The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE BUSINESS REVIEW THIRD FEDERAL U B R / » adelphia RESERVE DISTRICT SEPTEMBER i, 192.5 ~.Ji^KSEKVE *MK pffE R A L 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 Production in basic industries turned upward in July after a continuous de cline since January. Wholesale prices advanced further and the distribution of commodities continued in large volume. Production. The Federal Reserve Board’s index of production in basic in dustries, which makes allowance for usual seasonal variations, advanced by about 2 per cent in July to a point nearly 20 per cent above the low level o f a year ago. Increased output was shown for lumber, coal, and cement; cotton con sumption declined less than usual at this season, while the output of the iron and steel industry and the activity in the wool industry continued to decrease. In nearly all the industries activity was greater than in July o f last year. Among indus tries not represented in the index the pro duction of automobiles, rubber tires and silk continued to be large. Volume of factory employment and earnings of in dustrial workers declined further in July, seasonal increases in the clothing, shoe, and meat packing industries being more than offset by decreases in the other in dustries. Building contracts awarded in July were in only slightly smaller volume than the exceptionally large total reached in June and the total for the first seven months of this year exceeded that for any previous corresponding period. Estimates by the Department of A gri culture indicated a less favorable condi tion of all crops combined on August 1st than a month earlier. Expected yields of corn, wheat, rye, tobacco, and hay were somewhat smaller than in July, while the indicated production o f oats, barley, and white potatoes was larger. According to present indications the yields o f all principal crops, except corn and barley, will be smaller than last year. The mid-August cotton crop estimate was 13,990,000 bales as compared with a fore cast o f 13,566,000 bales on August 1st. Trade. Freight car loadings during July were larger than in June and ex ceeded those of any previous July, and weekly figures for August indicated a continued large volume of loadings. Sales at department stores showed less than the usual seasonal decline in July and were 3 per cent larger than a year ago, and mail order sales were considerably above those o f July, 1924. Wholesale trade continued at the June level and was 6 per cent above the corresponding period a year ago. Prices. Wholesale prices advanced further by nearly 2 per cent in July, according to the index of the Bureau of Labor Statistics. Prices of farm prod ucts and o f miscellaneous commodities rose over 4 per cent, reflecting chiefly increases in livestock and rubber, while in the other commodity groups price changes were relatively small. The gen eral level o f prices in July was 9 per cent higher than a year ago, the rise being chiefly in agricultural commodities. In August raw sugar, potatoes, silk, metals, and fuels advanced, while grains, leather, hogs, and rubber declined. Bank credit. Demand for commercial credit at member banks in leading cities increased in August and the volume of commercial loans on August 12th was larger than at any time since the middle o f May, but still considerably below the level at the beginning of the year. Loans on securities increased between the mid dle of July and the middle o f August, while the banks’ investments showed lit tle change for the period. Discounts for member banks increased at all the reserve banks in recent weeks and the total on August 19th was the largest in more than a year and a half. PER CENT W HOLESALE P R IC E S dOO 10 5 iOO 50 12 92 Index of 22 basic commodities corrected for seasonal variation (1919 = 100). Latest figure— July, 112 Index of sales of 333 stores in 117 cities (1919 = 100). Latest figures— July, adjusted, 128; July, unadjusted, 96. 12 93 1294 12 95 Index of U. S. Bureau of Labor Statistics (1913 = 100, base adopted by Bureau). Latest figure— July, 159.9. Page One FEDERAL RESERVE BANK CREDIT BILLIONS OF DOLLARS_______________________________ BUSINESS INDICATORS Philadelphia Federal Reserve District Latest figure compared with E a r n in g A s s e t s W \ D is : ° u n t s k ^ « l / k /"*Ckx.../ V— .* , j T J J U.0.0Ce c -~ — US .S C. ^ 1923 1924 1925 Weekly figures for 12 Federal Reserve banks. Latest figure, August 19. The reserve banks’ holdings of securi ties and bills bought in the open market continued to decline, but total earning assets in the middle of August were near the high point for the year. During the latter part o f July and the first half o f August conditions in the money market were somewhat firmer. The prevailing rate on prime commercial paper, which had remained at 3 % to 4 per cent since early in May, advanced in August to 4^4 per cent. B U SIN E SS C O N D IT IO N S IN T H E P H IL A D E L P H IA F E D E R A L R E S E R V E D IS T R IC T Business activity in the Philadelphia Federal Reserve District generally con tinues at or above last summer’ s levels although most lines of industry and trade have experienced sharp seasonal recessions in July and August. Fac tory employment in the district which has declined nearly 5 per cent from the high level of March is still about 5 per cent higher than in the summer of 1924. Shipments of goods, as measured by car loadings in the Allegheny dis trict, since April, have been well in ex cess o f those of a year ago although in July a seasonal reduction from the June peak occurred. Wholesale distribution conditions are somewhat mixed. Most trades showed seasonal recessions in July and in all lines except shoes and groceries sales failed to equal those of last year. Retail trade was also sea sonally smaller but about equal in volume to that of last summer. August furniture sales are reported to have been unusually successful. Check payments in the leading cities of the district con tinued in large amount in July and ex ceeded those o f last year by 12 per cent. The active building program con tinues unabated and the value o f new contracts awarded in July in the Philadelphia district was considerably greater than in the previous month or in July, 1924. During the first seven months of 1925 contracts totaling $375,071,000 have been awarded as com pared with a total of $270,182,000 in the Page Two July, 1925 Previous month Retail trade— net salest (153 stores)....................................... Department stores (66)......................................................... Apparel stores (42)...................................................... '......... Shoe stores (25)..................................................................... Credit stores (20).................................................................. Acceptor? 1922 The following data refer to the Philadelphia Federal Reserve District except where otherwise noted $16,221,000 $13,183,000 $1,948,000 $423,000 $667,000 Wholesale trade—net sales (156 firms)................................... Boots and shoes (12 firms)................................................... Drugs (14 firms).................................................................... Dry goods (17 firms)............................................................. Electrical supplies (7 firms).................................................. Groceries (52 firms)............................................................... Hardware (30 firms).............................................................. Jewelry (12 firms).................................................................. Paper (12 firms)..................................................................... Year ago -3 0 .9 % -3 0 .8 “ -3 6 .0 “ -2 8 .6 “ -1 6 .4 “ + 0.7 % 0.6 “ + 5.1 8 + 9.6 “ + 1 0 .1 8 $9,970,856 $308,044 $1,486,224 $806,365 $448,883 $3,948,050 $1,908,672 $304,351 $760,267 - 7.1 + 4.2 - 3.3 -2 0 .3 -2 2 .3 + 1.6 -1 5 .9 -2 0 .4 - 0.9 “ “ “ “ “ “ “ “ “ 1.1 “ + 19.8 “ 0.5 “ 4.1 “ 0.6 “ + 0.3 “ 2.8 “ 3.8 “ 7.4 “ Production: Shoes* (104 factories)............................................................ Pig iron................................................................................... Hosiery* (126 mills).............................................................. Iron castings (36 foundries)............. .................................... Steel castings (12 foundries)................................................. Cement................................................................................... Anthracite.................................. ............................................ Bituminous coal (Pennsylvania).......................................... Wool consumption* (81 mills).............................................. Active cotton spindle hours (Penna. and New Jersey). . . . prs. 1,214,441 tons 242,709 doz.prs. 1,107,686 tons 6,211 tons 5,981 bbls. 3,703,000 tons 8,544,000 tons 9,122,000 lbs. 7,524,581 122,028,069 - 3.0 - 5.7 - 2.3 + 2.1 -1 7 .4 + 4.2 + 9.5 + 4.2 + 6.7 - 7.2 “ 8 “ 8 “ “ “ 8 “ “ Distribution: Freight car loadings (Allegheny district—weekly average). Tonnage of vessels (Port of Pfdladelphia).......................... Exports of wheat (from Port of Philadelphia).................... Exports of flour (from Port of Philadelphia)...................... Imports of crude oil (into Port of Philadelphia)................ tons bus. lbs. gals. 199,175 3,165,645 1,123,840 2,629,391 19,740,000 - 1.3 - 3.1 -5 8 .8 + 20.6 + 9.2 “ “ “ “ “ Financial: Loans, discounts and investments of member banks ’ (weekly average)................................................................ Bills discounted held by Federal Reserve Bank of Phila delphia (daily average)...................................................... Acceptances executed (11 banks for month ended 10th of following month)................................................................ Bankers’ acceptances sales (5 dealers— weekly average for period ended middle following month)...................... Commercial paper sales (6 dealers)..................................... Savings deposits (99 banks).................................................. General: Debits (18 cities)................................................................... Commercial failures............................................................... Commercial failures—liabilities............................................ Building permits (16 cities).................................................. Building contracts awarded (Philadelphia district)........... Employment— 984 plants in Pennsylvania, New Jersey and Delaware: Number of wage earners................................................... Average weekly earnings................................................... Sales of life insurance (Pennsylvania, New Jersey and Delaware)........................................................................... * Bureau of Census preliminary figures. $1,068,700,000 $45,861,000 $4,002,000 $543,000 $8,615,100 $570,622,000 $2,365,225,000 70 $1,802,208 $37,112,731 $48,271,900 359,839 $25.51 $86,042,000 - + 49.9 “ + 3 2 .1 “ + 8.3 “ + 12.7 8 + 4 5 .5 8 + 11.6 + 12.0 +172.9 - 66.7 + 162.0 “ “ 8 “ “ 0.4 “ + 10.0 “ + 12.8 “ + 79.0 8 + 40.9 “ + 43.3 8 - 1 6 .7 “ +4076.9 8 - 31.6 -2 0 .5 “ + 0.3 8 + 7.3 - 6.8 “ 0 24.1 8 +76.1 8 + 7.7 8 - + 11.6 5.4 — 41.0 + 119.2 + 15.5 8 8 8 “ 1.3 “ 2.3 8 + 5.0 “ + I2 0 .1 8 f Estimated. same period of the previous year. Building materials, o f course, are moving in large quantities and most dealers report heavier sales than in the summer o f 1924. The iron and steel markets are quiet and the local industry has experienced little change in orders and production. Both anthracite and bituminous coal have been moving more actively, especially the former, demand for which has been stimulated by the possibility o f a strike. Am ong the textiles the market for silk goods continues exceptionally active and the industry is operating at close to 90 per cent of capacity. An improved demand and strong prices are also reported for cotton cloths and yarns. Woolen and worsted goods, too, are selling in larger quantitiesalthough weaving and knitting yarns are in poor request. The hosiery and underwear industries have continued fairly active but the market for floor coverings has been very quiet pending the approaching auction sale. Many shoe factories in the district have increased their production sched ules and purchases o f raw materials, and leather markets have been more active in consequence. Rubber tire factories are very active, sales and pro duction being considerably larger than in 1924. Prices have advanced in sym pathy with the sharp rise in crude rubber. Although seasonally slack, business in paper is larger than in the previous month or last year. Cigar fac tories also report improved demand and increased operating schedules. The agricultural situation in the dis trict compares favorably with that of though there was little change in em ployment, an expansion in operations was reported by woolen mills, cement plants, and manufacturers o f planing mill and leather products. EMPLOYMENT AND WAGES In Pennsylvania, New Jersey and Delaware Number of wage earners— week ended Group and industry No. of plants report ing July 15, 1925 Per cent change Total weekly wages— week ended July 15, 1925 Per cent change Average weekly earnings— week ended July 15, 1925 Per cent change All industries (48)............................ 984 359,839 - 1.3 $9,177,904 - Metal manufactures: Automobiles, bodies, and parts... Car construction and repair......... Elec, machinery and apparatus. . Engines, machines, mach. tools. . Foundries and machine shops. . . . ♦Heating appliances 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.................................. Non-ferrous metals....................... 342 24 14 38 37 71 16 13 13 47 12 43 8 6 172,777 9,415 15,893 20,060 9,837 12,557 4,444 12,041 3,969 42,678 3,663 25,672 8,951 3,597 - 1.7 + 2.2 + 0.5 + 5.2 - 0.0 - 0.1 -1 7 .6 -1 1 .9 - 8.7 - 3.0 + 2.0 - 0.1 - 0.2 - 1.2 4,529,463 275,152 475,042 459,932 282,538 329,698 116,495 285,147 82,776 1,096,654 99,569 670,832 254,070 101,558 - 5.4 + 1.8 + 0.2 - 0.9 - 1.6 - 4.8 -2 4 .1 -2 1 .5 -1 6 .5 - 6.8 + 4.9 - 4.1 - 1.1 - 1.5 26.22 29.22 29.89 22.93 28.72 26.26 26.21 23.68 20.86 25.70 27.18 26.13 28.38 28.23 - 3.7 - 0.4 - 0.3 - 5.8 - 1.6 - 4.7 - 7.9 -1 0 .9 - 8.5 - 3.9 + 2.8 - 4.0 - 0.9 - 0.4 Textile products: ♦Carpets and rugs.......................... Clothing......................................... Hats, felt and other...................... Cotton goods................................. Silk goods...................................... Woolens and worsteds.................. Knit goods and hosiery................ Dyeing and finishing textiles....... Miscellaneous textile products. . . 217 14 22 9 27 54 25 39 20 7 62,880 3,836 3,676 5,067 7,624 14,526 9,492 9,777 7,468 1,414 - 2.4 -1 3 .4 - 0.6 0 - 6.5 + 0.9 - 2.0 + 0.7 - 5.3 + 0.1 1,413,890 102,366 63,524 138,201 158,917 310,745 204,410 211,615 195,364 28,748 - 0.6 -1 2 .3 - 4.4 + 3.7 - 6.4 + 0.2 + 7.2 - 2.2 + 1.9 + 4.3 22.49 26.69 17.28 27.27 20.84 21.39 21,53 21.64 26.16 20.33 + + + + + + + Foods and tobacco: Bakeries......................................... ♦Canneries....................................... Confectionery and ice cream....... Slaughtering and meat packing. . Sugar refining................................ Cigars and tobacco....................... 85 19 9 20 12 4 21 24,241 3,798 2,848 5,446 2,517 3,594 6,038 + + - 2.7 0.5 9.8 2.7 0.6 1.8 4.3 521,484 110,384 30,475 117,118 67,314 107,484 88,709 - 7.0 - 0.2 -5 3 .1 - 1.7 - 1.6 - 1.8 + 0.7 21.51 29.06 10.70 21.51 26.74 29.91 14.69 - 4.4 + 0.3 -4 8 .0 + 1.1 - 2.2 - 3.5 + 5.2 Building materials: Brick, tile, terra cotta products. . Cement.......................................... Glass.............................................. Pottery........\ ................................ 79 22 15 27 15 25,822 3,449 8,240 9,135 4,998 + + 0.8 4.0 2.6 5.5 5.5 740,899 85,975 255,419 242,422 157,083 + + + 0.6 4.9 7.7 8.5 9.0 28.69 24.93 31.00 26.54 31.43 + + + 1.3 1.0 5.0 3.2 3.4 Chemicals and allied products: Chemicals and drugs.................... Explosives..................................... Paints and varnishes.................... Petroleum refining........................ Coke............................................... 75 39 10 15 8 3 29,938 6,531 2,771 1,437 18,204 995 + + + - 1.0 1.7 5.4 3.2 1.8 0.8 881,039 170,505 73,411 36,365 572,414 28,344 - 4.8 - 7.0 - 1.8 - 4.3 - 4.7 - 0.4 29.43 26.11 26,49 25.31 31.44 128.49 + 5.7 5.4 6.8 1.2 6.4 0.4 Miscellaneous industries: Lumber and planing mill products Furniture....................................... 186 8 21 6 33 6 25 21 25 19 9 13 44,181 3,038 3,025 4,259 7,957 602 4,456 4,961 3,823 5,527 2,352 4,181 + + + + + + + - 1.0 2.3 2.8 6.9 1.2 0.5 4.9 3.3 0.1 3.7 3.6 1.4 1,091,129"* 64,851 73,004 113,748 190,832 11,918 79,200 127,301 124,292 141,384 57,701 106,898 + 0.7 + 13.0 + 2.8 + 10.4 - 5.2 + 8.1 + 3.1 - 1.5 - 2.4 - 0.9 + 5.9 - 1.8 24.70 21.35 24.13 26.71 23.98 19.80 17.77 25.66 32.51 25.58 24.53 25.57 M u s ic a l in s t r u m e n t s ............................ Leather tanning............................ Leather products........................... Boots and shoes............................ Paper and pulp products.............. Printing and publishing................ Rubber tires and goods................ Novelties and jewelry................... All other industries....................... 3.6 $25.51 - 2.3 1.9 1.4 3.8 3.6 0.0 0.8 9.3 2.8 7.7 4.2 - 0.3 +15.7 + 0.0 + 0.3 - 4.1 + 8.7 - 1.8 + 1.9 - 2.5 - 4.4 + 2.3 - 0.4 ♦Large decrease due to figures of one plant. last year, and in Pennsylvania, the crop condition on August 1 was 3 per cent better than it was a month previous. The outlook for nearly all crops but fruits is good and but little crop dam age is reported. Moreover, the average price o f farm products is nearly 15 per cent higher than it was a year ago. EM PLOYM ENT AND W AGES Factory employment and wage pay ments throughout Pennsylvania, New Jersey and Delaware continued a downward trend in July with net de clines o f 1.3 and 3.6 per cent, re spectively. A ll groups reported de clines, with the exception of the mis cellaneous group which advanced slightly in both employment and total wages paid. The building material in dustry reported a very slight improve ment in operations, whereas a slight advance in employment appeared at factories making chemicals and allied products. The largest declines in both employ ment and wage payments were reported by iron and steel blast furnaces, iron and steel forging plants, cotton mills and glass factories. Pottery plants and manufacturers' o f musical instruments, boots and shoes and novelties and jew elry showed substantial increases. A l E L E C T R IC P O W E R Reports were received from eleven systems operating in the Philadelphia Federal Reserve District in our second month’ s survey o f the electric power in dustry. These systems had a rated generator capacity o f 800,400 K W and output during July was 256,780,000 K W H . The comparisons between July, 1925, and July, 1924, shown in the ac companying table, are on the basis of the returns from these eleven companies, but comparisons with the previous month are based on the operations of only seven systems. Electric power (000 omitted) July Change Change from from July, June* 1924f Rated generator 800 KW 256,780 KWH 222,291 j*. “ 33,333 “ Total power. . . . 170,534 “ Industrial power 127,945 “ *7 systems. + 0 .4 % + 2 .7 “ + 2 .8 “ -6 .0 “ + 5 .5 “ + 3 .1 “ + 11.6 % + 2 0 .6 “ + 22.5 “ + 9.5 “ + 21.6 “ + 23.9 “ t i l systems F IN A N C IA L C O N D IT IO N S Member banks in four leading cities o f the Philadelphia Federal Reserve District report an increase of 9.4 mil lions in loans and investments and of 4 millions in total deposits in the period from July 15 to August 12. Invest ments declined 3.7 millions, but loans on securities advanced 8.7 millions and commercial loans, 4.4 millions. The latter reached the highest point since last November and total loans were higher than at any time since the be ginning o f 1921, when this item was first presented as a separate total. Continuing the generally upward trend which has been manifest since January, the total of bills discounted held by the Federal Reserve Bank of Philadelphia increased 9.1 millions in the four weeks ended August 19. Fed eral reserve note circulation increased 2.8 millions and deposits 4.8 millions, but cash reserves declined 3.2 millions, with the result that the reserve ratio dropped from 81.1 per cent to 77.8 per cent. The offering rate for bankers’ accept ances in New York remains unchanged at 3 % per cent, but in commercial paper a firmer tendency has been manifest. A month ago the rate for such paper was 3|4 to 4 per cent, but the prevailing rate is now 4j4 per cent. Savings deposits, as reported by 99 banks in the Philadelphia Federal Re serve District increased 0.3 per cent Page Three during July. cities fo llo w : Percentage changes by WHOLESALE TRADE Philadelphia Federal Reserve District Changes Aug. 1, 1925, compared with Net sales July, 1925, com pared with Previous month Allentown........................... Altoona.............................. Bethlehem......................... Chester............................... Easton................................ Harrisburg......................... Johnstown......................... Lancaster........................... Philadelphia...................... Reading............................. Scranton............................ Trenton.............................. Wilkes-Barre..................... Williamsport..................... Wilmington....................... York................. ................. Others................................ Totals......................... Previous year + .5 % + .2 “ + .3 “ - .1 “ - .5 “ + 1.3 “ - .6 “ + 2 .1 “ + .4 “ + .05 “ -1 .3 “ + 1 .6 “ + .4 “ + .2 “ + .1 “ + 2 .6 “ - .2 “ + 6.1% + 11.7 “ + 1.7 “ + 2.7 “ + 5.3 “ + 19.5 “ + 2.9 “ +19.1 “ + 7.3 “ + 19.3 “ + 9.7 “ + 3.5 “ + 9.7 “ + 10.3 “ + 5.6 “ + 11.5 “ + 4.1 “ + .3 + 7.3 “ ' Boots and shoes. . . . Dry goods................ Electrical supplies.. . Groceries.................. Hardware................. Jewelry..................... Paper........................ Stocks July, 1925, com pared with Accounts out standing July, 1925, com pared with June, 1925 Cities July, 1924 June, 1925 June, 1925 + 4.2% - 3.3 “ -2 0 .3 “ -2 2 .3 “ + 1.6 “ -1 5 .9 “ -1 9 .9 “ - 0.9 “ + 19.8 % - 0.5 “ - 4.1 “ - 0.6 “ + 0.3 “ - 2.8 “ - 3.8 “ - 7.4 “ July, 1924 + 7.7% + 7.6% - 2.9% — 0.6 “ + 18.7 “ - 9.0 “ - 6.9 “ + 0.6 “ - 3.0 “ -1 1 .4 “ + 2.9 “ - 2.6 “ + 0.8 “ - 3.2 “ - 3.7 “ - 5.0 “ + 3.3 “ + 1.7 “ - 8.6 “ - 0.6 “ + 8.7 “ - 3.2 “ veilings, ribbons, art goods including needlework, laces, trimmings and em broideries and corsets and brassieres. W H O LESALE Commercial paper. Sales o f com mercial paper during August in this dis trict were small; this is especially true of transactions with Philadelphia institu tions. Rates were firm ; no sales were re ported below 4 per cent, at which rate the largest amount was sold, with some sales at A /x\ and A / 2 per cent. Dealers’ lists are l not large as sales outside the district have absorbed most of the new offerings. During July, the amount of paper sold to Philadelphia banks was $1,935,100 and to outside institutions $6,680,000. Rates on these sales varied from to 4J4 per cent, but the great bulk of the business was at and 4 per cent. July, 1924 TRADE W holesale trade during August has been maintained on a fairly large scale and, though price changes have not been notable, the tendency is upward. Gro ceries, electrical supplies and drygoods are higher in price, and quotations in the other lines are firmly maintained. Drugs. The net sales of wholesale drug firms reporting to this bank were 3.3 per cent smaller during July than in June but about the same as those o f a year ago. The call for sprays and Ratio of accounts outstanding to sales July, 1925 June, 1925 July, 1924 + 0.2 % + 6.8 “ - 4.4 “ -1 1 .4 “ + 0.2 “ - 1.8 “ + 6.0 “ -1 0 .3 “ 276.8% 156.0 “ 263.4 “ 153.7 “ 100.1 “ 185.7 “ 450.1 “ 141.1 “ 296.8% 156.0 “ 225.3 “ 134.9 “ 105.0 “ 165.0 “ 394.4 “ 144.6 “ 329.0% 141.9 “ 264.1 “ 172.4 “ 100.3 “ 183.6 “ 415.5 “ 145.7 “ insecticides has improved during the month and demand is generally fair and much the same as it was at this time in July. Little change in prices has occurred. Paper. Am ong the most actively sell ing grades o f paper at present are print ing, bond, book, wrapping, kraft, towel and toilet varieties. July sales, how ever dropped below those of last June and of July, 1924. Prices continue firm. Drygoods. Sales o f drygoods during August were seasonally larger than in July, and in most cases were for deliv ery within 30 or 60 days. Prices are somewhat higher for sheetings, woolen underwear and rubber goods, but other- RETAIL TRADE Philadelphia Federal Reserve District Percentage of sales to average stocks from January 31 to July 31 R E T A IL T R A D E C o m p a r is o n o f n e t s a le s Retail sales during August, according to preliminary estimates, were larger than they were in August, 1924. Furni ture sales, which always form a con siderable part o f that month’ s business, are much larger and the balance of the business is about on a par with that of last August. During July sales in the district were 0.7 per cent larger than in July, 1924; only in Philadelphia, Harrisburg, Lan caster, Wilmington, and York, however, did they show a gain. The greatest in creases were made by credit and shoe stores, in which sales were 10.1 and 9.6 per cent larger respectively. Departments showing large gains during July in comparison with the same month of last year include musical in struments and radio, toys and sporting goods, furs, furniture, beds, etc., and handkerchiefs. The increase in sales of musical instruments followed a heavy reduction in the price of phonographs. In a number of departments sharp de creases were reported. These included women’ s skirts, gloves, woolen dress goods, men’ s and boys’ shoes, waists and blouses, house furnishings, women’ s suits, sweaters, domestics, neckwear and Page Four July, 1925, with July, 1924 C o m p a r is o n o f s t o c k s Jan. 1 to July 31, 1925, July 31, 1925, July 31, 1925, with with with Jan. 1 to July 31, 1924 June 30, 1925 July 31, 1924 1925 1924 + 0.7 % + 2.9 “ - 1.5% 1 .2 “ + 1.2% + 3.1 “ - 7.5% 9.0 “ 1.86 2.10 1.89 2.15 + + - 1 .2 “ 3.3 “ 0.7 “ 0.3 “ 5.8 “ 0.1 “ 2.4 “ 3.7 “ 3.5 “ 3.6 “ 6.6 “ 2.0 “ 3.3 “ 0.6 “ - 6.7 “ + 6.0 “ - 7.1 “ 2.2 “ 1.46 1.55 1.45 1.53 Harrisburg........................ Johnstown................. .• . . . Lancaster.......................... Reading............................. Scranton........................... Trenton............................. Wilkes-Barre..................... Williamsport..................... Wilmington....................... York.................................. All other cities.................. - 4.8 “ - 1 .9 “ -1 0 .5 “ + 0.8 “ -1 2 .6 “ + 1.0 “ - 1.9 “ - 8.4 “ - 0.9 “ - 6.0 “ -1 2 .3 “ + 2.2 “ + 2.6 “ - 1.5 “ + 1.7 -1 1 .0 + 4.7 -1 1 .1 + 4.7 + 5.1 - 3.4 - 1.2 + 11.4 - 3.0 + 1.4 -1 0 .6 “ - 3 .3 “ - 5.3 “ - 3.8 “ - 3.2 “ - 4.7 “ - 4.2 “ - 0.4 “ - 3.0 “ - 4.8 “ - 2.8 “ 1.29 1.52 1.52 1.33 1.69 1.64 1.76 1.19 1.08 1.45 1.28 1.33 1.49 1.55 1.22 1.78 1.72 1.85 1.21 1.14 1.45 1.35 All department stores.......... in Philadelphia................. outside Philadelphia........ - 0.6 “ + 1.2 “ - 3.8 “ - 2.2 “ 2.5 “ 1 .7 “ + 0.0 “ + 1.4 “ - 2.3 “ - 1.84 2.01 1.51 1.87 2.06 1.51 All apparel stores................. Men’s apparel stores............ in Philadelphia................. outside Philadelphia........ Women’s apparel stores. . . . in Philadelphia................. outside Philadelphia........ + 5.1 -2 .1 - 2.9 - 1.1 - 4.6 - 5.6 + 0.6 + + + + + + 4.0 1.1 4.1 2.8 1.6 1.7 1.1 + + + + - -1 4 .8 -1 4 .8 -1 8 .4 - 5.4 -1 2 .3 -1 1 .9 -1 3 .8 “ “ “ “ “ “ “ 2.42 1.31 1.50 1.13 3.63 4.02 2.14 2.41 1.30 1.46 1.15 3.63 4.07 2.05 Credit houses........................ + 10.1 “ - 0.8 “ + 3.4 “ - 1 .5 “ 1.15 1.30 + 9.6 “ + 9.7 “ + 8.3 “ - 3.5 “ 1.52 1.44 All reporting firms............... Firms in Philadelphia.......... Allentown, Bethlehem and Easton........................... Altoona............................. Shoe stores............................ “ “ “ “ “ “ “ “ “ “ “ “ “ “ 8.7 2.8 6.5 0.7 1.2 1.7 0.9 “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ “ 7.1 “ 8.2 “ 5.0 “ wise are unchanged. Articles in de mand include hosiery, underwear, sweat ers, gloves, raincoats, outing flannels and blankets. Electrical supplies. Net sales of 7 wholesale firms in this district during July were 22.3 per cent smaller than in the preceding month but were about the same as those during July of last year. Present demand is fair and prices in several instances are higher than they were a month ago. Shoes. Shoe wholesalers have booked a satisfactory business for early autumn and in some instances have orders ex tending as far as November delivery. The latter are for staple lines. Prices are unchanged. The total of sales of all reporting firms was larger in July than in June, although two-thirds of the firms reported July sales were smaller than those of June. Jewelry. The usual summer dulness prevails in jewelry. Prices are generally unchanged, but it is reported that dia monds are in some cases higher. The demand for platinum rings and mount ings continues to be one of the features of the market and watches and diamonds are in fair request. Hardware. The wholesale hardware market is not as active as it was a month ago, although sales of con tractors’ supplies and builders’ hard ware still are substantial. Prices have been fairly steady during the month and, apart from the lowering of quotations on wire goods, no changes of note have been reported. Groceries. Sales of groceries during August, according to preliminary esti mates, were slightly smaller than in July, although considerable activity is reported in seasonable goods. Articles in best demand include sugar, summer cereals, beverages, preserving and can ning supplies, and canned fruits and vegetables. Prices have changed little, but on the whole are higher than they were a month ago. A U T O M O B IL E S Retail sales of new cars by 18 dis tributors in the Philadelphia Federal Reserve District decreased 23 per cent in value from June to July, the largest decline being in the medium-priced group which showed a loss o f 37.4 per cent. The value o f wholesale business, however, increased by 1.9 per cent, and in the medium-priced group, by 28 per cent. Business in used cars also shared in these seasonal declines, the value of sales being 13.1 per cent less than in June. Stocks of new cars held by dealers were 7.8 per cent smaller in value, and of used cars, 3.2 per cent smaller at the end o f July than they were a month previous. The accompanying table shows the changes from June to July in the operations of distributors reporting to this bank. BUILDING PERMITS Philadelphia Federal Reserve District July, 1925 January 1 to July 31, inclusive July, 1924 1924 1925 No. Estimated cost in thousands No. Estimated cost in thousands Allentown............ Altoona................ Atlantic City. . . . Bethlehem........... Camden............... Easton................. Harrisburg.......... Lancaster............ Philadelphia........ Reading............... Scranton.............. Trenton............... Wilkes-Barre....... Williamsport....... Wilmington......... Y ork.................... 90 152 121 58 115 47 80 72 1,413 210 151 179 108 87 109 107 $305 231 523 594 508 180 346 219 30,758 965 454 790 313 300 463 164 88 201 105 47 154 53 69 77 1,564 263 167 174 147 97 112 176 $447 469 215 198 1,240 148 226 290 11,163 381 468 758 368 107 233 220 Total............ 3,099 $37,113 3,494 $16,931 Estimated cost in thousands No. $4,170 2,134 5,914 2,086 5,049 1,744 3,262 2,463 116,772 4,175 4,770 4,484 2,824 1,539 2,818 2,215 667 1,195 1,120 327 890 245 531 542 8,842 1,552 1,105 1,191 909 598 616 817 21,147* No. Estimated cost in thousands $3,250 2,442 3,435 1,123 3,591 1,441 3,998 3,089 83,731 3,930 3,120 3,904 2,561 852 2,579 1,551 671 1,332 1,101 318 894 293 574 667 9,892 1,851 1,137 1,321 982 675 796 1.209 $124,597* $166,419* 23,713* * Williamsport figures for January are not included. B U IL D IN G Though the number of building per mits issued during July in 16 cities o f the district was smaller than in the pre ceding month, one large building project in Philadelphia, calling for an expenditure o f 18 million dollars, brought the total estimated cost to an unprecedented high level in excess o f 37 million dollars. Figures for each of the 16 cities are given in the table above. Plumbing supplies. D e a l e r s in plumbing supplies report that demand is fairly active and better than it was a month ago. Manufacturers, however, say that the call is only fair and no bet ter than it was at this time last month. Compared with that of a-year ago, little change is noted. Prices in most instances are firm and unchanged from those quoted in July, though recently quotations for fixtures composed of copper, brass, lead and rubber advanced slightly. Resistance to prices continues. Total unfilled orders on the books of reporting manufacturers are smaller than they were at this time in July and do not extend as far into the future. Stocks of finished goods are moderate and de creasing. Bricks. Continued building activity has maintained a fairly good demand for bricks during the past month, and the market is now somewhat better than it was a year ago. Prices are in most cases firm and unchanged from those prevailing at this time in July. The call for fire bricks is fair and supplies of these, too, are moving forward in better volume than they were a year ago. Stocks of both building and fire bricks in general are moderate, though recently they have begun to decrease. Supplies of raw materials are from moderate to light and are also decreasing. Manu facturers reporting to us are operating at an average rate of 75 per cent of capacity. Paint. During the month sales of paint have been only fair but the demand, though no better than it was at this time in July, is distinctly more active than it was a year ago. Prices of turpentine and some dry colors are slightly higher Number Value AUTOMOBILE TRADE Philadelphia Federal Reserve District 18 distributors July Change from June July Change from June Sales of new cars at wholesale........................................... Cars selling under $1,000............................................... Cars selling from $1,000 to $2,000................................ Cars selling over $2,000................................................. 3,425 2,428 792 205 + 0.4% - 6.1 “ + 29.4 “ - 4.7 “ $3,047,958 1,542,829 1,008,610 496,519 + 1.9% - 7.8 “ + 2 8 .0 “ - 6.5 “ Sales of new cars at retail.................................................. Cars selling under $1,000............................................... Cars selling from $1,000 to $2,000................................ Cars selling over $2,000................................................. 352 64 128 160 -2 5 .6 - 9.9 -3 5 .7 -2 1 .2 “ “ “ “ 857,942 56,288 233,375 568,279 cars.............................................................. under $1,000............................................... from $1,000 to $2,000................................ over $2,000................................................. 1,040 606 230 204 - 8.6 -1 6 .9 + 8.0 + 4.1 “ “ “ “ 1,300,317 380,530 336,044 583,743 -1 6 .4 “ - 0.5 “ - 5.3 “ Sales of used cars................................................................ Stocks of used cars............................................................. Retail sales on deferred payment..................................... 1,359 1,461 148 - 3.9 “ + 6.9 “ - 7.5 “ 515,014 578,361 223,373 -1 3 .1 « + 3.2 “ - 3.7 « Stocks of new Cars selling Cars selling Cars selling -2 3 .1 - 8.0 -3 7 .4 -1 6 .6 - “ “ “ “ 7 .8 “ Page Five than they were a month ago, but very few other changes have occurred. Lin seed oil is quoted at $1.05 per gallon, carload lots, cooperage basis. Stocks of both finished goods and raw materials are moderate and stationary. Manufacturers reporting to us are operating at an average rate of about 80 per cent o f capacity. Slate. The call for slate is fairly good and has improved during the past four weeks. Roofing slate in particular, is selling in good volume in spite o f the close competition of many substitute ma terials. Quotations have been steady for a considerable time, notwithstanding fre quent reports o f resistance to prices. Stocks of finished slate are from mod erate to light and are stationary. Quarrymen reporting to us are operating their equipment at an average rate of 80 per cent o f capacity. Several are running on full time. Total unfilled orders are larger than they were a month ago. Lumber. Dealers report that sales of lumber have been well maintained during the month. Manufacturers, however, find the call only fair, though better than it was both a month and a year ago. Prices are still weak in many instances, notably those for some o f the better grades of hardwoods. Resistance to quotations fre quently is encountered. Dealers’ stocks are moderate and decreasing, but supplies at the mills are from moderate to heavy and stationary. Manufacturers reporting to us are operating at an average rate o f about 85 per cent of capacity, which is slightly be low that o f a month ago. Unfilled orders extend no further into the future than they did four weeks ago. IR O N A N D ST E E L Scattered reports o f improved demand have been received, but no striking changes have occurred in the iron and steel markets so far this month. De mand for structural steel continues to be much the same as it was in June and July, and generally speaking there has been no marked increase in future buying. Railroads are taking only moderate de liveries o f track and rolling stock equip ment, and sales o f sheets to automobile manufacturers are no more substantial than they were a month ago. The call for pig iron, however, has increased somewhat and in some cases consumers have already placed orders for fourth quarter needs. Prices o f many steel products are weak and, according to the “ Iron Age,” the composite price o f finished steel on August 18 stood at 2.396 cents per pound, the lowest point touched in three years. On the other hand quotations for pig iron and steel scrap are firm. After re maining unchanged for many weeks, the price o f Philadelphia 2X pig iron has ad vanced twice so far this month and is now quoted at $21.76 per ton. Page Six During July, output of both pig iron and steel ingots was less than in June and total unfilled orders o f the United States Steel Corporation also were smaller, as is shown in the following table. However, the percentage o f de cline in no instance was as great as dur ing the two preceding months. In gross tons July June Production— Pig iron....................... Steel ingots................ Unfilled orders— U. S. Steel Corp......... 2,664,024 3,087,590 2,673,457 3,207,056 3,539,467 3,710,458 Steel foundries. During July the main operating items of 5 steel foundries in this district showed decided gains over those in July of last year. As compared with activities during June, however, the reports o f 12 firms indicated more de clines than advances. Percentages o f change are given in the table below. Steel foundry operations July Change from July, 1924f Change from June, 1925* 0 Capacity............ 12,490 tons 5,981 “ -1 7 .4 % Production........ 5,341 “ - 4.8 “ Shipments......... Value............. $964,720 - 2.6 “ Unfilled orders. . 3,979 tons -2 9 .6 “ Value............. $1,402,775 -1 9 .5 “ Raw stock: Pig iron.......... 2,454 tons + 7 . 8 “ +18.1 “ Scrap.............. 9,771 “ Coke.............. -3 3 .2 “ 1,107 “ * 12 plants. + + + + + 0 8.3 % 16.7 “ 55.2 “ 43.8 “ 129.1 “ + + + 9.1 “ 2.0 “ 5.4 “ f 5 plants. Iron foundries. The data in the fo l lowing table are compiled from the re ports o f 36 iron foundries located in this district and comparisons with the pre ceding month and a year ago are given below. Iron foundry operations July Capacity.............. 13,652 tons Production.......... 6,211 “ 784 “ Malleable iron. Gray iron......... 5,427 “ Jobbing........ 4,072 “ F or fu rth er mfr............ 1,355 “ Shipments........... 5,989 “ $859,194 Unfilled orders.. . 5,877 tons $880,899 Value............... Raw stock: Pig iron............ 7,711 tons Scrap................ 2,591 “ 2,117 “ Coke................ Change from June Change from July, 1924 0 + 2.1% -2 0 .4 “ + 6.5 “ + 2.5 “ 0 + 32.1 % + 1 5 .3 “ + 35.0 “ + 24.3 “ + 20.6 + 16.9 + 14.5 + 5.3 + 6.3 +82.1 +30.1 + 11.9 + 1 .7 -1 1 .6 “ “ “ “ “ “ “ “ “ “ - 2 . 6 “ -2 1 .5 “ -2 0 .8 “ -1 8 .0 “ - 2 . 8 “ + 11.7 “ cents to $1.45 per ton higher than com pany quotations. No advance other than the usual 10 cents per ton on August 1 has occurred in the latter. Production is considerably greater than it was a year ago as will be seen in the table below. Week ended In thousands of net tons* 1925 July July Aug. Aug. Aug. 18.. .. 2 5 .... 1. . .. 8 .... 1 5 .... 1924 1,985 2,049 2,087 2,068 1,904 1,840 1,837 1,720 1,664 1,386 Per cent of change + 7.9 + 11.5 + 21.3 + 24.3 + 37.4 * Compiled by the Geological Survey. Bituminous. During the past month there has been a gradual improvement in the demand for bituminous coal. In quiries for fall and winter needs are more numerous and prices are firmer. H ow much o f this betterment is due to the un certainty o f the anthracite market is difficult to say, but there is no doubt that in the event o f a strike sales o f bitumi nous would greatly increase. Though prices have advanced in some sections of the country they have not changed so far this month in the Philadelphia market. Production continues at high levels as is shown in the following table. Week ended In thousands of net tons* 1925 July July Aug. Aug. Aug. 18.. . . 2 5 .... 1 .. .. 8 .. . . 15___ 1924 8,966 9,343 9,457 9,971 10,244 7,644 7,785 7,723 8,036 8,167 Per cent of change + 17.3 + 20.0 +22.1 +24.1 + 2 5 .4 * Compiled by the Geological Survey. COAL Anthracite. The demand for anthra cite has been greatly augmented by the widespread fear o f a strike on Septem ber 1. A ll domestic sizes are in good request and, though the call for steam coal has not improved as noticeably as has that for domestic fuel, nevertheless shipments have been going forward in good volume. Independent prices have advanced considerably and are from 25 R U B B ER Business in rubber tires and tubes con tinues active, but the demand for me chanical rubber goods is only fair. P ro duction of the latter remains at about 75 per cent o f capacity, as against 90 per cent for tires and tubes. Inventories, which were unusually heavy last March, have declined materially, and are now moderate. Prices recently have tion at this rate for nearly two months. Supplies of both cloths and yarns are not excessive. Rubber prices seem to be fairly closely related to yearly plantings, i.e., an advance in prices has led to increased planting in the year following. Since the enforcement of the Stevenson restriction plan in 1921 prices have advanced to higher levels than at any tim e since 1912. Sources— Department o f Commerce, Rubber Association o f America risen in sympathy with those of raw materials. Since the enforcement o f the Steven son restriction plan in 1921, crude rubber quotations have been advancing, first latex crepe reaching $1.16 a pound on July 23. Lately, however, prices have dropped, and on August 22, plantation rubber sold at 78 cents a pound. Both imports and domestic consumption are well maintained. T E X T IL E S Cotton. Although uncertainties con tinue to mark the outlook for this sea son’s yield of cotton, spot cotton dropped in a moderately active market from 25.35 cents a pound on July 23 to 23.65 cents on August 22. Supply and takings of American cotton are as follow s: American cotton* (thousands of bales) Visible supply at end of previous season (July 31)............................... Crop in sight on August 21................................. Total....................... Visible supply on Aug ust 21.......................... World’s takings to Aug ust 21.......................... Season Season Season ’25-’26 ’24-’25 ’23-’24 1,125 952 870 357 200 314 1,482 1,152 1,184 999 792 829 483 360 355 * Compiled by the New York Cotton Exchange. Reports indicate a slight improvement in sales o f cotton yarns at prices prac tically unchanged from last month’s level. Quotations for cotton goods, however, show a slight advance, Fairchild’s index number having risen from 14.6 on July 18 to 14.9 on August 22. Despite strong resistance to current prices, buying of gray and finished fabrics has been fairly active during the past thirty days, though most orders call for prompt shipment. Production remains unchanged at from 65 to 70 per cent of capacity, and unfilled orders on hand will insure plant opera Wool. Improvement is reported in both the distribution and production of woolen and worsted goods in this dis trict during the past four weeks. Sales of worsteds still lag behind those of woolen goods, although both show gains over the previous month. Evidence of better business is indicated by an increase in unfilled orders. Somewhat less satis factory conditions, however, prevail in the yarn industry. Though the average rate o f output is slightly higher than it was last month, the demand for both weaving and knitting yarns has fallen off. But carpet yarns appear to be in fair request. Supplies o f yarns and fabrics, in general, are moderate. Apart from a few reduc tions ranging from 5 to 10 per cent on some grades of cloths, prices remain firm and unchanged. Trading in raw wool is almost feature less, although a slight betterment is re ported by several dealers. A limited quantity of the domestic clip, notably Michigan delaine and Jericho pool wools, recently has been purchased by local dealers at fairly steady prices, but Amer ican buying abroad during the last thirty days has been rather restricted. W ool imports during July totaled 20,802,303 pounds as against 20,468,146 pounds for June and 6,061,189 pounds for July, 1924. Production o f domestic wool for 1925 is estimated officially at about 250,000,000 pounds, the largest amount since 1919. Consumption in this district, as shown by returns from 81 establishments, was 6.7 per cent greater in July than in June. According to the quarterly report of the Bureau of the Census, stocks of wool held by dealers and manufacturers in the United States on June 30 amounted to 382,596,308 pounds, grease equivalent, as compared with 305,957,541 pounds on March 31, 1925. O f this total 55.6 per cent was domestic wool. Silk. The silk goods market is ex ceptionally active, increased fall buying being much in evidence. Sales o f most silk fabrics call for delivery during the next two or three months. Purchasing of thrown silk, however, though active, is chiefly for quick shipment. Production o f both silk goods and yarns remains practically unchanged at 90 per cent of capacity. Unfilled orders for piece goods are somewhat larger than they were last month, but those for thrown silk show no material gain. Stocks of finished products are fairly light. Prices gen erally are firm. Especially those of thrown silk, which show an advance of about five cents a pound since July 17. Quotations for raw silk have fluctuated during the past four weeks within a range of 10 to 15 cents. Kansai double-extra cracks sold at $6.75 a pound on August 22. The table following gives compara tive figures: Raw silk* (in bales) July, 1925 June, 1925 July, 1924 Imports..................... Stocks........................ Mill takings.............. 35,595 35,598 44,013 41,074 44,016 39,577 29,352 23,213 30,982 * Silk Association of America. Hosiery. Hosiery, though perhaps slightly less active than it was a month ago, is selling freely and a number of mills have increased their production. Business is good in women’s full-fash ioned, both o f silk and silk and rayon mixtures, and in boys’ % length seamless hosiery. For men, half-hose of silk and rayon mixtures in fancy patterns are in best request. Prices are unchanged and finished stocks are moderate. In July the output of 126 mills in this district was 0.5 per cent smaller than in June. The operations of 313 establish ments in the United States during June as compared with May show that the total production fell 1.9 per cent. However, the output o f full-fashioned hosiery for both men and women was larger. Cancel lations were unusually heavy. Unfilled orders for women’s full-fashioned on June 30 amounted to 2,423,710 dozen pairs which is equal to three times the June production. Underwear. Manufacturers o f knit underwear have received a fair volume of business and, with a few exceptions, have orders on their books sufficient to keep plants running at present rates for from one to four months. A number o f the orders call for delivery beyond 90 days. Production in the different mills varies considerably, but in many o f them is from 80 to 100 per cent o f capacity. Prices are unchanged; finished stocks are only moderate; labor is in ample supply. During June, 149 establishments in the United States made 614,749 dozen win ter-weight and 547,467 dozen summerweight garments. In May their produc tion was 564,762 dozen winter-weight and 615,541 dozen summer-weight garments. Floor coverings. The market for carpets, rugs, linoleums and felt base goods is small and, in spite o f a con siderable curtailment in production, stocks in manufacturers’ hands have in creased. An indication o f this is the announcement o f a mid-season auction sale, to begin on September 1, by the Alexander Smith & Sons Carpet Co., the largest factor. Since this notice, business has almost come to a standstill and the trade expects this quietness to continue until after the auction. Manufacturers, however, anticipate a good fall business as a large number o f building operations will be finished and will require floor coverings. LEATHER Hides and skins. Quotations for hides, which had advanced for several months, Page Seven were stationary in August. The supply continued to be closely sold up but tan ners successfully resisted a further ad vance. Calf skin prices fell slightly but goat skins reached a somewhat higher level. The follow ing table shows the stocks o f hides and skins on June 30. The stock of hides was then at the lowest figure recorded at any time since reports were published in 1920, but stocks of skins have increased greatly during re cent months. Stocks of hides or skins* June 30 3,707,837 3,932,292 7,551,416 9,710,709 Change during June - 5.8% + 12.8 “ + 4.5 “ + 18.4 “ * Bureau of the Census. Leather. The leather markets have shown increased activity and prices are either firm or slightly higher. Sole leather has sold in good volume to shoe manufacturers and double shoulders have been in keen request for the men’s belt trade. In upper leathers, patent, grain side and black kid have sold freely. Tanners of kid report that dur ing the month stocks have decreased, and that they are now wetting more skins. The following table shows changes in production and stocks. Change in Leather June, 1925, as compared with May, 1925* Production Stocks— end of month Backs, bends and sides. . . Belting butts..................... Offal, sole and belting. . . . Cattle side, upper............. Calf..................................... Goat and kid..................... Cabretta............................. + 3.5 % + 3.7 “ - 1.8“ + 4.2 “ + 9.7 “ - 1.2 “ - 1 5 .5 “ + 2 .5 % + 1 .9 “ + 1 .6 “ -2 .1 “ + 4 .7 “ -0 .6 “ + 1 .1 “ same period of 1924. Figures for this district are given below. Production of shoes,* Philadelphia Federal Reserve District (in thousands of pairs) Per cent change from June July Boots and shoes, total............... 1,214 High and low cut (leather) total 1,180 M en's....................................... 97 Boys’ and youths’ .................. 162 160 Women’s . ................................ Misses’ and children’s ............ 407 Infants’ .................................... 353 All other leather or part leather footwear............................... 35 - 3.0 - 3.9 -1 4 .9 - 9.0 + 9.9 - 4.9 - 2.4 + 46.9 * Preliminary report—-Bureau of the Census. A G R IC U L T U R E Crop estimates made in the Philadel phia district as of August 1 and since that date show improvement over those of July 1. This is especially true of Pennsylvania, where the composite con dition of all crops rose to 98.2 per cent of normal on August 1, an increase of about 3 per cent since July 1. The agricultural situation for the. district as a whole compares favorably with that of last year. The quality of winter wheat and rye is fully up to that of a year ago, and the yield o f these grains is above the average. The output of oats, though somewhat larger than was estimated previously, is a trifle below normal. The condition of the corn crop is better than the average for the dis trict and that for the country as a whole. Except for slight decreases in potatoes, onions and cabbage, all truck crops, notably tomatoes, sweet corn, lima beans, beets, cucumbers, eggplants, watermelons, cantaloupes and peppers, show increased production. Hay and tobacco also are in good condition. But the outlook for such fruits as peaches, apples and pears continues poor, the Page Eight TOBACCO So far this month the cigar market has been fairly active and the demand is better at present than it was a month or a year ago. Prices continue un changed and in every instance are clas sified as firm. Stocks o f both finished goods and raw supplies are from mod erate to light and decreasing. Manufacturers are operating their factories at a higher rate than they were a month ago, the average now being close to 85 per cent of capacity. Unfilled orders are larger than they were at this time in July and most of those now on the books are for imme diate delivery. As is usually the case at this time o f the year, trading in leaf tobacco has been very light during the past month. Demand for Pennsylvania leaf is quiet and such sales as have been reported are for immediate needs. Nearly all of the 1924 crop has been sold. Supplies suitable for cigar leaf purposes are sell ing at from 10 cents to as high as 16 cents per pound. According to one dealer located in the center of the Pennsylvania district, the quantity of unpacked to bacco in the hands o f growers is the smallest he has ever known-. CROP ESTIMATES August 1, 1925 * Bureau of the Census. Shoes. Shoe factories in this district have increased seasonally their schedule of production during the month. Busi ness, however, is not uniformly good and some of the country factories have not yet started their fall run. The great majority of orders booked call for ship ment within 60 days. Prices are firm. Exports of leather footwear during the first half of 1925 amounted to 3,628,148 pairs, o f which 2,021,782 pairs were shipped to Cuba. The fact that Cuba is considering the placing o f a heavy duty on shoes is a matter o f some im port to shoe manufacturers in this dis trict, as they supply a large number o f shoes for that market. Production o f shoes in the United States increased in July and for the first six months amounted to 160,337,168 pairs as compared with 157,901,131 pairs in the August 1 condition -being much below normal. N o unusual crop damage is attributable to insect pests or plant diseases. Recent rains have revived pastures considerably. Dairying herds in the main are in fairly good condition, though reports from several counties state that milk and butter yields are not up to normal. W ith a few exceptions, prices paid to farmers for their dairy products are maintained at a fair level. July quotations for all farm products throughout the country were 14j£ per cent higher than they were in July, 1924. Aug. 1 condition, % normal Region Production in bushels (000's omitted) Crop 1925 United States................... New Jersey....................... Average Forecast, 1925 Harvested, 1924 Average ............... 79.8 94 95 80.5 86 2,950,340 77,080 10,619 2,436,513 55,692 8,024 2,934,649 66,567 10,429 ........ 79.0 82 55 81.9 81 78 353,266 25,328 5,445 454,784 28,792 11,544 417,848 26,449 11,767 Corn............... u “ Pennsylvania.................... New- Jersey....................... “ United States................... Tobacco......... 74.8 85 79.7 86 1,234,096 56,806 1,240,513 59,800 1,330,876 60,352 United States................... Pennsylvania.................... Apples............ 52.0 41 58.4 56 161,148 6,970 179,101 7,267 181,465 10,063 United States................... Pears.............. 59.7 43 53 36 60.9 57 56 53 17,669 416 477 163 18,628 629 624 328 17,056 576 513 201 58.5 24 57 59.2 56 66 47,385 594 1,728 53,137 1,504 2,480 46,519 1,464 1,921 U « u United States................... Pennsylvania.................... New Jersey....................... Peaches.......... “ ..........
@FedFRASER