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h X v THE BUSINESS REVIEW _____________ ______________________________ THIRD FEDERAL PHILADELPHIA Mil RESERVE DISTRICT MAY i 1931 bBT By RICHARD L. AUSTIN, Chairman FEDERAL RESERVE BANK of and Federal Reserve Agent PHILADELPHIA Business and Financial Conditions in the United States Further increase in industrial activ ity was reported for the month of March, which usually shows little change from February. Factory em ployment and payrolls increased by the usual seasonal amount between the middle of February and the middle of March. The volume of building contracts awarded in March showed consider able growth, largely of a seasonal na ture. The general level of wholesale prices continued to decline. employment. In dustrial production increased 2 per cent further in March and the Fed eral Reserve Board’s seasonally ad justed index stood at 88 per cent of the 1923-1925 average, compared with 104 per cent in March 1930. There was a considerable increase in daily average output of steel, which ordi narily shows little change from Feb ruary to March, while production of automobiles increased by about the usual seasonal percentage. Activity at cotton mills increased slightly, con Production and trary to the ordinary seasonal move ment, and there was a substantial increase in output of shoes. In the first half of April steel mill activity declined. 1 he number of men employed at factories increased between the middle of February and the middle of March by about the usual seasonal amount. In the iron and steel and automobile industries somewhat larger than usual increases were shown and at textile mills and shoe factories, where the number employed ordinarily declines in March, substantial increases in em ployment were reported. In the agri cultural machinery and petroleum refining industries and at car buildingshops, employment declined contrary to the usual seasonal trend, and in the automobile tire and fertilizer indus tries employment increased less than usual. Volume of building contracts awarded in March increased consid erably from February, according to the F. W. Dodge Corporation, reflect ing in large part developments of a Contracts for seasonal character. residential building increased season ally and were in about the same vol ume as a year ago, while contracts for public works and utilities rose to the high level of March 1930. Definite improvement in moisture conditions in the drought area was an important development in March and the first week of April; supplies of moisture in the top-soil Agriculture. PER cytT WHOLESALE PRICES 120-- PERCEKT Farm Products Indexes of the United States Bureau of Labor Statistics (1926 = 100). INDUSTRIAL PRODUCTION FACTORY EMPLOYMENT Index number of industrial production, ad justed for seasonal variation. (1923-1925 aver age = 100.) Monthly averages of weekly figures for report ing member banks in leading cities. Latest figures are averages of first three weeks in April. Federal Reserve Board’s index of factory emP oyrnent with adjustment for seasonal varia tion. (1923-1925 average = 100.) Page One have been replenished, but the sub soil continued to be dry in certain areas, particularly in the spring wheat belt. Department of Agriculture esti mates, based on April 1 conditions, indicate a winter wheat crop of 644, 000,000 bushels, about 100,000,000 bushels larger than the five year aver age and 40,000,000 more than last year. Intentions to plant, as reported March 1, indicate a considerable re duction in spring wheat acreage, and an increase in acreage to be planted to corn. Distribution. Volume of freight car loadings increased seasonally in March and department store sales increased during the Easter season by about the usual amount. The general level of whole sale commodity prices continued to decline in March, according to the Bureau of Labor Statistics, reflecting Prices. chiefly reductions in the prices of pe troleum products, bituminous coal, and textile products. Prices of farm prod ucts increased slightly and there was a substantial advance in the price of hides. In the first half of April prices of many commodities, including cattle, cotton, rubber, and coffee declined, while the price of wheat advanced. Loans and investments of member banks in leading cities, which had increased in the middle of March as the result of Treasury oper ations, showed a decline for every week between March 18 and April 8, but on the latter date were still $270, 000,000 larger than four weeks earlier. Investment holdings of these banks were at a new high figure on April 8, owing largely to an increase in their holdings of United States government obligations, while loans on securities as well as all other loans showed a decline for the four week period. Bank credit. Volume of reserve bank credit has fluctuated since the middle of Febru ary around a level of $925,000,000. Continued imports of gold, deposited by member banks with the reserve banks, have provided the member banks with sufficient funds to meet an increase in the demand for cur rency. United States government security holdings of the reserve banks have remained at the level of $600, 000,000 established last summer, while discounts for member banks have con tinued to decline and holdings of pur chased acceptances have fluctuated in response to temporary changes in the demand for reserve bank credit. Money rates showed little change from the middle of March to the mid dle of April. Rates on commercial paper declined further from a prevail ing rate of 2l/2 per cent to a range of 2j4-2>^ per cent, while bond yields increased slightly. Business and Financial Conditions in the Philadelphia Federal Reserve District Industrial activity during March re flected further seasonal expansion in contrast to some contraction in the same period last year. The output of manufactures in the aggregate in creased more than usual in the month. The gain in contracts for new con struction, on the other hand, was smaller than was to be expected, while the production of anthracite and bitu minous coal declined further, a trend which was contrary to the typical tendency in the case of soft coal. Re tail sales in March showed a customary increase, while gains in the wholesale trade failed to measure up to normal seasonal levels. In general, business in early April has displayed signs of the usual seasonal let-down. Over part of the past month there was a rise in the so-called commercial loans; this was not maintained in the latest week, however, and the total volume of loans to customers has de clined. Money rates show slight change locally, the banks are borrowing little from the reserve bank, and the re serve ratio of this bank has continued exceptionally high. Manufacturing. The market for fac tory products has been fair for the most part, although lately sales have declined seasonally. Commodity prices, Page Two after showing a fair degree of sta change between February and March; bility between early February and the last year in fact there was an actual middle of March, have again turned decline as against an increase of downward, reaching in April a new nearly 2 per cent in productive activity low level. The most pronounced price this year. The largest percentage gains oc recession occurred in raw materials. Unfilled orders for manufactured curred in the daily output of tobacco products have declined as is to be ex and leather products, particularly ci pected; in comparison with recent gars and shoes. The most noticeable years, they remained substantially declines took place in the transporta smaller. Stocks at manufacturing tion equipment and paper groups, plants generally have declined since owing to curtailment of activity by the middle of last month and are shipbuilding and printing and publish ing plants at a time when there should smaller than a year ago. Factory employment showed a slight be an increase. The output of textile products showed decline from February to March as against increases in the country, while gains that exceeded typical seasonal payrolls remained practically un averages in spite of a small decline in changed. The decrease in employment employment. This gain was due prin was probably due, at least in part, cipally to a further expansion in the to a suspension of activity caused by spinning industry as well as in the labor difficulties in some of the indus weaving of carpets and rugs. Knit tries, particularly hosiery which ordi underwear, and woolen and worsted narily employs about 19 per cent of all factory operations also increased more textile workers in this district and 5 than was anticipated and mill takings per cent of all factory workers in of wool fibres were relatively larger in Pennsylvania. Delaware factories this district than in the country. alone had gains in employment and Marked gains likewise were noted'in clothing. The output of hosiery and wage payments. The output of manufactures in this silk fabrics, on the other hand, de district increased further in March creased just as did wage payments be by a somewhat larger percentage than tween February and March. Textile usual. Ordinarily, there is almost no prices have continued downward. I * PIG •4 IRON DAILY “ERCENT- PRODUCTION AVERAGE TEXTILE FIGURES UNITED 1923—25 AVG.—100 FIBERS STATES DOLLARS COTTON UNITED STATES WOOL PHILADELPHIA FED. RES DIST.-*\ 1929 Source: Iron Age * * * The metal group shows practically no change when allowance is made for the usual seasonal variations. Among individual industries, production of pig iron, hardware, and some of the prod ucts of steel works and rolling mills recorded gains over February. Cast ings, electrical apparatus, and machin ery and parts are among those that showed further curtailment. More than seasonal advances in the manufacturing of building materials were attributable primarily to extended activity in the cement industry, since operations of brick and lumber mills receded. Because of the continued seasonal demand, production of paints and varnishes also increased. Orders for fabricated structural steel, a large portion of which is produced in this section, declined almost steadily in March but in early April showed a sharp increase. Prices of build ing materials continued downward throughout the first half of April and were 13 per cent lower than a year ago. In the chemical industry, there was a further rise in the output of by product coke and of petroleum refining products, in addition to some of the industrial acids. The slight increase in the food group may be ascribed to canning and preserving and to in creased slaughterings of hogs, calves, and sheep. The output of ice cream, sugar, and flour products declined. Production of electric power de clined a little in the month and was appreciably smaller than in March 1930. The decline in consumption was due mainly to smaller use of electrical energy for power purposes by industry. Percentage changes follow: 1927 1928 Sources: Department of Commerce Fairchild's Publications Dun's Review March, 1931 BUSINESS INDICATORS Philadelphia Federal Reserve District Perce ntage change since Amount Feb., 1931 Retail trade*—estimated net sales (154) stores Department (65)................................................... Men’s apparel (21)........................................................ Women’s apparel (15).......... Shoe (37).................................... ;;............................... Credit (16)................................................... .!!!!!!.! Wholesale trade*—net sales (97 firms)____ Boots and shoes (5)........................ Drugs (10)...................................................... Drv goods (11)............................................ Electrical supplies (4).................................. !............ Groceries (30).................................... .............................. Hardware (20).......................".................................... Jewelry (10)........................... .. ] Paper (7)........................................................!!!!!!!!! Productive activity*— Employment—826 plants in Penna.................... Wage payments (weekly average).................... Shoe production!—79 factories...................... Hosiery productiont—138 mills............................ Underwear production!—53 mills............. Wool consumption!—62 mills............................. Active cotton spindle hours..................... .. Pig iron production........................... .. Iron casting production—32 foundries...!!! bteel casting production—11 foundries............. Anthracite....................................................... Bituminous coal—Penna. . . . !.................................. Petroleum receipts at Port of Philadelphia.’ ’ ' Cement........................................................... Electric power output—ii systems. . . ! ’..'. *.'. ...........prs. . .doz. prs. . doz. pcs. . ...........lbs.. ..tons.. .. tons. . . .tons.. . . tons.. . .tons. . . .bbls. . . .bbls. . KWH. . Financial and credit— Debits (check payments)—18 cities..................... Loans and investments—April 15—93 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. Building and real estate— Building permits—17 cities................................................... Builcing contracts awarded. . ..................................... Number of real estate deeds recorded (Philadelphia county) Value of mortgages recorded (Philadelphia county). bheriff sales—writs issued for April—(Philadelphia county). Miscellaneous— Freight car loadings (Allegheny district). . Tonnage of vessels (Port of Philadelphia).. . " ]! ]! [ bales of fife insurance (Per.na., N. J., and Del.) Automobile sales registrations of new passenger ears * Daily average of monthly figures. number. . ... tons. . units. . Mar., 1930 *794,200 $670,500 *19,500 $80,100 $11,200 $12,900 + + + + + - 19.3 15.6 3.2 76.0 33.3 1.5 + 0.0 - 0.7 - 9.8 +11.0 - 7.5 - 3.0 $236,473 S3,640 $56,780 *9,850 $0,555 $80,283 $48,570 $7,362 $14,433 + + + + + + + - 7.5 74.1 1 .4 29.4 2.6 0.5 34.1 12.2 1.2 -13.2 -22.6 - 7.4 - 8.5 -13.4 -10.6 -18.4 -26.9 -22.6 - 0.7 0.0 16.9 0.3 12.3 3.6 3.1 8.2 3.2 7.5 20.8 7.3 5.9 27.1 1.0 -17.0 -31.6 270,434 $8,111,192 55,243 52,846 16,134 224,412 653,845 4,910 121 198 181,800 335,700 33,600 73,068 17,675,200 *2,140,486,000 $1,829,600,000 $20,562,000 $24,096,000 $14,960,000 106 *3,260,724 + + + + + + - +36.4 -52.7 -42.9 -41.1 + 5.7 -14.5 -27.3 -15.6 - 5.5 + 13.2 + 2.9 - 15.1 - 6.7 +126.4 - 7.8 - 29.2 -22.3 +12.8 -44.0 + 0.7 +21.3 -19.7 +58.7 $2,G56,685 $16,538,800 4,104 $8,738,515 1,520 + + + + 14.6 16.9 14.9 11.5 10.0 -76.4 -35.2 - 8.6 -49.1 +11.3 636,159 4,293,655 $110,252,000 12,396 + + + + 11.5 11.4 17.8 64.6 -18.5 - 5.5 -16.0 -31.6 t Bureau of the Census preliminary figures. Page Three REAL CONTRACTS AWARDED-CUMULATIVE ESTATE PH I LA. FELD. PHILADELPHIA ________ DEEDS RES. D1ST. TOTAL RECORDED MORTGAGES RECORDED (in millions of dollars) SHERIFF SALES * JFMAMJJASOND 1928 Source: F. W. Dodge Corporation Source: Philadelphia Real Estate Board Electric power Philadelphia Federal Reserve District 11 Systems March, 1931 Per cent change from March. 1930 Feb., 1931 Rated generator capacity............ 4- 3.3 0.0 Generated output............................. Hydro-electric................................ - 5.5 -42.8 +36.2 -18.5 - 1.0 +107 .0 - 20.9 + 15.0 - 8.4 + 7.3 + 7.5 + 7.3 - 5.0 - 0.2 + 4.3 - 7.0* -41.4 + Purchased......................................... Sales of electricity............................. Lighting......................................... • ■ Municipal..................................... Residential and commercial Power................................................... Municipal..................................... Street cars and railroads... Industries...................................... All other sales................................. 8.7 17.2 12.3 17.8 7.8 19.8 7.6 7.4* 8.1 * Working days average—other items are com puted on calendar days. showing an upturn of 17 per cent from February, fell short of the volume normally expected in early spring; the value of awards also continued lower than a year ago, reflecting in part re ductions in prices. Contracts awarded in the first three months of this year were substantially smaller than in the same period of the past five years. Contracts awarded Per cent change First from quarter 1931 (000’s omitted) 1930 1926-29 avg. 10,684 626 71 362 548 1,085 -80.9 + 5.9 -94.4 -76.4 + 10.3 -60.6 -80.9 -65.1 -92.8 -84.4 -60.2 -41.5 Building activity in March increased seasonally, Total Fed. Res. Dist. in -55.7 -61.1 cluding all cities........... 41,700 although the gain was not evenly dis tributed throughout this section. In Source: F. W. Dodge Corporation the Philadelphia area employment and The real estate market in this dis payrolls showed more than seasonal gains, whereas in other parts of Penn trict shows a slight improvement, even sylvania there were further declines, though the general condition continues a fact which is contrary to the usual unsatisfactory when compared with trend. The most pronounced improve other years. The renting demand has ment occurred in the building of streets been a trifle more active than last year, and highways and in general construc particularly for modern two-story tion and contracting. In early April houses renting at from $30 to $50 a there was a further expansion in the month. The call for apartment space, activity of building trades, as is to on the other hand, remains sluggish. be expected. Construction costs, fol Rents for houses and apartments have lowing a rise in February, declined in decreased further during the past three March and are now the lowest since months. The sale of houses is re early in 1923, according to Engineer stricted chiefly to those costing between $5,000 and $10,000, while the demand ing News Record. Proposed expenditures under per for those above that price is dull. mits issued in seventeen cities in Prospective home buyers are finding creased further by 15 per cent but re considerable difficulty in financing mained substantially smaller than in their purchases, and there appears to March 1930. The gain in the contract be some scarcity of mortgage funds in awards for new construction, while certain sections of the district. Un Building and real estate. Page Four j fmamjjasond usual conservatism and caution still mark the extending of mortgages, and in the case of second liens, funds are almost unobtainable. The volume of financing for new commercial and residential construction remains at a considerably lower level than in several past years. The number of real estate deeds recorded in Philadelphia showed a gain of 15 per cent over February, while the value of mortgages declined 12 per cent; both remained smaller than in March 1930. Orders for foreclosures in Philadelphia in April amounted to 1,520, which was the largest figure, with the exception of last January, in the past dozen years. The agricultural situa tion improved noticeably in this sec tion between March and April. Recent rains replenished the moisture content of the top-soil, but more water is needed in the sub-soil, where the cumu lative effects of last season’s drought are still in evidence. Orchards in many parts of this district are said to have benefited greatly from the increased moisture supply, although pastures and meadows, particularly in those localities most severely affected by the drought, are in need of additional rain to assure normal growth. The April 1 condition of winter wheat in Pennsylvania was estimated at 67 per cent of normal compared with 86 per cent in 1930. For the country as a whole, however, the esti mated condition on April 1 was about 11 per cent higher than a year ago. r Agriculture. * * The market for anthracite slackened somewhat during March, owing to lessened demand by house holders, because of warmer weather. Coal. * FREIGHT CAR OUTPUT or BOOTS and SHOES THOUSANDS OF CARS ALLEGHENY LOADINGS DISTRICT 1,200 PHILA. FED- RES. DIST. TOTAL I Ti 1 i \ UNITED STATES MERCHANDISE A MISCELLAl i EOU S 19 23—25 AVG — 100 1927 Source: Bureau of the Census The daily output of collieries declined further and the total production in the month of 4,727,000 tons was substan tially smaller than in February. In the first three weeks of April, colliery out put declined slightly, but was larger than a year ago. Wholesale prices of domestic sizes have declined since the middle of February and were consider ably below the March average of the last three years. The usual spring reduction in the retail price, which went into effect on April 1, was said to have been proportionately greater this year than for several years past. The industrial demand for Pennsyl vania bituminous coal was not as active during March as in February and in the Philadelphia territory more than the usual seasonal quiet prevailed. The daily output of collieries declined and wjis the smallest of any month since July 1927. Last month’s production, which amounted to 8,728,000 tons, was about 14 per cent smaller than in March 1930, while the total output in the first quarter was nearly IS per cent less than a year ago. March ship ments for the country as a whole aver aged slightly higher than in February, but declined sharply during the last two weeks of the month. In the first fortnight of April they reached the lowest point of the year. Retail sales in March increased by about the usual amount, all reporting lines except credit stores sharing in this gain. Increases also were well distributed among the city areas with the exception of the Johns town section which showed a drop, ow'ing mainly to an unusually large volume realized in February from Distribution. 1927 1930 Source: American Railway Association special sales of furniture. Spring business in the first half of April was fair, and the volume of transactions compared favorably with other years. Price recessions continued much in evidence. Sales of women’s apparel stores showed a substantial gain over those in March 1930, even in dollar units. The decline in business of department, men’s apparel, shoe and credit stores was due largely to lower prices. Re ports indicate that the quantity of merchandise sold in March measured up to other recent years when prices were noticeably higher than they have been this year. Mainly because of this change in prices, dollar sales were- 7 per cent less in the first quarter this year than last, all lines showing losses. Inventories at retail establishments in March rose about 8 per cent, the largest increases occurring in apparel and shoe stores. But compared with a year ago, stocks were IS per cent smaller, the largest decreases being in department, apparel, and credit stores. The increase in the month may be explained partly by the fact that the Easter season occurred about two weeks earlier this year than last, and the comparison with a year ago was influenced by lower prices. Wholesale trade in the aggregate increased nearly 8 per cent from Feb ruary to March, but this gain was not as large as was to be expected for that month. Among the leading lines that failed to come up to the usual seasonal expectations were drugs, groceries, and paper. The sales of the remain ing five lines were close to their typical averages for March. Preliminary re ports for early April indicate that de mand has been rather quiet in spite of some increases in the sale of shoes, dry goods, and hardware. The trend of prices continues downward. Wholesale lines had substantially smaller dollar sales in March this year than last, declines varying from 7 per cent in drugs to 27 per cent in jewelry. The dollar volume of wholesale trade was also noticeably smaller in the first quarter this year than last. A large por tion of these declines from a year ago reflected continuous recessions in wholesale prices. For example, whole sale quotations were lower in March this year than last as follows: foods 18 per cent, cotton goods 17 per cent, shoes 9 per cent, hardware 4 per cent, and drugs and paper 5 per cent. As in the case of retailers, stocks held by dealers generally were smaller than in March 1930, although there were some seasonal gains over the pre ceding month. Accounts receivable, too, were smaller than a year ago but somewhat larger than in the previous month. Most lines showed gains in the settlement of accounts during the month, but all of them had smaller payments than in March 1930. Shipments of commodities by rail road freight in this section showed more than the usual seasonal gain in March, following declines in the pre vious month. This increase was also maintained in the first fortnight of April, owing largely to increased load ings of merchandise and miscellan eous commodities, which comprise for the most part finished products. The aggregate volume of shipments in the first quarter of this year, however, was about 80 per cent of that in the same period last year and 75 per cent Page Five of that two years ago. Deliveries of consumers’ goods by motor truck are said to have been quite active in the latter part of March on account of quick demand for seasonable goods. Sales of new passenger automobiles increased by a smaller amount than is customary for March, reflecting largely industrial conditions. Sales were also much smaller in the first quarter this year than last; in con trast to the decline in the demand for new cars, the market for used auto mobiles had been steadily active. Reg istration figures for Pennsylvania indi cate that sales of used cars in the first quarter this year were not only larger than a year ago but also exceeded ap preciably those in the same period of 1929, as against a reduction varying from one-third to two-fifths in the sale of new cars. Further accu mulation of investments over the past month is reported by member banks, together with a decline in loans to cus tomers. Continued ease in credit also is manifested in little change in local money rates and in the strong position of the Federal Reserve Bank. During the five weeks ended April 22 the reserve ratio of this bank did not fall below 87.5 per cent and on several days it was in excess of 90 per cent. This high reserve ratio has been accompanied by an unusually high level of reserve deposits of member banks; since the beginning of April these de posits have averaged 152 millions, as compared with 135 millions a year ago. Member bank borrowing from the reserve bank continued light, with less than 16 millions under discount on April 22. Currency demand shows little net change, despite a temporary increase over Easter-time. Large transactions for government account marked this period. On April 15 a new issue of securities was offered and 29 millions was allotted to this dis trict. From the deposits created in payment for these securities and those issued a month earlier, the government has withdrawn 59 millions in the course of the past five weeks; to this should be added the proceeds of income tax checks collected during the last thir teen days of March and sums derived from other sources. A largje part of these total collections was required to meet the ordinary expenses of govern ment and veterans’ loan checks pre sented for payment; nevertheless a substantial amount was lost to the local market through transfers for govern Financial conditions. Page Six ment account to other districts, par NET DEMAND and TIME DEPOSITS ticularly in March. MEMBER BANKS IN PHILADELPHIA FEDERAL RESERVE DISTRICT The banks met this withdrawal of funds mainly Banks outside through sums - l Philadelphi gained in favorable balances in the set tlement of commer cial and financial transactions with other districts. Continuing the strong upward Philadelphia banks movement which has been in prog ress since January 1930, the invest ments of reporting member banks in Philadelphia, Cam Averages of daily figures March, March, Changes den, Scranton and Wilmington in (000,000’s omitted) 1930 1931 creased by 53 millions during the five weeks ended April 22. In part this Philadelphia member banks: may be attributed to the new issue of Net demand deposits.. $728 +$80 $648 Time deposits.................. + 94 352 government securities on April 15, but Member banks outside 258 of Philadelphia: in part also it seems to represent the Net demand deposits.. 488 471 - 17 investment of funds drawn from de Time deposits................... 847 864 + 17 posits in other banks; amounts due from banks declined 72 millions, while sales for the month of $14,960,000 due to banks decreased only 26 millions. were the highest since the record figure Of the increase in investments, 16 mil of $25,020,000 last July and the great lions was in securities other than is est for any March in figures going sues of the United States. back to 1923. Loans and discounts show a decline from 850 to 830 millions in total. The Sales to— major part of this drop, 17 millions to paper sales CityCountry Total sales be exact, was in loans on securities, (Four dealers) banks banks which reached the lowest point since March 1928. Over the first four weeks 1931—Jan. . . $ 3.040,000 $ 1,554,500 $ 4,594,500 Feb. .. 4,072,500 2,534,500 6,607,000 of the period other loans and discounts March. 12,295,000 2,665,000 14,960,000 had increased steadily, owing only in Three part to the purchase of commercial months $19,407,500 $ 6,754,000 $26,161,500 paper, but a decrease of some size in 1930—Jan. . . $ 7,012,500 $ 8,124,500 $15,137,000 the latest week carried the total of Feb. .. 875,000 6,100,000 6,975,000 March. 7.840,000 4,495,000 12,335,000 this class of loans down to a point 3 Three millions below the figure of March 18. months $15,727,500 $18,719,500 $34,447,000 On April 15 both the total loans and investments and deposits of the report ing banks were at the highest points Changes in— Federal Reserve April on record, but the following week Philadelphia 22, showed some recession. Time deposits Five (Dollar figures in One 1931 millions) weeks year have been rather steady over the past month, government deposits have de BilLs discounted for clined, but net demand deposits show banks in— Philadelphia............ $ 1.9 -*0.4 -$ 2.2 a substantial increase. Other communities 13.9 - 3.1 - 9.3 Increased requirements for reserves Total bills discounted * 15.8 —S3.5 -$11.5 over a year ago are the result largely Bills bought.. ............. 0.1 - 2.0 - 8.7 Slates secuof accumulating deposits in Philadel United rities......................... 49.4 0 + 3.3 0 0 - 1.0 phia banks, as may be seen in the Other securities.......... Total bills and sefigures for March given below. curities.................... $ 65.3 -S5.5 -*17.9 There was a sharp rise in sales of Member hank reserve deposits.. . 147.1 + 9.3 1.6 commercial paper to city banks during Cash reserves.............. 251.8 - 1.3 + 18.8 March, according to reports of four Reserve ratio............... 88.4% + 0.2% + 6.2% dealers who sell in this district. Total * * \ Employment March, 1931 Employment and wages in Pennsylvania All manufacturing industries (51)............................................... Payrolls March, 1931 Percentage change—March, 1931, from March, 1930 City areas* Per cent change since Mar. index* Mar. index4 Per cent change since Mar., 1930 Feb., 1931 79.8 -17.0 - 0.7 68.4 -31.6 75.4 62.7 37.1 60.6 59.6 63.0 81.2 38.8 60.0 66.2 76.5 47.5 65.2 58.6 -37.1 -37 0 -35.2 -39.9 -48.7 —20.5 -45.8 -42.1 -38.2 -39.0 -52.9 -35.6 -46.1 + 3 3 + 1.6 Mar., 1930 Feb., 1931 0.0 Metal products........................ Blast furnaces........................ Steel works & rolling mills.. Iron and steel forgings... . Structural iron work.... Steam & hot wtr. htg. app. Stoves and furnaces................ Foundries............................... Machinery and parts............. Electrical apparatus............... Engines and pumps................ Hardware and tools................ Brass and bronze products. 45.1 70.5 73.5 86.1 93.2 64.4 77.1 83.9 91.5 63.2 78.4 70.4 -20.4 -25.5 -18.8 -23.8 -27.6 - 6.1 -22.4 -24.0 -21.4 -21.6 -33.6 -20.3 -31.3 - 1.6 0.0 - 1.5 + 4.3 - 0.8 - 3.6 +10.1 + 1.8 - 1.2 - 3.6 - 2.8 + 2.2 - 3.7 Transportation equipment... . Automobiles.............................. Auto, bodies and parts. . . Locomotives and cars............ Railroad repair shops............. Shipbuilding................... 53.2f 62.7 52.1 26.0 73.7 69.3 -31.5 - 7.2 -43.2 -50.5 - 5.3 -18.0 + + + - 2.0 0.6 3.4 5.1 0.3 5.1 41.51 42.9 39.0 19.5 63.0 101.3 -48.3 -25.9 -59.9 —64.9 -22.3 -20.7 - 1.9 + 67 - 0.8 3 9 — 2 5 - 7.0 -15.1 -18.6 + 6.9 -16.0 -12.7 -18.2 - 8.9 -20.6 -18.6 - 5.4 + 4.7 - 4.2 + + + + + + + + 1.1 0.8 4.5 0.7 2.7 8.3 0.2 5.9 1.7 2.7 0.1 3.0 82.3 59.2 59.7 LOS .0 96.8 44.2 58.2 97.7 66.7 72.9 144.3 125.7 -25.1 -16.0 +15.7 -25.3 -13.6 -24.7 -24.7 -36.6 -34.0 - 6.4 + 7.0 -15.5 0.0 — 5 0 + 7.0 Foods and tobacco........................ 105.1 Bread <fe bakery products. . 107.1 Confectionery............................. 96.8 Ice cream.................................. 93.5 Meat packing........................... 96.3 Cigars aad tobacco................. 106.1 - + 0.1 - 9.6 - 9.5 -12.4 - 8.1 -11.1 - 7.2 + 1.1 - 2.1 - 7.5 + 3.9 - 2.0 +10.2 Stone, clay & glass products.. Brick, tile and pottery.......... Cement...................................... Glass................................................. 59.3 71.3 54.2 Lumber products........................... Lumber and planing mills.. Furniture....................................... Wooden boxes............................. Textile products.............. Cotton goods.......................... Woolens and worsteds.......... Silk goods.................................... Textile dyeing & finishing.. Carpets and rugs...................... Hats............................................. Hosiery.................................... Knit goods, other..................... Men’s clothing........................... Women’s clothing............... Shirts and furnishings. . .. 90.2 61.8 63.3 103.6 88.9 57.7 82.3 101.2 79.0 80.6 141.7 135.6 - 0.9 + 34 — 3 6 — 3 1 Allentown.. . . Altoona........... Harrisburg. . . Johnstown.... Lancaster.. . . Philadelphia. . Reading.......... Scranton ......... Trenton........... Wilkes-Barre. Williamsport. Wilmington... York............... Employ ment Wage payments Building permits (value) Debits -20.5 -11.2 -16.8 -29.6 — 9.1 -19.4 -16.4 — 12.7 -14.3 — 11.5 -21.9 -19.7 — 6.5 -34.7 -28.8 -28.7 -38.0 -21.0 -28.3 -35.4 -18.3 -25.5 -19.8 -32.7 -22.6 -18.1 - 64.2 - 55.0 - 32.5 +177.5 - 79.8 - 85.0 - 44.2 + 51.0 - 77.1 - 71.8 - 46.3 - 70.5 - 27.4 -15.8 -20.7 -16.2 -23.0 -27.2 -23.9 -16.5 -14.4 +11.9 +14.8 -20.5 -29.3 -16.0 + 16 — 1 fi — 26 -10.2 Retail trade sales - 2.7 -14.7 + 8.5 — 10.2 -11.6 - 0.3 +11.1 +11.9 + 3.2 + 2.3 - 0.4 March, 1931, from February, 1931 Allentown................... Altoona........................ Harrisburg................ Johnstown................. Lancaster................... Philadelphia............. Reading....................... Scranton..................... Trenton....................... Wilkes-Barre........... Williamsport............ Wilmington............... York.............................. + + + + + + 1.4 1.3 4.3 2.1 1.9 0.9 0.8 0.5 1.2 0.3 3.3 0.7 2.8 + + + + + + + + + 1.7 2.9 2.4 2.8 1.2 0.4 3.5 1.5 0.9 3.9 0.3 1.4 3.4 + 35.4 +131.5 - 0.2 +775.5 + 6.4 - 23.0 + 67.0 +182.1 + 39.8 - 5.9 +650.5 + 40.7 + 50.2 +19.3 - 0.9 +10.9 + 9.9 +27.7 +12.9 +30.4 + 3.8 +14.4 +14.0 +17.1 +34.1 +18.4 +18.0 +27.1 +33.0 -19.9 +76.5 +29.6 +29.4 +43.5 +19.3 +36.8 +13.9 * Area not restricted to the corporate limits of cities given here. + 2.8 +14.8 +27.4 — 5 5 - 4.2 +12.0 + 3.1 +12.6 Percentage change 4.6 4.2 6.7 3.8 2.1 3.5 + + 1.4 4.5 4.2 0.3 2.4 96.2 101.7 95.0 91.6 84.0 89.5 -23.4 -15.0 -11 .6 -43.7 + + + 1.7 0.3 2.5 3.5 45.8 50.5 43.1 47.9 -36.9 -36.1 -26.7 -47.9 + 3.9 - 6.5 + 6.9 +10.9 57.4 33.0 65.6 67.0 -25.6 -51.0 -19.8 + i.i + 0.7 -10.6 + 5.3 - 0.4 52.7 28.0 61.6 62.8 -29.1 -57 6 -21.6 + 2.8 + 12.4 - 5.1 +23.2 + 1.3 Chemical products..................... 91.1 Chemicals and drugs............. 75.0 Coke....................................... 73.2 Explosives.................................. 75.4 Paints and varnishes.............. 85.7 Petroleum refining................... 127.9 -10.2 -17.5 -28.7 -11.0 - 8.2 - 1.8 + + + + 3.1 4.3 0.7 0.9 5.3 4.1 89.3 69.4 58.1 77.0 80.8 131.7 -16.2 -22.0 -36.8 - 9.4 -21.9 - 6.3 + + + - 0.0 3.9 0.3 8.2 5.6 1.2 Leather and rubber products. 94.5 Leather tanning........................ 101.5 Shoes...................................... 94.0 Leather products, other... 80.3 Rubber tires and goods.... 84.7 - 3.7 - 3.8 - 0.9 -17.0 - 2.9 + + + - 0.5 2.0 4.7 3.7 3.0 92.8 95.4 93.9 88.8 92.2 - 7.9 - 8.9 - 6.3 -12.3 - 3.3 + + + + + s.l 3.2 8.6 3.4 9.5 Paper and printing........................ 94.8 Paper and wood pulp............ 81.1 Paper boxes and bags............ 79.7 Printing and publishing... . 101.5 - 4.7 - 6.7 -13.8 - 2.3 + 0.4 99.6 -13.7 - 0.1 + 7.8 0.0 78.0 83.6 108.0 -16.9 -19.3 -11.8 0.0 + 3.2 — 3.6 - 0.4 Anthracite........................................ - 4.1 - 8.3 55.7 -17.0 -30.2 79.9 Bituminous coal........................... + 04 47.6 -40.8 + 2.4 40.8 -46.6 - 0.5 Street railways................... 77.9 - 8.9 - 0.1 80.1 -14.3 - 2.7 Retail trade........................ 92.7 — 3.9 Wholesale trade.......... 89.7 — 1.9 -02 f Preliminary figures. Boots and shoes.. . Drugs............................ Dry goods.................. Electrical supplies. Groceries..................... Hardware................ Jewelry........................ Paper............................ Net sales: 1931 compared with 1930 March (daily av.) Three months -22.6 - 7.4 - 8.5 -13.4 -10.6 -18.4 -26.9 -22.6 -29.0 - 1.9 -16.4 -23.4 -12.4 -23.7 -33.4 -21.6 Stocks: Mar. 31, 1931, compared with March 31, 1930 + 1.1 -18.4 - 7.1 - 6.5 -16.5 -14.5 Feb. 28, 1931 + + + - 4.1 2.4 7.1 1.6 2.3 0.9 1.3 Collec tions during Mar. 1931, compared with 1930 - 1.0 - 7.3 -15.5 -16.3 -15.5 -27.3 -20.3 -27.2 Percentage change Construction & contracting.. . * 1923-1925 Average'—100. Wholesale trade Philadelphia Federal Reserve District Retail trade Philadelphia Federal Reserve District Net sales: 1931, compared with 1930 Stocks: Mar. 31, 1931, compared with Rate of turnover: three months Mar. Three months All reporting stores.................. + 0.0 - 7.1 -14.6 + 8.1 0.86 0.93 Department.................................... in Philadelphia........................ outside Philadelphia............ Men’s apparel............................... in Philadelphia........................ outside Philadelphia............ Women’s apparel........................ in Philadelphia........................ outside Philadelphia............ Shoe.................................................... Credit................................................. - 0.7 - 1.1 + 0.5 - 9.8 -28.1 + 5.2 +11 .0 + 11.9 + 5.3 - 7.5 - 3.0 - 7.4 - 8.9 - 3.3 - 9.3 -15.0 - 4.2 - 1.8 - 1.0 - 7.3 -12.9 -10.8 -14.3 -13.1 -16.6 + 7.7 + 8.0 + 7.1 0.86 0.92 0.96 0 99 0.67 0.75 -16.9 -18.2 -17.7 -20.0 -11.7 -15.2 +13.2 0.50 0.57 +25.0 1.38 1.65 +29.7 1.50 1.82 + 8.7 0.87 0.98 +10.7 0.58 0.60 + 0.4 0.51 0.54 Mar. 31, Feb. 28, 1930 1931 1930 1931 Page Seven Synopsis of Industrial and Trade Conditions in the Philadelphia Federal Reserve District Demand | Stocks Operations Manufacturing Iron and steel Little change Pig iron production increased Some gain Some gain Little change Declined Little change Declined Locomotives and cars. . . . Slow Declined Shipbuilding Little change Declined Fair, little change Declined Blast furnaces.............................. Steel works Foundries and and rolling machine Electrical apparatus............... Transportation equipment ................................. Textiles Silk manufactures .................. Moderate, little change Little change Wool dealers................................. Quiet, some decline Wool manufactures ............... Fair, little change Increased Moderate, little change Cotton manufactures Quiet, little change Little change Declined, smaller than a year ago Fair, some gain Little change Declined Hosiery .... ............................................. Fair, some gain in unfilled orders Some increase Clothing ............................................ Fair, some gain Little change Declined More active Increased in March Light, declined Fair, little change Little change Smaller than a month ago Leather products Leather—sole .............................. Fair, little change, some increase in prices Some gain Building materials Little change Some decline More active, unfilled orders larger than a month ago Increased Paints and varnishes............ Slate ............................................. Miscellaneous Building Little change, smaller than a year ago Little change Larger than a year ago Some increase in the month but smaller than a year ago Quiet, little change Declined Moderate, little change Fair, some gain Increased Little change, smaller than a year Quiet Little change Moderate, larger than a year ago Quiet, little change Little change Moderate, somewhat larger than a month ago Fair, prices unchanged Some decline Some increase Fair Little change Little change Permits increased in March Contracts showed a gain in March Quiet, some decline Declined Quiet Declined ago Coal mining Anthracite ....................................... Bituminous .................................... Trad Increased, but smaller than a year Some gain Wholesale and jobbing. . . Page Eight Quiet ago Some increases, but smaller than last year
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