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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT ? JUNE i, 1931 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA Business and Financial Conditions in the United States Output of manufactures and em ployment at factories showed little change from March to April, and out put of mines, which ordinarily de creases at this season, also remained unchanged. Wholesale prices con tinued to decline, and money rates eased further. Production and employment. Indus trial production, as measured by the Board’s seasonally adjusted index which covers both manufactures and mines, increased from 88 per cent of the 1923-1925 average in March, to 89 in April, compared with 82, the low point reached last December. Steel mill activity declined by considerably more than the usual seasonal amount, while in the automobile industry there was a larger than seasonal increase in output, according to preliminary re ports. Consumption of cotton by domestic mills continued to increase, contrary to the usual seasonal movement, while there was a decrease in unfilled orders for cotton cloth, which was only partly seasonal in nature; consumption of wool, which ordinarily declines in April, increased considerably; at silk mills activity declined. There were large increases in the output of pe troleum and anthracite coal, while production of bituminous coal declined by about the usual seasonal amount. The number employed in factories at the middle of April was about the same as a month earlier. In car build ing shops and in establishments pro ducing machinery, employment de creased considerably, while in the auto mobile and cement industries there were seasonal increases, and in the fertilizer industry a larger than sea sonal increase. Employment at textile mills declined by less than the seasonal amount, reflecting chiefly a slight in crease in employment at cotton mills, and a small decrease in the clothing industry; at mills producing woolen and silk goods, declines in employment were larger than usual. Factory pay rolls declined somewhat in April. INDUSTRIAL PRODUCTION MONEY HATES IN NEW YORK Value of building contracts awarded, which fluctuates widely from month to month, declined considerably in April, according to the F. W. Dodge Corporation, and decreases were re ported in all the leading classes of construction. In the first four months of the year total awards decreased 26 per cent from the corresponding period of 1930, reflecting declines of 10 per cent for residential building, 17 per cent for public works and utilities, 25 WHOLESALE PRICES Index of United States Bureau of Labor St; tistics. (1926=100.) FACTORY EMPLOYMENT AND PAYROLLS tel —hr- \ TN V — Commer cie/ Paper Rate " — Reserve —- Accept wee Rats j A ^927 ~ Index number of industrial production, adjusted for seasonal variation. (1923-1925 average=100.) Monthly rates in the open York: commercial paper rate paper. Acceptance rate on acceptances. Latest figures first twenty days in May. market in New on 4 to 6 month 90-day bankers’ are averages of Indexes of factory employment and payrolls, without adjustment for seasonal variation. (1923-1925 average=100.) Page One per cent for educational building, 43 per cent for factories, and 57 per cent for commercial buildings. Distribution. Freight car loadings showed about the usual seasonal in crease in April. Department store sales increased 9 per cent from March and the Board’s index, which makes allowance for the usual seasonal varia tions including changes in the date of Easter, stood at 105 per cent of the 1923-1925 average, compared with 97 per cent in March. wholesale prices. The general level of wholesale prices declined 1.6 per cent further in April, according to the Bureau of Labor Statistics. In the first half of May, prices of many leading commodities were reduced further, and for the six-week period as a whole there were large declines in the prices of cotton, silk, and tex tiles; livestock and dairy products; cement, petroleum products, and nonferrous metals. Bank credit. Loans and investments of reporting member banks in leading cities declined by about $150,000,000 between April 1 and the middle of May, reflecting substantial liquidation in loans on securities and in all other loans, largely commercial. This liqui dation of loans was offset in part by further large additions to the banks’ investments, which on May 13 were over $1,000,000,000 larger than at the beginning of the year. Volume of reserve bank credit de clined somewhat in the six weeks end ing on May 16. Contrary to the usual seasonal tendency, there was some fur ther increase in currency demand for the period, reflecting chiefly banking disturbances in the middle West. Gold imports continued in considerable volume and supplied the member banks with sufficient funds to meet the addi tional demand for currency and also to reduce somewhat the amount of re serve bank credit outstanding. Money rates declined to new low levels during May. Rates on bankers’ acceptances, which had declined from lj4 per cent in the middle of April to 1 yA per cent by the end of the month, were reduced to per cent by the 19th of May. Rates on commercial paper declined from a range of 2j42^ to a range of 2-2J4 per cent. At the reserve banks, buying rates on bankers’ acceptances were reduced in April and the first half of May, and in May discount rates were also re duced, "the rate at the Federal Reserve Bank of New York being lowered to 1J4 per cent. Business and Financial Conditions in* the Philadelphia Federal Reserve District Trade and industry in April again showed somewhat more than the usual seasonal gain in activity even though the general level remained lower than in several years. In early May busi ness conditions generally reflected the recessionary influences characteristic of the season. The output of manu factures has increased steadily for three consecutive months so that our seasonally adjusted index in April was about 6 per cent above the exception ally low level in January. Daily pro duction of anthracite coal mines also increased more sharply than in recent years. Construction and contracting, too, showed more than seasonal rise in awards during April and there has been some further expansion in oper ating schedules during May as is usual. A small further decline during the past month in loans to customers is reported by member banks in leading cities of the district, and their invest ments show a substantial reduction since April 22. Borrowings from the Federal Reserve Bank show only a slight increase, and the reserve ratio continues high. The demand for manufactured products shows a sea sonal let-down, except for some lines which ordinarily have larger sales in late spring. Save for building mate- Manufacturing. Patjc Two rials, paper and some of the wool products, unfilled orders have declined as is to be expected; they continued noticeably smaller than a year ago. Stocks of finished manufactures in the aggregate declined further in the month and were lower than in the middle of May last year. Reports are almost uniform in showing a further recession in wholesale prices, which up to the middle of May declined nearly 21 per cent as compared with the level of a year ago. Factory wage payments and work ing time in Pennsylvania increased about 2 per cent from March to April, while employment dropped one-tenth of one per cent, which was a smaller decline than the average for the past eight years. The employment situa tion was relatively more favorable than that in the country as a whole or in some of the eastern industrial states, which showed recessions in both employment and wage disburse ments. In comparison with April 1930, however, employment remained 17 per cent smaller, while wage pay ments were almost 30 per cent less. Productive activity in this district in April increased more than was to be anticipated, continuing the upward trend for the third successive month. Our preliminary index, which makes allowance for seasonal changes, rose 4 per cent as against an advance of one per cent shown by the national index. Five out of nine manufactur ing groups shared in this gain. In comparison with a year ago, produc tion remained 16 per cent smaller, de clines varying from 3 per cent in textiles to 35 per cent in building materials. The increase in the metal group was due mainly to a greater output of steel works and rolling mills and electrical apparatus. Operations of plants mak ing radios and musical instruments also showed more than usual gain, and this likewise was true of the produc tion of automobile parts and bodies. Railroad repair shops were more ac tive in April than for some months before. Barring seasonal influences, the out put of textile products has shown a fairly consistent rise from an excep tionally low level reached in January, so that our index for April, adjusted for seasonal variation, is only 3 per cent below that of a year earlier and is at the highest point during the past twelve months. Gains in the month occurred in the output of knit under wear, hosiery, cotton goods, clothing, and to some extent in broad silks. Woolen and worsted mills in this dis trict increased their takings of wool fibers by 13 per cent over March as METAL PRODUCTS-PAYROLLS ________ PERCENT SILK PENNSYLVANIA 1923—25 AVG.—100 PIECE UNITED PERCENT 1925-27—100 STOCKS 160 -l i u / i A / s / J ... ■FOUNDRIES 140 V __ J t \ \ 120 ^ STEEL WORKS ’ AND ROLLING MILLS GOODS STATES i \ l/ m M *\ ,N fhf\ ■ j K\ 1 W 100 r* 80 SALES 60 1 928 1929 1930 1931 Source: Silk Association of America against a gain of 20 per cent for the country; deliveries of wool to local carpet mills also rose 16 per cent, so that total wool takings exceeded those of a year ago for the first time this year, even though they continued to be smaller than in any month of the five years prior to 1930. Textile prices have declined further and were, in the middle of May, 27 per cent lower than the year before. In the food group, the output of ice cream, canning and preserving, and slaughtering of sheep showed some what more than the usual increases in the month, the remaining five items registering declines. Cigar plants maintained their operating schedules at about the same rate as in March, while output of manufactured tobacco and snuff was larger than usual. Daily production of shoes decreased less than one per cent in contrast with a rise of 3 per cent in the country; but when the necessary correction for seasonal changes is made, our index shows a rise of about 5 per cent. The market for hides and goat skins has held fairly well, although lately the usual quiet of the season has been in evidence. Price fluctuation has been somewhat less pronounced than in former months. Activity in both the paper and print ing and chemical groups declined in the month, although unfilled orders for paper were larger than a month ear lier. Forward business and the output of paints and varnishes also showed more than seasonal upturn, reflecting improvement in building conditions. Receipts of crude petroleum by local April, 1931 Percentage change since BUSINESS INDICATORS Philadelphia Federal Reserve District Amount Mar., 1931 Apr., 1930 Retail trade*—estimated net sales (160) stores Department (66)................................................... Men’s apparel (22)................................................ Women’s apparel (17).......................................... Shoe (37).................................................................. Credit (18)............................................................... $830,000 $693,300 $22,700 $84,200 $12,200 $17,600 + 4.1 + 3.4 + 15.4 + 3.5 + 8.8 + 24.4 - 9.3 - 7.6 -22.8 -16.6 -25.8 - 4.0 Wholesale trade*—net sales (97 firms).............. Boots and shoes (5).............................................. Drugs (10)............................................................... Dry goods (12)....................................................... Electrical supplies (3).......................................... Groceries (30)......................................................... Hardware (20)........................................................ Jewelry (10)................................................ Paper (7).................................................................. $235,056 $3,438 $53,976 $10,546 $5,144 $87,603 $54,041 $6,265 $14,043 0.8 5.5 4.9 7.5 7.3 1.9 — + 11.3 14.9 — 2.7 -11.2 -26.8 - 7.2 -12.9 - 1.8 -12.4 - 8.4 -26.9 -16.6 0.1 1.8 0.7 3.5 0.7 13.3 5.3 2.5 0.1 20.8 27.3 9.2 37.8 21 .3 6.5 -17.1 -29.5 +22.8 -52.5 -41 .8 -43.2 +20.2 -25.7 -11.0 -12.3 - 3.1 2.1 4.3 22.0 7.7 — 67.0 + 66.0 + 19.5 -13.3 + 8.1 -43.2 + 0.1 -40.8 +54.4 +68.4 $9,560,176 $21,337,200 3,662 $6,245,272 1,583 +259.9 + 29.0 — 10.8 — 28.5 + 4.1 -34.0 -49.2 -13.1 -40.3 +19.0 654,817 4,222,792 $104,406,000 16,716 2.9 1.7 5.3 — + 34.8 -19.2 - 5.7 -13.4 -17.8 Productive activity*— Employment—830 plants in Penna................. Wage payments (weekly average)................... Shoe production!—77 factories........................ Hosiery production!—138 mills........................ Underwear production!—51 mills................... Wool consumption!—62 mills......................... Active cotton spindle hours............................... Pig iron production............................................... Iron casting production—32 foundries............ Steel casting production—11 foundries........... Anthracite................................................................ Bituminous coal—Penna...................................... Petroleum receipts at Port of Philadelphia... Cement...................................................................... Electric power output—11 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—May 33—89 member banks......... Bills discounted held by F. R. B. of Phila. (daily average) Bankers’ acceptances outstanding—end of month............... Commercial paper sales—1 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 May—(Philadelphia county). Miscellaneous— Freight car loadings (Allegheny district)...............................number. . Tonnage of vessels (Port of Philadelphia)....................................tons. , Sales of life insurance (Penna., N. J., and Del.)..................................... Automobile sales registrations of new passenger cars......... units. . * Daily average of monthly figures. 272,398 $6,271,576 55,945 58,561 12,653 258,596 688,296 4,785 122 157 232,300 305,500 46,300 89,700 10,320,800 $2,184,976,000 $1,742,400,000 $16,045,000 $22,236,000 $4,932,500 176 $3,897,348 _ — — — — + + + + — — + + + + + — — + ! Bureau of Census preliminary figures. Page Three Electric power Philadelphia Federal Reserve District 11 Systems April, 1931, per cent change from April, 1930 March, 1931 Rated generator capacity.......... + 3.6 + 0.3 Generated output........................ Hydro-electric.......................... Steam.......................................... Purchased................................... + 2.9 6.2 2.0 1.0 + 0.9 +62.1 —23.6 + 3.8 Sales of electricity........................ Lighting..................................... Municipal.............................. ( Residential and commercial....................................... Power.......................................... Municipal.............................. Street cars and railroads . . Industries.............................. All other sales........................... - 4.2 +10.1 + 7.1 + 4.5 +1.0 - 9.5 +10.5 - 2.2 + 5.6 + 1.6 - 3.1* -31.6 + 3.1 + 3.8 + 7.3 - 8.5 + 6.5* +16.4 * Working days average—other items are com puted on calendar days. Construetion and contracting activity increased somewhat more than seasonally in April, and this has been well main tained, although the present rate of operations is still much lower than in recent years. Both employment and wage payments showed sharp gains Building and real estate. Page Four from March to BUILDING CONTRACTS AWARDED April, but they re PHILADELPHIA FEDERAL RESERVE DISTRICT mained: noticeably MILLIONS below those of last DOLLARS year. Construction 70 TOTAL costs, as estimated by the Engineering 60 News Record, de 50 clined further, ow ing principally to 40 lower prices of the leading building 30 N !\ /» materials; they are k A at present the low 11 20 —r\----------1 \ i 'V' 1 est since 1922. -xt The proposed 10 / '''-yv-'. RESIDE expenditure under .......................... 1 1 I I . I .... i ... ■ i ... I I . . I . I ■ I I i I I I I I ■ I M-t. 0 building permits is 1927 1928 1929 1930 1931 sued in seventeen cities of this dis Source: F. W. Dodge Corporation trict increased greatly during April, most of the in March. Less expensive dwellings larger cities sharing in this gain. But also seemed to have been in more in comparison with a year ago, it was active demand for renting as well as buying purposes. The number of real 34 per cent lower. The trend in the value of building estate deeds and the value of mort contracts awarded has been steadily gages recorded in Philadelphia de upward following the low point creased; both were also lower than in reached in January. The gain in April April 1930. Foreclosures continued on was due to sharp increases in awards the increase, reaching in May the for commercial buildings and for pub second highest level in twelve years. lic works and utilities; contracts for Agriculture. The agricultural situa factories and residential buildings tion improved further in this district showed considerable drops. The dol between April and May. Abundant lar volume of awards in the first four rainfalls accompanied by suitable tem months of this year was materially peratures placed the soil in workable smaller than in the same period of re condition and favored vegetation. cent years, as is indicated by the ac Pastures and meadows improved no companying chart. At least part of ticeably and in many sections their the decline reflected the influence of condition is said to equal that of a lower prices. Comparisons for year ago. selected cities follow: Plantings are about two-thirds com pleted and farm work as a whole is Per cent change advanced normally. Frost damage to from 4 months orchards has been exceedingly small 1931 Contracts awarded (000’s thus far, it being chiefly confined to 1926-29 omitted) 1930 avg. low lands with poor air drainage. Fruit is setting well in nearly all parts -75.0 -73.9 $19,710 of this district and estimated yields -69.4 -22.1 779 Reading........................ -75.3 -75.8 336 Scranton....................... compare favorably with those of a -75.7 -50.3 980 Camden........................ -66.4 -29.8 714 year earlier. Trenton........................ -55.6 -61.0 1,167 Wilmington................. The condition of livestock varies Total: Phila. F. R. widely. In New Jersey, comparisons Dist. including all -61.0 -53.7 cities.......................... $63,037 with 1930 show improvement, while reports from Delaware and certain Source: F. W. Dodge Corporation. sections of Pennsylvania indicate that The real estate situation has cattle suffered to some extent from changed little in the month. The de lack of adequate pasturage last fall mand for houses and apartments re and a shortage of feed grains during mains comparatively quiet, and there the winter. For the district as a has been a further concession in rents. whole, however, the present condition Some of the reports indicate that rent of livestock is estimated to be slightly collections were better in April than below normal for this time of year. 4 . r ■ - c / V > z— z! -fl \U — f'A : : refineries were one-third larger in April than March but were 11 per cent less than a year ago. The demand for such building mate rials as cement, lumber, slate, struc tural materials, and electrical supplies has been more active and production in most lines in April was larger than a month before, though not as large as was to be expected. Shipments of Portland cement were almost twice as heavy in April as in March, but re mained 7 per cent smaller than in April 1930; stocks increased in the month but were 4 per cent lower than a year ago. Shipments of brick also increased further and stocks were again reduced somewhat. Prices of building ma terials continue to show weakness, al though they have been relatively more stable than most of the other manu factured commodities; in early May they were about 14 per cent lower than a year ago. The seasonally adjusted index of electric power output showed a notice able gain over March and was only 3 per cent lower than a year ago. The sharpest increase in output occurred in hydro-electric plants, owing partly to increased supply of water from rainfalls. The rise in sales was due mainly to a rather unusual gain in con sumption of electrical energy by in dustries ; last year the increase in industrial takings was much smaller. AUTOMOBILE REGISTRATION PHILADELPHIA FEDERAL -PASSENGER FREIGHT CAR RESERVE DISTRICT -CAB-5. ALLEGHENY THOUSANDS OF CARS LOADINGS DISTRICT 1,200 .TED FOR SEASONA. VARIATIONS \ •TOTAL 1923- 25 AVG. INDE) MERCHANDISE AND / MISCELLAIIEOUS 1928 1929 Sources: R. L. Polk Company Pennsylvania Motor List Company The anthracite market was quiet during April and demand from householders remained depressed ow ing to mild weather. Wholesale prices advanced on May 1. The daily output of collieries increased substantially and the total production in the month of 5,807,000 tons was about 20 per cent larger than in April 1930. In the first three weeks of May, colliery output declined sharply and was con siderably smaller than a year ago. The demand for Pennsylvania bi tuminous coal was less active during April than in the preceding month, and prices receded further. The daily output of collieries declined and was the smallest of any month in recent years. In the first fortnight of May production continued at the low levels of the preceding month. Coal. Distribution. Retail sales showed an increase of 4 per cent from March to April, and when the correction is made for seasonal changes, the increase amounted to about 6 per cent. The sharpest gains occurred in men’s ap parel and credit stores. In the first half of May sales continued in fair volume, although instances of declines outnumbered those showing gains. Price recessions were still much in evidence. In comparison with April 1930, sales were nearly 4 per cent smaller after allowance for the shifting date of Easter is made, all lines included in our index having sustained losses. In the first four months of this year, the dollar volume was almost 9 per cent less than in the same period last year, reflecting in part the influence of lower 1927 1928 Source: American Railway Association prices. The sharpest declines in this period occurred in the areas com prising Allentown-Bethlehem-Easton, Johnstown, Lancaster, and Philadel phia. Stocks of merchandise were re duced slightly and remained about 14 per cent below those of the previous year. The rate of turnover has been greater this year than last. Retail prices of food in Philadelphia and Scranton dropped about one per cent as against an average drop of 2 per cent in the country between the middle of March and April. Com pared with a year ago, the retail cost of food declined 15 per cent in Phila delphia and 17 per cent in Scranton as against a recession of 18 per cent in the country as a whole. Wholesale and jobbing trade showed a decline of less than one per cent from March to April, which was a considerably smaller drop than was to be expected. This was due to less than seasonal recessions in the sale of shoes, dry goods, groceries, jewelry, and paper, and to the fact that business in hardware showed a noticeably larger increase in sales than is customary. In early May nearly twice as many con cerns reported that demand was fair as those that indicated that sales were poor. Prices were still on a down ward trend. Compared with April 1930, the dol lar volume was 11 per cent less, the most pronounced declines occurring in the sale of jewelry, groceries, shoes, paper, and dry goods. In the four months of this year, sales were also materially smaller than in the same period last year. Stocks of wholesale merchandise were reduced seasonally and remained lower than a year ago; as in the case of sales, which are re ported in dollars, part of the decline was undoubtedly due to a continuous reduction in prices. Collections in creased in five out of seven lines, but all these lines showed declines from April 1930. Shipments of commodities by rail in this section increased 3 per cent from March to April, instead of declining as was to be expected. Early reports for May indicate further gains, par ticularly in loadings of coal, merchan dise, and miscellaneous commodities. Comparison with recent years con tinues quite unfavorable. In the first four months of this year total ship ments were from one-fifth to onequarter less than in the same period of the previous two years. The physical volume of foreign trade at the Port of Philadelphia in creased somewhat from March to April, gains occurring in both im ports and exports; but compared with a year ago, foreign shipments by water remained smaller. Sales of new passenger automobiles, as indicated by registrations, increased 35 per cent from March to April. This was slightly less than ordinarily was to be expected, and April sales were 18 per cent below those of a year ago. The market for used cars has been active. Sales of life insurance in this sec tion were smaller in April than March by a somewhat larger amount than usual, the actual decline being 5 per cent. In comparison with April 1930, Page Five MnlinN,; REPORTING LOANS AND CITIES OF PHILADELPHIA DISTRICT/A. INVESTMENTS BANKS IN FOUR MEMBER M 500 500 LO ANS ON SECURITIES- 475 475 \ A A \ y \ _ 400 N i j\ /S/- 425 425 / \ \'■../“(LARGELY OTHERvIERCIAl) / ALL COM _ _ 450 r ' 450 LOANS N* j 400 375 375 350 350 INVESTMENTS 325 325 300 .3 0 0 2 75 275 1927 * ILLIONi Averace of first three Wednesdaqs 1928 of Maq 1929 1930 1931 __________________________________________________- the drop amounted to over 13 per cent ton, and Wilmington declined from up from the call reports and given as against 16 per cent in the United 575 to 524 millions during the four in the preceding table, indicates that weeks ended May 20. All of the de the decline in loans on securities dur States. cline was in government securities. ing the past year has been largely in Financial conditions. Member banks Loans also decreased 5 millions, owing those made to brokers and dealers, in the larger cities of the district re chiefly to a drop in loans to customers. while the falling off in other loans port a substantial decline in invest Net demand deposits decreased sub and discounts has been mainly in that ments and a smaller reduction in loans stantially, reflecting in some degree a miscellaneous group of business and during the four weeks ended May 20. decline in amounts due to banks and a other loans remaining after the setting The reserve ratio of the Federal Re material rise in balances maintained aside of real estate loans and other serve Bank, except on a few days, was with other banks which probably repre special classes. steadily in excess of 88 per cent, and sented a portion of the proceeds from Banks in this district have not been there was only a small increase in bor the sale of securities. Time deposits active in the purchase of bankers’ bills, rowings of member banks despite an increased from 391 to 401 millions, a as is suggested by the fact that the member banks had little over 3 mil unusual demand for currency. new high point. Payments of currency, as shown in lions of bills of other banks on hand Member bank figures continue to re the figures of this bank, exceeded re veal material declines in both loans on in March; this was less than one per ceipts by 19 millions, although the securities and in other loans during the cent of the total held by member banks banks ordinarily make little additional past year. In total, the loans of 89 throughout the country. Greater par call for money in this period. Ex member banks in twenty cities de tiality for the purchase of commercial penditures by the Treasury apparently creased 103 millions while their in paper is indicated by the fact that they continued heavy, for 30 millions was vestments increased by 233 millions in held 12 per cent of the amount re withdrawn from depositaries in this ported by all member banks. district; a considerable part of this the year ended May 13. Both net de Sales of commercial paper by four was disbursed locally, so that the net mand and time deposits were con dealers dropped from $14,960,000 in sum withdrawn from this market and siderably larger than a year ago. March to $4,932,500 in April, owing An examination of the figures for chiefly to smaller purchases by city transferred to other districts to build up government balances there, was only all member banks in the district, made banks. Holdings of the weekly report 17 millions. In meeting the demand ing banks, which on March 25 held 87 incident to currency requirements and per cent of the total reported by all All member banks Third Mar. 27, Mar. 25, Fed. Res. District Treasury operations, the banks had to members in this district, have shown 1931 1930 (In millions of dollars) supply 36 millions of funds. The bulk only slight fluctuation since that date, of this was realized through favorable Loans on securities: although there was a substantial rise 31.0 35.5 balances in the settlement of commer in the four weeks preceding. 120.3 62.4 To brokers and dealers---cial and financial transactions with 588.5 591.7 other districts, so that bills discounted Sales to — 681.9 747.5 Commercial Total by this bank rose only from 16 to 19 paper sales Other loans and discounts: sales Country City (Four dealers) millions and there was little change in Purchased bankers’ acceptbanks banks 3.1 7.6 member bank reserve deposits. Purchased commercial 44.4 34.3 The favorable settlement balance ap 1931—Jan___ $3,040,000 $1,554,500 $4,594,500 15.2 17.2 Feb.... 4,072,500 2.534.500 6,607,000 pears to have been due in part to the 239.0 238.2 Mar.... 12,295,000 2,665,000 14,960,000 720.4 789.2 sale of investments. Contrary to the Apr.. . . 2,820,000 2.112.500 4,932,500 1,086.5 1,022.1 trend manifested over the preceding 1930—Apr----- 4,265,000 4,072,500 8,337,500 135,000 1,355,000 1,490,000 1929—Apr----month, the investments of member Total loans and discounts 1,834.0 1,704.0 banks in Philadelphia, Camden, Scran Page Six I Employment Apr., 1931 Employment and wages in Pennsylvania Payrolls Apr. 1931 Per cent change since .A,pr. index* Apr. 1930 Mar. 1931 79.4 -17.1 - 0.1 Metal products........................... Blast furnaces........................ Steel works & rolling mills.. Tron and steel forgings........ Structural iron work............ Steam & hot water heating 74.9 46.6 70.7 64.8 81.7 -20.4 -23.0 -18.2 -32.8 -33.7 app........................... Stoves and furnaces............. 84.2 68.9 74.5 84.3 96.1 53.6 /b . 4 68 .0 52. 8t 64.9 57.1 24.8 76.3 59.8 Apr. index* Percentage change—April, 1931, from April, 1930 Per cent change since Apr. 1930 Mar. 1931 69.5 -29.5 + 1.8 - 0.1 + 3.3 + 0.3 -11.8 - 5.1 64.4 37.9 63.3 55.3 58.7 -34.8 -37.3 -30.7 -44.5 -54.3 + + + - -18.3 -15.3 -26.1 -19.6 -16.7 -43.4 -22.1 -35.9 - 9.6 + 7.0 - 3.4 + 0.5 + 4.9 -15.2 - 3.8 - 3.4 67.8 40.7 53.1 66.3 87.7 39.5 61.4 54.3 -35.6 -43.9 -47.2 -34.9 -33.1 -59.9 -34.5 -47.1 -16.0 + 4.9 -11.5 + 0.2 + 13.5 -16.8 - 5.8 - 7.3 -32.4 -10.6 -41.3 -54.2 + 1.3 -33.3 - 0.8 + 2.0 + 9.6 - 4.6 + 3.5 -13.7 44.8t 48.3 54.6 19.2 64.9 93.1 -43.8 -24.3 -43.6 -66.2 -16.1 -36.0 + 7.7 + 10.5 +40.0 - 1.5 + 3.0 - 8.1 -11.6 -12.9 + 5.4 -13.1 - 9.6 -15.2 - 8.9 -16.1 -12.7 - 0.7 + 15.5 + 7.8 + 0.4 80.9 - 0.5 62.0 -13.0 49.4 0.0 101.1 + i.i 90.2 + 7.1 48.5 - 0.9 47.7 + 2.5 99.8 + 3.4 66.4 + 5.7 78.3 + 0.4 133.9 + 10.3 141.1 -19.0 + 1.0 +15.4 -18.7 -13.4 -21.9 -25.7 -29.4 -28.1 -10.4 + 6.9 + 2.8 - 2.4 + 4.7 -17.3 - 1.8 - 6.8 + 9.7 -18.0 + 0.1 - 0.4 + 7.4 - 7.2 +12.3 Foods and tobacco.................... 103.1 Bread & bakery products. . 105.6 Confectionery......................... 94.2 Ice cream................................. 98.0 Meat packing......................... 96.0 Cigars & tobacco................... 103.1 - 5.7 4.7 3.9 1.8 0.7 7.1 + - 1.9 93.3 1.4 100.2 2.7 91.8 4.8 97.5 0.3 79.6 2.8 84.5 - 9.8 -11.0 -11.4 + 6.0 -15.8 - 6.1 + - Stone, clay & glass products.. Brick, tile & pottery............ Cement..................................... Glass.......................................... -25.6 -14.6 -23.2 -37.7 + + + - 1.9 4.5 1.7 1.3 46.5 54.1 45.7 42.7 -41 .2 -35.4 -37.4 -51.5 + 1.5 + 7.1 + 6.0 -10.9 50.6 27.2 59.5 58.6 -28.3 -57.6 -17.0 - 8.6 - All manufacturing industries (51)........................................ Foundries................................. Machinery and parts........... Electrical apparatus............. Engines ana pumps.............. Hardware and tools.............. Brass and bronze products. Transportation equipment... . Automobiles............................ Automobile bodies and parts Locomotives and cars.......... Railroad repair shops........... Shipbuilding........................... Textile products......................... Cotton goods.......................... Woolens & worsteds........... Silk goods................................ Textile dyeing & finishing.. Carpets and rugs................... Hats.......................................... Hosiery..................................... Knit goods, other................. Men’s clothing....................... Women’s clothing................. Shirts & furnishings............. Lumber products....................... Lumber & planing mills.... Furniture................................. Wooden boxes........................ 90.9 61.5 55.1 103.6 89.9 61.8 81.6 104.3 81.7 85.2 142.3 149.5 60.4 74.5 55.1 54.8 3.0 2.2 4.5 7.2 6.8 3.0 1.5 3.4 6.4 5.2 5.6 City areas* Employ ment Allentown................ Altoona.................... Harrisburg.............. Johnstown............... Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton.................... Wilkes-Barre.......... Williamsport.......... Wilmington............. \ ork.......................... -23.5 -51.3 -12.5 - 7.7 0.0 - 1.5 + 1.2 - 2.2 90.5 75.3 72.6 74.5 89.9 125.4 -13.3 -15.0 -34.3 -11.3 - 7.6 - 5.6 + + - 90.2 81.9 60.5 73.7 87.5 126.7 -20.8 - 6.6 -39.4 -21.5 -21.2 -16.0 + - 0.1 93.6 - 0.6 96.5 0.0 92.0 - 1.1 83.1 + 4.5 102.6 - 6.4 - 6.7 - 7.8 -12.4 + 0.2 + 0.9 + 1.2 - 2.0 - 6.4 +11.3 Paper and printing.................... 94.6 Paper and wood pulp........... 81.8 Paper boxes and bags.......... 79.2 Printing and publishing.... 100.9 - 4.8 - 5.7 -14.1 - 2.9 + - -13.9 -20.1 -20.9 -11.1 - Debits -23.5 - 4.8 -15.7 -29.0 - 9.3 -18.4 -15.8 -14.9 -14.7 - 2.9 -22.2 -22.0 -10.3 -36.9 -23.9 -26.4 -37.8 -17.6 -27.5 -30.2 -18.3 -32.7 -16.7 -*-30.4 -27.5 -20.0 - 77.9 - 92.0 - 62.1 - 60.1 - 11.3 - 26.7 - 77.3 - 43.9 - 12.7 +451.5 - 37.1 - 59.2 + 11.1 -12.2 -28.0 -18.5 -17.2 -21.8 -13.3 -25.1 -12.3 +20.0 -12.7 - 9.8 -22.3 -12 9 Retail trade sales -18.1 - 8.5 - 9.6 -15.1 -15.7 - 8.2 -12.8 -15.0 -11.6 - 7.1 -12.9 Allentown................ Altoona.................... Harrisburg.............. Johnstown............... Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton.................... Wilkes-Barre.......... Williamsport........... Wilmington............ Y ork......................... + 0.6 + 7.3 0.0 + 1.4 + 0.7 + 0.6 - 0.2 - 5.2 - 1.1 + 5.7 + 0.3 - 2.2 - 3.5 - 0.7 +12.0 + 0.5 + 1.0 + 3.6 + 0.5 - 0.3 - 3.4 - 8.9 - 3.5 + 4.0 - 3.8 - 3.9 + 56.4 - 21.7 + 29.4 - 86.2 +235.8 +643.1 + 24.7 + i.i +108.9 + 1001.5 - 3.2 - 75.7 +298.1 + 7.1 - 1.3 + 0.7 + 3.7 + 7.5 + 1.8 - 6.5 + 5.0 + 11.8 + 1.6 + 3.5 - 3.4 + 3.6 +14.0 - 2.2 - 2.3 +21.3 - 7.0 + 2.1 +17.8 + 6.4 + 3.5 + 10.5 +16.9 *Area not restricted to the corporate limits of cities given here. Percentage change Wholesale trade Philadelphia Net sales: 1931 compared with 1930 Stocks: Apr. 30, 1931, compared with Apr. 30, 1930 Mar. 31, 1931 Collec tions during Apr., 1931, compared with 1930 - 3.7 -19.7 -2.4 -13.9 - 9.8 -12.3 — 6 6 — 10.0 — 14.5 - 9.3 4 3 —1 9 -0.7 -0.0 -11.4 -19.1 -17.8 -23.8 District April (daily av.) Boots and shoes.. . Four months -26.8 - 7.2 — 12.9 - 1.8 -12.4 - 8.4 -26.9 -16.6 -28.3 — 3.2 — 16.7 -14.6 — 12.4 — 19.4 -32.3 -20.4 + 1.1 + 18.0 + 4.1 - 4.3 + 8.3 - 3.5 Leather and rubber products . 94.4 Leather tanning..................... 100.9 Shoes......................................... 94.0 Leather products, other . . . 79.4 Rubber tires & goods........... 88.5 Building permits (value) April, 1931, from March, 1931 Electrical supplies. 57.4 32.5 66.4 65.5 Wage payments Chemical products .... Chemicals and drugs Coke............................. Explosives.................. Paints & varnishes. . Petroleum refining. . 3.0 3.3 2.5 9.8 0.5 0.4 0.4 0.8 1.2 4.9 1.6 0.2 97.8 0.9 76.9 0.6 77.9 0.6 106.1 4.0 2.9 3.4 6.7 Percentage change Retail trade Philadelphia Federal Reserve District 1.8 1.4 6.8 1.8 Net sales: 1931, compared with 1930 Stocks: Apr. 30, 1931, compared with Rate of turnover: four months 82.9 - 2.2 + 3.8 — 1.4 +26.9 47.6 -47.2 +16.7 0.0 80.6 -13.3 + 0.6 Bituminous coal......................... Construction and contracting. 60.4 -35.3 Street railways........................... 77.9 Retail trade................................. 94.2 - 8.1 - 1.5 + 1.6 Wholesale trade......................... 89.6 - 1.4 - 0.1 * 1923-1925 average = 100. 63.8 - 0.2 +14.5 — 6 6 Four months All reporting stores................... Anthracite.................................... April - 9.3 - 8.9 -14.3 -0.8 1.22 1.28 Department................................. in Philadelphia...................... outside Philadelphia............. Men’s apparel............................. - 7.6 - 6.2 -10.7 -22.8 -22.3 -23.1 -16.6 -15.7 -22.0 -25.8 - 4.0 - 8.8 -10.0 - 5.6 -13.5 -16.9 -10.9 - 7.0 - 6.2 -12.4 -17.2 — 9.5 -14.1 -13.0 -16.3 -0.6 1.21 1.27 -1.4 1.34 1.37 +1.1 0.96 1.04 -14.3 -16.5 -16.1 -18.2 -10.6 -16.5 +0.9 -5.8 -6.5 -3.1 -0.8 -2.6 outside Philadelphia............. Women’s apparel...................... in Philadelphia...................... outside Philadelphia............. Shoe............................................... Credit............................................ Apr. 30, Mar. 31, 1930 1931 1930 1931 6.70 2.08 2.28 1.30 0.87 0.77 0.73 2.35 2.60 1.39 0.85 0.82 t Preliminary figures. Page Seven Synopsis of Industrial and Trade Conditions in the Philadelphia Federal Reserve District Stocks Operations Demand | Manufacturing Iron and steel Blast furnaces ............................ Quiet Pig iron production declined Steel works and rolling mills .......................................... Quiet Increased Foundries and machine Little change Electrical apparatus ............. Some gain Declined Increased Transportation equipment Locomotives and cars............. Slow Shipbuilding .............................. Textiles Silk manufactures.................... Some decline Quiet Declined Little change Little change Declined Wool dealers.............................. Quiet, some decline Light, declined Wool manufactures ............... Fair, some gain in unfilled orders Little change Smaller than a year ago Cotton manufactures............. Quiet, little change Increased Little change Hosiery........................................... Fair, little change Increased Declined Floor coverings ....................... Quiet, some gain Some increase Light, declined Some decline Light, declined Some increase Declined Fair, little change Little change Declined Quiet Some gain Declined, smaller than a year ago Increased, unfilled orders larger Increased Increased Leather products Fair Leather—sole ............................ Little change kid .............................. Building materials Lumber—mills ......................... Increased, some gain in unfilled Declined orders Paints and varnishes............. Some gain; unfilled orders larger Increased slightly but smaller Little change Little change, smaller than a year ago Light, declined Plumbing supplies .................. Quiet, little change Fair, some gain, unfilled orders larger Some increase Moderate, larger than a year ago Fair, unfilled orders larger Declined Moderate, little change Little change Declined somewhat Little change Little change Miscellaneous Paper ............................................. Tobacco—cigars....................... Quiet, little change Fair Smaller than a month and year ago Rubber products....................... Smaller than a year ago Quiet, some gain Permits increased in April Building Contracts increased in April Quiet, little change Increased in April Smaller than a year ago Declined Little change Coal mining Anthracite ................................... Bituminous ................................. Quiet Trade Some gain in April, prices lower Wholesale and jobbing Page Eight Little change, smaller than a year ago Quiet, some decline Declined, smaller than a year ago
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