f 246,500
kilowatts and total output during June
of 107,862,800 kilowatt hours. Although
many of the important industrial sec­




tions are covered by this report there
are a number o f important systems, in­
cluding those supplying Philadelphia,
Wilmington, Reading, Scranton, H arris­
burg, Altoona and Johnstown, which,
it is hoped, will be represented in next
month’s report. A summary of the re­
ports received for June and a compari­
son with last year’s figures are given in
the accompanying table. It is notable
that both output and sales show sub­
stantial increases in nearly all districts.
Total sales increased more than 23 per
cent, but sales to industries less than
18 per cent.

Previous
month
Allentow n.............................
A ltoona.................................
Bethlehem ............................
Chester..................................
E aston ...................................
Harrisburg...........................
Johnstow n............................
Lancaster..............................
Philadelphia.........................
R eading................................
Scranton...............................
T ren ton ................................
W ilkes-Barre.......................
W illiam sport.......................
W ilm ington.........................
Y o r k ......................................
Others...................................
T otals...........................

Previous
year

+ 2 .1 %
+ .6 “
- .3 “
- .3 “
+ -5 “
+ .02 “
-1 .3 “
+ 1 .3 “
-1 .6 “
+ 7 .3 “
+ 1 .6 “
+ 1 .2 “
+ .8 “
+ .3 “
+ .1 “
- .6 “
+ 1 .2 “

+ 6 .0 %
+ 1 0 .7 “
-1 5 .6 “
+ 1 .3 “
+ 5 .3 “
+ 1 8 .3 “
+ 3 .2 “
+ 1 8 .4 “
+ 5.1 “
+ 1 7 .8 “
+ 11.6 “
+ 1 .3 “
+ 10.2 “
+ 8 .9 “
+ 5 .6 “
+ 9 .8 “
+ 4 .2 “

-

+ 5 .5 %

-4 %

Page Three

show no marked change, but at the fur­
niture sales which began late in July
average prices are reported to be lower
than they were last year.

FINANCIAL STATISTICS
Philadelphia Federal Reserve District

W H O LE SA LE TRADE
Changes in course of
000’s omitted in all figures except percentages

Latest
Four weeks

One year

Reporting member banks:
Loans on securities....................................................................
All other (largely commercial) loans....................................

$314,500
369,300

-$
+

8,600
8,600

+ $ 55,400
1,200

T otal loans..............................................................................
Investm ents................................................................................

$713,800
358,300

t
- $ 5,500

+ $ 54,200
+ 48,200

Total loans and investments................... ........................... $1,072,100
T otal deposits.............................................................................
954,600

- $ 5,500
- 12,100

+ $102,400
+
81,900

$ 46,500
33,900

+ $ 7,400
6,100

+ $ 20,400
+
1,200

Federal Reserve Bank:
Bills discounted..........................................................................
Other earning assets..................................................................
T otal earning assets..............................................................

$ 80,400

+ $ 1,300

+ $ 21,600

Federal reserve note circulation.............................................
Total deposits.............................................................................
Cash reserves..............................................................................
Reserve ra tio..............................................................................

$152,300
131,500
224,500
7 9 .1 %

- $ 3,000
1,100
3,400
0%

- $ 27,600
+
4,700
43,500
8 .3 %

Debits (banks in 18 cities)*.........................................................
Savings deposits (99 b an ks)........................................................
Bankers’ acceptances:
Executed b y 11 banks § ............................................................
Commercial paper sales— 6 dealers...........................................

$556,025
563,358

-$ 6 7 ,6 0 3
2,507

+ $ 44,607
+
29,552

+

-

2,841
10,842

2,219
4,682

926
3,418

New York City

Actual figures in all columns

July 22, 1925

M onth ago

Year ago

394-4%
3J4%
4%

394-4%
394%
394%

3 J 4 -3 ^ %
2%
2%

$133.87
98.61
92.27
101.59

$128.25
97.77
93.19
102.32

$ 99.36
89.37
90.94
102.20

M oney rates:

Security price averages:

* W eekly totals.

fL ess than $100,000.

§ Total for month ending the 10th.

C O M M E R C IA L P A PE R
Sales of commercial paper during July,
though o f fair volume, are considerably
smaller than those in July, 1924. Rates
are slightly firmer with the bulk of the
business at 4 per cent. Moderate sales
of bills maturing not later than November
have been made at 3J4 per cent. Some
dealers report a fair list o f offerings
but others state that their portfolios con­
tain few notes.
Dealers’ sales as shown in the accom­
panying table were larger in June than
in May but smaller than in June, 1924.
The amount sold to Philadelphia banks
was $7,256,500 and to outside institutions
$3,585,000. Rates on these sales varied
from 3J4 to 4
per cent, with nearly 90
per cent of the total at either 3^4 or
4 per cent, less than 10 per cent at 4j4
per cent, and V
/2 per cent above that
rate.
R E T A IL T R A D E
During July sales at retail in this dis­
trict have experienced the usual seasonal
Page Four




decline and from preliminary estimates it
appears likely that they will not equal
those o f July, 1924. During June sales
increased 2.5 per cent as compared with
June, 1924. The only cities in which the
total sales were smaller were Altoona,
Johnstown, Wilkes-Barre, and Williams­
port.
Men’s apparel and shoe stores
fared especially well, showing gains of
15.8 and 14.3 per cent, respectively. De­
partments which made the largest gains
in sales as compared with the previous
year include silks and velvets, cotton dress
goods, women’ s dresses, juniors’ and girls’
ready-to-wear, men’s clothing, men’s fur­
nishings including hats and caps, women’s
and children’s hosiery, women’s and chil­
dren’s shoes, silk and muslin underwear
including petticoats, millinery and toilet
articles including drugs.
During the first half of 1925 sales
were 1.6 per cent smaller than during
that period in 1924; with the exception
o f small gains in Chester, Harrisburg
and Wilmington, sales in all parts of the
district shared in the decline.
Prices

Sales at wholesale during July were
seasonally smaller in some lines than in
June but were about on a parity with
those in July, 1924. Price changes were
unimportant; hardware and some papers
are slightly lower, but in groceries the
advances outnumber the declines, and
drugs also as a whole are slightly higher.
In June, sales were larger than in May
in all lines except shoes, drugs and paper,
and as compared with June, 1924, only
groceries and paper were smaller and
the decreases in those two lines were
slight. Important gains were made in
drygoods, electrical supplies and jewelry.
Stocks were lower at the end o f June
than they were a month earlier, except in
drygoods, jewelry and paper, and as com­
pared with June 30, 1924, they were lower
except in jewelry and paper. In drygoods, as last month, the decrease in
stocks was a large one, 14.2 per cent.
Collections, as judged by the ratio o f
accounts outstanding to sales, were better
during June than in June 1924, except
for a slight decrease in jewelry.
Drygoods. A fair demand is reported
for drygoods for both prompt and early
autumn delivery, and sales during July
will probably approximate those o f July,
1924.
In June, sales were larger by
4.9 per cent than in May and by 12.8 per
cent than in June, 1924. Articles which
are in demand include hosiery, underwear,
novelty dress goods, shirts, laces, mus­
lins, sheeting and blankets. Prices are
fairly steady, but muslins, sheets, pillow
cases and linens are slightly lower.
Jewelry.
Sales o f jewelry during
July were seasonally smaller than in June
and trade has been quiet with prices un­
changed. In June sales were larger by
2.5 per cent than in May and by 11 per
cent than in June, 1924. Articles in de­
mand include platinum, fancy and wed­
ding rings, bar pins and watches.
Drugs. Sales of summer goods such
as toilet lotions and insecticides, as well
as patent medicines, have been substan­
tial during the past month and the whole­
sale drug market is somewhat more active
than it was a month ago. Prices, in gen­
eral, are unchanged, though quotations
for rubber goods and some grades of
crude drugs and chemicals are higher
than they were at this time in June.
According to figures compiled by the
‘ Oil, Paint and Drug Reporter,” the
price index o f 35 fine chemicals stood
on July 23, at 176.6 as against 176.1
on June 22, and 164.1 a year ago.
Net sales of 13 firms in this district
were about the same in June as in the

RETAIL TRADE
Philadelphia Federal Reserve District

Comparison of net sales

Percentage of sales
to average stocks
from January 1
to June 31

Comparison of stocks

Jan. 1 to
June, 1925, June 30,1925, June 30, 1924, June 30, 1925,
w-ith
with
with
with
June, 1924
Jan. 1 to
June 30, 1925 M ay 31, 1925
June 30, 1924
All reporting firms.....................
Firms in Philadelphia...............
Allentown, Bethlehem and
E aston..................................
A lto on a ....................................
Harrisburg...............................
Johnstown...............................
Lancaster.................................
Reading....................................
S cranton..................................
T ren ton....................................
W ilkes-Barre...........................
W illiamsport...........................
W ilm ington.............................
Y o r k ..........................................
All other cities........................

1925

1924

+ 2 .5 %
+ 2 .6 “

- 1 .6 %
— 1.6 “

+ 2 .7 %
+ 4 .6 “

-

4 .3 %
4 .3 “

1.63
1.84

1.67
1.90

+
+
-I+
+
+
+
+
+
+

- 0 .7
- 3 .5
+ 1.7
+ 0 .2
- 4. 7
- 0 .1
- 2 .5
- 3 .0
- 3 .9
- 2 .6
0
+ 1.1
- 4 .0
- 0 .7

- 3 .7
+ 2 .8
+ 14.4
+ 7 .0
-1 4 .4
+ 6. 4
-1 0 .7
+ 6.1
+ 6 .5
+ 2 .2
- 6 .0
- 0 .9
- 2 .7
+ 0 .7

“
“
“
“
“
“
“
“
“
“
“
“
“
“

- 4 .2 “
- 5 .3 “
- 2 .7 “
- 4 .6 “
- 3 .1 “
- 3.3“
- 6 .1 “
- 4 .8 “
- 3 .5 “
- 5 .7 “
- 3 .0 “
- 3 .6 “
- 5 .5 “
- 2 .8 “

1.28
1.36

1.27
1.34

1.13
1.32
1.32
1.16
1.49
1.45
1.53
1.18
.95
1.26
1.09

1.17
1.29
1.35
1.07
1.55
1.52
1.62
1.06
.89
1.27
1.15

0 .4 “
6.1 “
4 .5 “
2 .8 “
1.4“
5 .6 “
2 .2 “
3 .7 “
5 .8 “
0 .1 “
3 .6 “
8 .9 “
3 .9 “
6 .3 “

“
“
“
“
“
“
“
“
“
“
“
“
“

All department stores...............
in Philadelphia.......................
outside Philadelphia.............

+ 1.9 “
+ 1.7 “
+ 2 .4 “

-

2 .4 “
2 .9 “
1.2 “

+ 2 .4 “
+ 4.1 “
- 0 .5 “

- 4 .1 “
- 4.0“
- 4.4“

1.61
1.76
1.32

+
+
+
+
-

+
+
+
+
+
+

2 .0
1.5
5.1
3 .0
2 .2
2.4
0 .9

+
+
+
+
+
+

“
“
“
“
“
“
“

+

“
“
“
“
“
“
“

2.15
1.15
1.32
.98
3.24
3.59
1.89

2.17
1.18
1.37
.99
3.23
3.63
1.81

Credit houses..............................

+ 0 .8 “

- 2 .1 “

+ 9. 8 “

-

1.5 “

1.12

1.22

Shoe stores..................................

+ 14.3 “

+ 6 .6 “

+ 5 .9 “

-

4 .8 “

1.45

Paper.
Several reports indicate a
slight improvement in demand for such
papers as fine, kraft, toilet, book and
bond. Trading in coarse and wrapping
papers, on the other hand, continues
rather slow. June sales of all grades of
paper show a decline o f 4.8 per cent and
0.9 per cent, respectively, from those of
last May and of June, 1924. Stocks in­
creased but slightly.
Collections are
somewhat slower than they were at this
time last year. Prices o f newsprint and
kraft papers have dropped a little, but
those o f other grades generally have re­
mained fairly steady during the past
four weeks.

1.65
1.83
1.32

All apparel stores.......................
M en’s apparel stores.................
in Philadelphia.......................
outside Philadelphia.............
W om en’s apparel stores...........
in Philadelphia.......................
outside Philadelphia.............

1.41

4 .8
15.8
19.9
10.1
0 .7
0 .2
3 .8

“
“
“
“
“
“
“

preceding month, but were 9.7 larger than
in June, 1924.
Hardware. During June the net sales
of 28 wholesale hardware firms in this
district were 4.7 per cent larger than
in May and 8.5 per cent above those of
June, 1924. Stocks in the hands of these
firms on the last day of June were 5.6
per cent smaller than at the end of the
preceding month and also were 4 per cent
lighter than on June 30, 1924. So far
this month the call for hardware has
been fairly good. The sustained high
rate o f building operations has greatly
benefited dealers in contractors’ supplies
and building materials and sales of these
have been substantial. Prices are slightly
lower than they were both a month and
a year ago though reductions are in no
instances great.
Collections are only
fair.
Electrical supplies. The call for elec­
trical supplies so far in July has been
fair and dealers reporting to us find sales
in larger volume than during June.
New building operations still are respon­
sible for substantial orders o f wiring fix­
tures and rough materials, and seasonal
appliances, too, are moving in good vol­
ume. Prices, in general, are the same
as those quoted a month ago though quo­




“
“
“
“
“
“
“

0 .5
0 .1
1.3
1 .0
0 .9
1.0
0 .5

7 .3
7 .4
7 .3
7 .5
7.1
9 .2
0 .9

in June but a fair volume of business
has been booked for shipment during
August and September. Women’s strap
and gore pumps in patent leather, black
satin and kid and men’s and children’s
oxfords in tan and black calf and cattle
side leather are the best sellers. Trans­
actions of some importance in holiday
slippers are also reported. In June sales
were smaller by 3.1 per cent than in May
but were 2.7 per cent larger than in
June, 1924.
Prices generally are unchanged, but a
few advances have been asked for shoes
with uppers o f cattle side leather, and a
further increase in quotations for shoes
with crepe rubber soles has been an­
nounced by manufacturers; this latter
advance has curtailed business to a large
extent.

tations for fixtures composed largely of
rubber are slightly higher.
During June the net sales of 7 whole­
sale electrical firms in this district were
5.5 per cent larger than in the preceding
month and 15.8 per cent greater than in
June of last year. Stocks held by these
firms on the last day of June were .6
per cent heavier than on May 31, but
4.1 per cent lighter than at the end of
June, 1924. Collections are scarcely fair.
Shoes. Sales of shoes at wholesale
during July were seasonally smaller than

Groceries. The grocery business con­
tinues good and little change is noted in
the volume of sales during July. In
June sales were 7.0 per cent larger than
in May but were 1.7 per cent smaller
than in June, 1924. Products which are
selling actively include canned fruits, and
vegetables, summer beverages, sugar and
summer cereal. Price changes have been
slight, and more articles have advanced
than declined. Among those which are
higher are coffee, rice, lard, chocolate
and canned goods, including fruits, vege­
tables, milk and salmon.
Prices are
slightly lower for sugar, flour, matches,
corn syrup and starch.

WHOLESALE TRADE
Philadelphia Federal Reserve District
Net Sales
June, 1925, com ­
pared with

May,
1925
Boots and shoes..
D rugs...................
Dry g ood s...........
Elec, supplies___
Groceries.............
H ardware............
Jewelry.................
P a p er....................

June,
1924

-3 .1 %
-0 .2 “
+ 4 .9 “
+ 5 .5 “
+ 7 .0 “
+ 4 .7 “
+ 2 .5 “
-4 .8 “

+ 2 .7 %
+ 9 .7 “
+ 1 2 .8 “
+ 1 5 .8 “
- 1.7 “
+ 8 .5 “
+ 1 1 .0 “
- 0 .9 “

Stocks
June, 1925, com­
pared with

May,
1925

June,
1924

-2 .0 %

-

-3 .1
+ 0 .6
-4 .2
-5 .6
+ 1.0
+ 3 .9

-1 4 .2
- 4 .1
- 2 .6
- 4 .0
+ 2 .3
+ 2 .1

“
“
“
“
“
“

Accounts out­
standing
June, 1925, com­
pared with
M ay,
1925

4 .0 % - 9 . 9 %
- 0 .6 “
“ - 2 .9 “
“ + 9 .0 “
“ + 2 .6 “
“ —1.5 “
“ + 3 .6 “
“ -4 .0 “

June,
1924
- 4 .2 %
+ 11.8 “
- 5.1 “
- 7 .0 “
- 2 .8 “
+ 1.8 “
+ 10.2 “
-1 3 .1 “

Ratio of accounts
outstanding to sales

June,
1925

M ay,
1925

June,
1924

3 06 .8%
163.3 “
225.3 “
133.3 “
105.0 “
170.1 “
394.7 “
144.3 “

3 35 .5%
157.9 “
243.5 “
129.0 “
110.2 “
180.8 “
390.7 “
143.1 “

3 20 .7%
153.6 “
267.7 “
165.9 “
104.0 “
177.5 “
397.6 “
164.6 “

Page Five

B U IL D IN G
New construction continued in large
volume during June. In that month
4,478 permits were issued in 16 cities
in this district at a total proposed ex­
penditure o f over 21 million dollars.
Though the total cost is somewhat be­
low that of the preceding month, it is
over 4 million dollars in excess o f the
figure for June, 1924. A comparative
table of building operations in each of
the 16 cities is given below.
Lumber. Manufacturers and whole­
sale dealers o f lumber both report that
market conditions are improved. D e­
mand is fairly good and manufacturers
in particular find that it is stronger
than it was a month and a year ago.
Though it still is true that the call for
some grades of hardwood and W est
coast lumber is not satisfactory and
prices are weak, yet during the past few
weeks, there has been a tendency to­
ward higher quotations in the Atlantic
coast territory.
Competition among
dealers and overproduction in some lines
still are factors in the market respon­
sible for price concessions. However,
a better feeling prevails among dealers
and mill owners, especially in view of
the fact that unfilled orders on the
books o f the latter are larger than they
were a month ago, notwithstanding the
high rate at which they are operating
their plants. Stocks o f finished lumber
and raw materials at the mills are mod­
erate and decreasing but supplies in
dealers’ yards, though also moderate, are
stationary.
Manufacturers agree that the supply
of labor is adequate. Collections are
fairly good.
Cement. Reflecting the large volume
of construction undertaken during the
past three months, demand for cement
has been well sustained and manufac­
turers reporting to us say that so far
this month the call has been stronger
than it was in the preceding period and
during July, 1924. W ith the beginning
of the seasonal decline in new building,
however, the volume o f unfilled orders
is not as great as it was a month ago,
though orders yet to be shipped are
sufficient to maintain the present high
rate of operations for from three months
to the balance o f the year.
Prices are firm and neither those of
finished cement nor o f raw materials
have changed during the past three
months.
Practically no resistance to
present quotations is being encountered
in this market, though competition for
business in some instances is reported
to be very keen. As a result o f heavy
shipments, stocks o f both finished and
raw goods have been diminishing and
at present are moderate.
Production
of
Portland
cement
Page Six




same as it was four weeks ago. The
supply of labor is adequate and collec­
tions are fair.

throughout the United States during
the second quarter reached record levels.
The output during each o f the three
months o f that quarter, together with
that in the corresponding period o f 1924,
is shown in the table below.

IR O N A N D ST E E L
Notwithstanding the fact that the
iron and steel industry is encountering
the usual midsummer dulness, sales so
far this month have been fairly sub­
stantial and the market as a whole has
been far from lifeless. Demand for
many steel products, it is true, has de­
creased and the call for pig iron is not
as good as it was a month ago, but
inquiries received at the mills indicate
that interest in forthcoming require­
ments is not lacking. The call for scrap
material is stronger than is usually the
case at this time o f the year and several
substantial orders recently were placed.
On the other hand, the demand for iron
and steel castings is poor. Machinery
and tools, as well as light and heavy
hardware, are in fair request, most of
the deliveries being made to railroads,
mines and the hardware trade. Sales
o f steel sheets are holding up well, but
plates and structural shapes are moving
slowly. The call for iron bars, wire
and wire rods is only fair but activity
in the railroad equipment market is
increasing.
Owing in part to competition for new
business, prices have been shaded to a
considerable extent. Recently, however,
a determined effort was made to hold
quotations to firmer levels, with the re­
sult that, though concessions still are
much in evidence, prices as a whole are
better maintained than they were a
month ago. Quotations for some grades
o f pig iron, however, are extremely low.
In fact the “ Iron A ge” composite price
early in the month fell to $18.96 per

In thousands of barrels
U. S. output
of cement*
1925
A p ril...........
M a y ............
June.......... ..

1924

Per cent
of change

13,807
15,503
15,387

11,726
13,777
13,538

+ 1 7 .7
+ 12.5
+ 13.7

* Compiled b y the Geological Survey.

Paint. Very little change has oc­
curred in the market for paint during
the past month and demand continues
fair.
Similarly, no great changes in
prices o f finished paints have been re­
ported, although early in the month
quotations for several raw materials de­
clined somewhat.
Recently, however,
prices for pig lead have strengthened
but those for zinc and linseed oil still
are lower than they were a month ago.
On July 23 the latter was quoted at
98 cents per gallon, in carload lots, coop­
erage basis, as compared with $1.04
on June 23. Stocks o f both finished
paints and raw materials are from mod­
erate to light and are decreasing.
Manufacturers reporting to us say
that nearly all of the orders received
are for delivery either immediately or
within 60 days and that those on hand
will not keep their plants running on
present schedules for longer than 30
days. Unfilled orders do not extend
any further into the future than they
did a month ago but the volume is
fully as large; consequently the present
average rate of operations is about the

BUILDING PERMITS
Philadelphia Federal Reserve District
June, 1925

January 1 to June 30, inclusive

June, 1924

1925
No.

Estimated
cost in
thousands

No.

Estimated
cost in
thousands

No.

A llentow n.............
A ltoon a .................
Atlantic C i t y . . . .
Bethlehem............
C am den.................
E aston...................
Harrisburg...........
Lancaster..............
Philadelphia.........
R eading.................
S cranton...............
Tren ton.................
W ilkes-Barre........
W illiam sport........
W ilm ington..........
Y o r k .......................

117
176
240
61
127
44
72
86
1,310
214
157
181
156
94
94
116

$

762
535
2,066
636
732
180
1,248
357
11,156
361
661
699
442
353
461
420

95
233
175
48
145
46
59
103
1,561
309
195
171
141
94
152
171

$

300
335
757
243
289
177
107
219
11,109
599
462
650
426
194
305
312

577
1,043
999
269
775
198
451
470
7,429
1,342
954
1,012
801
511
507
710

T ota ls................

3,245

$21,069

3,698

$16,478

18,048*

* Williamsport figures for January are not included.

Estimated
cost in
thousands
$

3,865
1,903
5,391
1,492
4,541
1,564
2,916
2,244
86,014
3,210
4,316
3,694
2,511
1,239
2,355
2,051

1924

No.

583
1,131
996
271
740
240
505
590
8,328
1,588
970
1,147
835
578
684
1,033

$129,306* 20,219*

Estimated
cost in
thousands
$

2,803
1,973
3 ,220
925
2,351
1,293
3,772
2,799
72,568
3,549
2,652
3,146
2,193
745
2,346
1,331

$107,666*

ton, the lowest point touched since April,
1922. In spite of this fact, Philadelphia
2X pig iron has been quoted for the
past several weeks at $21.26 per ton.

Iron foundry
operations

June

Change
from
M ay

Change
from
June
1924

C ap acity............... 13,221 tons
0
0
Produ ction........... 5,877
“ - 4 .7 % + 9 .7 %
Malleable iro n .
985
“ -1 6 .7 “ + 1 9 .7 “
Gray iron ......... 4,892
“ - 1 . 8 “ + 7.9 “
Jobbing......... 3,765
“ + 7 .7 “ + 1 5 .1 “
F o r fu r th e r
m fr............. 1,127
“ -2 4 .2 “ -1 0 .9 “
Shipments............. 4,969
“ + 1.1 “ + 6 .4 “
V alue................. $736,902
- 0 . 3 “ - 0.2 “
Unfilled ord e rs ... 6,369 tons + 1 9 . 4 “ + 9 .0 “
Value................. $838,486
+ 5 . 8 “ -1 8 .1 “
Raw stock:
Pig iron ............. 7,813 tons - 8 . 0 “ - 6 . 2 “
Scrap................. 2,802
“ + 0 .6 “ - 6 . 5 “
C o k e .................. 2,132
“ + 8 .9 “ - 2 .6 “

Sales of fabricated steel usually reach a peak
in the spring m onths. In 1924, however,
the high point for the year was
touched in November and during
July of this year sales were
greater than for any
m onth in the past
four years.

— makes in which the touring car sells
for more than $2,000, f. o. b. factory—
reports from 7 distributors are included;
in the medium-priced group, 9 com ­
panies are represented and in the lowpriced group only 3 firms are included.
It is hoped that these figures will be
amplified next month by the addition
of data from several new firms, espe­
cially in the low-priced cars. Figures
for next month will show the per­
centage change in each item from June
to July.

Steel Foundries. Reports o f twelve
steel foundries in this district show
that production and unfilled orders as
well as stocks of pig iron were sub-<
stantially lower in June than in the
preceding month. As compared with
June, 1924, five identical foundries
showed gains in every item except
stocks of pig iron and scrap. The in­
creases in value o f unfilled orders and
stocks o f coke were especially large.

Source— Departm ent o f Com m erce

During June, production of steel ingots
and pig iron in the entire country de­
clined again and unfilled orders o f the
United States Steel Corporation also
were smaller than in the preceding
month, as is shown in the following
table.

In gross tons*

Steel foundry
operations

June

Change
from
M ay,
1925*

Change
from
June,
1924f

12,490 tons
Produ ction......... 7,241 “
- 2 9 . 8 % + 2 3 .2 %
Shipments.......... 5,611 “
+ 8 . 3 “ + 4.6 “
Value............... $990,205
- 6 . 3 “ + 1 3 .5 “
Unfilled ord e rs.. 5,649 tons - 3 2 . 0 “ + 24.1 “
Value............... $1,743,214 - 1 0 . 1 “ + 1 1 0 .9 “
Raw stock:
Pig iron ........... 2,277 tons - 2 3 . 3 “ - 1 5 . 0 “
Scrap............... 8,272 “
- 8 . 0 “ - 2 6.7 “
+ 3 2 .1 “ + 1 1 4 .0 “
C ok e................ 1,656 “

M ay

June

*12 plants.

f5 plants.

Production—
2.673.457
3,207,056
Unfilled orders—U. S. Steel C o rp .........

2,930,807
3,458,253

3 .7 1 0.45 8

4,049,800

* Compiled b y the Geological Survey.

Present output is somewhat less than
it was at this time in June and pre­
liminary estimates place the average
rate during July at 60 per cent of ca­
pacity. During June, no net changes oc­
curred in the number of furnaces in
blast in this district. On the last day
of the month, therefore, 23 furnaces
were in operation.

A U T O M O B IL E S
The accompanying table shows the
results of our first month’ s survey of
the automobile trade in this district.

Automobile trade

No.

Value

Sales of new cars at wholesale. 1,317 $1,821,310
Cars selling under $ 1 ,0 0 0 ....
428
372,580
Cars selling from $1,000 to
$2,000....................................
626
797,885
Cars selling over $2,000.........
263
650,845
Sales of new cars at retail........
Cars selling under $ 2 ,0 0 0 ....
Cars selling over $2,000........

489
254
235

1,180,147
413,651
766,496

Stocks of new cars.....................
Cars selling under $ 2 ,0 0 0 ....
Cars selling over $2,000.........

636
344
292

1,237,514
448,184
789,330

Iron Foundries. The principal oper­
ating items o f 36 iron foundries in this
district during June are given in the

Sales of used cars.......................
Stocks of used cars.....................

606
559

Reports were received from 19 dis­
tributors selling most of the leading
makes o f automobiles. As indicated in
the table the figures for sales and stocks
of new cars are shown separately by
price groups. In the high-priced group

Source— Departm ent o f Com m erce

COAL
Anthracite.
The possibility o f a
strike among the anthracite miners this
fall is o f considerable interest to con­
sumers and has been widely commented
upon during the past few weeks. In
consequence, the demand for domestic
and steam sizes has recently increased.
Stove coal is in best request, but though
barley sizes are moving somewhat more
actively than a month ago, the call for
steam sizes in general is no better than
fair.
Prices o f the domestic grades
were advanced ten cents per ton on
July 1st. In Philadelphia on July 23
company stove coal was quoted at from

446,028
426,995

table below with the percentages of
change from the previous month and
June of last year. The data relating
to gray iron shipments are based on
the returns of 28 foundries.

Except for seasonal fluctuations, output of
both passenger cars and trucks has been
alm ost steadily increasing during the
past four years. Although produc­
tion has recently turned down­
ward seasonally, the totals
during April were at rec­
ord levels




$9.05 to $9.20 per ton.

In thousands of net tons*
Per cent
of change

W eek ended
1925
June
June
July
July

20....
27... .
4. . . .
11....

1924

1,788
1,844
1,514
1,854

1,823
1,918
1,296
1,871

- 1.9
- 3 .9
+ 1 6 .8
- 0 .9

* Compiled b y the Geological Survey.

Page Seven

As will be seen in the table below,
production o f anthracite increased dur­
ing the last week in June but declined
sharply in the first week of July on
account of the observance of Inde­
pendence Day.
Bituminous. The bituminous market
continues to be sluggish and though in­
quiries for future needs are received
from time to time, neither railroads,
public utilities nor industries are tak­
ing shipments in greater volume than
they were a month ago. Contract prices,
notably those agreed upon several
months ago, are higher than spot quota­
tions. The latter are, if anything, lower
than they were at this time last month.
In Philadelphia on July 23, Pool 10 coal
was quoted at from $1.60 to $1.85, no
changes having occurred for several
weeks.
A ccording to a report recently issued
by the Geological Survey, stocks of
bituminous coal held in storage by con­
sumers on June 1, throughout the entire
country were estimated to total 38 mil­
lion tons. This figure is smaller than
at any time since March 1, 1923. P ro­
duction, however, has been fairly well
maintained and is considerably greater
than it was at this time last year, as
will be seen in the table below.

In thousands of net tons*
Per cent
of change

W eek ended
1925
June
June
July
July

20... .
27... .
4. . . .
11... .

1924

8,402
8,671
7,381
8,631

7,434
7,608
5,913
7,742

+ 13.0
+ 14.8
+ 2 4 .5
+ 11.0

* Compiled by the Geological Survey.

COTTON
Raw cotton. The prospect for a good
cotton yield continues fair, although the
government report shows a drop in con­
dition from 75.9 on June 25 to 70.4 per
cent of normal on July 16, which com­
pares with 68.5 per cent on July 16,
1924. This estimate indicates a total
production o f about 13,588,000 bales on
a total area of 46,448,000 acres. During
the past four weeks prices have fluc­
tuated within a narrow range in a
fairly active market. However, on July
23, follow ing the publication of the crop
report, spot cotton rose to 25.35 cents
a pound, as compared with 24.20 cents
on the same date last month and 35.30
cents a year ago.
Domestic consumption of cotton, in­
cluding linters, dropped from 592,658
bales for May to 554,342 bales for June,
but it greatly exceeded that of June,
1924, which totaled 390,037 bales. E x ­
ports for the four weeks ended July 17
declined to 154,304 bales from a total
of 287,439 and 214,765 bales, respectively,
for the corresponding weeks a month

Pagc Eight




COTTOM PRODUCTIOM
Mliuons OF ACRES OR BALES

PER CErtT OF NORMAL

1918 1919 1920 1921 1922 1923 1924 1925
Although this season’ s cotton acreage is the
largest on record, the official crop report
as of July 16 indicates a reduction in
yield from the figure forecasted
on June 25.
Source— Departm ent o f C om m erce; Cotton
Facts

ago and last year. M ill and warehouse
stocks on June 30 were more than 20
per cent below those on May 31, and
they exceeded last year’s supplies by
only 2.6 per cent. Supply and takings
of American cotton are given below :

American cotton*
(thousands of bales)

Season
’24-25

Visible supply at end
of previous season
(July 3 1 ).................
C rop in sight, on
July 1 7 ....................

952

869

1,968

14,552

11,140

11,010

15,504

12,009

12,978

1,387

1,064

962

14,117

10,946

12,017

T o ta l...................
V is ib le su p p ly on
July 1 7 ....................
W orld ’s takings to
July 17....................

Season
’23-24

Season
’22-23

* Compiled b y the New York Cotton Exchange.

Cotton yarns.
Demand for both
carded and combed yarns, though
slightly more active than it was at this
time last year, is hardly fair. Mainly
because of the uncertainty concerning
the new cotton crop and the consequent
price fluctuation, buying continues to
be restricted to small lots for imme­
diate requirements. Dealers state, how ­
ever, that recently there has been a
slight improvement in sentiment and
some sales have been made calling for
shipment during the next two months.
Local stocks generally are moderately
light.
Yarn quotations, though somewhat
weak, show a little gain over those of
a month ago. Fairchild’s index num­
ber of yarn prices, which stood at 39.75
for the week ended June 20 and 46.07
for the week ended July 18, 1924, rose
to 40.28 during the week ended July 18.
Buyers persist in their search for con­
cessions in spite of the firm market for
raw materials. Collections are fair.
Cotton goods. Sales of gray and fin­
ished cotton goods, though a trifle be­

low last year’ s volume, show a slight
improvement over those o f the preceding
month. Buyers, however, continue to
purchase only for their immediate re­
quirements. Compared with the rate
of output during the previous month,
a gain of about 5 per cent is reported,
mills now working at about 65 per cent
of capacity. . Unfilled orders are not
sufficient to insure plant operation at
this rate beyond a period of thirty days.
A slight increase in stocks of finished
goods is noted, although supplies in the
main are not excessive.
Up to July 1, prices were reported as
rather weak, but since that time they
have stiffened somewhat.
Fairchild’ s
index number, which stood at 15.1 on
May 23 and 14.5 on June 27, advanced
to 14.6 for the week ended July 18.
Last year’s index for the corresponding
date stood at 16.1.
Sellers are still
encountering opposition to prices. C ol­
lections are fairly satisfactory.
WOOL
Raw wool. Evidence of further im­
provement in the local wool market is
shown by a slight gain in sales and
prices. Since June 1, fine and medium
domestic wools have appreciated from
5 to 6 cents a pound, although they are
still about 10 per cent lower than simi­
lar duty-paid Australian grades. Q uo­
tations for fine foreign wools, a fair
selection of which was offered for sale
at the July auctions at London and
Melbourne, advanced but slightly above
May prices, which had dropped from
30 to 40 per cent below the January
levels. Inferior grades were practically
unchanged. Fairchild’ s index number
rose from 111.9 for domestic and 119.9
for foreign wools on June 20 to 114.5
and 120.8, respectively, on July 18.
Despite this upward trend in prices and
the reported activity of American buyers
abroad, spinners remain hesitant in pur­
chasing for future needs.
Although western growers persist in
withholding their new clip for higher
prices, a substantial amount of this wool
has been consigned to, or bought and
shipped to Philadelphia during the past
four weeks. The receipts of foreign
wool in the United States during June
totaled 20,468,146 pounds as against
22,386,799 pounds for the previous month
and 30,129,497 pounds for June, 1924.
Domestic stocks are fairly light, whereas
supplies abroad appear to be sizeable,
Australian stocks alone exceeding half
a million bales, according to current
estimates.
Woolen and worsted yarns. Com ­
parative quietness has prevailed in this
market during the past four weeks, de­
mand for both woolen and worsted
yarns being scarcely fair. Absence of
forward orders continues to impede pro-

duction, although the present rate of
operation remains practically unchanged
at about 55 per cent of capacity, except
for carpet yarn spinners who are now
working close to the full-time schedule.
Unfilled orders are sufficient to insure
operation at this rate for a period of
fiom one to three months. The con­
sumption of wool in this district, as
shown by returns from 74 establish­
ments, was about 8 per cent greater in
June than in May. Stocks of yarns and
raw materials are not excessive.
Save for a few slight advances in tops
and weaving yarns, quotations remain
unchanged from those of last month,
but they are a trifle below those of last
year. Collections are fairly good.

STOC KS OF T E X T IL E

M L oris or
IL I

500C

FIBEF

POUNC s

Cotton

1000

S IL K
R aw silk. Although activity in this
market recently has slackened some­
what, buying of raw silk is progressing
at a fair rate, owing principally to a
steady demand from manufacturers.
Lately, silk prices have turned upward.
Kansai double-extra cracks, which sold
at $6.60 a pound last month and at
$5.95 a year ago, advanced to $6.70 a
pound on July 23. Fluctuations in the
lira and franc during the past four
rveeks have affected adversely the silk
market in France and Italy. The rate
of exchange for Japanese yen has been
fairly steady; hence, quotations at Y ok o­
hama have maintained a firm level. The
Canton market remains suspended and
trading at Shanghai is negligible, prin­
cipally because of high silk prices pre­
vailing there.
The table below gives an index of
business in raw silk since June 1.

500

Wool —

Raw silk*
(in bales)

50

10
5

4

’x

--

/ 4;--- /

1921

1922

1923

1924

41,074
44,016
30,575

41,512
42,517
38,266

20,933
24,843
23,164

* Silk Association of America.
1925

In recent m onths, stocks of textile raw m ate­
rials have decreased considerably, although
supplies of raw silk still remain greatly
above the low level reached in 1921.
W ith one exception, stocks of cotton
and wool are now lowest in the last
five years, the reduction in the
letter having been alm ost con­
tinuous since the high point
in 1923.
Sources— Departm ent o f C om m erce; Silk Aysociation o f America

Woolen and worsted goods. Prin­
cipally because of seasonal dulness, the
market for woolen and worsted goods
continues unchanged. New orders for
heavy-weight fabrics are lacking and
supplementary fall business is neither
large nor numerous. The call for such
men’s wear as cassimeres is still fair,
but the sale o f dress goods remains list­
less. Manufacturers are making prepa­
rations for spring openings, which are
scheduled to begin on July 27. Mean­
time, the rate of output ranges from 50
to 95 per cent of capacity, and unfilled
orders are sufficient to insure this opera­
tion for a period o f about fifty days.
Stocks are moderate. Supply o f labor
is sufficient. A reduction of 10 per cent
in wages to be effective July 27 was an­
nounced by several large plants, including
the American Woolen Company. What
influence this action will have on local
industries remains yet unknown.
Prices in the main are firm and un­
changed from last month’s level. Re­
sistance to quotations is negligible. Col
lections are fairly prompt.




June,
1924

V ‘x .

Silk
1920

M ay,
1925

Im ports.......................
S tocks..........................
Mill takings...............

100

June,
1925

Silk goods.
Active demand, firm
prices, prompt settlement of accounts,
moderate stocks, increasing mill output,
ample labor supply and gain in employ­
ment summarize the current situation in
the silk goods industry in this district.
Though sales for spot deliveries are still
in the majority, orders for shipments
during the next three months show a
substantial gain over those of last June.
Mills are now working at from 80 to
100 per cent o f capacity, the average
being close to 90 per cent as against
85 per cent last month. Based on the
volume of unfilled orders, the continu­
ance of this rate of operations is as­
sured for a period of about seventyfive days.
Quotations
continue
unchanged,
though slight weakness is reported in
millinery silks and certain grades of
crepes and taffetas. W holesalers and
retailers, however, are still resisting
prices in spite of the fact that quotations
for silk yarns, like those for raw silk,
show an upward tendency.

mills in which cotton hosiery for men
and women is the sole product are doing
but little. Prices for finished hosiery are
unchanged except for cotton which has
declined.
The opening of infants’ hosiery for
1926 has met with considerable success,
although full information is as yet un­
obtainable. An even larger variety is
shown than a year ago, and rayons ap­
pear to be in especially good request.
Prices are in most cases unchanged.
Stocks of finished hosiery in the mills
are moderate and have decreased.

H O S IE R Y
m illio n s

lOO

or

dozen

PRODUCTIOM

p a ir s

C D All other
M A I I cotton
I ' I Silk or rayon mixed with other fibers
E52 Rayon
"E E S All Silk

I PI
I I I
I I I
Total hosiery production has increased in each
year except 1921. The production of cot­
ton hosiery, however, though still by
far the largest item , was smaller
in 1923 than in either 1914 or
1919.
Source— Bureau o f the Census

Production continues at a high level;
in June the output o f 126 mills in this
district was only 1.3 per cent lower than
in May.
In the following table the
operations of 315 establishments in the
United States during May are compared
with those in April.

Hosiery operations*
United States
in dozen pairs

M ay

change
from
April

T otal production..................
Full-fashioned, m en.........
Seamless, m en...................
Full-fashioned, w om en ...
Seamless, w om en.............
B oys’ and misses’ .............
Children’s and infants’ . .
Athletic and sport...........
Shipments..............................
Finished stock, end of month
Orders b ook ed .......................
Cancellations received.........
Unfilled orders, end of month

4,845,407
52,720
1,662,020
761,828
1,348,746
503,119
450,984
65,990
4,491,671
8,067,451
4,878,314
193,060
9,619,741

- 0 .7
- 2 .8
- 3 .4
- 1.6
+ 4 .6
- 3 .9
- 0 .6
- 0.1
- 5 .3
+ 3 .5
- 7 .5
-1 4 .7
+ 3 .2

H O S IE R Y
Considered as a whole the demand for
hosiery is good. Mills making full-fash­
ioned and spring-needle stockings for
women and misses, and fancy hosiery for
men continue to receive satisfactory
orders and are booked ahead for several
months, a few up to the end of the year.
Latch-needle hosiery manufacturers, how­
ever, are complaining that business is
slackening and the comparatively few

* Compiled by the Bureau of the Census.

UNDERWEAR
The underwear market has been quiet
during the past month, despite the open­
ing of lines for the spring o f 1926 by a
number of manufacturers. Prices named
at these showings are approximately the
same as they were a year ago. Buyers,
Page Nine

however, are showing little interest in
either fall or spring goods and the out­
put o f mills has been reduced. Under­
wear manufacturers are buying yarns for
immediate needs only.
Production o f knit underwear by 154
identical establishments in the United
States totalled 578,985 dozen winterweight garments in May, as compared
with 540,665 dozen in April, and 613,542
dozen summer-weight garments in May,
as compared with 718,894 dozen in April.
These changes are largely seasonal; the
mills had finished their largest spring
orders and were getting ready for autumn
deliveries. In winter-weights, the produc­
tion o f union suits for men, women and
misses was 40,636 dozen larger in May
than in April. This is more than the
total gain during the period.
C L O T H IN G
Sales of clothing and furnishings,
though less active than during the pre­
vious month, are still ahead of those for
the corresponding month of last year.
Although buying to cover immediate
needs continues widespread, orders for
future delivery are not wanting. This
is indicated by the fact that unfilled
orders are sufficient to insure mill oper­
ations at the present rate of production,
which averages 75 per cent of capacity,
for a period of from three to six months.
Notwithstanding several increases in the
rate of operations in this district, output
remains generally unchanged. Stocks of
finished products and piece goods are
fairly large and in most cases are in­
creasing.
Prices of manufactured goods, as a
rule, continue firm and unchanged. Prac­
tically no advances are reported in raw
materials save for overcoatings and
buttons, but declines in some piece goods
and trimmings are numerous. Resistance
to prices is not widely prevalent. Collec­
tions on the whole are fair.

LEATH ER
Hides and skins. Active trading and
higher prices have marked the hide and
skin markets during the month. Packer
hides at Chicago are about 2 cents
higher and country hides, too, have ad­
vanced, but the increase is not so great.
Calf skins, also, have gained about V/z
cents and tanners have shown greater in­
terest in goat skins than for several
months, in some cases paying higher prices
not only for spot lots but for skins in
foreign markets which will not arrive
here for two or three months. Stocks
of hides and skins show the same tendences as during the past three months,
i.e., hides declined and skins increased.

Page Ten




Production of shoes*
Philadelphia Federal Reserve
District
(in thousands of pairs)

M ay 31

3,935,435
3,487,254
7,224,995
8,203,543

Change
during
M ay
+
+
+

7.2%
6. 2 “
11.7 “
2.2“

* Compiled from figures of the Bureau of the
Census.

Leather. The leather markets have
shown some increase in activity and
tanners express optimism regarding the
coming months.
Calf leather in the
lighter shades is now in good request in
both men’s and women’s weights and
there is also a good call for patent
leather. Prices for heavy leathers are
firm and unchanged but quotations for
some upper leathers have been advanced.
Production of the various leathers during
May was uneven; in heavy leathers the
output o f backs, bends and sides decreased
and that o f butts and offal increased, and
in upper leathers two gained and two
fell off. Stocks, with the exception of
backs, bends and sides, were unchanged
or smaller.

Change in
Leather
M ay. 1925, as compared
with April, 1925*
Backs, bends and sides. . .
Offal, sole and belting. . . .
C alf.......... ........ .....................

Pro­
duction

Stocks—
end of
month

- 2 .6 %
+ 3 .2 “
+ 1 3 .5 “
-1 0 .7 “
-2 4 .2 “
+ 4 .9 “
+ 2 4 .6 “

+ 5 .1 %
-4 .6 “
-1 .8 “
0 .0 “
-1 .3 “
0 .0 “
-0 .2 “

* Compiled from figures of the Bureau of the
Census.

Shoes. During July shoe factories in
this district received a considerable
amount of business, the major part of
which calls for shipment in either
August or September. Factory opera­
tions, which were at a low ebb at the
end o f June, have increased. Manufac­
turers state that stocks of shoes in the
hands of wholesalers and retailers are

High and low cut (leather) total

June

%
change
from
M ay

1,234
1,208
114
178
182
382
352

-1 1 .8
-1 0 .8
- 8 .8
+ 3 .3
- 4 .6
-1 6 .0
-1 4 .5

26

Number of hides
O" skins*

F L O O R C O V E R IN G S
The production o f carpets and rugs in
this district has been further curtailed.
Some manufacturers report an increase
in orders for July and August shipment,
but this is not general and, despite the
smaller output, stocks as a whole are
somewhat heavier than they were a
month ago.
Prices generally are un­
changed but they have been shaded in
some lines to obtain business.
Mill
owners are buying raw materials only as
they are needed.
Sales o f linoleums and felt base goods,
which are usually at their peak during the
second quarter of the year, failed to
show the usual gain and, as stocks were
mounting, production has in some cases
been sharply reduced. Prices of finished
goods are unchanged, but among raw
materials, linseed oil has declined con­
siderably.

low, a statement which is confirmed by
our reports from these trades. Prices
are unchanged, except for rubber-soled
shoes, which are higher.
Production in the United States during
May fell to 25,001,397 pairs, the low
point for this year, and slightly less than
the production in May, 1924. And in
June estimates indicate a decrease o f 5.0
per cent as compared with May. For
five months o f 1925, however, the output
was nearly 1,500,000 pairs greater than in
the same period o f 1924. In June the
factories in this district, according to
preliminary figures, made 11.8 per cent
less shoes than in May. Details of oper­
ations fo llo w :

-4 0 .6

All other leather or part leather

* Preliminary report compiled by the Bureau of
the Census.

P A PE R
Trading in paper continues in mod­
erate volume which does not exceed that
of the previous month or last year.
Glazed, book and fine papers remain in
fair request, as do kraft and wrapping
papers and, to some extent, building paper
and boards. But the demand for en­
velopes, box boards, fiber, tissue and
newsprint papers is comparatively slow,
owing mainly to seasonal quietness in this
market. Although a sizeable contract
business is reported by several manufac­
turers, most o f the current specifications
call for delivery during the next few
weeks.
Conditions in both mechanical
and chemical pulps appear to be fairly
satisfactory.
Production o f paper is
maintained at an unchanged rate ranging
from 50 to 100 per cent o f capacity with­
out an excessive accumulation of stocks
which, as a rule, are moderate.
Quotations for finished products and
pulps remain practically the same as last
month, although a slight weakness is
apparent in such grades of paper as
wrapping, fiber, chip boards and sta­
tionery, in which buyers persist in their
search for concessions.
Settlement of
accounts in the main is fairly prompt.
PAPER BO XE S
Business in paper boxes is slightly
ahead of last year’s volume but it is
not up to that o f the preceding month.
News, chipboard and strawboard boxes
are moving in fairly large quantity, but

fiber containers are in poor demand.
Buying for immediate requirements still
dominates the market.
The present
paucity o f forward sales is shown by the
amount o f unfilled orders which will in­
sure plant operations at the present rate
o f about 70 per cent o f capacity for a
period o f only 40 days. Stocks remain
fairly light and unchanged from those
o f last month.
Box prices generally are weak, and re­
ductions are still noticeable. Resistance
to prices continues widespread. Collec­
tions are fairly satisfactory.
CIGARS
The call for cigars, though as strong
as it was a year ago, has fallen off to
some extent during the past month.
Leading manufacturers say that the de­
mand for nearly all classes of cigars is
only fair and that orders on hand are
practically all for delivery within 60 days.
The average rate at which manufacturers
reporting to us are operating their fac­
tories does not exceed 65 per cent of
capacity and is somewhat lower than that
of a month ago. Unfilled orders do not
extend as far into the future as they
did at this time in June; in fact, some
factories are running only on the orders
they receive from day to day. Others,
however, have future business booked
which will sustain present operating
schedules for the next four weeks.
Prices of both finished cigars and raw
materials are firm and* in general, un­
changed from those quoted at this time
last month. Stocks are from moderate
to heavy, and are stationary. The supply
of labor is adequate and collections are
fairly good.

Public
warehouse
stocks at
Philadelphia*

Flour,
barrels

Wheat,
bushels

Rye,
bushels

July 1, 1 9 2 5 ...
June 1, 1 9 2 5 ...
July 1, 1924.. .

101,339
120,702
111,332

1,098,067
1,971,649
759,888

21,840
43,529
125,192

* Compiled b y the Commercial Exchange of
Philadelphia.

half o f 1925 than in the same period of
1924, decreased sharply in June. British
and Dutch ports have been the principal
destinations.

First
half of
1925

First
half of
1924

Flour (b b ls .). ..
182
Wheat (b u s.). . . 20,956
43
Oats ( bus.). . . . 2,510
R ye (b u s.)........ 1,273
531
Barley (bus.). . .

180
16,132
1,690
262
769
116

Exports from
Philadelphia
(000 omitted)




June,
1924

12
1,680

30
648

493
36
35

72

Receipts of flour and grain, except
corn, at Philadelphia were larger during
the first six months of this year than in
the same period o f 1924, but only wheat,
oats and barley gained in June, 1925, over
June, 1924.
A G R IC U L T U R E
Owing
principally
to
improved
weather conditions in most sections of

First
half of
1925

First
half of
1924

June,
1925

June,
1924

1,170
W heat (bus.). . . 20,188
Corn ( bus.). . . .
425
Oats ( bus.). . . . 2,933
R ye (b u s.)........ 1,174
Barley (bus.). . .
525

1,154
15,047
2,292
915
859
121

153
1,062
42
395
25
45

174
651
47
168
50

* Compiled b y the Commercial Exchange of
Philadelphia.

this district, grain crops, save oats,
show a considerable gain. This is espe­
cially true of corn, the estimated yield
o f which greatly exceeds that of the
ten-year average. Harvesting of wheat,
rye and oats began somewhat early this
season, and thus far has been satisfac­
tory, harvest hands and farm laborers
being in ample supply at wages prac­
tically unchanged from those o f last
year. The yield of hay generally is up
to normal, although the prolonged
drought affected adversely the New
Jersey crop. Several county agents in
this district estimate the output of pota­
toes at about 95 per cent of last year’s
volume, but, considering Pennsylvania
and New Jersey as a whole, July con­
ditions point to a much lower yield.
The prospect for the tobacco crop is
fairly bright. An increased production
also is indicated in such garden truck
as tomatoes, sweet corn, peppers, canta­
loupes, and lima beans, but cabbage
and string beans appear to be unsatis­
factory. Bush fruits, notably blackber-

CROP ESTIMATES—JULY 1, 1925

FLOUR
As is usual before the wheat harvest
figures become known, prices o f wheat
and flour have fluctuated rather sharply
and buyers have been cautious, restrict­
ing purchases to their immediate needs.
The fact that flour is about $2 per barrel
higher than it was a year ago also has
had a restraining influence on the do­
mestic trade. Export demand too, is light.
Mills in this district have had a satis­
factory business during the first half of
this year but are now running at a re­
duced output pending the arrival of new
wheat. This crop in Pennsylvania prom­
ises unusually well. The price o f flour
is now slightly lower than it was a month
ago, quotations on July 22 at New York
being $8.10 to $8.50 per barrel for hard
winter straights and $8.25 to $8.75 per
barrel for spring patents as compared
with $8.25 to $8.75 and $8.50 to $8.90,
respectively, on June 22.
Stocks o f flour at public warehouses
on July 1 were lower than on June 1
or on July 1, 1924.
Exports o f flour from Philadelphia,
although slightly larger during the first

June,
1925

Receipts at
Philadelphia*
(000 omitted)

July 1 condition,
% normal
Region

Production in bushels
(000’s omitted)

Crop
Harvested,
1924

1925

Pennsylvania......................

Pennsylvania......................

Forecast,
1925

65.9
86
91

7 9.3
88

403,851
21,438
10,614

590,037
19,850
8,024

591,957
22,926
10,429

u

76 8
89
92

84 7
92
93

54,104
3,378
1,148

63,446
3,264
1,138

70,410
3,367
1,083

a

United States.....................
Pennsylvania......................
New Jersey..........................

Average

76 3
78
75

84 9
90

1,292,101
34,205
1,917

1,541,900
37,080
2 j 144

1,327,642
38^653
2|223

u

86 4
90
91

83 4
85

3,0 9 5,17 6
73,800
10,614

2 ,4 3 6,51 3
55,692
8,024

2 ,9 3 4,64 9
66,567
10,429

.........

84.1
87
64

87.7
88
83

349,566
24,837
5,760

454,784
28,792
11,544

417,848
26,449
11,767

A p ples.............
U ...............

5 3.3
41

6 1 .8
61

156,942
6,399

179,101
7,267

181,465
10,063

58.7
42
52
35

6 1.6
59
57
53

17,298
393
460
159

18,628
629
624
328

17,056
576
513
201

5 9.0
25
56

6 0.8
57
68

46,835
608
1,648

53,137
1,504
2,480

46,519
1,464
1,921

W inter wheat.
«
u

Pennsylvania......................
New Jersey.........................
United States.....................
Pennsylvania......................
Pennsylvania......................

u

U
u

u

u
United States.....................
Pennsylvania......................
New Jersey..........................

Peaches...........
“
.........«.

Average

Page Eleven

ries and raspberries, are poor, the yield
in many counties being only one-half
o f last year’ s harvest. Fruit growers
report a further sharp decline in the
condition o f apples, pears and peaches.
Indeed, the outlook for these crops in
the district is by far less favorable
than that for the country.
Until July 1, pasturage was inadequate
because o f drought, but since that time
frequent rains have improved it sub­
stantially. Livestock are in good con­
dition. Because o f a larger number of
pigs saved per litter, hog production is
close to normal, although a marked
decrease is noted in the number o f sows
farrowed last spring.
In the main, the agricultural outlook
in this district is fair, despite the vary­
ing weather conditions. Throughout the
country, prices o f farm products during
June averaged 16 per cent higher and
food prices 14^2 per cent higher than in
the corresponding month o f last year.
Marked advances in cattle, hogs, lambs,
hay, onions, potatoes and wool more
than offset decreases in corn, wheat, rye
and milk.
SU G AR
The large supply o f raw sugar, com ­
ing not only from Cuba but from the
Philippines and Java, has resulted in
the fall o f prices to a very low figure,
quotations for Cuban raw sugar during
the second week in July breaking
through 2 Yi cents for the first time this
year. W illet and Gray state that total
meltings and deliveries at United States
ports between January 1 and June 27
were larger by 286,000 long tons than
in the same period last year.
Estimates place the world’s sugar
crop at more than 25,000,000 tons, the
largest on record. The Cuban crop is
now generally agreed to be about 5,100,000 tons, and W illet and Gray state that
exports from Cuba to July 4 were
3,141,621 tons and the balance o f sup­
ply on July 3, partly estimated, was
1,837,591 tons, as compared with 2,602,280 and 1,379,109 tons, respectively, on
the same dates in 1924. On July 3,
14 centrales were still grinding, as com ­
pared with 4 on that date in 1924.
The United States Crop Reporting
Bureau estimates the domestic sugar
beet area to be 776,000 acres and fore­
casts a yield o f 6,195,000 short tons of
beets. I f the sugar yield is the same
as last year’s, these will produce 802,584 long tons of refined sugar as com ­
pared with 973,214 tons a year ago.
Although sales o f refined sugar both
for domestic use and for export to
Great Britain have been in excess of

BUSINESS INDICATORS
Philadelphia Federal Reserve District
Latest figure compared
with

The following data refer to the Philadelphia Federal
Reserve District except where otherwise noted

June, 1925
Previous
month

Year
ago

Retail trade— net salest (157 stores).
Department stores (6 6 )...................
Apparel stores (4 2 )...........................
Shoe stores (2 8 )..................................
Credit stores (2 1 )..............................

$23,212,000
$19,118,000
$2,578,000
$665,000
$851,000

+ 3 .2 %
+ 4 .7 “
0 .3 “
+ 11.7 “
- 19.9 “

+
2 .5 %
+
1 .9 “
+ 4 .8 “
+ 14.3 “
+ 0 .8 “

Wholesale trade— net sales (151 firm s).
Boots and shoes (11 firm s)................
Drugs (13 firm s)............................
D ry goods (17 firm s)...........................
Electrical supplies (7 firm s)..............
Groceries (52 fir m s )............................
Hardware (28 firm s).............................
Jewelry (12 firm s)..................................
Paper (11 firm s).....................................

$10,327,648
$274,244
$1,478,638
$1,012,284
$577,381
$3,885,249
$1,103,067
$378,537
$618,248

+

+
+
+

Production:
Shoes* (101 factories).............................................................
Pig iron .......................................................................................
Hosiery* (126 m ills)................................................................
Iron castings (36 foundries)..................................................
Steel castings (12 foundries).................................................
C em ent.......................................................................................
Anthracite..................................................................................
Bituminous coal (Pennsylvania)........ .................................
W ool consumption* (74 m ills)..............................................
A ctive cotton spindle hours (Pennsylvania and New Jer­
sey) .........................................................................................
Distribution:
Freight car loadings (Allegheny district— weekly average)
Tonnage of vessels (Port of Philadelphia)....................
Exports of wheat (from Port of Philadelphia)...................
Exports of flour (from Port of P hiladelphia).....................
Imports of crude oil (into Port of P hiladelphia)...............
Financial:
Loans, discounts and investments of member banks
(weekly average)...................................................................
Bills discounted held b y Federal Reserve Bank of Phila­
delphia (daily average)........................................................
Acceptances executed (11 banks for month ended 10th
of following m on th )...............................................................
Commercial paper sales (6 dealers)..................................... .
Savings deposits (99 ban ks)....................................................
General:
Debits (18 cities).......................................................................
Commercial failures................................................................ .
Commercial failures— liabilities.............................................
Building permits (16 cities)....................................................
Building contracts awarded (Philadelphia district)..........
Em ploym ent— 995 plants in Pennsylvania, New Jersey
and Delaware:
Number of wage earners......................................................
Average weekly earnings.....................................................
Sales of life insurance (Pennsylvania, New Jersey and
Delaw are)................................................................................

prs.
tons
doz. prs.
tons
tons
bbls.
tons
tons
lbs.

1,234,423
257,338
1,082,307
5,877
7,241
3.554.000
7 .8 0 4.00 0
8.7 1 6.00 0
6,554,425

131,544,510

3 .9
3.1
0. 2
4 .9
5 .2
7 .0
4 .7
2 .5
4 .8

5 .0
2 .7
9 .7
+ 12.8
+ 1 5.8
1 .7
+
8 .5
+ 11.0
0 .9

11.8
8. 8
1 .3
4 .7
2 9.8
2 .9
4 .1
2 .4
7 .6
+

“
“
“
“

“
“
“
“
“

+ 24.9
+

0 .2

9 .7

+
+

7 .7
1 .3

+ 57.2

201,714
3,266,249
2,730,666
2,180,570
18,071,000

+
1.8
+
2.1
+ 31.4
- 33.2
12.2

1,072,500,000

0.1

+ 13.0

$40,646,000

8 .0

+ 3 5.0

$2,841,000
$10,841,500
$563,358,000

- 4 3.9
+ 7 6.0
0 .4

- 2 4.6
- 2 4.0
+
5 .5

$ 2,539,082,000
70
$2,373,659
$21,068,927
$44,805,000

+ 10.5
4 .5
+ 1 1 4 .2
3 .4
- 14.0

+
+
+
+

18.5
13.6
7 9.3
2 7.9
11.3

+

11.5

tons
bus.
lbs.

368,201
$25.98
$81,931,000

+

7 .9
20.2
+ 1 5 3 .3
- 64.3
+ 4 7.4
+

0.6

2 .4
3 .4

* Bureau of Census preliminary figures,
t Estimated.

those o f a year ago, production has been
still larger, with the result that the
stock o f refined sugar is heavy and
prices are lower. Indeed, the present
quotation of 5.35 cents per pound for
granulated sugar is the lowest named
for several years. Refiners state that
the margin between the price of raw
and refined sugar, which was small on
the average last year, is now Yz cent
less and that, even with plants running
at capacity as in recent weeks, the
margin o f profit is negligible.

A ccording to W illet and Gray the
indicated consumption in the United
States during the first half o f 1925 was
3,144,256 tons o f refined sugar, an in­
crease o f 328,306 tons or 12j£ per cent
as compared with the same period of
1924. Even so, consumption has suf­
fered somewhat because o f the poor
crop of strawberries, and the inclina­
tion to buy is now tempered by the
expectation o f a short crop of peaches
and pears, purchases being all for
prompt delivery.

COMPILED AS OF JULY 23, 1925

f

-

%

-

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»

Page Twelve




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