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THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT SEPTEMBER z, i 9z 9 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 decreased slightly during July, but continued at a higher level than in other recent years. W hole sale commodity prices increased further during the month, reflecting chiefly higher prices of agricultural products. Loans for commercial and agricultural purposes by reporting member banks in creased during July and the first half of August. Production. Output of manufactures decreased in July, while mineral produc tion increased. Average daily output of automobiles, copper, tin, zinc, and cotton and wool textiles decreased and there was a small decline in the production of iron and steel; in all of these industries, however, output was larger than in the same month in earlier years. Activity increased during July in silk and shoe factories and in meat packing plants, and there was also a larger output of bituminous coal and crude petroleum than in June. Reports for the first half of August indicate sustained activity in the iron and steel and automobile indus try, and a further increase in the output of coal and petroleum. Employment in manufacturing indus tries decreased in July by less than one per cent while a somewhat greater de crease in payrolls was reported. At this level, factory employment and payrolls, as in earlier months, were larger than in any other year since 1926. Value of construction contracts awarded in July was higher than in the preceding month or in July 1928, reflecting chiefly a sharp increase in contracts for public works and utilities. For the first half of August, however, total contracts de clined to a level below the corresponding period a year ago. Agriculture. The August estimate of the Department of Agriculture indicates a wheat crop of 774,000,000 bushels, slightly below the five year average, and 128,000,000 bushels below last year’s pro duction and a corn crop approximately equal to the five year average crop and about 100,000,000 bushels smaller than in 1928. The cotton crop is estimated as 15,543,000 bales, 7 per cent larger than last year. Distribution. Freight car loadings increased seasonally during July and the first two weeks of August, reflecting chiefly increased loadings of coal, grain, and ore, while shipments of miscellaneous freight continued in about the same volume as in June. Sales of department stores declined seasonally from June and on a daily basis were about the same as in July a year ago. Prices. Wholesale prices in 'July continued the rise which began in June, according to the Index of the Bureafi of Labor Statistics, reflecting chiefly higher prices from farm products and their manufactures, particularly livestock and meats, grains and flour, and potatoes. Prices of hides and leather also increased. W ool, rayon, and textile products de clined slightly in price. There was a marked advance in the price of sugar, and rubber prices also rose somewhat. Prices of petroleum and gasoline declined and prices of iron and steel were some what lower. During the first three weeks in August there were declines in the prices of cot ton, petroleum, beef, sugar, oats, rubber, and tin, and marked fluctuations in prices of pork and wheat. Bank credit. Loans for commercial purposes by reporting member banks in creased to new high levels during the four weeks ending August 14, while security loans, after increasing further during the latter part of July, declined during the first two weeks in August. Member bank borrowing at the reserve banks averaged $45,000,000 less during the week ending August 17 than in the week ending July 20 reflecting increased sales of acceptances to the reserve banks, and further imports of gold. MEMBER BANK CREDIT BILLIONS Of DOLLARS BILLIO S O DOLLARS N F 10 A L L OTHER LOANS 8 8 LOANS on SECURITIES 7 6 INVESTMENTS 5 Index num ber of production of m anufactures and minerals combined, adjusted for seasonal variations (1923-25 average =100). Latest fig ure July, 124. Index of United States Bureau of Labor Sta tistics (1926=100, base adopted by Bureau). Latest figure July, 98.0. - ' ' 19 27 - . i 19 2 8 , , i 19 2 9 M onthly averages of weekly figures for report ing m em ber banks in leading cities. Latest figures are averages of first three weeks in A ugust. Page One Latest figure compared with BUSINESS INDICATORS Philadelphia Federal Reserve District July, 1929 Retail trade— estimated net sales (139 stores) Department stores (6 2 )................................... Apparel stores (4 0 )........................................... Shoe stores (1 9 )................................................. Credit stores (1 8).............................................. M onthly rates in the open m arket in New Y ork : com mercial paper rate on 4 to 6-m onth paper and acceptance rate on 90-day banker’ s acceptances. Latest figures are averages of first 24 days in August. Open market rates on call and time loans on securities were firmer during the last half of July and the first week of August. During the second week of August rates on call loans declined while rates on commercial paper in the open market advanced from 6 to 6% per cent. On August 8 the discount rate of the Federal Reserve Bank of New York was increased from 5 to 6 per cent and the buying rate on bankers’ acceptances was reduced from 5% to the market rate of 5% per cent. B U S IN E S S 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 Industrial conditions in the Philadel phia Federal Reserve District show con siderable strength for this season. The market for manufactured products has been fairly active as shown by larger sales than those of four weeks ago. Com parisons with a year ago also are favor able in the majority of reporting lines. Unfilled orders generally show in creases during the month and in com parison with a year ago, the latter being especially true of orders for fabricated metal products, most textiles, leather and shoes, and tobacco products. Forward business in building materials, on the other hand, has been smaller than that last month or a year a g o ; exceptions, however, are noted in orders for plumb ing materials and slate. While many manufacturing plants still continue to reflect the usual summer quiet, there has been a noticeable upturn in plant operations in most textile branches, leather and shoes, paper, and tobacco products. Activity of plants fabricating iron and steel products shows a slight recession, following an exceptionally busy period since the early part of this year. The demand for workers by employ ers eased off slightly between June and July, but factory employment in this sec tion increased a little further and was considerably larger than in July, 1928. The volume of wage disbursements, while declining seasonally, was substantially Page Two $15,855,200 $13,273,400 .$ 1,822,600 ...$ 3 4 1 ,8 0 0 ...$ 4 1 7 ,4 0 0 Wholesale trade— net sales (101 firms) Boots and shoes (5 )............................. Drugs (1 0 )............................................. D ry goods (1 2 )..................................... Groceries (3 4 )........................................ Hardware (2 2 )...................................... Jewelry (1 1 )........................................... Paper (7 )................................................ -3 2 .3 % -3 2 .1 “ -3 6 .3 “ -2 6 .4 “ -2 6 .6 “ - - 0 .9 -1 4 .8 + 4 .3 -1 2 .9 - 0 .9 - 9 .3 + 8 .5 + 1 .9 + 9 .1 + 9 .6 $6,873,235 ...$ 9 1 ,0 9 8 $1,082,522 ..$3 1 1 ,8 93 $3,074,074 $1,520,258 ..$3 0 1 ,0 74 ..$4 9 2 ,3 16 -1 3 .8 + 5 .9 - 8 .9 -1 6 .6 + 4 .3 Productive activity— Em ploym ent— 852 plants in Penna..................................... ....................... 295,411 ................. $7,532,088 prs............1,4 6 3,35 3 doz. prs. .1 ,2 2 7 ,9 19 lbs.......... 7 ,0 0 1,52 8 ................. 6 6 ,6 1 2 ’ 616 tons............[351^582 ton s..................5^617 tons .. . . 6 , 8 1 7 tons. . . 4 ,9 9 3 ’ 000 ton s____ 1 + 2441000 bbls 3,7 0 9,00 0 Electric power output (12 system s).................................... K W H .. 531,892,000 + 0 .6 — 5 .0 + 8 .9 -1 1 .1 + 1 2 .8 - 6 .2 - 2 .5 + 1 0 .5 + 1 6 .3 — 1.5 + 3 .5 + 0 .3 + 2 .9 Financial and credit— Debits (18 cities).................................................................... Loans and investments— middle of August— 105 mem ber banks............................................................................. Bills discounted held b y F. R. B. of Phila. (daily aver age) .............................................................. ......................... Bankers’ acceptances outstanding— end of month (district)............................................................................... Commercial paper sales (4 dealers)................................... Commercial failures— number............................................ Commercial failures— liabilities.......................................... + 1.8 2 .9 % 3 .8 “ 0. 2 “ + 0 .4 “ + 1 4 .7 “ - “ “ “ “ “ “ “ “ + 1 0 .5 “ + 1 5 .6 “ + 1 2 .5 + 3 0 .6 + 8 .4 + 4 9 .0 -1 3 .6 + 20.1 - 3 .2 + 1 4 .5 “ “ “ “ “ “ “ “ $ 3,125,074,000 - 1.0 “ $ 1,596,000,000 - 0.1 “ - ...$ 7 7 ,3 0 0 ,0 0 0 - -1 7 .6 “ ...$ 1 5 ,0 4 6 ,0 0 0 ___ $3,034,500 ........................57 ___ $1,267,519 - 8 .7 “ + 20.8 “ 1 .4 “ 2 .8 “ - 0 .4 “ -2 5 .0 “ - 7 .3 “ - + 6 5 .0 “ -1 1 .5 “ + 4 3 .7 “ -1 7 .8 “ ...........5,262 $25,049,900 + 3 9 .2 “ - 6 .3 “ -2 4 .9 “ ............ 1,197 tons 1.1 “ -1 5 .9 “ 8. 1 “ + 1.6 “ $26,945,128 $33,928,400 Building and real estate— Building permits (17 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 ). . . Sheriff sale (Philadelphia county)— number of writs issued for August............................................................... Miscellaneous— Freight car loadings (Allegheny district— weekly aver age) ........................................................................................ Tonnage of vessels (Port of Philadelphia)....................... Sales of life insurance (Penna., N. J., and D e l.)........... Automobile sales (registrations of new passenger cars): Year ago Previous month + 2 8 .6 “ + 2 8 .3 “ .........215,582 . ..4 ,5 4 2 ,8 0 0 $105,662,000 ............ 20,066 - 1 .9 + 1 1 .4 - 3 .7 -1 6 .3 + 8 .5 + 21.2 + 19.3 + 21.8 - - 2.2 “ “ “ “ “ * Bureau of Census preliminary figures. above that of a year before, indicating a higher level of plant operations. Con sumption of electric power by industries also declined, as usual, but was appreci ably ahead of the amount used in July, 1928. Reports on the physical output of vari ous commodities in this district on the whole are rather favorable, particularly as compared with a year earlier. The output of shoes was noticeably larger in July than in June, while production of hosiery declined. Mill takings of wool in this district increased at a somewhat higher rate than that reported for the country. Production of iron and steel castings and cement also exceeded the volume reported for June. This is like wise true of bituminous coal, while an thracite showed a slight decrease. Construction activity is only fair at best and the volume does not measure up to that of a year ago. The value of con tract awards in July declined further and was materially smaller than in the same month last year. Building permits, on the other hand, showed a pronounced gain over the preceding month and a year earlier. The value of mortgages re corded in Philadelphia rose materially in the month but showed a marked decline in comparison with July, 1928. Foreclos ures increased further in the month and in the year. Distribution of commodities compared rather favorably with the volume of a year ago. Railroad shipments in this sec tion in the latest four weeks showed a slight upturn and continued materially in excess of those in the same time last year and two years ago. Sales at whole sale fell off slightly in the month but rose appreciably in comparison with the vol ume in July, 1928. Reports on retail trade showed declines in the month and in the year. Sales of new passenger cars in this dis trict, after rising sharply to the peak which was reached in April, turned down ward as is to be expected at this tim e; compared, however, with sales in the same month for several years past, the number of new passenger cars sold in July this year was considerably larger. Sales of ordinary life insurance in this territory also declined in the month but were much larger than in July, 1928. Member banks in this district report little change in loans and investments during the past month, but a decline in net demand deposits. There was a loss in the settlements, and borrowings from the Federal Reserve Bank increased materi ally. The loss in cash reserves, without corresponding reductions in note circu lation and deposits, caused the reserve ratio to fall from 77.6 to 69.4 per cent. July, 1929, compared with July, 1928 CITY CONDITIONS Philadelphia Federal Reserve District Allentown area.......................... Altoona “ .......................... Harrisburg “ .......................... Johnstown “ .......................... Lancaster “ .......................... Philadelphia “ .......................... Reading “ .......................... Scranton “ .......................... Trenton “ .......................... Wilkes-Barre “ .................. W ilm ington York “ “ .......................... .......................... Call money renewals (Daily average rates) 1929 M ay June July 1928 Aug. Aug. For period from— 1st to 5 th . . . . 10.3% 6.7% 11.0% 10.0% 7.2% 6th to 10th. . . . 12.4 “ 7.0 “ 8.3 “ 9.5 “ 6.5 “ 11th to 15th. . . . 8.0 “ 7.7 “ 9.0 “ 7.5 “ 7.3 “ 16th to 2 0 th . . . . 9.7 “ 7.0 “ 10.0 “ 7.0 “ 5.7 “ 21st to 2 5th . . . . 6.5 “ 8.0 “ 7.2 “ 7.0 “ 26th to 3 1 s t ____ 6.0 “ 10.0 “ 9.5 “ 7.4 “ Brokers’ loans and securities. A further rise in brokers’ loans to a new high point of 6,085 millions is reported by member banks in New York City. Loans for own account declined materi ally, but heavier loans for out-of-town banks and particularly for “ others” were sufficient to raise the total 272 millions above the report for the middle of July. W age payments - 0 .8 % + 13.5 “ + 10.2 “ + 3 .6 “ + 1 .0 “ + 12.8 “ + 10.0 “ + 19.2 “ + 6 .1 “ - 6 .9 “ + 2 1 .7 “ + 17.4 “ - 3 .4 “ + 1 .6 % + 14.8 “ + 16.5 “ + 5 .8 “ - 3 .6 “ + 1 2 .7 “ + 2 1 .2 “ + 2 2 .0 “ + 8 .9 “ + 0 .2 “ + 3 3 .2 “ + 2 0 .9 “ - 7 .0 “ Allentown Altoona area.......................... “ Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilmington York « u “ u “ + + + + + + + - 1 .6 % 2.1 “ 0 .3 “ 0 .5 “ 5 .2 “ 2.1 “ 0 .7 “ 1.4 “ 0 .5 “ 2 .2 “ 1 5 “ 6 .9 “ 1.3 “ Aug. 21, 1929 July 17, 1929 Aug. 22, 1928 $1,136 1,676 3,002 $ T o ta ls...................... $6,085 $5,813 $4,201 809 1,512 1,880 - 7 .1 % - 4 .7 “ - 5 .9 “ - 1 .0 “ -1 0 .3 “ - 3 .8 “ - 4 .8 “ + 0 .8 “ -1 0 .1 “ - 4 .4 “ -1 .3 “ + 1 .9 “ - 1.6 “ Stock prices have risen further. The Standard Statistics Company reports that the average yield on 60 bonds was 4.74 per cent on August 15, as compared with 5.54 per cent on 20 high-grade in dustrial preferred stocks, and 3.03 per cent on an assorted group of 90 com mon stocks. New capital issues increased from $773,000,000 in June to $879,000,000 in July, according to the “ Chronicle” . These figures, which are exclusive of refunding issues, compare with only $407,000,000 a year ago. Little foreign financing was reported in July; public utility offerings amounted to $295,000,000, and more than 200 millions additional was accounted for in financing by investment trusts, and trading and holding companies. Banking conditions in the Philadel phia district. Changes in the loans and investments of reporting member banks in twenty-one cities of the Philadelphia Federal Reserve District were small in the four weeks ended August 14, but net demand deposits, owing chiefly to de clines in Philadelphia, receded from 847 UI0N .IN 1 31 .9% 2 .9 “ 1678.8 “ 5 1 .9 “ 6 4 .0 “ 2 9 .8 “ 2 6 .3 “ 5 7 .6 “ 604.9 “ 3 8 .6 “ 107.5 “ 5 .2 “ 6 9 .4 “ + 4 .8 % + 12.9 “ + 9 .9 “ + 1 9 .4 “ + 13.5 “ + 2 2 .7 “ + 8 .5 “ + 8 .1 “ + 3 1 .1 “ - 4 .6 “ + 1 5 .6 “ + 4 1 .1 “ + 1 6 .6 “ Electric power sales Retail trade sales Debits + + + + - - 3 .2 % * + 2 0 .3 “ ................. § + 8 .1 “ t + 16.4 “ + 14.3 “ + 2 1 .2 “ -1 5 .9 “ + 1 5 .5 “ t ................. § ................. § + 1 9 .4 “ + 7 .4 “ 0 .7 % 0 .4 “ 3 .0 “ 0 .5 “ 6 .2 “ 3 .3 “ 1.1 “ 9 .6 “ 7 .7 “ 6 .9 “ 0 .3 “ + 7 8 .8 % 4 8 .0 “ + 489.2 “ 4 .8 “ 1 6 .0 “ + 6 1 .0 “ + 0 .2 “ 7 4 .2 “ + 146.2 “ + 8 4 .6 “ + 116.1 “ + 7 0 .7 “ + 2 7 .3 “ DOLLAR3 500 LOANS ON 5LCURITI r - 400 ALL OTHER > LOANS 300 + + + + + + + + + + + 0 .3 % 4 .0 “ 1 .2 “ 0 .9 “ 8 .1 “ 1 .9 “ 0 .3 “ 0 .7 “ 17.2 “ 2 .5 “ 1 .3 “ 1 .0 “ 7 .1 “ -2 3 .3 % -1 1 .6 “ -2 6 .7 “ -2 0 .7 “ -1 3 .2 “ -3 7 .5 “ -2 6 .0 “ -1 8 .5 “ -3 2 .1 “ -2 1 .8 “ - 6 .7 % * + 7 .7 “ ................. § + 2 .2 “ f + 0 .9 “ - 2 .1 “ - 5 .5 “ -1 2 .0 “ - 7 .6 “ t § § + 0 .4 “ - 7 .0 “ ............. ............. -2 7 .9 “ f Production (not sales). + Includes to 827 millions. Philadelphia banks, too, account largely for an increase in bor rowing from the Federal Reserve Bank during this period. In comparison with a year ago, the re porting banks show approximately equal increases in loans on securities and in other loans. Expansion in the latter class, which includes largely commercial loans, was to have been expected in view of the rising activity of business. The banks suffered a material loss of deposits, time deposits in particular, and their in vestment holdings were considerably reduced. Reporting m em ber • banks in 21 leading Aug. 14, 1929 (000,000’s omitted) Reported b y 90 banks: Loans on securities . . $ 544 Other (largely com 557 mercial) loans........ Reported by 105 banks: Total loans and dis counts ...................... 1,171 Investm ents............... 425 Net demand deposits 827 Tim e deposits............ 450 Changes in Four weeks One year +$ 1 + $2 4 + 2 + 22 + 2 4 - 20 + 1 + 49 - 71 - 11 - 48 R E P O R T IN G MEMBER BANKS FOUR C ITIE S OF PHILADELPHIA DISTRICT 350 For own account. . . . $ 926 For out-of-town banks 1,787 3,372 F or others................... + + + + + + + + * Includes Harrisburg, Wilkes-Barre and Williamsport areas, Camden area. § Included in Allentown area. 450 Brokers’ loans (000,000’s omitted) Value of building permits July, 1929, compared with June, 1929 FIN AN CIAL CONDITIONS Since the middle of July there has been little change in the total amount of re serve bank credit in use. Currency in circulation also is in nearly the same vol ume as a month ago, but the gold stock shows some increase, chiefly as the result of imports from Argentina. On August 8 the Federal Reserve Bank of New York raised its discount rate from 5 to 6 per cent, and lowered its buying rate on bankers’ bills from 5/4 to sy& per cent. Call money, follow ing rates as high as 12 per cent early in August, more recently has renewed at 7 per cent and new loans have been made at as low as 6 per cent on several days. Other classes of funds are somewhat firmer than a month a g o ; time money of ninety-days’ maturity is definitely higher and offering rates on bankers’ bills of the longer maturities have been advanced by dealers. E m ploy ment INVESTMENTS 192© jfc. Average o f f ir a t th re e r e p o rts m A u p u a t *— 1929 Borrowings from the Federal Reserve Bank of Philadelphia increased by 24 millions in the five weeks ended August 21, owing chiefly to heavier discounting for Philadelphia banks. Cash reserves felt the influence of losses in the settle ments, showing a reduction from 226 to 199 millions and the reserve ratio fell from 77.6 to 69.4 per cent. There was little change in the demand for currency. Although borrowing from this bank is in approximately the same amount as a Page Three year ago, holdings of other bills and se curities are in smaller volume, cash re serves are larger and the reserve ratio is more than 8 per cent higher. Federal Reserve Bank of Philadelphia Aug. 21, (Dollar figures in 1929 millions) Bills discounted for member banks in Philadelphia........... $ 5 3.4 20 other large cities 2 5.6 Other communities 18.5 T otal bills discounted S 9 7 .5 Bills b o u g h t................ 4 .5 United States securities........................ 17.7 Other securities......... .3 T otal bills and securities................ $120.0 Federal reserve note circulation.......... 152.6 M em ber banks’ reserve deposits. . . 132.8 Cash reserves............. 199.4 Reserve ra tio............. 6 9 .4 % Changes in Five weeks One year + $ 2 1 .8 + 4 .6 2 .5 - $ 8 .2 + 4 .3 + 2 .8 + $ 2 3 .9 + -2 - $ 1.1 9 .1 + + 1 .3 0 3 .2 .3 + $ 2 5 .4 -$ 1 3 .1 + + 23.2 .8 — 4 .6 .1 - 26.8 + 3 8.5 - 8 .2 % + 8 .3 % Commercial paper. Sales of com mercial paper to banks in Philadelphia were very small in July, and an increase in purchases by countsy banks was not sufficient to bring total sales up to the June figure. July sales, however, were little short of those made a year earlier, though far smaller than in July, 1927. Commercial paper sales Sales to Total sales C ity banks Country banks 1929— M a y .. 0 $1,227,500 $ 1,227,500 J u n e .. $2,780,000 3.6 0 7.50 0 827,500 J u ly . . 120,000 2 .9 1 4.50 0 3 .0 3 4.50 0 1928— July. . 1,585,000 1.462.500 3 .0 4 7.50 0 1927— July. . 3,0 9 9,50 0 7 .3 1 7.50 0 10,417,000 Bankers’ bills. The total of bankers’ acceptances outstanding in this country increased from $1,113,000,000 on June 29 to $1,127,000,000 on July 31; this com pares with declines of $48,000,000 during July, 1928 and of $10,000,000 in July, 1927. Acceptances outstanding of banks in the Philadelphia Federal Reserve Dis trict declined from $15,211,000 to $15,046,000 during July, and at the end of the month were in smaller volume than a year earlier. IN D U ST R IAL CONDITIONS M A N U F A C T U R IN G The market for manufactured products on the whole is satisfactory and sales have increased in most lines since the middle of last month. The volume of business compares more than favorably with that of the same time last year, ex cept for building materials which reflect lessened construction operations. Un filled orders as a rule show further gains in the past four weeks and in comparison with last year. Productive activity like wise shows expansion in the month and is Page Four above the level of a year ago in nearly all of the manufacturing groups. Factory employment in Pennsylvania increased further nearly one per cent from June to July and was almost 11 per cent above July, 1928. Payrolls, on the other hand, showed a decline of 5 per cent in the month, but a gain of about 16 per cent in comparison with a year earlier, indicating higher rate of operation. Simi larly, the number of wage earners in Delaware and New Jersey showed a gain over that in June, while the volume of wage disbursements declined in the four weeks. Industrial consumption of electrical en ergy in this district was slightly smaller in July than in June but almost 11 per cent larger than in July, 1928. Total sales of electricity also were a trifle smaller in the month, but were nearly 16 per cent larger than a year before. The output of electric power by 12 systems of this district, however, increased nearly 3 per cent in the month and was approxi mately 15 per cent greater than in July, 1928. Comparisons are given in the ac companying table: ELECTRIC POWER Philadelphia Federal Reserve District 12 systems July, 1 9 2 9 change from June, 1929 July, 1928 Rated generator ca p a city......... + 1 .3 % + 0 .6 % Generated output....................... H ydro-electric......................... S team ........................................ Purchased................................. + 1 4 .5 -5 9 .6 + 7 8 .6 + 2 8 .7 Sales of electricity...................... Lighting.................................... M unicipal............................. Residential and commercia l..................................... P ow er......................................... M unicipal.............. .............. Street cars and railroads. . Industries............................. + 1 5 .9 “ + 5 .2 “ + 9 .8 “ + 4 .6 + 1 0 .7 + 4 3 .5 + 6 .9 + 1 0 .9 “ “ “ “ “ “ “ “ “ + 2 .9 -3 7 .4 + 1 5 .8 + 1 2 .1 “ “ “ “ 0 .9 “ 9 .1 “ 4 .7 “ - 9 .7 - 2 .2 + 3 2 .3 - 2 .2 - 3 .0 “ “ “ “ “ All other sales.............................. + 4 7 .3 “ + 1 0 .7 “ Ir o n and steel. The market for fab ricated iron and steel products continues unusually active. The volume of sales has shown little change since the middle of last month. Increased buying has been reported by public utilities, construction companies, and foundries, while railroads, jobbers, automobile producers, and manu facturers show a slight let-down in their purchases of iron and steel products. Prices generally have been stable, show ing little change during the month. Aver age quotations for finished steel have de clined but slightly since last month, while those for pig iron were firm and un changed. Orders on the books of reporting firms continue materially larger than at the same time last year. Unfilled orders of the United States Steel Corporation at the end of July were 169,000 tons smaller than in June but were the largest for that month since 1923. New orders for fabri cated structural steel, about one-fifth of which is produced in this district, like wise declined a little from June to July but were noticeably larger than a year before. Plant operations show less than the usual seasonal decline and the present rate is considerably higher than that pre vailing at the same time last year or two years ago. W age disbursements in Penn sylvania during July, while declining about 5 per cent from June, were over 24 per cent greater than in July, 1928— large gains being shown by many industries fabricating finished products in eastern Pennsylvania. The daily output of pig iron in this district declined somewhat from June but was the largest for any July since 1923. Similarly, the daily tonnage in the coun try decreased in the month but was the largest ever recorded for July. This is also true of daily production of steel ingots in the country. Exports of iron and steel products from this country dur ing the first half of this year were much larger than in the same period of the past five years. Production and shipments of iron and steel castings in this district were no ticeably larger in July than in June and in comparison with a year earlier. Un filled orders for iron castings also in creased appreciably in the month but de clined from the volume in July, 1928. Or ders on the books of steel foundries, on the other hand, dropped from June but were much larger than a year before. Textiles. Conditions in the textile in dustry, while still reflecting seasonal quiet, are more satisfactory than was the case a year ago. In comparison with last month the demand for silk, cotton, and woolen and worsted piece goods has been slightly more active, and sales have ex ceeded the volume of a year ago. Sales of EM PLOYM ENT July, 1929 EMPLOYMENT AND WAGES in Pennsylvania No. of plants re port July ing index * Per cent change since Per cent change since index * July 1928 All manufacturing industries (51).................................. AVERAGE W EEKLY E A R N IN G S week ended PAYROLLS July, 1929 June 1929 July 1928 June 1929 July 15, 1929 June 15, 1929 95.0 + 10.5 + 0 .6 96.4 + 1 5 .6 - 5 .0 $25.50 $27.04 96.3 Metal products..................... 235 Blast furnaces................... 9 4 7.3 Steel wks. & rolling m ills. 82.4 43 Iron and steel forgings. . . 10 107.5 Structural iron w ork........ 10 111 .0 Steam & hot water htg. ap 17 96.7 Stoves and furnaces......... 8 61.1 Foundries........................... 38 9 4.2 M achinery and parts. . . . 44 121.4 Electrical apparatus........ 15 238.9 10 101.8 Engines and pum ps......... Hardware and to o ls ......... 8 4.8 19 Brass and bronze prods. . 12 76.1 + 14.4 + 4 .0 + 8.1 + 4 6 .3 + 9 .8 + 2 .2 + 1 5 .5 + 1 2 .9 + 1 7 .0 + 5 7 .+ + 14.5 + 6 .5 -2 3 .1 + 2.3 + 1.1 + 0 .2 + 3 .6 - 0 .8 + 0 .4 -1 9 .8 - 1.3 + 2 .2 + 2 3 .7 + 0 .3 - 7.1 -1 8 .2 98.9 52.0 85.0 113.3 104.8 108.7 56.5 101.4 136.6 228.2 111.7 8 5.6 75.2 + 2 4 .2 + 9 .7 + 2 6 .3 + 4 9 .9 + 5 .5 + 5 .8 + 19.2 + 2 4 .7 + 2 5 .3 + 4 1 .7 + 2 4 .1 + 6 .9 -1 5 .8 - 4 .6 + 0 .8 - 7 .7 + 0 .2 - 9.1 - 0 .5 -1 6 .7 - 4 .0 + 0 .7 + 5 .3 + 0 .7 -1 0 .4 -2 1 .5 27.41 30.38 28.07 25.55 26.04 30.52 26.33 29.05 31.46 21.77 29.61 23.51 26.74 29.46 30.45 30.49 26.44 28.44 30.98 25.39 29.93 32.02 25.57 29.49 24.36 27.91 Transportation equipment.. Autom obiles.................... Auto, bodies and parts.. . Locom otives and cars. . . . Railroad repair s h o p s.. . . Shipbuilding...................... 42 6 13 13 6 4 8 2 .4 f 129.5 92.9 65.4 89.7 48.9 + 8 .9 + 3 7 .6 + l0 .9 + 1 1 .6 + 12.7 + 9 1 .0 + + + 1.3 0 .5 6 .5 0 .3 0 .3 2.1 8 1 .2f + 9 .7 136.8 + 4 5 .5 8 2.2 + 1.9 63.9 + 1 8 .8 94.4 + 2 0 .3 47.1 + 102.1 - 3 .6 4 .9 3 .3 2.1 7 .7 0 .6 28.68 30.47 28.58 28.22 27.85 27.99 29.47 32.99 27.64 28.90 30.10 28.70 Textile products.................... C otton good s..................... W oolens and worsteds. . . Silk g o o d s ........................... Textile dyeing & finishing Carpets and rugs.............. H a ts..................................... H osiery............................... Knit goods, O ther............ M en’s clothing.................. W om en’s clothing............. Shirts and furnishings . . . 177 13 15 51 12 9 4 30 15 10 9 9 97.1 74.3 84.9 95.2 112.8 83.6 9 7.0 124.8 91.9 9 2.0 112.2 97.1 + 5 .7 + 0 .7 - 4 .2 + 4 .6 - 1.3 + 3 .6 - 0 .3 + 1 3 .4 + 2 6 .8 - 1.4 + 7 .4 + 1 1 .0 + + + + + 1.1 6 .2 6 .3 2 .6 1.7 8 .3 1.3 0 .8 2 .2 2 .2 2.1 2 .2 99.9 67.9 85.7 9 1.3 117.5 70.1 9 7.6 145.4 102.1 99.7 107.1 9 0.9 + 9 .5 - 0 .4 + 1.8 + 5 .3 - 1.6 + 2 .3 + 3 .3 + 1 9 .7 + 4 2 .6 + 8.1 + 1 4 .1 + 1 1 .0 - 8 .9 -1 3 .1 + 2 .3 -1 2 .9 - 6 .2 -2 1 .1 - 5 .0 - 9 .7 + 2 .2 + 5.1 - 3 .8 - 2 .9 20.88 21.73 21.49 17.36 25.07 21.11 25.65 25.11 19.66 18.56 13.48 14.64 22.62 22.87 22.32 19.42 26.29 24.52 26.62 27.57 19.66 18.07 14.42 15.39 Foods and tobacco............... Bread & bakery product Confectionery.................... Ice cream ............................ Meat packing.................... Sugar refining.................... Cigars and to b a cco .......... 104 29 13 11 14 96.4 107.7 8 7.7 112.3 98.4 + + + 0.1 1.1 2 .3 5 .0 6 .5 + + - 0.2 0.1 2.1 1.1 1.8 97.6 101.9 9 4.6 117.9 100.7 + + + + + 0 .6 1.4 1.2 3 .8 8 .7 - 2 .5 - 2 .4 -1 0 .1 + 6.1 + 0 .4 20.45 27.35 19.13 31.09 30.01 20.94 28.03 20.80 29.58 29.36 37 94.3 - 1.9 + 0 .5 9 1.0 - 3 .9 Stone, clay & glass products Brick, tile & p ottery. . . . Cem ent............................... Glass.................................... 68 32 14 22 83.7 9 7.3 75.2 88.1 - 3.1 + 8 .7 -1 5 .4 + 1.0 + - 2.1 3 .0 0 .5 7 .7 80.2 91.4 81.1 77.4 Lumber products.................. Lumber and planing mill Furniture............................ W ooden boxes................... 54 17 30 7 81.3 82.6 77.1 103.1 + 3 .7 + 9 .3 + 8 .0 -1 4 .4 0 + 2 .9 - 2 .0 + 0 .7 78.2 83.6 70.7 111.6 + + + - Chemical products............... Chemicals and drugs. . . C ok e.................................... E xplosives ....................................... Paints and varnishes . . . . Petroleum refining ................. 51 28 3 3 12 5 110.4 9 1.3 119.5 133.9 + 4 .9 + 0.1 0 - 0 .2 114.7 96.0 113.4 115.4 0.9 140.4 110.0 + 18.3 + 3.6 - 0 .2 + 1 3 .2 + 1 1 .8 + 3 4 .3 + 10.0 115.6 + 1 5 .4 + 4 .7 - 0 .7 + 17.3 + 2 5 .1 + 2 4 .4 Leather and rubber products Leather tanning ....................... Shoes ..................................................... Leather products, Other . R ubber tires and goods . . 53 17 97.8 104.9 22 90.9 10 109.8 4 76.6 + 0 .7 - 0 .6 + 2 .9 + 1 0 .5 - 4.1 + + + + 0.2 0 .4 0 .3 1.3 0 .4 100.4 105.4 93.9 9 6.8 90.7 + + + - Paper and printing...................... Paper and wood p u lp . . . . Paper boxes and bags . . . . Printing and publishing. . 68 12 10 46 94.8 8 2.8 9 1.7 103.4 + + + 3 .8 2 .2 4.1 2 .6 - 0 .7 - 0 .5 + 0 .5 Anthracite.............................................. 155 368 57 5 52 84 85.6 -1 5 .0 156.4 90.9 9 1.6 9 5.9 + 6 9 .1 - 3.9 - 3.1 -1 0 .3 0 .8 + 2 1 .7 Construe, and contracting. . Street railways................................. 852 * 1923-1925 average =100. 1 34 .2 + 0. 1 - - 1.0 1.0 14.75 15.17 + 0.1 + 11.2 -1 0 .6 + 6 .8 26.14 23.39 31.32 23.60 27.88 25.29 32.65 25.69 2.1 4 .4 6 .5 3 .5 - 4 .2 + 5 .8 -1 1 .1 + 0 .5 21.79 20.82 23.26 19.49 23.04 20.20 25.80 19.54 + + 1.5 2 .5 4 .5 5 .3 4 .3 6 .8 28.06 30.68 26.80 23.81 27.09 28.66 28.72 28.86 28.05 25.10 28.07 29.49 0 .2 2 .6 8 .2 8 .0 3 .5 + - 1.5 2 .7 1 .8 3 .6 1.6 22.82 24.73 18.65 22.48 28.96 23.21 25.49 18.37 23.01 29.57 103.1 88.5 102.2 111.6 + 1.8 - 4.1 + 7 .8 - 7 .2 6 .7 4 .9 7 .4 30.70 27.42 15.65 33.66 32.84 29.28 16.53 36.02 56.8 -3 1 .2 132.7 9 0.8 + 6 5 .0 - 7 .2 -2 0 .0 - 6.1 + 1 7 .1 - 6 .2 23.94 23.93 25.94 32.27 26.75 25.29 26.88 34.06 0.0 - - 7.1 + 0 .6 t Preliminary figures. woolen and worsted yarns also have im proved in the month and in the year. Business in thrown silk and cotton yarns is larger than last year, but a little smaller than four weeks ago. — 2 .4 - 8 .2 - 5 .0 - 4 .5 -1 5 .4 Prices of textiles have declined some what during the month. Exceptions to this are found in slight advances in quo tations for cotton gray goods, cotton and domestic wool fibres, and raw silk. Local wool dealers report that their busi ness is fair and sales have improved since last month but not in comparison with those of a year ago. Little change is noted in the market for full-fashioned hosiery. The demand con tinues at a fair rate and sales have been in about the same volume as four weeks ago. Seamless hosiery is passing through a period of summer quiet, sales having fallen off somewhat since the middle of last month. No pronounced change in prices has occurred in either full-fash ioned or seamless hosiery. The demand for carpets and rugs is moderate, although buying has been more active than was the case four weeks ago or at the same time last year. Virtually no price changes are noted. Forward business in most textile lines is somewhat larger than at the same time last year. Comparisons with a month ago are rather favorable, particularly in point of increased orders for silk, cotton and wool fabrics, and floor coverings. Un filled orders for men’s seamless hosiery increased from June to July while those for both men’s and women’s full-fash ioned hosiery declined. Manufacturers of broad silks, wool fab rics, floor coverings, and woolen and worsted yarns report gains in plant op erations while producers of cotton goods and hosiery show the usual seasonal reces sions. Factory activity, as measured by the volume of wage payments, declined almost 9 per cent from June to July but was nearly 10 per cent above the level prevailing in July, 1928, most textile lines sharing in this gain over a year before. Consumption of wool fibres in this dis trict increased nearly 13 per cent from June to July as against an increase of about 9 per cent in the country. Takings of raw wool by local carpet mills also showed a gain of approximately 12 per cent. Deliveries of raw silk to American mills likewise showed a substantial gain over the June volume and were much larger than in July last year or two years ago. National consumption of cotton fibres declined sesonally but was notice ably above the amount used in July, 1928. The output of hosiery in this district was about 11 per cent smaller in July than in June as against a decline of 12 per cent in the same period last year. Shipments also were smaller than in the preceding month. Stocks on hand at the end of July, finished and in the gray, were slightly lighter than on the same date of the previous month. Inventories of textiles are light except for a few instances where slight accumu lation is apparent. In comparison with a month ago stocks generally are smaller. This is also true when compared with stocks at the same time last year, save for slight increases in silk manufactures and full-fashioned hosiery. Raw wool stocks held by dealers in Philadelphia on June 30 were a trifle larger than a year Page Five before, while stocks carried by manufac turers in this section were smaller. Leather and shoes. Current demand for shoes is active, and sales have in creased appreciably since the middle of last month. Comparisons with a year ago, however, are not altogether favorable in point of sales but more than favorable with respect to unfilled orders. Forward business on the books of reporting firms has increased substantially during the month. Plant operations also show a marked seasonal upturn. The output of shoes in this district was nearly 9 per cent larger in July than in June as against an increase of about 7 per cent in the country. Stocks are fairly light and are materially smaller than on the same date last month and last year. Conditions in the leather market also show noticeable betterment. Sole leather is in active demand and sales exceed those of four weeks ago. Unfilled orders like wise show a pronounced gain since last month. Sales of black and colored kid leather likewise have expanded some what, but the increase in advance business has been smaller than that in orders for sole leather. Operations of factories pre paring black and colored kid leather have increased measurably. Leather inven tories have declined further in the month. The market for hides and goatskins is active and prices continue firm. There were a few increases in prices of sole leather, while prices of shoes and kid leather remain virtually unchanged. Building materials. The market for building materials was fairly active dur ing the past month. Some declines in sales were reported by lumber dealers and brick manufacturers, while the de mand for paint, slate and plumbing sup plies has been fairly good. The slacken ing in building activity during the present year, however, has been reflected in a lessening in demand as compared with last year. There were some price de clines in the past month in paint and ce ment. Unfilled orders were smaller in the paint, brick, cement and lumber lines, but were larger for plumbing and slate. Slate stocks are heavy in some instances, although generally they are smaller than a month and a year ago. Shipments of cement were greater during July than in the same month last year and stocks on hand were smaller than last month or a year ago. Factory operations show little change since the previous month in all the building material industries. Miscellaneous. Activity in paper continues well maintained. Sales show a slight gain in comparison with last month but no change from the volume of a year ago. N o change in prices has occurred during the month. Orders on the books of reporting firms have increased some what since the middle of last month, but the total is about the same as it was at this time last year. Plant operations show about the usual seasonal upturn, the average rate being about 90 per cent Page S ix of capacity as against 85 per cent last month and 90 per cent a year ago. The demand for cigars and tobacco leaf is fairly active. Sales have increased noticeably during the month and year. Quotations for cigars show no change, while those for tobacco leaf have ad vanced in the past four weeks. Forward Qrders for cigars are larger than either last month or at the same time last year, while those for tobacco leaf show a small gain over a year ago but a slight loss in comparison with last month. Production of cigars shows the customary upward trend; the present rate of operation aver ages about 85 per cent of capacity, which is higher than was the case last month but is about the same as it was a year go. The market for furniture varies from fair to poor, and sales have been smaller than those of a year ago. Some decline in prices has been noted. Unfilled or ders, while a trifle larger seasonally, do not compare well with the volume held on the books at the same time last year. Little change is reported in plant ac tivity, the present rate averaging about 65 per cent. Manufacturers of rubber products have enjoyed a good rate of activity thus far this year, a fact which reflects largely increased business in automobiles. The demand for pneumatic casings and tubes of all types continues in good volume, showing further gains in comparison with four weeks ago. Unfilled orders have in creased, and plant operations show an upward trend. The demand for mechanical rubber goods is fair, though sales show a some what adverse comparison with four weeks ago. Only a few reports indicate price declines. Orders on the books of report ing producers show some gain in the month, but plant operations have declined slightly. Business in crude rubber continues in satisfactory volume and prices have fluc tuated somewhat above the level prevail ing at the same time last year. Imports of crude rubber into this country during the first seven months of this year were considerably larger than those in the cor responding period last year. B U IL D IN G A N D R E A L E S T A T E Building operations have declined some what during the past month. The value of building contracts awarded in this district decreased materially in July in contrast with the figure for the previous month and with that of the same month last year. Southern New Jersey was responsible for the smaller value of con tracts as compared with the preceding month, while eastern Pennsylvania caused the decline from last year’s fig ure. Among the cities in this district, Trenton, Camden, Wilmington and Phila delphia showed losses, while Reading and Scranton showed gains in compari son with July, 1928. The decline in the value of residential contracts in this dis- Building activity Contract awards Phila. Fed. Res. Dist. T o t a l........................ Residential............. 7 mos. of 1929 July, C hange com from 1929 pared (000’s July, with o m itte d ) 1928 7 mos. of 1928 33,928 14,482 -1 7 .8 -1 4 .6 -1 4 .6 -2 4 .2 United States T o t a l........................ 652,436 Residential............. 200,000 + 1 1 .6 -1 2 .6 -2 5 .9 - 8 .6 26,945 + 4 3 .7 - 289,156 -1 3 .0 Permits issued Phila. Fed. Res. Dist. (17 citie s)............... United States (577 3 .7 Source: F. W . D odge Corporation & S. W . Strauss & Co. trict so far this year in comparison with the first seven months of 1928 is espe cially noticeable when compared with the much smaller decline in the country. Construction costs advanced somewhat during July but were not as high at the end of the month as on August 1, 1928. Building permits issued in 17 cities of this district during July indicated that proposed expenditures were over 40 per cent larger than in the same month last year. Building activity is indicated in the preceding table. The value of mortgages recorded in Philadelphia in July reached the highest volume in the past six months and was 39 per cent higher than in the preceding month, although about 25 per cent smaller than in the same month in 1928. At the same time the number of real estate deeds recorded was the smallest in the past five months and was over 6 per cent below last July’s figure. COAL Anthracite. The market for anthra cite is still rather slow. Sales of both domestic and steam sizes have declined in the month. Prices show advances as is customary at this time. Colliery opera tions indicate expansion since the latter part of last month. Production in the four weeks ended August 17 totaled 4,796,000 tons, which was an increase of 10.6 per cent over the preceding four weeks, but a decrease of 4.7 per cent in comparison with a year ago. Stocks of hard coal are somewhat larger than they were a year ago. Bituminous. Marked improvement is reported by producers of bituminous coal. While the demand still varies from fair to poor, sales have increased appreciably since the middle of last month. More price declines than advances are noted. Colliery activity in eastern central Penn sylvania has begun the usual seasonal expansion in response to the call from industries. The output in the country during the four weeks ended August 17, amounted to 37,826,000 tons. This was a gain of 6.5 per cent over the previous four weeks and of 6.1 per cent over the volume of a year ago. Stocks at the reporting mines are smaller than those on the same date last year. Wholesale trade. Wholesale and job bing trade continues at a moderate gait in practically all reporting lines, accord ing to early reports. Some increases since the middle of last month are noted in the sales of dry goods, hardware, and jewelry, while slight declines are reported in the demand for drugs, groceries, and paper. Prices are unchanged except for advances in quotations for groceries. The dollar volume of wholesale trade in July was about 1 per cent less than in June but over 4 per cent larger than in July, 1928, groceries, hardware, jewelry, and paper being responsible for this gain over last year. This increase is due partly to the fact that there was one more trad ing day in July this year than last. Sales of drugs, groceries, and paper also were larger in July than in June, while the re maining lines showed declines. Inventories held by wholesale dealers and jobbers at the end of July generally were smaller than on the same date last year. Accounts outstanding were larger in groceries, hardware, jewelry, and pa per, but smaller in shoes, drugs, and dry goods than in July, 1928; in comparison with the preceding month only groceries and paper showed gains. Collections were larger in all lines, except shoes, than in July, 1928 but in contrast with those in June only jewelry reported an increase. Retail trade. Business at retail, while generally fair, continues to be affected largely by summer dullness in buying. Preliminary reports show that sales in RETAIL TRADE Philadelphia Federal Reserve District 175 170 165 outside Philadelphia............... outside Philadelphia........... W om en’s apparel stores......... in Philadelphia..................... outside Philadelphia........... Shoe stores.................................... Credit stores.................................. W HOLESALE TRADE Philadelphia Federal Reserve District Boots and shoes .. D ru gs..................... D ry g ood s.............. Groceries............... Hardware............... Jewelry................... Paper...................... 2 .9 % - - 3 .8 - 4 .6 - 2 .2 - 0 .2 - 9 .7 - 2 .7 -1 3 .9 + 4 .3 + 6 .2 - 6 .6 + 0 .4 + 1 4 .7 Net sales, July, 1929, com pared with July, 1928 June, 1929 -1 2 .9 % - 0 .9 “ - 9 .3 “ + 8 .5 “ + 1.9 “ + 9 .1 “ + 9 .6 “ -1 4 .8 % + 1 .8 “ -1 3 .8 “ + 5 .9 “ - 8 .9 “ -1 6 .6 “ + 4 .3 “ | CLEVELAN D-^ S'V y y V* “ “ “ “ “ “ “ “ “ “ “ “ V V. / P IL DL P IA H A LM ( OT N SO uN E S A E ' IT D T T S 160 D C1 E. 9 155 1 50 - J C J C j 1923 ’ 2 4 ’ 25 J 1 -J ’ 26 ’ 27 J D J '2 8 "29 S ou rce: Bureau o f Labor Statistics T h e in d ex given fo r e a ch c it y is based o n th e c o s t o f liv in g in th a t c it y in D e ce m b e r, 1914. T h u s th e c o s t o f liv in g in P h ila d e lp h ia in J u n e was 73.1 p er c e p t h ig h e r th a n in D e c e m b e r, 1914. T h e in d ex fo r th e U n ite d S ta tes, o r ig in a lly rela tiv e to 1913, ha s b e e n a d ju s te d t o th e c o m m o n b ase, D e c e m b e r, 1914. the early part of August have declined somewhat since last month. With the ex ception of a few instances showing de clines, retail prices have remained steady. Sales in July were nearly 3 per cent smaller than in the same month last year. Women’s apparel stores in Philadelphia, shoe, and credit stores reported increases, while department and men’s apparel stores showed declines in their sales. Among the city areas, Lancaster, Allen town and Bethlehem, Altoona, and Johns town alone reported larger sales than a year earlier. In the first seven months of this year, the sales of reporting stores were a little less than 1 per cent under the volume in the same period last year. Stocks carried by retailers declined furComparison of stocks Jan. 1 to July 31, 1929 July 31, 1929, with with with Jan. 1 to July 31, June 30, July 31, 1928 1929 1928 July, 1929, with July, 1928 - 1 80 Comparison of net sales D IS T R IB U T IO N Distribution of merchandise is moving forward in good volume for this time of the year. Railroad shipments of mer chandise and miscellaneous commodities in the Allegheny district in the four weeks ended August 10 showed a gain of 2.5 per cent over the previous four weeks and 5.0 per cent in comparison with a year ago. Total freight car loadings in the four weeks ended August 10 also were 4.1 per cent larger than in the pre ceding four weeks and 6.8 per cent in excess of the amount in the corresponding period last year. Sales of new passenger cars in this district declined seasonally from June to July but were 21.8 per cent larger than in July, 1928. Sales of ordinary life insur ance in this section likewise were about 4 per cent smaller than in the previous month but a little over 19 per cent larger than a year before. COST OF LIVING INDEX NUMBERS 1928 1929 Accounts receiv able at end of month com pared with year ago Collec tions during month com pared with year ago 8 .9 % - 6 .2 % 1.90 2 .0 9 - 1 . 6 “ - 9 .8 “ - 2 .4 “ - 1 3 . 5 “ + 0 .4 “ - 2 .1 “ - 5 .4 “ 6 .1 “ 4 .3 “ 1.83 1.97 1.61 2.04 2.27 1.69 + 5 .9 % + 1 1 .2 % -1 1 .2 “ -1 4 .9 “ - 8 .6 “ -1 5 .8 “ -1 6 .1 “ -1 4 .7 “ - 3 .1 “ - 6 .7 “ 1.59 1.92 1.33 3.52 3.77 2 .43 1.52 1.24 1.58 1.87 1.33 3.58 3 .8 5 2.31 1.62 1.38 + + + + + + + + + + - 0 .8 % - Rate of turnover, Jan. 1 to July 31 0 .7 4 .5 5 .3 6 .5 7 .9 2 .6 2 .0 1 .0 “ “ “ “ “ “ “ “ + 5 .6 + 10.9 + 2 .4 + 2 .0 + 3 .0 - 1 .6 - 7 .9 -1 3 .2 “ “ “ “ “ “ “ “ Accounts out standing, July 31, 1929, compared with Stocks, July 31, 1929, compared with July 31, June 30, 1928 1929 July 31, 1928 June 30, 1929 ...........% ...........% -1 7 .8 - 0 .5 + 0 .2 - 4 .8 - 5 .6 + + + -1 3 .1 % - 0 .4 “ -1 1 .3 “ + 1.1 “ + 0 .4 “ + 5 .2 “ + 7 .1 “ + + “ “ “ “ “ 0 .5 0 .3 0 .2 9 .8 3 .2 “ “ “ “ “ 2 .5 % 0 .8 “ 7 .0 “ 3 .4 “ 3 .3 “ 5 .8 “ 4 .9 “ Ratio of ac counts out- 1 .3 9 .5 11.1 3 .6 7 .6 7 .2 “ “ “ “ “ “ + 9 .8 + 2 1 .4 + 2 1 .7 + 1 9 .6 + 4 .1 + 1 4 .2 “ “ “ “ “ “ Collections, July, 1929, compared with ing to sales, July, 1929 July, 1928 June, 1929 5 21.3% 112.8 “ 238.4 “ 111.0 “ 212.7 “ 507.5 “ 145.9 “ -1 7 .6 % + 0 .5 “ + 2 .4 “ + 7 .8 “ + 3 .2 “ + 1 1 .3 “ + 11.7 “ -1 3 .9 % - 6 .2 “ - 4 .6 “ - 0 .4 “ - 2 .0 “ + 3 2 .7 “ - 3 .8 “ Page Seven ther in the month and were about 9 per cent smaller than at the end of July, 1928. Department, shoe and credit stores were responsible for this decline. In compari son with June, all reporting lines showed stock decreases. The rate of turnover thus far this year was higher than was the case in the first seven months last year. This was also true in July as compared with June. what smaller but is of good quality and is in a better position than the other fruit crops. Grazing meadows have been helped greatly by the recent rains and dairying conditions generally are satisfactory. The yield of milk and butter is fairly good. Crop estimates (Figures in thousands of units) Per Estimate Aug. 1, cent 1929 change 1928 yield A G R IC U L T U R E Agricultural conditions in this district have improved lately owing to more fa vorable weather. Considerable damage has been caused by drought and more re cently by insect pests and plant diseases, but despite these adversfe factors the corn and tobacco crops are estimated to be somewhat larger than last year. The out look for potatoes and truck produce, how ever, is only fair, the indicated produc tion being below that of last year. The peach crop is also reported as being some Phila. Fed. Res. Dist. C orn ........... . . .bus. W h ea t___ . . . “ O ats......... P o t a t o e s (w h ite). . . H a y ............ T obacco. . . . .lbs. 45,500 16,140 21,770 30,208 3,353 49,580 u United States C orn ......... W heat___ . . . O ats......... . . . P o t a t o e s (w h ite). H a y ............ T o b a c c o .. 49,334 + 8 .4 18,753 + 1 6 .2 19,504 - 1 0 . 4 24,578 - 1 8 . 6 3,004 - 1 0 . 4 51,792 + 4 .5 2,835,678 2,740,514 - 3 .4 “ 902,191 773,885 - 1 4 . 2 M 1,448,677 1,202,895 - 1 7 . 0 464,483 372,812 - 1 9 . 7 97,421 + 4 .8 02,983 1,378,139 1,519,383 + 1 0 .2 BU SIN ESS CONDITIONS IN THE PH ILAD ELPH IA FE D E RAL R E SE R VE D ISTR ICT Prices Demand Unfilled orders Operations Stocks Little change Fair, declined Firm, little change Little change Higher Unchanged Unchanged Little change Unchanged Some decline Some advance Lower Fair, little change Fair to poor, some gain Fairly active, some d e cline Active, increased Fair Fair, some decline Fair, unchanged Fair, declined Fair, increased Fair to poor, declined Slightly smaller Little change Smaller Cotton g o o d s ............. Firm, little change Lower slightly Active, little change Fair, increased Larger than year ago Larger Declined slightly Declined Silk goods ................. Silk throwsters . . . . Some decline Little change Larger Slightly smaller Increased Little change Larger but smaller than a year ago Larger than a year ago Larger than a year ago W ool g o o d s ............... Little change Some decline Fair, some gain Fair, better than last year Fairly good, improved Fairly good, increased Larger Larger Increased Increased Smaller Smaller A few Little Little Little Fair, little change Fair, declined Fair, some gain Active, increased Little change Smaller Larger Larger Declined Declined Increased Increased Larger Smaller Smaller Smaller Retail trade . . . . . . . . . Wholesale and jobbing trades: Drugs ........................ Dry goods ................. Groceries ................... Hardware ................... Jewelry ....................... Paper ............................ Shoes ............................ Lumber ....................... W ool ............................ Cotton yarns ........... Manufacturing: Iron and steel prod- Smaller Little change Little change Little change Larger Larger Smaller Smaller Smaller Hosiery — full-fash ioned ........................ Hosiery— seamless . . Carpets and r u g s ... Shoes ............................ Leather— Sole ......................... B la ck kid ............. C olored kid ........... Paper ............................ Rubber— Tires and tu b e s ... Mechanical goods. C igars .......................... Tobacco leaf ........... Furniture ................... Some advances Unchanged Unchanged Unchanged Active, increased Fair, increased Active, increased Fair, some gain Larger Some gain Some gain Larger Slightly lower Increased Increased Increased Smaller Smaller Smaller Smaller Some declines Few declines Unchanged Higher Some decline Increased Larger Larger Little change Little change Some gain Declined Some gains Little change Moderate Little change Smaller Smaller Little change Brick ............................ Lumber mills ........... Slate ............................ Little change Unchanged Little change Fairly good Fair, little change Fair, increased Fair, increased Fair to poor, little change Fair, declined Fair, little change Fairly active, little change Fair, little change Fairly good, some gain Fair, little change Fair Smaller Smaller Larger Little change Little change Little change Larger Little change Smaller Smaller Slightly larger Smaller Value o f permits creased Little change Little change Little change Value of contracts de clined Increased Increased Smaller Little change Smaller Paint ............................ Plumbing supplies.. Cement ....................... Building .......................... Anthracite ..................... Bituminous c o a l ........... declines change change change Some decline Some advances Some declines Construction costs a little higher Some advances Declines outnumber ad vances Page Eight Fair to poor, declined Slow, some gain in
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