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The Monthly Business Review Covering financial, industrial, and agricultural conditions in the Fourth Federal Reserve District VOL. 6 CLEVELAND, OHIO, JUNE 1, 1924 AN INTERESTING COMPARISON OF DEPARTMENT STORE SALES REPORTS FROM FIFTY-SEVEN DEPARTMENT STORES IN THE FOURTH FEDERAL RESERVE DISTRICT FOR THE FIRST FOUR MONTHS OF 1924 SHOW AN INCREASE IN NET SALES OF 5.4 PER CENT OVER THE CORRESPONDING PERIOD LAST YEAR. THESE FIGURES ADD STRENGTH TO THE GENERAL BELIEF THAT THE PURCHAS ING POWER OF THE COUNTRY HAS SUFFERED LITTLE IMPAIRMENT. FEDERAL RESERVE BANK of CLEVELAND D. C. Wills, Chairman of the Board (COMPILED MAY 22. 1924) NO. 6 T HE M O N T H L Y B U S I N E S S R E V I E W 2 Editorial E Y industries in the Fourth District have shown a further reces sion in productive activity since our last report, the decline being particularly noticeable in iron and steel, passenger auto mobiles, automobile parts, and textiles. There are some lines, how ever, which do not show this slackening tendency. Reports coming from paint, paper, farm implement and truck manufacturers state that the present rate of output is just about as high and in some in stances even higher than it was a month ago. Truck production for example in the United States in April was nearly 6 per cent higher than in March and our own truck makers in this part of the country are sharing in this business. K Employment, as a result of curtailed production, is also declining, and in some factories it has been carried to the point where corps of workers which were considered permanent are being affected. E m ployment bureaus report an increasing number of applicants. F a c tory employment throughout the country, according to the summary o f business conditions prepared by the Federal Reserve Board de clined two per cent in April. An unusually cold, wet spring has proved a handicap to many lines of industry and trade. Farmers especially have been greatly delayed in getting their spring crops planted and those which are planted have not made a very good start. Winter wheat in the northern part of the District is reported to be making a satisfactory growth but in the southern sections the results of winter killing are very apparent. Sentiment has, with just cause, been influenced b y these unfavor able developments, but as usual it is depending more upon hearsay and undigested statistics for guidance than upon actual facts and as usual is traveling well in advance of the present recession. The needs, both actual and potential, of more than one hundred million consumers in this country are seldom given proper recognition. These needs are just as keen as ever and while the work o f supplying them may be held in abeyance for a time it cannot be stopped for any long period. It is to be remembered also that actual consumption continues at a high rate. Reports from fifty-seven department stores in this District for the first four months of 1924 show an increase in net sales of 5.4 per cent over the corresponding period last year. These stores are located in 14 cities, and in the same comparison sales in every one of these cities were higher this year than a year ago. These figures add strength to the general belief that the purchasing power of the coun try has suffered little impairment. In closing we would add this one thought. While the present hesitating attitude which generally prevails throughout the country forbids more active business at this time, it also refuses to be turned into a serious reaction, and this resistance indicates the soundness of underlying conditions. THE MONTHLY BUSINESS REVIEW 3 No Particular Change in Banking Situation; Loans and Discounts of Member Banks Grow; Savings Deposits Fail To Show Customary Increase Generally easy money conditions are reflected in light borrowing’ from this bank by our members and continue to be the outstanding feature of the banking situation- Occasionally, sizeable demands for accommodations appear but for the most part these are of a temporary nature. Loans to member banks on May 20 were approx imately $43,500,000 or $12,000,000 less than on the corresponding date a month earlier. A part of this decline is accounted for by a lessened volume of country bank borrow ing, a somewhat unusual occurrence for this season of the year and which perhaps is due to the fact that planting operations have been retarded by unfavorable weather, thus holding back the credit demand which usually ac companies these activities. In addition to this their improved position enables them to meet require ments largely through their own resources with a consequent lessening in the use of rediscount facilities. Loans and discounts of member banks, however, which are a m ore accurate gauge of the demands of business, show that an increasing volume of funds is being required. At the close o f business on April 9 of this year total loans and discounts of 79 reporting banks were $1,153,464,000 while on May 7 they had grow n to $1,161,199,000, an in crease for that period o f 0.6 per cent. On May 20 both the reserve ratio of this bank and of the System were higher than they were a month earlier, that of the Cleveland bank being 81.5 per cent on May 20 as against 78.4 per cent on April 21, and that of the System on May 20 and April 21, 83.2 per cent and 81.3 per cent respec tively. Savings deposits o f 64 reporting banks in the Fourth D istrict at the end of March this year showed a gain o f .6 per cent over February, a continuation o f the upward trend which has been in evidence for many months, but in April this trend was broken. Deposits o f these banks on April 30, 1924, totaled $742,406,974 as compared with $742,905,571 at the end of the preceding month, a decline of $498,597, or .1 per cent. For April 1923, they were $659,074,717 or an increase for April this year over April last year o f 12.6 per cent. F ollow in g a decline during March, postal re ceipts took a sharp upward turn in April and, ac cording to figures received by the Postmaster Gen eral from fifty selected cities in the United States, made a gain over April, 1923, of 10.4 per cent. R e ceipts for A pril last year were 10 per cent greater than for A pril, 1922, which in turn were 7.3 per cent greater than April, 1921. In the U nited States during April, 1707 failures occurred while in the previous month there were 1817, a drop o f 110 for the month but 187 more than April, 1923, when the total was 1520. Liabilities for the entire country are also lower. In April of this year they totaled $48,904,452 while in March they were $97,651,026, a decrease of $48,746,574 or about 50 per cent. The liabilities of the April, 1923, failures amounted to $51,491,941, or 5 per cent more than the corresponding- month this year. The average per firm for April, 1924, March, 1924, and April, 1923, was $28,649, $53,743, and $33,876 re spectively. Iron and Steel Industry Attempts To Regain Equilibrium; Sentiment Slightly Better; Production Now About 60 Per Cent of Ingot Capacity; Future Buying Sluggish After one of the most abrupt and sweeping reactions on record in April, the iron and steel industry is now at tempting to reestablish its equilibrium. As this process goes on and supply and demand are being brought more closely into balance, sentiment is showing some improve ment. This has not resulted, however, in any betterment of incoming tonnage, except in an extremely modest degree, and the industry appears to be facing the prospect of a comparatively small modification of the present con ditions for some time to come. Future buying, which at no time this year has been extensive, even when production was on a high record basis, has shrunk almost to the vanishing point and the launching of new undertakings in general construction, railroad equipment, etc.; designed for future use, upon which the steel market depends for much tonnage, is strongly under check. Despite the sluggish condition of new buying, current needs continue to send to the mills a very substantial tonnage. This arises, it is believed, from the low stocks that generally are understood to be in the hands of manufacturing consumers and jobbers and which are forcing some constant replenishment. It has been the absence o f backlogs o f tonnage with the mills which has caused the contraction of production to be so immediate and severe, once the volume o f current buying began to shrink. As has been pointed out, prob ably che steel industry never reached so high a production with so comparatively limited a tonnage of accumulated orders. From a high point of around 90 per cent in March, steel production now is down to about 60 per cent of ingot capacity. This latter figure, however, does not truthfully measure the rate of mill activity or of shipments of finished material because the Steel Cor poration, having accumulated a reserve o f 300,000 to 400,000 tons o f crude steel for possible emergency, is now working off this material in its finishing mills. In 4 THE MONTHLY BUSINESS fact, the shipments o f the leading producer have fallen not nearly so far as its steelworks operations have been curtailed. Whereas the whole industry was producing steel ingots ki March at close to 50,000,000 tons an nually, the highest rate in history, it had dropped back to a rate of about 40,000,000 tons annually in April, and May will show an even lower total. The decline in in got output from March to April was the largest in any single month for which figures are available, or ap proximately 19 per cent. Pig iron production in April showed a corresponding loss in the number o f active furnaces but not in ton nage, the explanation being that most of these stacks went out during the latter part of the month and that therefore their cumulative loss will not be reflected until May. The declining number o f furnaces in April from the month preceding was 35, representing numerically about 12 per cent. The decrease in daily average pro duction, however, was only from 111,787 tons to 107,546 tons or 3.28 per cent. April’s total output showed 3,226,401 tons compared with 3,465,389 tons in March. Placing of new requirements in steel by the railroads, which has been one of the main props o f the recent market, accounting for 40 per cent of the tonnage of some producers, has dropped off sharply, especially in new equipment. The steel mills and foundries, equip REVIEW ment builders, supply manufacturers, etc., are still en joying the benefit in their operation of th e large pur chases made in previous months. Throughout the p^st month the automotive industry has been reducing its production schedules, owing to the large stocks of cars awaiting sale. This slowing down of automobile output has backed up upon the parts man ufacturers and also upon the steel producers supplying the latter with their raw material. The hope is now ex pressed by builders that the low point o f this recession is at hand. Steel prices have been going through a considerable readjustment to conform with the narrowed market which has brought out an intensified competition. A fte r having sagged $2 to $3 a ton during the past month, the market appears to be better stabilized, although *still soft. Pig iron prices ^ so have continued to decline grad ually. Buying is now showing a little tendency to e x pand after some weeks of inactivity and as is usually the case under such conditions, concessions are appearing more freely. Pig iron prices on the whole are down probably $1 to $2 a ton from one month ago. Iron Trade Review s composite o f fourteen leading iron and steel products on May 21 was dow n to $41.22 compared with $42.01 on April 23 and a high point o f $43.53 in mid-February. Automobile Manufacturers Reduce Output; Domestic Sales Outlook Still Somewhat Uncertain; Truck Business and Foreign Trade More Encouraging Due not only to the lateness o f spring but also to the recession which is apparent in some o f the basic in dustries, the demand for motor cars failed to develop as anticipated. Consequently manufacturers have been forced to adopt a policy of retardation in order to pre vent serious overproduction. Production figures received from identical firms by the Federal Reserve Bank of Chicago indicate that the April output o f automobiles was 3.2 per cent less than that of March. Production during the first quarter of this year has greatly exceeded that o f the first quarter of last year. In January 30 per cent, in February 31 per cent, and in March 8 per cent more passenger cars and trucks were manufactured than in the corresponding months o f 1923. The deliberate slowing down o f the industry during the past month shows that producers are carefully watching the retail market. The domestic sales outlook is still somewhat uncer tain. The General Motors Corporation reported that April sales were approximately 22 per cent less than those of March, whereas Ford shipments showed a sub stantial increase over the high record of March. Auto motive Industries says that dealers* stocks are moving with the advent o f more seasonable weather, and that there seems to be no reason for any further setback while the spring demand is on. The truck industry is appearing to better advantage than the passenger car business, the April output which totaled 34,977 showing an increase of 5.8 per cent over March when production was 33,061. Through April this year a decided increase has been shown each month. Inventories of a representative concern in this district are reported to be normal for this season o f the year employes on the payrolls on May first numbered prac tically the same as a month earlier, and so far the num ber o f working hours or shifts has not been reduced Orders are materially below what would ordinarily be anticipated at this time, but on the other hand deliveries are on a par with those of 1923 which was considered a very good year. This discrepancy between the condition o f orders and deliveries is considered an outstanding feature at this time. There is no question but that part o f it can be accounted for by the fact that the manufacturer is in a better position to make immediate deliveries than a year ago when they could be made only within thirty sixty, or even ninety days after the order was placed. A cheering aspect o f the automotive industry is the large increase in its foreign business. During the nine months ending with March, 1924, a total o f 122,385 au tomobiles and chassis, valued at $87,596,032 were ex* ported, as compared with 74,037 vehicles, valued at $53 * 820,518, exported during the corresponding period o f 1922-23. This represents an increase o f 65.3 per cent in the number and 62.8 per cent in the value o f Am eri can cars shipped to foreign countries. March exports exceeded those of March last year by 22.4 per cent Australia is at present the largest importer o f American THE MONTHLY BUSINESS passenger cars, with Argentina, Japan, Canada, and the United Kingdom following in the order named. More motor trucks are now being shipped to Japan than to any other country, but Canada, Australia, and Chile are also importing a considerable number. In 1923 exports of REV I E W 5 American automobiles constituted only about 4 per cent o f the total output o f this country. American cars are very popular in many different foreign countries, and there appears to be no reason why our manufacturers should not be able to develop a much more extensive export trade than that which now exists. Automobile Production 1923-1924 Figures Represent Practically Complete Production and Are Based Upon Reports Received by the Federal Reserve Bank of Chicago in Cooperation with the National Automobile Chamber of Commerce from Identical Firms Each Month 1923 Month May ............................................... June ............................................... July .................... .......................... A u g u s t............................ .............. September ..................................... October ......................................... November ..................................... December ..................................... Total Passenger Cars 223,653 259,383 319,527 343,793 350,073 337,048 297,173 313,972 298,600 334,244 284,758 275,287 ......................................... 3,637,511 1924 Trucks 18,913 21,411 34,063 36,786 Total 242,566 280,794 353,590 380,579 39,945 29,712 29,882 27,841 29,638 27,374 27,275 376,993 326,885 343,854 326,441 363,882 312,132 302,562 365,213 4,002,724 Passenger Cars 287,211 336.284 348.287 336,968 Trucks 28,247 30,399 33,061 34.977 Total 315,458 366,683 381,348 371,945 Tire Stocks Grow As Spring Demand Is Held Back; Factory Operations At High Rate: Seasonal Demand For Mechanical Goods Two unfavorable features stand out in the automo bile tire industry at this time. One is the reduction in the output of passenger cars; the other is the backward weather which has reduced spring motoring activity. Counteracting this to some extent is the fact that many dealers have avoided excessive stocks. Then, too, balloon tires are stimulating business in many sections. Many authorities are o f the opinion that these tires have proved their worth and that in the near future they will be regarded as standard equipment. With factory operations continuing at a high rate and with the anticipated spring demand delayed, stocks in manufacturers’ hands are growing. The belief that the industry is in a more substantial position than a year ago as a result of the cautious policies which have as a rule been followed, is still quite general, however. An active volume of mechanical goods production continues. Due to the recent slowing down in various industries the demand for certain materials for indus trial purposes such as belting and other shop equipment is not up to the standard set last year, but other lines are showing a healthy condition. Garden hose is showing a seasonal improvement as is also athletic footwear. Hard rubber materials used in the making of radio sets, batteries, etc., are particularly active. Surgical goods show about a normal demand. Salesmen are now out on the road after advance orders for rubber clothing and shoes, but so far their reports have not been very satisfactory. Labor is reported to be plentiful. Some reductions in working forces have been announced recently. Raw ma terial prices show a downward tendency. Rainy Weather Dampens Oil Men’s Hopes For Reduced Oil Stocks; Several Price Reductions Announced; Refinery Output Lowered Wet, cold weather has made it unpleasant to drive an automobile most of the time this spring even on paved city streets and highways. In the country districts in many states where the roads are not paved it has made any kind of driving practically impossible. The same weather set back the farmer in his spring plowing and kept his tractor in the shed instead of in the field where it would have been burning gasoline or kerosene. Con sequently people all over the country have bought less motor fuel than they usually do in real spring weather. This condition has carried back through the oil in dustry; through the jobber or marketer to the refiner, THE 6 MONTHLY BUSINESS and through him to the man who gets the oil out o f the ground. There were heavy stocks of gasoline in storage when spring opened. It was expected that the demands o f the motorist when the weather began to smile would rapidly absorb the accumulated stocks and would tax the refining capacity of the country as well to keep pace with the de mand. On this supposition the refiners were pretty busy during February and March, turning out gasoline which they thought would soon be needed. Producers, with about the same idea, went ahead with their drilling, bringing in new fields which were small for the most part, but in the aggregate adding consider ably to the total production. When spring, however, showed almost universally weeping instead of smiling weather, jobbers found that the stocks in their tanks were not being depleted very much. The result was that they did not have to buy very much from the refiner and he in turn had to run most of the gasoline he was making into storage. Natur ally the price the refiner could get for his product went down. National Petroleum News, in its survey o f market conditions and of the outlook for business in April pointed out the dangers of a repetition in some-degree o f the situation that prevailed in 1923 through the manu facturing of more gasoline and other products than the market was able to absorb. On the first o f April stock figures showed that there was enough gasoline in storage to supply the automo biles of the country for 104 days at the March rate of consumption without any further production during that period. With these facts facing them, the refiners, es pecially those in Oklahoma, Kansas, and north Texas began to reduce the amount o f crude they were running through their stills. Within a couple of weeks these refineries had reduced their output by nearly 40,000 barrels a day which also meant that they reduced their purchases of crude oil from the producer by that amount with a consequent tendency toward a softening of crude prices. Pennsylvania crude was reduced 25 cents a barrel on May 10. Also, one o f the big crude purchasing com panies in the Mid-Continent field announced a reduction in prices ranging from 10 to 25 cents a barrel, according to the grade of the oil. So far none of the other com panies have met this cut. Due to the marked reduction by the refiners and the promise of more pleasant weather, May figures on gaso line stocks are expected to show a decline. Recently there has been some strengthening o f gaso R E V I E W line prices at the Mid-Continent refineries b y reason of a purchase of from 1,200 to 1,500 cars of gasoline by one of the big Standard companies. Daily average production 0f petroleum iti the United States, measured by the quantity transported from pro ducing properties (1,919,484 barrels) increased 7,277 barrels during M arch, as compared with F eb ru a ry / ac cording to the Geological Survey; daily average imports (277,129 barrels) increased 52,612 barrels; daily average exports (47,871 barrels) decreased 10,301 barrels; and daily average indicated deliveries to domestic consumer** (2,031,355 barrels) decreased 7,542 barrels. A s a re sult o f the month's operations net pipe-line and tankfarm stocks increased 3,639,000 barrels— a gain o f 1 236,000 barrels east o f California, o f 1,835,000 barrels in California, and o f 568,000 barrels in stocks o f im ported oil. The production o f gasoline in the United States dur ing March, according to a recent report issued by the Bureau of Mines, was 743,248,292 gallons, which when compared with the production of a year a g o shows a daily increase of 3,630,546 gallons or 17.8 per cent. Compared with the output o f the preceding month the daily increase amounts to 605,396 gallons or 2.6 per cent. Gasoline stocks on hand at the refineries increasprf 197,182,769 gallons ( 14.3 per cent) during the month of March, showing stocks on hand at the end o f the month at 1,571,404,667 gallons. Domestic demand for gasoline during the month was 462, 020,385 gallons, a daily aver age of 14, 903,883 gallons, as compared with the dailv demand of a year ago of 14,401,942 gallons, an increa<i of 501,941 gallons per day or 3.5 per cent. The in crease in domestic demand over February, 1924.' amounted to 844,929 gallons daily, an increase of 6 ner cent. Exports decreased 18,455,988 gallons as compared with the exports for the previous month. The output of gas and fuel oils for March was 1 114 411,725 gallons as compared with 970,891,272 eallrm'I in March, 1923, an increase of 143,520,453 eaUm™^ Stocks decreased 41,047,486 gallons during the month The production o f lubricants during the month was 101,126,865 gallons as compared with 90,745,095 pal Ions during March a year ago. Stocks decrease-H 4,401,199 gallons during the month, total stocks on hanH at the close o f March being 251,287,274 gallons. Bituminous Coal Production Shows Slight Improvement; Industrial Consumption During April Drops 7 Per Cent From March; Exports Decline Bituminous coal has been mined during the past five weeks at a rate o f about 6,800,000 net tons per week or approximately 30 per cent less than the output in the corresponding weeks of last year. Production improved slowly in the week ended May 10, the total output bei estimated by the Geological Survey at 7,121,000 n t tons, or 4.2 per cent tnore than the preceding week’ total. Mining operations in this District now range THE MONTHLY BUSINESS from 10.5 per cent of capacity in the southern Ohio fields to 45.9 per cent in northeastern Kentucky and 50.5 per cent in the Panhandle district of West Virginia. The decline in coal production is also reflected in the statistics of railway car loadings. In the month o f April the number o f cars loaded was 25 per cent less than the total reported for March, and over 30 per cent less than the number loaded during April last year. The lake traf fic has been very slow in developing and the indications are that the coal movement will be light for some time to come. No cargo coal was loaded during February or March, and the total amount loaded during the season to May 1 was only 889,248 net tons as compared with 1,105,074 net tons loaded in the corresponding months o f last year, representing a decrease of 19.5 per cent. Consumption o f coal for industrial purposes decreased from an estimated daily average of 1,316,000 net tons in March to 1,223,000 net tons in April, a drop of 7 per cent, according to the monthly survey o f the National Association of Purchasing Agents. O f the total number of reports received from industrial coal consumers, 14 per cent indicated increased consumption, 19 per cent REVIEW 7 showed no change, and 67 per cent reported decreased consumption in April as compared with March. The Association’s fuel committee states that industrial con sumption o f coal is now exceeding production and that reserve stocks are being rapidly reduced. Exports o f bituminous coal have also been declining. March exports totaled 1,111,752 tons, as compared with 1,262,838 tons exported in February, a decrease of 12 per cent. The March total is also 9 per cent under the figure reported for March of last year. The export value of soft coal has declined from an average o f $6.46 per ton in March, 1923, to $5.00 per ton in March, this year. A monthly index number based on the average price o f bituminous coal at mines from 1909 to 1913, shows that the average price in April was 27 per cent below the price in April last year, and 2.8 per cent under the March average. In the Pittsburgh district, prices per net ton at mines are quoted as follow s: mine run steam coal, $1.50 to $1.75; mine run coking coal, $1.75 to $2.0 0 ; gas coal, $2.00 to $2.25; %-inch lump, $2.75 to $3.50 (contracts) ; slack coal, $1.35 to $1.75. Revenue Car Loadings Higher; Railroads Show Record Speed in Handling Freight Cars During March Freight loadings in the first week o f May showed a considerable improvement over the previous week which makes the second upward movement in car loading fig ures in as many weeks, and the largest movement for any week of the current year since March 15, according to figures given out by the American Railway Associa tion. For the week ended May 3 revenue freight car loadings totaled 914,040 cars, an increase o f 35,148 cars or 3.9 per cent over the preceding week when loadings were 878,892 cars. Compared with the corresponding week last year this was a decrease o f 47,577 cars or 4.9 per cent but it wras 166,840 cars or 22.3 per cent over the same week in 1922. For the first 18 weeks o f this year, freight loadings totaled 16,000,524 cars as against 16,042,623 cars for the corresponding period last year and 13,511,753 cars in 1922. There is here shown a decrease of two-tenths o f one per cent from last year, but an increase of 18.4 per cent over 1922. The average daily freight car surplus continues to show an increase, being 329,489 cars on April 30 as com pared with 248,301 cars on March 31. Shortage o f freight cars at this time is practically negligible, the total being only 177. The Bureau of Railway Economics states that freight cars were handled faster during March, 1924, than in any previous March on record. The average daily move ment per freight car was 27.3 miles, three-tenths o f a miles above the March, 1923, average and three and three-tenths miles in excess o f the average for March, 1920. The average load per freight car in March was 26.6 tons, one and three-tenths tons under the corre sponding month last year and one and one-half tons un der the March, 1920, average. At a recent meeting of the American Railway Associ ation and the Association o f Railway Executives, it was announced that railroads representing 96 per cent o f the mileage of the country, up to April 1 had authorized expenditures for permanent improvements and new equipment to be made in 1924, aggregating $766,000,000. The amount actually expended for these purposes to April 1 was $185,500,000. It was stated that these figures show a reduction in appropriations for improvements and equipment com pared with those for 1923, the appropriations up to March 15 last year being $1,100,000,000 and the amount actually spent $1,059,149,426. The appropriations for 1924, however, are larger than for any period in the last ten years with the exception o f 19f3. The following table prepared by the Department of Commerce gives the shipments o f locomotives in April and unfilled orders as of April 30, with comparisons for earlier months. L O C O M O T IV E S 1924 January Shipments For- Unfilled Orders ForTotal Domestic eign Total Domestic eign .. 151 147 4 376 344 32 February . 9 9 March . . . 132 April . . . . ?3 92 128 63 7 4 10 499 534 466 33 494 40 640 586 54 THE 8 MONTHLY B U S I N E SS REVIEW Agricultural Program For 1924 Believed To Be Well Balanced; Good Prospects For Wheat Crop But Southern Sections Hurt By Winter Killingi Farmers Delayed in Spring Work Agriculture, the great ‘‘nature machine,” is again un der way. Wet weather has made spring plowing and spring seeding at least a week and in some sections two weeks later than usual, some scarcity of labor is reported and wages are comparatively high, but regardless of these conditions, fair progress is being made. Further more, there appears to be a general impression that the agricultural program for this year, as a result of the shifting o f farm enterprises through crop rotation and paying more attention to the raising of livestock, poultry, dairy herds, etc., is probably better balanced than for a number of years past. Reports as to the condition of winter wheat are some what conflicting. Farmers in certain parts of the Fourth District state that the crop never looked better, that plenty o f rain has proved beneficial, and that present prospects are for a heavy yield. Evidently such reports are from those sections where the snow covering last winter was sufficient to protect the plants through the severe weather, for in other sections a considerable per centage o f the crop was winter killed. According to the agricultural statistician of the State-Federal Crop Re porting Service more than 10 per cent of the wheat acreage in Ohio was abandoned. Most of the abandon ment was in central and southern parts o f the state and was especially noticeable in Fayette, Clinton and Highland counties. In the injured sections the wheat plants which came through the winter in good condition are making a satis factory growth and present indications are for a total production in the state of around 33,000,000 bushels, or 10,000,000 bushels less than last year. Rye acreage fo r Ohio is estimated at 10 per cent less than last year. The May 1 report of the United States Department of Agriculture states that the wheat and rye crops in most counties of Kentucky came through the winter in very poor to fair condition, though occasional fields are fairly good. The acreage in that state left for harvest is now estimated at 434,000 acres compared with 620 000 acres harvested last year. Condition on M ay 1 Was only 69 per cent of norm al compared with 86 p er cent on May 1, 1923. The wheat acreage remaining for harvest in the United States is estimated to be less than that of last year but the condition of the crop is better, so present indications are for little change in the output. The tonnage of hay on farms in Ohio is small this year and is about 10 per cent of last year’s crop as compared with a carry-over last year o f 14 per cent. While the crop this year is being aided by rainy weather its condi tion at present is reported to be materially under that o f a year ago. On the other hand, pastures are said to be in better condition than last year. In Kentucky, blue grass had a hard winter but it is in a healthy condition now and promises good summer grazing. A cheering item in farming news is the fact that the value of poultry products in 1923 totaled a billion dol lars, 60 per cent of this coming from the sale o f eife s' also there were 50 million more chickens in the countrv on January 1, 1924, than there were twelve month* previous. Burley Tobacco Association Makes Third Payment on 1922 Crop; Figures on Heavy Stocks Support Warning Against Over-Planting So far as the marketing of burley tobacco is concerned there is no particular activity at this time, the deliveries for the season having been completed. Further returns to the growers, however, have come in recently. On May 20 the Burley Tobacco Growers’ Cooperative Association made a third payment on the 1922 crop which will mean the distribution of about $8,500,000 to members, which will bring the total paid for that crop to about $43,000,000. This payment represented the final settlement on a number o f the grades. The Association still has on hand some of the 1922 crop, mostly o f the higher grades, and final payment on the grades included in these hold ings will not be made until the tobacco has been sold. The Census Bureau's report of stocks of tobacco leaf held by manufacturers and dealers on April 1 shows that stocks o f Burley leaf on that date totaled 542,408,991 pounds. This is almost 80 million pounds more tha the amount reported for the corresponding date last yea** and is due for the most part to the large production o f Burley a year ago. These figures would appear to sui> port the warnings which have been given to growers to guard against an overproduction this year. Rainy weather has handicapped the farmers in pre paring the soil to receive the young tobacco plants but even so, a considerable amount of land is reported to be ready for planting. Tobacco plants seem to be doim? very well and will be ready for transplanting near the usual time. The Board of Directors of the Association, at their May meeting voted to go forward with the organization of a credit corporation, the purpose o f which will be to assist in financing growers by making loans to them on the basis o f their participation certificates. THE MONTHLY BUSINESS REVIEW 9 Shoe Production Declining; Salesmen Book Fair Business; Market For Hides and Leather Improves Boot and shoe factories in this District produced a much smaller volume of goods in the first quarter of this year than they did in the corresponding period of last year. According to production statistics compiled by the United States Bureau of the Census, the quarterly output of the reporting firms was 26.1 per cent less than that of last year. Statistics for the entire country indi cate that the output of all reporting factories during the first three months o f this year was 15.2 per cent below their production in the first quarter o f 1923. The March output of 57 factories in the Fourth District showed a decline of 1.2 per cent from the February figure. The decline was in part seasonal and in part due to the effects o f the general depression in industry and trade. The Cincinnati Boot and Shoe Manufacturers’ Asso ciation reports that factories in that district are operating at about 30 per cent below normal at the present time. Firms having their salesmen on the road are booking fair business for immediate delivery. There is no ten dency on the part of retailers to place large orders for future delivery. ^New England shoe manufacturers re port an increase in sales, and some plants are now work ing full time. Exports of men's, women’s, and children's shoes to taled 526,367 pairs in March, representing a decrease of 15.1 per cent from the total exported in the correspond ing month o f last year. 1 he markets for hides and leather are improving. Chicago packers are said to be well sold up to date. Trading in patent leathers is expanding. It is estimated that total sales o f patent leather during April amounted to about 400,000 sides. Paper Mills Operating On High Schedules; Paper Box Board, With Sluggish Trade and Mills Closing Down, in Marked Contrast A downward trend is the general rule in most lines of industry this month. There are exceptions, however, and the paper industry, judging by the reports we have received from large concerns in the Fourth District, is one of them. Production schedules are at a high peak--* in one instance the highest ever attained, while orders, shipments, and present inventories are well in line. One representative producer, however, states that his concern is accumulating a little surplus against a pre determined annual shutdown the first of July, an accus tomed procedure which gives the employes a vacation and also enables the mills to make necessary repairs which cannot well be done while operations are going on. He states further that this satisfactory position has been reached through a policy of merchandising which has been pursued by the company for a number of years and which enables them to sell their output well in ad vance under contract. The number o f employes of reporting concerns is about on a par with that o f a month ago and also with a year ago. W here there have been any noticeable re visions they have been upward. Figures compiled by the American Paper and Pulp Association show that production o f all grades o f paper (newsprint, book, paperboard, wrapping, bag, fine, tissue, hanging, felts and building, and other grades) for April was 1.7 per cent higher than in March and that shipments for the same period increased .03 per cent. The paper box board situation is less satisfac tory. In fact there appears to have been little betterment over the sluggishness which has been apparent for several months and which has caused quite a number of the box board mills throughout the country to shut down entirely or run on low schedules. Recently the Secretary of Labor issued a call to have all of the paper box board mills operate on a five-day production basis, using the sixth day to make repairs and shutting down entirely on the seventh. Attitude of Builders Somewhat Uncertain; General Tendency of Labor Toward Higher Wages; Material Prices Softer W hile a large volume of construction work is still in progress the phenomenally high rate of activities in past months has gradually caught up with the needs of many towns and cities with the result that building is now showing a hesitat ing attitude. Omitting New York figures for the first four months of this year, which have shown an enor mous increase and which when added to those for the country as a whole are sufficient to cover the general trend, returns to the F. W . D odge Corporations for contracts awarded in 36 north eastern states show a decrease of 1 per cent as compared with last year. Including New York, April figures in terms of floor space, declined 7 per cent from those of March. Practically complete returns from 172 cities re porting to Bradstreet’s on permits issued during April indicate a decrease of 5.1 per cent from April a year ago and 28.1 per cent from March this year. In the Fourth District the valuation of permits issued in thirteen of the largest cities increased 3 10 THE MONTHLY BUSINESS per cent in April this year as against April last year, but a four months’ comparison for the same cities shows a drop of 4.6 per cent. Although the statistics for building operations in Cleveland and vicinity show a slight recession for the month of April the volume of home build ing still maintains an upward curve. Permits were issued during the month in the city for dwellings approximating $2,321,900 as compared with $1,849,750 for April, 1923. The record for apartment houses shows that permits were issued for 29 such buildings in April of this year in contrast with 15 for the same month last year. The latter figures, while not large, indicate the continued era of construction of this type of living quarters. The total figures for the first four months in Cleve land covered 5400 permits issued at a valuation of $19,486,000 as compared with 4786 at a valuation of $20,032,000 for a like period in 1923. As for the suburban communities, those directly adjacent to the city show a marked decrease for April while the outlying districts register an in crease. The losses were sustained in Cleveland R E V I E W Heights, Lakewood and East Cleveland, while th e gains are credited to Shaker H eig h ts, Garfield Heights, Euclid, an d R ock y River. T h e entire to tal for all these suburbs to May 1 o f th is year w a s $10,919,000 in contrast w ith $13,085,000 to M a v 1, 1923. y The lessening volum e o f building th rou ghou t the country has not y e t been sufficient t o influence the trend of building costs. Slight additions to the wage rates in a number of trades incident to the spring adjustments have largely o ffs e t any ten dency toward a recession in material costs. A c cording to a building survey prepared by S. W Straus & Company the general ten d en cy of labor during the month of A pril was tow ard higher wages. In more than 50 cities definite increases were granted to m em bers of the variou s crafts There has been a softening in the prices o f lumber and structural steel material. W h ile th e declines were not especially great ex cep t in th e case of some new grades of lumber, they m an ifested themselves in practically all markets. O th e r building materials show ed very few changes. Softwood Lumber Production in Excess of Orders and Shipments; Hardwood Business Better Balanced; Demand For Furniture Materials Falls In a weekly comparison of 366 reporting mills by the National Lum ber Manufacturers Associa tion issued M ay 15, the softw ood lumber m ove ment shows some contraction. W hile there was no appreciable change in the volume of produc tion, orders declined slightly from their mark of the previous week and shipments fell off quite no ticeably. A s compared with the corresponding week of last year production showed a slight de cline and shipments and orders were off about 9 per cent. Production for the first 19 weeks of 1924 to taled 4,437,181,447 feet as compared with 4,256,720,403 feet for the corresponding period in 1923, an increase of 180,461,044 feet or 4.2 per cent. Shipments in the same weeks in 1924 were 4,437,079,871 feet as against 4,706,985,792 feet in the similar period for last year, a decrease of 269,905,921 feet or 5.7 per cent. Orders show the greatest decline, being 4,212,822,273 feet this year and 4,638,551,271 feet last year. This is a drop of 425,728,998 feet or 9.2 per cent. Since present production is in excess o f sh in ments and orders, som e surplus is naturally accu mulating and this is being reflected in prices which are showing a weakening tendency. So far, h o w ever, the manufacturers and dealers d o not feel discouraged for the present state of their indus try is giving them an opportunity to provide a better assortment o f stock and to take better care of orders and deliveries. In the hardwood business production is re ported to be keeping well in line with dem and and in some instances those w h o receive their su p p ly from the Appalachian district are confronted with a scarcity of dry stocks. A manufacturer and importer o f m ahogany lum ber and veneers states that with the exception o f the demand com ing from the furniture trade, which has been cut almost in half in the last four weeks the recession in his business has not been verv noticeable. The musical instrument and radio busi ness continues active. Present Volume of Paint Orders Compares Favorably With That of Last Year; Business Spotty; Inventories Low Reports w e have received this month from representative paint and varnish establishments in this District are quite encouraging. Sales figures, all things considered, are remark ably good, in spite o f the very late and unsatisfac tory spring which has affected dealers* business to a considerable extent. T hey continue to show a spotty condition, however- Business on the Pa cific coast is reported to be very good as is also that in the Chicago district, the latter being largely due to aggressive selling methods which have re sulted in the opening 0f new accounts, while in THE MONTHLY BUSINESS the extreme South and Southwest the volum e is less than usual. Sales to the automobile trade con tinue satisfactory and particularly those to the large manufacturers of popular priced cars. With the reappearance of favorable weather manu facturers are hoping for an increasing volum e of orders although they have now given up the ex pectation of m aking aay substantial gains over last year. Present orders compare favorably with those of last year but as in many other lines o f trade they are much smaller than usual and harder to get. It takes just as many people as formerly to handle them, probably due to the fact that the weather has been against the use of house paint, concrete finishes, porch paints, and other heavy goods. Orders, therefore, have been confined largely to inside specialties in small packages. Inventories are about on a parity with last year and are at a point which the manufacturers feel is about as low as they can go and still give satisfactory service. REVIEW U T he present number of employes of reporting plants approximates very closely the number of a month ago and also of a year ago, while in one instance the number of workers is consider ably above that of 1923, part o f which may be attributed to the consolidation of plants and part to increased production demands. Further more a small part of the increase is due to a desire to g ive better service— a factor which is vitally im portant in these days of keen com peti tion— and because of the fact that it takes more help to handle the same volume of business than a year ago on account o f the smaller orders. Invariably during March, April and M ay there is considerable overtime work and this year has been no exception to the rule although overtim e working hours have been cut down a little ahead o f the same period last year. The number o f working hours per day is practically the same this year as a year ago. Heavy Shipments of Cement Offset Higher Production; Stocks About 6 Per Cent Lower in April Than in Previous Month Production of portland cement during the month of April showed the customary spring advance, but shipments have increased at a higher rate, thus reducing stocks by more than one million barrels, or about 6 per cent, according to figures compiled by the United States Geological Survey. In April production totaled 11,726,000 barrels as compared with 10,370,000 barrels in March and 11,359,000 barrels in April last year. For the first four months o f this year the total output amounted to 39,472,000 barrels as against 37,439,000 barrels for the corresponding period of 1923, or an in crease of more than 2,000,000 barrels. April shipments this year, advancing sharply, reached the total of 12,771,000 barrels, an increase of 3,776,000 barrels over the previous month. In April, 1923, 12,954,000 barrels were shipped. T o tal shipments for the first four months o f this year were 32,909,000 barrels, while in the corre sponding period last year they were 34,998,000 barrels. Stocks o f finished cement on hand at the end of April totaled 17,114,000 barrels; at the end of March they were 18,189,000 barrels; and at the end o f April a year ago, 11,463,000 barrels. Paving Brick Shipments Increase Despite Late Season; Unfilled Orders Also Higher Substantial increases in stock on hand, unfilled orders, production, and shipments were reported in the paving brick industry for the month of April according to the monthly statistical report of the National Paving Brick Manufacturers A s sociation just issued to the United States Depart ment of Commerce. A rainy spring, however, is acting as a retarding influence in some portions of the country. Production for April was 22,750,000 against 21,656.000 for March. Shipments in April were 15,827.000 as against 10,989,000 for March. Stock on kand showed an increase from 117,451,000 in March to 122,123,000 in April. Unfilled orders jumped from 78,347,000 in March to 83,184,000 in April. T h e foregoing figures were furnished by manufacturers representing only 65 per cent of the normal tonnage capacity of the industry. T o tal figures for the entire industry would be sub stantially larger. O f total shipments nearly 12,000,000 were for city streets as against almost 3,000,000 for rural highways. O hio led with shipments of 546,000 for city streets and 1,931,000 for rural highways. Texas was second with 1,882,000 for city streets. Oklahoma was third with 1,419,000 for city streets and 449,000 for country highways. Illinois and Minnesota ran fourth and fifth. 12 THE MONTHLY BUSINESS REVIEW Department Store Sales Show Marked Increase in April; Stocks Growing Department store sales in the Fourth District during April were markedly higher than a year ago, the combined reports o f fifty-seven firms show ing an increase of 12.5 per cent. A s noted in last month’s Reziews the bulk of the Easter trade fell in April this year and in March last year which accounts in large measure for the poor sales in March and the good sales in April as compared with the same months last year. Every reporting city showed an increase in sales for the first four months of 1924 over the same period last year, the increase for the combined firms being 5.4 per cent. Stocks on h an d increased 9.7 per cent over those of a year ago a n d 3.2 per cent over those o f March. As shown by the table o f index numbers given below, sales during April, 1924, w ere 2 4 per cent above the average monthly sales fo r the five year period 1919 to 1923 inclusive. It m ay be added that April sales this year were greater than d u rin g any April of the previous five years, the in d e x num ber for April of 1919 being 8 6 ; 1920, 105; 1921 104 * 1922, 101; 1923, 111; and 1924, 124. (3) (!) (2) Percentage of Increase or Decrease Comparison o f net sales with those o f corresponding period last year No. of Reports Stoclu at end of month com pared with A April B B A Jan. 1 April March 1924 to April 30 1923 ' 4 .4 14.6 1.3 4 1.5 A kron............... 17.3 1.7 5.0 6 .7 C anton............. 3 1.4 21.8 2 .6 Cincinnati....... 7 11.7 3 .2 12.9 7.4 4 .9 Cleveland........ 6 10.6 6 .7 — 3 .0 2.5 Columbus........ 5 17.2 9 .7 15.1 1.5 5 D ayton ............ 11.7 7.9 3 .2 15.9 New C astle.. . . 3 12.3 6 .2 10.7 4 .6 Pittsburgh. . . . 7 20.9 2.5 3 .0 11.1 T oledo.............. 4 0 .4 1.4 14.7 4 .4 Wheeling.......... 5 15.6 3.1 — 6.5 13.3 Y oungstow n... 3 2.6 1.9 14.2 3.3 Other Cities. . . 5* 9 .7 3 .2 5 .4 12.5 District............ 57 U.S. Average. . 9 .9 4 .5 5 .4 1.2 *Includes reports from Erie, Portsmouth, and Springfield. **Includes reports from Erie, Portsmouth, Youngstown, and Akron. Percentage of average stocks at end o f each month f r o m January 1 to April 30 to a v e r a g e monthly sales over same period P (4) Percentage of outstanding orders at end o f April, 1924, to total pur chases during calendar year 1923 420.9 721.8 426.6 343.2 380.3 415.7 598.1 355.2 516.5 420.3 312.2 565.7 381.3 406.0 9^2 4 .8 5 .6 6.1 6 .5 4 .2 6 . 2 ** 6 .8 5 .7 Index Numbers of 53 Department Store Sales. Fourth Federal Reserve District (Average monthly Sales for the Five-Year Period 1919-1923 Inclusive = 100) -This table is subject to slight revision, as a few additional firms may be included. Pitts Cincin Cleve Toledo Colum- Dayton Youngs- Akron Canton* New Wheel town land bus Castle ing burgh nati 92 77 85 98 83 91 92 83 75 93 90 77 77 80 80 79 76 95 74 83 85 88 116 108 127 104 120 115 134 133 115 127 116 119 108 109 117 104 107 112 107 108 111 110 110 112 129 114 122 118 118 118 118 129 124 118 115 116 115 123 126 114 120 128 115 121 89 79 90 76 81 93 92 81 89 95 80 96 96 104 90 84 108 97 92 113 91 94 90 110 81 88 94 102 106 112 96 105 99 136 113 125 154 113 141 126 129 149 127 130 120 122 102 113 127 120 120 120 134 131 121 194 206 164 156 212 187 168 183 189 199 219 Note 1923 Jan.. Feb.. M ar.. Apr.. May. June. July. Aug.. Sept.. O c t.. N o v .. Dec.. 1924 Jan.. , Feb.. M a r.. Apr... 90 94 98 92 101 102 87 90 103 99 94 92 100 105 103 101 114 124 122 114 135 131 119 124 ♦Based on 3-year average (1921-1922-1923). ♦♦Includes Springfield, Portsmouth, and Erie. 84 120 118 124 78 88 95 112 88 97 115 128 91 81 93 127 102 87 107 128 Other Dist. Cities’1 76 88 67 83 104 117 98 113 119 112 119 79 82 80 96 87 128 129 105 194 175 111 101 121 74 77 91 112 94 96 104 124 THE MONTHLY BUSINESS 13 REVIEW Grocery Sales Make Best Showing; Other Lines Behind Last Year’s Sales W ith the exception o f groceries, sales of re porting wholesale lines in the Fourth Federal Re serve District are still running behind those of 1923. During April, w holesale grocery sales increased slightly as compared with March and also with April, 1923, while a comparison of the first four months of this year with the same period a year ago shows an increase of 3.9 per cent. Sales of dry goods on the other hand decreased in all three of the above com parisons and are running about 10 per cent behind those o f last year. Hardware firms report an increase for A pril over the previous m onth o f 3.9 per cent, but a decrease of 8.8 per cent from April last year while in the case of drug firms the position is just reversed; a decrease from M arch is shown while there is an increase of nearly 7 per cent over April last year. Wholesale Trade Sales Number o f Firms Reporting Percentage change in net sales daring April, 1924, compared with March, 1924. Groceries— — 2.2 3 Cincinnati...................................... — 1.3 3 Cleveland....................................... 12.9 3 Columbus..................................... 3.3 4 Erie.................................................. 1.0 3 Lexington....................................... 3.6 7 Pittsburgh...................................... 2.3 3 Portsmouth.................................... 4.0 3 T oledo............................................. 1.9 3 Wheeling......................................... — 5.0 4 Youngstown................................... 3.8 6 Other Cities*................................. 1.6 42 D IS T R IC T . . — 8.3 14 Dry Goods— D istrict. . . .................. — 2.4 13 Drugs— D istrict..................................... 3.9 12 Hardware— D istrict............................. *Includes Akron, Canton, Dayton, and Springfield. **Three firms. Percentage change in net sales during April, 1924, compared with April, 1923. 6.5 6.7 — 2.4 9.8 — 4.1 — 11.0 — 4.7 — 1.0 — 0.1 3.3 — 0.3 0.5 — 9.2 6.8 — 8.8 Percentage change in net sales from Jan. 1 to April 30, 1924, compared with same period last year. 6 .6 6.5 — 0.8 12.9** — 3.2 1.9 0.9 3.9 4. 2 5.5 2 .8 3.9 — 10.6 — 2.3 — 5.2 Summary of Business and Credit Conditions in the United States By The Federal Reserve Board Factory employment and production of basic commodities declined in April and there was a further recession in wholesale prices. Retail trade was larger than in March, chiefly because of Easter buying and was at about the level of earlier months of the year. There was a decrease in the volume of borrow ing for commercial purposes and further easing of money rates. PRODUCTION Index of 22 basic commodities corrected for seasonal variations (1919=100). Latest Figure— April, 114 The Federal Reserve Board’s index of production in basic industries, adjusted to allow for seasonal variations, declined two per cent in April Declines were particularly large in the iron and steel, coal, and woolen industries. Mill consumption of cotton on the other hand, showed less than the usual seasonal reduction between March and April. Factory employment de clined two per cent in April, owing chiefly to large reduction of forces at textile and clothing establishments. Contract awards for new buildings reached a higher value than in March and were also larger than a year ago; value of building per- 14 THE MONTHLY BUSINESS REVIEW mits granted, however, declined and was smaller fhary in the corresponding month of 1923. Department of Agriculture estimates on May I ©f the yield of winter wheat and rye are somewhat abov* the forecasts made in April. The acreage of winter wheat is estimated at 7 per cent less than last year. PRICES Index of U. S. Bureau of Labor Statistics (1913=100, base adopted by Bureau). Latest figure— April, 148 Wholesale prices, according to the Bureau of Labor Statistics index, declined one per cent during April and reached the low est point since May, 1922. Farm products, however, advanced two per cent in April. Metals and foods showed substantial reductions; prices of clothing, fuel, and chemicals also declined, while prices of building materials and house furnishings remained unchanged. During the first half of May quotations on cotton, wheat, flour, and hogs increased, while prices of sugar, silk, wool, and metals declined. TRADE Railroad shipments, which since the middle of March have been smaller than last year, were three per cent less in April than a year ago. Shipments of coal were much below last year, while loadings of merchandise and miscellaneous freight were higher. Wholesale trade in April was in about the same volume as during the preceding month and as in April, 1923 Sales of dry goods and hardware were smaller than a year ago* while sales of drugs and shoes showed some increase. Depart* ment store sales were considerably larger in April than ' ~ March, partly owing to the unusually late Easter; total s a l ** for the two months were two per cent greater than in the cor* responding period of 1923. Merchandise stocks at department stores showed less than the usual seasonal increase in Anril but were at a higher level than a year ago. * Index Weekly for 33 figures manufacturing industries figure— April, 97. for (1919=100). twelve Federal Reserve figures, May 21 . banks. Latest Latest BANK CREDIT During the five-week period ending May 14, the volume o f borrowing for commercial purposes at member banks in lead ing cities declined somewhat from the high level reached ea 1 ' in ApriL There were increases, however, in loans on stocfc[ and bonds and in investments in securities, so that the total of all loans and investments at the middle of May was hii?h than a month previous, and in larger volume than at any tim in more than three years. Volume of borrowing by member banks at Federal Reserv banks declined further during the last week 0f April and ** May, while holdings of securities bought in the open m ark^ increased slightly. Total earning assets declined to $795,000 006 on May 21, the lowest figure since the autumn of 1917* Further easing of money conditions during the last w v of April and the first three weeks of May Was reflected in* continued rise of the prices of government securities, in a * duction from 4% to 4% per cent in the rate for prime co m ' mercial paper, and a decline in the rate for bankers’ acceptan from 4 to 3 per cent. On May 1 the discount rate of tlT Federal Reserve Bank of New York was reduced from 41/ to 4 per cent z THE MONTHLY BUSINESS REVIEW 15 Comparative Statement of Selected Member Banks in Fourth District M ay 14, 1924 (79 Banks) Apr. 16, 1924 (79 Banks) Loans and Discounts secured by U. S. Govern ment obligations................................................ $ 22,510,000 $ 23,439,000 Loans and Discounts secured by other stocks and bonds.......................... ......................................... 418.091.000 410.099.000 Loans and Discounts, all other.............................. 722.495.000 720.210.000 U. S. Pre-War Bonds. .............................................. 47.202.000 48.178.000 115.113.000 U. S. Liberty Bonds........ ................ ........................ 108.246.000 U. S. Treasury B onds............................................... 2.574.000 3.707.000 U. S. Treasury N otes............................................... 45.806.000 51.537.000 4.334.000 U. S. Certificates o f Indebtedness......................... 8.133.000 311.030.000 Other Bonds, Stocks, and Securities 305.961.000 Total Loans, Discounts, and Investments.......... 1,689,155,000 1.679.510.000 108,491,000 Reserve with Federal Reserve Bank. 109.092.000 30 438 000 Cash in Vault. 28.567.000 902,273,000 Net Demand D eposits............................................. 886.297.000 644,922,000 Time Deposits 623.230.000 24,567,000 Government Deposits 29.951.000 Total Resources on date o f this report................ 2,159,206,000 2.133.416.000 Decrease Increase $. $ 929,000 7.992.000 2.285.000 976,000 6.867.000 1,133,660 5.731.000 3.799.000 5.069.000 9.645.000 601,000 1.871.000 15.976.000 21.692.000 5,384,000 25.790.000 Building Operations for Month of April, 1924-1923 Permits Issued New Construction Alterations 1924 1923 1924 1923 A kron ........ 85 402 503 104 Canton. . . . 321 326 116 105 Cincinnati.. 494 544 328 287 Cleveland*. 805 803 1,647 1,442 Columbus. . 568 625 239 158 D ayton........ 323 353 158 167 Erie 259 172 69 78 Lexington.. 57 54 34 67 Pittsburgh. 641 675 270 161 145 139 48 45 Springfield. . T oledo........ 689 608 293 308 W heeling... 113 119 71 65 Youngstown 315 221 41 33 Valuation New Construction Increase or Decrease Alterations 1924 1923 1924 1923 Amount Per Cent 845,273 562,920 53,875 35.6 100,380 $ 235,848 838,526 844,485 135,593 6.6 69,715 59,919 3,636,985 3,564,800 408,390 288,065 192,510 5 .0 5,982,800 6,982,697 939,555 814,790 — 875,132 — 11.2 2,169,290 2,015,325 343,210 116,175 381,000 17.9 1,178,164 1,030,281 105,106 132,537 120,452 10.4 597,353 543,527 97,918 102,042 49,702 7 .7 291,625 341,655 13,395 26,328 — 62,963 — 17.1 3,340,970 4,017,198 243,363 174,289 — 607,154 — 14.5 192,086 341,980 43,255 18,975 — 125,614 — 34.8 2,141,066 1,409,925 272,847 228,600 47.3 775,388 309,020 355,084 74,378 32,671 — 4,357 — 1.1 1,177,450 552,560 36,475 53,075 608,290 100.4 $ T otal........ 4,815 5,041 3,817 3,020 $22,700,608 $22,562,437 $2,767,360 ‘ Includes figures for East Cleveland, Lakewood, and Shaker Heights. $2,157,642 $747,889 3 .0 Building Operations for Four Months Ended April 30, 1924 - 1923 Valuation Permits Issued New Construction Alterations New Construction Alterations Increase or Decrease 1924 1923 1924 1924 1923 1924 1923 1923 Amount Per Cent A kron........ 692 853 616 207 $ 2,267,984 ; 1,785,585 $ 283,045 $ 519,450 $ 245,994 10.7 2,673,866 Canton........ 722 2,675,028 228,698 267 238 327,235 — 99,699 — 3 .3 7,183,445 8,901,915 Cincinnati.. 1,120,055 1,275 1,445 875 966 1,567,070 — 2,165,485 — 20.7 22,760,020 24,550,151 Cleveland*. 2,396 2,551 3,748 3,495 2,835,355 3,292,805 — 2,247,581 — 8. 1 5,826,860 Columbus. 6,181,675 657,740 1,477 1,758 569 430 629,125 — 326,200 — 4 .8 2,627,132 D ayton ........ 715 1,022 4,189,054 416 380 369,431 333,705 — 1,526,196 — 33.7 Erie. 1,360,305 465 1,134,746 377 173 177 367,649 285,546 307.662 19.8 Lexington.. . 574,785 149 724,342 171 68,096 83 133 108,638 - 190,099 — 22.8 Pittsburgh. . 1,713 1,740 10,478,452 10,805,013 898,026 625 412 595.663 24,198 — 0.2 449,011 Springfield. . 272 286 621,175 83 60,450 89 53,955 - 165,669 — 24.5 T oledo.......... 1,387 1,202 5,100,179 4,713,545 847,276 600 663 811,885 422,025 7 .6 W heeling.... 1,642,117 297 1,016,934 278 170 264,812 191 125.300 764,695 66.9 Youngstown. 3,136,970 734 1,683,065 509 94 97,175 1,412,780 77.6 138.300 688 100 T otal........ 12,294 12,880 8,346 7,454 $66,081,126 $68,982,228 $8,097,808 ‘ Includes figures for East Cleveland, Lakewood, and Shaker Heights. $8,810,793$— 3,614,087 — 4 .6 THE 16 MONTHLY BUSINESS REVIEW Debits to Individual Accounts Week Ending Week Ending Increase or Decrease Week EndingIncrease o r Decrease May. 14, 1924 Apr. 16, 1924 Amount Per Cent M ay. 16, 1923 A m ou n t Per Cent (325 Banks) (325 Banks) (323 Banks) A kron.................... $ 15,078,000 $ 19,948,000 $— 4,870,000 — 24.4 $ 19,379,000 $— 4,301,000 — 22 2 Butler, Pa............ 2,669,000 3,490,000 — 821,000 — 23.5 2,904,000 — 235,000 — 8*1 Canton................... 10,637,000 14,091,000 — 3,454,000 — 24.5 11,445,000 — 808,000 — 7 * 1 Cincinnati.............. 68,235,000 92,145,000 — 23,910,000 — 25.9 97,565,000 — 29,330,000 — 30*1 Cleveland.............. 136,569,000 205,353,000 — 68,784,000 — 33.5 162,302,000 — 25,733,000 — 15 9 31,830,000 36,091,000 — 4,261,000 — 11.8 41,821,000 — 9,991,000 — 23*9 Columbus.............. Connellsville.......... 1,049,000 1,130,000 — 81,000 — 7 .2 1,509,000 — 460,000 — 30*5 D ayton................... 15,459,000 17,883,000 — 2,424,000 — 13.6 16,746,000 — 1,287,000 — 7*7 7,791,000 7,686,000 105,000 1.4 8,282,000 — 491,000 — 5*9 E rie........................ Greensburg............ 5,150,000 5,055,000 95,000 1.9 5,041,000 109,000 2*2 Homestead............ 1,099,000 1,043,000 56,000 5.4 970,000 129,000 13*3 Lexington, K y . . . . 5,073,000 4,832,000 241,000 5 .0 5,279,000 — 206,000 — 3*9 L im a....................... 4,284,000 4,813,000 — 529,000 — 11.0 3,171,000 1,113,000 35*1 Lorain.................... 1,382,000 1,558,000 — 176,000 — 11.3 1,470,000 — 88,000 — 6*0 M iddletow n.......... 2,035,000 2,769,000 — 734,000 — 26.5 2,489,000 — 454,000 — 18*2 New Brighton. . . . 2,584,000 2,702,000 — 118,000 — 4 .4 3,022,000 — 438,000 — 14 5 Oil C ity.................. 2,885,000 3,463,000 — 578,000 — 16.7 3,567,000 — 682,000 — 19 1 Pittsburgh............. 181,484,000 189,652,000 — 8,168,000 — 4 .3 203,318,000 — 21,834,000 — 10*7 Springfield............. 4,663,000 5,281,000 — 618,000 — 11.7 4,734,000 — 71,000 — i ‘ « 2,983,000 3,414,000 — 431,000 — 12.6 ............ Steubenville*........ T oledo.................... 41,143,000 49,816,000 — 8,673,000 — 17.4 47,343,000 — 6,200,000 — 13' i Warren, 0 ............. 3,139,000 4,016,000 — 877,000 — 21.8 3,577,000 — 438,000 — 12 ? W heeling................ 10,406,000 11,027,000 — 621,000 — 5.6 11,348,000 — 942,000 — 8*1 Youngstown.......... 16,807,000 19,550,000 — 2,743,000 — 14.0 14,523,000 2,284,000 157 Zanesville.............. 3,486,000 4,213,000 — 727,000 — 17.3 3,267,000 219,000 6 .7 5577,920,000 $711,021,000$— 133,101,000 — 18.7 T ota l.............. •Debits for corresponding period 1923 not available. $675,072,000$ ^ 1 0 0 ^ 3 5 ,0 0 0 ~^14~8 Movement of Livestock at Principal Centers in the Fourth Federal Reserve District for Month of April, 1924-1923 Cattle 1924 1923 15,089 15,376 9,221 8,657 41 140 1,464 1,742 190 361 102 91 28,735 27,424 537 314 1,151 963 361 296 113,959 107,455 2,267 12,838 9,576 4,231 240,964 5,086 12,428 2,111 107,434 98,650 3,722 13,280 8,809 3,752 248,179 3,000 11,472 1,462 11,986 12,746 8,649 8,133 7 100 24 28 52 77 5,901 6,387 94 94 634 Purchases 74,560 84,563 19 871 2,344 54,250 1,278 2,414 1924 Cincinnati............ Cleveland............ Columbus............ D ayton ................ T oledo.................. Cincinnati............ Cleveland............ Columbus............ Fostoria............... M arion................. Pittsburgh........... Springfield. . T oledo.................. Sheep Hogs 1923 Calves Cars Unloaded 1924 1923 1924 1923 1924 1923 3,919 24,469 54 306 250 444 78,436 841 625 137 2,987 28,678 90 232 62 431 81,682 2,324 31 40 18,112 14,787 98 1,016 773 207 28,587 478 881 2,857 15,332 16,028 217 1,116 586 139 28,453 295 565 2,065 *>519 1.650 4 1,583 1 10 3,745 3,930 121 122 11 for Local Slaughter 2,755 63,837 2,607 18,275 77,095 15,276 10 149 10 5 140 9 10 2,457 51 11,403 42,899 10,193 430 49 80 7,276 13,627 31 94 107 9,403 81 548 6,282 15,681 63 45 121 10,342 61 26 1,489 7
@FedFRASER