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THE BUSINESS REVIEW
THIRD FEDERAL
PHILADELPHIA
*
RESERVE DISTRICT
AUGUST i, 19 z 9
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
Output of manufactures continued in
large volume in June, while mineral pro
duction declined. There was a rise in
the general level of commodity prices, re
flecting chiefly an advance in agricultural
commodities.
Volume
of
construction
contracts
awarded decreased further in June and
for the first half year awards were 12
per cent less than in the same period in
1928, reflecting chiefly a substantial de
cline in residential building. During the
first three weeks of July contracts award
ed were larger than in the same period
a year ago.
Production. Activity of manufactur
ing establishments continued at a high
rate in June. Output of automobiles and
of iron and steel showed a seasonal de
cline smaller than is usual from May to
June. Silk mill activity increased and
there was a growth in the daily average
production of cement, leather, and shoes.
Production of copper at smelters and re
fineries decreased sharply and output of
cotton and wool textiles was also reduced,
although production in all of these indus
tries continued larger than in other recent
years. The volume of factory employment
and payrolls in June showed a small sea
sonal decline from May, but, as in earlier
months, was substantially larger than in
1928. Output of mines was generally
smaller in June than in May, reflecting
declines in the production of coal, copper,
and other non-ferrous metals. Output
of petroleum, however, increased to new
high levels.
Reports for the first half of July in
dicate some further reduction in output
of cotton textiles, iron and steel, lum
ber, and coal.
Prices. Wholesale prices, according to
the Bureau of Labor Statistics Index, ad
Index numbers of production of m anufactures
and minerals, adjusted for seasonal variations
(1923-25 average =100), Latest figures June,
m anufactures 127, minerals 113.
Index of United States Bureau of Labor Sta
tistics (1926=100, base adopted by Bureau).
Latest figure June, 96.4.
Agriculture. Department of Agricul
ture estimates, based on July first crop
condition report, indicate a wheat crop of
834,000,000 bushels, about 8 per cent
smaller than production last year, but
larger than average production in the
preceding five years. The acreage of cot
ton in cultivation on July first was esti
mated at 48,457,000 acres, 3 per cent more
than a year ago.
Distribution. During the month of
June freight car loadings were slightly
smaller than in May, as a result of de
creases in loadings of most classes of
freight, except grain products and ores.
In comparison with other recent years,
however, loadings continued to show an
increase.
Sales of department stores in June,
as in earlier months, were larger than
in the same month in 1928.
vanced from May to June on the aver
age somewhat less than they had declined
during the preceding month. Farm prod
ucts, particularly grains, cattle, beef and
hides, showed marked advances in price.
Prices of mineral products and their man
ufactures also averaged higher in June
than in May, the rise reflecting largely
increases in the price of petroleum and
gasoline. Prices of leading imports, rub
ber, sugar, silk and coffee, showed a de
cline for the month as a whole.
During the first two weeks of July
wheat and corn continued to move sharply
upward, while hides declined slightly in
price. H og prices increased and prices
of rubber and tin, which began to advance
in the middle of June, continued to rise.
Bank credit. During the first half of
July the volume of credit extended by
member banks in leading cities declined
somewhat, following a rapid increase in
June. On July 17 loans and investments
of these banks were about $400,000,000
above the level at the end of May. The
increase reflected chiefly rapid growth in
loans to brokers and dealers in securi
ties and also some further increase in
commercial loans. The banks’ holdings
of investments continued to decline and
were on July 17 about $700,000,000 below
the middle of last year.
The total volume of reserve bank
M onthly averages of weekly figures for report
ing m em ber banks in leading cities. Latest
figures are averages of first three weeks in July.
Page One
Latest figure
compared with
June, 1929
BUSINESS INDICATORS
Philadelphia Federal Reserve District
.$23,852,000
.$19,651,800
..$2,913,800
___ $454,100
___ $832,300
Retail trade— estimated net sales (140 stores).
Department stores (6 1 ).................................
Apparel stores (41).........................................
Shoe stores (18)..............................................
Credit stores (20)...........................................
M onthly averages of daily figures. Latest
figures are averages of first 21 days in July.
credit outstanding showed an increase of
about $120,000,000 during the four weeks
ending July 17, the increase being in dis
counts for member banks. Demand for
additional reserve bank credit arose
chiefly out of a considerable increase in
the volume of money in circulation which
accompanied the issuance of the new
small-size currency. There was also some
increase in reserve balances of member
banks accompanying the growth in their
loans and consequently in their deposits.
Open market rates on 90 day bankers’
acceptances declined from 5y2 to 5*4 per
cent between the latter part of June and
the middle of July, while rates on prime
commercial paper remained unchanged.
B U S IN 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
Business conditions in the Philadelphia
Federal Reserve District generally show
the usual mid-summer quiet, but the vol
ume of transactions compares favorably
with that at the same time in the past
two years.
The market for manufactured goods
generally is moderate, although sales have
naturally declined since last month. Com
parisons with a year ago on the whole
are satisfactory. The demand for build
ing materials, however, has lagged behind
that of last year, reflecting lessened opera
tions in construction.
Forward business on the books of re
porting firms is appreciably larger than
was the case at the same time last year,
although there has been a decline since
last month as is to be expected. The gain
in unfilled orders over a year ago in
metal products and most textiles accounts
chiefly for this favorable showing.
Operations have declined moderately
although the present rate is somewhat
higher than that prevailing a year or two
years ago, most of the manufacturing
groups showing declines in the month but
increases in comparison with last year.
The demand for workers by employers
in June showed a considerable increase
and was also much greater than that in
June, 1928, indicating a more favorable
labor situation.
Factory employment in this section as
a whole showed a slight gain from May
Page Two
Year
ago
Previous
month
.$7,228,951
.. .$129,245
.$1,375,700
...$501,542
.$2,814,461
.$1,575,660
...$360,378
...$471,965
Wholesale trade—net sales (101 firms).
Boots and shoes (6)............................
Drugs (10)...........................................
Dry goods (13)....................................
Groceries (33)......................................
Hardware (21).....................................
Jewelry (11).........................................
Paper (7)..............................................
Productive activity—
Employment—858 plants in Penna....................
Wage payments in above plants.........................
Shoe production* (93 factories)..........................
Hosiery production* (124 mills).........................
Wool consumption* (79 mills)............................
Active cotton spindle hours (Penna. and N. J.).
Pig iron production..............................................
Iron casting production (35 foundries)..............
Steel casting production (12 foundries)..............
Anthracite.............................................................
Bituminous coal—Penna.....................................
Cement..................................................................
Electric power output (12 systems)....................
+
+
-
+
-
Building and real estate—
Building permits (17 cities).........................................
Building contracts awarded (Philadelphia district)..
Number of real estate deeds recorded (Philadelphia
county)......................................................................
Value of mortgages recorded (Philadelphia county). ,
Sheriff sale (Philadelphia county)—number of writs
issued for July...........................................................
Miscellaneous—Freight car loadings (Allegheny district— weekly aver
age) ..............................................................................
Tonnage of vessels (Port of Philadelphia)...................
Sales of life insurance (Penna., N. J., and D el.).........
Automobile sales (registrations of new passenger cars)
.$3,155,186,000
.$1,604,500,000
....$ 84,7 00,000
2.8
8.0
3.8
7.9
2.5
4.0
2.3
7.0
0.6
.................... 295,352
...............$7,986,686
prs........... 1,365,254
doz. prs. .1,511,021
lbs............7,008,596
...............70,996,155
tons.............344,196
tons................. 5,280
tons.................6,718
tons......... 5,015,000
tons____ 10,921,000
bbls......... 3,697,000
K W H .. 516,873,000
Financial and C reditDebits (18 cities)..........................................................
Loans and investments— middle of July— member banks
Bills discounted held by F. R. B. of Phila. (daily average)
Bankers’ acceptances outstanding— end of month (dis
trict) ..........................................................................
Commercial paper sales (4 dealers)............................
Commercial failures— number........... ........................
Commercial failures—liabilities.........’. .......................
2.5%
2 .8 “
+ 3.4 ■
+ 12.9 “
11.0 “
1.0
6.4
°
“
“
“
“
“
“
“
:
&
+ 3.1 “
+ 6.3 “
- 4.0 “
- 1.3 “
- 1 0 .4 “
2.6
-
“
+ 0.8 «
0.6
-
1.6
—
+
4.0
1.8
«
«
«
+ 9.0
+ 14.8
8 .2
15.2
5.9
+
0.8
6 .6
+ 32.3
- 0.7
+ 1 4 .4
- 5.4
+ 16.3
- 9.1
+ 1 8 .8
6.1
+
8 .6
15.0
10.1
20.5
2.5
4.4
2.3
1.2
1.1
1.0
+ 5.6
.$15,211,000
..$3,607,500
..................62
. .$1,248,063
+ 3.9
+193.9
- 28.7
- 34.4
- 5.7
+ 54.8
-2 1 .5
-3 0 .9
.$16,329,605
.$38,327,300
+
0.9
1.4
-2 4 .6
-2 1 .3
1.5
1.0
- 1 2 .7
- 3 2 .2
5.7
+ 3 3 .2
0.6
+ 8.4
+ 4.9
- 1.7
+
+
-
............5,381
.$17,996,250
.938
.......................219,671
tons........ 4,077.985
............$109,750,000
.......................... 23,965
+
7.4
0.5
4.7
* Bureau of Census preliminary figures.
to June while payrolls declined somewhat,
as usual at this time. Factory activity
as measured by payrolls and employment,
however, continued substantially above
the level of a year ago. The industrial
consumption of electrical energy and the
total output of electric power also de
clined in the month but showed material
gains over the preceding year.
Further evidence of seasonal decline is
afforded by the reduction in the output of
shoes, hosiery, pig iron, and anthracite.
Mill takings of wool fibers by the textile
industry likewise decreased in this dis
trict, as in the country. Production of
cement, on the other hand, while in
creasing seasonally, remained noticeably
below the volume of last year.
Building contracts awarded during
June showed a slight gain but still lagged
considerably behind the volume of last
year. Lately, however, comparisons with
last year appear to be more favorable.
The value of building permits in this dis
trict declined slightly in the month and
considerably as contrasted with June,
1928.
The market for both anthracite and
bituminous coal is characterized by the
usual dulness, sales having declined fur
ther since the middle of last month.
Prices of domestic sizes of anthracite
have turned upward, as is customary at
this time, while those for steam sizes
show some weakness.
Quotations for
bituminous coal have declined, reflecting
probably lessened demand from indus
tries.
Shipments of goods by railroads in this
section have declined only a little from the
May volume, which was almost the larg
est, when due allowance is made for sea
sonal variations, since 1923. Lately, how
ever, freight car loadings have turned up
slightly and continued well ahead of a
year ago. The movement of most raw
materials and of merchandise and miscel
laneous commodities continued appreciably
heavier than in the same period last year
or two years ago. Check payments in the
latest four weeks have increased more
than 3 per cent and were nearly 16 per
cent larger than in the same period last year.
Trading at wholesale is moving for
ward at a fair gait, and prices have fluc
tuated only within a narrow range.
Sales generally declined from May to
June and were smaller than in June, 1928,
owing partly to the fact that there were
fewer trading days in June this year than
last.
Retail business, while fair, has re
flected summer influences since the end
of last month. Sales in June, however,
were larger than in May, department,
apparel, and shoe stores showing gains
while credit stores reported declines. In
comparison with a year earlier, total re
tail sales were somewhat smaller owing
mainly to a decline in sales of depart
ment stores. Total sales on a daily basis,
however, were larger.
Commercial money rates in Philadel
phia, as reported by large banks in this
city, were practically unchanged in the
past month.
The loans of banks in
twenty-one cities of this district increased,
owing chiefly to heavier loans on secur
ities. Other loans, which reflect princi
pally the business demand for funds,
continued to expand despite seasonal
recession in industrial activity. Borrow
ings of member banks from the Federal
Reserve Bank did not change materially
in the four weeks ended July 17, gains in
the settlements being approximately bal
anced by a heavier demand for currency.
F IN A N C IA L C O N D IT IO N S
In the past month there has been con
tinued firmness in call money and an ex
pansion in brokers’ loans to a new high
point.
Money in circulation shows an in
crease, although this may be ascribed
partly to the issue of new size currency
on July 10. The monetary gold stock
of the country also has been raised by
imports. They totaled more than 42 mil
lions in the four weeks ended July 17,
of which 24 millions came from Argen
tina and about 18 millions from Eng
land. Exports were negligible, but 22
millions was added to the gold held
under earmark for foreign account.
Money rates. Firm call money rates
have prevailed over the last month. At
no time up to the 20th of July did the
renewal rate fall below 7 per cent and
on July 2, following heavy interest and
dividend disbursements, it was IS per
cent. N o change was reported in prime
commercial paper, but the offering rate
for ninety-day bankers’ bills was reduced
from 5j 2 to
/
per cent. Average call
money rates fo llo w :
1929
1928
Call money renewals
(Daily average
rates— %)
Apr. May June July July
For period from—
1st to 5th........ 10.0 10.3
6.7
6th to 10th........ 7.3 12.4 7.0
11th to 15th........ 8.7
8.0
7.7
16th to 20th........ 7.9
9.7
7.0
21st to 25th........ 7.7
6.6
8.0
26th to 31st........ 11.7 6.0 10.0
11.0
8.3
9.0
10.0
7.2
5.7
6.8
5.8
5.5
5.6
June, 1929, compared with June, 1928
CITY CONDITIONS
Philadelphia Federal Reserve
District
Altoona
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
u
«
U
U
U
a
u
a
u
Employ
ment
Wage
payments
Value of
building
permits
Debits
- 3.7%
+ 11.7 “
+ H .4 “
+ 4.1 “
+ 3.9 8
+ 15.0 8
+ 10.5 8
+ 3.0 8
+ 3.6 “
-1 1 .9 8
+ 28.2 “
+ 9.6 “
- 0.5 “
- 2.4%
+16.1 “
+ 16.0 “
+ 11.9 “
+ 4.0 “
+ 17.3 “
+ 21.6 “
- 0.9 “
+ 11.1 “
- 1.2 “
+ 31.6 “
+ 1 3 .5 8
- 6.2 “
- 33.3%
+ 56.5 “
+238.5 “
+ 19.7 8
- 69.2 “
- 32.3 8
- 11.7 “
+ 44.4 “
+ 35.4 8
- 59.6 “
- 73.7 “
- 30.2 8
8.8 “
+ 2.4 %
- 1.6 “
+ 2.0 “
+ 1 3 .0 “
+ 1 6 .8 8
+ 0.5 8
+ 9.4 8
- 7.4 “
- 4.8 “
-2 1 .3 “
+ 8.7 8
+ 36.9 8
- 4 .6 .“
Retail
sales
+
+
+
+
-
0.0 %
0.6 8
5.7 8
1.3 8
5.2 8
3.2 8
7.3 8
3.8 8
0.7 8
7.2 8
+ 1 0 .5 8
Electric
power
sales
*
+ 13.4 %
................§
+ 5.9 8 t
+ 15.6 8
+ 13.3 8
+ 30.0 8
- 2.0 8
+ 2 0 .0 8 t
................ |
+17.1 8
+ 16.9 8
June, 1929, compared with May, 1929
area........................
Allentown
u
Altoona
u
Harrisburg
«
Johnstown
“
Lancaster
Philadelphia u .
“
Reading
“
Scranton
u
Trenton
Williamsport
Wilmington
York
a
u
“
-
+
+
+
+
4+
+
+
1.6%
7.5 8
0.1 8
1.4 8
1.1 8
1.1 8
0.9 8
0.2 8
0.7 8
5.8 8
8.1 8
1.2 8
2.9 8
+
+
+
-
0.8%
4.0 8
3.0 8
2.5 8
4.4 8
0.6 8
2.3 8
2.7 8
2.0 8
4.3 8
3.4 8
1.4 8
0.3 8
+ 20.3%
+ 83.5 8
+206.4 8
+ 3.5 8
+ 8.3 8
+ 23.8 8
- 72.3 8
+614.5 8
+ 23.2 8
+ 20.2 8
— 44.4 8
- 44.5 8
- 35.2 8
♦Includes Harrisburg, Wilkes-Barre and Williamsport areas,
Camden area. § Included in Allentown area.
Brokers’ loans and securities. There
was a rise of nearly 400 millions in
brokers’ loans in the four weeks ended
July 17 to 5,813 millions, a new high
record which surpassed the previous high
point on March 20 by 20 millions. The
increase in the past month was chiefly
in loans for the account of the report
ing New York city banks. More than
1,200 millions of the increase of ap
proximately 1,600 millions in the past
year, however, was in loans for the
account of others, which include indi
viduals, corporations and other private
lenders.
Dow-Jones averages show advances
in the prices of both industrial and rail
stocks to points much higher than a year
ago. The bond average, on the other
hand, was 93.31 on July 20, as compared
with 93.66 on June 20, and 96.20 a year
earlier.
New capital issues (refunding ex
cluded) declined from $1,127,000,000 in
May to $773,000,000 in June, and in the
latter month were somewhat lower than
a year ago.
The total for the first
six months of the year was $5,371,000,000, as compared with $4,147,000,000 in
the same period of 1928.
Banking conditions in the Phila
delphia district.
Member banks in
twenty-one of the leading cities of the
Philadelphia Federal Reserve District re
port an expansion in loans in the five
weeks ended July 17; this increase was
particularly marked in loans secured by
stocks and bonds. Other loans, largely of
a commercial character, also showed ex
pansion despite the recent seasonal reces
sion in business activity. Investment hold
- 1.5%
- 0.1 8
+ 5.3 8
+ 6.1 8
+ 1 1 .0 8
+ 6.9 8
+ 2.3 8
- 1.7 8
+ 4.8 8
- 6.1 8
+ 8.7 8
+ 7.6 8
- 1.6 8
+ 5.8%
-1 0 .9 8
-1 1 .8 8
- 5.8 8
+ 3.4 8
+ 4.0 8
+ 4.9 8
-1 1 .0 8
+ 10.0 8
- 5.6 8
+ 12.8 8
t Production (not sales).
- 9.8 % *
- 4.2 8
................ §
- 7.0 8 t
- 3.3 8
- 2.3 8
- 2.0 8
- 6.1 8
+ 2.1 8 t
................ §
................ §
- 3.6 8 '
- 1.5 8
{Includes
ings again were reduced, and the net de
mand deposits of reporting banks likewise
declined, although government deposits
were larger than those on June 12 as
the result of a new issue of government
securities in the middle of June. These
changes resulted mainly from the opera
tions of Philadelphia banks.
Changes in
Reporting member banks July 17,
in 21 leading cities
1929
One
Five
(000,000’s omitted)
w eeks year
Reported by 93 banks:
Loans on securities......... $ 547 +$20
Other (largely commer563 + 6
cial) loans....................
Reported by 105 banks:
Total loans and discounts 1,174 + 26
6
431 Investments....................
852 - 13
Net demand deposits___
1
Time deposits.................
450 -
+$23
+ 22
+
-
46
62
16
47
Despite the recent rise in loans on
securities, as reported by member banks
in Philadelphia, there has been little
change in comparison with a year a g o ;
banks in smaller cities are principally
responsible for an increase of more than
4 per cent in such loans over a year
ago. In the case of commercial loans
the reverse is true; Philadelphia banks
report an increase of about 7 per cent over
a year ago, while banks in outside cities
show a small decline.
Although borrowings from the Fed
eral Reserve Bank of Philadelphia in
the four weeks ended July 17 show a
spread of more than 20 millions be
tween the high and low points, the net
change in the period was an increase of
only 2 millions. A gain to banks of the
district in the settlements was approxiPage Three
B IL LS
DISCOUNTED
FEDERAL R ESE RV E -BA N K
MILLIONS
♦r
EMPLOYMENT AND
WAGES
in Pennsylvania
DOUAf
80
y
l9e9y J
60
40
1
l!
M
J
20
k
i
j_
_
■w,
<
r
B A N K S IN .2 0 OTHER LARGE CITIES
'v
1929
___
1928
1929
^
- - A— w mm*9**
1928 -"*
’'
1ST. QOAR E h o QOAR S ro.Q O A R . 4 TH.QUAR.
mately balanced by the withdrawal of
currency.
Cash reserves increased in
larger amount than the note and de
posit liabilities and the reserve ratio
rose from 75.8 to 77.6 per cent; this
ratio is nearly 18 per cent higher than
a year ago.
Changes in
Federal Reserve
Bank of Philadelphia July 17,
(Dollar figures in
1929
millions)
Bills discounted for
m em ber banks
in—
Philadelphia.......... $ 31.6
20 other large cities 20.9
Other communities 21.1
Total bills discounted $ 73.6
Bills bought..............
4.3
United States securities......................
16.4
Other securities........
.3
Total bills and securities...............
Federal reserve note
circulation.........
Member banks’ reserve deposits. . .
Cash reserves............
Reserve ratio............
$ 94.6
151.7
Four
weeks
One
year
+ $ 5.7
2.0
1.6
-$ 2 3 .5
.9
+ 4.2
+ $ 2.1
5.3
-$ 2 0 .2
- 15.4
-
0
.1
+
5.2
.3
- $ 3.3
-$ 4 0 .5
+
+ 23.6
8.0
137.4
+ 1.6 +
.6
226.2
+ 13.2 + 66.3
77.6% + 1.8% + 17.7%
Commercial paper. Sales of com
mercial paper to country banks declined
Sales to
Commercial
paper
sales
City
banks
Country
banks
Total
sales
All manufacturing industries
(51)............................... 858
Per cent
change since
June
index *
May,
1929
E A R N IN G S
June,
1928
May,
1929
week ended
June
15,
1929
May
15,
1929
94.4
+ 9.0
+ 0.6
101.6
+14.8
-
Metal products................... 237 94.1
9 46.8
Blast furnaces..................
Steel wks. & rolling mills. 44 82.2
Iron and steel forgings. . .
10 103.8
10 111.9
Structural iron work.......
Steam & hot water htg. ap.
17 96.7
Stoves and furnaces........
8 76.2
38 95.2
Foundries.........................
Machinery and parts. . . .
45 118.8
15 193.2
Electrical apparatus........
10 101.5
Engines and pumps.........
19 91.3
Hardware and tools........
Brass and bronze prods. . 12 93.0
+14.1
+ 2.6
+ 6.8
+ 30.6
+ 14.7
+ 2.5
- 1.0
+13.1
+ 16.0
+ 73.4
+ 14.9
+ 12.7
- 0.5
+ 2.0
- 2.5
+ 0.2
+ 2.3
- 0.8
- 0.5
- 0.1
+ 1.0
+ 1.0
+ 22.3
+ 1.7
- 2.8
- 5.6
103.8
51.6
92.1
113.1
115.3
110.3
67.8
105.7
135.7
216.8
110.9
95.5
95.8
+22.0
+ 5.3
+ 18.4
+ 30.0
+ 14.2
+ 3.7
- 8.3
+22.3
+22.6
+ 79.8
+24.3
+12.9
+ 7.0
- 1.0
- 0.2
- 3.3
-1 0 .1
- 4.7
- 1.5
- 0.9
- 0.3
- 0.4
+ 20.5
- 1.2
- 4.9
- 5.1
29.46
30.45
30.49
26.44
28.44
30.98
25.39
29.93
32.02
25.57
29.49
24.36
27.91
30.33
29.76
31.57
30.05
29.59
31.22
25.53
30.31
32.83
25.88
30.34
24.82
27.07
+ 9.4
+ 31.8
+21.1
+ 10.2
+ 12.5
+58.6
- 4.5
+ 2.2
-1 3 .0
- 4.4
- 1.6
+ 6.4
84.5f
146.5
85.0
65.1
102.3
47.4
+ 9.5
+ 29.2
+ 5.5
+13.6
+ 27.4
+73.6
- 6.0
+ 0.5
-1 4 .4
- 5.8
- 4.6
+ 1.3
29.47
32.99
27.64
28.90
30.10
28.70
30.00
33.58
28.13
29.35
30.99
30.20
Textile products.................. 179 98.2
14 79.2
Cotton goods....................
Woolens and worsteds. . . 15 79.9
51 97.7
Silk goods.........................
Textile dyeing & finishing 12 114.7
9 91.2
Carpets and rugs.............
4 98.3
Hats.................................
30 125.8
Hosiery.............................
15 89.9
Knit goods, Other...........
10 90.0
Men’s clothing.................
10 109.9
Women’s clothing............
9 95.0
Shirts & furnishings........
+ 2.2
+ 6.6
-1 0 .2
- 1.7
+ 0.2
+ 7.7
- 2.2
+13.1
+ 2.6
+ 3.4
+ 4.6
+ 3.9
-
109.6
78.1
83.8
104.8
125.2
+
+
+
+
102.7
161.0
99.9
94.9
112.6
93.6
+ 9.4
+ 7.3
- 0.4
+ 5.4
+ 4.3
+ 11.1
+ 1.3
+18.6
+ 11.6
+11.0
+ 5.0
+ 5.5
- 0.6
- 4.2
- 1.2
- 4.4
+ 1.4
- 0.3
+ 9.3
+ 1.8
- 1.1
- 2.9
-1 3 .0
+ 4.7
22.62
22.87
22.32
19.42
26.29
24.52
26.62
27.57
19.66
18.07
14.42
15.39
22.36
23.75
21.93
19.86
25.71
24.49
24.64
27.11
20.21
17.93
15.25
15.06
106 96.6
31 107.6
13 89.6
11 111.1
14 100.2
37 93.8
- 2.1
+ 1.5
- 0.3
+ 9.2
+ 10.0
- 8.0
+ 3.9 100.1
- 1.0 104.4
+ 1.7 105.2
+20.1 111.1
- 0.3 100.3
93.2
+ 5.4
- 1.2
+ 0.7
+ 1.2
+ 2.6
+ 14.6
- 9.5
+ 3.6
- 0.5
+ 2.4
+ 11.5
+ 2.3
+ 5.8
20.94
28.03
20.80
29.58
29.36
15.17
21.32
27.88
20.65
31.82
28.63
15.14
Foods and tobacco..............
Bread & bakery products
Confectionery..................
Ice cream.........................
Meat packing..................
Cigars and tobacco..........
42 83.4f
6 128.2
13 99.4
13 65.1
6 90.0
4 47.9
1.8
0.6
2.9
3.3
0.0
0.3
1.0
0.1
1.7
3.6
9.5
2.4
8 8 .8
1.0 $27.04 $27.53
Stone, clay & glass products
Brick, tile & pottery........
Cement.............................
Glass.................................
69
33
14
22
85.5
94.5
75.6
95.5
- 2.1
+ 4.9
-1 3 .9
+ 5.1
+
+
+
+
87.4
96.2
84.9
91.5
- 1.5
+ 11.5
-1 4 .0
+ 6.0
+
+
+
-
0.8
1.4
1.9
1.1
27.88
25.29
32.65
25.69
28.20
25.76
32.16
26.51
Lumber products................
Lumber and planing mills
Furniture.........................
W ooden boxes..................
53 81.5
17 80.3
29 79.2
7 102.4
+ 6.1
+ 7.4
+ 13.5
-1 0 .6
+12.4
82.7
+23.0
79.0
+ 10.8 79.9
- 3.4 120.8
+10.9
+ 5.8
+ 24.5
-1 0 .6
+13.3
+ 13.5
+ 14.5
+ 8.1
23.04
20.20
25.80
21.25
21.69
21.89
23.41
17.01
Chemical products..............
Chemicals and drugs. . . .
Coke.................................
Explosives........................
Paints and varnishes. . . .
Petroleum refining..........
50
27
3
3
12
5
105.2
91.3
119.5
134.2
135.4
100.0
+ 8.8
+ 1.9
- 5.7
+ 12.4
+ 8.9
+18.3
+
+
+
+
+
34
0.2
0.5
4.6
0.1
7.3
113.0
98.6
118.7
121.9
146.7
108.2
+ 7.7
+ 6.6
- 7.9
+ 7.2
+ 10.9
+16.1
+ 1.9
+ 3.4
0.0
- 7.6
+ 0.7
+ 3.8
28.72
28.86
28.05
25.10
28.07
29.49
29.16
27.97
28.20
25.89
27.83
30.50
Leather and rubber products
Leather tanning..............
Shoes................................
Leather products, Other .
Rubber tires and goods ..
53 97.6
17 104.5
22 90.6
10 111.2
4 76.3
- 0.6
- 1.4
+ 0.7
+10.0
- 4.7
+
+
-
0.6
2.8
1.0
3.2
1.7
101.9
108.3
92.2
100.4
92.2
+
+
+
-
0.6
0.6
4.7
7.3
2.3
+
+
+
-
0.9
2.1
0.8
1.6
3.0
23.21
25.49
18.37
23.01
29.57
23.11
25.69
18.09
20.42
29.99
Paper and printing..............
Paper and wood pulp. . . .
Paper boxes and bags. . . .
Printing and publishing .
69 95.5
12 83.2
10 91.2
47 104.4
+
+
+
4.0
1.1
2.7
2.0
+
-
0.2 111.1
2.6
94.9
1.9 107.5
1.2 120.5
+
+
+
5.0
2.3
2.2
4.5
+
+
-
0.2
0.6
4.7
1.8
32.84
29.28
16.53
36.02
30.98
29.88
17.00
36.25
155 95.4
349
Construction & Contracting. 26 128.5
5 91.8
Street railways....................
52 98.6
83 95.3
-
6.7
-1 1 .0
- 2.4
+25.5
+ 0.3
+ 2.3
- 0.5
-1 6 .9
- 2.1
+ 31.6
- 1.3
26.75
25.26
26.88
34.06
28.68
25.17
25.59
34.63
Anthracite............................
* 1923-1925 average =100.
1929—
Mar........ $ 705,000 $1,252,500 $1,957,500
135,000 1,355,000
Apr.........
1,490,000
0 1,227,500
M ay........
1,227,500
827,500 3,607,500
June........ 2,780,000
1928—
1,155,000 2,330,000
June........ 1,175,000
1927—
June........ 4,293,000 3,655,000 7,948,000
Page Four
Per cent
change since
AVERAGE
WEEKLY
PAYROLLS
June, 1929
Transportation equipment..
Automobiles.....................
Auto, bodies and parts...
Locomotives and cars.. . .
Railroad repair shops----Shipbuilding.....................
V
20
No.
of
plants
re
port June
ing index *
June.
1928
0
40
EMPLOYMENT
June, 1929
OF PHILA.
P H IL A D E L P H IA B A N K S
+ 61.2
- 2.9
+ 0.4
+ 1.3
2.0
3.4
0.4
2.0
71.0
+ 17.2
113.3
96.8
+53.7
- 6.5
t Preliminary figures.
in June, but substantial purchases by city
banks raised the total to a higher point
than a year ago, although the sales of
$3,607,500 compared unfavorably with
$7,948,000 in June, 1927.
Bankers’ bills.
An increase from
$1,107,000,000 to $1,113,000,000 during
June took place in the volume of bank
ers’ bills outstanding.
This was due
principally to the creation of a larger
EB U S I N E S S
PH1LA. FED.
IN D IC A T O R S
RES. DISTRICT
[s e a s o n a l l y
adjusted
INDEX n EMPLOYMENT
AFMp D YM EN T
L
i n/
NUMBER*
PAYROLLS^rSS
Jj.'*
*■*£/*<ir
F Y M E N ' ’S
’A
J.
n
V -' V A G E
80
]
and
.V
ELECTRIC
14-0
i pn
P R O D U C T IO N
10 0
*
POW ER*
/s
"i A A
>
r w
u
Ow
C
l
n
BUILDING
CONTRACTS
i
1
TTTt TTTT 1
1Ou A D J U S
ted—
I i
____
IW 1
1 u
*+
A
V1 »
V
A r
___ A
VV 1
i
yJ 1
10 0
W\
\
k
V v3- M O N T H M o v ir JG AVE R A G E
an
r
COAL
[\
rE IT U M 1 N o u s
1 )
/ A r 4 T H R A C IT E
k*"aA
c\
120 t J i
A /\l
./ 1
H
A
100 \1 \ W i '
\\nJ r * 1 1)i\P
L i.
*
\ 1ST
/ly
v v\
T"T 80
t
i \r \
FREIGHT CAR LOADI^Gl pS T R IC T _
i
120
—
—* ^
■V
1oo s / \
r+ r*
' \ r J
80
RETAIL TRADE
120
140
/S T R
ALLEGHENY
\/W **
Yj
A
i nr\ A#
A(\AA t au.,
y l.
vv*
V
CHECK
PAYMENTS
▲*
A
/YV
14.0
120
1AU
UA
A A. v y w
tky t^r
j
i
/vcrrrr< 111 111 11 * ii 1 1 1 M 1 1 1 1 1 1 1
1923 1924 1925 1926 1927 1928
1^PENNA.
quantity of bills based on goods stored
in or shipped between foreign countries.
Banks in the Philadelphia district in
creased their acceptance liabilities from
$14,641,000 to $15,211,000, during June,
but this figure is not far from a mil
lion dollars below that for a year ago.
iiiiiiiiiii
1929
IN D U S T R IA L
C O N D IT IO N S
M A N U F A C T U R IN G
Activity in the manufacturing industry
in this district reflects a further sum
mer let-down as is customary at this time.
Some individual lines, however, continue
active either seasonally or in response to
a well-sustained demand for their prod
ucts. The general level of prices for
finished goods shows no pronounced
deviation from last month’s level, al
though the number of declines is greater
than that of advances.
The volume of unfilled orders has natu
rally decreased since the middle of last
month but is well ahead of that at the
same time last year. This is especially
true of metal products and textile manu
factures, while advance business in build
ing materials is smaller than a year ago.
Orders on the books of leather and shoe
producers show a substantial gain dur
ing the month but no change in compari
son with a year ago.
The demand for workers by employers
increased considerably in June, and the
ratio of positions offered to applicants
available rose nearly 37 per cent in com
parison with a year before.
The in
dex, adjusted for seasonal changes,
reached 82.3 per cent of the 1923-25 aver
age, which was the highest since the peak
attained in October, 1926.
Factory wage payments showed a de
crease of one per cent from May to June,
but were almost 15 per cent in excess of
payrolls of last year. Employment, on
the other hand, showed a gain of nearly
one per cent in the month and 9 per cent
in the year. Details are given in the
accompanying table.
Manufacturing industries in Delaware
reported a decline in both employment and
wage disbursements between May and
June.
Payrolls in New Jersey also
showed a slight decrease, while the num
ber of wage earners increased a little dur
ing the same period.
The use of electrical energy by indus
tries, while declining a little from May
to June, was almost 23 per cent larger
than in June, 1928. The total sales also
declined about 5 per cent in the month
but were more than 23 per cent above the
quantity sold a year earlier. Similarly,
the output of electric power by 12 sys
tems in June decreased about 7 per cent
but was nearly 19 per cent greater than
in the same month last year. Details
fo llo w :
Page Five
ELECTRIC POWER
Philadelphia Federal Reserve
District
12 systems
June, 1929
change from
June
1928
May
1929
Rated generator capacity......... + 1.8% -
0.0%
Generated output.....................
Hydro-electric.......................
Steam.....................................
Purchased..............................
+ 1 8 .8 “
-2 7 .8 “
+67.1 “
+ 25.7 “
- 6.6
-4 6 .7
+ 38.9
-1 2 .8
‘
“
“
“
Sales of electricity.....................
Lighting.................................
Municipal...........................
Residential and commercial
Power.....................................
Municipal...........................
Street cars and railroads ..
Industries...........................
+ 23.4
+ 4.8
+ 18.9
+ 3.2
+ 19.4
- 4.2
+ 10.3
+ 22.9
+
-
“
*
*
“
“
«
“
“
“
“
“
“
“
“
“
“
All other sales............................ + 57.6 “ -
4.9
6.9
1.4
7.5
2.8
0.7
6.5
2.0
9.9 “
Iron and Steel. Business in iron and
steel products continues exceptionally ac
tive, although in recent weeks a slight
seasonal decline has been noted. Among
the most active buyers are railroads, con
struction companies, and, to some extent,
manufacturers.
Foundries, automobile
producers, and jobbers bought less actively
than was the case last month. Prices
generally are firm and show no pro
nounced change from the level of last
month. Average quotations for pig iron,
however, have shown some weakness in
recent weeks, while those for finished
steel continued unchanged.
Forward business on the books of re
porting firms is substantially larger than
that on the same date last year. Unfilled
orders of the United States Steel Cor
poration were 47,000 tons, or about one
per cent smaller at the end of June than
in May but were about 17 per cent larger
than on the same date last year. Com
pared with the peak of this year reached
in April, they were less than four per
cent smaller. New orders for fabricated
structural steel showed a marked gain
from May to June and were noticeably
larger than in June, 1928.
Plant operations, while continuing at a
high level, have exhibited signs of sea
sonal let-down. Payrolls declined about
one per cent from May to June but were
about 22 per cent larger than in June,
1928, all industries making metal products
reporting gains over a year earlier, except
stoves and furnaces.
Daily production of pig iron in this
district declined nearly six per cent be
tween May and June, but was the largest
IRON AND STEEL
Daily output
June,
1929
(gross
tons)
Change
from
June,
1928
6 mos. of
1929
com
pared
with
6 mos. of
1928
Pig iron
United States.......... 123,255 + 20.0 % + 17.3 %
Phila. Reserve District ...................... 11,473 + 32.3 “ + 31.3 “
Steel ingots
United States.......... 195,255 + 35.6 “ + 17.5 *
Source: Iron Age
Page Six
daily tonnage recorded for June since
1923. The daily output in the country
totaled 123,255 tons, which was a decline
of about 2.4 per cent from May but was
the largest daily tonnage recorded for
that month. Production of steel ingots
also declined somewhat during the month
but exceeded the daily tonnage shown
for June in the past eight years.
The output of steel castings in this dis
trict declined from May to June about
10 per cent but was more than 14 per cent
ahead of the volume in June, 1928. Ship
ments also were smaller seasonally but
were about 43 per cent larger than a year
earlier. Unfilled orders, on the other
hand, were much greater than in the pre
ceding month and at the end of June,
1928.
Production of iron castings declined
materially in the month and slightly as
compared with a year before. Shipments
were smaller in June than in May but
were about 10 per cent larger than a year
earlier. Orders on the books of the re
porting firms decreased from May to June
and were nearly 9 per cent less than at
the end of June, 1928.
Textiles. Further evidence shows the
usual seasonal decline in activity in most
textiles. Demand for cotton manufac
tures varies from fair to poor, and sales
have declined since the middle of last
month. In comparison with a year ago,
however, business in cotton piece goods
is larger, while that in cotton yarns shows
practically no change. The market for
broad silks shows a similar decline in the
month and in contrast with a year ago.
W ool dealers report a larger volume of
sales than was the case four weeks ago,
but it has been smaller than that at the
same time last year. Sales of woolen
and worsted yarns have declined from
last month’s volume and from that of
last year; the demand for piece goods,
on the other hand, continues fair, and
sales are larger than a year ago.
The demand for full-fashioned hosiery
continues active and sales have increased
further since last month; the market for
seamless hosiery is only fair at best,
sales having decreased during the month.
This is also true of floor coverings, al
though in comparison with a year ago
sales show little variation. Business in
clothing shows a gain over the preced
ing month and year.
Prices of textiles generally show some
weakness. According to the Fairchild
Index, domestic and foreign wool fibers
and their products have declined fur
ther. Quotations for spot cotton and cot
ton yarns have shown some strength re
cently, but prices of cotton piece goods
have declined. Raw silk has advanced
slightly in the month and the year, while
silk piece goods showed recession in sev
eral instances. Rayon prices are lower
than they were four weeks or a year ago.
Orders on the books of textile manu
facturers have decreased since the mid
dle of last month, as usual, but continued
somewhat ahead of last year. Favorable
comparisons with a year ago are par
ticularly noticeable in orders for cotton
manufactures, wool fabrics, floor cover
ings, and clothing, while advance busi
ness in broad silks is slightly smaller
than a year earlier.
Plant operations generally show con
traction. Exception to this is afforded
by the producers of woolen and worsted
fabrics, and clothing. The average rate
of production for the whole industry,
however, is appreciably higher than that
prevailing last year.
The volume of
wages paid in June was over 9 per cent
larger than in the same month last year,
all lines sharing in this gain except those
making wool manufactures.
Seasonal influences are reflected in the
use of raw materials. Consumption of
wool in this district declined about 15
per cent between May and June, and in
the country the decrease amounted to 10
per cent. Likewise, mill takings of car
pet wool showed a drop of nearly 20 per
cent. Deliveries of silk fibers to Ameri
can mills also were smaller in June than
in May but were ahead of a year ago.
This is also true of cotton fibers. A c
cording to the official estimate, the area
of cotton in cultivation on July 1 totaled
48,457,000 acres or an increase of 3.2 per
cent above that estimated on July 1, 1928.
Production of hosiery in this district
declined about 8 per cent from May to
June.
Shipments, unfilled orders, and
stocks also were smaller.
Stocks generally vary from moderate
to light, although a number of reports in
dicate that they are rather heavy, largely
as a result of additions during the month.
In comparison with a year ago, inven
tories are smaller, full fashioned hosiery
and floor coverings being exceptions.
Stocks of raw silk were noticeably larger
than a month ago or at the end of June,
1928. Cotton fibers on hand at the end
of the month were smaller than on the
same date last year.
Leather and shoes. Activity in the
leather and shoe industry has been good
for this season of the year. Sales of
shoes have been in fair quantity and are
a little larger than last month, but the
rate of operations of reporting concerns
remains practically unchanged at 75 per
cent of capacity. Unfilled orders are
larger than in the previous month, but are
in the same volume as a year ago, while
stocks are lighter than last year. The
production of shoes in this district de
clined 6.4 per cent during June, as com
pared with a 2.7 per cent drop for the
country.
In the tanning industry, sole leather
has been in good demand. Prices have
advanced and reports indicate that sales
are greater than in the previous month.
Unfilled orders also are larger and pro
duction has been speeded up. Both black
and brown kid leather are being sold in
fairly good volume and reporting firms
are operating at close to capacity. Prices
are firm.
Contract awards:
Phila. Federal Re
serve District
Total.................. $ 38,327 -2 1 .3 %
Residential........
14,499 -3 9 .4 “
United States
Total.................. 545,891 -1 6 .1 “
Residential........ 189,809 -2 6 .5 “
Permits issued:
Phila. Federal Re
serve Dist. (16
cities) ..............
United States (579
16,246 -2 4 .8 “
-1 2 .0 “
-2 7 .9 “
265,148 -2 8 .6 “
domestic sizes being especially poor.
Prices of steam sizes have declined a
little, while those of domestic sizes have
increased.
Bituminous. Activity in the bitumi
nous fields has declined slightly during
the past month, chiefly in sympathy with
seasonal recessions in the manufacturing
industry. The market is poor and is
much weaker than a month ago. This
condition is reflected in lower prices.
For the four weeks ended July 13, the
output for the country reached 35,408,000 tons, a decrease of 1.8 per cent com
pared with the preceding four weeks but
an increase of 9.7 per cent over the same
period last year.
Source: F. W. Dodge Corp. & S. W. Strauss & Co.
D IS T R IB U T IO N
tween May and June but were materially
smaller than in June, 1928. The number
of writs for sheriff’s sales of properties
in Philadelphia during July was appre
ciably larger than in June or in any July
in the past ten years.
Distribution of commodities generally
shows about the usual variations that
occur at this season, and the volume
seems to be close to that in the cor
responding periods of recent years.
Railroad shipments in the Allegheny
district, after reaching in May the high
est level, with one exception, since 1923,
turned slightly downward in June, when
corrections are made for seasonal changes.
In the four weeks ended July 13, how
ever, total freight car loadings increased
about one per cent from the previous four
weeks and were almost 10 per cent larger
than in the same period last year. The
movement of merchandise and miscel
laneous commodities showed a slight de
cline in the latest four weeks, but an in
crease of about 8 per cent in comparison
C O AL
Anthracite. Conditions in the anthra
cite industry have been quiet during the
past month. Nearly all reporting col
lieries have reduced their rate of opera
tions and production in Pennsylvania in
the four weeks ended July 13 totaled
4,491,000 tons, a decline of 11.7 per cent
from the previous four weeks but an in
crease of 11.3 per cent over the output
during the same period a year ago. The
market has been dull, the demand for
Comparison of
stocks
Comparison of
net sales
RETAIL TRADE
Philadelphia Federal
Reserve District
June 1929 com
pared with June
1928
(Month
ly total)
B U IL D IN G A N D R E A L E S T A T E
Construction activity in this district is
fairly well maintained, although the level
does not measure up to that prevailing at
the same time last year. The value of
contracts awarded in June shows a slight
increase as compared with May, instead
of declining as is usual for that month.
Residential contracts, however, declined
further. Reading, Camden, and Trenton
had large gains in contracts over a year
earlier, while Philadelphia, Scranton, and
Wilmington reported marked declines.
The volume of construction early in July
in this section, as measured by the daily
average of contracts awarded, was con
siderably larger than in the same period
last month and a year ago.
The proposed expenditure under build
ing permits issued in sixteen cities of
this district was somewhat smaller in
June than in May and was substantially
below that o f June, 1928.
The number of deeds recorded and the
value of mortgages increased slightly be
-1 4 .2 %
-2 5 .5 “
t
f
Miscellaneous.
The demand for
paper shows continued strength, sales hav
ing increased slightly in the month, though
not in the year. Unfilled orders just
about equal those of a month ago but are
a trifle smaller than was the case at
the same time last year. Productive ac
tivity has declined a little during the
month but appears to be at a higher level
than last year.
The cigar market is active and prices
are fairly steady. Sales have increased
since last month but show little change
in comparison with a year ago; nor do
unfilled orders show marked changes
from those of last month and year. Fac
tory activity has increased somewhat dur
ing the past four weeks but generally
continues below the level of last year.
Building operations
t>
C
O
1
Building materials. The market for
building materials is fair, although com
parisons with a month and a year ago
are not favorable, the demand in most
lines being smaller. Prices generally re
main fairly stable.
Orders on the books of reporting firms
in general show little change in the past
four weeks, but are somewhat smaller
than on the same date last year. Un
filled orders for brick, cement, and slate
have increased slightly during the month,
while those for electrical supplies, lum
ber, and paint have declined. Decreases
in advance business in contrast with a
year ago are reported by firms making
cement, lumber, paint, and slate.
Plant operations generally show little
change since' last month except in the
manufacture of paint, which shows slight
gains over a month ago. The present
rate of operation for the entire industry
averages about 70 per cent of capacity.
6 mos. of
1929
Change
June,
com
1929
from
pared
June,
(000’s
with
omitted)
1928 6 mos. of
1928
outside Philadelphia....
outside Philadelphia___
Women’s apparel stores ...
in Philadelphia..............
outside Philadelphia.. . .
Shoe stores.........................
Credit stores......................
WHOLESALE
TRADE
Philadelphia
Federal Reserve
District
+
+
+
+
+
+
-
1-7%
2 .5 “
4.2 “
1.9 “
0.9 “
0.9 “
2.5 “
4.0 “
5.0 “
2.3 *
6.3 “
4.0 “
-1 0 .4 %
- 2.6 “
+ 0.8 “
- 0.6 “
- 1 .6 “
- 4.0 “
+ 1 .8 “
May
1929
+
-
-0
—
+
+
+
+
+
+
-
- 8.3%
- 9.0 “
-1 0 .9 “
- 4.9 “
- 2.6 “
-1 .8 “
- 3 .0 “
+ 4 .5 “
+ 5.4 “
+ 0.9 “
- 5.2 “
-1 4 .2 “
+ 2.2%
+ 1 4 '“
- 0.4 “
+ 6.0 “
+ 5.0 “
+ 2.7 “
+ 6.4 “
+ 8.2 “
4- 9.2 “
+ 1 .8 “
+ 11.0 “
- 0.3 “
Net sales,
June, 1929,
compared with
June
1928
Boots and shoes ..
Drugs....................
Dry goods............
Groceries..............
Hardware.............
Jewelry.................
Paper....................
(Daily
avg.)
Jan. 1 to
June 30,
1929,
with
Jan. 1 to
June 30,
1928
Rate of Accounts
Collec
turnreceiv
tions
over,
able
during
Jan. 1
at end of June
to
June 30, 1929
com
June
June 30
com
pared
pared
with
with
with
with
year
June 30, May 31, 1928 1929 year ago
ago
1929
1928
8.0%
3.8 “
7.9 “
2 .5 “
4.0 “
2.3 “
7.0 “
.5 %
1 .2 “
2.2 “
1.0 “
0.6 “
5.3 “
3.5 “
6.6 “
8.0 “
2.4 “
2.1 “
4.1 “
- 5.0%
- 4.4 “
- 3.4 “
- 6.3 “
-1 1 .1 “
-1 7 .8 “
- 6 .0 “
-1 2 .9 “
-1 3 .4 “
-1 1 .1 “
- 4.1 “
- 0 .5 “
1.67
1.61
1.74
1.39
1.40
1.68
1.21
3.09
3.31
2.13
1.32
1.37
1.85
1.80
2.02
1.47
1.38
1.65
1.17
3.14
3.37
2.02
1.40
1.53
Ratio
of ac
counts
out
stand
ing to
sales
June 30, May 31, June 30, May 31, June
1929
1928
1929
1928
1929
Stocks,
June 30, 1929,
compared with
-1 7 .1 %
- 0 .5 “
- 6.0 “
- 9.0 “
- 5.9 “
+
-
8.0%
6.5 “
4.3 “
0.0 “
0.0 “
Accounts out
standing,
June 30, 1929
compared with
-1 2 .3 %
-1 6 .9 “
- 7.6 “
- 1.1 “
+ 0.5 “
+ 1 .7 “
+ 5.1 “
+
+
-
3.9%
2.8 “
0.7 “
1 .2 “
2.7 “
3.2 “
2.3 “
422.1%
136.7 “
295.4 “
111.0 “
200.7 “
449.8 “
145.0 “
+ 9.4% + 4.1 %
- 8.7
+ 14.4
+16.1
+ 7.1
+ 8.6
+ 7.1
“
“
“
“
“
“
+
+
+
+
4.2 “
6.6 “
6 .6 “
6.8 “
3.3 “
6.4 “
Collections,
June, 1929,
compared with
June
1928
- 8.9 %
+ 3 .4 “
- 8.1 “
+ 0.2 “
- 5.7 “
+ 30.0 “
+ 14.7 “
May
1929
+
+
+
+
6.6 %
0 .5 “
9.2 “
4.2 “
0.4 “
1 .8 “
9.2 “
Page Seven
with that in the corresponding period last
year.
Wholesale trade. Wholesale and job
bing generally is fair, according to early
reports, and prices show little change ex
cept for a few advances in groceries.
Sales in June were almost 3 per cent
smaller than in May and about 1 per cent
less than in June, 1928, the latter being
chiefly attributable to the fact that there
were fewer business days m June this
year than last.
Only paper and dry
goods reported gains over a year earlier.
Dealers in dry goods also had larger
sales than in the preceding month, while
the other six lines reported declines.
Inventories held by wholesalers and
jobbers in the main were smaller than
at the end of June, 1928.
Accounts
outstanding also were smaller, except
for hardware, jewelry, and paper.
Retail trade.
Preliminary reports
show that retail sales aggregate a fair
volume for this time, and prices con
tinue steady except for a few instances
of recession. In comparison with four
weeks ago, business at retail has been
somewhat less active, a fact which is to
be expected as summer advances.
Sales in June increased nearly 3 per
cent from May, but were almost 2 per
cent smaller than in June, 1928. Com
puted on a daily basis, however, sales
were more than 2 per cent above the
volume a year earlier. Declines in total
sales from a year ago were reported by
department and men’s apparel stores in
Philadelphia, women’s apparel stores
outside Philadelphia, and by credit
stores; on the daily basis, all the re
porting lines showed gains with the ex
ception of slight decreases in Philadelphia
department stores and in credit stores.
Retail sales in the first half of this year
were a trifle smaller than in the cor
responding period last year.
Stocks carried by reporting retailers
declined further in the month and were
appreciably smaller than at the end of
June, 1928.
Both accounts receivable
and collections generally were larger
than at the same time last year. The
rate of turnover was higher in the first
six months this year than in the same
period last year.
A G R IC U L T U R E
B U S IN E S S C O N D IT IO N S IN T H E P H IL A D E L P H I A
Prices
Retail trade ................
Wholesale trade:
Drugs .........................
Dry goods ................
Groceries ..................
Hardware ..................
Jewelry ......................
Paper .........................
Shoes .......................
Lumber ......................
Wool .........................
Cotton yarns ............
Manufacturing:
Iron am' iteel prod
...................
ucts
1 i-ton go od s............
Silk
ods ..............
Wool goods ..............
Wool yarns ............
Clothing ....................
Hosiery — full-fash
ioned ................. ...
Hosiery— seamless ..
Carpets and rugs . .
Shoes .......................
Leather—
Colored kid ..........
Cigars .......................
Building .........................
Anthracite ....................
Bituminous coal ........
Unchanged,
few declines
Demand
though
a
Firm, unchanged
Unchanged
Firm, some advances
Unchanged
Unchanged
Unchanged
Unchanged
Some declines
Declined
Declined though
show strength
lately
.
Agricultural conditions in this district
are fairly good despite variations in the
weather. The drought that occurred in
the earlier part of the month was relieved
by rains, but lately dry weather again has
been widespread.
The yield of wheat, corn, rye, and to
bacco in this section is estimated to be
larger than that of last year, but in the
country it is reported to be smaller with
the exception of tobacco. Oats, potatoes
and most of the truck crops, however,
show declines.
Hay crops are reported as fair, while
pasturage is not as good as it was last
year.
Livestock reports indicate that
dairy cows, calves and heifers are in bet
ter condition than usual at this time of
year, while the condition of horses, colts,
and hogs is reported as being slightly less
favorable.
The supply of farm labor
seems to be adequate at the present time,
with wages unchanged.
Crop estimates
(Figures in thousands of
units)
Phila. Fed. Res. Dist.
Corn....................... bus.
U
Wheat....................
U
Oats........................
U
Potatoes (white). . .
H ay........................ tons
Tobacco................. lbs.
1928 yield
45,500
16,140
21,770
30,208
3,353
49,580
F E D E R A L R E S E R V E D IS T R IC T
Unfilled orders
Stocks
Operations
Fair, some decline
Smaller
Fair, little change
Only fair, declined
Active,
losses
offset
gains
Fair, declined
Fair, unchanged
Active, some gains
Fair, unchanged
Fair, little change
Fair to poor, increased
Fair to poor, declined
Smaller
Smaller
Smaller
Little change
Little change
Smaller
Unchanged
Larger
Active despite seasonal
let-down
Fair to poor, declined
Fair to poor, declined
Fair, little change
Fair, declined
Fair, increased
Larger than a year ago
Declined slightly
Little change
Smaller
Smaller
Larger
Some decline
Larger
Declined
Declined
Increased
Declined slightly
Increased slightly
Larger
Larger
Smaller
Smaller
Unchanged
Little
Little
Firm,
Firm,
change
change
a few advances
little change
Good, increased
Fair, decreased
Only fair, declined
Active, increased
Little change
Smaller
Slightly larger
Larger
Declined
Declined
Little change
Little change
Little change
Little change
Little change
Smaller
Higher
Unchanged
Unchanged
Unchanged
Firm, little change
Unchanged
Unchanged
Steadv, some weakness
Unchanged
Firm, little change
Active, increased
Fair, unchanged
Fair, some gain
Fair, some gain
Active, increased
Fair, some decline
Fair, some decline
Fair, some decline
Fair, some gain
Fair, little change
Some improvement
Larger
Unchanged
Unchanged
Unchanged
Slightly larger
Larger
Smaller
Slight gain
Smaller
Larger
Permits declined
Increased
Little change
Little change
Declined slightly
Increased
Declined slightly
Declined
Little change
Little change
Some gain
Contracts increased
Smaller
Smaller
Smaller
Smaller
Smaller
Little change
Little change
Little change
Smaller
Smaller
Page Eight
Slow, declined
Quiet, declined
53,235
19,808
20,311
26,531
3,019
52,416
United States
Corn....................... bus. 2,835,678 2,662,050
U 902,191 833,869
WLeat....................
U 1,448,677 1,247,147
Oats........................
a
Potatoes (white). ..
464,483
379,290
H ay........................ tons
92,983
98,991
Tobacco................. lbs. 1,378,139 1,492,508
Firm, some decline in
pig iron
Declined
Some declines
Some declines
Declined
Little change
Higher on domestic but
lower on steam sizes
Lower
Estimate
July 1
,
1929
Declined
Declined
@FedFRASER