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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT OCTOBER i, 1927 » 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 Industrial production increased in August, reflecting a growth in the output of mines, and the distribution of com modities, both at wholesale and at retail, increased by more than the usual seasonal amount. The general level of wholesale commodity prices rose about one per cent, owing chiefly to advances in the prices of farm products. Production. Production of anthracite and bituminous coal, which showed a con siderable decline earlier in the season, in creased sharply in August and the early weeks of September, and this rise was reflected in an advance in the Board’s Index of Mineral Output from 98 per cent of the 1923-1925 average in July, to 106 per cent in August. The index of manu factures as a whole showed practically no change for the month. The iron and steel industry continued during August and September with little change in demand or in production and the output of news print, lumber and cement showed only customary seasonal changes in August. Consumption of cotton remained un usually large for this season of the year, and there was an increase in the produc tion of automobiles, which, however, re mained below the output of August of last year. Output of shoes and rubber tires increased from July to August by less than the customary seasonal amount. Factory employment was in practically the same volume in August as in July, and both employment and production were smaller than a year ago. The vol ume of building contracts awarded in August was smaller than in August, 1926, which was a month of unusually large awards. The largest decreases, as com pared with last year, were in the Boston, New York, and Chicago Federal Reserve Districts. In the first half of September awards were in practically the same volume as in the corresponding period of last year. The Department of Agriculture’s esti mate of corn production on the basis of September 1 condition was 2,457,000,000 bushels, compared with 2,647,000,000 har vested in 1926. The total yield of wheat is expected to be somewhat larger than a year ago. The forecast of the yield of cotton was 12,692,000 bales, representing a reduction of 800,000 bales from the August estimate and of over 5,000,000 bales from last year’s crop. Trade. Distribution at wholesale and retail than is usual in August, generally larger than in of merchandise increased more and sales were August of last year. Sales of wholesale firms in most leading lines were larger than a year ago. Inventories of department stores showed less than the usual seasonal increase in August and at the end of the month were in about the same dollar volume as a year ago. Stocks carried by wholesale firms con tinued in August generally smaller than last year. Freight car loadings of nearly all types of commodities increased considerably in August and the early part of September, but, with the exception of grains and mis cellaneous products, loadings for all groups continued in smaller volume than in the same period of last year. Prices. Wholesale commodity prices, as measured by the index of the Bureau of Labor Statistics, increased from 145 in July to 147 in August. There were large increases in the prices of farm products and of clothing materials, while most of the other groups showed only slight changes. The price of raw cotton ad vanced from YJYz cents a pound on August 1 to over 23 cents on September 8 but since that date has declined by about three cents a pound. Prices of cot ton goods, cattle, hogs, and sugar also increased during August and the first BILLIO MEMBER (la Vl B A N K C R E D IT otheJ loans 8 6 8 6 InveSTMENTS 4 4 ^-L oan ON SECURTIES 2 2 1923 Index n u m b ers of produ ction of m a n u fa ctu res an d m in era ls, a d ju ste d for seasonal variations (1923-25 average = 100). L a te st figures, A u g u s t; m a n u fa c tu re s, 106; m in e ra ls , 106. Federal Reserve B oard’ s indexes of factory e m p lo y m e n t an d payrolls (1919= 100 ). L atest figures, A u g u s t ; e m p lo y m e n t, 9 1 .2 ; payrolls, 104.4. 1924 1925 1926 1927 0 M o n th ly averages o f w eekly figures for ban k s in 101 leadin g cities. L a te st figures are aver ages for first three w eekly rep ort dates in Sep tem b er. Page One three weeks of September, while those of grains declined; recently there have been reductions in the prices of some iron and steel products. Bank Credit. Total loans and invest ments of member banks in leading cities between August 17 and September 21 in creased by $400,000,000 to the largest figure on record. There were increases in loans on securities and in investments as well as the usual seasonal growth in loans for agricultural and commercial purposes. The volume of reserve bank credit in creased during the month ending Septem ber 21, reflecting the seasonal growth in the demand for currency and an export of gold. The increase was entirely in the holdings of acceptances and United States securities, as there was little change in discounts for member banks. In the open money markets, rates on security loans increased slightly during September, while rates on commercial paper and 90 day bankers’ acceptances re mained unchanged at the lowest levels of the year. Discount rates at the Fed eral Reserve Banks of Philadelphia, Chi cago, San Francisco, and Minneapolis were reduced during September from 4 to 3% per cent, the rate prevailing in the other eight districts. 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 The expansion in the volume of trade and industry in the Philadelphia Fed eral Reserve District, which first became evident in August, has continued during September, although it is quite evident that the recent improvement in business has been little more than seasonal in extent. Retail merchants in the district reported a considerable gain in August sales and a slightly larger volume in that month than in 1926, but this was the second month this year that such a gain has occurred, and the cumulative total for 1927 is still more than three per cent below last year’s sales. Most lines of wholesale trade also showed substantial seasonal gains over the previous month, and in the drug, dry goods, grocery and paper trades, August sales were in larger volume than those of a year earlier. The total sales of reporting wholesale dealers were slightly in excess of those of 1926. Sales of lower priced automobiles con tinue in large volume, while the more expensive makes are finding a much less active market. The dollar volume of business payments, as measured by checks cleared in the principal cities of the dis trict, continues to run ahead of last year, but railroad freight shipments in the A l legheny District in recent weeks have been smaller than in 1926. Merchandise shipments, however, were in larger volume than last year. Perhaps the most striking evidence of increased mer cantile activity is the recent upturn in the wholesale price trend, which Page Two Latest figure compare'd with BUSINESS IN DICATORS Philadelphia Federal Reserve District August, 1927 Previous month Retail trade— estimated net sales (132 stores)..................... Department stores (6 2 )......................................................... Apparel stores (3 1 ).................................................................. Shoe stores (2 4)....................................................................... Credit stores (1 5 ).................................................................... $16,796,000 $14,093,000 $1,525,000 $365,000 $813,000 Wholesale trade— net sales (135 firm s).................................. Boots and shoes ( 9 ) ................................................................ Drugs (1 4 )................................................................................. Dry goods (1 7 )......................................................................... Electrical supplies (3 )............................................................. Groceries (4 5)........................................................................... Hardware (2 6 ).......................................................................... Jewelry (1 1 ).............................................................................. Paper (1 0 )................................................................................. Productive activity: Employment — 843 plants in Penna.................................... W age payments in above plants.......................................... men prs. lbs. ‘ Pig iron p roduction................................................................. Iron casting production (33 foundries).............................. Steel casting production (11 foundries)........................... Anthracite................................................................................. Bituminous coal— P enna....................................................... C em ent....................................................................................... Electric power output (13 system s).................................... Distribution: Freight car loadings (Allegheny district — weekly average) Tonnage of vessels (Port of Philadelphia)........................ Financial and credit: Debits (18 cities)..................................................................... Savings deposits (95 b an k s).................................................. Loans, discounts and investments of member banks (weekly average)................................................................. Bills discounted held by F. R. B. of Phila. (daily average)................................................................................. Acceptances executed (9 banks for month ended Sept. 10) Bankers’ acceptances sales (dealers— weekly average for period ended Sept. 1 0 )................................................ Commercial paper sales (5 dealers).................................... Commercial failures— number.............................................. Commercial failures— liabilities........................................... Building and real estate: Building permits (16 cities)................................................... Building contracts awarded (Philadelphia district)........ Number of real estate deeds recorded (Philadelphia co u n ty )................................................................................... Value of mortgages recorded (Philadelphia co u n ty ). . . . M iscellaneous: Sales of life insurance (Penna., N. J., and D e l.)............. Retail sales of automobiles (12 distributors).................... Wholesale sales of automobiles (13 distributors)............. tons tons tons tons tons bbls. KW H tons Year ago + 1 5 .0 % + 13.8 “ + 2 4 .2 “ - 7 .5 “ + 5 9 .9 “ + + + - $8,935,314 $346,857 $1,586,867 $809,117 $281,923 $3,123,303 $1,766,773 $420,364 $600,111 + 11.3 + 5 2 .3 + 5 .0 + 3 9 .2 + 1.2 + 6 .6 + 5.1 + 5 0 .8 + 11.2 “ “ “ “ “ “ “ + + + + “ “ + 1.2 3 .8 0 .8 0 .7 5 .4 3 .9 1.6 3 .7 8 .6 277,512 $7,093,236 1,663,228 0 .2 + 4 .6 + 2 7 .3 + 18.1 + 1 3 .1 — 10 3 2 .9 + 1 4 .1 + 2 0 .6 + 5 4 .1 + 19.0 + 4 .0 + 5 .5 “ — 7 .9 “ 6 .5 “ 6 .2 1.3 “ “ 7 ,8 9 1'5 45 64 729 852 253,812 4,890 6,597 7,749,000 10,209,000 4,245,000 411,322,000 213,845 3,612,541 + + $ 2,319,807,000 $636,572,000 - 5 .2 0 .5 $ 1 ,190,S09,000 + “ “ “ “ “ - 3 .1 % 3 .0 “ 10.0 “ 3 .2 “ 4 .1 “ “ “ “ “ “ “ “ “ “ 2 5 -1 8 .3 -1 5 .1 3 .6 5 .2 -1 4 .9 + 8 .8 + 4 .8 w - 3 .7 1.6 “ “ “ + + 7 .3 5 .9 “ “ “ “ “ “ “ “ “ “ - f “ “ “ “ “ “ “ 0 .3 “ + 4 .6 “ $39,919,000 $4,825,000 15.7 + 4 1 .6 “ -1 2 .9 + 6 9 .8 “ $934,000 $8,268,500 54 $ 1 , 105,859 + 5 1 .1 -2 0 .6 0 -3 5 .4 “ “ “ “ 4 .6 + 2 0 .9 “ “ — “ -7 0 .2 + 1 0 2 .4 + 2 2 .7 -3 2 .2 “ “ “ “ “ $18,369,575 $45,432,864 + 5,000 $29,183,245 - 7 .4 “ + 6 .6 “ + 9 .1 “ + 4 8 .1 “ $79,249,000 $3,778,000 $5,559,000 - 6 .2 “ + 2 6 .3 “ + 16.0 “ + 9 .7 “ + 6 4 .6 “ + 2 1 .2 “ + + 17.6 14.2 “ “ ♦Bureau of Census preliminary figures. had moved steadily downward for almost a year. The present level is still slightly below that prevailing a year ago. Industrial activity in the district, as indicated by factory wage payments and •employe-hours worked, experienced a sea sonal upturn in August and preliminary reports indicate a further gain in Septem ber. But factory activity continues to run at least five or six per cent behind last year’s level and the output of many important commodities has been smaller during the past few months than in the corresponding period of 1926. Noticeable is the fact that, although output of elec tric power by reporting stations in the district has gained about five per cent, consumption of power by industries, which normally shows a strong upward trend, in August was less than one per cent greater than in the same month of 1926. Conditions in the iron and steel in dustries are far from satisfactory to pro ducers. Though some betterment has occurred since mid-summer, price weak ness is manifest for a number of prod ucts and production of pig iron, steel ingots and iron and steel castings is run ning much behind last year’s levels. The textile industries, on the other hand, are considerably more active. Mill operations in the silk and wool industries have increased substantially of late and the output of cotton goods is much larger than that of a year ago. Increased de mand and some price increases are reported for both full-fashioned and seam less hosiery and some improvement has occurred in the carpet and rug business. The leather and shoe industries are more active and many grades of hides and leather have strengthened further in price. Building and real estate activities in August were considerably ahead of last year as indicated by permits and con tracts issued in the district and by sales of real estate in Philadelphia. There is comparative quiet in the residential mar ket, however, and much of the recent construction has consisted of public works. The coal markets continue rather sluggish despite some recent betterment in demand. August production of both anthracite and bituminous coal in Penn sylvania, though substantially larger than in July, was less than in August, 1926. Agriculture in the district has been favored by warm weather in September and the yield of buckwheat, oats, po tatoes and hay will exceed that of last year. Another favorable development in recent weeks has been a further rise in prices of farm products which has brought the level considerably above that of a year ago. City conditions. Industrial activity, while showing betterment from July to August, continued below the rate of a year before, factory wage payments being smaller in most of the leading cities of this district. In the value of building permits and in the consumption of elec tric power, the majority of the cities ex ceeded the totals of August, 1926. The dollar volume of retail trade in.creased in eight out of thirteen cities as compared with a year before. Sales between July and August in nine city areas increased while in four areas there were declines. Commercial payments by check also were somewhat greater in the majority of cities than a year earlier, and savings deposits surpassed the total of August, 1926. STO C K S OF C O M M O D IT IE S The latest available figures show that stocks of many commodities are heavier than they were a year or two years ago. The non-ferrous metals—copper, zinc and lead—a number of important building materials, fuels, cotton, silk, and rubber show accumulation. Exceptions to the trend are found in hides and skins, leather, cotton goods, mechanical wood pulp, fine paper, enameled sanitary ware and a few of the other commodities listed in the table. CITY CONDITIONS Philadelphia Federal Reserve District A l le n t o w n a r e a .. . . A lto o n a “ . H a r r is b u r g “ .. J o h n stow n “ .. L a n c a s te r “ .. P h ila d e lp h ia “ .. R e a d in g “ .. S cra n ton “ .. T ren ton “ .. W ilk e s -B a r r e “ .. W illia m s p o r t “ .. W llr n in g to n “ .... \ ork “ .... August, 1927, compared with August, 1926 Em ploy ment - 4 .0 % - 3 .9 “ + 1.0 “ - 3 .7 “ - 6 .8 “ - 6 .4 “ -1 3 .7 “ - 1 2 .1 “ -1 4 .0 “ - 7 .9 “ -1 5 .5 “ — 1 .5 “ Wage payments + 0 .3 % + 3 .6 - 0 .6 - 0 .2 - 4 .9 - 4 .0 - 8 .5 —15.5 -1 7 .9 - 3 .3 - 8 .7 - 2 .0 “ “ “ “ “ “ “ “ “ “ “ Value of building permits Debits Savings deposits Retail trade sales + 2 .3 % + 2 6 7 .2 “ + 56.4 “ - 47.4 “ - 35.7 “ + 17.5 “ - 2 4.9 “ + 2 4.6 “ - 51.7 “ + 143.3 “ - 8 1 .9 “ + 2 4 6 .2 “ + 3 3.3 “ + 8 .2 % + 7 .4 “ -1 1 .5 “ - 9 .2 “ + 10.9 “ + 9.1 “ - 3 .6 “ - 7 .5 “ + 5.1 “ - 0 .9 “ + 9.1 “ + 2 5 .6 “ + 4 .9 “ + 5 .0 % + 9 .8 “ + 9 .4 “ + 3 .2 “ + 1 4 .2 “ + 6 .6 “ + 3 .2 “ + 6 .4 “ + 5 .0 “ + 3 .9 “ + 6 .0 “ + 5 .0 “ + 7 .3 “ + 9 .3 % + 2 1 .2 “ - 2 .3 “ - 5 .7 “ + 11.2 “ + 3 .7 “ - 2 .3 “ - 7 .5 “ + 4.1 “ - 1 .8 “ + 10.0 “ + 3 .0 “ + 9 .0 “ + 8 .4 “ + 8 .1 “ t .................§ .................§ - 4.1 “ + 4 3 .3 “ - 3 .4 % + 2 9 .1 “ + 3 .2 “ + 8 .4 “ -1 4 .6 “ + 1 7 .6 “ + 11.0 “ - 0.1 “ + 0. 7 “ + 4 .2 “ -1 5 .8 “ + 1 .5 “ + 2 .3 “ + 6 .5% * + 0 .8 “ + 2 .8 “ + 3 .0 “ f + 8 .6 “ - 2 .5 “ + 4 .9 “ + 13.3 “ - 3. 5 “ t ................. § ................. § + 10.7 “ + 18.7 “ Allentown area.. . . Altoona “ . Harrisburg “ . Johnstown “ .... Lancaster “ Philadelphia “ . Reading “ .. . Scranton “ .... Trenton “ .... Wilkes-Barre “ . . . . Wilmington York “ “ .... .... + 2 .0 % - 4.1 “ + 1.9 “ - 1 . 6 “ + 2 .0 “ + 1.3 “ + 2 .3 “ + 0. 4 “ - 0. 1 “ - 6. 6 “ + 4 8 “ — 3.5“ - 1.7“ + 2 .5 % - 3 .3 “ + 4 .6 “ + 1 0 .2 “ + 1 1 .0 “ + 2 .8 “ + 11.8“ + 8. 7 “ + 4. 1 “ - 7. 2 “ + 1 5 “ - 1.0“ + 1.1 “ + 4 3 .3 % + 9 6.5 “ 0 .7 “ — 3 6.5 “ + 19.5 “ + 5 .7 “ - 3 4.9 “ + 116.0 “ - 18.8 “ - 60.1 “ - 86 3 “ + 100.4 “ + 2 7 2 .5 “ * Includes Wilkes-Barre and Williamsport areas, § Included in Allentown area. + 0 .0 % - 2 .4 “ + 1.3 “ - 2 .3 “ + 10.1 “ - 5 .5 “ - 7.1 “ - 4 .6 “ -2 0 .4 “ + 13.7 “ -1 0 .1 “ -1 0 .3 “ - 3 .8 “ + 0 .8 % - 4 .7 “ + 1.4 “ - 0 .6 “ + 3.1 “ - 0 .3 “ - 0 .2 “ - 2 .4 “ - 1 . 1 “ - 0 .4 “ + 0 .2 “ - 0.1 “ - 2 .2 “ t Production (not sales), f Includes Camden area. Changes in STOCKS OF CO M M O D ITIE S* Raw materials: W ool— manufacturers and dealers................................................................ Cotton at mills and warehouses.................................................................... Silk at warehouses and mfg. plants.............................................................. Iron ore at furnaces and Lake Erie d ock s.................................................. Copper, refined— N . & S. Am erica............................................................... Lead, U. S. & M exico...................................................................................... Zinc at refineries............................................................................................... Crude petroleum, total com parable............................................................. Rubber— mfrs., dealers and afloat................................................................ W ood pulp, mechanical................................................................................... Pine lumber, southern and western.............................................................. Wheat, visible supply, United States.......................................................... Raw sugar at refineries.................................................................................... M onth One year Two years June Aug. Aug. Aug. Aug. July Aug. July July July June July July July Aug. - 3.0% + 2 5 .2 “ + 6 6 .8 “ + 11.3 “ + 4 0 .5 “ + 3 9 .5 “ + 9 0 .4 “ + 5 9 .0 “ + 16.6 “ -1 9 .6 “ + 4 3 .1 “ - 2 .7 “ + 4 .4 “ + 13.0 “ -1 3 .4 “ + 0.8% + 9 1 .6 “ + 3 0 .9 “ + 3 .5 “ + 2 1 .1 “ + 7 3 .0 “ + 103.1 “ Aug. July July July Aug. July July July July July July July July Aug. July July Aug. July July July July Aug. -2 2 .5 + 1 0 .2 + 7 .3 + 4 .3 + 14.5 -1 2 .5 + 2 .0 + 12.4 -1 5 .7 -3 1 .5 + 7.1 + 14.0 - 6 .3 + 2 2 .0 + 6 1 .9 + 9 .6 + 3 .6 + 3 2 .2 + 4 .5 -1 1 .2 + 2 6 .3 + 0 .8 + 5 .4 -1 0 .4 + 7 7 .5 -2 0 .8 + 7 .5 + 8 .6 + 2 5 .6 “ “ “ “ “ “ “ Manufactured com m odities: Gas and fuel oils at refineries........................................................................ Upper leather, finished.................................................................................... Sole and belting leather, finished.................................................................. Pneumatic tires................................................................................................. Common brick, burned................................................................................... Vitreous china plumbing fixtures.................................................................. Portland cam ent............................................................................................... Ethyl alcohol, bonded warehouses............................................................... - 0 .8 % * -1 7 .6 “ + 6 .6 “ + 4 .2 “ t + 1 4 .9 “ + 2 .8 “ August, 1927, compared with July, 1927 Sheets, blue, black, galv., & full finished, total stocks............................ Enameled sanitary ware.................................................................................. Indexes of U nited S tates B ureau of Labor S ta tistics (1913— 100). L a te st figures, A u g u s t ; all c o m m o d itie s, 146.6; n o n -a g ric u ltu ra l c o m m o d itie s, 144.5; agricu ltu ral co m m o d itie s, 148.1. Electric power sales Wheat flour, all positions................................................................................ Total meats, cold storage................................................................................ Eggs, case, cold storage................................................................................... “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ + 3 7 .2 “ + 4 7 .7 - 6 .5 + 2 .8 + 3 .8 -1 8 .2 -5 1 .2 + 7 6 .4 + 19.4 - 2 .4 + 6 1 .3 + 5 5 .5 + 9 7 .1 + 3 6 .3 + 3 9 .2 + 3 .7 -1 1 .7 + 1 9 .6 - 2 .2 “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ * Source: “ Survey of Current Business,” published b y Department of Commerce. Page Three FINANCIAL In the three weeks from August 24 to September 14, payments of currency and coin to banks of the district somewhat exceeded receipts from them, the balance in the transit clearings with other dis tricts was slightly favorable to this bank and transfers of funds for the Govern ment to other districts were small. The week ending September 21 included the income tax period and there were heavy maturities and new issues of Government securities on the 15th. In this week 21.3 millions were gained in the transit clear ings, 18.5 millions were lost through transfers for the Government, and there was a return movement of currency. Throughout the whole period of four weeks borrowings of member banks fluc tuated within a range of 8.5 millions, the net change being a decline of 3.1 millions. In the corresponding period last year a decline of 4.7 millions took place, but the total under discount on September 21, 1927 was 10 millions lower than a year earlier. The reserve ratio of this bank declined from 81.7 to 80.5 per cent, chiefly as the result of small increases in the deposit and note liabilities, but it com pares favorably with 74.5 per cent, which was the ratio a year before. The loans and discounts of 125 mem ber banks in 21 of the leading cities of the Philadelphia Federal Reserve District increased 10 millions in the year ended September 14, despite a decline in Phila delphia. Judging by the reports of banks which give loans in some detail, there was little change in commercial loans at banks in Philadelphia or outside. In this city, loans on stocks and bonds declined, and total loans fell 4 millions. At banks in other large centers there was an increase of 14 millions in total loans, which seems to have been the result mainly of heavier loans on securities. Thirty-five Philadel phia banks report an increase of 23.6 millions in investments, whereas 90 banks in other cities added only 8.3 millions to their holdings. The increase at all banks in loans and investments was about 42 millions, or 2.8 per cent. The total of net demand and time deposits increased 40 millions. In Philadelphia net demand de CONDITIONS Invest ments Net demand and time deposits - 8 ,1 7 9 812* 4- 3,319 4- 3,172 4593 4- 2,460 4- 6,328 4- 9,575 All reporting banks (125)........................... 4-12 ,492f —8,991 f 4- 6,491 - f 3,053 4-15,903 Changes in year ended Sept. 14: Philadelphia (35 banks).................................. Outside Philadelphia (90 banks)................... - 4,124 - f 8,801* 466 - 1 ,3 9 2 * - 4,058 4-14,125 4-23,619 4- 8,281 4-20,729 4-19,512 All reporting banks (125)........................... 4- 4 ,6 7 7 f —1 ,3 2 6 f 4-10,067 4-31,900 4-40,241 * 58 banks, t 93 banks. posits increased 17.8 millions and time deposits only 2.9 millions; outside of the city, there was a decline of 1.8 millions in net demand and an increase of 21.3 millions in time deposits. The four weeks ended September 14 witnessed an increase in the loans and discounts of 6.5 millions, which was nearly equally divided between Philadel phia banks and those outside. The change in Philadelphia was the result of a decline of 8.2 millions in commercial loans and an expansion of 11.5 millions in loans on securities. Investments of the 125 banks increased 3 millions and the sum of net demand and time deposits, 15.9 millions. The figures of 48 member banks in Philadelphia, Camden, Scranton and Wilmington, show that in the fol lowing week there was little change in the loans of these banks, but that hold ings of Government securities and Gov ernment deposits increased largely, following new issues which appeared on September 15. Bankers’ acceptances. Sales of bankers’ acceptances in this district aver aged slightly higher in the four weeks ended September 14 than in the five weeks preceding, but the figures were materially under the averages of the first seven months of this year. The offer ing rate on prime 90 day bills remains at 3y$ Per cent. The reports of four dealers on operations in this district are sum marized below : 1926— Total loans and discounts + 11,498 4994* Weekly average period end ing 1927— Page Four Other loans and discounts Changes in four weeks ended Sept. 14: Philadelphia (35 ban ks).................................. Outside Philadelphia (90 ban ks)................... Purchases Figures ch a rted in clu d e all loans an d d is co u n ts oth e r th a n th o se secured b y stock s an d b on d s. Loans on stocks and bonds (Figures in millions of dollars) Sales $496,000 $ 934,000 227.000 618,000 284.000J 2.772.000 h, 3.133.000 443.000 The total of acceptances executed by 9 banks in the month ended September 10 was $4,825,000, as contrasted with $3,408,000 in the previous month, $2,842,000 a year earlier, and $4,671,000 two years before. Commercial paper. Following the usual trend, sales of commercial paper in August did not equal those made in July. This year sales declined in this district from $10,417,000 in July to $8,268,500 in August, according to the re ports of five dealers. Nevertheless, August sales were more than twdce those in the same month last year. Comparative figures fo llo w : Sales to city banks 1927— A ug....... $1,900,000 J ul y . . . . 3,099,500 J u n e ... . 4,293,000 M a y . . . . 1,464,500 A pr........ 2,763,000 1926— A ug....... 1,125,000 Sales to country banks T otal sales $6,368,500 7,317,500 3,655,000 3,245,200 3,005,600 $ 8,2 6 8,50 0 10,417,000 7,9 4 8,00 0 4,7 0 9,70 0 5,768,600 2,960,000 4,0 8 5,00 0 The reports of three dealers show that 58 per cent of their sales were made at 4 per cent, nearly 6 per cent at 3^4 Per cent, and the balance at 4J4 Per cent. In July 4% per cent was the rate at which most sales were made. Debits to individual account. Check payments by banks in seventeen cities of the Philadelphia Federal reserve district amounted to 1,709 millions in the three weeks ended September 21, an in crease of 106 millions, or 6.6 per cent, over the corresponding period last year. DISTRIBUTION Railroad shipments of merchandise and miscellaneous commodities in the Alle gheny district, including this district, in creased nearly 3 per cent in the latest four weeks and were more than 2 per cent in excess of a year earlier. Total freight car loadings, however, were about 3 per cent under the volume shipped at the same time last year. Retail. Retail trade has been slightly more active since the first of September, although several preliminary reports show decreased sales. August was the second month this year in which a gain occurred, the increase in sales over August, 1926, being 3 per cent. The largest increases were shown by department and women’s ap parel stores, while credit, shoe and men’s apparel stores registered declines. Cumu lative sales for the period from January to August were 3 per cent smaller than the total in the same period of last year. Retail inventories increased seasonally from July to August but were somewhat under those of a year earlier, owing to a reduction in stocks held by department and men’s apparel stores. electrical supplies, hardware and jewelry continued unchanged. Sales in August increased 11.3 per cent as compared with the July total and were 1.2 per cent greater than a year before. All lines show increases between July and August, the largest gains being in shoes, jewelry, and dry goods. Compared with a year before, sales of paper, groceries, drugs and dry goods were greater, but trade in other lines was smaller. Automobiles. Wholesale business in new passenger cars, as reported by 13 distributors of this district, increased sub stantially during August both in number August, 1927, change from AUTOMOBILE TRADE Philadelphia Federal Reserve District 13 distributors August, 1926 Value Number Value Sales, new ears, wholesale....................... Cars under $1,000................................ Cars $1,000 to $2,000.......................... Cars over $2,000................................... + 3 3 .9 % + 4 9 .6 “ + 13.7 “ + 1 7 .8 “ + 2 1 .2 % + 5 0 .9 “ + 1.9 “ - 4 .3 “ + 9 .5 % - 1 . 5 “ + 4 4 .5 “ + 13.0 “ + 1 6 .0 % - 0. 2 “ + 4 7 .0 “ + 1 4 .1 “ Sales, new cars, at retail......................... Cars under $1,000................................ Cars $1,000 to $2,000.......................... Cars over $2,000................................... + 5 1 .2 + 5 9 .4 -2 7 .7 -1 6 .0 “ “ “ “ + 6 4 .6 + 9 7 .8 -3 0 .4 -2 0 .4 “ “ “ “ + 10.1 + 1 2 .5 -1 5 .3 - 8 .0 “ “ “ “ + 2 6 .3 + 3 9 .0 -2 2 .7 - 8 .1 “ “ “ “ Stocks of new cars.................................... Cars under $1,000................................ Cars $1,000 to $2,000.......................... Cars over $2,000................................... + 168.7 + 3 1 7 .7 + 8 2 .8 -1 6 .6 “ “ “ “ + 7 4 .2 + 3 3 5 .0 + 6 9 .1 -2 9 .1 “ “ “ “ + 1 5 .7 + 15.8 + 3 2 .2 + 1.1 “ “ “ “ + 1 7 .7 + 2 1 .3 + 2 5 .7 + 6 .4 “ “ “ “ Boots and shoes................... D rugs..................................... Dry goods............................. Electrical supplies............... Groceries............................... Hardware.............................. Jewelry.................................. Paper...................................... Comparison of net sales Aug., 1927, with Aug., 1926 + 3 .1 % - + 3 .0 “ + 3 .6 “ + 1.9“ + 1 0 .0 “ - 2 .0 “ - 3 .5 - 4 .4 - 1 . 1 + 2 .8 - 4 .0 - 3 .9 - 4 .1 + 6 .8 + 6 .6 + 7 .6 + 3 .9 - 6 .2 0.0 - 4 .8 + 16.7 + 1 5 .5 + 2 3 .1 - 3 .2 - 4 .1 “ “ “ “ “ “ 3 .0 % “ “ “ “ “ “ “ “ “ “ “ “ - 1-2 % - 1.9 “ - 3 .4 “ + 1.5“ + 3.1 “ - 2 .3 “ -1 0 .9 “ + 9 .0 “ + 9 .3 “ + 1 0 .4 “ + 5 .2 “ + 3 .8 “ + 4 .3 “ Accounts out standing, Aug. 31, 1927, compared with July, 1927 Aug. 31, 1926 July 31, 1927 Aug. 31, July 31, 1927 1926 - 3 .8 % + 0 .8 “ + 0 .7 “ - 5 .4 “ + 3 .9 “ - 1 . 6 “ - 3 .7 “ + 8 .6 “ + 5 2.3 % + 5 .0 “ + 3 9 .2 “ + 1.2 “ + 6 .6 “ + 5. 1 “ + 5 0 .8 “ + 1 1 .2 “ -2 6 .9 % +21 .9 “ -2 4 .1 “ -2 7 .3 “ - 3 .2 “ - 1 . 7 “ - 6 .9 “ + 1.1 “ + + + + - + 0 .4 % - 3 .4 “ - 1 . 5 “ -1 3 .8 “ + 4 .7 “ - 3. 6 “ - 4 .7 “ - 0 .2 “ Comparison of stocks 1926 1927 + 17.6 “ + 15.1 “ -1 6 .6 “ + 2 9 .6 “ + 11.9 “ -1 2 .2 “ Aug., 1926 Jan. 1 to Aug. 31, 1927 Aug. 31,1927, with Jan. 1 to with with Aug. 31, 1926 Aug. 31, 1926 July 31, 1927 Department stores..................... Credit stores................................ Stocks, Aug. 31, 1927, compared with Rate of turnover Jan. 1 to Aug. 31 All reporting stores.................... Apparel stores............................. + 6 4 .1 “ + 3 8 .4 “ -2 7 .9 “ + 9 9 .9 “ + 4 8 .8 “ -1 2 .4 “ Net sales, Aug., 1927, compared with W HOLESALE TRADE Philadelphia Federal Reserve District RETAIL TRADE Philadelphia Federal Reserve District July, 1927 Number Sales of used ears...................................... Stocks of used cars................................... Retail sales, deferred paym ent.............. Wholesale. Early reports indicate that wholesale trade is seasonally active, sales in all lines showing gains as com pared with the previous month. Prices of shoes, groceries, paper and dry goods (particularly cotton products) have risen in the month, but quotations for drugs, and value as compared with the cor responding month last year. Between July and August sales of medium and higher priced cars also showed a marked gain but less expensive automobiles de clined slightly. At retail, only the cars priced under $1,000 sold noticeably above the total number and value of a month and a year before, while sales of other classes of automobiles showed decreases. Sales of used cars increased considerably in con trast with a month and a year earlier, but cars sold on deferred payment showed a pronounced drop. 1 -2 % 3 .3 “ 11.2 “ 10.9 “ 2 .0 “ 0. 3 “ 5.4 “ 0 .8 “ Outstanding orders at end of month compared with year ago + 1 0 .7 % + 0 .4 “ + 1 2 .1 “ - 6 .6 “ + 0 .9 “ + 1. 1 “ + 2.1 “ + 7 .3 “ Collections, Aug., 1927, compared with Aug., 1926 July, 1927 + 0 .3 % + 0 .4 % + 0 .3 “ + 5 .9 “ - 9 .5 “ + 0 .2 “ + 2 .0 - 5. 8 -2 1 .1 - 5 .2 Accounts receivable at end of month compared with year ago “ “ “ “ + 3 .4 - 5. 2 -3 5 .2 -1 2 .9 Collections during month compared with year ago + 4 .1 % 2.14 2.09 -1 5 .7 % + 7 .2 % + 8 .7 % + 3 .9 + 4 .3 + 2. 9 + 1 6 .7 + 14.4 + 1 9 .1 + 1 0 .0 + 1 9 .3 + 2 1 .5 + 1 1 .5 + 2 .2 - 9 .6 2.12 2.23 1.86 2.63 1.70 1.79 1.57 3.99 4 .24 3.11 2 .05 1.89 2.07 2 .17 1.85 2.66 1.68 1.84 1.51 3.92 4.17 3.05 2.05 1.59 -1 5 .6 “ + 5 .5 + 2 .5 + 6 .3 + 2 5 .6 + 6 .3 “ “ “ “ “ + 3 .7 + 1 1 .6 + 2 .0 + 3 3 .4 + 5 .9 “ “ “ “ “ + 2 7 .5 + 2 8 .9 + 2 1 .8 + 4 7 + 3 .6 “ “ “ “ “ + 3 7 .6 -i-40.3 + 1 4 .3 + 3 4 “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ -1 9 .1 “ “ “ “ “ 0.0 Page Five INDUSTRIAL Seasonal recovery from summer slack ness in industries of this district is definitely indicated by recent gains in the amount of wages paid out and by the number of hours worked in Pennsylvania. Between July and August wage payments increased 4.6 per cent and employe-hours, 2.5 per cent. Nearly all industrial groups shared in this gain, as shown by the ac companying table. Employment, how ever, was still slightly behind that in July. Last year at the same time employ ment rose 1 per cent and payrolls 3 per cent. Industrial consumption of electric power was 5 per cent greater in August than July and was nearly one per cent in excess of a year before. Total sales of electricity also increased 2 and 3.6 per cent, respectively, as compared with July and a year earlier. Production of electric power by 13 central stations exceeded the July total by 5.5 per cent and that of August, 1926, by 4.8 per cent. Details follow : ELECTRIC PO W E R Philadelphia Federal Reserve District 13 systems Rated generator ca p a city ........... Generated output........................ H ydro-electric......................... Steam ........................................ Purchased................................ Sales of electricity...................... Lighting.................................... M unicipal............................ Residential and commercial P ow er ................................................. M unicipal ................................... Street cars and railroads . . Industries ................................... All other sales ............................... A u g u s t , 1927, change from A u g ., 1926 - 0 ,6 % + 4.8 “ + 1 1 .3 “ - 3 .6 “ + 5 7 .5 “ + 3 .6 “ + 10.2 “ + 7 .0 “ + 10.7 “ + 1 .3 “ + 3.3 “ + 4 .1 “ + 0 .7 “ + 11.1 “ J u lv , 1927 0 .0 % + 5.5 + 2 8 .1 + 5 .2 + 2 .1 + 2 .0 - 4.5 + 10.0 - 6 .4 + 4.4 + 0 .8 + 1 .7 + 5.1 — 1 .5 “ “ “ “ “ “ “ “ “ “ “ “ “ Iron and steel. The market for iron and steel products shows little change, al though sales in many cases are a trifle under the volume of four weeks ago. Prices remain steady, except for some weakness in iron bars, castings and scrap. Plant operations continue practically unchanged. Reports from metal manu facturers of this district show that, while employment fell off slightly between July and August, total wage payments and the Source: Iron Age Page Six CONDITIONS average weekly earnings increased sub stantially, thereby indicating a greater number of hours worked during August than in the month before. Daily production of steel ingots in the country rose 1.1 per cent from July to August but was 16 per cent under a year earlier. Similarly, unfilled orders held by the United States Steel Corporation in creased almost 2 per cent over the July total but were nearly 10 per cent below the volume of a year before. In pig iron, the output decreased somewhat both in this district and in the country during August and was considerably behind that of August, 1926. Stocks of raw materials and finished products held by reportingfirms in the main are moderate. Production and shipments of iron and steel castings increased noticeably from July to August, and unfilled orders for the former also were larger, while the latter showed a marked decline. Com pared with a year earlier, the volume of unfilled orders for iron castings regis tered a pronounced gain, other items be ing smaller. Textiles. Despite wide fluctuations in cotton prices with pending uncertainties concerning the final yield of raw cot ton this season, business in cotton goods in this district has increased since the middle of last month, sales at higher prices comparing favorably with those of a year ago. Plant operations in this district show a decided gain over a month ago, and unfilled orders, which exceed materially those at the same time last year, are sufficient to assure production at the present rate for about two months. Active spindle hours in Pennsylvania and New7 Jersey also increased in the month. Current demand for raw wool, woolen and worsted yarns and fabrics is active and sales continue appreciably ahead of four weeks and a year ago. Prices show a further gain since last month. Mill operations, particularly of those making piece goods, have increased substantially in recent weeks. Consumption of raw wool in this district was 13.1 per cent greater in August than in July and in the country 16.8 per cent larger. The silk industry also shows a marked recovery from a more than seasonal dulness which prevailed during the summer months. Current demand is better than fa ir ; sales of broad silk exceed those of four weeks ago but do not quite equal the volume of a year ago. Quotations for raw silk remain practically unchanged, although, compared with a year ago, they are about 19 per cent lower. As a result, average prices of silk goods declined al most 9 per cent in the past year. Total weekly payrolls and employe-hours worked increased respectively 14 and 12 per cent between July and August. D e liveries to mills, stocks and imports of raw silk in this country increased ma terially from July to August, and the total movement is substantially ahead of a year before. Some improvement in the carpet and rug business is reported by manufacturers, though no great change for the better is expected until after the auction of the Alexander Smith and Sons Carpet Company, scheduled for October third. Buying for immediate needs is still the general practice. Manufacturers of lino leums and felt base goods report a good volume of business. There is increasing demand for women’s full-fashioned silk hosiery, and a fair demand, with a few increases noted, for men’s and women’s seamless hosiery. Some price advances are reported in seamless lines. Orders now on the books will assure operations for seven months, on the average, at reporting mills mak ing full-fashioned, and for one month at those making seamless hosiery. Leather. The packer hide market is firm with advancing prices, heavy native steers gaining 3 cents in the month. Goat skins are firm and higher. Some price resistance is reported in both markets. Black kid is in good demand, while that for colored kid has decreased. Good demand and advancing prices are reported for sole leather. Sales of leather goods are larger than those of a month and a year ago, and prices are higher than last month. Sales of shoes are reported as larger than a month and a year ago. Stocks of finished goods are generally smaller. Source: F. W . Dodge Corporation. Unfilled orders will insure operation, on the average, for a period of four weeks. Number of wage earners— week ended No. of plants report ing Total weekly wages—week ended Average weekly earnings— week ended Building. Engineering projects and public works continue at a fairly high rate, while the construction of business and residential buildings has eased off a little recently. Contract awards during August, however, were 18 per cent greater than in July and 12.5 per cent larger than a year before. Similarly, contem plated expenditure under permits issued in 16 leading cities of the district showed a gain of almost 5 per cent over the July total and nearly 18 per cent over the volume of a year earlier. All industries (4 7)............................... 843 277,512 - 0 2 $7,093,235 + 4 6 $25 56 + 4 8 Building materials are moving at a mod erate pace, with prices remaining steady. Since the middle of last month sales have increased somewhat in cement, bricks, lumber, pottery and paint, but in com parison with a year ago changes are slight except for some decline in the sale of pottery. Mill operations range from 65 to 75 per cent of capacity, cement, brick and paint plants showing a slight expansion since the first of the month. Unfilled orders as a rule are a trifle less than a year ago. Stocks generally are moderate. Metal manufactures: Automobiles, bodies, and parts.. . Car construction and repair......... Elec, machinery and apparatus. . Engines, machines, mach. tools. . Foundries and machine sh o p s... . Heating appl. and apparatus. . . . Iron and steel blast furnaces........ Iron and steel forgings................... Steel works and rolling mills........ Structural iron works..................... Misc. iron and steel products. . . . Shipbuilding..................................... Hardware.......................................... Non-ferrous m etals......................... 281 18 19 19 39 54 15 11 10 34 17 25 3 8 9 138,081 8,208 19,506 8,885 10,165 8,557 3,588 11,149 2,811 35,228 4,705 18,754 4,049 1,685 791. — — + — — + — + — — + — + - 1 5 0 2 4 0 5 0 0 6 3 2 2 7 2 9 7 1 0 5 9 2 2 1 1 1 6 3 3 0 3,811,282 247,764 529,828 223,008 291,890 242,283 105,516 302,990 68,815 968,128 137,192 527,303 106,582 39,747 20,236 + 4 — 5 + 4 + 8 — 2 + 2 + 19 + 12 + 18 + 2 + 8 +11 — 3 + 8 + 1 8 3 7 3 7 3 6 8 6 4 4 2 8 0 4 27 30 27 25 28 28 29 27 24 27 29 28 26 23 25 60 19 16 10 72 31 41 18 48 48 16 12 32 59 58 + + + + + + + + + + + + Textile products: Carpets and rugs............................. Clothing............................................ Hats, felt and other....................... Cotton good s.................................... Silk goods.......................................... Woolens and worsteds................... Knit goods and hosiery................. Dyeing and finishing textiles. . . . 167 10 34 6 16 41 14 38 8 52,947 2,552 5,316 4,409 4,482 16,478 6,181 12,054 1,475 + 1 -1 0 — 2 + 0 — 0 + 3 + 7 + 2 - 2 4 3 2 6 4 1 8 1 1 1,144,061 63,325 99,205 115,612 97,349 313,526 136,823 280,021 38,200 + 7 3 — 7 3 + 4 7 1 1 + 0 1 + 12 7 + 12 8 + 10 5 + 4 6 21 24 18 28 21 19 22 23 25 61 81 66 22 72 03 14 23 90 + 5 7 + 3 3 + 7 1 1 7 + 0 6 + 9 4 + 4 7 + 8 2 + 6 9 Foods and tobacco: Bakeries............................................ Confectionery and ice cream ........ Slaughtering and meat packing. . Cigars and t ob acco......................... 105 31 21 14 39 23,696 4,583 5,442 2,068 11,603 — + — + 0 1 0 1 0 1 6 8 0 3 487,149 131,752 119,153 59,814 176,430 + — + — + 0 1 0 0 3 7 5 2 6 4 20 28 21 28 15 56 75 90 92 21 + 0 8 + 0 1 0 6 + 0 4 + 3 1 Building materials: Brick, tile, and terra cotta products C em ent.............................................. Glass................................................... P ottery.............................................. 66 26 14 23 3 19,679 4,206 7,573 6,969 931 — — + - 0 1 0 1 6 3 3 6 4 1 549,434 103,120 238,730 186,108 21,476 + 4 — 1 + 0 + 15 - 4 4 4 4 3 4 27 24 31 26 23 92 52 52 71 07 + 4 — 0 + 1 +13 + 1 Construction and contracting: Buildings........................................... Street and highw ay........................ General.............................................. 33 17 4 12 6,047 857 2,062 3,128 + + + + 2 0 8 0 7 1 0 1 171,267 30,698 59,384 81,185 + + + + 3 2 7 0 4 4 8 8 28 35 28 25 32 82 80 95 + 0 7 + 2 3 0 2 + 0 7 Chemicals and allied products: Chemicals and drugs...................... E xplosives......................................... Paints and varnishes...................... Petroleum refining.......................... C ok e................................................... 41 21 3 9 5 3 11,686 1,294 544 1,112 6,381 2,355 + 5 4 + 4 2 0 0 — 0 9 + 11 3 - 3 7 308,362 35,242 12,665 29,276 162,287 68,892 + + + + 1 5 3 7 1 + 4 5 3 6 8 5 1 26 27 23 26 25 29 39 23 28 33 43 25 _ 3 7 + 1 1 + 3 6 + 8 8 11 5 + 8 1 Miscellaneous industries: Lumber and planing mill products Furniture.......................................... Leather tanning.............................. Leather products............................. Boots and shoes.............................. Paper and pulp products.............. Printing and publishing................. Rubber tires and g ood s................. Novelties and jew elry.................... 150 25 19 17 8 22 18 35 3 3 25,376 3,220 2,161 5,708 580 4,174 4,375 2,840 838 1,480 + 2 + 2 + 4 + 2 +11 + 8 + 1 — 0 — 1 0 621,681 67,245 53,038 143,319 11,451 81,794 113,227 94,426 25,137 32,044 + + + + + + + 3 0 11 1 10 17 2 1 + 1 0 6 3 8 0 7 0 5 8 9 1 24 50 20 .88 24 54 25 , i i 19 74 19 60 25 88 33 25 30 00 21 65 + 0 7 — 2 .5 + 7 4 1 6 — 0 8 + 7 7 + 1 5 1 0 + 3 7 0 Chemicals. Business in chemicals continues moderately active and sales have increased in the past few weeks. Con tract withdrawals in the main are satis factory. Little change is noted in prices of finished products and raw materials. Production has increased appreciably since the middle of last month, the pres ent rate of operation approximating 80 per cent of capacity. Petroleum. The petroleum industry of this district as a whole shows little change from the rate of activity cus tomary at this season. The refinery de mand for Pennsylvania crude oil appears to be somewhat lighter than was the case a year ago, but the market for refined oils compares favorably with the excep tion of fuel oil, the sale of which is still rather slow. Prices of refined and crude oils have remained practically unchanged during the month, although in the latter some weakness is noted. Compared with last fall, however, quotations for both are materially lower. The daily average output of crude oil in Pennsylvania and in the United States continues from 10 to 15 per cent in ex cess of that at the same time last year. Refinery output during the recent months also has been somewhat greater. Coal. Demand for both anthracite and bituminous coal has increased since the middle of last month, and prices have stiffened somewhat in the past three weeks. Production of hard coal in the month ended September 17 was about 15 per cent above the volume in the previous month but 10 per cent under the total E M PLO Y M E N T AND WAGES in Pennsylvania Aug. 15, 1927 of a year before. The output of bi tuminous coal in the latest four weeks also increased somewhat; compared, however, with a year earlier, soft coal output in Pennsylvania is noticeably smaller, owing partly to the prevailing labor difficulty in the bituminous fields. Agriculture. The agricultural situa tion compares rather favorably with the average of past years, particularly in view of the fact that the general level of prices for farm products has risen fur ther in the past month and in August was approximately 6 per cent above the level of a year before. Cool nights during August retarded the growth of corn, but in the first three weeks of September weather improved considerably with a consequent gain in Per cent change from month ago 9 8 0 6 5 7 0 8 8 1 Aug. 15, 1927 Per cent change from month ago Aug. 15, 1927 Per cen t change from month ago 6 0 4 6 2 3 13 13 18 9 11 8 1 + 0 + 3 8 4 8 1 0 1 7 1 4 1 9 4 6 6 4 8 1 1 7 8 the condition of the corn crop. The in dicated yield of fruits, however, is be hind the total of last year and of the average. The condition of livestock continues satisfactory. There seem to be more mar ketable hogs on the farms of this dis trict this fall than last. Philadelphia Federal Reserve District (Figures in thousands of units) Yield, 1926 Estimate, Sept. 1, 1927 C o rn ...............................bus. W h e a t............................ “ O ats............................... “ White potatoes............ “ T o b a cco ..........................lbs. 51,468 21,450 22,319 21,507 43,560 40,316 17,646 24,358 25,834 40,694 Page Seven SYNOPSIS OF BUSINESS CONDITIONS In the Philadelphia Federal Reserve District during the month ending September 20, 1927 Prices Demand Unfilled orders compared with year ago Operations Stocks TRADE Retail trade................ generally steady slightly better Drugs ..................... unchanged a ctive; increased prompt delivery larger at end o f month Dry goods ............ higher, chiefly in cotton goods a ctive; increased prompt delivery smaller than year ago Electrical supplies. unchanged fair prompt delivery smaller than year ago Groceries .............. higher fairly g o o d ; increased prompt delivery smaller than year ago H ardw are.............. steady fairly g o o d ; increased prompt delivery smaller a ctive; prompt delivery smaller Paper .................... higher fa ir; increasing prompt delivery little change Shoes ......................... higher fa ir; increased prompt delivery smaller generally steady; a few declines somewhat less than fa ir; more decreases than increases smaller little change; losses out number gains C o tto n ......................... higher fair to g o o d ; sales larger increased increased Silk ............................. slight change; than year ago fa ir; improved slightly smaller unchanged rather heavy' in fabrics, light in thrown silk W ool .......................... higher fairly g o o d ; increased increased increased from light to m edium ; ■.mailer than a year ago. H o siery ....................... a few increases good, in full-fashioned; fair, in seamless larger than a month ago full-fashioned, 95% un changed; seamless, in creased moderate larger Carpets and r u g s.. . unchanged fair; increased larger than a year ago slightly higher moderate and slightly smaller Shoes ......................... higher fa ir; increased larger than a year ago little smaller Leather g o o d s .......... higher g o o d ; increased larger 90% o f capacity smaller some increases active for black little change month ago a little change smaller higher g o o d ; some increase smaller ago month little change smaller P a p e r........................... firm strong some increase slightly higher moderate Chemicals firm ; unchanged fairly active little change increased moderate slightly smaller unchanged medium to light unchanged, but above a year ago rather heavy unchanged moderate seasonal increase, but smaller than year ago Wholesale trade........ increased IN D U S T R IE S Iron and steel products ......................... Kid ........................ Sole ........................ ................ lower Cigars ........................ fair; increased fair Oils— ........................ Crude .................... unchanged slightly lighter than usual Refined .................. unchanged fair Brick ........................ firm fairly active than from a increased change moderate month and a year ago and slightly increased larger medium ; some decrease Lumber— mills ........ generally unchanged fair decreased unchanged P a in t........................... generally unchanged fair unchanged unchanged rather light Pottery ...................... firm fair slightly smaller gains are offset by losses smaller Cement ...................... increased smaller higher moderate firm active Confectionery .......... unchanged good unchanged Building .................... construction costs slightly lower active in public works; only fair in building permits August Anthracite ................. slightly higher fairly activ e; increased slightly higher moderate; larger than a year ago Bituminous coal . . . . higher fa ir ; increased higher larger than a year ago Page Eight increased in August contracts much larger than in July and year before
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