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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT JULY i, 192.9 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 and distribution of com modities continued at a high rate in May. Wholesale commodity prices declined further during the month, but more re cently showed some advance. Total loans and investments of member banks in leading cities have increased since the latter part of May. Production. Industrial production continued large in May and was accom panied by a further increase in the volume of factory employment and payrolls. Out put of the iron and steel industry in creased further, and shipments of iron ore during May were the largest for that month of any recent year; production of pig-iron, steel ingots, and coke was at record levels; and semi-finished and finished steel was produced in large vol ume. During the first half of June, steel operations remained close to capacity, although some decline from the high rate of May was reported. Output of auto mobiles, which has been in unusually large volume since the beginning of the year, showed a slight reduction in May. Copper production at mines, smelters and refineries decreased during May but con tinued large. Combined stocks of refined and blister copper at the end of May were the largest since 1927. Zinc, lead, petroleum and bituminous coal were produced in larger volume than in April, while the output of anthracite coal declined. Output in the textile industries continued large in May although there was a decline in activity in silk mills. Meat production, while larger than in April, increased less than is usual at this season. Value of building contracts awarded declined in May, and was below last year’s level, the decrease in comparison with 1928 being chiefly in residential building. During the first two weeks in June contracts averaged 15 per cent less than in the same period in 1928. The June first crop summary of the Department of Agriculture indicated an increase of 43,000,000 bushels, or more than 7 per cent in the crop of winter wheat. The condition of spring wheat, barley and hay was reported to be bet ter than a year ago. Distribution. The volume of freight shipments increased seasonally in May and continued substantially above the total of a year ago. Department stores sales increased in May and were 2 per cent larger than in the same month in the preceding year. Prices. Wholesale prices continued in May the downward movement of the previous month, according to the index of the United States Bureau of Labor Statistics. The decline of the general level was chiefly the result of price de clines in agricultural products and their manufactures, although prices of other products also declined slightly. Prices of cotton and grains continued sharply downward in May and there were marked declines in the prices of hogs, wool and lambs. Prices of mineral and forest products and their manufactures averaged lower in May than in April, particularly those of copper, lead arid tin ; petroleum and gasoline, and iron and steel advanced in price, while in lumber there was a slight decline. Since the latter part of May prices of cattle and hides have advanced sharply, and there have been increases in the prices of grains, hogs, and cotton. Bank credit. Total loans and in vestments of member banks in leading cities, which were at a low point for the year in the latter part of May, increased considerably during the subsequent three weeks and on June 19 were about $250,000,000 larger than a year ago. The recent increase reflected a large growth in the volume of loans on securities, which had declined during the preceding two months, and a further growth in loans chiefly for commercial and agricul tural purposes. Investments declined during most of the period and on June 19 MEMBER In d e x n u m b e r o f p r o d u c tio n o f m a n u fa ctu re s a n d m in era ls c o m b in e d , a d ju s te d fo r seasonal va ria tion s (1923-25 average = 100). L a test figure M a y, 123. In d ex o f U n ite d S ta tes B u rea u o f L a b o r S ta tis tics (1926 = 100, b ase a d o p te d b y B u re a u ). L a test figu re M a y, 95.8. BANK CREDIT M o n th ly averages o f w e e k ly figu res fo r re p o r t in g m e m b e r b a n k s in le a d in g c itie s. L a te st figu res are averages o f first th re e w eeks in M a y. Page One Latest figure compared with BUSINESS IN DICATORS Philadelphia Federal Reserve District M ay, 1929 Previous month Retail trade— estimated net sales (140 stores). Department stores (6 2 )..................................... Apparel stores (4 1 )............................................. Shoe stores (1 7 )................................................... Credit stores (2 0 )................................................ M o n th ly ra tes in th e o p e n m a r k e t in New Y o r k : c o m m e r c ia l p a p er ra te o n 4 t o 6 -m o n th p a p er a n d a cce p ta n ce ra te o n 9 0-d a y b a n k e rs ’ a cce p ta n ce s . L a test figu res are averages o f first 22 d a ys in J u n e . were at a level about $450,000,000 below that of the middle of last year. Volume of reserve bank credit out standing, after increasing in the latter part of May, declined in June and, fol lowing the Treasury financial operations around the middle of the month, showed a small increase for the four weeks end ing June 19. Discounts for member banks increased, while holdings of acceptances and United States securities showed a decline. There were some further addi tions to the country’s stock of monetary gold. Open-market rates on collateral loans declined in June, while rates on prime commercial paper and 90 day bankers’ acceptances remained unchanged. 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 Commercial and industrial activity in the Philadelphia Federal Reserve District continues well sustained, and the volume of transactions compares favorably with that of a year ago. There is further evi dence, however, of the usual seasonal slackening in many lines of manufacture, but the extent of these recessions does not appear to be as widespread as was the case at the same time last year. The market for manufactured products on the whole is moderately active, al though sales have declined since the mid dle of last month. Unfilled orders, on the contrary, seem to be larger than a month ago and exceed appreciably the volume reported a year ago. Productive activity has declined in re cent weeks, as usual, following a rela tively high level of operations in the spring months. This is especially true of the shoe industry, most of the branches of textiles, and chemicals. Fabricators of metal products continue unusually active although the demand for their products has slowed down somewhat lately. Conditions in lines making building materials have improved further, though not in comparison with a year ago. The unfavorable contrast with a year ago no doubt reflects lessened activity in the building trades. Page Two W holesale trade— net sales (111 firm s). Boots and shoes (6 )............................... Drugs (1 1 )............................................... D ry goods (1 4 )........................................ Groceries (4 2 )......................................... Hardware (2 2 )........................................ Jewelry ( 9 ) ............................................... Paper (7 ) ................................. ................ Productive activity— Em ploym ent— 778 plants in Penna..................... W age payments in above plants........................... Shoe production* (88 factories)............................. Hosiery production* (120 m ills)............................ W ool consumption* (81 m ills)............................... A ctive cotton spindle horns (Penna. and N. J .) . Pig iron production................................................... Iron casting production (38 foundries)................ Steel casting production (12 foundries)............... Anthracite................................................................... Bituminous coal— P enna......................................... C em ent........................................................................ Electric power output (12 system s)..................... Financial and credit— Debits (18 cities)...................................................................... Loans and investments— middle of June— 110 member banks....................................................................................... Bills discounted held b y F. R . B. of Phila. (daily average) Bankers’ acceptances outstanding— end of month (dis trict) ........................................................................................ Commercial paper sales (dealers)........................................ Commercial failures— number.............................................. Commercial failures— liabilities............................................ Building and real estate— Building permits (17 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 ). . . . Sheriff’s sale (Philadelphia county)— number of writs issued for June...................................................................... .$23,144,000 .$19,020,200 ..$ 2 ,7 8 5 ,6 0 0 ___ $403,400 ___ $934,800 + .$ 7 , 924,264 . . . $ 140,505 .$ 1 , 484,388 . . . $ 531,015 .$3 , 222,013 .$ 1 , 709,476 . . . $ 329,460 . . . $ 507,407 + + + ........................ 273,676 ..................$7,534,304 p rs ............ 1,417,229 doz. prs. .1 ,6 8 1 ,4 7 4 lb s............. 7,7 4 6,54 4 ..................7 5,465,872 to n s .............. 376,467 to n s ...................6,847 to n s ...................7,472 to n s .......... 6,329,000 t o n s ....1 1 ,1 5 1 ,0 0 0 bbls...........3,5 4 1,00 0 K W H .. 553,140,400 + + + + 1 . 8% 1 .7 4 .1 18.0 15.5 “ “ “ “ 1 .7 2 .4 4 .5 3 .5 7 .0 2 .6 + 19.4 + 0 .4 “ “ “ “ “ “ “ “ Year ago + + 2 .6% 4 .0 “ 4 .9 “ 3 .0 “ 3 .5 “ - 0 .9 -1 4 .0 - 4 .6 -1 4 .7 + 1.0 - 2 .3 + 3 1 .6 + 9 .5 0.8 + 1.4 - 3 .4 + 3 .3 - 3 .9 - 0 .9 + 8 .4 - 1 .3 - 1.9 - 1.7 + 5 .5 + 1 7 .8 - 0 .3 + 2 .4 + 3 0 .2 + 9 .6 + 4 6 .1 - 22.1 + 1 3 .9 - 7 .4 + 2 6 .5 .$ 2,973,179,000 - 6.2 + 2 .0 - 0 .2 - 2 .5 + 4 3 .5 .$14,641,000 . .$1,227,500 ................... 87 ..$ 1 ,9 0 2 ,5 3 8 + 3 2 .5 -1 7 .6 - 3 .3 - 5 .6 - .$16,485,774 .$37,809,200 + 1 9 .5 “ -4 3 .6 “ -1 5 .8 -2 4 .0 ............. 5,303 .$17,809,750 + 0 .4 “ -2 6 .9 “ - 6 .3 -4 2 .7 .887 -2 3 .0 “ + 1 0 .7 6. 8 + 9 .5 + M iscellaneous— Freight car loadings (Allegheny district— weekly aver age ........................................................... ............................... ....................... 221,108 Tonnage of vessels (Port of Philadelphia)......................... t o n s ........ 4,401,852 Sales of life insurance (Penna., N. J., and D e l.)............. ..............$110,263,000 Automobile sales (registrations of new passenger ca rs).. .......................... 25,144 + - 0.8 “ “ “ “ + 8 .5 + 15.1 .$ 1,624,200,000 ___ $86,700,000 21.2 “ “ “ “ 2.1 -8 0 .0 + 2 .4 -2 9 .4 8.1 + 1 6 .0 - 2 .9 10.0 * Bureau of Census preliminary figures. The value of building contracts awarded declined in May and in com parison with a year earlier. The de cline in contracts for residential build ings was principally responsible for the sharp drop. Stocks of finished goods carried by manufacturers for the most part vary from moderate to light and continue smaller than those of a month ago in most instances. Compared with those on the same date last year, inventories generally are smaller. The distribution of goods is well main tained. Shipments by railroad in this section have continued in excess of last year, the movement of merchandise and miscellaneous commodities contributing to this favorable showing. Retail business is said to be moving forward at a fairly active pace. Sales in May were almost 2 per cent larger than in April but nearly 3 per cent smaller than in May, 1928, department and shoe stores being chiefly responsible for this decline. Similarly, wholesale and jobbing trade showed a gain over the preceding month but a slight decline in comparison with a year ago. Sales of new passengers cars in May decreased appreciably for the first time this year. Sales of life insurance were smaller than in April or in May, 1928. Check payments in this district during the four weeks ended June 19 were larger than in the preceding four weeks and continued ahead of those of a year ago. Active business in this district during recent months has been paralleled by a rising volume of commercial loans. In the four weeks ended June 12, there was a continuation of this tendency and a decline in loans on securities, according to the reports of member banks in many of the larger cities. In the following week, however, banks in Philadelphia re ported a substantial rise in loans on se curities ; a large increase in government deposits testified to heavy subscriptions to the new issue of government certifi cates, but their holdings of such securi ties declined slightly. Borrowings from the Federal Reserve Bank decreased be tween May 22 and June 19, and the reserve ratio rose from 72.9 to 75.8 per cent. FINANCIAL CONDITIONS In the past month brokers’ loans have declined in volume, and rates on loans se cured by stock exchange collateral have been easier. There has been little change in the circulation of money recently, but the gold stock of the country shows a fur ther increase and now is about 200 mil lions larger than it was a year ago. Re ports on the gold movement at New York show that in the four months ended June 19 about 72 millions of gold were released from earmark, and imports of the metal exceeded exports by 71 mil lions. Imports were mainly from Ger many and Argentina. Money rates. Rates for call money in June have been definitely easier than in the early part of May, the range being from 6 to 8 per cent in the first twenty days of June, as against 7 to 14 per cent in the earlier month. Time money, too, is easier, ninety-day money being quoted at 8 per cent on June 20 as compared with 9 per cent on May 20. Prime commercial paper and bankers’ bills, however, are unchanged at rates more than one per cent higher than a year ago. Call m oney renewals (Daily average rates— % ) 1929 1928 June Mar. Apr. M ay June For period from — 8.0 9.3 7.4 16th to 2 0th ........... 8 .0 21st to 2 5th ........... 9 .0 26th to 3 1 s t ........... 14.0 6th to 10th........... 10.0 7.3 8.7 7.9 7.7 11.7 10.3 12.4 8 0 9.7 6.6 6 .0 6.7 7.0 7.7 7.0 6 .2 6.0 5.8 5.7 6.5 7.1 Brokers’ loans. Brokers’ loans, as reported by New York City member banks, declined 100 millions in the four weeks ended June 19 to 5,420 millions. This represents a decrease of 373 millions from the high point on March 20; in com parison with that date loans for their own account and for out-of-town banks have declined, but those for others are slightly larger. New capital issues. New capital issues, refunding excluded, reached the large sum of $1,127,000,000 in May, which compares with $676,000,000 in April, and $853,000,000 a year ago. The. increase in the month was chiefly in corporate se curities, although there also was a sub stantial expansion in municipal offerings. The total for the first five months of the year was $4,604,000,000, an increase of about 38 per cent over the correspond ing period of 1928, although foreign gov ernment issues declined from $358,000,000 to $36,000,000. Banking conditions in the Philadel phia district. Active business in the M ay, 1929, com pared with M ay, 1928 CITY CON DITION S Philadelphia Federal Reserve District Allentown area Altoona “ Harrisburg “ Johnstown “ Lancaster “ Philadelphia “ Reading “ Scranton “ Trenton “ Wilkes-Barre “ Williamsport “ W ilm ington “ Y ork “ E m ploy ment - 3 .6 % + 9 .5 “ + 1 2 .4 “ + 0 .4 “ + 0.6 “ + 1 4 .6 “ + 10.5 “ - 2 .7 “ 0 “ - 9 .4 “ + 17.6 “ + 8.0 “ - 1.8 “ Value of building permits W age payments - 1-0% + 12.6 “ + 2 7 .1 + 5 .9 - 0 .3 + 17.3 + 2 0 .9 + 0 .9 + 3 .2 “ “ “ “ “ “ “ - “ 2.6 + 2 8 .4 “ + 13.6 “ - 1 .3 “ - + + - 2 7 .6 % 3 3.3 “ 2 6.0 “ 7 1 .3 “ 6.2 “ 3 6.0 141.9 5 7.6 4 5 .6 3 7.9 4 5.2 4 3 .6 3 3.0 “ “ “ “ “ “ “ “ Debits + 1 0 .8 % - 7 .6 “ - 3 .0 “ + 9 .0 “ 12 .6 “ + 1 .9 “ + 5 .7 “ + - 8 .8 “ - 1.1 “ - 1 4 .9 “ + 10 .7 “ + 27 .0 “ + 2.4 “ Retail trade sales 0 . 1% 0. 2 “ 0.2 “ 4 .4 “ 6 .3 “ 3 .4 “ 1.1 “ 3 .0 “ 3 .1 “ 5 .7 “ Electric power sales + 1 5 .1 + 10.1 + 2 1 .0 + 18.6 + 3 6 .9 - 2 .7 + 2 5 .0 “ t “ “ “ “ “ t •§ + 1.0 “ + 21.2 + 12.2 “ - 7 .4 % + 1 9 .4 “ + 3 6 .0 “ + 1 7 .7 “ - 7 .9 “ - 4 .4 “ -1 9 .4 “ + 2 5 .8 “ + 13.1 “ + 8 .2 “ + 2 .6 % * - 1 .5 “ M ay, 1929, compared with April, 1929 Allentown Altoona Johnstown Lancaster Philadelphia Reading Scranton Trenton W ilm ington York area.......................... u u u “ “ “ « « “ . + 1 .9 % - 0 .4 “ — 1 .7 “ + 8 .2 “ + 4 .7 “ + 1 .6 “ + 0 .7 “ -1 .2 “ + 1.0 “ - 9 .3 “ + 0 .1 “ + 0 .1 “ - 1 .9 “ + + + + + + + + + + - 2 .9 % 0 .3 “ 2 .3 “ 11.4 “ 3.1 “ 0 .9 “ 1 .0 “ 1 .5 “ 6 .8 “ 0 .1 “ 0 .4 “ 3 .9 “ 1 .7 “ _ _ 2 1 .7 % — 38.7 “ 33.7 “ — 18.2 “ — 37.1 “ + 19.1 “ — 2 5.7 “ — 5 1.3 “ + 2 4.8 “ — 91 .4 “ 4-117.3 “ + 4 .1 “ + 5 5.3 “ * Includes Harrisburg, Wilkes-Barre and Williamsport areas. Camden area. § Included in Allentown area. Philadelphia Federal Reserve District has been accompanied by a rising volume of commercial loans. The expansion in such loans has continued since early in Feb ruary and they are in larger volume than a year ago. Loans on securities, on the other hand, have declined lately, and on June 12 were little higher than in June, 1928. Despite a recent increase in net demand deposits, comparison with a year ago shows that deposits, both demand and time, have declined materially. A part of this loss of funds may be due to pur chases of securities or to loans in the call money market by customers. In the effort to meet the withdrawal of funds, banks have parted with a substantial por tion of their investments. Obvious differences are to be found in - 1 .6 % - 6 .0 “ - 2 .6 “ + 9 .8 “ -1 7 .0 “ - 7 .1 “ + 1.2 “ + 0 .2 “ - 4 .3 “ - 0 .1 “ - 6 .8 “ + 0 .6 “ - 9 .6 “ + 2 2 .0 “ t Production (not sales), + + + 1 .2 0 .3 0 .0 3 .3 2 .0 2 .1 “? “ “ “ “ “ t | - 4.4 “ + 3.4 “ t Include the figures of Philadelphia banks and of those outside of the city. Philadelphia in stitutions report a decline in loans on se curities in the past year, which was about equ’aled by an increase in commercial loans; investments were much reduced. Outside of the city reporting banks also reduced investments, but there was little change in the volume of their commer cial loans, and their loans on securities show an increase. Changes in Reporting m em ber banks June 12, in 21 leading cities 1929 (000,000’s omitted) Four One weeks year Reported b y 95 banks: Loans on securities.......... $ 533 Other (largely commercial) loans....................... 568 Reported b y 110 banks: Total loans and discounts 1,173 Investm ents...................... 451 Net demand d ep osits.. . . 876 Tim e deposits................... 475 -$ 6 +$ 4 + 5 + 17 2 2 + 13 8 + - 20 62 36 66 In the four weeks ended June 19 bor rowings from the Federal Reserve Bank of Philadelphia were reduced 5 millions to a point 13 millions lower than a year ago. Changes in deposits and in note circulation were not large, cash reserves increased, and the reserve ratio of the bank advanced from 72.9 per cent on May 22 to 75.8 per cent on June 19. In this period there was a gain in the settle ments, sufficient to offset losses of funds incident to government fiscal operations. The new issue of 5% per cent govern ment certificates of indebtedness, dated June 15, was well received; allotments in this district totaled $37,300,000, of which $33,373,000 was paid for by deposit credit. Page Three Government disbursements here in the first twenty days of June included the redemption of $28,143,000 of maturing issues and the payment of $3,429,000 of coupons. Income tax checks credited to the Treasurer of the United States in this period totaled $40,339,000 as com pared with $34,851,000 in the same period last year. Federal Reserve Bank of Philadelphia (Dollar figures in millions) Changes in June 19, 1929 Four weeks Bills discounted for member banks in Philadelphia........... $ 25.9 20 other large cities 22.9 Other communities 22.7 T otal bills discounted $71.5 Bills b o u g h t............... 9 .6 United States securit ie s ........................... 16.5 Other securities......... .4 Total bills and securities................. $ 98.0 Fed. res. note circula tio n ...................... 143.7 Member banks’ reserve d ep osits........ 135.8 Cash reserves............ 213.0 Reserve ra tio ............. 7 5 .8 % One year - $ 5 .3 .5 + .5 + - $ 5 .3 2 .0 -$ 1 3 .1 - 16.7 - + .2 0 - $ 1 9 .6 .1 6 .6 5 .1 -3 - $ 7 .5 - $ 3 4 .6 + + 17.2 3.1 + 2 .3 + 2 .4 + 11.8 + 53.1 + 2 .9 % + 1 4.7 % Commercial paper. Four dealers re port an entire absence of sales of com mercial paper to banks in Philadelphia during May. Outside of the city, .too, purchases were in small amount, smaller in fact than in any May since these reports first were collected in 1922. Sales to Reports of four dealers C ity banks Total sales Country banks 1929— Jan. . . . $3,612,500 $2,827,500 $6,440,000 Feb. . . 777,500 2,495,000 3,2 7 2,50 0 Mar. . . 705,000 1,252,500 1,957,500 Apr. .. 135,000 1,355,000 1,490,000 M a y .. . 0 1,227,500 1,227,500 1928— M a y . . . 1,240,000 3,872,500 5,112,500 Bankers’ bills. Banks in this district report an increase from $11,049,000 to $14,641,000 during May in the amount of bankers’ bills outstanding. The national totals show a slight decline, although the figure for May 31 was higher than a year earlier, chiefly as the result of an in crease in bills based on goods stored in or shipped between foreign countries. Acceptances outstanding (000,000’s omitted) M ay 31, 1928 Im ports.................................... $ E xp orts.................................... Dom estic shipments............. Dom estic warehouse credits Dollar exchange..................... Based on goods stored in or shipped between foreign countries......................... Apr. 30, 1929 M ay 31, 1929 318 $ 383 19 133 26 324 $ 377 16 100 45 326 381 15 95 47 162 249 243 T o ta ls................................... $1,041 $1,111 $1,107 Page Four COMMODITY PRICES Wholesale prices continued to decline during May but strengthened appreciably in June. Irving Fisher’s weekly index for May was 96.0 per cent of the 1926 average but rose to 96.6 for the week ending June 14 and 97.6 for the week of June 21. The index of the Bureau of Labor Sta tistics declined from 96.8 per cent in April to 95.8 in May, which was 2.7 per cent below the figure for May a year ago. The farm products group declined over 2.5 per cent in the month; decreases also occurred in textile, hide and leather, and chemical prices. The retail food index for May 15 shows an increase of about one per cent over the preceding month but a decrease of about one-third of one per cent as compared with a year ago. The index number was 153.3 in May. Retail prices in Philadel phia and Scranton increased two per cent over April but were still two per cent behind the figures for the same period last year. Compared with the 1913 May figure, prices of food throughout the country were 59 per cent higher; for Philadelphia, 56 and for Scranton 59 per cent higher. INDUSTRIAL CONDITIONS M A N U F A C T U R IN G While activity in manufacturing in this district is being maintained at a fairly high rate, seasonal recessions are evi denced by many reports from individual lines of industry. The market for fin ished products is moderately active. Sales have declined slightly since last month but compare rather favorably with the vol ume of a year ago. Unfilled orders, on the other hand, show some gain in the month and in the year. Plant operations generally show less than the usual seasonal let-down. Fac tory employment and payrolls in May continued the upward trend and were substantially larger than in the same month last year. The demand for workers by employers rose further in May, instead of declining. Industrial consumption of electrical energy increased further by almost five per cent and was about 27 per cent larger than in May, 1928. Total sales of elec tricity also showed a slight gain in the month and nearly 33 per cent in compari son with a year earlier. Production of electric power by twelve systems of this district was slightly below that of April, but nearly 27 per cent in excess of the quantity generated in May, 1928. Com parisons are given in the accompanying Table. Iron and steel. Business in iron and steel products continues active, although seasonal recessions have occurred since the middle of last month; these reces M ay, 1929 Change from ELECTRIC PO W E R Philadelphia Federal Reserve District 12 systems April, 1929 M ay, 1928 Rated generator capacity. . . + 7 .3 % - 0 .0 % Generated output................... H ydro-electric..................... Steam .................................... Purchased............................ + 2 6 .5 + 5 9 .8 - 6 .4 + 4 6 .1 -0 .3 + 8 .4 -7 .0 -2 .1 Sales of electricity.................. L ighting................................ M unicipal........................ Residential and commercia l................................. P ow er.................................... M unicipal......................... Street cars and railroads. Industries......................... All other sales.......................... + 3 2 .6 “ + 9 .7 “ + 8 .3 “ + 0 .3 “ -7 .3 “ -7 .1 “ + 9 .8 + 2 3 .1 - 4 .4 + 1 3 .2 + 2 7 .1 + 9 8 .7 -7 .4 + 3 .3 -2 .6 -1 .5 + 4 .6 -1 .8 “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ sions, however, are much less pronounced than was the case at the same time in recent years. Construction companies appear to be the most active buyers, al though railroads and public utilities also show some gains over last month. Pur chases by foundries, automobile makers, and jobbers have slackened somewhat, as is usual at this time. Prices remain firm and in several instances further in creases have been noted. Orders on the books of reporting firms are substantially larger than a year ago. Unfilled orders of the United States Steel Corporation, while declining less than seasonally from April to May, were the largest for that month since 1923. Productive activity continues at a high level, several reports indicating further increases in plant operations during the month. Fabricators of metal products re ported a gain in employment and pay rolls between April and May and a con siderable increase in comparison with a year earlier. The daily output of pig iron in this dis trict has risen steadily since the early part of this year and in May reached a higher tonnage than in any previous month since April, 1926. Similarly, daily production of pig iron in the United States continued to increase steadily, establishing in May the peak for all time. Production of steel ingots in May also was the largest ever recorded in that industry. Iron and steel Daily output M ay, 1929 (gross tons) Change from M ay, 1928 5 mos. of 1929 com pared with 5 mos. of 1928 Pig iron United S ta tes.. . . 125,745 + 1 8 .7 % + 1 6 .8 % P h ila . R e se rv e 12,144 + 3 0 .2 “ + 3 1 .1 “ D istrict............. Steel ingots United S ta tes.. . . 195,302 + 2 5 .3 “ + 1 4 .3 “ Source: Iron Age. Activity of iron and steel foundries, though declining seasonally, was sub stantially above the level prevailing at EM PLOYM ENT M ay, 1929 E M PLO Y M E N T AND W AGES in Pennsylvania No. of plants re port M ay ing index * Per cent change since Apr., 1929 93.5 + 8.5 + 0.8 M etal products..................... 228 92.2 9 4 8.0 Blast furnaces................... Steel wks. & rolling m ills. 43 8 2.0 Iron and steel forgings.. . 10 101.5 Structural iron w ork........ 10 112.8 Steam & hot water htg. ap. 17 96.6 7 6.2 Stoves and furnaces......... 8 Foundries........................... 38 9 4.3 39 117.6 Machinery and parts. . . . Electrical apparatus........ 16 158.0 Engines and pum ps......... 10 9 9.8 18 9 3.9 Hardware and to o ls ......... Brass and bronze prods. . 10 9 8.6 + 12.0 + 3 .7 + 4 .2 + 2 4 .2 + 1 7 .4 + 2 .9 - 4 .6 + 12.5 + 16.7 + 7 1 .7 + 11.0 + 14.7 + 1 1 .9 + 2.8 + 2 .6 + 0 .9 + 4.4 + 0 .1 + 0 .8 + 7 .2 + 0 .4 + 3 .9 + 2 1 .2 - 3 .4 + 0 .4 - 1.3 (51)............................... 778 Per cent change since M ay index * M ay, 1928 All manufacturing industries AVERAGE W EEKLY E A R N IN G S week ended PAYROLLS M ay, 1929 M ay 15, 1929 Apr. 15, 1929 M ay, 1928 Apr., 1929 102.3 + 15.1 + 104.7 +20.2 30.33 29.96 5 1.7 9 5.2 125.8 121.0 111.0 6 8.3 106.0 136.2 179.9 112.3 100.4 101.0 + 4 .2 + 1 4 .1 + 4 3 .9 + 2 0 .9 + 6.1 - 5 .8 + 2 0 .9 + 2 5 .6 + 7 5 .0 + 2 3 .1 + 2 6 .6 + 2 1 .4 + 4.2 + 4 .4 + 1.2 + 1 1 .9 + 7 .2 + 3 .6 + 1 1 .2 + 0 .4 + 6 .4 + 2 7 .9 + 0 .7 + 1.1 - 1 .8 29.76 31.57 30.05 29.59 31.22 25.53 30.31 32.83 25.88 30.34 24.82 27.07 29.26 31.46 28.03 27.66 30.42 24.69 30.35 32.04 24.62 29.12 24.68 27.21 1 .4 $27.53 $27.36 Transportation equipm ent.. Autom obiles....................... Auto, bodies and parts.. . Locom otives and cars. . . . Railroad repair s h o p s.. . . Shipbuilding...................... 40 + 14.5 - +17.1 - 7.5 30.00 31.77 6 11 13 6 4 125.4 114.3 68.1 9 1.5 4 5.0 + 3 6 .0 + 4 0 .9 + 13.3 + 14.1 + 4 8 .5 + 4 .6 -1 7 .4 + 4 .3 - 0 .1 + 2 2 .3 145.8 99.3 69.1 107.2 4 6.8 + 3 3 .0 + 2 5 .2 + 2 9 .6 + 3 1 .5 + 5 3 .9 + 1.1 -2 7 .9 + 2 .7 - 2 .2 + 9 .9 33.58 28.13 29.35 30.99 30.20 34.69 32.21 29.79 31.68 33.68 Textile products................... C otton good s..................... Woolens & worsteds......... Silk good s........................... Textile dyeing & finishing Carpets and rugs.............. H a ts.................................... H osiery............................... Knit goods, Other............. M en’s clothing.................. W om en’s clothing............. Shirts and furnishings . . . 156 99.5 2.5 109.9 + 10.3 79.7 81.9 101.0 114.7 9 1.5 9 7.3 125.5 88.4 9 3.8 121.4 9 2.8 + 4.3 + 1.4 - 2 .6 + 4 .9 - 2 .5 + 4 .6 - 3 .5 + 10.6 + 0 .9 + 2 0 .3 + 1 .2 + 2 .3 - 14 15 38 9 9 4 25 15 9 9 9 + + + + + 2 .3 7 .1 4 .4 6 .3 0 .3 0 .7 0 .1 0 .9 3 .6 6 .6 1.6 8 1.5 84.7 109.6 123.5 89.1 94.0 158.0 101.0 97.9 129.4 8 9.4 + 7 .5 + 1.7 + 13.3 + 3 .4 + 11.7 + 0 .6 + 12.6 + 11.6 + 3 3 .7 + 1.6 + 4 .9 + + - Foods and tob a cco............... Bread & bakery products C onfectionery................... Ice cream ............................ M eat packing.................... Cigars and to b a cco ........... 94 92.9 - 4.0 + 2 .8 - 0 .8 - 1.3 + 12.0 -1 0 .7 + + - 1.4 98.1 2 .3 2 .0 2 .4 0 .5 3 .3 104.9 102.7 9 9.6 9 8.0 9 2.2 Stone, clay & glass products Brick, tile and pottery. . . Cem ent............................... Glass................................... 66 83.8 + + + + 86.6 91.4 7 5.3 93.6 + 4.3 + 1.6 -1 7 .0 + 7 .7 2.7 30 14 22 0 .3 6 .2 1.7 9 4.9 8 3.3 9 2.5 42 71.8 3.5 17 19 6 6 5.3 7 1.5 106.0 7 .8 2.1 6.4 + + + + + 4.5 - 1.9 - 7.7 + 2 2 .8 + 6 .3 + 11.6 + + + + + Lumber products.................. Lumber and planing mills Furniture............................ W ooden boxes................... Chemical products............... Chemicals and drugs . . . . C o k e .................................... E xplosives.......................... Paints and varnishes. . . . Petroleum refining........... 8 7 .lt 26 108.7 13 88.1 11 9 2.5 14 100.5 30 8 9.0 47 101.5 27 3 3 9 5 91.1 118.9 140.7 135.3 93.2 + + + - 2.1 89.9f 1.4 22.77 22.52 2 .4 3 .8 1.9 5 .7 1.1 9 .4 1.6 0 .6 5 .2 7 .5 4 .3 23.75 21.98 19.86 25.71 24.49 24.64 28.35 20.21 18.58 15.25 15.06 23.76 21.25 19.37 25.49 25.00 22.66 28.80 20.30 18.88 15.39 15.99 + + + + + + 4.1 21 .32 20.18 2 .2 1 .5 5 .3 14.0 5 .9 4 .3 1 .5 1.2 0 .9 8 .3 28.64 20.65 31.82 28.63 15.22 28.01 19.95 32.26 28.22 13.69 - 2.9 + 6 .6 -1 7 .2 + 1 2 .0 + + + + 4.8 28.20 27.63 1 .5 8 .0 4 .4 25.76 32.16 26.51 25.50 31.60 25.84 6.8 + + + + S.4 21.69 21 .56 7 .6 10.4 7 .0 0 .1 10.6 9 .5 21.89 23.41 17.01 22.34 22.71 16.48 + + + + + 3.3 29.16 28.73 8 .6 2 .2 2 .4 2 .7 6 .9 27.97 28.20 25.89 27.83 30.50 28.29 27.71 25.50 28.11 29.84 + + + - 0.2 4.8 72.7 2 .2 7 .2 6.1 6 9.6 6 9.8 111 .8 1.7 110.6 6 .8 0 .3 0 .9 3 .8 4 .7 9 5.4 118.7 131.9 145.7 104.2 + 3.8 - 0 .3 - 9 .7 + 2 5 .0 + 7 .4 + 1 0 .0 + + + - Leather and rubber products Leather tanning................ Shoes................................... Leather products, Other Rubber tires and goods 48 97.0 - 1.2 + 2.1 101.4 + 0.6 + 2.7 23.11 22.96 17 21 6 4 101.7 9 1.5 114.9 77.6 + + - 4 .6 3 .0 6 .4 2 .5 + + + 3 .6 1.3 3 .4 0 .8 106.1 9 1.5 102.0 95.1 + + + + + + 25.69 18.09 20.42 29.99 25.57 17.94 21.51 29.82 Paper and printing............... Paper and wood p u lp . . . . Paper boxes and bags . . Printing and publishing . 57 92.0 + 0.4 + 4.0 108.4 + 1.2 + 3.8 30.98 31.00 13 6 38 81.1 93.0 105.7 - 1.9 + 4 .4 + 2.1 + 7 .8 + 3 .3 + 0 .7 94.3 118.0 122.7 - 3 .6 + 1 2 .7 + 4 .6 + 8 .9 + 8 .9 - 0 .2 29.88 16.51 34.58 29.58 15.69 34.90 Anthracite.............................. Bituminous co a l.................... 360 Construe, and contracting. . 26 Street railways...................... 5 Retail trad a ............................ 53 W holesale trad e................... 90 107.2 - 85.4 —12.5 102.4 9 1.5 96.4 95.8 + 1 4 .7 - 3.1 - 1.6 + 1.9 + 3 .0 - 3 .2 + 3 7 .4 - 1.6 0 + 0 .8 86.1 98.1 + 7 .2 - 5 .4 + 1 0 .3 + 0 .6 + 4 0 .0 - 0 .9 28 68 25.12 25.59 34.63 26.74 24.18 25.34 34.41 * 1923-1925 average =100. 6 .0 3 .9 2 .8 8 .4 1.3 t Preliminary figures. the same time last year. Production of iron and steel castings declined somewhat from April to May but was about 10 and 46 per cent, respectively, larger than in May, 1928. Likewise, shipments were smaller in the month but much larger 4 .0 9 .2 1.6 3 .4 than a year before. This was also true of unfilled orders for steel castings, but or ders on the books of iron foundries, while showing a considerable rise between April and May, were appreciably smaller than in May, 1928. Stocks of iron and steel products gen erally are moderate and somewhat smaller than a month ago. Stocks of raw ma terial at steel foundries were larger than a month or a year before. T ex tiles. Business in textile prod ucts, while fair, shows seasonal reces sions. Sales, however, compare rather favorably with the volume of a year ago. The demand for textile fibers is quiet, but the market for some of the finished products shows a fair rate of activity. Sales of silk and wool manufactures ex ceed those of a year ago. This is also true of cotton yarns, although the pres ent demand for them is slow. Some im provement is noted in the market for full-fashioned hosiery, while seamless shows little change. A rather quiet de mand is reported in the carpet and rug industry. Source: The Silk Association of America Prices of cotton fibers have decreased since the middle of last month and in comparison with a year ago. Cotton manufactures also show price declines, except for slight advances on yarns in the month and on finished goods in the year. Prices of rayon have been re duced recently. Quotations for raw wool and its products have continued to de cline. Raw silk shows a slight advance in the month but silk goods have declined a little further from last month’s level. No change in the price of seamless hosiery is noted, but full-fashioned shows declines. Quotations for floor coverings remain unchanged. Orders on the books of textile manu facturers show less than the usual sea sonal decline and compare, on the whole, favorably with the volume of a year ago. Advance business on the books of Page Five woolen and worsted manufacturers is larger than in the previous month or a year ago. The largest declines in orders during the month occurred in cotton manufactures and floor coverings. Productive activity has decreased fur ther, the average rate being slightly less than 70 per cent o f capacity. Consump tion of wool fibers in this district de clined almost 4 per cent from April to May, and wool takings by carpet mills dropped nearly 5 per cent. The total wool consumption in the United States, on the other hand, rose about 2 per cent in the same period. Delivery of raw silk to American mills declined in the month, but was larger than in May of the pre vious two years. Consumption of cotton fibers increased sharply from April to May and was larger than that shown for any previous month since March, 1927. The output of hosiery in this district was about three per cent larger in May than in April. Shipments also increased slightly. Unfilled orders at the end of the month likewise were greater than on the same date last month. The seasonal decline in the physical output of textile products in May was accompanied by a like decrease in the number of factory workers and the vol ume of wage disbursements. Compared with a year ago, however, both employ ment and payrolls were noticeably larger. Textile inventories are moderately light, although some accumulation is noted in cotton goods and full-fashioned hosiery. In comparison with a year ago, stocks of full-fashioned hosiery alone show an increase. Stocks of raw silk and wool are larger than a month ago, but slightly smaller than at the same time last year. Leather and shoes. The market for leather and shoes in the main is fairly active. Business in shoes has improved in the month and sales surpass the vol ume reported for the corresponding period last year. Unfilled orders indicate little change in the month but a slight gain over last year. Plant operations show the usual summer drop, the present rate being about 75 per cent of capacity. The output of shoes in this district during May was about three per cent smaller than in April, production of women’s Page Six and infants’ shoes alone showing in creases. Shoe production in the country also declined slightly during the month. Stocks of shoes are moderately light and are smaller than a month or a year ago. The demand for sole leather is brisk, and sales have increased since last month. Unfilled orders are larger and operations show expansion. Colored kid leather is in strong demand, while the call for black kid has been rather quiet; prices of both show little change. A marked seasonal improvement is noted in the market for leather goods, sales having increased at the end of the month and as compared with a year ago. Forward business on the books of re porting firms shows a substantial gain over the preceding month and a year ago. Plants are working at a somewhat higher rate than that prevailing four weeks ago. Conditions in the hide market have improved materially and prices have ad vanced. Business in goatskins is fair though not quite as active as was the case a month ago. Prices continue firm. Building materials. The market for building materials has improved season ally, though not in comparison with a year ago. Sales of brick, cement, lumber, and paint have increased noticeably since the middle of last month, while those of pottery have shown a decline. Com pared with a year ago, however, only lumber and paint report a larger volume of business. Prices are fairly steady, although several reports indicate some weakness. Forward business on the books of reporting firms has increased further in the month, though it has decreased in comparison with a year ago. The larg est seasonal gains in unfilled orders were reported by plants making brick, cement, and lumber. The most numerous de clines from a year ago, on the other hand, are noted in cement, brick, and pottery. Plant operations have expanded a little further during the month, the present rate averaging about 65 per cent of capacity. Stocks show little change in the month, although some accumulation is noted in cement and pottery. In comparison with a year ago, stocks are smaller in all lines except brick and pottery, which report somewhat heavier inventories. Miscellaneous. Buying of paper products has been good and has been reflected in firm prices and in a high rate of plant operations. Unfilled orders are slightly smaller than a month ago, while stocks are larger but about the same as in May of last year. The production of increased throughout compared with a year up in this district. been fairly good and changed. Orders on cigars, which has the country as ago, has also gone The demand has prices remain un the books are as heavy as last month, while stocks are light. Chemicals have been in good demand, though somewhat less active than a month ago. Unfilled orders compare favorably with last month. Stocks are light, but plant activity shows the usual seasonal decline. B U IL D IN G The increase in building operations during the month has been less pro nounced than is usual at this season, and the present level is lower than that which existed at the same time last year. The value of building contracts declined sharply from April to May and in con trast with a year earlier. The decline in contracts for residential buildings was particularly heavy. Eastern Pennsyl vania was principally responsible for the sharp drop in the total value of contract awards. Wilmington and Trenton had a larger volume of contracts in May than in April, while Philadelphia, Camden, Reading, and Scranton reported smaller totals. Compared with a year ago, only Reading and Trenton showed gains. Source: F. W. Dodge Corporation The proposed expenditure under per mits in 16 cities of this district increased appreciably from April to May but was smaller than a year ago. Similarly, in the United States the value of permits issued in 591 cities was much smaller than in May, 1928. Building operations Change M ay, from 1929 (000’s M ay, omitted) 1928 Contract Awards: Phila. Federal R e serve District T o ta l..................... $ 37,809 - 2 4 . 0 % Residential.......... 15,086 - 3 9 . 0 “ United States T o ta l..................... 587,766 - 1 2 . 0 “ Residential.......... 192,015 - 3 3 . 5 “ Permits issued: Phila. Federal R e serve Dist. (16 cities) ................ United States (591 5 mos. of 1929 com pared with 5 mos. of 1928 -1 2 .7 % -2 2 .2 “ -1 1 .1 “ -2 8 .2 “ 16,406 - 1 5 . 0 “ + 2 . 5 “ 307,909 - 1 9 . 4 “ Source: F . W . Dodge Corp. & S. W . Strauss & Co. A G R IC U L T U R E Agricultural conditions in this district are good, despite the unusual dryness prevailing in the early part of June. Lately, however, considerable relief from drought has been brought about by rains throughout the district. As a result, the growth of crops has been stimulated greatly. The condition of the rye and wheat crops is about 7 per cent better than at this time last year, while the corn, hay and oat crops are from 5 to 10 per cent smaller. Truck crops, while generally good, are not up to the indicated yield of last year. The strawberry yield is estimated to be 15 per cent lower, but peas and asparagus closely approach last year’s crops. Pasturage has been affected by the dry weather, although recent rains have revived its growth materially. The dairy herds are in good condition, the number of cows is increasing, and the quality of the herds is improving. The condition of various crops on June 1 follow s: country have increased about ten cents a barrel since the middle of last month and were about twenty-eight cents higher than at the same time last year. Pro duction in Pennsylvania is larger than was the case a year ago. Producers’ stocks are somewhat lighter than is cus tomary at this season and are said to be decreasing. The market for refined oils, especially gasoline and lubricants, is increasingly strong with respect to both demand and prices. Quotations for gasoline at re fineries and service stations are higher than last month or a year ago. The out put of refined oils is being well main tained. Stocks appear to be light and on the decline. In the country, stocks of gasoline also have turned downward lately, after a rise to the highest level since the early part of 1927. Increased activity in the petroleum re fining industry is further evidenced by an increase in employment and payrolls from April to May and as compared with a year ago. Several reports indicate difficulty in obtaining either skilled or unskilled workers. Condition on June 1 Per cent of normal Crops and regions 10 year average 1929 W inter wheat Pennsylvania. New Jersey. . Delaware United States 87 87 87 7 8.2 91 92 87 79.6 R ye Pennsylvania. New Jersey. . Delaware United States 90 92 91 8 5.2 91 93 91 83.6 88 90 89 8 5.2 80 80 82 8 2.0 85 82 83 85.7 89 92 90 86.6 Oats Pennsylvania. New Jersey. . Delaware United States H ay (tame) Pennsylvania. New Jersey. . Delaware United States 84 87.1 90 90 91 8 7.2 Peaches Pennsylvania. New Jersey. . Delaware United States 58 70 62 64.0 55 91 91 54.7 Pears Pennsylvania. New Jersey. . Delaware United States 63 65 50 6 5 .5 50 63 62 58.5 87 86 Apples Pennsy vania New Jersey. . Delaware United States 70 73 63 68.0 57 67 64 66.6 Bituminous. Bituminous coal prices declined somewhat during the month of May and operations in this district fell off, although the total output of 36,059,000 tons for the country during the four weeks ended June 15 was two-tenths of one per cent higher than the previous four weeks and was 19.9 per cent higher than a year ago. Public utilities and in dustrial concerns seem to be the principal buyers at this time. C O AL A n th racite. With several collieries shut down and many others reporting light operations, the coal industry was rather quiet during the month. Anthra cite production in Pennsylvania totaled 5,088,000 tons for the four weeks ended Source: American Railway Association Comparison of net sales RETAIL TRADE Philadelphia Federal Reserve District outside Philadelphia........... W om en’s apparel stores......... in Philadelphia..................... outside Philadelphia........... Shoe stores..................................... Credit stores.................................. W HOLESALE TRADE Philadelphia Federal Reserve District Jan. 1 to M ay 31, 1929 M ay 31, 1929, with with with Jan. 1 to M ay 31, Apr. 30, M ay 31, 1929 1928 1928 1928 -2 .6 % -0 .3 % - 8 .4 % - 3 .7 % 1.35 1.51 -4 .0 -5 .4 - 0 .7 + 4 .9 + 2 .9 + 5 .2 + 1 .0 + 5 .5 + 6 .7 -2 .3 -3 .0 + 3 .5 1. 0 “ -1 .7 “ + 0 .7 “ - 9 .6 “ -1 2 .6 “ - 3 .2 “ - 3 .0 “ 3 .6 “ 1 .9 “ 1.30 1.40 1.14 1.47 1.64 1.20 + 7 .4 % + 5 .3 % + 0 .5 + 6 .8 -4 .7 + 7 .1 + 8 .5 -2 .4 + 1.1 -3 .7 + 3 .6 + 1 1 .7 - 1 .7 + 6 .4 + 7 .3 + 3 .1 - 9 .3 -1 2 .0 - 5 .4 “ - 7 .4 “ - 3 .8 “ -1 3 .2 “ -1 4 .7 “ - 6 .6 “ - 3 .3 “ - 2 .3 “ 1.14 1.35 0 .99 2.51 2 .6 8 1.74 1.05 1.13 1.15 1.33 1.00 2 .55 2.74 1.64 1.11 1.26 + + + + + + Net sales, M ay, 1929. compared with M ay, 1928 Comparison of stocks Accounts receiv able at end of month com pared with 1929 year ago M ay, 1929, with M ay, 1928 outside Philadelphia............... Pasture............... Pennsylvania. New Jersey. . D elaw are. . . . United States June 15, which was a decrease of 18.1 per cent from the previous four weeks and was 16.9 per cent less than in the same period last year. The present de mand for domestic sizes is poor, while prices have increased slightly. Demand for steam sizes, on the other hand, is more active and prices are lower as com pared with the previous month. Apr., 1929 “ “ “ “ “ “ “ “ “ “ “ “ - “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ Rate of turnover, Jan. 1 to M ay 31 The refinery demand for crude oil is somewhat heavier than is usual at this time. Average prices of crude petroleum at the well for ten fields throughout the B oots and shoes .. - 1 4 . 0 % - 4 .6 “ Dry go o d s ............. - 1 4 . 7 “ Groceries............... + 1 . 0 “ Hardware ........... - 2 .3 “ Jewelry ............... + 3 1 .6 “ P ap er...................... + 9 .5 “ + 2 .4 % - 4 .5 “ - 3 .5 “ + 7 .0 “ - 2 .6 “ + 1 9 .4 “ + 0 .4 “ “ “ “ “ “ “ - 1 .2 + 1 0 .0 + 1 0 .8 + 5 .1 - 5 .5 + 1 .9 “ “ “ “ “ “ Stocks, M ay 31, 1929, compared with Accounts out standing, M ay 31, 1929, compared with Ratio of ac counts out- M ay 31, Apr. 30, 1928 1929 M ay 31, Apr. 30, 1928 1929 ing to sales, M ay, 1929 M ay, 1928 Apr., 1929 ...........% - 9 .6 % -1 2 .4 “ - 8 .4 “ - 1 .7 “ + 1 .5 “ + 0 .5 “ + 8 .8 “ 4 03 .9% 132.9 “ 305.4 “ 117.6 “ 193.6 “ 425.7 “ 138.1 “ - 9 .0 % — 5 3 “ -1 0 .5 “ + 1 .3 “ + 0 .7 “ + 5 2 .1 “ - 0 .4 “ + 2 .3 % - 6 .8 “ - 7 .7 “ + 6 .4 “ + 6 .2 “ - 5 .6 “ -1 2 .1 “ Source: United, States Department of Agriculture O IL 5 .6 11.4 12.1 8 .3 7 .9 7 .2 Collec tions during month com pared with year ago -2 0 .6 + 2 .3 - 4 .6 - 8 .7 - 2 .9 “ “ “ “ “ ...........% + 0 .1 -6 .4 -1 .: -2 .2 -0 .6 “ “ “ “ “ -3 .2 % —2 .9 “ -1 .5 “ + 3 .1 “ + 0 .4 “ + 5 .9 “ + 5 .7 “ Collections, M ay, 1929, compared with Page Seven DISTRIBUTION Distribution of goods is progressing at a fair rate. Railroad shipments con tinue appreciably in excess of the volume reported for the same time last year. In the four weeks ended June 8, total freight car loadings in the Allegheny district were slightly larger than in the previous four weeks and about 7 per cent larger than in the corresponding period last year. Larger shipments of merchandise and miscellaneous commodities were chiefly responsible for the favorable com parison with a year ago. Sales of new passenger cars in this district, as measured by registrations, were 10 per cent smaller in May than in April. W h olesa le trade. Activity in whole sale and jobbing trade continues at a fair rate. Sales of groceries, hardware, paper, and drugs have been somewhat larger since the middle of last month, according to preliminary reports. Busi ness in dry goods, however, shows a decline, while sales of shoes and jewelry indicate virtually no change. Prices in the main are unchanged from the level of a month ago. The dollar volume of sales in May showed a further gain of almost two per cent over the volume in the preceding month but a loss of nearly one per cent in comparison with a year earlier. In creases in sales in contrast with May, 1928 occurred in jewelry, paper, and groceries, while decreases took place in shoes, drygoods, drugs, and hardware. Lower prices generally were probably responsible in part for the unfavorable comparison with a year ago. Accounts outstanding on the whole were somewhat smaller in May this year than last. Re ports on collections are about evenly divided between those showing increases and those showing declines from the amounts of a month or a year earlier. R etail trade. Advance reports indi cate that retail business is moving for ward at a fairly good rate. Sales have increased somewhat since the middle of last month, more than twice as many re ports showing gains as those indicating declines. Prices remain unchanged, ex cept for a few instances of recessions. Sales in May, while increasing almost two per cent from the volume in the pre vious month, were nearly three per cent smaller than in May, 1928. Smaller sales by department stores in Philadelphia were chiefly responsible for this unfavorable comparison. Business in apparel stores in Philadelphia, on the other hand, was larger, while in women’s apparel stores outside of Philadelphia it was smaller than a year before. Credit stores re ported increased sales but shoe stores showed decreases in contrast with a year earlier. The dollar volume of retail sales during the first five months of this year was slightly less than in the correspond ing period last year. Inventories carried by reporting re tailers declined from April to May and as compared with the same date last year. The sharpest drop in stocks in the year occurred in department, credit, and shoe stores. BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT Dem and P rices R etail trade ................. W h olesa le and jo b b in g tra d e : D r u g s ........................... D ry goods ................. G roceries ................. H ardw are ................. J ew elry ........................ Paper ............................ Shoes ............................ L um ber ....................... W o o l ............................ C otton yarns ........... M a n u factu rin g: Iron and steel prod ucts .......................... C otton goods ........... Silk goods ................. S ilk throw sters . . . . W o o l good s ............. W o o l yarns ............. H o sie ry — fu ll-fa sh ioned ........................ H osiery— seam less .. Carpets and rugs . . . Shoes ........................... Leather good s ......... L eather— S ole .......................... B la ck kid ............. C olored kid ........... P aper ............................ C hem icals ................... C igars ......................... Refined o ils ............. B rick ............................ Lum ber— m ills ......... P ottery ........................ Cem ent ........................ B u ild in g ......................... A nthracite ...................... B itum inous coa l ......... Unchanged, except a few declines Unchanged Unchanged Little change Unchanged Little change Unchanged Unchanged Unchanged, except a few declines Lower Lower Unchanged Unchanged Little change Unchanged S tocks Smaller Smaller than a year ago Smaller Smaller Smaller Smaller for Fair, some gain Fair, declined Fairly active, increased Fairly active, increased Fair, little change Fairly active, increased Fair, unchanged Fair, unchanged Larger Fair to poor, little change Fair to poor, declined Declined ago Smaller Little change from a year Larger Little change Active, declined slightly Larger than a year ago Little change Smaller Fair to poor, declined Fair to poor, declined Fair, declined Fair, increased Fair, increased Smaller Smaller Slightly smaller Larger Little change Declined Declined Declined slightly Increased Declined Larger Larger Little change Smaller Smaller Active, increased Fair, little change Fair, declined Fair, increased Good, increased Little change Little change Smaller Little change Larger Little change Little change Declined Declined Increased Larger Little change Smaller Smaller Smaller Larger Little change Little change Smaller Little change Little change Some gain Little change Little change Little change * Larger Active, increased Little change Fair, little change Little change Good, little change Little change Active, little change Firm, little change Little change Active, declined Unchanged Fair, little change Higher on gasoline & Active seasonally lubricating oils Active, increased Little change Fair, increased Little change Active, increased Little change Fair, decreased Little change Active, increased Little change Construction costs in Fair creased slightly for domestic Higher on domestic but Quieter sizes lower on steam sizes Quiet, declined Lower Page Eight Operations Fairly active, some gain m o r e advances declines declines few declines orders for Lower Firm, than A few Lower Lower Only a Lower U nfilled Larger Larger Larger Smaller Larger Permits increased Some gain Declined Some gain Little change Increased Slight gain Unchanged Tiittle change Little chance Building contracts clined Declined Declined Little change Smaller Smaller Little change Smaller Larger Larger d e
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