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■J THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT JULY i, i93i ' ■!-- _ By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA Business and Financial Conditions in the United States Volume of industrial production showed little change between April and May, following upon increases for four consecutive months, while factory employment declined by the usual sea sonal amount. The general level of wholesale prices continued to decline. Production and employment. Vol ume of industrial production, as measured by the Board’s seasonally adjusted index, was about the same in May as in April, 9 per cent larger than in December, and 14 per cent smaller than in May 1930. Steel out put continued to decline more rapidly than is usual at this season, and con sumption of cotton by domestic mills was also curtailed, while wool con sumption continued to increase, con trary to the usual seasonal tendency, and shoe production, which ordinarily declines in May, showed little change; daily average output of automobiles, according to preliminary reports, was about the same as in April. During the first three weeks in June activity at steel mills declined further. In the first five months of the year, taken as a whole, output of textile mills and shoe factories has been in about the same volume as in the cor responding period of last year, while output of steel, automobiles, and lum ber has been about one-third smaller. Changes in employment from the middle of April to the middle of May were of the usual seasonal character in many manufacturing industries. In the iron and steel industry, how ever, at car building shops, and at establishments producing machinery, employment declined considerably, while it increased in the automobile and tire industries. At textile mills employment increased somewhat, con trary to seasonal tendency, while in the clothing industry the number em ployed decreased. Value of building contracts awarded in May was somewhat smaller than in April, reflecting chiefly a decline in awards for public works and utilities. In the first half of June, daily average value of contracts awarded increased somewhat, reflecting larger awards for public works and utilities, offset in part by decreases in awards for other types of construction. Distribution. Sales by department stores decreased in May contrary to the usual seasonal tendency, and the Board’s index declined to the level prevailing before the sharp increase in April. Total freight-car-loadings increased somewhat less than usual. Wholesale prices. The general level of wholesale prices declined 2.7 per Indexes of the United States Bureau of Labor Statistics (1926=100). INDUSTRIAL PRODUCTION PER CENT MEMBER BANK CREDIT 140 BILLIONS BILLIONS OF DOLLARS Money m Circulation Gold Slocks— «. ''.............. r Resfi.fBaUntw \S\ 80 ' fejerve Bar* Credit \ f \—• 60 1927 1928 1929 1930 1931 ^ 60 1927 Index number of industrial production, ad justed for seasonal variation. (1923-1925 aver age =100). Monthly averages of daily figures. Latest figures are averages of first seventeen days in June. 1928 1929 1930 1931 Monthly averages of weekly figures for report ing member banks in leading cities. Latest figures are averages of first three weeks in June. Page One cent further in May, according to the Bureau of Labor statistics, reflecting large decreases in prices of agricul tural products, textiles, non-ferrous metals, and building materials. In the first half of June prices of livestock, which had declined rapidly in April and May, advanced, while prices of petroleum continued to decline. Bank credit. Loans and investments of reporting member banks in leading cities declined further by about $285, 000,000 in the four weeks ending June 17, reflecting reductions in loans on securities. “All other” loans, largely commercial, have shown little change since the early part of May. The banks’ investments, which reached a new high level late in April, were reduced somewhat during May and have fluctuated within a range from $7,800,000,000 to $7,850,000,000 since that time. During the four weeks ending June 17 there were imports of gold from Argentina and Canada, and in addi tion a large amount of gold previously earmarked for foreign account was re leased in the United States. The total increase in the stock of monetary gold was $120,000,000 for the period, of which $90,000,000 was added during the last week. Payments of currency into circulation, accompanying bank suspensions in the Chicago district, absorbed a large part of the funds arising out of the additions to the gold stock, with the consequence that there was little change in the volume of reserve bank credit. Money rates. Money rates in the open market continued at a low level during May and the first three weeks of June. There was a further decline in prevailing rates on commercial paper from a range of 2-2J4 to a level of 2 per cent, while rates on bankers’ acceptances were unchanged at of 1 per cent. Rates on deposits by banks were further reduced and clearing house banks in a number of financial centers established a rate of of 1 per cent on bankers’ balances. Business and Financial Conditions in the Philadelphia Federal Reserve District Business is now -passing through a period of general quiet, characteristic of this season. Industrial production in May, after advancing for three successive months, declined some what more than usual and continued substantially lower than in recent years. Factory employment and pay rolls also fell off more than the aver age rate of decrease in past years. Wholesale trade in the aggregate showed an increase instead of decrease as is customary, while retail business has just about held its usual volume; dollar sales of both, however, were smaller than in other years, reflecting the influence of declining prices. Building operations have shown some further seasonal expansion, while coal mining has been curtailed recently. The agricultural situation is satisfac tory and crop and livestock conditions are more favorable than last year. Commodity prices, following a rela tively long period of recession, have shown some firmness lately. There has been slight change in member bank loans to customers dur ing the past month. Currency de mand has varied little and borrowings from the Federal Reserve Bank have shown small fluctuation. The reserve ratio of this bank has been in excess of 85 per cent over the past three months and on several days has ex ceeded 90 per cent. Manufacturing. The market for manufactured goods is seasonally quiet, although sales have been in fair volume in a number of individual in dustries. Unfilled orders generally Page Two apparatus plants also have declined since the middle of last electrical month and continued smaller than a weighed heavily in this recession. year ago. Commodity stocks at manu facturing establishments have been 5 months Per cent change Iron and steel 1931 production reduced further and are lower than (000’s gross tons 1929 omitted) 1930 last year. Most reports show fur ther price recessions, although lately iron: wholesale quotations for many com PigUnited -47.2 -38.2 States........... 9,467 Philadelphia F. R. modities displayed a noticeable -61.1 -54.7 667 District.................. Steel ingots: strength. -45.4 -34.6 United States........... 13,183 Factory employment declined some what more than usual as did wage Source: Iron Age. payments and working time. All groups, except that which comprises Manufacturing activity of the trans portation equipment group showed certain food lines, reported reductions more than seasonal let-down, although in employment and payrolls from April operation of shipbuilding yards ex to May. A slight rise in employment panded after an almost steady decline in the chemical products group was due to paints and varnishes, and pe since the latter part of last year. The output of textile products, troleum refining. which showed a steady rise from The output of manufactures in this January to April, decreased some district declined more than is custom what more than usual in May and fur ary for May, following a steady rise ther seasonal slackening was noticeable for three successive months from the in early June. Nevertheless, produc low point in January. In comparison tion of such items as hosiery, cotton with a year ago, our index of produc goods, woolen and worsted fabrics, tive activity was 18 per cent lower, and floor coverings has continued in declines varying from 10 per cent for creasingly active. Textile prices paper and printing to 39 per cent for again declined in May but showed metals; the textile and leather groups strength in the second half of June, were the only ones that showed in particularly in some of the raw ma creases. terials. Stocks of finished goods ap The metal fabricating industry, pear to be moderately light and are after a considerable gain in the previ smaller than a month or a year ago. ous month, fell off sharply in output to Such gains as occurred in the manuthe lowest level in several years. This facure of diverse food products were was due principally to a larger than not as large as expected, and there usual decline in the output of steel has been little change since May, save works and rolling mills. More than for some of the highly seasonal lines. the usual drop in the operations of Output of cigars was smaller, while IRON AND STEEL— PRODUCTIVE ACTIVITY tXTILES------ PRODUCTIVE ACTIVITY .PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENTl-------------------- --------------------- -------------------- ----------------- ------------- PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENT 1923—25 AVG.—100 SILK WOOL (MILL TAKINGS] •\ ,* PIO » IRON COTTON ADJUSTED FOR SEASONAL VARIATIONS ADJtlST^ ,FQR SEASQI^IfiL,VARIATIONS 1929 Source: Iron Age Sources: Silk Association of America and Bureau of the Census that of tobacco and snuff was larger than a month ago, after allowance is made for seasonal changes. Paper and printing also curtailed their out put owing to slackened demand and prices are lower than four weeks ago. Output of shoes decreased, while ac tivity of local tanneries increased in the month. Production of leather ex ceeded that of a year earlier. The demand for kid and sole leather has improved since the middle of May and unfilled orders in some instances are above the volume of a year before. The goat skin market is still unsatis factory in spite of recent gains, but the demand for hides is fairly active, and some prices have advanced lately. Manufacturers of building materials reported that the increase in output during May did not measure up to the usual rate of gain except in lumber and planing mill products, paints and varnishes, and structural materials. The demand for cement since the middle of last month has been on the increase, owing partly to active pur chases by builders of streets and high ways. Portland cement (E. Pa.. N. J„ Md.) Production..................... Shipments...................... Stocks on May 31, 1931............................. 5 months Per cent change 1931 (000’s omitted) 1930 1929 11,284 9,470 6,826 -18.3 -21.0 -17.4 -23.5 - 2.5 + 7.4 Source: Dept, of Commerce, Bureau of Mines. Prices of building materials continued downward and on June 20 were about 12 per cent lower than a year earlier. May, 1931 Percentage change since . BUSINESS INDICATORS Philadelphia Federal Reserve District Amount April, 1931 May, 1930 - 4.1 - 2.5 - 4.8 -21.5 + 2.5 -13.0 -12.9 -17.9 -14.3 -21.9 + 1.9 Retail trade*—estimated net sales (162) stores Department (68)............................................... Men’s apparel (23).................... Women’s apparel (16)......... .. Shoe (37)...................................... “ Credit (18)....................................................' ‘ ' ‘ ' $797,600 $679,000 $21,900 $64,700 $12,500 $19,500 Wholesale trade*—net sales (100 firms)............ . Boots and shoes (5)............................... Drugs (10).....................................!.!'!!!! Dry goods (12)................................... !.!!!!..! Electrical supplies (8)................ Groceries (29)............................................ Hardware (19).................!!!!!.'/!!!!!!!! Jewelry (10)....................... Paper (7)................................... !!.’!! I! $242,407 $3,133 $53,711 $11,031 $15,326 $87,140 $50,038 $7,171 $14,857 - 4.6 +14.5 + 5.8 271,337 $5,999,016 54,037 62,669 13,736 249,819 579,246 3,809 117 91 - 2.5 - 6.5 - 9.8 + 3.8 - 0.9 - 1.9 -15.8 -20.4 - 4.1 -19.5 Productive activity*— Employment—841 plants in Penna.................. Wage payments (weekly average).................... Shoe production +—80 factories........................ Hosiery production!—139 mills........... .. . Vnderwear productionf—52 mills Wool consumption!—62 mills...................... Active cotton spindle hours......................... .. . . Pig iron production.................................. .. Iron casting production—33 foundries'..!. . ! Steel casting production—9 foundries.... " Anthracite.............................................................. Bituminous coal—Penna.................. ’ ’ ’ ’ ’ “ ] ‘ Petroleum receipts at Port of Philadelphia! Cement...................................................................... Electric power output—10 systems......... .........prs doz. prs doz. pcs .........lbs . .tons ..tons . .tons . .tons ..tons . . bbls. . .bbls. KWH Financial and credit— Debits (check payments)—18 cities........................................ Loans and investments—middle of June—88 member banks Bills discounted held by F. R. B. of Phila. (daily average) Bankers’ acceptances outstanding—end of month.............. Commercial paper sales—4 dealers........................... .. Commercial failures—number.................... ................................... Commercial failures—liabilities Building and real estate— Building permits—17 cities.................................................... Building contracts awarded............................................ Number of real estate deeds recorded (Philadelphia county) Value of mortgages recorded (Philadelphia county)............. Sheriff sales—writs issued for June—(Philadelphia county) Miscellaneous— Freight car loadings (Allegheny district)..................... Tonnage of vessels (Port of Philadelphia)................... Sales of life insurance (Penna., N. J., and Del.)___! Automobile sales registrations of new passenger cars * Daily average of monthly figures. number . . . tons units 200,200 +10.8 - 0.5 + 4.6 + 4.8 + 0.2 -12.2 -15.3 -22.0 - 7.5 -17.2 +10.3 -18.8 -19.7 -27.7 -14.2 -17.8 -31.6 - 2.3 -56.8 -40.3 -57.1 -10.9 315,000 36,700 3,053,000 17,298,200 + 3.1 -20.7 +13.5 - 3.0 -20.8 $2,054,021,000 $1,739,500,000 $18,208,000 $23,407,000 $3,327,500 108 $1,254,387 6.0 + 1.9 +13.5 + 5.3 -32.5 -38.6 -67.8 -18.4 + 7.5 -38.8 +10.4 -71.5 - 4.4 -16.3 $5,030,470 $18,857,400 4,500 $6,040,840 1,543 - 3.5 + 7.1 - 3.3 -25.4 631,698 4,520,807 $100,932,000 16,893 - -24.8 -17.6 - 1.5 -47.4 -35.3 -11.6 -18.9 +22.9 - 3.3 - 2.5 -13.1 -53.1 +35.4 + 1.1 - 6.2 10.1 -16.2 - f Bureau of the Census preliminary figures. Page Three GOAT BUILDING KID LEATHER AND PERCENT MILLIONS skTns PRODUCTIVE MATERIALS ACTIVITY SEASONALLY ADJUSTED 20 STOCKS /S\ /~s \y y\ Trf------------v ------------- i----------i c / ------------- ____ L________ KT-------------- LUMBER 8. PLANING MILLS s~\ArJ \ A OUTPUT • I3P3-25AV6 —100 1927 1928 1929 1930 1930 1931 Source: Department of Commerce Output of electric power declined by a considerably smaller amount than was expected, but it was less than in May 1930. Consumption of elec trical energy by industries rose rather sharply and was not far behind the quantity used last year. Detailed comparisons follow: Electric power Philadelphia Federal Reserve District 11 Systems May, 1931, per cent change from May, 1930 April, 1931 Rated generator capacity.......... + 1.6 Generated output........................ Hydro-electric........................... Steam.......................................... Purchased.................................. - 1.5 +48.7 -30.2 +25.3 + - + 0.4 + 7.0 + 6.4 + 0.0 -12.3 -11.4 + + -12.4 + 3.5 - 5.7 - 8.0 + 6.0* + 1.3 Lighting..................................... Municipal.............................. Residential and commercial....................................... Power.......................................... Municipal.............................. Street cars and railroads .. Industries............................... All other sales........................... 7.1 1.1 8.3 0.4 1.0* 0.0 0 3.0 2.6 7.0 4.1 * Working days average—other items are com puted on calendar days. Activity in the construction and contracting in dustry increased further during May; the present rate of operations, how ever, is considerably lower than in other years. Although some gains were reported in both employment and wage payments, they were not evenly distributed throughout the section; such increases as did occur were de cidedly less pronounced than a year earlier. In the Philadelphia area, the number of workers employed was somewhat larger while the total hours worked was noticeably smaller than in the preceding month. Construction Building and real estate. Page Four costs, as estimated by the Engineering News Record, continued to decline, owing to lower prices for some of the leading building materials. At the be ginning of June they were the lowest of any month since August 1922. The proposed expenditure under permits issued in seventeen cities of this district declined during May; in comparison with a year ago, they were about 35 per cent smaller. The value of contracts awarded for new construction also declined last month, owing at least in part to smaller awards for residential buildings. As shown in the accompanying table, the dollar volume of contracts let in the first five months of this year remained noticeably smaller than in the same period of recent years. The number of deeds recorded in Philadelphia increased sharply last month and was the largest since May 1930. The value of recorded mort gages, however, declined and was less than half as large as a year earlier. Foreclosures in May remained excep tionally high although they showed a slight reduction from the April figure which was one of the highest on record. The real estate situation showed little change during the month. The renting demand for houses and apart ments remains quiet although some re ports indicate an improvement in the number of inquiries for commercial space. Buying of houses continues at a relatively slow rate and sales have been confined chiefly to less expensive properties. Prospective buyers are still experiencing some difficulty in ob taining the funds necessary to finance their purchases. Contracts awarded 5 months 1931 (000’s omitted) Per cent change from 1930 1926-29 average Trenton........................ Wilmington................. $24,612 2,449 380 1,676 1,158 1,443 -70.0 +82.9 -86.4 -21.3 -17.4 -58.5 -74.2 -16.1 -81.4 -67.6 -63.2 -54.9 Total: Phila. F. R. Dist. including all cities.......................... $81,894 -48.6 —59. Philadelphia................ Reading........................ Scranton....................... Source: F. W. Dodge Corporation. Agriculture. The agricultural outlook for this district is brighter than a year earlier. The marketing situation, however, has shown but little improve ment since June 1930, owing to the continuous decline in the wholesale prices of farm products. The condition of pastures and meadows improved noticeably during the past month and in most sections it compares favorably with that of a year ago. Owing to cool weather in the early part of June, truck crops were late in starting; they are said to be in healthy condition and are now growing rapidly. Weather conditions have favored the growth of orchard fruits and indi cations are that this year’s crop will be somewhat larger than the actual harvest of 1930. There have been a few reports of insect damage and the drop from trees has been unusually heavy in some localities; the crop as a whole is said to be comparatively high in quality. OUTPUT or COAL IN PENNSYLVANIA FREIGHT CAR ALLEGHENY LOADINGS DISTRICT 1923-25 AVG.-IOO anthracite: 1926—29 AVERAGE- JLLjl BITUMINOUS JFMAMJJASOND Source: Bureau of Mines The reported condition of dairy cattle in this district is fair to good; there is some evidence that the num ber of cows is decreasing, although the quality of the herds is being improved. As in the case of most agricultural commodities, prices of dairy products have declined noticeably during the past year. Coal. The anthracite market showed little improvement during May; deal ers’ purchases were confined chiefly to small lots, although the demand from householders was somewhat more active in anticipation of sea sonal advance in retail prices. Col liery output declined, and the produc tion of 5,005,000 tons in May was, with one exception, the smallest since April 1930. In the first three weeks of June the output dropped sharply and was substantially below that of a month and year ago. The market for Pennsylvania bitu minous coal also remained quiet. De mand has fallen off and reports of price concessions have become more numerous. Output of collieries in May increased somewhat more than usual, although it remained lower than in any month in recent years; daily average production in the first half of June showed some gain over May. Shipments for the country as a whole averaged slightly higher than in April; this upward trend was also ap parent during first half of June. Distribution. Retail sales were 4 per cent smaller in May than April as against a decline of 7 per cent in the same period of last year. Smaller sales occurred at department and ap parel stores, while shoe and credit Source: Railway Age stores showed gains. Preliminary re counts receivable and collections were ports covering the first half of June materially below those in May 1930. indicate that demand has been fair and Retail prices of food in Philadel that sales have increased somewhat. phia and Scranton declined one per Price reductions have continued in cent between the middle of April and evidence. May as against an average decline of Compared with May 1930, dollar about 2 per cent in fifty-one cities. In sales were 13 per cent smaller, credit comparison with a year ago, retail stores alone showing a small gain. food prices in Scranton were 19 per In the first five months of this year, cent and in Philadelphia 16 per cent aggregate sales also were 10 per cent lower, compared with a decrease of 19 less than in the same period of 1930, per cent in the country. continuing to reflect lower prices. Railroad shipments of commodities Stocks of merchandise declined as were almost 4 per cent less in May usual and were 14 per cent smaller than April which is contrary to the than a year ago. The rate of turn usual seasonal trend. In the first over has been somewhat higher than week of June loadings showed a last year in all lines except shoes. marked upturn, but in the second week Combined business of eight whole the aggregate volume declined. The sale lines increased slightly in May, movement of commodities in the first owing to larger daily sales of dry five months of this year was about goods, electrical supplies, jewelry, one-fifth less than in the same period groceries, and paper; sales of hard last year and nearly one-third less ware, shoes, and drugs declined from than two years ago. Sales of new passenger automobiles April. Early returns for June indi cate the usual seasonal quiet; reports as measured by registrations were showing declines outnumbered those slightly larger than was to be expected registering increases. Wholesale but they remained considerably below those of a year before. Registrations prices declined further in May. In comparison with a year earlier of used cars, on the other hand, dollar sales were 15 per cent smaller, showed a further gain in the month all lines except electrical supplies and as compared with the two pre showing marked recessions. Sales vious years. also were noticeably less in the Financial conditions. Member bank first part of this year than last, de loans to customers and rates on com clines ranging from 5 per cent in mercial loans have changed little dur drugs to 32 per cent in jewelry. This ing the past month. Bills discounted adverse comparison, at least in part, is held by this bank on June 17 were accounted for by lower prices, as in practically the same as on May 20; the case of retail trade. Dealers in discounts for Philadelphia members the majority of lines reported smaller fluctuated less than one million dollars stocks in May than April as well as in in the interim and the range for banks comparison with a year before. Ac outside of this city was only 4 milPage Five REPORTING COMMERCIAL PAPER SALES DEPOSITS BY DEALERS OPERATING IN THE PHILADELPHIA MEMBER BANKS------ PHILADELPHIA DISTRICT MILLIONS DOLLARS MILLIONS DOLLARS 800 DISTRICT ;s cumjlaled from January NET DEMAND DEPOSITS 7 50 700 450 400 350 TIME DEPOSITS 300 250 200 JFMAMJJASON 1927 Average lirsf three Wednesdays lions. Owing chifefly to an increase in cash, the reserve ratio of the bank rose from 88 to 90 per cent, a high figure reached several times since the opening of the year. The amount of currency in circula tion in this district has not varied ma terially during the four weeks ended June 17; this was in keeping with the condition in the three preceding years. Substantial sums were received by the government through withdrawals from depositaries, cash payments for new securities, income tax payments and ordinary collections, but local dis bursements absorbed the greater part, so that less than 6 millions was with drawn from the general market. The effect of this upon the demand for re serve bank credit was offset by a favorable balance of approximately equal amount in the settlements with other districts. Member banks in Philadelphia, Camden, Scranton and Wilmington report only small changes during the past four weeks in loans to cus tomers. This comparatively static condition has persisted over the past seven weeks; prior to that time there had been a decline of about 70 mil lions since early January. Openmarket loans show a small decline lately; investments rose slowly in late May and early June, but, accompany ing the new issue of government se curities on June 15, there was a sharp increase of 24 millions. The gain in investments accounts largely for an increase in total loans and investments from 1,349 to 1,380 millions. Invest ments now amount to 555 millions and are within 20 millions of the peak on April 22. Page Six Figures for the member banks in twenty cities of the district continue to reveal a sizeable decline in loans, and a sharp increase in investments during the past year. These changes have been due particularly to figures submitted by the weekly reporting banks, whose investments in United States securities have expanded from 90 to 233 millions and in other securi ties from 232 to 322 millions in the course of the year; segregating the figures of the weekly banks, largely located in Philadelphia, from the totals, it appears that the decline in loans and the increase in investments of the other banks have been smaller in percentages and in dollars. Eighty-seven banks in twenty cities (000,000’s omitted) Loans on securities... Other loans and dis counts................... Total loans. ......... Investments................ Net demand deposits. Time deposits............. June 18, June 17, Changes 1931 1930 517 -$ 69 598 548 - $1,184 $1,065 -$119 $ $ +$241 + So + 81 $ 586 433 865 501 $ 674 920 582 50 On June 15 two issues of United States certificates of indebtedness ma tured; originally 43 millions had been allotted to this district and the amount presented here for redemption was 20 millions, of which about 11 millions was accepted in exchange for a new issue of government bonds, the balance being paid by check or credit. Sub scriptions to the new issue totaled $511,000,000 in this district and 56 millions was apportioned here; pay ment for these was made partly by exchange, as noted above, 6j4 millions in cash, and 38J4 millions by deposit credit at subscribing banks. Commercial paper sales by four dealers receded from $4,932,500 in April to $3,327,500 in May. Only $455,000 was sold to the country banks, the lowest figure in records back to 1923. Sales to— paper sales (Four dealers) Country banks City banks Total sales 1931—Feb___ $4,072,500 $2,534,500 $6,607,000 Mar. . . 12,295,000 2,665,000 14,960,000 Apr... . 2,820,000 2,112,500 4.932.500 455,000 3.327.500 May.. . 2,872,500 1930—May. . . 1929—May.. . 7,762,500 3,915,000 11,677,500 1,227,500 1,227,500 Outstanding acceptances of banks in this district increased from $22, 200,000 to $23,400,000 during May. This compares with $21,200,000 a year ago and with a high point of $26, 300,000 on February 28, 1930. Federal Reserve Bank of Philadelphia (In millions of dollars) Changes in— June 17, 1931 Four weeks One year $2.2 16.6 -$0.5 + 0.4 - $0.3 - 6.3 Total bills discounted $18.8 0.1 United States securi47.2 0.6 Other securities, etc.. -$0.1 0.0 - $6.6 , - 2.6 / - 2.1 -f 0.6 - -$1.6 -$12.6 Bills discounted for banks in _ Philadelphia .... Other communities Total bills and se$66.7 Member bank re serve deposits. . . 144.7 267.2 90.0% 3.0 0.4 + 4.7 - 1.7 + 41.6 + 7.7 + 1.9% + 0.3% Employment May, 1931 Percentage change —May, 1931, from May, 1930 City areas * Employment and in Pennsylvania Payrolls May, 1931 May index * Per cent change since May. 1930 Apr., 1931 Per cent change since May, 1930 Apr.. 1931 77.4 -17.8 — 2.5 64.9 -31.6 - 6.5 Metal products.......................... Blast furnaces........................ Steel wks. and rolling mills . Iron and steel forgings......... Structural iron work............ Steam & hot wtr. htg. app. Stoves and furnaces............. Foundries................................ Machinery and parts........... Electrical apparatus............. Engines and pumps.............. Hardware and tools............. Brass and bronze products. 72.3 47.5 67.5 62.5 88.0 90.5 66.3 70.5 82.6 92.8 50.5 71.8 66.8 -21.9 -17.8 -20.4 -33.9 -31.2 -12.9 - 3.8 -28.7 -17.8 -19.2 -47.2 -23.0 -36.6 _ 3.5 + 1.9 4.5 _ 3.5 + 7.7 + 7.5 3.8 _ 5.4 2.0 — — 3.4 — 5.8 _ 4.8 - 1.8 58.3 37.1 54 7 52.6 73.4 70.6 40.5 48.7 61.3 82.2 36.3 59.4 53.9 -39.1 -37.3 -38.1 -41.4 -42.5 -30.4 -32.3 -48.6 -35.0 -37.0 -64.0 -29.8 -47.5 9.5 2 1 Transportation equipment... Automobiles........................... Auto, bodies and parts........ Locomotives and cars.......... Railroad repair shops........... Shipbuilding........................... 50.31 06.3 58.4 23.4 66.9 58.7 -34.5 -22.5 -35.5 -55.9 -11.3 -34.6 _ 3.5 + 2.2 + 2.3 5.6 12.3 - 1.8 39.3t 46.9 44.2 16.7 58.0 93.5 -49.0 -33.6 —45.0 -70.0 -24.8 -40.2 4 0 +25 0 + 4.1 0 5 8.3 7.5 _ 6.3 8.1 3 3 - 0.7 10.5 + 0.4 Textile products........................ 89.6 - 9.8 2.0 79.9 _ 6.2 59.8 Cotton goods.......................... 65.3 -10.3 + Woolens and worsteds......... 57.6 + 8.3 + 4.5 55.2 Silk goods................................ 96.7 -13.7 7.2 89 .0 Textile dyeing & finishing. 86.9 - 8.8 _ 3.3 83.4 Carpets and rugs................... 64.5 -11.9 + 4.4 53.1 Hats.......................................... 81.6 - 8.4 0.0 47.6 H osiery.................................... 104.0 -13.3 0.3 104.8 Knit goods, other ................ 81.5 -10.8 _ 0.2 69.4 Men’s clothing....................... 87.5 + 2.7 + 2.7 84.0 Women’s clothing................. 128.4 + 14.4 9.8 127.0 Shirts and furnishings......... 148.5 + 10.8 - 0.7 139.5 -10.4 1.4 — 5 4 +16.7 +11.7 — 19.5 - 6.9 -16.4 + 9 5 -25.5 0 2 — 4.9 -23.0 + - 4.4 + 7 3 +11.9 +17.9 - ill Foods and tobacco.................... Bread and bakery products Confectionery........................ Ice cream................................. Meat packing......................... Cigars and tobacco............... 104.3 108.3 97.6 108.5 94.5 102.0 - 7.0 - 4.4 + i.i -13.8 - 2.0 -10.1 + 1.2 94.4 + 2.6 102.1 + 3.6 94.4 +10.7 102.5 _ 1.6 80.7 83.2 - 1.1 -13.8 - 9.9 - 7.8 -20.0 — 15 0 -16.9 + + + + + Stone, clay & glass products. . Brick, tile & pottery.......... . Cement.................................... Glass......................................... 58.7 71.8 56.5 49.5 -22.7 -18.8 -12.1 -37.6 3.1 _ 3.6 + 2.5 9.7 46.2 49.0 48.6 41.2 -36.6 -40.2 -26.3 -47.6 0.9 9.4 + 6.3 3.5 Lumber products...................... Lumber and planing mills. . Furniture................................. Wooden boxes........................ 55.3 33.6 62.7 63.3 -25.4 -49.2 -16.0 -10.1 _ 3.7 + 3.4 5.6 3.4 48.0 30.2 53.6 55.4 -31.4 -53.8 -23.0 -15.0 5.1 +11.0 - 9.9 — 5.5 Chemical products.................... 91.7 Chemicals and drugs............ 70.1 Coke..................................... 72.6 Explosives............................... 73.6 Paints and varnishes............ 95.2 Petroleum refining................ 128.8 - 9.2 -12.8 -33.9 -12.9 - 4.9 + 1.7 + 1.3 89.1 6.9 66.4 0.0 58.9 1.2 70.6 + 5.9 98.9 + 2.7 127.4 -18.4 -18.0 -39.4 2.5 -18 9 2.6 — 9.8 -11.6 4-18 O - 1.8 Leather and rubber products. Leather tanning..................... Shoes.................................... Leather products, other . . . Rubber tires and goods.... 92.5 99.9 89.2 81.3 88.1 - 5.0 - 4.2 - 4.7 -18.3 - 0.5 2.0 88.8 _ 1.0 95.0 5.1 73.5 + 2.4 89.6 0.3 104.4 -11.9 - 9.4 -25.5 — 21 - 4.0 5.1 1 fi -20.1 Paper and printing.................... Paper and wood pulp........... Paper boxes and bags.......... Printing and publishing... . 93.3 81.1 78.8 99.8 - 5.0 - 4.1 -12.4 - 3.5 1.0 0.9 _ 0.5 “ 1.1 -12.2 -17.8 - 8.7 - 9.2 78.3 _ 94.9 73.7 81.7 104.0 1 .2 1 9 2.8 5.1 + 1.8 -23.8 - 3.9 -18.9 -41.1 - 5.9 -17.7 -14.5 -13.7 -16.3 - 9.5 -20.4 -17.6 -13.1 -37.5 -20.2 -33.0 -49.8 -14.5 -25.4 -23.7 -21.4 -29.1 -20.8 -29.7 -21.6 -23.6 Building permits (value) Debits Retail trade sales + 4.9 2.0 -15.2 5.5 64.6 -24.7 + 1.3 Construction and contracting. 65.7 -36.7 + 8.8 49.0 -49.4 + 2.9 77.7 - 8.9 80.1 -13.8 Retail trade............... _ 0.6 90.1 - 5.5 - 0.3 4 4 Wholesale trade.... 89.7 - 1.8 0.2 - 37.6 - 65.1 - 52.0 - 76.3 + 46.6 - 60.9 +1071.1 - 68.9 - 9.2 - 29.4 - 28.5 - 12.5 - 89.7 -22.5 -32.2 -20.1 -22.6 —21.6 -19.1 -25.1 - 6.8 + 2.5 -14.2 -27.7 -24.1 -21.3 —20 8 — 13 5 — 7 8 -20.3 — 14 9 —14 4 — 6.6 — 4 9 — 8.7 ■----------- ---------------May, 1931, from April, 1931 Allentown............... Altoona.................... Harrisburg.............. Johnstown............... Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton................... Wilkes-Barre.......... Williamsport.......... Wilmington............ York......................... - 6.0 + 0.5 - 4.7 -22.0 + 1.6 - 0.5 + 0.4 - 5.2 - 0.7 - 6.8 + 1.5 + 0.5 - 5.0 - 8.4 - 4.2 -11.9 -25.1 + 1.7 - 0.7 - 1.3 - 6.6 + 0.3 - 8.6 - 7.1 + 3.5 - 5.0 + 18.7 + 82.6 + 15.0 + 49.0 + 27.1 - 75.0 +805.9 +151.6 - 57.9 - 86.2 - 75.5 + 174.5 - 89.4 - 8.9 - 6.2 - 3.6 - 4.8 -12.6 — 6.0 - 3.3 - 2.5 -11.6 — 4.1 -11.6 -13.6 - 9.4 — 18 3 + 11 .0 +15 9 — 10 1 -18.4 + 7.4 — 3 5 + 4.2 * Area not restricted to the corporate limits of cities given here. Percentage change Wholesale trade Philadelphia Federal Reserve District Boots and shoes. . . Drugs....................... Dry goods............... Electrical supplies. Groceries................. Hardware................ Jewelry.................... Paper........................ Net sales: 1931 compared with 1930 Stocks: May 31, 1931, compared with Collec tions May, 1931, compared with 1930 May (daily av.) Five months May 31, 1930 Apr. 30, 1931 -22.0 - 7.5 -17.2 + 10.3 -18.8 -19.7 -27.7 -14.2 -27.6 - 4.8 -17.5 -14.4 -14.4 -20.1 -31.8 -19.9 - 5.1 -20.6 +10.7 - 4.2 -13.4 -15.1 - 3.5 -3.9 -3.9 -1.6 — 18 6 — 4.2 —4.1 -1.6 +3.7 — 14.5 -25.5 -20.4 Percentage change Retail trade Philadelphia Federal Reserve District 2.2 Street railways............... Allentown............... Altoona.................... Harrisburg.............. Johnstown............... Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton................... W ilkes-Barre.......... Williamsport.......... Wilmington............ Y ork......................... 1.5 Bituminous coal.................. * 1923-1925 average = 100. Wage payments index * All manufacturing industries (51)....................................... Anthracite............................. Employ ment Net sales: 1931, compared with 1930 May Five months Stocks: May 31, 1931, compared with May 31 Apr. 30 1930 1931 Rate of turnover: five months 1930 1931 All reporting stores................. -13.0 - 9.8 -13.9 -4.1 1.55 1.63 Department.............................. in Philadelphia..................... outside Philadelphia........... Men’s apparel.......................... in Philadelphia..................... outside Philadelphia........... Women’s apparel.................... in Philadelphia..................... outside Philadelphia............ Shoe............................................ Credit......................................... -12.9 -14.0 -10.2 -17.9 -26.7 -11.6 -14.3 -13.8 -17.6 -21.9 + 1.9 - 9.6 -10.8 - 6.6 -14.4 -18.8 -11.2 - 8.2 - 7.7 -12.2 -18.4 - 6.9 -13.5 -12.3 -15.8 -4.0 -4.2 -3.7 1.54 1.62 1.70 1.73 1.22 1.37 -15.0 -18.0 -18.2 -16.8 -14.9 -17.8 -2.2 -5.1 -5.8 -1.6 -2.3 -4.0 0.86 2.63 2.84 1.64 1.14 0.99 0.89 2.94 3.19 1.74 1.10 1.11 f Preliminary figures. Page Seven Synopsis of Industrial and Trade Conditions in the Philadelphia Federal Reserve District Stocks Operations Demand Manufacturing Iron and steel Pig iron production declined ......................... Slow Blast furnaces Steel works and rolling mills ........................................ Slow Foundries and machine p Declined Slow, though unfilled orders for Production of iron and steel castings declined steel castings increased Declined Electrical apparatus ............. Quiet Transportation equipment Locomotives and cars.......... Quiet Declined Shipbuilding Fair Increased .............................. Textiles Slow, little stronger Cotton manufactures Hosiery change, raw Quiet, declined, smaller unfilled orders Moderate, little change Fair, increased, increasing unfilled orders Increased in fabrics Declined, smaller than a month and year ago Increased slightly Smaller Increased Smaller than a year ago Increased Moderate Quiet, declined Declined S'maller than a month and year ago Fair, some increase Little change Declined Fair Some gain Declined Fair, some gain Little change Smaller than a year ago Declined, unfilled orders smaller Declined Rather heavy but smaller than a month ago Fair, increased, prices lower Increased Increased, ago Increased Little change .......... Quiet, little change ........................................ Little change silk Declined Quiet, little change Floor coverings ....................... Quiet, some gain Leather products Leather—sole kid ......................... ........................... goods ...................... Building materials Lumber—mills ......................... Slow, some decline Paints and varnishes .......... Slate leaf Chemicals Smaller than a year ago Only fair, some decline Little change Moderate, somewhat larger than a month ago Little change Moderately heavy Declined Some increase in the month Fair, little change .................... Quiet, some gain ......................... ................................... Some decline - Moderate Quiet, declined, prices lower Increased Moderate Quiet, little change Little change Some decline Printing and publishing... Quiet Building a year Fair, little change Miscellaneous Tobacco—cigars than Increased ............................................. Quiet, little change Paper ............................................. smaller Declined Permits declined in May Contract awards declined Coal mining Anthracite ................................. Quiet, little change Declined Bituminous ................................ Slow, some decline Increased in May and early June Trade Fair, prices lower Wholesale and jobbing.... Quiet, some gain in May, prices lower Page Eight Declined, smaller than a year ago Smaller than a month and year ago
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