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THE BUSINESS REVIEW
THIRD FEDERAL
PHILADELPHIA
RESERVE DISTRICT
JANUARY i, ic)26
By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent
FEDERAL RESERVE BANK
B U SIN E SS
Production of basic commodities in
November continued in about the same
volume as the month before, and the
general level of prices remained un
changed. Activity of wholesale and retail
trade was below the record level of Octo
ber, but larger than in November of last
year.
Production. Output of basic indus
tries included in the Federal Reserve
Board’s index of production was at about
the same rate in November as in October,
but owing to a smaller number of work
ing days, the index declined by about 1
per cent. Increases occurred in average
daily production of pig iron, steel ingots,
copper, and bituminous coal, and in the
consumption of cotton, while the pro
duction of flour, sugar, and meat prod
ucts declined. Automobile production in
November was seasonally less than in
October, but continued large for this time
of the year. Employment and pay-rolls
in manufacturing industries showed small
increases in November as compared with
October.
Employment and workmen's
earnings increased in the machinery in
dustries, while in food products and to
bacco and in the clothing industry there
were seasonal declines. Building con
tracts awarded were smaller in November
than in October, but were large when
C O N D IT IO N S
of
PHILADELPHIA
IN T H E U N IT E D
compared with the volume for November
of previous years.
Final estimates by the Department of
Agriculture in 1925 indicate that the
acreage o f all crops harvested was
slightly larger than in 1924, but that the
aggregate production of crops was in
about the same volume. Yields of cot
ton, corn, and tobacco were considerably
larger than last year, while the produc
tion o f wheat, oats, potatoes, and bay
was smaller.
Trade.
Sales in leading lines of
wholesale trade showed the usual decline
in November from the seasonally high
levels in October, but continued larger
than in the corresponding month of any
of the past five years. Total volume of
trade at department stores and mail order
houses was smaller than in October, ow
ing largely to the smaller number of
business days in November. Compared
with earlier years, however, department
store sales were the largest on record for
November and sales at mail order houses
were the largest for that month in the
past six years. Merchandise stocks at
department stores showed considerably
more than the usual increase in Novem
ber and were 4 per cent larger than in
November o f last year. Distribution of
commodities by railroads during Novem
ST A T E S
ber reached new high levels for the
month. Movements of merchandise and
miscellaneous commodities, coal, and coke
were larger, while those of livestock,
grain and forest products were somewhat
smaller than in November of the two
preceding years.
Prices. Wholesale prices according to
the index of the Bureau of Labor Sta
tistics remained the same in November as
in October. Prices o f livestock, meats and
cotton goods declined, but these decreases
were offset in the general averages by
advances in the price o f grains, fuel,
lumber and rubber.
In the first three weeks of December
prices o F wheat, flour, and hardwood
lumber were slightly higher than in N o
vember, while quotations on cattle, cot
ton, coke, copper and hides were lower.
Bank credit. At member banks in
leading cities, the volume of credit out
standing on December 9 was near the
high level reached early in November.
Loans for commercial and agricultural
purposes declined somewhat during the
period, and there was also a decrease in
the banks’ security holdings; continued
growth o f loans on securities, however,
was sufficient to offset these reductions
and the total of loans and investments
remained practically unchanged.
FEDERAL RESERVE BAMK CREDIT
BILLIONS OF DOLLARS
Index of U. S. Bureau of Labor Statistics (1913100, base adopted by Bureau). Latest
figure— November, 158.
Index of 22 basic commodities corrected for
seasonal variation (1919-100). Latest
figure— November, 115.
Weekly figures for 12 Federal Reserve Banks.
Latest figure— December 16.
Page One
At the Reserve Banks the seasonal
demand for currency and credit resulted
in an increase of total bills and securi
ties in December to the highest level in
nearly four years. This increase in Re
serve Bank credit in use has been in the
form o f discounts for member banks,
and the volume of purchased bills held
changed but little between the middle of
November and the middle of December,
and holdings of United States securities
also remained constant, except for a tem
porary increase connected with Treasury
financing on December 15. Money in
circulation increased by $71,000,000 be
tween November 1 and December 1 and
the continued demand for currency in
December was reflected at the Reserve
Banks both in increased reserve note cir
culation and in a decline in cash reserves.
During the latter part o f November
and the early part of December openmarket rates on commercial paper and
acceptances remained substantially un
changed. Later in December increased
demand for credit and currency, largely
seasonal in character, was reflected in
firmer money conditions.
B U SIN E SS C O N D IT IO N S IN T H E
P H IL A D E L P H IA F E D E R A L
R E S E R V E D IS T R IC T
Developments during the last two
months of 1925 have given further evi
dence of the continued prosperity of
business in the Philadelphia Federal Re
serve District. The turn for the better
which occurred in mid-summer has since
been followed by a steady improvement
which, though partly seasonal in its na
ture, has been manifested each month in
a consistently larger volume of produc
tion and distribution than in the corre
sponding months of 1924. Factory em
ployment in the states of the district
remained virtually unchanged in Decem
ber from the level of the two preceding
months but continued, as it has each
month since June, to be substantially
larger than in the corresponding month
o f last year. Wage payments to workers,
which is a still better measure of factory
activity, also have been materially larger
during the last half of 1925 than in the
year before. Distribution and consump
tion of goods, as well as production, also
continued in large volume. Freight car
loadings in the Allegheny district de
clined seasonally in November but con
tinued well above last year’s figures.
Wholesale dealers also reported seasonal
slackening after the October peaks though
in all lines, except groceries and drygoods,
November business was in much larger
volume than it was last year. Retail
buying also continues very active with
every evidence of record Christmas buy
ing. November business in reporting
stores was nearly 3 per cent ahead of last
year, and total sales for eleven months
Page Two
Latest figure
compared with
BUSINESS INDICATORS
Philadelphia Federal Reserve District
November 1925
Year
ago
Previous
month
Retail trade— net salesf (151 stores)......................................
Department stores (6 6 )..........................................................
Apparel stores (1 1 )..................................................................
Shoe stores (2 7 )........................................................................
Credit stores (1 9 )....................................................................
$26,156,000
$20,589,000
$3,906,000
$602,000
$1,059,000
- 2 .5 %
- 0 .9 “
- 7 .8 “
-1 1 .6 “
- 6 .4 “
+
+
+
+
-
W holesale trade— net sales (151 firm s)..................................
B oots and shoes (12 firm s)....................................................
Drugs (14 firm s).......................................................................
D ry goods (17 firm s)...............................................................
Electrical supplies (6 firms)...................................................
Groceries (50 firm s).................................................................
Hardware (27 firm s)...............................................................
Jewelry (12 firm s)....................................................................
Paper (13 firm s).......................................................................
$11,080,634
$360,121
$1,531,866
$1,159,975
$728,479
$3,843,296
$1,830,483
$598,058
$1,028,356
-1 0 .9
-1 8 .1
- 8 .2
-2 1 .1
- 9 .7
- 6 .3
-1 4 .6
- 8 .1
- 9 .5
“
“
“
“
“
“
“
“
“
+ 0 .8
+ 13.3
+ 5 .5
- 6 .6
+ 1 3 .2
- 6 .7
+ 1 .8
+ 1 5 .0
+ 3 .7
prs.
1,182,835
tons
296,980
doz. prs.
1,063,201
tons
5,834
tons
5,775
bbls.
3,457,000
tons
151,000
tons
12,263,000
lbs.
6,893,629
113,569,701
KW H 305,253,000
-1 5 .8
+ 0 .4
- 9.1
- 6 .5
-2 .0
-1 0 .2
+ 122.1
— 3 6
-1 3 .9
-1 1 .9
- 3 .4
“
“
“
“
“
“
“
“
“
“
“
201,638
2,942,934
2,690,915
6,092,390
12,767,370
— 5 .9
- 4 .9
+ 11.4
- 1 .4
+ 5 6 .3
“
“
“
“
“
2 .8 %
1 .0 “
14.4 “
9 .1 “
4 .0 “
“
“
“
“
“
“
“
“
“
Production:
Pig iron .......................................................................................
Hosiery* (128 m ills)...............................................................
Iron castings (35 foundries)..................................................
C em ent.......................................................................................
Anthracite..................................................................................
Active cotton spindle hours (Penna. and N. .1.)...............
Electric power— 12 systems..................................................
Distribution:
Freight car loadings (Allegheny district— w eekly average)
r
Tonnage of vessels (Port of Philadelphia).........................
Exports of wheat (from Port of Philadelphia).................
Exports of flour (from Port of Philadelphia)....................
Imports of crude oil (into Port of Philadelphia).............
tons
bus.
lbs.
gals.
Financial:
Loans, discounts and investments of member banks
(weekly average)..................................................................
Bills discounted held by Federal Reserve Bank of Phila
delphia (daily average).......................................................
Acceptances executed (11 banks for month ended De
cember 1 0 ).............................................................................
Bankers’ acceptances sales (5 dealers— weekly average
for period ended middle following m onth).....................
Commercial paper sales (6 dealers).....................................
Savings deposits (98 banks)..................................................
General:
Debits (18 cities).....................................................................
Commercial failures— number..............................................
Commercial failures— liabilities...........................................
Building permits (16 cities)...................................................
Building contracts awarded (Philadelphia d istrict).........
E m p l o y m e n t — 1,271 j l a n t s i n P e n n a . , N . J. a n d Del.:
Number of wage earners....................................................
Total wages...........................................................................
Average weekly earnings...................................................
Sales of life insurance (Penna., N . J. and D e l.)...............
* Bureau of Census preliminary figures.
+ 3 .2 “
+ 1 7 .0 “
+ 2 .4 “
-9 7 .7 “
+ 6 5 .8 “
+ 1 6.5 “
+ 5 .8
- 0 .5
-2 0 .6
-1 8 .8
-3 9 .6
“
“
“
“
“
0 .4 “
+ 4 .2 “
$53,397,000
+ 0 .0 “
+ 133.2 “
$4,292,000
+ 13.9 “
+ 2 0 .7 “
$1,628,000
$4,686,500
$569,832,000
+ 116.2 “
-3 3 .2 “
+ 0 .1 “
+ 132.2 “
-2 9 .6 “
+ 5 .9 “
-1 2 .4
-3 2 .9
-4 3 .3
-2 7 .2
-2 7 .0
+ 11.1
-2 1 .0
-1 0 .5
+ 5 1 .2
-1 .9
$ 1,102,900,000
$ 2,245,574,000
49
$1,011,228
$18,278,258
$37,248,100
436,092
$11,389,762
$26.12
$76,667,000
-
“
“
“
“
“
+ 0 .2 “
- 0 .9 “
- 1.1 “
+ 3 .2 “
“
“
“
“
“
4 .5 “
6 .9 “
1 .6 “
+ 1 1 .8 “
+
+
+
f Estimated.
of 1925 was 2 per cent above that of the
same period in 1924, in spite of the fact
that the first six months o f 1925 showed
a decline.
In the construction industry 1925 has
proved to be a record year in the Phila
delphia district as it has elsewhere. In
nearly every month the cost of building
for which permits were issued has been
much greater than in the corresponding
month of 1924, and the value of contract
awards for eleven months was 15.0 per
cent greater than in the same period last
year. November permits in 16 cities of
the district were 51.2 per cent greater in
value than in 1924. Building material
manufacturers have naturally experienced
good business although seasonal reces
sions occurred in November.
Among the manufacturing industries
the iron and steel group has been
especially active, with foundries, rail
roads, machinery and tool manufacturers
and other fabricators placing large orders,
and to an increasing extent for future
delivery. The continuance o f the an
thracite strike has stimulated domestic
demand for petroleum fuels and for soft
coal, and production of the latter is es
pecially active.
Among the textile industries silk manu
facture has been very active but business
in cotton and wool goods has slowed
down somewhat. Makers of floor cover
ings, underwear and hosiery also report
seasonal slackening although in hosiery,
some silk and wool lines are quite active.
City conditions.
That recent im
provement in the district has not been
evenly distributed among the cities o f the
district is evident from the accompany
ing table. The effects of the coal strike
are seen in the decreases in debits in
Wilkes-Barre and Scranton as compared
with last year and in the large falling
off in retail sales in those cities. As
compared with most o f the smaller cities
of the district, conditions in Philadelphia
were especially favorable in November.
Comparison of net sales
RETAIL TRADE
F IN A N C IA L
Loans on securities, as reported by
member banks in four of the larger cities
of the Philadelphia Federal Reserve Dis
trict, advanced from 397.7 millions on
November 10 to 401.3 millions on De
cember 9, so attaining a new high point
for the year. Commercial loans, how
ever, declined 9.7 millions in the four
weeks and, at 362.8 millions on December
9, were 23.0 millions below the peak for
the year reached three months before. In
vestments changed little in the last four
weeks, but total loans and investments
declined 6.8 millions and total deposits,
18.2 millions.
Rediscounts at the Federal Reserve
Bank of Philadelphia increased 5.2 mil
lions from November 18 to December
2, but in the two following weeks fell
2.9 millions. In the four weeks ended
December 16 other bills and securities
were reduced by 2.4 millions. The usual
seasonal need for currency was evidenced
by an increase of 15.8 millions in Fed
eral reserve note circulation. Deposits
declined slightly, but cash reserves
gained 16.5 millions, and the reserve ratio
rose from 75.2 per cent on November
18 to 76.9 per cent on December 16.
Debits to individual account at banks
in 18 cities of this district totaled $1,762,899,000 in the three weeks ended Decem
ber 16. This was an increase of 10.4
per cent over a year ago, notwithstanding
the fact that debits for three cities in the
anthracite belt— Scranton, Wilkes-Barre
and Hazelton—declined 17.6 per cent.
Christmas savings deposits as reported
CITY
CONDITIONS
Philadelphia Federal
Reserve District
Philadelphia..............
T ren ton......................
W ilm ington...............
R eading......................
Lancaster...................
Y o r k ...........................
Allentow n..................
Scranton.....................
A ltoona.......................
W illiam sport.............
Percentage of sales
from Ja nuary 1
Jan. 1 to
to Nove mber 30
N ov. 30,1925, Nov. 30,1925, N ov. 30,1925,
with
with
with
Jan. 1 to
N ov. 30, 1924 Oct. 31, 1925
1925
1924
N ov. 30, 1924
Philadelphia Federal
Reserve District
N ov., 1925,
with
N ov., 1924
All reporting firms.................
All department stores...........
in Philadelphia...................
outside Philadelphia.........
+ 2 .8 %
+ 1 .0 “
+ 3 .7 “
- 5.1 “
+
+
+
-
All apparel stores..................
M en’s apparel stores............
in Philadelphia...................
outside Philadelphia.........
W om en’s apparel stores. . . .
in Philadelphia...................
outside Philadelphia.........
+ 1 4 .4
- 5.1
+ 1.3
-1 5 .6
+ 6 .0
+ 8 .0
- 5.1
+
+
+
+
+
+
“
“
“
“
“
“
“
Comparison of stocks
2 .0 %
0 .2 “
0 .4 “
0 .1 “
10.4
3 .6
6 .6
0 .9
6 .6
7.1
4 .0
“
“
“
“
“
“
“
+
+
-i-
3 .0 %
0 .6 “
1 .5 “
1 .8 “
+ 7 .1 %
+ 8 .9 “
+ 1 4 .6 “
+ 0 .9 “
2.99
2.94
3.33
2.34
2.97
2.94
3.35
2.31
+
+
+
+
+
+
18.0 “
0 .6 “
7 .3 “
5 .7 “
8 .3 “
8 .9 “
4 .1 “
— 0 .5 “
+ 13.0 “
- 3 .3 “
- 1 .5 “
- 0 .6 “
— 5 .0 “
3.68
2 .05
2.39
1 .71
4.61
4.91
3.42
3.66
1.98
2.26
1.69
4.51
4.87
3.16
Credit houses..........................
-
4 .0 “
+ 2 .8 “
+ 7 .2 “ '
+ 3 .2 “
2.43
2.42
Shoe stores..............................
+ 9.1 “
+ 11.1 “
+ 7 .3 “
-
2 .26
2.16
by 1,033 banks (including national banks,
trust companies, state banks and savings
banks), out of a total of 1,267 banks in
the Philadelphia Federal Reserve Dis
trict, amounted to $35,557,118 in Decem
ber, 1925. Reports of 1,020 banks, for
which both the 1924 and 1925 figures are
available, show an increase from $31,480,000 in 1924 to $35,223,000 in 1925, or
almost 12 per cent. Figures submitted by
103 banks in Philadelphia indicate that
69 banks maintained clubs this year and
that deposits increased from $7,100,000 in
1924 to $8,736,000 in 1925, or 23 per cent.
Seven hundred and seventy banks in
the district gave complete figures on num
ber of depositors and amounts on deposit
for both years. Totals for these banks,
by states, are shown in the accompanying
table.
Commercial paper. During the first
two weeks of December the demand for
November, 1925, compared with October, 1925
E m ploy
ment
Wage
payments
Value of
building
permits
-0 .8 %
- 1 .2 “
+ 1.7 “
+ 1.7 “
-3 .9 “
+ 1.6 “
+ 0 .5 “
- 2 .1 “
+ 4 .1 “
+ 1.6 “
+ 2 .9 “
+ 2 .0 “
+ 0 .2 “
- 1 -1 %
- 6.1 “
+ 2 .2 “
+ 1 .6 “
— 5 .7 “
+ 2.1 “
- 5 .4 “
- 4 .8 “
+ 1 2 .5 “
+ 0 .4 “
+ 3 .9 “
- 1 .9 “
- 0 .8 “
+ 2 .6 %
+ 2 1 .7 “
-5 3 .1 “
-8 6 .8 “
-6 1 .0 “
-7 4 .8 “
-3 7 .2 “
-4 3 .4 “
-3 6 9 “
—57.5 “
-5 3 .1 “
+ 173.2 “
Debits
Savings
deposits
Retail
trade
sales
-1 2 .3 %
- 7 .5 “
—15 . b “
- 7 .9 “
-1 8 .1 “
-1 6 .4 “
- 8 .8 “
-1 3 .9 “
-1 6 .3 “
-1 9 .9 “
- 9 .8 “
- 8 .7 “
-2 1 .4 “
+ 0 .2 %
+ 2 .7 “
+ 0 .6 “
+ 0 .7 “
-0 .3 “
0
-0 .3 “
- 0.1 “
-1 .1 “
-1 .0 “
+ 2 .3 “
- 1 .3 “
-3 .3 “
+ 0 .0 %
-1 2 .0 “
- 5 .7 “
- 4 .9 “
- 9 .3 “
-1 0 .7 “
-1 .4 “
- 8 .7 “
-1 1 0 “
- 9 .5 “
-1 0 .8 “
- 8 .0 “
- 2 .6 “
Electric
power
sales
+ 2 .5 %
- 5 .8 “ *
+ 3 .9 “
-1 3 .0 “
- 0.1 “
+ 5 .8 “
+
1.8 “ t
+
+ 3 .6 “ '
- 6 .3 “
0 .4 “
1924
Number of de
positors:
Penna.*. . . .
New Jer.*. .
Delaware. . .
1925
Change
580,666
106,072
7,230
630,102 + 8 .5 %
111,144 + 4 .8 “
8,387 + 16.0 “
D is tr ic t
693,968
totals. .
749,633 + 8 .0 %
A m ou n ts on
deposit:
P e n n a .* .. . . $25,677,022 $29,001,747 + 1 2.9 %
New Jer.*. .
5,3 2 0,83 8 + 5 .2 “
5,058,727
304,660 + 2 2 .0 “
D elaw are.. .
249,766
D is tr ic t
tota ls. . . . $30,985,515 $34,627,245 + 1 1.8 %
* That part of state located in Third Federal
Reserve District.
commercial paper in Philadelphia con
tinued poor, but in the third week of the
month it improved considerably. In the
Third Federal Reserve District outside of
the city a better call for paper is also
reported.
The best demand, however,
comes from outside the district, both the
south and central west having bought in
fair volume. Dealers’ lists are somewhat
fuller than they were a month ago and
rates are unchanged. In the city no sales
below 4 J per cent have been reported.
/>
During November, the amount of paper
sold to Philadelphia banks was $1,116,500
and to outside institutions $3,570,000.
Rates on these sales varied from 4 to
5% per cent but more than 95 per cent
of the business was transacted at from
4 % to 4)4 per cent.
................. t
R E T A IL T R A D E
November, 1925, compared with November, 1924
Philadelphia..............
T ren ton.......................
W ilm ington...............
R eading......................
Lancaster...................
Y o rk ............................
Allentown...................
Scranton.....................
A ltoona.......................
+ 113.0%
+ 4 4 .1 “
— 65.3 “
- 76.7 “
- 24.0 “
- 16.0 “
- 33.4 “
+ 3 0 1 .3 “
- 4 6.0 “
- 64.4 “
— 3 5 .6 “
-
4 3.0 “
+ 1 1.4 %
+ 16.6 “
+ 2 5 .9 “
+ 3 1 .0 “
+ 9 .8 “
+ 0 .6 “
+ 9 .0 “
+ 17.5 “
-1 1 .0 “
—15.6 “
+ 3 .4 “
+ 11.5 “
-j-14.5 “
+ 7 .3 %
- 1 .1 “
+ 5 .4 “
+ 12.6 *
+ 14.8 “
+ 11.3 “
+ 2 2 .1 “
+ 5 .9 “
+ 1 .5 “
+ 4 .3 “
+ 13.4 “
- 0 .7 “
+ 8 .9 “
* Includes Camden area.
f Includes Wilkes-Barre and W illiamsport areas.
X Included in Allentown area.
+ 6 .4 %
- 1 .9 “
+ 1 .0 “
- 8 .6 “
- 2 .4 “
- 2.1 “
- 6 .4 “
- 2 .8 “
-1 6 .3 “
-1 4 .3 “
-1 3 .6 “
- 5 .2 “
- 4 .0 “
+ 1 9 .2 %
+ 3 4 .6 “ *
+ 10.2 “
+31 .8 “
+ 2 2 .7 “
+ 19.1 “
+ 2.7 “ t
................. t
+ 1 .8 “ .
+ 33.6 “
-
Preliminary reports show that Christ
mas trade in the retail stores in this
district is large; indeed, a number of
retailers state that it is the heaviest on rec
ord. Price changes are unimportant.
During November, sales in the district
were 2.8 per cent larger than in Novem
ber, 1924. This increase, however, was
not well distributed but was almost
wholly in Philadelphia and “ all other
cities,” although Wilmington and Easton
showed slight gains. In the other cities,
Page Three
trade was poorer than in November, 1924,
and, as was to be expected, showed
heavy decreases in the anthracite region,
Scranton decreasing 14.3 and WilkesBarre, 16.3 per cent. Sales in women’s
apparel stores increased, but in men’s, de
creased.
Shoe stores again showed a
good gain—9.1 per cent— and for the
eleven months of 1925 are 11.1 per cent
ahead o f their sales for the correspond
ing period of 1924.
The five departments showing the
largest percentage of increase were
sweaters, furs, neckwear and veilings,
ribbons, and books and stationery; and
those in which the percentage of decrease
was heaviest were women’s suits, waists
and blouses, woolen dress goods, knit
underwear and men’s clothing.
W H O LE SA LE TRADE
Preliminary estimates of wholesale
trade during December indicate that sales
have been large. Price advances are re
ported for a number of groceries, drugs
and papers, and declines are confined to
a few groceries, cotton goods and radios,
so that in general it can be said that the
level of wholesale prices is somewhat
higher than it was a month ago.
During November sales in all report
ing lines were seasonally smaller than in
October, but, except in drygoods and
groceries, were larger than in Novem
ber, 1924. The largest gains were in
jewelry, shoes and electrical supplies.
Stocks of electrical supplies and groceries
increased during the month but in other
lines were smaller. As compared with a
year ago, a large reduction in stocks of
electrical supplies, hardware and shoes is
noted.
Collections, as usual, became
slower during November, but in five lines
were better than in the same month of
1924.
Drygoods. Sales of drygoods have
been in fair volume but naturally smaller
than they were a month ago. Although
the bulk of orders are for delivery be
fore Christmas, some business has been
closed for shipment during the first quar
ter of 1926. Prices are unchanged ex
cept that some cotton lines, including
hosiery and underwear, are lower. A r
ticles in demand included holiday goods,
novelties, underwear, hosiery and hand
kerchiefs.
Jewelry. A good demand is reported
for the general jewelry lines. The call
for men’s wrist watches has been o f such
size that some have found difficulty in
meeting the demand. Rings, brooches
and circle pins have also been good
sellers.
Prices are practically un
changed. In November, for the fourth
month in succession, sales have been con
siderably ahead of the corresponding
month in 1924.
Groceries. The best demand for gro
ceries "at this season is for holiday goods,
Page Four
W HOLESALE
TRADE
Net sales,
N ov., 1925, com
pared with
Philadelphia Federal
Reserve District
Boots and shoes
D rugs.................
D ry g ood s.........
Elect supplies.. .
Groceries...........
H ardware..........
Jewelry..............
Paper..................
Oct.,
1925
N ov.,
1924
-1 8 .1 %
- 8 .2 “
- 21.1 “
- 9 .7 “
- 6 .3 “
-1 4 .6 “
+ 1 3.3 %
+ 5 .5 “
6 .6 “
+ 13.2 “
- 6 .7 “
+ 1 .8 “
+ 15.0 “
+ 3 .7 “
Stocks,
N ov., 1925, com
pared with
-
8
.
1
“
-
9
.
5
“
Oct.,
1925
+
+
-
-
7 .6 ‘
5.1 1
2 .9 '
3 .7 '
8 .0 '
0 .5 '
which include nuts, raisins, mincemeat,
confectionery, figs, dates, citron, dried
orange and lemon peel and spices. A
good volume of staples has been sold,
among which are canned vegetables and
fruits, evaporated fruits and sugar.
More price advances than declines are
reported, the following being higher than
they were a month a g o : evaporated and
canned fruits, raisins, sugar, flour, spices
and rice. Lower quotations have been
made for lard, syrups, dried lima beans
and canned tomatoes. Grocers in the an
thracite regions report that business has
decreased sharply and that collections are
poor.
Paper.
The wholesale demand for
various grades of paper, though a trifle
below that o f thirty days ago, remains
fair and slightly stronger than it was at
this time last year. Book, fine, news
print, wrapping, kraft, towel and tissue,
wall and board papers are in fairly good
request at prices unchanged from last
month’s level. Paper mills in the Phila
delphia district are now working at from
60 to 100 per cent of capacity, the average
being about 90 per cent. Unfilled orders
are sufficient to insure plant operations
for about one month. Stocks generally
are moderate.
Electrical supplies. Since November
20, the demand for electrical goods has
increased somewhat, sales of appliances,
radios, lamps, toys and Christmas mer
chandise generally exceeding those of the
preceding month. Prices are the same as
they were four weeks ago, except for a
slight advance in wires and decline in
radios. Collections are fairly prompt.
Hardware.
Seasonal recession in
nearly all grades of hardware is indi
cated by reports received from whole
salers in this district. Items selling most
actively at present are iron and steel
products, building, plumbing and heating
materials, electrical goods, factory sup
plies and holiday articles generally. With
a few exceptions, prices remain un
changed from those of four weeks ago.
November collections d e c l i n e d but
slightly.
Drugs. Activity in drugs continues at
about the same rate as for the month
ended November 20. Among the articles
N ov.,
1924
Accounts out
standing,
N ov., 1925, com
pared with
Oct.,
1925
N ov.,
1924
-1 2 .7 % - 6 . 6 % + 5 .2 %
+ 2 .7 “ + 14.0 “
+ 0.6 “ - 1 .5 “
+ 5 . 8 “ + 0.6 “
+ 1 . 5 “ - 6 .3 “
- 1 .7 “ - 1.1 “
+ 1 3 .7 “ + 6.6 “
- 3 . 5 “ - 2 .4 “
+ 5 .8 “
-1 7 .7 “
+ 0.8 “
-1 5 .2 “
1.6 “
+ 4 .0 “
R atio of accounts
outstanding to sales
N ov.,
1925
Oct.,
1925
3 3 4 .4 %
176.9 “
255.8 “
131.5 “
120.2 “
190.3 “
360.7 “
155.4 “
N ov.,
1924
2 88 .5% 3 6 7 .7 %
151.4 “ 162.2 “
2 0 0 .6 “ 242.5 “
112.2 “ 148.0 “
105.6 “ 116.6 “
165.3 “ 194.9 “
291.5 “ 389.6 “
145.7 “ 165.1 “
now selling most actively are pharma
ceuticals, proprietary and patent medi
cines and holiday items.
Prices are
steady, and advances are noted in such
products as essential oils, chemicals, de
natured alcohol, bismuth salts, mer
curials and oil of peppermint. Quota
tions for castor oil, however, have de
clined slightly. Collections are good.
Shoes.
The holiday demand for
leather and felt slippers has been good
and in other lines trade has been fair.
Rubbers, men’s calf oxfords, women’s
pumps of patent leather, satin and velvet
have been in best request. With a few
exceptions orders call for immediate ship
ment. Some business in tennis lines for
spring delivery has been booked but up
to the present this has not been large.
Prices are unchanged.
A U T O M O B IL E S
Reports from 15 automobile distribu
tors in Philadelphia show that both
wholesale and retail sales of new cars
and retail business in used cars were con
siderably smaller in November than in
October. This seasonal decline was ex
perienced in all price groups except the
sales at wholesale of medium priced cars,
which showed a substantial increase in
both number and value. Stocks o f new
cars held by distributors increased by
about a third between October 31 and N o
vember 30, and it is also significant that
stocks of used cars again showed an in
crease in November.
AUTOMOBILE TRADE
Philadelphia Federal Reserve
District
15 distributors
N ov., 1925,
change from
Oct., 1925
No.
Value
Sales, new cars, wholesale........
Cars under $1,000..................
Cars $1,000 to $2,000............
Cars over $2,000.....................
- 1 0 . 8 % - 8 .3 %
-1 4 .9 “ -1 4 .6 “
+ 2 1 .6 “ + 1 6 .1 “
- 6 . 5 “ - 4 .4 “
Sales new cars at retail............
Cars under $1,000..................
Cars $1,000 to $2,000............
Cars over $2,000.....................
-1 7 .5
-1 7 .3
-1 3 .9
-2 0 .9
“ -1 3 .3
“ + 2 .4
“ -3 7 .5
“ -2 4 .9
“
“
“
“
Stocks of new cars......................
Cars under $1,000..................
Cars $1,000 to $2,000............
Cars over $2,000.....................
+ 3 4 .2
+ 3 3 .0
+ 1 5 .5
+ 5 0 .8
“
“
“
“
“
“
“
“
+ 3 2 .3
+ 3 1 .7
+ 1 8 .4
+ 3 6 .9
Sales of used cars........................ - 1 0 . 9 “ - 1 0 . 2 “
Stocks of used cars..................... + 1 6 .4 “ + 9 .6 “
Retail sales, def. paym ent........ + 1 1 .8 “ + 5 .1 “
E L E C T R IC P O W E R
November sales o f electric current for
lighting purposes in the Philadelphia Re
serve District increased considerably over
those for October and for November,
1924. But consumption of electricity for
power by industries, municipalities, street
cars and railroads dropped somewhat be
low October totals, though it exceeded
those for November, 1924. Production
of electricity by central stations also de
clined, but there was a very large in
crease in the output of hydro-electric
power over that of last October and N o
vember, 1924.
ELECTRIC POW ER
Philadelphia Federal Reserve
District
Change
from
Oct.,
1925*
Rated generator capacity. . . .
+ 5 .1 % +
Generated output.....................
H ydro-electric.......................
Steam ......................................
Purchased..............................
- 3 .4 “
+ 9 6 .4 “
- 8 .6 “
+ 2 7 .1 “
Sales of electricity....................
L ighting..................................
M unicipal...........................
Residential and commercia l...................................
P ow er......................................
M unicipal...........................
Street cars and railroads.
Industries...........................
All other sales.......................
- 1 . 0 “ + 1 7 .0 “
+ 1 4 .3 “ + 1 5 .8 “
+ 6 .8 “ +
9 .7 “
* 12 systems,
+ 15.7 “
- 2 .7 “
- 4 .1 “
- 2 .3 “
- 2 .9 “
-1 6 .9 “
Change
from
N ov.,
1924f
8 .4 %
+ 1 6 .5 “
+ 115.1 “
+
7 .4 “
+ 8 5.5 “
+
+
+
+
+
+
1 6 .9 “
1 4 .4 “
6 .6 “
6 .2 “
1 7 .4 “
4 5.4 “
f 11 systems.
EM PLO YM EN T AND W AGES
Employment and wages throughout
Pennsylvania, New Jersey and Delaware
scarcely changed during November as
compared with October. Employment ad
vanced .2 per cent, whereas the amount
o f wages paid declined .9 per cent. The
suspension of operations in many plants
over Armistice Day accounted for the
declines in wage payments. The metal,
food and tobacco, and building material
groups fell off in both employment and
operations but the chemical and allied
product group declined only in operations.
The textile and miscellaneous group
showed increases in both employment and
wages.
C H E M IC A L S
Trading in and manufacture of chem
icals have continued active during the
past thirty days, sales of crude methanol,
acetate of lime, wood oils, charcoal, zinc
oxide, lithopone and coal tar products
reaching fair proportions. The bulk of
current buying is for prompt delivery.
Future commitments for fertilizers, how
ever, are increasing.
Contract with
drawals have improved considerably in
the last thirty days and are now satis
factory. Plant operations in this district
average about 80 per cent. Stocks of
both finished products and raw com
modities are moderate, although, in a few
E M PLOYM EN T AND W AGES
In Pennsylvania, New Jersey
and Delaware
No. of
report
ing
Number of
wage earnersweek ended
T otal
weekly wagesweek ended
N ov.
15,
1925
N ov.
15,
1925
Per cent
change
Average weekly
earnings—
week ended
Per cent
change
Per cent
change
All industries (4 9 )............................... 1,271
436,092
+ 0 .2
111,389,762
$26.12
-
1 i
M etal manufactures:
Automobiles, bodies, and p a rts...
Car construction ana repair..........
Elec, machinery and apparatus. .
Engines, machines, mach. tools. .
Foundries and machine shops. . . .
Heating appliances and apparatus
Iron and steel blast furnaces........
Iron and steel forgings...................
Steel works and rolling m ills........
Structural iron w orks.....................
Misc. iron and steel products . . . .
Shipbuilding.....................................
Hardware..........................................
Non-ferrous m etals.........................
409
27
22
40
55
77
20
12
14
48
20
43
9
8
14
195,219
11,711
20,154
22,764
13,374
13,447
6,010
12,793
4,300
42,811
5,724
25,562
10,004
1,970
4,595
_ 0 5
— 8 7
+ 0 8
5 8
+ 2 1
+ 0 6
7 2
— 1 8
+ 5 5
+ 2 5
1 7
— 1 5
8 6
+
+ 3 4
+ 2 8
5,412,995
345,261
568,538
611,615
379,063
375,902
172,928
351,563
101,844
1,189,467
160,258
688,818
288,759
52,524
126,455
_ 1
—13
+ 5
+ 1
+ 0
— 2
— 13
— 4
+ 2
— 0
— 2
— 6
+ 9
+ 7
+ 0
6
4
4
9
6
0
3
5
4
6
3
5
2
0
1
27.73
29.48
28.21
26.87
28.34
27.95
28.77
27.48
23.68
27.78
28.00
26.95
28.86
26.66
27.52
_
—
+
+
1
5
4
8
1
2
6
2
3
3
0
5
0
3
2
Textile products:
Carpets and rugs........................... ..
C lothing............................................
Hats, felt and oth er........................
C otton good s....................................
Silk goods..........................................
W oolens and worsteds....................
K nit goods and hosiery.................
Dyeing and finishing textiles........
Miscellaneous textile products. . .
269
15
43
10
32
71
26
43
21
8
85,920
4,218
6,809
5,141
10,080
25,197
9,873
14,480
8,606
1,516
+
+
+
+
+
+
+
1
10
0
1
2
1
0
0
+ 0
+ 1
2
9
8
9
4
0
5
8
3
1
1,909,989
113,847
122,702
125,389
223,471
514,470
208,752
336,002
233,017
32,339
+ 0
+ 8
+ 2
— 0
+ 3
+ 0
— 3
— 0
— 0
+ 14
7
3
3
7
3
3
0
8
8
5
22.23
26.99
18.02
24.39
22.17
20.42
21.14
23.20
27.08
21.33
— 0 5
— 2 4
+ 1 5
2 5
+ 0 9
0 6
— 3 5
+ 0 0
1 2
+ 13 2
Foods and tobacco:
Bakeries..........................................
Canneries..........................................
Confectionery and ice cream ........
Slaughtering and meat packing . .
Sugar refining..................................
Cigars and to b a cco .........................
140
40
11
27
16
.4
42
33,521
4,729
3,609
6,013
2,976
3,116
13,078
_
2
0
9
— 2
+ 3
8
~ 1
4
9
6
8
7
6
0
717,134
136,219
75,242
121,583
85,174
96,376
202,540
_
—
—
—
+
+
+
1
1
9
6
2
1
1
4
1
3
0
1
0
9
21.39
28.81
20.85
20.22
28.62
30.93
15.49
1
2
+ 0
3
— 1
+ 10
+ 2
0
0
3
3
5
5
9
Building m aterials:
Brick, tile, and terra cotta products
Cem ent..............................................
Glass..................................................
P ottery..............................................
101
43
15
28
15
28,588
5,521
8,002
10,049
5,016
_
+
—
+
5
5
2
2
3
818,198
141,305
245,672
277,283
153,938
_ 4
— 1
— 5
— 2
- L0
9
9
8
1
7
28.62
25.59
30.70
27.59
30.69
_
—
—
—
-
4
4
7
2
7
Chemicals and allied products:
Chemicals and drugs......................
E xplosives.........................................
Paints and varnishes......................
Petroleum refining..........................
C ok e...................................................
87
47
12
17
8
3
33,773
8,616
3,500
1,626
18,908
1,123
+ 1 8
+ 3 1
+ 3 0
3 6
+ 1 i
3 2
-
1,028,296
243,240
97,150
42,086
617,093
28,727
_ 1 2
+ 5 6
+ 4 8
+ 3. 8
4. 2
- 1 5. 1
30.45
28.23
27.76
25.88
32.64
25.58
_ 3 0
+ 2 4
+ 1 8
+ 0 2
5 2
-1 2 3
Miscellaneous industries:
Lumber and planing mill products
Furniture..........................................
Musical instruments.......................
Leather tanning..............................
Leather products.............................
Boots and shoes...............................
Paper and pulp products...............
Printing and publishing.................
Rubber tires and go o d s..................
Novelties and jew elry.....................
All other industries.........................
265
33
27
7
34
12
30
28
51
18
12
13
59,071
5,180
4,171
8,070
8,871
1,932
5,081
6,743
5,325
5,467
3,777
4,454
+ 2 2
+ 1 0
+ 3 3
+ 6 7
0 1
+ 1. 3
0. 6
— 0. 2
+ 6. 0
+ 0. 9
+ 1. 0
+ 4. 9
1,503,150
107,668
108,503
232,685
227,226
41,875
91,695
164,545
180,663
148,736
90,335
109,179
+ 2. 4
— 1. 7
+ 2. 7
+ 7. 3
+ 0 1
+ 9. 5
— 7. 7
— 2. 5
+ 14. 5
— 2. 7
— 3. 3
+10. 2
25.45
20.79
26.01
28.83
25.62
21.67
18.05
24.40
33.93
27.21
23.92
24.51
+ 0 2
— 2 6
— 0 6
0 6
+ 0 1
+ 8. 1
7. 1
— 2. 2
8. 2
+
—
3. 5
— 4. 2
+ 5. 1
instances, supplies appear to be heavy.
Prices are firm, advances being noted
in heavy acids, pigments, fertilizers and
coal tar products. On the other hand,
quotations for textile chemicals and some
dyestuffs have dropped slightly below last
month’s level.
Sodas and bleaching
powder are selling at about the same
prices as those of four weeks ago.
B U IL D IN G
In November, as is usual at that time
of the year, both the number and esti
mated cost of building permits in 16
cities o f the Philadelphia Federal Re
serve District were smaller than in O cto
ber. As compared with November, 1924,
however, though the number o f permits
fell from 2,296 to 2,073, the estimated
cost increased from $12,092,667 to $18,-
0
0
2
2
4
-
Nov.
15,
1925
0 .9
—
—
—
—
—
—
—
+
+
+
4
2
3
4
6
i
i
6
2
5
6
6
7
0
1
6
1
6
5
6
278,258. The gain was entirely in the
Philadelphia area which includes Camden,
the Allentown area which includes Beth
lehem and Easton, and in Trenton; in all
other cities a decrease was shown. D e
tails will be found in tables on pages 2
and 5. According to the statistics is
sued by the F. W . Dodge Corporation,
contracts awarded in November in the
United States broke all previous records
for that month. The cost o f industrial
building during November, according to
the Aberthaw index, remained at 194 per
cent of the 1914 level, though the Aber
thaw Company states that indications
point to an upward trend.
Lumber. The demand for lumber,
though seasonally smaller than a month
ago, is fairly good. Prices are strong,
and white pine, yellow pine and shingles
Page Five
have advanced. Quotations for millwork
also have risen and business in this line
is active. Hard woods have easily held
the gain in prices previously reported.
The rate of operations is slightly lower
than it was in November but is not far
from 80 per cent of capacity.
Paint. As the outdoor painting season
in this district is over, orders received
naturally reflect this condition and are
smaller, but are about equal to those of
the same period in 1924. All buying is
for immediate delivery and plant opera
tions have been reduced sufficiently to
keep stocks stationary. Prices generally
are unchanged but it is reported that in
an effort to secure business some firms
have offered to shade quotations slightly.
Bricks.
A seasonal slackening in
orders for building bricks is reported,
although a fair volume of business has
been booked. Prices are firm and un
changed. Stocks are moderate but have
increased in some plants in which oper
ations have been maintained at last
month’s level. As a whole production
has decreased.
Pottery. Sales of pottery have been
in good volume but scarcely sufficient
to absorb the output, which is being main
tained at the same high level as it was a
month ago. This, in some cases, has
resulted in overproduction, and conse
quent keen competition, with lower prices
on staple goods.
O IL S
Sales of kerosene and fuel oils have
been large during the past four weeks,
the demand from householders, indus
tries and railroads having increased
greatly since the beginning of the anthra
cite coal strike. W axes and lubricating
oils also are in good request, whereas the
call for gasoline has slackened somewhat,
owing to the seasonal drop in the auto
mobile traffic. The output of refineries
in the Philadelphia district is somewhat
PETROLEUM
M ILLIONS
OF
BA RR E LS
DOLLARS PER
BARRELS
greater than it was both thirty days ago
and at this time last year. Stocks of
refined petroleum are moderate. Prices
are steady; tank wagon gasoline sold at
17 cents a gallon on December 21.
Quotations for kerosene and fuel oils
show an advance of about one cent a
gallon since November 1.
As a result of the increased trade in
refined oils, refinery demand for Penn
sylvania crude is considerably heavier
than is usual at this time of the year,
and present stocks are somewhat lighter
than they were last month or a year
ago. The total output for the country
declined from 2,051,850 barrels for the
week ended November 21 to 2,016,150
barrels for the week ended December 19.
Quotations are firm and most Pennsyl
vania grades have increased from 10 to 25
cents a barrel.
IR O N A N D S T E E L
Although recently the market for pig
iron has slackened somewhat, business in
iron and steel products generally has been
fairly active during the past four weeks.
The call for railway equipment has in
creased over last month’s volume. Sales
of plates have been sizeable and pros
pects for the nearby future appear to be
favorable.
Shipments of
structural
shapes are considerable, although new
orders are neither large nor numerous.
Fabricating shops, however, are well pro
vided with work for the next few months.
A number of producers state that lately
there has been a marked tendency toward
ordering for future delivery, although
conservative buying for prompt ship
ment still predominates.
At present,
builders, foundries, railroads, and manu
facturers of machinery, tools, automo
biles and trucks are among the most ac
tive buyers. Compared with last month,
stocks of finished goods are slightly lower
and are now moderate, as also are sup
plies of raw materials. The majority of
iron and steel plants in the Philadelphia
Federal Reserve District are now work
ing at about 85 per cent of capacity, but
operations as a whole average about 65
per cent. The number of active furnaces
increased from 26 in October to 27 in
November. Production of pig iron in the
United States during November de
clined slightly, whereas unfilled orders
and the output of steel ingots exceeded
last month’s volume.
In gross tons
1922
1923
1924
1925
1926
The steady increase in production of refined
oils has been sufficient to absorb a large
share of crude oil stocks which ac
cumulated in 1923.
Sources— Department of Interior;
Review
Page Six
Dun's
Nov.
3,015,482
3,907,353
3,023,370
3,893,028
4,581,780
4,109,183
Source— The Iron Age
advances being reported in pig iron, cast
ings, sheets, plates and shapes. Phila
delphia 2X pig iron rose from $23.76 a
ton on November 24 to $24.26 a ton
on December 22. “ The Iron A ge” com
posite prices stood on December 22 at
$21.54 a ton for pig iron and 2.453 cents
a pound for finished steel, compared with
$21.29 and 2.439 cents, respectively, one
month ago.
Quotations for Connellsville furnace coke, after dropping from
$4 a ton on November 24 to $3.75 on
December 15, rose to $5 a ton on Decem
ber 22. Collections in the iron and steel
trade are fairly prompt.
Iron foundries. November iron cast
ing production, shipments and unfilled or
ders generally decreased below the Octo
ber level but were considerably above the
volume for November, 1924. Raw stocks
o f pig iron are somewhat larger than
they were last month.
Change
from
Oct.,
1925
Change
from
N ov.,
1924
0
C apacity............... 12,719 tons
P rodu ction...........
5,834 “
- 6 .5 %
-1 7 .2 “
Malleable iron.
1,059 “
- 3.8“
Gray iro n .........
4,775 “
Jobb in g........
- 5 .9 “
3,393 “
F o r fu r t h e r
1,382 “
+ 1.8“
m fr............
5,430 “
-2 0 .1 “
Shipments............
-2 1 .5 “
V alue................. $832,428
Unfilled orders. . . 4,267 tons - 4 .7 “
Value................. $629,087
- 9 .3 “
Raw stock:
8,782 tons + 1 2 .5 “
Pig iron .............
-2 2 .6 “
S crap .................
2,823 “
+ 2 0 .4 “
2,554 “
C o k e ..................
0
+ 1 7 .0 %
+ 2 1 .6 “
+ 1 6 .1 “
+ 1 6 .6 “
Iron foundry
operations
November
+ 1 4 .8
+ 2 4 .7
+ 1 1 .9
+ 3 0 .5
+ 1 2 .1
“
“
“
“
“
- 0 .7 “
- 7 .9 “
+ 2 2 .6 “
Oct.
Production in U. S.—
Pig iron ........................
Steel in g ots.................
Unfilled orders—
U. S. Steel C o rp ........
Although lately production of pig iron has
turned upward, it is considerably below
the high point reached in 1923.
Prices also are m uch lower than
the 1922 peak, in spite of the
recent upward trend.
Quotations have strengthened some
what during the past thirty days, several
Steel foundries.
Unfilled orders
booked in November by identical steel
foundries in the Philadelphia District in
creased greatly. But production and
shipments decreased below the levels both
of last October and November, 1924.
Stocks are considerably heavier than
they were a month ago and last year.
Steel foundry
operations
N ovember
Change
from
Oct.,
1925*
Change
from
Nov.,
1924t
0
0
C apacity............... 12,240 tons
5,775 “
P rodu ction...........
- 2 .0 % - 6 .7 %
4,204 “
- 3 .9 “ - 1 6 . 3 “
Shipments............
-1 5 .4 “ -2 5 .5 “
V alue................. $664,662
Unfilled orders{. . 4,989 tons + 10.4 “ + 7.1 “
+ 1 2 .5 “ + 12.8 “
Value % ............... $759,968
R aw stock:
2,338 tons + 10.3 “ - 5 4 . 3 “
Pig iron ............
- 3 . 5 “ -2 7 .6 “
9,881 “
S crap .................
+ 4 8 .5 “ - 8 . 2 “
2,089 “
C ok e..................
*11 plants,
omitted.
to plants.
{Figures of one plant
COAL
The demand for bituminous coal con
tinues strong, although recently the
volume of sales has dropped slightly be
low that of thirty days ago, owing prob
ably to early stocking by dealers and to
rumors of an early strike settlement in
the anthracite region.
Industries and
railroads are among the most active
buyers; household consumers also have
purchased a considerable amount during
the past four weeks. Most of the pres
ent orders are being shipped on contracts,
although spot sales are now somewhat
larger than they have been for some
months past.
Prices generally remain
unchanged, Pool 10 selling in Philadel
phia from $2 to $2.15 a ton. The major
ity of soft coal mines in this district are
now operating close to capacity. The
total weekly production for the United
States is given below :
In thousands of net tons*
Per cent
of change
W eek ended
1925
N ov. 2 1 ..........
N ov. 2 8 ..........
Dee. 5 ..........
Dec. 12..........
1924
12,596
11,600
12,768
12,899
10,910
9,885
10,831
10,873
+ 1 5 .5
+ 17.3
+ 1 7 .9
+ 18.6
*Compiled by the Geological Survey.
T E X T IL E S
Cotton. Business in cotton goods is
but moderately active, the demand being
affected somewhat by seasonal changes.
Compared with last month, firms re
porting decreases in sales during the past
four weeks outnumber those reporting
increases, but the volume of goods dis
tributed has been considerably ahead of
that of last year. The average rate of
output continues at about 80 per cent of
capacity; and unfilled orders, although a
trifle smaller than those of a month ago,
are sufficient to insure plant operation at
this rate for about fifty days. Stocks are
moderate.
Prices o f both gray and
finished fabrics, though fairly steady,
show a slight decline. Fairchild’s index
number of average prices, which stood
at 14.7 for the week ended November
20, dropped to 14.3 on December 18.
Last year’s index for the corresponding
week was 15.6. Spot cotton was quoted
on December 23 at 19.40 cents a pound,
compared with 21.45 cents a pound on
November 23.
Cotton consumption declined from
619,429 bales, linters included, in Octo
ber, to 609,064 bales in November, but
it was about 11 per cent above that for
the same month last year. Exports con
tinue large. Mill and warehouse stocks
on November 30 were 12 per cent greater
than those of a year ago. According to
official reports, 14,826,452 running bales
of cotton were ginned to December 13, as
against 12,792,294 bales last year. This
season’s production is indicated to be
15,603,000 bales, an increase o f 2 per
cent over the estimate made on Novem
ber 14. This compares with 13,627,936
bales produced last year, or an increase
of 14.5 per cent. The abandonment of
acreage is estimated at 4.6 per cent o f the
estimated acreage in cultivation on June
25, compared with an abandonment o f 3
per cent in 1924. The position of Amer
ican cotton is shown below.
American cotton*
(thousands of bales)
Season Season Season
’2 5 -’26 ’2 4 -’25 ’2 3 -’24
Visible supply at end of
previous season (July
1,125
3 D ..................................
Crop in sight on Dec. 18 11,259
952
9,745
870
7,900
T o ta l......................... 12,384
Visible supply on Dec. 18 5,399
W orld’s takings to Dec. 18 6,985
10,697
4,877
5,820
8,770
3,405
5,365
month ago, and from 25 to 30 per cent
below last year’s prices. American buy
ing abroad continues restricted. Unit
ed States imports rose from 23,920,262
pounds in October to 25,169,525 pounds
in November.
Silk. The distribution of silk goods
continues in large volume and sales of
thrown, silk are considerably ahead of
those of last month and a year ago. The
rate o f production remains unchanged at
95 per cent of capacity. Unfilled orders
will enable manufacturers of silk fabrics
to operate their mills at this rate up to
March 1, 1926, whereas throwsters have
enough business on hand to assure oper
ation of their plants for about fifty days.
Stocks o f broad silks are somewhat
larger than they were thirty days ago,
but supplies of thrown silk are light,
although recently throwsters have been
buying raw silk freely and throwing it
for stock in anticipation of increased ac
tivity after January first. Prices of both
silk goods and thrown silk are firm and
unchanged from last month’s level. Col
lections are prompt.
Quotations for raw silk have held firm
during the past four weeks, Kansai
double-extra cracks selling at $7.05 on
December 23, compared with $6.78 on
November 23 and $6.85 on December 23,
1924. The rate of exchange for yen also
has been fairly steady at about 43 cents.
Trading in raw silk has continued active
in both the Yokohama and New York
markets, as is indicated below.
* Compiled by the New York Cotton Exchange.
Wool. Sales of wool manufactures
have fallen off considerably during the
past fortnight, current demand lagging
behind that of thirty days ago and of last
year. Buying for future delivery also
has declined somewhat. Unfilled orders
are sufficient to insure plant operations
at the present rate for about two months
in woolen and worsted yarns and about
forty days in wool fabrics. At present,
spinners are working at about 70 per
cent of capacity, whereas most pro
ducers of woolen and worsted cloth are
operating at from 65 to 70 per cent.
This is a drop in production o f from
5 to 10 per cent below last month’s rate.
November wool consumption in this dis
trict decreased about 14 per cent be
low the October volume. Stocks o f fin
ished goods are moderately light.
Quotations for wool yarns are fairly
steady and unchanged from those o f last
month, but prices of woolen and worsted
goods recently have eased off somewhat.
Domestic wool prices h a v e dropped
slightly. Dun’s average of ninety-eight
quotations stood at 81.22 cents a pound
on December 18 as compared with 81.26
cents on November 20 and 102.04 cents on
December 19, 1924. Quotations for for
eign wools, including tops, are from 5 to
10 per cent lower than they were a
Raw silk *
(in bales)
N ov.,
1925
Oct.,
1925
N ov.,
1924
Im ports.......................
S tocks.........................
M ill takings...............
49,238
46,813
41,848
43,530
39,423
46,815
44,243
44,398
33,125
* Silk Association of America.
Hosiery. The holiday rush for hosiery
being over, the market has quieted down
considerably, though the call for fullfashioned silk for women and fancy
half-hose for men continues active.
Manufacturers who have been able to
make quick shipments o f wool mixtures
have also been fairly busy. A number
of mills making circular knit hosiery for
women are in need o f orders if the recent
rate o f production is to be maintained.
Prices generally are unchanged, although
some unsettlement has been caused by
lower quotations for children’s lines by
large southern producers.
In November the output of 128 mills
in this district was 9.1 per cent smaller
than in October. The operations of 325
establishments in the United States dur
ing October as compared with September
increased 7.7 per cent; the largest gain
was 13.0 per cent in full-fashioned hosiery
Page Seven
for women. Orders booked during the
month increased 7.7 per cent and un
filled orders at the end of October were
3.9 per cent larger.
Underwear. Considered as a whole
the knit underwear business has been
g o o d ; all mills, however, have not shared
in this to be desired condition. The win
ter weight season just drawing to a close
has found many mills sold to capacity
and, though purchases of summer weights
during the last month or two have been
comparatively light, some mills booked a
good initial business and are fairly well
sold ahead. At the present time buyers
are holding back, awaiting lower prices
based on the present cotton market.
Manufacturers, however, contend that
thoug'h yarns are slightly easier, they
have by no means kept pace with raw
cotton, and few price reductions have
been announced for summer weights. A
number o f large producers have quoted
their line of winter weights for the
autumn of 1926 at prices about 5 per cent
lower than those o f a year ago; one large
maker o f fleeced underwear, however, has
advanced his quotations. It is too early
to state the result of these openings.
The following table shows production
by 150 identical mills in the United States
during August, September and October.
Knit underwear *
(in dozen garments)
W inter
weights
641,906
685,111
729,623
326,651
382,523
399,297
Leather.
Leather sales, although
smaller in the aggregate than in the
previous month, are in fair volume. Shoe
manufacturers are buying only for their
actual needs and are endeavoring to keep
down year-end inventories by having as
many shipments as possible held back
until after January 1. In the heavy
leather market offal continues to be the
strongest feature and in upper leathers
colored glazed kid is the leader, but a
fair demand is also reported for calf
leather in both black and colors. Prices
are firm with the exception of calf leath
ers which, especially ;n the light weights,
are easier in sympathy with the raw stock
situation.
* Department of Commerce.
Floor coverings. Carpet and rug mills
in this district are slightly more active
than they were a month ago. Orders for
Axminsters and velvets have increased,
but for Wiltons have been somewhat dis
appointing.
Prices are unchanged ex
cept for the advances announced by the
largest factor in November to take effect
on December 15. This led to the placing
o f a considerable business with this com
pany before the latter date and the state
ment by them that they are now sold up
for three months. Stocks are moderate
and about stationary.
Business in linoleums and felt base
lines has been only fair and prices of
the latter are barely steady, one manu
facturer having announced a further
lowering of quotations.
LEATHER
Hides and skins. Hides continued the
decline started two months ago, the fall
in prices during the month varying from
Page Eight
Shoes. Manufacturers of shoes report
that, in view of the season, business is
good and that they have booked orders
in fair volume for shipment during Jan
uary and February. For women’s shoes
of high grade, the material most called
for is kid in the light shades of tan and
gray, and patent leather is still popu
lar. Prices are unchanged. Production
in this district in November is shown in
the following table. In the United States
the output in October was 30,903,129
pairs and was the largest since May,
1923; it compared with 30,825,998 pairs
made in October, 1924.
PRODUCTION OF SH OE S *
Philadelphia Federal Reserve
District
(in thousands of pairs)
Boots and shoes, to ta l.................
High and low cut (leather) total
M en’s ..........................................
B oys’ and youths’ ....................
W omen’s .....................................
Misses’ and children’s .............
Infants’ .......................................
All other leather or part leather
footw ear......................................
N ov.
Per cent
change
from
Oct.
1,183
1,099
92
163
188
358
299
-1 5 .8
-1 5 .2
-2 1 .8
-1 4 .8
-2 4 .1
-1 4 .2
- 7 .6
84
-2 2 .6
* Preliminary report— Bureau of the Census.
C O N F E C T IO N E R Y
Summer
weights
A ugust......................................
Septem ber..............................
O ctober...................................
^ to 1 cent per pound on different de
scriptions. Calf skins were lower by 1
to 1^2 cents, but goat skins were firm
and in some cases higher.
Stocks of cattle hides increased dur
ing October, but holdings o f sheep and
lamb, calf and kip and goat and kid were
smaller.
During the past seven years the dollar of the
sole leather tanner has had considerably less
purchasing power than that of the farmer.
And whereas the farmer’s price index
is alm ost on a parity with the all com
m odity figure the index of sole
leather was 112 in November as
compared with 157.7 for all
commodities.
Sources— Bureau of Lrbor Statistics; Dun's
Review
Sales of both leather goods and of
leather belting have been in good volume
and larger than in the same period in
1924. During October stocks of leather
decreased notwithstanding a consider
able gain in production. In belting butts
and goat and kid leathers, however, stocks
were slightly heavier.
Leather
Oct., 1925, as compared
with Sept., 1925 *
Backs, bends and sid es.. . .
Belting bu tts.......................
Offal, sole and belting........
Cattle side, up p er...............
C alf......................................
Goat and k id .......................
C abretta...............................
*Bureau of the Census.
Changes in
Production
Stocks
+ 1 9 .1 %
+ 3 .4 “
+ 7.1 “
+ 4 .8 “
+ 5 .4 “
+ 16.8 “
- 1.2“
- 3 .5 %
+ 0 .7 “
- 9 .5 “
- 3 .2 “
-0 .7 “
+ 0 .9 “
- 7 .9 “
Considered as a whole, the Christmas
trade in confectionery has been good and
larger than it was last year. In some
cases, however, it was late in starting and
culminated with a rush of business.
Prices of finished candies are unchanged
but chocolate for coating, icing and other
purposes was lower than last year be
cause of lower sugar and cocoa markets
and also on account of new and keen
competition in the early season. The
largest gains in sales are in bars of va
rious descriptions which retail at from
5 to 10 cents and in candies retailing at
from 80 cents to $1 per pound. Part
of this increase is due to the spread of
chain stores which sell goods of their
own manufacture.
Now that the rush is over, plants are
curtailing operations but they expect to
begin shortly the manufacture of goods
for the Easter trade.
CIGARS
The holiday trade in cigars has been
good and is reported to be larger than
it was a year ago. Both 5 and 10 cent
cigars have shared in this increase. P ro
duction has been maintained at about the
same rate as last month—85 per cent—
but manufacturers state it will probably
decrease until buying in the new year gets
into full swing.
Orders on hand are
small, as is usual at this season. Prices
are firm and unchanged.
@FedFRASER