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PHIA DECEMBER 1961 BUSINESS REVIEW Instant Housing Recovery in Appliances Lacks Vigor BUSINESS REVIEW is produced in the Department o f Research. Evan B. Alderfer was primarily responsible for the article “ Instant Housing” and J. Allan Irvine for “ Recovery in Appliances Lacks Vigor.” The authors will be glad to receive comments on their articles. Requests for additional copies should be addressed to the Department of Public In formation, Federal Reserve Bank o f Phila delphia, Philadelphia 1, Pennsylvania. INSTANT HOUSING Twenty per cent of the civilian population mov when he was called to the Pentagon, and the ing each year! Yes, one out of five. That’s young assistant pastor Slumkey accepted a call what the Census people say and they ought to to one of the Newtons. So that leaves us and know. They keep count of just about everything the Wellworths as the only original settlers on we do from genesis to exodus. our street. You say, why that’s impossible. Take us as And so it goes on any street. Personal ob an example. We have lived here on Double servation adds credibility to the impersonal Trouble Road in Mount Misery since 1935. That’s 35 from 61, over a quarter of a century; statistics of the Census. With all this moving constantly going on, no yes, 26 years without moving. The Census must wonder so many people choose to live in homes be wrong. on wheels. Come to think of it, though, look at all the changes that have taken place in the neighbor M o b ile h om e s hood while we have lived here. The Podsnaps A mobile home is exactly that and nothing else. moved company Not a prefab. Not a shell erected for a do-it- promoted him to district sales manager. The yourselfer’s completion, but a finished home, Veneerings left soon after the old plush mill factory-finished in the factory, fully equipped closed. The Buzfuz family found that a three- with all the necessary appurtenances and ameni bedroom house was too small when they got up ties of mid-twentieth century living. What makes to six children and four dogs. Oh yes, then there it mobile is that the house rests on a set of was the constant bickering between the Bumbles wheels so that it can be towed to the buyer’s and the Grumbles— incompatible neighbors un chosen site of occupancy. to north Jersey when his The You’ve seen them just off the highway. A Chartleworths went back South to Charleston or single in the shade of a tree, a sprinkling at the wherever she came from, and the Snickersnachs edge of the wood, or a whole colony in the moved to an all-stone, single-home neighbor woods. til they both left for parts unknown. hood when the Dow-Jones average hit 700. The mobile home should not be confused with Colonel Fogg wasn’t here more than two years the travel trailer. The mobile home, though 3 business review mobile, is seldom in motion; it is a home first Every molecule of space in a mobile home is and foremost. It is big and when it does venture spoken for and pressed into service. This is ap on the highway the job of moving is usually parent in a typical layout. At one end is the done kitchen, equipped with color coordinated range by a professional trucker or tower. The travel trailer is smaller and is usually towed by the owner, vacation - bound, in his own car. It’s a mo bile motel if shorter than 30 feet, a mobile home if longer. The modern mobile home is a surprise package— such a contrast and refrigerator, between the exterior and the interior! The out cabinets aplenty, and a dinette with four chairs. double sink, broom closet, side looks somewhat like a Pullman car in search Just around the divider is the living room of a railroad. Fifty feet of shining metal in one decked out in wood-toned walls, soft draperies direction, ten feet across, a door or two, several blending with the wall-to-wall carpet, and fur windows, a flat roof— and that’s the basic archi nished with studio sofa with arms, easy chairs, tecture. coffee table, end tables, floor lamps, and book On entering a mobile home for the first time shelves. you need not step in gingerly for fear of rock Beyond the living room is a hallway leading to ing the boat, for it has a solid floor resting first a small bedroom with a chair and wardrobe, on a solider foundation; nor need you fear then a bathroom with full-sized tub and shower, claustrophobia, because there is ample elbow- and finally a master bedroom with two ward room. Indeed, whence all the space held captive robes, chairs, and a vanity dresser. Some mobile in a mobile home is an enduring source of homes are now so built that the bedroom and amazement. living room at opposite ends can be easily ex Now, of course a 50 x 10 mobile home has panded to a 16-foot width after the mobile home 500 square feet, and that compares favorably comes to rest. All have closets and built-in storage with many small homes of the conventional drawers. Appliances and furnishings, beds and type, and many apartments have less space. bedding, piping and plumbing, water and space Then, too, the space in a mobile home is all in heating equipment, rugs and draperies, insula one place. It doesn’t go wandering around the tion and air conditioning, and all other equip premises with bits and pieces getting lost here ment carry well-recognized brand names. and there for the accommodation of swinging doors, stairwells, attics, and eaves that serve no The birth of an ind ustry earthly purpose except trapping household junk The industry that makes these mobile dreams for ultimate disposition by executors of the had a humble origin, like most other industries. estate. In the beginning there were no mobile homes, 4 business review not even travel trailers but these came first. to serve as makeshift housing during the hous In fact, they first appeared in England around ing shortage immediately after the war, but up the turn of the century. Over there the) were to that time travel trailers were small, sold for called Caravans and still are. 51.000 to S2,000, had few conveniences, and Here, travel trailers first made their appear ance in the early thirties. They were a by the industry catered primarily to vacationers, gypsies, and itinerant workers. product of the Great Depression— they came in In 1948 one of the manufacturers brought handy for job seekers when jobs were few and out a line complete with shower, chemical toilet, far apart. The infant industry experienced its hot-water heater, and electric refrigerator. That first boomlet in the mid-thirties when a promi really marked the beginning of the mobile-home nent economist made the enthusiastic prediction industry. Others followed this example, new that within a few years a fourth or half of enterprisers with new ideas made their appear all American families would be living in travel ance, and in the ensuing race to outdo each trailers. That of course didn’t come to pass but other, the optimistic prediction helped the fledgling larger, more elegant, more appealing, and more industry more than it hurt the prophet’s reputa salable. In length, they grew from 25 to 60 tion. feet; in width, they grew from 8 to 10 feet; in mobile homes became progressively The first hint that travel trailers might double appearance they grew from banal barracks to in brass for permanent housing occurred in 1942 modernistic apartmental splendor; and in an when the Federal Government bought 35,000 nual production they grew from 80,000 to a trailers to alleviate the wartime housing short ages in critical areas. Travel trailers continued course, leave their mark, as the chart shows. SHIPMENTS OF MOBILE HOMES M a n y m anufactu re rs THOUSANDS 160.000 peak in 1959. Business recessions, of A mobile home is a hybrid structure, part vehicle and part house. Hence the manufactur ing process is hybrid, part mass production and part building technique— block upon block. The big concerns have assembly lines where the steel frame is lowered onto the tandem axles, and large sections of side wall are slipped into posi tion on the frame; but there are limits in the application of mass production techniques. Much manual labor is still required when it comes to flooring, insulation, plumbing, wiring, and in terior decorating. This is reflected in the multi tude of manufacturing plants that assemble and finish mobile homes from parts and assemblies purchased from suppliers. In 1960 a total of 226 factories were engaged 5 business reyiew in making mobile homes, and travel trailers S p e a k in g abo ut fin an cin g were produced in 160 factories. Some factories Most customers buy on time because very few produced both. Mobile home plants come in have enough ready cash. Mobile homes ranging various sizes and there are some multi-plant from 35 to 60 feet in length range from $3,000 concerns, although there is no outstanding con to $12,000 or more in price. On stopping in at centration the 25 a sales lot to see what the dealer has on display, largest manufacturers, operating 75 factories in the prospective customer, usually accompanied 1960, accounted for 65 per cent of the mobile- by his wife, inspects the various models for home production, unlike some other manufactur ing industries where three or four concerns sturdiness of construction, hardware, fit, and trim. His wife is usually interested in the rugs, produce all but a minor fraction of the industry’s draperies, color harmony, and where to store output. the ironing board. The chances are they will of control. For example, Moreover, the mobile-home industry is widely dispersed geographically. Mobile homes and trailers are produced in 37 of the 50 states. Michigan ranks first in production, with Indiana right on its heels. California, Texas, and Kansas, in that order, follow the leaders. These five states produced about two-thirds of the 1960 output. Short pipelines The great abundance of dealers makes for short select a 50 X 16 foot model with built-in, eye- pipelines and easy availability of mobile homes. level oven, exhaust fan, and perhaps television, They are retailed throughout the United States and a $5,000 price tag. and Canada by more than 5,000 dealers. This The dealer will expect a down payment of means that rarely does a prospective buyer have $1,000 to $1,500 depending on how sales are far to go to a sales lot where mobile homes are going, and that will leave about $85 a month sold and traded. for seven years to pay off the balance. The Dealers generally handle more than one line, papers will be drawn up in much the same way so that a customer usually has a variety of as in the purchase of an automobile. Local banks models with respect to size and cost to make in many areas are eager to do the financing his selection. For the dealer it means a con because down siderable investment in inventory and the need equities, maturities are comparatively short and for experience shows that delinquencies are small. assistance in its financing. The dealer payments establish substantial usually pays cash to the manufacturer and is able to “ floor plan” with lenders who advance Buy to d a y , m ove in to m o rro w about 90 per cent of his cost, including trans Much of the appeal of mobile homes lies in the portation. Some of the largest manufacturers fact that they afford instant housing. Anyone have financing subsidiaries. who has built a home knows what a long and 6 business review rough road that is. After the purchase of the the need for separation from his family, and also land and the excavation come the laying of the escape the loss of equity in his home. pipes for water and waste, then the parade of the specialists— the masons, the carpenters, Still another advantage of a mobile home is the new freedom it provides the housewife. She plumbers, electricians, glaziers, roofers, painters, is not burdened with the care of a large house, paperhangers, tile setters, plasterers, and those often old and run-down, and she has more time who do the grading, laying of sidewalks and for her family and social activities. And the connecting the house to the various utilities. It’s mobile home is just the thing for the wife a miracle if the lengthy process is not inter with a job and therefore little time for house rupted by some material shortage or some labor- keeping. management discord. Even the purchase of a home, new or used, M e e t the 4 ,0 0 0 ,0 0 0 has its problems. There are the almost inevitable It would really take too long to meet all the redecorating, the selection and purchase of floor people who live in mobile homes, but you may coverings, curtains, furniture, bedding, lamps, be curious to know what kind of people they and all the paraphernalia that it takes to make are. The answer is— all kinds, rich and poor, a house a home. A mobile home, however, is ready for im young and old, employed and retired, childless mediate occupancy as soon as it is wheeled into and be-childrened, skilled and unskilled, Demo position. The kitchen and bathroom sparkle with crats and Republicans, voters and non-voters, the latest equipment and appliances, the bed rooms are complete to curtains and coverlets, churchgoers and church-shy, all-outers in com and the living room with its sofa and deep- tically all respects they are like people who live cushioned easy chairs offers gracious relaxation in immovable homes except that they are more and comfort. venturesome. munity activities and stay-at-homes. In prac In addition to the advantage of coming com A few years ago, Michigan State University pletely furnished, a mobile home provides low- made a comprehensive survey of mobilehomers cost housing. Five to six thousand dollars will and found that 18 per cent of mobile-home hus buy a first-class, good-sized mobile home, but bands were professional people, 37 per cent at least twice that amount is required to buy a skilled workers, 20 per cent military, 10 per cent conventional home. Moreover, a mobile home retired, 3 per cent students, and the others did requires much less by way of maintenance. All other things. Nearly half of the mobile-home stainless steel or aluminum exteriors obviate men listed their jobs as supervisory or executive. periodic outlays for painting, pointing, roof re Over half of the mobile-home owners were in pairs, and related maintenance costs of con the $5,000-and-up income bracket. Nearly all ventional houses. mobile-home owners have bank accounts. The With a mobile home goes an additional study also revealed that 28 per cent of the women measure of security, for the owner knows that living in mobile homes were employed and of the if he has to relocate for any reason he can employed women, one-third were part-time and take his house with him and therefore avoid two-thirds full-time workers. 7 business review M o b ile -h o m e p a rk s Perhaps it is only natural to expect most mobilehome dwellers to be satisfied with their homes on wheels else they wouldn’t have bought them in the first instance. More than nine out of ten interviewed by the Michigan State surveyors said the mobile homes were satisfactory for their families and more than eight out of ten said they preferred a mobile home to a fixed house. Among the drawbacks of life in a mobile home, lack of space was mentioned by only 14 per cent of the respondents (mobile homes have since become bigger and room ier), 18 per cent electrical equipment, a paved patio of at least cited lack of standards in construction, and an 180 square feet, and a storage locker of at least equal number mentioned social discrimination 50 cubic feet. by their fixed-home neighbors. The biggest gripe Moreover, each park should include a manage was lack of good mobile-home parks— good, ment office, supply storage, toilets, laundry and drying they said. facilities, parking space, playground, It is estimated that there are about 14,000 and garbage and trash disposal. Mobile-home mobile-home parks throughout the country offer courts complying with these and other require ing in excess of a half-million spaces. If all of ments pertaining to minimum size and non them came up to standard there would still be a transient accommodation are eligible for FHA shortage but, unfortunately, over half of them financing with upper limits of a half-million dollars per park and $1,800 per space. The are substandard. Too many are dowdy and desolate-looking Mobile Home Manufacturers Association offers remains of ill-conceived, hastily planned, mis a site-planning service to prospective park de managed parks fighting their last stand against velopers in an effort to upgrade the design of an parks across the country. encroaching wilderness. Such degenerate housing in a landscape of rubble and stubble Parks come in various sizes. In small parks has done much to create a lingering bias against with 10 to 40 parking spaces the owner often mobile-home communities. does much of the construction and maintenance Minimum standards call for such require work himself. The 50 to 100 space park may ments as a well-chosen site, sufficient space to be a family operation managed by a husband- avoid overcrowding, properly designed facilities wife team. Large parks with 100 to 1,000 or for health and sanitation, provision for con more spaces are full-fledged business enterprises tinuing maintenance, and adequate financing. requiring substantial investment and operating Translated into specifics, this means that each personnel. mobile home must have a sufficient supply of California and Florida have some of the larg safe and palatable water, sanitary facilities and est and swankiest mobile-home parks in the a safe method of sewage disposal, electricity and country, 8 partly because of their salubrious business review climate and perhaps partly because they are taken place at a rapid pace, perhaps too fast California and Florida. On the Gulf Coast of for the good of the industry. That’s debatable Florida is a park with over 1,000 sites that but we shall not take sides. The manufacturers caters to elderly retired couples with moderate have a progressive trade association bent on rates and diversity of entertainment. Dances, promoting high standards of quality of their card parties, plays, and Bible classes are spon products and quality courts. The dealers like sored for those with inclination ranging from wise have an energetic trade association, and frivolity to theology. the two organizations cooperate in an annual California has the park of parks, regal in trade show displaying their products. The in splendor. Each mobile home occupies an area dustry has its trade publications, puts out a of 3,300 square feet and each mobile home has yearbook, a trailer-park guide, and sponsors a a patio and carport. Each home also has a university course in mobile homes leading to ramada— not found in every dictionary, but a bachelor’s degree. found in California. It’s a sunshield at a jaunty Sales this year have been disappointingly be angle going the length of the mobile home. The low the levels of the two years preceding. This park has a pool and a clubhouse, frolics and may be indicative only of the momentary con fashion shows. Many of the owners also have sumer apathy apparent in automobiles and some travel trailers for vacations and weekending. other durables. Looking to the longer-run out The extras, as might be supposed, are extra. look, the industry anticipates a growing market Here, instead of a monthly rental of $25 or so for mobile homes in the older-age groups, more for the use of a lot and the privilege of hooking up to the utilities and other park services, the especially the retired. A mobile home seems just fee is considerably higher, considerably. penditures when the clock strikes 65 and in The mobile-home industry is a rather young the thing for the readjustment of living ex come shrinks. And the 65-and-over club, now industry, as industries go, and it has had a 16 million strong, will be adding to its members vigorous though not painless growth. In the for years to come. good years new enterprisers enter the competi tive arena and in bad years the egress is greater than the ingress. Product improvement has Sketches a d a p te d from m aterial in " M o b i l e H o m e s 10th A nnual Industry Report, 1961" p ub lishe d by M o b ile H o m e s M anufacturers A ssocia tion . 9 RECOVERY What does it take to put the consumer in an hold the spotlight for a while during warm all-out buying mood? That is the question re weather. But this past summer was not a par tailers in general and appliance dealers in par ticularly good one for air-conditioning equip ticular have been asking for a very long time. ment because the longest heat wave came too Like some other observers, dealers in appliance late in the season. Then, washers and dryers white goods and consumer electronics such as became “ hot items,” but only temporarily. Early television, radio, and stereo see convincing evi fall brought a short-lived revival of interest in dence of recovery in various sectors of the television and stereo as people returned from economy. But, so far, they see only mild im vacation and moved indoors to pursue their recreational activities. Thus, no single area of provement in their own lines. Christmas could provide the stimulus needed the appliance or consumer electronics fields has to sell these so-called “ big ticket” items. And yet felt the measure of sustained improvement that is what so many appliance dealers are that dealers say they should be getting. counting on now to boost this year’s volume A little help from H om eb u ild ing above a rather poor 1960. Dealers concede that some appliance business D e m a n d called sp otty has originated with the construction and sale of One word— spotty— best describes the buying new houses. But this volume has been less in interest noted by appliance dealers with whom 1961 than in some other years. They say this we talked in metropolitan areas of the Phila difference does not hinge so much on the amount delphia Federal Reserve District. They tell us of activity in this year’s housing market as on this is the increasing number of built-in appliances the over-all picture applying about equally to both utility and entertainment items. In white goods lines, refrigeration seemed to 10 builders are installing. Manufacturers and some of the larger dis- business review tributors of appliances seem to have benefited dollar volume from sales of this relatively ex from this business at the expense of dealers who pensive equipment. So far, however, this does handle free-standing units like ranges, refrig not appear to have been the case— at least not on erators, and even clothes washers and dryers. any broad front. As many dealers now see it, Some of the entertainment items offered by color television stands about where black-and- appliance dealers would appear to owe part of white stood a little over a decade ago. They say their sales increase to new housing. This is par consumer interest in the “ Rolls-Royce” of en ticularly true of portable television and radio tertainment devices is growing remarkably fast sets, so useful and, in fact, regarded as almost but it may be a while before the sales pace a necessity in the ever-popular rumpus room. catches up. M o re d ependence on the In ve ntorie s in g o o d sh a p e replace m e nt m a rk e t A conservative inventory policy followed by the In both appliances and black-and-white tele dealers we talked with seems to be paying off vision, the replacement market is increasingly now as the new models come out. We heard no regarded as the main source of demand. So- complaints of any overhang of distress mer called “ wear outs” from the heavy sales volume chandise such as prompted the widespread price in the early 1950’s are said to have brought in cutting of a year ago. The clean-up of 1961 a good many customers this year. And this is models in both white goods and electronic items a trend that will become more pronounced as we appears to be proceeding in an orderly fashion. move through the next several years of the current decade. Re-stocking of the 1962’s as they come out con Meanwhile, a number of our appliance dealers Dealers say the public’s reception of new models tinues closely adjusted to the pace of sales. speak of increased sales stemming from a grow is generally good. So far, consumers have not ing trend in kitchen modernization. To be sure, shown what might be described as wild en some the built-in thusiasm over any particular item in the new variety of equipment, but enough of it appears lines. But there is nothing radically new in the to be going to dealers in free-standing appliances way of features or general appearance. of this business involves to make a significant difference in their sales volume. As for television, the dealers are some Price com petition terrific what less enthusiastic concerning replacement All dealers emphasize the highly competitive demand. Too many of their customers are buy nature of today’s business. ing inexpensive portables to take over for aging buyer’s market. Consumer shopping techniques, or worn-out consoles. The thought also has been perfected in visits to discount houses, are even expressed that this may or may not be a prelude sharper than they were a year ago. One dealer, to the purchase of a color set. describing the price It is an all-out situation, called it “ murder.” Price concessions appear to be sell C olor te le vision still a slo w -m o ve r ing a lot of merchandise— more, in fact, than This year, with the wide choice of color sets dealer guarantees of prompt and efficient service. offered, dealers had hoped for a good boost in The service angle, however, is being featured in 11 business review much of today’s advertising, and the consensus time sales has eased, according to some dealers. indicates that it is getting through to more But there are others who complain of difficulty potential customers. It is not the complete offset in obtaining a satisfactory down payment. In to big price concessions but in many cases it is any case, dealers appear to be taking a long, said to help a lot. hard look at credit risks. Trade-in “ d e a ls ” so m e tim e s risk y Collections fa irly prom pt Dealers’ policies on trade-ins vary widely. In Only a few dealers mentioned collection diffi areas where there is a market for used appliances culties. In most cases they were experienced and television, liberal allowances are frequently early this year and were largely restricted to offered in lieu of a cash discount. This is espe areas where employment problems had been cially true if a dealer organization is set up to most acute during the recession. The feeling recondition these items. Some have told us this most widely expressed was that collections re has become a profitable part of their business. quired less effort than a year ago. Those who Sales of new merchandise are helped and profits noted some improvement in recent months— on transactions are bolstered. But we talked with and they were in the majority— were inclined to many dealers who had to sell their used equip credit improved economic conditions and to a ment in “ as is” condition. Accepting trades in lesser extent the exercise of greater care in writ part payment was described as risky business. ing installment paper. Too many trade-ins were little more than junk, consequently it was good business to offer cus H o lid a y se aso n lo o k s p ro m isin g tomers a cash discount and encourage them to Most dealers think appliance, television, and sell their own used equipment through want ads stereo sales will improve as we get deeper into in a local newspaper. the Christmas buying season. They base their expectations on a better economic climate this In stallm e n t volum e la r g e ly static year. Impressions gained from early shoppers The growth rate on time sales may have slowed suggest a somewhat greater willingness to spend, a little in recent months. Some dealers claim although none of them has lost that value-con there has been no increase at all. Although in sciousness so apparent all year. Dealers note stallment business still accounts for upwards of that entertainment lines already are receiving three-quarters of all sales, cash in thirty days more attention than at this time last year, and seems to have become a preferred arrangement some say that white goods, too, could play a for more people. Pressure for easy terms on larger role in holiday sales than in 1960. 12 b u s i n e s s r e v ie w F E D E R A L R E S E R V E B A N K OF P H I L A D E L P H I A TABLE OF C O N T E N T S— 1961 JA N U A R Y (A n n u a l R e p o r t Issue) T h e T ig h t r o p e o f M o n e t a r y P o lic y F e d e ra l R e s e rv e Bank D ire c t o rs B u sin e ss a n d B a n k in g in I 9 6 0 FEBRUARY T h e R o y a l F a m ily G r o w s R e stle ss T h e B ig Bull M a r k e t o f th e 19 5 0 's M ARCH M a n a g i n g th e C o r p o r a t e 'M o n e y ' P o sitio n A G o o d Y e a r fo r D is t ric t Banks, b u t . . . APRIL A f t e r the G o l d W a t c h T h e se O l d S o ld ie r s A r e n 't F a d in g A w a y W i ll S u c c e s s S p o il th e B u sin e ss O u t l o o k ? E le c tric P o w e r C o n s u m p t io n in M a n u f a c t u r in g MAY S ix D e c a d e s o f D e b t M a n a g e m e n t N o L ift f o r C a p i t a l S p e n d i n g ? JUNE T h e T ra d itio n to A d a p t T h is is O u r H o u s in g M a r k e t JULY Six D e c a d e s o f D e b t M a n a g e m e n t — P a rt II A n E a rly L o o k a t R e s o r t B u sin e ss AU G U ST It M a y N o t A l w a y s Be th e O t h e r G u y : A n E d ito ria l F ro m Ben H u r to Y o g i B erra S o m e J o b s A r e A l w a y s in S e a s o n SEPTEMBER P u sh in g on a Strin g-— T h e n a n d N o w T h e V a u lt C a s h P ro v isio n : H a s it C h a n g e d th e W a y B anks M a n a g e T h e ir R e s e r v e s ? O f T im e a n d Banks OCTOBER S ix D e c a d e s o f D e b t M a n a g e m e n t — P a rt III T h e B u s in e s s m a n -F a r m e r in a C o s t - P r ic e S q u e e z e NOVEMBER W h a t 's B e h in d th e D is c o u n t R u m p u s in R e t a ilin g ? C a p i t a l S p e n d i n g — W h e n W ill it T u rn th e C o r n e r ? DECEMBER In sta n t H o u s in g R e c o v e r y in A p p li a n c e s L a c k s V i g o r F O R TH E R E C O R D . . . INDEX Third Federal Reserve District United States Per cent change Per cent change Factory* Department Storef Check Payments Employ ment Payrolls Sales Stocks Per cent change Oct. 1961 from Per cent change Oct. 1961 from Per cent change Oct. 1961 from Per cent change Oct. 1961 from mo. ago mo. ago SU M M A R Y Oct. 1961 from mo. ago year ago 10 1961 from year ago mo. ago LO CAL CHANGES 10 Oct. 1961 from year ago 1961 from year ago M A NUFAC TURING + Electric power consumed...... Man-hours, total*................ Employment, total.................. W a ge income*..................... C O N S T R U C T IO N ** CO AL PRODUCTION TRADE*** Department store sales........... Department store stocks.......... B A N K IN G (All member banks) Deposits............................. loans .......................... Investments.......................... U.S. Govt, securities............. Other............................... Check payments.................... + 1 + 2 0 + 2 +21 + 8 + 7 0 0 + ii i i + 3 +52 + 10 - + + + + - + 15 - 8 0 3 3 5 i 6 4 4 + 6 - 1 + 4 + 7 + 1 + 8 + 5 + 2 +11 + 8 - 2 - 1 + 2 + 17t + 3 0 t + n t 4 + 7 - i 6 - i - 4 + - 2 5 + 10 - i + + 5 + 6 1 0 + 1 0 0 + 1 0 + 12 + + + 2 2 7 4" 5 + 13 + 12 + 15 + 18 + 1 7 4 + 13 + 14 + 11 + 9 + PRICES Consumer............................ ’ Production workers only. ’ ’Value of contracts. ’ ’ ’Adjusted for seasonal variation. o't + l't + lit 0 0 + 1 1 + 0 1 t20 Cities ^Philadelphia year ago 0 0 - mo. ago + year ago year ago year ago -f- 7 + 1 6 0 -f 7 6 0 Lancaster........ 0 - 1 + 2 + 8 7 + 2 0 Philadelphia. . . . 0 - 1 0 + 3 + 13 + 4 0 + + year ago 7 - Scranton......... mo. ago 1 + 2 Reading.......... + mo. ago Per cent change Oct. 1961 from - 3 0 + 4 + 7 0 + 1 + 6 + 8 + 3 3 + - 3 — + + 4 + 5 + 11 8 + +20 9 +32 3 0 - 7 + 4 + 4 - 4 +10 7 +28 + +26 6 Trenton.......... + 4 3 + 19 + 2 + 4 + 5 + 7 +27 Wilkes-Barre. .. + 1 - 5 + 1 - 5 +15 + 1 - 1 + 1 + Wilmington. . . . + 3 - 1 + 5 + 1 - + 2 + 2 + 5 + 9 +48 0 - 1 + 1 + - 2 + 4 +19 York.............. - 7 2 + 4 - 2 + 6 9 +13 •Not restricted to corporate limits of cities but covers areas of one or more counties. fAdjusted for seasonal variation.
@FedFRASER