The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT JANUARY i, 1931 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK tf PHILADELPHIA Business and Financial Conditions in the United States Volume of industrial production and factory employment decreased further in November and wholesale commod ity prices continued to decline. The distribution of commodities by de partment stores increased less than is usual for November. In dustrial production declined about 4 per cent in November according to the Federal Reserve Board’s seasonally adjusted index. Output of iron and steel decreased further while the num ber of automobiles produced per work ing day continued at a low level. Daily average cotton consumption increased further by somewhat more than the usual seasonal amount and activity at silk mills continued to increase, while wool consumption decreased by an amount substantially larger than is usual in November. Production at cement mills was reduced consider ably, daily output at meat-packing es tablishments increased less than the usual seasonal amount, and output of minerals declined. Production and employment. INDUSTRIAL PRODUCTION Factory employment and payrolls showed decreases in November, re flecting in part changes of a seasonal character. The number employed in the clothing and shoe industries de creased by more than the usual amount, while employment at silk mills showed an increase contrary to the ordinary seasonal movement. In the industries producing building materials, includ ing lumber, cement, and brick, declines in employment exceeded the usual seasonal proportions. In the automo bile industry employment declined further but by an amount considerably smaller than is usual in November. Value of contracts awarded for resi dential building and for public works and utilities, as reported by F. W. Dodge Corporation, declined in No vember and contracts for commercial and industrial building continued at the low levels of other recent months. Tn the first two weeks of December the daily average of total contracts awarded was somewhat smaller than in November. According to the December report of the Department of Agriculture, out put of corn in 1930 was 2,081 million bushels, about 500 million less than last year, and 600 million less than the five-year average, while the total wheat crop of 851 million bushels was about equal to the 1924-1928 aver age. The cotton crop of 14,243,000 bales was slightly smaller than in the two previous seasons. Total crop pro duction was about 5 per cent smaller than a year ago. PERCENT 120 r~~ PER CENT WHOLESALE PRICES 1927 1929 1930 Index of United States Bureau of Labor Sta tistics (1926=100, base adopted by Bureau). Latest figure, November 80.4. FACTORY EMPLOYMENT AND PAYROLLS RAILROAD FREIGHT CAR LOADINGS Payrolls^ Index number of production of manufactures and minerals combined, adjusted for seasonal variations (1923-25 average=100). Latest fig ure November, 84. Index numbers of factory employment and payrolls, without adjustment for seasonal variations (1923-1925 average=100). Latest figures November, employment 81.1, payrolls 801 Cars of revenue freight loaded as reported by the American Railway Association. Index numbers adjusted for seasonal variations (1923-1925 average=100). Latest figures No vember, total 82, miscellaneous 83. Page One Freight-car loadings decreased further in November by more than the ordinary seasonal amount. Expansion of department store sales from October to November was smaller than usual, following a growth in October that was larger than usual. Wholesale prices. The general level of wholesale commodity prices de clined further in November according to the Bureau of Labor Statistics and there were additional price declines in the first half of December when sev eral commodities, including silver and cotton, reached new low levels. From the end of October to the middle of December there were substantial de creases in prices of many other com modities, including corn, hogs, pork, hides, tin, and coffee, while prices of copper and rubber fluctuated widely, declining at the end of the period. Bank credit. Loans and investments of reporting member banks in leading cities declined by about $250,000,000 Distribution. during the three-week period ending December 10, reflecting a further re duction of $69,000,000 in loans on securities and a decline of $196,000,000 in all other loans offset in part by a further small increase in investments. There was also a decline in time de posits, reflecting in large part with drawal of Christmas funds. In the following week, December 10 to December 17, changes in the figures for reporting banks reflected in part the closing of a large reporting bank in New York City. This resulted in a decline in the reported assets and liabilities of New York City banks. Reserve bank credit outstanding in creased by about $294,000,000 during the four weeks ending December 17, and there was also an addition of $30, 000,000 to the country’s stock of gold. Discounts for member banks increased by $126,000,000, acceptance holdings of the reserve banks by $74,000,000 and their holdings of United States securities, including one-day Treasury certificates issued in connection with December 15 fiscal operations, by $96, 000,000. The increase in reserve bank credit outstanding reflected a large growth in the demand for currency by the public and by banks, resulting in part from the currency require ments for the holiday trade, and in part from demand for cash from banks and from the public in regions where important bank failures occurred dur ing the period. During November and the first two weeks of December money rates con tinued fairly steady at extremely low levels, with prime commercial paper at a range of 2^4-3 per cent, and bankers’ acceptances at \i/% per cent. In the third week of December there was a slight increase in rates for call and time loans on the New York Stock Ex change. The yields on high grade bonds increased during the latter part of the period. Business and Financial Conditions in the Philadelphia Federal Reserve District Business activity in this district has declined further since the middle of last month and continues substantially below the level of former years. Re tail sales in November increased less than usual, while wholesale trade de clined seasonally. The output of manu factures declined more sharply than was to be expected and the index of productive activity in November dropped to the lowest point in several years. Activity in mining and build ing was also curtailed. Commodity prices showed further recessions. Changes in banking figures coincide with the business situation. During the month ended about the middle of December expansion in currency de mand was somewhat less marked than at the same time in the past two years. Loans of member banks declined, and borrowing from the reserve bank showed only a slight gain, continuing substantially smaller than at the same time in recent years. Manufacturing. The market for fac tory products has slowed down con siderably since the middle of last month, reflecting in part seasonal in fluences. Prices of finished manufac tures have declined further and are Page Two noticeably lower than last year. For trict declined materially, reaching the ward business in the aggregate has low level of the mid-summer of 1924, been smaller than in the preceding when allowance is made for seasonal month and a year ago. Stocks of variations. This drop was relatively goods at reporting plants appear to be greater than that shown by the na moderate and are smaller than at the tional index of production. same time last year. The group comprising fabricated Factory employment and wage pay metal products showed large decreases ments in this section declined from from October to November. Steel October to November, the extent of works and rolling mills, blast fur the drop being somewhat larger than naces, and steel foundries reported ex usual. Employe-hours worked in ceptionally large recessions. Radio Pennsylvania fac to r i e s decreased MANUFACTURING ACTIVITY further and were about 28 per cent PENNSYLVANIA less than a year ago, reflecting part-time opera EMPLCOYEE HOUF: tions, as shown by the accompanying chart. Hourly earnings also con tinued a down EARNINGS PER HOUI ward trend since early summer. The demand for work ers by employers remained excep tionally slack. Productive ac 1928 tivity in this dis PIG IRON DAILY PRODUCTION AVERAGE FREIGHT CAR FIGURES PERCENT LOADINGS ALLEGHENY DISTRICT 1923 — 25 AVG-—100 UNITED STATES PHILADELPHIA FED. RES SEASONALLY jfmamjjasond Source: Iron Ayt and musical instruments, after rising to an unusually high level in the pre ceding two months showed a substan tial curtailment in November. Trans portation equipment, on the other hand, had less than the customary sea sonal reduction, although the rate of operation was the lowest since 1928; the ship and boat building industry, while declining in November, was the only line included in this group that continued at a higher level than that prevailing in several years. Manufacturers of food products on the whole enjoyed a higher rate of operations than usual for November, owing largely to the well-sustained operation of bakeries, sugar refineries and canneries. Daily production of cigars declined, while that of manu factured tobacco increased when sea sonal changes are eliminated. The output of textile products con tinued upward since mid-summer, al though the gain in November was only a trifle larger than is customary. The most pronounced gains occurred in the silk and knit-underwear industries, the index of silk manufactures rising to the highest level in several years save 1929, even after the seasonal adjust ment. Gains in the output of hosiery, and carpets and rugs were also notice able, reflecting seasonal demand. Ac tivity in wool manufactures, after ris ing in the previous month, declined rather sharply in November to the lowest point in many years. Cotton mills reported further curtailment of their schedules. Textile prices have declined, Fair child’s index dropping nearly 5 per cent since November 21. The silk November, 1930 BUSINESS INDICATORS Philadelphia Federal Reserve District Percentage change since Nov.. 1929 Retail trade*—estimated net sales (152) stores........... Department (61).................. Men’s apparel (21).......................... Women’s apparel (17)............. Shoe (37)............................... ................................................. Credit (16)..................... $1,025,000 oUU prs. doz. p ra. lbs. tons tons tom! 291,404 $6,748,814 37,550 71,653 14,349 202,358 645,000 -21.4 + 4.7 + 4.7 -24.5 156 2. y KWH $2 ,032,224,000 $19,600,000 *25,418,000 *4,747,500 - 81.6 + 12.0 + 22.8 - 1.6 +Ti Building and real estate— Building permits—17 cities... Building contracts awarded......... Number of real estate deeds recorded (Philadelphia county) Value of mortgages recorded (Philadelphia countv)......... " Sheriff sale—number of writs issued for December—(Philadel phia county)............................ =' 1 /. X $296,499 Financial and credit— Debits (check payments)—18 cities. . . Loans and investments—middle of December—88 member banks............................... Bills discounted held by F. R. B. of Phila. (daily average) Bankers acceptances outstanding—end of month Commercial paper sales—4 dealers......... Commercial failures—number........... Commercial failures—liabilities. . MiscellaneousFreight car loadings (Allegheny district). . . Tonnage of vessels (Port of Philadelphia) Sales of life insurance (Penna., N. J., and Del) Automobile sales registrations of new passenger cars - 12.1 + 1.0 $86,600 Wholesale trade*—net sales (107 firms)............ Boots and shoes (5)... . Drugs (11)................................. Dry goods (12).............................. Electrical supplies (9).................... Groceries (32)...................... Hardware (21)..................... Jewelry (10)......................... Paper (7)..................................... Productive activity*— Employment—838 plants in Penna............. W age payments (weekly average)............. Shoe production!—77 factories........... Hosiery production!—137 mills . Underwear productionf—53 mills........... Wool consumptionf—67 mills. . . Active cotton spindle hours (Penna.). . Pig iron production.................. Iron casting production—33 foundries. . Steel casting production—11 foundries......... Anthracite...................... Bituminous coal (Penna.). . . Petroleum receipts at Port of Philadelphian-domestic and for eign...................................................... Cement...................... Electric power output—12 systems... . Oct., 1930 3,845 $12,076,182 - 19.8 - 4.9 - 47.0 + 4.3 tons 651.162 3,980,055 $89,926,000 5,885 -20.8 - 17.2 - 4^0 - 43.8 -38.9 --------—----------------------------------- -------------* Daily average of monthly figures. f Bureau of Census preliminary figures. Page Three BUILDING CONTRACTS PHILA. FED. RES. AWARDED TRANSPORTATION EQUIPMENT DISTRICT MILLIONS i--------- ;------------------------- -------*--------------------------------------------DOLLARS TOTAL PERCENT — PR0DUC1 IVE ACTI\ ity/\A 200 SHIPBUILDIf' 6\ / 150 100 LOCOMOTIV ES AND C \RS 50 RESIDENTIAL 1923-25 AVG. “ 100 SEASONALL Y CORRECTE D 1927 1928 1926 1928 1929 1930 1931 Source: F. W. Dodge Corporation group was the only one that showed a slight advance. The leather and rubber products group reduced its operating schedules sharply in November, owing chiefly to an extensive curtailment of the output of shoes. A slight improvement in sentiment and operations, however, has been reported in December. The hide and skin market is seasonably quiet and prices have weakened somewhat as they usually do at this time. The output of chemicals and allied products declined from October to No vember by a larger amount than is customary and the level of plant opera tions was the lowest since 1925. The paper and printing industry also showed declines as it ordinarily does in November; comparison with pre vious years continues quite unfavor able. Recessions in the output of building materials have been almost continuous November, 1930 (Daily average) Electric power Philadelphia Federal Reserve District 12 Systems Change Change from from Oct., Nov., 1929 1930 Per cent Per cent Rated generator capacity........... + 4.8 - 0.1 Generated output......................... Hydro-electric........................... Steam.......................................... Purchased................................... - 7.9 -87.2 +27.6 - 4.9 + - Sales of electricity........................ Lighting...................................... Municipal.............................. Residential and commercial Power.......................................... Municipal............................... Street cars and railroads... Industries............................... All other sales........................... - 5.0 + 5.8 + 7.7 + 5.5 + 1.0 + 6.8 + 6.1 - 0.1* -48.9 + 10.3 + 17.1 + 11.2 + 17.9 + 10.2 -10.6 + 6.4 + 11.0* - 3.3 * Working days average. Page Four 1.6 4.0 1.0 4.2 since spring, even after adjustments for seasonal changes are made. This is especially true of cement and lum ber products. Prices have declined further virtually in all lines. Daily production of electrical energy was smaller in November than in Oc tober and, with two exceptions, the adjusted index was the lowest since early last year. Building operations have declined since the middle of last month as they usually do at this time. Employment and wage payments in the construction and contracting industry of Pennsyl vania showed af further drop in No vember, reflecting in part a customary contraction in building activity. Proposed expenditures under per mits issued in 16 cities of this district increased substantially during Novem ber. In the first eleven months, the value of building permits in this dis trict was almost 45 per cent smaller than in the same period last year. The value of contract awards for new construction declined sharply in November and was the smallest for any month since August 1923. The most pronounced decline in the month occurred in contracts let for com mercial buildings. Awards for indus trial and residential construction also were smaller, while contracts for pub lic works and utilities showed a sub stantial increase over the preceding month. During the first three weeks of December, daily awards in this sec tion showed substantial gains, exceed ing even the daily averages of a year ago. The accompanying table shows that Building and real estate awards this year have been consider ably smaller than in the past five years, not only in this district, but in all but two of the leading cities. Per cent change from Building contracts awarded (000’s omitted in dollar figures) First eleven months of 1930 Philadelphia................ Reading........................ Scranton....................... 118,089 2,916 3,681 4,253 3,526 6,962 -17.7 -64.1 +56.5 -68.1 -67.8 -25.7 -36.3 -51.9 -13.7 -47.7 -53.0 +26.7 Total for Philadelphia Federal Reserve District, ineluding all cities. . . 310,216 -20.2 -25.1 Trenton........................ Wilmington.................. 1929 1925-28 average Source: F. W. Dodge Corporation The real estate situation shows no definite improvement, especially when compared with other years. The value of mortgages recorded in Philadelphia increased noticeably in November but the number of deeds recorded de creased; both were substantially smaller than in November 1929. Fore closures, after declining slightly in November, turned upward in Decem ber, contrary to a downward tendency in December of the previous three years, and were nearly 19 per cent larger than a year ago. Coal. The demand for anthracite de clined in November and continued less active in December than a month ago. The daily output of collieries de creased sharply, particularly in the second half of November, so that the total production in the month of 5,207,000 tons was the smallest since 1925, when a strike was responsible for the restricted output. While in creasing somewhat early in Decern- AUTOMOBILE REGISTRATION PHILA. FED. RES. DISTRICT DEPARTMENT PERCENT STORES PHILA. FED. RES. DIST. SEASONALLY ADJUSTED PA SSENGE =? CARS SALES Al923- 25/l 1INDC X [ \ | l Vrw | p* W L \ i f \ v ^ 1 1926 VA J V / 4A if V Tv LX 'fl 1 r i 1 ADJUSTED Y fros SEAS 0NAL CHANGES 1 1927 1928 V STOCKS \\ 1923-25 AVO—100 1929 1930 1927 1928 Source: R. L. Polk Co. Penna. Motor List Co. ber, production remained considerably smaller than last year. Reflecting a light demand from in dustry, the market for Pennsylvania bituminous coal continued quiet during November. The daily output of col lieries declined and the total produc tion in the month of 9,730,000 tons was nearly 20 per cent smaller than a year ago. Some gain is indicated by the early December figures. Distribution. Retail sales in Novem ber increased by a smaller amount than usual, owing partly to a slight decline in the sale of women’s apparel and partly to only a small gain in the busi ness of department stores. Final figures show that dollar sales were 12 per cent smaller in November this year than last, and in the first eleven months, sales were 7 per cent less than in the same period last year. Lines including department, apparel, shoe, and credit stores had smaller business this year, owing at least in part to lower prices. Inventories at the end of November were nearly 12 per cent below a year ago. The increase in the month of 5 per cent was due to a seasonal in crease at department and credit stores. The rate of turnover was slightly greater this year than last. Retail prices of food in Scranton declined 2 per cent and in Philadelphia one per cent from the middle of Octo ber to the middle of November, and the decline in the country amounted to about 2 per cent. In comparison with a year ago, retail food prices were 12 per cent lower in Scranton and 11 per cent in Philadelphia, as against a drop of nearly 12 per cent for the country as a whole. Aggregate daily sales at wholesale were 8 per cent smaller in November than October, all lines showing losses except for a slight increase in drugs. This drop was somewhat smaller than was to be expected. Compared with a year ago sales were 16 per cent smaller. In the first eleven months of this year, all lines had smaller sales, declines ranging from 2 per cent in drugs to 44 per cent in electrical sup plies. Since sales are reported in dol lar units, a large portion of the decline may be attributable to lower prices, the general wholesale price level in November being nearly 15 per cent below that of the previous year. Inventories at wholesale establish ments generally declined from the pre ceding month and were noticeably smaller than at the end of November, 1929. Except for substantial increases in electrical supplies and jewelry, col lections were smaller in November than October; they were materially smaller than a year earlier in all lines. Railroad shipments have declined almost steadily since spring; there was a drop of 15 per cent in the first eleven months this year as compared with the same period last year. The decrease in November was greater than usual, and smaller freight-car loadings in early December were in further evidence. Sales of new passenger automobiles in Pennsylvania decreased by about the customary seasonal amount and re mained substantially smaller than in November, 1929. Sales in the aggre gate this year have been materially smaller than last year. Sales of life insurance for the eleven months were only a trifle under last year’s volume, even though in Novem ber there was a decline of 17 per cent as compared with the same month last year. The drop in the country from last year is estimated to be about 10 per cent. Ordinarily in November sales of life insurance show a gain but this year they declined 4 per cent. The number of commercial failures was 24 per cent smaller in November than October, while liabilities involved increased 7 per cent. Business trans actions as shown by check payments in leading cities of this district were 20 per cent less than in the first eleven months of last year. The de cline in November was appreciably more than seasonal, while in Decem ber check payments have turned up as is to be expected. Financial conditions. Money rates in Philadelphia have fluctuated little in recent months. Charges by large mem ber banks on commercial loans to prime customers have averaged around 4 per cent, and 4 per cent also has been charged here on renewals of call loans. During the four weeks ended De cember 17 there was a large increase in the demand for currency, such as might be expected at the season of holiday trade, and in the last week the fiscal operations of the government were in the foreground. In meeting the currency demand and the with drawal from the district of a sub stantial part of the sums realized by the government through income tax check collections, the banks increased their borrowings from the reserve bank by less than 6 millions. Deposits maintained elsewhere by the banks banks increased during the fourth BY DEALERS OPERATING IN PHILADELPHIA DISTRICT quarter, as in other INDEX 1923—25 AVG.— IOO recent years. The effects o f new government financing are ob vious in the weekly reports of member banks in Philadel phia, Camden, Scranton, and Wil mington. During the four weeks from November 19 to December 17, United States de posits increased 18 1928 1929 millions and gov ernment securities were drawn upon heavily and these 21 millions,most of these changes funds helped no doubt to create favor taking placeinthe last week of the able balances in the settlement of period whenthe new securities were commercial and financial transactions issued. Time deposits declined, as was to be expected at a time when with other districts. The demand for currency continued savings are being drawn upon for to reflect the quietness of business in holiday purchases; but net demand de failing to equal the expansion shown posits show a substantial increase during similar periods of the two years despite heavy income tax payments. preceding. In the eight weeks ended The deposits of these banks in total December 17 the figures of the reserve on the 17th were at the highest point bank indicate an excess of payments of the year. A new high point for the year also over receipts of 27 millions, as com pared with 32 millions in 1929 and was reached by the total loans and investments of the reporting institu 37 millions in 1928. The reserve ratio of the bank in tions. This was due to an increase of creased from 83.9 to 85.5 per cent in 10 millions in loans on securities and the month and was not far below the of 31 millions in investments. The sohighest point in recent years—88.7 called commercial loans decreased 19 per cent—reached in September. On millions in four weeks; this is a usual December 17 the member banks were tendency, though more extended than borrowing 24 millions. Only 3.5 mil that which is to be found in simi lions of this accommodation was for lar periods of past years. It seems banks in Philadelphia; most of the that the latest drop represents in part rise of 20 millions since the low point the normal paying off of loans by busi of the year in September has been ness, although over 6 millions of the caused by banks in the smaller com decline was due to a decrease in hold munities. The number of borrowing ings of purchased commercial paper and loans to banks also may account for a portion of it. REPORTING MEMBER BANKS-4CITIES PHILADELPHIA DISTRICT The reports of a group of 88 mem ber banks in twenty cities show that in the year ended December 17 mate rial declines have taken place in both loans on securities and other loans, the two together decreasing 87 millions, while investments have increased 155 millions. Both classes of deposits are in greater volume than a year ago, though much the larger increase was in time deposits. Comparative figures appear in the next column. Sales of commercial paper showed a further decline from $5,992,500 in 1930 October to $4,747,500 in November, COMMERCIAL Page Six PAPER SALES Eighty-eight member Dec. 18, Dec. 17, Changes banks in 20 cities 1929 1930 (000,000’s omitted) Loans on securities......... Other (largely commerTotal loans and dis- Total loans and inNet demand deposits.. . $602 $558 632 589 - $44 - 43 $1,234 $1,147 398 553 -$ 87 + 155 $1,632 $1,700 884 855 560 461 + $68 + 29 + 99 owing to smaller purchases by country banks. The November total shows a small increase over a year earlier, but was not quite as large as that in No vember, 1928. Total sales for the first eleven months of the year amounted to $120,000,000 as compared with but $30,000,000 in 1929. A table made up from dealers’ reports follows: Sales to— Total sales paper sales (four dealers) City banks Country banks 1930—Aug.. $11,287,500 $3,250,000 $14,537,500 4.685.000 2.767.500 7.452.500 Sept. Oct. . 3.165.000 2.827.500 5.992.500 Nov.. 3,165,000 1.582.500 4.747.500 1929—Nov.. 1928—Nov.. 530,000 3.695.000 2,960,000 2.225.000 4.225.000 5.185.000 The volume of acceptances of Phila delphia District banks outstanding declined from $25,836,000 on October 31 to $25,418,000 on November 30, but compares favorably with $20,699,000 outstanding a year earlier. The na tional totals present the reverse of this situation, showing an increase from $1,508,000,000 to $1,571,000,000 in the month but a decline from $1,658,000, 000 on November 30, 1929. Changes in— Federal Reserve Philadelphia Dec. 17, 1930 (In millions of dollars) Bills discounted for banks in Philadelphia . . $ 3.5 Other commu 20.7 nities ................ Total bills dis counted ............ $ 24.2 Bills bought............. 3.5 United States secu rities .................. 51.0 Other securities.... 0 Total bills and se curities ........... $ 78.7 Federal reserve notes in circu lation ................ 129.5 Member bank re serve deposits. 141.0 Cash reserves.......... 232.0 85.5% Reserve ratio........... Four weeks One year + $2.1 -$20.7 + 3.7 - 25.8 4- $5.8 + 0.6 -$46.5 - 5.0 - 2.5 1.0 + 14.2 - 1.1 +$ 2.9 -$38.4 + 13.3 - 40.3 4- 4.9 - 0.6 + 13.3 4- 6.5 + i.6% + 12.0,/o Employment November, 1930 Employment and wages in Pennsylvania Nov. index * Per cent change since Nov., 1929 Oct., 1930 85.6 -14.3 - 2.1 Metal products........................... 82.3 Blast furnaces........................ 47.0 Steel wks. and rolling mills . 74.3 Iron and steel forgings......... 87.0 Structural iron work............ 101.2 Steam & hot wtr. htg. app. 97.6 Stoves and furnaces............. 76.7 78 6 Machinery and parts........... 89.9 Electrical apparatus............. 111.9 Engines and pumps.............. 70.4 Hardware and tools.............. 80.2 Brass and bronze products. 75.0 -17.0 -25.0 -15.4 -17.7 -19.7 - 6.2 -19.7 -27 4 -18.8 -15.2 -32.0 -19.2 -34.4 + + - Transportation equipment.... Automobiles........................... Auto, bodies and parts........ Locomotives and cars.......... Railroad repair shops........... Shipbuilding........................... -20.7 -31.0 -25.2 -31.0 - 6.3 +12.7 All manufacturing industries (51)............................................ 61.51 44.1 56.3 36.9 75.4 89.8 Payrolls November, 1930 Nov. Per cent change since Percentage change Nov., 1930, compared with Nov., 1929 Conditions by city areas* Employ ment Wage payments Building permits (value) Debits -15.9 - 6.8 -16.1 -25.8 - 8.9 -14.2 -16.1 - 9.7 -19.2 - 4.1 -28.8 -20.3 - 8.8 -29.5 -23.3 -27.7 -33.9 -15.0 -23.1 -33.4 -18.8 -28.3 - 9.3 -33.7 -24.7 -15.3 - 1.9 - 26.1 - 20.9 - 47.1 + 79.6 - 7.0 - 86.3 - 77,5 - 66.2 - 19.4 - 41.4 + 0.8 +561.1 -19.0 -21.1 -21.2 -23.1 -22.8 -39.6 -23.1 -26.1 -28.2 -23.5 -28.0 -33.7 -15.3 * Nov., 1929 Oot., 1930 75.4 -27.6 - 7.3 70.3 42.7 60.3 84.7 82.1 88.5 62.2 62 9 + 0.4 74.8 - 5.8 113.7 - 3.6 57.5 - 0.7 64.6 - 5.5 66.9 -32.8 -34.0 -33.8 -22.2 -33.3 -18.9 -29.2 - 9,8 - 8.8 -14.0 +20.8 -14.0 - 7.9 -12.9 -37.9 -26.4 -45.2 -33.2 -44.6 - 4.5 - 2.8 -13.0 - 8.2 - 3.3 50.41 - 6.3 - 3.3 24.1 + 4.3 44.3 -11.3 31.4 65.7 + o.l - 9.4 142.5 -36.3 -47.8 -40.5 -42.5 -22.8 + 7.2 -10.2 -20.2 + 10.2 -15.8 - 9.1 - 7.2 2.6 2.2 1.7 3.4 7.4 1.5 5.5 Textile products........................ Cotton goods.......................... Woolens and worsteds......... Silk goods................................ Textile dyeing & finishing. . Carpets and rugs................... Hats.......................................... Hosiery .................................. Knit goods, Other................. Men’s clothing....................... Women’s clothing................. Shirts and furnishings......... 96.6 60.4 58.2 107.0 92.3 61.6 87.2 118.7 101.8 79.0 115.6 144.3 -13.3 + 2.0 92.0 -32.4 - 1.3 50.2 -19.4 - 6.7 49.4 - 9.2 + 6.7 111.4 -10 2 + 2.7 88.1 -19.6 + i.i 52.5 —11 1 - 2.2 65.9 -14.8 - 1.2 127.0 -10.5 + 5.3 108.2 - 5.8 - 6.2 65.1 - 1.3 +29.9 112.3 - 6.1 - 1.5 132.7 -24.5 + 2.8 -42.5 - 6.2 -32.1 -13.2 -15.1 + 9.5 -11.4 + 1.3 -30.4 + 5.0 -30.0 - 9.1 -28.9 + 2.6 -19.3 +14.3 -31.2 -15.8 - 3,1 +27.9 -20.8 - 1.3 Foods and tobacco.................... Bread & bakery products . . Confectionery........................ Ice cream................................. Meat packing......................... Cigars and tobacco............... 106.4 111.3 101.2 93.6 97.4 104.9 - 6.4 - 3.1 -18.1 - 2.4 - 5.1 - 2.3 + + + 0.3 1.7 4.3 5.9 0.9 1.3 99.8 108.7 84.3 93.5 93.2 96.0 - 9.8 - 4.1 -28.9 - 5.5 - 8.3 - 3.4 - 2.0 - 0.1 -17.2 - 7.4 - 0.2 + 6.3 Stone, clay & glass products. Brick, tile and pottery......... Cement..................................... Glass......................................... 63.9 76.1 56.6 62.8 -21.5 -15.4 -12.1 -34.4 - 3.2 - 3.4 - 5.2 0 50.3 56.1 43.7 58.0 -35.0 -33.3 -29.7 -41.2 -11.3 - 8.3 -18.3 - 4.3 Lumber products....................... Lumber and planing mills. . Furniture................................. Wooden boxes........................ 67.1 53.2 71.0 67.5 -29.7 -39.3 -28.8 -12.3 - 5.6 8.6 4.4 4.9 60.0 44.4 67.3 55.9 -41.2 -49.0 -38.4 -35.7 -15.1 - 8.1 -15.3 -23.7 Chemical products.................... 85.5 Chemicals and drugs............ 64.4 Coke.......................................... 75.5 Explosives............................... 79.1 Paints and varnishes............ 86.3 Petroleum refining................ 115.3 -13.6 -28.4 -20.1 -16.9 -13.4 - 8.3 + - 2.7 87.3 3.2 63.8 4.7 61.0 1.8 93.1 5.3 84.8 1.8 124.5 -17.3 -29.6 -29.9 -22.7 -20.3 - 8.7 - 6.3 - 3.6 -19.0 - 3.3 -10.5 - 1.0 Leather & rubber products. . 97.0 Leather tanning.................... 111.4 Shoes........................................ 87.8 Leather products, Other. . . 79.1 Rubber tires and goods.... 82.9 - 8.3 + 1.0 -17.6 -27.3 -10.3 + - 2.8 91.0 0.5 105.4 7.7 71.0 1.0 87.0 1.5 76.8 -14.6 - 4.1 -31.6 -24.1 -26.1 - 9.5 - 6.3 -17.6 - 1.6 -16.2 Paper and printing.................... 96.9 Paper and wood pulp........... 83.0 Paper boxes and bags.......... 93.0 Printing and publishing... . 101.7 - 6.0 - 6.3 -19.3 - 4.0 - 1.1 100.6 74.7 0.1 0.9 104.0 1.6 108.9 -12.7 -22.9 -24.7 - 8.7 - 4.3 -10.6 - 3.7 - 2.6 - 4.7 -16.4 Allentown................ Altoona.................... Harrisburg.............. Johnstown........ Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton................... Wilkes-Barre.......... Williamsport... Wilmington............. York......................... 97.8 - 9.1 - 1.9 + 15 83.5 Bituminous coal........................ Construction & contracting... 83.6 -18.3 -18.8 65.4 -32.8 -23.2 Street railways.......................... 80.1 - 1.6 +13.7 84.6 -11.4 - 1.4 Retail trade................................. 111.4 -10.6 - 1.2 Wholesale trade........................ - 7.6 + 0.3 * 1923-1925 average = 100. 91.5 -17.9 —11.1 - 8.0 — 14.3 -12.3 -11.9 -17.3 -12.1 — 6.3 — 8.2 -13.9 November, 1930, compared with October, 1930 Allentown................ Altoona.................... Harrisburg.............. Johnstown............... Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton................... Wilkes-Barre.......... Williamsport.......... Wilmington............. Y ork......................... + + + + + - 1.0 1.6 3.7 1.2 2.4 4.1 0.9 5.4 0.7 0.6 5.2 5.9 4.7 + + - 9.7 3.0 6.6 1.7 3.8 5.9 4.0 4.9 4.7 4.9 9.8 8.8 0.1 - 28.1 + 13.0 - 67.8 - 23.6 +211.7 + 50.2 - 72.8 - 77.4 - 29.8 + 2.9 + 37.2 — 19.1 +302.0 -17.1 -16.4 -11.5 -14.3 -22.2 -19.5 -12.0 -12.3 - 8.2 -11.1 — 15.6 -24.6 -12.9 - 1.2 + 9.1 + 2.6 — 15.8 - 8.3 -13.3 - 4.7 +15.3 + 0.7 - 2.4 - 7.6 * Area not restricted to the corporate limits of cities given here. Percentage change Wholesale trade Philadelphia Federal Reserve District Boots and shoes... Drugs....................... Dry goods............... Electrical supplies. Groceries................. Hardware................ Jewelry.................... Paper........................ Net sales: 1930 compared with 1929 Stocks: Nov. 30, 1930, compared with Nov. (daily av.) Eleven months Nov. 30, 1929 -21.8 - 5.9 -11.2 -31.1 -13.0 -17.6 -28.8 -22.4 -13.6 - 1 .8 -12.4 -43.5 - 5.2 -10.9 -22.9 -14.2 -18.9 -12.1 -44.7 -11.2 -10.0 - 2.5 - 6.3 Oct. 31, 1930 + - 1.4 5.8 3.8 0.1 1.4 1.0 3.0 Collec tions during Nov. 1930. compared with 1929 -18.9 -10.3 -17.7 -29.4 -19.1 -22.2 -27.9 -13.5 Percentage change Retail trade Philadelphia Federal Reserve District Net sales: 1930, compared -with 1929 Nov. Anthracite................................... Retail trade sales Stocks: Nov. 30, 1930, compared with Rate of turnover: eleven months Eleven Nov. 30, Oct. 31, months 1929 1930 1929 1930 All reporting stores................ -12.1 - 7.3 -11.5 + 4.5 3.40 3.41 Department.............................. in Philadelphia.................... outside Philadelphia.......... Men’s apparel.......................... in Philadelphia.................... outside Philadelphia...... Women’s apparel.................... in Philadelphia.................... outside Philadelphia.......... Shoe............................................ Credit.......................................... -11.7 -11.9 -11.3 -18.4 -22.2 -15.8 -11.3 -10.0 -19.7 -17.1 -19.2 - 7.4 - 7.1 - 8.2 - 9.4 -12.0 - 7.4 - 2.8 - 2.2 - 6.8 - 9.9 -14.4 -11.7 -10.6 -14.1 + 5.3 3.37 3.41 + 7.5 3.72 3.75 + 0.8 2.69 2.73 -10.9 -11.1 -10.3 -14.9 - 9.8 -11.3 + i.2 5.1 5.8 1.5 4.9 4.7 2.13 1 96 5.28 5.20 5 66 3.67 3.53 2.50 2.41 2.34 2.20 t Preliminary. Page Seven Synopsis of Industrial and Trade Conditions in the Philadelphia Federal Reserve District Stocks Operations Demand Manufacturing Iron and steel Blast furnaces ........................... Steel works and Pig iron output declined Slow, some decline in prices rolling Little change, prices some decline Foundries and machine in Declined further Slow, little change Declined Declined Declined further Slow, little change Declined further Some increase Declined but above recent years Silk manufactures ................ Fairly good, little change Increased further Wool dealers ............................. Quiet, prices lower Wool manufactures ............. Quiet, prices lower Declined ........... Slow, prices lower Declined Smaller Fairly active Increased further Declined in full-fashioned but in creased in seamless Quiet, prices lower Increased in November Smaller Quiet, prices lower Declined Smaller Quiet, prices lower Little change Some increase Fair Declined Some increase Quiet, declined Declined Little change Declined, prices unchanged Declined Some increase Electrical apparatus .............. Transportation equipment Locomotives and cars........... Textiles Cotton manufactures II i ry Floor coverings ........................ Leather products Shoes ................................................ Leather—sole kid ........................... ............................. goods ........................ Building materials Little change, smaller than a year ago Slight increase Declined, some decline in prices Declined Declined, prices lower Little change Increased in November Declined Little change Declined, lower than last year Little change prices lower o Poor, declined, smaller ~y Miscellaneous unfilled orders Little change Moderate, smaller than a year ago Chemicals ...................................... Declined, prices lower Declined About the same as a year ago Confectionery .............................. Fair, prices unchanged Declined Light, smaller than last year Fair, declined, prices unchanged Declined Moderate, but larger than a year ago Declined Printing and publishing.... Fair, little change Fair, leaf ......................* • declined, prices unchanged Declined, lower than a year ago Not much change Poor, prices unchanged Building Building permits increased stantially in November Moderate, not much November, smaller year change in than last Moderate, little change sub Building contracts declined sharply in November and were the smallest for any month since August, 1923 Coal mining Fair, both domestic and steam Declined sizes declined through Novem ber and early December; prices unchanged Quiet, declined; prices somewhat Declined in November, some gain in December lower Trade Active seasonally, prices lower Wholesale and jobbing.... Declined, prices lower Page Bight Some gain in November smaller than a year ago Smaller than a year ago but
@FedFRASER