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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT DECEMBER i, 192.4 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA SU M M ARY OF BUSINESS CONDITIONS IN THE UNITED S T A T E S Production o f basic commodities and factory employ ment showed further increases in October, and distribu tion o f merchandise was in large volume. The general level o f wholesale prices advanced, reflecting largely a rise in the prices o f agricultural products. The Federal Reserve Board’s index o f production in basic industries, adjusted to allow for seasonal varia tions, increased 6 per cent in Production October, and was 16 per cent above the low point o f midsum mer, though still considerably below the level o f the early months o f this year. Output o f iron and steel, cotton and woolen textiles, lumber, and bituminous coal was substantially larger than the month before. Fac tory employment increased 2 per cent in October, re flecting larger working forces in most o f the manufac turing industries. Building contract awards increased and were 14 per cent above a year ago. Crop estimates by the Department o f Agriculture in November showed increases in the expected yields I n d e x o f 22 b a s i c c o m m o d i t i e s c o r r e c t e d f o r s e a s o n a l v a r i a t io n ( 1 9 1 9 = 1 0 0 ). L a t e s t fig u r e — O c t o b e r , 109. o f corn, cotton, tobacco, and potatoes. The movement o f crops to market in October reached the largest volume in five years and exports o f grain and cotton were in greater volume than in the corresponding month of any recent year. Railroad freight shipments were larger in October than in any previous month, owing to exceptionally heavy loadings o f miscellaneous Trade merchandise and grain. W hole sale trade increased slightly, but was 3 per cent less than in October, 1923. Sales o f drygoods, shoes and hardware were considerably smaller than a year ago, while sales o f groceries and drugs were larger. Department store sales showed a seasonal increase but were 4 per cent less than last year, and sales o f mail order houses and chain stores also increased and were in greater volume than in 1923. In preparation for Christmas trade merchandise stocks at department stores increased substantially and were 2 per cent larger than a year ago. I n d e x o f U . S . B u r e a u o f L a b o r S t a t i s t i c s (1 9 1 3 = 1 0 0 , b a s e a d o p t e d b y B u r e a u ). L a t e s t fig u r e — O c t o b e r , 152. T 2 he B usiness R D ecember eview FACTORY EMPLOYMENT PERCENT P ER CENT 1DU 150 to o 50 50 O 1920 1919 W e e k ly fig u r e s f o r m e m b e r b a n k s in 101 l e a d i n g c it i e s . L a t e s t fig u r e — N o v e m b e r 12. The wholesale price index o f the Bureau o f Labor Statistics rose 2 per cent in October as a result of considerable advances in the Prices prices o f farm products and foods, and slight increases in the prices of clothing and chemicals. Fuel and metal prices declined and prices o f building materials and house furnishings were practically unchanged. During the first half o f November quotations on all grains, cotton, silk, copper, and rubber advanced, while prices o f raw sugar and bituminous coal declined. Loans for commercial purposes at member banks in leading cities, which had increased rapidly from the beginning o f September to the Bank credit middle o f October, advanced only slightly in the following four weeks. The growth o f loans secured by stocks and bonds was also relatively small, notwithstanding great activity in the securities market. Holdings o f invest 1921 1923 1922 1924 I n d e x f o r 33 m a n u f a c t u r i n g i n d u s t r ie s ( 1 9 1 9 = 1 0 0 ). L a t e s t fig u r e — O c t o b e r , 9 1.5. ments by these banks continued the increase which began in the early months of the year. A large part of the increase in demand deposits during the four weeks ending November 12, when they were higher than at any previous time, was in bankers’ balances, indicat ing a continued movement o f funds to the large centers. A t the reserve banks an increase in earning assets was the result o f larger offerings o f acceptances, reflect ing firmer money conditions. W hile discounts and holdings o f United States securities remained practi cally unchanged during the four weeks ending N ovem ber 19, the increase in acceptances carried total earn ing assets to the highest point since the early part o f the year. Money in circulation increased in October for the third successive month and the total on N ovem ber 1 was $215,000,000 larger than in August. Money rates continued to show a firmer tendency and by November 23 were generally from % to */2 ° f one per cent higher than in October. TABLE OF CONTENTS PAGE Ariculture ................................................ Bankers’ acceptances ............................ Bricks ....................................................... Building .................................................. Business indicators .............................. Cigars ....................................................... Coal, anthracite ..................................... Coal, bituminous ................................... Coke ......................................................... Commercial paper ................................... Cotton goods ........................................... Cotton, raw ............................................. Cotton yarns .......................................... District summary ................................... Drugs, wholesale ................................... Drygoods, wholesale ............................ Electrical supplies, w holesale’ ............ Employment and wages ....................... Financial conditions ............................. Floor coverings ...................................... Chart: 26 5 12 11 27 25 14 15 15 5 16 15 16 3 8 8 6 3 5 21 Financing < PAGE PAGE Furniture ................................................ Groceries, wholesale .............................. Hardware, wholesale ............................ Hides and skins ..................................... Hosiery ................................................... Iron and steel ...................................... Iron foundries ...................................... Jewelry, wholesale ................................. Leather ................................................... Lumber ................................................... National summary ................................ Paint ........................................................ Paper ........................................................ Paper boxes ........................................... Paper, wholesale ................................... Plumbing supplies ............................... Real estate ............................................. Retail trade ............................................. Rubber, crude ........................................ 21 10 7 22 20 13 14 8 22 12 1 11 24 25 7 12 13 6 23 Import Transaction by Bankers’ Rubber, mechanical goods .................. Rubber tires ........................................... Savings deposits .................................... Shoes ........................................................ Shoes, wholesale ................................... Silk goods ................................................ Silk, raw .................................................. Silk, thrown ............................................. Slate ........................................................ Steel foundries ...................................... Sugar, raw .............................................. Sugar, refined ......................................... Summary, district ................................ Summary, national ................................ Synopsis of business conditions ........ Underwear ............................................... Wholesade trade .................................... Woolen and worsted goods .................. Woolen and worsted yarns .................. Wool, raw .............................................. 28 24 24 6 23 3 19 18 19 12 14 10 10 3 1 9 21 6 18 17 17 SUMMARY OF BUSINESS CONDITIONS IN THE THIRD FEDERAL RESERVE DISTRICT In many other industries as well, improved sentiment and greater activity are reported. Am ong those in which improvement is noted are leather, rubber tires and goods, paper and paper boxes, furniture and cigars. The sugar market continues dull and prices o f both raw and refined have weakened recently. Demand for bituminous coal and coke is also reported as un satisfactory. A decided improvement in business sentiment has occurred during the past month, and this has been accompanied by a further quickening o f commercial and industrial activity in this district as well as in the United States as a whole. Manufacturing operations continued to expand in October and production of basic commodities in the United States was 7 per cent higher than in the previous month. In Pennsylvania, New Jersey and Delaware, most o f the important manu facturing industries showed an expansion in operations which was evidenced by the employment o f larger labor forces and by increases in workers’ earnings. Pre liminary reports received by this bank indicate that, although industrial operations in many lines continued to increase in November, the rate of expansion has recently slackened somewhat. The textile markets have been characterized by firm or rising prices for both raw materials and finished goods and in most lines by increased demand and more active trading. Raw cotton has been in greater demand, and consumption and prices have increased during the past month. Cotton mill operations in this district increased noticeably from September to October and more active trading in yarns and goods has been ac companied by generally higher prices. The woolen and worsted industry has also experienced an improvement in most lines; quotations have risen and mill activity has increased. Operations at woolen mills in the states o f this district increased by from 10 to 15 per cent in October as compared with September. Trading in raw silk and in silk goods and thrown silk has continued fairly active and prices o f raw and thrown silk have ad vanced somewhat. Hosiery, as well as carpet and rug manufacturers, also reported increasing demand ac companied by rising prices and expanding operations. Building activity in this district improved somewhat in October and was also considerably greater than it was a year ago. Am ong the building materials, paint and lumber are in better demand than they were last month or last year. Bricks and plumbing supplies, on the other hand, are in only fair demand and a few price concessions have been made. Harvesting of crops in this district has been almost completed. Although the Department o f Agriculture estimates smaller yields o f some crops than in 1923, most o f the products grown in this district are higher in price than they were a year ago, so that agricultural conditions are generally satisfactory. Recent rains have favored winter wheat and cover crops and the condi tion o f these products is now nearly normal. Active distribution o f goods in this district is indi cated by a further increase in car loadings in the Allegheny district in October, although the number o f cars loaded was less than in the same period of last year. Wholesale trade was also larger in most lines than in the previous month, but with the exception o f groceries and paper the volume was less than in October, 1923. Preliminary information indicates that a further improvement has taken place in November. Retail trade has also been more active; the recent cold weather has been a decided stimulant to fall buying. EM PLOYM EN T A N D W AGES Improvement in the iron and steel industry is evident from a marked increase in the production o f pig iron ingots and in the volume o f unfilled orders o f the United States Steel Corporation. Heavier produc tion schedules in this district are shown by a gain in employment and larger earnings at steel works, blast furnaces and foundries. Better demand for iron and steel products has been accompanied by recent increases in quotations, especially o f pig iron. In October a further increase occurred in employ ment and wages at manufacturing establishments in Pennsylvania, New Jersey and Delaware. The 1,020 establishments included in our survey reported an ad vance in employment of 2.0 per cent and in per capita earnings o f 1.5 per cent. A s changes in wage rates were few, this indicates that industrial operations ex panded about 3.5 per cent between September and October. 3 T 4 he B usiness R D ecember eview EM PLO YM E N T AND W AGES IN PENNSYLVANIA, NEW JERSEY AND DELAWARE Group and industry A ll industries: (48) .......................... Metal manufactures: A u to m o b ile s, b o d ie s, an d p a r t s .. . C a r co n stru ctio n an d re p air.......... E le ctrica l m a ch in e ry an d a p p a r a t u s ................................................... E n gines, m ach in es, a n d m ach in e t o o l s .................................................... F o u n d rie s and m a ch in e s h o p s . . . H e a tin g a p p lia n ces a n d a p p a r a t u s ................................................... Ir o n a n d steel bla st fu r n a c e s . . . . Iro n a n d steel fo r g in g s ................... S teel w ork s an d rollin g m ills .......... S tru ctu ral iron w o r k s ...................... M iscella n eou s iro n a n d steel p r o d u c t s ........................................... S h ip b u ild in g ........................................ N o n -fe rro u s m e t a ls .......................... Textile products: C a rp ets an d r u g s ............................... C lo t h in g ................................................ H ats, fe lt a n d o t h e r ......................... C o t to n g o o d s ...................................... Silk g o o d s ............................................. W o o le n s an d w o r s t e d s .................... K n it g o o d s a n d h o s ie r y .................. D y e in g a n d finishing t e x tile s . . . . M iscella n eou s te x tile p r o d u c t s .. . Foods and tobacco: B a k e rie s................................................. C a n n e rie s .............................................. C o n fe c tio n e r y a n d ice c r e a m . . . . S lau ghterin g and m ea t p a c k in g .. . Sugar re fin in g ...................................... C igars an d t o b a c c o ........................... Building materials: B rick , tile an d terra c o tta p r o d u c t s ..................................................... C e m e n t .................................................. G la s s ....................................................... P o t t e r y .................................................. Chemicals and allied products: C h em ica ls a n d d r u g s ....................... E x p lo s iv e s ............................................. P ain ts an d v a rn ish e s........................ P e tro le u m re fin in g ............................ Coke........................................................ Miscellaneous industries: L u m b e r and p la n in g m ill p r o d d u c t s .................................................. F u r n i t u r e ............................................. M u sica l in str u m e n ts ........................ L eath er ta n n in g ................................. L eath er p r o d u c t s ............................... B o o ts a n d s h o e s ................................. P a p er an d p u lp p r o d u c t s ............... P rin tin g an d p u b lis h in g ................. R u b b e r tires a n d g o o d s .................. N o v e ltie s and je w e lr y ..................... A ll oth er in d u strie s .......................... Number of plants reporting Number of wage earners week ended Oct. 15, 1924 Sept. 15, 1924 Total weekly wages week ended Per cent change Oct. 15, 1924 Sept. 15, 1921 Average weekly earnings week ended Per cent change Oct. 15, 1924 Sept. 15, 1924 Per cent change + $ 2 5 .7 2 $ 2 5 .3 5 + 1 .5 2 6 .6 4 2 7 .1 9 2 8 .4 4 2 6 .1 7 2 7 .3 9 2 6 .0 3 + — + 1 .8 0 .7 9 .1 1 ,0 2 0 3 5 5 ,6 3 1 3 5 8 ,4 6 7 + 2 .0 $ 9 ,4 0 3 ,2 2 1 $ 9 ,0 8 5 ,4 5 7 345 23 15 1 7 0 ,3 2 4 7 ,1 2 7 1 3 ,8 5 8 1 6 7 ,1 5 0 6 ,6 2 9 1 3 ,9 4 5 + + — 1 .9 7 .5 0 .6 4 ,5 3 7 ,8 4 5 1 9 3 ,7 9 9 3 9 4 ,1 1 3 41 1 9 ,0 2 5 1 7 ,2 4 3 + 1 0 .3 4 6 4 ,8 4 4 4 1 8 ,4 2 2 + 1 1 .1 2 4 .4 3 2 4 .2 7 + 0 .7 36 72 1 1 ,2 1 2 1 1 ,9 6 8 1 1 ,4 9 6 1 1 ,1 9 3 — + 2 ,5 . 6 .9 2 9 7 ,0 7 9 3 1 0 ,3 4 0 2 8 9 ,4 4 1 2 8 6 ,2 9 1 + + 2 .6 ! 8 .4 2 6 .5 0 2 5 .9 4 2 5 . 18 2 5 .5 8 + + 5 .2 1 .4 18 10 13 46 11 5 ,6 1 9 1 2 ,4 8 7 4 ,5 0 9 4 3 ,9 0 1 2 ,6 5 3 5 ,7 3 5 1 2 ,1 2 0 4 ,4 3 0 4 3 ,3 3 5 2 ,9 6 4 + + + 2 .0 3 .0 1 .8 1 .3 1 0 .5 1 7 2 ,4 3 0 3 4 7 ,1 3 8 1 0 8 ,0 3 5 1 ,1 7 5 ,0 6 2 6 8 ,6 9 1 1 8 0 ,8 3 0 4 .6 ] 3 1 2 ,5 6 2 + n . i : 5 .0 1 0 2 ,9 2 5 + 1 ,1 4 6 ,6 6 3 + 2 .5 8 3 ,5 7 5 - 17.8: 3 0 .6 9 2 7 .8 0 2 3 .9 7 2 6 .7 7 2 5 .8 9 3 1 .5 3 2 5 .7 9 2 3 .2 3 2 6 .4 6 2 8 .2 0 — + + + — 2 .7 7 .8 3 .2 1 .2 8 .2 45 9 6 2 5 ,0 6 6 9 ,6 6 1 3 ,2 4 0 2 4 ,8 4 0 9 ,9 2 9 3 ,2 9 1 + — - 0 .9 2 .7 1 .5 6 5 3 ,4 7 2 2 5 6 ,7 2 5 9 6 ,0 6 7 6 4 1 ,0 7 8 2 6 8 ,5 9 3 9 8 ,2 1 2 2 6 .0 7 26 57 2 9 .6 5 2 5 .8 1 2 7 .0 5 2 9 .8 4 + — - 1.0 1 .8 0 .6 243 13 32 7 23 67 31 44 18 8 6 9 ,0 2 2 3 ,4 1 9 6 ,2 1 0 5 ,1 0 1 6 , 654 1 8 ,5 7 8 1 1 ,8 0 8 9 ,0 1 1 6 ,2 2 2 2 ,0 1 9 6 5 ,8 4 7 3 ,1 8 8 6 ,0 1 0 5 ,1 7 3 6 ,3 0 4 1 7 ,8 4 5 1 0 ,5 5 9 8 ,5 8 3 6 ,1 1 0 2 ,0 7 6 4 .8 + 7 .2 + 3 .3 — 1 4 5 .6 + + 4 .1 + 1 1 .8 + 5 .0 1 .8 + 2 .7 - 1 ,5 4 5 ,8 4 5 9 4 ,4 9 2 1 1 2 ,7 0 7 1 1 4 ,8 4 5 1 4 9 ,8 6 8 3 8 7 ,7 7 1 2 7 9 ,9 7 2 1 9 2 ,8 3 8 1 7 0 ,8 0 9 4 2 ,5 4 3 1 ,3 9 5 ,4 7 5 8 2 , 195 1 0 7 ,6 8 1 1 1 8 ,7 1 7 1 4 2 ,3 1 3 3 4 1 ,7 8 6 2 4 1 ,3 1 0 1 6 6 ,3 9 3 1 5 2 ,4 3 7 4 2 ,6 1 3 + io .s ' + 1 5 .0 2 2 .4 0 2 7 .6 4 I S .15 . 2 2 .5 1 2 2 .5 2 2 0 .8 7 2 3 .7 1 2 1 .4 0 2 7 .4 5 2 1 .0 7 2 1 .1 9 , 2 5 .7 8 ' 1 7 .9 2 2 2 .9 5 2 2 .5 8 1 9 . 15 2 2 .8 6 1 9 .3 9 2 4 .9 5 2 0 .5 3 5 .7 + 1 .3 + — 1 .9 — 0 .3 + 9 .0 + 3 .7 + 1 0 .4 + 1 0 .0 + 2 .6 87 20 9 21 12 4 21 2 7 ,8 3 7 3 ,8 9 9 4 ,3 1 6 6 ,5 4 9 2 ,6 4 1 4 ,0 2 2 6 ,4 1 0 2 8 ,0 9 5 3 ,8 1 9 4 ,6 6 3 6 ,3 1 9 2 ,6 0 8 4 ,2 2 3 6 ,4 6 3 0 .9 2 .1 7 4 3 .6 + + 1 .3 — 4 .8 0 .8 - 6 2 4 ,5 2 4 1 0 6 ,6 8 8 8 7 ,3 9 0 1 3 7 ,4 0 9 7 3 ,0 9 9 1 2 0 ,7 2 1 9 9 ,2 1 7 6 5 0 ,5 3 9 1 0 4 ,2 2 6 1 0 7 ,4 3 5 1 2 9 ,7 5 1 7 1 ,2 9 3 1 3 7 ,1 8 7 1 0 0 ,6 4 7 4.0| + 2 .4 : - 18 7 + 5 .9 + 2 .5 - 12.0 1.4 2 2 .4 4 2 7 .3 6 20 25 2 0 .9 8 2 7 .6 8 3 0 .0 2 1 5 .4 8 2 3 .1 5 2 7 .2 9 2 3 .0 4 2 0 .5 3 2 7 .3 4 3 2 .4 9 1 5 .5 7 78 2 1 ,8 4 5 2 1 ,4 5 1 + 1 .8 6 3 2 ,9 5 6 6 0 4 ,7 6 6 + 4.7 2 8 .9 7 2 8 .1 9 + 2 .8 22 15 25 16 3 ,2 7 1 8 ,0 1 4 6 ,1 4 5 4 ,4 1 5 3 ,2 8 8 7 ,9 9 9 5 ,7 8 2 4 ,3 8 2 — + + + 0 .5 0 .2 6 .3 0 .8 8 5 ,9 4 1 2 3 8 ,6 8 8 1 6 9 ,0 7 1 1 3 9 ,2 5 6 8 1 ,4 4 2 2 3 2 ,4 4 3 1 4 7 ,9 9 6 1 4 2 ,8 8 5 + 5.5 + 2 / + 1 4 .2 2 .5 2 6 .2 7 2 9 .7 8 2 7 .5 1 3 1 .5 4 2 4 .7 7 2 9 .0 5 2 5 .6 0 3 2 .6 1 + + + - 6 .1 2 .5 7 .5 3 .3 75 41 10 13 8 3 2 8 ,9 8 4 7 ,6 3 0 2 ,6 9 3 1 ,3 5 2 1 6 ,4 2 6 883 2 8 ,6 0 1 7 ,5 8 0 2 ,6 2 4 1 ,3 0 0 1 6 ,2 3 7 854 + + + + + + 1 .3 0 .7 2 .6 4 .0 1 .2 3 .4 8 5 4 ,9 3 3 2 0 8 ,2 4 2 7 4 ,1 2 0 3 5 , 509 5 1 0 ,3 1 4 2 6 ,7 4 8 8 7 3 ,6 4 8 2 0 4 ,5 7 7 6 9 ,9 8 6 3 3 ,5 5 8 5 4 0 ,9 7 3 2 4 , 554 + + + — + 2 .1 1 .8 5 .9 5 .8 5 .7 8 .9 2 9 .5 0 2 7 .2 9 2 7 .5 2 2 6 .2 5 3 1 .0 7 3 0 .2 9 3 0 .5 5 2 6 .9 9 2 8 .6 7 2 5 .8 1 3 3 .3 2 2 8 .7 5 — + + + — + 3 .4 1 .1 3 .2 1 .7 6 8 5 4 192 4 7 ,6 1 9 4 7 ,3 2 3 r 0 .6 1 ,2 0 7 ,1 2 1 1 ,1 8 7 ,4 5 7 + 1 .7 2 5 .3 5 2 5 .0 9 + 1 0 8 21 6 32 8 29 22 24 18 11 13 2 ,4 4 8 3 ,0 9 2 8 ,5 1 4 7 ,4 9 3 613 5 ,3 2 1 5 ,4 0 5 3 ,6 4 1 5 ,3 2 1 2 ,3 6 6 3 ,4 0 5 2 ,6 2 7 2 ,9 9 5 8 ,4 9 7 7 ,2 4 7 570 5 ,3 7 0 5 ,4 3 0 3 ,5 7 0 5 ,2 3 7 2 ,3 2 0 3 ,3 9 8 + + + + — + + + + — 6 .8 3 .2 0 .2 3 .4 7 .5 0 .9 0 .5 2 .0 0 .6 2 .0 0 .2 4 7 ,8 3 9 7 8 ,4 1 8 2 2 8 ,8 1 3 1 9 4 ,7 2 8 1 3 ,4 4 2 1 0 3 ,8 8 2 1 3 7 ,7 3 0 1 1 5 ,2 2 4 1 4 7 ,0 8 9 5 8 , 549 8 1 ,4 0 7 5 .9 5 0 ,8 3 9 7 5 ,1 7 2 + 4 .3 2 2 9 ,9 6 8 0 .5 1 8 3 ,0 8 4 + 6 ,4 1 2 ,9 5 9 + 3 .7 1 0 4 ,6 8 7 0 .8 1 3 1 ,6 4 6 + 4 . 6 1 1 4 ,0 0 4 + 11 1 4 6 ,6 6 7 + 0 .3 5 3 ,1 1 5 + 1 0 .2 4 .6 8 5 ,3 1 6 - 1 9 .5 4 2 5 .3 6 2 6 .8 7 2 5 .9 9 2 1 .9 3 1 9 .5 2 2 5 .4 8 3 1 .6 5 2 7 .6 4 2 4 .7 5 2 3 .9 1 1 9 .3 5 2 5 .1 0 2 7 .0 6 25 26 2 2 .7 4 1 9 .4 9 2 4 .2 4 3 1 .9 3 2 7 .7 4 2 2 .8 9 2 5 .1 1 + + — + — + + — — + 1 0 1 0 0 7 2 9 3 .6 0 .2 5 .1 0 9 0 .4 8 .1 4 .8 — __ + 4 ,3 7 3 ,5 7 2 + 1 8 1 ,5 5 4 + 3 6 3 ,4 2 6 + + - + + + + + + - 3 .5 3 .8 6 .7 , 8 .4 1.9, 4 .4 2 .2 4 -7l 3 .3 ; 5.31 13.5! 1 6 .0 1 5 .9 1 2 .1 0 .2 __ 3 .1 0 .3 1 2 .1 + 2 .2 1 .2 + — 7 .6 0 .6 - + _ T 1924 hird F ederal Although most o f the 48 industries included in the survey showed improvement,^ the textile products in dustries recorded the greatest advances. Employment in woolen and worsted mills was 11.8 per cent greater than in September, and carpet and rug mills, cotton mills and knit goods establishments all showed in creases o f more than 5 per cent. Per capita earnings also increased in nearly all these industries, indicating greater operating schedules. Am ong the other industries showing marked im provement from September to October were auto mobiles, electrical machinery, foundries and machine shops, glass and leather products. A falling off in employment was reported by a few industries, notably structural iron work, canneries, and lumber and plan ing mill products. FIN A N C IA L CONDITIONS In the four weeks ended November 12, secured loans o f reporting member banks in the Third District in creased considerably, so much so that a material de crease in all other (largely commercial) loans was over shadowed, with the result that total loans advanced to a point higher than any reached in the past three years. Larger investments, too, are reported by these banks. Turning to the Federal Reserve Bank, an increase in discounts and in other earning assets is noted, which raised the total o f earning assets from 59 to 74 millions. Larger note and deposit liabilities, combined with a marked decrease in cash reserves, carried the reserve ratio down from 87.1 to 81.3 per cent. Money rates at New Y ork are firmer than they were a month ago, as the table shows. The offering rate for bankers’ acceptances and the rate for commercial paper advanced *4 ° f one Per cent and call money renewals )4 o f one per cent. These advances did not deter the stock market from recording unusual activity after the election, and in the midst o f exceedingly heavy trading many stocks reached new high points for the year. The average price o f 40 bonds rose slightly, but Liberty bonds declined. Larger purchases o f hankers’ acceptances by the Federal Reserve Bank o f Philadelphia in the latest period (O ctober 16 to Novem- B ankers’ acceptances ber 12) were reported by 5 dealers, but other banks pur chased little, and total weekly sales were smaller than in the corresponding period o f last year. Accepting banks in this district executed $6,738,000 o f these bills in the month ended November 10; this is the largest total turned in by these banks since the reports were started in March, 1921. Dealers’ transactions are summarized in the table o f financial statistics. R eserve D istrict 5 During late October and the first week of November, sales of commercial paper in this district were small. Subsequently the demand inCommercial paper creased somewhat, although only a few banks in the city partici pated in the buying. Some o f the larger country banks also have purchased, but the smaller ones find the rate too low. A fair proportion o f the transactions was at- 314 per cent although a number o f banks would not buy below 3)4 per cent and have been able to secure a fair amount o f desirable paper at that rate. Some dealers report that more notes have been received by FINANCIAL STATISTICS Third Federal Reserve District All figures except percentages in thousands of dollars Change ir course of Latest One month One year R e p o r tin g m e m b e r b a n k s: S ecu red lo a n s ........................ A ll oth e r lo a n s ...................... 3 1 2 ,4 0 0 3 7 9 ,9 0 0 + 1 8 ,5 0 0 - 9 ,6 0 0 + 3 8 ,6 0 0 + 2 6 ,2 0 0 T o t a l lo a n s ........................ I n v e s t m e n t s ..................... 0 9 2 ,3 0 0 3 6 5 ,9 0 0 + + 8 ,9 0 0 9 ,9 0 0 + 6 4 ,8 0 0 + 7 6 ,7 0 0 + 1 8 ,8 0 0 + 2 5 ,0 0 0 + 1 4 1 ,5 0 0 + 1 6 6 ,1 0 0 T o t a l loans a n d in v e stm e n ts .............................. 1 ,0 5 8 ,2 0 0 T o t a l d e p o s it s .................. 9 6 6 ,9 0 0 F ed era l R e se rv e B a n k : B ills d is c o u n t e d ................... O th er earn ing a s s e t s .......... 2 2 ,7 0 0 5 0 ,8 0 0 T o t a l earn ing a s s e t s .. . . F ed . res. n o te c ir c u l............ T o t a l d e p o s its ....................... C ash r e se rv e s.. .................. R e se rv e r a t io ......................... D e b its (ba n k s in 18 c it ie s )* . S avin gs d ep osits (99 b a n k s ) . B a n k ers’ a c c e p t a n c e s :! P u rch ases b v 5 d e a le r s . . . Sales b y 5 dealers— T o F ed . R es. B a n k . . . . T o o th e r s ........................... E x e cu te d b y 12 b a n k s f ........ + + 4 ,9 0 0 9 ,9 0 0 -2 8 ,5 0 0 + 1 1 ,1 0 0 7 3 ,5 0 0 1 5 5 ,2 0 0 1 3 2 ,1 0 0 2 3 3 ,6 0 0 8 1 .3 % + 1 4 ,8 0 0 + 3 ,3 0 0 + 2 ,5 0 0 -1 1 ,6 0 0 - 5 .8 % -1 7 ,4 0 0 -5 7 ,5 0 0 + 1 3 ,8 0 0 -2 6 ,3 0 0 + 2 .8 % 5 6 1 ,9 3 4 5 3 7 ,9 0 0 + 5 8 ,7 0 7 + 3 ,9 0 0 + 9 0 ,5 8 6 + 3 8 ,1 0 0 811 - 284 - 399 1 ,4 4 9 224 6 ,7 3 8 + + 975 282 700 - 1 ,6 2 2 62 819 + New York City Actual figures in all columns Nov. 21, 1924 Month ago M o n e y ra tes: C om m e rcia l p a p e r .............. 3 K - 3 B a n k ers’ a c c e p ta n c e s ........ 2W o C all m o n e y re n e w a ls......... 2K % S e cu rity p rice a v era g es: 8 1 0 9 .6 3 20 industrial s t o c k s ............ 9 5 .7 7 20 railroad sh a re s................ 9 0 .8 4 40 b o n d s .................................. 1 0 1 .5 6 4 L ib e r ty b o n d s ................ y2% * Weekly totals. f Weekly averages. Year ago 3 -3 )4 % 234% 2% 5M % 4 -4 4M % $ 1 0 1 .8 5 8 8 .1 2 9 0 .7 7 1 0 2 .2 6 $ 9 2 .1 7 8 1 .4 5 8 6 .7 3 9 8 .1 6 y8% t Total for month ending 10th. T 6 he B usiness them recently and that lists are now fairly full, but the lists o f others are small. During October the sales o f fi've dealers in this dis trict totalled $8,510,000, as compared with $9,685,000 in September and $7,830,000 in October, 1923. The amount sold to Philadelphia institutions was $5,090,000 and to outside banks $3,420,000. The lowest rate at which business was closed was 3 per cent and the highest 4^4 per cent, and, as in recent months, the only sales above 4 per cent were o f paper ineligible for redis count. M ore than half of the total was sold at 3*4 per cent. The second largest volume was at 3 per cent followed by those at 3j4 and 3 % per cent. The amount sold at 4 per cent and over was only 2 per cent o f the total. A n increase o f 0.7 o f one per cent in savings de posits during October was reported by 99 banks in the Third District. Percentage Savings deposits changes by cities fo llo w : SAVINGS DEPOSITS Third Federal Reserve District ChangesNov. 1, 1924, com pared with Number of reporting banks Previous Previous year month Cities A lle n t o w n ........................................ A l t o o n a ............................................. B e t h le h e m ........................................ C h e s t e r .............................................. E a s t o n ............................................... H a r r is b u r g ....................................... J o h n s to w n ........................................ L a n c a s t e r ......................................... P h ila d e lp h ia .................................... R e a d in g ............................................. S c r a n t o n ........................................... T r e n t o n ............................................. W ilk e s -B a r r e ................................... W illia m s p o r t................................... W ilm in g t o n ..................................... Y o r k ................................................... O t h e r s ................................................ T o t a l s ....................................... 9 5 5 5 6 4 4 3 9 3 6 6 5 4 6 5 + .0 2 % + 8 .5 % + .2 “ + 6 .0 + .8 + .3 + 2 .8 + 1 .4 + 1 .9 + .3 -2 .9 + 4 .0 + 1 .1 + 1 .0 .1 + .4 “ “ “ “ “ “ “ “ “ “ “ “ “ + + + + + + + + + + + + - 1 3 .5 “ 1 4 .8 “ .6 “ 1 6 .7 “ 3 .3 “ 2 .6 “ 1 7 .5 “ 6 .1 “ 1 1 .3 “ 1 4 .7 “ 1 2 .0 “ 6 .6 “ .2 “ + 5 .9 “ 14 + + .9 .4 “ “ 99 + -7 % + 1 7 .7 “ + 8 .2 “ + 7 .6 % RETAIL TRAD E The advent o f cold weather has proved to be a stim ulant to retail trade and sales during this month are reported to show an increase over those o f October. Buying for Christmas needs has been fairly large and November business compares very favorably with that o f a year ago. Increasing employment has added to the purchasing power o f consumers. Prices are still the important factor in the making o f sales and consumers are buying carefully. R eview D ecember Suits, overcoats and knit underwear are the most active items in men’s apparel. Coats, dresses, silks, hosiery and cosmetics are the best sellers in women’s apparel shops. Department stores report that draperies, gloves, silks and woolens by the yard, leather goods, children’s coats and dresses, knitted sweaters, under wear, toilet goods, and Christmas articles are in good demand. Sales o f shoes in specialty stores failed to maintain the prospects o f September. W om en’s shoes were in better request than others and a fair volume is reported in children’s shoes. In general, prices are practically the same as they were a month ago. Ready-to-wear fall apparel is slightly lower. Carpets and rugs are from 6 to 7 per cent higher. W H OLESALE TRADE Preliminary figures indicate that wholesale trade in November will exceed that of O ctober; this, however, in some o f the lines is a seasonal movement. Prices are higher for drugs and most groceries, and are firm in all other lines with the exception o f a few articles in the drygoods trade. In October sales were smaller than in October, 1923, except for an increase o f 1.9 per cent in groceries and 1.0 per cent in paper, but jewelry, electrical supplies, paper and hardware transactions showed a considerable improvement as compared with September. All except shoes increased. There were notable decreases in the stocks of shoes and electrical supplies, and a substantial gain in that o f paper, as against those o f October, 1923. Collections in five lines improved, and in three were poorer than in the previous month. In the table on page 8 will be found the full details o f conditions in the wholesale reporting lines in October. During October the net sales o f 7 wholesale elec trical firms in this District were 20 per cent greater than they were in the preceding Electrical supplies month, but 2.2 per cent less than during October o f last year. The present demand is better than fair and in general com pares favorably with'that prevailing at this time last month. The call for radio supplies in particular has improved, and sales o f fixtures and contractors’ sup plies also have been substantial. Prices are in some instances higher than they were a month ago, but most firms say that they are lower than they were in November, 1923. Stocks on hand at the end o f October, were 4.2 per cent smaller than on the last day o f the preceding month and 10.8 per cent less than on October 31, 1923. The ratio o f ac counts outstanding to sales was 126.2 in October, as compared with 140.3 in September and 133.1 during October o f last year. The net sales of 31 hardware firms in the Third 1924 T hird F R ederal eserve D istrict 7 RETAIL TRADE Third Federal Reserve District Comparison of stocks Comparison of net sales Index number (Per cent of 1923 monthly average) Oct., 1924, with Oct., 1923 • July 1 to Oct. 31, 1924, with July 1 to Oct. 31, 1923 Oct. 31, 1924, with Oct. 31, 1923 Rate of turnover* Oct. 31, 1924, with Sept. 30, 1923 July 1 to July 1 to Oct. 31, Oct. 31, 1924 1923 A ll rep o rtin g fir m s .................................................. F irm s in— P h ila d e lp h ia ........................................ — A lle n to w n , B e th le h e m an d E a sto n — A l t o o n a .................................................. — C h e s t e r .................................................. — H a r r is b u r g ........................................... — J o h n s to w n ............................................. — L a n c a s te r .............................................. — R e a d in g ................................................. — S c r a n t o n ................................................ — T r e n t o n ................................................. — W ilk e s-B a r r e ........................................ — W illia m s p o r t........................................ — W ilm in g to n .......................................... — Y o r k ........................................................ — A ll o th e r c i t i e s .................................... 108 114 102 87 83 99 80 98 92 110 107 119 90 106 105 110 - 6 .6 % - 6 .6 “ - 3 .3 “ -2 0 .4 “ -2 0 .8 “ - 4 .0 “ -2 4 .2 “ - 6 .8 “ -1 0 .0 “ - 2 .1 “ - 7 .2 “ - 0 .3 “ -1 3 .2 “ - 3 .4 “ - 1 .8 “ + 3 .2 “ -1 -1 + + + 3 .2 % 2 .9 “ 1 .9 “ 4 .7 “ 3 .8 “ 2 .8 “ 8 .9 “ 4 .4 “ 7 .4 “ 0 .9 “ 5 .8 “ 4 .4 “ 9 .6 “ 1 .1 “ 4 .4 “ 3 .8 “ + + + - 0 .4 % 0 .8 “ 2 .9 “ 2 .9 “ + + + + 2 .5 % 0 .3 “ 9 .6 “ 9 .9 “ 2 .9 3 .2 2 .1 2 .2 3 .0 3 .4 2 .1 3 .0 + + + + - 3 .0 9 .4 5 .5 5 .9 1 .4 3 .9 7 .9 6 .7 6 .6 6 .3 2 .6 “ “ “ “ “ “ “ “ “ “ “ + + + + + + + + + + + 7 .7 6 .5 5 .1 5 .7 3 .5 6 .1 9 .9 2 .0 6 .6 0 .4 4 .2 “ “ “ “ “ “ “ “ “ “ “ 2 .0 2 .0 2 .2 1 .8 2 .6 2 .5 2 .6 1 .8 1 .7 2 .2 2 .3 2 .2 2 .7 2 .2 1 .9 2 .5 2 .5 2 .6 1 .9 1 .7 2 .2 2 .1 A ll d e p a rtm e n t s t o r e s ........................................... — in P h ila d e lp h ia ................................... — o u tsid e P h ila d e lp h ia ........................ 113 - 6 .7 “ 6 .9 “ 6 .0 “ - 3 .4 “ 3 .3 “ 3 .8 “ + + - 0 .3 “ 1 .0 “ 0 .8 “ + + 1 .9 “ 0 .6 “ 6 .3 “ 2 .8 3 .1 2 .2 3 .0 3 .3 2 .3 A ll ap p arel s t o r e s .................................................... M e n ’s a p p a rel s t o r e s ............................................. — in P h ila d e lp h ia ................................... — o u tsid e P h ila d e lp h ia ........................ W o m e n ’s a p p a rel s to r e s ........................................ — in P h ila d e lp h ia ................................... — o u tsid e P h ila d e lp h ia ........................ 123 131 -1 -1 -1 + + -1 7 .9 “ 3 .0 “ 0 .6 “ 5 .9 “ 2 .5 “ 5 .6 “ 2 .0 “ + + - 1 .1 “ 5 .6 “ 3 .8 “ 7 .5 “ 6 .1 “ 8 .7 “ 8 .6 “ + + + + -1 0 .1 2 .3 6 .2 9 .6 2 .0 1 .6 3 .0 + 6 .0 “ + 2 .8 “ - 4 .2 “ + 8 .7 “ + 1 2 .3 “ + 1 3 .4 “ + 8 .5 “ 3 .5 1 .8 2 .1 1 .6 5 .3 5 .9 2 .8 3 .6 2 .0 2 .2 1 .8 5 .1 5 .8 2 .8 125 “ “ “ “ “ “ “ C red it h o u se s............................................................. 120 - 2 .5 “ - 7 .7 “ + 1 .8 “ + 3 .9 “ 2 .5 2 .7 Sh oe sto r e s .................................................................. 110 - 0 .8 “ + 3 .6 “ + 0 .7 “ + 7 .6 “ 2 .1 2 .1 * Times per year based on cumulative period. Federal Reserve District were 14.3 per cent greater in October than they were during Hardware the preceding month, but 1.9 per cent less than in October, 1923. The call for hardware is fair and a good volume of sales has been made to contractors, mines, mill supply houses and to general stores, garages and general man ufacturing concerns. Sporting goods have been mov ing fairly well and household cutlery and tools are also in moderate request. Prices are in some instances higher than they were at this time last month but, as compared with quotations listed in November of last year, they are lower. Stocks held by reporting firms on October 31 were 1.7 per cent smaller than they were on the last day of the preceding month but 4.6 per cent larger than at the end o f October, 1923. Collections are fair. During October the ratio o f accounts outstanding to sales stood at 166.1 as compared with 180.8 in September and 153.2 in October o f last year. The call for many grades o f paper, particularly fine, book, kraft and wrapping papers, is greater than it was a month ago and sales at Paper wholesale show an increase as compared with October. News print, toilet tissues, and crepe towels are also selling actively. Building papers and building boards are mov ing slowly, but most boxboards are selling well. B ox cover papers are in good demand. Paper prices are firm and the same as they were a month ago. Sales during October were 17.6 per cent larger than those o f September and 1.0 per cent greater than those o f October, 1923. Stocks held by distributors at the close of October were 6.2 per cent larger than at the end o f September and 14.8 per cent greater than at die close of October, 1923. The ratio o f accounts out standing to sales decreased from 157.5 in September to 143.5 in October. Preliminary estimates o f the sales of drygoods in T 8 he B usiness R D ecember eview WHOLESALE TRADE Third Federal Reserve District Net sales October, 1924, compared with October, 1923 September, 1924 B o o ts a n d s h o e s ..................... D r u g s ........................................... D r y g o o d s ................................... E le ctrica l s u p p lie s ................. G r o c e r ie s .................................... H a r d w a r e ................................... J e w e lr y ........................................ P a p e r ........................................... - 8 .8 % + 3 .5 “ + 1 .4 “ + 2 0 .0 “ + 9 .2 “ + 1 4 .3 “ + 2 1 .1 “ + 1 7 .6 “ -1 + + 6 .8 % 0 .1 “ 2 .9 “ 2 .2 “ 1 .9 “ 1 .9 “ 1 .5 “ 1 .0 “ Stocks October, 1924, compared with Accounts outstanding October, 1924, compared with September, 1924 October, 1923 September, 1924 -7 .2 % + 6 .0 “ -9 .3 “ -4 .2 “ + 6 .1 “ -1 .7 “ -6 .7 “ + 6 .2 “ -2 0 .4 % + 0 .8 “ - 6 .1 “ -1 0 .8 “ + 3 .4 “ + 4 .6 “ + 0 .8 “ + 1 4 .8 “ + 5 .2 % + 3 .3 “ + 9 .6 “ + 8 .0 “ + 6 .6 “ + 4 .6 “ + 2 3 .7 “ + 7 .1 “ November indicate that they will be slightly less than they were in October. Most of Drygoods the reports state that their entire sales are for delivery in either November or December; a few, however, have booked a fair business for delivery early in 1925. The trend o f prices varies; silks, woolens and linens are' higher, but dress ginghams, percales, men’s fleeced underwear, overalls and work shirts are lower. October, 1923 + -1 + + + + 5 .2 % 5 .8 “ 3 .3 “ 7 .2 “ 3 .0 “ 6 .2 “ 6 .6 “ 1 .9 “ Ratio of accounts outstanding to sales October, 1924 September, 1924 October, 1923 2 4 3 .7 % 1 4 9 .5 “ 2 1 0 .8 “ 1 2 6 .2 “ 1 0 1 .0 “ 1 6 6 .1 “ 2 8 6 .3 “ 1 4 3 .5 “ 2 0 9 .4 % 1 4 9 .8 “ 1 9 5 .0 “ 1 4 0 .3 “ 1 0 5 .7 “ 1 8 0 .8 “ 2 8 0 .5 “ 1 5 7 .5 “ 2 3 9 .7 % 1 3 8 .2 “ 2 1 1 .8 “ 1 3 3 .1 “ 1 0 2 .9 “ " 1 5 3 .2 “ 2 6 8 .6 “ 1 4 2 .2 “ tober, as compared with 149.8 in September and 138.2 in October, 1923. Jewelry sales in November are showing the usual seasonal increase as compared with October, but from preliminary estimates it seems Jewelry doubtful if they will equal those o f November, 1923. Prices are firm but generally unchanged. Drugs are in good demand and wholesalers report that sales are about the same as they were last month. Seasonable patent medicines, toiDrugs let goods, perfumes, and staples are selling actively. Prices in the botanical drug market are considerably higher than at the close o f October and quotations for fine drugs and chemicals are also higher, but are not quite as high as they were earlier in this month. The indexes com piled by the “ Oil, Paint and Drug Reporter” are shown in the following table: Price index of 40 botan ical drugs O c to b e r 2 7 ................... N o v e m b e r 3 .............. N o v e m b e r 1 0 .............. N o v e m b e r 1 7 .............. Price index of 35 drugs and fine chemicals 1924 1923 1924 1923 1 2 6 .9 1 2 7 .1 1 2 7 .5 1 3 2 .5 1 2 3 .8 1 2 3 .9 1 2 3 .6 1 2 3 .6 2 0 2 .6 2 0 6 .2 2 0 6 .4 2 0 4 .1 2 0 4 .9 201 2 0 3 .8 203 Sales during October were 3.5 per cent larger than those of September, but 0.1 per cent smaller than those o f October, 1923. Stocks at the close of October were 6.0 per cent larger than at the close o f September and 0.8 per cent greater than they were a year ago. The ratio o f accounts outstanding to sales was 149.5 in O c T h e p r i c e o f p l a t i n u m , w h i c h h a s b e e n r is i n g a l m o s t s t e a d i ly s in c e 1921, is n o w t h r e e t im e s t h e 1915 p r i c e . Source—Mineral Industry Until the cold weather came about the middle of November, sales o f shoes at wholesale had been smali, but since then trade has improved Shoes somewhat. All orders are for shipment by December 1. As a result o f the higher prices o f raw materials, some manufacturers have made slight advances in their quo tations and others have indicated that they will be obliged to do so in the near future. T 1924. hird F ederal R eserve D istrict 9 SYNOPSIS OF BUSINESS CONDITIONS Compiled as of November 22, 1924 Third Federal Reserve District Business Demand Prices Finished Stocks Collections B r ic k s ......................................................... F a ir t o g o o d U n ch a n g ed t o low er M o d e r a te F air C ig a r s ......................................................... F a ir t o g o o d U n ch a n g ed L ig h t to m od era te F a ir C oa l, a n th r a c ite ...................................... F a ir to g o o d U n ch a n g ed to h igher M o d e r a te F air C oa l, b itu m in o u s .................................... P o o r to fair U n ch a n g ed M o d e r a te to h e a v y F a ir C o k e ............................................................ P o o r to fair U n ch a n g ed M o d e r a te to h e a v y F air C o t to n g o o d s ........................................... G ood H ig h er L ig h t t o m od e ra te F a ir to g o o d C o t to n y a r n s ........................................... F a ir H ig h er M o d e r a te F air D ru gs, w h o le s a le .................................... G ood H ig h er M o d e r a te F air to g o o d D r y g o o d s , w h o le s a le ............................ F a ir to g o o d S om e low er, m o r e h igh er M o d e r a te F a ir to g o o d E le ctrica l supplies, w h o le sa le ............ F a ir to g o o d U n ch a n g ed to h igh er M o d e r a te F air F lo o r c o v e r i n g s ....................................... G ood F u r n itu r e ................................................... F a ir to g o o d G roceries, w h o le s a le ............................. G ood H ard w a re, w h o le sa le ............................ F air M o d e r a te G ood U n ch a n g ed L ig h t to m od era te F air U n ch a n g ed to h igh er M o d e r a te F a ir t o g o o d U n ch a n g ed M o d e r a te F air H ig h er , H osiery , fu ll fa s h io n e d ........................ F air to g o o d U n ch a n g ed or h igher M o d e r a te F air to g o o d H osie ry , sea m less................................... F a ir t o g o o d U n ch a n g ed o r h igher M o d e r a te F air t o g o o d Iro n a n d s te e l.......................................... F a ir to g o o d H ig h er M o d e ra te F air Jew elry, w h o le sa le ................................. F a ir to g o o d U n ch a n g ed M o d e r a te F a ir to g o o d L eath er, b e lt i n g ...................................... F a ir U n ch a n g ed M o d e r a te F a ir t o g o o d L ea th er, h e a v y ........................................ G ood H ig h er M o d e r a te G ood L eath er, u p p e r ........................................ F a ir to g o o d H ig h er M o d e r a te G ood L u m b e r ...................................................... F a ir to g o o d U n ch a n g ed M o d e r a te F air P a in t ........................................................... F a ir to g o o d U n ch a n g ed to h igh er M o d e r a te F a ir t o g o o d P a p e r ........................................................... F a ir t o g o o d F irm M o d e r a te F a ir to g o o d P ap er, w h o le s a le .................................... G ood F irm M o d e r a te F a ir to g o o d P a p er b o x e s .............................................. F a ir to g o o d U n ch a n g ed M o d e r a te F a ir to g o o d P lu m b in g s u p p lie s ................................. F a ir U n ch a n g ed M o d e r a te F a ir to g o o d R u b b e r, m e c h a n ic a l............................. F a ir to g o o d F irm M o d e r a te G ood R u b b e r tir e s ............................................. F a ir to g o o d F irm M o d e r a te F air Shoes, m a n u fa c tu r e ............................... F a ir U n ch a n g ed to higher M o d e r a te F a ir to g o o d Shoes, w h o le sa le ..................................... F a ir U n ch a n g e d to higher L ig h t to m o d era te F a ir to g o o d Silk g o o d s ................................................. F a ir F irm M o d e ra te F air to g o o d Silk, t h r o w n ............................................. F air F irm M o d e r a te G ood S la te ............................................................. F air to g o o d U n ch a n g ed L ig h t to m od era te F air to g o o d S u g a r ........................................................... F air S lig h tly low er L ig h t to m o d era te G ood U n d e r w e a r ................................................ F air U n ch a n g ed M o d e r a te F air W o o le n an d w o rste d g o o d s ............... F air F irm M o d e r a te F air W o o le n a n d w orste d y a r n s ................ F air F irm M o d e r a te F air IO T he B During October sales were smaller by 8.8 per cent than in September and by 6.8 than in October, 1923. Stocks also have decreased and are lower by 7.2 per cent than on September 30 and by 20.4 per cent than on October 31, 1923. Collections are slower, as is shown by the ratio o f accounts outstanding to sales, which was 243.7 on October 31, 209.4 on September 30, and 239.7 on October 31, 1923. Groceries are in good demand and November sales are slightly larger than those o f a month ago. Canned goods, dried fruits, dried beans, Groceries sugar, coffee, nuts and all kinds o f holiday goods are selling ac tively. Prices continue their upward trend. Flour, canned vegetables, canned fruit, coffee, syrup, canned fish, and laundry soap are higher than they were a month a g o ; only cheese, dried beans, and sugar are lower. Sales during October were 9.2 per cent greater than those o f September and 1.9 per cent larger than those o f October, 1923. Stocks on hand at the close o f O cto ber were 6.1 per cent larger than at the end of Sep tember and 3.4 per cent greater than at the close o f October. The ratio of accounts outstanding decreased from 105.7 in September to 101.0 in October. SUGAR Competition o f full-duty sugars and the lack of buying interest by refiners caused a softening in raw sugar prices early in the month. Raw sugar A t the close o f October, Cuban raw sugar for prompt shipment was selling at 4 3 /1 6 cents, c & f, but offerings of several lots of Peruvian sugar at concessions in price forced the market for Cuban sugar to 3^4 cents, c & f, on November 6. Increased buying interest by refiners, however, soon brought about a gradual recovery in prices, and on November 13 Cuban raw sugar for prompt shipment sold at 4 cents, c & f. Since then a further slight strengthening o f prices has taken place and Cuban raw sugar in nearby positions is now selling at 4}i cents, c & f, equivalent to 5.91 cents, duty paid. Duty-free sugars are selling at 5.91 cents delivered. English refiners have bought very little Cuban sugar during the month, but they have made some fairly large purchases of Peruvian sugars and have also taken a few lots o f Brazilian sugar. In fact their purchases o f Peruvian sugar during the second week o f the month prevented further offerings o f such sugar in the New Y ork market at that time and decidedly strength ened the price o f raw sugar in New York. The outlook for the new Cuban sugar crop is very promising, but recent heavy rains in Camaguey and Oriente Provinces will probably delay the opening o f the grinding season. Mills in these two provinces are R usiness D ecember eview usually the first to open, but because o f the poor roads and the flooded condition o f many cane fields, a few weeks will have to elapse before the cane cutters can work or the roads can be used for hauling. The cane is reported to be large and heavy, but is very green and full o f water. Several weeks o f cool dry weather are needed to increase the sugar content. The United States Department o f Agriculture, in a report to the Department o f Commerce on November 1, states that a record production o f sugar cane is in dicated in Porto R ico for the crop year 1924-1925. The few mills which usually start grinding in Decem ber are expected to open early in next month. On November 1, the Department o f Agriculture estimated that the United States beet sugar crop would total 845,536 long tons, as compared with 786,608 long tons, the output in 1923. Exports o f the 1923-1924 crop from Cuba up to November 15, totalled about 3,820,651 tons, as com pared with 3,415,163 tons o f the 1922-1923 crop up to November 15, 1923, an increase o f 405,000 tons. The balance o f supply on November 15, 1924, was 129,762 tons, as compared with 79,747 tons on November 15, 1923. Receipts o f raw sugar at the ports o f Baltimore, Philadelphia, New Y ork and Boston for the first three weeks o f November were slightly larger than in the same period o f last year. Comparisons o f receipts for each period are given in the table b elow : RECEIPTS OF RAW SUGAR AT ATLANTIC PORTS* October 31 to November 21, 1924 November 2 to November 23, 1923 C u b a ................................................ P o r to R i c o .................................... P h ilip p in e I s la n d s ...................... o th er c o u n tr ie s ............................ 84,662 72,379 2,716 11,313 25,151 T o t a l r e c e ip t s .................................. 98,691 9 7,530 Tons (2240 lbs.) F rom F rom F rom F rom * American Sugar Bulletin. During the first half o f this month the demand for refined sugar was light and in the second week nearly all eastern refiners lowered their Refined sugar prices. A t the close o f last month all refiners, with one exception who quoted fine granulated at 7.20 cents, were asking 7.50 cents per pound, but during the second week o f this month they lowered their lists to 7.25 cents. H ow ever, a fairly active demand for Thanksgiving Day needs soon brought about a recovery in price and the majority o f eastern refiners are asking 7.40 cents for T 1924 hird F R ederal fine granulated at present. Thus far no sales of beet sugar east of Buffalo or Pittsburgh have been re ported, and apparently western refiners are able to dispose o f their supplies in the Chicago territory and points west. Beet sugar is now quoted at 7.20 cents per pound by both western and central western re finers. The export market has been quiet and practically no business has been obtained from Europe during the month. New beet sugar is appearing in European markets in large quantities and is being offered at prices which American refiners cannot equal. Conse quently little business can be expected from this source for some months. Meltings for the first three weeks o f November at refineries in Baltimore, Philadelphia, New York, and Boston amounted to 117,000 tons, as compared with 148,000 tons for the same period o f November, 1923, a decrease o f 21 per cent. However, the meltings were much greater than the receipts o f raw sugar, which indicates that refiners are reducing their stocks. BUILDING During October, 3,311 building permits were issued in fifteen cities in the Third Federal Reserve District at a total estimated cost of $18,499,406. These figures represent an increase of 273 permits and a gain of $1,048,960 in proposed expenditure over the totals in the preceding month. During October o f last year eserve D 11 istrict 4,066 permits were granted at an approximate cost o f $15,550,903. The demand for paint has improved during the past month. Manufacturers report it as fair and state that the call for most grades is stronger Paint than it was at this time last year. Although the market for lead pig ments has been relatively quiet, the volume of sales has on the whole been satisfactory, and the mild fall weather has considerably benefited both manufacturers and dealers. The demand for colors in oil has been steady and substantial shipments o f these products have been made since the first o f the month. Sales of lithopone have increased steadily and the market for this product has been especially active in the East. Most o f the orders now on the books are for delivery either immediately or within 60 days, while the total of those for shipment up to and beyond 90 days is smaller than it was a month ago. Prices are firm and in most instances are the same as those listed at this time last month. However, some slight advances were made recently. Prices of a few raw materials are stronger than they were four weeks ago, notably those o f linseed oil. On Novem ber 22 quotations stood at $1.08 per gallon in carload lots, cooperage basis, representing an advance o f 8 cents over the price listed on October 23. Manufacturers reporting to us are operating their plants at an average rate of close to 75 per cent of capacity, which exceeds the rate at which they were working last month. Unfilled orders are sufficient to BUILDING PERMITS Third Federal Reserve District October, 1923 October, 1924 Permits Opera tions A lle n t o w n .............. A lt o o n a ................... A tla n tic C i t y . . . . B e th le h e m .............. C a m d e n ................... H a r r is b u r g ............. L a n c a s te r ............... P h ila d e lp h ia .......... R e a d in g ................... S c r a n t o n ................. T r e n t o n ................... W ilk e s -B a r r e ......... W illia m s p o r t......... W ilm in g to n ........... Y o r k ......................... 98 187 232 64 152 88 71 1 ,3 6 9 242 171 161 184 82 100 110 106 191 232* 64* 259 118 75 1 ,9 9 4 267 171* 179 184* 82 100 110 T o t a l ................... 3 ,3 1 1 4 ,1 3 2 * Operations not reported. Estimated cost Permits Opera tions $ 5 3 6 ,4 2 5 2 5 7 ,7 2 1 9 7 3 ,9 1 8 1 6 4 ,0 5 5 4 9 5 ,3 7 4 4 6 9 ,7 4 5 5 3 1 ,1 7 0 1 2 ,0 6 6 ,6 2 5 7 5 1 ,8 7 5 5 4 2 ,8 1 0 3 9 1 ,2 4 5 3 8 3 ,0 5 4 8 4 ,9 9 0 1 8 9 ,4 3 2 6 6 0 ,9 6 7 91 187 287 39 154 93 96 1 ,4 2 9 265 113 187 105 97 100 95 126 194 ' 287* 39* 188 135 96 1 ,9 7 2 269 113* 245 105* 102 100 95 $ 1 8 ,4 9 9 ,4 0 6 3 ,3 3 8 4 ,0 6 6 January to October (inclusive) 1924 1923 Estimated cost Number Estimated cost Number Estimated cost $ 5 0 1 ,0 3 0 2 1 6 ,3 7 3 5 9 0 ,9 9 4 1 0 7 ,2 7 5 2 3 9 ,6 5 5 4 8 6 ,4 7 0 5 7 3 ,5 5 5 1 0 ,9 4 9 ,3 1 0 2 4 1 ,0 5 0 2 1 2 ,5 9 8 5 1 2 ,5 3 5 3 7 2 ,0 2 9 1 1 5 ,5 6 3 1 7 6 ,9 4 9 2 5 5 ,5 1 7 956 1 ,9 2 4 1 ,6 8 4 482 1 ,3 1 8 834 837 1 3 ,7 2 3 2 ,5 7 8 1 ,6 2 3 1 ,8 2 3 1 ,4 5 1 946 1 ,0 7 9 1 ,5 9 5 $ 4 ,6 2 5 ,1 1 5 3 ,1 5 1 ,9 7 5 8 ,7 5 7 ,9 0 6 2 ,3 2 8 ,4 8 2 4 ,8 3 2 ,0 2 5 4 ,9 1 5 ,0 6 0 4 ,5 0 6 ,5 2 0 1 2 7 ,5 1 0 ,7 4 0 5 ,3 5 8 ,0 4 7 4 ,5 9 6 ,7 3 8 5 ,0 8 9 ,9 5 1 3 ,6 9 7 ,1 8 4 1 ,1 1 2 ,3 6 3 3 ,2 6 0 ,6 0 5 2 ,6 1 9 ,3 8 5 919 1 ,7 5 6 2 ,2 9 9 415 1 ,0 8 8 818 815 1 2 ,6 4 6 2 ,7 5 7 1 ,2 9 3 1 ,5 7 8 1 ,0 1 5 927 1 ,0 0 8 1 ,3 1 2 $ 4 ,5 1 5 ,1 2 0 2 ,7 6 5 ,6 8 7 8 ,0 8 8 ,0 8 6 1 ,3 6 4 ,7 6 2 6 ,5 1 6 ,8 4 9 7 ,1 5 5 ,7 1 2 3 ,3 7 7 ,9 8 5 1 1 2 ,8 0 6 ,9 0 0 4 ,0 4 5 ,7 5 5 2 ,9 2 5 ,0 0 9 5 ,9 9 4 ,6 4 6 2 ,7 5 7 ,8 2 6 1 ,1 0 9 ,8 6 4 3 ,1 3 4 ,1 8 1 1 ,9 7 0 ,7 2 6 $ 1 5 ,5 5 0 ,9 0 3 3 2 ,8 5 3 $ 1 8 6 ,3 6 2 ,0 9 6 3 0 ,6 4 6 $ 1 6 8 ,5 2 9 ,1 0 8 12 T he B usiness maintain present schedules for an average period of about 5 weeks. Stocks of finished goods are mod erate and increasing, hut those of raw materials, which are also moderate, are stationary. Manufacturers reporting in this district are almost evenly divided in their opinions as to whether the demand for bricks is greater or Bricks less than it was at this time last month. It is more generally agreed, however, that the call, though fair, is not as strong as it was during November, 192.3. Most of the orders on the books are for delivery within 60 days; in fact the total o f those booked for shipment up to and beyond 90 days is smaller than it was at this time last month. Prices of finished bricks are far from firm and the tendency to grant concessions has in some in stances engendered resistance to present prices. One manufacturer states that the desire to move stocks which ordinarily begin to increase at this season is responsible for a great deal of the weakness in es tablished quotations. However, most of the reports indicate that prices are at the levels listed a month ago. Quotations for raw materials are generally firm and unchanged from those recorded four weeks ago. Stocks o f finished goods are moderate but are in creasing noticeably, but supplies o f raw materials, though somewhat heavy, are becoming lighter. These circumstances, of course, indicate that manufacturers are continuing actively in operation and this is borne out by our reports, which indicate that the average rate o f output o f 23 factories in this district approxi mates 70 per cent o f capacity. This average rate is slightly higher than that recorded at this time last month. The total o f unfilled orders is smaller than it was a month ago and the filling of all those now taken will not require the continuance o f present operating schedules for a longer average period than 30 days. Manufacturers report that the demand for plumb ing supplies, though fair, does not equal that o f last month or of November, 1923. Plumbing supplies On the other hand, dealers say that the call is good and that it is stronger than it was in either o f the foregoing periods. Both, however, find that most of the orders now taken call for delivery either immediately or within 60 days, though many are for shipment up to and beyond 90 days. A few reductions have been made during the past four weeks, but generally speaking quotations are about the same as those o f a month ago. On account o f the favorable weather conditions this fall, demand for many plumbing supplies has continued unusually late and this has materially assisted in maintaining steady prices. R eview D ecember Stocks o f finished goods in the hands of both manu facturers and dealers are for the most part moderate and stationary. Supplies o f raw materials held by the former, however, though also moderate, are decreasing. Manufacturers reporting to us are operating their es tablishments at an average rate of about 70 per cent of maximum output, which is somewhat less than the average rate at this time last month. Unfilled orders are smaller than they were a month ago and the filling o f those now on the books will necessitate the main tenance o f present production schedules for an average period of not more than three weeks. The call for slate is considerably better than fair, though opinion is equally divided as to whether it may be considered either stronger or Slate weaker than it was during O c tober. Most manufacturers, how ever, say that the demand has failed so far this month to equal that prevailing in November, 1923. Unfilled orders are smaller than they were a month ago and do not extend as far into the future. A s a matter of fact, few o f those now on the books are for delivery beyond 90 days, the great majority being specified for shipment within 60 days. In every instance prices of finished goods are said to be firm and no changes have occurred in estab lished quotations during the past month. Stocks of finished goods are from moderate to light. Stocks of rough slate quarried and ready to be machined are moderate and stationary. Quarrymen reporting to us are operating their equipment at an average rate of about 75 per cent of capacity, notwithstanding the fact that some curtailment of operations was made necessary on account of the strike. Several plants, however, are working full time. Orders now on the books will require the continuance o f the present average rate o f output for periods ranging from 10 days to four months, depending on the size o f the establishment and the type o f the finished product. Manufacturers reporting to this bank state that the demand for lumber is fairly good and that it is stronger than it was at this time Lumber last month and in November, 1923. Dealers, however, find the call much the same as it was during each of the above mentioned periods. So far this month, yellow pine has been in good request and some o f the lower grades of hardwoods have been selling in larger volume. W est Coast lumber and hemlock are also moving more ac tively than they were at this time last month, due in part to the fact that prices for these grades are the lowest in several months. Generally speaking, however, quo tations are firm and though slight revisions have been made, prices are mostly unchanged from those pre vailing a month ago. Stocks in the hands o f manufacturers are in most T 1924 hird F ederal R instances moderate and increasing. In three cases they are characterized as heavy. Supplies held by dealers also are moderate. Thirteen mills o f this dis trict are operating at an average rate o f about 75 per cent o f capacity. The total of unfilled orders on hand is larger than it was a month ago, though most o f the orders now being made up are for delivery within 60 days. The filling o f all those on the books will require the continuance o f present working schedules for an average period o f close to two months, although in dividual mills have work ahead which will necessi tate the maintenance of operations for periods rang ing from two weeks to five months. REAL ESTATE Although new construction and building operations throughout the district are still of large proportions, the majority of real estate dealers and operative builders report that the period o f abnormal activity is definitely over. Residential building within city limits is prin cipally confined to houses ranging from $6,000 to $10,000 in price, for which a good demand still exists. The demand for workmen’s houses at prices under $6,000 is insatiable, but at the present cost o f con struction it is almost impossible to build homes at those prices. Suburban houses ranging from $8,000 to $15,000 are in fairly good request, but at higher prices the sales are rather slow. The call for high-priced apartments has been met and at present the supply exceeds the demand. Low-priced apartment houses are sail in good request. Commercial and industrial construction in Philadelphia is not as heavy as it was a year ago, but the public works that are under way are larger. In some o f the smaller cities, notably Atlantic City, commercial construction is greater than it was this time last year. eserve D istrict 13 three months ago, but the supply does not yet equal the demand in parts o f the district. Trust companies in Y ork and Williamsport report that they are unable to supply the demand for first mortgage money. In other cities, the applications for loans on mortgages are re ported as being smaller than they were in November, 1923, but the trust companies have no difficulty in lend ing their available funds. The interest rate on first mortgages is still 6 per cent at trust companies, but some builders and dealers in Philadelphia state that they have recently obtained first mortgage money at 5V2 per cent. Building and loan associations still have more applications for loans than money available to lend, but recently the number o f applications has shown a decrease. Mortgage brokers’ commissions average about 2 per cent on first mortgages and range from 5 to 10 per cent or higher on second mortgages. Second mortgage funds are still scarce. Building materials, principally lumber and steel, are cheaper than they were a year ago, but labor costs show no change. Construction costs are now about 5 per cent lower than they were in November, 1923. IRON A N D STEEL Realtors report that the real estate market at present is rather quiet. Houses selling at less than $10,000 are the best sellers and apartment houses, where the rentals are below $75 per apartment, are easily sold. Higher-priced residences and apartments, however, move slowly. Rentals for cheap apartments and small houses are unchanged and are the same as they were a year ago, but some high-priced apartments are renting at lower rates than in November, 1923. This is es pecially true o f rentals ranging above $75 per month. The supply o f office space exceeds the demand and in many sections concessions of various kinds are offered to prospective tenants. Prices o f building sites have advanced sharply in districts where extensive improve ments have recently been made, but in the older sec tions which are fully developed, prices have remained the same during the past quarter. Industrial sites are plentiful, but good commercial sites are rather scarce. Since November 4 the market for iron and steel has displayed increasing strength and during the week end ing November 22 substantial sales o f pig iron and steel products were reported at increased prices. Ques tionnaires returned to us from representative manu facturers in the Third Federal Reserve District indi cate that the demand for pig iron is fair and stronger than it was a month ago. The call for structural shapes too has improved, though this betterment is a recent development. On the other hand, the demand for iron and steel castings is very little better than it was a month ago, although inquiries for these prod ucts are not lacking. Inquiries for iron bars and steel plates are also fairly numerous, but so far this month sales have been no more than fair. Supplies o f wire rods and machinery and tools are moving noticeably better than they were a month ago, deliveries being made chiefly to public utility companies, railroads, in dustrial plants and machine shops. Prices o f several iron and steel products have ad vanced substantially during the past two weeks, notably those of some grades of pig iron, which are now from 50 cents to $1.50 higher than they were in October. On November 20, Philadelphia 2 X pig iron was quoted at $23.26 per ton, as compared with $21.76 per ton during September and October. Similarly, quotations for Valley furnace grades advanced from $19.00 per ton to $19.50 per ton during the past fortnight. A s nearly as can be ascertained, stocks in general are moderate and much the same as they were a month ago. Mortgage funds are more plentiful than they were During October, production o f both pig iron and T 14 he B usiness steel ingots was greater than in September and the unfilled orders of the United States Steel Corporation also increased, as is shown in the table below. A c cording to the “ Iron A ge,” the rate at which the in dustry as a whole is operating is higher than it was at this time last month. October, 1924 In the table below are presented comparative data o f the principal operating items of 34 iron foundries located in this district. It will Iron foundries be noted that production o f malle able and gray iron castings in creased in October, while shipments and unfilled orders, both in value and tonnage, declined. IRON FOUNDRY OPERATIONS Third Federal Reserve District C a p a c ity o f fu r n a c e s ............ 12 250 ons P r o d u c tio n o f c a s tin g s ........ 5,700 “ 734 “ M a lle a b le ir o n .................... G r a y i r o n ........................... .. 4,966 “ J o b b i n g ............................. 3 ,3 26 “ F o r fu rth er m a n u fa c t u r e ................................ 1,640 “ S h ip m en ts o f c a s tin g s .......... 4 ,7 66 “ $ 8 0 7 ,0 1 5 V a lu e o f s h ip m e n ts .......... U n filled o r d e r s ........................ 3,120 ton s $ 5 2 9 ,5 7 7 V a lu e o f u nfilled o r d e r s .. R a w s to c k : P ig i r o n ................................. 8,012 to n s S c r a p ...................................... 2,829 “ C o k e ........................................ 2,0 50 “ 12,250 ton s 5,120 “ 719 “ 4,401 “ 3,042 “ Change + 1 1 -3 % + 2 .1 “ + 1 2 .8 “ + 9 .3 “ 1,359 “ 4 ,9 58 “ $ 8 9 7 ,3 4 6 3,836 ton s $ 6 4 8 ,7 9 6 + 2 0 .7 - 3 .9 -1 0 .1 -1 8 .7 -1 8 .4 7,881 ton s 2,981 “ 1,913 “ + + “ “ “ “ “ 1 .7 “ 5 .1 “ 7 .2 “ A n analysis of questionnaires returned to us from 5 steel foundries in the Third Federal Reserve District as shown herewith, discloses the Steel foundries fact that during October the situ ation in regard to production, shipments and stocks improved to an unusual extent over that in the preceding month. The most noteworthy gain occurred in the tonnage of unfilled orders which increased 108.5 per cent over the total in September. STEEL FOUNDRY OPERATIONS Third Federal Reserve District October O f the 61 furnaces located in this district, 24 were in blast at the end o f October, a gain o f two over the number in operation on the last day of the preceding month. During that period none were shut down. September D ecember eview September, 1924 P r o d u c tio n o f p ig iro n . . 2,477,127 gross ton s 2,053,264 gross ton s P r o d u c tio n o f steel in g ots 3,111,452 gross ton s 2,814,996 gross to n s U n filled ord ers o f U . S. S teel C o r p o r a t io n . . . . 3,525,270 gross ton s 3,473,780 gross ton s October R C a p a c it y o f fu r n a c e s .......... 6,200 ton s P r o d u c tio n o f steel castin gs 3,763 “ S h ip m e n ts ................................. 2,831 “ V a lu e o f s h ip m e n ts .......... $478,867 U nfilled o r d e r s ........................ 5,001 ton s V a lu e o f unfilled o r d e r s .. $862,953 R a w s to c k : P ig ir o n ................................. 1,618 ton s S c r a p ...................................... 10,581 “ C o k e ....................................... 4 28 “ September Change 6,200 ton s 2,517 “ + 4 9 .5 % 1,602 “ + 7 6 .7 “ $281,782 + 6 9 .9 “ 2,3 99 ton s + 1 0 8 .5 “ $555,881 + 5 5 .2 “ 1,840 ton s 7,719 “ 379 “ + + 1 2 .1 “ 3 7 .1 “ 1 2 .9 “ COAL The recent cold spell has favorably affected the call for anthracite and stove sizes in particular are now in good request. Orders for chestAnthracite nut coal are also more numerous than they were a month ago, but on account o f the disinclination o f consumers to use the smaller grades even in mixed proportions, the call for these is only fair. One operator states that the tendency toward buying only two out of the half dozen or more available sizes is one of the most serious prob lems with which the producer has to contend. The call for steam sizes is poor and of these only rice coal is moving in anything approaching fair volume. Independent prices are in some instances as much as $1 per ton higher than Company quotations and have advanced during the past four weeks. On November 17 the spot price o f independent stove coal was listed at from $10.10 to $10.75 per ton as compared with from $9.85 to $10.25 per ton on October 20. Q uo tations for rice grades, however, continue unchanged at $2.25 per ton. PRODUCTION OF ANTHRACITE* Week ending 1924 1923 O c to b e r 1 8 ..................... O c to b e r 2 5 ..................... N o v e m b e r 1 ................ N o v e m b e r 8 ................ N o v e m b e r 1 5 ................ 1,750,000 net ton s 1,927,000 “ “ 1,444,000 “ “ 1,592,000 “ “ 1,674,000 “ “ 1,978,000 n et ton s 2,001,000 “ “ 1,328,000 “ “ 1,903,000 “ “ 1,669,000 “ “ * Compiled by the Geological Survey. T T924 hird F ederal Production declined somewhat in the last week in October, largely on account o f the observance o f All Saints’ Day, and the cessation o f operations on Election Day was responsible for the low total during the week ending November 8. Since then, however, output has increased, as will be noted in the table on page 14 which gives production in tons by weeks. About the middle o f September, the demand for bituminous increased and until the first o f this month sales were made in substantial Bituminous volume. Since that time, how ever, the call has materially sub sided, largely because consumers apparently have now contracted for the major part of their winter require ments, and consequently are out o f the market. Then too, o f course, the unseasonable weather has interfered greatly with sales. One operator reporting to us states that the demand for bituminous for household use is good and that he is devoting part o f his equipment to screening coal and shipping the prepared sizes to locali ties in the east and middle west. In most instances, however, the call is characterized as poor. Prices in general are weak and the usual differences between contract and spot quotations continue to be in evidence. Notwithstanding a tendency toward lower levels, prices in this district remain the same as those listed a month ago. On November 17, in Philadelphia, Pool 10 coal was quoted at from $1.65 to $1.90, no change having occurred in established quotations in several weeks. Since the week ending October 25, production o f bituminous has been declining, partly in conform ity with the lessened demand, but mainly on account o f the celebration of holidays in each o f the succeeding two weeks. Output increased again, however, in the week ending November 15, as will be seen in the table below : PRODUCTION OF BITUMINOUS* Week ending 1924 1923 O c to b e r 1 8 ................. O c to b e r 2 5 ................ N o v e m b e r 1 ............ N o v e m b e r 8 ........... N o v e m b e r 1 5 ........... 10,261,000 n e t ton s 10,300,000 “ “ 10,065,000 “ “ 9,322,000 “ “ 10,122,000 “ “ 10,694,000 n et ton s 10,919.000 “ “ 10,547,000 “ “ 10,726,000 “ " 9 ,717,000 “ “ R eserve D istrict 15 several inquiries have been received, as yet no substan tial sales have resulted. Foundry grades are in somewhat better request, though supplies o f these too are moving slowly. Prices are the same as those listed a month ago. On November 17, furnace coke was quoted at $3.00 per ton at the ovens and quotations for foundry grades were firm at $4.00 per ton. Production of beehive coke increased somewhat dur ing the week ending November 1 but declined again the following week. A s compared with output dur ing the corresponding weeks o f last year, it is con siderably less, as will be noted in the following table. PRODUCTION OF BEEHIVE COKE* Week ending 1924 O c to b e r 1 8 ................................. O c to b e r 2 5 ...................................... N o v e m b e r 1 ............................ N o v e m b e r 8 ................................... N o v e m b e r 1 5 ................................... 147.000 140.000 150.000 140.000 152.000 1923 n et ton s 286.000 n et ton s “ “ “ 276.000 “ “ “ “ 266.000 “ “ “ “ 255.000 “ “ “ “ 254.000 “ * Compiled by the Geological Survey. During October, output o f by-product coke totalled 2,899,000 tons as compared with 2,543,000 tons in Sep tember, an increase o f 356,000 tons. COTTON Heavy demand has been the dominating influence on cotton prices during the past month. Confirmation o f this demand is to be found in the Raw cotton figures o f the Bureau o f the Cen sus, which show that 532,629 bales o f cotton were used in October, as compared with 455,212 bales in September, 357,455 bales in August and 543,725 bales in October, 1923. Since the release o f these figures further increases in the con sumption o f cotton have been reported. Although the three Government reports on the crop issued since our last review have had their influence on the market, it can readily be seen that this has been secondary to that of demand, for, as is shown in the table, the COTTON STATISTICS * Compiled by the Geological Survey. The market for coke is dull and there has been little if any change in the demand for furnace grades during the past month. Most of C oke the tonnages necessary for the continued operation o f blast fu r naces are already contracted for, and, though recently Government report issued Oct.. 2 5 ............... N o v . 8 ............. N o v 2 1 ............. Condition as of O ct. 18 N ov. 1 N o v . 14 Estimated crop in bales 1 2 .6 7 5 .0 0 0 1 2 .8 1 6 .0 0 0 1 2 ,9 9 2 ,0 0 0 Spot cotton at New York Day previous to report Day of report 23 35ff 23 75 i 2 4 .2 0 i 2 2 .9 5 0 2 4 .1 5 0 2 4 .1 5 ^ i6 T he B usiness reports have been progressively better and yet spot cotton was $4 per bale higher after the last report than it was on October 24. The accompanying chart shows that exports o f cotton each year have a strong seasonal trend. They increase largely when the new crop becomes available in the autumn and then, after several months o f heavy shipments, decline almost steadily until the end of the crop season. The price o f cotton advanced from the middle o f 1921 until late in 1923. In the table the takings o f American cotton for the season to November 21 are given. They show that the total to that date is slightly larger than it was a year ago. SUPPLY AND TAKINGS OF AMERICAN COTTON* In bales V isib le su p p ly , A m erica n , at en d o f p r e v io u s season (J u ly 3 1 ) ............................ C r o p in sig h t, A m e rica n , on T o t a l ............................... V isib le s u p p ly , A m erica n , nn Nrwp.mhfir 2 1 ............. W o r ld ’s ta k in g s o f A m e ri c a n to N o v e m b e r 2 1 . . . Season of 1924-1925 Season of 1923-1924 9 5 1 ,8 1 6 8 6 9 ,9 6 8 1 ,9 6 8 ,1 5 9 7 ,3 9 8 ,6 7 6 6 ,3 5 2 ,6 4 4 6 ,6 7 8 ,6 5 1 8 ,3 5 0 ,4 9 2 7 ,2 2 2 ,6 1 2 8 ,6 4 6 ,8 1 0 4 ,2 3 6 ,2 5 0 3 ,1 6 0 ,8 5 2 3 ,9 7 3 ,2 6 6 4 ,1 1 4 ,2 4 2 4 ,0 6 1 ,7 6 0 4 ,6 7 3 ,5 4 4 * Figures compiled by the New York Cotton Exchange. Season of 1922-1923 R eview D ecember Coincident with the recent improvement in the market for cotton goods, trading in yarns has increased slightly over that o f the preceding month. Cotton yarns Numerous inquiries and a re turning note o f confidence on the part o f buyers and sellers are apparent and a fair amount o f business has been done in both weaving and knitting yarns. Spinners o f all types o f yarns have, in most cases, secured a larger quantity o f orders for delivery extending beyond the period o f ninety days than they had last month. In several instances, reports indicate that at present calls for immediate shipment cannot be satisfied easily, which was not true last month at this time. This quickening in activity is further shown by a slight gain in employment and in the percentage o f active cotton spindles. Stocks o f both finished goods and raw material are moderately light, and are either stationary or decreasing. Some numbers o f both combed and carded yarns, most commonly used, are said to be scarce, but there seems to be little difficulty in obtaining them at slight advances in quotations. That prices o f cotton yarns have risen in sympathy with raw material is clearly shown by Fairchild’s average price and index number. On November 15 yarns were quoted at 45.27 cents per pound, as against 43.73 cents per pound on October 18, while the average price on January 19, 1924, was 53.29 cents per pound. The average price o f raw cotton also advanced from 23.53 cents to 24.68 cents per pound during the cor responding period, the quotation on January 19 being 33.64 cents. A t present, sellers are not encountering as strong opposition to prices as they did last month. Further improvement is noted during the month in nearly all branches o f the cotton goods industry. Sales o f gray goods, print cloths and Cotton goods sheetings have been large and the trend o f quotations has been rising. Fairchild’s index o f the average cotton goods price, which stood at 15.484 for the week ending O cto ber 25, advanced to 15.519 for the week ending November 15, and during the same period the average price o f spot cotton at New Y ork increased from 23.63 to 24.68. Ginghams were reduced sharply in price during the month by the largest New England producer in order to meet the lower quotations o f Southern competitors. It was feared that this might lead to a further reduc tion and a demoralized market, but the large Southern producers made no attempt to cut prices further and it is reported that a satisfactory business has since been booked. Percales were also lowered by one o f the largest manufacturers and dark grounds placed on a par with light grounds, the previous differential of o f a cent being cancelled. Denims on the other hand were priced higher by the largest producer and the 1924 T hird F ederal R eserve D istrict *7 trade is said to have purchased both percales and ■denims in good quantity at the revised quotations. Makers o f Turkish towels, upholsteries and draperies report an improved business, though this is attrib uted by some to the usual holiday demand. Prices of these are firm but unchanged. M en’s wear textiles, however, are dull and show practically no improvement and the same situation is reported by manufacturers o f hair cloth. Production as a whole has again increased and mills in this district are operating at about 75 per cent of their capacity. Stocks are in most cases either light or moderate and are lower than they were a month ago. WOOL A further advance in quotations, continued strength in the position of domestic and foreign wools, and a pronounced improvement in senRaw wool timent among manufacturers of finished goods have characterized the market for raw wool during the past month. Stimu lated by limited supplies o f wool and increasing con sumption by mills, current buying in this district has exceeded the volume o f business transacted during the same period last year. A s a result, a considerable vol ume o f next spring’s clip o f western wool has been purchased on contracts at higher levels than those o f the previous season. These contracts have been placed unusually early, and the wools will not be available for several months to come. In the meantime, merchants and manufacturers are showing a heightened interest in the market abroad. This is seen in the quickened activities on the part o f American buyers in Australia. Despite keen com petition from the Continent, the high rate of exchange and a further rise in quotations, which for some months had exceeded greatly those in the domestic primary markets, a fair amount of wool has been bought by several local dealers who feel that the necessity for im porting wools is becoming more apparent and that there is no indication o f an immediate decline in prices. Other buyers prefer to wait, watching cautiously the present trend of the market. It is also reported that thus far United States buyers purchased a comparatively smaller volume o f South American wools. The chief difficulty in this market is encountered in high prices and severe competition, as is the case in the British Colonies. R e exports o f foreign wools held in bond here have de creased considerably during the month, while imports in October increased to 16,638,002 pounds, as compared with 12,129,358 pounds in September and 9,566,009 pounds in October of last year. Most o f the local dealers report that their supplies o f raw wool are light. Source—Department of Commerce According to Dun’s average of ninety-eight quota tions, prices o f raw wool were 91.25 cents per pound on November 22, as compared with 88.18 cents per pound on October 18, and 74.82 cents per pound a year ago. New business in woolen and worsted yarns has in creased somewhat, as compared with that o f the pre. , ceding month and of last year. 00 en1 Although buyers have not been increasing the size of their orders, they have bought more frequently, the aggregate volume o f business during the month having reached fair pro portions. A s a rule manufacturers o f men’s wear fabrics have continued to purchase yarns for their requirements more briskly than have makers o f dress goods. Recently, however, activities in weaving yarns have slowed down somewhat, but knitting yarns have been in fair request. The demand for carpet and wool spun yarns is also active. W hile orders for quick de livery still dominate the market, a considerable number of commitments call for shipments during the next ninety days or even beyond that period. Generally speaking, both spinners and manufacturers show more confidence in the future o f the market than was the case last month. Production has increased in most cases; mills are now running at more than 85 per cent of single shift capacity. This is evidenced by a gain in the number of active woolen and worsted spindles, together with a marked improvement in employment. The consump tion o f wool in this district, as is shown by returns from 85 establishments, was 26 per cent greater in T i8 he B usiness October than in September. The accompanying chart shows the relative position of wool consumed in this district and the United States for 20 months ending October 31. R D ecember eview facturers have been especially slow in buying spring goods. F or the same reason retailers are withholding their orders for light-weight fabrics until they know how successful their fall sales will be. Most o f the manufacturers report not only that they are having fairly satisfactory sales o f woolen goods, but that worsted fabrics also are selling more actively than fo r some time past. The majority o f producers state that prices of fin ished merchandise are generally firm, and that with the exception of a few instances they have not risen to any extent since last month. Such advances as did occur during the past month were necessitated by the further increase in quotations for raw wools and yarns. In fact, the rising market for raw materials is creating no small measure o f uncertainty among manufacturers, particularly among those who are already planning their operations for the fall o f 1925. W o o l c o n s u m p t io n d u r in g th e p a s t fe w m o n t h s h a s in c re a s e d a t a m u c h m o r e r a p id r a t e i n t h i s d i s t r i c t t h a n in t h e c o u n t r y a s a w h o l e . I n J a n u a r y , 1923, c o n s u m p t i o n i n t h e U n it e d S t a t e s w a s 6 3,348,000 p o u n d s , a n d i n t h i s d i s t r i c t , 13.288,000 p o u n d s . Source— Department of Commerce Spinners state that as a result o f more confident buying to cover future requirements, they now have sufficient orders to keep their mills busy at the present rate o f production for a period of from one to four months. Chiefly because mills are operating against orders in hand, stocks o f finished goods are moderately light. N or are supplies o f raw materials generally burdensome, although several producers report heavy and increasing stocks. Quotations for woolen and worsted yarns are higher than they were last month. This strength lies not so much in the quickening of demand as in the high prices spinners must pay for raw wools. Although buyers o f yarns continue to offer resistance to increasing prices, they appear to realize that the advance in quotations for this commodity is inevitable in view o f the present shortage o f domestic and foreign wools. Demand for woolen and worsted goods improved but slightly during the past month. It is true that new business and duplicate orders in W oolen and both light-weight and heavy worsted goods weight cloth have been booked in fair volume, but the great bulk is for immediate de livery. Future commitments are scarce, and only a few sales are for shipment beyond a period o f sixty days. Mainly because o f unfavorable weather, clothing manu That pioduction has increased slightly is shown by the fact that mills in this district are now utilizing their equipment to the extent o f about 85 per cent o f plant capacity, as compared with 80 per cent last month. Nearly all o f them, however, are running only against orders in hand, the total of new business having de creased somewhat. A s a result, at the present rate o f production, advance orders will not insure the present rate o f operations for a longer period than from ten days to three months. Stocks are not burdensome. Generally speaking, they are decreasing although sev eral producers state that their supplies o f yarns are rather heavy. SILK During the past month the market for raw silk has been generally firm. Dealers and manufacturers of broad silks and hosiery have been Raw silk moderately active in Yokohama and New York although the bulk o f their purchases has been only for immediate require ments. Several reports, however, indicate that a fair volume o f silk has been sold for shipment in December and January. Though a slight improvement has been noted in the market at Canton, conditions at Shanghai still appear to be unfavorable to local buyers. Prices o f natural raw silk have increased during the month. Kansai double-extra cracks advanced from $6.10 per pound on October 22 to $6.75 per pound on November 22, regardless o f the fact that the rate o f exchange for Japanese yen continued to hold at about 38 cents. Both domestic and foreign artificial silks have been in an exceptionally strong position, the demand hav ing further increased during the past four weeks. N o changes have been noted thus far in prices of artificial silk. According to the November 5 report issued by the 1924. T hird F ederal R Silk Association of America, imports and deliveries o f raw silk during October totalled 37,646 and 35,508 bales, respectively, as against 48,551 and 36,366 bales in September. On the other hand, the volume o f raw silk in storage increased from 42,260 bales in Septem ber to 44,398 bales in October. This latter figure repre sents an increase o f approximately 11,700 bales over the total in October, 1923, but is about 1,500 bales less than that o f the same month two years ago. A s imports ap pear to be well balanced by consumption, supplies on hand are not considered excessive. The accompanying chart shows the relative position o f stocks and ship ments from 1921 to date. eserve D istrict 19 though most o f them are running at about the same rate as last month. A t present, operations in this dis trict vary considerably, but the majority o f producers are utilizing their equipment to the extent o f about 75 per cent o f single-shift capacity without accumulating stocks. The volume of business on hand is somewhat larger than it was last month; in fact, at the present rate o f production, unfilled orders will insure operation in most cases for a period o f from one to three months. Despite the fact that manufacturers have bought recently a fair amount o f raw merchandise, stocks o f yarns are not excessive; nor are supplies o f finished goods burdensome, chiefly because mills are working almost exclusively against orders in hand. Moreover, cutters, jobbers and retailers state that their stocks are light, a fact which gives producers some cause for feeling that the market for broad silks is on the verge o f further improvement. Prices o f both finished goods and raw materials are firm ; indeed, while the former have advanced in a few instances only, the quotations for the latter have risen in all cases. The majority o f manufacturers, however, have been able to keep their prices at the same level as during the previous month. Buyers con tinue to offer resistance to quotations, particularly on cloth o f higher grades, but they find few producers who are willing to grant concessions in the face o f the rising market for yarn and raw silk. Following a brief period o f recession in demand during the latter part o f October, trading in piece goods has revived recently to the Silk goods extent that the current market for broad silks is slightly more active than it was last month or a year ago. W hile no substantial increase in business has yet resulted from the growing confidence in the future, some fair sized orders have been booked by manufacturers for shipment in December and January, or even beyond that period. Jobbers have bought a moderate amount o f broad silks to cover their requirements for next spring, and cutters-up are purchasing such goods as crepe-back satins, bengalines, prints and charmeuse. Retailers have placed a fair number o f re-orders. V ir tually no change has occurred in the market for rib bons ; narrow varieties are moving slowly but in greater volume than wide grades. A s a result o f the slight recovery in the market for silk cloth, several mills have increased their output, Trading in thrown silk during the past month has continued fairly active, and prices have been moving upward. The majority o f proT hr own silk ducers state that demand has in creased materially over that o f last month or a year ago. Manufacturers o f silk goods have shown a marked disposition to buy yarn in larger quantities than previously. The bulk o f orders call for delivery during December and January, but a number o f them are for shipment beyond a period o f ninety days. Business in spun silk has been exceedingly good, most o f the current orders having been booked for delivery next year. Mills are utilizing their equipment to the extent of about 70 per cent o f plant capacity as against 65 per cent last month. Most o f them have booked a sufficient amount o f new business to keep their machinery busy for the remainder o f this year, and even beyond that period. Neither stocks o f finished goods nor supplies o f raw materials are burdensome at the present time. In sympathy with the rise in quotations for. raw mate rial, prices o f thrown silk have advanced slightly, though they are still below the level o f those o f last year. Organzine double-extra cracks were quoted at $7.80 per pound on November 21, as against $7.25 per pound on October 24 and $9.35 per pound last year. T 20 B he usiness R D ecember eview levels. Prices are moving upward in sympathy with the increased cost o f raw materials. One o f the larg est manufacturers o f full-fashioned silk hosiery for women has announced an increase o f 25 cents per dozen for his principal numbers, for delivery over the first half o f 1925, and others have followed his lead. Higher quotations also have been listed for some lines o f men’s half hose and of artificial silk hosiery for in fants. Although conditions still vary considerably in different mills, sales as a rule are keeping pace with production. Indeed it is said that some manufacturers have succeeded in reducing rather large stocks which they had been carrying in a partly finished state. Most orders are for early shipment, but there are some in stances o f increased buying for next spring. Manu facturers who cater to the export trade report an in creasing demand for cotton and for artificial silk ho siery. In this connection the report o f the Department o f Commerce shows that though exports o f cotton hosiery for the first nine months o f 1924 were only 2,576,526 dozen pairs as compared with 4,225,801 in the corresponding period of 1923, in September o f this year foreign shipments were 381,899 dozen pairs, against 329,956 in September, 1923. The average value o f the exports so far this year is higher than in the previous year, having risen from $2.08 to $2.60 per dozen. This advance probably indicates a better quality o f exports. In the accompanying table the operations in August and September o f 331 identical establishments repre- P r ic e s o f t h r o w n s ilk y a r n s h a v e a d v a n c e d m a t e r ia l l y in r e c e n t m o n t h s , w h e r e a s s p u n s ilk y a r n s h a v e r e m a in e d n e a r l y s t a t io n a r y . Source— Silk Market Weekly Digest Quotations for spun silk, on the other hand, have re mained almost stationary since August. The accom panying chart shows the trend of prices of thrown and spun silks. HOSIERY Further improvement is noted in the demand for hosiery and a large number of manufacturers are again increasing their production schedules. These in creases range from 5 to 50 per cent over last month’s HOSIERY INDUSTRY* Third Federal Reserve District Men’s In dozen pairs Full-fashioned September P r o d u c t io n ..................................................................... S h ip m en ts d u rin g m o n t h ........................................ F in ish ed p r o d u c t o n h an d a t en d o f m o n t h .. . O rders b o o k e d d u rin g m o n t h ................................ C a n ce lla tio n s r e ce iv e d d u rin g m o n t h ................ U n filled ord ers o n h an d a t en d o f m o n t h . . . . 2 6 ,1 7 8 3 3 ,4 3 5 7 ,0 0 8 4 2 ,8 0 0 1 ,3 3 4 4 8 ,5 7 9 October 3 4 ,6 3 0 3 3 ,0 9 8 8 ,4 6 8 3 0 ,1 0 5 1 ,0 5 9 4 6 ,4 5 4 Boys’ and misses’ P r o d u c t io n ..................................................................... S h ip m en ts d u rin g m o n t h ........................................ F in ish ed p r o d u c t o n h a n d at e n d o f m o n t h .. . O rders b o o k e d d u rin g m o n t h ................................ C a n cella tio n s re ce iv e d d u rin g m o n t h ................ U n filled ord ers o n h a n d at e n d o f m o n t h . . . . Seamless . Full-fashioned Seamless September October September October September October 1 8 7 ,9 4 4 2 1 2 ,4 2 2 3 9 6 ,8 3 5 2 5 8 ,2 1 0 4 ,3 0 2 3 1 9 ,5 4 9 2 2 4 ,1 2 9 2 3 6 ,5 4 0 3 7 1 ,7 5 7 3 0 0 ,0 5 9 1 2 ,0 3 2 3 5 S .6 3 5 2 4 0 ,1 6 4 2 7 6 ,7 1 3 4 8 3 ,2 8 2 2 9 7 ,0 1 9 3 ,3 9 4 9 1 0 ,2 2 0 3 1 1 ,8 6 1 3 5 0 ,6 4 6 4 3 9 ,4 5 9 3 3 6 ,3 7 6 7 ,7 1 3 9 0 3 ,6 0 3 1 7 4 ,5 2 2 1 7 3 ,2 2 4 2 2 4 ,2 2 4 2 3 1 ,7 6 0 2 ,1 5 5 1 9 7 ,8 1 0 2 1 9 ,9 4 5 2 0 0 ,6 7 6 2 5 1 ,7 7 7 2 5 2 ,6 5 0 3 ,9 3 7 2 3 9 ,5 3 7 Children’s and infants’ September October September October 2 0 ,2 9 2 1 6 ,8 3 8 7 4 ,5 7 9 2 2 ,9 2 8 210 4 9 ,4 8 1 2 1 ,4 4 2 1 8 ,1 9 8 7 5 ,5 0 8 6 2 ,2 3 9 210 9 5 ,8 8 6 8 2 ,9 1 4 3 3 ,7 4 2 2 8 7 ,7 1 8 7 3 ,6 5 6 2 ,9 1 6 3 0 4 ,6 7 6 9 5 ,1 5 3 5 2 ,7 9 8 3 1 1 ,2 2 2 1 0 7 ,2 7 9 1 ,0 3 0 3 5 0 ,3 1 4 * Preliminary report compiled by the Bureau of the Census. Women’s Athletic and sport September 2 ,4 7 9 1 ,3 3 6 1 7 ,7 3 7 2 ,4 1 0 4 ,9 4 5 October 3 ,3 3 4 ^ ,5 8 0 1 7 ,9 S 8 9 ,3 2 5 200 1 1 ,4 9 0 Total September October 9 1 0 ,4 9 4 7 3 4 ,4 9 3 7 4 7 ,7 1 0 8 9 4 ,5 3 6 1 ,4 9 1 ,3 8 3 1 ,4 7 6 ,1 7 2 9 2 8 ,7 8 3 1 ,0 9 8 ,0 4 0 1 4 ,31 1 2 6 ,1 8 1 1 ,8 3 5 ,2 6 0 2 ,0 0 5 ,9 1 9 T 1924 hird F ederal R senting 419 mills are summarized. Improvement is shown in all items except cancellations, which have in creased slightly. In this district, the reports o f 106 establishments for September and October, shown in the table on page 20, indicate steady improvement dur ing recent months. HOSIERY INDUSTRY* United States August September 42,3 1 4 1 ,5 3 9 ,4 0 9 4 5 5 ,9 2 9 8 60 ,4 38 3 4 7 ,1 4 7 304 ,1 51 1 1,5 8 1 3 ,5 6 0 ,9 6 9 3 ,7 9 9 ,7 9 5 45,6 7 7 1 ,6 6 5 ,6 4 6 5 0 4 ,0 9 2 9 2 6 ,9 3 0 3 7 8 ,2 81 3 3 4 ,7 3 3 14,3 3 3 3 ,8 6 9 ,6 9 2 4 ,3 9 5 ,3 7 2 8 ,1 8 3 ,1 6 1 4 ,1 4 1 ,6 1 5 7 ,7 8 4 ,1 2 1 4 ,8 9 7 ,2 0 0 118 ,8 23 1 32,301 5 ,8 2 3 ,6 2 7 6 ,2 6 9 ,2 1 9 In dozen pairs P r o d u c tio n : F u ll-fa sh ion ed , m e n ..................................... Seam less, m e n ............................................. F u ll-fa sh ion ed , w o m e n ............................ Seam less, w o m e n ....................................... B o y s ’ a n d m isses’ , all s t y l e s ................. C h ild re n ’s an d in fa n ts’ , all s t y l e s .. . . A th le tic an d sp o rt, all s ty le s ................ Total p r o d u c tio n ............................................ T o ta l sh ip m en ts du rin g m o n t h ................ T otal finish ed p r o d u c t o n h an d , en d o f m o n t h ......................................................... d o t a l ord ers b o o k e d d u rin g m o n th . . . . T otal ca n ce lla tio n s r e ce iv e d du rin g m o n t h .................................................... T otal u nfilled ord ers o n h an d , en d o f m o n t h ......................................................... * Compiled by the Bureau of the Census. Quotations for raw materials are higher than they were a month ago with the exception o f rayon (artificial silk) which is unchanged. Silk has risen from 5 to 10 per cent, cotton and mercerized yarns from 3 to 10 per cent, and wool, o f which comparatively small quantities are being used this year for hosiery, is reported by some to have risen 20 per cent during the period. Stocks o f finished hosiery continue to decrease though generally they are still described as moderate. U N D E R W E AR Except in some instances, the situation in the mar ket for underwear has improved materially during the past month in this district. Most o f the returns show a marked quickening in demand for both heavy weights and light-weights. About half o f the current orders call for delivery between 60 and 90 days, and even beyond that period. Manufacturers have booked a sufficient amount o f business to keep their mills busy from one week to six months, the average being sixtyfive days. Another evidence o f the increase in ac tivity is the fact that mills are now utilizing their equipment at about 65 per cent of single-shift capacity, as compared with 55 per cent last month. Several of eserve D istrict 21 them, however, are operating at the same rate as they did formerly. Stocks o f both finished goods and raw materials are not burdensome, and are, in the main, either decreasing or stationary. Generally speaking, prices o f both heavy and light underwear continue to be the same as they were last month. Largely because o f the slight rise in quota tions for raw cotton, buyers are not disposed to resist prices to the same extent as they did previously. The trend o f quotations for heavy-weight underwear for the fall o f 1925 appears to be downward, as is seen in a few recent openings of the market for ribbed goods. FLOOR COVERINGS The semi-annual opening o f floor coverings was held in New Y ork on November 10. Buyers were present from all parts o f the country but it is doubtful whether the attendance was as large as in some of the seasons which started with an auction sale by the largest fa c tor. Prices for all carpets and rugs were advanced, the increases being as a rule from 3 to 8 per cent. It was agreed, however, by manufacturers o f Wiltons that the new prices would not apply to November ship ments. This resulted in large bookings for shipments o f these prior to December 1, but comparatively little for later delivery. Axminsters sold well from the first day o f the sale and subsequently velvets and tapestries were also bought largely but in all o f these, few orders extended beyond the New Year. Manu facturers in this district report a similar increase in the demand for their product. They all state that production has increased and this is confirmed by our report on wages and employment in this industry, which is printed on page 4. Raw materials, especially wool and jute, have advanced considerably, but most manufacturers advise that their requirefnents o f wool are fairly weil covered. Linoleums and felt base goods, for both o f which the demand has slackened during October, sold in larger quantity after the opening, but in these also, orders were for the most part for early delivery. Prices o f these goods as a whole were unchanged, only slight re-adjustments being made in a few cases. FURNITURE Manufacturers report that the demand for furniture is fairly good and that it is better than it was at this time last month, but much the same as during Novem ber, 1923. Most o f the orders now on the books are for delivery within 60 days. Practically none are for shipment beyond 90 days. W ith a few exceptions prices are firm and unchanged from those quoted at 22 T he B usiness this time last month. Quotations for raw materials, too, are much the same as they were four weeks ago, but two manufacturers say they are somewhat higher. Some resistance to present prices is being encountered, chiefly to those o f bedroom furniture. Stocks o f finished goods vary from moderate to light and are decreasing, but supplies of raw mate rials are moderate and increasing. Furniture makers reporting to us are operating their plants at a high average rate of almost 90 per cent o f capacity, which is higher than the rate at which they were running a month ago. Unfilled orders are somewhat larger than they were at this time in October, and the filling of those on hand will insure the continuance o f the pres ent rate o f production for an average period o f about 4 weeks. LEATH ER Hides and skins have continued in large demand, and stocks o f all descriptions in the hands of packers and dealers are closely sold up. Prices Hides and skins of hides are higher; packers are securing from y2 to 1 cent per pound more than they did a month ago, and are sold up to the present slaughter. The Argentine market has shown even greater strength, prices having increased over 2 cents in the month. Calf skins rose to 24 cents for packers a month ago and last sales were at that price, although asking prices are now higher. The Chicago city and New Y ork markets have also moved to higher price levels, and the supply, especially o f light weight skins, is extremely limited. Orders for import are increasing, as tanners are in need o f further sup plies to care for the large business offered them by manufacturers o f women’s shoes. Sheep skins are also in good request with supplies of the most desired kinds small and prices advancing. Goat skins have been freely purchased at increasing prices, the cheaper grades being in best request. Stocks of skins in the hands of importers and dealers are small and all the foreign markets are firm and higher. In some cases European tanners are reported to be paying better prices than can be obtained in this country. The accompanying table shows that with the excep tion o f goat and kid skins stocks o f raw hides and skins in this country increased from August to September. STOCKS OF HIDES AND SKINS* C a t t l e .............................................. C a lf a n d k i p ................................. Sh eep a n d l a m b .......................... G o a t a n d k i d ............................... August 31 September 30 Change 3 ,7 6 0 ,2 3 9 3 ,1 4 6 ,9 4 4 6 ,9 4 3 ,9 3 8 8 ,8 4 6 ,7 0 7 3 ,7 7 4 ,7 5 6 3 ,3 4 0 ,2 2 8 7 ,2 8 2 ,3 1 8 8 ,0 1 7 ,8 6 8 + .4 + 6 .1 + 4 .9 -9 .8 * Compiled from figures furnished by the Bureau of the Census. R eview D ecember Sales o f heavy leathers are in large volume, and stocks, which have been decreasing steadily since Janu ary 1, are reported to have Leather reached a point where some selec tions are in only moderate supply. The stock o f sole leather on January 1, 1924, was 10,048,085 backs, bends and sides; this had been re duced by September 30 to 7,323,170, o r 27.1 per cent. One of the most encouraging aspects o f this great lightening o f the burdensome load which has been over hanging the market for about four years is the fact that much of the old leather has been marketed. This improvement in the situation has been followed by an increase in the wetting of hides, but this has not been universal and the gain in production is not yet noticeable in the leather production figures. It can, however, be seen by the following statistics o f stocks o f sole leather in process o f manufacture as reported by the Bureau of the Census; these gained 3.7 per cent during five months. SOLE LEATHER IN PROCESS AT END OF MONTH Backs, bends and sides M a y .......................................................................................... J u n e .......................................................................................... J u l y .......................................................................................... A u g u s t ..................................................................................... S e p te m b e r .............................................................................. 4 ,9 1 0 ,6 7 3 4 ,9 2 5 ,4 4 6 5 ,0 1 5 ,4 8 1 5 ,0 3 7 ,6 4 4 5 ,0 9 8 ,2 5 0 Prices o f heavy leathers have again risen, and though the advance has been comparatively slow, it has been fairly steady. Sole leather is quoted more than 10 per cent higher than it was in the early summer, and this difference in quotations does not tell the whole story, for earlier prices were nominal and could be shaded considerably, whereas now sellers are maintaining their asking prices. The demand for leather belting has increased slightly but belting butts have not sold as freely as other heavy leathers; butts on hand, however, have been reduced by the cutting off o f the shoulders for use as sole leather. The extent to which this operation has been carried on is not fully known but from data obtained it is con sidered to be o f importance. Upper leathers have kept pace with heavy leathers and sales have been in good volume. Tan grain calf leather for women’s shoes leads, and tanners are unable to fill all the orders tendered them for prompt shipment. Prices for this have advanced steadily and are now about 8 cents per foot above the quotations o f early summer. A t that time men’s weight calf leather was selling at about 5 cents per foot above womens weights ; now they are paying the same price with the pre ponderance o f orders for the light weights. Side leather 1924 T hird F ederal R is also higher and, because of the advance in calf and the difficulty o f obtaining it, isrbeing used more largely as a substitute in medium and low-grade shoes. Patent leather is still wanted, but the great popularity of tan calf has caused a slight slackening in demand. Sheep leathers o f all kinds are in good request, with the tendency o f prices upwards, and black kid leather, though not so active as a month ago, is in fair call. The accompanying table gives the stocks of the leading upper leathers at the end of August and September and also the amount in process of manufacture on those dates. It shows that tanners had increased production of all except calf leather. STOCKS OF UPPER LEATHERS AND QUANTITY IN PROCESS OF MANUFACTURE* Stocks August, 1924 September, 1924 D istrict 23 table, make the October production in this district 12.6 per cent larger than that of September. BOOT AND SHOE PRODUCTION Third Federal Reserve District* Number of pairs B o o t s a n d shoes, t o t a l’ ............................... H ig h an d lo w c u t (lea th er) t o t a l .......... M e n ’ s ........................................................... B o y s ’ a n d y o u th s ’ ................................... W o m e n ’ s ............................................... M isses’ a n d ch ild ren ’ s ........................... I n fa n ts ’ ........................................ A ll o th er leath er or p a rt lea th er f o o t w ear f ...................................... October, 1924 September, 1924 1 ,8 4 7 ,0 5 6 1 ,7 3 4 ,3 2 7 1 4 1 ,7 7 7 1 8 8 ,1 0 2 3 4 4 ,2 4 8 6 0 2 ,9 8 8 4 5 7 ,2 1 2 1 ,6 4 0 ,5 7 3 1 ,5 4 9 ,2 2 0 1 2 8 ,8 1 7 1 6 0 ,7 8 1 3 1 5 ,3 6 1 5 2 5 ,9 1 7 4 1 8 ,3 4 4 1 1 2 ,7 2 9 9 1 ,3 5 3 In process August, 1924 September, 1924 C a ttle s i d e .............. 6 ,2 9 9 ,9 2 0 6 ,1 0 0 ,6 6 8 1 ,0 0 6 ,6 1 2 1 ,0 4 7 ,4 6 4 C a lf s k in s ................. 7 ,0 2 6 ,5 8 7 6 ,8 3 4 ,5 1 6 1 ,4 5 5 ,4 1 4 1 ,3 4 9 ,0 3 8 G o a t a n d k id skins 2 2 ,0 1 5 ,6 1 2 2 1 ,5 8 8 ,8 6 0 2 ,1 5 0 ,2 0 5 2 ,5 0 5 ,7 0 5 C a b r e tt a ................... 1 ,9 9 9 ,6 4 1 1 ,8 4 3 ,7 4 5 1 4 4 ,0 5 2 1 3 8 ,5 3 0 * Compiled from figures furnished by the Bureau of the Census. The reports o f shoe manufacturers to this bank indi cate a lack o f uniformity in that trade at present. Some manufacturers o f fine shoes for Shoes women state that business is good and has increased during this month but others say that new business is small, all being for prompt shipment, and that their operations are slowing down. A few makers of children’s shoes have booked some orders for early 1925 shipment, but most o f them have sold only for shipment by Decem ber 15. Those factories which sell either wholly or m part to chain stores appear to be better supplied with orders than do the balance. Prices are firm and a few small advances have been obtained, while several manufacturers say that owing to the strength o f raw materials they will demand higher figures on future transactions. For the first time this year, production in the United States in September was larger than in the correspond ing month o f 1923. The gain, however, was only 90,000 pairs, a large increase in women’s shoes and a smaller one in misses’ and children’s more than o ff setting decreases in other lines. During the nine months o f this year, however, 38,000,000 pairs less have been made than in the same period last year. A n advance estimate for October indicates a gain o f 11.4 per cent as compared with September. Preliminary figures for this district, shown in the accompanying eserve * Preliminary report compiled by the Bureau of the Census, t Includes athletic and sporting shoes (leather), shoes with canvas, satin, and other fabric uppers, slippers for house wear, and all other leather or part leather footwear. The accompanying chart shows the exports o f shoes, including men’s, women’s, misses’ and children’s, and o f slippers by months since 1918. A s was the case with domestic sales, shipments to foreign markets were large in 1919 and 1920. RUBBER Chiefly because of a slight improvement in the mar ket for rubber goods, trading in crude rubber at home and abroad has continued to reach Crude rubber fair proportions during the past month, and the trend of prices has been upward. On November 20, first latex crepe sold for immediate delivery at 34% cents per pound and up-river fine was quoted at 33% cents per pound, T 24 he B usiness as compared with 31 ^ and 31}4 cents per pound, re spectively, on October 20. This is also a considerable advance over the quotations that prevailed at this time last year. R D ecember eview by the fact that mills are now utilizing on the average about 75 per cent of their plant equipment, a con siderable gain over the preceding month. Moreover, advance commitments on hand will insure operations at the present rate o f production for a period o f about seven weeks. Stocks o f both finished products and raw materials are not excessive, chiefly because manu facturers are working only against orders in hand. Prices o f mechanical rubber goods are generally firm. Owing to the rise in cost of raw material, quotations are now somewhat higher than they were last month, but continue to be lower than those o f a year ago. Apparently realizing the prevailing strength in the cur rent market, buyers are not resisting prices to the same extent as they did formerly. I m p o r t s o f c r u d e r u b b e r h a v e r e c e n t l y t u r n e d u p w a r d a n d in O c t o b e r w e r e la r g e r t h a n in a n y o t h e r m o n t h o f t h e p a s t f o u r y e a r s . Q u o t a t i o n s h a v e a ls o r is e n s h a r p l y , a l m o s t r e a c h i n g t h e p e a k p r i c e s o f M a r c h , 1923. Sources— Monthly Summary of Foreign Commerce and Dun's Review Stocks o f crude rubber and milk o f rubber are not burdensome, although recently they have increased sub stantially. A ccording to the Monthly Summary of Foreign Commerce, imports for September exceeded those in August by 22.9 per cent, and those during Sep tember last year by 131.4 per cent. Largely owing to the favorable weather conditions, the demand for rubber tires and inner tubes has im proved slightly over that o f the Rubber tires preceding month. Manufacturers have enjoyed a moderate volume o f business, although the bulk o f sales are booked for prompt shipment. A t present mills are running at about 80 per cent o f plant capacity without accumulating stocks. Supplies o f finished goods and raw materials are, in the main, moderately light. A s a result o f the recent rise in quotations for crude rubber, prices o f manufactured products continue to be firm, but they are still below the level o f last year. A pronounced improvement has been noted in this market during the past month. The bulk o f current . business is larger than it was Mechanical previously, quick delivery featur rubber goods ing most o f the present orders. That production has correspondingly increased is shown Sources—Survey of Current Business and Rubber Association of America PAPER Activity in the paper industry continues to increase gradually. The majority o f mills are busy, but a few report a seasonal decline in buying. Demand is better than it was in October and is about equal to that of November, 1923. Book and fine papers are in good request, most mills are operating at capacity, and they report that business shows an increase as compared with November, 1923. W rapping, kraft, and manila papers are in fair demand, but they are not selling quite as actively as they were a year ago. Produc tion is now at about 85 per cent of capacity. Toilet tissues and crepe towels are in greater call than they were last month and are selling in good volume. Wall 1924 T hird F ederal R paper manufacturers are active and they are oper ating their factories at close- to capacity. M anufac turing stationers report that their products are in fair request, but that they are not as busy as they were a month ago or as in November, 1923. Boxboards are in greater demand than they were last month, but are not selling as actively as they did a year ago. Roofing and building papers and building board are in fair re quest, but the demand shows a seasonal falling off. The call for envelopes is not as good as it was a month ago and factory operations have declined to approxi mately 65 per cent of capacity. Although a few paper mills are still operating on a hand-to-mouth basis and have only a few days’ business on hand, the majority have at least three weeks’ business booked. The prices of paper are firm and are the same as they were a month ago. A few grades o f boxboard, notably straw and container board, are slightly higher than they were in October, but news and chipboard are practically unchanged in price. Some chemical pulps are a trifle higher than they were a month ago, but prices o f mechanical pulp are unchanged. The accom panying chart shows the price movement o f chemical pulps during the past four years. eserve D istrict 25 fair. Makers o f high grade candy boxes are busy filling orders for the Christmas trade, but the call for cheap candy boxes is rather light. Although the im mediate demand for hosiery boxes is only fair, many orders for delivery after the first o f the year have been booked. Other knit goods lines, particularly the underwear trade, and shirt makers, are buying spar ingly. Manufacturers of hardware and electrical sup plies, packers o f foodstuffs and drugs, and makers o f toilet preparations are buying heavily. Mailing tubes and folding boxes are in good request. In general, the call for news and chipboard boxes is better than it was in October and slightly greater than in November, 1923. Factory operations in these lines throughout the dis trict average 81 per cent. The call for corrugated boxes, although still good, is not quite as heavy as it was a month ago, and operations have decreased to about 75 per cent of capacity. Fibre shipping con tainers continue to be in good request and most plants are operating at 85 per cent. Orders for future de livery are increasing, and several manufacturers state that plenty o f business is in sight for January and February delivery. Most box-makers now have suffi cient orders on hand to insure their present rate o f operation for thirty days. CIGARS The call for cigars is from fair to good, and ac cording to reports received from manufacturers in this district, it is substantially better than during the pre vious month and in November, 1923. Practically all o f the orders now on the books are for shipment either immediately or within 40 days, the latter period, of course, representing the time intervening before the Christmas holidays. In every instance prices of both finished cigars and raw materials are firm and no changes in established quotations have been reported during the month. Some resistance to present prices is encountered, chiefly to those o f the 2 for 15 cent cigars. Finished stocks at the mills vary from moderate to light, but stocks o f raw materials are moderate. PAPER BOXES Although most manufacturers report that the de mand for boxes is good, several state that it is only Reporting firms are operating at an average rate of 80 per cent o f capacity, which is greater than the rate at which they were working at this time last month. Unfilled orders on the books are larger than they were a month ago and the filling o f these will necessitate the continuance o f present operating schedules for an average period o f about 4 weeks. Stocks o f both finished cigars and raw materials are either moderate or light and are decreasing. According to figures compiled by the Bureau of Internal Revenue production o f all classes o f cigars during October totalled 635,230,565 cigars as compared with 605,608,215 in the preceding month and 711,654,834 during October, 1923. 26 T he B usiness AGRICULTURE Rains since the middle o f the month have made crop conditions nearly normal. The stand o f winter wheat varies from fair to good and compares favorably with that o f a year ago, although in many regions germina tion was delayed by the long drought. The acreage planted is about the same as that o f 1923. The con dition o f cover crops is excellent and that of pastures is good. Fall plowing has been delayed somewhat by dry weather. R eview D ecember chart, the spread between corn and hog prices is un duly great and hog raising will not be profitable until the two commodities move closer together in price. Harvesting is now almost complete. Late potatoes have been dug, pears and apples have been picked, and about 70 per cent o f the corn has been husked. Corn huskers are more plentiful than they were last fall, but the supply barely equals the demand. The rates o f pay vary from 9 to 12 cents per shock in various counties, and these are the same as they were a year ago. Preliminary estimates o f the Department of A gri culture show that the total yields o f corn, tobacco, apples and pears in this district are smaller than they were in 1923; but the production o f oats, buckwheat,, potatoes, sweet potatoes, and hay is greater than it was last year. The per acre yields of oats, buckwheat, po tatoes, and hay throughout the district are greater than the average yields for the past 10 years; but those of corn and tobacco are smaller than the average. The quality o f this year’s corn crop is poor and the per centage o f merchantable corn is less than last year’s and considerably below the average. Pear produc tion is greater than the average, but the apple crop is less than the average. The quality o f the apples har vested this year is much below the average and not as good as it was last year, because o f the ravages of the disease known as apple scab. The majority o f farm products grown in this dis trict are higher in price than they were a year ago. Hay, white potatoes and sweet potatoes are the only major crops which are cheaper. Corn, wheat, oats, buckwheat, and other small grains, apples, hogs, and beef cattle are higher. Milk, dairy products, tobacco, and pears are practically the same in price as they were a year ago. Corn is now higher in price than it has been at any time in the past four years, with the exception o f the months of July, August and September o f this year, and hog prices this fall are higher than they have been in any fall o f the past four years. But, as is shown in the accompanying Sources— Dun's Review and 17. S. Bureau of Labor Statistics Because of the poor corn crop in this district and throughout the United States, farmers who annually buy beef cattle for winter fattening have purchased fewer steers than they bought last fall. For the same reason the slaughter o f hogs this fall has been larger than it was a year ago and many farmers are selling small lean hogs which under normal condi tions they would keep all winter for fattening. A s the number of hogs on farms at the close o f this summer was not as large as it was at the same time in 1923, it is obvious that very high corn prices have forced hog raisers to dispose of the hogs which they could not fatten on home grown corn. Dairy herds are in good condition and about up to normal. Pastures have been very good all fall and up to the middle of this month it was necessary to feed only light grain rations and roughage. However, nearly all dairymen are now feeding increased grain rations, silage and roughage to their cows. The price o f milk has remained at the same level in this district all year and is exactly the same as it was in November, 1923. A t the Philadelphia milk shed, the official price for milk which is not tested is 7 cents per quart, the same price as was established on November 1, 1923. COMPILED AS OF NOVEMBER 22, 1924 This business review will be sent regularly without charge to any address upon request 1924 T hird F ederal R D eserve 27 istrict BUSINESS INDICATORS Third Federal Reserve District Latest figure compared with The following data refer to the Third Federal Reserve District except where otherwise noted October, 1924 • September, 1924 October, 1923 Previous month Year ago R e ta il trad e— n et sa le st (151 s to r e s )......................... D e p a rtm e n t stores ( 6 1 ) ............................................... A p p a re l stores ( 4 6 ) ........................................................ S h oe stores ( 2 3 ) ............................................................... C re d it stores ( 2 1 ) ........................................................... 826,170.000 820,930,000 S 3.599.000 8478,000 81,163,000 820,023,000 816,101,000 82,743,000 8391,000 8788,000 828,006,000 822,425,000 83.906,000 8482.000 81,193,000 + 3 0 .7 % + 3 0 .0 “ + 3 1 .2 “ + 2 2 .3 “ + 4 7 .6 “ - 6 .6 % 6 .7 “ 7 .9 “ 0 .8 “ 2 .5 “ W h ole sa le trad e— n et sales (162 fir m s )..................... B o o t s and shoes (12 f i r m s ) ........................................ D ru g s (15 fir m s )............................................................. D r y g o o d s (18 fir m s )...................................................... E le ctrica l sup plies (7 f ir m s ) ...................................... G ro ce rie s (54 f ir m s ) ...................................................... H a rd w a re (31 fir m s )..................................................... J ew elry (12 fir m s ).......................................................... P a p er (13 f i r m s ) ............................................................. 8 1 3 ,21S,542 8451,450 81,546,096 81,419,048 8740,473 84,762,615 82.430,411 8633,447 81,235,002 812,071,690 8495,052 81,494,498 81,399,506 8616,952 84,359,882 82,12 5 ,8 9 8 8529,808 8 1,050,094 813,430,871 8484,381 81,546,920 81,628,480 8756,782 84,671,799 82,477,063 8643,057 81,222,389 + 9 .5 “ - 8 .8 “ + 3.5 “ + 1 .4 “ + 2 0 .0 “ + 9 .2 “ + 1 4 .3 “ + 1 9 .6 “ + 1 7 .6 “ -1 + + 1 .6 “ 6 .8 “ 0.1 “ 2 .9 “ 2 .2 “ 1 .9 “ 1 .9 “ 1 .5 “ 1 .0 “ P r o d u c tio n : S h oes* (117 f a c t o r ie s ) .................................................. P ig i r o n .............................................................................. H o sie ry * (106 m ills )...................................................... Ir o n ca stin gs (34 fo u n d r ie s ) ...................................... Steel castin gs (5 fo u n d r ie s )........................................ C e m e n t............................................................................... A n th r a c ite ......................................................................... B itu m in ou s coal (C en tra l d istrict— p ercen ta ge o f fu ll-tim e o u t p u t ) .................................................. W o o l co n su m p tio n * (85 M ills) ............................... A c tiv e c o tto n spin dle h ours (P en n sy lv a n ia and New J e r s e y ) ................................................................. D is trib u tio n : F reigh t car loa din gs (A lleg h en y d istrict— w eek ly a v e r a g e )......................................................................... T o n n a g e o f vessels (p o rt o f P h ila d e lp h ia )........... E x p o r ts o f w h ea t (fro m p o r t o f P h ila d elp h ia ) . . E x p o r ts o f flour (fro m p o r t o f P h ila d e lp h ia )----Im p o rts o f cru d e oil (in to p o r t o f P h ila d e lp h ia ). F in a n cial: L oa n s, d isco u n ts a n d in v e stm e n ts o f m e m b e r b a n k s (w e e k ly a v e r a g e ).......................................... B ills d isco u n te d h eld b y F e d e ra l R e se rv e B a n k o f P h ila d elp h ia (d a ily a v e r a g e ) ........................... A c ce p ta n ce s e x e cu te d (12 ba n k s fo r m on th en d ed 10th o f fo llo w in g m o n t h ) .......................... B a n k e rs’ a cce p ta n c e sales (5 dealers— w eek ly a v era g e fo r p e r io d en d e d m id d le fo llo w in g m o n t h ) ........................................................................... C om m e rcia l p a p er sales (5 d e a le r s )........................ S avin gs d ep osits (99 b a n k s ) ...................................... G e n e r a l: D e b its (18 c i t i e s ) ............................................................ C o m m e rcia l fa ilu re s ...................................................... C om m e rcia l failures— lia b ilit ie s ............................... B u ild in g p e rm its (15 c i t i e s ) ....................................... B u ild in g co n tra cts aw a rd ed (P h ila d e lp h ia dist r i c t ) ........................................................ ....................... E m p lo y m e n t— n u m ber o f w a ge earners (1,020 p lan ts in P e n n sy lv a n ia , N e w Jersey an d D e la w a r e )............................................................................... A v e ra g e w e e k ly earn ings (365,631 w age earners in P e n n sy lv a n ia , N e w Jersey and D e la w a r e ). Sales o f life in su rance (P e n n sy lv a n ia , N e w Jersey a n d D e la w a r e ).................................................... * Bureau of Census preliminary figures, t Estimated. prs. ton s doz. prs. ton s ton s bbls. ton s 1,847,056 168,596 910.494 5,700 3.763 3,598,000 7,674,000 prs. ton s 1,640,573 142,708 ton s 233,639 ton s ton s bbls. ton s 5,120 2,517 3,528,000 bbls. 7,601,000 ton s 3,342,000 8,724,000 per cen t 50.9 p er ce n t lbs. 10,308,041 Dis. 89,136,634 ton s bus. lbs. gals. 210,102 3,048,115 2,474,885 15,951.990 14,994,000 48.6 per ce n t 8,184,187 87,633,233 ton s bus. lbs. gals. 8 1 ,038,900.000 206,982 2,806,073 2,249,753 11,720,070 13,860,000 50.9 113,317,357 ton s bus. lbs. gals. 217,479 2,641,138 1,850,893 13,457,462 27,464,072 + 1 2 .6 “ + 18.1 “ + 2 4 .0 “ + 1 1 .3 “ + 4 9 .5 “ + 2 .0 “ + 1 .0 “ -2 7 .8 “ + 7 .7 “ -1 2 .0 “ + 4 .7 “ + 2 6 .0 “ + 0 1 .7 “ -2 1 .3 “ + 1 .5 “ + 8 .6 “ + 1 0 .0 “ + 3 6 .1 “ + 8.2 “ - 3 .4 “ + 15.4 “ + 3 3 .7 “ + 1 8 .5 “ -4 5 .4 “ S I ,009,700,000 8932,000,000 + 2.9 “ + 1 1 .5 “ 818,637.000 819,194,000 8 58,974,000 - 2 .9 “ -6 8 .4 “ 86,738,000 $6,038,000 85,919,000 + 1 1 .6 “ + 1 3 .8 “ 81.673,000 88,510,000 8537,900,000 8980,000 89,685,000 8533,691,000 83,357,000 S7;830;000 8499,808,000 + 7 0 .7 “ -1 2 .1 “ + 0 .8 “ -5 0 .2 “ + 8.7 “ + 7 .6 “ 82,194,563,000 59 81,388,662 S18,499,406 81,996,709,000 73 81,315,533 8 17,450,446 82,145,250,000 62 82,122,521 815,550,903 + 9 .9 “ -1 9 .2 “ + 5 .6 “ + 6 .0 “ + 2 .3 “ - 4 .8 “ -3 4 .6 “ + 1 9 .0 “ 858,814,500 848,271,700 833,201,300 + 2 1 .8 “ + 7 7 .1 “ 365,631 358,467 + 2 .0 “ 825.72 8 2 5 .3 5 + 1 .5 “ 869,616,000 856,294,000 ■ 865,457,000 + 2 3 .7 “ + 6 .4 “ OO FINANCING AN IMPORT TRANSACTION BY BANKERS ACCEPTANCES FOREIGN BANK FOREIGN EXPORTER TTi JLf s fw a Vf T Receives letter of credit, d raw s draft against issuing bank,and p re se n ts draft to h is ownbank for discount he B * usi nes s i t th AMERICAN IMPORTER % R evi ew :$&• , ~ 1- D ecember Buv and sell bills KKPiu. 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