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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT NOVEMBER i, 192.9 By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA Business and Financial Conditions in the United States Industrial activity increased less in September than is usual at this season. Production during the month continued above the level of a year ago, and for the third quarter of the year it was at a rate approximately ten per cent above 1928. There was a further decline in building contracts awarded. Bank loans increased between the middle of September and the middle of October, reflecting chiefly growth in loans on securities. Production. Output of iron and steel declined further in September, contrary to the seasonal tendency; there was a sharp decrease in output of automobiles and automobile tires, and a smaller than seasonal increase in activity in the textile and shoe industries, which continued to produce at a high rate in comparison with the preceding year. Meat-packing plants were more active than in August. Fac tories increased the number of their em ployees during September and payrolls were also slightly larger. Output of coal showed a substantial increase from August and the average daily production of copper mines was somewhat larger. Iron ore shipments de clined seasonally and petroleum output was reduced for the first time in several months. For the first half of October, reports indicate a further reduction in steel plant operations, a continued increase in pro duction of bituminous coal, and some in crease in petroleum output, following a moderate decrease during September. Building contracts awarded in Septem ber declined seasonally from August and were substantially below the correspond ing month in any year since 1924. For the third quarter the volume of contracts was 6 per cent less than a year ago. Dur ing the first three weeks of October, con tracts continued substantially below the level of last year. Agriculture. October estimates by the Department of Agriculture indicate a cotton crop of 14,915,000 bales, 3 per cent larger than last year; a corn crop of 2,528,000,000 bushels, 11 per cent smaller than the crop of a year ago, and 8 per cent below the five year average; and a total wheat crop of 792,000,000 bushels, 12 per cent below last year but only slightly under the five vear average. Distribution. Freight car loadings increased by slightly less than the usual seasonal amount in September and con tinued to be larger than a year ago. In the first two v .eks of October, car load ings were smaller than in the correspond ing weeks of 1928. Departrr-it store sales in leading cities increased s^sonally during the month of September and were 2 per cent larger than a year ago. For the third quarter, as a whole, sales of the reporting stores exceeded those of the third quarts of last year by 3 per cent. Prices. Wholesale prices showed little change from August to September, ac cording to the index of the Bureau of Labor Statistics. Prices of meats and livestock declined considerably, while prices of grains advanced. The prices of raw silk, cotton and cotton goods were higher in September, and the price of coal increased, while prices of iron and steel products, tin, gasoline, and cement were lower. During the first three weeks of October, prices declined for a consid erable number of commodities, including wheat, flour, hides, steel, tin, cotton, silk, and wool. Bank credit. Between the middle of September and the middle of October, MEMBER Index numbers of production of manufactures and minerals, adjusted for seasonal variations (1923-25 average = 100). Latest figures Sep tem ber, manufactures 122, minerals 119. M onthly rates in the open market in New Y ork: commercial paper rate on 4 to 6-m onth paper and acceptance rate on 90-day banker’ s acceptances. Latest figures are averages of first 23 days in October. BANK CREDIT M onthly averages of weekly figures for report ing m em ber banks in leading cities. Latest figures are averages of first three weeks in QptnVipr. Page One Latest figure compared with Business Indicators Philadelphia Federal Reserve District September, 1929 Year ago Previous month M onthly averages of daily figures for 12 Federal reserve banks. Latest figures are averages of first 19 days of October. there was a slight increase in the volume of loans and investments of member banks in leading cities. The banks’ loans on se curities increased rapidly, while all other loans, including loans for commercial and agricultural purposes, declined somewhat after reaching a seasonal peak on October 2. Security holdings of the reporting banks continued the decline which has been almost uninterrupted for more than a year. At the reserve banks there was little change in the volume of credit outstand ing during the four week period ending October 19. Further increase in the hold ings of acceptances by the Federal reserve banks was accompanied by a decline in discounts for member banks, largely at the Federal Reserve Bank of New York. Open market rates on bankers’ accept ances and on prime commercial paper were unchanged during the last half of September and the first three weeks of October. On October 23 rates on bankers’ acceptances declined by one-eighth per cent to a 5 per cent level for the prin cipal maturities. Rates on demand and time loans on securities declined during the first half of October. District Summary Further seasonal improvement in busi ness in the Philadelphia Federal Reserve District during the past four weeks is re flected in the latest reports. Production on the whole continues appreciably above the level of last year, and the distribution of commodities has increased sharply with the approach of winter. Industrial employment is well sustained and wage disbursements have been in much larger volume than at either the same time last year or two years ago. The number of factory wage earners in Pennsylvania, New Jersey, and Delaware again increased between August and Sep tember. Wages paid in the same period, however, decreased slightly, owing partly to fewer working days than in the previ ous month and partly to a decline in the metal industries from the unusually high point reached in August. Consumption of electric power by industries, while de Page Two Retail trade— estimated net sales (139 stores). Department stores (6 2 )................................... Apparel stores (4 0 )........................................... Shoe stores (1 7 )................................................. Credit stores (2 0 ).............................................. .$17,418,400 .$15,583,000 ..$ 2 ,4 0 5 ,2 0 0 ___ $320,700 ___ $893,600 + 2 2 .0 % + 2 2 .2 “ + 3 1 .5 “ - 3 .4 8 - 0 .2 “ + - 2 .7 % 2 .0 8 0 .8 8 5 .3 8 18.9 8 Wholesale trade— net sales (102 firm s). Boots and shoes (5 )............................. Drugs (1 0 )............................................. Dry goods (1 4)...................................... Electrical supplies (3 )......................... Groceries (3 3 )........................................ Hardware (2 1 )...................................... Jewelry (1 1 )........................................... Paper (7 )................................................ ..$ 7 ,8 2 9 ,4 7 5 ___ $159,918 ..$ 1 ,1 0 8 ,0 7 5 ___ $782,882 ___ $192,887 ..$3 ,0 2 3 ,7 1 1 ..$ 1 ,5 4 7 ,2 6 7 ___ $504,198 ....$ 5 1 0 ,5 3 7 + 7 .0 + 2 3 .2 + 3 .4 + 4 8 .7 + 14.2 - 1 .0 + 6 .5 + 2 5 .7 + 0 .4 + + + + + + 2 .8 3 .8 0 .5 3 .9 2 .5 1 .0 3 .5 15.6 1 0.0 Productive activity— Employment— 857 plants in Penna.................... W age payments in above plants.......................... Shoe production* (89 factories)........................... Hosiery production* (126 m ills).......................... W ool consumption* (85 m ills).............................. Active cotton spindle hours (Penna. and N. J .) . Pig iron production................................................. Iron casting production (35 foundries).............. Steel casting production (11 foundries)............. Anthracite................................................................. Bituminous coal— Penna....................................... C em ent...................................................................... Electric power output (12 system s)..................... 325,245 ..$ 8 ,5 5 8 ,2 1 0 ...1 .5 8 4 .1 1 5 prs. doz. prs. .1 ,4 8 3 ,2 09 lbs............ 8 ,2 8 4,22 2 ..................64,990,397 ton s.............. 320,462 to n s .................. 5,753 ton s.................. 6,527 ton s......... 6,7 5 8,00 0 tons. ...1 1 ,4 0 5 ,0 0 0 bbls..........3,6 0 0,00 0 K W H .. 550,247,500 Financial and credit— Debits (18 cities)................................................................. Loans and investments—-middle of October—-108 mem ber banks............................................................................... Bills discounted held by F. R . B. of Phila. (daily average) Bankers’ acceptances outstanding— end of month (dis trict) ....................................................................................... Commercial paper sales (4 dealers)...................................... Commercial failures— number.............................................. Commercial failures— liabilities............................................ Building and real estate— Building permits (17 cities).............................................. Building contracts awarded (Philadelphia district) . . Number of real estate deeds recorded (Philadelphia cou n ty )............................................................................ . Value of mortgages recorded (Philadelphia cou n ty).. Sheriff sale, number of writs issued for October (Phila delphia cou n ty)............................................................. . Miscellaneous— Freight car loadings (Allegheny district— weekly aver age) ..................................................................................... Tonnage of vessels (Port of Philadelphia)..................... Sales of life insurance (Penna., N. J., and D e l.)........... Automobile sales (registrations of new passenger cars) + + 8 “ “ “ “ “ “ “ 8 0 .5 “ 2 .2 8 6 .7 “ 5.1 + 2 9 .0 - 8 .8 - 7 .3 -1 0 .5 + 13.5 - 2 .4 - 8 .7 - 1 .6 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 + 10.1 8 + 1 3.6 8 8 .3 + + 7 .5 3 .9 + + 6 2.6 + 14.0 + 12.2 0 .3 + 16.4 8 8 8 8 8 8 8 8 .$2,7 6 0,03 6 ,0 0 0 - 0 .3 8 + 5 .0 8 .$1,6 9 4,20 0 ,0 0 0 ___ $90,600,000 - 0 .1 8 2 .4 8 + 1 .4 8 14.9 8 .$18,372,000 . .$1,190,000 ................... 60 ..$ 1 ,2 3 4 ,0 5 3 + 6 .5 -2 9 .7 -4 2 .3 -5 4 .5 ..$ 7 ,1 2 7 ,3 7 2 .$35,046,800 -2 6 .5 8 + 4 0 .7 8 - ...........3,813 .$8,538,727 -1 6 .7 8 -5 6 .2 8 _ 1 4.2 8 — 4 3 .4 8 .687 -4 2 .8 8 + 1 1 1 .4 8 + 0 .8 - 3 .2 -1 2 .1 -2 2 .9 4 .2 8 + + 1 4.9 8 + 2 6.7 8 + 1 1 .3 “ ........................ 231,204 ton s......... 4 ,1 2 5,53 6 ................$87,498,000 .......................... 16,248 8 8 8 8 8 8 8 8 + 18.4 8 — 5 6 .8 8 — 9 .1 8 _ 4 7 .2 8 3 9.4 8 2 3 .2 8 * Bureau of Census preliminary figures. clining somewhat in September, was ma terially larger than in the same month last year. Among the leading groups of manu facture, the textile industry shows the most pronounced improvement in the month and in comparison with a year ago. Activity in leather and shoes, though close to the level of last month, does not com pare favorably with the rate of operation prevailing at the same time last year. The manufacture and distribution of build ing materials on the whole continues to reflect lessened activity in building trades when compared with last year. While building contracts let in recent weeks have increased slightly, they still remain much smaller than those at the same time in the past three years. This decline is due principally to large reces sions in residential building in this district. The market for fabricated metal prod ucts has slackened somewhat, after an exceptional activity this year. Neverthe less, sales, unfilled orders, and plant oper ations still surpass those of a year ago. Activity in iron and steel foundries like wise declined in the month but was above the level of last year. In response to more active demand from householders and industries, business in both anthracite and bituminous coal has increased recently; mining of coal in this section naturally reflects this improve ment. The mercantile situation shows the usual seasonal expansion. The dollar volume of both retail and wholesale trade was substantially larger in September than in August, and preliminary reports covering the first part of October indi cate further improvement. In comparison with a year before, retail sales by report ing firms declined while sales at whole sale increased. Sales of new passenger cars and of ordinary life insurance de clined seasonally but were materially above the volume of a year earlier. Railroad shipments of commodities in this section during September increased less than was to be expected, and in the early part of October a downward tend- ency was shown, contrary to the usual seasonal trend. Nevertheless, total freight car loadings in the period from March to September were much larger than at the same time in the past three years. This favorable comparison is attributable chiefly to larger shipments of merchandise and miscellaneous commodities. Stocks of commodities at manufacturing plants snow reduction in the past four weeks, and are also smaller than inven tories held on the same date last year. Retail houses naturally have increased their stocks since last month, although at the end of September they were appre ciably less than a year before. Member banks in this district report practically no change in commercial loans during the four weeks ended October 16. The high point in such loans usually occurs not later than September or O c tober. Total loans and investments, too, changed little in the month. There was a decline in the demand for currency ; funds gained in this way and through favorable balances in the settlements were large enough to enable banks to meet losses in transactions with the govern ment and to reduce their borrowings from the Federal Reserve Bank. Business and Financial Situation in Detail Financial Conditions Money rates. The call money re newal rate in Philadelphia did not go below I 1/* per cent in September and the average was between 8 and 9 per cent. In the first few days of October a 9 per cent renewal rate was in effect, but rates declined subsequently, the average in the two weeks ending October 23 being only slightly in excess of 6 per cent. Large Philadelphia member banks report loans to customers on their commercial paper at 5 y to 6 per cent, about the same as a month ago, though somewhat higher than a year ago, when the prevailing range was 5 y to 5^4 per cent. The discount rate of this bank has been unchanged at 5 per cent during the past month, but on October 24 the buying rate on bankers’ acceptances was reduced from 5 y to 5 per cent. Member banks. There was little change in total loans and investments dur September, 1929, compared with September, 1928 City Conditions Philadelphia Federal Reserve District area. . Allentown “ Altoona “ Harrisburg “ Johnstown “ Lancaster “ . . Philadelphia “ . Reading “ Scranton “ Trenton Wilkes-Barre “ “ Williamsport “ . . Wilmington “ . . York E m ploy ment Wage payments + 0 .8 % + 2 0 .0 “ + 2 .9 “ - 1.5 “ + 4 .9 “ + 10.1 “ + 12.2 “ + 14.2 “ + 2 .0 “ - 4 .3 “ — 0 5 “ + 1 5 .9 “ - 0 .6 “ + 0 .3 % + 2 3 .9 “ + 4 .4 “ - 6 .3 “ + 5 .0 “ + 10.3 “ + 19.6 “ + 12.1 “ + 2 .9 “ + 6 .9 “ + 2 .2 “ + 19.9 “ - 3 .0 “ Changes in— Oct., 1929 Four weeks Reported by 94 banks: Loans on securities........... $ 584 + $3 Other (largely commercial) loans....................... 604 0 Reported by 108 banks: T otal loans and discounts 1,257 + 4 Investm ents....................... 437 - 5 Net demand deposits........ 860 . - 6 Time deposits..................... 483 + 1 One year Allentown area.......................... Altoona “ .......................... Harrisburg “ .......................... Johnstown “ .......................... Lancaster “ .......................... Philadelphia “ .......................... Reading “ .......................... Scranton “ .......................... Trenton “ .......................... - 1 -2 % + 2 .6 “ - 6 .3 % 2 .2 “ .0 “ - 6 .9 “ - 1 .6 “ - 1 .5 “ - 1.3 “ - 3 .4 “ - 5 .6 “ + 6.1 “ + 4 9 .2 “ - 3 .1 “ “+ 1.7 ““ + 0 .2 “ - 1 .9 “ - 0 .3 “ - 1.7 “ + 2 .4 “ + 1 .2 “ - 0 .3 “ .0 “ + 3 6 .5 “ - 0 .6 “ Y ork + 0 .9 “ .......................... ing the four weeks ended October 16, according to the reports of member banks in 21 of the larger cities of the Philadel phia district, although net demand and government deposits declined. Commer cial loans on October 16 were in prac tically the same volume as they were four •weeks earlier. The peak in such loans usually occurs in September or October, and the highest point recorded thus far this year by banks in four cities which re port weekly was reached in September. BILLS DISCOUNTED FEDERAL RESERVE BANK OF PHILA 86 63 22 33 + 1 .6 % + 1 5 .1 “ + 0 .5 “ + 9 .0 “ + 7 .0 “ + 4 .4 “ + 7 .4 “ + 1.4 “ + 10.8 “ - 7 .2 “ + 9 .6 “ + 2 4 .0 “ + 6 .8 “ - 7 .1 % -1 3 .1 “ - 3 .4 “ - 6 .4 “ - 3 .8 “ - 0 .5 “ - 6 .5 “ -1 3 .9 “ - 2 .9 “ -1 1 .9 “ - 4 .0 “ + 4 .8 % * + 6 .2 + 1 6 .3 + 11.7 + 20.8 - 6 .4 + 1 9 .7 “ “ “ “ “ % + 2 1 .7 “ + 1 7 .0 “ + 7 0 .4 % - 5 6.8 “ - 6 4.0 “ - 4 8 .2 “ - 11.7 “ - 4 0 .5 “ - 18.0 “ - 3 1.7 “ - 36.1 “ + 5 1 1 .9 “ - 5 7.2 “ 6 .7 “ + 2 1 1 .6 “ + + + + + - 4 .2 % 3 .0 “ 9 .4 “ 0 .2 “ 0 .1 “ 0 .5 “ 5 .0 “ 0 .9 “ 2 .9 “ 7 .2 “ 6 .2 “ 17.7 “ 7 .7 “ - 2 .0 % + 0 .4 “ + 19.4 “ -1 4 .3 “ + 6 .1 “ + 3 2 .4 “ -1 5 .7 “ + 3 4 .5 “ + 8 .1 “ + 5 .7 “ -1 2 .5 “ + 0 .2 % * + 12.2 “ -» :« • • ■ * + 4 .7 “ + 0 .1 “ - 3 .1 “ + 1 .0 “ + 1 1 .3 “ t ................. § ................. § + 0 .2 “ * + 9 .2 “ P H ILA D E LP H IA BANKS Both loans on securities and commer cial loans are substantially larger than a year ago. The increase in loans during the past year has been accompanied by a decline in deposits and a substantial re duction in investment holdings. Federal Reserve Bank. In the five weeks ended October 23 member banks in this district reduced their borrowings from the Federal Reserve Bank by more than 13 millions, owing almost entirely to smaller borrowings by Philadelphia banks. Federal reserve note circulation declined nearly 17 millions, but a portion of this was due to the larger use of other forms of currency in this period. The reserve ratio rose from 70.1 to 71.4 per cent. 15 80 i 60 1929 40 20 40 20 +$51 + - 1 4 .9 % 18.9 “ 19.5 “ 18.9 “ 7 7.0 “ 3 8.9 “ 5 0 .5 “ 6 5.7 “ 46.1 “ 3 2.6 “ 7 .7 “ 80.1 “ 8 4.2 “ Electric power sales ♦Includes Harrisburg, Wilkes-Barre and Williamsport areas, f Production (not sales). J Includes Camden area. § Included in Allentown area. 0 + 31 + + + + Retail trade sales Debits September, 1929, compared with August, 1929 \ \ \ J 1 \ N vl \ f 1 A' V ' / / A, / . / W n\ A'f -i i W f 40 20 0 BANKS IN 20 O TH ER LARGE CITIES Changes in Oct. 23, 1929 IN Bills discounted for member banks in Philadelphia. . . . $ 35.5 20 other large cities 20.9 Other communities 17.2 Total bills discounted $ 73.6 Bills b ou gh t............... 17.4 United States securities....................... 16.9 Other securities......... 1.1 ■l929V ^ __ ‘■'1928'* ~ BANKS Federal Reserve Bank of Philadelphia (Dollar figures in millions) five weeks one year - $ 1 5 .2 + 1 .5 + .2 - $ 6 .7 2 .7 + 4 .5 -$ 1 3 .5 + 4 .7 - $ 4 .9 1.7 + + \y V \j 1 9 2 8 O M em ber banks in 21 leading cities (000,000’s omitted) Value of building permits OTHER C OM M U N IT IE S I929n 1928^ 1st GUAR. 2 nd. quar 3 rd. quar. 4-th. quar T otal bills and securities............ $109.0 Member banks’ reserve deposits.. . 135.7 T otal deposits............ 137.0 Federal reserve note circulation.......... 132.0 Cash reserves............. 192.0 Reserve ra tio............. 7 1 .4 % 1 .3 .8 4 .2 1.1 - $ 9 .3 - $ 9 .7 - + + 1.6 1.0 1.0 .5 - 16.7 + 5 .8 8 .9 + 16.6 + 1 .3 % + 4 .6 % © Page Three level. Production and shipments of iron and steel foundries were much larger and unfilled orders for steel castings are ahead of last year, but forward orders for iron castings are smaller. Commercial paper. Sales of com mercial paper, as reported by four deal ers operating in this district, were smaller in September than in any month since the reporting system was started some years ago. The volume taken by country banks was by no means large, and purchases by city institutions were negligible. Total sales of $1,190,000 in the month compare with $2,757,500 a year ago. Of a grand total of $1,832,438,000 of loans reported by member banks in the Philadelphia district as of June 29, $19,719.000, or a little over one per cent, consisted of commercial paper bought in the open market. The total of such paper held by all member banks of the federal reserve 'system on that date was $248,609.000. Sales to— paper sales (F our dealers) Total sales Country banks City banks 1929— J u n e... $2,780,000 $ 827,500 $3,607,500 120,000 2.9 1 4.50 0 3.034.500 Ju ly. . . 122,500 1,570,000 1.692.500 Aug. . . 62,500 1.127.500 1,190,000 Sept. .. 225,000 2.532.500 2.757.500 1928— Sept. .. Bankers’ bills. A t the end of Sep tember, a total of $18,372,000 of accept ances of banks in this district was out standing. This figure was the highest reported in the past several years, and compared with $17,254,000 on August 31, and $15,521,000 a year earlier. Most of the acceptances executed in this district are issued in connection with import transac tions. Bankers’ acceptances outstanding Philadelphia Federal Reserve District (000’s omitted) 1927 $ 8,666 10,676 13,132 12,977 14,703 15,085 Ju ly.............................. 12,714 12,033 14,655 16,267 16,308 16,183 Feb............................... 1928 $16,032 15,391 15,173 15,488 14,950 16,134 15,477 16,018 15,521 16,359 16,591 17,443 1929 $17,321 17,832 17,290 11,049 14,641 15,211 15,046 17,254 18,372 Manufacturing Iron and steel. The demand for fabricated metal products, while continu ing active, has slackened recently, follow ing an exceptionally large volume of business in previous months. Virtually all lines show a smaller volume of sales. Railroads alone are active buyers at the present time. Nevertheless, the total vol ume of sales still is in excess of that at the same time last year. Orders for iron and steel products on the books of reporting firms show little change from last month but total a larger volume than a year ago. Unfilled orders Page Four of the United States Steel Corporation increased from August to September and were larger than in September of the past five years. Plant activity generally has declined recently, after continuous expansion since the early part of this year. Daily output of pig iron in this district declined from August to September; it was larger, however, than in the same month in the past three years. Figures on daily pro duction of pig iron and steel ingots in the country showed the same trend. Com parisons fo llo w : Iron and steel (Daily average) Sept., 1929 (gross tons) Pig iron— United States. 115,553 Phila.Fed.Res. D ist.............. 10,682 Steel ingots— United States. 180,435 Source: Change from Sept., 1928 9 mos. of 1929 com pared with 9 mos. of 1928 + 1 3 .2 + 1 7 .8 + 7 .5 + 2 7 .4 + 8 .8 + 1 7 .1 Iron Age. Production of gray and malleable iron castings declined during September from the output of the previous month. Ship ments were also smaller, as were unfilled orders. Forward orders for steel castings, however, increased in the month, although production and shipments were smaller. Compared with a year ago operations in the foundry industry are at a higher Textiles. The market for textile products has improved further since the middle of last month. Sales show pro nounced gains in nearly all branches of textile manufacture. W ool dealers alone report a decline in sales during the month, a seasonal occurrence. Compari sons with a year ago also remain more than favorable. Sales of silk, cotton, and woolen manufactures generally are larger, a fact which has characterized these branches for a few months past. Business in floor coverings and clothing also shows a marked increase in comparison with last year. Prices reported by manufacturers on the whole show only small variations. Among these are advances in cotton yarns and further declines in wool fibres. A c cording to Fairchild’s index, including many quotations from this district, prices of cotton manufactures as a rule are be low the level prevailing at the same time last year. This is also true of the woolen and worsted products. After advancing to a level above that of last year, quota tions for raw silk have declined slightly and are now lower than a year ago. Further evidence of sharp improvement in the textile industry is afforded by larger orders on the books of reporting firms. Only manufacturers of clothing and dealers in wool report smaller un filled orders than last month. In com parison with last year, forward business is larger, except for slight declines in orders for broad silks, cotton yarns, and to some extent, for woolen and worsted piece goods. SILK NDE.X NUMBERS A C TIVITY PENNSYLVANIA Source: Silk Association of America Federal Reserve Bank of Philadelphia Operations of textile plants show cor responding expansion. This is borne out not only by the latest reports covering the first fortnight of October, but also by the earlier reports on employment and wage payments. Most lines had larger payrolls in September than in August and the total for the whole textile indus try was more than 10 per cent above the payrolls in September, 1928. Production of hosiery was about 5 per Employment September, 1929 Employment and Wages in Pennsylvania No. of plants re port Sept, ing index * Metal products..................... Blast furnaces................... Steel works & rolling mills Iron and steel forgings.. . Structural iron w ork....... Steam & hot water htg. ap. Stoves and furnaces........ Foundries ......................... Machinery and parts. . . . Electrical apparatus........ Engines and pum ps......... Hardware and to o ls ........ Brass and bronze p r o d s .. 9 7.0 240 98.3 9 47.3 43 81.9 10 112.2 10 114.4 16 94.0 8 83.5 37 96.6 44 120.1 22 146.2 10 101.0 86.9 19 12 87.4 Transportation equipment.. Autom obiles...................... A uto, bodies and parts.. . Locom otives and cars.. . . Railroad repair shops.. . . Shipbuilding...................... 41 5 13 13 6 4 Average weekly week ended Per cent change since Per cent change since index * Sept. 1928 All manufacturing industries (5 1).............................. 857 Payrolls September, 1929 Aug. 1929 Sept. 1928 Aug. 1929 Sept. 15, 1929 Aug. 15, 1929 + 10.1 1 + 0 .5 101.2 + 13.6 - 2 .2 26.31 27.16 + 10.6 + 15.6 + 6 .0 + 3 1 .7 + 6 .4 - 0 .5 + 9 .4 + 9 .6 + 16.5 104.3 51.0 86.3 121.9 121.3 9 8.8 82.0 100.6 133.7 158.2 108.9 87.5 87.8 + 14.7 + 1 8 .1 + 9 .7 + 3 1 .2 + 1 6 .2 - 1.5 + 6.1 + 14.4 4-20.0 + 9.1 + 3 .2 -1 2 .9 - 3 .6 - 2 .5 - 7 .4 - 4 .8 + 4 .8 - 1.3 + 2 4 .1 - 5 .9 - 2 .6 - 8 .0 - 1.6 - 5.4 + 2 .3 28.32 29.82 28.63 26.34 29.26 28.64 28.01 28.18 31.18 27.77 29.09 23.43 27.20 29.41 30.75 30.89 27.65 28.48 30.58 28.20 29.88 31.70 28.15 29.46 24.43 27.68 + 3 .4 -1 2 .7 - 4 .5 + 2 7 .4 + 15.5 + 9 9 .6 - 0.3 -1 1 .2 + 11.9 + 1.6 -1 3 .7 - 4 .5 28.51 27.16 28.91 29.46 26.10 27.94 29.19 30.00 27.28 29.59 29.79 30.35 + 4 .9 + 6 .2 -1 6 .4 77. Of + 3 .6 83.7 - 6 .9 90.1 + 1.3 66.7 + 17.6 89.8 + 1 5 .3 50.9 + 121.3 - 1.3 + 0 .4 - 0 .1 0 + 2 .0 + 5 .7 + 2 5 .0 - 0 .3 - 0 .8 - 6 .6 - 0 .5 - 1.5 + 4 .0 + + + + 2 .0 1.9 5 .6 2.1 1.4 3 .9 7 5 .5 f 78.7 8 0.6 67.9 88.5 4 8.9 Textile products................... Cotton goods..................... Woolens and w orsteds.. . Silk good s.......................... Textile dyeing & finishing Carpets and rugs............. H a ts.................................... H osiery............................... Knit goods, Other............ M en’s clothing .............. W om en’s clothing............ Shirts and furnishings. . . 176 102.8 13 77.3 9 5.8 15 50 100.9 12 118.7 9 8 8.0 4 98.3 30 131.2 15 94.5 10 94.7 9 110.9 9 109.2 + 8 .8 + 1.4 + 1 2 .6 + 2 .6 + 5 .0 + 11.1 + 1.8 + 2 0 .8 + 1 0 .3 + 0.1 + 0 .4 + 18.3 + + + + + + + + 2 .5 1.2 2 .6 3.1 2 .5 0 .8 0 .4 3 .6 3 .4 1.3 0 .6 3 .4 109.9 76.7 9 6.8 105.0 126.3 82.6 93.7 158.0 98.5 105.5 115.4 108.1 + 10.1 + 3 .8 + 1 4 .4 + 4.1 + 0 .8 4-13.5 - 3 .6 + 1 8 .4 + 1 6 .6 + 1 1 .6 - 0 .3 + 2 1 .2 + + + + + + + + + + 3 .8 2 .8 0.1 4 .3 2 .9 7 .3 4 .4 7 .3 2 .0 0 .3 1.2 4 .4 21.75 23.62 21.50 18.97 25.62 23.60 24.28 25.96 18.45 19.11 14.71 15.48 21.40 22.72 21.97 18.64 25.48 22.20 25.30 25.06 18.70 18.80 14.43 15.31 Foods and tobacco............... Bread & bakery products. Confectionery................... Ice cream ........................... Meat packing................... Cigars and toba cco.......... 104 100.4 29 109.4 13 104.1 11 95.6 14 102.2 37 96.9 + + + + - 1.2 4 .9 7.1 0.1 7 .4 3 .6 + 3 .7 + 2 .4 + 1 5 .3 - 9.1 + 2.1 + 2.1 102.9 104.8 111.1 103.3 101.7 99.1 + + + + + - 2 .9 5 .5 9 .9 0 .9 5 .0 2 .8 + 5.3 + 2 .8 + 15.4 - 7 .6 + 5 .4 4- 5 .9 20.69 27.72 18.91 31.96 29.22 15.61 20.39 27.59 18.91 31.46 28.29 15.05 + + + 3.1 10.3 8 .2 8 .2 + 3.1 + 0.1 - 3 .7 + 1 3 .2 80.3 95.6 73.8 83.5 - 1.8 + 9 .5 -1 3 .2 + 3 .2 - 6.1 - 5 .3 -1 2 .1 + 1.1 25.36 23.89 29.75 22.88 27.86 25.28 32.60 25.65 Stone, clay & glass products Brick, tile and p ottery... Cement............................... Glass................................... 68 32 14 22 86.3 99.5 72.1 97.9 Lumber products.................. Lumber & planing m ills.. Furniture........................... W ooden b oxes................... 55 17 31 7 82.6 77.9 80.7 113.4 - 2 .4 - 1.6 - 5.1 + 2 .6 + 0.5 - 1.0 + 0 .7 + 2 .9 84.6 77.1 83.5 126.8 + 4 .4 4 .6 9 .2 4 .3 + + + 2 .2 3 .0 4 .5 5.1 23.30 20.32 26.38 20.14 22.92 20.77 25.45 19.68 Chemical products............... Chemicals and drugs. . . . C ok e.................................... E xplosives.......................... Paints and varnishes........ Petroleum .......................... 54 106.4 30 98.2 3 118.6 3 138.8 12 130.7 6 102.0 + 8 .7 + 4 .4 + 0 .6 + 1 5 .4 + 6 .3 + 14.5 + + + - 1.0 6 .7 3 .3 1.5 3 .0 4 .0 113.2 99.1 117.7 126.9 130.5 111.8 + 9.1 + 6 .0 - 1.8 + 1 2 .4 + 7 .5 + 15.9 + + - 4 .6 1.1 0 .9 7.1 7.1 6 .8 28.60 27.15 28.01 25.25 25.84 30.10 29.61 29.46 28.72 27.60 26.94 31.14 Leather & rubber products. Leather tanning............... Shoes................................... Leather products, Other.. Rubber tires and goods. . . 51 17 20 10 4 103.0 107.4 100.1 118.4 82.9 + + + + - 4 .3 2 .7 8 .7 3 .0 1.4 + + + + 2 .5 0 .2 5 .8 6 .5 1.0 107.0 109.6 107.1 107.3 100.2 + 2.1 - 0 .3 + 1 4 .3 - 1.6 - 9.1 + 4- 0.1 3 .2 5 .4 5 .5 1.4 23.12 25.10 18.96 23.10 28.42 23.72 25.89 19.39 23.34 29.12 Paper and printing Paper and wood pu lp . . . . Paper boxes and b a g s... . Printing and publishing.. 68 12 10 46 9 5.7 82.4 101.5 103.8 + + - 2 .4 2 .3 3 .6 0 .5 + 1.3 + 1.1 + 3 .7 + 1.0 115.8 94.5 122.9 126.7 + 11.8 + 2 .6 + 11.6 4- 9 .9 + + + 4- 6.1 3 .3 9 .7 6 .9 34.16 29.44 16.98 38.11 32.57 28.87 16.05 35.98 Anthracite.............................. 155 345 5S 5 52 83 105.5 - 6 .4 8 3.4 -2 5 .9 150.7 90.8 95.8 9 8.5 + 4 5 .0 - 8 .5 + 0 .2 + 3 .9 + 1 2 .7 + 0.1 - 1.6 + 0 .4 + 4 .5 + 2 .0 125.7 91.9 + 4 0 .1 -1 0 .2 + 2 1 .0 + 2 .1 - 4.1 + 0 .8 28.48 25.97 26.50 32.68 26.49 25.47 27.28 32.62 Construction & contracting. Street railways..................... * 1923-1925 average = 100. f Preliminary figures. cent larger in September than in August, this gain being caused mainly by larger output of men’s, boys’, misses’, and chil dren’s hose. The output of women’s full fashioned and seamless hosiery declined slightly. Total shipments exceeded the volume of the previous month by more than one per cent. Consumption of wool fibres in this dis trict was almost 3 per cent smaller in September than in August as against a drop of more than 5 per cent in the country. Mill takings of wool by local carpet mills also were nearly 8 per cent less than in the previous month. Active cotton spindle hours in this section rose considerably in the month and exceeded those of a year ago by more than 8 per cent. Inventories of finished goods at textile plants for the most part range from mod erate to light and show a sharp decline from last month. In comparison with a year ago, stocks also are smaller. Leather and shoes. Shoe production in this district in the month of September declined nearly 7 per cent from the out put in August, while in the country the decline amounted to 6 per cent. Shoe fac tory operations in the district in the first half of October showed only a slight re cession from the average rate of nearly 80 per cent current last month. Compared with a year ago the demand in this dis trict is no less active. Prices are un changed. Unfilled orders are smaller than in the previous month and compared with a year ago. Stocks on hand generally are light and are smaller than last year. The demand for sole leather continued good during the past month and a few advances in prices were noted. Unfilled orders declined slightly, while plant oper ations increased further. Sales of black and colored kid leather have also been large, although some decline is noted from the volume of a month ago. The hide market was weak during the month, showing a tendency toward lower prices. The demand for goatskins has been fairly active. Building materials. The demand for building materials, taken as a whole, has declined further in the past month. Sales of brick and cement have decreased in the month and in comparison with a year ago. Lumber mills and paint factories, however, report somewhat larger sales. Prices of cement are lower but there is little change in the other lines. Unfilled orders on the books of report ing firms show no change in most inPage Five operations have been increased, and stocks on hand are light. The demand for flour has been only fair lately and as a result mills in this district have reduced their operations somewhat. Stocks on hand are large. The movement of flour and grain to and from the Port of Philadelphia is shown below : Flour and grain movement Port of Philadelphia (Figures in thousands of units) stances and are in about the same volume as those of a year ago, although some in crease is noted in forward orders for cement. Stocks in most lines are fairly light and are smaller than last month or a year ago. Plant activity has again declined in the month, owing chiefly to lessened opera tions in brick and cement industries. Only paint manufacturers report an increase in output. Figures on wage disbursements in September indicated that the produc tion of brick, tile and pottery, paints and varnishes, and glass was at a higher rate than in the same period last year, while there were decreases in cement and lum ber products. M iscella n eou s. Conditions in the paper industry have improved more than seasonally. Sales have increased and are are larger than last month or a year ago. Prices are slightly higher. Unfilled orders are larger than last month but are in about the same volume as last year. Stocks are lighter than is usual at this time. The demand for cigars has increased lately, although it is not up to that at the same time last year. Prices remain un changed. Forward orders on the books of reporting firms show some increase but are also smaller than a year ago. Stocks, however, are much lighter and plant operations continue at a higher rate than last year. Receipts—Flour................... bbls. W heat................. bus. C orn.................... “ O th e r g r a in s (o a ts , ry e , b arley)............ “ Exports— Flour................... bbls. W heat................. bus. C orn.................... “ O th e r g r a in s (o a ts , ry e , barley)............ “ Stocks on Oct. 1— Flour................... bbls. W h ea t................. bus. C o r n ....-............. “ 1928, Jan. to Sept. 1929, Jan. to Sept. Per cent increase or decrease 1,425 4,602 1,015 1,359 7,792 1,286 4 .6 + 6 9.3 + 2 6.7 2,179 1,809 - 87 6,333 702 58 6,185 1,304 - 3 3.3 2 .3 + 8 5.8 1,266 1,224 - 73 881 10 71 4,284 5 2 .7 + 3 8 6 .3 - 5 0.0 17.0 3 .3 Source: The Commercial Exchange of Philadelphia. Building and Real Estate Building activity, although continuing to lag behind that of last year, has shown some improvement. The total value of building contracts awarded in this dis trict in September was 40 per cent larger than in the previous month and reports for the first half of October indicate a further increase. Compared with Sep tember, 1928, however, the volume of contract awards in the corresponding month this year was over 23 per cent smaller, owing to a decrease in the totals for eastern Pennsylvania and Delaware. Trenton was the only reporting city which showed an increase, while Phila delphia had the largest decline. The proposed expenditure under build ing permits issued in 17 cities of this district declined further during Septem- ber and was 39 per cent smaller than in the same month last year. The number of real estate deeds re corded during September in Philadelphia was the smallest since 1922 and showed a decrease of nearly 17 per cent from the previous month’s total and of 14 per cent compared with last year. The value of mortgages recorded declined over 50 per cent in the month and was the small est total in the past six years. Coal A n th racite. Cooler weather during the past month has stimulated the demand for anthracite. considerably. The market for domestic sizes has been especially good and prices have been advanced fur ther. Reporting collieries have increased operations and in most instances are working at capacity. Production in the four weeks ended October 19 totaled 7,912,000 tons, a gain of 30 per cent over the previous four weeks and of 2 per cent over the same period last year. Bitum inous. Increased demand for bituminous coal further reflects seasonal expansion in industrial operations. Sales are larger than last month and are well ahead of a year ago. Prices have risen since last month. Operations in this section have been enlarged and produc tion has increased in the first three weeks of October, exceeding that in the same period last year. OUTPUT o. COAL and ELECTRIC POWER IN- P E N N S Y L V A N IA INDEX N U M B E R S _____________________________ AVG I923-BS-U00 130 ELECTRl /\ f t *i /' POWER . i \ / vs v i i k A i,,1 V BITUMIN0US COAL 1326 1927 1928 1929 Source: U. S. Geological Survey Building activity Contract awards—P h ila . F ed . R e s. Dist. T o ta l................... Residential........ United States— T o ta l................... Residential......... Sales of tobacco leaf are in good vol ume and are larger than in the previous month or year. Prices have advanced. Unfilled orders show little change. Plant Page Six Permits issued— P h ila . F e d . R e s. Dist. (17 cities) United States (596 Sept., Change 1929 from (000’s Sept., omitted) 1928 $ 9 mos. of 1929 com pared with 9 mos. of 1928 35,047 - 2 3 . 2 % - 1 6 . 7 % 11,302 - 3 9 . 1 “ - 2 7 . 5 “ 445,402 - 2 4 . 2 “ - 1 0 . 1 “ 118,328 - 4 1 . 7 “ - 2 8 . 0 “ 7,127 - 3 9 . 4 “ - 5 .4 “ 218,345 - 1 9 . 8 “ Source: F. W . Dodge Corporation and S. W . Strauss & Company. E le ctric P ow er. The use of elec trical energy by industries of this district continued substantially above the quan tity consumed last year, the increase in September over a year earlier being al most 18 per cent. The decline of about one per cent from August to September was less than a year ago. Total sales of electricity also were nearly 18 per cent greater than in September, 1928, buying of power by municipalities showing the largest percentage gain. Sales between August and September showed little change. Production of electric power by 12 systems naturally was much larger in September than in the same month last year but was slightly below the volume in August. Electric Power Philadelphia Federal Reserve District 12 systems September, 1929 Change since Sept., 1928 Aug., 1929 Rated generator capacity........ + 2 .8 % .........0 % Generated output...................... H ydro-electric........................ Steam ........................................ Purchased................................ + 1 6 .4 -4 3 .1 + 19.1 + 5 6 .1 - Sales of electricity..................... Lighting................................... M unicipal............................ Residential and commercia l.................................... Power........................................ M unicipal............................ Street cars and railroads.. Industries............................ + 1 7 .8 “ + 3 .0 “ + 5 .6 “ - 0 .1 “ + 9 .9 “ + 2 .8 “ + 2 .7 + 14.6 + 5 0 .5 + 0 .4 + 17.6 “ “ “ “ “ + + - 11.0 “ 1 .2 “ 10.0 “ 3 .9 “ 1 .1 “ All other sales............................. + 4 9 .7 “ - 4 .1 “ “ “ “ “ 1 .6 2 .6 1 .0 3 .2 “ “ “ “ Agriculture More favorable weather during the past month has aided agriculture, and farm operations are moving forward ac tively. The planting of winter wheat is nearly finished and the indicated acreage is about the same as last year. Plowing is up to normal, nearly three-fourths of it already being completed. The digging of late potatoes and corn cutting are also well under way, and practically all of the tobacco, peach and pear crops have been harvested. The quality of truck and fruit crops is inferior to that in 1928, the color, size, soundness and texture of fruits be ing below the average. Dairy herds are nearly up to their normal condition, though lack of adequate pasturage has acted as a handicap in some instances. The number of market able hogs is reported as being about the same as last year and the new hogs are in good condition. The supply of farm labor is adequate. Crop estimates (Figures in thou sands of units) 1928 yield Per Estimate, Oct. 1, cent 1929 change . U United StatesC o rn ........... W heat........ O ats............ . “ Potatoes (w h ite). . . * H a y ............ T o b a cco. . .lbs. C otton. . . . 4U 45,500 16,140 21,770 42,214 18,761 19,968 - 7 .2 + 16.2 - 8 .3 30,208 3,353 49,580 22,037 2,999 45,708 -2 7 .0 -1 0 .6 - 7 .8 2,835,678 2,528,077 902,191 791,768 1,448,677 1,226,573 -1 0 .8 -1 2 .2 -1 5 .3 464,483 345,177 92,983 100,582 1,378,139 1,472,525 14,478 14,915 -2 5 .7 + 8 .2 + 6 .8 + 3 .0 Distribution Railroad shipments in this section have been rather steadily in excess of the vol ume of last year and two years ago. Retail trade. Retail sales in Sep tember showed a decline of nearly 3 per cent from those of a year ago, depart ment and women’s apparel stores outside of Philadelphia, men’s apparel stores, credit, and shoe stores being chiefly re sponsible for this unfavorable comparison. At least a portion of this decline may be attributed to the fact that there were five Saturdays in September last year as against four in the same month this year. September sales were 22 per cent Comparison of stocks Comparison of net sales Retail Trade Philadelphia Federal Reserve District - outside Philadelphia............... outside Philadelphia........... Shoe stores.................................... Credit stores.................................. W holesale Trade Philadelphia Federal Reserve District Boots and shoes . . - 3 .8 % - 0 .5 “ D ry good s............. + 3 .9 “ Electrical supplies - 2 .5 “ Groceries............... + 1 . 0 “ Hardware............... + 3 .5 “ Jewelry................... + 1 5 .6 “ Paper...................... + 1 0 .0 “ “ “ “ “ “ “ “ “ “ “ “ “ Rate of turnover, Jan. 1, to Sept. 30, Accounts Collec receiv tions able at end of during month month com com pared pared with with year ago year ago 1928 1929 6 .6 % + 1 1 .9 % 2.27 2.54 - 0 .4 “ - 9 .3 “ + 1 1 .3 “ — 0 .5 “ - 1 3 . 8 “ + 1 2 .8 “ - 0 .1 “ - 1 .5 “ + 9 .2 “ 2.16 2 .24 2.04 2 .45 2.74 2.12 1.96 2.40 1.63 4.24 4.53 2 .95 1.91 2 .19 1.90 2.25 1.60 4.29 4 .57 2.92 2.05 2 .2 2 + 8 .8 “ + 1 0 .6 “ + 4 .0 “ + 3 .2 “ + 6 .1 “ + 8 .7 “ R atio of ac counts out- Collections, Sept., 1929, compared with 2 .7 % - - 2 .0 + 1 .2 - 8 .4 + 0 .8 - 6 .5 - 4 .1 - 8 .5 + 3 .6 + 5 .4 - 7 .5 - 5 .3 -1 8 .9 Net sales, Sept., 1929, com pared with Sept., 1928 Jan. 1 to Sept. 30, 1929 Sept. 30, 1929, with with with Jan. 1 to Sept. 30, Aug. 31, Sept. 30, 1929 1928 1928 Sept., 1929, with Sept., 1928 outside Philadelphia........... P h ila . F e d . R e s. Dist.— C orn ........... W heat........ . “ O ats............ Potatoes (w hite). . H a y ............. T ob a cco. . . .lbs. Sales in September for all lines com bined were almost 3 per cent larger than in the same month last year. Increased business in dry goods, groceries, hard ware, jewelry, and paper were responsi ble for this favorable showing. In com parison with the preceding month, sales were 7 per cent larger, all reporting lines except groceries sharing in this gain, which was largely seasonal. Stocks carried by dealers in groceries and hardware were somewhat heavier than those at the end of September, 1928, while those in dry goods, jewelry and paper were smaller. Dealers in most lines report some gains in inventories since August. Accounts outstanding increased noticeably in the month and in most cases were larger than in September, 1928. As is shown in the accompanying table, only groceries, jewelry, and paper had larger collections than a year before. Total freight car loadings in the four weeks ended October 12 showed a gain of 3 per cent over the preceding four weeks and 1 per cent over the same period last year, although early in October smaller shipments were evident. The largest portion of the increase was due to the heavier movement of merchandise and miscellaneous commodities. Sales of new passenger automobiles in this district during September, as evi denced by registrations, exceeded those of a year earlier by more than 11 per cent. Sales during the first nine months of this year also were substantially ahead of those in the same period last year. In comparison with August, however, there was a drop of almost 23 per cent, as is to be expected at this time. Sales of ordinary life insurance were nearly 27 per cent larger than in Septem ber, 1928; compared with August, sales dropped about 12 per cent. Wholesale trade. Wholesale and jobbing trade generally is fairly good, according to preliminary reports. Larger sales than four weeks ago are reported by dealers in dry goods, groceries, hard ware, jewelry, and paper, while the de mand for shoes and drugs shows little change. The gain in the former items no doubt is attributable chiefly to seasonal influences. Prices show little variation, except for numerous advances in groceries. + + + + - 0 .0 % - 1 .2 3 .2 4 .8 6 .3 7 .6 2 .2 2 .5 7 .4 * “ “ “ “ “ “ “ + 1 0 .0 + 1 5 .5 + 6 .4 + 1 0 .2 + 14.2 - 5 .4 - 6 .6 + 9 .3 Stocks, Sept., 1929, com pared with Aug., 1929 Sept., 1928 + 2 3 .2 % + 3.4“ + 4 8 .7 “ + 1 4 .2 “ - 1.0 “ + 6 .5 “ + 2 5 .7 “ + 0 .4 “ ...........% Aug., 1929 + 8 .2 - 2 .3 + 17.3 + 2 7 .1 + 2 6 .5 + 3 0 .9 + 8 .6 + 7 .4 “ “ “ “ “ “ “ “ Accounts out standing, Sept., 1929, com pared with Sept., 1928 -1 2 .6 % + 0 .4 “ 1 . 7 “ - 7 .3 “ + 0 .2 “ + 1 0 .6 “ - 0 . 2 “ + 0 .3 “ + 3 .2 “ - 1 0 . 4 “ + 7 .1 “ + 0.4 “ + 3 . 8 “ ...........% -1 0 .2 “ + 2. 2 “ + 6 .5 “ -1 6 .0 “ - 1.3“ “ “ “ “ “ “ “ “ Aug., 1929 ing to sales, Sept., 1929 + 9 .8 % + 6 .7 “ + 1 8 .0 “ + 0 .2 “ + 3.4“ + 4 .7 “ + 1 1 .7 “ + 2.4 “ 3 48 .1% 116.0 “ 225.8 “ 188.5 “ 117.9 “ 206.3 “ 357.8 “ 147.3 “ + 2 .5 % + 0 .9 % - 0 .4 “ + 0 .7 “ Sept., 1928 - Aug., 1929 9 .0 % + 2 4 .2 % 5 .9 “ + 2 .8 “ 1 .2 “ + 4 . 3 “ + 1.5“ - 3 .6 “ + 1 3 .5 “ + 5 0 .5 “ - 7.4“ - 3.4“ + 1 7 .1 “ + 0 .9 “ Page Seven greater than in August, large gains be ing shown by department and apparel stores, while shoe and credit stores re ported declines. Early October reports indicate further improvement in business at retail, as is to be expected at this time of the year. Prices continue at about the same level as four weeks ago. Inventories carried by retailers gen erally were about 7 per cent smaller than at the end of September, .1928, the larg est reduction being reported by depart ment stores in Philadelphia. The heaviest gains over a year ago were shown by men’s and women’s apparel stores in Philadelphia. In comparison with the previous month, stocks as a whole were larger, the increase probably being due to the anticipation of heavier demand in forthcoming weeks. The rate of turnover also was slightly higher than a year ago and noticeably higher in the first nine months of this year than in the same period last year. BUSINESS CONDITIONS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT P rices R eta il trade ................. Little change Dem and U nfilled orders Operations S tocks Improving seasonally Larger W h olesa le and jo b b in g tra d e : D rugs D ry .......................... good s ............... E le ctrica l su p p lies. G roceries ................... H ardw are ................. J ew elry Firm, little Firm, little change change Unchanged Fair, little change Active, increased Smaller Fair Higher Active, some gain Larger Little change Fair, some gains Little change ..................... Unchanged Active, increased P aper .......................... Unchanged Fairly good, increased Shoes .......................... Unchanged Fair, unchanged Lum ber ........................ Little Fair, some gains Little change Smaller W ool Lower Poor, declined Smaller Smaller Higher Active, increased Larger Smaller Some declines Fairly active, declined Larger .......................... C otton yarns ........... change Smaller Smaller M anu factu ring: Iron and steel prod ucts ......................... goods Little change ........... Little change Active, increased Larger Increased Smaller ............... Little change Active, increased Some gains Increased Smaller C otton good s Silk Decreased W o o l good s ............. Some decline Fair, little change Little change Decreased Smaller W ool ............. Firm, little change Active, increased Larger Increased Smaller C lothin g ..................... Little change Fairly good Smaller Decreased Smaller H osiery— fu ll-fa sh ion ed ...................... Unchanged Good, increased Larger Increased Smaller yarns Unchanged Fair, little change Larger Increased Smaller Carpets and rugs . . Little change Active, Larger Increased Smaller Shoes Unchanged Fair, declined Smaller Decreased slightly Smaller H osiery— seam less . .......................... increased Leather— S ole ....................... Some advances Good Some decline Increased Smaller ............. Firm Active, some decline Little change Decreased Little change C olored kid ........... Firm Active, some decline Declined Decreased Little change Firm, some advances Good, increased Larger Increased Smaller Unchanged Active, increased Larger Little change Smaller B la ck kid P aper .......................... C igars ....................... T obacco lea f ........... Higher Active, increased Little change Increased Smaller Firm Fair, declined Little change Decreased Smaller Lum ber— m ills ......... Little change Fair, increased Little change Decreased Smaller P aint Little Fair, increased Little change Increased Little change Lower Fair, declined Larger Decreased Smaller Some decline Fair Decreased Larger Construction costs lower Fair, some gain B rick .......................... .......................... Cem ent F lou r ...................... .......................... B u ild in g A nthracite ................... ................. B itum inous coa l ... Page Eight change Value of clined permits de Value o f creased Higher Good, increased Increased Higher Fair, increased Increased contracts in
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