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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA » RESERVE DISTRICT DECEMBER z, 192.9 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK o f PHILADELPHIA Business and Financial Conditions in the United States Industrial production declined further in October, and there was also a decrease in factory employment. As compared with a year ago, industrial activity con tinued to be at a high level, and distribu tion of commodities to the consumer was sustained. Bank credit outstanding in creased rapidly in the latter part of O cto ber when security prices declined abruptly and there was a large liquidation of brokers’ loans by non-banking lenders. In the first three weeks of November further liquidation of brokers’ loans was reflected in a reduction of security loans of member banks. Money rates declined throughout the period. Production. Production in basic in dustries, which had declined for several months from the high level reached in mid-summer, showed a further reduction in October. The Board’s index of indus trial production decreased from 121 in September to 117 in October, a level to be compared with 114 in October of last year. The decline in production reflected chiefly further decreases in output of steel and automobiles. Daily average output of shoes, leather and flour also declined while production of cotton and wool tex tiles increased. Preliminary reports for Index num ber of production of manufactures and minerals combined, adjusted for seasonal variations (1923-25 average = 100). Latest fig ure, October 117. the first half of November indicate fur ther reduction in output of steel and auto mobiles, and a decrease in cotton textiles. Total output of minerals showed little change. Production of coal increased and copper output was somewhat larger, while daily output of crude petroleum declined slightly for the month of October and was further curtailed in November. Volume of construction, as measured by building contracts awarded, changed little between September and October and de clined in the early part of November. Distribution. Shipments of freight by rail decreased slightly in October and the first two weeks in November, on an average daily basis. Department store sales continued as in other recent months to be approximately 3 per cent larger than a year ago. Wholesale prices. The general level of wholesale prices showed little change during the first three weeks of October, but in the last week of the month de clined considerably. The decline reflected chiefly price reductions of commodities with organized exchanges which were in fluenced by the course of security prices. During the first three weeks of November, prices for most of these commodities re M onthly rates In the open market in New Y ork: commercial paper rate on 4 to 6-m onth paper and acceptance rate on 90-day bankers’ acceptances. Latest figures are averages of first 20 days in November. covered from their lowest levels. Certain prices, particularly those of petroleum, iron and steel and coal showed little change during the period. Bank credit. Following the growth of $1,200,000,000 in security loans by New York City banks during the week ending October 30, when loans to brokers by out-of-town banks and non-banking lend ers were withdrawn in even larger vol ume, there was a liquidation of these loans, accompanying the decline in brok- Index numbers of factory em ploym ent and payrolls, without adjustm ent for seasonal variations (1923-25 average = 1 0 0 ). Latest fig ures October, em ploym ent 102.1, payrolls 110.0. Page One ers’ loans during the first three weeks of November. All other loans increased and there was also a growth in the banks’ in vestments. Reserve bank credit, after increasing by $310,000,000 in the last week of October, declined by about $120,000,000 in the fol lowing three weeks. On November 20 dis counts for member banks were about $100,000,000 larger than four weeks earlier, and holdings of United States securities were $190,000,000 larger while the banks’ portfolio of acceptances de clined by $100,000,000. Money rates in New York declined rapidly during October, and the first three weeks in November. Open market rates on prime commercial paper declined from 6^4 per cent on October 22 to per cent on November 20; during the same period rates on 90 day bankers’ acceptances declined from 5 ^ per cent to 3% per cent; rates on call loans were 6 per cent during most of this period but declined to 5 per cent in the third week of November. Rates on time loans also declined. The discount rate of the Federal Re serve Bank of New York was lowered from 6 to 5 per cent, effective November 1, and to Ay2 per cent, effective Novem ber 15, and the discount rate of the Fed eral Reserve Banks of Boston and Chicago were lowered from 5 to A 2 per ]/ cent effective November 21 and Novem ber 23. Philadelphia Federal Reserve District Summary of Conditions Conditions in trade and industry of the Philadelphia Federal Reserve District, while showing considerable variation, are following the trends usual at this season. Production on the whole has slackened, while distribution of merchandise to the consumer is expanding. Retail trade in October increased slightly more than the average of recent years and was well ahead of the volume in the same month last year. Nearly all lines of wholesale and jobbing trade also reported somewhat more than the seasonal gains between October and September; in comparison with a year ago, the dollar volume was slightly larger. Preliminary reports from merchants indicate that the wholesale trade in the first fortnight of November was holding up well, although seasonal declines in some lines were ap parent. Retail sales, on the other hand, showed expansion which naturally occurs at Christmas time. Sales of new passenger automobiles de clined appreciably during the month but were larger than in October, 1928. Life insurance sales in this section, on the other hand, increased seasonally and in comparison with last year. Railroad shipments of commodities in this section have exhibited a downward tendency in recent weeks, following an unusually heavy volume of loadings dur ing the summer months. The movement of goods by rail since October also has been slightly under the volume of a year ago. Productive activity generally showed seasonal gains between September and October. This is measured by a larger vol ume of physical output, by increased con sumption of certain raw materials, and by the greater use of electrical energy by various industries. In comparison with a year earlier, manufacturing operations as a rule were satisfactory, particularly in view of the fact that last year at this time there was a marked recovery of industries from the dullness that prevailed for many months prior to last fall. Factory employment in this section generally declined in October instead of increasing as is usual for that month. Page Two This unfavorable showing was due partly to recessions in some of the metal fabri cating industries which had an unusually high rate of activity during the summer months. The number of wage earners in the textiles, foods, and tobacco, and leather and rubber products groups, on the other hand, showed the usual seasonal gain. Partial reports for November, par ticularly in industries comprising metals, Latest figure compared with Business indicators Philadelphia Federal Reserve District October, 1929 Previous month Year ago + 3 .5 % + 4 .1 “ Retail trade— estimated net sales (139 stores). Department stores (6 3 ).................................... Apparel stores (3 9 )............................................. Shoe stores (1 7)................................................... Credit stores (20)................................................. .$ 29,767,100 .$ 24,933,800 ..$ 3 ,2 1 3 ,7 0 0 ___ $385,200 ..$ 1 ,2 3 4 ,4 0 0 + 3 8 .8 % + 4 0 .0 “ + 3 6 .6 “ Wholesale trade— net sales (103 firms). Boots and shoes (4 )............................... Drugs (1 0 )............................................... D ry goods (1 4)....................................... Electrical supplies ( 3 ) ........................... Groceries (3 3)......................................... Hardware (2 1 )........................................ Jewelry (1 1 )............................................ Paper (7 ).................................................. ..$ 8 ,8 9 3 ,5 6 2 ___ $103,557 ..$ 1 ,2 0 6 ,7 7 1 ___ $819,412 ___ $282,991 ..$ 3 ,3 5 7 ,8 0 3 ..$1 ,9 1 9 ,5 2 1 ___ $635,273 ___ $568,234 + - + + + 24.1 “ 2 6. 0 “ 11.3 “ ...................... 356,206 ..................$ 9,959,393 p rs............ 1,680,508 doz. prs.. .1 ,8 1 2 ,7 42 lb s.............9 ,6 4 1,42 9 ..................8 2,352,418 to n s.............. 351.835 ton s.................. 6,718 ton s...................7,980 ton s..........8,2 3 5,00 0 t o n s ....1 3 ,0 5 0 ,0 0 0 + + + 0 .9 2 .4 9 .3 20.5 15.8 26.7 5 .2 17.6 18.0 2 1.2 15.7 - 21.6 + 0.8 15.4 + 4 6 .7 - 4 .6 + 1 9 .2 + 20.3 + 9 .5 2.0 13.1 + 3 .6 -1 6 .0 .$ 20,443,000 ..$ 2 ,2 9 0 ,0 0 0 ................. 131 ..$ 2 ,0 8 0 ,2 3 2 + 11.3 + 9 2.4 + 118.3 + 68.6 + 2 5 .0 -4 8 .2 + 15.9 -2 3 .3 .$14,780,001 .$33,573,500 + 1 0 8 .7 4 .2 + 2 7 .2 -2 7 .2 .............5,863 .$ 15,236,542 + 5 3.8 + 78.4 + 11.4 -5 2 .4 .............1,185 + 7 2.2 + 13.8 Productive activity— Employment— 861 plants in P enna................................ W age payments in above plants...................................... Shoe production* (87 factories)....................................... Hosiery production* (130 m ills)...................................... W ool consumption* (74 m ills)......................................... Active cotton spindle hours (Penna. and N. J .).......... Pig iron production........................................................... Iron casting production (34 foundries).......................... Steel casting production (11 foundries)....................... Anthracite........................................................................... Bituminous coal— P enna................................................. Petroleum receipts at Port of Philadelphia— domestic and foreign...................................................................... C em ent................................................................................. Electric power output (12 system s).............................. Financial and credit— Debits (18 cities)...................................................................... Loans and investments— middle of Novem ber— 107 member banks...................................................................... Bills discounted held by F. R. B. of Phila. (daily average) Bankers’ acceptances outstanding— end of month (dis trict) ....................................................................................... Commercial paper sales (4 dealers)..................................... Commercial failures— number.............................................. Commercial failures— liabilities......................................... .. Building and real estate—• Building permits (16 cities).............................................. Building contracts awarded (Philadelphia district). . . Number of real estate deeds recorded (Philadelphia cou n ty).............................................................................. Value of mortgages recorded (Philadelphia co u n ty ). , Sheriff sale— number of writs issued for November (Philadelphia cou n ty).................................................... bbls...........1,555,000 b b ls.......... 3,5 7 1,00 0 K W H .. 635,196,000 1,321,664,000 .$1 ,7 1 7,00 0 ,0 0 0 ___ $78,700,000 Miscellaneous— Freight car loadings (Allegheny district— weekly aver cars...............232,044 age) ....................................................................................... Tonnage of vessels (Port of Philadelphia)....................... ton s..........4 ,1 1 7,76 5 Sales of life insurance (Penna., N. J., and D e l.)........... ............. $100,167,000 Automobile sales (registrations of new passenger cars) .......................... 14,629 * Bureau of Census preliminary figures. + 20.1 “ + 3 8.2 “ 14.3 9.7 8 .9 4.7 4 6. 7 + + + “ “ “ “ “ + 11.1 “ + + + + + + + - + - + + 0 .4 0.2 14.5 - 10.0 - + 0.8 “ + 7 .7 “ 2 .8 “ + 0 .9 “ - 8 .3 “ 2.1 “ - 3 .7 “ 21.2 “ - 1 .4 + 8 .3 + 13.3 + 8 .5 “ “ “ “ - 8.6 + 9 .7 + 5 .9 + 7 .2 + 3 .5 + 4 5 .4 2 .0 + 3 .8 - 1.3 + 11.1 + 6. 1 + 6 .7 textiles, and shoe and leather, indicate a further decline which is to be expected after the October peak. In comparison with a year ago, the number of wage earners continued considerably larger. W age disbursements increased in the month, but not as much as might be ex pected in October. As in the case of employment, the decline shown by metal fabricators reduced the total volume of payrolls, as reports from most industries showed the customary increases. Never theless, compared with October, 1928, wage payments by reporting plants con tinued almost ten per cent larger. The latest reports from manufacturers covering the first half of November show that demand and unfilled orders for fin ished goods have declined, as is custom ary at this season, and that plant opera tions have been reduced correspondingly. Stocks of goods held at reporting plants continue to vary from moderate to light and are smaller than those of four weeks or a year ago. The value of building contracts awarded declined in October and was substantially below the volume of a year earlier. Building permits issued in this district, on the other hand, showed a considerable rise in the month and in contrast with October, 1928. The real estate market in Philadelphia shows some improve ment, although foreclosures have re mained large. As a result of the prevailing quiet in the construction industry, manufacturers of building materials report a further decline in their sales, forward orders on their books, and in the rate of plant operations. The output of cement was again smaller in October than in the previous month as well as in the same month last year. Mining of both anthracite and bitumi nous coal showed a considerable increase between September and October, but in the first three weeks of November pro duction has turned downward. Receipts of domestic and foreign petroleum at the port of Philadelphia declined in October but were materially larger than in the like month last year, reflecting a higher level of activity at local refineries. Agricultural conditions appear to meas ure up to the average of past years with respect both to the production of crops and livestock and to the prospective in come from farm products, although crop yields generally are estimated to be smaller this year than last. Financial conditions. Over the past month monetary conditions in this district have been firm. From October 18 to November 20 the renewal rate for call money in Philadelphia remained at 6 per cent, and large Philadelphia banks report October, 1929, compared with October, 1928 Philadelphia Federal Reserve District Allentown Em ploy ment Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre “ .......................... “ .......................... “ .......................... “ .......................... “ .......................... “ .......................... “ .......................... W ilmington York “ “ .......................... .......................... Value of building permits Debits + 4 .0 % + 1 6 .3 “ + 5 .7 “ + 2 0 .6 “ + 3 .3 “ + 6 .0 “ + 12.7 “ + 16.4 “ + 3 .0 “ - 1.0 “ - 5 .7 “ + 1 4 .8 “ - 3 .4 “ area.......................... W age payments + 7 .9 % + 1 9 .4 “ + 5 8 .8 “ + 2 5 .4 “ + 4 .8 “ + 7 .7 “ + 1 9 .4 “ + 9 .1 “ + 2 .1 “ + 1 0 .7 a —12 6 “ + 2 0 .4 “ - 9 .5 “ 1 .9 % + 5 .6 “ + 3 6 .7 “ + 3 .8 “ 6 .3 “ + 14.7 “ + 4 0 .2 “ + 6 3 .9 “ + 1 6 0 .6 “ - 5 4.3 “ — 4 8.5 “ + 130.7 “ - 7 2.9 “ + 3 .9 % - 1 .0 “ + 3 .2 “ + 1 .5 “ + 8 .4 “ + 9 .6 “ + 6 .6 “ + 18.8 “ + 7 .9 “ - 9 .4 “ + 19.3 “ + 2 9 .2 “ + 6 .0 “ Retail trade sales + + + + + + + + + 2 .4 % 0 .3 “ 8 .1 “ 9 .8 “ 2 .3 “ 3 .6 “ 8 .3 “ 3 .1 “ 2 .2 “ 2 .1 “ + 9 .3 “ Electric power sales + 5 .9 % * ................. § + 7 .4 “ f + 15.0 “ + 14.6 “ + 5 5 .5 “ + 9 .4 “ + 1 9 .4 «t ................. | + 5 .2 “ October, 1929, compared with September, 1929 Allentown Altoona Johnstown Lancaster Philadelphia Reading Scranton Trenton Y ork area.......................... “ .......................... “ “ “ “ “ “ “ .......................... .......................... .......................... .......................... .......................... .......................... .......................... + 6 .4 % + 0 .4 “ + 7 .5 “ + 3 .1 “ + 7 .4 “ + 0 .1 “ + 12.9 “ + 1 2 .5 “ + 6 .8 “ + 5 5 “ — 3 8 “ + 2 2 “ — 3 .2 “, + 0 .7 % - 2 .4 “ + 0 .6 “ + 0 .6 “ + 0 .6 “ - 2 .8 “ + 2 .3 “ + 4 .6 “ + 0 .3 “ + 3 .8 “ — 5 .2 M - 1 0 “ .........0 ____ + 2 4 .8 % - 16.8 “ + 180.9 “ + 1 2 7 .2 “ + 2 2 1 .7 “ + 118.2 “ + 88.7 “ + 3 9 3 .4 1 “ + 4 1 4 .5 “ - 4 2.9 “ + 0 4 “ + 3 0 0 .5 “ - 6 8.9 “ + 1 6 .4 % + 1.7 “ + 1 3 .9 “ - 0 .8 “ + 2 2 .3 “ + 2 1 .8 “ + 1 5 .6 “ + 2 7 .0 “ + 1 1 .1 “ + 2 2 .3 “ + 11.8 “ + 15.6 “ + 1 1 .0 “ + 3 9 .7 % + 9 .7 “ + 10.8 “ + 3 8 .4 “ + 3 9 .3 “ + 4 1 .9 “ + 6 6 .8 “ + 3 .0 “ + 3 1 .0 “ + 5 4 .4 “ + 1 1 .3 % * + 8 .2 “ .......... § + 1 1 .8 + 5 .7 + 4 .9 + 3 3 .6 + 2 5 .1 - 5 .2 “t “ “ “ “ “t .......... § ................. § + 4 5 .4 “ + 3 .3 “ * Includes Harrisburg, Wilkes-Barre and Williamsport areas, t Production (not sales). J Includes Camden area. § Included in Allentown area. that loans to customers on their commer cial paper were made for the most part at 5% to 6 per cent during the week ended November 15. Figures reported recently by member banks in the larger cities of this district have shown considerable fluctuation. Tak ing the five weeks ended November 20 as a whole, however, there has been a further increase in loans without a com mensurate increase in deposits, an indica tion of the withdrawal of funds which is reflected in a loss in the settlements par ticularly to the New York district. Loans on securities increased materially, and other loans, ordinarily regarded as mainly commercial in character, advanced in the first three weeks of November to a new high point for the year. The reserve ratio of this bank declined from 71.4 per cent on October 23 to 63.4 per cent on November 20, and the borrowings of member banks increased Changes in— leading cities (000,000’s omitted) 13, 1929 Reported b y 92 banks: Loans on securities........... $ 609 Other (largely commer604 cial) loans....................... Reported by 107 banks: Total loans and discounts. 1,288 Investm ents....................... 429 874 Net demand deposits. . . . 468 Tim e deposits..................... Four weeks One year +S30 + $ 84 8 + 28 + 41 + 7 + 16 - 10 - 118 58 14 39 + from 73 to 94 millions. These figures, however, show marked improvement since November 9, when loans to member banks had reached the unusually high point of 124 millions and the reserve ratio was down to 52.7 per cent. Heavier borrow ings in comparison with a month ago not only came from the Philadelphia banks, but from other cities and towns as w ell; the accommodation extended to banks outside of Philadelphia on November 20 was in larger volume than at any time since May. Commercial paper dealers operating in this district report an increase in sales from $1,190,000 in September to $2,290,000 in October, chiefly owing to larger Federal Reserve Bank of Philadelphia (Dollar figures in millions) Changes in N ov. 20 1929 Bills discounted for m e m b e r banks in— Philadelphia........... $ 4 4.5 20 other large cities 27.0 Other communities 2 2.9 T otal bills discounted 894.4 Bills b ou gh t............... 12.2 United States securities....................... 27.1 Other securities......... 1.1 T otal bills and securities............ $134.8 Mem ber banks’ reserve deposits... 136.2 Cash reserves............. 176.1 Reserve ra tio............. 6 3 .4 % Four weeks One year + $ 8 .9 + 6 .1 + 5 .8 + $ ii.i + 3 .7 + 9 .6 + $ 2 0 .8 5 .2 + $ 2 4 .4 - 10.0 + + + 10.2 0 + $ 2 5 .8 + - 5 .4 1 .0 + $ 2 0 .8 .4 + 1.0 15.9 5 .9 8 .0 % - 5 .2 % Page Three purchases by Phil adelphia b a n k s ; this figure, how ever, is little more than half of the total of $4,422,500 reported in Octo ber, 1928. At the end of October, $20,443,000 of acceptances of banks in this district were out st andi ng; this compares with $18,372.000 on Septem ber 30, and $16,359.000 a year ago. In the four weeks ended November 20 there was an in t ions Manufacturing Iron and steel. While the demand for iron and steel products slackened some what in the past month, conditions com pare favorably with those at the same time last year. The railroads and public utilities have been placing orders in good volume and are making up in some de gree for the curtailed requirements of automobile and other manufacturers. Prices have shown weakness in several instances. Plant activity of most fabricators of metal products declined in the past month. Daily production of pig iron in this dis trict increased in October, however, as compared with the previous month and a year ago. This was also true for the country, but the output of steel ingots in the United States fell to a daily average below that in October, 1928. Stocks on hand of finished metal prod ucts are moderate and no increase is noted in the month. Unfilled orders on Page Four Oct., 1929 (gross tons) Pig iron— United States. 115,745 Phila.Fed.Res. Dist............. 11,350 Steel ingots— United States. 167,098 Change from Oct., 1928 + 6 .4 % Sales to— City banks Country banks T otal sales 1929— J u l y ... $ 120,000 12,914,500 $3,034,500 A ug----122,500 1.570.000 1.692.500 S e p t.... 62,500 1.127.500 1.190.000 O c t.. . . 1.102.500 1.187.500 2 .2 9 0.00 0 1928— O c t.. . . 1.147.500 3.275.000 4 .4 2 2.50 0 crease in the demand for currency and the weekly movements were similar to those in 1928. During the last week of November and in December up to the holidays a further expansion in the need for currency is to be expected as a result of disbursements of Christmas savings clubs and the requirements of the holi day trade. in D et ail the books of reporting firms are in about the same volume as at this time last year. Forward orders on the books of the United States Steel Corporation in creased slightly during October and were the largest for that month since 1923. Iron and steel (Daily average) Commercial paper sales (Four dealers) 10 mos. of 1929 com pared with 10 mos. of 1928 + 1 6.7 % + 7 .2 “ + 2 5 .6 “ -3 .0 “ + 1 4 .9 “ Source: Iron Age. The output in October of iron castings increased more than 17 per cent from the previous month. This advance is similar to increases reported for the same periods in the past three years, but the total this year was 3.5 per cent higher than in the same month last year. Ship ments also increased in the month and year as did unfilled orders. Production of steel castings reported by 11 foundries was 18 per cent greater than in the previous month and 45 per cent ahead of a year ago. Shipments and un filled orders also were larger. T e x tile s . The market for textile raw materials and finished products is fairly satisfactory, although prices generally show further recessions. Sales of silk manufactures and full-fashioned hosiery have increased since last month and compare favorably with the volume of a year ago. Manufacturers of cotton piece goods as well as cotton yarn dealers re port a slight decline in their business. The demand for wool fibres is slow but that for woolen and worsted yarns con tinues fairly active, exceeding the volume of a year ago. Sales of woolen and worsted fabrics have declined since last month and year. W hile the demand for carpets and rugs and felt base goods is Employment October, 1929 Employment and wages in Pennsylvania No. of plants ing All manufacturing industries (51).............................. 861 Metal products..................... Blast furnaces................... Steel works & rolling mills Iron and steel forgin gs... Structural iron work. . . . Steam & hot water htg. ap. Stoves and furnaces........ Foundries........................... Machinery and parts. . . . Electrical apparatus........ Engines and pum ps......... Hardware and tools ......... Brass and bronze prods. . Payrolls October, 1929 Per cent change since 96.1 Per cent change since index * index * 247 94.9 9 4 8.0 49 8 3.8 10 104.3 10 117.5 16 9 5.5 8 86.3 37 96.6 44 119.4 23 135.4 10 104.0 19 85.9 12 91.2 Average weekly earnings week ended Oct. 1928 + + + + + + + + + + + + + — 8.6 6 .6 17.9 8 .8 17.2 7 .7 2 .9 1.6 13.9 14.4 11.1 6.4 5 .4 17.2 Sept. 1929 Oct. 1928 Sept. 1929 Oct. 15, 1929 Sept 15, 1929 — 0 .9 103.9 + 9 .7 2 .4 27.96 26.96 + — — + + + + — — + — + 2 .8 1.5 1.2 7 .0 2 .7 1.6 3 .4 0 .6 0 .6 7 .6 3 .0 1.2 4 .3 104.4 52.6 92.6 119.6 126.7 114.4 93.3 108.5 138.2 145.3 118.2 91.6 95.0 + + + + + + — + + + + + 7.1 21.5 8 .3 17.4 8 .9 9 .0 3 .6 19.1 19.8 8 .6 8 .5 5 .0 5 .6 + 0 .5 3.1 + + 2 .9 — 1.9 + 4 .5 + 15.8 + 13.8 8 .5 + + 3 .4 — 9 .0 8 .5 + + 4 .7 + 8 .2 30.42 30.27 31.92 27.81 29.74 32.65 30.82 30.36 32.37 27.49 30.67 24.84 28.19 29.27 29.82 30.43 26.34 29.26 28.64 28.01 28.18 31.18 27.77 29.09 23.43 27.20 + Transportation equipment.. Autom obiles....................... Auto, bodies and p a rts.. . Locomotives and ca rs.. . . Railroad repair shops. . . . Shipbuilding...................... 41 5 13 13 6 4 t7 5.4 83.3 82.8 66.4 87.1 53.0 1.9 + — 9 .3 — 1.4 + 22.1 + 10.4 + 1 1 9 .9 — — — — + 2.1 0 .5 8.1 0 .4 3 .0 4 .1 f77 .8 89.3 76.5 70.1 9 6.8 5 0.4 0.1 11.1 — 9 .0 + 4 4.2 + 12.8 + 1 1 8 .2 + 3 .0 + 13.5 — 5.1 3 .2 + 9 .4 + 3.1 + 30.05 30.98 29.86 30.50 29.42 27.67 28.51 27.16 28.91 29.46 26.10 27.94 Textile products................... C otton goods..................... W oolens and worsteds.. . Silk good s........................... Textile dyeing & finishing Carpets and rugs............. H a ts.................................... H osiery............................... Knit goods, other............ M en’s clothing.................. W om en’s clothing............ Shirts and furnishings. . . 174 13 15 49 12 9 4 30 14 10 9 9 104.5 77.0 9 3.5 102.0 117.7 91.9 97.7 135.5 102.5 9 5.9 106.6 112.1 + — + + + + + + + + + + 8.1 3 .3 5 .5 1.3 0 .6 9 .8 1.6 23.9 11.1 12.3 0 .3 17.5 + — — + — + — + + + — + 1.9 0 .4 1.8 1.5 0 .8 4 .4 0 .6 3 .3 8 .5 1.3 3 .9 2 .7 116.4 7 8.0 95.9 113.8 122.8 9 6.2 9 0.3 168.3 119.7 109.1 109.4 115.7 + — + + + — + + + — + 8 .8 5 .8 4 .6 5.7 7 .8 11.5 0 .4 17.8 14.3 31.0 2 .3 19.9 + 6 .0 1.7 + + 0 .5 + 8 .4 — 2 .8 + 16.5 — 3 .6 6 .4 + + 21.5 3 .4 + — 5 .2 + 7 .0 22.69 24.07 21.81 20.32 25.12 26.35 23.56 26.76 20.80 19.50 14.49 16.12 21.75 23.62 21.50 18.97 25.62 23.60 24.2 8 25.96 18.45 19.11 14.71 15.48 Foods and tobacco............... Bread & bakery products C onfectionery................... Ice cream ........................... Meat packing.................... Cigars & tob a cco.............. 104 104.5 29 110.5 13 113.5 11 86.3 14 101.6 37 102.5 + + + + + — 2 .4 4 .9 7 .8 2.1 2 .5 1.1 + + + — — + 4.1 1.0 9 .0 9 .7 0 .6 5 .8 108.9 107.2 126.9 97.1 107.8 106.0 + + + 4+ + 4 .6 6 .3 5 .8 3 .4 7 .4 1.5 + 5 .8 + 2 .2 + 14.2 — 6 .0 + 6 .0 + 7 .0 21.04 28.05 19.81 33.30 31.12 15.79 20.69 27.72 18.91 31.96 29.22 15.61 — Stone, clay & glass products Brick, tile and p o tte r y ... Cem ent............................... Glass.................................... 68 32 14 22 84.5 9 4.0 70.3 9 9.4 2 .7 + 6 .5 + — 7.9 + 10.0 — — + 2.1 5 .5 2 .5 1 .5 83.8 91.7 76.9 94.1 3 .0 1.4 + — 12.0 + 4 .7 + 4 .4 — 4.1 + 4 .2 + 12.7 27.05 24.25 31.83 25.41 25.36 23.89 29.75 22.8 8 Lumber products.................. Lumber & planing m ills .. Furniture............................ W ooden boxes................... 54 17 30 7 80.7 70.9 81.9 114.2 4 .6 — 3 .4 — 11.4 2.1 + — + + 2.1 8 .4 1.5 0 .7 86.2 74.7 85.4 141.1 5 .9 — 5 .6 — 15.8 + 17.9 1.9 + — 3.1 + 2 .3 + 11.3 24.33 21.64 26.69 22.25 23.30 20.32 26.38 20.14 Chemical products............... Chemicals and drugs. . . . C ok e.................................... E xplosives.......................... Paints and varnishes. . . . Petroleum .......................... 54 29 3 3 12 7 105.7 9 8.2 120.4 143.0 130.9 101.2 7.9 + + 4 .6 1.3 + 7 .3 + 2 .4 + + 15.8 .0 . .. .0 . . . 1 .5 + 3 .0 + 0 .2 + — 0 .8 117.9 101.0 123.9 138.0 141.9 115.6 + 10.9 5 .5 + + 0 .6 + 13.3 3 .6 + + 19.8 + + + + + + 4 .4 1.9 5 .3 8 .7 8 .7 3 .4 30.08 28.25 29.07 26.66 28.09 31.50 28.60 27.15 28.01 25.25 25.84 30.10 Leather & rubber products. Leather tanning............... Shoes................................... Leather products, O ther. Rubber tires and goods. . 51 17 20 10 4 104.6 109.1 101.1 122.7 8 4.3 7.4 + 5.3 + + 14.2 — 1.5 — 0.1 + + + + 4- 1.7 1.6 1 .0 4 .4 1.7 112.2 117.1 109.7 113.2 99.1 8 .2 + 7 .9 + + 18.6 6 .4 — 5 .4 + + 4 .9 6 .8 2 .4 5 .5 1.1 23.87 26.42 19.25 23.52 27.65 23.12 25.10 18.96 23.10 28.42 Paper and printing............... Paper and w ood p u lp .. . . *Paper boxes and b ag s. . . Printing and publishing.. 68 12 10 46 97.3 84.6 107.1 104.6 + + + ~ 3.1 1.0 6 .0 2 .0 + + + + 1.8 2 .7 5 .5 0 .9 115.4 9 5.9 136.8 124.9 + 6 .2 — 2 .6 + 10.3 5 .5 + 0.2 1.5 + + 11.3 — 1.3 33.49 29.13 17.92 37.21 34.16 29.44 16.98 38.11 Anthracite.............................. 155 395 59 5 52 83 109.8 — 19.2 + + 116.6 _ 156.0 9 0.2 100.8 100.2 + 4 8.4 — 7 .5 + 0 .8 2 .6 + + + 4 .1 2 .3 3 .5 0 .7 5 .2 1.7 133.2 96.7 + 35.5 — 5 .8 + 39.8 + 6 .3 + 6 .0 5 .2 + 38.21 26.76 27.40 34.60 28.4 8 25.76 26.50 32.68 Construction & contracting. Street railways..................... * 1923-1925 average = 100. f Preliminary figures. fair, sales have turned downward as usual at this season; they exceed slightly, however, the amount reported for the same month last year. Reports on the amount of advance or ders held by manufacturers and dealers + 13.4 + — for the most part show a decline during the month. In contrast with a year ago, unfilled orders for textile yarns are larger while those for piece goods appear to be somewhat smaller. Forward business in floor coverings also is larger than last year. Expansion in some of the textile industries practically offsets contraction in others. Among those which show a higher rate of plant activity are silk throwsters, wool yarn spinners, and hosiery producers. Little change is shown by carpet and rug factories. Hosiery knit during October increased 21 per cent in comparison with the pre ceding month. Shipments1 also were larger while stocks showed a slight in crease. Cancellations were materially smaller than in September and unfilled orders at the end of the month were ap preciably larger than on the same date in September. Local woolen and worsted mills used almost 16 per cent more wool in October than in September and in the country the increase amounted to nearly 19 per cent. Carpet plants in this district consumed about 13 per cent more wool than in the previous month. Deliveries of raw silk to American mills showed the largest gain for October in several years past. Mill takings of cotton fibres in the country were the largest since last January and surpassed any previous October in the past fifteen years. Active cotton spindle hours in this section also increased sub stantially in the month and as compared with a year ago. Inventories of textile fibres and fin ished goods at reporting plants generally vary from moderate to light, showing further decline since last month. Virtually all lines report smaller stocks of goods than at the same time last year. The ex ception to this is afforded by an increase in stocks of raw wool as is indicated by the following table: Raw wool stocks (Figures in thou sands of pounds) H eld b y dealers in— Philadelphia. . . United S ta tes.. Held by manu facturers in— M id. Atlantic. . United S ta te s.. T o t a l fo r th e United States. . Sept. 30, 1928 June 30, 1929 Sept. 30, 1929 17,202 193,806 17,375 172,759 17,840 186,357 54,648 128,352 54,933 127,760 58,561 133,225 322,158 300,519 319,583* * Of the total amount of raw wool reported, 68.9 per cent was domestic and 31.1 per cent was foreign. Leather and shoes. The market for shoes reflects a seasonal let-down with respect to both demand and production. Nor do sales of shoes equal the volume of a year ago. Prices continue unchanged. Numerous reports show a decline in un filled orders, not only seasonally but also in comparison with last year. This is naturally reflected in reduced operations in the past few weeks. The output of shoes in October, how ever, showed a gain of more than 9 per cent from the preceding month as com pared with an increase of a little less than 9 per cent in the country. This increase occurred in the production of all kinds of shoes. Inventories at factories Page Five are fairly light and show a considerable reduction from those at the end of last month and a year ago. Business in sole and kid leather has also slackened lately as is to be expected at this time. Prices show practically no change. W hile orders on the books indi cate a slight downward tendency, plant operations are well maintained although there have been a few reductions. Stocks of sole leather showed a further decline and are reported generally as varying from moderate to light. Inven tories of goat and kid leather, however, have increased slightly in the month, con tinuing the upward tendency shown in previous months. This is not unusual if compared with the trend at the same time in other recent years, as is indicated by the accompanying chart. The number of skins tanned thus far this year has been somewhat smaller than in the same period last year but compares favorably with 1926 and 1927. The market for goatskins is fair al though demand and prices indicate some weakness. The purchase of goatskins abroad by local tanners has not been as active as is customary at this season owing largely to the uncertainty in the trend of prices. Building m aterials. The demand for building materials has declined in the last four weeks and the market is duller than at any time since the first of the year. There is usually a decline at this season and this is borne out by smaller sales of cement, lumber, and paint than last month. W ith the exception of the paint industry, comparisons with the situation last October are distinctly un favorable, owing largely to the lower rate of building operations which has been current most of the year. Prices of lumber are slightly lower, while those of cement have advanced lately. As a result of the decrease in sales, unfilled orders in most building material industries are smaller than in the previous month or year. This is espe GOAT o c cially true of paint and lumber, while in October, 1928. Reflecting largely sea forward orders for brick are in about sonal activity in manufacturing, industrial the same volume. Plant activity has de consumption of electrical energy showed creased in most lines. Stocks of brick seem to be fairly large, while in the October, 1929 other lines very little accumulation of Electric power change from finished goods is reported. Philadelphia Federal R eserve District Miscellaneous. Reports from paper 12 systems Oct., Sept., manufacturers indicate a continuance of 1929 1928 the heavy demand which has kept pro duction in this district at high levels for Rated generator ca p a city. . + 2 .9 % + 0 .1 % the past half year. Factory operations Generated output................. + 19.2 “ + 1 5.4 “ are at a rate of 90 per cent of capacity H ydro-electric................... + 184.3 “ + 2 8 2 .7 “ Steam .................................. - 11.9 “ - 10.2 “ as contrasted with 70 per cent at the Purchased.......................... + 6 6.2 “ + 1 4.4 “ same time last year. Unfilled orders are Sales of electricity................ + 2 0 .5 “ + 8 .7 “ larger than a year ago and stocks are L ighting.............................. + 5 .1 “ + 10.9 “ lighter. Prices are firm. M unicipal....................... + 7 .8 “ + 19.1 “ Residential and com The market for cigars is fairly active m ercial........................ + 4 .7 “ + 9 .6 “ although sales have declined somewhat P ow er.................................. + 16.3 “ + 4 .4 “ M unicipal....................... + 6 4.7 “ + 5 .0 * in the past month and are behind those Street cars and railof last year. Operations have been re roads........................... + 1 .6 “ + 11.3 “ Industries....................... + 19.7 “ + 3 .0 “ duced and unfilled orders show little change in the month, although they are All other sales........................ + 5 4.0 “ + 2 0 .8 « smaller than a year ago. Stocks are light. Sales of rubber goods h a v e de creased in the past THE REAL ESTATE SITUATION month and unfilled IN PHILADELPHIA orders are smaller. Some plants have reduced their oper CONTRACTS AWARDED ations ; stocks are moderately heavy and are larger than + last year. Produc tion of automobile J l tires and tubes has also declined in the Ifill 1 l f W L >_ past month. l v i' tf i y Electric power. "\v T he o ut put of 1 R MON' H MOVING AV/EFlA G E (centered at third m electric power by t w e l v e reporting central stations in NUMBER creased in October more than is usual for that month and w as substan tially ahead of the quantity generated KID LEATHER an d MILLIONS 5K1N54 WRITS ISSUED FOR SHERIFFS SALE zo STO C KS 10 V— 9 8 7 > A : u 6 5 J \ l OUTPUT I9Z6 1927 Source: Department of Commerce Page Six 1928 1929 1930 1920 ’21 '2 2 '23 '2 4 '25 '26 '21 '2 8 *29 Source: F. W. Dodge Corporation, Provident Title Company of Phila delphia, and Real Estate Board of Philadelphia a further gain in the month and was materially larger than a year ago. Total sales of electricity naturally showed in creases between September and October, owing chiefly to the customary expan sion in the use of electricity for munici pal, residential, and commercial purposes. In comparison with a year before, total consumption of electrical energy was no ticeably larger, as is indicated by the ac companying table. Building and Real Estate Construction activity has again de clined in the past month as measured by the volume of building contracts awarded. A 27 per cent decline from last year in the total value of awards in October was caused by smaller totals in eastern Pennsylvania and southern New Jersey. Construction activity in Delaware was at an unusually high level. Although there was a decrease in the value of permits issued in 584 cities in the country in October, this district showed an increase of 27 per cent over last October and of more than 100 per cent over the September figure. This favorable showing is owing principally to a larger total value of contemplated projects in Philadelphia, Wilmington, and Atlantic City. The situation in the Philadelphia real estate market has improved slightly in the past month. The number of deeds recorded increased in October and for the first time in the past six months was larger than in the corresponding month last year. The total value of mortgages recorded was larger than in the previous month but continued smaller than at this time last year. The number of writs issued for sheriff’s sale increased and established a record for the month. Reports from the mortgage officers of a number of trust companies indicate that only a small portion of the loans out standing are for operative builders. Building activity Change Oct., from 1929 Oct., (000’s 1928 omitted) Contract awards— P h ila . F ed . R es. Dist. T o t a l................... $ 33,574 - 2 7 . 2 % 9,709 - 5 9 . 7 “ Residential......... United States— T o t a l................... 445,642 - 2 5 . 4 “ Residential......... 137,690 - 4 2 . 6 “ Permits issued— P h ila . F ed . R es. Dist. (17 cities) United States (584 10 mos. of 1929 com pared with 10 mos. of 1928 -1 7 .8 % -3 1 .4 “ Agriculture The agricultural situation in the main compares rather favorably with the aver age condition of past years. Most of the husking of the corn crop has been com pleted, as has the digging of late potatoes. The acreage of winter wheat is somewhat larger and the stand is in better condition than was the case a year ago. Cover crops are of about the same quality as last year and the fall plowing is equal to normal. Marketing of hogs shows no increase and the number of hogs sold in the past month is smaller than in the same period last year. Early reports indicate that the total income from farm products in this dis trict this year may approximate the amount received last year which was over $250,000,000. The influence of lower yields of some products has been largely offset by higher prices. 2 .9 “ 250,583 - 1 4 . 3 “ Source: F. W. Dodge Corporation and S. W. Strauss & Company. Trade Wholesale trade. The wholesale and jobbing trade showed a gain of more than 14 per cent between September and Octo ber, which was somewhat more than usual. October ordinarily is the peak month in most wholesale lines, and in creases this year exceeded the normal ex pectation in all lines except shoes, the sale of which customarily drops in that month. In comparison with a year ago, there was a slight gain in the total volume of Comparison of net sales Retail trade Philadelphia Federal Reserve District Comparison of stocks Oct. 31, 1929 Jan. 1 to Oct. 31, 1929, with with with Jan. 1 to Oct. 31, Sept. 30, Oct. 31, 1929 1928 1928 Oct., 1929, with Oct., 1928 + 3 .5 % + 0 .4 % - outside Philadelphia............... M en’s apparel stores............... outside Philadelphia........... W om en’s apparel stores......... in Philadelphia..................... * outside Philadelphia........... Shoe stores.................................... Credit stores.................................. W holesale trade Philadelphia Federal Reserve District + + + + + + + + + + - 4 .1 “ 4 .3 “ 3 .4 “ 0 .8 2 .9 “ 0 .6 “ 5 .1 “ 0 .2 “ 0 .3 “ 4 .3 “ 7 .7 “ 2 .8 “ Net sales, Oct., 1929, com pared with Boots and shoes... D rugs..................... D ry g ood s............. Electrical supplies Groceries................ Hardware............... Jewelry................... P aper...................... Rate of turnover, Jan. 1, to Oct. 31, 1928 Accounts receiv Collec able tions at end of during month month com com pared pared with with 1929 year ago year ago 5 .6 % + 9 .7 % 2 .59 2.89 + 0 .2 “ - 7 .0 “ + 1 0 .2 “ + 0 .1 “ — 9 .0 “ + 1 1 .2 “ + 0 . 5 “ - 2 . 9 “ + 8 .5 “ 2 .46 2 .59 2 .29 2 .80 3.17 2.37 + + + + - 2 .25 2.71 1.84 4.74 5.07 3 .24 2.10 2.53 2.19 2.56 1.83 4 .7 6 5.05 3 .27 2.28 2 .55 + 6 .7 “ + 8 .6 “ + 2 . 5 “ - 7 .1 “ + 3 .3 “ + 7 .3 “ Ratio of ac counts out- Collections, Oct., 1929, compared with 0 .2 “ 2 .9 “ 3 .1 “ 5 .5 “ 6 .5 “ 1 .4 “ 3 .1 “ 6 .8 “ + — + + 4+ 0 .5 2 .0 2 .0 4 .6 7 .5 7 .6 7 .9 6 .3 Stocks, Oct., 1929, com pared with Oct., 1928 -1 1 .7 “ -2 9 .4 “ 14,883 + 2 7 .0 “ - Coal Anthracite. The market for anthra cite is fairly active, although sales, largely to dealers, have been somewhat smaller than last month. This is espe cially true of steam sizes. Prices for steam sizes have been reduced, while those of domestic sizes have risen in a few instances. Following a pronounced increase in October, production has turned down, not an unusual occurrence. In the three weeks ended November 10 it totaled 4,176,000 tons, a decrease of 28 per cent from the output in the previous four weeks and of 14 per cent compared with the same period last year. The supply of anthracite in retail coal yards throughout the country on O cto ber 1 was sufficient to last about fiftyfive days, an increase of nearly 12 per cent since July 1 and almost 6 per cent from October 1, 1928. Bituminous. Sales of bituminous coal are in fair volume and have increased in the month, owing largely to the heavy demand from industry and the public utilities. Prices have continued to ad vance. Mine operations in this section have increased appreciably in October. The output in the early weeks of Novem ber, however, declined slightly. Stocks in the hands of industries and other than steel and coke plants in the country on October 1 were sufficient to last about 32 days at the rate of consumption pre vailing in August and September. Sept., 1929 Oct., 1928 - 8 .3 % - 2 .1 “ - 3 .7 “ -2 1 .2 “ - 1 .4 “ + 8 .3 “ + 1 3 .3 “ + 8 .5 “ - 9 .7 % + 8 .9 “ + 4 .7 “ + 4 6 .7 “ + 1 1 .1 “ + 2 4 .1 “ + 2 6 .0 “ + 1 1 .3 “ ...........% Sept., 1929 “ “ “ “ “ “ “ “ - 5 .5 “ -1 8 .1 “ + 4 .7 “ + 1 4 .8 “ + 1 5 .2 “ + 1 2 .8 “ + 5 .8 “ + 1 0 .6 “ Accounts out standing, Oct., 1929, com pared with Oct., 1928 - 9 .4 % + 2 .7 “ 5 .4 “ - 7 . 0 “ - 9 .3 “ + 1 . 8 “ + 8 .3 “ + 1.1 “ + 7 .0 “ - 1 .4 “ + 7 .4 “ - 1 1 . 8 “ + 3 .1 “ + 1 2 .0 “ - 4 .5 “ - 0 .9 “ + 7 .0 “ ...........% -1 2 .9 “ - Sept., 1929 ing to sales, Oct., , 1929 + 4 .4 % + 5 .0 “ + 9 .7 “ + 2 2 .7 “ + 4 .1 “ + 9 .9 “ + 16.0 “ - 3 .0 “ 3 19 .1% 111.0 “ 236.7 “ 157.6 “ 110.6 “ 182.5 “ 331.2 “ 128.4 “ + 6 .1 % - 0 .1 % + 5 .8 “ - 5 .5 “ Oct., 1928 Sept., 1929 - 1 8 . 8 % + 2 5 .7 % + 0 .2 “ + 1 5 .1 “ - 0 .2 “ + 2 7 . 7 “ + 2 .9 “ - 2 .5 “ + 1 9 .2 “ + 4 .4 “ + 1 8 .6 “ + 1 1 .4 “ + 1 3 .1 “ + 1 4 .9 “ Page Seven wholesale trade, larger sales of hard ware, jewelry, and paper accounting for this gain. Except for reductions in the shoe, dry goods, and electrical supply lines, accounts outstanding were some what larger than those at the end of October, 1928; increases since September were shown by all reporting lines except paper. Payments of accounts showed sub stantial increases in the month and the majority of lines also had larger collec tions than in October, 1928. Preliminary information covering the first two weeks in November indicates that wholesale business is moving forward in fair volume, and the number of re ports of increased sales exceeds those citing declines. It is usual, however, for the wholesale and jobbing trade to slacken a little in November. Prices remain fairly steady despite slight variations in some lines. R etail trade. The dollar volume of retail sales by reporting stores expanded by slightly more than the usual amount in October. All reporting classes shared in this gain ; likewise, all city areas showed considerable increases in sales. Stocks of merchandise naturally increased during the month in anticipation of the holiday demand. Sales were nearly 4 per cent larger Inquiries concerning the course of pre than in October, 1928, department and holiday trade indicate that sales in the shoe stores showing the largest gain. A first fortnight of November reached a noticeable gain also occurred in the sale fair amount in the aggregate. Despite of men’s and women’s apparel outside of some hesitancy in buying, the number of Philadelphia. Business of credit stores, reports that show increasing sales is ap on the other hand, was smaller. All city preciably larger than those showing a areas, except Scranton, had larger sales decline in business. than a year earlier. Sales in the first ten months of this year were slightly ahead RETAIL T R A D E ----- DEPT. STORES of the volume re PHILA. FED. REIS. DISTRICT ported for the same period last year. PERCENT Inventories held by r e t a i l e r s were nearly 6 per cent SALES ( a d . U 5 T E 1 D F O R S E A S O N A L V A R A T IO N s ) below those at the \ ___ _ e n d of October, 1928, the largest v A s/\A reductions occur U f\ j T v ** ring in the stocks carried by depart M V ment stores in Phil STOCKS ( D JU 5T E D FOR S E A S O N A L V A R IA T IO N S ) adelphia and shoe stores; inventories of women’s apparel stores in Philadel phia and of credit A) 1 •1 ^ .. . . stores showed the v 19 25 I9 E 6 I9B.7 1928 1929 greatest increases. BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT P rices R eta il trade ................. W h o le sa le tra d e: D rugs ......................... D ry good s ................. E le ctrica l sup p lies. . G roceries ................... H ardware ................. J ew elry ..................... Paper ......................... Shoes .......................... L um ber ...................... W o o l ............................ C otton yarns ........... M a n u factu rin g: Iron and steel p rod ucts ............... C otton goods ........... S ilk good s ................. Silk throw sters . . . W o o l good s ............. W o o l yarns ............. H o sie ry— fu ll-fa sh ioned ........................ H osiery— seam less .. C arpets and r u g s .. . Shoes .......................... Leather— Sole ......................... B la ck kid ............. C olored kid ........... P aper .......................... Rubber goods ......... C igars .......................... B rick .......................... Lumber-mills ........... P aint .......................... Cem ent ........................ Building ........................ Anthracite ................... Bituminous coal ......... Dem and Unchanged Active, Firmer Unchanged Little change Little change Some decline Unchanged Unchanged Unchanged Some decline Declined Declined Fairly active, Some decline Increased Increased Some decline Some Fair, little change orders O perations Little change Little change Fair increased Increased Some decline Little change Little change Declined Fair, declined Fair, declined Fair, declined Some declines Some declines Lower Some declines Lower U nfilled declines increased Increased seasonally Smaller Larger Smaller Larger Smaller Little change Smaller Smaller declined Little change Little change Some decline Larger Smaller Smaller, but year ago Declined Declined Some decline Increased Declined Increased Increased Unchanged Little change Little change Firm Some declines Unchanged Little change Some decline Little change Some gains Fair, declined Fair, declined Fair, declined Good Declined Some decline Fair Declined Declined Declined Some decline Little change Little change Larger Smaller Little change Little change Decreased Decreased Some decline Construction costs lower Domestic sizes, higher Higher Fair Slight decline Increased Value permits increased Page Eight advances above Little change Slightly larger Slightly larger Little change Decreased Smaller a Fair, declined Fair, declined Firm, some Unchanged Unchanged Little change Little change Smaller Smaller Increased above Larger Unchanged Smaller, but year ago Smaller Increased Fair, little change Firm Unchanged Stocks a Little change Little change Little change Little change Decreased Decreased Declined Declined Declined Declined Value o f contracts clined Some decline Increased Smaller Some gain Some gain Smaller Larger Smaller Larger Little change Smaller Little change de Larger Larger
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