Full text of Survey of Current Business : April 1925
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MONTHLY S U P P L E M E N T TO COMMERCE REPORTS UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS APRIL, 1925 No. 44 COMPILED BY BUREAU OF THE CENSUS BUREAU OF FOREIGN AND DOMESTIC^ GOMMER^E BUREAU OF STANDARDS IMPORTANT NOTICE In addition to figure? given from Government sources^ there are also incorporated for completeness of service figures from other sources generally accepted by the trades, authority and responsibility for which are noted in the-ft Sources 0} Data" on pages 160^163 of the February, 1925, issue Subscription price of the SURVEY OF CURRENT BUSINESS is $1.50 a year; single copies (monthly) 10 cents; quarterly issues, 20 cents. Foreign subscriptions, $2,25: single copies (monthly issues) including postage, 14 cents; quarterly issues, 31 cents. Subscription price of COMMERCE REPORTS is $54 a year, with the SURVEY $5.50 a year. Make remittances only to Superintendent of Documents, Washington, D. C., by postal money order, express order, or New York draft. Currency at sender's risk. Postage stamps or foreign money not accepted WASHINGTON : GOVERNMENT PRINTING OFFICE : 1925 INTRODUCTION The SURVEY OF CURRENT BUSINESS is designed to resent each month a picture of the business situation y setting forth the principal facts regarding the various lines of trade and industry. At semiannual intervals detailed tables are published giving, for each item, monthly figures for the past two years and yearly comparisons, where available, back to 1913; also blank lines sufficient for six months have been left at the bottom of each table enabling those who care to do so to enter new figures as soon as they appear (see issue for February, 1925, No. 42). In the intervening months the more important comparisons only are given in the table entitled " Trend of business movements" as in thQ present number. E ADVANCE SHEETS Realizing that current statistics are highly perishable and that to be of use they must reach the business man at the earliest possible moment, the department has arranged to distribute advance leaflets every week, to subscribers in the United States. The leaflets are usually mailed on Thursdays, and give such information as has been received during the preceding week. The information contained in these leaflets is also reprinted in " Commerce Reports," issued weekly by the Bureau of Foreign and Domestic Commerce. Th& monthly bulletin is distributed as quickly as it can be completed and printed. BASIC DATA The figures reported in the accompanying tables are very largely those already in existence. The chief function of the department is to bring together these data which, if available at all, are scattered in hundreds of different publications. A portion of these data are collected by Government departments, other figures are compiled by technical journals, and still others are reported by trade associations. RELATIVE NUMBERS To facilitate comparison between different items and render the trend of a movement more apparent, relative numbers (often called "index numbers," a term referring more particularly to a special kind of number described below) have been calculated, The relative numbers enable the reader to see at a glance the general upward or downward tendency of a movement which can noi so easily be grasped from the actual figures. In computing these relative numbers the last prewar year, 1913, or in some instances a five-year average, 1909-1913, has been used as a base equal to 100 wnerever possible. In many instances, comparable figures for the pre-war years are not available, and in such cases the year 1919 has usually been taken as the base. For some industries 1919 can not be regarded as a proper base, due to extraordinary conditions in the industry, and some more representative period has been chosen. In many cases relative numbers of less importance have been temporarily omitted. The relative numbers are computed by allowing the monthly average for the base year or period to equal 100. fi the movement for a current month is greater than the base, the relative number will be greater than 100, and vice versa. The difference between 100 and the relative number will give at once the per cent increase or decrease compared with the base period. Thus a relative number of 115 means an increase of 15 per cent over the base period, while a relative number of 80 means a decrease of 20 per cent from the base. Relative numbers may also be used to calculate the approximate percentage increase or decrease in a movement from one period to the next. Thus, if a relative number at one month is 120 and for a later month it is 144 there has been an increase of 20 per cent. INDEX NUMBERS When two or more series of relative numbers are combined by a system of weightings the resulting series is denominated an index number. The index number, by combining many relative numbers, is designed to show the trend or an entire group of industries or for the country as a whole, instead of for the single commodity or industry which the relative number covers. Comparisons with the base year or with other periods are made in the same manner as in the case of relative numbers. RATIO CHARTS In many instances the charts used in the SURVEY OF CURRENT BUSINESS are of the type termed " Ratio Charts" (logarithmic scale), notably the Business Indicator charts on page 2. These charts show the percentage increase and allow direct comparisons between the slope of one curve and that of any other curve regardless of its location on the diagram; that is, a 10 per cent increase in an item is given the same vertical movement whether its curve is near the bottom or near the top of the chart. The difference between this and the ordinary form of a chart can be made clear by an example. If a certain item, having a relative number of 400 in one month, increases 10 per cent in the following month, its relative number will be 44Q> and on an ordinary chart would be plotted 40 equidistant scale points higher than the preceding month. Another movement with a relative number of, say, 50, also increases 10 per cent, making its relative number 55* On the ordinary (arithmetic) scale this item would rise only 5 equidistant points, whereas the previous item rose 40 points, yet each showed the same percentage increase. The ratio charts avoid this difficulty and give to each of the two movements exactly the same vertical rise and hence the slopes of the two lines are directly comparable. The ratio charts compare percentage changes, while the arithmetic charts compare absolute changes. This issue presents practically complete data far the month of February and also items covering March, 1925, received up to April 13. As most data covering a particular month's business are not available until from 15 to 30 days after the close of the month, a complete picture of that month's operations, including relative numbers, cumulative totals, text, and charts, can not be presented in printed form under 45 days after its close, but the advance leaflets described above give considerable information as early as 15 days after its close, and present almost every week the latest data available. MONTHLY S U P P L E M E N T T O C O M M E R C E R E P O R T S UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS BUREAU OF THE CENSUS : COMPILED BY BUREAU OF FOREIGN AND DOMESTIC COMMERCE : BUREAU OF STANDARDS APRIL No. 44 1925 CONTENTS TEXT MATERIAL TREND OF BUSINESS MOVEMENTS Pag« Preliminary summary for February 1 Course of business in January: General business 7 Summary of indexes of business.. 8 Review, principal branches, industry and commerce, _ 10 BASIC CHARTS Business indicators 2 Wholesale prices compared with peak and pre-war 4 Employment in manufacturing industries 6 Production, stocks, and unfilled orders 8 Comparison of wholesale price index numbers by groups- 9 Comparison of wholesale prices and stock prices 19 GENERAL TEXT TABLES Business indicators Wholesale price comparisons Business summary Indexes of business (production, prices, sales, etc.) March data 1_ 3 5 7 21 25 Textiles Metals Fuels Automobiles and rubber Hides and leather and paper and printing Buttons, glass, and optical goods Building construction Chemicals and oils Foodstuffs and tobacco Transportation Public utilities, employment, and distribution Banking and finance and foreign exchange U. S. foreign trade and Canadian trade and industry NEW MISCELLANEOUS Pai« 30 31 33 34 34, 35 36 36 38 39-42 42 43,44 44-47 47, 48 TABLES Sales of grocery chains (revised) 20 Grain alcohol production and stocks 27 Hardware sales and outstanding accounts 27 Locomotive exports 27 Steel castings bookings (revised) 27 Composite lumber prices (revised) 27 Hardwood lumber stocks and orders 28 Production of electric power and consumption of fuels by central stations 29 Dividends paid on industrial stocks, 1900-1924 29 PRELIMINARY SUMMARY FOR MARCH Production in March, as compiled from early reports, increased over both January and February, as shown by the output of pig iron and zinc, the shipments by manufacturing plants of locomotives and automobiles, and the deliveries of raw silk from warehouses. All these products, except locomotives and automobiles, were in larger volume in March than a year ago. Steel-ingot production was about the same bofrh in comparison with January, 1925, and with March, 1924, increasing over February, while total wool receipts increased over February and declined from a year ago. At the end of March there was a slight decrease from the previous month in the number and capacity of pig-iron^furnaces in blast. Unfilled steel orders also declined from the end of February, but'unfilled orders for locomotives increased. New orders for railway equipment increased over February, except passenger 39732-25f 1 cars, but declined from a year ago, while concrete paving contracts were slightly higher than in March, 1924. Car loadings increased over February but were slightly less than a year ago. Mail-order, 10-cent chain, and department store sales all increased over January and February arid also over a year ago. Imports and exports of merchandise also exceeded either of the first two months of 1925 or March, 1924. Check payments in March exceeded those for the previous month or a year ago, both for New York City and outside. Declines occurred in investments, discounts, note circulation, reserves, and deposits of the Federal Eeserve banks, but the reserve ratio was higher than at the end of February. Member bank loans and discounts were about the same as in February; investments increased, while deposits declined. Interest rates averaged higher than in February. BUSINESS INDICATORS: 1920-1925 (Ratio charts—see explanation on inside front cover. Except for "net freight ton-miles" latest month plotted is February, 1925; January is latest plotted for "net freight ton-miles" while the curve on bank debits has been adjusted for normal seasonal variations and that on manufacturing production for variations in working days) RELATIVE TO 1913 AS 100 1920 . [ 9 2 1 , 1922.19231192411925 300 RELATIVE TO 1919 AS 100 192tM92l 1192211923 11924,1925 BANK-DEBITS, 141 CENTERS 200 300 200 :PRICES 25 INDUSTRIAL STOCKS 200 INTEREST RATES, COMMERCIAL PAPER WHOLESALE TRADE, 6 LINES DEPT. STORE TRADE (359 STORES) WHOLESALE PRICES (DEPT.OF LABOR) MAIL-ORDER SALES (4 HOUSES) FARM PRICES (DEPT. OF AGRICULTURE) 100 ^***s_ -'v— r^ S S -^\ K 20<° S ° i 100 2 _ 80 *^s 60 i * ^•H 1 y^^ J^W ^^ki*^ L ^—-M fj ^ \J r*f\\ UulTON CO NSUMPT r^w f^ GENERAL MANUFACTURING PRODUCTION (64 COMMODITIES) A /k —\/ =^ V\—-f / i-*— ^\ ./PI G IRON =>RODUC'DOM PRODUCTION (5 SPECIES) 20 300 200 100 80 60 *~\v ""V ^W- 1 IMF 40 _^+ S~^ — "V^ •^ / [\*^, LLED ST EEL ORE>FRS AUTOMOBILE PRODUCTION ( PASSENGER CARS AND TRUCKS) FACTORY EMPLOYMENT NET FREIGHT TON-MILES 20L 1920 1920 1922'1923 1924 1925 20 BUSINESS INDICATORS The following table gives comparative relative numbers for a selected list of important business movements. It is believed that this table will prove useful, because it separates out from the large mass of material a comparatively small number of items which are often regarded as indicative of business in general. The table has been divided into two parts, the first containing those items for which relative numbers can be calculated, using 1913 as a base. The second part contains items for which comparable data back to 1913 are not available. This latter group of relative numbers is calculated by letting the 1919 monthly average equal 100. Care should therefore be exercised in comparing the absolute value of the two sets of data. In either group, however, the upward or downward trend of the relative numbers, compared to previous months, does reflect the present tendency in each item and will give a basis for business judgment. Where available at the time of going to press, April 14, March indicators have been included, thus bringing this table up to date. It should be noted that the charts on page 2 show February data as the latest plotted, except for freight ton-miles which shows January. 1925 1094 MONTHLY AVERAGE COMMODITY 1920 mi 1922 1923 19134 Jan. Feb. Apr. Mar. May June July Aug. Sept. Oct. Nov. Dec. Jan* Feb. Mar. 1915 monthly average- 100 Production: Pig iron.......... Steel ingots Copper Cement (shipments). Anthracite coal. Bituminous coal Electric energy (gross revenue sales) . Crude petroleum Cotton(consumption) Beef Pork Unfilled orders: U. 8. Steel Corp Stacks: Crude petroleum Cotton (total) Prices:l Wholesale index Retail food Retail coal, bitum— Farm products ... Business finances: Defaulted liabilities.. Price 25 ind. stocks — Price 25 R. R. stocks. Banking: Clearings, N.Y. City. Clearings, outside — Com'l paper int. rate. Distribution: Imports (value).. .... Exports (value)... Sales, mail-order Transportation: Freight, net ton-miles. 120 135 99 108 98 119 54 64 38 107 99 87 87 114 80 131 58 85 130 144 120 153 104 118 101 121 128 164 99 101 118 144 129 70 104 132 120 151 128 80 100 119 135 166 127 122 106 103 126 132 128 173 89 76 102 104 127 197 102 81 79 81 124 203 101 79 70 74 126 225 102 84 74 101 130 228 93 90 80 112 124 228 100 106 97 123 134 231 101 121 98 123 133 139 89 106 116 141 131 74 97 116 132 166 144 69 97 130 126 148 135 81 94 98 283 178 105 119 113 312 189 97 113 117 849 224 109 126 130 407 295 117 130 160 434 285 99 133 151 488 273 124 137 205 472 268 109 114 177 448 288 104 115 160 429 287 103 121 145 417 298 89 135 151 399 286 75 116 154 382 295 75 132 153 386 298 77 135 115 397 288 94 146 103 427 289 114 167 118 462 272 106 149 152 507 273 114 134 191 518 287 127 146 199 261 118 105 152 170 90 96 102 68 81 83 81 71 61 55 54 56 59 60 68 82 85 89 127 155 152 198 234 153 287 125 338 112 321 149 323 132 327 113 331 92 334 74 339 59 343 45 349 44 350 84 348 161 346 193 338 193 335 172 336 150 226 203 207 205 147 153 197 116 149 142 188 124 154 146 190 134 150 146 169 132 151 149 180 134 152 147 180 134 150 144 175 128 148 141 168 128 147 141 163 127 145 142 163 128 147 143 165 130 150 144 159 137 149 147 164 129 152 149 169 136 153 150 171 137 157 152 171 139 160 154 170 146 161 151 172 146 108 67 229 136 64 228 169 75 197 185 72 198 198 81 225 193 73 158 192 73 428 189 74 214 183 75 160 183 75 149 187 78 161 195 82 242 205 86 150 201 85 158 202 84 136 213 92 198 231 95 238 233 96 176 238 98 149 235 95 257 275 134 205 212 118 230 230 80 226 276 90 264 284 71 262 292 88 230 256 87 249 280 83 258 278 84 263 275 77 253 266 71 268 282 64 258 265 59 245 277 57 274 314 57 284 290 59 325 317 64 339 322 66 267 273 66 296 309 71 294 331 264 140 181 188 177 154 204 212 168 259 201 185 284 198 191 271 223 177 270 215 164 279 217 168 300 203 161 243 183 148 239 185 134 196 170 160 211 192 207 279 208 255 364 198 238 351 224 214 411 232 216 308 224 179 299 258 218 318 137 105 115 139 131 126 132 133 117 124 117 121 133 143 158 139 128 135 126 :84 139 166 139 82 1910 monthly aver age =100 Production: Lumber *......._.. Bldg. contracts.. Stocks: Beef. Pork Business finances: Bond prices (40 issues). Banking: Debits outside N.Y. City. Federal Reserve— Bills discounted Total reserves Ratio. 102 72 86 69 117 102 133 106 129 108 112 107 125 103 131 147 139 136 141 124 130 103 119 88 139 90 135 93 140 102 126 105 110 100 121 91 122 83 66 98 42 83 29 70 32 91 34 90 43 93 42 103 39 110 33 109 28 111 25 111 21 104 21 91 20 70 28 48 42 50 60 76 59 97 55 111 86 87 107 104 108 105 104 105 105 106 108 110 110 109 110 110 110 110 111 111 114 91 95 107 108 111 100 109 108 106 104 106 101 104 119 107 124 127 106 106 132 97 87 91 122 122 28 144 154 39 146 152 19 146 160 27 149 162 27 .147 161 25 147 161 23 147 163 22 147 165 18 149 165 15 149 165 14 146 164 13 144 160 12 143 157 11 143 154 16 139 145 14 141 155 22 138 151 21 136 152 * Wholesale and retail prices from Department of Labor averaged for the month; farm prices from Department of Agriculture. » Based on the total computed production reported by 5 associations. Includes southern pine, Douglas fir, western pine, North Carolina pine, and California white pine. The total production of these associations in 1919 was equal to 11,401,000,000 board feet, compared with a total lumber production for the country of 34 552.000.000 board feet reported by the census. ' *^ COMPARISON OF FEBRUARY WHOLESALE PRICES WITH PEAK AND PRE-WAR (1913 average prices taken as 100) 200 INDEX NUMBERS 300 400 WHEAT CORN POTATOES COTTON COTTON SEED CATTLE. BEEF HOGS LAMBS WHEAT. SPRING WHEAT. WINTER CORN. NO.2 OATS BARLEY RYE, NO.2 TOBACCO. BURLEY COTTON WOOL '4 GREASE (BOSTON) CATTLE. STEERS HOGS. HEAVY SHEEP. EWES SHEEP. LAMBS FLOUR. SPRING FLOUR. WINTER SUGAR, RAW SUGAR,GRANULATED COTTONSEED OIL, BEEF. CARCASS BEEF. STEER ROUNDS HAMS. SMOKED (CHICAGO) COTTON YARN, COTTON PRINT CLOTH COTTON.SHEETING WORSTED YARN WOMEN'S DRESS GOODS SUITINGS SILK, RAW HIDES. PACKER'S HIDES. CALFSKINS LEATHER. CHROME (BOSTON) LEATHER. SOLE.. OAK BOOTS AND SHOES CB*5STON> BOOTS AND SHOES (ST. LOUIS) COAL. BITUMINOUS COAL. ANTHRACITE COKE PETROLEUM PIG IRON. FOUNDRY' PIG IRON. BASIC STEEL BILLETS. BESSEMER COPPER LEAD TIN ZINC PRICE IN FEBRUARY LUMBER, PINE. SOUTHERN LUMBER, DOUGLAS FIR BRICK. COMMON (NEW YORK) CEMENT STEEL. BEAMS RUBBER. CRUDE SULPHURIC •E2223 PEAK PRICE ACID WHOLESALE PRICE COMPARISONS—MAXIMUM PRICE COMPARED TO PRICE IN RECENT MONTHS NOTE.—Prices to producer on farm products and market price of wool are from U. 8. Departmentof Agriculture, Bureau of Agricultural Economics; nonferrous metals from the Engineering and Mining Journal-Pro*. All other prices are from U. 8. Department of Later, Bureau of Labor Statistics. As far as possible all quotations represent prices to producer or at mill. See diagram on page 4. Because of their availability at the time of going to press, April 13, the March price data have here been Included, thus bringing this table up to date. It should be noted that the chart on page 4 shows February prices only. ACTUAL PRICE RELATIVE PRICE (dollars) (1913 average -100) Unit COMMODITIES February, 1925 March, 1925 February, 1924 PER CENT INCREASE (+) OR DECREASE (—) March, 1924 February, 1925 March, 1925 March 1925, from February, 1925 March 1925, from March, 1924 -2.1 -1.2 +6.5 +2.9 +8.6 +22.8 +2.7 3.4 +65.6 +44.8 FARM PRODUCTS-AVERAGE PRICE TO PRODUCERS Bushel Bushel Bushel Pound ........ Ton .. . Pound Pound Pound 1.698 1.145 .723 .230 37.14 .0569 .0963 .1313 1.640 1.121 .714 .245 38.21 .0618 .1183 .1348 124 124 148 262 199 93 87 173 125 125 147 231 190 95 88 184 214 185 121 192 170 96 128 215 207 181 120 204 175 105 158 221 1.841 1.984 1.242 .570 .996 1.579 24.50 .247 .68 9.469 11. 150 8.438 17. 313 1.689 1.767 1.165 .492 .922 1.353 24.50 .256 .63 10.200 13. 480 9.175 16.050 129 114 128 131 118 113 212 249 216 114 85 180 187 128 110 127 128 120 108 108 223 216 118 88 213 202 202 201 199 152 159 248 186 193 272 111 133 180 222 185 179 186 131 147 213 186 200 252 120 161 196 206 9.850 8.669 .046 .058 .107 .183 .135 .231 9.035 8.850 .047 .059 .111 .183 .148 .269 138 139 207 204 139 131 111 111 137 139 197 199 135 131 115 114 215 225 132 137 148 141 103 139 197 221 135 138 154 141 113 162 Cotton yarns, carded, white, northern, mulespun, 22-1 cones (Boston) __ Pound Cotton, print cloth, 27 inches, 64 z 60-7.60 yards to pound (Boston) — Yard Yard Cotton, sheeting, brown 4/4 Ware Shoals L. L. (New York) Pound.. .. Worsted yarns, 2/32's crossbred stock, white, in skein (Boston) Women's dress goods, storm serge, all-wool, dbl. warp, 60 in. (N. Y.).. Yard Suitings, wool, dyed blue, 55-56 inches, 16-ounce Middlesex (N. Y.)... Yard Pound..... Silk, raw Japanese, Kansas No. 1 (New York) .... ...... . Hides, green salted, packer's heavy native steers (Chicago) .... Pound. Hides, calfskins, No. 1, country, 8 to 15 pounds (Chicago). .........Pound.. Square foot Leather, chrome calf, dull or bright "B grades (Boston)....... Pound. ... Leather, sole, oak, scoured backs, heavy (Boston) Boots and shoes, men's black calf, blucher (Massachusetts) Pair Boots and shoes, men's dress welt tan calf (St. Louis).. Pair .430 .068 .107 1.900 1.035 3.780 6.223 .163 .215 .500 .520 6.35 5.07 .430 .069 .110 1.800 1.035 3.780 5.483 .148 .204 .500 .520 6.40 5.15 211 205 204 219 184 239 189 86 96 163 98 201 153 195 192 196 212 184 239 171 76 100 171 103 201 153 174 197 174 245 184 245 171 89 114 186 116 204 160 174 201 179 232 184 245 160 80 108 186 116 206 163 0.0 +1.5 +2.8 -5.3 0.0 0.0 11.9 -5.1 0.0 0.0 +0.8 +1.6 -10.8 +4.7 -8.7 +9.4 0.0 +2.5 -6.4 +5.3 +8.0 +8.8 +12.6 +2.5 +6.5 FUEL Short ton. _ Coal, bituminous, mine run lump, K^nawhft (Cincinnati) Long ton... Coal, anthracite, chestnut (New^York tidewater) Coke, Connellsville (range of prompt and future) furnace— at ovens... Short ton.. Barrel Petroleum, crude, Kansas-Oklahoma—at wells.. .. . 3.39 11.75 4.08 1.738 3.39 10.95 3.35 1.800 166 216 172 162 154 216 171 179 154 221 167 186 154 206 132 193 0.0 68 -17.9 +3.6 0.0 —4.6 -22.8 +7.8 23.76 22.00 37.00 .145 .095 .570 .078 22.86 21.30 36.70 .140 .088 .535 .076 155 150 155 81 203 118 123 155 149 155 87 211 123 118 148 150 144 92 216 127 135 143 145 142 89 201 119 131 38 3.2 08 -3.4 74 61 -2.6 -7.7 2.7 -8.4 +2.3 4 7 -3.3 +11.0 47.32 18.50 14.50 46.88 18.50 13.50 193 212 305 191 201 305 205 201 221 204 201 206 +6.8 0.0 32 5 173 166 24 73 173 166 21 70 173 136 38 70 173 139 43 70 09 0.0 -6.9 0.0 +2.4 +12.7 0.0 Wheat Corn... Potatoes Cotton Cottonseed Cattle, beef Hogs Lambs . . . .... - . -18.4 -11.7 -7.9 +10.5 +79.5 +20.1 FARM PRODUCTS-MARKET PRICE Bushel Wheat, No 1, northern, spring (Chicago) .. Bushel Wheat No 2 red, winter (Chicago) Corn, contract grades, No. 2, cash (Chicago) . .....Bushel Oats, contract grades, cash (Chicago) .. ... . . . . .. — Bushel Bushel Barley, fair to good* malting (Chicago) Rye, No. 2, cash (Chicago) Bushel Cwt Tobacco, burley, good leaf, dark red (Louisville) Cotton, middling upland (New York) ... Pound Pound Wool, H blood combing, Ohio and Pennsylvania fleeces (Boston).. Cwt Cattle, steers, good to choice, corn fed (Chicago).... . Hogs, heavy (Chicago).. . Cwt Sheep, ewes (Chicago) . ... . . .. . ... . Cwt Cwt Sheep, lambs (Chicago) . ...... - -8.3 — 10.9 -6.2 -13.7 7.4 -14.3 0.0 +3.6 -7.4 +7.7 +20.9 +8.7 -7.3 +44.5 +62.7 +46.5 +2.3 +22.5 +97.2 -12.3 —10.3 +1.7 +83.0 -8.0 +2.0 FOOD Flour, standard patents (Minneapolis) Flour, winter straights (Kansas City) .. . .. Sugar, 96° centrifugal (New York) Sugar, granulated, in barrels (New York) Cottonseed oil, prime summer yellow (New York) . Beef, fresh carcass good native steers (Chicago) Beef fresh steer rounds No 2 (Chicago) Pork, smoked hams (Chicago) ... . Barrel Barrel . .... Pound Pound Pound Pound. Pound Pound 8.3 +2.1 +2.2 +1.7 +3.7 0.0 +9.6 +16.5 +43.8 +59.0 -31.5 —31.7 +14.1 +7.6 1.7 +42.1 CLOTHING 9.2 METALS Pig iron, foundry No. 2, northern (Pittsburgh) Pig iron, basic, valley furnace. . . . ..... ........... ._. Steel, billets Bessemer (Pittsburgh) Copper ingots, electrolytic, early"delivery (New York) Lead pig delivered, for early delivery (New York) Tin, pig, for early delivery (New York) Zinc, slab, western (St. Louis) ...... -.*........ - Long ton... . Long ton... Long ton... Pound ... Pound Pound Pound BUILDING MATERIAL AND MISCELLANEOUS Lumber, pine, southern, yellow flooring, 1 x 4, "B" and better (Hattiesburg district) „ M feet. .. Lumber,~Douglas flr, No. 1, common, 1 1 s, 1 1 8 x 10 (Washington) Mfeet Brick, common red, dorrwiio building (N*w York) . „ ... ..^ Thousand.. Cement, Portland, net without bags to trade, f. o. b., plant (Chicago Barrel 8te«l beams, mill (Pittsburgh) Cwt w. „.„ Rubber, Para Island, fine (New York) Pound Cwt Sulphuric acid, 66° (New York) 1.75 2.05 .307 .70 1.75 2.10 .346 .70 0.0 -16.3 +104.8 0.0 EMPLOYMENT IN MANUFACTURING INDUSTRIES BY MAJOR GROUPS (Drawn from data compiled by U. S. Department of Labor and representing weighted indexes based upon number of wage earners in the respective industries in 1919. Average monthly employment 1923=-100. February, 1925, is latest month plotted) ^=^1922 120 (924 1923 1925 FOOD AND KIN 3RED PRODUCTS - **~*r ^"^^^ • */ i I i 1 ! ! ! i 1 1 1 1 LUMBER AND ITS REMANUFACTURE - •**—^ S*~*\ '"~X-^ * ._ 120 TOBACCO MANUFACTURES 100 801™J L. 1 1 l 1 1 1 i i i TAMPED AND ENAMELED WEAR OTHER THAN IRON AND STEEL BUSINESS SUMMARY Index and relative numbers based on the 1919 monthly average as 100—except unfilled orders which are based on the 1920 average—enable comparisons to be made of the ,. relative condition of the several phases of business. The use of index and relative numbers is more fully explained on the inside front cover, and details of this summary are given in the table entitled "Indexes of Business," beginning on p. 91.] YEARLY AVERAGE 1924 PER CENT INCREASE (+) OR DECREASE (— ) 1925 January February February, 1925, from January, 1925 February, 1925, from February, 1924 112 143 123 138 158 109 116 120 132 114 119 114 124 95 113 102 81 112 + 6.9 -20.8 -14.4 -10.5 -31.9 -1.8 + 1.6 -5.0 -8.1 -2.9 -6.9 -1.8 156 105 171 100 172 91 154 83 -10.5 8. 8 +3.4 19.4 139 135 63 146 135 53 156 145 62 162 154 62 159 148 63 -1. 9 -3.9 + 1.6 + 14.3 + 9.6 0.0 98 126 80 109 96 140 78 102 131 199 84 141 148 366 79 210 108 151 78 109 105 156 75 100 -2.8 + 3.3 -3.8 -8.3 + 9.4 + 11.4 -3.8 -2.0 73 78 73 80 74 79 74 81 76 82 78 83 78 81 0.0 -2.4 +5.4 + 2.5 103 96 93 109 97 84 106 96 88 116 95 90 110 96 81 116 97 82 128 97 83 129 96 85 + 0.8 1. 0 + 2.4 + 11.2 + 1.1 -5.6 115 119 25 108 116 139 104 96 100 109 104 79 115 117 111 106 125 161 112 102 129 100 105 172 -10.7 + 2.9 + 33.3 -8.3 + 1.0 + 117.7 January Febru- Novem- Decemary ber ber 1923 1924 PRODUCTION: Manufacturing (64 commodities— Adjusted)1 Raw materials, total Minerals Animal products __ ___ Crops Forest products 119 113 135 117 102 121 113 119 124 117 118 115 113 109 130 119 93 111 122 100 123 105 87 114 114 156 121 125 195 115 ELECTRIC POWER PRODUCTION BUILDING AWARDS (floor space) 144 106 152 108 160 107 149 103 STOCKS OP COMMODITIES (45 commodities) : Unadjusted index Corrected for seasonal variation UNFILLED ORDERS (relative to 1920) - . 119 119 74 135 135 52 132 136 63 SALES (based on value) : Mail-order houses (4 houses) Ten-cent chains (5 chains) Wholesale trade _ _ _ » Department stores (359 stores) 99 165 83 124 105 185 82 125 PRICES (recomputed to 1919 base) : Wholesale, all commodities Retail food 75 78 CHECK PAYMENTS (141 cities— Seasonal adjustment) COST OP LIVING (1919 base) FACTORY EMPLOYMENT (1919 base) TRANSPORTATION : Net freight ton-mile operation Car loadings (monthly total) Net available car surplus (end of mo.) — i See page 28, January, 1925, issue (No. 41) for details of adjustment. Unadjusted index for current months given in "Indexes of Business," p. 21, this issue. COURSE OF BUSINESS IN FEBRUARY GENERAL BUSINESS Taking into consideration the smaller number of working days, general manufacturing activity was 7 per cent greater in February than in the previous month and was 2 per cent higher than a year ago. There was a larger increase of production in the automobile industry than in any other of the industries whose figures are used in computing the index number. Actual production in most industries was less in February than in the previous month, although after adjustments for the difference in the number of working days, there were small increases in the output of many products. Stocks of commodities declined and unfilled orders were unchanged from the end of January. Building contracts awarded in February were smaller, both in value and floor space, than in either the previous month or a year ago. Factory employ- ment increased but was 5 per cent less than in February, 1924. The index of wholesale trade exhibited a further decline in February and was also 4 per cent lower than a year ago. The decline in the wholesale trade in groceries and drugs as compared with the previous month more than offset increases in hardware, shoes, and dry goods. Department-store and mail-order trade also reported decreases in February; and of the chain stores, groceries, drugs, and shoe stores also showed decreases. Most of the declines in wholesale and retail trade, however, may be explained by the shorter month. Wholesale prices showed little change as compared with January, although they were 6 per cent higher than a year ago. Ketail prices, however, were 2 per cent lower than in the previous month and 3 per cent above those of a year ago. 8 SUMMARY OF INDEXES OF BUSINESS PRODUCTION Production of manufactured commodities in February as measured by the index of 64 commodities, based on the 1919 average as 100, stood at 115 as compared with 121 in January and 117 a year ago. When account is taken of the difference in the number of working days, however, thus showing actual daily rate of production, the February index of 124 compares with 116 in January and 122 in February, 1924. Actual production in February was less in every group except in automobiles than during the previous month and was less than a year ago, except in textiles, lumber, chemicals and oils, and tobacco. When reduced to the average daily basis, however, such basic industries as pig iron, lumber, boots and shoes, copper, lead, brick, cotton goods, etc., recorded increases over the previous month. The index showing the output of raw materials declined seasonally to 95 as compared with 120 in January and 100 a year ago. Compared with a year ago there were increases in the production of copper, lead, and zinc and in marketings of cattle and calves, cotton, eggs, and fish. Declines from February, 1924, took place in the production of coal, petroleum, iron ore, and pulpwood, and in marketings of wool, hogs, sheep, grains, and fruits. RELATIVE PRODUCTION, STOCKS, AND UNFILLED ORDERS FOR MANUFACTURED COMMODITIES C1920 monthly average—100. This chart shows stocks of manufactured commodities only, while adjustment has been made for both stocks and production for their respective seasonal movements. Unfilled orders are principally those for iron, steel, and building materials. February, 1925, is latest month plotted) 160 160 140 130 120 DC UJ CO 5 no 15 100 Z X Ul 0 COMMODITY STOCKS The index of commodity stocks, as adjusted for seasonal tendencies, stood at 148 in February as compared with 154 at the end of January and 135 a year ago. All of the main classes of stocks entering into this index showed increases over February, 1924, except raw foodstuffs, which remained stationary. SALES Unfilled orders, according to the index of eight basic commodities in the iron and steel and building material industry, stood at 63 in February which was prac- tically unchanged, either from the previous month or a year ago. Wholesale trade showed a further decline in February, standing at 75 as compared with 78 both in January and a year ago. A decline in wholesale trade in groceries and drugs more than offset increases during the month in sales of hardware, shoes, and dry goods. Sales reported by mail-order houses showed a slight decline from the previous month but were 9 per cent greater than a year ago. Sales reported by the five leading ten-cent stores and by chain stores specializing in music and in candy were larger than for either the previous month or a year ago, while sales of grocery, drug, and shoe chains were smaller than for the previous month but larger than in February, 1924. Department store sales stood at a lower level than for either the previous month or a year ago, while department store stocks were much higher than for either of the periods with which specific comparison was made. PRICES The price index for all farm products stood at the same point as in January, increases in the prices of grains, fruits, meats, and cotton being counterbalanced by declines in dairy and poultry prices. The index of farm prices was 9 per cent greater than a year ago, prices of grains and meats being considerably above and prices of cotton considerably below those of February, 1924. Wholesale prices, according to the Department of Labor index, showed little change from January but were 6 per cent higher than a year ago, the chief increases from February, 1924, being in farm products and food, while clothing, fuel, metals, and house-furnishing goods declined. The commercial index numbers showed decreases as compared with January but increased over a year ago. I Retail food prices, based on 1913 as 100, stood at 151 in February as compared with 154 for the previous month and 147 a year ago. The cost of living index COMPARISON OF WHOLESALE PRICE INDEX NUMBERS, BY GROUPS (February, 1925, is latest month plotted) 1923 based on July, 1914, as 100, stood at 165 in February as against 167 in January, and 164 in February, 1924. All of the groups making up the cost of living index either declined or remained stationary as compared with the previous month, but as compared with a year ago food and shelter showed increases while clothing and fuel showed decreases. EMPLOYMENT Employment conditions in February as shown by the index of factory employment, based on the 1923 39732—25f 2 3 -i t i i i 1924 1 1925 monthly average as 100, showed improvement over the previous mo nth but were not so good as a year ago. The index number for all classes stood at 92 in February which compared with 90 for the previous month and 97 a year ago. The largest gain over January was recorded in the nonferrous-metal trades, smaller increases taking place in all other industries except food products and p aper and printing. Compared with a year ago the paper and printing index also remained stationary while employment in all other groups declined, the largest declines being noted in the nonferrous metals, vehicle, and chemical industries. 10 REVIEW BY PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCE TEXTILES Receipts of wool at Boston in February were less than half the January receipts and were but little larger than those of a year ago. Almost three-fourths of the total receipts consisted of foreign wool; receipts of domestic wool, while larger than in the previous month, were 12 per cent less than a year ago. Imports of raw wool were smaller in February than either in the previous month or in February, 1924. For the first two months of 1925, however, imports of raw wool were almost 20 per cent larger than for the corresponding months of the previous year. Wool consumption by textile mills was 10 per cent less than in January and 8 per cent lower than a year ago. Prices of raw wool were slightly lower than for the previous month while those for dress goods, suitings, and yarn were unchanged. All prices except those for dress goods were higher than in February, 1924. Active wool machinery represented a slightly smaller proportion of the total in February than in the previous month; looms exhibited a larger and spindles a smaller percentage of active machines than for a year ago. for the 1923 crop. Receipts into sight, although showing the usual seasonal decline from January, were more than double those of a year ago. Imports of raw cotton continued to increase, being almost 10 per cent greater than in January and over 20 per cent larger than a year ago. Exports exhibited a seasonal decline from the previous month, but were far greater than in corresponding Februarys of recent years. Cotton consumption in textile mills was only 6 per cent less in February than in January, which allowing for the shorter month represented a larger daily consumption. Stocks of raw cotton at mills and warehouses, at the end of February, while declining seasonally from January, were considerably larger than a year ago. The world visible supply was also larger than in 1924. SPINDLE ACTIVITY IN COTTON MILLS (February, 1925, is latest month plotted) 10,000 CONSUMPTION OF COTTON, WOOL, AND SILK (February, 1925, is latest month plotted) 200 1921 1925 Total ginnings of last year's cotton crop were 13,630,000 bales, which was 34 per cent larger than The number of active cotton spindles continued to increase, attaining 100 per cent of capacity in February, as against 96 per cent in January and 90 per cent a year ago. Total activity was less than in January, due to the shorter month, but was 8 per cent greater than a year ago. Cotton-finishing plants operated at 66 per cent of capacity in February as against 62 per cent in January and 64 per cent a year ago. Orders, shipments, and stocks were slightly less than for the previous month while billings were greater. Production of fine cotton goods was less than in January or than a year ago. Sales were much larger than in either the previous month or a year ago. 11 Prices of raw cotton were slightly higher and yarn and cloth prices slightly lower than in January. All prices of cotton and cotton goods were lower than a year ago. Imports of raw silk were 20 per cent less than in January but 25 per cent greater than a year ago. Deliveries of silk from warehouses were slightly less than in the previous month but were one-fourth greater than in February, 1924. Stocks of raw silk at the end of February were slightly larger than a month before and almost 50 per cent greater than a year ago. The New York price of Japanese silk averaged higher than in January but was 9 per cent lower than in February, 1924. Imports of burlap were slightly larger in February than in the previous month but were smaller than a year ago. Imports of unmanufactured fibers, while 24 per cent less than in January, were slightly larger than a year ago. IRON AND STEEL Consumption of iron ore by blast furnaces and production of pig iron were but 5 per cent less in February than in the previous month which, considering the shorter month, represented a greater daily average than for January. Pig-iron production and iron-ore consumption were each 5 per cent greater than in February, 1924. Stocks of iron ore exhibited the customary seasonal decline from the previous month and were likewise 10 per cent less than a year ago. The number and capacity of furnaces in blast showed a further slight increase over January but were still somewhat less than in February, 1924. Pig-iron prices remained practically unchanged. Steel ingot production declined 10 per cent from the January output and was 2 per cent less than a year ago, but for the first two months of 1925 was 6 per cent greater than for the same months of 1924. PRODUCTION OF PIG IRON AND UNITED STATES STEEL CORPORATION'S UNFILLED ORDERS (February, 1925, is latest month plotted) 14,000 600 Bookings of steel castings were 25 per cent less than in the previous month and 16 per cent less than in February, 1924, the decline being more marked in railroad specialties than in miscellaneous castings. Unfilled orders as reported by the United States Steel Corporation were slightly larger than at the end either of the previous month or of February a year ago. Production, shipments, sales, and unfilled orders of steel sheets registered declines from January but were larger than in February, 1924. Stocks of sheets, on the other hand, were considerably larger than at the end of either the previous month or February, 1924. Prices of steel products averaged practically the same in February as in January but were from 5 to 16 per cent lower than in February, 1924. Exports of steel products were lower and imports higher than for either the previous month or year. The tonnage of new vessels completed during the month, while greater than for last February, was but little more than one-third of the tonnage completed during the previous month. Structural-steel fabricators reported larger bookings and shipments than in January, the shipments also being larger than a year ago. Bookings of fabricated structural steel, however, were almost 20 per cent less than those recorded in February, 1924. Steelfurniture shipments were smaller than in either the previous month or in February, 1924. Shipments and unfilled orders of railroad locomotives showed a decline both from the previous month and from a year ago. Sales of foundry equipment were larger in February than during the previous month, but were smaller by 14 per cent than in February, 1924. Shipments of foundry equipment, on the other hand, were smaller than for either the previous month or year. The number of mechanical stokers sold was considerably larger in February than in either January or a year ago. More patents were issued in February than in either the previous month or in February, 1924. 12 NONFERROUS METALS The output of copper by mines averaged about the same per day in February as in January, the decline being due to the shorter month. The February output was 6 per cent greater than a year ago. Exports of refined copper were 30 per cent greater than for the previous month and were 44 per cent greater than a year ago. The wholesale price of electrolytic copper averaged slightly less than for the previous month, but was 14 per cent higher than for February, 1924. Sales of tubular plumbing declined 14 per cent from the January total and were also somewhat less than a year ago. RELATIVE PRODUCTION AND STOCKS OP ZING (1913 monthly average-100 February, 1925, is latest month plotted) PRODUCTION AND EXPORTS OF COPPER (February, 1925, is latest month plotted) FUELS Stocks of tin in the United States on February 28 were recorded as 10 per cent less than at the end of January, although the world visible supply was somewhat greater than for the previous month. Both the world supply and the stocks of tin in the United States were greater than in February, 1924. Deliveries of tin during the month of February were slightly larger than during January, but were almost 19 per cent less than a year ago. Imports were less than for either the previous month or for February, 1924. The February wholesale price of pig tin, while slightly less than in January, was 7 per cent higher than for a year previous. The number of zinc retorts in operation at the end of February showed a continuance of the increase which began in September. The decline in the production of zinc during February may be accounted for by the shorter month. Stocks of zinc at refineries continued to decline and were less than one-half those of a year ago. Zinc-ore shipments from the Joplin district were practically the same as in January, but were 17 per cent greater than in February, 1924. Lead production also showed the result of the shorter month, declining 5 per cent from January, although it was 14 per cent greater than for a year ago. The price of desilverized pig lead in New York averaged 7 per cent less than during the previous month, but was 10 per cent higher than a year ago. Coal production was lower in February than during either the previous month or a year ago, the decline in bituminous coal being much more pronounced than in anthracite, which was produced at a slightly higher daily rate than in January. Prices showed little change as compared with January, though bituminous-coal prices averaged slightly lower and anthracite slightly higher than a year ago. Both beehive and by-product coke production were less than in the previous month, and beehive coke was also produced in smaller quantities than in February, 1924. PRODUCTION OF BITUMINOUS AND ANTHRACITE COAL (February, 1925, is latest month plotted) The decline from January in crude petroleum production was commensurate with the shorter month; consumption of crude petroleum showed an even larger decrease, however, so that stocks were at a higher point than at the end of the previous month. Production, imports, and consumption of crude petroleum were all less in February than a year ago. Crude oil prices continued to increase during February and averaged 15 per cent higher than a 13 year ago. Gasoline prices also increased, but the prices of other petroleum products showed little change. The number of oil wells completed was greater than for either the previous month or a year ago. AUTOMOBILES AND RUBBER Despite the shorter month, automobile production increased considerably over the previous month} the passenger car output in the United States being 18 per cent greater and truck production 23 per cent larger than in January. The number of passenger cars made in February, however, was much less than in the corresponding month of either 1923 or 1924. The truck output showed a small increase over a year ago. Shipments of automobiles also increased over the previous month. The February production of tires was slightly larger and that of inner tubes slightly smaller than during January, though both were larger than for a year ago. Shipments of both pneumatic tires and tubes were lower than for the previous month and stocks exhibited the usual seasonal advance. HIDES AND LEATHER Imports of hides in February were 10 per cent less than in the previous month, all classes except calfskins being affected, but showed a 6 per cent increase over a year ago. Exports of both sole and upper leather were less than in January but were slightly larger than in February, 1924. Wholesale hide prices averaged slightly lower and sole-leather prices slightly higher than for the previous month. All hide and leather prices were higher than a year ago. IMPORTS OF HIDES AND SKINS (February, 1925, is latest month plotted) 80,000 Boot and shoe production increased about 2 per cent in February as compared with the previous month, while exports were less than for either January or a year ago. Prices tended slightly upward. Belting sales were less than either in the previous month or in February, 1924. Production of both glove leather and gloves was greater than in January. PAPER AND PRINTING Imports of wood pulp were considerably smaller than in either the previous month or a year ago, due to the decline in chemical pulp imports, which more than offset the increase in imports of mechanical pulp. Production, shipments, and imports of newsprint paper were less than in January and production and shipments less than a year ago. Boxboard output was also less than for either the previous month or previous year, and there was a greater decline in new orders received than in production or shipments. Despite the short month, February paper-box production exceeded that for the previous month by 10 per cent and that for February 1924 by 6 per cent, these increases being due to the larger output of corrugated boxes which more than offset the decline in the production of solid fiber boxes. BUTTONS AND GLASSWARE The productive activity in the manufacture of fresh-water pearl buttons increased from 34 per cent of capacity in January to 42 per cent in February, which was slightly less than a year ago. Stocks were at a lower figure than at the end either of the previous month or of February, 1924. Production, new orders, and shipments of illuminating glassware were all larger in February than for the previous month, and production and shipments only slightly less than a year ago, while new orders were 8 per cent above those for February, 1924. 60,000 BUILDING CONSTRUCTION 1,000 Construction costs exhibited little change in February. Fire losses in the United States and Canada were 21 per cent less than in January and only a little larger than a year ago. Contracts awarded for building construction in the 27 Northeastern States were less both in square footage and in prospective expenditure than in either the previous month or in February, 1924. Increases in contracts for residential and educational buildings over the previous month were more than offset by the sharp decline in contracts for the construction of commercial and industrial buildings. All classes of buildings in the 27 Northeastern States showed a decline from a year ago in the square footage of contracts awarded and all classes except "other public and semipublic buildings" declined in contemplated expenditure. 14 VOLUME OF BUILDING CONTRACTS AWARDED, BY CLASSES (February, 1925, is latest month plotted) BUILDING MATERIALS larger than in January, though almost 20 per cent smaller than in February, 1924. The output of brick was generally smaller than in January, clay fire brick being the only kind to increase over the previous month. Compared with a year ago, the production of silica brick and of paving brick increased, while that of face brick and of clay fire brick was considerably smaller. New orders and shipments of clay fire brick and silica brick declined as compared with the previous month, while stocks of all kinds of brick on hand at the end of the month were considerably larger than at the end either of January, 1925, or February, 1924. Bookings of architectural terra cotta were considerably less than for the previous month or a year ago. The February output of lumber from the north and west, such as Douglas fir, western pine, and northern pine, was generally larger than for the previous month and smaller than a year ago. Southern pine production, on the other hand, was smaller than in January and larger than in February, 1924, while that for North Carolina pine was larger than for either the previous month or a year ago. Shipments of almost all species of lumber were smaller than in the previous month or in February, 1924. Composite lumber prices averaged slightly lower than in either January or a year ago. The output of flooring was smaller than in January and that of maple flooring smaller than a year ago, although the production of oak flooring was RESIDENTIAL BUILDING CONTRACTS AWARDED AND NEW ORDERS FOR BATHS considerably larger than in February, 1924. (February, 1925, is latest month plotted) New flooring orders booked exhibited exactly the same trend as did production. Shipments of both oak and maple flooring, however, were larger than during the previous month and stocks at the end of the month were larger than at the end either of January, 1925. or of February, 1924. Unfilled orders for both oak and maple flooring, on the other hand, were smaller at the end of February than for either the previous month or year. New orders for piano benches and stools were lower than for either the previous month or for February, 1924, and unfilled orders also declined. Shipments, on the other hand, were 15 The output of Portland cement was lower than for either the previous month or February, 1924. Shipments, on the other hand, were larger during February than for either of these months. Stocks of Portland cement continued their customary seasonal increase and were 18 per cent larger than a year ago. Prices remained practically unchanged. Concrete paving contracts awarded were 10 per cent larger during February than during either the previous month or during the corresponding month a year ago. The production of roofing felt was considerably less than during January and slightly less than a year agoAll classes of enameled sanitary ware exhibited a decline in orders received and orders shipped as compared both with the previous month or with February, 1924. Stocks at the end of February, on the other hand, were larger than at the end of the previous month or a year ago. Unfilled orders, while slightly larger than at the end of January, were much smaller than at the end of February, 1924. CHEMICALS AND OILS Imports of potash were considerably larger during February than during the previous month or during February, 1924. Imports of nitrate of soda, while slightly larger than in January, were 36 per cent less than a year ago. Fertilizer exports were larger than in January, but were 10 per cent less than a year ago. The February production and shipments of methanol .and acetate of lime declined from January and also, except for acetate shipments, from February, 1924. Stocks at the end of February, while slightly larger than at the end of the previous month, were but little more than one-half as large as those reported a year ago. IMPORTS OF POTASH AND NITRATE OF SODA (February, 1925, is latest month plotted) The receipts of turpentine and rosin at the three principal Atlantic ports continued at the low point which is customary at this season of the year. As • compared with a year ago, turpentine receipts were somewhat larger and receipts of rosin somewhat smaller. Stocks of each of these commodities con tinued to decline seasonally, stocks of turpentine being slightly larger than at the end of February, 1924, while stocks of rosin were 23 per cent less than a year ago. Stocks of cottonseed continued their seasonal decline but were 55 per cent greater than at the end of February, 1924. Stocks of cottonseed oil, on the other hand, were slightly larger than at the end of January and only a little less than a year ago, the increase in stocks being accompanied by a 25 per cent decline in production during the month. The price of cottonseed oil continued downward but was still slightly above that of a year ago. Receipts, shipments, and stocks of flaxseed at Minneapolis and Duluth continued their seasonal decline but stood in each case at a higher point than a year ago. CEREALS The visible supply of wheat declined seasonally as compared with January, that in the United States being slightly higher, while the Canadian stocks were reported to be 40 per cent less than at the end of February, 1924. Receipts and shipments at the principal markets were each 19 per cent less than in January, the receipts being about the same as a year ago, while shipments were 52 per cent greater. Wheat prices declined only slightly from the high point reached in January, while exports of wheat and wheat flour were 10 per cent less than during the previous month and 16 per cent greater than a year ago. The production of wheat flour was less than during the previous month or during February, 1924, and the estimated consumption was also less than for January, although considerably larger than a year ago. Stocks of flour were lower than at the end of either of the periods with which specific comparison was made. The wholesale price of Minneapolis flour made under standard patents continued to rise, while the Kansas City price of winter straights declined slightly. The visible supply of corn was considerably larger at the end of February than at the end of either the previous month or a year ago. Receipts and shipments of corn, on the other hand, were much smaller than for the previous month or for February, 1924. Receipts of oats and barley were less than in January and exports of these grains also declined. Shipments of rice showed the customary seasonal decline despite a pronounced increase in imports. Stocks of rice in the hands of mills and dealers were smaller at the end of February than for either the previous month or a year ago. Corn grindings for starch and glucose manufacture were smaller in February than for either the previous month or a year ago. On page 16 is given a table showing the distribution of corn-sirup consumption for each half of 1924, and with annual totals for 1923 and 1924 according to classes of consumers. 16 DISTRIBUTION OF CORN SIRUP (GLUCOSE) IN POUNDS 1934 USE First 6 months TOTAL Last 6 months Mixed simps . . 215, 085, 444 198, 265, 445 Manufacturing confection190,680,841 233,205,406 eries Jams, jellies, and preserves. _. 14, 294, 217 16,932,525 Bakers 27, 753, 830 33, 070, 627 Brewers. 5,311,890 5, 173, 656 Technicals (textile, paper, 3, 747, 686 4,237,702 etc.) 2, 497, 409 2, 891, 126 Tobacco manufacturers 269,463 388,549 Ice-cream manufacturers 29, 275, 559 36,592,999 Miscellaneous (dealers) Total domestic sumption. con- Exported.. ... Total distribution . . . 488, 778, 105 82, 980, 185 571, 758, 290 1934 410, 513, 589 1933 304, 146, 981 425,886,247 408,063,431 32, 526, 752 22,458,888 63, 024, 574 47, 329, 711 10,485,546 7, 821, 922 8,690,651 5, 388, 535 658,012 68,268,328 9,959,687 4, 934, 358 1,137,908 63,246,702 530,896,269 1,025,442,234 869, 099, 588 85,691,779 170,327,964 137, 590, 061 Receipts, shipments, and slaughter ol hogs, sheep, and lambs also declined seasonally and were less than in February, 1924. Exports of pork were considerably less in either the previous month or a year ago. Prices of hogs were slightly higher and prices of sheep slightly lower than in January. Poultry receipts were less and the fish catch greater than for the previous month or a year ago. Receipts of butter and cheese at the five principal markets were less than for the previous month or February a year ago. Cold-storage holdings of these commodities also continued their seasonal decline, holdings of cheese being less and those of butter considerably larger than at the end of February, 1924. 616,588,048 1,195,770,198 1,006,689,649 SUGAR, COFFEE, AND TEA Car-lot shipments of the principal fruits and vegetables were also smaller for February than for either the previous month or for a year ago with the single exception of potatoes, which were practically the same as in February, 1924. MEATS AND DAIRY PRODUCTS Receipts, shipments, and slaughter of cattle declined seasonally during February but were in each case slightly larger than a year ago. Exports of beef, on the other hand, were less than for either the previous month or for February, 1924. Prices of cattle showed a slight increase over January. RELATIVE RECEIPTS OF BUTTER, CHEESE, AND EGGS AT PRIMARY MARKETS (1919 monthly averages-100. February, 1925, is latest month plotted) 300 200 February imports of raw sugar showed their customary seasonal increase, but were 9 per cent less than a year ago. Meltings were also larger than in February, 1924. Wholesale prices continued about the same as in January but were about 35 per cent less than a year ago. Receipts of raw sugar at Cuban ports and exports from Cuba continued their seasonal increases, the receipts being 13 per cent larger and the imports 5 per cent smaller than in the corresponding month a year ago. Cuban stocks at the end of February, on the other hand, were much larger than at the end of January, 1925, or February, 1924. Imports of coffee were 27 per cent less than either for January or for a year ago. The visible supply in the United States was somewhat smaller than in January, but considerably larger than in February, 1924. The world visibly supply, on the other hand was reported to be only 3 per cent less than in January and 22 per cent greater than a year ago. February imports of tea continued to decline seasonally but were 17 per cent greater than in February, 1924. TOBACCO The consumption of tobacco products as represented by tax-paid withdrawals from warehouses, declined as compared with the previous month and, except in the case of cigarettes, was smaller than a year ago. Exports of unmanufactured leaf were but two-thirds of the previous month's total and but little more than one-half those of a year ago. Exports of cigarettes, on the other hand, were larger than in either the previous month, or February, 1924. Sales of tobacco at loose-leaf warehouses made the usual seasonal decline but were slightly larger than a year ago. RAILROADS 20 The net surplus of freight cars for the last week in February was one-third greater than for the corresponding week in January, as the number of coal cars available almost doubled. Surplus of cars at the 17 end of February was more than twice as large as a year before. Bad-order cars continued to decline, although still greater than a year ago. February loadings were greater than in either the previous month or a year ago, the increase in cars loaded with merchandise and miscellaneous products more than offsetting decreases in those loaded with grain, livestock, and coal. from State and municipal free employment agencies indicated increases over January in the number of jobs registered and workers placed for the country is a whole and for each of the important groups of States except those in the East. IMMIGRATION AND EMIGRATION (February, 1925, is latest month plotted) SHORTAGE, SURPLUS, AND BAD-ORDER FREIGHT CARS (February, 1925, is latest month plotted) BAD ORDER CARS DISTRIBUTION MOVEMENT EMPLOYMENT Factory employment conditions were better in February than in the preceding month, but were 5 per cent below February, 1924, all industrial groups either partaking of the increase over the previous month or remaining stationary. Compared with a year ago, on the other hand, all industries showed declines except the paper and printing industry, which remained stationary. The most pronounced declines from February, 1924, were recorded in the nonferrous metals, vehicle, and chemical industries. An increase in the number of employees was recorded in each of the States for which figures were available and increased average weekly earnings were reported for Illinois and Wisconsin. In New York and Massachusetts the average weekly earnings declined somewhat from the previous month. Reports Sales of the two mail-order houses were almost as great as in January and were 11 per cent larger than a year ago. For the leading 10-cent chain stores total sales were slightly greater than in the previous month and were 12 per cent greater than in February, 1924. Magazine advertising was larger than in either the previous month or a year ago, while newspaper advertising, due to the shorter month, declined seasonally and in addition was 4 per cent less than in February, 1924. February postal receipts at the 50 largest cities declined seasonally from January but were slightly larger than a year ago. Receipts at 50 industrial cities also declined from the previous month and were also larger than in February, 1924. Internal revenue tax collections received in February and covering January business were less than for FACTORY EMPLOYMENT (Index numbers relative to 1913 average employment as 100. February, 1925, is latest month plotted) D Z X 90 UJ 0 Z 80 1 1914 I 1915 39732—25f 1916 i 1917 1918 1919 1920 1923 1924 1925 18 the previous month and, except in the case of taxes on firearms and on capital-stock transfers, were less than & year ago. SALES BY MAIL-ORDER HOUSES AND CHAIN 10-CENT STORES (February, 1925, is latest month plotted) LIFE INSURANCE New policies obtained in February totaled 15 per cent more than in January and 10 per cent more than a year ago. Group policies declined from the previous month but were higher than a year ago, while ordinary and industrial policies increased over both periods. In the amount of new insurance there were also increases over both periods for all classes except group insurance. Premium collections were slightly less than for the previous month but larger than a year ago. Investments by life insurance companies at the end of February showed slight increases over the previous month in mortgage loans and in railroad and publicutility bond holdings, but a decline in holdings of Government bonds. All classes of assets except Government bonds exhibited substantial increases over a year ago. spondingly lower. Member banks reported a slightly larger total for loans and discounts and slightly smaller totals for net demand deposits and for investments in February than in January but larger totals for each item than a year ago. Interest rates on call loans continued the rise which began in September; rates on commercial loans also averaged slightly higher than in January. Both types of interest were considerably lower than a year ago. The Government debt, both long term and short term, was slightly less at the end of February than for either the previous month or the corresponding month a year ago. Government receipts were slightly larger and expenses 45 per cent smaller than in January; receipts and expenses were both considerably less than in February, 1924. The amount of money in circulation was 1 per cent above the total for January and almost the same as a year ago. Commercial failures were less than in January but greater than a year ago as measured both by the number of firms and by their liabilities. A smaller number of failures occurred among manufacturing concerns and trade establishments and a larger number among agents and brokers in February than in the previous month. Failures among manufacturing concerns involved much greater liabilities than in January, however, while those of other establishments declined. NUMBER OF BUSINESS FAILURES AND AMOUNT OF DEFAULTED LIABILITIES (February, 1925, is latest month plotted) BANKING AND FINANCE February check transactions as evidenced both by bank debits and bank clearings showed the usual seasonal decline from January, only a part of which can be accounted for by the smaller number of days in the month. Compared with a year ago check transactions showed a pronounced increase, which was proportionately greater in New York than in the country at large; as compared with the previous month, the decline in New York City was slightly greater. Discounted bills at the end of February were held by the Federal reserve banks in greater volume than for any month since April, 1924, but were considerably less than a year ago. Notes in circulation, while slightly larger in amount than at the end of January, were less than for any other month during the past five years. Investments and reserves were slightly less than in January, the former being greater and the latter lower than a year ago. Deposits were larger than at the end either of the previous month or of February, 1924, while the reserve ratio was corre- Dividend and interest payments listed for March were 4 per cent greater than for a year ago; totals for the first three months of 1925 were 7 per cent greater than for the corresponding months of 1924. New capital issues, although less than in January, showed a 51 per cent increase over a year ago. New incorporations involved 45 per cent less capital in February than in the previous month and 35 per cent less than a year ago. The February average of stock prices showed a continuation of the rising market. Although the tiverage prices of United States Government and foreign bonds were slightly less than in January, railroad, public utility, and industrial bonds recorded 19 increases. Bond prices averaged from 2 to 11 per cent higher than a year ago. Sales of securities were considerably less in February than during the previous month, but were much greater than for a year ago. Agricultural loans made in February through Gov- ernment and land bank sources were larger than in the previous month except for rediscounts by the Federal intermediate credit banks, and all classes were greater than in February, 1924, except those made by the Federal farm loan banks. COMPARISON OF WHOLESALE PRICES AND STOCK PRICES (Twelve-month moving averages. February, 1925, is latest month plotted) 1 VHOLESALE PRICE INDEX \ PRICE, 25 INDUSTRIAL STOCKS 1916 GOLD AND SILVER Gold receipts at the mint declined both from January and from a year ago. Imports continued to decline, being less than one-tenth as large as in February, 1924. Exports of gold continued large; although February export of $50,578,000 was but little more than two-thirds of the amount sent abroad in January, it was over 100 times as much as was exported a year ago. More gold was exported in December, January, and February than in the preceding four years. Silver production was lower in February than it had been since last July and was 14 per cent less than a year ago. Imports and exports were likewise much less than for either the previous month or for February, 1924. Prices were slightly higher than in January. M• i i n 1923 1924 I 1925 from January in the pound sterling, franc, lire, and in South American exchanges were offset by increases in the rate of exchange with Japan and Canada. GOLD TRADE BALANCE (EXCESS OF IMPORTS, EXCESS OF EXPORTS) (February, 1925, is the latest month plotted) lOOr FOREIGN EXCHANGE AND TRADE The general index of foreign exchange in February was the same as for the previous month, standing at 64 as compared with 58 a year ago. Slight declines 1922 1923 1924 | 1925 20 PRELIMINARY MANUFACTURES RETURNS: 1923 Both imports and exports of merchandise declined from the previous month, the decline in imports being 4 per cent and that in exports being 17 per cent. Imports and exports were each slightly larger, however, than in February, 1924. VALUE OF PRODUCTS Per cent Per Per cent minimum month is of cent inin- crease maximum crease over 1921 1928 1921 INDUSTRY CLASSIFICATION 1921 1923 CENSUS OF MANUFACTURES, 1923 Artificial leather $33, 557, 634 $15, 515, 739 7,171,570 24, 550, 239 Asbestos textiles 37, Oil, 718 Awnings, tents, and sails 45, 275, 756 Bags, other than paper 151, 675, 727 115,452,413 Butter, cheese, and con989, 839, 164 738, 440, 107 densed milk Cotton goods 1,901,125,703 1, 278, 220, 831 Cotton small wares 26, 061, 193 73, 223, 566 Dyeing and finishing textiles. 342,229,850 276, 750, 670 Hats and caps, other than felt 42, 811, 444 36, 987, 008 and straw 69,333,182 54, 550, 787 House-furnishing goods Manufacture of woolen and 1,062,558,438 364, 287, 817 worsted goods 77, 526, 542 102,951,687 Men's furnishing goods Printing and publishing, 738, 227, 363 690, 074, 975 book and job ...... Printing and publishing, newspapers and periodicals. 1, 268, 501, 566 1, 123, 709, 828 Regalia, badges, and emblems - 10, 585, 846 10, 359, 349 Shirts . 241, 331, 226 203,944,376 Silk manufactures 761, 322, 119 583, 418, 756 4, 081, 273 Upholstering materials 7, 641, 279 Women's clothing .. . _ 43, 816, 979 45, 411, 189 Men's clothing 1, 105, 116, 203 873, 549, 796 61, 226, 479 Men's clothing, contract work 73, 598, 528 Knit goods ._ 848, 176, 734 634,073,895 The Bureau of the Census has announced preliminary reports from 22 additional manufacturing industries, collected pursuant to the census of manufactures for the year 1923. The following table summarizes some important data made available since the publication of the February, 1925, issue of the SURVEY, page 25. (See also January, 1925, issue, p. 19; December, 1924, p. 22; and November, 1924, p. 24, for corresponding lists.) Further compilations will appear in the future issues as the data relating thereto are completed. Statistics in greater detail for each industry may be obtained from the bureau's preliminary statements on the respective industries. PERSONS EMPLOYED 116.3 70.5 77.9 65.0 242.3 277.8 76.9 62.4 22.3 17.5 57.0 51.1 31.4 12.4 92.4 75.7 34.0 8.1 74.9 48.7 14.4 93.3 181.0 121.6 82.9 23.7 23.1 89.5 15.7 27.1 12.4 89.9 73.7 16.0 86.0 72.3 33.1 32.8 15.3 90.0 57.8 19.1 87.7 79.3 7.0 7.3 96.3 91.1 12.9 2.2 18.3 30.5 87.2 3.6 26.5 20.2 33.8 SALES OF GROCERY CHAIN STORES 1919 1920 1921 1922 1923 1924 1925 MONTH ACTUAL SALES, 27 CHAINS, IN THOUSANDS OF DOLLARS January February March April May June July . . August September October November December - - -- -- _ . ._ - .. Yearly total Monthly average . $24, 889 23,804 26, 644 26, 146 27,002 25, 258 28, 186 27, 412 27, 610 33, 453 31, 635 34, 507 $36, 263 35,602 41, 396 43, 898 42, 708 43,594 44, 354 40, 282 40, 136 41, 449 39,969 39, 874 $36,045 34, 592 37, 854 35, 099 34, 015 34, 171 33, 248 35,050 34, 669 39, 404 39, 242 42, 818 $39, 845 37,903 43, 681 40, 811 40,705 41,064 40,166 41, 143 42, 359 44,726 46,865 49, 584 $48, 483 47r820 57, 989 50, 741 53, 334 51,694 50,185 50,589 51,594 56,286 57,094 56,974 $57, 625 56, 233 56, 032 59, 028 60, 071 56,002 57, 887 56, 356 58, 816 67, 404 65,031 70, 947 336, 546 489, 525 436, 207 508,853 632, 787 721, 433 28,046 40, 794 36, 351 42,404 52,732 60, 119 $70, 161 66, 272 INDEX NUMBERS, UNADJUSTED » January February March April May June - July August September October November December . ._ .. Monthly average 89 85 95 93 96 90 101 98 99 119 113 123 129 127 148 157 152 155 158 144 143 148 143 142 129 123 135 125 121 122 119 125 124 141 140 153 142 135 156 146 145 146 143 147 151 160 167 177 173 171 207 181 190 184 179 180 184 201 204 203 206 201 200 211 214 200 206 201 210 240 232 253 100 146 130 151 188 215 250 236 INDEX NUMBERS WITH SEASONAL CORRECTIONS » January February .. March April May June Julv August September .. October November . December _ _. .... -. .. . . 88 89 88 92 96 91 104 103 104 116 112 118 129 132 136 154 152 158 164 151 151 144 141 136 128 129 125 123 121 124 123 131 130 137 139 146 141 141 144 144 145 149 149 154 159 155 166 169 • 172 178 191 178 190 187 186 189 194 195 202 194 204 200 184 208 214 203 214 211 221 234 230 242 67.2 84.3 74.6 75.0 249 246 i This table is compiled from data furnished by the Federal Reserve Board, Division of JResearch and Statistics, and revises the figures previously published on sales of grocery chains. 21919 monthly average—100. 2! 6 13.7 3.2 68.5 3.9 16.4 33.6 20.0 94.6 89.5 95.6 92.4 82.9 73.0 93.8 86.4 94.4 95.7 84.9 73.0 70.2 66.1 76.6 67.8 66.5 62. 1 21 INDEXES OF BUSINESS The index numbers presented in tills table are designed to show the trend in production, prices, trade, etc., in various groups of industry and commerce. They consist in general of weighted combinations of series of individual relative numbers; often the individual relative numbers making up the series are also given. The function of index and relative numbers is explained on the inside front cover. A condensed form of this table is given on page 7. Minimum since PER CENT INCREASE (+) OR DECREASE (-) 1925 1934 Maximum .since Jan. l, 1920 Jan. 1, 1920 179 73 109 100 156 143 120 95 20. 8 -5.0 155 212 137 121 241 139 169 133 131 145 62 105 41 0 0 17 .74 38 57 80 130 179 135 108 0 124 130 133 76 99 123 176 122 104 0 123 141 117 91 125 121 179 108 92 39 128 165 112 108 119 123 180 119 101 0 127 163 123 92 120 132 188 134 101 0 139 169 132 88 117 113 171 100 98 0 129 161 124 82 108 -14.4 — 1. 6 25. 4 -3.0 0.0 -7.2 —4. 7 -6. 1 -6.8 -7.7 8. 1 -2.8 -18.0 -5.8 0.0 + 4.9 + 14.2 + 6.0 -9.9 -13.6 138 227 143 177 153 245 390 135 190 80 19 58 64 54 30 21 45 94 119 66 92 167 75 60 192 59 126 105 31 71 143 62 84 139 71 119 125 69 115 131 83 39 313 81 128 138 93 102 177 71 43 390 71 130 114 19 91 163 65 53 154 64 129 102 27 75 122 61 98 107 105 122 -10. 5 +42. 1 -17.6 25. 2 -6.2 4-84.9 -30.5 + 64. 1 -5.4 2.9 12.9 + 5.6 14. 7 1. 6 + 16.7 -23.0 + 47.9 + 2.5 246 242 254 405 278 170 49 54 58 50 19 21 93 94 129 89 81 102 87 121 132 98 40 65 195 166 141 184 271 120 158 133 92 84 234 106 119 121 130 83 128 101 81 82 129 69 79 59 31 9 32 2 -0.8 -16.9 38. 3 41 6 -6.9 -32.2 2. 3 -29.6 + 97.5 92 _ 135 133 164 267 151 61 59 51 20 24 111 108 144 94 114 114 117 105 65 106 115 111 115 179 128 109 104 110 196 129 114 117 106 76 142 112 116 88 67 129 18 0 9 -17.0 -11.8 -9.2 18 09 -16.2 +3.1 +21. 7 Grand total (adjusted for working days) Grand total (unadjusted) Foodstuffs Textiles Iron and steel. ........ Lumber Leather .. . Paper and printing Chemicals, oils, etc Stone and clay products ... Metals, excepting iron and steel . Tobacco Miscellaneous 130 135 129 130 147 145 115 121 171 143 195 125 145 71 68 77 54 32 57 63 69 92 69 71 70 37 113 118 112 117 125 124 87 113 144 101 176 111 116 122 117 107 106 129 131 85 103 136 104 177 97 122 114 110 100 101 106 131 81 102 167 128 152 106 100 112 112 104 109 122 127 83 106 174 116 149 100 95 116 121 113 117 141 142 84 112 169 106 179 111 104 124 115 100 108 127 137 30 99 153 100 172 100 113 + 6.9 -5.0 11 5 7 7 9 9 3 5 -4.8 11 6 9 5 5 7 3 9 10 0 + 8.7 Electric power Building construction (total awards)*... 172 147 98 30 160 107 149 103 156 105 171 100 172 91 154 83 -10.5 -8.8 + 1.6 -1.7 -6.5 + 1.9 16 + 4.6 -4.7 39 + 12.5 38 2 8 +3.1 14 8 +3.4 -19.4 Novem- Decem- January FebruJanuary February ber ber ary February, from Jan- 1925,from Febuary, 1925 ruary, 1924 Feb., 1925, PRODUCTION ( Relative to 1019 monthly average as 100) RAW MATERIALS Grand total ----MINERALS Total P@trol£iiTn Bituminous coal Anthracite coal Iron ore * Copper Lead . Zinc Gold Silver --.. ANIMAL PRODUCTS (marketings) Total . . - Wool* Cattle and calves Hogs „ Sheep .. » - -Eggs * . Poultry * Fish Milk (New York) -« . CROPS (marketings) Total Grains * Vegetables * . Fruits* Cotton products * Miscellaneous crops * - FOREST PRODUCTS Total Lumber . . . Pulpwood Gum (rosin and turpentine) * Distilled wood MANUFACTURING • Fluctuations between maximum and minimum due largely to seasonal conditions. 22 INDEXES OF BUSINESS—Continued Maximum since Jan. 1, 1920 STOCKS (Relative to 1919 monthly average as 100) (Corrected for seasonal variation) Total Raw foodstuffs Raw materials for manufacture. Manufactured foodstuffs Manufactured commodities (Unadjusted Index) Total . Raw foodstuffs . _ Raw materials for manufacture Manufactured foodstuffs . Manufactured commodities „__ 1924 PEE CENT INCREASE (+) OE DECREASE (— ) 1925 Minimum since Jan. 1, January 1920 Feb. ruary November December January February Feb., 1925, from Jan., 1925 Feb., 1925, from Feb., 1924 154 233 189 115 175 91 73 89 58 86 136 164 125 74 161 135 173 118 74 154 135 153 135 84 155 145 184 142 88 152 154 186 149 87 175 148 173 139 89 174 -3.9 162 232 187 115 175 84 70 68 56 89 132 151, 130 76 157 139 186 116 77 155 145 154 181 83 158 156 191 174 82 162 162 219 157 85 170 159 213 137 86 175 1. 9 -2.3 -12.7 + 1. 1 + 2.9 116 112 153 40 37 25 63 47 130 63 47 129 53 42 99 62 49 114 62 50 115 63 50 115 + 1.6 0.0 0.0 0.0 + 6.3 -10. 9 84 79 78 75 -3.8 3 8 90 85 83 82 95 + 1. 1 + 2.4 -15. 3 + 1.2 + 5.6 0.0 -1. 2 -12. 6 -4.7 8 7 7. 0 -6.3 + 2.3 -0.6 + 9.6 0.0 + 17.8 + 20.2 + 13.0 + 14.3 + 14.5 + 18. 1 + 11. 7 + 12.9 UNFILLED ORDERS (Relative to 1920 monthly averages as 100) (Iron, Steel, and Building Materials) Total (8 commodities) Iron and steel Building materials _ _ WHOLESALE TRADE (Relative to 1919 monthly average as 100) (Distributed by Federal Reserve Districts) » 98 62 80 78 117 115 116 120 125 58 54 58 52 72 91 84 111 84 104 90 86 95 86 104 98 95 88 93 90 99 97 85 93 91 89 83 98 81 90 78 82 99 101 98 39 40 31 26 47 49 50 49 41 53 49 45 57 37 66 57 49 55 48 63 56 54 44 47 50 47 45 58 31 54 + 9.3 + 4.7 + 45.0 + 19.2 + 12. 5 4 1 0. 0 + 1.8 -16.2 -18. 2 100 103 100 91 124 130 146 117 112 185 123 135 119 131 136 62 60 62 56 77 88 85 75 74 99 80 78 82 72 97 116 130 112 97 141 77 71 80 70 88 109 125 102 92 133 89 88 88 79 98 109 113 103 94 139 83 80 87 73 85 109 120 100 91 134 74 66 78 65 82 109 126 101 89 130 -7. 5 -12. 0 -9.3 4. 4 -15. 6 3. 9 -7.0 -2.5 7. 1 -6.8 -6.0 -2.3 8. 2 -6.3 10. 3 0. 0 + 0. 8 -1. 0 -3.3 -2.3 64 71 45 53 67 97 104 92 100 94 98 113 88 91 99 88 88 70 86 92 77 97 51 71 76 43 43 40 26 48 80 75 86 68 96 116 129 110 95 145 82 94 70 80 83 88 110 70 77 77 + 7.3 + 17. 0 0.0 -3. 7 72 -10.2 -2.7 -20.5 -15. 4 -22.2 78 43 66 63 68 67 68 63 -7.4 Q-0 148 49 98 96 131 148 108 105 -2.8 + 9.4 ._ 366 214 250 186 193 276 188 126 84 84 55 206 119 141 109 I 119 106 154 108 99 72 | 140 97 201 143 124 167 93 199 111 232 145 138 186 146 366 184 253 187 192 282 186 151 92 250 155 122 162 107 156 99 236 146 119 175 100 + 3.3 + 7.6 -5.6 -5.8 -2.5 + 8. 0 -6.5 + 11.4 + 2.1 + 17.4 + 2.1 — 4. 0 + 4.8 + 7.5 _ 210 154 80 101 109 115 102 127 141 147 210 124 109 119 100 128 -8.3 + 7.6 -2.0 + 0.8 Grand total, all classes HARDWARE, total 10 districts New York . Richmond _« Chicago San Francisco SHOES, total 8 districts New York . _ .. Richmond _ __ Chicago San Francisco GROCERIES, total 11 districts New York Richmond __ Chicago San Francisco DRUGS, total 7 districts New York Richmond Chicago San Francisco . ___ DRY GOODS, total 9 districts New York Richmond Chicago San Francisco MEATS, total 2 districts RETAIL TRADE (Relative to 1919 monthly average as 100) MAIL-ORDER HOUSES (4 houses) CHAIN STORES: Ten-cent (5 chains) Music (4 chains) Grocery (27 chains) Drug (9 chains) Cigar (3 chains) Candy (4 chains) _ _ Shoe (6 chains) DEPARTMENT STORES: Sales (359 stores) Stocks (314 stores) _ » Maximum and minimum monthly indexes for the individual districts were selected from the series beginning January, 1921, prior monthly data not being available while for the several commodity totals the maximum and minimum monthly indexes cover the period since January, 1920. The fluctuations between maximum and minimum for United States and district totals for a given line are, therefore, not comparable. 23 INDEXES OF BUSINESS—Continued Maximum since PEE CENT INCREASE (+) OR DECREASE (— ) 1925 1924 Minimum since Jan. 1, 1920 Jan. 1, 1920 235 283 373 186 215 304 180 110 88 114 91 111 76 80 134 110 118 101 140 255 99 134 113 123 102 138 247 98 137 147 108 115 150 179 106 139 155 110 113 158 176 102 146 172 122 123 154 182 94 146 178 131 126 142 183 96 0.0 + 3.5 + 7.4 + 2.4 -7.8 + 0.5 + 2. 1 + 9.0 + 57.5 + 6.5 + 23.5 -2.9 -25.9 -2.0 248 243 248 346 281 203 300 213 275 208 138 114 131 171 162 109 155 121 171 114 151 144 143 200 169 142 181 132 176 117 152 143 143 196 180 143 182 131 176 113 153 150 154 190 163 129 172 134 172 123 157 157 158 191 165 133 175 135 172 129 160 163 160 191 168 136 179 135 173 127 161 162 157 191 178 136 183 135 173 125 + 0.6 -0.6 -1.9 0.0 + 6.0 0.0 + 2. 2 0.0 0.0 -1.6 + 5.9 + 13.3 + 9.8 -2.6 -1. 1 -4.9 + 0.5 + 3.1 -1.7 + 10.6 249 311 218 375 272 185 122 103 152 165 155 182 115 194 170 156 176 116 195 177 155 176 124 182 166 161 186 129 187 169 167 196 133 193 172 169 193 136 201 175 + 1.2 -1.5 + 2.3 + 4. 1 + 1.7 + 8.3 + 9.7 + 17.2 + 3.1 -1.9 247 244 249 138 118 146 151 136 156 152 139 154 1,53 131 163 157 132 167 160 134 169 161 136 167 + 0.6 + 1.5 -1.2 + 5.9 -2.2 + 8.4 267 246 272 142 102 125 163 143 196 163 148 189 160 150 169 165 149 171 168 147 175 167 147 178 + 0.6 0.0 + 1.7 + 2.5 -0.7 5 8 218 227 134 115 158 143 158 140 164 147 167 151 169 151 167 150 -1. 2 -0.7 + 5.7 + 7. 1 219 139 149 147 150 152 154 151 -1.9 + 2.7 205 219 186 288 200 192 155 139 143 153 149 171 165 149 180 176 175 174 164 147 180 177 175 174 165 150 184 173 168 175 166 152 184 173 169 175 167 154 184 174 169 175 165 151 183 172 169 175 -1.2 19 -0.5 -1. 1 0.0 0.0 + 0.6 + 2.7 + 1.7 -2.8 -3.4 + 0. 6 January February November December January February Feb., 1925, from Jan., 1925 Feb., 1925, from Feb., 1924 PRICE INDEX NUMBERS FARM PRICES (Relative to 1909-1914 average as 100) All groups Grain Fruits and vegetables Meat animals , Dairy and poultry Cotton and cottonseed Unclassified . _ -_ WHOLESALE PRICES Department of Labor Indexes (Relative to 1913) All commodities Farm products Food, etc „ Cloths and clothing. Fuel and lighting Metals and metal products Building material Chemicals H ouse-f urnishing goods Miscellaneous „ _ Federal Reserve Board Regrouping of Department of Labor Indexes (Relative to 1913) Total raw products. Agricultural products. _. Animal products . Forest products Mineral products All commodities Producers* goods Consumers' goods _ ._ _ _ Federal Reserve Board Indexes (Relative to 1913) All commodities Goods imported Goods exported Commercial Indexes (Relative to 1913) Dun's (1st of following month) _ _ _ Bradstreet's (1st of following month) RETAIL PRICES FOOD (Dept. of Labor—relative to 1913) COST OF LIVING National Industrial Conference Board Indexes (Relative to July, 1914) All items weighted Food Shelter Clothing Fuel and light Sundries _ . 24 INDEXES OF BUSINESS—Continued PER CENT INCREASE (+) OR DECREASE (-) 1925 1924 Maximum since Jan. 1, 1920 Minimum since Jan. 1, 1920 333 310 340 154 155 163 165 173 178 167 173 180 170 175 176 170 180 177 171 177 178 169 177 178 -1.2 0.0 0. 0 + 1.2 + 2.3 0.0 588 537 670 366 306 283 504 152 494 445 571 152 544 469 573 153 503 449 621 162 507 451 640 163 514 456 657 164 515 457 660 165 + 0.2 + 0.2 + 0.5 + 0.6 -5.3 -2.6 + 15.2 + 7.8 263 279 218 162 143 170 164 146 172 166 148 178 165 148 180 168 149 176 171 156 171 158 172 + 1.3 + 0.6 + 6.8 3. 4 '321 313 183 171 211 205 208 200 214 210 213 209 213 208 210 209 -1.4 + 0.5 + 1.0 + 4.5 236 326 146 160 174 183 170 180 163 169 165 171 163 170 163 170 0.0 0.0 -4. 1 -5.6 95 98 96 93 95 97 102 97 94 94 96 96 95 97 99 97 94 97 97 101 99 95 102 97 96 97 88 95 86 82 93 91 101 89 95 85 97 84 85 89 96 88 85 93 91 102 90 94 87 96 85 87 90 93 90 86 92 94 101 91 90 87 92 86 90 92 93 92 88 93 95 101 92 92 91 93 87 92 + 2.2 0.0 + 2.2 + 2.3 + 1.1 + 1.1 0.0 + 1.1 + 2.2 + 4.6 + 1. 1 + 1.2 + 2.2 -5.2 -6. 1 -5.2 -6.4 —4. 1 -2. 1 0.0 -7.1 -3.2 -10.8 -4. 1 -9.4 -5.2 FebJanuary ruary NO- vember December January February Feb., 1925, from Jan., 1925 Feb., 1925, from Feb., 1924 PRICE INDEX NUMBERS— Contd. FOREIGN WHOLESALE PRICES (Relative to 1913) United Kingdom: British Board of Trade ... London Economist U. S. Federal Reserve Board France: General Statistical Bureau U. S. Federal Reserve Board Italy (Bachi). Sweden. _„ Canada: Canadian Department of Labor U. S. Federal Reserve Board India (Calcutta) Japan : Bank of Japan . U. S. Federal Reserve Board (Relative to July, 1914) Australia Switzerland 3 EMPLOYMENT (Relative to 1923, monthly average as 100) Number employed, by industries: Total, all classes Food products Textiles _ Iron and steel _ _ _ .. _. .- . Lumber Leather Paper and printing Chemicals .. _ _ . Stone, clay, and glass . Metals, except iron and steel Tobacco products Vehicles Miscellaneous 1 Since January, 1921. •January, 1920; no other figures for 1920 available. 25 MARCH DATA The following table gives such March data as have been received to and including April 13, 1925, exceptlwholesale pricets of individual commodities, which appear on page 5. Text matter covering March data is given on page 1 19'55 ITEM February 19'J5 ITEM 1924 February March TEXTILES 33,955 734,697 582, 674 49,833 332, 168 485, 840 3,882 1,645 2,237 3,505 1,504 2,001 33,225 32,372 5,475 27,411 32,886 12,342 25,643 37, 985 45, 157 46, 663 36,543 30, 375 IRON AND STEEL 3,214 Pig iron, production . -thous. of long tons.. Furnaces in blast: 254 Furnaces. . . .number. Capacity _ long tons per day.. 115, 700 3,740 Steel ingots, production thous. of long tons.. Unfilled orders, U S Steel Corp 5,285 end of month thous of long tons Wholesale prices' 2.55 Compositefinishedsteel... . dolls, per 100 lbs__ 23.21 Composite pig iron dolls, per ton 2.83 Composite steel dolls, per 100 Ibs Locomotives: Shipments85 Total ...number. 73 Domestic number 12 Foreign number Unfilled orders—397 Total . _ number.. 343 Domestic number.. 54 Foreign number New eouipment orders* 5,388 Freight cars - number 90 Passenger cars ... number.. 49 Locomotives . number.. 3,564 3,446 245 270 112,380 4,180 112,240 4,188 4,864 4,783 2.54 22.87 2.76 2.75 23.83 3.00 109 93 16 132 128 4 447 351 96 534 494 40 4,679 38, 134 111 106 308 311 NONFERROUS METALS Tin: Stocks, end of month: 3,949 United States long tons.. World visible supply long tons.. 23, 591 Deliveries (consumption) long tons. . 7,205 Zinc: Retorts in operation, end of month number.. 87,377 Production thous. of lbs__ 93, 622 Stocks, end of month _ .thous. of Ibs _ 33, 406 Ore shipments, Joplin district thous. of Ibs.. 135,974 Ore stocks, Joplin district thous. of Ibs. _ 52,000 5,184 19, 623 7,100 1,802 23,275 4,560 86, 529 102, 970 34,392 125, 596 54,000 78,092 95,550 64,148 168,988 65,280 39, 720 31,192 51,000 43,500 1,000 54,545 41, 555 2,624 3,381 3,381 AUTOMOBILES . BUILDING AND carloads number of machines number of machines. _ 487 Lumber Northern pine: Lumber— Production Shipments Orders received LathProduction _ Shipments number.. M ft. b. m._ M ft. b. m._ M ft. b. m__ 33, 905 39, 466 35, 650 41, 512 37, 389 32, 486 36, 638 49, 905 53, 315 thousands thousands 9,301 7,333 10, 781 9,357 8,906 12, 968 38, 245 34,904 33, 539 52,804 52, 626 41, 611 40 564 35, 956 52, 623 46, 902 32, 659 30, 547 26, 021 40, 627 51, 283 10, 675 1,229 13, 683 1,543 12,022 1,317 Flooring Oak flooring: Production M ft. b. m._ Shipments M ft b m Orders booked M ft. b. m__ Stocks, end of month M ft. b. m_. Unfilled orders, end of month M ft. b. m_. Bookings: Architectural terra cotta Quantity net tons Value thous. of dollars. . Cement Production thous. of bbls.. Shipments thous. of bbls.. Stocks thous. of bbls Concrete paving contracts awarded: Total thous. of sq. yds.. Roads thous. of sa. yds.. Wholesale prices: Drugs and Pharmaceuticals Essential oils _ Crude drugs Flaxseed Receipts: Minneapolis . . _. Duluth Shipments: Minneapolis Duluth . . Stocks, end of month: Minneapolis Duluth _ Linseed oil: Shipments from Minneapolis Linseed-oilcake: Shipments from Minneapolis index number index number-index number.. 155 156 159 219 158 204 139 180 thous. of bush. . thous. of bush 750 109 683 97 233 112 thous. of bush.. thous. of bush.. 142 283 163 228 168 143 thous. of bush. . thous. of bush. . 400 636 367 400 156 165 155 thous. of lbs._ 14, 468 14, 810 12, 212 thous of Ibs 29 847 20 933 16, 031 thous. of bush thous. of bush. . thous of bush 19,923 21, 274 14 110 17, 260 24, 916 12, 856 17, 997 30, 345 16, 771 thous. of bush.. thous. of bush-- 16, 168 12, 270 18, 367 13, 692 12,020 17, 361 thous. of bush. . thous. of bush.. _.thous. of bush-thous. of bush. . 74, 167 76, 187 34, 199 72, 386 63, 327 75,048 36, 526 63, 886 66, 739 121, 648 27,284 16, 715 thous. of bush.. thous. of bush.. thous. of bush-thous. of bush. . 9,255 2,000 3,000 6,199 11, 110 2,000 3,200 5,672 10,730 1,400 6,400 7,835 long tons 313, 242 long tons.. 137, 829 551, 892 184, 668 460,441 237, 119 833 934 504 146 623 658 876 210 677 797 802 936 856 029 613 483 660 388 FOODSTUFFS Cereals Receipts: Wheat Corn _ . . Oats Shipments: Wheat -. Corn _ Visible supply: WheatUnited States Canada Corn Oats Argentine grain: Visible supplyWheat .Corn Flaxseed Corn grindings (wet process) Sugar Meltings . Stocks at refineries Cuban movement: _ Exports Stocks end of month Visible supply: long tons long tons Coffee United States Receipts, total, Brazil Clearances: Total, Brazil, for world Total, Brazil, for U. S r qOQ q QQO thous. of bags.. thous. of bags. . 652 765 888 889 652 1,109 thous. of bags. thous. of bags. . 756 377 770 462 1,015 576 27 8 25.5 27.0 25.6 29.6 24.8 3,652 178 128 4,558 188 140 4,608 215 155 316 404 406 495 CONSTRUCTION Rental advertisements, Minneapolis March, 1924 CHEMICALS AND DRUGS Cotton Imports, unmanufactured .. bales.. 59,984 Exports, unmanufactured (including linters)_-bales.. 811,838 Consumption by textile mills bales.. 550, 132 Stocks, end of month: 4,621 Total, mills and warehouses thous. of bales.. 1,546 Mills .. .... thous. of bales. 3,075 Warehouses thous. of bales.. Machinery activity of spindles: 33,277 Active spindles . . thousands.. Wool receipts at Boston: 4,807 Domestic . thous. of lbs__ Foreign.. thous. of lbs__ 13,478 Total thous. of lbs__ 18,285 Silk: Consumption bales.. 37, 529 60,249 Stocks. bales Shipments: By railroads Driveaways By boat . March 8,255 6,015 19, 689 11, 034 10, 279 20,444 10,370 8,995 18, 189 5,047 3.787 8,502 5.772 8,009 5.798 Index of ocean rates, Atlantic ports to: United Kingdom weighted index number All Europe weighted index number .. Car loadings (monthly totals): Total _ thous. of cars.. Grain and grain products thous. of cars.. Livestock _ thous. of cars.. Ore thous. of cars. . Merchandise and miscellaneous... thous. of cars.. Mail-order houses, total sales Sears, Roebuck & Co Montgomery Ward & Co Ten-cent stores, total sales F. W. Woolworth S S Kresge Co S. H. Kress Co McCrory Stores Corp Postal receipts: 50 selected cities U. S. foreign trade: Imports Exports „• 774. Rftfi Q1A 42 2,214 59 2,960 57 2,866 thous. of dolls.. thous. of dolls.. thous. of dolls.. thous. of dolls.. thous. of dolls.. thous of dolls thous. of dolls thous. of dolls.. 33,756 21, 033 12, 723 26, 115 14,843 fi fi44 1 778 2,850 35, 837 19,817 16, 020 29,681 16, 916 7 453 2,019 3,293 31, 450 17,381 14,069 27, 349 15,906 6 875 1,837 2,731 thous. of dolls.. 25, 644 29,085 9 R^fi q nqc 27,463 9 8S7 thous. of dolls.. 333, 720 -thous. of dolls.. 370,740 385,000 452,000 320,482 339, 755 99 225, 626 108 240,586 EMPLOYMENT Illinois Detroit index number.. number on pay roll.. 100 211. 491 26 MARCH DATA—Continued 1925 1925 ITEM March, 1924 February March 20, 658 20, 981 46, 190 173, 632 20, 608 20, 932 53, 858 600, 738 21, 357 21, 624 51, 459 646, 389 161, 286 385, 129 291, 026 4,804 42.86 4,776 41.99 4,813 42.85 ...mills, of dolls.. ..mills, of dolls.. 21, 057 15, 672 23, 349 17, 759 19, 650 16,200 .mills, of dolls. . mills, of dolls.. ...mills, of dolls. . mills, of dolls.. ...mills, of dolls.. _ ..per cent.. 696 434 1,729 3,030 2,270 75.8 687 400 1,710 2,982 2,196 76.4 460 482 1,983 3,223 2,007 80.8 mills, of dolls. . mills, of dolls.. mills, of dolls .. 13, 143 5,396 12, 932 13, 140 5,478 12, 588 12, 065 4, 515 11, 171 3.81 3.66 4.00 3.94 4.00 4.59 34,005 13, 375 17, 595 3,035 97,651 72, 838 19, 240 5,573 1,859 429 1,345 85 1,817 484 1,154 79 BANKING AND FINANCE per cent .per cent.. Liabilities: BUSINESS FAILURES 40, 123 Total commercial thous of dolls 15, 334 Manufacturing establishments... thous. of dolls. _ 21, 067 Trade establishments thous. of dolls _ _ 3,722 Agents and brokers thous of dolls Firms: 1,793 Total commercial number. . 409 Manufacturing establishments number 1,28*5 Trade establishments number 99 Agents and brokers . . number. . STOCKS AND BONDS Bond price indexes: Combined index, 40 bonds.p. ct. of par, 4% bond.. 10 highest grade rails p. ct. of par, 4% bond.. 10 second grade rails p. ct. of par, 4% bond.. 10 public utility bonds... p. ct. of par, 4% bond.. 10 industrial bonds p ct. of par, 4% bond-Stock sales __shares_Stock prices: 25 industrials dolls per share 25 railroads dolls, per share. _ SilverGOLD AND SILVER Price at New York dolls, per fine oz_. Price at London pence per standard oz__ 76.82 86.37 76.00 71.26 75.16 32, 750 76.38 86.89 75. 50 70.03 74.90 38, 568 72.35 82.76 68.87 67.19 72.42 18, 206 138. 48 80.90 136. 96 79.07 109. 82 61.09 .685 32. 245 .678 31. 935 .640 33. 483 110.8 127.1 108.8 122.0 128.8 121.7 105.9 118. 5 128.9 133.8 134.5 112.8 137.7 121.4 125.8 133.7 104.1 132.0 113.6 111.9 106.9 135.2 112.6 129.9 203.0 119.9 138.9 129.6 106.3 134.4 111.4 126.7 105.9 109.5 108.0 127.1 131.7 129.6 128.7 147.5 139.0 115.3 112.2 143.4 144.2 DEBITS TO INDIVIDUAL ACCOUNTS (By Federal reserve districts) (Relative to 1919 monthly average^ 100) BOSTON DISTRICT: Total, 11 centers Boston Hartford . ._ Providence New Haven.. NEW YORK DISTRICT: Total, 7 centers Albany Buffalo Rochester New York _ PHILADELPHIA DISTRICT: Total, 10 centers _ Philadelphia Scranton Trenton February March March, 1924 DEBITS TO INDIVIDUAL ACCOUNTS— continued PUBLIC FINANCE U. S. interest-bearing debt mills, of dolls. _ Gross debt mills, of dolls.. Customs receipts thous of dolls Ordinary receipts thous of dolls Total expenditures chargeable against ordinary receipts thous of dolls Money in circulation: Total mills, of dolls Per capita dollars.. Bank clearings: New York City.. Outside New York City Federal reserve banks: Total investments Bills discounted Notes in circulation Total reserves Total deposits Reserve ratio Member banks: Total loans and discounts Total investments. Net demand deposits Interest rates: New York call loans Commercial paper, 4-6 mos ITEM . .. .. _ -._ CLEVELAND DISTRICT: Total, 13 centers Akron . . Cincinnati . Cleveland Pittsburgh . Youngsto w n Toledo _ Columbus _ . Dayton RICHMOND DISTRICT: Total, 7 centers Baltimore Norfolk Richmond Charleston _ ATLANTA DISTRICT: Total 15 centers Atlanta _ Birmingham New Orleans Jacksonville.. Nashville Augusta _. CHICAGO DISTRICT: Total 21 centers Chicago Detroit Indianapolis Milwaukee. __ ._ Des Moines Grand Rapids Sioux City __ _ ST. Louis DISTRICT: Total, 5 centers Louisville St. Louis Memphis Little Rock MINNEAPOLIS DISTRICT: Total, 9 centers Duluth Minneapolis _ _ St. Paul Helena _ Billings KANSAS CITY DISTRICT: Total, 14 centers Denver. .. . Kansas City, Mo Omaha St. Joseph, Mo Oklahoma City Tulsa . . . DALLAS DISTRICT: Total, 11 centers Dallas Houston Fort Worth SAN FRANCISCO DISTRICT: Total, 18 ccnters. Los Angeles.. Portland, Oreg . . . . San Francisco . Seattle Oakland, Calif District totals corrected for seasonal variation: United States, total Boston district New York district Philadelphia district Cleveland district Richmond district Atlantic district Chicago district St. Louis district Minneapolis district Kansas City district Dall?s district San Francisco district 104.4 73.3 121.9 86.5 114.7 96.6 146. 2 104.0 125.6 116.4 87.0 144.2 96.2 128.0 104.3 167.6 116. 0 149.1 110.7 77.8 128.4 95.8 115.8 101.7 156.9 117.2 142.0 94.0 84.8 79.5 109.2 68.7 103.0 98.0 84.7 116.1 77.2 97.4 95.8 79.7 106.9 62.2 105.2 113.7 197.5 100.4 148.9 79.1 78.5 120.8 132.0 216.6 118.8 165.9 90.5 85.6 106.4 114.6 194. 9 111.2 127.1 82. & 67.6 105. 6 103.0 122.5 99.5 110.0 78.8 90.1 135.2 128.5 127.5 145.6 106.8 129.2 93.2 102.4 160.8 113.3 108.7 139.4 110.0 116.4 94.0 89.3 134. 9 111.4 113.8 107.4 102.0 175.1 120.2 124.9 115.9 108.7 176.8 110.1 107.7 109.6 95.6 167.5 96.7 78.0 107.0 90.5 69.3 66.0 113.6 96.1 122.6 110.7 67.3 75.4 88.7 64.4 89.3 103.1 81.8 55.6 83.2 105.1 77.3 70 2 68.5 111. 8 92.0 95.0 116.7 89.0 79.2 73.3 131.8 115.5 82.9 121.2 73.1 71.6 70.6 98.6 92.6 110.0 126. 5 104.7 77.1 117.5 136.4 108.3 81.2 94. 6 102.5 81.9 69.6 130.7 237.3 74.2 123.5 83.1 182.8 144.7 265.0 86.5 129.0 98.4 214.2 139.4 276.1 90.6 111.5 95.6 212.7 128.8 141.9 132.9 127.6 120.3 109.7 118.5 121.0 123.4 121.8 94.8 124.9 156.0 125.7 129.3 127.7 129.2 118.5 106.6 119.8 125.7 119.7 121.1 93.0 120.3 141.4 107.6 121.8 104.5 114.6 112.7 100.8 105.6 110.9 109.7 94.6 97.3 96.8 136.3 27 NEW MISCELLANEOUS ITEMS GRAIN ALCOHOL i HARDWARE TRADE 2 LOCOMOTIVE EXPORTS 3 LUMBER PRICES 8 (composite) STEEL CASTINGSBOOKINGS < i WithWarehouse Produc- drawn for stocks, tion denatur- end of ation month YEAR AND MONTH Thousands of gallons Sales Out(index standSteam ing number, acrelative counts to (per Janucent Numary, of Value 1921) sales) ber Electric Number Railroad Total Miscellaneous Softwoods Dollars per M feet board measure l Short tons Value Hardwoods monthly monthly monthly monthly monthly monthly av.._ av av__av av__. av «5 6, 581 6, 573 5 6, 758 s 15, 232 5 17, 632 5 12, 532 1,413 1, 484 2,118 7,044 7,814 5 7, 554 6 6 3, 014 2, 495 « 2, 500 6 2, 602 6 3, 657 6 14, 719 41 22 52 69 148 89 $372, 952 206, 740 814, 976 905, 104 2, 554, 984 2, 255, 337 3 5 3 6 6 4 $20, 904 50, 503 19, 040 51, 116 33, 023 15, 267 52, 101 39, 459 58, 136 90, 231 76, 907 96, 963 24, 096 18, 127 25, 388 46, 632 26, 430 41, 118 28, 005 21, 332 32, 748 43, 599 50, 477 55, 845 1919 monthly 1920 monthly 1921 monthly 1922 monthly 1923 monthly 1924 monthly av av__. av av... av... av... 5 8, 180 7 9, 485 6,119 8,137 11, 234 12, 201 *7 5, 033 4, 398 3,864 6,876 9,527 10, 965 « 6, 403 7 4, 466 7,040 5, 074 4,754 3,980 80 143 84 31 22 16 2, 522, 977 4, 469, 154 2, 808, 028 721, 980 368, 495 338, 115 6 5 7 1 7 3 69, 665 73, 369 176, 726 71, 130 253, 095 89, 801 37, 862 68, 208 24, 823 67, 728 74, 653 64, 403 10, 055 26, 928 9,723 33, 723 32, 245 32, 363 27, 807 41, 280 15, 100 34, 005 42, 408 32, 040 71, 368 75, 680 113,218 87, 790 25, 466 25, 251 59, 084 37, 944 45, 902 50,429 54, 134 49, 846 51.36 59.47 59.93 59.47 85, 409 73, 331 66, 625 64, 436 37, 092 24, 218 25, 566 27, 257 48, 317 49, 113 41, 059 37, 179 55.32 50. 10 47.58 47.22 66, 732 44, 408 37, 949 31,551 30, 313 12, 769 11,187 6,990 36, 419 31, 639 26, 762 24, 561 45.36 41.24 36.28 34.47 ! 6,137 10, 090 6,274 4,938 19, 751 16, 221 15, 489 13, 759 32.38 29.88 28.78 27.59 19,463 ! 20,044 16,555 i 19,439 6, 502 7,428 4,853 7,083 12, 961 12, 616 11, 702 12, 356 26.54 26.14 25.70 24.92 24,042 33,652 41,318 30,706 10, 157 17, 785 20, 897 14, 536 13, 885 15, 867 20, 421 16, 170 24.89 27.01 27.78 27.37 eft 20, 318 18, 876 24, 133 46, 962 15, 287 19, 434 24, 961 30, 054 38.69 38.69 38. 36 37.98 27.67 27.97 27.62 27.80 43, 151 52, 069 32, 762 22, 279 35, 712 38, 588 34, 766 42, 657 37.91 39.50 40.72 40.96 29.75 30.77 30.75 32.17 1913 1914 1915 1916 1917 1918 122 157 139 2.2 2.0 2.0 $40. 33 46.72 43.11 $48. 98 27. 42 30.79 33.86 30.95 1920 January February March April - _ - - 1 May June July August 9,001 10, 159 10, 038 9,836 4,419 4,632 5,176 3,703 1,879 2,462 3,217 3,968 September October November December 10, 034 8,524 9,711 8,580 4,117 4,522 5,127 3,486 4,995 4,926 6, 252 8,032 i 1921 January February March April _ _ 5, 076 3,605 4,671 4,664 1,911 1,439 1,597 2, 529 8,016 8,815 8, 900 8, 271 May June July August ._ 4, 965 5,364 5,277 5,602 2,504 2, 626 2, 607 4,014 8, 074 7,563 7,889 7, 348 6,464 8,296 Q. 665 Q 773 5,019 8,258 7,903 5,964 6,084 4,066 3, 648 5,804 6, 755 4,963 4,879 5, 468 4, 664 3, 677 3, 399 4,055 6,136 6, 044 5,759 5,559 84 79 106 112 2.6 2.7 2,2 2.1 67 39 14 16 4, 248, 147 1, 269, 165 112,243 197, 654 6,295 6,467 6,824 8,165 4,445 4, 486 5, 897 7,499 5,981 6,168 5,116 4, 375 129 129 126 146 2.0 2.1 2.0 1.8 30 46 15 53 278, 167 783, 170 289, 250 1, 528, 478 September October November December _ _ _ i 25,888 26,311 21,763 18,697 i || i 1922 January February March April _ _ May June July . August 1 1 17, 505 4, 856 35, 605 38,310 49,094 77,016 78, 863 90, 657 67, 528 64, 936 ; 33.79 42, 074 40.99 99, 224 57, 150 132, 498 217. 587 5 11 2.1 !: 33.06 42.24 35, 693 42, 493 20 355, 777 1 10, 000 2.0 78, 186 33.75 22, 574 43.19 21 39, 928 62, 502 383, 509 6 548, 000 2.0 34.32 28. 715 42. 105 70. 820 44.74 140. 703 44 706. 699 2 2.3 1 Statistics of grain alcohol, compiled by the U. S. Treasury Department, Bureau of Internal Revenue, comprise all 160° proof alcohol produced in the United States . Withdrawals for denaturing represent approximate production of denatured alcohol. The large increase in the proportion of the total production used for denaturing, beginning with 1922, is stated to be due to the use of denatured alcohol, which pays no tax, for certain medical purposes in place of pure alcohol which was formerly used and is taxable. 2 Data on the value of sales by jobbers of hardware, compiled by the American Iron, Steel, and Heavy Hardware Association, comprise reports from about 75 firms representing about 10 per cent of the entire iron, steel, and hardware jobbing trade, including iron, steel, motor accessories, and heavy hardware. Outstanding accounts at the end of the month by these firms are given as percentages of the current month's sales. 3 Exports of steam and electric locomotives compiled by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce. Monthly figures are not available4 prior to January, 1922. Data on bookings of steel castings, compiled by U. S. Department of Commerce, Bureau of the Census, show revised figures from 1913 through 1923 as reported by 70 companies, covering about two-thirds of the capacity devoted to commercial steel castings. 5 Fiscal year beginning July 1 of year indicated. 6 Stocks on June 30 of year indicated. 7 Eight months' average, May to December, inclusive. % 8 Composite lumber prices compiled from weekly data publish in the Lumber Manufacturer and Dealer, representing combined weighted averages for the respective series of lumber, based on quotations on various grades for each species. The species are weighted according to annual production of the previous year, the weights changing about May of each year, when the new production figures are available. The softwood index is based upon 7 species: Yellow pine, Douglas fir, North Carolina pine, white pine, hemlock, spruce, and cypress. The hardwood index is based upon 13 species: Maple, birch, basswood, elm, oak, gum, ash, cottonwood, chestnut, poplar, hickory, and walnut. Figures formerly published covered only first week of the month . September October .November December .__ 10, 715 12, 516 11,569 13. 033 8,686 10, 617 11.871 12. 853 4,763 6,733 2,685 1. 574 141 150 140 125 28 NEW MISCELLANEOUS ITEMS—Continued HARDWARE TRADE GRAIN ALCOHOL WithWarehouse Produc- drawn for stocks, tion den at or- end of month ation YEAR AND MONTH Thousands of gallons Sales Out(index standSteam numing ber, acrelative counts (per to Janu- cent ary, of NumValue 1921) sales) ber Total Electric Number LUMBER PRICES (composite) STEEL CASTINGSBOOKINGS LOCOMOTIVE EXPORTS Value Railroad Miscellaneous Hardwoods Softwoods Dollars per M feet board measure Short tons 1923 January February March April 11,978 9,629 9,490 9,807 9,397 6,957 6,894 6,960 2,765 3,796 5,127 5,853 137 128 177 187 2.1 2.2 1.8 1.9 24 9 36 11 $415, 867 127, 086 631, 220 140, 728 May. . June July August 10, 213 8,464 10, 785 12, 776 8,686 7,750 9,885 10, 245 5,972 6,610 5,792 6,432 196 168 155 162 1.7 2.0 2.1 1.9 11 21 47 27 151, 911 358, 963 867, 443 289, 725 September . October. _ November December 11,451 12, 901 13, 379 13, 940 10, 978 10, 683 13, 280 12,611 5,742 3,854 2,667 2,437 145 164 141 124 2.1 2.0 2.1 2.2 19 13 26 22 288, 172 265, 120 460, 032 425, 669 January February March April 13, 819 11,301 10, 054 8,788 12, 476 8,522 7,455 6,357 1,915 3,564 4,833 6,235 136 133 150 161 2.0 2.2 2.1 1.9 14 18 20 21 155, 076 259, 185 171, 690 181, 484 May June July August. 8,891 7,812 9,254 11, 029 6,758 7,697 9,021 11, 130 7, 244 6, 035 4,614 3,481 147 123 128 128 2.0 2.0 2.0 2.1 21 31 17 36 278, 014 546, 626 284, 624 560, 903 September October November. December 13, 118 15, 962 16, 452 19, 930 12, 012 14, 515 16,211 19, 423 3,632 2,881 1,975 1,350 137 150 134 140 2.1 1.9 2.1 1.9 51 37 29 25 16, 323 13, 120 13, 690 9,722 1,932 4,037 129 2.0 39 13 13 $874,739 10 3 474, 098 242, 177 102, 806 90, 653 146, 236 93, 716 48, 580 38, 696 77, 263 40, 483 54, 226 51, 957 68,973 53, 233 $46. 18 48.30 49.18 60.28 $34. 51 35.53 36.56 36.94 j " 206, 484 129, 492 273, 246 317, 098 92, 542 88, 387 54, 387 52, 862 39, 686 43, 478 17, 390 19, 103 52, 856 44, 909 36, 997 33, 759 49.78 48.42 47.05 45.35 36.47 35.10 33.23 31.84 260, 000 3 20 13, 251 246, 555 49, 539 39, 768 42, 119 42, 826 22, 374 10, 641 13, 645 15, 600 27, 165 29, 127 28, 474 27, 226 44.58 44.37 43.68 43.46 31.39 31.69 31.56 31.48 5 35, 550 6 7 20, 938 213, 196 51, 406 73, 138 100, 514 68, 119 19, 572 35, 474 59, 778 33, 151 31, 834 37, 664 40, 736 34, 968 43.71 44.14 44.46 44.60 31.98 32.97 32.44 32.28 2 5 7 8 107, 132 468, 680 411, 495 167, 454 56, 801 48, 718 38, 191 36, 363 28, 064 26, 170 16,244 14, 532 28,737 22, 548 21, 947 21, 831 44.67 42.53 42.12 41.77 31.34 29.97 29.31 29.82 1, 471, 736 728, 260 485, 820 580, 638 6 3 9 453, 223 34, 750 62, 509 66, 697 74,220 96, 164 29,567 31, 130 41, 343 53, 332 32, 942 35, 567 32, 877 42, 832 41.90 42.19 42.59 42.63 30.27 29.79 30.21 30.96 810, 401 267, 932 7 118,509 82, 922 73, 964 40, 799 27, 237 42, 123 46, 727 43.49 44.23 31.44 31.68 1924 10, 695 1925 January February March April May _ HARDWOOD LUMBER TOTAL STOCKS YEAR AND MONTH Units reporting Total hardwoods Gum Oak Number 1933 April May June July August September . October November 1924 July August September October November.. _ . December 1925 January. . . . February March April May June UNSOLD STOCKS Total hardwoods Gum Oak UNFILLED ORDERS Total hardwoods Gum Oak Thousands of feet, board measure 152 185 195M 207 204^ 191H 196 197 385, 057 438, 779 479,079 503,889 512,603 507,794 502,099 535, 871 104, 104 126,326 139, 601 143,922 150, 854 153, 490 143,714 157, 260 134, 576 153,324 164,430 173,410 177, 805 175,383 176,970 189,759 292, 879 345,317 389,352 406, 550 408,092 396,997 389,958 413,461 77, 642 97,711 109, 619 113,458 118,351 115, 661 108, 117 114,761 103,003 149,343 136, 414 143, 391 144,667 139, 326 140,534 153, 300 116, 086 127, 373 127,325 123, 886 129,831 137,720 142,079 154, 040 37, 099 40, 283 42, 144 41,320 42, 149 52,393 50, 799 60,053 37,227 41,522 34,699 35,853 38,340 41,127 41, 819 43,349 116 131 151H 157 424, 175 477, 002 546, 242 563, 759 653, 653 666, 825 134, 261 151, 218 169, 421 174, 274 202, 489 214, 889 152, 555 163,697 188,942 193, 997 222, 837 227, 743 325,652 355, 698 428,003 455, 080 516, 247 524, 142 102, 204 114, 594 128, 518 138, 168 157, 123 165, 871 121, 337 117,002 151, 052 159,771 173, 532 180, 474 118, 285 137, 563 132,838 123, 485 158,179 167, 924 41,044 44, 138 46,633 41, 546 54, 135 60, 677 34,144 51, 143 42, 753 39, 738 54,927 53,004 184^ 191 665, 144 689, 384 214, 750 219, 501 225, 734 227,670 529, 515 554, 280 169, 712 176, 546 180, 321 182, 678 159, 337 153, 689 54,927 49,569 50, 743 49, 851 i * Compiled from reports of the Hardwood Manufacturers' Institute, covering hardwood mills throughout the country; further details as to sizes, species, and geographical distribution are given in the regular reports of the institute. The figures are all given as of the end of the month reported (original data being given as of the first of the following month). Collection of these data was not undertaken from December, 1923, through June, 1924, and it will be noticed that from July through October, 1924, the number of production units reporting is considerably less than in the other months. A single band mill is considered one unit of production. 29 PRODUCTION OF ELECTRIC POWER AND CONSUMPTION OF FUELS BY CENTRAL STATIONS1 1920 1921 1924 1923 1922 1920 1922 1921 1923 1924 MONTH CONSUMPTION OF FUELS PRODUCTION OF ELECTRIC POWER (M KW.-H.) Coal Total January February March April Mav. June July August _ _ Unit: Tons 3, 450, 979 3, 132, 374 3, 394, 123 3, 252, 296 3, 190, 862 2, 847, 571 3, 055, 829 2, 919, 731 3, 435, 045 3, 138, 795 3, 473, 599 3, 285, 988 4,329,811 3, 935, 221 4, 324, 050 4, 118, 504 4, 747, 505 4, 423, 921 4, 574, 621 4,361,118 3, 051, 570 2, 777, 260 2, 793, 769 2, 491, 403 2, 508, 293 2, 194, 385 2, 209, 677 2, 027, 174 2, 490, 546 2, 179, 700 2, 291, 485 2, 068, 870 3, 033, 551 2, 764, 708 2, 849, 076 2, 540, 854 3, 156, 259 2, 862, 075 2, 779, 502 2, 483, 270 3, 263, 230 3, 254, 561 3, 303, 160 3,396,011 2,946,626 2,921,875 2, 942, 501 3, 081, 584 3,504,211 3, 513, 590 3, 540, 448 3, 741, 042 4, 295, 853 4, 168, 131 4, 175, 591 4, 302, 289 4, 421, 670 4, 202, 972 4, 255, 982 4, 382, 447 2, 416, 103 2,441,704 2,511,976 2, 516, 408 2, 025, 658 2, 051, 469 2, 064, 259 2, 175, 184 2, 073, 541 2,098,454 2, 168, 595 2, 422, 235 2,524,856 ' 2,531,425 2,615,944 2, 769, 067 2, 421, 878 2, 295, 588 2,401,902 2, 636, 440 September October _ November Denembpr __. 3, 325, 797 3, 425, 777 3, 371, 254 3, 398, 544 3, 372, 629 3, 243, 558 3, 303, 048 3, 445, 817 3, 723, 898 3, 988, 773 4, 055, 828 4, 202, 317 4, 180, 918 4, 570, 456 4, 452, 791 4, 546, 020 4, 453, 885 4, 822, 620 4, 692, 127 5, 109, 719 2, 588, 647 2, 732, 974 2, 714, 705 2, 718, 443 2, 200, 001 2, 364, 401 2, 374, 501 2, 444, 372 2, 499, 698 2, 842, 654 2, 908, 997 3, 083, 220 2, 742, 793 3,117,867 3, 010, 897 2, 918, 811 2, 641, 287 2, 835, 525 2, 899, 848 3, 173, 131 Total . . . 39, 968, 106 37,271,631 43,603,534 51,399,635 54, 448, 587 31, 754, 962 26, 639, 374 29, 127, 995 33, 419, 849 32, 586, 705 By fuels • Oil Unit: Barrels % 185, 563 , 981, 871 , 988, 208 , 794, 440 1, 861, 632 1, 663, 273 1, 725, 284 1, 630, 583 2,155,785 1,930,791 2,022,756 1, 817, 246 2, 726, 777 2, 481, 381 2, 621, 723 2, 355, 898 3,098,305 2, 882, 293 2, 885, 499 2, 539, 663 1,218,911 1, 128, 738 1,024,593 874, 661 835,374 740, 381 803, 074 794, 078 1,031,918 952, 713 904,388 783, 832 1, 180, 662 1, 103, 402 1, 085, 257 920, 837 1, 550, 707 1, 491, 593 1, 494, 129 1, 187, 794 May June July August , 775, 823 , 856, 631 , 925, 454 2, 028, 082 1, 637, 606 1, 725, 979 1, 736, 492 1, 893, 933 1, 879, 382 1, 947, 635 2, 003, 158 2,265,352 2, 401, 113 2, 430, 427 2, 514, 530 2, 749, 329 2, 506, 803 2, 524, 850 2, 676, 462 2,889,886 886,908 1, 041, 681 1, 150, 072 1, 162, 759 803, 871 863, 846 968, 905 1, 091, 477 808, 305 849, 534 914, 046 1, 185, 781 949, 294 974, 202 , 109, 920 , 285, 316 1, 162, 930 1,306,922 1, 369, 967 1, 457, 236 September October. November December _ 2, 021, 573 2,098,337 1, 997, 587 1, 979, 704 2, 283, 912 2, 118, 791 2, 097, 492 2, 138, 121 2, 382, 724 2, 650, 392 2, 705, 639 2, 799, 642 2, 734, 080 3, 116, 035 2,970,344 2, 890, 392 2,985,327 3, 219, 563 3, 143, 347 3, 376, 596 1, 180, 281 1, 132, 277 926, 862 915,856 1, 137, 324 1, 122, 760 1, 097, 565 1, 144, 406 1, 261, 341 1, 220, 208 1, 173, 743 1, 247, 771 , 262, 417 , 318, 671 ,316,975 , 413, 790 1, 350, 577 1,365,736 1, 102, 051 1,328,708 23, 633, 273 22, 513, 098 26, 560, 502 31, 992, 029 34, 728, 594 12, 643, 599 11,403,061 12, 363, 580 13, 920, 743 16,168,350 January February March April Total _. . By water power Gas Unit: M cubic feet January. February March April 1, 265, 416 1, 150, 503 1,405,915 1, 457, 856 1, 329, 230 1, 184, 298 1,330,545 1, 289, 148 1, 279, 260 1, 208, 004 1, 450, 843 1, 468, 742 1, 603, 034 1, 453, 840 1, 702, 327 1, 762, 606 1, 649, 200 1, 541, 628 1, 689, 122 1, 821, 455 1, 248, 037 1, 142, 360 1, 390, 738 1, 588, 830 1, 556, 023 1, 324, 832 1,394,983 1, 687, 256 1, 4fi3, 451 1, 445, 325 1, 445, 583 1, 702, 634 1,913,635 1,670,564 2, 094, 969 2, 112, 793 2, 266, 372 2, 445, 726 3,029,542 2, 699, 381 May June July August 1, 487, 407 1, 397, 930 1, 377, 706 1, 367, 929 1, 309, 020 1, 195, 896 1, 206, 009 1, 183, 651 1, 624, 829 1, 565, 955 ,537,290 ,475,690 1, 894, 740 1, 737, 704 1, 631, 061 1,552,960 1, 914, 867 1, 678, 122 1, 579, 520 1,492,561 1, 896, 473 2, 028, 040 2, 321, 225 2, 530, 214 1, 841, 250 1, 883, 864 1, 772, 599 2, 165, 008 2,055,908 2,203,373 2, 428, 683 2, 803, 973 2, 562, 932 2,666,911 2,982,080 3, 195, 050 2, 906, 812 4,180,881 4, 951, 945 5, 282, 964 September October November December 1, 304, 224 1, 327, 440 1, 373, 667 1, 418, 840 1,088,717 1, 124, 767 1, 205, 556 1,307,696 , 341, 174 ,338,381 , 350, 189 , 402, 675 1, 446, 838 1, 454, 421 1,482,447 1, 655, 628 1,468,558 1, 603, 057 1, 548, 780 1, 733, 123 2, 454, 880 2, 166, 489 1, 694, 369 1, 635, 853 2, 216, 152 2, 109, 503 2, 032, 348 1, 777, 700 2, 895, 692 2,634,058 2, 175, 392 1, 740, 598 3,015,378 2,712,058 2,035,435 2, 341, 634 5,790,011 6,062,357 4, 536, 881 2, 940, 598 16, 334, 833 14, 754, 533 17, 043, 032 19, 377, 606 19, 719, 993 22, 097, 508 21, 761, 518 24, 994, 670 29,303,439 47,093,470 ._ Total 1 Data segregated by the U. S. Department of Commerce, Bureau of the Census from the original records of reporting firms on file with the U, S. Department of the Interior, Geological Survey, covering the production of electric power and the consumption of fuels by central stations, street railways, manufacturing plants and reclamation projects. In the March issue of the SURVEY OF CURRENT BUSINESS (No. 43), the totals for street railways, manufacturing plants and reclamation projects were given on page 28. These totals have been subtracted from the grand totals to show the central stations alone, in which the growth of central station power development is more clearly shown than in the grand totals regularly published in the SURVEY OF CURRENT BUSINESS. AVERAGE DOLLAR DIVIDENDS PAID ON INDUSTRIAL STOCKS, 1900-1924l 1900 First quarter Second quarter Third quarter Fourth quarter Yearly average 1912 First quarter . Second quarter Third quarter Fourth quarter Yearly average . 1901 1902 1903 1904 1906 1906 1907 1908 1909 1910 1911 4.04 4.71 4.38 4 63 3.67 3.33 4.17 4.00 3.58 3 42 2.83 2 83 3.00 3.00 3.00 2 83 2.92 2.92 2.75 2.75 2.92 3.92 3.50 3 67 3.67 3.75 4.42 4.33 4,51 4 51 4.92 4.92 4.75 4.42 4.25 4.25 4.25 4.33 4.42 4 50 4.75 4.51 4.51 4.42 4.42 4 42 4.42 4.75 4.44 3 79 3 17 2.96 2.84 3.50 4.04 4 72 4.42 4 38 4 55 4 50 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 5.31 4.92 4 92 5.08 5. 17 5.17 5 25 5.33 5.50 5. 50 5.50 4.92 3 20 3.50 3 35 3.75 4.20 4.80 5.30 6.05 6.48 6.68 6.78 6.78 6.28 6.13 6.28 6.08 5.68 5.38 5.70 6.65 6.95 6.55 6 55 6.30 5.65 5.25 4 60 4.25 4.25 4.25 4 70 4.40 5 35 5. 10 5 75 5.65 5 5 5 5 5.06 5.23 5.36 3.45 5.09 6.68 6. 19 5.85 6.59 4.94 4.40 5 46 5 55 75 25 55 65 i Compiled by the Cleveland Trust Co. for the industrial stocks included in the Dow-Jones index of stock prices, comprising 12 stocks from 1900 through 1914 and 20 stocks from 1915 through 1924. The figures are unweighted averages of the amount of dividends paid per share for these stocks in each quarter, reduced to an annual basis. 30 TREND OF BUSINESS MOVEMENTS The following table contains a summary of the monthly figures, designed to show the trend in important industrial and commercial movements. These data represent continuations of the figures presented in the latest semiannual number (February, 1925) in which monthly figures for 1923 and 1924 may be found in most cases, together with explanations as to the sources and exact extent of the figures quoted. In a few cases, where marked by an asterisk (*), the earlier data were published in the March, 1925, issue on pages 27 and 28. The figures given below should always be read in connection with those explanations. Data on stocks, unfilled orders, etc., are given as of the end of the month referred to. For explanations of relative numbers, including base periods, see introduction on inside front cover. NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1925 1924 December January February February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH mi 1925 Per ct. increase (+) or decrease (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR P ERIOD mi 1925 February from JanuJan. Feb. Jan. Feb. ary Feb., 1925, from Feb., 1924 -11.9 +6.6 +1.0 -4.5 TEXTILES Wool Eeceipts at Boston: Domestic thotis. of lbs._ Foreign . thous. oflbs. Total _ thous. oflbs.. Imports, unmanufactured thous. oflbs.. Consumption by textile mills, grease equivalent thous. oflbs.. Machinery activity, hourly: Looms, wide per ct of hours active Looms, narrow per ct. of hours active. . Looms, carpet and rug _ _ per ct. of hours active.. Sets of cards per ct. of hours active.. Combs per ct of hours active Spinning spindlesWoolen per ct of hours active Worsted per ct. of hours active-Machinery activity (percentage of total) : Woolen spindles per ct of active to total Worsted spindles per ct of active to total \Vide looms per ct of active to total Narrow looms.. .per ct. of active to total. . Carpet looms per ct. of active to total. . Prices: Raw, Ohio, K blood, unwasheddolls, per lb__ Raw, territory fine, scoured dolls per Ib Worsted yarn dolls, perlb.. Women's dress goods dolls, per yd.. Men's suitings dolls, per yd._ 16,629 12, 831 29,460 31, 873 3,418 35,569 38, 987 47,504 4,807 13,478 18,285 37,725 5,458 12,642 18,100 39,487 17,281 30,978 48,259 70,273 8,225 49,047 57, 272 85,229 -52.4 +58.3 +18.7 +21.3 1913 1913 1913 1913 88 40 347 240 161 96 243 312 25 36 674 255 208 97 375 298 51, 098 51, 435 46,415 50,633 104, 478 97,850 -6.3 1921 122 115 117 105 -9.8 -8.3 77.8 70.0 76.3 71.5 75.2 69.4 71.4 66.5 1921 1921 106 105 104 104 111 112 109 109 -1.8 -2.7 +4.8 +4.8 76.2 92.3 92.4 78.3 92.1 88.9 80.7 93.0 87.5 76.1 94.5 94.0 1921 1921 1921 146 122 101 148 132 105 153 129 100 157 130 98 +2.6 +0.8 -2.0 +6.1 -1.5 -6.7 92.1 77.5 87.8 75.8 89.6 73.6 89.6 76.9 1921 1921 120 89 125 94 122 93 125 90 +2.5 -3.2 0.0 -4.3 84 81 81 82 1913 .105 106 105 105 0.0 75 76 74 81 75 75 75 80 74 73 74 81 78 71 81 83 1913 1913 1913 1913 99 99 111 121 105 96 111 122 101 101 103 118 100 99 101 119 -1.0 -2.0 -1.9 +0.8 -4.8 +3.1 -9.0 -2.5 +40.6 -62.1 -53.1 -20.6 -0.9 .70 .69 .68 .54 1913 208 216 276 272 -1.4 +25.9 1.68 1.950 1.035 3.690 1.67 1.900 1.035 3.780 1.65 1.900 1.035 3.780 1.41 1.700 1.035 3.690 1913 1913 1913 1913 240 219 184 239 247 219 184 239 293 245 184 245 289 245 184 245 -1.2 0.0 0.0 0.0 +17.0 +11.8 0.0 +2.4 864 59, 984 421 48, 602 1 10, 171 1,318 96,295 1 13, 631 2,243 114, 806 +34.0 +70.2 +19.2 1913 1913 75 235 35 239 115 270 72 295 -37.3 +105. 2 +9.4 +23.4 811, 838 550, 132 482, 146 508, 677 1,028,999 1, 087, 145 1, 887, 913 1, 139, 857 +83.5 +4.8 1913 1913 75 124 66 109 148 127 112 118 -24.6 -6.7 +68.4 +8.1 4,621 1,546 3,075 4,081 1,583 2,497 1913 1913 1913 149 120 172 132 116 145 172 105 224 150 114 178 -12.8 +7.8 -20.4 +13.2 -2.3 +23.1 4,328 5,645 2,785 4,584 1913 1913 98 102 90 104 153 133 140 129 -8.3 -3.2 +55.4 +23.1 33,277 7,868 208 100.0 32, 711 7,304 194 •87.3 1913 1922 1922 109 109 107 107 95 93 109 110 107 109 102 100 +0.3 +1.7 -7.4 +7.7 -7.1 +7.2 +3.7 +14.5 81,900 81,680 168,568 166, 359 -1.3 21921 96 91 94 91 -3.0 +0.3 82, 697 47, 961 36, 101 66 85,823 47, 856 45,883 64 178, 537 102, 147 163,871 97,280 -8.2 -4.8 M921 »1921 21921 1921 109 121 133 114 101 107 127 98 95 110 102 95 97 107 100 102 +1,9 -2.8 -2.2 +6.5 -3.6 +0.2 -21.3 +3.1 39, 660 28,867 57, 311 91,479 +59.6 31913 77 78 140 107 -23.5 +37.4 13,364 11,447 * 10, 895 23,152 25, 675 +10.9 1921 1919 175 74 171 73 184 89 200 +8.6 +16.7 388,053 525, 384 409,377 191, 278 873, 785 441, 638 807,957 -7.5 984, 636 +123.0 1919 1919 121 56 107 43 109 103 101 118 .230 .247 .430 .068 .107 .314 .319 .522 .071 .125 1913 1913 1913 1913 1913 1911-13 271 271 223 223 210 222 262 250 211 205 204 213 189 188 177 199 176 194 192 193 174 197 174 194 Cotton Ginnings (crop year total) thous of bales 1,379 2,478 Receipts into sight.. _. _ thous. of bales 54, 822 48, 663 Imports, unmanufactured . . bales Exports, unmanufactured (including linters) bales. .1, 075, 923 1, 076, 075 589, 725 532, 047 Consumption by textile mills.bales Stocks, end of month: 5,297 5,943 Total, mills and w'houses.thous. of bales. . 1,434 1,319 Mills • thous of bales 3,863 4,624 Warehouses thous of bales World visible, 4,722 4,805 American thous of bales 5,821 5,830 ^V^orld visible total thous of bales Machinery activity of spindles: 32, 662 33,181 Active spindles thousands 8,493 7,817 Total activity millions of hours 224 206 Activity per spindle hours 96.4 90.4 Per cent of capacity per cent Cotton finishing: Orders received, 84,459 84, 652 grey yardage thous. of yds._ Billings, finished goods 81, 174 91, 686 (as produced) thous. of yds.. 49, 319 46, 531 Shipments,finishedgoods .. . cases. 42, 162 36, 925 Stocks, finished goods Cases 62 67 Operating activity per ct. of capacity. . Manufactured goods: 51, 819 43, 698 Cotton cloth exports thous. of sq. yds.. Fabric consumption 12, 311 12, 172 by tire manufacturers thous, of lbs_. 13, 155 10, 478 Elastic webbing sales thous. of yds.. Fine cotton goods: Production pieces.. 399, 228 419,904 Sales . pieces.. 329, 319 459, 252 Prices: .227 .240 Raw cotton to producer dolls, per lb._ .240 .238 Raw cotton, New York dolls, per lb_. .437 .446 Cotton yarn dolls, perlb.. .069 .068 Print cloth dolls, per yd._ .108 .108 Sheeting dolls, per yd_. Cotton goods (Fairchild) index.. «6 Revised. January, 1924. i Qinnings are totals for crop years 1923 and 1924, respectively. 2 3 -5.2 -7.6 +14.4 +174. 7 +1.3 +2.9 -1.6 -1.4 -0.9 0.0 Eleven months' average, January to November, inclusive. Twelve months' average, July to June, inclusive, ending the year indicated. -26.8 -22.6 -17.6 -4.2 -14.4 -8.9 31 TREND OF BUSINESS MOVEMENTS—Continued Per ct. increase ( NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 -y crease or de- 1924 December 1925 January February February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 (-) cumulative 1925 from 1924 9,504 62,729 11,892 77,414 +25.1 +23.4 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR PERIOD 1925 1924 February from JanuJan. Feb. Jan. ,Feb ary Feb., 1925, from Feb., 1924 TEXTILES— C ontinued Raw Silk Imports thoUS. 0?lbs Deliveries (consumpion) bales. . Stocks, end of month: At warehouses bales.. At manufacturing plants* . _ bales Price, Japanese, New York dolls, per lb._ Silk machinery activity: Broad looms per cent of operation Narrow looms per cent of operation.. Spinning spindles.. per cent of operation.. Burlap and Fibers Imports: Burlap thous. of Ibs Fibers (unmanufactured) long tons. . 7,685 33,961 6,633 39,885 5,259 37,529 4,200 29,804 61, 533 21,948 6.321 58,732 25,084 6.076 60,249 24,252 6.223 40,226 20,311 6.860 81.5 51.2 78.0 80.9 55.6 82.1 80.2 56.5 83.1 73.8 46.8 74.5 43, 674 28,556 56,240 33,142 56, 524 25, 273 57,882 24,812 2,021 1,467 1, 446 1,941 1,850 1,497 1,923 1,671 1,593 3,402 3,434 5,752 3,907 6,673 3,657 3,367 5,737 4,394 7,371 36, 360 29, 014 7,346 4,542 2,962 585 1913 <1920 186 185 147 167 233 185 224 210 1920 87 78 114 117 1913 202 189 167 171 -20.7 -5.9 +25.2 +25.9 +2.6 +49.8 -3.3 +19.4 +2.4 -9.3 -0.9 +1.6 +1.2 +8.7 +20.7 +11.5 +0.5 -23.7 -2.3 +1.9 2,861 1,993 2,615 -0.9 -9.7 +6.4 -32.8 -16.2 -39.1 3,681 3,453 5,918 3,838 7,664 3,747 3,539 6,534 3,061 6,711 +0.7 +2.6 +3.2 -12.7 +4.0 -1.8 -2.4 -9.4 +25.4 +14.2 31, 154 24, 430 6,724 5,242 3,367 26, 007 20,184 6,023 5,000 3,214 29,258 22, 232 7,026 4,783 3,075 9,471 6,094 10, 242 6,581 +8.1 +8.0 678 674 664 1,409 1,352 -4.0 251 114, 150 62.3 254 115, 700 63.0 264 108, 100 64.2 14, 471 63.00 17, 663 13, 083 16, 516 70.70 22, 077 16, 848 17, 605 71.40 26, 218 14, 243 23,137 74.10 24, 413 18, 578 22.96 20.90 22.32 24.14 21.88 23.24 23.76 22.00 23.21 24,76 22.00 24.13 55,028 48, 281 53, 297 51.3 62,829 55, 672 58,047 58.6 56, 399 57, 042 46, 193 53.4 66, 436 60, 112 62, 593 62.1 113, 931 50,234 112,764 58,415 -1.0 +16.3 1909-13 165 1909-13 89 171 87 166 116 167 88 Pyroxylin Coated Textiles Pyroxylin spread Shipments billed Unfilled orders, end of month thous . of Ibs . . linear yds linear yds Hosiery Production Shipments Stocks New orders Unfilled orders ....thous. of doz. pairs.. thous. of doz. pairs.. thous. of doz. pairs.. thous. of doz. pairs.. thous. of doz. pairs .. IRON AND STEEL Iron Ore and Pig Iron Iron ore: StocksTotal ..thous. of tons.. At furnaces thous. of tons On Lake Erie docks... thous. of tons.. Consumption __ __thous. of tons_. Pig iron production thous. of long tons Merchant pig iron production . thous. of long tons.. Furnaces in blast: Furnaces number Capacity long tons per day Per cent of total per cent Ohio gray-iron foundries: Meltings ... long tons Meltings per cent of normal Stecks ..long tons Receipts long tons Wholesale prices: Foundry No. 2, Northern dolls, per long ton Basic, Valley furnace. dolls, per long ton.. Composite pig iron dolls, per long ton Malleable castings: Production ..-tons.Shipments -_.tons-Orders booked tons.. Operating activity per ct. of capacity-- 228 95, 539 56.6 0 5 1919-20 5 43, 657 34, 121 -21.8 34, 358 31, 091 -9.5 5 1919-20 1913 1919-20 1913 ill 119 100 117 118 96 100 93 119 120 102 110 89 130 132 86 91 80 124 126 -15.9 -17.4 -10.4 -4.6 -4.5 -10.4 -9.2 -14.3 +4.5 +4.5 -0.6 +1.5 1913 1913 92 121 98 129 93 136 94 138 +1.2 +1.4 +1.1 -3.8 +7.0 -1.9 1922 1922 1922 1922 168 144 105 192 190 143 110 226 136 136 99 205 145 138 118 173 +6.6 +1.5 +18.8 +15.5 +23.9 -3.5 +7.4 -23.3 1913 1913 1913 151 144 150 155 150 156 151 149 151 148 150 151 -1.6 +0.5 -0.1 -4.0 0.0 -3.8 -10.2 +2.5 -20.4 -8.9 -15.1 -5.1 -26.1 -14.0 Crude Steel Steel ingots, production. ..thous. of long tons.. 3,552 " 4, 180 3,809 3,740 7,443 +6.4 144 7,920 1913 Steel castings: Total bookings short tons.. 96, 164 82,922 0 61, 535 73,138 102 124, 544 144, 457 +16.0 1913 Railroad specialties _. short tons 53,332 40, 799 27, 237 35, 474 82 55,046 68, 036 +23.6 1913 Miscellaneous bookings short tons 42,832 42, 123 ' 34, 298 37, 664 119 69, 498 76, 421 +10.0 1913 Unfilled orders, U. S. Steel Corp., end of month.. _. -thous. of long tons 4,817 5,037 4,913 5, 285 81 1913 Steel barrels: Production _ barrels. . 413, 785 420, 127 413, 823 370, 966 678, 155 833, 950 +23.0 Shipments barrels-- 407, 474 415, 040 407, 781 362, 725 666, 393 822,821 +23.5 Stocks, end of month barrels. _ 53, 265 59, 277 57, 350 64,402 Unfilled orders, end of month barrels.. 1, 586, 034 1, 374, 247 1, 336, 124 608, 660 Sheets, blue, black, and galvanized: Production (actual) short tons 259, 794 317, 424 283,290 275, 215 549, 215 +9.4 600, 714 160 1920 Production per ct. of capacity 82.6 98.0 96.5 96.5 120 1920 229, 573 283, 645 255,080 Shipments short tons 249, 859 478, 519 538, 725 +12.6 133 1920 Sales short tons 350, 868 241,040 235, 980 189, 081 423, 939 167 477,020 +12. 5 1920 Unfilled orders, end of month .short tons.. 663, 460 607,190 565, 133 434, 145 68 1920 Stocks, end of monthTotal short tons.. 131, 599 140, 823 159, 661 113, 020 105 1920 Unsold short tons 45, 743 49, 460 53,717 30, 658 672 1920 Wholesale prices: Steel billets, Bessemer-dolls, per long ton.. 36.00 37.00 37.00 40.00 1913 155 Iron and steel dolls, per long ton.. 40.23 41.06 41. 13 43.49 164 1913 Composite steel.dolls, per 100 Ibs.. 2.75 2.77 2.83 3.03 1913 176 Composite finished steel-dolls per 100 Ibs.. 2.54 2.56 2.55 2.78 1913 168 Structural steel beams ..dolls, per 100 Ibs.. 2.00 2.10 2.10 2.50 1913 166 • Revised. « Eleven months' average, February to December, inclusive. » Twelve months' average, June, 1919, to May, 151 166 148 -10.5 -1.8 145 149 141 164 172 158 122 115 128 -25.8 -33.2 -18.6 -15.9 -23.2 -8.9 83 85 89 +4.9 +7.6 +11.6 -1.5 -1.7 +12.4 +8.6 +12.3 -2.8 +119. 5 165 133 148 168 82 160 133 145 134 63 185 135 165 171 88 101 548 126 143 885 961 155 165 176 167 166 1920. +3.0 -10.8 -1.5 0.0 -10.1 +2.1 -2.1 +24.8 -6.9 +30.2 +13.4 +8.6 144 144 156 156 161 165 154 154 139 136 * See text +41.3 +75.2 -7.5 0.0 -5.4 +0.2 +2.2 -6.6 -0.4 -8.3 0.0 -16.0 on p 30. 32 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1925 Decem- January February ber February 1924 1924 1925 136, 637 165, 892 352, 813 415, 017 36,781 62,845 194, 704 244, 016 3,950 14, 730 Per ct. increase (+) or decrease (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1925 February from Jan. Feb. Jan. Feb. January Feb., 1925, from Feb., 1924 IRON AND STEEL— Continued Iron and Steel Products Exports (selected series) long tons Exports (total) long tons.. Imports . long tons Vessel construction: Completed during month— Total gross tons Steel seagoing . gross tons Building or under contract, end of mo. — Merchant vessels.thous. of gross tons.. Structural steel, fabricated: Sales (prorated) short tons Sales. ..per ct. of capacity Shipments (prorated) short tons Shipments . per ct. of capacity Steel furniture, shipments thous. of dolls. . Steel plate, fabricated, bookings: * Total . . short tons__ Oil-storage tanks «. _ short tons 101, 889 129, 465 65, 511 116, 715 141, 714 72,921 85,872 15, 167 11, 690 15, 073 12, 838 5,329 3,340 77, 989 102, 302 5,568 1,849 -4L2 158,793 +152. 7 1913 1922 1913 94 149 98 60 100 139 51 85 275 34 61 323 20, 402 +38.5 16, 178 +190.6 1916 1916 23 14 9 7 33 47 12 12 -64. 6 -74.0 183 190 185 196 232,000 165, 300 57 211, 700 73 60 1,653 171, 100 59 185, 600 64 1,557 60 1,605 3,198 3,210 +0.4 49, 559 26, 445 26,859 20,795 15, 787 3,321 2,332 35, 969 47,654 7,635 +32.5 +20.6 142 132 10 90 45 45 85 73 12 99 92 7 250 239 11 431 358 73 407 351 56 397 343 54 499 466 33 5,661 8,365 10, 335 9,881 454 62 62 0 5, 070 5,015 55 76 76 0 46,508 43, 655 42, 848 807 522 516 6 38,046 52, 678 51, 250 1,428 772 752 20 10, 240 235 189 10,312 5,388 90 49 19, 537 381 93 25,941 18,475 1,695 5,510 41, 350 304, 725 305, 581 421, 918 326, 887 277, 856 446, 895 378, 265 80 182, 700 63 1,611 174,000 4,314 417, 600 336, 400 -19.4 174,000 6,333 -33. 2 -42.9 -27. 8 -38.3 +17.8 +133. 5 +34.9 +80.6 1916 12 .16 15 15 -2.6 -5.6 1913 1913 196 142 202 146 157 114 163 118 1919 169 177 182 171 +3.5 +3.5 +6.7 +6.7 -5.8 -19.2 -19.2 +6.7 +6.7 -3.0 -22.7 -23.0 +31.7 +42.4 Railway Equipment Locomotives (Bureau of the Census): ShipmentsTotal Domestic number-Foreign number Unfilled orders— Total number Domestic -- . number Foreign number Shipments (I. C. C.): Freight cars, total number. Domestic number. _ Foreign number. . Passenger cars, total number Domestic number. _ Foreign number.. Unfilled orders (I. C. C.): Freight cars, total number Domestic number Foreign number.. Passenger cars total number Domestic number Foreign . .. number Domestic orders (Railway Age): Freight cars . . number Passenger cars number.. Locomotives . number Total orders (Iron Trade Review): Freight cars number.. 5,365 296 79 79 0 45, 324 1,183 512 507 5 7,831 534 68 68 0 78 52 37, 684 362 518 512 6 10, 111 10, 022 89 168 142 26 175 -30.0 118 -50.6 57 +418. 2 18,700 +84.9 17, 712 +76.7 988 +1010. 1 130 -22.6 130 -8.5 0 0.0 1913 1920 1920 49 134 4 32 84 8 29 41 51 28 66 13 -5.6 +62.2 -73.3 -14.1 -20.7 +71.4 1920 1920 1920 28 38 7 38 52 8 31 39 13 30 38 13 -2.5 -2.3 -3.6 -20.4 —26.4 +63.6 1919 1919 1919 1919 1919 1919 43 42 73 73 1 1 484 400 600 691 325 0 70 113 11 358 618 0 87 143 9 326 564 0 1919 1919 1919 1919 1919 1919 26 40 4 364 538 33 57 92 4 436 648 33 48 77 2 295 445 10 41 -12.8 68 I -12.1 . 1 -55.1 293 -0.8 441 i -0.8 10 0.0 -27.8 -26.5 -74.6 -32.9 -31.9 -70.0 1 +23.6 +103. 8 +26.2 +97.0 i -15.0 +825. 5 ! -8.8 -18.4 1 -8.8 -18.4 0.0 0.0 15,700 168 101 -39.5 -59.9 -56.1 1920 1920 1920 91 26 83 278 257 56 147 53 31 77 -47.8 61 i +15.4 30 j -5.8 -72.4 -76.4 -47.3 49,500 7,205 -85.4 1913 78 304 16 52 +225.1 -86.7 1920 67 56 50 345,492 745, 182 661, 176 631, 612 583, 437 -20.6 -11.8 1922 1922 1922 151 123 154 137 135 166 110 119 114 +7.3 -9.1 +5.9 -13.6 -19.6 -27.3 201 128, 605 192 74, 169 -4.5 -42.3 1919 1919 39 126 47 118 24 53 1919 1922 1922 88 102 89 94 97 98 86 120 66 85 121 76 —1.1 +0.4 +14.7 -10.2 +19.9 -17.2 +7.2 -7.7 1919 1919 1919 65 84 45 63 85 45 71 73 41 66 83 41 -7.9 +12.8 +0.9 +4.0 -2.9 -7.2 1913 1913 1913 120 53 98 105 53 119 108 68 116 117 57 140 +8.6 -16.7 +20.0 +11.4 +7.1 +17.6 -6.7 -4.8 -4.8 +29.4 -1.7 +5.6 +6.0 +5.0 +43.8 +13.8 -14.2 -14.0 -3.1 -17.1 419 230 Machinery Machine tools, orders . index number Foundry equipment: 397, 738 Sales. . . dollars Shipments _ _ dollars.. 320,109 431, 656 Unfilled orders dollars Stokers: 91 Sales.. number. . 31, 732 Sales horsepower Agricultural pump shipments: 466 Total thous. of dolls.. 42,763 Pitcher hand, etc number 2,204 Power pumps . . .number Steam, power, and centrifugal pumps: 1,293 New orders thous. of dolls.. 1,145 Shipments thous. of dolls. . 2,247 Unfilled orders thous. of dolls.. Patents issued: 4,350 Total, all classes number.. 62 Agricultural implements number 67 In ternal-combustion engines number. . i 57 614, 579 27,871 46,298 135 110 62, 113 523 59, 815 2,213 60,030 2,539 517 576 50, 056 3,065 2,470 1,046 1,099 2,663 2,117 2,180 2,269 2,447 3,057 3,320 2,980 6,360 6,377 +0.3 ! +17.9 i +18.3 1 132, 312 149, 525 143, 744 160, 386 253, 210 +8.6 +7.3 i +7.1 +43.9 1,181 946 54 50 1,088 1,067 45 60 42 51 84 93 2,013 99 110 118 108 121 58 +136. 8 +22.7 88 +66.1 -25.5 NONFERROUS METALS Copper and Brass Copper: Production — Mines . short tons • 67, 647 75, 333 Smelter short tons•125,939 World production, blister short tons.Exports short tons 48, 161 Wholesale price, electrolytic.dolls. perlb.. . 1426 Brass faucets: Orders received number of pieces 890,924 335, 180 Orders shipped number of pieces Tubular plumbing sales: 595, 729 Quantity number of pieces Value dollars.. 452, 401 »Revised. 74,358 82, 149 • 129, 693 49, 613 .1471 69,386 78,237 73, 791 117, 627 .1446 .1271 64,202 657, 616 676, 537 304, 015 251, 290 65,681 123, 517 44,639 236,408 79,083 113,815 * 496, 535 & 362, 433 260, 893 216, 019 6 269, 112 260, 548 January, 1924. 809, 880 686, 324 564,908 467, 309 1913 98 127 141 1923 1923 104 70 108 76 137 130 -30.2 1923 250 -31.9 1923 205 * See text on p. 5 125 141 125 1 121 182 121 104 33 TREND OF BUSINESS MOVEMENTS—Continued Per ct. increase (+) or decrease (-) cumulative 1925 from 1924 NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1925 February from Jan. Feb. Jan. Feb. January Feb., 1925, from Feb., 1924 NONFEEEOUS METALS— Continued Tin Stocks, end of month: United States . World visible supply Deliveries (consumption) . Imports Wholesale price, pig tin 1913 1913 146 197 134 135 171 176 242 215 228 205 185 191 196 197 204 143 1913 1913 1913 75 172 100 75 152 91 81 174 47 -10.1 +2.8 +0.7 -29.8 -2,0 long tons long tons long tons ..thous. of Ibs dolls, per lb._ 2,844 25,088 4,085 11, 738 .5572 4,394 22,949 7,155 19, 519 .5769 3,949 23, 591 7,205 13,703 .5652 3^02 21,835 8,845 20, 599 .5277 13,740 33,524 14, 360 33, 222 +4.5 -0.9 Retorts in operation, end of month .number.. Production thous. of Ibs.. Stocks, end of month thous. of Ibs.. Ore, Joplin district: Shipments thous of Ibs Stocks thous. of Ibs.. Price, slab, prime western dolls, per lb.. Arsenic: Crude * Production short tons Stocks . short tons Refined * Production short tons Stocks _ ._ short tons 81,274 95,422 42,416 86,081 100,772 37,992 87,377 93, 622 33,406 79,232 87,866 74,384 187,284 194,394 +3.8 117, 618 40,000 .0737 135,648 62,000 .0774 135,974 52,000 .0732 116,390 99,600 .0676 216, 114 271, 622 +25.7 +0.2 +16.8 -16.1 -47.8 -5.4 +8.3 1,240 4,151 978 4,276 1,224 4,829 1,369 2,194 2,876 2,202 -23.4 +25.2 -10.6 +12.9 +120.1 1,141 6,676 1,269 6,997 1,218 7,336 1,399 1,169 3,300 2,487 -24.6 1 -4.0 -12.9 +4.8 +527.5 45,920 5,039 42, 552 87, 197 47,634 4,889 47,254 100,925 45,413 5,961 45, 224 39,912 3,536 39, 470 b 100, 530 76, 582 7,599 77,955 93,047 i +21. 5 10, 850 I +42.8 92,478 +18.6 -4.7 +13.8 +21.9 +68.6 -4.3 +14.6 .0921 . 1017 .0943 .0855 46,228 1,090 51, 914 980 38,963 820 47,262 1,263 2.06 2.09 2.04 2.25 1913 181 183 3.39 8.14 3.39 8.51 3.39 8.50 3.64 8.73 1913 1913 166 181 166 181 7,376 4,080 321 7,400 3,809 296 7,176 3,692 289 7,621 1,660 310 1913 104 1921 56 1909-13 94 100 62 108 97 142 103 216 216 221 221 0.0 208 203 206 207 +0.6 +2.1 41 43 42 38 -9.9 -13.0 1913 292 1909-13 73 281 77 322 86 295 84 -8.4 -3.2 +4.8 +8.9 -12.1 -2.6 .. 1913 1913 1913 +19. +8.0 -18.5 -33.5 +7.1 Zinc Lead Production _ short tons Ore shipments, Joplin district short tons.. Receipts in U. S. ore . .. short tons Stocks, U. S. and Mexico . .. short tons Price, pig, desilverized (New York) dolls, perlb.. FUELS Coal and Coke Bituminous: Production thous. of short tons Exports. thous of long tons PricesMine average, spot dolls, per short ton Wholesale, Kanawha, f. o. b. Cincinnati dolls, per short ton.. Retail, Chicago.. dolls, per short ton.. Anthracite: Production thous. of short tons Stocks, distrib. points. thous. of long tons.. Exports thous. of long tons PricesWholesale chestnut, New York dolls, per long ton Retail, chestnut New York dolls, per short ton. Coke: Production, beehive.thous. of short tons.. Production, by product thous of short tons Exports ..thous. of long tons Price, furnace, C onnels ville dolls . per short tons . . 83 162 41 +1.5 +10.3 -7.1 +6.6 -12.1 -55.1 -7.3 +10.3 99, 726 2,309 90,877 1,800 -8.9 -22.0 15, 545 14, 576 -6.2 582 585 +0.5 1913 132 1909-13 95 11.73 11.75 11.75 11.47 1913 14.42 14.33 14.42 14.13 1913 900 1,170 1,054 1,211 2,365 2,224 -6.0 3,267 56 3,411 63 3, 125 61 2,981 56 6,075 109 6,536 124 +7.6 +13.8 4.04 4.64 4.08 4.19 1913 119 115 98 75 -24.9 -16.3 170 166 -2.4 -9.3 154 177 154 177 0.0 -0.1 -6.9 -2.6 94 138 100 -5.8 -3.0 -3.1 +122.4 -2.4 -6.8 130 89 -17.6 -35.1 +2.4 1913 165 172 190 167 1913 273 268 287 261 -9.3 -2.7 1913 1919 321 140 323 138 335 137 337 142 +0.3 +3.8 +4.2 +3.1 1919 1913 227 425 249 439 290 473 292 376 +0.1 +5.0 +0.9 +17.5 -20.6 -14.3 1913 1913 1913 1913 1913 286 170 459 133 49 271 166 547 162 57 305 266 190 176 510 462 138 186 55 62 -12.9 -1.9 -6.2 -7.6 -9.4 -15.5 +34.4 +14.9 +12.1 +9.5 1919 1919 1919 1919 1913 211 207 280 331 175 141 254 293 98 119 252 311 208 282 101 240 325 190 315 125 -5.0 +15.6 +4.5 -1.8 -9.1 +34.7 +11.8 +7.5 +23.5 +5.0 1919 112 101 1919 117 101 1919 100 102 1919 no no * See text on p. 30. 127 119 126 108 110 102 140 108 -13.4 -14.2 +10.8 0.0 Petroleum Crude petroleum: Production thous. of bbls.. 56, 617 « 59, 519 53,964 113, 483 55,454 111, 909 Stocks, end of monthTotal (comparable) thous. of bbls.. 355, 244 « 352, 129 « 353, 312 339, 220 Days' supply number.. 155 165 •159 160 Tank farms and pipe lines thous. of bbls.. 351,950 347, 943 348, 346 « 331, 727 Refineries thous. of bbls.. 40, 995 43, 670 « 37, 174 43,290 5,841 12, 605 Imports thous. of bbls.. 7,025 5,580 12, 814 6,511 Consumption58,019 « 59, 135 124, 633 Total thous. of bbls.. 69, 122 « 66, 614 121, 397 57,880 52,993 Run to stills thous. of bbls 101, 151 110,326 57, 333 49,907 9,984 Shipments from Mexico thous. of bbls.. 11,443 11,014 20,998 11,809 21, 720 1.738 Price, Kansas-Oklahoma... dolls, per bbl__ 1.195 1.293 1.513 Oil wells completed . number 994 990 904 1,678 883 1,873 Gasoline: Production thous. of gals.. 795, 613 831, 652 790,442 « 683, 736 1, 379, 059 1, 622, 094 Exports thous. of gals.. 98,701 187, 543 95,518 99, 813 195, 331 101,597 Domestic consumption thous. of gals.. 662, 589 « 596, 406 542,427 "402,704 903, 125 1, 138, 833 Stocks, end of month thous. of gals.. 1, 179, 503 1, 330, 236 1,487,142 1, 383, 384 Price, motor, New York dolls, per gal._ .150 .170 .210 .200 Kerosene oil: Production. _ ._ thous. of gals 243,832 0 247,727 214, 421 462, 148 414, 594 196,826 Domestic consumption thous. of gals.. 156, 286 137, 679 118, 168 255, 847 116,979 252,958 Stocks thous. of gals.. 338,826 378, 598 419, 582 306, 727 Price, 150° water white dolls, per gal.. .215 .215 .215 .220 »Revised. * January, 1924. +1.4 -1.6 +2.7 +9.1 -3.3 +11.6 +17.6 +4.2 +26.1 +11.5 +1.1 +8.9 +1.0 +36.8 -2.3 34 TREND OF BUSINESS MOVEMENTS—Continued Per ct. Per sent RELATIVE increase increase (+) NUMBERS (+) or decrease (— ) or deBASE CUMULATIVE TOTAL crease YEAR 1924 1925 1924 1925 (-) Febru- Feb., FROM JANUARY 1 OR ary 1925, THROUGH LATEST cumu- PERIOD February, lative from from MONTH 1924 1925 DecemJanu- Feb., January February Jan. Feb. Jan. Feb. from ber ary 1924 1924 1925 1924 NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 FUELS— Continued " Petroleura—C ontinued Gas and fuel oil: Production Domestic production Stocks Price, Pa., 36-40 at refin Lubricating oil: Production Domestic consumption Stocks.Price, Pa., 600° fil., "D" at refineries thous. of gals.. 1, 199, 093 , 171, 402 ,058,725 1,025,422 thous. of gals.. 1,103,875 "1,163,377 989,405 952,628 thous. of gals.. 1, 670, 509 1,619,688 ,639,105 1,491,173 .061 .065 .069 .060 dolls, per gal.. thous. of gals.. 104, 391 103, 164 thous. of gals.. 60, 264 " 52, 104 thous. of gals.. 257, 336 « 268, 699 dolls, per gal— AUTOMOBILES Production: Passenger carsTotal _ number of machines^ United States... number of machines.. Canada number of machines TrucksTotal... number of machines United States... number of machines.Canadft Tiiirnbe-rnfTnacMnes Shipments: By railroads. _ ...carload.. Driveaways number of machines By boat number of machines Exports: Assembled— Total number of machines Passenger cars ..number of machines.. Trucks. number of machines Accessories and parts thous. of dolls.. From CanadaTotal ... .number of machines.. Passenger cars.. number of machines.. Trucks „ mirnber of machines Accessories and parts dollars.. Foreign assemblies ..J.. number of machines Internal-revenue taxes collected on: Passenger automobiles and motor cycles _ thous. of dolls.. Automobile trucks and wagons thous. of dolls Sales of automobile accessories and parts thous. of dolls 2,088,314 1,985,574 2, 230, 127 2,152,782 +6.8 +8.4 1919 1919 1919 1919 167 180 189 110 161 166 192 115 184 203 208 125 167 173 211 133 -9.6 +3.2 -15.0 +3.9 +1.2 +9.9 +6.2 +15.0 188, 359 118, 967 203,667 119, 130 +8.1 +0.1 1919 1919 1919 134 145 150 133 105 157 146 109 166 142 141 170 -2.6 +7.1 +28.6 +34.5 +2.4 +8.6 72 80 88 89 +1.3 +10.6 100,503 67, 026 275, 258 93,824 « 49, 825 "253,511 .320 .324 .293 1919 182, 055 « 212, 909 174,855 « 204, 608 7,200 8,301 252, 785 242,006 10,779 343, 444 331,372 12, 072 1919 1919 1919 +18.7 -26.4 +18.3 -27.0 +29.9 -10.7 1919 1919 1919 +22.1 +22.9 +8.1 .310 « 27, 425 « 25, 755 1,670 « 28, 041 « 26, 501 1,540 34,231 32, 566 1,665 32,805 31, 150 1,655 31, 852 20, 814 900 <» 33, 817 « 22, 334 «349 39, 720 31, 192 487 52, 224 42,594 427 98, 698 84,083 1,451 72, 167 54,218 649 -26.9 -35.5 -55.3 1920 1920 1920 222 106 22 250 109 9 162 57 7 183 81 6 +17.5 -23.9 +39.7 -26.8 +39.5 +14.1 13,060 10, 962 2,098 4,799 17,474 14,492 2,982 4,764 16,891 14, 739 2,152 5,363 15,033 13,329 1,704 7,013 30, 492 25, 943 4,549 13, 153 30, 699 26, 145 4,554 10, 127 +0.7 +0.8 +0.1 -23.0 1919 1919 1919 1916 224 225 219 173 218 238 131 198 253 259 230 134 192 208 121 151 -24.3 -12.0 -19.6 -12.6 -47.3 -7.7 +12.6 -23.5 4,772 3,847 924 524,413 9,676 5,174 3,732 1,442 285,073 13, 075 5,136 4,008 1,128 465, 750 11, 874 4,013 3,230 783 374, 877 12, 307 9,882 7,324 2,558 720,680 22, 176 10, 310 7,740 2,570 750,823 24,665 +4.3 -5.7 +0.5 +4.2 +11.2 1919 1919 1919 1919 1923 307 251 636 119 112 210 198 281 129 139 271 229 517 98 148 269 245 404 160 134 -0.7 +7.4 -21.8 +63.4 -7.2 +28.0 +24.1 +44.1 +24.2 -3.5 8,586 6,599 5,563 6,839 18, 296 12, 162 -33.5 1920 164 98 95 80 -15.7 -18.7 361 592 277 887 2,145 869 -59.5 1920 100 70 47 22 -53.2 -68.8 36, 294 33, 140 28,786 42,599 100, 136 61,926 -38.2 1920 70 52 40 35 -13.1 -32.4 73,692 42, 171 .318 55,329 41, 721 .307 70,589 33,466 .191 119, 669 71,252 129, 021 83,892 +7.8 +17.7 1913 1921 1913 508 211 25 731 187 24 763 235 39 573 233 38 -24.9 -21.6 -1.1 +24.7 -3.5 +60.7 3,555 5,962 2,994 3,681 6,696 2,835 3,279 5,265 2,801 6,499 7,236 +11.3 5,586 5,829 +4.4 1921 1921 1921 177 114 146 180 125 147 195 142 157 202 159 149 +3.5 +12.3 +12.3 +27.2 -5.3 +1.2 4,757 8,677 4,107 4,755 9,767 3,625 4,068 7,339 3,330 7,956 9,512 +19.6 6,805 7,732 +13.6 1921 1921 1921 172 147 152 180 161 145 211 190 179 211 214 158 0.0 +16.9 +12.6 +33.1 -11.7 +8.9 43 160 32 43 153 43 55 161 43 102 86 —15.7 80 75 -6.2 1921 1921 1921 135 66 85 155 70 98 121 69 74 122 66 98 0.0 -21.8 -4.4 -5.0 +34.4 0.0 34,302 2, 216 18,636 7,411 4,524 30,727 2,409 15,301 7,154 3,439 29,049 3,655 13,048 5,113 5,370 51,535 6,265 23,576 8,404 9,376 65,029 4,625 33,937 14, 565 7,963 +26.2 -26.2 +43.9 +73.3 -15.1 1909-13 1909-13 52 38 55 40 76 68 54 68 62 102 80 33 97 90 86 72 35 80 87 65 -10.4 +5.8 +8.7 -34.1 -17.9 +17.3 -3.5 +39.9 -24.0 -36.0 292, 311 251, 758 27, 531 13, 022 292,364 254,751 25,690 11,923 297,287 250,823 31,798 14, 666 1921 1921 1921 1921 70 75 57 48 69 74 54 45 68 74 47 40 68 75 44 36 0.0 +1.2 -6.7 -8.4 -1.7 +1.6 -19.2 -18.7 .169 .215 .163 .215 .158 .182 1913 1913 78 83 86 96 92 114 89 115 -3.6 0.0 +3.2 +18.1 1919 1919 1919 1921 1921 73 150 108 93 132 65 129 104 85 128 69 189 120 86 121 64 176 116 78 117 -6.4 -1.0 —6.8 +37.3 -2.7 -20.1 -9.7 -8.7 -3.6 -8.5 RUBBER Crude: 59, 152 Imports thous. of Ibs Consumption by tire mfrs. -thous. of Ibs.. 38,956 .315 Wholesale price, Para, N. Y.dolls. per lb_. Pneumatic tires: 3,438 Production. thousands 5,570 Stocks, end of month _ _ thousands 3,008 Shipments, domestic thousands.. Inner tubes: 4,704 Production thousands Stocks, end of month thousands. . 8,289 4,066 Shipments, domestic thousands Solid tires: 46 Production. ... thousands-154 Stocks, end of month. _. thousands 39 Shipments, domestic thousands +4.3 +4.5 +0.6 HIDES AND LEATHER Hides Imports: Total hides and skins thous of Ibs . 39,020 3,543 Calfskins .. . _ .thous. of Ibs Cattle hides thous. of Ibs.. 22,898 5,059 Goatskins thous. of Ibs 4,207 Sheepskins. thous. of Ibs Stocks, end of month: Total hides and skins thous. of Ibs.. 283, 266 Cattle hides .. thous. of Ibs. 241,639 Calf and kip skins thous. of Ibs.. 27,840 Sheep and lamb skins thous. of lbs_. 13, 787 Prices: Green salted, packers' heavy native .174 steers .. .. . dolls, per Ib .209 Calfskins, country No. 1 dolls, per lb_. Leather Production: Sole leather.. backs, bends, sides.. 1,361,809 '1,288,203 1,205,496 1,217,570 40,995 40, 706 « 43, 977 Skivers doz 29,863 99, 737 124,804 Oak and union harness stuffed sides.. 97,990 102,459 20,006 Finished sole and belting — thous. of Ibs.. 23,476 22, 160 21,906 67, 728 Finished upper thous. of sq. ft.. 67, 895 70,249 74,009 » Revised. 2,590,825 64,460 254,540 45, 725 150, 349 2,493,699 84,. 972 202,196 42, 166 137,977 -3.7 +31.8 -20.6 -7.8 I -8.2 1909-13 1909-13 35 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1925 1924 December January February February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 Per ct. ncrease (+) or decrease (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1925 February from Jan. Feb. Jan. Feb. January Feb., 1925, from Feb., 1924 HIDES AND LEATHER— Continued Leather— Continued Stocks, end of month: Sole and belting thous. of Ibs.. 124,445 Upper thous. of sq. ft.. 311,074 Stocks in process of tanning: Sole and belting thous. of lbs_. 86,888 Upper thous. of sq. ft_. 132,351 Exports: 2,182 Sole thous. of lbs__ 6,535 Upper thous. of sq. ft.. Prices: Sole, oak, scoured backs, .480 heavy, Boston.. dolls, per lb._ .480 Chrome calf, "B" grades.dolls. per sq. ft.. 123, 035 309,319 124,265 308,401 171,247 381, 722 1921 1921 89 92 88 90 64 73 64 73 +1.0 '-27. 4 -0.3 -19.2 87,907 138,300 84,898 139,046 90,065 146,095 1921 1921 84 91 81 89 79 84 T6 85 -3.4 +0.5 -5.7 -4.8 2,052 8,669 1,752 6,763 1,695 5,958 1913 1913 52 61 65 67 79 98 67 76 -14.6 -22.0 +3.4 +13.5 .500 .500 .520 .500 .460 .440 1913 1913 98 163 98 171 114 186 116 186 +4.0 0.0 +13.0 +13.6 3,045 11, 387 3,804 15,432 +24.9 +35.5 Leather Products Belting sales: 417,849 Quantity thous. oflbs.. 324, 263 409,252 360, 984 548 610 686 711 Value _. thous. of dolls.. Boots and shoes: 26,832 26,906 26, 276 Production thous. of pairs.. 24,602 462 504 569 512 Exports thous. of pairs.. Wholesale pricesMen's black calf, 6.35 6.25 6.25 blucher dolls, per pair.. 6.35 Men's dress welt, tan 5.00 5.07 calf, St. Louis .dolls, per pair.. 5.00 4.85 Women's black kid, Goodyear 3.90 4.00 welt, St. Louis dolls, per pair.. 4.00 3.85 Gloves: Glove leather— 567, 552 Production number of skins.. 513, 391 551,681 578, 710 Stocks (tanned)— In process .. .number of skins __ 1, 304, 152 1, 401, 895 1, 392, 075 1, 667, 482 588,264 Finished number of skins.. 288, 157 257, 567 311, 005 Gloves cut207, 012 Total . dozen pairs.. 156,954 189, 555 198, 749 Dress and streetImported leather dozen pairs.. 23,926 35,334 37, 182 27,675 34, 630 36,124 29, 612 Domestic leather dozen pairs.. 21, 598 Work gloves .dozen pairs.. 111,430 124, 609 126, 937 143, 213 859, 115 1,468 770, 236 1,296 -10.3 -11.7 1919 1919 62 55 59 52 58 50 51 45 53, 329 885 53, 182 974 -0.3 -10.1 1919 1913 96 45 97 60 95 61 97 55 1913 201 201 204 204 1913 153 153 158 160 1913 142 142 147 147 -11.8 -13.6 -11.1 -14.2 +2.4 -9.8 +0.3 -8.3 0.0 +1.6 +1.4 0.0 +4.5 +3.9 +4.9 +2.0 -0.7 +20.7 -16.5 -47.1 +4.9 -4.0 +5.2 +16.9 +1.9 +34.4 -4.1 -11.4 PAPER AND PRINTING Wood-pulp Imports Mechanical.. Chemical ., short tons.. 29,228 . short tons.. 132, 344 Newsprint Paper Production short tons.. Shipments _ . _„ short tons.. Consumption short tons.. Imports . . short tons.. Exports short tons.. Stocks, end" of month: At mills short tons.. At publishers . .. ..short tons.. In transit to publishers . . ..short tons.. 22,463 142, 119 27,560 104,262 121,053 « 129, 005 122, 148 « 126, 860 143,672 139,024 125,241 112, 586 1,350 1,573 113,831 114, 048 110,942 1,875 6 17,637 124, 178 35, 297 212, 743 50,023 246,381 +41.7 +15.8 118,801 117,033 131, 310 103,837 1,407 249,236 241, 921 242,836 240,908 -2.6 -0.4 210,931 3,089 223,528 3,448 +6.0 +11.6 23,838 167, 216 32,467 26, 268 164,832 31, 746 25,888 30,314 *6186, 598 40, 000 530 161 12,032 644 131 11, 186 543 152 11,375 529 142 11, 661 1909-13 107 107 1909-13 347 487 136 557 167 409 +22.7 -26.6 +56. 3 -16.0 99 99 -11.8 10.1 -4.2 -2.6 606 52 -1.5 +19. 2 +7.4 +33.3 1919 1919 1919 1913 1913 114 109 92 587 47 104 102 92 564 39 113 110 98 615 44 1919 1919 1919 120 120 98 127 119 97 110 106 77 108 -1.4 -14.6 1913 1913 1919 1920 56 86 114 104 65 69 118 101 79 64 114 101 67 74 115 -15.7 +16.0 +1.7 +2.6 +7.0 2.5 -10.8 -12.0 -18.9 -11.9 -13.3 -9.4 -1.9 -3.2 -4.1 -0.7 Printing Book publication: American manufacture no. of titles.. Imported no. of titles Sales books, shipments thous. of books.. Printing activity weight indexed number.. Boxboard Operation inch hours.. 7,268,584 8,195,945 7,310,744 8, 069, 553 165,248 195,427 172, 036 Production . . tons 175,320 164,971 Orders received tons.. 177,691 196,764 159, 632 107,508 112,495 Unfilled orders (end of month) . tons 103, 254 99,060 Consumption of waste paper tons 158, 548 189,438 165,367 164,273 Stocks of waste paper (end of month) : 172,412 164,359 164,219 On hand .. ... tons 120,820 18,846 In transit tons.. 14,329 16,610 14,353 Unshipped purchases tons.. 31, 620 34,974 27, 235 27,100 172,178 Shipments . .. tons . 165, 143 191,465 169, 930 48,818 Stocks of boxboard, end of month tons.. 43, 190 47, 275 47,546 985 320 22,919 1,187 283 22,561 +20.5 -11.6 -1.6 352,833 359,608 367, 463 356,396 +4.1 -0.9 331,456 353,711 +6.7 348, 615 361, 395 +3.7 610, 544 441, 261 169, 283 635, 722 491, 946 143, 776 +4.1 +11.5 -15.1 -0.1 +35.9 -11.9 +15.7 -22.1 +0.5 -11.2 -1.3 +3.3 +2.7 Paperboard Shipping Boxes Production: Total Corrugated . Solid fiber Operating activity: Total C orrugated Solid fiber thous. of sq. ft.. 321,617 .thous. of sq.ft.. 248,956 thous. of sq.ft.. 72, 661 75 per cent of normal 74 per cent of normal . . 76 per cent of normal.. » Revised. 302,291 228, 084 74, 207 333,431 263,862 69, 569 315, 376 229, 575 85,801 71 70 73 76 76 76 78 75 87 1922 1922 1922 130 142 108 139 154 111 133 153 96 147 177 90 +10.3 +15.7 -6.3 +5.7 +14.9 -18.9 -2.6 +7.0 +8.6 +1.3 +4.1 -12.6 6 January, 1924. 36 TREND OF BUSINESS MOVEMENTS—Continued 1924 1925 Per ct. ncrease (+> or decrease (-) cumulative 1925 from 1924 182, 621 16,913 195,500 20,346 +7.1 +20.3 NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 December 1925 January February February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH Per cent increase (+) or decrease! (— ) RELATIVE NUMBERS BASE YEAR OR PERIOD m4 1925 89 109 February from JanuJan. Feb. Jan. Feb. ary Feb., 1925, from Feb., 1924 PAPER AND PRINTING—Continued Other Paper Products Rope paper sacks, shipments index number Abrasive paper and cloth: Domestic sales reams.. Foreign sales reams.. Folding boxes, orders per cent of capacity.. Labels, orders per cent of capacity 101 127 +25.7 1919 1919 1921 1921 132 91 135 245 136 93 169 188 148 139 104 117 133 139 199 243 -5.6 +2.5 +12.3 +26.2 +4.5 -17.8 22.1 +29.3 43.5 14,237 1922 1922 79 115 94 113 74 107 90 103 +21.6 -4.3 -4.3 -9.3 46.0 52.2 45.3 61921 61921 «1921 113 142 117 125 144 127 105 107 110 136 144 126 +29.6 +34.6 +14.5 +8.8 0.0 -0.8 1919 1919 125 83 128 77 80 27 90 35 »1922 77,429 11,606 74.9 62.6 100,565 9,582 63.7 87.9 94,935 10,764 66.4 107.3 92,660 8,529 81.0 83.0 36.8 13, 656 33.9 13,496 41.6 12, 913 42.1 43.6 39.5 38.5 38.7 39.4 50.0 52.0 45.1 +16.5 BUTTONS Fresh-water pearl buttons: Production . per cent of capacity Stocks, end of month thous. of gross.. GLASS AND OPTICAL GOODS Illuminating glassware: Net orders per ct. of capacity Actual production per ct. of capacity.. Shipments billed . per ct. of capacity Spectacle frames and mountings: fifties (shipments) irid^x number Unfilled orders (value) index number +12.5 -29.7 +29.6 -54.5 BUILDING CONSTRUCTION AND HOUSING Rental advertisements: Portland, Oreg Minneapolis, Minn Real estate conveyances (cities) number.. number number.. 1,004 3,307 139, 453 1,025 3,106 135,932 1,008 2,624 123,838 740 2,522 132, 566 1,397 5,361 277,334 2,033 5,730 259, 770 +45.5 +6.9 -6.3 -1.7 +36.2 -15.5 +4.0 -a 9 -6.6 Building Costs (Index Numbers) Building materials: Frame house, 6-room, 1st of fol'g mo _. Brick house, 6-room, 1st of fol'g mo Building costs (Engineering News Record), 1st of following month Concrete factory costs (Aberthaw), 1st of following month Plumbing fixtures, 6 articles 1913 1913 204 207 205 209 195 197 198 201 +1.5 +2.0 -3.4 -3.8 1913 220 225 210 210 0.0 -6.7 1914 1913 200 202 183 183 197 171 172 +0.6 -6.0 Construction and Losses Construction volume . Contracts awarded (27 States) : 7,206 Commercial buildings thous. of sq. ft.. 4,102 Industrial buildings thous. of sq. ft.. Residential buildings thous. of sq. ft.. 29,728 2,485 Educational buildings thous. of sq. ft.. Other public and semipublic 3,218 buildings thous. of sq. ft.. Grand total thous. of sq. ft.. 46,800 Contracts awarded, value (27 States) : Commercial buildings thous. of dolls.. 33, 773 Industrial buildings thous. of dolls.. 24,930 Residential buildings thous. of dolls.. 152,219 Educational buildings thous. of dolls.. 21, 695 Other public and semipublic buildings thous. of dolls . 27,023 Grand total thous. of dolls.. 283, 091 Fire losses: 4,477 United States and Canada.thous. of dolls.. 432 Great Britain thous of £ sterling Contracts awarded (36 States): 8,424 Commercial buildings thous. of sq. ft.. 4,705 Industrial buildings. thous. of sq. ft.. Residential buildings thous. of sq. ft.. 33, 153 3,254 Educational buildings thous. of sq. ft.. Other public and semipublic 3,785 buildings thous. of sq.ft.. 53,625 Grand total thous. of sq. ft.. Contracts awarded, value (36 States): Commercial buildings thous. of dolls.. 38,696 30,776 Industrial buildings. thous. of dolls.. Residential buildings thous. of dolls.. 166,839 25,797 Educational buildings thous. of dolls.. Other public and semipublic 30,259 buildings thous. of dolls.. 327,986 Grand total thous. of dolls 1913 130 128 145 141 9,669 3,794 23,518 2,034 5,379 2,489 23,734 . 3,322 7,961 3,787 28,037 4,838 14, 611 6,816 62,730 7,409 15,048 6,283 47,252 5,356 +3.0 -7.8 -24.7 -27.7 1919 1919 1919 1919 72 24 172 134 86 30 139 253 105 30 117 106 58 19 118 173 -44.4 -34.4 +0.9 +63.8 -32.4 -34.3 -15.3 -31.3 2,724 42,342 3,025 38,650 3,152 48,036 5,365 97,903 5,749 80,992 +7.2 -17.3 1919 1919 98 107 140 103 121 91 135 83 +11.0 -8.7 -4.0 -19.5 61,792 16,793 112,402 13, 595 29,690 16,303 118,556 17,772 40,550 17, 057 129,795 26,735 74,618 36,780 288,316 42,662 91,482 33,096 230,958 31, 367 +22.6 -10.0 -19.9 -26.5 1919 1919 1919 1919 101 120 46 40 224 183 160 268 183 39 159 136 88 38 168 178 -52.0 -2.9 +5.5 +30.7 -26.8 -4.4 -8.7 -33.5 28,425 255, 367 25,638 252, 582 19, 825 259,264 34,724 520,584 54,063 507,949 +55.7 -2.4 1919 1919 103 122 137 121 196 119 177 117 -9.8 —1.1 +29.3 -2.6 41,210 481 32,472 31,448 &857 72, 692 73,682 +1.4 1919 1920 184 121 140 104 184 68 145 -21.2 +3.3 10,919 4,335 26, 791 2,371 7,467 3,308 27, 850 3,809 9,420 4,096 31, 348 5,839 17, 198 7,891 69,293 8,953 18, 386 7,643 54, 641 6,270 +6.9 -3.1 -21.1 -30.0 -31.6 -23.7 +4.0 +60.6 -20.7 -19.2 -11.2 -34.8 3,217 48,536 3,746 46,861 3,706 54,879 6,931 111,503 6,963 95,397 +0.5 -14.4 +16.4 -3.5 +1.1 -14,6 67,372 19, 454 127,232 15,339 38,825 20,767 136,023 20, 278 47, 124 19,060 142,079 31, 155 85,517 43,829 312, 265 49, 674 106,197 40, 221 263,255 35, 617 +24.2 -8.2 -15.7 -28.3 -42.4 +6.7 +6.9 +32.2 -17.6 +9.0 -4.3 -34.9 31, 614 296, 473 30, 501 299,260 22, 556 299,929 44,261 601, 881 62, 115 595, 733 +40.3 -1.0 943, 105 871, 172 897, 312 +4.8 -4.9 -3.1 132, 778 +3.4 Lumber Southern pine: 447,954 900,168 Production (computed) M ft. b. m_. 422, 347 489,487 453, 618 419, 297 916, 335 Shipments (computed) M ft. b. m_. 423, 993 446, 066 425, 106 384, 638 925, 920 Orders (computed) M ft. b. m.. 428, 688 467, 704 429,608 Stocks, end of mo. (computed) M ft. b. m.. 1,041,774 1,103,887 1,123,581 1,094,418 58,183 83,119 74, 109 128,433 74, 595 Exports (inch timber) M ft. b. m.. Price, "B"and 47.32 44.42 46.95 44.54 better dolls, per M ft. b. m b January, 19241 8 Twelve months' aver age, July t o June, inclusive, end ing the yeiir indicated. 6 -2.8 +10.2 -3.5 +35.2 -0.2 +0.9 1917 1917 1917 1917 1919 i 107 106 112 95 121 86 78 80 107 145 -7.3 +1.3 116 107 i -4.7 +1.4 101 96 105 96 -8.1 +11.7 +2.7 +1.8 80 82 114 146 +28.2 +0.7 1913 192 193 204 205 +0.8 +6.2 Twelve months ' average ,Ma37, 1921,to A pril, ] 922, inchisive. 37 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 Per ct. increase (+) or decrease (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE TEAR 1924 1925 1917 1922 1919 1922 1913 135 158 147 164 120 111 444 223 604 361 212 212 145 150 162 157 113 118 211 131 156 150 212 201 1918 1918 1918 103 118 130 136 142 132 116 127 141 OR PERIOD February from JanuJan. Feb. Jan. Feb. ary Feb., 1925, from Feb., 1924 BUILDING CONSTRUCTION AND HOUSING— Continued Lumber— Continued Douglas fir: Production M ft. b. m__ •446,752 Shipments (computed) M ft. b. m_. -455,258 New orders M f t . b . m -527,776 Exports, lumber M ft. b. m._ 39, 931 Exports, timber M ft. b . m _ _ 25,357 Price, No. 1 common-dolls, per M ft. b. m.. 16.50 California redwood: Production (computed) M ft. b. m_. 50, 503 Shipments (computed) M ft. b. m.. 37, 195 Orders received (computed).. M ft. b. m_. 44, 695 California white pine: Production Mft.b.m.. 39,813 85,378 Shipments.. M ft. b. m._ Stocks, end of month M ft. b. m__ 630, 157 Western pine: Production (computed) M ft. b. m.. 92, 278 148, 118 Shipments (computed) M ft. b. m Stocks, end of mo. (computed) ,M ft. b. m.. 1,053,038 North Carolina pine: Production (computed) M ft. b. m.. 43,841 Shipments (computed) M ft. b. m_. 44,919 Northern pine: Lumber21, 007 Production M ft. b. m._ 38,984 Shipments M ft. b. m. 50, 693 Orders M f t b. m Lath5,831 Production.. ._ .. M ft. b. m__ Shipments.. Mft.b.m.. 4,736 Northern hemlock: 17,964 Production M ft. b. m__ 15, 899 Shipments.. M ft. b. m__ Northern hardwood: Production M ft. b. m.. 26, 923 26,820 Shipments M ft. b. m Walnut lumber: 4,256 Production M ft. b. m._ 3,818 Shipments M ft. b. m.. 15, 614 Stocks end of month TVT f t b Tn Walnut logs: 2,902 Purchased M ft. log measure.. Made into lumber and 3,017 veneer M ft. log measure. Stocks, end of month.. M ft. log measure. . 2,658 All lumber: Production, 10 species M ft. b. m__ 2, 153, 206 Exports, planks joists, etc M ft. b. m.. 160,298 Eetail yards, Minneapolis Fed. res. dist.— Sales M ft. b. m.. « 8, 987 Stocks, end of month M ft. b. m__ - 101, 666 Composite lumber prices: 7 43.92 Hardwood dolls per M ft b. m 31.18 Softwoods ' dolls per M ft. b. m -507,185 -524,643 - 521, 062 -505,842 -468,239 -490,174 32,850 52, 853 21,590 22,358 18.50 19.50 -553,740 - 528, 672 -461,525 56,019 51, 870 19.50 1,024,665 1,031,828 1, 002, 731 1,026,904 958, 413 962,443 85,703 167, 359 138, 719 43, 948 » * 38, 673 & 36, 997 *> 40, 773 43, 385 36, 246 40, 618 +0.7 +2.4 -0.4 -48.8 -68.3 1917 +3.4 -2.9 +4.7 -37.8 -3.4 -5.1 -5.3 -4.3 +6.2 -41.4 -58.4 -5.1 -12.2 -6.8 -8.9 +21.6 -10.1 -6.2 34,979 84,316 550, 925 32,614 76, 820 495,533 37, 163 63,171 528, 127 53, 739 115, 552 67, 593 161, 136 +25.8 +39.4 1918 1918 1918 32 164 178 71 198 199 67 264 208 77,994 133, 718 899,658 97, 173 119, 385 848,318 102,830 141, 009 929, 473 176, 931 268,847 172, 167 253, 103 -2.7 -5.9 1917 1917 1920 68 110 110 93 128 105 71 86 121 108 103 96 +20.7 -10.7 -5.7 41, 426 44,639 55, 622 53,844 49,784 52, 325 97, 314 103, 005 97, 048 98, 483 -0.3 -4.4 1919 1919 139 157 145 163 121 139 162 168 +34.3 +11.7 +20.6 +2.9 33, 414 44,457 40, 527 33,905 39,466 35,650 36,347 46,406 45,164 73,899 88,126 96, 617 67, 319 39, 466 76, 177 -8.9 -55.2 -21.2 1920 1920 93 83 90 93 83 89 84 79 +1.5 -11.2 -12.0 -6.7 -15.0 -21.1 8,943 6,566 9,301 7,333 8,899 12,105 17,878 21, 211 18, 244 13, 899 +2.0 -34.5 1920 1920 94 143 93 190 93 103 97 115 +4.0 +11.7 +4.5 -39.4 18, 664 17,455 14,095 13,648 18,765 19, 136 35, 293 37,087 32, 759 31, 103 -7.2 -16.1 1913 1913 44 49 50 53 50 48 37 37 -24.5 -21.8 -24.9 -28.7 47, 411 29,117 44, 894 23,913 51,576 35, 592 95, 101 63,911 92, 305 .53,030 -2.9 -17.0 1913 1913 154 112 182 140 167 115 159 94 -5.3 -17.9 -13.0 -32.9 4,650 4,182 16,709 4,056 3,825 17, 085 2,702 3,568 7,819 5,263 6,656 8,706 8,007 +65.4 +20.3 1922 1922 1922 142 160 85 150 185 77 257 217 164 224 198 167 +50.1 -12.8 -8.5 +7.2 +2.3 +118.5 3,205 3,472 2,383 4,691 6,677 +42.3 1922 158 163 229 248 +8.3 +45.7 3,073 3,356 3,208 4,002 2,235 3,782 4,357 6,281 +44.2 1922 1922 160 174 168 181 232 242 161 192 +4.4 +19.2 +43.5 +5.8 2, 417, 359 2, 410, 666 2, 425, 712 159, 215 150,950 136, 124 4, 655, 007 377, 772 4, 828, 025 287, 074 +3.7 -24.0 12, 608 16, 381 +29.9 1913 101 110 1909-13 123 89 62 241 187 -8.4 -15.3 -8.7 110 85 110 76 -0.3 -9.8 -0.6 -14.5 1920 1920 43 54 32 58 48 55 49 59 +1.5 +6.9 +53.7 +0.9 1921 1920 105 66 109 65 106 64 105 64 -0.2 -0.1 -2.8 -2.2 -19.2 1920 1920 76 41 90 41 86 44 88 37 +1.5 -14.0 -37.1 -8.0 164, 792 -18.2 1919 1919 62 27 65 28 53 12 51 12 -2.6 -2.1 -21.6 -58.6 192, 088 28, 437 160, 616 26, 875 -16.4 -5.5 1919 1922 62 101 68 107 53 97 55 99 +3.5 +1.7 -19.3 -7.2 29, 033 30, 441 28, 688 38,222 53, 052 59, 169 61, 521 70,829 80, 013 69, 716 67, 333 1913 +35. 2 +13.3 ! 1913 -4.9 ; 1913 1913 1913 451 517 690 428 780 435 507 470 425 732 626 579 554 566 742 582 481 549 587 726 -8.4 +0.3 -0.8 +3.7 -2.1 +31.7 +14.7 +16.9 +38.2 -0.8 9,752 8,698 8,653 22, 747 19, 534 19,977 16, 807 23, 389 18,405 15, 127 15, 408 -7.9 ! 1919 1919 -10.0 1919 -34.1 1919 1919 102 68 104 141 49 97 73 61 147 51 99 63 58 183 33 84 64 50 184 33 -15.3 -13.5 +1.1 -12.6 -13.6 -17.5 +0.9 +25.2 -35.7 -1.5 1919 111 -5.7 107 -0.7 i 1919 1919 143 1919 128 113,570 -15.1 74 1919 6 January, 1924. being comparable to previously 117 114 145 131 85 105 116 165 116 73 111 106 168 104 74 -5.8 +5.4 -9.1 -7.0 +1.4 +15.2 -10.5 -20.6 +1.4 -13.5 « 8, 128 « 111, 707 8,253 119,383 « 5, 368 118, 343 44.12 31.68 44.04 31.65 45.30 32.36 34, 775 55, 813 35, 302 47, 976 56, 163 52, 143 86, 759 70, 077 83, 488 24,496 81,304 23, 992 103, 666 57, 974 201, 405 78,928 13, 327 81,688 13, 548 101, 165 14, 598 36, 975 34, 642 39, 887 43,823 53,295 41, 768 34, 812 33,794 50,925 53, 772 38,245 34,904 33, 539 52, 804 52, 626 10, 034 6,935 10,652 25,992 12, 735 9,967 7,523 8,266 28,214 12, 755 8,438 7,604 7,142 28, 481 12, 559 Wooden Furniture Household furniture and case goods: Shipments dolls, average per firm.. 37,024 Unfilled orders dolls, average per firm.. 45, 592 Piano benches and stools: 101, 968 New orders - - .. dollarsUnfilled orders, end of month dollars. . 20, 456 ShipmentsValue . dollars . 119, 640 Quantity pieces.. 19, 167 Flooring Oak flooring: Production.. M ft. b. m Shipments M ft. b. m Orders booked. . . . M ft. b. m Stocks end of month M ft b. m Unfilled orders, end of month. M ft. b. m.. Maple flooring: Production M ft. b. m. Shipments M ft.b. m__ Orders booked M ft .b . m Stocks end of month M ft. b. m Unfilled orders, end of month.M ft. b. m__ Brick €layfirebrick (computed) : Production Shipments . .. Stocks end of month New orders Unfilled orders, end of month 59, 511 115, 858 56,081 53,218 thousands.. 56,485 57,594 53, 539 111, 705 53,657 58,918 thousands 201,755 236, 451 229,234 232, 503 thousands 67, 616 53, 654 133,696 62,874 59,916 thousands 79, 600 67. 931 68, 864 thousands. _ 67.823 - Revised. ' Prices are averages of quotations reported as of the first week of the month following that indicated, published on page 27 of this issue. Digitized forfigures FRASER 109,299 112, 457 published data and not to revised 38 TREND OF BUSINESS MOVEMENTS—Continued Per ct. ncrease ( NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 mi 1925 Decem- January February ber February, 1924 or-y de- 1934 1935 crease (-) cumulative 1925 from 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH Per cent increase (+) or decrease (— )> RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1935 Febru- Feb., ary 1925, from from JanuFeb., Jan. Feb. Jan. Feb. ary 1924 BUILDING CONSTRUCTION AND HOUSING— Continued Bricks— Continued Silica brick (computed) : Production . thousands . Shipments thousands.. Stocks, end of month thousands New orders . thousands Unfilled orders thousands Face brick (32 identical plants): Production thousands Stocks at yards thousands Unfilled orders, end of month.thousands.. Shipments thousands.. Prices, common brick: Wholesale, red, New York. dolls, per thous.. Paving brick: ProductionActual thousands Relation to capacity per cent Shipments thousands Stocks end of month thousands Orders' received thousands Cancellations thousands Unfilled orders, end of month.thousands.. 17, 568 16,046 36, 512 29, 483 31,287 24,852 23, 418 52,083 16, 766 40, 999 22, 476 21, 053 53,506 15, 096 35,042 17, 355 18, 247 41, 407 22, 484 33, 242 30, 755 33, 638 47, 328 44, 471 +53.9 +32.2 47, 296 31, 862 -32.6 22, 893 71,498 22, 499 12, 225 17, 910 68,566 23,889 8,653 13, 656 69, 193 30, 318 13, 977 19, 284 67, 997 40, 524 15, 363 36, 650 31, 566 -13.9 26, 594 22, 630 -14.9 1J3.50 14.50 14.50 20.00 23,000 75 9,207 85,283 11, 235 176 44, 059 25, 266 62 4,198 111, 666 5,751 40 51,572 20, 841 62 5,613 117, 776 6,932 21 49, 692 19, 571 50 6,442 102, 498 11, 136 110 55, 482 39, 235 46, 107 +17.5 15, 933 9,811 -38.4 17, 970 1,274 12, 683 61 —29.4 —95.2 3,810 3,042 1,134 8,964 3,606 3,031 1,085 9,104 3,708 3,270 1,162 9,358 4,689 3,500 1,087 7,022 9,401 7,137 2,284 7,314 6,301 2,247 -22.2 -11.7 -1.6 0.24 0.40 0.24 0.40 0.24 0.24 0.24 0.40 9,678 985 12,637 1,389 10, 675 1,229 13, 227 1,468 29, 467 3,030 23,312 2,618 -20.9 -13.6 1919 1919 309 240 252 225 241 203 213 188 -15.5 -11.5 8,916 5,108 17, 656 8,255 6,015 19, 897 8,588 5,993 16, 815 17, 376 11, 143 17, 171 11, 123 -1.2 -0.2 1913 1913 1913 115 70 126 112 80 150 116 69 158 108 81 177 -7.4 -3. Q +17.8 +0.4 +12.7 +18.3 1.68 1.75 1.74 1.75 1.75 1.75 1.75 1.75 1913 1913 170 197 173 197 172 197 172 197 6,958 4,661 4,513 3,474 5,047 3,787 4,562 3,421 1919 1919 90 76 102 100 101 101 113 110 +11.8 +10. 6 +9.0 +10. 7 3,363 2,370 17, 179 2,257 20,076 3,503 15, 658 3,713 16, 263 1,623 97 153 -22.0 -3. 7 +6.0 +128.8 number number number 73, 724 104, 301 109, 263 93,938 105, 056 120, 358 93, 380 121, 490 99, 986 98,568 60, 462 147, 511 number.. number number.. 83, 861 196, 324 126, 148 123,533 184, 765 145, 279 123, 085 208, 625 123, 224 number.. number number 99, 857 251, 448 131, 127 127, 289 252, 258 146, 696 number.. number number.. 46, 983 187, 812 64, 444 number number 1919 1919 1919 1919 1919 95 123 110 130 101 99 184 167 70 81 1919 1919 1919 ,8 1920 111 250 122 80 1913 305 160 150 128 112 86 -9.6 -10.1 +2.7 -10.0 -14.5 +29. 5 +15.4 +29.2 -32.9 +5.4 123 114 87 276 279 282 147 87 110 110 . 62 100 305 221 221 -23.8 +0.9 +26.9 +61.5 -29. 2 +1.8 -25. 2 -9.0 177 167 125 125 100 0.0 -27.5 -17.5 +6.5 0.0 +24.0 +33.7 -12.9 +5.5 +14.9 +20.5 -37.8 -47.5 -80. 9 -3.6 10.4 Floor and Wall Tile Production . . thous. of sq. ft Shipments, quantity thous. of sq. ft.. ShipTrjfvnts, value thons, of dolls Stocks, end of month thous. of sq. ft.. Prices: Ceramic mosaic dolls, per sq. ft.. White wall tile (standard) .dolls, per sq. ft.. +2.8 -20.9 +7.9 -6.6 +7.1 +6.9 +2.8 +33. 3 0.0 0.0 0. 0 0.0 Architectural Terra Cotta Bookings: Quantity Value ..net tons.. thous. of dolls.. Portland Cement Production thous. of bbls.. Shipments thous. of bbls.. Stocks, end of month thous. of bbls Price: Chicago district dolls per bbl Lehigh Valley dolls, per bbl Concrete paving contracts awarded: Total . thous. of sq. yds Roads thous. of sq. yds.. Roofing Preparing roofing: Shipments thous. of roof squares Roofing felt: Production, dry felt tons Stocks, PTid of rnQTith, dry fp.lt tons 10, 435 5,506 13,913 0 8,575 6,034 +0.6 0.0 -19.3 -16.3 0.0 0.0 9,560 7,261 +11.5 +20.3 1919 114 140 114 35,734 +15.6 1922 1922 91 82 101 67 125 144 1919 1919 1919 276 285 125 143 163 211 271 270 249 288 172 143 -0.6 -5. 3 +15.6 +100.9 -16.9 -32.2 1919 1919 1919 284 74 186 270 269 132, 146 197 167 -0.4 +10.2 -15.2 1919 1919 1919 252 252 77 78 181 187 234 201 167 223 220 137 -4.5 -11.6 +9.5 +182. 1 -17.8 -26.9 1919 1919 1919 262 80 209 266 75 251 255 318 167 229 236 120 -10.1 -13.9 +8.1 +213. 4 -28.3 -52.2 »1921 »1921 530 569 576 612 266 229 282 232 +6.1 -51.0 +1.3 -62.2 .» * 2, 380 30,925 Sanitary Ware Baths, enamel: Orders shipped Stocks, end of month Orders received Lavatories, enamel: Orders shipped Stocks end of month Orders received Sinks, enamel: Orders shipped Stocks end of month Orders received Miscellaneous, enamel: Orders shipped Stocks end of month Orders received Unfilled orders, end of month: Baths Small ware 194, 130 187, 318 -3.5 261, 714 220, 344 -15.8 131, 921 111, 044 158, 696 261,909 246, 618 -5.8 295, 780 268, 503 -9.2 121, 519 276, 333 120,544 137, 523 97, 962 164,877 275, 147 248, 808 -9.6 324,418 267, 240 -17.6 72, 316 174, 290 70, 132 65,032 188, 348 50,284 75,537 60, 095 105, 168 150,021 137, 348 -8.4 192, 593 120, 416 -37.5 89,402 254, 625 108, 572 295, 400 115, 236 299, 254 235, 279 790,983 long tons - long tons.. 32, 316 59, 300 23, 240 89, 858 28, 173 95, 109 24,929 149,603 50,807 308,878 51,413 184, 967 +1.2 -40.1 1909-13 123 1909-13 369 118 346 110 208 133 220 +21.2 +13.0 +5.8 -36.4 thous. of Ibs. long tons.. 948 91, 371 1,017 65, 989 940 78,058 849 86,942 1,419 172, 14-2 1,957 144, 047 +37.9 -16.3 1909-13 1909-13 138 84 166 64 153 75 -7.6 +10.7 +18.3 -10. 2 288 79 216 -6.7 +83. 4 -22.4 CHEMICALS AND OILS Imports: Potash Nitrate of soda Exports: Sulphuric acid Total fertilizer Dyes and dyestuffs— Vegetable Coal tar 92 82 417, 422 -33.2 459, 306 624, 659 340, 294 201, 175 216, 247 Ibs i _ . Ibs. 1, 021, 596 2,006,681 2, 067, 046 1, 739, 400 3, 172, 121 4, 073, 727 +28.4 s Ten months' average, March to December, inclusive. « Revised. 9 Eight months' average, May to December, inclusive. *> January, 1924. +7.5 -52. 9 +3.0 +18. & 39 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 Per ct. RELATIVE ncrease NUMBERS (+) or deBASE crease YEAR 1924 1925 (-) OR cumu- PERIOD lative 1925 Jan. Feb. Jan. Feb. from 1924 Per cent increase (+) or decrease (— ) Febru- Feb., ary 1925, from from Janu- Feb., ary 1924 CHEMICALS AND OILS-Continued Price index numbers: Crude drugs Essential oils Drugs and pharrriR.Cfiiitica1f5 index number index number 1914 1914 190 141 180 137 222 154 219 159 —1.4 +3.2 +21.7 +16.1 inrjfvx" niiTnber 1914 1913-14 1913-14 1913 150 120 138 75 153 121 132 73 154 113 157 70 155 114 148 70 +0.6 +0.9 -5.7 0.0 +1.3 -5.8 +12.1 +4.3 1922 1922 1922 1922 1922 128 66 65 14 177 126 62 77 49 177 111 73 43 87 133 100 70 45 43 133 -10.1 -6.3 +5.6 -49.9 0.0 -20. » +12.4 -41.2 -10.7 -25.0 1922 1922 1922 1922 1922 124 101 96 70 54 122 107 95 114 54 101 92 47 54 41 96 82 50 37 41 -5.4 -11.0 +4.7 -30.2 0.0 -21.4 -23.4 -50.1 -67.1 -22.7 Chemicals index number Oils and fats index number Price, sulphuric acid 66° N Y index number Wood Chemicals Acetate of lime: Production thous. of lbs_. « 10, 317 Shipments or use thous. of lbs_. « 9, 025 Stocks, end of month thous. of lbs_. 13, 499 980 Exports. thous. oflbs.. 3.000 Price dolls per cwt Methanol: Production gallons.. -526,192 Shipments or use gallons.. "596,706 Stocks, end of month gallons.. «1,315,166 Exports gallons.. 35, 310 Price dolls, per gaL. .68 Wood at chemical plants: Consumption (carbonized) cords. . « 55, 585 Stocks, end of month cords.. 527,802 13, 173 8,548 27,623 1,119 4.000 26, 593 17, 570 22,004 19, 660 -17.3 +11.9 1,445 2,994 +107. 2 542, 397 690, 403 "573,333 521,854 681, 057 « 586, 311 "1,305,058 1. 365, 830 2, 738, 308 120,489 39,625 56, 760 .88 .68 .68 1, 396, 150 1,323,869 1, 115, 730 1, 108, 185 -20.1 -16.3 194,257 96, 385 -50.4 * 11, 590 « 10, 048 « 15, 367 1,995 3.000 10,414 9,611 16,230 999 3.000 « 62, 614 • 478,422 55, 351 484,491 73,541 814,896 152, 433 117, 965 -22.6 1922 1922 123 83 114 84 97 51 86 51 -11.6 +1.3 -24.7 -1.3 Explosives thous. of lbs_. thous. of Ibs.. thous. of lbs._ .thous. of Ibs.. 31, 208 31,411 30, 569 18, 181 33, 479 35, 296 34,541 16, 480 36, 527 34, 074 31,675 18,976 35, 081 35, 349 32, 540 16,697 67, 316 69, 375 66,007 70,006 69, 370 66,216 +4.0 0.0 +0.3 1922 1922 1922 1922 105 109 116 105 114 114 112 102 109 114 119 101 119 110 110 116 +9.1 -3.5 -8.3 +15.1 +4.1 -3.6 -2.7 +13. & barrels.. barrels.. 26, 189 61,379 8,391 49, 556 6,167 37, 606 5,078 34, 148 15, 866 14,558 -8.2 1919 1919 71 134 31 110 55 159 40 121 -26.5 -24.1 +21.4 +10.1 ....barrelsbarrels.. 119, 216 256,482 51, 279 222,857 49,322 199, 896 50,610 261, 109 112, 581 100,601 -10.6 1919 1919 111 153 90 130 92 111 88 100 -3.8 -10.3 -2.5 -23.4 thous. oflbs . thous oflbs 9,853 53,486 9,454 59,445 4,880 62, 617 3,827 106,658 8,562 186,400 14,334 112, 062 +67.4 -39.9 1913 1913 16 373 13 499 33 278 17 246 -48.4 -11.5 +27.5 -50.7 thous. of Ibs. . thous. of Ibs.. 20, 135 19,997 19, 177 19, 109 17,288 15, 846 22,962 23,617 47, 662 47,458 36,465 34, 955 -23.5 -26.3 1913 1913 204 201 190 199 158 161 143 184 -9.9 -17.1 -24.7 -32. 9 Cottonseed stocks, end of month tons 1, 223, 863 Cottonseed oil: Stocks, end of month thous of Ibs 105, 520 Production _ . thous. oflbs 209, 471 Price, New York dolls per Ib .114 898,671 599, 626 386,018 1919 113 75 175 117 -33.3 +55.3 120,997 210,409 .112 126,745 157, 905 .107 128,419 101, 315 .101 221, 834 368,314 +66.0 1919 1919 1913 141 110 152 133 91 139 126 191 154 132 143 148 +4.8 -25.0 -4.5 -1.3 +55.9 +5.9 1,366 652 1,253 228 750 109 235 102 638 261 2,003 337 +213. 9 +29.1 1913 1913 43 15 25 10 133 22 80 11 -40.1 +219. 1 +6.9 -52.2 361 1,204 173 324 142 283 134 218 271 417 315 607 +16.2 +45.6 1913 1913 88 18 86 20 111 29 91 26 -17.9 -12.7 453 1,092 434 888 400 636 283 229 1913 1913 176 13 121 6 186 32 172 23 16, 825 14,720 14, 468 11,211 24,965 29, 530 +18.3 1913 90 74 97 95 -1.7 +29.1 31,274 31,226 29,847 15,832 40,484 50,780 +25.4 1913 82 52 104 99 -4.4 +88.5 22,220 24,540 +10.4 1913 102 84 109 98 -10.2 +15.9 +25.2 +65.2 1013 1913 1919 1919 126 376 50 56 122 387 63 53 137 243 79 100 124 233 63 81 -9.3 -4.0 -19.5 -18.6 +1.7 -39.8 +0.6 +52.3 1913 1913 124 I 112 129 114 209 203 202 201 -3.6 —1.1 +56.8 +76.0 Production Shipments. Sales Stocks Naval Stores Turpentine (3 principal ports): Net receipts Stocks, end of month Rosin (3 principal ports): Net receipts Stocks, end of month Fats and Oils Total vegetable oils: Exports Imports Oleomargarine: Production Consumption Cottonseed Flaxseed Receipts: Minneapolis _ .. thous . of bushs Duluth thous of bushs Shipments: Minneapolis thous . of bushs Duluth . _ thous. of bushs Stocks, end of month: Minneapolis thous of bushs Duluth thous of bushs Linseed oil: Shipments from Minneapolis thous oflbs Linseed oil-cake: Shipments from Minneapolis thous of Ibs +6,0 +29.8 -7.8 +41.3 -28.4 +177. 7 FOODSTUFFS Wheat Exports, including flour thous. of bushs.. Visible supply: United Ptfltps thofj<? nf hnph<; Canada thous. of bushs Receipts, principal markets.. thous. of bushs. Shipments, prin. markets thous. of bushs.. Prices: No. 1, northern, Chicago.. dolls, per bush.. No. 2, red winter, Chicago-dolls, per bush.. « Revised. 24, 326 12,928 11, 612 10,019 96, 114 79, 221 36, 293 32, 651 81, 796 79, 341 24, 734 19, 864 74, 167 76, 187 19, 923 16, 168 72, 914 126,495 19, 803 10,616 1.687 1.769 1.909 2.006 1.841 1.984 1.174 1.127 35, 678 21, 816 44, 657 36, 032 40 TREND OF BUSINESS MOVEMENTS—Continued 1924 1925 Per ct. increase (+) or decrease (-) cumulative 1925 from 1924 NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1935 February, Decem- January February ber 1924 CUMULATIVE TOTAL FROM JANUAEY 1 THROUGH LATEST MONTH Per cent increase (+) or decrease (-) RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1935 Febru- Feb., ary 1925, from from Feb., Jan. Feb. Jan. Feb. Janu1924 ary FOODSTUFFS— Continued Wheat Flour (Bureau of (he Census) 45, 010 9,853 634, 402 58 36, 972 8,086 762,489 53 39, 180 8,433 705,402 53 81,014 17,403 1, 451, 442 81,982 17,939 1, 396, 891 +1.2 +3.1 -3.8 11,007 10, 555 6,700 11, 705 10, 017 7,400 10, 189 9,800 6,850 10, 286 8,711 7,200 21, 286 18,010 21,894 19, 817 +2.9 +10.0 Wheat, ground _ thous. of bushs . « 40, 427 Production, wheat flour thous. of bbls.. « 8, 855 Production, grain offal thous . of Ibs . « 695, 925 «52 Per cent of capacity operated per cent -17.9 -17.9 +20.2 -8.6 -5.6 -4.1 +8.1 0.0 -13.0 -2.2 -7.4 -0.9 +12.5 -4.9 +56.2 (Russell's Commercial News) Production thous. of bbls.. Consumption _ thous. of bbls.. Stocks, all positions thous. of bbls Wholesale prices (Dept. Labor) : Flour, standard patents Minneapolis dolls per bbl Flour, winter straights, Kansas City dolls, per bbl.. 1914 1919 1919 113 114 76 106 107 76 121 105 123 120 78 73 8. 895 9.694 9.850 6.306 1913 135 138 212 215 +1.6 7.788 8.805 8.669 5.350 1913 137 139 229 225 -1.5 +62.0 571 19, 693 28,953 9,365 5,520 896 28,812 37,038 14, 290 6,751 704 34, 199 21, 274 12,270 6,199 3,542 20, 517 43,442 21, 213 7,152 1913 1913 1919 1919 1913 74 84 94 185 204 290 222 240 161 170 21 259 247 162 161 17 108 142 137 148 -21.4 -80.1 +18.7 +66.7 -42.6 -51.0 -14.1 -42.2 -8.2 -13.3 1. 233 1.271 1.242 .797 1913 121 128 203 199 -2.3 +55.8 19,738 72, 128 1,171 23,474 73,570 984 14, 110 72,386 843 18,778 17, 741 485 1913 1913 1913 78 101 21 91 102 16 113 422 33 68 416 28 -39.9 -24.9 -1.6 +308. 0 -14.3 +73.8 .598 .596 .570 .493 1913 126 131 159 152 5,405 1,744 4,940 1,522 4,210 881 3,381 613 1913 1913 32 20 37 42 55 104 46 60 .935 .973 .996 .740 1913 113 118 156 159 3,802 856 1.404 2,134 1,208 1.585 2,823 944 1.579 1,938 402 .720 3,745 1,223 4,957 2,152 +32.4 +76.0 1913 1913 1913 140 530 114 150 259 113 165 779 249 218 609 248 +32.3 +45.7 -21.9 +134.8 -0.4 +119. 3 28, 668 236,629 17,538 197, 182 14,984 178,416 15, 061 197, 655 32, 127 370, 128 32, 522 375, 598 +1.2 +1.5 1913 1919 82 102 73 117 84 116 72 105 -14.6 -9.5 1913 1913 1914 243 29 495 357 17 714 286 358 92 57 385 412 Corn Exports, including meal thous. of bushs.. Visible supply thous of bushs Receipts, principal markets. -thous. of bushs_. Shipments, prin. markets thous. of bushs.. Orindings (starch, glucose) -..thous. of bushs.. Prices, contract grades, No. 2, Chicago dolls, per bush 6,648 1,600 -75.9 74,042 40, 861 13,910 58, 312 26, 560 12,950 -21.2 -35.0 -8.9 Other Grains Oats: Receipts, principal markets thous. of bushs Visible supply thous of bushs Exports, including meaL.thous. of bushs.. Prices, contract grades, Chicago dolls per bush Barley: Receipts, principal markets.. thous. of bushs Exports thous. of bushs Price, fair to good, malting, Chicago dolls per bush Rye: Receipts, principal markets thous. of bushs.. Exports, includingflour..thous. of bushs. . Price, No. 2, Chicago dolls, per bush.. 34,986 37, 584 +7.4 1,124 1,827 +62.5 6, 297 912 9,150 +45.3 2,403 +163. 5 -4.4 +15.6 -14.8 +24.5 -42.1 +43.7 +2.4 +34.6 Total Grains Total grain exports, incl. flour. thous. of bushs.. Car loadings of grain and grain products.cars.. r -0.5 -9.7 Argentine Grains Visible supply, end of month: 7,400 9,255 9,250 3,700 Wheat thous of bushs 600 3,200 2,000 8,000 Corn thous of bushs 3,000 5,200 2,800 2,200 Flaxseed thous. of bushs Rice 579, 922 Southern paddy, receipts at mills bbls— 972, 700 448,306 197,214 Shipments: 926, 545 933,878 981, 194 543,246 Total from mills pockets (100 Ibs.) 203,224 New Orleans pockets (100 Ibs.). 151, 143 219,817 122,858 Stocks, end of month: Mills and dealers pockets (100 Ibs.).. 2,346,514 1,867,227 1, 559, 679 1, 680, 373 31,868 78,493 41,497 27,444 Imports pockets (100 Ibs.) 11,411 177, 314 10,898 Exports pockets (100 Ibs ) 27, 532 Other Crops Apples: Cold-storage holdings (end of month) thous. of bbls.. Car-lot shipments carloads.. Car-lot shipments: Potatoes carloads Onions . carloads Citrus fruits.. carloads.. Hay, receipts.tons.. +25.1 +0.1 -37.5 +233. 3 +7.1 -42.3 1, 655, 602 645, 520 -61.0 1919 176 95 74 29 -56.0 -66.0 2, 031, 421 431, 936 1,524,440 342, 675 -25.0 -20.7 1919 1919 181 90 151 80 160 86 89 48 -44.6 -44.1 -41.4 -39.5 76, 744 481, 264 119, 990 22,309 +56.4 -95.4 1919 1919 1919 249 33 97 207 23 56 230 30 3 192 58 4 -16.5 -7.2 +89.2 +146.3 +4.7 -93.6 6,673 6,068 5,233 4,980 3,771 3,802 5,965 7,995 15,956 8,782 -45.0 1919 1919 404 117 308 118 270 73 194 56 -27.9 -23.7 -36.8 -52.4 12, 757 1,869 11, 187 74,303 21, 159 2,713 12, 036 101, 595 19,886 1,984 10,402 69, 869 19,862 2,092 11, 693 103, 963 38,845 4,503 21,428 204, 330 41,045 4,697 22, 438 171,464 +5.7 +4.3 +4.7 -16.1 1919 1919 1919 1919 127 139 180 83 132 120 217 86 141 156 223 84 133 114 193 58 -6.0 -26.9 -13.6 -31.2 +0.1 -5.2 -11.0 -32.8 2,083 816 309 1.265 1,869 708 207 1.150 1,530 555 176 967 1,457 540 170 915 3,345 1,256 413 2.070 3,399 1,263 383 2.117 +1.6 +0.6 -7.3 +2.3 1919 1919 1919 1919 92 80 55 101 71 60 39 80 91 79 47 101 74 62 40 85 -18.1 -21.6 -15.0 —15.9 +5.0 +2,8 +3.5 Cattle and Cakes Cattle movement, primary markets: Receipts thousands Shipments, total. ..thousands Shipments, stocker and feeder. thousands.. Local slaughter thousands.. 0 Revised. -1-5.7 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 829, 108 816,650 21,568 826, 778 822,015 18,064 Per ctncrease ( or1?" decrease <-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR ERIOD 1925 1924 February from JanuJan. Feb. Jan. Feb. ary Feb., 1925, from Feb., 1924 FOODSTUFFS— Continued Cattle and Calves— Continued Beef products: Inspected slaughter product.thous. of Ibs.. 441, 160 480, 692 Apparent consumption thous. of Ibs. . •389,309 473, 652 9,412 Exports thous. of Ibs.. 9,329 Cold-storage holdings (end of month) thous. of lbs_. •142,964 • 140, 705 Prices, Chicago: 9.313 9.550 Cattle, corn-fed dolls, per 100 Ibs. .183 .183 Beef, fresh native steers dolls, per lb_. .133 .125 Beef, steer rounds, No 2 dolls, per lb_. 146 105 112 83 69 64 346,086 348,363 8,652 377,326 371, 197 11,669 129,774 • 100, 007 1919 43 41 9.469 .183 .135 9.706 .170 .145 1913 1913 1913 111 131 106 114 131 111 110 111 141 141 102 103 -0.3 +0.7 -16.2 1913 1919 1913 137 106 73 114 88 86 59 55 -28.0 -8.3 -26.5 -6.2 -8.1 -25.9 -7.8 +29.8 +1.7 0.0 +1.5 -2.4 +7.6 -6.9 Hogs and Pork Hog movement, primary markets: 6,604 4,558 6,105 5,335 Receipts thousands.. 2,176 1,580 Shipments, total thousands 2,271 2,m 38 38 35 Shipments, stocker and feeder. thousands .. 3,910 4,335 3,010 3,227 Local slaughter thousands.Pork products, total: 843,874 Inspected slaughter product.thous. of Ibs. . 912,990 950, 738 726,051 558,764 Apparent consumption thous. of lbs_. 548, 753 612, 981 391, 293 Exports thous. of Ibs.. 120, 607 144, 221 114,706 190,691 Cold-storage holdings (end of month) thous. of Ibs.. •647,364 a 778, 792 ,019,644 • 946,696 Lard (included in pork products): 188,308 192, 596 • 194, 189 162,345 Production thous. of Ibs Exports thous. of lbs_. 76,803 78,440 60,363 99, 910 Cold-storage holdings • 68,610 (end of month) thous. of Ibs 152,485 • 61, 049 « 112, 704 Prices: 10.800 7.075 9.960 Hogs, heavy, Chicago dolls, per 100 Ibs 11. 150 .184 .207 .219 Hams, smoked, Chicago dolls, per lb._ .231 .117 .169 .166 Lard, prime contract, N. Y dolls, per Ib .161 11,588 4,324 97 7,243 10,663 3,756 73 6,920 -8.0 -13.1 -24.7 -4.5 1919 1919 1919 1919 167 184 67 158 143 178 63 127 163 182 51 154 122 132 47 119 -25.3 +14.6 -27.4 -25.7 -7.9 -25.5 -23.0 -6.7 1,820,840 1, 209, 127 415, 351 1,676,789 1, 004, 274 258,927 -7.9 -16.9 -37.7 1913 1919 1913 205 169 274 177 145 232 199 143 176 153 102 140 -23.6 -14.0 -36.2 -30.0 -20.5 -39.8 415,997 232, 668 356, 535 138, 803 -14.3 -40.3 1919 93 103 85 111 +30.9 +7.7 1919 1919 259 209 214 158 221 124 185 95 -16.4 -23.0 -13.8 -39.6 1919 59 74 1913 1913 1913 86 116 116 122 165 +35.3 +122. 2 85 129 111 132 106 151 133 139 146 +3.2 +57.6 +5.5 +25.5 -3.0 +37.6 Sheep and Lambs Sheep movement, primary markets: Receipts... thousands Shipments, total.. ._ thousands.. Shipments, stocker and feeder.thousands.. Local slaughter. thousands. . Lamb and mutton: Inspected slaughter product.thous. of Ibs. Apparent consumption thous. of Ibs. Cold-storage holdings (end of month). thous. of Ibs. Prices: Sheep, ewes, Chicago. ..dolls, per 100 Ibs. Sheep, lambs, Chicago..dolls. per 100 Ibs. 1,605 750 206 854 1,467 688 138 786 1,388 675 119 711 1,412 693 106 725 3,109 1,466 255 1,645 2,855 1,363 257 1,497 -8.2 -7.0 -fO.8 -9.0 1919 1919 1919 1919 75 64 26 87 62 57 18 69 65 57 24 75 61 56 21 67 -5.4 -1.7 -1.9 -2.6 -13.8 +12.3 -9.5 -1.9 32,803 33, 173 39, 655 40,270 34,945 34,974 36,158 36,271 78,660 78,893 74,600 75,244 -5.2 -4.6 1913 1919 93 109 79 93 87 103 77 89 -11.9 -13.2 -3.4 -3.6 • 2,949 • 2,336 2,275 • 2, 173 1919 28 26 28 27 -2.6 +4.7 7.575 15.975 8.688 17. 625 8.438 17. 313 8.425 14. 550 1913 1913 153 171 180 187 185 226 180 222 77,309 30,460 21, 250 27,447 1919 191 139 154 107 thous of Ibs. • 133, 990 • 138, 189 130,508 • 90,497 1919 154 144 213 201 1919 1919 59 86 96 65 64 90 105 69 -2.9 +0.2 -1.8 +19.0 Poultry Receipts at five markets Cold-storage holdings (end of month) thous. of Ibs 65, 362 51,710 -20.9 -30.2 -22.6 -5.6 +44.2 Fish Total catch, prin. fishing ports.. thous. of Ibs. Cold-storage holdings, 15th of mo.thous. of Ibs. Canned salmon, shipments _ cases +8.4 +6.1 12, 353 « 68, 325 614, 164 11,028 • 55, 308 394,433 18, 181 42,878 16,772 40,421 & 300, 041 11,830 9,161 102,337 • 12, 208 • 7,066 •71,857 12, 321 5,335 71,290 11,000 18, 079 126, 103 1920 1920 1920 28 112 102 20 100 83 22 51 67 23 39 47 +0.9 +12.0 -24.5 -70.5 -0.8 -43.5 2,149 4,168 40,032 • 2,209 •3,113 •29,929 2,628 2,000 41,646 6,412 12, 395 87,048 1920 1920 1920 43 129 152 24 119 114 8 40 53 8 30 39 +19.0 -59.0 -35.8 -83.9 -39.1 -52.2 3,096 7,766 487 4,701 5,952 335 2,961 6,700 386 5,105 15, 922 304 13, 182 41,468 519 7,662 12, 652 721 -41.9 -69.5 +38.9 1922 1922 1922 171 235 42 108 146 59 99 55 65 63 62 75 -37.0 -42.0 +12.6 -57.9 +15.2 +27.0 14, 701 2,434 14,528 2,413 14, 149 2,281 14,031 2,237 28,712 4,599 28,677 4,694 -0.1 +2.1 1919 1913 112 158 107 150 111 161 108 152 -2.6 -5.5 +0.8 +2.0 146, 649 98,052 153, 465 101, 580 162,010 97,761 181,578 95,871 370,223 191,761 315, 475 199,341 -14.8 +4.0 1922 1922 62 85 60 85 51 90 53 86 +5.6 -3.8 -10.8 +2.0 27,711 28,469 33,105 46,279 90,795 61, 574 -32.2 1922 60 62 38 45 +16.3 -28.5 14,703 5,667 515 Revised. 15,865 6,899 652 25,684 4,959 502 25,374 10,820 3,234 1 53,532 27,363 6, 771 41,549 -22.4 11,858 -46.7 1,154 -83.0 & January, 1924 1922 1922 1922 48 48 16 43 32 14 27 20 3 44 14«j +61.9 +1.2 -28.1 -54.2 -23.0 -84.5 27, 031 29,209 +8.1 +64.9 -22.5 Milk Total manufacturers' stocks: CondensedCase goods thous. of Ibs.. Bulk goods thous. of Ibs.. Evaporated, case goods .. thous. of lbs_. Manufacturers' unsold stocks: CondensedCase goods... . thous. of lbs_. Bulk goods thous. of Ibs Evaporated, case goods thous. of Ibs.. Exports: Condensed thous. of Ibs Evaporated . thous. of Ibs Powdered thous. of Ibs.. Fluid milk: ReceiptsBoston (includ. cream). thous. of qts_. Greater New York thous. of cans.. Consumption and distribution by milk plants (Dairyman's League, N. Y.): Total milk consumed or sold.thous. of Ibs.. Fluid milk sold thous. of Ibs Milk consumed for manufacture of: Soft cheese, ice cream and condensed milk thous. of Ibs.. Milk chocolate and milk powder thous. of Ibs.. Butter thous. of Ibs.. American cheese thous. of Ibs.. 42 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 Per ct. increase (+) or decrease (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASH YEAR OR PERIOD 1924 1925 February from JanuJan. Feb. Jan. Feb. ary Feb., 1925, from Feb., 1924 -8.7 -11.9 FOODSTUFFS— Continued Dairy Products Butter: Keceipts, 5 markets thous. of Ibs.. C old-storage holdings, creamery (end of month) thous. of lbs_. Wholesale price, 5 markets.. dolls, per lb_. Cheese: Receipts. 5 markets thous. !of lbs__ Cold-storage and holdings, American (end of month) thous. of lbs._ Wholesale price, 5 markets.. dolls, per lb.. Eggs: Receipts, 5 markets thous. of lbs__ Cold-storage holdings (case) -thous. of Ibs.. Sugar Raw: Imports long tons Meltings, 8 ports. . long tons Stocks at refineries (end of month) _ long tons.. Refined, exports _ long tons Cane, domestic: Receipts at New Orleans long tons Prices: Wholesale, 96° centrifugal, N. Y dolls, per lb__ Wholesale refined, N. Y dolls, per lb.. Retail, average 51 cities index number. . Cuban movement: Receipts at Cuban ports long tons.. Exports long tons Stocks, end of month long tons.. Coffee Imports Visible supply: World United States. Receipts, total, Brazil Clearances: Total, Brazil, for world Total, Brazil, for U. S 93 105 102 93 1916-20 1919 27 88 17 84 51 69 -36.9 +193. 4 -0.5 -17.4 1919 88 100 94 79 -16.5 -20.9 1916-20 1919 108 73 94 71 111 74 92 74 -16.7 +0.4 -1.7 +3.6 +5.0 1919 1916-20 60 14 84 1 53 2 98 1 +83.4 -72.8 +16.4 -50.0 647, 421 609, 343 +1.1 -7.1 1913 1919 131 70 233 131 156 91 212 96 +35.8 +5.8 -8.9 -26.6 10, 680 21,164 +98.2 1919 1909-13 83 118 138 243 90 239 144 478 +46.5 +99.9 +4.7 +96.5 24, 031 3,399 -85.9 1913 138 11 19 2 -86.5 -77.2 1913 1913 1913 192 196 185 207 204 187 131 142 147 131 135 140 0.0 -4.9 -4.8 -36.1 -33.3 -25.1 +14.5 +1.1 1919 1919 1919 166 105 37 223 162 68 193 115 46 253 +30.8 155 +34.4 97 +112. 2 +13.2 -4.5 +42.4 -23.6 1909-13 182 145 144 105 -26.6 -27.3 36 37 129 35 31 110 43 36 80 -3.4 -8.6 -12.5 +22.2 +14.2 -27.4 ' 90,875 39, 118 46, 569 42, 513 48, 260 65, 694 .440 45, 748 .414 28,862 .412 9,837 .499 14, 745 15, 378 12,845 16,243 49, 187 .221 41,^53 .228 34, 613 .229 35, 223 .221 508 1,050 634 81 1,163 22 999 44 1,712 1,797 134, 073 156, 512 274, 510 296, 101 372,911 313, 242 409, 553 426, 927 640, 472 655, 597 36,922 863 94, 110 7,056 137, 829 14, 108 131, 689 7,181 37, 812 2,996 403 1,769 .053 .072 .046 .061 .046 .058 .072 .087 92, 726 64, 111 40, 569 637, 599 375, 213 293, 891 833, 934 504, 146 623, 658 736, 588 527, 741 437, 958 1, 284, 946 869, 562 1, 471, 533 879, 359 247,391 189, 040 30, 642 89, 082 28, 223 -2.0 -7.9 1919 81 70 thous. of lbs._ 114, 113 109,048 79, 992 109, 994 thous. of bags thous. of bags.. thous. of bags.. 5,388 611 980 5,290 713 874 5,112 652 765 4,183 571 1,054 2,289 1,639 -28.4 1913 1913 1913 thous. of bags thous. of bags- 923 530 1,042 623 756 377 1,297 635 2,431 1,140 1,798 1,000 -26.0 -12.3 1913 1913 115 128 131 162 105 159 76 96 -27.4 -39.5 -41.7 -40. 6. thous. of Ibs.. 8,688 7,661 6,084 5,182 13,013 13,745 +5.6 1909-13 95 63 93 74 -20.6 +17.4 511 5,442 475 6,652 452 5,681 499 4,855 1,«03 11,112 926 12,333 -7.7 +11.0 1913 1913 80 483 79 374 75 513 72 567 -4.8 -14.6 -9.4 +17.0 1913 103 96 96 90 -6.4 -6.2 1909-13 161 136 115 1913 512 342 366 1919 94 58 114 77 380 63 -33.3 +4.0 -44.6 -43.4 +11.0 +7.9 45 39. 92 Tea Imports TOBACCO Consumption (tax-paid withdrawals) : Large cigars millions Small cigarettes millions Manufactured tobacco and snuff thous. of Ibs Exports: Unmanufactured leaf. thous. of Ibs . _ Cigarettes.. ... millions Sales of loose-leaf warehouses thous. of Ibs. . Price, wholesale, Burley good leaf, dark red, Louisville .dolls, per 100 Ibs 28,571 35,457 33, 172 35,353 73, 544 68,629 -9.2 44, 545 838 71, 676 36, 150 707 93, 551 24,127 735 51, 833 42, 590 662 48,019 93, 118 1,652 125, 005 60,277 1,442 145,384 -35.3 -12.7 +16.3 24.50 24.50 24.50 28.00 2,266 1,266 524 2,228 1,907 942 517 2,305 1,840 1,037 428 2,244 1,351 507 *2,017 4,671 2,753 1,097 3,747 1,979 945 564, 578 365,970 345, 183 335, 451 581,484 5,156 2,315 2,841 4,456 1,721 2,736 4,527 1,747 2,780 4,555 1,810 2,745 4,885 2,073 2,812 5,126 1,820 3,307 4,550 1,750 2,800 4,600 1,917 2,683 1913 212 212 186 186 0.0 -12.5 -19.8 -28.2 -13.9 1915 1915 1915 1919 596 778 322 178 551 468 741 517 277 282 174 198 452 569 233 -3.5 +10.1 -17.2 -18.0 -23.2 -15.6 711, 153 +22.8 1922 82 112 122 116 -5.7 +2.9 8,880 3,584 5,296 8,983 3,468 5,516 +1.2 -3.2 +4.2 1913 1913 1913 97 151 78 103 154 84 100 147 84 102 149 85 +1.6 +1.5 +1.6 -0.6 -3.5 +1.3 9,235 3,734 5,501 9,676 3,570 6,107 +4.8 -4.4 +11.0 1913 1913 1913 103 145 87 103 153 83 114 146 102 101 140 87 -11.2 -3.8 -4.2 -1.1 -8.7 +4.4 27.5 29.9 29.8 27.8 24.9 25.1 26.9 25.5 -6.7 -5.2 -0.3 +1.6 TRANSPORTATION River and Canal Cargo Traffic Panama Canal: Total cargo traffic thous. of long tons.. In American vessels. -thous. of long tons.. In British vessels thous. of long tons.. Suez Canal thous. of metric tons Ohio River, Pittsburgh, Pa., to Wheeling, W. Va short tons Ocean Transportation Entrances, vessels in foreign trade: Total thous. of net tons American thous of net tons Foreign thous of net tons Clearances, vessels in foreign trade: Total.. American thous of net tons Foreign thous of net tons Freight rates, Atlantic ports to: United Kingdom, weighted index number All Europe weighted index number.. 1920 1920 Freight Cars Surplus (daily av. last week of month): Box number . Coal number.. Total. _ number * January, 1924. 117,434 108, 189 266, 252 103,209 69, 736 213,921 103, 177 138,425 285,015 51,398 56,618 134.273 1919 1919 1919 91 89 89 63 75 71 126 92 118 126 1*3 150 0.0 +100.7 +98.5 +144.5 +33.2 +112. 3 43 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUAKY 1 THROUGH LATEST MONTH 1924 1925 Per ct. Per cent RELATIVE ncrease increase (+) NUMBERS (+) or decrease (— ) or deBASE crease YEAR 1925 1924 (-) Febru- Feb., OR cumu- PERIOD ary 1925, lative from from 1925 Feb., JanuFeb. Jan. Feb. Jan. from ary 1924 1924 TEANSPORTATION— Continued Freight Cars-— Continued Shortage (daily av. last week of month): 27 Box number.. Coal number 30 Total number.. 101 Cars in bad order: Total end of month cars_. 190, 979 Ratio to total in use per cent-8.3 Car loadings (monthly totals) : 4,350 Total thous. of ears. 237 Grain and grain products. -thous. of cars.. Livestock .. thous. of cars 180 932 Coal and coke thous. of cars 320 Forest products thous. of cars Ore thous. of cars 51 2,630 Merchandise and misc thous. of cars.. Railroad Operations Revenue: Freight thous. of dolls.. Passenger.. __ thous. of dolls.. Total operating thous. of dolls Operating expenses... thous. of dolls Net operating income thous. of dolls Freight carried _ _ _ mills, ton-miles Pullman company operations: Revenue . thous. of dolls Expenses . thous. of dolls. Passengers carried thousands Locomotives in bad order: Total end of month number-Ratio to total in use per cent 61 44 406 100 10 167 1,076 2,475 3,991 1919 1919 6 59 (10) 1919 9 45 19 17 2 1 +63.9 -77.3 -58.9 -90.7 -99.6 -95.8 186, 539 8.1 185,047 8.0 168, 782 7.5 1913 1913 106 104 110 110 122 119 121 118 -0.8 -1.2 +9.6 +6.7 3,555 197 146 861 265 40 2,046 3,652 178 128 774 316 42 2,214 3,617 198 133 820 318 38 2,112 1919 1919 1919 1919 1919 1919 1919 96 104 102 117 101 93 111 110 103 129 20 23 96 105 102 116 102 115 107 25 102 105 105 90 104 128 26 110 +2.7 -9.6 -12.3 -10.1 +19.2 +5.0 +8.2 +1.0 -10.1 -3.8 -5.6 -0.6 +10.5 +4.8 362,368 90,845 505,523 381,415 86,988 34, 998 350, 619 88,674 484, 774 383, 735 65,842 37,035 336,800 77,566 454, 996 355, 555 64,920 33, 575 352, 692 83, 394 479, 454 374, 916 71, 605 35, 981 686, 125 175, 115 948,440 760,008 122, 992 70,487 687,419 166, 240 939, 770 739, 290 130, 762 70, 610 +0.2 -5.1 -0.9 -2.7 +6.3 +0.2 1913 1913 1913 1913 1913 1913 188 159 184 212 86 126 198 154 190 211 110 135 190 135 178 196 108 123 -3.9 -12.5 -6.1 -7.3 -1.4 -9.3 -4.5 -7.0 -5.1 -5.2 -9.3 -6.7 5,887 5,470 2,719 6,320 5,202 2,800 5,652 4,993 2,503 5,568 5,035 2,483 11, 550 10, 250 5,207 11, 972 10, 195 5,303 +3.7 -0.5 +1.8 1913 1913 1913 174 162 222 215 131 120 183 164 222 213 135 121 -10.6 -4.0 -10.6 +1.5 -0.8 +0.8 11, 266 17.5 11,314 17.6 11,404 17.7 11,304 17.5 22,095 22, 718 +2.8 1919 1919 73 74 +0.8 +0.6 +0.9 +1.1 485 26, 525 353 9,354 292 13, 689 382 11, 361 -39.8 -48.4 +8.2 +21.5 -0.1 0.0 -25.1 -16.4 -20.7 -18.0 +4.6 -4.9 -0.4 +1.3 -41.4 -44.8 -3.4 +4.3 -37.9 +670.0 26, 975 2,524 22, 795 1,855 26, 792 2,547 17, 320 1,384 -0.7 +0.9 —24.0 -25.4 +0.2 +0.3 +27.7 +30.9 +20.2 +11.6 -14.1 -7.7 +2.0 +3.6 +32.0 +30.2 -9.7 -11.2 +26.4 +79.7 69 70 199 145 188 206 120 132 73 73 73 73 (10) (10) Equipment Installations -Locomotives (Am. Ry. Assn.) : 64,824 Owned (end of month) . number 64,871 64,779 65, 029 Tractive power thous. of lbs_ 2, 589, 359 2, 590, 525 2, 591, 619 2, 559, 519 Installfid during month number 295 167 214 125 Tractive power thous. of Ibs.. 12, 311 7,456 6,233 11, 296 304 Retired during month number-213 169 175 9,724 6,242 Tractive power thous. of Ibs 5,119 4,906 287 280 457 Unfilled orders (end of month).. number.. 293 64 Building in R. R. shops number 81 77 10 .^Freight cars (Am. Ry. Assn.): Owned (end of month) .number. _ 2,337,229 2,341,109 2,346,687 2, 310, 570 207, 172 207, 626 208, 33ft 201, 055 Capacity mills, of Ibs Installed during month number.. 6,763 15,024 11, 768 11,386 623 Capacity mills, of lbs_. 1,103 1,444 1,109 11, 918 Retired during month .number-9,453 7,867 10, 466 Capacity mills, of lbs-_ 976 654 822 730 50,603 Unfilled orders (end of month).. number. - 54, 202 58, 910 40,030 6,478 Building in R. R. shops number5,285 2,715 4,878 Passenger Travel .National parks: Visitors Automobiles entered Arrivals from abroad: Aliens United States citizens Departures abroad: Aliens United States citizens Passports issued ... number number 28, 399 927 38, 292 852 45,700 1,267 38, 792 1,730 74,200 2,736 83, 992 2,119 +13.2 -22.6 1920 1920 51 14 56 24 56 12 66 18 +19.3 +48.7 +16.0 -26.8 number.. number 28, 098 17, 219 20, 952 16, 987 20, 913 23, 186 29, 901 22, 161 63, 779 37, 799 41,865 40, 173 -34.4 +6.3 1913 1913 29 64 26 90 18 69 18 94 -0.2 +36.5 -30.1 +4.6 number numbernumber 14, 288 17, 388 7,575 6,183 22, 538 8,640 4,087 23, 211 8,816 3,706 24, 197 6,487 9,429 45, 014 14,085 10, 270 45, 749 17,456 +8.9 +1.6 +23.9 1913 1913 1913 25 69 389 18 16 27 80 75 77 332 441 451 -33.9 +3.0 +2.0 +10.3 -4.1 +35.9 52, 145 12, 131 52, 023 12,492 1913 1913 355 267 342 247 396 337 9,999 12, 285 1,811 9,392 11, 593 1,596 8,820 10,869 1,340 8,440 10,448 1,250 17, 279 21, 386 2,674 18,212 22,462 2,936 +5.4 +5.0 +14.1 1913 1919 1919 116 108 87 111 103 76 124 115 98 116 108 82 -6.1 -3.9 -6.7 +4.5 +4.0 +7.2 5,537 1,749 3,788 435 5,102 5,592 1,717 3,876 450 5,142 5,005 1,749 3,256 384 4,621 4,834 1,563 3,271 410 4,424 10, 023 3,238 6,785 852 9,171 10, 597 3,466 7,132 834 9,763 +5.7 +7.0 +5.1 -2.1 +6.5 1919 1919 1919 160 137 173 149 128 162 172 141 191 154 144 161 -10.5 +3.5 +1.9 +11.9 -0.5 -16.0 -6.3 -14.7 -10.1 +4.5 3,635 3,716 1,374 1,401 3.025 2.953 than one. 3,149 999 2.539 3,327 6,991 1,544 3,163 2.605 5.060 » January, 1924. 6,865 2,400 5.492 -1.8 -24.1 +8.5 127 152 167 J 108 109 142 -15.3 -28.7 -14.0 PUBLIC UTILITIES Telephone companies: Operating revenues thous. of dolls.. Operating income thous. of dolls.. Telegraph companies: Commercial telegraph tolls.thous. of dolls.. Operating revenues thous. of dolls... Operating income thous. of dolls.. Electric power: ProductionTotal mills, of kw. hours.. By water power.-mills. of kw. hours.. By fuels mills, of kw. hours In central stations In street rys., mfg. plants, etc.* Consumption of fuelsCoal thous. of short tons Oil . . _. thous. of barrels Gas millions of cu. ft.. Relative number less & 46, 584 &9 895 125 114 1919 176 168 1919 138 146 1919 * See text on p. -5.4 -35.3 -2.5 44 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1925 1924 Per ct. ncrease (+) or decrease (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1925 Jan. Feb. Tan. Feb. February from January Feb., 1925, from Feb., 1924 EMPLOYMENT Number employed, State and city reports: New York State . thousands Detroit thousands Wisconsin . . . index number Illinois index number Massachusetts index number Total pay roll: New York State thous. of dolls.. Wisconsin . index number Average weekly earnings: New York State dolls Illinois index number Wisconsin index number Massachusetts . index number Average weekly earnings (National Industrial Conference Board) : Grand total (both sexes) dollars.. Total male dollars Skilled male _ dollars.. Unskilled male dollars Total women dollars.. Average weekly hours: Nominal (both sexes) hours.. Actual (both sexes) hours.. Employment agency operations: Workers registered . number Jobs registered number Workers placed number.. Average applicant per job number 499 95 497 208 505 211 540 241 1914 1920 1915 1922 1922 112 113 104 135 136 117 115 123 118 106 108 99 97 97 93 106 119 120 100 94 +1.6 -6.5 +1.4 -1.24 +1.7 -2.4 +1.0 -7.4 +1.1 -3.1 14, 101 14,048 14, 133 14, 978 1914 1915 250 254 252 284 236 264 238 281 +0.6 +6.4 28.26 28.29 27.97 27.73 1914 1915 1922 1922 223 110 214 227 222 115 231 226 227 112 224 190 224 113 234 189 -1.1 +0.9 +0.9 -1.7 +4.5 +1.3 -0.5 -1.64 26.85 28.90 30.65 23.08 27.09 29.20 30.75 24.02 17.18 17.79 «> 26. 94 *28.64 &30.38 >23.04 b 17. 38 1914 1914 1914 1914 1914 215 215 215 215 222 217 218 217 221 222 216 220 217 224 227 49.8 47.1 49.8 48.5 6 49. 6 M8.5 1914 1914 90 94 91 94 91 94 199, 266 146, 136 83, 856 72, 600 1.74 148, 080 90, 720 112, 329 1.52 46,316 34,746 33, 756 130,917 77,424 1.63 -5.6 -1.1 150,235 103, 509 84, 683 1.45 325, 855 212, 458 174, 218 294, 216 174, 576 150, 024 -9.8 -17.8 -13.9 1921 1921 1921 1921 87 93 95 93 74 89 90 84 72 72 77 101 73 78 82 94 +1.3 +8.2 +6.6 -6.3 -1.4 -12.4 -8.6 +12.4 30,468 17, 878 12, 590 60, 976 37, 181 23,795 68,502 43, 115 25, 387 +12.3 +16.0 +6.7 1913 1913 1913 271 242 339 270 224 380 308 277 383 299 264 384 -2.8 -4.8 +0.5 +10.8 +17.6 +1.1 23,406 13,431 1,271 6,019 236 1,612 168 2,344 152 44, 502 25, 565 51, 494 29,047 +15.7 +13.6 1913 1913 265 220 294 243 317 257 328 269 11, 476 13, 316 +16.0 1913 494 545 604 601 2,964 3,485 +17.6 1913 300 358 379 395 4,497 5,646 +25.6 1913 240 261 311 317 +2.9 +4.5 +0.4 -0.4 +1.2 +4.2 0.0 +1.9 0.0 +11.6 +10.5 +7.9 +10.4 +11.0 +10.3 +4.8 +21.6 +5.3 257 279 259 DISTRIBUTION MOVEMENT Mail-order houses: Total sales thous. of dolls Sears, Roebuck & Co thous. of dolls.. Montgomery Ward & Co. .thous. of dolls Ten-cent stores: Total sales thous. of dolls.. F. W. Woolworth & Co.. .thous. of dolls... Number of stores operated S. S. Kresge Co thous. of dolls.. Number of stores operated McCrory Stores Corp thous. of dolls. . Number of stores operated S. H. Kress & Co thous. of dolls Number of stores operated . Restaurant chains: Child's Co .thous. of dolls.. Chain stores: J. C. Penney Co.. thous. of dolls Number of stores United Cigar Stores Co.. .thous. of dolls.. Number of stores A. Schulte (Inc.) thous. of dolls Number of stores Owl Drug Co thous. of dolls.. Number of stores Magazine advertising (for following month) thous . of lines . . Newspaper advertising thous. of lines . . Postal receipts, 50 selected cities thous. of dolls.. Postal receipts, 50 industrial cities.. thous. of dolls.. Money orders: Domestic paid (50 cities) — Quantity number.. Value thous. of dolls Domestic issued (50 cities)— Quantitv number Value..". thous. of dolls.. Foreign issued thous of dolls Internal-revenue taxes collected: Firearms and shells. . thous. of dolls Jewelry, 11 watches, and clocks .. . thous. of dolls Theater admissions » thous. of dolls Bonds and stocks issued and conveyances thous. of dolls. Capital stock transfers. . .thous. of dolls. 26, 171 20, 145 22, 082 12, 664 21,033 61, 205 35, 021 1,364 14, 592 256 25, 379 1,366 26, 115 14, 843 1,371 259 1,707 176 262 1,778 176 4,290 176 7,302 160 14,204 6,672 2,796 160 12, 723 6,644 2,850 160 2,057 1,983 1,837 1,827 3,794 3,820 +0.7 1913 9,947 3,934 4,225 7,176 8,159 +13.7 1913 8,490 2,572 2,742 5,389 2,547 3,708 475 5,619 2,436 1,656 250 1,401 82 11, 015 10, 600 -3.8 1913 219 228 219 211 3,253 3,567 +9.7 1919 238 246 269 262 2,833 2,569 -9.3 1913 441 431 408 382 -3.0 -1.7 1913 1919 159 110 181 106 161 111 182 102 569 568 568 5,211 2,537 1,759 258 1,242 84 277 1576 1685 1788 1920 -7.4 +0.5 +7.4 0.0 -3.3 -0.4 -2.7 +0.8 -6.4 0.0 +13.9 +19.6 -7.3 +4.1 +6.2 +3.2 -11.3 +2.4 +12.5 -7.8 +0.1 -3.8 255 1,906 84 1,808 256 1,327 84 1,537 102, 667 93,088 85, 803 2,219 89, 152 • 5, 910 181, 324 • 5, 734 178, 891 34, 149 27, 271 25,644 25,264 51, 295 52, 915 +3.2 1919 142 137 148 140 -6.0 +1.5 3,613 2,979 2,856 2,728 5,587 5,835 +4.4 1922 123 117 128 122 -4.1 +4.7 13, 558 100, 098 11, 188 61, 179 11, 533 74, 014 11, 482 75,404 21, 349 153, 046 22, 721 135, 193 +6.4 -11.7 1919 1919 140 119 135 115 144 94 148 113 +3.1 +21.0 +0.4 -1.8 2,960 2,823 28,189 2,439 5,851 57, 307 5,212 6,087 59, 246 5,556 +4.0 +3.4 +6.6 1919 1919 1919 160 134 93 149 130 82 165 141 91 156 132 96 -5.3 -6.2 +4.6 +4.9 +1.8 +16.4 3,573 34, 002 6,503 1,975 3,127 30,563 2,716 2,222 28, 683 2,840 290 170 120 89 236 290 +22.9 1919 46 28 53 38 -29.4 +34.8 729 2,554 1,602 2,276 1,110 2,127 2,675 6,739 7,617 14, 316 2,712 4,403 -64.4 -69.2 1919 1919 413 140 223 125 (ll) (») (ll) (») -30.6 -6.5 -58.5 -68.4 2,083 2,633 2,280 1,556 1,513 3,517 906 7,690 1, 801 4,913 3,069 -36.1 +70.4 1919 1919 117 88 98 89 74 153 64 149 -13.4 -2.8 -35.2 +67.0 184, 945 649, 135 89 834, 169 357, 532 1, 415, 956 191 1, 773, 679 364,307 1,350,525 292 1, 715, 146 +1.9 -4.6 +52.9 -3.3 1913 1913 1913 1913 216 202 231 171 222 163 232 193 204 181 173 200 +4.2 +0.5 +18.4 +12.8 -36.0 +28.1 +15.2 +10.1 1,430 BANKING AND FINANCE Life Insurance (Association of Life Insurance Presidents) Policies, new (45 companies) : Ordinary number of policies 230,278 178,400 185, 907 Industrial number of policies 903, 065 618, 425 732, 100 Group number of contracts 472 178 114 Total.. number of policies and contracts- 1, 133, 815 797, 005 918, 141 Policies and certificates issued: Total policies and certificates number. 1, 242, 423 844,304 940, 796 Group insurance certificates ..certificates _ 47, 477 22, 769 109, 080 * January, 1924. • Cumulatives are for 3-months' period ending March. +11.5 +11.4 1913 844, 730 -52.0 1+113.8 1913 10, 650 » Data since June, 1924, not comparable to previous figures owing to change in law. 45 TREND OF BUSINESS MOVEMENTS—Continued Per ct. In many cases March figures are now available and may be found in the special table on page 25 <+> or de- 1924 December 1925 January February February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 crease (-) cumulative BASE YEAR OR PERIOD 1925 1924 1925 Jan. Feb. Jan. Feb. from 1925 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS increase NUMERICAL DATA 1924 ary Feb., 1925, ary Feb., 1924 +4.0 +10.7 Februfrom Janu- from BANKING AND FINANCE— Continued Life Insurance— Continued Amount of new insurance (45 companies) : Ordinary thous. of dolls. . 676, 188 Industrial thous. of dolls. . 225,892 Group _ . thous of dolls 184, 130 Total insurance thous. of dolls 1, 086, 210 Premium collections (45 companies) : Ordinary. . thous. of dolls 141,633 Industrial thous. of dolls.. 59, 616 Group thous. of dolls.. 4,186 205, 434 Total thous of dolls Admitted life insurance assets (41 companies) : 8,476 Grand total mills of dolls Mortgage loans3,338 Total mills, of dolls1,452 Farm . _ mills of dolls All other mills, of dolls.. 1,886 Bonds and stocks (book values) : 3,534 Total mills, of dolls 1,086 Government mills, of dolls.. 1,915 Railroad mills of dolls 430 Public utilities mills, of dolls.. 102 All others mills, of dolls.. Policy loans and premium 1,020 notes mills, of dolls.. » 585 Other admitted assets mills of dolls 1913 1913 1913 1913 343 346 352 277 375 389 284 342 351 337 382 392 1913 1913 1913 1913 272 277 278 280 300 300 339 305 279 283 317 307 7,8.23 1923 105 106 115 116 +0.7 +10.0 3,410 1,460 1,950 2,975 1,357 1,618 1923 1923 1923 109 107 111 104 108 113 125 127 116 116 134 136 +1.0 +0.3 +1.5 +14.6 +7.6 3,547 1,082 1,922 441 102 3,561 1,078 1,927 454 102 3,376 1,172 1,787 327 90 1923 1923 1923 1923 1923 101 97 102 111 115 101 96 102 116 116 107 89 110 157 132 107 88 110 162 133 +0.4 -0.4 +0.3 +2.9 0.0 +5.5 -8.0 +7.8 1,027 599 1,032 602 966 506 1923 1923 103 111 104 110 111 111 130 131 +0.5 +0.5 +6.8 +19.0 559,916 238,217 120, 740 81, 576 62, 662 56, 721 611,480 259,837 131,410 92, 431 72, 367 55, 435 546, 521 226,893 120, 674 80, 796 62, 891 55, 267 1,085,122 +8.0 +7.1 +7.9 +11.2 +9.7 +5.0 1921 1921 1921 1921 1921 1921 127 154 125 93 105 122 129 147 134 100 110 130 132 154 134 101 110 134 144 168 146 114 127 131 +9.2 +9.1 +8.8 +13.3 +15.5 -2.3 +11.9 +14.5 +8.9 +14.4 +15.1 +0.3 27, 682 22, 277 22,924 18, 571 19,886 17, 512 42,000 36, 896 40,848 +10.7 +20.5 1919 1919 109 111 98 100 136 113 127 106 -17.2 -16.6 +15.3 +6.0 26, 721 18,525 21, 057 15, 672 18, 120 14, 791 38,809 31,653 47, 778 34, 197 +23.1 +8.0 1913 1913 262 293 230 256 339 267 322 273 -21.2 —15.4 +16.2 +6.0 274 1,684 715 3,083 2,265 78.0 434 1,729 696 3,030 2,270 75.8 532 2,022 419 3,230 1,986 80.6 1919 1919 1919 1919 1919 1919 27 77 66 149 103 162 27 77 71 147 103 161 14 64 121 141 117 155 22 66 118 138 117 151 +58.4 +2.7 -2.7 -1.7 +0.2 -2.6 -18.4 -14.5 +66.1 -6.2 +14.3 -6.2 13,051 5,488 13, 014 13, 143 5,396 12, 932 11, 874 4,496 11, 165 1921 1921 1919 100 133 106 100 134 106 109 110 163 160 123 122 +0.7 -1.7 -0.6 +10.7 3.63 3.63 3.81 3.66 4.50 4.78 1913 1913 138 88 137 87 110 66 116 66 +5.5 0.0 -15.3 -24.1 7, 352, 486 1,295,931 2, 058, 549 518, 203 506,884 330,002 231, 278 924, 912 157,486 95, 908 106,855 68, 434 1, 058, 044 133,472 7,429,237 1,302,424 2, 063, 855 520, 032 509, 621 334, 662 234, 754 932,382 157,483 96,384 107,868 70,066 1,099,706 133,954 6, 938, 646 1, 235, 079 1,928,114 485,354 463, 107 298,464 224, 817 895,491 135, 929 92, 076 108, 653 65,082 1,006,480 132, 152 1920 1920 1920 1920 1920 1920 1920 1920 1920 1920 1920 1920 1920 1913 126 118 125 124 133 130 130 119 149 129 134 144 140 328 128 119 126 125 134 132 133 119 150 128 134 145 144 332 135 125 134 133 147 146 137 123 174 134 132 153 151 336 137 126 135 133 148 148 139 124 174 134 133 156 157 337 +1.0 +0.5 +0.3 +0.4 +0.5 +1.4 +1.5 +0.8 +0.5 +0.9 +2.4 +3.9 +0.4 +7.1 +5.5 +7.0 +7.1 +10.0 +12.1 +4.4 +4.1 +15.9 +4.7 -0.7 +7.7 +9.3 +1.4 3,409,097 3,417,732 3,172,696 1913 184 184 198 198 +0.3 +7.7 85 86 106 151 304 85 85 106 189 343 82 82 83 82 89 87 177 174 285 288 -0.6 -4.0 0.4 -3.7 -1.8 -17.7 -1.7 -8.0 +1.2 -16.0 537, 504 147, 441 68,969 753,914 558, 754 177, 666 36,728 773, 148 504,553 143, 762 15, 421 663, 736 116,835 36, 550 4,171 157, 556 116,975 32, 901 3,125 153, 000 108, 162 30,200 2,570 140, 932 8,549 8,606 3,377 1,456 1,921 997, 112 323, 418 34,548 1,355,077 214,207 60,067 5,304 279, 578 1, 096, 258 +9.9 325, 107 +0.5 105, 697 +205.9 1,527,062 +12.7 233, 810 69,451 7,296 310, 556 +9.2 +15.6 +37.6 +11.1 . +20.5 +23.6 -46.7 +138. 2 +2.6 +16.5 +0.1 +8.1 -10.0 +8.9 -25.1 +21.6 -2.9 +8.6 +20.5 +38.8 +13.3 (Life Insurance Sales Research Bureau) Sales of ordinary life insurance (81 companies) : United States total thous. of dolls.. Eastern manuf. district... thous. of dolls.. Western manuf. district... thous. of dolls.. Western agri. district thous. of dolls.. Southern district thous. of dolls Far Western district thous of dolls 744, 111 281, 134 165,469 120, 784 98, 928 77, 796 464, 950 233, 783 156, 485 123, 039 106, 865 1,171,396 498,054 252, 150 174,007 135,029 112, 156 Banking Debits to individual accounts: New York City mills, of dolls 27, 327 Outside New York City....mills. of dolls.. 21, 830 Bank clearings: New York City mills, of dolls.. 25, 626 18, 234 Outside New York City— mills, of dolls.. Federal reserve banks: 314 Bills discounted mills, of dolls 1,862 Notes in circulation mills, of dolls.. 935 Total investments mills, of dolls.. 3,047 Total reserves mills of dolls Total deposits ..mills, of dolls.. 2,311 Reserve ratio per cent 73.0 Federal reserve member banks: Total loans and discounts..mills, of dolls.. 13,068 5,531 Total investments ...mills, of dolls.. 13,254 Net demand deposits. mills, of dolls Interest rates: 3.38 New York call loans. . . percent 3.56 Commercial paper 4-6 mos per cent.. Savings deposits, by Federal reserve districts (balance to credit of depositors) : Total 846 banks thous. of dolls..7, 334, 289 Boston, 64 banks thous. of dolls 1,282,074 New York, 30 banks, -thous. of dolls.. 2, 056, 333 Philadelphia, 78 banks.thous. of dolls.. 513, 283 Cleveland, 18 banks... thous. of dolls.. 506, 689 Richmond, 91 banks.. thous. of dolls.. 327,880 Atlanta, 96 banks thous. of dolls.. 234, 515 Chicago, 209 banks thous. of dolls.. 932, 593 St. Louis, 32 banks thous. of dolls.. 156,548 Minneapolis, 15 banks.thous. of dolls.. 94,674 Kansas City, 56 banks.thous. of dolls.. 106,498 67,490 Dallas, 85 banks thous. of dolls.. S. Francisco,72 banks.. thous. of dolls.. 1,055,712 133,346 U. S. Postal Savings thous. of dolls New York State Savings banks thous. of dolls.. 3,388,832 50, 606 ao +20.0 +15.8 Public Finance Government debt: Interest-bearing mills, of dolls.. Total gross debt mills, of dolls.. Short-term debt mills, of dolls Customs receipts thous. of dolls.. Total 'ordinary receipts thous. of dolls.. Expenditures chargeable to ordinary receipts thous. of dolls.. Money in circulation: Total mills, of dolls.. Per capita dollars.. 20,712 20,979 7,046 40,129 570,792 20,789 21,057 7,122 46, 968 171, 600 20,658 20,981 6,992 46, 190 173, 632 21, 521 21, 783 8,491 50,207 206, 607 389,914 90, 226 93, 158 345, 232 +3.2 -11.5 1919 1919 1919 1913 1913 349,875 292,457 161,286 208,432 469, 197 453, 743 -3.3 1913 431 345 484 267 -44.9 -22.6 4,993 44.03 4,752 41.86 4,804 42.28 4,808 42.85 1919 1919 98 92 100 95 99 100 93 94 +1.1 +1.0 -0.1 -1.3 46 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 Per ct. Per cent RELATIVE ncrease increase (+) NUMBERS (+) or decrease (— ) or deBASE crease YEAR 1924 1925 (-) Febru- Feb., OR cumu- PERIOD ary 1925, lative from from 1925 Janu- Feb., Jan. Jan. Feb Feb. from ary 1924 1924 BANKING AND FINANCE— Continued Business Failures Liabilities: Total commercial Manufacturing establishments Trade establishments Agents and brokers Firms: thous. of dolls.. 45,279 54,354 40, 123 35, 942 87, 215 94,477 +8.3 1913 225 158 238 176 -26/2 thous. of dolls.. thous. of dolls.. thous. of dolls.. 15, 753 27, 141 2,385 11,909 24,655 17, 790 15, 334 21,067 3,722 16,478 17, 598 1,865 45, 353 37,123 4,737 27,243 -39.9 45,722 +23.2 21, 512 +354. 1 1913 1913 1913 279 159 115 148 204 184 257 220 100 65 620 130 +28.8 -6.9 -14.6 +19.7 -79.1 +99. 6 Manufacturing establishments. -number.. Trade establishments .. number.. Agents and brokers number 2,040 475 1,464 101 2,317 480 1,757 80 1,793 409 1,285 99 1,730 398 1,250 82 3,838 903 2,788 147 1913 1913 1913 1913 158 143 165 120 129 113 135 152 -22.6 -14.8 -26.9 +23.8 +3.6 +2.8 +2.8 +20.7 thous. of dolls. _ 455, 080 201,000 333, 350 319,850 thous. of dolls. . 158, 580 thous. of dolls.. 64,415 thous. of dolls.. 27,170 thous. of dolls. . 16, 825 79,300 43,100 29,075 7, 125 87, 950 51, 875 31, 250 4,825 84,059 49, 750 30,100 4,200 227,259 56, 727 413,404 95, 193 450,171 53, 382 228, 303 37,285 89, 185 283,985 70,401 438,197 102, 701 400,852 310,014 473, 272 120, 244 130,971 734, 854 121, 112 53,375 777, 712 4,110 889 3,042 179 +7.1 -1.6 +9.1 +21.8 c 925, 850 c 989, 430 +6.9 1913 125 c 312, 074 c 154, 045 c 83, 995 c 26, 450 c 325, 830 c 159, 390 ' 87, 495 c 28, 775 +4.4 +3.5 +4.2 +8.8 1913 1913 1913 1913 110 109 114 136 505,209 65,077 863, 575 +70.9 148, 575 +128. 3 1920 1920 58,876 206,712 124,813 445,474 173, 102 839,049 +38.7 +88.3 1920 1920 383,645 254, 913 475,796 856, 917 +80.1 1913 78, 659 57, 620 431,200 103, 682 60,791 661,049 187,939 111, 168 1, 539, 754 199,771 110, 995 1, 208, 912 +6.3 -0.2 -21.5 1913 1913 1913 11, 969 935,330 13, 458 944, 995 18, 924 832,203 35,378 25, 427 -28.1 1919 142 9,945 454,393 11,805 464,874 4,263 400, 988 11, 556 21,750 +88.2 1919 37, 158 35,283 64,946 1,075 1,075 1,978 6,895 63,258 5,050 61,034 4,099 41,409 135. 38 79.97 105.06 138.48 80.90 105.64 111.83 60.47 87.77 +11.6 173 136 189 148 134 116 138 183 216 136 225 +65.8 +4.2 120 129 122 86 114 112 118 145 126 135 126 98 +10.9 +20.4 +7.5 -32.3 +4.6 +4.3 +3.8 +14.9 123 130 101 183 175 446 199 250 +8.9 -43.9 +97.2 +43.2 74 151 66 131 79 277 115 254 +45.9 +74.4 -8.5 +93.9 161 186 345 280 -18.9 +50.5 248 125 510 305 356 151 133 384 451 231 143 250 —35.1 +8.0 -44.6 -24.1 -5.2 -34.8 163 103 116 +12.4 +1.0 -28.9 +13.6 169 99 230 273 +18.7 +176. 9 +2.3 +15.9 1922 40 39 22 21 -5.0 -45.7 1922 30 28 15 15 -0.0 -45.7 -26.8 -3.5 +23.2 +47.4 +2.3 +1.2 +0.6 +23.8 +33.8 +20.4 Dividend and Interest Payments (For the following month") c Grand total . Dividend payments: Total Indus, and misc. corp Steam railroads Street railways New Capital Issues Total corporation ( Commercial and Financial Chronicle): Purpose of issue— New capital thous. of dolls.. Refunding . .thous. of dolls _ . Kind of issueStocks thous. of dolls.. Bonds and notes thous. of dolls. _ Total corporation (Journal of Commerce) thous. of dolls. . States and municipalities: Permanent loans thous. of dolls __ Temporary loans thous. of dolls __ New incorporations thous. of dolls... Agricultural Loans By Federal farm loan banks: Loans closed thous. of dolls.. 12,496 Balance outstanding thous. of dolls — 927, 568 By joint-stock land banks: 8,049 Loans closed thous. of dolls.. Balance outstanding thous. of dolls.. 446,429 By War Finance Corporation: With banks and livestock loan companies — Balance outstanding.. thous. of dolls.. 39,105 With cooperative market associations1,100 Balance outstanding. -thous. of dolls.. By Federal intermediate credit banks: Direct loans and rediscounts— 9,261 Closed thous. of dolls.. Balance outstanding.. thous. of dolls ~ 62,267 Stoeks and Bonds Stock prices, closing: 25 industrials, average — dolls, per share.. 134.29 79.15 25 railroads average dolls per share 99.65 103 stocks average dolls per share Stock sales: N. Y. Stock Exchange- ..thous. of shares.. 42,876 Bond sales: , Miscellaneous thous. of dolls.. 313, 044 Liberty-Victory thous. of dolls.. 79,448 Total thous. of dolls.. 392, 492 Bond prices: 85.45 Highest-grade rails.p. ct. of par, 4% bond.. 74.65 Second-grade rails.p. ct. of par, 4% bond70.56 Public utility p. ct. of par, 4% bond.. 73.94 Industrial p ct of par, 4% bond 75.77 Comb, price index.p. ct. of par, 4% bond.. 5 Liberty bonds p. ct. of par.. 101. 98 16 foreign governments and city__ p. ct. of par.. 102. 39 96.55 Comb, price index, 66 bonds .p. ct. of par.. 4.16 !MuniciD9-l bond yield per cent 193 73 110 192 73 104 233 96 124 238 98 125 473 46,739 32,750 20,637 48,399 79,489 +64.2 1913 401 298 675 303,825 48,638 352,463 280,237 26, 691 306, 928 178,379 53, 375 231, 754 431,773 145,068 576,841 584,062 75,329 659,391 +35.3 -48.1 +14.3 1919 1919 1919 355 39 112 250 23 75 426 393 21 11 114 100 -7.8 +57.1 -45.1 -50.0 -12.9 +32.4 85.82 75.12 70.63 74.61 76.07 102. 21 86.37 76.00 71.26 75.16 76.82 102. 11 82.79 68.72 66.27 72.86 72.15 99.48 1915 1915 1915 1915 1915 1921 93 91 90 104 94 107 92 91 90 103 94 107 96 99 96 106 99 110 96 101 97 107 100 110 +0.6 +4.3 +1.2 +10.6 +0.9 +7.5 +0.7 +3.2 +1.0 +6.5 -0.1 +2.6 103.24 96.94 4.16 103. 14 97.23 4.11 99.77 93.78 4.36 1921 1921 1913 108 110 97 108 110 98 112 114 93 112 114 92 -0.1 +0.3 -1.1 +3.4 +3.7 -6.1 80,294 754 3,231 50,578 89,636 761 35, 111 505 164,028 1,557 80,247 786 167,324 1,578 7,454 124,067 +2.0 +1.3 -90.7 1913 1913 1913 1913 50 109 850 4 61 59 104 112 661 80 7 961 54 103 61 661 -7.7 -8.5 -23.5 -31.2 -10.4 -0.9 -90.8 5,077 4,627 6,826 .685 32. 245 5,916 7,900 8,877 .644 33. 565 10, 576 13,880 17,086 10, 586 11,931 18, 134 +0.1 -14.0 +6.1 1913 1913 1913 1913 1913 84 106 99 200 264 244 157 170 216 106 108 114 122 122 117 91 155 130 115 117 -7.8 -36.7 -39.6 +0.4 -H).l -14.2 -41.4 -23.1 +6.4 -3.9 Gold and Silver Gold: 87,030 Domestic receipts at mint fine ounces.. 90,816 825 824 Rand output thous. of ounces. _ 4,223 Imports ._ thous. of dolls.. 10, 274 73,489 Exports thous. of dolls.. 39, 675 Silver: 5,509 Production thous. offineozs__ 5,674 5,864 7,304 Imports . thous. of dolls.. 11,308 Exports thous. of dolls.. 11,280 .681 .682 Price at New York dolls, per fine oz.. 32. 197 Price at London...Dence Der standard oz_. 32.620 c Cumulatives are for 3 months' period ending March. 1913 1913 1921 -29.9 +58.7 47 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may bet found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FEOM JANUARY 1 THROUGH LATEST MONTH 1924 1925 1 Per ct. increase ( } or tdecrease ' (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (— ) RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1925 Febru- Feb., ary 1925, from from Feb., Jan. Feb. Jan. Feb. January 1924 FOREIGN EXCHANGE RATES Europe:. England dolls, per £ sterling • France dolls, per franc Italy dolls, per lire.. Belgium dolls, per franc.. Netherlands dolls, per guilder Sweden dolls, per krone Switzerland _ dolls per franc . . Asia: Japan dolls, per yen.. India dolls, per rupee.. Americas: Canada. _ dolls, per Canadian doll Argentine dolls per gold peso .. "Rrazil dolls, pp.r milreis Chile dolls, per paper peso General index foreign exch index number.. Par. Par. Par. Par. Par. Par. Par. 88 K 23 22 93 98 90 89 23 23 20 93 98 90 98 28 22 26 100 101 100 98 27 21 26 100 101 100 -0.2 -1.9 -2.4 0.0 -0.5 0.0 0.0 +10.7 +20.5 -6.8 +34.2 +7.5 +3.1 +10.9 .454 .303 Par. Par. 90 63 91 62 77 73 78 73 +1.6 0.0 -13.9 +17.8 .999 .903 .113 .108 .969 .765 .120 .101 Par. Par. Par. Par. Par. 97 76 34 53 59 97 79 37 52 58 100 94 36 58 64 100 94 35 55 64 +0.2 -0.9 -3.4 -5.3 0.0 +3.1 +18.0 -5.8 +6.9 +10.3 346, 184 333, 720 332, 323 627, 829 679, 904 +8.3 1913 198 222 232 223 -3.6 +0.4 102, 806 13, 924 11, 402 8,463 35, 178 100, 968 14,880 12, 077 8,262 33, 893 98, 735 13, 543 12, 706 5,579 34, 503 186, 724 24, 330 23, 952 11, 571 65, 338 203,774 28, 804 23,479 16, 725 69, 071 +9.1 +18.4 -2.0 +44.5 +5.7 1913 1913 1913 1913 1913 122 93 73 130 136 137 117 83 121 152 143 120 74 184 155 140 129 79 179 150 -1.8 +6.9 +5.9 -2.4 -3.7 +2.3 +9.9 -5.0 +48.1 -1.8 77, 546 32, 950 83, 219 33, 651 98, 736 32, 819 173, 903 64, 773 160, 765 66, 601 -7.6 +2.8 1913 1913 231 304 270 277 239 278 256 284 +6.3 +2.1 -15.7 +2.5 42, 253 6,523 44,053 10, 212 36, 391 6,008 74, 358 10, 107 86, 306 16, 735 +16.1 +65.6 1913 1913 230 192 220 282 256 306 267 282 +4.3 +56.6 +21.1 +70.0 112, 928 33, 284 10, 651 91, 072 23, 181 13,044 92,438 26, 128 7,389 175, 117 60,940 19, 075 204,000 56,465 23, 695 +16.5 -7.3 +24.2 1913 1913 1913 314 422 592 351 429 346 317 404 281 374 538 659 -19.4 -30.4 +22.5 -1.5 -11.3 76.5 147, 597 128,603 116, 172 222, 606 276, 200 +24.1 1913 211 230 292 255 -12.9 +10.7 38,066 32, 336 63,104 62,313 2,268 36, 778 39, 776 63,649 62,848 2,066 30, 521 58, 742 66, 634 57, 909 2,345 63, 105 96, 944 124, 678 115, 514 4,982 74, 844 72, 112 126, 753 125, 161 4,334 +18.6 -25.6 +1.7 +8.4 -13.0 1913 1913 1913 1913 1913 177 231 205 167 214 166 356 235 168 190 207 200 196 241 223 224 181 183 184 167 -3.4 +23.0 +0.9 +0.9 -8.9 +20.5 -32.3 -4.5 +8.5 -11.9 760, 954 817, 317 +7.4 1913 191 177 216 179 -17.0 +1.4 403, 414 43, 141 90, 054 32, 747 159, 017 491, 677 52, 065 93,400 45, 729 198, 893 +21.9 +20.7 +3.7 +39.6 +25.1 1913 1913 1913 1913 1913 162 161 181 156 140 167 257 242 172 151 216 228 169 346 230 178 178 149 352 174 -17.5 -21.8 -11.8 +1.7 -24.2 +10.7 +14.6 -10.8 +45.1 +15.6 151, 947 85, 765 153, 073 76, 185 +0.7 -11.2 1913 1913 149 121 154 134 156 110 150 116 —3.6 +5.6 -2.9 -13.1 48, 327 17, 687 57, 208 22, 832 +18.4 +29.1 1913 1913 196 196 200 190 260 209 281 217 -19.8 -22.9 +4.1 +13.9 129, 593 68,474 12,490 747, 268 118, 627 43, 678 11, 914 805, 273 -8.5 -36.2 -4.6 +7.8 1913 1913 1913 1913 503 246 915 400 292 226 191 176 352 535 273 216 333 303 221 179 -5.2 -43.3 -19.0 -17.2 +35.7 -24.2 -2.2 +1.8 246, 559 296, 891 +20.4 1913 208 178 263 201 -23.5 +13.2 27, 735 111, 640 104, 961 254, 541 1,332 49, 427 100, 321 106, 048 250, 953 1,633 +78.2 -10.1 +1.0 -1.4 +22.6 1913 1913 1913 1913 1913 98 219 165 196 95 99 194 152 195 103 183 200 176 204 147 167 171 144 181 94 -9.0 -14.4 -18.0 -11.4 -36.2 4.70 .054 .043 .050 .404 .270 .194 4,78 .054 .042 .051 .404 .270 .193 4.77 .053 .041 .051 .402 .270 .193 4.31 .044 .044 .038 .374 .262 .174 .384 .353 .385 .357 .391 .357 .997 .883 .115 .113 .997 .911 .117 .114 j U. S. FOREIGN TRADE Imports Grand total thous. of dolls.. 333, 174 By grand divisions: Europe— Total thous. of dolls.. 110, 721 France thous. of dolls.. 14,436 Germany thous. of dolls.. 12, 793 Italy _. thous. of dolls 9,084 United Kingdom thous. of dolls.. 39, 349 North AmericaTotal thous. of dolls 69, 135 Canada thous. of dolls.. 37, 489 South AmericaTotal thous of dolls 44, 524 Argentina thous. of dolls.. 6,294 Asia and OceaniaTotal thous. of dolls.. 98, 017 Japan thous. of dolls 39, 626 Africa, total thous. of dolls.. 11, 165 By class of commodities: Crude materials thous of dolls 131, 701 Foodstuffs, crude, and food animals thous, of dolls 40, 098 Manufactured foodstuffs.. thous. of dolls.. 27, 896 Semimanufactures thous. of dolls.. 60, 923 Finished manufactures thous. of dolls.. 70, 759 Miscellaneous thous. of dolls.. 2,185 Exports Grand total, including reexports thous. of dolls.. 445, 743 446, 577 370, 740 365, 782 By grand divisions: EuropeTotal thous. of dolls 273, 342 269,415 222, 262 200,746 France thous. of dolls 27, 862 29, 210 22,855 19,946 Germany . thous. of dolls 50, 671 49,615 43, 785 59,088 Italy thous. of dolls.. 23,914 22, 668 23,061 15, 889 United Kingdom thous. of dolls.. 115,884 113, 136 85, 757 74, 154 North America— Total thous. of dolls.. 76, 398 77,948 75, 125 77, 390 Canada thous. of dolls.. 38, 123 39, 122 37,063 45, 013 South AmericaTotal.. thous. of dolls.. 29, 752 31, 745 25,463 24,453 Argentina thous. of dolls 10, 702 12, 893 9,939 8,728 Asia and OceaniaTotal 58,362 60,885 57, 742 42, 559 Japan thous. of dolls.. 26, 451 27, 875 15, 803 20, 837 Africa total thous. of dolls 7,026 6,584 5,330 5,451 Total, domestic exports only..thous. of dolls.. 438, 650 440,438 364, 835 358, 211 By classes of commodities: Crude materials thous. of dolls.. 168, 273 168, 194 128, 697 113, 711 Foodstuffs, crude, and food animals.. thous. of dolls.. 39, 516 25, 873 23, 554 13,925 Manufactured foodstuffs. -thous. of dolls.. 54, 388 54, 044 46, 277 52, 325 Semimanufactures thous. of dolls.. 53,704 58, 271 47, 777 50, 342 Finished manufactures thous. of dolls.. 122, 093 133, 059 117, 894 127, 215 Miscellaneous . thous. of dolls 676 997 636 693 Agricultural exports (quantities) :* All <?OTnrnodit-i6S JTidex numbers All commodities except Cotton indfix rnimb$rs » Five-year average, July, 1909, to June, 1914. +69.1 -11.6 -5.1 -7.3 -8.2 "1909-14 118 105 149 114 -23.5 +8.6 1H909-14 174 *Seet ext on p 30. 157 149 120 -19.5 -23.6 TREND OF BUSINESS MOVEMENTS—Continued NUMERICAL DATA In many cases March figures are now available and may be found in the special table on page 25 1924 1925 Decem- January February ber February, 1924 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH LATEST MONTH 1924 1925 Per ct. ncrease ( } or tdecrease (-) cumulative 1925 from 1924 Per cent increase (+) or decrease (-) RELATIVE NUMBERS BASE YEAR OR PERIOD 1924 1925 Febru- Feb., ary 1925, from from Feb., Jan. Feb. Jan. Feb. Janu1924 ary CANADIAN TRADE AND INDUSTRY Total trade: Imports thous. of dolls.. Exports thous. of dolls.. Exports of key commodities (quantities) : Canned salmon . thous. of pounds.. Cheese ..thous. of pounds.. Wheat thous. of bushs Production: Pig iron thous of long tons Steel ingots thous. of long tons.. Bank clearings _ mills, of dolls.. Business failures: Liabilities . thous. of dolls.. Firms thous of dolls Bond issues: Govt. and provincial thous. of dolls Municipal thous. of dolls.. Corporation.. .. thous. of dolls . Newsprint paper: Production short tons Shipments short tons Stocks short tons Exports (total printing) short tons Building contracts awarded... thous. of dolls. . 60, 946 125, 462 58,376 75,999 61, 430 71, 164 62, 134 68, 332 128, 702 138,687 119,806 147, 163 -6.9. +6.1 1913 1913 119 Ill 104 110 224 217 242 226 8,154 9,385 29, 847 10, 525 3,581 6,103 4,777 3,798 4,146 4,549 1, 505 11, 770 9,777 3,783 24,092 15, 302 7,379 10,249 +56.5 +95.1 -57.5 1913 1913 1913 298 259 599 272 18 12 28 29 147 140 73 49 -54.6 +5.0 +6.1 +152.4 -32.1 -64.8 23 26 1,652 28 26 1,364 30 1 37 1,069 60 71 1,236 124 112 2,575 58 63 2,433 -53.2 -43. 7 -5.5 1913 1913 1913 76 47 173 71 33 36 82 31 43 159 176 138 +7.1 -50.0 +42.3 -47.9 -21.6 -13.5 4,759 216 5,058 284 2,602 185 6,149 248 13,824 531 7,660 469 -44.6 -11.7 1913 1913 553 186 443 364 187 163 187 122 -48.6 -34.9 5,839 2,388 35, 261 4,000 5,484 35, 460 39,406 2,601 36, 175 2,000 5,435 13, 050 10,300 26, 980 63, 560 43,406 +321. 4 8,085 -70.0 71, 635 +12.7 1913 1913 1913 188 223 819 45 90 891 +885,2 56 57 27 -52.6 -52.1 211 575 586 +2.0 +177. 2 112, 342 111,718 21, 954 115, 844 28,868 121, 420 122, 049 20, 989 104, 654 8,935 115,624 116, 595 20, 114 103, 857 11,048 112, 318 110, 555 18, 195 99, 621 21, 249 222, 847 219, 175 237, 044 238, 644 +6.4 +8.9 193, 329 27, 787 208, 511 19,983 +7.9 -28.1 1919 1919 1919 1919 1913 164 160 131 170 20 167 180 163 180 144 167 180 190 66 28 172 172 160 188 35 +5.2 -6.4 -1.1 +4.1 -57.7 -25.4 -4.8 +2.9 -4.5 +5.5 -4.2 +10.5 -0.8 +4.3 +23.6 -48.0 PUBLICATIONS OF THE DEPARTMENT OF COMMERCE Recent publications of the Department of Commerce having the most direct interest to readers of the SUBVBT OF CUBRENT BUSINESS are listed below. A complete list may be obtained by addressing the Division of Publications, Department of Commerce, at Washington. Copies of the publications may be purchased from the Superintendent of Documents, Government Printing Office, Washington, at the prices stated. If no price is mentioned, the publication is distributed free. OFFICE OF THE SECRETARY Simplified Practice: What It Is and What It Offers.— In this pamphlet is presented a summary of the activities of the Division of Simplified Practice and a description of the services offered to American industries. Price, 10£. Simplified practice recommendations: No. 13. Structural slate for plumbing and sanitary purposes. Price, 6$. No. 15. Blackboard slate. Price, 5$. No. 18. Builders' hardware. Price, 10$. No. 20. Steel barrels and drums. Price, 5$. No. 24. Hospital beds. Price, 5fc BUREAU OF THE CENSUS (For circulars giving plan of publication and distribution of census publications, address the Director of the Census.) Hospitals and Dispensaries, 1923.—44 pages, price, 10#. This report concerning hospitals and dispensaries, which is a part of the 1923 Federal census of institutional population, represents returns for the calendar year 1922 and includes information concerning all hospitals and sanitoriums devoted exclusively to the care of the sick. Manufacture and Sale of Farm Equipment, Census of Manufactures, 1923. —22 pages, price, This bulletin is one of a series presenting results of the second biennial census of manufactures and will be included in its final report when issued. It is also the fourth of the annual series of bulletins issued by this bureau concerning the manufacture and sale of farm equipment. < Cotton Production and Distribution, Season 1923-24, Bulletin 156. —67 pages, 2 illustrations, price, lOjJ; This bulletin is a report of the production of cotton from the crop of 1923 and of the consumption, imports, exports, and stocks of cotton, and number of cotton spindles for the year ending July 31, 1924, and cotton received, crushed, and on hand and cottonseed products manufactured, shipped out, and on hand for the same period, State Compendiums, 1920.— New Jersey, 155 pages, 7 illustrations, price, 350; South Dakota, 130 pages, 9 illustrations, price, 25#; Tennessee, 155 pages; 9 illustrations, price, 3(ty; and Virginia, 145 pages, 7 illustrations, price, 35£. Each compendium contains detailed statistics of population, agriculture, manufactures, and mining for the State named. A summary for the United States is also given, with a map showing the centers of population, agricultural products, and manufactures. BUREAU OF FOREIGN AND DOMESTIC COMMERCE Monthly Summary of Foreign Commerce of the United States, January, 1925. Parts I and II. Part I contains statistics of exports of domestic merchandise and imports by articles for January, 1924 and 1925, and for, the seven months ended January, 1924 and 1925. Part II contains summaries of export and import trade; monthly average import and export prices; statistics^of trade in cotton and wool; tonnage of vessels entered and cleared; commerce with Alaska, Porto Rico, and Hawaii. Single-copy price for Part I, ICty; for Part II, §£. Annual subscription price, including Parts I and II, $1.25. Railways of Central America and the West Indies, by W. R. Long of the Transportation Division. The report presents detailed Information on all the railroads in these countries, covering development, mileage* methods of purchasing materials and equipment, finances, traffic statistics, employees, motive power, and rolling stock, repair shops, and equipment. The report contains 376 pages, with 53 maps and illustrations. Price, 70£. Merchandising Methods and Trade Conditions in the Amazon Valley, by W. I. Schurz, commercial attach^, Rio de Janeiro. Trade Information Bulletin NO. 320; 11 pages, 1 map. The area considered is that part of the Amazon Basin which has its outlet through the Amazon River. Algeria: A Commercial Handbook, by Chester Lloyd Jones, commercial atta-ehe", Paris; and B. A. Dow, United States consul, Algiers. Trade Promotion Series No. 8; 51 pages, with map and J.1 half tones. Algeria is of interest in American trade not only as a source of raw materials, but provides a market for certain lines of American manufactures. A comprehensive view of the Algerian market is presented in the aescriptive statistical material comprising this report. Price 15^. Public Debt of Greece^ by James R. Mood, European Divihttp://fraser.stlouisfed.org/ sion. Trade Information Bulletin No. 321; 21 pages. This Federal Reserve Bank of St. Louis analysis of the various internal and external loans, their extensions and methods of handling, together with the respective amounts outstanding at the latest date for which information is available is prepared for the assistance of American business and financial concerns that are interested in this field. The Vegetable Oil Industry of France, by Chester Lloyd Jones, commercial attache*, Paris, and Wesley Frost, United States consul, Marseilles. France is one of the largest of the world's markets for oil-bearing seeds and nuts. Trade Information Bulletin No. 322; 21 pages. American Woods in France, by Axel H. Oxholm, chief, Lumber Division. Trade Information Bulletin No. 323; 20 pages. This bulletin, which presents a preliminary summary of data on the uses of American woods in France, is introductory to a comprehensive survey of the lumber market of France. Forest Resources and Lumber Industry of Chile, by Ralph H. Ackerman, commercial attache", Santiago. Trade Informa*this Bulletin, No. 324; 28 pa^es. Approximately nine-tenths (on the basis of value) of Chile's lumber imports come from the United States. Mr. Ackerman's report gives information concerning the general" conditions in the Chilean lumber trade, the markets that are supplied by domestic lumber, and those which are open to imported lumber. The Cuban Market for Foodstuffs, by Leslie A. Wheeler, foodstuffs Division. Trade Information Bulletin No. 325; 43 pages. Cuba was, in 1923, the fifth largest of our foreign markets for foodstuffs and is our largest market for condensed milk. Mr. Wheeler presents an analysis of trade statistics and discusses import duties, pure food laws, transportation facilities and distribution centers, and the organization of the market for various classes of foodstuffs. BUREAU OF STANDARDS An Analysis of the Deformation of the Mooring Spindle of the "Shenandoah", by L. B. Tuckerman and C. S. Aitchison. Technologic Paper No. 270; 10 pages, with 8 illustrations. Price, 10£. Measurement of Electrical Resistance and Mechanical Strength of Storage Battery Separators, by C. Snyder. Technologic Paper No. 271; 26 pages, including 13 illustrations. Price, 10£. Compressive Strength of Sand-Lime Brick Walls, by H. L. Whittmore and A. H. Stang. Technologic Paper No. 276; 15 pages; 7 half-tone illustrations and 3 diagrams. Price, 10£. Thermal Expansion of Aluminum and Various Important Aluminum Alloys, by Peter Hidnert. Scientific Paper No. 497; 35 pages; 19 tables, 1 half-tone, and 20 text figures. Price, 16£. Investigations on the Platinum metals: VII. Arc Spectra of the Platinum Metals, by W. F. Meggers. Scientific Paper No 499; 26 pages, with 6 tables. Price, 10£. United States Government Specification for Sole Leather. Circular No. 198. Price, 50. BUREAU OF NAVIGATION American Documented Seagoing Merchant Vessels of 500 Gross Tons and Over, March, 1925. Serial No. 88. This list contains the names of all American steam and sailing, merchant vessels of 500 gross tons and over, with tonnage, year built, name of owner, and home port. Price, 1Q£ a copy; yearly subscription, 75$. Radio Service Bulletin, March, 1925. Serial No. 95. Contains list of new stations, changes in preceding lists, and information concerning radio regulations, current publications, and other matter. Price, 5# a single copy; annual subscription, 25#. NotE.—All orders for radia publications listed by the Bureau of Navigation and all inquiries concerning these publications should be addressed to the Superintendent of Documents, Government Printing Office, Washington, D, O. Do not make remittances to the Bureau of Navigation or to radio inspectors. LIGHTHOUSE SERVICE Light List: Atlantic Gulf Coasts of the United States (corrected to December 15, 1024). Price, 30£. < Light List: Upper Mississippi River and Tributaries (corrected to January 15, 1925). Price, 20£. COAST AND GEODETIC SURVEY Tides and Currents In New York Harbor, by H. A. Manner. Special Publication No. Ill; 174 pages, with 70 tables and 52 maps and diagrams. Price, 30£. UN/TED &-*-,* ^—• PQABBSRss REpV^cl A publication indispensable to any live business rpHEOUGH COMMERCE REPORTS the United JL States ^Department of Commerce publishes information on foreign trade collected by more than 1,000 Government representatives abroad, which is transmitted by— SPECIAL CABLE and mail service to Washington, where it is classified as to commodities and fields of application and interpreted for American business and industry by— COMMODITY, REGIONAL, and TECHNICAL EXPERTS, thoroughly experienced in the marketing of textiles, lumber, boots and shoes, automotive equipment, electrical equipment, chemicals, minerals, industrial machinery, iron and steel, etc., and specially trained in all phases of foreign trade. Sections of Commerce Reports are also devoted to construction news, notices of new trade lists, tariff regulations, transportation, and finance. 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