Full text of Economic Review (Federal Reserve Bank of Cleveland) : October 1924, Vol. 6, No. 10

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The Monthly

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

CLEVELAND, OHIO, OCTOBER 1, 1924

FEDERAL RESERVE BANK of CLEVELAND

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

N o.

THE

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REVIEW

Editorial
A LTHOUGH the upward movement in business has not been so
/ * \ rapid as was predicted in some quarters two or three months
ago, business conditions continued to show a moderate im
provement throughout August and early September. Some of the
evidences o f this improvement are a marked increase in steel ingot
output, accompanied by a smaller increase in pig iron production; a
gain in the output o f various other important lines, such as the auto
mobile, rubber, and coal industries; an increase in building permits,
when normally a seasonal decline was to be expected; a halt in the
prolonged decline in employment; and the continued ease in money
conditions. There are still some unfavorable factors in the business
situation, such as the stagnation in the oil and textile industries; but
their effect on the general situation is outweighed by the effect o f the
favorable factors.
In considering the present business recovery, it is of interest to
note that two of the main underlying factors in this revival were not
present in the upward swing of 1922 and the first half of 1923. These
factors are, (1), better agricultural conditions in this country, and
(2), the probability of a more stabilized Europe.
With regard to farming conditions, as was pointed out in the last
Review, it is as yet too early to say what general effect increased
prices of farm products will have on business. But regardless of how
much of the farmer’s profits are used to liquidate old debts and how
much to increase his purchases, the fact remains that the index of
wholesale prices of farm products advanced from 134 in June to 145
in August, while all commodities advanced only from 145 to 150. The
spread between the two indexes has been from two to four times as
great as at present during the most of the past four years. In August
o f this year, the two indexes were nearer together than at any time
since early in 1920, farm products being only five points lower than
all commodities. During the 1922-1923 recovery, the average spread
was about fifteen points.

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REVIEW

Discounts of Cleveland Bank Higher
Bills discounted by the Federal Reserve Bank of
Cleveland declined from $22,594,000 on August 13 to
$16,737,000 on September 3f but rose to $29,517,000
on September 17, the highest point reached since the
middle of June. Government securities held increased
from $56,026,000 on August 13 to $61,744,000 on Sep
tember 17. Total earning assets amounted to $99,334,000 on September 17, as compared to $79,588,000 on
August 13. During the same period, gold reserves de
creased from $319,800,000 to $297,298,000; member
bank deposits rose from $175,397,000 to $178,616,000,
and notes in actual circulation dropped slightly, being
$206,761,000 on September 17, as compared with $206,883,000 the previous month.
Loans of reporting member banks in the Fourth
District amounted to $1,148,761,000 on September 10,
an increase o f approximately $2,400,000 over August
13. Investments mounted to $645,554,000, an increase
o f $22,500,000. Dem and deposits rose from $975,227,000 to $1,008,677,000 during the same period, while
time deposits fell from $695,795,000 to $691,464,000.
The reserve ratio on September 17 for the Federal
Reserve Bank o f Geveland stood at 78.2 per cent as
compared with 84.4 per cent on August 13. For the
System, the reserve ratio declined from 82.5 per cent

to 78.5 per cent.
No change took place in the discount rates o f the
Federal Reserve Banks from August 13 to September
17. On the latter date, the New York bank had a
3 per cent rate; Boston, Philadelphia, Geveland, and
San Francisco had a i /
l 2 per cent rate; Minneapolis
had a 4^2 per cent rate, and all other banks had a 4
per cent rate.
Savings deposits of 68 banks in the Fourth District
on August 30 amounted to $770,073,611, as compared
with $767,205,302 on July 31, and $703,984,479 on
August 31, 1923.
Commercial failures in the United States numbered
1520 during August, according to R. G. Dun and Com
pany. This was a decrease of 95 from July, but an in
crease of 201 over a year ago. Liabilities amounted
to $55,153,981, an increase of $18,300,000 over July,
and of $20,800,000 over August of last year. In the
Fourth District, there were 158 failures with liabilities
of $3,620,367, an increase of 3 in number over July,
but a decrease o f $2,327,509 in liabilities. As com
pared with August o f last year, there was an increase
in number amounting to 42, and in liabilities amount
ing to $1,749,711.

Iron and Steel Industry Showing Slow Im provem ent; Steel
Ingot Production Increases
Definite improvement in the iron and steel industry
is unmistakable and is making a certain measure of
steady progress. However, the expansion of the mar
ket is not going forward in a uniform way and there
is still much ground to be gained before the situation
can be pronounced as satisfactory. One reason for
this, doubtless, is the continuing irregularity of steel
prices. Further declines have been shown with the
tendency of the volume to expand, and the point o f
stabilization does not yet appear to have been reached.
This fact is holding back buyers from discounting their
future requirements. More and more buyers have been
getting into a receptive mood for closing tonnage and
many of them would be disposed to place orders in
quantity against their expected future needs for the
next 60 or 90 days if they could be convinced that the
market has practically reached bottom.
Stocks in users1 hands continue at a low point, but
current requirements are being met by hand-to-mouth
buying.
The announcement o f the decision by the Steel Cor
poration to comply with the order issued by the Fed
eral Trade Commission to abandon the custom o f quot
ing prices on a Pittsburgh base, plus the freight, has
interjected a new factor which is impelling buyers to
move cautiously until the new pricing system becomes
better defined. This effect, however, it is believed, will
be only temporary.

The real evidence o f improvement is supplied by the
substantial increase in production. After having beea
down to the low point of around 40 per cent in July,
steelmaking activity was hovering about the 60 per
cent mark in mid-September. Steel ingot output in
August moved up to an annual rate of 30,400,000 tons
compared with a rate of 22,360,000 tons in July, or
an increase in the month of 36 per cent. The August
production was on the basis of 60.5 per cent o f the
rate established in March, which was the highest in the
history of the industry. The August figures repre
sented the break in a four months* decline.
Pig iron production in August did not increase in
the same proportion as steel, but it showed the first
gain since March. According to the statistics com
piled by the IRO N T R A D E R E V IE W , the output in
August was 1,882,984 tons, as compared with 1,783,778
tons in July. The average daily rate was 60,741 tons
against 57,541 tons the preceding month, or a gain of
5 per cent. The August rate represented 54 per cent
o f the high point in March. More idle furnaces have
recently been resuming and September promises to show
a larger gain over August than August over July.
Railroad buying has stood forth as the most con
spicuous feature o f the market. During the first twothirds of September, orders for more than 20.000 freight
cars were placed. This is the largest total for any
month, excepting March, in eighteen months. Locomo

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tive orders also have been heavier and more numerous.
Leading systems have been placing equipment, includ
ing the Pennsylvania, Illinois Central, Chesapeake &
Ohio, and others now in the market, so that the total
of cars now pending is in excess of 15,000. Steel rail
buying for Fall and 1925 delivery is also reviving
perceptibly. More than 100,000 tons have been placed
and inquiries are current for approximately 300,000
tons, including 150,000 tons or more for the New York
Central. According to some estimates in steel com
pany quarters, 2,000,000 tons or more of rails may be
placed in the next 60 or 90 days.
Miscellaneous manufacturing users o f steel have
been ordering in better tonnage, among which have been
automobile and accessory plants, farming implement
builders, and others. Building steel awards have kept
up fairly well, the total for August being estimated at

REVIEW

153,400 tons, or 59 per cent o f total shop capacity.
This compares with 69 per cent in July and 66 per cent
in June.
The weakness in steel prices is reflected by the
IRO N T R A D E R E V IE W composite o f fourteen
leading iron and steel products. O n September 17f
the index stood at $38.95, as compared with $39.37 on
the corresponding date one month previously and an
average of $44.70 in September, 1923.
The pig iron market, following its depressed con
dition in recent months, is showing more steadiness as
a cumulative result of heavier buying in July and
August which has continued in good fashion in Septem
ber. Shipments are showing some increase. In some
districts, advances of 50 cents or more are being quoted
by producers.

Automobile Trade Shows Continued Improvement
In July, the automobile industry began to emerge
from a slump of several months' duration, and August
continued to show improvement.
This betterment
kept pace with the general improvement in business
conditions. Production o f both passenger cars and
trucks exceeded that of July, although running nearly
20 per cent behind last year. Surplus stocks have
been fairly well liquidated in most sections of the coun
try. There has been evident an increased demand for
medium priced cars and also for closed cars. Used cars
are generally in good demand, although in some locali
ties excessive stocks o f used cars are reported to be
on hand. The accessories trade showed improvement in
August, and reports indicate that business in both the
automobile and accessories trades was continuing the

upward climb in September.
In the Fourth District, as in the country at large
the industry is showing renewed activity. Truck manu
facturers in the District state that July was a very bad
month in their branch of the industry, but that August
business was materially better than July, and the
first part of September was better than August.
As shown by the table below, furnished by the Fed
eral Reserve Bank o f Chicago, production in August
amounted to 278,334 cars, an increase o f more than 6
per cent over July. The percentage increase in truck
production was slightly greater than in passenger car
production. The first eight months o f 1924 showed
decrease in output o f 6.1 per cent as compared with
the corresponding period in 1923.

Automobile Production 1923-1924
Figures Represent Practically Com plete Production a rd Are Based Upon R eports R eceived
by the Federal Rfserve Bark o f Chicago in Cocp€ration with ihe N ational
Autom obile Chamber o f Com m erce from Identical Firms Each M onth

1923

1924
Month
January...
February..
M arch. . . .
A pril.........
M a y ..........
June.........
Ju ly..........
August
September.
October. ..
N ovem ber.
Decem ber.
Total.

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

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

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

Passenger
Cars
223,653
259,383
319,527
343,793
350,073
337,048
297,173
313,972
334,244
284,758
275,287
3,637,511

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
___

242,566
280,794
353,590
380,579
392,446
376,993
326,885
343,854
326,441
363,882
3*2,132
302,562

365,213

4,002^724

Total

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-ihria. nwin r n - r r i^ tirm i m iri

mmavrr-

r-1

Tire Industry B etter; August Business Greater
During August, the conditions in the tire industry
continued the improvement which began in July, both
in the country at large and in the Fourth District.
Demand generally has been increasing since early
in July, and July shipments of inner tubes showed a
marked gain which was greater than might normally
be expected at that season. A noticeable improvement
in collections is reported.
The price of crude rubber has sagged slightly as com
pared with a month ago, being 27 cents a pound
on September 16, or 1 cent less than on August 19.
Tire manufacturers in the Fourth District are practi
cally unanimous in reporting an improvement in the
volume of business done in August. Buying, although
heavier, is still only for immediate needs, a condition
which appears to exist in all lines of industry at the
present time. Several manufacturers report sales for
August in excess of last year, and there have been some
increases in production schedules, with a consequent in
crease in the number of men employed. Akron fac
tories are now running at from 85 per cent to 100 per
cent of normal production.
The September report o f the Rubber Association
of America, covering 49 large companies, shows a sharp
decline in stocks of inner tubes, as well as slightly
smaller declines in stocks o f cord and fabric casings.
Although for the past four years, inventories have de

clined during June and July, the falling off in July
has been more noticeable this year than in the past.
The reason for this is to be found in an unusual in
crease in shipments during July, shipments amounting
to 5,084,015 tubes, a figure 43 per cent greater than
production during July, and 37 per cent greater than
June shipments.
Stocks of balloon inner tubes have increased steadily
since March, amounting to 708.098 tubes at the end
of July, as compared with 103,373 tubes at the end
of March, an increase of nearly 600 per cent.
In connection with the tire industry, it is interesting
to note the growth in the stocks of cord casings as
compared with fabric casings. Stocks of cord casings
in January, 1921, were less than half as large as those
of fabric casings, while stocks of cord casings are
now over twice as large as those of fabric. Since the
first o f 1924, the same general curve has been shown
by the stocks of both classes of casings; but previous to
that time, cord casings showed an almost steady rise,
while fabric casings showed a downward trend peri
odically interrupted by moderate increases. Stocks o f
cord casings at the end of July amounted to 3,028,785, as compared with 3.567,635 in June, 4,108,853 in
July a year ago, and 1,593,325 in January, 1921. Stocks
of fabric casings at the end of July amounted to 1,393,845, as compared with 1,853,253 in June, 2.362,271
in July a year ago, and 3,726,280 in January, 1921.

Further Reductions in Oil and Gasoline Prices
The general readjustment of oil prices down the line
to conform with the high production of both crude oil
and the principal refined product, gasoline, has caused
numerous price declines during the past month. While
crude production has shown a tendency to decrease
during the past few weeks as a whole over the country,
total production is still well above the two million bar
rel a day mark, which is much higher than was esti
mated at the start of the year. Another factor which
must be taken into consideration is that entirely new
territory, chiefly in the Rocky Mountain district and
in west Texas, has been opened up in wildcat oj>erations
this year, which gives promise of considerable additions
to the nation's oil supply when needed. Large

stocks of both crude oil and refined products are
being carried by the industry, amounting to around
450,000,000 barrels at present The N A T IO N A L
P E 1 R O L E U M N E W S estimates that September
production will average 2,035,000 barrels daily.
While the gasoline market is weak, the market for
heavier products at the refineries, such as kerosene, gas
fuel oils and distillates for home heating, is showing
more strength, due in part to the fact that stocks o f
these products are not as large as gasoline in relation
to current production. The developing strength in the
lubricating oil market is largely due to increased demand
for export.

Coal Industry Showing Increased Activity
The usual seasonal increase of activity in the bitumi
nous coal industry has manifested itself during the
past month. Production has improved, movement of
coal by the railroads has increased, and mines generally
are operating at greater capacity than during the early
summer months. Industrial stocks on hand have de
clined during 1924 to the point where they are admit
tedly low, and as a result a more liberal buying policy
has recently become evident.

Following a very gradual rise during the preceding
four months, daily average production of bituminous
coal showed a marked increase in August, which com
pared favorably with increases at the same season in
former years. According to the Geological Survey, av
erage daily production for the week ending September
6 amounted to 1,510,000 net tons, as compared with
1,247,000 net tons for the week ending August 2 and
about 1,100,000 net tons for the week ending April 12,

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the low point for the year 1924 so far. The daily
average production for 1924 up to September 6
amounted to 1,433,000 tons, as compared with 1,790,000
tons in 1923. Production during August continued to
run well behind 1923 and 1920, but pulled away from
1921 after being almost identical with that year for
several weeks.
Mine operations in many sections of the country
showed a substantial increase during August. For ex
ample, between August 2 and August 30, Illinois mines
increased their operations from 30 to 37 per cent of
capacity; Kansas mines increased from 51 to 67 per
cent, and New Mexico mines from 60 to 70 per cent.
In the Fourth District, there were similar increases
in the Pennsylvania and Panhandle coal regions, as well
as in all Kentucky fields. In Ohio, however, there was
practically no change. Mines in Southern Ohio op
erated at 14 per cent of capacity on August 30, as com
pared with 13 per cent on August 2, while in North

REVIEW

ern and Central Ohio, the figure declined from 64 to
62 per cent.
Although car loadings of coal have been increasing
no transportation difficulty has been reported as yet.
Coal loadings rose from 144,000 cars for the week
ending August 2 to 169,000 cars for the week ending
August 30. For the five weeks ending August 30,
total cars loaded with coal amounted to 766,000, as
compared with 693,000 cars for the preceding five
weeks, or an increase of 10.5 per cent- The August
figures are about 14 per cent behind those for the
corresponding period in 1923.
A statement issued by the Ore and Coal Exchan<*e
shows that during August a total of 3,746,686 net tons
of bituminous coal were loaded into vessels at Great
Lake ports, as compared with 4,617,891 net tons in
1923. For the first eight months of 1924, the figure
was 13,860*198 net tons^ as compared with 19,627,763
net tons for the corresponding period in 1923.

Car Loadings Reach Million Mark
Car loadings during August showed the usual seasonal
increase, reaching the million car mark during the week
ending August 30 for the first time in 1924. Grain
loadings continued to show the greatest increase, being
almost twice their total of two months ago, and coal
loadings also registered a noticeable increase during the
month. Other specific classes o f loadings, with the ex
ception o f ore, showed smaller gains.
Total loadings for the week ending August 30

amounted to 1,020,339 cars, as compared with 925,859
cars for the week ending July 26. For the five weeks
ending August 30, loadings amounted to 4,843,404 cars
as against 4,434,855 cars for the five weeks ending Julv
26, and as against 5,209,219 for the five weeks ending
August 28, 1923. Total car loadings for the year 1924
to August 30 ran about 5 per cent under 1923, but
exceeded 1920 by about 6 per cent, 1921 by 23 Der’rm+
and 1922 by 14 per cent
nt’

Tobacco Situation Unfavorable
The large stocks of unsold tobacco on hand is having
a depressing effect upon the tobacco situation in Ken
tucky. Despite a considerable reduction in acreage and
poor growing conditions, which have combined to make
a crop estimated to be 20 per cent below that of 1923,
the weakness o f the market indicates that the demand
still has some distance to go before catching up with
the supply. Substantial sales recently have been few.
Reports lately received indicate the possibility of a
strong corrective measure being applied in the form
o f a radically reduced acreage to be planted in tobacco
in 1925. There appears to be a growing sentiment
in favor o f this, and the suggestion has even been ad
vanced that no tobacco at all should be grown next year,
thus allowing the working off of surplus stocks.
A Government crop estimate as o f September 1,

issued September 13, places the total 1924 tobacco
production for the United States at 1195 million pounds
as compared with 1491 million pounds in 1923, and
an average of 1361 million pounds for the years 19181922 inclusive. The same report places the Kentucky
crop this year at 371 million pounds, as compared with
494 million pounds last year.
Since August 1 the Government estimate fo r K en
tucky has declined over 6 per cent. This is doubtless
due for the most part to a poorer condition o f the
crop resulting from bad weather conditions, as the fac
tor of decreased acreage had previously been taken into
account. As noted in last month’s Review, reductions
of from 5 to 25 per cent in acreage have occurred in
the Burley tobacco district.

Agricultural Conditions
The outlook for the corn crop in the Fourth District
continues to be very poor, and the wheat crop is also
under the average. Unseasonable weather has been the
depressing factor throughout the Spring and Summer,
especially in connection with corn. To offset the poor
condition of the larger crops, farmers are generally re

ceiving good prices for their products as compared with
last year.
O H IO
W H E A T — The estimated production of wheat in
1924 is about the same as last month, amounting to

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37.000.000 bushels, with an estimated value o f $45,140.000. Farmers are now receiving around $1.22 per
bushel for their wheat.
CORN— The corn crop promises the lowest yield per
acre since 1893. The average yield is estimated at about
25 bushels per acre, as compared with 41 bushels last
year, and slightly under 24 bushels in 1893. As noted
above, the cause for this is to be found in adverse
weather conditions which have existed throughout most
o f the season. The unusually cold, wet weather of the
early Spring and Summer delayed planting, and the
dry weather during the growing season was very un
favorable for the late plantings. Weather conditions
in the southwestern part o f Ohio were more favorable
than elsewhere, and as a result, the outlook for the
crop in that section of the State is better than for the
State at large. Farmers are receiving about 25 cents
a bushel more for corn than in 1923.
O A T S — The production of oats is now estimated at
58.000.000 bushels, valued at $29,000,000. The price
is running about 14 cents per bushel higher than in
1923.
H A Y — Hay production is estimated at 4,400,000
tons, valued at $57,200,000, and timothy hay is selling
around $13.70 per ton, which is $1 more than last
year.
W ESTERN

P E N N S Y L V A N IA

As in other parts of the District, cold and wet weather
has hindered the crops, and fruits and vegetables have

REVIEW

been slow in ripening. It is reported that the outlook
for the grape crop is poor, and that a failure is prob
able unless there is a good deal of warm weather in
the latter part o f September.
No great changes from last month are reported for
other crops.
KENTUCKY
In general, Kentucky crops, with the exception of
tobacco, are in good shape. The Government estimate
for the corn crop has been reduced from 78,336,000
bushels on August 1 to 73,378,000 bushels on September
1. The crop last year amounted to 87,866.000 bushels.
Crops of oats, potatoes, buckwheat, hay, and fruits are
estimated to be substantially higher than last year, while
sweet potatoes are estimated to be slightly lower and
barley only about half that of last year.
CA N N IN G
There has been an increase of business in the canned
goods industry in this District during the past month.
Reports indicate that this is due to three factors: First,
the natural replenishment of stocks, which had fallen
too low ; second, the anticipation of larger buying by the
farming class than in the past; and third, the estimated
shortage of corn in the District.
Indications are that shortages in some lines of canned
goods, such as corn, tomatoes, and lima beams, are an
ticipated by canning interests, due to the poor crops in
the District.

Livestock M ovem ent During August
Livestock shipments in the Fourth Federal Reserve
District during August were greater than during July
with the exception o f hogs. As compared with August,
1923, shipments of cattle and calves were greater, but
shipments of hogs and sheep were less.
The following table shows the combined movement

for nine centers in this District.
r
battle
Hogs
August, 1924 ............ 89.729 349,408
August, 1923 .......... 83,447 413,648
July, 1924 ................ 76,334 413,802

Sheep
219,772
241,898
206,247

Calves
73,110
73^079
70,294

Agricultural Im plement Industry Shows But Little Change
During the past month, there has been but little
change in the agricultural implement industry in the
Fourth District. There is a feeling of confidence among
manufacturers, which is borne out to some extent by
more numerous inquiries in some lines, but actual buying has not as yet shown any noticeable increase.
I he prosperity o f this branch o f industry is, o f

course, closely linked with that of the farmer, and it
therefore of interest to note that whether or not the
farmer in the Fourth District is better off than formerly
^ias not / . et s^own any great inclination to renew his
£arm fnaC“ lnery* The trend of business in the
f rrrl
ernent industry for the next few months
shou]d throw some ll- ht on
actual situation among
the farmers in this District

Boot and Shoe Production For August Greater
During early September, there has been a moderate
increase in activity in the boot and shoe trade,
and reports from manufacturers in the Fourth
District indicate that business was fairly satisfactory in
August and has improved noticeably during September.
The optimistic spirit which was in evidence a month ago,

however, appears to have been somewhat tempered
due to the fact that the improvement anticipated at
that time has been slow in coming. On the one hand,
production in July increased four per cent over June,'
and preliminary figures from the Census Bureau in
dicate an increase during August of seven per cent

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BUSINESS

over July; on the other hand, preliminary sales figures
of wholesale shoe firms reporting to this bank showed
a loss of three per cent during August as compared with
July, and a loss of thirty per cent from August of
1923.
Final production figures for the United States for
July, compiled by the Census Bureau, show a further
decrease, but preliminary figures for August show a
strong reversal, an increase of twenty per cent over

REVIEW

July being indicated.
The July production figure
marks the lowest point during 1923 and 1924, and js
sixteen per cent under July of last y e a r . A s stated
above production in the Fourth D istrict w a s four
per cent greater than in June and w as o v e r tw o
per cent greater than in July, 1923. The actual
number of pairs made by about 1200 factories in
the United States was 21,271,276 in July, 22,463,660
in June, and 25,256,106 in July o f last year.

Building Permits Show First Increase Since March
The month o f August gives a more encouraging
picture of the building industry in the country than for
some time past. The rapid decline in building per
mits of the preceding five months finally came to a halt,
and August showed a 5 per cent increase over July,
according to reports received by S. W. Straus & Com
pany from 330 cities. This gain is particularly note
worthy in view o f the fact that August usually shows a
decline from July in the value of permits.
The Aberthaw Index of factory building costs,
(1914-100), stood at 196 in August, showing no change
from July. This is significant for two reasons; first, it
shows that the rise in building permits during August
was due very largely to an increase in the volume of
construction; and second, it marks the end of the recent
decline in building material prices which had continued
for several months. Recent reports indicate a strength
ening in the cost of various materials, particularly lum

ber, during early September. Advances predominated
over declines in nine cities reporting to the Engineering
News for the week ending September 11, five cities not
reporting any declines.
In the Fourth Federal Reserve District, new construc
tion during August showed an increase over July, but al
terations declined considerably. As a result, the total
value of permits during August was 4 per cent under
July, but was 5.6 per cent over August, 1923. O f
the 13 reporting cities, 9 showed increases over last year.
Erie and Youngstown reported the greatest gains
while Springfield, Dayton, Columbus, and Cincinnati
showed substantial decreases. For the first eight months
of 1924, permits in the Fourth District were 6.3 per
cent less than in 1923. The largest decrease was shown
by Columbus, with 31 per cent, while Youngstown
with 67.7 per cent, had the greatest increase.

Not Much Change In Brick Industry
The decline in the building industry during the early
summer has not yet been seriously felt in the building
brick industry. There is normally some seasonal de
crease in activity at this time. Production schedules,
however, in the Fourth District are reported as not
showing much change, and demand continues to be
about normal. In the United States, conditions in the
industry throughout the agricultural sections are dis
tinctly better, while the situation in New York City is still
bad. As noted in last month's Review, a strike of struc
tural steel workers resulted in an oversupply of bricks
in the New York market, and a fall in the wholesale
price from $20 to $14 per thousand. During the past
month, the situation has failed to improve to any extent
and many plants along the Hudson have closed pre
maturely.
On August 1, 99 firms reporting to the Common

Brick Manufacturers’ Association of America, had
orders for 314,588,000 bricks, or 17 per cent less than
on July 1. Twelve plants were closed down, as com
pared with seven on July 1.
Shipments of Number 1 paving brick again increased
during August, this rise having continued throughout
the past six months. Production fell off slightly, ancj
both unfilled orders and stocks on hand showed de
creases. According to a report of the National Pav
ing Brick Manufacturers’ Association covering the en
tire paving brick industry, shipments during August
amounted to approximately 45 million bricks, as com
pared with slightly more than 50 million in July, and
about 52 million in August, 1923. Production in A u
gust amounted to around 45 million, as compared with
50 million the preceding month and 48 million last
year.

New High Record Cement Production
New high records have recently been the rule in ce
ment production, and August again established a new
record of 15,128,000 barrels, according to figures re
ceived by the Geological Survey. This figure is 16.6 per
cent greater than August, 1923, and is 7.8 per cent
greater than July. Production has shown a steady in

crease beginning with February, and for the first seven
months of 1924 was 8.6 per cent greater than for the
corresponding period in 1923. Shipments have been
running ahead of production since March, as was also
the case in 1923, and as a result, stocks on hand have
declined from 18,189,000 barrels at the end of March to

THE

MONTHLY

BUSINESS

10,593,000 barrels at the end of August, a decline of
nearly 50 per cent. It might l>e added that the total
production for the last twenty months has been 0.6 per
cent greater than shipments.

REVIEW

Production in Ohio, Western Pennsylvania, and West
Virginia, amounted to 1,707,000 barrels in August, as
compared with 1,295,000 barrels a year ago.

Lumber Prices Higher; Demand Slightly Better
Although August is usually a dull month in the lum
ber trade, there have been further increases in orders,
shipments, and production. These increase?, however,
were not as marked as were those of July over June.
Stocks are generally low. and a gradual improvement in
demand is reported in various sections of the country.
According to figures of about 375 mills, which report
to the National Lum ber Manufacturers' Association,
orders for the four weeks ending August 30 were 6 per
cent greater than for the preceding four weeks, while
shipments and production showed gains of 7 per cent
and 9 per cent respectively. During the period above
mentioned, orders were 6 |>er cent in excess of produc
tion, while shipments were about 1 per cent under pro
duction.
A favorable factor in the lumber situation has been
the recent strengthening in prices. After a prolonged
decline, which commenced in February, prices steadied

in the latter part of July and began to rise in August
At the end of that month, lumber prices as a whole
stood about 3 per cent higher than at the end of July.
In the Fourth Federal Reserve District, there is some
disappointment among lumber manufacturers because
buying in the first part o f September has not materialized
to the extent anticipated. This anticipation was based on
the strengthening of the market during August, but
more recently the market has shown a tendency toward
weakness. Although stocks in dealers' hands are low,
buying is still cautious and for immediate needs.
This is due at least in part to the present ef
ficiency in transportation, which insures a quick
delivery of goods purchased.
One manufacturer in this District reports that speci
alties are in good demand at present, and that the oak
flooring business if better than ever before.
Some increase in employment is reported in the Dis
trict.

Conditions Spotted in Textile Industry
The textile industry in the Fourth District during
the past month has shown improvement in some lines,
while other lines continue dull. There has been in
creased buying in some lines of women’s wear and in
sweaters and other knit goods. An increase in orders
for future delivery has also been noted in these lines.
In men's wear, on the other hand, orders have been very
slow in coming in, and there has been little, if any,
improvement over the sluggishness of previous months.
Unsettled prices for cotton goods have made buyers

reluctant to purchase for future delivery, but in the
past two weeks there has been an increased demand for
finished cotton goods.
Prices o f textiles showed some strengthening in August
as compared with July. Raw wool advanced from 48 to
52 cents per pound: silk rose from $5.64 to $6.33 per
pound, and cotton yarn, cotton goods, and worsted
yarn, all increased slightly. Raw cotton, on the other
hand, declined from 32 to 29 cents per pound, although
it was 4 cents higher than a year ago.

Manufacturing Shows Increased Activity in Some Lines
Reports from various manufacturing industries in
the Fourth Federal Reserve District give a somewhat
conflicting picture of business during August, although
on the whole there has been a noticeable improvement
over July. Some lines report an unusually marked ex
pansion of activity, and in a few instances, business
during August ran well ahead of last year, which is
contrary to the general situation throughout the country.
Other lines show only the usual seasonal increase in
activity, while still others are operating at a low ebb
and have experienced no improvement as yet. Generally
speaking, employment has shown a tendency to increase,
and although buying is still hand-to-mouth, orders are
better, with a greater number of inquiries.
Manufacturers of lead and cans report a very good

business, while hardware and cork have also shown a
good increase over July. A firm which manufactures
ink has had a marked gain in business over both July
and August of last year. Electrical supply manufac
turers report some decrease in employment and very
little change for the better as yet. There has been no
noticeable improvement in the stove manufacturing in
dustry, and only the usual seasonal expansion in the
boxboard and paper industries. The pottery and china
firms around East Liverpool. Ohio, have increased op
erations in some ca^es. Machinery manufacturers are
experiencing more numerous inquiries, and indications
are that the improved condition of the iron and steel
industry will have a favorable effect.

THE

MONTHLY

BUSINESS

REVIEW

Employment Conditions
The Department of Commerce recently announced
that the index of factory employment in the United
States, (1923-100), showed no change during August
from July. The August index number was 85, as com
pared with 100 a year ago. Although this index shows
no change, this fact in itself is of considerable im
portance, inasmuch as it indicates that the decline of
recent months has come to an end.
A survey of the labor situation in the Fourth District
up to September 15, as reported by manufacturers in
the District, gives the following results as compared
with the previous month:
RU BBER— Increase particularly noticeable in Akron,
where some factories have from 15 to 20 per cent more
employes than during the recent business depression.
STE E L— Some increase in employment due to in
creased production schedules.
M O TO R TR U C K S— Practically no increase.
T E X T IL E S — Employment conditions spotted. De
crease reported in some lines.

A G R IC U L T U R A L IM PLE M E N TS— No change.
LU M B E R — Practically no increase.
SH O ES— No material increase.
M ISC E LLA N E O U S— Slight decrease in electrical
supplies. O f twelve other kinds of manufacturing, in
creased employment is reported by four, while eight in
dicate that there has been no change.
Conclusion: With the exception of the irnportant
rubber and steel industries, there has been but little
general increase in employment in the Fourth District
as compared with the previous month. The rubber in
dustry appears to show a definite turn fo r the better in
the matter of employment. Steel and a few other
lines report increases of varying degree, while a very
few report slight decreases; othewise, the general situ
ation appears to be about the same as during the previ
ous month. As in the case of the country at large, this
condition in the Fourth District is really a favorable de
velopment because it marks the end of the decline o f
previous months.

Department Store Sales Less
All cities in the Fourth District showed decreases in
sales during August as compared with August of last
year. The District, however, showed a normal increase
over July of this year, the index number for August
being 87 as compared with 80 in July. Sales during
July and August combined were 6.8 per cent less than
during the corresponding period last year. The greatest
decreases for the two months’ period were shown by
Toledo, with 14.7 per cent, and Cleveland, with 9.5 per
cent. Akron was the only city to show an increase over
last year for July and August combined.

Stocks on hand decreased slightly from August o f
last year, four cities showing increases as against eight
showing decreases. There was a gain of 2.3 per cent in
stocks at the end of August as compared with the end
of July.
August sales of 55 department stores in this District
have been exceeded twice in the last six years, in
1920 and 1923. Taking the 5-year average monthly
sales, 1919-1923 inclusive, as a base, the index numbers
for August of each year are as follows:
1919 75*
1920, 93; 1921, 73; 1922, 81; 1923, 97; 1924, 87. ’

Department Store Sales
Percentage

o f Increase or Decrease
Com parison o f net sales
Com parison o f stocks at end o f
month

No. o f
Reports
4
A kron...............
3
Canton.............
7
Cincinnati.......
6
Cleveland........
5
Columbus........
5
Dayton .............
3
New C astle.. . .
Pittsburgh. . . .
7
Toledo. .............
5
Wheeling.........
5
3
Youngstown. . .
Other Cities*. .
7*
60
D is t r ic t ............
U.S. Average..............
‘ Includes reports
•♦Includes reports

Percentage o f
average stocks
at end o f each
month f r o m

Percentage

outstanding
orders at end
ofAugust,1924

1A
IB
2A
2B
J u l y 1 t o to total p u r
August, 1924 J’dv 1 to Aug. August, 1924 A u g u s t ,
August
30
chases d u rin g
to a v e r a g e
1924 com
calendar veai*
~ j —-- —
~ r
~
1923
with A ’ lgust, p a r e d w i t h with August, pared with m onthly sales
in same period
July, 1924
1923
same period in
1923
1923
— 2.0
1.4
431.2
— 0 .5
— 3.0
— 4.3
871.2
— 5.2
— 4.2
2.9
2.6
492.6
— 3.3
— 9.9
— 10.5
9 .3
2.3
429.2
— 9.5
2.4
— 13.1
6 .9
13.4
374.2
— 2.5
— 9 .0
— 5.4
10.3
465.0
— 3 .7
— 1.5
— 3 .6
— 0.5
9 .7
— 1.9
— 8.7
681 7
5.6
— 12.8
2.8
473.2
— 6.6
3 .7
— 10.5
9.6
— 3.6
587.2
— 14.7
— 3.1
— 19.0
S .1
477 5
6.6
— 7.8
— 12 9
— 16.2
6 .7
8.4
- 4 .6
327.7
— 5.1
— 6.3
644.8
4.5
— S .3
— 5 8
— 11 6
8 .4 * *
464.9
2.3
— 0 .6
— 6.8
— 10 5
8 .3
4.1
479.8
— 1.8
— 3.1
— 5.8
7 .9
ima.
from F'.rie, Porrsmourli, Springfield, .and Lir
from Erie, Portsmouth, Akron, Springfield, Canton, Lima, and Youngstown.

THE

MONTHLY

BUSINESS

REVIEW

Index Numbers of Sales of 53 Department Stores
Fourth Federal Reserve District
(Average monthly Sales for the Five-Year Period 1919-1923 Inclusive— 100)
Note— This table is subject to slight revision, as a few additional firms may be included.
Pitts t
Other Dist
Akron Canton *Cincin- Cleve- Colum- Dayton New
XI
_ i» j _ un
i Youngsv
Toledo
Wheel1923
Castle burgh
ing
town Cities**
bus
land
nati
104
116
104
134
133
127
114
127
115
117
M a r . ..
120
108
118
110
98
117
109
106
111
108
107
Apr. . .
117
104
108
124
113
114
118
117
129
118
111
118
129
May..
122
112
119
123
116
118
128
119
126
115
Tune..
117
115
114
119
80
90
79
92
92
89
81
82
89
95
76
J u ly ..
79
82
94
96
80
92
96
97
A u g ..
104
105
91
113
90
84
97
99
81
87
101
105
96
106
90
S e p t..
111
94
88
130
113
128
154
136
128
141
127
O ct.. .
149
126
127
113
130
120
105
120
113
N o v ..
134
131
120
127
121
120
125
168
194
206
D e c ...
194
219
187
212
187
199
156
183
169
176
1924
98
91
101
91
J a n ...
74
92
78
84
94
94
103
81
92
F eb. .
97
98
94
87
77
90
88
87
120
96
93
124
M a r ..
115
114
107
104
95
103
118
91
104
127
128
131
A pr. .
117
114
133
124
112
128
112
124
124
118
109
124
121
118
106
M a y ..
110
116
118
117
109
114
115
98
107
109
J u n e..
117
115
104
93
99
108
86
87
79
83
84
83
80
78
J u ly..
95
89
78
79
80
92
84
83
93
85
78
91
A u g...
92
88
76
75
105
87
*Based on 3-year average (1921-1922-1923).
“ Includes Springfield, Portsmouth, and Erie.

112

111

121

112

102
122

112

102

100
122

100
100
100

102

111

August Wholesale Sales Less Than Last Year
Sales of all reporting wholesale lines in the Fourth
District during August ran behind those of a year ago.
Sales of wholesale dry goods firms showed a 40 per
cent increase during August over July, but since a simi
lar increase was shown at this time last year, sales
during August, 1924, ran 28.9 per cent under those o f
August, 1923. Sales for the first eight months of 1924
were 17.1 per cent less than for the corresponding period
last year.

Wholesale grocery firms reported a decrease o f 4.8
per cent in sales from July, of 10 per cent from August,
1923, and of 4 per cent during the first eight months
of 1924 from the corresponding period last year. Re
ports indicate that there have been some price advances,
particularly in canned goods, where there is a short
age of corn and tomatoes.
Hardware firms showed a slight gain in sales over
July, while drugs declined slightly.

Wholesale Trade Sales
mber o f
R eportin g

Groceries—
Cincinnati...........
Cleveland............
Columbus............
Erie.......................
Lexington............
Pittsburgh...........
Portsmouth.........
T oledo..................
Youngstown........
Other Cities*. .
D IS T R IC T ........
Dry Goods— District.
Drugs— District........
Hardware— District. .
Wheeling, and Xenia.

Percentage change in
net sales during Aug.,
1924, com pared with
July, 1924.

Percentage change in
net sales during Aug.
1924, com pared with
A ugust, 1923.

— 6 .6
3
— 3 .0
3
— 8.8
3
— 10.3
4
— 12.1
3
— 3 .2
7
3
5.8
3
— 1.5
3
— 9 .2
17
— 5.5
— 4.8
49
40.0
17
— 1.1
16
18
0 .4
i, Dover, Ironton, Lima, Mansfield,

— 12.9
— 5.1
— 11.8
— 4.1
— 6.1
— 2.8
— 6 .6
— 18.0
— 19.2
— 14.1
— 10 0

Percentage change in
netsales from Jan. 1,
to Aug. 31, 1924,
com pared with same
period last year.

0.1
1.2
— 5.3
6.8
— 5.7
— 4.1
— 3 .6
— 5.5
— 4 .6
— 9.5
— 4 .0
— 2 8 .9
— 17.1
— 5.5
— 19
— 9.1
— 9 .0
Massillon, Springfield, Steubenville,

THE

MONTHLY

BUSINESS

REVIEW

Summary of Business and Credit Conditions in the United States
By The Federal Reserve Board
Production in basic industries was maintained during August
at about the same level as in the two preceding m onths and
factory employment showed a slight increase. W holesale prices,
especially those of agricultural products, showed a further ad
vance.
Production

Index of 22 basic com m odities corrected for seasonal variations
(1919 = 100). Latest Figue— August, 94.

The Federal Reserve Board's index of production in basic in
dustries, adjusted to allow for seasonal variations, continued in
August at the same level as in June and July.
Production of
steel was substantially larger than in July and the output of
pig iron and mill consumption of cotton also increased. Sugar
meltings and production of anthracite and zinc, on the other
hand, were smaller. Factory employment increased slightly in
August and average weekly earnings increased 4 per cent, owing
to less part-time employment. Larger working forces were
reported in the textile, leather, and automobile industries. Build
ing contracts awarded, contrary to the usual seasonal trend
were 3 per cent larger in August than in July.
Crop conditions showed further improvement in A ugust and
the September 1 estimates of production by the Department
of Agriculture were larger for wheat, oats, barley, and potatoes
while estimated yields of corn, cotton, and tobacco, were small
er. Harvesting has proceeded rapidly this year, and the A u
gust marketing of wheat was larger than in either of th e last
two years.
Trade
Bank debits, which reflect the volume of business transactions
settled by check, showed about the usual seasonal decrease in
August, but were larger than a year ago. Railroad shipments
increased slightly, as a result of larger loadings o f miscellaneous
merchandise, grain, and coal. Wholesale trade was 7 per cent
larger than in July, owing to seasonal increases in sales o f dry
goods, shoes, and meat, but continued to be smaller than a
year ago. Department store sales showed less than the usual
increase in August and were 7 per cent smaller than last year
Mail order sales increased more than usual at this season and*
were 1 per cent larger than in August, 1923.
Merchandise
stocks of department stores at the end of August, for the first
time this year, were smaller than on the corresponding date
of 1923.
Prices
Wholesale prices, as measured by the index o f the Bureau
of Labor Statistics, increased 2 per cent in August and were at
about the same level as a year ago. The advance was due
largely to further increases in prices of farm products and food s
though all other commodity groups, except metals and fuel, aiSQ
advanced. During the first three weeks of September, prices
o f wheat, rye, wool, and rubber increased, while those o f co t
ton, silk, petroleum, and metals declined.
Bank Credits

Weekly figure* toi IZ federal keaerve Banks. Latest figures™
September, 17.

Loans and investments of member banks in leading cities
continued to increase during the four-week period ending Sep
tember 10 and on that date reached a record figure about $1 .
000,000,000 above the level of three months earlier. The largest
increase was in the loans on stocks and bonds, and commercial

t h e

m o n t h l y

KM«527

r e v i e w

loans also increased, ow ing partly to seasonal demands for
credit. The growth of investments by member banks continued
though at a somewhat slackened rate.
At the Federal Reserve banks there was a further increase
in the holdings of Government securities and of acceptances,

J
I

hv 17r

W
V v

itmum*

---AU3

b u s i n e s s

I9t1

HS22

Index of

19£9

1924

tales of 333 stores in 117 cities (1919 — I GO;. Latest
figures— August, unadjusted, 9 3 ; with seasonal cor

rection, 118.

Slightly firmer conditions in the New York money market in
late August and early September were reflected in a slight ad
vance in the rate on commercial paper from 3-354 to 3
per
cent. After the middle of September, a recurrence of easier con
ditions followed treasury operations. The September 15 offering
of one-year Treasury Certificates bore
per cent interest, the
same rate as the six-month *s issue sold in June.

mmmcmnmo*

with the result that in the middle of September, although dis
counts were at the low point for the year, the total volume of
reserve bank credit was higher than at any time since last
Spring. Seasonal increase in the demand for currency was re
flected in a decline in cash reserve and at the Reserve banks in
certain of the agricultural districts in an increase of Federal
Reserve note circulation.

2y^

THE

MONTHLY

BUSINESS

REVIEW

Comparative Statement of Selected Member Banks in the Fourth District
Sept. 10, 1924
(78 Banks)
Loans and Discounts secured by U. S. Govern
ment obligations...............................................
Loans and Discounts secured by other stocks and
b o n d s ................................................................
Loans and Discounts, all other..............................
U. S. Pre-War Bonds...............................................
U. S. Liberty Bonds.................................................
U. S. Treasury Bonds..............................................
U. S. Treasury N otes...............................................
U. S. Certificates o f Indebtedness.........................
Other Bonds, Stocks and Securities......................
Total Loans, Discounts, and Investments..........
Reserve with Federal Reserve Bank.....................
Cash in V ault............................................................
Net Demand Deposits.............................................
Time Deposits.
Government Deposits.
Total Resources on date o f this report.................

Aug. 13, 1924
(78 Banks)

$ 19,629,000

18,677,000

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

417.122.000
710.589.000
47.095.000
180.337.000
1.971.000
54.772.000
5.925.000
332.506.000
1.768.994.000
120.831.000
29.714.000
975.277.000
695.795.000
13.145.000
2.274.496.000

Increase
$

Decrease

952,000
5 503,000

1.924.000

i,434,666
16,965,000
69,000
1.040.000

120,600

6.428.000
25.321.000
5.235.000
885,000
33.400.000

4.331.000
3.124.000

11,059,000

Building Operations for Month of August 1924-1923
Permits Issued
New Construction Alterations
1924 1923 1924 1923
74
81
A kron...........
297
255
Canton.........
56
73
199
179
211
244
C incinnati...
289
365
C leveland*..
663 1,202 1,258
685
536
115
146
C olum bus.. .
349
130
118
D ayton ........
177
215
94
64
44
146
L exington.. .
48
39
44
24
Pittsburgh...
434
508
123
223
Springfield. .
75
85
21
21
424
T oledo..........
404
181
227
Wheeling___
83
63
36
42
Youngstown.
255
179
36
31

Valuation
New Construction
Alterations
Increase or Decrease
1924
1923
1924
1923 Amount Per Cent
435,245
179,715
478,959
31,335
192,094
41.2
51,230
186,969
666,880
325,785
205,356
40 0
1,129,550
232,030
946,595
339,245 — 290,170 — 19 g
637,360
6,429,800
5,048,145
1,427,265
591,750
9. 1
1,891,880
125,015
412,420 — 846,400 — 36 ^
1,332,885
112,418
717,103
120,902 -2 4 1 ,5 1 9 — 28.8
484,068
195,636
126,607
179,239
432,865
322,655 105.5
22,165
54,970
108,815
28,555
47,455
56.8
304,214
148,914
2,723,723
3,053,777
484,354
16.9
95,390
9,685
16,910 — 51,015 — 4 5 .4
51,600
134,193
1,005,647
338,811
1,354,163
143,898
10.7
152,803
26,685
51,493
271,404
93,793
4 5 .9
373,220
42,005
23,930
683,935
328,790
82.8

T otal........ 3,511 3,540 2,380 2,440
2,072,351
16,294,746 14,132,700
•Includes figures for East Cleveland, Lakewood, and Shaker Heights.

3,253,356

981,041

5 .6

Building Operations for Eight M onths Ended August 31, 1924-1923
Permits Issued
New Construction Alterations
1924 19231924 1923
Akron........... 1,904 2,057
956
510
Canton......... 1,558 1,540
582
566
Cincinnati... 2,665 3,104 1,859 2,014
Cleveland*.. 4,831 5,150 8,875 8,492
C olum bus... 3,032 3,861 1,163 1,039
D ayton........ 1,646 2,010
957 1,031
Erie.............. 1,024
894
445
446
L exin gton ...
339
358
251
282
Pittsburgh.. 3,829 3,926 1,882 1,062
Springfield..
638
700
208
211
T oledo.......... 3,439 2,891 1,485 1,678
Wheeling___
691
602
373
357
Youngstown. 1,756 1,292
257
265

Valuation
New Construction
Alterations
Increase or Decrease
1924
1924
1923
1923 Amount Per Cent
4,352,599
685,871
4.135.730
844,930
57,810
1 2
5,623,156
412,978
4.359.730
750,399
926,005
18 1
14,513,715 15,358,060
2,402,730
2,950,510 -1 ,3 9 2 ,1 2 5 — 7 6
48,437,980 47,212,334
7,684,672
8,517,687
392,631
0 7
10,500,050 15,556,675
1,411,250
1,631,725 -5 ,2 7 7 ,1 0 0 — 3 o !7
5,763,117
949,268
851,442
7,097,227
1,431,936 — 17.8
947,100
667,054
2,997,735
2,081,983
1,195,798
43.5
201,802
225,622 - 172,580 — 12.0
1,064,923
1,213,683
1,668,739
2,804,703
21,024,397 22,136,733
23,628
0.1
120,170 - 68,087 — 5.8
940,773
161,535
1,050,225
1,903,461
11,111,044
1,538,600
9,205,491
1,540,692 13.9
481,640
2,878,783
397,369
2,302,448
660,606 24.5
281,525
6,124,680
3,508,165
231,835
2,566,825
67.7

Total
27,352 28,385 19,293 17,953 135,332,952 135,218,484 19,816,158
‘ Includes figures for East Cleveland, Lakewood, and Shaker Heights.

20,908,459 —

799,833 — 6 .3

THE

MONTHLY

BUSINESS

REVIEW

Debits to Individual Accounts

A k ro n .....................
Butler, Pa..............
C an ton ...................
Cincinnati.............
Cleveland..............
Colum bus..............
Connellsville, Pa. .
D a y to n ..................
E rie .........................
Greensburg............
Hom estead............
Lexington, K y .. . .
L im a .......................
Lorain....................
M iddletow n..........
N ew Brighton. . . .
Oil C ity ..................
Pittsburgh.............
Springfield.............
Steubenville*........
T o le d o ....................
Warren, O .............
W heeling................
Youngstow n..........
Zanesville...............

(In thousands of dollars)
Week Ended Week Ended Increase or Decrease
A m o u n t Per Cent
Sept. 17, 1924 An*. 13, 1924
(324 Banks)
(324 Binks)
5 .0
$ 693
$ 13,850
$ 14,543
3 .9
105
2,721
2,826
12.5
1,161
9,324
10,485
10,495
16.4
64,049
74,544
17.6
24,533
139,141
163,674
5,890
21.0
28,106
33,996
—
67 -- 6.1
1,103
1,036
25.6
3,332
13,037
16,369
14.3
1,005
7,048
8,053
—
583 -- 1 0 .3
5,668
5.085
188
21.0
897
1.085
—
27 -- 0 .7
4,092
4,065
1,002
25.9
3,865
4,867
241
15.9
1,513
1,754
103
6.1
1,689
1,792
—
343 -- 1 2 .8
2,677
2,334
228
8 .2
2,790
3,018
—
626 -- 0 .3
185,698
185,072
512
12.5
4,603
4,091
380
16.9
2,628
2,248
4,760
11.7
40,727
45,487
1,087
41.9
3,682
2,595
208
2 .3
9,416
9,208
1,944
15.1
14,796
12,852
640
22.7
3,457
2,817

T o t a l.,
618,667
*Figures for 1923 not available.

561,806

56,861

10.1

Week Ended Increase or Decrease
Sept. 19, 1923
Amount Per Cent
(321 Banks)
— $ 883 - - 5 .7
$ 15,426
—
1 1 2 - - 3. 8
2,938
346
10,139
3 .4
— 4,966 -- 6 .2
79,510
— 3,893 -- 2 .3
167,567
— 7,036 -- 1 7 .1
41,032
1,291
—
255 -- 1 9 .8
16,532
—
163 -- 1.0
8,235
—
182 -- 2 .2
4,988
97
1.9
869
216
24.9
4,203
—
138 -- 3 .3
4,064
803
19.8
2,539
—
785 -- 3 0 .9
—
460 -- 2 0 .4
2,252
2,821
—
487 -- 1 7 .3
287
2,731
10.5
6.0
174,623
10,449
4,781
—
178 -- 3 .7
40,920
3,314
9,806
11,076
3,037
614,694

—

i i !2
4,567
368
11. 1
390 -- 4 .0
3,720
3 3 .6
420
13.8
1,345

0.2

Explanation of Charts on Following Page
a monthly basis.
A ll charts are m onthly.
9. Exports of Merchandise. Figures reported
A ll charts have a relative scale, i. e., the actual
by the Bureau of Foreign and Domestic Commerce,
5-year average in figures has been called 100.
U. S. Department of Commerce.
Sources of information are as fo llo w s:
10. Bituminous Coal Production. Figures from
1. Member Bank Credit. Figures for the last
w eek in the month from about 800 banks report the Geological Survey, Department of the Interior.
11. P ig Iron Production. From the IR O N
ing weekly to the Federal Reserve Board.
AG E.
2. Member Bank Deposits. Same as preceding.
12. Autom obile Production
(both
passenger
3. Volum e of Payments by Check. Debits to
individual accounts at 140 cities, reporting to the cars and trucks). National Autom obile Chamber
o f Commerce.
Federal Reserve Board (not including New Y ork ).
4. Commercial Failures. Number of commercial
Last figures for each ch a rt:
(1) a. Loans
August, 108
failures as reported by R. G. Dun & Company.
5. Retail Trade. The index number of the Fed
b. Investments
August, 125
eral Reserve Board with 1919 equaling 100, is re
(2) a. Demand Deposits
August, 115
computed with the m onthly average, 1919-1923, as
b. Tim e Deposits
August, 153
a base. The index covers sales of about 350 de
Check Payments
July, 107
(3)
partment stores in the country.
Commercial Failures
August, 118
(4)
6. W holesale
Trade. The
Federal
Reserve
Retail Trade
August, 83
(5)
Board's Index Number has been recomputed, as in
W holesale Trade
July, 87
(6)
the preceding chart. This index covers sales o f
Building Permits
August, 146
(7)
a large number o f wholesale lines.
Car Loadings
August, 118
(8)
^7. Building Permits. Reports from about 170
Exports
August, 69
(9)
cities as shown by Bradstreet's.
( ) Bituminous Coal Production, August, 87
8.
Car Loadings. Figures reported weekly by
August, 75
(H) P ig Iron Production
the American Railway Association converted into
( 12) A utom obile Production
August, 129

Indexes of National Business Conditions
The base (100) for all charts except the first is the m onthly average for the five years /9 /9 * /9 2 3
inclusive • For the first chart the base is the morithly average for the three years
1921-1923. For further explar at ions, see p rtctd irg page .
MEMBER
2*0

—

200
ISO

8Af*K CREDITPirn C€MT
150

LOAMtINVCSTHEMTS

ME!1BESI DANK DEPOSITS
( M* CCNT
P£* CfWT
260
250
DCHAN>
—

OF PATtlEMTS BY CHECK.
PI*VOLUME
tt*T
rtu dim
MO
)M

T in t

tot
i

ISO

110

l/*V> L _
T

<120

lt2 t

1*21

•Ml

o
l»24

o 1

t»l »

i*20

i»at

itia

l*i3

1*14

••IB

l» 20

t»»2

t®2l

W H O LE SA LE

_L.

* § 1 9 ____1 9 2 0 ____ I

3 21

>09

i»2J

O
19X4

TRADE

Z Z

13ZS

Full text of Economic Review (Federal Reserve Bank of Cleveland) : October 1924, Vol. 6, No. 10

FRASER