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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA By RICHARD L. RESERVE DISTRICT M AY i, 192.9 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 Volume of industrial production and of trade increased in March and whole sale prices advanced somewhat. There was a growth of commercial loans of member banks in leading cities in March and the first half of April, while invest ments and loans on securities of these banks showed a reduction for the period. Production. Output of manufactures reached a new high level in March. Auto mobile production was exceptionally large, and steel ingot output was reported to be above rated capacity. Output of refined copper, lumber, cotton and silk textiles, and sugar was also large for the season. There was some seasonal recession from February in the production of wool tex tiles and leather, and a further decline in production by meat-packing plants. The volume of factory employment and payrolls continued to increase during the month and was substantially above the level of March, 1928. Production of minerals as a group de clined sharply, reflecting reduction in out put of coal by more than the usual sea sonal amount. Output of non-ferrous metals continued large and petroleum production increased. During the first part of April industrial activity continued at a high rate, although preliminary reports indicated a slight slowing down in certain branches of the In d ex n u m b e rs o f p ro d u c tio n o f m a n u fa ctu re s a n d m in era ls, a d ju s te d fo r season a l v a ria tion s (1923-25 average = 100). L a test figu res M a rch , M a n u fa c tu re s 120, M in erals 110. Distribution. Railroad shipments of commodities declined somewhat in March but were larger than in the same period of the preceding year. The decline from February reflected smaller shipments of coal and coke, grain products, and live stock, all of which were also below March a year ago. Loadings of ore and miscellaneous freight increased substan tially over February and continued above 1928. Sales by wholesale firms in all lines of trade reporting to the federal reserve sys tem were seasonally larger than in Feb ruary. In comparison with the same month a year ago, however, sales in most lines of trade were smaller, except in the case of dry goods, men’s clothing, and hardware. Department stores’ sales showed a larger increase in March than is usual at this season, and were larger than in the same month in the preceding year, partly on account of the fact that Easter came in March this year. P rices. Wholesale prices of commodi ties during March averaged slightly higher than in February, according to the index of the United States Bureau of Labor Statistics. There were marked in creases in prices of copper and lead, and smaller advances in prices of iron and steel and cotton goods, as well as of cer tain agricultural products, particularly cotton, livestock, meats, and hides. Prices of grain and flour were lower during the month and the price of leather declined, reflecting an earlier decline in prices of hides. Silk and rayon textiles and raw wool were also somewhat lower in price. In the middle of April prices of live stock and raw silk were higher than at the end of March, while cotton and wool had declined in price. Among the nonagricultural products there were marked declines in the prices of copper, lead, tin, and zinc, a further decline in rubber and increases in pig iron and finished steel. Bank cred it. Between March 20 and April 17 there was a considerable decline in the volume of member bank loans to brokers and in the banks’ holdings of investments. Loans, chiefly for commer- In d ex o f U n ited S tates B ureau o f L a b o r S ta tis tics (1926 = 100, b ase a d o p te d b y B u re a u ). L a test figu re, M a rc h 97.5. M o n th ly averages o f d a ily figu res fo r 12 F ederal R eserve B an k s. L a te st figu res are averages o f first 22 d a ys in A p ril. steel industry, and a smaller output of coal and petroleum. The value of building contracts awarded increased seasonally during March and the first two weeks in April, reflecting in part the award of a few large contracts, chiefly commercial and industrial. The total volume of building, however, con tinued smaller in March than a year ago. Contracts for residential building and public works and utilities were substan tially below the level of March, 1928, while industrial and commercial building was in larger volume. Page One Latest figure compared with BUSINESS INDICATORS Philadelphia Federal Reserve District Mar., 1929 Previous month Retail trade—estimated net sales (142 stores) Department stores (63)................................ Apparel stores (40).................. ..................... Shoe stores (19)............................................. Credit stores (20).......................................... Monthly rates in the open market in New York: commercial paper rate on 4 to 6 month paper and acceptance rate on 90 day bankers’ acceptances. Latest figures are averages of first 22 days in April. cial and agricultural purposes, showed a rapid increase, and at the end of the period were near the high level of last autumn. During the same period the volume of reserve bank credit in use declined further as a consequence of additions to the country’s stock of monetary gold. A continued rapid reduction in holdings of acceptances carried the total to the low est point since the autumn of 1924. Se curity holdings also decreased somewhat, while discounts for member banks in creased. Open market rates on bankers’ accept ances and commercial paper increased further. Rates on collateral loans in creased sharply in the latter part of March, but declined in April. B U S IN E S S 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 $25,225,400 $19,840,500 .$4,025,000 ...$517,200 .. .$842,700 Wholesale trade—net sales (113 firms) Boots and shoes (5)........................... Drugs (11).......................................... Dry goods (13)................................... Electrical supplies (4 )........................ Groceries (40)..................................... Hardware (22)................................... Jewelry (11)....................................... Paper (7)............................................ $7,618,458 ..$152,165 $1,543,226 ..$342,277 ..$258,038 $2,925,947 $1,600,439 ..$356,848 ..$439,518 Productive activity— Employment— 786 plants in Penna............. .............................................270,055 Wage payments in above plants.................. ....................................... $7,407,608 Shoe production* (91 factories)................... .................... prs.............1,544,493 Hosiery production* (119 mills).................. .................... doz. prs.. .1,595,109 Wool consumption* (80 mills)..................... .................... lbs............ 7,677,810 Active cotton spindle hours (Penna. and N. J .)..................................75,552,766 tons..............355,953 Pig iron production....................................... Iron casting production (37 foundries)........ tons..................6,926 Steel casting production (12 foundries). . . . tons..................7,276 Anthracite...................................................... tons.......... 4,950,000 Bituminous coal—Penna.............................. tons........ 10,822,000 Cement.......................................................... bbls.......... 2,513,000 Electric power output (12 systems)............. KW H. .557,872,000 Financial and credit— Debits (18 cities)................................................................ Loans and investments—middle of April— member banks Bills discounted held by F. R. B. of Phila. (daily average)........................................................................... Bankers’ acceptances outstanding— end of month (dis trict) ................................................................................ Commercial paper sales (4 dealers)................................... Commercial failures—number........................................... Commercial failures—Labilities........................................ Page Two + 2 4 .8 % + 3 0 .9 “ + 8 7 .7 “ + 8 9 .0 “ + 3 0 .3 “ + 6 . 2% + 5.0 * + 14.7 “ + 20.0 “ 8.2 « + 1 0 .9 + 17.4 + 4.1 + 1 7 .5 - 7.1 + 3.5 + 31.2 + 18.7 + 6.9 7.3 “ 9.1 “ - 15.9 * + 0.4 * 3.1 “ + 23.5 * 8 .8 “ 4.0 9.5 + 0.3 “ + 1 .3 “ + 8.2 “ + 6.4 “ + 2 .1 “ + 1 5 .3 “ + 1 5 .3 “ + 1 3 .8 “ + 2 1 .2 “ - 2 5 .8 - 3.4 + 1 4 .3 + 7.0 “ “ “ “ - 19.1 “ + 33.8 “ + 12.8 “ + 36.4 “ 10.0 “ + + 2 .8 “ 0.0 “ + 21.6 “ $3,100,942,000 $1,660,649,000 + 1 1 .6 “ + 1.2 “ + 10.4 “ + 0.9 “ ..$101,600,000 + 1 8 .8 + 106.5 “ ...$17,290,000 ........$1,957,500 ........................77 ____ $1,583,521 - 3.0 -4 0 .2 -2 1 .4 -3 8 .9 Building and real estate— Building permits (16 cities)............................................... Building contracts awarded (Philadelphia district)........ Number of real estate deeds recorded (Philadelphia county)............................................................................ Value of mortgages recorded (Philadelphia county)....... Sheriff sale (Philadelphia county)— number of writs is sued for April.................................................................. Miscellaneous—Freight car loadings (Allegheny district—weekly aver age) .................................................................................. Tonnage of vessels (Port of Philadelphia)...................... tons Sales of life insurance (Penna., N. J., and D el.).............. Automobile sales registrations: Pennsylvania (new passenger cars)............................... D e la w a r e (a ll p a s s e n g e r c a r s ) ...................................................... Trade and industry in the Philadelphia Federal Reserve District have been sea sonally active. The volume of production and distribution of commodities has in creased since last month and was gen erally larger than in the same period last year. Distribution of goods continues in good volume for this season. Retail sales in March increased substantially and were about 6 per cent larger than in the same month last year, owing chiefly to the fact that Easter occurred much earlier this year than last. Wholesale and job bing trade also showed a pronounced gain in the month but was smaller than in March, 1928. Wholesale and retail prices continue relatively stable. Railroad shipments o f merchandise and miscellaneous commodities in this section showed more than the usual seasonal in crease. Similarly the total movement of commodities by railroad freight also in creased noticeably in comparison with the preceding four weeks and the same period last year. Likewise, check payments in this district in the four weeks'ended April Year ago “ “ “ “ + - 14.0 67.1 38.9 27.2 $15,291,993 $33,398,500 + 6 9 .5 “ + 9.4 “ + 1.1 * 23.6 “ ..........5,439 $21,931,023 + 1 6 .5 “ + 9.1 “ - ................ 940 + 2.3 ‘ + 47.8 “ ........ 197,701 ...4 ,263 ,200 $124,979,000 + 4.1 “ + 1 4 .9 “ + 20.8 * + 5.1 1 + 13.9 + 18.7 ' .......... 23,347 ............ 2,155 + 5 7 .5 ‘ + 1 4 .8 “ + 23.1 + 5.7 - - 1.1 “ “ “ “ “ 30.6 “ * Bureau of Census preliminary figures. 17 increased almost 6 per cent from those in the preceding four weeks and were nearly 16 per cent larger than in the same period last year. Sales of ordinary life insurance in March were the largest shown in any month in the past eight years. Registration of new passenger cars in Pennsylvania and Delaware also showed large increases in the month and as compared with March, 1928. Conditions in the manufacturing indus try in the main have been decidedly more satisfactory than last year. The demand for finished goods has been fairly active, showing gains over a month and a year ago. Unfilled orders, while in most in stances declining recently, are appreci ably larger than last year. This is espe cially true of iron and steel products, and some of the textile commodities. Build ing materials, on the other hand, have had a considerable seasonal increase but just about measure up to the volume of a year ago. Plant operations have expanded. Fac tory employment and wage payments were slightly larger in March than in February and showed a material gain as compared with a year earlier, indicating a higher level of production. The demand for workers by employers continued well ahead of last year. The gain in the use of electric power by industries also was substantial .in comparison with a year ago. The volume of output showed an in crease during March which was largely seasonal. This was particularly true of pig iron, transportation equipment, certain textile products, foods, and chemical prod ucts. Production of shoes and hosiery and the consumption of wool fibers also showed gains. Building operations have expanded sea sonally and lately compare more favor ably with last year. The value of con tract awards was much larger in March than in February but was nearly 24 per cent smaller than in March, 1928. The preliminary reports for the first seventeen days in April, however, indicate an up ward trend as compared with March or April, 1928. Largely because of slackened demand, the output of both anthracite and bitumi nous coal declined in the latest four weeks. In comparison with a year ago, the mining of anthracite also showed a pronounced drop while that of bituminous coal continued larger. Member banks in this district increased their borrowings from the Federal Re serve Bank in the five weeks ended April 24. Money in circulation did not change materially, but the commercial banks lost in the settlements and a substantial sum was withdrawn by the government from depository banks. Reports of member banks as of the middle of the month show a loss in deposits since the middle of March, but their loans on securities, as well as commercial loans, increased. FINANCIAL CONDITIONS Money rates. Largely in preparation for heavy payments due on April 1, call money rates were very firm in the closing days of March, the renewal rate rising to 15 per cent and the new loan rate to 20 per cent. Firmness continued in the first few days of April, but rates became some what easier as the month advanced; on April 26, however, with the approach of month-end requirements, there was a rise in the new loan rate to 16 per cent. At this time ninety-day time money, bank ers’ bills of the same maturity, and com mercial paper all are slightly firmer than in the middle of March. Money in circulation and gold stock. The monetary gold stock of the country has increased in recent weeks and is not materially below the figure of a year ago. Additions.to the stock were the result both of imports and of the re lease of gold held under earmark for for eign account. Money in circulation, too, is only slightly smaller in amount than it was a year ago, as the following weekly averages of daily figures show: (000,000’s omitted) Money in circu lation Mone tary gold stock Averages for weeks ending— 1929— Mar. 16............................ $4,703 $4,160 “ 23............................ 4,692 4,168 “ 30............................ 4,702 4,179 Apr. 6 ............................ 4,707 4,193 “ 13............................ 4,679 4,220 “ 20............................ 4,676 4,236 1928— Apr. 21............................ 4,718 4,280 Brokers’ loans. W ith the attainment of 5,793 millions on March 20, brokers’ loans reached a peak. The four weeks following were marked by consecutive declines which reduced the total to 5,425 millions, chiefly because of reductions in loans by reporting New Y ork city banks CITY CONDITIONS Philadelphia Federal Reserve District Altoona Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York « U “ « « « « a ........................ Mar., 1929, compared with Mar., 1928 Employ ment Wage payments Value of building permits - 0.5% + 6.0 “ + 14.7 “ -1 3 .6 “ - 6.8 “ + 8.1 * + 10.2 “ - 3.0 “ + 1.7 “ - 0.5 “ + 1 5 .8 “ + 4.1 “ + 1.4 “ + 0.7% + 6.4 “ + 2 6 .5 “ -1 5 .1 “ - 7.6 “ + 1 2 .8 “ + 23.6 “ - 6.0 “ + 9.4 “ - 4.1 “ +35.1 “ + 17.7 “ + 3.0 “ - 13.1% + 19.8 “ +198.0 “ - 58.6 “ +268.1 * 4.7 “ +217.3 “ - 54.9 “ - 78.1 “ - 46.5 “ - 49.9 “ + 36.9 “ + 47.3 “ Debits + o .o # + 3.2 “ + 2.1 “ - 7.2 “ - 2.3 “ + 1 4 .8 “ + 3.0 “ -3 4 .1 “ + 4.7 “ - 7.5 “ + 2.8 “ + 1 6 .9 “ + 8.4 “ Retail trade sales Electric power sales + 1 3 .5 % + 17.9 “ + 13.6 “ + 0.7 “ - 4.4 “ + 5.1 “ + 3.1 « + 4.6 “ + 13.4 “ + 1.9 “ ............ % * + 0.9 “ ............ “ § + 6.4 “ f + 1 4 .5 “ + 5.6 “ + 2 2 .9 “ - 6.7 * + 10 .8 “ t + 2 0 .6 “ + 1 5 .8 “ * + 5.1 “ + 1 8 .8 % + 5 9 .6 “ + 40.9 “ -1 5 .6 “ + 7 4 .5 “ + 4 5 .0 “ + 2 2 .6 “ + 4 7 .5 “ + 26.1 “ + 5 3 .8 “ - 9 .6 % * - 2.8 “ + + - 4.6 5.8 4.5 1.7 6.3 1.9 “t “ “ “ * “t Mar., 1929, compared with Feb., 1929 Allentown i Altoona Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York + 0.1 % + 3.0 “ + 1.5 “ — 5.4 " + 1.3 “ -1 .3 “ - 0.7 “ + 5.9 “ + 0.8 “ + 0.4 “ + 5.8 “ - 0.8 “ + 3.2 “ + 0.4 % - 2.7 “ + 0.4 “ - 3.8 “ - 1.5 “ - 0. 5 “ - 0.3 “ + 5.5 “ + 2.7 “ - 1.1 “ + 0.4 “ + 1 1 .0 “ + 2.1 “ + 221.9% +318.5 “ + 66.7 “ + 193.3 “ + 36.3 “ + 102.2 “ + 55.3 “ + 34.7 “ - 64.0 “ +308.3 “ +673.2 “ - 60.4 “ - 17.3 “ + 1 2 .4 % + 4.9 “ + 1.8 “ + 13.0 “ + 15.4 “ + 14.0 “ + 2.4 “ + 3.3 “ -1 6 .6 “ + 0.0 “ -1 .8 “ + 1 6 .5 “ + 16.2 “ + 4 1 .4 “ + 3.5 - 9.0 * Includes Harrisburg. Wilkes-Barre and Williamsport areas, t Production (not sales). J Includes Camden area. § Included in Allentown area. with 32 per cent in the corresponding periods of 1928 and 1927. New capital issues* (000,000’s omitted) Mar., 1928 Feb., 1929 Mar., 1929 Corporate issues: Long term bonds and notes.............................. Short term bonds and notes.............................. Stocks............................... $218 $203 $314 16 158 20 592 7 555 Total corporate.................... $392 Foreign government............ 86 Farm loan............................. 2 Municipal............................. 126 Canadian.......................... 0 United States possessions. 0 $815 10 0 66 2 1 $876 10 0 98 0 0 $894 $984 Total new issues........... $606 * Refunding excluded. for their own account and for corre spondent banks. The week of March 24, on the other hand, witnessed an in crease of 67 millions. Brokers’ loans For For outown of-town For (000,000’s omitted) account banks others Total 1929— Mar. 20.. $1,091 $1,768 $2,934 $5,793 “ 27.. 1,071 1,680 2,898 5,649 Apr. 3.. 1,021 1,652 2,889 5,562 2,882 5,427 “ 10.. 915 1,631 5,425 “ 17.. 877 1,662 2,886 924 1,652 2,916 5,492 “ 24.. 1928—Apr. 25.. 1,200 1,614 1,330 4,144 N ew capital issues. New capital is sues, refunding excluded, totaled $984,000,000 during March, an increase over February. In the first three months of this year stock issues made up 67 per cent of all corporate issues, as compared Page Three F ederal reserve banks. On April 24 the bill and security holdings of the sys tem were 100 millions smaller than a year earlier, and showed a decline of 91 millions in five weeks. Bills discounted on April 24 were somewhat larger than they were on March 20, but declines in holdings of purchased bills and securities much more than offset this increase. A substantial increase in cash reserves, re flecting gold imports and releases from earmark, was chiefly responsible for an advance in the reserve ratio from 71.7 to 74.3 per cent. Borrowings from the Federal Reserve Bank of Philadelphia increased more than 16 millions in the five weeks ended April 24, but the reserve deposits rose only a little over 2 millions. Commercial banks lost in the settlements and through the withdrawal of substantial sums by the government from deposits; the amount of money in circulation did not change materially. In comparison with a year ago borrowings are much larger and the reserve ratio shows a decline from 71.2 to 59.5 per cent. Fed. Res. Bank of Philadelphia (Dollar figures in millions) Changes in Apr. 24, 1929 C om m ercial paper sales. Four deal ers report $1,957,500 of commercial pa per sales during March, a considerable decline in comparison with a month and a year earlier. Sales to From dealers’ reports City banks Country banks +$16.5 9.4 Total bills discounted $113.7 Bills bought.............. 12.3 United States securities......................... 17.2 Other securities and foreign loans on gold........................ 1.2 +$48.3 + 13.2 + 8.0 +$69.5 - 20.6 .9 + $144.4 - 1.2 10.2 + 1.2 + $7.4 +$39.9 140.4 + + 16.8 134.7 165.5 3.2 + 2.4 + 1.3 - 23.2 - 1.2% -1 1 .7 % 59-5% 3.2 Reporting member banks in 21 leading cities Apr., 17, 1929 (000,000’s omitted) Reported by 99 banks Loans on securities. . $ Other (largely com mercial) loans....... Reported by 113 banks Total loans and dis counts .................... Investments.............. Net demand deposits Time deposits........... Page Four Changes in Five weeks One year 590 +$18 +$74 544 + 9 + 9 + 27 7 - 21 + 4 + - 79 65 92 14 1,201 460 841 494 K E Y : ------- 1929 ------- 1928 NDEX --------1927 M A T E R IA kLS RAW 105 100 V-.. s** 95 — 90 SE M l - M FC). A fRT 1CL-E .5 ■ — __ F i r si 15 HE: d - P RO DU CT S 10 0 95 1929— Jan.. . . $3,612,500 $2,827,500 777,500 2,495,000 Feb.. . . M a r .. . 705,000 1,252,500 1928— M a r .. . 2,125,000 3,832,500 $6,440,000 3,272,500 1,957,500 5,957,500 90 10 0 'N ON -A GR 1ClJL1r u r + A L < DD s : 50 V., B ankers’ bills. A decrease in bankers’ acceptances covering exports was chiefly responsible for a decline in the amount outstanding from $1,228,000,000 on Feb ruary 28 to $1,205,000,000 on March 30. The total continues in excess of a year ago. Mar. 31, 1928 Feb. 28, 1929 Mar. 30, 1929 95 rs i90 FAR N 1 11 10 Imports................................. $ Exports................................. Domestic shipments............ Domestic warehouse credits Dollar exchange................... Based on goods stored in or shipped between foreign countries....................... 328 $ 389 21 166 29 341 $ 422 17 137 47 360 387 17 124 50 152 264 267 Totals................................ $1,085 $1,228 $1,205 In this district $17,290,000 of bankers’ acceptances were outstanding on March 30, as compared with $17,832,000 on Feb ruary 28, and $15,173,000 a year earlier. P RICES Wholesale prices have shown some weakness since the end of last month. Fisher’s index on April 19 stood at 96.7 per cent of the 1926 monthly average as against 98.3 per cent four weeks ago and 99.4 per cent at the same time last year. The general level of wholesale prices in March was slightly above that in Feb ruary and nearly two per cent above that in March, 1928, according to the index of the Bureau of Labor Statistics. The upward trend in prices of agricultural products was more pronounced than that in quotations for non-agricultural goods, as shown by the accompanying chart. The turn toward higher levels in semi-manu factured articles also was sharper than that indicated by raw materials and fin ished products. Retail food prices on March 15 were a little less than one per cent below those of a month earlier but were higher by the same amount than a year before. During : PIRO DU CT s •A s... — 105 / 10 0 / V , NV 95 i J C O M M O D IT Y C on dition o f m em ber banks in the district. An expansion in loans on se curities and in other loans (largely com mercial) is reported by member banks in leading cities bf the Philadelphia district for the period from March 13 to April 17. Deposits, on the other hand, de clined, and the banks disposed of a por tion of their investments. PRICES 1926 AVG.= IOO 95 Total sales One year + $7.4 + 2.6 + 6.5 WHOLESALE l| 0 0 Acceptances outstanding (000,000’s omitted) Bills discounted for member banks in— Philadelphia.......... $ 67.7 20 other large cities 24.9 Other communities 21.1 Total bills and securities............... Fed. res. note circulation..................... Member banks’ reserve deposits....... Cash reserves............ Reserve ratio............ Five weeks Comparison with a year ago shows a somewhat similar situation, but on a broader scale. A heavy increase in loans on securities, a large decline in invest ments, and a considerable loss in depos its are apparent in the accompanying fig ures. F M A M J J A s 0 N D Source: Bureau of Labor Statistics the month there was a decrease of one per cent in Philadelphia and Scranton. Compared with a year ago, prices also dropped two per cent in Philadelphia and less than five-tenths of one per cent in Scranton. In contrast with the pre-war level, retail food prices were higher—in the country 53 per cent, in Scranton 59 per cent, and in Philadelphia 54 per cent. INDUSTRIAL CONDITIONS M A N U F A C T U R IN G Activity in the manufacturing industry generally continues well sustained. The demand for finished products varies from fair to good, although a number of firms report quiet conditions. Comparisons with a year ago in the main appear to be more than favorable. Returns showing price declines are more numerous than those showing advances; quotations in the ma jority of cases, however, remain steady. Unfilled orders have declined during the month, but are appreciably larger than at the same time last year. This gain over a year ago is largely attributable to increased orders for iron and steel prod ucts, and textile manufactures. Inventories carried by reporting firms as a whole are moderately ligh t; they are smaller than in the preceding month or a year ago. Productive activity has increased fur- EMPLOYMENT Mar., 1929 EMPLOYMENT AND WAGES in Pennsylvania No. of plants re port Mar., ing index * Per cent change since Mar., 1928 Feb., 1929 91.9 + 4.0 + 0.3 Metal products................... 231 88.6 9 43.8 Blast furnaces.................. Steel wks. & rolling mills. 43 80.3 Iron and steel forgings.. . 10 94.8 10 110.5 Structural iron work....... Steam & hot water htg. ap. 17 93.6 9 78.4 Stoves and furnaces........ 38 91.7 Foundries......................... 40 111.1 Machinery and parts. . . . 17 128.2 Electrical apparatus........ 10 104.9 Engines and pumps......... 18 95.4 Hardware and tools........ 10 99.0 Brass and bronze prods. . + 6.4 -1 7 .7 + 1.1 + 11.0 + 19.3 + 3.2 + 0.6 + 11.0 + 12.3 + 21.3 + 16.2 + 13.8 +23.9 - 2.0 - 0.2 - 0.4 - 1.4 + 5.0 - 0.7 + 3.4 + 2.1 + 1.3 -2 2 .6 + 0.2 + 1.2 + 2.9 + 7.9 + 37.0 + 59.8 - 6.6 + 12.0 + 14.6 + + + + + + Textile products.................. 156 102.1 Cotton goods................... 14 81.8 Woolens and worsteds. . . 15 90.1 38 104.8 Silk goods......................... Textile dyeing & finishing 9 123.9 9 89.4 Carpets and rugs............. Hats................................. 4 98.5 Hosiery............................. 25 123.4 15 86.2 Knit goods, Other........... Men’s clothing................. 9 100.5 9 133.7 Women’s clothing........... Shirts and furnishings .. . 9 96.4 - 3.7 -1 1 .4 + 3.1 -1 2 .8 - 6.3 + 7.2 + 0.1 + 3.4 + 3.4 + 8.9 + 4.5 - 4.3 Foods and tobacco.............. Bread & bakery products Confectionery.................. Ice cream......................... Meat packing.................. Cigars and tobacco.......... 97 94.6 28 105.3 13 93.6 11 81.0 14 101.8 31 92.4 Stone, clay & glass products Brick, tile & pottery....... Cement............................. Glass................................. 66 30 14 22 81.0 90.1 71.9 89.8 + + Lumber products................ Lumber and planing mills Furniture......................... Wooden boxes.................. 42 17 19 6 72.0 69.3 69.9 95.3 Chemical products.............. Chemicals and drugs. . . . Coke................................. Explosives........................ Paints and varnishes. . . . Petroleum refining......... AVERAGE W EEKLY EARNINGS week ended PAYROLLS Mar., 1929 Mar., index * Per cent change since Mar. 15, 1929 Feb. 15, 1929 Mar., 1928 Feb., 1929 100.2 + 9.5 + 1.3 $27.43 $27.18 98.8 48.7 91.7 106.3 114.8 107.5 71.1 100.9 124.6 136.8 117.2 102.7 102.8 +10.8 - 9.6 + 6.8 +18.1 + 22.6 + 7.8 - 0.4 + 19.8 + 17.3 + 14.8 + 23.0 + 16.4 + 25.7 - 1.7 - 0.2 - 0.2 - 3.7 + 4.3 - 3.1 - 0.3 + 4.6 + 2.1 -2 4 .8 - 1.8 + 0.6 + 3.9 29.78 30.75 31.01 27.19 28.65 31.23 25.90 29.71 31.89 24.21 30.15 25.04 27.45 29.70 30.77 30.99 27.83 28.85 31.95 26.87 28.96 31.60 24.78 30.79 25.11 27.17 92.3f 139.9 131.8 63.3 107.7 36.1 + 18.2 +58.1 +72.1 + 4.8 + 31.0 +21.1 + + + + + + 8.7 6.9 5.6 13.4 6.8 11.4 31.66 34.62 32.64 29.98 31.11 28.98 31.25 34.63 33.07 28.85 29.56 28.91 + 2.3 + 1.2 + 1.5 + 3.0 + 1.9 + 1.0 - 0.6 + 1.9 + 10.7 + 2.0 - 5.8 + 3.9 113.7 86.8 90.7 116.5 138.5 89.8 102.0 153.4 99.4 112.0 134.1 94.4 - 1.3 + 3.3 + 11.6 -1 5 .8 + 2.3 + 11.4 - 3.9 + 5.3 + 12.3 + 17.8 - 4.4 - 3.3 + 3.6 + 13.8 - 1.9 + 6.5 0.0 - 1.1 + 0.8 + 4.4 + 5.7 + 3.9 -1 4 .0 0.0 22.97 24.63 21.40 20.37 26.64 25.28 26.38 28.00 20.41 19.82 14.33 15.30 22.66 21.94 22.16 19.71 27.18 25.83 26.01 27.34 21.33 19.45 15.24 15.91 + 1.8 0.0 + 3.9 - 3.5 + 9.0 - 1.6 + + + 0.1 0.6 5.7 4.5 0.5 1.9 95.5 100.6 110.3 89.4 96.9 86.6 + + + + - 1.2 0.2 5.8 4.1 7.7 5.8 + + + 0.8 0.5 6.2 4.2 4.1 2.1 20.67 28.75 20.88 32.68 27.92 13.86 20.79 28.76 21.98 32.71 29.00 13.81 0.4 6.6 9.1 6.7 + + 1.5 0.1 4.8 0.3 80.0 85.3 75.2 89.2 + 0.5 + 1.3 - 6.5 + 12.6 + + 0.1 1.5 1.8 3.4 26.96 23.50 30.43 26.68 26.38 23.88 29.49 25.46 - 1.1 + 9.1 - 4.6 -1 9 .5 - 5.6 + 2.2 -1 5 .2 - 2.8 72.1 71.2 67.7 106.4 + - 2.2 3.5 5.8 9.9 - 9.6 - 2.7 -1 7 .8 - 4.4 21.45 21.13 23.22 17.99 22.38 22.18 23.97 18.31 48 98.0 28 94.5 3 118.7 3 136.1 9 125.4 5 87.4 + + + + 2.2 0.1 1.7 14.0 2.4 4.7 + + + + - 0.4 3.1 0.5 4.2 3.6 0.5 116.1 99.2 121.7 116.0 138.8 114.1 + 11.7 + 1.7 - 2.7 +20.1 + 5.3 + 22.3 + 9.2 + 2.7 - 0.9 -1 2 .2 + 6.7 +18.1 31.70 28.03 28.96 23.56 28.61 35.55 29.18 28.09 29.37 25.68 27.75 30.02 Leather and rubber products Leather tanning.............. Shoes................................ Leather products, Other . Rubber tires and goods .. 49 96.2 17 99.7 22 91.3 6 121.6 4 76.7 + - 4.3 5.9 2.7 9.3 8.3 + + + 0.0 0.6 0.8 0.1 0.5 98.8 100.8 92.7 111.4 90.9 + - 5.6 7.1 3.3 3.1 8.9 + - 2.5 1.9 4.0 0.9 2.7 22.70 24.87 18.49 21.06 28.98 23.30 25.50 19.13 20.91 29.94 Paper and printing.............. Paper and wood pulp. . . . Paper boxes and bags. . . . Printing and publishing. . 57 90.8 13 79.9 6 89.5 38 104.9 - 4.5 -1 0 .8 + 0.1 + 1.9 + 0.5 0.9 6.0 0.6 108.0 94.3 112.7 122.2 + + 1.0 7.0 6.4 4.6 + + + + 1.3 1.4 3.8 0.8 31.25 30.28 16.40 34.71 30.69 29.65 14.86 34.60 Anthracite............................ 99.2 -1 1 .7 + + + 7.5 1.2 2.9 0.1 2.9 3.0 -1 0 .0 52.7 93.1 99.6 95.4 + + + - 77.5 318 Construe, and contracting. . 27 Street railways.................... 5 55 91 45.6 99.0 -2 1 .5 - 2.0 -2 5 .7 + 0.4 - 8.2 - 0.7 28.26 25.49 26.36 34.38 35.16 25.69 28.50 34.56 All manufacturing industries (51)............................... 786 Transportation equipment.. Automobiles..................... Auto, bodies and parts.. . Locomotives and cars. . . . Railroad repair shops. ... Shipbuilding.................... 40 84.81 6 116.6 11 130.7 13 61.1 6 91.7 4 36.1 * 1923-25 average =100. 9.0 0.5 0.6 1.0 t Preliminary figures. ther since the middle of last month, owing largely to continued expansion in the fabrication of metal products and build ing materials. The demand for work ers by employers recently has been more active than at the same time last year. 7.3 6.9 7.1 9.3 1.6 11.1 Factory payrolls in Pennsylvania showed a gain of 1.3 per cent from February to March and exceeded the volume of a year earlier by 9.5 per cent, indicating a higher rate of operations. Groups com prising metal products, transportation equipment, and chemical products were mainly responsible for the very favorable comparison with a year ago. The num ber of workers 'also increased slightly during the month and was 4 per cent greater than a year before, though it was still about 8 per cent below the monthly average for 1923-1925. W age payments in New Jersey and Delaware also were larger in March than in February, while employment was larger in New Jersey but slightly smaller in Delaware. Industrial consumption of electrical en ergy was about 14 per cent larger in March than in the same month last year, but it showed a decline as compared with February. Total sales of electricity de creased in March but increased nearly 23 per cent in comparison with March, 1928. The output of electric power by twelve central stations of this district showed a gain of 7 per cent in the month and was almost 22 per cent larger than a year earlier. The following table gives per centage changes. March, 1929, change since ELECTRIC POWER Philadelphia Federal Reserve District 12 systems Mar., 1928 Rated generator capacity. . . + Feb., 1929 9.6% 21.6 93.3 23.5 68.6 Generated output.................. Hydro-electric................... Steam................................. Purchased.......................... + + + Sales of electricity................ Lighting............................. Municipal....................... Residential and commercial.............................. Power................................. Municipal...................... Street cars and railroads. Industries....................... All other sales........................ + 22.9 “ 1.3 “ + 6.8 “ 2.4 + 11.2 + 3.1 + 4.1 + 14.1 + 113.6 “ “ “ “ “ “ “ “ “ “ 0.0% + 7.0 +139.2 - 28.5 + 2.8 “ “ “ “ 1.4 “ 12.0 “ 3.0 “ - 13.1 “ 2.2 “ 6.0 “ 0.6 “ 2.5 “ + 14.4 “ Iron and steel. The market for iron and steel products shows further expan sion and sales have increased considerably since the middle of last month. Buying is in much larger volume than was the case a year ago. Firms report a marked stiffening of prices. Quotations for pig iron and finished steel in the country also have averaged higher than last month and on April 16 were almost 5 per cent higher for pig iron and about 2 per cent higher for finished steel than at the same time last year. Orders on the books of reporting firms are substantially larger than those on the same date last year. Unfilled orders of the United States Steel Corporation at the end of March totaled 4,411,000 tons, which was the largest tonnage since the early part of 1926. Operations of iron and steel fabricating plants have increased further during the month and exceed the level of a year or two years ago. Activity in iron and steel castings showed a considerable expansion between February and March and as com pared with a year ago. The following table gives details: Page Five Activity of foundries Philadelphia Federal Reserve District T E X T IL E Mar., 1929, change since STOCKS U N IT E D STA TES M ANUFACTURED Mar., 1928 Feb., 1929 + 13.8 + 12.9 + 10.7 Shipments.......................... Unfilled orders................... + 36.4 + 42.3 +246.9 + 21.2 + 23.3 +15.2 192.3 14-0 ISO 4- 12.8 + 15.6 - 12.2 L • 1928 1928 1927 100 80 .... V . 200 RAW M A T E R IA L S V . ieo V . 160 V S I9£8 140 The daily output of pig iron in this dis trict during March amounted to 11,482 tons, which was the largest figure since April, 1927. Similarly daily production of pig iron in the United States reached the largest total since June, 1923. The output of steel ingots showed a daily to tal of 194,199 tons, establishing a record. Stocks of finished products carried by reporting firms vary from medium to light and indicate a considerable decline from those on the same date last month. In ventories held by iron and steel foundries increased during the month in most cases, but were noticeably smaller than those at the end of March, 1928. T e x tile s . Conditions in the textile in d u s tr y , while c o n t in u in g somewhat mixed, reflect improvement as compared with the situation existing at the same time last year. The demand for piece goods shows the usual seasonal decline, but as compared with a year ago the sales o f silk and cotton goods are larger while those of woolen and worsted fab rics are a little smaller. Business in cotton and wool yarns is also appreciably larger than was the case at the same time last year. Dealers in wool fibers, how ever, report a marked decline from last month and a year ago. Both full-fashioned and seamless ho siery continue in active demand and sales have increased further during the month. This is also true of floor cover ings, the sale of which exceeds the vol ume of a year ago. A fair amount of business is being done in clothing, sales surpassing those of last month and a year ago. Prices of textile products, except cotPage Six 120 > 1927 1929 / \ / \ i \ / \ i \ 100 j y \ Source: Department of Industrial Research, Uni versity df Pennsylvania WG.-IOO ** ~ ~ Iron castings— Production......................... Shipments.......................... Unfilled orders................... Steel castings— GOODS N ME U BR •v V / s 80 X s / 60 'r J F M A . M J J A S O N D Source: Current Survey of Business ton manufactures, have declined generally during the month. Spot quotations for cotton fibers, yarns, and goods, however, are somewhat higher than a year ago, while those for wool, silk, and rayon prod ucts are lower. Unfilled orders for textile products are slightly smaller as compared with last month but exceed those of last year. Gains over last year are reported by cot ton yarn dealers and manufacturers of goods, spinners of woolen and worsted yarns, makers of carpets and rugs. Some increases during the month have oc curred in cotton and woolen fabrics and seamless hosiery. Hosiery knit during March in this dis trict was more than 6 per cent ahead of that in February, men’s seamless, wom en’s full-fashioned, boys’, misses’, and children’s, and infants’ accounting largely for this gain. Shipments also increased considerably. Unfilled orders at the end of the month were reduced partly as a result of cancellations in full-fashioned hosiery. P r o d u c t i v e activity has declined slightly, reflecting seasonal influences, the rate of plant operations generally being about 1 per cent less than in the preceding month. Consumption of wool fibers in this district as in the country, however, increased about 2 per cent from February to March as against a decline of 6 per cent in this district at the same time last year. »W ool takings by carpet and rug mills, on the other hand, showed a drop of nearly 9 per cent in March. Consumption of cotton fibers in the coun try increased rather sharply in the month and as compared with March, 1928. D e liveries of raw silk to American mills also were larger in March than February but smaller than a year before. With the exception of cotton goods and full-fashioned hosiery, textile stocks are moderate and are smaller than they were last month or a year ago. Shoe and leather. Business in shoes is fair. Sales, while slightly larger than a year ago, have declined somewhat since the middle of last month. Prices have eased off somewhat. Unfilled orders also show a decrease from last month and a year ago. Plant operations show a sea sonal let-down. In March, however, the output of shoes in this district was about 8 per cent larger than in February as against an increase of almost 10 per cent for the country at large. Last year at the same time the gain in the shoe out put in this district amounted to a little more than 2 per cent. Stocks of shoes carried by reporting firms are moderately light and are smaller than last month or a year earlier. The demand for sole leather has in creased appreciably during the month, and prices have remained fairly stable. Orders on the books of reporting firms are larger than in the preceding month but the rate of production shows a slight drop. Stocks show little change. Busi ness in black kid leather has improved somewhat seasonally while that in colored kid has eased off slightly for the same reason. Kid leather plant activity de clined a little more than 3 per cent in the month. The hide market, while still rather quiet, shows a slight improvement, as usual at this time when higher quality hides are reflected in higher prices. Goat skins are in a slightly better demand and the supply is said to be ample. Prices generally are firm. B u ild ing m aterials. The market for building materials has expanded some what in sympathy with the seasonal ac tivity in construction. Current demand varies from good to fair, although a few reports indicate that it is not up to the usual for this season. Sales of lumber, cement, and paint have increased notice ably since the middle of last month and those of paint exceed the volume of a year ago. Prices are unchanged, except for some variation in lumber and electri cal supplies. Unfilled orders in most lines have in creased since last month and those on the books of lumber dealers and dealers in electrical supplies are larger than a year ago. Plant operations have increased season ally almost 18 per cent from the rate pre vailing four weeks ago. Lumber mills, paint and cement plants have been largely responsible for this gain. Stocks, while in a few instances they appear to be somewhat heavy, are smaller than they were on the same date last year, with the exception of paint. M iscella n eou s. Business in paper ap pears to be fairly active, and sales by manufacturers have increased noticeably in comparison with a month or a year ago. Prices show little variation. Un filled orders, while somewhat smaller than last month, exceed a little the volume of a year ago. Plant operations show some expansion. Inventories vary from mod erate to light and are smaller than a month or a year ago. The market for both cigars and to bacco leaf ranges from fair to poor and sales for the most part are somewhat smaller than at the same time last year. Prices remain stable. Orders on the books of reporting firms have declined in the month and the year. The rate of output also indicates a slight let-down. Stocks of tobacco leaf appear to be somewhat heavy while those of cigars are moderately light; inventories of the former are also larger than a year ago while those of the latter are noticeably smaller. B U IL D IN G A N D R E A L E S T A T E Building operations have been some what less than seasonally active since the middle of last month. The value of build ing contracts awarded in this district in creased between February and March but continued materially below that of a year earlier. Eastern Pennsylvania was chiefly responsible for the smaller value of contracts as compared with a year be fore. Reading, Camden, and Wilmington showed gains, while Philadelphia, Scran ton, and Trenton reported declines in contrast with March, 1928. Among the various classes of buildings, commercial, residential, and public buildings in this section showed a gain over a year before, while educational buildings, industrial plants, and public works and utilities de clined appreciably. The proposed expenditure under build ing permits issued in 16 cities of this dis trict increased substantially during March and was slightly larger than in the same month last year. The following table gives comparisons of building activity in this district and in the country: Building operations Contract awards: Phila. Fed. Res. District T otal.................. Residential........ United States T otal.................. Residential........ Permits issued: Phila. Fed. Res. Dist. (16 cities). United States (582 cities)................. Mar., Per cent 3 months, 1929, change 1929 from compared (000’s with 3 omitted) Mar., months, 1928 1928 $ 35,399 -2 3 .6 % -1 9 .6 % -1 6 .8 19,125 + 1.3 484,848 -1 8 .2 197,172 -2 8 .4 -1 5 .4 -3 4 .3 15,292 + 1.1 corded increased in the month but de G R O C E R I E S ----- W H O L E S A L E clined in the year, and in th e f i r s t t h r e e mo n t h s o f this year about two p er c e nt f e w e r d e e d s were re corded than in the l i ke p e r i o d l ast year. F oreclosu res in Philadelphia h av e be e n exceptionally large, public sales of properties having increased almost COAL steadily since 1925. Writs issued for the Anthracite. The demand for both do sale of properties by sheriff in April to mestic and steam sizes has slackened con taled 940, or about 48 per cent more than siderably, as is usual at this time. Most in April, 1928, and writs issued for May increased to 1,158, establishing a monthly reporting firms show seasonal price re record for the past decade. The signifi ductions. In the four weeks ended April cance of these figures is further empha 20 the output of anthracite totaled 5,006,sized by the fact that these writs fre 000 tons as compared with 5,036,000 tons quently expose more than one property in the previous four weeks and 6,012,to public sale; for instance, under one 000 tons a year ago. writ in May, three properties will be sold Bituminous. The market for bitumi while another writ provides for the sale nous coal is slow, sales having declined of twenty-three properties. The number appreciably since the middle of last month. of properties stayed from sale is usually Industries, public utilities, and, to some small in comparison with properties sold extent, railroads are among the most ac by the sheriff. tive buyers of soft coal. Numerous price Building activity in Philadelphia thus reductions are reported. Colliery opera far this year has been considerably below the level of a year ago. Both the value tions in this section have decreased ma terially during the month. Production in of contracts awarded and the floor area the country in the four weeks ended April in the first quarter of this year declined materially from those of last year. 13 amotmted to 9,435,000 tons as comComparison of net sales RETAIL TRADE Philadelphia Federal Reserve District Comparison of stocks Rate of Mar. 31, 1929 Jan. 1, to Mar. 31, Accounts Collec- able during at end of month com com pared pared with with year ago 1929 year ago Mar., 1929, Jan. 1 to Mar. 31, 1929, Mar., 1928 Jan. 1 to Mar. 31, Feb. 28, 1929 Mar. 31, 1928 1928 1928 All reporting stores.................... + 6.2 % + 1.0% -1 1 .9 % + 6.9% 0.78 0.88 + 2.3% + 3 .8% + 0.1 “ - 1 3 .2 “ + 6.7 “ 0.73 - 0.9 “ - 1 4 .8 “ + 5.1 8 0.79 + 2.6 “ -1 0 .3 “ + 9.4 “ 0.65 0.83 0.94 0.71 - 0.1 “ + 3.3 8 - 3.5 “ + 3.3 “ + 12.6 “ + 3.3 * 0.76 0.86 0.62 1.61 1.72 0.98 0.65 0.70 - 3.5 + 1 4 .0 + 14.1 + 1 3 .0 + 1 2 .2 + 9.5 Department stores..................... + 5.0 “ in Philadelphia....................... + 3.3 “ outside Philadelphia.............. + 9.0 “ + 14.7 “ + 7.6 8 + 12.7 “ outside Philadelphia.......... + 1.6 8 Women’s apparel stores........ + 17.2 8 in Philadelphia................... + 18.3 8 outside Philadelphia.......... + 7.8 “ Shoe stores.................................. + 2 0 .0 “ Credit stores............................... - 8.2 “ + + + + + + - 1.5 “ 5.6 “ 4.4 8 9.0* 9.8 “ 2.0 “ 5.9 “ 4.6 “ - 3.4 + 1.5 - 7.7 - 1.7 - 2.6 + 3.9 -1 6 .4 -1 0 .4 “ “ “ * “ 8 8 8 -1 .0 - 8.3 + 9.7 + 14.6 + 13.4 + 22.0 + 15.0 + 1.3 “ “ “ “ “ “ “ “ 0.74 0.82 0.63 1.47 1.54 0.99 0.59 0.65 + 4.8 “ “ “ “ “ “ * + + + + + + 4.1 7.5 7.6 6.9 6.5 5.2 “ “ “ “ “ “ + 17.3 407,365 +11.9 Sources: F. W. Dodge Corporation and S. W. Strauss & Co. Conditions in the Philadelphia real es tate market continue mixed. The value of mortgages recorded in Philadelphia County, while increasing from February to March, was considerably below that of a year a g o ; and in the first quarter of this year it was nearly 19 per cent less than in the same period last year. Simi larly, the number of real estate deeds re WHOLESALE TRADE Philadelphia Federal Reserve District Boots and shoes.. Drugs.................. Dry goods.......... Electrical supplies Groceries............ Hardware............ Jewelry................ Paper.................. Net sales, Mar., 1929, com pared with Mar., 1928 Feb., 1929 + 9.3% - 7.3 “ - 9.1 “ -1 5 .9 “ + 0.4 “ - 3.1 “ + 23.5 “ - 8.8 “ +117.4% + 4.1 “ + 17.5 “ 7.1 “ + 3.5 “ + 31.2 “ + 18.7 “ + 6.9 “ Ratio of ac counts out stand ing to Mar. 31, Feb. 28, Mar. 31, Feb. 28, sales, 1929 1929 1928 Mar., 1928 1929 Stocks, Mar. 31, 1929, compared with ..........% ..........% -3 2 .0 “ -1 3 .8 “ + 22.2 “ - 0.3 “ - 1.1 “ - 5.8 “ + 1.7 “ + 24.2 “ + 8.6 “ + - 3.9 “ + 2.7 “ - Accounts out standing, Mar. 31, 1929, compared with 6.3 % 7.9 “ 9.2 “ 4.4 “ 0.6 “ 3.7 “ 6.6 “ 3.0 “ + 11.1 % - 0.4 “ + 3.5 “ - 1 2 .7 “ + 0.1 “ + 8.8 “ - 0.2 “ + 2.8 “ 236.7% 134.1 “ 223.5 “ 204.3 “ 123.8 “ 197.6 “ 423.5 “ 130.0 “ Collections, Mar., 1929, compared with Mar., 1928 Feb., 1929 + 7.2% - 1.9 “ - 6.4 “ - 4.2 “ - 3.1 “ - 5.6 “ + 24.7 “ - 2.1 “ + 2 0 .2 % - 3.2 “ + 1.1 8 + + - 1.5 8.9 3.0 9.2 “ 8 8 8 Page Seven pared with 10,733,000 tons in the previous four weeks and 8,966,000 tons a year earlier. DISTRIBUTION Distribution of goods generally contin ues more active this year than last. Rail road shipments of merchandise and mis cellaneous commodities in the Allegheny district in the four weeks ended April 6 showed a gain of 3.7 per cent over the volume in the same period last year and 9.9 per cent over that in the preceding four weeks. Total shipments also have been well ahead of last year; the increase in the latest four weeks amounted to 5.6 per cent in comparison with a year ago and 4.6 per cent from the total ship ments in the previous four weeks. Sales of ordinary life insurance in this section, as in the country, during March were much larger than those in any month in the past eight years. This is also true of the first quarter of this year. Sales of new passenger automobiles in creased sharply in March and were con siderably larger than in the same month last year. Wholesale and jobbing trade. Most preliminary reports indicate a moderate level of activity in the distribution of goods by wholesalers and jobbers. The demand for drugs, hardware, paper, and electrical supplies is active, while that for dry goods and groceries varies from fair to poor. No pronounced changes in sales have been noted since the middle of last month. Prices generally remain rather stable. The dollar volume of wholesale busi ness in March was about 11 per cent larger than in February but nearly 3 per cent smaller than in the like month last year. Sales of jewelry, shoes, and grocer ies were above, while those of the remain ing five lines were below the amount of a year earlier. The majority of reporting firms had an increase in accounts out standing during March, but at the end of the month only jewelry exceeded the volume of a year before. Collections were smaller than a year ago in all lines except shoes and jewelry. Retail trade. Business at retail has been fairly good, according to preliminary reports, and the volume of sales in the four weeks ended about the middle of April compared well with that of a yeai ago. Retail prices continue virtually un changed. Sales in March were over 6 per cent larger than in the same month last year in spite of fewer trading days in March this year than last. This gain, however, was due to an earlier occurrence of Easter this year. March sales also exceeded the 1923-1925 average for that month by nearly 3 per cent. The largest increases as compared with a year earlier were shown by apparel and shoe stores. De partment stores also reported substantial gains, while credit stores showed marked declines. Retail trade in this district dur ing the first three months of this year was about 1 per cent ahead of that for the same period last year. Inventories carried by retailers in creased seasonally but were noticeably smaller than at the end of March, 1928. The rate of turnover was greater than last year. Accounts receivable also showed an appreciable rise as compared with a year before. Collections showed gains in all lines in contrast with a year ago, the average increase being almost 4 per cent. BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT Prices Demand Retail trade ................ Little change W holesale and jobbing trade: Drugs ....................... Dry goods ................ Little change Little change Fair, little change Fair to poor, some de cline Fairly active Fair, some decline Fairly active, increased Fair, increased Fairly active, little change Fair Fair, increased Slow, decreased Fair, declined but ahead of last year Unfilled orders Operations Fairly active Electrical supplies .. Groceries .................. Hardware ................. Jewelry ..................... Paper ......................... Little Little dome Little Some Shoes ......................... Lumber ..................... W ool ......................... Cotton yarns ............ Unchanged Some advances Lower Some advances Manufacturing: Iron and steel prod ucts ....................... Cotton goods .......... Higher Some advances Silk goods .............. W ool goods ............ W ool yarns .............. Clothing .................... Hosiery — full-fashHosiery— seamless .. Carpets and rugs .. Leather— Colored kid .......... Lumber— mills change change advances change advances Stocks Larger though smaller than a year ago Smaller Larger than a year ago Smaller Smaller than a year ago Larger Smaller than a year ago Larger than a year ago Smaller Larger than a year ago Little change Little change Smaller Larger than a year ago Larger Increased Little change Smaller Larger Some declines Easier Slightly lower Some advances Active, increased Fair, larger than a year ago Fair Fair Fair, increased Only fair, increased Some declines Some gain Some gain Smaller Little change Decreased Increased slightly Little change Smaller Smaller Smaller Smaller Little change Some decline Unchanged Lower Fair, Fair, Fair, Fair, increased increased increased declined Some decline Larger Larger than a year ago Smaller Little change Little change Increased Declined Larger Smaller Smaller Smaller Little change, firm Firm, little change Little change, easier Little change Unchanged Unchanged Little change Easier Unchanged Lower Lower Fair, increased Fair, some gain Declined Fair, increased Fair, little change Fair to poor, declined Fair, increased Active, increased Fair, increased Declined Declined Larger Some gain Smaller Larger than a year ago Declined Smaller Larger Larger Larger Little change Little change Little change Some increase Little change Declined Increased Increased Increased Decreased Decreased Little change Little change Larger Smaller Smaller than a year ago Larger Smaller Larger Larger Page Eight
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