Full text of Survey of Current Business : March 1928
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UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS MARCH, 1928 No. 79 COMPILED BY BUREAU OF THE CENSUS IN COOPERATION WITH BUREAU OP FOREIGN AND DOMESTIC AND BUREAU OF STANDARDS IMPORTANT NOTICE In addition to figures given from Government sources, there are also incorporated for completeness of service figures from other sources generally accepted by the trades, the authority and responsibility far which are noted in the "Sources of Data" on pages 139-142 of the February semiannual issue , Subscription,price of the SURVEY OF CURRENT BUSINESS is 31-50 a year,* single copies (monthly), 10 cents; semiannual issues, 25 cents/; Foreign subscriptions, 32.25; single copies (monthly issues), including postage, 14 cents; semiannual issues, 36 cents. Subscriptioh Tt price of COMMERCE REPORTS is 34 a year; with the SURVEY, 35.50 a year. Make remittances only to Superintendent of Documents,^ 'Washington, D. C./by postal money order, express order, or New York draft. Currency at sender's risk. Postage stamps or foreign ' money not accepted U . S . SOYERWMENT PRINTING O F F I C E : 1 9 2 8 INTRODUCTION T H E SURVEY OF CURRENT BUSINESS is designed to present each month a picture of the business situation by setting forth the principal facts regarding the various lines of trade and industry. At semiannual intervals detailed tables are published giving, for each item, monthly figures for the past two years and yearly comparisons, where available, back to 1913; also blank lines sufficient for six months have been left at the bottom of each table enabling those who care to do so to enter new figures as soon as they appear (see issue for February, 1928, No. 78). In the intervening months the more important comparisons only are given in the table entitled "Trend of business movements. " WEEKLY SUPPLEMENT Realizing that current statistics are highly perishable and that to be of use they must reach the business man at the earliest possible moment, the department has arranged to distribute supplements every week to subscribers in the United States. The supplements are usually mailed on Saturdays and give such information as has been received during the week ending on the preceding Tuesday. The monthly information contained in "these bulletins is republished in the SURVEY, and the supplements also contain charts and tables of weekly data. BASIC DATA The figures reported in the accompanying tables are very largely those already in existence. The chief function of the department is to bring together these data which, if available at all, are scattered in hundreds of different publications. A portion of these data are collected by Government departments, other figures are compiled by technical journals, and still others are reported by trade associations. RELATIVE NUMBERS To facilitate comparison between different important items and to chart series expressed in different units, relative numbers (often called " index numbers," a term referring more particularly to a special kind of number described below) have been calculated. In computing these relative numbers the last prewar year, 1913, or the first postwar year, 1919, have usually been used as a base equal to 100 wherever possible. More lately the average for 1923-1925 has been frequently taken as 100. The relative numbers are computed by allowing the monthly average for the base year or period to equal 100. If the movement for a current month is greater than the base, the relative number will be greater than 100, and vice versa. The difference between 100 and the relative number will give at once the per cent increase or decrease compared with the base period. Thus a relative number of 115 means an increase of 15 per cent over the base period, while a relative number of 80 means a decrease of 20 per cent from the base. Relative numbers may also be used to calculate the approximate percentage increase or decrease in a move- ment from one period to the next. Thus, if a relative number at one month is 120 and for a later month it is 144 there has been an increase of 20 per cent. INDEX NUMBERS When two or more series of relative numbers are combined by a system of weightings, the resulting series is denominated an index number. The index number, by combining many relative numbers, is designed to show the trend of an entire group of industries or for the country as a whole, instead of for the single commodity or industry which the relative number covers. Comparisons with the base year or with other periods are made in the same manner as in the case of relative numbers. RATIO CHARTS In many instances the charts used in the SURVEY are of the type termed "Ratio Charts 7 ' (logarithmic scale), notably the Business Indicator charts on page 2. These charts show the percentage increase and allow direct comparisons between the slope of one curve and that of any other curve regardless of its location on the diagram; that is, a 10 per cent increase in an item is given the same vertical movement whether its curve is near the bottom or near the top of the chart. The difference between this and the ordinary arithmetic form of chart can be made clear by an example. If a certain item, having a relative number of 400 in one month, increases 10 per cent in the following month, its relative number will be 440, and on an ordinary chart would be plotted 40 equidistant scale points higher than the preceding months. Another movement with a relative number of, say, 50 also increases 10 per cent, making its relative number 55. On the ordinary (arithmetic) scale this item would rise only 5 equidistant points, whereas the previous item rose 40 points, yet each showed the same percentage increase. The ratio charts avoid difficulty and give to each of the two movements exactly the same vertical rise, and hence the slopes of the two lines are directly comparable. The ratio charts compare percentage changes while the arithmetic charts compare absolute changes. OP CURRENT BUSINESS RECORD BOOK As an aid to readers in comparing present data with monthly statistics in previous years, the department is compiling a RECORD BOOK OF BUSINESS STATISTICS, in which data now carried in the SURVEY OP CURRENT BUSINESS are shown by months as far back as 1909, if available. Full descriptions of the figures and reports of how the data, are used in actual practice by business firms are contained in the RECORD BOOK. The sections covering textiles and metals have already been issued and may be obtained for 10 cents per cop3r from the Superintendent of Documents, Government Printing Office, Washington, D. C. (Do not send stamps.) Notices of other sections will be given in the SURVEY as they are issued. This issue presents practically complete data for the month of January and contains text covering the early weeks of February (page 1), for which the basic figures in table and chart form are presented regularly in the weekly supplements. As most data covering a particular month's business are not available until from 15 to 30 days after the close of the month, a complete picture of that month's operations can not be presented at an early date, but the weekly supplements give every week the latest data available. UNITED STATES DEPARTMENT OF COMMERCE SURVEY OF CURRENT BUSINESS COMPILED BY BUREAU OF THE CENSUS IN COOPERATION WITH BUREAU OF FOREIGN AND DOMESTIC COMMERCE AND BUREAU OF STANDARDS WASHINGTON No. 79 March, 1928 CONTENTS SUMMARIES Page Preliminary summary for February 1 Course of business in January 5 Business indicators (tables and charts) 2, 3 Wholesale prices (table and charts) 7,8,9 Indexes of business (production, prices, sales, etc.) 17 Automobiles, building, mining, manufacturing, electric power, and transportation (charts) 4 NEW DETAILED TABLES Commercial steel castings (revised) Fabricated structural steel (revised) Stocks of clinker Electric railway fares Gasoline, tank-wagon price Steel bars, shipments 20 21 21 21 21 21 INDEX BY SUBJECTS Textiles Metals and metal products Fuels Automobiles and rubber Hides and leather Paper and printing Building construction and housing Lumber products Stone, clay, and glass products Chemicals and oils Foodstuffs and tobacco Transportation and public utilities Employment and wages Distribution movement (trade, advertising, etc.). Banking and finance Foreign exchange and trade, gold and silver Text Table page Pag6 io 11 22 24 28 12 12 27,30 13 29 13 31 13 32 14 33 14 34 15 35 15 37 16 41 7 42 43 16 44 16 47 16 PRELIMINARY SUMMARY FOR FEBRUARY Business during the early weeks of February was running higher than in the corresponding period of 1927, as seen from the volume of checks passing through the banks for payment. The volume of goods moving through primary channels, as seen from figures on car loadings, however, was smaller than last year, the principal declines occurring in loadings of mineral and agricultural products. The value of new building contracts awarded during the early weeks of February showed about the same volume as a year ago. Employment in factories of Detroit, largely indicative of the automobile industry, was greater than in either the previous month or February, 1927. The output of crude petroleum showed a decline from both the preceding month and February of last year. Lumber production was running larger than in either prior period. The production of bituminous coal was smaller than in either the previous month or the same month of last year. Wholesale prices averaged higher than in either the preceding month or February, 1927. Loans and discounts of Federal reserve member banks receded from the preceding month and reached a level lower than at any time in about three months. Prices of stocks listed on the New York Stock Exchange averaged lower than in the previous month but were higher than a year ago. Bond prices showed little change from the previous month but were above the level of last year. Loans to brokers and dealers by Federal reserve member banks in New York City receded from the high point reached early in the month. Interest rates on call loans averaged higher than in either the previous month or February of last year. Time-money rates showed similar comparisons. Business failures were less numerous than in January, showing little change from a }^ear ago. Now ready.—Part II, Metals and Machinery, of the Record Book of Business Statistics, obtainable from the Superintendent of Documents, U. S. Government Printing Office, Washington, D. C , at 10 cents per copy (no stamps). 89514—28- MONTHLY BUSINESS INDICATORS, 1920-1927 [Ratio charts—see explanations on inside front cover. The curves on check payments, wholesale trade, sales of mail-order houses and 10-cent chains, and department stores have been adjusted for normal seasonal variations, and that on manufacturing production for the varying number of working days in the month] 1923 ! 1924 1 1925 1 1928 I 1927 1 1928 1923 1924 «a^_—_ , . l M . . , , . . | 1926 1925 FACTORY EMPLOYMENT i • 1927 i 1928 i JI20 ilOO i 60, | PIG IRON PRODUCTION 150 * I 80 BUILDING CONTRACTS FLOOR SPACE) 160 !00 80 60 50 1924 i 1925 ! 1926 ! 1927 1928 I 1 9 2 3 ! 1 9 2 4 I 1 9 2 5 I 1 9 2 6 1 1927" ! 1 9 2 8 60 MONTHLY BUSINESS INDICATORS The principal business indicators are shown below, all calculated on a comparable basis, the average for the years 1923 to 1925, inclusive. Thus the table gives a bird's-eye view of the business situation in a concise form, so that trends of the principal indicators may be seen at a glance. The items formerly shown in the table entitled " Business Summary," usually appearing on page 9 of previous issues, have been consolidated into this table. Certain indicators, in which there is a marked seasonal movement, are shown with the average seasonal variations eliminated, as noted below. In this manner a more understanding month-to-month comparison may be made. MONTHLY AVERAGE 1923 1924 1925 1926 1927 1927 1926 1928 Oct. ! Nov.! Dec. Jan. j Feb. | Mar. Apr. May June ! July | Aug. Sept. | Oct. ! Nov. Dec. Jan. 1 9 2 3 - 1 9 2 5 m o n t h l y average=100 Manufacturing production: t Total Pig iron Steel ingots Automobiles Cement _ Lumber (5 species) Cotton (consumption).. Wool (consumption) I j j 102.3J 111.7 104.8 102.1 92. l| 98.6 105.91 ; 112.8J j Raw material o u t p u t : Total Animal products Crops Forest products Minerals (all) Crude petroleum Bituminous coal _ Copper 94.3 86.7 88.7 90.5 99.8 96.2 89.7 94.61 103. 8| 106.9 104.5 110.5 103.0 101.5! 109.0| 101.0 111.6 108.3 106.4; 113.1 103.8 117.8 107.2 107.4J 109.2 87.9 103.9 79.6 108.11 110.0 115.3 133.5 114.2 105.2! 101.5 94.9 106.2 94.9 104. 4| 108.5 120.3 110.8 113.8 92. 6i 89. 7 97.0 103.6 100.9 98.0 98.3j 108.4 114.3 103.4 103.9| 98.4 116.6; 100.3 108.8; 109. 4! 130. l' 52.2 74. 2! 94. 7| 122.5 86.4 66.41 59. 4| 92. lj 84.4 78.9; 86. Oj 91.6; 117.9 117.8! 115. Oj 135.3 101.0 97.9! 97. oi 114.5 116.0! 113.4| 107.6 107.6 103.4J 98.8 98.6 116. lj 100.3| 91.9 100.4 125. 5J 100.0! 83.4 95.9 134. 4J 138. 6| 140.1 147.4 96.5 107.5 91.0 101. 9; 99.9 120.6 123.3J 129.1 110.9 123.4 92.8 93.6! 95.0J 84.1 98.1 113.4 114.5 118. 5 125.71 113.0J 105. Oj 103.4! 93 3 88.2 97.5 92.9J 93.2! 88.6 90.2 96.1 93. 5j 95. lj 89.7 91.1 114.6 80. 9j 68.3j 41.8 41. 69.9 140. 81 138.2J 116.3 96.5 78.7! 94.4 82.9 79.91 105.8J 101.5 122. 2l 119.4J 121.9 105.9 113.51 101.6 103.7j 97. 88.0 95.2J I i j j _| 97.5 lOl.oj 92.2 99.2 103.1 99.4 j 108.0 93.3 102.3 101.0 107.0 97.2 95.9 96.9 92.5 100.2 100.1 97.8 100.8| 103.6 101.1 103.7 99.5 106.4 103.9 107.5 101.3 106.2 112.6 97.5 94.7 107.8 108.6 104.6 121.4 109.7 99.4 110.2 104.9 153.7 96.8 210.3 98.4 125.7 113.5 124.2 113.9 141.5 108.7 180.5 92.7 120.0 113.8 135.9| 113.6| 120.3 108.8 135.3 87.0 113.8 118.3 131.3 109.8 104.7 96.1 110.4 80.1 111.6 116.4 130. 6| 115.5 92.8 85.4 93.2 84.3 104.2 110.6 121.4 104.9 96.8; 102.0| 84.7| 92.2! 115. 3J 122.7| 138.1 j 105. lj 82.8| 102.7 61.0 94.2i 96. 6 118.2 79.6 107.8! 91.1! 116. lj 63.1 103.4 110.2 124.2 81. 2| 108.6i 88.1 90.1 113.8 138.0 107.3 97.7 97.6 94.0 62.6 76.3 124.4 185. 51 101.6 94.3 103.3 101. 6; 109.9 106.8 117.3 111.8J 121.4! 127.6 127.1 122.31 84. lj 77.2 95.7 96.3J 105.4! 99.4 102.0 100. Oj 154.3| 102.4 215.8 98.0 115.4 125.6 101.0 104.6 127.5 107.8 157.1 95. 7| 102.61 120.2j 93.3 103.2 107.6 106.0 115.8 87.4 98.7 120. 94.8 101.! 95.4 101.9 92.91 83. 94. 6j 117.8 101.5 104.2 Power and construction: Electric power Building contracts (37 States). 92.9 89.7 Unfilled orders: General index 121.7 U. S. Steel Corporation....! 125.8 98.0 109.0 122.5 132.4 130.6 128.71 135.4 134.1 121.2; 133.9; 127.9! 131.2! 129. Oj 128.6 133. 21 131.7! 138.1! 137.0 143.8 143.4 92.7! 117.6 111.0 106.8 109.1 106.3 96.6 80.2 82. 6j 132.4! 126.0J 111. e! 118.6! 102.4 110.1 101.9! 115.0 105.2 95.2 96.0 87.0 83.6 91.3 90.6 84.6 82.1 74.1 71.1 78.7 77.2 79.5! 79.7; 77.2 83.0 82.7 79.6 81.5 .5 75.i.3i 81.2J 77.r .2| 74.4l 72. 72.4J Stocks: * General index.. 88.9 102.2 108.9 129.5 139.6 133.6 151.2| 140.8 139.7 142.5 136. lj * Manfd. commodities (28).. 86.6 104.1 108.6 109.4 120.0 111.9 109.3! 107.0 118.4 115.61 115.l! 102.5 91.4 106.2 145.5 153.2 177.8 213.o| 219.3 210.7 196.2| 172. ll Cotton._. 106.4 113.9 73.l! 64.8 85.4 60.3 65.2? 75.5 83.0 93. li 91. lj C opper (refined) i Employment: ! Factories... Prices: Farm products, to pro- j ducers Wholesale, all commodities Retail food Cost of living (including food) 74.3 72.2| 72.1 63.9 63.9! 65.8 148.2J 124. Oj 100.3J 87.71 95.51 85. lj 85.8 92.2 98,0! 94.3 94.3 98.6 97.4 96.9 95.3 97.0- 97.4 96.61 95.6j 95. Oj 93.1 97.8 97.1 106.5 98.6 94.9 94.2 94.2| 92.0 91.3 92.01 91.3 90.6 91.3i 94.2; 94.2 99.7 97.6 99.1 95.4 98.5 97.5J 97.0 95.7 95. Oj 93.7| 92.9 92.9| 93.0! 93.3 97.2 102.6 97.6 104.9J 107.6 103.6 106.9 108. 2! 108.2 106.2 104.2! 102.9' 102.9 103.6j 106. 2| 102.9 96.3 102.31 102.3 98.1 Distribution (values): * Bank debits, 141 cities 91.2 96.7! * Wholesale trade 101.0 98.01 * Department stores, sales... 98.3 99.11 * Mail-order houses, sales 92.7 97. 4j * 10-cent chains, sales 88.5 99.3 Imports _ __. 97.8 93.1 91.5 IOO.81 Exports 99.9 101.7 102.3; 102.3 101.7! 100.5! 65.9! 67.0 70.0 67.1 72.4 72.1 83.2 80.7 j 89.5 129.1 134.6 132.8| 141.4 152.7 145.8! 140.1 140.9 139.3 137.3 115.5 118. Oj 116.9; 121.3 127.9 127.9j 125.2 120.9 116.9 127.81 97.2 106.6 71.5! 66.9 99.9j 99.9J 136.6; 96. Oj 101.5! 105.9! 120.5 117.1 107.7 134.3! 94. 0 111.0 117.1 141.6 116.3 109.4 99.9| 100.5j 87.6 135.2| 179.8J 200.0 195.8 178.81 82.7 76.4J 74.11 80.3 84.2 85.2; 13.2 93.4 91.6 95.7 101.4! 100.7| 99.3 94.4 93.8 95.6 102.9 90.7 89.8 19.3 96.1 95.8 95.9 95.4 104.3 104.9 104.2 103.6 98.7 98.7! 99.3! 99.9 127.8 95.0 103.1 126.5 131.9 98.9 90.1 137.6 100. 0J 114.2! 140.5 135. lj 114.2J 98.7! 141. Oj 96. 0| 113.41 125.5 135.7! 105. 9J 112.0! 130.7 91.0 105.5 114.3! 139.5 110.1 128.7! 99.9 99.2J j 111.9| IOI.O! 103.9 j 110. 5| 112.3! 109.0! 107.8; 119.6 98.0 107.8 116.2 123.2 114.3 105.5; 132.5 95.0 107.7 120.1 135.3 107.9 106.8 116.1 94.0 110.2 108.7 128.6 116.7 117.3 109.61 98.0! 109.4! 115.2! 128.6! 115.7! 126.5! 132.1 95.0 110.2 119.9 137.8 106.6 121.2 136.9 93.0 117.4 140. 149.8 102.4 107.4 142.1 95.3 105.4 107.7 141.6 104. 108.2 104.8 107. 6; 108.5J 109.0; 108. 61 108.8] 102. 6j 102.7 103. 3J 103. 3- 101.3 95.2 107.5 105.11 98.8! 112.1 19.4; 107.5! 103.11 102.9 112.5! 115. lj 122. ll 99. 96.8 92.7 18.O 123.2 92.2 86.5 115.6 171.1 193.7 120.9 121.9 90.1 95.5 115.9 169.1 193.5 112.3 119.3 95.0 115.8 130.2 136.8 111.3 122.6 123.6 94.0 103.1 103.0 131.91 110. 5| 110.5 132. 3j 95.0; 109.41 110.5! 138.9! 96. 2| 98.2! 127. 7 95. Oj 100.7! 111.5J 128.11 107.3! 103.5! 129.7! 93. o| 103.l! 126. 5j 132.4| 109.9! 94. ol Transportation: * Car loadings Freight, net ton-miles. 99.8 102.2 97.6 102.8 106.8 104.0 108.9 106.4 95.9 101.9! 109.1 101.5 129.4 116.2 Finance: Member bank loans and disc. 94.1 98.5! Interest rate (coml. paper)... 115.9 90.8! 99.0 104. lj Federal reserve ratio 96.4 99.9 Price, corporation bonds 86.0 96.1 Price, railroad stocks Price, industrial s t o c k s . . . . . . 86.1 91.9 106.0 106.81 Failures (liabilities) 107.4! 93.4j 96.9; 103.6! 117.9| 122. ol 87.2 112.9 98.5 96.0 108.0 133.4 132.4 80.4 117.3 93.1 99.1 112.5 162.7 171.4 102.3 114.3 104.5 95.3 108,0 135.7 131. 5| 78.4 114.8! 103. lj 93.5 109.4! 139.3! 137.4j 77.1 t Adjusted for number of working days. 116.3 101.7 90. 110.2 143.3 14 107.6 113.4 95.9 103.1 111.0 145.2 140.1 121.0| I 114. lj 89.9! 101.7 110.6! 151. lj 144. 7| 110.7! i 114.6: 92.9: 102.l! 111. 2; 152.4 150.8! 136.5 114.6 95.2; 103.0! 111.9; 158.3J 159.8{ 125.4 116.7 95.9 99.5 112. lj 162.4 167.6! '.11 117.5 95. 9 100.5 111.2 165.3! 168.8! 81.3| 115.7 94.5 103.2 111.4) 167.3] 177.31 101.8 117.3 0.6! 101.4 112.9! 167.9! 183.71 92.4 * Seasonal adjustments. 119.3) 89.9j 98.8 113.4 171.5j 193.9; 77.3! 120.0! 92.2; 98.4! 114.4; 168.5' 186.4 85.5; 121.4 91.0 92.2 114.9 171.6 190.0 85.3 NEW BUILDING CONTRACTS AND AUTOMOBILE PRODUCTION [Relative numbers, monthly average, 1923-1925, taken as 100] FACTORY EMPLOYMENT, MANUFACTURING, AND ELECTRIC POWER PRODUCTION [Relative numbers, monthly average, 1923-1925, taken as 100] 1928 MINERAL PRODUCTION AND RAILROAD TON-MILEAGE [Relative numbers, monthly average, 1923-1925, taken as 100] BUSINESS CONDITIONS IN JANUARY PRODUCTION Manufacturing production in January was generally higher than in the preceding month but lower than in January, 1927. The production of pig iron and the output of steel ingots were larger than in the previous month, with steel-ingot production showing an increase over a year ago, as well. The production of automobiles showed a gain over December, but was low^er than in the corresponding month of 1927. Crude-petroleum production declined from the previous month and was slightly higher than a year ago. The output of bituminous coal showed a gain over the previous month but was lower than last year. Copper production was higher than in December but lower than in January, 1928. The production of cement, although lower than in the previous month, made a gain over the same month of last year. The output of lumber was greater in January than in either the previous month or January, 1927. The consumption of cotton was larger than in December but smaller than a year ago, while wool consumption made similar comparisons. COMMODITY STOCKS Commodity stocks at the end of January were held in smaller quantities than at the end of either the preceding month or the same month of last year, after adjustments for seasonal variations. Stocks of cotton held at mills and in public storage were lower than in either prior periods. Stocks of finished cotton goods, although higher than a year ago, were lower than at the end of the preceding month, while stocks of cotton textiles were higher than in either prior period. Silk stocks held at warehouses and manufacturing plants were lower than in either the previous month or January a year ago. Stocks of iron ore were lower than in either the previous month or January of last year. Stocks of steel sheets, however, showed increases over both prior periods. Stocks of sanitary enameled ware were generally lower than in either the previous month or January, 1927. The visible supply of wheat was lower than in the previous month but higher than a year ago, while the visible supply of corn showed an increase over the previous month, but a decline from last year. The visible supply of barley and oats was smaller than in either the previous month or January of last year. Storage holdings of meats showed an increase over both the previous month and January, 1927. Holdings of creamery butter in storage were lower than in the previous month but considerably greater than a year ago, while holdings of cheese showed declines from both prior periods. Stocks of raw sugar at refineries showed a decline from the previous month but were higher than a year ago. BUILDING AND CONSTRUCTION New building contracts awarded in January, measured in value, were lower than in the previous month but higher than a year ago. Larger awards for industrial construction were let than in either the previous month or January a year ago. Fire losses in the United States and Canada were larger than in either prior period. Construction costs showed little change from the previous month, but were somewhat higher than last year. BANKING AND FINANCE Sales of stock on the New York Stock Exchange declined from the previous month but were larger than a year ago. Bond sales were lower in volume than in either prior period. Brokers' loans were higher at the end of January than at the end of January of last year. Loans and discounts of Federal reserve member banks receded from the previous month but were higher than a year ago. Interest rates on both time and call funds were lower than in the previous month; time-money rates were lower than a year ago and call rates were higher. New business of life-insurance companies was smaller than in the previous month but greater than a year ago. Defaulted liabilities of failing business firms were smaller than in either the previous month or January, 1927. SUMMARY OF INDEXES OF BUSINESS PRODUCTION The output of raw materials in January was smaller than in either the previous month or January, 1927. Mineral output declined from a year ago but exceeded the December output, crop marketings declined from both prior periods, while the marketings of animal and forest products, although lower than in the previous month, were greater than a year ago. In the case of mineral output all products were produced in smaller quantities than a year ago, except petroleum, zinc, and silver, which increased. Manufacturing production, after adjustments for working-time differences, showed an increase over the preceding month but was lower than a year ago. The output of all manufacturing industries included in the index was greater than in the previous month, # except chemicals and oils and stone and clay products, which declined, and paper and printing, which showed no change. Contrasted with a year ago increases were registered in the output of foodstuffs, iron and steel, lumber, leather, and stone and clay products, all other groups showing smaller production than a year ago. PRODUCTION, STOCKS, AND UNFILLED ORDERS FOR MANUFACTURED COMMODITIES [1923-1925 monthly average =• 100. Adjustment has been made for the seasonal movement of stocks and relative number of working days for production. Unfilled orders are principally those of iron, steel, building materials, and textiles. January, 1928, is latest month plotted] 140 1 X \ \ \ \ \ V* t * 120 hi g 100 I 90 t t A/, f^^~ > 80 A UN FILLED ORDERS ^ \ V STOCKS / / \ •TV d \JI VI l\ \ \\ v / V UJ EC ; />»^t\ 1 ["-—PRODUCTION \ 1 \ 1 \. \ \ \ 1 \ \ - _ , / 70 \ H 60 ! ! I I I I I I 1 I I 1 1 i ! ! 1 1 1 1 i! 1923 1924 MM 1 1 1 I 1 1925 COMMODITY STOCKS 1 1 1 1 1 1 1 1 1 i 1 1926 / i 1 1 1 1 1 1 1 1 1 1 1927 1 ! 1 1 1 1 1 1 1 I 1 1 1928 Stocks of commodities; after adjustments for seasonal variations, showed a decrease from both the previous month and January of last year. As compared with the previous month, declines were reported in the holdings of foodstuffs, both raw and manufactured, sufficient to more than offset increases in stocks of manufactured commodities and raw materials other than foodstuffs. Contrasted with last year, stocks of commodities at the end of January were larger in all groups, except raw foodstuffs. ness in dry goods, men's clothing, boots and shoes, drugs, and furniture was greater, while declines were registered in meats and women's clothing. Retail trade in January, as measured by department store sales, was seasonally smaller than in December and slightly below a year ago. Stocks of merchandise held by department stores showed a decline from both prior periods. Sales by mail-order houses and 10-cent chain stores, although smaller than in the previous month, were larger than a year ago. Other chain stores showed larger business than a year ago except cigar chains, which declined. SALES PRICES Unfilled orders at the end of January were larger than at the end of the previous month but smaller than a year ago. All groups showed larger forward business than in the previous month, but as compared with last year unfilled orders for iron and steel alone were larger, the increase being insufficient to offset the declines in the other groups. Wholesale trade showed larger volume than in December and no change from a year ago. As compared with the previous month wholesale business was greater in all lines except groceries and hardware, which declined. As compared with a year ago wholesale busi- The general index of wholesale prices declined from the previous month, being lower also than in the corresponding month of last year. Declines in the prices for food, fuel and lighting, and chemicals were more than sufficient to offset increased prices for farm products, hides and leather, and building materials. As compared with a year ago, prices for farm products, foods, hides and leather, textiles, and house-furnishing goods were higher, while prices for fuel and lighting, metals and metal products, building materials, chemicals, and miscellaneous items showed declines. As reclassified, the general index of wholesale prices showed an increase over the previous week in producers' goods, while consumers' goods declined. Prices for raw materials showed no substantial change from the previous month. Contrasted with a year ago, prices for raw materials and consumers' goods were higher, while producers' goods were lower. Commercial indexes showed substantially the same comparisons with both prior periods. The indexes of prices received by farmers for their produce showed no change from the preceding month, but was higher than a year ago. As compared with December, increased prices were registered in grains, fruits, and vegetables, and in certain unclassified items, while declines were reported in the prices for dairy and poultry products and cotton and cottonseed. As compared with January, 1927, prices for all groups were higher except meat animals, which showed a decline. EMPLOYMENT Factory employment in January showed a decline from both the preceding month and the same month of last year. As compared with December, employment in all industrial groups was lower, except leather and vehicles, which increased, and iron and steel, which showed no change. Contrasted with a year ago, the January employment was lower in all factories except paper and printing and tobacco products, which showed no change. The greatest declines from last year in factory employment occurred in iron and steel and nonferrous metal mills. Factory pay-roll payments in January were also lower than in either the preceding month or January, 1927. As compared with tti8 previous month, declines in pay-roll payments were registered in all groups except leather, which had larger payments. As compared with last year, pay-roll [payments in all groups were lower except paper and printing, tobacco products, and vehicles, which showed larger payments. The cost of living was lower than in either the previous month or January of last year, all groups declining from the previous year, except lieht, which made a slight advance. Reports from the American Federation of Labor covering unemployment show 18 per cent of union members in representative cities to be out of employment as compared with an average of 14 per cent during the last quarter of 1927. Voluntary quits of factory labor in January were larger than in the previous month but smaller than a year ago. Factory lay-offs made similar comparisons. Industrial accessions were larger than in either the previous month or the corresponding month of 1927. Employment in the Ohio construction industries showed a decline from both the preceding month and the corresponding month of last year. Wages of common labor averaged lower than in December but showed no change from 1927. 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, 1926=100. January, 1928, is latest month plotted] 8 WHOLESALE PRICES FOR SPECIFIED COMMODITIES [Relative numbers, 1926 monthly average taken as 100. January, 1928, is latest month plotted] \ C I D PHOSPHATE 110 ... NITRATE OF SODA ( N E W YORK" : \ "T'7"" _ _ mm 90 ! i j j 80 1 | y [ ' 1 : ~ ~ ^ ! ; W H E A T , WINTER 120 M M CORN, NO. 2 \ FLOUR /WINTER OATS r 131.6 I34.4|4^8I3O.5 ^ ease* •ess* i i i/ -(••I 100 FERTILIZER TANKAGE(CHICAGO) ; ! 1 100 MURIATE OF POTASH (N.Y.) (BALTO. ! ! 80 BEEF, CATTLE, STEERS ; i | CARCASS. ; j i HOGS, HEAVY 1 1 1 HAMS, SMOKED (CHICAGO) 100 80 L ! 140 ; 120 100 I j I 1 ..p. COTTONSEED OIL SUGAR, GRANULATED SUGAR, RAW 160 i 'MM ! I ! rri yJM 1 \ pL i f. RUBBER, CRUDE ! j 1 i !! i : ! , j 1 1 ! 1 #^#o 80 1 ; | i! 60 COTTON YARN C O T T O N , RAW ^MS i COTTON PRINT CLOTH ; M M..j__ j Ns / a j ;: WOOL, 1/4 GREASE 1 \ ! | we>** i \ i i a 1 ^ (BOSTON j •» M M ! i : SILK, RAW •Ii I00 j j ! 80 i j | j ! i i I j i | HIDES, PACKERS,, 55.3 152.5159.9 # LEATHER, SOLE, OAK* I ^ 172J .... ! 1T PETROLEUM BOOTS AND SHOES, (ST. LOUIS BiTUMINOUSCOAL 120 # i" COKE | I •*' \ iOO 80 4- — I 60 HO [ ••• . . . COPPER INGOTS ! ! j. 90 4~H 4 82 8 64.6 84,9 B6.4 S4,g 1.7 J 3 7,! STEEL BEAMS LUMBER PINE .1.. 100 ZINC i 100 no C E M E N T , _EH!GH FLOORING i ! N 90 M4v i l l * t£ > z 5 6 fc H > 6 « t U j 2 i I - 2 D D 1926 3 u j O O ,. U 1 i | 7{ J < U ^ 0 . ^ 1927-! 928 « „ » » . BRICK, COMMON, NEW YORK •4- 1 11 ammm ffl i I I PIG IRON, FOUNDRY •• % '•• 1\ - 6 7!£ 71 ... 4 7 4 68 9 WHOLESALE PRICES FOR SPECIFIED COMMODITIES 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. RELATIVE PRICE ACTUAL PRICE (dollars) 1926 average=100 Unit COMMODITIES December, 1927 January, 1928 January, 1927 Novem- I DecemDecem- I January, ber, I ber, 'January, ber, 1928 1927 ! 1927 1926 | 1927 FARM PRODUCTS—AVERAGE PRICE TO PRODUCER Wheat Corn Potatoes. _ Cotton Cottonseed.. Cattle, beef. Hogs Lambs. „ ! Bushel. | Bushel. Bushel. Pound. Ton.. Pound. Pound. Pound. 1.139 .751 .941 .187 37.14 .0832 . 0814 .1139 1.1.52 .752 .936 .186 37.40 .0848 . 0781 . 1134 i BushelJ Bushel! BushelBushel.. j Bushel.. BushelCwt ! Pound.. Pound. ; Cwt I Cwt i Cwt I Cwt 1.275 1.384 .867 .554 .876 1.088 20. 220 .196 .49 15. 500 8. 575 5.625 13.013 Barrel— Barrel.. Pound.. Pound. Pound. Pound. Pound. Pound. Pound. Pound. 7.100 6. 563 .046 .056 .100 .223 .238 .214 . 52 .235 122.2 .643 1.391 .108 18.55 .0645 . 1097 . 1065 82 105 51 132 138 124 76 99 84 107 51 124 137 129 69 98 85 108 50 L23 138 131 66 91 92 74 66 66 99 93 94 90 92 75 70 68 100 93 92 1.293 1. 425 .886 .564 .932 1.085 23. 227 .190 .50 15. 800 8.320 6.050 12.650 1.413 1.368 .768 .499 .738 1.015 12. 356 .134 .44 10. 295 11. 970 6.435 12. 465 82 88 114 119 121 111 116 116 104 167 77 83 99 82 90 114 129 126 114 239 112 107 163 70 85 95 84 92 117 131 134 114 274 108 109 166 67 92 92 92 91 100 117 107 102 148 73 96 102 95 86 88 91 89 101 116 106 106 146 77 96 108 97 98 91 7.450 6.700 .045 .057 .101 .220 .230 .212 .49 . 235 7.463 6.545 .051 .062 .085 .170 .178 .269 .50 .215 85 91 107 102 89 131 137 71 111 103 84 91 106 101 84 136 139 I! 70 I; 116 103 92 104 104 85 134 135 69 109 103 91 91 118 111 69 104 108 91 122 94 87 90 116 112 72 104 104 87 111 94 .369 107 109 119 98 97 95 95 104 105 113 98 97 96 96 81 86 103 106 105 99 97 97 97 83 85 87 84 90 96 97 94 95 94 97 97 95 95 91 93 FARM PRODUCTS—MARKET PRICE Wheat, No. 1, northern spring (Minneapolis)._ Wheat, No. 2, red, winter (Chicago) Corn, contract grade No. 2, cash (Chicago) Oats, contract grades, cash (Chicago) Barley, fair to good, malting (Chicago). Rye, No. 2, cash (Chicago) Tobacco, leaf, average sales, warehouse (Kentucky) _ Cotton, middling upland (New York) „ Wool, H 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 yellow (New York) Beef, fr8sh, carcass, good native steers (Chicago).. Beef, fresh, carcass, steers (New York) Pork, smoked hams (Chicago) Butter, creamery, 95 score (New York) Oleomargarine, standard, uncolored (Chicago)._. TEXTILES | Cotton yarns, carded, white, northern, mule spun, 22-1 cones (Boston) Pound ! Cotton-print cloth, 64 x 60-38K"-5.35—yards to pound.. ! Yard I Cotton sheeting, brown 4/4 Trion (New York)... Yard. Worsted yarns, 2/32's cross-bred stock, white, in skein (Boston) ! Pound | Woman's dress goods, French, 39 inches at mills, serge j Yard. Yard. Suitings, unfinished worsted—13 ounce, mill.__ _ Suitings, serge, 11 ounce, 56-58 inch.. ! Yard.......! | Silk, Japan, 13-15.. _ j Pound Hosiery, women's, pure silk, mill j Dozen pair.| .371 .080 .105 1.400 1.000 1.917 2.084 4.998 10. 516 1.425 1.000 1. 935 2.093 5.145 10. 290 .301 .068 .080 1.375 1.000 1.895 2.048 5. 635 11.270 .250 .250 .535 .590 6.500 5.000 .261 .300 .535 .590 6.750 5.000 .155 .169 .450 .430 6. 400 4.850 172 132 113 126 102 102 178 144 118 135 102 102 186 173 118 135 106 102 108 96 99 98 100 99 111 Net ton | 4.144 Net ton |. 4.759 Long ton_._j 13. 389 Short ton__i: 2.788 1.220 Barrel i 4.093 4.550 13.130 2.780 1.220 4.450 4.996 13. 779 3.875 1.750 96 100 97 69 65 96 99 97 95 95 95 68 65 108 108 101 95 93 103 104 100 94 93 Long ton.__j 19.010 Long ton...]; 17. 000 Long ton..-I 33.000 . 1377 Pound | .187 Pound i Pound. . 0650 .5805 Pound i . 0572 Pound | 19.010 17. 000 33. 000 .1385 .188 . 0650 .5518 . 0564 20. 260 18. 000 35. 000 .1299 .182 .0758 .6479 .0066 93 92 94 97 96 74 90 78 92 92 94 100 99 77 91 78 92 92 94 100 99 77 87 77 100 100 100 105 96 97 100 94 95 90 102 91 M feet I 35. 540 Thousand..! 11.250 Barrel. ! 1.600 Cwt ! 1.800 .294 Pound | Ton i 15. 500 Cwt || 2. 525 3.250 Cwt j 35. 260 12. 750 40. 810 17.000 81 71 79 68 78 78 92 94 91 103 1.600 1.800 .288 15.500 2.525 3.250 1.636 1. 975 .268 15. 000 2.750 3. 250 97 97 92 77 107 88 94 97 92 76 107 88 94 100 102 67 103 96 100 99 102 70 103 96 94 LEATHER Hides, green salted, packers' heavy native steers (Chicago). Hides, calfskins, No. 1, country, 8 to 15 pounds (Chicago) Leather, chrome calf, dull or bright " B " grades (Boston) Leather, sole, oak, scoured backs, heavy (Boston) Boots and shoes, men's black calf, blucher (Massachusetts) Boots and shoes, men's dress welt tan calf (St. Louis) Pound I Pound | ! Square foot_j Pound i I1 Pair [ Pair J 100 FUEL Coal, bituminous, mine-run (composite price) Coal, bituminous, prepared sizes (composite price) Coal, anthracite, chestnut (composite price). _. Coke, Connellsville (range of prompt and future) furnace—at ovens. Petroleum, crude, Kansas-Oklahoma—at wells. METALS Pig iron, foundry No. 2, northern (Pittsburgh) Pig iron, basic, valley furnace Steel billets, Bessemer (Pittsburgh) Copper ingots, electrolytic, early delivery (New York). Brass, sheets, mill _ Lead, pig, desilverized, for early delivery (New York).. Tin, pig, for early delivery (New York).. Zinc, slab, western (St. Louis).. BUILDING MATERIAL AND MISCELLANEOUS Lumber, pine, southern, yellow flooring, mill 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)__ Wood pulp, sulphite, domestic, unbleached, news grade (New York).. Newsprint, rolls, contract, mill 72 103 94 10 REVIEW OF PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCE | previous month or January, 1927. Prices for cotton cloth were generally lower than in December but Imports of wool in January were greater than in j higher than in January of the previous year. December but smaller than a year ago. The con- | Imports of raw silk in January were smaller than in sumption of wool was larger than in either the previous either the previous month or the corresponding month month or January, 1927. Stocks of wool held at the of last year. Deliveries of silk to mills, indicative of end of 1927 were lower than at the end of the preced- consumption, were greater than in either prior period. ing year. Wool machines were more active in Jan- Stocks of silk held at warehouses at the end of the uary than in either the previous month or the same month showed declines from both the previous month month of last year. and the corresponding month of 1927. Manufacturers' Receipts of cotton into sight were smaller than in stocks were larger than in either prior period. Silk either prior comparative period. Exports of raw prices averaged higher than in the previous month TEXTILES THE TEXTILE INDUSTRIES [Relative numbers, monthly average 1923-1925, taken as 100. January, 1928, is latest month plotted. Curves covering imports of wool and exports of cotton are plotted from 12 months' moving monthly averages centered on the end month] cotton also showed declines from both periods. The consumption of cotton was greater than in December but smaller than in January, 1927. Stocks of cotton held by mills and warehouses were lower than in either prior period. Prices for cotton averaged lower than in December but were considerably higher than a year ago. Prices for cotton yarns showed little change from the previous month, but were higher than in January of the preceding year. Production of cotton textiles was smaller than in December but considerably greater than a year ago. Stocks of textiles at the end of the month showed increased holdings over both prior comparative periods. Exports of cotton cloth were lower than in either the but were generally lower than in the corresponding month of the previous year. Imports of rayon were lower than in December, being almost twice as large, however, as in January, 1927. Rayon prices showed no change from the preceding month bub were generally higher than in January a year earlier. Productive activity of manufacturers of fresh-water pearl buttons was greater than in either the previous month or January a year ago. Stocks of buttons were also larger than in either prior period. Imports of burlaps and fibers were greater than in December, fibers showing an increase over a year ago also. The production of hosiery in December was smaller than in either the previous month or December, 1926. 11 Shipments of hosiery, however, declining from the previous month, were larger than in December, 1926. Stocks of hosiery at the end of 1927 were greater than at the end of the preceding year. Men's and boys' suits cut in December showed an increase over the preceding month but a decline from December, 1926. The number of overcoats cut in December declined from the preceding month, but were larger than in the corresponding month of the previous year. More work clothing was cut in Decem- The output of malleable castings was larger than in either the previous month or January of last year. Operating activity of reporting mills, however, showed declines from both prior periods. The production of steel ingots was larger than in either the previous month or the corresponding month of 1927, while the operating ratio of steel mills made similar increases over both periods. Unfilled orders for steel at the end of January were larger than at the end of either prior comparative period. THE METAL INDUSTRIES [Relative numbers, monthly average 1923-1925, taken as 100. January, 1928, is latest month plotted. Curve covering zinc stocks is plotted from 12 months' moving monthly averages centered on the end month] 1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 i928 1923 i924 1925 1926 1927 1928 1923 1824 1925 1926 1927 1928 ber than in the same month of 1926, while net shipments also showed an increase. METALS The consumption of iron ore was larger than in December but smaller than in January, 1927. Stocks of iron ore, both at furnaces and at Lake Erie docks, held at the end of the month, showed declines from both prior comparative periods. The output of pig iron in January was greater than in December, but smaller than a year ago. The production by merchant furnaces made similar comparisons. More furnaces were in blast at the end of January than at the end of either the preceding month or the same month of last year, while the capacity of furnaces in blast also increased over the previous month and showed a decline from a year ago. New orders for steel castings in January showed an increase over the previous month, but were smaller than a year ago. The production of steel castings made similar comparisons with both periods. The production of steel sheets by independent manufacturers was greater than in either prior period with the operating ratio of mills showing similar comparisons. Shipments of sheets were likewise greater than in either the preceding month or January of last year. Unfilled orders for sheets, however, showed a decline from the previous month, but were considerably larger than a year ago. New orders for fabricated structural steel were lower than in December but higher thap in January, 1927. Structural-steel shipmentsfjmade similar comparisons with both periods. New orders for fabricated steel plate showed declines from both the 12 previous month and January of last year, while new orders for steel boilers, although declining from the previous month, were slightly in excess of those produced a year ago. More steel barrels were produced than in the previous month, but the output was lower than in January of last year, shipments making similar comparisons. Exports of iron and steel products were greater than in December but smaller than a year ago, while imports were lower than in December and greater than January, 1927. Mine production of copper was greater in January than in the previous month but smaller than a year ago. The production of copper by smelters, however, was smaller than in either period. Stocks of averaged lower than in either prior period. The output of lead was smaller than in the previous month, showing a decline also from a year ago. Lead prices, showing no change from the previous month, were lower than in the corresponding month of last year. AUTOMOBILES AND RUBBER The production of automobiles was larger than in the previous month and smaller than a year ago, the increase over December being soley due to larger production of passenger cars. Exports of assembled automobiles from the United States were larger than in either the previous month or January, 1927, both trucks being exported in larger volume than in either THE AUTOMOBILE AND RUBBER INDUSTRIES [Relative numbers, monthly average 1923-1925 taken as 100. Where available, January, 1928, is latest month plotted] AUTOMOBILE PRODUpTION AUTOMOBILE EXPORTS ; il 1 i , V 9 2 3 - ^ 9 2 4 ^ 1f925 ' ' ^W%t ~ ^\Q2 192! PNEUMATIC TiRES 1 ! l i U U • ^ 2 1 ' ''i922 '' 'y923 ''''y92 4 ^925 1 1 IH i"^26^'' LJ refined copper in North and South America held at the end of January were larger than at the end of either prior period, but blister stocks showed declines from both periods. The wholesale price of copper continued to average higher, being higher also than a year ago. Deliveries of tin to consuming establishments were larger than in the previous month but smaller than a year ago. The visible supply of tin showed declines from both periods, while the wholesale price of tin also receded. The production of zinc was larger than in the previous month but smaller than a year ago. Stocks of zinc at the end of the month were larger than in either prior period. The price of zinc A 1921 !922 1923 i 328 ! ...1 1925 ,.,..,L 1926 1927 1924 1928 period while passenger car exports showed a decline from a year ago. Shipments of accessories and parts were larger than in the previous month, showing an increase also over a year ago. Automobile rim production was greater than in either prior period. Imports of crude rubber were larger than during the previous month but smaller than a year ago. Rubber prices declined from December but were still above those which prevailed in January, 1927. FUELS The production of coal, both bituminous and anthracite, was smaller than in the preceding year, while as compared with the previous month bituminous coal production was greater. Coke production 13 was larger than in the previous month but smaller than a year ago. Coke prices averaged lower than in either prior period. The production of crude petroleum was smaller than in December but greater than in January, 1927. Prices for petroleum, showing no change from the previous month, were considerably lower than a year ago. HIDES AND LEATHER Imports of hides and skins, although smaller than in December, were greater than a year ago. All classes of skins showed larger importation than in January, 1927, except goatskins, which declined. production of wood pulp, both chemical and mechanical, was smaller than a year ago. Prices for chemical pulp, although showing no change from the previous month averaged lower than last year. Production of newsprint paper was greater than in December but considerably smaller than a year ago. The output of newsprint by Canadian mills, however, showed increases over both comparative periods. The consumption of newsprint by domestic publishers was smaller than in the corresponding month but greater than a year ago. Imports of newsprint, although greater than a year ago, were considerably THE PAPER INDUSTRIES [Relative numbers, monthly average 1923-1925 taken as 100. December, 1927, is latest month plotted] IOPI i GENERAL BomLikiiuiLL OIIILLLLLI. 1920 1921 . j | NEWSPRINT PAPER | L i 1 I I I I I I I i I I 1 I 11 I i I I 1 ! I I ! I I I i I I I l l ! j ! I 1 i ! I i I i I 1 I 1 I I I I I I 1822 1923 1924 1925 1926 1927 II>I||!|||||IMI|I 1920 i 1922 llhllll! 1923 1924 n 1926 1927 1A 1 100 a^rs/X 1925 PRODUCTiON-v^ A r , vS | iM A 1 \l\ 1920 V WRAPPING PAPER 1111111111111111111111 ri 1921 1922 1923 nli il 11 In llllllllll 1924 1925 ililiiiiiinihil 1926 1927 Prices for hides averaged higher than in either the previous month or January of last year. The production of sole leather, declining from the previous month, showed an increase over a year ago. Exports of sole leather were larger than in either prior period. Prices for leather showed no change from the previous month and averaged considerably higher than in January, 1927. Shoe production in January was larger than a year ago. Wholesale prices for shoes averaged higher than in either prior period. PAPER AND PRINTING Imports of wood pulp, both chemical and mechanical, were larger than a year ago, with chemical imports increasing also over the previous month. The nlnliijii 1920 FINE PAPER nhiliiln 1921 1922 lihlillil! nliihiiii 1923 1924 nhilnhi iilnliilu 1925 1926 1927 smaller than in 1927. Stocks of newsprint, held at both Canadian and domestic mills, were considerably larger than a year ago, while publishers7 stocks were lower. Prices of newsprint, showing no change from the previous month, averaged lower than a year ago. The production of boxboard was greater than in either prior period, while stocks, although greater than in the previous month, were smaller than a year ago. Fewer titles were published by American book publishers than in either the previous month or the corresponding month of last year. BUILDING Contracts awarded for new buildings showed larger contemplated floor space than was reported in either the previous month or January, 1927. Measured 14 in value, the January awards were lower than in December but considerably higher than a year ago. Construction costs showed little change from the previous month but in general were lower than a year ago. Fire losses in the United States and Canada were greater than in December, being larger also than in January, 1927. LUMBER AND LUMBER PRODUCTS The production of southern pine lumber was greater than in either the previous month or January of last year, shipments being smaller than a year ago. Prices of southern pine were generally lower than in likewise greater than in either prior period. Total exports of lumber were substantially greater than in either the previous month or in January, 1927. Composite lumber prices of both softwoods and hardwoods were higher than in the previous month but lower than a year ago. The production of flooring showed maple output smaller than in either the previous month or January of last year and oak flooring greater than in either prior period. Stocks of oak were larger than a year ago, while maple stocks were smaller. Unfilled orders for flooring, both species, were greater at the end of January than at the end of either prior period. New orders for plywood were greater THE BUILDING-MATERIAL INDUSTRIES [Relative numbers, monthly average 1923-1925 taken as 100. January, 1928, is latest month plotted] !2Or 1920 1922 1921 200 p y ISO I L 1923 1924 \r^ !40 PRODUCTION-^ 100 1925 STOCKS - t v \ 1920 1921 jf 1926 1927-8 1920 ^ 1921 1922 1923 i924 1925 1926 S927-8 1920 1922 1923 1924 1925 1926 1927-8 ir\—FY—ti \ j / 1922 1923 1924 1925 1926 1827-8 either the previous month or January, 1927. The production of Douglas fir showed a decline from the previous month, but was larger than a year ago. California redw^ood production was greater than in either the previous month or the same month last year, while the output of western pine and North Carolina pine showed declines from both periods. The production of northern pine lumber was greater than in either prior period, while the output of northern pine lath made a similar comparison with both periods. Total stocks of hardwroods at the end of January were considerably larger than at the end of either the previous month or January of last year. Unfilled orders for hardwoods at the end of the month were U !92! than in the previous month, but smaller than a year ago, while new orders for piano benches and stools showed declines from both prior periods. STONE AND CLAY PRODUCTS The production of face brick was smaller than in either the previous month or January of last year, but shipments and unfilled orders were larger than in either prior period. Prices for common brick averaged higher than in the previous month, but were still considerably lower than a year ago. The production of Portland cement was lower than in December but higher than in January, 1927. Portland cement shipments were larger than in either comparative period, while stocks made similar comparisons. New orders for terra cotta were greater than in either the 15 preceding month or January of last year. New orders for vitreous china plumbing fixtures were greater than in either the previous month or the same month of 1927, while shipments although larger than in December, were smaller than a year ago. New orders for porcelain plumbing fixtures were greater than in December. The production of sand-lime brick, although smaller than in December, was substantially greater than a year ago. Stocks of sand-lime brick at the end of the month were smaller than at the end of either the preceding month or January, 1927. higher than a year ago. The output of acetate of lime declined from both previous periods. More turpentine and rosin from gum were received at ports than a year ago, but production of naval stores from wood declined. Both exports and imports of vegetable oils were higher than a year ago. Production of cottonseed oil declined from January, 1927. FOODSTUFFS AND TOBACCO The visible supply of wheat was considerably larger than a 3rear ago, exports were smaller, while receipts THE FOODSTUFFS INDUSTRIES [Relative numbers, monthly average 1923-1925, taken as 100. January, 1928, is latest month plotted] ""\ i PRODUCTION v 100 1920 200 ( 1921 1922 1923 1924 1925 1926 1927 1921 1922 1923 1924 1925 1926 [927 1920 192! 1922 1923 1924 1925 1926 1927 T- . 1920 New contracts awarded for concrete pavements, although smaller than in the preceding month, were considerably larger than a year ago. Production of glass containers, although smaller than in the previous month, was greater than a year ago. New orders for containers, although greater than in the preceding month, were smaller than a year ago. Stocks of containers at the end of the month were smaller than at the end of either the preceding month or January of last year. CHEMICALS AND OILS Larger imports were made in January of both potash and nitrate of soda than in either the previous month or a year ago. Fertilizer consumption in Southern States was seasonally larger than in December and l " 1920 h s i ± h 1921 ' ^ A x t922 - d i ' [ s ' ' .J.-l-u J92JT 1924^^1925 : •••,:-il:l.,ll,,|l,l,i 1926 1927 and shipments at the principal markets showed little change. The flour output increased over a year ago, as did exports. Corn exports and stocks were less than in January, 1927, but receipts, shipments, and grindings increased. Stocks of oats were much smaller than a year ago, as were receipts, while exports increased. Grain prices were generally higher than in December and considerably above a year ago. Flour prices showed little change from January, 1927. Receipts of cattle and sheep declined slightly from a year ago, but hog receipts were much larger. Slaughter increased over a year ago for hogs and sheep but declined for cattle, but, for all meats, inspected production was greater. Cold-storage holdings declined for beef, increased for pork and lard and showed little 16 change for lamb, both as compared with the end of December and with a year ago. While beef exports declined, those of pork and lard increased. Prices of cattle and beef were generally higher than in December and far above a year ago, hog and ham prices tending downward from December and decreasing decidedly from January, 1927. Price movements for sheep were mixed. Meltings of sugar at refineries were larger than a year ago, as were stocks, but exports of refined sugar declined. Sugar prices showed little change from December but were lower than a year ago. Cuban receipts and stocks were much less than at the end of January, 1927, but exports were greater. Coffee imports were higher than a year ago, as was the world visible supply, but stocks in the United States were lower. Cigarette consumption continued to increase, while cigars fell behind the previous January. Cigarette exports also gained ovet a year ago. TRANSPORTATION Panama Canal traffic was lighter than in December but heavier than a year ago. More traffic was carried on the Monongahela River than a year ago, but less on the Ohio and Allegheny Rivers. Carloadings declined from a year ago, grains alone showing an increase. Both shipments and orders for freight cars were far below last January. Locomotive shipments were less than a year ago, though domestic shipments increased, and unfilled orders declined almost half. DISTRIBUTION Sales by the leading mail-order houses were seasonally smaller than in December but showed a substantial gain over the preceding year. Sales by 10cent stores were likewise smaller than in December, showing a gain over January, 1927. Newspaper advertising was smaller in January than in either the preceding month or the corresponding month of last year. Postal receipts, although smaller than in the previous month, were larger than in the same month a year ago. BANKING AND FINANCE Check payments, both in and outside New York City, declined from the preceding month butjwere larger than in January, 1927. Loans and discounts of Federal reserve member banks receded from the preceding month but were larger than a year ago. The Federal reserve ratio averaged higher than in December but was lower than a year ago. Brokers' loans, made by Federal reserve member banks in New York City, showed an increase over both the preceding month and January of last year. Interest rates on both time and speculative funds averaged lower than in December. As compared with a year ago time money-rates were also lower but rates on call loans averaged higher. Prices of stocks averaged higher than in either the previous month or January, 1927. Bond prices made similar comparisons with both periods. Business failures were more numerous than in either the previous month or January of last year but liabilities of failing business firms showed declines from both prior comparative periods. Dividend and interest payments scheduled for February showed a decline from the preceding month but were larger than a year ago. New paid-for life insurance, although declining from the preceding month, was larger than in January, 1927. The increase over a year ago was solely due to larger sales of industrial insurance, other forms declining. GOLD, SILVER, AND FOREIGN EXCHANGE Domestic receipts of gold at the mint were smaller than in either the previous month or January, 1927. Exports of gold, declining from the preceding month, were more than three times as large as a year ago. Foreign trade in gold showed an export balance in January as contrasted with an import balance a year ago. Domestic production of silver was larger than in either prior period, while silver exports showed declines from both periods. The price of silver averaged lower than in December but higher than a year ago. Merchandise exports were larger than in December but smaller than a year ago, with imports making a similar comparison. Exchanges on the principal foreign countries showed few changes from the previous month but as compared with a year ago? most currencies averaged higher. Exchanges on Japan and France, however, were lower than a year ago. 17 INDEXES OF BUSINESS The index numbers presented in this table are designed to show the detailed 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. Many of the index numbers have been reworked to a comparable basis on the average of the years 1923 to 1925, while maxima and minima are given only since 1923, except on this page, thus eliminating the abnormal period prior to 1923. Maximum since Jan. 1, 1920 PER CENT INCREASE ( + ) OR DECREASE (—) 1926 Minimum since Jan. 1, I Novem1920 ber January, 1928, from January, 1927 PRODUCTION (Relative to 1919 monthly average as 100) RAW MATERIALS Grand total 180 165 MINERALS Total Petroleum Bituminous coal Anthracite coal Iron ore* Copper Lead Zinc Gold Silver I | 158 220 154 101 100 148 183 138 106 101 -10.9 + 0.9 -22.4 -13. 5 0.0 -9.9 -4.4 + 2.2 -4.9 + 2.7 138 314 143 177 153 245 390 192 190 80 I 19 I 47 58 ! 120 64 I 95 54 ! 85 30 |! 49 21 353 45 115 94 136 + 5.4 + 32.4 -3.4 + 24.6 -2.6 -11. 0 + 5.7 + 7.6 + 2.8 246 242 254 405 346 170 49 43 58 50 12 18 199 108 137 202 343 142 136 61 59 51 20 24 113 110 108 184 107 138 I 142 135 133 I 152 71 68 77 54 32 57 63 69 92 69 71 70 37 121 101 113 127 137 84 123 205 144 154 128 105 165 256 155 122 273 152 193 149 131 145 105 41 0 0 17 78 38 57 | 80 ANIMAL PRODUCTS (marketings) Total Wool* Cattle and calves Hogs Sheep Eggs* Poultry Fish__ Milk (New York) . CROPS (marketings) Total Grains* Vegetables* Fruits* Cotton products* Miscellaneous crops* 122 ! 104 127 ! 96 ! 150 j 113 i 129 122 102 89 155 106 -19.4 -5.7 + 40.2 -21.3 -43.9 -4.7 -14.8 + 10.6 + 12.6 -27. 1 -42. 0 -1.8 FOREST PRODUCTS Total Lumber Pulp wood Gum (rosin and turpentine)* Distilled wood | 137 j 164 356 149 106 102 97 209 102 117 110 120 251 103 106 101 119 198 94 + 3.1 + 1.0 + 34.2 + 4.9 -16.4 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 clay products Metals, excepting iron and steelTobacco Miscellaneous 166 115 127 211 190 195 147 164 * Fluctuations between maximum and minimum due largely to seasonal conditions. 89514—28 2 -1.7 -1.7 + 16.5 -3. 5 + 3.2 + 0. 8 + 3.8 -11.9 -5.6 + 15. 6 -13. 1 -2.6 -11.4 18 INDEXES OF BUSINESS—Continued 1936 Maximum since Jan. 1, 1923 Minimum since Jan. 1, 1923 1928 |j PERCENT INCREASE (-f) OR 11 DECREASE (—) 1927 U Novem- DecemNovem- Decemm January January j 1928 f ber ber ber 1927 January, 1928,, from January,! 1927 STOCKS (Relative to 1923-1925 monthly average as 100) (Corrected for seasonal variation) Total Raw foodstuffs Raw materials for manufacture Manufactured foodstuffs Other manufactured commodities | I j j j 153 222 159 118 132 84 72 71 84 73 151 222 148 94 115 194 145 87 114 140 164 159 86 130 140 164 158 94 130 141 166 157 89 127 137 134 170 88 142 -2.8 -19. 3 + 8. 3 -1. 1 + 11.8 -18." 3 -J-6. 9 77 ' 60 i 64 i, 79 74 144 174 185 93 116 144 176 177 83 123 144 176 165 87 127 141 138 196 92 133 157 185 84 136 142 155 168 87 137 -2.1 -1. 3 -9. 2 + 3. 6 + 0.7 -1.4 -11. 9 + 1. S 0. 0 4-7. 8 80 79 80 86 79 77 ii 83 70 81 87 68 85 80 91 73 67 76 71 51 61 72 69 85 57 56 81 77 89 64 79 + 12.5 + 11. 6 + 4.7 + 12.3 + 41. 1 -2.4 g^ + ll! 3 -29.7 -4.8 93 100 101 88 63 45 110 98 112 104 82 91 102 70 50 39 82 90 99 85 87 i 85 i 105 | 85 ; 80 i 65 ! 93 | 82 ! 106 j 91 ! + 6.1 -6. 6 + 2. 9 + 21.4 + 60. 0 + 66. 7 + 13. 4 -8. 9 + 7. 1 + 7.1 0.0 -1. 2 -7. 1 2. 1 + 2.3 + 9.2 (Unadjusted index) Total Raw foodstuffs Raw materials for manufacture Manufactured foodstuffs Other manufactured commodities UNFILLED ! 147 j 197 196 132 j 133 ORDERS (Relative to 1923-1925 monthly average as 100) Total Textiles Iron and steel Vehicles Lumber j - . | 157 154 157 j 204 142 WHOLESALE TRADE | (Relative to 1923-1925 monthly average as 100) I Grand total, all classes Groceries Meats Dry goods Men's clothing Women's clothing Boots and shoes Hardware Drugs. Furniture RETAIL TRADE | i ! I ] j j • 124 119 125 128 167 188 128 118 125 129 82 86 87 71 43 26 68 82 88 72 156 64 ij 142 ; 154 250 199 192 169 160 161 163 62 ii 77 !! 82 79 70 55 133 130 156 128 108 123 114 185 118 70 81 124 118 109 112 ! 114 i 114 107 112 106 I 111 i 107 | 90 1 97 90 97 93 85 87 i 99 86 i 94 88 98 97 ! 106 104 88 91 103 110 108 i 99 87 91 82 91 82 86 1 106 97 102 112 98 61 45 104 j 100 i 112; 111 ! !i ;! I; ij 84 94 106 71 44 42 76 93 100 94 87 86 113 78 68 71 92 82 102 i i i | ! 1 1 + 9. 0 + 17. 6 -S. 5 + 1. 1 0. 0 4- 3. 9 + 3. 4 j (Relative to 1923-1925 monthly average as 100) j MAIL-ORDER 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) 67 ! 62 ! 66 53 61 . •__ 64 jj I | j ! 100 I 149 167 105 -37.1 +5 250 95 199 84 168 156 169 135 97 160 95 161 163 81 142 114 190 144 105 125 118 274 157 203 181 155 164 178 102 86 188 153 90 100 84 -62. S — 45. 2 + 7. 4 + 2. 4 -7. 4 -15. 5 -41. 9 -39. 0 -52. S + 20. 5 4-13. 3 -7. 2 + 5.3 90 94 123 116 199 99 105 90 -47.2 -9. 1 + 16. 7 — 4. 3 DEPARTMENT STORES: Sales (359 stores) Stocks (314 stores) 185 97 + 3. 7 EMPLOYMENT (Relative to 1923-1925 monthly average as 100) Number employed, by industries: Total, all classes Food products Textiles --- Iron and steel Lumber ~ Leather - Paper and printing Chemicals Stone, clav and glass Metal products other than iron and steel Tobacco products __ __ _ Vehicles _ Miscellaneous.. _ no i 115 I 97 i 95 ! 95 • 99 ! 92 i 97 1 106 1 102 i 98 97 91 89 109 ! i j 95 93 i 92 95 94 95 97 1 88 87 98 i 90 97 i 104 1 105 103 ! 96 95 91 ! 96; 82 ! 87 ! 108 ! 105 95 i 91 90 91 i 93 87 80 92 104 94 85 89 89 83 97 87 82 85 96 91 ! ! ; | ! ! j | 90 | 93 I 82 | 96 ! 94 94 87 83 88 5.3 -1.1 -3. 2 -1. 1 0.0 -3. 6 + 4.5 i -1.0 ! ~1. 1 -6. 6 o 2 9 | -10. 3 9. 1 o. 2 0. 0 — S. 7 — 0. 6 -2.2 -7. 9 + 2.4 -1.0 -9. 4 0.0 -2. 3 -11. 1 19 INDEXES OF BUSINESS—Continued t<v9<i 1927 1926 MiniMaximum mum since since ! Jan. l, Jan. 1, Novemi December " 7January Novem1923 1923 ; ber b(}r EMPLOYMENT—Continued. I (Relative to 1923-1925 monthly average as 100) | Amount of pay roll, by industries: j Total, all classes J Food products I Textiles I Iron and steel | Lumber j Leather I Paper and printing j Chemicals j Stone, clay, and glass I Metal products other than iron and steel-j Tobacco products __! Vehicles Miscellaneous PRICE INDEX 93 96 96 96 99 | 94 94 94 81 110 106 90 95 81 112 i 101 I 97 ! 88 i 95 ! i; :; PER CENT INCREASE ( + ) OR DECREASE ( —) •iJanuary, 1928, January, 1928, January from Decem- from January, ber, 1927 1927 -3.2 -2. 1 -2.0 -3. 3 -9. 0 79 i 84 113 ! 97 94 97 95 90 89 83 114 102 93 90 92 86 105 91 95 93 87 81 88 111 100 86 87 82 83 100 120 137 140 161 81 91 126 137 120 120 140 136 140 ' 141 152 i 153 85 162 87 86 137 123 141 138 158 153 90 137 125 : 144 138 i 154 152 91 95 101 100 96 103 101 100 99 99 91 95 101 100 95 99 100 99 99 99 90 97 97 97 101 94 98 99 98 98 98 90 97 104 102 114 98 83 97 90 97 99 88 97 104 101 117 97 83 98 90 97 99 89 96 106 99 121 97 81 98 91 96 99 89 -10 + 1.9 -2.0 126 159 150 126 158 149 125 157 150 119 161 155 120 160 155 85 95 100 99 100 99 98 97 103 105 102 105 102 105 0.0 0.0 172 158 167 141 186 167 177 160 179 156 208 174 123 I 118 176 | 171 168 162 174 173 170 195 121 173 168 162 173 174 169 194 121 174 167 159 173 173 168 192 121 174 164 157 167 171 163 184 122 173 164 163 156 155 166 ! 166 171 172 163 163 184 184 122 122 173 i 172 -0. 6 -0. 6 0.0 + 0. 6 0.0 0.0 0.0 -0. 6 85 90 78 79 88 84 94 89 84 81 81 79 86 101 99 92 104 102 94 112 108 107 99 96 94 108 101 98 97 104 98 93 114 108 103 99 93 88 115 152 178 253 154 166 252 108 125 108 108 98 122 81 79 130 121 136 142 157 88 97 m 105 114 106 113 ; 114 I 112 113 116 104 111 127 94 94 85 98 94 84 97 92 95 98 88 150 ! 119 169 150 169 i 146 111 | 108 I 115 ! 117 | 107 I 117 | 114! 114 111 j 114 j Ill ! 114 ' 119 + 6. 0 -2. 6 -2. 0 -7. 5 -3. 3 -10.9 -3. 5 -4.8 -5.2 -1. 0 -3. 1 -12. 1 -8.0 -6. 4 + 0. 9 -6. 7 -4. 4 -8. 4 + 1. 2 + 5. 1 -11. 5 NUMBERS FARM PEICES (Relative to 1909-1914 average as 100) All groups Grains Fruits and vegetables Meat animals Dairy and poultry Cotton and cottonseed Unclassified 0. 0 +1.6 + 2. 1 0. 0 -2. 5 -0. 7 + 8. 7 + 4.2 + 2. 9 -1. 4 + 1. 3 + 78.8 +1. 1 ; + 4. 6 WHOLESALE PRICES Department of Labor Indexes (Relative to 1926) All commodities Farm products Food, etc Hides and leather products Textile products Fuel and lighting Metals and metal products Building materials Chemicals House-furnishing goods Miscellaneous + 3.4 0.0 -2. 4 0. 0 + 1. 1 -1. 0 0. 0 0. 0 -1 0 + 9. 3 + 2. 1 + 19.8 + 3. 2 -17. 3 -1. 0 — 7. 1 -2. 0 + ]. 0 -1. 1 (Relative to 1913) Classified by state of manufacture: Producers' goods Consumers'goods Raw materials Commercial Indexes 1 I | (Relative to 1926 monthly average as 100) Dun's Bradstreet's__ - ! 105 | 112 j + 4. 1 + 8.2 COST OF LIVING National Industrial Conference Board Indexes (Relative to July. 1914) All items weighted Food (Dept. Labor) Shelter „ Clothing Fuel and light (combined) Fuel Light Sundries i ! i j ! «j 9 4 5 0 —i! -0. 6 3 0 -4. 2 + 0i.8 1 20 STEEL CASTINGS1 NEW ORDERS, TOTAL MONTH 1920 1922 1921 1924 1923 1925 1826 1922 1927 81,011 85, 610 127, 988 100,846 May June. July August 99,619 87,8" 81,935 81,108 September October November December 82,845 61,794 55, 079 47, 781 i i | | 126,188 I 112.080 j 171,659 117,803 I 69,615 91, 258 126,599 93,146 103,881 81,703 83,527 87,172 ! 93,302 ! | 105,927 I I 83,795 j ! 82,307 ! 117,416 I 109,359 i 73,249 75,876 79, 705 67, 753 54, 301 50,102 78,098 66,103 71,993 70,881 71,260 64,339 63, 599 60, 761 75, 769 82,886 91,158 115,341 45,618 48,550 62,290 89,644 39,430 37,094 32,489 ' 25,862 | 23,966 23,829 21,720 25,256 116,195 98,028 2,114 89, 598 Total Mo. av 997,368 '• 1,163,589 83,114 I 96,966 i | ! | I January February March April September October November December Mo. av 1921 i 1922 i 1923 1927 32 30 26 21 37 40 51 98 87 134 92 52 i 68 | 94 69 | 76 : 60 , 61 64 80 73 81 65 75 66 62 56 72,744 90,898 74,246 63, 528 80 71 66 65 19 19 17 20 76 86 68 67 91 85 57 59 59 i 50 i 40 ! 37 1 57 48 53 52 60 53 57 51 50 63 52 44 69,495 77,549 73,234 89,805 52,351 51,748 62, 683 76,953 67 50 44 39 24 32 40 33 95 80 67 73 55 50 50 47 56 i 61 67 i 85 | 45 59 63 77 50 56 53 65 36 36 43 53 918 698 76, 558 I 67 26 68 75 I 62 j 60 62 53 1928 i 1927 1,035,778 . 86.315 I MISCELLANEOUS 1924 1925 1924 1925 29, 30,147 I 67,272 i 45,356 15,968 17, 636 13,446 ,065 26, 469 24, 970 32,112 55,124 63,633 52,272 93,690 55, 613 29, 658 44,804 75,929 ,896 52,392 38, 299 35,012 39,797 53,368 46,485 50,229 27, 678 53, 461 41,355 34,680 32,279 51,403 55,463 60,716 55,490 23,462 19,458 19,043 16, 797 19,149 23,580 30,178 34, 520 62, 555 59,808 77,969 62,190 ,957 46, 454 50, 670 43,250 51, 489 43, 404 48,515 47, 375 44,965 31,974 34, 789 37, 640 ,105 8,775 7,691 10,291 52,132 61,149 43,127 33,273 55,137 55,903 28,092 34, 210 42,490 36, 985 25, 21,705 34,877 24, 277 ,050 27, 259 33,323 18,180 30,969 24, 413 28,946 39,455 31,011 21,144 54,654 55,875 47,146 43,468 15,861 15,054 14,029 14, 965 41,170 44,778 40, 668 49,034 62,279 53,456 45,157 41, 666 37,215 30, 768 28,992 ,397 43,221 41,826 43,943 43,622 41,187 24,793 23,144 18,768 13,140 20,961 26, 362 21.005 68,106 49, 223 35, 554 40, 521 36,092 39, 405 50,857 63,947 21, 268 29, 734 39, 459 53, 223 22, 761 28, 980 28, 678 39,881 18, 396 16, 625 27, 639 39,112 41, 658 37, 001 31,935 29,013 16,404 18, 776 23, 951 20,167 48,089 48,805 46, 560 49,077 34, 232 36, 807 35, 614 33,382 39,677 43,481 40, 301 51,394 40,681 46,734 50,472 ! 48,569 47,229 ; 44,556 52,324 i 49,924 517,077 43,090 423, 647 35,304 j ____| ! ! Total 1920 1925 84,166 73,465 79,470 71,011 61,949 80, 206 86,688 I 105,547 977,748 81.479 05 107,779 94,683 | 69 90,041 103 81,044 81 111,958 101,120 113,363 91,142 RAILWAY SPECIALTIES MONTH 1924 Per cent of capacity Short tons January February March April i 1923 I 429,643 J 35,804 384,103 i 563,822 32,009 I 46,985 58, 590 54, 635 63,134 63,464 1 | | i 54,318 53,328 55,361 48, 765 50,843 55,285 48,501 46,598 33, 955 35,123 35,044 37,841 554,101 i 630,833 46,175 : 52,569 PER CENT OF CAPACITY Railway specialties Railway specialties Per cent of capacity 96,583 95,420 I 115,096 ! 113,321 87,086 ,915 102,836 94, 677 102, 795 98, 750 90,569 84,753 86, 942 87, 767 79, 726 87,004 September. October November. December.. 82, 625 82,800 88,514 84, 729 70,024 62,409 58,997 58,220 Total. 1,135,955 964,603 I | 94,663 80,384 || 68 | January February March.. April May June July—August.. M o n t h l y average. 1 83 I 81 | 74 71 65 61 I ji !| ! ! ! ! j | 59 j 59 64 ! 61 ; Short tons (average monthly) 38,938 42,944 49,995 34,037 11 57,645 ! 53,049 35,322 !| 52,476 53,593 41,232 !i 65,101 61,604 45,718 39,189 || 67,603 55,488 46,063 35,236 ! 56,732 51, 706 36,564 ! 34,596 i| 62,186 53,171 32,677 ! 32,576 i 57,892 47,150 28,163 32,397 56,590 54, 607 24,424 26,915 25,024 29, 591 25,618 21,947 19,146 19,358 |! 58,201 44,406 |i 55,885 40,462 ji 63,490 39,851 I 55,138 j 38,862 427,016 370,654 i |708,939 593,949 |l 56 ! 35,585 30,888 j| 59,078 49,496 1913. 1914. 1915. 1916. 1917. 87, 700 38, 500 88,600 38,700 92,400 42,200 97, 700 42,300 106,800 1 46,300 49,200 j 60, 734 49,900 45,730 50,200 66, 380 55,400 106,246 60,500 ! 95,191 30,639 30,095 22,857 :22,873 31,537 : 34,843 59,003 47, 243 40,379 |54,812 69 52 72 109 89 : 80 59 ! 75 ' 140 | 87 61 46 69 85 91 1918.. 1919.. 1920.. 1921.. 1922.. 111,300 46, 300 116, 200 46,600 124, 300 51,800 124,900 51,800 122,800 ! 54,300 65,000 !113, 612 69, 600 i 47, 956 72,500 82, 789 73,100 32,534 68,500 83,114 51,084 !62,528 16,788 i 31,168 35,804 46,985 14,370 18,164 43,480 39, 634 102 110 41 36 67 j 69 2 6 '• 28 68 : 80 96 45 65 25 58 1923_. 1924.. 1925.. 1926.. 1927.. 128,600 135, 200 136,800 139,300 144,300 57,300 61, 500 61,600 63,500 66,600 1 71,300 96,966 73, 700 !83,136 75, 200 81,479 75,800 ! 86,315 77,700 i 76, 558 46,540 43,090 35,304 33, 745 32,009 50,426 40,046 46,175 52,570 44,549 75 62 60 62 53 1 ! ! ! 81 70 57 53 48 71 54 61 69 57 ! Compiled by the U. S. Department of Commerce, Bureau of the Census, from reports of 129 identical firms, including reports collected through the Steel Founders* Society. Thesefirmshave a monthly capacity of 145,600 tons, at present representing over 80 per cent of the capacity of the industry for commercial castings (as distinguished from castings used in further manufacture in the same plant), of which 67,300 tons is usually devoted to railway specialties and represents the complete capacity of that branch, while 78,300 tons is generally devoted to miscellaneous castings. New orders for 1925 were 6 per cent larger than the production of direct steel castings manufactured for sale and interplant transfer by steel works and rolling mills and represented 93 per cent of the total of these direct steel castings and of steel castings manufactured in the foundry and machine-shop industry, according to the census of manufactures for 1925. Railway specialties include such items as bolsters, sidearms, draft arms, couplers, and caststeel car wheels. Owing to reports from additional firms, these figures represent revisions of those shown in the Record Book of Business Statistics, Metals and Machinery :tion. Figures for January, 1928, are shown in the table "Trend of Business Movements" in this issue. S ection 21 FABRICATED STRUCTURAL STEEL NEW ORDERS 1923 1922 MONTH 1926 1925 1921 j 1927 I 1922 1923 j 1924 258,400 227, 760 243, 360 290,160 243, 360 224,940 228, 200 221, 680 208, 640 187,380 194,320 225, 550 256, 780 208, 800 208, 800 234, 000 252, 000 195,000 243,750 232,500 262,500 : May June July.— August . 240,160 221,920 206,720 ; 206,720 ; 180,960 165, 360 162, 240 184, 080 192, 340 208, 640 221, 680 192, 340 229, 020 284,540 274,130 267,190 266, 400 262, 800 248, 400 284,400 232,500 i 228,750 345,000 273,750 September.. October November,. December.. 194,560 176,320 152,000 : 185,440 i 165, 360 159,120 171,600 249, 600 211,900 211,900 270,580 | 247,760 i 270,660 298,420 239,430 253,310 216,000 230,400 223, 200 255, 600 262,500 : 288,750 236,250 258,750 2,980, 730 248, 394 2,890,800 240, 900 Total M o n t h l y average 2, 640, 600 220, 050 2, 442, 960 203, 580 2 1,842,240 2 204, 693 1924 1925 1926 i ! ! i 1924 1927 1 | 1925 1926 79 I 73 68 67 70 54 56 65 74 58 58 65 70 52 65 62 70 58 53 52 59 59 64 68 59 66 82 79 74 73 69 79 62 61 92 73 53 51 55 80 65 65 83 76 86 69 73 60 64 62 71 70 77 63 69 65 68 72 67 69 68 64 ANNUAL ORDERS Short tons Per cent of ca- Short tons pacity YEAR 1927 i 52 54 59 62 73 74 79 78 65 60 : .77 76 74 83 83 78 1 77 85 72 77 79 ! 79 69 71 72 67 66 64 1913 1914 1915. 1916 1917 1918 1919 1920. 1921 1922 1923 . 1924.. 72 75 64 1926 1927 January..February. M arch April 195, 600 189, 080 202,120 221, 680 190,850 201, 260 242,900 246,370 234,000 ! 216,000 i 277,200 i 273,600 195, 000 202, 500 221, 250 232, 500 60 58 62 ; 68 i 55 58 70 71 May... June..... July..... August. 221, 680 237,980 254, 280 231,460 253,310 256, 780 274,130 270, 660 266,400 298,800 298,800 280,800 232, 500 258, 750 258, 750 247, 500 September . October NovemberDecember— 237, 980 247, 760 211,900 205, 380 267,190 294, 500 249, 840 267,190 284,400 ! 284,400 j 248,400 255,600 270, 000 251, 250 247,500 240, 000 68 | 73 i 78 ; 71 73 76 65 : 63 : 2, 656, 900 221,408 3, 014, 980 251, 248 68 62 69 69 66 77 78 MONTHLY CAPACITY Per cent of capacity 3,218,400 ! 2, 857, 500 238,125 268,200 73 78 93 78 I j Short tons Monthly avera 85 j 3,060,000 255,000 SHIPMENTS MONTH 1927 Per cent of capacity Short tons January. FebruaryMarch April 1925 1926 ... 214,200 216,080 219,800 227,865 232, 400 225, 000 227,000 231,000 238, 000 242,000 1,215,000 1,422,720 1,995,840 2,056,320 1, 713,360 248,810 257, 250 266,420 272, 700 292,800 258, 000 266,000 276, 000 283,000 304, 000 1, 733, 760 1, 723,680 1, 788,480 1,188,600 2,334,720 301, 590 315, 565 333, 520 348, 265 363, 770 312, 000 326, 000 347,000 360, 000 375,000 2,432, 960 2, 640, 600 2, 980, 730 2,890,800 3,060,000 1 Compiled by U1JU the C U.. O. S. J-/C[Jlll Department of ^UIIllllCI Commerce, Bureau of LILV the LCensus, reports Ufrom Central XFabricators Original 229 identical IWCIt/l, UJ LC, JJ U-l Oil LL VJ C / M U ^ , 1including l_l(Jl U l l l i l g , 1CJ.JU1UC1 U i i l the 1/11C LC/H-/U1/ UUI itllCU / O Association. /lOOULlUUUIt. \J I I g l i i a i reports I CJ.IU1 IB from l i VJ firms, including 27' additional firms now out of business, with a capacity in 1928 of 305,685 tons per month, have been prorated to the estimated total capacity of the country, ~ e _ . . . Owing to the f 435 firms, this total capacity increasing from 304,000 tons per month in 1922 to 375,000 tons in 1927, which is also used for the 1928. figures, Section, for additional numberr <of firms reporting, these figures show slight revisions from those carried in the Record Book of Business Statistics, Metals and Machinery Machin years2 since 1921. Nine months. hO^Pfl OD rPT"lOr1^ Of 4 H ^ f^vmr< + V»ic f A f n l /innnnif\T in/i*»Anoni(T f^A-/. *2fiA f\(\f\ + s\n c r^rtr* m A - n f V i i r\ 1 OOO fr» *37^ f\(\C\ + rvn o i n TOOT TTrKinh io oloA ncflH fr>t* fVirt 1 OOQ firrnrno fWTTii-irr f/-v + Vin MISCELLANEOUS DATA CLINKER, STOCKS AT CEMENT MILLSi GASOLINE, TANK-WAGON PRICE 3 STREET-RAILWAY FARES 2 1825 STEEL BARS, SHIPMENTS,* 1927 Dollars per gallon Tons MONTH 1923 1924 1925 1926 1926 1923 1927 T h o u s a n d s of barrels January February March April J 4,015 4,646 ; 5,174 J 5,006 ! May June July August September October November December ..! I ! I : Total. Monthly average... I ! ! ! Ce 9,989 ! | ' 5,458 I 7,017 9,074 j 6,905 8,497 10,931 j 11.943 •! 1 8,271 9,962 12,290 j 12,997 : I 8,545 I 9,73112,967 13,335 i 4,470 8,225 I 9,053 11,695 12,514 4, 172 7, 609 7, 937 10,144 I 10,926 3,865 j 6.646 ! 6,961 8,604 I 9,609 3,759 5,367 j 5,640 7,362 j 7,887 3,379 3,008 2, 908 3, 783 4,260 i 4,561 3,548 ! 4,086 4,025 ! 5,013 5,433 I 6,469 4,015 I 6,191 I 7,077 2 2 6,112 I 6,490 5,370 5,960 5, 748 6, 374 7, 799 7, 599 9,008 1923 7.433 7.299 7.281 7.385 7.378 371 ! 7 7.371 j 7.2 7.361 7.361 7.350 7.343 7.275 7.285 7.292 7.316 7.326 7.326 7.319 7.299 7.309 7.306 7.309 7.324 : : 7.651 :; 7.658 7.669 i 7.673 : :$C. 177 $0,107 !$0.162 !$0.175 I .189 .191 I .173 \ .170 1 .189 ! .187 ! .185 i .162 ! .189 • .184 ! .185 i .153 7.331 7.335 7.338 7.349 7.507 7.529 7.537 7.537 7.407 7.441 445 449 7.548 7.698 : 7.570 ; 7.698 i 7.592 : 7.698 ! 7.596 i 7.709 ; 7.871 .200 .186 7.919 1 .200 . 177 7.944 ; .191 .165 7. 952 I . 162 .158 7.596 7.596 7.599 7.618 7.952 7# 985 7.999 8.018 467 478 500 '. 504 9,635 i 7.354 j 7.296 ; 7.420 I ! I I 7.720 7.757 7.764 7.779 7.805 $0,195 7.841 .215 7.841, .215 7.852 • .206 1924 ! . 158 .145 .137 .143 .181 .194 .194 .167 I .140 .138 .139 .139 7.706 j 7.915 i .181 | .166 .196 ; .147 .197 ! .149 .197 1 .149 .196 ! . 146 .158 .192 ! .144 . 155 I . 182 ! . 143 . 158 j .176 1 .142 . 161 ! . 176 i . 143 ; .175 .185 .152 i 34, 39, 48, 39, 887 408 032 897 37, 36, 30, 30, 379 822 605 300 27, 860 27, 656 27, 026 28,497 408, 369 34,031 Compiled by V. S. Department of Commerce, Bureau of Mines, from practically all cement plants. Compiled by the American Electric Railway Association and representing the average cash fare charged by electric railways based on rates in effect in 272 cities of over 25,000 population, according to the 1920 census, excluding 16 cities in which zone fares are in operation, precluding the computation of a definite average. 3 Compiled by the Oil and Gas Journal, representing the average tank-wagon price of gasoline in 50 cities at the end of each month, exclusive of tax. Taxes at the end of 1927 averaged 3.1 cents per gallon. Details by cities are shown in the publication. * Compiled by the Cold Finished Steel Bar Institute, estimated to represent from 60 to 70 per cent of the industry. January shipments were 45,010 tons. 22 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, 1928), in which monthly figures for 1926 and 1927 may be found, together with explanations as to the sources and exact extent of the figures quoted. The figures given below should always be read in connection with those explanations. Data on stocks, unfilled orders, etc., are given as of the end of the month referred to. For explanations or relative numbers, including base periods, see introduction on inside front cover. 1938 1927 The cumulative* shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, tf Survey '* Jan., Jan., August ! Se £i e r m " October December November CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 PER CENT INCREASE ( + ) OR DECREASE (—) 1927 January January •! c u m u - 1928, 1928, from Dec, i 1927 (Per ct. il inI crease ! I (+) I or de: icrease il ( - ) 1927 from Jan., 1927 i lative !i 1927 ! from !! 1926 TEXTILES Woo! Receipts at Boston: j Total _.., thous. of lbs..| Domestic thous. of lbs..! Foreign thous. of lbs..j Imports: j In condition imported thous. of lbs..! Grease equivalent thous. of lbs..I Consumption by textile mills, • grease equivalent thous. of lbs..j Stocks, grease equivalent, end of quarter: ! Total _ thous. of lbs__L. Held by manufacturers _thous. of lbs__L r Held by dealers thous. oflbs.-L. Machinery activity, hourly: Looms— I Wide. per ct. of hours active..: Narrow per ct. of hours active..! Carpet and rug per ct. of hours active. J Sets of cards per ct. of hours active.,\ Combs per ct. of hours active. J Spinning spindles— j Woolen per ct. of hours active. J Worsteds .per ct. of hours active. J Prices: j Raw, territory, fine, scoured—dolls, per lb..| Raw, Ohio and Pa. fleeces, j M blood, combing, grease...dolls. perlb-J Worsted yarn .dolls. perlb-J Women's dress goods, French i serge, 39 in dolls, per yd i Suiting, 13-oz dolls, per yd..^ Cotton 35,499 ! 29,891 18,425 21,754 46,504 15,205 8,972 6,233 15,442 8,794 6,648 17,281 ! 8,044 i 9,237 1 19,743 +11.9 6,081 , - 8 . 5 13,662 +38.9 15,832 18, 933 21,053 24,535 20,179 23,936 17,924 20, 566 24,759 i 28,353 ! 48,153 49,122 j 46,322 41, 691 45,087 ! 46,389 I J 303, 668 I 2 168,458 I 3 135,210 65 57 79 83 78 65 64 65 65 88 66 64 67 7Q /y 83 63 !| 58 I 68 !' 77 h 71 ! 77 65 66 67 64 R4. 79 74 80 72 1.12 82 71 1.12 , 1.12 1.12 .44 1.35 .45 1.38 .47 1.40 .48 .98 1.913 1.00 j 1.913 I 349,224 | 169,260 | 179,964 | 342,549 ! —1.9 219,190 ! +29.5 123,359 >| - 3 1 . 5 27,542 +38.1 -10.1 30,642 i +37.9 : - 7 . 5 310,266 i 336,207 | 268,659 i! -14.1 304,825 j! -9.3 510,033 | 551,529 ' 17,094 ! 362,786 ! 16,036 411,216 +8.1 -2.8 -15.0 -4.0 -25.6 -6.4 68 65 65 75 84 -1.6 -10.3 0.0 +1.8 +5.6 -8.8 -20.0 ! 72| 75 +1.3 +1.5 62 52 ; 68 78 75 i 78 66 ; 1.14 | 1.17 .49 I 1.40 ! .50 1.43 ; .44 1.38 1.00 ! 1.913 1.00 | 1.917 ! 1.00 ' 1.935; 1.00 1.895 ! ! -32.4 ! 3 324, 578 ! 8 160,159 ! 8 164,419 ! 1.40 -12.5 +32.3 +8.1 +4.6 i +4.0 ! -10. 7 I +8.3 ! -12.0 ! f-2. 6 +8. 3 +2.0 +13.6 +3.6 +2.1 +.9 0 +2.1 1,575 I - 4 5 . 9 41,445 ! 56,939 • + .6 -43.0 -27.2 767,314 I 728,935 1,115,792 | - 5 . 0 543,598 ! 582,417 ; 603,242 | +7.1 | 6,721 ; 8,011 t - 8 . 7 7,363! 0. 1,707 ! 1,852 I 1,707 \ 6,159 | - 1 1 . 4 5,014 5,656 ! I 8,796 | - 4 . 5 7,501 i 7,163 7,227 I - 9 . 5 5,470 6,041; | .187 ! .186 .106 ! .196 . 190 .134 j -3.1 -34.7 -3.5 0 j 2,000: 2,837 28,346 j 19, 235 631,041 1,126,509 627,321 | 612,935 2,571 28,845 999, 501 625, 680 5,083 ! 1,119 i 3,965 j 6,760 1,327 I 5,433 j 7,521 1,551 ! 5,969 ! 5,356 ' 4,108 ; 6,479 ! 5,297 | 7,314 ! 6,074 i .225 .218 : : .210 | .211 .200 .203 1,660 i 41,211 [ : 9,048, 3J 2 I 9,475,394 | 6, 683, 649 | 7, 406, 637 : -6.2 +13.3 +4.7 +10. 8 -16.1 | -7.8 ! -18.6 ! -18.6 -24.3 +75.5 I +41.8 ! | Machinery activity of spindles: j Active spindles thousands..) Total activity millions of hours..| Activity per spindle hours..j Ratio to capacity per cent..; Carded sales yarn: i Production thous. of lbs.. Stocks, end of mo thous. of lbs.. Unfilled orders, end of mo thous. of lbs.. Prices of yarns: 22/1 cones, Boston ..dolls, p e r l b . . 40/1 s, southern spinning dolls, per lb... 32,239 32, 343 8,973 : 8,761 245 240 i 103. 5 107.0 | 13,286 ! 17,618 ! 9,393 i 8,570 ! 24,415 | 24,124 j I .387 i .406 ! .512 .547 I Cotton Goods Cotton textiles: I \ Production thous. of yds..j 245,605 ; Stocks, end of month thous. of yds..' 201,217 ! Unfilled orders, end month..thous. of yds.J 491,960 ! New orders thous. of yds..I 255,992 \ Shipments thous. of yds.J 221,915 :j Weeks sold ahead number..! 4.73 Fine cotton goods, production pieces._i 486,395 2 Quarter ending in month indicated. 16, 578 9,033 7,545 j a 357,107 a 175, 436 » 181, 671 832 Receipts into sight -thous. of bales..j Imports, unmanufactured bales..: 28,041 Exports, unmanufactured I p> (including linters).. bales_.| 340,311 Consumption by textile mills bales..! 633,434 Stocks, domestic, end of month: I 3,295 Total, mills and w'houses-.thous. of bales..! 1,122 Mills thous. of bales..! 2,173 Warehouses. thous. of bales. J Stocks, world visible, end of month: \ Total thous. of bales..! 4,480 American thous. of bales..; 3,131 Prices: ! To producer dolls, per lb.J .171 In New York, middling .dolls, per ib.J .203 Cotton Yarn 16,956 11,799 5,157 346,902 201,920 479,368 333,607 346,199 4.00 496,697 32, 498 32,269 8,705 8, 680 238 238 105.3 [ 107.2 31,715 7,859 215 94.3 31,698 8,259 227 101.5 16,619 ! 17,162 10,165 ' 11, 580 27,220 ; 34, 692 21,160 12,880 40,115 18,934 13, 444 38, 287 .402 .546 .383 .530 .371 .522 I 331,854 321,621 372,042 ! 257,011 ! 292, 535 * 336, 501 | 432,447 340,221 386,726 ! 225,560 193,871 374, 581 i 293,411 286, 097 328,076 2.11 .59 ! i 466.529 472, 298 I .369 I .523 i 32, 636 8,554 229 102.0 — 2 . 9 IL - 3 . 4 I. - . 9 i!. - . 5 i!. -10.5 +4.4 -4.6 .301 .460 228,933 216,212 441, 799 376,811 259,955 3.94 401,676 I 441,484 ! Quarter ending December 31, 1926. 297,669 367,223 313, 893 194,114 266,947 -.1 +5.1 +5. 6 +7.6 : -.5 +.2 -20.0 +9.i :; -18.8 -48.2 -18.6 -14.3 +22.6 | +13.7 +30.0 +69.8 -29.0 -48.5 +2.7 2,628,293 3,334,232 : +26.9 2, 713,401 2,649,775 3,302,466 : +21. 7 3,261,613 |, +23.1 - 9 . 0 I 4,836,237 i 5,770,419 :; +19.3 * Revised. 23 TREND OF BUSINESS MOVEMENTS—Continued 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 PER CENT INCREASE ( + ) OR DECREASE (—) Jan., 1928, from Jan., j ! 1928, | from j j Dec, Jan., !j 1927 1927 1926 1927 il Per ct. increase or decumulative 1927 from 1926 TEXTILES-Continued Ootton Goods—Continued Cotton cloth: Imports thous. of sq. yds.. Exports. thous. of sq. y d s . . Fabrics for tire manufacture: Consumption thous. of lbs.. Prices: Print cloth, 64 x 60 dolls, per y d . . Sheeting, brown dolls, per yd._ Cotton goods (Fairchild), val. 1911-1913 +28.0 1! -12.2 11 513,300 63,016 551,846 +3.8 +7.5 165,965 177,979 +7.2 974, 569 942,782 568,228 1,013,493 980,525 593,138 +4.0 +4.0 +4.4 Cotton Finishing White, dyed and printed (outside mills): Billings, finished goods (as produced) thous. of yds.. New orders, gray yardage---thous. of y d s . . Shipments, finished goods .eases.. Stocks, finished goods, end mo cases.. Operating activity per ct. of capacity.. Unfilled orders, end of month days.. Printed only (cotton mills and outside) thous. of yds.. Silk Imports, raw _ thous. of lbs.. Deliveries (consumption) bales.. Stocks, end of month: At warehouses bales.. At manufacturing plants bales.. Price, Japanese, 13-15, New York .dolls, per lb._ Rayon Imports thous. of lbs_. Stocks in bonded warehouses, end of month thous. of lbs.. Price, 150 denier, A grade, N . Y . .dolls, per lb__ 84, 780 82,407 52,399 37,092 68 5.8 84,899 87,386 52,316 37,053 72 5.8 85,490 i 77,296 | 50,175 j 39,094 73 : 5.4 • 77,239 69,073 44, 671 41,350 61 4.4 77,885 69,836 43,287 41,059 59 3.9 68,737 75,665 44,673 40,751 62 4.7 51,688 j 58,673 ! 64,943 \ 57,006 48,574 ! 49,826 9,347 i 47,042 | 7,625 50,107 7,942 47,827 5,899 46, 947 7,541 43,357 7,405 52,420 56,618 22,218 5.145 22,100 5.096 62,366 25,967 5.145 52,069 26, 530 4.802 53,540 24,282 4.998 47,528 25, 632 5.145 1,528 1,129 i, 386: «1,052 i 1.50 | 1,875 1.50 1,674 1.50 1,285 1.50 j ! ; | ' • i 75,510 88,603 48,936 36,581 69 6.8 -11.7 +8.3 +3.2 -.7 +5.1 +20.5 -9.0 -14.6 -8.7 +11.4 -10.1 -30.9 1 1,764 2,549 I 1.50 I Clothing Men's and boys' garments Suits Separate trousers Overcoats Work clothing: Cut.. Net shipments Stocks, end of month cut: thous. of garments.. thous. of garments.. thous. of garments.. dozen garments.. dozen garments.. dozen garments.. 1,308 i 1,080 <932 1,577 ! 1,413 i 1,349 «542 ! 551 ! 530 I 332,918 299,695 | 304,376! 328,497 332,458 ! 290,626 360,331 i 329,537 ! 353,427 957 i 1,250 ! 333 j 1,203 1,394 242 276,989 ! 201,606 223,044 | 154,885 388,139 I 413,573 Hosiery Production thous. of dozen pairs.. Net shipments thous. of dozen pairs.. Stocks, end of month thous. of dozen pairs.. New orders.... .thous. of dozen pairs.. Unfilled orders, end of mo.thous. of dozen pairs.. 3,807 ! 4,016 ! 8,093 | 3,892 ! 6,018 j 3,841 4,355 7,695 4,896 6,407 4,151 4,294 7,965 4,246 6,481 3,863 3,927 7,568 ; 3,838 i 6,167 3,386 3,646 7,640 3,183 5,395 thous. of dozen garments.. thous. of dozen garments.. 1,082 i 1,369 | 1,055 1,464 1,181 1,359 1,181 i 1,230 i 973 thous. of dozen garments.. thous. of dozen garments.. 1,434 ! 1,434 j 1,216 1,241 1,322 1,147 1,073 i 1,046 | 1,100 !| 924 ! I thous. of dozen garments.. 2,543 j 2,416 2,185 • 1,967 40,337 18,284 37,396 I 16,705 ! 25,089 I 44,451 23,862 Knit Underwear Production Net shipments Stocks, end of month. New orders Unfilled orders, end of month 1,925 11 Burlaps and Fibers Imports: Burlaps Fibers (unmanufactured) thous. of lbs.. long tons.. 71,417 23,768 49,797 i + 1 0 . 1 : - 1 . 29,892 +64.6 ! +31.4 Pyroxylin Coated Textiles Pyroxylin spread Shipments billed Unfilled orders, end of month thous. of lbs.. thous. of linear yards . 3,581 2,749 ! 3,600 2,901 3,042 | 2,649 I 3,092 | 2,382 I 3,502 2,785 thous. of linear yards.. 2,387 2,421 2,426 ! 2,678 | 2,979 3,206 ! + 1 6 . 2 j + 2 6 . 9 | 2,168 !| +9.6 i +40.7 j Cotton Mill Dividends Fall River mills (quarterly): Total thous. of dollars..: Ratio to capitalizaI tion per cent per quarter..! New Bedford mills (quarterly): i Total thous. of dollars.-| Ratio to capitaliza! tion _ per cent per quarter.. 1 > Quarter ending in month indicated. *262 >. 643 '406 *.997 * 588 1607 2.809 3.826 3 Quarter ending December 31, 1926. * Revised. 24 TREND OF BUSINESS MOVEMENTS—Continued 1 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " TEXTILES-Continued Fur 1928 August i September October November 1927 Decemb e r " ! >**>»* | crease i cumu! lative January Jan., 1928, from Dec, 1927 Jan., 1928, from Jan., 1927 1926 192/ 163,492 170,723 i | 1927 i from I 1926 | j thous. of dollars..| 13,694 13,644 8,843 8,115 8,713 7,081 13,400 -18.7 -47.2 Fresh-water pearl buttons: j Production ratio to capacity..! Stocks, end of month thous. of gross..; 43.6 9,555 50.9 9,409 53.9 9, 604 52.3 9,646 45.1 9,662 48.8 10,902 44.4 10,300 +8.2 +12.8 +9.9 +5.8 16 -71.9 -43.7 Sales by dealers Per ct. CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 | or de- PER CENT INCREASE ( + ) OR DECREASE (—) +4.4 Buttons IRON AND STEEL j Iron j i 23 Manganese ore, imports thous. of long tons..j Iron ore: j 304 Imports thous. of long tons.-i Shipments from mines.thous. of long tons..! 8,776 Receipts— j Lake Erie ports and j 6,451 furnaces thous. of long tons..! 2,274 Other ports.._ -thous. of long tons._i 4,368 Consumption.__ ..thous. of long tons..; Stocks, end of month— ! Total thous. of long tons._ I 35,803 At furnaces thous. of long tons._| 29, 728 6,075 j On Lake Erie docks.thous.of long tons..\ Pig-iron production: | 2,947 ! Total, United States...thous. of long tons..; 733 ! Merchant furnaces thous. of long tons, J 63 ; Canada thous. of long tons..| Furnaces in blast, end of month: I 187 i Furnaces number..; Capacity long tons per day_ _ | 93,800 | 51.7 i Per cent of total per cent..; Ohio gray-iron foundries: MeltingsActual long tons._; 17,559 i Normal long tons__j 20,217 • 86.8 E,atio to normal per cent of normal. _j Stocks, end of month, .per cent of normal._| 82 ! Receipts per cent of normal..: 71 | Malleable castings: Production short tons.. 1 47,166 ! 47.4 Operating activity per ct. of capacity..; Shipments .short tons._ i 46,306 New orders short tons..' 39,897 Wholesale prices: \ Foundry, No. 2, j 19.36 j northern dolls, per long ton..! 17.30 i Basic (valley furnace)..dolls, per long ton..! 19.00 ! Composite pig iron dolls, per long ton..; 36 15 225 7,231 228 6,723 200 ! 2,000 ! 5,493 1,832 4,089 4,929 ' 1,828 4,024 ; 1,831 911 i 3,814 | 39, 296 32, 527 42,164 i 34,952 7,212 : 41,472 I 2,775 685 52 27 I 2,784 ! 707 38 I 32 132 251 3,992 { 4,303 2,696 ' 708 63 4,524 | +7.8 33,350 ! 33, 971 27,062 ; 27, 279 6,692 37,582 II 34,528 ' 30,978 6,944 ' 6,604 j 2,648 710 '38 I +90.2 ! + 7 . 7 I 233 2,870 ! 715 65 ; -4.S -11.3 -12.6 -4.8 179 90,800 49.4 172 88, 300 47.6 170 87, 700 47 A 169 86,835 I 47.3 | 185 ! 208 96,640 I 100, 635 52.9 i 57.0 +9.5 +11.3 i +11.8 I -11.1 -4.0 13, 298 16, 284 81.6 117 82 14, 207 18,389 : 77.2 i 88 I 15, 647 19,553 80.0 104 74 10,994 15,342 71.6 105 58 13,977 16,097 86.8 129 ! 13, 613 | 18, 943 ! 71.3 ! 91 62 +27.1 | + 4.9 | +21.2 +22.9 ! +51. 7 | + 2.7 41,155 41.9 42, 500 35,492 43,074 45.0 38,433 37,477 ! ! ; ! I i i j 1 ; 50,096 41.9 44, 458 49, 251 47, 454 47.7 44, 717 46, 872 19.01 17.00 i 18.37 i 19.01 17.00 18.37 19.26 17.06 18.89 60 • ; 38,210 44,781 40.4 ; 47.3 35,735 40,269 32,925 45,920 19.26 17.00 ; 18.79 19.21 17.00 18.42 19,865 25,734: , 25,917 104,301 14,437 19,972 17,740 99,284 [ +11.9 -11.4 309 i -11.0 2,622 + 2 . 6 51,110 -12.7 42, 259 15, 658 58, 360 36,552 ; -13.6 14,044 : -10.3 52,933 •; -9.3 39,070 I 8,999 | 759 ! 3G, 232 -7. 3 8,885 • -1.3 709 -6.6 | -6.0 ! +6.5 | + 1 . 0 ! -5.9 +3. 2 +25. 0 j 3,104 760 52 347 2.555 58, 561 ! ! 211,922 I 184,766 -12.8 258,911 I 223,441 -13.7 -15.0 +21.7 +41.8 +41.9 ! +5.6 I -12.2 +10.4 I -.6 +7. 3 I +5.1 671,341 | 589,608 640, 857 570,521 564,836 -11.9 528,018 -7.4 -12.2 233, 324 244, 941 251, 006 245, 340 226,795 226,131 +5.1 -7.4 -9.9 247,149 i 278, 267 258,734 1 257, 461 272, 742 I 251,679 + 12.6 -.5 -7.7 -6.2 -5.6 -8.9 20.26 18.00 20.16 ! Cast-iron Boilers and Radiators Round boilers: 22, 733 22,311 | Production thous. oflbs.. Shipments thous. of lbs.. 22,588 ! 22,311 New orders __ ...thous. of lbs.. 20,781 j 20, 340 Stocks, end of month _..thous. of lbs.. 113, 776 ! 113,561 Square boilers: 29, 682 26,966 I Production ...thous. oflbs.. Shipments. _ thous. of lbs.. 29, 268 i 30, 687 25,112 26,518 j New orders thous. of lbs. _ Stocks, end of month thous. of lbs... 111,962 I 111,499 Radiators: 17, 453 16,828 ! Production...thous. sq. ft. heating surface., Shipments...thous. sq. ft. heating surface. _j 17,904 I 17, 304 15, 768 New orders..thous. sq. ft. heating surface.. 18,606 ! Stocks, end of month thous. sq. ft. heating surface.. 58,610 ! 58,887 24,758 31,156 30,400 110,648 22,575: 29,156 24,812 101,990 : 10,023 13,185 11,346 95,453 i! ji II Ij 11, 539 ! 13,193 11, 772 55,030 ; 53,793 3,471 ! * 70 i 3,232 : 4 68 i 54 ' -' .: 3,150 I «66 I 3,960 83 84 3, 973 I 9,753 I 4,276 3,341 11,870 3,455 9, 625 87,004 60 32,397 54,607 | ! I j 70,024 ; 49 25,618 i 44,406 : 62,409 43 21,947 40,462 58, 997 41 19,146 39, 851 63,528 44 21,144 42,384 ! ! ! | 52,351 36 18, 396 33,955 : 51, 748 36 ! 16,625 35,123 I 62, 683 43 27, 639 35, 044 58,220 40 19,358 38,862 174.223 177,430 j +1.S 172. 188 1 162,041 -5.9 195.901 I 164,608 ! -16.0 j 1 i 3,7 +25.7 +5.3 +25.8 I +5.1 59 I -12.5 : +42.4 3,800 13,513 +7.6 ! +12.5 46,936 778 | 43,041 | -8.3 907 1 ~+lG.6 199,059 164,247 ! - 1 7 . 5 73,886 i 87,086 i +26.9 ! -15.2 | 1,135,955 60 +27.5 ! -15.0 51 I 427,016 +48.3 I - 1 5 . 34,037 28,714 !I 53,049 +16.2 ! - 1 4 . 8 45,172 708,939 964,003 j - 1 5 . 1 +18.1 +17.0 +5.5 +31.0 * See page 20 of this issue for previous data. 76,953 53 39,112 37,841 . |i ! 34 404 'l 3,102 <65 *81 3,148 13,276 j 14,226 i . 9,534 ! 9,240 | - .. ' 3,289 *69 56 3,196 ! 14,289 ! 17,164 12,692 10,604 ' 82,765 20,658 i 13,105 i ; 10,896 [: ; 81,849 |i i Crude Steel Steel ingots, production: United States, total thous. of long tons.. Ratio to capacity per cent.. Canada thous. of long tons. U. S. Steel Corporation: Unfilled orders, end of month .thous. of long tons. Earnings thous. of dolls.. Steel castings:* ProductionTotal short tons. Ratio to capacity per cent. Railroad specialties short tons. Miscellaneous.-. short tons. New orders— Total short tons. Ratio to capacity per centRailroad specialties.._ short tons. Miscellaneous short tons. * Revised. : 18, 265 ! 21, 637 ! 16, 781 1 97, 619 i 14,088 11,251 18,156 17,540 19,683 I 16,154 49,302 ; ' < 90,863 62 ' 41,276 i 49,587 i 107, 779 75 53,461 54, 318 ! i i ! -15.7 -17.3 -22.8 -8.7 1,035,778 | 404, 945 630, 833 370,654 I - 1 3 . 2 593,949 | - 1 6 . 2 918, C -11.3 384,103 ! -5.1 534,595 !. -15.3 25 TREND OF BUSINESS MOVEMENTS—Continued 1928 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey ** September August October PER CENT INCREASE ( + ) OR DECREASE (—) 1927 Jan., Jan., 1928, 1928, from i from Decem- ! January I January ber November Dec, I Jan., [[Per ct in- CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 1926 1927 3,447,452 3, 287, 276 3, 394,017 3,196,327 3,152,173 3,354,694 6, 588, 535 6, 630,569 or decumulative 1927 I from 1926 1927 | 1927 IRON AND STEEL—Continued Crude Steel—Continued Sheets, black, blue, galvanized, and full finished: Production245, 765 220,919 Total net tons.. 266,645 62.6 80.3 Ratio to capacity _ per cent.. 71.7 Stocks, end of month— 145,980 Total ...net tons.. ! 169,315 155,865 53, 311 50, 518 Unsold net tons.. ! 54,553 232,626 Shipments net tons_. I 266,713 230,443 258,427 234,358 i 177,647 New orders net tons.. 308, 264 Unfilled orders, end of month net tons.. | 312,662 350,117 Steel barrels: 578,408 Production .barrels.. I 615,152 521,899 47.4 56.2 51.6 Ratio to capacity per cent.. ! 525,374 572,893 Shipments barrels.. j 610,454 53,938 59,453 Stocks, end of month barrels.. .1 57,413 Unfilled orders, end of month barrels.. 11,106,604 1,124,437 1,000, 559 Track work, production short tons.. ! U3,387 * 10, 999 * 9,914 Iron, steel, and heavy hardware: 203 200 Sales .rel. to Jan., 1921., j 216 203 Lock washers, shipments thous. of dolls.. 199 228 Wholesale prices: I ; 33.00 Steel billets, Bessemer..dolls, per long ton.. | 33.00 33.00 36.22 Iron and steel .dolls, per long ton.. i 35. 75 36.24 1.83 Structural steel beams..-dolls, per 100 lbs..i 1.80 1.80 2.51 i Composite finished steel.dolls, per 100 lbs..i 2.48 2.53 Steel sheets, Youngstown district dolls, per 100 lbs_.I 3.00 3.10 Fabricated Steel P r o d u c t s 316, 541 89.6 256,856 83.5 +21.7 +18.1 +23.2 +7.3 145, 644 52,966 224, 789 344, 519 437, 306 150,104 170, 453 52,474 59,508 274,126 221,689 530,197 ! 302,921 745, 393 694,197 161, 661 44,974 239, 019 261,357 526, 550 +13.6 +13.4 +23.7 -42.9 -6.9 +5.4 +32.3 +14.7 +15.9 +31.8 444, 227 475,906 500,909 529,137 43.7 45.6 40.6 48.1 474,159 497,345 454,638 525,518 54, 353 63,017 51,409 52, 606 845, 789 1, 308, 365 1, 351,797 1, 788,194 i 9,332 < 12,969 9, 706 * 9,139 186 174 166 183 33.00 35.39 1.75 2.47 33.00 35.10 1.80 2.46 | ! ! | +7.1 -10.1 +7.6 -9.1 +4.3 -9.8 +3.3 +5.7 +3.3 -24.4 +2.1 -28.0 I """l97,~665 33.00 35.27 1.80 2.47 ! ! ! I 0 +.5 0 +.4 "i I I I +.6 160,~63l" -18.5 2,782 +19. 7 I +5. 3 35.00 ! 37.76 | 2.00 I 2.62 | -7.1 +5.0 6,586,845 j 6,624,753 169 i 219 ! -4.6 —5. 7 -6.6 -10.0 -5.7 3.00 262, 500 70 270,000 72 288,750 77 251, 250 67 236,251 63 247,500 258, 750 69 240,000 64 35,648 44 13,367 32,810 41 8,758 -17.4 -17.4 -12.5 -12.5 +9.6 +9.6 +7.7 +7.7 2,890,800 3,060,000 +5.9 3,218, 400 2,857,500 -11.2 35,854 45 14,342 -8.0 -6.8 -34.5 -8.5 -8.9 -38.9 513,913 497, 697 -3.2 175,367 210,974 +20.3 -2.8 -6.0 | +.4 I -27.7 213, 750 195,000 57 52 210,000 195,000 56 | 52 I 38, 662 48 15,421 47,090 I 58 18,648 ! 27,341 34 1,312 1,152 1,270 930 1,235 1,125 1,054 906 1,025 852 1,021 1,179 2,219 2,368 1,558 2,380 2,411 1,574 2,856 2,476 1,577 2,741 2,850 1,414 2,713 3,248 2,000 2,731 il - 1 . 0 2,887 ii +14.0 1,728 !l +41.4 -.7 +12.5 +15.7 31,429 31,393 31,106 30, 760 -1.0 -2.0 531 608 738 619 551 666 591 575 651 578 619 680 769 680 556 i +17.6 576 11 +24.2 623 |j +12.2 +22.3 +33.5 +9.1 7,337 7,340 7,264 7,351 -1.0 166, 352 46, 573 170, 255 39, 516 177,928 51,185 168,428 55,070 205, 766 49,903 15,946 15,733 1 +.1 215,235 11 +22.2 I - 4 . 4 42,219 ji - 9 . 4 ; +18.2 2,167,048 s 2,180,970 |i + . 6 933,641 I 552,907 | - 4 0 . 8 320,110 |j +45.7 J i Vacuum cleaners, shipments | (quarterly) _ number..! Washing-machines, shipments: ! Total number.. Electric ___number..; Water softeners, shipments units..I Water systems, shipments ...units..! Pumps: Domestic shipmentsPitcher, hand, etc .units.. Power, horizontal type.. ..units-.I Steam, power, and centrifugalNew orders-. thous. of dolls.. Shipments thous. of dolls.. Unfilled orders, end mo.thous. of dolls.. Agricultural machinery and equipment: Shipments— Total rel. to 1923-25.. Domestic rel. to 1923-25.. Foreign .._ rel. to 1923-25.. Production rel. to 1923-25.. Foundry equipment: New orders rel. to 1922-24. Shipments rel. to 1922-24.. Unfilled orders, end of month rel. to 1992-24.. Stokers, mechanical: Sales (new orders) number.. Sales (new orders) horsepower.. Machine tools: New orders rel. to 1922-24.. Shipments rel. to 1922-24.. Unfilled orders, end of mo.-rel, to 1922-24.. 2 Quarter ending in month indicated. 89514—28 260,130 75.9 j Structural steel, fabricated: ; New orders (prorated) .short tons.. | 273,750 Ratio to capacity per cent..! 73 Shipments (prorated) short tons. J 247,500 Ratio to capacity per cent. J 66 Steel plate, fabricated, new orders: Total. short tons—! 48,577 Ratio to capacity _ per cent..; 60 Oil-storage tanks short tons..! 29,691 Steel boilers, new orders: i Total .number..! 1, 517 Area thous. of sq. ft..: 1,569 Steel furniture: j Business group— ; Shipments... thous. of dolls..: 2,475 New orders thous. of dolls. _i 2,382 Unfilled orders, end mo.thous of dolls..! l, 412 Shelving— j Shipments thous. of dolls..! 604 New orders thous. of dolls..! 592 Unfilled orders, end mo.thous. of dolls | 669 Iron and steel: j Exports ..long tons_.j 175, 637 Imports .long tons..; 51, 596 Machinery 232, 041 65.9 3 2 -3.2 1,065,430 67,214 55,319 I' ! 1,273 II +14.6 I -.4 4,886 ! +12.5 j +37.6 1,029,053 843,685 17,355 78,793 45, 283 +26.2 +6.3 +15.5 +160.2 546, 644 6,288 1,137 1,138 3,112 1,634 1,112 « 3,500 -12.5 -30.4 -9.3 +2.3 - . 4 I -11.1 18,625 <90.7 «82.4 < 133.8 «136.0 123.2 126.1 114.3 148.8 103.7 105.6 93.5 136.9 I +35.8 ! +18.8 II +53.0 I +19.4 j| -14.6 +22.2 ! +9.4 +8.7 95.8 97.2 106.8 110.4 129.7 116.4 2 212,829 309, 998 75,155 63,606 1,595 8,601 84, 795 70, 227 1,674 8,211 86y 922 71,570 1,743 I 79,422 64, 082 1,414 7,079 69, 945 56, 999 1,106 39,969 994 43, 007 1,492 i 36,130 1,461 38,148 1,370 48,137 1,582 1,489 1,474 3,040 1,178 1,221 2,950 40,443 1,758 1,300 1,303 2,950 1,403 1,294 3,092 1,300 1,255 3,125 177.6 166.8 234. 0 126.5 157.2 I 134.4 j 277.0 116.2 122.6 112.0 178.0 121.1 87.3 80.0 125. 6 123.5 106.4 80.4 ! 98.0 113.4 8,365 I 1,268 6,725 944,506 775,661 18,118 83,820 ! i I | -8.2 -8.1 +4.4 +6.4 499,499 1 8 . 6 13,058 1+107.7 ii 106.3 105.8 103.5 120.6 160 60,977 104 27,843 95 27,222 67 16,955 83 32,202 75 26, 572 170 118 278 106 128 266 133 152 231 134 149 214 5 1,038,614 l| - 2 . 5 Quarter ending December 31, 1926. 169 157 I 192 ! 17,179 ij - 9 . 16,799 jj —9. 218 149 293 < Revised. *See page 21 of this issue for previous data. 26 TREND OF BUSINESS MOVEMENTS—Continued 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " Jan., August I ^g11- No \ October ™™' (-) i cumulative 1927 from 1926 1928, | Dec, from Jan., 1927 IRON AND STEEL—Continued (+) or de-) crease Jan., 1928, from Decem- Fernet. increase CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 | PER CENT IN! CREASE ( + ) OR I DECREASE ( —) 1926 1927 \ Machinery—Continued Electric hoists: i New orders— i Quantity number.J 278 300 Value dollars.J 162,594 \ 147,323 Shipments dollars.., 128,331 j 151,674 Electiic overhead cranes: i Shipments . . . t h o u s . of dolls. J 729 653 New orders thous. of dolls..j 483 : 684 Unfilled orders, end mo thous. of dolls. J 2,278 2,273 Electric industrial trucks and tractors: Shipments, domestic—• j Tractors .number of vehicles..! 3 8 All other types number of vehicles. J 87 66 Exports _ number of vehicles..: 2 5 Fire-extinguishing equipment, shipments: j i Motor vehicles.. number..! 143 122 Hand types n u m b e r . J 48,101 ; 46,255 Patents issued: ; Total, all classes. number..!1 3,815 2,792 Agricultural implements number.. 46 37 Internal-combustion engines number. _; 67 34 NONFERROUS METALS j j 223 102, 238 139, 066 +27.2 +31.1 +31.0 + 3 2 . 1 I; 3,605 ! 3.293 ; - 8 . 7 +20.0 | 1,920.194 ; 1.619,782 i| - 1 5 . 6 - 4 . 1 j 1,981,063 i' 1,540,300 ! - 2 2 . 2 764 566 2,117 637 525 • 1,975 -43.3 -38.9 -3.2 -59.7 -56.3 11 81 17 15 64 19 -37.5 +27.3 -18.2 +46.3 ! -47.1 | 108 48, 472 111 43, 723 3,185 57 73 4,232 61 60 -37.7 -9.8 +10.5 +7.1 +54. 5 | Copper j j Production: i Mines short tons..! 67.248 65,936 Smelter short tons. J 78,245 74,418 1 Refined (North and South : i | America) short tons..! 119,786 i 119,100 I World production, blister short tons..; 135,015' 133,291 ! Domestic shipments, refined short tons. J 71,736 ' 71,578 j Exports _ short tons.i 46,571 46,137 j Stocks (North and South America), end mo.: I : j Refined.. short tons..; 93,654 \ 86,493 | Blister short tons.. 253,886; 246, 517 j Wholesale price, electrolytic dolls, per lb..! . 1297 \ . 1294 j Copper Product* 270 114,835 121, 445 I i 68,959 i 68, 080 * 67, 222 83, 551 i 79,878 85,868 i 124,927 ; 118,269 128,923 122,723 ! 145,278! 141, 975 148,961 ! 140,546 I 68.619! 59, 264 60,862 i 41,317 i 41,129 51,322 | j 83,882 i 90, 874 95,298; 96,476 i 246,354 I 250,014 • 248,420 !< 237, 881 I .1332 . 1296 | .1385 i .1377 I I 6,895 : 6,110 15,083 14,487 2,201 ; 1,973 ! 8,560 4,938 .6074 . 6352 -16. 7 ! 190 ! 1,127 98 ; -23. 7 i 1,526 614,524 s +15.7 +7.1 44,751 • 631 613 -20. 3 9,308 ;; - 2 0 . 6 7,976 !j - 3 1 . 8 135 .1 -28.9 091 ;i -11.8 130 ;| +32.7 1. 434 '1 588, 582 :! -6.0 -4.2 41, 731 1i - 6 . 7 -2.4 616 777 .1 + 2 6 . 8 ! +2. 2 -9. 8 -13.7 -9.8 133.110 i 143,337 " 93,982 276,316 .1299 872,509 984,166 - 7 . 8 I 1,440,454 -4.8 -5.6 TO o +1 5 +1 2 -4 1 6 -1.9 I —10. 6 +18.7 +2.7 1.600,491 ' 902.174 470,769 829,97S 968,657 -4.9 -1.6 1,476.506 1.658,346 824,844 ' 523, 572 : +2.5 +3.6 -8.6 + 11.2 j -13.9 +6.6 + | Plumbing fixtures: ' ; | i : New orders, tubular— ' i Quantity number.. 229,923 230,978 | 200,298 j 238,034 j 211,779 Value ....dollars.. 207,013 209, 702 j 178, 280 \ 162, 871 ! 187, 767 Wholesale price, 6 pieces dollars..; 104.39 \ 104.51 I 104.71 ! 104.33 j 99.44 Wire cloth: i 464 j Production thous. of sq. ft. _ 422 1 409 492 432 470 i Shipments. thous. of sq. ft._ * 426 417 446 ! 404 ! Stocks, end of mo .thous. of sq. ft..; 1,320 1,242 1,187 i 1,161 ! 1,213 ! 442 !i New orders thous. of sq. ft..! 413 , 440 476 381: 292 332 : Unfilled orders, end of mo-thous. of sq. ft.. ! 256 265 316 j Make and hold orders, end 412 ; ofmo thous. of sq. ft..; 398: 396 413 Tin • Deliveries (consumption) long tons.. Stocks, end of month: World visible supply long tons.. United States long tons i Imports long tons..i Wholesale price, pig (New York).dolls, per l b . . 11, 722 11,688 6,005 | 14.684 j 3,158 | 7,179 ! .5758 5,665 4,535 98.59 449 425 1,189 414 315 441 5,415 14,594! 15,733 I 15,244 ! 2,003 ! 1,573 2,768 I 4,876 5,727 i 3,958 .5709 .5805 ! .5518 i 371.125 I1 248,094 |i 105. 91 I1 1. ii 2,411,077 , 2,751.618 ! + 1 4 . 1 I j| 2,449,301 2,379,284 ! - 2 . 9 - . 9 1 - 6 . 9 ||._ -: Ii 501 II 424 ! 1,149 ! 286 I 341 ! i -8.7 +5.2 I - 1 0 . 4 (i +.2 i + 3 . 5 i|_ -2.0 +8.7 5.4(13 :i - 7 . 2 5.042 ! - 1 0 . 2 +10.1 -.3 +6.8 +29.3 I 6,295 || +19.4 j - 1 4 . 0 | 15,342 3,304 7,966 .6479 5,887 5,616 Ij -3.1 II +76.0 (I +44.7 ij - 4 . 9 -.6 -16.2 -28. 1 -14.8 78,050 72. -190 77,090 71,205 i -7.6 Zinc Retorts in operation, end of month.. .number.. Production „ _ .short tons.. Stocks, end of month short tons..: Ore, Joplin, district: Shipments short tons.. Stocks, mines, end of month...short tons.. Price, slab, prime western dolls, per l b . . 76,851 49,012 34,587 : i 61,749 ! 24,934 sI . 0634 74,4? | 76,067 ! 76,627 : 77,084 47,7?5 | 50,185 | 49,217 ! 52,347 34,277 ! 36,223 j 39,320 : 40,751 55, 308 | 76, 430 ! 49,830 ; « 54, 586 28,806 I 29,776 39,296 \ 43,147 .0621 .0600 .0575 .0572 72,204 52,414 42,163 88,908 i 56,898 I 29,912 +.1 +3.5 +41. 0 1 .0564 < 69,835 25,515 ! .0666 i -1.4 -15. 3 ! -6.3 -18. 8 i 9 ! Lead 54,820 i 56,134! 57,703; 56,812' Production short tons.. 55,830 53,204 59 383 i; - 3 . 5 Ore shipments: 10 812 ii 7,864 8,207 ! 13,079 Joplin district short tons._ : 8,540! 6,439 Utah short tons..! 63, 721 80,362 66,157 70,752 ! 83,003 ; 75,855 64 768 II - 8 . 6 56, 345 || - 1 . 9 53,017 57,035 ! 57,027 Receipts in U. S. ore short tons.J 56,479 j 50,995 55,970 134, 682 i! Stocks, U. S. and Mexico, end m o . . .short tons.. 162,866 i 160,134 155, 868 155,568 i 156,280 ; Price, pig, desilverized (New i • i York) ._ dolls, per l b . . .0668 ! .0630 I .0625 .0626 ; .0650 .0650 .0758 i E n a m e l e d Ware Baths: Shipments „ Stocks, end of month New orders Unfilled orders, end of month * Revised. \ .pieces.. 110,220; 93,172 pieces..! 120,903 123,880 pieces..: 106,502 96,352 pieces.., 38,829 I 41,407 85,163 137,830 82,762 33,154 72,424 146,113 69,356 28,993 \ 55,974 ! 157,868 I 66,504 I 33,160 70, 633 156,020 36,473 83,117 182,363 86,802 47,343 : |« |l j! +26.2 -1.2 +18.0 +10.0 638,533 613 548 -3.f 840,867 1 689 036 -18.1 i 708,147 , 687, 273 +17.1 || —. 7 ;! 130,378 ! 786,381 i 678,036 ; 104, (m 822, 352 660 125 — ( -14.2 j j | I -2.9 : -20. 2 +4.6 -2.6 ii. - 1 5 . 0 || 1,195,142 i 1,101,494 -14.4 ! ! - 9 . 6 ii 1,242,969 ; -23.0 H I j -7.8 27 TREND OF BUSINESS MOVEMENTS—Continued i Per ct 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may he found on pages 24 to 138 of the February, 1928, " Survey " 1928 CUMULATIVE TOTAL : inFROM JANUARY 1 crease THROUGH DECEM- ;• ( + ) BER)! PER CENT INCREASE (+) OR DECREASE (—) 1927 : or de; crease August Septeni- j Qctober Novem- Jan., ! Jan., 1928, | 1928, from .1 from Decem- :| J a n u a r y . Dec, ! Jan., 1927 j 1927 i (-) 1926 1927 I cumulative ! 1927 I from 1926 NONFERROUS METALS-Continued Enameled Ware—Continued Lavatories: Shipments.. pieces.. Stocks, end of month pieces.. New orders pieces.. Sinks: Shipments pieces.. Stocks, end of month pieces.. New orders _ pieces. _ Miscellaneous sanitary ware: Shipments pieces.. Stocks, end of month pieces.. New orders pieces.. Small ware (all except baths): Unfilled orders, end month pieces.. Enameled sheet-metal ware: Shipments dozen pieces.. Porcelain flat ware: New orders— Total... thous. of sq. ft.. Ratio to capacity per cent— ShipmentsTotal thous. of sq. ft..I Ratio to capacity per cent.-! 122,783 212,589 123,204 115,625 ! 98,731 187,453 ! 188,202 117,212 | 95,032 77, 862 193, 811 76,055 66,913 204,744 78,292 201,891 ! 94,242 j 102,986 256,114 106,720 +29.9 I - 1 5 . 6 H 1,365,275 1,230,923 |; - 9 . 8 - 1 . 4 i - 2 1 . 2 ji ii +20.4 ! - 1 1 . 7 I 1,380,784 i 1,255,721 !j - 9 . 1 126,958 231,384 127,926 115,007 i 113,717 215,075 213,006 122,749 ! 106,438 83, 780 223,265 84,031 73,450 \\ 93,739 233,091 li 232,325 86,879 |i 97,336 \ 99,178 296,158 104,926 +27.6 | - 5 . 5 l| 1,363,657 I 1,289,272 j; - 5 . 5 53,842 126,652 53,235 49,955 ! 135,593 ! 49,513 | 44,998 133,612 45,972 40,441 34,675 131,329 I 140,597 38,279 ! 38,814 40,465 130,881 44,262 +21. 2 i +3.9 |i 600,038 —5.1 + 1.9 I! +4.0 -8.8 I: 628,362 118,755 117,185 j 97,538 329,843 310,823 | 4 322,081 •i < 5,285 43 5,937 47 4 4 6,129 | 95,330 53 I 54 4,792 | 678 | 4,117 | 5,115 1,255 3,860 104,774 1! 99,903 1 II ' 287,115 | 307,280 ij | 4 9,578 42,043 133,366 40,353 -21.6 +12^ 0 j - 7 . 2 117,617 i ;! 350, 748 -4.6 +10.7 | +2.3 5,308 43 «4.895 '! ' 4 4 !; 5,421 j 45 | 6,759 53 6,394 j 50 I 5,609 ! 44 ' 5, 473 ! 46 ! 5,942 4.506 ! 1,186 I 3,320 j 4,466 I 1,296 ' 3,170 '• 4,929 | 894 J 4,034 I 5,440 1,220 4, 220 , : 1,387,997 j 1,316,037 |j 557,666 -5.2 -7.1 554,530 :• - 1 1 . 7 -15.1 ! 3,916,930 -19.8 i -15.1 ! -2.4 i 47 ', 70,602 73,10 +3.5 75, 949 76,818 .j +1.1 15,330 j 50,555 j W, 112 .. - 8 . 8 13, 108 ;; - 1 4 . 8 47,004 '/ - 7 . 0 +4.5 j - 2 . 1 Other Metal Products Babbitt metal, consumption: Total apparentDirect by producers... Sale to consumers Pails and tubs, galvanized: Production Shipments. Other galvanized ware: Production Shipments. Band instruments, shipments: Total. Cup mouthpieces Saxaphones Wood wind I 5,497 thous. of lbs..I 1,008 thous. of lbs__] 4,489 thous. of lbs 1 I dozens..! 133,309 dozens., j 148,148 I 44,632 dozens.. dozens.. 48,291 dollars.. dollars.. dollars.. dollars.. 432,571 175,999 237,532 19,040 93,273 ij 125,536 ! 90,254 !! 149,304 i 127,608 ; 151,495 112,690 ! 127,530 | 141,101 S 110,275 | 37, 776 i 44,852 39,006 i 41,368 35, 602 28,578 22,090 I 17,013 | 527,640 | 195,494 | 306,715 25,431 594,020 | 234,399 | 325,587 34,034 603,944 216,128 352,960 34,856 589,967 I 223,946 !• 340,266 ! 25, 755 ! 32,678 ! 35,689 | 318,106 126,852 169,050 22,204 i I i ! + 10.4 i - 9 . 4 : -31.0 | - 2 6 . 7 | +27.3 j - 4 . 4 ! 131,006 +34.6 141,817 ! +65.4; - 4 . 2 I 1,429,909 ! 1,008,725 !• + 1 6 . 7 1,425,072 | 1,688,1(32 |j +18.4 +5.3 +5.3 31,019 +47.9 32,082 1+109.8 +11.2 ; 407,776 143,893 249,763 23,120 536,103 i 519,492 i 425,080 Ii - 2 0 . 7 421,161 j| - 1 8 . 9 •• - 2 2 . 0 • 6,532,522 | b. 789,023 ' - 1 1 . 4 - 4 3 . 4 ! - 1 1 . 8 ! 2,419,472 j 2,173,230 1 - 1 0 . 2 - 5 0 . 3 - 3 2 . 3 ! 3,832,295 3.326,247 ~ "~" " " 'i! - 1 3 . 2 298,546 i\ +6.3 - 1 3 . 8 i ~4.o: 280,755 -46.1 Electrical Equipment Electrical mfrs., new orders 2 | 2 235,558 j 239,247 jj _ „ | 3 200,078 | + 1 . 6 ; - 8 . 0 ; 1,011,870 i 954,883 ;| ~5.t (quarterly).... thous. of dolls I Electrical porcelain, shipments: 74,230 77, 212 1,084,440 ! 924,437 |i - 1 4 . 8 62, 536 69,195 93,176 1 +16.3 - 1 7 . 1 62,697 66,391 Standard .dollars.. 236,052 115,394 119,744 178,583 122,081 i +3.6 -5.9 Special ..dollars., 114,467 1,818,030 1,713,685 ! - 5 . 7 111,408 -9.6 311,889 468,903 35,002 High tension. dollars.. 386,174 446,991 451,894 | 408,401 ! +5.1 2,945 2,361 1,897 Glazed nail knobs. thous. of pieces., 2,134 3,201 3,363 ! +37.4 879 1,165 755 1,092 794 1,091 Unglazed nail knobs thous. of pieces.. ! 1,273 660 1,127 ! J -18.5 Tubes thous. of pieces. 1,145 1,383 1,361 Laminated phenolic products, 677,861 | 494,566 j + 2 0 . 0 j + 3 7 . 1 i 7,936,298 7,823,380 |; - 1 . 4 shipments dollars.. 929,872 11,033,466 I 940,563 679,369 | 564, 775 Motors: ! 692,583 i ' !|10,135,163 9,374,997 !! - 7 . 5 626,092 864,562 New orders. _ dollars.. 706,219 820,652 > 740,366 Billings (shipments) dollars.. 823,940 776,325 j 834,479 630,628 815,830 i 766,011 ' ; 110,453,559 9,248,337 ;l - 1 1 . 5 Power switching equipment (quarterly): New orders53,218 53,557 ;i +.6 ! 2 12,039 ].. 2 11,901 , j|j - 1 . 1 : -23.1 Indoor single pole units.. ? 15,480 2 14,634 47,791 65, 008 j! +37.4 ...j 2i6 ? i27 I 3 14,725 i -9.3 i Outdoor single pole units.. _ 27.050,375 .i ...'12,258,668 ! Outlet boxes and covers, shipments pieces.. 2,645,760 2,228,162 2,577,732 2,728,841 1,947,433 ; 140,346 | l,534.f?34 i Industrial reflectors, sales. units.. 120,353 125,802 137,417 ! 146,152 i -2.TJ~"-6.~6~! 141,392 j 140,415 Flexible cords: 32,419 36,274 40,389 37,584 I New orders _ thous. of ft_ 55,603 | Shipments _ .thous. of ft. 30,005 | 46,632 • 52, 494 37,764 ! 47, 566 46,332 i Stocks, end of month thous. of ft— 58,550 i 51,091 \ 46,222 j Welding sets, new orders: 1,620 '•; +.6 119 1,610 Single operator units. 137 133 153 | 123 128 ! 129 I +7.6 ! -36.4 : -56.2 ! 133 182 ;; + 3 6 . 8 Multiple operator units. 37 | 11 16 23 26 7 ! 11 ! Panel boards and cabinets, 2 864,598 3, 247, 099 -5.0 J ..! 2 821,487 ; shipments (qtly.) .dollars. 113,846 ! 10,488 I 9,713 j 9,235 Nonmetallic conduits, shipments..thous. of ft. 9,614 [ 9,017 ! 6,735 j Delinquent accounts, electrical trade: -6.6 +2.5 Amount. _ __ dollars. 166,683 I 145,031 156,606 ! 148,358 i 197,462 ! 184,500 ! 180,048 1,397 J -1.4 Delinquent firms .number. 1,365 I 1,381 | -2.6 1,585 | 1,320 1,286 | 1,361 ! AUTOMOBILES Production: United StatesTotal number of cars.. 308,807 4 260, 379 Passenger cars number of cars... 274,378 4226,440 34, 429 33, 939 Trucks number of cars.. ] Canada— 11, 262 12,526 ! Total .number of cars.. 8,681 10,139 ! Passenger cars... number of cars.. 2,581 Trucks number of cars.. 2,387 ! 1 Quarter ending in month indicated. 4 219, 711 4 134,409 183, 041 * 109,756 * 36,670 4 24, 653 7,791 6,236 1,555 6,617 5,173 1,444 s 4 4 133, 547 | 106, 079 i 27, 468 j 4 3,435 2,277 1,158 225,039 ! 199,032 j 26,007 | 238, 926 199, 650 39,276 8,463 I 6,705 ! 1, 758 j 15, 376 11, 745 3,631 Quarter ending December 31, 1926. +68.5 i +87.6 ' -5.3 , +146.4 +194. 5 +51.8 -5.8 4,298,799 - . 3 ; 3,808,753 -33.8 ; 490,046 -45.0 : -42.9 -51.6 4 205,092 164,483 40,609 Revised. 3,394,255 ; - 2 1 . 0 2,939.177 j - 2 2 . 8 455,078 ;! - 7 . 1 179,420 ' - 1 2 . 5 146,870 ; - 1 0 . 7 32,556 • - 1 9 . 8 28 TREND OF BUSINESS MOVEMENTS—Continued 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey '* PER CENT INCREASE ( + ) OR DECREASE (—) 1927 1928 Jan., August September October November January January CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 Jan., 1928, 1928, from Dec, from Jan., ! 1927 1926 1927 1927 | Per ct. increase (+) or de!crease : (-) i cumulative 1927 from 1926 AUTOMOBILES—Continued Exports (assembled): From United S t a t e s Total number of cars.. Passenger cars ....number of cars.. Trucks number of cars..! From Canada— Total number of cars,.! Passenger cars number of cars..! Trucks ....number of cars..) Foreign assemblies.. number of cars..! Sales, passenger cars and motor j cycles _thous. of dolls..! Shipments (General Motors Co.): To dealers number of cars.. To users. .number of cars..I Accessories and parts: | Shipments— I Original equipment._rel. to Jan., 1925..: Eeplacement parts.__rel. to Jan., 1925..\ Accessories. _rel. to Jan., 1925 j Service parts. rel. to Jan., 1925.. Exports thous. of dolls. _ Rim production thous. of rims.. New passenger-car registrations: , Total .number of cars__! Highest price group number of cars..! Second highest group number of cars..! Third highest group number of cars..! Lowest price group number of cars.-j Miscellaneous number of cars..j FUELS 29,835 !| +35.8 22,122 ! +24.3 7,713 11 +62.3 -7.4 +50.2 305,791 238,390 67,401 393,938 i +28.8 286,619 I +20.2 107,319 || +59.2 3, 1, 1, 10, 7,466 +59.7 -1.0 5,296 2,170 +395.2 14, 943 -12.9 -53.1 -65.3 -23.3 -27.1 74,324 53,628 20, 696 174, 356 57,414 39,900 17,514 203, 561 26, 273 19,033 7,240 27,718 I 19,366 I 8,352 I 31,405 21, 396 10, 009 23, 609 16,473 7,136 4,634 3,020 1,614 15,047 3,872 2,856 1,016 12, 844 3,507 i 2,380 1,127 12,988 3,876 2,403 1,473 12, 481 2,193 1,857 336 * 12, 518 148,071 | 63,381 85, 667 60,071 125,181 53,760 • 107,278 99, 367 81, 010 185, 626 178,889 I 154,772 155,604 158,619 57, 621 80, 539 140,607 ! 128,459 132,596 | 153,833 +7.5 32,060 i 20,476 11,584 32, 059 23,294 8,765 502 838 664 900 -22.8 -25.6 -15 4 +16.8 2, 508,881 1,990,444 |; - 2 0 . 7 +108. 4 +26.0 +99.5 +32.4 1,234,850 i 1,562,748 f +26.6 1,215,826 I 1,554,577 j +27.9 1 124 j 174 ! 103 i 120 i 6,600 ! 1,385 ! 99 132 75 143 7,501 839 111 126 61 104 7,505 1,134 242,031 ; 184,619 | 183,979 ! 11,514 10,655 I 12,152 j 47,292 i 73,223 I 54,256 71,704 53,300 I 57, 538 85,071 ' 01, 779 70,841 ! 519 ! 394 ! 391 132, 487 9,315 33,834 37,951 51, 093 294 89.189 7,253 26,280 26,805 28, 515 336 40, 628 1,121 * 41, 277 i 832 | 155 169 115 134 9,741 1,826 139 181 163 127 7, 962 1,727 | I 1 i | I ! ! i | : 1 163 137 79 142 7,489 1,812 132 107 79 140 7 411 < 1 , 489 1 +23. 5 ! +28.0 o : +1.4 i +1.1 ; +21.7 I +46.8 +8.7 +29.5 +36.5 -.2 +59.8 coo C, 291 33,509 34,249 99, 662 927 1A 83,889 ; 24,199 ; 103,700 ! + 2 3 . 6 20,005 j - 1 7 . 3 2,600,407 129, 609 623, 536 655,129 1,185,365 6,768 3,155, 796 128,119 636, 374 626, 789 1, 744, 362 20,122 -17.6 +1.2 -2.0 +4.5 -32.0 -66.4 | Coal and Coke j Bituminous: ! Production thous. of short tons..! Exports thous. of long tons..I Consumption— ! By vessels thous. of long tons..! By electric power I plants.. ..thous. of short tons..| By railroads .thous. of short tons__| By coke plants— j United States.thous. of short tons..| Canada thous. of short tons._j Stocks, end of month, \ held by consumers..thous. of short tons._| Prices— j Mine average ! (spot) dolls, per short ton..! Wholesale, j composite dolls, per short t o n . j Retail, composite..dolls, per short ton..! Anthracite: j Production thous. of short tons.J Exports thous. of long tons.. Stocks, end of mo. in j yds. of dealers no. of days' supply..! Prices— I Wholesale, composite .dolls, per long ton__ Retail, composite, .dolls, per short ton.. Coke: | Production, U. S.— j Beehive thous. of short t o n s . j By-product.. thous. of short tons.. Production, Canada.-thous. of short tons.. Exports _ thous. of long tons.. Price, furnace, Connellsville ..dolls, per short ton.. 41,705 ! 41,928 i 1,278 ' 1,313 44,000 ; 1,252 j 351 | 271 363 369 ! 44,200 S 850 ! 319 I 56,882 j 1, 720 +7.1 ! -22. 3 I +2.2 I -50.6 ! 376 I, +17.7 | - 1 5 . 2 | 573,367 ! 31,516 I 6,907 ; 519,804 j - 9 . 3 16,095 -48.9 4,076 ! - 4 1 . 0 351 : 3,513 | 7,558 ! 6,034 ! 247 ! 3,561 i 7,661 4 5, 898 219 61,900 4 3,663 ! 8,418 j * 6,006 i 223 ! - 3, 556 7, 847 3, 696 i 8,198 i 5,626 229 5,834 i 261 61,300 ; 2.07 i 2.08 1.95 1.90 4.274 9.20 4.199 9.33 4.160 9.32 7,749 i 280 ; 6,642 290 7,404 : 310 I 6,902 277 487 i 457 3,665 ! * 3, 603 169 150 55 ; 76 3.08 j 3.00 13.389 ! 15.07 ! 9,186 ' +5.7 -5.9 i 4. 450 9.97 -1.2 -1.1 -8.0 |. - 7 . 6 !:. 6,561 ! 220 |i -5.8 +3.1 6,168 6, 557 I 251 4. 144 9.31 4.093 I 9.21 | 6,032 ! 226 j 5,683 I 233 ! 41,311 101,134 ; 41,711 I 95,415 | +1.0 -5.7 82,236 ; 2,904 74,127 ; 2,884 -9.9 -.7 84,437 ! 3,599 | 80,658 2,982 -4.5 -17. 1 12, 489 ; 44, 377 I 1, 909 ! 880 i 7, 004 43, 903 1, 981 719 | -43.9 | -1. 1 1 +3.8 ! -18.3 2.30 4 -13.4 +5.9 49 i 60 i 13. 353 15.03 i 55, 500 4.275 8.99 i 13.209 ; 14.80 3,804 I ! 13. 389 15.07 419 i * 3, 720 , 152 I 379 3,500 157 \ 75 ' 2.91 2.83 13.389 ; 15.08 1 13.130 15.08 13. 779 15. 42 377 3,646 177 63 373 3,880 787 * 3, 700 177 59 i | I i 2.79 | 65 -1.9 i -4.7 -2.2 - 1 . 1 j -52.6 +6.4 I +4.9 +3.2 +10.2 -28.4 2.78 i i Petroleum Crude 'petroleum: j 77,998 | 75,081 Production.. thous. of bbls.. Stocks at end of m o n t h Total (comparable) thous. of bbls_. 333,673 ' 339,741 Tank farms and pipe lines thous. of bbls.. 295,643 i 301, 528 38,030 | 38,213 Refineries thous. of bbls.. California23,262 i 22, 795 Light thous. of bbls.. 91,965 ! 92,186 Heavy thous. of bbls._ 6,261 ! 5,122 Imports thous. of bbls.. Consumption (run to stills).thous. of bbls..! * 71, 001 * 68, 586 79 Refinery operation per ct. of capacity..! 79 1.155 Price, Kansas-Oklahoma dolls, per bbl.J 1.198 1,120 Oil wells completed number..! 1,056 4 Revised. 77,081 ! 73,778 I 345,357 i 348,885 -1.1 +2.6 I 74 ,108 73,321 71,475 351,646 358, 892 278,972 +2.1 +28. 6 312,411 ! 39,235 | 317, 725 41,167 243,428 35, 544 +1.7 +30.5 +4.9 +15.8 21,191 21,609 20,058 | 92, 555 91,858 91,797 ! 5,339 4,633 6,209 i * 71,932 ! < 69,587 * 70,323 ! 80 I 81 79 j 1. 240 1. 230 1. 220 i 1,044 i 1,086 905 ! 20,493 94, 327 6,145 68,193 72 1.220 764 31,017 87, 971 4,514 < 69,603 79 1.750 1,385 +2.2 +2.8 38, 554 310, 058 38, 827 -1.0 -3.0 -8.0 0 +5.6 -33.9 +7.2 +36.1 -2.0 i -8.9 -30.3 -44.8 770,874 ; 894,435 j +16.0 j j 60,382 : 779,264 : -3.7 58,156 828,514 +6.3 14, 680 -22. 8 29 TREND OF BUSINESS MOVEMENTS—Continued PER CENT INCREASE ( + ) OR DECREASE (—) The curnulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 Jan., 1928, from Dec, 1927 FUELS—Continued Petroleu m—C ontinued Gasoline: ProductionRaw (at refineries) thous. of bbls. Natural gas (at plants) .thous. of bbls. Exports thous. of bbls. Consumption thous. of bbls. Stocks, end of m o n t h Raw (at refineries) thous. of bbls. Natural gas (at plants)..thous. of bbls. PricesWholesale, New York dolls, per gal. Retail, wagpn, 50 cities..dolls, per gal. Retail distribution, 41 States.thous. of gals. Kerosene: Production thous. of bbls. Exports ..thous. of bbls. Consumption thous. of bbls. Stocks at refineries, end rno.thous. of bbls. Price, 150° water white dolls, per gal. Gas and fuel oils: Production thous. of bbls. Consumption—• By vessels thous. of bbls. By electric pow. plants-thous. of bbls. By railroads thous. of bbls. Stocks at refineries, end mo.thous. of bbls. Price, Okla. 24-26, refineries.dolls, per bbl. Lubricating oil: Production thous. of bbls. Consumption thous. of bbls. Stocks at refineries, end mo thous. of bbls. Price, cylinder oil dolls, per gal. Asphalt: Production thous. of short tons. Stocks, end of month__thous. of short tons. Imports thous. of short tons. Coke: Production thous. of short tons. Stocks, end of month, .thous. of short tons. Wax: Production thous. of lbs. Stocks, end of month thous. of lbs. 28, 010 3,214 4,101 29, 779 27, 716 3,245 3,481 28, 409 28,903 3,419 3, 805 25,497 ! i i I 28, 558 3,410 3,654 24,400 28, 512 3,512 2,949 23, 718 27, 879 3,426 3,692 20, 939 299, 734 31,305 42,480 261,813 -2.2 27, * 2, 595 - 2 . 4 3,425 +25.2 17,888 -11.7 . 170 i . 170 < .143 j . 142 832,992 I 691,799 4,420 1,669 3, 8,373 .068 4, 1,652 3,280 8,120 .068 4, 2,193 3,469 7,325 .073 4,470 500 3,921 30,346 70 4,436 501 4,145 31,631 .850 4,594 507 4,652 33,191 .865 2,752 2,004 7,491 .251 2,782 1,965 7,447 .255 2,757 ! 1,782 I 7,584 ! .253 i 330,667 38, 752 43,103 297,928 7,811,107 8,684,848 4,869 1,226 3,819 7, 669 .072 5,047 2,345 2,742 7,670 ! .070 i H, 110 507 4,123 33, 637 .838 5,113 1,592 3,882 8,190 -1.3 +47.3 -29.4 -6.3 -25.5 61,768 22, 016 38,140 56,114 19,278 37,595 3,940 821 4,283 23,195 1,255 31,701 || - 1 . 8 2,477 1,739 7,524 ! .245 ' 21,870 I I +4.2 I -2.8 I -63.2 142 ! 995 156 j +9. 1,145 I! +15.1 HIDES AND LEATHER Hides Imports: Total hides and skins thous. of lbs. Calfskins thous. of lbs. Cattle hides thous. of lbs. Goatskins.. _ thous. of lbs. Sheepskins thous. of lbs. Stocks, end of month: Total hides and skins._ thous. of lbs. Cattle hides thous. of lbs. Calf and kip skins. thous. of lbs. Sheep and lamb skins thous. of lbs. Prices: Green salted, packers' heavy native steers ...dolls, per lb. Calfskins, country No. 1 dolls, per lb. Inspected slaughter of livestock: United S t a t e s Cattle thous. of animals. Calves thous. of animals. Swine... _ thous. of animals. Sheep thous. of animals. CanadaCattle and calves no. of animals. Swine._ _. no. of animals. Sheep .no. of animals. Leather Production: Sole leather...thous. of bai,cks, bends, sides Finished sole and belting. thous. of lbs Finished upper__ thous. of si Oak and union harness— stuffed sides. Skivers doz. Unfilled orders: Oak and union harness... .sides. Stocks in proeess of tanning: Sole and belting thous. of lbs. Upper .thous. of sq. ft. Stocks, end of month: thous. of lbs. Sole ond belting Upper .thous. of sq. ft. 4 Revised. 55, 397 5,544 33,495 ,973 6,245 43, 665 4, 545 25, 383 6,485 4,510 36, 356 3,699 21, 561 5,700 3,195 37, 328 3,717 20,634 6,585 4,676 38,151 3,177 23,391 5,32 3,740 239,049 180, 700 36,321 22, 028 243,327 188, 797 33,024 21, 506 248,187 200, 220 27, 942 20, 025 249,673 203,146 26, 973 19, 554 242, 300 198, 623 26, 803 16, 874 108,610 161,474 59, 505 1,393 26,040 72,095 94, 541 26, 296 117,252 I 132,344 208,308 ! 248,367 137, 970 132, 617 1,325 24, 230 70, 081 90, 707 21, 574 1,246 22, 704 66, 056 93, 892 20,124 81,015 79,600 i 79,669 144,881 ! 147,790 j 148,978 61,355 i 60,811 | 59,163 241,835 1 i 244,268 I 250, 364 79, 399 253, 643 42, 951 * 1, 243 23, 034 72,143 91,457 20, 057 36, 409 3,410 18,856 5,448 5,117 26,110 2,296 12, 357 5,791 3,763 66,128 271,156 26, 090 -4.6 +7.3 -19.4 +2.3 +36.8 +39.4 +48.5 +52.6 -5.9 +36.0 368,443 45,166 149, 759 87,517 59,309 -9.5 -3.5 +21.4 +3.2 10,180 5,153 40,636 12, ,519 4,878 43,636 12,883 1,097,418 I 1,148,032 2,493,425 j 2,540,342 545,769 618,057 1,170 23, 235 71, 974 63, 957 19, 781 13,615 262, 305 836,176 1, 204,183 295, 698 15,829 296,802 ,041 990, 657 271,771 +16.3 +13.2 -3.2 -17.7 -8.1 30 TREND OF BUSINESS MOVEMENTS—Continued PER CENT INCREASE ( + ) OR DECREASE (—) The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 ) Septem- August ' cumu! lative I 1927 ! from i 1926 j January I January HIDES AND LEATHER—Continued Leather—Continued Exports: Sole .thous. of lbs. UpperTotal thous. of sq. ft. Cattle and calf .thous. of sq. ft. Patent thous. of sq. ft. Shecp _ thous. of sq. ft. Prices: Sole, oak, scoured backs, heavy, Boston dolls, per lb. Chrome calf, " B " grades..dolls, per sq. ft. 753 j 12,177 7,634 3,659 884 10,576 7,375 2,322 879 16, 530 11,093 4, 742 695 15, 532 10,614 4,103 815 +7.2 12, 663 8,875 ! +6.4 3,144 | +10.4 644 | +2.1 +22.7 +19.6 +30. 5 +26.6 148,256 104,011 35,831 8,414 .53 . 51 Leather Products Shoes: Production thous. of pairs.. Exports thous. of pairs.. Wholesale p r i c e s Men's black calf blucher, Mass_._ dolls, per pair., Men's dress welt, tan calf, St. Louis__ dolls, per pair.. Women's black kid, dress welt, lace, oxford dolls, per pair.. 35, 0G1 337 343,608 j +5.9 5,514 I; - 3 . 4 32, 267 i * 25, 973 376 ! 433 0.40 6.50 5.00 5. 00 4.00 4.00 6.50 5. 00 4.00 Leather Products Gloves: Glove leatherProduction Stocks (tanned)— In process Finished Gloves, cut— Total Dress and street— Imported leather Domestic leather Work gloves thous. of skins.. thous. of skins.. thous. of skins.. 1,589 2,636 dozen pairs.. 241,652 dozen pairs.. dozen pairs.. dozen pairs.. 64, 010 41,669 135,973 long tons.. long tons. thous. of lbs. 50,535 32,810 45,706 .Jong tons. long tons.. long tons. long tons. long tons. dolls, per ib. 255,684 96,148 69,109 27,427 63,000 ,243 229,999 131,016 59,601 36,537 147,952 50, 532 33, 635 141,612 41,150 22,430 119,230 * 48,454 38, 592 33,845 54,550 30,736 32,654 37,738 ! 50,917 - 8 . 3 j -25.9 24,650 I 27,736 | + 9 . 4 ! - 1 1 . 1 115,496 | 117,617 I - 3 . 1 I - 1 . 8 603,996 690,939 il +14.4 393,890 417,562 i| +6.0 1,498,567 I 1,506,079 !i + 0 . 5 RUBBER Crude Rubber World shipments, plantation Imports (including latex) Consumption by tire mfrs World stocks, end of month: World total United States Europe -. Producing countries _. Afloat Wholesalc price, Para. N. Y 260,799 97,829 72, 748 27,822 62, 400 .230 ; 56,559 ! 39,108 i 43,340 _.! 44,078 ! 614,778 413,200 518,044 I 602,320 426,257 I 514,995 I -2.0 +3.2 -.6 76,172 58,329 27, 224 75,700 | .288 i .268 i Tires and Tubes Pneumatic tires: Production _ Stocks, end of month Shipments— Domestic. Export Inner tubes: Production Stocks, end of month ShipmentsDomestic Export _ Solid and cushion: Production Stocks, end of month ShipmentsDomestic Export thousands. ...thousands. - thousands. thousands. thousands. thousands. tliousands. thousands. thousands. thousands. thousandsthousands. 4,334 ! 8,070 j 4,666 I 144 j 4,871 j 11,023 j 5,898 j 96 : 49 I 183 : 45 ' 5' 43,203 : 1,113 ; 46,199 ij + 6 . 2,017 || +81.2 57,515 : 52,697 !i 52,935 ' 782 : 53,556 ! + 1 . 2 1,198 | +53.2 8,367 ; 14,758! 6, 208 ! 7,464 | 9,358 21,996 6,515 9,932 -8.4 O t h e r R u b b e r Products Rubber-proofed fabrics: Production— Auto fabrics... thous. of yds.. Raincoat fabrics _.thous. of yds.. All other thous. of yds.. New orders, auto fabrics thous. of yds. Production, relative to capacity.-per cent.. «Bevised* 802 2, 723 552 876 30.5 i i ! I | 756 3,123 666 955 28.7 819 3,179 ; 636 ! 827 i 31.2 691 2,489 611 720 26.3 + 11. S +49. (J +4. 9 + 17. 3 31 TREND OF BUSINESS MOVEMENTS—Continued Per ct 1928 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " August September November October December January PER CENT INCREASE ( + ) OR DECREASE (—) 1927 Jan., 1928, January || from \\ D e c , ,; 1927 ' Jan., ! 1928, ; from Jan., ! 1927 CUMULATIVE TOTAL | inFROM JANUARY 1 THROUGH DECEM- Ij crease BER 31 !| or de- _j: crease (I) • cumuli lative !| 1927 !l from !i 1926 1926 1927 1,589,684 1,650,716 RUBBER—Continued Other Rubber Products—Continued Rubber heels: Production thous. of pairs.. Shipments— To shoe manufacturers.thous. of pairs.To repair trade thous. of pairs.. For export thous. of pairs.. Stocks, end of month thous. of pairs.. Rubber soles: Production _ thous. of pairs.. Shipments— To shoe manufacturers.thous. of pairs. . To repair trade thous. of pairs.. For export thous. of pairs.. Stocks, end of month thous. of pairs.. Mechanical rubber goods: ShipmentsTotal thous. of dolls.. Belting thous. of dolls.. Hose ...thous. of dolls.. All other thous. of dolls.. 18, 363 ; 18, 452 10,624 8,676 ; 908 38,849 8,882 8,170 722 21,151 j 20,556 i 13,660 j 10,546 10, 245 9,305 i 7,129 913 1,415 39,723 | 41,727 i 6,685 I 4,013 793 46,355 | 2,333 j 2,634 | 3,697 | 3,347 | 1,475 I 1,768 j 849 i 119 ! 3,170 I 1,390 ! 996 27 3,068 2,169 j 1,096 i 46 i 3,899 I 2, 520 I 976 142 ! 3,872 ! 749 152 216 3,247 5,863 1,778 1,934 3,712 5,467 1,497 1,963 2,007 5,244 | 1,368 i 1,837 ! 2,039 j 4,941 \ 1,175 ! 1,840 I 2,925 5,327 1,263 2,351 1,713 PAPER 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, sulphite dolls, per 100 lbs.. 102,995 , 92, 025 136,569 i 120,326 185,222 ; 156, 574 18,596 ; 28,389 121, 051 130,465 147,160 21,190 4 137,245 * 143, 220 * 158,717 ^ 28,308 * 133, 788 135, 632 * 156,872 « 24,976 141,155 139,795 158,802 21,082 | 146,077 163,466 183,011 18,378 +5.5 -3.4 +3.1 I -14.5 +1.2 ! -13.2 -15.6 i +14.7 1, 849,139 1,841,944 220,138 ! 209,776 220,162 ; 211, 744 40,254 I 119,121 ! 119, 970 2.60 S 2.60 213,472 213, 524 38, 234 133,170 2.53 < 214,936 * 210,388 * 213, 772 « 207,064 * 41, 552 * 45,198 142, 736 152, 764 2.53 2.53 209,512 I 209,952 45,150 ! 156,164 I 2.53 229,580 229,382 38, 730 153, 584 2.75 -8.7 +1.4 -8.5 - . 1 +16.6 +2.2 +1.7 0.0 -8.0 2, 675,248 2, 683,166 2,587,992 I -3.3 2,582,166 ! -3.8 1,425,709 1,434,952 I + . 6 4 Newsprint Paper Production: 1 113,126 4 117,166 I 119,312 United States, total short tons.. * 127,065 | «114,-6 79 ! 81 77 Ratio to capacity. per cent.. 190,293 | 181,600 Canada short tons.. '180,116 i 178,815 | 191,171 Consumption by publishers short tons.. 154,167 i 169,286 184,805 | 185,202 j 182,027 Shipments: United States short tons.. 4 123,926 | 4 114,003 116,885 I 116,468 4 123,883 188,769 | 187,766 181,439 Canada .short tons.. 180,666 s 177,195 1 6 8 3 0 173540 180,467 Imports. short tons.. 167475 167,475 i 168,630 173,540 j 187,796 Exports: 847 1,215 : 704 j 739 i 535 | United States short tons.. 169,202 i Canada.. short tons.. 163,115 : 168,855 i 159,284 I 179,969 Stocks, end of month: At mills— 27,939 j 28,543 i 20,877 30,335 United States short tons.. 30, 751 35,774 I 38,074 | 38,117 31,743 ; 33, 384 Canada _ short tons.. 218,177 At publishers short tons.. 231,992 225, 310 214,872 ! 214,639 45,789 j 46,176 46,708 40,916 ! 45, 570 In transit to publishers short tons.. 3.30 i 3.30 3.25 • 3.25 ! 3.25 Price, roll, f. o. b. mill .dolls, per 100 lbs.. -.4 302,324 -14.0 -10.4 246,914 I -18.3 119,525 i« 135,395 84 i 186,721 161,724 172,952 168,241 +.2 +3.7 +2.8 -5.0 +15.5 +2.8 1,877,737 2,001,357 2,082,113 2,075,972 114,211 I 4 130,973 186,829 ! 158,866 166,102 177,8 -7.8 +3.0 -1.5 -12.8 +17.6 +7.0 1, 678,056 1,874,746 1,851,339 1,474,326 -12.1 2,057,913 | +9.8 1,984,191 | +7.2 +29. 3 19, 321 +10.6 I 1,731,986 12,411 j -35.8 1,881,866 | +8.7 +10.9 +3.7 j 1,758 : 1, 360 I +228. 6 157, 466 142,329 i + 6 . 9 25,905 37,731 207,449 46,522 3.25 •11.7 | 1,677,484 ! 1,485,300 II -11.5 15,968 !;i +24.1 j +62.2 17,255 i - 1 . 0 t+118.7 232,944 | - 4 . 9 ! - 1 0 . 9 43,624 jj 3.30 !i - . 4 ! +6.6 0.0 ! —1.5 507 118 722 132 -29.6 ; -29.8 i +15.7 i - 1 0 . 6 i 12, 329 11,897 12,919 11,178 104 73,841 j +15.5 -4.6 ! j! - 8 . 0 I + 6 . 4 ! |: ! j |: i ! 4 8,275 7, 444 7,800 4 82.8 71. 6 78.0 212,319 4* 186,920 203,031 202, 627 183, 576 178,224 76,471 4 74,430 82, 561 202,646 44 177,329 188,580 212,375 4 181,400 195,714 42, 610 41,317 49, 502 6,999 70.0 173,029 194,285 105, 669 163,337 175, 528 ,53, 562 133,184 l *4 145, 549 52,161 • 34,512 163,023 +8.0 38, 062 I +81.9 Printing Book publication: American manufacture no. of titles.. Imported . no. of titles.. Sales books: New orders thous. of books.. Shipments.. thous. of books.. Printing activity weighted index number.. Cash checks, shipments thous. of checks.. 636 129 981 i 143 j 12,739 13,446 93 74,469 12,277 12,387 99 76,364 82.3 232, 723 227,726 112,393 , 227,763 | 229,437 ! 52,713 I 8,675! 86.8 225,633 235,960 : 120,331 216,101 228,393 i 43,115 ! 738 ! 102 | 720 102 i 13,851 ! 12,126 I 10,671 j: 12,898 ! 13,086 | 12,934 j| 104 | 105 j; 105 ! 71,625 ! 82,093 I 70,413 i1 8,168 I 1,646 | 142,957 143, 602 8,799 I + 7 . 7 1,354 11 —17.7 +1.8 -.3 145,599 143,172 ! Box Board Operation thous. of inch h o u r s . . Operation per ct. of capacity. _ Production. .short tons._ New orders short t o n s . . Unfilled orders, end of m o n t h .short t o n s . . Consumption of waste paper short t o n s . . Shipments short t o n s . . Stocks, end of m o n t h short t o n s . . Stocks of waste paper, end of m o n t h : On hand tons.. In transit and unshipped p u r c h a s e s . . t o n s . . * Revised. 8,902 85.6 226,141 221, 548 105,600 220,974 228,222 41,863 280 I 127,649 I 128,443 72,087 . 53,875 > 65,008 157,176 62, 791 i +4.8 ; i i ! ) ! ! +8.9 +8.6 +13.7 +10.6 +6.3 +7.9 +16.2 +11.4 +11.4 +16.9 +4.3 103, 626 96, 536 -6.8 2, 528,911 2, 506, 285 2,473,832 2,469, 628 -2. 2 -1.5 +15.5 +11.5 2,421,947 2, 521,942 2,367, 597 i 2,477,222 ! -2.2 -1.8 -22.1 -7.6 -3.6 +65.0 ! i i 32 TREND OF BUSINESS MOVEMENTS—Continued [Per ct. 1927 The cumulative8 shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, *' Survey " 1928 CUMULATIVE TOTAL i inFROM JANUARY 1 icrease THROUGH DECEMBER 31 or de- PER CENT INCREASE (+) O R DECREASE (—) 1927 I (+) I crease August November October December January | January "j (-) Jan., Jan., 1928, 1928, from j from Dec, i Jan., 1927 1926 1927 I 1927 ! cumu| lative 1 1927 ! from i 1926 j PAPER AND PRINTING-Continued Other Paper Binders' board, production short tons.. Book paper: Production short tons.. Ratio to capacity per cent.. Shipments short tons.. Stocks, end of month short tons.. New o r d e r s Coated p. ct. of normal production.. Uncoated_.p. ct. of normal production.. Unfilled o r d e r s Coated p. ct. of normal production.. Uncoated.-p. ct. of normal production.. Wrapping paper: Production short tons.. Ratio to capacity per c e n t Shipments short tons.. Stocks, end of month short tons.. Fine paper: Production short tons.. Ratio to capacity per cent.. Shipments short tons,. Stocks, end of month short tons.. All other grades: Production short tons. _ Shipments short tons.. Stocks, end of month short tons.. Total paper (inc. newsprint and box board): Production ..short tons.. Ratio to capacity per cent.. Shipments short tons.. Stocks, end of month short tons.. 2,112 2,461 2,400 | 2,537 106.205 ! 84 : 112,984 111,176 75,749 70 76 76 82 ! ! 1,940 111,579 I 110,463 85 i 83 109,347 j 4 113, 225 76,461 I 4 73, 403 109,391 83 106,417 : 110,813 75,749 ; 74,234 76 85 82 79 77 I 77 j 2,547 | 2,306 121,509 j 119,965 90 | 123,210 117,565 i 68,265 ! 64,847 i +31.3 + 10.0 +8.5 +8.8 + 87 • -7.0 94,193 ! 89, 696 i i 94 ! 86,646 i 81,737 j 97 nno 35, 688 50,199 92,795 ! 87 ! 92,424 I 80,907 | 4 4 4 93,479 82 91, 329 79, 653 ! ! ! i 4 4 4 88,863 !l 78 85, 220 84, 916 37, 329 ! 38, 814 ! 36,665 38,136 92 : 92 ! 87 1 91 3G,769 ; 38, 892 ! 37,398 i 37,259 50, 756 50, 903 i 50,173 I 51.044 103, 623 101,157 102,358 102,311 74,302 j 73, 357 103,058 ' 103,040 72,591 : i i 4 98, 749 ; 99, 251 I 69,106 ' 4 4 4 97, 718 97, 335 , (38.751 95,600 91 93,019 88,425 37,421 93 35, 587 52,385 101, 658 100, 835 69, 069 * 707, 687 * 674, 679 : 4 683, 3254 669, 957 I * 641,410 678, 744 4 1 ! 85 I 81 79 ' 72 82 695, 082 ! 4 674, 539 < 690, 27644 666,168 i 4 638, 307 662, 576 361,494 I 355,465 348,440 345, 253 i * 341, 601 353,551 29,686 j - 1 9 . 3 1,331,551 j -1.1 i,~334,~642Tl,~324,~6l6~ i~"-.~8 -4. -6.5 I 7 j +37. 5 10 | +12. 5 92,215 ! 78,626 j 1,346,180 +1.3 +4.8 +5.3 87 | +1.2 i 93 I +10.1 83 I 36,798 | +10.5 +57.1 -10.0 91,760 h + 7 . 6 j + 4 . 2 | 1,074,980 | 1,087,155 | - 1 . 1 90,934 68,465 35,118 35, 043 52, 794 +9.2 +4.1 -1.9 +2.0 -4. 5 +2. 6 100, 755 99, 7<>2 67, 593 +4. 0 +3. 6 +. 5 656, 652 649, 492 323, 229 : ! +2.3 1 084,988 j 1,057, 4G9 j+ 29.2: i +6.5 i 459,111 440,717 +5. +13.9 +3. 8 +3. 5 320,148 2.~5 8, 022, 448 319, 088~f7, 973, 556 Paperboard Shipping Boxes Production: ; Total... _ thous. of sq. ft.. 400,806 386,039 427, 263 308,585 ! 348, 835 Corrugated thous. of sq. ft.. 317, 529 77,454 Solid fiber thous. of sq. ft.. 83,277 78, 428 Operating activity: 85 Total. per cent of normal..; 72 Corrugated . . . p e r cent of normal..: 76 85 79 Solid fiber _.per cent of normal.. 82 83 84 i Paper boxes: Shipments __ dollars 1,214,888 1, 375,977 1, 566, 848 Payroll.. ..dollars.-! 317,485 340,692 ( 356,032 J 395,491 ; 342,376 320,511 I 272,807 74,980 | 69,569 77 ! 76 i 81 ! 64 72 !l, 705,380 il, 470, 669 355,935 ! 337,403 347, 622 277, 280 70, 342 371, 748 293, 677 78, 071 +1.5 ] - 6 . 5 +1.6 I - 5 . 6 +1.1 I -10.9 71 M +4.5 ! - 2 . 8 72 \\ + 4 . 7 I - 6 . 9 68 j +4.2 | +10.3 69 67 75 jl , 0 3 9 , 4 2 9 ;j 15, 342,456 14,903,480 ! - 2 . 9 3,993,078 3, 774, 711 | —5. 5 285,521 j Other Paper Products Abrasive paper and cloth: Domestic sales reams. Foreign sales reams. Labels, orders ..per ct. of capacity. 89, 622 13, 584 79.0 85,379 14,361 77.7 BUILDING CONSTRUCTION AND HOUSING Rental advertisements: Minneapolis, Minn number.. Real estate conveyances (41 cities) number.. 8,347 146, 345 7,800 140, 441 85,155 18,389 | 98.2 i 72, 726 16,392 54.4 i 58, 265 16,034 78.1 80, 505 17,071 6,711. I 4,290 I 2,564 149, 667 i * 145,167 ! 143, 731 2,473 76,717 ; +38.2 j +4.9 12,575 !: +6.5 j +35.8 84.5 1,015, 612 162, 784 -3.5 i -21.0 61,917 3,131 i 135,935 979,981 j -3.5 192,596 'I +18.3 60,243 | - 2 . Building Costs Building materials: Frame house, 6-room rel. to 1913_. Brick house, 6-room rel. to 1913.. Concrete factory costs (Aberthaw)—rel. to 1914.. Building costs (Engineering News Record) ..rel. to 1913.. Building costs (A. G. C.) rel. to 1913.. Construction costs (Am. Appraisal): Frame. rel. to 1913.. Brick, wood frame rel. to 1913.. Brick, steel frame rel. to 1913.. Reinforced concrete— rel. to 1913.. 187 188 192 194 187 191 181 185 191 204 199 204 201 202 201 205 214 197 200 205 i 215 197 ! 200 205 215 ! 196 201 I 182 187 ! 191 : 178 183 192 190 190 194 | 204 200 204 199 ' 205 ! 215 i 196 ; 200 205 ! 214 197 : 201 ! 205 199 | 205 214 196 200 210 l 197 i 204 213 ' 198 200 180 184 j 191 I ! -2.2 i -2.1 i .5| -6.3 -3.7 -1.0 -2.4 0 0 ! ! 0 I -.5 I -.5 ! +1.0 +.5 +.5 -1.0 0 Building Construction and Losses Contracts awarded (36 States): Commercial buildings thous. of sq. ft_. 9, 723 10, 880 Industrial buildings thous. of sq. ft.. I 5,839 ! 5, 453 Residential buildings thous. of sq. ft._| 39,354 38, 046 4,114 Educational buildings thous. of sq. ft j 5,784 | Other public and semij public buildings thous. of sq. ft..j 7,310 i 6,810 Grand total thous. of sq. ft j 69,863 | 64, 858 Contracts awarded, value (36 States): i Commercial buildings .thous. of dolls._| 73,698 I 56, 938 Industrial buildings thous. of dolls..j 40,047 48, 052 Residential buildings thous. of dolls..j 201,743 196,501 Educational buildings thous. of dolls..! 40,144 28, 344 Other public and semipublic buildings •_...thous. of dolls.. 52. 742 61,951 123, 254 Public works and utilities—thous. of dolls.. 117,053 Grand total thous. of dolls. _ 534,639 j 505, 830 * Revised* 11,821 5,544 i 45,608 ! 4,103 | 7,451 6,382 41,002 4,477 i j \ I 9,082 4, 406 38, 747 3, 582 10, 803 4,412 37, 516 3, 380 10,037 ; +18.9 3,721 ' + . 1 29,757 ! - 3 . 2 2,329 ; - 5 . 6 6,393 i 73,765 | 6,014 ! 66,560 ! 4,381 3, 955 60, 271 3,266 50,568 85,286 27,938 202,447 22,480 65, 981 34, 833 186,904 22, 854 77,726 50,370 236,870 29,699 ! ! i j 41,893 | 49.203 : 207,308 ' 30,642 j 48,555 : 45,744 j 35,823 30,055 105,932 I 68,716 I 90,194 69, 676 549,152 | 443, 506 I 464,167 ; 410, 535 I +7.6 i +18.6 ! +26.1 S +45.1 141, 496 78, 790 498, 928 52, 208 132,143 68,095 474,277 53,063 - 9 . 7 ! +21.1 | - 1 . 0 | +19.2 \\ 66,148 842,935 74,972 i +13.3 812,393 | - 3 . 6 77,829 : - 2 2 . 6 27,134j +24.7 160,029 -7.7 16,675 ; + 1 . 7 | I i j - 1 5 . 2 ! 880,102 +28.4 677,106 +16.8 I 2,597,327 +37.1 ! 367,060 897,172 475,614 2,489,588 368,794 il - 6 . 6 I -13.6 j -4-4.9 ;! + 1 . 6 | +1.9 '! - 2 9 . 8 ,| - 4 . 1 i +.5 31,625 i - 1 6 . 1 - 5 . 0 I 580,163 639,519 :i +10.2 53,638 ! -22.7 +29.9 i 1,068,239 1,211,252 i| +13.4 •368,930 i -11.6 ! +11.3 .| 6,102,994 | 6,083,949 l| -.3 33 TREND OF BUSINESS MOVEMENTS—Continued 1928 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " August i S » October 32, 783 236 47,135 222 November December 1927 ! PER CENT INCREASE ( + ) OR ! DECREASE ( —) January January Jan., 1928, from Dec, 1927 Jan., 1928, from Jan., 1927 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 Per ct. increase ( V or decrease (-) 1926 1927 cumulative 1927 from 1926 BUILDING CONSTRUCTION AND HOUSING-Continued Building C o n s t r u c t i o n a n d Losses—Con. Contracts awarded, Canada thous. of dolls.. Building volume (A. G. C.) rel. to 1913.. Fire losses: United States and Canada 29,881 | 238 ! 30,260 | 215 i 36,682 162 20,480 | 125 16,772 j - 4 4 . 2 ! + 2 2 . 1 129 I - 2 2 . 8 ! - 3 . 1 372,946 418,951 +12.3 18,992 31,935 43,261 I 37,911 +35.5 +14.1 393, 010 320, 597 -18.4 21,300 21,875 ! 22, 327 (Journal of Commerce) thous. of dolls.. 2,959 2,378 32,903 22, 667 -31.1 1,778 1,501 +52.0 +24.4 1,309 ! * 1, 947 1,789 i Canada (Monetary rimes)..thous. of dolls. LUMBER PRODUCTS Softwood L u m b e r Southern pine: 439,773 | 419,297 462,571 i 422,022 455,796 457,587 j 438,708 -3.7 +10.3 i +9.6 5, 374, 288 1 5,173, 558 Production (computed) M ft. b. m_. 442,920 395,239 ! 470,837 382,751 +19.1 I +23.0 5, 431, 747 5,135, S86 -5.4 Shipments (computed).. _M ft. b. m_. 473,029 i 477,046 | 446,696 436, 385 398,192 ! 523, 508 i 426, 558 +31.5 | +22.7 5, 348, 988 5, 241, 265 -2.0 New orders (computed) M ft. b. m_. 487,599 ' 483,097 j 453,811 +8.5 | +7.4 Stocks, end of mo. (computed) _.M ft. b. m_. 1,220,663 1,193,268 jl, 190,112 1,194,404 i 1,207, 534 j|l, 309,864 1,219,779 305,164 I 287,741 !| 385,054 i 299,314 328,561 320,096 346,715 +33. 8 +28.6 Unfilled orders, end mo. (comp.)M ft. b. m_. 43,550 i 52,930 ! 66,332 I 64,492 581,578 711,441 i +22.3 66, 790 48, 260 48, 637 +25.3 , +2.9 . Exports, lumber M ft. b. m_. 183 I 308 j I 870 ! 261 +182.5 1+233.3 210 179 113 20,001 3,743 i -81.3 Exports, timber M ft. b. m_. 37.49 37.98 36.42 ! 35.54 I 35.26 ! 40.81 37.68 Price, flooring dolls, per M ft. b. m_. - . 8 | -13.6 Douglas fir: 410, 045 437, 352 410,493 529,120 542,102 538, 968 6, 322,127 5, 972,070 Production (computed) M ft. b. m_. 497, 337 -6.1 ! -5.5 +. 1 6, 386, 768 397,571 411, 836 521, 958 492, 860 491, 070 Shipments (computed) M ft. b. m_. 411,389 +2.8 357, 936 5,878, 066 — 7. 5 397, 511 458,839 519, 719 444,514 464,211 New orders (computed) M ft. b. m.. 487, 936 452,124 +11.8 I -- 33 .. 15 6, 437, 618 5,937,153 -7.8 51, 072 65,121 85, 299 48, 025 Exports, lumber M ft. b. m_ 61, 999 +67. 0 + 7 7 . 6 685, 855 -1.3 73, 717 56, 204 695,119 46, 492 2,280 26, 449 Exports, timber M ft. b. m . 47, 711 -95. 1 - 9 1 . 4 -6.5 48, 864 519, 887 64, 781 15,498 555, 764 14.80 15.48 | 16.43 16.51 15.23 Price, No. 1 common, dolls, per M ft. b. m_. 15.17 +2.9 16. 39 -7.3 Price, flooring, 1 x 4 , " B " and 34.04 | better, V. G M ft. b. m_. 35.83 35.47 35.83 36.06 I - 1 . 3 -5.6 35.08 | 34.50 California redwood: 32,099 487,314 Production (computed) M ft. b. m_. 53, 977 43,142 507,909 -4.1 42,343 52,925 | 36,029 ! 39,454 +9.5 I +22.9 35,851 | +12.3 Shipments (computed) M ft. b. m_. 53, 022 42, 676 507, 591 41,418 i 469,979 40,578 | 26,882 ! 30,201 -15.8 +8.0 42,600 i +65.6 | - 9 . 0 42, 373 23,898 | 38,763 New orders (computed). _ M ft. b. m . . 39,680 ! 36, 492 515,918 508,453 41, 376 +1.5 California white pine: 159,670 72, 552 51,187 i 55,821 -29.4 j - 8 . 3 1,484,606 1,203, 530 -18. 9 Production M ft. b. m_. 150,088 i 122,029 92,762 122,064 82,087 119,652 123,538 92,568 90,891 ! 75,706 j +10.7 I +20.1 1, 362,985 1,226,242 -10.0 Shipments M ft. b. m_. 667,618 629,284 I 623,671 624,651 609,181 i 591, 017 j Stocks, end of month M ft. b . m_. 603,451 +3.1 Western pine: 169,338 52,371 i 69,113 j -32.3 Production (computed) M ft. b . m_. 145,101 134,691 1,729,128 1, 555, 726 118, 704 i 77, 348 -24.2 -10.0 123,524 114,579 ! +24.2 150,979 Shipments (computed) M ft. b . m_. 150, 768 153,019 124,083 * 99,454 1, 782, 459 1,633,443 +7.8 -8.4 Stocks, end of mo. (computed).M ft. b. m_. ,095,370 1,089, 500 1,069,825 1, 068,630 1,039,389 997,431 ; 1,069,835 -4.0 -6.8 North Carolina pine: Production (computed) M ft. b . m . . 53,781 48,139 40,019 I 47,712 \ - 1 6 . 9 - 1 6 . 1 52,129 57,295 593, 691 613,851 +3.4 53, 522 47,845 Shipments (computed) M ft. b . m . . 52,934 52,234 613,655 56,133 50,813 +4.6 586,817 37,030 : 47,054 ; - 2 2 . 6 - 2 1 . 3 Northern pine: Lumber— Production -M ft. b . m_. 51,054 41,148 24,300 33,550 ! 32,493 +38.1 488,244 46,852 32, 815 486,440 -.4 +3.3 42,501 Shipments._ _M ft. b . m_. 39,175 24, 680 29,451 ! 30, 557 541,957 -16.7 39,195 +19.3 451, 720 32,857 -3.6 -16.7 36,884 33,698 22,156 32,703 ! 29,184 493,324 New orders _.M ft. b. m . . 32, 098 411,144 +47.6 +12.1 27,569 I Lath7,251 14,272 7,315 I Production thousands.. 11,979 9,034 4,472 +63.6 126, 324 6,144 118,894 +.9 7,941 3,994 5,300 ! 6,261 Shipments thousands.. 11,819 +32.7 - 1 5 . 3 128, 815 -6*. 9 5,377 119,970 15,612 Northern hemlock: 19,811 Production _M ft. b. m_. 21,369 14,277 9,188 13, 949 -7.9 209,229 192,678 11,026 14,474 22,693 Shipments-_ M ft. b . m_. 17,914 10,014 228, 074 -.2 14,261 228,478 19,187 Hardwood L u m b e r Walnut lumber: Production M ft. b. m . Shipments . M ft. b. m . Stocks, end of month M ft. b. m . New orders M ft. b. m . Unfilled orders, end of month. _M ft. b. m . Walnut logs: Purchased _-~M ft. log measureMade into lumber and veneer M ft. log measureStocks, end of month.__M ft. log measureNorthern hardwoods: Production M ft. b. m_ Shipments M ft. b. m . Lower Michigan hardwoods: Production. M ft. b. m . Shipments _M ft. b. m . Stocks, end of month M ft. b. m_ All hardwoods: Total stocks, end of m o n t h Total hardwoods M ft. b. m . Gum M ft. b. m_ Oak M ft. b. m . Unsold stocksTotal hardwoods ___M ft. b. m . Gum M ft. b. m . Oak M ft. b. m . Unfilled ordersTotal hardwoods 1 M ft. b. m. Gum M ft. b. m_ Oak M ft. b. mProduction (computed) M ft. b. m. Shipments (computed) M ft. b. m_ New orders (computed) M ft. b. m_ 4 Revised. 3,314 3,127 11,498 2,461 7,522 3,000 2,798 11, 796 3,046 7,364 2,921 2,967 11, 739 2,335 6,982 3,234 2,824 12,149 3,127 6,282 3,376 2, 548 13,037 2,158 5,395 3,063 2,687 13,264 2,628 5,389 2,417 1 2,809 11,810 3,621 7,591 | -9.3 +5.5 +1.7 +21.8 +26.7 -4.3 +12.3 -27.4 - . 11 | - 2 9 . 0 3,308 3,773 2,549 3,515 ' 2,709 2,255 2,441 i - 1 6 . 8 -7.6 2,937 3,687 2,995 3,465 2,814 3,166 3,035 3,646 2, 656 3,615 2,416 3,041 2,088 2,260 -9. 0 ++15. 7 27, 077 29, 750 18, 536 26, 475 15,488 27,623 15,469 24, 556 20, 707 19,269 38, 053 25,178 4,893 7,507 40, 552 4,257 7,055 35,491 5,388 7,348 33, 532 5,124 6,344 21,350 4,996 5,895 I 30,902 | 9,135 ! 8,024 ! 40,804 ! 843,886 221,167 308, 723 853,948 231, 300 313,817 873,696 237,395 318,944 889, 772 241, 868 321, 900 664,677 170,437 242,208 683,762 179,246 257,604 697,288 180,899 259, 794 705, 678 184,015 259,053 210,432 66,409 72,736 94, 000 79, 000 85, 000 196,757 64,384 62,011 96,000 82,000 85,000 930,398 111,021,295 | 263,649 || 297,464 j 331,362 360,590 740,914 | 197,437 11 272,082 ii ! 204,701 | 214,616 225,388 ! 68,494 | 70,282 83,126 65, 343 ! 65,499 ! 68,699 ! 93,000 ; 87,000 75, 000 | 83,000 I 77,000 69,000 ! 87,000 i 79,000 j 76, 000 I 805,780 i 219,301 I 296,720 256,464 100,560 l 69,392 898, 606 238,364 304, 723 -15.9 +34.6 +34 +7.2 33,158 38, 642 35, 545 34, 768 -10.0 37,495 j 34, 782 -7.2 30,129 I 35,262 29,253 31, 742 +17.0 +8.5 359, 771 352,453 347,236 329,100 93,184 90, 045 80, 339 90, 048 -3.5 -6.6 -13. J +9.8 ; +13.7 +12.8 ! +24.8 +8. 8 ; +18. 3 +8.8 j +15.4 +11.1 +30.0 +9. 1 : +17. 4 232,338 +13.8 ! +10.4 83,627 +21. 0 +20. 2 59,143 I +6.2 ! +17.3 698, 475 168,645 252, 811 84,000 I 84,000 I 90,000 I 1,055,000 I 963,000 1,066,000 987,000 1,093,000 I 1,012,000 -8.7 —7.4 —7.4 34 TREND OF BUSINESS MOVEMENTS—Continued i Per ct. 1928 1937 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " ; PER CENT IN! CREASE ( + ) OR DECREASE (—) 1927 CUMULATIVE TOTAL ; inFROM JANUARY 1 crease THROUGH DECEMBER 31 or de- ! crease Jan., September ; October August Novem- December ber i 1928, from Dec, 1927 January j January- | ; j I I i | Total Lumber | ! j | Production, 10 species.... M ft. b. m__ 12,576,986 2,487,733 12,374,882 2,358,209 12,085,371 |2,143,125 !2,098, 788 !j + 2 . 8 Exports, planks, joists, etc M f t . b . m . j 191,764 188, 579 j 171,074 ! 167,986 1 168,289 i 239,145 I 178,697 I! +42.1 Retail yards, Minneapolis district: ! j I I II Sales ._ Mft.b.m.j 16,618 14,435! 16, 247 ! 12,554 1 M, 742 5,042 I <4,762 II + 6 . 3 Stocks, end of month Mft. b. m . J 87,656! 86,248; 80,397; 74, 658 I « 80,690 89,035 i « 90,307 |i +10.3 Composite lumber prices: i l l 41.11 ! +1.7 Hardwood dolls, per M ft. b. m_J 42.40 41.64 40.02 39.04 39.74 40.42 Softwoods dolls, per Mft. b. m._; 29.49 29.74! 31.77! 28.29 j 26.84 29.74 i +2.0 27.37 ! Jan., 1928, from Jan., 1927 1926 1927 cumulative 1927 from 1926 PRODUCTS—Continued ; Flooring Maple flooring: Production M f t . b. m..i Shipments Mft. b. m._ Stocks, end of month... M ft. b. m..i New orders Mft.b.m.j Unfilled orders, end of month.. M f t . b . m . j Oak flooring: ! Production Mft. b. m..i Shipments Mft.b.m.j Stocks, end of month Mft.b.m.j New orders M ft. b . m . . l Unfilled orders, end of m o n t h . . M ft. b. m__i Wooden Furniture | i 11,557 1 10,939!! 26,338 7,344 | 11,027! I 40,426 | 38,932! 66,253; i 10,283 j 10,558 9,843; 8,124 25,921 I 26,837 7,748! 7,493 9,619; 8,202 | 39,498! 38,540 38,084! 38,349 66,416! 67,244 36,139! 27,036 \ 37,430 i 25,127 ! I I 7,843 j ! 33,389 I 30,998 69,449 I 31,425 | 24,080 P l y w o o d a n d Veneer j ! thous. of sq. ft. of surface...! thous. of sq. ft. of surface..! ! end of thous. of sq. ft. of surface..! ! number of carloads.. number of carloads. J j ' 9,842 7,880 29,034 6,587 6,224 32,113 I 29,266 74,773 ' 34,715 ' 27, 887 35,947 35, 215 31,929 70, 629 37,497 41,061 82, 239 53,888 45,925 -25.4 -8.0 —1.1 112, 201 110,345 112,825 111,274 +.6 +.8 +23.9 +47.1 +2.1 +19.3 +16. 4 +43.7 +11.8 105, 677 87,055 -17.6 533,053 503,079 451, 733 442,309 -15.3 -12.1 482,331 435, 257 -9.8 136, 634 107,819 -21.1 134,004 165,949 106,180 137,005 -20.8 -17.4 43,138 46, 860 34, 509 34, 956 -20.0 -25.4 2,309 1,161 s e t s . . 855,308 .sest._i 805,059 . s e t s . . ' 413,443 . . . s e t s . . ! 1,923,653 s e t s . . 3,169,910 - 3 0 . 5 I 8,489,116 - 3 4 . 0 ! 8,860,093 - 1 9 . 8 8,109,745 -48.0 ! +14. 3 ! 8,505, 694 8,990,777 6,281,940 25 L. 52 6.0 98.0 7,784 7,043 8,427 -16.4 ! -18.3 I -42.8 -41.7 -18.5 I 10,338 13, 072 5,918 7,617 7,259 9,347 2,245 I 3,424 i 2.114 3,219 2,469 2,575 3,219 I! + 1 6 . 8 I - 2 3 . 3 !i 3,348 11 - 2 0 . 0 —23.1 I j 2,765 ! 2,719 3,490 102 i 96 i ! I \ 94 ! 86 3,591 80 I 132 , +5.3 116 59 -18.5 ! | Clay Products ! I Face brick, averages per plant: Production .thousands..! Shipments __ thousands..; Stocks, end of m o n t h . . - . thousands..! Unfilled orders, end of month..thousands..! Common brick: ; Stocks, end of month— \ Burned. thousands._j Unburned thousands..! Shipments .thousands..! Unfilled orders, end of month..thousands..! Plants closed down number..; Price, red, New York dolls, per thous. _j Porcelain plumbing fixtures: i Net new orders pieces..! Shipments. pieces. _| Unfilled orders, end of month pieces. J Stocks on hand, finished glost, end | of month pieces. J! Vitreous china plumbing fixtures'. New orders .pieces. J Shipments pieces. J Unfilled orders, end of month pieces..! Stocks, end of month pieces..I * Revised. j 798 693 2,466 880 809 724 2, 679 801 j j i i 561,367 169,238 214,169 182,462 71 11.75 | | 4 626 368 2,832 730 482 402 ] 2,958 ! 761 I 168,282 224,825 11.25 12.75 : 14,065 * 19,582 4 29,455 * 14,939 * 16, 251 * 28,143 6,024 12,242 21,925 13,953 I 13,239 ! 22,639 ! « 25,863 « 29,044 4 29,998 i 33,353 ! 223,980 235,883 325,069 518,452 227,896 168,138! 223,188 245,725 180,015 I 189,084 307,240 | 295,363 328,867 500,868! 526,773 557,483 < 20,046 , < 21,870 « 34,972 -39.6 -34. 3 -34.7 -3.9 +4.3 +.2 +1.5 -22.5 ! 723 ! 622 i 2,777 I 538,698 91,424 187, 448 211,961 70 11.75 489,566 158,761 176,315 219,244 59 11.75 -20.3 -14.9 -31.0 +53.5 +123.7 i i 7027,07! 480,438! 753,053! 585,774 353,674 J 508,827 j 703,532 831,402 871,742 619,607 407,094 617,160 i 542,291 746,657 226,918 698,474 456,145 568,835 il, 131, 618 1,175,241 1,064,723 1,079,508 1,037,375 1,993,216 |3,821,508 3,396,865 !3,203,704 ;3,205,147 3,341,371 12,924,016 842 • 825 2,564 1,069 ; ! : 427,277 ; 178,357 : 194,971 231,637 i 10 11. 75 ! ! l -9.5 +58.1 2,851 | 249,169 279,539 337,956 520,364 57 IL 4 6 |i_ 1,803 \ STONE, CLAY, AND GLASS PRODUCTS 7,346 7,252 28, 721 8,161 9,154 '• ! 2,890 i 3,415 i 2,773 2,616 ! 3,310 ; 3,516 j I 3,162; 3, 767 i 3,502 i i ! 122 112 101 j 162; 105 79 Barrel Headings Circled headings for wooden barrels: Production (rough) _ Shipments (finished) New orders (finished) Unfilled orders, end of month Stocks on hand, end of month 7,820 6,797 29, 527 6,883 8,736 I Grand Rapids district: , j • Unfilled orders, end of ! i month No. of days'production.. 53 j 5 0 ! 41 45 ! New orders... No. of days' production. J 25 [ 30 \ 24 35 ! Shipments No. of days'production.. 27 j 29* 30 28 | Outstanding accounts, end of • ! ! 59| month No. of days'sales.. 55 j 5 8 ! 58 Cancellations per cent of new orders..! 9.0 i 7.5! 11.0 13.0 Plant operation per cent of full time..! 98.0 I 99.0 | 100.0 99.0 Piano benches and stools: 9,597 j 10,988 I 14,395 12, 291 New orders (av. per firm) dollars.. Unfilled orders, end of month 4,883 (av. per firm) ...dollars..! 2,773 3,884! 5,331 Shipments— i i ! 12,667 Value (av. per firm) dollars.,! 8,342! 9,863! 12,935 Quantity (total) pieces..! 10,879 j 12,469! 17,401 16,661 Plywood: New orders Shipments Unfilled orders, month Rotary-cut veneer: Receipts Purchases. -1.4 +1.7 i -8.0 ! I I 8,073 7,238 ! 27,610 I 6,233 ! 35,716 22,764 +2.1 29, 520,313 27, 992, 530 - 5 . 2 +33.8 1,940,563 2,156, 316 +11.1 +5.9 195,494 152, 822 -21.8 489 i - 2 3 . 0 I 462,565 58,331 93,806 324,837 68 504, 836 76,601 I I; ! I; |; j ! ! j 8,929 ! 7,959 I 8,661 8,007 1,754,834 17.00 11 +13.3 -25.0 il +3.1 -.6 2,211,243 ! +26.0 _j .1+131.6 -\[ +8.1 -I +3.3 +.6 33,552 | 235,816 210,971 323,712 514,471 -1.4 282 I +9.2 ! +42.6 2,409 I +4.4 +22.8 727 I! +4.2 +4.7 200,988 281,896 497,700 558,121 +5.7 +27.0 -1.6 -2.3 +17.3 ': 3,105,489 -14.5 ! 3,011,784 -35.0 ! -2.4 ; 2,685,034 2,933,371 L ! -13.5 -2.6 35 TREND OF BUSINESS MOVEMENTS—Continued 1928 1927 The cuinitiatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " August November Septem- j ber i October December 1927 j, CUMULATIVE TOTAL PER CENT IKV T ?0 nM¥ JTA\TTTAT?V FR ANUARY 1i i CREASE ( + ) OR ' THROUGH DECEM| DECREASE ( —) BER 31 Jan., 1928, from Dec, January January 1927 ! Per ct. or decrease (-) Jan., 1928, from Jan., cumulative 1927 from 1926 1926 1927 64,885 63,563 | -2.0 1927 STONE, CLAY, AND GLASS PRODUCTS—Continued Clay Products—Continued Floor and wall tile: Production thous. of sq. ft_. Shipments, quantity thous. of sq. ft_. Shipments, value -thous. of dolls.. Stocks, end of month thous. of sq. ft.. Terra cotta, new orders: Quantity net tons. _ Value thous. of dolls.. Sand lime brick: Production thousands.. Shipments by rail thousands.. Shipments by trucks thousands.. Stocks, end of month thousands.. Unfilled orders, end of month..thousands. _ Portland Cement Production thous. of bbls.. Shipments thous. of bbls.. Stocks, end of month thous. of bbls_. Stocks, clinkers, end of month..thous. of bbls.. Wholesale price, composite dolls, per b b l . . 5,489 5,366 2,048 ; 11,307 i 5,537 5,588 2,124 11,285 5,877 5,242 1,975 11,991 5,018 4,321 1,638 12,687 15,643 1,557 \ 13,440 1,342 11,907 1,049 11,134 1,008 21,300 ! 21,680 7,375 6,729 13,294 11,815 12,547 18,689 19,800 16,094 18,928 5,134 13,623 14,423 15,318 18,315 21,411 16,292 7,887 1.683 17,505 19,828 13,996 6,490 1.683 17,174 18,105 13,141 5,960 1.683 13,528 7,445 11,581 6,872 15,301 750 10,005 5,514 4,331 1,648 4,490 10,010 13,029 836 10,850 949 9,851 1,138 18,086 6,558 11,833 13,468 14,845 « 13,912 * 4,189 * 8,694 * 18,538 < 14,772 10,652 3,307 6,777 14,282 10,830 8,307 3,824 5,378 16,455 17,908 +9.6 | +10.1 +13.5 | -16.6 - 2 3 . 4 +28.2 - 2 1 . 1 -13.5 - 2 2 . 0 +26.0 - 2 3 . 0 -13.2 - 2 6 . 7 -39.5 14,449 11,619 16,022 % 374 1.683 11,999 6,200 21,821 7,599 1.683 9,782 6,531 25,193 9,349 1.683 8,258 5,968 22,914 9,989 1.713 +5.3 +15.5 +23.0 9,800 5,527 7,984 5,102 6,542 4,657 23,354 927 9,921 29,206 1,151 9,466 29,712 1,104 17,886 758 8,517 10,616 9,353 8,703 8,573 7,446 2,142 69.3 1,850 2,120 8,765 6,217 1,999 69.6 2,340 2,325 8,606 5,925 1,969 66.3 2,314 2,054 8,681 5,878 2,045 68.5 2,574 1,928 9,043 6,049 2,224 74.6 2,474 1,724 9,616 6,551 2,410 32.0 38.3 31.4 3,609 i 40.7 I 43.4 I 45.7 | 3,814 50.6 44.0 45.2 3,454 47.8 40.2 40.7 2,353 33.2 32.9 36.7 1.3 3.5 1.5 ! 3.6 I 1.4 1.3 4. 1 1.0 4.0 j i | I i 160,188 19, 340 147,135 14,479 +18.5 +9.4 +9.9 164,070 161,781 171,908 || 170,922 II 0 -6.4 -1.8 4,236 2,656 -9.8 -11.9 +39.3 +54.5 107,303 61,134 125, 768 73, 952 +17.2 +21.0 8,115 508 9,839 -40.0 -39.6 -0.4 +32.2 -9.8 -13.8 214, 514 9,444 130, 674 189, 349 8,285 115, 918 -11.7 -12.3 -11.3 128,858 111,390 -13.6 24, 557 25,310 +3.1 25,741 23,844 27,068 25,495 +5.2 +6.9 -18.5 -8.1 -25.1 +4.8 +5.7 Highways Concrete pavements, new contracts: Total thous. of sq. yds_. Roads thous. of sq. y d s . . Federal-aid highways: Completed— Cost thous. of dolls.. Distance _ miles.. Under construction, end of month....miles.. 5,902 4,103 10, 728 458 8,480 Plate Glass Production, polished thous. of sq. ft.. 8,484 Glass Containers Actual production: Quantity.. thous. of gross.. Relation to capacity per cent.. New orders thous. of gross.. Shipments thous. of gross.. Unfilled orders, end of month..thous. of gross.. Stocks, end of month thous. of gross.. i I ; i ! ! 2,032 71.3 2,725 1,803 10,274 6,541 2,207 76.9 2,680 1,958 10,140 6,327 -.8 +3.1 +8.3 +13.6 +5.4 -3.4 +8.6 +7.9 -1.7 +8.6 i j 1 -1.3 -3.7 i Illuminating Glassware Production: Total _ number of turns.. Ratio to capacity per ct. of capacity.. New orders ...per ct. of capacity.Shipments per ct. of capacity.. Unfilled orders end of month number of weeks' supply.. Stocks,end of month.number of weeks' supply.. CHEMICALS AND OILS Chemicals Sulphuric acid: 517 454 ! 474 I 417 Exports thous. of lbs.. 541 .75 Price, wholesale ...dolls per lb_. .75 j .75 ! .76 .78 N it rate of soda: Imports _ long tons... ; 71,904 64,753 \ 55,154 j 67, 091 66,546 j! Production in Chile— Quantity metric tons.. 142,800 143,700 | 189,1,200 ] 210, 000 233,849 Units reporting number of plants.. ! 38 41 ! 56 62 ! 46 ! Potash, imports long tons... 43, 572 28,822 i 27,',884 ! i 17,039 16,227 I Superphosphate (acid phosphate): : Production short tons.. 256,980 267,516 | 340, 411 !J 342,400 350,587 !; Stocks, end of month short tons.. 1,468,286 1,361,529 ! H,580,,756 ! l,806,877 2,016,311 i Shipments short tons.. 109, 447 | 75,260 83,988 ! Fertilizer: 79,347 198,547 I Exports long tons_. 672 ! 95,605 80, 319 Consumption in Southern 100, 659 113,322 ; States... _. _ short tons.. 121, 075 : 87,965 | 157, 858 li Dyes and dyestuff, exports: 109,954 250,971 ! Vegetable thous. of lbs.. 359 I 377 422 i 237 229 < Coal tar thous. of lbs_. 1, 838 2,222 | 1,920; 2,254 4,469 ' Arsenic Crude: 972 Production short tons.. 1,472 1,269 1,125 |l_ 1,004 Stocks, end of month short tons.. 1,009 1,422 1,200 1,326 1,375 ||. Refined: 986 Production... short tons.. 873 937 822 782 Stocks, end of month short tons.. 2,321 ; 1,346 1,787 ; 2,255 2,101 | j . Price index numbers: 192 202 I Crude drugs.— __rel. to Aug., 1914.. 207 i 206 201 11 121 Essential oils... rel. to Aug., 1914.. 203 ; 123 I 126 : 128 i| Drugs and Pharmaceuticals ...rel. to Aug., 1914 156 156 160 ] 169 j 169 112 Chemicals rel. to 1913-14.. 113 112 ! 112 112 127 134 : 134 I Oils and fats rel. to 1913-14.. 133 128 < Revised. 2,948 35.6 : 35.5 40.5 37, 766 69,867 47,240 ; 242,800 62 31, 646 79,151 i! 25 ! 30,189 .....I +7.9 +4.0 | +47.9 | +5.0 + 3 . 8 +206.8 | 0 +148.0 | +95.0 +4.8 +3.5 0 519 .75 560 .78 ::::::::::: I 289,095 . 12,302,048 . 9,181 I;. 87, 632 9,224 34,916 ; 7,512 j - 1 8 . 0 904,986 736,025 2,014, 031 1, 611,342 -20.0 303, 652 268,997 -11.4 3, 421,944 3,249,032 1,165,786 I 1,257,6 +9.1 +29.5 +14.6 -43.4 +5.3 -7.5 -18.7 -5.1 +7.9 +16.2 1, 096,101 1, 273,176 603, 343 j 4 526, 771 j +282. 2 5, 248,436 4, 691, 665 227 I 1,865 ! - 2 2 . 8 2,597 25, 812 3,771 I +45.2 26,763 +3.7 5,498 13, 929 +153. 3 6,221 10, 315 239 I 1,715 ! 1,414 2,725 -8.0 . . 913 L 1 , 9 8 3 J •_ 203 ! +3. 5 130 126 11 +1. 6 169 112 130 155 i 114 |i 128 : 0 0 +1. 6 +2 +3 +9 5 2 0 -1.8 +1. 6 ; -10.6 + +65. g 36 TREND OF BUSINESS MOVEMENTS—Continued iPer ct. 1928 The cumulatives shown are through December except where otherwise noted. I Earlier data for items shown here may ' be found on pages 24 to 138 of the February, 1928, " Survey " PER CENT INCREASE ( + ) OR DECREASE (—) 1927 1 CUMULATIVE TOTAL ! inFROM JANUARY 1 crease THROUGH DECEM( BER 31 i V I September Novern- | December j ber October January • January Jan., 1928, ! from i or de!crease Jan., 1928, from 1926 1927 1 Dec, Jan., 1 1927 1927 CHEMICALS AND OILS—Continued (-) ! cumui lative I 1927 ! from i 1926 Wood Chemicals Acetate of lime: Production13,325 12, 958 13, 912 13, 519 12, 376 12,152 14,181 I - 1 . 8 -14.3 157, 077 156, 667 United States thous. of lbs. -0.3 172 427 1,091 1,106 1,186 1,109 1,200 I - 6 . 5 8,681 -7.6 9,700 Canada thous. of lbs. +11.7 Shipments| 13, 516 * 13, 611 J 13, 298 16, 959 11, 779 -2.9 +13.6 156,139 155, 339 United States thous. of lbs. 11,440 j 10, 067 513 830 1,462 395 509 + 9 8 . 0 +53.6 8,585 7,899 Canada thous. of lbs_ -8.0 782 ! Stocks, end of month— 19, 704 16,274 | 15,465 20,110 16, 524 16,978 ! 19,910 I + 9 . 8 - 1 4 . 7 United States ..thous. of lbs. 1,823 2,222 1,283 1,560 | 2,462 2,888 2,187 ! +17. 3 +32.1 Canada . thous. of lbs. 283 None. 915 676 ! 2,078 1,630 1,630 ;! - 2 1 . 6 I 0 18, 583 Exports thous. of lbs. 12,134 | - 3 4 . 7 3.50 3.50 3.50 3.50 ! 3.50 3.50 3.50 ! 0 0 Price, wholesale dolls, per cwt. Methanol, crude: Production— 662, 505 I 617, 627 582,710 I 576,947 643, 491 632, 883 805,473 United States gallons. +2.5 -21.4 8,095,953 I 7,820,426 -3.4 12, 058 17, 777 48,179 47, 750 ! 49,107 Canada gallons. 47,234 49,885 I -3.8 -5.3 364,091 I 414,495 +13.8 Stocks at crude plants, end of m o n t h 367, 657 354, 398 341,722 320,231 375, 965 365, 584 United States gallons. -14.1 397,999 | -3.5 33,414 31,824 39, 414 50, 299 Canada gallons. 39,249 27, 057 48,446 | -22.0 -19.0 Stocks at refineries and in transit— United States .gallons. 1, 408, 637 1,467,460 1,181,225 1,407,745 1,165,544 11,126,152 341,444 - 3 . 4 +229.8 , 28, 610 31,987 | 43,458 I 56,104 ! 15,913 +29.1 +252.6 I 1, 590 27, 995 Canada gallons. j 18, 796 48,624 j 39,369 Exports gallons. 20, 526 57, 983 33,384 11.012 | -15.2 1+203.1 | 417,265 ! 309,060 - 2 5 . 9 Wood at chemical plants: ConsumptionUnited States cords. 82,581 | 79, 670 70,855 | 73, 219 65,150 67, 012 80,233 I +2.9 - 1 6 . 5 853,164 I 859, 224 -.6 Canada cords_ 1,154 | 2, 401 5,121 5,700 -3.9 49,413 I 49,086 5,937 | 5, 858 6,096 ! +2.8 Stocks, end of month— United States cords. 613, 771 589,605 ! 529,141 603,463 595, 591 554,488 500,818 ! +4.8 +10.7 Canada. __ cords. 68, 693 66, 624 75,124 74, 440 71,695 | 74, 942 34,872 j - . 9 +103.5 i Daily capacity— 3,323 ! Total cords. 3,395 3,339 3,329 3,293 3,553 ! - 1 . 1 -7.3 Shutdown cords. 145 391 330 145 277 425 155 I - 1 6 . 1 +78.7 Methanol, refined: ProductionUnited States gallons. 317, 521 441, 771 688,435 529,552 470, 969 496,073 480,448 +5.3 + 3 . 3 | 7,402,715 I 5,414,154 -26. 9 Canada gallons.. 28, 293 6,700 I 38,600 I 41, 000 None. 38, 700 35,290 ! - 5 . 6 +9.7 291,925 j 300,138 +2.8 Stocks, end of month— United States... gallons.. 428,194 382, 876 452,246 i 419,812 396,137 455, 316 436,656 i +8. 5 +4. 3 Canada .gallons., 32,854 58, 312 43,458 50, 687 26,443 29,198 58,596 j -32. 8 -50. 2 Shipments— United States gallons. 389, 033 506, 914 698, 476 * 626, 643 506, 310 482,666 374,530! -4.7 +28.9 Canada gallons.. 28,629 23, 982 8,440 38, 569 16, 937 17, 775 26,037 ' +4.9 -31.7 Price, wholesale, N. Y dolls, per gal_. .55 .58 .53 .48 .83 -42.2 0 Ethyl Alcohol Production thous. of gals.. Withdrawn for denaturization..thous. of gals.. Warehouse stocks, end of month.thous. of gals.. 15, 587 12, 212 11,122 14.129 14.130 9,838 16, 584 17,759 7,931 18,051 17,329 8,211 | 36, 304 35, 736 34,680 17, 344 36, 858 36,964 35,304 17,152 38,261 36, 747 17,807 34,695 | 29, 490 34,645 j 27, 839 32,111 ! 27, 398 17,847 19,196 29,607 31,332 29,879 17,973 47,809 58,915 45, 775 73,019 39,115 80,473 35,795 28,154 77,676 j 81,939 7,764 72,035 .59 .55 13,235 8,907 3,563 i 19, 502 18, 760 8,158 194,653 i 179,936 i 173,630 162,087 -10.8 -9.9 436,215 436, 335 416, 580 408,889 406, 045 390, 540 -6.3 -6.9 -6.2 303,347 | 406,514 +34 . 0 1,097,111 ! 1,406,414 +28 . 2 Explosives (Black powder, permissible, and other high explosives) Production Shipments New orders Stocks, end of month thous. thous. thous. thous. of lbs.. of lbs.. of lbs.. of lbs.. « 33,847 j +.4 - 1 2 . 5 33, 726 +12. 5 - 7 . 1 33, 616 I +9.1 - 1 1 . 1 17,303 j -6.4 +3.9 Naval Stores Turpentine (gum): Net receipts, southern ports barrels.. Stocks at 3 ports, end of month barrels.. Price, southern, in barrels, New York dolls, per gal.. Rosin (gum): Net receipts, southern ports barrels.. Stocks at 3 ports, end of month barrels.. Price, common to good (B), New York dolls, per bbl_. Rosin (wood): Production barrels.. Stocks, end of month barrels.. Turpentine (wood): Production barrels.. Stocks, end of month barrels.. Pine oil: Production gallons.. Stocks, end of month gallons.. 35,521 ' 71,982 34, 839 76,327 6,347 8,256 6,562 10, 232 242,050 ! 524,246 i 244, 445 555, 818 27,441 3,166 27, 902 2,907 .51 ! i .53 132,059 ] 144,892 222,167 ! 247,954 9.24 .54 .60 .83 +11.1 -27.7 41,160 200, 262 39,136 160,120 -64.3 +5.2 -19.5 +25.1 +9.7 - 2 2 . 9 ! 8.55 8.70 28,483 85,553 237,625 588, 778 235, 695 561,363 +5.1 +47.0 115, 397 248, 755 35,187 35,963 i 87,179 82,717 6,820 6,901 13,385 12,163 i -72.4 -12.1 j 5,291 12,869 9.54 12.38 29, 200 85, 413 35,168 33,513 5,771 10,631 I 7,053 5,531 192,141 I 588,571 198, 646 605, 771 241, 563 305,151 25, 853 3,118 21,743 3,088 19,266 3,628 3,386 1,587 +2.5 -.2 +9.1 -17.4 -17.0 +154. 9 -18.2 -80.8 +3.4 - 1 7 . 8 +2.9 +98.5 326,501 62,654 ; 414,858 ! +27. 0 79,778 2,341,995 | 2,782,356 +27 . 3 + 18. S Roofing Roofing felt: Production, dry felt.. tons.. Stocks, end of month, dry felt tons.. Prepared roofing: Shipments thous. of roof squares.. «Revised. 158,514 ! 151,045 198,883 ! 229,426 i 10.08 10.62 | 7,386 48,993 2,992 i 3,287 27,512 i 25,680 3,748 3,810 3,218 i 3,280 ! -15.9 -.9 +12. 9 -14.9 276, 362 303, 311 +9.8 1,405 , - 5 3 . 1 +13.0 32,040 33, 993 +6.1 37 TREND OF BUSINESS MOVEMENTS—Continued Per ct 1928 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, ** Survey " DecemOctober i Novem- j ! ber i ber August ! September 1927 January January CUMULATIVE TOTAL FROM JANUARY 1 | THROUGH DECEMBER 31 or de- PER CENT IN* CREASE ( + ) OR DECREASE (—) Jan., 1928, from Jan., 1927 i j; iI | !i I 1926 1927 crease (-) cumulative 1927 from 1926 CHEMICALS AND OILS—Continued Fats and Oils Total vegetable oils and copra: Exports... thous. of lbs. Imports thous. of lbs. Copra, imports _ short tons. Copra or coconut oil: Imports thous. of lbs. Consumption in oleomargarine thous. of lbs_ Oleomargarine: Production thous. of lbs. Consumption thous. of lbs. Animal glues, shipments thous. of lbs. Cottonseed Cottonseed: Receipts at mills _ short tons. Consumption (crush) short tons. Stocks at mills, end of month, .short tons. Cottonseed oil, crude: Production thous. of lbs. Stocks, end of month thous. of lbs. Cottonseed oil, refined: Production thous. of lbs. Stocks, end of month ..thous. of lbs. Price, yellow, prime, New York „.dolls, per lb. Consumption in oleomargarine . _-thous. of lbs_ Cottonseed cake and meal: Production short tons. Stocks, end of month... ..short tons. Exports short tons. Fiaxseed Minneapolis and Duluth: Receipts. thous. of bushs. Shipments thous. of bushs. Stocks, end of month thous. of bushs. Imports thous. of bushs. Linseed oil: ShipmentsTfrom Minneapolis.thous. of lbs. Price, New York dolls, p e r l b . Linseed cake and meal: Shipments from Minneapolis.thous. of lbs. Exports.. _ thous. of lbs. 1,767 ! 50,092 ! 19,311 j 55,985 21, 694 5,307 55,387 15,660 6,484 68, 589 23, 422 8, 481 60,010 29, 582 9,405 59, 870 26, 872 6,967 51,953 19,681 21,469 | 25,936 22,702 I 30,095 29,339 32, 751 31,588 8,840 ! 10,436 12,286 I 12,373 13, 549 13,191 9,837 20,672 I 19,387 6,076 I 23, 495 23,981 I 6,075 i 26, 041 26, 823 7,113 25,913 26, 256 6,061 i 27,461 !I 26, 205 26,717 27, 729 6,100 |!_. 22, 748 21,859 6,731 43, 720 669, 782 228, 799 70, 713 704, 365 225, 519 +61.7 +5.2 -1.4 I 245,130 294, 369 +20.1 +34.1 || 97,640 121,594 +24.5 +3.7 li 243,511 ! 242,710 ! 80,090 ! 848,706 290,422 |l, 007, 261 1,282,625 , , 782,681 581,090 876,630 161,423 644,954 1,050,949 050949 1,113,974 483, 281 605, 206 992,049 339, 212 581,856 570, 408 849, 721 763, 353 1, 035, 766 -29.8 -5.7 -23.1 272,547 | 247,523 146,567 j 165,069 192,057 157, 578 181,022 168, 519 250, 368 175,190 +6.9 205, 888 415, 833 176,051 502,901 143,378 538, 257 205,929 395, 022 -18.6 217, 894 46, 212 26, 322 178,018 87,474 100 849 ! 194, 676 225, 782 310, 330 32, 210 274,711 .100 107 2 113 1 1,745 .109 .106 .100 .101 .085 2, 228 2,260 2,154 2,162 2,013 344,591 j 268,757 205,008 I 190.354 63,790 \ 43,327 259,275 177,118 53, 249 72,659 i 258,685 i 391,037 45,116 ! 109,591 ! 186,997 15,122 i 26, 306 I 53,834 717 496 589 ! 1,123 4,088 3,241 4,671 1,491 1,079 !i 2,035 [I 3,997 I 1,029 I! 10,859 ! 12,970 j 13,202 ! . 107 ! .104 ! .099 j 9,253 j .099 8,878 .096 10,145 | 19,420 ! 31,492 I 58,947 i 52,984 ! 48,625 i 34,857 ! 58,522 j 5,512 I 1,102 1,583 i 1,716 i 8,230 2,008 \ 5,246 ! 1,758 ! -5.7 +7.0 -41.7 -32.9 -26.3 276, 504 I +13.5 274, 577 +13.1 75,140 -6.2 5, 842,105 ! 5, 595,930 5,945,675 | 5, 899, 751 - 2 7 . 7 I 1,764,288 1,806,450 -3.8 i i - 3 0 . 4 ! 1,476,947 1,592, 597 -4.2 | +2.4 +7.8 +36.3 I +18.8 925 576 3, 312 1,181 13,023 22,581 ! 27,056 53,999 j 44,367 FOODSTUFFS Wheat Visible supply, end of month: United States... thous. of bushs. Canada thous. of bushs.. Stocks, millers', end of quarter.thous. of bushs.. Receipts, principal markets...thous. of bushs.. Shipments, principal markets.thous. of bushs_. Exports: United S t a t e s Wheat only thous. of bushs.. Including wheat flour.thous. of bushs.. CanadaWheat only thous. of bushs.. Including wheat fiour.thous. of bushs.. Prices: No. 2, red winter, Chicago.dolls. per bush.. No. 1, northern spring, cash Minneapolis dolls, per bush.. 67,273 28,264 81,632 46,583 ! I | | 23,402 28,137 12,197 14,510 | I | | 1.40 | 1.427 84,630 22,958 115,728 79,740 50,374 j i I ! | 94,607 ! 96,468 62,492 i 121,009 73,244! 44,823 49,252 ! 35,156 33,748 | 29, 236 39,509 36,045 14,071 I 19,430 17,118 | 23,475 1.32 | 1.34 1.323 ! 1.275 90,506 I 147,506 I 115,637 i. 26,522 I 19,440 ! 82,368 152, 560 59,731 116, 613 • 116,413 23, 542 24,595 14, 284 13,757 5,956 20.731 i 6,917 I 11,560 26,696 | 11,986 |; 52,805 ! 44,809 !i 15, 201 57,976 49,114 !j 18, 647 1.43 1.35 1.38 ; 1.264 12.75 I 12.93 Wheat Flour Grindings of wheat: United States (census) thous. of bushs.. 44,099 48,131 ! 49,792 I 44,882 * 42,604 ! 42,028 Canada.. thous. of bushs.. 9,656 8,115 | 5,276 6,925 I 9,138 i Production: United States, actual (census) thous. of bbls_. 9,050 9,617 10,470 ; 10,817 ! 9,735 | *9,235 United States, prorated ! (Russell) thous. of bbls.. 10,877 9,676 10, 458 11,337 11.816 ! 12,540 Canada thous. of bbls.. 1,496 1,767 1,158 1,528 i 2,005 i 2,120 Production, grain offal thous. of lbs.. 761, 468 833,108 I 866, 428 l 782,841 i 4 745, 242 736,907 i 676,292 Capacity operated, flour mills per cent.. 53 55 53 59 54 64 ' « 63 I Consumption (computed) thous. of bbls.. 10,451 7,867 9,346 | 11,617 ; 11,111 Stocks, all positions, end of month (computed) thous. of bbls.. 7,300 6,800 6,100 I 7,500 8,490 j 7,900 I 4,540 I 3 4,336 Stocks, millers', end of quarter__thous. of bbls_. 4,267 ! _ . . . | Exports: 1,052 1,126 | 1,245 1,009 +10.6 I +23.4 United States -thous. of bbls.. 1,280 I 1,513 1,326 I 514 957 ! Canada thous. of bbls.. 677 ! 899 1,149 ! 766 774 Wholesale prices: Standard patents, 7.45 Minneapolis dolls, per bbl_. 7.60 7.07 7.23 ; 7.15 7.10 7.46 !l -14.9 j - . 1 Winter straights, 6.55 !, +2.1 +2.3 6.54 I Kansas City dolls, perbbl.. 6.70 6.77 6.64 6.58 '., 6.56 5 4 Quarter ending December 31, 1926. Revised. !| ij p. |L 11,930 10,457 12,813 9,262 +7.4 -11.4 38 TREND OF BUSINESS MOVEMENTS—Continued Per ct. 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey '* 1928 eptem- | August ! ber ! October November December 1327 January CUMULATIVE TOTAL j j n . FROM JANUARY 1 C r e a s e THROUGH DECEM- ! (_[_) PER CENT INCREASE ( + ) OR . DECREASE (—) : Jan., 1928, from Dec, 1927 January BER 3i I ordei crease i Jan., 1928, from Jan., 1927 from 1926 FOODSTUFFS—Continued Corn Exports, including meal __thous. of bushs..' Visible supply, end month thous. of bushs.Receipts, principal markets.._thous. of bushs._• Shipments, prin. markets thous. of bushs.. Gnndings (starch, glucose) thous. of bushs._ Prices, contract grades, No. 2, Chicago.. dolls, per bush.. 475 23,805 16, 758 11,762 7,304 571 i 25,110 22,116 | 12,257 ! 7,561 i 538 861 21,847 18,448 9,665 8,613 20,439 16,971 10,256 8,064 .87 .99 1.09 1,200 28,390 37, 088 I 16,064 ! 6,301 2,017 +37.7 - 1 7 . 6 !i. 40,616 i I +5.9 - 2 5 . 9 27,638 : - 2 . 9 +30.3 ! 10,638 I +21.7 +83.8 !! 6,095 ' +32.2 +36.7 1, 661 30,078 36,001 19, 551 8,330 25,217 14,994 - 4 0 . 5 : 247,412 ' + 4 . 0 137,093 ' +12.6 Si, 200 +9.3 237,977 121,783 76,095 +2.3 + 1 5 . 6 ; .89 Oats Receipts, principal markets...thous. of bushs... Visible supply, end of month, .thous. of bushs.. Exports, including meal thous. of bushs.. Prices, contract grades, Chicago dolls, per bush.. Grindings, Canada thous. of bushs_. Production, oatmeal and rolled oats, Canada. thous. cf lbs.. 17, 223 i 26, 430 I 1, 038 ! 13, 914 25, 182 891 11, 961 24, 429 672 10, 733 22, 982 724 .49 1, 107 .50 1, 027 .51 1. 110 .55 1, 202 13,357 ! 11,050 13,565 14,734 Barley 21,413 ! 22,501 ' 1,795 j I .48 i 791 j j 9,785 j i j Receipts, principal markets...thous. of bushs.. Visible supply, end mo .thous. of bushs-Exports thous. of bushs.. Price, fair to good, malting, Chicago dolls, per bush.. 11,108 ! 3,532 I 4,065 j i ,80 j 15,547 ! 4,900 1 6,637 ! 10, 908 4, 398 6, 927 7, 654 4, 338 490 4. 199 2, 707 3! 425 .82 .84 .88 .93 7,496 1,595 6,425 1.00 4,619 2,412 2,889 1.06 2,386 3,275 1,309 1.09 1,477 3,656 519 1.09 55,498 i 50,820 37,608 18,650 16,279 ; Rye Receipts, principal markets..-thous. of bushs.. Visible supply, end mo. .thous. of bushs.. Exports, including flour ..thous. of bushs.. Price, No. 2, Chicago dolls, per bush.. j .83 10,495 21.519 , '838 : 14, 377 : 46, 890 ! 614 : .50 791 .56 ; -27.0 ! -54.1 ; -2. 2 -6. 4 + 15. 7 +36.5 ! +1. 8 +12.0 ! 2, 063 4 180 h 006 18,734 • +52.4 +140.4 -12.9 -43.6 - 5 1 . 7 +69.1 :. +5.7 14Sr 7S7 -8.3 1^. oIS j - 2 7 . 8 ; ! 10,245 S - 4 . 4 121,3)0 ': - 1 3 . 7 10,717 140,596 8, 890 6,401 2,359 ! 1,701 162,170 41,979 05. 5u7 | —56. 0 i 37, 'do2 ; — 179. 8 13,560 +25.7 ' I 4,293 3,083 1,325 .97 10,512 I 2,207 I 7,743 !? .97 ! 1,281 ; 12,591 i 804 ! 1.02 -38.1 +11.6 +15.3; - 7 1 . 0 !I -60.4 -35.4 ' 0 +c.9 ;; 20,605 4i,7ol 12,035 30,173 1-200.6 ; 261,228 32$, 470 ; - 2 5 . 7 '. ^+102.6 _•• Total Grains Total grain exports, incl. flour..thous. of bushs.. 35,796 Bice i j 17,060 : -12.7 853,581 ! 817,939 [ + 2 . 7 Southern paddy, receipts at mills bbls.. 792,345 ll, 167,281 1,719, 740 1,266, 278 831,033 Shipments: j ; Total from mills .pockets (100 lbs.).. 423,559 849,908 11,200,174 1,162,603 1,006,759 1,118,120 1,120,252 +11.1 New Orleans... pockets (100 lbs.).. 109,951 I 193,155! 239,453^ 232,725 234,740 158,323! 249,175 -32.6 Stocks, end of month pockets (100 lbs.).. 1,235,674 11,581,097 |2,247,038 2,409,940 l 2,290,857 2,106,310 12,095,911 '• - 8 . 469,435 ! 368,895 +76.9 Exports pockets (100 lbs.).- 109,992 1 134,032 203,350 160,871 267,294 -3.6 52,744 ! 56,818 Imports pockets (100 lbs.).. 19,503 j 27,217: 21,888' 22,808 54,723 Other Crops Apples: Cold-storage holdings, end of month thous. of bbls.. Car-lot shipment __ carloads..: Potatoes, car-lot shipments carloads..: Onions, car-lot shipments carloads.. Citrus fruit, car-lot shipments carloads.. Hay, all tame, receipts.. tons.. 33 3,352 17,418 2,313 4,492 51,652 j j i -4.0 ' ; + 4 . 4 h 7,568,035 | 9,20S, S35 '] +21.7 1 — 2 7,628,436 ! 9,634,168 +26. 5 -36^5 1,924,998 I 2,101,510 +9.2 +0.5 +27.3 1,174,923 ! 3,197, 537 +172. 2 - 7 . 2 1,168,974 ' 522,071 -55.3 i i 1,038 i 11,039 j 23,674 4,473 3,853 i 64,440 i 5,992 31,612 37,410 5,754 I 5,618 i 69,233 7,831 16, 607 20,318 2,924 7,487 55,161 * 6, 845 5,881 13,206 2,234 12,123 51,806 5,296 5,305 19,665 3,114 9,057 63,009 ; : ! ! : ! 1,691 729 319 980 1,771 660 234 1,080 i i 1 j 7,335 7,827 17,408 2,797 11,725 78,088 -22.6 -9.8 +48.9 +39.4 -25. 3 +21. 6 -27.8 -32.2 +13.0 +11.3 -22.8 -19.3 124,561 226,740 32,221 97,139 796, 457 98, 505 24H, 151 32, 368 105,993 696, COS +8.6 * +. 5 ^+9.1 22,7«i3 9.172 3,013 13,4,59 -4.6 -2.5 -2.6 -G. 2 - 3 . 9 I - 1 2 . 7 ! 5,756,513 I 5,277,227 - . i ! - 1 2 . 0 I 5,735, 880 j 5,324, 23b -11.2 • -50.7 ; 24,777 ! 19. 353 -8.3 -7.2 -21. 9 -20.9 -12.6 Cattle and Beef Cattle movements, primary markets: Receipts ...thousands.. 2,065 Shipments, total thousands._| 802 Shipments, stocker and feeder..thousands._| 269 Local slaughter thousands._] 1,231 Beef products: j Production, inspected thous. of lbs..i 465, 597 Apparent consumption thous. of lbs..; 470,490 Exports ..thous. of lbs. J 1,899 Cold-storage holdings, 1 end of month.. thous. of lbs.. 33,446 Prices: Cattle, corn-fed, Chicago.dolls. per 100 lbs.., 12. 58 Steer rounds No. 2 dolls, per lb-J . 203 Western dressed native steers, ; New York dolls, per l b . . .200 1,988 i 906 I 407 I 1,085 I 2,635 : 1,259 675 : 1,291 : 453,993 i 475,455 | 455,239 ! 474,078 ! 1, 609 ! 1,165 ! 2,346 1,156 615 ! 1,240 ( 459,364 ! 443,800 j 1,085 i 403,660 394,808 1,097 : 1,832 657 205 1,130 387,750 ! M43,918 394,936 ! i 448.614 974 i l|975 35,878 43,916; 65,345 *76,947 j 70,660 | 95,2fi -8.2 ! -25.8 I 13.31 .199 14.33 ! .190 ! 15.94 .190 15.50 .196 15.80 ' .220 ! 10.30 . 145 + 1 . 9 ; +53.4 j + J2.2 : +51.7 I .234 .238 .213 .225 : .230 1 .178 Hogs and Pork Hog movements, primary markets: Receipts.. thousands..; Shipments, total.. thousands.. Shipments, stocker and feeder..thousands..! Local slaughter thousands..: Pork products, total: Production, inspected thous. of lbs.. Apparent consumption thous. of lbs..; Exports thous. of lbs..| Cold-storage holdings, total, I end of month thous. of lbs..: Fresh and cured in storage, ! end of month thous. oflbs.J • Revised. 3,041 1^192 38 1,846 M 7 -3. 3 i - 9 . :> • + . 5 ! -().() : +14. 1 ! + 10.2 \ - 4 . 9 i 2,565 1,051 48 : 1,512 ' 3,039 1,137 : 78 i 1,883 ; 3,666 1,284 113 2,382 I +2..1 +24. 5 -18.9 +25.4 +24. 8 +21.1 -22.2 +27.8 580,606 595,110 72,958 458,919 497,128 596, 842 793, 789 •). 935,467 ! 783, 758 576,349 615,065 603, 579 * 594,140 ! 676,373 i 564, 328 89,829 : 72,251 | 67, 764 87, 955 I 98,794 ! 85,134 + 17.8 +13. 8 + 12.3 + 19.4 +19.9 +16.0 933,436 726,941 658, 647 +27. 8 +12.2 766,418 60S, 767 ' 407,119 ' 419, 822 * 523,425 ' 655,158 > 589,071 +25. 2 + 11.2 539,240 i 465,976 95 ! 2, 745 ;| 4 578, 280 5,306 1,849 77 3,443 738,938 i : ! | 1 I : 1 - 3 . 4 1 +29.2 ; 4, 2."»2 1,527 1)9 2,601 4, 209 i 1, 485 ! 23,872 9,405 3,710 14,349 41 410 15 044 922 345 -4.1 7,272 534 ; 7. 730 701 6,153 883 6, 705 1,119, 757 i 9S4 340 -6.3 -9.0 -12.1 39 172 ; 917 : 24 579 +7.2 39 TREND OF BUSINESS MOVEMENTS—Continued ;Per ct. 1927 1928 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " 1927 i CUMULATIVE TOTAL ! inPER CENT IN- | FROM JANUARY 1 ! crease CREASE ( + ) OR THROUGH DECEMDECREASE ( —) i! (+) BER 31 or decrease i (") cumu !! lative 1927 from ! 1926 1 ! ! Jan., Jan., i I .1 1928, j 1928, ;j January I January ! from j from i 1926 i D e c , Jan., : ! I 1927 ! 1927 j 1927 FOODSTUFFS—Continued Hogs and Pork—Continued Lard (included in pork products): Production thous. of lbs_. Exports thous. of lbs_. Cold-storage holdings, end of month thous. of lbs... Prices: | Hogs, heavy, Chicago dolls, per 100 lbs | Hams, smoked, Chicago dolls, perlb.-l Lard, prime contract, N. Y . .dolls, per lb._j Sheep and Lamb +2.9^ ; :| 1,513,385 !| 1,550,74' 681,303 1 - 2 . 5 +12. 4 ; +18.1 I '698,976 j 154,592 70,660 59,842 83,780 ! 69,576 11 +52.7 j +20.4 8.32 [ —3.0 ! —30.5 - . 9 j -21.2 +3.3 | -3.9 11.97 .269 .129 ' .212 ! .124 j Sheep movement, primary market: ; Receipts thousands.-! Shipments, total thousands.. Shipments, stocker and feeder, .thousands, J Local slaughter thousands.. Lamb and mutton: j Production, inspected thous. of lbs.. 1 Apparent consumption thous. of lbs..; Cold-storage holdings, \ end of month _ thous. of lbs..; Prices: : Sheep ewes, Chicago dolls, per 100 lbs..1 Sheep, lambs, Chicago-..dolls, per 100 lbs. J 1,740 |i + 6 . 0 819 I - 2 . 5 207 i - 3 3 . 3 921 +10.9 1,705 i 705 | 116 i 994 ! 5.63 13. 01 Miscellaneous Meats Cold-storage holdings, end mo..-thous. of lbs__; I ! j I -2.0 -13.9 -44.0 +7.9 47,081 44,161 ! +5.4 ! +6.6 47,073 I 44,292 | 4,386 I 4,447 j +6.3 +6.4 23,869 12,450 4,623 11,386 23,934 ; 12,482 ! +.3 4,899 i +0. 0 11,459 ! 500,890 500,288 501,706 503,529 : +.6 +.2 +. 6 -.5 1 -1.4 | +7. 5 -5. 6 ! 6.41 | - 2 . 8 | + 1 . 4 i 12.47 j 6.05 ' 12.65 | 61,791 ' 64,113 +4.4 +3.8 . Total Meats + 7 . 7 :13, 529,935 13, 509, 693 -.1 Production, inspected thous. of lbs. il, 091,069 958,290 1,018, 772 il, 098, 559 1,4 242,109 1,370, 298 I4 1,271,837 +13.1 ...;• 878,097 820,139 i +21.8 i + 7 . 1 ; Cold-storage holdings, end mo...thous. of lbs. 11,034,057 822,973 635, 349 I 587, 338 I 721,055 +8. 3 + 5 . 8 i 12,390,026 12,533,001 ;: + 1 . 2 Apparent consumption thous. of lbs. 11,110,507 1,076,686 1,134,997 il, 089,256 1,033,040 1,118,382 !* 1,057,234 Poultry Receipts at 5 markets Cold-storage holdings, end of month thous. of lbs. 22,691 ' 24,391 j 29,103 61,370 70,350 thous. of lbs. 39,711 I 43,201 I 52,315 85,030 * 117,490 ' of lbs.. 33, 284 26,633 27,385 21,096 of lbs.. 54,061 60,330 65,960 66, 790 27,704 -58.3 ; +5.9 i 117,972! 144,076 +.4 ; -18.1 r 29,347 ! 362,138 344,209 -\ - 5 . 0 ;; Fish Total catch, prin. fishing ports...thous. Cold-storage holdings, 15th of month thous. Canned salmon: Shipments, United States Exports, Canada cases.. cases. 802,320 il, 138,147 | 791,856 j 377,951 110,004 I 97,163 ! 120,446 ; 209,358 14,052 +1.8 - 2 1 . 2 |i 64, 787 -16.7 - s . o !! 14,300 ! 18,140 I 53,962 ! 58,655 1 349,112 i ! 482,140 95,921 |; 168,946 j 106,145 4 263,985 288,070 : + 9 . 4 ::. ....;... : +76.1 : 6,297,670 I 6,159,681 : - 2 . 2 +59.2 j 1,244,984 1,144,241 : - 8 . 1 Butter Production (factory).. ..thous. of lbs.. Receipts, 5 markets... thous. of lbs.. Cold-storage holdings, creamery, end of month thous. of lbs.. Apparent consumption thous. of lbs.. Wholesale price, New York .dolls, perlb,. Cheese Total, all varieties: Production (factory).. thous. of lbs.. Receipts, 5 markets.... thous. of lbs.. Apparent consumption .thous. of lbs.. Cold-storage holdings, end of month thous. of lbs.. Imports _ thous. of lbs.. Exports, United States thous. of lbs.. Exports, Canada _ thous. of lbs.. American whole milk: Cold-storage holdings, end of month thous. of lbs.. Wholesale price, New York..dolls, per lb._ Eggs Receipts, 5 markets. .thous. of cases.. Cold-storage holdings, end of month: Case thous. of cases.. Frozeu thous. of lbs_ _ Milk Condensed milk: Manufacturers' total stocks (end of month)— Case goods thous. Bulk goods thous. Manufacturers' unsold stocks (end of month)-— Case goods thous. Bulk goods -thous. 4 Revised. 143,464 i 113,555 I 149,785 58,310 ! 42,234 I 38,301 | 163,701 ! 147,396 136,123 I 179,871 .42 i .46 36,157 22,556 36,827 118,679 ! 83,224 178,353 i 159,106 .48 ! .50 88,164 33,687 46, 289 163,244 .52 103,861 42,271 28,296 159,687 .49 21,186 13,826 35,335 24,033 14,409 37,408 64,035 7,474 211 8,878 55,750 5,347 257 1,324 4 36,614 | 32,862 ! 20,511 21,522 18,995 i 14,279 46,587 I 48,793 j 36,022 90,204 I 85,131 3,430 | 5,102 225 251 16,023 | 19,040 77,603 i 70, 735 8,976 8,441 | 321 211 j 16,072 20,944 >9,749 : 65,453 I 59,035 .25 : .27 I .28 1,005 86,238 33,607 897 9,650 ; 7,960 77,508 71,208 704 I 53,447 .27 4 < 47, 765 .29 603 5,485 j 2,956 62,066 j 54, 703 608 4 4 | i 93, 912 ! 37,705 i 17,952 i 145,906 i .50 4 - 2 . 2 i + 9 . 4 ii 2,087,449 -5.8 > -2.0 Ii 1,993, ftfi .._ -4.5 495,483 207,887 510,479 : 431,619 I - 1 2 . 9 218,164 I +4.9 486,511 -3.0 129 10 3 I 62,136 5,608 ; —2&5 ; - 4 ! 7 !' 356 I +21.8 ! - 2 7 . 8 I 3,209 - 8 5 . 1 : - 5 8 . 7 I 78~4l8~ 3,902 134,658 J_ 79~797 : ~ + L 8 3,337 ! - 1 3 . 2 110, 534 , - 1 7 . 9 970 -12.7 ! - 9 . 4 I 0 I +11.5 I +41.8 - 2 9 . 5 882 47, 020 25 38, 451 253 -97. 2 ; - 9 0 . 1 31,207 ; -18. 2 : +23.2 of lbs.. of lbs.. 18, 357 i 35,932 j 29,155 43,559 20, 796 i 19, 566 | 14,956 |4 12,362 4 24,820 8,310 20,521 8,452 16,594 8,303 -17.3 +23.7 +1.7 : +1.8 of lbs_. of lbs.. 38,325 I 33,004 7,600 i 7,500 4 19, 048 4, 656 15,054 5,212 11,296 3,388 -21.0 +33.3 | . +11.9 : +53.8 !. 30,535 ! 424, 919 5,970 i 5, 521 1,579,872 c + 8 . 8 582,456 ' + 1 . 7 -8.4 I 26, 250 +13.4 12,706 i + 4 . 2 +13.4 | +5.9 ; +2.2 |; 36, 616 41,693 j 46,026 .29 I .26 862 +17.8 : +10.6 j 1,451,766 +25.8 | +12.1 ij 572,934 -38.9 I +57.6 IL. 15,601 ' 16,204 +3.9 40 TREND OF BUSINESS MOVEMENTS—Continued Per ct. 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey '* 1927 Jan., September August October November December CUMULATIVE TOTAL I inFROM JANUARY 1 crease THROUGH DECEM(+) BER 31 I or decrease II PER CENT 1Njj CREASE ( + ) OR !| DECREASE (—) Jan., 1928, 1928, 1927 from Jan., 1927 January ! from | Dec, cumulative 1927 from 1926 1926 1927 38, 713 347 887 -9.9 68,048 -10.3 FOODSTUFFS—Continued Milk—Continued Condensed milk—Continued. Exports thous. of lbs., i Wholesale price, New York .dolls, per case__: Evaporated milk: j Manufacturers' total stocks, end I of month (case goods) thous. of lbs. . Manufacturers' unsold stocks, case goods thous. of lbs__ Exports ..thous. of lbs__ Wholesale price, New York.dolls, per case.. Production, c o n d e n s e d and evaporated milk thous. of lbs.. Powdered milk: I Manufacturers' total stocks.._thous. of lbs. J Exports thous. of lbs..I Net new orders .thous. of lbs..j Fluid milk: ] Receipts— j Boston (includ. cream)—thous. of qts j Greater New York ..thous. of qts..; Production— j Minneapolis, St. Paul.-.thous. of lbs._| Consumption in manufacture j of oleomargarine thous. of lbs_.| j Raw: I Imports— | From Hawaii and Porto j Rico long tons..! From foreign countries long tons.. \ Meltings, 8 ports long tons..! Stocks at refineries, end month...long tons..) Receipts, domestic, at New j Orleans... long tons..! Refined: j Shipments, 2 ports long tons.. Stocks, 2 ports long tons.J Exports, including maple ..long tons..' Prices: I Wholesale, 96° centrifugal, ! N. Y._ dolls, per l b . J Wholesale, granulated, N . Y.dolls, per l b . J Retail, granulated, N. Y dolls, per l b . J Retail average, 51 cities relative to 1913.. | Cuban movement (raw): I Receipts at Cuban ports long tons. J Exports long tons.. Stocks, end of month long tons.. 2,694 !l +62.8 +41.8 5.63 0 +6.6 2,760 6.00 2,981 6.02 2,345 6.00 236,173 222,482 I 205,587 166,187 140,133 54,888 .• - 1 5 . 5 [+115. 203, 643 4,240 4.58 198, 281 3,756 4.58 183, 239 5,130 4.58 149,397 i 4,662 ! 4.59 117,115 4,532 4.57 19, 084 5,554 4.50 175,316 120,928 112,651 i 99,393 99,465 13, 232 238 5,683 10,646 239 6,531 9,261 307 5,735 7,950 298 5,706 * 5, 723 336 5,555 18, 095 110, 694 17, 586 111, 582 17,987 114,981 16,624 108,536 17,376 108, 272 109, 709 21,157 19, 046 20,217 19,868 ] 22, 627 26,140 6,410 7, 332 7,034 7,363 7,190 6,287 ; - 2 . 3 +14.4 74, 520 278, 078 384,903 258,427 76, 540 319,464 375,748 254, 963 24,340 223,855 295,922 215,665 20,058 201,139 243, 364 205, 573 45, 026 219, 926 317, 346 192, 968 70,187 1+124. 5 -35.8 163, 973 i +9.3 +34.1 290, 613 +30.4 +9.2 177, 791 ! - 6 . 1 +8.5 23 None. 5,727 10, 204 None. 54, 010 35,128 3,642 44, 663 30, 665 4,480 45, 340 30, 387 3,651 40,958 29, 542 3,184 46,095 ! - 9 . 7 : - 1 1 . 1 24,638 i - 2 . 8 +19.9 5,760 ! - 1 2 . 8 -44.7 .047 .057 .064 131 .047 .056 .063 131 .046 .056 .062 129 .045 .057 .063 129 .051 I - 2 . 2 I - 1 1 . 8 .062 I! + 1 . 8 -8.1 .068 + 1 . 6 -7.4 136 I; 0 -5.1 151, 747 304,118 531,142 106, 974 261,815 344,693 86,425 244,852 212, 314 238,129 212,161 177,801 482,152 j+175.5 - 5 0 . 4 166,044 I - 1 3 . 4 +27.8 298,682 - 1 6 . 3 - 4 0 . 5 3,532 5.83 2,439 6.00 5,566 ! -18.8 .+398.4 jj +62.4 ; +32.5 j| +.2 ; +1.8 I 75,840 ; 117,012 j | + 3 . 4 I - 1 2 . 1 1,733,503 I 1,894,550 ; + 9 . 3 9,638 ! + 3 1 . 1 j - 2 2 . 2 268 i - 2 9 . 8 : - 1 1 . 9 3,568 -12.2 ; +36.8 17,002 !! 2,659 ! 62,038 ! it 208,663 3,326 65, 376 +25.1 +5.4 213, 033 +2.1 +4.4 +3.3 I) 1,274,357 1, 330,850 25,468 |; +15.5 ! +2.6 j 297,226 i 295, 629 106,156 I + 1 . 3 76, 233 +7.1 1,157,832 ! 1,201,213 4,129,500 | 3,675,702 5,175,129 I 4,882,351 -11.0 -5.7 71,173 | Sugar Coffee Imports .thous. of bags.. Visible supply: World thous. of bags.. United States thous. of bags.. Receipts, total, Brazil thous. of bags.. Clearances: Total, Brazil, for world thous. of bags.. Total, Brazil, for U. S thous. of bags.. Price, Rio No. 7, Brazil grades, N. Y dolls, per l b . J Tea i 93,071 346, 818 457, 961 296, 012 34 I 68,432 37, 536 4,451 78,069 43,230 17,297 .045 .056 .066 133 .058 .064 : 131 \ 208, 474 403, 719 783, 717 167,805 292,816 671,952 1,404 976 1,099 1,144 1,148 907 4,622 547 1,405 4,917 634 1,838 5,050 686 1,714 5,041 768 1,372 4,862 782 1,216 4,605 1, 014 1,218 -3.6 +5.6 -11.4 -22.9 -.2 1,312 595 1,334 712 1,583 862 1,510 ' 813 1,441 876 1,237 687 1,241 666 -14.2 -21.6 +3.2 .139 .135 .147 .145 .142 .148 .153 +4.2 -3.3 9,687 10,547 9,057 8,160 245, 505 .325 254,957 .325 222, 636 .345 413,532 466, 078 1,007 I +1.8 62,173 17,708 -71.5 863, 567 809,900 -6.2 95, 485 -.3 111,764 +17.0 4,258,418 4,064,126 -7.7 -12.9 11,313 j 10,858 -4.0 13,715 15,621 +13.9 13,558 7,499 14, 872 7,984 +9. 7 +6. 5 95,931 19, 601 4,611,846 4, 666, 393 + . 3 ;' +26.6 S | 667 4,716 825 1,504 +3.7 | Imports thous. of lbs__ Stocks, United Kingdom, end of month thous. of lbs_. Price, Formosa, fine New York...dolls, per lb._ 9,467 146, 684 .345 164,368 .345 185, 921 .345 215,380 .329 i -9.9 | -8.1 +3.9 ! +14.5 0 -5.8 TOBACCO Consumption (tax-paid withdrawals): Large cigars thousands.. Small cigarettes... thousands.. Manufac. tobacco and snuff..thous. of lbs_. Exports: Unmanufactured leaf thous. of lbs.. Cigarettes __ thousands.. Sales of loose-leaf, warehouses thous. of lba__ Price, leaf, average warehouse sales, Kentucky dolls, per 1001bs__ Stocks (reported quarterly): Chewing, smoking, snuff, and export types thous. oflbs._ Cigar types thous. of lbs.. Total, incl. imported types..thous. of lbs.. 2 Quarter ending in month 654,165 j 393,007 604,870 639,359 688,921 ,328,055 8,994,416 8,552,397 , , 093, 752 6,870,462 35,337 i 34,673 33,992 i 31,553 i 26,685 27,817 i 365,448 I 66,810 38, 394 371,168 136,824 47, 044 672, 015 162, 386 15.730 i 15.594 11.331 121,376,271 | 2 335,198 121,806,747 indicated. 54,307 547,904 I 161, 702 9.812 ! _ . 3 8, 369, 087 7, 269, 356 33,002 33,005 +5.2 -11.3 6,588,928 j 6,571,375 +21.8 I +15.1 89, 447,114 197,176, 607 410,076 394,076 +23.7 ! - . 1 +8.6 - 1 0 . 6 ! -35.8 +5.8 47,644 364,467 i 116,822 ! 42, 600 962, 574 135, 470 66, 337 761, 026 130, 006 +164.1 I +26.5 +16.0 I +4.2 20.220 : 23. 227 12. 356 +14.9 : +88.0 ;U,519,935 I 2 300,543; ;21,920,652 | 478,768 i 9,495,334 j 7,091,909 780,616 ! 964,926 |n,416,412 jj + 1 0 . 4 : + 7 . 3 ! 3 353, 973 j - 1 0 . 3 ! - 1 5 . 1 |31,841,645 II + 6 . 3 i + 4 . 3 Quarter ending December 31, 1926. 506,741 4 Revised. -.3 -3.9 -25. 3 +23.6 41 TREND OF BUSINESS MOVEMENTS—Continued Per ct. 1927 The cumulatives shown cember except where Earlier data for items be found on pages 24 ruary, 1928, " Survey are through Deotherwise noted. shown here may to 138 of the Feb" I Novem- December ber September August CUMULATIVE TOTAL | inFROM JANUARY 1 crease THROUGH DECEM{ BER 31 PEE CENT INCREASE ( + ) OR DECREASE (—) 1927 1928 Jan., 1928, from Dec, 1927 January January V or deI crease Jan., 1928, from Jan., 1927 1926 1927 TRANSPORTATION (-) cumu! lative ! 1927 | from i 1926 River and Canal Cargo Traffic Panama Canal: Total cargo traffic .thous. of long In American vessels...thous. of long In British vessels .thous. of long Sault Ste. Marie canals thous. of short New York State canals thous. of short Cape Cod Canal _ short Suez Canal thous. of metric Welland Canal short St. Lawrence Canal ..short Mississippi River, Qovt. barges short Ohio River, Pittsburgh, Pa., to Wheeling, W. Va short Allegheny River short Monongahela River _ .short +5.8 2,372 -7.8 2,398 2,718 2,574 2,242 2,489 2,430 tons 1,019 1,257 -7.3 1,396 1,113 1,390 1,099 1,216 tons 594 714 743 698 -8.5 514 763 478 tons 10,791 11,231 6,898 11,721 1,169 None. None. -100.0 tons 357 381 327 None. None. 390 None. tons 67,873 98,426 73,097 58,685 89,030 101,206 50,378 -25.7 tons 2,: 2,504 2,402 2,546 2,477 2,305 tons 53,883 None. None. -100.0 tons .11,011,771 1,090,647 1,130,277 853,845 None. None. -100.0 tons __ 1,128,517 il, 178,199 1,198,952 1 908,199 4 53,793 114, 541 122,300 103,000 89,610 19,396 104,923 114,063 tons I 685,546 i 517,488 621,496 -24.5 tons 11,007,373 988,412 894,938 823,910 176,540 81,585 89,242 -53.8 tons ! 333,279 421,985 444,358 338,975 tons .|2,132,449 2,181, 251 2,132,076 2,020,004 1,965,934 2,327,246 1,935,879 +18.4 27,588 14,854 6,631 87, 676 2,370 781,322 -16.2 +46.0 0 +45.1 25,409 5,214, 514 6,123,701 1,044,649 29,104 +5.5 15,347 +3.3 6,983 +5.3 83,355 -4.9 2,582 +8.9 824,172 +5.5 29,598 +16.5 6, 570,459 +26. 0 7,909,952 |; +29.2 1,336,632 +28.0 -16.7 9,321,761 I 9,622,134 - 8 . 6 2,509,202 j 2,955.095 +20.2 24,469,315 ;24,492J96* +3.2 +17.8 -.1 Ocean Traffic Clearances, vessels in foreign trade: Total... thous. of net tons.. American .thous. of net tons.. Foreign thous. of net tons.. 6,974 2,939 4,035 4 6,957 3, 261 3,697 5,296 2,057 3,239 5,163 1,865 3,298 5,153 1,818 3,335 31,510 23,303 9,290 3,364 26,657 22, 554 35,867 30,742 9,294 2,888 6,396 1,208 216 241 194 204 313 224 4 836 693 3,119 196 578 671 2,841 <4 7, 550 ! * 7, 232 2, 916 2,712 4 4,634 4,520 4 +.2 +2.6 -2.5 -9.3 +1.8 75,440 29,794 45,647 -4.6 +4.4 -9.6 228,069 162,882 359,356 277, 302 +57.6 +70.2 558 1,634 1,989 7,765 728 2,238 2, 672 11,604 +30.5 +37.0 +34.3 +49.4 - 8 . 2 1153,098,819 51, G8G, 5G1 -2.7 79,043 I 28,532 i 50,510 -1.1 Shipbuilding Completed during month: 24, 352 Total gross tons.. 21,145 Steel seagoing gross tons__ Building or under contract, end of month: I Merchant vessels thous. of gross tons.. 216 I World construction (quarterly): Ships launched number._ | j Tonnage thous. of tons..|_. ...| Ships under construction number._ I j Tonnage thous. of tons..! ! Freight Cars | 190 L 535 L663 L. 3,074 .. -74.1 +45. 3 -90.6 +139.1 r +17. +14.0 +56.3 +44.6 +4.5 , +3.4 +1.5 ! +9.8 j | Surplus (daily av. last week of month): j j Total cars__! 214,985 I Box cars..' 123,901 | Coal cars..! 53,204 j Shortage (daily av. last week of month): I j Total cars_J 151 | Box cars..; None, j Coal cars..! 147 Car loadings: ! j Total cars..|4,249,359 •Grain and grain products cars.-! 219,898 j Livestock cars..! 112,323 Coal and coke cars.-j 735,389 Forest products cars..! 275,251 Ore . . c a r s . i 248,462 Merchandise and 1. c. 1 cars..Il,042,893 il Miscellaneous cars.. 1,615,143 11 135,059 ! 168,829 74,126 | 82,411 34,805 I 61,455 371 J 302 None, j 371 ! None. 103 360,022 238,699 123,354 760,522 270,322 225,581 039,460 702,084 352,168 158,304 148,860 464,005 224,247 183, 638 403. 792 182', 001 169,463 None. None. None. 25 None. None. 4 3 None. 259,548 - 1 2 . 0 ! +55.6 148, 742 - 1 8 . 9 I +22.4 - 7 . 7 +170.8 [ 62, 588 -84.0 i - 9 7 . 6 ! | +50.0 ! 0 -100.0 i 164 2 85 587,921 3,822,620 4,172,605 3,447, 723 '3,756,660 273,675 182,059 219,482 187,197 44 178,988 193,753 134,598 144,519 127, 658 129,321 004,056 713,254 869,877 752, 752 4 939,677 336,527 244,210 259, 598 233,368 4 4257,374 243,550 31,737 76,267 40, 682 37, 845 348,614 1,015, 551 1,177, 774 927, 299 44 965,485 187,746 1,456, 681 1,460, 673 1,187, 712 l,247,970 -17.4 -14.7 2, 363,361 2, 384,080 +5. — 11.7 ! - 1 . 3 1, 596,184 1,547,158 10, 615,178 9,787, 968 -13.5 -19. -10.1 - 9 . 3 3, 654,399 3,420,182 - 2 2 . 0 - 1 6 . 1 2,179,141 1,881,617 -21.3 - 4 . 0 113,310,782 13,308,737 +18.7 - 4 . 8 119,379,774 |19,356,819 +.9 -3.1 -7.7 -6.4 -3.7 -.1 -.1 Railroad Operations Operating revenue: Freight Passenger Total operating Operating expenses Net operating income Freight carried j thous. of dolls__j thous. of dolls._ I thous. of dolls._| thous. of dolls. thous. of dolls mills, ton-miles__ 415,179 91, 691 557,436 393,294 118,226 41,973 426,752 86,293 565,091 386,388 132,770 42,954 I 452,608 ! 75,201 580,498 ! 399,504 I 133,776 45, 552 385,760 70, 885 503,820 376,876 86,424 37, 228 61,305 2,606 61,088 2,602 8,778 14.4 195 345 8 357,840 ij 85,975 I 334,742 81,990 467, 598 377,800 55,334 34, 580 487,004 387,489 ! j j I S 6 1 , 5 7 9 il39,223 1 i 1 j 4,819,321 ! 1,043,911 6,463,433 ! 4,727,278 . . . 1, 232,373 488, 704 4, 647,167 976,336 6,204,903 4, 625,444 1,084,140 474, 654 -3.5 -6.5 -4.0 -2.2 -12.0 -2.9 Railway Equipment Locomotives (Am. Ry. Assn.): Owned, end of month— Q uantity number.. 61, 540 61,455 Tractive power mills, of lbs.. 2,603 2,605 In bad order end of month— 8,345 8,502 Quantity number.. Per cent of total in use per cent.. 13.9 13.6 Installed number. _ 104 j 177 Retired number. _ 329 262 20 6 New orders number. _ Shipments, manufacturer's (census)— 127 81 Total number.. 71 86 Steam, domestic number.. Electric, domestic number. _ 6 7 Unfilled orders (railroads'), end of mo.— 102 171 From manufacturers number. _ In railroad shops number.. 36 32 Unfilled orders, manufacturers (census)— 271 363 Total. _ number.. Steam (domestic) number.. 244 167 68 ! 49 Electric (domestic) number.. Exports, steam _.number.. 11 8 2 Quarter ending in month indicated. 4 -0.2 60, 784 2, 595 179 I 60, 679 2,596 62,387 2,611 8,961 14.8 149 366 17 8,257 13.6 135 378 149 8,733 14.5 154 259 2 9,256 14.9 145 210 26 112 81 12 52 31 7 72 41 13 47 22 23 57 ! -34.7 j -17.5 16 !|! -46.3 i +37.5 +76.9 1+187.5 53 27 51 18 151 262 ! +88. 7 i -42. 4 56 ! +69.2 -60.7 182 97 45 19 8 4 145 232 222 412 178 161 334 74 39 23 42 5 25 13 41 Quarter ending December 31, 1926. - 2 . 7 :i +0.1 - 0 . 6 I +5.8 - 5 . 7 j|. +6.6 - 2 . 7 ;|. +14. l +6.2 ;| +31.5 +23.3 -98.7 -92.3 -4.3 -9.6 -2.6 -48.0 -46.1 -51. 8 +65.2 -68.3 i 2,399 3,574 1,195 1,955 ; - 1 8 . 5 3, 572 -. 1 656 I - 4 5 . 1 1,755 1,352 177 1,074 ! - 3 8 . 8 726 i - 4 6 . 3 148 ! - 1 6 . 4 271 Revised. 228 !| - 1 5 . 9 42 TREND OF BUSINESS MOVEMENTS—Continued j Per ct. 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138*$pf the February, 1928, " Survey " Septem- TRANSPORTATION-Continued i Railway Equipment—Continued | Electric locomotive shipments 1 (census, reported quarterly): Mining.. number.. Industrial .number.. Freight cars (Am. Ry. Assn.): Owned, end of month— Quantity.... cars... 2,328,328 Capacity mills, of lbs.. 211,935 In bad order, end of month— Quantity cars..: 141,038 Per cent of total in use .percent.. 6.2 New orders cars.. 1,066 Shipments— • cars.. cars.. ! cars.. cars.. 1 cars.. cars.. ' cars.. cars... 1927 ; (+) August Total.. Domestic Unfilled orders (railroads)— Total From manufacturers In railroad s h o p s . . Passenger cars: New orders Shipments— Total Domestic 1928 CUMULATIVE TOTAL ! inFROM JANUARY 1 ; crease THROUGH DECEMBER 31 N o v e m - j December j ber October j January January 4,397 4,393 19 4,320 ! 4,101 | ! 10,901 ! 6,991 1 3,910 ! ! 18 ! 201 201 119 ! 119 I 199,336 29,089 50,101 i 12,862 i 34, 736 4,305 3, 925 14,437 10,799 3,638 j 1927 ! ! j | ! ! j J »304 > J3177 J ..-_.j 154 3 ] 16 ! j 19 a 75 j I i . ' I i i 12,326,016 2,325,027 *2,322,179 |<2,313,375 2,309,478 |2,336, 050 210,640 211,500 1 211,970 212,027 | i 211,985 j \ 210,923 I j 136,115 136,847 137,571 139,441 ! 137,795 j 130,493 6. 0 5. 9 6.0 6.1! 6.1 j 5.8 2,098 17,196 j 40 326; 14 i 14,114 \ • I \ I 5,317 I 5,270 ! 18,096 j 13,545! 4,541 j i 36 i | 152 | 146 • 1926 3,780 i 3,754, i 9,721 \ 6,424 1 3,297: : 12 ! 166 164 i 2,545 ! 2,536 j I 12,431 ! 9,341 j 3,090 150 774 576 18, 464 15,459 3,005 I! -13.0 || +18.8 ji - 0 . 2 11 - 0 . 1 +4.3 +3.4 -85.1 871 ; 70 -49.3 -74. 7 812 70 -6.8 56,289 58,959 +4.7 80,100 77,655 i 54,291 : -32.2 53,524 -31.1 -1.1 -0.4 | -.5 + 1.7 -87. 7 • 3,209 j! - 6 9 . 6 I - 7 5 . 9 3,160 || - 6 6 . 3 I - 8 1 . 8 27,069 jj + 4 8 . 6 • - 3 1 . 8 i 17,209 i + 6 5 . 5 - 1 0 . 2 : 9,860 ;! - 2 . 8 - 6 9 . 5 314 ||+310. 0 615 +95.9 1,321 1,195 -9.5 60 |l -55.2 +30.0 42 11 -60.9 +61.9 2,233 2,137 1,420 1,378 -36.4 -35.5 ; 174 174 or de! crease I (-) cumui lative 1927 from 1926 78 68 Passenger Travel National parks: Visitors ..number.. Automobiles entered number.. Arrivals from abroad: Immigrants number.. United States citizens number.. Departures abroad: Emigrants number.. United States citizens.. number.. Passports issued _ number.. Pullman company operations: Revenue thous. of dolls.. Passengers carried thousands.. 492,016 I 98,449 ! 50,591 ! 6,679 51,972 ; 6,359 | +87.8 +70.2 -2.7 1,774,552 ! 1,976,367 +11.4 + 5 . 0 I 311,185 ; 373,495 +20.0 28,418 ! 57,701 | 31,000 | 75,557 31,719 ; 50,254 j 27,758 24,325 22, 350 18,922 18,804 l16,913 i 336,295 378,175 323,885 412,485 6,322 I 43,039 ! 10,269 I 7,625 39,748 8,474 6,402 I 24,396 i 8,063 i 5,871 22,612 i 8,596 9,085 25, 209 8,387 3,928 i 21,483 ; 9,053 I 73,179 ! 367,739 ; 176,033 i 70,122 405,989 182,430 -3.7 +9.1 -4.2 +10.4 +3.6 7,528 ; 3,428 j 7,625 3,288 6,494 j 2,851 5,915 2,606 6,411 2,831 7,086 i 2,988 | 81,834! 36,073 80,952 35,198 -1.1 -2.4 +6.1 - 1.7 PUBLIC UTILITIES Telephone companies: Operating revenue -.thous. of dolls.. 65,758 i 66,529 65,233 | 65,193 i _.i 64,140 Operating income thous. of dolls.. 14, 972 I 16, 322 16,445 i 16,006 j j 16,517 Telegraph companies: Commercial telegraph tolls.thous. of dolls.. 11,241 j 11,172 10,979 I 10,238 .1 10,074 11,016 Operating revenue thous. of dolls.. 13,894 ! 13, 822 13,648 : 12,713 _[ 12,557 13,747 ; Operating income thous. of dolls.. 4 2, 000 j * 2, 085 4 2, 009 I 1,622 1,654 : 1,338 Gas and electric companies: Gross earnings _ thous. of dolls.. i 4162, 647 I i 169, 414 4 177, 734 4j 182, 040 193,000 191,701 Net earnings thous. of dolls.. 53, 551 | 4 61,897 * 65, 260 4 70,134 : 78,000 74,377 Electric railways (212 companies): -2.0 Passengers carried— thous. of persons.. 745,769 ! 728, 371 790, 712 771,443 • 830,930 i 814,172 831,635 Average fare .cents.. 7.952 ! 7. 952 7.985 [ 7.999 ': 8.018 j 7. 805 Electric power production: Total mills, of kw. hours.. -0.3 6,730 6, 684 ;! < 0. 607 4 6, 929 I 4 6, 874 4 7,218 ! 7,197 By water power mills, of kw. hours.. -0.6 2,404 < 2, 201 4 2, 386 ! 4 2, 508 : *2,736 2,354 2,720 By fuels.... .mills, of kw. hours.. 4, 280 ; * 4, 406 -0. 1 4 4, 543 ; 4 4, 365 i 4 4,482 4,376 4,477 In street railways, manfg. plants, etc mills, of kw. hours.. 427 349 ! 352 ' 338 357 402 In central stations mills, of kw. hours.. 6,303 6, 335 ; 4 6 , 269 4 6, 577 i 4 6, 507 6,782 ; Electric power production (Canada): Total thous. of kw. hours.. 41,229,089 141,197,023 41,399,170 n,311,211 1*1,361,864 ! 1, 317,736 *1,131,212 I - 3 . 2 ! By water power thous. of kw. hours.. 41,213,531 '41,181,173 41,289,967 " ~" ~"~ 1,297,783 41,113,899 ! - 3 . 1 |n,289,242 1*1,339,206 By fuels thous. of kw. hours.. i 15,558 I 15,850 19,203 ! 21,969 ; 22,658 1 19,953 I 4 17,313 ! - 1 1 . 9 Exported thous. of kw. hours.. ; 157,197 I 154,047 142,991 I 129,415 130,552 ' . . . . . | 130,894 Electric power, gross revenue sales thous. of dolls.. 135,600 144,900 j 150,800 ! 158,000 J 162,000 . 129,947 . | 160,466 i . \ 21,185 i . I 1,995, 259 ! 2,117,160 +6.1 . ! 715,081 i 774,788 +3.3 -2.1 i 9,513,483 ! 9,394,314 -1.3 + 6 . 9 !! + 16.5 i +2.3 ' 4,577 69, 214 +16.5 + 16.5 +15.2 2 Quarter ending in month indicated. 484 197 95 84 74 118.5 94.2 85.2 485 192 95 84 73 117.2 93.7 85.5 14,317 I 265.1 i 102 i 83 ! 76 ; 14,195 262.4 102 95 I 115.6 107.4 84 * 117.9 * 107. 4 476 196 94 83 74 112.3 ! 91.8 84.3 13,671 251.1 100 73 * 113. 3 ; 1 113. 2 I 467 205 93 81 75 |! |j i! il i! 112.0 i! 90.8 ii 81.2 I 13,830 248.8 103 83 81 I! ii ji ii '! 61 1 117.5 i 99.3 :I 457 224 91 80 75 111.6 88.9 80.6 13, 361 231.6 98 79 76 ; Ii - 2 . 1 216 100 89 80 115.4 97.8 ! j ! 88.9 I 14,331 j 251.2 107 ' 90 I 11,923,733 11,756,971 166,762 1,506,000 -6.0 +9.3 +3.7 -3.4 -6.9 -4.9 -4.8 -6.2 -6.8 -7.8 -8.4 -12.2 -8.4 -2.2 -1.2 0 -0.4 -2.1 7 -9.0 -9.0 -6.3 -3.3 -9.1 -9.3 62 !l -11.5 -12.9 54 115.8 I 94.5 I ! 116.8 109.6 ' Quarter ending December 31, 1926. -1.4 -4.8 +8.1 +12. 9 +5.4 4,423 -3.4 75,301 ! +8.8 |14,192,937 ! +19.0 |13,991,754 +19.0 j 201,183 ' +20.6 I 1,632,609 +8.4 73,791 i 26,188 : 47,603 : E M P L O Y M E N T AND W A G E S Employment in factories: New York State thousands.. 474 Detroit thousands. _ 206 New Jersey rel. to 1923.. Pennsylvania rel. to 1923.. Delaware. rel. to 1923.. 71 ! Wisconsin rel. to 1915.. 121.7 ! Illinois _ rel. to 1922.. 94.4 I Massachusetts _ rel. to 1914.84.0 ! Total pay roll: New York State (weekly)..thous. of dolls..- 13,898 ! Wisconsin _ ...rel. to 1915..' 278.7 ! New Jersey rel. to 1923.. 101 i Pennsylvania ..rel. to 1923.. 85 I Delaware .rel. to 1923.. 75 i Ohio construction employment rel. to 1923..' 96 j Anthracite mines: Employment rel. to 1923-25.. 116.5 i Pay roll rel. to 1923-25.. 90.6 I 127,501 - 1 . 9 158,286 - 1 . 4 21, 505 +1. 5 + .6 -9.4 4 Revised 79,768 29, 575 50,193 43 TREND OF BUSINESS MOVEMENTS—Continued 1928 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " November August i n t e r n - j October December CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 PER CENT INCREASE ( + ) OR DECREASE ( —) 1927 Jan., 1928, from Dec, 1927 January i January |Per ct. (+) or decrease (-) Jan., 1928, from Jan., 1927 1926 cumulative 1927 from 1926 1927 EMPLOYMENT AND WAGES-Contd. Federal civilian employees, Washington, D. C , end of month number..: Average weekly earnings, factories: Illinois .dolls.. New York State _ dolls.. Wisconsin dolls.. Massachusetts rel. to 1914 : KQW Jersey rel. to 1923.. Pennsylvania. rel. to 1923.., Delaware. rel. to 1923.. Average weekly earnings National Industrial Conference Board): Grand total (both sexes) _dollars..[ Total male dollars._| Skilled male _..dollars..! Unskilled male dollars..! Total women dollars..| Average weekly hours: i Nominal (both sexes) hours..j Actual (both sexes) hours..! Wages, road labor, by geographic ! divisions: j New England cents per hour..! Middle Atlantic .cents per hour..! South Atlantic cents per hour..! East South Central cents per hour_.| West South Central. cents per hour_.| East North Central cents per hour..; West North Central cents per hour..' Mountain.. ..cents per hour..! Pacific cents per hour. J United States, average cents per hour. J Wage rates, U. S. Steel Corp...cents per hour..| Wages, steel workers, Youngstown j district per cent of base..I Applicants per 100 jobs, employment agencies: j United States .number.-j Eastern States number..! Central States _ number..j Southern States _._number._| Western States .number..! Factory Labor Turnover j (Percentage of number on pay roll) j Departures: Total a Voluntary quits, Lay offs Discharges.. Accessions \ _ per cent (annual basis).. i .per cent (annual basis)-J per cent (annual basis)..! .per cent (annual basis) — ! percent (annual basis)~| DISTRIBUTION MOVEMENT I Retail Sales i 60,413 | 60, 267 j 28.61 29.29 25.94 236.4 109 101 102 27.65 29.57 25.40 237.1 109 98 101 60, 236 j 60, 399 I i ! i i 28.59 i 29.28 i 25.40 231.2 :! 109 101 102 j 28.23 28.75 25.39 231.4 108 100 103 28.15 29.57 25.24 232.1 111 101 106 27.01 29.35 30.78 24.21 17.35 26.72 28.69 30.15 23.42 17.32 26.90 29.35 30.80 24.12 17.34 27.49 29.22 23.60 232.1 | -2.3 I -2.6 I -1.0 ! ! -1.2 -4.0 | I -20.2 0 +1. 7 ! ! 108 -1.8 +.9 h; 3 . 0 3.0 ! 101 - 2 . 0 \l 102 -5.7 28.23 29. 52 24.58 228.3 109 98 100 ! 27.16 29.76 ! 31.33 24.08 17.26 27.32 i 29.70 : 31.18 | 24.29 i 17.32 | 49.5 47.8 49.5 ! 47.8 i 49 47 27 26 28 38 37 46 54 39 50 46 26 : 25 33 40 38 : 46 54 . 40 i ! ; ' ; l ! so: 125.5 129 137 156 122 70 i i i ! 125.5 121 131 136 114 79 I i i ! 49.4 47.1 49.5 47.4 46 28 25 32 40 38 48 56 40 50 ; 48 46 26 25 30 40 37 47 53 40 50 125.5 ; 27.26 29.57 30.93 24.69 17.25 !l I ' jj 49.5 48.2 49.5 47.3 55 : 46: 24 ! 24 32 42 ' 37 46 54: 39 50 r -3.6 44 53 48 24 25 26 39 37 41 50 37 48 i +4.3 24 0 24 , +4.2 27 -18.7 39 -7.1 38 0 43 -10.9 -7.4 51 37 -5.1 50 I 50 ! +4.3 ! • — " . : . „ . 0 +4.2 •! .... -3.7 1 0 _. -2.6 ii -._. ii -2.0 U ! 0 ; 128.5 128.5 125.5 j 137 146 160 132 71 145 4 155 165 4 145 170 192 203 188 87 160 156 203 146 38.0 ! 25.3 i 30.5 18.2 8.2 4.1 34.1 28.4 16.5 7.9 4.0 37.4 41.4 23.4 12.3 5.7 35.0 I +7.2 +10.7 +2.6 +2.6 +50.8 -31.4 -36.3 -35.8 -29.8 65,733 ; 41, 267 59,494 : 37,465 34,486 24, 240 25,008 13, 225 39,404 35, 237 22,080 13,157 -37.2 -37.0 -29.7 -47.1 +4.7 +6.3 +9.8 +.5 29, 647 2,223 16,117 1,484 7,956 370 4 2, 286 199 3,292 170 655 81 4 657 44 2,205 106 -62.5 +7.6 i +9.4 +6.2 j +7.2 +8.8 +17.8 ; +3. 6 ! +11.1 +14.2 j +7.6 ! +5.6 j +12.3 +21.8 j +25.0 1 +19. 0 ! +45.3 ; 133.0 ! -2.3 -5.6 ! +17.2 ! +23.9 | +23.0 ; +29.7 +6.3 +23.1 +8.8 ;j + 2 0 . 5 !' I I ! i 120 129 145 122 61 ! ii 0 +28.8 ! +11.5 li 40.7 ! 27.2 ' 4.9 i 41.7 I 5i.3; 38.0 ! 6.0 : 7.3 52.6 : 7.7 • 5.0 j 38.3 Mail-order nouses: \ Total sales, 4 houses thous. of dolls.. 41,406 I 46,218 | 57,776 i 58,368 Total sales, 2 houses thous. of dolls.. 37,795 | 40,987 ! 50,869 ! 51, 229 Sears, Roebuck & Co thous. of dolls.. 23,970 i 24,609 ! 29,302 ! 29,847 Montgomery Ward & Co..thous. of dolls.. 13,825 I 16,378 j 21,567 I 21,382 Ten-cent chain stores: Total sales (4 chains) thous. of dolls.. 39,539 ' 38,738 ! 46,498 ! 44, 254 Total stores operated (4 chains)..number.. 2,349 2,371 ! 2,396 ! 2,415 F. W. Woolworth & Co thous. of dolls.. 21,400 20,740 ! 26,032 ; 23, 731 Stores operated.. number.. 1,552 1,584 *' 1, 588 1,568 S. S. Kresge C o . . . ___thous. of dolls.. 10, 522 10,422 j 12,084 j 12, 011 Stores operated number.. 4 409 419 | 427 413 j 4 MeCrory Stores Corp -thous. of dolls.. 3, 037 3, 022 I 4 3, 332 ! 4 3, 236 Stores operated number.. 214 219 215 ; 217; S. H. Kress & Co thous. of dolls.. 4,564 5,272 4,556 i 5,069 Stores operated ...number.. 174 181 175 ! 176 Metropolitan.. thous. of dolls.. 965 1,090 978 ! 1,120 Stores operated number.. 90 91 90 90 4 4 4 F. & W. Grand thous. of dolls.. 947 1,140 1, 005 ! 1,223 Stores operated number 54 55 55 ! 55 4 W. T. Grant C o . . ..thous. of dolls.. 3,114 4,366 3, 279 I 4, 275 4 4 Stores operated .number.. * 126 145 '130 ! 135 Chain stores: Groceries— 4 Sales thous. of dolls.. 107,234 | 107, 653 j 119,443 118,335 j Stores operated number... 28,323 I 27,985 I 28,051 I 4 28, 206 DrugSales. thous. of dolls.. 8,439 8,243 ! 9,149 ! 8,725 i Stores operated number.. 792 | 797 I 747 762 j Cigar— I Sales thous. of dolls.. 8,707 I 8,678 ' 9,099 j 8,653! Stores operated ...number.. 3,459 3,451 | 3 , 4 4 9 • 3,453 Shoe— Sales thous. of dolls.. 3,076 | 3,278 ; 3,673 ! 3,615 Stores operated number.. 614 ! 618 606 I * Revised. 59,615 i 60,660 : i ! ! ! ! | I ! 26.5 j 14.9 7.7 3.9 24.8 : 84,977 ! 31,901 2,427 2,431 43,897 17,114 1,588 1,591 23, 044 8, 658 435 436 4 6, 857 2,369 221 221 11,182 3, 760 183 183 2,349 692 91 91 2,267 800 55 55 8,205 2,624 151 154 126,282 28,494 117,355 -65.5 0 -66.4 0 -70.5 0 -64.7 0 -68.0 +2.0 -.8 i! || ! h 7,422 3,463 I 2,603 618 541,326 ! 471,964 I 272,700 199,264 559,993 +3.4 495,304 +4.9 292,901 !| +7.4 202,403 j| +1.6 457,336 503,827 253, 642 272, 746 119, 218 133,767 +10. 2 +7.5 + 13.0 33, 606 38, 336 • + 1 4 . 1 51,870 58,061 i +11.9 11,006 12, 273 ! +11.5 10,496 12, 882 +22. 7 35,935 43, 323 +20. 6 +20. 5 | 1, 067, 790 +6.2 1,311,371 ! 837 5,467 621 +.2 +.2 -62.4 +.2 -61.0 97,405 i - 7 . 1 26,608 'j 10,922 12,766 3,463 4 +6.9 8,195 ji - 1 8 . 1 +9.2 741 ! +1.1 +13.0 ! |l - 6 . 8 !! 7,963 il -41.9 +1.5 3,411 :j o ; 2,486 jl -52.4 +4.7 +7.3 ; 576 II - . 5 92,148 109, 517 41,419 1 +22.8 103,861 ; +12.7 109, 699 : +.2 42, 018 , + 1 - 4 44 TREND OF BUSINESS MOVEMENTS—Continued I'Per ct. 1928 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " August i Septem! ber October November December 1927 CUMULATIVE TOTAL inFROM JANUARY 1 crease THROUGH DECEM- •i (+) BER 31 or de- ; PER CENT INCREASE ( + ) OR DECREASE (—) i crease (-) cumulative 1927 from 1926 Jan., 1928, from Dec, 1927 Jan., 1928, from Jan., 1927 1926 1927 -45.3 0 +2.5 13 927 11, 893 .. -14 6 2 163 -39.2 243 - 3 . 0 +5.4 +7.4 31,332 32, 717 January January DISTRIBUTION MOVEMENT—Contd. Retail Sales—Continued Chain stores—Continued. Music— Sales thous. of dolls.. Stores operated number.. CandySales thous. of dolls.. Stores operated number.. Restaurant chains: Total sales (3 chains) thous. of dolls.. Stores operated number.. Average per store dollars.. Childs Co., sales thous. of dolls.. J. R. Thompson Co., sales.thous. of dolls.. Waldorf System (Inc.), sales thous. of dolls.. Other chain stores: Isaac Silver & Bros ...thous. of dolls.. Stores operated. number.. Hartman Corporation thous. of dolls.. Stores operated number.. J. C. Penny Co thous. of dolls.. Stores operated number.. United Cigar Stores Co thous. of dolls.. Stores operated number.. A. Schulte (Inc.) thous. of dolls.. S tores operated number.. G. C. Murphy Co thous. of dolls.. Stores operated number.. Installment sales in New England department stores: Ratio to total sales per cent.. 890 ! 62 ! 1,136 62 1,159 61 1,161 61 1, 595 61 873 2,523 | 277 i i 4,863 I 364 | 13,360 I 2,463 ! 1,183 2,713 280 2,830 267 2,857 257 3,749 269 2,279 ; 261 1,217 j 394 I 4 1. 706 17 11,007 I 854 i 6,447 3,143 2,225 297 736 107 4,844 4,893 366 , 366 13,235 i 13,369 2,378 2,437 ! 1,161 ! 1, 224 1,246 i 1,291 4 430 i 509 ^ 20 ! ^ 20 4 1,919 i 4 1, 478 4 18 18 13, 735 17,165 883 889 6, 473 6,822 : 3,139 3,143 2,164 2,231 297 297 771 875 108 111 4, 699 367 12, 804 2,275 1,185 5, 082 370 12,735 ; 2,490 1,262 1,239 1,330 513 4 19 1,312 19 17,054 890 6,534 3,148 2, 076 298 865 115 1,065 19 1.505 19 21,796 891 9,475 3,151 3,233 299 2, 064 113 7.0 852 61 61 0 R 029 361 13 Q31 2 537 1,225 2,346 1,235 -5.8 -2.1 +.8 I 1,267 : 312 19 4 7, ill 913 5,562 3, 151 1,826 300 598 113 3.9 il -70.7 0 281 4 22 842 4 16 6, 331 4 800 5, 723 3,109 2,204 294 551 92 58, 112 29,920 14,383 28, 803 14, 349 ;• -3 7 — 2 15,263 ! 14,960 \ -2.0 ~I8~777~; -64.6 +22.0 +2.5 +14.1 -41.3 -2.8 0 ; +1.4 -43.5 -17.2 5,610 I- +17.8 17,~661~; ~~-5.~9 .! ;: ;i J ! 115,681 ! | 80,245! i 28,748 ! 151,060 -71.0 0 +8.5 i +22.8 'I 8,55:-!. +20.2 —10.2 -1.5 —2.1 +.3 ! +2.0 !i 4 59, 566 4,762 ! +11.0 -13.6 +4 4 : +30.0 80,179 -. 1 29,040 -4-1.0 10,234 +19.7 . '____ 10.5 Advertising Magazine advertising for the following month thous. of lines., Newspaper advertising thous. of lines.. National advertising in newspapers: Total thous. of lines., Automobiles thous. of lines., Automobile accessories thous. of lines.. Cigars, cigarettes, and tobacco . thous. of lines., Financial thous. of lines.. Food, groceries, beverages..thous. of lines., Hotels and resorts thous. of lines., Household furniture thous. of lines., Men's clothing thous. of lines.. Musical instruments thous. of lines. Radio and electrical thous. of lines, Railroads and steamships...thous. of lines, Shoes thous. of lines. Toilet articles and medical preparations thous. of lines, Women's wear thous. of lines. Miscellaneous thous. of lines. 2,128 i 2,542 I 2,599 82,865 100,737 j 115, 472 22,704 i 5,161 1,572 26,250 i 30, 257 5,323 ; 5,144 1,597 i 1,103 2,289 108,671 1,811 106, 430 28,861 : 4,544 1,570 9. 637 3,679 940 2.107 841 1 8 ( ?1 ' 362 601 3,325 ; 344 262 99 59 ' 548 ! 1,701 30 3,198 i 649 ! 3,203 ! 230 : 819 j 438 i 131 : 1,840 : 1,293 I 190 | 3, 507 917 3,766 246 840 439 178 3,019 1, 252 174 3,891 842 3,679 228 341 340 205 2, 658 1,674 1S1 3,087 42 2,497 3,895 129 ; 3,315 ' 5, 860 351 | 3,461 ! 5, 566 168 2,974 2,169 32,799 ; 40, 823 2,176 95,545 4 .. .- .i 2,210 97,610 5 5 4, 031 3, 987 1,271,864 : 1,217,704 320, 555 65, 020 17, 448 ; 22, 953 5, 352 1 028 ] 257 905 2 23° 315 148 26 184 1,370 1 ?75 i io 206 270 2, 052 1 510 19O 3. 216 -- .. 5,312 31 . . 3,395 . -1.3 -J.I 323, 005 f»2, 393 -4! 6 18, 418 , +5. 6 25, 421 • 10,218 ' 41,218 \ 5,144 i 6, 911 ! 3, 594 1 2,364 15, 541 21, 349 ! 1,936 ! 33,044 10.218 42,374 5,346 6,567 3; 53i 1,750 17,551 : 20,658 1, GSO 60, 743 i 1, 768 ! 41,880 ! 57,562 1,667 39,646 ! +30.0 0 +2.8 +3.9 -5.0 -1.8 -26.0 + 12.9 -3.2 -13.2 -5.2 — 5. 7 -5.3 Postal Business 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.. 28,478 30,152 ; 32, 450 3,197 3,291 3, 395 10,120 82, 538 10,167 84,383 3,162 > 33, 234 2,994 ; 31,667 i 3,331 : 30,579 30, 394 \ -25.1 3,438 j 11,659 76,574 11,954 : 1 3 , 5 1 6 97,863 : 1 0 2 , 2 5 9 10,468 78,220 I 10,576 ! -22.6 80,473 | -23. 5 3,363 35,147 3,381 ; 34,860 3,416 34,117 3,303 34,001 3, 759 37, 452 i j 3,317 ! 4, 448 -22.7 -9.1 -8.9 j +.6 11 367,258 + 3 . 6 •! -1.0 -2.8 +3.4 +.3 37fi, 039 39,290 i 132,099 i 133,433 1,047,647 | 1,037,883 | 38,101 ! 296,116 ; +2. 4 40,312 : +2.6 39,508 i 408,719 j + 1.0 -.9 1-3.7 f-3.2 BANKING AND FINANCE Life Insurance {Association of Life Insurance Presidents) Policies, new (45 companies): 211,482 Ordinary number of policies.. 781,361 Industrial ...number of policies.. 138 Group number of contracts._ 992,981 ; Total number of policies and contracts.. Policies and certificates issued: 1,023,331 Total policies and certificates number.. 30,488 Group insurance certificates._.certificates.. Amount of new insurance (45 companies): 625, 510 Ordinary thous. of dolls.. 211,157 Industrial thous. of dolls.. 43, 977 Group thous. of dolls.. 880,644 : Total insurance thous. of dolls.. 4 Revised. ! 256,546 183,511 ! 783,539 , 901,786 ! 491 !; 125 11,040, 576 1,085,422 j 187,460 | - 2 8 . 5 - 2 . 1 ! 679,290 ! +15.1 +32.8 j 192 ! -74.5 i 866,942: + 4 . 3 +25.2 945,250 1,228,861 1,172,404 1,164,208 1,111,705 26,408 13,496 ! 23,797 27, 928 I 124,123 918,717 : -4.5 +21.0 51,967 ; -78.7 -49.2 526,564 ! 615, 753 200,622 i 265, 974 31,475 : 48, 625 758,661 ! 930, 352 576,642 i -20.8 185,292 +12.0 94, 445 -71.6 856,379 -22.1 186,090 745,664 115 931,869 ! 212,924 203.629 940,847 I 992,140 208 | 148 jl, 205, 2121,144,684 582,000 j 725,847 252,738 ! 211,076 76,960 ! 165,025 911,698 1,101,948 • 5 575,127 236,303 46,841 858, 271 Cumulative through February 29 2,637,142 ! 2.642,742 :i + . 2 9,386,964 9,884,401 : +5.3 2,351 ! 2,369 +.8 12,026,457 ,12,529,512 +4.2 12,776,386 13,628,135 752,280 ; 500,992 7,804,415 2,566,059 1,050,605 + . 2 '11,421,079 +27.5 -50.4 +6.7 -33.4 ! 7,804,406 I 0 ; 2,667,333 +3.9 j 824,372 -21.5 11,296,111 ' -1.1 45 TREND OF BUSINESS MOVEMENTS—Continued 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " 1927 1928 August September October November December ! | January i January ! i 137, 510 49,220 5, 327 192,057 131,763 45,741 4,317 181, 821 140,041 49, 272 5,792 195,105 145, 581 48, 273 4,862 198, 716 168,114 135, 395 6, 448 264,488 i 188,380 -11,172 11, 268 11,381 11, 484 4,898 1,622 3,276 4,941 1,620 3,321 4,982 1,621 3,361 5,019 i 1,620 I 3,399 | 4,192 923 2, 242 876 4,216 919 2,259 887 4, 262 928 2,268 911 4,323 940 2,287 942 1,327 1,338 1,347 PER CENT INCREASE ( + ) OR DECREASE ( —) I Jan., || 1928, t from Dec, II 1927 Jan., 1928, from Jan., 1927 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 1926 1927 Per ct. increase or decrease j cumu lative 1927 from 1926 BANKING AND FINANCE—Continued Life Insurance—Continued 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 l o a n s Total mills, of dolls.. Farm mills, of dolls.. All other mills, of dolls.. Bonds and stocks (book value)— Total mills, of dolls.. Government.. ...mills, of dolls.. Railroad mills, of dolls.. Public-utility mills, of dolls.. Policy loans and premium notes mills, of dolls.. (Life Insurance Sales Research 1,570,579 j 1,740,316 537,302 602,264 58,712 65,045 2,160,593 2,407,625 +10.8 + 12.1 +10.8 + 11.1 10, 529 i • ; ' ! ; 4,58' 1,592 2,995 Bureau) Sales of ordinary life insurance (81 companies): United States total thous. of dolls.. Eastern manuf. dist thous. of dolls.. Western manuf. dist thous. of dolls.. Western agric. district.-thous. of dolls.. Southern district thous. of dolls.. Far western district thous. of dolls. _ Canada total, 15 companies.thous. of dolls. _ Banking Check payments: New York City mills, of dolls.. Outside New York City.-..mills, of dolls.. Canada mills, of dolls.. Federal reserve banks: Bills discounted. mills, of dolls.. Notes in circulation mills, of dolls.. Total investments mills, of dolls._ Total reserve mills, of dolls.-! Total deposits mills, of dolls.. Reserve ratio per cent.. Federal reserve members banks: Total loans and discounts...mills, of dolls.. Total investments ..mills, of dolls.. Net demand deposits mills, of dolls. . Brokers' loans, end of month: To New York Stock Exchange members ..mills, of dolls.. By New York F. R. member banks _ .,mills, of dolls.. Interest rates: New York call loans ...per cent.. Commercial paper 4-6 mos ..per cent.. N. Y. Fed. Res. Bank per cent.. Federal land banks per cent. _ Intermediate credit banks per cent.. 60,913 35, 302 659,375 257, 543 148, 380 103,663 82, 706 67,083 48,104 31,653 22, 054 1,474 33, 369 23,387 1,583 34,091 25,117 1,849 401 1,676 658 3,146 2,341 78.3 430 1,706 737 3,126 2,390 76.3 14,697 5,927 13, 349 14,942 6,042 13,230 » 681,654 261, 413 • 154, 708 • 103,638 86, 549 « 75, 346 38,360 606,760 237,184 138, 441 93, 224 833, 944 316, 931 188, 770 131, 530 113,184 83, 529 3,674 3,915 3,946 | 3,306 3,372 ! 3.65 4 3.90 3.50 *5.17 4.50 3.81 <3.87 3.50 * 5.17 4.50 4.03 j < 3. 97 3.50 * 5.17 4.50 601, 985 257, 734 133, 912 86,167 66,112 58,060 -26.9 -17. -31.0 -31.1 -39.2 59 3, 358, 503 1, 829, 684 1, 322,084 1,057, 591 840, 897 471, 649 +23.5 -2.7 - 2 . 7 I +21.2 - 5 . 7 | +6. 6 19. 0 +28. 7 477 379 | 1, 717 | 1, 717 903 862 I 3,067 | 2,940 2,404 ! 2,413 71.2 74.4 | ! 15,029 6,065 13,464 3,184 609, 228 261, 893 130, 338 90, 662 ,847 57, 483 47, 569 609 1,813 990 2,862 2,473 66.8 423 1,577 812 2,971 2,452 73.7 339,056 ! 269,115 i 16,970 j 391,557 282,346 19,703 365 1, 607 3,133 2,245 79.6 - . 3 I +40.8 +2. 6 ! +39. 7 3.75 4 3.92 3.50 < 5.17 4.50 4.35 3. 88 3.50 5.15 4.50 Savings Deposits New York State savings banks, end of month mills, of dolls.. 4,033 4,083 Public Finances Government debt, gross Customs receipts Total ordinary receipts Expenditures chargeable to ordinary receipts Money in circulation: Total Per capita mills, of dolls..| 18,380 -thous. of dolls.. 52,982 thous. of dolls.. 202,182 thous. of dolls.. 259,181 mills, of dolls.. dollars.. 4,750 40.54 18,478 54,410 590,192 i 18,369 I 18,174 | 18,036 56,617 47,660 ! 43,113 221,205 149,683 652,708 287,442 413,220 4,850 ! 41.35 | 18,050 i 19,170 41,975 I 44,695 168,840 169, 583 - 6 . 1 | i 605,627 J 591,946 - . 4 !| 4,084,591 | 4,087,815 - 1 . 4 i +14.8 i 3,614,142 j 3,604,775 4,844 41.25 Business Failures Liabilities (United States): Total commercial ...thous. of dolls.. 39,196 32,786 Manufacturing 14,921 15,349 establishments thous. of dolls.. 14,702 12,052 Trade establishments, .thous. of dolls.. 9,573 Agents and brokers thous. of dolls.. 5,385 Banks (quarterly) thous. of dolls_. 2 20,857 Liabilities (Canada) thous. of dolls._ " I , " 687" 1,490 Firms (United States): 1,708 1, 573 Total commercial-. number. _ Manufacturing 438 389 establishments number. _ Trade establishments number.. 1,174 1,083 I 101 ! Agents and brokers number.. 2 55 Banks (quarterly)... .number.. 143 Firms (Canada) number.. 147 2 Quarter ending in month indicated. 36,236 I 36,147 17,134 14,657 ! 4,445 I 19,996 24, 530 6,764 82,221 2,954 2,157 158,031 201,344 49,858 212,075 28,423 211,506 228,194 90,405 143,449 26,091 +33.8 +13. 3 +81.3 -32.4 -8.2 5,395 15,266 1,112 608 2,106 5,682 16,082 1,382 398 2,016 +5.3 +5.3 +24.3 1,787 | 488 1,170 129 478 1, 276 110 173 162 3 Quarter ending December 31, 1926. 4 Revised. -34.5 -4.3 46 TREND OF BUSINESS MOVEMENTS—Continued 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " August September 1927 1928 CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 31 ; PER CENT IN| CREASE ( + ) OR | DECREASE ( —) Jan., 1928, from Dec, 1927 October j November Jan., 1928, from Jan., 1927 1926 1927 Per ct increase or decrease cumulative 1927 from 1926 BANKING AND FINANCE-Continued Dividend and Interest Payments (For the following month) i ; Grand total.. thous. of dolls __; 326,325 489, 725 Interest payments.. thous. of dolls ._• 250,100 I 369, 850 Dividend payments: 119,875 76,225 Total thous. of dolls.. . 70, 250 Industrial and misc thous. of dolls.—' 49,375 28, 375 19,750 Steam railroads thous. of dolls.__ 12, 250 7,100 Street railways thous. of dolls Aver, payments on industrial 2 8 87 stocks (qtly.) dolls, per share 321, 800 227,100 490, 675 331,175 750,200 [! 333,000 * 307,450 ! I - 5 5 . 6 460,600 ji 176,000 155,000 | -61.8 +8.3 +13.4 «985,200 5 1.083,200 5 555,950 i 630, 600 94, 700 48,800 33, 500 12,400 159, 500 119,700 24, 050 15, 750 289, 600 179,800 33,800 21, 000 +3.0 +1.4 +4.6 +18.5 5 419, 250 • s 446, 600 5 277,900 « 294,100 « 62, 550 « 66,900 » 27, 300 * 30, 600 157,000 « 152,450 -45. 8 114, 300 < 112,700 -36.4 31,650 i - 2 . 1 33,100 8,100 - 5 4 . 3 9,600 2 8.57 3 7. 90 - 3 . 4 • +8.5 52,383 610,035 588,591 ! 408, 545 507,503 263.472 j; 165,028 102,532 273,591 !' 138,545 108,511 578.473 I '•435,028 501,524 73,686 !. 78,222 . 9,346 517,412 I 210,155 309,084 54,938 | 118,902 106,350 42,000 | 2,200 68, 588 58,225 I 78, 741 74, 381 105,803 j 74, 331 40, 286 i +18.2 I +52.4 | -32.7 j - 6 . 0 -30.6 '. - 1 9 . 5 -37.4 | +61.0 -49.4 ! +27.7 -24.8 ! -13.3 +6.2 1+937.0 -59.4 i -32.0 +116.4 +11.8 : -94.8 +35.2 +5.9 - 2 9 . 7 +84.5 +14.5 +6.5 +5.8 +7.0 +12.1 New Security Issues Foreign governments thous. Total corporation thous. Purpose of i s s u e New capital thous. Refunding thous. Kinds of issue— Stocks thous. Bonds and notes thous. Class of i n d u s t r y Railroads thous. Public utilities thous. Industrials thous. Oil.. ...thous. Land and buildings thous. Shipping and misc thous. Bond issues (Canada): Govt. and provincial thous. Municipal thous. Corporation... thous. Tax-exempt securities: Total outstanding, end of month... mills, States and municipalities: Permanent loans. thous. Temporary loans .thous. New incorporations thous. of dolls. of dolls. 31, 281 451, 364 125,623 I 35,800 734,081 | 617,554 372, 585 78, 779 109, 576 341, 788 574,380 159,701 403, 365 214,190 134,568 599, 513 121,198 496, 356 32,550 311,832 113,368 42,000 73,729 160,603 ! 16, 796 252,482 ! 180, 038 8,200 ! 42,730 ; 117,309 of dolls. of dolls. 81,000 444,278 277,832 166,446 of dolls. of dolls. 153,887 290,391 of of of of of of 19,493 I 183,764 109,821 200,174 | 82,659 I 65,392 25,000 38, 292 ~~45~ 602" 22,009 93,437 dolls. dolls. dolls. dolls. dolls. dolls. of dolls.. of dolls.. of dolls.. 904 6,625 of dolls.. 15, 850 15, 952 60, 382 325,193 118,311 73,088 431, 293 of dolls.. of dolls.. of dolls.. 18, 370 9,788 52, 973 67,547 j; 79,808 852,064 ji 573, 573 24,045 j 58,540 : 2,500 | 11,340 i 10, 532 3,828 5,858 74,936 i 24, 260 16, 060 \ 124, 759 69, 561 243,998 i 16,142 105,185 26, 635 225,803 4,000 415 9,396 16,170 j 107, 904 12, 533 235, 021 ! 35,611 +60.0 | - 8 8 . 8 13,998 | - 9 6 . 3 I - 9 7 . 0 7,494 j| +60.4 j +25.4 158,421 77,481 303,002 -11.4 +23. 2 +14.0 174,675 j - 9 . 0 ' - 4 3 . 8 ! 1,362,039 1,470,566 30,476:1 ...j | %| 661, 212 I 1593, 218 739,730 1 ..1 110,947,210 4,603,704 +8.0 -10.3 -57.9 15,311 ! •8,184 514,124 777, 120 +51. 2 5,299,550 : 7,301,398 +37.8 4,357,003 5,373.210 +23.3 942,552 1, 92S, 188 +104. 6 1, 317, 773 1,757,002 +33.4 3,982, 785 5, 543, 618 +39. 2 422,583 962, 807 +127. 8 1,974,450 ; 2. 986, 503 +51.3 1, 067, 250 ; 1,174, 984 +10.1 499,717 425, 338 -14.9 -9.2 736,168 668, 692 556,175 1,010, 376 +81.7 178,760 62,909 265,757 j | Agricultural Finances Loans outstanding, end mo.: Federal farm loan b a n k s . . . t h o u s . Joint-stock land banks thous. Federal intermediate credit banks _. ..thous. War Finance Corporation..thous. of dolls.. 1,139,502 ,1,143,130 1,147,135 |1,150, 943 1,155, 644 j 1,158, 717 1, 085,170 of dolls.. 609,891 609, 535 610,050 ! 607,891 607,477 j 18, 798 639, 651 of dolls.. of dolls.. 64,408 4, 569 62,879 4,285 66, 885 4,080 71,815 1,800 75,915 |i 1,362 |i +0.3 ; +6.8 +0.2 -4.8 74,888 1,244 93,013 7,310 -1.4 -19.5 - 8 . 7 , -83.0 242. 25 118. 29 142.13 175. 39 101.55 115.29 - . 1 : +38.1 !. - 1 . 2 : +16.5 '_ - 1 . 5 | +23.3 |_ 112.25 109.72 195.2 158.2 210.4 369.8 582.3 150.5 430.6 153.5 136.9 160.2 266.6 417.0 116.0 310.2 +.3 i +27.2 - 1 . 5 +15.6 ! +.8 ! +31.3 +.9 +63. 2 j - 3 . 1 +39. 6 I +29. 7 ! - .3 +38.8 122.3 107.4 231.6 159.1 46.6 178. 6 64.6 220. 5 294.8 94.1 110.5 176.3 123.6 41.5 167.5 47.0 167. 8 218.6 +3.8 +.9 +6.0 Stocks and Bonds Stock prices, average daily closing: 242.66 1 233.36 237. 84 242.50 I 25 industrials, average „ dolls,. p e r s h a r e . . 229.99 117.84 120. 04 119.68 I i l d ll per share.. 25 railroads, average dolls, 117.42 ; 119.95 144.26 i 140. 67 130.15 142. 63 103 stocks, average. dolls, per share.. 141.17 Southern cotton mill 111.05 109.85 | 111.31 111.94 112.36 stocks ..dolls, per share.. Stock prices, average weekly closing: 187.7! 189.4 194.6 ! 179.3. 186.1 Total stocks (229) ..rel. to 1917-21.. 157.1 I 158.6 160.6 ! 156.0 157.6 Railroads (31) .rel. to 1917-21.. 200.4 202.1 208.7 i 189.0: 197.6 Industrials (198) rel. to 1917-21.. 354.5 353. 5 366.5 ! 318.5 355.8 Automobile (10) rel. to 1917-21.. 585.1 598.4 534.2 573.6 601.0 ! Chain stores (11) .rel. to 1917-21.. 127.4 j 136. 3 121.8 128.0 150.5 | Copper (11).. _rel. to 1917-21.. 392. 2 j 406.6 389.1 371.3 432.1 j Food (9) rel. to 1917-21.. Machinery manufactur111. 5 117.8 ! 106.2 1 110.0 | 109.6 ing (5) rel. to 1917-21.. 105. 3 i 104.0 107.5 . 106.4 ! 105.3 1 Petroleum (17) .rel. to 1917-21.. 212. 5 203.8 207.9 218.4 ' 216.1 i Railroad equipment (10) rel. to 1917-21.. 150.5^ 153.1 152.0 159.3 ! 165.8 Steel (9).. .rel. to 1917-21.. 44.8 43.6 1 43.9 45.1 44.4 Textile (5) _ .rel. to 1917-21.. 169.9 166.6 ; 173.4 174. 1 178.7 i Theater (3)_. rel. to 1917-21.. 50. 6 57. 6 55. 4 55.8 62.1 I Tire and rubber (7) rel. to 1917-21.. 199.6 205.9 208.7 226. 7 225.5 Tobacco (7) ...rel. to 1917-21.. 254.1 267.2; 267.2 274.6 283.9 Tractioii, gas and power(16).rel. to 1917-21.. Stock sales: 51,057 ; 51,918 \ 40,459 N. Y. Stock Exchange thous. of shares.. 51,356 ; 62,367 i Bond sales: I Miscellaneous thous. of dolls. _! 290, 948 254,987 !! 258,112 261, 540 267,918 | Liberty-Treasury.__ thous. of dolls..j 13,070 24, 326 23,916 i 13,187 20, 205 Total thous. of dolls..I 304,018 279,313 '•271, 299 281, 745 291,834 | 2 8 Quarter ending in month indicated. Quarter ending December 31, 1926. 56,963 269, 374 20, 864 290, 238 34,757 j 326, 065 25, 349 351,414 * Revised. -.1 ! +2.3 j. +30.0 ! -2.8 ! +31.4 j -j +28.7 I +s!o +12. 3 ! +6.6 +37.4 - 2 ! 2 +31.4 +3.8 I +34.9 | -8.7 +63. S + . 5 i -17.4 - 1 2 . 8 i -17.7 - . 5 i -17.4 5 Cumulative 5S4, 491 +30. 1 !! 2,864,807 j 3,390,462 !! 255,729 289,901 !| 3,120,536 | 3,680.3*3 through February 29. 449,104 ; +18. 3 +13.4 +17.9 47 TREND OF BUSINESS MOVEMENTS—Continued 1928 The cumulaiives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " S August I ^ - October November 96.11 87.24 79.00 79.93 85.05 97. 23 87.87 79.14 79.86 85.43 1927 jj |j January |i |! j' Decemj m ££ - I; PER CENT INj! CREASE ( + ) OR || DECREASE ( —) i January Jan., 1928, from Dec, 1927 ; | I ! ; Jan., 1928, from Jan., 1927 ! CUMULATIVE TOTAL FROM JANUARY 1 THROUGH DECEMBER 3 1 I Per ct. !| ini crease or decrease Jcumu- 1920 i ! I i 1927 lative 1927 from 1926 BANKING AND FINANCE—Continued Stocks a n d Bonds—Continued Bond prices: Highest-grade rails.p. ct. of par, 4% bond.. Second-grade rails..p. ct. of par, 4% bond_.| Public utility p. ct. of par, 4% bond..! Industrial p. ct. of par, 4% bond..] Comb, price index._p. ct. of par, 4% bond..; Bond prices, 1st of following month: ; 5 Liberty bonds p. ct. of par..' 16 foreign government and I city p. ct. of par..! Comb, price index, 66 bonds..p. ct. of par..| Bond yields: ; Railroads (15) per cent.. Industrials (15) per cent..! Utilities (15) per cent..! Municipal (15) percent..! Municipal bond yield (20) per cent.J Long-term real-estate bonds issued: \ Grand total.. thous. of dolls._j Purpose of issue— j Finance construction...thous. of dolls._! Real-estate mortgage thous. of dolls..; Acquisitions and \ improvements thous. of dolls..; Kind of structure— I Office and other j commercial thous. of dolls..! Hotels.._ thous. of dolls..! Apartments.. thous. of dolls..i Corporation Stockholders (Quarterly) 94.58 85.43 78.23 79.55 83.98 95.19 86.11 78.29 79.81 84.35 ! | ! I | 97.20 88.57 79.55 80.82 85.98 97.04 88.75 79.66 81.28 86.15 91.97 83.52 76.66 79. 51 82.52 105.94 i 103.31 104.14 103.68 | 103.92 106.53 I 106.02 105. 67 101. 34 105.64 ! 101.51 | 105. 46 102. 43 105.60 I 102.46 I 4.32 4.81 4.78 4.00 4.02 4.27 4.80 4.75 3.96 3.96 32, 247 42,763 I 59,092 19,435 4,482 23,463 5,140 ! 35,819 12,460 j <24, 270 10,523 j 5,241 I 11,207 ! ! | I I 3,310 ! 104.65 101.59 4.24 ! 4.79 4.75 3.93 3.95 4.19 4.79 ! 4.76 3.93 I 3.93 27,131 ! * 52, 322 525 1,850 ; 21,980 j 19,575 3,845 j 5,140 ! 3,473 I 11,519 7,700 7,170 4,700 4.17 ! 4.79 4.72 3.90 3.87 1 9,155 2,660 2,226 105.90 ! 105.23 il 102.60 ! 100.38 i| 4.42 4.87 4.81 4.04 4.08 4.13 4.76 4.68 3.89 -.1 +5.5 +6.3 +3.9 +2.2 +4.4 i +2.5 +.6 +2.2 +.2 +.1 +.6 +.2 ; | ! ! | +.3 +• 1 -1.0 -0.6 -0.8 -0.3 -2.3 -2.7 -3.7 61,167 ! 67,960 |i +16.9 -10.0 644,311 j 570,742 ;! - 1 1 . 4 32,759 I 12,900 j 36,767 11 +35.0 17,480 ii +15.1 -10.9 -26.2 353,762 i 127,714 ! 270,198 :i - 2 3 . 6 137,215 :| +7.4 5,115 6,533 6,663 |: +27.7 -2.0 82,330 ! 16, 055 3,790 7,025 29,000 I 650 I 4,309 23,295 j +80.6 4,050 I -82.8 11,827 I -38.7 +24.5 -84.0 -63.6 261,676 103,643 ! 87,126 ! 1SG, 503 ii - 2 8 . 7 48,266 i: - 5 3 . 4 61,495 : - 2 9 . 4 1,024,680 i 9,961 I 213,506 ! 115,708 I 972,927 -5.1 10,130 +1.7 207,535 j - 2 . 8 201,455 I +74.1 -22.5 \ GOLD AND SILVER Gold: I Domestic receipts at mint fine ounces.-! Rand output.. thous. of ounces. J Imports ..thous. of dolls..; Exports thous. of dolls. J Monetary stock mills, of dolls.. Silver: ' Production— United States thous. of fineoz-.J Canada.. thous. of fine oz.J Mexico thous. of fine oz._; Stocks, end of month— i United States thous. of fjneoz_.i Canada thous. of fine oz__i Imports thous. of dolls.-i Exports thous. of dolls..; Price at New York dolls, per fine oz._j 1 +1.0 141,938 I 2 2,874 j 2142, 622 2 2, 854 3141, 202 ! 3 2, 913 | +.5 2 95,351 | 3 1 , 653. ! 2 25.69 i 22 94, 756 1, 539 2 25.11 3 84,447 ii 3 1,582 j! 3 28.99 i -.6 -6.9 -2.3 +12.2 -2.7 +.4 +6.2 +3.2 2 418, 295 I 2 5, 247 2 416,695 I 2 5,287 j 75, 575 851 10, 431 77,849 < 4,376 91,245 863 7,877 1,524 4,588 103, 240 842 12, 979 24,444 4,571 97,103 856 2,056 10, 698 4,541 91,840 848 2,082 55, 266 4,451 5,145 2,388 9,372 4,691 2,023 7,909 4,980 1,696 8,273 508 624 4,856 5,590 .547 293 761 4,992 6,627 .554 17S 494 5,069 5,945 .560 4.86 .039 .054 .139 .401 .268 .193 4.86 .039 .054 .139 .401 .269 .193 4.87 .039 .055 .139 .402 .269 .193 | 4.87 .039 .055 .140 .404 .269 .193 .468 .363 .466 | .364 | .460 I .365 I 1.001 .971 .119 .121 1.001 I .972 ! .119 ! .122 | 1.001 .971 .119 i .122 i < 5,010 < 1, 739 8,300 4. 1 i lid 136 567 5,102 5,634 . 575 '3 393,843 | | 35o84 i 73, 624 843 38,320 52,086 4,374 * 5,015 1 . '23 j 8,300 5,351 1,514 353 608 3, 770 7,186 .580 574 1,141 6,305 6,692 .571 TOO —. 7 -2.0 — 13.4 80,777 I - 2 . 6 840 | -.9 +.5 59,355 +267. 4 - 3 5 . 4 14, 890 - 3 3 . 1 +249. 8 4,564 -4.2 0 5,196 11 +6.7 1,459 i! - 1 2 . 1 8,559 I! 700 !l +62. G 1,300 ji +87.7 5,151 I +67.2 7,388 -6.9 -1.5 .558 +3.0 +3.8 60,918 21,255 98,291 59,412 :> - 2 . 5 20,761 -2.3 99,944 + 1 . 7 69,596 ! 92,257 ! 55,073 i| - 2 0 . 9 75,624 :| - 1 8 . 0 -18.0 -12.2 +22.4 -9.4 +2.3 FOREIGN EXCHANGE RATES ; dolls, per £ sterling..I dolls, per franc. J dolls, per lira..: dolls, per franc. dolls, per guilder..: dolls, per krone..! dolls, per franc.! .473 dolls, per yen.. .361 dolls, per rupee.. .999 dolls, per Canadian doll.. .968 dolls, per gold peso.. .118 dolls, per milreis..' .120 dolls, per paper peso..' 1 Quarter ending in month indicated. ! I Pennsylvania Railroad Co.: Domestic number., iForeign _. number.. !. U. S. Steel Corp. common stock: j Domestic _number__iForeign number. _!_ Shares held by brokers per ct. of total..L American Telehone & Telegraph Co.: i Domestic number. _L Foreign ..number.. L Europe: England France Italy Belgium Netherlands Sweden Switzerland Asia: Japan... India America: Canada Argentina Brazil Chile 63,843 4.88 .039 .054 .140 .404 .270 I .193 4.88 .039 .053 .139 .403 .269 .193 4.85 .040 .043 .139 .400 .267 .193 .462 .367 .469 .367 .364 -2.5 +25.6 +.7 +1.0 +1.1 0 +1.5 -5.3 0 +.8 i .972 | .971 .939 .120 !I .120 .117 .122 .122 .120 * Quarter ending December 31, 1925. +.6 0 0 -1.9 —.7 —2 - A 0 -. 1 -.1 0 0 0 +3.4 j . +2.6 +1. 7 ! 4 Revised. 48 TREND OF BUSINESS MOVEMENTS—Continued 1927 The cumulatives shown are through December except where otherwise noted. Earlier data for items shown here may be found on pages 24 to 138 of the February, 1928, " Survey " August 1928 : Septein- | ber ! October November December PER CENTIN- i CUMULATIVE TOTAL FROM JANUARY 1 I CREASE ( + ) OR ! THROUGH DECEMDECREASE ( —) BER 31 1927 January | January Jan., 1928, from Dec, 1927 j Jan., 1928, from Jan., 1927 Per ct increase or decrease cumu- 1926 lative 1927 from 1926 1927 U. S. FOREIGN TRADE Imports Grand total thous. of dolls..I By grand divisions: Europe— Total .-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 OceaniaTotal thous. of dolls., Japan. thous. of dolls., Africa, total 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.. 368, 820 | 342,154 ! * 355, 744 « 110,169 i * 14,729 I 17,837 ! 8,578 | « 33, 038 ; 113,446 15, 923 20,162 8,585 29, 721 ! 4 123, 659 ! 4 18, 297 4 20, 846 ! * 11,369 ! * 33,119 * 344, 267 i 331, 236 \[ 337, 612 j 4 356, 841 1 115,910 4 15, 460 18,401 10,697 4 33, 841 103,383 13,224 15,511 8, 727 ! 29,063 82,865 | 39,973 | 77, 784 | 4 84, 752 : 4 8 l , 578 41, 902 ; 4 44, 670 | 4 45> n 3 76,485 i 40,553 : 46,401 I 9,694 | 38, 293 4 4 3 j 2 68 ! 4 44, 945 10, 017 i 8, 536 ! 4 s, 296 47,529 ! 6,413 ; 144, 232 42, 656 35,471 66, 691 79, 770 ! | i | 130, 660 \ « 119, 220 ' * 118, 394 122,507 133,226 « 153,113 33,190 j « 44,194 < 49,145 33,016 l * 41, 347 i * 36,123 4 63,094 67, 807 4 60, 091 82,194 ! * 83,173 j < 80, 512 -5. € 1,285,864 ' 1, 276, 282 -.7 152,021 ! 167,808 ; + 10.4 198,493 ! 200, 554 +1.0 100,526 ! 108,925 +8.4 383,197 ; 357,929 44 71,993 | 37,563 ! 93,565 34,229 10,275 4 95, 704 25, 639 6,129 -5.4 || 4,430,888 I 4,184,694 .! 4 100,140 J 12,572 J 4 15,908 J 9,011 . I 4 21, 428 4 45,007 4 7, 542 4 128,911 4 37,188 10, 790 « 98, 994 * 123,707 i 105,979 33,973 35,369 j 47,482 ! 5,071 6,651 : 4 5, 677 ' +1.9 1,011,571 ! 985,458 i - 2 . 6 475,880 I 475,077 j - . 2 567,979 I 518,275 ! -8.8 97,240 ' +9.2 89,059 | | 1,311,424 -10.7 1,469,051 I 402,105 +.4 400,696 ! ! 93,255 -3.3 96,421 +8.7 | -13.0 || 1,792,862 | 1,601,649 -10.7 51, 504 48,302 ! 4 44,081 28,227 ' 28,723 ! 4 26, 947 59, 037 61,059 ! 4 65,974 69, 960 66,303 4 66, 726 -6.2 +9.6 j +1.8 | +6.6 ! +3.4 | -5.2 i 539,757 i 417,513 I 804,285 ! 876,471 I 504, 450, 749, 878, 571 595 597 280 -6.5 +7.9 -6.8 Exports Grand total, including reexports thous. of dolls,.. * 374, 751 By grand division: EuropeTotal thous. of dolls.. ! 168,282 14,403 France thous. of dolls.. 30, 239 Germany thous. of dolls.. 9, 332 Italy thous. of dolls.. 57, 670 United Kingdom thous. of dolls.. North America— Total thous. of dolls.. 4109,058 Canada.. thous. of dolls.. ; < 75, 241 South AmericaTotal thous. of dolls. 38,391 15,678 Argentina _ thous. of dolls.. Asia and Oceania— 50,492 Total thous. of dolls. 12,199 Japan ..thous. of dolls. Africa, total thous. of dolls. : 8,527 Total dom estic exports only thous. of dolls. 367, 575 By classes of commodities: 55,135 Crude materials... thous. of dolls. Foodstuffs, crude, and 46, 770 food animals thous. of dolls. 34,160 Manufactured foodstuffs...thous. of dolls. 59,786 Semimanufactures thous. of dolls171, 724 Finished manufactures thous. of dolls. Agricultural exports (quantities): All commodities _rel. to 1910-14. All commodities except 155 cotton rel. to 1910-14. ! * 425, 267 j « 488, 643 * 461,407, 018 617 < 211, 728 | 4 254, 4624 241,169 * 21, 084 29, 050 44 28, 542 58, 657 62, 637 4 51,855 8,169 ! 14, 494 4 14, 926 4 72,463 ! 4 89, 958 4 79,197 4 118,505 ! « 114,543 4| 106, 391 4 85, 725 | ^ 80, 681 4 69, 991 4 33, 884 ! 4 32, 719 j4 39, 725 12,976 j 13,640 4 15, 381 4 52, 903 ! 4 77, 031 \ 4 64, 726 17,923 I 33,711 j 4 27, 814 4 9,007 8, 247 4 9> 8 88 !4 452,868 4 416,472 I 4 480, 428 j 102,145 ! 4 160, 282 145,889 62, 425 69, 429 38, 562 I 45, 643 j 4 54, 791 '4 55, 001 I 4 151, 545 4 157, 077| 46, 723 4 42,398 * 56, 140 4 161, 722 411, 000 | 4 419, 207,088 23,127 43,848 : 15,907 72,498 .8 I - 2 . 0 |! 4,808,660 ; 4,865,400 402 4 2 1 1 . 038 1 4 20. 302 ! J 4 88,054 4 50, 718 37,396 15,025 4 44, 584 15, 355 61,923 23, 212 10, 462 398,344 4 66, 046 22, 700 9,1 401,545 4 411, 649 117,574 I 112,062 4 122,510 23,303 42,057 59,612 155,798 18,077 43, 296 63, 846 164, 265 __ 13, 238 ' 4 89 8 1 9 • ! . . 90, 748 56,708 24,406 4 41,016 4 61, 339 4 162, 379 2,310,144 2,313,747 +.2 264,004 228,757 -13.4 364,162 481, 678 +32.3 157,402 ; 131,651 -16.4 972,606 : 840,058 ; -13.6 > 4 40. 257 ;_____ '' I 1,176,482 ! 1, 253, 015 738,568 836,514 I +.8 i ; _.., -2.5 •• +2.9 +7.1 +5.4 -25.9 +5.6 +4.1 + 1.2 438,182 ! — 1.2 163,486 +13.9 777,258 ) 260,754 753,365 257,582 101,279 107,087 4,711,721 4,758,893 335,062 I 503,005 655,547 1,956,784 1, 421,107 463, 304 699, 837 981, 866 j 142 ! 185 I 161 119 | 113 150 -5.0 ; -24.7 211 ! 218 ] 187 133 ! 127 140 -4.5 ! -9.3 -4.5 -36.1 -1.0 +6.5 +13.3 443,507 ! 143,575 I - 4 . 7 I —8.5 i| 1,261,323 i 1; 192, 784 -22.4 +1.2 -3.1 -1.2 +5.7 +1.0 -5.4 +25.7 -7.9 +6.8 +1.3 CANADIAN FOREIGN TRADE Total trade: Imports Exports thous. of dolls. thous. of dolls. 99,348 95,955 91,803 • 93,936 :i 94,312 99,335 105,821 155,521 4 Revised. O 83, 263 132,189 79, 605 84, 428 78, 806 85, 266 +.9 1,008,342 i 1,087,178 ! 1,283,940 I 1,238,782 j +7.8 -3.5 PUBLICATIONS OF THE DEPARTMENT OF COMMERCE Recent publications of the Department of Commerce having the most direct interest to readers of the SURVEY OP CURRENT below. A complete list may be obtained by addressing the Division of Publications, Department of Commerce, < at Washington. Copies of the publications may be purchased from the Superintendent of Documents, Government Printing Office, Washington, at the prices stated. If no price is mentioned, the publication is distributed free. BUSINESS are listed OFFICE OF THE SECRETARY City Planning Primer, by Advisory Committee on Zoning appointed by Secretary Hoover, iv-j-18 pages. States the advantages derived by every community from intelligent city planning and gives suggestions as to the things to be considered in such planning. Price, 5£. Radio Service Bulletin, January, 1928.—34 pages. Issued monthly by the Radio Division of the Department of Commerce. Contains lists of radio stations and references to current radio literature. Single copies, 5^; annual subscription, 250. Services Available to Chemical Industry Through United States Department of Commerce.—ii+33 pages, 4 illustrations. The service rendered by the various bureaus of the Commerce Department to the chemical industry are outlined. BUREAU OF THE CENSUS (For information concerning plan of publication and distribution of census publications, address the Director of the Census) Light Metals and Alloys, Aluminum, Magnesium.—Circular No. 346; iv+403 pages, 73 illustrations, 6 pages of plates. This circular supersedes No. 76 on the same subject and deals with the physical and mechanical properties of aluminum and magnesium and of their alloys. Price, $1.10. Physical Properties of Principal Commercial Limestones Used for Building Construction in United States, by D. W. Kessler and W. H. Sligh. Technologic Paper No. 349. (From Technologic Papers, vol. 21, pp. 497-590, 25 illustrations.) Tests made by the Bureau of Standards to determine the strength and elasticity of limestones used for building purposes. Price 300. Technical News Bulletin, January, 1928.—12 pages, monthly. Contains items describing laboratory activities of Bureau and a list of pamphlets issued during preceding month. AnnuaJ subscription, 25^. United States Government Master Specification for Lamps Electric, Incandescent, Large, Tungsten, Filament. Circulai No. 13; 12 pages. Price, 50. 1928 Supplement to Circular No. 13. 4 pages. Price, 50. Census of Agriculture, 1925: Part II, The Southern States.— BUREAU OF FISHERIES This publication presents statistics concerning farms and farm property, livestock, crops, etc., for the United States as a whole, Fishery Industries of United States, 1926, by Oscar E. Sette. distributed by States, and detailed county statistics for the Document No. 1025. (Appendix V to the report of the U. S. Southern States. 1,328 pages, cloth bound, price $1.75. Commissioner of Fisheries for 1927, pp. 337-483.) Price, 250. I Trade in Fresh and Frozen Fishery Products and Related BUREAU OF FOREIGN AND DOMESTIC COMMERCE Marketing Considerations in Greater St. Louis, Mo., by It. H. Fieldler. Document No. 1026. (Appendix VI to the report of (The publications of this bureau may also be purchased from the bureau or its district offices) the U. S. Commissioner of Fisheries for 1927, pp. 485-514, Monthly Summary of Foreign Commerce of United States, 2 illustrations.) price, 100. Progress in Biological Inquiries, 1926, Including Proceedings December, 1927.—Parts I and II. Part I contains statistics of exports of domestic merchandise, and imports by articles of Divisional Conference, January 4 to 7, 1927, by Elmer for December, 1926 and 1927, and for 12 months ended Decem- Higgins. Document No. 1029. (Appendix VII to the report ber, 1926 and 1927. Part II contains summaries of export of the U. S. Commissioner of Fisheries for 1927, pp. 517-681, 18 and import trade; monthly average import and export prices; illustrations.) Statement of the results of investigations constatistics of trade with Alaska, Hawaii, and Porto Rico. Single ducted by the Fisheries Bureau, with a report on the proceedings of the first conference of the investigators of the copies, Part I, 10£; Part II, 5£. Annual subscription, $1.25. Trade Association Activities, by Irving S. Paull, J. W. Mil- division of inquiry. Price, 250. lard, and James S. Taylor. Domestic Commerce Series No. 20; BUREAU OF MINES viii + 381 pages. Study of the methods of organization of trade associations, showing scope and value of the activities of each Descriptive List of Motion Picture Films of U. S. Bureau of association, and the relations of such associations with Governby M. F. Leopold and It. A. Wood, ii+20 pages. ment departments and offices. An appendix contains excerpts Mines, from reports of Attorneys General relating to prosecutions under Contains an annotated list of motion-picture films produced by the Sherman antitrust law. A bibliography is included. Price, the Bureau of Mines and loaned for educational purposes. Mineral Resources of United States, 1926. The reports on 75£. resources are issued in the form of separate bulletins, Standard Specifications for Structural Steel for Locomo- mineral of which the following have been released since the February tives.—Industrial Standards No. 210; serial designation announcement and may be obtained at the price indicated: A 10-24; 18 pages, 4 illustrations. Portuguese-English edition Anthracite in 1926. (Pt. II, pp. 1-39.) Price, 100. prepared in cooperation with the Bureau of Standards. Price, 50. Gold, Silver, Copper, Lead, and Zinc in California and Oregon in 1926. (Pt. Irish Free State as Market for Electrical Machinery and I, pp. 297-353.) Price, 100. Supplies, by Julian F. Harrington, American vice consul, Lead in 1926. (Pt. I, pp. 355-370.) Price, 5#. Rare Metals: Cobalt, Molybdenum, Nickel, Tantalum, Titanium, Tungsten, Dublin. Trade Information Bulletin No. 531; ii-f-24 pages. Radium, Uranium, and Vanadium in 1926. (Pt. I, pp. 249-274.) Price, 50. Shows the amount of electricity generated and consumed for Sand and Gravel in 1926. (Pt. II, pp. 281-293.) Price, 50. power, lighting, transportation, and communications in Irish Secondary Metals in 1926. (Pt. I, pp. 275-295.) Price, 50. Free State; and marketing methods employed for electrical appliances. Information is given regarding patent and tradeBUREAU OF NAVIGATION mark registration and advertising mediums. Price, 100. Marketing of Crude Rubber, with Trade Statistics, by American Documented Seagoing Merchant Vessels of 500 E. G. Holt. Trade Promotion Series No. 55; xvi-j-257 pages, Gross Tons and Over, January, 1928. ii+64 pages. Published 12 illustrations. Survey of rubber resources of producing monthly. Single copies, 100; annual subscription, 75£. countries of the world, marketing methods and exports, restriction on production in British areas of the Far East, markets LIGHTHOUSE SERVICE for crude product in Europe and United States, rubber trade associations, and statistics regarding rubber consumption. Light List, Atlantic and Gulf Coasts of the United States, Price, 450. 1928 (corrected to December 15, 1927). 520 pages. This list Trading Under Laws of Porto Rico, by Joaquin Servera. describes all aids to navigation maintained by the United Trade Promotion Series No. 58; iv-j-44 pages. Presents an States on the Atlantic and Gulf coasts, in Porto Rico, Virgin outline and brief discussion of commercial and taxation laws Islands, and Cuba. Price, 50^. of Porto Rico. Price, 100. BUREAU OF STANDARDS Simplified Practice Recommendations: No. 17. Forged Tools, vi+24 pages, 9 illustrations. Price, H. No. 48. Shovels, Spades, and Scoops, ii+16 pages, 1 illustration. Price, 5£. No. 60. Packing of Carriage, Machine, and Lag Bolts, vi+18 pages, 1 illustration. Price, 5£. No. 63. Metal Spools for Annealing, Handling, and Shipping Wire. vi-J-12 pages, 1 illustration. Price, 5£. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis PATENT OFFICE Index of Patents Issued from United States Patent Office, 1927. 1019 pages. Contains alphabetical lists of patentees and inventions and of disclaimers. Price, $1. Index of Trade-Marks Issued from United States Patent Office, 1927. 735 pages. Contains alphabetical lists of registrants, applicants for registration, and titles of trade-marks, labels, and prints. Price, 50£. ssociation A NEW PUBLICATION OF THE DEPARTMENT OF COMMERCE A COMPREHENSIVE SURVEY OF THE ACTIVITIES AND ACCOMPLISHMENTS OF MORE THAN 400 TRADE ASSOCIATIONS TKis cross section of cooperation in American commerce and industry reveals tlie details of organization,axld '•. .•" financing and the major activities and achievements of tKe principal organizations in each industry* , Major-. \. ;. activities are illustrated with details from actual practice; A Practical Handbook for Trade Secretaries TABLE OF CONTENTS Foreword by Herbert Hoover Chapter 1. Introduction ' r • Chapter 2. How Trade Associations are Organized and Financed INDUSTRIAL ORGANIZATION FUNCTIONAL ACTIVITIES Chap. 3. Statistics 4. Legal Aspects of Statistical Activities 5. Cost Accounting , . . . 6. Industrial and Commercial Research : 7. Simplified Practice 8. Industrial Standardisation 9, Public Relations—Cooperative Advertising 10. Trade Relations-^-Arbitration . 11. Credit and Insurance Departments 1,2. Employer-Employee Relations 13. Traffic and Transportation Service Appendix Chap. 14. Construction Industries 15. Railways ahdf Public Utilities ,' . . 16. Automobiles, Airplanes, and Highways 17. Mining and Oil Industries 18. Metals and Machinery 10. Miscellaneous Manufacturing Industries 2Q. Textiles and Clothing 21. Farm Products 22. Wholesale and Retail Trade 23. Banking and Insurance , ' • 24. Technical, Auxiliary, and Special Purpose Groups I Government Relations ,, . II Excerpts from Reports of Attorneys General III Bibliography , . ISSUED AS DOMESTIC COMMERCE SERIES NO. 20 Bound in buckram, 380 pa&es. Copies may be obtained for 75 cents from of Documents, Government Printing Office, Washington, D* C. Or any of the following branch offices of tlie Department of Commerce: ATLANTA: 538 Post Office Building , BALTIMORE: 22 tight &ree{ BOSTON: 1801 <!lukcmhouse , CHATTANOOGA: iSGl Market Street , CHICAGO: RoomMS, 33 S. Clark Street CINCINNATI: Chamber of Commerce CLEVELAND: Chamber of Commerce' DES MOINES: 122 Fe^era^ Buildjng DETROIT: 607 Free Press Building ^ GALVESTO^: 309 Pcil Qffice Building HOUSTON: Chamber of Commerce Building JACKSONVILLE: Greenleaf Crosby Building KANSAS CITY: Athletic Club Building LOS ANGELES: 1163 S. Broadway LOUISVILLE: Board of Trade Building MEMPHIS: Chamber of Commerce Building MINNEAPOLIS: 213 Federal BuHding MOBILE: Meaher Building NEWARK: Chamber of Commerce NEW ORLEANS: 322 Post Office Building NEW YORK: 734 Custbmhcuse NORFOLK: 406 East Pluin* Street PHILADELPHIA: Room 812, 20 S. Fifteenth Street PORTLAND, GREG.: 215 New Post Office Building ROCHESTER: Chamber oi Commerce 5 ' , • . ST. LOUIS: 1201 Libert? Cental Trust Co. Building SAN FRANCISCO: 310Customhouse SEATTLE: 820 Skinner Building WILMINGTON, DEL.: Du Pont Building J