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Busin Review Fourth Federal Reserve District Federal Reserve Bank of Cleveland Fin ance, Industry Agriculture, and Trade Vol. 29 Cleveland, Ohio, November 1, 1947 No. 11 THE EXPANSION OF SAVINGS ACCOUNTS AT FINANCIAL INSTITUTIONS Wartime Expansion of Savings Comparison of Financial Institutions The m ajor part o f this expansion in savings accounts occurred in the years 1943-1945 inclusive. In those years, rapid increases in the disposable incomes o f individuals took place while supplies o f consumer goods and the prices thereof were being limited by wartime controls. This situation left a large residue o f incom e that was channeled into savings. W ar bonds took a net sum about equivalent to that placed with the four types o f financial institutions mentioned above, while policyholders’ investment in life insur ance companies m oved up by about one-half as large an amount. A n analysis o f the wartime rates o f growth dis closes that the most rapid gains were experienced by postal savings, followed by com mercial banks, sav ings and loan associations, and mutual savings banks, in that order. Therefore, although all four recipients o f savings expanded greatly during the war, the com parative strength o f postal savings and com mercial banks increased somewhat, while savings and loan associations and mutual savings banks declined slightly in relative importance. The volum e o f savings entrusted in the care Gf com mercial banks, mutual savjng S b ankS) savings and loan associa tions, and the postal sayings system doubled in the United States between Decem ber 1939 and Decem ber 1946. Savings passbooks held by patrons o f those institutions totaled some 360 billion at the close o f 1946, com pared with about 330 billion when hostilities broke out in Europe. A t the close o f 1946, time deposits at all com mercial banks totaled slightly more than the aggregate o f all savings accounts in mutual savings banks, savings and loan associations and postal savings. M utual savings bank deposits con stituted 27 percent o f the total savings represented by these four savings media. T he figure for savings and loan associations was 14 percent, whereas postal savings amounted to only 5 percent o f that total. T he relative im portance o f these four types o f insti tutions in the savings field changed somewhat during the war, although the changes were not great enough to alter the prewar ranking. CHANGES IN TH E VOLUME OF SAVINGS REPRESENTED B Y VARIOUS T Y P E S OF FINANCIAL IN STITU TIO N S IN TH E UNITED STATES Based on year end data— 1939-1946 B IL L IO N S OF D O L L A R S B IL L IO N S OF D O L L A R S RE LA T IV ES DEC. 31, 1939 . RELATIVES DEC. 31,1939 a 10 0 100 POSTAL SAVINGS / / / 250 COMM1 L. BANKS ASSOC’ S 200 / ✓ / ................... y m utual SAVINGS 50 . . , v ^ 00 — . . . the percentage rise in tim e deposits of com m ercial banks has been exceeded only by postal savings deposits. 2 M O N TH LY BUSINESS REVIEW Commercial Banks The relative gains experienced between 1939 and 1946 seem to bear little relationship to the rates o f interest or dividends paid by the respective types o f institutions. Commercial banks on the average paid 1 percent on time deposits between 1939 and 1946, com pared with 2 percent by mutual savings banks and the postal savings system, and an average rate o f almost 3 percent by savings and loan associa tions. Y et savers placed more dollars with com m er cial banks than with the other three classes o f savings institutions com bined. Commercial banks ranked a close second in per centage gain over the seven-year period, with total time deposits on Decem ber 31, 1946 more t h a n 120 percent above th e prewar level. Apparently th e differential in the interest rate was offset by many other considerations, such as custom, convenience, risk, and relative liquidity. Savings and Loan Associations and Mutual Savings Banks Savings and loan associations expanded more rapidly between Decem ber 1939 and Decem ber 1946 than did the mutual sav ings banks. One possible ex planation is that savers considered the respective types o f financial institutions on a par from a safety standpoint because o f the existence o f the Federal Savings and Loan Insurance Corporation, thus en hancing the persuasive influence o f the relatively high dividend rates and the more aggressive promotion policies o f the savings and loan institutions. The growth o f savings and loan associations does not appear to have been particularly restrained by the possibility that adverse trends in the real estate market could lead to delays in meeting withdrawal requests o f shareholders. Postal Savings Percentagewise, the volume o f postal savings accounts advanced more rapidly between 1939 and 1946 than did savings in the other types o f institutions, although the dollar volume o f postal savings accounts remains an insig nificant part o f total savings. Aggregate postal savings are relatively small despite the fact that in recent years the 2 percent interest rate paid on postal savings has been above the rates generally paid by the commercial banks and mutual savings banks, and only slightly below the average savings and loan rate. Furthermore, there are no limitations on with drawals, there are over 8,000 post offices throughout the country ready to accept such deposits, and the accounts are absolutely safe. A m ong the factors which inhibit the growth o f the postal savings system is the fact that the maximum size account is $2,500. Also, checks are not accepted for deposit. N o join t accounts are permitted, hence upon the death o f a depositor the funds are frozen pending the settlement o f the estate. Furthermore, the Post Office Departm ent has not been particu larly active in endeavoring to attract new accounts. But perhaps the m ajor disadvantage is that the holder o f a postal savings account must go elsewhere if he is to have a checking account, if he must borrow November 1, 1947 money, if he wishes to obtain credit references, or if he would like to avail himself o f some o f the many miscellaneous business services that banks provide for their customers. Mutual Savings Banks in the Fourth District There are only four mutual savings banks in the Fourth District. The four are located in Cleveland, Pittsburgh, Springfield and M arietta. Their deposits on Decem ber 1946 aggregated about $300 million, or less than 10 percent as much as the figure for time deposits in the commercial banks o f the District. For the nation as a whole, however, the corresponding figure is about 50 percent. Savings and Loan Associations in the Fourth District Shares and deposits in Federal and state-chartered savings and loan associations in the Fourth District totaled $1,540 million in Decem ber o f 1946, com pared with a figure o f $3,475 million for time deposits o f individuals, partnerships and corporations at com mercial banks. In this District, therefore, the ratio o f shares and deposits in savings and loan associa tions to time deposits at commercial banks is 44 per cent, whereas the corresponding figure for the nation as a whole is only about 26 percent. Savings and loan associations thus are relatively stronger in the Fourth District than in the rest o f the country. Distribution of Associations Within the District There is extreme variation, how ever, in the concentration o f savings and loan associations within the Fourth District. In K entucky and Ohio the ratios between shares in savings and loan associations, and time deposits at commercial banks, were 61 and 55 percent respectively on Decem ber 31, 1946. In Pennsylvania and W est Virginia, on the other hand, the corresponding ratios were 17 and 12 percent. These percentages apply only to that portion o f each state which falls within the Fourth District. R ATIO S OF SHARES AND DEPOSITS IN SAVINGS AND LOAN ASSOCIATIONS T O T IM E DEPOSITS OF INDIVIDUALS, PARTNER SHIPS AND CORPORATIONS IN CO M M ER CIAL BANKS* December 31, 1946 PERCENT 80 61% 1 1 60 1 20 1 KENTUCKY . . . savings and loan associations are particularly strong in Kentucky and O hio. * K e n tu ck y , W est V irgin ia , and P en n sylva n ia data a p p ly o n ly t o th e parts o f th e states ly in g w ith in th e F ou rth D istrict. November 1, 1947 M ONTHLY BUSINESS REVIEW 3 Relative Strength of Savings and Loan Associations in the Fourth District December 31, 1946 CRAW FORD O T TA W A HENRY WOOD W ARREN EAUGA SANDUSKY L O R A IN .C L A R IO N A U L D IN G HURON WYANDO' ALLEN kARRO LL H O LM ES MONROE ’E R R Y P IC K AWAY MORGAN TYLEI RO SS JACK. SO N BROW N ADAMS C A I.L IA LEW IS iF L E M IN I CARTER ROW AN L L IO AW RENCl :l a r k MORGAN W O LF E [MAGOFi L F IN (MART 11 In these counties there are no Savings and Loan Associations. B R E A T H IT I M K f- f ROCK JA C K |.S O N KNO TT CASTLE CLAY In these counties, shares and deposits in Savings and Loan Associations are equiva lent to: Less than 2 0 % o f Tim e Deposits o f Commercial Banks. KN O X fHITELY 2 1% to 50% o f Tim e Deposits o f Commercial Banks. 5 1% to 100% o f Tim e Deposits o f Commercial Banks. Over 100% o f Tim e Deposits o f Commercial Banks. 4 M O N TH LY BUSINESS REVIEW T he uneven distribution o f the associations is still more apparent among the 169 counties located within the District. For example, in 32 o f K entucky’ s 56 Fourth D istrict counties there are no associations, whereas in 7 counties the shares in savings and loan associations totaled more than the time deposits in com mercial banks. In Ohio, with 88 counties, 8 lacked savings and loan associations, but in 16 counties the associations represented a larger volum e o f savings than did the com mercial banks. In the Fourth D istrict as a whole, slightly over one-fourth o f the counties have no associations, while in another fourth the ratio o f shares in savings and loan associations to time deposits in commercial banks was 20 percent or less. A t the other extreme the ratios ran over 100 percent in 13 percent o f the counties. T he sharp variation in the strength o f savings and loan associations from county to county is presented in the accom panying table and map. CO N C E N T R A TIO N OF SA VIN G S AN D LO AN A S SO C IA T IO N S IN 169 CO UN TIES D ecem ber 31, 1946 Ratio o f Savings and Loans Assn’ s to Com m ercial Banks* N um ber o f Counties 45 0 percent (no associations)..........' Less than 21 p ercen t..................... ............... 43 21-50 percen t................................... ............... 33 51-100 p ercen t................................. ............... 25 O ver 100 p ercen t............................................ 23 169 Percent o f Counties 27% 25 20 15 13 100% * R atio o f shares and deposits in savings and loan associations to time deposits o f individuals, partnerships and corporations at com m ercial banks. The savings and loan associations in this District have their greatest strength in the m etropolitan areas o f south-west Ohio and north-west K entucky, and also in some o f the richer agricultural counties o f Ohio and K entucky. Th e associations are less evident in W est Virginia, Pennsylvania and in the November 1, 1947 central and eastern parts o f the Fourth portion o f K entucky. D istrict There has been no noticeable tendency in recent years for time deposits in Fourth D istrict com mercial banks to grow more rapidly in locations where savings and loan associations are relatively unim portant. On a statewide basis, it m ay be noted that in Ohio the time deposits o f member banks increased 160 percent between D ecem ber 1939 and D ecem ber 1946, whereas in the Fourth D istrict parts o f Pennsylvania, K entucky and W est Virginia the corresponding gains were only 57, 45 and 42 percent respectively. Y et savings and loan associations are relatively strong in Ohio and K entucky, but com paratively unimportant in Pennsylvania and W est Virginia. Effect on Time Deposit Growth of Commercial Banks T he lack o f any consistent relationship between the prevalence o f savings and loan associations and the growth o f time deposits in com m ercial banks is also evident in accom panying charts which show the ratio o f shares in all savings and loan associations to time deposits in all com mercial banks in six selected Ohio cities, and also the growth o f time deposits o f individu als, partnerships and corporations at com mercial banks in the same cities during the same tw o-year period. The charts indicate that despite a very sharp varia tion in the im portance o f savings and loan associa tions, the gain in time deppsits at com mercial banks has been fairly consistent from city to city. T he above analyses and others in process at the Research Departm ent o f this bank do not suggest that the com mercial banks are losing out in the savings field because o f the presence o f savings and loan asso ciations. During the war, time deposits at com mercial banks advanced more rapidly than did shares in savings and loan associations. In Ohio, for example, time deposits increased 160 percent from Decem ber 1939 to Decem ber 1946, while savings and loan associations expanded about 76 percent. RELATIVE STRENGTH OF SAVINGS AND LOAN ASSOCIATIO N S IN S IX CITIES COMPARED W IT H THE RATE OF G R O W T H IN T IM E DEPOSITS A T THE CO M M ER CIAL BANKS 'i Percentage gains in tim e deposits of com m ercial banks Ratio of shares in savings and loan associations to tim e deposits in com m ercial banks December 31, 1946 June 1945— June 1947 AKRON AKRON CLEVELA N D . . . the strength of savings and loan associations varies greatly from city to city. but tim e deposits have expanded q uite uniform ly. November 1, 1947 M O N TH LY BUSINESS REVIEW In the postwar period, however, the reverse situa tion has prevailed. The com paratively slow recent rate o f growth in time deposits was discussed in the O ctober 1 issue o f the Monthly Business Review. It was largely attributed to the likelihood that a portion o f the time deposits o f individuals may be regarded as a more tem porary investment than shares in the savings and loan associations, with the result that a downward trend in new savings or an increase in withdrawals has a greater effect upon commercial banks. Conclusion The above discussion does not deny the fact that commercial banks and savings and loan associations com pete for savings. M an y individuals are influenced by the fact that savings and loan associations in the Fourth District 5 are currently paying more attractive dividend rates, averaging about 2 percent in Ohio, 2 ^ percent in Pennsylvania, 23^ to 3 percent in K entucky, and 3 percent in W est Virginia. Furthermore, most o f the more important associations offer their shareholders the protection afforded by the Federal Savings and Loan Insurance Corporation. Although interest rates paid by com mercial banks seldom exceed one percent, these institutions are patronized by many savers because they offer a more comprehensive line o f banking services and because insured savings placed with them could prove to be more liquid and more readily withdrawable in times o f adverse conditions in the residential real estate market. TRENDS IN DEPARTMENT STORE SALES BY CITIES The upward trend in dollar volum e o f department store sales throughout the war and postwar period has been shared by all the principal cities o f the Fourth District. The gains, however, have not been uniform. Since the war’ s end, three cities in this District have shown outstanding gains. During the first nine months o f this year, sales in Canton, Cincinnati, and Pittsburgh were 40 to 42 percent above the 1945 level. Y oungstown, Cleveland, Columbus, T oledo and Erie showed gains during the same period ranging from 31 to 35 percent. Less noticeable gains were registered by Wheeling, Akron, and Springfield, where the percentage increase from the year 1945 to an average o f the first nine months o f 1947 ranged between 22 percent and 28 percent. These figures take into account the factor o f seasonal variations, but om it adjustment for increases in the price level. Details are shown in an accom panying chart. The relative position o f certain o f the cities changed between 1946 and the first nine months o f 1947. INDEXES OF DEPARTM ENT STORE SALES 1945-1947 (Average Daily Sales for 1945=100) PERCENT PERCENT II C IT IE S ^ A _____IfA J y y/ 's 1945 * 194 6 I f the 1947 standing o f the cities is measured in terms o f a prewar base, a slightly different picture emerges. Certain cities, such as Canton and Cincin nati, maintain their lead whether the starting-point is 1935-39 or the victory year o f 1945, but some other cities show a noticeable difference between their war and postwar records to date. Akron and Springfield, for example, did relatively well in department store sales during the war, but have lost position since 1945. Pittsburgh, on the other hand, was not outstanding in department store sales during the war, but showed an unusually high rate o f gain between 1945 and the first nine months o f 1947. IN D E X E S OF D E P A R T M E N T STO RE SALES 1945-1947 (First 9 months) ’ 1945 1946 1947 100 130 142 100 131 142 100 141 129 100 127 136 100 124 135 100 128 134 100 128 133 100123 131 100 121 131 W h eelin g............................ 100 127 128 100 119 123 Springfield......................... 100 114 122 N ote: Cities are ranked in descending order in terms o f colum n 3 * Adjusted for seasonal variation. C IT Y C a n ton ............................. C incinnati....................... Pittsbu rgh ......................... F O U R T H D IS T R IC T . Y ou n gstow n ..................... C leveland........................... C olu m bu s.......................... T o le d o ................................ AKRON — — T .; SPRINGFIELD 194 7 * Variations Among Cities Since 1935-39 (Average daily sales for 1945 = 100) ^CANTON ’CINCINNATI PITTSBURGH ^.YOUNGSTOWN ^^.CLEVELAND ---COLUMBUS ^TOLEDO Based on first nine m onth s of 1947 adjusted for seasonal variation. Y oungstown im proved its position substantially during the first nine months o f 1947, while Erie came from behind to tie T oled o in terms o f the latest index showing gains since 1945. W heeling showed prac tically no gain in the first nine months o f 1947 as com pared with the year 1946, and therefore lost rank in the scale. 1948 6 M O N TH LY BUSINESS REVIEW The trend o f departm ent store sales since the prewar period can be seen in the adjoining charts. The average o f the years 1935-39 is used as a startingpoint. For convenience, the eleven principal cities o f the D istrict are divided into three groups, according to size. Am ong the three largest cities o f the District, for example, Cincinnati leads in gain over the prewar period. Pittsburgh overtook Cleveland between the year 1946 and the first nine months o f 1947, ending as second in the group o f three with respect to gains over the prewar period. INDEXES OF DEPARTMENT STORE SALES 1940-1947 (Average Daily Sales for 1935-39=100) PERCENT November I, 1947 IN D E X E S OF D E P A R T M E N T STO RE SALES 1940— 1947 (Average daily sales for 1935-39 = 100) 3 Largest Cities 193539 ’ 40 Cincinnati . . . Pittsburgh . . . Cleveland Fourth Dist. 100 100 100 100 116 112 114 114 Columbus . . . Y oungstow n . A k ro n .............. T o le d o ............ 100 100 100 100 116 118 116 108 C a n ton ........... Springfield. . . E rie.................. W heeling 100 100 100 100 117 121 117 98 ’ 41 ’ 42 ’ 43 ’ 44 ’ 45 ’ 46 ’ 47* 136 131 140 138 149 141 157 153 165 148 165 167 186 164 174 182 211 184 188 201 276 238 241 256 299 259 251 274 210 196 215 189 240 225 233 203 308 280 277 249 318 303 287 266 232 227 204 163 236 235 217 187 307 269 262 237 336 286 286 239 4 Large Cities 129 146 148 128 147 153 182 147 183 174 207 167 PERCENT 4 Smaller Cities 3 LA RG EST CITIES 158 142 148 121 196 175 177 119 218 216 195 136 * First 9 months adjusted for seasonal variation. P ERCEN T PERCENT PERCENT PERCEN T 350i-------- ----------1350 •CANTON 4 SM A LLE R CITIE S (SPRINGFIELD ERIE The record o f the four next largest cities, Columbus, Toledo, Akron and Y oungstow n, shows that Columbus and Youngstown were outstanding in total gains since the prewar period. Akron got o ff to a good start in the early war years, but was unable to hold its relative position in 1945 and in the postwar period to date. O f the cities in this group, Colum bus showed the greatest staying power in department store sales. The four smaller cities among the eleven principal cities o f the District show wide variations in gains in department store sales since the prewar period. Canton clearly is outstanding, with an increase o f 235 percent between the average o f 1935-39 and the first nine months o f 1947. From 1943 to 1945 Springfield was leading Erie in gains from the prewar period, but the postwar successes o f Erie brought that city to the same relative position as Springfield, when the 1947 position is measured against a prewar starting-point. W heeling lagged in rate o f gain during the early war years, then picked up sub stantially during the late war years and during 1946. Failure to register any appreciable increase in dollar sales during the first nine months o f 1947 as com pared with 1946 has left W heeling in last place among the eleven cities, when the present level o f departm ent store sales is compared with prewar levels. ■WHEELING Adjustment for Price Changes 194 2 1943 1944 1945 I 946 I9 4 7 » 1946 * Based on first nine m on th s o f 1947, a dju sted for seasonal v a ria tion . All the indexes discussed above run in terms of dollar sales. Thus they reflect price changes as well as changes in physical volume o f trade. The adjoin ing chart shows indexes o f dollar sales adjusted for estimated price changes, covering total department store sales in the Fourth District from 1940 to 1947. The index o f price change which has been used as an adjustment factor for this purpose is drawn from the November 1, 1947 M O N TH LY BUSINESS REVIEW clothing and house-furnishings com ponents o f the consumers’ price index o f the United States Bureau o f Labor Statistics. For this purpose the index o f cloth ing prices has been weighted three times as heavily as the index o f house-furnishings prices in order to give effect, approximately, to the proportions o f these com m odity groups in departm ent store sales during the m ajor part o f the period under review. The con sumers’ price index used here is drawn from price data o f national coverage. Such an adjustment factor, as applied to any individual city, would be an even rougher approximation than the adjustment o f data covering the D istrict as a whole. The indexes o f department store sales in the Fourth District, as adjusted for estimated price changes, show moderate gains during the war period, followed by a greater gain for the year 1946 as a whole. W ithin the year 1946, however, the upward m ovem ent was INDEXES OF DEPARTMENT STORE SALES 1940-1947 Fourth Federal Reserve District Adjusted for Estim ated Price Changes (Average Daily Sales for 1935-39=100) PERCENT -------- 1350 PERCENT 3 5 0|-------- 7 halted, when price changes are taken into account. A peak was reached in August 1946, followed by a sharp drop in the Fall o f 1946. Dollar sales in late 1946 held up fairly well, but the year-to-year gain was chiefly a reflection o f higher prices. During 1947, sales, when adjusted for price changes, show an uneven record at a level lower than that o f 1946 as a whole, and substantially lower than that o f the first,eight months o f 1946. In broad outline, the department store sales o f the individual cities would probably show a similar pattern. Although the above adjustment for price changes is only an approxim ation, it is im portant to take account o f some such adjustment in viewing the gains in department store sales in the Fourth District and in the various cities during and after the war, espe cially since mid-1946. The apparent loss in physical volum e o f departm ent store trade during 1947 to date as com pared with 1946 has occurred during a period when the physical volum e o f production has been generally maintained at high levels and the volume o f non-agricultural em ploym ent, according to recent national reports, has reached an all-time peak. IN D E XE S OF D E P A R T M E N T STO RE SALES 1940-1947 UNADJUSTED FOR PRICE CHANGES*. ADJUSTED FOR PRICE CHANGES ** 194-0 1941 * A n nual indexes o f dep a rtm en t store sales, 1940-1946; average o f first nine m onths 1947 adjusted for seasonal variation. ** Sam e, adjusted for price changes by fa cto rs based on clo th in g and housefurnish ings com p on en ts o f con su m ers’ price in d ex, U n ited States Bureau o f L a bor Statistics. F a ctors are w eighted as fo llo w s: clo th in g 3, housefurnishings 1, tota l 4. Price data are nation al in cov erag e. A d ju sted indexes are also show n on m on th ly basis from January 1945 through Septem ber 1947. Indexes fo r A u gu st and S eptem ber 1947 are based on prelim inary estim ates o f price changes. Fourth Federal Reserve D istrict Adjusted for Estimated Price Changes (Average daily sales for 1935-39 = 100) Unadjusted Index Index of Year Price of Change Sales 100 100 1935-39............................. 114 102 1940................................... 138 106 1941................................... 124 153 1942................................... 167 129 1943 ................................... 182 138 1944................................... 1945................................... 201 146 256 160 1946................................... 155 253* 1946 (first 8 m o s .). . . . 171 260* 1946 (last 4 m o s .)......... ____ 274* 183 1947 (9 m o s .)................. * Adjusted for seasonal variation. Index of Sales Adjusted for Price 100 112 130 123 129 132 138 160 163* 152* 150* 8 M O N TH LY BUSINESS REVIEW November 1, 1947 SUMMARY OF NATIONAL BUSINESS CONDITIONS B y the Board of Governors of the Federal Reserve System (Released for Publication October 25, 1947) Industrial output and em ploym ent expanded somewhat further in Septem ber. Value o f retail trade increased, reflecting partly a further rise in prices. In the early part o f O ctober departm ent store sales declined. Prices o f wheat, hides, rubber, and steel scrap showed marked advances, while prices o f most other basic com m odities showed little change. Industrial Production O utput o f manufactured products and minerals showed some further rise in Septem ber, and the Board’ s seasonally adjusted index o f industrial production advanced three points to 185 percent o f the 1935-39 average. This was the same as the M ay index and five points below the postwar peak in M arch o f this year. A ctivity in durable goods industries as a group increased further in Septem ber owing mainly to larger output o f steel and o f most types o f machinery and transportation equipment. Steel production was tem porarily curtailed around the middle o f the month as a result o f an industrial dispute, but advanced sharply in the latter part o f the month and continued to rise in O ctober, reaching a scheduled rate o f 97 percent o f capacity. O utput o f passenger automobiles and trucks rose sharply in Sep tem ber, but declined again in the early part o f O ctober. Production o f railroad equipment, chiefly freight cars, showed a substantial gain in September, reflecting in part im proved supplies o f materials. O utput o f building materials was maintained in large volume to meet demands arising from the advanced rate o f construction activity. T he Board’ s index o f nondurable-goods output showed a slight increase in Septem ber, reflecting mainly increased production o f rayon textiles, paperboard, and petroleum products. A ctivity at cotton mills and output o f manu factured food products and some other nondurable goods showed little change from the level o f the preceding month. Minerals production rose further in September, reflect ing a new record rate o f crude petroleum output and a substantial gain in coal production. Output o f bituminous coal advanced seven percent and was close to the same volum e produced in Septem ber o f last year. O utput o f fuels continued to rise in early O ctober, under the pressure o f exceptionally strong demand. tem ber, an increase o f 2,300 from August, and work was com pleted on 77,000 units. T h e value o f construction contracts awarded, as reported by the F. W . D odge Corporation, declined in Septem ber follow ing a sharp increase in August, and was at about the level o f other recent months. Declines occurred in most lines, but the greatest reduction took place in public utilities, which had increased most markedly in August. D istribution D epartm ent store sales increased by more than the usual amount in September, owing in part to the advent o f cooler shopping weather and the expenditure o f pro ceeds from redemption o f terminal leave bonds. Sales at other retail stores also increased, reflecting chiefly higher prices for foods and a larger volum e o f purchases o f durable goods. In the early part o f O ctober departm ent store sales declined considerably from the high rate reached at the end o f September. Shipments o f railroad revenue freight continued to advance in September and the early part o f O ctober. T he usual large seasonal rise in loadings o f miscellaneous freight and further gains in coal shipments accounted for most o f the increase. C om m o d ity Prices T he general level o f wholesale com m odity prices in the middle o f O ctober was at the advanced level reached in the middle o f September. Prices o f wheat and some other farm products and foods reached new high levels. Prices o f butter, corn, and meats, however, declined, following earlier sharp increases. Wholesale prices o f most groups o f industrial com m odities continued to show advances in the early part o f O ctober. Retail prices rose further by about one percent from July to August with the largest increases shown in prices o f foods and fuels. Further marked advances in retail food prices have occurred since August. B ank Credit E m p loy m en t Nonagricultural em ploym ent increased by 450,000 per sons in Septem ber, and was at the record level o f 43 million, according to Bureau o f Labor Statistics figures. T h e increase largely reflected seasonal gains in nondurable goods m anufacturing and trade, and in the num ber o f school employees o f state and local governm ents. C onstruction T he value o f new construction activity on projects under way, as estimated by the Departm ents o f Com m erce and Labor, increased som ewhat further in Septem bef. W ork was started on 88,000 new dwelling units in Sep Com m ercial and industrial loans at banks in leading cities continued to increase substantially during Septem ber and the first half o f O ctober. Real estate and consum er loans also showed further growth. Holdings o f G overn ment securities declined somewhat, reflecting Treasury retirement o f bonds maturing on O ctober 15. Additions to m onetary gold stock continued to supply reserve funds to banks. Treasury balances at Reserve Banks, which were expanded considerably in late Sep tem ber as a result o f large quarterly tax receipts, declined in O ctober. The effects o f these fluctuations on the reserve positions o f banks were offset by changes in Federal Reserve holdings o f G overnm ent securities, which increased in the latter part o f Septem ber and declined during the first three weeks o f O ctober. TH E M O N TH LY BUSINESS REVIEW November 1, 1947 DEPARTMENT STORE TRADE STATISTICS Inventories by Departments— September 30,1947 Sales by Departments— September 1947 As com pared w ith a year ago (C om p iled O ctob er 24, and released for p ublication O cto b e r 27) M a jo r H ousehold A p p lia n c e s .................................................................................. + 7 3 D om estic Floor C o v e rin g s ........................................................................................ + 3 1 S portgoods (In clu d in g C a m e r a s )........................................................................... + 2 9 In fa n ts’ W e a r ................................................................................................................. + 2 8 N o tio n s ............................................................................................................................. + 2 4 M en 's C lo th in g .............................................................................................................. + 2 4 L u g g a g e ............................................................................................................................ + 2 2 Corsets and Brassieres................................................................................................ + 2 2 Shoes (W o m e n ’ s and C h ildren’ s ) ........................................................................... + 2 2 B oy s’ C lothing and F u rn ish in gs............................................................................. + 2 2 Furniture and B e d s ..................................................................................................... + 2 0 N eck w ear and S ca rfs.................................................................................................. + 2 0 Ju n iors’ and G irls’ W e a r ........................................................................................... + 1 9 Lam ps and Sh a d es....................................................................................................... + 1 8 Silks and Velvets (W o o le n Dress G o o d s )........................................................... + 1 8 M A I N S T O R E T O T A L .......................................................................................... + 1 7 M illin e ry ................................................................................................................... .. • ■ + 1 7 H ou sew ares..................................................................................................................... + 1 6 Leather G ood s (S m a ll)............................................................................................... + 1 6 A prons and H ousedresses.......................................................................................... + 1 5 China and G lassw are.................................................................................................. + 1 5 M e n ’s and B oy s ’ S h o e s .............................................................................................. + 1 5 R e sta u ra n ts..................................................................................................................... + 1 4 D om estics and B la n k e ts ............................................................................................ + 1 3 H osiery (W o m e n ’ s and C h ildren ’ s ) ....................................................................... + 1 3 G lo v e s ................................................................................................................................ + 1 1 C o tto n W ash G o o d s .................................................................................................... + 1 0 Silverw are and J e w e lr y .............................................................................................. + 9 C oa ts and Suits (W o m e n ’ s and M isses’) ............................................................ + 9 W o m e n ’s U n d erw ea r................................................................................................... + 8 B ooks and S ta tio n e r y ................................................................................................. + 8 F u rs .................................................................................................................................... + 8 D raperies and C u rta in s ............................................................................................. + 8 B ea u ty S a lo n .................................................................................................................. + 7 Blouses, Skirts and K nit G o o d s ............................................................................. + 6 D resses (W o m e n ’ s and M isses’) ............................................................................. + 5 A rt N eedlew ork and A rt G o o d s ............................................................................. + 2 T o ilet Articles and D rug S u n d ries........................................................................ -0 M en ’ s Furnishings (H ats and C a p s ) .................................................................... -0Laces and T rim m in g s................................................................................................. -0H an d k erch iefs................................................................................................................ — 1 P h otograp hic S tu d io ................................................................................................... — 6 T o y s and G a m es ........................................................................................................... — 7 N early all m erchandise depa rtm en ts shared in th e y e a r-to -y e a r increase in depa rtm en t store trade during Septem ber. M a i n store departm ents in the aggregate ran 1 7 % ahead o f a year ago, w hile b a s e m e n t store volum e (n o t included in the accom p a n y in g table) was 2 9 % ahead o f the Septem ber 1946 figure. For a n um ber o f m onths, basem ent sales have show n greater increases than those record ed b y upstairs departm ents. T h e persistent rise in prices appears to have been a fa c to r in the rela tiv e ly greater grow th o f basem ent store trade. As has been the case since early in the postw ar period, the w idest yearto -y e a r gain occurred in m a j o r h o u s e h o l d a p p li a n c e s where Septem ber volu m e was the second largest on record fo r any m onth. O ther house-furnishings such as d o m e s t i c f lo o r c o v e r in g s , f u r n i t u r e a n d b e d s , l a m p s a n d s h a d e s , h o u s e w a r e s , c h i n a a n d g la s s w a r e , and b l a n k e t s , e t c . , m oved ou t in to consum ers hands at rates ranging from 13% to 3 1 % ahead o f a year ago. D r a p e r ie s departm ents, h ow ever, reported sales on ly 8 % a b o v e last year. S p o r t g o o d s up 2 9 % con tin u e to show a substantial gain o v e r a year earlier. D ollar volu m e o f sales o f i n f a n t s ’ w e a r was 2 8 % greater than Septem ber 1946 and established a new all-tim e high fo r the m on th . O ther item s o f re a d y-to-w ea r accessories in w hich S eptem ber sales volum e was m ore than 2 0 % a bove a year ago and at record high for the m onth includ ed c o r s e t s a n d b r a s s ie r e s , w o m e n ’ s a n d c h i l d r e n ’ s s h o e s , and n e c k w e a r a n d s c a r fs . Sales o f w o m e n ’ s h o s i e r y increased m ore sharply than usual for this tim e o f year. N early all sections o f m en’ s and b o y s ’ wear reported record volum es for the m onth, w ith gains o v er last year ranging from 15% in the case o f s h o e s , to 2 4 % in m e n ’ s c l o t h i n g . O nly m e n ’ s f u r n i s h i n g s sales failed to show any im p rov em en t ov er a year ago. O ther departm ents in w hich sales v olum e was no greater th an , or fell behind, year ago levels w ere: t o i l e t a r t i c l e s , l a c e s a n d t r i m m i n g s , both unchanged from Septem ber 1946, and h a n d k e r c h i e f s o ff 1 % , p h o t o g r a p h i c s t u d i o s , o ff 6 % , and t o y s a n d g a m e s , o ff 7 % . N one o f these percentages takes in to a cco u n t changes in the price level during the respective periods. Indexes of Department Store Sales and Stocks D a ily A v era g e for 193 5 -1 9 3 9 = 1 0 0 A d ju ste d for W ith ou t Seasonal V ariation Seasonal A d ju stm en t Aug. A ug. Sept. Sept. Sept. Sept. 1947 1947 1946 1947 1947 1946 SALES: C leveland (10) , C olum bus (5) . Y ou n gstow n (3) . . 290 346 305 234 331 305 276 299 269 256 312 290 298 329 288 244 319 291 256 299 278 243 297 273 280r 327 285 219 322 261 194r 263 239 235 277 249 296 342 311 266 331 302 281 296 280 264 321 293 253 289 242 217 271 250 222 245 233 197 271 237 286r 324 291 249 322 258 198r 260 249 242 285 251 222 219 221 246 236 246 As com p ared w ith a year ago (C o m p ile d O cto b e r 30, and released for pub lication O ctob er 31) M a jo r H ousehold A p p lia n c e s ................................................................................ ..+ 1 9 6 % M e n ’ s C lo th in g ..............................................................................................................+ 86 D om estic F loor C o v e rin g s ...................................................................................... ..+ 82 M e n ’ s and B o y s ’ S h oes. .......................................................................................... ..+ 56 Shoes (W o m e n ’ s and C h ildren’ s ) ......................................................................... ..+ 53 C o tto n W ash G o o d s .................................................................................................. ..+ 37 Sport G o o d s (in clu d in g C a m e r a s )....................................................................... ..+ 36 Silks and V e lv e ts ......................... .............................................................................. ..+ 25 C hina and G lassw are................................................................................................ ..+ 19 H osiery (W o m e n ’ s and C h ildren ’ s ) .......................................................................+ 14 Furniture, B eds, M attresses and S p rin g s...........................................................+ 3 L u g g a g e .......................................................................................................................... ..+ 3 D om estics, Blankets and T o w e ls ......................................................................... ..+ 3 M e n ’ s Furnishings (in clu d in g H ats and C a p s ) ................................................+ 2 Corsets and B rassieres................................................................................................+ 2 M A I N S T O R E T O T A L ..........................................................................................2 W om en ’ s U n d erw ea r................................................................................................. ..— 5 Silverw are and J e w e lr y ............................................................................................ ..— 6 B o y s ’ C lothing and F u rn ish in g s.............................................................................— 11 H ou sew ares....................................................................... ..............................................— 12 In fa n ts’ W e a r ............................................................................................................... ..— 13 Draperies and C u rta in s ..............................................................................................— 13 Dresses (W o m e n ’ s and M isses’) . . ...................................................................... ..— 14 T o y s and G a m e s ......................................................................................................... ..— 15 T o ile t A rticles and D ru g S u n d rie s...................................................................... ..— 15 B ook s and S ta tio n e ry ..................................................................................................— 16 N o tio n s ..............................................................................................................................— 17 A rt N eedlew ork and A rt G o o d s ........................................................................... ..— 17 C oats and Suits (W o m e n ’ s and M isses’) ............................ ................................— 21 M illin e ry .............................................. ............................................................................— 23 G lo v e s ............................................................................. ................................................ ..— 25 Laces and T rim m in g s..................................................................................................— 26 Lam ps and S h a d es........................................................................................................— 30 A p ron s, H ousedresses and U n ifo r m s .................................................................. ..— 32 H an d k erch iefs.................................................................................................................— 34 Leather G o o d s (S m a ll)................................................................................................— 37 F u rs .................................................................................................................................. ..— 37 Blouses, Skirts and K n it g o o d s .............................................................................. ..— 39 N eck w ear and S c a r fs ................................................................................................ ..— 40 Ju n iors’ and G irls’ W e a r ......................................................................................... ..— 41 D epartm en t store inven tories in the F ou rth D istrict increased during Septem ber. T h e rise fro m A u gu st was greater than seasonal, but at the end o f the m onth in ven tories w ere 2 % low er than the level o f a year ago. T h is is the first ye a r-to -y e a r decrease in to ta l s to ck s since the first quarter o f 1945. A lth ou gh m ost depa rtm en ts registered y e a r-to -y e a r declines, there was w ide variation ran gin g from a gain o f 1 9 6 % in stock s o f m a j o r h o u s e h o l d a p p li a n c e s to a decrease o f 4 1 % from a year ago in the case o f j u n i o r s ’ a n d g i r l s ’ w e a r , brin gin g such sto ck s to the low est S eptem ber figure in three years. v. S tocks o f m e n ’ s c l o t h i n g , up 8 6 % o v e r last yfear, con tin u e d at ve ry high levels. Supplies o f m e n ’ s a n d b o y s ’ s h o e s , up 5 6 % , w ere at the highest level on record fo r any m onth. S tocks also m oved upw ard during S eptem ber t o attain new all-tim e highs in d o m e s t i c f lo o r c o v e r in g s , up 8 2 % from a year ago, and in s p o r t g o o d s which w ere up 3 6 % . O ther depa rtm en ts w hich reached high levels fo r this tim e o f year w ere w o m e n ’ s a n d c h i l d r e n ’ s s h o e s , up 5 3 % , c o t t o n w a s h g o o d s , up 3 7 % , s ilk s a n d v e lv e t s , up 2 5 % , and c h i n a a n d g la s s w a r e , up 1 9% . E x ce p t for w o m e n ’ s a n d c h i l d r e n ’ s s h o e s , h o s i e r y , and c o r s e t s a n d b r a s s ie r e s , in ve n to rie s o f all departm ents in the fem inine app arel and acces sories section were b elow the levels o f a year ago, and in m any in stan ces the low est in several years. Stocks o f h a n d k e r c h i e f s , dow n 3 4 % , and h a n d b a g s and o t h e r s m a l l l e a t h e r g o o d s , o ff 3 7 % , w ere the sm allest fo r the season in five years or longer. S tock s o f n e c k w e a r reach ed a fo u r -y e a r low for Septem ber. T h ree-y ea r low s fo r the m onth w ere established fo r l a m p s a n d s h a d e s t o i l e t a r t i c l e s , t o y s a n d g a m e s , and b o o k s a n d s t a t i o n e r y . T h ese com parison s refer to dollar v o lu m e and not to ph ysical in v en tories. September Department Store Sales by Cities* (C o m p ile d O cto b e r 22, and released for p u b lication O cto b e r 24) % Change From Sales D uring Sept. (Sept. 1941 — 100) C IT Y A u g . ’ 47 S e p t .’ 46 1941 1943 1945 1946 1947 W h e e lin g .................... +34 + 9 100 102 138 182 198 C in c in n a ti.................. +28 + 5 100 117 147 203 214 P itts b u r g h .................. +26 +42 100 107 129 139 198 F o u rth D is t r ic t ... +23 +17 100 107 127 161 188 C le v e la n d ................... +23 + 7 100 90 102 137 147 C o lu m b u s ................... +22 + 3 100 136 177 236 243 S prin g field.................. +21 +14 100 157 171 192 218 E r ie ............................... +21 +17 100 130 139 170 199 T o le d o .......................... +20 +12 100 124 144 182 205 Y o u n g s to w n .............. +19 +13 100 106 135 176 198 C a n t o n ........................ +18 + 6 100 133 137 200 212 A k r o n ............... ........... +17 + 4 100 129 136 178 184 * Based on d aily average sales. D a ily average sales in Fou rth D istrict depa rtm en t stores during Septem ber w ere 2 3 % greater than in A u g u st, or su bstan tially in excess o f the norm al seasonal ex p e cta n cy , and 1 7 % ahead o f S eptem ber a year ago. D olla r volum e was the highest on record fo r the m on th , and the secon d-h igh est for any m onth, after adju stin g fo r norm al seasonal trends. IN D IV ID U A L C IT IE S STOCKS: r*» Revised T h e w idest gain o v e r the preceding m onth o ccu rre d in W h e e l in g , where the Septem ber volu m e was 3 4 % a b o v e the A u g u st le ve l. C i n c i n n a t i was (o v e r ) MONTHLY BUSINESS REVIEW November 1, 1947 FINANCIAL AND OTHER BUSINESS STATISTICS Bank Debits*—September, 1947 Time Deposits— 12 Fourth District Cities (In Thousands of Dollars) (Compiled October 10, and released for publication October 13) % Change 3 Months % Change September From Ended From 1947 Year Ago Sept. 1947 Year Ago 36,206,405 + 1 4 .2 % $18,202,543 + 9 .9 % A L L 30 C E N T E R S ......... 10 L A R G E S T C E N T E R S : Akron.......................... Ohio 216,241 + 1 .4 641,287 - 2 .2 C anton........................ Ohio 102,628 + 9 .9 298,663 + 1 1 .7 Cincinnati..................Ohio 827,379 + 1 8 .5 2,368,207 + 9 .0 Cleveland................... Ohio 1,594,121 + 1 4 .3 4,742,827 + 9 .4 437,312 + 1 6 .2 1,321,515 + 5 .2 Columbus...................Ohio D ayton ........................Ohio 219,710 + 1 9 .3 657,578 + 1 8 .3 T o le d o ........................ Ohio 357,583 + 1 3 .2 1,085,955 + 8 .6 Youngstown.............. Ohio 138,555 + 2 7 .3 413,581 + 2 5 .3 Erie.......................... Penna. 85,141 + 2 5 . 9 246,667H + 1 7 .5 Pittsburgh............. Penna. 1,671,966 + 1 1 .6 4,798,803 + 1 1 .6 (C om piled O cto b e r 8, and released fo r p ublication O cto b e r 9) A v e ra g e C ity and T im e 5 W eeks 4 N u m ber D eposits Ended o f Banks Sept. 24, 1947 J u ly 30, 1947 C leveland ( 4 ) . . . 3 862,068,000 + 3 4 4 8 ,0 0 0 Pittsburgh ( 1 2 ) * . 363,245,000 3,000 Cincinnati (8) . . 182,669,000 46,000 A k ron ( 3 ) ............. 102,711,000 + 49,000 T o le d o ( 3 ) .......... 91,297,000 + 14,000 C olum bus ( 3 ) . . . 72,424,000 + 43,000 Y ou n gstow n ( 3 ). 61,452,000 29,000 D ayton ( 3 ) .......... 49,703,000 77,000 Canton ( 4 ) .......... 39,210,000 65,000 Erie ( 4 ) ................. 39,142,000 + 113,000 W heeling (6) . . . 29,181,000 + 45,000 L exin gton ( 5 ) . . . 10,556,000 + 8,000 T o ta l— 12 Cities T O T A L ..................... 20 O T H E R C E N T E R S : Covington-Newport. K y. L exington................... K y. Ham ilton....................Ohio Lim a.............................Ohio Lorain.......................... Ohio Mansfield................... Ohio M iddletow n...............Ohio Portsmouth............... Ohio Springfield................. Ohio Steubenville.............. Ohio W arren........................ Ohio Zanesville...................Ohio Butler......................Penna. Franklin................. Penna. Greensburg............Penna. Homestead............Penna. M eadville...............Penna. Oil C i t y ................. Penna. S h aron ................... Penna. W h ee lin g .............. W . Va. 35,650,636 T O T A L ...................... 3555,769 3 36,188 52,176 33,997 39,318 17.441H 37,581H 29,743 19,634 41,321 20,564 34,469 23,587 27,051 6,349 18,486 7,428 10,327 20,059 24,527 55,523 + 1 4 .1 % + 7 .3 % + 1 0 .4 + 1 6 .0 + 1 5 .1 + 3 4 .4 + 2 5 .4 + 1 1 .4 + 1 6 .1 + 1 3 .3 + 4 .9 + 1 7 .4 + 1 3 .1 + 1 0 .4 + 2 .3 + 1 6 .6 + 9 .8 + 1 6 .2 + 2 2 .2 + 2 3 .5 + 1 2 .5 + 1 4 .6 % 316,575,083 3 105,565 146,724 96,715 115,999 51,381H 107,628 84,647 56,833 123,752 61,621 97,963 ' 69,967 86,621 20,337 53,876 22,693 31,153 56,534 74,8 1 1H 162,640 31,627,460 + 9 .9 % — 2 .6 % + 0 .5 + 1 7 .0 + 1 3 .2 + 2 8 .4 + 1 9 .3 + 2 .0 + 1 5 .8 + 6 .8 + 3 .8 + 1 1 .5 + 1 3 .4 + 1 7 .7 + 3 .6 + 7 .2 + 7 .1 + 1 6 .6 + 1 4 .5 + 2 0 .6 + 6 .8 + 31,903,658,000 W e e k ly C h an ge D u rin g : W eeks 4 W eeks E n ded E nded A u g . 27, 1947 Sept. 24, 1947 + $ 2 1 9 ,0 0 0 + 3 182,000 + 64,000 + 248 ,000** - 369,000 + 206,000 41,000 + 73,000 + 155,000 + 91,000 16,000 + 123,000 + 42,000 + 3,000 29,000 + 36,000 45,000 50,000 + 164,000 + 77,000 + 16,000 + 14,000 4,000 3,000 + $ 5 0 0 ,0 0 0 + $ 1 5 4 ,0 0 0 4 -$l,00 0,00 0 * Th e n u m ber o f rep ortin g banks in P ittsburgh is ch anged from 13 t o 12 because o f the m erger o f tw o re p o rtin g banks. * * A d ju sted fo r the absorp tion o f tw o n o n -re p o rtin g banks b y tw o rep ortin g banks. D uring Septem ber, tim e deposits at 58 banks in the largest cities o f the F ourth D istrict increased $1 m illion per w eek, com p a red w ith the postw ar low in A u gu st o f o n ly $154,000 per w eek. T h e S eptem ber gain represents the m ost rapid rate o f adva n ce in the past five m onths. T h e average w eek ly gains during 1947 are listed below : January $3,808,000 A p ril $1,213,000 Ju ly $ 500,000 F ebru ary 1,039,000 M ay 705,000 A u gu st 154,000 M arch 1,002,000 June 788,000 S eptem ber 1,000,000 In Septem ber o f this year, tim e d ep osits increased in ten o f the tw elve cities from w hich reports are received . O u tsta n d in g gains were reported by C o l u m b u s , w here the increase was the largest since F eb ru ary , and C i n c i n n a t i , w hich reported a substantial gain after fou r successive m onths o f d ecline. T h e A k r o n and D a y t o n increases were the largest in fo u r m onths, while the P i t t s b u r g h figure was the h i g h e s t in three. E r ie reported an increase for the ninth successive m onth. C le v e l a n d , T o l e d o , Y o u n g s t o w n and W h e e l in g also experienced gains, w hile red u ction s in tim e deposits occurred in C a n t o n and L e x i n g t o n . 9 .8 % H denotes new all-time high for one month or quarter-year. Retail Trade Percentage Changes From Preceding Y ea r SALES SALES ST O C K S Sept. First 9 Sept. 1947 M on th s 1947 * debits to all deposit accounts except interbank balances. Bank debits in 30 Fourth District cities during September totaled 36,206,000,000 the second highest figure on record. The September total was approximately 3300,000,000 or 5 percent higher than the August figure. Compared with a year ago, September 1947 debits were up approximately 14 percent as against the more moderate year-to-year advances of 7 percent in August and 8 percent in July. Each one o f the 30 cities covered by this release reported that debits were higher than a year ago. The relatively high figures for September probably reflect the fall upturn in trade and industrial production, as well as the recent upward movement in the price level. T E N L A R G E S T C IT IE S Y o u n g s to w n debits were 27 percent above a year ago, making it the seventh consecutive month in which that city has led the larger centers in the year-to-year comparison. Cities, other than Youngstown, which exceeded the average year-to-year gain o f 14 percent were E rie ( 2 6 % ) , D a y to n (1 9 % ) , C in c in n a ti ( 1 9 % ) , and C o lu m b u s ( 1 6 % ) . C lev ela n d and T o le d o were close to the average for all the large cities, while C a n t o n , A k r o n and P itts b u r g h were lower. T W E N T Y SM A LLER CENTERS L o ra in led the smaller centers in percentage gain over a year ago for the third successive month, this time with an advance of about 34 percent. The average gain for all the smaller centers was 14.6 percent, or almost the same as the percentage for the 10 largest cities. Other centers with outstanding gains over the figures of a year ago were M a n s fie ld (2 5 % ) , S h a ro n (2 4 % ) and O il C it y (2 2 % ) . The above table shows the volume of debits to all deposit accounts (except interbank balances) in 30 cities o f the Fourth District. Most of the debits represent transfers o f funds by check although debits to (withdrawals from) savings deposits and U. S. Treasury deposits at reporting banks are also included. D E P A R T M E N T S T O R E S (96) A k r o n .............................................................................. C a n t o n ........................................................................... C in cin n a ti..................................................................... C le v e la n d ....................................................................... C o lu m b u s ...................................................................... E r ie .................................................................................. P ittsb u rg h ..................................................................... S p rin gfield ..................................................................... T o le d o ............................................................................. W h e e lin g ........................................................................ Y o u n g s to w n .................................................................. Other C itie s .................................................................. D is tr ic t........................................................................... W E A R I N G A P P A R E L (14) C in cin n a ti..................................................................... C le v e la n d ...................................................................... P ittsb u rg h ..................................................................... O ther C itie s .................................................................. D is tr ic t........................................................................... F U R N I T U R E (57) C a n t o n ............................................................................ C in cin n a ti..................................................................... C le v e la n d ....................................................................... C o lu m b u s ...................................................................... D a y t o n ........................................................................... P ittsb u rg h ..................................................................... A llegh en y C o u n t y ...................................................... T o le d o ............................................................................. O ther C itie s ................................................................. D is tr ic t........................................................................... a N ot available. Figures in parentheses in d ica te num ber o f firms + 8 +10 +10 +11 + 7 +23 +48 +19 +17 +14 +17 +40 +21 + 5 +10 + 7 + 7 + 4 +11 +10 + 6 + 8 -0 + 9 +26 + 9 — 4 — 3 +25 +18 + 7 — 5 — 7 — 8 -0 — 5- a +16 + 7 +20 +36 a +37 + 3 +19 +18 a + 4 + 7 + 7 + 9 a +24 +11 +20 +12 -0a — 10 + 4 — 11 +11 — 3 a - 7 — 9 a + 4 — 3 " +14 + 9 —20 —21 — 7 a +14 +35 — 10 a a a a +37 +25 reporting sales. September Department Store Sales by Cities second with a month-to-month gain of 2 8 % and P ittsb u r g h third with an advance of 2 6 % in daily average sales. The large gain o f 4 2 % over September 1946 in P ittsb u r g h is attributable to the closing o f stores in that city during the power strike last year. Erie was the only other city to match the average District gain o f 1 7 % , while Springfield, T o le d o and Y o u n g s to w n were closely grouped within a range of 1 2 % to 1 4 % above last year. Colum bus contin ues to show the w idest gain o v er prewar sales. Septem ber volum e was 2 4 3 % o f Septem ber 1941. In Canton, Cincinnati, Spring field and Toledo, current volu m e ranged from 2 0 5 % to 2 1 4 % o f the S eptem ber 1941 level. T hese percentage changes have not been adjusted to reflect the rise in retail prices over the respective periods.
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