Full text of Economic Review (Federal Reserve Bank of Cleveland) : November 1924, Vol. 6, No. 11

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The Monthly

Business Review
Covering financial, industrial, and agricultural conditions
in the Fourth Federal Reserve District
VOL. 6

CLEVELAND, OHIO, NOVEMBER 1, 1924

FEDERAL RESERVE BANK of CLEVELAND



D. C. Wills. Chairman of the Board
(COMPILED OCTOBER 22, 1924)

NO. 11

2

THE M O N T H L Y B U S I N E S S REVI EW

Editorial
H ILE business throughout the country is improving, the
rapidity of improvement has not been as great as hoped for
in various quarters, and as a result, the general feeling does
not appear to be as buoyant as was the case two or three months
ago. When, however, business developments during the past month
in the whole country, including the Fourth District, are analyzed,
it is apparent that the upward trend of the preceding months was
continued throughout September. Furthermore, in the case of
several important business barometers, the improvement during
September cannot be attributed entirely to seasonal factors. Thus,
car loadings caught up with last year after havinr run about 10 per
cent behind for the preceding six months; automobile production
increased over the previous month, in the face of a normal seasonal
decline; building permits almost held their own with August, whereas
for the preceding five years there was an average decline of 9 per
cent; and coal production increased steadily since August 1, as
against a declining tendency shown during September by three of
the four years 1920 to 1923.
Viewing the Fourth District separately, favorable factors also
predominated during September. The iron and steel industry
continued to show moderate improvement in spite of the uncer­
tainties caused by the new pricing system. 1 extile manufacturing
showed a seasonal increase, while a gradual improvement was noted
in several other lines of manufacture. The rubber industry slackened,
owing to seasonal factors. Coal mines increased their operations
with the approach of winter. Employment on the whole showed a
slight increase. Department store sales registered a marked gain
over August compared with what might normally be expected.
Agricultural conditions in this District are not cs favorable on the
whole as in some other sections of the country. While fair crops of
wheat and oats have been harvested and satisfactory prices received,
the corn crop is later than usual and even with the recent gccd
weather, there is still considerable doubt as to whether the crop will
mature. The tobacco situation is depressed on account of the
large unsold stocks held over from last year.

W




THE M ONTH LY B U S I N E S S REVIEW

Commercial Failures Lower
Bills discounted by the Federal Rerserve Bank of
Cleveland declined from 29l/> million on September
17 to \9 l/ 2 million on October 8, but rose to 26 million
on October 15. The general level was slightly higher
than for the preceding month. Government securities
held showed an increase, amounting to $64,749,000 on
October 15, as compared with $61,744,000 on Septem­
ber 17. Total earning assets stood at $104,316,000 on
October 15, as compared with $99,334,000 a month
previous. During the same period gold reserves in­
creased from $297,298,000 to $303,395,000; member
bank deposits rose from $178,616,000 to $182,005,000,
and notes in circulation increased from $206,761,000
to $212,582,000.
Loans of reporting member banks in the Fourth
District amounted to $1,155,723,000 on October 8, an
increase of about $7,(XX),000, or 0.6 per cent, during
the month. Investments amounted to $655,356,000, an
increase of nearly $10,000,000 or 1.5 per cent. De­
mand deposits declined from $1,008,677,000 to $992,715,000, or 1.6 per cent, while time deposits rose from
$691,464,000 to $692,814,000, or 0.2 per cent.
The reserve ratio on October 15 for the Federal
Reserve Bank of Cleveland stood at 77.1 per cent, as
compared with 78.2 per cent on September 17. For

the System, the reserve ratio declined during the month
from 78.5 per cent to 77.1 per cent.
On October 14, it was announced that the Federal
Reserve Bank of Minneapolis reduced its rediscount
rate from 4 ^ to 4 per cent. The rates of the other
banks remained unchanged during the month.
Saving deposits of 66 banks in the Fourth District
on September 30 amounted to $776,643,647, an in­
crease of 0.5 per cent over August 31, and an increase
of 8.5 per cent over September 30, 1923.
Commercial failures in the United States numbered
1,306 during September, according to R. C. Dun and
Company. This was a decrease of 214 from August
and was the lowest number for any month since
September, 1923, when there were 1,226 failures. Since
early in 1924, the trend in the number of failures has
been downward. In September, liabilities amounted
to $34,296,276, a decrease of 21 million from August,
but an increase of 5j4 million over September of last
year. In the Fourth District, there were 102 failures
in September with liabilities of $3,259,688, a decrease
from August of 56 in number and about $360,000 in
liabilities. As compared with September, 1923, there
was an increase of 7 in number and $518,003 in liabili­
ties.

Im provem ent N oted in Steel Industry in Spite of New M ethod of
Price Quoting

Despite the confusion caused by the inauguration of
new pricing methods on steel, market conditions in steel
are maintaining some measure of improvement. That
the situation should be moving forward, even though
slightly, is accepted as reflecting the fundamental sound­
ness of conditions in the industry. The improvement
that has come to the market in a steady, though unspec­
tacular way, since the upward turn was made in July,
is set forth clearly by production records.
Steel ingot output in September, when the country
was producing at the rate of 33,670,000 tons annually,
or 10.7 per cent above August, had risen 50.5 per
cent over the low point of July. Production in Sep­
tember was running at 67 per cent of the high mark
of the year in March. Pig iron production in Septem­
ber, as compiled by Iron Trade Review, showed a gain
of 12.7 per cent on a daily average over August
and was at the rate of 24,250,000 tons annually.
The September production represented 61.2 per cent of
the high point in March. The number of active fur­
naces at the end of September had increased by 24
over the preceding month.
Another gauge of the recent improvement is supplied
by the unfilled orders of the Steel Corporation, which
on the first of October, were approximately 300,000 tons
greater than two months previously. The gains in
unshipped bookings by the leading producer in August
and September followed six consecutive monthly losses.




Not in many years has the steel industry faced such
a process of readjustment of settled practices and
trade alignments as that which it is now weathering as
a result of the agreement of the Steel Corporation to
comply with the cease-and-desist orders of the Federal
Trade Commission to abandon the time honored system
of quoting steel prices on a common Pittsburgh base.
This position of compliance without carrying the con­
troversy into the courts, announced by the Steel Cor­
poration late in September, has been followed by the
establishment by this producer of numerous price bases
on various products at such points where production
has been centered. This action has set a new basis of
competition in various lines which independent com­
panies gradually are being forced to follow. This has
brought much uncertainty and confusion and many com­
plications, and settled practice has not yet been fully re­
established. Under the new conditions, some consumers
of steel are favored by reason of their location near new
basing points. Others have been put at a competitive
disadvantage because of this fact. Many independent
producers of finished steel likewise feel that their posi­
tion has been rendered unfavorable by the tendency to­
ward localization of competition which the new condi­
tions tend to effect. All this uncertainty has made
buyers feel their way, awaiting the stabilization of mar­
keting methods, and this has put some check upon the
volume of new business.

4

THE MONTHLY B U SIN E SS REVIEW

Railroad demand remains the conspicuous feature of
the steel market. Buying of equipment, rails and track
material by the transportation systems has been going
forward with little or no pause. During September,
the railroads placed a total of 27,600 cars, which
is the largest for any month, with two exceptions, in
several years. In August, they bought 6,000 cars
after having done little or nothing in May, June and
July. In the nine months of the year to date, the rail­
roads have ordered approximately 108,000 cars, as
compared with 103,000 cars for the entire calendar
year of 1923. Locomotive orders have been better,
although not heavy. Contracting for rails for 1925 re­
quirements has continued to be heavy, and probably
500,000 tons have been closed during the past thirty
days.
Requirements for building steel are keeping up well,
with total fabricated awards in September of 174,003

tons, or 67 per cent of total shop capacity. In some
lines the demand is the best it has been in some years.
Requirements of the automobile industry have not ex­
panded appreciably but still are running on a large
scale.
S
Prices, despite the recent uncertainties, have fluctuated
within narrow limits. For the week of October 16
Iron Trade Review composite of fourten leading iron
and steel products stood at $38.65. Four weeks previ­
ously it was $38.95.
Shipments of pig iron to foundries and steel works
are still growing gradually and are in excess of the in­
crease of production of merchant furnaces. As a re­
sult. some further tonnaged is coming off the unusually
large stocks of iron in the hands of selling producers.
Pig iron prices are well held but show no buoyancy
due to the condition of stocks.

Bitum inous Coal Situation Improves
An improvement in bituminous coal markets has re­
cently been manifested, demand has stiffened, and price
advances have occurred in many localities. According
to Government estimates, stocks of soft coal in the
hands of commercial consumers have been decreasing
during the past few months, amounting to 47 million
tons on September 1 as against 51 million tons on June
1 and 56 million tons on September 1, 1923.
The daily average production of bituminous coal
lias shown a steady increase since the first of August,
according to figures furnished by the Geological Survey.
In comparing this movement with last year, it is notice­
able that in 1923 production stood at practically the
same level early in October as on August 1, there hav­
ing been an increase up to September 6 which was fol­
lowed by a decline. The result has been that on
October 11, average daily production for 1924 had
almost caught up with that of 1923, the two years
being nearer together than at any time since March 1.
Mine operations during September throughout the
country continued to increase, with very few exceptions.
The Pocahontas and Tug River regions of West Vir­
ginia, for example, were operating at about 75 per
cent capacity on October 4, as compared with about
64 per cent on September 6. Mines in Iowa and Wash­
ington were operating at 77 per cent of capacity on
October 4, the highest rate of any in the country, while
southern Ohio mines continued to be the lowest in this
respect, with 23 per cent of capacity.
In the Fourth District, as in the country at large,
conditions are less depressed than in recent months.
Retailers and jobbers report the usual seasonal improve­
ment in business, and as the winter season approaches,




mines in various sections of the District are increasing
operations. This is particularly noticeable in the Pitts­
burgh district, where the rail mines increased from
43 to 53 per cent of capacity between September 6
and October 4, and the combined rail and river mines
increased from 38 to 52 per cent. Central Kentucky
mines were also operating on a considerably larger scale
on October 4, the Hazard fields having risen from 60
to 70 per cent of capacity, and the Harlan fields from
56 to 70 per cent. The Panhandle region of West
Virginia showed an increase of from 51 to 58 per cent
while southern Ohio mines, though still operating at a
very low rate of capacity, rose from 16 to 23 per cent
during the month. Northern and central Ohio, as well
as the Westmoreland fields in Pennsylvania, showed
practically no change.
Anthracite production, which had been hampered bv
floods, showed an increase during the week ending
October 11, although somewhat below the 1923 figure
The total September output is estimated to be 7,601,000
tons, according to the Geological Survey. The same
source estimates the production of beehive coke at 129 000 tons for the week ending October 11, a decline of
9,000 tons from the preceding week, but a gain of 18 000 tons over the week ending September 13. 70 r>e’Z
cent of this coke was produced in Pennsylvania and
Ohio.
A statement issued by the Ore and Coal Exchange
shows that during September a total of 3,375,450 net
tons of bituminous coal were loaded into vessels
at Great Lakes ports, as compared with 3,640,872 net
tons in 1923. For the first nine months of 1924, the
figure was 17,235,648 net tons, as compared with 23 268,635 net tons for the corresponding period in 1923

THE M O N T H L Y B U S I N E S S REVIEW

Large Stocks are Depressing Factor in Oil Industry
Although the country's crude output has been drop­
ping during the past few weeks, and is now about 90,000 barrels a day less than at the high mark for this
year, which was reached the early part of August, this
production, plus imported crude, is sufficient to meet
consumptive needs, and excessive crude stocks are not
being drawn upon. The National Petroleum News
estimates that there are now 500 million barrels of
crude and refined oil in storage, a figure of some 200
million barrels* in excess of what would probably
constitute an ample supply. This over-production of
both crude and refined products is responsible for re­
ductions within the past month in retail gasoline prices.
According to the index number of the United States

Labor Bureau, this commodity now stands at about the
1913 pre-war level for many localities and at slightly
less for some districts in the country.
On October 14, the announcement was made by the
Prairie Oil and Gas Company that it would resume the
buying of all the crude oil coming from its connections,
in place of buying and storing half for the producers'
account, as had been done for a few months. While
superficially, at least, this would indicate a material
improvement in the crude market, leaders within the
industry have taken every occasion to wrarn against
too optimistic a feeling and against active resumption
of development work.

For the first time in the last six years, automobile
production during September showed an increase over
August, as may be seen in the table given below. This
bank's index of automobile production (1919-1923=100)
stood at 139 in September as compared with 134 (revised)
in August, a gain of 5 points. For the five years, 1919
to 1923, the index for September showed an average
decline of 14 points from that of August. These
figures demonstrate that at a time when a seasonal
decline might be expected, production has actually in­
creased.
In analyzing the curve of production for the last
six years, it is found that with the exception of
1919, the peak of production each year was reached
in March, A pril, or May, and that thereafter a more
or less marked decline took place until the end of the
year. The upward curve in most cases was short and
sharp, beginning about January and lasting three or four
months. The first part of 1924 conformed to the gen-

eral rule, the index rising rapidly from the low point of
146 in December to the peak of 184 in March. The
downward swing which followed, however, was of
shorter duration than was generally the case in the pre­
ceding years. July, with 127, has been the low point
so far, and both August and September have shown a
gain.
The impetus for this gain lias doubtless been due
in large measure to the general improvement in business
and the working off of surplus stocks bv dealers;
nevertheless, the question arises as to whether the pres­
ent upward movement will be continued throughout the
rest of the year in spite of the usual tendency toward
a seasonal decline.
Truck manufacturers in the Fourth District report
but little change during the month. In general there
has been a slight improvement in orders, which, how­
ever, is not yet as great as was anticipated two or three
months ago.

Autom obile Production Shows Increase

Autom obile 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
Autom obile Chamber of Commerce from Identical Firms Each M onth
M onth

O ctober.. .
November.
December,
Total




Passenger
Cars
287,211
336,284
348,287
336,968
279,385
217,845
237,431
251,553
257,868

1924
Trucks
28,247
30,399
33,061
34,977
32,326
27,040
24,895
26,781
29,410

Total
315,458
366,683
381,348
371,945
311,711
244,885
262,326
278,334
287,278

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

1923
Trucks
18,913
21,411
34,063
36,786
42.373
39,945
29,712
29,882
27,841
29,638
27.374
27,275
365,213

Total
242,566
280,794
353,590
380,579
392,446
376,993
326,885
343,854
326,441
363,882
312,132
302,562
4,002,724

6

THE M ONTH LY B U S I N E S S REVIEW

Seasonal Decline in Rubber Industry
According to reports o f'tire manufacturers in the
Fourth Federal Reserve District, August was in most
cases the high point of the year in the tire industry.
September business was good, although generally less
than that of August, while the early part of Octo­
ber showed the usual seasonal decline, due to a slack­
ening of demand at the approach of Winter. Re­
ports indicate that there has recently been but little
change in the number of men employed in Akron
rubber plants. As compared with several months
ago, however, there has been a material increase in
employment, amounting to around 20 per cent in the
case of some factories.
According to the October report of the Rubber
Association of America, giving information as of
September 1, production of high pressure inner tubes
during August amounted to 4,588,385 tubes, an in­
crease of about 30 per cent over July. Shipments
aggregated 5,250,579, or 3 per cent in excess of July,
while inventory stood at 5,006,578, a decrease of 16
per cent from July.
An analysis of this report gives some interesting
facts with regard to balloon tires. It is noticeable
that since March, when figures were first compiled
on balloon tires, production of balloon inner tubes
has run consistently ahead of shipments, being over
twice as great during the considerable portion of the
period. This is true even though shipments showed

a steady increase during the same period. F o r the
six months, March to August inclusive, the actual
excess of production amounted to 50 per cent, re­
sulting in the building up of a large inventory. A
similar condition holds true in the case of balloon casings,
although slightly less marked. Turning to th e high
pressure inner tubes and cord casings, the situation is
entirely reversed. Production in the case of the former
for the six months ran 9 per cent under shipments
and in the case of the latter was 10 per cent less. O f
course, it must be remembered that the stocks of both
high pressure tubes and casings were high at the
beginning of March, and might naturally be expected
to decline, wrhereas the stocks of balloon tires at that
time were low. The fact remains, however, that at
the present time stocks are much greater in relation
to shipments in the case of balloon tires than in the
case of the older style tires. It may also be noted
that the inventory of balloon tires still shows an in­
creasing tendency, while that of inner tubes and casings
has recently declined sharply.
In view of the fact that the balloon tires are new­
comers on the market, it will be interesting in the future
to note whether the large production schedules will be
justified by a corresponding increase in shipments, and
whether shipments will continue steadily upward during
the winter months when a slackening may normally be
expected.

Increased Activity in Textile Lines
After an extended period of dullness, the textile in­
dustry in the Fourth District showed definite improve­
ment in September, due to seasonal factors for the
most part. There was a let-down in the early part of
October, but manufacturers are practically unanimous
in attributing this to the unusually warm weather,
which has naturally held back the purchase of winter
clothing. Manufacturers generally appear to be more
optimistic than they were a month or two ago.
The market for knit goods has been improving
since August 1, and September was a very satisfactory
month. In men's wear, orders have been good con­
sidering the warm weather, which would indicate that
dealers’ stocks had been allowed to get too low. The
recent advance in the price of wool has brought nu­
merous buyers into the market for woolen goods,
and there has been more than a seasonal betterment

in this line. Manufacturers of women's wear report
an encouraging increase in orders.
In the jobbing trade, sales of 18 wholesale dry
goods firms reporting to this bank showed an increase
of 23 per cent over August, and were only 10 per cent
below the sales of September, 1923. This last per­
centage is closer to last year than for any month since
April. This bank’s index of wholesale dry goods s a U
in the Fourth District (1919-1923—100) stood at
106 in September, 1924, as compared with 86 in August
an increase of 20 points. In 1923, on the other hand
the September index was 118, as compared with 123 in
August, a decrease of 5 points.
The Harvard index of prices (1919-1921=100')
shows an increase in wool of from 102 in August to
109 in September. Cotton dropped sharply from 107
to 90, while other textiles showed practically no
change.

Shoe Production Greater
On the whole, the gradual improvement of recent
months in the shoe manufacturing industry in the
Fourth District was continued during September. Preliminary figures from the Census Bureau indicate that
September exceeded August by over 5 per cent in




the matter of production. Some manufacturers, however, report that orders have recently been showing
a slackening tendency. Turning to the jobbers, Sern
tember showed a marked improvement. Sales of wholesale shoe firms reporting to this bank showed an in­

THE MONTHLY B U S I NE S S REVIEW
crease of 44 per cent over August whereas August
had shown a slight decrease from July.
According to the final figures for August, furnished
bv the Census Bureau, shoe production in the United

7

States amounted to 25,261,762 pairs, as compared with
21,389,498 pairs in July, an increase^ of 18 per cent.
August production in the Fourth District ran 5 per
cent ahead of the previous month.

M anufacturing Generally is S lightly B etter
Conditions in manufacturing industries in the Fourth
District on the whole are but little different from
a month ago. Where there were any noticeable
changes, however, they were usually of a favorable
nature, reports from a considerable number of lines
indicating that about 50 per cent showed very little,
if any, change; about 33 per cent showed improvement
of varying degree; while the remainder reported a
slump in business.
Probably the most noticeable betterment has occurred
in the paint industry. September business is reported
as running far ahead of last year, and the same is
true of the early part of October. The gains appear

to be distributed over all classes of customers. The
paper industry also reports an improving tendency,
with orders coming in in larger volume. A hardware
manufacturer reports that the upward swing which
began in July still continues. Some improvement is
also reported by manufacturers of glass and of storage
batteries. On the other hand, some machinery manu­
facturers report a let-up during recent weeks, and a
slackening has also been experienced in boxboard and
lead manufacturing. The electrical supply and stove
manufacturing lines, as well as various others, report
that no real change has occurred during the month.
Buying still appears to be on a conservative basis
on the part of nearly all customers.

Conditions a L ittle Better in Agricultural Im plem ent Industry
Reports from agricultural implement m anufac­
turers in this District give a somewhat conflicting
picture of the situation in this industry. In gen­
eral, it appears that conditions have improved
slightly during the month, but not to the extent
anticipated. The poor corn crop in this District
has had a depressing effect upon orders. One man­
ufacturer reports a slightly more liberal buying
tendency along some lines, and there is a general

disposition among manufacturers to look for im­
provement in this regard because of the extremely
conservative buying of recent months. The confi­
dence expressed two or three months ago, how­
ever, has diminished. As pointed out in last
month's Review, this is due to the fact that the
increased price of farm commodities has not yet
been reflected in any noticeable increase in the
purchase of farm implements by the farmers in this
District.

Agricultural Conditions
Latest available forecasts issued by the United
States Department of Agriculture show still fur­
ther declines in the prospects for the corn crop,
viewed from a country-wide standpoint. In the
com belt of the Middle W est, it is now practically
certain that much of the crop will not mature be­
fore killing frosts, and that a greatly increased
acreage will be cut for fodder this year. All re­
ports indicate that silos are being filled to capacity.
Potatoes, in the country at large, have shown a
marked improvement over their condition a month
ago, and the crop forecast in the United States is
now approximately 3 per cent greater than the
crop of last year.
Post-harvest reports from practically all hay pro­
ducing sections show that the early forecasts of an
abundant crop have been fully verified, except for
a few areas in the South and West.
Plowing and wheat sowing is reported as some­
what belated, due to the lateness of this year's
harvest, and to some extent, unfavorable weather
conditions.




OHIO
CORN
The weather has been favorable for the corn crop,
during September and early October, but most of
the acreage had received too late a start to profit
by it The State forecast is now placed at 90,650,000 bushels, as compared with 159,860,000
bushels last year, a decrease of about 43 per cent.
The decrease in the country at large is estimated
at about 30 per cent from that of 1923.
The shortage of the corn crop has had a some­
what demoralizing effect on the cattle market, and
many farmers are reported as sending grass-fed
cattle to market at very unsatisfactory prices, on
account of not having com to feed them.
POTATOES
During the month there has been a slight falling
off in the outlook for potatoes. Latest estimates
from the State Department of Agriculture is for a
total crop of 9,800,000 bushels, which is a decrease
of 2 per cent from last year.

8

THE M ONTH LY B U S I N E S S REVIEW

A t this writing, digging has been in progress for
some time in certain areas, and the quality gen­
erally is reported good.
FR U IT S
The fruit crop has not kept up to the estimates
made earlier in the year—apples, peaches and pears
being generally estimated at about half a crop or
less, with the quality falling far below normal.
Peaches are very late, but the fine weather of the
past four weeks has had the effect of m aterially
increasing the quality. Grapes are reported some­
w hat better than conditions of a month ago indi­
cated, the fine weather of the first half of October
having come at a very opportune time.
PEN N SY LV A N IA
CORN
A further decline in the prospects for the corn
crop is reported, due in a large measure, to severe
frost on September 24, which was general through­
out the State. The present estimate of the State
D epartm ent of A griculture is for about 79 per cent
of last year’s crop.
PO T A T O E S
The October forecast of potato production indi­
cates a crop of som ething more than 26 million
bushels, which is virtually the same as the har­
vest of last year. Conditions improved in practi­
cally all sections of the State during the last month.
Shipments of Pennsylvania potatoes up to Oc­
tober 4 totaled 458 cars, nearly double the number
shipped up to the same date last year.
A P PL E S
Prospects have declined during the month, pres­
ent indications pointing to a decrease to about 60
per cent of last year’s yield.
K EN TU C K Y
CORN
W ith the growing season practically ended, pres­

ent indications point to a total production of about
71.306.000 bushels, as compared w ith 87,866,000
bushels produced in 1923, a decrease of about 19
per cent.
Owing to the im m aturity of m uch of the crop,
large areas are being utilized for fodder, and silos
are being filled to a greater extent th an ever before
PO T A TO E S
The weather of the past few weeks has been fa­
vorable to this crop, present estim ate of 5,676,000
bushels being an increase of 15 per cent over last
year. The quality is reported as being good.
Sweet potatoes, which constitute an im portant
crop in this State, will show a decrease in pro­
duction of more than 10 per cent from last year,
present indications placing the total yield at 1 824.000 bushels.
O T H E R CROPS
O ther crop estimates show the following increases
over 1923:
Oats, 5,536,000 bushels— 17 per cent
Buckwheat, 164,000 bushels— 1.2 per
cent.
Hay, 1,465,000 tons—23.5 per cent.
Apples, 5,958,000 bushels— 127 per cent
CANNING
W ith the bulk of the crops harvested and canned
the actual shortage of corn and tom atoes antici­
pated by the canning interests is show n to be
greater than was expected a month ago.
The jobbers, having failed to place sufficient or­
ders for future deliveries, will, in the opinion of
the canners, be able to get only pro rata deliveries
on these orders. This condition makes for a very
active m arket on these commodities.
The pack of peas this season was approxim ately
40 per cent greater than that of any previous year •
notw ithstanding this fact, the m arket rem ains firm
and it is the consensus of opinion th at prices will
hold and the entire pack be disposed of in an or­
derly manner.

Tobacco Crop Less than Last Year
During the past month, weather conditions in
the Burley tobacco regions of Kentucky have been
largely favorable, and most of the crop has been
cut and housed. It is now estimated that the total
K entucky crop will be about 26 per cent less than
that of 1923, and about 18 per cent under the fiveyear average from 1918 to 1922 inclusive. As stat­
ed in last m onth’s Review, the large stocks of un­
sold tobacco on hand have had a depressing in­
fluence on the whole tobacco situation in the B ur­
ley regions, and growers during the month have
continued to hold m eetings to discuss the advisa­




bility of either materially reducing the 1925 acreage
or cutting out the crop altogether next year.
The October Government crop report places the
1924 K entucky tobacco crop of all types at 364126.000 pounds. The estimate of production by
types is not yet available, but the estim ate for the
crop as a whole shows a decline of 7,070,000 pounds
or 2 per cent, from the preceding m onth's figure'
The 1923 crop amounted to 494,190,000 pounds, and
the five-year average, 1918-1922 inclusive, was 446072.000 pounds. The entire United States tobacco

THE M O N T H L Y B U S I N E S S REVIEW

9

crop for 1924 is estim ated at 1,181,620,000 pounds, a 5 per cent greater loss than that of the United States,
a decrease of 21 per cent from 1923 and 13 per cent both from the 1923 and the five-year average. Last
from the 1918-1922 average.
year K entucky produced 34 per cent of the total
It will be noted th at the Kentucky crop shows
tobacco crop of the country.

Lum ber Trade Slowly Im proving

September showed a slow improvement in the
m anufacturing of lum ber in the Fourth District.
Better conditions have been manifested in the South­
ern Pine trade in the shape of increased demand
and price advances. R eports indicate that furni­
ture factories are experiencing a considerable in­
crease in orders. Buying in general throughout the
industry, although well sustained, is still on a handto-m outh basis, due, at least in part, to the ex­
cellent transportation situation.

Reports from about 375 mills in the U nited
States, which furnish weekly figures to the N a­
tional Lum ber M anufacturers' Association, show
that for the four weeks ending October 4, produc­
tion am ounted to 1,019,223,000 feet, shipments were
978.732.000 feet, and orders were 928,927,000 feet.
For the preceding four weeks, production was 961,303.000 feet, shipm ents were 948,693,000 feet, and
orders were 961,298,000 feet.

Car Loadings for 1924 attain the 1923 Level
Car loading figures for the past month give an
encouraging picture of business activity. For the
five weeks ending October 4, car loadings for 1924
were equal to those of 1923, whereas from April 1
to September 1, loadings for 1924 consistently ran
about 10 per cent behind last year.
Loadings exceeded the million m ark during each
of the four weeks ending October 4, the total for all
classes of commodities aggregating 4,302,430 cars, as
compared with 3,876,454 cars for the preceding four
weeks. Grain loadings have been running far ahead
of 1923, and the week ending October 4 exceeded

all previous records in the number of cars loaded
with grain and grain products. Miscellaneous car
loadings are also considerably greater than those
of last year. Merchandise L. C. L. loadings were
the largest in history for the week ending October
4. On the other hand, ore loadings for the four
weeks were only about two-thirds as great as in
1923, and loadings of coke, forest products, and
livestock were also less than a year ago. Coal
loadings during the four weeks were about the
same as in 1923, but showed a 20 per cent in­
crease over the preceding four weeks of this year.

Decline in Building Perm its During Septem ber Less than Usual
The value of building permits in the United
States during September showed a very slight de­
crease of 1.9 per cent from August, according to
a report of B radstreet’s covering 163 identical cities.
As compared w ith Septem ber of last year, there
was an increase of 9 per cent, and the first nine
months of 1924 showed an increase of 6 per cent
over the corresponding period in 1923. It is note­
worthy that the usual September decrease, as com­
pared with August, was noticeably less this year
than for any of the previous five years. In 1920,
September showed a decrease of 16 per cent from
August, and the average decline for 1919-1923 was
about 9 per cent. W hen it is remembered that
August of this year showed up unusually well as
compared w ith July, it will be seen that the build­
ing industry is making a good recovery after the
lengthy slump of the spring months.
In the Fourth Federal Reserve District, the trend
in building perm its was similar to that in the coun­
try as a whole. The value of perm its issued dur­
ing September in thirteen centers was $18,050,000,
as compared w ith $18,367,000 in August, or a de­
crease of 1.7 per cent. There was a substantial




increase of 15 per cent over Septem ber of last year.
The largest percentage gains were made by Cin­
cinnati, Dayton, Lexington, W heeling, and Y oungs­
to w n ; while Akron, Columbus, and Springfield
showed the greatest decreases. The first nine
months of 1924 showed a gain of 0.8 per cent
over the same period of 1923. For the nine months,
the largest percentage increases were shown by
Youngstown, W heeling and Erie, with 67, 44 and 41
per cent, respectively; while Columbus, w ith 30
per cent, showed the greatest percentage decline.
Cleveland and Pittsburgh both ran slightly ahead
of 1923, but the reverse was true of Cincinnati.
The A berthaw index of factory building costs
(1914-100) declined one point in September, stand­
ing at 195. The advances early in the m onth noted
in some lines were insufficient to change the general
downward trend, which has now continued for five
months. D uring this period, A ugust was the only
month not showing a decline from the previous
month. T hat there has not been any great change,
however, is seen from the fact that the index stood
in March and April at 202, only 7 points higher
than in September. A study of the cost of build-

THE M O NTH LY B U S IN E S S REVIEW

10

ing materials in the Fourth D istrict on September
1 as compared with July 1 shows the same steadi­
ness. In eight cities in this District, according to
a report of the D epartm ent of Commerce, declines
during the two m onths predominated over ad­

vances at a ratio of about 4 to 3, but by
greater num ber of materials showed no
There was a general tendency to advance,
various lumber products. Steel products,
other hand, showed some weakness.

far the
change.
am ong
on the

There has been some tendency toward im prove­
ment in the building brick industry during the past
month. Conditions of the trade in the agricultural
sections of the country continue to be favorable,
and there has been some betterm ent in New York
City. Reports indicate that throughout the coun­
try the volume of business is normal. A report
of the Common Brick M anufacturers' Association
as of September 1 from 92 firms shows that orders
at that time amounted to $256,017,000, as compared
with $314,588,000 on A ugust 1. Inform ation as to
orders on October 1 is not yet available.

There was a slight decline in activity in th e pav­
ing brick industry during September, according to
the report of the National Paving Brick M anufac­
turers’ Association. Shipments of No. 1 brick final­
ly showed a cecline, after an upw ard m ovem ent
which began with March. Production and unfilled
orders also registered decreases. These decreases
were small, however, and it may be added th at
similar declines took place during Septem ber a year
ago as compared with August. Shipm ents are still
running ahead of production, and Septem ber ship­
ments were about 7 per cent ahead of a year ago.

Cement production in Ohio, W est Virginia, and
western Pennsylvania during September, accord­
ing to the Geological Survey, amounted to 1,628,000
barrels, or about 11 per cent of that in the United
States. Total United States production was 14,519,000 barrels, a decrease of 4 per cent from Au­
gust, but an increase of 10 per cent over September
a year ago. Shipments during September aggre­

gated 16,827,000 barrels, a decline of 0.2 p er cent
from August, but a gain of 23 per cent over last
year. Stocks at the end of Septem ber w^ere 8 358,000 barrels, as compared with 10,666,000 a t
the end of A ugust and 5,533,000 at the end of Sep­
tember, 1923. Stocks have now declined steadily
for six months, a condition which w as also trn**
in 1923.

Em ploym ent in the Fourth D istrict increased to
a slight extent during September, due partly to
an increase in the num ber of men employed and
partly to an increase in working time. In analyzing
reports from a large number of manufacturers, it
is found that approximately 54 per cent stated that
employment conditions had shown no change, 32
per cent reported increases, mostly slight, and 14
per cent reported small decreases. In some sec­
tions, a good demand for skilled workers is re­
ported, while there is a surplus of common labor.
Several m anufacturers state that the number of
men on the payroll remains the same as during
the previous m onth, but that working time has
been increased. The various reports on the situa­
tion are borne out by figures furnished by the Cham­

bers of Commerce of Cleveland and Cincinnati, the
former city showing an increase of 2.5 p er cent
during September for 100 large concerns, while the
latter shows a gain of 1.1 per cent for 19 rep_
resentative firms. These figures do not take ac­
count of any increases in working hours.
Turning to the various industries in the D is­
trict, the rubber factories generally report practi­
cally no change from a month ago. An im prove­
m ent is evident in the textile lines as well as in
some lines of machinery m anufacturing. T he in­
crease in the paint business has been accompanied
by some increase in employment. Paper m anu­
facturers report a slight gain. In m ost other cases
the change either way was negligible.
*

September departm ent store sales in the Fourth
D istrict showed a considerably greater increase over
August than m ight normally be expected. This
bank’s index num ber of departm ent store sales in
the District jumped from 86.7 in August to 101.0
in September, and even after correcting the figures
for normal seasonal variations, September sales still
show an increase of about 7 per cent over those of

August. Another point of interest is that Septem­
ber sales were less than 1 per cent under those of
1923, being the best month, as compared with last
year, since April.
Sales in a num ber of cities exceeded those of
last year, the largest gains being shown by D ay­
ton, with 6.7 per cent, and Akron, with 4.6 per cent
For the third quarter of the year, the D istrict ran

Building Brick Slightly Better; Paving Brick Slackens

Cement Production Declines

Em ploym ent Shows a Sm all Gain

D epartm ent Store Sales Show Good Gain in Septem ber




THE M O N T H L Y B U S I N E S S

4.6 per cent behind last year, Akron and Dayton
being the only cities to show increases.
Every city reported an increase in stocks on hand
over August, which is natural at this time of year.
Stocks were also 1.2 per cent greater than last year.
Eight cities reported decreases, while only four re­
ported increases; am ong the latter, however, were
Pittsburgh and Cleveland.

REVIEW

11

Septem ber sales of 55 departm ent stores in this
D istrict have been exceeded twice in the last six
years, in 1920 and 1923. Taking the five-year av­
erage m o n t h ly sales, 1919-1923, as a base, th e index
num bers for Septem ber of each year are as fol­
low s: 1919, 82; 1920, 102; 1921, 77; 1922, 92; 1923,
102; 1924, 101.

Departm ent Store Sales

Percentage of Increase or Decrease
Comparison of Net Sales

1A

IB

September, 1924 July 1 to Sept.
compared with 30, 1924, comSeptember, 1923 p a r e d w i t h
same period in
1923

Percentage o f Percentage of
average stocks o u t s t a n d i n g
at end of each orders at end of
month from July >t., 1924, to
2B
2A
Sept., 1924 com­ Sept. 1924 1 to Sept. 30 to al purchases
pared with Sept. c o m p a r e d average monthly
ing calendar
1923
with August, sales in same year 1923
1924
period

Comparison of Stocks at End
of Month

No. ot
Reports
4
— 2.5
4.6
Akron..............
4 .6
2.5
426.8
1.2
3
C anton............
6.9
— 3.9
— 1.1
880.5
— 9.8
7
C incinnati....
- 0.7
12.8
3.9
481.7
0.4
6
9.7
Cleveland. . . .
— 6.6
— 1.7
404.7
— 5.0
5
16.9
Columbus. . . .
— 0.9
2.0
384.0
5
— 3.4
6.7
D ayton...........
6.7
0.1
434.8
3
— 3.9
6.8
New Castle.. .
- 5.8
— 7.8
718.0
8.6
7
Pittsburgh. . .
10.6
— 4.7
— 1.5
462.1
5
— 1.0
Toledo.............
6.2
— 11.7
— 5.9
569.6
5
Wheeling........
— 8.1
18.1
— 7.5
— 7.7
484.8
3
Youngstow n..
2.1
— 2.4
— 2.3
14.1
340.9
7
Other Cities*.
2.9
— 4.7
13.3
— 7.0
646.5
60
1.2
D istrict...........
— 0.6
10.3
— 4.6
451.7
— 1.7
8.6
U.S. Average.
5.1
—0.03
453.9
^Includes reports from Erie, Portsmouth, Springfield, and Lima.
**Includes reports from Erie, Portsmouth, Akron, Springfield, Lima and Day ton.

8 .y
5.9
9.8

8.3
5.7
7.0
6.8
9 j **
7'. 8
8.4

Index Numbers of Sales of 55 D epartm ent Stores
Fourth Federal Reserve D istrict

(Average Monthly Sales for the Five-Year Period 1919-1923 Inclusive— 100)
1923
Akron Canton* Cincin- Cleve- Colnm- Dayton _New Pitts- Toledo Wheel- Youngs- Other
Castle burgh
ing town Cities**
nati land bus
A pr. . . .
106
107
108
109
117
110
104
111 108
117
112
98
M ay... .
112 129 122 111 118 118
114
124
117
129
113
118
Ju n e.. . .
118
121 119 126 115 112
116
115
117
128
123
114
92
79
80
92
J u ly ....
89
76
82
95
90
89
79
81
A ug----96
94
90
92
105
84
104
97
96
91
80
113
S e p t... .
90
88
99
101 105
94
111 106 112
81
87
96
Oct........
136
130
113
154
128
126
127
149
113
141
127 128
Nov. . ..
102 120 120 125 134 131 113 120 120 127 121 105
D ec. . . .
194
156
168
183
187 212
169
199 219 206
187 194
1924
Jan ........
78
98
94
92
91
102 101
102
91
84
74
F eb . . . .
88
97
98
87
103
90
94
92
81
77
87
120
M a r.. ..
95
115
103
104
100
100
114
124
93
107
118
91
Apr. . . .
112 128 114 133 124 131 127 122 117 128 124 112
M ay.. . .
124
106
118
110
116
121 109 118 100 118 117 109
June---93
107
99
102 117 109
115
100
98
115
111 104
84
J u ly ....
83
80
78
87
86
79
83
95
89
79
78
Aug. . . .
88
92
78
91
92
93
84
85
83
76
105
75
Sept. . . .
92
89
96
109
108
118
76
97
96
95
98
89
*Based on 3-year average (1921-1922-1923).
**Includes Springfield, Portsmouth, and Erie.




Dis­
trict
111
119
119
82
97
102
130
122
176
94
96
104
124
114
108
80
87

101

12

THE M O N T H L Y B U S IN E S S REVIEW

Septem ber Wholesale Sales Greater than August
All wholesale lines showed an increase in sales dur­
Sales during the first nine months of 1924 were less
ing September, as compared with August, but with than for 1923 in the case of all lines. D ry goods
the exception of hardware, sales ran below those of showed the largest decrease, 16.4 per cent, while drugs,
September, 1923. The largest increase over August
was shown by wholesale dry goods, with 23.2 per cent. with 2.8 per cent, had the smallest decrease.

Wholesale Trade Sales
Number of Percentage change in
Firms Reporting net sales during Sept.,
1924, compared with
Aug., 1924.

Percentage change in
net sales during Sept.,
1924, compared with
Sept., 1923.

Percentage change in
n et sales from Jan. I,
1924 to Sept. 30,1924,
compared with same
period last year.

Groceries-—
Cincinnati.........................................
3
18.2
44.5
2 .3
Cleveland.........................................
Jn
— 3.2
9.5
0 .7
Columbus.........................................
3
— 5.7
17.6
— 5 .4
E rie....................................................
4
— 7.3
8.5
4 .9
Lexington.........................................
3
— 9.8
11.2
— 6 .2
Pittsburgh........................................
7
3.6
19.9
— 3 .0
Portsm outh......................................
3
— 3.4
7.1
— 3 .5
Toledo...............................................
3
— 11.3
11.8
— 6 .3
Youngstown.....................................
3
— 0.2
25.8
— 4.1
Other Cities*...................................
17
— 7.0
14.6
— 9 .2
D IS T R IC T ...................................
49
— 3.6
15.1
— 3 .9
Dry Goods— D istrict.............................
18
— 9.7
23.2
— 16.4
Drugs— D istrict......................................
16
- 4.0
0.7
— 2 .8
Hardware— D istrict...............................
18
1.8
14.9
— 7 .8
*Includes Akron, Canton, Dayton, Dover, Ironton, Lima, Mansfield, Massillon, Springfield and Steuben­
ville, Wheeling and Xenia.

Sum m ary of Business and Credit Conditions in the United S ta tes
By The Federal Reserve Board
Production of basic commodities, factory employment and
distribution of merchandise increased in September. During
September and early in October there was a considerable in­
crease in the volume of borrowing for commercial purposes.

Wcprr.

P R O D U C T IO N

JlA

v \J

/
AT

\
>

90

1919

1920

1921

1922

1923

1924

Index of 22 basic commodities corrected for seasonal variations
(1919—100). Latest figure— September, 102.




The Federal Reserve Board’s index of production in basic
industries, adjusted to allow for seasonal variations, rose 9 per
cent in September, the first advance since last January. In.
creased activity was reported in many lines of industry, includ­
ing textiles, iron and steel, and coal. Factory employment in­
creased 2 per cent during September, reflecting larger working
forces in nearly all reporting industries. Average weekly earn­
ings of industrial workers increased slightly, owing to a de­
crease in the extent of part time employment. Building con­
tracts awarded showed a small seasonal decline in September
but were considerably larger than a year ago.
Crop conditions, as reported by the Department of Agri­
culture, showed a further slight improvement during Septem­
ber, and the estimates of production for spring 'wheat, oats, bar­
ley, and white potatoes on October 1 were larger than the

THE M O N T H L Y B U S I N E S S REVIEW

FACTORY

EMPLOYMENT

—--------------------t--------------------- ------------------------------------ 150

0

PC* CENT.

o

1924
I9ZZ
1923
Index for 33 m anufacturing industries (1919 — 100). Latest
figure, September, 90
1920 v

1919

m

WHOLESALE PRICES

1
m c u rr.

PCHCEHT.

200

?00

100

100

•

1919

tno

1921

1922

1923

o
19H

Index of U. S. Bureau of Labor Statistics (1913— 100, base
adopted by B ureau). Latest figure— September, 149

W eekly figures for Member B an k s in 101 leading cities. Latest
figures— October IS.




13

month before. Estim ates of the yields of corn, tobacco, and
cotton, however, were reduced. Marketing of wheat was ex­
ceptionally heavy in September and exports of wheat and cot­
ton were larger than for the same month of any recent year.
TRADE
Distribution of commodities, as reflected in railroad ship­
ments, increased during September and was greater than last
year, owing to larger loadings of miscellaneous merchandise,
grain and coal.
W holesale trade 'was 11 per cent larger than in A ugust as
a result of increased business in almost all reporting lines.
Sales of groceries and drugs were larger than a year ago, while
sales of meat and shoes were smaller. Retail trade showed
more than the usual seasonal increase in September and sales
of department stores and mail order houses were considerably
larger than last year. Merchandise stocks ot department stores
increased more than usual during September, but continued to
be slightly smaller than a year ago.
PRICES
Wholesale prices of farm products, clothing, fuel and metals
declined somewhat in September, while prices of food products,
building materials, and chemicals advanced. The general level
of prices as measured by the Bureau of Labor Statistics’ index
was slightly lower in September than in August. During the
first half of October, quotations on wheat, flour, cattle, hogs,
wool, and rubber increased, while prices of cotton, lumber and
gasoline declined.
BANK CREDIT
During the five weeks ending October 15, loans and invest­
ments of reporting member banks in leading cities increased by
more than $600,000,000. Credit demand for financing the mar­
keting of crops and the fall activity of trade were reflected in
increased commercial loans throughout the country, and the
total volume of these loans rose to a level considerably above
the peak of October, 1923. Member bank investment securities
continued to increase and loans on stocks and bonds also ad­
vanced. A further growth of demand deposits carried their
total to the highest figure on record.
At the Federal Reserve Banks, discounts changed but little
in September and declined in the first three weeks of October
while holdings of acceptances increased considerably. There
was also some increase in the United States securities as a
consequence. Total earning assets were larger than at any time
since early in the year. Larger currency requirements, partly
seasonal in character, were reflected between August 1 and
October 1, an increase of $140,000,000 in the total volume of
money in circulation.
Money rates in the New York market remained relatively
constant in the latter part of September and the early part
of October. On October 15, the discount rate of the Federal
Reserve Bank of Minneapolis was reduced from 4 y 2 to 4 per
cent.

14

THE M O N T H L Y B U S I N E S S REVIEW

Comparative Statem ent of Selected Member Banks in the Fourth D istrict
Loans and Discounts secured by U. S. Govern­
ment obligations.................................................
Loans and Discounts secured by other stocks
and bon:’s ...............................................................
Loans and Discounts, all other................................
U. S. Pre-War Bonds..................................................
U. S. Liberty Bonds....................................................
U. S. Treasury Bonds..................................................
U. S. Treasury Notes..................................................
U. S. Certificates of Indebtedness...........................
Other Bonds, Stocks and Securities........................
Total Loans, Discounts and Investm ents.............
Reserve with Federal Reserve B ank......................
Cash in V ault................................................................
Net Demand Deposits................................................
Time Deposits...............................................................
Government D posits.................................................
Total Resources on date of this report..................

Oct. 8 , 1924
(77 Banks)
$ 18,790,000
422.195.000
714.738.000
45.664.000
195.857.000
2,065,000
53.944.000
20.977.000
336.849.000
1.811.079.000
117.554.000
32.334.000
992.715.000
692.814.000
29.857.000
2.295.366.000

Sept. 10, 1924
(78 Banks)
$ 19,629,000
416.619.000
712.513.000
45.661.000
197.302.000
2.040.000
55.812.000
5.805.000
338.934.000
1.794.315.000
126.066.000
30.599.000
1.008.677.000
691,464,000
10 021.000
2.285.555.000

.

Increase

Decrease

$ .................. $
839,000
5.576.000
2.225.000
3,000
1.445.000
’ " ’ 25,000
1. 868.000
15.172.000
2,085,000
16.764.000
8,512,666
’ 1,735,000
15,962,000
' 1,350,000
19.836.000
9.811.000

Building Operaii ons for Month of Septem ber, 1924-1923

Valuation
Permits issued
New Construction Alteration:
New Construction
Increase or Deere.-,
Alterations
1924 1923 1924 1923
1924
1924
923
1923 Amount Per Cent
132,590 $ 28,985 3— 194,061 — 21.5
70 58 $ 577,308 $ 874,974
350 271
Akron. . . .
C anton. . .
92 70
227 231
489,314
82,665
489,389
82,665 —
075
0.01
327,705 226,215
Cincinnati.
359 368 214 229 2,183,885 1,411,220
874,155 53.4
827,840 706,615
638 602 1,206 1,205 5,635,940 4,910,386
Cleveland*
846,779 15.1
242,825 230,370 — 524,100 — 26.0
509 509 144 132 1,245,975 1,782,530
Columbus.
86,271 205,324
284 220
780,170
129
124
D ayton. ..
377,255
283,862 48.7
162,016
35
311,696
338,722
148 115
50,530
67
Erie...........
84,460 21.7
16,895
51 45
48
147,500
32
Lexington.
87,165
1.8,742
58,488
176,099 264,457
200 1,809,135 1,549,926
544 372
119
Pittsburgh.
170,851 55.2
9 .4
10,040
102 93
21
140,090
15,800 — 63,930 —-41.0
39
81,920
Springfield.
162,906 249,289 — 107,435 — 8.9
522 415
207
196
963,423
942,371
T oledo....
215,894
41,748
96 92
40
26
832,880
35,326
Wheeling..
623,408 248.2
Youngstown 234 173
443,125
55,350
4141
687,490
18,725
280,990 60.8
T otal............. 4,064 3,506 2,451 2,334 $15,725,584 $13,584,099 $2,324,950 *2,133,043 $2,333,392 14 . 8
*Includes- figures for Siiaker Heights, East Cleveland and Lakewood.
—

Building Operations for Nine Months Ended Septem ber 30, 1924

Permits Issued
Valuation
New Construction
Alterations
New Construction Alt; orations
Increase or Decrea.se
1924
1923
1924
1923
1924 1923 1924 1923
Amount Per C ent
873,915 $— 136,251
Akron. . . . 2,254 2,328 1,026 568 4,929,907 $ 5.010.704 $ 818,461
2 .3
495,643
833,064
C anton. . . 1,785 1,771 674 636 6,112,470 4,849,119
925,930 16.3
16,697,600
16,769,280 2,730,435 3,176,725 — 517,970
Cincinnati. 3,024 3,472 2,073 2,243
2.6
Cleveland* 5,469 5,75210,081 9,697 54,073,920 52,122,720 8,512,512 9,224,302 1,239,410
2.0
11,746,025
17,339,205 1,654,075 1,862,095 —5,801,200 -3 0 .2
Columbus. 3,541 4,370 1,307 1,171
937,713 1,154,592 — 1,148,074 -1 3 .3
D ayton. . . 1,930 2,230 1,081 1,160 6,543,287 7,474,482
717,584 1,280,258 40.8
E rie........... 1,172 1,009 512 481 3,309,431 2.420.705 1,109,116
218,697
244,364 — 114,092 - 7 .4
Lexington.
390 403 283 330 1,212,423 1,300,848
Pittsburgh 4,373 4,298 2,082 1,181 22,833,532 23,686,659 2,980,802 1,933,196
194,479
0.8
171,575
135,970 — 132,017 - 10.0
740 793 247 232 1,022,693 1,190,315
Springfield
1,681
12,053,415
10,168,914 1,701,506 2,152,750 1,433,257 11.6
T oledo.... 3,961 3,306
1,885
W heeling.. 787 694 399 397 3,711,663 2,518,342
523,388
432,695 1,284,014 43.5
Youngstown 1,990 1,465 298 306 6,812,170 3,951,290
287,185
300,250 2,847,815 67.0
T otal........... 31,41631,891 21,744 20,287 $151,058,536 $148,802,583 $22,141,108 $23,041,502 $ 1,355,559 "0^8
*Includes figures for Shaker Heights, East Cleveland, and Lakewood.



-

THE M O N T H L Y B U S I N E S S

REVIEW

15

Debits to Individual Accounts

(In thousands of dollars)
3
4
5
1
% In cr. % Incr.
% Incr.
1923 or Deer,
4 Weeks 4 Weeks 4 Weeks or Deer, or Deer. 1924
Ending Col. 1 Col. 1 to date
Ending Ending
to date Col. 6
over
Oct. 15, Sept. 17, Oct. 17, over over (Jan. 2— (Jan. 4—
1924
1923 Col. 2 Col. 3 Oct. 15)
Oct. 17) Col. 7
1924
7.9
A kron.......................................... $ 69,769 $ 64,648 $
9.7 $ 682,174 $ 692,232 — 1.5
2.7 — 9.7
9,603
Butler, P a..................................
13,548
12,239
110,438 — 7.5
102,169
C anton........................................
39,538
40,199 — 1.2 — 2.8
39,067
421,401 — 0.8
418,118
Cincinnati................................... 284,893 259,038 298,048 10.0 — 4.4 2,903,177 3,114,005 — 6.8
Cleveland...................................
593,323 511,816 612,826 15.9 — 3.2 5,875,859 6,092,494 — 3.6
Colum bus...................................
126,879 119,275 134,046 6 .4 — 5.3 1,248,725 1,441,275 — 13.4
4,105
Connellsville..............................
5,446 3.8 —21.7
4,263
55,745 — 19.6
44,841
D ayton............................ ...........
57,801
61,293 4 .4 — 1.5
60,344
661,361 — 2.9
642,249
E rie..............................................
26,962
32,108 16.1 — 2.5
31,311
295,607
303,525 — 2.6
7.2 — 5.7
19,093
Greensburg.................................
21,715
20,475
209,581
202,110 3.7
3,678
4,371 13.5 — 4.5
Hom estead.................................
4,175
40,383
36,064 12.0
14,350
Lexington, K v...........................
16,972 10.2 — 6.8
15,815
208,145
235,342 11.6
L im a............................................
16,512
15,922 2.4
6.2
16,913
173,564
163,215
6.3
L orain..........................................
6,639
6,362 — 2.4
1.9
6,481
58,672
58,624 0.1
Middletov. n ...............................
9,082 — 0.1 — 12.3
7,971
7,963
85,583
93,348
8.3
Oil C ity.......................................
10,632
11,509 14.7
6.0
125.475
12,199
126,421 — 0.7
Pittsburgh.................................. 757,070 686,900 777,765 10.2 — 2.7 7,830,000 7,906,954 — 1.0
16,945
Springfield..................................
18,541
2.5 — 6.3
17,372
184,620
200,508
7.9
Toledo.........................................
186,204 149,174 158,883 24.8 17.2 1,697,255 1,659,932
2.2
W arren, O ..................................
12,618
12,013 — 1.0
4.0
12,497
128,521
127,155
1.1
Wheeling.....................................
36,016
41,965 14.1 — 2.1
41,079
425,974
432,501 — 1.5
49,952
Youngstown...............................
63,703 23.1 — 3.5
61,492
575.476
586,126 — 1
11,135
8.4
Zanesville........................ ...........
11,547
4.5
12,066
124,319
121,309
2.5
T otal...............................22,393,889 $2,134,401 $2,431,440
— 1.5 $24,080,487 $24,842,085 — 3.1
E xplan ation o f C h arts on Follow ing P age

All charts are monthly.
All charts have a relative scale, i.e., the actual 5year average in figures has been called 100.
Sources of information are as follows:
1. Member Bank Credit. Figures for the last
week in the month from about 800 banks report­
ing weekly to the Federal Reserve Board.
2. Member Bank Deposits. Same as preceding.
3. Volume of Payments by Check. Debits to in­
dividual accounts at 140 cities, reporting to the Federal
Reserve Board (not including New York).
4. Commercial Failures. Number of commercial
failures as reported by R. G. Dun & Company.
5. Retail Trade. The index number of the Fed­
eral Reserve Board with 1919 equaling 100, is re­
computed with the monthly average, 1919-1923, as
a base. The index covers sales of about 350 department stores in the country.
6. Wholesale Trade. The Federal Reserve Board's
Index Number has been recomputed, as in the pre­
ceding chart. This index covers sales of a large
number of wholesale lines.
7. Building Permits. Report: from about 170 cities
as ^bown by Bradstreet’s.
8. Car Loadings. Figures reported weekly by



the American Railway Association converted into a
monthly basis.
9. Exports of Merchandise. Figures reported by
the Bureau of Foreign and Domestic Commerce, U. S.
Department of Commerce.
10. Bituminous Coal Production. Figures from the
Geological Survey, Department of the Interior.
11. Pig Iron Production. From the IRON AGE.
12. Automobile Production (both passenger cars
and trucks). National Automobile Chamber of Com­
merce.
Last figures for each chart:
( 1) a. Loans
September, 110
b. Investments
September, 131
(2) a. Demand Deposits
September, 117
b. Time Deposits
September, 157
Check Payments
(3)
August, 101
Commercial Failures
(4 )
September, 101
(5) Retail Trade
September, 106
Wholesale Trade
(6 )
August, 93
Building Permits
(7)
September, 141
Car Loadings
(8)
September, 122
(9) Exports'
September, 90
( 10) Bituminous Coal Production, September, 102
Pig Iron Production
( 11)
September, 80
( 12) Automobile Production
September, 139

Indexes of National Business Conditions

The base (100) for all the charts except the first is the monthly average for the five years 1919*1923
inclusive . For the first chart the base is the m onthly average for the three years
1921-1923. For further explanations, see preceding page .




EXPORTS Or MERCHANpise