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The Monthly
BUSINESS REVIEW
Covering business and industrial conditions in the Kwrtfi Federal ReserveDistrict
FEDERAL RESERVE BANK of CLEVELAND
D .C.W ills♦ Chairman o f ihe Board
(COMPILED JUNE 20, J921)
VOL. 3
CLEVELAND, OHIO, JULY I, 192'
HERE has been a decided slowing up in many
lines of business during the past month. Pass
ing through the period of readjustm ent we
have become accustomed to sudden changes and
takes a considerable jolt to surprise us. B ut the
thought th a t various lines of business which showed
such a promising spurt last spring, are now losing
ground, is not a pleasant one. If we remember only
th at unemployment is plentiful, th a t wage scales and
prices are unsettled, th a t the iron and steel industry
is at low ebb, and th a t the transportation problem
is still unsettled, the outlook is not encouraging.
However, if we stox> to consider th a t crop prospects
are good, th a t the financial condition of the country
is sound, th a t consumption at present is in advance
of production, th at we have labor, factories and raw
m aterials to produce goods, then it is not so difficult
to see business on the up-grade.
A heavy train running at full speed cannot be
brought to a sudden stop without damage to some
p a rt of the machinery. W hen prices reached their
peak and readjustm ent began, many m anufacturers
failed to heed the danger signals and continued to
operate at full speed and packed their warehouses
with finished goods.
“ Frozen credits” which seriously handicapped
the readjustm ent process, was the result. At the
present time the m anufacturer is keeping his finger
on the buyer’s pulse and the slowing up process can
be accomplished w ithout serious damage. He is
gauging his output by actual orders,
However, this hand-to-mouth policy is not always
the best one. There often comes a time when a
reserve supply is in demand.
The let-up in business may be attributed to sum
mer inactivity or to the fact th at the public is not
T
buying, both of which factors are partially responsi
ble, b u t the real cause is th a t our industries lack the
stabilizing influence of foreign trade.
it W hile the “ buyers s trik e ” is still in progress to
some extent in various localities, sentim ent appears
to be gradually changing and now when people do
not buy, it is as a rule because their pay envelope is
not so large and they are spending their money
with greater care, ra th e r than th a t they are w aiting
for the retailer to make the next move.
There is a wide difference of opinion throughout
this D istrict as to w hether the cost of living has been
lowered commensurate w ith the decline in wages.
So m any different factors enter in th a t it is difficult
to make a decision, but the general impression is th a t
both are coming down on a somewhat equal basis.
I t has been said th a t the national sin of America
is extravagance. W ith the reduction of wages, the
question naturally arises as to w hether we shall have
to cut out some of the luxuries to which we have
become accustomed. D uring the era of high prices
we formed habits which will be hard to break. W e
enjoy luxuries and the luxury of today becomes the
necessity of tomorrow, but we are gradually becom
ing more sensible in our ideas of living. W hile each
member of the fam ily may not be able to own his
car, our present high standard of living will not be
greatly changed and we can m aintain it by efficient
work and careful buying.
D uring the war period, a trem endous tendency
tow ard inefficiency and lack of application grew up.
W hile this has led to various evils, a t least one good
result is in evidence. Many m anufacturers have
been tau g h t to better appreciate the tru e value of the
man who is willing to give a good honest d a y ’s work
in retu rn for a good honest day's pay.
Financial Situation Shows Little Change; Country
Banks Continue Borrowing
The past month brought little change in the bank
ing situation in so far as borrow ing by large city
banks is concerned, but there is an increasing de
mand for accommodations from the smaller country
banks. This is partially due to the generally quiet
existing throughout the country and also
conditions
No. 7
to the fact th a t very few returns have been received
so far from this y e a r's crops. D uring the past year,
approxim ately 100 of the smaller country banks
throughout the F ourth D istrict have been added to
the borrow ing list of this bank.
One of the principal reasons why there has not
been more progress made in the liquidation of last
y e a r's agricultural loans is because the farm er, as a
rule, dribbled his sales over a long period. lie would
sell some goods now and then to meet his own
requirem ents, but not in sufficient quantity to have
much effect on his debts. Thus, while much of the
1 D20 crop has been disposed of, many banks are still
i-freed to carry over last y e a r’s loans. This accounts
in part for the increasing demand for accommoda
tions from agricultural districts.
Bank acceptances for the month showed decided
indications of following the New York call money
rates. During the early p a rt of the m o n th , call
money rates were around 7%, and there was little
demand for bills w ith the exception of such orders
as came from country localities.
D uring the la tte r p a rt of the month, w ith the eas
ing of call money, an active demand arose and prim e
bills were absorbed as readily as offered by th e
brokers.
W ith the increased demand bettering reserves w ith
Federal Reserve Banks, and general inactivity in
commercial shipments, the rates dropped accord
ingly.
At present little distinction is given to m aturity.
All bills of like character are selling at 5J4 to 5 ^ .
No Improvement in Steel Industry; Production Tapering Off;
Railroads Place Small Orders
All present indications point to one of the dullest
summers in history for the iron and steel industry.
Operations at present and in the recent past have
been averaging from 25 to 30 per cent of capacity
and notwithstanding this low relative rate of output,
show a tendency to taper off still further. Some
plants in the East will be down throughout the
month of July, taking the opportunity to make
repairs; with others the advisability has been serious
ly considered of a complete shutdown to extend to
September. Recent reductions in prices by the Steel
Corporation and readjustm ents by the independent
makers have failed to stimulate buying and as com
petition had grown keener with the passing weeks,
the general price situation has become weaker. Con
cessions by individual producers are being made in
practically every finished steel product at the pres
ent time. W ith buyers reluctant to discount the
future and confining their purchases only to immedi
ate pressing needs, this has created a very irregular
situation and has left the outlook for recovery very
uncertain. The logical outcome of present conditions
is additional wage and salary reductions and the
putting into effect of all possible operating econo
mies.
While general buying has remained exceedingly
light, some hopes are being entertained of an increas
ing demand from the railroads because of the im
proving position of the latter. Some minor expans
ion of buying has been taking place in recent weeks
in such fines as track fastenings and material. In
the Chicago district demand of this character has
been the best of the current year. W ith the cropmoving season rapidly approaching, and the surplus
car supply being steadily reduced, the railroads are
giving more attention to the repair of equipment.
Not much business yet has resulted from this direc
tion, but purchasing officers of the roads are promis
ing considerable tonnage as soon as recent reductions
in shop labor can be assimilated. A num ber of the
western systems are planning to reopen their repair
shops shortly a fter Ju ly 1. The better railroad out
look has created hopes th a t the lifelessness of the
present m arket may be overcome, although there is
slight expectation of any m aterial change in th e
present situation for some weeks. Buying of w ire
products in the W est by jobbers has been a little
better. General building construction is a little m ore
active, particularly in the small job class, b u t lab o r
disputes in the building trades, financial factors, etc.,
appear to be holding back the bulk of the g re a t
amount of work th a t is in sight. S tructural steel
aw ards for building purposes in the country in M ay
represent 28 per cent of shop capacity or approxi
m ately 50,800 tons. This is a decrease of 3 per cent
over April, and of 1 per cent over March.
As reflecting the price movement of the m arket,
the composite average of 14 different products com
piled by The Iron Trade Review at m id-June stood
at $42.15. This compares with an average of $43.32
in May, $45.37 in March, $68.29 in June, 1920, a n d
$22.58 in June, 1914.
Pig iron production statistics for May have in d i
cated th a t the severe curtailm ent has reached th e
point where much further recession is not to be
expected. The May output, as compiled by The
Iron Trade Review, was the lowest rate on record
since June, 1908. The total was 1,215,187 tons, an
increase of 24,436 over April with one less day of
operation. The daily average production in M ay
was 39,199 tons, compared with 39,691 tons in A pril
51,447 tons in March, and 108,895 tons in M arch’
1920, the hight point of the previous year.
Steel ingot production in May, both in total and
in daily average, was slightly better than in April
but was a t the indicated low rate of 18,700,000 tons
annually.
The delay in the opening of the Lake Superior
iron ore m arket for the season, which lias broken a
20 -year record, was finally ended June 18, by in itial
sales a t $ 1.00 per ton under the schedule of 1920.
This puts Mesabi nonbessemer ore, the principal
o r f r o f per £ross ton at lower lake ports.
W ith 27,595,000 tons of ore on lower lake docks and
furnace yards, new buying of ore this season pro
mises to be exceedingly light, considering the
exceedingly depressed plane' of present furnace
operations.
c
THB
MONTHLY
BUSINESS
BEVIEW
S
No Im provement in Lake Shipping; Coal and Grain Principal Tonnage;
Many Freighters Idle
The coal trade is the only branch of the lake busi
ness th a t is showing much life and the ore trade
is only taking care of a small amount of the tonnage.
The movement for May was 2,594,027 tons which
was a decrease of 4,382,058 tons compared w ith May,
1920, when the fleet moved 6,976,085 tons. Shipments
up to June first were 2,770,238 tons, which was 4,436,701 tons less than for the same time last season.
Although about half of the bulk freighters are idle
and all the boats are carrying coal, the supply of
tonnage at the upper lake ports is in excess of the
demand and some of the steamers are forced to come
down light.
The bulk of the ore th a t is coming to Lake Erie
is going to a few ports and some of the big unload
ing points are idle a large p a rt of the time as receipts
are very light. The docks at this end of the route
only handled 1,654,534 tons in May. Conneaut
received 558,447 tons or more than a th ird of the
total. Ashtabula was second in the list, Lorain
third, and Cleveland fourth. The movement of ore
from dock to the interior furnaces is very light and
stocks a t the lake front are much heavier than they
were a year ago. On June 1 the docks were holding
8,083,839 tons and on the same date last year stocks
were 6,312,575 tons. Shipping orders are very slow
coming in, and a num ber of steam ers th a t are oper
ated by shippers have been dropped. The grain trade
is taking care of a fair amount of tonnage at one
and three-fourth cents from the head of the lake and
Lake Michigan ports to Buffalo. Some capacity has
been chartered for fu tu re loading a t th a t figure in
the Lake Michigan trade, and a num ber of steam ers
have been placed to take cargoes in Ju ly and August.
All the boats are carrying coal owing to the small
demand for tonnage at the upper lake ports. Con
tra c t tonnage is taking the bulk of the business and
wild vessels are having trouble getting cargoes.
Coal is very slow going forw ard from the upper lake
docks and unless there is some improvement along
th a t line, there will be a let-up in the movement
as storage room will be scarce. Shipments up to
June 1 were 4,802,667 tons. This is the heaviest
movement for th a t period since 1913. L ast season
shipments up to June 1 were only 1,497,304 tons and
in 1919 the fleet loaded 4,714,034 tons. The outlook
is no better than it was th irty days ago and there
frill not be any improvement until the furnacem en
come into the m arket and place orders for ore.
M anufacturing Lines Affected by Mid-Season Dullness;
Automobile Business Slow
There has been little change in m anufacturing
linos during the past month. The m ajority of m anu
facturers say that nothing of interest has developed
recently, and the feeling th at business is dull appears
to be quite general.
While business is on a better basis than it was
several months ago, midseason inactivity is getting
in some hard blows and the result is th at orders are
slowing up. There are other factors also which can
rightfully shoulder a part of the blame. Considered
from this angle, business is not improving but when
weighed with the favorable signs, the business scales
tip in the right direction.
The motor truck industry is reported as looking
less promising than it did sixty days ago.
The automobile business failed to show as much
activity during the month of May as was expected,
but the industry in general appears to be goin^
along fairly well. One prominent auto m anufacturer
reports that their output is gauged by actual orders
and operations are running about forty per cent of
normal.
The rubber business continues to slow up and
orders are affected by midseason inactivity.
The laundry machine industry is reported to be
on practically the same level as it was several months
ago.
The tin can industry does not report any improve
ment. Collections in this line are said to be good.
In the foundry machine line, business is a t low
ebb and orders are p taetically nil.
There is little demand for farm implements at the
present time and business is reported as very slow.
One large concern reports th a t they have sufficient
raw m aterial and partially m anufactured goods on
hand for a normal y e a r ’s requirem ent.
Hardwood flooring is said to be in good demand
owing to the number of new homes which are being
constructed.
Business in the box-board industry during the past
month failed to show any pick-up.
Building Industry Shows Slight Im provem ent as
Wage Scales Are Settled
The building industry is gelling plenty of hard
knocks in its struggle for readjustm ent. One week
may show some improvement while the next brings
the report th a t another strike is in progress. How
ever, wage scales are gradually being settled and
fh ’.s is having a stabilizing effect on the general
•sit nation.
Konewed interest is being shown in home building
;*nd some localities report a fair amount of houses
u<>w under construction.
THU
4
MONTHLY
BUSINESS
Building operations in Cincinnati and vicinity are
reported as unsettled.
The prices for building supplies and materials,
although reduced, are still unsatisfactory and
REVIEW
skilled workmen are unwilling to accept wage
reductions.
Conditions in the P ittsburgh district are p r a c ti
cally unchanged.
Crop Prospects Good; Burley Tobacco Acreage Reduced
Although crops in some localities have suffered
from lack of sufficient rainfall, the outlook in general
is very good.
W inter wheat harvesting has started in southern
Ohio and present indications are th at the crop in the
northern p a rt of the state will be ready to cut about
the first of the month. Pennsylvania wheat has been
damaged somewhat by rust.
The oats crop is reported to be growing nicely
although rain is needed in some localities.
Corn planting has been practically completed and
in some sections considerable acreage is a lre a d y
under cultivation. A good stand is reported.
Acreage in Burley tobacco has been reduced a n d
the farm ers are making an effort to im prove th e
quality of this year s crop. W eather conditions h a v e
not been very iavorable and planting was d e la v e d
somewhat.
In spite of the fact that the farm er has been re c e iv
ing very low prices for his products and has su ffe re d
some severe losses, he appears to have tak en th e
stand that good crops produced at low cost w ill so
far to offset the losses of last vear.
Coal Production about Stationary; M any Consumers Buying From
Hand to M outh; Coke Shows Further Depression
Bituminous coal production during the past four
weeks has been running about even with a wx*ekly
average of around 8,000,000 tons. Figures for the
wTeek ending June 11 show a slight falling off, but in
comparison with those for last month, an upward
trend is noted.
According to the U nited States Geological Survey,
the point of production the year 1921 is about 28 per
cent b e h i n d the w ar years, 1917 and 1918, 23 per
cent b e h i n d 1920, and 7 per cent behind 1919 when
the demand for coal was influenced by a mild winter,
an industrial depression and a heavy accumulation
of stored coal ferried over from the preceding
season.
It is reported that some railroads which c a n
readily secure coal from the mines, are carrying
forty-eight hours’ stock of co al and th at it is n o t
unusual to have orders placed on F riday morning
with the understanding th at thev will be filled nn
later than Saturday night.
Many coal users are depending on th eir re se rv e
supply of coal while awaiting the solution of th *
transpoitation problem, and in some ca^es the supnlv’
is running low. Production in the K entucky f i X ,
is reported at low ebb.
"
The week ending June 4 showed a fu rth er d eclin e
in the production of beehive coke which at the p resent time is but little over a third that of 1920.
Transportation Situation Unchanged
There is no n o ta te change ui the transportation
situation this month as compared with last. Ther.»
is a gradual decrease in the number of idl^ ears and
a continued maintenance of good freight schedules.
During the period of Federal control, when labor
Textile Trade
Holds
Up Well; Sum m , Clothes in Good Demand
Industries whic h w
l i t o feel the effects of
depression as a rul have been the first to recover.
The textile indust »y which was among the first to
slump appears to have gotten on its feet again a^d
at this w riting is reported as making fair progress.
Business in worsted materials and textile fabrics
continues to show a good healthy improvement.
Summer weather hns had a stim ulating influence
was scarce and inefficient, rolling stock received s o n ,,
pretty rough usage.
ue
At the present time this is in need of rep air anH
railroads are making au effort to remedv this s it m f
tion.
*
or: retail trade and there has been a fair d e m a n d '
; r light w.
p o d s . W ith the arrival of v a c a t e
trn e many people ^ buying ontillfr , lothes
n °u
Ive.iillers are still n
ti)e hand-to-mouth p o lic v
V ' i ? h X T T s.
,s »» a rule are well liq u id ate d
V*th the redaction •„ w ag ,s, the public is s h o n '
with a view to
THE
MONTHLY
BUSINE98
REVIEW
5
Special Report on Fishing Industry
It is difficult to think of fishing as even remotely
connected with work. The term usually calls to
mind vacation time, fishing tackle, and the thrilling
moment when the bobber dives out of sight. W hile
it is true th at fishing is one of the most fascinating
of modem sports, it is also an industry of consider
able size with which plenty of hard work is
connected.
Some of the best fresh-w ater fishing in the world
is found in Lake Erie, and the quality of the fish is
said to be superior to the m ajority of those caught
in any other of the Great Lakes. This industry,
especially in the rush seasons of the spring and fall,
furnishes employment to many hundreds of men, and
the numerous varieties of fish are eaten by millions
of people.
Because of the fact th at the fish are in the lake,
and all the fishermen have to do is to go out and
catch them, the idea appears to be quite general th at
the returns are practically all clear profit. The
farm er must plant and tend his crops in addition to
the expense of harvesting them, and the m anufac
tu rer must buy raw m aterials and pay to have them
made into useful articles. W ith the exception of
hatcheries keeping the w aters stocked with fish, the
expenses up to the point of catching them are negli
gible in comparison with many other lines, but at
this point the element of chance enters and plays
an im portant part.
The fishing game has always been, and always will
be, more or less uncertain. A hook and line fisher
man may have splendid luck one day, and the next
day he may catch nothing. Commercial net fishing
is even more uncertain. A net placed in a certain
locality may produce a large catch, and the follow
ing day, with weather conditions unchanged, the
trap may be empty when it is lifted.
Various theories as to the causes for this have
been advanced and some definite conclusions have
been drawn. It is an established fact th a t w eather
conditions have a lot to do as to w hether the tugs
will return loaded or empty. Five years ago blue
pike were very plentiful, and the nets were loaded
with exceptional catches of this type of fish. Lake
Erie is well known for her ability to “ kick up quite
a r o w / ’ as the old sailors like to describe it, and one
of these heavy storms came up which lasted for five
days. All of the nets were washed away, but the
damage did not stop at that. The blue pike dis
appeared from the lake and very few were caught
for five years. However, at present they are coming
to be more plentiful. W hat became of them has
never been fully determined, but it is believed that
parts of the lake bottom may have been disturbed
and that the sediment thus stirred up started a
disease among the fish with disastrous results.
Certain kinds of fish may mysteriously disappear
for several years and then come back with a rush.
When this occurs the catches are usually so large
th at the m arkets are in danger of being over
stocked. While many fish are put in cold storage
each year, and an over supply can be cared for in
this way, it is not the best plan to have too many
on hand at one time. Although the fish business is a
paying one and large profits may be made in a single
season, the element of chance often steps in and a
few bad days will more than counteract a like num
ber of good ones.
Although cold storage fish, when properly frozen,
are practically the same as fresh fish, the public
prefer them ju st as they are taken from the lake.
F or this reason many fisheries are forced to keep
some of their boats and nets in operation through the
dull summer months in order to hold their trade for
the spring and fall. This is an added expense as the
fishing is slow during the summer months and it is
much more difficult to keep the fish in good condi
tion.
Fish lias been used as a food from almost the
earliest period of m an's existence. Prim eval man
caught fish by the aid of numerous devices, the most
im portant of which were gorges made of pieces of
bronze or stone. The latte r was about an inch in
length with a small groove in the middle for a line.
The bait completely covered the gorge, which, when
swallowed by the fish, turned across the fish's gullet
and held it secure. One of these gorges, a relic of
the stone age, has been discovered in France and is
about 8,000 years old.
Fishing is hard, difficult work a t any time, and
especially so in the early spring and late fall when
the lake is rough. I t is practically impossible to set
a net or remove the fish from it when a heavy sea
is running, but in spite of all this there appears to
be a strange fascination in the fishing game. Men
have been known to lose all their nets in a storm
and yet they never think of giving up. If necessary
they borrow enough money to buy a new outfit and
sta rt all over again.
Trap nets are used quite extensively in Lake Erie
fishing. Gill nets and pound nets are also in use, but
the tra p net appears to be replacing the latte r type.
The twine of the tra p nets is covered with ta r in
order to preserve it while in the water, and this
maki‘s the nets very difficult to handle when repair
work is necessary or when they are being set, especi
al] y in hot weather. The tra p net is composed of
four main parts, the lead, the heart, the funnels, and
the body or crib. These nets are set in the bottom
of the lake and are held in position by several
anchors. The fish, after striking the lead, tu rn to
w ard deeper w ater, and gradually work into the
heart, through the funnels and finally into the body
or crib where they have plenty of room to swim
around, but it is practically impossible for them to
escape. The meshes of the crib are large enough to
perm it the smaller fish to swim through.
In the gill net method of fishing the fish are caught
when they try to swim through the meshes and are
held fast by their gills. W hen fish are c a u g h t in
this m anner it is necessary to lift the nets each day
or the fish will die in the w ater. The gill nets are
made of a very fine linen or cotton yarn and because
of their fine texture, they have to be dried quite fre
quently. This method is more popular where fishing
is done near the shore.
THE
MONTHLY
Pound nets are sim ilar to tra p nets with the
exception th a t they are held in place by piles driven
into the lake bottom* These piles have to be driven
by steam and it is an expensive process to move
them.
To the body of each net where the fish are held
prisoners, a rope is attached and this extends to the
surface of the lake and is fastened to a red buoy.
The fishermen in small motor boats make an early
m orning run to their nets, stop at the spot m arked
by a red buoy and attach the rope to a reel on their
boat. The net is slowly hauled to the surface and
after the pocket containing the fish has been pulled
to the side of the boat, an opening is made in it and
the fish are scooped on board. Any fish which are
too small are sorted out and returned to the water.
I t is very interesting to w atch the process of remov
ing the fish from the nets, and even in the dull sum
mer season some very good hauls are made. Quite
frequently from one and one-half to two tons are
caught in no more th an a dozen nets. On warm
days, before m aking the retu rn run, the fish are
covered w ith ice and a tarpaulin protects them from
the sun*
A t the fisheries the d a y ’s catch is dressed and pack
ed in ice for distribution to the fresh fish markets,
or frozen in pans and put into cold storage. In the
freezing process the fish are packed into small shal
low pans and are then placed between layers of
crushed ice or ammonia coils and allowed to freeze
solid. Sufficient heat is then applied to loosen the
fish from the pans and the blocks of frozen fish are
ready to be placed in cold storage.
The consumption of fish in the United States as
compared with England and several other nations is
very low in spite of the fact th at the fishing resources
of this country are the equal of any. This has been
attributed to several causes, the most im portant of
which are slow transportation, and lack of proper
methods when the fish are being frozen. W hen the
consumer is convinced th a t frozen fish are as good
and wholesome as those ju st taken from the water,
our *‘farm s of the la k e ” will play a more im portant
p a rt as a food reservoir.
Fresh fish is a popular food a t pleasure resorts,
and the various kinds of fish are always in good de
mand. Their consumption on the dining cars of the
principal railroads of the U nited States is also an
im portant item. The New York Central Lines were
the heaviest consumers during 1920 when they used
BUSINESS
BEVIEW
252,216 pounds. Tlie Pennsylvania Lines came n e x t
with 193,809 pounds.
There are many varieties of fish caught in L a k e
Erie waters, the most im portant of which are per$h,
blue pike, white fish, pickerel, herring, cat fish, a n d
carp. Various kinds of game fish are more o r less
plentiful, but the fish and game laws are very s tr ic t
and take particular care th a t they do not becom e
extinct.
There have been many claims made th a t the u se
of nets will in time exhaust the fish supply and t h a t
fishing for commercial as well as for sport purposes
will be spoiled. The size of the catches d u rin g th e
past year, and the exceptionally large num ber o f
white fish which have been caught recently, do n o t
appear to verify this claim. The m ajority of fisher
men are careful to retu rn all fish, which the la w
does not perm it them to catch, into the lake, as w ell
as any which are less than the required size T he
State H atchery and the United States H a tc h ery
which are located at Put-in-Bay, also play a n im
portant p a rt in keeping the lake stocked w ith yonnefish.
6
The following is a list of the principal fisheries in
the lo u r th Federal Reserve D istrict.
Toledo, Ohio
Lorain, Ohio
Dewey Fish Co.
Reiger & Werner Fisheries
Thompson & Lamb Fish Co.
Co.
Matter Fish Co.
Ranney ±ish Co.
Booth Fisheries Co.
Port Clinton, Ohio
Port Clinton Fish Co.
Cleveland, Ohio
Bell Fish Co.
Case Fish Co.
Bense Fish Co.
Ranney Fish Co.
Union Fish Co.
Booth Fish Co.
Raoney Fish Co.
Producers Fish Co.
Sandusky, Ohio
Lay Bros. Fish Co.
Post Fish Co.
Booth Fisheries Co.
United Fisheries Co.
Schacht Fish Co.
Huron, Ohio
Huron Fish Co.
Kishman Fish Co.
Heyman Fish Co.
Vermilion, Ohio
Kishman Fish Co.
Southwest Fish Co.
Driscoll Fish Co.
Vermilion Fisheries Co.
Fairport, Ohio
Grand River Fish Co.
Kaishman Fish Co.
Booth Fisheries Co.
Ranney Fish Co.
Ashtabula Harbor, Ohio
Ashtabula Fish Co.
Kolbe Fish Co.
Fred Driscoll Fish Co.
Erie, Pa.
Keystone Fish Co.
Union Fish Co.
Case Fish Co.
Kolbe Fish Co.
Booth Fisheries Co.
Lake Erie Fish Co.
12. Leosch & Sons Fish Co.
THE
MONTHLY
BUSINESS
REVIEW
7
Clearings
1921
May 1G to June 15
Increase or
Decrease
1920
Per cent
Inc. or Dee
A kron.......................................................
C anton.....................................................
Cincinnati................................................
Cleveland.................................................
Columbus................................................
D ayton....................................................
Erie...........................................................
Greensburg..............................................
Lexington................................................
Pittsburgh................................................
Springfield................................................
Toledo......................................................
Wheeling..................................................
Youngstown............................................
$£6,695,000
16,200,156
222,071,913
369,736,661
54,251,700
17,411,908
9,378,243
5,430,694
4,889,347
572,630,419
5,491,814
45,593,000
18,350,300
14,364,012
$54,323,000
22,214,499
290,717,302
580,788,156
60,078,400
20,230,595
11,641,550
5,331,459
6,903,601
680,577,757
7,653,562
64,146,236
23,080,773
17,639,S63
—$27,628,000
—6,014,343
—68,645,889
—211,051,495
—5,826,700
—2,818,687
—2,263,307
—2,014,254
—107,947,308
— 1,161,748
—18,553,236
—4,730,473
—3,275,851
—50.9
—27.1
—23.6
—36. S
— 9.7
— 13.9
—19.4
1.9
—29.2
—15.9
— 15.2
—28.9
—20.5
— 18.6
T o tal............................................
1,382,495,197
1,845,326,753
—462,831,556
—25.1
Debits to Individual Accounts
Week Ending
June 15, 1921
Week Ending
June, 16, 1920
Increase or
Decrease
Per cent
Inc. or Dec.
Akron...........
Cincinnati...
Cleveland. . .
Columbus. . .
Dayton........
Erie..............
Greensburg..
Lexington.. .
Oil City........
Pittsburgh...
Springfield...
Toledo..........
Wheeling.. . .
Youngstown.
$14,321,000
63,034,000
126,580,000
28,397,000
11,985,000
6,602,000
4,568,000
3,595,000
2,575,000
171,254,000
3,479,000
29,242,000
8,244,000
10,511,000
$33,577,000
71,136,000
207,337,000
35,546,000
12,346,000
8,562,000
6,229,000
4,847,000
3,359,000
226,564,000
8,700,000
35,487,000
9,740,000
14,987,000
—$19,256,000
— 8 , 102,000
—80,757,000
—7,149,000
—361,000
— 1,960,000
— 1,661,000
— 1,252,000
—784,000
—55,310,000
— 221,000
—6,245,000
— 1,496,000
—4,476,000
—57.3
—11.4
—38.9
— 2 0 .1
—2.9
—22.9
—26.7
—25.8
—23.3
—24.4
— 6 .0
— 17.6
— 15.4
—29.9
Total.
484,387,000
673,417,000
—189,030,000
—28.1
Comparative Statem ent of Selected Member Banks in Fourth District
(In Thousands of Dollars)
June 8,
May 11,
88 Banks
88 Banks
1921
Loans and Discounts secured by U. S. Government
obligations.............................................................................
Loans and Discounts secured by other stocks and bonds. . . .
Loans and Discounts, all other..................................................
U. S. Bonds...................................................................................
U. S. Victory Notes.....................................................................
U. S. Certificates of Indebtedness.............................................
Other Bonds, Stocks and Securities..........................................
Total Loans, Discounts and Investments................................
Reserve with Federal Reserve Bank..........................................
Cash in Vault................................................................................
Net Demand Deposits.................................................................
Time Deposits...............................................................................
Government Deposits...................................................................
Total Resources.............................................................................
55,283
341,050
582,426
99,141
20,362
10,883
285,576
1,394,721
93,004
31,535
818,890
427,910
2.603
1,827,172
1921
56,549
340,012
603,066
99,583
20,757
12,365
282,663
1,414,995
91,172
33,068
819,460
427,705
15,221
1,£65,566
Inc.
Dec.
1,266
1,038
20,640
442
395
1,482
2,918
20,274
1,922
1,533
570
205
;.,.
• . ..
12,618
38,894
THB
MONTHLY
BUSINESS
BEVIEW
Wholesale Trade
Percentage Increase (or Decrease) in Sales During 1920 and 1921
Over the Corresponding M onth in Previous Year
Dry Goods
Groceries
............................. ............. .... —24.0
...........................................
11.5
...........................................
10.0
...........................................
10.0
............................................................
............................................... —27.5
............................................... — 4.2
............................................... —20.0
............................................... —51.6
............................................... —22.3
............................................... —14.9
.......................................... .... — 4.2
.......................................... .....—13.6
M ay 1920.
June..........
July..........
August___
September.
October...
November.
December.
January...
February..
March. . . .
April..........
May 1921.
Hardware
32.2
47.8
20.6
1.0
23.8
—10.8
— 3.8
—18.8
—36.7
—27.1
—33.1
—37.7
—35.1
Drugs
31.2
37.2
24.7
21.5
12.4
2.0
16.7
— 16.9
—
30.2
58.4
29.6
11.1
31.1
22.0
4^8
—17.0
— 19.0
—31.2
—29.2
—23.4
—23.4
20.6
—19.0
—16.3
—21.9
-
Number of Reporting Stores for Month of May, 1921
Dry Goods
Groceries
lliinlware
6
8
Drugs
7
6
Department Store Sales
Pittsburgh
Percentage increase of net sales during May, 1921,
over net sales during same month last year.....................
Percentage increase of net sales from January 1, 1921,
to May SI, 19*1, over net sales during same period
last year..............................................................................
Percentage increase of stocks at close of May, 1921,
over stocks at close of same month last year.................
Percentage increase of stocks at close of May, 1921,
over stocks at close of April, 1921...................................
Percentage of average stocks at close of each month
this season (commencing with January 1, 1921)
to average monthly net sales during the same period. . . .
Percentage of outstanding orders (cost) at close of
May, 1921, to total purchases (cost) during the
calendar year, 1920............................................................
Cleveland
Other
Cities
District
1.3
— 17.9
0 .2
— 5.5
5.7
— 1 0 .1
2.9
—0 .3
—14.1
—28.7
—9.8
—18.2
—4.9
— 1 .0
—2.7
—3.1
302.4
328.7
418.1
334.0
5.1
5.5
5 .8
5 .0
Movement of Livestock at Principal Centers in Fourth Federal
Reserve District For M onth o f Mayf 1921
Hogs
Cattle
1021
1920
19,707
29,756
............ 8,220
951
17
Columbus............ ..........
D ayton................ .......... 1,224
449
Wheeling............ ..........
150
Springfield.......... ..........
19,630
30,817
5,066
977
Cincinnati.......... .......... 16,461
Pittsburgh.......... .......... 6,384
7,051
Cleveland...........
15,472
6,578
4,497
Cincinnati...........
Columbus............ ..........
D ayton ..............
00
1,662
447
17
1921
123,204
150,816
74,935
11,174
6,619
10,193
1,368
5,000
Sheep
1920
144,709
233,102
64,747
18,039
5,817
10,491
1,890
Purchases
77,875
36,115
56,471
1,368
45,231
77,40.9
17,703
449
105
434
249
775
10,709
70,208
15,960
1,096
20
453
244
105
.......
1,890
249
V/nrs
Calves
1920
for Local Slaughter
75,396 13,896
4,961
32,959 14,854
7,832
37,154 15,118 11,577
1,351
.........
447
1921
1921
16,899
20,047
13,968
1,185
310
768
1,750
350
1920
18,566
24,459
12,705
2,150
119
719
2,155
Unloaded
1921
1920
2,073
3,5f»3
1,384
157
15
2,238
4,123
1,208
256
47
18
1
27
.
11,628 8,499
10,705 10,811
13,013 12,126
208 .........
244
1.750
2,155
18
27
THE
MONTHLY
BUSINESS
9
BEVIEW
Building Operations For M onth of May
Permits Issued
New Construction
Alterations
1021
1920
1821
1920
Akron
Canton
Cincinnati
Cleveland *
Columbus
Dayton
Erie
Lexington
Pittsburgh
Springfield
Toledo
Wheeling
Youngstown
526
145
183
229
194
168
84
25
365
35
216
48
132
211
125
329
430
331
231
138
10
396
82
247
64
148
102
161
94
263
1,148
175
119
47
82
177
56
255
24
42
110
735
1,025
134
110
64
82
149
23
181
27
37
Valuations
New Construction
1021
1920
348,557 2,099,021
196,805
296,568
1,717,315
934,735
2,894,335 3,455,000
1,168,020
525,850
549,524
374,750
204,672
206,458
55,225
200,000
1,357,392 1,397,167
126,180
27,825
274,010
491,750
52,390
22,820
290,720
242,900
Alterations
1921
1920
117,110 - -1,818,714
64,707
—126,325
436,775
496,760
845,450
—959,615
197,575
584,335
62,723
171,495
—435,216
495,115
—154,154
29,927
—103,550
267,646
155,445
19,010
27 125
—259,380
9,970
23,018
29,835
45,810
—82.1
—35.0
36.2
—22.3
80.8
11.5
—62.0
—67.0
— 6 .2
331.9
—36.6
70.2
16.8
1,451,576 2,900,740 --2,488,863
—18.9
48,860
38,145
150,955
446,500
139,740
59,444
61,685
20,548
203,871
76,100
174,485
3,418
27,825
2,742 2,350 2,584 2,838 9,235,145 10,274,844
Total
* 1921 figures include Lakewood and E ast Cleveland.
Inc. or Dec. of Per cent
Total Valuation Inc.or Dec.
Statem ent of Bitum inous Coal Loaded Into Vessels {As Dumped by Docks)
In Net Tons for Season to End of May, 1921, as Compared with the Same Period
for the Seasons of 1920-1919.
Ports
Toledo
Sandusky
Huron
Lorain
Cleveland
Fairport
Ashtabula
Conneaut
Erie
Railroads
Hocking Valley............
Toledo & Ohio Central
Baltimore & Ohio.......
Pennsylvania...............
Wheeling & Lake Erie
Baltimore & O hio. . . .
Pennsylvania................
E rie...............................
Baltimore & O h io .. . .
New York C en tral.. . .
Pennsylvania............ ..
Bessemer & Lake Erie
Penn.-W est..................
Penn.-East....................
Total
1931
Fuel
Cargo
821,739
196,039
402.239
223,214
424,250
625,935
512,323
126,769
0
Total
1920
Fuel
Cargo
20,518 842,257 126,136
5,342 201,381 68,825
10,629 412,868 101,844
6,060 229,274 64,544
11,132 435,382 301,890
24,727 650,662 387,512
20,143 532,466 38,664
4,260 131,029
0
0
462,355 16,887
532,897 17,128
196,091 1.911
235,231 7,392
43,585 5,509
0
0
479,242 48,660
550,025 51,344
198,002 299,800
242,623
680
49,094
7,405
Total
1,859
4,959
10,270
995
25.451
43,496
6,522
0
0
21,415
16,138
9,360
70,075
67,482
309,160
680
19,861
0
1919
Fuel
Total
127,995 979,882 29,459 1,009,341
73,781 219,262 6,036 225.298
112.114 242,199
5,293 217,492
8,919 321,516
65,539 312,597
327,341 396.647 12,442 409,089
431,008 647,912 33,654 681,566
45,186 458.111 60,129 518,240
0
0
12,456
Cargo
0
0
10,956 10,022
455,839 26,711
476 938 16.364
913
318,868
7,959
155,144
2,099
40,179
20,978
482,050
4P3 302
319,787
163,103
42,278
0
4,802,667 151,638 4,954,305 1,497,304152,918 1,650,222 4.714,034 220,006 4 034
040
10
THE
MONTHLY
BUSINESS
REVIEW
STATEMENT OF CONDITION
FEDERAL RESERVE BANK OF CLEVELAND
JUNE 22, 192J
R E SO U R C E S
In Thousands of Dollars
Gold and gold certificates............................................................ $ 6,042
Gold settlem ent fund— F. R. Board............................................
50,537
Total gold held by bank................................................................
56,579
Gold with Federal Reserve A gent.............................................. 188,562
Gold redem ption fund ..................................................................
4,635
Total gold reserves..................................................................
Legal tender notes, silver, etc...................................................
249,776
6,634
T O T A L R E S E R V E S ..........................................................
$256,410
Bills discounted—Secured by U. S. Government obligations 52,066
Bills discounted—All o th e r ...............................................................94,960
Bills bought in open m arket........................................................
3,231
T otal bills on hand..................................................................
U. S. bonds and n o te s....................................................................
U. S. Certificates of indebtedness—one year...............................
U. S. Certificates of indebtedness—all other.............................
150,257
844
21,799
9
T O T A L E A R N IN G A S SE T S............................................
172,909
Bank prem ises ................................................................................
5% Redem ption fund against F. R. Bank notes.......................
Uncollected items ..........................................................................
All other resources ........................................................................
2,170
1,239
56,761
T O T A L R E S O U R C E S ........................................................
............... 490,464
L IA B IL IT IE S
Capital paid in ...........................................................................—
Surplus ...............................................................
Reserved for Government Franchise Tax
Deposits-Government ....................................................................
Member Bank-Reserve account .........................................
All other ................................................................................
T O T A L D E P O S IT S ....................
975
11,047
20,305
3,435
1,098
130,810
980
132,888
F. R. Notes in actual circulation ...............................................
F. R. Bank notes in circulation—net liability.........................
Deferred availability items ..........................................................
All other liab ilities......................................................
255,402
17,070
49,114
3,203
T O T A L L IA B IL IT IE S .....................................................
490,464
Ratio of total reserves to deposit and F. R. note liabilities combined 66.0%
Compared with 61.8% last week.
Ratio of gold reserves to F. R. notes in circulation after setting aside 35 per cent against
deposit liabilities = 82.2% compared with 78-1% last week.
@FedFRASER