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THE BUSINESS REVIEW
THIRD FEDERAL
PHILADELPHIA
RESERVE DISTRICT
November i, 192.8
By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent
FEDERAL RESERVE BANK of PHILADELPHIA
B U SIN E SS C O N D IT IO N S IN T H E U N IT E D S T A T E S
Volume of production and distribution
of commodities increased seasonally in
September and was larger than a year
ago. There was a further advance in the
general price level. Loans of member
banks in leading cities increased in Sep
tember and October in response to the
seasonal demand for commercial credit.
P rod u ction . Industrial production in
creased further in September, and the
output of manufactures was in larger vol
ume than in any previous month. Factory
employment and payrolls also increased.
Production of iron and steel and of au
tomobiles was unusually large during
September and October, although there
has recently been some curtailment of
operations in these industries. There
were also increases in September in the
activity of the textile, meat packing, and
tire industries, and in the output of coal,
petroleum, and copper, while lumber pro
duction showed a decline.
Building contracts awarded, after de
clining in volume for three months, in
creased considerably in September and
exceeded all previous records for that
month. The increase was due chiefly to
certain large contracts for industrial
plants and subway construction. During
the first three weeks of October awards
exceeded those for the same period last
IND U STR IAL
PER CENT
150
year, the excess being especially large in
the Eastern Districts.
Department of Agriculture estimates of
this year’s crop yields indicate that the
production of all crops in the aggregate
will exceed last year’s output by about 5
per cent. The corn crop is estimated at
2,903,000,000 bushels, or 5 per cent above
last year’s production. The October 8
estimate indicated a cotton crop of 13,993,000 bales, or 446,000 bales less than
was forecast on September 8, compared
with a yield of 12,955,000 in 1927.
T rade.
Department store sales in
creased considerably in September and
were larger than a year ago, reflecting
in part the influence of cooler weather.
Inventories of department stores at the
end of the month were smaller than on
the same date of last year. Wholesale
distribution in all leading lines except
meats was somewhat smaller than in
September, 1927. Freight car loadings
showed more than a seasonal increase in
September and continued large in Octo
ber. Shipments of miscellaneous com
modities in recent weeks have continued
in larger volume than in previous years.
P rices. Wholesale commodity prices
increased further in September and the
Bureau of Labor Statistics Index ad
vanced to 100.1 per cent of the 1926
average. Increases, which were largest
in farm products and foods, occurred in
nearly all groups except hides and leather
and textiles, which showed slight declines.
Since the latter part of September there
have been decreases in the prices of live
stock and meats, grains, wool, and hides,
and increases in cotton, silk, rubber, and
iron and steel.
Bank credit. Demand for bank credit
for commercial purposes increased be
tween the middle of September and the
middle of October, reflecting seasonal
activity in trade and the marketing of
crops. There was also a growth in loans
to brokers and dealers in securities,
though total loans on securities of re
porting member banks showed little
change.
During the four weeks ending October
24, a growth of about $40,000,000 in the
total volume of reserve bank credit in
use was due chiefly to continued increase
in the demand for currency offset in part
by a small inflow of gold from abroad.
Reserve bank holdings of acceptances in
creased by about $130,000,000 during the
period, while the volume of discounts for
member banks declined by about $100,000,000. United States security holdings
remained practically unchanged.
Open market rates on commercial
PRODUCTION
PER CENT
150
10
0
50
0
50'
1924
1925
1926
1927
1928
In d ex n u m b e r o f p r o d u c tio n o f m a n u fa ctu re s
a n d m in era ls c o m b in e d , a d ju s te d fo r seasonal
va ria tion s (1923-25 average = 10 0 ). L a test fig
u re, S ep tem b er, 114.
1924
M o n th ly averages o f d a ily figu res fo r 12 F ed
eral reserve b an k s. L a test figures are aver
ages o f first 23 d ays in O cto b e r.
1925
1926
1927
1928
M o n th ly averages o f w e e k ly figu res fo r b a n k s
in 101 le a d in g citie s. L a te st figu res are aver
ages fo r first th re e w e e k ly re p o rt d a te s in
O c to b e r.
Page One
BUSINESS INDICATORS
Philadelphia Federal Reserve District
Latest figure
compared with
September, 1928
Previous
month
Retail trade— estimated net sales (127 stores).
Department stores (59)................................
Apparel stores (34).......................................
Shoe stores (18)............................................
Credit stores (16)..........................................
I n d e x o f U n it e d S t a t e s B u r e a u o f L a b o r S t a
t is t i c s (1926 = 100, b a s e a d o p t e d b y b u r e a u ) .
L a t e s t fig u r e , S e p t e m b e r , 100.1.
paper and on bank acceptances remained
unchanged between the middle of Sep
tember and the latter part of October,
while rates on security loans declined in
October.
B U SIN E SS C O N D IT IO N S IN
T H E P H IL A D E L P H IA F E D E R A L
R E S E R V E D IS T R IC T
Business and industrial activity in the
Philadelphia Federal Reserve District
has continued to advance toward some
what higher levels than those usually pre
vailing at this season. The production
and distribution of goods have increased
materially in recent weeks, and in many
instances have reached the peak for this
year or for some years past. The busi
ness situation this fall in fact has been
in sharp contrast with that existing at
the same time last year when trade and in
dustry were less active than is usual at
this season.
Retail trade continues to show sea
sonal gains. Sales of reporting stores in
creased considerably during September
and were almost 6 per cent larger than
in the same month last year. The whole
sale and jobbing trade also is active, most
of the reporting lines indicating a larger
volume of business. Sales in September
were larger than in August but smaller
than in September, 1927.
Railroad shipments of commodities in
the Allegheny district are more than sea
sonally active, and in September reached
the largest volume since the fall of 1926.
The movement of merchandise and mis
cellaneous commodities in the four weeks
ending about the middle of October was
at the highest point for this year and
was ahead of the amount in the same
period last year or two years ago.
Check payments in this district during
September established a record volume
for that month. In the four weeks ended
October 17, they were 17.4 per cent
greater than four weeks before and ex
ceeded those for the same period last
year by 14.5 per cent.
Stimulated by a larger demand for
manufactured goods, industrial operations
have expanded further during the month.
Factory employment increased in Sep
Page Two
Year
ago
.$19,964,900
.$16,245,200
..$2,430,200
___ $332,000
....$ 957 ,500
+ 33.9 %
+36.7 “
+ 35.7 “
+ 14.5 “
.$ 8 , 939,100
. . . $ 200,900
. $ 1 , 513,400
. . . $ 808,300
. . . $ 486,900
.$ 3 , 114,000
. $ 1 , 599,700
. . . $ 436,200
. . . $ 779,700
+ 3.7 “
+ 9.0 “
Productive activity:
Employment—806 plants in Penna...................
Wage payments in above plants........................
Shoe production* (92 factories).........................
Hosiery production* (131 mills)........................
Wool consumption* (85 mills)...........................
Active cotton spindle hours (Penna. and N. J .).
Pig iron production............................................
Iron casting production (38 foundries).............
Steel casting production (10 foundries)............
Anthracite...........................................................
Bituminous coal—Penna....................................
Cement................................................................
Electric power output (11 systems)..................
265,055
.................... $ 6 , 761,511
prs...........1, 383,619
doz.prs.. .1, 358,238
lbs........... 7, 189,413
...............59, 994,772
tons............ 298,089
tons............ ..6,606
tons............ ..4,089
tons........ 6, 036.000
tons........ 10 ,137,000
bbls......... 3, 601.000
KW H .. 468, 658,000
+ 0.7 1
-
0.2
+
0.9 “
1 .6 “
+
+
+
27.6 “
1 4 .3 “
9.6 “
15.3 “
8.5 “
3 .1 “
11.3 “
1 5 .3 “
Distribution:
Freight car loadings (Allegheny district— weekly average)
Tonnage of vessels (Port of Philadelphia)........................
....................222,632
tons........ 3,591,215
Wholesale trade— net sales (119 firms).
Boots and shoes (6)...........................
Drugs (12).........................................
Dry goods (16)..................................
Electrical supplies (4 ).......................
Groceries (35)....................................
Hardware (24)...................................
Jewelry (11).......................................
Paper (11)..........................................
Financial and credit:
Debits (17 cities)................................................................
Savings deposits (95 banks)...............................................
Bills discounted held by F. R. B. of Phila. (daily average)
Bankers’ acceptances executed (8 banks for month ended
October 10).....................................................................
- 2.1 “
+ 23.0 “
+ 24.6 “
+ 2.1 “
+ 1.7 “
+ 9.1 “
- 4.5 “
-
-
8.3 '
1.8 1
-1 3 .9
+ 14.6 1
0.6
+
'
- 3.1 '
-2 5 .8 '
-1 2 .3 '
0.8 ‘
-1 0 .3
2 .1
-
5.8%
3.6 “
9.8 “
+ 1.1 “
+ 46.1 “
4.7 “
- 15.6 “
4.6 “
- 1 7 .2 “
2.3 “
+ 2.7 “
- 12.5 “
6.7 “
+ 4.2 “
+ 3.5
- 4.2
1.9
4.3
+
“
ended October 10)....................................................
Commercial paper sales (5 dealers)................................
+ 9.7 1
+ 0.5 1
+ 7 .5 '
+ 4 .8 “
+178.8 “
+ 3.0 '
+ 12.3 “
-
..$2,336,300
Bankers’ acceptances outstanding (8 banks for month
2.1
-1 5 .1
-2 4 .1
-2 5 .8
+ 8.3 “
- 73.9 “
9.6 “
+ 80.4 “
.$11,727,100
.$45,633,500
-3 1 .0
+ 34.3
- 28.7 “
+ 13.6 “
............4,444
.$15,099,000
-
7.0
4.9
-
-17.0
-16.0
+
.$2,613,004,000
...$683,848,600
...$106,500,000
.$5,144,000
.$13,737,000
..$2,757,500
Commercial failures— number........................................
Commercial failures— liabilities......................................
................... 66
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)..
Miscellaneous:
Sales of life insurance (Penna., N. J., and D el.)........
Retail sales of automobiles (11 distributors)..............
Wholesale sales of automobiles (12 distributors).......
+ 6.1 “
+
+
+
.$69,083,000
. .$2,623,900
..$4,860,700
-
12.0
6.2
5.6 “
34.3 “
6.1 '
+ 14.6 '
+ 20.8'
* Bureau of Census preliminary figures.
tember and the volume of payrolls for the
first time exceeded that in the same
month last year. The demand for in
dustrial workers continued to increase
indicating a steady improvement in pro
ductive operations.
On the basis of
actual working days, consumption of
electric power by industries in this district
increased substantially in the month and
was considerably ahead of the quantity
used in September, 1927.
Significant is the fact that inventories
carried by reporting manufacturers gen
erally speaking are moderate, and show
a considerable decline as compared with
the volume of a month and a year ago.
This decrease has been especially marked
in metals, textile products, shoes, and
building materials.
Building operations in September ex
perienced a sharp recovery from the de
cline in August, as evidenced by a large
increase in the value of contracts
awarded. The value of building permits,
however, continued to decline. Real es
tate transactions in Philadelphia also
showed marked decrease in the month
and in the year.
Favored by colder weather, the demand
for anthracite by householders has im
proved appreciably in recent weeks. This
is also true of the bituminous market
which has become more active than a
month ago in sympathy with the general
betterment of manufacturing industries.
Rates for commercial paper and bank
ers’ acceptances have not changed re
cently, but call loans secured by stock ex
change collateral averaged lower in the
first three weeks of October than in Sep
tember. Member banks in this district
report declines in loans on securities and
in other loans and discounts which are
largely commercial in character. Member
banks reduced their borrowings from
the Federal Reserve Bank to 80 millions
on October 17, the lowest point since the
middle of June.
F IN A N C IA L C O N D IT IO N S
Rates for prime commercial paper and
ninety-day bankers’ bills on October 19
were 5J2 per cent and 4 y2 per cent, re
/
spectively, unchanged from quotations a
month ago. Ninety-day time money
reached a high point at 7 ^ per cent late
in September, but since has declined to
7 per cent and the average rate for call
money renewals in the first twenty days
of October was 7.04 per cent, as com
pared with 7.35 per cent in the same
period last month. In Philadelphia the
predominant rates to customers on prime
commercial paper were 5^2 to
per
cent in the week ended October 15.
Brokers’ loans continued to increase
in the past month. In the eight-week
period ending October 17, the total has
expanded 463 millions to 4,664 millions.
Comparative figures, as reported by New
Y ork City member banks, follow :
(In millions of dollars)
Oct. 17, Aug. 22, Oct. 19,
1928
1928
1927
890
For out-of-town banks. . 1,733
2,041
809
1,512
1,880
1,096
1,350
988
4,664
4,201
Sept., 1928, compared with Sept., 1927
CONDITIONS
Philadelphia Federal
Employ
Reserve District
ment
Allentown
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
area.. .
“ ...
“ ...
“ . ..
“
...
“ ...
“ ...
“ ...
“ ...
“ ...
“ ...
“ ...
-
-
6.6%
+ 3.1
-1 6 .3
- 8.3
- 9.6
+ 3.0
+ 5.6
- 4.4
- 9.8
- 8.1
+ 2.7
- 3.1
Value of
building
permits
Debits
Savings
deposits
Retail
trade
sales
Electric
power
sales
+ 80.3%
- 24.2 “
- 58.9 “
- 41.3 “
- 47.0 “
- 49.9 “
+ 26.9 “
4 .3 “
+ 13.9 “
+476.0 “
0 .0 “
+162.9 “
- 34.8 “
+ 1.9%
-1 9 .0 “
- 1.3 *
-2 9 .2 “
+ 7.2 “
+ 9.1 “
- 2.3 “
- 1 8 .5 “
+ 2.7 “
-1 5 .3 “
- 1.4 “
+ 21.6 “
+ 7.1 “
+ 4.2%
+ 4.0 “
+ 1.5 “
- 0.9 “
+ 19.4 “
+ 7.0 “
+ 0.3 “
- 4.2 “
+ 5.4 “
- 1.8 “
- 1.2 “
+ 5.4 “
+ 3.3 “
+ 2.6%
+ 30.6 “
+ 24.2 “
+ 1.3 “
+ 7.9 “
+ 5.3 “
+ 4.3 “
- 7.8 “
+ 2.7 “
+ 0.7 “
+ 15.4 “
+ 5.9 “
............% *
+ 1.0 “
Wage
payments
7.2%
+ 1.3
- 4.7
-1 0 .8
- 8.8
+ 10.1
- 0.3
- 2.6
- 9.5
- 0.6
+ 4.9
0
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
“
+ 2.7 « f
+ 3.6 “
+ 8.0 “
+41.1 “
+ 4.8 “
+11.3 “ t
................§
................§
+ 26.4 “
+ 21.5 “
Sept., 1928, compared with Aug., 1928
Allentown
area. ..
“
..
Altoona
u ..
Harrisburg
u ..
Johnstown
u
..
Lancaster
“
..
Philadelphia
“ ..
Reading
a ...
Scranton
u ..
Trenton
Wilkes-Barre “ ..
Williamsport u
“ ..
Wilmington
York
+
+
+
+
+
-
+
+
+
+
4.7%
0.6 “
3.0 “
3.0 “
1.8 “
2.6 “
0.8 “
3.3 “
2.0 “
1.1 “
2.2 “
1.6 “
1.5 “
+
+
+
+
+
-
6.4%
0.6 “
2.7 “
5.9 “
1.4 “
5.1 “
4.1 “
2.3 “
0.9 “
+ 2.9 “
- 3.0 “
0 “
+ 2.5 “
+ 133.5%
- 87.0 “
- 68.7 “
+ 16.5 “
+ 58.4 “
- 49.3 “
+100.6 “
- 35.4 “
- 48.3 “
+255.4 “
- 12.4 “
+ 187.8 “
+ 45.3 “
+
+
+
3.3%
7.8 “
5.3 “
5.5 “
8.2 “
11.3 “
+ 3.7 “
+ 6.0 “
- 0.4 “
+ 6.6 “
+ 6.2 “
+20.1 “
+ 1.1 “
+
+
+
+
+
+
+
+
+
0.2%
0.6 “
0.1 “
0.5 “
1.1 “
0.8 “
0.6 “
0.0 “
0.1 “
0.6 “
0.1 “
0.1 “
1.2 “
+ 9.2%
+ 10.5 “
+ 29.8 “
+ 2.8 “
+ 17.7 “
+ 4 4 .8 “
+ 0.7 “
+ 11.2 “
+15.6 “
+ 21.3 “
+ 20.8 “
+ 2.1 “
-
2.6 % *
8.7 “
- 2.8 “ f
+ 4.1 “
+ 3.5 “
- 4.3 “
- 4.1 “
+ 11.0 “ t
..............§
..............§
+ 4.3 “
+ 15.1 “
3,434
Commercial loans of reporting member
banks in leading cities of the country
expanded seasonally in the four weeks
ended October 17, whereas loans on se
curities and investments declined.
The circulation of money has increased
in the past month. No Canadian move
ment of gold was reported between Sep
tember 19 and October 17, but imports
through New York amounted to 10.5
millions, of which about 10 millions came
from the United Kingdom; exports were
less than 3 millions. There was little
change in the cash reserves of the federal
reserve system, and a small decline in
its total holdings of bills and securities,
despite a seasonal increase in holdings of
purchased bills.
Borrowings from the Federal Reserve
Bank of Philadelphia were in excess of
100 millions over most of the month, but
in the week ended October 17 the mem
ber banks reduced their borrowings to 80
millions. Taking the four-week period as
MONEY IN CIRCULATION AND
Billions
MONETARY GOLD STOCK
D LLA S
O R
i
5,0
w
4.8
4.6
4.4
MONEY IN CIRCULATIC>
N
>
golc
Changes in
Federal Reserve
Bank of Philadelphia Oct. 17,
(Dollar figures in
1928
millions)
Bills discounted for
member banks in
Philadelphia.......... $ 45.4
20 other large cities 23.5
Other communities 11.3
Total bills discounted.......... $ 80.2
Bills bought..............
18.5
United States and
other securities.. . .
20.7
Total bills and securities...........
Member banks’ re
serve deposits........
Federal reserve note
circulation.............
Cash reserves, total. .
Reserve ratio............
$119.4
135.9
Four
weeks
One
year
-$ 2 3 .4
+ 1.1
1.7
+$28.9
+ 13.1
.4
-$ 2 4 .0
+ 5.6
+$41.6
+ 5.9
-
-
1.5
17.6
-$ 1 9 .9
+$29.9
-
-
1.7
f Production (not sales).
1.8
128.2
2.4 2.9
174.5
+ 11.7 - 32.6
65.8% + 6.6% -1 0 .8 %
a whole, a reduction of 24 millions in bills
discounted was reported, due largely to
Philadelphia member banks. Deposit and
note liabilities declined and the cash re
serves of this bank increased, with a re
Reporting member
banks in twenty-one
leading cities
(In millions in
dollars)
Changes in
Oct. 17,
1928
Total loans and dis
counts:
Philadelphia*........ $
Outside Philadelphiaf..................
1926
-1 3 .9
+24.9
+ 2.3
+ 21.5
Totals............ $1,058.1
-1 1 .6
+46.4
294.9
-
5.5
-2 5 .5
221.9
+
.9
516.8
- 4.6
Investments:
Philadelphia*........
Outside Philadel
phia! ..................
Totals............ $
\
\
Time deposits:
Philadelphia*........
Outside Philadel
phia! ..................
1927
-
3.2
-2 8 .7
587.2
-
2.1
-5 6 .7
241.8
-
6.4
-1 2 .0
Totals............ $ 829.0
\ \
1928
One
year
670.1
-
8.5
-6 8 .7
216.6
-
3.6
+25.4
280.2
-
.7
+ 1.0
496.8
- 4.3
+26.4
Totals............ $
4.0 A---------1925
Five
weeks
388.0
wtw
STOCK
J Includes Camden area
sulting rise in the reserve ratio from 59.2
per cent on September 19 to 65.8 per
cent on October 17, the highest since
June 13.
Declines in loans on securities and in
other loans and discounts were reported
by member banks in Philadelphia in the
five weeks ended October 17, but outside
of this city small increases were reported.
The total loans and discounts of 114
member banks in 21 cities of the Phila
delphia Federal Reserve District de
creased about 12 millions and net demand
and time deposits fell nearly 13 millions.
Net demand deposits:
Philadelphia*........
Outside Philadel
phia! ..................
f
V— MONi:tary
-'■
* Includes Wilkes-Barre and Williamsport area,
§ Included in Allentown area.
1929
* 32 banks,
f 82 banks.
Page Three
Investments declined between 4 and 5
millions, notwithstanding a new issue of
United States Government certificates of
indebtedness on October 15. Allotments
of these securities to banks in the district
aggregated $29,700,000, of which $26,319,500 was paid for by deposit credit.
Commercial paper sales. Owing to
very small purchases by Philadelphia
banks, sales of commercial paper declined
in September. The reports of five deal
ers are summarized below :
bonds, however, changed little in the
month ended October 20. Trading in
stocks on the New York Stock Exchange,
excluding Saturdays, has averaged in
excess of 4,000,000 shares daily since the
beginning of September.
The return on 33 industrial common
stocks in September was 4.2 per cent,
according to the Standard Statistics
Company, as compared with 4.9 per cent
a year earlier.
IN D U S T R IA L C O N D IT IO N S
Sales to
city banks
Sales to
country
banks
Total sales
1928—
Sept........ $ 225,000 $2,532,500 $2,757,500
Aug........ 1,717,500
1,530,000 3,247,500
July........ 1,585,000
1,462,500 3,047,500
June........ 1,175,000
1,155,000 2,330,000
1927—
Sept........ 5,970,200 4,612,500 10,582,700
Bankers’ acceptances. Acceptances
executed by eight banks in Philadelphia
increased from $4,993,000 in the month
ended September 10, to $5,144,000 in the
month of October 10, and compared with
$4,581,000 a year earlier. The amount
outstanding declined from $14,026,000 on
September 10 to $13,737,000 on October
10.
Figures collected by the American
Acceptance Council show that $1,004,000,000 of bankers’ acceptances was out
standing on September 30, as against
$952,000,000 on August 31, and $864,000,000 on September 30, 1927.
Securities. New capital issues (re
funding excluded), as reported by the
Commercial and Financial Chronicle, in
creased from 247 millions in August to
499 millions in September, but were
smaller than in the corresponding month
last year, despite an increase in corporate
issues which resulted chiefly from heavier
offerings by public utilities. Figures
taken from the “ Chronicle” follow :
Sept.
First 9
months
(In millions of dollars)
1928 1927 1928 1927
Refunding excluded:
Corporate issues
Long term bonds and
notes.........................
Short term bonds and
notes.........................
Stocks...........................
226 234 2,015 2,563
Total corporate...............
Other issues.....................
391 372 3,775 3,810
108 163 1,525 1,783
Grand totals................
499 535 5,300 5,593
7 31 167 207
158 107 1,593 1,040
Following a period of hesitancy, indus
trial stock prices moved to higher levels
in October, according to an average pre
pared by Dow, Jones and Company. Their
averages of 20 rail stocks and of 40
Page Four
Industrial activity in this district, as in
the country, has continued the expansion
begun early in the fall. Operations of
manufacturing plants have reached the
highest rate this year and compare favor
ably with the high levels customary at
this season.
Reports are replete with evidence of
this broadening. The volume of manu
factures in many lines is approaching the
record mark; the demand for labor con
tinues strong, employment remains well
sustained, and payrolls are growing
larger; corporate earnings are better; the
agricultural situation seems to be fairly
satisfactory; and the demand for finished
goods is increasingly active.
In striking contrast is the fact that in
the fall of 1927 employment declined al
most steadily, and general business and
industrial production showed a smaller
rise than is usual at this season. This
movement, too, occurred at a time when
money rates were low, while the reversal
of the situation this year has been in the
face of higher money rates, which ap
parently have exerted virtually no adverse
influence on either the marketing or the
production of commodities.
Manufacturing. The market for most
manufactured products is active, the de
mand having increased sharply since the
middle of last month. The majority of
lines also report more than favorable
comparisons with the volume of business
at the same time last year. Prices gen
erally show little change from the level
of four weeks ago.
The demand for fabricated iron and
steel products remains unusually strong
and sales have increased substantially
since last month. Manufacturing plants,
jobbers, construction companies, public
utilities, railroads, and foundries are buy
ing more heavily.
Prices of finished
metal products generally have advanced
in the month.
Activity in the principal textile prod
ucts also continues to show rapid recov
ery from the dullness prevailing a few
months ago. Considerable improvement
is noted in the sale of cotton and wool
manufactures, full-fashioned and seamless
hosiery, and floor coverings. While the
demand for silk goods is only fair, it is
somewhat better than four weeks ago.
The call for silk and wool fibers, how
ever, has slackened a little during the
month. The clothing market is moder
ately active, though practically no change
has occurred since last month. Com
parisons with the volume of textile busi
ness a year ago as a rule are favorable.
In sympathy with raw cotton, prices of
cotton yarns and fabrics have advanced
in the month, though still remaining be
low last year’s level.
Quotations for
silk goods have declined, while those for
raw silk have risen as compared with a
month and a year ago. Prices of domes
tic and foreign wool fibers, as well as of
wool manufactures, have receded slightly
during the month but continued well
ahead of those at the same time last
year.
Business in shoes and leather shows
little change. Some gain is noted in the
sale of shoes, but in sole leather and in
black and colored kid there have been
slight declines. A few reports of price
advances in shoes and kid leather have
been received while several returns show
declines in quotations for sole leather.
Manufacturers of building materials,
particularly electrical supplies, lumber,
cement, and paint, have experienced a
further rise in demand for their products,
although the comparison with sales of a
year ago still remains unfavorable. With
the exception of advances in lumber and
declines in paint, prices of building ma
terials show no pronounced change.
Orders on the books of reporting man
ufacturers show substantial gains during
the month, and generally are not far be
hind the volume of a year ago. This is
especially true of most of the leading
textile lines and of cigars and paint. Un
filled orders of the United States Steel
Corporation at the end of September
were about 2 per cent larger than the
month before and nearly 18 per cent
greater than those on the same date last
year. Advance business for steel cast
ings in this district also rose about 35
per cent in the month and 39 per cent
in the year. Orders on the books of iron
foundries, while declining about 4 per
cent from August to September, were al
most 20 per cent larger than at the end of
September, 1927. New orders for fabri
cated structural steel, though smaller
than in August, were noticeably ahead of
the volume a year before.
In response to this pronounced growth
in demand for finished goods, the volume
of output has increased materially since
the early part of September, and plant
operations in many lines have experienced
a noticeable expansion. The demand for
labor by employers has continued ex
ceptionally active, as indicated by a
greater number of open positions per
applicant. The ratio of positions avail
able to applicants in Pennsylvania rose
during September nearly 2 per cent and
was almost 44 per cent higher than in
September, 1927.
Factory employment in Pennsylvania,
though still slightly less than a year
ago, showed an increase of about 1 per
cent from August to September. Pay
rolls, on the other hand, while declining
a little in the month, on account of Labor
Day, exceeded for the first time this year
the volume of a year before, the gain
being almost 2 per cent. Last year at
the same time employment declined onetenth of 1 per cent and payrolls dropped
over 2 per cent.
Sept., 1928
change from
Sept.,
1927*
Aug.,
1928t
Rated generator capacity. . . . + 26.1% -
0.8%
Generated output....................
Hydro-electric.....................
Steam...................................
Purchased............................
+ 15.3 “
+410.8 “
0.9 “
+ 7 .6 “
Sales of electricity...................
Lighting...............................
Municipal........................
Residential and commercial................................
Power...................................
Municipal........................
Street cars and railroads .
Industries.........................
All other sales......................
+ 18,8 “ + 2.6 “
+ 12.1 “ + 11.8 “
+ 6 . 7 “ + 8.6 “
+ 13.0
+ 11.6
+317.3
+ 8.6
+ 9.7
+ 62.1
“
“
“
“
“
“
- 2.1
-4 6 .6
+17.3
- 0.5
+12.3
- 1.3
- 3.9
+ 3.7
- 2.4
+ 9.8
“
“
“
“
“
“
“
“
“
“
* 9 systems f 11 systems
The iron and steel industry has con
tinued to enlarge its operations in an
effort to meet the requirements for the
last quarter of this year. Daily produc
tion of pig iron in this district increased
4 per cent from August to September,
while in the country the gain amounted to
less than 1 per cent. Daily output of
steel ingots also showed a gain of more
than 7 per cent.
EMPLOYMENT AND
WAGES
in Pennsylvania
All
manufacturing industries ( 5 1 ) ...................... 806
8 9 .3
Per cent
change since
Per cent
change since
index *
Sept.,
1927
Aug.,
1928
$25 .71
-
0 .2
$25 .51
0 .5
2 7 .2 8
2 8 .0 5
-1 1 .5
- 4.6
+ 7.4
- 2.3
- 5.6
+ 22.5
+ 7.1
+ 0.4
+12.6
+ 3.7
+ 2.7
+ 2.2
29.17
27.67
26.42
26.80
28.85
28.96
26.81
30.74
24.58
27.96
23.99
25.57
29.85
29.01
25.47
27.87
29.86
26.75
27.03
30.75
24.48
28.80
23.68
23.96
6 6 .2
-1 7 .3
-
0 .5
2 8 .4 0
2 8 .3 0
90.1
84.4
53.3
75.1
24.5
+ 30.0
+ 32.3
-2 3 .6
-1 0 .2
-6 0 .8
- 2.4
+ 1.3
- 3.1
- 7.2
+ 47.6
28.90
30.73
27.17
25.67
31.02
29.33
30.75
27.56
25.93
22.73
- 1 .8
-2 1 .3
-1 6 .7
+ 2.7
+ 12.5
- 2.9
- 4.4
+ 6.9
+ 14.3
-2 1 .0
+ 6.8
+ 3.1
+ 1 .8
+ 4.8
- 1.9
- 0.3
+ 3.5
- 2.0
+ 0.5
+ 5.3
- 0.1
+ 4.2
+ 10.5
+ 7.9
2 1 .7 9
2 1 .2 3
22.53
21.14
18.79
26.43
23.21
25.64
27.49
17.42
19.78
14.96
15.55
21.99
20.39
18.22
26.10
24.11
25.49
26.25
17.76
21.48
14.36
14.86
+
+
+
0 .6
+ 2 .0
2 0 .5 2
2 0 .0 5
99.3
101.1
102.4
96.9
3.8
6.6
1.0
1.9
-
+ 4.2
-1 0 .3
+ 8.3
28.66
18.43
31.67
29.84
28.51
19.09
31.74
28.15
2.3
102.0
+ 1.8
+ 4 .2
14.99
14.08
8 1 .8
-1 3 .4
2 7 .6 8
87.3
85.0
80.9
- 6.6
-2 4 .2
- 2.5
- 6 .3
+ 0.9
-1 5 .2
+ 1.5
2 6 .6 6
- 7.5
-2 4 .1
+ 2.4
- 2 .8
- 1.8
-1 0 .4
+ 5.6
24.01
31.52
23.98
23.38
33.24
24.97
-
+
0 .6
8 8 .5
2 .5
2 2 .3 6
2 1 .9 1
80.8
92.0
121.6
- 6 .8
- 1.8
- 9.5
-1 4 .9
+
- 1.7
+ 6.4
- 7.9
- 3.5
+12.9
- 9.5
20.96
25.64
17.73
21.36
24.19
18.05
104.0
93.5
119.9
112.9
121.4
96.5
+
+
0 .9
2 8 .3 9
2 8 .9 8
+ 3.8
+12.6
+ 1.3
- 5.9
+ 2.2
+ 2.4
- 0.4
+12.9
- 2.5
+ 1.0
26.50
28.72
25.93
25.47
29.49
27.55
28.71
23.37
26.33
30.54
+
+
+
+
-
1.0 1 0 4 .8
0.5 109.9
1.3 93.7
8.7 109.0
1.9 98.6
+
+
-
+ 1.0
+ 0.4
- 0.5
+12.1
+ 3.0
2 3 .2 2
2 3 .2 2
25.85
18.05
21.79
30.85
25.86
18.36
21.15
29.38
+
+
+
0 .3
1 0 3 .6
2 9 .4 9
92.1
110.1
115.3
+
+
2 9 .1 1
1.1
4.6
0.8
+
0 .9
4.4
1.7
0.6
4.6
2.1
2.0
28.05
14.63
32.91
29.11
14.98
32.54
6.7
2.9
6.9
1 0
3.7
+
+
+
-
2.7
0.5
4.1
4.6
0.4
92.5
89.7
102.3
-1 7 .4
-1 1 .2
+ 0.6
+ 6.7
- 2.7
+ 0.9
28.95
25.32
33.29
27.89
25.98
34.38
9 0 .7
Transportation eauipment..
Automobiles....................
Auto, bodies and parts. ..
Locomotives and cars. . . .
Railroad repair shops. . . .
Shipbuilding....................
6 7 .8
-1 6 .5
-
0 .9
89.9
88.9
56.7
77.5
23.0
+ 18.9
+ 28.5
-2 5 .3
- 6.2
-6 4 .3
+
+
1.0
1.4
1.7
6.2
8.5
Textile products.................. 163 9 4 .5
Cotton g o o d s ..................
14 76.2
Woolens and worsteds. . . 15 85.1
Silk goods........................
39 98.3
Textile dyeing & finishing
9 113.1
Carpets and rugs.............
10 79.2
4 96.6
Hats.................................
Hosiery.............................
27 108.6
Knit goods, other............
15 85.7
Men’s clothing.................
10 94.6
Women’s clothing............
9 110.5
Shirts and furnishings . . .
92.3
11
- 3-0
-1 8 .8
-1 1 .5
- 0.2
- 2.1
- 3.6
- 1.9
+ 1.4
+ 10.6
-1 2 .1
+11.7
- 4.6
-
0 .8
9 9 .8
+
+
+
+
+
+
+
+
2.3
4.8
3.5
2.1
1.8
0.1
0.6
1.7
5.9
6.0
2.9
73.9
84.6
100.9
125.3
72.8
97.2
133.4
84.5
94.5
115.7
89.2
Foods and tobacco.............. 102 9 9 .2
Bread & Bakery products 30 104.3
Confectionary.................
14 97.2
Ice cream.........................
11 95.7
Meat packing..................
14 95.2
Sugar Refining.................
Cigars and tobacco..........
33 100.5
+
-
- 0 .4
- 0.7
+ 7.9
-1 0 .1
+ 1.9
1 0 0 .0
3.8
1.6
3.5
1.9
-
1.5
-
Stone, clay & glass products
Brick, tile and pottery.. .
Cement.............................
Glass.................................
66
30
14
22
8 3 .7
-1 1 .3
90.2
78.5
90.5
43 8 4 .6
17 79.2
20 85.0
6 110.5
+ 1.8
-1 3 .2
-1 3 .7
Chemical products..............
Chemicals and drugs. . . .
Coke.................................
Explosives........................
Paints and varnishes. . . .
Petroleum refining...........
48 9 7 .9
28 94.1
3 117.9
3 120.3
9 123.0
5 89.1
+
5 .4
+
2 .9
+ 6.6
+ 15.5
- 2.6
-1 0 .2
+ 4.8
+
+
+
+
6.6
0.4
1.7
0.7
4.5
Leather and rubber products
Leather tanning..............
Shoes................................
Leather products, other. .
Rubber tires and goods ..
51 9 8 .8
17 104.6
23 92.1
7 115.0
4 78.2
+
-
0.3
2.2
6.2
8.6
Paper and printing..............
Paper and wood pulp. . . .
Paper boxes and bags. . . .
Printing and publishing. .
57 9 3 .5
13 84.3
6 98.0
38 104.3
+
110.8
31 103.9
5 99.2
59 95.6
95 94.8
+
—
-
Construction & contracting
Street railways....................
Aug.
15,
1928
-
+ 0 .7
+ 2 .2
9 0 .9
- 9.5 43.2
+ 0.1
78.7
92.9
+ 3.5
+ 1.5 104.5
- 2.4 100.3
77.3
+ 13.0
+ 7.0
87.9
111.4
+ 0.5
+ 12.2 224.3
99.8
+ 6.8
+ 1.2 84.8
- 4.3 100.8
4
15,
1928
+ 1 .6
0 .9
+ 3 .6
-2 9 .0
- 4.8
+12.1
+12.1
+ 2.8
-1 3 .8
+ 3.3
+ 10.0
+63.1
+ 11.7
- 6.4
+ 25.6
40
6
11
13
6
Aug.,
1928
Sept.,
1927
AVEiRAGE
WEE1KLY
EARI vTINGS
week ended
+ 9 .4
-2 5 .9
+ 1.2
+22.6
+ 18.5
+ 9.4
-1 2 .6
+ 5.5
+ 20.8
+64.6
+ 24.9
+ 0.7
+ 24.0 '
-
Metal products................... 236 8 8 .9
Blast furnaces.................
9 40.9
Steel wks. & rolling mills.
44 77.3
Iron and steel forgings. . . 10 85.2
Structural iron work.......
10 107.5
Steam & hot water htg. ap.
17 94.5
Stoves and furnaces........
9 76.3
Foundries.........................
39 88.1
Machinery and parts. . . .
40 103.1
Electrical apparatus........
17 207.2
Engines and pumps.........
10 96.3
Hardware and tools........
20 81.8
Brass and bronze prods. .
11 104.6
Lumber products................
Lumber and planing mills
Furniture.........................
Wooden boxes.................
The number of wage earners in Dela
ware increased about 3 per cent and the
volume of wage disbursements nearly 2
per cent between August and September,
the food industry showing the largest
gain. In September, 1927, employment
showed a gain of 4 per cent and wage
payments a gain of 3 per cent. Employ
ment and wage payments in New Jersey
increased about 4 per cent in the month,
while at the same time last year the num
ber of workers increased less than 2 per
cent and payrolls less than 1 per cent.
Consumption of electrical energy by in
dustries in this district has increased
materially between August and Septem
ber and as compared with a year earlier,
when the total is reduced to the basis
of actual working days, and in Philadel
phia industrial power consumption in
September was the largest on record.
Total sales of electricity showed a gain
of about 3 per cent in the month and less
than 19 per cent as contrasted with Sep
tember, 1927.
The output of electric
power by reporting central stations was
about 2 per cent less than in August, but
over 15 per cent larger than in the same
month last year.
ELECTRIC POWER
Philadelphia Federal Reserve
District
PAYROLLS
Sept., 1928
EM PLOYMENT
Sept., 1928
No.
of
plants
re
port Sept,
ing index *
0 .8
6 .5
1 :1
2 .1
Foundries making iron and steel cast
ings, however, were somewhat less active
during September than in August, al
though their advance business increased
considerably in comparison with the
volume of a year ago.
The output of steel barrels, about 20
per cent of which is produced in Penn
4 .0
0 .5
1.4
6.3
3.2
2.8
0 .2
6.1
0.1
5.5
0 .2
sylvania, continues well ahead of last
year.
The rate of operation of practically
all major textile lines has risen further
during the past four weeks. Plants are
working at more than 75 per cent of
capacity, which is nearly 3 per cent higher
than a month ago. Consumption of raw
Page Five
Sept.,
1928
(gross
tons)
Iron and steel
Daily output
Pig iron—
United States. 102,077
Phila.Fed.Res.
Dist............
9,936
Steel Ingots—
United States. 165,903
9 mos„
1928, com
pared with
9 mos.,
1927
Change
from
Sept.,
1927
+ 10.4 %
- 1 .5 %
+ 14.3 “
-9 .9 “
+ 3 2 .0 “
+ 9 .4 “
Source: Iron Age.
IRON
M
ILLIONS
TONS
5
AND
smaller in September than in the same
month last year, but the sale of cigarettes
was nearly 2 per cent larger. Productive
activity in paper plants remains practically
unchanged.
As a result of greater demand, flour
mills have extended their operations con
siderably, the present rate being about
80 per cent of capacity, which is some
what higher than a month ago. The
movement of flour and grain to and from
the Port of Philadelphia is shown below :
STEEL
A ^UNHLL :d orders —-U S STEEL CORR
.OUTPUT > STEEL 1 5T
F
NO 3
Flour and grain
movement
Port of Philadelphia
(Figures in thousands
of units)
1927
Jan.
to
Aug.,
incl.
1928
Jan.
to
Aug.,
incl.
Increase
or
decrease
A
3
2
y
w
s
'~<JOUTPUT OF P O IRON
__ _
r*
1
19 2 5
19 2 6
1927
1928
Source: Iron Age.
wool and carpet wools, however, shows
little change in the month on a basis of
actual working days.
Silk mills continue to show an increas
ing rate of operation in response to new
business calling largely for spring de
livery. The movement of silk fibers de
clined somewhat in September, as in
dicated by the following table:
Raw silk
(in bales)
Sept.,
1927
Aug.,
1928
Sept.,
1928
Imports.....................
Storage (warehouses)
Mill takings..............
52,475
58,986
50,107
62,930
50,975
50,821
47,286
50,464
47,797
Source: The Silk Association of America, Inc.
Mill takings of American cotton de
clined less than 6 per cent in the month
and were about 21 per cent smaller than
in September, 1927. Official estimates
of the new cotton crop as of October 1
indicate a production of 13,993,000 bales
as against an estimate of 14,439,000 bales
a month before and an actual yield of
12,955,000 bales last year.
The hosiery industry is more active
than four weeks ago, the rate of opera
tion increasing about 2 per cent. Shoe
factories are working at about the same
rate as last month, although there are
some signs of slackening. Neither sole
leather plants nor those preparing kid
leather show much change since the
middle of last month.
Production of cigars continues season
ally large, both cigar and tobacco plants
having enlarged their operations during
the past month. Distribution of cigars
in the country, as indicated by the sale
of revenue stamps, was about 8 per cent
Page S ix
Receipts—
Flour............... bbls.
Wheat..............bus.
Corn................. “
O ther grains
(o a t s , ry e ,
barley)......... “
Exports—
Flour................bbls.
Wheat..............bus.
Corn................ “
O ther grains
(o a t s , ry e ,
barley)......... “
Stocks on Sept. 1—
Flour................bbls.
Wheat..............bus.
Corn................ “
per cent in the month. Other comparisons
fo llo w :
Building operations
Sept.,
Change
from
1928
(000’s
Sept.,
omitted)
1927
Contract awards—
P h ila . F ed . R es
Total.................. $ 45,634
Residential........
18,553
United States—
587,674
Residential........ 202,807
Permits issued—
P h ila . F ed . R es.
Dist. (16 cities)
United States (533
+ 13.6% + 0.8%
+ 4 . 3 “ + 23.3 “
+12.7 “ + 7.0 “
- 0.0 “ +14.4 “
11,727 -2 8 .7 “ 267,261 -
1,367
15,405
441
1,156
4,494
1,005
+
211
.0,911
564
1,566
1,723
+
157
151
14,009
30
80
6,234
702
—
—
71
7,775
672
785
739
—
46
74
1,739
40
73
905
16
—
1
834
24
—
+
—
Source: The Commercial Exchange of Philadelphia.
The manufacture of building materials
shows little change in the rate of output
as compared with four weeks ago, though
electrical supplies, brick, and paint in
dicate gains.
Shipments of fabricated
structural steel, while declining slightly
from August to September, exceeded
those for the same month last year.
Current inventories generally are mod
erate and show a considerable decline as
compared with a month and a year ago.
This is especially true of metals, textile
products, shoes, and building materials.
Building and real estate.
The
volume of building operations has shown
a marked increase lately. The value of
contracts awarded was over 34 per cent
larger in September than in August,
eastern Pennsylvania and Delaware being
chiefly responsible for this gain. The
value of permits issued in 16 cities of the
district, on the other hand, declined 31
9 mos.,
1928,
com
pared
with
9 mos.,
1927
3.6 “
9.9 “
Sources: F. W. Dodge Corp. and S. W. Straus & Co
The real estate market in Philadelphia
has slackened further since the middle of
last month. The number of real estate
deeds and the value of mortgages re
corded during September decreased ap
preciably as compared with the preceding
month and a year earlier. Sheriff’s sales
of properties, while declining nearly 4 per
cent in the month, were almost 35 per
cent in excess of those in September,
1927.
Coal. Cooler weather has stimulated
considerably the demand for anthracite,
particularly domestic sizes, buying by
householders being more active than at
the same time last year.
Quotations
generally have advanced in the month.
Colliery operations have increased sharply
in recent weeks. The output in the four
weeks ended October 13 totaled 7,267,000
tons, a gain of about 21.3 per cent over
the previous four weeks and 10.9 per cent
over the total for the same period last
year.
The demand for bituminous, while still
only fair, also has been greatly quickened
by the general improvement in the manu
facturing industries. Mining activity has
continued to show noticeable expansion.
Production in the country during the
four weeks ended October 13 rose to 43,395,000 tons, which was an increase of
14.7 per cent as compared with the previ
ous four weeks and 6.4 per cent over the
same period last year when operations
in many collieries were suspended on
account of strike.
Agriculture.
Favored by good
weather, farm operations are moving for
ward actively. The planting of winter
wheat is well under way but indicated
acreage is somewhat smaller than that
of last year. Plowing is fully up to nor
mal for this time, more than half of it
being already finished. Nearly all of the
tobacco, peach, and pear crops have been
completed, and the digging of late pota
toes and corn cutting is in full swing.
The quality of truck and fruit crops as a
rule is higher than that in 1927, the color,
size, soundness and texture of fruits being
above the average.
Dairy herds compare favorably with
the normal October condition. The num
ber of marketable hogs is said to be a
trifle smaller than at the same time last
year, and the new hogs are in good mar
ket condition. The supply of farm labor
appears to be sufficient.
The following table gives comparisons
of some leading crops in this district and
in the United States:
Crop estimates
(Figures in thou
sands of units)
P h ila . F ed . R es.
Dist.—
Corn..............bus.
Oats.............. “
Potatoes
(white). . . . “
Tobacco........lbs.
Hay (tame).. tons
1927
yield
Estimate, Per
cent
Oct., 1,
change
1928
45,929
24,844
47,704
21,427
+ 3.9
-1 3 .8
25,998
44,880
3,636
29,651
45,570
3,398
+14.1
+ 1.5
- 6.5
United States—
Corn..............bus. 2,773,708 2,903,272
Oats.............. “ 1,184,146 1,452,966
Potatoes
406,964 463,722
(white).. “
Tobacco........lbs. 1,195,880 1,353,258
Hay (tame).. tons 106,468
92,688
+ 4.7
+22.7
+13.9
+13.2
-1 2 .9
Source: Department of Agriculture.
D IS T R IB U T IO N
Railroad shipments of merchandise and
miscellaneous commodities in the Alle
gheny district during September and the
first fortnight of October have averaged
larger in volume than in August, reflect
ing the seasonal tendency; they have also
exceeded the amount shown for the same
period last year and two years ago. In
the four weeks ended October 6, load
ings of these commodities totaled 634,064
cars, a gain of 3.9 per cent as compared
with a year ago and 2.4 per cent over
the same period in 1926.
Freight car loadings of all commodities
in this section also show more than a
seasonal increase.
In September they
reached the largest volume since the fall
of 1926, and continued to be larger in
October than last year.
In the four
weeks ended October 6 shipments totaled
930,581 cars, a gain of 5.4 per cent over
a year ago but a loss of 2.8 per cent as
compared with 1926.
Domestic and foreign shipments by
water to and from the Port of Philadel
phia, while declining between August and
September, were over 4 per cent larger
than in the same month last year, the in
crease in foreign trade being chiefly re
sponsible for this favorable comparison.
Retail trade. Early reports indicate
that retail trade continues seasonally
active, the demand varying in most cases
between good and fair. The majority of
the returns show gains in sales since the
middle of last month. Retail prices gen
erally remain unchanged.
Sales during September
increased
sonally active, and prices remain steady,
except for numerous advances on groc
eries. Since the middle of last month
the demand for groceries, hardware, jew
elry, electrical supplies, and paper has
increased, while the remaining three lines
show little change, according to prelim
inary reports.
sharply, reflecting the usual seasonal
tendency, and were nearly 6 per cent
larger than in the same month last year.
In the first nine months this year, how
ever, sales were still about 3 per cent
smaller than in the same period last year.
All lines reported gains in the month
over a year earlier. With the exception
of Scranton and Easton, all city areas
experienced gains over September, 1927,
the largest increases occurring in Altoona,
Harrisburg,
Williamsport,
Lancaster,
Wilmington, and Philadelphia.
Inventories held by retailers at the end
of September increased seasonally, but
were about 8 per cent smaller than a year
before, this change being shown by nearly
all lines. The rate of turnover was higher
in September than in the like month last
year.
September sales exceeded those of
August by nearly 4 per cent but were
almost 5 per cent below the volume of a
year earlier. All lines, but drugs and
paper, showed gains during the month;
compared with a year before, groceries
and paper experienced a larger volume of
business, while the other six lines showed
declines. Reports on stocks carried at
the end of the month were divided about
evenly between those showing increases
and those registering decreases in con
trast with a month and a year earlier.
Accounts outstanding generally showed
Wholesale trade. Distribution of
merchandise at wholesale continues sea
Sept., 1928, change from
AUTOMOBILE TRADE
Philadelphia Federal Reserve District
12 distributors
Sept., 1927
Number
Value
Number
Value
+ 16.0 %
+ 9.7 “
+ 19.0 “
+ 6 2 .8 “
+ 6 0 .5 “
+ 18.6 “
Sales, new cars, wholesale.....................................
Sales, new cars, at retail.......................................
Stocks of new cars.................................................
Sales of used cars...................................................
Stocks of used cars................................................
Retail sales, deferred payment.............................
+ 20.8 %
+ 14.6 “
+ 24.3 “
+ 70.8 “
+64.9 “
+21.4 “
-1 1 .1 %
-2 3 .5 “
+ 28.0 “
+ 31.5 “
+ 3.5 “
-1 2 .8 “
-1 2 .0 %
-1 6 .0 “
+ 25.8 “
+ 37.8 “
+23.7 “
-1 0 .2 “
Comparison of
net sales
RETAIL TRADE
Philadelphia Federal Reserve
District
Aug., 1928
Comparison of
stocks
Jan. 1 to
Sept. 30, 1928
Sept. 30,
1928,
with
with
with
Jan. 1 to Sept. 30, Aug. 31,
Sept. 30,
1927
1928
1927
1927
Sept.,
1928,
with
Sept.,
1927
Accounts Collec
tions
receiv
during
able
at end of month
month
com
pared
com
with
pared
year
with
ago
1928 year ago
Rate of
turnover,
Jan. 1 to
Sept. 30
+ 5.8%
- 3 .2 %
-
8.1% + 7.6%
2.35
2.34
+ 3.6 “
+ 2.4 “
outside Philadelphia.............. + 7.0 “
-3 .9 “
-4 .7 “
-1 .9 “
- 8.8 “ + 7.3 “
-1 0 .4 “ + 6.6 “
- 5.3 “ + 8.8 “
2.25
2.41
1.87
2.24
2.46
1.74
-3 .2
-3 .2
-3 .3
-1 .3
-1 .5
+ 0 .3
+ 3 .4
+ 3 .6
- 9.0
- 6.9
-1 1 .8
-1 .1
— 1.8
+ 2.3
+ 3.2
- 5.4
1.94
2.20
1.51
4.90
5.21
3.25
1.87
1.75
1.99
2.31
1.49
4.74
5.13
2.91
1.87
1.73
outside Philadelphia..............
outside Philadelphia..........
Shoe stores.................................
Credit stores...............................
WHOLESALE
TRADE
Philadelphia
Federal Reserve
District
+ 4.3 “
+ 6.1 “
+ 1.5“
+ 11 .8 “
+ 12.9 “
+ 3.5 “
+ 1.1 “
+46.1 “
Boots and shoes. . -1 5 .6 %
- 4.6 “
Dry goods............ -1 7 .2 “
Electrical supplies - 2.3 “
Groceries.............. + 2.7 “
Hardware............. -1 2 .5 “
Jewelry................. - 6.7 “
Paper.................... + 4 . 2 “
“
“
“
“
“
“
“
“
+ 7.8
+ 5.4
+ 11.6
+ 15.0
+14.1
+ 18.8
+ 7.1
+ 3.1
“
“
“
“
“
“
“
“
+ 7 .8 %
+ 2.9 “
-0 .8 “
+15.4 “
+ 6.7 “
+ 0.5 “
+ 3 .4 “
-5 .3 “
+ 2 .8 “
Collections,
September, 1928,
compared
with
August, Sept. 30, Aug. 31, Sept. 30, Aug. 31,
1928
1928
1927
1928
1927
ing to
sales,
Sept.,
1928
Sept.,
1927
+ 9.7%
+ 3.3 “
+ 14.5 “
- 2.3 “
+ 5.3 “
+ 1.3 “
+ 9.7 “
+ 1.8“
352.9%
160.2 “
249.6 “
128.0 “
118.2 “
208.0 “
386.2 “
162.0 “
+ 9.0%
- 2.1 “
+23.0 “
+24.6 “
+ 2.1 “
+ 1.7 “
+ 9.1 “
- 4.5 “
Stocks,
Sept. 30, 1928
compared with
Accounts out
standing,
Sept. 30 1928,
compared with
+ 12.9%
Ratio
of ac
counts
out-
Net sales,
September, 1928,
compared with
Sept.,
1927
“
“
“
“
“
“
“
“
..........% ..........% - 8.7%
- 3.0 “
-1 2 .0 “ - 0.5 “ - 0.9 “
-1 1 .9 “ + 4 . 5 “
+ 2.4 “ + 7.9 “ + 3.8 “
- 4.8 “ - 2.0 “ - 9.0 “
+ 3.3 “ - 0.9 “ + 3.6 “
+ 1.1 “ + 0.7 “ +15.7 “
August,
1928
-1 3 .2 % - 6.2 %
- 2.8 “ — 4 3 “
-1 7 .8 “ - 0.2 “
— 1.1“
- 0.2 “ - 2.5 “
- 5.6 “ + 3.2 “
-1 5 .1 “ -1 0 .2 “
+ 7.5 “ + 7.0 “
Page Seven
gains during the month. Most reports
indicate a decline in collections as com
pared with the previous month and a
year before.
A U TO M O B ILES
thousanmP A S S E N G E R
C A R S ---- U N IT E D
STATES
—
At
r t
—\ \
J v'*',/
A
1925
PRODUCTION
VvV
1926
/V
{ \
r
r
/v -\'
A
✓
n,r
EXPORTS
1927
1928
Source: Department of Commerce.
Automobile trade. Sales of new
passenger cars at retail and wholesale
were smaller both in number and value
during September than in August but
were appreciably larger than those in
the same month last year. This also
was true of retail deferred payment
sales. Sales of used cars, on the other
hand, showed substantial gains in num
ber and value as compared with the pre
ceding month and a year earlier.
Inventories of new and used cars car
ried by dealers at the end of the month
showed a marked increase from those
of a month and a year before.
C O M M O D IT Y P R ICE S
Wholesale commodity prices have de
clined slightly since the middle of last
month. The average of Fisher’s index
stood at 99.1 in the three weeks ended
October 19 as against 99.8 for September
and 96.2 for October, 1927.
The general level of wholesale prices
in the country as a whole continued the
upward movement during September, the
rise as compared with August being
more than 1 per cent, according to the
Bureau of Labor Statistics. Compared
with a year before, the price level was
nearly 4 per cent higher.
Index numbers of
wholesale commodity
prices
(1926=100)
Sept.,
1927
All commodities..............
96.5
98.9
100.1
Farm products............... 105.9
Foods...............................
96.5
Hides and leather products.............................. 112.5
Textile products.............
98.5
Fuel and lighting............
84.2
Metals and metal products..............................
97.6
Building materials..........
92.1
Chemicals and drugs. . . .
96.4
Housefurnishing goods. . 98.6
Miscellaneous.................
89.2
Raw materials................
99.9
Semimanufactured articles...............................
98.6
Finished products..........
94.0
Nonagricultural commodities..............................
94.0
107.0
104.1
108.8
106.9
121.0
96.3
84.6
120.7
95.6
85.1
100.4
94.6
94.7
97.2
79.3
99.2
100.5
94.7
95.1
97.2
79.7
100.5
97.3
99.1
96.9
100.5
96.7
97.8
Aug.,
1928
Sept.,
1928
BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
Prices
Demand
Retail t r a d e ..................
Little change
Little change
Unchanged
Unchanged
Fair; unchanged
Fair; little change
Fair; slight increase
Higher
Unchanged
Unchanged
Active; increased
Fair; increased
Fair; increased
Paper .......................
Shoes .......................
W ool .........................
Cotton y a r n s ............
Iron and steel products
Unchanged
Unchanged
Little change
Higher
Some advances
Active; increased
Fair; little change
Fair; smaller
Fairly active; increased
Active; increased
Cotton ...........................
Silk ...............................
W ool .............................
Hosiery .........................
Carpets and r u g s ........
Shoes .............................
Leather—
kid .............................
sole ...........................
Paper ...........................
Tobacco ........................
Cigars ...........................
Lumber .........................
Paint .............................
Cement .........................
Advanced
Slightly lower
Slightly lower
Little change
Unchanged
Some advance
Clothing .......................
Flour .............................
Building .......................
Operations
Fairly active; increased
W holesale t r a d e ..........
Drugs .......................
Dry goods ................
Electrical supplies..
Unfilled orders com
pared with a year ago
Groceries ..................
Hardware ................
Bituminous coal ........
Page Eight
Stocks
Increased seasonally but
smaller than year ago
Smaller
Increased in month but
decreased in the year
Larger
Smaller
Smaller but larger than
a year ago
Larger
Higher
Little change
Smaller
Smaller
Active; increased
Fair; slightly larger
Active; increased
Active; increased
Active; increased
Fair; little change
Smaller
Smaller
U. S. Steel Corp.
orders increased
Smaller
Smaller
Larger
Larger
Little change
Slightly larger
Higher
Higher
Higher
Higher
Higher
Little change
Smaller
Smaller
Smaller
Smaller
Smaller
Smaller
Some advance
Lower
Little change
Some advances
Little change
Higher
Some declines
Unchanged
Fair; little change
Fair; little change
Fair; declined slightly
Active; increased
Active; increased
Fair to poor: increased
Active; increased
Active; increased
Little change
Slightly smaller
Slightly smaller
Larger
Larger
Smaller
Larger
Smaller
Unchanged
Slightly lower
Little change
Higher
Higher
Little change
Little change
Some declines
Little change
Higher
Construction costs
changed little
Higher fox' domestic
sizes
Several advances
Fair; decreased
Fair; increased
Increased
Smaller
Active; increased
Little change
Slightly higher
Value of contracts
increased
Higher
Larger
Larger
Slightly larger
Smaller
Smaller
Smaller
Smaller
Smaller but larger than
year ago
Smaller
Smaller
Fair; increased
Higher
Value of permits
decreased
Smaller
Little change
@FedFRASER