The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA » RESERVE DISTRICT MARCH i, i 9x 8 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 production and shipments of commodities by railroads increased con siderably in January from the low point reached at the end of 1927. The general level of wholesale commodity prices showed a slight decline. Production. The increase of six per cent in industrial production from Decem ber to January reflected a larger output of manufactures, particularly of iron and steel and automobiles. Daily average pro duction of steel ingots increased by over 25 per cent in January— the largest monthly increase since 1924. Buying of steel products by the railroads, and by the automobile and construction industries was also active in January, and, notwith standing the large volume of production and shipments, unfilled orders showed an increase during the month. Since the first of February production of steel products has continued active with new orders and shipments more nearly in bal ance than in previous months. Automo bile production, which in December was in smallest volume since 1922, increased considerably in January and was only slightly smaller than in the same month of the preceding year. Cotton consump tion held about the seasonal increase in January following substantial curtail Index N u m b e r o f p ro d u ction of m a n u fa ctu re s and m in erals c o m b in e d , a d ju ste d for seasonal variations (1923-25 average = 100). Latest figure, Jan u ary , 105, ment in December and the woolen and silk industries were somewhat more active than in December. Production of minerals, after adjustment for customary seasonal changes, was in practically the same volume in January as in December. Building contracts awarded in January exceeded those for the corresponding month of last year and awards during the first half of February were in practically the same volume as a year ago. Trade. Sales of department stores showed more than the usual seasonal de cline in January from the high levels reached in December and averaged slightly smaller than in January of last year. Sales of mail order houses, on the other hand, were about six per cent larger than a year ago. Wholesale trade in nine leading lines averaged larger than in January of last year. Stocks of groceries and hardware carried by wholesale firms were smaller than a year ago, but reports in other lines indicated that stocks were somewhat larger. Freight car loadings for all groups of commodities were larger in January than in December—the increase being par ticularly large for miscellaneous com modities. Compared with January of last year, however, loadings of all classes Cars of revenue freig h t loaded as reported b y th e A m e ric a n R ailw ay A sso cia tio n . Index n u m b e rs a d ju ste d for seasonal variations (1923-25 average = 100). L a te st figures J a n u a ry ; to ta l, 100; m iscella n eou s, 106. of commodities, except livestock, were smaller. Prices. The Bureau of Labor Sta tistics index number of wholesale com modity prices declined from 96.8 per cent of the 1926 average in December to 96.3 per cent in January. Prices of farm and hide and leather products increased, while prices of meats and dairy products, textiles, fuels, non-ferrous metals, and rubber declined. During the first two weeks of February, prices of grains, cotton, silk, and wool advanced, while those of cattle, sugar, and rubber declined. Bank credit. For the four weeks ending February 15 total loans and in vestments of member banks in leading cities showed a decline of more than $200,000,000, the decline being almost entirely in loans on securities. From the peak at the turn of the year this class of loans decreased by nearly $460,000,000. Loans for commercial purposes, after a further decline in January, showed a seasonal increase in the first two weeks of February. The decline in the volume of loans since the first of the year has been accompanied by a corresponding de cline in net demand deposits, while time deposits have continued to increase. At the reserve banks the total volume M o n th ly averages o f w eekly figures for 12 Federal Reserve ban ks. L a te st figures are average for first 22 days in F ebruary. Page One Latest figure compar ed with BUSINESS INDICATORS Philadelphia Federal Reserve District W eek ly rates in New Y o rk m o n e y m a r k e t: c o m m erc ia l paper rate on 4 - t o -6 m o n t h s paper an d acceptance rate on 90 -d a y paper. of member bank borrowing declined sea sonally during the opening weeks of the year and reached a low point on January 25, but increased by about $70,000,000 be tween that date and February 21. This increase in discounts accompanied smaller reductions in the reserve bank holdings of United States securities and accept ances and the total volume of reserve bank credit in use showed an increase for the four weeks. During the four weeks ending February 21 a firmer tendency in the money market was indicated by increased rates on call and time loans and by a further increase from 3 34 per cent to per cent in the rate of 90 day bankers’ acceptances. Be tween January 25th and February 21st discount rates at eleven Federal Reserve Banks were advanced from to 4 per cent. 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 Evidence of industrial improvement, though less pronounced than usual at this season, is apparent in several leading industries of the Philadelphia Federal Reserve District. But industrial em ployment and disbursement of wages in factories in the leading cities of this district declined further during January. In Pennsylvania, the number of wage earners employed was 10 per cent smaller and payrolls 12.3 per cent smaller than in the corresponding month last year. Owing largely to a steady decline in employment during the past year, the un employment now prevailing in this dis EMPLOYMENT 1924 1925 and 1926 Page Two P A YR O LLS 1927 1928 January, 1928 Previous month Year ago -5 3 .0 % -5 4 .6 “ -4 5 .0 “ -3 1 .0 “ -5 6 .3 “ - 6 .2 % - 6 .9 “ - 3 .8 “ + 11.4 “ -1 1 .7 “ Retail trade— estimated net sales (129 stores)...................... Department stores (5 9 ).......................................................... Apparel stores (3 2 ).................................................................. Shoe stores (2 2 )........................................................................ Credit stores (1 6 ).................................................................... $17,298,000 $13,940,000 $2,239,000 $555,000 $564,000 W holesale trade— net sales (130 firm s).................................. Boots and shoes (6 )................................................................. Drugs (1 4 )................................................................................. D ry goods (1 6 )......................................................................... Electrical supplies (4 )............................................................. Groceries (4 4 )........................................................................... Hardware (2 5 ).......................................................................... Jewelry (1 0 ).............................................................................. Paper (1 1 ).................................................................................. $7,766,200 $80,499 $1,623,670 $495,926 $332,536 $2,907,359 $1,336,119 $209,857 $780,234 -2 2 .9 -5 4 .8 + 0 .8 -2 8 .0 -5 8 .8 -1 0 .0 -2 8 .9 -7 7 .5 + 4 .2 “ “ “ “ “ “ “ “ “ - 4 .0 + 2 6 .1 - 3 .6 -1 2 .0 -2 0 .9 + 0 .1 - 7 .3 - 9 .4 - 0 .6 260,858 $6,458,332 1,373,557 - 1 .2 - 4 .6 + 13.6 + 8 .2 + 12 2 - 3.1 - 3 .0 + 14.4 + 2 6 .6 - 5 .7 + 8 .8 -2 0 .1 - 3 .4 “ “ “ “ “ “ “ “ “ “ “ “ “ -1 0 .0 “ -1 2 .3 “ Productive activity— Employment— 803 plants in Pennsylvania....................... W age payments in above plants.......................................... prs. lbs. * Active cotton spindle hours (Penna. and N. J .) ............... Pig iron production................................................................. Iron casting production (29 foundries) ............................ Steel casting production (9 foundries) ............................ A nthracite................................................................................. Bituminous coal— Pennsylvania.......................................... C em ent....................................................................................... Electric power output (12 system s).................................... Distribution— Freight car loadings (Allegheny district— weekly average) Tonnage of vessels (Port of Philadelphia)......................... tons tons tons tons tons bbls. KW H tons 6 16631263 84,765,297 236,295 3,545 4,582 5,690,000 10,890,000 2,351,000 443,401,000 - 4 .8 -2 4 .9 - 3 .7 -2 6 .6 -1 3 .3 -2 1 .1 - 6 .3 + 2 .5 “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ 171,570 3,522,128 + 3 .5 “ + 2 .0 “ - 9 .0 “ + 4 .8 “ $2,691,404,000 $683,058,000 $44,884,000 $4,251,000 - 5 .9 “ + 0 .6 “ - 7 .6 “ 0 “ + + + + 3 .8 6 .2 1.6 16.7 “ “ “ “ + 6 4 .3 + 4 2 .7 + 2 5 .6 -3 7 .2 + 6 9 .7 -1 6 .9 + 7 .3 -4 2 .2 “ “ “ “ Fin ancial and credit— Debits (17 cities)..................................................................... Savings deposits (98 banks).................................................. Bills discounted held by F. R. B. of Phila. (daily average) Acceptances executed (9 banks for month ended Feb. 10) Bankers’ acceptances sales (4 dealers— weekly average for period ended Feb. 15).................................................. Commercial paper sales (5 dealers)..................................... Commercial failures— number.............................................. Commercial failures— liabilities........................................... $4,633,000 $8,965,550 103 $1,435,695 “ “ “ “ B uilding and real estate — Building permits (16 cities)................................................... Building contracts awarded (Philadelphia d istrict)......... Number of real estate deeds recorded (Philadelphia co u n ty ).................................................................................. Value of mortgages recorded (Philadelphia co u n ty)........ $9,149,531 $35,765,400 + 3 .0 “ + 2 4 .9 “ + 4 2 .3 “ + 8 .0 “ 5,115 $24,564,044 - 2 .6 “ -2 7 .3 “ + 9 .4 “ -1 8 .9 “ $75,337,000 $1,898,115 $3,609,656 - 2 1 .4 “ + 114.3 “ + 9 0.8 “ - 2 .0 “ + 2 5 .1 “ + 3 4 .5 “ M isce lla n e o u s —- Sales of life insurance (Penna., N. J., and D e l.)............... Retail sales of automobiles (11 distributors)..................... Wholesale sales of automobiles (12 distributors).............. * Bureau of Census preliminary figures. trict is believed to be larger than for several years past. Stimulated by seasonal demand and firmer prices, fabricators of iron and steel products report gradual expansion of operations. Activity of foundries showed a substantial gain, and unfilled orders for both iron and steel castings at the end of last month were much greater than in January, 1927. Among the various branches of textiles, the silk industry appears to be the most active. A fair rate of activity exists in the wrool industry, the present condi tion of which is said to be somewhat more satisfactory than was the case a year ago. In cotton, some slackness is noticed. Production of hosiery continues at a fair rate, the full-fashioned variety being in good demand. Carpets and rugs have shown little change since last month. The leather market is strong. The out put of shoes has increased recently, and shoe prices have advanced further in sympathy with higher quotations for raw materials. Building operations increased substan tially during January, contract awards being almost 25 per cent larger than in December and 8 per cent greater than a year before. The value of permits issued in the leading cities of the district also increased 3 per cent in the month and exceeded the total of a year earlier by more than 42 per cent. The market for building materials, though showing some signs of betterment, is still rather quiet. Conditions in the coal industry remain less satisfactory than at the same time last year. The output of anthracite has increased slightly in recent weeks, and production of bituminous also has shown a gain in the month, but was substantially below that of a year earlier. Mercantile activity continues sluggish. Retail sales in January declined more than seasonally from December levels and were less than the year before. Busi ness in most wholesale lines is equally unsatisfactory, and sales during January decreased from those of the preceding month and a year before. The volume of business transactions in volving payments by check in the first three weeks of February was 3 per cent smaller than a year earlier. Shipments of goods, as measured by freight car loadings in the Allegheny district, in creased 13.8 per cent in the latest four weeks but were 6.8 per cent smaller than in the same period last year. Index numbers of wholesale commodity prices Average 1926 =100 Jan.. 1927 Dec., 1927 Jan., 1928 All com m odities............... 96.6 96.8 96.3 Farm products................. F ood s................................. Hides and leather prod ucts ................................ Textile products.............. Fuel and lighting............. Metal and metal products Building materials........... Chemicals and drugs. . . . Housefurnishing g ood s. . Miscellaneous................... 9 6.5 96.9 104.4 100.7 106.1 98.5 101.0 94.3 97.7 98.8 97.5 97.6 97.9 90.3 116.9 97.2 82.5 98.4 90.4 97.2 98.8 89.0 121.0 96.7 80.8 98.1 90.8 96.3 98.6 89.0 F IN A N C IA L C O N D IT IO N S The loans and investments of 119 member banks in the Philadelphia Fed eral Reserve District on January 18 amounted to 1,577.9 millions and the total of their net demand and time de posits was 1,397.3 millions. In the four weeks following there were declines in loans on securities, in other loans, and in investments, the whole aggregating 14 millions. Time deposits increased slightly, but net demand deposits decreased 35 millions and, in addition, withdrawals were made from Government funds on deposit at commercial banks. The greater part of the changes took place in the figures of Philadelphia banks. Loans and discounts are given below for those banks which reported the figures in de tail : Jan., 1928, compared with Jan., 1927 CITY CONDITIONS Philadelphia Federal Reserve District Allentown Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York area.. “ ., “ “ .. u “ 11 “ “ .. “ .. Em ploy ment - 5 .8 % - 3 .2 -1 5 .9 - 6 .5 - 9 .9 - 7 .6 -1 5 .3 -2 0 .5 -1 5 .4 -1 1 .7 -1 0 .5 - 8 .9 “ “ “ “ “ “ “ “ “ “ “ Value of building permits Wage payments - 9 .3 % - 6 .3 -1 0 .3 - 9 .3 - 8 .8 -1 3 .9 - 9 .8 -2 3 .9 -2 4 .6 + 4 .1 - 9 .3 -1 2 .4 “ “ “ “ “ “ “ “ “ “ “ + + 3 1 .4 % 6 1.4 “ — — + 6 .2 “ 8 3 .1 “ 35.8 “ 6 4.2 “ 8 6 .1 “ 4 3.5 “ 13.6 “ 1 1 .0 “ 6 8.5 “ 6 4.8 “ — — + + — Allentown area.. Altoona “ .. Harrisburg “ .. Johnstown “ .. Lancaster “ .. Philadelphia “ .. Reading “ .. Scranton * .. Trenton “ .. Wilkes-Barre * .. Williamsport “ .. Wilmington “ .. Y ork “ .. + - 4 .3 % 4 .3 “ 3 .8 “ 1 .2 “ 5 .3 “ 1.0 “ 1.2 “ 2 .0 “ 4 .1 “ 12.0 “ 8 .0 “ 1 .1 “ 5 .2 “ -1 2 .2 % -1 0 .9 “ - 3 .1 “ + 2 0 .5 “ - 7 .3 “ - 4 .5 “ - 4 .2 “ -1 4 .4 “ - 5 .8 “ - 6 .4 “ - 5 .8 “ - 5 .9 “ - 8 .8 “ 2 1 .2 % 12.3 “ — + — — — + + — + 798.8 “ 92.2 “ 3 2 .1 “ 75.3 * 48.1 “ 58.9 “ 9 .4 “ 131.7 “ 3 2.6 “ 6 6.8 “ * Includes Wilkes-Barre and Williamsport areas, § Included in Allentown area. One yearf Loans on securities. -$ 1 1 ,6 7 2 ,0 0 0 + $1 7 ,5 9 2,0 00 Other loans and dis5,203,000 - 10,690,000 * 103 banks, t 93 banks. The loans and discounts of 118 banks increased from 1,002.6 to 1,014.3 millions in the year ended February 15. Invest ments, owing chiefly to gains in Philadel phia, increased from 463.5 to 537.2 millions, net demand deposits declined from 896.5 to 886.7 millions, and time de posits expanded from 409.3 to 464.9 millions. The falling off in deposits in the four weeks ended February 15 exceeded the decrease in loans and investments, ?nd the statement of the Federal Reserve Bank of Philadelphia shows an increase in borrowing by all member banks from + 5 .8 % + 9 .3 “ + 17.3 “ + 4 .8 “ + 2 6 .0 “ + 7 .2 “ + 9 .8 “ - 5 .3 “ + 6.1 “ + 9 .4 “ + 17.6 “ + 3 .5 “ + 5 .9 “ - 3 .5 % - 4 .2 “ - 3 .7 “ -1 4 .4 “ - 2 .4 “ - 6 .8 “ - 0 .8 “ - 3 .4 “ - 4 .2 “ - 1 .5 “ -1 1 .1 “ - 3 .6 “ + 4 .7 % * -1 5 .9 “ + 2 .1 “ - 0 .0 “ t + 6 .6 “ + 7.1 “ - 2 .8 “ + 7 .2 “ + 9.1 “ t ................. § ................. § + 4 .3 “ + 7 .5 “ + 0 .3 % + 2 .2 “ - 0 .2 “ + 0 .1 “ + 3 .0 “ + 0 .8 “ + 0 .7 “ -1 .8 “ + 0 .9 “ + 2 .5 “ + 1.0 “ + 0 .6 “ + 0 .5 “ -5 1 .0 % -5 7 .0 “ -5 5 .4 “ -5 2 .6 “ -5 5 .2 “ -5 4 .1 “ -4 8 .9 “ -6 2 .5 “ -5 9 .4 “ -6 0 .9 “ -6 1 .7 “ -5 8 .1 “ - 6 .8 % * - 3 .0 “ t + 1 .2 “ - 3 .4 “ - 1.3 “ + 5 .6 “ - 3 .6 “ -1 0 .2 “ + 5 .6 “ 1 ................. S ................. § + 10.8 “ - 3 .0 “ + 4 -1 % + 3 .9 “ -1 5 .7 “ - 8 .9 “ + 12.5 “ + 5 .7 “ + 4 .6 “ - 4 .8 “ + 12.3 “ - 5 .3 “ - 9 .2 “ + 2 7 .9 “ + 9 .3 “ -1 1 .5 % - 8 .8 “ - 6 .8 “ -1 2 .2 “ - 1.8 “ - 6 .0 “ - 9 .7 “ - 7 .2 “ - 8 .8 “ - 9 .3 “ -1 1 .9 “ + 2 7 .7 “ -1 3 .8 “ f Production (not sales). t Includes Camden area Net demand deposits Time deposits 4,096 545 -3 4 ,6 5 5 365 + 3,487 - 2,221 4,641 - 3 5 ,0 2 0 + Loans and discounts Invest ments Changes in four weeks ended Feb. 15: Philadelphia (33 b an ks)......................................... Outside (86 ban ks).................................................. - 8,541 942 - Totals (119 ban ks).............................................. - 9,483 - C hanges in condition of ban ks Four weeks* Electric power sales Savings deposits Jan., 1928, compared with Dec., 1927 (All figures in thousands of dollars) Changes in period ended Feb 15 Retail trade sales Debits 1,266 Changes in year ended Feb. 15: Philadelphia (33 b an k s)......................................... Outside (85 banks).................................................. + 2 + 11,702 + 5 4 ,6 5 4 + 19,058 - 5,081 4,794 + 3 3 ,4 0 9 + 2 2 ,1 2 9 Totals (118 banks).............................................. + 11,704 + 7 3 ,7 1 2 - 9,875 + 5 5 ,5 3 8 37.1 to 58.4 millions in this period. In the transit clearings with other districts a loss was sustained, payments of cur rency and coin to banks of the district exceeded receipts from them, and mem ber banks’ reserve deposits decreased from 142.6 to 137.5 millions. Weekly changes in amounts under discount are given in the accompanying table. The reserves of the Federal Reserve Bank of Philadelphia declined from 179.3 millions on January 18 to 169.7 millions on February 21. The combined note and deposit liabilities also declined, but the Amounts under discount for banks in (Millions of dollars) 1928— Jan. 18. . 25. . Feb. 1 .. 8. . 15. . 22. . 1927— Feb. 23. . Phila delphia 20 other Other large commu cities nities Total bills dis counted 15.8 8 .0 23.7 23.2 35.3 29.4 9.6 10.8 12.5 12.6 13.4 12.1 11.7 11.7 12.1 10.8 9 .7 10.5 37.1 30.5 4 8.3 46.6 58.4 52.0 8 .0 12.6 13.2 33.8 Page Three reserve ratio fell from 67.3 to 64.2 per cent, and compared with 81.2 per cent on February 23, 1927. Effective February 16, 1928, a rate of 4 per cent was established by the bank for the rediscount of all bills and advances. Prior to this change a rate of 3J-2 per cent had been in effect since September 8, 1927. Commercial paper. Sales of com mercial paper, as reported by five dealers operating in this district, increased from $6,284,000 in December to $8,966,000 in January, owing chiefly to larger pur chases by city banks. Comparative figures follow : Sales to City banks Total sales Country banks 1928 Jan............ $4,726,000 $4,240,000 $ 8,966,000 1927 D e c ........... 2,471,000 3,813,000 6,284,000 9,381,000 N o v ........... 3,503,000 5,878,000 O ct............ 4,3 3 0,00 0 4,3 3 8,00 0 8,668,000 Jan ............ 3,972,000 6,812,000 10,784,000 According to information submitted by three dealers, 95 per cent of their sales in January were made at 3J4 and 4 per cent. A year earlier no sales were made by them at 3J4 per cent and the principal rates were 4 and 4J4 per cent. Bankers’ acceptances. S a l e s of bankers’ acceptances in the Philadelphia Federal Reserve District averaged $4,633,000 weekly in the period from January 17 to February 15, inclusive, which com pares with $2,820,000 in the preceding period and $2,730,000 a year ago. The reports of four dealers are summarized below : Pur chases in district Sales to Fed. Res. Bank $331,000 $4,161,000 $472,000 328.000 2.760.000 60,000 227.000 622.000 Page Four 2.546.000 2.616.000 D IS T R IB U T IO N Railroad shipments of merchandise and miscellaneous commodities combined in the Allegheny district during the four weeks ended February 4 were 13.8 per cent larger than those in the four weeks before, and exceeded the volume of a year earlier by 2.5 per cent. Total freight car- loadings also increased by an equal percentage in the same period but were 6.8 per cent smaller than a year before. Wholesale trade. Trading at whole sale during the early part of February was reported as either fair or poor. Sales were smaller in all lines, except paper, than a month ago, reports indicat ing losses outnumbering those showing gains. Some advances are noted in prices of shoes and groceries, but wholesale quotations in other lines, except dry goods, continue unchanged. Sales during January declined season ally from the December total and were 4 per cent smaller than a year before. All lines, except shoes and groceries, re ported smaller sales than in January, 1927. Stocks held by dealers at the end of January increased from those of a month earlier. Compared with a year before, inventories of shoes, drugs, dry goods, and hardware increased, while those of electrical supplies, jewelry, paper, and groceries decreased. Accounts outstanding declined from those at the W HOLESALE TRADE Philadelphia Federal R eserve D istrict Others Weekly average for period ending: 1928 Jan. 1 6 ........... 1927 Dec. 1 4 ........... Nine banks report $4,251,000 of ac ceptances executed in the month ended February 10, as against $4,250,000 in the preceding month and $3,643,000 a year earlier. The amount outstanding declined from $14,092,000 on January 10 to $13,252,000 on February 10. 106,000 114,000 Boots and shoes . . D ru gs..................... D ry g ood s............. Electrical supplies Groceries............... Hardware.............. Jewelry................... Paper...................... Net sales, Jan., 1928, compared with end of December and in four out of seven lines were smaller than a year before. Collections as a whole did not measure up either to the December volume or to that of January, 1927. Retail trade. Business at retail dur ing the first fortnight of February varied between fair and poor. Almost three times as many reports indicated de creased sales as those that showed in creased volume of business as compared with the early part of last month. January sales of reporting stores de clined more than usual for that month, and were 6.2 per cent below the volume of a year before. Department stores, men’s apparel, and credit stores were responsible for this drop, while shoe and women’s apparel stores showed larger sales than in January, 1927. The decline in retail sales during several months past is said to be partly attributable to the lower purchasing power resulting from unemployment. Inventories held by retailers at the end of January were reduced 8.2 per cent from the volume held at the end of the month before and were 3 per cent smaller than a year earlier. Accounts receivable were 4.8 per cent ahead of those at the end of January, 1927. Collections in January were 2.2 per cent greater than in the same month last year. Automobile trade. Business in auto mobiles has improved recently. Sales by 12 distributors to dealers increased con siderably during January as compared with a month and a year before. Retail sales of new passenger cars also in creased sharply during the month and were substantially larger in number and value than in January, 1927. Similarly, Stocks, Jan. 31, 1928, compared with Accounts out standing, Jan. 31, 1928, compared with Jan., 1927 Dec., 1927 Jan. 31, 1927 Dec. 31, Jan. 31, Dec. 31, 1927 1927 1927 + 2 6 .1 % - 3 .6 “ -1 2 .0 “ -2 0 .9 “ + 0.1 “ - 7 .3 “ - 9 .4 “ - 0 .6 “ -5 4 .8 % + 0 .8 “ -2 8 .0 “ -5 8 .8 “ -1 0 .0 “ -2 8 .9 “ -7 7 .5 “ + 4 .2 “ + 2 7 .6 % + 15.7 “ + 3 .7 “ - 4 .4 “ - 0 .8 “ + 6 .9 “ -1 2 .8 “ - 1.7 “ + + + + + + + + 14.0 % 5 .7 “ 6 .0 “ 2 .5 “ 4 .2 “ 6 .0 “ 7 .7 “ 2 .4 “ + 3 .8 % - 1 5 . 7 % - 6 .8 “ + 1 .9 “ - 1 .1 “ -1 1 .1 “ - 9 .3 “ + 3 .1 “ - 3 .2 “ - 8 . 9 “ - 8 .7 “ + 2 .8 “ - 3 8 . 6 “ - 5 . 3 “ + 0 .6 “ Ratio of ac counts outingto sales, Jan., 1928 481 .8% 145.6 “ 298.4 “ 266.8 “ 133.1 “ 236.2 “ 698.5 “ 142.2 “ Collections, Jan., 1928, compared with Jan., 1927 Dec., 1927 -1 1 .9 % - 7 .9 “ - 6 .4 “ - 2 .8 “ -1 6 .1 “ + 6 .9 “ - 3 .4 “ 2 9 .8 % 1 0 .0 “ 18.5 “ - 16.5 “ - 19.7 “ + 1 0 9 .4 “ + 2 .1 “ Comparison of stocks RETAIL TRADE Philadelphia Federal Reserve District Compari son of net sales Jan., 1928, with Jan.. 1927 All reporting stores................... - Department stores................... - 6 .9 - 7 .7 - 4 .9 - 3 .8 -1 3 .3 -1 6 .5 - 8 .9 + 0 .4 + 0 .2 + 2 .4 + 11.4 -1 1 .7 outside Philadelphia............ Apparel stores........................... M en’s apparel stores............ a large gain over a year ago occurred in the sale of used cars. Deferred pay ment retail sales, however, while increas ing in the month, were noticeably smaller than at the same time last year. Stocks of new cars were seasonally greater at the end of January than a month earlier. Compared with those on the same date last year, supplies also were larger in number but not in value. In ventories of used cars increased materially as contrasted with those of January, 1927. IN D U S T R IA L C O N D IT IO N S The industrial situation in this district continues rather mixed, although signs of seasonal expansion are noticeable in several leading industries. Factory employment and wage disburse ments in the leading cities of the district declined further in January. Com pared with a year earlier, employment and payrolls in Pennsylvania decreased 10 and 12.3 per cent, respectively. Industrial consumption of electric power, while 3.5 per cent smaller in January than in December, gained 2.6 per cent over that of a year before. Total sales of electricity increased slightly in the month and were 4 per cent greater than in January, 1927. Production of electricity by 12 central stations declined 3.4 per cent from the December total but was 2.5 per cent larger than in the same month last year. Details are shown by the following table. E L E C T R IC P O W E R Philadelphia F ed eral R eserve D istrict 12 system s Rated generator capacity......... Generated output....................... H ydro-electric......................... Steam ........................................ Purchased................................ Sales of electricity...................... Lighting.................................... M unicipal............................ Residential and commercial P ow er........................................ M unicipal............................ Street cars and railroads. . Industries............................. All other sales......................... Jan., 1928, change from Jan., 1927 Dec.. 1927 + 4 .7 % + 2 .5 “ + 6 4 .9 “ - 7 .4 “ + 4 1 .8 “ + 4 .0 “ + 1 0 .2 “ + 2 .6 “ + 8 .4 “ + 2 .6 “ + 0 .5 “ + 2 .6 “ + 2 .6 “ - 2 .6 “ 0% - 3 .4 “ -2 8 .9 “ - 0 .5 “ - 1 .8 “ + 0 .5 “ + 8 .3 “ - 0 .8 “ + 9 .7 “ - 2 .4 “ + 9 .3 “ + 0 .7 “ - 3 .5 “ + 0 .5 “ Iron and steel. A slightly more active demand, stronger prices, larger unfilled orders and seasonally expanding outside Philadelphia........ W om en’s apparel stores. . . . in Philadelphia.................. outside Philadelphia........ Shoe stores.................................. Credit stores.............................. 6 .2 % January, 1928 with Jan., 1927 - 3 .0 % - 2 .9 - 5 .8 + 4 .5 - 4 .4 - 7 .9 -1 9 .5 + 6 .6 - 0 .6 - 3 .3 + 9 .5 + 3 .2 - 8 .6 “ “ “ “ “ “ “ “ “ “ “ “ Rate of turnover January 1 to January 31 “ “ “ “ “ “ “ “ “ “ “ “ with Dec., 1927 - 8 .2 % - 7 .3 - 9 .9 - 0 .9 -2 3 .3 -1 9 .4 -2 7 .0 -1 0 .7 -2 6 .9 -3 0 .3 -1 2 .6 - 4 .6 + 1.1 “ “ “ “ “ “ “ “ “ “ “ “ Accounts receivable at end of month compared with year ago Collections during month compared year ago 1927 1928 0.25 0.25 + 4 .8 % + 2 .2 % 0.24 0.25 0.22 0.43 0.25 0.26 0.24 0.61 0.66 0.36 0 .16 0.17 0.23 0.25 0.20 0.43 0.24 0.25 0.22 0.60 0.67 0.33 0.22 0.17 + 7 .7 “ + 7 .7 “ + 1 2 .8 “ + 1 0 .7 “ + + + + 1.3 9 .5 1.6 11 .2 5 .2 “ “ “ “ “ + 1 6 .5 + 1 3 .2 + 1 2 .4 + 1 5 .8 + 1 0 .6 - 1 .5 + 5 .4 + 1 2 .1 + 12.4 + 1 0 .4 0 .0 - 6 .3 “ “ “ “ “ “ “ “ “ “ “ “ Jan., 1928, change from A U T O M O B IL E T R A D E Philadelphia F ederal R eserve D istrict 12 distributors Sales, new cars, wholesale........................................ Sales, new cars, at retail........................................... Stocks of new cars..................................................... Sales of used cars....................................................... Stocks of used cars..................................................... Retail sales, deferred paym ent................................ operations have characterized the iron and steel industry of this district during the past month. Buying by railroads, manu facturers and jobbers has been somewhat more active than in the preceding month, while the demand of foundries, public utilities and construction companies has shown little change. Several reports indicate that sales of machinery and tools, pig iron, and miscellaneous steel pro ducts have increased somewhat since last month. Philadelphia 2X pig iron has advanced to $20.76 a ton as against $20.26 a month ago and $21.76 a year ago. The average price of pig iron in the country rose from $17.67 a month ago to $17.75 a ton but was still $1.21 a ton lower than at the same time last year, according to Iron Age. The average quotation for finished steel on February 20 was 2.364 cents a pound as against 2.314 cents a month earlier and 2.367 cents a year be fore. P IG 1924 1925 Jan., 1927 Dec., 1927 Number Value Number Value + 3 4 .2 % + 3 1 .6 “ + 14.5 “ + 4 2 .5 “ + 3 2 .9 “ -2 3 .3 “ + 3 4 .5 % + 2 5 .1 “ - 0 .2 “ + 2 3 .5 “ + 2 8 .6 “ -4 0 .7 “ + 135.0% + 2 1 4 .8 “ + 47.1 “ + 0 .5 “ + 15.5 “ + 52.4 “ + 9 0 .8 % + 114.3 “ + 2 5 .1 “ 3 .2 “ + 7 .8 “ + 16.4 “ Plant operations have increased some what since last month. The daily output of pig iron in this district during January was about 3 per cent lower than in December and 24.9 per cent less than a year before. In the country, however, daily production of pig iron increased 6.5 per cent and that of steel ingots 25.7 per cent between December and January. Compared with a year earlier, the daily output of steel ingots was 5.3 per cent greater, while that of pig iron was 7.5 per cent smaller. Unfilled orders of the United States Steel Corporation at the end of January were in the largest volume since March, 1926; the January unfilled tonnage exceeded that of December, which was the largest shown for any month of last year, by 303,073 tons, or about 7.6 per cent, and was 12.5 per cent larger than a year before. Production of iron and steel castings increased 14.4 and 26.6 per cent, re IRON 1926 1927 1928 Sources: Iron Age and Federal Reserve Bank nf Philadelphia source: Dept, of Industrial Research, University of Pennsylvania Page Five spectively, between December and Janu ary but were 3.7 and 26.6 per cent, re spectively, below a year before. Unfilled orders for iron castings were 53.3 per cent greater and those for steel castings 13.5 per cent larger in January than in the same month last year. (Figures in bales) Jan., 1927 Dee.., 1927 Jan., 1928 Im ports....................... Stocks (warehouse). . M ill takings............... 48,456 52,627 48,307 44,828 53,540 43,357 46,408 47,528 52,420 R aw silk * * The Silk Association of America, Inc. Textiles. The market for cotton manufactures ranges from fair to poor. Sales by makers of piece goods have de clined during the month and were notice ably smaller than a year ago. Trading in yarns, though increasing in the month, was also less active than at the same time last year. Recession in prices is reported by both yarn dealers and cloth makers. This is due chiefly to a decline in quotations for raw cotton. In the month ending February 27 spot cotton advanced from 18.4 cents a pound to 19.0 cents, and was 4.6 cents higher than a year before. S ources: Dept, of Commerce and Journal of Com merce With a few exceptions, cotton plants in this district show no change in the rate of operation since last month. Un filled orders, which are smaller than a year ago, are sufficient to assure produc tion for one to two months. Stocks of fabrics have increased somewhat and are larger than on the same date last year. Yarn supplies, on the other hand, are a little smaller than four weeks and a year ago. Consumption of cotton, linters included, was 7.0 per cent larger in Jan uary than in December, but was 3.5 per cent smaller than that of a year before. Business in silk manufactures is fairly active, the demand for thrown silk and piece goods continuing to improve. Several reports indicate that sales of broad silk exceed those of four weeks and a year ago. Prices of finished goods have risen in the month, reflecting higher quotations for raw silk. Compared with a year ago, however, the present level of silk prices is still substantially lower. Unfilled orders are larger than at the same time last year, and plant opera tions also have increased during the month. Stocks are moderate and gen erally are said to be smaller than those of a year ago. The movement of raw silk in the country follow s: Page Six Conditions in the woolen and worsted industry appear to be more satisfactory than was the case at the same time last year. The market, though slackening sea sonally, shows a fair rate of activity, sales of raw wool, yarns and piece goods being about as large as the volume of a year ago. Prices of finished goods have advanced further during the month, owing mainly to higher raw wool quotations brought about chiefly by a decrease in supplies of domestic wool and by the strong wool market prevailing abroad. Spinners and manufacturers report little change in the rate of plant opera tions since last month, but unfilled orders appear to be a trifle smaller than those on the same date last year. Consump tion of raw wool in this district was 12.2 per cent greater in January than in December and in the country 7.9 per cent larger. No material change is reported jin stocks during the month, those held by spinners and cloth makers generally being moderate. Raw wool stocks have de creased noticeably since September, as shown by the following table: Dec. 31, 1926 Sept. 30, 1927 Dec. 31, 1927 Philadelphia. . . United States. . 17,404 142,559 21,133 166,067 13,743 118,616 Held b y manufac turers in— M iddle Atlantic United States. . 60,254 127,434 63,576 141,718 55,419 135,323 T o t a l for the United States 324,578 357,107 303,668* R aw w ool stocks (Figures in thou sands of pounds) Held by dealers * Of this total 63.1 per cent was domestic and 36.9 per cent was foreign wool. Manufacturers report a good and slightly increased demand for women’s full-fashioned silk hosiery, while the de mand for men’s and women’s seamless continues fair or poor. There was al most no price change in the month. Mod erate stocks of finished goods are some what larger than those of last month, but are smaller than those of a year ago. Plant operations are about the same as a month ago. From December to January employment at hosiery plants in Pennsyl vania decreased 2 per cent and payrolls declined .6 per cent. Carpet and rug manufacturers report a fair amount of business, though the ex pected improvement is slow in appearing, sales with some firms being smaller than those of a month and year ago. Unfilled orders are smaller than a year ago and will insure operations, on the average, for about one month. The number of wage earners in Pennsylvania decreased 2.3 per cent from December to January, while wages showed a 10.5 per cent de crease. Prices remain generally un changed, with a few decreases noted in some lines. Manufacturers of linoleums and feltbase goods report a fairly good volume of business, with prices unchanged from the level of a month ago. Leather. The packer hide market is quiet. The price of heavy native steers has receded 3 cents a pound in the past month. The goatskin market remains firm with prices high and advancing. A scarcity of skins is reported. Black kid is in good and increased demand and a like report is made by tanners of colored kid. Some price in creases are noted in both lines. Unfilled orders are larger than a month ago, and stocks of finished goods have decreased. Sole leather is in moderate demand, with some price advances reported. A fair demand for shoes is reported, with sales larger than those of a month and a year ago. Medium stocks of finished goods are smaller than were those of last month and last year. Un filled orders are larger than a year ago and assure operation for nearly two months. Many firms report higher prices. The total 1927 production for the United States was 343,605,905 pairs, as compared with 324,513,695 pairs in 1926, an increase of 5.9 per cent. Building and real estate. Reports on construction activity indicate some im provement in recent weeks, particularly in southern New Jersey. The value of contract awards in this district during January increased 24.9 per cent from the December total and was 8 per cent greater than in January, 1927. The pro posed expenditure under permits issued in 16 cities of this district increased 3 per cent from December to January, and was 42.3 per cent greater than that of a year earlier. Prospective home buyers find little dif ficulty in obtaining loans for their pur chases. The volume of financing for new commercial and residential buildings has declined as compared with that of a year ago. The bulk of loans at present are on houses for owners. Interest rates on mortgages continue practically unchanged at 6 per cent per annum. The purchasing of houses selling under $6,000 has in creased slightly since the first of the year, while the reverse is the case with respect to dwellings selling over that amount. The number of real estate deeds recorded in Philadelphia county in Jan uary increased 9.4 per cent while the value of mortgages recorded in Philadel phia decreased 18.9 per cent as compared with January, 1927. Properties offered at sheriff sale in that city were 61.2 per Number of wage earners— week ended E M P LO YM E N T AND W AG ES in P ennsylvania No. of plants report ing Per cent change from month ago Jan. 15, 1928 cent greater in January than in the same month last year, and exceeded sales for the corresponding month of the preceding eight years. The renting demand for houses and apartments in this district, while increas ing somewhat during the month, is still unsatisfactory, owing in a measure to the continuance of industrial slackness which has prevailed for some months past. Houses renting from $40 to $50 a month appear to be in the best demand at present. Rents for houses and apart ments have decreased appreciably during the past three months. Building materials. The market for building materials continues to fluctuate between fair and poor, although some betterment is apparent at the present time. Sales of brick have shown some increase during the month and were slightly ahead of the volume at the same time last year, but the demand for lumber, paint, arid plumbing materials remains somewhat less active than a year ago. Shipments of cement in this section have increased a little recently. Prices of building materials as a rule have shown little change since last month. Plant operations generally have declined somewhat further during the month, and unfilled orders do not measure up to the volume of a year ago. Stocks are said to be moderate. Paper. Business in paper is fairly active, sales being larger than four weeks and a year ago. Except for a few re ports indicating weakness, prices con tinue steady. Unfilled orders are notice ably greater than at the same time last year, and plant operations of this in dustry remain at about 90 per cent of capacity. Stocks are moderate and are only slightly larger than on the same date last year. Rubber. The market for rubber tires and mechanical rubber goods is fair. The demand, though still quiet, shows some signs of seasonal expansion. Prices of finished products generally are firm and show little change but quotations for crude rubber have declined during the month. Unfilled orders have increased during the month, and plant operations as a whole are said to be somewhat above Total weekly wages—week ended Jan. 15, 1928 Per cent change from month ago Average weekly earnings— week ended Per cent change from month ago Jan. 15, 1928 M an u factu rin g industries ( 5 2 ) . . . . 803 2 6 0 ,8 5 8 - 1 .2 $ 6 ,4 5 8 ,3 3 2 - 4 .6 $ 2 4 .7 6 - 3 .4 M e ta l p ro d u c ts.......................................... 241 1 0 1 ,7 8 9 - 0 3 2 ,7 0 1 ,7 1 4 - 2 2 2 6 54 - 2 .0 Blast furnaces............................... Steel works and rolling m ills... . Iron and steel forgings................ Structural iron w ork.................... Steam and hot water heating app Stoves and furnaces..................... t oundries........................................ Machinery and parts................... Electrical apparatus..................... Engines and pum ps...................... Hardware and tools..................... Brass and bronze products......... Jewelry and novelties.................. 10 44 10 10 18 9 40 2 ,1 6 4 5 3 ,1 5 5 1 ,7 8 2 3 ,6 8 2 4 ,5 3 3 679 7 ,3 7 3 6 5 ,4 0 9 1 ,4 3 1 , 3 4 8 4 4 ,6 0 6 1 0 0 ,5 9 0 1 2 9 ,3 8 6 1 7 ,7 8 3 -3 25.41 28.72 24.45 26.07 22.24 28.19 24.08 - 0 .9 0 .1 6 .0 8 .0 1 .0 6 .8 8 .1 8,678 8,215 3,244 6,339 669 1,276 5 .4 1 .3 6 .1 6 .0 2 .9 6 .1 8 .9 2 .9 1 1 .1 4 .3 7 .3 2 .6 8 .7 3 0 .2 3 2 6 .9 3 2 5 .0 3 2 7 .3 2 2 8 .5 4 2 6 .1 9 39 17 10 20 10 4 4 .5 1 .2 0 .2 2 .1 1 .9 1 .5 - 0 .9 + 0 .4 + 1 4 .2 + 3 .8 1 .4 - 2 .5 - 1 3 .8 Transportation eq u ip m en t.................... 41 2 8 ,6 2 1 5 .3 2 7 .2 2 6 12 13 7 3 2,193 6,763 13,950 3,574 2,141 + - 2 .7 2 .9 6 .7 -1 7 .0 - 7 .1 30.46 30.75 25.97 23.97 26.36 T e xtile p ro d u c ts.......................................... 166 Cotton good s.................................... W oolens and worsteds................... Silk goods......................................... Textile dyeing and finishing........ Carpets and rugs............................ H a ts................................................... Hosiery.............................................. Knit goods, oth er........................... M en’s clothing................................. W om en’s clothing........................... Shirts and furnishings................... 14 16 39 10 9 A utom obiles..................................... Automobile bodies and parts. . . . Locom otives and cars.................... Railroad repair shops..................... Ship building................................... Fo od s and to b a c c o ..................................... Bread and bakery products.......... C onfectionery.................................. Ice cream .......................................... M eat packing.................................. Cigars and toba cco......................... S ton e, clay and glass p ro d u cts.......... + -3 187,349 249,255 200,849 84,571 140,986 18,858 30,724 + + + - + + - 0 .2 7 7 9 ,1 3 7 0 .2 1 0 .1 2 .5 5 .7 + 1 .5 66,805 207,956 362,276 85,653 56,447 5 7 ,6 1 1 - 0 .4 1 ,2 5 1 ,0 8 4 - 5 .4 - + + 0 .4 3 .4 2 .6 4 .0 2 .3 0 .8 2 .0 6 .3 4 .3 5 .8 5 .0 89,159 135,417 343,137 47,919 67,037 98,343 325,057 48,958 38,692 20,125 37,240 - 27 15 11 9 11 3,981 6,462 18,529 1,864 2,741 3,858 11,760 2,714 1,724 1,314 2,664 6 .3 - 8 .9 - 7 .5 - 1 .6 -1 0 .5 - 5 .4 - 0 .6 -1 2 .3 + 4 .7 + 5 .1 -1 1 .0 103 2 1 ,6 0 4 - 2 .5 4 3 6 ,8 9 9 - 29 14 11 14 35 4 ,2 5 2 2 .5 5 .0 0.1 9,609 - 1 .6 1 .8 123,295 78,986 38,377 61,776 134,465 -1 + -1 5 4,489 1,140 2 ,1 1 4 + - - 3 .3 - 2 .7 + 0 .5 - 5 .9 + 5 .2 + 5 .9 - 5 .6 2 1 .7 2 - 5 .0 22.40 20.96 18.52 25.71 24.46 25.49 27.64 18.04 - 2 .5 6 .5 4 .2 -1 2 .0 - 8 .5 5 .8 - 5 .6 - 9 .9 + 2 .6 - 8 .4 - 4 .6 + 1 .4 - 6 .4 + 9 .4 - 0 .6 -1 5 .3 2 2 .4 4 15.32 13.98 6 .7 2 0 .2 2 - 4 .3 3 .4 1 .0 4 .9 2 .8 1 .3 29.00 17.60 33.66 29.22 13.99 + - 0 .9 6 .2 5 .0 1 .2 9 .7 - 6 .5 66 1 6 ,5 6 8 - 7 .9 4 0 0 ,5 9 6 -1 3 .9 2 4 .1 8 Brick, tile and p ottery................... Cement.............................................. Glass.................................................. 29 14 23 4,395 5,949 - 95,545 167,782 137,269 -1 1 .0 -1 6 .3 -1 2 .9 21.74 28.20 6 ,2 2 4 6 .2 9 .8 7 .2 L u m b er p ro d u c ts........................................ 44 4 ,3 5 2 - 1 1 .2 9 1 ,8 0 2 -1 3 .4 2 1 .0 9 - 2 .5 Lumber and planing mills............ Furniture.......................................... W ooden b oxes.................................. 19 19 6 1,944 1,728 680 -1 3 .8 - 1 1 .2 - 3 .4 43,160 38,722 9,920 -1 1 .8 -1 6 .3 - 7 .9 2 2 .2 0 2 2 .4 1 1 4 .5 9 + 2 .3 5 .8 4 .6 C hem ical p ro d u c ts..................................... 35 1 0 ,6 7 1 - 0 .2 2 9 1 ,1 0 5 15 3 9 5 1,224 2,809 539 1,026 5,073 + + - 1 .5 4 .8 4 .6 3 .1 2 .0 32,529 78,071 10,434 24,905 145,166 - 5 .9 + 0 .2 - 0 .9 2 7 .2 8 Chemicals and drugs...................... C ok e................................................... E xplosives........................................ Paints and varnishes...................... Petroleum refining.......................... Leather and rubber p ro d u c ts............. 51 1 1 ,6 8 3 + 0 .9 2 2 .7 8 17 23 7 4 5,893 146,919 77,487 13,056 28,673 - 4 ,2 1 1 611 + 0 .0 + 0 .3 + 0 .8 2 6 6 ,1 3 5 Leather tanning.............................. Shoes.................................................. Leather products, other................ Rubber tires and g o o d s................. 0 .9 + 7 .3 -1 3 .9 + 3 .6 24.93 18.40 21.37 29.62 Paper and p rin tin g.................................... 56 7 ,9 5 9 12 6 38 3,145 723 4,091 - 1 .5 - 1 .7 - 9 .2 + 0 .1 2 3 9 ,8 6 0 Paper and wood pulp..................... Paper boxes and bags.................... Printing and publishing................ - Construction and co n tra ctin g *........... 33 2 ,8 7 0 -2 7 .0 8 1 ,2 5 9 Buildings........................................... Street and highw ay........................ 19 4 1 ,2 6 4 5 19 3 8 ,5 5 7 1 2 ,4 5 0 G e n e ra l........................................................ 10 1,087 - 8 .5 -5 8 .9 -1 5 .5 3 968 -1 0 .9 + 3 .1 88,407 9,790 1 4 1 ,6 6 3 30,252 -2 1 .7 -1 5 ,9 6 .3 - 2 2 .0 5 26.58 27.79 19.36 2 4 .2 7 2 8 .6 2 - - 5 .1 7 .3 6 .1 - 5 .7 + + + 0 .9 1 .2 6 .0 3 .3 0 .4 0 .7 1 .3 5 .4 -1 7 .9 -1 3 .3 - 4 .4 2 .2 3 0 .1 4 - 5 .5 -2 0 .0 + 1 .5 2 8 .1 1 1 3 .5 4 3 4 .6 3 - 3 .9 -1 1 .9 + 1 .4 -2 7 .1 2 8 .3 1 - 8 .0 -6 1 .5 -1 8 .7 3 0 .5 0 23.99 - 0 .1 + 0 .5 - 0 .1 2 7 .8 3 - 3 .8 * N ot included in total for all industries. the rate prevailing four weeks ago. Stocks of finished goods, which range from moderate to light, are smaller than those on the same date last year. Cigars. Sales of cigars by manu facturers barely equal the volume of a year ago, and the demand has shown practically no improvement during the month. Plants report little change in operations, the present rate of output averaging about 75 per cent of capacity. Unfilled orders do not measure up to the volume of a year ago. Stocks are increasing seasonally but are still under those on the same date last year. Furniture. The demand for furniture Page Seven is hardly fair and sales, though seasonally increasing, are considerably below the volume of a year ago. Prices have de clined in the month. The rate of output for the industry continues at about 65 per cent of capacity, but unfilled orders are substantially smaller than those of a year ago. Stocks, while not heavy, are somewhat larger than on the same date last month and a year ago. Coal. The market for hard coal re mains rather sluggish, with prices show ing little change. The colliery output in the four weeks ended February 18 was 2 per cent greater than four weeks before but 13.6 per cent smaller than a year earlier. In January, the volume of wage disbursements was only 94.5 per cent of the 1923-25 average, as com pared with 99.3 per cent in the preceding month and 113.2 per cent in November, 1927. Compared with a year before, wages paid in January were 13.8 per cent less. Stocks of anthracite on January 1 held by reporting dealers showed an increase of 4 per cent over those on October 1, but a decrease of about 6 per cent when compared with those on the same date last year. Supplies held in retail yards were sufficient to last 57 days at the rate of consumption by house holders which prevailed in November and December. The situation in the bituminous coal field continues unsatisfactory, although re cently buying by industries has increased slightly as is usual at this time. Prices have declined further in the month and are materially below the level of a year ago. The output of soft coal in the four weeks ended February 18 was 2.5 per cent greater than in the preceding four weeks but 26.8 per cent smaller than a year earlier. Commercial consumers’ stocks of bituminous coal on January 1 were estimated at 55,500,000 tons as against 61,300,000 tons on November 1 and 55,000,000 tons on January 1, 1927. At the rate of consumption prevailing in November and December, these supplies were sufficient to last 41 days on the aver age. The largest supplies were held by coal gas plants and electric utilities, while the smallest reserves were held by coal dealers and by-product coke plants. B U S IN E S S C O N D ITIO N S IN TH 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 IST R IC T R e t a il ..................... tra d e W h o l e s a le tra d e D ry goods ...................... E le c t r ic a l s u p p l i e s .. H ardw are ........................ ............................. P lu m b in g s u p p lie s . . W ool More declines than a d vances Fair to p oor; Unchanged Some declines Little change Fairly active Generally poor Fair to poor Some advances Generally unchanged M ostly unchanged Fair to p o o r ; declined Fair to p oor; declined Fair Unchanged Some declines Higher Little change Higher Lower Some advances F a ir; increased Fair to p o o r ; declined Fair Fair Fair F a ir; increased Fair; some improve ment Fair to poor Fairly active Fair O p e r a tio n s declined .................................. Iro n an d s te e l p ro d u c ts Some declines Higher Higher Smaller Slightly higher Larger Larger Larger, though below a year ago Larger Larger Larger, though below a year ago Larger Smaller Larger Smaller Smaller Smaller Little change Smaller Larger Smaller Little change Higher Unchanged Larger Smaller Little change Smaller than a month ago Unchanged M oderate; slightly larger Smaller Larger Larger than a month ago Larger Larger than month ago Smaller Little change Slightly larger Little change Smaller Larger Little change Smaller Little change Higher Some advances Good in full-fashioned; fair or poor in seam less Fair Fair Good Some declines Little change Unchanged Fair F a ir ; some increase Fair to poor Lower Smaller Little change Little change Fair; increased but b e low a year ago F a ir; increased Smaller Little change P a in t ........................................ P lu m b in g su p p lie s . . . Little change Lower Unchanged Fair to poor Fair to poor Fair to p o o r ; decreased Smaller Smaller Smaller Slightly smaller Lower Little change R eal Lower rents Fair to poor Construction costs changed little Little change Declined Value o f January permits increased Fair to p o o r ; decreased Poor Deeds recorded in Philadelphia county de creased in January Value o f January con tracts increased Slightly larger output Slightly larger output H o s ie r y .................................. C a r p e ts and ru g s L e a th e r — k id .......... .................. R u b b e r p r o d u c t s ............. C ig a r s ..................................... F u r n itu r e B r ic k ............................. ..................................... L u m b e r — m i ll s e sta te B u ild in g ................ ........................ ................................ A n t h r a c it e B it u m in o u s S to c k s .......... D r u g s .................................. J e w e lr y U n fille d ord ers com p a red w ith a y e a r ago D em and P r ic e s .......................... coal ........... Page Eight Unchanged Only fair Unchanged Increased Little change Sm aller Smaller Smaller Little change Smaller Increased, though below a year ago Larger Smaller, though above a year ago Little change Smaller Unchanged, but above a year ago Lower than year ago Larger than year ago
@FedFRASER