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The Monthly Business Review Covering financial, industrial, and agricultural conditions in the Fourth Federal Reserve District VOL. 6 CLEVELAND, OHIO, SEPTEMBER 1, 1924 FEDERAL RESERVE BANK of CLEVELAND D. C. Wills, Chairman of the Board (COMPILED AUGUST 22, 1924) NO. 9 2 THE M O N T H L Y B U S I N E S S R E V I E W Editorial URING the past month there has been a gradual improve ment in the important iron and steel trade, and numerous other industries have shown increased activity. A spirit of confidence has largely replaced the pessimism and apprehension that existed three months ago. Credit remains cheap and abundant, and the progress made with regard to the Dawes plan gives promise of a more stabilized Europe. D In analyzing this betterment of conditions, it must be remem bered that business in many lines usually begins to pick up at this time of year, so that some improvement would naturally be expected. Another factor, however, must be taken into consideration at this time, and that is the materially higher prices being received for farm products. The question then arises as to how much of the increase in orders noted in various lines is due to seasonal factors and how much to the anticipation of subsequent buying on the part of the farmer. There is a further question as to whether such buying, when it does come, will exceed or fall short of anticipations. It is as yet too early to answer these questions, but in comparing business conditions with a month or two ago, it may be repeated that there has been an improvement, and that business at the present time is on the upgrade. t h e m o n t h l y b u s i n e s s r e v i e w 3 Commercial Failures Increase; Cleveland Reserve Bank Reduces Rediscount Rate Earning assets of the Federal Reserve Bank of Cleveland increased from $65,915,000 on July 9 to $79,588,000 on August 13. Practically all the in crease was due to additions to the holdings of United States securities, which amounted to $56,026,000 on August 13. Bills discounted on the same date stood at $22,594,000, an increase of slightly less than $2,000,000. Total gold reserves stood at $319,800,000, a decrease of $6,116,000, while Federal Reserve notes in actual circulation declined from $217,086,000 to $206,883,000. Member bank de posits showed an increase of about $15,000,000, amounting to $175,397,000 on August 13. Loans of reporting member banks in the Fourth District on August 13 were $1,146,388,000, an in crease of $3,442,000 over July 9. Investments amounted to $622,000,000, an increase of $40,000,000. Demand deposits increased from $936,103,000 to $975,277,000 during the same period, while time deposits also increased from $676,759,000 to $695,795,000. The reserve ratio for the Federal Reserve Bank of Cleveland was 84.4 per cent on August 13, as compared with 87.1 per cent on July 9. For the System, the figure was 82.5 per cent on both dates. On August 15, the Federal Reserve Bank of Cleveland reduced its rediscount rate on all classes of paper from 4 per cent to 3l/2 per cent. On Au gust 8, the New York bank’s rate was reduced from Syi to 3 per cent. On August 25 the San Francisco bank's rate was reduced from 4 to 3J4 per cent. The rates of the other banks remain un changed. Savings deposits of 66 banks in the Fourth Dis trict on July 31 amounted to $791,722,000, as com pared with $772,633,000 on June 30, and $711,231,000 on July 31, 1923. Commercial failures increased during July both in number and liabilities, according to Dun's review. There were 1615 failures in the United States with liabilities of $36,813,238, an increase of 8 in num ber and of about $2,700,000 in liabilities. Failures in the Fourth District during July numbered 155 with liabilities of $5,947,876, an increase of 6 in number and $2,262,000 in liabilities. As compared with July of last year, failures in the United States showed an increase of 384 in number and $1,092,058 in liabilities, and in the Fourth District the increase in number was 64 and in liabilities, $183,895. Improvement Noted in Iron and Steel Trade Further progress has been made in the come back of the iron and steel industry after its three months or more of falling business, but the rate of expansion still is modest and indications are that complete recovery is not to be a rapid one. En largement of buying, which came in July and has been continuing in August, has had to do largely with the replenishment by consumers of stocks which had fallen to so low a point as to demand some immediate attention. The automobile indus try is one of the cases in point. Orders for steel from this direction are better, due to various re leases against suspended contracts, but it is ap parent that the revival of motor manufacturing is coming slowly. A greater tonnage also has been provided through some reinvigoration of new en terprises such as building work, railroad better ments, etc. Various steel companies estimate the gain in new tonnage in July over June, April or May, from 10 to 70 per cent, depending upon the individual product. The relatively large increase in some lines is attributable more to the extremely low stage to which buying previously had fallen, than to the new tonnage itself. Steel works operations are beginning to reflect the enlargement of in c o m in g orders. The Steel Corporation at present has raised its production to 55 per cent of ingot capacity after having been down to 40 to 42 per cent two or three weeks pre viously. Independent companies also are getting into a better stride, notably in the Pittsburgh, Youngstown and Eastern districts. At Chicago, however, the situation shows little change, although prospects have materially improved with respect to agricultural implement requirements, railroad buying, building work, and in general, manufactur ing demands. One western road has placed orders for 3000 cars, which is the largest single order since April. Ordering of rails for last half delivery amounting to probably 100,000 tons has appeared. Agricultural implement manufacturers, because of the improving conditions as to the farming com munities, are preparing to enlarge their produc tion schedules for the fall and winter term. Pig iron production in July as compiled by IRON T R A D E R E V IE W showed a further tapering off of 14.6 per cent, but this is a comparatively better showing than in June and May when the reduc tions were 20 and 21 per cent respectively. Fur thermore, more new furnaces were put back in blast in July than in any other preceding month. Whether August production will turn upward, however, still is a question, and it is generally be lieved that the turn probably will come in Sep tember. Pig iron production in July had fallen to the rate of 21,000,000 tons annually, compared THE 4 MONTHLY BUSINESS with 40,800,000 tons in March, the high point of the present year. This represents a loss of 48.5 per cent. Total output in July was 1,783,778 tons compared with 2,022,836 tons in June. Active fur naces at the end of July were 146, a loss of 12 from June. Steel prices still are shifting with the general tendency downward and this may explain the re luctance of many consumers to obligate themselves for future requirements. Most sales of steel for manufacturing purposes at least are to cover im mediate and pressing needs and are not large indi vidually, although they are increasing. IRON TR A D E R E V IE W 'S composite of 14 leading iron and steel products as of August 6 stood at $39.29. One month previously it was $39.91. The pig iron market apparently has been sta bilized as a result of heavy buying in June which REVIEW was well maintained in July, prices, however, are at so low a point that they are discouraging continued operation by many furnaces, and more merchant stacks still are being blown out. This action, furthermore, is influenced by the tremen dous stocks of unsold iron in the hands of the furnaces, the largest in years. Shipments have been increasing and in some districts n ow are in excess of production. Exports of iron and steel products from the United States for the fiscal year ending June 30 amounted to 2,020,005 gross tons, a gain of 10 per cent over 1923 and 5.5 per cent over 1922, but a loss of 8 per cent from 1921 and of about 25 per cent from the pre-war year of 1913. A large part of the increase over 1923 is accounted for by Japanese requirements, but it is also o f interest to note that exports to Europe increased materially Automobile Production Increases After a decline which lasted three months, and which was precipitate during May and June, automo bile production for the United States in July showed an increase of nearly 10 per cent over June. As is shown by the table given below, furnished by the Fed eral Reserve Bank of Chicago, the increase was all in passenger cars, truck production being 8 per cent below the previous month. Total production is still running below last year and is far below the 1924 high point, which was reached in March, but indications are that stocks of passenger cars in the hands of many dealers have finally reached the point where the restricted buy ing of recent months will have to give way to a more liberal buying policy. Officials of the Chevrolet Motor Company recently stated that stocks in dealers’ hands were normal, and that July sales were almost twice as great as July production. Truck manufacturers in the Fourth District report that their business showed no change for the better in July, and although a gradual improvement is anticipated, it has not as yet become apparent. In connection with the future of the automobile in dustry, a survey taken by the National Chamber of Commerce some months ago shows that, contrary to the opinion quite prevalent, the farming communities of the country are undersupplied, there being only 70 cars per thousand persons in rural districts as ^compared with 127 cars per thousand in towns of 1,000 or more The significance of this condition becomes apparent in the probability of increased buying power on the part of the farmers during the fall and winter months During the post-war years, the prosperous industrial centers have bought cars more heavily than the rural sections which have not been so well off, but a return to prosperity in the agricultural communities should tend to increase the percentage of ownership among the farmers. Automobile Production 1923-1924 Figures R ep resen t Practically C om plete P roduction and Are Based Upon R ep orts R eceiv ed by th e Federal R eserve Bank o f Chicago in C ooperation with th e N a tion a l A u tom ob ile Cham ber o f C om m erce from Id en tica l Firm s Each M on th 1923 1924 Passenger Total Passenger Trucks Month Trucks Total Cars Cars 242,566 287,211 18,913 223,653 28,247 January. .. 315,458 280,794 336,284 21,411 259,383 30,399 February.. 366,683 353,590 348,287 34,063 33,061 319,527 March. . . . 381,348 336,968 36,786 380,579 343,793 34,977 April........ 371,945 279,385 392,446 42,373 350,073 32,326 M ay....... . 311,711 217,845 376,993 39,945 337,048 27,040 June........ 244,885 237,431 29,712 326,885 297,173 24,895 Ju ly.......... 262,326 29,882 343,854 313,972 August. . . 27,841 326,441 298,600 September. 363,882 29,638 334,244 October.. . 312,132 27,374 284,758 November. 302,562 27,275 275,287 December. Total 3,637,511 365,213 4,002,724 t h e m o n t h l y b u s i n e s s r e v i e w 5 Rubber Industry More Active The rubber and tire industry is beginning to emerge from the dullness of past months. Tire manufacturers in the Fourth District report a noticeable increase in orders during July, which has been followed by in creased production schedules. The gain in the volume of business is stated to be greater than might be ex pected at this season, arid this is no doubt due princi pally to three factors: First, the continued decline in stocks in the hands of dealers; second the recent in crease in the price of crude rubber, which, although not as yet reflected in increased tire prices, has never theless caused some buyers to come into the market rather than to follow their previous policy of awaiting possible price declines; and third, the general im provement in business. Crude rubber prices 0 11 August 19 stood at about 28 cents a pound, an advance of almost 9 cents since the beginning of July. A report of the Rubber Association of Amcrica, cov ering 51 companies in the United States, shows that shipments of inner tubes and of casings during June ex ceeded production for the first time since January, However, for the past several years, production has exceeded shipments during the spring months and has fallen behind during the summer months, so that the excess of shipments during June may be attributed to seasonal factors. June production of inner tubes continued the decline which began in April, and amounted to slightly over 3 million tubes, while June shipments attained a total of 3,700,000 tubes, the high point for the year. Production for the first six months of 1924 amounted to 23 J /2 millions, as compared with shipments of 213^ millions. The production figure was about 4 per cent less than in 1923, while shipments were slightly ahead of last year; but both figures were well ahead of 1921 and 1922. Oil and Gasoline Prices Cut The brakes which have been applied so far to check the upward course of domestic oil production, in the form of proration of runs and price declines, have not proved sufficient and the past month has seen a consistent increase in domestic production which has carried the total to well over 2,050,000 barrels a day. Since the middle of March, crude output has gone steadily upward in this country from around 1,900,000 barrels. The degree to which settled production in practically all fields has held up has upset the cal culations of the industry made at the start of the year. The opening up of deeper sands in certain portions of the California fields gives promise of stimulated Gutput there. The Tonkawa and Burbank fields in Oklahoma have been responsible for production in the Oklahoma territory generally reaching 518,390 bar rels a day within the past two weeks, its highest mark of the year, and not much under the peak of 532,330 barrels for 1923. Practically all fields with the exception of California have met price declines in the past month. Pennsylvania grade crude stands at $3 and $3.25, the price estab lished by reductions on July 7 of 50 and 25 cents, ac cording to the grade. Lima, Ohio, grade is $1.83, the result of a 10 cent reduction on July 17 and 25 cents on July 29. Indiana grade is $1.63, Wooster $1.65, Illinois $1.62, Petrolie, Canada, $2.23, and Somerset light, Kentucky, $1.85, through reductions of the same amounts on the same dates. The price for Mid-Continent crudes of various gravities has been variously adjusted over the past month, and certain grades have been eliminated in the effort to bring quotations of the Prairie Oil & Gas Company and the Sinclair interests, principal pur chasers, into line with existing conditions. Their price for the highest gravity crude is $1.50. One other large purchaser has a price of $1.25 for this grade. The Prairie’s price reductions were made on July 17 and July 28, varying in amounts from 10 to 50 cents a barrel. The largest reductions have been made in the higher gravity crudes, with the greatest gasoline con tent, and it is quite likely that the principal purchasing agencies have realized the necessity of having crude prices follow more closely the relations of supply and demand for the principal petroleum commodity, now gasoline. Low gravity crudes, with minimum gasoline, content from old settled fields have been faced with only moderate reductions. During July, gasoline stocks over the country were reduced by perhaps as much as 125,000,000 gallons, National Petroleum News believes, as compared with a reduction of 51,000,000 in June. In spite of heavy consumption, stocks of this product remain very high, and this fact is largely responsible for holding the refinery price of gasoline down. Reductions have taken place in the retail price of gasoline pretty well over the country, in line with the readjustment in the crude market. These reductions have reached the point at some places that the margin for the marketing company has been reduced to less than it can operate on at a profit. In the Fourth Dis trict, there has been further sagging of gasoline prices during the month. On July 31, the Midvale Oil Com pany sold gasoline at 18 cents a gallon in Cleveland, coinciding with a reduction from 19 to 18 cents by the Standard Oil Company of Indiana. The 18 cent price is now general in Cleveland and other parts of the Dis trict. 6 m _______ T H E MONTHLY BUSINESS R E V I E W _______ Coal Industry Quiet; Outlook Slightly Improved No change of importance has taken place in the bituminous coal industry during the last month, but reports indicate that the outlook is slightly better than it was a month ago. There has been some increase in production, and mines in some sections of the country are operating at a greater per cent of capacity. In addition, the usual sea sonal increase in demand is anticipated, although the hot weather during August has so far held back buying by householders in many localities. The level of bituminous coal production through out July was higher than at any time since the latter part of March, which marked the end of the abrupt decline in production. The daily av erage production for the five weeks ending August 9 was 1,250,000 net tons, as compared with about 1,200,000 net tons for the preceding five weeks, according to figures furnished by the Geological Survey. During the week of August 9, produc tion reached the highest point since March. In the western sections of the country, mines generally were operating on August 2 at from 4 to 15 per cent greater capacity than during the latter part of June. Average mine operations ranged from 60 per cent of capacity in New Mex ico to 22 per cent in Arkansas. In the Fourth District, however, no such general increase was noticeable. The Pittsburgh rail mines increased from 12 per cent to 29 per cent of capacity in the period under review, and the mines in Southern Ohio and Central Pennsylvania operated at slightly greater capacity; on the other hand, mines in the Panhandle District of West Virginia showed a decline from 69 per cent to 53 per cent, and sub stantial declines were also shown by the W est moreland and Cumberland mines and the com bi nation rail and river mines in the Pittsburgh dis trict. A report issued by the National Association of Purchasing Agents, covering coal consumed for industrial purposes, shows that industrial stocks on h^nd of both bituminous and anthracite coal stood at about 46 million tons at the beginning of 1923, rose to 78 million in August of that year, declined slightly to 72 million at the end o f March, 1924, and then fell rapidly to 54 million at the end of June. The second quarter of the year was therefore devoted by dealers to working off sur plus stocks, and indications are that some dealers are reaching the point of replenishment. The anthracite industry has been quiet. Shut downs in Pennsylvania mines have occurred since the last Review, due to the sluggishness of the market, and this has resulted in a decline in pro duction since the first part of July. A ccording to the Geological Survey, production o f anthracite in the United States during the week ending August 29 amounted to 1,683,000 net tons, as com pared with 1,720,000 net tons for the previous week, 1 871,000 for the week ending July 12, and 1,735,000 for the week ending August 7, 1923. The Ore and Coal Exchange states that during July, 1924, a total of 3,621,665 net tons were loaded into vessels at Great Lake ports, as compared with 4,910,479 net tons in July, 1923. For the first seven months of 1924, the figure was 10,113 512 net tons, as compared with 15,009,872 net tons*for the corresponding period in 1923. Grain Car Loadings Increasing An increase in car loadings was manifested during the latter part of July, which is usual at this time. According to the report of the Ameri can Railway Association, more cars were loaded during the week ending August 2 than for any week since February, although considerably under the same week last year. The general level through out July was higher than in June, and showed an upward trend during the month. Total cars loaded during 1924 up to August 2 numbered approxi mately 27,600,<X)0, which was about 1,000,000 cars less than in 1923, but was ahead of the three pre ceding years. Some interesting facts come to light in a com parison of the loadings of various kinds of freight during the last few weeks. The total increase in the number of cars loaded during the week ending August 2, as compared with the week ending June 28, amounted to 37,000 cars. Grain loadings in creased 18,000 cars and miscellaneous merchandise increased 26,000 cars, while other classes of load ings showed declines with the exception of coal which increased very slightly. These figures show that farm products have already begun to move to market in good volume. During the same period ore loadings declined by 5,000 cars, reaching their lowest point for several months and being only about half the total attained early in May. Tobacco Crop in Kentucky Less Than Last Year A recent Government crop report estimates the 1924 Kentucky tobacco crop at 396 million pounds, as compared with 494 million last year. Inasmuch as the crop is reported to be doing well, the decline THE MONTHLY BUSINESS in the total yield may be attributed largely to de creased acreage, which is particularly noticeable in Central Kentucky. Many members of the Burley Tobacco Growers’ Co-operative Association report reductions in acreage from 5 to 25 per cent, and there have been instances of even greater reduc tions. It is estimated that the Association held on August 1 about 250 million pounds of unsold stock, for which there was but little demand at that time. In last m o n th ’ s R e v ie w , it w a s n o te d th at a c o m REVIEW 7 mission of the Burley Tobacco Growers’ Co-oper ative Association had recently gone abroad for the purpose of establishing foreign oulets for to bacco. This visit has already resulted in an or der for Burley tobacco placed by the Italian g ov ernment monopoly, the first order to be received from that source. It is the hope of the Burley Association that a considerable export trade with Europe will be built up, as reports indicate that there is an increasing demand in Europe for Ameri can cigarettes, the chief constituent of which is Burley tobacco. Agricultural Conditions Forecasts issued by the United States Department o f Agriculture indicate that in the country as a whole the leading crops show substantial improvement over the prospects of a month ago. The decrease in certain sections appears to be largely balanced by an in creased yield in others, and it is very generally con ceded that there is no occasion to fear a general shortage. The corn crop,— and to a lesser degree, the potato crop,— is an exception of this rule, the corn crop suffering in every section of the country, while indications are that the potato crop will fall short of the average in all but a few sections. The latest estimates at hand from the Department of Agriculture indicate a decrease of approximately 15 per cent in the corn yield, and about 3.3 per cent in potatoes. The outlook in the Fourth District is somewhat less encouraging than throughout the country at large. Both corn and wheat show a serious shortage, and fruits appear to be below the average. On the other hand, hay and oats show an increase, and the potato crop is reported to be about up to the average, if not slightly ahead of it. OHIO CORN— The prospects for corn declined during the past month, and the latest available estimate from the Ohio Department of Agriculture is that the crop will not be more than 60 per cent of that of last year. The dry, hot weather during the early part of Au gust brought about a premature tasselling that will seriously reduce the yield. By far the better fields are to be found in Southwestern Ohio, while throughout the northern part of the State there are practically no good prospects. W HEA T— In the northern section of the State, there was a somewhat better yield than had been pre dicted earlier in the year. The average yield through out the States is estimated at 16.8 bushels per acre, as against a yield of 17.1 last year. The total crop is now estimated at 37,000,000 bushels, as compared with 43,000,000 bushels in 1923. H A Y —The yield of hay is estimated at 25 per cent more than last year’s crop, and as weather con ditions were favorable at the time of harvesting, the quality is reported as above the average. FRUITS—The present conditions indicate somewhat less than half a crop of apples, while pear and grape prospects have also declined during the past month. Earlier forecasts of an abundant crop of blackberries have been fully verified. PEN N SYLVAN IA CORN— No change is reported in the conditions of the corn crop, the estimates still being 73 per cent of a normal yield. Present conditions indicate a yield of 35.8 bushels per acre, or a total production of 52,948,000 bushels as compared with 61,640,000 bushels in 1923, and a ten-year average of 64.928,000 bushels. W H E A T — Preliminary estimates of the winter wheat yield per acre place the figure at 16.5 bushels, with a total production of 19,850,000 bushels as against 24,168.000 last year, and a ten-year average of 24,356,000 bushels. The quality is also judged to be 3 per cent less than last year, and 4 per cent below the tenyear average. Spring wheat shows a decrease in total production of 25 per cent from the average, conditions presaging a yield of some 164,000 bushels as against an av erage crop of 220,000 bushels. OATS— Steady improvement has been noted in this crop, and present indications point to an acreage yield of 33.6 bushels. Latest official forecasts of the State Department of Agriculture are for a total production of 34,205,000 as against 33,930,000 in 1923. POTATOES—While forecasts of production indicate a slight falling off from last year, it is believed that the crop will exceed the ten-year average. The estimated total production for this year is 24,595,000 bushels as compared with a ten-year average total of 24,573,000 bushels. Sweet potatoes are reported as below normal, indica tions pointing to a total production of 249,000 bushels as against an average total of 266,000 bushels. H A Y — The conditions of all hay crops is decidedly better than for many years, and the total production is estimated at 4,344,000 tons as compared with 3,066.000 tons last year. The acreage of grain cut green 8 THE MONTHLY for hay shows an increase of 5 per cent over last year. FRUITS— The outlook for the fruit crop is rather discouraging; apples, peaches, and pears all show a very marked decrease from last year. The grape crop is estimated as somewhat in excess of last year, the latest estimates placing total production at about 19,700 tons as against 17,000 tons in 1923. KENTUCKY CORN—Total production in the State is now esti mated at 78,336,000 bushels, a decrease of almost 11 per cent from last year. This is a slightly better showing than is made by the country at large as the decrease in the United States is estimated at about 15.4 per cent. W H E A T — The wheat crop in this State is but little more than half last year’s total, the estimated production this year being 4,340,000 bushels as against a total yield of 7,688,000 bushels in 1923. However, this is much better than was predicted earlier in the season, due to a favorable turn in the weather during the month or so immediately preceding the maturing of the grain. OTHER CROPS— The showing of other crops throughout the State appears to keep pace generally with the country at large, oats, hay and potatoes making BUSINESS REVIEW a much better showing than last year. One of the bright spots in the situation in this State is the splendid fruit crop. While in certain sections there is less than an average crop, the State as a whole will show a total yield of more than twice that of 1923 in both peaches and apples. OUTLOOK FOR CANNERIES Indications point to a shortage in practically all crops entering into the canning industry in the Fourth District. Unfavorable weather has been the principal factor contributing to this situation, continued early rains interfering with proper cultivation, and a subse quent dry, hot spell materially decreasing the produc tion. Canners report an increasing number o f inquiries as to canned goods of all descriptions, and the demand has improved. Peas are reported as having failed to come in in the customary volume and the grade in some instances has fallen short of the usual standard. Corn, which should at this writing be in the height of the season, is reported as scarcely more than half the average crop, and an actual shortage is anticipated as many packers are not planning to handle corn this season, and supplies with the wholesale grocery trade are practically exhausted. Agricultural Implement Industry Shows Little Change There has been but little change in the farm implement industry in the Fourth District during July. Production remains the same, and but few price changes are reported. There has been littie, if any, increase in sales over recent months. Some manufacturers, however, report an increase in orders for spring delivery, As noted in last month’s Review, many farmers are using old and worn-out machinery, and this fact, coupled with the higher prices being received by farmers for their products, is expected to provide the impetus for increased buying in the Spring Livestock Movement During July Livestock shipments in the Fourth Federal Reserve District were less during July than in July of last year, but were greater than in June, with the exception of hogs. The following table shows the combined movement for the principal centers of the District: July, 1924 July, 1923 June, 1924 Cars UnCattle Hogs Sheep Calves loaded 76,369 417,941 206,263 70,363 8,176 78,110 423,274 228,108 73,606 8^238 62,544 457,130 165,676 63,106 7^269 Boot and Shoe Outlook Is Better There has recently been a more optimistic feel ing manifested by the boot and shoe industry as a whole than for some time past. Some increases in orders are reported. In the Fourth District, there has been a turn for the better. Several man ufacturers report a noticeable increase in orders within the last 60 days, although customers still seem inclined to buy mostly for immediate needs. Preliminary production figures for the Fourth Dis trict for July indicate a 10 per cent increase over June, and there appears to be a much more opti mistic spirit among shoe dealers than was in evi dence a month ago. In addition to the usual sea sonal factors, the improved condition in the agricul tural communities is expected to play a part in the recovery of the shoe industry. Final production figures for June, compiled by the Census Bureau, show a further sagging, both in the United States and in the Fourth District. In fact, June production for the country as a whole was the lowest at any time during 1923 and 1924 and in this District only April of this year showed* a lower figure. As stated above, preliminary fig ures for this District indicated an improvement THE MONTHLY BUSINESS in July; for the United States, however, a slight decrease is indicated. Actual production for the country during June amounted to 22,403,547 pairs, as compared with 25,240,153 pairs in May and a REVIEW 9 1923 monthly average of about 28,500,000 pairs, In the Fourth District, June production decreased over 5 per cent from May and was about 24 per cent under the 1923 monthly average. Textile Trade Shows Gradual Improvement; Manufacturers and Jobbers Optimistic There have been but slight changes in the tex tile market during the past month, but there ap pears to prevail a m on g both manufacturers and job bers an increasing optimism in regard to the fu ture. A gradual improvement in the demand for cotton goods is apparent, due in a measure to the downward trend in prices of raw cotton. On the part of manufacturers, there has been a consider able tendency toward curtailment of production, with the staple at such a level as to eliminate profits, and many factories have declined to ac cept orders at the current prices. Garment and clothing manufacturers are be ing forced to replenish their stocks to some extent as they have carefully guarded against overstock ing, and have at the same time been cautious about accumulating stocks of made-up goods. Orders were small but numerous, indicating a desire to guard against any sudden fluctuation. Trade in broad silks showed a gradual improve ment, while woolen and worsted dress goods con tinued in fair demand. No Improvement in Smaller Industries A survey of some of the smaller industries in the Fourth District shows that for the most part there has been practically no improvement as yet, although better business in nearly all lines is looked for in the Fall. Reports indicate that rather more than the usual seasonal increase is antici pated. In a few lines, such as the manufacture of lead, increased orders have already been expe rienced. Prices in most lines remain about the same, although a slight downward tendency is reported by electric supply manufacturers and by stove manufacturers. Stocks of buyers are re ported to be low in the boxboard industry, and there has been some resumption of buying. A plate glass manufacturer states that business was unusually good during the first five months of the year and that since then a perfectly natural falling off has taken place. The twist drill in dustry is expected to benefit by the betterment in iron and steel. Conditions in various other indus tries appear to be unchanged. Lumber Industry More Active The summer dullness in the lumber industry has recently begun to give way to renewed activity. There was a substantial increase in production, orders, and shipments during the four weeks end ing August 9, the greatest increase being shown by orders, according to returns from 375 mills which report weekly to the National Lumber Man ufacturers’ Association. Orders for the period were 10 per cent in excess of production, while shipments were slightly ahead of production. The dullness of the past three months in the softwood indus try, which was due largely to the hand-to-mouth buying policy of the retailers, resulted in a steady decline in prices until the middle of July, when in creased buying became evident, attracted by the lower prices. Orders have since been increasing, and prices have stiffened. Lumber manufacturers in the Fourth District re port that the volume of business is now good, al though not exceptional. A seasonal increase is expected during the fall, but opinion is divided as to whether this will be any more than seasonal. In some quarters it is felt that the generally improved busi ness situation will be reflected in the lumber trade, while others feel that the downward trend in the building industry is likely to prevent any unusual increase in the volume of business, at least in soft wood lumber. Lumber production of the 375 mills above noted amounted to 928 million feet for the four weeks ending August 9, an increase of 9 per cent over the preceding four weeks. During the same pe riod, shipments amounted to 931 million feet, an increase of 15 per cent, and orders totaled 1019 million feet, an increase of 24 per cent. The most noticeable increases were shown in the lumber re gions of the West. Building Operations Slower There has been a further slackening in building operations during Tuly, both in the Fourth District and in the United States. This decline has continued since March, which registered the high point for all time. Construction costs fell off slightly during the month. There were some declines in building materials, while wages generally held firm. THE 10 MONTHLY BUSINESS The value of building permits in July of 324 cities, reported by S. W. Straus & Company, showed a gain of 2 per cent over July of last year, but a loss of over 9 per cent from June, 1924. The increase over last year occurred in the smaller cities, since the 25 largest cities showed practically no gain. In the Fourth District, 13 cities showed decreases of 12 per cent from a year ago and of 4 per cent from June of this year. The largest de creases from June were shown by Pittsburgh and Toledo, while Cincinnati and Canton showed sub stantial increases. For the first seven months oi the year, building permits in the United States were about 6 per cent greater than for the cor responding period in 1923, but in the Fourth Dis trict they were 1.4 per cent less than for 1923. The largest percentage gains in the Fourth Dis trict were shown by Youngstown, with 66 per cent, and Erie, with 36 per cent, while the larg est declines were registered by Columbus, with 30 per cent, and Dayton, with 18 per cent. Pitts REVIEW burgh and Cincinnati both showed small declines, while Cleveland was practically the same as last year. The Aberthaw index number of factory building costs, (1914-100), stood at 196 on August 1, a drop of two points during July. The high point of the last ten years was reached in July, 1920, when the index number was 265, from which there was a sharp decline to about 150 at the beginning of 1921. An advance then set in which lasted until June, 1923, when the index stood at 207. Since that time, there has been a downward trend. The recent decrease in costs is a result o f a decline in the cost of materials, as wages have shown little change. In Pittsburgh, for example, a com pari son of the price of 23 building materials shows that between April 1 and July 1 of this year, there were eight declines as against one increase, fourteen re maining stationary. In Cleveland, there w ere six declines and four increases, the declines being more marked. Conditions Spotted in Building Brick Industry; Paving Brick Showing Activity In the face of the steady decline in the value of building permits issued during the last four months, the building brick industry as a whole held up well during July, although conditions were spotted. Re ports indicate that demand throughout the East is good, with the exception of the Atlantic sea board, and that production has not been curtailed. In the agricultural West, the condition of the industry is quiet, but an increase in business is anticipated owing to the improvement in the ag ricultural situation. There has been a bad slump in the New York City market, due, for the most part, to the lengthy strike of the structural steel workers, and this has resulted in a great number of bricks lying unsold at the wharves. The New York wholesale price has declined from $20 per thousand to around $14 per thousand. July prices, except in New York, have remained practically unchanged, the range in the South and West be ing from $8.25 to $17 per thousand, and in the Middle West and East from $10 to $20 per thou sand. On July 1, orders on the books of 101 firms reporting to the Common Brick Manufacturers’ Association of America amounted to 366,098,000 bricks. This figure is 7 per cent under both that of June 1 and of July 1 a year ago, but compares favorably with the first five months of this year Bricks moved from yards during the month o f June amounted to 158,753,000, a slight decrease from May. Seven plants were closed down on July 1 as compared with 6 on June 1, 45 on February 1, and 6 on July 1 of last year. The outlook for the paving brick industry is good. Conditions are favorable for increased ac tivity, due partly to the fact that the bad weather during the Spring and early Summer in many parts of the country has naturally held up high way construction. Aside from seasonal factors however, the industry has shown a good growth* Shipments have doubled in the last five years de spite keen competition from other paving materials A recent report of the National Paving Brick Man ufacturers’ Association, covering the entire indus try, shows that shipments of No. 1 brick have in creased steadily since February and have caught up with production, which exceeded shipments from October of last year to June of this year. Unfilled orders during July declined 6 per cent from June but were at the fourth highest point of the last seventeen months. Stocks on hand also declined slightly from June. Department Store Sales Less Than Last Year Sales of 58 department stores in the Fourth Fed eral Reserve District during July were 2.4 per cent less than those of July, 1923. July sales also showed the usual seasonal decline from June. In the face of the decrease in sales from June, stocks on hand at the end of July were 5.4 per cent less than at the end of June, and inasmuch as June stocks showed a decline of 7.2 per cent from those at the end of May, it is apparent that buying has recently been light. A reflection of this may be found in the sales of wholesale dry goods firms in this District, which were 13 per cent less in THE MONTHLY July than in June. July sales of 53 department stores in this District were exceeded twice in the last six years, in 1920 and 1923. Taking the five-year monthly av- BUSINESS 11 REVIEW erage sales for 1919-1923 as a base, the relative or index numbers for July for each year are as follows: 1919, 70; 1920, 91; 1921, 70; 1922, 73; 1923, 82; 1924, 81. Department Store Sales (1) _ (2) Percentage o f Increase or Decrease C o m p a riso n o f net sales w ith those o f co rre sp o n d in g p e riod last year No. of Reports 4 3 7 6 5 5 3 7 5 5 3 5* 58 A July Akron............... 6.4 Canton............. — 6.4 Cincinnati........ 4.2 Cleveland........ —4.8 Columbus........ 0.5 Dayton............ — 6.8 New Castle. . . . — 4.4 Pittsburgh....... — 2.0 Toledo.............. — 9.8 Wheeling.......... 0.8 Youngstown . . . — 2.1 Other Cities. . . — 1.0 District............ — 2.4 U.S. Average. . 1.4 ^Includes reports from Erie, **Includes reports from Erie, (3) (4) Percentage Stocks at end o f month comp ared w ith A B B July June July 1 1923 to July 31 1924 4.9 6.4 — 3.6 6.6 — 2.6 — 6.4 — 9.2 4.2 — 4.5 4.4 —4.8 — 2.3 — 11.1 0.5 — 13.4 9.5 — 6.8 — 9.4 — 4.4 8.6 — 8.2 — 2.0 5.5 — 7.0 — 9.8 6.7 3 .4 0.8 — 8.5 — 13.4 — 2.1 — 5.9 — 7.5 4 .0 — 1.0 — 8.9 2.6 — 2.4 — 5.4 1.7 1.4 — 3.9 Portsmouth and Springfield. Portsmouth, Akron, Springfield, and Dayton. o f Percentage of stocks on July o u t s t a n d i n g orders at end o f 31, 1924, to net July, 1924, to sales during July total purchases during calendar year 1923 443.7 939.6 477.2 460.4 343.6 470.7 678.1 481.2 606.8 429.3 365.9 615.4 475.1 480.7 1L 6 7.5 6 .6 9.6 5.3 4.3 6.5 8.5** 8.1 7.7 Index Numbers of Sales of 53 Department Stores Fourth Federal Reserve District (Average Monthly Sales for the Five-Year Period 1919-1923 Inclusive— 100) N ote: 1923 F eb.. . Mar. . A p r... May. . June. . July. . Aug. Sept.. O c t.. . N ov . . D e c... 1924 Jan. Feb.. . Mar. . A p r.. . May. . June. . July. . T h is table is s u b je c t to slig h t r e v is io n , as a few a d d itio n a l firm s m a y be in clu d ed . Pitts burgh 88 116 110 124 121 80 94 99 130 120 168 Cincin Cleve- Toledo Colum Dayton Youngs- Akron Canton* New Wheel- Other Dis nati town land bus Castle ing Cities** trict 83 95 77 84 77 80 80 79 76 83 67 74 120 115 108 116 114 127 134 133 104 117 127 104 108 108 104 119 106 109 112 107 117 111 111 98 118 112 122 110 117 118 129 118 114 129 113 119 114 115 118 115 115 119 128 116 123 126 112 119 76 79 81 89 81 92 95 92 90 89 79 82 96 90 84 113 104 105 96 97 92 91 80 96 90 94 96 88 110 101 81 106 112 105 87 101 136 126 113 125 128 127 113 149 141 154 128 129 120 120 102 122 120 121 113 134 127 131 105 121 194 156 183 164 187 187 206 199 212 194 219 175 98 90 91 94 102 101 103 90 98 87 94 92 100 105 100 103 114 124 122 124 114 135 117 131 118 116 109 100 121 118 115 117 100 100 109 99 79 95 87 80 78 83 *Based on 3-year average (1921-1922-1923). **Includes Springfield, Portsmouth, and Erie. 84 120 118 124 117 111 79 78 88 95 112 106 93 84 88 97 115 128 124 107 83 91 81 93 127 109 98 86 102 87 107 128 118 115 89 74 77 91 112 109 104 78 94 96 104 124 114 108 81 THE 12 MONTHLY BUSINESS REVIEW Wholesale Sales Show Increases in Some Lines Sales of wholesale groceries, hardware, and drugs in the Fourth District during July increased over June, but were smaller than July a year ago, with the exception of drugs. Dry goods showed a de crease both from last month and from last year, and all reporting lines show decreases for 1924 to July 31, as compared with the corresponding- period in 1923. A slightly more liberal buying policy is noted by a number of dry goods firms, but in other w h ole sales lines buying is still cautious and fo r im mediate needs. Wholesale Trade Sales N um ber o f F irm s R e p o rtin g P ercen tag e ch a n g e in net sales during J u ly , 1924, com p a red w ith Ju ne, 1924. P ercen ta g e chan ge in net sales during J u ly , 1924, com p a red w ith J u ly , 1923. Groceries3 Cincinnati........................ — 0.9 3 Cleveland.......................... 5.2 3 Columbus.......................... 14.2 4 Erie.................................... 1.9 Lexington.......................... 3 3.8 7 Pittsburgh......................... 12.9 3 Portsmouth....................... — 6.4 3 Toledo................................ — 0.2 n .> Youngstown...................... ....... — 1.1 16 Other Cities*.................... 5.3 48 D IS T R IC T ....................... 4.8 14 Dry Goods— District............... — 13.1 14 Drugs— District....................... 4.4 17 Hardware— District................. 0.9 *Includes Akron, Canton, Dayton, Dover, Ironton, Lima, Mansfield, Wheeling, and Xenia. Percentage change in net sales from Jan. 1 to July 31, 1924, compared w ith same period last year. — 7.9 2.1 4.7 2 .2 4.1 — 4.3 3.0 8.6 — 7.8 — 5.6 — 1.6 — 4.1 — 9.2 — 3 .0 — 4.6 — 3.4 — 8.0 — 2.4 — 6.4 — 4.9 — 2.2 — 1.8 — 24.7 — 15.4 0.8 — 2.3 — 19.3 — 7.3 Massillon, >pringfield, Steubenville, Summary of Business and Credit Conditions in the United States By The Federal Reserve Board PRODUCTION IN BASIC INDUSTRIES PCR T. WCfMT.--------- czn 150 1 Production in basic industries, after a considerable decline in recent months, was maintained in July at the same level as in June. Factory employment continued to decline. Wholesale prices increased for the first time since early in the year re flecting chiefly the advance in the prices of farm products. P R O D U C T IO N MO V v t x \ / \ / r 50 JQ ; I o 1 *1 9 hmmm In U eX Oi 192a 0 1921 4. 4. 1923 J9Z2 iw l (1 91 9 = 10 0 .) Latest aC aau.i. figure— July, 94. 1924 The Federal Reserve Board’s index of production in basic industries, which had declined 22 per cent between February and June, remained practically unchanged during July. Iron and steel and woolen industries showed further curtailment, while production of flour, cement, coal, and copper was larger than in June. Factory employment decreased 4 per cent in July owing to further reduction of forces in the textile, metal and automobile industries. .Building contract awards showed! more than the usual seasonal decline in July, but were 10 per cent larger than a year ago. Crop conditions, as reported by the Department of Agri culture, were higher on August 1 than a month earlier. Esti- THE MONTHLY BUSINESS 13 REVIEW mated production o f nearly all of the principal crops except tobacco was larger than in July and the yields of wheat, oats, rye, and cotton are expected to be considerably larger than last year. TRADE adopted by B u r e a u )- L a te st figure— July, 147. Railroad shipments increased in July, owing to larger load ings of miscellaneous merchandise, grain, and coal. Wholesale trade was 3 per cent larger than in June, owing to increased sales of meat, dry goods, and drugs, but was 3 per cent sm aller than a year ago. Retail trade showed the usual seasonal decline in July, and department store sales were 1 per cent greater and mail order sales 7 per cent less than a year ago. Merchandise stocks at department stores continued to decline during July and were only slightly larger at the end of the month than a year earlier. P R IC E S Wholesale prices, as measured by the index of the Bureau of Labor Statistics, increased more than 1 per cent in July. Prices of farm products, foods and clothing increased, while prices of building materials again declined sharply and prices of metals, Euel, and house furnishings also decreased. During the first half of August, quotations on corn, beef, sugar, silk, copper, rubber, and anthracite advanced, while prices of cotton, flour, and bricks declined. B A N K C R E D IT figure— July, 87. Commercial loans of member banks in leading cities, owing partly to seasonal influences, increased considerably early in Au gust. Loans secured by stocks and bonds and investments con tinued to increase, so that at the middle of August total loans and investments of those banks were larger than at any previous time. Further growth of demand deposits carried them also to the highest level on record. Between the middle of July and the middle o f August, Fed eral Reserve Bank discounts for member banks declined further and their holdings of acceptances decreased somewhat. United States security holdings increased, however, and total earning assets of Federal Reserve Banks remained practically unchanged. W eekly ngures for m ember banks in 101 leading cities. Latest figures A ugust 13. Continued easing in money rates in the New York market during July and early August is indicated by a decline of % of one per cent in prevailing rates for commercial paper to 3 - 3 % per cent. After the middle of August, there was some ad vance in open market rates for bankers* acceptances and short term government securities. During August the discount rate at the Federal Reserve Bank of New Y ork was reduced from 3 % to 3 per cent and at the Federal Reserve Bank of Cleveland and of San Francisco from 4 to 3 % per cent. THE 14 MONTHLY BUSINESS REVIEW Comparative Statement of Selected Member Banks in the Fourth District Loans and Discounts secured by U. S. Govern ment obligations............................................ Loans and Discounts secured by other stocks and bonds............................................................... Loans and Discounts, all other........................... U. S. Pre-War Bonds............................................ U. S. Liberty Bonds.............................................. U. S. Treasury Bonds........................................... U. S. Treasury Notes............................................ U. S. Certificates of Indebtedness....................... Other Bonds, Stocks and Securities.................... Total Loans, Discounts and Investments.......... Reserve with Federal Reserve Bank................... Cash in Vault........................................... ............. Net Demand Deposits.......................................... Time Deposits...... ................................................. Government Deposits........................................... Total resources on date of this report................ Aug. 13, 1924 (78 Banks) July 16, 1924 (78 Banks) $18,677,000 $18,321,000 417,122,000413,763,000 710,589,000708,834,000 47,095,000 46,989,000 180,337,000161,687,000 1,971,000 3,035,000 54,772,00047,488,000 5,925,000 8,082,000 332,506,000322,002,000 1,768,994,000 1,730,201,000 120,831,000112,915,000 29,714,000 29,487,000 975,277,000939,633,000 695,795,000684,536,000 13,145,000 13,145,000 $2,274,496,000 $2,221,075,000 Increase $356,000 Decrease $ ----- ------- 3,359,000 ........................... 1,755,000 ................ .. 106,000 ........ .. 18,650,000 ................ ........... ........................ 1>064,000 7,284,000 ............................. ........................ 2,157,000 10,504,000 ........................... 38,793,000 ........ ........... 7,916,000 ................ .. 227,000 ........ .. 35,644,000 .................. 11,259,000 .................. .. . . ; ........................ .......... .. * $53,421,000 ........... Building Operations for Month of July, 1924-1923 New Akron......... Canton....... Cincinnati.. Cleveland*.. Columbus. . Dayton. . . . Erie............ Lexington. . Pittsburgh.. Springfield.. Toledo........ Wheeling... Youngstown Permits Issued Construction Alterations 1924 1923 1924 1923 .......................................... 274 282 83 63 193 183 69 72 346 264 385 267 537 556 1,135 1,199 381 499 133 172 245 140 254 132 117 110 50 57 50 56 38 23 459 599 329 156 90 70 29 27 461 406 187 205 76 59 50 39 266 150 46 41 Valuation New ConstructionAlterations Increase or Decrease 1924 1923 1924 1923 Amount Per Cent 517,244 $ 724,913$ 56,335 $ 27,750 $— 179,084 — 23 8 1,176,285 366,997 45,815 76,150 778,953 1 7 5 « 1,981,235 1,265,010 420,375 273,150 863,450 56' 1 5,993,200 8,698,638 1,327,237 786,580 — 2,164,781 — 2 2'8 931,900 2,962,125 152,900 232,275 — 2,109,600 — 66 0 700.754 533,396 224,756 121,952 270,162 41'2 416.755 315,700 42,550 54,400 89,205 24’ 1 112,865 184,605 46,295 18,975 — 44,420 — 2 1 ' 8 2,079,458 2,622,318 544,519 241,922 — 240,263 — 8 ’ 4 134,243 52,540 26,835 23,310 85,228 1 1 2 4 901,221 1,449,569 206,445 168,358 — 510,261 — 31 ' 5 212,285 210,316 44,255 42,695 3,529 14 793,775 300,380 43,935 28,550 508,780 154 7 T o t a l . . . . 3,495 3,609 2,553 2,453 $15,951,220 219,686,507 $3,182,252 *Includes figures for East Cleveland, Lakewood and Shaker Heights. $2,096,067— 2,649,102 — 12.2 Building Operations for Seven Months Ended July 31, 1924-1923 Permits Issued Valuation New Construction AlterationsNew Construction Alterations 1924 1923 1924 1923 1924 1923 1924 Akron......... 1,607 1,802 875 436 $3,873,640 $3,700,485$ 506,156 $ Canton....... 1,379 1,341 526 493 4,956,276 4,033,945 361,748 Cincinnati.. 2,376 2,739 1,648 1,770 13,567,120 14,228,510 2,170,700 Cleveland*.. 4,146 4,487 7,673 7,234 42,008,180 42,164,189 7,047,312 Columbus.. 2,683 3,325 1,048 893 9,167,165 13,664,795 1,286,235 Da y t o n . . . . 1,469 1,795 827 913 5,279,049 6,380,124 739,024 Erie............ 878 800 381 402 2,564,870 1,902,744 751,464 Lexington.. 295 310 227 243 956,108 1,158,713 179,637 Pittsburgh.. 3,321 3,492 1,659 939 17,971,620 19,413,010 2,500,489 Springfield.. 563 615 187 190 889,171 954,835 151,850 Toledo........ 3,015 2,487 1,304 1,451 9,756,881 8,199,844 1,404,407 Wheeling... 608 539 337 315 2,607,379 2,149,645 454,955 Youngstown. 1,501 1,113 221 234 5,440,745 3,134,945 189,830 Increase or Decrease 1923 Amount Per Cent 813,595 $— 134,284 — 3 0 563,430 720,649 15 7 2,611,265 — 1,101,955 — 6 5 7,090,422 — 199,119 — o ' 4 1,219,305 —4,430,700 — 29 8 828,366 — 1,190,417 — 16' 5 540,447 873,143 35' 7 197,067 — 220,035 — 16 ' 2 1,519,825 — 460,726 — 2 2 103,260 — 17,074 — 1 6 1,564,650 1,396,794 14' 3 345,876 566,813 22 7 257,595 2,238,035 66.0 Total. .. . 23,841 24,845 16,913 15,513 $119,038,204 $121,085,784 $17,743,807 $17,655,103— $ 1 ,9 5 8 ,8 7 6 -^ 4 *Includes figures for east Cleveland, Lakewood, and Shaker Heights. THE MONTHLY BUSINESS 15 REVIEW Debits to Individual Accounts Akron................... Butler, Pa............ Canton................ Cincinnati............ Cleveland............ Columbus............ Connellsville, Pa. D ayton................ Erie...................... Greensburg.......... Homestead.......... Lexington, K y . . . Lim a.................... Lorain.................. Middletown......... New Brighton Oil City................ Pittsburgh........... Springfield........... Steubenville*. . . . T oledo.................. Warren, O ........... Wheeling.............. Youngstown........ Zanesville............ Week Ending Aug. 13, 1924 (324 Banks) $ 13,850 2,721 9,324 64,049 139,141 28,106 1,103 13,037 7,048 5,668 897 4,092 3,865 1,513 1,689 2,677 2,790 185,698 4,091 2,248 40,727 2,595 9,208 12,852 2,817 Week Ending July 16, 1924 (324 Banks) $ 18,032 2,477 10,189 81,119 152,779 30,054 1,178 16,001 7,399 5,728 1,175 3,534 4,086 1,484 2,256 2,767 2,848 190,058 4,780 2,589 41,678 2,955 10,936 15,047 3,124 561,806 T otal. 'Figures for 1923 not available. 614,273 Increase or Decrease Week Ending Amount Per Cent Aug 15, 1923 (322 Banks) — $ 4,182 — 23.2 $ 14,556 244 9.9 2,483 — 8 6 5 — 8.5 8,808 — 17,070 — 21.0 60,508 — 13,638 — 8.9 140,980 — 1,948 — 6.5 34,847 — 75 — 6.4 1,338 — 2,964 — 18.5 13,090 — 351 — 4.7 7,405 — 6 0 — 1.0 3,885 — 278 — 23.7 904 558 15.8 3,921 — 221 — 5.4 3,498 29 2.0 1,415 — 567 — 25.1 2,051 — 90 — 3.3 2,617 — 58 — 2.0 2,466 — 4,360 — 2.3 170,396 — 689 — 14.4 4,161 — 341 — 13.2 — 951 — 2.3 37,970 — 360 — 12.2 3,517 — 1,728 — 15.8 8,915 — 2,195 — 14.6 13,922 — 307 — 9.8 2,707 — 52,467 — 8.5 546,360 Increase or Decrease Amount Per Cent — $ 706 238 516 3,541 — 1,839 — 6,741 — 235 — 53 — 357 1,783 — 7 171 367 98 — 362 60 324 15,302 — 70 — — - - 4.9 9.6 5.9 5.9 - - 1.3 - -1 9 .3 - -1 7 .6 - - 0 .4 - - 4.8 45.9 - - 0.8 4.4 10.5 6.9 - -17.6 2.3 13.1 9.0 - - 1.7 7.3 2,757 922 - -2 6 .2 3.3 293 1,070 - - 7.7 110 4.1 13,198 2.4 Explanation of Charts on Following Page All charts are monthly. 1. Member Bank Credit. Figures for the last week in the month from about 800 banks re porting weekly to the Federal Reserve Board. 2. Member Bank Deposits. Same as preceding. 3. Volume of Payments by Check. Debits to individual accounts at 140 centers reporting to the Federal Reserve Board (not including New York). 4. Commercial Failures. The number of com mercial failures as reported by R. G. Dun & Com pany. 5. Retail Trade. The index number of the Fed eral Reserve Board with 1919 equaling 100, is recomputed with the monthly average, 1919-1923, as a base. This index covers about 350 depart ment stores in the country. 6. Wholesale Trade. The Federal Reserve Board’s Index Number has been recomputed, as in the preceding chart. This index covers a large number of wholesale lines. 7. Building Permits. Reports from about 170 cities as shown by Bradstreet’s. 8. Car Loadings. Figures reported weekly by the American Railway Association converted into a monthly basis. 9. Exports of Merchandise. Figures reported by the Bureau of Foreign and Domestic Commerce, U. S. Department of Commerce. 10. Bituminous Coal Production. Figures from the Geological Survey, Department of the In terior. 11. Pig Iron Production. From the IRON AGE. 12. Automobile Production (both passenger cars and trucks). National Automobile Chamber of Commerce. Last figures for each chart: (1) a. Loans July, 106 b. Investments July, 123 (2) a. Demand Deposits July, 113 b. Time Deposits July, 151 June, 104 ( 3) Check Payments (4) ComT Failures July, 125 June, 107 ( 5) Retail Trade ( 6 ) Wholesale Traded June, 84 July, 138 ( 7 ) Building Permits (8) Car Loadings July, 107 (9) Exports July, 58 (10) Bituminous Coal Production July, 81 (11) Pig Iron Production July, 71 (12) Auto Production July, 127 Indexes of National Business Conditions The base (100) for all th e charts excep t th e first is th e m o n th ly average for th e five y ea rs 19J9.J923 inclusive. For th e first ch art th e base is the m o n th ly average for th e th ree yea rs 1921-1923. For fu rth er explanations, see preced in g page.
@FedFRASER