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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA * RESERVE DISTRICT JANUARY 192.8 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA B U SIN E SS C O N D IT IO N S IN T H E U N IT E D S T A T E S Industrial activity and freight car load ings declined further in November, while retail trade showed more than the usual seasonal increase. The general level of wholesale commodity prices after advanc ing for four months remained practically unchanged in October and November. Production. Output of manufactures and minerals was reduced in November, and the combined index of production, after adjustments for customary seasonal variations, fell below the 1923-25 average for the first time since 1924. The largest decline was in the output of automobiles owing largely to preparation for produc tion of new models. Iron and steel pro duction has also declined further and in November was the lowest since 1924. In December, however, inquiries for iron and steel increased. Textile mill activity was slightly cur tailed in November but continued at a higher level than in previous years. There were decreases in the production of coal, building materials, and leather and shoes. Building contract awards showed sea sonal declines in November and the first two weeks of December and were slightly smaller than in the corresponding period of last year. The total value of about fifty crops in 1927 is estimated by the Department of Index num ber of production of m anufactures and minerals, adjusted for seasonal variations (1923-25 average=100). Latest figures, No vember; m anufactures, 98; minerals, 101. Agriculture at $8,430,000,000, an increase of $635,000,000 over 1926. The greatest increases in value were shown for cotton, corn, barley, and oats, while the largest decrease for any individual crop was shown for potatoes. The physical quan tity of production of the seventeen principal crops was about 2 per cent less than last year but 3 per cent above the average of the last ten years. products, textiles, fuels, and building ma terials. In the first two weeks of De cember, prices of wheat, cattle, hogs, cotton, pig-iron, and soft wood lumber de clined while those of silk, woolen goods, hides, and sole leather advanced. Prices. The general level of whole sale commodity prices as measured by the index of the Bureau of Labor Statistics, after a continuous advance since early in the summer, remained at practically the same level in November as in October. Changes were relatively small in all groups, increases occurring in foods, and hides and leather, and decreases in farm Bank credit. Between the middle of November and the middle of December total loans and investments of member banks in leading cities showed a con siderable increase, reflecting continued growth in the volume of loans on securi ties and in the banks’ investment hold ings. In the same period loans chiefly for commercial purposes, which reached a seasonal peak in October, showed a further slight decline. A t Federal reserve banks the seasonal increase in currency requirements and the continued demand for gold for ex port during the four weeks ending D e cember 21 were reflected in a growth in member bank borrowing. At the end of this period the total volume of reserve bank credit in use was larger than on any other date in the past six years. Somewhat firmer conditions in the money market in December were re flected in increased rates on call money. Rates on prime commercial paper and bankers’ acceptances remained unchanged during the month. Index of United States Bureau of Labor Sta tistics (1926=100, base adopted by bureau). Latest figure, November; 96.7. M onthly averages of daily figures for 12 Fed eral reserve banks. Latest figures are averages of first 21 days in December. Trade. Retail trade increased slightly more than is usual in November. Com pared with a year ago, retail trade of department stores, mail order houses, and chain stores was larger, while wholesale trade continued in slightly smaller vol ume in nearly all reporting lines. Freight car loadings declined during November and in the early part of December were smaller than in the corresponding period for the past four years. There were large decreases in loadings of all classes of commodities. Page One Latest figure compared with BUSINESS INDICATORS Philadelphia Federal Reserve District M onthly averages of weekly figures for banks in 101 leading cities. Latest figures are aver ages for first two weekly report dates in De cember. November, 1927 Further slackening of trade and indus try in the Philadelphia Federal Reserve District is evidenced as the end of the year approaches. Christmas trade has been less than the anticipated volume and the movement of goods through wholesale and retail channels has continued smaller than in the corresponding period of last year. November department and ap parel store sales were smaller than in either 1925 or 1926 but the shoe trade reported a larger volume of sales. Wholesale electrical supply dealers re ported heavier sales in November, but all other lines showed declines as com pared with last year. Sales of auto mobiles to customers by distributors re porting to this bank were smaller than in either the preceding month or the same period of last year. Life insurance sales, which usually show considerable gains from year to year, were 8 per cent less in November 1927 than in the previous year. Freight car loadings in the Alle gheny District in recent weeks have been running 16 per cent behind the same period of last year. Bank debits have been in larger volume than in 1926, a re flection in part of larger security and real estate transactions. This year’s recession has been perhaps more pronounced in industry than in trade of the district. Factory employ ment and payrolls in Pennsylvania have declined almost uninterruptedly for more than a year; in November they were more than 10 per cent under the level of 1926. Declines have been especially severe in the metal manufacturing industries. Out put of pig iron and steel products both in this district and in the country as a whole has fallen further to a point substantially below last year. Some improvement in demand was reported early in December, however. Operations of the automobile industry have also slackened consider ably, the national output of cars and trucks in November being smaller than in any month during the past five years. Page Two Year ago Retail trade— estimated net sales (135 stores)..................... Department stores (6 0 ).......................................................... Apparel stores (3 4 ).................................................................. Shoe stores (2 5)........................................................................ Credit stores (1 6 ).................................................................... $27,596,000 $22,735,000 $3,270,000 $677,000 $914,000 + 9 .6 % + 9 .9 “ - 3 .2 “ + 0 .5 “ + 1 1 .2 “ - 3 .7 % - 3 .0 “ - 5 .9 “ + 3 .8 “ -1 6 .0 “ Wholesale trade— net sales (125 firm s).................................. Boots and shoes (7 )................................................................. Drugs (1 3 )................................................................................. Dry goods (1 6 )......................................................................... Electrical supplies (5 )............................................................. Groceries (3 7).......................................................... ................. Hardware (2 5 ).......................................................................... Jewelry (1 1 ).............................................................................. Paper (1 1).................................................................................. $10,078,169 $247,424 $1,562,881 $958,829 $750,164 $3,196,436 $1,958,623 $605,655 $798,157 - 1 .2 -1 1 .8 - 2 .0 - 4 .1 + 18.3 - 2 .3 - 2 .8 + 7 .0 - 4 .3 “ “ “ “ “ “ “ “ “ — 3 .5 -1 9 .0 - 3 .6 -1 6 .4 + 18.4 - 4 .7 - 0 .9 - 0 .3 - 0 .1 272,432 $6,915,765 prs. 1,197,526 doz. prs. 1,473,746 lbs. 7,256,579 84,612,772 tons 251,167 tons 3,839 tons 4,584 tons 6,902,000 tons 9,611,000 bbls. 3,345,000 K W H 439,865,000 - 0 .7 - 1 .3 -1 6 .8 + 4 .8 - 8 .9 - 2 .1 - 7 .3 - 9 .0 + 3 3 .8 - 6 .8 - 9 .9 -1 2 .0 + 0 .2 “ “ “ “ “ “ “ “ “ “ * “ “ -1 0 .7 “ -1 1 .5 “ -1 2 .1 “ - 8 .2 “ -1 4 .6 “ -1 9 .9 “ + - Productive activity— Employment— 833 plants in Pennsylvania....................... Wage payments in above plants.......................................... 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 Previous month Active cotton spindle hours (Penna. and N. J .) ................ Pig iron production................................................................. Iron casting production (30 foundries).............................. Steel casting production (10 foundries).............................. Anthracite.................................................................................. Bituminous coal— Pennsylvania.......................................... C em ent....................................................................................... Electric power output (13 system s).................................... Distribution— Freight car loadings (Allegheny district— weekly average) Tonnage of vessels (Port of Philadelphia)......................... Financial and credit: Debits (17 cities)...................................................................... Savings deposits (95 banks).................................................. Bills discounted held by F. R. B. of Phila. (daily average) Acceptances executed (9 banks for month ended Dec. 10) Bankers’ acceptances sales (4 dealers— weekly average for period ended Dec. 1 4 ).................................................. Commercial paper sales (5 dealers)..................................... Commercial failures— number.............................................. Commercial failures— liabilities............................................ tons 189,401 3,308,803 $ 2,497,098,000 $650,458,000 38,948,000 $4,767,000 $2,652,000 $9,381,000 72 $1,486,840 “ “ “ “ “ “ “ “ “ - 8 .4 “ -2 3 .4 “ -2 4 .9 “ -1 8 .1 “ - 6 .7 “ -3 7 .6 “ - 7 .5 “ + 0 .5 “ 4 .0 0 .5 0 .2 6 .7 “ “ “ “ + 6 .3 + 8 .1 -1 1 .1 -1 2 .9 “ “ “ “ -5 3 .1 - 8 .2 + 4 1 .2 + 5 6 .1 “ “ “ “ - 3 .3 + 2 .5 0 -4 3 .3 “ “ “ “ Building and real estate— Building permits (16 cities)................................................... Building contracts awarded (Philadelphia district)........ Number of real estate deeds recorded (Philadelphia co u n ty )................................................................................... Value of mortgages recorded (Philadelphia co u n ty). . . $11,530,4351 $ 2 8 ,7 0 1 ,592J — 5 .5 “ -1 2 .8 “ - 9 .5 “ + 0 .3 “ 4,913 $29,976,860 -1 3 .4 “ + 3 .1 “ - 0 .1 “ + 1 5 .7 “ Miscellaneous— Sales of life insurance (Penna., N. J., and D e l.)............. Retail sales of automobiles (10 distributors).................... Wholesale sales of automobiles (11 distributors)............. $76,768,000 $1,427,000 $1,573,000 - 3 .9 “ —6 5.8 “ -5 4 .3 “ - 8 .3 “ -4 8 .5 “ -2 3 .5 “ * Bureau of Census preliminary figures. Conditions in the textile and leather industries are somewhat more satisfac tory. The cotton goods market has quieted seasonally in the last few weeks but mill operations generally have been well maintained as compared with last year. Trading in raw wool and yarns has been fairly'- active and operations of mills have expanded considerably since summer. Though silk prices have weak ened further, mill operations and sales have been in larger volume. Full-fash ioned hosiery is in good demand and a fair market exists for carpets and rugs. The leather and shoe industries are fairly active and prices have advanced for a few products. Employment in leather tanneries and shoe factories of Pennsylvania, contrary to the general trend, has advanced in the past few months and is above last year’s level. Although seasonal declines have oc curred in building, the volume of con struction continues to compare favorably with 1926. For the first 11 months of the year contracts in this district have exceeded last year by 13 per cent, while in the United States a gain of 5 per cent occurred. As usual at this season the market for most building materials has slackened considerably and plant opera tions are smaller in some cases than in the same period of 1926. The coal industries of Pennsylvania have shared in the general business reces sion. Industrial inactivity has reduced the demand for bituminous coal and mine operations have been contracted consider ably, while production and shipments of anthracite have been considerably under last year’s level owing to the warm weather in recent months. Commodity prices. The upward movement in the general level of whole sale commodity prices which began in July has been checked by a slight decline in recent weeks. Fisher’s weekly price index decreased about one-tenth of one per cent in the four weeks ended Decem ber 16. From October to November a decline of nearly one-third of one per cent occurred, according to the Bureau of Labor Statistics price index. Among the groups of commodities responsible for this reaction were farm products, particu larly livestock and poultry, textile prod ucts, fuel and lighting, metal and metal products, and building materials. On the other hand, prices of foods, hides and leather products, chemicals and fertilizers, and house furnishing goods increased somewhat. In comparison with a year before, quo tations for farm products, and hides and leather products were materially higher, and foods and textile products were slightly higher. All other groups of com modities were lower, declines ranging from less than one-fourth of one per cent in house furnishing goods to nearly 10 per cent in building materials, and to more than 19 per cent in the case of fuel and lighting. F IN A N C IA L C O N D IT IO N S During the last two weeks of Novem ber, the greater part of the Government deposits held by depositary banks was withdrawn. The one-day certificates of indebtedness amounting to 15 millions on November 16, which had been placed with the Federal Reserve Bank to meet the Government’s temporary need for funds, were paid off later in the month. In the first two weeks of December Govern ment operations were on a smaller scale. In the four weeks ended December 14, the movement of currency was outward, as is usual at this season, but balances in the transit clearings with other districts were favorable. Reserve deposits of member banks were reduced by 11 millions and their borrowings from the reserve bank increased from 34.6 to 41.4 millions. In the corresponding period last year bills discounted increased from 42 to 53.1 millions. This bank’s portfolio of purchased bills increased from 30.7 to 32.7 millions, but holdings of Government securities de clined nearly 13 millions as the result of the paying off of the one-day certificates of indebtedness previously mentioned. Compared with a year before, holdings of purchased paper on December 14 were 7.4 millions higher and Government se curities 16.2 millions larger. The reserve ratio advanced from 64.9 per cent on November 16 to 70.1 per cent on December 7. In the three weeks there was an increase in reserves of 11.8 millions, owing to a favorable balance of 17.6 millions in transit clearings which was accompanied by the loss of smaller amounts through other channels. An in crease in note issues, and, to a lesser ex tent, in deposits, was mainly responsible for a falling off in the ratio to 67.8 per cent on December 14. November, 1927, compared with November, 1926 CITY CONDITIONS Philadelphia Federal Reserve District Allentown a re a .. Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York U ., “ .. U ., “ U U U ., “ ., Em ploy ment - 4 .3 % - 0 .4 -1 0 .7 - 2 .4 -1 1 .6 - 6 .9 -1 6 .3 -1 8 .3 - 7 .3 - 4 .5 -1 1 .3 - 2 .5 “ “ “ “ “ “ “ “ “ “ “ Value of building permits Debits 2 1 .1 % 1 1 .5 “ 4 3 .7 “ — 7 3.2 “ — 83.4 “ — 2 6.7 “ 18.0 “ + — 6 1.5 “ 5 .3 “ + 4 7.5 “ + 1 ,9 4 9 .9 “ 6 1.0 “ + 77.1 “ + + 2 .9 % + 11.0 “ -1 4 .2 “ - 7 .8 “ + 9 .2 “ + 8 .2 “ -1 .5 “ - 0 .7 “ + 5 .2 “ + 7 .0 “ + 0 .7 “ + 9 .4 “ + 5 .8 “ Wage payments - 2 .9 % + 0 .6 -2 5 .8 - 1.8 -1 1 .2 - 9 .0 -1 0 .9 -2 3 .2 - 7 .8 + 5 .8 - 9 .4 - 4 .7 “ “ “ “ “ “ “ “ “ “ “ + Savings deposits + 3 .7 % + 9 .3 “ 4-17.9 “ + 4 .3 “ + + + 4+ 9 .9 8 .3 0 .5 7 .6 8 .8 “ “ “ “ “ + 6.1 “ + 8 .1 “ Retail trade sales Electric power sales + 3 .5 % -3 .0 “ -0 .3 “ -9 .2 “ + 2 .7 “ - 4 .2 “ + 4 .2 “ + 3 .5 “ -1 .0 “ -4 .9 “ -2 .2 “ -3 .6 “ -7 .6 “ + 1 .8 % * -1 6 .2 “ + 3 .9 “ - 4 .4 “ f + 9 .6 “ + 2 .4 “ + 7 .6 “ + 4 .2 “ t § § - 1.3 “ + 1 4 .8 “ + 4 1 .9 % + 1.7 “ + 2 2 .9 “ - 0 .9 “ + 1 2 .4 “ + 6 .3 “ + 2 1 .5 “ + 3 6 .5 “ + 1 .8 “ + 1 2 .7 “ + 2 0 .7 “ + 1 9 .6 “ - 2.1 “ + 3 .0 % * + 10.1 “ + 0 .7 “ + 2 .7 “ t + 1.2 “ + 3.1 “ + 3 .0 “ + 1 8 .5 “ - 2 .7 “ t § § + 8 .0 “ + 13.9 “ November, 1927, compared with October, 1927 a re a .. Allentown “ ., Altoona “ ., Harrisburg u ., Johnstown Lancaster “ ., Philadelphia “ .. Reading u ., Scranton Trenton Wilkes-Barre “ .. Williamsport u ., “ ., Wilmington York -0 .8 % -1 .5 “ - 2 .4 “ -8 .2 “ + 2 .5 “ - 1 .6 “ + 1.2 “ + 0 .7 “ -1 .3 “ + 2 .1 “ - 0 .8 “ + 1.1 “ -1 .1 “ - 3 .5 % -5 .0 “ -8 .2 “ -9 .8 “ + 1 .8 “ -1 .9 “ + 0 .7 “ -1 .4 “ -7 .1 “ + 0 .1 “ + 1.7 “ + 1.4 “ + 6 .2 “ 4 .8 % 4 6.7 “ 4 6.8 “ 53.9 “ 90.3 “ 2 1.3 “ 4 4.9 “ 9 .0 “ — 14.3 “ — 5 4.9 “ + 1 ,2 3 0 .1 “ — 5 7.6 “ 769.2 “ + — + — — — — — * Includes Wilkes-Barre and Williamsport areas, § Included in Allentown area. PRICES OF COMMODITIES -1 2 .5 % - 3 .0 “ - 3 .6 “ - 3 .8 “ -1 0 .1 “ - 1.7 “ - 4 .2 “ - 7 .7 “ - 5 .7 “ - 7 .5 “ -2 1 .9 “ -3 8 .2 “ - 3 .9 “ -0 .9 % + 1 .4 “ -1 .1 “ -0 .5 “ + 0 .7 + 4 .0 -7 .2 + 4 .4 + 1.2 “ “ “ “ “ + 0 .9 “ + 1 .0 “ f Production (not sales). Latest M onth ago Year ago J Includes Camden area. Source of quotations Wholesale 144.3 Fisher’s weekly index (1913 = 1 0 0 )................ 69.3 Purchasing power of the 1913 d o lla r.. .cents All commodities, index (1926 = 1 0 0 )............. 9 6.7 103.4 Purchasing power of the 1926 d o lla r.. .cents 2.314 Finished steel, average.................................. lb. $17.54 Pig iron, average........................................... ton Pig iron, #2 X Phila.................................... “ $19.76 14.00 ^ Copper, electrolytic....................................... lb. Lead.................................................................... “ 6.50 p 19.25)* C otton, N. Y . middling s p o t .........................“ 35.44 Y arns....................................... Index number 13.461 G ood s........................................ “ “ 68.27 f W ool, domestic, ra w ......................................lb. 99.00<* Foreign, Australian, 64’s ........................... “ $1.10 Tops, av. % blood at B oston ................... “ W orsted yarn s...................... Index number 167.57 Silk, raw (av. of 6 grades). . . . Index number 47.76 G ood s........................................ “ “ 118.97 R a y o n ............................................ “ “ 15.00 203.90 Construction costs (1913 = 100) “ “ Lumber, yellow pine............................1000 ft. $63.00 “ $115.00 Oak, plain.......................................... “ $2.21 Cement, Phila., carloads............................bbl. Bricks, com m on......................................... 1,000 $13.50 Coke, furnace.................................... short “ $2.75 Petroleum, Pa. crude..................................bbl. $2.75 Gasoline, tankwagon, Phila....................... gal. 15.00!* Hides, packer, #1, native............................. lb. 25.00)* Rubber, 1st latex crepe..................................“ 40.00)* Paper, news roll................................ 100 lbs. $3.25 Tobacco, m edium ...........................................lb. 12.00)* Corn, #2 yellow ............................................. bu. $1.07 Wheat, #2 r e d ............................................... “ $1,511 Flour, Minn, p aten t....................................bbl. $7.00 Food products...........................W eekly index $3.35 145.9 147.2 6 8.5 67.9 9 7.0 98.4 103.1 E' 101.6 2.307 )* 2.453)! $17.63 $19.88 $19.76 $22.76 13.63)* L13.58)* 6.25)* 7.80)* 19.75)* 12.60)* 36.93 28.44 13.785 11.518 67.78)* 65.26)* 99.00)* 98.50)* $1.10 $1.11 167.90 172.73 47.98 56.89 119.92 130.08 15.00 14.50 201.98 210.80 $63.00 $62.00 $115.00 $119.00 $2.21 $13.50 $15.00 $2.75 $3.50 $2.65 $3.40 14.00 ^ 18.00)* 24.00)* 15.00)* 39.13 )i 38.00)! $3.25 $3.25 12.00)! 15.00)* $1,033 92.88)* $1,514 $1,533 $7.80 $7.45 $3.38 $3.54 Prof. Irving Fisher Prof. Irving Fisher B. of L. Statistics B. of L. Statistics Iron Age Iron Age Iron Age D un’s Review D un’s Review Journal of Commerce Fairchild’s Fairchild’s D un’s Review Textile W orld Textile W orld Fairchild’s Fairchild’s Fairchild’s Fairchild’s Eng. News Record Dun’s Review D un’s Review D un’s Review Dun’s Review D un’s Review Oil, Paint and Drug Rep. Oil, Paint and Drug Rep. D un’s Review D un’s Review D un’s Review D un’s Review D un’s Review Dun’s Review Journal of Commerce Bradstreet’s F ood Index Retail Food, index number, 1 91 3 = 10 0 ..................... Cost of living (1913=100) Philadelphia.................................................... United States.................................................. Cost of living in U. S. (July 1914 = 1 0 0 ) . . . . * June figures, 156.5 156.1 161.6 B. of L. Statistics 178.0* 173.4* 164.0 182 .3 f 1 75 .6 f 163.0 180.6 174.8 168.0 B. of L. Statistics B. of L. Statistics N at’l Ind’l Conf. B o’d. t December, 1926 figures. Page Three Weekly figures of the Federal Reserve Bank of Philadelphia fo llo w : (Figures in thousands of dollars) Loans on securities Other T otal loans loans and and discounts discounts Invest ments Net demand deposits Time deposits Other Bills Dollar figures Reserve dis bills in millions counted and se cash curities Reserve ratio Changes in four weeks ended Dec. 14: Philadelphia (33 ban ks).......................... + 7,639 Outside (88 ban ks)................................... + 5,944* + + 159 -I- 7,798 368* + 6,862 - 809 501 + 7,114 + 7,574 - 6,913 1,854 Total (121 banks) ............................... + 1 3 ,5 8 3 f + 5271 + 1 4 ,6 6 0 - 1,310 + 1 4 ,6 8 8 - 8,767 1927 N ov. 1 6 ......... 2 3 ......... 3 0 ......... Dec. 7 ......... 14......... 1926 Dec. 1 5 ......... Changes in year ended Dec. 14: Philadelphia (33 ban ks).......................... -2 9 ,2 0 9 Outside (88 ban ks)................................... + 9,8941 - 4 ,7 4 0 - 3 3 ,9 4 9 6901 + 1 0 ,2 0 2 + 5 1 ,7 7 2 + 1 5 ,8 5 5 + 1 0 ,9 5 4 - 2,615 + 2 0 ,1 6 4 + 2 6 ,7 7 4 —5,430§ -2 3 ,7 4 7 + 6 7 ,62 7 + 8,339 + 4 6 ,9 3 8 $34.6 34.4 40.7 33.3 4 1.4 $89.3 79.9 76.9 78.1 78.7 $183.5 189.4 190.7 195.2 194.5 6 4 .9 % 68.6 “ 67.9 “ 70.1 “ 67.8 “ 53.1 56.9 188.5 68.2 “ Total (121 banks) ............................... * 70 banks, Member banks: An increase from 1,002 to 1,017 millions in the loans and discounts of 121 member banks in this district in the four weeks ended Decem ber 14 reflected almost entirely an in crease in loans on securities, there be ing little change in other loans, which are largely commercial in character. In vestments declined slightly and time de posits fell off nearly 9 millions, but net demand deposits increased 14.7 millions. In the year ended December 14, the loans and discounts of 33 member banks in Philadelphia declined from 694 to 660 millions, as the result of a falling off of 29 millions in loans on securities and of nearly 5 millions in commercial loans. Eighty-eight banks in twenty other large cities of the district report an increase of 10 millions in loans, which reflects larger loans on securities. Investments increased both in Philadelphia and out side and the same held true of time de posits. Net demand deposits expanded 11 millions in Philadelphia but declined 2.6 millions at outside banks. Commercial paper. Sales of com mercial paper in November, as reported by five dealers operating in this district, totaled $9,380,800, as compared with $8,667,500 in October. Comparative figures follow : Sales to city banks Sales to outside banks Total sales 1927 N o v ................. $3,503,300 $5,877,500 $9,380,800 O ct................... 4,330,000 4,337,500 8,667,500 Sep................... 5,970,200 4,612,500 10,582,700 A u g .................. 1,900,000 6,368,500 8,268,500 1926 N o v ................. 7,316,300 2,305,000 f 103 banks. —19,315§ J 59 banks. § 92 banks. $2,742,000 a year figures fo llo w : ago. Comparative W eekly averages for periods ending Purchases in Third District Sales in Third District 1927 Dec. 14. . . . N ov. 16. . . . Oct. 12___ Sep. 1 4 . . . . 1926 Dec. 15. .. . T o Fed. Res. Bank To others $227,000 577,000 418,000 496,000 $2,546,000 5,372,000 1,967,000 771,000 $106,000 284,000 210,000 163,000 310,000 2,552,000 190,000 Nine banks in Philadelphia report $13,543,000 of acceptances outstanding on December 10. The amount accepted in the month ending on that date was $4,767,000, as compared with $5,111,000 in the month preceding and $4,221,000 a year ago. In the six months ended De cember 10, a total of $25,949,000 of bills was executed, and in the same period of 1926, $20,758,000. D ebits to individual accoun t. Check payments, as reported by banks in seven teen cities of the Philadelphia Federal reserve district, amounted to $2,412,000,000, in the 4 weeks ended December 14, as compared with $2,243,000,000 in the same period last year, a gain of 7.5 per cent. Philadelphia banks show a gain of 173 millions, or 10.2 per cent; three cities in the anthracite fields show an increase of .6 of one per cent; and 13 other in dustrial cities report a decline of 1.1 per cent. D IS T R IB U T IO N Railroad shipments in the Allegheny district were 16 per cent smaller in the four weeks ended December 3 than in the same period last year. Smaller loadings of coal have been chiefly responsible for this decline. In the country, freight car loadings also declined about 11 per cent from the total for the same period in 1926. Retail trade. The holiday trade is moving seasonally in large volume, al though early estimates indicate that total dollar sales do not measure up to the rec ord volume attained at the same time last year. Retail prices remain practically unchanged. November sales declined 3.7 per cent from the total for the same month last year, and in the period from January to November were 3.9 per cent smaller than a year before, except shoe stores and women’s apparel stores outside of Phila delphia, which showed gains. Inventories at the end of November, though increased seasonally, were almost 3 per cent below those on the same date last year. The rate of turnover was slightly smaller this year than last. Receivables at the end of the month were nearly 2 per cent larger than a year earlier. Collections in November did not measure up to the total in the same month last year. Wholesale. Trading at wholesale is moderately active, and prices show little change. Preliminary reports indicate that sales of jewelry, drugs, electrical sup plies, and hardware have increased since 9,621,300 Three reports, giving amounts sold at various rates, show that 36 per cent of the November sales were made at 3^4 per cent and 43 per cent at 4 per cent. Bankers’ acceptances. Four dealers report average weekly sales of $2,652,000 in this district in the four weeks ended December 14. This compares with $5,656,000 in the preceding period and Page Four Wednesday figures the middle of last month but the demand for groceries, dry goods, and paper has decreased. November sales declined 1.2 per cent from the October total and 3.5 per cent from the volume of a year before. Busi ness in all lines, except electrical sup plies, was smaller than in November, 1926. Stocks held by dealers in drugs and paper at the end of the month were larger than a year earlier, but inventories of shoes, dry goods, electrical supplies, groceries, jewelry, and hardware were smaller. Accounts outstanding at the end of November also were smaller than on the same date last year in all lines except in hardware and electrical supplies. Re ports on collections are evenly divided between those showing increases and those registering decreases. Automobile trade. Business in auto mobiles during November declined some what more than seasonally, sales at wholesale and retail by 11 distributors of this district being substantially smaller both in number and value than in Octo ber. Sales of used cars and deferred pay ment sales also decreased in the month. Compared with a year before, sales of new cars by dealers and retailers were smaller but those of used cars were larger. Stocks of new cars increased at the end of November, but were smaller than on the same date last year. Supplies of used cars, on the contrary, were lighter at the end of November than in the previ ous month but were considerably heavier than at the same time last year. tenths of one per cent, as did the average weekly earnings. Industrial consumption of electric power decreased 1.2 per cent between October and November and was sixtenths of one per cent smaller than a year before. Total sales of electricity increased somewhat less than seasonally and were slightly below the total in the same month last year. Production of electric power by 13 central stations was only a trifle greater than in October and a year earlier, as shown by the accom panying table. Iron and steel. Business in iron and steel products is reported as either fair or poor. Purchases by most consumers have decreased since last month and did not measure up to the volume of a year ago, although in the first fortnight of D e cember there occurred some improve ment in the demand for railroad cars, Sales, new cars, wholesale........................................ Cars under $1,000.................................................. Cars $1,000 to $2,000............................................ Cars over $2,000..................................................... Sales, new cars, at retail........................................... Stocks of new cars..................................................... Sales of used cars....................................................... Stocks of used cars..................................................... Retail sales, deferred paym ent................................ W HOLESALE TRADE Philadelphia Federal Reserve District Boots and shoes... D rugs..................... D ry good s............. Electrical supplies. Groceries................ Hardware.............. Jewelry................... Paper...................... Comparison of net sales RETAIL TRADE Philadelphia Federal Reserve District - - 3 .0 - 3 .5 - 1 .9 - 5 .9 -1 1 .2 -1 2 .7 - 8 .3 - 3 .7 - 5 .3 + 1 2 .3 + 3 .8 -1 6 .0 W om en’s apparel stores........ outside Philadelphia.......... Shoe stores.................................... Credit stores................................ Net sales, N ov., 1927, compared with N ov., 1926 Oct., 1927 -1 9 .0 % - 3 .6 “ -1 6 .4 “ + 18.4 “ - 4 .7 “ - 0 .9 “ - 0 .3 “ - 0 .1 “ -1 1 .8 % - 2 .0 “ - 4 .1 “ + 18.3 “ - 2 .3 “ - 2 .8 “ + 7 .0 “ - 4 .3 “ 3 .7 % “ “ “ “ “ “ “ “ “ “ “ “ Oct., 1927 + 2 .6 % + 0 .2 “ + 8 0 .1 “ - 3.1 “ - 6 .5 “ + 2 .8 “ + 1 5 .6 “ + 9 .5 “ + 1 6 .5 “ + 0 .2 “ + 3 .7 “ + 5 .3 “ - 1 .2 “ - 4 .0 “ Number Value Number Value -4 1 .7 % -7 8 .1 “ + 4 4 .5 “ + 4 1 .9 “ -5 8 .9 “ -1 4 .6 “ + 3 2 .0 “ + 4 7 .9 “ -3 9 .6 “ -2 3 .5 % -7 8 .6 “ + 4 6 .5 “ + 2 5 .7 “ -4 8 .5 “ -1 0 .6 “ + 1 7 .5 “ + 3 3 .9 “ -1 6 .5 “ -6 5 .1 % -8 6 .7 “ -1 4 .6 “ -3 3 .9 “ -7 4 .0 “ + 8.1 “ -1 9 .9 “ - 8 .2 “ -2 5 .3 “ -5 4 .3 % -8 6 .9 “ -1 3 .8 “ -3 2 .0 “ -6 5 .8 “ + 4 3 .7 “ -1 4 .8 “ - 1 .5 “ -1 2 .7 “ Stocks, N ov. 30, 1927, compared with Accounts out standing, N ov. 30, 1927, compared with N ov. 30, Oct. 31, 1926 1927 N ov. 30, Oct. 31, 1926 1927 -1 9 .3 % + 1 1 .6 “ - 8 .3 “ -1 6 .9 “ - 8 .8 “ - 0 .4 “ - 5 .8 “ + 3 .1 “ -3 .9 % - -4 .1 -5 .1 -1 .6 - 0 .5 -7 .1 -8 .1 -5 .9 + 3 .4 + 2 .5 + 7 .5 + 1 .4 -9 .3 - 3 .3 - 4 .1 -1 .5 - 2 .2 - 1 .9 -1 0 .7 + 1 3 .9 - 2 .4 - 4 .6 - 9 .8 + 5 .7 + 3 .3 “ “ “ “ “ “ “ “ “ “ “ “ 2 .7 % “ “ “ “ “ “ “ “ “ “ “ “ 1926 October, 1927 November, 1926 -1 5 .9 % - 3 .9 “ - 4 .1 “ + 7 .0 “ + 1 .0 “ - 3.1 “ - 5 .8 “ + 0 .2 “ Comparison of stocks Jan. 1 to N ov. 30, 1927 N ov., 1927, Nov. 30,1927, with with with Jan. 1 to with N ov., 1926 Nov. 30, 1926 N ov. 30, 1926 Oct. 31,1927 Department stores..................... in Philadelphia........................ outside Philadelphia.............. Apparel stores.............................. M en’s apparel stores.............. in Philadelphia................... N ov., 1926 Rated generator capacity......... + 5 .5 % + 0 .5 “ + 6 3 .5 “ Hydro-electric. - 8 .3 “ + 2 8 .5 “ - 0 .4 “ + 9 .4 “ + 8 .2 “ Residential and commercial + 9 .6 “ - 0 .7 “ -1 .6 “ Street cars and railroads. . - 1 . 0 “ - 0 .6 “ -2 1 .3 “ Jan. 1 to N ov. 30 All reporting stores..................... November, 1927, change from ELECTRIC POWER Philadelphia Federal Reserve District 13 systems November, 1927, change from AUTOMOBILE TRADE Philadelphia Federal Reserve District 11 distributors IN D U S T R IA L C O N D IT IO N S The industrial situation generally has continued less satisfactory than is usual at this season, and evidence of further recession in activity is shown by most leading industries of the district. Factory employment in Pennsylvania declined seven-tenths of one per cent and wage payments were 1.3 per cent lower in N o vember than in October, as indicated in the newly classified table on page 7. Em ploye-hours worked also declined six- fabricated structural steel, agricultural machinery, and in shipments of steel to automobile plants. The majority of re ports indicate that prices remain prac- 1927 - 5 .6 % -1 0 .0 “ - 6 .4 “ + 1 9 .8 “ - 2 .7 “ + 0 .6 “ - 7 .4 “ - 4 .3 “ - 3 .2 % - 2 .6 “ + 3 .3 “ + 1 4 .2 “ - 0 .3 “ + 2 .8 “ + 9 .7 “ - 2 .4 “ Outstanding orders at end of month compared with year ago Collections, N ov., 1927, compared with Ratio of ac counts out stand ing to sales, N ov., 1927 3 64.5% 156.4 “ 251.2 “ 118.4 “ 113.7 “ 187.9 “ 344.4 “ 140.2 “ N ov., 1926 Oct., 1927 -1 2 .6 % + 4 .3 “ -1 0 .3 “ + 1 0 .9 “ - 3 .7 “ - 6 .5 “ + 5 .5 “ + 0 .5 “ - 0 .1 % - 2 .5 “ + 4 .5 “ + 2 2 .7 “ - 0 .2 “ -1 .4 “ + 2 5 .2 “ + 1 0 .8 “ Accounts receivable at end of month compared with year ago during month compared with year ago + 2 .5 % 3.01 2 .9 0 - 9 .8 % + 1 .9 % - 1 .3 % + 3 .0 + 4 .4 -0 .2 + 0 .4 + 2 .1 + 7 .8 -5 .0 -0 .9 -0 .7 -1 .9 -0 .6 + 0 .9 2 .99 3 .18 2.54 3.71 2.40 2.52 2.22 5 .35 5.75 4.01 2.56 2.70 2 .90 3 .07 2.51 3.59 2.27 2.51 1.96 5.08 5.42 3 .93 2 45 2 .27 - 8 .7 “ + 1 .7 -5 7 + 1 .7 + 8 .9 + 2 .1 “ “ “ “ “ “ “ “ “ “ “ “ -1 6 .1 “ -2 1 .4 “ “ “ “ “ “ - 2 .7 0 .0 - 2 .7 + 7.1 -2 2 .7 “ “ “ “ “ “ “ “ “ “ 0.1 “ -2 2 .7 + 1 0 .0 + 9 .4 + 1 3 .2 + 0 .7 - 8 .3 “ “ “ “ “ “ + 2 .1 + 9 .6 + 6 .7 + 2 .0 + 4 .3 - Page Five tically unchanged from last month’s level. Average quotations for finished steel in creased slightly, while those for pig iron declined a little in the first two weeks of December, according to “ Iron Age.” Plant operations have declined appre ciably. The daily output of pig iron in this district was 4.2 per cent lower in November than in October, and was 23.4 per cent under the volume of a year ago. In the country, the daily production of pig iron fell to the lowest level since November, 1924. Contrary to the usual slight gain in November, the daily out put of steel ingots decreased 5.7 per cent from October and was about 16 per cent below the daily total of a year earlier. Production of steel ingots during the first eleven months of this year was 8.2 per cent smaller than in the same period last year. Unfilled orders of the United States Steel Corporation increased 3.3 per cent from the October total but were 9.5 per cent smaller than at the end of November, 1926. Production of steel castings increased noticeably in November, but that of iron castings declined from the October total. Unfilled orders for and shipments of both decreased in the month. Compared with a year before, activity of iron and steel foundries was at a lower level. Textiles. Conditions in textile indus tries are mixed. During the past month the demand for raw wool and yarns and floor coverings has been moderately ac tive, and the market for full-fashioned hosiery continues strong. The silk indus try, though still unsatisfactory, has shown signs of improvement, but the demand for cotton goods has declined. Factory em ployment and payrolls increased in most textile branches from October to N o vember. The largest decline was reported by the men’s clothing industry and the largest increase by makers of women’s clothing. The market for cotton goods generally is sluggish. Sales have decreased no ticeably since the middle of last month and have been below the volume of a year ago. Quotations for cotton yarns and piece goods have declined somewhat from last month’s level, but are considerably higher than at the same time last year. Plants have curtailed their operations Page Six noticeably, largely a result of seasonal influences. Employment declined about 5 per cent from October to November, but factory payrolls and average weekly earnings increased 2.9 and 8.5 per cent, respectively. Forward orders, which are below the total of a year ago, are suffi cient to assure production at the present rate for approximately one month. Stocks are moderate and larger than a month ago. Mill takings of raw cotton in the country increased slightly in November and were about 6 per cent ahead of a year earlier. Sources; Fairchild's Analytical Bureau and Philadelphia Federal Reserve Bank The movement of raw silk in the coun try is shown below: Raw silk * (Figures in bales) N ov., 1926 N ov., 1927 M onthly aver, com pared with last year Im ports................... S tocks...................... Mill takings........... 59,670 47,130 47,634 36,650 52,069 46,947 + 1 0 .6 % + 3 0 .4 “ + 1 0 .0 “ * The Silk Association of America. Sources: Department of Commerce and Journal o f Com merce Dealers in raw wool report a fairly ac tive demand and greater sales than last month. The market for yarns, while probably a little less active than four weeks ago, exceeds that at the same time last year. Business in piece goods, on the other hand, is hardly fair, as usual at this season, and sales are somewhat below the volume of a year ago. Prices of yarns and fabrics have shown some weakness since last month but quotations for raw wool and tops have advanced slightly. Spinners are operating at about 85 per cent, while fabric makers average a little over 80 per cent of capacity. At these rates, unfilled orders are sufficient to assure production for one to two months. Stocks of yarns and wools held by reporting firms are smaller than a year ago, but those of piece goods show little change. Consumption of wool in this district was 8.9 per cent smaller in November than in October, and in the country, 3.7 per cent smaller. Business in silk manufactures, though still only fair, has improved appreciably in the month. Sales by manufacturers of fabrics are reported larger than four weeks and a year ago, and throwsters also show a slight betterment. In sym pathy with the trend in raw silk, prices of silk goods have declined a little fur ther. Reporting plants recently have en larged their operations. Factory employ ment and wage payments in Pennsylvania increased 6.4 and 8.9 per cent, re spectively, from October to November. Stocks are said to be moderate and some what smaller than at the same time last year. Some of our carpet and rug manufac turers report improvement in business while an equal number say that sales are smaller than a month ago. The new pat terns put out at the December openings were well received, but floor covering firms have since been feeling the usual quiet of the Christmas holidays and the coming of the new year. Stocks of fin ished goods are reported as larger than a month ago. The number of wage earners in the industry increased 6.7 per cent, from October to November, while weekly wages showed a 3.3 per cent ad vance. Prices in general are unchanged, though there have been a few decreases follow ing the Smith auction early in the month. Manufacturers of linoleum and felt base goods report a fairly good volume of business, with prices unchanged. Manufacturers report a good and slightly increased demand for women’s full-fashioned silk hosiery, while the de mand for men’s and women’s seamless is only fair at best. There was little change in prices in the month. Stocks of fin ished goods are moderate and smaller than those of a month and a year ago. Plant operations show little change from those of a month ago, and orders now on the books will permit operation for nearly two months. From October to November employment at hosiery plants in Pennsylvania increased 2.9 per cent, but payrolls declined 1.1 per cent. Leather. The packer hide market is firm and high, heavy native steers gain ing one cent in the past month. Steady demand keeps the packers sold up to pro duction. There is a fair market for goat skins, advancing prices meeting with con siderable resistance. Black kid is in good and increased de mand while that for colored kid is some what less active. Price increases are noted for the former. There is a slight decrease in stocks of finished goods. The number employed in leather tanning in creased 1.6 per cent from October to November. Demand for sole leather is good and price increases are reported. Leather goods are in active demand with sales larger than a year ago. Prices are un changed. Reporting firms say that demand for shoes is fair with sales slightly larger than a month ago. Light stocks of fin ished goods are smaller than those of a month and a year ago, and unfilled orders are somewhat larger than last year’s. A few firms report higher prices. Unfilled orders assure operation on the average for a period of one month. Building. Construction activity in the past month has declined a little further. The proposed expenditure under permits issued in sixteen cities of this district de creased nearly 6 per cent from October to November and was over 9 per cent smaller than a year before. The value of contract awards during November in southern New Jersey increased 57 per cent but in eastern Pennsylvania and Delaware decreased 5 and 61 per cent, respectively, as compared with the totals in November, 1926. Operations, as in dicated by contracts awarded in this dis trict, are given in the following table: Value of contracts awarded Philadelphia Federal Reserve District United States November, 1926........... $28,609,274 $487,012,500 October, 1927................ 32,910,732 562,815,800 November, 1927........... 28,701,592 466,393,400 First 11 months com pared with the same period of 1926........... + 13.4 + 5 .2 The market for building materials has reflected the marked recession in con struction activity. The demand has slack ened noticeably since October which was one of the most active months in the in dustry this year. Prices of paint and varnishes remain practically unchanged, but quotations for brick, lumber, and pot tery show some decline. Unfilled orders as a rule are smaller than at the same time last year. Seasonal curtailment in plant operations has been noted in most lines making building materials. Factory wage payments in Pennsylvania brick and pottery plants declined 5.2 per cent, in cement 4.3 per cent, but in lumber and planing mills and those making paints and varnishes the drop was only about four-tenths of one per cent between O c tober and November. Inventories generally are moderate and on the whole smaller than at the same time last year. Number of wage earners— week ended EMPLOYMENT AND WAGES in Pennsylvania All industries (5 5)............................... No. of plants report ing 833 N ov. 15, 1927 272,432 Per cent change from month ago - 0 .7 N ov. 15, 1927 $6,915,765 2,665,102 64,298 1,468,248 46,051 92,831 130,360 28,602 197,185 246,443 117,249 75,982 144,500 19,002 34,351 Per cent change from month ago - Average weekly earnings— week ended N ov. 15, 1927 Per cent change from month ago 1.3 $25.39 - 2 .8 -1 1 .6 + 0 .5 + 1 .6 - 6 .7 - 3 .7 - 6 .3 - 0 .6 - 4 .2 -1 9 .3 -1 6 .1 - 4.1 - 5 .9 - 0 .8 26.37 28.33 26.69 26.30 26.36 27.62 28.38 27.00 29.26 23.01 23.36 22.25 26.99 22.82 - 0 .8 + 0 .0 + 1.3 + 1.3 - 5 .7 + 2 .3 - 5 .7 + 1.8 - 3.1 -1 1 .3 -1 4 .6 - 3 .0 - 1.9 + 2 .4 + + + + - 2 .2 4 .5 19.0 3 .6 0 .7 2 .6 28.14 30.00 31.42 26.85 26.51 27.85 + 3 .6 + 6 .8 + 1 7 .2 - 1.5 + 0 .3 + 2 .7 + 2 .0 + 2 .9 - 2.3 + 8 .9 + 1.3 + 3.3 + 2 .9 -1.1 + 3 .2 -1 6 .8 + 1 1 .4 - 1.1 22.88 25.21 22.04 19.86 24.59 25.96 27.74 27.67 18.95 20.06 15.23 17.51 + + + + - 0 .8 8 .5 3 .8 2 .4 3 .2 3 .2 3 .0 3 .9 0 .7 7 .0 2 .5 3 .6 - 0 .6 Metal products.................................... Blast furnaces.................................. Steel works and rolling mills........ Iron and steel forgings................... Structural iron work...................... Steam and hot water heat, a p p . . Stoves and furnaces....................... Foundries.......................................... Machinery and parts..................... Electrical machinery and a p p . . . . Engines and pum ps........................ Hardware and to o ls....................... Brass and bronze products........... Jewelry and novelties..................... 238 10 44 10 9 19 8 39 39 16 10 20 10 4 101,058 2,270 55,012 1,751 3,522 4,719 1,008 7,304 8,422 5,095 3,252 6,494 704 1,505 Vehicles................................................. A utom obiles..................................... Automobile bodies and parts. . . . Locom otives and cars.................... Railroad repair shops..................... Ship building.................................... 42 7 12 13 7 3 30,296 3,506 5,936 14,902 3,738 2,214 + + - 1.4 2 .2 1.5 2.1 0 .4 5.1 852,580 105,180 186,518 400,119 99,113 61,650 Textile products.................................. Cotton good s.................................... Woolens and worsteds................... Silk goods.......................................... Textile dyeing and finishing......... Carpets and rugs............................. Hats and ca p s.................................. Hosiery.............................................. K nit goods, other............................ M en’s clothing................................. W om en’s clothing........................... Shirts and furnishings.................... 166 14 16 41 10 9 5 27 14 11 9 10 57,580 3,909 7,194 18,051 1,959 2,782 3,843 11,925 2,942 1,864 1,150 1,961 + 2 .9 - 5.1 + 1 .6 + 6 .4 + 4 .7 + 6 .7 - 0.1 + 2 .9 + 3 .9 -1 0 .5 + 8 .6 + 2 .6 1,317,546 98,529 158,532 358,517 48,173 72,228 106,607 329,976 55,739 37,393 17,520 34,332 Foods and tobacco.............................. Bread and bakery products.......... Confectionery.................................. Ice cream .......................................... M eat packing................................... Cigars and toba cco......................... 104 29 14 11 14 36 23,550 4,484 4,650 1,191 2,136 11,089 + - 2 .2 0 .8 3 .6 6 .8 1.3 2 .3 490,258 130,452 88,553 37,929 63,974 169,350 + - 1.7 0 .7 6 .3 5 .2 3 .4 1.1 20.82 29.09 19.04 31.85 29.95 15.27 + + + + + 0 .5 0.1 2 .8 1.8 2.1 1.2 Stone, clay and glass products........ h Brick, tile and pottery................... | Cem ent.............................................. L Glass................................................... 67 30 14 23 19,369 4,865 7,012 7,492 - 2 .7 2 .9 1.9 3 .3 531,468 113,329 216,039 202,100 - 5.1 5 .2 4 .3 5 .9 27.44 23.29 30.81 26.98 - 2 .4 2 .4 2 .4 2 .6 Lumber products................................. Lumber and planing mills............. Furniture........................................... W ooden b oxes.................................. 43 18 19 6 5,048 2,414 1,805 829 - 6.1 + 1.1 -1 6 .5 + 0.1 107,497 52,120 42,349 13,028 -1 0 .4 - 0 .4 -2 0 .0 -1 1 .7 21.29 21.59 23.46 15.72 - 4 .6 - 1 .5 - 4 .2 -1 1 .8 Construction and contracting........... Buildings........................................... Street and highw ay........................ General............................................ 33 19 3 11 5,007 1,623 628 2,756 - 0 .4 - 1.9 + 19.6 - 3.3 133,395 47,935 11,577 73,883 - 3 .5 -1 0 .1 + 19.5 - 1.8 26.64 29.53 18.43 26.81 + 3 .1 8 .4 0 .2 1.6 Chemical products.................... Chemicals and drugs...................... C ok e................................................... E xplosives......................................... Paints and varnishes...................... Petroleum refining.......................... 34 14 3 3 9 5 10,660 1,194 2,598 541 1,106 5,221 + + + + + 1.0 2.1 2 .0 2.1 0 .5 0 .5 312,284 32,836 76,431 14,943 30,215 157,859 + + + + - 0 .2 1.6 1.8 3.1 0 .4 1.0 29.29 27.50 29.42 27.62 27.32 30.24 + + - 0 .8 0 .4 0.1 1.1 0 .1 1.5 Leather and rubber products........... Leather tanning.............................. Shoes.................................................. Leather products, other................. Rubber tires and g o o d s................. 51 17 23 7 4 11,812 5,983 4,189 722 918 + 2 .3 + 1.6 - 1.4 + 4 8 .9 - 0 .9 261,126 151,655 72,003 14,432 23,036 - 3 .5 - 1.1 - 9 .8 + 3 6 .8 -1 4 .4 22.11 25.35 17.19 19.99 25.09 - 5 .7 - 2 .7 - 8 .6 - 8.1 -1 3 .7 Paper and printing.............................. Paper and wood pulp..................... Paper boxes and bags.................... Printing and publishing................. 55 11 6 38 8,052 3,156 822 4,074 - 0 .4 - 1.1 + 3 .0 - 0 .5 244,509 91,062 12,830 140,617 + 1.6 - 0 .7 + 3 .9 + 2 .9 30.37 28.85 15.61 34.52 + + + + Printing and publishing. Reflecting chiefly less satisfactory general business conditions, general activity in printing and publishing is measurably below the level prevailing at the same time last year. The demand for catalogues, di rect-by-mail and general job work is seasonally active. There has been practically no increase in the volume of com- - 2 .0 -1 1 .6 - 0 .8 + 0 .3 - 1.1 - 6 .0 - 0 .7 - 2 .4 - 1.1 - 9 .0 - 1.7 - 1.2 - 4.1 - 3 .2 Total weekly wages— week ended 2 .0 0 .4 0 .9 3 .5 mercial advertising as compared with a year ago. Plant operations average from 65 to 70 per cent of capacity, a rate which is lower than that at this time last year. Printing and publishing costs have remained generally unchanged during the past two months. Chemicals. The market for chemicals is moderately active. The volume of Page Seven year ago. Contract withdrawals, though decreasing in some instances, are fairly satisfactory. Prices show some weak ness. Plant operations have changed lit tle since the middle of last month, in creases being offset by decreases. Stocks of finished goods generally are moderate, as are those of raw materials, although the latter show some accumulation. business during the past four weeks, while it equaled that in the same period of 1925, has not come up to the total of a Coal. The market for domestic and steam sizes of anthracite may be de scribed as from fair to poor. Sales by producers have fallen somewhat since the middle of last month, owing partly to the mild weather that prevailed most of the time. Prices of domestic sizes are slightly lower but those of steam sizes continue unchanged from last month’s level. Colliery operations average about 75 per cent of capacity, and the supply of labor is adequate. Little change is re ported in inventories. The output dur ing the four weeks ended December 10 was 9.2 per cent smaller than in the pre ceding four weeks and 16.5 per cent less than in the same period last year. Partly because of lessened industrial activity, the demand for soft coal gen erally continues poor, sales having de creased further since last month. Cur rent buying comes chiefly from railroads and public utilities. Prices in the main are lower than four weeks and a year ago. Production in the four weeks ended December 10 totaled 37,559,000 tons as compared with 38,785,000 tons of four weeks ago, a decline of 3.2 per cent. BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT Demand Prices Retail trade ................. Wholesale trade.......... Drugs .......................... Fairly steady Increased seasonally but less active than a year ago. Operations Stocks Smaller than a year ago Spot delivery Unchanged F a ir; Dry goods ................. Electrical supplies . . Little change Unchanged F air; decreased G o o d ; increased Spot delivery Spot delivery Groceries Little F a ir; decreased Spot delivery Little change Unchanged Some decline Higher Lower Higher Fair; increased slightly Fairly g o o d ; increased F a ir; decreased Fair to poor P o o r; declined Fairly activ e; increased Slow Spot delivery Spot delivery Spot delivery Spot delivery Smaller Greater Iron and steel products Cotton ................... : . . . . Steady in most cases Lower Fair to p oor; decreased Fair to p o o r ; declined Smaller Smaller Decreased Decreased Silk .................................... Lower Only fa ir; improved Slightly smaller Increased W ool Some weakness in yarns and fabrics Unchanged Fair Smaller Unchanged Smaller than a month ago Slightly smaller Slightly larger Smaller Little change from a month ago Slightly larger than a month ago Unchanged Smaller than last month Unchanged Moderate Slight increase Slightly larger LTnchanged Little change Larger Smaller Smaller Slightly smaller Slight increase Smaller Unchanged Losses offset gains Little change Little change Little change Slightly smaller Declined slightly Declined slightly Smaller Slightly smaller Slightly smaller Little change Declined Declined Declined Practically unchanged Lower than a year ago Little change Somewhat heavier than year ago Little change Smaller than a year ago Smaller than a year ago Little change November building per mits dropped 9% November contracts smaller than in October but larger than a year ago Declined Little change Declined Little change ................... Hardware ................... Jewelry........................ Paper ............................ Shoes ............................ Lumber ........................ W ool ............................ A u tom obiles............... ................................ change increased Unfilled orders com pared with a year ago Carpets and rugs . . . . Shoes .............................. Leather goods ............. Leather— kid ............... Little change Some advances Unchanged Some advances Good in full-fashioned; fair in seam'ess Fair Fair Good Fairly good Leather— sole Higher Good Paper ................................ Chemicals ....................... Little change Some decline Cigars .............................. Brick ................................ Unchanged Some decline A ctive; increased Fair; more decreases than increases Only fa ir ; decreased Less than fa ir ; declined Lumber— mills ............. Paint ................................ Pottery ............................ Confectionery ............... Printing and publishing Lower Unchanged Some decline Some decline Printing and publishing costs unchanged Construction costs rose in November, but below a year before. P o o r; declined Only fa ir; declined Only fair; declined Only fair Less active than a year ago Only fa ir ; declined Lower for domestic but unchanged for steam sizes Lower Fair to Hosiery ........................... ............... Building ......................... Anthracite ..................... Bituminous coal ........... Page Eight Poor poor slightly Smaller, but heavier than a year ago Smaller Larger, but smaller than a year ago. Larger, but smaller than a year ago Smaller Smaller Larger Smaller Little change Smaller New cars smaller but used cars larger than a year ago. Larger Heavier than last month but about same as year ago Larger than last month but smaller than a year ago M oderate; little change and smaller
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