The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEBRUAR 1 9 5 9 C o n s u m e r A s p ir a t io n s : A n E x p e r im e n t a l S u r v e y “ W hat would yo u do with $2,000?” we asked a sam ple o f local consum ers. Their answers reflect a disenchantm ent with “ big ticket” durables and a desire to increase savings. B a n k in g ’s F a s t -G r o w in g F a m ily W e’ ve had a postwar boom in banking em ploym ent. I t has increased three tim es fa ster than total n on agriculturalem ploym ent. This article explains why. T h e L a g in F a c t o r y E m p lo y m e n t In recession, fa ctory em ploym ent declined less in this D istrict than in the United States. B ut recovery has been at a slower pace locally than nationally. Additional copies of this issue are available upon request to the Department of Research, Federal R eserve Bank o f Philadelphia, Philadelphia 1, Pa. CONSUMER ASPIRATIONS: AN EXPERIMENTAL SURVEY At the present time there is no more interesting question being asked than “ How will consumer course of consumer spending in the near future. Some say that we have a “ new consumer,” spending behave in the months ahead?” To some somewhat older, better satisfied, and more sophis extent this is always the case. After all, despite ticated than his immediate predecessor. This new the tremendous increase in the importance of consumer is not a spender— or at least he isn’t Government spending, consumer spending still the same kind of spender as his earlier postwar accounts for about 65 per cent of total spending counterpart. There will be no surge in the de or Gross National Product. But this year, meas mand for durables as we now know them, accord ures of the total and indications of the pattern of ing to these analysts. personal consumption expenditures are being Others do not agree. “ Consumers will spend, watched with possibly more interest than at any and in general they’ll spend the way they always time within memory. have,” they say. Demand for houses is high and One big reason for this intense interest is fairly will go higher. Automobiles will zoom in the obvious. There is sharp disagreement about the spring. Appliances will come on as the year 3 b usiness re v ie w progresses. Demand for durable goods will spark pose?” “ In what form would you save?” “ What a new boom, according to these analysts. make car would you bu y?” Who is right? We won’t know for some time. The basic question, of course, is unrealistic— how many of us ever get a windfall of $2,000? What would you do with $2,000? Also it’s unexpected and, therefore, to some extent But the idea of a new consumer is fascinating, disarming; answers have to be given rapidly, off though disquieting too. It somehow seems a the cuff. The first thing that comes to mind is shame to have to wait to test it against actual blurted. Perhaps after a few moments of sober results. Possibly there is a way to get evidence now that will help us size up the consumer— is he reflection answers would be modified or even changed somewhat. But the blurted answer is not new, or the same fellow we’ve known the whole without significance. postwar period? What kind of spending mood are consumers now in as compared with ten years ago or even five years ago? Of course we can’t I'd buy some savings The preceding chart gives a picture of the over turn back the clock. But we can ask a random all results of this survey. As can be seen, 24 per sample— statistically speaking— of consumers in cent of the households called said they would save the Philadelphia area a question or questions that the entire amount. (Perhaps, in part, because a will help us get a feel of their present mood. bank called.) The next most popular answer in To do this we decided to try a somewhat differ volved paying off bills. Twenty-three per cent of ent type question. We called on the telephone and the respondents would devote the entire $2,000 asked “ If you received $2,000 that you had not to this purpose. Just 16 per cent said they would expected, how would you use it?” Depending on spend the entire amount. questions. The rest of the respondents said they would “ Would you use the entire amount for that pur- do some combination of the three basic answers. the answer, we asked additional Roughly 10 per cent said they would spend and FIVE MAJOR CLASSES AS A PERCENT OF ALL INTERVIEWS 400 Interviews save, 6 per cent said spend and pay bills, 8 per cent would pay bills and save, and 8 per cent said save, spend, and pay bills. Charity and church use would be made of the $2,000 by 4 per cent of those interviewed. The few re maining couldn’t think of what they would do with $2,000. More specifically I would . . . Of the 400 interviewed, 168 households would save all or part of a windfall of $2,000. A savings account at a commercial bank, savings bank, or savings and loan association was mentioned by 116 respondents. Stocks would be purchased by 32 families. The rest— 20 families— would buy 4 b usiness re v ie w 150 FAMILIES OF THE 400 INTERVIEWED SAID THEY WOULD REDUCE THEIR DEBT, . . . PAY BILLS 95 MORTGAGE PAYMENT 55 AND 168 FAMILIES MENTIONED SAVINGS, . . . SAVINGS ACCOUNT 116 OTHER 20 STOCKS 32 AND 243 FAMILIES WOULD SPEND SOME OR ALL OF IT.* HOME REPAIRS 57 BUY FURNITURE 39 PURCHASE NEW HOME 25 VACA TION 18 CAR 15 EDUCATION 23 ALL OTHER SPENDING (INCLUDING NOT CLASSIFIABLE) 58 •These figures do not add to 400 because we tabulated all the uses among which those interviewed would d ivide the $2000. ••Appliances including television bonds or add some part of the funds to cash re serves, invest in real estate, etc. There were 150 families who would use all or part to pay bills. Mortgage-debt reduction was What does it mean? It is difficult indeed to draw conclusions from an experimental survey such as this. For one thing specifically mentioned by 55 households. The our sample is small— 400 households. Secondly, others would payoff outstanding debt on auto we have no previous survey with which to com mobiles, appliances, home repairs, etc. pare. Finally, and perhaps most importantly, Those who would spend all or part of the sum mistakes in interpretation easily can be made. number 243. Home repairs, including painting, What follows then, can be only an opinion about were mentioned by 57 families, or 14 per cent of the results of this survey. all those called. Thirty-nine households— one shy It is possible to draw from this survey the con of an even 10 per cent— would use all or part of clusion that some catching up has to take place, the funds to buy furniture. All or part of the sum that scars from the recession haven’t healed com would be used as a down payment on a new house pletely. This conclusion may be inferred from: by nearly 6V2 per cent. About 6 per cent of the ( 1 ) the large proportion of people to whom pay respondents said they would apply the funds to ing off bills came immediately to mind, and, purposes of education. Nearly 5 per cent would ( 2 ) perhaps from the fairly significant number take a vacation. Just 15 families or 3.8 per cent who would use a windfall for savings. of those called mentioned using the funds to pur If getting rid of current bills is the first thing chase an automobile. Eight households mentioned that comes to mind when a windfall of $2,000 is appliances, including television sets. Five house mentioned, it is pretty obvious that you are not holds said clothes would be purchased with a in a really good “ buying mood.” Some of those part of the $2,000. who mentioned saving may well have been re 5 b usiness re v ie w plenishing their bank accounts after the recession depleted these accounts. The recession did not seem to be a logical ex ture attention has to be particularly disappointing. The small number of respondents who would buy appliances was disappointing, too. After a planation of why saving was mentioned so fre few years of falling sales it is hoped that this area quently, however. Most of those who said they of spending will come on strong in 1959. would save seemed to live in the more expensive Home buying and expenditures on housing sections of the Philadelphia area— sections that repairs were fairly numerous among the replies. are normally not too adversely affected by a re cession such as the one just passed. Savers in Indirectly, at least, this might suggest some spending on appliances that isn’t fully reflected these areas seemed to be saying that there were no “ big ticket” items that excited them. in this survey. It is somewhat surprising that more families would use the $2,000 toward the Because actual sales figures for 1959-model purchase of a house than a car. It may be significant that education, furniture, automobiles are inconclusive, the responses con cerning cars are very interesting. A hard reading and vacations were particularly popular in the of this survey suggests that the 1959 models so-called “ high-rent districts.” Education and all have not “ caught on.” Certainly it would be diffi that goes with it could be back in style. The cult to take heart from the proportion of the “ egghead” is coming into his own. Could furni sample saying they would use the $2,000 toward ture be providing a means to express oneself in buying a car. In addition, examination of the a tasteful, satisfying way and, therefore, be in individual replies revealed no concentration of tune with this emphasis on culture? Vacation and attention on particular makes. In fact, it is re travel expenditures have always seemed to have markable that no particular new car was named overtones of culture and sophistication. Perhaps by more than one respondent. Since some cars this is some sort of evidence to sustain the idea underwent extensive restyling, this failure to cap of a new sophisticated consumer. 6 BANKING’S FAST-GROWING FAMILY A middle-aged man in a dark suit— is that how you visualize the typical banker? If it is, your mental image needs dusting. growth in banking employment is noteworthy in an era when growth often has been taken for granted. You’re behind the times. Picture instead a pretty Somewhat more than 540,000 people now work girl in her late teens or early twenties. Look in banks compared to about 330,000 in 1946.1 closely and you might see her toe tapping to some This is an increase of 63 per cent. In contrast, remembered rhythm while she sorts checks and posts accounts. total non-agricultural employment has increased but 20 per cent in the same period. The labor force in commercial banks has grown Or picture a crew-cut executive behind a desk. Though obviously not many years on the job, he even faster than employment in the remainder of handles his work capably and with confidence. the financial sector. This seems surprising. Non Banking’s family has taken on a decidedly bank financial institutions — insurance compa youthful character. Contemporaries of our mythi nies, mutual savings banks, investment firms, cal miss and her young boss have entered the savings and loan associations, and the like— have profession by the hundreds of thousands in the gained great new importance since World War II. past decade. Taken together, they outnumber the Measured by means other than employment, their remaining “ oldtimers.” growth rate often well outstrips that of banking. The younger generation has been attracted to banking by a postwar boom in job opportunities. And we use the word “ boom” advisedly. The 1 In th is article, "b a n k s" and "b a n k in g " refer to all insured com mercial banks. Employment figures include officers and supervisory personnel. Banking employment inform ation was taken from annual reports o f the Federal Deposit Insurance C orporation— the latest being fo r the year 1957. 7 b usiness re v ie w Some idea of the force behind banking’s ex THE BOOM IN BANKERS pansion is apparent when one realizes that it was December Employment achieved in spite of a general shortage of clerical workers. Banks, whose jobs are two-thirds cleri cal, have met stiff competition from business, INDEX ( 1946 - 100 ) industry, and government in the market for office workers. At the same time, the supply of clerks has been slim. Low birth rates during the depres sion plus earlier marriages have reduced the number of young girls seeking employment. The need for extra bankers has been strong. But why? What are the reasons behind banking’s personnel performance? EXPLAINING TH E EXPANSION Banks are catalysts of commerce. They partici pate in most business transactions in one way or another. Increasing economic activity in the post war period by swelling the demand for banking services has added to the banking workload. With Important changes also have taken place within more to do, banks have had to hire more people. the investment portfolio itself. Banks now own But the explanation of employment expansion relatively fewer U. S. Government securities and goes far beyond just being busier. more state and local government issues. The latter The character of the industry itself has changed are much more difficult to handle. The vast con significantly. Banks have added different dimen glomeration of towns, school districts, authori sions to their services since the end of the war. ties, etc., make careful and detailed analysis a In so doing, they have shifted toward activities necessity. that require relatively more labor. Banks are doing an increasing amount of real- Since 1946, banks have cut back on their in estate lending. The growth of time deposits and vestments in bonds and have built up their loans. the extra liquidity imparted by the federal mort Loans accounted for 21 per cent of total assets gage programs have cast real-estate lending in a in 1946, having dropped to this figure during the more favorable light. As for the manpower in depression and World War II. Loans had risen volved in mortgages, suffice it to mention: ap to 43 per cent of assets by 1957. Per dollar of face praisals, inspections, monthly payments, taxes, value, it takes much more labor to make and insurance, and escrow accounts. administer a loan than to buy and hold a bond. Credit investigations must be made, statements Consumer banking creates extra jobs analyzed, payments recorded, and so on. Bonds, Perhaps the most important reason for the rapid on the other hand, usually do not require such growth of banking employment is what has been complicated processing. called the shift from class to mass banking. Since 8 business re v ie w the war banks have been ardently courting the ing facilities, and other services. Keeping up with average consumer. the consumer creates a mountainous workload Bank installment loans to consumers have in and jobs for more bankers. creased seven-fold since 1946. This is a laborious kind of lending and the key to success is mass Branches add to personnel needs production with a large, specialized work force. Banks often tag along when their customers move Related to consumer credit operations is the to the suburbs. Many new branches have been growth of “ floor plan” inventory financing for opened in edge-of-town shopping centers. This auto and appliance dealers. This too, is an intri branch movement (as distinct from mergers) has cate and time-consuming type of lending. increased the over-all demand for bank workers. Personal checking accounts are another fast Since branches are often miniatures of the main growing service. Up-to-date figures are not avail office, offering many of the same services, a cer able but it seems safe to say there are at least tain amount of staff duplication is inevitably 15 million more accounts now than at the end involved. of the war. The result is a billion more checks a Centralized accounting has reduced— but not year for banks to process. In addition, there has offset— the impact of branches on personnel re been a steady increase in time deposits, safekeep- quirements. Some of the larger banks have set OUR BRANCH OF THE BANKING FAMILY high-rent central business districts. Here, routine up paper work “ production lines” outside the W e've had a local boom in bankers, too. But it hasn't been quite so hefty. Commercial bank employment in the Third District states of Delaware, New Jersey, and Pennsylvania has increased 50 per cent since 1946. The rate fo r the whole country is 63 per cent. Th is lag reflects national patterns of eco nomic growth. Population, personal income, and production have increased more rapidly in other regions — particularly the South west and W est. Banking tends to grow as its customers grow. Banking employment is slightly less impor tant locally than nationally. According to recent figures, 0.98 per cent of all nonagricultural job holders in our three-state area work in banks compared to a national figure of 1.03 per cent. One explanation fo r the difference may be that banking meets more competition from other financial in sti tutions in this mature, heavily populated section of the country. Another could be the larger average size of our banks which might permit certain personnel economies. clerical operations for all the branches are per formed under one roof. High volume permits specialization and the bank’s total labor force often can be reduced somewhat. Less mechanization means more manpower Modern banks use many machines to speed their work flow. Indeed, some of the bigger institutions have recently installed electronic computers. Yet one wonders if mechanization has proceeded as fast in banking as in the rest of the economy. A relatively slower rate of mechanization would help explain banking’s greater-than-average need for workers. There are reasons to believe this has been the case. Banking, a clerical-service industry, is not so well suited to mechanical operations as is manu facturing. In many modern factories, there are machines that can run other machines but proc essing paper work still seems to require more human thinking-power. 9 b usiness re v ie w The use of machinery in banking, however, also over alone will create a yearly replacement de may have lagged behind other clerical indus mand for 100,000 banking employees. In this tries during the past decade. There are a few total will be jobs for 1,000 presidents and 5,000 “ giants” but the vast majority of our 13,000 vice presidents. banks are small. When you exclude the largest Yet we can expect more than just a need for 250 banks (only two per cent of the total num replacements. Banking’s family will keep on grow ber), the average bank employs about 20 people. ing. The U. S. Department of Labor predicts that Small size has made rapid mechanization difficult in many banks. They just don’t do enough busi total banking employment will be greater in 1965 than it is now. ness to carry the overhead of a large investment in machinery. Insurance companies, investment determinant of the industry’s personnel needs. firms, and many other clerically focused institu Here the outlook is especially bright. tions are relatively larger and therefore have been better able to use machines to save labor. income will mean many new customers for exist Consumer banking will continue to be a key Our growing population plus rising personal There are two other special obstacles to bank ing services, such as installment loans, and check ing mechanization. First, nobody has yet invented ing and savings accounts. But banks are not likely a machine that can count money by itself. Many to rely solely on broad national trends to make people are still required to handle this basic raw material of banking. Second, the lack of stand customers for them. Latecomers in the consumer field, banks have recently become important in ardization in checks has limited mechanical novators. They’ve thought up a number of processing. Checks— a large part of any bank’s changes in their service mix to stimulate their workload— come in a number of sizes and are consumer business. printed in many different ways. This variety is hard for machines to digest. Considerable progress, however, has been made toward a system of uniform checks in the past several years. In fact, the whole picture of bank mechanization is brightening fast. Machines that “ read” are already a reality; they get their instructions from printed figures rather than magnetic tape or holes punched in a card. But like other important mechanical developments, these machines are not yet widely used. The next decade promises much more mechanization than the last delivered. The Family's Future In spite of advancing mechanization, banking should be an industry of employment opportunity in the foreseeable future. Experts say that turn 10 Chargeplate systems are now offered by several BRANCHING OUT The Number of Insured Commercial Banks Operating Branches business re v ie w BANKING'S CHANGED WORKLOAD Percentage Change 1946-1957 in Selected Indicators of Commercial Banking Activity of the nation’s largest banks. People who qualify volving credit plan for consumers that resembles may charge purchases at any participating retail the commercial line-of-credit arrangement is an store. The merchant then turns the account over other new idea. to the bank which handles all billing and collec These are just a few illustrations— there are tion matters. Some banks now operate a form of many others. Banking’s young and growing credit union for employees of other firms. A re family seems to be planning a big future for itself. 11 THE LAG IN FACTORY EMPLOYMENT Recovery in factory employment from a reces sion and the degree of recovery achieved so far. sion low reached around last midyear has con As tinued to lag behind the improvement shown by declined less locally than nationally and is recov the following chart shows, employment most other measures of business activity. And ering more slowly. This was a repetition of what persistent stickiness in manufacturing employ happened in the recession of 1953-1954. ment has been more apparent in the Philadelphia From August 1957 to May 1958, the number Federal Reserve District than in the country as employed in District factories declined a little a whole. over 8 per cent. But in the United States the loss Of course, employment is only one measure of labor input, and in times of declining business TOTAL FACTORY EMPLOYMENT activity and smaller profits special efforts are made to reduce labor costs. Another measure of labor input is the number of hours worked. Some of the lag in factory employment may be ex plained by the more rapid rise in average weekly hours, as this analysis reveals. Comparing factory employment trends of 19571958 in this District with those in the United States, we found considerable disparity in the magnitude of both the decline during the reces 12 UNITED STATES MILLIONS THIRD DISTRICT MILLIONS business re v ie w in manufacturing employment over these nine TOTAL FACTORY EMPLOYMENT months ran to more than 11 per cent. So far in Index 1953 — 100 the recovery period the disparity between local and national trends has grown even more pro nounced. Thus, from May to November 1958 a rise of scarcely 2 per cent in employment at Dis trict factories has been less than half the increase experienced by establishments in the country as a whole. In recession, industry trends followed the over-all pattern Recession losses in both durables and nondura bles followed the over-all employment pattern, showing smaller declines in this District than in the United States. And this consistently carried over into all but a few of the individual lines making up these two major industry groups. The principal exceptions occurred in stone, clay, and glass products and instruments among the dura bles, and in textiles and chemicals in nondurables. It was chiefly in these lines that employment losses during the recession were more pronounced locally than nationally. In the case of printing and publishing, employment in Third District plants showed a small increase in this period compared with a fractional decline in the country as a whole. . . . and a similar situation persisted during recovery Through six months of recovery to November 1958, Third District industry lines with only three exceptions experienced appreciably smaller employment increases locally than nationally. The principal exceptions to this over-all pattern in the recovery period were transportation equip ment, textiles, and printing and publishing. Comparing the spread of employment recovery in individual lines, we find it has been on a nar- 13 business re v ie w TOTAL FACTORY EMPLOYMENT Index 1953 = 100 rower front in this District than in the United States. Locally, there still were five industry lines where the downtrend of late 1957 and early 1958 had not yet been reversed. Employment losses continued through November in primary metals, non-electrical machinery, instruments, petroleum products, and miscellaneous manufacturing, which includes ordnance. Nationally, job totals in the recovery period to November 1958 showed little or no improvement in non-electrical ma chinery and petroleum products but in most other lines upward trends seemed to have firmed. Third District heavy goods areas were severely affected Within the Philadelphia Federal Reserve District, regional differences in factory employment trends continued pronounced in both the decline and early recovery phases of the recent recession. The accompanying series of charts show these variations in ten of our largest industrial areas. It is not hard to generalize as to the factors behind some of the wide employment swings at local levels. There was a decided tendency for employment declines to be more severe and pro longed wherever primary steel, fabricated metals, machinery, or transportation equipment were relatively important lines. And with a few excep tions these heavy industry areas seem to be experiencing the greatest delays in recovery. Employment swings in recession and recovery tended to be less pronounced in areas where non durables are more important. Trenton and Harrisburg were the areas hardest hit by employment declines centering in metal industries. And severe losses in one or more heavy goods lines important in the Lehigh Valley, Reading, and Wilmington were in large part re sponsible for pronounced downtrends in these areas. One of the longest employment declines 14 b usiness re v ie w factories declined somewhat more in this District AVERAGE WEEKLY HOURS OF FACTORY PRODUCTION WORKERS than in the country. Recovery so far has been somewhat more pronounced locally than nation 42 ally. The shortening in hours of work began at about the same time as the decline in employ ment, but percentage-wise it was less severe. In this District, durables and nondurables declined about proportionately but in the country durables seemed to show more weakness. In the recovery phase, working time in nondurables made a 1954 1955 1956 1957 1958 sharper comeback locally than nationally. As the accompanying chart shows, the recession losses occurred in York, having started in the late fall in average weekly hours had been very largely of 1956 with cutbacks in metal fabricating and made up both here and in the United States by machinery. November 1958. In Lancaster and Wilkes-Barre, where textile Within the Philadelphia Federal Reserve Dis mill products, apparel, and some other nondura ble goods carry considerable weight in the area trict the length of the work week has increased considerably in all but four of our major indus employment totals, recession losses were com trial areas. The paratively light. Philadelphia, with its highly Wilkes-Barre, and Wilmington are the areas diversified manufacturing economy, seems to have experienced about the same percentage where recovery in hours has shown a pronounced lag. In Lancaster and York, average working time decline as the total District and also, like the has risen above the pre-recession levels of early District, has regained only a small part of these losses. 1957. In the remaining areas, including Philadel Since the beginning of recovery, Reading Lehigh Valley, Harrisburg, phia, hours have recovered all, or very nearly all, of their earlier losses. seems to have made the most substantial progress. And it has been an improvement in the heavy In summary industries that contributed substantially. Reading The record shows that during the recent reces sion, factory employment declined less in this employment is rising with increases in machinery and transportation equipment. Factory working time has recovered much more than employment Unlike employment, average working time at District than in the United States and so far, local employment has also recovered less. With respect to working time, however, both the decline and subsequent recovery were sharper locally than nationally. 15 FOR TH E R E C O R D . . . Th ird Federal Reserve D istric t United States Per cent change Per cent change SUM M A RY Dec. 1958 from mo. ago year ago 12 mos. 1958 from year ago Dec. 1958 from mo. ago year ago Factory* 12 mos. 1958 from year ago LO C A L CH A N G ES EM P LO Y M EN T A N D IN C O M E Factory employment (Tota l) ................................ Factory wage income . . . . TR A D E * Department store sales .. Department store stocks . B A N K IN G (A ll member banks) Deposits ................................ Loans ...................................... Investments ........................ U .S. Govt, securities . . . . O ther .................................. Check payments ................ 0 — 5 — 3 — 4 +23 — 1 -n + 7 -2 0 — 3 — 12 0 + 5 + 15 0 — 6 + 9 — 18 Payrolls Per cent change Dec 1958 from Per cent change Dec 1958 from Lehigh Valley. — i H a rrisb u rg . . . + + 0 1 + 5 — 1 + 3 0 - 1 - 2 + 1 +271 — 5 — 1 + + + + + + + + 7 3 - 7 — 8 + 2 0 + 5 — 2 — 4 + 4 0 9 + 5 2 13 + 10 12 + 8 16 + 17 I7t + 4f + 4 + 2 — 1 - 2 + 1 +31 + + + + + + 10 3 16 16 16 8 + 2t 0 0 + + I 2 - + 8 1 + 6 + 2 + 14 + 13 + 16 + 4 Lancaster . . . . Consumer ............................ ot ’ Adjusted fo r seasonal variation. + U f20 C itie s ^Philadelphia I 3 — 10 + — 1 - 2 1 + 4 +50 + 16 - 2 2 + 7 -2 2 1 +34 Reading . . . . 0 — 2 — 1 + - Trenton ........ +1 1 — 5 - II W ilke s-Ba rre . — 1 — 4 W ilm ing to n .. Y o r k .............. - — 3 year ago mo. ago year ago +23 -|_ 6 +20 +12 + 19 + 1 0 +u + change 1958 from 2 +27 + 17 4 +38 + 7 -2 6 — 3 +26 0 — 1 +59 + 3 — 24 +2 +26 +6 +8 0 - + 3 -1 7 + 12 + 3 4 +28 0 -2 1 - 2 +23 +7 + 4 +40 +34 + 12 + 2 5 +5 1 1 + 51 +1 0 — 4 — 1 - +1 mo. ago 2 - 1 + Scranton . . . . year ago Per cent change Dec. 1958 from 1 — ii 0 - 3 + Stocks Per cent change Dec 1958 from year mo. year mo. ago ago ago ago 1 — 5 + — i Sales Philadelphia . P R IC E S + + Check Payments Employ ment mo. ago O U TP U T Manufacturing production Construction contracts . . . Coal mining ........................ Department Store +59 5 +40 +2 + 1 +61 + +6 9 — 21 -2 3 *N o t restricted to corporate lim its o f citie s but covers areas of one o r more counties.
@FedFRASER