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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT MARCH i, 1931 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA Business and Financial Conditions in the United States Industrial activity increased in Janu ary by slightly less than the usual seasonal amount and factory employ ment and payrolls declined. Money rates in the open market declined fur ther from the middle of January to the middle of February. Production and employment. The Board’s index of industrial production, which is adjusted for seasonal varia tion, showed a decrease of less than one per cent in January, compared with de clines of 3 per cent in November and in December. Activity in the steel in dustry, which was at a low level in December, increased during the fol lowing month by considerably more than the usual seasonal amount; out put of automobiles, which had shown an unusual increase in December, in creased less in January than in the corresponding month of other recent years. The cotton and wool textile in dustries were more active in January, while the output of copper, petroleum and coal declined. INDUSTRIAL PRODUCTION The number of wage earners em ployed at factories was smaller in the payroll period ending nearest the 15th of January than in the preceding month, reflecting in part extended year-end shutdowns. There were large declines in employment at foundries and at establishments producing hosiery, women’s clothing, lumber, brick, cement, and tobacco products; employment in the men’s clothing, leather and agricultural implement in dustries increased somewhat more than usual for the season. Factory payrolls were considerably reduced in January. Value of contracts awarded for resi dential building continued to decline in January, according to the F. W. Dodge Corporation, while contracts for public works and utilities increased. In the first half of February the daily average of contracts awarded for resi dential building increased. Distribution. Volume of freight car loadings was reduced further in Janu ary, contrary to the usual seasonal MEMBER BANK CREDIT tendency, reflecting decreases in ship ments of coal, merchandise, and mis cellaneous freight. Department store sales, which always show a sharp re duction from December to January, declined by less than the estimated sea sonal amount. Wholesale prices. The general level of wholesale commodity prices declined MONEY RATES IN NEW YORK Reserve Bonk Discount Bote Acceptance Rate Monthly rates in the open market in New York: commercial paper rate on 4 to 6 month paper. Acceptance rate on 90-day bankers’ acceptances. Latest figures are averages of first 19 days in February. FACTORY EMPLOYMENT AND PAYROLLS All Ofher Loans Index number of industrial production, ad justed for seasonal variation. (1923-1925 average =100.) Monthly averages of weekly figures for report ing member banks in leading cities. Latest figures are averages of first two weeks in February. Indexes of factory employment and payrolls, without adjustment for seasonal variation. (1923-1925 average =100.) Page One further by 2 per cent in January, ac cording to the Bureau of Labor Sta tistics. Prices of many leading agricul tural products, and of copper, and silver decreased substantially, while prices of cotton and silk advanced. In the first half of February the price of cotton continued to rise and in the middle of the month copper also ad vanced, while the price of silver de clined to new low levels and prices of livestock continued to decrease. Bank credit. Volume of credit at member banks in leading cities showed little change from January 14 to February 11, further declines of $200, 000,000 in loans on securities and of $115,000,000 in all other loans being largely offset by an increase of $310, 000,000 in the banks’ holdings of in vestments. In the first three weeks of February bank suspensions declined sharply and a number of banks, previously sus pended, resumed operations. Volume of reserve bank credit out standing decreased by $175,000,000 be tween the weeks ending January 17 and February 14, reflecting a reduction of $70,000,000 in member bank bal ances and $80,000,000 in money in circulation, together with an increase of $25,000,000 in the stock of mone tary gold. The principal reduction has been in acceptance holdings of the re serve banks. Money rates. Money rates in the open market continued to decline after the middle of January and by the middle of February were at new low levels. The prevailing rate on prime com mercial paper declined to a range of 2J4-2J4 per cent; and the rate on bankers’ acceptances was reduced to lj4 per cent, but subsequently ad vanced to 1J4 per cent. Business and Financial Conditions in the Philadelphia Federal Reserve District Industrial activity in January was maintained at the level of the preced ing month, and in early February it showed a slight seasonal improvement. This was especially true of manufac turing and coal mining but not of building. Mercantile business declined as is usual for January, and the value of inventories, particularly at retail establishments, was considerably lower than a year ago. Commodity prices have shown further recessions. Banks report a decline in loans lately, and have added substantially to their investment holdings. Further symptoms of credit ease are to be found in a relatively small volume of borrowing from this bank and a strong reserve position. Activity in manu facturing industries declined further in early January but regained some of its ground in the second half of the month so that our index of pro ductive activity, adjusted for seasonal changes, remains at the same level as in December. Preliminary reports for the first half of February indicate that the demand, for manufactured products has increased somewhat and that the volume of business on the books of reporting companies was larger than for several previous months. This is especially true of most textiles, shoes, cigars and furni ture. Some of the metal industries also report gains in unfilled orders. Figures to substantiate this information, how ever, are not yet available. Commodity prices at wholesale de clined further in January and were Manufacturing. Page Two almost 18 per cent lower than a year were substantially smaller than in any earlier. The drop in prices of manu month since 1921. Employe-hours, factured goods during the year was which show changes in working time, less drastic than that of farm products continued downward, reaching the or foods. This is also true of finished lowest point in years. Since the goods as compared with raw materials and semi-manufactured products. Per cent Inventories at manufacturing plants, Iron and steel change January, production like t^ose at mercantile establishments, 1931 (gross tons) show noticeable reductions from a 1930 1929 year ago. Returns from leading Amer ican industrial corporations show that Pig iron: United States................ 1,714,266 -39.4 -50.2 their stocks of goods in dollars at Phila. F. R. District... 126,504 -55.6 -61.4 the beginning of this year were 11 Steel ingots: United States................ 2,483,206 -34.6 -44.8 per cent lower than a year before, and somewhat lower than at the end of Source: Iron Age. 1928; declining prices no doubt ex plain this reduction in large measure. employment figures reflect rather The official index, based on quantities heavily the first half of the month, of a limited number of manufactured some of the decline was probably at commodities, showed a slight increase tributable to the usual let-down in in stocks in the year. Raw commodity operations incident to the listing of stocks continue relatively large in MANUFACTURING ACTIVITY comparison with PENNSYLVANIA other years, owing CENTS 1927—2 3 AVG.—IOO PER mainly to an accu mulation of textile fibers, non-ferrous I 10 / V-EMPL OYEE HOUF s/'\v\ \ metals and certain / ‘ \ farm products. 100 v . y Factory employ V ¥ \i ment and wage 90 payments in Penn i AVERAGE EARNING. i PER HOL R l (scale at rich ) sylvania, as meas ured b y figures 80 \ \ covering the pay l roll period nearest \ to the middle of January, declined more than was nor 1931 1930 1929 1927 1928 mally expected and IRON and STEEL— productive activity TEXTILES PRODUCTIVE ACTIVITY PHILADELPHIA FEDERAL RESERVE DISTRICT 1923 -25AVG.H00 1923-25 AVG—100 STEEL-. — / / \> J V N 1 / ✓ V A_ \\ / TAKINGS) i “~*V VPIG / RON \ \ 50 V COTTON * 25 0 , ,.adju^ TED FOR S EASONAL V/\RlATIONS ADJUSTER .EOF! SEASONAL,VARIATIONS 1930 Sources: American Iron and Steel Institute Iron Age inventories and to the general over hauling of plant equipment. The striking feature in the manu facturing industry of this district was the exceptional increase in the output of shoes, cigars, and some of the iron and steel products. The seasonally adjusted index for shipbuilding also showed a slight upturn from Decem ber. In the textile group, production of knit underwear showed the largest in crease. There was also a slight ex pansion in the rate of operation of clothing and cotton piece goods fac tories. Woolen and worsted mills in creased their takings of wool fibers although the volume remained at the lowest level for the month in years. Textile prices declined 2 per cent in December but in the first three weeks of February have turned up a little; they continue substantially lower than in recent years. Activity in the food industry showed a further recession although slaughtering of calves and hogs in creased sufficiently to exceed the volume of a year ago. The paper and printing industry reports a decline of about 3 per cent in plant operations, after a slight advance in December. In the chemical group, the output of drugs showed a slight gain and the increase in the production of by product coke was less than ordinarily is to be expected. _ Productive activity in plants mak ing building materials continued down ward, reaching in January the lowest point in the past eight years. The daily output of cement declined a little Sources: Sil/c Association of America Bureau of the Census January, 1931 BUSINESS INDICATORS Philadelphia Federal Reserve District Amount Percentage change since Dec., 1930 Productive activity *— Employment—828 plants in Penna. Wage payments (weekly average) ............................. Shoe productionf—79 factories ..................................... Hosiery productionf—136 mills .............................................. Underwear production!—54 mills. . .......................................... W09I consumption!—63 mills............. ........................................................ Active cotton spindle hours.... .............................................. Pig iron production............................................................................. Iron casting production—29 foundries. 1 ................ Steel casting production—-10 foundries Anthracite.............................................. ......................................... Bituminous coal—Penna. ................................................................ Cem^etUm reCdptS “* P°rt ofPhiladelphia-domestic arid foreign -12.0 -12.8 - 6.8 — 4.9 - 9.5 -14.4 -13.9 -41.4 + 5.9 -20.6 -17.9 -12.9 -29.5 -42.9 -24.3 ! 267,353 *5,904,559 42,723 prs. doz. prs. 53,300 doz. pcs. 11,900 lbs. 167,641 589,800 tons 4,081 tons 115 tons 177 tons 236,900 tons 382,500 bbls 47,600 bbls 52,200 KWH 17,858,800 Financial and credit— Debits (check payments)—18 cities Loans and investments—middle of' February—90 member banks. Bills discounted held by F. R. B. of Phila.'(daily average)' bankers acceptances outstanding—end of month Commercial paper sales—4 dealers........... Commercial failures—number......... .......................... Commercial failures—liabilities. ................................................. Miscellaneous— Freight car loadings (Allegheny district) 1 onnage of vessels (Port of Philadelphia). . ......... Sales of life insurance (Penna., N. J., and Del.) .......................... Automobile sales registrations of new passenger cars (Eastern Penna., and Del.).............................................................. - 4.2 -18.0 - 6.5 -32.7 +36.9 - 8.2 +21.6 + 2.6 + 1.5 - 1.6 + 5.3 -55.6 - 1.9 -31.8 + 8.2 + 1.2 -12.5 + 1.9 -14.6 +12.0 -22.0 -16.5 -29.2 - 3.0 - 8.8 $2,287,820,000 -20.3 + 0.4 - 0.7 + 2.8 +54.7 +49.6 - 9.3 + 6.2 -49.1 - 2.5 -69.6 + 9.0 -40.1 11,949,717 *11,018,000 4,254 $25,720,616 1,214 tons -12.2 $1,685,300,000 *27,300,000 $25,274,000 *4,594,500 193 $4,128,300 Building and real estate— Building permits—17 cities.................................. Building contracts awarded................ ............................................ Number of real estate deeds recorded(Phiiadeiphia' county) Value of mortgages recorded (Philadelphia county) Sheriff sales—writs issued for February—(Philadelphia county) * Daily average of monthly figures. -53.3 -55.0 -32.5 -39.1 -34.0 -58.1 $647,400 $554,900 *28,800 $47,300 $9,200 *9,200 Wholesale trade*—net sales (97 firms) Boots and shoes (5)......... Drugs (10)..................... Dry goods (10)............. Electrical supplies (4)........... ................. Groceries (32)......................' Hardware (20).......................................... Jewelry (10)................ ’ | Paper (6)...................... ! !.. . Electric power output—16 systems.. . . Jan., 1930 $217,674 -19.8 *1,437 -55.0 $62,200 +13.3 *5,766 -32.7 $6,815 -42.3 $92,188 -11.3 $33,016 -39.9 $4,855 -79.6 $11,397 + 9.9 Retail trade*—estimated net sales (151) stores Department (65).................... ' Men’s apparel (21)...............' ..’.......................... Women’s apparel (14) Shoe (37)............... .................................................... Credit (14)......................... ‘ ............................... -10.2 -41.9 + 2.9 +29.0 -23.4 -51.3 -78.4 - 8.7 +38.1 + 6.9 618,466 4,474,743 *87,804,000 + 0.5 + 5.9 -13.0 -19.6 - 0.1 -17.8 4,713 -24.4 -29.1 f Bureau of Census preliminary figures. Page Three BUILDING CONTRACTS AWARDED OUTPUT or SHOES PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENT 1927—28 AVG.—100 PRODUCTIC PHILADELPHIA FEDERAL RESERVE DISTRICT MILLIONS DOLLARS 70 1 TOTAL 60 50 40 30 !\ 4 empLoyee-hou i\ i i 20 10 V / A / 'A .JV RESIDE JTIAL U 1929 1928 1930 more than usual and was the lowest in several years. Cement stocks in creased seasonally but remained lower than in the past three years. Prices of building materials dropped almost 2 per cent in January but showed prac tically no change in the first three weeks of February; in comparison with a year ago, they are about 14 per cent lower. Industrial consumption of electrical energy remains unchanged, according to our adjusted index which in Janu ary stood at the lowest level since 1926. Detailed comparisons follow: January, 1931 per cent change from Jan., 1930 Dec., 1930 Rated generator capacity.......... + 5.4 + 1.2 Generated output........................ Hydro-electric.......................... Steam.......................................... Purchased.................................. - 8.8 -82.2 +27.3 + 9.7 + — Sales of electricity........................ Lighting..................................... Municipal.............................. Residential and commercial Power.......................................... Municipal.............................. Street cars and railroads . . Industries............................... All other sales........................... — 6.5 + 9.9 + 11 .3 + 9.7 - 4.5 -14.1 + 6.9 - 7.3* -43.2 + 2.5 + 6.8 + 0.8 + 7.6 + 1.9 + 13.7 + 2.4 + 1.5* ~ 49 3.0 4.6 2.5 6.3 ♦Working days average; other items are com puted on calendar days. Building operations have continued at a rela tively low level, and employment and payrolls have declined further. The usual quiet that prevails in January was more noticeable this year than in the previous three years. Con struction costs in January were the Building and real estate. Page Four 1927 1928 1929 "'/ \l '''ww \ 1930 1931 Source: F. W. Dodge Corporation Source: Bureau of the Census Electric power Philadelphia Federal Reserve District 11 Systems \| 1 lowest since 1921, reflecting partly recessions in prices of building materials. The value of contracts awarded for new construction declined seasonally and was the smallest in several years. In the first fortnight of February, contracts for residential buildings showed an appreciable upturn, while those for non-residential structures declined somewhat; total awards, how ever, continued downward and were substantially less than in recent years. The proposed expenditure under per mits issued in seventeen cities was materially smaller in January than in the preceding three years. The real estate market remains quiet, although there are some signs of more activity in certain parts of the district. Such improvement as occurred in the renting demand for houses and apartments has been re stricted chiefly to dwellings renting at comparatively low rates. Rents are said to have decreased in the past three months and are lower than a year ago for both apartments and in dividual dwellings. Buying of houses is relatively slow, and the demand is restricted largely to less expensive properties. Pros pective buyers have been encountering difficulties in obtaining funds neces sary to finance their purchases. Funds for second mortgages are exceedingly scarce and unusual caution and con servatism are exercised in extending first mortgages. Financing of new commercial and residential buildings declined substantially from that in January 1930. Values of building sites generally are lower than they were a year ago. Interest rates on mortgages remain unchanged. Coal. Although the production of an thracite increased seasonally in Janu ary, the daily output of collieries was the smallest for that month since 1928. The total production, which amounted to 6,159,000 tons, was slightly larger than in December, but showed a de cline of about 13 per cent from Janu ary 1930. In the first fortnight of February, colliery output increased slightly, but remained noticeably smaller than in the same period of last year. At the rate householders were calling for hard coal during Novem ber and December, the tonnage of anthracite in retail yards throughout the country on January 1, 1931, was sufficient to last for 43 days. This compared with 44 days’ supply avail able at the beginning of 1930. The production of Pennsylvania bi tuminous coal increased in January by less than the usual seasonal amount, reflecting, at least in part, the light de mand from industry. The total pro duction in the month of 9,945,000 tons was the smallest of any January in recent years. It -was estimated that stocks of bituminous coal in the hands of commercial consumers in the coun try on January 1, 1931, would last about 31 days, at the rate of consump tion prevailing in November and December. On the same date last year, the available supply held by these consumers was sufficient to cover re quirements for about 28 days. Spot prices at the mines averaged lower in 1930 than for any year since 1915. FREIGHT CAR c)UTPUT COAL A,o ELECTRIC POWER of PHILADELPHIA FEDERAL RESERVE DISTRICT PERCENT ADJUSTED F0I SEASONAL VA NATIONS 1923- 25 AVG=I00 THOUSANDS OF CARS ALLEGHENY LOADINGS DISTRICT 1,2 00 'TOTAL 220 ELECTRIC POWER^ 180 r f\ 100 v \r> n , | \ V ,'\ i r' N' V " 2 140 \ , — ' V\/rv \ /-WV MERCHANDISE AND ^ MISCELLAIJEOU5 60 " 1927 1928 1929 Source: Bureau of Mines Distribution. Retail sales in January declined by about tbe usual seasonal amount but were the lowest for that month in the past eight years. A large portion of this unfavorable comparison with other years reflects a marked re duction in retail prices or an increased volume in the sale of less expensive merchandise; many reports indicate that, eliminating the price element, the quantity of goods sold probably ap proximated that of recent years. Among the city areas, those including Harrisburg, Lancaster, Wilkes-Barre and Wilmington reported larger sales than a year earlier but all of them show the usual seasonal drop from De cember. Returns for the first two weeks of February show that retail trade remains comparatively quiet, sales having decreased further. Price recessions continue in evidence. Stocks of merchandise at retail establishments declined seasonally and were 11 per cent smaller than at the end of January 1930, every line in cluded in the index showing apprecia ble reductions. The rate of turnover remains about tbe same as a year ago; slight increases occurred in women’s apparel, shoe and credit stores, and a small decline in department stores. Retail prices of food in Philadelphia and Scranton declined 4 and 3 per cent, respectively, as against a drop of 3 per cent in tbe country from the middle of December to the same date in January. In comparison with a year before, both Philadelphia and Scranton showed decreases of 14 per cent as against* 14*4 per cent for the country. Wholesale and jobbing business in 1930 1928 1931 1929 Source: American Railway Association the aggregate was substantially smaller than is customary for January; the dollar volume also was 14 per cent be low that of January 1930, a fact which may be partly attributed to a continu ous recession in wholesale commodity prices. Sales of paper, and drugs and pharmaceuticals are striking excep tions since they show rather excep tional gains over December; business in drugs also exceeded the volume of a year ago. Preliminary reports for the first fortnight of February indicate that wholesale business showed further declines, some of which are fairly typical of that period while the drop in others, notably jewelry, was rather unusual. Wholesale quotations con tinue downward. Inventories held by dealers increased seasonally during January in dry goods, hardware and jewelry, whereas drugs and groceries showed decreases. Compared with a year ago stocks were smaller, reductions varying from 6 per cent in drugs to 17 per cent in dry goods. Receivables fell off materially from the volume at the end of January 1930; there also was a decline from the previous month in all lines except drugs and paper. Collections were sub stantially smaller in January this year than last. Railroad shipments in this section showed practically no change from De cember to January but remained con siderably smaller than in several previous years. Such gains as occurred in the shipment of various classes of merchandise in early February were no larger than is ordinarily expected. Foreign and domestic trade at the port of Philadelphia continued substantially under the volume of a year ago. Sales of new passenger automobiles declined greatly in comparison with January 1930. Registrations of passen ger cars, exclusive of new automobiles, on the other hand, almost equalled those of a year ago, indicating a rela tively more active market for nsed cars than for new automobiles. The credit sit uation in this district has been easy during the past month. Rates charged by large Philadelphia banks on com mercial loans to prime customers con tinue to fall mostly within a range of 3 to 4j4 per cent and the renewal rate on call loans in this city has remained at 4 per cent for more than nine months. The reserve ratio of this bank has been steadily in excess of 80 per cent over recent weeks and its discount rate has been unchanged at 3 J4 per cent. Discounts for member banks are light in volume, though somewhat above the very low point of last Sep tember. Of slightly less than 24 mil lions held on February 18, only about 4 millions was for Philadelphia banks. The decline of 2 millions in the total during the past four weeks was due largely to the city banks; discounts for country banks have changed little. The total number of borrowing banks has been around 300 recently. Currency demand increased substan tially in the week prior to Lincoln’s birthday, but the return movement was prompt and the four weeks as a whole Financial conditions. Page Five MILLIONS REPORTING LOANS AND CITIES OF PHILADELPHIA INVESTMENTS BANKS IN POUR MEMBER DISTRICT MILLIONS 500 500 LOANS ON SECURITIES 475 450 450 425 ' ALL OTHER ________ (largely commercial) loans 400 ------400 375 350 INVESTMENTS 325 300 300 275 Average of first three 1928 Wednesdays of February show an excess of receipts over pay ments of 3 millions. The funds gained by the banks through a les sened demand for currency were sup plemented by an excess of Treasury disbursements over expenditures in this district, so that the banks were able to meet an unfavorable balance of 9 millions in the interdistrict settle ments, to maintain their reserves at an average figure in excess of 140 mil lions, and to reduce slightly their use of reserve bank credit. The ease of the current situation, particularly in Philadelphia, is shown in the figures of the weekly reporting member banks, most of which are lo cated in this city. Loans on securities have fallen off from 462 to 448 millions during the past four weeks and other loans from 424 to 399 millions, of which 7 millions represent a decrease in holdings of bought commercial paper. The decline of 39 millions in total loans was accompanied by a de crease of only 29 millions in net de mand deposits, owing in part to a rise in deposits held for other banks. Moreover, the dip in time deposits during December was completely erased by a steady climb of 25 millions from January 21 to a new high on February 18. The relative stability of total deposits in the face of reced ing loans indicated that the banks were in the possession of large amounts of idle funds. As they were borrowing little from the reserve bank, they felt free to apply the major part to the pur chase of investments, which reached a new peak; holdings of United States securities increased by 33 millions and those of other securities by 6 millions. The composition of member bank Page Six 1929 credit has shifted materially in the past year, as the following table shows: 90 Banks in 20 cities (000,000’s omitted) Loans on securities........ Other loans and discounts........................... Investments.................... Feb. 12, Feb. 18, Changes 1930 1931 $592 $548 -$ 44 599 396 553 584 - 46 + 188 Total loans and investments........... $1,587 $1,685 Net demand deposits... 835 863 Time deposits.................. 491 576 +$ 98 + 28 -f* 85 Both in dollars and in percentages, loans on securities and other loans now make up a smaller proportion of loans and investments than a year ago; investments have increased by 188 mil lions, and the proportion to total loans and investments has risen from 25 to nearly 35 per cent. The exceptional increase in deposits reported in this district during the past year has been a feature largely of banks in Philadelphia. Daily average holdings of net demand and time de posits in this city rose from 890 mil lions in January 1930 to 1,024 millions in January 1931; banks outside of the city report an increase of only 1,335 to 1,339 millions. Commercial paper sales followed the usual seasonal tendency in showing an increase from $2,970,000 in December to $4,594,500 in January, but this total did not equal that in January of other recent years and fell far short of $15,137,000 sold a year earlier, as shown by the accompanying table. On December 31 the member banks in this district held 38 millions of bought commercial paper; this was Commercial paper sales (four dealers) Sales to City banks Total sales Country banks 1930—Oct. .. $3,165,000 $2,827,500 $ 5,992,500 Nov. . 3.165.000 1.582.500 4.747.500 Dec. . 1.705.000 1,265,000 2,970,000 1931—Jan. .. 3.040.000 1.554.500 4.594.500 1930—Jan... 7.012.500 8.124.500 15,137,000 1929—Jan... 3.612.500 2.827.500 6,440,000 much in excess of the figure at the end of 1929, which was only 12 mil lions, though substantially under the 63 millions given in the call reports for September 24, 1930. Banks in the Philadelphia district report an increase in outstanding bankers’ acceptances from $24,589,000 to $25,274,000 during January, while the national total decreased from $1, 556,000,000 to $1,520,000,000. The de crease in the year ended January 31 was a little over 2 per cent in this dis trict as against 10 per cent in the country. Federal Reserve Bank of Philadelphia (Dollar figures in millions) Changes in Feb. 18, 1931 Bills discounted for banks in Philadelphia. . . $ Other commu- Four weeks One year 3.7 —$2.4 -S 7.3 19.9 + 0.2 -16.1 -12.2 - 0.7 -S23.4 - 7.0 Total bills dis counted ............. $ 23.6 Bills bought.............. 2.8 United States secu rities ................... 50.6 Other securities.... 0 0 0 + - 7.1 1 .0 Total bills and se$ 77.0 Member bank re serve deposits.. Reserve ratio............ —$2.9 -$24.3 4- 7.9 142.0 - 0.4 237.8 - 0.3 tL 28.1 84.5% + 1.1% + 0.5% Employment January, 1931 Employment and ► wages in Pennsylvania All manufacturing industries (51)....................................... Payrolls January, 1931 City areas * Per cent change since Jan. index * 78.9 Jan.. 1930 18.0 Dec., 1930 - 4 .2 Metal products........................ 76.4 Blast furnaces...................... 45.6 Steel works & rolling mills 70.3 Iron and steel forgings.. . . 77.2 Structural iron work.......... 91.1 Steam & hot wtr. htg. app.. 92.8 Stoves and furnaces......... 52.9 F oundries.......................... 76.9 Machinery and parts........... 85.6 Electrical apparatus.......... 96.6 Engines and pumps.............. 66.7 Hardware and tools........... 78.4 Brass and bronze products . 74.7 -21.0 - 2 .9 -23.9 - 6 .6 -17.5 - 1 .8 -30.1 -10 .9 -21.1 - 5 .1 - 6.2 + 0 .1 -32.5 -28 .4 -26.8 - 2 .4 -22.7 - 2 .8 -25.9 - 5 .3 -32.3 - 3 .1 -20.6 - 1 .0 -25.8 +1 .1 Transportation equipment.... Automobiles....................... Auto, bodies and parts........ Locomotives and cars.......... Railroad repair shops........ Shipbuilding..................... -28.6 - 9.4 -39.7 -43.8 - 7.1 - 9.8 Textile products...................... Cotton goods.......................... Woolens and worsteds......... Silk goods.......................... Textile dyeing and finishing Carpets and rugs............... Hats............................. Hosiery......................... Knit goods, Other............... Men’s clothing............ Women’s clothing........ Shirts and furnishings......... Percentage change—Jan., 1931, from Jan., 1930 54.71 51.3 49.0 30.3 72.8 76.2 87.4 -16.5 59.2 -24.1 52.9 -15.5 98.9 -13.5 90.2 - 8.9 49.9 -29.3 83.4 -11.7 102.4 -20.8 74.9 -26.4 74.4 -14.5 136.0 + 7.7 133.6 - 8.2 Employ ment Wage payments Building permits (value) -19.8 - 9.3 -16.9 -32.9 - 9.2 -22.2 -18.3 - 9.4 -14.5 -10.8 -27.2 -21.6 -12.0 Per cent change since -30.2 -24.7 -29.8 -41.1 -21.6 -32.0 -37.7 89.8 69.7 56.1 72.3 41 .9 64.4 + 9.5 + 109-.2 +266.2 - 11.3 - 53.0 + 47.0 + 5.2 Jan. index Jan., 1930 66 .2 63 .8 39 .3 59 .1 66 .2 64 .5 75 .5 33 .4 59 .7 68 .3 88 .1 53 .1 61 .1 63 .0 -32.7 -36.0 -32 8 -33.7 -40.4 —40 4 21.5 -52.5 —42.8 -41.6 -38.1 —48.0 -33 .4 -41.4 Dec., 1930 - 6.5 - 1.4 Allentown............... Altoona.................... Harrisburg.............. Johnstown.............. Lancaster................ Philadelphia........... Reading................... Scranton.................. Trenton................... Wilkes-Barre.......... Williamsport.......... Wilmington............ Y ork......................... —39 2 — 7 7 — 1 7 - 5.8 - 7 .9 40 ,2f - 1 .0 27 .6 - 8 .4 33 .3 -13 .2 21 .3 - 2 .5 63 .1 - 3 .2 117 .2 -49.1 —34.9 -55.6 -61.8 -25.9 -12.3 -13.5 - 3 .6 73 6 + 0 .7 49 .8 + 2 1 44 2 - 2 4 89 7 - 2 2 77 7 -14 3 34 3 - 3 8 62 6 - 6 .2 95 9 - 9 3 53 9 1 55 2 + 8 9 137 0 - 7 2 113 0 -31.0 -27.8 -25.5 —23 4 -27.6 -44.0 -32.7 —37 8 -46.9 -43.7 + 4.7 -20.6 - 2.7 -16.0 -21.3 -18.5 -22.0 -23.9 -18.3 3 8 6 0 4 2 -13.3 - 8.9 -13.7 — 7 8 - 7.6 -20.0 - 5.7 -21.6 + 6.3 - 9.6 Jan., 1931, from Dec., 1930 Allentown. . Altoona. . . . Harrisburg. . Johnstown. . Lancaster. . Philadelphia Reading.... Scranton. . . Trenton... . Wilkes-Barre Williamsport Wilmington. Yorlc............ + + — - 7.2 0.6 0.2 5.5 4.7 5.1 4.0 4.6 0.5 5.6 7.1 3.6 9.8 Stone, clay & glass products. . Brick, tile and pottery.. . . Cement..................... Glass............................ 57.5 66.6 51.6 57.3 -21.0 -17.8 -15.8 -28.5 - 5 3 6 7 7 2 2 6 39 43 40 37 6 4 0 3 -38.3 -39.0 -29.2 -49.0 -19.3 — 12 7 -11.9 -34.3 Lumber products.................. Lumber and planing mills. . Furniture...................... Wooden boxes................. 52.8 36.4 56.9 59.9 -36.8 -50.6 -36.4 -10.9 -12 -13 -12 - 9 3 1 7 8 40 30 43 45 8 5 3 0 -48.9 -57.3 —49.9 -23.9 -20.5 Chemical products............. 86.3 Chemicals and drugs......... 71.2 Coke............................... 74.4 Explosives.......................... 76.1 Paints and varnishes. . . 79.8 Petroleum refining................ 118.2 - 9.3 -17.4 -10.6 -11.2 -13.6 - 6.5 + - 2. 6 84 2 0. 7 68. 2 0. 9 60. 1 1. 3 80. ] 8. 2 73. 6 2. 5 120. 0 -14.1 -20.5 -22.5 — 18 3 -18.2 - 8.7 Leather and rubber products. 90.9 Leather tanning................ 102.1 Shoes................................ 83.4 Leather products, Other. . . 75.9 Rubber tires and goods.... 84.5 -11 .2 - 5.4 -17.2 -28.2 - 7.8 + + 0. 1 3. 5 6. 1 3. 3 2. 9 83. 5 89. 8 74. 2 79. 8 86. 5 -20.2 -16.1 —30.5 —23.0 -16.7 - 6.5 -10.6 Paper and printing................. 95.1 Paper and wood pulp........... 80.7 Paper boxes and bags.......... 80.5 Printing and publishing.. . 101.9 - 5.4 - 8.8 -14.3 - 2.4 - 1. 9 96. 2 0. 5 70. 3 6. 9 75. 2 1. 7 106. 4 -12.5 -26.3 —26.1 - 6.9 - 5.5 — 10 9 Anthracite.................... Bituminous coal............. Construction & contracting.. . Street railways............. Retail trade............... Wholesale trade........... 88.3 -16 4 52.0 78.3 93.1 88.9 -34.9 - 8.5 - 4.7 - 4.2 - 8.5 + 2.5 -22.6 - 0.8 -18.0 - 3.7 Wholesale trade Philadelphia Federal Reserve District -21.5 -39.9 -12.4 1.0 — 6.5 - 7.0 + 1.2 +25.6 -12.7 - 9.0 - 8.1 -15.7 — 1.5 -18.2 - 8.5 - 6.4 -18.7 - 76.5 + 18.2 - 88.0 - 30.6 - 57.9 + 6.9 + 3.3 +255.7 +324.-1 - 95.0 +223.3 +112.8 - 80.9 - 5.8 - 3.5 -11.1 - 8.9 - 6.4 -13.2 -11.7 - 4.3 -16.3 - 0.3 - 0.6 -14.8 -15.5 -51.6 -55.2 -48.7 -49.7 -50.6 -52.4 -52.0 -58.3 -58.9 -58.0 53.2 Percentage change 90 102 92 87 91 72 42. 1 82. 1 6.0 - - 4.9 + 0.4 -14.0 9 8 2 6 3 7 -17.7 - -12.2 - 8.6 —22 7 — 2 5 - 6 - 0 - 4 - 1 + i -12 75. 8 - 9.2 - 9.1 + 4.2 - 7.4 + 4.2 -15.2 -11.0 * Area not restricted to the corporate limits of cities given here. - 8.3 - 2.5 - 9.3 - 3.2 - 4.7 -11.1 -40.1 -26.6 -28.1 -13.6 -12.7 —25 2 Foods and tobacco.................. 97.7 Bread and bakery products 109.5 Confectionery................ 97.0 Ice cream............................... 88.8 Meat packing..................... 97.9 Cigars and tobacco............... 89.7 * 1923-1925 average = 100. -20.1 -20.0 -21.6 Retail trade sales Debits -11.0 — 7 4 Net sales: Stocks: Jan. 31, 1931, 1931 compared compared with with 1930 Jan. (daily av.) Boots and shoes.............. Drugs.................. Dry goods............................. Electrical supplies............. Groceries.................... Hardware................... Jewelry............. Paper............................. -41.4 + 5.9 -20.6 -17.9 -12.9 -29.5 -42.9 -24.3 Jan. 31, 1930 Dec. 31, 1930 - 5.9 -16.5 -5.i +3.3 -13.4 -12.3 -12.5 -11.8 -2.7 +6.7 +0.1 Collec tions : Jan., 1931, compared with 1930 -17.9 - 6.8 -16.0 -48.1 -18.0 -24.6 -40.2 -26.2 -17.6 — 5.2 - 2.7 Percentage change - 5^4 Retail trade Philadelphia Federal Reserve District Jan. - 5.8 - 3.0 -10.8 - 6.1 -28.4 - 0.7 Net sales: 1931, compared with 1930 All reporting stores. . Department.................... in Philadelphia............... outside Philadelphia.... Men’s apparel............... in Philadelphia............................ outside Philadelphia . Women’s apparel ... in Philadelphia............................ outside Philadelphia.... Shoe.......................... Credit........................... Stocks: Jan. 31, 1931, compared with Jan. 31, Dec. 31, 1930 1930 Rate of turnover: January 1930 1931 -12.0 -11.0 -10.3 0.30 0.30 -12.8 -16.5 - 1.9 - 6.8 - 6.4 - 7.2 - 4.9 - 4.0 - 9.6 - 9.5 -14.4 -10.7 - 9.4 -13.2 -10.3 -ii.i -16.5 — 15.5 -18.7 -16.6 - 9.2 -10.3 -13.2 - 3.8 -14.5 0.30 0.34 0.22 0.29 0.31 0.25 -10.9 - 7.2 - 9.2 - 2.0 - 9.5 - 6.7 0.20 0.61 0.74 0.31 0.18 0.14 0.21 0.67 0.79 0.35 0.20 0.15 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 Steel works ........................... and Pig iron output increased Quiet, some price declines rolling Increased slightly Some gain Foundries and machine Some gain Steel castings down Little change Seasonally creased Locomotives and cars .... Slow Declined Shipbuilding Little change Little change Fair, some decline Declined in January shops ............................................. Transportation equipment ................................. up—iron adjusted castings index in Textiles Silk manufactures .................. Moderate, declined Increased Fair, increased, larger Cotton manufactures ............ orders Wool takings increased in Janu Smaller ary unfilled Increased Increased orders Declined in January Fair, some gain, unfilled larger, prices lower Floor coverings ........................ Little change Some gain, prices lower Leather products Fair, increased, gain in orders, prices lower Quiet, kid ................................. some Smaller gain, unfilled Increased prices lower Little change Quiet, little change, prices lower Little change Building materials Declined Moderate, some decline Little change Moderate, little change Larger Little change Little change, slow Larger than year ago Quiet, little change Declined Some increase, but smaller than in last three years Quiet, little change Declined Smaller Quiet, prices lower Plumbing supplies .................. Declined Declined Smaller Poor, little change Little change Smaller Poor, declined, prices unchanged Lower than a year ago Miscellaneous Declined in January Quiet, little change Increased, unfilled orders than a month ago larger Lower than a year ago Little change Larger Moderate, smaller than a year ago Smaller than year rubber larger Rubber tires and goods. . . Quiet, increased, prices unchanged Some gain to lower Tobacco—cigars Unfilled orders larger, fair Increased sharply Declined Moderate, declined Permits declined in January Contracts declined in January Fair, little change, prices firm crude Smaller Little change ago; Increased, but smaller than a year leaf ..................... .............................. Building Coal mining Anthracite ....................................... ago Shipments show slight gains, little Declined change in prices Trade Declined seasonally; prices lower Wholesale and jobbing . . . Page Eight Declined, smaller than a year ago Prices lower, slow Some increases a year ago but smaller than
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