survey of current business march 1930 - st. louis fedsurvey of current business published by united...
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SURVEY OFCURRENT BUSINESS
P U B L I S H E D BY
U N I T E D STATES DEPARTMENT OF C O M M E R C E
Subscription price of the SURVEY OF CURRENT BUSINESS is $1.50 a year; single copies (monthly), 10 cents, semiannual issue, 25 cents.Foreign subscriptions, $2.25, single copies (monthly issues), including postage, 14 cents; semiannual issues, 36 cents. Subscriptionprice of COMMERCE REPORTS is $4 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
No. 103 WASHINGTON March, 1930
C O N T E N T SSUMMAKIES
Preliminary summary for FebruaryBusiness conditions in JanuaryMonthly business indicators (table and chart)Measures of industrial and commercial activity (charts):
New building contracts and automobile production_Mineral production and railroad ton-mileageFactory employment, manufacturing, and electric-
power productionCheck payments and retail trade
Indexes of business
DETAILED TABLES
National advertising in newspapersAutomobile production in the United StatesSales of the Great Atlantic and Pacific Tea Co_Debits to individual accounts
Page14
2,3
88
15
18191920
INDEX BY SUBJECTS
TextilesMetals and metal productsFuelsAutomobiles and rubberHides and leatherPaper and printingBuilding construction and housing _ _Lumber productsStone, clay, and glass productsChemicals and oilsFoodstuffs and tobaccoTransportation and public utilities--Employment and wagesDistribution movement (trade, etc.)-Banking, finance, and insuranceForeign exchange and trade
Textpage
91011111111121212
13145
141414
Tablepage
23-2525-2829,3028-31
3131,32
3333,3434,3535-3737-4041-4243,44
4445-47
48
PRELIMINARY SUMMARY FOR FEBRUARY
The volume of commercial transactions during Feb-ruary, as based upon weekly check payments, was lowerthan in February, 1929. Activity in steel plants wasgreater than in the previous month but was lowerthan in February, 1929.
Factory employment in Detroit was substantiallylower than a year ago. The output of crude petroleumwas on about the same level as in February, 1929.
Movement of goods through primary channels, asreflected by data on car loadings, was larger than inJanuary but smaller than a year ago. The volume ofnew-building contracts awarded during the month waslower than in either the previous month or Februaryof the preceding year.
The general index of wholesale prices was lower98078—30 1
than in the previous month, registering a decline alsofrom a year ago. Prices for wheat averaged lowerthan in either period, while cotton prices and iron andsteel prices also showed declines from both periods.
Bank loans and discounts were lower than in thepreceding month but were higher than a year ago.Interest rates were generally lower than in February,1929. Brokers' loans showed practically no change atthe end of February from the preceding month butwere substantially lower than a year ago. Prices forstocks averaged higher than in January but were lowerthan last year. Bond prices showed only slight changefrom the previous month but were lower than a yearago. Business failures were larger in number than inFebruary, 1929.
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MONTHLY BUSINESS INDICATORS, 1923-1930[Ratio charts—see explanations on inside front cover. The curves on check payments, wholesale trade, 10-cent chains, and department stores have been adjusted for normal
seasonal variations, and manufacturing production for the varying number of working days in the month as well. 1923-1925 monthly average=100]
FACTORY EMPLOYMENT
PRICE OF FARM PRODUCTS (TO PRODUCER.
MANUFACTURING PRODUCTION, , I I i I , I I I i 1 i , I i , I , i I I I I I I I I I 1 1 1 I Li I I 1 . 1 u I . i I I_L I I ll i . I i . I i i
WHOLESALE PRICES
LI 1 1 i T T i 17TTiTi>rrr'iTi.i L.L| \ \ 1 1 1 1 1 <
HECK PAYMENTS ( 4 i C E N T E R S i )
PiG IRON PRODUCTIONI , , ! i i I i i 1 1 . I i i I i i I i i l l i I i i I i i I i i I i i I i 1 1 1
WHOLESALE TRADE CB LINES}
DEPARTMENT STORE TRADEAUTOMOBILE
PRODUCTION
SALES BY 2 MAIL-ORDER HOUSES
SALES BY TEN CENT CHAINS
COTTON CONSUMPTION-Li i i I i i I u-Lu-Lu_Lj_i 1 i
NET TON-MILE OPERATION
WOOL CONSUMPTIONJ.i J_d_,_J_U. .Ll-d-i-d.! d_J_L.I J.J_L_l.Ll..d
I I T ~INTEREST RATE, COMMERCIAL PAPER
MINERAL PRODUCTIONI
PETROLEUM PRODUCTION
PRICE OF 25 RAILROAD STOCKS
PRICE OF 25 INDUSTRIAL STOCKSCOPPER PRODUCTION
BUILDING CONTRACTS (FLOOR SPACED
BUSINESS FAILURES, LIABILITIESUNFILLED STEEL ORDERS
! 1923
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MONTHLY BUSINESS INDICATORSThe 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 indicatorsmay be seen at a glance.
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.
ITEM
Industrial production:* Totalmanufacturing* Total minerals
Pig ironSteel ingotsAutomobilesCementCotton (consumption) .Wool (consumption) .....
Raw material output:Animal productsCrops . ... .Forest products.Crude petroleum... _Bituminous coal ..Copper _. _.
Power and construction:Electric power .Building contracts (37 States)....
Unfilled orders:General indexU. 8. Steel Corporation
Stocks:General indexManfd. commodities (28)CottonCopper (refined)
Employment:Factories
Prices:Farm products, to producersWholesale, all commoditiesRetail foodCost of living (including food)
Ilistrlbution (values):• Bank debits, 141 cities• Wholesale trade* Department stores, sales
Mail-order sales, 2 houses* 10-cent ehains, sales ..
Imports _.Exports .... _
Transportation:Freight, net ton miles
Finance:Member bank loans and discountsInterest rate (commercial paper)..Federal reserve ratioPrice, corporation bondsPrice, railroad stocksPrice, industrial stocksFaDures (liabilities)
MONTHLY AVERAGE
1923
101.0105.0111.7104.8101 792 1
105. 9112 8
100.091.999.099 4
108.093.4
92.589.7
121 7125. b
94 593.8
102.5106.4
104 2
97.899.997.698.2
91.2101.098.089.288.097.891. £
102.2
94.1116.299.096.486.086.1
106.0
1924 1935 1926 1927 1928 1929
1929
Jan Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1930
Jan.
1923 1925 monthly a?erage=100
94.096.086.788.790899.889.794.6
104.0104.097.096.992.6
100.2
98.192.?
87.083 6
102.0103.291.4
113.9
06 2
97. 197.497.699.4
96.798.099.098.199.093. 1
100.8
95.9
98.590.0
104.199.996.191.9
106.8
105.099.0
101.6106.4107.5108. 1104.492.6
96.0104.0104.0103.799.6
106.4
109.6117.6
91.390 6
103.6103.0106.273.1
99.7
106.5102.8104.9102.4
111.9102 0103.0112.7113.0109.0107.8
101.9
107.493.596.9
103.6117.9122.087.2
!
108.0107.0109.0113.1108.4110.0108.689.7
96.0109.098.0
104.6109 7110.2
122.6111.0
84.682.1
114.6106.3145.564.8
101.4
98 699.3
107.6102.4
119.6101.0106.0120.2126.0114.3105.5
109.1
112.9100.996.0
108.0133.4132.480.4
106.0107.0101.0104.685.7
115.3120 297 0
97.0113.393.0
122.399.0
104.0
133.3106.8
74.071.1
120.8112.5153.185.4
98 8
94.994.7
103.6100.0
132.697.0
107.0126.2138.0108.0106.8
106.0
117.395.490.1
112.5162.7171.4102,2
111.0106.0105.5120.2109.0118.0106.794.7
99.0117.088.2
122.495.8
114.9
146.0121.4
76.280.7
123.0117.4123.658.4
97.2
100.797.0
102.998.7
158.296.0
108.0147.6150.0105. 5112.6
106.5
126.8112.889.1
113.0174.5214.896.2
119.0115.0117.9130.6135.1114.1114.6103.1
99 2114.285.4
136.5100.51071
161.799.6
80.887.1
136.8120.1126.878 4
100.4
100.095.8
104.698.4
184.598.0
110.0187.2164.0113.5115.2
109.9
135.9135.793.4
106.5194.3292.695.0
117.0117.0115.2129.9121.379.5
130.2114.0
96.0112.582.0
133.6118.1130.9
164.388.6
76 886.1
139.1127.0169, 855.4
97.4
96.496.5
103.398.2
187.2101.1105.0144.9145.8114.2128.5
104.8
128.7124.889.9
110.8189.3275.0127.1
117.0120.0107.3125.1141.168.6
115.9101.3
80.081.974.0
123.3108.5128.6
148.181.9
79.586.8
137. 7127.3149. 648.8
99.7
98. 696.0
103.298.2
194.396.3
110.0141.8156.9114.4116.4
102.2
130.6127.690.5
109.6188.3280.380.3
120.0107.0124.3146.3177.180.2
123.1102.7
88.072.586.0
134.490.3
142.1
159.3117.1
85.592.4
134.0124.2130.546.8
101.3
101.496.8
102.297.6
195.197.0
113.0163.3167.4118.8129.0
107.8
132.4136.492.6
108.0184.9283.785.7
123.0115.0122.6142.8188.1110.6123.1103.8
99.757.490.2
130.584.7
143.9
157.1128.0
93.192.7
129.9121.5109.950.8
101.8
100.096.1
101.397.0
180.6100.0105.0170.0153.0127.1112. 2
102. 7 1
131.3139.294.9
107.6183.7285.883.2
124.0110. 0130.5152.5182.9129.9130.3102.9
108.951.198.6
137.592.2
141.6
161.2122.4
88.490.1
122.8120 488.462.2
101.6
98.695.1
102.4
97.0
ISO. 6102.0107.0168.2172.0123.9101.4
112.6
129.3139.296.5
106.7184.4290.397.2
128.0112.0124.4141.2165.1135.2111.193.0
111.856.389.9
135.987.4
124.9
154.9109.7
83.489.2
120.2121. 170.973.4
101.2
97.895.7
103.497.6
159.097.0
112.0176.4174.0109.4103.6
109.1
135. 1139.294.4
105.4192.1297.874.0
125.0114.0126.7139.151.139.106.699.8
116.091.188.3
148.893.3
120.1
159.8113.7
82.185.6
121.8120.354.286.3
100.7
101.497.3
105.998.8
184.8101.0106. 0163.0162.0109. 6106.2
112.5
136.2139.296.4
104.9213.4330.876.5
124.0115.0125.7142.5150.8149.5108.7111.1
100.0134.591.8
150.3100.7119.6
166.6100.5
76.076.6
127.2115.758.292.2
102.0
103. 697.0
107.099.4
198.2103.0112.0183.7174.0114.3100.4
120.4
135.3142.297.7
104 1216.3344.579.6
122.0118.0117.1130.5125.8138.6106.3105.0
98.7177.180.3
142.2102.2120.4
160.790.2
76.881.7
139.2113.8106.883.7
103.4
102.296.8
107.499.4
192.899.0
123.0192.8168.0108.8115.3
118.5
139.1145.094.2
103.9217.7358.580.6
117.0118.0120 1130.5114.9134.6124.9125.3
102.6246.389.2
143.5117.6125.2
173.698.9
76.885.6
154.8113.9177.578.1
102.1
101.495.6
107.299.4
211.1100.0109.0242.3159.0121.1139.6
128.1
151.1145.089.9
105.2203.5316.373.9
105.0110.0106.5101.665.8
113 1106.098.5
95.2154. 682.0
127.3104.9115.1
164.476.9
73.786.4
156.5115.61S9.8111.7
98.2
98.693.7
106.799.3
180. 096.0
107.0225.3166.0104.8116.5
103.8
141.3133.493.0
105.0176.2219.4122.8
96.0116.094.983.836 390.288 479.8
93.0139.269.6
130.9106.1113.4
169.766.3
77.792.5
158. 0118.6206.4151.3
94.8
97.893. £
105.698.7
139.889.0
115.0275.2165.096.1
112.4
96.6
140.9116.080.2
107.1181.4229.3159.1
102.0112.094.6
109.582.668.4
112.592.1
93.596.467.1
114.2102.5
172.449.6
79.993.6
144.1122.0192.5179.7
S3. 1
97.192.8
103.897.4
136.7
101.0138.0152.096.6
109.8
133.1113.2101.4106.8180.6235.5144.3
* Seasonal adjustments.
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BUSINESS CONDITIONS IN JANUARYPRODUCTION
Manufacturing output in January, after adjust-ments for the usual seasonal changes, was on a higherlevel than in the previous month but showed a declinefrom a year ago. All major groups showed decreaseactivities from a year ago except leather and shoeswhich was greater. All manufacturing groups showedgains over the preceding month except nonferrousmetals and tobacco manufactures, which declined, andfood products which showed no change. Mineralproduction, after adjustments for seasonal variations,was lower in January than in either the precedingmonth or January, 1929. All products of the mines
ber, and chemicals and oils being more than offset bydeclines in iron and steel, leather, rubber, and paper.
SALES
The general index of unfilled orders for manufacturedgoods at the end of January showed a gain of more than10 per cent over both the preceding month and corre-sponding month of 1929. As compared with the pre-ceding month all groups included within the generalindex showed gains in January. Declines from a yearago in unfilled orders for textiles and lumber were morethan offset by gains in iron and steel and transportationequipment, principally railroad.
MANUFACTURING PRODUCTION BY MAJOR GROUPS[Relative numbers, monthly average 1923-1925 taken as 100, adjusted for seasonal variations]
100
T VFOOD PRODUCTS
/̂H
£WVA
CEMENT, BRICK. AND GLASS^-1 L . I . , I 1 . I . , I , . I , I I , . I , i !. : L I 1 : I
1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1928 1929
showed smaller output than in either prior period,except petroleum and silver, which showed gains overthe preceding month, and zinc which showed increasesover both the previous month and January of lastyear. The largest decline from a year ago was recordedin the output of copper, where the decrease amountedto 22 per cent.
COMMODITY STOCKS
The weighted index of commodity stocks showed adecline from the previous month, but was higher thana year ago, the increase over last year being entiretydue to larger stocks of raw materials. Manufacturedgoods in the hands of manufacturers at the end ofJanuary, though showing a gain over the previousmonth, were lower than a year ago, gains over lastyear in the stocks of textiles, nonferrous metals, lum-
Wholesale trade showed a smaller sales volume thanin January, 1929. Retail trade, as reflected by thevolume of sales reported by the two principal mail-orderhouses, was lower than in either the preceding month orJanuary, 1929. Department-store sales, after adjust-ments for seasonal consideration, also showed lowervolume as compared with both prior periods. Ten-cent store business was greater than a year ago. Salesby grocery chains were likewise larger than in Jan-uary of the previous year.
Imports of merchandise into the United States duringJanuary were fractionally higher than in Decemberbut showed a decline of almost 20 per cent in valuefrom a year ago. Merchandise exports were not onlysmaller than in December but showed a considerableContraction fllso frnrn Jnnnarxr nf fVi^ rw./*™~
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PRICES
The general index of wholesale prices was lower inJanuary than in either the preceding month or thecorresponding month of last year. All groups includedwithin the index showed declines from both periods,except house-furnishing goods, which showed an in-crease over a year ago, and building materials, whichwere unchanged from either period. The principaldeclines from a year ago was registered in the pricesfor hides and leather, textiles, and farm products,where decreases ranged for the group totals from 4 to8 per cent. Classified by the condition of manufac-ture the general index, with a decline of 4 per centfrom a year ago, showed a decrease of 5 per cent inraw materials, prices for manufactures and semimanu-
prices for grains, poultry and dairy products, and cottonand cottonseed.
EMPLOYMENT
Factory employment in January, as measured by thegeneral index, showed a decline of 2 per cent from thepreceding month and 4 per cent from a year ago.As compared with the previous month, employment infactories producing automobiles, leather and leatherproducts and rubber products was greater in January,while all other groups declined, except iron and steeland petroleum refining, which showed no change.Contrasted with a year ago, industrial employmentgains in factories producing machinery, paper andprinting, chemicals, and refined petroleum productswere insufficient to offset losses in iron and steel, tex-
FACTORY EMPLOYMENT, BY GROUPS[1926 monthly average=100. January, 1930, is latest month plotted]
1923 1924 1925 1926 1927 1928 1929 1923 1924 1926 1927 1928 1929
factures showing approximately the same percentageof decline as was registered in the general index.Commercial indexes also showed declines from boththe preceding month and January of the previousyear.
Prices paid to farmers for their products, as reflectedin the general index, were lower than in December butshowed a gain approximating 1 per cent over January,1929. Compared with a year ago, gains in the pricesfor grains and fruits and vegetables more than offsetdeclines in the prices for cotton and cottonseed andpoultry and dairy products. As compared with the pre-ceding month, gains in the prices for fruits and vegeta-bles and meat animals were insufficient to offset lower
tiles, food products, lumber, automobiles, leather prod-ucts, cement, clay and glass, nonferrous metals, andrubber products. The largest declines in employmentfrom a year ago were registered in rubber, automobile,and nonferrous metals, cement, clay and glass, andlumber factories, where declines were more than 10per cent.
Factory pay-roll payments in January were 5 percent lower than in December and 7 per cent lower thanin January, 1929. All industrial groups showed smallerpay-roll payments than in the preceding month, exceptautomobiles, leather, and rubber products which showedgains. Gains in pay-roll payments over a year agoin factories were not sufficient to balance declines.
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WHOLESALE PRICES FOR SPECIFIED COMMODITIES(Relative numbers, 1926 monthly average taken as 100. January, 1930, is latest month plotted. Data from which these charts are drawn are given on the opposite page]
WHEAT, NO. 2, HARD, WINTER FLOUR, WINTER STRAIGHTS CORN, NO. 3, YELLOW OATS, NO. 3, WHITE
N I H I i i i 11 N I H i i i I i 1 1 11928 1929— 1930-
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WHOLESALE PRICES FOR SPECIFIED COMMODITIESNOTE.—Prices to producer on farm products and market price of wool and grain prices are from U. 8. Department of Agriculture, Bureau of Agriculture Economics,
nonferrous metals from the Engineering and Mining Journal-Press, except tin, which is from the American Metal Market. All other prices are from U. S. Department ofLabor, Bureau of Labor Statistics. So far as possible all quotations represent prices to producer or at mill.
COMMODITIES
FARM PRODUCTS-AVERAGE PRICE TO PRODUCER
WheatCornPotatoesCottonC ottonseedCattle beefHogsLambs
FARM PRODUCTS-MARKET PRICE
Wheat No 1 northern spring (Minneapolis) _ _ _ _Wheat No 2 red winter (St Louis)Wheat* No 2* hard winter (Kansas City)Corn No 3 yellow (Chicago) _ _Oats No 3 white (Chicago)Barley No 2 (Minneapolis)Rye No 2 (Minneapolis)Cotton middling upland (New York)Wool, K blood combing, Ohio and Pennsylvania fleeces (Boston) —Cattle steers good to choice corn fed (Chicago)Ho°rs 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, fresh, carcass, good native steers (Chicago)Beef fresh carcass steers (New York)Pork smoked hams (Chicago) _Butter creamery 92 score (New York)Oleomargarine standard, uncolored (Chicago)
TEXTILES
Cotton yarns, carded, white-jiorthern, mule spun, 22-1 -cones (Boston).Cotton-print cloth 64 x 60-38>
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180
MEASURES OF INDUSTRIAL AND COMMERCIAL ACTIVITY[Relative numbers, monthly average 1923-1925, taken as 100]
NEW BUILDING CONTRACTS AND AUTOMOBILE PRODUCTION
TOTAL AUTOMOBILE PRODUCTION(UNITED STATES)
160MINERAL PRODUCTION AND RAILROAD TON-MILEAGE
50
FACTORY EMPLOYMENT, MANUFACTURING. AND ELECTRIC POWER PRODUCTION
ELECTRIC POWER PRODUCTION \
MANUFACTURING PRODUCTION
401 i . I i i I i i I i l I i i I i i I i i I I I I i i I i i 1 r i I i i I i i i I l 1 I i 1 I i I i i I I 1 I i i 1 i I I i i i i I I i i I I I 1 I I I I I I I I I I i I I I I I I i I I i I I I I I I I i i I I 1 I I I I I I I I I i I I
250CHECK PAYMENTS AND RETAIL TRADE
501920 1921 1922 1923 1924 1925 1926 1927 1928 1929
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REVIEW OF PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCE
TEXTILES
Imports of wool in January were greater than inDecember and smaller than a year ago. Wool con-sumption was greater than in December but showed adecline from January, 1929. Prices for wool and yarnsaveraged lower than in either the previous months orthe same month of last year.
Exports of cotton during January showed declinesfrom both the previous month and January a year ago.Consumption of cotton by domestic mills was greaterthan in the preceding month but showed a decline
Cotton finishers reported larger billings and ordersthan in December and declines from a year ago.Stocks of finished goods in the hands of finishers atthe end of January were lower than a year ago. Un-filled orders at the end of the month were greater thanat the end of the preceding month but showed adecline from last year.
The imports of silk were smaller in January than ineither the previous month or January a year ago.Silk deliveries to consuming establishments weregreater than in either period. Stocks of silk at manu-
THE TEXTILE INDUSTRIES
[Relative numbers, monthly average 1923-1925, taken as 100. January, 1930, is latest month plotted. Curves covering imports of wool and exports of cotton are plottedfrom 12 months' moving monthly averages plotted on the end month]
1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1928 1929
1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1928 1929
from a year ago. Stocks of cotton held at the end ofJanuary at mills and in public storage were substan-tially greater than a year ago. Cotton prices weregenerally lower in January than in either the previousmonth or the same period of 1929.
Cotton machinery was more active in January thanin the previous month but, as in the case of cottonconsumption, showed a decline from a year ago. Theproduction and shipments of cotton textiles weregreater than in the previous month but were lowerthan a year ago. Stocks of cotton textiles at the endof January were considerable larger than a year ago.
98078—30 2
acturing plants at the end of January were greaterthan at the end of either the preceding month orJanuary, 1929. Warehouse stocks were smaller thanin December but showed a substantial gain over a yearago. Silk looms and spindles were more active inJanuary than in either the preceding month or thesame period of 1929. Prices for raw silk were higherthan in December but showed a decline from a yearago.
Rayon imports were lower than in either period.Rayon prices showed no change of the preceding monthbut were lower than a year ago.
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10
METALS
The production of pig iron in January was lowerthan in either the previous month or January, 1929.More furnaces were in blast at the end of the monththan at the end of December, but a decline was regis-tered from a year ago.^ The production of steel ingots was greater than inthe previous month but declined from a year ago.Unfilled steel orders at the end of January were largerthan at^the end of either the previous month or Janu-ary of last year. %/
The output of steel sheets by independent mills wasgreater than in December but showed a decline from a
boilers, measured by the area of heating surface,showed a gain over the previous month but declinedfrom a year ago. Shipments of cold-finished steelbars were larger than in December but showed adecline from a year ago. Iron and steel exports werelarger than in December but were smaller than inJanuary, 1929.
Shipments of enameled sanitary ware by manufac-turers were smaller than in either the preceding monthor January a year ago. New orders likewise showeddeclines from both periods. Stocks were somewhathigher at the end of January than at the end of thepreceding month but were lower than a year ago.
THE METAL INDUSTRIES[Relative numbers, monthly average 1923-1925, taken as 100. January, 1930, is latest month plotted]
1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1928 1929
1923 1924 1925 1926 1927 1928 1923_1 J I I. I I I I I ! I I I I I I I I 1
1924 1925 1926 1 927 1 928 1 929
year ago.T Stocks of sheets in the hands of manufac-turers at^the end of the month were lower than a yearago. Unfilled orders for sheets also declined fromlast year. Wholesale prices for steel averaged lowerin January than in either the previous month.
The production of steel castings was lower than inDecember but showed a gain over a year ago. Neworders were greater than in December but declinedfrom last year.
New orders and shipments of fabricated structuralsteel were smaller than in either the previous month orJanuary, 1929. New orders for fabripated steel plateshowed gains over both periods. New orders for steel
New orders for foundry equipment were lower thanin either period, but unfilled orders at the end of themonth, though declining from the previous month, weregreater than a year ago. Shipments were larger thanin either the previous month of January of last year.New sales of mechanical stokers were lower than ineither period. New orders for machine tools weregreater than in December but declined from a yearago. Unfilled orders at the end of the month werefractionally larger than in December but showed aloss from last year.
The production of copper was lower in Januarythan in either the previous month or the corresponding
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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11period of 1929. Stocks of refined copper in North andSouth America at the end of January showed a sub-stantial gain over a year ago.
FUELS
The production of bituminous coal was smaller thanin January of last year. Exports showed a declinefrom the preceding month but were greater than a yearago. Prices averaged slightly higher than in December.
The production of anthracite coal was smaller thana year ago. Stocks of anthracite at the end of Decem-ber in dealers' yards were lower than a year ago. Pricesboth at wholesale and retail were also lower than lastyear.
Imports of rubber were greater than in Decemberbut showed a decline from a year ago. The productionand shipments of pneumatic tires were larger than inthe preceding month but showed decline from January,1929.
HIDES AND LEATHER
Imports of hides and skins were smaller than inDecember but showed a gain over a year ago. Theproduction of sole leather was greater in January thanin either the previous month or January, 1929. Stocksof sole and belting leather at the end of Decemberwere smaller than a year ago. Exports showed a gainover the previous month and a decline from a year ago.Prices were generally lower than in either the previous
THE FUEL INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. January, 1930, is latest month plotted where data were available]
1923 1924 1925 1926 1927 1928
1925 1926 1927 1929
The production of coke, both types, was greaterthan in December but showed a decline from a yearago. Exports of coke were lower than in either period.Coke prices also averaged lower. Petroleum productionwas greater than in January, 1929.
AUTOMOBILE AND RUBBER
Automobile production in January was greater thanin December but showed a decline from a year ago.The Canadian output of automobiles showed similarcomparisons with both periods. Domestic exportswere lower than in either the previous month or Janu-ary, 1929. Canadian exports also showed declines inJanuary from both periods.
month or January, 1929. The production of shoes inJanuary was greater than in December but showed*adecline from last year. Exports were lower than ineither period. Shoe prices were unchanged fromeither the previous month or January, 1929.
PAPER AND PRINT
Imports of wood pulp were greater in January thanin either the previous month or January, 1929. Stocksat the end of the month were considerably lower thana year ago. The domestic production of newsprintpaper was greater than in either the previous month orJanuary a year ago. The Canadian output showeddeclines from both periods. The consumption of news-Digitized for FRASER http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
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12
print by domestic publishers was smaller in Januarythan in either period. Stocks of newsprint at the endof January held by domestic mills were considerablysmaller than a year ago but the holdings at Canadianmills were substantially larger. Publishers' stockswere larger than a year ago. The production of bookswas lower in January than in either the precedingmonth or January of last year.
BUILDING AND CONSTRUCTION
The value of new building contracts awarded inJanuary was lower than in the same month of the pre-
The production and shipments of northern pinelumber and northern hemlock were greater than inDecember but were smaller than a year ago. Produc-tion of North Carolina pine was larger than in Decem-ber but declined from last year, while shipmentsshowed declines from both periods.
The production of oak and maple flooring was largerthan in December but showed a decline from a yearago. Shipments of oak flooring were smaller andmaple flooring were larger than in December, eachshowing declines from last year. New orders forflooring, both types, were greater than in December.
THE AUTOMOBILE AND RUBBER INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. Where available, January, 1930, is latest month plotted]
I92i 1924 1925 1926 1927 1928 1929 1930 1923 1924 1925 1926 1927 1928 1929
1923 1924 1925 1926 1927 1928 1929 1930 1923 1924 1925 1926 1927 1928 1929 1930
ceding year. Building costs showed only slight changefrom either the preceding month or January, 1929.Fire losses in the United States and Canada weregreater than in December but showed a decline from ayear ago.
LUMBER
The production and shipments of Douglas fir lumberwere lower than in either the previous month or Janu-ary of last year. Exports also declined from bothperiods, while prices were likewise generally lower.
The production and shipments of California redwoodwere greater than in December, with production show-ing a gain also over a year ago. Unfilled orders forredwood at the end of the month were substantiallylower than a year ago.
STONE, CLAY, AND GLASS PRODUCTS
Shipments of common brick were smaller than inJanuary, 1929. Stocks of burned brick at the kilns atthe end of the month were smaller than a year ago.Unfilled orders were lower than last year. Prices werehigher than in December but lower than in January,1929.
New orders of porcelain plumbing fixtures, as wellas shipments, were greater than in December but eachregistered declines from January a year ago. Unfilledorders at the end of the month were greater than atthe end of the previous month but declined from lastyear. Stocks were lower than a year ago.
New orders for vitreous-china plumbing fixtureswere smaller than in either the previous month or
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-
January a year ago. Shipments were larger than inDecember but declined from last year. Unfilled orderswere greater than a year ago while stocks also showeda gain over January, 1929.
New orders for terra cotta were smaller in Januarythan in either the previous month or January of lastyear. The production and shipments of sand-limebrick were smaller than in either period. Stocks atthe end of the month likewise showed declines fromboth periods, while unfilled orders at the end of themonth were lower than a year ago.
The production and shipments of Portland cementwere smaller in January than in either the previous
The visible supply of corn was much smaller than ayear ago, while receipts and shipments of corn at theprincipal markets were also smaller than last year.Prices were lower than during either the previousmonth or January, 1929. The visible supply of barleywas smaller and that of oats considerably larger thanat the end of January, 1929. Receipts of oats at theprincipal markets, on the other hand, were smallerthan a year ago.
Receipts of cattle at the principal markets werefractionally greater than a year ago. The output ofbeef under Federal inspection, on the other hand, wassmaller than for the corresponding period of last year.
MOVEMENT OF GRAIN PRICES[Weighted price per bushel. January, 1930, is latest month plotted]
WHEAT NO. 2 HARD WINTER, KANSAS CITY
1.00
s^ ^
V—, , 1 , , 1 1 . 1 , 1
^-X^
^ , , , , , , ,
x--AX* V
. , , . , , . , , . , . i 1 1 1 1 . i . i
\
i . I i i 1 i i 1 : .
X.- /^~*\>S~
, , 1 u 1 , , 1 i ,
^
! ̂-J
, > ! i , ! , , ! , i
^^^ \/ ••vX'N^
i i 1 . . I i i 1 i i . . 1 1 1 1 I I 1 1 1
1.00
0.80
OATS NO. 3 WHITE, CHICAGO
r.^^
RYE NO. 2 MINNEAPOLIS
1,40
1.000.80
0.60
\ v\^\
v^. . l , , ! , , ! , ,
•̂ * \
, , i , , i>V , , .•i.'M./rrrr'
y-x*/
.y>.U
-
14
than a year ago and cold-storage holdings exceededthose at this time last year by almost 40 per cent.The receipts of butter were only slightly less than atthe end of January, 1929, while cold-storage holdingswere more than double those of a year ago.
As an apparent result of the large holdings, butterprices continued to decline, being 23 per cent lowerthan in January of last year.
Cheese receipts were larger than during the previousmonth but lower than a year ago, while cold-storageholdings were substantilly smaller than at the end ofeither prior period. Prices for cheese also declined.Receipts of eggs were practically the same as duringJanuary of last year. Cold-storage holdings, on theother hand, were much smaller than a year ago.
Sugar imports from foreign countries were 25 percent smaller than during January, 1929. Sugar melt-ings were slightly less than a year ago, while stocks atrefineries were nearly three times as great as a yearago. Imports of coffee were larger than during theprevious month and practically the same as for thecorresponding month of last year, while imports oftea were smaller than for either prior period. Pricesboth for coffee and tea were lower than a year ago.
TRANSPORTATION
Freight-car loadings were only slightly larger thanduring December and were substantially smaller thana year ago. The decline in loadings as compared withthe corresponding period of 1929 prevailed throughoutevery class of products for which a separate listing wasreported. Clearances of vessels engaged in foreigntrade showed a slight increase, both from the previousmonth and the corresponding month of last year.
Unfilled orders for railway locomotives were largerthan at the end either of the previous month or ofJanuary, 1929.
DISTRIBUTION MOVEMENT
Sales by mail-order houses were slightly smallerand those by 10-cent chain stores larger than for thecorresponding month of last year. Magazine andnewspaper advertising, on the other hand, was slightlysmaller than in January, 1929.
BANKING AND FINANCE
Check payments, both inside and outside New YorkCity, were smaller than during either the previousmonth or the corresponding month of 1929. Loansand discounts of Federal reserve member banks werealso less than in December but were greater than a yearago. Brokers' loans showed only a fractional declinefrom the previous month but were much smaller thanin January, 1929. Interest rates were almost uni-formly lower than for either prior period.
GOLD, SILVER, AND FOREIGN EXCHANGE
Receipts of domestic gold at the mint were less thanduring the previous month but substantially greaterthan a year ago. The Rand output was greater thanfor either prior period. Gold imports were substantiallygreater in December but were only about one-fourthas great as a year ago.
Silver production in the United States exceeded thatof the previous month but was slightly less than inJanuary, 1929. The Canadian production of silver,on the other hand, was greater than for either priorperiod. Silver prices were at a lower level than duringeither the previous month or the corresponding periodof last year.
Rates for foreign exchange were generally lower thanduring the previous month, the only increase being inthe Japansese yen. As compared with a year ago, on theother hand, rates with England, Netherlands, Sweden,Switzerland, and Japan showed increases, while rateswith India, Canada, Argentina, and Brazil declined.
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15
INDEXES OF BUSINESSThe index numbers presented in this table are designed to show the trend in production, prices, trade,
etc., by commodities or groups. They consist in general of weighted combinations of series of individual relativenumbers; often the individual relative numbers are also given. The function of index and relative numbersis explained on the inside front cover. All of the index numbers, except where noted, are based on the averageof the years 1923 to 1925, while maxima and minima are given only since 1923, thus eliminating the abnormalperiod prior to 1923. Complete descriptions and figures for earlier years may be found in the following issuesof the Survey (later data being available in the latest semiannual issues): Production in the July, 1928, issue(No. 83), pages 18 to 22; stocks in the August, 1928, issue (No. 84), pages 20 to 22; new orders in the September,1928, issue (No. 85), page 19; unfilled orders in the January, 1928, issue (No. 77), pages 22 and 23; wholesaletrade in the January, 1928, issue (No. 77), page 21; mail-order and chain stores in the May, 1928, issue (No. 81),pages 20 and 21; department stores in the April, 1928, issue (No. 80), pages 20 and 21; employment, based on1923 as 100, in the August, 1928, issue (No. 84), page 108; farm prices in the August, 1928, issue (No. 84), page27; wholesale prices (Department of Labor) in the November, 1927, issue (No. 75), page 24, and the June, 1928,issue (No. 82), page 23; wholesale prices, commercial, in the August, 1928, issue (No. 84), page 26; cost of livingin the August, 1928, issue (No. 84), page 27, and the June, 1926, issue (No. 58), page 24.
Relative to 1923-1925 monthly average as 100
PRODUCTIONTOTAL INDUSTRIAL
Unadjusted, except for working daysAdjusted for seasonal variations
MANUFACTURING
Total (adjusted for working days only) _Total (adjusted for seasonal variations)
Iron and steelTextiles... ....Food products.Paper and printingLumberAutomobilesLeather and shoesCement, brick, and glassNonferrous metals .Petroleum refiningRubber tiresTobacco manufactures
MINERALS
Total (adjusted for working days only) .Total (adjusted for seasonal variations)
Bituminous coal _ _Anthracite coal _.Crude petroleum .Iron-ore shipmentsCopperZinc... ._Lead _ .Silver .
ANIMAL PRODUCTS (Marketings)
TotalWoolLivestockPoultry and eggsDairy productsFish.. ..
CROPS (Marketings)
Total ...Grains *Vegetables *Fruits *Cotton products *Miscellaneous crops *._
Maxi-mumsince
Jan. 1,1923
125123
127128155121110128110166134143137178169143
128120125133147143139127125123
124421131148160283
252218199266373344
Mini-mumsince
Jan. 1,1923
8183
7982597790917847869287846693
8490771
880
82937585
791476676444
453860431118
1938
Novem-ber
113112
113112120113102121859297
122126159154124
11711399
11112710613111111187
937098
11077
131
18012294
119258209
Decem-ber
109113
109114123111104121 !
87 !10192
130126159144127
1121129797
131
133106112103
925595
12678
119
1521246970
206196
1939
January
116117
11611711711610312389
15095
134124159148131
113117103110137
12910011194
9634
102859587
1131009472
100243
1Novem- Decem-
ber ber
i
108106
10710510010896
123
8110513011917193
130
1131099692
13198
118105114114
956396
12881
154
155699193
234296
9599
9296909695
120
4993
11311416680
133
110116102121132
11610210587
937090
10884
102
139907753
183332
1930
January
103103
10210299
10295
10297
116106
106131
10811299
104135
101103
91
944998899281
9683895394
342
PER CENT INCREASE (+)OR DECREASE (— )
January,1930 from
December,1929
+ 8.4+ 4.0
+ 10.9+ 6.3
+ 10.0+ 6.3
0.0
+ 108.2+ 4.3+ 2. 7-7.0
+ 32.5-1.5
-1.8-3.4
2. 914. 0
+ 2. 3
12 9+ 1.0
+ 4.6
+ 1.0-30.0+ 9.9
-17.6+ 9.5
-20.6
-30.9-7.8
+ 15.60.0
-48.6+ 3.0
January,1930 fromJanuary,
1929
-11.2-12.0
-12.1-12.8-15. 4
12. 17. 8
-32.0+ 2. 1
-13.4-14.5
28. 40.0
-4.4-4.3-3.9-3.6-1. 4
21 7+ 3.0
-3. 2
2. 1+ 44. 1-3.9+ 4.7
3. 26 9
-15.0-17.0-5.326 46 0
+ 40. 7
• Fluctuations between maximum and minimum due largely to seasonal conditions: Minerals and Manufacturing are adjusted for seasonal variations except wherenoted
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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16
INDEXES OF BUSINESS—Continued
Relative to 1923-1925 monthly average as 100
PRODUCTION— Continued
FOREST PRODUCTS
Total _ _ _ _ _Lumber -Pulp wood _ _Gum (rosin and turpentine)*Distilled wood _ _ _ __
NEW ORDERS
TotalTextilesIron a n d steel _ _ _ _LumberPaper and printingStone and clay products _ _
STOCKSGrand total _ _ _ _
Total manufactured goodsFoodstuffsTextilesIron and steelNonferrous metalsLumber _ _ _ _ _ _ _Stone, clay, etcLeatherRubber _ __PaperChemicals and oils
Total raw materialsFoodstuffs , _ _Textiles. _ _ __ _ _ _MetalsChemicals and oils
UNFILLED ORDERSTotal _ _ _ _ _ _ _ _ _ -
Textiles _ _ ___Iron and steel _ _ _ __ __Transportation equipmentLumber
WHOLESALE TRADE
Grand total, all classesGroceries _ _ _ _ _ _MeatsDry goods _Men's clothingBoots and shoes.Hardware _.DrugsFurniture
RETAIL TRADE
Mail order houses (2 houses)CHAIN STORES:
Ten-cent _ _ _GroceryDrug
DEPARTMENT STORES:Sales _ _ _ _ _Stocks _ _
Maxi-mumsince
Jan. 1,1923
112112151204148
138179143141118129
156
125136138157179125192123199156131
186230204136153
167154157204142
124119130128167130118141140
275
308257260
189117
Mini-mumsince
Jan. 1,1923
6759541865
727071528573
82
8879787874786466774684
6968435473
6752664956
828387704368768872
68
627782
7183
1938
Novem-ber
8479
116119104
10211311499
114101
137
11487
11814312510713675
156133112
154155170126136
7472764984
991001179066
10598
114106
188
158219169
122115
Decem-ber
7671
111122104
8088
111679982
142
12197
12914712511315477
164132117
15616317397
136
7172833562
227
305221224
18994
1939
January
8278
12341
101
9910513580
11187
139
12710712715212411618076
160145126
14815816189
125
7775865374
145
112224179
9189
Novem-ber
8177
113142101
73898163
10484
157
11610412113414811313974
14690
124
186219195122129
805581
11358
9699
11283609195
118106
225
174241215
123115
Decem-ber
7065
100127100
7273
101529273
158
11911013113516911616175
14473
126
186213204115130
785287
11666
1930
January
6759
10048
105
144
12210812814717911818074
14672
131
160168189100120
805590
11869
l
275
308257260
18594
138
117
8988
PEE CENT INCREASE (+)OR DECREASE (— )
January,1930, fromDecember,
1929
-4.3-1. 5
0.0-62.2+ 5.0
-8.9
+ 2.5-1.8-2.3+ 8.9+ 5.9+ 1.7
+ 11.8-1.3+ 1.4-1.4+ 4.0
-14.0-21. 1-7.4
-13. 0-7.7
+ 2.6+ 5. 8+ 3.4+ 1.7+ 4.5
-49. 8
-62,0
-51. 9-6.4
January,1930, fromJanuary,
1929
-18.3-17.9-18.7+ 17. 1+ 4.0
+ 3.6
-3.9+ 0.9+ 0.8-3.3
+ 44. 5+ 1.7
0.0-2.6-8.7
-50.3+ 4. 0
+ 8.1+ 6.3
+ 17.4+ 12. 4-4.0
+ 3.9-26. 7+ 4.7
+ 122. 6-6.8
-4.8
+ 4.5
+ 2.2-1. 1
* Fluctuations between maximum and minimum due largely to seasonal conditions.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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17
INDEXES OF BUSINESS—Continued
Relative to monthly average indicated
EMPLOYMENT*
(Relative to 1923-25 monthly average as 100)
Number employed, by industries:Total, all classes
Iron and steel _ _Machinery _ _ _ _TextilesFood productsPaper and printingLumber and products _ _ __Transportation equipment —
Group.Automobiles _
Leather and products. _ _Cement, clay and glass__Nonferrous metals _ _Chemicals —
GroupPetroleum refining
Rubber products _Tobacco products
Amount of pay roll by industries:Total all classes
Iron and steelMachinery _ _ _ _ _ _TextilesFood products,.Paper and printingLumber and productsTransportation equipment —
GroupAutomobiles _ _ ,
Leather and productsCement, clay and glassNonferrous metalsChemicals —
Group _ _Petroleum refining.
Rubber productsTobacco products _
WHOLESALE PRICES
Department of Labor Indexes
(Relative to 1926 monthly average as 100)
All commodities _ _Farm productsFood, etcHides and leather productsTextile productsFuel and lightingMetals and metal productsBuilding materialsChemicalsHouse-furnishing goods.. ^Miscellaneous _ _
Classified by condition of manufacture:Semimanufactured articlesFinished productsRaw materialsNonagricultural commodities
Commercial Indexes
(Relative to 1926 monthly average as 100)
Dun'sBradstreet's
Maxi-mumsince
Jan. 1,1923
106108122111109107104
110131112107113
119125117109
112114132111109118107
117152116108128
118129150111
105114107127114112113116104111127
128103109106
106112
Mini-mumsince
Jan. 1,1923
91888884939685
8179888485
90958484
85778377949283
8066807981
90908276
9494859893819790939779
94939393
8595
1938
Novem-ber
9998
10496
10210491
901098992
102
10710411099
10410511097
10511294
961158091
119
10810711294
971021001169684
10296969680
97979695
103102
Decem-ber
9897
10597
10210488
901088990
102
10810511096
10410311410010611490
961128688
121
10810711494
9710498
1169684
10397969680
9796 !9795
102100
1939
January
9797
1079699
10386
941189284
102
10810411284
10110111297
10211183
941159079
117
10610511976
9710699
1149683
10497969781
97979995
103101
Novem-ber
9897
11597
10210788
8384948994
1141249196
10210012296
10611789
89848486
100
1161268694
9410199
1089282
10296949780
96949593
10095
Decem-ber
9592
11294
10110782
8180908290
1121218989
9994
12094
10611883
8673848096
1141258589
9410299
1079081
10296949780
94949592
9990
1930
January
9392
1009397
10577
8386917586
1111219084
9491
11492
10311573
8174856792
1091218977
93101
97 1105
89 i80 |
101 196 1939779
93939491
9889
i
PER CENT INCREASE (+)OR DECREASE (— )
January,1930 from
December,1929
-2.10.0
-1.8-1. 1-4.0
1 9-6. 1
1 +2.5! +7.5i +1.1I -8. 5
-4. 4
0 90.0
+ 1. 1-5.6
5 1-3.2-5.0-2. 1
2 8-2.5
-12.0
5 8+ 1.4+ 1.2
-16. 2-4.2
-4.4-3.2+ 4.7
-13.5
-1.11 O
-2.0-1.9-1. 1
1 9— 1.0
0.0-1. 1
0.0-1. 2
-1. 1-1. 1-1. 1-1. 1
-1.0-1. 1
January,1930 fromJanuary,
1929
4. 15. 2
+ 2.8-3. 1-2.0+ 1.9
-10.5
-11.727. 1
1. 1-10.7-15.7
+ 2.8+ 16.3-29.6
0.0
-6.9-9.9+ 1.8-5.2+ 1.0+ 3.6
-12.0
-13.8-35.7-5.6
-15.2-21.4
+ 2.8+ 15.2-24.2+ 1.3
-4.1-4. 7-2.0-7.9-7.3-3.6-2.9-1. 0-3. 1
0.0-2.5
-4. 1-4. 1-6.0-4.2
-4.9-11.9
* See tables on pp. 19 and 21 of the December, 1929, issue for earlier data.
98078—30 3
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18
INDEXES OF BUSINESS—Continued
Relative to monthly average indicated
PRICE INDEX NUMBERS
FARM PRICES(Relative to 1909-1914 average as 100)
A l l groups. _ _Grains _ _Fruits and vegetables __Meat animalsDairy and poultryCotton and cottonseedUnclassified. __ _
COST OF LIVING
National Industrial Conference Board Indexes
(Relative to July, 1914)
All items weightedFood (Department of Labor) _•ShelterClothingFuel and light (combined)FuelLightSundries
Maxi-mumsince
Jan. 1,1923
152178253167166252108
172167186177179208123176
Mini-mumsince
Jan. 1,1923
12510810898
1228179
158141159160156174118168
1938
Novem-ber
13411010915015514686
163157160172162183121171
Decem-ber
13411210814315914890
162156160171163184121171
1929
January
13311510914614914892
161155159169163184121170
Novem-ber
13611815914415713290
163160159168162183120170
Decem-ber
13511916314315713087
162158159169162183120169
1930
January
13411816714614612887
160155159166163184121168
PER CENT INCREASE (+)OR DECREASE (— )
January,1930 from
December,1929
-0.7-0.8+ 2.5+ 2.1-7.0-1.5
0. 0
-1.2-1.9
0.0-1.8+ 0.6+0.5+ 0.8-0.6
January,1930 fromJanuary,
1929
+ 0.8+ 2.6
+ 53. 20.02 0
-13.5-5. 4
-0.60.00.0
-1.80.00.00.0
-1.2
NATIONAL ADVERTISING IN NEWSPAPERS
YEAR AND MONTH Total Passen-ger cars
Tires,trucks,
andacces-sories
Finan-cial
Build-ing
mate-rials
Elec-tricalappli-ancesand
supplies
Foodsand
bever-ages
Heatingand
plumb-ing
equip-ment
Medical Radio Tobac-coToiletrequi-sites
Trans-porta-tion
Allother
Thousands of lines
1928January - .FebruaryMarch _ _ _ _ _April
MayJune - _ _JulyAugust _ _ _ _ _ _ _
SeptemberOctober _ _November _ _December _ _
Total
1929January _ _ _FebruaryMarchApril
May -_. - . _JuneJuly . - *August _ _ _
September _- _ _OctoberNovemberDecember _ _
Total .
44, 26612, 4014R, 66449, 965
49 81042, 91641 33939, 167
43, 40252, 95551, 38040, 586
516 851
52, 27013 73156, 13355, 868
61, 54856 11848 02344, 095
52, 86964 03752, 87936, 724
594, 295
10, 3981,6287,5428,193
6 7706,1687, 1937,064
6,7206,5237,0636,341
81, 603
11, 0101 6899,2289,779
8, 7576 6036,2197,088
6,8847,3964,0982,664
81, 415
2,267562
3,3154,712
5 4436,4885 5365,681
4, 6965,0224,511
' 3, 806
52 039
3,927733
3,7815,288
7,3977 9267,5656,745
5,5025 7195,9964,279
64, 858
8,477• 2,269
7,2066,843
7 1305,8636,6484,796
5,8217,1936,8567,518
76, 620
9,6252,3578,0117,653
8,1767,4858,6726,304
7,4578,8126,5786,943
88, 073
27273
642944
964549342400
811821426237
6,481
24683
6001,261
1,148632275274
775769338109
6,510
444173736
1,301
1 2361,127
822887
895893848
1,144
10, 506
470220
1,4661,495
1,5531,7631,093
888
1,5601,3541,062
935
13, 859
3,5811 3356,5357, 108
7 8517,4496 6405,802
5 6786,6286,0623,281
67 950
3,9551 4547,1857,556
8,8378 2306,6765,895
6,4407,7136,8483,452
74, 241
249105352580
600492352476
979879595404
6,063
402135
- 579649
650381319422
782817513344
5,993
6,3591 5635,8933,828
3 3922,3472 2322,214
2,9205,2246,0973,952
46 021
8,1171 5816,5574,266
3,8102,8302,2852,190
3,0195,5955,9673,072
49, 289
1,585436
1,210637
599583634
1,009
3,7593,9243,8633,038
21, 277
2,148701
2,1761,390
2,1481,8852,5153,017
6,2057,1095,7344,021
39, 049
2,5101 1335,0813,826
2 5802,1172 5202,709
2,0062,6532,3351,602
31, 072
2,7031,1783,8853,161
5,1714,2642,4842,107
3,2174,6174,1121,515
38, 414
1,915678
3,3453,323
2,9682,2942,2501,949
2,1393,8312,6051,388
28, 685
2,742914
3,5743,333
2,9363,1232,5922,372
3,0203,8072,2671,177
31, 857
2,188468
1,9362,578
3,6303,3612,9462,467
1,7341,9962, 3962,351
28, 051
2,324526
2,3072,960
4,2634,6673,7563,121
2,3212,5302,8022,747
34, 324
4,0211,9784,8726,092
6,6464,0813,2243,715
5,2457,3667,7215,524
60, 485
4,6012,1606,7837,078
6,7046,2913, 5722,672
5,6867,8006,5655,466
65, 378
i Compiled by the Media Records Incorporated, New York City. These data are derived by actual measurement of space and represent the amount of national advertisingappearing in all newspapers, both daily and Sunday, of the following 50 identical cities: Akron, Albany, Atlanta, Baltimore, Birmingham, Boston, Buffalo, Chicago, Cleve-land, Cincinnati, Columbus, Dallas, Dayton, Denver, Des Moines, Detroit, Hartford, Indianapolis, Kansas City, Mo., Knoxville, Los Angeles, Lousiville, Memphis, Mil-waukee, Minneapolis, Nashville, Newark, New Orleans, New York, including Brooklyn, Norfolk, Oakland, Okalhoma City, Omaha, Philadelphia, Pittsburgh, Portland,Oreg. Providence, Reading, Rochester, San Francisco, Seattle, Springfield, Mass., Spokane, St. Louis, St. Paul, Syracuse, Toledo, Tulsa, Washington, and Worcester,Mass. National advertising is the advertising of products on general sale, as distinguished from the advertising of retail stores, not including any automotive or financialadvertising. The application of this definition is uniform in all cities measured by Media Records (Inc.).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
19
AUTOMOBILE PRODUCTION IN THE UNITED STATES1
[Number of vehicles]
MONTH
JanuaryFebruaryMarchA prilMayJuneJulyAugustSeptember .OctoberNovember..December _ _
TotalMo. av_.-
JanuaryFebruary. -.MarchAprilMayJuneJulyAugustSeptember .OctoberNovember..December _ _
TotalMo. av.--
1913
35, 66235, 66345, 27360, 33557, 19953, 58134, 80831,41629, 86028, 53732, 27640, 390
485, 00040,417
34, 48334, 42343, 88757, 58454, 87151, 51233, 16529; 22727, 03525, 00230, 63938, 781
461, 50938, 459
1914 1915 1916
45, 64448, 48260,21170, 36756, 35444, 97530, 98748, 37353, 52344, 26432, 69833, 176
569, 05447, 421
44, 36446, 60957, 97267, 99053, 52142, 99129, 23646, 79352, 09541, 58830, 53829, 982
31, 25349, 30994,311
101, 91088, 39091, 05965, 60482, 08298, 86189, 12784, 76993, 255
107, 402124, 546162,074152, 529155, 950139, 794120, 755106, 623140, 281134, 393140, 255.133,106
969,930 1,617,70880,8281 134,809
28, 30444, 91988, 58395, 53781, 05483, 81359, 1117(3, 24691, 79780, 53978, 19387, 834
100,806117,460153, 175143, 371147, 840133, 363112,81099, 330
132,115125, 889131,841127, 578
1917 1918
TOTAL
122, 002144, 674165, 622172,045185, 721172, 656164,764146, 454162,883165, 333156, 716115, 079
92, 208106, 962132, 142153, 673143, 003118, 859118, 06089, 54259, 55550,31143, 24463, 127
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929
PASSENGER CARS, TAXICABS, AND TRUCKS
93, 7791 14, 598146, 091165. 229176^ 484166, 575164, 831165,414180, 786207, 222190,32)162, 265
187, 937188, 030229, 212173,398210, 019225, 677209, 652205, 205188,514165,298134, 975109, 432
53, 237! 89, 37470,599| 117,871
112,453 171,487152, 201 219, 394156, 805 255, 622190, 520 278, 876176, 870! 245, 755181, 270 290, 838158, 760' 203, 927148, 009 232, 8241 ! 6, 644! 232, 92379,455 225,285
1, 873, 9491, 170, 686:1, 933, 595J2, 227, 34911, 596, 823156,162 97,557 161,133 185,612; 133,069
116,815138, 759157, 882163, 618175, 583162, 926154, 638132,234148, 572152,088140, 837101, 840
81,61195, 202
112,279130,361118,63897, 19493, 90967, 05839, 59130,11929, 94147, 533
543, 679 895, 930 1, 525, 578! 1 , 745, 792 943, 43645,307! 74,66l| 127, 132 145,433J 78,620
76,42297, 126:
124, 559145, 359154, 792144, 805142, 135140, 479154,119177,270161, 600138, 986
PASSENGER
157,115s 45,397158,921 60,326^193,641 98,941;149, 457 137, 840182,027 144,097192,826 177,086181,051 165,616176,234 167,756160,520 144,670138.031 134,774118,944 106,08196, 793 70, 727
1, 657, 652 1, 905, 560 1, 453, 111138,138 158,797 121,093
2,544,170212, 015
CARS
80, 194104, 936152,331197, 903232, 439252, 704223, 823246, 867184, 485211,164210, 955205, 142
245. 889 318, 589278, 091 1 370,569359,476! 383,424379, 138i 375, 868395, 5551 315, 177380, 110! 251, 900331,844! 269,812348, 216J 284, 693327, 720i 296, 382366,461 294,553314,504; 234,611307, 008 207, 062
240, 579283, 638374, 406433, 792419, 056398, 524398, 947260, 236325, 728441, 981372, 271316, 672
308,998! 238,908363,652! 304,735433, 467' 394, 513439,336! 406,382425, 167 405, 648386,269 323,817359,610: 289,396426, 851 1 309,994398, 938! 260, 310334, 421 219, 682256, 30l| 134,370167. 924 133, 571
231,728 401,037323, 796 466, 418413, 314 585, 457410,104! 621,910425, 783 604, 691396, 796 545, 932392, 086 500, 839461, 298 498, 628415, 314 415, 912397, 284 380, 017257, 140 217, 570234,116 119,950
4, 034, 012 3, 602, 540 4, 265, 83Q!4, 300, 934 3, 401, 326 4, 358, 759 5, 358, 361336,168! 300,2125 355,486 358, 411 1 283,444 363, 230| 446,530
224, 549 287, 198254, 808: 337, 045324,3141 347,164340,283! 337,238350, 279! 277, 284338, 424 1 220,794300, 8961 242, 177317,1411 254,610300, 647! 262, 695335, 836 2t>0, 244286, 006 i 204, 323277,947| 179,233
210, 980248, 854328, 589384, 780374, 025359, 103356,314221,830266, 037395, 801332, 666282, 594
278, 228325, 975388, 215389, 453378, 485343, 150320, 074382,671354, 0681292, 029!221, 653 ;
139,101
199, 201263, 642345, 549358, 261358, 409280, 313237, 541275, 377226, 198182, 456108, 984105, 309
2, 302, 923 3, 651, 130i3, 210, 005 3, 761, 573J3, 813, 102 2, 941, 240191,910 304,261! 267, 500 1 313,464 317,759| 245,103
205, 142290, 689371, 150364, 265375, 356356, 214338, 383400, 124358, 615339, 487216, 754204, 957
3,821,136318, 428
347, 382405, 708513, 344537, 225516, 055452, 598426, 137441,912364, 780320, 327169,28291, 234
4, 586, 020382, 168
TAXICABS
JanuaryFebruary. _-Mi archAprilMayJuneJulyAugustSeptember _OctoberNovember..December »
TotalMo. av
!
MIII'T" " """ j I "!- , ,
i !i !
|i j
785543526278264
! 492! 374i 4841 469
. 789I 1,076
1 340
7,420! 618
767j 449497! 529488> 482501 ! 42134li 316238! 307337! 270556 208287 245533 586766 i 774813! 774
6, 124 5, 361510; 447
504462671612507408409469276659700
1,036
6,713559
2,0642,1082 0791,6861,3181,3781,0541 040
865868
1,6461,483
17, 5891,466
TRUCKS
JanuaryFebruary. ..MarchAprilMayJuneJulyAugustSeptember _OctoberNovember..December__
TotalMo. av
1,179! 1,2801,240 1,8731, 386! 2, 2392, 75lj 2, 3772, 328 2, 8332, 069 1, 9841, 643 1, 7512, 189 1, 5802, 825) 1, 4282, 635! 2, 6761, 646 2, 1601, 609j 3, 194
23, 500! 25, 3751, 958! 2, 115
2,9494,3905, 7286,3737,3367,2466,4935,8367,0648,5886,5765,421
74, 0006,167
6,5967,0868, 8999,1588,1106 4317,9457,2938,1668,5048,4145,528
92, 1307,678
5, 1875, 9157,7408 427
10, 1389,730
10, 12614, 22014,31113, 24515, 87913, 239
128, 15710, 680
10, 59711, 76019, 86323 31224, 36521 66524 15122,48419, 96420, 19213, 30315, 594
227, 25018, 938
17,35717, 47221, 53219 87021,69221 77022, 69624, 93528, 66729, 95228, 72123, 279
275, 94322, 995
30, 82229, 10935, 57123 94127 99232 85128 60128, 97127, 99427, 26716,03112, 639
321, 78926,816
7,84010, 27313, 51214 56112' 70813 43411 25413, 51414, 09013, 23510, 5638,728
143, 71211,976
9,18012, 93519, 17621 49123 18326 17221 93223, 97119, 44221, 66021, 96820, 143
241, 25320, 104
28, 34023, 28335, 16238 85545 2764l 68630 94831, 07527, 07330, 62528, 49829, 061
382, 88231, 907
31, 39133, 52436, 26038 6303/ 89331 00627' 63530, 08333,68734, 30930, 28827, 829
392, 53532, 711
28, 81434, 24145, 29148 73444 76738 92Q42 25937, 92259, 22245, 39138, 52932, 738
496, 83741, 403
30, 00337, 18044, 76449 38246 34142 88139, 19943, 62444, 58341, 85933, 88228, 010
481, 70840, 142
39, 25840, 56448, 48247 70046, 92343 19731, 58534, 40933, 86736, 64024, 61227, 488
454, 72537, 894
26,082 51,59132,645 58,60241, 493; 70, 03445 227! 82, 99949, 920' 87, 31840 174 91,95653, 294! 73, 64860, 705! 55, 64656,423! 50,26157, 138 58, 82239, 686 46, 64228, 123 27, 233
530, 910: 754, 75244, 243; 62, 896
i Data through June, 1921, compiled by the National Automobile Chamber of Commerce from actual monthly reports from the principal producers, covering close to 90per cent of the industry, from quarterly reports of other member companies, prorated to monthly figures according to the relative output of the larger companies, and fromannual figures of small nonmember companies, covering the balance of the industry, prorated to monthly figures according to the relative output of the companies reportingon a monthly or quarterly basis. Beginning with July, 1921, figures are actual reports from practically the entire industry compiled by the U, S. Department of Commerce,Bureau of the Census, including data from the National Automobile Chamber of Commrece. Figures for passenger cars include taxicabs prior to 1925 and those for trucksinclude ambulances, funeral cars, fire apparatus, street sweepers, and busses. All these figures, revising data previously published, represent production or factory sales andcover the United States only.
SALES OF THE GREAT ATLANTIC AND PACIFIC TEA CO.1
YKAR. AND MONTH
1928SeptemberOctoberNovember ._ _ _December
1939January _
SALES(Thousands of dollars)
Total
$69, 33693, 42973, 84474, 911
91, 983
Num-ber of
weeks
4544
5
Weeklyaverage
$17, 33418, 68618, 46118, 728
18, 397
TONNAGE SALES
Total
309, 451419, 079338, 704345, 595
425, 590
Weeklyaverage
~
77, 36383, 81684, 67686, 399
85, 118
\ SALES(Thousands of dollars)
YEAH A N D MONTHTotal
1939September $75, 246October 105. 995November 83 714December 87 260
1930January 104, 271
Kf Week1^weeksj ™*W
4 ! $18,8115 ! 21, 1994 20,9284 \ 21,815
5 20,854
TONNAGE SALES
Total
336, 309472, 644381, 106407, 339
492, 425
Weeklyaverage
84, 07794, 52995, 276
101, 835
98, 485
» Compiled by the Atlantic & Pacific Tea Co. and represent the sales of identical stores for thelperiods'shown.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
20
RELATIVE DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE CENTERSGROUPED BY FEDERAL RESERVE DISTRICTS
[Table continued on p. it]
U.S.TOTAL
YEAH AND MONTH HIi CEN-
TERS
1919 av., mills, dolls 37, 446
1919 monthly average..1920 monthly average..1921 monthly average..1922 monthly average. .1923 monthly average. _ i1924 monthly average..1925 monthly average..1926 monthly average..1927 monthly average..1928 monthly average..
1928May . .June.JulyAugustSeptemberOctober - _NovemberDecember
1929Januar v .FebruaryMarch - -AprilMavJuneJulyAugustSeptemberOctoberNovemberDecember
1930JanuaryFebruaryMarchApril
YEAR AND MONTH
1919 ;tv., mills, dolls
1919 monthly average..1920 monthly average..1921 monthly average- _1922 monthly average. .1923 monthly average..1924 monthly average. _1925 monthly average. _1926 monthly average _.1927 monthly average. .1928 monthly average. _
1928MayJuneJulyAugust _SeptemberOctoberNovemberDecember
1929January. __FebruaryMarchApril-May ...JuneJuly ...August.. __SeptemberOctober. . . .NovemberDecember
1930January _February.--March ._April _..
100.0106.088.797.8
103. 2109.5126.8135. 3150.0179.5
191.3 i193.6 i157.5156.3 i168.7 i194.7 !190.6 !220.1
221.3189.1223.2199.7204.5186.1207.4206.7207.42 5.3219.4178.4
161.5
BOSTON DISTRICT
Total,11
centers
1,769
100.0109. 2102.4105. 5117.1 i120.9 1136.7141.6158.1 i161.3 !
170.0163. 5149.1 !143.4 I142.4172.2166.8178.5
181.3i 151. 2
171.41 166. 0i 167. 4! 162. 5
182.1186.7174. 5
1 217. 5186.3171.4
172.4
1
Boston HJJ*-
1,245 j 92
100.0105.9106.7109.3120.2125. 6143.9157.0168. 9169.1 i
177.0168.6157. 4152,2148.8180.4176.5187.5
187.9159.5178.4168.8173.7166.5189.8200.7179.5231.9195.1180.2
181.4 |
100.0117.498.9
103.3119.6131.3141.7152.3202.5232.7
272.8245.7200.0188.1210. 9231.5217.4259.8
295.7220.7267.4301.1254.4250.0300.0287.0341.3322.8273.9238.1
254.4
Provi-dence
,144
100.0 |118.7 i93.0 i95.1 !
105.5104.4114.9113,4113.2115.5
129.1134.0111.1106.9110.4142.3124.3137. 5
143.7117.3134.0131.9133.3137.5140.2128.4127.1166.6152. 1136.8
131. 9
NEW YORK DISTRICT
New ! T°7ta1'
Haven centers
72 j 20,917
100.0 100.0118. 1 99. 498.6 85.2
104.2 98.4122.2 ! i 98.2125.8 i 108.3134.6 i 128.7139.6 ! 139.0148.6 160.1162.4 ; 203.7
i i
175.0175.0161.1147.2152.8176.4 i159.7172.2 !
195.8144.5 1172.2 i172.2 i166.7 ;170.8 :180.6168.1173.6201.4179.2 !161.1
176.4
221.4222.4 !172.1 i172. 0189.4220.9220.0257.2
266.7225.4270.0234.4244.4211.9240.8239.9246.2308.9261.5195.3
170.5
"
ATLANTA DISTRICT
Total,Id
centers
928
100.0115. 184.286.0
100.0105. 3125.0128.1123.9123. 1
122.0118.6114.7112.9114.4134.0129.9145.5
143.6120.2134.3132.3126.3120.5126.7121.4117.5142.0123.8129.4
130.5
!Atlanta
123
100.0108.985.490.2
108.9113.1129.2132.7127.8137.7
132.5126.8121.1117.1122.8145.5167.5204.9
186. 21 169. 9
195.9188.6187.0165. 9180.5
! 179. 71 143. 9
171.5152.0154.5
165.0
Bir-ming-ham
NewOr-
leans
59 304
100.0128.8103.4133. 9183.1199.3226.7243.8253. 5255.4
271. 21 250. 9
245.8235.6
! 242. 4! 294. 9
261.0! 279. 7
281. 4215. 3
i 252. 6255. 9
i 252. 6232.2244.1
! 239. 0244.1296.6254.3257.6
272.9
100.0115.482.289.597.4
106.4118.2113.7114.8112.6
106.2105.2107.2102.3107.6120.7119.4134.2
129.6105.6117.4112.2104.395.7
107.9101.6102.0131.2114.5125. 0
118.1
Jack-son-ville
48
100.0125.091.797.9
112.5126.5206.2232.6181.6156.4
160.4158.3147.9143.7133.3152.1143.7172.9
168.7158.3175.0183.3162.5152.1162.5141.6131.2158.3143.7
; 156. 2
170.8
Nash-ville
93
100.0120.4105.471.078.579.287.689.797.6
108.5
109.7110.796.8
121.5100.0120.4120.4111.8
146.2119.3129.0119.3109.7145.1111.8112.9106.4118.3101.1106.4
105.4
Au-gusta
37
100.0110.864.970.383.874.678.272.674.875.0
73.064.964.962.264.989.273.086.5
75.764.975.775.770.362.262.264.978.4
100.075.783.8
67.6
Albany Buffalo
1I
87 263
100.0111.5119.5119. 5118.3134.8147.7154.0168.3179.0
i
265.4 i202.2152.8142.5139.0156.3157.4198.8
186.1157.4233.2241.3282.7212.6204.5196.5178.1209.1191.9202.2
176.9
100. 0114.892.899.6
114.8115. 0133.3136.9140.6166.0
167. 7173.0160.4162, 0102.7190.5180.2196.6
191.2149.8180.2181.4176.0188.2217.1226.2232.3256.3213.3176.4
160.4
Roches- Newter York
120 20, 354
100.0 !119.2 !103. 3110.0124.2129.0144.3146.3152. 2157. 8
160.8196.7153.3139.2148.3165.0155. 0180.0
175.0141.7165.8153.3149.2164.2176.7159.2182.5193.3158.3155.8
151.7
100.098.884.898.297.6
107.9128. 3138.8160.3204.8
222.4223.3 1172.4 1172.5190.3 !222.0223.4259.0 |
268.8227.4272.3235.7245.0212.6241.8240.9247.3311.1263.4195.8
170.6
PHILADELPHIA DISTRICT
Total,10
centers
1,625
100.0113.395.8
102. 5114.3116.8129.5134.6140. 0156.2
163.5175.8143.8132.8146.6169.7163.6189.3
179.1156.1175.1
1 178. 4166.7
! 177. 1175.5154.2154.0186.2180.1
! 175. 5
160.6
Phila-delphia
1,373
100.0112.493.8
101.7111.9114.3128.1133. 1138.6155.8
164.0177.8142.9131. 1146.1169.4164.7191.2
178.9155.9177.7179.9167.1178. 7175.3153.2152.5185.6181.8171.1
159.6
Scran- Tren-ton ton
53
100.0124.5 !122.7109.4139.6 ;142.3138.9 i144.2 i145.5 i146.6
154.7151.0130.2126.4134.0145.3137.8154.7
151.0137.8143.4141.5141.5139.6139. 6135.9135.9171.7152.8147.2
143.4
43
100.0125.6111.6118.6137.2146.5159.6168. 5175. C187.4
186.1202.4172.1172.1172.1195.4188.4230.3
200.0216.3181.4193.1183.8193.1227.9186.1190.7211.7204.7230.3
211.7
CHICAGO DISTRICT
Total,21
centers
4,242
Chi-cago
2,800
iWrnii !lndlan-lletroit apo,is
| 525 136
100.0 100.0 100.0116.0 113.0 125.292.0 91.7 i 91.296.8 96.2 i 101.3
108.8 105.0 i 125.7110.8 106.3 1 130.6124.9 120.4 158.3132. 0 127. 5 166. 4137. 9 136. 8 162. 8155.3 152.3 213.2
162.0162.1145.4146.6151.7165.8155.9184.6
173.7153.3
i 180. 3! 163. 4
166.5163.7178.4187.8179.9206.4179.7162.5
154.7
162.6159.2139.3139.7144.1160.5153.1176.9
170.1154.9185. 7158.9160.0158.7176.6192.8177.2214. 6
; 185.31 162. 8
151. 6
206.1217.4205. 5216. 6237. 2233. 8216. 2301.4
255. 3201.4220.2234. 9252.4233.0242.3234.5260.8253.0215.1208.8
201.5
! 100.0123. 5
i 100.0104.4115.4110.9115.4135.2136.2139.6
141.9137.5135.3133.8127.9146.3143.4156.6
155.1140.4150.7143.4151. 5156.6165.4159. 6147.8164.0157.4148. 5
148.5
Mil-wau-kee
237
100.0124.097.5
101.7115.6110.5119.4127.3130.1131.5
134. 6i 42.6! 131. 2! 129.5i 121. 5i 138. 4
127. 0131. 2
128.3115.2130.8122.8117.3128.3142.6143.9140.1151.9147.7132. 9
137.1
DesMoines
83
100.0114.584.483.197.6
103.289.898.198.9
100.2
108.5108.594.097.695.2
106.0100.0100.0
101.286.8
100.0101.2106.0103.6103.6104.8103.6118.1103.697.6
106.0
i i i
GrandRapids
75
100.0128.0109.381.389.389.2
114.1115. 5110.3118.0
121.3124.0114.6114.6116.0126.6124.0130.6
133.3104.0126.6118.6128.0122.6126.6130.6132.0134.6113.3106.6
114.6
SiouxCity
63
100.0109.563.5
101.6119.0123.4136.9129.1114.792.5
95.2100.095.295.295.2 !
101.674.690.5
98.488.9
101.6106.3104.796.8
106.3101.695.2
104.790.5
101.6
104.7
!
See footnote on p. 22.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
21
RELATIVE D EBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE CENTERS—ContinuedGROUPED BY FEDERAL RESERVE DISTRICTS—Continued
[Table continued on p. tt]
YEAR AND MONTH
1919 average millions of dollars...
1919 monthly average1920 monthlv average _ _ _ __1921 monthly average1922 monthly average _ _ _1923 monthly average1924 monthly average1925 monthly average - ._1926 monthly average1927 monthly average1928 monthly average
1938May __June -JulyAugust -SeptemberOctober -- -November _December
1929January .February _MarchAprilMay -. -•-JuneJuly -AugustSeptemberOctoberNovemberDecember .
1930JanuaryFebruaryMarchApril -
YEAR AND MONTH
1919 av., mill, dolls
1919 monthly average..1920 monthly average..1921 monthly average..1922 monthly average..1923 monthly average..1924 monthly average. _1925 monthly average..1926 monthly average..1927 monthly average. _1928 monthly average,.
1938MayJuneJulyAugustSeptemberOctober . ...NovemberDecember.
1939January _.FebruaryMarchApril _May.JuneJulyAugustSeptemberOctoberNovemberDecember
1930JanuaryFebruary . _.March . .April
CLEVELAND DISTRICT
Total,13
centers
1,963
100.016.489.694.6
110.9109.4122.0127.4136.6141.4
137.8151.8137.5130.0135.3156.1140.5169.9
154.2139.6150.0158.5145.7148.1165.4152.3145.7170.4152.1153. 1
144.0
Akron
90
100.0115.663.363. 380.081.4
100.0104.5112.9124.5
118.9132.2132.2117.8125.5141.1116.7141.1
136.7125.5133.3140.0134.4136.7148.9127.8130.0140.0124.4126.7
125.5
Cincin-nati
247
100.0113.0107.7117.4133.6128.0142.7150.3167.2181.2
174.1198.8171.7158.3159.1188.3169.7214.2
202.5176.5184.2201.2172.5179.0184.6165.2166.0206.5189.5189.5
183.4
Cleve-land
653
100. 0115.981.984.199.296.8
106.6115.9124.9130.0
122.0136.4126.2119.4124.3150.0123.4162.1
138.9134.1140.4153.1135.8141.3151.1149.6145.6165.5140.9154.9
141.8
DALLAS DISTRICT
Total,
centers
521
100.0117.494.297.9
101.3101.5112.4119.1124.5134.6
123.8128.6120.7123. 0141.8163.5145.5167.0
154.7131.8147.6142.2140.3129.3139.9138.7150.3179.4155.8154.9
142.2
Dallas
161
100.0114.390.798.9
107.5112.7130.8131.5135.6148.5
132.9131.7126.1131.1163.3188.8169.6185.1
178.3146.0168.3154.0145.3134.8139.1147.8165.8208.1175.8182.6
155.3
Hous-ton
138
100.0115.286.281.289.091.2
103.6126.0131.9140.1
124.6141.3129.7129.7147.8176.8147.1173.9
149.3136.2152.9145.6157.2136.9152.9147.8160.9188.4161.6148.5
149.3
FortWorth
92
100.0119.6109.8119.693.578.082.492.1
103.2115.8
112.0113.0114.1108.7116.3127.2119.6153.3
132.6104.4117.4120.7115.2115.2142.4122.8118.5142.4131.5133.7
110.9
Pitts-burgh
746
100.0118.594.997.2
112.7113.2126.4126.7137.1136.1
134.8150.5130.1125.2129.6147.1142.3159.6
147.1139.9148.7154.0147.7143.6167.9148.7138.6170.2161.6143.0
131.6
yngs-town
60
100.0110.078.383.3
103.4101.6117.0118.0118.5124.1
123.4135.0126.7121.7123.4136.7118.4151.7
138.4115.0135.0138.4120.0143.4151.7143.4135.0155.0125.0148. 4
135.0
Toledo
116
100.0117.2100.0123.8153.5155. 7179.2189.5205.2241.0
244.8260.4238.8210.4230.2271.6240.5277.6
244. 0170.7199.1219.0185.4190.5219.8191.4175.0218.1179.3194.8
184.5
Colum-bus
116
100.0111.2102.6112.1128.5116.0126.9138.3144.8148.3
146.6151.7137.9136.2138.8151.7146.6186.2
174.1150.0158.6173.3159.5163.8175.0164.7156.0187.1160.4176.7
167.2
ST. LOUIS DISTRICT
Sum-maryfor 5
centers
965
100.0105.489.094.5
110.4110.6124.2127.3127.4133.8
138.2144.1125.0119.9122.9147.1134.3157.8
146.8125.6140.7134.6132.1141.2136.9126.5134.0163.7142.5137.9
132.7
Louis-ville
156
100.092.382.087.8
101.9106.7120.8128.7123.6131.3
135.3145.5125.0119.2128.2134.6128.2148.7
150.6133.3136.5127.6136.5135.3138.5123.1128.8153.2136.5117.9
127.6
St.Louis
617
100.0106.591.994.2
108.4108.2120.8122.7120.9129. 0
137.6145.6123.8117.8114.4136.5122.7150.4
137.5117.2133.2131.5128.2145.7138.3125.3125.6147.5131.5133.9
129.0
Mem-phis
136
100.0107.473.587.5
106.6101.1111.7111.5119.6117.0
102.9102.997.191.9
110.3155.1146.3155.9
144.9120.6136.0121.3114.7108.1102.9110.3141.2202.2165. 4147.8
130.1
LittleRock
36
100.0125.0116.7127.8169. 5186.1204.9226.4220.8230.4
222.2202.8194.5194.5233.4300.0261.1277.8
236.1200.0238.9225.0216.7191.7211.1211.1258.4338.9263.9250.0
225.0
Dayton
50
100.0104.0110.0112.0138.0136.0156.0176.5188.8194.5
190.0206.0202.0186.0182.0202.0168.0228.0
242.0190.0232.0216.0198.0214.0248.0210.0214.0220.0198.0212.0
228.0
RICHMOND DISTRICT
Total,7
centers
718
100.0111.895.589.698.696.3
106.7108.4107.1105.4
105.0114.2101.496.593.6
112.7102.8120.1
113.396.4
108.4110.3104.9105. 0109.1113.9101.5120.5112.1110.9
108.7
Balti-more
404
100.0115.6104.989.193.393.4
104.6107.4104.2102.0
103.7119.0102.793.386.4
104.095.8
112.6
106.293.3
104.4109.1101.2106.9111.6120.3103.0117.8110.1107.2
107.7
Norfolk
84
100.0102.371.478.588.182.285.894.289.085.4
90.484.580.982.172.694.083.3
107.1
94.073.885.780.982.180.183.380.173.889.388.190.4
80.9
Rich-mond
16
100.0108.798.3
100.9112.9109.1122.9121.5120.2123.6
111.2119.0112.1117.2128.5146.6130.2144.8
133.6114.7125.0121.6115.5117.2123.3134.5120.7146.6141.4134.5
126.7
Green-ville 2
37
100.0102.767.667.678.469.473.076.275.064.2
67.658.854.148.751.470.364.967.6
73.062.264.959.559.556.856.854.151.473.064.959.5
73.0
MINNEAPOLIS DISTRICT
Total,9
centers
659
100. 0108.582.788.094.8
104.2114.3104.9110.0117.5
115.3119.8112.3109.4131.8155.0127.3127.3
113.0100.0113.0112.0116.1120.0138.7150.2147.8154.0138.4135.0
113.9
"1"""II """"
Duluth
90
100.0120.084.482.285.5
117.7118.288.3
103.0101.3
107.8110.077.877.8
142.2181.1130.0101.1
74.466.775.577.891.197.8
122.2132.2127.8125.5116.7105.5
71.1
Minne-apolis
354
100.0109.684.285.091.5
103.8119.4110.3113.9124.6
125.1127.1122.9119.8139.3159.3131.9134.2
122.3107.4120.9119.8126.8130.0154.8171.8169.8172.3151.7150.0
128.0
St.Paul
162
100.098.275.397.5
106.8101.6104.7102.2106.7110.6
100.6111.1106.8101.2109.9125.9113.6125.3
113.0103.1117.3111.1105.6111.7117.3120.4116.1130.3124.7124.7
111.1
Helena
11
100.0100.0100.090.981.885.685.682.683.387.9
72.781.881.8
100.090.9
127.3100.0109.0
90.972.781.8
100.081.881.8
100.0100.0100.0109.1109.1100.0
81.8
Billings
9
190.0111.188.977.888.978.784.388.092.6
110.2
100.0100.0100.0100.0122.2166.7133.3111.1
100.077.8
100.0100.0111.1100.0111.1111.1122.2]
-
22
RELATIVE DEBITS TO INDIVIDUAL ACCOUNTS AT CLEARING-HOUSE CENTERS—ContinuedGROUPED BT FEDERAL RESERVE DISTRICTS—Continued
YEAR AND MONTH
1919 average, millions of dolls.
1919 monthly average1920 monthly average1921 monthly average1922 monthly average -1923 monthly average1924 monthly average1925 monthly average1926 monthly average1927 monthly average .1928 monthly average
1938MayJune - - -July -August - -September _ _ _ _ -OctoberNovember _ . _ . - _
1939January _.February _ _ _ _
AprilTVTavJune .JulyAugustSeptember
NovemberDecember - --
1930January -FebruaryMarch . .
KANSAS CITY DISTRICT
Total,
centers
1,231
100.0109.882.084.290.685.795.5
100.4102.3108.9
103.1107.1112.7112.8110.7122.7107.0120.9
117.1102.3117.9116.0112.7115.3140.4128.1116.7135.8124.5119.8
114.5
Denver
146
100.0139.798.6
102.7111.6112.9121. 5123.2120.4125.4
123.3126.0120. 5122.6129.4145.2128.1131.5
136.3118.5148.6145.2135.6133.6137.7149.3130.1166.4139.7
121.9
KansasCity,Mo.
Omaha
413 264
100.0 i 100.094. 9 95. 574.6 67.474. 3 73. 184.3 i 77.781.4 i 69.790.1 | 76.993.4 75.493. 8 76. 0
102. 4 I 82. 1
94.296.8
113.1112.1105.1117.799.5
113.1
107.394.4
111.6104.8105.3110.4145.3127.1112.6129.5118.1
80.781.483.790.989.488.675.877.7
84.175.889.486.083.083.796.698.187.598.185.2
103. 9 84. 9
St.Joseph,
Mo.
85
100.097.681.169.472.971.672.773.466.970.0
69.468.265.969.470.672.965.974.1
74.161.269.468.265.965.978.876.465.971.762.3
68.2
Okla-homaCity
68
100.0153.0129.4119.2114.7112.1127.4139.1154.6167.1
157.4161.8157.4151.5163.3203.0167.7207.4
185.3175.0176.5185.3186.8183.9216.2182.4189.8216.2208.9
208.9
Tulsa
94
100.0131.988.3
105.3104.389.5
112.6136.0139.2147.0
135.1145.8133.0147.9151.1168.1155.3207.5
184.1147.9159.6172.4161.7169.2202.2170.2173.4197.9190.5
174.5
SAN FRANCISCO DISTRICT
Total,18
centersLos
Angeles
1, 909 314
100.0123.2104.4107.2126.3128.9142.9155.7172.3198.7
218.8224.1177.9178.5192.7206.1190.6222.5
209.4187.4223.3191.5197.7190.3196.7208.3197.3241.6209. 8191.2
186.9
100.0139.2143.0165.0223.6236.7251.1278.1297.2342.7
371.1367.2300.7306.4325.8369.5357.4372.6
404.2371.4435.1383.8394.9365.0365.0-393.3366.3433.2394.0
352.9
Port-land,Oreg.
181
100.0108.882.376.286.289.492.0
101.094.2
101.4
111.1109.9102.2102.2102.8114.9116.0111.1
101.197.2
110.598.3
111.6105.0108.8115.5114.9121.0121.6
96.7
SanFran-cisco
760
100.0124.6101.994.8
104.0107.1126.1138.2165.0201.6
235.8249.9171.7170.8194.1192.7194.2221. 1
189.1172.3210.6164.0174.0167.4175.9191.0184.2244.8191.2
170.3
Seattle
206
100.096.167.073.383.087.798.0
103.2105.8119.7
126.7125.7113.1118.4116.5134.9108.7130.1
133.0112.1140.3;28.6125.7125.7138.3141.7133.0159.7140.3
122.3
Oak-land,Calif.
63
100.0160.3128.5144.4192.0196.3227.3273.0356. 7399.1
401.5406. 3369.8355.5369.8409.4349.1533.2
407.9349.1417.4336.6372.9385.6385.6382.5325.3388.8358.7
319.0
!
DISTRICT TOTALS— SEASONAL VARIATIONS ELIMINATED
YEAR AND MONTH
1919 monthly average1920 monthly average-1921 monthly average1922 monthly average1923 monthly average1924 monthly average1925 monthly average1926 monthly average1927 monthly average1928 monthly average. . .
1998MayJune - -July _August _SeptemberOctober .NovemberDecember » _ __
1939January _ _FebruaryMarchAprilMayJune - _ _-July _August .SeptemberOctoberNovemberDecember _ _ -
1930January .FebruaryMarchApril..
U.S.total
100.0106.088.797.8
103.3109.5126.7135.4150.0179.1
191.1187.2158.9169.7177.6182.3186.9195.1
212.0219.9220.8204.4204.3180.0209.3224.4218.3239.0215.1158.2
154.7
Boston
100.0109.5101.9105. 4117.1121.1136.6146.0158.1161.3
170.9157.2147.5162.8156.7158.0158.1157.7
170.7175.8171.9171.1168.2156.2180.1211.9192.0199.5176.6151.4
162.3
NewYork
100.099.385.198.598.0
108.3128.6139.0160.2203.1
217.1213.0174.7191.5204.5208.2216.8226.4
252.8263.6265.5237.2239.6203.0244.5267.1265.9291.1255. 4171.9
161.6
Phila-delphia
100.0105.195.9
102.5114.4116.8129.4132.1140.0155.9
165.0167.1142.9140.1151.6159.9165.8167.5
175.2181.9174.6183.0168.2168.3174.5162.7159.3175.5182.5155.3
157.1
Cleve-land
100.0116.489.894.5
111.1109.5122.0127.4136.7141.3
142.2145.8133.2136.6138.9152.3144.1147.9
148.1160.8152.7159.8150.4142.3160.3160.0158.1166.2156.0133.2
138.3
Rich-mond
100.0112.197.689.598.896.5
106.8108.5107.3105.6
108.8111.3100.899.698.0
103.798.7
104.3
109.3112.5112.2117.3108.7102.3108.4117.5106.3110.9107.696.4
104.8
Atlanta
100.0115.184.485.999.9
105.3124.8128.4124.1123.2
126.3122.6121.0125.2118.7120.8122.2126.6
132.4135.4133.2139.1130.7124.6133.6134.6121.9128.0116. 5112.6
120.3
Chicago
100.0116.192.096.8
109.0110.8123.8132.1137.9155.1
163.3158.5143.5150.4153.5157.0158.4170.0
170.6175.6176.4168.3167.8160.0176.1192.6182.1195.5182.6149.6
152. 0
St.Louis
100.0105.589.19