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Business Review The Monthly Covering financial, industrial, and agricultural conditions in the Fourth Federal Reserve District VOL. 6 CLEVELAND, OHIO, AUGUST I, 1924 FEDERAL RESERVE BAN K of C LE V E LAN D D. C. W ills, Chairman of the Board (C O M P IL E D J U L Y 22, 1924) NO. 8 THE M O N T H L Y BUSI NES S RE V I E W 2 Editorial URING the last two weeks there has been a distinctly better feeling with re gard to the business situation. Although the dullness noted in the last Review has continued to affect business as a whole, the outlook is brighter in spots, and there is beginning to be felt the influence of certain factors which indi cate that the end of the recession may be near at hand. Just how soon a definite general upturn may be expected is a matter of conjecture, but the rise of security values during the past few weeks denotes confidence in the outlook on the part o f the investing public. D Among these favorable factors may be mentioned the indications of increased demand in various lines, due to the fact that stocks in a number of industries have dimished to the point where replenishment is neceessary; the signs of improvement in the iron and steel industry; the abundance of credit at low interest rates; and the rise in the prices of farm products. Although it is too early to foresee to what ex tent the farmer will benefit from the recent advance in the cotton and grain ex changes, any improvement in the farmer’s situation cannot fail to have a stimu lating effect upon business generally. Another factor is the evident sincerity of the consideration of the Dawes plan, which, if adopted, would tend to enlarge America’s foreign markets. In the Fourth District, operations in the iron and steel industry are beginning to increase. A betterment of demand for automobiles during early July is reported by several companies. Crop conditions are on the whole only fair, the oats and hay crop giving good promise while the present outlook for the wheat and corn crops is generally unsatisfactory. The boot and shoe and textile industries are quiet, await ing the coming of the fall months for an increase in activity. There has been little change in the bituminous coal situation, and mines in the District continue to run very much below capacity. Building operations during June showed a slackening from May, but ran well ahead of June last year. Department store sales for the first half of the year are ahead of 1923, even with the falling off in the last two months. THE MONTHLY BUSINESS REVIEW 3 Ea rning Assets Lo w ; Savings Deposits Ahead o f L a s t Year; Commercial Fa ilu re s Show Decline Fro m May Earning assets of the Federal Reserve Bank of Cleve land, which amounted to $103,423,000 on June 11, de clined to $65,915,000 on July 9, this being the lowest weddy point reached since November 9, 1917. Dur ing die week ending July 16, there was an increase in earning assets of nearly 5 million, owing to an increase in United States Government securities held. Borrow ing from this bank by member banks continued to be exceedingly light, amounting to only $20,619,000 on July 9, as compared with $69,793,000 on July 18 of last year and $229,000,000 at the peak on November 5, 1920. Federal Reserve notes stood on July 16 at $209,490,000, as compared with $210,989,000 on June 18, and $232,461,000 on July 18, 1923. The number of member banks accommodated during the month was 302, the same number as in May but 14 more than in June, 1923. Loans of reporting member banks in the Fourth District on July 9 were $1,142,946,000, an increase of $3,600,000 over July 11, 1923, but a decrease of $6,000,000 from June *11 of this year. Deposits on July 9 were $1,627,675,000, as against $1,514,375,000 a year ago and $1,586,507,000 a month ago. Deposits have increased steadily since May 28, while loans, on the other hand, have shown a steady decrease since May 14 except for a very slight increase during the week ending July 9. The reserve ratio for the Federal Reserve Bank of Cleveland stood at 85.5 per cent on July 16, as com pared with 77.7 per cent a year ago. For the System, the figures were 82.6 per cent and 76.5 per cent respec tively. Since the last Review, the Federal Reserve Banks of Dallas and Kansas City have reduced their re-dis count rate from Al/ 2 to 4 per cent. Boston, New York and Philadelphia now have a 3J4 per cent rate, Min neapolis has a 4 per cent rate, and the remaining eight banks have a 4 per cent rate. Savings deposits of 66 banks in this District for the month of June totaled $772,633,420, an increase of $69,751,654 or 9.9 per cent over June of last year, but a decrease of $5,690,263 or 0.7 per cent from May of this year. Commercial failures during June showed a decline both for this District and for the country as a whole. R. G. Dun and Company report 149 commercial fail ures in the Fourth District for the month of June, an increase of 2 over May and of 44 over June, 1923. Liabilities of firms which failed in June totaled $3,685,790, a decrease of 18.4 per cent from May but an increase of 49.5 per cent over June, 1923. In the United States, 1607 firms failed during June, 209 less than in May but 249 more than in June of last year. Liabilities of these firms amounted to $34,099,031, as compared with $36,590,905 during the preceding month and $28,678,276 during June, 1923. Bradstreet’s reports that the total number of failures for the first half of this year increased 5.7 per cent over the same period last year and that liabilities in creased 54.3 per cent over last year. Im provem ent in Iro n and Steel O utlook; S lig h t Gain in Operations; Consum ption o f Pig Iro n Catching Up w ith Production More signs are appearing pointing to the probability that the severe readjustment which has been forced on the iron and steel industry during the past 90 days has run its course. The raw material markets give every indication of having been fairly welt liquidated and of having made their turn. Some stiffening is be ing shown by pig iron and scrap while the coke market appears to be down to hard rock. The steel market manifests a slight betterment but prices are not steady and buyers are not inclined to obligate themselves to any extent while they entertain expectations of still further reduction*, as they do at present. A little idle mill capacity has been put in commission and two or three blast furnaces, which have been out for relining, have resumed. Some other furnaces still are being put out, but the net result is a slight gain in operations, which, for the industry as a whole, arc at 40 to 45 Per cent of capacity. Steel ingot production in June had fallen almost 50 per cent from the high point in March and was at the rate of approximately 25,000.000 tons per annum. Three months previously the country was running at the rate of about 50,000,000 tons per annum. Steel production now is at the lowest point since Janu ary, 1922, and pig iron, according to the statistics com piled by Iron Trade Review, is back to the most de pressed point since August, 1922. In June, pig iron production was at the rate of 24,600.000* tons annually, representing a shrinkage since March of approximately 40 per cent. Furnaces in blast at the end of June had dropped to 160 or 109 below the number in March. Examination of conditions underlying the market make it seem probable that production has been cut to the point where it is below consumption. Stocks of steel in buyers’ hands, which were pronounced to be comparatively low when the present slump began, now have been worked down to the point where some re plenishment is being required without a commensurate increase in the consumers’ operations. Automobile companies, which held up their orders right and left when their present cycle of curtailment was entered, now are releasing some of this tonnage. This has been responsible in some cases for better mill opera tions. Building work has been maintaining a very fair scale of activity and new demands for steel from this source have been relatively better than in other THE 4 MONTHLY BUSINESS main consuming channels. Structural steel awards in June were the best since March, approximately 171,600 tons, or 66 per cent of shop capacity. The railroads have continued their policy of sharply drawing in on their steel purchases. Oil field demands are surprisingly good. Several large tonnages for pipe lines have been placed and others are pending. A considerable num ber of storage tanks are being ordered from week to week. Heavy sales of pig iron throughout June and early July for third quarter and last half delivery have put merchant producers in a more comfortable position on their order books. The aggregate of these sales is estimated at not less than 600,000 tons. Prices yielded further under this selling but now show a tend ency to stiffen. In several sections advances of 50 cents REVIEW to $1 per ton above the low point have been put in effect and some sales have been made at the new figures. Iron and sted scrap prices have strengthened very per ceptibly under better buying by steelworks and found ries and by a considerable speculative business among dealers. During the past month, scrap prices have ad vanced from $1 to $2 per ton. The tendency of steel prices during the past month still has been downward. Various leading products have been modified $1 to $2 per ton lower, notably plates, shapes and bars, wire and wire products, cold finished steel, etc. The sheet market is soft. Iron Trade Review composite of fourteen leading iron and sted products under date of July 17 was $39.89 compared with $40.55 one month previously. This is the lowest basis since August, 1922. Improvement indicated in Automobile In d u stry ; Exports at Record F ig u re ; Production Low er than May It is felt in many quarters that the present stagnation off by dealers, which should bring about a resumption in the automobile market is not likely to continue much of orders in the near future. longer. There are several factors pointing to some de June production of automobiles in the United States, gree of improvement in the near future, one of the according to figures furnished by the Federal Reserve most favorable of which is the steady growth of foreign Bank of Chicago, amounted to 217,385 passenger cars markets for American cars. Indications are that ex and 27,040 trucks, a total of 244,425. This is a de ports of American cars during the first half of this cline of 67,000 from May and 137,000 from March, year have broken all previous records; the actual fig which marked the high point of 1924. The decline ures for the first five months are 82,630 cars exported continued to be more noticeable in the case o f passenger in 1924, as compared with 62,094 for the corresponding cars than in trucks. period in 1923, a gain of 33 per cent. Some of this Due to the high production in the first three months growth in export trade may be attributed to the re of the year, the first half of 1924 shows that nearly cent removal by England of heavy import duties on au as many automobiles were made as in the first half of tomobiles and accessories, and to the demand for Amer 1923, the figures being 1,991,000 for 1924 and 2,026,000 ican cars in Germany which has forced the Government for 1923. In studying automobile figures, it must be to issue permits for the importation of a limited number remembered that 1923 was the banner year for the industry, production far exceeding any year previous. of foreign cars. Another favorable factor in the automobile situation Therefore, even though 1924 production has slumped is the evidence of increasing demand in early July off, it is still running well ahead of the years before coupled with the exceedingly small buying of the previ 1923, and even June, the low month so far in the pres ous weeks. Production has been heavily curtailed, and ent year, was exceeded only seven times in the four indications are that surplus stocks are being worked years, 1919 to 1922. Automobile Production 1923-1924 Figure* represent practically complete production and are based upon reports received by the Federal Reserve Bank of Chicago in cooperation with the National Automobile Chamber of Commerce from identical firm* each month 1923 Month January----February... March........ April.......... M ay........... une........... } «iy ........... August. . . . September. October.. . . November.. December.. Total..................................... Passenger Cars 223,653 259,383 319,527 343,793 350,073 337,048 297,173 313,972 298,600 334,244 284,758 275,287 3,637,511 1924 Trucks 18,913 21,411 34,063 36,786 42.373 39,945 29,712 29,882 27,841 29,638 27.374 27,275 Total 242,566 280,794 353,590 380,579 392,446 376,993 326,885 343,854 326,441 363,882 312,132 302,562 365,213 4,002,724 Passenger Cars 287,211 336,284 348,287 336,968 279,385 217,385 Trucks 28,247 30,399 33,061 34,977 32,326 27,040 Total 315,45* 366,6 S3 381,348 371,945 311,711 244,425 THE MONTHLY BUSINESS REVIEW 5 Not M uch Change in Rubber Tire Situation; Production Reduced; Inventories Continue High There has been little change in production schedules of tires in the Fourth Federal Reserve District during June. There was a cut in prices o f from 10 to 20 per cent during the month. Dealers are buying cau tiously, and stocks are reported to be low. One manu facturer reports that his plant is running in excess of 70 per cent capacity, and that this permits a profit in manufacture. The feeling is general among tire manu facturers in the District that the industry should at least continue at its present level for the remainder of the year, though no marked upturn is looked for. Production of inner tubes in the United States dur ing May, according to a report of the Rubber Associa tion of America, amounted to 3,744,108, a decrease of 7.2 per cent from April. The May figure is about equal to the 1923 monthly average, and is considerably above the 1921 and 1922 average. Shipments are catching up with production, amounting to 3,648,490 in May, an increase o f 1.7 per cent over the preceding month. Since January of this year, shipments have run steadily behind production, the excess production for the five months amounting to 13 per cent. Inventories have increased steadily since January, and have now almost reached the high point o f the last four years, which was attained in May, 1923. At the end o f May, 1924, inventories amounted to 8,761,812, an increase of 1.5 per cent over April. Production of cord casings declined 3.1 per cent during May, and that of fabric casings declined 19.4 per cent. Inventories o f cord casings have shown a steady upward trend since the first o f the year, amount ing to 4,279,419 at the end of M ay; while for fabric casings there was an increase during the first four months and then a slight decrease during May, when the inventory stood at 2,033,774. General Reduction in Oil Prices; Cut in Gasoline Prices in Fourth D istrict; Production Greater in M ay Since the last Review, there has been a general re duction in the price of crude oil. This occurred first in the Mid-Continent field where the Prairie Oil and Gas Company reduced its price on the highest grade o f crude oil from $2.25 to $1.75 a barrel, and on the second highest grade from $2.00 to $1.75 a barrel, the latter price now being applied to all oil 33 gravity and above. The 50 cent cut particularly affected the Tonkawa, Stroud, and Russell County, Kansas, fields, while the 25 cent cut was felt in the Burbank, Crom well, and some of the newer pools. Following the cut by Prairie Oil and Gas Company, there were cuts by other companies in the Mid-Continent field and also in the Rocky Mountains, Central West, and north and central Texas. These price declines and the prorating o f crude pur chases by principal agencies in the Mid-Continent field can be taken as recognition by executives of the prin cipal oil companies that domestic production is proving a burden to handle, particularly when considered in connection with present excessive stocks o f both crude and refined oils held by these companies. It had been hoped early in the year that domestic production would be held down to a point that would allow the working up of some o f these stocks at a figure that would represent a profit to the companies that have been holding them, in part at least, for two years. The price of crude has undoubtedly been maintained with this hope in mind. Mounting production the past month, how ever, even after proration was put into effect, has made it necessary to take more drastic action than proration to slow down drilling activity. Latest steps of the principal purchasing interests in reducing prices on the higher gravity oils, while leav ing prices on lower gravity crudes unchanged, are aimed to affect operation in the new flush fields of high gravity oil, and to leave prices that prevail in the old fields where wells are small and gravity lower at a point that will enable these territories— the backbone of the country’s production— to keep on producing. Further cutting of gasoline prices has recently oc curred in the Fourth District. On July 22, the Standard Oil Company of Ohio, and independent companies gen erally, announced a 2-cent reduction in filling stations throughout Ohio. The new retail price of 19 cents a gallon is almost as low as that during the Fall of 1923, which marked the lowest point in the general de cline in Ohio gasoline prices which started earlv in 1921. According to the Bureau of Mines’ refinery statistics, production of gasoline during the month o f May amounted to 780,194,019 gallons, an increase o f 23.5 per cent over the same month last year. There was a daily increase o f 8,441 gallons over April production. Stocks of gasoline on hand at the refineries increased 39,573,431 gallons during May, showing 1,647,359,835 gallons on hand at the close of the month. Exports for May amounted to 96,879,769 gallons, a decline of 20,061,479 from the preceding month. Imports for May were 14,265,697 gallons, an increase of 6,638,398 Kerosene production in May amounted to 199,992,393 gallons, a decrease of over 3,000,000 gallons from April. Stocks on hand at the end of May amounted to 287,707,015 gallons, a decrease of 6 per cent from April, but an increase of more than 8 per cent over May, 1923. The output of gas and fuel oils during May was 1,155,935,780 gallons, an increase during the month of 39,172,117 gallons. Stocks at the end of the month THE 6 MONTHLY BUSINESS were 1,530,112,132 gallons, a decline of 1.6 per cent from April. Exports and imports both increased dur ing the month. The production of lubricants amounted to 104,438,- REVIEW 537 gallons, an increase during the month o f 7,471,972 gallons, while stocks decreased 8,864,713 gallons, stocks on hand at the end of the month being 243,732,406 gallons. L ittle Change in Bitum inous Coal Situation; Slight Increase o f D em a n d ; Anthracite Industry Running Normally There has not been much change in the bituminous coal situation since the last Review, the daily average production for the four weeks ending July 5, accord ing to the Geological Survey, amounting to about 1,200.000 net tons, which is nearly the same as for the preceding four weeks. There was a slight increase in demand during the week ending June 28, particularly west o f the Mississippi River. Production is still run ning over 30 per cent behind last year. For the first six months of this year, production amounted to 231,971.000 net tons, as compared with 279,553,000 tons in 1923 and with an average for the last six years of 245,076,000 tons. For the week ending June 28, bituminous mines in southern Ohio were operating at only 12 per cent ca pacity, while in the northern and central portions of the State they were operating at 65 per cent capacity. Mines in other parts o f the Fourth Federal Reserve District ranged from 22 per cent in the rail mines in the Pittsburgh district to 65 per cent in the Panhandle district o f West Virginia. The mines in northern and central Ohio and the Panhandle were running at higher per cent o f capacity than any other bituminous mines in the United States with the exception of those in New Mexico, which reported 68.8 per cent of capacity. Production o f anthracite coal from the first of the year to July 5 totaled 46,921,000 net tons, a decrease of 11 per cent as compared with 1923. It is reported that there is an oversupply of anthracite o f steam sizes in the hands of producers as compared with d o mestic sizes, and that some operators may g o on part time for a short time. The anthracite market as a whole, however, has not suffered the depression which has overtaken the bituminous market, and it is e x pected that in a few weeks movement of anthracite from the mines will increase in anticipation o f fall busi ness. Beehive coke production in the United States for the week ending July 5 was 95,000 tons, as compared with 125,000 tons for the preceding week and 376,000 tons for the same week last year. Production to date in 1924 is running 40 per cent behind last year, but is almost 100 per cent greater than in either 1922 or 1921, For the first six months o f this year, 84 per cent o f the country's beehive coke was produced in Pennsylvania, Ohio, and West Virginia. The Ore and Coal Exchange of July 7 states that there were 2,932,793 tons of bituminous coal loaded in vessels (as dumped by docks) during the month o f June as compared with 4,941,843 tons for the same month last year. For the entire season to the end o f June this year, the total coal loadings amounted to only 6,491,847 tons as against 10,099,393 tons for the same period last year. Car Loadings Less than Last Year;Locom otive Shipm ents Running B ehind 1923 Car loadings of all commodities during June showed but little change from the preceding month, according to figures compiled by the American Railway Associa tion. During the five-week period ending July 5. there were 4,385,000 cars loaded, as compared with 4,897,000 during the same period in 1923. Up to the middle of March, car loadings for this year ran ahead of 1923 and previous years; since then, however, there has been something o f a decline in the number of cars loaded, whereas in 1923 there was a 10 per cent in crease from March 22 to June 28. As stated in the last Review, the general recession in industry has been the cause o f the decrease in car loadings. Even with this condition, however, the year 1924 up to July 5 shows a gain over 1920, 1921, and 1922, the total load ings for 1924 for that period being approximately 24 million cars, as compared with 25 million in 1923, 21 million in 1922, 19 million in 1921, and 22 million in 1920. For the week ending July 5, the number o f cars loaded was 759,942, a decrease of 90,140 cars under the same week last year but an increase of 52,917 cars over the same week in 1922. Increases over 1923 were shown by cars loaded with grain and grain products and with livestock, while other commodities showed decreases. The following table prepared by the Department o f Commerce gives locomotive shipments and unfilled orders for this year and last: LO C O M O TIV E S Shipments 1924 1923 229 January ...................... 151 99 207 February .................... March ........................ 132 282 April .......................... 73 217 May .......................... I l l 238 June ............................ 145 232 Unfilled Orders 1924 1923 376 1788 499 2220 534 2316 640 2204 643 2150 531 1958 THE MONTHLY BUSINESS REVIEW 7 Agricultural Districts Pessim istic Over W heat Crop O utlook; Earlier Predictions o f Failure Being Verified Wheat— Reports from various sections o f the Fourth District, where threshing has been general, tend to con firm the predictions of a very marked decrease in the yield per acre o f the wheat crop, amounting in some sections to an almost complete failure. The late Spring and the continued wet weather have combined to make the outlook for the wheat crop unsatisfactory. Corn— While the outlook for corn is not so bad as was predicted earlier in the year, there will probably be a considerable shortage in the volume produced, due pri marily to the fact that the continued rains of the Spring and early Summer rendered it impossible to plant any where near the usual acreage. Conservative estimates of the acreage indicate a decrease of about eight per cent from that of last year. The reduction is greatest in the northern and northwestern sections of the Dis trict, but in no part are there indications of a normal crop. Potatoes— The potato crop judging from present in dications, will be about ten per cent short of last year’s crop, although the acreage is not far short of that of 1923. The principal reasons for this condition are the same as those mentioned above; namely, the late Spring, causing a delay in planting, and the weather being too wet to permit cultivation. Oats— One of the bright spots in the situation is the promise of an exceptionally good yield of oats. From all parts o f the District come reports varying from normal to considerably above the average. Hay— The hay crop is also reported satisfactory, as the very conditions which hindered other crops tended to produce a luxuriant growth of timothy and blue grass. Fruit— Apples, peaches, and pears are reported to be but little more than half a crop, ranging from forty to sixty per cent of normal, while the crop of small fruits, — cherries, strawberries, raspberries, and blackberries,— is reported as highly satisfactory, both as to quantity and to quality. Reports from canners in the Fourth District indi cate that the industry is in good shape. There has been a general tendency on the part of dealers to keep stocks close to a minimum, but there has been, nevertheless, good day-to-day buying of canned goods. There is no indication of an oversupply; in fact, there appears to be a moderate shortage in peas, as the crop was dam aged somewhat throughout the country, and as there is practically no supply left over from 1923. Interest Centers in Growing Tobacco Crop; Estim ated Acreage Shows Reduction Interest in the Burley tobacco district at the present time centers in the growing crop. While it was planted late, and the cold, wet weather has handicapped its growth to some extent, present conditions are favorable for a big crop. Some indications of diseases among the growing plants are reported in various sections, and root rot particularly has shown up in several fields. The Directors of the Burley Tobacco Growers' Co operative Association, in attendance at their July meet ing, estimated that the acreage this year is from 5 to 25 per cent smaller than last year in various sections of the Burley district. The July report of the State and Federal Crop Estimate indicates that the acreage of tobacco this year is 491,000. This is approximately 85 per cent of that of last year. The estimated reports are for the State as a whole and not by types of tobacco, so the reduction by types is not known. It does indi cate, however, that the decrease in acreage this year is much greater in the dark tobacco districts of western Kentucky than in central Kentucky. The Growers’ Market Association has not announced any sale o f tobacco recently. It has on hand a small amount o f the highest grades of the 1922 crop and a large amount of the 1923 crop. Growers and business interests in some sections are inclined to become some what impatient at times in the delay of receiving pay ment, but as a rule they recognize the value of the Association as a stabilizing influence in the tobacco mar ket, and appreciate that the marketing of such a com modity as tobacco involves the carrying over of large stocks from one season to the next. The report of the President of the Burley Association on the results of the trip taken by the tobacco com mission, which visited various foreign countries in the interests of outlets for tobacco, shows that it was suc cessful in establishing contacts with European outlets and in clearing up misconceptions relative to the pur poses and activities of the Cooperative Tobacco Associa tions in this country. Continued Dullness in Agricultural Im plem ent Industry; Exports Increasing There has been continued dullness in the agricultural implement industry, which has been partly seasonal. The outlook for the future is encouraging, however, due to the fact that the farmer will apparently receive a higher price for his crops this year than last, par ticularly for the. wheat crop. Any improvement in the fanner’s condition should result in a material increase in the sale of farm implements, as many fanners have not renewed their machinery for a long period and would therefore buy new machines rather than make further repairs on their old and worn-out implements. Such an increase in sales would enable dealers to work off surplus stocks and might result in increased manu facturing activity. THE 8 MONTHLY Reports generally indicate that there has been no in crease in stocks. Prices show a downward tendency, which may be accounted for in large part by a decrease in the price of raw materials used in the manufacture of farm implements, such as iron, steel, and lumber. Exports of agricultural implements from the United BUSINESS REVIEW States have shown a substantial increase during the past year. According to figures compiled by the De partment of Commerce, exports during the eleven months ending May, 1924, were 67 per cent greater than during the previous year. Exports in M ay, 1924, were 3 per cent greater than in April, and 39 per cent greater than in May, 1923. B oot and Shoe Industry Quiet; Preliminary Figures Indicate Decline in June Production Production of boots and shoes both in the United States and in the Fourth Federal Reserve District con tinued at a low ebb during May. This is shown by the fact that production in the Fourth District for the month of May was the lowest, with two exceptions, of any month during 1923 and 1924, and in the United States it was the lowest with the exception of Decem ber, 1923. Figures for the Fourth District for May compiled by the Census Bureau showed an increase of 27 per cent over April production, but this merely offset a decrease of 29 per cent during April as compared with March. For the United States as a whole, pro duction declined from 27,846,844 pairs during A pril to 25,090,447 pairs during May. Production in the Fourth District fo r May was 7 per cent less than during May, 1923, and the first five months ran 30 per cent behind the same period last year. The corresponding figures for the United States show decreases of 19 per cent and 15.5 per cent, re spectively. Preliminary figures on the shoe production f o r June indicate that there was a decrease of 8 per cent in production for the United States, and o f 1 per cent in the Fourth District. Textiles Quiet; Uncertainty as to Cotton Prices Has Caused Hesitancy in B u yin g ; Stocks Being Held Low Textile markets continue quiet, although there has been renewed interest of buyers in some lines, which in dicates a better demand for goods in the Fall than at present. There has been considerable hesitancy, how ever, among buyers of cotton goods, due to the un certainty as to the future course of cotton prices. A recent Government crop report, which forecasted a larger crop of cotton than was expected, has caused some buyers to hold off for a possible lowering of prices; however, a later Government forecast, issued on July 21, threw further doubt into the situation by indicating a crop almost 4 per cent below the previous estimate. In this connection, it is of interest to note that prices o f most cotton goods in the New York mar ket have declined from 5 to 20 per cent since the first of the y^ar, but have shown very little change since April. In the Fourth Federal Reserve District, textile manu facturers and jobbers are operating cautiously. Reports indicate that production and employment schedules o f manufacturers have shown no change since the last R e view. Orders are few, and stocks of dealers are gen erally being held down or even reduced. The general business depression has affected the textile industry, and as yet there is no indication o f a decided increase in buying, although several textile firms expect a gradual improvement in business with the approach of Fall. Lum ber Production for 1924 Ahead o f Last Year; Seasonal Dullness Being E xperienced The lumber industry is experiencing its usual summer dullness, production for the first week in July showing a sharp decrease of 35 per cent from the preceding week. One result of this decline was an excess of 14 per cent in orders over production for the .week, as contrasted with an excess of 8 per cent in production over orders for the first 27 weeks of 1924 combined. Reports indicate that a hand-to-mouth buying policy has been followed for some time by dealers, which, when taken in conjunction with the curtailment in production above noted, should cause an increase in buying later on. Several manufacturers report that a fair volume of business may be expected in the Fall, and that dealer’s stocks will have to be replenished. Lumber production of about 360 mills reporting weekly to the National Lumber Manufacturers Associa tion amounted to 1,019,000,000 feet for the five-week period ending July 5, as compared with 1,167,000,000 feet for the previous five weeks and 1,195,000,000 feet for the same period last year. In spite of the de crease for the five weeks, production of softwood lum ber for the first 27 weeks of 1924 ran slightly ahead o f 1923, the 1924 figure being 6,257,110,783 feet as compared with 6,256,222,178 feet in 1923. Shipments for the same period amounted to 6,165,560,374 feet in 1924 as compared with 6,616,770,219 feet in 1923, or a decrease of 6.8 per cent, while orders decreased from 6,196,498,807 feet in 1923 to 5,788,625,893 in 1924, or 6.6 per cent. THE MONTHLY BUSINESS 9 REVIEW Building Industry Slackening but is Running Ahead o f Last Year; Slight Decline in Construction Costs whereas wages have shown very little tendency to de cline. When compared with 1923, a more favorable picture o f the building industry is obtained. The value of building permits of 159 cities in the United States for June amounted to $247,868,460, an increase of 8 per cent over June, 1923. For the first six months of 1924, permits aggregated $1,760,664,667, an increase o f 7.3 cent over the same period last year. In the fourth District, June showed an increase of 12.3 per cent over June of a year ago, while the first six months increased 0.6 per cent. Youngstown, Erie, Wheeling, and Toledo have shown marked increases over the first half of last year, while Cincinnati, Co lumbus, Dayton, and Lexington have shown the greatest decreases. Following is a table showing the value of building permits to date for 1923 and 1924: Building operations in the Fourth Federal Reserve District and throughout the country have slackened during June. O f 47 cities in the United States which issued building permits of over $1,000,000 during June, 28 showed a decrease from May. In the Fourth Fed eral Reserve District, every reporting city, with the ex ception of Akron, showed a decrease from May. A c cording to a report of the Engineering News-Record. most of the decline in the value o f building permits during the last three months has been due to an actual decrease in the physical volume of production, al though construction costs have also declined somewhat during May and June, due to a lowering in the price of raw materials. It may be noted in connection with building costs that lumber mill prices are now only about half of what they were at the peak of 1920, Fourth District United States June.. . . 1924 $ 221,895,647 275,082,145 418,025,10? 300,710,909 297,082,401 247,868,460 1923 $ 203,379,425 226,964,373 393,548,864 318,678,783 269,005,985 229,408,698 Total. $\ ,760,664,667 ? 1,640,986,126 J a n u a r y .. February. M a rch .. . April M ay ....... No. of Cities 177 177 178 178 178 159 1924 $ 12,372,608 13,009,092 23,329,266 25,467,968 23,582,522 19,887,083 1923 $ 15,703,538 14,320,451 23,048,953 24,720,079 21,457,676 17,707,616 ? 117,648,539 ? 1 16,958,313 No. ot Cities 13 13 13 13 13 13 Outlook for Brick Industry G ood; Shipm ents Increase; Production Lower Taken as a whole, the outlook for the brick industry is good, though weak in certain parts of the country. It is reported that the South, the two Coasts, and the Central East are having better than normal volume o f construction, while the condition of the industry in the agricultural West, particularly Kansas, is bad. A c cording to a report of the National Paving Brick Manufacturers Association for the entire industry, un filled orders, which declined from over 160,000,000 bricks in June, 1923, to about 80,000,000 in January o f this year, have shown a sharp increase during the last few months, attaining a total of 160,000,000 in June, or practically the same as June of last year. Pro duction during 1924 has so far failed to maintain the level attained in 1923, but was one-third greater in June than in January, the low point of this year. The monthly report o f the National Paving Brick Manufacturers Association, covering 62 per cent of the tonnage o f the industry, shows that shipments of vitri fied brick during June increased over three million dur ing May, amounting to 27,786,000 bricks in June, as against 24,507,000 in May. There was a corresponding falling off in stocks on hand, the figure for the end of June being 111,637,000, as compared with 122,303,000 at the end of May. Unfilled orders declined from 100,242,000 on the last day of May to 99,314,000 for June, while June production also declined slightly, be ing 24,998,000, as compared with 26,569,000 for the preceding month. O f the total distribution for June, 20,501,000 went for city streets and 4,011,000 for country highways, the bal ance being unclassified. Ohio continued to lead in con sumption, taking 5,618,000 in June. Kansas was still second with a total o f 3,108,000, while Pennsylvania, with 2,798,000, displaced Oklahoma for third place. R ecord Cem ent S 'lipm ents; Production Ahead o f Last Year Figures compiled by the Geological Survey show that the shipments of cement during June were the highest on record, being 15,036,000 barrels, as compared with 13,307,000 barrels in June, 1923. Production for June fell slightly below May, but Stocks on hand at the end cent higher than a year ago, lower than at the end o f exceeded all other months, of June were over 62 per but were about 10 per cent May. THE 10 MONTHLY BUSINESS For the first six months o f 1924, production in the United States amounted to 66,787,000 barrels, as com pared with 62,731,000 barrels for the corresponding period in 1923. Production figures for June for the United States REVIEW and for Ohio, western Pennsylvania, and W est Virginia are as follows: (In Barrels) O hio, W . V a., United States & western Pa. 1924— J u n e ...................... 13,538,000 1,282,000 1923— J u n e ...................... 12,382,000 1,263,000 Departm ent Store Sales Less Than Last Year; First Six M on ths Show Slight Increase Over 1923 Department store sales in the Fourth Federal Reserve District during June were 9 per cent below those of June, 1923. Every reporting city in the District shared in the decrease in sales, ranging from 2.1 per cent for Cincinnati to 20.7 per cent for New Castle. Sales for the first half of 1924 show an increase of 0.9 per cent over the same period in 1923, due to the increase shown during January, February, and April. Sales during June were exceeded twice in the last six years, in 1920 and 1923. Taking the five-year month ly average sales for 1919-1923 as a base, the index numbers for June of each year are as follow s: 1919* 83; 1920, 112; 1921, 97; 1922, 96; 1923, 119; 1924, 108. Departm ent Store Sales ( 1) <2 ) Percentage o f Increase or Decrease Comparison o f net sales with those o f corresponding period last year Akron............. Canton........... Cincinnati.. . . Cleveland. . . . Colum bus.. .. D ayton.......... New C astle... Pittsburgh. . . T oledo............ Wheeling....... Youngstown.. Other Cities. . District.......... U.S. Average. Stock* at end o f month com pared with (3) (4) Percentage o f average stocks at end o f each month f r o m January 1 to J u ne 30 Percentage ot outstanding orders at end o f Ju n e, 1924, to tota l p u rchases darin g to a v e r a g e calendar year monthly sales 1923 over same period No. of Reports A June B Jan. 1 to June 30 A June 1923 B May 1924 4 3 6 — 19.0 — 9.1 — 2.1 — 3.9 0 .6 6.9 —4.1 — 2.0 — 8.0 6 — 12.8 0.5 — 0.4 4.6 — 2.9 0 .9 — 3 .9 — 0 .4 7.5 — 4 .2 7.9 6.6 1.1 6.1 — 4 .2 10.0 14.0 7.6 14.0 — 4 .6 5.1 7.1 0.9 6.2 — 7.2 413.0 714.3 427.1 348.1 365.1 421.4 608.8 376.7 493.1 410.6 303.3 554.7 388.3 1.3 3.1 — 6.2 397.8 5 — 8.6 5 — 9.0 3 7 5 5 3 6* 58 — 20.7 — 5.5 — 16.1 — 7.8 — 3.0 — 12.5 — 9.0 — 6.1 — 6.5 — 6.8 — 7.7 — 5.2 — 8.8 — 5.2 — 7.6 — 6.6 — 2.7 ^Includes reports from Erie, P ortsm o u th , Springfield, and Lima. ** Includes reports from Erie, Portsmouth, Youngstown, Akron, and Lima. 5 .8 6 .3 6 .6 4.1 6 .8 3.6 3 .4 6 . 2** 6.1 5.8 THE MONTHLY BUSINESS Index Numbers o f 54 D epartm ent Store Sales. Federal Reserve D istrict 1923 Jan.. Feb. M a r.. A pr.., M a y .. June. July.. A ug.. Sept.. O ct.. . Nov.. D e c ... 1924 Jan... F e b ... M a r.. A p r ... M ay. June. 11 REVIEW Fourth (Average monthly Sales for the Five-Year Period 1919-1923 Inclusive = 100) Note— This table is subject to slight revision, as a few additional firms may be included. Pitts- Cincin- Cleve- Toledo Colum- Dayton Youngs Akron Canton* New Wheel burgh nati town land bus ing Castle 90 88 116 110 124 121 80 94 99 130 120 168 91 83 120 104 122 114 76 84 94 126 120 183 85 77 116 119 110 115 81 104 110 125 122 164 90 84 114 106 117 119 92 105 101 128 120 187 98 80 134 112 118 128 95 97 106 149 134 199 83 80 133 107 118 116 92 92 112 154 131 219 94 98 90 102 91 87 103 90 94 98 103 114 100 105 100 114 122 124 135 117 118 116 118 109 100 IIS 99 100 1(X) 117 *Based on 3-vear average (1921-1922-1923) ♦♦♦Revised. 75 95 115 108 118 115 81 113 96 127 121 187 77 77 108 108 112 115 79 90 88 113 102 156 92 79 127 109 129 118 89 96 90 136 120 194 83 76 104 117 114 123 90 96 81 113 113 206 Other Dist. Cities** 93 74 127 111 129 126 89 91 105 141 127 212 102 84 88 91 101 78 87 97 120 81 92 88 107 115 118 93 124 95 128 128 124 127 131 112 118 124 121 117 106 109 109 111 93 107 98 115 ‘ ♦Includes Springfield, Portsmouth, and Erie. 76 67 104 98 113 112 79 80 87 128 105 194 88 83 117 111 119 119 82 96 101 129 121 175 74 77 91 112 109*** 104 94 96 104 124 114 108 Wholesale Lines Show Decrease in Sales All wholesale lines show a decrease in sales for the first half of 1924 as compared with the corresponding period last year. Dry goods continued to show a big decrease from last year, although sales were slightly larger than in May. Grocery sales, which heretofore have been running slightly ahead of last year, showed a 14.3 per cent decrease over June of 1923, which brings the first six months of this year 1 per cent under 1923. Hardware and drugs both showed decreases from last month and also from a year ago. Wholesale Trade Sales N um ber o f Firms Reporting Percentage change in net sales during June, 1924, com pared with M ay, 1924. Percentage change in net sales during June, 1924, com pared with June, 1923. Percentage change in net sales from Jan. 1 to June, 30, 1924, com pared with same p eriod last year. Groceries— 3 — 6.9 — 8.3 Cincinnati............... .................... 3 — 8.0 — 12.9 Cleveland................ .................... — 22.1 3 — 8.2 Columbus................ .................... 6.6 4 5.4 Erie........................... ..................... 3.8 — 8.6 3 Lexington................ ..................... — 1.3 7 — 20.7 Pittsburgh............... .................... 0 .6 3 Portsmouth............. ..................... — 9.5 3 — 1.4 T oledo...................... .................... — 19.6 — 10.0 3 — 13.0 Youngstown............ .................... 0 .4 — 14.6 11 Other Cities*.......... .................... — 3 .4 43 — 14.3 D IS T R IC T ............. .................... 1.0 .................... 14 — 20.3 Dry Goods— District — 3.5 14 — 5.3 Drugs— District.............. ..................... — 8.4 15 — 14.5 Hardware— District. . .. ..................... * Includes Akron, Canton, Dayton, Springfield, Wheeling, Ironton, Mansfield, Massillon, 3.9 1.7 — 5.7 9.7 — 5.2 — 4.5 — 2.0 — 3 .2 8.5 — 3 .6 — 1.0 — 13.7 — 2.7 — 8 .6 and Xenia. THE 12 MONTHLY BUSINESS REVIEW Sum m ary o f Business and Credit Conditions in the United States By The Federal Reserve Board Production of basic commodities and factory em ploym ent showed further large declines during June. Trade, b oth at wholesale and retail, also decreased during the month and was in smaller volume than a year ago. Production Index of 22 basic com m odities corrected for seasonal varia tions (1919 = 100). Latest figure—June, 94 The Federal Reserve Board’s index of production in basic industries, adjusted to allow for seasonal variations, declined about 9 per cent in June to a point 22 per cent b elow the level of the first two months of the year. Iron and steel and cotton manufacturing industries continued to sh ow the most marked curtailment o f activity, and decreases w ere general in other industries. Factory employment decreased 3 per cent in June, the metal, automobile, textile, and leather industries re porting the largest reductions in forces. Value o f building con tracts awarded in June was 8 per cent smaller than in May, though 4 per cent larger than in June of last year. Condition of the corn crop on July 1, as reported b y the Department of Agriculture, was the lowest on record fo r that date and indicated a probable yield of about 500,000,000 bushels less than last year. Condition of the cotton crop was reported less satisfactory than a month earlier, while forecasts for wheat and oats were larger than in June. T rad e Index of U. S. Bureau o f Labor Statistics (1913 = 100, base adopted by B ureau). Latest figure— June, 145 Railroad shipments decreased in June and were about 15 per cent less than a year ago, owing to smaller loadings o f all classes of freight except grain and livestock. W holesale trade showed a further slight decline in June and was 11 per cent smaller than a year ago. Sales of hardware, drugs, shoes and dry goods decreased, while sales o f groceries and meat increased slightly. Sales o f department stores and chain stores showed more than the usual seasonal decrease during June and were smaller than last year. Mail order sales in June showed less than the usual seasonal decline and were larger than a year ago. Department stores further reduced their stocks of mechandise and slightly in ceased their outstanding orders. Prices Wholesale prices, as measured by the index o f the Bureau of Labor Statistics, declined more than one per cent in June to a level of 5 per cent below the high point for this year, "''’-ices of all groups of commodities, except clothing, showed de clines, " i d decreases were particularly large for building ma terials. During the first three weeks of July, quotations on wheat, corn and hogs advanced sharply, while prices on sugar, cotton goods, and iron and steel products were lower. Bank Credit Commercial loans at member banks in leading cities during June and the first two weeks of July remained at a relatively constant level, considerably below the peak reached in April, while investment holdings and loans secured b y stocks and bonds increased rapidly and carried total loans and investments THE m o n t h l y b u s i n e s s r e v i e w 13 to the high point for the year. Demand deposits, owing part ly to the growth of bankers’ balances at financial centers, ad* vanced to a record level. A t the Reserve banks there was a continued decline in dis counts and an increase in purchases of government securities in the open market. A s a consequence, total earning assets in the middle o f July were only slightly less than at the beginning o f June. Member bank reserve balances increased rapidly, re flecting a return flow o f currency from circulation and further imports of g old ; total deposits at the Reserve banks on July 16 were larger than at any time since the organization o f the System. M oney rates in July were comparatively steady but continued to show a somewhat easier tendency. Discount rates at the Federal Reserve banks of Kansas City and Dallas were reduced during July from 4J4 to 4 per cen t THE 14 MONTHLY BUSINESS REVIEW Comparative S tatem en t o f S elected M em ber Banka in Fourth D istrict Loans and Discounts secured by U. S. Govern ment obligations............................................... Loans and Discounts secured by other stocks and bonds................................................................... Loans and Discounts, all other.............................. U. S. Pre-War Bonds............................................... U. S. Liberty Bonds................................................. U. S. Treasury Bonds.............................................. U. S. Treasury N otes............................................... U. S. Certificates o f Indebtedness......................... Other Bonds, Stocks and Securities...................... Total Loans, Discounts and Investments............ Reserve with Federal Reserve Bank..................... Cash in V ault............................................................ Net Demand Deposits............................................. Time Deposits........................................................... Government Deposits.............................................. Total Resources on date o f this report................. Julv 9, 1924 (78 Banks) Tune 11, 1924 (79 Banks) Increase Decrease $ 18,848,000 $ 22,117,000 $ ................. $3,269,000 415,062,000 709,036,000 46,629,000 159,680,000 3,144,000 44,152,000 8,098,000 320,541,000 1,725,190,000 107,565,000 32,736,000 936,103,000 676,759,000 14,813,000 2,192,111,000 408,988,000 717,835,000 47,449,000 131,765,000 2,241,000 44,350,000 3,475,000 319,451,000 1,697,671,000 116,274,000 30,545,000 907,190,000 668,580,000 10,737,000 2,177,360,000 6,074,000 ................... ................... 27,915,000 903,000 .................. 4,623,000 1,090,000 27,519,000 ................... 2,191,000 28,913,000 8,179,000 4,076,000 14,751,000 ............................ 8,799,000 820,000 ............................ ............................ 198,000 ............................ ............................ ............................ 8,709,000 ............................ ............................ ............................ ........................... ........................... Building Operations for M onth o f June, 1924-1923 A kron........... Canton......... Cincinnati... C leveland*.. Colum bus... D avton........ Erie.............. Lexington.. . Pittsburgh... Springfield. . T oledo.......... Wheeling---Youngstown. Permits Issued Valuation New Construction Alterations New Construction AlterationsIncrease or Decrease 1924 1923 1924 1923 1924 1923 19241923 Amount Per Cent $ 108,336 64 $ 593,074 $ 450,867 $ 101,185 $ 149,358 309 62 27.1 271 35,490 390,882 42,785 73 432,770 49,183 203 187 85 11.5 347,870 442,580 — 422,160 — 17.2 220 2,009,775 323 250 419 1,682,325 1,310,185 1,059,112 6,206,590 2,290,328 4,167,335 493 638 1,184 1,092 43.8 131,495 129 1,417,885 149,615 — 343,100 — 21.9 149 1,092,905 379 478 318,436 88,143 261,977 168 899,531 407,261 214 196 133 7 0 .2 56,916 74 151,199 92,490 460,565 273,792 112.4 124 69 96 87,681 17,986 50,484 — 44 95,838 61 24,341 — 17.6 56 31 299,571 — 503,377 — 13.8 3,350,444 670,222 171 396 2,476,416 513 542 76 13,910 107,935 12,465 30 134,437 109 34 25,057 2 0 .6 1,111,190 154,244 233,277 508 251 1,921,940 376 209 731,717 54.4 620,215 56,783 122,021 — 328,651 — 4 4 .3 356,802 107 97 51 45 610,755 201 38 13,450 51,305 — 125,600 — 19.0 34 523,010 230 16,876,203 14,794,599 3,010,880 T otal........ 3,506 3,670 2,711 2,405 * Includes figu res for East Cleveland, Lakewood and Shaker Heights. 2,913,017 2,179,467 12.3 Building Operations for Six M onths Ended June 30, 1924 - 1923 Permits Issued Ne w Construction Alterations 1924 1923 1924 1923 792 373 A kron........... 1,333 1,520 421 457 Canton......... 1,186 1,158 Cincinnati.. . 2,030 2,354 1,384 1,503 C leveland*.. 3,609 3,931 6,538 6,035 721 915 C olum bus.. . 2,302 2,826 687 781 D ayton ........ 1,224 1,541 690 331 345 761 Erie.............. 254 189 220 245 Lexington... 783 Pittsburgh. . 2,862 2,893 1,330 163 158 473 545 Springfield. . T oledo......... 2,554 2,081 1,117 1,246 276 287 W heeling.... 480 532 175 193 963 Youngstown. 1,235 Valuation New Construction Alterations Increase or Decrease 1924 1924 1923 1923 Amount Per Cent $ 3,356,396 $ 2,975,572 $ 449,821 $ 785,845 $ 44,800 1.2 315,933 3,779,991 487,280 — 3,666,948 58,305 — 1.4 1,750,325 11,585,885 12,963,500 2,338,115 — 1,965,405 — 12.8 6,303,842 5,720,075 36,014,980 33,465,551 1,965,662 4 .9 1,133,335 987,030 — 2,321,100 — 19.9 8,235,265 10,702,670 706,414 — 1,460,579 — 22.3 514,268 4,578,295 5,846,728 708,914 486,047 1,587,044 2,148,115 783,938 37.8 133,342 178,092 — 175,615 — 15.2 843,243 974,108 1,955,970 15,892,162 16,790,692 1,277,903 — 220,463 — 1 .2 125,015 79,950 — 102,302 — 10.4 754,928 902,295 1,197,962 8,855,660 1,396,292 6,750,275 1,907,055 2 3 .4 410,700 2,395,094 303,181 1,939,329 563,284 25.1 145,895 229,045 4,646,970 2,834,565 1,729,255 5 6.4 T ota l........ 20,346 21,23614,36013,060 £103,086,984 $101,399,277 $14,561,555 $15,559,036 $ 690,225 * Includes figures for East Cleveland, Lakewood, and Shaker Heights. 0 .6 THE MONTHLY BU SINE SS IS REVIE W D ebits to Individual A ccou n ts (000 omitted) Ending W eek Ending Increase or Decrease W eek Ending Julv 16, 1924 Tune 18, 1924 Amount Per Cent July 18, 1923 (324 Banks) (325 Banks) (322 Banks) 2.8 497 $ 18,449 $ 17,535 $ $18,032 Akron..................... 2,521 — 75 — 2.9 2,552 2,477 Butler, Pa.............. 0 .9 88 11,255 10,101 10,189 Canton................... 6,069 8.1 82,515 75,050 81,119 Cincinnati.............. 165,334 — 3,322 — 2.1 156,101 152,779 Cleveland.............. 39,179 -4 ,0 4 7 — 11.9 34,101 30,054 Columbus.............. 1,341 — 87 — 6.9 1,265 1,178 Connellsville, Pa. . 18,584 — 2,399 — 13.0 18,400 16,001 D ayton .................. 7,773 — 323 — 4 .2 7,722 7,399 Erie........................ 4,827 6.1 328 5,728 5,400 Greensburg............ 9 .0 982 97 1,078 1,175 Homestead............ 4,411 — 817 — 18.8 3,534 4,351 Lexington, K y . . . ■ 5,127 — 513 — 11.2 4,086 4,599 Lim a...................... 1,552 — 289 — 16.3 1,484 1,773 Lorain.................... 2,559 225 11.1 2,256 2,031 M iddletown.......... 6.5 2,706 170 2,767 2,597 New Brighton. . . . 7 .9 3,227 208 2,848 2,640 Oil C itv ................. 203,685 — 1,139 — 0 .6 190,058 191,197 Pittsburgh............. 5,489 5.1 233 4,780 4,547 Springfield............. — 332 — 11.4 2,589 2,921 Steubenville*........ 45,241 — 6,806 — 14.0 48,484 41,678 Toledo.................... 3,638 — 184 — 5.9 2,955 3,139 W'arren, 0 ............. 8.5 10,513 861 10,936 10,075 Wheeling................ 15.9 15,285 2,067 15,047 12,980 Youngstown.......... 1.5 3,109 — 48 3,124 3,172 Zanesville.............. W eek T otal.................. $614,273 — 9,538 — 1.5 $623,811 $659,302 Increase or Decrease Amount Per Cent $— 417 — 44 — 1,066 — 1,396 — 12,555 — 9,125 — 163 — 2,583 — 374 901 193 — 877 — 1,041 — 68 — 303 61 — 379 — 13,627 — 709 — 2 .3 — 1 .7 — 9 .5 — 1.7 — 7 .6 — 23.3 — 12.2 — 13.9 — 4 .8 18.7 19.7 — 19.9 — 20.3 — 4 .4 — 11.8 2 .3 — 11.7 — 6 .7 — 12.9 — 3,563 — 7 .9 — 683 — 18.8 4 .0 423 — 238 — 1.6 15 0 .5 —47,618 - J . 2 *Dabits for corresponding period not available. M ovem ent o f Livestock at Principal C enters in the Fourth Federal Reserve D istrict for the M onth o f June , 1924-1923 Cattle 1924 1923 Cincinnati............. Cleveland............ Columbus............ D ayton ................ Fostoria............... M arion................. Pittsburgh........... Springfield........... T oledo................. Wheeling............. Cincinnati............ Cleveland............ Columbus............ Fostoria............... M arion................. Pittsburgh........... Springfield........... Toledo.................. Hogs 1923 1924 Sheep 1924 1923 55,061 83,094 15,592 12,402 110 25 680 813 392 287 273 291 95,999 92,138 352 270 67 151 407 581 Purchases for Local Slaughter 5,528 4,514 64,416 69,275 12,172 12,248 9,956 13,989 75,153 7,616 79,685 7,108 8 110 26 64 20 89 6 1,050 760 26 25 18 18 1,716 1,794 18 51 8,635 12,181 47,331 52,863 5,821 6,430 19 2 303 621 219 99 58 142 2,119 532 2,215 489 15,916 16,593 8,661 8,231 36 143 2,115 1,749 388 530 18 54 26,929 538 296 758 661 345 308 108,182 97,850 3,043 11,920 11,400 5,781 199,525 6,258 11,236 1,935 101,691 92,329 8,036 13,384 9,746 7,153 240,355 5,804 9,983 1,115 Calves 1924 1923 16,776 12,626 60 855 528 213 28,767 417 392 2,472 17,785 14,560 143 902 638 180 33,030 275 679 2,745 6,636 12,041 25 125 74 9,421 82 392 4,662 13,815 130 58 150 11,146 66 582 Cars Unloaded 1924 1923 1,807 1,482 5 1,970 1,469 6 12 "l6 3,850 4,080 ’ 96 17 96 14 F O U R TH FEDERAL BESEBVE DISTRICT ------------- r -— — BOUNDARY OP D IS T R IC T BOUNDARIES Of BRANCH TCfcfclTO&ieS — • —* BOUNDARIES OF S T A T E S <§) f e d e r a l n E SE iive b a n k , O city F£DZZAl m L M l 6ZANCH Cl TILS
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