Full text of Survey of Current Business : July 1925

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MONTHLY SUPPLEMENT TO aOMMERCE REPORTS

:>PA

vt
T TF* V
j UL/jt

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,
iiotl td fffaares.given fooyi Government sources.,:ih^re afe.atsi? iiwdiporaied jor'cotiipfetettesi of
figures from 'othjer sources generally accepted Try the tfoffef, $te diitho,rit
in'iket'Sotijjxjv} D&tet" ou.pagef ^6^-^63,ofcihe February,! i

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WA8MINOTOM : OOVenttMlHT PBIHTHM «WI«t I M 1 ,

IKTRODUGTION
,The SUBVET OF, OJJB^ICT BUSINESS is designed to!
resent eaclj month a jpjk?|we of the business situation
y setting fortli the pimcipial facts regarding the
Jbxis'linlfcof tra4e iwlittdustrf, ^t ^e^iio
vab detailed tables are pul^liisn^igiviitg^fd
monthly ^guresVf or, the past two years! fcnd yearly i
parisons, where available, baek to 1$13; also blank
'liliea auflfeieiit for six\m^Bttlis h|W£*bed& Jc$t jat the
bottom erf each t«tble enabling tjidserwhp 4are to 'do
so 4p Aetiter new, figures as soon as they appear
jssue % February, 192£, No. 42). In |he
months the ;i£ore imjportaiiit coit^arison
giyfcn: in the table entitled "Trend of :busines&
a£ jua the present iiumber* /

6

<>f less importance7 have been temporarily
'„
'
, .• " ^ - ' " •" ^ - ' ^ - >
The relative numbers are computed by aUpwing tie
pntWy average for the bas^ y^fr ^ period to equal
100f fl the movement for 4 current month is greater
than the base, the relative number will be greater than
7l:00, fend vice versa. The <M&enee between 100 a*u|
"tii^, relative number wiil give a^ once the per eentr
increase or decre^e compared witi* the base period;
Thus ^L relative number 0015 mea&s:an increase
"p^oeaoit over the base period^^^^rhile, & Jryative nui
of 80 J»eap^ a d^jrease of ^20 per cent from, ifche
It^ative numbeis may also oe Used td'calciol$,te the
te:per0ent^^ increase or decrease in a mow
one period to the next. ' Thiis, ^ a relaMire
at one month is 1?0 and f or ^ later mo^th if
s
there has bejan an increase of 2 pe cent* :

sfeb^ aidsth^t^
kt
has imaged tp distribute a<JVAnce;10afl4t^

NU3VIBERS
* '

two pr .more

in the
on

,
been
* 3 e li^riatioti

by: a7 system of weiigh
denominated an i
by lcx>mbin4
to sh<?w the
for the Country as aA
spigle
commodity
or r *
11
covers. "

ete is

of Foreign
uli^n'is
be Ijoiapleted fefad panted.

^°UP
.Instead <>f f or
the relative
>a^ei yekr or
>rj>eriods are made in the same manner as in
caise of relative numbers;; ,

as qni^Sy ias

BATIO€HARTS

in fete ac<^Q^ip^ijring tables ar,e
lately those al£eady\iir existence. The
toii of :the de^artm^at is to fojing together
data whiehr u aTl^ilableJat $U| a^e Bcatter^d in
dpfefent publicalaops. Al portion of
ai*e eoltect ;by Go^mment dep^tot^hts, bti^er
jotijiials, and
are

In many instances the charts used in the SUBVEY
"' **
sjffT BUSINESS are of the type termed ' * Ratio
Oogarithmic sc$le)> notably the
r charts otfc page•:$> ^^e Charts
n Jncre^e a,nd alloif direct coznpa^s^ns
^ope of cine cuitfe khd thit of my otl__
^^gardleas (^ri^lcfc6ation ion the diagram; that
10 per ce^tt increase in an item |s give^i the sain^
' ' ;mpvement: wh^fer its curvete-loearthe
bot*
^ n0ar th^ tpp of $ie s^art.
^ r \
v
difference between tW® and th'e ordinary form
of U ^chart can be made ,cleitr b^ ail teazle. If a
item, haying A relative ntijnber of 40Q;iia om
increases 10: per cent m <?!ie foTlpwing nadnffi.
umb0# will be 440,; ancl on an or<lfiaary
be< plotted 4p eqwdktant scale points
the precedSsg itoonfe. Anpiher move*
% relative^nUmb^ of, say^ 50, also increases
cen% making its rilajSire^upiberi 63, On the
tarithm0tfe) scie thfe item Wduld rise only 5
poiatsj whereas the previous itejn rose'40
yet each showed ifihe same percentage increase,
tio charts avoi<i tjiia cM5$wy and give to eaili
two movements exacjfly the sama vertical lise
^ice the slopes erf Mie/two lii^es axe dir^fly
comparable. The ratio <di4rte compare percent^e
changes, while the arithmetic charts compare absolute
chaises, *' x " ^ ' " , . . . ," ' ' f , ' : j . ( . - ^ -'"'^

l
or a

tire

have^ be^ ealctilati, .The

described.

rela|iw iiiiiD^bers jthe^last pte:or "in sonij& insfaneea a five-year av§rbeen^!u^d aa$-b^
e, s Ip intoy JnstaM^ c^opparalle
_^__ for the prerwai* y?^m w B@P* ItVw^ble, ^aM in
such cases the year 1919 has usually been taken as
the basfu v ? r some j b t r i ^ 1910 eati >i be

wltr

period has been

to; maiiy cases

This issite presents practically complete dmta for the month of May and also
covering June* 1925, received
ttB to July 13. As most date covering a particular month's business are not available until from 15 to 30 days after th*
close of the month, a complete picture of that month's operations, including relative numbers, cumulative totals, text,
mnd 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 2$ days after its close, and present almost every week the latest data available.
r

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MONTHLY SUPPLEMENT TO C O M M E R C E REPORTS

UNITED STATES DEPARTMENT OF COMMERCE
WASHINGTON

SURVEY OF
CURRENT BUSINESS
COMPILED BY
BUREAU OF THE CENSUS

:

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

No. 47

:

BUREAU OF STANDARDS

1925

JULY

CONTENTS
TEXT MATEKIAL

Preliminary summary for June._
Course of business in May:
General conditions
Summary of indexes of business
Review, principal branches, industry and commerce

Page
_ 1

10

BASIC CHARTS

Business indicators.
,
__ _ _
Wholesale prices in May
Employment in manufacturing industries
Production, stocks, and unfilled orders
Comparison of wholesale and retail food price indexes

__

2
4
6
8
9

GENERAL TEXT TABLES

Business indicators
Wholesale price comparisons
Business summary
Indexes of business (production, prices, sales, etc.)
June data

3
5
7
24
27

TREND OF BUSINESS MOVEMENTS

Textiles
Metals
Fuels
Automobiles
Rubber
Hides and leather
Paper and printing
Buttons, glass, and optical goods
Building construction and housing
Chemicals and oils
Foodstuffs
Tobacco
Transportation
Public utilities
Employment
Distribution movement
.
Banking and finance and foreign exchange_
United States foreign trade
Canadian trade and industry

Page
___ 2 9
_ _ . 30
___ 3 2
... 33
... 33
___ 3 4
.— 35

35-36
_ _ . 36
_ _ _ 38
... 39
... 42
- _ _ 42
... 44
..- 44
_.. 44
45-47
___ 48
___ 4 8

PRELIMINARY SUMMARY FOR JUNE
The downward tendency in the productive activity
of the iron and steel industry continued through
June, but pig-iron and steel-ingot production and
unfilled steel orders at the end of the month were
each larger than their respective totals of a year ago.
Shipments of locomotives, on the other hand, were
larger than in May, but smaller than in June, 1924,
while unfilled orders on the books of the principal
manufacturers at the end of June were smaller than
at either the end of the previous month or a year ago.
New equipment orders showed larger placements for
passenger cars than in May, but for freight cars and
locomotives a decline was noted, each of these latter
items, however, being larger than in June, 1924.
Deliveries of silk and tin to consuming establishments
and sugar meltings were each larger than in May and
a year ago, while zinc production, though smaller
than in May, was considerably above June, 1924.
Building contracts awarded for new construction
and bank debits, after allowance for normal seasonal
51414—25f




1

influences, were larger than in either May or a year
ago. Car loadings were considerably larger than in
June, 1924, the increase being solely due to larger
loadings of forest products, ore, and miscellaneous
merchandise.
Sales by mail-order houses were larger than in either
the previous month or a year ago, while 10-cent chain
store sales, though smaller than in May, were larger
than in June, 1924. Postal receipts and both imports
and exports of merchandise were smaller than in May,
but were larger than in June, 1924.
Loans and discounts of Federal reserve member
banks continued to mount while a tightening tendency in money rates, both on call loans and commercial paper, was exhibited. The prices of stocks,
both industrial and railroad, averaged higher than in
either the previous month or a year ago; while
business failures, both in point of number and defaulted liabilities, were smaller than in May, but
larger than in June, 1924.

BUSINESS INDICATORS: 1920-1925
(Ratio charts—see explanation on inside'front cover. Except for "net freight ton-miles" latest month plotted is May, 1925; April is latest plotted for "net freight ton
miles," while the curve on bank debits has been adjusted for normal seasonal variations,

1920 1921 1922 1923 I924 1 1925
300
200

100
80




RELATIVE TO 1913 AS 100

1920 1921 1922 1923 1924 1925
RELATIVE TO 1919 AS 100
BANK DtBITS, 141 CENT

PRICES 25 INDUSTRIAL STOCKS
WHOLESALE TRADE, 6 LINES

IWHOLESALE
I PRICES
I < DEPT. OF LAB ORI )

DEPT STORE TRADE (350 STORES)

MAIL-ORDER SALES
(4 HOUSES)
FARM PRICES UDEPT OF AGRICULTURE)

GENERAL MANUFACTURING PRODUCTION
1

(64

COMMODITIES)

LUMBER PRODUCTION
( 5 SPECIES)

AUTOMOBILE PRODUCTION
(PASSENGER CARS AND TRUCKS)

FACTORY

EMPLOYMENT

CONTRACTS
(27 STATES)

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, July 13, June indicators have been included, thus bringing this table up
to date. It should be noted that the charts on page 2 show May data as the latest plotted, except for freight ton-miles,
which shows April.
1925

1924

MONTHLY AVERAGE
COMMODITY

1920

1921

1922

1923

1924

Apr.

May

June

July

Aug.

Sept,

Oct. Nov. Dec. Jan. Feb. Mar.

Apr.

May

June

104
127
137
237
102
93

1113 monthly average =» 100

Productions
pig iron
Steel Ingots
.....
Copper...............
Cement (shipments).
Anthracite coal
Bituminous coal
Electric energy
(gross revenue sales).
Crude petroleum.....
Cotton(consumptlon)
Beef.
Pork
Unfilled orders:
U. 8. Steel Corp. .
Stocks:
Crude petroleum
Cotton (total)
Prices:1
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
185
99
108
98
110

54
64
38
107
99
87

87
114
80
131
58
85

130
144
120
153
104
118

101
122
128
164
99
101

126
133
128
173
89
76

102
105
127
197
102
81

79
82
W
203
101
79

70
74
126
225
102
84

74
101
130
228
93
90

80
112
124
V228
100
106

97
124
134
231
101
121

98
124
133
139
89
106

116
141
131
74
97
116

132
166
144
69
97
130

126
149
134
81
94
98

139
166
145
139
93
94

127
142
137
195
98
85

114
137
136
226
107
89

283
178
105
119
113

312
189
97
113
117

349
224
109
126
130

407
295
117
130
160

434
285
99
133
151

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

522
287
127
146
199

480
261
118
105
152

458
292
125
129
115

449
297
128
131
109

329
114
132
116

170

90

96

102

68

71

61

55

54

56

59

60

68

82

85

89

82

75

69

63

127
155

152
198

234
153

287
125

338
112

331
92

334
74

339
59

343
45

349
44

350
84

348
161

346
193

338
193

335
172

337
150

337
126

340
103

344
80

61

226
203
207
205

147
153
197
116

149
142
188
124

154
146
190
135

150
146
169
134

148
141
168
130

147
141
163
129

145
142
163
130

147
143
165
132

150
144
159
139

149
147
164
132

152
149
169
138

153
150
171
137

157
152
171
139

160
154
170
146

161
151
172
146

161
151
169
151

156
151
161
147

155
152
159
146

157
155
158
147

108
67

229
136
64

228
169
75

197
185
72

198
198
81

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

163
233
92

162
245
96

161
248
96

257
275
134

205
212
118

230
230
80

226
276
90

264
284
71

258
279
84

263
277
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

290
308
72

302
297
70

305
317
70

294
331
264

140
181
188

177
154
204

212
168
259

201
185
284

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

223
17ft
299

258
219
318

233
193
322

219
179
262

218
157
271

137

105

115

139

131

117

124

117

121

133

143

158

139

128

135

123

129

123

136

:84

106

1919 montbly aver age =100
Production:
102
Lumber '
Bldg. contracts
72
Stocks:
Beef.
66
Pork
98
Business finances:
Bond prices (40 issues) . 86
Banking:
Debits outside N.Y.
City
114
Federal ReserveBills discounted.... 132
Total reserves
97
Ratio
87

86
69

117
102

133
106

129
108

139
136

141
124

130
103

119
88

139
90

135
93

140
102

126
105

110
100

121
91

122
83

136
138

143
157

146
148

42
83

29
70

32
91

34
88

33
109

28
111

25
111

21
104

21
91

20
61

28
44

42
46

60
70

69
85

65
94

49
90

41
88

31
81

87

107

104

108

105

106

108

110

110

109

110

110

110

110

94

111

111

113

114

91

96

107

108

106

106

104

106

101

104

119

107

124

127

106

121

117

116

124

91
122
122

28
144
154

39
146
152

19
146
160

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
137
154

21
137
154

21
136
153

24
135
153

143

1

"Wholesale and retail prices from Department of Labor averaged for the month; farm prices from Department of Agriculture.
1
Based on the total computed production reported by 5 associations. Includes southern pine, Douglas nr, 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,W2.000.000
hoard feet reported by the c




WHOLESALE PRICES IN MAY
(Bars denote percentages of increase or decrease in the wholesale prices of specified commodities as compared with the same month of 1924 and 1923)

COMMODITIES

COMPARISON WITH
PREVIOUS MONTH
DECREASE INCREASE
20

10

0

10

20

COMPARISON WITH SAME MONTH
1924
INCREASE

COMPARISON WITH SAME MONTH
1923
INCREASE

DECREASE
50 40

30
.

20

10

0

10

20

30

40

50 60

DECREASE
70

8050 40

30

20

10

0

10

20

30

40

50 60

FARM PRODUCTS. AVERAGE PRICE TO PRODUCER

WHEAT
CORN
POTATOES
COTTON
COTTONSEED
CATTLE, BEEF
HOGS
LAMBS
FARM PRODUCTS, MARKET PRICE
WHEAT. SPRING
WHEAT. WINTER
CORN. NO. 2
OATS
BARLEY
RYE. NO.2
TOBACCO, BURLEY
COTTON
WOOL ^ GREASE. (BOSTON)
CATTLE. STEERS
HOGS, HEAVY
SHEEP, EWES
SHEEP. LAMBS

V///////.
FOOD

FLOUR, SPRING
FLOUR, WINTER
SUGAR, RAW
SUGAR. GRANULATED
COTTONSEED OIL
BEEF, CARCASS
BEEF, STEER ROUNDS
HAMS, SMOKED (CHICAGO)
CLOTHING

V///////A

COTTON YARN
COTTON PRINT CLOTH
COTTON. SHEETING
WORSTED YARN

I

ir

WOMEN'S DRESS GOODS
SUITINGS
SILK, RAW
HIDES, PACKER'S
-HIDES. CALFSKINS
LEATHER, CHROME (BOSTON)
LEATHER, SOLE, OAK

I

BOOTS AND SHOES (BOSTON)

1

BOOTS AND SHOES (ST. LOUIS)
COAL. BITUMINOUS
COAL. ANTHRACITE
COKE
PETROLEUM

METALS
PIG IRON, FOUNDRY
PIG IRON. BASIC
STEEL BILLETS, BESSEMER
COPPER
LEAD
TIN
ZINC
LUMBER. PINE, SOUTHERN
LUMBER, DOUGLAS FIR
BRICK, COMMON (NEW YORK)
CEMENT
STEEL BEAMS
RUBBER, CRUDE
SULPHURIC ACID




20 10 0 I0 20 50
DECREASE INCREASE

40

3

° 2° I0 0
DECREASE

I0

2

°

3

°

if NO CHANGE

4

°

W
6
° 70
INCREASE

80

90

I0

°

Q 10
DECREASE

20 10

20 30 40 50

INCREASE

70 80

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. S. Department of Agriculture, Bureau of Agricultural Economics- nonferrous metals
from the Engineering and Mining Journal-Press. All other prices are from U. S. Department of Labor, 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, July 13, the June price data have here been included, thus bringing this table up to date.
It should be noted that the chart on page 4 shows May prices only.
PER CENT
INCREASE (+)
OR DECREASE (— )

ACTUAL PRICE

(dollars)

Unit

COMMODITIES

RELATIVE PRICE
(1913 average=100)

June,
1925,
from
M ay,
1925

June,
1925,
from
June,
1924

May,
1925

June,
1925

June,
1924

.985
.808
1.007
.278
39.96
.0579
.0655
.1121

+2.4
+3.3
+19.5
-5.8
-0.7
+0.4
-3.1

+55.0
+37.4
-16.2
-17.3
-8.7
+11. 6
+65.2
+3.7

188
174
118
192
178
110
144
197

193
180
141
192
167
109
144
190

124
131
169
232
183
98
87
184

1.618
1.815
1.099
.505
.885
1.089
25.00
.242
.50
10.500
12.700
5.625
14. 875

1.120
1.122
.839
.501
.776
.729
25.38
.300
.44
9.595
7.245
4.825
14. 725

-3.5
-4.1
-3.3
+4.3
+0.2
-8.5
+2.0
+3.4
+11.1
+8.7
+4.3
-13.9
+21.1

+44.5
+61.8
+31.0
+0.8
+14.0
+49.4
-1.5
-19.3
+13.6
+9.4
+75.3
+16.6
+1.0

184
192
182
129
141
187
186
183
180
114
146
139
158

177
184
176
135
142
171
189
189
200
123
152
120
191

138
114
134
133
124
115
192
235
176
113
87
103
189

8.869
7.215
.043
.055
.107
.178
.162
.256

8.530
7.506
.044
.055
.107
.175
.173
.263

6.856
5.581
.051
.065
.104
.168
.175
.196

-3.8
+4.0
+2.3
0
0
-1.7
+6.8
+2.7

+24.4
+34.5
-13.7
-15.4
+2.9
+4.2
-1.1
+34.2

194
188
123
128
146
138
124
154

186
195
126
128
148
135
132
158

150
145
145
152
144
129
133
118

.399
Pound
Cotton yarns, carded, white, northern, mulespun, 22-1 cones (Boston)
.064
Cotton, print cloth, 27 inches, 64 x 60-7.60 yards to pound (Boston)
Yard
-.104
Cotton, sheeting, brown 4/4 Ware Shoals L. L. (New York)
Yard
1.750
Worsted yarns, 2/32's crossbred stock, white, in skein (Boston)
Pound
1.035
Women's dress goods, storm serge, all-wool, dbl. warp, 50 in. (N. Y.)
Yard
3. 600
Suitings, wool, dyed blue, 55-56 inches, 16-ounce Middlesex (N. Y.) .. .. Yard
6.174
Pound
Silk, raw Japanese, Kansas No. 1 (New York)
.143
Pound
Hides, green salted, packer's heavy native steers (Chicago)
Pound
.183
Hides, calfskins, No. 1, country, 8 to 15 pounds (Chicago)
Leather, chrome calf, dull or bright "B" grades (Boston)
Square foot. .460
Leather, sole, oak, scoured backs, heavy (Boston)
Pound
.490
6.40
Pair
Boots and shoes, men's black calf, blucher (Massachusetts)
5.15
Boots and shoes, men's dress welt tan calf (St. Louis)
Pair
FUEL

.403
.063
.097
1. 750
1.035
3.600
6.370
.147
.200
.460
.480
6.40
5.15

.474
.068
.108
1.600
1.035
3. 600
4.998
.125
.171
.430
.425
6.25
4.85

+1.0
-1.6
-6.7
0
0 '
0
+3.2
+2.8
+9.3
0
-2.0
0
0

-15. 0 •
-7.4
-10. 2
+9.4
0
0
+27.5
+17. 6
+17.0
+7.0
+12.9
+2.4
+6.2

161
185
170
225
184
233
170
78
97
171
109
206
163

163
183
158
225
184
233
175
80
106
171
107
206
163

191
198
176
206
184
233
137
68
91
160
95
201
153

3.39
10.96
2.90
1.800

3.39
11.16
3.23
1.550

0
+0.7
-6.8
0

0
-1.8
-10.2
+16.1

154
206
119
193

154
210
132
166

20.06
18.05
35.00
.134
.083
.549
.0699

21.51
19.63
38.00
.123
.070
.423
. 0579

-4.0
-4.0
+8.5
0
+3.8
+2.2
+0.6

-6.7
-8.0
-7.9
+8.9
+18.6
+29.8
+20.7

125
123
136
88
190
124
127

134
134
147
81
161
96
105

44.14
16.50
15.50

39.51
16.50
20.00

-2.0
-5.7
+3.3

+11.7
0
-22.5

196
190
229

192
179
236

171
179
305

0
0
+47.4
0

0
-13.0
+277. 4
0

173
132
52
70

173
132
77
70

173
153
20
70

May,
1925

June,
1925

June,
1924

1.491
1.075
.706
.230
38.71
.0648
.1078
.1199

1.527
1.110
.844
.230
36.48
.0646
.1082
.1162

Bushel
_ ..Bushel
Bushel
Bushel
Bushel
. .Bushel
Cwt
Pound
Pound
Cwt
Cwt.
Cwt
Cwt

1.676
1.892
1.137
.484
.883
1.190
24.50
.234
.45
9.656
12. 181
6.531
12. 281

Barrel
Barrel . Pound
Pound
Pound
Pound
Pound
- Pound

FARM PRODUCTS-AVERAGE PRICE TO PRODUCERS
Wheat
Corn
Potatoes
Cotton
Cottonseed
Cattle, beef
Hogs
Lambs

_

_
_
...

.

.

-

Bushel
Bushel
Bushel
Pound
Ton
Pound
Pound
, Pound

.

:

-

FARM PRODUCTS— MARKET PRICE
Wheat, No. 1, northern, spring" (Chicago) ..
Wheat, No. 2, red, winter (Chicago)
. . .
Corn, contract grades, No. 2, cash (Chicago)
Oats, contract grades, cash (Chicago) ._
._ __ _
. Barley, fair to good, malting (Chicago)..
Rye, No. 2, cash (Chicago)
.
.
Tobacco, burley, good leaf, dark red (Louisville)
Cotton, middling upland (New York)
Wool, M blood combing, Ohio and Pennsylvania fleeces (Boston)
Cattle, steers, good to choice, corn fed (Chicago)
Hogs, heavy (Chicago)
....
.
Sheep, ewes (Chicago)
Sheep, lambs (Chicago)
..
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) ..

- .
..._
.
._

..

.

_

CLOTHING

Coal, bituminous, mine run lump, Kanawha (Cincinnati)
Coal, anthracite, chestnut (New York tidewater)
Coke, Connellsville (range of prompt and future) furnace— at ovens
Petroleum, crude, Kansas- Oklahoma— at wells

Short ton__
Long tonShort ton__
Barrel

3.39
10.88
3.11
1.800

154
205
128
193

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, slpb, western (St. Louis)

Long ton... 20.89
Long ton... 18.81
Long ton... 32.25
.134
Pound
Pound
.080
Pound
.537
Pound
.0695

BUILDING MATERIAL AND MISCELLANEOUS
Lumber, pine, southern, yellow flooring, 1x4, "B" and better (Hattiesburg district)
Lumber, Douglas fir, No. 1, common, s 1 s, 1 x 8 x 10 (Washington)
Brick, common red, domestic building (New York)
Cement, Portland, net without bags to trade, f. o. b., plant (Chicago
district)
.
. ....
Steel beams, mill (Pittsburgh)
Rubber, Para Island, fine (New York)
. __
_
Sulphuric acid, 66° (New York)
_




45.06
Mfeet
17.50
Mfeet
Thousand.. 15.00

Barrel
Cwt
Pound
Cwt

1.75
2.00
.420
.70

1.75
2.00
.619
.70

1.75
2.30
.164
.70

131
128
137
87
183
121
126

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. May, 1925, is latest month plotted)

120

VEHICLES

FOR LAND TRANSPORTATION.

AMPED AND ENAMELED WARE OTHER THAN IRON
AND STEEL

100




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. 24.1
YEARLY
AVERAGE

1933

1934

March

April

PRODUCTION:
Manufacturing
(64 commodities— Adjusted) 1
Raw materials, total
'.
Minerals
Animal products . .
Crops
.
Forest products
Electric power
Building (awards— floor space)-STOCKS (45 commodities; seasonal adjustment)
UNFILLED ORDERS (relative to 1920)

119
113
131
117
102
121
144
106

114
118
122
117
118
119
152
108

124
94
122
107
71
117
154
147

118
87
107
118
54
129
146
136

119
74

135
52

136
61

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):
Producers', farm products
Wholesale, all commodities ----Retail food
Cost of living (including food)

65
75
78
94

CHECK PAYMENTS (141 cities— Seasonal adjustment)
FACTORY EMPLOYMENT (1919 base)TRANSPORTATION :
Net freight ton-mile operation
Car loadings (monthlv total)
Net available car surplus (end of mo.) _ .
1

PER CENT INCREASE (+)
OR DECREASE (-)

1935

1934

May

May, 1925,
from April,
1925

May, 1925,
from May,
1924

March

April

108
94
120
124
60
132
148
124

128
96
118
111
75
124
165
138

129
86
116
115
49
129
159
157

127
92
131
118
55
132
160
148

136
54

141
47

149
58

141
54

145
53

+ 2.8
-1.9

+ 2.8
+ 12.8

105
163
80
115

114
178
78
133

90
174
77
127

120
177
83
121

117
195
79
135

94
191
79
128

-19.7
-2. 1
0. 0
-5.2

+ 4. 4
+ 9.8
+ 2.6
+ 0.8

64
73
78
95

63
73
77
95

62
72
76
94

62
71
76
94

72
78
81
96

70
76
81
96

70
75
82
96

0.0
13
+ 1.2
0.0

+ 12.9
+ 5.6
+ 7.9
+ 2.1

103
93

109
84

108
89

108
88

107
84

126
85

122
85

125
84

+ 2.5
-1.2

+ 16.8
0.0

115
119
25

108
116
139

110
132
150

97
100
199

102
105
205

107
131
209

102
107
204

113
195

+ 5. 6
-4.4

+ 7.6
-4.9

May

+ 17.6
-1.6
+ 7.0 , -2- 1
+ 9.2
+ 12. 9
+ 2. 6
4 8
-8.3
+ 12.2
0.0
+ 2.3
+ 8. 1
+0.6
-5.7 + 19.4

See p. 28, Jan., 1925, issue (No. 41) for details of adjustment. Unadjusted index for current months given in " Indexes of Business," p. 24, this issue.

COURSE OF BUSINESS IN MAY
GENERAL CONDITIONS
Manufacturing output for May was at practically
the same level as during the two previous months,
and considerably higher than a year ago. The output
of raw materials was slightly less than a year ago,
with only minerals produced in greater quantities.
Building activity, as expressed by contracts awarded,
declined from April but was much higher than a year
ago. Stocks of commodities on hand were slightly
higher than in April, accounting for seasonal conditions, and also higher than a year ago. Manufacturers' unfilled orders continued to decline but were
considerably larger than on May 31, 1924.
The volume of wholesale trade was the same as in
April, but retail trade was less, due to seasonal conditions, especially in the mail-order sales. All classes
of retail trade showed larger sales than a year ago,
while check payments, adjusted for seasonal influences,
increased slightly over April and 17 per cent over a
year ago. Freight loadings were seasonally larger



than in April and 8 per cent higher than in May, 1924,
while the surplus of freight cars was less than at the
end of April and less than a year ago for the first
time in 1925. Imports and exports of merchandise
declined from April, but both were higher than in
May, 1924.
The two extremes in the sequence of prices, producers7 prices and retail living costs, were the same
as in April, while wholesale prices declined 1 per cent
All these price indexes were higher than in May, 1924
Employment showed the first decline in 1925 and was
the same as a year ago, while factory pay rolls were
unchanged from April and higher than a year ago.
Business failures were less than in April, and also
less than a year ago, though total liabilities were
greater. Security prices were higher than in April
and interest rates lower. Bank loans and deposits
declined during May but were considerably higher
than a year ago.

SUMMARY OF INDEXES OF BUSINESS
PRODUCTION

silver declining, while, compared with a year ago, the
mineral
output was 9 per cent greater, only gold and
May production showed a decline of 2 per cent
silver declining. Marketings of animals products
from April in manufacturing but was over 17 per cent
were 5 per cent less than a year ago, only sheep and
higher than a year ago. Outside of increases of 11 per milk showing increases; the increase over April was
cent in stone and clay products and 7 per cent in seasonal, although declines occurred in cattle and
foodstuffs and declines of 12 per cent each in leather calves, eggs and fish. All crop marketings except
and in textiles, all the group changes from April were cotton were larger than in April, according to seasonal
less than 5 per cent. Compared with a year ago, the trend, but compared with a year ago declines occurred
only declines noted were in foodstuffs, paper and in all groups except vegetables, the total for all crops
printing, and tobacco.
being 8 per cent less than in April, 1924. Forest
Kaw material output made a seasonal increase over products output increased slightly over April, mainly
April but was. 2 per cent less than in May, 1924, due to seasonal trend, while the index number was the
minerals alone increasing, though forest products same as a year ago, increases in lumber production
remained the same. Mineral production was sea- and wood distillation being offset by decreases in
sonally larger than in April, only copper, gold< and pulp wood and gum receipts.
RELATIVE PRODUCTION, STOCKS, AND UNFILLED ORDERS FOR MANUFACTURED COMMODITIES
(1920 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. May, 1925, is latest month plotted.)
160

^- PRODUCTION 64 COMMODITIES

COMMODITY STOCKS

SALES

The index of stocks of commodities held on May
31, wheft adjusted for normal seasonal variations, increased 3 per cent over the previous month, due entirely to an increase of 14 per cent in stocks of raw
foodstuffs. Stocks of raw materials for manufacture
declined 16 per cent from April 30, on a seasonal
basis, while manufactured foodstuffs were 1 per cent
lower and other manufactured articles were unchanged.
Compared with a year ago, commodity stocks increased 3 per cent, again due to a large increase in
raw foodstuffs, amounting to 13 per cent. Manufactured foodstuffs declined 14 per cent while the other
classes showed little change in stocks from a year ago.

The index of unfilled orders declined 2 per cent from
April 30, iron and steel orders showing a loss of 7 per
cent, while for building materials, there was a gain of
3 per cent. Compared with a year ago, unfilled orders
on May 31 were 13 per cent higher.
The index of wholesale trade showed no change
from April, increases in groceries and meats balancing
declines in hardware, shoes, drugs and dry goods—
both the advances and declines being due to seasonal
tendencies. Compared with May, 1924, wholesale
trade was 3 per cent higher, due to advances of 17 per
cent in meats and 7 per cent in dry goods, the other
groups all showing slight declines.




9
Retail trade also declined seasonally from April,
exhibiting the same seasonal trends as a year ago, except that groceries, which advanced in 1924, declined
in 1925. Compared with a year ago, mail-order sales
increased 4 per cent and increases of from 5 to 19 per
cent occurred in the sales of the various chain-store
groups, except cigar and shoe chains. Departmentstore sales were slightly larger than a year ago, while
.stocks carried by these stores were the same as at
the end of May, 1924.

PRICES
Producers as a whole received slightly less for their
agricultural products than in April, in spite of increases
of 11 per cent in fruits and vegetables, 5 per cent in
grains and 1 per cent in dairy and poultry products;
declines, however, occurred in the meat, cotton and
cottonseed, and unclassified groups. Compared with
a year ago, farm prices as a whole were 13 per cent
higher, the only decreases occurring in the cotton and
cottonseed and unclassified groups.

COMPARISON OF WHOLESALE AND RETAIL FOOD PRICE INDEX NUMBERS
WITH INDEX OF ALL COMMODITIES AT WHOLESALE
(U. S. Department of Labor index numbers. Relative prices 1913 =100. May, 1925, is latest month plotted)
1916

1917

1918

1919

1920

The wholesale price index declined 1 per cent from
April, all groups participating in this movement except
the miscellaneous group, which advanced, and building
materials and house furnishings, which remained unchanged. The index was 5 per cent above last year,
however, with increases in all groups except fuel and
lighting, metals, building materials, and house furnishings. As recomputed by the Federal Reserve Board,
declines occurred from April in all groups of raw products except agricultural products, with producers'
goods unchanged and consumers' goods lower. The
only declines from a year ago were in forest and
mineral products and producers' goods. The commercial index numbers for June 1 both showed increases over May 1.
The cost-of-living index showed no change from
April, a decrease in fuel and light balancing increases in
food and clothing. Compared with a year ago, living
costs increased 3 per cent, due to an 8 per cent rise in
food costs, as all other groups declined except for
.a riseof 1 per cent in sundries.
 51414—25f
2


1921

1922

1923

1924

*^y

EMPLOYMENT
Factory employment was 1 per cent less than in
April, the only increase being in the tobacco-products
groups, though food products, stone, clay, and glass
products, and vehicles all showed no change. The
principal decrease was a seasonal decline in the chemical group, amounting to 13 per cent. Compared with
a year ago, the employment index was the same,
increases in the textiles, leather, vehicles, and miscellaneous groups balancing declines in the other
groups, except paper and printing and tobacco, which
remained unchanged.
In spite of the decline in the employment index,
pay-roll payments showed no change from April, with
declines noticeable only in textiles, chemicals, and
metals other than iron and steel. Compared with
a year ago, pay-roll payments were 2 per cent larger
with employment the same, the increases occurring in
all groups except food products; stone, clay, and glass;
and chemicals; the latter group showing no change.

10
REVIEW BY PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCE

movement of wool 8 per cent larger than during the first
five months of 1924. Wool consumption by textile
mills was also smaller in May than in any month thus
far this year but was 5 per cent larger than during
May, 1924. The total consumption of wool during the
first five months of the current year was 3 per cent
smaller than during the corresponding period of the
previous year. Woolen machinery was less active in
May than in April, while as compared with May, 1924,
greater activity was noted in carpet and rug machinery
and woolen spindles, all other types of woolen machinery exhibiting declines from a year ago. Prices of
wool and woolen goods were generally lower than
those prevailing in the previous month and a year
ago, except for worsted yarns which recorded a 6 per
cent increase over May, 1924.

TEXTILES

Receipts of wool at Boston during May were the
smallest for any month thus far this year, this decline
being due to a steady falling off in the receipts of
foreign wools. As compared with May, 1924, receipts of wool were 15 per cent smaller, foreign wools
representing a 4 per cent decline and domestic wool a
22 per cent decline. For the first five months of 1925
wool receipts at Boston were 3 per cent larger than
during the corresponding period of 1924, the 39 per
cent increase in foreign wools more than offsetting a
48 per cent decline in the receipts of the domestic
staple. Imports of wool were, likewise, smaller in
May than in any other month of 1925, but the importation was 18 per cent greater than during the
same month of last year, making the total inward

STOCKS OF COTTON AT WAREHOUSES AND MILLS
(May, 1925, is latest month plotted)
6,000

I I I ! I I I I I I I
WAREHOUSE STOCKS

5.000

4.000

3.000

2.000

I I I I I I
MILL STOCKS

I—I j I—i—I | I I—I | I—I—L_4_

a

1913

j K

z a j H

* i 8 * * 3§
1914 1 1915

<

i§
i m i m<"ai m
i m i m i m ? * * s i s i1924i m
I 1925
I 1919 I 1920 I 1921 I 1922 I 1923

T

O

1916

-

3

1

I

<

S

O

-

1917

»

<

1

I

=

3

O

-

»

1918 I

Keceipts of cotton into sight during May were,
likewise, smaller than for any other month of 1925,
while a decline of 23 per cent from a year ago was
also registered. However, during the first five
months of the year, an increase of 55 per cent over a
year ago was reported in the receipts of cotton.
Cotton imports were 37 per cent and 12 per cent



smaller, respectively, than in the previous month and
a year ago, while for the calendar year thus far the
total importation of cotton was 9 per cent below the
corresponding figures for this item for 1924. Exports
of cotton declined seasonally but were more than 1
per cent greater than in May, 1924. For the first
five months of 1925 the outward movement of cotton

11
was 71 per cent greater than during the same period of
1924.
Consumption of cotton by textile mills,
though declinding 11 per cent from the April figures,
reported an increase of 28 per cent over May of the
previous year, making the total consumption for the
first five months 16 per cent greater than during the
corresponding period of 1924.
RAW COTTON CONSUMPTION AND EXPORTS
(May, 1925, is latest month plotted)

Silk imports were larger in May than in any other
month this year and 55 per cent greater than in May,
1924, making the total for the first five months of the
current year 40 per cent larger than during the corresponding period of the previous year. Deliveries of silk
to consuming establishments were smaller than in April,
but 35 per cent greater than in May, 1924. The indicated consumption of silk during the first five months
of 1925 was 40 per cent greater than during the same
period of 1924. Silk stocks at the end of May were
8 per cent larger than at the end of April and 57 per
cent larger than a year ago while the price of silk was
3 per cent higher than in April and 29 per cent higher
than in May, 1924.
IRON AND STEEL

Though a decline of 1 per cent was registered in the
number of active spindles reported for April, the May
figures for this item were almost 9 per cent greater
than a year ago. Spindle-hour activity, however,
registered a decline of 7 per cent from the previous
month and an increase of 34 per cent over a year ago,
while the per cent of capacity operated stood at 94
per cent for May as against 100 for April and 68 a
year ago. Stocks of raw cotton held by mills at the
end of May were 17 per cent larger than a year ago,
while the warehouse stocks were less than 1 per cent
greater, making the total holdings at mills and warehouses almost 9 per cent larger than on May 31, 1924.
The world visible supply of American cotton at the
end of May was 150 per cent larger than at the same
time a year ago while the total world visible supply on
May 31 was 28 per cent less than the figures reported
for corresponding period of 1924.
Cotton finishers reported a decline in activity from
April and no change from a year ago. Orders, billings, and shipments of finished goods were smaller
than in April, and except for shipments, smaller than
a year ago, while stocks of finished goods, though 7
per cent smaller than at the end of May, 1924, were
3 per cent larger than on April 30, 1925. Exports of
cotton cloth were 10 per cent smaller than in April
but 5 per cent larger than a year ago, making the total
outward movement of cotton cloth, thus far, 47 per
cent greater than during the first five months of 1924.
Production of fine cotton goods in the New Bedford
district increased over both the previous month and
a year ago while sales, though smaller than in April,
were well above a year ago. Prices of cotton and
cotton goods continued to decline.



Stocks of iron ore at the end of May were 22 per
cent larger than on April 30 but 3 per cent smaller
than a year ago. Iron ore consumption declined 10
per cent from April and 14 per cent from May, 1924,
but for the first five months of 1925, the consumption
was 6 per cent greater than during the corresponding
period a year ago. Pig iron production declined 10
per cent from April but the May output was 12 per
cent larger than a year ago, bringing the cumulative
total for the first five months this year, likewise,
6 per cent above a year ago. The ratio of furnaces
in blast to the total in the industry, continuing the
decline which set in in March, stood at 49 per cent
on May 31. Wholesale prices of iron and iron products continued to decline.
The output of steel ingots, though 4 per cent
smaller than in April, was 31 per cent larger than in
May of last year. Unfilled steel oMers, registering
the third successive decline, were 9 per cent smaller
than at the end of April but were 12 per cent larger
than on May 31, 1924. The production of sheets
by independent steel mills was also smaller than in
April and larger than a year ago. Bookings of steel
castings, though 4 per cent larger than in May, 1924,
were 16 per cent smaller than in April. Wholesale
prices of steel and steel products continued to decline.
Exports of iron and steel increased in May over both
the previous month and a 3^ear ago, but were 14 per
cent smaller for the first five months of 1925 than
during the same period of the previous year.
Sales of fabricated structural steel declined 12 per
cent from April but were 19 per cent greater than in
May of last year. For the calendar year thus far a
decline of less than 1 per cent from the previous year
was registered in the bookings of structural steel.
New orders for fabricated steel plate increased over
the previous month, making the total bookings for
the first five months of 1925, 14 per cent greater than
during the corresponding period of 1924. Steel furniture shipments, though 5 per cent larger than in
May, 1924, were 3 per cent smaller than in April.

12
Shipments of locomotives by principal manufacturers,
though smaller than in May, 1924, were larger than
in April, 1925, but for the first five months of this
year the outturn was 17 per cent smaller than during
the same period of 1924. Unfilled orders for railway
locomotives declined 2 per cent from the previous

larger than a year ago. Patents for agricultural implements on the other hand were 11 per cent greater
than in April while internal-combustion engine patents
were 48 per cent larger, each of these classes reporting
an increase of more than 40 per cent for the first five
months of 1925 over the same period of 1924.

PRODUCTION OF PIG IRON AND UNITED STATES STEEL CORPORATION'S UNFILLED ORDERS
(May, 1925, is latest month plotted)
14,000

600

month and 27 per cent from a year ago. New orders
for freight cars were considerably larger than those
placed in either the previous month or a year ago,
but for the first five months the number of cars called
for was 54 per cent smaller than during the same
period of 1924. Placements of orders for passenger
cars and locomotives were smaller, on the other
hand, than in either the previous month or a year ago,
while each exhibited the same general decline from
1924 for the first five months of the current year.

NONFERROUS METALS

Copper production, both primary and smelter, declined from the previous month but was larger than
a year ago. The total output of copper by mines and
smelters was 9 per cent greater for the first five months
of 1925 than during the corresponding period of 1924.
World production of blister copper increased in May
over the previous month and a year ago, making the
total for 1925 6 per cent larger than during the same
five months of last year. Copper exports from the

LOCOMOTIVE SHIPMENTS AND UNFILLED ORDERS
(May, 1925, is latest month plotted)
4,000
2.000

New orders for machine tools increased ,27 per cent
over the previous month and 52 per cent over a year
ago, while sales of mechanical stokers were also larger
than in either of these comparative periods, both as
respects number of stokers and their aggregate horsepower. New patents issued for all classes of inventions were smaller than in April but 10 per cent




United States increased 7 per cent over April and 15
per cent over a year ago. The total outward movement of copper for the first five months of this year
was 12 per cent larger than during the corresponding
period of last year, while the wholesale price of copper
averaged higher in May than in either the previous
month or a year ago.

13
COPPER PRODUCTION AND EXPORTS
(May, 1925, is latest month plotted)

Stocks of tin in the United States on May 31 were
smaller than at the end of either the previous month
or May, 1924, while the world visible supply of tin
was larger than at either of these comparative periods.
Tin deliveries to consuming establishments were 26
per cent smaller than in April and 6 per cent smaller
than a year ago, while imports of tin recorded corresponding declines from the same two periods. The
wholesale price of tin averaged 5 per cent higher than
in April and 23 per cent higher than in May, 1924.
RELATIVE PRODUCTION AND STOCKS OF ZINC
(1913 monthly average =? 100. May, 1925, is latest month plotted)

condition of the previous month and a decline of 23
per cent from the same period of last year. The
price of zinc declined almost 1 per cent from the
previous month but was 20 per cent higher than in
May, 1924.
Lead production increased 5 per cent and 10 per
cent, respectively, over April and a year ago, while
for the first five months of this year the output of
lead was 14 per cent ahead of the corresponding
figures for 1924. Lead ore shipments in the Joplin
district declined from April, but were two and one-half
times as large as a year ago. The price of lead declined slightly from the previous month, but was 10
per cent higher than a year ago.
COAL AND COKE

The output of bituminous coal increased 5 per cent
and 10 per cent, respectively, over April and a year
ago. Exports of bituminous were also larger than in
either April or a year ago for both production and
exports. Declines were noted in the production and
exports for the first five months of 1924, the decrease
for production amounting to 3 per cent and exports 11
per cent. Mine prices for bituminous showed practically no change from the quotations prevailing in the
previous month, but a decline of almost 3^ per cent
from a year ago.

225

PRODUCTION OF BITUMINOUS AND ANTHRACITE COAL
(May, 1925, is latest month plotted)

A decline of less than 1 per cent from April 30 was
reported in the number of zinc retorts in operation at
the end of May. The production of primary zinc was
2 per cent greater in May than in April and 4 per cent
larger than a year ago, making the total output, for the
first five months of 1925, 6 per cent greater than during
the corresponding period of last year. Zinc stocks
held at the end of the month, though 16 per cent
larger than at the end of April, were 50 per cent
smaller than on May 31, 1924. Zinc ore shipments in
the Joplin district were 22 per cent greater than in
April and 18 per cent larger than a year ago, while
stocks of ore showed practically no change from the




The output of anthracite coal increased 9 per cent
over April and 5 per cent over a year ago, but the
total mined during the first five months of 1925 was
iy^ per cent smaller than during the same period of
last year. Stocks of anthracite held at distributing
points on May 31 were almost 1 per cent smaller than
those at the end of the previous month, but were 71
per cent greater than the holdings of a year ago.
Exports of anthracite increased over both the previous
month and May a year ago, but the outward movement thus far this year was 5 per cent smaller than
during the five-month period of 1924. Both wholesale and retail prices of anthracite in the New York

14

market increased over the previous month, while retail
prices also registered an increase over a year ago.
Beehive coke production continued to decline, the
May output being 24 per cent smaller than that of
April and 19 per cent smaller than that of a year ago.
By-product coke production also declined from the
previous month but was 17 per cent greater than in
May, 1924. For the first five months of 1924 a decline
of 16 per cent was registered in the output of beehive
coke from the same period of the previous year, while
an increase of 10 per cent in the production of byproduct coke during the same period was sufficient to
leave a slight excess in the total output of coke for
this period.

of 1923, In addition, the percentage of increase or
decrease in a given month over the corresponding
month of the previous year is given, while the ratio
chart indicates for the same period the cumulative
course of passenger-car production. On page 17 is
given a chart comparing automobile output and
building contracts.
PASSENGER AUTOMOBILE PRODUCTION
(May, 1925, is latest month plotted)

PETROLEUM

Crude petroleum production was more than 10
per cent larger than in April, while the stocks of
crude continued to accumulate. Shipments of petroleum from Mexico were 7 per cent larger than in
April, but 1.8 per cent smaller than in May, 1924.
Fewer oil wells were completed in May than in April,
while the price of petroleum, though 4 per cent
higher than a year ago, showed no change from April.
CONSUMPTION AND STOCKS OF GASOLINE AND PRODUCTION OF
AUTOMOBILES
(April, 1925, is latest month plotted, except for automobiles)
2.000
GASOLINE S rocKS
1,000
800
600
400

f^\\sj
/

^**^_
yi
f
^^

^

r^> /•
x

'\
V

200

AUTOMOBILES

The total output of automobiles declined from the
high figures of April, but the May output was considerably above a year ago, passenger cars reporting an
increase of 34 per cent over May, 1924, and trucks
an advance of 23 per cent over the same period. In
the chart given below there is shown the monthly production of passenger automobiles since the beginning




Exports of automobiles were 4 per cent larger than
in April and 75 per cent larger than a year ago,
passenger cars making a 71 per cent increase over a
year ago and trucks a 94 per cent increase. Exports
of accessories and parts were also larger than in
either the previous month or a year ago. Exports
of automobiles from Canada, on the other hand, were
smaller than in April and only 7 per' cent larger than
in May, 1924. Internal-revenue taxes collected on
passenger automobiles and motor cycles in May,
indicative of sales by manufacturers in April, were 10
per cent smaller than the April collections and 13
per cent smaller than the taxes collected in May,
1924. Tax collections on automobile trucks, however,
were 38 per cent larger than those of April. Sales of
automobile accessories and parts by dealers, as adduced from tax collections, were larger in April than
in March, but were 46 per cent smaller than in April,
1924.

15
RUBBER

Crude rubber imports were larger than in the
previous month or ;a year ago, the increase over a
year ago amounting to $3.-per. cent. Crude rubber
consumption likewise was slightly less than in the
previous month and 34 per cent greater than a year
ago, while the wholesale price of rubber continued to
advance, the increase over the previous month amounting to 24 per cent and over a year ago to 143 per .cent.
The production of tires, both pneumatic and solid,
was larger than in either the previous month or a
year ago, while the output of inner tubes, though
smaller than in April, was considerably above that
of May, 1924. Shipments of tires and tubes by
manufacturers were larger than in April or a year
ago, while the stocks of pneumatic tires and inner
tubes continued to decline in a seasonal movement;
the inventories on these items at the end of May
standing, however, somewhat higher than on May 31,
1924.
HIDES AND LEATHER

The importation of hides and skins in May was
smaller than in any other month of this year, this falling off in imports being due to smaller receipts of
cattle hides and goatskins. For the calendar year
thus far, however, imports of hides and skins aggregated 13 per cent greater than during the same fivemonth period of 1924, all classes of skins participating
in this general increase, except calfskins. Prices of
cattle hides and calfskins showed relatively little
change from the April quotations but were 20 per cent
and 11 per cent greater, respectively, than those prevailing in May, 1924.
IMPORTS OF HIDES AND SKINS
(May, 1925, is latest month plotted)
SOXXXDr

The output of sole leather declined 3 per cent from
April, but was 12 per cent greater than a year ago,
while for the current year thus far production was 5
per cent greater than during the same five months of
1924. - The production of oak and union harness
leather was smaller,than in any other month of 1925
and 13 per cent less than in May, 1924, making the
total for the calendar year 19 per cent smaller than
during the five-month period of 1924. Skivers were
also produced in smaller quantities than in any other
month of this year with a decline reported of 12 per
cent from May of last year. The output of skivers for
the first five months of 1925 was, however, 10 per cent
greater than during the same period of 1924. Unfilled orders for oak and union harness leather continued to increase, standing at the end of May at 22
per cent above the condition on May 31, 1924.
Exports of sole leather increased 55 per cent over
the outward movement in April, but were 29 per cent
below those of a year ago. Upper leather exports
declined 2 per cent from April and registered a decrease of 28 per cent from May of last year. For the
first five months of this year exports of sole leather
were 6 per cent less than during the same period of
1924, while upper leather exports registered an increase
of 1 per cent over that same period.
The output of boots and shoes declined from both
the previous month and a year ago, while the exports
of boots and shoes, though showing no change from
the previous month, were 8 per cent smaller than in
May, 1924. Wholesale prices of boots and shoes exhibited no change from the prevailing market conditions in the previous month, but were generally higher
than in May, 1924.
Leather belting sales declined from April, both in
point of quantity and value, but were larger than in
May a year ago. For the calendar year thus far, however, belting sales were 3% per cent smaller than during the corresponding period of last year.
The production of glove leather was smaller in May
than in any other month of this year, but was 21 per
cent larger than in May, 1924. For the calendar year
thus far the output of glove leather was 2 per cent
smaller than during the same period of 1924. Stocks
of glove leather in the process of tanning were smaller
at the end of May than on either April 30, 1925, or
May 31, 1924. Stocks of finished glove leather, however, were 6 per cent larger than at the end of April,
but 38 per cent smaller than the inventories of a
year ago.
PAPER AND PRINTING

1,000




Imports of mechanical wood pulp were 50 per cent
larger than in April and 145 per cent greater than in
May of last year, making the total importation for the
first five months 38 per cent greater than during the
same period of 1924. The importation of chemical
wood pulp^vras 14 per cent larger than in April and

22 per cent greater than in May of last year, making
the total for this item for the calendar year, thus far,
25 per cent greater than during the same period of
last year.
The output of newsprint paper was 3 per cent smaller
than in April and 4 per cent smaller than a year ago,
while shipments of newsprint from the mills exhibited
corresponding declines from these comparative periods.
For the first five months of this year newsprint production and shipment registered practically no change
from the same period of last year. Mill stocks of newsprint at the end of May were larger than the inventories at the end of any previous month in 1925, but
were 8 per cent smaller than the holdings on May 31,
1924. Imports of newsprint exhibited little change
from the previous month, but were 9 per cent greater
than in May, 1924, making the total for the first five
months of 1925 7 per cent greater than during the
same period last year. Newsprint exports were 12
per cent greater than in April and 52 per cent greater
than in May, 1924.
NEWSPBINT PAPER PRODUCTION AND MILL STOCKS
(May, 1925, is latest month plotted)

BUILDING CONSTRUCTION AND HOUSING

Building costs in general declined about 1 per cent
from the previous month and about 6 per cent from
May, 1924. Contracts awarded for building construction in|36 States declined 4 per cent in floor space and
9 per cent in point of value from the awards placed in
April, but were 15 per cent greater in footage and 18
per cent in value than the lettings of May, 1924. For
the first five months of 1925 the contemplated expenditures of new contracts for building construction in 36
States were 10 per cent greater than during the corresponding period of 1924; as against this a decline of
less than 1 per cent for the same period was noted in
the footage contemplated by the new construction contracts. On page 17 is a chart showing a comparison
between building contracts awarded in 27 Northeastern
States and the total production of automobiles, both
passenger cars and trucks. It is significant to note
from this chart the parallelism between these two items,
both as respects their general movements and their
seasonal tendencies. The cumulative curves, indicating the general similarity in the rate of increase between
these two movements, should be read as indexes. ,
BUILDING MATERIALS

The number of new book titles published in May
was 10 per cent greater than during April and 17 per
cent greater than in May of last year, making the total
number of titles of American manufacture 19 per cent
greater for the first five months of this year than for
the same period of 1924.
A decline of 2 per cent from April was registered in
the production of paper board shipping boxes but an
increase of 9 per cent over May, 1924, was noted. For
the first five months of the current year the production of corrugated and solid fiber paper board boxes
was 3 per cent greater than during the corresponding
period of last year, this increase being due to a larger
output of corrugated board. Manufacturers of paper
board boxes were operating at 74 per cent of normal as
against 74 per cent for April and 72 per cent for 1924.
Shipments of rope paper sacks declined 2 per cent from
April and 4 per cent from a year ago. Sales of abrasive paper and cloth were smaller in May than in the
previous month but greater than a year ago.




Although the production of the two principal species
of softwood lumber declined slightly .from April, other
lumber species except northern hardwoods increased
to make the total production about 1 per cent larger.
For the first five months of the year all species except
redwood and western pine increased their production
over the corresponding period of 1924. Shipment
figures showed about the same relationships as production for most species. New orders were less than in
April but, except for California redwood, were larger
than a year ago. Stocks of southern pine lumber
declined from April, but for other species of softwoods
larger inventories were held and all stocks wer4 larger
than a year ago. Hardwood stocks showed little
change from April, but less were unsold, and unfilled
orders were larger. Exports of lumber were 13 per
cent less than in April but slightly larger than in May,
1924. Lumber prices declined both from April and
from a year ago. Retail lumber sales in the Minneapolis Federal reserve district increased over April
and for the first five months of the year were almost
50 per cent larger than a year ago.
Production, shipments, and stocks of flooring manufactures declined, while orders booked increased over
April. Unfilled orders for oak flooring were greater
than at the end of April, but for maple flooring they
were less. Compared with the first five months of
1924, oak flooring production, shipments, and orders
increased while the maple flooring figures declined.
Although face brick production increased over
April, it was less than a year ago, both for May and for
the first five months of- the year. Shipments declined

17

from both periods, while stocks declined from April
and increased over a year ago and unfilled orders
showed the opposite comparisons. Common brick
prices increased.
LUMBER PRODUCTION AND STRUCTURAL STEEL SALES
(May, 1925, is latest month plotted)

Paving-brick production increased to 86 per cent of
capacity as compared with 81 per cent in April and

69 per cent in May, 1924. Shipments, orders, cancellations, and new orders all increased over April but
stocks declined. Compared with a year ago new
orders and unfilled orders also declined but the other
items increased. Paving-brick production exceeded
the 1924 period by 22 per cent for the first five months
of the year, but shipments and orders declined.
Bookings of architectural terra cotta declined
seasonally from April and were slightly less than in
1924, both for the month of May and for the first
five months of the year.
Portland-cement production, shipments, and stocks
exceeded May, 1924, by from 13 to 15 per cent,
production and shipments increasing seasonally over
April, while stocks declined. Prices were reported as
unchanged. There was a falling off from April in the
award of concrete paving contracts, and a slight
decline from May, 1924, though for the year to date
an increase of 21 per cent.
Shipments of sanitary enameled ware increased
over April except lavatories and sinks; stocks declined except for lavatories, while new orders increased
for all classes of enameled ware, contrasting with
declines in all classes from May a year ago. Unfilled
orders for baths increased over April 30, while for
small ware the unfilled bookings were less. Compared
with a year ago, shipments, stocks, and new orders
were all greater, except miscellaneous shipments,
while unfilled orders were less. For the first five
months, however, orders and shipments declined from
1924 except orders for lavatories.

COMPARISON OF AUTOMOBILE PRODUCTION AND NEW BUILDING CONTRACTS
(May, 1925, is latest month'plotted)
550

55O

i i | I I | i I I M | M | l I | i

1925 - CUMULATIVES - 1925
LDING CONTRACTS AWARDED
(27 STATES)

I 2 3 4 5 6 7 8 9 10 II YR.


51414—25f


1924-CUMULATIVES*- 1924

TOTAL AUTOMOBILE
PRODUCTION
.

2 3 4 5

i . I i i I t t 1 1 1

2

18
CHEMICALS AND OILS

Imports of both potash and nitrate of soda declined
from April but for the five months, January to May,
both were considerably above the 1924 period. Exports of sulphuric acijj declined from April and from a
year ago, fertilizer exports were much larger than in
April but less than a year ago, while vegetable dyes
were exported in larger quantities than in either April,
1925, or May, 1924, and coal-tar dyes declined from
April but were 177 per cent larger than a year ago.
Such price changes as occurred in drugs and chemicals
were downward.
Receipts of both turpentine and rosin were less than
in May, 1924. Stocks of turpentine increased from a
year ago, but rosin stocks declined over 30 per cent.
Exports of vegetable oils increased over both April
and a year ago, while imports declined from both
periods. Oleomargarine consumption increased over
both periods but declined on a five-month comparison with 1924.
Cottonseed-oil production both for May and for the
year to date increased about 63 per cent over the 1924
periods, but stocks of both seed and oil declined from a
year ago. Prices were slightly lower than in April
but higher than in May, 1924.
Receipts and shipments of flaxseed at Northwestern
points increased over both April and a year ago, while
stocks declined from April but were higher than in
May, 1924. Linseed-oil and oil-cake shipments from
Minneapolis were also less ibhaii in April but much
higher than a year ago, both for May and for the fivemonth period.
CEREALS

Receipts and shipments of wheat were larger than in
May, 1924, while the visible supply in both the
United States and Canada was less. Exports of
wheat, including flour, were 80 per cent higher than
in May, 1924. Wheat prices averaged from 8 to 11 per
cent above April, and from 42 to 78 per cent above a
year ago, while flour prices also increased, but at lower
rates.
Receipts, shipments, and exports of corn were all
less than a year ago, both for May and for five months
of the year. The visible supply was 41 per cent larger
than a year ago. Corn grindings were about the same
as in May, 1924, the cumulative decrease for five
months amounting to 13 per cent. Corn prices averaged higher than in April.
Although receipts of oats were less than a year ago,
both exports and the visible supply were very much
larger. Prices of oats averaged higher than in April.
Barley receipts increased 20 per cent over a year ago,
both for May and for five months, while exports increased 259 per cent over May, 1924, and were 91
per cent larger for the cumulative period. The price
of barley showed little change from April. Rye re


ceipts and exports were also much higher than a year
ago and prices increased over both periods. Total
car loadings of grains and their products declined from
1924, both for May and for five months, but exports
increased over both periods.
Mill shipments of rice increased over May, 1924,
but were less than a year ago for the five-month
period. Stocks declined from May 31, 1924. Imports
increased and exports declined, both for May and for
five months.
Car-lot shipments of potatoes increased over a year
ago, but shipments of apples, onions, and citrus fruits
and market receipts of hay all declined.
MEATS AND DAIRY PRODUCTS

Compared with May, 1924, the movement of cattle
and calves declined; while inspected beef produced was
about 2 per cent smaller than a year ago, and coldstorage holdings were greater. Exports of beef for
May were higher than a year ago, but for the year to
date were 15 per cent lower. Prices tended to decline
frojn April, though steer rounds were higher.
Hog movement and inspected pork production were
smaller than a year ago by about 25 per cent and
storage holdings were also less. Exports of pork
products declined by 5 per cent from last May and by
32 per cent for the five-month period. Lard exports,
however, increased over May, 1924. Prices of hogs
and hams averaged less than in April, while lard prices
increased fractionally.
The movement and slaughter of sheep were considerably larger than a year ago. The output of lamb
and mutton from inspected slaughter increased 9 per
cent over a year ago but cold-storage holdings were
less. Prices of sheep declined from 13 to 18 per cent
from the April average.
Poultry receipts were less than a year ago but storage holdings were 74 per cent greater than on May 31,
1924. Storage holdings of fish were slightly larger
than on May 15, 1924.
Butter receipts were 5 per cent larger than a year
ago, while storage holdings were considerably less.
Butter prices declined seasonally from April but were
10 per cent higher than a year ago.
Cheese receipts were slightly smaller than a year
ago while storage holdings increased. Prices of cheese
declined from April, contrary to the tendency in the
past two years, but were 16 per cent higher than a
year ago.
Receipts of eggs were 13 per cent less than a year
ago, while storage holdings were slightly less than on
May 31, 1924.
Exports of both condensed and evaporated milk for
the first five months of 1925 were each about 40 per
cent less than a year ago, although evaporated milk
exports were greater in May than for the corresponding month of 1924. Powdered milk exports exceeded

19

last year's corresponding figures for the first five
months but were less in May.
SUGAR, COFFEE, AND TEA

Imports of raw sugar declined 15 per cent from
April but were 10 per cent greater than in May, 1924. j
For the first five months of 1925 the importation of
sugar was 7 per cent higher than during the corresponding period of 1924. Meltings of raw sugar at
the principal refineries were 17 per cent smaller than
in April and 4 per cent greater than in May, 1924,
while for the calendar year thus far the total meltings
at these refineries were 9 per cent larger than during
the same five-month period of 1924. Stocks of raw
sugar held at refineries on May 31 were 5 per cent
greater than the inventories of a year ago. Receipts
of domestic cane sugar at New Orleans were 80 per
cent smaller than in April and 71 per cent smaller
than in May, 1924, while for the first five months of
this year the total receipts of domestic cane were 82
per cent smaller than during the corresponding period
of a year ago.

May, 1924, while clearances of coffee from Brazil
were 9 per cent smaller than in April and 34 per cent
smaller than a year ago* Imports of tea were smaller
than in April but were slightly larger than in May,
1924.
TOBACCO

The consumption of cigars, as indicated by taxpaid withdrawals, was 4 per cent larger in May than
in April but 7 per cent smaller than in May, 1924.
Cigarette consumption, on the other hand, was 7 per
cent larger than in April and 1 per cent larger than in
May, 1924. For the first five months of 1925 cigar
consumption was 5 per cent smaller than during the
same period of 1924, while a similar comparison for
cigarette consumption indicates an increase of 11 per
cent over the five-month period of 1924. Consumption of manufactured tobacco and snuff was less than
1 per cent larger than April but 3 per cent smaller
than in May.
RELATIVE CONSUMPTION OF CIGARETTES AND CIGARS
(1913 monthly average = 100. May, 1925, is latest month plotted)

RAW SUGAR: IMPORTS, MELTINGS AND REFINERY STOCKS
(May, 1925, is latest month plotted)

Receipts of sugar at Cuban ports were 26 per cent
smaller than in April but 64 per cent greater than in
May, 1924, while exports of raw from Cuban ports
were 17 per cent smaller than in April and 19 per
cent larger than a year ago. Stocks of sugar held in
Cuba at the end of May were 39 per cent larger than
on May 31, 1924.
Exports of refined sugar from the United States
were 59 per cent larger than in April and 7 per cent
greater than in May a year ago, making the total
outward movement of refined sugar during the first
five months of this year 18 per cent greater than during
the same period of the previous year. Wholesale
prices of raw sugar as weii as for refined sugar declined
from the previous month and were almost 25 pe^* cent
less than a year ago.
Imports of coffee were smaller than in either April,
1925, or May, 1924. The world visible supply of
coffee on May 31 was 17 per cent greater than a year
ago. Receipts of coffee in Brazil were 30 per cent
smaller than in April and 50 per cent smaller than in



Exports of unmanufactured leaf tobacco were 27
per cent smaller than in April and 49 per cent smaller
than in May, 1924, while for the calendar year thus
far the shipments abroad were 45 per cent smaller
than during the corresponding period of last year.
Cigarette exports were 4 per cent larger than in April
but 14 per cent smaller than in May of last year;
correspondingly a decline of 10 per cent in cigarette
exports was noted, for the first five months of 1925,
as compared with the same period of 1924. Sales of
loose-leaf tobacco at warehouses were 78 per cent
smaller than in April and 80 per cent smaller than a
year ago, but for the calendar year thus far loose-leaf
tobacco sales were 4 per cent greater than during the
first five months of 1924.
WATER TRANSPORTATION

Traffic through the Sault Ste. Marie Canals was
14 per cent greater than during May, 1924, and for
the season thus far, 29 per cent greater than during
the same period of last year. River traffic on the
Mississippi was 2 per cent smaller than in April and
38 per cent greater than in May, 1924, while for the

20
first five months of 1925 the tonnage of Governmentowned barges plying the Mississippi was 20 per cent
greater than during the same period of last year.
Ohio Kiver traffic between Pittsburgh and Wheeling
was 11 per cent greater than in April and 4 per cent
greater than in May, 1924. For the first five months
of this year river traffic on the Ohio between these
two cities was 11 per cent heavier than during the
same period of 1924.
Entrances and clearances of vessels engaged in
foreign trade were greater than in April but the
tonnages thus engaged were smaller than in May,
1924; the decline from a year ago in these items being
due to smaller tonnages of American bottoms. For
the calendar year thus far entrances of vessels were
1 per cent greater and clearances 3 per cent greater,
respectively, than during the corresponding fivemonth period of last year. Freight rates from the
Atlantic ports to the United Kingdom averaged 5
per cent lower than in April and 12 per cent lower than
in May, 1924.
RAILROADS

against 17.3 at the end of April and 16.9 per cent at
the end of May, 1924.
Passenger travel to national parks increased seasonally in May and was 27 per cent greater in point of
visitors than in May, 1924. Automobiles entered
national parks in numbers 52 per cent greater than
during the same month of 1924.
DISTRIBUTION MOVEMENT

Sales at retail by mail-order houses and chain 10cent stores declined seasonally but were 8 and 10 per
cent greater, respectively, than during May, 1924.
For the first five months of 1925 the sales of the two
principal mail-order houses were 11 per cent greater
than during the same period of 1924, while for the
four largest 10-cent store systems a similar comparison
exhibited an increase of 12 per cent over the fivemonth period of 1924, part of this increase being
attributable to an increased number of unit stores.
SALES BY MAIL-ORDER HOUSES AND 10-CENT CHAIN STORES
(May, 1925, is latest month plotted)

Increased car loadings had the effect of decreasing
the surplusage of freight cars which at the end of
May was 4 per cent smaller than at the end of April
and by an equal amount smaller than a year ago.
Car loadings were 6 per cent larger than in April
and 8 per cent larger than in May, 1924, while for
the calendar year thus far loadings were 4 per cent
larger than during the same period of 1924.
SHORTAGE, SURPLUS, AND BAD-ORDER FREIGHT CARS
(May, 1925, is latest month plotted)

Advertising in the principal newspapers in the
United States was 1 per cent larger than in April and
4 per cent greater than in May, 1924. For the first
five months of the current year advertising in newspapers was 1 per cent heavier than during the corresponding period of last year.
Internal-revenue taxes collected on theater admissions were 20 per cent smaller than in April while
taxes paid on jewelry were 19 per cent smaller than
the April collections. Taxes collected on capital
stock transfers were 22 per cent smaller than in April
but 35 per cent greater than in May, 1924.
Loadings of all classes of commodities exhibited
increases for the five-month period over a year ago,
except grain and livestock, the greatest increases occurring in ore with a percentage of 21 and miscellaneous
and less-than-carlot shipments with a percentage of 6.
The number of freight cars in bad order, representing 8.4 per cent of the total cars on lines at the end
of May, was 2 per cent larger than at the end of
April. Locomotives in bad order, on the other hand,
were 2 per cent smaller than at the end of April, the
ratio to the total number in use standing at 17 as



LIFE INSURANCE

New sales of life insurance, both in number of
policies and in the aggregate value of new estates
created if carried to maturity, were larger in May than
in any other month of 1925, while the May business
was 14 per cent greater, in point of policies, and 21
per cent, in point of value, than the business written
in May, 1924. Admitted assets of life insurance companies continued to mount, increasing almost 1 per cent
over April and more than 10 per cent over May, 1924.

21
BANKING

Checks drawn against individual accounts in New
York City were 9 per cent greater than in May and
22 per cent greater than a year ago, while for the rest
of the country bank debits were 1 per cent smaller
than in April and 9 per cent greater than in May of
last year. For the first five months of 1925 check
payments in New York were 20 per cent greater than
during the same period of 1924, while for the remainder
of the country a similar comparison exhibited an increase of only 10 per cent.
Bills discounted and total investments of Federal
reserve banks increased during May, standing at the
end of the month at 4 per cent and 2 per cent, greater,
respectively, than at the end of April. As compared
with a year ago, discounted bills were 4 per cent
smaller while investments were 52 per cent 'greater.
Total reserves of Federal reserve banks continued to
decline, being at the end of May, 7 per cent smaller
than a year ago. Total deposits in Federal reserve
banks, on the other hand, continued to increase standing at 10 per cent above the condition reported for
May, 1924. The Federal reserve ratio declined in
May and was 7 per cent lower than a year ago.
LOANS AND DISCOUNTS AND TOTAL INVESTMENTS OP FEDERAL
RESERVE MEMBER BANKS
(May, 1925f is latest month plotted)

TOTAL INVESTMENTS/

1921

1922

1923

1924

1925

Loans and discounts of Federal reserve member
banks declined 1 per cent from April but were 10 per
cent larger than at the end of May, 1924. Investments of member banks increased slightly over the
previous month and were 18 per cent greater at the
end of May than a year ago. Net demand deposits
of member banks declined more than 1 per cent from
the condition reported at the end of April but were
11 per cent greater than for the same period of 1924.
Interest rates, both for speculative funds and commercial paper, were easier than in April, but rates on
call money averaged 9 per cent higher than in May,
1924, while a similar comparison for commercial
paper exhibited a decline of 8 per cent from the same
month of last year.
Savings deposits continued to mount, the increase
during the month of May amounting to one-half of 1
per cent and that over a year ago totaling 7 per cent.




All Federal reserve districts reported increases in
savings deposits over the previous month except
Minneapolis, where a decline of seven-tenths of 1 per
cent was registered. Increases in savings deposits
over April 30 of 1 per cent or more were registered in
the Federal reserve districts of Cleveland, Atlanta,
and Chicago, while increases of 10 per cent or greater
over a year ago were registered in Cleveland, Richmond, St. Louis, Dallas, and San Francisco.
PUBLIC FINANCE

The Government debt was still further reduced in
May, standing on May *31 at 3 per cent below a
year ago. Customs receipts during May were 6 per
cent smaller than in April and 7 per cent smaller
than a year ago, but for the calendar year thus far
revenue derived from customs was one-half of 1
per cent greater than during the five-month period
of 1924. The amount of money in circulation outside
the United States Treasury and Federal Reserve
System was 1 per cent larger than on April 30 and by
a corresponding percentage smaller than on May 31,
1924.
CORPORATE FINANCE

New capital issues were 30 per cent smaller than in
April but 37 per cent greater than in May, 1924.
For the first five months of this year new issue?
were 47 per cent larger than during the corresponding
period of 1924. New incorporations were 31 per cent
smaller than in April but 19 per cent greater than in
May, 1924, while for the calendar year thus far the
aggregate capitalization of new business entities was
4 per cent greater than during the same period of
last year. Business failures declined during May
but were 1 per cent greater than in May, 1924.
The decline from the previous month in the total
commercial failures was due to smaller liabilities of
trading establishments, despite a 39 per cent increase
in the liabilities of failing manufacturers. The total
liabilities of failing firms during the first five months
of 1925 were 25 per cent smaller as compared with
the same period of 1924, a 55 per cent decrease in the
defaulted liabilities of manufacturers more than offsetting the 11 per cent increase noted in the liabilities
of trading establishments. Against these figures may
be shown an increase of 5 per cent in the total number
of commercial failures during the first five months of
the current year the decline of 8 per cent in the
number of manufacturing failures being insufficient
to offset the increase of 12 per cent among traders.
Dividend payments scheduled for June were 15 per
cent greater than in May and 6 per cent greater than
in June, 1924. For the calendar year thus far dividend payments, aggregating more than half a billion
dollars, were 4 per cent larger than during the first
half year of 1924, all classes of corporations participating in the general increase in disbursements to
stockholders.

22
WHOLESALE PRICES AND STOCK PRICES
(Data are twelve-month moving monthly averages. May, 1925, is latest month plotted)

U.S.DEPT. OF LABOR—,
WHOLESALE PRICE. INDEX

. i i I I 3 §' ! I i § I I i 5 I ! i ,
1916

I

1917

I

1918

I

1919

I

Prices of stocks/ both industrial and railroad, increased over the previous month and a year ago.
Sales of stock on the New York Stock Exchange were
twice as large in May as in April and almost three
times as large as in May, 1924. For the first five
months of 1925 transactions on the New York Stock
Exchange were 77 per cent greater than during the
same period of the previous year. Bond sales in May
were 27 per cent larger than in April and 74 per cent
greater than in May, 1924, while thus far this year
bond transactions were 42 per cent greater than during
the same five-month period of 1924. Bond prices
continued to advance in May, the combined price
index, reduced to a percentage of par of a 4 per cent
bond, being 7 per cent higher for May than a year ago.
The yield on municipal bonds continued to decline,
standing at the end of May at 6 per cent below a year
ago.
AGRICULTURAL FINANCING

Loans closed by Federal Farm Loan banks during
May were smaller in value than during any other
month of this year, while a decline of 25 per cent was
registered from a year ago. Thus far this year the
total advancements by Federal Farm Loan banks were
27 per cent smaller than during the first five months of
1924, while at the end of May the balance of loans
outstanding represented an increase of 11 per cent
over the corresponding period of last year.



1920

I i i 1 S i i I I i £: 1 I i \
* 1921
f
1922 ° ? * 1923
I * 1924'

1925

Loans closed by joint-stock land banks were likewise, with the exception of the January figures, smaller
than in any other month thus far this year, but were 97
per cent larger than the advancements in May, 1924.
For the five-month period the value of loans closed by
joint-stock banks was 93 per cent greater than during
the same period of 1924, while the balance outstanding
was 19 per cent greater than on May 31,1924.
The balance outstanding of loans closed by the
War Finance Corporation with banks and livestock
associations continued to indicate further repayments,
a decline in outstanding loans amounting to 53 per cent
being registered from the condition at the end of May,
1924. The balance outstanding of loans made by the
War Finance Corporation to cooperative marketing
associations also continued to decline, being at the end
of May, 35 per cent smaller than a year ago. Loans
and rediscounts of Federal intermediate credit banks
declined slightly from April, but were 57 per cent larger
than in May, 1924, while the balance outstanding on
May 31 was 23 per cent greater than at the same time
last year.
COLD AND SILVER

Receipts of domestic gold at the mint declined 16
per cent from April and 10 per cent from a year ago,
while for the current year thus far a decrease of 2 per
cent was registered in domestic receipts from the same
five-month period of 1924. Imports of gold in May

23
were considerably larger than in any other jnonth of
this year but were 72 per cent smaller than during the
same month of the previous year, making a decline of
82 per cent for the first five months of 1925 from the
same period of 1924. Gold exports on the other hand
were smaller than in any other month of 1925 but were
many times larger than during the same period of last
year. The chart below indicates the gold trade balance
since the beginning of 1920. It is significant to note
from this chart that since December, 1924, there has
been an excess of gold exports over imports as against
a consecutive monthly import excess extending over
a period of more than four years.
GOLD TRADE BALANCE, SHOWING EXCESS OF IMPORTS AND
EXPORTS
(May, l'.)2o, is latest mouth plotted)

declines from these two [comparative periods, the
decrease from a year ago aggregating 8 per cent.
FOREIGN EXCHANGE AND TRADE

Exchange rates, as seen from the general index of
foreign exchange, showed no change from the previous
month; an advance of almost 2 per cent, however, was
registered over May of 1924. The principal currencies on which exchange rates were higher in May than
in April included those of England, Netherlands,
Switzerland, Japan, India, Canada, Argentine, and
Chile, while declines from the previous month were
registered in the exchanges on Belgium, Sweden, and
Brazil. The French franc and the Italian lira registered no change from the preceding month. All currencies except the French, Italian, and Brazilian,
were higher in May than a year ago, the greatest increases occurring in the British pound, the Netherlands guilder, the Switzerland franc, the Indian
rupee, and in the Argentine peso.
IMPORTS AND EXPORTS OF MERCHANDISE FROM THE UNITED
STATES
(May, 1925, is latest month plotted)

The production of silver by domestic mines was 2
per cent smaller than in April and 4 per cent smaller
than a year ago. Silver imports and exports were
each considerably smaller in May than in either the
previous month or a year ago. For the calendar
3^ear thus far silver imports were 8 per cent smaller
and exports 2 per cent smaller than their respective
movements during the corresponding five-month
period of last year. The price of silver at New York
was 1 per cent higher than in April and 3 per cent higher
than in May, 1924, but the London price exhibited




Both imports and exports of merchandise were
smaller than in April but considerably larger than in
May, 1924.

24

INDEXES OF BUSINESS
The index numbers presented in this 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.
PEE CEN
ORD

1925

1924

Maximum
since
Jan. 1,
1920

Minimum
since
Jan. 1,
1920

March

April

May

March

-----

179

73

94

87

94

96

«

93

---

146
216
137
121
241
148
176
136
131
145

62
105
41
0
0
17
74
38
57
80

123
189
106
111
0
129
153
127
84
117

107
189
78
93
2
131
143
119
80
100

130
196
83
106
85
130
157
126
80
120

118
192
97
96
0
148
176
136
77
104

116
195
87
102
23
139
164
122
85

117

131
216
91
111
105
138
172
127
72
115

138
227
143
177
153
245
390
137
190

80
19
58
64
54
30
21
45
94

107
69
76
131
60
101
85
101
132

118
56
85
117
60
209
79
95
128

124
64
88
116
59
220
90
100
138

111
31
91
94
66
154
75
137
139

115
23
89
87
68
215
80
105
134

118
50
85
88
75
190
84
99
152

+ 3.
+ 117.

246
242
254
405

71
94
149
89
33
41

54
55
121
87

278
170

49
43
58
50
19
19

35
24

60
63
124
155
35
27

75
80
137
71
70
35

49
43
134
86
42
19

55
61
142
118
28
20

+ 12.
+ 41.
+ 6.
+ 37.
-33.
+ 5.

135
133
164
267
149

61
59
51
20
24

117
122
105
47
114

129
127
164
103
108

132
127
136
216
98

124
128
119
67
100

129
129
146
106
102

133
130 i
121
208
108

+ 3.
+0.
-17.
+ 96.
+ 5.

130
135
129 !
130
147
154
115
121
171
156
195
125
155

124
71
124
64
109
77
100
54
142
32
138
57 1
89
63 1
104
69
141
92
123
69
195
71
102
70
131
37

118
118
104
97
115
142
84
112
141
129
176
100
131

108
113
114
82
92
146
80

128
128
95
112
143
150
94
HI
159
125
182
109
139

129
129
95
112
123
152
93
116
155
141
184
107
154

127
137
101 i
99
118
150
83
113
162
156
186
112
154

-|
j
+7.
— 11.
— 4.
i
— 11.
2.
+ 3.
+ 10.
+ 1.
+ 4.
0.

April

May

May, 19S
from
Apr. ,19.'

*

PRODUCTION
( Relative to 1919 monthly avertgt as 100)
RAW MATERIALS

Grand total... . .

-

.

+ 7.

MINERALS

Total
Petroleum
.
Bituminous coal
Anthracite coal
Iron ore *
CoDoer
« v/vy^cx
Lead Zinc
.
Gold.-Silver

---

----- ...
.-

.

-

.

..

ANIMAL PRODUCTS (marketings)
Total
_
Wool*
Cattle and calves.
Hogs
.. ..
Sheep
Eggs *
Poultry * - _ .
Fish
Milk (New York)
.

+ 12.

+ 10.
+ 4.
+ 8.
+ 356.
-0.

+ 4.
+ 4.
-15.

-1.

-4.
+ 1.
+ 10.
— 11.
+ 5.
+ 13.

CROPS (marketings)
Total
Grains *
.
Vegetables *
Fruits *
.-.Cotton products *
Miscellaneous crops *

_

FOREST PRODUCTS

Total
Lumber
Pulpwood
Gum (rosin and turpentine) *
Distilled wood

-

MANUFACTURING

Grand total (adjusted for working days)
Grand total (unadjusted)
Foodstuffs
Textiles . .. ,_
Iron and steel
Lumber
Leather
,_
Paper and printing.
.
Chemicals, oils, etc .
.
Stone and clav products
Metals, excepting iron and steel
„Tobacco
Miscellaneous

* Fluctuations between maximum and minimum due largely to seasonal conditions.




117 1
147
139
174
114
115

25
INDEXES OF BUSINESS—Continued
Minimum
since
Jan. 1,
1920

March

April

155
233
189
115
175

91
73
89
58
86

1S6
169
110
79
161

136
164
109
86
163

162
239
187
115
175

84
70
68
56
89

146
212
103
75
164

116
112
153

40
35
25

126
129
136
135
133
150
1
78

PER CENT INCREASE (+)
OR DECREASE (— )

1925

1924

Maximum
since
Jan. 1,
1920

May

May

May, 1925,
from
Apr., 1925

May, 1925,
from
May, 1924

March

April

141
178
105
86
169

149
192
130
80
171

141
176
120
75
171

145
201
101
74
171

+ 2.8
+ 14.2
-15.8
1. 3

0.0

+ 2.8
+ 12.9
-3.8
-14. 0
+ 1.2

136
178
97
73
165

139
154
90
74
168

160
239
120
74
173

145
199
105
69
173

136
181
95
66
171

-6.2
-9.0
-9. 5
4. 3
— 1. 2

+ 5.4
+ 17.5
+ 5. 6
-14.9
+ 1.8

61
46
124

54
40
112

47
35
98

58
46
105

54
42
104

53
39
107

-1.9
-7. 1
+ 2.9

+ 13.8
+ 11. 4
+ 9.2

60
59
43
62
88
58
46

80
104
65
80
118
90
62

78
108
69
79
114
81
61

77
104
56
81
110
72
64

S3
107
63
79
121
96
73

79
107
64
75
115
85
68

79
101
55
79
107
77
75

0.0
-5.6
-13. 1
+ 5.3
-7.9
-9.4
+ 10.3

+ 2.6
-2.9
-1.8
-1.5
-2.7
+ 6.9
+ 17.2

148

49

105

114

90

120

117

94

-19. 7

+ 4.4

366
214
264
187
193
282
186

84
55
119
109
106
109
72

163
99
200
149
136
184
118

178
88
211
145
130
205
178

174
82
214
150
143
186
150

177
105
255
160
131
188
127

195
107
264
159
134
210
177

191
96
254
163
143
195
149

-2. 1
-10.3
-3.8
+ 2. 5
+ 6.7
-3.8
-15.8

+ 9.8
+ 17. 1
+ 18. 7
+ 8.7
0. 0
+ 4.8
-0. 7

210
151

80
100

115
138

133
140

127
135

121
139

136
140

128
135

-5.9
-3.6

+ 0.8
0. 0

96
97
96
95
97
97
101
103
99
105
95
96
96

95
93
91
94
98
92
101
101
102
100
92
95
94

91
92
88
89
97
88
100
92
102
94
92
90
88

92
90
92
89
93
95
102
99
96
95
94
90
93

93
87
91
88
94
92
101
102
100
93
86
92
94

91
87
89
87
93
90
100
89
100
92
92
92
93

-1.1
0.0
-2. 2
-1. 1
-1. 1
-2. 2
-1. 0
-12. 7
0. 0
-1. 1
+ 7.0
0.0

0.0
5. 4
+ o1. o1

STOCKS
(Relative to 1019 monthly average as 100)
(Corrected for seasonal variation)

Total
Raw f oodstuff s _
Raw materials for manufacture «
Manufactured foodstuffs
Manufactured commodities
(Unadjusted Index)
Total
_ _ -_
Raw foodstuffs

--

Raw materials for manufacture

Manufactured foodstuffs
- .......
Manufactured commodities .....
UNFILLED ORDERS
(Relative to 1920 monthly averages as 100)
(Iron, Steel, and Building Materials)

Total (8 commodities)
Iron and steel
.
n
Building materials
WHOLESALE TRADE
(Relative to 1919 monthly average as 100)
(Distributed by Federal Reserve Districts)

Grand total, all classes
Hardware (10 districts)
j.
Shoes (8 districts)
Groceries (11 districts)
_ .*.
Drugs (7 districts)
Dry goods (8 districts)
Meats
RETAIL TRADE
(Relative to 1919 monthly average as 100)
MAIL-OKDER HOUSES (4 houses)
CHAIN STORES:
Ten-cent (5 chains)
.._
Music (4 chains)
Grocery (27 chains)
Drug (9 chains)
Cigar (3 chains)
Candy (5 chains)
Shoe (6 chains)
_ _ ._
DEPARTMENT STORES:
Sales (359 stores) ..•
Stocks (314 stores)
...
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
i Since Jan. 1, 1921




_

-1. 1

-4. 1
+ 2.3
0. 0
-3.3
-2.0
-2. 1
0.0
+ 2.2
+ 5.7

26
INDEXES OF BUSINESS—Continued
Minimum
since
Jan. 1,
1920

EMPLOYMENT— Continued
(Relative to 1923 monthly average as 100)
Amount of pay roll, 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
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
House-furnishing goods
Miscellaneous
.
Federal Reserve Board Regrouping of Department
of Labor Indexes
(Relative to 1913)
All commodities
.
Producers' goods
Consumers' goods

1
i

1
!

Total raw products
_.
Agricultural products
Animal products
Forest products
Mineral products
_ .__
_. .
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)
COST OF LIVING
National Industrial Conference Board Indexes
(Relative to July, 1914)
All items weighted
Food (Dept. Labor)
Shelter
Clothing
Fuel and light
Sundries




March

99
99
97
100
101
96
104
101
105
107
98
97
99

April

97
95
90
98
102
88
104
100
109
101
90
97
99

PFR CENT INCREASE (+)
OR DECREASE (-)

1925

1924
Maximuni
since
Jan. 1,
1920

May

92
96
83
91
101
83
103
94
108
89
92
91
95

March

97
93
97
94
98
96
106
100
102
95
90
96
98

April

94
88
91
91
97
88
104
99
105
92
76
97
97

May

May, 1925,
from
Apr., 1925

94
90
88
92
98
87
104
94
107
90
93
97
99

0. 0
-f-2. 3
-3. 3
+ 1. 1
+ 1.0
-1. 1
0.0
-5. 1
+ 1.9
-2.2
+ 22.4
0.0
+ 2. 1

May, 1925,
from
May, 1924

+ 2.2
-6.3
+ 6.0
+ 1. 1
-3.0
+ 4. 8
+ 1.0
0. 0
-0. 9 !

+1. 1
+1. 1
+ 6. 6
+ 8.8

1
235
283
373
186
215
304
180

110
88
114
91
111
76
80

131
114
123
104
136
219
99

130
113
128
106
126
226
98

129
114
132
107
123
222
91

151
172
138
145
134
195
94

147
152
146
146
131
189
94

146
159
162
139
132
184
87

0. 7
+ 4. 6
+ 11.0
-4. 8
+ 0. 8
-2. 6
— 7. 4

+ 13.2
+ 39. 5
+ 22. 7
+ 29. 9
+ 7.3

248
243
248
346
281
203
300
213
275
208

138
114
131
171
162
109
155
121
170
113

150
137
141
191
181
144
182
130
175
113

148
139
137
189
179
139
182
128
175
113

147
136
137
187
177
134
180
127
173
112

161
161
159
191
174
134
180
134
170
125

156
153
154
190
169
129
174
134
171
129

155
152
153
188
168
127
174
133
171
131

-0. 6
— 0. 7
0. 6
i i
-0.6
— 1. 6
0. 0
0. 7
0. 0
+ 1.6

+ 5. 4
+ 11. 8
+ 11. 7
+ 0.5
-5. 1
5. 2

247
244
249

138
118
146

148
135
151

147
135
150

161
135
168

156
131
166

155
131
164

-0. 6
0.0
— 1. 2

+ 5. 4
-3. 0
+ 9.3

249
311
218
375
272

135
122
103
152
165

150
137
153
154
165
118
194
179

154
166
119
195
174

152
168
115
195
171

169
183
148
196
173

161
173
141
1&7
168

160
176
134
186
167

-0. 6
+ 1.7
-5. 0
O c
-0. 6

267
246
272

142
102
125

160
145
179

158
140
182

156
133
183

169
146
180

164
142
174

163
139
172

-0. 6
-1. 4
-1. 1

+ 4.5
+ 4. 5
-6. 0

218
227

134
115

154
153
137 „ 136

152
133

161
149

160
145

161 „
148

+0. 6
+ 2. 1

+ 5.9
4-11. 3

265
219
186
288
200
192

155
139
143
153
149
171

163
144
185
176
172
174

161
141
185
176
165
174

165
151
182
173
169
175

165
151
182
171
165
175

165
152
182
172
163
175

0 0
+ 0.7
0. 0
+ 0. 6
1. 2
0. 0

+ 2.5
+ 7. 1
— 1. 6
-2. 3
-1. 2
+ 0. 6

162
141
185
177
168
174

17 1

— 7. 4

Q Q

4-4. 7
-1. 2
+ 17. 0

+ 5. 3
+ 4. 8
+ 16. 5 i
4 L\

- 2. 3
i

27

JUNE DATA
The following table gives such June data as have been received to and including July 13, 1925, except wholesale prices of individual commodities
which appear on page 5. Text matter covering June data is given on page 1

1925

19 25

June,
1924

June,
1924

May
TEXTILES

June

41, 329
42,104
43, 372
51, 254
50,862

46, 003
53, 494
50,092

41, 692
43, 699

32, 935
33, 713
30, 824
50,189
36, 093

9 912
1,220

14 242
1,706

10 807
1,128

15,503
16,735
18, 440

15, 387
17, 501
16, 326

13,538
15, 036
14,903

..index number..
index number
index number

155
151
192

156
161
192

153
136
219

thous. of bush
thous. of bush

393
332

444
375

296
93

thous. of bush .
thous. of bush

46
287

30
170

76
133

thous. of bush
_. thous. of bush .

290
212

249
368

27
104

thous of bush
thous. of bush..
thous. of bush

11, 100
6,000
4,600

9,600
10,800
5,000

7,030
10,800
2,400

450 652
354, 416

486 997
376, 868

468 314
367, 971

615,616
309, 213
447, 557
487, 380
1, 290, 663 1,121,345

141, 668
291, 008
788, 141

BUILDING MATERIALS

Cotton
Imports, unmanufactured
..
bales
14, 219
19 957
13 641
Exports, unmanufactured (including linters) bales.. 330, 967 217, 786 230, 979
Consumption by textile mills
bales
531, 471
493, 765
350 021
Stocks, end of month:
Total, mills and warehouses...
bales.. 2,483,224 1, 883, 758 1, 831, 844
Mills
bales 1,348 304 1 123 813 949 647
Warehouses __ .
bales 1, 134, 920 759, 945 882* 197
Machinery activity of spindles:
Active spindles
thousands.. 33, 148
32,310
29, 219
Keceipts at Boston:
Domestic. .. .
Foreign
Total

May

June

Flooring
Oak flooring:
Production
Shipments
Orders booked
Stocks, end of month
Unfilled orders, end of month

M ft. b. m
M ft. b. m
M ft. b. m
M ft. b. m._
M ft. b. m._

Architectural terra cotta
Bookings:
Value

Wool
_

thous. oflbs
.thous. oflbs..
thous. of lbs_.

8,866
7,340
16,206

20 490
6,334
26, 824

25 918
2,207
28, 125

.bales..
bales

38, 266
42, 517

39, 575
44 016

23, 164
24 843

Sim

Consumption (deliveries)
Stocks
.

Cement
Production
Shipments
Stocks

thous. of bbls..
thous. of bbls
thous. of bbls._

_

CHEMICALS AND DRUGS

IRON AND STEEL

Pig iron, production..thous. of long tons..
Furnaces in blast:
Furnaces
number..
Capacity
long tons per day
Steel ingots, production
thous. of long tons..
Unfllled orders, U. S. Steel Corp., end of
month
thous of long tons
Wholesale prices:
Composite finished steel
dolls, per 100 Ibs..
Composite pig iron
dolls, per ton..
Composite steel
.
dolls, per 100 Ibs

thous of dolls

2,931

2,666

2,026

196
89 500
3,458

191
87 250
3,207

164
65 200
2,066

4,050

3 710

3 263

2.46
20.65
2.69

2.44
19.78
2.65

2. 61
21.20
2.84

number
rnimbfir
number

96
68
28

110
61
49

145
134
11

numbpr

397
300
97

531

number _

467
353
114

number..
number..
number

8,944
22
51

777
34
16

412
40
1

Wholesale prices
Drugs and Pharmaceuticals.. _
Essential oils
Crude drugs
.
Receipts'
Minneapolis
Duluth
Shipments*
Minneapolis
Duluth
Stocks, end of month:
Minneapolis
Duluth

Flaxseed
_

RAILROAD EQUIPMENT

Locomotives:
ShipmentsTotal
Domfistin
Foreign

FOODSTUFFS

Total
Foreign
New equipment orders:
Freight cars
Passenger cars.
Locomotives

Aon

69

gross tons
gross tons

31, 826
16,200

18, 687
9,767

Tin:

Sugar

M^eltin^s
Stocks at refineries

long tons
long tons

22 951
15, 724

PATENTS ISSUED

Total, all classes
_
Agricultural implp.mp.Tit.s
Internal-combustion engines

Cereals

Receipts, Cuban ports
Exports
Stocks, end of month

VESSET. CONSTRUCTION

Completed during month:
Total
Steel seagoing _ . _ .

Argentine grain:
Visible supplyWheat
Corn
Flaxseed

number..
Tinmhp.r
number . .

3,773
79
92

4,724
69
90

3,346
45
42

long tons
long tons
long tons

_

Coffee
World
United States
Receipts, total, Brazil
Clearances:

thous. of bags
thous. of bags. _
thous. of bags

5,123
557
498

5,009
713
716

5,020
760
1,110

618
292

1 *>42

Total,' Brazil,' for U. S. .""I I ""thous.' of bags"

676

1 039
634

24 9

24 2

25 o

NONFERROUS METALS

TRANSPORTATION

Stocks, end of month —
1,404
United States
long tons..
World visible supply
long tons.. 20,897
4,910
Deliveries (consumption)
long tons..
Zinc:
Retorts in operation, end of month
number.. 86, 457
Production
thous. of lbs._ 99, 476
Stocks, end of month
thous. oflbs.. 42, 420
Ore, Joplin districtShipments
thous. of lbs_. 142, 496
70, 880
Stocks _ ....
thous. oflbs
'

.2,054
19,797
6,175

4,067
20, 094
4,310

82, 358
91, 842
45, 812

75, 155
86, 884
99, 368

125, 994
67, 360

91, 672
96, 080

Index of ocean rates, Atlantic ports to:

23 7
23 3
25 6
All Europe
weighted index number
Car loadings (monthly totals) :
Total _
cars 3,934,206 4, 876, 525 4,445,376
145, 808
182, 342
188, 260
Grain and grain products
cars
141, 161
147, 643
Livestock
cars
110,997
649 208
725 338
Coal and coke
cars
716 940
340, 599
Forest products
cars
306, 777
366,620
293, 776
250, 236
312 338
Ore
cars
2 471 jgo 3 067 122 2 749 760

BUILDING AND HOUSING

Contracts awarded, floor space (27 States) :
Business buildings
thous. of sq. ft.. 12, 144
4,811
Industrial buildings
thous. of sq. ft..
Residential buildings
thous. of sq. ft.. 42, 206
4,079
Educational buildings
__thous. of sq. ft..
Other public and semipublic
5,027
buildings
thous. of sq. ft..
Grand total
thous. of sq. ft._ 68, 865
Contracts awarded, value (27 States):
Business buildings
thous. of dolls _ 70, 108
Industrial buildings
thous. of dolls.. 23, 695
Residential buildings.
. -thous. of dolls
204, 475
25, 775
Educational buildings
thous. of dolls
Other public and semipublic
buildings
thous of dolls
43,053
Public works and utilities
.thous. of dolls.. 56,704
Grand total
__
thous. of dolls
424, 188
Digitized Rental
for FRASER
advertisements, Minneapolis
number..
5,450


DISTRIBUTION

11, 769
3,213
37, 543
8,094

7,827
2,891
28, 346
4,188

5,398
66, 579

4,073
48, 064

82, 513
18, 455
184, 181
60, 201

49, 601
19, 026
136, 679
29 006

49 070
71, 293
466, 344
4,306

33 717
63,026
331, 147
4,598

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
50 industrial cities
U S foreign trade*
Exports

thous. of dolls..
thous of dolls
thous. of dolls..
thous. of dolls
thous. of dolls..
. thous. of dolls
thous. of dolls..
thous. of dolls

29, 529
17, 469
12, 060
31, 988
18, 510
7,838
3,545
2 095

30, 526
16, 095
14, 431
31, 350
17, 920
7,898
3,343
2 189

26, 978
13, 939
13, 039
27, 213
15, 486
6,478
3,370
1,879

thous of dolls
thous. of dolls

27 455
2,873

26 987
2,833

23 524
2,433

327 416

326 000
326, 000

274 001
306, 989

236,686*

240. 406

201, 701

thous. of dolls. . 371, 420
EMPLOYMENT

Detroit

_..

number on payroll..

28"

JUNE DATA—Continued
1925

1925

June,
1924

ITEM

May

June

May

20,211
20, 516
44,544
614,992

20,982
21,251
43,276
601,580

418,349

288,055

23,847
17,103

24,019
18, 244

19, 959
15,360

mills of dolls
mills of dolls
mills of dolls
mills, of dolls..
mills of dolls
per cent

640
414
1,671
2,982
2,202
77.0

579
455
1,634
2,959
2,210
77.0

476
350
1,844
3,271
2,108
82.8

mills, of dolls..
mills of dolls
mills, of dolls..

13, 108
5,485
12,645

13, 205
5,505
12, 725

12, 142
4,827
11,837

3.95
3.88

4.03
3.88

2.25
3.91

36, 701
16, 159
17, 213
3,329

34,099
16, 646
14, 810
2,643

1,745
431
1,229
85

1,607
439
1,054
84

77.97
88.91
77.49
71.36
76.15
36,464

78.46
88.77
77.79
72.06
77.01
30,860

74.59
85.84
72.49
69.68
73.01
16,803

142. 34
79.50

144. 42
79. 57

108.93
65.07

.676
31. 273

.691
31.863

.667
34. 758

124. 4

129.9

107.5

128.5
134.3
133.7
112.5
129.2

134.8
139.6
159.8
114.6
138.9

115.4
118.9
129. 4
100.0
123.6

129.0
163.2
135.0
139.2
128.6

132.7
164.3
133.8
164.2
132.3

108.2
134. 4
115.2
143.3
107.7

127.4
126.2
139.6
158.2

141.4
140.8
156.6
167.5

119.1
117.3
139.6
141.9

BANKING AND FINANCE

mills, of dolls
mills of dolls

per cent
per cent

BUSINESS FAILURES

Liabilities:
Total commercial
thous of dolls
37,027
Manufacturing establishments.— thous. of dolls.. ' 18,184
Trade establishments
thous of dolls
15,820
Agents and brokers
thous of dolls
3,023
Firms:
Total commercial
number
1,767
Manufacturing establishments
number
400
Trade establishments
number
1,286
Agents and brokers
number
81
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..
GOLD AND SILVER

Silver:
Price at New York
Price at London

dolls, per fine oz
pence per standard oz__

DEBITS TO INDIVIDUAL ACCOUNTS

(By Federal reserve districts)
(Relative to 1919 monthly average= 100)
United States 141 clearing-house centers
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.
_




June

DEBITS TO INDIVIDUAL ACCOUNTS -continued

PUBLIC FINANCE

U.S. interest-bearing debt
mills, of dolls
20,603
Gross debt
mills, of dolls
20,899
42,004
Customs receipts
thous of dolls
Ordinary receipts
thous. of dolls.. 166, 834
Total expenditures chargeable against
ordinary receipts
_
thous. of dolls. . 234, 116
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 months

June,
1924

ITEM

.
.

.

,
*
•
!

CLEVELAND DISTRICT:
Total, 13 centers
Akron
Cincinnati
Cleveland
Pittsburgh
Youngstown
_
Toledo
Columbus.. _
Dayton
RICHMOND DISTRICT:
Total, 7 centers
Baltimore
Norfolk
Richmond
Charleston
ATLANTA DISTRICT:
Total, 15 centers
Atlanta. . .
B irmingham
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 M[O
Omaha
...
St. Joseph, Mo
_
Oklahoma City _
Tulsa
_
DALLAS DISTRICT:
Total 11 centers
Dallas
Houston
Fort Worth
.
SAN FRANCISCO DISTRICT:
Total, 18 centers
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
Dallas district
San Francisco district

.

114.1
93.3
132.8
103.5
113.5
103.4
180.2
118.1
146.0

125.3
100.0
145.8
113.1
126.1
110.0
197.4
131.0
164.0

107.2
80.0
121.1
94.8
110.1
95.0
162.9
114.7
140. 0

100.2
101.0
82.1
103.5
62.2

108.0
111.9
80.9
117.2
56.8

93.7
93.6
75.0
101.7
75.7

118.3
122.8
211.9
120.4
181.2
84.9
64.9

114.2
123.6
211.9
104.6
191.6
86.0
59.5

94.1
104.1
178.0
88.5
120.8
76.3
69.5

123.7
119.5
158.3
112.5
115.6
81.9
105.3
130.1

130.2
126.0
170.3
118.4
119.8
80.7
114.6
134.9

108.0
104.6
126.5
109.6
105.1
127.7
86.6
114.3

118.2
112.2
119.6
91.9
169.5

121.3
128.8
120.9
89.7
169.5

107.2
103.8
110.2
82.4
147.2

105.4
112.2
109.9
96.9
81.8
77.8

115.7
143.3
115.8
107.4
72.7
77.8

93.1
91.1
89.6
104.9
81.8
77.8

88.5
116.4
81.6
74.6
64.7
125.0
105.3

98.4
127.4
89.8
80.3
76.4
126.5
123.4

78.2
104.8
69.0
65.5
65.9
103.0
94.7

97.1
109.3
85.5
71.7

100.7
114.3
89.9
75.0

86.0
90.7
73.9
65.2

131.9
241.4
85.1
111.6
89.3
234.9

140.8
250.7
91.2 !
125.0 |
101.0
212.7

121.5
223.0
82.3
102.4
87.4
169.8

125.6
129.6
127.1
134.4
120.4
105.3
118.1
127.3
120.2
118.0
98.6
107.5
141.9

104.0
111.0
103.6
113.2
103.0
91.3
97.3
105.6
106.2
94.9
78.4
91.8
122.5

124.3
129.1
126.5
128.6
117.8
!
103.8
i
122. 5
i
124.7
120.6
110.1
89.7
' 104. 4
1
136.5

29

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, together
with explanations as to the sources and exact extent of the figures quoted. For a few items earlier data are
given in more recent issues, as explained in the footnotes. The figures given beiow 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.
1925

PER CENT
INCREASE (+)
OR DECREASE (—)

1924

In many cases June figures are now
available and may be found in the
special table on page 27
January

February

3,418
35, 569
38,987
47,504

4,807
13,478
18, 285
37, 725

51,435

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

1924

Per
cent in •
srease
(+)
or decrease
M
1925
from
1924

April

May

April

May

5,475
27,411
32,886
35, 791

4,075
15, 140
19, 215
28,911

8,866
7,340
16,206
22,387

9,965
6,954
16, 919
29,457

11,367
7,651
19,018
18, 916

46,415

45,853

43,287

38,246

44,361

36,507

-11.6

+4.8

76.3
71.5
78.3
92.1
88.9

75.2
69.4
80.7
93.0
87.5

70.8
67.5
85.5
94.2
77.2

68.1
68.0
75.7
88.6
67.2

65.8
58.9
73.1
86.2
57.9

65.7
52.5
64.3
90.9
77.7

68.1
61.9
54.0
89.2
61.1

-3.4
-13.4
-3.4
-2.7
-13.8

-3.4
-4.8
+35.4
-3.4
-5.2

87.8
75.8

89.6
73.6

91.9
65.5

87.3
60.4

85.2
54.0

88.3
67.1

82.7
56.7

-2.4
-10.6

+3.0
-4.8

81
75

81
74

83
68

81
64

80
60

82
72

79
65

-1.2
-6.2

+1 3
-7.7

|

75
75
80

73
74
81

70
71
82

68
75
76

68
71
75

71
79
74

69
78
65

0.0
-5.3
-1.3

-1.4
-9.0
+15.4

II

March

1925

TEXTILES
Wool
Receipts at Boston:
Domestic
thous. of lbs__
Foreign..
_
thous. of lbs_.
Total
thous. of Ibs..
Imports, unmanufactured
thous. of lbs_.
Consumption by textile mills,
grease equivalent
thous. of Ibs. .
Machinery activity, hourly:
LoomsWide
per ct. of hours active
Narrow
per ct. of hours active..
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) :
SpindlesWoolen
per ct. of active to total
Worsted
per ct. of active to total _
LoomsWide
per ct. of active to total .
Narrow
per ct. of active to total..
Carpet
per ct. of active to total
Prices:
Raw, Ohio,
% blood, unwashed
dolls, per lb._
Raw, territory fine,
scoured
..dolls, per lb_.
Worsted yarn
dolls, per lb__
Women's dress goods
dolls, per yd..
Men's suitings
_
dolls, per yd_.

+117.6 -22.0
-51.5 -4.1
-15.7 -14.8
-22.6 +18.3

.69

.68

.63

.54

.45

.53

.49

-16.7

-8.2

1.67
1.900
1.035
3.780

1.65
1.900
1.035
3.780

1.58
1.800
1.035
3.780

1.42
1.750
1.035
3.780

1.24
1.750
1.035
3/600

1.36
1.650
1.035
3.690

1.33
1.650
1.035
3.690

-12. 7
0.0
0.0
-4.8

-6.8
+6.1
0.0
-2.4

Receipts into sight .
thous. of bales
1,379
Imports, unmanufactured
bales. . 54,822
Exports, unmanufactured
(including linters) .
bales 1,076,075
Consumption by textile mills
.bales
589, 725
Stocks, end of month:
Total, mills and w'houses.. thous. of bales..
5,297
Mills
thous. of bales
1,434
Warehouses
_
..thous. of bales
3,863
World visible,
American
_
-thous. of bales
4,722
World visible, total
thous. of bales
5,830
Machinery activity of spindles:
Active spindles
thousands
33, 181
Total activity. .
.millions of hours
8,493
Activity per spindle
hours
224
Per cent of capacity..
..per cent..
96.4
Cotton finishing:
Orders received,
grey yardage
thous. of yds.. 84,459
Billings, finished goods (as
produced)
thous. of yds.. 81, 174
Shipments finished goods
cases
49, 319
Stocks, finished goods
cases.. 36, 925
Operating activity
per ct. of capacity..
62
Manufactured goods:
Cotton cloth exports
th.ous. of sq. yds.. 51, 819
Fabric consumption
by tire manufacturers
thous. of lbs__ 12,311
13, 155
Elastic webbing sales
thous. of yds
Fine cotton goods:
Production
pieces.. 419,904
Sales
pieces.. 459, 252
Prices:
Raw cotton to producer
dolls, per lb__
.227
.240
Raw cotton, New York
dolls, per lb__
Cotton yarn
dolls per Ib
.437
.069
Print cloth
dolls, per yd..
.108
Sheetings
dolls, per yd..
194
Cotton coods (Fan-child) -- .index number..

864
59, 984

811
33, 955

495
22,409

311
14, 219

403
40,435

406
16, 107

-37. 2
-36.5

-23.4 j
-11.7

811, 838
550, 132

734, 697
582, 674

472, 555
597, 104

330, 967
531,471

320, 774
478. 583

326,357
413,967

4, 621
1,546
3,075

3,882
1,645
2,237

3,181
1,515
1,666

2,483
1,348
1,135

2,841
1,330
1,511

2,284
1,157
1,126

-21.9
-11.0
-31.9

4,328
5,645

3,564
5,059

2,942
4,545

3,848
2,253

1,834
3,520

1,541
3,111

+30.8 +149.7
-50.4 -27.6

33, 277
7,868
208
100.0

33, 225
8,599
227
99.6

33,413
8, 518'
225
100.0

33, 148
7,930
210
93.6

31,863
6,770
179
80.0

30,484
5,908
156
67.5

50,955
71,226
122,181
159, 704

26,641
98,938
125, 579
172,318

-47.7
+38.9
+2.8
+7.9

232, 976

225,236

-3.3

!
I

jj
1
_ _

- -. I1

Cotton




3,862
185, 389

+54.7
-8.5

-30. 0 . +1.4 2,008,298 3,426,132
-11.0 +28.4 1 2,465,535 2, 851, 106

+70. 6
+15. 0

2,497
202, 670

+8.7
+16.5
+0.8 j
:j

1
0.8 +8.7 i
-6.9 +34.2
-6.7 +34.6
-6.4 +38.7 1

Si

83, 293

86, 776

76,505

63, 128

80,530

65, 610

-17.5

-3.8 j

395, 008

394, 161

-0.2

81, 650
47, 961
36, 101
66

94, 039
48, 879
36, 121
69

88, 986
45, 776
39, 296
64

75, 463
•40, 573
40,460
52

79, 776
42, 170
44, 959
62

76, 574
39,035
43,395
52

-15.2
-11.4
+3.0
-18.7

-1.5
+3.9
-6.8
0.0

419, 997
229, 821

421,312
232, 508

+0.3
+1.2

39, 660

51, 520

52,378

47,108

32,590

44, 763 | -10.1

+5.2

165, 239

242,485

+46.7

13,364
13, 798

15,041
14, 273

14,902
15, 535

14, 985

12, 287
12, 415

11,903
11,470

+0.6

+25.9

59, 351
45, 562

70, 603
56, 761

+19.0
+24.6

388,053
525, 384

444,886
456, 715

449, 266
314, 726

468, 216
272, 655

355, 591
225,327

190, 337
127, 819

+4.2 +146. 0
-13.4 +113.3

1,840,335
996,065

2,170,325
2,028,732

+17.9
+103. 7

.230
.247
.430
.068
.107
194

.245
.256
.430
.069
.110
196

.237
.244
.420
.067
.106
194

.287
.299
.476
.066
.110
197

.281
.316
.475
.066
.108
195

-3.0 -18.1
-4.1 -25.9
-5.0 -16.0
-4.5 -3.0
-1.9
-3.7
-3.1 -3.6

.230
.234
.399
.064
.104
188 '

I.

30

TREND OF BUSINESS MOVEMENTS—Continued
1935

PER CENT
INCREASE (+)
OR DECREASE (—)

1924

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

1924

' 1925

Per
cent increase
( }
or tdecrease

1925
from
1924

TEXTILES— Continued
Silk
Imports, raw_.
thotis. of lbs._
Deliveries (consumption) ._
bales..
Stocks, end of month:
\twarehouses
..
bales
At manufacturers' plants °
bales. .
Price, Japanese, New York
dolls, perlb..
Burlap and Fibers
Imports:
Burlap
thous. oflbs _
Fibers (unmanufactured)
long tons. .

6,633
39, 885

5,259
37, 529

5,714
45, 157

4,947
40, 040

6,697
38, 266

4,377
25, 985

4,313
28,272

+35,4 +55.3
-4.4 +35.3

58, 732
25, 084
6,076

60, 249
24, 252
6,223

46, 663
27, 761
5,831

39, 271
26, 540
5,978

42, 517
27, 104
6,174

25, 662
19, 616
5,635

27, 074
18, 078
4,802

+8.3 +57.0
+2.1 +49.9
+3.3 +28.6

56, 240
33, 142

56, 524
25, 273

58, 175
29, 559

53, 076
23, 592

61, 115
24, 131

76, 838
35, 200

51, 468
21, 846

+15.1 +18.7
+2.3 +10.5

20,954
143, 529

29, 250
200, 877

+39.6
+40.0

285, 859
132, 054

283, 130
135, 697

-1.0
+2.8

1,941
2,224
2,537
2,104
2,478
2,249
1,923
-9.2 +6.9
Pyroxylin spread
thous of Ibs
13,411
Shipments billed
linear yds . 1, 850, 129 1, 671, 209 2, 254, 358 1, 751, 561 1, 994, 785 1, 739, 625 1, 523, 878 | +13.9 +30.9 9, 668, 863
Unfilled orders, first of month. __ .linear yds._ 1, 496, 716 1, 592, 571 1, 497, 704 1, 801, 327 1, 437, 485 1, 743, 374 1, 269, 073 -20.2 +13.3
Hosiery
3,661
4,039
3,496
3,921
Production
__ thous. of dozen pairs ..
3,703
-2.7 +15.3
4,030
18, 186
3,400
3,388
3,467
3,937
3,836
3, 623
3,200
Shipments
thous. of dozen pairs. . 3,373
17, 054
-5.6 +13.2
5,738
5,945
4,874
5,964
6,616
6,494 +27.9
6,235
Stocks
thous. of dozen pairs..
-4.0
4,096
3,628
3,852
4,345
New orders
--thous. of dozen pairs. _
4,400
-8.8 +45.1
2,730
3,961
15, 687
8,034
7,372
6,276
7,937
Unfilled orders
thous. of dozen pairs..
7,705
7,730
+1.2 +51.9
5,290
IRON AND STEEL
Iron Ore and Pig Iron
Iron ore:
Stocks21,049
31, 154
20, 791
19, 435
17, 312
Total
thous. of long tons
26,207
21, 608 +21.6
-2.6
14, 636
20,184
13,009
\ t furnaces
thous . of 1 ong tons . _ 24,430
15, 695
16, 527
-1.1
16, 717 +27.0
4,522
6,724
4,891
5,096
4,799
On Lake Eriedocks. thous. of long tons..
6,023
+5.1 -7.5
4,303
Consumption
. thous. of long tons .
5,242
4,882
4,357
5,490
4,813
5,000
-9.5 -13.8
23, 491
3,830
Shipments from minesThrough Sault
175
8,219
Ste Marie
thous of short tons
1,756
6,630 +368. 1 +24.0
6,805
Through upper
2,121
8,314
659
6,584 +292.0 +26.3
lake ports
thous of long tons
7,243
Receipts—
Lake Erie ports and
44
865
furnaces
thous of long tons
4,315 +521. 5 +24.6
5,376
4,359
2,328
Other ports
thous of long tons
83
1,357
1,786 +71.6 +30.3
1,869
Pig iron production:
3,564
3,214
3,259
Total
.
. thous. of long tons. _
3,233
3,370
2,615 -10.1 +12.1
2,931
15,388
674
751
744
624
678
Merchant furnaces «.__ thous. of long tons..
770
688 -16.1
3,659
-9.3
Furnaces in blast, end of month:
251
254
245
184 -10.9
220
196
Furnaces
number.
+6.5
230
89,500
Capacitv
_
long tons per day.. 114, 150 115, 700 112, 380 100,080
96, 365
77, 300 — 10.6 +15.8
49.4
61.1
62.3
55.1
63.0
+8.1
57.1
45.7 -10.3
Per cent of total
per cent
Ohio gray-iron foundries:
19,954
21, 035
17, 605
23, 470
20, 311
Meltings
long tons__ 16, 516
113, 044
22, 586
+1.8 -12.1
70.71
74.90
74.00
77.80
+5.1 +3.7
74.60
Meltings
.
per cent of normal..
71.40
75.00
24,912
26, 390
26, 218
27, 377
28,320
Stocks
long tons.. 22, 077
24,806 +13.7 +14.2
14, 588
14, 243
18, 226
15,969
81, 050
13,298
15, 393
Receipts
. long tons.. 16, 848
+5.5 +15.8
Wholesale prices:
Foundry No. 2,
20.89
22.86
-4.4 -7.2
21.86
23.76
22.51
Northern. _
_ . .dolls, per long ton. . 24.14
23.56
21.88
21.30
21.55
20.13
22.00
18.81
20.50
Basic (valley furnace) .. dolls, per long ton..
-6.6 -8.2
23.21
22.87
23.24
20.65
23.41
21.70
Composite pig iron
dolls, per long ton..
-4.8
22.57
-8.5
Malleable castings:
62, 829
57, 304
59,046
56, 399
57, 289
56, 897
48, 552
Production
tons.
-3.0 +18.0
58, 999
57, 042
51,924
58, 610
57, 260
55, 671
-2.3 +10.3
Shipments
tons.. 55, 672
54, 145
52, 962
44, 422
47, 247
46, 193
29,085 -12.7 +62.4
Orders booked
.
_tons._ 58,047
55.4
53.4
54.3
58.6
53.6
53.3
Operating activity
per ct. of capacity. .
45.5
-2.0 +19.3
Crude Steel
4,199
. 3,588
4,199
3,756
3,458
3,348
Steel ingots, production
thous. of long tons..
17, 671
-3.6 +31.0
2,640
Steel castings: 6
49, 619
61, 535
59, 508 i 59, 008
68, 119
Total bookings
. _ _ .short tons__ 82, 922
349,978
56, 801 -15.9 -12.6
21, 670 i 22, 109
27, 237
16, 055
33, 151
28, 064 -27.4 -42.8
Railroad specialties
short tons.. 40, 799
176, 039
34, 968
34, 298
37, 838 i 36, 899
33, 564
173,939
28, 737
Miscellaneous bookings .
short tons.. 42, 123
-9.0 +16.8
U. S. Steel Corporation:
Unfilled orders,
4, 861
5, 285
5,037
4,208
4,447
end of month
thous. of long tons..
-8.9 +11.6
3,628
4,050
Sheets, blue, black, and galvanized:
234, 000
176, 582
Production (actual)
short tons _ _ 317, 424 283, 290 290, 308 280, 082 260, 470
-7.0 +47.5 1, 238, 564
87.5
96.5
90.7
Production
per ct. of capacity. .
98.0
79.0
87.0
-0.6 +47.5
59.0
235, 967
196, 254 -11.7 + 18.4 1, 173, 237
Shipments
.short tons.. 283, 645 255, 080 279, 437 263, 174 232, 372
182, 903
126, 487
984, 740
-3.8 +47.5
Sales
. .. _'
short tons.. 241, 040 235, 980 263, 666 193, 949 186, 538
362, 457
294, 774 -13.8 +35.5
Unfilled orders, end of mo
short tons . _ 607, 190 565, 133 550, 422 463, 425 399, 330
Stocks, end of mo.—
141, 574
132, 867
Total
short tons.. 140, 823 159, 661 151, 788 137, 499 133, 513
+0.5
-2.9
51, 264
57, 714
53, 717
52, 051
48, 945
Unsold
.short tons. _ 49,460
43, 319
+1.5 +20.2
Steel barrels:
416, 628
418, 381
Production
_ .barrels.. 420, 127 413, 823 505, 429 1594,971 570, 962
-4.0 +36.5 1, 907, 642
605,424
569, 670
407, 781
415, 040
510, 928
-5.9 +33.9 1,906,675
420, 129
425, 397
Shipments
barrels
64, 402
57, 603 i 47, 048
53, 571
48, 340
Stocks, end of month
.
barrels.. 59, 277
46, 555
+2.7 +3.8
614, 102
582, 022 -16.5 +63.3
Unfilled orders, end of month
barrels .. 1, 374, 247 1, 336, 124 1, 264, 860 1, 137, 552 950, 353
Wholesale prices:
-0.7 -8.4
35.50
35.25
37.00
37.00
36.70
40.00
Steel billets, Bessemer, .dolls, per long ton..
38.50
40.95
41.13
42.33
41.38
-2.7 -7.3
39.43
38.37
40.70
Iron and steel
dolls, per long ton..
2.94
2.77
2.73
2.69
2.83
2.76
-1.5 -5.9
Composite steel
dolls, per 100 lbs_.
2.86
2.54
2.55
2.69
2.50
2.46
2.56
Composite finished steel-dolls, per 100 Ibs..
-6.8
-1.6
2.64
2.50
2.10
2.00
2.10
2.10
2.10
-4.8 -16.7
Structural steel beams. ..dolls, per 100 lbs._
2.40

11, 128
9, 522, 042

-17.0
-1.5

19, 354
18, 236

+6.4
+6.9

20, 654

+31.7

24, 902

+6.0

Pyroxylin Coated Textiles

i Revised.



« See table on page 27 of the March, 1925, issue for earlier data.

fc

9,975

+46.6

10, 435

+44.1

6,241
3,685

+43.2
+97.2

16, 338
3,471

+6.2
-5.1

95, 421

— 15.6

79,298

-2.2

19,200

+8.7

312, 592
127, 870
184,722

-10.7
-27.4
+6.2

1, 431, 574

+ 15.6

1, 313, 708
1, 121, 173

+12.0
+13.9

2, 505, 312
2, 508, 843

+31.3
+31.6

See table on page 27 of the April, 1925, issue for earlier data.

31
TREND OF BUSINESS MOVEMENTS—Continued
PEE CENT
INCBEASE (+)
O E DECREASE (—

1934

1935

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

April

May

April

May

112, 290
159, 748
62, 223

105, 378
132, 739
43, 777

128, 685
155, 304
47, 335

31, 826
16,200

36, 510
28,408

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
cent increase
(+)
or decrease
(-)
1925
from
1924

1924

1925

-8.1 -12.7
+2.8 +2.9
-5.2 +31.5

692, 185
827, 813
190, 368

555, 334
714, 576
371,041

-19.8
-13.7
+94.9

+18.8
+23.0

99, 994
64,903

91, 720
57,447

-8.3
-11.5

959,900

-0.3

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

116, 715
141, 714
72,921

77, 989
102, 302
85,872

15,073
12,838

5,329
3,340

122, 186
126, 154
155, 386 U56,426
84, 376
65. 649
23, 966
18, 808

15, 526
6,261

196

26, 792 +105. 0
13, 166 +158. 7

238

177

172

161

-25.6

+9.9

200,100 i 226, 200
178
69
214, 600 i 223, 300
177
74
1,633
1,584

200,100
69
226, 200
78
1,578

185, 600
64
i 197, 200
168
1, 659

168, 200
58
200,100
69
1,505

-11.5
-11.5
+1.3
+1.3
-3.4

+19.0
+19.0
+13.0
+13.0
+4.9

962, 800

8,022

8,005

-0.2

22, 552
2,908

21, 991
6,547

23, 670
8,503

19, 446
6,244

25, 233
4,951

+7.6
+29.9

-6.2
+71.7

101,484
22, 227

116,072
25, 593

+14.4
+15.1

85
73
12

109
93
16

92
82
10

96
68
28

73
63
10

111
+4.3
93 -17.1
18 +180. 0

-13.5
-26.9
+55.6

566
523
43

472 -16.6
361 -31.0
111 +158.1

397
343
54

447
351
96

477
362
115

467
353
114

640
586
54

643
589
54

10, 335
9,881
454
62
62
0

10, 716
10,503
213
45
45
0

9,352
9,212
140
56
50
6

7,059
7,030
29
77
77
0

5,058
5,053
5
110
104
6

6,253
6,158
95
76
67
9

-24.5
-23.7
-79.3
+37.5
+54.0

+12.9
+14.2
-69.5
+1.3
+14.9

26,007
25,686
321
492
446
46

45, 827 +76.2
43, 657 +70.0
1,370 +326. 8
308 -37.4
302 -32.3
6 -87.0

38,046
37,684
362
518
512
6

30, 699
30,457
242
597
558
39

25,712
25,224
488
559
526
33

23,881
23, 316
565
500
466
34

56, 752
55, 348
1,404
679
670
9

50,920
49,644
1,276
683
677
6

-7.1
-7.6
+15.8
-10.6
-11.4
+3.0

-53.1
-53.0
-55.7
-26.8
-31.2
+466. 7

5,388
90
49

4,679
111
106

5,525
104
84

8,944
22
51

11,903
170
110

463
131
118

+61.9
-78.8 -83.2
-39.3 -56.8

76,441
1,028
769

34,848
405
342

-54.4
-60.6
-55.5

5,510

4,730

5,060

6,987

10,250

511

+38.1

73,411

23,982

-67.3

13
267, 932

27
409, 292

19
352, 577

45
594, 573

21
181,484

21 +136. 8 +114. 3
278,014 +68.6 +113. 9

0

1
3,411

2
5,860

1
4,191

7
213, 196

2
107, 132

-50.0
-28.5

-50.0
-96.1

64.1

48.7

42.2

+27.4

+51.9

190

185

165, 300
57
171, 100
59
1,653

168, 210
58
182, 700
63
1,557

27,064
4, 314

20,795
3,321

Railway Equipment
Locomotives (Bureau of the Census): •
Shipments—
Total
number..
90
Domestic ...
number
45
Foreign
_
number
45
Unfilled ordersTotal
_
number
407
Domestic
number
351
Foreign
.
number
56
Shipments (I. C. C.):
Freight cars, total
number
8,365
Domestic
number
7,031
Foreign
. _
number
534
Passenger cars, total
number
68
Domestic
number..
68
Foreign .
number
0
Unfilled orders (I. C. C.);
Freight cars, total
.number. _ 43, 655
Domestic .
number
42,848
Foreign.
number
807
Passenger cars, total
number. .
522
Domestic
_
number
516
Foreign
number. _
6
Domestic orders (Railway Age) :
Freight cars
number
10, 312
Passenger cars
number..
78
Locomotives
.number. .
52
Total orders (Iron Trade Review) :
Freight cars
.
number
1,695
b
Locomotive exports :
SteamQuantity
._•
number. _
39
Value
dollars-- 810,401
Electric—
Quantity
number
7
Value
dollars.. 118,509

-2.1 -27.4
-2.5 -40.1
-0.9 +111. 1

94
1,045,449

143 +52.1
2, 434, 775 +132. 9

1, 566, 016
1, 481, 455

1,446,845
1, 257, 979

-7.6
-15.1

443
245, 588

565
248, 483

+27.5
+1.2

2, 353
200,902
13,503

2,190
234, 440
11,266

-6.9
+16.7

Machinery
Machine tools, orders. _
index number. _
49.8
Foundry equipment:
Sales
__
dollars.. 304, 725
Shipments
dollars.. 305, 581
Unfilled orders
dollars
421, 918
Stokers:
Sales
number-57
Sales
horsepower
27, 871
Agricultural pump shipments:
Totalthous. of dolls
523
Pitcher, hand, etc
number
59, 815
Power pumps
number
2,213
Steam, power, and centrifugal pumps:
New orders
thous. of dolls..
1,148
Shipments
thous. of dolls-946
Unfilled orders
thous. of dolls. .
2,417
Patents issued:
Total, all classes
number
3,057
Agricultural implements
. .number. .
54
Internal-combustion engines
number. .
50

50.8

55.5

50.3

326,887
277, 856
446, 895

469, 325
348, 590
539, 540

345, 908
325, 952
539, 232

135
46,298

131
71, 099

120
47, 627

517
60, 030
2,539

546
58, 327
2,964

604
56, 268
3,550

1,088
1,067
2,422

1,542
1,319
2,627

1,471
1,354
2,975

3,320
45
60

4,146
77
83

3,933
71
62

i Revised.
See table on' page 27 of the March, 1925, issue for earlier data.

a




2
2
2

122
55, 588

386, 747 3 374, 773
389, 800 3 430, 479
600, 251 3 520, 381

+1.7 +90.6
+16.7 +61.4

89
47, 939

64
34, 447

2
630
2 55, 663
2 3, 654

3609
3 42, 339
3 3, 986

1,463
1,392
3.031

1,372
1,298
2,751

1,288
1,304
2,704

-a, +13.6
+2.8 +6.7
+1.9 +12.1

6,044
5,993

6,712
6,078

+11.1
+1.4

3,773
79
92

4,089
56
63

3,428
44
48

-4.1 +10.1
+11.3 +79.5
+48.4 +91.7

16, 982
232
244

18, 229
326
347

+7.3
+40. 5
+42.2

2 March, 1924.
3 April, 1924.
See table on page 27 of the April, 1925,^issue for earlier data.

b

32
TREND OF BUSINESS MOVEMENTS—Continued
1925
In many cases June figures are now
available and may be found in the
special table on page 27
January February March

CUMULATIVE TOTAL ! Per
FROM JANUARY 1 ; cent inTHROUGH LATEST
crease
MONTH

PER CENT
INCREASE (+)
OR DECREASE (-)

1924

April

May

April

May

69, 757
77, 117
125, 820
56, 664
.1335

66, 073
71, 072
119, 176
49, 344
.1321

65,608
75,734
124, 250
49, 159
.1277

May,
1925,
from
April,
1925

(

-y

or decrease

May,
1925,
over
May,
1924 I

1924

1925

1925
from
1924

329, 174
370, 669
602, 450
226, 920

358, 965
404,288
638, 959
254, 225

+9.1
+9.1
+6.1
+12.0

1, 740, 646
1, 668, 109

1, 629, 316
2, 180, 029

-6.4
+30.7

1, 418, 390
1, 266, 373

1,033,369
923,568

-27.1
-27.1

NONFERROUS METALS
Copper and Brass
Copper:
ProductionMines
short tons..
Smelter
short tons
World production, blister
short tons..
Exports .
short tons
Wholesale price, electrolytic
dolls, per lb._
Brass faucets:
Orders received.number of piecesOrders shipped
number of pieces
Tubular plumbing sales:
Quantity
niiiTib6r of pifi06f
Value
dollars

74, 789
82, 676
130, 310
49, 613
.1471

68, 967
78, 237
122,888
32, 101
.1446

74, 901
87,109
135, 359
62,728
.1400

70, 551
79, 149
124, 582
53, 119
.1325

657, 616
676, 537

394,882
550, 333

313, 267
554,565

263, 551
398, 594

304,015
251, 290

260,893
216,019

146, 494
145, 024

176, 962
170, 658

-1.1 +6.3
-2.6 +1.8
+1.0 +1.3
+6.7 +15. 3
+0.8 +4.5

2 389, 554 3 339, 036
2 428, 782 3 482, 578

145,005
140,577

217, 383
189, 280

-18.1 +43.0
-17.6 +36.9

101, 433
102, 672

|

Tin
Stocks, end of month:
United States
World visible supply
Deliveries (consumption)

4,394
22,949
7,155
19, 519
.5769

3,949
23, 591
7,205
13,703
.5652

5,184
19,623
7,100
18,003
.5304

2,309
18, 105
6,655
10, 430
.5138

1,404
20,897
4,910
8,617
.5368

4,322
19, 023
7,590
22,807
.4946

4,067
19, 711
5,240
11,316
.4361

-39.2 -65.5
+15.4 +6.0
-26.2 -6.3
-17.4 -23.9
+4.5 +23.1

31, 130
75, 516

33,025
70, 272

+6.1
-6.9

Retorts in operation, end of month... number.. 86,081
Production
thous. of lbs_. 100, 772
37,992
Stocks, end of month
thous. of lbs._
Ore, Joplin district:
Shipments
thous. oflbs.. 135, 648
Stocks
thous. of Ibs.. 66,240
.0774
Price, slab, prime western
dolls, per lb._

87, 377
93, 622
33,406

86,529
102, 970
34, 392

86,674
97, 702
36,674

86, 457
99,476
42,420

82,650
89,898
65, 556

81, 143
95, 332
84, 728

-0.3 +6.5
+4.3
+1.8
+15.7 -49.9

468,064

494,542

+5.7

132,970
67,840
.0748

125, 592
64,400
.0732

116,650
70,800
.0699

142,496
70,880
.0695

105, 218
83,520
.0612

120, 302
92, 320
.0579

+22.2 +18.4
+0.1 -23.2
-0.6 +20.0

610, 622

653,356

+7.0

Lead
Production
_.
short tons..
Ore shipments, Joplin district
short tons.Receipts of lead in U. S. ore
short tons _
Stocks, U. S. and Mexico .
short tons..
Price, pig desilverized(New York) .dolls, per lb_.

47, 091
i 9, 778
47,254
100, 925
.1017

42, 237
Ul,921
45, 224
105, 812
.0943

49, 635
i 12, 176
46, 081
104,784
.0891

i 46, 209
9,749
i 45, 005
100,963
.0801

48, 661
9,605
45, 426

44,276
17,790
45, 520
110, 415
.0727

+5.3 +9.9
-1.5 +23.3
+0.9 -0.2

204, 329
40,045
204, 218

233, 833
53,229
228,990

+14.4
+32.9
+12.1

.0799

40, 362
i 7, 352
40, 819
103,367
.0826

short tons
short tons..

978
4,276

1,224
4,651

946
4,394

684
3,881

507
3,384

1,819
2,152

short tons _
..short tons..

1,269
6,997

1,218
7,204

i 1,301
7,055

i 1, 210
6,913

461
6,505

1,656
1, 856

51, 930
980

38,987
820

37, 626
919

33, 702
886

35, 474
1,357

30,404
943

2.09

2.04

1.98

1.96

1.97

2.07

2.04

+0.5

-3.4

3.39
8.51

3.39
8.50

3.39
8.48

3.39
8.41

3.39
8.06

3.39
8.06

3.39
7.85

0.0
-4.2

0.0
+2.7

7,419
3,809
296

7,176
3,692
289

7,058
4,068
201

7,472
3,940
230

8,134
3,913
325

6,811
2,125
245

7,745
2,291
275

long tons..
long tons..
long tons

TTnp«H*t?5

thoiis of Ihf

Wholesale price, pig tin

dolls, per lb._

Zinc

Crude:
Production
Stocks
Reflned:
Production
Stocks

-0.2

+9.9

1,746
2,448

-25.9
-12.8

-71.0
+38.2

8,007

4,339

45 8

1,487
2,056

-61.9 -69.0
-5.9 +216. 4

8,234

5, 459

-33.7

32, 248 ! +5.3 +10.0
1,232 ! +53.2 +10.1

203, 631
5,596

197, 719
4,962

-2.9
-11.3

38, 215

37, 259

-25

1,413

1,341

-5.1

5,548
15, 114
306

4,649
16,598
302

-16.2
+9.8
-1.3

292, 724

303,504

+3.7

36, 135

§6, 879

-14. 5

Arsenic °

.

_

FUELS
Coal and Coke

Bituminous:
Production
thous. of short tons..
Exports
thous. of long tons
Prices—
Mine 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:
ProductionBeehive
thous. of short tons-By-product
thous. of short tons
Exports
thous. of long tons. _
Price, furnace,
Connellsville
dolls, per short ton--

11.75

11.75

10.95

10.76

10.88

10. 97

|
11.06 j +1.1

14.33

14.42

14.42

13.67

13.68

13.50

13.57

1,170
3,411
63

1,054
3,125
61

1,006
3,456
66

806
3,316
53

613
3,290
59

1,079
3,010
45

761
2,808
40

4.64

4.08

3.52

3.17

3.11

3.78

3.41

Crude petroleum:
59, 519
Production
thous of bbls
Stocks, end of month—
352,
129
Total (comparable)
thous. of bbls..
159
Days' supply
_. number..
Tank farms and pipe
lines
_ -thous. of bbls^. 347, 943
Reflneries
thous. of bbls.. 1 43, 290
7,025
Imports
thous. of bbls..
a
See page 27 of the March, 1925, issue for e*irlier data.
i Revised.
2 March, 1924.
3
April, 1924.
4
No comparable figure yet available.

+0.1

-1.6
+0.8

-23.9 -19.4
-0.8 +17.2
+11.3 +47.5

-1.9

-8.8
1

j

Petroleum




+8.9 +5.0
-0.7 +70.8
+41.3 +18.2

i

j

54,045

60, 433

61, 431

68, 076

59, 433

61, 653

+10.8 +10.4

353, 325
165

353, 845
163

357,068
159

360, 991
(4)

343, 712
160

352, 144
167

+1.1 +2.5
+32.7 +26.3

348, 359
43, 670
5,580

348, 731
43,642
6,375

352,814
44,409
5,415

356, 691
(4)
6,484

338, 203
39,518
7,297

346, 751
40, 525
7,393

+1.1

+2.9

+19. 7

-12.3

33
TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)
OR DECREASE (—)

1924

In many cases June figures are now
available and may be found in the
special table on page 27

January February March

April

May

April

FUELS— Continued
Petroleu m— Continued
Crude petroleum:
ConsumptionTotal
thous. of bbls.. 66, 614
65, 642 * 69, 777
65, 379
58, 087
61, 786
59, 407
Run to stills
thous. of bbls.. 57,333
59, 180
52, 993
55, 249
(4)
Shipments from Mexico
thous. of bbls .. 11, 014
11,704
9,609
10, 254
10, 234
13, 514
Price, KansasOklahoma
dolls, per bbl_.
1.800
1.293
1.800
1.738
1.800
1.750
Oil wells completed
number
1,089
1,671
1, 567
1,429
883
990
Gasoline:
Production
thous. of gals. _ 831,652 790, 442 853, 574 860, 492 922, 046 754, 773
Exports
thous. of gals.. 95, 518
104, 442
98, 510
118, 854
99,813
114, 396
797, 304
Domestic consumption
thous. of gals..
831, 788 6 607, 175
616, 054
533, 640
(<)
Stocks, end of month
thous. of gals.. 1, 453, 197 1, 618, 891 1, 747, 199 1, 710, 877 1, 716, 922 61,625,869
Price, motor, New York
dolls, per gal._
.190
.205
.200
.170
.210
.200
Kerosene oil:
Production
thous. of gals.. 247, 727 214, 421 219, 908 201, 163 202, 559
203, 186
Domestic consumption
thous. of gals..
127, 391 6 155, 424
118, 414
117, 396
142, 145
0)
Stocks
thous. of gals.. 394, 638 435, 376 456, 064 434, 674 452, 809 6 288, 965
Price, 150° water white
dolls, per gal..
.082
.083
.075
.084
.078
.080
Gas and fuel oil:
Production
thous. of gals. .1, 171, 402 1,058,725 1, 203, 906 1, 230, 322 1, 274, 465 1, 116, 764
Stocks (east of Calif.)
thous. of gals.. 773, 853 795, 872 801, 757 860, 706 946, 782 H.536,337
Price, Pa., 36-40 at refin
dolls, per gal..
.068
.065
.069
.059
.053
.058
Lubricating oil:
Production
thous. of gals. . 103,164 100, 503 118,494 107, 096 109,184
96, 967
Domestic consumption
thous. of gals_.
67, 313
67, 651
78, 399
69, 018
61, 095
0)
Stocks....
.thous. of gals.. 280, 159 286, 431 299,689 290,004 292, 112 6 251, 047
Price, Pa.. 600° fil., "D"
at refineries
dolls, per gal..
.324
.325
.320
.299
.310
.304
AUTOMOBILES
Production:
Passenger carsTotal
number of cars
212, 921
United States .
number of cars
204, 620
Canada
.
number of cars
8, 301
Trucks—
Total
number of cars
28, 147
United States . _ number of cars
26, 582
Canada
number of cars
1,565
Shipments:
By railroads
carloads
33, 817
Driveways
.
number of cars
22, 334
By boat
number of cars
349
Exports:
Assembled—
Total
number o f cars
17,474
Passenger cars
number of cars
14, 492
Trucks .
number of cars
2,982
Accessories and parts
thous. of dolls..
4, 764
From CanadaTotal
number of cars..
5,174
Passenger cars
. number of cars
3,732
Trucks
number of cars
1,442
Accessories and parts
dollars.. 285, 073
Foreign assemblies
number of cars
13, 075
Internal-revenue taxes collected on:
Passenger automobiles and
motor cycles..
thous. of dolls..
6,599
Automobile trucks and
wagons
thous. of dolls..
592
Sales of automobile accessories
and parts
thous. of dolls.. 33, 140
RUBBER

May

May,
1925,
from
April,
1925

62, 373
54, 725
12, 459

-22.1 -18.1
+6.7 -17.7

1. 735
1,657

0.0
+6.6

May,
1925,
over
May,
1924

Per
cent increase
( }
or tdecrease
1925
from
1924

1924

1925

308,793

325, 499

+5.4

61, 024

52,815

-13.5

5,858

6,200

+5.8

+18.3 3, 656, 284 4, 258, 206
475, 451
517, 137
+4.7

+16.5
+8.8

+3.7
+0.8

779, 194
94, 073
« 672, 495
61,649,954
.200

±£?
+4.3

199, 992
« 105, 578
6304,006
.076

+0.7
-10.4
+4.2
-3.8

1, 155, 936
«1,555,663
.058

+3.6
+10.0
-10.2

104, 439
65, 194
6 243, 732

+1.9
-12. 0
+0.7

+4.5

.320

-3.5

-6.6

+0.4
-5.0

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

-5.0
+1.3

1, 017, 811

1, 085, 778

+6.7

5, 475, 426

5, 938, 820

+8.5

490, 892

538, 441

+9.7

-1.3
+10.3

-8.6

252, 803
242, 024
10,779

332, 151
319, 137
13, 014

391, 302
375, 787
15, 515

382, 714
364, 363
18, 351

346, 405
331, 957
14, 448

286, 324
271, 033
15, 291

-2.2
-3.0
+18.3

+33.7
+34.4
+20.0

1, 627, 058
1, 560, 212
66, 846

1, 571, 891
1, 505, 931
65, 960

-3.4
-3.5
-1.3

34,412
32, 719
1,693

45,096
43,007
2,089

47, 815
46, 239
1,576

43, 303
41,415,
1,888

37, 948
36, 015
1,933

35,314
33, 561
1,753

-9.4
-10.4
+19.8

+22.6
+23.4
+7.7

173,357
164, 205
9,152

198, 773
189, 962
8,811

+14.7
+15.7
-3.7

39, 720
31, 192
487

51, 177
47, 471
1,114

56, 210
57, 122
8,740

49, 500
57, 100
13, 500

48, 057
36, 801
4,160

35,510
32, 756
8,338

-11.9
0.0
+54. 5

+39.4
+74.3
+61.9

236, 810
195, 195
14, 444

230,424
215, 219
24, 190

-2.7
+10.S
+67.5

16, 891
14, 739
2,152
5, 363

27, 993
23,265
4,728
8,450

28,833
23, 806
5,027
8,163

29, 871
24, 562
5, 309
9,081

18, 570
15,806
2,764
8,673

17,102
14, 363
2,739
5, 563

+3.6
+3.2
+5.6
+11.2

+74.7
+71.0
+93.8
+63.2

82,528
70, 147
12, 381
35, 445

121, 062
100, 864
20, 198
35, 821

+46.7
+43.8+63.1
+1.1

5, 136
4,008
1,128
455, 750
11, 874

7,573
6, 495
1,078
596, 640
15, 433

5,894
4, 760
1,134
325, 273
16, 279

5, 753
4,633
1. 120
391,213
17, 894

2,721
2,315
406
411,224 '
12, 623

5,363
4,302
1,061
332,386
14, 181

-2.4
-2.7
-1.2
+20.3
+9.9

26, 472
+7.3
20, 418
+7.7
6,114
+5.6
+17.7 2,161,386
58, 871
+26.2

29, 530
23, 628
5,902
2, 053, 949
74, 555

+11. 6
+15.7
-3.5
-5.0
+26. 6

5,563

5,749

11, 121

10, 028

9,510

] 1,539

-9.8

-13.1

49, 123

39, 060

-20. 5

277

461

498

688

1,105

1,098

+38.2

-37.3

5,084

2, 516

28,786

32,976

32, 419

32, 826

46, 657

60, 324

+1.3

-45.6

253, 748

160, 147

-50.5
»<«•»•
-36. &

Crude Rubber
Imports.
thous. of Ibs.. 73, 692
39, 607
55,329
72, 813
82, 727
85,043
62, 167 +13.6 +33.1
313,313
324, 168
+3.5.
Consumption by tire mfrs
thous. of Ibs.
41, 721
46, 366
42, 171
48, 155
47, 639
37,238
35, 474
180, 873
—1.1 +34.3
226, 052 +25.0
Wholesale price, Para, N. Y
dolls, per lb__
.318
.307
.346
.340
.420
.168
.173 +23.5 +142.8
Tires and Tubes
Pneumatic tires:
Production
thousands
3,555
3,957
3,681
4,005
4,100
3,307
3,039
+2.4 +34.9
16, 273
19, 298 +18. 6'.
Stocks, end of month
thousands
5,962
7,132
6,696
6,816
6,164
6,458
6,331
-5.3 +2.0
Shipments, domestic
thousands
2,994
3,392
2,835
4,014
4,333
2,920
2,679
+7.9 +61.7
14, 087
17, 568 +24.7
Inner tubes:
Production
thousands
4,755
4,757
5,250
5,139
5,134
4,035
3,744
-0.1 +37.1
19, 954
25,035 +25. 5
Stocks, end of month
thousands
8,677
9,767
10, 677
10, 213
9,376
8,627
8,762
-8.2 +7.0
Shipments, domestic
thousands
4,107
3,625
4,176
4,933
3,521
5,908
3,559 +19.8 +66.0
17,306
22, 749 +31.5Solid tires:
Production _.
thousands
43
43
46
52
58
59
50 +11.5 +16.0
273
242 -11.4
Stocks, end of month
thousands..
160
153
143
135
124
185
188
-8.1 -34.0
Shipments, domestic
thousands. .
32
43
52
53
68
46
47 +28.3 +44.7
223
248 +11. 2
1
No comparable figure yet available.
••Computed on the basis of the percentage which the reported data for May bore to those of April, this being necessary on account of change in reporting California
6
Not directly comparable with data for current year owing to change in method of reporting California stocks.




34

TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)

1924

ORDECREASE(— )

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
cent increase
or decrease

1924

1925

1925
from
1924

RUBBER— Continued
Other Rubber Products
Rubber heels:
Production
..
thous. of pairs. .
Shipments—
To shoe manufacturers thous. of pairs
To repair trade
thous . of pairs. .
Stocks, end of month
thous. of pairs..
Hubber-proofed fabrics:
Production—
Total
_
thous. of yds..
Auto fabrics
thous. of yds..
Clothing fabrics
thous. of yds..

19, 170

17, 627

18,329

14, 971

2 17, 158

3 15, 838

63, 258

70,097

+10.8

11, 180
3,182
37, 539

10,089
2,870
42, 303

9,524
4,681
44, 515

9, 033
5,555
46, 733

2 12, 351
2 3, 653
2 36, 471

3 9, 109
3 3, 899
3 37, 884

43,935
15,299

39,826
16,288

-9.4
+6.5

1,685
717
342

1,929
716
440

2,032
715
463

893

7 2, 652
21,529
7455

2 2, 814
3995
2468

8,222
5,485
1,445

5,646
3,041
1,245

-31.3
-44.6
-13.8

34,302
2,216
18, 636
7,411
4,524

30,727
2,409
15, 301
7,154
3,439

36, 135
2,952
14, 216
8,335
8,003

41, 160
2,536
20,812
7,181
8,824

26,002
2,236
9,989
6,171
5,556

35,009
2,987
17, 493
6,144
6,904

31, 759
3,399
15, 990
5,992
4,993

-18.1
-36.8
-34.2
-11.8
-52.0 -37.5
-14.1 +3.0
-37.0 +11.3

149, 016
15,952
72,815
25,562
26,609

168, 326
12, 349
78,954
36, 252
30,346

+13.0
-22.6
+8.4
+41.8
+14.0

oflbs..
oflbs
of Ibs. _
of lbs__

292, 311
251, 758
27, 531
13, 022

292, 364
254, 751
25, 690
11, 923

282, 733
242, 820
25,893
14,020

275,028
229, 370
29,481
16, 177

264,158
215, 471
30,625
18,062

262, 933
223, 239
25, 314
14, 380

259, 206
215, 981
28,140
15, 085

-4.0 +1.9
-6.1 -0.2
+3.9 +8.8
+11.7 +19.7

native
dolls, per Ib
dolls, perlb-.

.169
.215

.163
.215

.148
.204

.142
.184

.143
.183

.122
.161

.119
.165

1,288
22,160
70, 249
102, 459
43,977

1,203
20,006
67,728
97, 767
41, 244

1,313
23, 459
68, 871
108, Oil
38,933

1,320
23,775
60, 913
101, 265
29,464

1,286
23, 367
55, 982
96,159
27, 691

1,173
21, 164
62, 933
123,039
35,171

1,147
20, 808
65, 913
110, 627
31, 536

6, 124
109, 172
350, 707
622, 439
165, 331

6,410
112, 767
323, 743
505, 661
181, 309

+4.7
+3.3
-7.7
-18.8
+9.7

121, 342

111, 073

80,406

86, 918

123, 909

96,369

101, 437

+42.6

+22.2

87, 907
138, 300

84, 898
139, 046

90,047
137, 378

91, 893
133, 845

92,650
133, 129

88, 312
136, 502

86, 467
132, 561

+0.8
-0.5

+7.2
+0.4

123, 035
309, 319

124, 265
308,401

123, 201
319, 634

124, 440
319, 497

128, 110
317, 542

158, 676
379, 357

156, 366
378, 110

+2.9
-0.6

-18.1
-16.0

2,052
8,669

1,752
6,763

1,870
8,392

1,042
6,731

1,615
6,606

2,205
9,160

2,261
9,165

+55.0
-1.9

-28.6
-27.9

8,872
36,822

8,331
37, 161

-6.1
+0.9

.500
.500

.520
.500

.520
.500

.500
.480

.490
.460

.460
.460

.460
.460

-2.0
-4.2

+6.5
0.0

409
686

361
610

429
729

380
663

346
602

372
644

330
563

-8.9
-9.2

+4.8
+6.9

1,995
3,414

1,925
3,290

-3.5
-3.6

26, 276
512

27, 202
462

29,972
703

29,836
696

696

2 28, 864
571

328,004
754

0.0

-7.7

110, 197
2, 736

113, 286
3,069

+2.8
+12.2

6.35

6.35

6.40

6.40

6.40

6.25

6.25

0.0

+2.4

5.00

5.07

5.15

5.15

5.15

4.85

4.85

0.0

+6.2

4.00

4.00

4.00

4.00

4.00

3.85

3.85

0.0

+3.9

551, 681

578, 710

563, 845

557, 211

535, 431

596, 160

443, 984

-3.9

+20.6

2, 834, 912

2, 786, 878

-1.7

, 401, 895 1, 392, 075 1, 319, 830 1, 347, 439 1, 286, 092 1, 674, 710 1, 591, 638
257, 567 311, 005 362, 162 399, 148 421, 251
684, 537 676, 486

-4.6
+5.5

-19.2
-37.7
1, 013, 292

1, 028, 381

+1.5

HIDES AND LEATHER
Hides
Imports:
Total hides and skins
Calfskins
Cattle hides
Goatskins.
Sheepskins
Stocks, end of month:
Total hides and skins
Cattle hides
Calf and kip skins
Sheep and lamb skins
Prices:
Green salted, packers' heavy
steers
_
Calfskins, country No. 1

thous. oflbs..
thous oflbs
thous. oflbs..
thous. of Ibs
thous. oflbs..
thous.
thous.
thous.
thous.

Leather
Production:
Sole leather.. thous. of backs, bends, sides. _
Finished sole and belting
thous. of Ibs. .
Finished upper
thous. of sq. ft
Oak and union harness
stuffed sides. _
Skivers
_
doz
Unfilled orders:
Oak and union harness
sides..
Stocks in process of tanning:
Sole and belting. ._
thous. oflbs..
Upper
thous. of sq. ft._
Stocks, end of month:
Sole and belting
thous. oflbs
Upper
thous. of sq. ft..
Exports:
Sole
thous. oflbs
Upper...
thous. of sq. ft..
Prices:
Sole, oak, scoured backs,
heavy, Boston
dolls, perlb..
Chrome calf, " B " grades, .dolls, per sq. ft_.
Leather Products
Belting sales:
Quantity
thous. oflbs..
Value
thous. of dolls..
Boots and shoes:
Production
thous. of pairs
Exports
_.
thous of pairs
Wholesale prices—
Men's black calf,
blucher, Mass. _ _
dolls . per pair
Men's dress welt, tan
calf, St. Louis. _.
dolls, per pair..
Women's black kid, Goodyear
welt, St. Louis.
.dolls, per pair..
Gloves:
Glove leather—
Production
number of skins
Stocks (tanned)—
In process
number of skins
Finished
number of skins. .
Gloves cut—
Total
dozen pairs
Dress and street —
Imported leather
dozen pairs..
Domestic leather
dozen pairs. .
Work gloves
dozen uairs..




3

March, 1924.

189, 555

198, 749

209, 337

35, 334
29, 612
124. 609

37, 182
34, 630
126. 937

42, 550
36, 570
130. 217

215, 679

+0.7
-0.5

+20.2
+10.9

-2.6 +12.1
-1.7 +12.3
-8.1 -15.1
-5.0 -13.1
-6.0 -12.2

215, 061

206, 539

194, 017

-0.3

+10.8

44, 861
50, 270
35,288
31, 388
135. 530
133. 403
3
April, 1924.

34, 965
31, 251
140. 323

34, 640
31, 255
128. 122

+12.1
-11.1
-1.6

+45.1
+0.4
-4-4.1

r February, 1924.

154, 640
167, 922
fiQO. 730

210, 197 +35.9
-0.3
167, 488
fisn. fiQfi -5.8

35
TREND OF BUSINESS MOVEMENTS—Continued
PER CENT

1924

1925

INCREASE (+)
OR DECREASE (—)

In many cases June figures are now
available and may be found in the
special table on page 27
April

May

April

May

May,
1925,
from
April,
1925

126, 308 i 124, 909 i 177, 137
149, 678
126, 537 i 147, 026
159, 435
177, 175 i 207, 934
22, 463
27, 560
18, 896

198, 583
155, 878
256, 255
21, 740

177, 937
146, 825
287, 747
32, 620

213, 054
179, 138
205, 225
18, 431

185, 403
146, 172
251, 180
13, 291

221, 756
224, 836

191, 142 i 220, 184
198, 720 i 217, 300
40, 198 137,964
120, 194
104, 262
2.60
2.63

217, 590
217, 484
i 39, 186

233, 250
233, 690
68, 664

2.60

194, 260
195, 522
37, 980
101, 285
2.60

113, 831

127, 511
126, 269
153, 322
127, 918
1,007

132, 661
129, 881
151, 462
123, 673
1,928

129, 026
126, 487
155, 940
123, 457
2,161

January February March

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
cent increase
or decrease

1924

1925

-10.4 -4.0
-5.8 +0.4
+12.3 +14.6
+50.0 +145. 4

876, 141
736, 261

804, 874
725,944

-8.1
—1.4

89, 571

123, 279

+37.6

185, 424
191, 034
60, 540
82, 746
2.63

+4.8
-10.7
-10.1 +2.3
-3.1 -37.3
+13.8 +22.4
0.0 -1.1

1, 037, 110
1,047,978

1,044,932
1, 053, 862

+0.8
+0.6

444,909

556, 833

+25.2

128, 757
127, 878
145, 271
111, 944
1,569

134, 827
131, 758
144, 579

1,421

-2.7 -4.3
-2.6 -4.0
+3.0 +7.9
-0.2 +9.0
+12.1 +52.1

632, 284
620, 619
697, 065
558,041
7,393

632, 034
623, 545
731, 018
598, 576
8,544

0.0
+0.5
+4.9
+7.3
+15.6

32, 037
139, 471
35, 592

31, 768
166, 391
31, 231

34, 718
166, 068
32, 240

+8.8 -7.7
-10.0 -16.0
+18.5 +10.4

763
172
11, 284

572
129
10, 574
'107

653
130
10, 382

+9.9 +16.8
-7.5 +32.3
-2.4 +8.7

2,867
763
55, 314

3,400
749
58,284

+18.6
-1.8
+5.4

918, 518
886, 494

904,924
872, 618

-1.5
-1.6
-1.4

1925
from
1924

PAPEE AND PRINTING
Wood Pulp <=
Mechanical:
Production
short tons..
Consumption and shipments ...short tons..
Stocks, end of month.
short tons
Imports.
_ short tons
Chemical:
Production .
short tons
Consumption and shipments... short tons..
Stocks, end of month
short tons
Imports
short tons..
Price
dolls, per 100 Ibs
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

47,850

142, 119
2.63
129, 005
126, 860
139, 024
112, 586
1,573

114,048
131, 270
110, 942
1,875

88,973

26, 268
164, 832
31, 746

25, 888
163, 615
33, 667

26, 414
156, 946,

29, 446
154, 912

33,898

30,032

644
131
11, 186
101

543
152
11, 375
97

756
108
12, 874
111

694
186
11, 565
109

62,864

2,63

113,262

Printing
Book publication:
American manufacture
no. of titles
Imported
.
no of titles
Sales books, shipments
thous. of books
Printing activity
weighted index number. .

3111

Boxboard
Operation
inch hours 8,388,897 7, 550, 968 7,569,995 7, 596, 658 7, 111, 776 8, 574, 444 8, 253, 431
Production
tons
199, 633
177, 292
179, 067
182, 817
184,976 163,956
173,483
Orders received
tons
199,649 162, 878 170, 063 165, 617 174, 411
158, 980
165, 868
Unfilled orders (end of month)
tons
112,911 100, 250
89,909
75, 668
79, 787
73, 629
68,676
Shipments
tons
195, 501
174, 435
180, 736
179, 484
168, 171
182, 532
170, 821
Stocks (end of month)
_
tons
52, 466
51,835
52, 765
54,665
57, 212
49, 112
51, 774
Consumption of waste paper
tons.. 193, 285 172, 123 169, 383 169, 287 159, 250
169,573 165, 479
Stocks of waste paper (end of month):
On hand
tons
172, 382
172, 456
172, 223
176, 035
174, 726
143, 601
142, 319
In transit
tons
18, 846
16, 635
13, 199
14, 307
12, 686
11,918
11, 632
Unshipped purchases
tons
34,974
27, 110
22, 948
32, 590
26,129
27, 631
26, 854
Other Paper d
Book paper:
Production
short tons
Stocks, end of month
short tons
Wrapping paper:
Production
short tons
Stocks, end of month
short tons
Fine paper:
Production
short tons
Stocks, end of month
short tons
All other grades:
Production
short tons
Stocks, end of month..
short tons
Total paper (inc. newsprint and boxboard):
Production
_
short tons
Stocks, end of month
short tons

108,945

-6.4 -13.8
-11.4
-5.5
+5.3 +5.2
+5.4 +16.2
-6.3 -1.6
-7.8 +1.9
-5.9 -3.8

911, 434

898, 327

861, 450

861, 228

0.0

+1.5 +22.8
-11.3
+9.1
-19.8 -2.7

103, 498 i 113, 848 i 111, 571
i 52, 234 i 51, 189 i 52, 213

105,992

108, 257
48, 363

-5.0 -2.1
+2.0 +10.1

515, 944

543, 854

53, 257

106, 134
43, 570

+5.4

i 56, 166
91, 511
108, 374

87, 863
106, 525

94, 430 i 90, 596
108, 086 i 109, 060

84, 419
106, 049

88, 663
105, 763

80, 012
108, 137

-6.8
-2.8

+5.5
-1.9

439, 316

448, 819

+2.2

37, 636
52, 258

35, 986
51, 448

i 38, 656
i 49, 290

36, 658
49, 131

34, 236
49, 846

32, 333
49, 933

-5.2 +13,4
-0.3 -1.6

163, 232

188, 376

+15.4

106, 822
57, 489

97, 478
55, 760

103, 537 i 103, 063
58, 102 161,820

100, 537
65, 068

97, 614

100, 905
63, 629

-2.5
+5.3

-0.4
+2.3

456, 014

511,437

+12.2

54,571

673, 552
615, 948 i 657, 833 i 661, 523
i 353, 021 i 346, 520 i 348, 495 i 359, 041

620, 588
358, 307

637, 713
334, 561

629, 209
356, 315

-6.2
-0.2

-1.4
+0.6

3, 122, 639

3, 229, 444

+3.4

1, 580, 302
1, 159, 799
420, 503

1, 633, 533
1, 267, 136
366, 397

+3.4
+9.3
-12.9

456, 861
57, 782

+4.9
+1.5
3

39, 440
52, 869

Paperboard Shipping Boxes
Production:
Total
Corrugated
Solid fiber _
Operating activity:
Total
Corrugated
Solid fiber .

thous. of sq. ft..
thous. of sq. ft..
thous of sq ft

302, 291
228, 084
74, 207

333, 431
263, 862
69, 569

341, 769
268, 335
73, 434

330, 616

256,409
74,207

325, 426
250, 446
74, 980

327, 911
245, 975
81, 936

297, 764
225, 103
72, 661

-1.6 +9.3
-2.3 +11.3
+1.0 +3.2

per cent of normal..
per cent of normal
per cent of normal

71
70
73

76
76
76

78
79
75

74
76
67

74
75
69

76
74
82

72
69
80

0.0 +2.8
-1.3 +8.7
+3.0 -13.7

i

Other Paper Products6
Hope paper sacks, shipments.. index number
Abrasive paper and cloth:
Domestic sales
reams..
Foreign sales
..reams..

101

127

142

126

124

117

129

100, 565

94, 935
10, 764

92, 097

86, 484
11, 485

82, 780
13, 922

79, 704
11, 620

76, 890
11, 018

9,582

12,029

-1.6

-3.9

-4.3 +7.7
+21.2 +26.4

435, 591
50,104

BUTTONS
Fresh -water-pearl buttons:
Production
per cent of capacity. _
33.9
41.6
45.5
43.6
46.0
32.4
41.6
+1.1 +42.0
,SitQcks, end of month
thous. of gross.. 13, 496
12, 913
12, 607
12, 515
12, 485
14, 191
14, 170
-0.2 -11.9 1
i Revised.
2 March, 1924.
' April, 1924.
* See table on page 28 of the June, 1925, issue for earlier data.
<* See table on page 27 of the June, 1925, issue for earlier data.




36
TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)

1924

ORDECREASE(-)

In many cases June figures are now
available and may be found in the
special table on page 27
January February March

April

May

May

April

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

1925

1924

Per
cent increase
( }
or tdecrease

&

from
1924

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:
Sales (shipments)
index number . .
Unfilled orders (value)
index number ._

38.9
38.7
39.4

50.0
52.0
45.1

51.0
55.5
48.7

43.0
38.7
41.9

45.5
40.2
43.6

43.7
58.1
39.7

39.9
39.9
38.1

80
27

90
35

97
42

96
39

93
34

115
46

90
32

-3.1
-12.8

+3.3
+6. 3

Rental advertisements:
1, 025
Portland Oreg
number..
3,106
"Minneapolis Miinn
number
Real estate conveyances (41 cities) — number.. 135, 932

1,008
2,624
123, 838

1,183
3,640
157, 285

1,132
5,458
169, 712

5,450

2970
a 1, 062
5,615
5,479
149, 863 a 153, 042

-0.1

-0.5

195
197

198
201

198
200

198
197

197
198

205
206

203
205

-0.5
+0.5

-3.0
-3.4

210

210

210

207

205

222

217

-1.0

-5.5

197
171

197
172

195
170

194
169

194
168

200
182

199
180

0.0
-0.6

-2.5
-6.7

+5.8 + 14.0
+3.9 +0.8
+4.1 +14. 4
1

BUILDING CONSTRUCTION AND
HOUSING

8

3,429
19, 836
580, 239

4,348
20,278
586, 767

+26.8
+2.2
+1.1

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 folPlumbing fixtures 6 articles
Construction and Losses
Construction volume
index number _ _
Contracts awarded (27 States) :
Commercial buildings
thous. of sq. ft..
Industrial buildings.
thous. of sq. ft._
Residential buildings
thous. of sq. ft..
Educational buildings
thous. of sq. ft..
Other public and semipublic
buildings
thous. of sq. ft..
Grand total
thous. of sq. ft..
Contracts awarded, value (27 States):
Commercial buildings
thous. of dolls..
Industrial buildings
thous. of dolls. .
Residential buildings
..thous. of dolls _.
Educational buildings
thous. of dolls..
Other public and semipublic
buildings
thous. of dolls. .
Public works and utilities.. thous. of dolls..
Grand total
thous. of dolls . .
Contracts awarded (36 States) :
Commercial buildings
thous. of sq. ft..
Industrial buildings
thous. of sq. ft. .
Residential buildings
thous. of sq. ft._
Educational buildings
thous. of sq. ft_.
Other public and semipublic
buildings.. _
thous. of sq. ft..
Grand total
thous. of sq. ft_.
Contracts awarded, value (36 States) :
Commercial buildings
thous. of dolls..
Industrial buildings
thous. of dolls. .
Residential buildings
thous. of dolls. .
Educational buildings
thous. of dolls..
Other public and semipublic
buildings
thous. of dolls. .
Public works and utilities. .thous. of dolls. .
Grand total
thous. of dolls. .
Fire losses:
United States and Canada.thous. of dolls..
Great Britain
..thous. of £ sterling..

145

141

161

169

167

137

165

-1.2

+1.2

9,669
3,794
23,518
2,034

5,379
2,489
23, 734
3,322

9,860
4,096
40,321
5,209

10, 175
5,935
46,203
4, 762

12, 144
4,811
42,206
4,079

7,954
4,488
42,009
4,836

9,245
3,755
34,428
5,378

+19.4
-18.9
-8.7
-14.3

+31. 4
+28.1
+22.6
-24.2

41, 810
19,284
183, 556
22, 238

47, 227
21, 125
175, 982
19,406

+13. 0
+9.5
-4.1
-12.7

2,724
42, 342

3,025
38, 650

4, 715
64,400

5,288
73,221

5,027
68,865

3,769
63,347

4,586
57,709

-4.9
-5.9

+9.6
+19.3

18, 613
287, 384

20, 779
287,478

+11.6
0.0

61, 792
16, 793
112, 402
13, 595

29,690
16, 303
118, 556
17, 772

47,859
47, 518
200, 493
40,541

56,704
44, 371
235, 564
30,972

70,108
23,695
204,475
25,775

42, 683
54, 181
196, 775
29,998

48,390
20, 213
165, 376
35,037

+23.6 +44.9
-46.6 +17.2
-13.2 +23.6
-16.8 -26.4

224, 291
130, 611
856, 556
137, 264

266, 153
148, 680
871, 490
128, 655

+18.7
+13.8
+1.7
-6.3

28, 425
22, 359
255, 367

25, 638
44,500
252, 582

37,200
56, 075
430, 413

44, 695
82, 852
496, 157

43, 053
56, 704
424, 188

25,738
76, 422
426, 103

32,285
57, 226
358, 554

-3.7. +33.4
-0.9
-31.6
-14.5 +18.3

127, 606
214, 407
1, 691, 724

179,011
262,490
1, 858, 707

+40.3
+22.4
+9.9

10, 919
4,335
26, 791
2,371

7,467
3,308
27, 850
3,809

11, 772
4,836
45, 534
5,557

12, 261
6,496
51, 453
5,203

14,183
5,278
48, 101
4,623

9, 615
4,994
47, 536
5,757

11, 232
4,625
39, 755
6,908

+15.7
-18.7
-6.5
-11.1

+26.3
+14.1
+21.0
-33.1

49,500
22,254
206,422
27, 366

•56, 602
24,253
199,729
21,563

+14.3
+9.0
-3.2
-21.2

3,217
48, 536

3,746
46, 861

5,571
73, 555

6,431
82, 565

6,106
78, 910

4, 795
73, 169

5,812
68,784

—5.1
-4.4

+5.1
+14.7

23,555
331, 782

25,071
330, 427

+6.4
-0.4

67, 372
19, 454
127, 232
15, 339

38, 825
20,767
136, 023
20,278

54, 871
53, 133
220, 872
42, 193

63,969
46, 568
256, 414
33, 155

80, 280
27, 562
231, 182
29,313

49, 724
56, 361
219, 139
33, 522

56,380
28,901
185, 419
40, 582

+25.5 +42.4
-40.8 -4.6
-9.8 +24.7
-11.6 -27.8

256, 053
150, 854
944, 284
157, 840

305, 317
167, 484
971, 723
140, 278

+19.2
+11.0
+2.8
-11.1

31, 614
35,462
296, 473

30, 501
52, 865
299, 260

41, 917
67, 931
480, 916

51, 433
95. 432
546,971

49,928
77, 759
496, 024

32, 511
88,841
480, 097

39,283
68, 708
419, 273

-2.9 +27.1
-18.5 +13.2
-9.3 +18.3

156, 781
268, 781
1, 934, 591

205, 393
329,449
2, 119, 644

+31.0
+22.6
+9.6

41, 210
481

32, 472
322

33, 347
1,189

37, 697
377

29,171
246

31, 816
1, 613

27, 832
847

-22.6
-34.7

+4.8
-71.0

160, 746
4,552

173, 897
2,615

+8.2
-42.6

-2.7
-3.9
-4.6
-0.9
-7.7

-0.1
-1.0
+8.4
+2.0
+21.5

2, 329, 952
2, 286, 773
2,254,874

2,422,506
2, 327, 967
2,311,364

+4. a
+1.&
+2.5

338,993

397, 195

+17.2

'-1.3

+8.2

-0.5 +8.5
-0.5 +12.4
-6.6 +23.8
-20.1 -21.1
-48.7 -35.6
0.0
0.0

2, 545, 324
2, 615, 158
2, 384, 172
314, 946
259, 022

2, 633, 958
2, 697, 077
2, 663, 502
240, 708
130, 518

+3.5+3.1
+11.7
-23. &
-49. &

Lumber
Southern pine:
484, 501
476, 998
Production (computed)
M ft. b. m__ 489, 487 453, 618 498,442 497, 087 483, 872
448, 535
486, 486
Shipments (computed)
Mft.b.m.. 446, 066 425, 106 474, 239 501, 153 481, 403
477,
918
471,
238
440, 790
500,
862
435,
272
429,
608
Orders (computed)
^...M ft. b. m_. 467, 704
Stocks, end of mo. (computed). M ft. b. m_. 1, 103, 887 1, 123, 581 1, 150, 976 1, 163, 231 1, 152, 617 1, 131, 408 1, 129, 893
72, 597
88,205
68,
104
95,
554
80,658
74, 595
Exports (incl timber)
M ft. b. m.. 58, 183
Price, "B" and
45.06
43.55
41.66
45.67
47.32
46.88
46.95
bptter
dolls per M! ft b m
Douglas fir:
507, 185

524, 643

Shipments (computed)
M ft. b. m._ 521, 062 505, 842
New orders
M ft. b. m._ 468, 239 490, 174
32, 850
Exports lumber
M ft. b. m_. 52, 853
21, 590
Export* timber
..M ft. b. m.. 22,358
18.50
19.50
Price, No. 1 common. dolls, per M ft. b. m._
California redwood:
41, 822
43, 385
Production (computed)
M ft. b. m.
40, 085
36, 246
Shipment (computed)
M ft. b. m_
35, 194
40, 618
Orders received (computed). _.M ft. b. m.
California white pine:
32, 614
34, 979
Production
-M ft. b. m_
84, 316
76, 820
Shipments
-M ft. b. m.
Stocks, end of month
M ft. b. m. 550, 925 495, 533
2 March, 1924.




525,986
519, 271
559, 112
60,446
36, 758
18.50

539, 415
577, 018
592, 685
52, 572
32,932
17.50

536, 729
573,884
553, 292
41, 987
16,880
17.50

507, 185
563, 141
471, 821
43, 792
51, 825
17.50

494, 651
510, 766
446, 752
53, 219
26, 201
17.50

51, 409
40, 904
40, 990

39, 584
34, 770
36, 825

41,993
39, 992
34, 176

51, 966
38, 462
30, 286

62,021
41, 764
38, 986

+6.1
+15.0
-7.2

-32.3
-4.2
-12.3

259, 394
205, 595
200,682

218, 193
191, 997
187, 803

-15.9-6.6
-6.4

64, 884
88, 417
467, 330

98, 551
84, 377
458, 791

133, 818
107, 745
493, 023

108, 329
66, 798
496, 003

131, 127
60, 362
483, 814

+35.8
+27.7
+7.5

+2.1
+78.5
+1.9

348, 346
306,595

364, 846
441, 675

+4.7
+44.1

3 April, 1924.

37
TREND OF BUSINESS MOVEMENTS—Continued
1925

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

PER CENT
INCREASE (+)
OR DECREASE (—)

1924

May

April

1164,584
i 136, 212
i 903, 535

176,540
145, 697
938,074

180,985
172, 195
131,412
130, 222
974, 168 1, 016, 922

54,012
56, 812

55, 853
52,227

51, 660
49, 840

59, 332
41,929
39,856

60,335
43, 144
37, 525

13, 526
8,538

or decrease

May,
1925,
over
May,
1924

May,
1925,
from
April,
1925

Per
cent increase

1925
from
1924

1924

1925

+7.3
-2.5
+7.0 +10.9
+3.8 -7.8

678, 184
665, 361

661,253
665, 044

-2.5
0.0

50,400
52, 430

+3.4 +10.8
-8.1 -0.4

250,362
253, 757

263, 144
263, 739

+5.1
+3.9

52, 718
42,856
48,918

59,360
40,405
32, 322

+1.7 +1.6
+2.9 +6.8
-5.8 +16.1

222,615
221, 292
231, 172

228,498
206,385
186,044

+2.6
-6.7
-19.5

15, 965
12, 287

12, 578
15, 098

14,092
11,494

+18.0 +13.3
+43.9 +6.9

53, 454
60,771

58,516
44,081

+9.5
-27.5

10, 156
15,819

12,338
21, 323

19,800
18, 821

22, 794
20,951

+21.5
+34.8

-45.9
+1.8

95,889
96, 569

71,927
82,294

-25.0
-14.8

44, 732
22, 176

41, 443
20,884

52,249
28,070

37,642
24, 730

-7.4 +10.1
-5.8 -15.6

236, 899
151, 170

225, 666
121, 571

-4.7
-19.6

4,017
3,341
18, 232

4,132
3,029
19, 332

3,704
3,285
8,167

3,647
2,428
9,355

+2.9 +13.3
-9.3 +24.8
+6.0 +106. 6

15, 692
15, 615

21, 191
18, 031

+35.0
+15.5

April

May

BUILDING CONSTRUCTION AND
HOUSING-Continued
Lumber—Continued
Western pine:
96, 184
145,951
Production (computed)..
M ft. b. m._ 77, 994
Shipments (computed)
M ft. b. m.. 133,718 120,398 129,019
Stocks, end of mo. (computed).M ft. b. m._ 899, 658 867, 676 881,684
North Carolina pine:
55,622
56,231
Production (computed)
M ft. b. m.- 41, 426
53,844
56,217
Shipments (computed)
M ft. b. m_. 44,639
Northern pine:
Lumber33,905
41,512
Production
M ft. b. m.. 33,414
37,389
Shipments
M ft. b. m_- 44,457
39,466
32,486
Orders received
M ft. b. m._ 40, 527
35,650
Lath8,943
Production
M ft. b. m..
10, 781
9,301
9,357
Shipments
M ft. b. m._
6,566
7,333
Northern hemlock:
Production
M ft. b. m~ 18,664
16, 674
14,095
Shipments
M ft. b. m.. 17,455
14,049
13,648
Northern hardwood:
Production
M ft. b. m_. 47, 411
44,894
47, 186
Shipments
M ft. b. m.. 29, 117
25,481
23, 913
Walnut lumber:
Production
M ft. b. m..
4,336
4,650
4,056
3,654
Shipments
M ft. b. m._
4,182
3,825
17,476
Stocks, end of month
M ft. b. m._ 16,709
17,085
Walnut logs:
3,679
3,205
3,472
Purchased
M ft. log measure
Made into lumber and
3,441
veneer .
M ft. log measure
3,073
3,208
4,281
4,002
3,356
Stocks, end of month._.M ft. log measure..
Hardwoods: b
Total stocks733,351
665, 144
Total hardwoods
M ft b m
689, 384
Gum
M ft. b. m__ 214, 750 219, 501 228, 110
247, 669
225, 734
227, 670
Oak
M ft b m
Unsold stocksTotal hardwoods
M ft. b. m._ 529, 515 554, 280 598,267
Gum
M ft. b. m._ 169, 712 176, 546 185, 891
Oak
M ft b n 180, 321 182, 678 200, 116
Unfilled orders—
Total hardwoods
M ft. b. m._ 159, 337 153, 689 150, 027
47, 836
54, 927
49, 569
Gum
M ft b m
51, 497
Oak
M ft. b. m.. 50, 743
49, 851
All lumber:
Production, 10 species
M ft. b. m._ 2, 462, 094 2, 407, 740 2, 649, 420
Exports, planks, joists, etc
M ft. b. m.. 150, 950 136, 124 176, 935
Retail yards, Minneapolis
Fed. res. dist. —
11,334
8,194
8,128
Sales
M ft. b. m_.
Stocks, end of month
M ft. b. m._ 111, 707 116,433 119, 327
6
-Composite lumber prices.
43.78
43.49
44.23
Hardwoods
dolls, per M ft. b. m._
31.63
31.44
31.68
Softwoods
dolls per ML ft b m

3,862

3,552

2,756

3,339

-8.0

+6.4

12,894

17, 770

+37.8

3,465
4,678

3,496
4,734

2,502
3,312

2,880
3,801

+0.9 +21.4
+1.2 +24.5

12, 591

16, 683

+32.5

i 775, 221
239, 563
258, 294

775, 695
241, 714
251, 129

646, 255
199, 413
215, 122

638, 391
194, 168
206, 650

148, 068
49, 140
48, 102

157, 775
56, 749
49, 957

+1.7 12,438,269 12, 866, 908
807, 968
837, 815
+1.6

+3.4
—3.6

;

;

I
i

1
!
j

12,666,413 2, 681, 241 2, 619, 490 2, 635, 982
160, 258
183,701
148, 937
157, 769
17,690
118, 088

21, 122
115, 563

42.92
31.41

41.43
30.84

44.60
32.28

44.67
31.34

11, 082 U2,954
120, 583 i 118, 935

+0.6
—12.8

+19.4 +63.1
—2.1 —2.8

—3.5
—1.8

44,508

66,468

+49.3

—7.3
—1.6

Wooden Furniture
Piano benches and stools:
New orders
dollars..
Unfilled orders, end of month
dollars..
ShipmentsValue
dollars..
Quantity
pieces..
Flooring
Oak flooring:
Production
M ft b m
Shipments
M ft. b. m_.
Orders booked
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_.

83,488
24, 496

81,304
23, 992

83,288
19, 592

70,600
16, 736

68,032
19, 792

76, 366
33, 927

64,472
16, 575

—3.6 +5.5
+18.3 +19.4

429, 220

386, 712

—9.9

78,928
13,327

81, 688
13,548

87, 344
15,810

73,240
12, 457

64,720
11, 307

84, 691
11, 918

71, 384
10, 438

—11.6
—9.2

—9.3
+8.3

442, 706
65, 151

385, 920
66, 449

—12.8
+2.0

41, 768
34, 812
33, 794
50, 925
53, 772

38,245
34, 904
33, 539
52,804
52, 626

41, 611
40, 564
35, 956
52, 623
46,902

43, 473
44, 432
43, 326
51,702
47, 349

41, 329
42, 104
43,372
51, 254
50, 862

33, 927
32, 442
25, 867
44, 677
45, 938

37, 769
38, 185
30, 853
49, 706
41, 164

—4.9 +9.4
—5.2 +10.3
+0.1 +40.6
—0.9 +3.1
+7.4 +23.6

163, 524
162, 695
153, 570

206,426
196, 816
189, 987

+26.2
+21.0
+23.7

9,967
7,523
8,266
28, 214
12, 755

8,438
7,604
7,142
28, 481
12, 559

8,646
7,513
5,602
29, 110
11, 225

8,224
7,562
5,573
29,775
9,358

7,687
7,399
7,413
29, 165
8,752

9,900
8,225
4,819
24, 383
13, 902

8,349
6,472
4,769
25, 243
10, 736

—6.5
—2.2
+33.0
—2.0
—6.5

—7.9
+14.3
+55.4
+15.5
—18.5

48, 296
40, 690
40, 360

42, 962
37, 601
34, 596

—11.0
—7.6
-14.3

17, 910
68, 566
23, 889
8,653

13, 656
69, 193
30, 318
13, 977

19, 444
65, 687
35, 030
22, 159

23, 237
57, 033
39, 438
29,707

27,890
55, 498
40, 692
27, 605

26, 373
58, 462
50, 086
28, 482

27, 954
52, 398
46,. 426
29, 760

+20.0 —0.2
—2.7 +5.9
+3.2 —12.4
—7.1 —7.2

112, 043

102, 137

—8.8

109, 203

102, 101

—6.5

1

Brick
Face brick (32 identical plants) :
Production .
. .thousands
T* «n ^

A a u£> _ . _ _ .

Shipments
Prices, common brick:




-_._

&

j

thousands

i Revised.

6

See table on page 27 of the April, 1925, issue for earlier data.

38
TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)
OR DECREASE (-)

1924

In many cases June figures are now
available and may be found in the
special table on page 27
January February March

BUILDING CONSTRUCTION AND
HOUSING— Continued
Brick— Continued
Paving brick:
ProductionActual
_
.thousands
25, 266
62
Relation to capacity
per cent
Shipments
_ thousands
4,198
Stocks, end of month
thousands
111, 666
5,751
Orders received
thousands
Cancellations
_
-- thousands
40
Unfilled orders, end of month, .thousands. . 51, 572
Common brick:*
Stocks, end of monthsBurned
. thousands
279, 862
Unburned
thousands
23, 951
94, 185
Shipments
thousands
Unfilled orders
thousands
201, 479
Prices, common brick:
14. 50
Wholesale, red, New York. dolls per thous..

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

1934

1925

Per
cent increase
(+)
or decrease
(-)
1925
from
1924

110, 210

134, 132

67, 256

66, 510

—1.1

118, 703
2,471

99, 183
4,369

—16.4
+76.8

+8.2
+22.8
+26.9
+5.8

22, 676
18, 676
5,983

19, 358
18, 703
6,650

-14.6
+0.1
+11.1

20, 841
62
5,613
117, 776
6,932
21
49, 692

27, 404
78
12, 271
135, 435
23, 188
712
64, 091

28,444
81
18, 738
139, 223
21, 921
1,627
1
68, 636

32, 177
86
25, 690
131, 689
41, 391
1,969
82, 101

22, 750
57
15, 827
122, 123
20,847
665
83, 184

26, 569
69
24, 507
122, 303
46, 147
444
100, 242

+13.1 +21.1
+6.2 +24.6
+37.1 +4.8
—5.4
+7.7
+88.8 —10.3
+21.0 +343. 5
+19.6 —18.1

305, 831
34, 891
110, 790
247, 176

287, 800
43, 446
170, 697
329, 673

281, 858
71, 266
206, 551
339, 629

239, 389
67, 480
180, 851
333, 967

238, 703
58, 972
169, 855
382, 778

223, 458
70, 802
163, 298
394, 156

—15.1 +7.1
—5.3 —4.7
—12.4 +10.7
—1.7 —15.3

14.50

13.50

13.50

15.00

20.00

20.00

+11.1 —25.0

3,708
3, 270
1,162
9,358

4,014
3,813
1,357
9,585

3,868
4,274
1,503
9,150

4,162
4,315
1,543
8,301

4,447
4,064
1,301
7,845

i 3, 845
i1 3, 514
1, 216
i 7, 846

+7.6
+1.0
+2.7
-9.3

+21.7

Floor and Wall Tile
Production
Shipments, quantity
Shipments, value
Stocks end of month

thous. of sq. ft
thous. of sq. ft._
thous. of dolls
thous of sq ft

3,606
3,031
1,085
9,090

\

Architectural Terra Cotta
Bookings:
Quantity
Value

12, 637
1,389

10, 675
1,229

13, 683
1,543

17, 279
1,999

9,912
1,220

13, Oil
1,570

10, 171
1,230

-42.6
-39.0

-2.5
-0.8

64, 671
7,147

64, 186
7,380

+3. a

1
Production
thous. of bbls
8, 856
Shipments
_ . thous . of bbls . . i 5, 162
Stocks, end of month
thous. of bbls
17, 656
Prices:
Chicago district
dolls, per bbl
1.74
Lehigh Valley
dolls, per bbl
1.75
Concrete paving contracts awarded:
Total
thous. of sq. yds._
4,513
Roads
thous. of sq. yds_.
3,474

8,255
6,015
19, 689

11, 034
10, 279
20, 469

13, 807
14, 394
i 19, 887

15, 503
16, 735
18, 646

11, 726
12,771
17, 159

13,777
14, 551
16, 403

+12.3
+16.3
-6.2

+12.5
+15.0
+13.7

53, 249
47, 460

57, 455
52, 585

+7.9+10.8

1.75
1.75

1.75
1.75

1.75
1.75

1.75
1.75

1.75
1.75

1.75
1.75

0.0
0.0

0.0
0.0

5,047
3,787

8,502
5,772

17, 363
12, 463

12, 286
7,724

10, 196
7,004

12,500
8,527

-29.2
-38.0

-1.7
-9.4

39, 280
27, 363

47, 711
33, 220

+21. 5
+21.4

net tons
thous. of dolls

-0.7

Portland Cement

Roofing
Prepared roofing:
Shipments
thous. of roof squares _
Roofing felt:
Production, dry felt
tons__
Stocks end of month, dry felt
tons

2,370

2,170

2,373

2,773

2,453

2,350

2,496

-11.5

-1.7

12, 701

12, 138

-4.4

20, 076
3,503

15, 658
3,713

18, 652
3,813

19, 788
4,362

20, 656
3,378

17, 016
2,590

17, 108
3,247

+4.4
-22.6

+20.7
+4.0

81,316

94, 830

+16. &

93, 938
105, 056
120, 358

93, 380
121, 490
99, 986

105, 905
122, 999
109, 365

107, 766
123, 269
109, 670

112, 457
119, 104
121, 659

102, 984
65, 299
97, 606

101, 146
64, 399
74, 494

+4.4
-3.4
+10.9

+11.2
+84.9
+63. 3

514, 977

513, 446

-0.3

564, 189

• 561,038

-0.6

number-- 123, 533
number
184, 765
. .number. _ 145, 279

123, 085
203, 625
123, 224

121, 936
225, 497
124, 281

123, 240
228, 532
121, 722

122, 322
232, 811
128, 450

128, 002
125, 695
104, 210

110, 697
134, 088
72, 441

-0.7
+1.9
+5.5

+10.5
+73.6
+77. 3

649, 910

614, 116

-5.5

616, 815

642, 956

+4.2

number127, 289
number. . 252, 258
number
146, 696

121, 519
276, 333
120, 544

125, 667
306, 220
116, 985

135, 767
306, 477
127, 228

130, 094
286, 317
135, 473

130, 247
102, 458
110, 813

126, 627
116, 826
79, 864

-4.2
+2.7
-6.6 +145. 1
+6.5 +69.6

689, 820

640, 336

-7.2,

677, 279

646, 926

-4.5

number-72, 316
number
174, 290
number. . 70, 132

65, 032
188, 348
50, 284

71, 203
191, 104
54, 075

75, 089
196, 755
51, 328

75, 110
180, 079
59, 526

79, 249
81, 561
61, 032

78, 100
94, 819
48, 571

0.0
-8.5
+16.0

-3.8
+89.9
+22.6

395, 741

358, 750

-9. a

384, 035

293, 345

-23. 6

number. _
number..

115, 236
299, 254

114, 759
280, 734

109, 136
265, 885

110, 318
251, 820

239, 118
728, 122

214, 309
579, 854

+1.1
-5.3

-48.5
-56.6

93, 760
571, 557

106, 764
672, 658

+13.9
+17.7

4,930
465, 334

4,230
448, 511

-14.2
-3.6

1, 324, 395 1, 459, 333
6, 182, 024 10, 313, 066

+10. 2
+66.8

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

number
_ .number. _
number

108, 572
295, 400

CHEMICALS AND OILS
Imports:
27,062
Potash
long tons
20, 532
7,757
10, 727
23, 240
9,608 -62.2 -19.3
28, 173
197, 359
155, 163
135, 169
73, 219
73, 541 -12.9 +83.8
Nitrate of soda
long tons
89, 858
95, 109
Exports:
713
Sulphuric acid _
_ thous. of Ibs
891
669
1,024
1,017
940
1,885 -24.9 -64.5
Total fertilizer
__
long tons _
94, 450
65, 989
-1.9
86, 201 . 123, 813
78, 058
93, 828 126, 271 +43.6
Dyes and dyestuffs—
232, 291 268, 145 +12.3 +20.5
201, 175
216, 247 430, 830 •287,836 323, 245
Vegetable
-Ibs
Coal tar
_
_
lbs_. 2, 006, 681 2, 067, 046 1, 990, 398 2, 172, 425 2, 076, 516 1, 014, 824
-4.4 +176. 6
750, 815
Price index numbers:
204
197
Crude drugs
index number
222
219
-2.5 -16.5
192
230
208
158
154
Essential oils...
index number. .
154
159
-1.9
141
137
151
+10.2
Drugs and
Pharmaceuticals
index number _ _
154
155
156
155
156
158
-0.6
-0.6
156
113
114
0.0
113
113
114
Chemicals
- .. .index number .
113
-0.9
116
148
154
153
Oils and fats
index number . .
157
-0.6 +21.4
128
126
161
.70
.70
0.0
.70
Price, sulnhuric acid 66° N. Y dolls, per cwt..
.70
.70
.70
.70
0.0
1
Revised.
• See table on page 27 of the May, 1925, issue for earlier data.




39
TREND OF BUSINESS MOVEMENTS—Continued
1925
In

PER CENT
INCREASE (+)
OR DECREASE ( —

1924

many cases June figures are now
available and may be found in the
special table on page 27
April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

11, 581
9,172
19, 130
1,639
3.00

12, 270
12, 464
18, 817
1,815
2.875

12, 650
12, 460
30, 535
1,421
3. 375

11, 539
8,561
33, 986
3,249
3.00

+5.9
+35.9
-1.6
+10.7
-4.2

_ __ .gallons . 573, 333 542, 397
592, 636 597, 184 619,954
698, 126 623, 107
gallons.
586, 331 521, 854 513, 966 551, 949
659, 564
548, 526
626, 837
gallons. - 1, 305, 058 1, 365, 830 1, 704, 125 1, 695, 137 1, 780, 542 2, 656, 211 2, 615, 144
56, 760
gallons
39, 625
63, 343
34, 321
39, 342
60, 651
32, 188
dolls, per gall.68
.68
.68
.68
.58
.75
.88

January

February

11, 590
10, 048
15, 367
1,995
3.00

10, 414
9,611
16, 230
999
3.00

March

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
cent increase
(+)
or decrease
(-)
1925
from
1924

1924

1925

+6.3
+45.6
-44.6
-44.1
-4.2

64, 889
47, 619

57, 228
52, 181

-11.8
+9.6

7,737

7,546

-2.5

+3.8
-0.6
+5.0
+14.6
-14.7

-0.5
-16.8
-31.9
-35.1
-22.7

3, 458, 888
3, 228, 219

2,925,504
2, 722, 626

-15. 4
-15.7

313, 327

233, 391

-25.5

CHEMICALS AND OILS-Contimied
Wood Chemicals
Acetate of lime:
Production
Shipments or use
Stocks, end of month
Exports
Price
_
_.
Methanol:
Production
_
Shipments or use
Stocks, end of month
Exports
Price
Wood at chemical plants:
Consumption (carbonized)
Stocks, end of month
Grain alcohol: b
Production
Withdrawn for
denaturation
Warehouse stocks, end of
month

thous. of Ibs
thous. of Ibsthous. of Ibs .
thous. of Ibs-dolls, per cwt-

11, 373
10, 886
17, 383
1,098
3.00

62, 614
478, 422

55, 351
495, 186

61, 430
497, 605

62, 678
565, 947

65, 284
561, 038

74, 596
849, 991

67, 841
866, 518

+4.2
-0.9

-3.8
-25.3

373, 531

307, 357

-17.7

thous. of galls

16, 323

13, 120

12, 592

12, 096

12, 718

8,788

8,891

+5.1

+43.0

52, 853

66, 849

+26.5

thous. of galls

13, 690

9,722

9,682

10, 168

9,971

6,357

6,758

-1.9

+47.5

41, 568

53, 233

+28.1

thous. of galls ..

1,932

4,037

5,010

5,983

7,832

6,235

7,244

+30.9

+8.1

(Black powder, permissibles, and other high
explosives)
Production
thous. of Ibs
Shipments.
-thous. of Ibs ._
Sales
thous. of Ibs..
Stocks.-.
thous. of Ibs..

33, 479
35, 296
34, 541
16, 480

36, 527
34, 074
31, 675
18, 976

34, 211
33, 354
31, 269
20, 358

33, 504
33, 727
33, 451
19, 501

32, 718
33, 769
32, 165
18, 272

33, 858
33, 674
31, 398
17, 299

30, 179
31, 043
31,561
17, 744

+2.3
+0.1
-3.8
-6.3

+8.4
+8.8
+1.9
+3.0

165, 708
167, 500
161, 334

170,439
170, 121
163, 101

+2.9
+1.6
+1.1

8,391
49, 556

6,167
37, 606

5,907
22, 831

16, 695
20, 373

34, 379
26, 761

15, 581
22, 456

34, 949 +105. 9
23, 595 +31.4

-1.6
+13.4

71,936

71, 539

-0.6

barrels-51, 279
barrels _ . 222, 857

49, 322
199, 896

50, 137
171, 197

57, 080
154, 244

106, 424
161, 970

57, 310
203, 159

112,571
234, 644

-5.5
-31.0

313,040

314, 242

+0.4

+21.0 +12.0
-17.3 -36.1

19, 569
474, 572

25, 697
298, 266

+31.3
-37.2

-0.8
+6.0

108, 274
108, 378

92, 734
90, 712

-14.4
-16.3

611, 504

+66.5

cords _ _
_ cords _ _

Explosives

Naval Stores
Turpentine (3 principal ports) :
Net receipts
Stocks, end of month
Rosin (3 principal ports):
Net receipts ._
Stocks, end of month.

barrels. .
barrels . -

+86.4
+5.0

Fats and Oils
Total vegetable oils:
Exports
Imports
Oleomargarine:
Production
Consumption

:

thous of Ibs
thous. of Ibs

9,454
59, 445

4,880
52, 617

5,392
79, 213

2,702
58, 556

3,269
48, 435

3,552
108, 935

2,919
75, 806

thous. of lbs_ .
thous. of Ibs-.

19, 177
19, 109

17, 288
15, 846

19, 729
20, 125

18, 941
17, 090

17, 599
18, 542

20, 461
20, 083

17, 732
17, 493

-7.1
+8.5

898, 671

599, 626

324, 782

144, 271

53, 259

130, 120

66, 182

-63.1

-19.5

120, 997
210, 409
.112

126, 745
157, 905
.107

89, 168
116, 384
.111

70, 504
76, 577
.111

44, 247
50, 232
.107

73, 369
46, 204
.101

52, 130
30, 848
.098

-37.2
-34.4
-3.6

-15. 1
+62.8
+9.2

367, 201

1,253
228

750
109

683
97

372
117

393
332

210
100

294
+5.6
210 +183. 8

+33.7
+58.1

1,375
683

173
324

142
283

163
228

99
154

46
287

146
133

101
157

-53.5
+86.4

-54.5
+82.8

686
850

434
888

400
636

367
400

361
274

290
212

81
187

70
188

-19.7 +314. 3
-22.6 +12.8

Cottonsced
Cottonseed stocks, end of month
tons..
Cottonseed oil:
Stocks, end of month
thous. of Ibs..
Production
thous of Ibs
Price, New York
dolls, per Ib _
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 of Ibs
Linseed-oil cake: Shipments from
Minneapolis
thous. of lbs_.

14, 720

14, 468

14, 810

14, 043

13, 331

8,930

6,213

31, 226

29, 847

20, 933

15, 680

12, 332

8,765

6,978

-5.1 +114. 6

3,451 +151.0
883 +29.3
623
1,276

-9.2
+50.1

52, 320

71,372

+36.4

-21.4

+76.7

72, 258

110,018

+52. 3

590, 037
282, 636
872, 673
7,206

+3.0

+80.1

47, 218

66, 319

+40.5

45, 258
62, 299
15, 368
16, 646

-22.9
-16.3
+69.4
+48.1

-18.4
-21.8
+14.9
+26.6

79, 166
62, 499

89, 998
89, 692

+13.7
+43.5

1.177
1.066

+8.2
+11.2

+42.4
+77.5

FOODSTUFFS
Wheat
Production, monthly estimate: 8
Winter
thous. of bushs. _
444, 833 407, 156 403, 851
Spring
thous. of bushs. _
253, 729 275, 739
Total
thous. of bushs _ _
660, 885 679, 590
Exports, including
flour
thous. of bushs
12, 928
11, 612
16, 202
12, 601
12, 976
8,418
Visible supply:
United States
thous. of bushs..
81, 796
74, 167
63, 327
47, 864
36, 911
57,383
Canada . . ^
thous . of bushs _ . 79, 341
76, 187
75, 048 i 58, 212
48, 744
93, 380
Receipts, principal markets... thous. of bushs.. 24, 734
19, 923
17, 260
10, 422
17, 659
10, 123
Shipments, prin. markets
thous. of bushs._
19, 884
16, 168
18, 367
14, 226
12, 017
21, 067
Prices:
No. 1, northern, Chicago. .dolls, per bush..
1.909
1.841
1.689
1.549
1.676
1.128
No. 2, red winter, Chicago.dolls. per bush._
2.006
1.984
1.767
1. 892
1.701
1.038
1
Revised.
6
See table on page 27 of the April, 1925, issue for earlier data.
8 Estimated as of first of second month following month stated; i. e., figures in the April column refer to June
Data for a year ago. represent final estimate of the 1924 crop.




1 estimate, and in the May column to July 1 estimate.

.40

TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)
OR DECREASE (—)

1921

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

+1.4
+1.1
+2.0
+4.9

-14.2
-13.2
-17.2
-8.5

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
centincrease
(
or1?
decrease
(-)
1925
from
1924

1924

1925

192, 191

178, 830

-7.0
-5.4
-11.1

47, 535

43,583

-7.1
-3.7

FOODSTUFFS-Continued
Wheat Flour
(Bureau of the Census)
"Wheat, ground
thous. of bushs..
Production, wheat
flour
thous. of bbls..
Production, grain offal
thous. of lbs._
Per cent of capacity operated
per cent..

31,066

31,486
6,857

37, 720

8,248

33,548
7,347

648, 197
53

576, 955

536,263

546, 812
43

11, 705
10, 017
7,400

10, 189

9,307
8,370
6,400

8,183

9,800
6,850

8,151

9.694

9.850

9.035

8.805

8.669

7.969

7,692
879

7,037

7,552

659

689

1,698
11, 159
1,536
9,623

1,557
7,133
1,519
5,614

1,769

896
28, 812
37,038
14,290
6,751

704
34, 199
21, 274

6,199

13,692
5,672

1.271

1.242

1.165

23,474

73, 570
984

14, 110
72, 386
843

12,856
63,886

.596

4,940

45, 010
9,853
762, 489
58

6,781

35, 680

7,682
643,588
45

36,688
7,896
660, 271
47

39,086
41, 336
3,454,212 3,070,716

(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 straits, Kansas
City
dolls, per bbl._

9,521

7,967
5,700

8,588
6,700

9,765
9,089
6,400

-0.4 -16.5
+7.2 -12.3
-8.1 -10.9

8.250

8.869

6.350

6.638

+7.5

+33.6

7.038

7.215

5.294

5.470

+2.5

+31.9

5,585

4,562

6,464

8,361
905

-18.3
-11.6

-45.4
-34.4

38,790
5,274

1,881

-18.4
-6.3
-26.6
+7.2

-46.0
-47.3
-62.2
-35.9

8,710
77, 667
30, 108
47, 559

14, 679

3,641

-75.2

138,053

105, 018

5,027

-24.0 -54.5
-24.9 +40.7
+13.1 -28.3
-29.4 -42.7
-4.9
-0.9

91, 680

33,209

64,553
28,844

-23.9
-29.6
-13.1

.786

+5.1 +44.7

79, 263

73,959

-6.7

7,429
6,200

51, 150
45, 259

Canadian Milling /

Qrindings:
Wheat
thous. of bbls .
Oats
thous. of bushs
Production:
Wheat
flour
-thous. of bbls..
Total oatmeal and rolled oats.thous. of Ibs..
Oatmeal
thous. of Ibs.
Rolled oats
thous. of Ibs. .

1,668

7,469
5,700

672

1,244

7,358
2,926
4,432

594

1,015

6,898

2,148

4,750

857

1,449

11,350
2,985
8,365

13,083
5,677
7,406

Corn
Production, monthly est.8
Tnills. of htishs
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

12,270

896

36,526
24, 916

1,109
25, 253
10, 224
14, 243

5,240
1.082

3, 095, 176
843

18,960

11, 566
10, 058

2,150
19, 735
17, 535
15, 912

4,983

6,437

1.137

.790

2,436,513

1,853

13,480

16, 131
17, 546

Other Grains

Oats:
Production, monthly est.8 thous. of bushs
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:
Production,
monthly
8
est.
. _
thous. of bushs
Receipts, principal
markets
.
thous. of bushs
Exports
..
thous. of bushs _
Price fair to good, malting
Chicago
_ _ dolls, per bush..
Rye:
Production, monthly est.8 thous. of bushs..
Receipts, principal
markets
thous. of bushs
Exports, includingflour...thous. of bushs. .
Price, No. 2, Chicago
dolls, per bush..

1, 295, 456 1, 292, 101

11,845
3,908

13,737
6,720

.454

.484

.489

.488

204, 687

208,475

2,038

2,662

35, 331

1,006

.570

.492

1,522

4,210
881

3,359

.973

.996

864

1, 541, 900
13, 769
10, 656
185

11, 679
48, 082
917

934

706

.803

.922

.875

.883

53, 317

54,104

833

+6.6

1,769

7,658 +332. 9

-0.8

187, 875

2,804

1,608

57,968

+1.4 -13.8
-26.5 +425. 8

137 +326. 2

2,204

448

.761

+30.6 +20.8
+72.2 +258. 9
+0.9

14, 298

3,035

17, 209

5,809

+20.4
+91.4

+16.0

63,446

2,134
1,208
1.585

2,823
944
1.579

2,408

1,506
10, 749
1.118

4,554
5,795

1.353

1.190

960
2,147
.662

17, 538
Total grain exports, incl. flour. .thous. of bushs..
Car loadings of grain and grain products. . .cars. . 197, 182

14, 984
178, 416

21,376
188,059

26, 310
131, 086

25, 130
145, 808

148,097

160, 351

—4.5 +115. 8
+11.2 —9.1

9,255
2,000
3,000

11, 110

12, 210

11, 100

8,880
4,000
5,200

6,660
8,400
2,600

—9.1 +66.7
+66.7 —28.6
+4.5 +76.9

2,488 +202. 4 +83.0
1,999 —46.1 +189.9
.671
+6.4 +77.3

8,870
5,734

11, 850 +33.6
21, 104 +268.1

Total Grains
13, 606

11,643

72, 435
893, 275

105, 338
840, 561

+45.4
—5.9

Argentine Grains
Visible supply, end of month:
Wheat...
thous. of bushs..
Corn
thous. of bushs..
Flaxseed
thous. of bushs..

7,400
3,200
2,800

2,000
3,200

3,600
4,400

6,000
4,600

Rice
80, 057
43,129
34, 465
Southern paddy, receipts at mills
__bbls._ 448, 306 197, 214
11,000
13, 986 —68.1 —21.3 2, 119, 349
734, 114 —65.4
Shipments:
470,
496
981, 194
Total from mills. .
pockets (100 Ibs.)
543, 246
496, 485
389, 915
337, 221
305, 995 —13.5 +10.2 3, 626, 814 2, 748, 061
24 2
95, 165
New Orleans . _
pockets (100 Ibs.) 219, 817 128, 858 118, 163
95, 082
117, 128
71, 433 +23.2 +64.0
679, 048 —12.5
776, 204
Stocks, end of month:
718, 226
Mills and dealers
pockets (100 lbs.)__ 1, 867, 227 1, 559, 679 1, 059, 649 674, 106 363, 747
429,803 —46.0 —15.4
41, 497
35, 498
Imports
pockets (100 Ibs.)
78, 493
98, 554
60,728
55, 333
32, 978
-8.9 +67.8
203, 915
334, 605 +64.1
Exports
_
pockets (100 lbs.)_. 108. 979 114. 109
116. 428
79. 085
63. 246
52. 574
75. 847 — Ifi. 9 — 30. 7
417 QQQ
*1 i
854 221
/See
table
on
page
28
of
the
May,
1925,
issue
for
earlier
data.
8
Estimated as of first of second month following month stated, i. e., figures in the April column refer to June 1 estimate, and in the May column July 1 estimate.
Data for a year ago represent final estimate of the 1924 crop.




41

TREND OF BUSINESS MOVEMENTS—Continued
INCREASE (+)
OR DECREASE (—)

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

PER CENT

1924

1925

Per
cent increase
(
ort>
decrease
(-)
1925
from
1924

May,
1925,
over
May,
1924

1924

1925

—48.9
—30.7
+10.8
—29.8
—23.0
—22.9

27, 692
96, 848
11, 423
57, 176
420, 664

15, 767
100, 836
11, 062
52, 496
346, 103

—43.1
+4.1
—3.2
-8.2
—17.7

—4.9
81
—9.3 —19.3
—20.3 —21.5
—3.4 —1.6

8,542

8,823

3,174
1,111

5,582

+3.3
—0.1
+0.8
+5.1

2, 051, 535
2, 035, 077
62, 226

2, 119, 417
2, 127, 049
52, 791

+3.3
+4.5
—15.1

May,
1925,
from
April,
1925

April

May

April

May

761 *— 66.0
2,201 —31. 2
17,506
-0.7
2,752 —33. 4
10, 817 —20.0
70, 455 +18.2

FOODSTUFFS-Continued
Other Crops
Apples:
Cold-storage holdings
(end of month)
thous of bbls
5,233
Car-lot shipments
carloads. .
4,980
Potatoes, car -lot shipments
carloads
21, 159
Onions, car-lot shipments
__ carloads..
2,713
Citrus fruits, car -lot shipments
carloads
12, 036
Hay, receipts
..tons.. 101, 595

3,761
3,802
19, 886
1,984
11,402
69, 869

2,272
3,244
20, 862
1,533
11, 309
74, 305

1,143
2,216
19, 532
2, 900
10, 417
45, 985

389
1,525
19, 397
1,932
8,332
54, 349

2,080
3,373
18, 406
2,270
12, 680
65, 624

1,869
708
207
1,150

1,530
555
176
967

1,860
645
241
1,179

1,827
664
271
1,163

1,737
602
216
1,123

1,751
627
239
1,108

1 1, 890
746
275
1,141

480, 692
473, 652
9,412

346, 086
347, 328
8,652

425, 740
421, 760
18, 476

431, 009
439, 922
12, 004

435, 890
444, 387
14, 247

398, 288
400, 792
13, 827

445, 590
445, 895
13, 911

+1.1
+1.0
+18.7

—2.2
—0.7
+2.4

140, 705

130, 809

116, 318

96, 223

74, 552

78, 423

66, 063

—22.5

+12.8

9.313
.183
.133

9.469
.183
.135

10. 200
.183
.148

9.988
.183
.153

9.656
.178
.162

10. 775
.170
.155

10. 269
.170
.169

—3.3
—2.7
+5.9

—6.0
+4.7
—4.1

6,105
2,176
38
3,910

4,558
1,580
35
3,010

3,528
1,239
92
2,285

3,246
1,199
41
2,039

3,283
1,346
36
1,931

4,374
1,559
57
2,809

4,321
1,608
46
2,735

+1.1
+12.3
—12.2
—5.3

—24.0
—16.3
—21.7
—29.4

25, 116

20, 720

252
15, 763

7,540

242
.13, 175

—17.5
—19.3
—4.0
—16.4

950, 738
612, 981
144, 221

726, 051
483, 656
114, 706

547, 772
459, 494
123, 281

519, 331
447, 835
83, 215

555, 823
364, 411
109, 073

690, 514
556, 581
137, 577

720, 999
589, 565
114, 759

+7.0 —22. 9
—18. 6 —38.2
+31.1 —5.0

3, 998, 053
2, 870, 914
843, 107

3, 299, 715
2, 368, 377
574, 496

—17.5
—17.5
—31.9

778, 792

865, 355

979, 739

965, 688

887, 071 1, 010, 649 1, 019, 048

—8.1 —13.0

194, 189
78, 440

161, 697
60, 363

115, 016
63, 281

113, 277
44, 447

110, 324
71, 135

170, 096
73, 307

167, 289
62, 648

—2.6 —34.1
+60.0 +13. 5

930, 984
469, 349

694, 503
317, 666

—25.4
—32.3

112, 704

151, 927

150, 182

151, 499

138, 324

102, 317

127, 949

—8.7

+8.1

10. 800
.219
.166

11. 150
.231
.161

13. 480
.269
.171

12. 575
.282
.161

12. 181
.256
.163

7.425
.190
.113

7.444
.194
.110

—3.1
—9.2
+1.2

+63.6
+32.0
+48.2

1,467
688
138
786

1,388
675
119
711

1,504
670
' 95
836

1,541
704
109
833

1,689
877
178
830

1,348
613
105
726

1,344
629
118
723

+9.6
+24.6
+63.3
-0.4

+25.7
+39.4
+50.8
+14.8

3,362

3,614
639

7,589

+5.9
+7.5
+13.9
+4.8

39, 655
40, 270

34, 945
34, 955

40, 572
40, 671

40, 610
40, 641

40, 698
40, 702

33, 848
34, 214

37, 187
37, 179

+0.2
+0.2

+9.4
+9.5

184, 337

196,480

+6.6
+6.4

2,336

2,294

2,090

1,998

1,920

2,493

2,272

-3.9

-15.5

8.688
17. 625

8.438
17. 213

9.175
16. 050

7.919
14. 156

6.531
12. 281

9.938
15. 938

6. 625
14. 219

-17.5
-13.2

-1.4
-13.6

115, 605

99, 003

-14.4

76, 587

88, 227

+15.2

249, 326

257, 860

+3.4

78, 902

76, 818

-2.6

8,005

8,434

+5.4

Cattle and Calves
Cattle movement, primary markets:
Receipts
thousands
Shipments, total
thousands
Shipments, stocker and feeder ..thousands..
Local slaughter
thousands
Beef products:
Inspected slaughter product.. thous. of lbs_.
Apparent consumption
thous. of lbs._
Exports
thous. of Ibs
Cold-storage holdings
(end of month)
thous. of Ibs
Prices, Chicago:
Cattle, corn-fed
dolls per 100 Ibs
Beef, fresh native steers
dolls, per Ib .
Beef, steer rounds, No. 2
dolls, per lb..

3,178
1,102
5,310

Hogs and Pork
Hog movements, primary markets:
Receipts .
thousands
Shipments, total
thousands Shipments, stocker and feeder. .thousands..
Local slaughter
thousands
Pork products, total:
Inspected slaughter product, .thous. of Ibs..
Apparent consumption
.thous. of Ibs. .
Exports
thous. oflbs..
Cold-storage holdings
(end of month)
thous of Ibs
Lard (included in pork products) :
Production
thous. of Ibs
Exports .
. thous. of Ibs..
Cold-storage holdings
(end of month)
thous of Ibs
Prices:
Hogs, heavy, Chicago dolls, per 100 lbs_.
Hams smoked, Chicago
dolls per Ib
Lard prime contract N Y dolls per Ib

9,345

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 lbs_.
Cold-storage holdings
(<?Tld of month)
thons nflh<?
Prices:
Sheep, ewes, Chicago
dolls, per 100 lbs_.
Sheep, lambs, Chicago... dolls, per 100 lbs._

7,168

561
3,813

185,425

3,996

197, 239

Poultry
..thous. of Ibs. .

30, 460

21, 256

14, 870

15, 768

16, 649

15, 608

17, 742

+5.6

-6.2

thous. of Ibs..

138, 139

130, 513

108, 608

82, 732

68, 277

52, 068

39, 247

-17.5

+74.0

Total catch, prin.fishingports. . -thous. of lbs._ 11, 028
55, 308
Cold-storage holdings, 15th of mo.thous. of lbs._
394,433
Canned salmon, shipments
cases

18, 181
42, 878
371, 422

23, 708
29, 633
203, 520

18, 143
i 22, 442
113, 206

17, 167
23, 570
132,926

16, 535
21, 489
195, 188

15,446
21, 840
200, 300

-5.4
+5.0
+17.4

+11.1
+7.9
-33.6

46, 569

42, 513

48, 925

51, 119

68, 732

52, 344

65, 366

+34.5

+5.1

45, 748
.414

28, 789
.412

10, 875
.467

3,739
.437

12, 863
.420

8,913
.384

22, 328 +244. 0
.383
-3.9

-42.4
+9.7

Receipts at 5 markets. _
Cold-storage holdings
(end of month).
_.
Fish

Dairy Products
Butter:
Receipts, 5 markets
thous. of Ibs..
Cold-storage holdings, creamery (end of month)...
thous. of Ibs..
Wholesale price, 5 markets
dolls, per lb._
Cheese:
Receipts, 5 markets
thous. of Ibs
Cold-storage and holdings, American (end of month)
..thous. of Ibs..
^^holesale price 5 markets dolls per Ib
Eggs:
Receipts, 5 markets
thous. of Ibs..
Cold-storage holdings (case).. thous. of lbs_.
1 Revised.




I

15, 378

12, 845

14, 464

15, 562

18, 569

16, 440

19, 010

+19.3

-2.3

41, 551
.228

34, 647
.229

27, 716
.226

26, 147
.224

29, 471
.214

26, 202
.182

27, 148
.184

+12.7
-4.5

+8.6
+16.3

634
81

1,163
21

1,824
1.240

2,553
4.872

2,260
7.707

2,487
3.563

2,610
6,944

-11.5
+58.2

-13.4
+11.0

42
TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)
OR DECREASE (—)

1924

In many cases June figures are now
available and may be found in the
special table on page 27
March

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

90,869

110, 565

140, 713

191, 722

142, 838

199, 602

+36.3

-3.9

12, 321
5,956
72, 460

13,554
5,537
91, 309

17,585
5,683
117, 321

31,029
• 9, 994
150, 414

18,064
12, 720
111,816

25,088
19, 031
155, 163

+76.5 +23.7
+75.9 -47.5
+28.2 .-3.1

47, 333

69, 330

103, 895

153, 239

100, 802

153, 926

+47.5

-0.6

2,628
2,407
42, 187

1,702
2,557
64,936

8,273
2,504
93,000

22, 706
6,302
123, 990

14, 774
5,595
80,201

21, 722 +174. 5
9,710 +151. 7
122, 174 +33.3

+4.5
-35.1
+1.5

2,961
6,700
386

2,674
6,417
295

3,757
9,490
205

3,519
10, 732
286

5,926
9,379
243

6,986
6,933
371

14, 149
2,281
21, 765

16, 472
2,603
24, 879

16,663
2,500
24,747

17, 472
2,676
28, 763

15, 862
2,396
23, 185

162,010
97, 761

192, 375
106, 128

220, 759
105, 152

257,421
109, 813

33, 105

41, 935

49,960

25, 684
4,959
502

36, 929
6,049
1,334

53, 865
9,469
2,314

372, 911
313, 242

446, 354
551, 892

137, 829
14, 108

January February

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
ent increase
(+)
or decrease
(-)
1925
from
1924

1924

1925

-6.3 -49.6
+13.1 +54.8
+39.5 -22.9

31, 210
65, 176
1,356

17, 612
39,291
1,507

-43.6
-39.7
+11.1

17, 263
2,577
25, 503

+4.9
+7.0
+16.2

+1.2
+3.9
+12.8

77, 528
12,042

79, 284
12, 473

+2.3
+3.6

250, 078
99, 327

266, 151
107, 104

+16.6
+4.4

-3.3
+2.5

1, 114, 720
496, 765

986, 030
520, 434

-11.5
+4.8

56, 020

50, 431

50,647

+12.1 +10.6

244, 927

209, 489

-14.5

55, 433
29, 172
6,982

52, 349
42, 027
5,943

60,845
37, 889
9,626

+2.9 -8.9
+208. 1 -23.0
+201. 7 -27.5

209, 875
136, 781
26, 371

187, 776
56,548
11,784

-10.5
-58.7
—55. 3

486, 599
545, 078

407, 005
450, 652

384, 952
426, 955

370, 001
432, 206

-16.4 +10.0
-17.3 +4.3

1, 861, 952
1, 975, 199

1, 987, 379
2, 156, 965

+6.7
+9.2

184, 668
21, 455

280, 444
20,284

354, 416
32, 258

277, 027
25, 342

338, 092
30, 055

+26.4
+59.0

+4.8
+7.3

80, 490

95, 161

+18.2

403

432

518

102

174

347

-80.3

-70.6

24, 704

4,451

-82.0

.046
.058
140

.047
.059
140

.045
.056
136

.043
.055
131

.064
.079
181

.056
.073
167

-4.4
-1.8
-3.7

-23.2
-24.7
-21.6

876, 210
836, 676
615, 616
677, 797
536, 148
447, 557
802, 936 1, 158, 245 1, 290, 663

634, 044
380, 109
945, 715

375, 924
376, 019
929, 239

-26.4 +63.8
-16.5 +19.0
+11.4 +38.9

3, 150, 943
2, 239, 173

3, 800, 035
2, 540, 861

+20.6
+13.5

FOODSTUFFS— Continued
MUk
Stocks, manufacturer's, end of month:
Total
.
thous. oflbs * 91, 205
CondensedCase goods
thous. of Ibs
12, 208
7,066
Bulk goods
thous. oflbs
Evaporated, case goods
thous. of Ibs. _ 71, 857
Unsold stocks, manufacturer's, end of month:
Total
thous. of lbs_. 35, 318
Condensed—
2,209
Case goods
_. thous. of lbs._
3,113
Bulk goods
-_ thous. oflbs
Evaporated, case goods
thous. of lbs_. 29, 929
Exports:
Condensed
thous. of Ibs
4,701
5,952
Evaporated
_._
thous. of Ibs..
Powdered..
thous. oflbs .
335
Fluid milk:
ReceiptsBoston (includ. cream) ..thous. of qts_- 14, 528
Greater New York
thous. of cans..
2,413
Production, Minneapolis
thous. of lbs._ 22,488
Consumption and distribution by milk plants
(Dairymen's League, N. Y.) •
Total milk consumed or sold -thous. of Ibs., 153, 465
Fluid milk sold.
thous. oflbs.. 101, 580
Milk consumed for manufacture of—
Soft cheese, ice cream and
condensed milk
thous. of Ibs. . 28,469
Milk chocolate and milk
powder
thous. of lbs_. 15, 865
6,899
Butter.. _
thous. of lbs_.
American cheese.thous. oflbs..
652
Sugar
Raw:
Imports.
_.
..longtons.. 274, 510
Meltings, 8 ports
long tons
296, 101
Stocks at refineries
(end of month)
long tons
94, 110
Refined, exports
long tons
7,056
Cane, domestic:
Receipts at New Orleans. __
long tons .
2,996
Prices:
Wholesale, 96° centrifugal,
N. Y
dolls, perlb..046
Wholesale refined, N. Y
dolls, per lb_.
.061
Retail, average 51 cities
index number. .
147
Cuban movement:
Receipts at Cuban ports.
long tons
637, 599
Exports
long tons
375, 213
Stocks, end of month
long tons.. 293, 891
Coffee
Imports
_
Visible supply:
World
United States
Receipts, total, Brazil
Clearances:
Total, Brazil for World
Total, Brazil, for U. S

833, 934
504, 146
623, 658

..thous. oflbs..

109, 048

79, 992

135, 167

86, 097

79, 548

111,957

121, 600

thous. of bags _
thous. of bags..
thous. of bags.-.

5,290
713
874

5,112
652
765

5,329
888
889

5,353
695
715

5,123
537
498

4,351
634
1,131

4,665
657
1,073

thous. of bags..
thous. of bags..

1,042
623

756
377

770
462

679
278

618
292

728
463

940
466

thous. of lbs_.

7,661

6,084

7,417

4,786

4,183

5,922

475
6,652

452
5,681

504
6,270

494
6,048

515
6,465

501
5,323

35, 457

33, 172

34, 346

34, 159

34, 338

32, 866

34, 948

36, 150
707
93, 551

24, 127
735
51, 833

32, 475
721
14, 556

30, 850
970
4,307

22, 415
1,004
944

63, 732
1,135
4,800

43,950
1,165
4,795

24.50

24.50

24.50

24.50

24.50

28.00

28.00

0.0

-12.5

1,907
942
517

1,840
1,037
428

2,104
1,221
510

1,951
1,114
452

1,823
987
444

2,159
1,296
524

2,354
1,334
630

-6.6
-11.4
-1.8

-22.5
-26.0
-29.5

None.

None.

None.

3,604

11, 210

1,610

9,873

+211. 0

+13.5

81, 087

95, 907

91, 787

98, 417

96, 500

81, 528

69, 916

-1.9

+38.0

365. 970

345.183

401. 371

572. 528

633. 605

411. 479

606. 667

4-10.7

4-4.4

2. 082. 900

-34.6

608, 719

489, 852

-19.5

-4.7 +9.8
-22.3 -18.3
-30.3 -53.6

5,602

3,741

-33. 2

-9.0
+5.0

-34.3
-37.3

5,114
2,645

3,865
2,032

-26.4
-23.2

4,173

-12.6

+0.2

29, 183

30, 131

+3.2

553
6,392

+4.1
+6.9

-6.9
+1.1

2,573
28, 096

2,440
31, 116

-5.2
+10.7

+0.5

-1.7

176, 205

171, 472

-2.7

-27.3 -49.0
+3.5 -13.8
-78.1 -80.3

266, 598
4,607
158, 708

146, 017
4,137
165, 191

-45.2
-10.2
+4.1

11, 456
6,756
2,754

9,625
5,301
2,351

-16.0
-21.5
-14.6

11, 483

14, 814

+29.0

387, 969

463, 698

+19.5

-7.6

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 lbs__
Cigarettes ... _
millions
Sales of loose-leaf warehouses
thous. of lbs._
Price, wholesale, Burley good leaf,
dark red, Louisville
dolls, per lOOlbs..
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..
Sault Ste. Marie
Canals
thous. of short tons
Mississippi River:
Government-owned barges
tonsOhio River, Pittsburgh, Pa., to
Wheeling. W. Va
.short tons.




2. SIR. fi<V7 4-11 3

43

TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)
OR DECREASE (—)

1994

In many cases June figures are now
available and may be found in the
special table on page 27

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
cent increase
( }
or tdecrease
(-)
1925
from
1924

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

mi

1925

6,551
3,324
3,227

+5.3
+1.6
+9.8

-12.7
-27.6
+2.8

25, 138
11, 181
13, 958

25, 366
10, 289
15, 079

+0.9
-7.0
+8.0

5,308
2,470
2,839

6,464
3,242
3,222

+6.0
+1.4
+9.4

-7.8
-24.8
+9.2

25, 546
11, 448
14, 099

26, 306
10, 407
15, 900

+3.0
-9. 1
+12.8

24.9
25.6

28.1
25.3

28.4
25.7

-4.6
-1.5

-12.3
-0.4

131, 212
160, 913
337, 181

140, 676
133, 559
323, 624

101, 648
193, 061
329, 489

133, 216
168, 913
338, 526

+7.2
-17.0
-4.0

+5.6
-20.9
-4.4

5
25
60

None.
15
15

4
None.
7

42
97
177

43
17
151

-46.7

-95.4

185,047
8.0

186, 417
8.1

189, 514
8.2

195, 986
8.4

179, 275
7.9

189, 219
8.3

+3.4
+2.4

+0.2
-1.2

3,652
178
128
774
316
42
2,214

4,558
188
140
806
404
59
2,960

3,722
131
110
596
313
91
2,481

3,934
146
111
642
307
250
2,471

3,499
148
117
539
305
70
2,320

336, 800
77, 566
454, 996
355, 555
64, 920
33, 575

360, 608
79, 572
486, 481
377, 265
73, 117
35, 335

347, 029
78, 373
473, 497
370, 623
66, 199
33, 577

359, 170
82, 004
488, 683
375, 755
75, 857
37, 147

342, 907
85, 223
475, 232
377, 827
62, 299
31, 926

344, 787
85, 618
477, 529
381, 486
60, 930
33, 915

5,652
4,993
2,503

6,270
5,421
2,651

6,008
5,168
2,701

6,367
5,182
2,777

5,878
5,175
2,681

11, 404
17.7

11,611
18.1

11, 101
17.3

10, 902
17.0

11, 440
17.8

May

April

January

February

4,456
1,721
2,736

4,527
1,747
2,780

5,227
2,046
3,181

5,434
2,369
3,066

5,722
2,406
3,316

5,107
2,318
2,790

5,126
1,820
3,307

4,550
1,750
2,800

5,051
1,603
3,058

5,622
2,405
3,217

5,957
2,439
3,518

29.8
26.9

27.8
25.5

27.0
25.6

26.1
26.0

103, 209
69, 736
213, 921

103, 177
138, 425
285, 015

113, 615
185, 724
344, 959

61
44
406

100
10
167

186, 539
8.1

3,555
197
146
861
265
40
2,046

March

April

May

TRANSPORTATION— Continued
Ocean Traffic
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
thous of net tons
American
thous. of net tons..
Foreign...
thous. of net tons..
Freight rates, Atlantic ports to:
United Kingdom, index number (Jan.,
1920— 100)
All Europe, index number (Jan., 1920=100).
Freight Cars
Surplus (daily av. last week of month) :
Box
_
.number..
Coal.
number
Total
number
Shortage (daily av. last week of month) :
Box
_
number..
Coal
number
Total
number
Cars in bad order:
Total, end of month
cars
Ratio to total on line
per cent
Car loadings (monthly totals):
Total
thous. of ears..
Grain and grain products._.thous. of cars..
Livestock
thous. of cars..
Coal and coke
..thous. of cars..
Forest products
thous. of cars
Ore
thous. of cars. _
Merchandise and misc
thous. of cars..

|

—90.7

3,655
+5.7 +7.6
-8.7
160 +11.5
+0.9 -12.6
127
575
+7.7 -11.7
297
-1.9 +3.4
199 +174. 7 -125.6
-7.6
-0.4
2,297

18, 741
893
676
3,670
1,580
397
11, 525

19, 421
840
636
3,686
1,605
482
12, 171

+3.6
-5.9
-5.9
+0.3
+1.6
+21.4
+5.6

+3.5
+4.8
+3.2
+1.4
+14.6
+10.6

+4.2
-4.2
+2.3
-1.5
+24.5
+9.5

1, 745, 510
433, 090
2, 406, 572
1,909,922
326, 543
172, 754

1, 754, 226
406, 189
2, 388, 431
1,862,933
349,935
176, 669

+0.5
-6.2
-0.8
-2.5
+7.2
+2.3

5,831
5,158
2,685

+5.8
+0.3
+2.8

+9.2
+0.5
+3.4

28, 868
25, 706
13, 214

30, 617
25, 966
13, 432

+6.1
+1.0
+1.6

10, 875
16.9

-1.8
-1.7

+0.2
+0.5

0.0
+0.1
-14.0
+5.8
-57.9
-59.4
-3.2
-2.4

-0.7
+0.9
-3.9
+14.1
+60.7
+105. 0
-26.4
+700. 0

911
48, 098
753
20, 868

748
35, 368
1,133
34, 705

-17.9
-26.5
+50.5
+66.3

+0.1 +1.9
+0.2 +3.6
-5.6 +41.1
-6.1 +39.4
-6.4
-17.5
-6.8
-20.8
-15.9 -37.4
+12.0 +266. 5

54, 454
5,027
48, 606
3,893

69, 530
6,585
48,542
3,851

+27.7
+31.0
-0.1
-1.1

Railroad Operations
Kevenue:
Freight
thous. of dolls
350, 619
Passenger
thous. of dolls..
88, 674
Total operating
thous. of dolls. . 484, 774
Operating expenses
...thous. of dolls.. 383, 735
Net operating income.
thous. of dolls. _
65, 842
Freight carried
mills, ton-miles. . 37, 035
Pullman company operations:
Revenue
.thous. of dolls..
6,320
5,202
Expenses
_ _ thous. of dolls
Passengers carried
thousands
2,800
Locomotives in bad order:
Total end of month
number
11, 314
Per cent of total in use
per cent
17.6
Equipment Installations
Locomotives (Am. Ry. Assn.):
64,942
64, 896
64, 509
64, 484
Owned (end of month)
number
64,779
64,747
64, 824
Tractive power
thous of Ibs 2, 590, 525 2, 591, 619 2, 592, 940 2, 587, 347 2, 589, 913 2, 561, 363 2, 565, 706
153
97
147
171
Installed during month ... . _ number167
125
138
6,949
4,167
7,498
7,931
6,233
6,250
Tractive power. ...
thous. of Ibs
7,456
112
107
172
409
169
Retired during month
number
213
170
v
2, 600
5,329
2,881
4,889
13, 126
6,242
5,119
Tractive power .
thous . of Ibs
447
552
329
340
315
280
293
11
82
80
Building in R R shops
number
81
77
83
t io
Freight cars (Am. Ry. Assn.):
2,
312,
237
2,
312,
074
2,
353,
956
2,
356,
641
2, 341, 109 2, 346, 687 2, 350, 697
202, 606
202, 448
209, 804
209, 368
208, 908
208, 339
Capacity
mills of Ibs
207, 626
9,199
8,718
12,
982
13,
749
16, 007
Installed during month
number. . 11, 768
15, 024
879
732
1,225
1,305
1,444
1,508
1,103
Capacity
mills of Ibs
9,059
8,026
8,658
10, 497
12, 067
Retired during month
_ . number. . 7,867
9,453
720
671
613
847
654
730
949
Capacity..
mills, of Ibs..
57, 266
59, 550
42, 602
35, 823
45, 419
50, 603
Unfilled orders (end of month).. .number. . 58, 910
2,739
2,467
9,042
5,572
8,072
5,285
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
_ number
. ._ number_ _




.number..
number. _
number..

38, 292
852

45, 700
1,267

58, 082
3,171

66, 476
2,888

124, 205
11, 059

58, 330
2,118

97, 794 +92.6
7,274 +282. 9

+27.0
+52.0

277, 174
14, 070

332, 755
19, 237

+20.1
+36.7

20, 952
16, 987

20, 913
23, 186

26, 619
29, 228

26, 744
26, Oil

26, 045
22, 540

38, 375
24, 253

32, 985
19, 607

-2.6
-13.3

-21.0
+15.0

170, 724
106, 805

121, 273
117, 952

-29.0
+10.4

6,183
22, 538
8,640

4,087
23, 211
8,816

4,993
24, 604
15, 304

5,684
23, 700
25, 040

8,403
20, 262
31, 985

5,394
20, 791
19, 655

6,634
25, 467
26, 347

+47.8
-14.5
+27.7

+26.7
-20.4
+21.4

25, 659
110, 746
72, 030

29, 350
114,315
89, 785

+14.4
+3.2
+24.7

44

TREND OF BUSINESS MOVEMENTS—Continued
1925

PER CENT
INCREASE (+)
OR DECREASE (—)

1924

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

April

May

April

May

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

Per
cent increase
or decrease

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

1924

1925

1925
from
1924

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 street rys. mfg.
plants, etc."
mills, of kw. hours..
Central stations A_.mills. of kw. hours. _
Consumption of fuels —
Coal
thous. of short tons..
Oil
thous. of bbls
Gas
millions of cu. ft

52, 023
12,492

49, 890
11, 782

52, 762
12, 852

52, 945
13, 230

53, 119
12, 187

46, 987
10, 337

48, 217
10, 269

+0.3
-7.9

+10.2
+18.7

233, 569
49, 747

9,392
11, 593
1,596

8,820
10, 869
1,340

9,821
12, 071
1,816

9,684
11, 861
1,657

9, 652
11,966
1,646

8,800
10, 880
1,438

8,874
11, 083
1,498

-0:3
+0.9
-0.5

+8.8
+8.0
+9.9

43,831
54,340
6,995

5,572
1,695
3,877

4,982
1,741
3,241

5,364
2,040
3,324

5,152
2,022
3,131

5,185
2, 023
3,162

4,739
1,857
2,882

4,794
1,950
2,844

+0.6
0.0
+1.0

+8.2
+3.7
+11.2.

24,541
8,761
15, 780

26, 255
9,521
16,735

+7.0
+8.7
+6.1

450
5,122

384
4, 598

400
4,964

374
4, 778

377
4,808

378
4, 361

372
4,422

+0.8
+0.6

+1.3
+8.7

3,714
1,376
2,955

3,127
994
2,540

3,174
834
3,302

2,960
699
3,453

2,962
680
3,520

2,891
1,234
2,820

2,821
1,209
3,018

+0.1
-2.8
+1.9

+5.0
-43.8
+16.6

15, 940
7,148
14, 092

15, 937
4,583
15, 770

0.0
-35.9
+11.9

505
211
119.6
100.0

511
226
120.1
98.9

502
237
120.1
97.9

495
237
121.1
96.9

524
232
122.5
106.9

503
214
116.1
104.2

-1.4
0.0
+0.8
-1.0

-1.6
+10.7
+4.3
-6.0

863, 579
617, 628
517, 607

828, 092
576, 958
496, 620

-4.1
-6.6
-4.1

EMPLOYMENT
Number employed, State and city reports:
New York State
thousands. _
497
Detroit
thousands. _
208
Wisconsin (relative to 1915) .index number..
117.5
Illinois (relative to 1922) index number. .
98.5
Massachusetts (relative to
1914)
index number..
92.6
Total pay roll:
New York State.
...thous. of dolls..
14, 048
Wisconsin (relative to 1915) .index number. _
263.9
Average weekly earnings:
New York State
dolls..
28.29
Illinois (relative to 1922) index number..
111.9
Wisconsin (relative to 1915) .index number. .
224.0
Massachusetts (relative to
1914)
index number. .
189.5
Average weekly earnings (National Industrial
Conference Board) :
Grand total (both sexes)
dollars .
27.09
Total male
dollars..
29.20
Skilled male
dollars
30.75
Unskilled male
_
dollars..
24.02
Total women
dollars..
17.79
Average weekly hours:
Nominal (both sexes)
_
hours . _
49.8
Actual (both sexes)
hours..
48.5
Employment agency operations:
Workers registered
number
146, 136
Jobs registered
.number .
83, 856
Workers placed
number. _ 72,600
Average applicants per job.
number _.
1.74
Federal civilian employees, Washington, D. C
number..
65, 938
Wages of common labor by geographic divisions:
44
New England
__
cents per hour..
52
Middle Atlantic
cents per hour..
22
South Atlantic.
cents per hour..
East South Central
cents per hour..
21
West South Central. _
cents per hour..
28
East North Central
.cents per hour..
34
West North Central
cents per hour..
36
Mountain
.cents per hour..
39
52
Pacific
cents per hour..
United States average
cents per. hour..
, 36

93.9

93.6

92.4

90.3

92.3

88.3

-2.3

+2.3

14, 133
280.8

14, 532
279.1

13, 881
280.5

13, 891
289.4

14, 530
276.3

13,847
266.1

+0.1
+3.2

+0.3
+8.8

27.97
113.9
234.1

28.45
112.1
231.7

27.67
113.2
232.9

28.07
113.0
238.4

27.70
112.6
226.2

27.54
112.0
229.5

+1.4
-0.2
+2.4

+1.9
+0.9
+3.9

189.1

188.9

184.5

185.4

218.6

216.4

+0.5

-14.3

27.12
29.35
30.96
23.81
17.70

27.19
29.45
31.09
23.86
17.62

27.01
29.25
30.85
23.75
17.44

26.78
29.50
31. 19
23.66
17.50

26.67
28.81
30.55
23.19
17.17

26.10
28.11
29.75
22.75
16.74

-0.9
+0.9
+1.1
-0.4
+0.3

+2.6
+4.9
+4.9
+4.0
+4.5

49.9
48.6

49.9
48.6

49.9
48.2

50.1
48.1

49.9
47.4

49.9
46.6

+0.4
-0.2

+0.4
+3.2

148, 080
90, 720
77, 424
1.63

193, 292
132, 886
113, 724
1.45

182, 304
147, 240
125, 184
1.24

158, 280
122, 256
107, 688
1.29

205, 039
163, 119
137, 772
1.26

176, 441
129, 672
112, 109
1.36

—13.2
-17.0
-14.0
+4.0

-10.3
-5.7
-3.9
-5.1

65, 505

64, 884

65, 037

64,611

64, 531

64, 614

-0.7

0.0

45
46
23
26
29
41
39
39
51
38

48
44
25
24
28
36
41
43
53
38

47
46
29
23
27
37
37
42
53
38

46
42
28
26
24
37
38
45
52
38

52
48
27
25
26
41
35
41
53
39

51
47
27
25
26
41
36
41
51
38

-2.1
-8.7
-3.4
+13.0
-11.1
0.0
+2.7
+7.1
-1.9
0.0

-9.8
-10.6
+3.7
+4.0
-7.7
-9.8
+5.6
+9.8
+2.0
0.0

34, 746
22,082
12,664

33, 756
21, 033
12, 723

35, 837
19, 817
16, 020

36, 275
21, 747
14, 528

29, 529
17, 469
12, 060

33, 836
20, 099
13, 737

27, 404
16, 318
11, 086

-18.6
-19.7
-17.0

+7.8
+7.1
+8.8

153, 666
90, 979
62, 687

170, 143
102, 148
67, 995

+10.7
+12.3
+8.5

25, 379
14, 204
1,366
6,672
259
1,707
176
2,796
160

26, 115
14, 843
1,371
6,644
262
1,778
176
2,850
160

29, 681
16, 916
1,381
7,453
267
2,019
174
3,293
160

32, 707
18, 890
1,389
8,150
267
2,255
176
3,412
160

31,988
18, 510
1,397
7,838
273
2,095
173
3,545
160

29, 725
17, 257
1,293
7,370
240
2,087
169
3,013
154

29, 212
17, 077
1,299
7,157
242
1,963
169
3,017
154

-2.2 +9.5
-2.0 +8.4
+0.6 +7.5
-3.8 +9.5
+2.2 +12.8
-7.1 +6.7
-1.7 +2.4
+3.9 +17.5
0.0
+4.9

130, 783
75, 805

145, 870
83,363

+11.5
+10. 0

32, 878

36, 757

+11.8

8,851

9,854

+11.3

13, 258

15, 896

+19.9

1,983

1,837

2,005

9,516

9,698

+1.9

-1.6
+16.2
24, 031
28, 590
+0.9 +18.2
+7.4
-1.8
29, 584
28, 741
+0.9
+6.4
+6.0
+5.4
9,432
8,740
+0.4
+6.5
-2.3 -6.0
6,845
6,606
0.0
0.0
See table on page 29 of the April, 1925, issue for earlier data.

+19.0

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:
Childs Co., sales
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
.




3,934
568
5,389
2,547
1,808
256
1,327
84

4,225
6,051
582
568
5,211
5,829
2,537
2,611
1,759
1,898
258
260
1,242
1,394
84
84
e See table on page 28 of the March, 1925, issue for earlier data.

1, 954 '

1,919

1,887

7,240
585
5,934
2,633
1,926
262
1,337
85

7,140
590
6,378
2,656
2,041
263
1,306
85

5,961
497
5,911
2,480
1,737
248
1,210
84

k

1,896
6,144
499
6,494
2,497
1,937
247
1,390
85

-1.8

+1.2

-2.8
+7.9
-3.5

45

TREND OF BUSINESS MOVEMENTS—Continued
PER CENT
INCREASE (+)
OR DECREASE (—)

1924

1925

In many cases June figures are now
available and may be found in the
special table on page 27
January February March

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

1924

1925

+0.9
+3.5

13, 015
498,272

12,801
502,436

Per
cent increase
(+)
or decrease
(-)
1925
from
1924

DISTRIBUTION MOVEMENT-Contd.
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)—
Quantity
number..
Value
thous. of dolls..
Foreign issued
thous. of dolls..
Delinquent accounts, electrical trade:
Amount
dollars..
N^irnbfir of
firms
rjnmhfir^ -,
Hardware trade: •'
Sales index „___
_
.
i Outstanding accounts (number of times
sales)
.
Internal-revenue taxes collected:
Firearms and shells
thous. of dolls..
Jewelry, 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..

' 1, 975
93,088

2,222
85, 803

2,443
106,501

2,392
107, 902

2,232
109, 142

2,411
107, 420

2,212
105, 412

-6.7
+1.2

27,271

25, 644

29,085

29,083

27, 455

26, 918

25, 914

-5.6

+5.9

131, 590

138, 538

+5.3

2,979

2,856

3,035

3,108

2,873

2,818

2,651

-7.6

+8.4

32,943

14, 851

-54.9

11,188
61, 179

10,533
74, 014

12,909
91,845

12,031
87,883

10, 486
78, 573

12,046
87,981.

8,006
81, 618

—12.8
-10.6

+31.0
-3.7

53,394
431, 418

57, 147
393, 494

+7.0
-8.8

3, 127
30, 563
2,716

2,960
28,683
2,840

3,605
33, 512
3,540

3,234
31,097
3,278

3,014
30, 230
3,206

3,062
30,360
3,336

2,950
30, 434
3,406

-6.8
-2.8
-2. 2

+2.2
-0.7
-5.9

15,200
151, 369
15,529

15,940
154,085
15,580

+4.9
+1.8
+0.3

198, 225
1,336

223, 650
1,456

231, 914
1,817

216,954
1,953

228, 827
1,774

208,601
1,629

204,935
1,748

+5.5
-9.2

+11.7
+1.5

129

126

151

151

139

161

147

-7.9

-5.4

2.0

2.1

1.8

1.9

1.8

1.9

2.0

-5.3

-10.0
648

1,012

+56.2
-64.5
-69.2

+3.8 +135. 7

-1,6
+0.8

170

120

139

286

297

158

126

1,602
2,276

1,110
2,127

522
2,229

565
2,313

455
1,844

1,491
7,163

1,500
6,572

-19.3
-20.3

-69.7
-71.9

11, 968
34,972

4,254
10, 789

2,633
1,556

2,280
1,513

2,457
1,201

2,860
1,293

2,612
910

3,850
703

3,815
674

-8.7
-21.6

-31. 5
+35.0

19, 073
3,948

12,842
6,473

-32.7
+64.0

178, 402
618, 425
178
797, 005

185,907 219, 283 215, 715 241, 349
732, 120 809, 517 803,384 882,325
114
143
143
129
918, 141 1, 028, 929 1, 019, 242 1, 123, 817

213, 613
705,346
112
919,071

223, 473
760, 648
111
984, 232

+11.9
+9.8
0.0
+10.3

+8.0
+16.0
+28.8
+14.2

1,028,845 1,040,656
3, 575, 624 3,845,771
707
535
4, 605, 004 4, 887, 134

+1.1
+7.6
+32.1
+6.1

844, 304
47,477

940, 796 1, 055, 816 1, 056, 354 1, 146, 899
22,769
37, 255
23,225
27, 016

943, 717 1, 004, 127
24,758
20,006

+8.6 +14.2 4, 696, 787
-37. 7. . +16. 1
92, 318

5, 044, 069
157, 742

+7.4
+70.9

537,504
147,441
68,969
753, 914

558, 754
177, 666
36,728
773, 148

668,447
193, 604
40,822
902, 874

651, 735
196, 895
66,428
915, 059

722, 962
217, 735
39,106
979, 803

580, 949
158, 557
44, 269
783, 775

600, 324
173, 629
35,002
808, 955

+10.9
+10.6
-41.1
+7-1

+20.4
+25.4
+11.7
+21.1

2, 813, 577 3, 139, 402
933, 341
812, 396
252,053
148,859
3, 774, 831 4, 324, 798

+11.6
+14.9
+69.3
+14.6

116,835
36, 550
4,171
157, 556

116, 975
32,901
3,125
153,000

128,544
37, 022
9,173
174, 738

128, 710
33,829
5,124
167, 663

127, 080
36, 573
3,586
167, 240

113, 205
29,235
2,545
144,985

114, 686
32,963
2,435
150, 084

-1.3
+8.1
-30.0
-0.3

+10.8
+11.0
+47.3
+11.4

8,549

8,606

8,673

8,755

8,825

7,936

7,994

+0.7

+10.4

3,377
1,456
1,921

3,410
1,460
1,950

3,449
1,474
1,975

3,496
1,483
2,013

3,542
1,492
2,050

3,049
1,382
1,666

3,084
1,394
1,691

+1.1 +14.9
+0.9
+7.0
+1.5 +21.2

3,547
1,082
1,922
441
102

3,561
1,078
1,927
454
102

3,583
1,067
1,939
474
102

3,595
1,061
1,946
486
103

3,624
1,055
1,960
506
104

3,388
1,138
1,813
345
92

3,403
1,124
1,833
354
93

+0.4
+6.5
-1.2
—6.2
+1.1 +6.9
+2.6 +42.9
+1.1 +11.8

1,027
599

1,032
602

1,039
603

1,048
615

1,057
602

981
519

987
519

+0.6
0.0

+7.1
+16.0

(81 companies) :
thous. of dolls.. 559, 916
thous. of dolls.. 238, 217
thous. of dolls.. 120,740
thous. of dolls.. 81, 576
thous. of dolls . 62, 662
56, 721
thous. of dolls..

611,480
259,837
131, 410
92, 431
72, 367
55,435

702,994
284,997
152,821
111, 129
85, Oil
69,036

711, 504
293,164
148, 131
114,682
86,460
69,067

732,952
297,740
153, 845
116, 235
92,963
72, 169

662, 591
274,522
142, 996
98,652
81, 478
64,943

638, 768
252,343
139, 517
99, 914
78,975
68,019

+3.0
+1.6
+3.9
+1.4
+7.5
+4.5

+14.7
+18.0
+10.3
+16.3
+17.7
+5.9

3, 054, 058
1,267,785
664,916
451,887
365,363
304,107

3,318,846
1, 373, 955
706,947
516, 053
399,463
322,428

+8.7
+8.4
+6.3
+14.3
+9.3
+6.0

26, 382
21, 219

23, 945
20,592

26, 179
20, 397

20, 654
18, 656

21,406
18, 639

+9.3
-0.9

+22.3
+9.4

105, 606
93,383

127, 112
103, 056

+20.4
+10.4

23,349
17,759

22,849
17,717

23, 847
17, 103

20,326
16,052

20, 722
15,928

+4.4
-3.5

+15.1
+7.4

99,507
79, 833

117, 823
86,772

+18.4
+8.7

378
1,709
663
3,008
2,184
77.3

400
1,684
628
2,993
2,187
77.3

414
1,671
640
2,982
2,202
77.0

447
1,926
426
3,223
2,005
82.0

430
1,891
421
3,214
1,997
82.7

BANKING AND FINANCE

Life Insurance
(Association of Life Insurance Presidents)
Policies, new (45 companies):
Ordinary
number of policies
Industrial . ..
number of policies
Group
number of contracts. .
Total.. .number of policies and contracts..
Policies and certificates issued:
Total policies and certificates
number—
Group insurance certificates—certificates. _.
Amount of new insurance (45 companies) :
Ordinary
thous. of dolls..
Industrial
thous. of dolls
Group
thous. of dolls..
Total insurance
thous. of dolls..
Premium collections (45 companies):
Ordinary
..
thous. of dolls..
Industrial
thous. of dolls..
Group
. .
. thous. of dolls..
Total
.
thous. of dolls..
Admitted life insurance assets (41 companies):
Grand total
mills, of dolls..
Mortgage loansTotal
mills, of dolls..
Farm
mills, of dolls..
All other
mills of dolls
Bonds and stocks (book values) —
Total
mills, of dolls..
Government
mills of dolls
Railroad
mills, of dolls..
Public utilities
mills of dolls.
All others
mills, of dolls. .
Policy loans and premium
notes
mills, of dolls..
Other admitted assets
mills, of dolls..

553, 520
155, 079
11,968
720,567

618, 144 +11.7
176, 875 +14.1
25, 179 +110. 4
820, 197 +13.8

(Life Insurance Sales Research Bureau}
Sales of ordinary life insurance
United States total
Eastern manuf. district
Western manuf. district
Western agric. district
Southern district.
Far Western district
Banking
Debits to individual accounts:
22, 924
New York City
mills, of dolls.. 27, 682
18, 571
Outside New York City.... mills, of dolls- 22, 277
Bank clearings:
21, 057
New York City
mills, of dolls.. 26, 721
15, 668
Outside New York City.... mills, of dolls- 18, 525
Federal reserve banks:
274
434
Bills discounted..
mills, of dolls..
1,684
1,729
Notes in circulation
mills of dolls
715
696
Total investments
mills, of dolls ..
3,083
3,030
Total reserves
mills, of dolls..
2,265
2,270
Total deposits
mills, of dolls75.8 1
78.0
Reserve ratio......
per cent—
< See table on p. 28 of the April, 1925, issue for earlier data.




+3.5
-3.7
-0.8 -11.6
+1.9 +52.0
-0.4
-7.2
+0.7 +10.3
-0.4
-6.9

46
TREND OF BUSINESS MOVEMENTS—Continued
1995

PER CENT
INCREASE (+)
OR DECREASE (—)

1924

In many cases June figures are now
available and may be found in the
special table on page 27
January February March

April

May

April

May

May,
1925,

May,
1925,

1925

May,
1924

from
April,

over

CUMULATIVE TOTAL
FROM JANUARY 1
THROUGH LATEST
MONTH

1924

1925

Per
ent increase
( }
or tdecrease
(-)
1925
from
1924

BANKING AND FINANCE— Continued
Banking— Continued
Federal reserve member banks:
Total loans and discounts. ..mills, of dolls.. 13, 051
Total investments
mills, of dolls..
5,488
Net demand deposits
mills, of dolls .. 13, 014
Interest rates:
New York call loans
per cent- .
3.63
Commercial paper 4-6 mos
per cent-.
3. 63
Savings deposits, by Federal reserve districts
(balance to credit of depositors) :
Total, 846 banks
thous. of dolls. .7, 352, 486
Boston, 64 banks
thous. of dolls .. , 295, 931
New York, 30 banks.. -thous. of dolls.. 2,058,549
Philadelphia, 78 banks -thous. of dolls. . 518, 203
Cleveland, 18 banks .-thous. of dolls. . 506, 884
Richmond, 91 banks.. -thous. of dolls.. 330,002
Atlanta, 96 banks
thous. of dolls.. 231, 278
Chicago, 209 banks
thous. of dolls. . 924, 912
St. Louis, 32 banks
thous. of dolls.. 157, 486
Minneapolis, 15 banks-.thous. of dolls.. 95, 908
Kansas City, 56 banks -thous. of dolls. . 106, 855
Dallas, 85 banks
_. -thous. of dolls.. 68,434
San Francisco,72banks.thous. of dolls.. 1, 058, 044
TJ. S. Postal Savings
thous of dolls
133, 472
New York State Savings
banks
thous. of dolls.. 3, 409, 097
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..

13,143
5,396
12, 932

13, 140
5,478
12, 588

13,232
5,484
12, 814

13, 108
5,485
12, 645

12, 121
4,535
11, 439

11, 951
4,659
11, 403

3.81
3.66

4.00
3.94

4.00
3.97

3.95
3.88

4.44
4.63

3.63
4.23

7,429,237
,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
134, 033

7, 468, 662 7, 462, 769 7, 497, 371
1, 310, 807 , 310, 741 ,314,076
2,083,503 2, 077, 949 2, 079, 086
521, 786
521, 363
522, 105
512, 388
512, 129
517, 774
336, 269
344, 629
347, 148
238,246
242, 128
235, 180
933, 809
930, 626
941, 509
157, 264
158, 549
159, 127
97, 340
97, 845
96, 672
108, 842
107, 146
107, 908
71, 336
72, 118
72, 789
1, 099, 633 1, 091, 933 1, 097, 049
133, 892
133, 216
132, 808

6,988,843 7, 001, 598
1, 247, 828 , 249, 697
1,941,969 , 945, 064
487,634
487, 460
471,062
465, 639
308, 941
309, 589
228,250
229, 719
900, 802
904, 430
137, 545
139, 262
92, 967
89, 735
108, 918
110, 328
65, 818
66,020
1,002,532
999,232
132, 565
133, 072

3, 417, 732 3, 462, 469 3,468,903 3,464,585 3, 210, 507 3, 208, 840

-0.9 +9.7
0.0 +17.7
-1.3 +10.9
-1.2
-2.3

+8.8
-8.3

+0.5 +7.1
+0.3 +5.2
+0.1 +6.9
+0.1 +7,1
+1.1 +9.9
+0.7 +12.1
+1.6 +5.4
+1.2
+4.1
+0.4 +14.3
-0.7 +7.7
-2.2
+0.7
+0.9 +10.3
+0.5 +9.8
-0.3 -0.1
-0.1

+8.0

20, 789
21, 057
7,122
46, 968
171, 600

20, 658
20, 981
6,992
46, 190
173, 632

20,608
20,932
6,651
53, 858
600, 738

20, 605
20, 913
6,649
44, 642
182, 641

20, 603
20, 899
6,646
42,004
166,834

21, 354
21, 615
8,325
45, 696
214, 306

21, 287
21, 545
8,259
45, 221
190, 408

0.0
-0.1
0.0
-5.9
-8.7

^3.2
-3.0
-19.5
-7.1
-12.4

232, 602
1, 441, 017

233, 662
1, 295, 445

+0.5
-10.1

292, 457

161, 286

385, 129

324, 679

234, 116

327, 002

256, 085

-27.9

-8.6

1, 343, 310

1, 397, 667

+4.0

4,752
41.86

4,804
42.28

4,776
41.99

4,725
41.50

4,774
41.89

4,760
42.33

4,815
42.78

+1.0
+0.9

-0.9
-2.1

54,354

40, 123

34,005

37, 189

37,027

48,904

36, 591

-0.4

+1.2

270, 361

202, 698

-25.0

11,909
24, 655
17, 790

15, 334
21, 067
3,722

13, 375
17, 595
3,035

13,097
21, 536
2,556

18, 184
15, 820
3,023

23,137
18, 719
7,049

17, 157
15, 346
3,488

+38.8

-26.5
+18.3

+6.0
+3.1
-13.3

158, 485
90,428
20, 847

71,899
100, 673
30, 126

2,317
480
1,757
80

1,793
409
1,285
99

1,859
429
1,345
85

1,939
430
1,427
82

1,767
400
1,286
81

1,707
438
1,178
91

1,816
507
1,215
94

-8.9
-7.0
-9.9
-1.2

-2.7
-21.1
+5.8
-13.8

9,178
2,332
6,335
411

9,675
2,148
7,100
427

-54.6
+11.3
+44.5
+5.4
-7.9
+12.1
+3.9

thous of dolls

201,000

333, 350

404, 700

328, 225

323,100

316,475

305, 925

-1.6

+5.6

1, 934, 500

2, 045, 455

thous. of dolls
thous. of dolls.
thous. of dolls
thous. of dolls

79,300
43, 100
29, 075
7,125

87, 950
51, 875
31,250
4,825

94, 450
59, 950
25, 025
9,475

59, 725
29,600
24,075
6,050

68,600
40, 650
23,450
4,500

56, 475
27, 975
23,100
5,400

65, 025
39, 075
22, 050
3,900

+14.9

—25.6

-2. 6

+5.5
+4.0
+6.3
+15.4

526, 299
279, 470
153, 345
44,900

548, 605
289, 590
160,045
48,800

413,404
95, 193

450, 171
53, 382

282, 355
70, 251

411,441
71, 134

260, 925
34,947

249,902
25,804

447, 252
48, 701

-36.6
-50.9

-41.7
-28.2

1,456,947
151,111

1, 818, 296 +24.8
324, 907 +115.0

70,401
438, 197

102, 701
400,852

80, 278
272, 328

141,469
341, 106

77, 521
218, 351

52, 705
223,001

248, 609
247,344

-45.2
-36.0

-68.8
-11.7

483, 157
1, 124, 902

472, 370
1, 670, 834

-2.2
+48.5

473,272

383,645

324, 254

355, 580

247,462

265, 954

181, 185

-30.4

+36.6

1, 210, 262

1,784,213

+47.4

109, 268
90,658
806,402

102, 132
96,837
886, 592

185,038
38,505
616, 117

132, 957
78, 733
528, 857

120, 241
80, 778
519, 897

+81.2
-60.2
-30.5

+53.9

544, 272
-52.3
353,016
+18,5 1 3,397,432

597, 591
336, 995
3,518,023

+9.8
-4.5
+3.5

Business Failures
Liabilities:
Total commercial
thous. of dolls. .
Manufacturing
establishments.thous. of dolls. Trade establishments
thous. of dolls
Agents and brokers
thous. of dolls .
Firms:
Total commercial _ _
number _
Manufacturing establishments. . .number .
Trade establishments
. number
Agents and brokers
. __ number .
Dividend and Interest Payments
(For the following month)
Grand total
Dividend payments:
Total
._
Indus, and misc. corp
Steam railroads
_
Street railways

+37.3

+5.7
+4.2
+3.6
+4.4
+8.7

New Security 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.




121,127
53, 375
777, 712

80,026
57,620
431, 200

47
TREND OF BUSINESS MOVEMENTS—Continued
PER CENT
INCREASE (+)
OR DECREASE ( — )

1924

1935

In many cases June figures are now
available and may be found in the
special table on page 27
January February March

CUMULATIVE TOTAL
FROM J A N U A R Y 1
THROUGH LATEST
MONTH

Per
cent in,
crease
(
or~P
decrease

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

1924

1925

1925
from
1924

-16.6
+0.6

-24.7
+11.2

84,640

61,830

-26.9

-6.2 +97.0
+1.6 +18.8

32, 172

61,967

+92.6

97, 819

172, 835

+76.7

1,003,246 1,427,174
164, 114
402, 770
1,406,016 1,591,288

+42.3
-59.3
+13.2

BANKING AND FINANCE-Continued
Agricultural Loans
By Federal farm loan banks:
Loans closed
-thous. of dolls. . 11, 969
Balance outstanding
.thous. of dolls.. 935,330
By jointrstock land banks:
Loans closed
thous . of dolls
9,945
Balance outstanding
thous. of dolls.. 454,393
By War Finance Corporation:
With banks and livestock loan companiesBalance outstanding thous. of dolls.. 37,158
With cooperative market associationsBalance outstanding... thous. of dolls. _
1,075
By Federal intermediate credit banks:
Direct loans and rediscountsClosed
thous of dolls
6,895
Balance outstanding thous. of dolls.. 63,258

13,458
944,995

14, 185
954, 265

12, 112
962, 662

10, 106
968, 713

16, 740
861,005

13,424
871, 189

11, 805
464, 874

16, 787
477,082

12,087
486,247

11,343
494, 165

6,554
411, 980

5, 758
416,091

35,283

33,316

31,219

30,034

64,930

63,615

1,075

975

938

843

1,523

1,299

-10. 1 -35.1

5,050
61,034

9,041
59,095

13,940
59, 249

13, 930
59, 979

13, 103
47, 865

8,855
48, 943

-0.1 +57.3
+1.2 +22.5

138.48
80.90
105.64

136.96
79.07
99.78

135.40
76.28
101.90

142.34
79.50
104.68

106. 71
62.09
81.00

106.43
62.53
80.30

+5.1 +33.7
+4.2 +27.1
+2.7 +30.4

38, 568

18,314

36,464

17,792

13,422

+99.1 +171.7

281,732 247,768
33, 316 , 30,283
315,048 278,051

313,612
25, 186
338, 798

185,466
93, 101
278, 567

180,440
91, 979
272, 419

+26.6 +73.8
-16.8 -72.6
+21.8 +24.4

84.42
70.62
67.39
72.34
73.17

—3.8

-52.8

Stocks and Bonds
Stock prices, closing:
25 industrials, average
dolls, per Share
135.38
25 railroads, average...
dolls, per share
79.97
103 stocks, average
dolls, per share105.06
Stock sales:
N. Y. Stock Exchange thous. of shares.. 46, 739
Bond sales:
Miscellaneous
thous . of dolls
303, 825
Liberty- Victory
thous. of dolls
48, 638
Total..
thous. of dolls.. 352,463
Bond prices:
Highest-grade rails .p. ct. of par, 4% bond..
85.82
Second-grade rails ..p. ct. of par, 4% bond..
75. 12
Public utility
p. ct. of par, 4% bond..
70.63
Industrial
p. ct. of par, 4% bond..
74.61
76.07
Comb, price index, .p. ct. of par, 4% bond..

32,750
280, 237
26, 691
306, 928

86.37
76.00
71.26
75.16
76.82

86.98
75.50
70.03
74.90
76.38

87.66
75.90
69.59
75.05
76.51

88. 91
77. 49
71.36
76.15
77. 97

83.58
69.52
67.53
72.03
72.67

+1.4
+2.1
+2.5
+1.5
+1.9

+5.3
+9.7
+5.9
+5.3
+6.6

(For 1st of following month)
5 Liberty bonds..
p. ct. of par
16 foreign governments and
city..
. p. ct. of par
Comb, price index, 66 bonds__.p. ct. of par
Municipal bond yield
per cent.
GOLD AND SILVER
Gold:
D omestic receipts at mint fine ounces . _
Rand output..
.thous. of ounces
Imports
thous. qf dblls__
Exports.
thous. of dolls.
Silver:
Production... ._ ._
thous. of fine oz
Imports.
_
thous. of dolls
Exports
_ .thous. of dolls. .
Price at New York
dolls, per fine oz
Price at London pence per standard oz_.

102. 21

102.11

102.03

102.62

102. 65

100.36

100.94

0.0

+1.7

103. 24
96.94
4.16

103.14
97.23
4.11

102. 32
96.76
4.10

102. 80
97.39
4.07

103.84
98. 15
3.99

99.89
94.25
4.30

100.00
94.74
4.26

+1.0
+0.8
-2.0

+3.8
+3.6
-6.3

87,030
824
5, 038
73,526

80,294
754
3,603
50,600

75,584
825
7,337
25,104

83,488
788
8,870
21,604

70,438
813
11,404
13, 378

78,870
769
45,418
1,391

78,501
809
41,074
593

-15.6
-10.3
+3.2 +0.5
+28.6 -72.2
-38.1

403,733
3,931
201,061
3,587

396, 834
4,004
36, 252
184, 212

-1.7
+1.9
-82.3

5, 509
7,339
11, 385
.684
32.197

5,077
4,929
6,833
.685
32.245

4,931
6,661
7,917
.678
31. 935

5,538
4,945
9,323
.669
31.372

5,423
3,390
6,536
.676
31.273

4,726
3,908
7,802
.641
33. 065

5,666
5,640
9,687
.655
33.870

-2.1 -4.3
-31.4
-39.9
-29.9 -32.5
+3.2
+1.0
-0.3 -7.7

26,503
29,649
42,930

26, 478
27,264
41, 994

-0.1
-8.0
-2.2

4.78
.054
.042
.051
.404
.270
.193

4.77
.053
.041
.051
.402
.270
.193

4.78
.052
.041
.051
.399
.270
.193

4.80
.052
.041
.051
.400
.269
.193

4.85
.052
.041
.050
.402
.268
.194

4.35
.062
.044
.052
.372
.264
.176

4.36
.058
.044
.049
.374
.265
.177

+1.0 +11.2
0.0 -10.3
0.0 -6.8
-2.0 +2.0
+0.5 +7.5
-0.4 +1.1
+0.5 +9.6

.385
.357

.391
.357

.410
.357

.418
.356

.419
.362

.409
.304

.402
.306

+0.2 +4.2
+1.7 +18. 3

.997
.911
.117
.114
64

.999
.903
.113
.108
64

.999
.897
.110
.111
63

.999
.869
.106
.112
63

1.000
.902
.103
.114
63

.981
.748
.112
.105
63

.983
.746
.110
.110
62

+0.1 +1.7
+3.8 +20.9
-2.8 -6.4
+3.6
+1.8
0.0 +1.6 i

FOBEIGN EXCHANGE BATES
Europe:
England
dolls, per £ sterling
France ...
dolls, per franc
Italy
dolls, per lire
Belgium _
.dolls, perfranc..
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 _
Argentina
dolls, per gold peso
Brazil
dolls, per milreis
Chile
dolls, per paper peso..
Qeneral index foreign exch
index number..




'

48
TREND OF BUSINESS MOVEMENTS—Continued
PER CENT
INCREASE (+)
OR DECREASE (—)

mi

1995

In many cases June figures are now
available and may be found in the
special table on page 27
January February

March

April

May

April

May

May,
1925,
from
April,
1925

May,
1925,
over
May,
1924

CUMULATIVE TOTAL
FROM JANUARY I
THROUGH LATEST
MONTH

1924

1925

Per
cent increase
or<•#
decrease
(-)
1925
from
1924

U. S. FOREIGN TRADE
Imports
Grand total
..thous. of dolls..
By grand divisions:
EuropeTotal
thous. of dolls
France
thous. of dolls
Germany
thous. of dolls
Italy . . .
thous. of dolls
United Kingdom
thous. of dolls..
North AmericaTotal
thous. of dolls .
Canada
thous. of dolls..
South America—
Total..
thous. of dolls..
Argentina
thous of dolls
Asia and Oceania—
Total
thous. of dolls _
Japan
thous. of dolls..
Africa, total
thous. of dolls
By class of commodities:
Crude materials
thous. of dolls..
Foodstuffs, crude, and
food animals
thous. of dolls..
Manufactured foodstuffs... thous. of dolls..
Semimanufactures _
thous. of dolls. .
Finished manufactures
thous. of dolls..
Miscellaneous
thous. of dolls

346, 184

333, 720

385,488

348, 698

327, 416

324,291

302,988

-6.1

+8.1

1, 575, 590

1, 741, 506

+10.5

102,806
13, 924
11,402
8,463
35, 178

100,968
14,880
12, 077
8,262
33, 893

112, 097
14, 153
13,080
9,512
40, 151

98,006
11,816
11,506
9,986
31, 377

92,097
10,405
9,514
8,514
31, 575

83,868
12, 708
9,525
7,198
28,893

84,247
11, 275
9,831
5,004
26, 129

-6.0
-11.9
-17.3
-14.7
+0.6

+9.3
-7.7
-3.2
+70.1
+20.8

440,044
61,563
52,791
29,175
148,820

505,974
65, 178
57, 579
44,737
172, 174

+15.0
+5.9
+9.1
+53.3
+15.7

77,546
32,950

83, 219
33, 651

91,297
34, 444

93, 352
33, 120

89; 132
37,560

94,363
33, 174

92,699
33, 355

-4.5
+13.4

-3.8
+12.6

474,828
167, 052

434, 546
171,725

-8.5
+2.8

42, 253
6,523

44, 053
10,212

58,451
8,584

46,661
11, 353

32,848
3,823

34, 525
7,444

39, 302
7,511

-29.6
-66.3

-16.4
-49.1

193, 125
36,421

224,266
40,495

+16.1
+11.2

112,928
33,284
10, 651

91, 072
23,181
13,044

113, 397
28,291
10, 245

100,574
23, 891
10, 105

108,585
22,567
4,753

104, 502
24,728
7,033

83,537
27,184
3,203

+8.0
-5.5
-53.0

+30.0
-17.0
+48.4

429, 751
128,965
39, 191

526, 556
131, 214
48, 798

+22.5
+1.7
+24.5

147, 597

128,603

142, 211

140, 540

135, 737

110, 589

104, 164

-3.4

+30.3

539,528

694,688

+28.8

38,066
32, 336
63, 104
62, 313
2,268

36, 778
39, 776
63,649
62,848
2,066

50, 157
46,848
75, 943
67, 913
2,415

36, 591
48,426
59,824
62, 305
1,012

34, 168
39,896
56,206
60,892
517

35,286
58,629
54,529
64,069
1,189

37,484
50,581
48,652
61, 677
430

-6.6
-17.6
-6.0
-2.3
-48.9

-8.8
-21.1
+15.5
-1.3
+20.2

170,339
273,448
284,033
300, 130
8,112

195, 760
207,282
318,726
316, 271
8,278

+14.9
-24.2
+12.2
+5.4
+2.0
•

Exports
Grand total, including
reexports, _ _
thous. of dolls..
By grand divisions:
EuropeTotalthous. of dolls .
France
thous. of dolls
Germany. _.
thous. of dolls .
Italy
thous. of dolls
United Kingdom
, thous. of dolls .
North AmericaTotalthous. of dolls
Canada
thous. of dolls
South America—
Total
thous. of dolls
Argentina
thous. of dolls._
Asia and Oceania—
Total
thous. of dolls
Japan
thous. of dolls..
Africa, total
thous. of dolls. .
Total, domestic exports only.. .thous. of dolls..
By classes of commodities:
Crude materials
thous. of dolls..
Foodstuffs, crude, and
food animals
thous. of dolls
Manufactured foodstuffs thous. of dolls..
Semimanufactures
thous. of dolls..
Finished manufactures
thous. of dolls..
Miscellaneous —
thous. of dolls. .
Agricultural exports (quantities) :«
All commodities
index number..
All commodities except
Cotton
indp.x Tinmhftr

446, 577

370, 740

453,434

399, 048

371,420

346,936

335,088

-6.9

+10.8

269,415
29,210
49, 615
22,668
113, 136

222,262
22, 855
43, 785
23,061
85,757

251,823
25,690
51,386
26,063
84,999

208,080
22,017
32,995
19, 171
73, 148

175, 785
20, 531
28,727
14,022
62,990

180,279
19, 915
32,874
15,226
65, 712

162, 178
22,073
28,271
11, 213
62,409

-15.5
-6.7
-12.9
-26.9
-13.9

+8.4
-7.0
+1.6
+25.1
+0.9

77,948
37,063

75, 125
39, 122

100,297
51, 179

92,723
49, 315

107,471
66,817

84,782
48,325

88,471
48,063

+15.9
+35.5

31, 745
12,893

25,463
9,939

33,548
12, 212

35,899
12, 242

35,690
12,263

25,206
8,903

24,764
8,841

-0.6
+0.2

60,885
27,875
6,584
440, 438

57, 742
15,803
5,330
364,835

58,961
21,388
8,805
445, 533

56,667
12, 751
7,679
391, 594

44,911
8,133
7,362
362, 757

49,288
13, 953
7,381
335, 734

54,038
15, 937
5,638
325, 839

168,194

128, 697

121, 690

83,908

65,640

80, 719

77,047

25,873
54,044
58,271
133, 059
997

23,554
46,277
47, 777
117,894
636

31, 102
55, 597
64,543
171, 553
1,048

36, 192
39, 386
60,704
170, 875
529

33, 626
41, 161
58,938
163, 057
335

13, 336
42, 693
50,986
147, 546
454

"10,638
37, 452
53,103
147, 348
251

149

114

123

94

83

87

76

-11.7

+9.2

149

120

150

131

133

144

117

+1.5

+13.7

61,430
71,164

84,638
95,888

59, 105
60,709

75, 895
97, 475

60,173
49, 518

72, 058
105,311

+28.4
+60.6

4,777
3,798
4,146

6,446
2,826
4,423

1,411
954
4,953

2,019
3,372
14,883

1,671
510
6,085

1,782,733 2, 041, 219

+14.5

915, 223
107,008
187,256
72, 313
344, 143

1,127,365
120, 303
206,508
104,985
420,030

+23.2
+12.4
+10.3
+45.2
+22.1

+21.5
+39.0

411,370
231,383

453,564
243,496

+10.3
+5.2

+44.1
+38.7

121, 514
43,726

162,345
59,549

+33.6
+36.2

289,554
279, 166
119,993
85,950
29,890
35,760
1,740,496 2, 005, 157

-3.6
-28.4
+19.6
+15.2
+16.0

-20.7 -16.9
-36.2 -49.0
-4.1 +30.6
-7.4
+11.3
-14.8

489, 934

568,129

-7.1 +216. 1
+4.5 +9.9
-2.9
+11.0
-4.6 +10.7
-36.7 +33. 5

67,685
241,567
259, 110
680, 037
2,663

150,347 +122. 1
236,465
-2.1
290,233 +12.0
756,438 +11.2
3,545 +33.1

+5.3
-7.4

346, 987
387, 131

339,444
401,235

2,585 +43.1
1,867 +253.5
41, 228 +200.5

-21.9
+80.6
-63.9

21,960
7,084
84,851

-21.8

CANADIAN TRADE AND INDUSTRY
Total trade:
58, 376
Imports
thous. of dolls
Exports
thous. of dolls.. 75,999
Exports of key commodities (quantities):
Canned salmon
thous. of pounds10, 525
3,581
Cheese
thous of pounds
6,103
Wheat
thous. of bush..
Production:
28
Pig iron .
thous, of long tons
27
Steel ingots
thous. of long tons..
1,364
Bank clearings
_
mills, of dolls..
Business failures:
5,058
Liabilities
_
thous. of dolls..
284
Firms
.
- ' .number .
Bond issues:
4,000
Govt. and provincial
thous. of dolls..
5,484
Municipal
thous of dolls
Corporation
_. thous. of dolls.. 35, 460
Newsprint paper:
121, 420
Production
short tons
Shipments
... short tons.. 122, 049
20,989
Stocks
short tons
Exports (total printing)
short tons.. 104, 654
Building contracts awarded
thous. of dolls..
8,935
0

1

25, 178 +14.7
14, 531 +105. 1
34,508 -59.3

30
37
1,069

64
108
1,151

60
88
1,229

63
100
1,290

84
104
1,215

85
108
1,380

+5.0
+13.6
+5.0

-25. 9
-7.4
-6.5

371
418
6,312

245
360
6,103

-34.0
-13.9
-3.3

2,602
185

3,392
199

2,049
145

6, 108
163

2,710
177

3,356 +198. 1
194 +12.4

+82.0
-16.0

24,659
1,114

19,209
976

-22.1
-12.4

39, 406
2,601
36, 175

4,588
14, 560

29, 240
4,080
7,045

3,500
7,544
5,885

14,000
9,259
1,200

3,925
5, 295
4,850

-88.0 -10.8
+84.9 +42.5
-16.5 +21.3

36,725
43,752
74, 831

76, 146 +107.3
24, 297 -44.5
99, 125 +32.5

115, 624
116, 595
20, 114
103, 857
11,048

126, 267
124, 426
21, 892
144, 411
13, 393

128, 911
124, 903
25, 832
93,882
24, 887

130, 013
128, 386
26, 848
115, 766
34, 052

116,283
114, 647
20, 978
80,872
30, 199

118,500
118, 306
20, 746
107, 784
32,967

See table on p. 27 of the March, 1925, issue for earlier data.




-2.2
+3.6

O

+0.9
+2.8
+3.9
+23.3
+36.8

+9.7
+8.5
+29.4
+7.4
+3.3

570, 822
564,044

622,235
616, 359

+9.0
+9.3

509,568
102, 537

562,570
91, 315

+10.4
-10.9

dr THE DEPARTMENT OF COMMENCE
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,
v
Bubb.emde, bags, <!Iirfcrilar jNo, -227v ; , ,
,
, Hmmet-shaped tce.bags. Circular No, 22S.; '
"
^'prictoon tape. Oireiilat \No. '22a
;^ ^Btibber insulating Jtape.' .^rcularlNo^ 2?0.
/, f 0 >bo*e are pfoin.ulglated fey -the JPederal Specification^
Board for use in the purchase of mat^rialsfiir^4he-yarious €K
ernnieaitfqepartmejits and agencies., -Price, Scents each*: v ;

BUEEA.U
Fishes ot flie
|f of Mafrie^ t>y Ben^ B. fiigfelow, Museum
of Cdinpara^e Zoology; Hai'Vard IP^i^er^ity,, 4pid :W. W^
W^to^G^e ^ientific ^ssistant^ tJnited^^tate Bureau of yish-^
eiies,-?-Bulletjin of the Bureau df .Fi^riesf Vbl. Xfj, 10^4y Part
I (D,oeumefit >No. 965); 56? pageys;, biblographyl ; index. Fujly
iHustrittedi bound in f>uc%ra^. ( M$4 $2.
'.
^
Goldfish, Their Care in Small Aquaria and Poiidsvby E; C^
^-Document No. $80; l^t pa^e^>:illus^ted. , Price, ^ ,

COAST ATifl) GmB^TK SURtElf

V Pofiable Automatic t'tde Gauge, by <*. T. Eude^^gpeeiaf
Publication No. 113. The purpose oi |his pufeiiycationis iov give ,
a description p| the portable automatic ^ tide gauge and to furnish the; field engineers vwith instructions for ift installation
operation. ' IHtiifcr^tld. Pricfe,40reen^s.
fertkflyake, lnve®li^t!oit in .t&e pttited States, by
ot:data con-.
/study, ^wSich '^ntai^ an ,e:
t, played in the Jones,— Sp^eiai PuBlteation, No.X113; This sinall p^nphl^t
corning therp^t ^hlcS / ^
bf ;of tesp£cial value to t stattes the ^eason for earthquake mvestigatioil; discusses; causes, «,
sei&mogr&phic recoils/ and iffear^ild/far earthquakes;; *and outt i^afrs.
those
' - *
.
.,,.,„%
lines, a < tentative' progteh for f^riher, investigatioiis.'
Blus..
",
(
Standard Specifications for Carbo nRails (A
traied. Price; 10 cents.% ^
( ; , > /
Results of Magnetic Observations Made by the United
Nol 201;
Sttaies Cofst ^nd Geodetic Sui-vey in 1924, ty Daniel L. Haons
pages*
by zard. —Special PubHcaSon No. 116^ i50 p^g^f; Price, JLQ cents,
industrial ..
e% 5 cents. .
the Anieman
ons for Low-Carbon Steel Splice Bars
Standard Si
h Edition.—Industrial Standards
<A'^4X^'"
Nc%
a payt^ljh© series described
'
^
Buoy List: Coast of Massachusetts (cbrreeted
to May
l
by Richard
ice,''2
. i
'
, " , *v"
.
Narragansett
Bay
to
Satae,
e May, induding New York
Bulle-»
itTect^d to AprS ^ 5 ) . ^ , $0 cents..
« wi 4\xo. o^?f i ^4 p^^».
Same. Delaware Bay aAd Rireiy Including PM^delpWa
taiibe In interi&tiMa!
t
J
Harbor (corrected to April lS),-*-Pri!Be, ^0
^d'l^tlxli |Mllettn?
turesof tt




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