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The Monthly BUSINESS REVIEW Coucnng business andindustrial conditions in the Emrth RderalRaserveDistrict FEDERAL RESERVE BANK o f CLEVELAN D D.C.Wills, Chairman of the Board (COMPILED MAY 20, J92J) VOL. 3 CLEVELAND, OHIO, JUNE I, 1921 N*. 6 support of himself and family. This condition of USINESS sentiment at the present time may affairs cannot continue indefinitely with advantage be characterized as hopeful. Considerable pro to either side. There are, however, some bright gress has been made in the process of liquida tion, some improvement is noted in many lines ofspots in the labor situation. Labor in many lines is beginning to realize that high wages and high industry, and each improvement adds its bit to the prices cannot continue forever, and have accepted substantial foundation toward which business is reductions. A pleasing efficiency in work is also gradually working. noted by many manufacturers. Some kinds of business does not welcome exposi A noticeable decrease is noted in orders for tion, and unjust criticism is certainly a poor medium goods coming in from agricultural districts. This is to restore public confidence, a much needed factor in partially due to the attitude of the retailer whose trade at the present time. But will business stability prices as a rule do not show a corresponding be reached by continually pouring oil on troubled waters, rather than endeavoring to find the cause decrease when compared to the cost of wholesale goods and the prices the farmer has been receiving for the waves? for his products. It would appear that further re Financially, conditions are sound, indications duction in various retail lines would remove con are that crops this year will be good, and sentiment siderable friction and might even add some lubrica in the iron and steel industry appears to have taken tion in the movement toward business stability. a turn for the better. It would seem that no one big factor is operating against satisfactory stabilization, Just to what extent business conditions will be but the fact remains that business is still convales affected by the recent cuts in popular priced cars cing. Complete acclimatization to such tremendous has not been fully determined, but the general im changes as have been occurring during the past few pression appears to be that it will tend to cause months of course has not been expected, since prac some uncertainty in the trade. While each reduction tically the entire world was involved. However, is another step in the right direction, and in some there is too much sand in the gears of business instances has resulted in a noticeable increase in machinery for smooth running and friction is sales, the dealers will not receive the full benefits resulting. from them until a substantial level is reached in practically all lines. To pick out any one cause for this friction would be a difficult task, but there are several which stand Manufacturers in many lines continue to report out, and all are closely linked together. There is, as a gratifying increase in business, but they are not usual, a tendency to lay the blame at the door of the overlooking the fact that at least part of this other fellow. increase may be classed as “ seasonal.'’ Wage scales, Labor and capital are still unconvinced in many where satisfactorily adjusted, are having a stabiliz cases that wages and the price of goods should be ing effect on general conditions. lowered on a somewhat equal basis. Labor argues The foreign trade situation has not improved that with the high price of rents, fuel, transportation, and exports continue to fall off. Quite a lot of inter and the many other necessities, it is impossible to est and enthusiasm was aroused by the recent Trade work for less wages, while on the other hand the Convention held in Cleveland. Manufacturers and manufacturer feels that since labor, which is a large the public in general are showing increased interest, percentage of production costs, is so expensive, no and are awakening to the realization that foreign reduction in the price of his goods is warranted. trade is a vital factor in business prosperity. But up The continued contest for supremacy between to the present time, this interest is more o f a union leaders and open-shop men is forcing the curious than of a constructive nature. The tendency working man to depend on his savings account, is to stand by and offer suggestions, rather than to rather than on a good honest day’s work, for the get next to the wheel and push. B THE 2 MONTHLY BUSINESS REVIEW Banking Situation Unchanged; Demand For Accommodation by Country Banks Continues; Acceptance Market Comparatively Inactive. There has been practically no change in financial conditions throughout the district during the past month. The volume of loans and rediscounts for member banks is somewhat smaller, largely by reason of liquidation on the part of banks in the larger cities. On the other hand, advances have been made to more members, in the smaller com munities. The demand by country banks on city banks for accommodations continues, although reports from some sections indicate a disposition on the part of farmers to sell at least a portion of stored crops and liquidate their banking indebtedness. During the month the market for prime bank ers' acceptances was sporadic, with a considerable falling off in the demand from the banks of this district. The supply of paper has continued to increase, as in the previous month. Brokers were offering a good variety of bills, but with little material effect on demand. The rates have not followed the basic principle of supply and demand, but remained at a rate proportionately lower than other forms of commercial paper. The trend of the market throughout the month has shown that there is no hesitancy in purchasing this form o f paper because of the rate, but more so because there seems to be but little idle money. During the month, much interest was shown b y the announcement of the Federal Reserve Board that six months9 bankers’ acceptances, issued on imports and export transactions, had now become eligible fo r open market purchase by the Federal Reserve Banks. This will provide a discount market for a class of paper that previously found little or n o demand, and will more effectively enable our dis count market to aid overseas commerce. Prime 90 day bills are quoted 60 “ 30 5% to 5% 5% to 5% 51/2 to 5% Business Slow To Respond To Cut In Steel Prices; New Orders Due To Activity In Automobile Industry; April Production Shows Further Decrease. Steel trade conditions are not responding in the degree that it had been hoped for when the Steel Corporation recently reduced and independent pro ducers readjusted their prices to a uniform basis. Buyers apparently are maintaining an expectation of still lower prices. In the meantime they are plac ing business only in minimum amounts generally. Where they have larger tonnages to distribute they usually are shopping extensively with the result that some concessions in prices have been devel oped. A large part of the new business which has come to independent mills in recent weeks had been covered by protections granted to buyers and left outstanding when these producers early in April revised their prices to a higher basis. Current operations of the industry as a whole are approxi mately 35 to 40 per cent. Steelworks activities in the Mahoning Valley this week have been on a higher basis than the average, or around 51 per cent. Sheet mill activities in that territory this week are at 32 per cent. Principal new business to come out recently has been in connection with the automobile industry. Production of automobiles in Michigan territory at present is estimated at 6,000 cars daily, of which about two-thirds are by the Ford Motor Company. The latter company has been active in the steel market during the past several weeks and has closed for a round tonnage of sheets, bars, strip steel and other products as well as giving releases on a con siderable quantity of material which had been under suspension. Other automobile builders and parts manufacturers also have been seeking material on a larger scale, but in no case have they shown the same degree of activity as the Ford Motor Company. Oil field operations also have been productive o f a fair demand for tubular goods. Construction w ork is bringing forth some tonnage, but the development of such business is being blocked temporarily by the strikes and wage readjustments that are under w a y in the building trades generally. A substantial reduction in wages along with further lowering o f material prices, it is believed would effectively stimu late building construction, as a large amount of w ork is in the preliminary or provisional stage. Railroad buying is a small factor in the present steel market. Pig iron production in April, according to The Iron Trade Review, fell to an even lower record than the historic mark in March when the output was pronounced to be the lowest in the history of the country in proportion to total of capacity. The average daily rate of production in April was 39,735 tons—the lowest point 011 record. The average daily output in March was 51,404 tons. Furnaces in blast at the close of April were 96, a loss o f seven from the preceding month. Tlrls month]v loss 01 active furnaces, however, was the smallest in six months comparing with 52 in Mrrch and 29 in February, and indicating that the readjustment has about reached the state of equilibrium. Total April output was 1,192,071 tons compared with 1,594,866 tons in March and 1,92!),394 tons in February Steel ingot production in March, according to the American Iron and Steel Institute, was at the THE MONTHLY BUSINESS annual rate of 17,240,000 tons. This is the lowest rate for any calendar year since 1908, when the out put was 13,677,027 tons. The shrinkage in April is shown from the fact that the indicated output of the whole country in March was at the rate of 21,250,000 tons annually. REVIEW 3 The composite average market price of 14 differ ent products as compiled by The Iron Trade Review was $43.41 for the first three weeks in May. This compares with $43.84 in April, $45.37 in March, $48.81 in February, $68.66 in March, 1920, and $22.99 in May, 1914. Little Change In Lake Shipping Conditions; Ore Stocks on Docks Heavy; Grain Rate Further Reduced. Practically no change lias taken place in the lake trade during the past month. A large number of the bulk freighters are still idle. The United States Steel Corporation has been loading outside tonnage since the week of May 16, but the other shippers are taking care of very little tonnage as many of their own ships have not been started. Some of the shippers have not loaded any ore and no sales have been reported. Another cut has been made in estimates for shipments for the season, and 35,000,000 tons is the top figure named. If the move ment does not exceed that figure it will mean a loss of about 23,000,000 tons compared with last season. Furnace men having long-time contracts do not want to take their ore forward and shippers are having some trouble disposing of cargoes. The fleet loaded 176,211 tons of ore in April, but a number of cargoes dumped into vessels at the head of Lake Superior that were not fitted out were not delivered. In April, 1920, shipments were 230,854 tons. The movement for May will show a big de crease compared with May, 1920, when the fleet took 6,976,085 tons. The Lake Brie docks only sent 282,371 tons of ore forward to the interior furnaces Manufacturing Shows Little Change; Reports from manufacturers this month are encouraging, but some disappointment is shown where the expected increase in sales has failed to materialize. Inefficient labor is being weeded out and employers are slowly but surely placing their plants on a firm and better working basis. The passenger automobile industry continues to show slight improvement, and while there is a tend ency in some localities to consider this as seasonal the volume of sales is holding up well. The recent cuts in popular priced cars has caused some uncer tainty in the public mind as to the stability of prices. Some improvement is noted in the automobile body business, which of course is the result, of the increased activity in automobile manufacture. Wage scales are being changed and further revisions are contemplated. The rubber business is said to show a “ slight let up” over last month. A few men have been laid off recently. This month has failed to show any improvement in April while shipments for April, 1920, were 1,385,848 tons. Stocks of ore at this end of the route are much heavier than they were a year ago. On May 1 the docks were holding 8,093,854 tons and on the same date last year stocks were 6,204,556 tons. The grain trade is taking care of very little American tonnage and a number of boats were un able to get cargoes at the head of the lakes and had to come down light. A number of steamers are run ning light in the Lake Michigan coal trade, but some owners will only start boats for which they can get cargoes at both ends of the route. With the supply of tonnage in excess of the demand, the grain rate from Lake Superior ports to Buffalo was cut and cargoes were moved at one and three-fourth cents a bushel. Some season chartering has been done in the coal trade and several blocks have been covered at fifty cents to the head of Lake Superior and sixty cents to Milwaukee. Loading has been much heavier than last season and up to May 1 the docks dumped 1,242,772 tons of cargo coal. All the coal has not been delivered as a large number of steamers are holding cargoes at Lake Erie ports. Wages Reduced In Many Lines. over April in the storage battery line, but there has been a satisfactory increase in sales since the first of the year. Business in the agricultural implement line con tinues dull. One hardware manufacturer reports sales on wagon hardware during the month of April as the lowest on record for forty years. The volume of sales in the tool manufacturing line is reported as slightly less during April than for the preceding month. The number of units sold shows an increase and this is taken to indicate that the buying is chiefly from small rather than large production shops. Some localities report this indus try at a very low level and not operating in excess of ten per cent of normal. In the moulding machine line, the month of April is reported as the poorest for years. Until the foundries become more active, no pick-up in this business is expected. A wage reduction of between fifteen and twenty per cent has been made. Business in the laundry machine line is reported THE 4 MONTHLY BUSINESS as showing a healthy increase over the preceding month. Collections are reported as satisfactory. Orders in the tin can industry are falling off. Because of large stocks of canned goods on hand, packers have reduced their contracts and for this reason growers are reducing their acreage. The decrease in the price of tin plate has failed to stimu late buying. Manufacturers of paint and white lead report a REVIEW steady improvement in their trade both in sales and collections. Nothing of interest has developed in the boxboard industry during the past thirty days. It is reported that box-board mills are operating at a loss. In many of these lines, wage reductions have been made and the men have accepted with more or less opposition. Conditions In Building Line Unsettled. The first of May brought further confusion in the building industry, and at this writing many workers in this line are out on strike. For this reason a fair amount of building which was planned for the near future has been postponed, and con tractors with buildings partly completed have been forced to shut down. Efforts are being made by the different labor craft to adjust wages and this is meeting with considerable opposition. One regrettable feature of the situation is, that while the cost of building material in most lines has been reduced, and there is a plentiful supply o f labor, little progress is being made in building nrivate homes. Spring Farm Work Well Advanced; The farmers are making good progress with their spring work, although handicapped somewhat by cold, wet weather. Spring plowing was reported on April 30 as being from 65 per cent to 70 per cent completed. In some localities, a reduced acreage in corn and wheat is being advocated, but the majority of reports would seem to indicate that the usual amount of seeding is being done. Although the prospects for winter wheat are Coal Production Increasing; Acreage About Normal. excellent, growth has been checked somewhat bv recent cold weather and complaint is made of the plant taking on a yellow tinge. Some farmers are showing a tendency to, liquidate their 1920 crop and loans for that year are being paid. The planting of corn has been retarded by bad weather, and the oat crop has been damaged to some extent. Spring pasture is good. Coke Output Shows Further Decline. Bituminous coal production apparently hit the bottom during the week ending April 2nd. Since that time a decided improvement is noted and pro duction figures show a steady increase. The tonnage produced during that week equalled 5,800,000 tons. Production for the week ending May 7 equalled 7,300,000 tons. It is esti mated that around 8,000,000 tons were produced dur ing the week ending May 14. Heavy inroads have been made into the reserve stocks of coal through- out the country, which show a decrease of about ten million tons at the present time. On account of the uncertainty in the railroad situation, some coal companies are refusing to male* contracts for this Fall. Production of beehive coke during the first week in May again declined. The total output is estimated at 70,000 net tons, a decrease of 2,000 from the pre ceding week. Transportation Shows No Marked Change. A continued increase is noted in the amount of traffic moving, although it is difficult to say whether or not the increase is simply the natural result of seasonal changes. The increase in the movement of traffic is shown to some extent by the decrease in car surplusses from week to week during April. On April 8 there were 507,427 surplus cars reported throughout the country; on the 15th, 499.479; on the 22nd, 483 067 and on the 30th, 482,352. Business Good In Textile Trade; Heavy Orders For Fall Goods. The warm spring weather in March brought early buying of summer clothes and resulted iu a noticeable increase in the textile industry. Because of these large orders so early in the year, the sum mer trade has been a little slow and in some localities is reported as falling off during the past few days. There is a heavy demand both in men’s and women’s goods for next Pall and these orders specify large amounts of silk. At the present time the demand for silk is unusually heavy and this is tending to slow up deliveries in this line. Wage adjustments have made pretty fair progress and it is reported that no further wage reduc tions are contemplated at present. THE MONTHLY BUSINESS REVIEW 5 Special Report on Ice Industry. Fifty years ago it was considered a luxury to have ice for use during the hot summer months. Today it is a necessity and the visit of the ice man is a common occurrence in the average American home. Refrigeration by means of natural ice and snow has been known for centuries. It is said that the Greeks and Romans packed snow in deep under ground caves and managed to preserve it for use during the hot seasons of the year. Nero, no doubt, about the time he amused himself by burning twothirds of Rome, established icehouses for his own convenience. At the end of the seventeenth century, dealers in ice and snow were quite common in Prance. The modern ice industry began in the United States early in the nineteenth century with the transportation of ice in sailing ships from cold northern to warm southern ports. The first cargo was cut from a pond near what is now Canal Street, New York City, and shipped to Charleston, South Carolina. During the winter of 1805-06, Frederick Tudor of Boston, entered the ice field in earnest, and after some heavy losses, succeeded in building up a paying export trade in ice that was the beginning of the industry. It has been during the last fifteen or twenty years that the artificial ice industry has attained the prominent position it now holds. Ice was manufac tured in Cleveland fifty years ago, but at that time manufactured ice was looked upon as somewhat of a joke and the fellow who attempted to make it usually had a hard row to hoe. And there evidently was some system for ice delivery about the time of the Civil War for Philip Bishop, one of the old ice pioneers, left his ice-wagon standing on Eagle Street when he went to enlist in the army. When the ice industry first came into promi nence, artificial ice was practically unknown. How ever, with the invention' and improvement of machinery for manufacturing pure ice quickly and cheaply, there has been a decided change. The in stallation of artificial ice plants in this country began about 1880 and the remarkable growth this industry has made is shown by the following figures. In that year there were 22*2 plants. In 1914 there were 3,500 and in 1920 the number has increased to approxi mately 5,000. At the present time the tendency of the trade is swinging in the direction of manufactured ice. In 1914 the proportion between manufactured and natural ice was about fifty-fifty. In 1920 the pro duction was approximately forty million tons manu factured and eighteen million tons harvested. There are several reasons for this. Difficulties in transportation incident to the rapid increase in rates during the past three years have reduced the movement of natural ice approximately fifty per cent. In our larger centers at the present time it is impossible for natural ice to be harvested and trans ported as cheaply as it can be manufactured, and it would appear that competition between the two classifications of ice is rapidly dying out. Ice manu facturers usually harvest some natural ice for a reserve supply and much of this is used for car refrigeration. Another reason why manufactured ice is coming to the front is because of the uncertainty of the natural ice harvest. It may be a good crop or it may be a complete failure, depending on climatic condi tions. Last year one of the smallest crops of ice on record was harvested with the exception of Minne sota, Northern Michigan, Maine, and parts of New Jersey, and Massachusetts. These States show a somewhat smaller tonnage than in previous years. In other sections the yield was approximately ten to fifteen per cent lower than the average annual total. There was less than one-fifth of the usual ice harvest in the State of New York last winter. A notable example is Rockland Lake which usually furnishes around 40,000 tons. Last winter there was no ice harvested from this lake. It has been estimated there is a shortage of last winter's natural ice crop of from thirty to ninety per cent, depending on the locality where the crop was harvested. Mechanical refrigeration, or the method by which air is cooled by forcing ammonia through coils of pipe, is taking the place of ice in large packing houses, storage warehouses, hotels, etc. This method of refrigeration is also coming into popular favor in the smaller butcher shops and for cooling rooms in which valuable furs and silks are stored during the hot summer months. There are also small plants suitable for installation in private houses. One of the large hotels in Cleveland furnishes a good example of the effect mechanical refrigeration is having on the ice industry. A few years ago this one hotel used more ice in a year than a fair sized city would consume during the same period. At the pres ent time a mechanical refrigeration plant is in use and practically no ice is needed. This is causing the ice manufacturer to depend more on private homes for his trade. Of the many more or less impracticable schemes that have been devised to produce ice, only three are to any extent in use at the present time. They are known as the can, the plate, and the cell systems. The latter is used in England but not to any extent in the United States. The can system appears to be most popular in this district and in fact is in general use the world over. Good ice can be manu factured by any of the three methods if properly used. The plate system is the most expensive to construct, and larger buildings are required to house the plant. This disadvantage is offset in part, at least, by the fact that the plate plant will make from ten to fourteen tons of ice per ton of coal burned, while the average of can plants is from six to eight tons. Two developments of comparatively recent date mark the greatest evolution in the ice industry. They are the change from steam to electrically * THE MONTHLY BUSINESS driven machinery, and the manufacture of pure, clear ice from undistilled or raw water. The discovery that pure ice can be manufac tured from raw water came about in a novel man ner. Some years ago, the purity of ice which was harvested from the Hudson River, was questioned and a test was made. It was found that water from the melted ice was practically the same as distilled water. In other words, no impurities will freeze in ice if the water is in continual agitation during the freezing process and the impurities have a chance to escape. The current in the Hudson River furnished the agitation and from this idea has evolved the present system of manufacturing ice from raw water. In the can system, the raw water after being cooled and filtered is put into the can and the freez ing process begins. The brine which causes the water to freeze is kept in circulation through pipes which are near the outer surface of the can. This brine is composed chiefly of chloride of calcium and salt. The instant the freezing process starts, the water is agitated by means of air driven through a small rubber hose which extends to the bottom of the can. As the freezing continues the impurities in the water are driven toward the center and collect in a little well or core, extending from the top to the bottom of the can. When this well has narrowed down to about two or three inches, the water con taining the impurities is removed by a suction hose. The air hose is then taken out and the hole in the ice cake is filled with distilled water which is allowed to freeze solid. The can is then lifted by an air hoist, slowly dipped in warm water which loosens the ice, and the cake is then slid to a receiving room where it is ready for storage or the delivery wagon. In the latest and improved method, the can is stationary. The air for agitation is forced in from the bottom of the can, as is also the distilled water, after the raw water has been removed by the same route. When the ice cake is frozen solid, the brine is pumped from the coils and replaced by warm water. This is kept in circulation until the ice is loosed from the sides and bottom of the can. The cake is then lifted from the can by attaching the air hoist to little rods of iron which are frozen in the ice. These are later removed by an application of steam. This system is more convenient and satis factory than the older method, and when in use, many cakes of ice can be pulled at a single operation. The high cost of fuel and the use of raw water have been largely instrumental in bringing about the change from steam to electrically-driven machinery. One large company in Cleveland estimates that it has cost them approximately one million dollars dur ing the past two years in making improvements along this line. Electric-drive power is placing the industry on a more efficient basis. Ice storage is an ever present problem. Storage warehouses are usually built of brick with cork insulation. The inside walls are of wood. W hen the ice is packed provision is made for an air space around the entire body. No warm air is permitted to enter the building and the air inside is cooled by mechanical refrigeration. The temperature must BEVIEW always be kept below freezing, and auxiliary plants are held in reserve in case it is necessary to shut down the larger power plants for repairs. It is esti mated that eighty per cent of the ice business occurs between May 15 and September 15, and since it is impossible for the plants to supply the heavy de mand at this time, the reserve supply is called on. By the end of the summer these stocks are generally used up and before the warehouses are refilled, the doors are opened and they are given a thorough airing. New York is probably the largest ice producing state in the Union. The storage capacity for natural ice in this state exceeds three million tons, but the repeated failure of the crop, noticeably in 1919 and 1920-21, has so increased the manufacturing output that its former dependence upon natural ice is now negative. In the northwest there is a much smaller ice consumption, and the records of the National Association of Ice Industries shows North Dakota with but one plant which produces ice for general market. This is due largely to the fact that the population is not drawn into congested centers and that the natural temperature is such that ice con sumption is at a minimum. Ice is manufactured to some small extent in practically all the leading countries of the world However none of them make a business of serving ice to the general public as does America. The per capita consumption in this country is about five hun dred pounds and it is doubtful if even England would show an average consumption of fifty pounds Ice is produced in these countries for use in hotels and various kinds of refrigeration. There are no authentic records of iee exports from the United States, except possible occasional shipments to Cuba. This class of trade reached its maximum in 1870 when approximately seventy mil lion tons of natural ice were exported. A large amount of ice is used each year for car icing. Depending somewhat on the size of the car the initial icing requires from nine thousand to twelve thousand pounds. General estimates are that Ohio will have forty thousand tons of ice available for shipment this year. This supply, coupled with what will be manufactured, should mean that Ohio is in no danger of an ice shortage during 1921. Distribution is one of the big problems in the ice industry. There is an opportunity for ideal advertising and iee men take advantage of it b v keeping their delivery outfits looking fit. The men are properly uniformed, the horses are kept in excel lent condition, and the wagons shine with paint Trucks are used for the most part in hauling ice to points of distribution, but no substitute has been found for the horse in house to house delivery. D riv ing an ice wagon and meeting on an average of two hundred different kinds of people every day is a schooling in itself. The president of a large ice com. pany said that some college and university graduates would have been farther ahead, had they taken two years of college work and two years on an ice wagon and he started in that place. * THE MONTHLY BUSINESS 7 REVIEW Clearings Increase or Decrease April 10 to Mav 15 Per cent Inc. or Dec. 1921 1920 Akron..................................................... Canton................................................... Cincinnati.............................................. Cleveland............................................... Columbus.............................................. Dayton.................................................. Erie........................................................ Greensburg............................................ Lexington.............................................. Pittsburgh.............................................. Springfield.............................................. Toledo.................................................... Wheeling................................................ Youngstown.......................................... $28,506,000 14,208,107 220,032,609 395,123,073 52,364,900 16,906,369 9,411,357 4,429,646 4,930,999 554,424,906 5,533,833 49,877,833 18,498,681 13,175,759 $50,693,000 21,647,151 291,749,906 560,095,672 58,615,900 20,742,756 11,898,149 5,422,784 7,357,385 703,506,278 6,958,303 65,996,082 25,605,854 17,751,124 $22,187,000 —7,414,044 —71,717,237 — 164,972,599 —6,251,000 —3,836,387 —2,486,792 —993,138 — 2,426,386 — 149.081,372 — 1,424,470 — 16,118,249 —7,107,173 — 4,575,365 —43.8 —34.4 —24.6 —29.5 — 10.7 — 18.5 —20.9 — 18.3 —33.0 —21.2 —20.5 —24.4 —27.8 —25.8 Total........................................... 1,387,419,132 1,84S,040,344 —460,021,212 —24.9 Debits to Individual Accounts Week Ending May 18. 19*1 274 Banks Week Ending May 19. 1920 247 Banks Increase or Decrease Per cent Inc. or Dec. Akron.......... Cincinnati... Cleveland... Columbus. . . Dayton........ Erie.............. Greensburg.. Lexington. . . Oil City....... Pittsburgh... Springfield... Toledo......... Wheeling.. . . Youngstown. $16,389,000 66,560,000 137,134,000 27,806,000 11,979,000 6,459,000 4,407,000 3,768,000 2,597,000 186,620,000 3,566,000 25,764,000 8,567,000 11,492,000 $32,752,000 67,385,000 176,820,000 29,388,000 12,135,000 8,064,000 5,317,000 5,209,000 3,267,000 186,193,000 3,207,000 44,777,000 7,982,000 12,046,000 — $16,363,000 —825,000 —39,086,000 — 1,582,000 — 156,000 — 1,005,000 —910,000 — 1,441,000 —670,000 427,000 359,000 — 19,013,000 585,000 —554,000 —41.6 — 1.2 —22.5 —53.8 — 1.3 — 19.9 — 17.1 —27.7 —20.5 .2 11.2 —42.5 7.3 — 4.6 Total. 513,108,000 594,542,000 —81,434,000 — 13.7 Comparative Statement of Selected Member Banks in Fourth District (In Thousands of Dollars) 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.......................................................................... May 11, 1921 88 Banks 56,549 340,012 603,06G 99,583 20,757 12,365 282,663 1,414,995 91,172 33,068 819,460 427,705 15,221 1,865,566 April 15, 1921 88 Banks 50,721 349,049 614,652 97,407 20,356 20,824 280,857 1,439,866 93,695 28,563 832,766 425,754 28,030 1,858,988 Inc. ** Dec. 172 9,037 11,586 2,i76 401 8,459 1,806 24,871 2,523 4, .505 13,306 1,951 12,809 6,578 THE 8 MONTHLY BUSINESS BEVIEW Wholesale Trade Percentage Increase (or Decrease) in Sales During 1920 and 1921 Over the Corresponding Month in Previous Year Dry Goods — 24.0 11.5 16.0 10.0 May......... June......... July.......... August.. . . September. October... November. December. January... February.. March. . . . Groceries 32.2 47.8 20.6 1.0 23.8 — 10.8 — 3.8 — 18.8 — 36.7 — 27.1 — 33.1 — 37.7 —27 .5 — 4.2 — 20.0 — 51.6 — 22.3 — 14.9 — 4.2 Hardware 31.2 37.2 24.7 21.5 12.4 2.0 16.7 — 16.9 — 20.6 — 19.0 — 16.3 — 21.9 Drugs 80.2 53.4 29.6 11.1 31.1 45.8 — 17.0 — 19.0 — 31.2 — 29.2 — 23.4 . Department Store Sales Cleveland Other Cities 5.1 — 9.3 5 .7 0.8 8.9 — 8.1 0.0 2.3 — 12.9 — 28.7 — 13.0 — 17.8 8.1 — 1.2 1.5 4 .2 270.2 350.8 481.1 327.4 5 .0 5.6 6.2 5.3 Pittsburgh Percentage increase of net sales during April, 1921, over net sales during same month last year..................... Percentage increase of net sales from January 1, 1921, to April 30,1921, over net sales during same period last year............................................................................. Percentage increase of stocks at close of April, 1921, over stocks at close of same month last year................. Percentage increase of stocks at close of April, 1921, over stocks at close of March, 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 April, 1921, to total purchases (cost) during the calendar year, 1920.............................................................. District Movement of Livestock at Principal Centers in Fourth Federal Reserve District For Month of April, 1921 Cattle 1021 20,597 Cincinnati.......... Pittsburgh......... ..........29,368 Cleveland........... ............ 8,557 802 Toledo................ .......... ............ 41 Columbus........... .......... 1,788 Dayton............... 400 Wheeling............ .......... .......... 200 Springfield......... Hogs 1920 1921 am 19,097 26,222 9,723 761 48 1,731 430 11K4G8 160,347 71,913 11,807 5,303 11,056 1,511 4,500 113,765 132,771 58,720 12,844 2,388 9,840 2,085 Sheep Cars Calves 1921 1920 1921 1920 1921 5,455 99,673 25,472 1,478 29 144 123 550 2,843 62,186 27,793 203 118 107 122 1920 17,316 22,609 14,188 1,178 232 975 1,986 300 16,819 16,835 15,623 1,805 66 896 2,246 1,866 3,522 1,406 155 15 1,848 2,944 1,204 149 12 19 34 2,472 9,923 16,347 10,834 9,303 13,796 8,645 9,152 14,930 122 202 755 1,986 2,246 19 84 Purchases for Local Slaughter Cincinnati.......... .......... 17,027 Pittsburgh......... .......... 5,938 7,496 2 ............1,697 Dayton................ 400 Wheeling............ 14,457 6,595 8,926 l:nliimmK 430 65,014 35,067 49,797 1,449 6,866 1,511 1,000 63,802 29,720 45,769 4,134 11,783 18,495 2,085 14 89 123 THE MONTHLY BUSINESS 9 REVIEW Building Operations For Month of April Valuations New Construction 1921 1920 Permits Issued Alterations 1920 1921 1920 New Construction 1921 Akron Canton Cincinnati Cleveland * Columbus Dayton Erie Lexington Pittsburgh Springfield Toledo Wheeling Youngstown Alterations 1921 1920 794,586 2,274,846 149 931,567 475,047 119 680,285 623,580 607 1,065 8,325,154 11,486,700 487,810 133 892,990 352,254 977,172 96 98 455,935 170,230 3^5,000 99 125,000 131 1,250,019 2,733,863 52,040 18 278,548 392,333 572,810 154 41 252,875 191,794 32 370,435 368,340 126,645 72,223 516,070 528,733 129,925 61,574 104,905 71,240 353,363 21,555 242,195 6,528 22,875 3,126 2,592 3,670 2,742 14,615,461 21,195,752 Total * 1921 figures include Lakewood and East Cleveland. 2,257,831 259 176 365 462 430 216 132 7 419 112 284 100 164 508 197 262 227 241 175 87 30 363 28 233 75 166 105 122 1,014 1,236 226 131 126 96 177 47 313 32 45 Inc. or Dec. of Per cent Total Valuation Inc.or Dec, 1,016,415 - -2,370,030 — 399,812 15,515 215,615 357,160 710,525 - -3,343,338 547,210 — 12,105 118,561 — 681,905 201,828 188,782 — 203,250 74,490 247,299 -—1,377,780 233,838 14,225 106,019 — 44,301 61,063 6,546 25,350 380 — 72.0 — 42.2 3,428,097 — 31.4 - —7,720,557 22.0 — 27.4 — 1.2 — 62.2 56.2 — 50.9 — 46.2 352.9 — 6 .5 30.8 0.0 Statement of Bituminous Coal Loaded Into Vessels (As Dumped by Docks) In Net Tons for Season to End of April, 1921, as Compared with the Same Period for the Seasons of 1920-1919. 1921 Ports Railroads Hocking Valley........... Toledo & Ohio Central Baltimore & Ohio....... Sandusky Pennsylvania.............. Huron Wheeling & Lake Eric Baltimore & Ohio. . . . Lorain Cleveland Pennsylvania............... Erie.............................. Baltimore & Ohio. . . . Fairport Ashtabula New York Central.. .. Pennsylvania............. Conneaut Bessemer & Lake Erie Erie Penn.-West................. Penn.-East................... Toledo Total 1920 1919 Fuel Total 253,024 47,754 106,530 32,552 133,374 175,517 159,472 24,983 6,610 1,408 2,537 1,109 3,634 9,242 8,040 1,564 0 259,634 0 0 0 49,162 7,872 338 8,210 0 109,067 0 0 33,661 0 0 0 137,008 87,800 6,054 93,914 184,759 93,138 12,524 105,662 167,512 6,190 2,514 8,710 26,547 0 0 0 0 Cargo 108,633 4,755 97,831 4,017 40,393 292 60,403 2,383 2,306 797 Fuel Cargo Total Fuel Cargo 273,310 8,250 346 11,095 240 11,827 50,219 1,700 104,511 3,428 127,795 5,125 95,494 15,531 0 0 0 113,388 8,113 803 8,916 101,848 766 1,566 2,332 40,685 95.055 2,883 97,938 62,786 0 0 0 3,103 2,572 948 3,520 116,785 180,618 77,955 22,040 4,534 0 0 0 Total 281,560 11,441 12,067 57,919 107,939 132,920 111,025 0 0 914 7,672 5,637 237 1,821 119 914 124,457 186,255 78,192 23,861 4,653 1,242,772 46,388 1,289,160 S01,/i7"2 27,630 329,202 1,082,183 51,020 1,133,203 THE 10 MONTHLY BUSINESS REVIEW STATEMENT OF CONDITION FEDERAL RESERVE BANK OF CLEVELAND M AY 25, 1921 Gold Gold Total Gold Gold R E SO U R C E S and gold certificates............................................................ $ 5,869,000 settlement fund— F. R. Board............................................ 83,904,000 gold held by bank................................................................ 89,773,000 with Federal Reserve A gent.............................................. 194,599,000 redemption fund .................................................................. 5,447,000 Total gold reserves.................................................................. Legal tender notes, silver, etc................................................... 289,819,000 4,650,000 T O T A L R E S E R V E S .......................................................... $294,469,000 Hills discounted— Secured by U. S. Government obligations Bills discounted— All o th e r .......................................................... Bills bought in open market........................................................ 47,015,000 79,213,000 6,755,000 Total bills on hand.................................................................. U. S. Government bonds ............................................................ U. S. Victory notes ...................................................................... U. S. Certificates of indebtedness.............................................. 132,983,000 833,000 10,000 21,829,000 T O T A L E A R N IN G A S S E T S ............................................ 155,655,000 Bank premises ............................................................................. 2,043,000 5% Redemption fund against F. R. Bank notes........................ Uncollected items .......................................................................... All other resources ........................................................................ 1,239,000 48,436,000 827,000 T O T A L R E S O U R C E S ........................................................ ~ 502,669,000 L IA B IL IT IE S Capital paid in ................................................................................ Surplus .............................................................................................. Reserved for Government Franchise T ax................................ Deposits-Government .................................................................... Member Bank-Reserve account .......................................... All other .................................................................................. ~ ’ 11,046,000 20,305,000 1,026,000 2,064,000 135,579,000 769,000 T O T A L D E P O S IT S ............................................................ 138,412,000 F. R. Notes in actual circulation ................................................ F. R, Bank notes in circulation— net liability......................... Deferred availability items .......................................................... All other liabilities.......................................................................... 266,951,000 18,334,000 43,525.000 3,070,000 T O T A L LI A B IL IT IE S ...................................................... 502,669,000 Ratio of total reserves to deposit and F. R. note liabilities combined = 72A\% Compared with 67.4% last week. Ratio of gold reserves to F. K. notes in circulation after setting aside 35 per cent against deposit liabilities = 93.1% compared with 84.9% last week.
@FedFRASER