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THE BUSINESS REVIEW
RESERVE DISTRICT
JULY i, 1915
THIRD FEDERAL
PHILADELPHIA
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
Production in basic industries and fac
tory employment continued to decline in
May and there was a further recession
in wholesale prices. Distribution of commodies was in greater volume than at
this time last year, but slightly less than
in April.
P rod u ction .
The Federal Reserve
Board’s index o f production in basic in
dustries declined 6 per cent in May to a
level 12 per cent below the high point in
January. There were further consider
able decreases in the output of the iron
and steel and woolen industries, and de
clines also occurred in the mill consump
tion o f cotton and in copper, sole leather
and newsprint production. The number
o f automobiles manufactured during May
fell slightly below the record figure of
April. Employment at industrial estab
lishments was slightly less in May than
in the month before, with decreases, partly
seasonal, in the clothing, boot and shoe,
and iron and steel industries and increases
in the industries producing automobiles,
tobacco products and certain building ma
terials. Building contracts awarded dur
ing May were smaller in value and in
square feet than those for April, but were
larger than for any other month on
record.
T rade. Department store sales in May
were smaller than in April but somewhat
larger than a year ago, and mail order
sales were 5 per cent larger than in May,
1924. Department store stocks declined in
May and were at the same level as a year
ago. Wholesale trade was in about the
same volume as the month before and
about 3 per cent larger than a year ago,
increases over last year in sales of meats
and drygoods offsetting decreases in sales
of groceries, shoes, hardware and drugs.
Wholesale stocks of groceries in dollar
values were larger than a year ago, while
stocks of drygoods and shoes were sub
stantially smaller. Car loadings of mis
cellaneous products and merchandise de
creased slightly during May, but were
greater than a year ago.
P rices. Wholesale prices continued to
decline in May, but the decrease was con
siderably smaller than for the preceding
month. A ll groups of prices represented
DEPARTMENT STORE SALES
150
loo
IOO
50
7V
/
I
t
1 j
Vfy—
—
50
1922
1923
1924-
1925
Index of 22 basic com modities corrected for
seasonal variation (1919= 100). Latest
figures— M ay, 112.
in the Bureau o f Labor Statistics index
declined except the house furnishings and
miscellaneous groups. In the first three
weeks of June prices of wheat, corn, flour,
cotton goods, and pig iron declined, while
quotations on sheep, hogs, gasoline, hides
and rubber advanced.
Bank credit. Borrowing for commer
cial purposes at member banks in leading
cities declined further between the middle
o f May and the middle of June to a level
lower than at any time this year, while
loans on securities increased and reached
a new high level in June. Investment
holdings o f these banks also increased,
and total loans and investments at the
middle of June were near the high point
for the year.
A t the Reserve Banks there was an in
crease in member bank borrowing between
May 20 and June 24 and on that date
discounts for member banks were in
larger volume than at any time since the
opening of the year. Further decreases
in the holdings o f acceptances and o f
United States securities brought the vol
ume of open market holdings in June to
the lowest level since last summer.
PER CENT
200
W HOLESALE
P R IC E S
150
IOO
50
_ _ With seasonal adj us+roent
----- Witbc ut adjus+ro ent
................. ...... ...........
1922
1923
1924
1925
Index of sales of 333 stores in 117 cities (1919
= 100). Latest figures, M ay— Adjusted,
124: Unadjusted, 129.
1922
1923
1924
1925
Index of U. S. Bureau of Labor Statistics
(1913=100, base adopted by Bureau).
Latest figure— M ay, 155.2.
Page One
Weekly figures for 12 Federal Reserve Banks.
Latest figure— June 24.
Conditions in the money market re
mained relatively steady during the lat
ter part of May and first three weeks of
June, notwithstanding the heavy treasury
operations in the middle o f June.
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
Business activity in the Philadelphia
Federal Reserve District, during May and
June, has shown little more than the usual
seasonal changes.
Factory employment
declined fractionally from April to May
and increased a like amount in June so
that the level has really changed but little
in the past three months. Industrial pro
duction, on the whole, is barely holding its
own, while in the output of iron and
steel and other basic products there has
been a sharp curtailment. Distributive
activity in most lines compares un
favorably with that of last year. Retail
sales, in May, and during the first five
months of 1925, were smaller than in the
corresponding periods of 1924. Some im
provement occurred in June, however, hot
weather having stimulated sales of many
products.
Conditions in the wholesale
trade are somewhat mixed; drugs, elec
trical supplies and Jewelry sold in greater
amounts than in 1924, but in the other
lines business was smaller.
Railroad
freight shipments in the Allegheny dis
trict continued to increase in May and
were 8 per cent larger than in May,
1924.
Check payments in May also
reached a large total.
The volume o f building in this district
has fallen off after reaching record levels
in March and April, but new construction
undertaken in May was still substantially
above 1924 and 1923 levels. The market
for most building materials, however,
continues unsatisfactory. A fair demand
exists for bricks, but lumber and paint
manufacturers report a poor market and
weakening prices.
The iron and steel industry experienced
Page Two
a sharp curtailment of output in May,
and June has seen no recovery, although
demand for many products is reported
as improved. Slackening in the steel in
dustry has been followed by lower prices
for coke and curtailment of output. The
coal markets are also unsatisfactory. De
mand for anthracite is very dull, and,
while there has been some recent strength
in soft coal markets, large orders have
been accompanied by price concessions.
Seasonal improvement has occurred in the
market for refined petroleum products
and, in most cases, demand is better than
it was last year.
Most o f the textile markets are dull,
although demand for some products, such
as summer weight underwear, has been
stimulated by hot weather.
The silk
trade continues active, with a large vol
ume of sales and considerable forward
buying. In the cotton and wool indus
tries, however, conditions are unsatis
factory. There is little spot, and prac
tically no forward business; prices are
either stationary or unchanged. Demand
for hosiery, though still good, has slack
ened, and carpets and rugs are selling
only in small volume.
The hot wave early in June hastened
the growth o f crops in the district, but
some damage is now threatened by
drought.
Grain crops, generally, are
now in good condition, but the outlook
for fruits is unfavorable as compared
with the 1924 condition. An adequate
supply o f farm labor is reported.
In spite of recent increases in em ploym ent
and wages at more than 1,000 factories in
Pennsylvania, New Jersey and Delaware,
productive activity is still below the
level m aintained in 1923.
Source—Federal Reserve Bank of Philadelphia
EM PLO YM EN T AND W AGES
Industrial operations expanded some
what during May in Pennsylvania, New
Jersey and Delaware, as shown by larger
wage payments, although employment
turned slightly downward. Undoubtedly
part of the improvement in wage pay
ments was due to the resumption of
operations in May at many plants which
were operating on reduced schedules dur
ing the Easter holidays in April.
The food and tobacco group experi
enced the greatest advances in both em
ployment and wages paid, all the indus-
SYNOPSIS OF BUSINESS CONDITIONS
Cpmpiled as of June 23, 1925
Business
Bricks.............................................................
Cigars.............................................................
Chemicals.......................................................
Coal, anthracite.............................................
Coal, bituminous...........................................
Coke................................................................
Confectionery................................................
Cotton goods.................................................
Drugs, wholesale...........................................
Drygoods, wholesale.....................................
Electrical supplies, wholesale.......................
Floor coverings..............................................
Groceries, wholesale......................................
Hardware, wholesale.....................................
Hosiery, full-fashioned..................................
Hosiery, seamless..........................................
Iron and steel................................................
Jewelry, wholesale.........................................
Leather, heavy..............................................
Leather, belting.............................................
Leather, upper...............................................
Lumber...........................................................
Oils..................................................................
Paint...............................................................
Paper..............................................................
Paper, wholesale............................................
Printing and publishing................................
Pottery...........................................................
Shoes, manufacture.......................................
Shoes, retail...................................................
Shoes, wholesale..................... .......................
Silk goods.......................................................
Silk, thrown...................................................
Tobacco leaf................................................ .
Underwear, heavy weight.............................
Underwear, light weight...............................
Woolen and worsted goods...........................
Woolen and worsted yarns...........................
Philadelphia Federal Reserve District
Demand
Fair
Fair
Fair
Fair
Poor
Fair
Poor
Fair
Fair
Fair
Fair
Fair
Good
Fair
Good
Fair
Fair
Fair
Poor
Fair
Fair
Fair
Good
Fair
Fair
Fair
Good
Fair
Poor
Fair
Fair
Good
Good
Fair
Poor
Good
Poor
Poor
Prices
Stocks
Weak
Unchanged
Unchanged
Higher
Unchanged
Lower
Unchanged
Lower
Higher
Unchanged
Unchanged
Unchanged
Unchanged
Firm
Unchanged
Unchanged
Weak
LTnchanged
Unchanged
Unchanged
Unchanged
Weak
Higher
Weak
Weak
Unchanged
Unchanged
Weak
Unchanged
Unchanged
Unchanged
Unchanged
Higher
Unchanged
Unchanged
Unchanged
Weak
Unchanged
Moderate
Moderate
Moderate
Heavy
Heavy
Moderate
Light
Moderate
Moderate
Light
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Heavy
Moderate
Moderate
Moderate
Lower
Moderate
Moderate
Moderate
Moderate
Moderate
Light
Light
Moderate
Moderate
Light
Moderate
Moderate
Collections
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Good
Fair
Good
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Fair
Good
Good
Fair
Fair
Fair
Fair
Fair
F IN A N C IA L C O N D IT IO N S
EMPLOYMENT AND WAGES
Throughout Pennsylvania, New Jersey and Delaware
Number of
wage earners—
week ended
Group and industry
All industries (48)
No. of
plants
report
ing
May
15,
1925
Per cent
change
from
month
ago
Per cent
change
from
month
ago
May
15,
1925
Per cent
change
from
month
ago
0.8
$9,981,408
+ 1.6 $26.65
+ 2.5
5,004,621
259,650
474,917
464,315
280,743
354,532
167,720
416,101
110,318
1,246,622
95,351
758,775
271,288
104,289
+ 0.1
+ 7.5
- 2.4
+ 4.0
+ 1.4
- 1.8
+ 0.9
- 2.5
+ 5.2
- 6.6
- 0.3
+ 5.2
+ 12.4
+ 8.9
27.82
30.46
29.73
25.15
28.93
27.76
29.69
28.32
24.08
27.02
27.30
28.07
29.00
29.62
+ 1.2
+ 4.8
- 2.6
+ 6.1
+ 1.7
- 2.0
+ 5.7
+ 1.1
+ 9.3
- 2.7
- 1.4
+ 5.0
+ 0.8
+10.9
-
1,615,116
123,891
74,038
112,305
185,714
412,104
206,251
258,105
213,360
29,348
+
+
+
+
+
+
+
1.7
3.0
6.1
5.1
3.2
5.8
4.0
5.6
5.9
2.5
22.89
27.15
18.41
23.12
22.07
21.74
21.75
23.66
27.20
19.30
+
+
+
+
+
+
+
+
+
549,027
108,338
69,876
107,993
67,660
101,781
93,379
+ 5.5
+ 3.2
+ 0.7
+ 3.6
+ 5.8
+ 3.6
+ 17.4
22.59
30.55
21.13
20.95
27.40
30.33
14.44
+ 3.5
- 0.6
+ 1.0
+ 2.1
+ 6.6
+ 2.3
+ 13.0
0.7
3.3
1.3
1.7
0.0
761,869
94,187
233,763
269,513
164,406
+
+
+
+
2.2
1.1
3.7
2.3
9.0
29.05
26.00
29.66
28.02
32.20
+
+
+
+
29,484
7,018
2,633
1,466
17,336
1,031
- 0.1
- 4.4
0
+ 1.3
+ 1.9
- 4.4
925,573
190,631
72,547
38,271
595,188
28,936
+
+
+
-
6.0
5.4
3.1
4.2
12.1
0.7
31.39
27.16
27.55
26.11
34.33
28.07
+ 6.1
- 1.0
- 3.1
+ 2.9
+ 10.0
+ 3.8
44,073
2,524
3,002
3,885
8,134
584
4,869
5,094
3,935
5,477
2,269
4,300
+
+
+
+
-
25.53
+ 2.7
- 3.9
19.18
24.42
+ 3.4
+ 2.2
25.84
+ 5.2
25.56
18.53
-1 3 .7
- 3.7
18.81
- 1.5 26.45
+ 11.2
33.97
27.93
+ 4.1
- 3.2
24.98
+ 5.4 •26.67
+ 4.1
- 7.5
+ 5.9
+ 5.9
+ 8.7
-1 1 .2
+ 1.8
- 1.8
+ 8.2
+ 2.3
+ 0.4
+ 7.4
Metal manufactures:
Automobiles, bodies, and parts.
Car construction and repair. . . .
Elec, machinery and apparatus.
Engines, machines, & mach.tools
Foundries and machines shops..
Heating appl. and apparatus. . .
Iron and steel blast furnaces___
Iron and steel forgings...............
Steel works and rolling mills___
Structural iron works.................
Misc. iron and steel products. . .
Shipbuilding................................
Non-ferrous metals.....................
346 179,901
8,524
23
15 15,975
37 18,463
9,704
37
70 12,772
18
5,649
13 14,691
4,582
13
49 46,144
12
3,493
45 27,029
8
9,354
3,521
6
Textile products:
Carpets and rugs........................
Clothing.......................................
Hats, felt and other....................
Cotton goods...............................
Silk goods....................................
Woolens and worsteds................
Knit goods and hosiery..............
Dyeing and finishing textiles. . . .
Misc. textile products................
228
15
25
10
28
57
25
40
21
7
70,564
4,564
4,021
4,857
8,413
18,953
9,483
10,90S
7,844
1,521
1.0
1.1
1.8
5.8
0
+ 3.4
- 3.4
+ 2.1
- 8.3
- 4.3
Foods and tobacco:
Bakeries.......................................
Canneries.....................................
Confectionery and ice cream. . . .
Slaughtering and meat packing.
Sugar refining.............................
Cigars and tobacco.....................
83
19
8
20
11
4
21
24,302
3,546
3,307
5,156
2,469
3,356
6,468
+
+
+
+
+
1.9
3.8
0.3
1.4
0.8
1.3
4.0
Building materials:
Brick, tile, terra cotta products.
Cement........................................
Glass.............................................
Pottery.........................................
79
22
15
27
15
26,226
3,622
7,881
9,617
5,106
+
+
Chemicals and allied products:
Chemicals and drugs..................
Explosives...................................
Paints and varnishes..................
Petroleum refining......................
Coke.............................................
75
39
10
15
8
3
Miscellaneous industries:
Lumber and planing mill prod. .
Furniture.....................................
Musical instruments...................
Leather tanning..........................
Leather products........................
Boots and shoes..........................
Paper and pulp products...........
Printing and publishing.............
Rubber tires and goods..............
Novelties and jewelry................
All other industries.....................
190
8
21
6
34
16
27
21
26
19
9
13
tries sharing in the increase with the
exceptions of the canning and slaughter
ing industries, which fell off slightly in
employment.
Shipbuilding showed the
most marked and widespread advance of
all the individual industries,— a result
o f favorable weather conditions and in
creased orders.
Automobile manufac
turers, silk mills, knit goods and hosiery
mills, and printing and publishing estab
lishments also indicated greater activity
in May than in April.
Steel works and rolling mills, hat and
shoe manufacturers, plants finishing and
dyeing textiles and those making chemi
May
15,
1925
Average weekly
earnings—
week ended
- 1.1
+ 2.6
+ 0.2
- 2.0
- 0.3
+ 0.2
- 4.5
- 3.7
- 3.7
- 3.9
+ 1.2
+ 0.2
+ 11.5
- 1.8
1,001 374,550
-
Total
weekly wages—
week ended
1.4
3.9
2.4
3.4
3.3
2.8
5.4
0.4
2.8
1-7
3.6
1.8
1,125,202
48,420
73,313
100,402
207,887
10,824
91,570
134,736
133,689
152,990
56,686
114,685
2.7
4.1
8.0
0.8
3.2
2.3
7.7
3.5
2.6
7.1
2.9
4.5
2.3
0.6
9.0
cals and drugs were the only industries
which showed notable declines in both
employment and operations.
Lumber
and planing mills advanced in employ
ment, but declined in wage payments.
But many other industries, though de
clining in employment, showed increases
in wage payments or operating schedules.
The most pronounced among the latter
group were establishments manufactur
ing heating appliances, iron and steel
forgings, non-ferrous metals, clothing,
knit goods and worsteds, miscellaneous
textile products, and the leather tanning
industry.
In the four weeks from May 13 to
June 10 the total loans and investments
o f reporting banks in leading cities of
the Philadelphia Federal Reserve Dis
trict increased 8 millions and total de
posits, 5 millions. Loans largely of a
commercial nature declined 7 millions to
a point little above the low point reached
this year, but loans on securities ad
vanced to a new high level. Investments
in United States securities declined
slightly in the course o f four weeks, but
holdings o f other securities on June 10
were as high as they have been at any
time this year.
Borrowings from the Federal Reserve
Bank of Philadelphia increased from 34.7
millions on May 20 to 41.6 millions on
the 27th. A reaction to 35.8 millions
on June 3 followed, but on the 17th loans
to member banks stood at 39.1 millions,—
an advance of 4.4 millions in the four
weeks.
Declines in acceptances and
United States securities were reported,
however, and total earning assets fell
from 82.8 to 79.1 millions. Note circu
lation and cash reserves increased, but
deposits declined.
Rates for commercial paper and
bankers’ acceptances at New York re
mained practically stationary during the
past month.
An increase o f .1 of one per cent in
savings deposits during May was re
ported by 99 banks in the Philadelphia
Federal Reserve District.
Percentage
changes by cities follow :
Changes June 1,
1925, compared with
Cities
Allentown..........................
Altoona..............................
Bethlehem.........................
Chester...............................
Easton...............................
Harrisburg.........................
Johnstown.........................
Lancaster...........................
Philadelphia.................
Reading.............................
Scranton.............................
Trenton........ ....................
Wilkes-Barre.....................
Williamsport......................
Wilmington.......................
Y ork...................................
Others.................................
Totals.........................
Previous
month
Previous
year
- .6 %
+ 1.0 “
+ .02 “
- 1 .1 “
- .8 “
- .5 “
- .2 “
+ 1.0 “
+ .1 “
+ .3 “
+ .1 “
+ 5.1%
+ 9.4 “
+ 11.9 “
+ 1.3 “
+12.1 “
+ 16.8 “
+ 4.2 “
+ 17.5 “
+ 6.8 “
+ 12.7 “
+ 12.0 “
+
+
+
+
.02
.2
.6
.4
.5
+ 9.8
+ 9.0
+ 5.4
+ 1 2 .6
+ 4 .5
+
.1 %
“
“
«
«
“
“
“
“
“
“
+ 7.1%
Commercial paper. Buying o f com
mercial paper by banks in Philadelphia
has increased during June but has not
been widespread nor as large as in June,
1924. Outside o f the city, however, sales
by dealers have been small. Most trans
actions continue at 4 per cent but a fair
volume has been transacted at both 3^4
and 414 per cent. Dealers’ portfolios
are small, comparatively little new paper
having been received.
Page Three
FINANCIAL STATISTICS
Philadelphia Federal Reserve District
Changes in course o
000’s omitted in all figures except percentages
Latest
Four weeks
One year
Reporting member banks:
Loans on securities........................................................
All other (largely commercial) loans...........................
$353,100
360,600
+$11,400
6,600
+ $ 72,300
+
700
Total loans..................................................................
Investments........................................................................
$713,700
363,900
+ $ 4,800
+ 3,200
+ $ 73,000
+ 60,400
Total loans and investments.....................................
Total deposits....................................................................
$1,077,600
966,700
+ $ 8,000
+ 5,300
+$133,400
+ 123,200
Federal Reserve Bank:
Bills discounted..............................................................
Other earning assets......................................................
$ 39,100
40,000
+ $ 4,400
8,100
+ $ 12,900
+
6,200
Total earning assets...................................................
$ 79,100
- $ 3,700
+ $ 19,100
Federal reserve note circulation...................................
Total deposits.................................................................
Cash reserves..................................................................
Reserve ratio..................................................................
$ 155,300
132,600
227,900
79.1%
+ $5,300
1,500
+ 4,300
+
.4%
- $ 30,300
+ 13,400
34,700
7.0%
Debits (banks in 18 cities)*..............................................
Savings deposits (99 banks)..............................................
Bankers’ acceptances:!
Purchases by 5 dealers..................................................
Sales by 5 dealers:
To Federal Reserve Bank.........................................
To others.....................................................................
Executed by 11 banks { ...............................................
Commercial paper sales, 6 dealers...................................
$623,628
565,865
+$56,033
+
521
+ $ 75,092
+ 37,593
372
135
7
5,060
6,160
+
-
290
+
207
1,809
115
2,751
1,264
-
170
12
3,233
5,362
+
-
in most lines have been slight, advances
being offset by declines.
In May sales were smaller than in
April in shoes, electrical supplies, paper,
drugs, and hardware, but were larger in
the other three lines, the notable figures
being a loss o f 27.4 per cent in shoes and
a gain o f 17.0 per cent in jewelry. As
compared with May, 1924, sales in five
lines decreased and in three gained; the
changes, however, were not large. Stocks
were lower in all lines except jewelry,
both as compared with the previous
month and with May, 1924; in drygoods,
stocks fell 16.8 per cent from those of a
year before. Although collections im
proved in a few instances, generally they
were poorer than in April, 1925, or May,
NEW YORK CITY
June 22, 1925
Actual figures in all columns
Money rates:
Commercial paper..........................................................
Bankers’ acceptances....................................................
Call money renewals......................................................
Security price averages:
20 industrial stocks........................................................
20 railroad stocks...........................................................
*Weekly totals.
fWeekly averages.
R E T A IL T R A D E
Preliminary reports indicate that the
volume of sales in June will exceed that
of June, 1924. The sudden hot weather
at the opening o f the month- particularly
stimulated a number of departments of
retail trade though it probably retarded
others. Some of the lines in which sales
were accelerated are silks, wash voiles
and broadcloths, bathing suits and ac
cessories, underwear, children’s and in
fants’ dresses and street and house dresses.
Store managers report that merchan
dise in manufacturers’ hands is sufficient
for all needs and, in women’s dresses, is
larger than usual at this season. Price
3K %
394%
$128.25
97.77
93.19
102.32
394-4%
394%
m %
$128.95
99.05
93.11
102.00
Year ago
394-4J4%
2)4-294%
2%
$ 93.53
85.23
90.16
101.76
{Total for month ending 10th.
In May the sales o f six dealers in this
district were $6,160,000; this compares
with $7,423,500 in April and $11,522,000
in May, 1924.
The amount sold to
Philadelphia banks was $4,520,000 and,
to outside institutions, $1,640,000. Rates
on these sales varied from 3^4 to 4^4
per cent with about 75 per cent of the
total at 4 per cent.
Page Four
394-4%
Month ago
concessions can be obtained to clear sur
plus summer goods in a number of lines
and when obtained are passed on by ad
vertised sales to the consumers. Other
wise quotations are unchanged.
During May, sales decreased 3.9 per
cent as compared with May, 1924, but
it must be remembered that this year
there was one less selling day. Depart
ments making gains include silk, toilet
articles and drugs, silverware and jew
elry, women’s dresses, underwear, includ
ing petticoats, and men’s furnishings.
Men’s clothing,
however,
decreased
sharply. Sales in shoe stores were satis
factory, showing a gain of 9.3 per cent.
The only cities which showed an increase
were Chester and Lancaster.
W H O LE SA LE TRADE
Sales during June in a number of lines
have been favorably affected by the sud
den coming of hot weather and, though
seasonal dulness is reported by some, pre
liminary statements indicate that whole
sale trade will show an increase ascompared with June, 1924. Price changes
The seasonal variations in sales of drugs is
m uch less than in either drygoods or boots
and shoes. In the latter two the peak
sales are about double those of the
low m onths. Sales of drugs have
shown a gradual increase dur
ing recent years.
Source-Federal Reserve Bank of Philadelphia
Paper. The demand for such papers
as printing, book, fine, kraft, wrapping,
tissue and crepe continues fairly active,
although May sales o f all grades of paper
dropped 4.6 per cent and 5.2 per cent,
respectively, below the level o f last
April and May, 1924. Most reports also
show a noticeable decrease in stocks.
With the exception of slight price reces
sions on chipboard and fibre papers,
quotations generally remain unchanged.
Shoes. During June wholesale trade
in shoes has shown no special feature
and it is not likely that sales will ex
ceed those o f June, 1924.
In efforts
to clear some lines o f summer goods,
price shading is reported. Orders are
mainly for immediate shipment, but
some call for August and September
delivery. For women, white kid, patent
and black satin pumps are in request; and
sport shoes with crepe soles for men,
women and children are called for. A
few dealers report that men’s shoes are
selling best, but in a majority o f cases
the heaviest request is for women’s and
children’s. In May, sales were smaller
by 27.4 per cent than in April and by
6.7 per cent than in May, 1924.
Prices are unchanged except for an
advance by manufacturers for shoes with
sale drug firms in this district were 4.1
per cent smaller than in the preceding
month, but 5.7 per cent larger than in
June o f last year.
RETAIL TRADE
Philadelphia Federal Reserve District
Comparison of net sales
May, 1925,
with
May, 1924
Ja n .1 to
May 31, 1925, May 31, 1925, May 31, 1925, Jan. lt o Jan. 1 to
with
with
with
May 31, May 31,
Jan. 1 to
May 31, 1924 Apr. 30, 1925 1925
1924
May 31, 1924
- 2 .5 %
-2 .4 “
+ 0.3%
+ 1.1 “
-
4.0 %
5.2 “
1.338
1.500
1.377
1.553
- 2.8 “
- 7.6 “
+ 4.3 “
- 0.6 “
- 7.3 “
+ 2.0 “
- 8.3 “
- 5.0 “
- 9.6 “
- 5.5 “
-1 1 .1 “
- 7 .1 “
- 7.2 “
- 8.3 “
-1 .0
-3 .0
+ 1.0
-0 .3
-5 .2
-1 .2
-3 .2
-4 .3
-5 .8
-3 .2
-5 .7
+ 0 .8
- 5 .1
-2 .3
- 2.2
- 1.6
+ 1 2 .8
+ 2.1
-1 6 .7
+ 4.7
- 8.6
+ 3.6
+ 7.6
- 2.7
- 6.5
+ 10.3
+ 0.5
+ 5.2
“
“
“
“
“
“
“
“
“
“
“
“
“
“
+
+
-
0.2
3.8
1.3
3.3
1.1
0.1
1.8
2.5
0.5
3.2
2.8
3.0
3.9
3.9
“
“
“
“
“
“
“
“
“
“
“
“
“
“
1.057
1.139
1.064
1.098
.912
1.106
1.108
.981
1.220
1.189
1.261
.865
.767
1.071
.872
.932
1.101
1.130
.912
1.276
1.256
1.335
.868
.816
1.096
.943
All department stores. . . .
in Philadelphia.............
outside Philadelphia. . .
-
4.4 “
4.2 “
4.7 “
-3 .3 “
-3 .8 “
-2 .1 “
- 0.2 “
+ 0.3 “
- 1.1 “
-
3.8 “
4.8 “
2.0 “
1.321
1.438
1.086
1.362
1.500
1.091
All apparel stores.............
Men’s apparel stores........
in Philadelphia.............
outside Philadelphia. . .
Women’s apparel stores...
in Philadelphia.............
outside Philadelphia. . .
- 3.6 “
- 5.8 “
- 2.2 “
-1 0 .3 “
- 2.7 “
- 3.6 “
+ 3.1“
+ 1.5 “
-1 .2 “
+ 1.9 “
- 5 .1 “
+ 2 .8 “
+ 2 .9 “
+ 1 .8 “
+
+
+
+
-
- 7.9
- 4.4
- 6.7
-1 .8
-1 1 .5
-1 2 .4
- 7.9
‘ 1.802
.925
1.050
.795
2.714
2.997
1.616
1.805
.951
1.059
.837
2.697
3.030
1.517
All reporting firms...........
Firms in Philadelphia. . . .
Allentown, Bethlehem
and Easton................
Altoona.........................
Harrisburg.....................
Johnstown.....................
Lancaster.......................
Reading.........................
Scranton........................
Trenton.........................
Wilkes-Barre.................
Williamsport.................
Wilmington...................
Y ork..............................
All other cities..............
-
3.9 %
3.2 “
“
“
“
“
“
“
“
“
“
“
“
“
“
“
0.0
1.6
1.5
1.8
1.8
0.0
8 .4
“
“
“
“
“
“
«
“
“
“
“
“
“
“
Credit houses....................
-
2.4 “
-2 .8 “
+ 7.9 “
-
4.2 “
.948
1.035
Shoe stores........................
+ 9 .3 “
+ 8 .1 .“
+ 6.0 “
+ 3.7 “
1.055
1.017
crepe rubber soles. This increase amounts
on the average to about 20 cents per
pair. But little business has been placed
at the advanced quotations.
Drygoods. The sudden advent of hot
weather at the beginning o f June fur
nished the long awaited stimulus to the
wholesale drygoods trade and, from pre
liminary reports, it is expected that
sales in June will exceed those of June,
1924.
During each o f the first five
months o f this year, however, sales have
been lower than in the corresponding
months o f 1924. During May the de
crease was only 1.7 per cent and transac
tions were larger by 0.2 per cent than
in April. The decreases this year are
ascribed by different firms to the follow
ing reasons: reduction in sales o f piece
goods, caused partly by the fact that
dresses at present require less yardage,
poor weather conditions, especially in the
good retail selling seasons o f March and
April, poor business conditions in the
bituminous coal regions, lack o f confi
dence and an increase in hand to mouth
buying.
Prices generally are unchanged and the
articles in best demand are light-weight
underwear, bathing suits, hosiery, novelty
dress goods, muslins, laces and neckwear.
Drugs. The call for drugs is holding
up well, the most active demand being for
insecticides, toilet preparations, patent
medicines and, o f course, summer spe
Hardware. Sales o f summer merchan
dise, including screening, nettings, gar
den hose and lawn mowers, have been
moderately heavy during the past month
and wholesalers report that the demand
for these goods, together with that for
builders’ supplies, have made a fairly
active market. Prices are generally firm
though a few advances and declines are
reported.
During May, the net sales
o f 28 firms in this district were 1.6 per
cent smaller than they were in April and
2.3 per cent less than in May o f last
year. Stocks on the shelves o f these
firms at the close of May were 0.1 per
cent heavier than on the last day of the
preceding month and 4.3 per cent greater
than those on May 31, 1924. Collections
are only fair.
Stock turnover
Comparison of stocks
Jewelry. Sales o f jewelry at whole
sale are fair and prices show little
change, though an advance is noted in
quotations for platinum wedding rings.
Sales in May were larger by 17.0 per
cent than in April, and by 7.3 per cent
than in May, 1924. This is the first
time since December that transactions
exceeded those o f the corresponding
month in the previous year.
Electrical supplies. The net sales of
6 wholesale electrical firms in this dis
trict were 6.5 per cent smaller in May
than they were during April, but 3.5
per cent larger than in May of last year.
So far this month the call has been
no better than fair though, during the
recent hot spell, the demand for sea
sonal goods, particularly fans, was
strong.
W iring devices, lamps and
lighting fixtures continue to go forward
in sizeable volume and shipments o f sup
plies to mills and factories continue to
feature the market for heavy equipment.
With the exception of those o f special
ties, prices are much the same as they
were a month and a year ago. Stocks in
the hands o f reporting firms on the last
cialties. Several price changes occurred
during the month, but the readjustments
resulted in no great departures from the
May levels. However, the tendency of
prices for some drugs and fine chemicals
appears to be slightly upward, but quo
tations for botanical drugs are lower, as
is indicated by figures compiled by the
“ Oil, Paint and Drug Reporter.”
On
June 22 the index number based on quo
tations for 40 botanical drugs stood at
115.1, as against 115.4 on May 22 and
131.8 a year ago. The index number
for 35 fine chemicals registered 203.7, as
compared with 202 on May 22 and 199.5
on the corresponding date in June, 1924.
During May, the net sales of 14 whole-
WHOLESALE TRADE
Philadelphia Federal Reserve District
Net sales
May, 1925, com
pared with
April,
1925
Boots and shoes. . . . -2 7 .4 %
-4 .1 “
+ 0.2 “
Electrical supplies.. . - 6.5 “
Groceries.................. + 2.3 “
Hardware................. - 1.6 “
Jewelry..................... + 17.0 “
Paper........................ - 4.6 “
May,
1924
+
+
+
-
6.7%
5.7 “
1.7 “
3.5 “
6.5 “
2.3 “
7.3 “
5.2 “
Stocks
May, 1925, com
pared with
April,
1925
May,
1924
- 7.5% - 4 3
- 5.5
- 4.7
- 3.7
+ 12.6
- 2.8
“
“
“
“
“
“
Accounts out
standing
May, 1925, com
pared with
April,
1925
4.4% “ “ “ +
“ +
“ +
“ -
-1 6 .8
- 9.5
- 1.0
- 3.7
+ 1.8
- 1.8
5.6%
0.4 “
1.3 “
4.5 “
2.2 “
May,
1924
- 2 .6 %
+ 12.2 “
- 7 4 “
-1 6 .6 “
- 0.2 “
0. 1 “ + 4.3 “
5.3 “ + 9.5 “
1.3 “ - 3.0 “
Ratio of accounts
outstanding to sales
May,
1925
April,
1925
May,
1924
324.5%
151 6 “
246 5 “
129.1 “
108.5 “
180.8 “
401.9 “
148.5 “
242.9%
146 2 “
250 2 “
126.5 “
105.9 “
178.5 “
446.5 “
143.5 “
300.3%
142 4 “
2010 “
160'2 “
100.5 “
170.5 “
393.9 “
145.2 “
Page Five
;
day o f May were 5.5 per cent smaller
than they were at the close o f the pre
ceding month and 9.5 per cent lighter
than on May 31, 1924. Collections are
scarcely fair.
Groceries. Groceries are in good de
mand and preliminary estimates indicate
that sales will exceed those o f May,
when business was greater than that of
April by 2.3 per cent, but was 6.5 per cent
less than in May, 1924.
The average price has changed but
little. Articles which have advanced in
clude evaporated milk, rice, butter, cheese,
fruit jars and coffee, and those on which
quotations are lower include California
canned fruit, prunes, sardines (domestic),
cooking oil, paper and paper bags,
matches, dried beans, canned tomatoes
and some soaps.
Products which are
selling actively are soft drinks, glass jars
and tumblers, canned vegetables and
fruits, sugar, cereals and picnic special
ties such as salad dressings, canned fish,
cheese and olives.
C O N F E C T IO N E R Y
The excessive heat at the beginning of
this month caused a marked decline in
the buying of candies, and confectioners
report that the present demand ranges
from poor to barely fair. Orders booked
are much smaller than those of May and
somewhat less than in June, 1924. The
manufacture o f hard candies, chocolates
and chocolate-coated confections is now
principally devoted to seasonable prod
ucts which will withstand the heat. Few
factories are operating at more than 60
per cent o f capacity and many are oper
ating at less than 50 per cent. Buying
o f bar chocolate, baking chocolate, choc
olate coating and cocoa, too, is much
lighter than it was a month ago. Though
most manufacturers report that the
prices of their products are unchanged
as compared with those of May, a few
state that their quotations are lower.
Raw materials are unchanged in price.
Finished stocks at most factories are
light, but supplies o f raw materials are
moderate in size.
time last month and do not extend as
far into the future. In fact, practically
all o f those now on the books of report
ing firms are for shipment either at
once or within 60 days. Prices o f fin
ished paints are much the same as those
listed four weeks ago, although resistance
to quotations for ready to use products
o f the cheaper grades has caused con
siderable weakness. Prices of raw ma
terials in nearly all instances are firm.
On June 22, linseed oil in tank car lots,
cooperage basis, was quoted at $1.04 per
gallon, a reduction of 2 cents from the
price listed on the corresponding date of
the preceding month.
Manufacturers reporting to us are
operating their equipment at an average
rate o f 67 per cent of capacity. Un
filled orders will support this rate for
an average period of not more than a
few days at most. Stocks o f both fin
ished paint and raw materials are, in the
main, mo'derate, though they are tending
somewhat to increase. The supply of
operatives is ample. Collections are fair.
raw materials are from moderate to
heavy, and, for the most part, station
ary. The supply of labor is sufficient.
Collections are fairly good, though not
as prompt as they were a month ago.
Bricks.
Manufacturers o f building
and paving bricks say that the outlook is
now more encouraging and that demand
is fairly good and better than it was
last month or a year ago. The call for
fire bricks, however, decreased during
the past four weeks and is generally re
garded as poor. Though listed prices of
nearly all classes of bricks are the same
as those in May, considerable resistance
is being encountered and this has caused
a widespread weakness in established quo
tations. On the other hand prices of
raw materials are, in most instances,
firm. Unfilled orders do not extend as
far into the future as they did a month
ago, and very few are for delivery be
yond 90 days.
Manufacturers o f all classes o f bricks
reporting to this bank are operating at
an average rate of close to 76 per cent
o f capacity and, though unfilled orders
will insure operations for as long as six
months in some instances, the average
period is from four to six weeks. The
supply of finished bricks is either mod
erate or light and is decreasing. Stocks
of raw materials are moderate, and they
too are decreasing. The supply o f labor
is plentiful. Collections are fair.
Pottery. The market for pottery is
spotty. Manufacturers reporting to us
find that the call for their products ranges
all the way from poor to good and most
o f them say the demand is not as strong
as it was a month or a year ago. Prices
of staple articles, including nearly all
types o f standard fixtures, are weak and,
in several instances, lower than they were
at this time last month. Quotations for
raw materials are generally firm.
Reporting manufacturers are operating
their plants at an average rate o f 70 per
cent o f capacity and, since unfilled orders
now on hand are smaller than they were
last month and extend no further into
the future, they will not insure this rate
for longer than approximately twenty
days. Stocks of both finished goods and
Lumber. According to the reports o f
manufacturers and dealers in this dis
trict, demand for lumber, in spite o f the
usual building season, is not satisfactory
and, in most cases, is lighter than it was
at this time in the preceding month or
in June, 1924. Price reductions still con
tinue to be made, though not as exten
sively as those of a month or so ago. Chief
BUILDING PERMITS
Philadelphia Federal Reserve District
January 1 to May 31, inclusive
May, 1925
May, 1924
B U IL D IN G
Reports from 16 cities in this district
show that the estimated cost o f new
construction during May was somewhat
in excess of $21,800,000. Though the de
cline from the totals for April was con
siderable, it is not surprising in view of
the extraordinarily high figure reached
in that month. Indeed, the total for May
was over four million dollars greater
than that during May of last year. The
number of permits granted in May to
talled 3,536 as will be seen in the accom
panying table.
Paint. Demand for paint is scarcely
fair and not as strong as it was a month
ago or in June of last year. Unfilled
orders are smaller than they were at this
Page Six
1925
No.
Estimated
cost in
thousands
No.
Estimated
cost in
thousands
Allentown............
Altoona................
Atlantic C ity. . . .
Bethlehem...........
Camden...............
Easton.................
Harrisburg..........
Lancaster............
Philadelphia........
Reading...............
Scranton..............
Trenton...............
Wilkes-Barre.......
Williamsport.......
Wilmington.........
York.....................
126
223
172
56
166
49
92
102
1,369
288
192
211
156
68
105
161
$
943
359
395
182
1,109
110
383
557
14,434
497
637
739
278
156
246
794
114
275
178
71
169
68
80
123
1,735
355
231
267
202
140
160
254
$
T otal............
3,536
$21,819
4,422
$17,026
No.
502
460
390
867
374
759
279
208
249
648
662
154
297 379
384
176
10,940
6,119
384
1,128
762
797
598
831
645
500
206
417
432
413
• 594
275
*Williamsport figures for January are not included.
Estimated
cost in
thousands
$
3,103
1,368
3,325
856
3,809
1,384
1,668
1,887
74,858
2,849
3,655
2,995
2,069
886
1,894
1,631
1924
No.
Estimated
cost in
thousands
488
898
821
223
595
194
446
487
6,767
1,279
775
976
694
484
532
862
$ 2,503
1,638
2,469
682
2,062
1,116
3,665
2,580
61,459
2,950
2,190
2,496
1,767
551
2,041
1,019
14,803* $108,237* 16,521*
$91,188*
among the woods for which prices have
been lowered are white and yellow pine
and spruce. Considerable resistance to
quotations is being encountered and com
petition for business at the expense of
prices is keen.
Manufacturers reporting to this bank
are operating at an average rate of 80
per cent of capacity. This rate is fully
as high as that of a month ago, and ap
parently production is greater than ship
ments since stocks of finished lumber are
fairly heavy and increasing. Supplies of
raw materials, on the other hand, are
moderate and decreasing. Unfilled orders
on hand will insure operations for from
two to three weeks. Most of the orders
now on the books o f both manufacturers
and dealers are for shipment within the
next two months. The supply of mill
workers is plentiful. Collections are fair.
IR O N A N D S T E E L
Since the first of June there has been
an improvement in the market for iron
and steel and, though the increase in new
business has been only moderate, the gen
eral situation compares favorably with
that of a year ago. Pig iron is selling
more actively than it was a month ago
and a few orders for substantial ton
nages recently were placed in this mar
ket. Demand for structural steel, too,
is well maintained and heavy scrap steel
for melting still is going forward in good
volume. On the other hand, iron and
steel castings, as well as machinery and
tools, are moving more slowly than they
were at this time last month, though the
call for these products is by no means
inconsiderable. The call for steel plates
and bars is fair and fully as strong as it
was at this time in May. Automobile
interests, as usual, are placing sizeable
orders for sheets and strip steel and
much interest, too, is being manifested in
the improving market for steel pipe.
Considerable weakness in prices con-
tinues, aggravated no doubt in part by
the policy among consumers o f buying
in small lots. Quotations for several
steel products and for basic pig iron are
extremely low. In fact, the composite
prices o f both pig iron and finished steel
as compiled by the “ Iron A ge” are now
lower than at any time in almost three
years. On June 23, the former was listed
at $19.13 per ton and the latter at 2.424
cents per pound. Quotations for Phila
delphia 2X pig iron, however, are steady
at $21.26 per ton, no change having oc
curred during the month.
Preliminary estimates indicate that the
rate o f output so far in June is much
the same as it was in the preceding month.
According to the “ Iron Age,” the Steel
Corporation is running at close to 70 per
cent o f capacity. However, production
of both pig iron and steel ingots as well
as unfilled orders of the United States
Steel Corporation were smaller in May
than in April as is shown in the table
below :
Source—Iron Age
April
2,930,807
3,458,253
3,258,958
3,587,524
4,049,800
4,446,568
Production—
Unfilled orders—
In the Philadelphia Federal Reserve
District on May 31, the number of blast
furnaces in operation totaled 24, a loss
of two from those in operation at the
close of the previous month. During
May, four were shut down and two were
put in blast.
Iron foundries. The main operating
items of 35 iron foundries in this dis
trict, during the month o f May, are pre
sented in the table below, as compared
with their operations in the preceding
month and during May o f last year.
Change
from
April
Change
from
May,
1924
0
Capacity.............. 12,931 tons
Production.......... 6,150 “
+ 3.5%
Malleable iron. 1,182 “
+ 10.3 “
Gray iron......... 4,968 “
+ 2.0 “
Jobbing........ 3,491 “
+ 1 .2 “
F or fu rth er
+ 4.1 “
mfr............ 1,477 “
- 0.7 “
Shipments............ 4,918 “
Value................ $687,468 -1 3 .6 “
Unfilled orders. .. 5,271 tons - 2.7 “
Value...............
$783,510 + 4.6 “
Raw stock:
Pig iron............ 8,451 tons - 5 . 8 “
- 8 .3 “
Scrap................ 2,748 “
1,956 “
+ 1 .1 “
Coke................
0
+ 1.7%
+ 20.4 “
- 2.0 “
+ 2.0 “
Iron foundry
operations
Unfilled orders usually follow closely the gen
eral trend of output of pig iron and steel
ingots. However, during February of
this year, when production declined,
unfilled orders continued to in
crease.
May
In gross tons
May
-1 0 .2 “
+ 10.4 “
- 5 .3 “
-1 0 .7 “
-2 6 .5 “
+ 2.9 “
-1 7 .9 “
.8 “
Steel foundries. Several additions to
the list o f reporting steel foundries
having been made, the following table
presents the principal operating features
of 12 steel plants in this district during
May and the percentages of change from
the previous month. Comparisons with
the corresponding month of last year,
however, are compiled from the reports
o f the usual six identical foundries.
Steel foundry
operations
May
Change
from
April
Change
from
May
1924
Capacity..............
Production..........
Shipments...........
Value...............
Unfilled orders. . .
Value...............
Raw stock:
Pig iron............
Scrap................
Coke.................
12,490 tons
10,321 “
5,183 “
$1,056,539
8,312 tons
$1,939,381
0
+ 36.6%
- 0.3 “
+11.1 “
+ 8.3 “
- 2.1 “
0
+ 32.9%
+ 12.5 “
+ 50.0 “
+ 12.3 “
+ 63.6 “
2,970 tons - 3.9 “ +37.7 “
9,992 “
- 1.7 “ - 1 .5 “
1,254 “
-1 6 .9 “ + 1 1 .1 “
COAL
Anthracite. A considerable falling off
in the demand for anthracite, coupled
with an advance in prices for the domes
tic sizes, were the chief points of interest
in the market during the past month.
Stove and egg coal are in better request
than are any o f the other sizes used for
domestic consumption. Steam grades are
moving slowly, and, in several cases, at
substantial price concessions. Both inde
pendent and company quotations for do
mestic sizes are from 10 to 15 cents
higher than they were a month ago
though circular prices of most o f the
steam grades are unchanged. On June
23,- in this market, company stove coal
was listed at from $8.95 to $9.10 per ton.
Production during each of the past four
weeks and the corresponding weeks of
last year is given below.
In thousands of net tons*
Week
ended
May
May
June
June
23.
30.
6.
13.
..
..
..
..
1925
1924
1,750
1,723
1,674
1,870
1,850
1,294
1,846
1,823
Per cent
of change
+
+
5.4
33.2
9.3
2.6
* Compiled by the Geological Survey.
Bituminous.
Though the call for
bituminous still is poor, as has been the
case for the last several weeks, there
seem to be indications that the market
is strengthening. Railroads are evincing
more interest in their fuel requirements,
and the demand from industrial sources
is somewhat stronger than it was a
month ago. It is still true, however, that
nearly all tonnages sold have been on a
spot rather than a contract basis. Prices
show little change as compared with
those quoted at this time last month,
though concessions granted on large ton
nages are not infrequent. On June 23,
in Philadelphia, Pool 10 coal was again
quoted at from $1.60 to $1.85 per ton.
Page Seven
3.316.000 in the preceding month and
2.786.000 tons during May, 1924.
O IL S
sharp as in 1924, and the downward
trend was halted at a substan
tially higher level.
Source— U. S. Geological Survey
Output of bituminous continues at rel
atively high levels in spite of the reported
inactivity o f many mines both in this
and other districts. Production during
each o f the past four weeks and in the
corresponding periods o f 1924 is given
in the table below.
Week
ended
In thousands of net tons*
May 23. ..
May 30. ..
June 6 . . .
June 1 3 ...
1925
1924
8,451
8,141
8,385
8,616
7,397
6,912
7,615
7,385
Per cent
of change
+
+
+
+
14.2
17.8
10.1
16.7 '
There has been a substantial seasonal
increase in the demand for gasoline, kero
sene, lubricating oils and other light oil
products as compared with that o f a
month ago, and it is interesting to note
that all refiners reporting to us find the
call much heavier than it was at this
time last year. Indeed, consumption of
these products is at record levels. Stocks
in the hands of refiners are either mod
erate or light and, though efforts are
being made to hold them at stationary
levels, they are in some instances de
creasing. Prices are firm and some ad
vances have occurred during the month.
On June 22, the tank wagon price of
gasoline was listed at 21 cents per gallon
and quotations for kerosene stood at 14
cents.
Reflecting the increase in sales o f fin
ished oils, refinery demand for Pennsyl
vania crude also is much heavier than it
was both a month and a year ago. Even
though better reclaiming methods have
increased output in the Pennsylvania field
the call has been such that producers’
stocks are lighter than is customary at
this time and are decreasing. Though
production o f petroleum in the entire
country decreased during February, the
general trend since the first of the year
has been upward, as will be noted in the
following table.
* Compiled by the Geological Survey.
656,140 bales in April, dropped in May
to 592,658 bales, but was higher in that
month than a year previous. Exports
also declined to 287,439 bales for the four
weeks ended June 19, from 307,800 bales
for the similar period o f last month.
Mill and warehouse stocks were reported
20.9 per cent lower on May 31, than they
were on April 30 last, but were 8.2 per
cent higher than those on May 31, 1924.
According to the government report, the
crop condition as o f May 25 was esti
mated at 76.6 as against 65.5 per cent on
the same date last year. This encouraging
prospect for increased yield o f cotton is
somewhat minimized by the drought still
prevailing in certain sections and the in
festation by pests. The following table
gives the present position o f American
cotton :
American cotton*
(thousands of bales)
Season
’24-’25
Season
’23-’24
Visible supply at end
of previous season
(July 31)................
952
Crop in sight on June
19........................... 14,390
870
1,968
10,965
10,827
11,835
12,795
Total.................. 15,342
Visible supply on June
19...........................
1,879
W orld ’ s takings to
'June 19.................. 13,463
Season
’22-’23
1,354
1,221
10,481
11,574
♦Compiled by the New York Cotton Exchange.
Price fluctuation continues within nar
row range. Spot cotton was quoted at
24.10 cents a pound on June 22 as com
pared with 23.95 cents a month ago and
29.15 cents last year.
In thousands of barrels*
Month
Coke.
The recent curtailment of blast
furnace activities reacted unfavorably on
the demand for coke, and, for the past
several weeks, tonnages have been in
creasingly difficult to move. Since many
furnaces are operating on contracts pre
viously made, spot coke is in poor re
quest. On June 23, foundry coke was
quoted at $3.75 per ton as compared with
$4.00 on May 23, and furnace coke was
reduced from $3.00 to $2.75 during the
same period.
Production o f beehive coke increased
somewhat in the week ending June 13, as
is shown below.
Week
ended
In thousands of net tons*
1925
1924
145
132
128
136
157
135
150
131
Per cent
of change
January__
February..
March. . . .
1925
1924
59,284
54,045
60,433
61,107
56,455
55,454
59,729
59,433
of change
+ 5 .0
-2 .5
+ 1.2
+ 2 .8
* Compiled by the Geological Survey.
Prices o f all Pennsylvania grades are
firm and, though quotations were lowered
twice in March and April, subsequent
advances brought the prices to 5 cents
per barrel above those quoted near the
close o f the first quarter. On June 22,
Pennsylvania crude was priced at $3.80
per barrel and Bradford-Allegheny oil at
$3.90. However, refineries are said to be
paying premiums o f from 20 to 25 cents
over the above quotations.
Sources—Journal of Commerce, Department
of Commerce
COTTON
May
May
June
June
23. ..
3 0 ...
6 ...
1 3 ...
- 7.6
- 2.2
-1 4 .7
+ 3.8
* Compiled by the Geological Survey.
During May output of by-product coke
totalled $3,290,000 tons as compared with
Page Eight
During the latter m onths of 1923 prices of raw
cotton reached a peak, while stocks were
smaller than in the same period of pre
ceding years. Since that tim e, prices
have fallen materially, and stocks
and consum ption have increased.
Raw cotton. Principally because of
the seasonal quietness that prevails in the
manufacturing industry, business in raw
cotton has slowed down somewhat during
the past thirty days, but it compares
favorably with that o f the previous
month and is still ahead o f last year’s
volume. Mill consumption, which totalled
Cotton goods. Business in cotton fab
rics is only moderately active and the
volume is about equal to that o f last
month or last year. Requests for quick
delivery feature nearly every sale. Pro
duction continues unchanged at about 60
per cent o f capacity, and unfilled orders
are sufficient to insure operation at this
rate for only about one month. Stocks
o f finished goods are somewhat large and
are stationary, whereas supplies o f raw
materials remain moderate and are de
creasing.
Prices o f such varieties as print cloths,
sheetings, drills and finished goods,
though firm in many cases, have declined
slightly.
Fairchild’s index number of
average quotations dropped from 15.1 for
the week ended May 23 and 16.1 a year
ago to 14.7 for the week ended June 20.
Resistance to quotations is still prevalent.
Collections are fairly prompt.
WOOL
Raw wool. Dealers report that, dur
ing the last fortnight, activity in the
wool market has gained considerably as
compared with the previous month. In
quiries are more numerous and sizeable
sales o f grease and scoured wools, notably
in quarter, three-eighths and half blood
grades, are noted. Tops and noils, to
gether with mohair, carpet and pulled
wools, are also in fair request. This,
however, must not be construed to mean
that trading in wool is wholly satis
factory, for the market is by no means
free o f uncertainties. Spinners, lacking
forward orders, refrain from buying
more than they need for immediate use.
Nor are dealers disposed to purchase
western wool, largely because of the high
prices at which growers are holding the
new clip. Consequently, the current re
ceipts o f western wool here are not large.
Little can be said at this time about con
ditions abroad inasmuch as the Colonial
auction sales are not due until July 1.
Imports for May totalled 22,386,799
pounds as against 28,911,280 pounds for
April and 18,916,140 pounds for May,
1924. Domestic supplies continue some
what light, but foreign stocks are said to
be fairly large.
Quotations have recently moved up
ward from two to five per cent. Fairchild’s index number stood on June 20
at 111.9 for domestic and 119.9 for for
eign wool as compared with 102.1 and
119.2, respectively, on May 23. Resist
ance to this advance is noticeable.
Woolen and worsted yarns.
Save
for some active inquiries for knitting and
weaving yarns, this market continues un
satisfactory. Sales o f both woolen and
worsted yarns are lagging behind those
o f the previous month or even of a year
ago. There is little buying for future
delivery. Spinners, rather than accumu
late stocks, have recently curtailed their
production materially, the activity of
worsted spindles having decreased at a
greater rate than that of woolen. Em
ployment in the industry has also declined
slightly. The consumption o f wool in
this district, as shown by returns from
81 establishments, was 3.4 per cent
smaller in May than in April. Supplies
of both yarns and raw materials are said
to be fairly light.
Despite fluctuating prices o f various
yarns and tops, the general level of quo
tations remains practically unchanged.
Buyers, however, persist in searching the
market for bargains. Collections are fair
but not as prompt as they were a year
ago.
Woolen and worsted goods. No im
provement has been reported during the
past four weeks in the manufacture and
distribution o f woolen and worsted fab
rics, sales o f both having fallen some
what below the volume of the preceding
month or of last year. Dearth o f spot
and forward orders, opposition to prices
and the prevailing lack o f confidence in
the raw wool market are the principal
factors responsible for the present dulness.
In consequence, producers have
drastically reduced their output to the
average rate o f about 40 per cent of ca
pacity as against 65 per cent last month
and 30 per cent a year ago. Unfilled
orders are also smaller than they were
thirty days ago, being sufficient to insure
the present rate of operations for an
average period o f only thirty-five days.
Although, in several instances, supplies
o f finished goods and raw materials are
heavy, stocks generally are not burden
some.
Compared with last month, prices of
finished fabrics, though weak, remain
substantially unchanged. A few reduc
tions, however, ranging from five to
eight per cent have occurred during the
month, despite the upward trend of quo
tations for raw wool. Collections in the
main are satisfactory.
S IL K
Raw silk. During the past four weeks
demand for raw silk at Yokohama has
continued very active but buying in the
New Y ork market has been somewhat
limited.
Pending developments in the
cocoon situation, the Milan market,
though generally firm, is rather quiet,
and trading at Canton and Shanghai is
seriously upset by political disturbances
and strikes. Although the amount of
silk delivered to American mills during
the first five months was about 40 per
cent greater than that for the correspond
ing period o f last year, mill takings have
dropped about 4 per cent as compared
with the previous month. In view of the
fact that the new crop of raw silk will
soon be available, stocks are regarded as
somewhat large.
The following table gives the recent
movement of raw silk.
Raw silk*
(in bales)
May,
1925
April,
1925
May,
1924
Imports.....................
Stocks........................
Mill takings........ ..
41,512
42,517
38,266
32,648
39,271
40,040
29,684
27,074
28,272
* Silk Association of America.
Prices have fluctuated within a range
o f from five to ten cents, showing a
slight shading off during the last fort
night. Kansai double-extra cracks sold
at $6.60 a pound on June 22, as com
pared with $6.65 on May 23, and $5.35
on May 22, 1924. A slight recession is
also noted in the rate of exchange for
Japanese yen.
Spindle activity in the silk industry has in
creased more than 40 per cent in less than
a year, and, at nearly 87 per cent of ca
pacity, is higher than at any time
in the past two years.
Sources—Silkworm, Silk Association of
America
Thrown silk. Both commission and
independent throwsters in this district re
port increased activity in the market for
silk yarns during the past thirty days.
Though spot sales still dominate the mar
ket, orders are fairly numerous for July,
August and September shipment. Buy
ing •by the hosiery trade is especially
active. The average rate o f production
continues at 90 per cent o f capacity, and
forward business is sufficient to insure
continued operations at this high rate for
about 50 days. Supplies of both raw ma
terials and finished goods remain mod
erately light. Indeed, a slight scarcity
is noted in such yarns as organzine and
crepe, the call for which has been excep
tionally strong.
In sympathy with quotations for raw
silk, prices of silk yarns have maintained
firm levels during the month, and in some
instances, notably in crepe and organzine,
advances of from 3 to 4 per cent are re
ported.
Organzine double-extra cracks
sold at $7.70 a pound on June 19, as
against $7.50 on May 23 and $5.35 on
June 20, 1924. Collections are good.
Silk goods. Activity in this market
continues at a fairly high rate, the cur
rent demand for broad silks being greatly
in excess o f last year’s volume. Stimu
lated by warm weather, sales o f light
weight varieties in sheer silks, taffetas,
satins, crepes and miscellaneous novelty
goods are large and numerous. Though
most orders are still calling for deliver
ies within the next sixty days, there are
many requests for fall shipments. In
Page Nine
consequence, production is being main
tained in this district at about 85 per
cent o f capacity, as compared with 60
per cent for the corresponding period of
last year. Unfilled orders are sufficient
to insure about 70 days’ operation at this
rate as against 60 days reported during
the preceding month. Stocks of raw ma
terials and finished goods are fairly light,
and such fabrics as georgettes, radiums
and prints are not easily obtainable for
spot delivery.
Except for a slight recession in narrow
ribbons, prices of broad-silks remain un
changed from the level o f last month
and are much firmer than they were at
this time a year ago. Sellers, however,
are still encountering some resistance to
quotations for such goods as staples,
linings, and mixtures.
Collections are
fairly prompt.
H O S IE R Y
The demand for hosiery, though still
good, has slackened. This is especially
true of seamless silk and rayon hosiery
for women, the inquiry for which had
been greatly stimulated by an unusual de
mand from Great Britain.
Manufac
turers o f full-fashioned hosiery for
women continue well supplied with orders
and plants are running at capacity. This
is indicated by the statistics for 318 estab
lishments in this country which, during
April, booked orders for 1,269,935 dozen
pairs, as compared with 706,737 dozen
pairs in March and had on April 30 un
filled orders for 1,877,370 dozen pairs,
or 2y2 months’ production. Since that
date, additional orders have been satis
factory. Fancy half hose for men are
in fair request and novelties for misses
and children also are called for.
Prices o f hosiery are unchanged and
raw materials, on the whole, have varied
but little. Stocks o f finished hosiery are
from light to moderate and either sta
tionary or decreasing. Operations during
April in 318 establishments in the United
States are compared with those in March
in the following table. Although total
production was practically unchanged, the
output o f athletic and sport and women’s
full-fashioned hosiery was larger.
In this district 122 mills report that
in May production decreased .5 per cent
as compared with April.
UNDERWEAR
Considerable activity in summer-weight
knit underwear has resulted from the in
tense hot spell of the first week in June.
Consumer demand quickly depleted the
light stocks of retailers, who then turned
for supplies to the wholesaler, and he,
in numerous cases, was compelled to go
to the manufacturer. As manufacturers
had, as a rule, been making goods in
close accord with their orders, any sur
plus stock was quickly sold. In winterweights, however, the market has been
practically lifeless and reports state that
little can be expected in this department
for another month. Prices of finished
underwear are unchanged, but cotton
yarns are from 3 to 10 per cent lower.
Production of knit underwear, com
piled from the figures of the Bureau of
the Census, was 540,655 dozen winterweight garments in April, as compared,
with 540,917 in March, and 756,567 dozen
summer-weight garments in April, as
compared with 751,134 in March.
F L O O R C O V E R IN G S
Trade in carpets and rugs has been
quiet and, though the volume is small, it
is larger than at this time last year.
Since June 1 many mills have reduced
their output in order to avoid building up
large stocks. Retail stores are buying in
small lots and, as many of the orders are
for August and September shipment,
there is no hurry to make the goods.
Prices are generally unchanged, though
some further reduction in rag rugs is
reported. Raw materials are firm ; cot
ton yarns, after declining early in June,
began to strengthen, and during the
month woolen, worsted and jute yarns
were either firm or stronger.
Some manufacturers o f linoleums and
felt base goods state that business is good
and that their plants are working at
capacity, but others report only fair
business with output about 75 per cent.
Prices are unchanged. Collections in all
branches o f the floor covering business
are good.
LEATH ER
Hides and skins. The market for
hides and skins has been fairly active
and prices are either firm or higher.
The quality o f domestic hides is improv
ing and packers have been able to secure
fractional advances for some selections.
Calf, sheep and goat skins as a whole
are also somewhat higher.
Stocks of
these skins in the United States again
increased during April, but the supply of
cattle hides again decreased.
Number of hides
or skins*
April 30
Change
during
April
4,242,156
3,283,239
6,470,853
8,083,849
- 5.8%
+ 1 4 .3 “
+ 1 5 .4 “
+ 3.6 “
* Compiled from figures of the Bureau of the
Census.
Leather.
The market for heavy
leather has been quiet; prices as a rule
have been maintained, though shading of
quotations by some tanners is reported.
In upper leathers, calf and kid in men’s
weights continue to be called for and
an increased demand for tan calf in
women’s weights is noted. Tanners an
ticipate increased sales after this month
because of the demand for leather for
fall shoes. The table shows changes in
production and stocks of leather during
April. Although stocks o f backs, bends
and sides are smaller than they were a
year ago, cut soles are in larger supply
and the total supply of sole leather is
fully adequate for present needs.
CARPET AMD RUG PRODUCTION
Change in
Leather,
April, 1925. as compared
with March, 1925*
Hosiery operations,*
United States,
in dozen pairs
Full-fashioned, women___
Children’s and infants’ . ..
Finished stock, end of month
Unfilled orders, end of month'
April
change
from
March
4,904,238
54,031
1,736,686
’• 768,074
1,288,373
519,903
471,303
’* 65,868
4,772,203
7,792,726
5,289,453
228,356
9,366,450
* Compiled by the Bureau of the Census.
Page Ten
—
4
— 4 5
+ * " .7
+ '4 .7
— 5 3
- 1.9
+ .9
+21.6
- 1.0
+ 1.4
+ 4.6
+ 33.4
+ 2.8
Backs, bends and sides. . . .
Belting butts.......................
Offal, sole and belting........
Cattle side, upper...............
Calf.......................................
Goat and kid.......................
Cabretta...............................
Pro
duction
+
-6%
+ 5.7 “
- 5.0 “
- 8.9 “
- 1 6 .0 “
-1 2 .7 “
-1 4 .6 “
Stocks—
end of
month
+ 2 .8 %
-4 .7 “
-1 .2 “
+ 2 .8 “
+ 2 .2 “
-3 .1 “
*Compiled from figures of the Bureau of the
Census.
Carpet and rug manufacture so far this year
has been greater than in the correspond
ing period of 1924 following the sharp
curtailm ent in the middle of that
year.
Source— Bureau of the Census
The demand for harness leather has
decreased and is scarcely fair. Leather
belting, too, is quiet but luggage makers
report that business has increased and
that the advent of warm weather has
improved conditions in that trade. In all
leather lines prices are stationary.
Shoes. Seasonal dulness prevails in
most o f the shoe factories in this dis
trict and production has decreased ma
terially.
Some orders for midsummer
and early autumn have been booked, but
many o f the latter are not being cut as
yet. Prices for the most part are un
changed, although shoes with rubber
soles have advanced in sympathy with
the rubber market.
As this increase
comes at a time when the peak of busi
ness in the manufacture of rubber soled
shoes has pasS’ed, it will not have a great
effect at this time.
Production in the United States during
April was 29,836,908 pairs, an unusually
small decrease from March, only 135,688.
In April, 1924, production was 28,003,791
pairs and during the period from January
to April in 1925 the output was larger by
3,088,308 pairs than in the same period
o f 1924. In May the factories in this
district, according to preliminary figures,
produced 9.8 per cent less shoes than in
April. Details of operations are given
in the following table.
Production of shoes,*
Philadelphia Federal Reserve
District
(in thousands of pairs)
Boots and shoes, total...............
High and low cut (leather) total
Men’s ......................................
Boys’ and youths’ ..................
Women’s ..................................
Misses’ and children’s ............
Infants’ ....................................
All other leather or part leather
footwear...............................
May
%
change
from
April
1,532
1,398
109
172
197
504
416
- 9.8
- 8.9
- 7.7
- 4.0
- 6.8
-1 0 .7
- 9.7
134
-1 8 .7
sure operation at this rate beyond a
period o f two weeks. Stocks o f finished
products are fairly light and are decreas
ing, but supplies o f pulps remain moderate
and unchanged.
Quotations, though generally weak,
have maintained a fairly steady level
during the past month, in spite of the
fact that recessions of from 5 to 6
per cent are reported in toilet paper and
towels, printing and writing papers, straw
board and board specialties. Several re
ports also indicate a slight softening in
prices for raw materials.
Sellers are
still encountering opposition to prices.
Collections are fair.
A G R IC U L T U R E
• Extremely hot weather early in June
hastened the growth of crops, and was
especially beneficial to corn, which had
been retarded by cold weather in. May.
All sections o f the district are in urgent
need of rain and particularly is this true
of parts of southern New Jersey. The
strawberry harvest is over and a fair
crop o f berries was produced.
Peas,
too, have been harvested and the yields
were fairly satisfactory, although the sud
den heat wave caused many fields to burn
up. The outlook for early white potatoes
is good and the condition o f the crop on
June 1 was estimated at 87 per cent o f
normal.
The condition of grain crops in the
Third Federal Reserve District is good
and larger yields of these crops are indi
cated than in 1924. Winter wheat is al
most equal to the average June condition,
while rye is slightly below average and
the condition o f oats is slightly above
average. The condition of hay is above
the average, but not quite as good as it
was a year ago. The outlook for all
o f the above crops, however, is much
better in this district than it is throughout
the United States.
The prospect for the fruit growers of
this district is unfavorable. Small crops
o f apples, peaches and pears are indicated.
The yield o f apples will be much smaller
than in 1924, although the June condition
o f the crop compared favorably with
that o f the whole United States. But
the condition o f the peach and pear crops
is much below the average for the district
and is poorer than the June 1 outlook for
the entire country. The peach crop of
Pennsylvania will be very small because
o f the heavy winter killing o f buds, and
the New Jersey crop will also be light.
Although pastures in some sections
have suffered from lack o f rain, they are
generally adequate for present require
ments. The quality o f dairy herds in
most counties o f the district is good
and improving, and in several counties,
the number o f cows is greater than it
was a year ago. Furthermore, herds are
in better physical condition than they
were a year ago, roughage is plentiful,
pastures are adequate, and prices of
milk are firm.
CROP ESTIMATES
* Preliminary report compiled by the Bureau of
the Census.
Stocks of shoes are reported as mod
erate and decreasing and stocks of ma
terials in shoe factories are from light
to moderate and smaller than in the
previous month.
P A PE R
The paper market in this district is
only fair, though the current demand
compares favorably with that of June last
year. There is a moderate rate of ac
tivity in book, fine, wrapping, newsprint,
wall and kraft papers, although business
is somewhat unevenly distributed. Toilet
tissues and crepe towels, however, are in
poor request. Except for straw board,
sales of building boards, though some
what smaller than they were in the previ
ous month, continue to exceed last year’s
volume. Orders for spot deliveries still
predominate.
Rather than accumulate
stock, most paper mills are now working
at about 65 per cent of capacity, and
forward business is not sufficient to in
June 1, 1925
June 1 condition,
% normal
Region
United States...............
Pennsylvania................
Production in bushels
(000’s omitted)
Crop
Winter
wheat.
..
U
U
u
u
1925
Average
Forecast,
1925
Harvested,
1924
Average
66.5
86
92
79.7
87
407,156
21,333
1,582
590,037
19,850
1,369
591,957
22,926
1,517
Pennsvlvania................
u
78.6
90
93
87 6
92
53,317
3,397
1,154
63,446
3,264
1,138
74,010
3,367
1,187
Pennsylvania................
u
79.6
91
91
88 2
90
1,295,456
39,380
2,228
1,541,900
37,080
2,144
1,327,642
38,653
2,223
78.1
90
79
88.1
86
95,837
4,151
372
112,450
4,780
584
107,207
4,068
482
63.4
64
79
70.1
73
372
179,44.3
7,267
584
181,533
10,063
482
62.3
30
58
64.4
63
72
47,055
660
1,612
53,137
1,504
2,480
46,519
1,464
1,921
63.8
54
67.2
67
66
52
17,477
18,628
629
624
328
17,056
576
513
201
United States...............
All
hav*.............
u
u
u
United States...............
u
u
Apples f .............
u
Pennsylvania................
New Jersey...................
United States...............
Delaware.......................
* Production in tons.
“
u
.............
Pears..................
43
497
199
f Production in barrels.
Page Eleven
P R IN T IN G A N D
P U B L IS H IN G
Conditions in the printing and publish
ing market have improved substantially
during the past four weeks. The demand
for direct-by-mail circulars, catalogues
and general job work is active.
The
building, metal, textile, paint and auto
motive trades, together with other lines
of business, are buying commercial adver
tising matter and space in increasing
volume. Book publishers also are moder
ately busy.
With the exception of
lithographers and engravers, who are
working at about 60 per cent of capacity,
operations at most printing plants now
average about 75 per cent o f capacity.
No material change is reported in print
ing and publishing costs. Collections are
fairly satisfactory.
BUSINESS INDICATORS
Philadelphia Federal Reserve District
Latest figure compared
with
The following data refer to the Philadelphia Federal
Reserve District except where otherwise noted
May, 1925
Retail trade— net salest (154 stores).....................................
Department stores (68).......................................................
Apparel stores (41)..............................................................
Shoe stores (24)....................................................................
Credit stores (21).................................................................
$22,468,000
$18,309,000
$2,567,000
$530,000
$1,062,000
-1 0 .1 %
- 9.1 “
-1 9 .5 “
- 7.8 “
- 1.0 “
+
-
3.9%
4.4 “
3.6 “
9.3 “
2.4 “
Wholesale trade—net sales (154 firms)..................................
Boots and shoes (12 firms)...................................................
Drugs (14 firms)...................................................................
Dry goods (18 firms)............................................................
Electrical supplies (6 firms).................................................
Groceries (50 firms)..............................................................
Hardware (28 firms) .•..........................................................
Jewelry (13 firms)................................................................
Paper (13 firms)...................................................................
$10,329,503
$304,924
$1,537,492
$970,328
$539,340
$3,539,077
$2,010,097
$375,485
$1,052,760
- 1.6
-2 7 .4
- 4.1
+ O'. 2
- 6.5
+ 2.3
- 1.6
+ 1 7 .0
- 4.6
“
“
“
“
“
“
“
“
“
+
+
+
-
2.5
6.7
5.7
1.7
3.5
6.5
2.3
7.3
5.2
prs.
1,532,256
tons
282,179
doz. prs. 1,063,270
Iron castings (35 foundries)................................................ tons
6,150
tons
10,321
Cement................................................................................. bbls.
3,660,000
Anthracite............................................................................. tons
8,134,000
tons
9,847,000
lbs.
6,363,852
Active cotton spindle hours (Pennsylvania and New Jersey)
131,240,711
- 9.8
-1 3 .0
- 0.5
+ 3.5
+ 36.6
+ 9.7
+ 8.9
+ 22.3
- 3.4
- 1.9
“
“
“
“
“
“
“
“
“
“
-
1.4 “
+ 3.1
+ 1.6
-3 5 .2
-2 5 .6
+ 66.1
“
“
“
“
“
Production:
Pig iron.................................................................................
C H E M IC A L S
The chemical situation is somewhat
mixed, but on the whole the market is
moderately active. Lithopone continues
in good demand, as do dyestuffs and
intermediates. Alkalies, acids and fer
tilizers are also selling fairly well, and
contract withdrawals appear to be satis
factory. However, acetate of lime, meth
anol, charcoal, wood alcohol and coal
tar products remain in dull request,
chiefly on account o f severe foreign com
petition, notably from Germany. Most
current orders call for prompt delivery.
Chemical plants in this district are now
working at about 70 per cent o f capacity,
as compared with 80 per cent two months
ago and 60 per cent for the corresponding
period last year. Stocks in the main are
not excessive, though a few reports indi
cate a slight accumulation.
Compared with last month, prices of
chemicals remain practically unchanged,
but they are a trifle lower than those of
last year. Resistance to quotations is
still prevalent. Payment o f accounts is
satisfactory.
TOBACCO
LEAF
Pennsylvania tobacco is moving slowly,
and dealers report that the Lancaster
market is dull, although the demand is
about equal to that o f May. Small cigar
manufacturers are buying very closely
and the large factories are also pur
chasing sparingly.
Prices for packed
1923 Pennsylvania wrappers range from
15 to 28 cents, per pound, actual weight,
but the B grades o f wrappers are quoted
at from 23 to 28 cents per pound. The
Year
ago
Previous
month
Distribution:
Freight car loadings (Allegheny district—weekly average)
Tonnage of vessels (Port of Philadelphia)......................... tons
Exports of wheat (from Port of Philadelphia)................... bus.
Exports of flour (from Port of Philadelphia)..................... lbs.
Imports of crude oil (into Port of Philadelphia)................ gals.
Financial:
Loans, discounts and investments of member banks
(weekly average)..............................................................
Bills discounted held by Federal Reserve Bank of Phila
delphia (daily average)....................................................
Acceptances executed (11 banks for month ended 10th of
following month)..............................................................
Bankers’ acceptances sales (5 dealers— weekly average
for period ended middle following month).....................
Commercial paper sales (6 dealers)....................................
Savings deposits (99 banks)................................................
General:
Debits (18 cities)..................................................................
Commercial failures.............................................................
Commercial failures— liabilities..........................................
Building permits (16 cities).................................................
Building contracts awarded (Philadelphia district)..........
Employment— 1,001 plants in Pennsylvania, New Jersey
and Delaware:
Sales of life insurance (Pennsylvania, New Jersey and
Delaware).........................................................................
198,207
3,197,657
2,078,554
3,263,780
20,575,548
+ 1.7 “
+ 5.7 “
+ 5.0 “
+ 44.9 “
+ 7.7
+ 8.7
-2 3 .6
- 1 1 .0
+ 85.9
-
0.5 “
+ 13.1 “
$37,625,000
-
1.4 “
+ 14.2 “
$5,060,000
+ 52.9 “
+ 80.2 “
$6,160,000
$565,865,000
-1 7 .0 “
+ 0.1 “
-4 6 .5 “
+ 7.1 “
+ 1.9
-3 0 .2
-3 1 .0
-3 0 .4
-1 2 .9
+ 9.3
+ 2 1 .8
-1 3 .7
+ 28.2
+ 16.6
$2,297,266,000
67
$1,108,264
$21,818,675
$52,092,200
374,550
$26.65
$84,776,000
“
“
“
“
“
“
“
“
“
“
— 0.8 “
+ 2.5 “
-
5.7 “
+ 14.1 “
* Bureau of Census preliminary figures,
t Estimated.
call for 1923 fillers is poor and prices
range from 7 to 10 cents per pound.
About 90 per cent o f the 1924 crop of
Pennsylvania tobacco has been packed.
Approximately two-thirds o f the crop
has been sold to packers and large cigar
manufacturers, while from 25 to 30 per
cent o f the output has been packed by
farmers or by cooperative associations.
That portion o f the unpacked crop
which is still for sale is bringing from
5 to 15 cents per pound, according to
quality. The demand for Ohio and W is
consin tobaccos is barely fair, but prices
are much the same as they were a year
ago.
C IG ARS
Owing in great part to the warmer
weather, sales of cigars have increased
and demand is greater than it was a
month ago. Prices are the same as those
quoted at this time in May and quotations
for all classes o f cigars are firm. Un
filled orders are smaller than they were
at this time last month and nearly all of
those on the books o f reporting manu
facturers are for shipment within 60 days.
Stocks o f both finished goods and raw
materials are moderate or light, and
decreasing.
The supply o f labor is
sufficient.
Collections are fair.
This business review will be sent regularly without charge to any address upon request
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“
$1,071,700,000
COMPILED AS OF JUNE 23, 1925
Page Twelve
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@FedFRASER