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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA * RESERVE DISTRICT AUGUST i, i933 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA Business and Banking Conditions in the United States In June as in the two preceding months, industrial activity increased rapidly and in the first half of July there was some further advance. Fac tory employment and payrolls showed a considerable increase. Wholesale commodity prices rose rapidly until the third week of July when prices of lead ing raw materials showed a sharp de cline. Volume of industrial production, as measured by the Board’s seasonally adjusted index, advanced from 77 per cent of the 1923-1925 average in May to 89 per cent in June as compared with 60 per cent in March. Activity in the steel industry continued to increase during June and, according to trade reports, during the first two weeks of July; in the third week of the month it showed little change. Demand for steel from the railroads and the con struction industry continued at a low level. Output of automobiles, which usually declines at this season, in creased in June and showed little change in July. Consumption of cot ton at domestic mills was larger in June than in any previous month, and continued at a high rate during the first half of July. At woolen mills and shoe factories activity increased fur ther in June to unusually high levels. Working forces at factories in creased substantially between May and June and the Board’s seasonally ad justed index of factory employment advanced from 61 per cent of the 1923-1925 average to 65 per cent. Fac tory payrolls also increased by a con siderable amount, to 46 per cent of the 1923-1925 average. Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, showed an increase in May and June, contrary to the usual seasonal movement. Department of Agriculture estimates as of July 1 indicated a wheat crop of about 500,000,000 bushels, 350,000, 000 bushels below the average of 1926-1930, reflecting chiefly adverse weather conditions. Feed crops have also been seriously damaged. Cotton acreage on July 1 was estimated at about 41,000,000 acres, an increase of 4,000,000 acres over last year, but it is proposed as a part of the program of the Agricultural Adjustment Adminis Indexes of factory employment and payrolls, without adjustment for seasonal variation. (1923-1925 average = 100.) INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED WHOLESALE PRICES Indexes based on three month moving averages of F. W. Dodge data for 37 Eastern States, adjusted for seasonal variation. (1923-1925 average =■ 100.) Indexes of the United States Bureau of Labor Statistics (1926 = 100). Production and employment. Index number of industrial production, ad justed for seasonal variation. (1923-1925 aver age = 100.) tration to reduce the area by about 10, 000,000 acres. Distribution. Freight traffic contin ued to increase during June, reflect ing in large part heavier shipments of coal, miscellaneous freight, and lumber products. Distribution of commodities through department stores showed about the usual seasonal decline in June. Wholesale prices. Wholesale prices of commodities advanced from 64 per cent of the 1926 average in the first week of June to 69 per cent in the middle of July, according to the index of the Bureau of Labor Statistics. This marked upward movement reflected FACTORY EMPLOYMENT AND PAYROLLS Page One large increases in the prices of most basic raw materials, including grains, cotton, hides, non-ferrous metals, steel scrap, petroleum, and rubber; most of these commodities are traded in on organized exchanges and enter into world trade. The prices of many man ufactured products, particularly tex tiles, leather, and gasoline, also ad vanced substantially. On July 19, 20, and 21, following rapid advances in the preceding period, prices of leading raw materials declined sharply. In the exchange market the value of the dollar in terms cf the French franc declined to 69 per cent of its gold parity on July 18 and then advanced to 72 per cent on July Foreign exchange. 21. During the four weeks following the enactment on June 16 of the Banking Act of 1933, which pro hibits the payment of interest on de mand deposits, net demand deposits of weekly reporting member banks in 90 cities declined by $500,000,000, reflect ing the withdrawal of $300,000,000 in bankers’ balances from banks in New York City and elsewhere, and the transfer of funds from demand to time accounts. Time deposits increased by $260,000,000. The banks’ holdings of United States Government securities increased during the four weeks ending July 12, and there was a further rapid growth in open market brokers’ loans, while loans to customers declined. Return flow of currency amounted to Bank credit. $90,000,000 during the five weeks end ing July 19. During the same period the Federal Reserve Banks purchased $85,000,000 of United States Govern ment obligations and member banks re duced their indebtedness to the reserve banks by $90,000,000. The withdrawal of bankers’ balances from New York City reduced excess reserves of mem ber banks in that city, while surplus reserves of member banks outside New York increased substantially. Money rates in the open market generally continued at low levels, al though recently slight increases have occurred in acceptance rates, time money against stock exchange col lateral and yields on short-term United States Government securities. Business and Banking Conditions in the Philadelphia Federal Reserve District Large additional gains occurred in the industrial activity of this district during June, and they were well main tained in the first part of July. Out put of manufactures has continued to expand sharply since March, although in July there has been some interrup tion largely through labor difficulties. Production and shipments of bitu minous coal naturally have followed the upward trend of manufacturing, as has the consumption of other industrial fuels and power; output of anthracite increased exceptionally in June, after declines in recent months. The June level of manufacturing and coal mining was considerably higher than a year ago. Building activity, while registering seasonal gains since early spring, continues below that of recent years, although recently there has been some improvement in demand for small dwellings and industrial buildings in addition to public works. Retail and wholesale trade showed some improvement in June, and de creases in July sales do not appear to be larger than usual. Mercantile trade as a whole, while above the record low in March, has not equaled the excep tional rise that has occurred in the in dustrial output. Stocks of merchan dise at mercantile establishments have been on the increase during July. Col lections have improved considerably, which is also true in the case of manu facturing. Commodity prices have ad vanced further, barring a decline that occurred in the third week of July. Industrial employment and payrolls in this district showed additional large increases in June. According to in dexes compiled by this bank for twelve manufacturing and nonmanufacturing occupations in Pennsylvania, which in 1930 afforded jobs to about 2,278,000 workers or over 61 per cent of all per sons gainfully employed in the State, employment increased 4 per cent and payrolls rose over 9 per cent as com pared with May, continuing an upward trend since March. Demand for factory products has continued unusually ac tive and prices quoted by local manu facturers have advanced further. Sales of finished goods have shown addi tional large increases during the month and have been considerably in excess of last year’s volume. This improve ment has been sufficiently broad to ex tend to most of the important indus tries in this district. Unfilled orders for manufactured goods have been steadily on the inManufacturing. INDUSTRIAL PRODUCTION FREIGHT CAR LOADINGS PHILADELPHIA FEDERAL RESERVE DISTRICT ALLEGHENY DISTRICT PERCENT TOTAL MANUFACTURING 1930 1932 COAL MINING 1928 1929 Digitized Page for FRASER Two 1930 1931 1933 1932 1933 JFMAMJ J Source: American Railway Association ASOND crease since March and the total vol ume about the middle of July was substantially larger than a year ago in the majority of reporting lines. Ad vance orders from distributors have been especially heavy in the past two months, reflecting a strong upward tendency in commodity prices. Stocks of finished goods at represen tative manufacturing plants have been comparatively low. Reports indicate that manufactured goods have been moved to the distributing establish ments as soon as they were produced. Contrary to the usual time for ship ments, deliveries of merchandise for fall requirements have become active in July instead of August. Buying of raw materials by manufacturers has been increasing in anticipation of higher prices. As a result, stocks of these commodities have been increased additionally in recent weeks and as compared with last year. Collections have risen in most lines as compared with the amount of settle ments in the preceding month and a year ago. It is reported that purchas ers are taking advantage of all dis counts that are to be had in the present market. Factory employment and payrolls in this district showed additional large increases from May to June. In Penn sylvania, for instance, employment rose 5 per cent and payrolls 12 per cent and they were 7 and 13 per cent, re spectively, larger than in June 1932, according to revised indexes computed by this bank from about 1,750 reports of concerns which in June employed 331,420 wage earners whose payroll averaged over $5,393,760 a week. In the preparation of these indexes 68 manufacturing industries were com bined, each according to its relative importance to the whole; the indexes are published in a supplement to this bulletin. About three-fourths of the reporting concerns showed that their working time was expanded further by about 17 per cent from May to June, evi dencing a continuance of the rising rate of factory operations. Incoming reports for July indicate that there has been a let-down in the rate of the increase but the gains made in the previous three months appear to be well maintained. The volume of production by fac tories in this district continued sharply upward during June. This bank’s in dex number, which is adjusted for the number of working days and seasonal variation, rose for the third successive Business Indicators Philadelphia Federal Reserve District Index numbers expressed in percentages of 1923-1925 average, which is taken as 100 Adjusted index numbers make allowance for the usual seasonal changes which result from an un even distribution of business be tween the months of the year. Unadjusted indexes reflect merely the actual changes which may or may not be up to the usual seasonal expectations. Adjusted for seasonal variation Not adjusted Percentage comparison June 1932 May 1933 June 1933 with June 1933 6 months June 1932 1933 with 6 months 1932 May 1933 Month ago Year ago +10.9 + 8.7 +23.7 +11.2 30.7 + 19.9 72.4 + 5.1 84.0 - 4.0 28.8 +13.4 101 .lp + 11.5 121.Ip - 2.1 82.5 + 2.1 182.8 — 0.5 126.5 +12.2 +27.4 +25.6 +37.7 +74.1 -44.4 + 0.6 + 5.7 + 15.7 + 13.0 +56.5 + 3.5 + 7.9 +15.0 - 4.7 53.2 60.3 - 4.8 54.6 61.8 -18.1 32. 1 35.2 + 17.6 52.0 80.2 -47.4 56.4r 26.9 - 6.9 71.3r 68.8 + 0.4 85.8 85.0 -32.0 27.4 26.7 - 3.2 90.3 92.2 +11.8 76.0 112.5 - 9.3 78.9r 81.5 - 5.8 160.9 170.9 - 6.0 111.1 115.0 +54.0 +54.8 +48.7 - 3.8 - 5.2 + 6.1 June 1933 Industrial production: output of factories and coal mines . . Manufacturing—total........... Metal products................... Textile products................. Transportation equipment Food products.................... Tobacco and products... . Building materials..................... Chemicals and related products Leather and products............. Paper and printing.................. Electric power output............. Elec. pwrr. used by industries. Coal mining. . . Anthracite. . Bituminous. 53.6 54.6 31.8 53.2 55.2 r 72.Or 79. or 24.9 89.5 77.4 79.7r 169.4 61.6 63.1 35.4 83.3 25.6 68.9 87.5 25.4 90.7 123.7 80.8 183.8 110.0 112.7 42.6 42.0 46.4 45.1 43.0 57.4 65.6 65.0 69.0 +45.5 +51.2 +20.2 37.5 37.0 40.8 44.2 43.0 51.7 67. lp 68.lp 44.3' 90.2p 31.2 71.3p 90.7 31.6 101.6p 118.2p 81.7 173.7 127.8 56.7 56.0 60.7 Factory employment—Penna.. + 6.5* + 4.6* - 7.3* 61.5 62.6p 65.5p Factory payrolls—Penna.......... +12.6* +11.7* -19.4* 37.3 37.6p 42. Op + 17.4 +26.9 -25.3 - 1.4 Building and real estate Contracts awarded!—total. . Contracts awarded!—residential Permits for building.................. Mortgages recorded in Pliila. . Real estate deeds recorded i; Philadelphia........................ Sheriff deeds (1930= 100).!. Other deeds (1930= 100). . . Writs for Sheriff sales in Phila. 30.9 15.1 10.7 31.3 13.2 9.3 7.5 14.0 5.6 13.8 53.4 48.7 1365.8 15.5 -49.8 -21.9 -47.7 -55.9 -43.2 -51.4 -45.5 -52.9 38.0 18.3 13.1 28.2 16.1 11.9 8.3 13.0 19.1 14.3 6.9 12.4 50.4 - 5.6 + 3.7* -27.3* + 8.5 -17.7 + 3.7* -15.6* + 2.7 57.7 176.1 82.2 1365.8 52.6 171.7 59.8 1287.2 54.4 182.6 59.8 1481.9 60.4p + 1.3 54.9p + 1.5 70.0 + 2.2 57.9 0.0 - 5.8 -16.6 +11.6 -15.0 - 5.2 62.5r 63.lr 60.0 65.9 60.0 53.8 64.4r 57.0 59. Op 52.5p 66.7 55.8 57.1 90.0 61.1 +20.5 -10.4 - 3.8 -11.1 — 15.4 -12.0 48.3 L04.5 88.9 49.8 95.9 75.0 58.2 93.6 85.6 11.8 + 3.5 + 6.3* 0.0* 1481.9 +20.9 Distribution Retail trade—sales....................... Retail trade—stocks.................... Wholesale trade—sales............... Wholesale trade—stocks........... Freight car loadings (Allegheny district) ....................................... Life insurance sales........................ New passenger auto registrations 64. lr 59.6 65.8r 54. lr 62.7 68.5r 68.1 57.9 47.4 100.5 63.5 47.9 89.6 52.1 +19.2 + 0.4 +17.3 -17.4 Business liquidations Number...................................... Amount of liabilities............... + 5.7* -29.3* -23.3* 179.8 - 9.1* -44.4* -46.4* 213.3 120.3 127.2 130.6 118.7 +13.2 62.0 51.9 61.7 26.7 59.5 25.9 60.0 27.4 61.8 Payment of accounts Check payments........................... Rate of collections (actuai, not indexes) Retail trade................................. Wholesale trade........................ (000,000’s omitted in dollar figures) 52.4 59.3 - 0.5 -12.3 + 5.8* + 2.6* + 3.0* + 3.9* Per cent change from June 1932 March 1933 April 1933 May 1933 June 1933 $1,874 $1,883 9.9 56 144 Month ago Year ago $1,888 + 0.3 - 3.8 10.0 11.9 +19.0 -12.5 46 141 39 143 -15.2 + 1.4 -40.9 - 6.7 Banking and credit All member banks—net demand and time deposits...................... $1,962 Bankers’ acceptances outstand ing.................................................. 13.6 Federal Reserve Bank Bills discounted.......................... Other bills and securities..... 134 66 $1,845 131 140 * Computed from data unadjusted for seasonal variation, f 3-month moving daily average. p—Preli mi nary, r—Revised. Page Three INDUSTRIAL FUEL AND POWER EMPLOYMENT PAYROLLS AND WORKING TIME PENNSYLVANIA PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENT PERCENT ELECTRIC POWERUSED BY INDUSTRY EMPLOYMENT FUEL OIL— — OUTPUT EMPLOYE HOURS PAYROLLS' 1928 1929 1930 1931 BITUMINOUS COAL-OUTPUT 1932 1933 1928 1929 1930 1931 1932 1933 Sources: Department of Commerce, Bureau of Mines month, reaching about 69 per cent of the 1923-1925 average as compared with a record low level of 52 in March; this is an advance of about 33 per cent in three months so that the present level of factory production is the highest since early 1932 when the trend was downward. The sharpest increase during June occurred in the output of fabricated metal products, transportation equip ment, building materials and chemical products. Activity in groups compris ing tobacco and leather products, and radio and musical instruments alone showed either actual decreases or in creases which were smaller than usual. Especially large gains over a year ago took place in the production of metal, textile and leather products, while the transportation equipment group was the only one whose rate of production was lower than in June 1932. The majority of important lines of manufacture reported exceptional gains in the output of their products during the month and virtually all lines included in this bank’s index have had large increases since March, gains ranging from 6 per cent in printing and publishing to about 90 per cent in steel and some of the leading textile industries. Comparison of June fig ures with a year ago offers a striking example of the unevenness of recent increases; for instance, the output of printing and publishing establishments was about one per cent larger, while that of woolen and worsted mills was 126 per cent greater. Increases be tween these two extremes vary, with the shoe, silk, coke, iron and steel in dustries showing the largest gains. The total output of electric power increased 2 per cent from May to June, Page Four which was a somewhat smaller rate of gain than was to be expected, but it was 8 per cent larger than a year ago. Industrial consumption of electrical energy, however, showed an unusual gain of 12 per cent when adjustment is made for the number of working days and seasonal changes; industries also used 15 per cent more energy in June this year than last, but for the year to date consumption was still about 6 per cent smaller. Consump tion of such fuels as coal, oil and coke likewise increased more than the usual seasonal rate estimated for June. parisons reveal that the output of mines this year was 6 per cent larger than in 1932, most of the gains occur ring in the past three months. The trend of soft coal shipments continued sharply upward during June, reflecting mainly a further increase in the de mand for industrial fuel. Average prices of bituminous coal in the coun try showed no change between May and June and were about 4 per cent below the level of a year ago. Building and real estate. Activity in the construction and contracting indus try as a whole continued to expand in Coal. Output of anthracite increased June. Reports from some 1,300 con sharply in June, contrary to seasonal tracting firms in Pennsylvania showed expectation, following unusually sharp gains in this period amounting to 11 declines in the three preceding months. per cent in employment, 13 per cent In early July production declined sea in wage payments and 19 per cent in sonally. Comparative figures for six operating time. Contrary to seasonal expectations, months indicate that production was 5 per cent smaller this year than last. aggregate awards of building contracts Shipments of hard coal also showed a increased sharply in June, owing marked gain during June, reversing mainly to a substantial gain in the value of contracts let for dwellings. the downward trend of earlier months Although the average of total awards this year. As compared with June for the three months from April 1932, when loadings of anthracite were through June showed a noticeable in the smallest of any month in the past crease, it was nearly 50 per cent lower five years, June shipments this year than a year ago. In the first half of were over half again as large. Whole July contracts let for all classes of sale prices of hard coal showed a construction declined seasonally. further decrease from May to June and Estimated cost of proposed building were 10 per cent lower than a year under permits issued in seventeen earlier. cities of this district declined sharply Production of Pennsylvania bitu in June, contrary to the usual sea minous coal, which increased sub sonal tendency, and was the smallest stantially from May to June, instead of any like month in recent years. of declining seasonally, showed the With the exception of May, when the first gain for that period since 1929 dollar volume of permits issued for and exceeded last year’s volume by new construction, repairs and altera nearly 50 per cent. In the first fort tions was fairly large, each month this night of July colliery output showed year has shown a considerable decrease a small decline. First half-year com from the corresponding period of 1932; BUILDING CONTRACTS RETAIL TRADE PHILADELPHIA FEDERAL RESERVE DISTRICT PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENT PERCENT TOTAL 125 ~ STOCKS (in dollars) RESIDENTIAL 1929 1930 1931 1933 1928 1929 1932 1933 Source: F. W. Dodge Corporation comparative figures show that in the first six months this year the value of building permits was nearly 46 per cent smaller than in the same period last year. Although real estate in the Phila delphia area continues quiet, sales of small houses, of the type usually oc cupied by industrial workers, have in creased somewhat during the past month. Leasing of space to industrial concerns also shows some improve ment. Ordinary conveyances, on the other hand, averaged about the same in June as in the three preceding months, and were unusually small as compared with recent years. Foreclosures this year have been exceedingly heavy and in June reached a new high post-war level, as indicated by the number of writs issued for Sheriff sales in Philadelphia. Figures for nine industrial counties of this dis trict show that the number of deeds recorded as a result of forced sales chiefly for the failure to pay taxes and the interest on mortgages increased 3 per cent in the first half of this year as compared with the same period last year. It must be remembered that foreclosures in this district as in the country have been very heavy each year since 1929. Agriculture. Weather conditions dur ing the past month were generally favorable to crop growth in all but a few sections where the rainfall was unusually light. The wheat and rye harvest is nearing completion with threshing well under way in the greater part of the district. Corn has grown rapidly in recent weeks and the harvest of oats has been started in southern counties. Although pastures and meadows are in need of more rain, their condition generally is more satis factory than a year ago. Estimates of the July 1 condition of six leading field crops in this district, indicate that production of corn, win ter wheat, oats and tame hay will be somewhat larger this year than last; yields of tobacco and white potatoes, on the other hand, are expected to show substantial reductions as com pared with those of a year ago. The condition of truck crops varies widely; in southern New Jersey they have grown rapidly in recent weeks, while elsewhere, particularly in regions where the rainfall has been light, their growth has been retarded. Fruit pros pects are for a somewhat smaller crop this year than last. Dairy cattle as well as other live stock generally appear to measure up to the average July 1 condition of the past ten years. Receipts of milk and cream in the Philadelphia area de clined in June instead of increasing as is usual in that period and were in considerably smaller volume than a year ago. Wholesale prices of farm products continued to advance during June; about the middle of July, however, quotations for such commodities as butter, grains, and some few livestock products showed declines. As com pared with a year ago, the June level of farm prices at wholesale was about 16 per cent higher. Distribution. Mercantile trade con tinues well sustained, although the rate of improvement has been lagging considerably behind that in the field of manufacturing. Freight car loadings in this section increased steadily for three months and in June were about 20 per cent larger than a year ago. Sharp increases as compared with a year ago occurred in the loadings of all classes of commodities, except live stock and its products. Additional gains during June and July were also reported in the deliveries of merchan dise by motor truck. More than seasonal increases again took place during June in the sales of five out of eight wholesale lines cov ered by our indexes. The most pro nounced improvement was noted in drygoods, jewelry, and paper. Com pared with a year ago, sales were ap preciably larger in all lines except drugs, hardware, and jewelry. In the first half of this year business in electrical supplies and groceries alone exceeded that in the same period last year. There was some further im provement in several lines during the first half of July. Prices quoted by the reporting wholesalers and jobbers have continued to advance. Retail business in June held some what more than its usual level, and the decreases in July appear to have been smaller than seasonal. Men's apparel and shoe stores reported the most active business during June, al though sales of department stores in Philadelphia and women’s apparel stores outside of this city showed some improvement. Compared with a year ago, dollar sales of department, ap parel, shoe and credit stores combined were 6 per cent smaller, this adverse comparison being due to smaller sales of department, shoe and credit stores. The spread in the difference between the sales of this year and last has been growing narrower for the past three months. Retail business for the first six months of this year was 17 per cent smaller than last year. Retail Page Five RESERVE BANK CREDIT AND THE FACTORS WHICH AFFECT IT Philadelphia Federal Reserve District June 22 to July 19 inclusive (In millions of dollars) . Sources of funds Reserve bank credit extended in this reserve district..................................................... .. — 3.7 Commercial and financial transactions (chiefly interdistrict).................................... +18.9 Treasury operations......................................... +4.8 Uses of funds Currency demand............................................. Member bank reserve deposits...................... Special and “Other” deposits at reserve bank................................................................. Unexpended capital funds of reserve bank + 1.1 +17.4 + 1.9 — 0.4 Total............................................................ +20.0 Total............................................................ +20.0 Note: This table gives, in balance sheet form, a iummary of the banking changes which have had an influence on the amount of reserve bank credit in us< in this district. prices of general merchandise have ad vanced locally, and as measured by the Fairchild index for the country, they were almost 3 per cent higher on July 1 than a month ago, but nearly 4 per cent lower than on July 1, 1932. Retail food prices also showed addi tional increases during June. Stocks of merchandise at mercantile establishments did not show much change between May and June, al though the decline in the case of retail stores was smaller than usual. Pre liminary inquiries, however, indicate that there has been an appreciable in crease in deliveries of merchandise for fall requirements during July, a rather unusual development, as it is taking place at least one month earlier than is to be normally expected. The rate of stock turnover was over 4 per cent higher in retail and 9 per cent higher in wholesale in the first half of this year as compared with the same period last year. Mercantile collections show further improvement. Payments on accounts at retail stores were 6 per cent and at wholesale 3 per cent more rapid in June than in May. The rate of collec tions was also higher than a year ago by 3 per cent in retail and 4 per cent in wholesale trade. Sales of new passenger automobiles, as indicated by registrations in this district, showed an exceptional gain PERCENT in June from May, continuing the up ward trend since the low point in March, when this bank’s index number reached 38 per cent of the 1923-25 average, after allowance is made for the number of business days and seasonal changes. The June index was 61 as compared with 64 a year ago. The upward trend for May and June was contrary to the usual tendency, as indicated by experience since 1923. The amount of premiums paid for new life insurance showed little change in the month, nor has there been much variation in the last three months, our index number moving around 90 per cent of the 1923-25 average. Insurance sales were 15 per cent smaller in the first half of this year than last, reflecting general busi ness conditions. Banking conditions. A further de cline during the past month in loans to customers is shown in the figures of the reporting member banks. The banks have reduced considerably their balances with other banks, but have expanded their loans to the open mar ket. Reserve deposits maintained at this bank have increased substantially and borrowings from it have been re duced somewhat. , The district gained 18 millions in commercial and financial transactions with other districts during the four weeks ended July 19, apparently re WHOLESALE TRADE flecting the re PHILADELPHIA FEDERAL RESERVE DISTRICT turn of balances held elsewhere by local banks. STOCKS Withdrawals in this district from deposits created in payment for new government securities were rather small and SALES total Treasury d i s b u r s ements were nearly 5 millions in excess of local receipts from various 1928 1929 1930 1931 1932 1933 sources. The Page Six funds derived from these operations were used mainly to add 17 millions to the reserve deposits of member banks, but special deposits at the reserve bank also increased 2 millions and borrowings from the bank were reduced by 4 millions. An increase of 6 millions in currency demand dur ing the week covering July 4 was almost offset by the return of 5 millions in the other three weeks. Bills discounted at this bank totaled 33 millions on July 19, the smallest amount since September 1931; but holdings of United States securities increased 3 millions to 145 millions, owing to participation in purchases made for the account of the federal reserve system. The ratio of gold reserves and other cash to the deposit Reporting member banks July 19, June 21, July 20, 1933 1932 1933 (000,000’s omitted) Loans to customers— On stocks and bonds $ All other.................... Loans to open market. United States securities Other securities............ Total loans and investments............. Net demand deposits.. Time deposits............... Government deposits . Amounts due from banks...................... Amounts due to banks 252 250 19 251 245 S S 259 254 6 250 247 310 297 8 183 264 SI,017 571 299 56 SI,016 587 264 59 SI,062 625 260 89 151 132 163 88 171 7 and federal reserve note liabilities rose from 62.9 to 64.8 per cent and com pared favorably with 53.2 per cent a year ago. During the past four weeks the fig ures have given no evidence of an in creased demand for loans. In fact loans to customers at the reporting member banks in this district declined 11 mil lions, of which 7 millions was on the security of stocks and bonds. This Federal Reserve Philadelphia (Dollar figures in millions) Changes in— July 19, 1933 Bills discounted .. . $ 33.3 Bills bought............ 0.8 United States secu rities ................. 145.0 Other securities___ 0.5 Total bills and securities........ Federal reserve note circulation. . . . Federal reserve bank note cir culation ........... Member banks’ re serve deposits. Special deposits— member and non-member banks............... Government depos its ...................... Foreign bank de posits ................ Gold reserves and other cash.... Ratio........................ Four weeks -$ 4.2 0 + 3.0 0 One year -$39.0 2.4 + - 6.8 1.0 $179.6 -3 1.2 -$35.6 238.2 _ 0.7 - 17.4 6.5 + 1.0 133.8 11.4 6.5 + 16.7 + 3.2 1.7 + + 17.4 + 1.8 + 11.4 2.8 + 1.6 0.6 + 0.6 + 17.6 -f 52.0 251.8 64.8% + 1.9% + 11.6% '■ FEDERAL RESERVE BANK OF PHILADELPHIA BANKERS ACCEPTANCES OUTSTANDING EXECUTED BY BANKS IN PHILADELPHIA DISTRICT MILLIONS MILLIONS MEMBER BANKS' — RESERVE DEPOSITS BILLS DISCOUNTED 1932 1929 1933 suggests that most firms that have increased operations re cently, under the impetus of an improved demand for their products, have had a sufficiently strong cash position to meet payrolls and other expenditures without additional borrowing. The reporting banks show a decline of 12 millions in amounts due to banks, but this was much more than bal anced by a decline of 43 millions in due from banks. Little change was made in holdings of investments hut loans to the open market, which include loans to New York brokers and purchased commercial paper and bankers’ acceptances, increased 13 millions and their reserve deposits with the reserve bank show a rise of 14 millions. The prohibition on the payment of interest on demand deposits, contained in the new banking law, is reflected in an increase of 35 millions in time deposits. A decline of only 16 millions in net demand deposits no doubt was due to the substantial reduction in amounts due from banks. Acceptances of banks in this district increased from $10,038,000 to $11,909,000 in June. This' increase of nearly 2 millions was the largest gain in that month in past 8 years. Percentage change—June 1933 from June 1932 City areas* Allentown................ Altoona.................... Harrisburg.............. J ohnstown............... Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton................... Wilkes-Barre.......... Wilmington............ Manufa cturing Employ ment Wage payments + 4.3 + 8.1 - 0.7 + 3.3 + 3.0 + 5.5 - 4.1 +39.4 + 9.1 +11.2 — 13.3 + 5.5 +14.8 +12.3 0.0 - 1.0 +90.0 + 4.5 + 5.9 +26.9 +45.4 +10.8 + 11.0 -24.7 + 3.9 +15.6 Building permits (value) Debits - 78.4 + 18.1 — 35.5 - 55.9 + 48.5 + 7.0 + 41.5 - 94.6 +137.6 - 8.9 - 35.2 + 79.3 +257.3 -11.6 -15.7 + 2.1 -49.2 -19.9 + 5.1 -22.7 -20.7 -14.0 -12.0 -29.8 + 7.8 - 3.8 Retail trade sales - 0.9 + 18.8 -10.0 - 1.5 -11.2 - 4.1 + 3.7 -11.2 + 2.6 - 3.0 Wilmington............ + 4.3 + 9.9 + 1.3 +18.4 + 2.9 + 6.1 + 3.8 + 9.3 + 8.2 + 5.2 + 62 + 6.6 + 7.5 + 8.1 +20.2 + 5.0 +21.7 + 10.9 + 8.8 +16.3 +10.3 +16.5 + 9.8 + 8.6 + 5.5 +13.7 - 1.3 + -17.5 - 39.9 + 26.9 +397.3 - 41.4 - 37.9 + 126.9 + 128.6 + 119.0 - 0.0 + 128.2 + 99.7 + 8.6 + 7.1 + 3.6 - 6.0 - 1 .8 +20.8 + 9.0 + 8.8 +26.4 +10.7 + 11.0 +22.2 + 14.4 Area not restricted to the corporate limits of cities given here. Digitized for* FRASER 1931 1933 Factory Employment and Payrolls in Pennsylvania Payrolls Employment (Indexes of factory employ ment and payrolls are ex pressed in percentages of the 1923-25 average which is taken as 100) June 1933 index (re vised) Per cent change compared with June 1932 May 1933 All Manufacturing: 68 industries.................... Iron & steel & their products Non-ferrous metal products Transportation equipment . Textiles and clothing........... Textiles................................ Clothing.............................. Food products........................ Stone, clay & glass products Lumber products.................. Chemical and allied products Leather and its products. . . Paper and printing............... Printing............................... Oth'r manufactures: Cigars and tobacco.......... Rubber tires and goods . . Musical instruments........ + 6.5 + 4.6 + 1.4 + 8.2 - 9.9 + 5.9 -17.1 - 9.6 +24.3 + 5.7 +24.7 + 6.3 +23.5 + 3.8 - 0.1 + 1.7 +15.1 + 12.4 - 9.5 + 5.3 + 4.3 + 7.1 +22.3 + 2.9 - 0.5 + 1.5 - 7.2 - 1.2 60.3 + 1.9 + 2.4 80.3 +24.1 +17.7 32.1 + 7.0 — 1.5 65.5 50.4 70.1 44.5 91.0 84.4 117.0 89.9 60.3 39.8 72.2 83.8 81.5 81.0 June 1933 index (re vised) June 1932 May 1933 + 12.6 + 11.7 +27.0 +23.7 ^ 3.9 + 9.7 0.0 -22.0 +31.6 + 9.4 +31.3 + 9.8 + 18.2 + 7.5 - 4.4 + 1.6 +21.5 +24.3 -14.5 + 14.7 + 7.6 + 10.6 +37.3 + 8.4 -7.1 + 2.9 -12.7 + 0.6 42.1 + 3.4 + 6.0 85.6 + 3.9 + 1.2 42.0 32.9 56.6 24.5 60.4 58.3 70.1 71.2 31.7 24.2 56.3 61 .9 62.9 05.5 18.6 -14.7 -13.5 Payrolls Employment Occupation (1932 = 100) June 1933 index Per cent change compared with June 1932 • May 1933 June 1933 index General index number.. 96.1 - 0.8 + 3.7 - 3.6 -14.4 -11.3 -10.6 -16.3 - 0.2 -10.6 -14.0 + 6.7 -11.0 Per cent change compared with General Indexes of Employment and Payrolls in Pennsylvania +33.0 June 1933 from May 1933 Allentown................ Altoona.................... Harrisburg.............. Johnstown............... T.ancaster................ Philadelphia........... Reading................... Scranton.................. Trenton.................... Wilkes-Barre.......... 1930 Manufacturing...................... 101.7 Anthracite mining................. 63.4 Bituminous coal mining . . . 90.8 Building and construction. . 97.7 Quarrying and non-metallic mining................................. 99.1 Crude petroleum producing 109.5 91.0 Retail trade............................ 95.5 Wholesale trade..................... 95.5 Hotels....................................... 95.3 Laundries................................ 95.4 Dyeing and cleaning............ 102.8 Per cent change compared with June 1932 May 1933 + 6.5 -25.2 - 6 9 - 2.3 92.1 + 4.6 103.2 - 8.5 64.0 + 2.1 89.0 + 10.6 71.7 - 1.1 +12.6 - 8.3 + 2.3 -28.7 + 9.4 +11.7 + 14.3 +16.1 +12.7 - 8.1 + 7.5 9.4 - 5.8 - 3.3 — 6.5 - 6.7 - 4.3 + 10.9 111 .3 + 4.0 97.5 -1.0 82.6 + 2.5 87.5 + 0.9 87.2 + 1.7 82.2 + 4.2 85.2 + 2.8 97.5 + 3.8 - 0.3 -18.3 -14.2 -10.1 -19.7 -18.1 -13.1 +33.4 - 3.0 - 1.8 + 2.0 - 0.2 + 1.3 + 5.2 + 6.0 +ii.i Note: An explanation of revises factory indexes of employment and payrolls and of the new general indexes of employment and payrolls is given in a supple ment to this bulletin together with monthly indexes. Page Seven Index numbers of individual lines of trade and manufacture OUTPUT OF MANUFACTURES STEE L Philadelphia Federal Reserve District Index numbers expressed in percentages of the 1923-1925 average which is taken as 100 Adjusted index numbers make allowance for the usual seasonal changes which result from an un even distribution of business be tween the months of the year. Unadjusted indexes reflect merely the actual changes which may or may not be up to the usual seasonal expectations. Not adjusted Adjusted for seasonal variation LOCOMOTIVES AND^ CARS Percentage comparison June 1932 May 1933 June 1933 with June 1933 Month ago Year ago 6 months June 1932 1933 with 6 months 1932 May 1933 June 1933 -17.4 -15.8 -10.6 - 8.5 -19.4 -29.7 62.5r 58.3 57.7r 70.4r 79.4 65.6 60.0 57.6 48.6 81.4 68.7 56.9 59 ,0p 55.9p 61.4 78. Op 74.5 50.0 63. lr 56.3 63.3r 80.8r 65.0 68.3 53.8 48.3 55.4 82.0 56.8 52.8 52.5p 47.9p 50.2 75.8p 53.7 54.1 Retail trade Total of all stores...................... Credit........................................ Total of all stores...................... Women’s apparel.................... Credit........................................ 64. lr 61.1 55.4r 72. or 69.0 69.8 59.6 58.8 52.4 78.8 61.9 54.2 60.4p 58.6p 59.0 80.3p 64.8 53.2 + 1.3 - 0.3 ,+12.6 + 1.9 + 4.7 - 1.8 - 5.8 - 4.1 + 6.5 + 10.8 - 6.1 -23.8 65,8r 58.6 66.4r 90.Or 66.3 70.4 54. lr 48.5 55.1 81.1 55.7 54.4 54 .9p 50. Op 52.6 84.5 54.8 55.8 + + — + + -16.6 -14.7 -20.8 - 6.1 -17.3 -20.7 1.0 3.1 4.5 4.2 1 .6 2.6 Rate of stock turnover 6 months (actual, not indexes) WOOLENS AND WORSTEDS 1.89 + 4.4* 1.81 CEMENT Wholesale trade Total of all lines.......................... Electrical supplies.................. Paper......................................... Stocks of goods 70.0 47.0 75.9 40.3 90.1 88.3 41.3 29.3 66.6 + 2.2 + i.i + 0.8 + 15.8 + 0.4 - 3.7 + 7.0 + 16.7 +27.3 +11.6 + 5.6 -10.8 +19.9 +56.4 + 6.6 -10.0 -46.3 +31.1 57.9 57.9 68.1 104.8 100.1 108.9 40.6 33.9 34.5 83.3 53.3 47.1 83.6 75.2 74.6 65.6 58.9 58.9 49.7 43.3 42.0 71.3 60.8 61.1 0.0 + 8.8 + 1.8 -11.6 - 0.8 0.0 - 3.0 + 0.5 -15.0 + 3.9 -15.0 -43.5 -10.8 -10.2 — 15.5 -14.3 62.7 44.5 85.1 33.6 57.6 82.8r 45.9 54.6 50.8 68.5r 46.5 75.3 34.8 89.7 91.7r 38.6 25.1 52.3 Rate of stock turnover Output of manufactures Electrical apparatus...................... Automobile parts and bodies. . . . Locomotives and cars.................... Shipbuilding..................................... Woolen and worsteds..................... Cotton products.............................. Carpets and rugs............................. Hosiery.............................................. Underwear........................................ Cement.............................................. Brick.................................................. Lumber and products.................... 60.0 38.3 81.7 30.9 47.2 84.5r 47.7 45.9 48.8 64.4r 46.0 75.3 32.7 68.2 90.8r 42.5 21.1 51.8 12.6 24.8r 29.7 20.6 49.7r 30.5 32.2 15.2r 185.6 54.9 33.0 29.9 34.3 95.3 104.2 35.7 24.8r 18.6r 15.9 22.1 31.2 43.3 24.6 36.0 27.7 26.5 48.7 50.8 10.3 13.3 32.4 45.5 7.7 8.3 66.8 72.2 103.6 113.3 53.9 74.7 39.9 45.2 29.2 41.0 124.9 149.5p 151.9 182.4 41.7 42.0 22.7 30.1 20.2 17.1 +39.0 +38. S +46.3 - 4.3 + 4.3 +29.1 +40.4 + 7.8 + 8.1 + 9.4 +38.6 +13.3 +40.4 + 19.7 +20.1 + 0.7 +32.6 +18.1 + 0.6* 105.7 + 7.2 83.3 +15.5 27.3p + 6.6 83.1 - 4.4 63.7 +12.7 86.3 + 0.7 142.0 - 7.6 101.3p + 6.4 40.6p + 8.8 81.3 + 19.7 137.6 + 3.3 69.0 +25.2 * Computed from data unadjusted for seasonal variation. +75.4 +74.6 +21.2 +28.6 + 2.2 -56.4 +41.3 —45.4 -61.1 +.106.4 +126.4 +51.2 + 19.5 +56.9 +75.0 +17.6 +21.4 + 8.6 + 3.9* + 2.1 + 4.3 + 11.9 + 5.7 +26.6 + 0.7 +92.4 +25.4 +24.9 +12.0 + 4.6 +45.9 66.7 40.4 72.9 37.1 73.9 90.1 42.9 24.6 63.9 65.9 57.0 55.8 98.5 101.1 102.4 40.6 33.6 34.5 81.6 50.6 46.2 76.1 71.4 67.9 66.9 60.7 60.1 54.2 46.3 45.8 71.3 60.2 61.1 + 9.1* 2.09 Slaughtering, meat packing......... 103.5 98.6 Sugar refining.................................. 79.9 72.1 Canning and preserving................ 24.4 25.6 Cigars................................................ 78.6r 86.9 Paper and wood pulp.................... 50.3r 56.5 Printing and publishing................ 85.7r 85.7 Shoes.................................................. 73.8 153.6 Leather, goat and kid.................... 80.8 95.2 Explosives......................................... 32.5 37.3 Paints and varnishes...................... 72.6 67.9 Petroleum products........................ 131.5 133.2 Coke, by-product............................ 47.3 55.1 Page Eight - 5.2 -18.7 -14.6 -12.5 +10.3 + 0.2 -28.0 -45.8 - 7.3 - 8.6 -11.6 -22.5 -24.5 -23.0 -62.8 -38.2 -40.6 -49.2 +24.5 +22.6 - 4.2 -29.4 + 18.5 +34.5 -40.4 — 16.5 -30.9 - 2.3* + 0.7 - 5.9 - 8.6 + 1.0 -10.2 - 9.2 +22.0 + 0.9 -11.8 -11.8 + 0.1 - 3.2 p—Preliminary. 12.0 25.3r 29.4 21.4 49.7r 37.2 32.2 15.7r 183.7 52.2 31.8 28.3 34.0 93.4 101.2 42.8 25.8r 19.Or 85. lr 96.8 85.5 17.6 84.9 49.8r 84.8r 70.1 81.6 32.5 74.1 132.2 47.3 PAPER AND WOOD PULP 2.28 16.5 32.8 25.6 28.8 44.8 13.0 34.0 7.5 68.8 99.5 50.3 39.3 28.9 124.9 153.4 47.1 24.1 15.9 87.9 98.1 88.7 19.4 84.3 56.5 86.6 139.8 86.6 37.7 72.0 133.2 57.3 r—Revised. 21.0 44.2 35.6 27.6 50.8 16.2 45.5 8.6 71.5 107.6 71 .4 42.8 40.6 146.5p 182.4 50.4 31.3 20.6 88.4 99.6 89.1 19.7p 89.7 63.1 85.4 134.9 102.3p 40.6p 82.9 137.6 69.0 LEATHER - GOAT AND KID PETROLEUM REFINING t\r^ 1930 1931 1932 1933 SUPPLEMENT TO THE BUSINESS REVIEW PHILADELPHIA FEDERAL RESERVE DISTRICT AUGUST, 1933 Department of Research and Statistics Federal Reserve Bank of Philadelphia New Index Numbers of Employment and Payrolls in Pennsylvania Revised Factory Indexes ployment and payrolls in Pennsylvania percentages of that base have become Through the generous cooperation have been revised from 1923 to date, quite familiar to industry and to others of many manufacturers, the Federal and they now supersede the old in who use them. Reserve Bank of Philadelphia for the dexes. The revised indexes are con Principal reasons for the revision past ten years has compiled monthly structed according to the same general index numbers of employment and pay principles as those used in the prepa Since 1927, when these indexes were rolls in the manufacturing industry of ration of the old Pennsylvania in constructed for the first time, many Pennsylvania. Confidential reports dexes* and the national indexes of fac reporting concerns have gone out of covering representative industries have tory employment and payrolls con existence or have merged with other provided the basis for the construction structed by the Federal Reserve Board companies and many new ones have of these indexes, which are of more with such improvements as changing been added from time to time in order than ordinary importance as indicators conditions and developments required. to preserve an adequate representation of current changes in the number of Original figures received from indus of each industry. Moreover, in the fall people having jobs, the amount of tries covering factory wage earners, of 1931 a cooperative plan was adopted wage earnings and in productive ac rather than executives and salaried em by the United States Bureau of Labor ployes, continue to be expressed in per Statistics and this bank, under which tivity generally. Manufacturing is the largest single centages of the 1923-1924-1925 average the bank is acting as a collecting agency industry in Pennsylvania; in 1930 it which is taken as 100. A more recent for employment data for all those gave employment to about 1,256,000 date for this base period was consid companies which operate exclusively workers out of over 3,722,000 persons ered but found undesirable because of within the State of Pennsylvania, engaged in gainful occupations. The the distortion of normal relationships while the Bureau of Labor Statistics state’s factory employment and pay in the past four years. Until a greater has undertaken to collect similar fig rolls constitute about 12 per cent of degree of stability in business is at ures for Pennsylvania from those con those in the country, though its land tained, therefore, it was thought best cerns which have plants all over area is only 1.5 per cent of the United to continue the present base 'period, the country, including Pennsylvania. States. The manufacturing industry especially since indexes expressed in Every month data so collected are exalso is unusually diversified so that Table I comprehensive measurements of cur MANUFACTURING in PENNSYLVANIA COMPARED WITH THE UNITED STATES rent changes in employment of a large body of wage earners may be of more Penna. com Pennsylvania United States than local significance. pared with United States In order that such measurements may keep abreast of industrial develop Number of establishments................ 17,700 196,600 9.0% Number of wage earners............. 1,024,000 8,595,400 11.9 “ ments, the indexes of factory em Wages.................................. 811,051,241,000 * A detailed description of the method of con struction of these indexes is given in “Employ ment Fluctuations in Pennsylvania 1921-1927,” published by the Pennsylvania Department of Labor and Industry as Special Bulletin No. 24. Horse power...................... Cost of materials.............. Value of products................... Value added by manufacture. . *3,988,086,000 $7,110,719,000 $3,122,634,000 37,654,000 $36,065,880,000 $64,087,761,000 $28,021,882,000 12.3 “ 14.8 “ 11.1 “ 11.1 “ Source: Census of Manufactures; all figures are averages of four census years, 1923, 1925, 1927 and 1929. Page One EMPLOYMENT AND PAYROLLS IN PENNSYLVANIA ALL MANUFACTURING 68 INDUSTRIES REPRESENTING ABOUT 61% OT TOTAL FACTORY WORKERS key: PERCENT — EMPLOYMENT — PAYROLLS 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 TEXTILES AND CLOTHING 120 it rc • s7* 80 # 60 40 \ 0 : v*- 20 II IND USTRIE s FOOD PRODUCTS 100 80 s/ '•V. / 60 40 20 5 IND USTRIE S CHEMICAL AND ALLIED PRODUCTS TRANSPORTATION EQUIPMENT 140 120 A 100 80 60 40 20 6 INDUSTRIES LEATHER AND ITS PRODUCTS STONE. CLAY AND GLASS PRODUCTS 120 — 100 w 80 A 60 A 40 i . ,J J 20 0 3 INDUSTRIES 6 INDUSTRIES PAPER AND PRINTING LUMBER PRODUCTS 120 A A A * ■ 100 1 80 60 40 V 20 0 l • 3 IND 5TRIE 1 1923 1924 >... 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 Two DigitizedPage for FRASER ' - 1923 1924 1925 1926 1927 1926 1929 1930 1931 1932 1933 1934 1935 changed between the two agencies, census of manufactures becomes avail each safeguarding the confidential able. This method preserves the con character of the figures. This ar tinuity of the indexes without affect rangement has eliminated the duplicate ing the monthly changes. reporting which existed before, and the number of concerns included in the The revised indexes are thoroughly indexes has been increased from about representative 800 to approximately 1,750; the sample The industries represented by the has been raised by nearly one-third revised indexes employed in 1929 on when computed on the basis of wage the average over 940,000 wage earners earners employed. whose total payroll amounted to Such a large addition of new reports $1,288,000,000. This was about 93 per naturally has introduced some new in cent of all factory wage earners' and dustries which were not covered by their earnings in Pennsylvania. Estab the old classification. Many old in lishments reporting currently to this dustries, too, have modified or changed bank employed in the same year about the character of their products in the 573,000 workers whose wages totaled course of the past six years. Conse over $785,000,000 or 61 per cent of all quently, all reports have been reex workers and their payrolls in the in amined and reclassified whenever it dustries covered by the revised in was found necessary and the number dexes, as compared with about 40 per of subdivisions has been enlarged cent representation in the old ones. from 51 to 68 industries, as shown The comprehensiveness of the reports by Table III on page 4. The number used in the revised indexes is evidenced of industrial areas for which separate by Table II. indexes have been constructed also has It should be noted in this connection been increased from 16 to 20 in order that while the proportion of vvage to conform to divisions by county lines. earners covered by the new indexes As it is not possible to obtain has been greatly increased, the differ monthly reports from all of the estab ences between monthly changes in em lishments in the state, figures from ployment and payrolls of the industry representative concerns only are in as a whole as shown by the old and re cluded in the indexes. The business of vised indexes have been very small, this group of establishments may not as indicated by a comparison of these always reflect accurately changes that changes over the past eighteen months. take place in the manufacturing in This suggests that, in spite of a smaller dustry as a whole, such as plants go number of reports, the old index num ing out of existence and new ones ber afforded a broad enough measure coming into the market. Thus to ment to give a fair cross-section of make possible an accurate description changes in total employment and pay of the trend of factory employment and rolls. In the case of individual indus earnings, the indexes have been ad tries, however, the differences were justed so as to harmonize them with quite noticeable, and in some instances the level shown by the biennial census they were fairly substantial. of manufactures which covers all man ufacturing establishments, the value of How individual indexes are combined whose products exceeds $5,000 a year. into composite indexes Indexes for virtually every industry For purposes of combining the in have been adjusted, from 1923 to 1929, dividual indexes into groups and these so that the changes conform to the groups into a general or composite in level shown by the federal census fig dex number for the entire manufactur ures. In many lines this adjustment ing industry, it has been necessary to also has been carried through 1930 on determine the importance of each line the basis of the annual state census in relation to the whole. This was whenever it was found desirable, since done by computing weight factors the detailed federal census of manu or percentages that employment and factures for 1931 has not yet been payrolls of each industry bear to all completed. To make subsequent in manufacturing as given in the fed dexes comparable with those adjusted eral censuses for 1923 and 1925. To to the level of the last census, a multi make these factors correspond to the plying factor has been derived for three-year base period, 1923-1924-1925, each industry and applied to every suc the average of the two census years ceeding index number from January has been adjusted to reflect changes in 1930 forward until the next federal 1924, for which year there were no Table II REPRESENTATION OF DATA USED IN THE REVISED INDEXES Industry and group in Pennsylvania Proportion rep resented by the indexes—per cent of total as given in 1929 census Employ Pay rolls ment All manufacturing............... Iron & steel and their products Blast furnaces........................ Steel works and rolling mills . Iron and steel forgings........... Structural iron and steel........ Heating & plumbing supplies Stoves and furnaces.............. Foundries............................... Machinery and parts.............. Electrical apparatus................ Engines and pumps................. Hardware and tools................ Non-ferrous metal products. . . Brass and bronze...................... Transportation equipment. . . . Automobiles & motor trucks. Auto & truck bodies and parts Locomotives and cars............. Railroad repair shops............. Shipbuilding............................ Textiles and clothing.................. Textiles.................................. Cotton goods.................... Woolen and worsted goods Silk manufactures............... Textile dyeing and finishing Carpets and rugs................. Hats........................................ Hosiery................................... Knit goods, other................ Clothing................................. Men’s.................................... Women’s................ Shirts and furnishings........ Food products...................... Bread and bakery products. . Confectionary. . . Ice cream............................... Slaughtering & meat packing Canning and preserving......... Stone, clay and glass products. Brick, tile and terra cotta . . . Pottery....................................... Cement................................... Glass..................................... Lumber products.............. Lumber and planing mills . . . Furniture................................... Wooden boxes.................... Chemical and allied products. . Chemicals................................ Drugs.......................................... Coke...................................... Explosives............................... Paints and varnishes............... Petroleum refining................... Leather and its products........... Leather tanning....................... Shoes................................... Paper and printing...................... Paper and wood pulp......... Paper containers...................... Printing............................ Book and job................. Newspapers and periodicals . Other manufactures. . . Cigars and tobacco.................. Rubber tires and goods... 60.8 73.5 28.2 85.0 85.2 76.6 57.4 52.9 56.3 58.3 84.6 40.3 59.9 58.2 49.2 85.0 21.9 71.1 90.5 84.1 93.5 39.7 45.2 55.3 28.3 48.7 34.2 55.6 99.0 45.3 27.3 23.0 32.3 17.8 20.3 50.4 32.9 78.3 56.5 70.2 69.7 58.3 35.2 79.0 83.5 67.5 46.1 48.2 51.4 27.9 64.8 34.9 63.3 47.6 57.0 67.3 87.5 60.0 86.6 52.2 49.8 62.7 44.4 45.8 33.1 60.9 58.9 53.8 55.6 60.8 63.1 26.2 63.0 85.9 74.8 51.7 60 1 57.8 51.6 86.0 38.0 56.5 57.8 45.7 87.3 41.1 67.6 91.0 86.0 88.7 41 .0 43.8 53.6 26.1 56.2 35.2 51.6 98.2 43.8 24.2 23.6 38.9 13.1 22.7 50.5 33.7 84.8 62.5 68.3 84.1 77.6 42.7 67.8 89.5 95.8 45.7 44.0 52.2 27.9 68.2 36.3 58.0 42.1 53.5 64.7 85.0 61.6 87.4 50.0 53.8 71.6 48.3 50.1 62.6 71.9 62.9 63.6 census data, by the use of the annual averages of the indexes for the base period. Table III gives the weight fac tors in detail. Individual indexes were then combined first into their respective groups and finally into a composite index number in the propor tions indicated by these factors. The revised indexes, being so Page Three weighted or aggregated proportion ately, correct any inequalities which may arise front varying sizes of sample. For example, the relative im portance of textiles and clothing in point of employment is over 22 per cent of the whole or the second larg est group as an employer of factory labor, and the current reports used in the indexes for this group represent about 40 per cent of all wage earners employed by textile and clothing manufacturers. On the other hand, in the chemical group, whose importance in the manufacturing industry is less than 4 per cent, our reports comprise 65 per cent of all wage earners en gaged in that industry. Obviously, the combination of these two industrial groups into a composite index number without regard to their relative im portance would tend to minimize the textile group and overemphasize the chemical group because of the differ ence in the size of the samples of wage earners covered by current reports. This disproportion is even more pro nounced in the case of individual in dustries. The revised indexes, there for, represent an improvement over the old index numbers which had not been combined in the proportion that each line bears to the whole. In deriving the weight factors, an inquiry was made to determine whether or not there have been any impor tant changes in the relative distribu tion of manufacturing industries of Pennsylvania since 1923. The data for the four biennial censuses of manufactures show that the rela tion between the industries has been fairly steady. A slight upward trend in the proportion of non-ferrous metal products, clothing and food products, and a small downward movement in transportation equipment and chemical and allied products do not furnish sufficient evidence for a defi nite conclusion that the composition of the manufacturing industry in Penn sylvania has undergone any funda mental change. (Table IV.) A new index number of general em ployment and payrolls in Pennsylvania In addition to the figures obtained from manufacturing concerns and an thracite companies (the latter through the Anthracite Institute), data cov ering ten other industries and services in Pennsylvania have become available since the beginning of 1932 through the cooperation of the United States Bureau of Labor Statistics and the Page Four Table III WEIGHT FACTORS OR PERCENTAGES USED IN COMBINING THE REVISED INDEXES OF FACTORY EMPLOYMENT AND PAYROLLS IN PENNSYLVANIA INTO COMPOSITE INDEXES Payrolls 1923-1925 average Employment 1923-1925 average Average number Per cent of total 340,613 10,291 163,897 5,446 10,747 13,437 4,515 30,937 38,291 35,204 7,829 20,019 35.46 1.07 17.06 0.57 1.12 1.40 0.47 3.22 3.99 3.66 0.82 2.08 15,647 4,566 4,128 1,352 1,364 4,237 Transportation equipment....................... Textiles and clothing................................ Millinery and lace goods.................................. Confectionery..................................................... Slaughtering and meat packing..................... Stone, clay and glass products............... Chemical and allied products................. Coke...................................................................... Leather and its products......................... Paper and printing.................................... Other manufactures................................. Total—all industries...................... Amount Per cent of total 513,262,219 17,296,196 263,552,195 7,554,510 16,830,836 19,397,163 6,507,072 44,444,031 54,717,720 47,878,360 11,591,768 23,492,368 40.50 1.36 20.79 0.60 1.33 1.53 0.52 3.51 4.32 3.78 0.91 1.85 1.63 0.48 0.43 0.14 0.14 0.44 21,395,929 6,410,541 6,148,442 1,622,721 1,702,612 5,511,613 1.68 0.51 0.48 0.13 0.13 0.43 110,883 5433 11,580 20,293 68,017 5,702 158 11.54 0.53 1.21 2.11 7.08 0.59 0.02 169,693,634 7,893,711 17,203,271 31,660,366 105,064,767 7,671,319 200,200 13.40 0.62 1.36 2.50 8.29 0.61 0.02 212,401 169,525 16,733 21,878 53,288 7,793 10,244 5,891 34,790 13.716 5,192 42,876 16,965 10.717 15,194 22.11 17.64 1.74 2.28 5.55 0.81 1.07 0.61 3.61 1.43 0.54 4.47 1.77 1.12 1.58 215,221,493 178,334,683 20,918,523 24,744,253 48,023,979 9,633,821 14,009,696 7,280,220 36,554,160 11,719,319 5,450,712 36,886,810 18,166,502 9,502,435 9,217,873 16.98 14.07 1.65 1.95 3.79 0.76 1.11 0.57 2.89 0.92 0.43 2.91 1.43 0.75 0.73 53,381 20,029 9,992 2,958 5,948 2,391 1,169 4,944 1,427 4,523 5.56 2.09 1.04 0.31 0.62 0.25 0.12 0 51 0.15 0.47 65,751,149 26,362,151 9,245,055 4,390,626 8,676,564 3,559,596 1,448,023 7,496,942 1,653,125 2,919,067 5.18 2.08 0.73 0.35 0.68 0.28 0.11 0.59 0.13 0.23 57,219 18,287 2'658 9,485 20,695 3,712 2,382 27,149 11,592 11,998 3,559 34,056 9,786 2,770 9,128 1,353 2^959 8,060 24,465 9,073 12,697 2,695 48,513 12,932 6,429 29,152 16,565 12,587 36,267 30,935 4,337 995 5 96 1.90 0.28 0.99 2.15 0.39 0.25 2 83 1.21 1.25 0.37 3.55 1.02 0.29 0.95 0.14 0 31 0.84 2 54 0.94 1.32 0.28 5 05 1.35 0.67 3.03 1.72 1.31 3.77 3.22 0.45 0.10 75,924,899 22,980,391 3,215,946 14,347,566 27,026,919 5,368,577 2,985,500 32,119,633 14,710,368 14,101,812 3,307,453 49,516,797 13,249,898 3,050,321 15,385,823 1,832,128 4,184,394 11,814,233 26,250,037 11,308,860 11,956,057 2,985,120 68,011,629 16,356,824 5,470,324 46,184,481 23,930,547 22,253,934 30,579,480 24,482,058 4,817,230 1,280,192 5.98 1.81 0.25 1.13 2.13 0.42 0.24 2.53 1.16 1.11 0.26 3.90 1.05 0.24 1.21 0.14 0.33 0.93 2 07 0.89 0.94 0.24 5.37 1.29 0.43 3.65 1.89 1.76 2.41 1.93 0.38 0.10 960,594 100.00 $1,267,726,899 100.00 $ Sources: U. S. Census of Manufactures; Reports on Productive Industries in Pennsylvania; Philadel phia Federal Reserve Bank. Table IV DISTRIBUTION OF MANUFACTURING INDUSTRIES IN PENNSYLVANIA Availability of indexes (Percentages of total for each year) These new indexes will be included monthly in “The Business Review,” published by this bank. For the benefit of cooperating concerns, factory em ployment and payroll indexes will be made available in detail and forwarded about two weeks in advance of the publication of the bulletin. In the case of the general index combining manu facturing and non-manufacturing in dustries and services, it will not be pos sible to release it before the issue of the monthly bulletin. Because of the lack of space, only group indexes of factory employment and payrolls can be given in this sup plement. Indexes for the individual lines of manufacture and by industrial areas of the state will be made avail able in mimeograph form upon request at this bank. The indexes of factory employment presented here, like those which they displace, are not adjusted for seasonal variation. Such adjustment is now being made by individual lines of manufacture which will be combined into group and composite index num bers in the same way as that used in the indexes without seasonal correc tion. Employment Iron and steel and their products......... Non-ferrous metal products. . . . Transportation equipment.... 1 extiles and clothing........................... I ood products..................................... Stone, clay and glass products. . . Lumber products............................. Chemicals and allied products. . . Leather and its products. . . Paper and printing........................ . Other manufactures........... 1923 1925 1927 1929 1923 1925 1927 1929 35.50 1.56 12.47 21.66 5.35 5.80 2.66 3.83 2.60 4.75 3.81 34.73 1.74 11.08 23.47 5.60 5.89 2.97 3.14 2.48 5.16 3.74 34.40 1.83 10 -02 24.57 5.67 5.88 2.82 3.18 2.56 5.24 3.83 35.94 2.05 9.68 24.87 5.74 5.54 2.58 2.99 2.35 5.13 3.13 40.75 39.67 1.81 12.62 18.62 5 24 5.98 2 66 3.36 2.02 5.60 2.42 38.94 1.90 11.58 19.95 41 10 2 06 11 41 19.82 5.77 5 32 3.44 2.14 5.82 2.37 1.91 5.62 1.84 Pennsylvania Department of Labor and Industry. It thus has been pos sible to construct general index num bers of employment and payrolls in twelve manufacturing and non manufacturing industries and serv ices of Pennsylvania, as shown by the accompanying chart and figures. Since the collection of figures for most of the occupations was not started until late 1931, all data used in these in dexes have been expressed in per centages of the 1932 average which is taken as 100. Individual indexes were then combined in proportion to their importance as indicated by Table V. Index numbers of employment and payrolls in some nonmanufacturing lines have not been tested for their trend by comparison with the census data as have the indexes for factory employment and wage payments, chiefly because current figures for most lines do not extend back of 1932. Analyses show that data covering man ufacturing, coal mining and public util ities are thoroughly representative, whereas current reports from such lines as retail and wholesale trade, and building and construction may be lack ing to some extent in their adequacy of representation, owing to the nature of these occupations and the difficulty in obtaining as large a variety of re ports as in the case of manufacturing. The figures in Table V have been derived principally from federal and state census data for 1930. The num ber of persons 10 years old and over engaged in gainful occupations in Pennsylvania in that year totaled about 3,722,400. Largely because of the dif ficulty of collecting statistics currently, no efforts have been made to obtain data for the following lines: agricul ture, employing 251,400; forestry and fishing, 5,800; professional service, 247,300; domestic and personal serv ice, 216,000; these occupations com- Payrolls 14.86 16.25 4.84 5.77 2.35 4.23 2.12 4.89 2.38 bined in 1930 represented 720,600 per sons gainfully employed. Steam rail roads employed 160,000 persons; while the Interstate Commerce Commission compiles figures of railroad employ ment and compensation for the country as a whole, it is hardly feasible to con struct satisfactory state employment in dexes because of the interstate charac ter of this service. Excluding these industries and services, the representa tion of the present index number is about 80 per cent of the remaining total; with these occupations included, the index number represents over 61 per cent of all persons gainfully em ployed in Pennsylvania. INDUSTRIAL EMPLOYMENT AND PAYROLLS PENNSYLVANIA PERCENT EMPLOYMENT PAYROLLS Table V Relative Importance of Occupations in Pennsylvania (1930 census) Manufacturing.................................... Public utilities..................................... Anthracite mining.............................. Bituminous coal mining.................... Building and construction............... Quarrying and non-metallic mining Crude petroleum production........... Retail trade.......................................... Wholesale trade................................ * Hotels.................................................... Laundries.............................................. Dyeing and cleaning.......................... T otal................................................ Employment Compensation Total Per cent Total Per cent 1,113,200 101,000 156,900 128,900 247,200* 14,600 3,700* 360,500* 106,900* 25,400 15,500 4,400 48.9 4.4 6.9 5.7 10.8 0.6 0.2 15.8 4.7 1.1 0.7 0.2 $1,588,050,500 164,249,300 230,899,900 140,982,700 327,693,900* 19,059,900 5,562,000* 374,040,200* 189,572,900* 21,239,900 15,271,300 6,237,600 51.5 5.3 7.5 4.6 10.6 0.6 0.2 12.1 6.2 0.7 0.5 0.2 2,278,100 100.0 $3,082,860,100 100.0 * Estimated. Page Five Revised indexes of employment and payrolls in the manufacturing industry of Pennsylvania ALL MANUFACTURING (68 industries. 1 1923-25=100) Employment Payrolls 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 104.8 106.6 108 0 106 9 107 8 108.6 107.7 JUly 107.0 106.8 106 6 105.5 Dec... 103.3 101.1 101.5 102.0 100.4 96.9 93.0 89.5 90.4 92.2 93.9 93.7 96.0 97.2 98.5 99.0 98.0 97.5 97.1 95.4 95.5 96.4 98.3 98.1 99.0 99.2 100.6 100.1 98.9 97.7 97.5 97.2 98.1 100.1 101.4 101.3 100.2 98.0 98.4 98.6 96.5 96.2 95.8 94.4 94.3 94.5 94.4 94.3 93.3 91.6 93.5 93.8 90.8 91.2 91.7 90.6 92.8 93.5 94.3 94.5 94.1 94.0 96.6 97.1 97.6 97.9 98.5 98.6 100.2 101.2 101.5 100.4 97.7 95.8 96.2 95.8 94.6 92.5 90.3 85.1 84.2 85.3 84.5 83.3 80.1 77.4 78.7 78.5 78.6 76.9 74.3 71.8 72.7 73.1 72.8 71.8 71.3 69.2 69.5 68.3 65.6 62.9 61.5 58.7 59.6 63.6 65.6 65.2 63.3 60.3 61.8 58.8 59.0 62.6p 65.5p 98.8 101.8 106.8 105.5 113.2 112.6 106.1 107.0 106.7 110.5 106.3 105.3 100.0 104.4 104.7 102.3 96.8 89.1 81.6 86.1 88.6 93.7 92.6 99.8 98.1 100.2 101.8 98.5 99.2 96.2 92.9 95.1 93.5 101.5 99.3 103.0 101.0 104.4 105.5 102.7 101.2 101.3 96.5 99.4 104.3 107.6 104.9 106.2 100.0 103.0 103.5 100.7 98.4 97.6 91.1 94.7 92.4 95.1 93.7 93.8 89.6 95.6 95.5 88.9 92.3 92.0 86.4 92.8 92.9 98.4 96.6 96.8 94.7 101.5 103.3 103.7 104.8 103.7 99.2 104.5 102.7 106.8 102.6 97.8 95.7 97.4 97.3 95.4 91.2 86.1 77.4 78.2 78.5 78.5 73.3 70.0 65.5 67.7 68.7 68.7 65.4 60.9 56.4 56.9 54.9 55.3 51.9 52.6 49.3 48.9 47.6 43.2 39.3 37.3 33.2 34.8 37.6 40.6 39.1 37.4 33.7 34.8 32.5 33.4 37.6p 42.0p Avg . . 106.6 95.9 97.5 99.4 95.7 92.7 98.4 89.0 74.8 64.5 106.7 95.0 98.3 102.7 97.0 93.1 102.1 85.0 60.4 40.7 T„„ Fph IRON AND STEEL AND THEIR PRODUCTS (11 industries) Employment 1923 1924 102 9 104.7 107.1 107.0 108.3 109.5 108.0 109.3 110.6 109.5 107.7 Dec.. . 105.3 104.2 107.1 107.9 106.9 101.3 95.4 89.8 90.2 90.8 92.1 91.9 95.6 Avg.. . 107.5 97.7 T„„ Fph Payrolls 1926 1927 1928 1929 1930 1931 1932 1933 1923 1924 98.2 96.3 99.7 98.9 98.8 99.2 97.4 99.2 95.4 97.9 93.3 97.4 91.0 97.1 90.7 98.8 91.5 100.7 93.1 101.4 93.2 100.7 97.9 95.4 95.6 96.3 96.2 94.8 93.9 93.5 91.2 90.1 90.2 88.8 88.0 87.1 86.0 88.6 88.7 88.4 88.2 88.1 88.4 90.5 92.2 92.3 93.2 92.6 93.5 95.8 95.7 ,97.1 99.2 100.5 101.9 103.7 102.7 101.3 99.2 96.6 96.3 95.4 94.2 93.3 91.3 88.9 85.1 83.5 83.2 80.7 78.3 75.2 72.8 72.9 72.0 71.5 69.6 66.5 64.0 63.8 62.8 60.6 60.3 59.9 58.3 57.2 56.1 54.1 51.7 49.7 47.2 46.9 47.8 48.5 48.6 48.1 45.5 46.6 43.8 44.6 46.6 50.4 96.1 100.5 105.7 105.1 115.0 115.1 104.5 111.4 111.0 113.6 110.6 108.2 103.7 99.3 112.0 101.1 111.4 101.0 110.0 98.0 96.9 102.1 89.9 92.3 77.7 85.3 84.9 89.3 88.4 86.1 90.2 97.3 88.5 95.6 99.5 102.1 98.8 92.2 89.8 98.9 87.2 66.4 51.2 1925 94.8 108.1 1925 1927 1928 1929 1930 1931 1932 1933 100.2 97.4 105.6 102.2 106.9 102.1 104.9 100.2 102.0 95.8 102.5 95.5 95.8 86.2 99.7 90.3 102.8 85.7 108.4 87.0 103.6 85.0 104.6 86.5 83.1 91.9 91.4 87.7 90.0 88.2 82.4 91.0 90.5 96.4 95.0 94.6 95.6 102.4 102.9 104.7 108.0 106.6 102.2 109.4 103.2 105.7 100.1 93.7 95.2 96.1 95.9 94.6 91.3 84.9 78.1 78.9 76.6 74.8 67.6 63.8 62.0 61.9 61.5 62.6 57.1 51.3 47.7 46.1 42.8 41.5 38.3 40.1 38.0 35.7 34.9 <31.4 27.8 25.9 22.0 22.7 23.3 25.2 24.4 24.2 21.2 22.4 21.2 23.0 26.6 32.9 90.2 102.9 83.2 51.1 28.0 1926 95.5 103.1 96.3 92.8 NON-FERROUS METAL PRODUCTS (5 industries) Employment Payrolls Jan. . Feb.. June. July . Nov.. Dec.. Avg.. . Note: Monthly indexes are not available for all individual lines in this group prior to 1932. TRANSPORTATION EQUIPMENT (6 industries) Employment Payrolls 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 114.5 117.1 118.2 116.6 119.1 121.5 122.1 120.6 114.2 114.2 113.5 Dec... 100.9 92.7 93.6 95.4 95.3 91.8 89.0 89.4 88.4 87.7 90.1 89.5 90.9 91.7 92.2 94.0 93.4 93.7 94.9 92.8 90.9 91.8 93.9 91.5 92.3 95.7 96.6 96.3 97.3 95.7 92.5 90.6 90.0 89.6 89.4 88.9 89.5 88.4 90.2 88.5 85.5 84.9 83.7 82.0 80.8 78.1 76.2 75.6 74.5 72.8 73.9 73.2 72.8 72.5 73.2 73.0 72.7 72.3 72.6 73.6 75.2 77.0 80.9 82.9 84.1 82.8 81.2 81.0 80.1 81.1 80.7 80.6 80.5 78.8 79.9 80.5 80.9 80.3 76.5 74.3 72.1 70.9 68.8 67.1 65.6 63.7 63.2 63.1 62.9 62.0 60.0 58.6 58.6 57.4 56.6 55.7 57.8 57.7 57.5 56.4 55.0 53.4 53.7 51.7 48.0 48.1 49.7 49.1 47.9 48.3 47.4 45.6 44.1 49.2p 44.5p 115.2 112.3 122.2 118.7 130.6 127.5 127.0 125.9 116.6 122.3 111.2 104.8 91.3 90.6 96.1 94.1 90.0 84.9 85.7 82.3 82.6 90.6 86.9 91.7 91.9 94.8 88.2 93.0 95.3 100.1 92.4 99.1 92.9 97.1 93.7 93.6 92.9 91.2 87.2 91.8 87.8 90.6 94.7 94.8 88.4 92.9 93.0 96.4 92.5 89.6 91.8 86.1 84.9 83.7 80.0 82.1 77.6 78.1 77.1 77.2 75.5 74.2 73.6 71.2 74.0 74.8 71.8 74.2 71.7 77.4 75.1 77.6 79.8 83.0 91.2 91.8 88.6 83.9 84.4 85.0 82.1 88.7 85.1 84.5 84.7 82.1 87.5 87.7 85.0 77.8 71.2 67.2 65.5 65.3 58.2 57.5 56.0 53.2 57.4 56.6 53.9 49.8 49.1 46.0 43.7 44.8 42.7 44.8 44.0 39.7 40.7 36.8 34.3 31.4 27.1 26.8 26.5 28.2 29.5 30.4 28.8 26.7 24.5 24.0 24.5p 24.5p Avg.. . 116.1 91.1 92.8 92.7 82.4 73.1 81.1 74.7 60.0 52.3 119.5 88.9 91.5 83.4 74.2 85.7 74.1 49.8 33.0 Feb Page Six 94.6 TEXTILES AND CLOTHING (12 industries) Employment 1923 1925 1926 1927 1928 1929 1930 1931 1932 1933 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 Jan... 104.6 100.8 97.3 106.8 99.0 99.9 107.2 99.0 102.4 94.6 102.1 May. . 106.1 61.9 104.2 105.8 8/ .4 104.4 July .. 105.6 82.0 102.3 Aug.. . 103.2 84.8 103.2 Sept... 102.9 89.2 103.8 Oct. . . 103.6 92.6 105.8 Nov.. . 100.6 92.1 106.2 Dec.. . 101.0 95.0 106.8 106.9 107.0 104.1 100.3 98.3 98.4 97.8 99.4 102.7 106.2 108.1 109.3 107.8 106.7 107.6 105.3 104.7 102.6 101.3 102.0 102.9 105.0 108.3 108.6 108.8 112.7 113.1 101.7 101.5 102.0 98.2 101.7 102.1 103.8 104.6 105.6 105.0 109.3 111.7 111.3 108.8 107.2 106.5 110.3 112.7 114.9 114.9 110.9 109.8 111.4 110.8 106.7 102.8 100.2 88.4 89.3 95.3 98.3 100.3 94.7 92.4 96.1 96.0 97.4 95.3 90.4 85.1 88.7 91.3 94.4 92.6 91.4 89.1 90.9 88.5 82.7 76.6 73.2 67.7 74.4 89.1 93.5 92.4 89.2 83.6 87.6 80.8 80.4 86.1 91.0 97.8 96.9 104.2 99.9 105.9 99.2 105.7 92.8 109.8 87.2 106.2 80.9 102.4 72.2 96.3 78.4 98.0 85.6 103.7 94.6 96.1 95.9 100.2 102.5 99.4 106.8 110.3 104.4 109.7 105.7 103.1 109.3 102.0 112.6 112.5 111.2 111.1 115.1 110.4 101.5 103.3 102.8 97.7 102.7 106.5 116.2 116.1 119.2 113.9 118.5 117.2 113.2 112.5 108.7 101.9 107.1 107.8 116.4 118.4 119.4 114.1 123.1 122.4 101.6 105.7 106.0 97.2 104.4 107.4 114.3 112.2 115.2 105.8 119.9 123.9 122.2 119.6 118.0 109.4 116.1 120.5 127.5 124.6 117.8 111.5 116.8 112.7 104.0 93.4 91.0 73.0 78.1 87.0 91.8 93.5 85.6 76.9 86.4 87.8 86 4 86.1 80.8 68.6 76.4 74 7 80 4 76.4 74.2 68.0 72.0 67.9 57 8 48.4 45 9 39.1 46.9 60 7 68 7 64 4 58.3 51 4 54 6 48 0 92.4 103.2 103.3 105.2 104.6 110.3 100.7 92.6 83.9 90.6 107.3 108.6 112.9 110.3 118.7 94.9 79.6 58.2 Avg.. . 104.4 1924 Payrolls 102.2 55 2 60 4 FOOD PRODUCTS (9 industries) Employment 1923 Jan... May. . July.. . Aug.. . Oct. .. 1924 1925 1926 1927 1929 1930 1931 1932 1933 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 98.3 98.8 98.4 97.1 102.6 102.5 103.3 100.4 100.0 99.0 98.4 103.9 101.9 104.2 101.7 99.5 97.1 98.6 101.8 101.0 103.3 99.3 98.6 94. / 97.5 101.1 99.3 103.5 97.8 90.0 100.2 103.0 101.6 104.3 99.3 100.5 101.9 105.3 103.0 106.5 101.5 99.4 102.8 106.0 104.2 106.3 100.5 98.1 102.0 104.6 103.6 107.9 103.5 102.8 99.6 103.3 106.0 104.7 111.5 103.9 104.4 100.7 105.8 107.3 107.0 114.6 100.8 99.5 105.3 105.8 106.2 115.0 101.5 99.5 97.4 104.9 105.1 105.5 111.8 107.0 107.4 106.1 104.0 106.8 106.0 106.8 106.8 108.1 108.9 107.8 106.1 102.4 102.6 101.0 100.0 102.3 102.4 103.4 102.4 106.3 104.9 103.1 99.9 91.0 90.2 89.5 88.9 88.8 90.0 90.6 90.5 91.0 93.1 90.9 86.5 83.6 84.5 83.3 86.6 88.4 89.9 92.4 93.1 96.5 93.7 98.3 98.8 100.5 93.0 103.4 105.7 104.8 105.2 100.2 101.9 101.4 101.7 103.3 101.3 100.3 102.2 103.4 106.5 100.3 100.1 99.9 100.2 98.5 97.1 101.5 102.9 99.5 95.7 96.8 102.1 99.0 98.6 97.8 100.5 101.7 99.1 102.4 105.3 103.2 101.8 103.4 109.2 106.4 107.7 103.8 104.7 104.3 103.0 107.0 111.0 105.8 104.4 105.4 107.5 105.7 104.9 100.5 102.3 101.8 96.6 103.4 104.7 102.7 102.4 103.0 107.5 105.0 104.8 102.2 105.4 104.6 103.4 i06.2 108.4 105.6 105.6 108.8 114.4 110.6 109.7 106.4 107.4 106.6 106.3 108.8 106.3 103.1 101 6 103.3 104 5 100.5 102.4 95 5 97.6 95.4 93.9 95.8 95 4 92.7 91 0 78 4 78.3 76 8 74.7 74 7 74 5 71 3 71 5 89.6 89.5 67 5 65.9 98.4 101.5 104.4 103.4 107.7 106.8 102.6 90.8 99.3 103.2 105.6 102.9 107.1 104.8 93.8 73.1 Avg... 101.3 100.4 1928 Payrolls 98.8 101.9 1933 STONE, CLAY AND GLASS PRODUCTS (6 industries) Employment Jan... Feb... Mar... Apr. . . May. . June.. July... Aug... Sept... Oct. .. Nov... Dec... 1925 | 1926 1 1927 1923 1924 102.5 104.7 106.4 104.9 107.2 107.5 102.9 103.5 100.8 102.9 101.7 101.9 100.3 98.1 96.3 90.7 101.3 101.3 97.0 93.6 104.4 99.8 97.5 98.1 103.7 100.6 97.1 100.7 101.6 97.2 98.1 91.8 97.6 97.0 98.3 96.3 94.3 94.3 96.9 92.0 93.3 92.7 95.7 92.0 95.8 95.2 100.1 93.9 96.3 95.5 100.7 93.6 100.2 96.0 99.2 90.8 100.8 96.5 96.6 85.5 Avg... 103.9 99.2 Payrolls 97.0 97.8 93.2 1928 1929 1930 1931 1932 1933 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 78.7 78.4 82.5 83.0 86.8 87.8 86.7 87.4 87.0 86.2 86.4 86.3 87.0 87.9 87.5 88.8 90.6 93.0 91.3 91.7 96.2 95.3 92.4 86.9 82.8 86.7 87.6 89.9 85.3 79.3 75.7 73.3 74.8 76.0 73.6 70.4 65.4 66.3 67.5 68.6 65.1 65.7 60.9 62.6 64.8 66.7 65.3 66.9 59.6 60.4 60.1 59.6 56.4 57.6 54.8 52.2 55.6 58.4 59.3 54.8 51.1 50.0 51.0 54.1 59.0 66.3 94.6 95.1 101.8 102.7 108.9 111.4 101.1 105.7 103.3 106.0 105.0 103.3 98.4 104.2 106.5 107.0 102.7 94.4 83.5 91.4 92.6 97.6 100.4 102.3 95.4 101.8 99.9 101.1 98.8 96.3 92.9 96.5 95.6 101.1 98.2 101.4 95.8 88.7 99.7 95.3 101.5 99.6 101.2 103.1 102.7 95.8 104.8 95.3 96.4 85.6 97.8 89.8 102.5 91.1 107.6 91.4 103.7 86.5 98.8 76.6 65.6 74.7 79.7 76.2 84.9 85.3 76.3 84.4 82.8 88.9 88.7 85.7 81.3 86.4 86.9 89.9 93.6 94.0 86.7 93.2 90.5 95.2 92.5 85.5 76.6 83.9 84 2 88.1 80.3 69.3 54.4 58.9 57.1 58.9 52.1 49.2 37.7 44.2 45.6 44.7 42.5 41.6 34.8 36.2 37.7 39.1 36.5 36.4 27.9 30.0 28.1 28.4 26.1 26.1 22.4 21.6 23.0 25.3 24.7 21.5 18.6 19.6 19.1 20.6 25.5 31.7 84.7 90.7 79.6 65.5 57.4 103.2 98.4 81.1 89.7 67.8 39.8 25.4 98.3 101.1 91.6 LUMBER PRODUCTS (3 industries) Employment 1923 Jan... Feb... Mar.. . Apr.. . May. . June.. July.. . Aug... Sept... Oct. . . Nov... Dec.. . Avg... 1925 1926 1927 1928 1929 1930 1931 1932 94.0 100.4 100.3 95.7 99.2 100.6 98.4 98.5 97.3 97.8 93.5 93.8 99.2 92.0 94.1 101.9 95.0 102.6 101.4 91.9 102.9 102.4 98.1 103.5 102.1 99.2 105.0 101.6 98.1 110.7 102.2 99.1 112.8 102.2 102.9 109.9 100.1 97.6 98.8 96.2 89.5 97.1 97.8 100.1 102.9 104.5 103.5 99.6 92.0 86.3 90.4 87.5 91.1 85.9 92.4 82.5 95.6 82.0 101.1 89.9 100.0 92.3 104.0 100.0 106.5 101.4 105.8 102.7 97.1 97.0 97.5 92.5 88.6 92.5 85.9 81.4 85.4 97.5 98.1 98.2 98.2 95.2 91.9 89.9 80.4 75.7 74.2 72.1 71.2 76.5 71.4 73.5 72.2 68.1 64.1 57.0 50.0 53.9 53.8 53.6 51.8 50.8 53.5 56.3 56.4 52.6 51.5 50.4 91.9 71.4 52.9 99.9 1924 Payrolls 97.3 102.8 99.0 97.8 91.7 1 1933 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 49.6 46.4 46.3 39.6 43.6 44.0 38.6 38.3 40.3 43.8 39.6 40.1 35.3 84.2 34.7 86.7 34.0 93.9 33.3 93.3 37.8 96.2 39.8 105.3 101.4 104.4 105.3 104.9 102.4 104.2 96.4 103.3 101.7 94.9 89.5 87.3 92.3 98.8 98.2 98.7 104.0 109.7 97.6 103.5 95.9 89.6 91.8 99.5 106.9 104.4 107.2 116.7 117.0 113.9 97.1 99.1 100.2 95.2 90.2 94.4 97.5 100.7 105.6 110.8 111.2 103.4 93.3 93.6 93.1 95.8 96.3 101.9 103.8 109.5 112.3 111.8 101.5 100.6 86.7 91.3 88.0 79.7 81.4 88.5 92.6 104.8 109.1 113.7 112.4 101.4 89.5 98.9 88.6 84.6 88.8 100.2 97.8 101.5 102.9 103.1 99.1 93.5 78.9 77.9 73.1 69.3 69.1 69.6 68.8 70.0 68.5 67.7 57.9 48.8 39.0 43.7 49.2 46.7 44.5 43.9 45.8 53.4 53.2 45.1 41.8 40.4 36.1 32.8 30.9 24.9 28.6 28.3 23.0 24.5 26.8 28.8 25.1 24.7 18.7 18.3 16.1 17.2 21.1 24.2 42.5 98.5 97.9 103.7 100.5 101.1 95.8 95.7 70.3 45.6 27.9 Page Seven CHEMICAL AND ALLIED PRODUCTS (6 industries) Employment 1923 Jan... Feb... Mar.. . Apr.. . May. . June.. July.. . Aug. . . Sept... Oct. .. Nov.. . Dec.. . 1927 1929 1930 1931 74.1 73.9 73.3 72.1 70.3 69.2 70.8 69.4 67.8 67.3 66.7 68.9 69.4 95.5 69.8 94.8 69.0 98.1 68.2 94.0 67.4 105.2 72.2 104.9 100.9 97.1 96.3 101.2 105.5 105.5 102.0 105.3 104.8 102.6 98.9 94.5 94.7 95.2 95.8 99.1 100.9 104.2 99.2 101.5 103.6 101.6 101.2 98.2 95.3 98.3 100.6 101.5 98.8 102.6 101.5 105.7 107.5 106.4 103.2 104.3 101.3 100.4 102.5 106.2 107.9 109.2 104.4 94.2 93.2 106.4 101.0 98.1 106.9 100.4 98.5 108.0 99.7 99.7 99.5 101.5 99.1 92.9 99.1 100.8 92.2 93.4 100.4 95.4 95.9 103.3 94.3 96.6 100.3 98.9 99.1 104.4 99.7 97.2 102.3 99.0 97.2 97.2 94.0 99.0 102.5 107.6 102.9 100.8 91.7 89.7 87.2 86.1 79.5 82.0 78.5 80.3 81.0 86.5 80.6 76.4 72.0 69.5 65.8 64.6 64.0 64.8 61.9 49.7 62.0 • 50.7 60.5 49.4 59.0 47.8 55.3 50.9 52.3 56.3 52.1 51.5 49.7 49.6 49.1 50.7 70.3 99.9 99.8 93.6 73.7 54.5 1929 1930 1931 1932 1933 102.7 103.7 93.5 107.4 104.2 96.7 109.4 101.0 93.5 103.2 96.9 91.9 97.4 95.7 93.6 93.7 96.8 95.7 97.8 95.7 95.0 104.1 99.6 100.3 104.9 99.8 103.2 106.9 98.5 107.8 97.2 102.6 88.1 101.4 92.8 98.6 95.4 92.5 90.6 89.5 89.4 88.6 83.5 89.6 92.9 88.4 79.2 76.8 72.8 79.5 83.6 82.7 74.4 69.4 74.6 82.2 80.3 75.4 63.4 64.9 58.7 70.1 70.4 63.7 54.1 45.1 50.1 55.2 56.9 61.7 59.4 49.5 48.2 55.6 56.2 53.3 57.1 61.9 97.3 88.0 75.3 57.9 1930 1931 1932 101.3 99.8 100.1 101.3 102.0 99.7 98.2 104.2 103.2 101.4 102.4 106.1 99.4 100.7 100.5 103.1 100.2 99.8 98.8 102.8 102.5 96.3 97.6 103.8 104.7 94.8 95.9 105.0 101.2 95.3 97.6 102.0 99.5 95.4 100.7 105.3 100.2 97.4 100.9 104.8 103.0 97.8 102.1 105.3 109.0 98.9 101.4 101.8 102.1 102.4 104.2 103.1 98.9 93.8 95.0 97.4 93.2 94.8 95.9 96.4 96.3 96.7 97.3 97.4 97.5 95.8 92.4 92.9 95.6 95.7 94.5 93.9 92.6 92.9 93.7 95.3 94.2 95.7 96.1 95.3 96.7 97.0 95.6 93.8 90.1 92.7 97.5 99.2 95.2 94.3 87.8 83.9 82.9 79.7 77.2 80.6 79.3 80.4 82.6 82.5 81.5 81.0 77.8 75.9 74.5 73.8 73.6 74.3 98.1 95.5 94.9 88.4 78.1 1923 99.7 103.8 1933 1925 1926 1927 1928 1929 1930 1931 1932 1933 111.2 101.8 110.9 103.3 114.8 101.8 111.6 98.9 110.9 93.2 111.0 90.3 111.9 91.6 110.3 92.3 108.0 94.9 109.2 93.2 107.5 92.0 101.0 92.0 92.0 95.5 97.2 95.6 91.1 89.9 92.8 95.2 96.7 97.5 96.4 96.0 97.7 101.8 100.9 100.1 97.9 97.9 96.9 98.4 100.6 99.6 98.0 99.0 98.9 100.4 100.1 100.3 100.9 98.3 97.7 97.4 93.3 95.9 90.5 95.7 94.4 94.2 99.1 94.8 99.9 95.7 100.9 93.4 101.4 91.6 100.8 92.0 91.7 92.4 90.6 90.1 91.7 91.8 91.1 94.1 97.0 97.8 97.4 93.9 92.6 90.0 88.1 87.9 85.8 86.2 85.9 86.3 88.6 87.4 84.0 77.8 77.6 80.7 82.5 82.2 78.9 72.4 81.7 84.4 85.5 83.9 78.5 78.0 75.8 82.6 83.7 81.4 78.0 68.5 69.7 74.6 75.2 78.5 80.9 75.2 72.6 78.0 80.6 80.1 81.4 83.8 94.7 99.1 93.3 86.7 80.5 77.0 95.5 98.2 95.8 1923 1924 1925 1926 1929 1930 1931 1932 99.7 101.5 101.3 100.7 100.8 100.7 100.8 98.1 97.9 99.3 102.4 101.9 101.0 98.9 99.5 99.1 99.5 98.3 98.0 98.8 101.3 102.0 102.7 103.1 100.0 98.8 98.7 98.1 97.6 96.4 102.0 99.1 98.1 101.5 100.8 101.8 100.7 99.8 99.8 98.5 101.7 97.3 98.1 98.8 98.9 97.5 97.3 98.6 99.1 96.7 96.6 97.2 99.3 97.4 96.8 99.3 99.8 98.4 96.2 98.9 99.7 98.1 95.3 98.0 100.6 98.5 97.3 98.3 99.7 101.4 99.5 98.1 102.7 101.4 99.9 101.7 102.8 101.3 100.1 102.7 102.^ 103.1 99.3 102.8 98.8 98.0 98.0 97.8 96.3 96.7 94.6 95.0 95.3 96.2 95.3 95.7 92.6 91.9 92.7 92.6 91.7 90.7 88.2 88.4 89.6 90.8 91.3 88.9 86.3 86.0 85.2 83.6 83.4 81.9 78.1 79.2 80.8 82.1 82.3 81.3 96.5 90.8 82.5 Avg... 100.4 100.2 99.4 100.8 1928 99.1 97.9 1923 1924 99.5 97.9 Payrolls 1925 . 1926 105.1 102.7 92.6 108.0 107.3 99.8 117.0 102.5 101.1 112.0 97.6 93.1 112.6 91.3 92.5 113.9 86.8 90.8 106.5 86.2 89.8 104.1 92.7 99.8 96.1 107.7 96.1 112.4 95.4 100.9 103.1 88.6 98.5 101.1 93.1 100.6 108.7 1928 99.8 1928 1927 102.1 108.0 106.8 103.8 101.7 100.2 93.2 100.4 105.2 104.8 99.8 104.3 96.3 102.6 102.6 95.0 PAPER AND PRINTING (4 industries) Employment 1927 99.8 100.2 104.7 LEATHER AND ITS PRODUCTS (3 industries) 1924 Avg... 109.9 Jan... Feb... Mar.. . Apr. . . May. . June.. July.. . Aug... Sept... Oct. . . Nov.. . Dec... 1926 1929 Employment Jan... Feb... Mar.. . Apr.. . May. . June.. July.. . Aug... Sept... Oct. . . Nov... Dec... 1925 1928 1932 1933 1924 1927 98.1 1925 1923 1926 Avg... 102.2 1924 Payrolls 97.8 Payrolls 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 79.1 93.2 80.0 94.3 78.2 98.5 78.9 99.0 80.3 102.8 81.5 101.0 97.7 91.1 93.5 97.6 102.0 100.9 98.5 99.9 101.7 102.0 100.6 99.5 93.9 94.0 98.0 102.7 102.7 106.1 101.9 99.5 102.1 103.4 102.0 97.2 106.2 100.0 99.1 105.7 104.1 107.5 103.6 103.8 104.8 106.0 104.8 103.4 102.7 103.9 103.6 107.4 107.3 109.8 104.3 103.5 105.1 105.5 105.3 105.2 101.6 102.7 103.4 106.0 107.8 109.8 106.3 106.3 106.8 105.2 106.9 105.0 100.4 103.2 103.3 108.0 108.8 107.3 104.5 107.6 109.3 106.7 107.9 105.7 98.2 102.9 108.9 109.3 109.7 107.3 104.1 108.1 108.2 106.9 102.5 100.7 95.3 96.3 98.4 101.8 98.0 99.1 92.5 96.1 95.7 94.1 92.2 87.4 81.9 82.6 84.5 84.6 82.2 81.7 79.2 81.8 79.7 76.8 73.7 67.7 63.7 63.8 66.1 68.8 67.5 65.6 61.5 61.9 60.5 58.5 61.1 62.9 97.6 100.0 102.4 105.1 105.0 105.6 106.5 101.6 88.0 71.2 1933 General indexes of employment and payrolls in Pennsylvania Payrolls Employment Occupation (1932 = 100) Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1932 General index numbers................................ 108.0 105.8 103.0 102.0 100.4 96.9 92.6 93.3 97.8 100.9 100.3 98.9 118.6 114.7 111.2 107.7 101.1 93.1 85.4 87.5 92.1 100.0 95.5 93.0 107.5 122.1 107.3 108.0 103.4 93.8 104.8 105.9 106.6 105.0 105.4 96.6 107.9 114.1 103.9 97.0 98.9 98.1 103.6 104.3 104.3 104.5 104.2 98.7 106.1 118.0 102.7 86.7 98.9 96.7 102.3 99.4 101.2 102.4 103.0 97.5 101.9 112.1 102.3 96.1 104.4 97.0 101.4 101.8 101.5 102.5 104.5 100.0 97.7 107.2 99.6 105.3 110.1 95.7 100.6 102.0 100.5 102.0 103.9 107.1 95.5 84.8 97.5 100.0 107.8 101.9 100.4 101.4 98.8 101.9 102.2 107.4 91.2 93.6 84.0 99.2 71.1 59.8 114.8 95.7 95.6 96.4 92.5 Laundries................................................ 93.6 Dyeing and cleaning.............................. 88.7 91.5 96.0 94.1 97.8 69.1 65.7 111.0 95.2 88.1 95.1 93.2 92.2 87.4 88.6 91.3 87.3 95.4 72.3 63.0 107.7 94.4 86.8 94.5 91.6 91.1 87.0 89.8 91.6 82.7 90.7 75.0 76.9 107.7 93.8 94.8 93.9 91.1 90.5 97.2 92.7 97.3 69.1 88.9 88.3 89.4 105.3 91.9 93.2 94.6 93.7 91.6 100.0 96.1 101.7 63.4 90.8 97.7 99.1 109.5 91.0 95.5 95.5 95.3 95.4 102.8 Manufacturing....................................... Anthracite mining.................................. Bituminous coal mining......................... Building and construction..................... Quarrying and non-metallic mining.... Crude petroleum production................. Public utilities........................................ Retail trade............................................ Wholesale trade...................................... Hotels..................................................... Laundries........................... .................... Dyeing and cleaning.............................. 1933 General index number................................. Manufacturing....................................... Anthracite mining.................................. Bituminous coal mining......................... Building and construction..................... Quarrying and non-metallic mining.... Crude petroleum production................ Public utilities........................................ Retail trade............................................. Wholesale trade...................................... Bold face figures are preliminary. Page Eight 91.1 71.1 97.3 102.3 96.0 100.7 100.1 93.4 99.0 100.3 98.5 103.4 92.5 78.7 96.8 109.3 98.6 •97.8 99.0 86.4 98.0 96.1 95.3 100.8 98.8 89.5 96.9 110.4 100.9 100.0 98.7 90.1 97.7 96.4 96.0 101.3 101.9 102.2 98.0 103.5 101.3 109.0 97.0 99.0 97.9 96.8 95.5 101.4 101.2 100.4 99.0 100.1 93.8 105.8 96.0 101.0 97.2 97.1 95.8 95.6 98.3 99.8 99.0 80.7 86.2 103.6 95.5 115.5 97.1 95.1 95.5 90.1 121.1 114.4 122.5 123.2 95.2 97.8 110.0 114.8 111.7 113.1 113.6 104.5 120.1 106.7 116.9 110.1 95.1 104.5 109.5 107.0 108.0 110.9 109.1 104.7 117.0 114.0 117.6 90.3 104.1 103.4 109.1 105.1 105.6 110.7 107.0 103.3 106.1 134.2 114.6 101.5 110.8 97.8 104.7 104.9 102.6 106.1 107.5 108.3 96.6 108.0 9/.8 111.7 125.4 97.5 104.0 103.7 103.9 105.7 107.4 116.2 91.6 69.8 8/.0 100.5 107.2 97.8 101.1 102.0 97.0 102.4 104.0 112.2 82.9 82.8 80.7 92.8 61.1 43.4 111.8 91.0 92.0 94.5 83.9 86.7 77.7 84.3 85.5 106.0 89.3 54.5 49.7 109.8 95.6 83.7 90.5 84.0 83.1 68.7 79.7 79.9 90.9 81.3 58.9 51.8 104.1 90.5 81.5 88.5 82.7 78.9 67.7 79.2 82.1 69.6 74.5 57.3 69.7 96.1 86.8 87.0 85.9 80.1 79.3 91.7 84.2 92.4 56.0 76.7 63.6 83.4 100.5 84.1 85.8 87.4 81.1 81.0 29.0 92.1 103.2 64.0 89.0 71.7 111.3 97.5 82.6 87.5 87.2 82.2 85.2 97.5 81.6 64.4 78.1 99.0 92.9 100.0 98.8 91.8 96.6 95.8 98.1 96.9 85.5 76.9 79.7 101.1 102.3 99.8 96.0 84.7 95.0 89.2 91.4 90.4 92.4 87.6 87.3 101.4 105.0 99.5 93.1 85.2 94.0 91.1 90.8 98.6 99.8 124.4 98.3 97.0 109.2 100.4 91.2 95.6 96.1 92.8 90.9 99.0 96.1 94.9 103.2 92.1 89.3 102.1 90.8 96.9 95.2 91.8 91.5 87.1 91.9 104.7 96.9 72.5 71.9 99.5 91.7 108.2 94.5 90.3 89.2 79.1
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