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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA * RESERVE DISTRICT JUNE 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 Industrial activity continued at a high level in April and the volume of factory employment and payrolls increased fur ther. Loans and investments of member banks in leading cities continued to de cline between the middle of April and the middle of May, and were at that time at approximately the same level as a year ago. Production. Industrial activity in creased in April to the highest level on record. The iron and steel and automo bile industries continued exceptionally ac tive during April. Activity in copper re fining, lumber, cement, silk, and wool textiles, and the meat-packing industry in creased, and production of cotton textiles showed a less than seasonal reduction. Factory employment and payrolls in creased, contrary to the seasonal trend. Output of mines was also larger in April. Copper and anthracite coal production in creased and the seasonal decline in out put of bituminous coal was smaller than usual. Petroleum production declined slightly. Preliminary reports for the first half of May indicate a continued high rate of operation in the iron and steel industry. Output of lumber and bituminous coal was somewhat larger during the first part of May than at the end of April. Building contracts awarded during the S o u r c e : In d ex n u m b e r o f p r o d u c tio n o f m a n u fa ctu r e s a n d m in era ls c o m b in e d , a d ju s te d fo r season a l va ria tion s (1923-25 average = 100). L a te st figu res A p ril, 121. month of April increased sharply and for the first time in five months approxi mated the total for the corresponding month in the preceding year. The in crease was not continued, however, in the first part of May when awards averaged 20 per cent below the same period in May, 1928. During April most classes of building showed seasonal increases over March, the largest being in contracts for residential building and public works and utilities. Distribution. Shipments of commodi ties by rail increased during April and were the largest for this month in any recent year. The increase from March reflected larger loadings of miscellaneous freight, lumber, livestock, and ore. Dur ing the first half of May shipments of freight continued to increase. Sales at wholesale declined seasonally in April, except in the case of grocery and hard ware firms. In comparison with April 1928, all lines of trade reporting to the Federal Reserve System showed in creases. Department store sales were also smaller in April than in March, but con tinued above the level of a year ago. Prices. Wholesale commodity prices averaged slightly lower in April than in March, according to the index of the United States Bureau of Labor Statistics, reflecting primarily declines in prices of Bank credit. During the four weeks ending May 15, loans and investments of member banks in leading cities showed a decrease of nearly $200,000,000 largely in loans on securities, together with some further decline in investments. All other loans, chiefly for commercial and agri cultural purposes, remained unchanged at a relatively high level. S o u rce : In d ex o f U n ited S ta tes B u rea u o f L a b or S ta tistics (1926 = 100, base a d o p te d b y B u rea u ). L a te st figu re A p ril 96.8. S o u r c e : M o n th ly averages o f d a ily figu res fo r 12 F ederal R eserve B an k s. L a test figu res are averages o f first 22 d ays in M a y. farm products and their manufactures. Prices of mineral and forest products and their manufactures, on the average, showed little change. There were in creases in the prices of iron and steel, and sharp declines in copper, lead, and tin. Seasonal declines occurred in prices of coal and coke, while gasoline prices advanced. Prices of farm products and their man ufactures averaged lower in April than in March. Prices of grain, especially wheat, moved downward more sharply, and wool and cotton continued to de cline. Livestock and meat prices con tinued the upward movement of the pre vious month, but at a slower rate; hides averaged slightly higher in price, and leather somewhat lower. Among im ported raw materials, rubber, sugar, and coffee showed marked price recessions. Early in May cattle, hides, and wheat prices declined sharply and the price of rubber increased. Page One MONEY RATES in NEW YORK Latest figure com pared with BUSINESS INDICATORS Philadelphia Federal Reserve District April, 1929 Previous month Year ago Y 1 XI r *\l----- f N Retail trade— estimated net sales (141 stores), Department stores (6 3 )..................................... Apparel stores (4 1 )............................................ Shoe stores (1 8 )................................................... Credit stores (1 9 )............................................... r ,- ■■■■COMn CPClAu PAPtF PATE ------ RE5EH VE BANK DU COUNT PATE ...A C C CPTANCE PATE 1925 ____________ 1926 19 27 1926 1929 S o u r c e : M o n th ly rates in th e o p e n m a rk et in N ew 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 t h p a p er a n d a cce p ta n ce ra te o n 90-d ay B a n k ers’ a c c e p ta n c e . L a test figu res are aver ages o f first 24 d a ys in M a y. There was a further reduction in the average volume of reserve bank credit outstanding between the weeks ending April 24 and May 22, owing largely to additions to the country’s monetary stock of gold. The decline was in discounts for member banks; holdings of accept ances and of United States securities showed practically no change. Open market rates for commercial paper remained unchanged as did rates on prime bankers’ acceptances, except for a temporary decline at the end of April and the first week in May. In the first three weeks in May rates on collateral loans averaged considerably higher than in April. B U SIN E SS C O N D IT IO N S IN T H E P H IL A D E L P H IA F E D E R A L R E S E R V E D IS T R IC T Business activity in the Philadelphia Federal Reserve District is being main tained at a fairly high level and seasonal recessions appear to be somewhat less pronounced than was the case in other re cent years. Industrial output as well as the distribution of goods compares more than favorably with a year ago. Productive activity is well sustained and in April reached a somewhat higher level than is usual for that month. The demand for workers by employers during April increased considerably and was al most 21 per cent larger than in April, 1928. Contrary to the usual seasonal tendency, factory employment and pay rolls in this section showed gains during the month and were substantially larger than was the case at the same time last year, indicating expansion in plant ac tivity. The output of hosiery, iron and steel castings, cement, and anthracite coal in creased in April while production of shoes, pig iron, bituminous coal, and elec tric power decreased. Consumption of textile fibers showed appreciable gains during the month. The demand for manufactured goods in the main is fairly active and compares rather favorably with that of a year ago. Orders on the books of reporting firms, however, declined somewhat in the month Page Two .$22,654,900 .$18,619,700 ..$ 2 ,9 0 9 ,5 0 0 ___ $350,100 ___ $775,600 W holesale trade— net sales (112 firms). Boots and shoes ( 6 ) ............................... Drugs (1 1 )............................................... D ry goods (1 3 )....................................... Electrical supplies (3 )........................... Groceries (4 1 )......................................... Hardware (2 1 )........................................ Jewelry (1 0 )............................................. Paper ( 7 ) .................................................. . $7 , 858,194 . . . $ 137,259 . $1 , 554,962 . . . $ 483,617 . . . $ 192,720 .$2 , 926,735 . $1 , 755,977 . . . $ 301,425 . . .$505,499 Productive activity— Em ploym ent— 782 plants in Penna...................... W age payments in above plants........................... Shoe production* (91 factories)............................. Hosiery production* (115 mills) .......................... W ool consumption* (79 m ills)............................... A ctive cotton spindle hours (Penna. and N. J.) . Pig iron production................................................... Iron casting production (37 foundries)................ Steel casting production (12 foundries)............... Anthracite................................................................... Bituminous coal— P enna......................................... C em en t........................................................................ Electric power output (12 system s)..................... ........................ 271,957 .................. $7,440,041 p rs............1,510,409 doz. prs...1 ,5 3 7 ,0 5 1 lbs............. 7,430,510 .................. 76,118,381 to n s.............. 347,282 to n s...................6,697 ton s.................. 7,614 ton s..........6,3 8 6,00 0 t o n s ....1 0 ,5 7 0 ,0 0 0 bbls...........3,0 0 5,00 0 K W H .. .554,538,900 Financial and credit— Debits (18 cities)................................................................. Loans and investments— middle of M ay— 108 member Bills discounted held b y F. R . B. of Phila. (daily average)......................................... _....................................... Bankers’ acceptances outstanding— end of month (d istrict)................................................................................. Commercial paper sales (4 dealers)..................................... Commercial failures— number.............................................. Commercial failures— liabilities............................................ Building and real estate— Building permits (16 cities).............................................. Building contracts awarded (Philadelphia district). . , Number of real estate deeds recorded (Philadelphia co u n ty ).............................................................................. Value of mortgages recorded (Philadelphia co u n ty ). , Sheriff sale (Philadelphia county)— number of writs issued for M a y ................................................................. .$3,1 6 9,54 8 ,0 0 0 .$1,5 9 5,40 6 ,0 0 0 ...$110,000,000 .$11,049,000 ..$ 1 ,4 9 0 ,0 0 0 ................... 90 ..$ 2 ,0 1 5 ,4 1 0 .$13,698,861 .$67,064,100 ............. 5,284 .$24,375,613 ............. 1,158 Miscellaneous— Freight car loadings (Allegheny district— weekly aver age) ......................................................................................... ........................ 207,028 Tonnage of vessels (Port of Philadelphia)........................ to n s ......... 4,021,194 Sales of life insurance (Penna., N. J., and D e l.)............. ............ $111,103,000 Automobile sales (registrations of new passenger cars): Pennsylvania................................................................................ .36,138 New Jersey............................................................................ .15,725 Delaware................................................................................ ___ 971 - 9.5% — 1.7% - 7.5 0.9 “ - 19.2 U 3.8 - 25.1 “ —12.5 U - 6.1 U — 6.1 U 7.6 « + 1.2 “ + - 28.1 —13.6 + 0.8 “ + 4.7 ““ - 8.2 + 4.6 + 8.2 “ + 17.0 “ + 0.8 “ + 7.5 U +11.0 ““ + 8.8 U - 13.9 + 32.5 U + 4.2 “ + 8.7 “ — — + 1.0 « + 7.7 « + 1.1 U + 18.1 - 2.8 + 0.5 U + 4.0 “ — “ + 0.7 U 3.4 U - 2.4 + 20.1 “ + 0.2 + 22.2 “ + 4.6 “ — + 76.0 “ “ 7.6 U +26.6 U - 4.6 + 13.2 2.6 “ +19.6 U - 0.6 + 25.9 + 2.2 - 1.9 “ + 8.3 “ - 36.1 “ - 23.9 +16.9 “ +27.3 + 14.6 - 1.4 “ +108.7 “ _ 28.7 79.5 U + 18.4 “ + 0.5 - 10.4 « _ 12.2 u +89.5 U + 10.0 u - 2.8 - + 3.8 +11.1 U 35.6 u +23.2 “ + 42.4 “ + 4 .7 - 5 .7 - 11.1 + 5 4 .8 + 22.2 + 3 .2 — + 6 .4 + 9 .1 + 15.1 + 4 8.7 + 2 5.6 + 3 1.8 * Bureau of Census preliminary figures. but were slightly larger than those at the same time last year. Inventories carried by manufacturers are moderately light, although some reports show slight ac cumulation. In comparison with a month and a year ago, stocks generally are smaller. The market for building materials shows some strength, but sales in general are somewhat smaller than they were a year ago. The value of building con tracts awarded in April was larger than in the same month last year; it also rose very sharply in contrast with March, owing principally to a few large projects. Building permits declined from the vol ume in the previous month and year. Contract awards in the first three weeks of May averaged less than a month or a year ago. The coal situation continues mixed. The demand for both anthracite and bi tuminous coal has slackened consider ably since the middle of last month. Nev ertheless, production in the latest four weeks has increased noticeably. Com pared with a year ago, the output of bi tuminous coal also was larger, while that of anthracite was much smaller. Distribution of commodities continues fairly active. Railroad shipments in this section in the latest four weeks increased materially, and the volume also was greater in April than in March. In con trast with a year ago, freight car load ings have continued larger. Wholesale and jobbing trade is fair. Sales in April showed gains over March and were considerably larger than in April, 1928. Wholesale pricfes generally have declined somewhat since the middle of last month. Business at retail is fairly active for this time, although reports showing gains are outnumbered by those showing losses. Sales in April declined noticeably and were smaller than a year ago. The total for March and April, however, was larger than in the corre sponding period last year; such compari son is desirable because of variation in the date of Easter. Automobile sales in this section showed large gains from March to April and ex ceeded substantially those of a year ago. Sales of ordinary life insurance, on the other hand, declined, as is usual for that month, but were larger than in April, 1928. Check payments in this district in the latest three weeks were slightly smaller than in the preceding three weeks but were nearly 4 per cent larger than a year ago. Check payments in April, however, increased instead of declining as usual and were almost IS per cent larger than in the same month last year. In the past month the total loans and investments of reporting member banks in this district have declined materially, despite an increase in commercial loans. The decrease was particularly marked in loans on securities, although there also was a reduction in investment holdings. Gains in the settlements were large and the borrowings of member banks were substantially reduced. The reserve posi tion of the Federal Reserve Bank was much improved by the incoming flow of funds which added to reserve cash. FINANCIAL CONDITIONS Money rates. Call money continued to fluctuate sharply in the past month. The range of renewal rates in the first twenty-two days of the month was from 7 to 14 per cent, as compared with 7 to 12 per cent in the same period of April, and 5 to 6 per cent a year ago. In the following table the months are divided into periods to facilitate comparison: Call m oney re newals (Daily average rates— % ) Jan. Feb. Mar. Apr. 7.0 6.3 7.1 7.2 6.5 8.0 8.0 9.3 7.4 8.0 9.0 14.0 10.0 10.3 7.3 12.4 8.7 8 .0 7.9 9 .7 7.7 7 .0 * 11.7 F or period from — 1st to 5 t h ... . 10.0 6th to 1 0 th .. . . 6.7 11th to 15th___ 6.7 16th to 2 0 th .. . . 7.3 21st to 25th___ 6.0 26th to 3 1st. . . . 6.5 April, 1929, compared with April, 1928 CITY CONDITIONS Philadelphia Federal Reserve District Allentown : Altoona Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre W illiamsport W ilmington York E m ploy ment + 1 .7 % 10.2 “ + 1 4 .7 “ - 10.0 8.8 “ “ + 13.4 + 1 1 .7 - 4 .0 + 2 .4 + 0 .5 + 9 .3 + 8 .4 + 2 .3 “ “ “ “ “ “ “ “ + 5 .3 % + 13.8 “ + 2 4 .9 “ + 12.0 “ - 6 .3 “ + + + 5 2 .7 % 3 1 .2 “ 20.4 “ 3 0.9 “ 6 5.9 “ + 22.8 “ - 2 0 .2 + 2 6 .1 “ + 9 7.2 “ - 4 2 .0 “ + 0.2 “ + 7 .6 + 3 .1 + 2 6 .0 + 11.0 + 2 .3 Allentown area.......................... Altoona Harrisburg « Johnstown Lancaster “ ........... Philadelphia “ Reading “ Scranton “ Trenton u u u Williamsport Wilmington York U « - 0 .6 % + 0 .7 “ -1 .6 “ + 4 .2 “ - 3 .2 “ + 1.3 “ - 0 .3 “ + 2 .8 “ + 1 .0 “ + 0 .1 “ - 0 .8 “ + 3 .8 “ + 1 .8 “ “ “ + 1 .3 % + 4 .3 “ -4 .9 “ + 2 .0 “ - 1.4 “ + 1 .0 “ - 0 .8 “ - 2 .7 “ - 3 .3 “ - 2 .8 “ + 1.1 “ + 3 .2 “ + 0 .8 “ - 21.8“ + 6 0 5 .3 - 7 3 .0 + 3 .1 - 7 3.8 “ “ “ “ 4 .9 % + 3 9.7 “ - 5 2 .5 “ + 1 4 3 .8 “ + 2 9.7 “ - 2 8 .3 “ + 105.3 “ + 6 2.4 “ + 3 2 4 .7 “ + 2 4 0 .6 “ — 6 4 .2 “ - 18.7 “ - 17.1 “ * Includes Harrisburg, Wilkes-Barre and W illiamsport areas, Camden area. § Included in Allentown area. Brokers’ loans For For out(000,000’s own of-tow n For omitted) account jbanks others 1929— Mar. Apr. M ay “ “ “ 1928— M ay 20.. S I ,091 $ 1,768 24.. 924 1,652 1.. 979 1,676 8.. 864 1,734 15.. 860 1,725 22.. 827 1,651 23.. 1,247 1,607 #2,934 2,916 2,876 2,953 2,979 3,042 1,602 Totals #5,793 5,492 5,532 5,551 5,565 5,520 4,456 - 2 •2 % - 5 .6 5 .2 + 0 .6 “ - 1 .2 - 0 .9 - 1 .4 -1 2 8 - - .0 “ “ “ ......%' + 1 0.8 “ + 5 .1 “ t +20.1 “ + 12.0 “ “ “ + 3 1 .3 “ + 3 .3 “ “ + 12.4“ t 1 + 2 5 .1 + 3 .2 + + + + + + + + + + + + 9 .2 % 11.2 “ 7 .6 “ 1 .2 “ 17.6 “ 1 .2 “ 7 .5 “ 1 .3 “ 6 .7 “ 2 .7 “ 6 .5 “ 5 .3 “ 10.6 “ + 5 .1 % * + 7 .3 “ - 8 .7 % - 3 1 .5 “ - 2 3 .8 “ - 8 .5 “ -2 1 .5 “ -1 1 .1 “ + 6 .4 “ -1 7 .6 “ - 9 .5 “ - 8 .0 “ + + + + + 5 .2 3 .8 2 .3 3 .7 1 .6 4 .1 “| “ “ “ “ “ t § § + 3 .6 “ - 0 .2 “ .......... .......... -2 2 .2 “ f Production (not sales). J Includes ume than in the corresponding month of 1928. As in other recent months, stock issues made up the bulk of the corporate securities. New capital issues* (000,000’s omitted) Apr., 1928 Mar., 1929 Apr., 1929 Corporate issues: Long term bonds and n otes................................. Short term bonds and n otes................................ S tocks.................................. 8250 $314 $160 16 225 7 555 29 402 T otal corporate...................... Foreign governm ent............. Farm loan................................ M unicipal................................ Canadian............................. U. S. Possessions............... $491 75 0 123 0 0 $876 10 0 98 0 0 $591 0 0 85 0 0 T o ta ls.............................. $689 $984 $676 * Refunding excluded. * Average for 21st and 22nd only. “ “ “ “ + 1 1 .4 % + 1 1 .7 “ + 1 4 .7 “ + 4 .6 “ + 15.6 “ + 1 5 .7 “ + 1 8 .9 “ + 0 .4 “ + 14.5 “ - 6 .3 “ + 2 0.2 “ + 2 3 .0 “ + 16.7 “ Electric power sales Retail trade sales Debits April, 1929, compared with March, 1929 M ay Commercial paper rates have not changed in the past month, and bankers’ bills of ninety days’ maturity are only slightly firmer. Time money, on the other hand, is definitely higher, though loans are few ; ninety-day money is nominally quoted at 9%. per cent, as compared with 8^4 per cent a month ago. Brokers’ loans. In comparison with April 24, the figures on brokers’ loans for May 22 show that the reporting banks in New York city have further reduced their own loans, and those placed for cor respondent banks are practically un changed, but those for “ others” , which include firms, corporations, and individ uals, have risen to a new high record. Value of building permits W age payments Source: Stock prices—30 industrial average D ow Jones Co. New capital issues. In April, for the first time this year, new capital issues, refunding excluded, were in smaller vol Banking in the Philadelphia D is trict. Within the past month large changes in the banking figures of this dis trict have taken place, which may be partly ascribed to new legislation in Penn sylvania permitting arrangements by con tract for the charging of more than six per cent on demand loans of $5,000 or more secured by stocks and bonds, etc. A small increase in the demand for currency was reported by the Federal Re serve Bank, but gains in the settlements were large, cash reserves increased ma terially, and the reserve position was con siderably improved. Accompanying this was a large decline in the borrowings of member banks with comparatively little change in their reserve deposits. Loans on securities, as reported by member banks in twenty-one cities of the district, fell off sharply in the four Page Three Fed. Res. Bank of Philadelphia (Dollar figures in millions) April 30, as against $17,290,000 30, and $15,488,000 on April Changes in the national figures of transactions and in total below : Changes in M ay 22, 1929 Four weeks One year - $ 3 6 .5 1.5 + 1 .2 + $ 5.3 + 9 .5 + 6 .6 Total bills discounted $ 7 6 .8 ■ - $ 3 6 .8 Bills b ou gh t............... 11.6 .7 United States securities............................ .5 16.7 Other securities......... .8 .4 + $ 2 1 .4 - 24.3 Bills discounted for member banks in Philadelphia........... $ 31.2 20 other large cities 2 3.4 Other communities 22.2 Total bills and securities................ $105.5 Fed. res. note circulation........................ 140.6 M em ber banks’ reserve deposits........ 133.5 Cash reserves............. 201.2 Reserve ra tio............. 7 2 .9 % + 5 .7 .4 - $ 3 8 .8 - $ 8 .2 + + 14.6 .2 1.2 2.4 + 35.7 + 22.8 + 1 3 .4 % + 5 .2 % weeks ended May 15. To this was added a moderate decline in investments. Not withstanding an increase in loans largely commercial in character, total loans and investments decreased from 1,625 to 1,595 millions. There was little change in the total of net demand and time deposits, an increase in the former being nearly equal to a decline in time deposits. Large member banks in Philadelphia continue to charge from to 6 per cent for loans to customers on prime com mercial paper. Brokers’ loans in this city, however, now are subject to renewal rates similar to those levied in New York. Reporting member banks in 21 leading cities M ay 15, 1929 (000,000’s omitted) Changes in Four weeks Reported b y 92 banks Loans on securities. . . . $ 528 Other (largely commer cial) loans................... 550 R eported b y 108 banks T otal loans and dis counts .......................... 1,153 Investm ents.................... 443 Net demand deposits... 849 Tim e deposits................. 466 One year —$37 +$27 + + 19 14 - 21 9 + 17 - 19 + - 45 67 67 41 Commercial paper sales. Commer cial paper sales in this district in April were in small volume and fell consider ably below those of a year ago. Sales to Reports of four dealers Totals C ity banks Country banks 1929— J a n ... . $3,612,500 $2,827,500 $6,440,000 F e b .... 777,500 2,495,000 3,272,500 M ar. . . 705,000 1,252,500 1,957,500 A p r.. . . 135,000 1,355,000 1,490,000 1928— A p r.. . . 4 ,1 4 7,50 0 3,1 0 8,50 0 7,256,000 Bankers’ bills. Appreciable declines during April in the amount of bankers’ acceptances are shown by the figures for this district and for the country as a whole. Acceptances of banks in this dis trict outstanding totaled $11,049,000 on Page Four Acceptances outstanding (000,000’s omitted) Apr. 30, 1928 Im ports.................................... $ E xp orts.................................... Dom estic shipm ents............. Dom estic warehouse credits. Dollar exchange..................... Based on goods stored in or shipped between foreign countries......................... on March 30, 1928. by classes are given Mar. 30, 1929 Apr. 30, 1929 333 $ 379 19 153 25 360 $ 387 17 124 50 324 377 16 99 45 161 266 249 T ota ls................................... $1,070 $1,204 $1,110 INDUSTRIAL CONDITIONS M A N U F A C T U R IN G Conditions in manufacturing are begin ning to reflect seasonal influences. The demand for finished products continues well maintained, despite a general down ward tendency; sales of some of the metal products and building materials are exceptions. Comparisons with a year ago, on the whole, are favorable. More reports of declines in prices have been received than c f advances. Unfilled orders have declined since last month, although those for building ma terials show the usual seasonal rise. Com pared with a year ago, forward business is somewhat larger, iron and steel and some of the textile products being largely responsible for this increase. Stocks of finished goods held by manu facturers in this district are from moder ate to light, although a number of firms show some accumulation; inventories generally are smaller than last month or a year ago. Lately plant operations show somewhat less than seasonal let-down, but in the earlier part of the month productive ac tivity was at a high level. Manufactur ing, as measured by employment and pay rolls, continued to show the upward trend which began in the early part of this year. The level of production in the first four months of this year was higher than that prevailing in the same period last year. Factory payrolls in Pennsylvania showed a gain of 1.1 per cent between March and April and were 18.1 per cent larger than those in April, 1928. Em ployment also increased 1 per cent in the month and was 7.7 per cent ahead of last year. Employe-hours worked likewise increased almost 2 per cent from March to April. Last year at the same time both employment and wage payments de clined sharply as compared with the month and the year before. In Delaware the number of wage earn ers increased 3.6 per cent and the volume of wage payments was 2.6 per cent larger in April than in March. Increases of nearly 1 per cent in employment and wage disbursements also were reported in New Jersey. Consumption of electrical energy by in dustries increased almost 8 per cent from March to April and was 22 per cent ahead of a year before. Total sales of electricity also increased about 3 per cent in the month and exceeded that of a year ago by nearly 25 per cent. Produc tion of electric power by twelve central stations of this district was a trifle smaller than in March but approximately 26 per cent larger than in April, 1928. Ir o n and steel. The market for iron and steel products continues more than seasonally active and sales have increased further since last month. This is espe cially true of castings, plates and shapes, sheets, hardware, and track supplies. Public utilities, railroads, construction companies, and manufacturers appear to be among the most active buyers. Found ries also show increased purchases, while jobbers and automobile makers re port little change in comparison with four weeks ago. Prices continue firm and in several in stances advances are noted. Average quo tations for pig iron in the country have increased almost steadily since March and on May 21 the index was almost 8 per cent higher than a year earlier. Prices of finished steel remained unchanged dur ing the month but were nearly 3 per cent higher than a year ago. Unfilled orders for fabricated metal products are much larger than they were a year ago. Forward business on the books of the U. S. Steel Corporation at the end of April totaled 4,428,000 tons, which was the largest volume since March 1926. Plant operations show fur ther expansion. W age payments in creased further between March and April and were considerably larger than in April 1928. This is in sharp contrast with the declining tendency in the same period last year. While total production of pig iron in this district declined from March to April, daily output averaged 11,576 tons or the largest tonnage since March 1927. Daily production of pig iron in the coun try amounted to 122,087 tons, which was the third largest month on record, the other two high months being May and June, 1923. Production of steel ingots EM PLOYM ENT April, 1929 E M PLO Y M E N T AND W AGES in Pennsylvania No. of plants re port Apr. ing index * All manufacturing industries (5 1).................................. 782 AVE1 IA G E WEE K L Y E A R h HNGS week ended PAYROLLS April, 1929 Per cent change since Apr., 1928 Mar., 1929 Per cent change since Apr. index* Apr., 1928 Mar., 1929 Apr. 15, 1929 Mar. 15, 1929 92.8 + 7 .7 + 1 .0 100.9 + 1 8 .1 + 1.1 $27.36 $27.32 M etal products..................... Blast furnaces................... Steel wks. & rolling mills. Iron and steel forgings. . Structural iron w ork . . . . Steam & hot water htg. ap. Stoves and furnaces......... Foundries........................... Machinery and parts. . . . Electrical apparatus........ Engines and pum ps......... Hardware and tools......... Brass and bronze prods. . 228 9 43 10 10 17 9 38 39 15 10 18 10 8 9.6 4 6.8 8 1.3 97.2 112.7 9 5.8 71.1 93.9 113.2 130.4 103.3 9 3.5 9 9.9 + 8 .6 - 5 .8 + 2 .5 + 1 3 .6 + 1 9 .3 + 2 .0 - 7 .1 + 1 4 .0 + 1 2 .4 + 4 2 .0 + 1 5 .5 + 12.5 + 2 9 .9 + + + + + + + + + + 1.1 6 .8 1.2 2 .5 2 .0 2 .4 9 .3 2 .4 1 .9 1 .7 1 .5 2 .0 0 .9 100.5 4 9 .5 94.1 112.4 112.9 107.1 61.4 105.6 128.0 140.7 111.5 9 9.3 102.9 + 1 8 .9 - 2 .2 + 1 5 .9 + 1 6 .8 + 2 5 .7 + 9 .7 -1 3 .4 + 3 0 .7 + 2 0 .4 + 4 6 .0 + 2 2 .8 + 1 8 .2 + 3 5 .6 + 1.7 + 1.6 + 2 .6 + 5 .7 - 1 .7 - 0 .4 -1 3 .6 + 4 .7 + 2 .7 + 2 .9 - 4 .9 - 3 .3 + 0 .1 29.96 29.26 31.46 28.03 27.66 30.42 24.69 30.35 32.04 24.62 29.12 24.68 27.21 29.78 30.75 31.01 27.19 28.65 31.23 25.90 29.71 31.89 24.21 30.15 25.04 27.45 Transportation equipm ent.. A utom obiles...................... Auto, bodies and parts... Locom otives and cars... . Railroad repair s h op s.. . . Shipbuilding...................... 40 6 11 13 6 4 89. Of 119.9 138.3 65.3 91.6 36.8 + 1 3 .7 + 3 1 .9 + 7 4 .0 + 2 .0 + 1 3 .1 + 1 3 .6 + + + + + 5 .0 2 .8 5 .8 6 .9 0 .1 1 .9 9 7 .2 f 144.2 137.7 6 7.3 109.6 4 2.6 + 2 9 .3 + 3 8 .7 + 8 3 .6 + 2 2 .4 + 4 0 .3 + 3 6 .5 + 5 .3 + 3 .1 + 4 .5 + 6 .3 + 1 .8 + 1 8 .0 31.77 34.69 32.21 29.79 31.68 33.68 31.66 34.62 32.64 29.98 31.11 28.98 156 102.2 14 81.6 15 88.4 38 105.6 9 122.4 91.2 9 4 96.6 25 125.5 15 87.6 9 97.3 9 130.0 91.3 9 + 7 .4 - 4 .3 + 8 .6 + 1 3 .7 - 1.3 + 9 .0 - 4 .1 + 7 .4 + 3 .9 + 1 3 .8 + 1 0 .3 - 0 .1 + + + + + - 0.1 0 .2 1.9 0 .8 1.2 2 .0 1.9 1 .7 1.6 3 .2 2 .8 5 .3 111.5 8 3.5 8 8.3 111.7 130.9 90.6 8 5.9 160.4 100.4 103.3 139.9 93.4 + 1 7 .1 + 1 1 .0 + 3 1 .4 + 1 4 .4 + 4 .8 + 2 4 .6 - 7 .0 + 2 1 .7 + 1 9 .2 + 5 1 .7 + 14.9 + 4 .4 - 1 .9 - 3 .8 - 2 .6 - 4.1 - 5 .5 + 0 .9 -1 5 .8 + 4 .6 + 1.0 - 7 .8 + 4 .3 - 1.1 22.52 23.76 21.25 19.37 25.49 25.00 22.66 28.80 20.30 18.88 15.39 15.99 22.97 24.63 21.40 20.37 26.64 25.28 26.38 28.00 20.41 19.82 14.33 15.30 Textile products.................... C otton good s..................... W oolens and worsteds.. . Silk g ood s.......................... Textile dyeing & finishing Carpets and rugs.............. H a ts.................................... H osiery............................... K nit goods, Other............ M en’s clothing.................. W om en’s clothing............. Shirts and furnishings. . . Foods and toba cco............... Bread & bakery products Confectionery................... Ice cream ............................ M eat packing.................... Cigars and toba cco.......... 96 27 13 11 14 31 9 4.2 106.3 89.9 90.3 101.0 92.0 + 2 .3 + 1.6 + 6 .0 + 6 .5 + 1 1 .8 - 0 .9 - 0 .4 + 0 .9 - 4 .0 + 1 1 .5 - 0 .8 - 0 .4 94.2 100.6 101.2 98.4 97.1 85.1 + 7 .9 + 1 .8 + 1 6 .9 + 7 .7 + 1 6 .0 + 5 .5 - 1.4 0 .0 - 8 .3 + 1 0 .1 + 0 .2 - 1 .7 20.18 28.01 19.95 32.26 28.22 13.69 20.67 28.75 20.88 32.68 27.92 13.86 Stone, clay & glass products Brick, tile & p ottery. . . . Cem ent............................... Glass.................................... 66 30 14 22 8 1.6 91.1 7 0.9 92.0 - 1.1 + 5 .6 -1 2 .3 + 8 .9 + 0 .7 + 1.1 - 1.4 + 2 .4 8 2.6 9 3.5 77.1 8 8.6 + 7.1 + 1 3 .5 - 2 .9 + 1 8 .1 + + + - 3 .3 9 .6 2 .5 0 .7 27.63 25.50 31.60 25.84 26.96 23.50 30.43 26.68 Lumber products.................. Lumber and planing mills Furniture............................ W ooden boxes................... 42 17 19 6 6 8.5 6 3.9 6 6.7 9 9.9 - 2 .1 + 3 .1 - 4 .6 -1 0 .9 + 4 .9 7 .8 4 .6 4 .8 6 9.0 6 9.5 63.1 102.1 + + + - 3 .0 3 .9 4 .8 6 .5 - 4 .3 2 .4 6 .8 4 .0 21.56 22.34 22.71 16.48 21.45 21.13 23.22 17.99 Chemical products............... Chemicals and drugs. . . . C ok e.................................... E xplosives.......................... Paints and varnishes. . . . Petroleum refining........... 48 28 3 3 9 5 9 9.8 9 8.0 118.5 139.5 130.3 8 9.0 + 4 .3 + 3 .2 - 3 .9 + 1 8 .9 + 0 .9 + 8 .3 + + + + + 1.8 3 .7 0 .2 2 .5 3 .9 1 .8 107.1 103.8 116.2 128.8 141.9 9 7.5 + 1.6 + 8 .8 - 5 .3 + 3 3 .2 + 1 4 .3 - 0 .9 + + + + + 0 .8 4 .6 4 .5 11.0 2 .2 1 .5 28.73 28.29 27.71 25.50 28.11 29.84 29.01 28.03 28.96 23.56 28.61 29.96 Leather and rubber products Leather tanning................ S hoes................................... Leather products, Other . Rubber tires and good s. . 49 17 22 6 4 9 5.0 98.2 9 0.3 119.0 7 7 .0 - 4 .8 - 8 .4 - 0 .9 + 1 1 .1 - 8 .2 - 1.2 - 1.5 - 1.1 - 2.1 + 0 .4 9 8.7 102.1 8 9.0 111.3 93.9 - 2 .7 - 4 .5 - 1 .0 + 1 3 .8 - 4 .0 + + 0.1 1 .3 4 .0 0.1 3 .3 22.96 25.57 17.94 21.51 29.82 22.70 24.87 18.49 21.06 28.98 Paper and printing............... Paper and wood p u lp . . . . Paper boxes and b a g s ... . Printing and publishing.. 57 13 6 38 88.5 7 5.2 9 0.0 105.0 - 4 .3 -1 0 .2 + 1.7 + 0 .3 + + 2 .5 5 .9 0 .6 0 .1 104.3 8 6.6 108.4 122.8 + + + 3 .4 8 .2 3 .8 0 .5 30.98 29.58 15.69 34.85 31.25 30.28 16.40 34.71 104.1 -1 0 .5 + 2 .8 - 4 .5 + 4 1 .4 - 0 .1 - 3 .2 - 0 .4 7 7.4 -3 3 .7 6 1.5 9 9.0 - - 2 .6 -1 0 .2 + 3 4 .9 0 26.74 23.98 25.34 34.41 28.26 25.50 26.36 34.38 Construe, and contracting.. Street railways...................... 353 27 5 55 90 * 1923-1925 average =100. 7 4.5 9 3.0 96.4 9 5.0 + 2 .5 0 .6 1.8 0 .7 0 .9 7 .9 9 .5 4 .3 7 .8 1 .7 t Preliminary figures. on the daily basis was the second largest in the history of that industry, the peak substantially larger than in the same month last year. being in March. Textiles. Activity in the textile in dustry generally shows seasonal reces sions. The demand for most products, though fair, has slackened somewhat Activity in iron and steel foundries in creased from March to April and was since the middle of last month. Compari sons with a year ago, however, are rather favorable, particularly as shown by sales of cotton and wool manufactures. Prices of most of the textile products have declined since last month. In com parison with a year ago, quotations for cotton, wool, and silk manufactures also are lower. Prices of seamless hosiery and floor coverings, however, show no change from last month. Advance business on the books of tex tile manufacturers has declined, as usual at this season, but in contrast with a year ago there has generally been little change. Such increases as occurred in cotton and wool piece goods, and in floor coverings are offset by declines in other lines. Plant operations lately have shown the usual seasonal decreases. Factory pay rolls in this industry declined almost 2 per cent from March to April but were over 17 per cent larger than a year ear lier. The decline in wage payments dur ing the month was much less pronounced than that which occurred in April, 1928. Total consumption of wool in this dis trict increased 4 per cent between March and April, while in the country the gain amounted to a little over 1 per cent. Local consumption of carpet wool showed a gain of almost 16 per cent as compared with the preceding month. National mill takings of cotton fibers increased further, reaching in April the highest total for that month ever shown. Deliveries of raw silk to American mills in April were the largest since January and exceeded considerably any of the past nine Aprils. Production of hosiery in this district increased less than 1 per cent from March to April. Shipments, on the other hand, declined, while stocks were nearly 3 per cent larger than at the end of March. New orders exceeded shipments, but this gain was offset by the volume of cancellations, so that unfilled orders at the end of April were slightly smaller than on the same date the month before. Textile stocks held by manufacturers generally are moderate and are smaller than a month ago or at the same time last year. Plants making silk fabrics and full-fashioned hosiery, however, show some accumulation in inventories in con trast with a year ago. The sharpest de clines from last year are noted in cotton and wool yarns, woolen and worsted goods, seamless hosiery, and floor cov erings. Leather and shoes. Business in shoes is moving forward at a fair rate, al though sales show seasonal decline. Nu merous price recessions have also been noted during the month. Unfilled orders show little change from those of last month but are slightly smaller than a year ago. Seasonal letdown is reported in plant operations. The output of shoes in this district was almost 3 per cent smaller in April than in March as against a decline of nearly 5 per cent in the coun- Page Five try. Smaller production of women’s, misses’, and children’s shoes was prin cipally responsible for the decline in this district. Stocks are moderately light and are smaller than those in the preced ing month or a year ago. Sole leather is in fair demand, and some gain since the middle of last month is shown. The market for black and col ored kid leather has improved during the month, although the extent of this im provement is less pronounced in colored than in black kid. Unfilled orders for black kid increased since last month, while those for colored kid show little change. Leather plant operations con tinue at about the same level as a month ago. Stocks of sole leather show no change, while kid leather inventories are slightly larger. The hide market has been fair and lately shows slight improvement. Some advances in prices are also noted. Not much change is reported in the market for goatskins, prices being fairly steady and demand moderately active. The sup ply of goatskins generally is sufficient for present needs. B u ild ing m aterials. The demand for building materials is increasingly active, as is to be expected at this season. Sales generally, however, do not show favor able comparisons with those of a year ago. Increases during the month have occurred in most reporting lines but in comparison with a year ago only the manufacturers of plumbing supplies show appreciable gains. Prices for the most part show little change. The volume of unfilled orders, while increasing materi ally during the month, was somewhat smaller than at the same time last year. Plant operations have been enlarged, as usual at this time. Payrolls, which re flect productive activity, were higher in April than in the same month last year. Production and shipments of cement in this section turned upward from March to April, but the volume was smaller than at the same time last year. Stocks held by manufacturers of building ma terials generally are moderate and smaller than a month or a year ago. Inventories of cement, however, while lately declin ing somewhat, were appreciably heavier Source: Departm ent o f Commerce Page Six at the end of April than on the same date in any of the past four years. M iscella n eou s. The demand for paper continues fairly active and sales are somewhat larger than they were a year ago. No marked change is reported in the volume of business as compared with last month. Prices remain stable. Un filled orders show little change from last month or a year ago. N o further ex pansion is noted in factory operations. Stocks are somewhat larger than they were last month, but show little change as compared with a year ago. Business in cigars is fair, showing no improvement since last month. Sales are a trifle lower than they were at the same time last year. Unfilled orders also are smaller than a month and a year ago. Plant operations show little change. Stocks vary between moderate and light and in the main are smaller than last month and year. The market for rubber and rubber products in this district has improved considerably s i n c e last month. This is especially true of mechanical rubber goods. Plant opera tions have expanded and factory payrolls showed appreciable gains between March and April. Conditions in the rubber industry in the country are re flected by the accom panying figures com piled from data col lected by the Rubber Manufacturers Asso ciation of Am erica: A G R IC U L T U R E Conditions in agri culture in this dis trict in the main are satisfactory, d e s p i t e very changeable weather, and com pare more than fa vorably with those at the same time last year. A t the open ing of the season, unusually high tem peratures stimulated vegetation somewhat prematurely, but cool subsequently and rainy weather retarded the growth to some extent. For the same reason, farm operations did not progress as rap idly as had been an ticipated. Since the end of April, how ever, plowing and Rubber and its products (crude rubber figures in long tons) First quarter of 1928 First quarter of 1929 Per cent change Crude rubber used by— Tires & tire sundries Other rubber prod ucts ....................... T o ta l................. 80,871 102,091 + 2 6 .2 14,402 95,273 16,189 + 1 2 .4 118,280 + 2 4 .1 C r u d e r u b b e r on hand— Manufacturers. . . . Importers and deal ers .......................... T o ta l................. 91,700 65,615 - 2 8 . 4 20,403 112,103 29,495 + 4 4 .6 95,110 - 1 5 . 2 Crude rubber afloat— Manufacturers. . . . Importers and deal ers .......................... T o ta l................. 11,600 12,265 + 5 .7 23,972 35,572 39,071 + 6 3 .0 51,336 + 4 4 .3 Shipments of rubber products *— Tires & tire sundries $179,615 $172,053 - 4 .2 Other rubber prod ucts ....................... 77,312 80,073 + 3 .6 T otal sales value 256,927 252,126 - 1 .9 * 000’s omitted in dollar figures. Source: The Rubber Manufacturers’ Associa tion, Inc. Sources: Provident Title Company o f Board, and W. F . D odge Corporation. Philadelphia, Real E state planting have been active in most coun ties. County agents estimate that planting of crops has amounted to about 50 per cent of the total acreage. The supply of labor for the most part is normal and adequate. Crops generally appear to be in thriv ing condition. Winter wheat and rye vary from good to excellent, more espe cially wheat, which is considered by many to be the best crop in the last five years. Early field potatoes, particularly in the south central and southeastern counties, show vigorous advance. O r chard fruits are fairly good. The peach crop is estimated to be in better condi tion than was the case at the same time in any of the preceding three years, and it seems to be fully up to the average. The expected yield of truck compares favorably with last year, in spite of a somewhat late season. Such damage as resulted from low temperatures and storms is not regarded as very serious, according to official reports. Pastures and hay meadows are in very good condition, growth being stimulated by abundant rain; comparisons with last year are decidedly favorable. The gen eral condition of livestock is healthy, and in some instances is better than a year ago. Farmers have sold nearly half of their fattened steers, and the balance is expected to be sent to slaughter by June. B U IL D IN G A N D R E A L E S T A T E Building operations naturally show ex pansion at this season although the ex tent of this improvement is no more pro nounced than was the case at the same time last year. The value of contract awards during April increased more than usual, owing chiefly to contracts for a large office building, a realty project, a bridge, and a city hall. Compared with a year ago, contract valuations also were appreciably greater. Eastern Pennsyl vania mainly was responsible for the gain in the year, southern New Jersey and Delaware showing marked declines. In creases were reported by Philadelphia, Camden, Reading, and Scranton, while decreases were shown by Trenton and Wilmington. Renting demand for houses and apartments shows little change during the month but is slightly more active than was the case a year ago. Houses renting from $35 to $50 a month are in the most active demand at the present time. Rents for both houses and apart ments generally have decreased during the past three months. The supply of houses for renting and apartment space is more than ample. In some of the in dustrial sections, in fact, many vacancies are reported. Building for sale continues to dominate the market. Several reports indicate that a considerable portion of the present resi dential building is in apartments, a fact especially true of large cities. The de mand for houses selling at less than six thousand dollars has been more active but were noticeably larger than on April 1, 1928. than at the same time last year, while the sale of houses costing from six thousand to ten thousand dollars and over has de clined slightly. Prospective home buyers find no diffi culty in obtaining funds for the purchase of houses, although investors appear to be more conservatively discriminating than was the case at the same time in other recent years. The volume of financing for new commercial construction and new residential buildings is smaller than that of a year ago. The average commission rates on first mortgages run at about 2 per cent while those on second mortgages average over 11 per cent. Bituminous. General dullness pre vails in the market for bituminous coal and sales have declined appreciably since the middle of last month. Colliery oper ations in this section also show seasonal recessions. Production in the country dur ing the four weeks ended May 18 totaled 35,973,000 tons. This was a gain of nearly 11 per cent from the volume mined in the preceding four weeks and of 9 per cent in comparison with a year ago. Estimates show that stocks of bituminous coal in the hands of commercial con sumers on April 1 amounted to 36 mil lion tons, a decline of nearly 14 per cent from January 1, and almost 26 per cent from April 1, 1928. COAL Anthracite. The market for domestic and steam sizes is sluggish and sales have declined further during the month. The majority of reports show price advances on domestic sizes after the usual seasonal reductions in certain sizes in April. Several reports show improvement in output in recent weeks. Production dur ing the four weeks ended May 18 totaled 6,213,000 tons, or a gain of about 24 per cent over the volume in the preceding four weeks but a decline of almost 15 per cent as compared with a year ago. In ventories held by operators are fairly moderate and show little change since last month. Stocks of hard coal car ried by retail dealers on April 1 declined substantially from those on February 1, DISTRIBUTION Distribution of commodities continues well sustained. Railroad shipments of merchandise and miscellaneous commodi ties in the Allegheny district are ahead of the volume at the same time in any of the previous three years. Total rail road shipments appear more than season ally active, and the volume rose sharply between March and April, surpassing the total shown for that month in the past seven years. The larger movement of merchandise and miscellaneous commodi ties and, to some extent, coal is chiefly responsible for this favorable comparison. Comparison of stocks Comparison of net sales RETAIL TRADE Philadelphia Federal Reserve District Apr. 30, 1929 Jan. 1 to Apr. 30, 1929, with with with Jan. 1 to Apr. 30, Mar. 31, Apr. 30, 1929 1928 1928 Apr., 1929, with Apr., 1928 A ll reporting stores........... - Department stores............ ■ 0 .9 “ - 0 .6 “ - 1 .7 “ - 3 .8 “ -1 4 .8 “ - 3 .4 “ -2 4 .1 “ - 0 .3 “ + 1 .7 “ -1 4 .7 “ -1 2 .5 “ - 6.1 “ in Philadelphia................ outside Philadelphia. . . Apparel stores.................... M en’s apparel stores. . . in Philadelphia.......... outside Philadelphia. W om en’s apparel stores in Philadelphia.. . . . . outside Philadelphia. Shoe stores.......................... Credit s t o r e ....................... WHOLESALE TRADE Philadelphia Federal Reserve District Boots and shoes... T)rng9 Dry g ood s............. Electrical supplies. Groceries................ Hardware.............. Jewelry................... Paper...................... l .7 % + 0 .4 % - Net sales, Apr., 1929, compared with Apr., 1928 Mar., 1929 -1 3 .6 % + 4 .7 “ + 4 .6 “ + 1 7 .0 “ + 7 .5 “ + 8 .8 “ + 3 2 .5 “ + 8 .7 “ -2 8 .1 % + 0 .8 “ - 8 .2 “ + 8 .2 “ + 0 .8 “ + 1 1 .0 “ -1 3 .9 “ + 4 .2 “ Rate of turnover, Jan. 1, to Apr. 30, 1928 1929 9 .5 % + 0 .5 % 1.05 1.19 - 0 .1 “ - 1 0 . 7 “ + 0 .4 “ - 0 .7 “ - 1 3 . 6 “ - 0 .8 “ + 1 . 2 “ - 4 .6 “ + 2 .8 “ 1.01 1.08 0 .89 1.15 1.29 0 .94 + + + + - 0 .92 1.11 0 .80 1 .99 2 .12 1.39 0.81 0 .89 0 .93 1.10 0 .80 2.04 2 .19 1.31 0 .87 0.96 0 .0 7 .2 6 .0 7 .5 8 .9 2 .9 0 .8 5 .7 “ “ “ “ “ “ “ “ + 1 .9 “ + 1 1 .5 “ - 4 .4 “ + 9 .8 “ + 10.9 “ + 4 .7 “ -1 1 .3 “ -1 7 .2 “ Stocks, Apr. 30, 1929, compared with + + + + + - 6 .7 “ 10.5 “ 3 .9 “ 0 .7 “ 2 .2 “ 6 .3 “ 0 .1 “ 4 .9 “ Accounts out standing, Apr. 30, 1929, com pared with Apr. 30, Mar. 31, Apr. 30, Mar. 31' 1929 1928 1928 1929 ...... % ...... %u -2 7 .0 + 4 .4 - 7 .0 + 1 7 .7 - 5 .7 “ u “ + “ + “ “ - 1 .4 “ u 0 .8 “ 1 .8 “ 3 .2 “ 1 .7 “ - 8 .3 % -1 1 .3 “ - 6 .8 “ + 2 .5 “ - 1.7 “ - 1 .4 “ + 9 .0 “ + 1.1 “ + + + 3 .7 % 4 .8 “ 3 .3 “ 2 .5 “ 0 .9 “ 5.1 “ 0 .9 “ 0 .9 “ Ratio of ac counts out- Accounts Collec receiv tions able at end of during April April com com pared pared with with year ago year ago + 9 .0 % + 1 4 .0 % + 3 .4 “ + 1 2 .7 “ + 1 0 .0 “ + 1 0 .2 “ + 5 .2 “ + 8 .0 “ + 8 .0 “ + 1 3 .1 “ Collections, Apr., 1929, compared with ing to sales, Apr., 1929 Apr., 1928 Mar., 1929 4 27 .3% 132.3 “ 314.0 “ 201.5 “ 126.9 “ 185.7 “ 484.9 “ 131.1 “ - 7 .8 % + 7 .0 “ + 5 .9 “ u + 6 .9 “ + 1 .8 “ + 18.0 “ + 1 4 .7 “ + 1 0 .3 % + 2 .5 “ + 3 .9 “ - 3 .3 + 1 5 .2 - 4 .6 + 1 3 .8 “ “ “ “ Page Seven Sales of ordinary life insurance in Pennsylvania, New Jersey, and Delaware, while declining from March to April, were larger than in April of the past eight years. Sales of new passenger cars in this section, as indicated by automo bile registrations in April, were much larger than in any of the preceding months this year or in any of the first four months last year. W h olesa le trade. Wholesale and job bing trade is progressing at a fair rate, according to the majority of preliminary reports. Marked gains in the sale of groceries and hardware since the middle of last month and some declines in drugs and dry goods, have been reported. Sales in April were 7.6 per cent larger than in the like month last year. Busi ness in shoes alone was smaller. Com pared with the preceding month wholesale sales also showed a gain of 1.2 per cent, in spite of the decline noted in shoes, dry goods, and jewelry. Accounts outstand ing in most lines were smaller at the end of April than at the same time either the previous month or a year earlier. Col lections in the main were larger in April than in the same month last year or in March this year. R etail trade. The distribution of goods at retail continues in fair volume. Many reports show increases since the middle of last month but these were offset by re ports showing decreases. Some decline in retail prices has been noted during the month. Sales during April declined sea sonally and were almost 2 per cent smaller than in the same month last year, all reporting lines showing declines. While the month had one more business day this year than last, Easter occurred on March 31 or eight days earlier than last year: Computed on a daily basis for March-April, retail sales were 2.4 per cent larger than in the same period last year. Cumulative sales in the first four months of this year were slightly larger than was the case at the same time last year. Inventories held by retailers in creased slightly during April but were almost 10 per cent smaller than a year before. Department stores in Philadel phia, shoe and credit stores showed the largest reduction in stocks as compared with April 1928. The most pronounced gains in stocks over a year earlier were reported by men’s and women’s apparel stores in Philadelphia. The rate of turn over in the first four months of this year was larger than in the same period last year. BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT P rices R etail trade ................. Dem and Some declines Fair, losses offset gains Little change Unchanged Little change Little change Little change Unchanged Unchanged Unchanged Unchanged Declined Declined Fair, some declines Fair, declined Fair, active, some gains Fair, increased Fair, increased Fair, little change Fairly active Fair, unchanged Fair, little change Slow, declined Slow, declined Some advances Some declines Active, increased Fair to poor, declined Silk good s ................. S ilk throw sters . . . . Declined Declined W o o l good s ............. W o o l yarns ............... H o siery — fu ll-fa sh ioned ....................... H osiery— seam less .. Some declines Declined Fair to poor, declined F a ir, d e clin e d b u t larger than a year ago Fair, some gains Fair to poor, declined Little change Unchanged W h o le sa le tra d e: D rugs .......................... D ry good s ................. E le ctrica l s u p p lie s .. G roceries ................... H ardw are .................. J ew elry ....................... P aper ........................... 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 good s ........... Carpets and r u g s ... Shoes ........................... Leather— S ole .......................... B la ck kid .............. C olored kid ........... P aper ............................ M echanical r u b b e r goods ........................ C igars .......................... B rick ............................ Lum ber— m ills ......... P aint ............................ P lum bin g s u p p lie s ... R eal e s t a t e ..................... B u ild in g .......................... A nthracite ..................... B itum inous coa l ......... Page Eight U nfilled orders O perations S tocks Some gain, but smaller than a year ago Smaller Slightly larger Slightly larger Smaller Smaller Little change Larger than a year ago Smaller Smaller than a year ago Smaller than a year ago Larger than a year ago Smaller, but larger than a year ago Smaller Smaller Increased Decreased Smaller Larger Decreased Decreased Larger Smaller Little change Smaller Some gains Little change Smaller Smaller Active, some gains Fair, little change Slightly smaller Smaller Little change Decreased Unchanged Fair, little change Decreased Declined Fair, some declines Smaller, but larger than a year ago Little change Larger L a r g e r but s m a l l e r than a year ago Smaller Slightly lower Smaller Declined Little change Little change Unchanged Fair, Fair, Fair, Fair, Little change Larger Little change Little change Little change Little change Little change Little change Little change Slightly larger Slightly larger Largpr Unchanged Unchanged Unchanged Unchanged Little change Little change Rents declined in past three months Fair, increased Fair, little change Fair, increased Fair, increased Fairly active, increased Fair, increased Active for houses rent ing from $35 to $50 m onth; lower-priced h o u s e s in fair d e mand Fair Little change Slightly smaller Larger Larger Some gains Larger than a year ago Increased Little change Increased Increased Little change Increased Smaller Smaller Smaller Smaller Smaller Larger Value o f permits d e clined Value o f contracts in creased Increased Increased Construction c o s t s un changed Higher Little change some gains some gams some gains little change Slow, declined Poor, declined
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