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Monthly
BUSINESS
REVIEW
Gnferitg
industrial
Iwrtfi federal
businessand
conations in tin
RiserveDistrict
FEDERAL RESERVE BANK of CLEVELAND
D.C.W ills, Chairman o f 4he Board
(COMPILED NOVEMBER 20,1922)
CLEVELAND, OHIO, DECEMBER 1, 1922
VOL. 4
No. 12
E ARE entering the holiday season, with its where these increased costs have very reluctantly been
attendant spirit of giving and forgiving; and passed on to the trade. Perhaps this is not so much
increased buying.
due to a spirit of magnanimity as to the fear of re
The producer and seller of goods, with the contin duced demand. In either case, however, the consumer
uing high cost of labor and transportation, are making is the gainer.
a determined effort at fixing the price of those goods
At no time during the publication of the Monthly
at prices the public feels justified in paying.
Business Review has there been such a keen interest
Perhaps this justification is found in the realization on the part of the public for information on business
on the part of the buyer of goods that as an individual conditions and economic trends. Never have written
he has given assent to those items which increase requests for the Review been as numerous as at pres
production costs; such as labor and transportation. It ent For reasons unknown to us, certain months bring
is the seller of goods who takes undue advantage of requests from different sections of the country.
a rising market situation by imposing unwarranted
this general desire for business information
selling prices, that will be cut off and left to wither weFrom
might draw two condusions: there is either an
in his disregard of lessons learned during the recent eagerness
for a better understanding of one’s own par
buyers* rebellion.
ticular business, or a desire for a greater knowledge
There has been a growing conviction with us, which
this month’s replies from our correspondents augments, of business conditions as a whole.
In general, business men can be divided into three
that the big-visioned manufacturer does not wish to
increase the prices on his manufactured products. He classes: (1) those interested only in their factory or
would prefer a larger volume on a smaller margin of office, (2) those interested in the industry or profes
profit rather than a large margin of profit on a reduced sion, and (3) those who have come to realize that their
volume of production. He feels that there is more cer factory or office, their industry or profession is in
tainty and stability in the larger volume and narrow extricably interwoven in the national or even interna
margin which enables him the better to regulate his tional business fabric. It is a mighty encouraging and heal
thy sign to see class numbers one and two coming over
buying and operating expenses.
We know of several instances where the manufac into class number three. Such a view of the whole
turer has absorbed the increased costs of raw materials, business structure and a better understanding of causes
and other production costs rather than pass them on should have a sobering influence against a recurrence
to the retailer or consumer. There are many instances of recent economic excesses and indulgences.
W
Loans to City Banks Increase Slightly; Savings Deposits Gain
An outstanding feature of the banking situation at
the present time is that the recent advance in many lines
of industry is not requiring a proportionate amount of
accommodation from banks. In our judgment this
is an indication of an underlying soundness in our
economic structure which should not be overlooked.
Difficult problems relative to the business interests of
the country are numerous but a solid financial system
is a good foundation to stand on when seeking for
their solution.
During the month ending November 20, loans to
dty banks showed a slight advance. The high point
for the month was reached on November 8 when ac
commodations extended to dty banks were approxi
mately $17,500,000 higher than on October 20. Fol
lowing that high point, however, there was a steady
decline until November 20, when dty bank borrowings
were only a little more than $3,OCX),000 higher than
on October 20.
Borrowing by country banks for the month ending
November 20 showed a slight increase. For the past
few weeks farmers have been buying cattle to fatten,
and loans have been prindpally for this purpose.
The combined reports of 18 representative banks in
2
THE
MONTHLY
BUSINESS
the Fourth District for the month of October show
an increase in savings accounts over the previous month
and also over October, 1921. October deposits as
compared with those for the same month last year
show a gain of 2.7 per cent. The gain for October
over the previous month was 1.3 per cent.
REVIEW
While the acceptance market has shown a consider
able improvement due to the continued advance in in
terest rates, business has not yet reached sufficient
volume to bring about any great amount of activity
in this line.
Iron and Steel Production Crows in Face of Handicaps; Railroads
Heavy Buyers; Prices Decline
Rapid recovery of production has been the impres
sive feature of the iron and steel situation in recent
weeks and the remarkable part of this improvement
is that it is being achieved in the face of car and labor
shortages, limited transportation, and other im
portant operating handicaps. Pig iron production in
October rose almost 30 per cent over September, and
steel ingot output something better than 16 per cent.
Since the first of November at least a dozen additional
blast furnaces have become active or are scheduled
to go in shortly, some of which have not been in
commission for almost two years. Production of coke
and anthracite pig iron in October as compiled by
Iron Trade Review was 2,269,655 tons, a gain of 605,647 tons over September and the highest point reached
since December, 1920. No single month since March,
1918 showed so large a percentage of increase. Up
to the end of October the furnaces in blast registered
a gain of 29, making the total 218. This represents an
increase in active furnaces from September 1 to
November 1, of 74. Steel ingot output in October was
raised to the annual rate of 39,265,000 as compared
with an annual rate of 33,750,000 in September. The
October annual rate is on the basis of about 90 per
cent of the high record output of the country, which
was in 1917.
A heavy accumulation of finished steel remains tied
up in mill yards through inability to ship, particularly
in the Pittsburgh and Youngstown districts. This sit
uation has been of a fluctuating character as transpor
tation conditions have improved or receded. During
the past week or more the unfavorable aspects due to
railroad embargoes have been more pronounced and the
piled tonnage has again been on the increase.
pacity operations over the first half of 1923. Agricul
tural implement manufacturers are buying in a some
what more liberal way. New construction initiation is
fair, considering the season. Fresh demands from the
oil industry are keeping up on a considerable scale.
The most promising outlook for new business con
tinues to come from the heavy negotiations for equip
ment which the railroads are carrying forward. At
the present time fully 60,000 cars are on inquiry in
the country, representing the largest total at any one
time ever known, excepting in 1918 when the railroad
administration distributed in bulk 100,000 cars. Prac
tically every system of importance has been coming
into the market, and inquiry has been piling up faster
than it has been worked off in new orders. So many
o f the railroads have been asking for quick delivery,
that is within the first quarter, that the mills have
questioned whether they could supply sufficient ma
terial to meet all these wants. Car orders placed in
October number 12,700, bringing the total for the
year to date to more than 138,000 or practically six
times that of all 1921.
K
1
The pig iron market has been unsettled by the
increased production of merchant furnaces, the fall of
the coke market, and in a considerable degree by the
heavy importations of foreign metal. Furnace coke
is now down to $7, a decline of $4 to $5 from the
market of mid-September. In sympathy with this
and other conditions, pig iron prices during the past
month have declined from $2 to $5 a ton in all pro
ducing centers. The effect of this decline has been
to cause buyers to hold off from covering ahead and
to fill their needs by frequent spot purchases. As a
result, an unusually small amount of business for first
quarter delivery has been closed as of this date. It is
reliably estimated that at least 300,000 tons of British
and continental iron have been closed by domestic
buyers, particularly in the eastern seaboard zone in re
cent months, because of a disparity of several dollars
per ton below the domestic quotations. Probably twothirds of the total sales has been shipped. The greater
part of this tonnage has come in during the past
two months.
An explanation of the pressure upon output at the
present time notwithstanding the prevailing obstacles,
is to be found in the accumulating tonnage of orders
on mill books. The Steel Corporation especially, has
obligations in certain lines such as bars, tubes,
sheets, and tin plate, which will take up its capacity
for several months, and some of the independent mills
are in as equally fortunate a position, though in gen
eral the books of the latter mills are smaller relatively.
The situation has its uneven spots, for in some lines
Reflecting the trend of prices, the composite market
business on hand is not sufficient to cover capacity average of fourteen iron and steel products of Iron
comfortably and there is keener competition for fresh Trade Review as of November 15, was $42.41, com
tonnage. New buying in general has been quieter and pared with $43.56 for the corresponding date in Oc
in smaller volume, with certain departments of the tober and $32.81, the low point of the year the week
market excepted. The automobile industry is begin of March 1. The November, 1913, composite for the
ning to cover its needs of steel against expected ca selected products was $24.02.
THE
MONTHLY
BUSINESS
REVIEW
3
Manufacturing Expansion is the Rule in Fourth District Industries;
Automotive Production for October Shows Advance
Reports from Fourth District manufacturers this
month show that business is doing remarkably well
considering the problems which it is facing. Fuel,
transportation, and labor difficulties are the principal
obstacles but in spite of them, substantial improve
ments are reported in many industries. Then, too,
the seasonal drop which is customary at this time of
the year is less noticeable than in former instances.
Autotnobiles—The automotive industry continues
to show an unusual amount of vigor for the fall sea
son of the year. October production of passenger
cars showed a marked gain over September and this
is also true of the motor truck output. Total passenger
car and truck production for the first ten months of
this year is now within a few thousand cars of the
total output for the best previous year in the produc
tion history of the industry.
The demand for closed cars is active and some of
the factories are behind in filling orders. Deliveries
are being delayed by unsatisfactory transportation.
The motor truck business is moving along at a good
rate. Orders for October showed a slight increase.
Buying continues quite satisfactorily and is scattered
through many lines of business and over most sec
tions of the country.
There has been no particular change in the automo
bile body business since last month. The market for
good labor in this line of work is competitive but a
fair volume is available at a high wage. The situation
in regard to raw materials is changing slightly from
day to day, some classes becoming a bit easier while
others are tightening. It is believed by manufacturers
that the swing toward low priced closed bodies has
reached its maximum.
The activity in the automotive industry is causing
automobile parts manufacturers to do a fair amount
of business. A manufacturer of automobile axles re
ports that the volume of their business has increased
and is more than 50 per cent greater than last year.
The following figures compiled by the Department
of Commerce give the total passenger car and motor
truck production for ten months of this year by all
companies whose reports have been received. With
a few exceptions, the reports each month are from
identical firms and include approximately 90 passenger
car and 80 truck manufacturers. The October figures
are subject to slight revision when all reports have been
received.
AUTOMOBILE AND TRUCK PRODUCTION
(Number of Machines)
1922
Passenger Cars
Trucks
January
81/>03
9,416
February
109,171
13,195
March
152,959
19,761
April
197,216
22,342
May
232,431
23,788
June
263,027
25,984
July
224,057
21,357
1922
Passenger Cars
Trucks
August
249,225
24,200
September
187,128
18,656
October
217,098
21,416
Electrical Goods—The electrical industry is con
tinuing about as reported last month. Business is
quite active in practically all lines except the street
railway, which is still much below normal, although im
proving. Information received from electrical manu
facturers indicates that the railroads are quite rapidly
improving the condition of their motive power and
equipment.
Last month a large storage battery company report
ed that they sold more renewal batteries in September
than in any previous month in their history. They
now report that during October they sold practically
the same as in September. This same company is giv*
ing much aggressive work to the problem of distribu
tion costs, feeling that this is the biggest single factor
in their future success.
Small Took—Business in the small tool industry
continues to improve, not with any great increase,
but with a very steady improvement. Comparing for
three years back the improvement would be very
gradual, but when compared with a year back, it is
very noticeable. iBusiness in this industry is about
double what it was a year ago.
Paint—The diversity and volume of paint orders
from the industrial trade are a good barometer of the
general trend of business. This is because almost all
manufactured products are finished with some ma
terial in the paint or varnish line, whether it be an
automobile, stove, grand piano, or toy.
The fact that paint customers are buying in barrels,
where they bought in five-gallon cans, and in carloads
where they bought in barrels during the depression
period, indicates that the general trend of business is
upward.
There lias been a general advance in most of the
raw materials entering into the paint business during
the past few months, which is reflecting itself in in
creased prices to the trade.
Pottery—There is little change in the pottery in
dustry, which is still closed down by the strike, ex
cept that the strike has extended to the plants making
sanitary ware as well. It is understood that the ma
jority of the sanitary ware plants either will or have
opened on an open shop basis.
Class—The demand for plate glass at present is
greater than the manufacturers can supply. There is
an unusual demand for window glass, considering the
season.
Cork—Sales in the cork industry are running prac
tically the same. The cork insulation business is dull
and manufacturers have fewer unfilled orders on hand
than they have had for several months. They are ex
pecting this business to improve shortly as most of the
cold storage owners make their repairs and do their
building during the winter and spring months.
4
THE
MONTHLY
BUSINESS
REVIEW
Ore Movement Features Latter Part of Shipping Season; Carrying and
Storage Charges for Crain Marked Down
The ore movement for the season will be about
42,000,000 tons, which will be a big increase over
1921, when the mines in the Lake Superior district
sent forward 22,300,726 tons by lake. The fleet
loaded 6,081,386 tons in October, making the move
ment for the season up to November 1, 39,192,624
tons, which was an increase of 17,298,349 tons over
the same time last year. The shippers figure that
about 3,000,000 tons will be loaded in November, which
would put Ae total a little over the 42,000,000 ton
marie. The shippers made an early clean-up on their
freight contracts and practically all the ore that was
sent forward after the middle of November was car
ried by their own boats. In November, 1921, ship
ments were only 406,451 tons.
During November there was a shortage of cars at
this end of the route and considerable ore had to be
placed on dock in order to give the boats fair treat
ment That there will be more ore in store at the lake
front at the close of the season than there was a year
ago is certain. On November 1 the Lake Erie docks
were holding 9,586,234 tons of ore and on the same
date in 1921 stocks were 9,672,077 tons. More ore
was placed on dock in November than was shipped
in that month last season. Up to the first of Novem
ber Ashtabula led all ports in receipts, with Cleveland
second, and Conneaut third.
Most of the fleets cleaned up on their ore contracts
early in November, and as that increased the offerings
of grain tonnage, rates in the latter trade took quite
a slump. Tonnage to unload on arrival at the re
ceiving ports was placed at 2J4 and 2% cents com
pared with 514 and 6 cents in October. Carrying
charges for the last trip and storage were also marked
down in November, and boats were chartered to
cargoes from the head of Lake Superior to hold at
Erie and Buffalo at 5 and 5% cents. The highest rate
paid for storage capacity was 8% cents. When ore
was moving at a good clip in October, the grain men
were forced to bid rates up and give a dispatch guar
antee on account of the great delay at fiuffalo and
other lower lake ports due to the shortage of cars.
Some of the grain carriers were held at Buffalo three
weeks, and this delay greatly reduced the capacity o f
the fleet. More than 100 vessels have been chartered
to hold cargoes at Buffalo and other lower lake ports.
There will be a large amount of grain afloat at the
close of the season.
Coal shipments for the season up to November 6
were 14,887,644 tons compared with 21,254,390 tons
for the same time in 1921 and 19,940,785 tons in
1920. There was quite a let-up in shipments the lat
ter part of November, so it is not likely that the to
tal will reach 17,000,000 tons.
New Oil Field Develops Rapidly; Gasoline Demand Slacking;
Refined Oil Market Weak
The crude oil market, particularly in gulf coastal
fields, has been weakened by the rapid development of
a new southwestern field during the past few weeks.
Recent wells which have been drilled in, have given
this field a production in excess of 70,000 barrels a
day, according to conservative estimates given Nation
al Petroleum News. This new oil territory is known
as the Smackover field and is located in Arkansas.
It is not regarded as likely that this flush production
will effect present prices except in the Gulf Coast dis
trict with which the heavy crude from this new field
is coming into direct competition. The recent ship
ment of California crude by tankers, from the new
fields in that part of the country through the Panama
Canal to the Atlantic Coast refineries, is also an ele
ment of weakness in the Gulf Coast market.
The Smackover production, because of the loca
tion of the field and because of its heavy gravity and
sulphur content, has had little bearing so far on the
Mid-Continent light crude market. Its lack of light
oil keeps it from competing with gasoline crudes and
its lubricating content is not considered as particularly
important by many refiners, in view of the other lu
bricant content crudes now available. Production from
the Smackover field, however, is a factor in the fuel
oil market. This type of crude is available fo r 'fuel
without treatment and shipments are being mad? for
this purpose, thereby weakening the market on fuel
oil from other refineries.
The Producers and Refiners Corporation has ac
quired about 80,000 acres of oil lands in the state of
Wyoming, which places it in a position to become the
leading independent interest in the oil fields of that
state.
Oklahoma production has increased since the lifting
of drilling restrictions in the Osage Indian lands. De
mand for light crude remains strong and pipe line
shipments east are the heaviest in some time. The re
fined oil market is weak on all products. Gasoline de
mand is slacking, but production is still heavy and
stocks are about as heavy as they were a year ago.
Export demand for kerosene seems to have let uo
lately.
Owing to the prolonged good motoring weather this
fall the demand for gasoline has held up fairly well
Most of the domestic jobbers are buying only for
current requirements.
Export Tax on Crude Rubber in Malay States Having Disturbing Effect on Rubber
Industry; Ratio Toward Manufacturing of Cord Tires Increasing
ncreastng
There has been a very important move in the rubber industry since our last issue. “ Perhaps,” says the
India Rubber Review, “the most important event
in
the entire history of the industry,”
THE
MONTHLY
BUSINESS
The British rubber plantations in the Federated
Malay States have a large overstock of rubber and
have repeatedly appealed for government aid. The
Colonial Secretary in London appointed a committee
to investigate the situation. This commission submitted
two reports, one in June and one in October. The
October report recommended a graduated export tax
which has been adopted by the Colonial government
in the Far East. It amounts to a restriction of rubber
and is an artificial means of raising prices.
This export tax is the most talked-of development
in the rubber industry at the present time. It has sent
crude rubber up from 16 to 17 cents a pound to 24
cents.
REVIEW
5
The tire industry has continued to show an increased
volume. This is attributable partly to an increased
confidence on the part of the dealers, and an unusually
late driving season. The very marked increase in the
number of closed cars which will naturally be driven
through the winter months is also a contributing factor.
Another aspect of tire manufacturing is the rapid
increase in the ratio of cord tires. It is estimated by
a large tire manufacturer that about one-half of the
tires manufactured at the present time are cords. He
further states that a year from now it will not be
surprising to see this percentage raised to 75 per cent.
Wholesale Grocery Business Follows Trail of Industrial Advances; Buyers
Make Preparations for Holiday Season
The wholesale grocery business has been greatly
benefitted by the improvement in general conditions
throughout the country and is now quite generally
reported to be in a more favorable position than at any
time during the past few years. The sales for the
past few months have shown a nice increase.
Very few futures were sold in the year 1921 on
account of the immense losses taken in declines the
year previous, and owing to this fact the packers had
little incentive to pack even a normal supply for this
year. The retailer has bought very cautiously during
the past two years, but with general conditions better
and more men at work especially among the laboring
class, a demand for more goods has been created and
he is now inclined to buy more freely.
The buying movement is now going forward. Re
tailers have unloaded stocks which they have had on
hand for some time and are now in the market for
fresh supplies.
There is, however, a tendency on the part of the
retailer not to purchase beyond a thirty-day supply,
with the exception of a few items, one of which is
canned goods.
in reference to marketing, and dealer’s and consum
er’s buying:
Cereals—Rice and allied lines show a healthy buying
movement in the face of firm prices. New crop is
arriving. Buyers who have held off are now re
plenishing their stocks.
Flour—Demand steady.
Pickles—Prices advance due to short crop. Demand
brisk.
Fish—Demand normal. Prices advance lc per pound
on imported fish.
Sauerkraut—Selling well in spite of open season,
which is unfavorable to sales of this product.
Bakers* Supplies—Buying by manufacturers, confec
tioners, and ice cream makers shows an upward trend.
Purchasing of raw materials apparently covers only
immediate needs. Approaching holiday season partly
responsible for buying stimulus.
Coffee*—Green coffee prices are high, due to valor
ization scheme. Stocks are low. Retail buying is
good.
Tea—Stocks are light and prices firm. Distribution
is growing. Buying only for immediate needs.
Soap—Large increase in consumption due in part
There is a good demand at the present time for
items which are used during the holiday season such to improvements in production and greater advertising
as nuts, dried fruits of all kinds, canned goods, and efforts. Prices move upward as raw material and
labor costs advance.
dairy products, especially cheese of all kinds.
Beverages—Consumption normal for this time of
Collections at the present time are reported to be
year.
1922 sales show increase over last year.
fair. Transportation problems are numerous. Ship
Candy—Slow demand partially attributed to open
ments which usually come through from the coast in
two or three weeks* time now require from six to weather conditions.
eight weeks, and the car shortage has held up many
Condiments—Catsup and chili sauce prices ad
shipments of goods.
vancing due to a short tomato crop in certain sec
Retail grocers report a healthy condition in their tions. Jobbers’ buying active with many packers sold
business. Judging by the heavy demand at this time, out. Retail dealers buying heavily.
the stocks carried by retailers are light.
Preserves—Moving slowly due to home made pre
The canning industry, and particularly com, shows serves which are not yet consumed. Light buying by
a marked improvement. The market is gradually ad retailers for immediate needs only.
vancing.
Peanuts—Prices advancing with farmers holding
The ^following report summarizes general depart crop for higher market.
ments in the wholesale grocery line as they stand out
Cheese—Prices advancing. Consumption increases.
6
THE
MONTHLY
BUSINESS
Less cheese in storage this year than in 1921, although
production is greater.
Olives—Prices higher due to a short crop in Spain.
Dealers buying well.
Sugar—Recent price advances made. Demand slow
due to close of canning season.
REVIEW
Tobacco—Demand for bulk, scrap, and chewing
tobacco is normal. The cigarette market is A lining
but the demand is good. Cigar prices are firm. Sales
for the holidays are much higher than those of
last year.
United States Granaries Well Supplied for Winter; Table Showing
New Tariff Rates on Agricultural Products
The farmer is fast becoming a business man. He
is learning' the ways of trade. Indications are that he
is selling his products in such amounts as the demand
creates. This illustrates the business methods which
now mark the conduct of the farmer and give agricul
ture an increased tone of independence and hope of a
fair profit.
Tobacco—The tobacco situation is quiet at this time
of the year, as the marketing season will not really
open until some time next month.
The .Burley Tobacco Growers’ Cooperative Asso
ciation completed this year’s campaign for members
on November 6, and there are now over 76 thousand
growers of burley tobacco who have become members
of this Association. This is an increase of about 21
thousand over the membership last year. The organ
ization drive in western Kentucky was successfully
completed on October 28, and at the present time the
leaders in that section are busily engaged in complet
ing the Dark Tobacco Growers* Association, and this
organization will handle the 1922 crop of its members.
Over 58 thousand growers have signed contracts to
market their tobacco through this Association. The
tobacco growers of Kentucky and the adjoining states
now have two cooperative marketing organizations
which rank among the largest cooperative marketing
enterprises in the United States.
On account of weather conditions during the grow
ing season the burley crop this year is small. It ap
pears to be of very good quality. Just at the present
time the growers are anxious for some rainy weather,
as they want the tobacco to come into case so that
they can strip it and be prepared to deliver it when
the marketing season opens. Grading demonstrations
are being planned in various sections of the burley
district, in order to stimulate greater interest in the
matter of uniform grading of the tobacco and to
familiarize the growers with the set of grades which
is being used by the marketing association.
Kentucky’s total production of tobacco, of all types,
in 1922 is estimated at 446,400,000 pounds. This is
about 37 per cent increase over the 325,710,000 pounds
produced in Kentucky in 1921, but only about 96 per
cent of the state’s average annual production of 467,000,000 pounds from 1916 to 1920, inclusive. Both
burley and dark types show a sharp increase in
acreage in Kentucky this year compared to 1921, the
per cent of increase being greater in the dark districts
than in the burley district. The average yield per
acre this year in Kentucky, including all types of
tobacco, is 800 pounds, as compared to 846 pounds in
an^ the 10-year average of 852 pounds per acre.
The entire crop of tobacco of the United States, all
types, is estimated at 1,330,275,000 pounds this season
compared to 1,075,418,000 pounds in 1921, and an av
erage annual production of 1,377,866,000 pounds 191620, inclusive. Quality of tobacco in Kentucky is re
ported as 88 per cent this season compared to 84 per
cent in 1921, while the quality of the United States
total crop is 84.3 per cent this season compared to
79.7 per cent last year.
Pennsylvania ranks fifth in the production of to
bacco. The total production for the state is estimated
at 53,693,000 pounds, which is an average yield of
1,393 pounds per acre. The crop last year was esti
mated at 53,809,300 pounds, and the ten-year average
was 52,889,000 pounds.
*
average
For the state of West Virginia the tobacco crop
this season is 7,425,000 pounds compared to 6,000,000
pounds last year, and an average annual crop* of
9.444.000 pounds.
Corn—The corn crop of the United States will be from
present indications, about 200,000,000 bushels less than
a year ago, and the carry-over on farms will be about
100,000,000 bushels less, so that the total a v a S e
supply of com will be approximately 300,000000
bushels, or 10 per cent, less than last year.
’
The Ohio crop shows up slightly better than a
month ago, and indications are now for a 156,000 000bushel crop.
* ’
A special survey by the Ohio State Federal Crop
Reporting Service on the methods of harvesting corn
shows that about 80 per cent of Ohio’s corn crop is
husked, while 12 per cent is cut and placed in filos
for winter feeding to cattlt. Six per cent of the
com crop will be harvested by turning hogs and cat
tle directly into the com field, by grazing or “ howimr
off.” as it is called. It is estinkted that 83 p erS m
o f this year’s Ohio crop is of merehantable quality
Pennsylvania farmers have harvested this year a
crop of corn estimated at 65,561,475 bushels, based
on an average yield of 43.8 bushels per acre. The
crop last year was estimated at 67,012,300 bushels
and the average for the past ten years was aporoxil
mately 60,880,560 bushels. The severe drought which
prevailed during the late summer in nearly everv
part of the state affected the late com adversely Vet
the crop as a whole is about 92 per cent of normal
compared with 97 per cent last year.
’
The Kentucky corn crop this season is estimated nt
90.748.000 bushels compared to 82,150,000 bushels last
year and an average annual production of 971S? iw*
bushels 1916-20, inclusive.
’ AW0
It is estimated that approximately 5 per cent of
THE
MONTHLY
BUSINESS
Kentucky’s acreage of com this season was put into
silos, the average yield per acre being only about 5.5
tons. About 83 per cent of this season’s com crop
in Kentucky is reported as being merchantable, and
farmers also report they have only 6 per cent of
last year’s Kentucky com crop still on farms. The
average yield of corn per acre this year in Kentucky
is 28 bushels, compared to 25.6 bushels per acre ^st
year and a 10-year average of 27.3 bushels.
West Virginia’s corn crop this season is estimated to
be 20,337,003 bushels. The 1921 com crop was 20,128,000 bushels, while the average annual production
1916 to 1920, inclusive, was 22,124,000 bushels.
It is estimated that approximately 4 per cent of
West Virginia’s acreage of corn this season was put
into silos, the average yield per acre being about 7l/£
tons. About 82 per cent of this year’s corn crop is
merchantable. Farmers report they have only 4 percent
of last year’s com crop still on farms. The average
yield of com per acre this year in West Virginia is
34 bushels, compared to 34 bushels last year and a
10-year average of 31.2 bushels.
Potatoes—The state average potato yield for Ohio
will be around 90 bushels per acre, which compares
with less than 60 bushels last year and a 10-year aver
age of 80 bushels. The United States crop is estimat
ed at 435,000,000 bushels.
The average yield of sweet potatoes is estimated at
120 bushels per acre, and the crop is of very high
quality this year.
Pennsylvania has approximately 87 per cent of a
normal crop of potatoes this year, compared with 70
REVIEW
7
per cent last year. The yield per acre in the differ
ent counties varies from 47 to 147 bushels. The to
tal crop is estimated at 24,740,800 bushels and is an
average yield of 110 bushels per acre. The crop last
year was estimated at 18,763,500 bushels and the
average yearly production for the past ten years was
approximately 23,194,300 bushels.
For Kentucky this year’s white potato crop is estimated
at 4,720,000 bushels or 25 per cent more than the
3,770,000 bushels produced in this state in 1921.
This season’s white potato crop in West Virginia
is 4,851,000 bushels, compared to 4,080,000 bushels
last year and an average annual crop, 1916 to 1920,
inclusive, of 5,005,000 bushels.
UNITED STATES TOTAL CROPS
(All figures given in
nearest THOUSAND,
i. e. 000 omitted.)
Crop
Corn.........................
Wheat (all)..............
Oats..........................
Barley......................
R ye...........................
Buckwheat..............
White potatoes........
Sweet potatoes........
Hay (ail kinds) (tons)
Tobacco (pounds)...
Ap^les^ (total crop)
Apples (commercial)
(barrels)...............
Sorghum sirup (gals)
Clover seed (bus.)..
For
Forecast,
1922
From
From
Nov. I
Oct. 1
Condition
Condition
Final December Estimate
Production
5-year
in
average
1921
1916-20
2,896,108 2,853,399 3,080,372 2,830,942
810*123
_______
810,123
794,893
799,083
1,229,774 1,229,774 1,060,737 1,412,602
196,431
151,181
196,431
197,447
57,918
79,623
79,623
67,762
13,643
14,079
14,051
14,426
433,905
433,015
346,823
373,417
110,359
105,490
98,660
88,750
108,736
96,802
108,736
102,129
1,330,275 1,355,456 1,075,418 1,377,866
205,539
203,667
31,501
38,225
1,878
31,639
36,787
..............
98*097
21,204
45,554
1,411
179,208
26,779
39,944
1,564
(NOTE— NEW TAR IFF RATES ON AGRICULTURAL PRODUCTS
W IL L BE FOUND ON PAGE 11)
Morale of Farm implement and Tractor Trade Improves but is Largely
Counteracted by Present Agricultural Conditions
The morale of the tractor and farm implement trade
is much better than it has been for over two years.
Liquidation has been largely completed, old stocks
have been cleaned up, losses taken, and both manu
facturers and dealers are eager to get on a normal
basis again. Conditions on the farm, however, are
still far from normal and leaders in the industry say
that until the present ills are cured, no general good
business can be expected.
Operations during the past two years have sub
stantially reduced the inventory in the implement fac
tories, branch houses, and dealers' hands. The supply of
implements on the farms is also largely depleted.
During the war the government requested that the
farmers refrain, when possible, from buying anything
which was manufactured largely of iron and steel, and
urged that implements be repaired rather than replaced
with new ones. For this reason the consumption of
the farmer m complete implements was much less than
normal. Since the war closed, with the exception of
the year 1920, the demand has been even less than
during the war period, so there can be little question
as to existing requirements.
During the last month, both the dealers and manu
facturers have held their annual conventions and the
expressions of these meetings have reflected the vari
ous trade attitudes of the industry. By general con
sent, price seems to be the one factor which will de
termine the trend of trade for 1923. The dealers,
recognizing that manufacturing costs justify an ad
vance in prices, nevertheless have not hesitated to
impress upon the manufacturers that while farmers
are willing to pay prevailing prices for new machinery,
they would not look with favor upon an advance.
The manufacturers appear to have given the dealers
an encouraging reply. Practically all 1923 prices have
been announced. A large concern, which has been
soliciting 1923 business with a price-less contract, has
announced its prices for 1923, and these, with some
fluctuations maintain the 1922 price level. This is
also true in the case of other leading manufacturers.
Furthermore, most prices are guaranteed well into
1923.
Some of the manufacturers are increasing produc
tion. The increase in production, however, says the
Chilton Tractor Journal, apparently will not be as
great as trade possibilities justify, and probably will
not be much in excess of the demand from dealers evi
denced by contracts received during the next few
weeks. Because of the nature of the implement busi
ness, manufacturers feel that a certain degree of cau
tion is wise at this time. Their policy is to distribute
their efforts as carefully as possible over their entire
8
THE
MONTHLY
BUSINESS
lines, and to prevent undue expansion in any line of
production.
On the other hand, however, dealers feel more en
couraged over business conditions and believe that the
fanner will buy in heavier volume next year, and are
placing orders accordingly.
The dealers have gone on record as favoring an
established retail price for all implements. The goods
are now sold to the dealer at a factory price, to
which the dealer is expected to add sufficient to care
for overhead and profit. However, since there is no
general practice followed in determining retail prices,
the same article may be sold at different prices in ad
REVIEW
jacent communities, a condition which frequently les
sens the farmer’s confidence in the local dealer. So
the dealers feel that a retail price established by consist
ent advertising, with an adequate discount for the
dealer from the list price, would establish the business
on a higher basis in the estimation of the public and
the industry’s customers.
A Fourth District manufacturer of light farm im
plements and garden tools reports that business has
improved since last month, and that nearly all the
customers have increased their orders. Some diffi
culty in procuring steel on account of the car shortage
is being experienced.
Deliveries are Urged in Various Textile Lines; Buyers are Interested
in Quality; Position of Manufacturers Improves
The textile situation, reported as showing a very tically continuous employment during the month of
marked improvement last month, is in about the same December.
position as it was at that time, with possibly more
The dress houses in Cleveland have had an unusu
pressure from the buyers for deliveries. It is neces ally successful season, and merchandising authorities
sary to keep practically all textile machinery running throughout the country predict a heavy spring season
at capacity to meet this heavy demand, and manufac in dresses. The dress industry has developed rapidly
turers are finding some difficulty in securing sufficient during the past two years, due to the increased
la^or to keep all the machines in operation.
for dresses by the American women. There has at the
There appears to be a healthy demand for cloth. same time been a corresponding decrease in the de
It is quite evident that both wholesale and retail buy mand for suits.
ers allowed their stocks to go down to a pretty low
Materials of the popular sort continue difficult to
point. While the wool market is perhaps a little
quieter, it has lost none of the strength gained in re secure, with price increases not infrequent.
A pertinent fact about the women’s garment business
cent months, and the present tendency is toward high
er price levels. The main question in the minds of these days, is that there is a very definite interest be
the textile manufacturers and dealers at this time is ing shown in the quality market. Immediately with
whether the retailers and their customers will pay the the era of deflation, the price appeal was the Homing
higher prices for goods indicated by the advancing note in the industry, and there grew up a series of
jobbers who supplied garments to the trade quickly,
markets for the raw material.
Advance orders for spring in men’s clothing are but at a very low price. These jobbers are still doing
showing a healthy increase over last year. Salesmen a large and successful business, but manufacturers of
report less opposition and less emphasis on price. higher priced garments say they can see a tendency
There are some localities which are apparently in bet in the trade to buy quality goods. There is at this
ter shape than others and generally speaking, north time an unfilled demand for the more expensive grades.
Retail merchants report that the low-priced gar
of the Mason and Dixon Line, these may be divided
into the agricultural and industrial. Some of the ag ments in their stores are the ones that are not moving
ricultural districts are showing somewhat less than rapidly. At the same time there is a demand for
the general average of improvement, due, no doubt, high-priced garments. High-priced doth and furs are
to the slowness in recovery of prices, particularly in also in demand. Manufacturers are in a «n<i<-h better
grains. In the industrial territories, higher wages position than they were at this time last year. Some
and general employment have stimulated retail busi have operated at a profit this year, while those who
took heavy losses last year are finding as they ap
ness, and the situation seems to be much improved.
Business conditions generally, together with the ex proach the close of 1922 business, that they will have
ceptionally warm autumn, combined to delay the usual an even break or perhaps a small loss.
The past month has witnessed a very brisk under
fall peak in garment production. The flow of work
remained fairly even until about the middle of October. wear business. The rather chilly October weather was
Since that time practically every coat and suit house just what the retailers wanted to stimulate an early
in Gevdand has been pressed to get out its orders. buying of fall underwear. This was promptly reflect
There has been a shortage of skilled workers in sev ed in the retailer’s calls to the jobber for more mer
eral factories, as the normal supply of workers was chandise and in the jobber’s re-orders to the manufac
turer for immediate delivery. The demand was wide
not sufficient to handle this peak.
On December 1, and in some factories even sooner, spread and came from all sections of the country.
work will begin on the spring line. Two or three weeks
The fancy knit goods business continues very good
are required in each factory for the production of Warm weather has caused some falling off in sales'
salesmen’s samples. This work, together with the Advance business for the spring has been active, and
late repeat orders for fall goods, will provide prac orders are bring placed for March and April delivery
THE
MONTHLY
BUSI NESS
REVI EW
9
Winter Months Slow Down but do not Halt Building Operations;
Construction Costs Show Upward Trend
Building operations in Geveland and also in many
other Fourth District cities are holding up remark
ably well considering the approach of the winter
months when the usual slowing-down period arrives.
Building permits taken out in Geveland during the
month of October aggregated 1,140 as compared with
1,032 for the same month last year. It is doubtful
whether there has ever been a season more favorable
for building operations than the past summer and fall.
There has scarcely been a day when it was necessary
to suspend work on account of bad weather.
The total value of permits issued in the city proper
for the first ten months of this year, reached approxi
mately $47,000,000, as compared with $42,000,000 for
this same period in 1921.
The activity in home building among the suburbs
has also shown a large gain for the first ten months
of 1922, permits for all the suburbs in Cuyahoga
county having a valuation of $29,435,000, as compared
with $15,305,000 for the first ten months of 1921.
It will be noted that the figures for this year are
almost twice as great as those for the preceding year,
which indicates the manner in which the suburbs are
helping the city to solve its housing problems.
According to reliable authority, present indications
are that construction will continue in sufficient volume
to keep craftsmen and unskilled labor well employed,
barring heavy snows and temperatures that will make
outdoor work impossible.
Construction is continuing at a rapid pace in Cin
cinnati, Ohio. There is a decided shortage in some
classes of labor, notably bricklayers, plasterers, lathers,
plumbers, and steamfitters. A marked falling off in
home building is reported. This type of building has
slowed down earlier than usual this fall, and, gen
erally speaking, buyers are holding off. This would
appear to indicate a gradual catching up in the demand
for homes.
In Dayton, Ohio, the building program has been
very intensive. Approximately 1800 homes have been
built this year as compared with a normal number of
600 a year. Building laborers are busy and difficult
to secure.
There is a fair amount of residence building in
Toledo, Ohio, but commercial building is slow.
Industries which have grown during recent years
are heavy consumers of lumber. The automobile,
airplane, radio, and innumerable other industries 'have
created new demands for forest products.
In the Hillsboro section of Ohio there is quite a
demand for walnut lumber for making fashionable
walnut furniture. Buyers are searching the country
for walnut trees and are paying high prices. The
stump furnishes the most valuable lumber, as this curly
wood is used for veneering.
Lumber prices are showing an upward trend. This
advance is influenced by supply and demand and also
by a change in the use of woods which might be
termed faddish.
Construction costs are on the up grade, due largely
to advances in material prices and building trades
labor. Prospective demand for new structures is
also adding its influence.
Bituminous Coal Production Moves Upward; Labor Supply Improves in Most
Sections; Anthracite Stocks Very Low
Coal production is now proceeding at a rate which
The production of anthracite in the week end
permits some coal to be placed in reserve, after do ing November 11 is estimated at 1,863,000 net tons,
mestic requirements have been met in so far as pres a small increase over the output for the week pre
ent transportation facilities will permit. But lade of ceding.
cars" is delaying shipments and halting production.
With the lake shipping season rapidly nearing a
This means that the fuel problem has shifted, for a dose, ooal is being shipped to lake ports as rapidly
time at least, from the producing end to that of trans as possible. It is estimated that approximately 3,000,portation. However, late reports of the United States 000 tons were needed in the Northwest at the be
Geological Survey are that traffic conditions in gen ginning of this month.
eral have shown some improvement. While the work
A recent survey on coal stocks by the Bureau of
ing time in the bituminous coal fields was somewhat
the
Census, Department of Commerce, and the United
curtailed on account of holidays, recent estimates show
States
Geological Survey shows that on October 1
that production is still increasing. Early returns on
of this year consumers had in storage approximately
car
the week of November 13-18 indi
cate 13,200,000 net tons, comprising 11,100,000 tons 28,000,000 tons of soft coal. On September 1 stocks
were estimated at 22,000,000 tons and on April 1,
•of soft coal and 2,100,000 tons of anthracite, accord
at
least 63,000,000 tons. This does not include soft
ing to the Geological Survey.
coal in the cellars of domestic consumers, concerning
Labor has ceased to be a dominating factor In pro which statistics are not available, nor steamship fuel,
duction with the exception of a few districts. The nor coal on the docks at the head of the lakes, which
labor supply at certain mines which have been work is classed as coal in transit
ing short-handed for many weeks has now become
Measured in tons, the stocks on October 1 were
practically normal.
about the same as on the corresponding day of the
10
THE
MONTHLY
BUSINESS
years 1916 and 1917. Measured in terms of days'
supply, the present stocks are larger, because the pres
ent rate of consumption is still below normal.
If evenly divided among all consumers, the stocks
on October 1 would last 22 days. The record stock of
last April, just before the strike, was sufficient to last
52 days, if evenly divided. Stocks, however, are never
evenly divided for in every community there are con
sumers who store virtually no coal, and others who
carry stocks far above the average.
Retail coal dealers’ stocks of anthracite on October
1 were the lowest at any time in the period over which
REVIEW
stock records extend. Stocks on lake docks were
about 3 per cent of those of last year. There is
little anthracite in the storage yards of producers, but
since October 1 reserves have increased.
Production of beehive coke again increased during
the week ending November 11 after a temporary halt
in the upward trend which has marked the past few
weeks. The total output estimated from reports of cars
of coke loaded was 245,000 net tons, an increase over
the week preceding of about 14 per cent. The im
provement was general in all the eastern coke pro
ducing districts.
No Particular Change in Common Brick Situation 5mce Last Month; Shipping
Problems Troublesome in Pittsburgh Area
According to a report of the Common Brick Man
ufacturers' Association, the sharp advance in the
prices of certain building materials is looked upon as
being decidedly injurious to the entire building out
look. While this advance has not been evidenced to
a marked extent in the common brick business, the
strong demand and short supply have been used to
advantage in some instances and prices have been
marked up.
On the other hand, while manufacturers have been
affected by high fuel costs and transportation dis
turbances which naturally affect prices, the composite
price of brick throughout the country has shown no
great advance.
The Association is urging its members to extend
their capacity and to make more money by putting
more of their product into the market.
The clay products industry is suffering from car
shortage in the Pittsburgh district. Stocks are piling
up and cancellations are coming in. There appears
to be some falling off in demand for clay products
materials used in residences and other small build
ings, and an increase in the materials used in larger
buildings.
The National Slate Association reports that slate
sales during September continued to keep up the
pace set in August.
Blackboard slate shipped during the first nine
months of 1922 is only 10 per cent behind the en
tire year's total of 1921, the largest blackboard slate
year. Two of the largest producing blackboard quar
ries resumed operations in October after a five
months’ strike. The increasing use of blackboard
slate by industrial plants, railroad stations, newspaper
offices, and other commercial places, in addition to
the enormous educational building program now un
der construction, is responsible for this increased
demand.
Slate prices are holding firm. While fuel and
car shortage materially delayed shipments during Sep
tember and October, the acute situation is now some
what relieved. Although considerable trouble in get
ting cars sufficient for shipments is still the rule, con
tractors and other slate users, appreciating the sit
uation, are anticipating their slate needs and allow
ing more time between placement of their orders
and the time slate is required.
Car Shortage Continues; Record Loadings Indicate Remarkable Growth
of Business in Spite of Obstacles
Transportation difficulties continue to be the principal
obstacle in the path of business progression. Reports
at various times appeared to give evidence of a slight
improvement in the transportation situation but pres
ent indications are that the railroads are unable to
meet the unusual demands which increasing business
has placed upon them.
Railroad authorities do not look for any material
betterment in the immediate future for they say that
the approach of cold weather will interfere with the
expeditious movement and unloading of cars. So
while various roads have been purchasing a consider
able amount of equipment, it will require time to pro
vide adequate shipping facilities.
In spite of a general shortage of cars and consid
erable congestion upon many railroads, revenue freight
loading during the month of October was exceed
ingly heavy.
In the week ending October 28, 1,014,480 cars were
loaded which exceeded the preceding week by 10,721
cars. This was within 4,059 cars of the peak of 1920*
when the highest record in the history of the rail
roads was made in the week ending October 15 of
that year.
The present heavy traffic movement is not confined
to such seasonal commodities as grain and coal, but
extends to practically all classes of freight. Accord
ing to reliable authority, however, the present car
shortage may have the effect of holding down anv
further increase in the volume of traffic for some
time. The shortage reported in the period of Octo
ber 15-23 was 166,349 cars as against 156,309 cars
in the preceding week. The Railway Age reports that
the car shortage during October was the greatest ii>
American history.
THE
MONTHLY
BUSINESS
REVIEW
II
New Tariff Rates on Agricultural Products
The following table, which cannot help but be o f great interest to our readers, has been obtained by the Ohio Division o f Markets, from the Bureau
of Agricultural Economics o f the United States Department of Agriculture at Washington. It shows the new tariff rates on all agricultural products. It
can be read and kept for reference and will undoubtedly be found useful at many times. The table is accompanied by explanatory notes given at the bottom:
Commodity.
NEW TARIFF RATES ON AGRICULTURAL PRODUCTS.
Par.
Tariff act, 1913.
Emergency tariff act.
Animals:
Cattle..............................................Free...................................... 30% ad valorem............
Horses and mules.......................... 10% ad valorem...........................................................
Sheep.............................................. Free...................................... $l-$2 per head..................
Swine...................................................... d o ...............................................................................
For breeding.......................................... d o ..................................Free....................................
Beans......................................................25c per bu. (par. 197)......... 2c per lb.1 ..........................
Breadstuff!:
Wheat.............................................Free...................................... 35c per bu...........................
Wheat flour............................................d o ................................. 26% ad valorem.................
R ye.........................................................d o ................................................................................
Corn or maize........................................d o ................................. 15c per bu. of 56 lbs.........
Oats................................................ 6c per bu............................................................................
Barley............................................. 15c per bu.........................................................................
Buckwheat..................................... Free......................................................................... .......
Rice................................................ £$-lc per lb...........................l-2c per lb..........................
Rice flour, ce rimeal, etc............... }{c per lb.............................. He per lb............................
Paddy rice......................................He per lb...................................... He per lb....................
Cotton, raw........................................... Free...................................... 7c per lb. (staple of 1H in
or more)....................
Daily Products:
Butter and butter substitutes. . . .2 A
l c per lb...........................6c per lb..............................
Cheese and cheese substitutes. . . 20% ad valorem.................23% ad valorem..................
Milk:
Fresh.......................................Free......................................2c per gal............................
Cream.............................................d o ..................................5c per gal.............................
Preserved or condensed................ d o ................................. 2c per lb.............................
Eggs o f Poultry.............................................d o ..............................................................................
Dried.............................................. 10c per lb..........................................................................
Frozen or otherwise prepared___ 2c per lb............................................................................
Fruits and nuts:
Apples, green or ripe..................... 10c per bu. o f 50 lbs........... 30c per bu..........................
Cherries:
Green or ripe................................. d o ..................................3c per lb.............................
Lemons:
In packages............................ 18-70c per package.............
\
In bulk....................................Kc per lb.............................. ) 2c per lb......................
Almonds:
Shelled.................................... 4c per lb..........................................................................
Unshelled................................3c per lb............................................................................
Peanuts:
Shelled.................................... He per lb.............................. 3c per lb.............................
_Unshelled....................................He per lb......................................d o ................................
Walnuts:
Shelled.................................... 4c per lb............................................................................
Unshelled................................2c per lb............................................................................
Hay and feed:
H «y ................................................. $2 per ton.........................................................................
Straw...............................................50c per ton .......................................................................
Bran and shorts................................. Free...............................................................................
Honey.....................................................10c per gal.........................................................................
Hops...................................................... 16c per lb ...........................................................................
Meats:
Fresh or frozen—
Beef and veal......................... Free...................................... 2c per lb.............................
Lamb and mutton......................... d o ......................................... d o ................................
Pork................................................ d o ......................................... d o ................................
All kinds, prepared or preserved,
.
n. s. p. f . .........................................d o ..................................25% ad valorem.............
Oilcake........................................................... d o .......................................................
..........
Oils (vegetable):
Peanut............................................ 6c per gal..............................26c per gal.........................
Cottonseed o il................................Free......................................20c per gal.........................
Coconut oil:
Crude..............................................d o ......................................... d o ................................
Refined................................... 3 3ac per lb................................... d o ................................
J ^ B e a n ........................................ Free......................................
d o ...............................
Olive oil:
Bulk........................................ 20c per gal............................40c per gal.........................
. In containers.......................... 30c per gal............................50c per gal..........................
feS S S 1 * 1.................................... 10c per gal.......................................................................
ScedsT
............................................. 12c per gal........................................................................
......................................... 20c per bu. of 56 lbs........... 30c per bu. of 56 lbs.------
............................15c per bu. of 50 .b.............................................
cottoo «ed ; ; ; ; ;
............
do 7 .7 .7
Sugars:*
............................... .................................................................................
V ............................0.985c per lb........................ 1.16c per lb......................
Each additional degree................................................................0.04c per lb......................
Sugar beets................................................ 5% ad valorem..........................................................
) $1.85 and $2.S0 per lb. $2.35 and $3.00 per lb ...
Vegetables: ’ ......................................... ■*°*35 and *050 P*r lb‘ *°‘35 and *°-50 per lb ...
............................................ 20c per bu. of 57 lbs........... 40c per bu. of 57 lbs.. . .
Potatoes......................................... .............................................. 25c per bu. o f 60 lbs.____
W o o f0™
....................................... 15% ad valorem..............................................................
Unwashed...................................... Free......................................15c per lb..........................
Washed.................................................. d o ..................................30c per lb.........................
Scoured.................................................. d o ................................. 45c per lb.........................
701
714
702
703
1506
763
729
729
728
724
726
722
723
727
727
727
1560
Tariff act, 1922.
1 V£‘ 2c per lb.
Worth $150 or less, $30 per head; others 20%
ad valorem
$2 per head.
Free *** Ib*
Y iri% e per lb.
30c per bu.
78c per 100 lbs.
15c per bu.
15c per bu.
15c per bu.
20c per bu.
10c per 100 lbs.
1 K-2c per lb.
>sc per lb.
lc per lb.
Free.
709
710
8c per lb.
5c per lb. but not less than 25% ad valorem.
707
707
708
713
713
713
2 He per gal.
20c per gal. (with exceptions).
l-3c per lb.
8c per doz.
18c per lb.
6c per lb.
734
25c per bu. of 50 lbs.
737
2c per lb.
743
2c per lb.
754
754
14c per lb.
4 %c per lb.
757
757
4c per lb.
3c per lb.
758
758
12c per lb.
4c per lb.
777
777
730
716
778
$4 per ton.
$1 per ton.
15% ad valorem.
3c per lb.
24c per lb.
701
702
703
3c per lb.
4c per lb. and 2
2c per lb.
706
1629
20% ad valorem.
Free.
per lb.
55
55
4c per lb.
3c per lb.
55
55
5 5 ..
2c per lb.
Do.
2 He per lb.
54
54
54
54
per lb. (n. %. p. f.)
7 lie per lb.
3.3c per lb.
3c per lb.
760
760
760
760
40c per bu. of 56 lbs.
y<t£ per lb.
Do.
H e per lb.
501
501
764
1.24c per Ib.
0.046c per lb.
80c per ton.
J $2.10 per Ib. and $2.75 per lb.
I $0.35 per lb. and $0.50 per Ib.
S
1601
768
760
770
lc per lb.
50c per 100 lbs.
✓sc per lb.
1101
1101
1101
12c per lb.
18c per lb.
24c per Ib.
. * The provisions of the emergency tariff read as follows: "Beans, provided for in paragraph 197 of the act entitled 4An act to
tariff duties and'
to provide revenue for the Government, and for other purposes/ approved Oct. 3, 1913, 2c per lb.” Paragraph 197 of the 1913 tariff
dutv of 25c
per bu. of 60 lbs. on “ beans and lentils not specially provided for" in that act. For further information the tariff act s h ^ te cm rtted .
7 Under the provisions o f the treaty of commercial reciprocity concluded between the United States and the Republic o f CuIm m t w 11 1002 and
the provisions of the act of Dec. 17,1903, Cuban products imported into the Unit ed States are entitled to a reduction of 20% from theprescribed rates ofduty
12
THE
MONTHLY
BUSINESS
REVIEW
Debits to Individual Accounts
Akron..................
Butler, Pa.*.........
Canton*..............
Cincinnati............
Cleveland............
Columbus............
Connellsville*.......
Dayton................
Erie.....................
Greensburg..........
Homestead*........
Lexington............
L im a *...............
Lorain*................
New Brighton*....
Oil City...............
Pittsburgh...........
Springfield...........
Toledo.................
Warren, O.*........
Wheeling.............
Youngstown.........
Zanesville*...........
Week End- Week End- Increase or Decrease Week End Increase or Decrease
mg Nov.
ingOct.
Amount PerCent ing Nov.
Amount Per Cent
16,1921
15, 1922
18, 1922
(271 Banks)
(323 Banks) (323 Banks)
$ 14,287,000 $ 12,814,000
$ 1,473,000
11.5 $ 12,534,000 $ 1,753,000 14.0
2,533,000
2,431,000
102,000
4.2
8,928,000
9,905,000 —
977,000 — 9.9
69,696,000
74,069,000 — 4,373,000 — 5.9
62,759,000
6.937.000 11.1
139,114,000
164,624,000 — 25,510,000 — 15.5 118.225.000
20,889,000 17.7
31,939,000
34,935,000 — 2,996,000 — 8.6
26.215.000
5.724.000 21.8
1,565,000
1,518,000
47,000
3.1
13,800,000
15,632,000 — 1,832,000 —11.7
12.875.000
925.000 7.2
7,260,000
7,003,000
257,000
3.7
6,126,000
1,134,000 18.5
4.061.000
4,179,000
6,030,000 — 1,851,000 —30.7
118.000 2.9
711,000
717,000 —
6,000 — 0.8
7,401,000
4,555,000
2,846,000
62.5
3,521,000
3,880,000 110.2
4,016,000
3,218,000
798,000
24.8
1,568,000
1,551,000
17,000
1.1
2,582,000
2,284,000
298,000
13.0
3,365,000
3,446,000 —
81,000 — 2.4
2.775.000
590,000 21.3
178,053,000
167,787,000
10,266,000
6.1 142,300,000
35.753.000 25.1
4,897,000
5,764,000 —
867,000 — 15.0
3.273.000
1,624,000 49.6
49,706,000
37,700,000
12,006,000
31.8
29.025.000
20.681.000 71.3
3,024,000
3,284,000 —
260,000 — 7.9
10,048,000
11,377,000 — 1,329,000 —11.7 ' 7,912,666
2.136.000 27.0
12,972,000
15,131,000 — 2,159,000 —14.3
10.208.000
2.764.000 27.1
2,975,000
3,146,000 —
171,000 — 5.4
Total............
$574,619,000 $588,921,000 —$14,302,000
* Debits for corresponding period 1921 not available.
— 2.4 $441,809,000 $104,908,000 23.7
Comparative Statement of Selected Member Banks in Fourth District
Nov. 15,
1922
(84 Banks)
Oct. 11,
1922
(84 Banks)
Loans and Discounts secured by U. S. Govern
ment obligations......................................... $ 31,205,000 $ 30,146,000
Loans and Discounts secured by other stocks and
354.642.000
356.551.000
bonds..........................................................
632.292.000
642.447.000
Loans and Discounts, all other..........................
177.808.000
164.701.000
U. S. Bonds.......................................................
1.526.000
2.273.000
U. S. Victory Notes...........................................
31,836,000
36,601,000
U. S. Treasury Notes.........................................
3.975.000
6.667.000
U. S. Certificates of Indebtedness......................
280.195.000
279.639.000
Other Bonds, Stocks, and Securities..................
Total Loans, Discounts and Investments........... 1,513,479,000 1.519.025.000
103.173.000
Reserve with Federal Reserve Bank..................
103,537,000
29,970,000
Cash in Vault....................................................
30,426,000
884.899.000
Net Demand Deposits.......................................
862,508,000
512.224.000
Time Deposits...................................................
516,295,000
9.631.000
Government Deposits........................................
11,727,000
Total Resources at date of this Report.............. 1,949,841,000 1.952.528.000
Inc.
Dec.
$1,059,000
$
13.107.666
556,006
364,666
456,000
4.071.666
2,096,000
1,909,000
10.155.000
747,666
4.765.000
2.692.000
5.546.666
22,391,666
2.687.666
Wholesale Trade
Percentage Increase (or Decrease) in Net Sales During October, 1922,
as Compared with September, 1922, and October, 1921
Dry Goods
Net Sales (selling price) during October, 1922, compared with
September, 1922... ........................................................... ...........
3.3
Net Sales (selling price) during October, 1922, compared with
October; 1921................................................................................
2.4
Hardware
Drugs
2.2
7.8
23.0
1.2
Groceries
3#
1 g
THE
MONTHLY
BUSINESS
REVIEW
13
Department Store Sales
Cleveland Pittsburgh Cincinnati Toledo Akron
Percentage of net sales (selling price) during
October, 1922, over net sales (selling price)
during the same month last year................
Percentage of net sales (selling price) from July
1, 1922, to October 31, 1922, over net sales
(selling price) during the same period last
year............................................................
Percentage of stocks at close of October, 1922,
over stocks at close of same month last year.
Percentage of stocks at close of October, 1922,
over stocks at close of September, 1922.......
Percentage of average stocks at close of each
month this season (commencing with July 1,
1922) to average monthly net sales during
Percentage o f ail outstanding orders (cost) at
close of October, 1922, to total purchases
(cost) during the calendar year, 1921...........
Canton
Other
Cities
District
16.3
10.9 —1.6
7.7
14.2
15.4
27.0
11.3
16.5
10.0 —1.7
8.5
13.6
10.0
23.7
10.8
2.7 —9.1 — 10.6 —4.4
7.1
2.2
1.0 —4.2
3.2
3.6
5.1
6.7
2.4
387.5
377.1
11.5
8.3
7.2
—2.2
524.0 367.7
8.6
6.0
4.0
357.2 808.4 403.2 404.1
9.7
7.9
12.8
9.3
Building Operations For Month of October■, 1922-1921
Permits Issued
New Construction Alterations
1922 1921 1922 1921
Akron........... 225 166 81
45 $
Canton......... 164 148 62
68
Cincinnati___ 409 347 255 164
Cleveland*. . . 700 520 910 825
Columbus.. . . 418 321 129 102
Dayton......... 214 195
71 75
Erie.............. 101 122
29 43
Lexington.. . .
60 16 40 63
Pittsburgh. . . 448 394 113 130
Springfield. . .
84 54 21
19
Toledo.......... 262 176 212 129
Wheeling... .
77 74 33 28
Youngstown.. 151 92 21 27
New Construction
1921
1922
384,796 $ 346,300
386,445
349,120
1,320,470
912,875
5,297,017
4,546,907
2,669,640
596,135
484,949
695,955
235,689
277,285
60,000
87,012
3,904,927
1,904,791
48,975
103,380
528,830
270,520
212,300
154,085
151,780
409,455
Valuation
Alterations
1922
1921
50,217
14,540
36,145
18,656
281,100
81,655
682,800 1,369,990
118,960
91,220
36,446
22,475
25,958
80,800
12,168
16,495
598,695
230,051
4,965
5,300
175,672
102,929
20,440
10,900
16,340
$
6,110
Increase or Decrease
Amount Per Cent
$
74,173
20.6
54,814
14.9
607,040
61.0
—1,437,300 —
2,101,245 305.7
— 197,035 —27.4
— 96,438 —26.9
22,685
29.7
—1,631,492 —39.5
54,070
99.6
331,053
88.6
72,545
45.3
252,235
150.0
21.6
Total......... 3,313 2,6251,9771,718 $13,274,664 $13,064,974 $2,054,466 $2,056,561 $ 207,595
* Includes figures for East Cleveland, Lakewood, Cleveland Heights, and Shaker Heights.
1.4
Movement of Livestock at Principal Centers in Fourth Federal
Reserve District For Month of October, 1922-1921
.
Cincinnati.....................
Cleveland......................
Columbus...........
Dayton........... ! ! ! ! ” ”
Fostoria..................
Marion......................
Pittsburgh................‘ i*
Springfield.....................
Toledo...........................
Wheeling.......................
Cincinnati.....................
Cleveland......................
Columbus......................
Fostoria.........................
Marion..........................
Pittsburgh.....................
Springfield.....................
Wheeling.......................
Cattle
Hogs
Sheep
1922
1921
1922
1922 1921
1921
38,160 34,615 127,747 119,508
16,420 19,303
13,536 10,870 91,713 82,386 43,970 44.980
82
5,165
4,947
425
41
2,942 2,925
11,512 11,292
1,238
1,044
^493 1,137
9,556
11,455
2,989 4,072
”*192
9,211
7,780
1,022 1,066
87
50,991 41,701 310,721 182,169 87,205 98.981
625
6,417
7,217
600
348
905
1,679 1,328
13,158
1,902 2,125
469
1,397
1.699
338
467
416
Purchases for*1Local Slaughter
15,942 19,677 48,561
70,643
8,742 12,547
11,875 9,719 63,426 49,586
17,176 26,432
455
328
125
61
41
275
1,340
10
20 " " 5 4
15
1,754
5
2,445
163
87
10
10,509 12,253
7,213 11,648 50,815 39,343
661
139
368
1,397
338
"4i6
1.699
469 "467
12,112
Calves Cars Unloaded
1922 1921
1922 1921
11,655 11,665 2,399 2,359
11,0 2 0
8,386 1,870 1,647
216
220
10
9
766
708
426
406 " 8 8
"49
147
93
36,273 33,119 5,686 3,925
194
155
639
184
710
187
1,008
849
19
14
5,406
10,029
33
50
138
7,190
43
1,008
7,037
7,981
28
55
46
6,995
' ‘ 849
14
THE
MONTHLY
BUSINESS
REVIEW
STATEMENT OF CONDITION
FEDERAL RESERVE BANK OF CLEVELAND
Nov. 22,1922
RESOURCES
Gold and gold certificates......................................................$ 13,778,000
Gold settlement fund—F. R. Board.......................................
65,257,000
Total gold held by bank.......................................................
79,035,000
Gold with Federal Reserve Agent...........................................
180,309,000
Gold redemption fund............................................................
5,158,000
Total gold reserves..........................................................
Legal tender notes, silver, etc.................................................
264,502,000
8,290,000
TOTAL RESERVES......................................................
Bills discounted—Secured by U. S. Government obligations...
Bills discounted— All other....................................................
Bills bought in open market....................................................
22,878,000
19,672,000
50,415,000
Total bills on hand..........................................................
U. S. bonds and notes............................................................
U. S. Certificates of indebtedness—One year.........................
U. S. Certificates of indebtedness—All other.........................
92,965,000
11,852,000
1,500,000
13,850,000
$272,792,000
TOTAL EARNING ASSETS........................................
Bank premises.......................................................................
5% Redemption fund against F. R. Bank notes....................
Uncollected items.................................................................
All other resources..................................................................
120,167,000
6,815,000
239,000
63,801,000
794,000
TOTAL RESOURCES...................................................
464,608,000
LIABILITIES
Capital paid in......................................................................
Surplus.................................................................................
t Government..........................................................
Deposits ] Member Bank-Reserve accounts..........................
^All other................................................................
11,708,000
22,509,000
2,645,000
140,208,000
687,000
TOTAL DEPOSITS.......................................................
F. R. notes in actual circulation............................................
F. R. Bank notes in circulation—net liability........................
Deferred availability items.....................................................
All other liabilities.................................................................
143,540,000
227,572,000
1,418,000
55,212,000
2,649,000
TOTAL LIABILITIES..................................................
464,608,000
Ratio of total reserves to deposit and F. R. note liabilities combined « 73.5%
Compared with 70.6% last week.
FOURTH
FEDERAL RESERVE
D IS T R IC T
J
BOUNDARY OF OISTftlCT
mmmmBOUNDARIES Of BfcAMCH TCIlfclTOAitS
BOUNDARIES or STATES
$) rCOCRM. RESERVE BAHIt CITY
O FEDERAL USCtVl BRANCH CITIES
@FedFRASER