survey of current business december 1928 - st. louis fedunited states department of commerce...

UNITED STATESDEPARTMENT OF COMMERCE

WASHINGTON

SURVEY OFCURRENT BUSINESS

DECEMBER, 1928No. 88

COMPILED BY

BUREAU OF THE CENSUSIN COOPERATION WITH

BUREAU OF FOREIGN AND DOMESTIC COMMERCE'' ' ' ; ' ' 7 ' ' ' ,' AND

BUREAU OF STANDARDS

IMPORTANT NOTICEIn addition id figures givenfrom Government sources, there are also incorporated for completeness ofservice figures from other sources generality accepted by the trades, the authority and responsibilityfor wkich are noted in the "Sources of Data" on pages 13$~14£ of the August^ 192$, semiannual issue

Subscription price of the SURVEY OF CURRENT BUSINESS is'21.50 a ye^r; single copies (monthly), 10 cents, semiannual issues, 25 cents*Foreign subscriptions, $2,25; single copies (monthly issues), including postage,, 14 cents; semiannual issues^ 36 cents. Subscription^price of COMMERCE REPORTS is ?4 a year; with the SURVEY, 25.50 a year. Make remittances, only to Superintendent of Documents,!Washington, D. C.fl by postal money order, express drder, or New York draft. Currency at sender's risk. Postage stamps or foreign •

money not accepted

U. S. G O V E R N M E N T PR1NTJNS OFFICE: ISZi

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTRODUCTION

The SURVEY OF CURRENT BUSINESS is designed topresent each month a picture of the business situationby setting forth the principal facts regarding the vari-ous Uiies of trade and industry. The figures reportedare very largely those already in existence. Thechief function of the department is to bring togetherthese data which, if available at all, are scatteredin hundreds of different publications. A portion ofthese data are collected by Government departments,other figures are compiled by technical journals, andstill others are reported by trade associations.

At semiannual intervals detailed tables are pub-lished giving, for each item, monthly figures for thepast two years and yearly comparisons, where avail-able, back to 1913; also blank lines sufficient for sixmonths have been left at the bottom of each table,enabling those \tfho care to do so to enter new figuresas soon as they appear (see August, 1928, issue). In theintervening months the more important comparisonsonly are given in the table entitled "Trend of busi-ness movements."

WEBKIY SUPPLEMENTRealizing tfcat current statistics are highly perish-

able and that to be of use they must reach the businessman at the earliest possible moment, the departmenthas arranged to distribute supplements every week tosubscribers in the United States. The supplements areusually mailed on Saturdays and give such informationas has been received during the week ending on thepreceding Tuesday. The monthly information con-tained in these bulletins is repubUshed in $he SURVEY,and the supplements also contain charts and tablesof weekly data.

RELATIVE AND INDEX NUMBERSTo facilitate comparison between different impor-

tant items and to chart series expressed in differentunits^ relative numbers (often called "index num-bers/' a term referring more particularly to a specialkind of number described below) have been calcu-

'lated. The monthly average for 1923-1925 haslisually been used as a base equal tp 100.

Thd relative numbers are computed by allowing themonthly average for the base year or period to equal100. if the movement for a current month is greaterthan the base, the relative number will be greater than100, and vice versa. The difference between 100 andthe relfttiVe number will give at once the per centincrease or decrease compared with the* base period.Thus a relative number of 115 means an increase of 15per cent over the base period, while a relative numberof 80 means a decrease of 20 per cent from the base.

Relative numbers may also b© used to calculate theapproximate percentage increase or decrease in a move-men$ from one period to the next. Thus, if a relativenumber at one month is 120 and for a later month it,is 144 there has befcn an increase of 20 per cent.

Wheto two or more series of relative numbers arecombined by a system of weightings, the resultingperils is denominated an index: number. The indexnumber, by combining many relative numbers, is

designed to show the trend of an entire group ofindustries or for the country as a whole, instead of forthe single commodity or industry which the relativenumber covers. Comparisons with the base year orwith other periods are made in the same manner as inthe case of relative numbers.

&ATIO CHARTSIn most instances the charts used in the SURVEY

OF CURRENT BUSINESS are of the type termed "RatioCharts" (logarithmic scale), notably the BusinessIndicator charts on page 2. These charts show thepercentage increase and allow direct comparisonsbetween the slope of 6ne curve and that of any othercurve regardless of its location: on the diagram; thatis, a 10 per cent increase in an item is given the samevertical movement whether its curve is near the bot-tom or near the top of the qhart. The differencebetween this and the ordinary arithmetic form ofchart can be made clear by a

UNITED STATES DEPARTMENT OF COMMERCE

SURVEY OFCURRENT BUSINESS

COMPILED BY

BUREAU OF THE CENSUSIN C O O P E R A T I O N WITH

BUREAU OF FOREIGN AND DOMESTIC COMMERCE AND BUREAU OF STANDARDS

No. 88 WASHINGTON December, 1928

C O N T E N T SSUMMARIES

PagePreliminary summary for November 1Business conditions in October 4Monthly business indicators (table and chart) 2, 3Wholesale prices (table and charts) 6, 7indexes of business 17Automobiles, building, mining, manufacturing (charts)- 8Electric power, transportation (charts) 8

NEW DETAILED TABLES

18Census of manufactures, 1927Industrial activity as shown by consumption of elec-

trical energy 19, 20Magazine advertising 20Floor and wall tile 21

INDEX BY SUBJECTS

Textiles _ ._ .Metals 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

910111111

121212

13145

141414

Tablepage

222428

27,29303132323435

37,404142434447

PRELIMINARY SUMMARY FOR NOVEMBER

The volume of trade during the early weeks ofNovember, as reflected by check payments, wasgreater than in the corresponding period of 1927.Activity in steel plants was on a higher scale than ineither the previous month or the same month a yearearlier. The value of new building contracts awardedduring the first weeks of the month was slightly lowerthan in the same period a year ago. Employment inDetroit factories, measuring in large degree the activityin the automobile industry, showed some recessionfrom the previous month but was considerably higherthan a year ago.

Loans and discounts of Federal reserve memberbanks were somewhat higher than in the previousmonth, showing an advance over the same month oflast year, as well. Interest rates on time moneyshowed very little change from the previous monthbut were higher than last year. Call-loan ratesaveraged lower than in October but were higher than

22906—28 1 (1)

a year ago. Stock prices continued to averagehigher, while bond prices, which showed a slightadvance from the previous month, were lower than ayear ago, reflecting the effect of higher interest rates.Brokers' loans reached a new high point duringNovember. The Federal reserve ratio showed onlyslight change from the previous month but was lowerthan a year ago.

The wholesale price index averaged somewhatlower than in October, but was still above the levelwhich prevailed in November of last year. Pricesfor wheat averaged lower than a year ago. Cottonprices averaged higher than in October but were lowerthan for the corresponding month a year earlier.Iron and steel prices continued to recover and wereslightly higher than during the same period of thepreceding year. Copper prices averaged higher thanin either the previous month or November a year ago.Business failures were approximately the same as inNovember of last year.


MONTHLY BUSINESS INDICATORS, 1923-1928[Ratio charts—see explanations on inside front cover. The curves on check payments, wholesale trade, sales of mail-order houses and KKcent 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]

1

120

10080

140

100

1923 i 1924 I 1925 i 1926 I 1927 (928

PRICE OF 25 RAILROAD STOCKS

1923 1 1924 1925 1926

-]I90

HI60440

4 20

4ooJso

-60


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:* Total manufacturing* Total minerals

Pig iron _.Steel ingotsAutomobilesCementLumber (5 species)Cotton (consumption) .Wool (consumption)

• Raw material output:Animal productsCrops .Forest productsCrude petroleumBituminous coalCopper

Power and construction :Electric power _Building contracts (37 States)

I Unfilled orders:General indexU. S. Steel Corporation

Stocks:General indexManfd. commodities (28)CottonCopper (refined)

Employment:Factories _.

Prices:Farm products, to producersWholesale, all commoditiesRetail foodCost of living (including food)

Distribution (values) :Bank debits, 141 citiesWholesale trade.Department stores, sales _Mail-order houses, sales10-cent chains, salesImports .Exports

Transportation:* Car loadings....

Freight, net ton-miles.

Finance:Member bank loans and discounts.Interest rate (commercial paper) . .Federal reserve ratioPrice, corporation bondsPrice, railroad stocks .Price, industrial stocksFailures (liabilities)

MONTHLY AVERAGE

1923 1924 1925 1929 1927

1927

Aug. Sept.! Oct. Nov. Deo.

1928

Jan. Feb Mar Apr. May June July Aug. Sept Oct.

1923-1935 monthly a?erage=100

101.0105.0111.7104,8101.592.198.6

105.0112.8

100.092.099.099.4

108.093.4

92.589.7

121.7125.8

94.593.8

102.5106.4

106,6

97.899.797.698.1

91.2101.098. 092.088.097.891.6

99.8102.2

94.1116.299.096.486 086.1

106.0

94.096.086. 788.790.999.896.289.794.6

104.0104.097.096.992.5

100.2

98.192.7

87.083.6

102.0103.291.4

113.9

96.3

97.197.297.699.9

96.798.099.098.099.093.1

100.8

97.695.9

98.590.0

104.199.996.191.9

106.8

105.099.0

101.5106.4107.7108.1105.2104.492 6

96.0104.0104.0103.799.5

106.4

109.5117.6

91.390 6

103.5103.0106.273.1

97.2

106.5102.6104.9102.3

111.9101.0103.0110.0113. 0109.0107.8

102.8101.9

107.493.596.9

103.6117.9122.087.2

108.0107.0109.0113.1108.5110.0101.5108.58».7

96.0109.098.0

104.6109.7110.2

122,6111.0

84.682 1

114.6106.3145.564.8

98 0

98.699.1

107.6102.3

119.698.0

106 0115.0125.0114.3105 5

106. 8109.1

112.9100. 996.0

108.0133.4132.480 4

106.0107.0;oi.o104.685.7

115.394.9

120.397.0

97.0113.093.0

122.399.4

104. Q

133.3106.8

74.071 1

120.5111.5153.285.4

94 3

94.995.4

103.699.9

132.595.0

106 0120.0138.0107.9106.8

104.0101.5

117.395.499.1

112 5162.7171.4102.8

107.0106.098.6

101.293.9

147.4107.5123.498.1

105.0115.099.0

128.395.7

102.0

133.5110.1

71.666.9

108.7115.287 682 7

93.2

95.794.4

101 698.7

137.6100.0111.0133.0140.0114.298.7

103. 3112.6

117.392.8

101.4112.9167.9183.792.4

105.0105.092.994.678.8

140.8105.8122 2101 6

87.0183.098.0

123.695.9

100.0

131.7101.9

69.965.6

119.9114.0135. 176 4

93.8

101. 495 6

102.999.3

141.096. 0

109.0122.0141.0105.9112 0

130.0115.1

119.392.898.8

113.4171.6193.977.3

102.0105.093.295.966.5

138.2101.5119.4103,7

95.0219.096.0

126.3101.0108.1

138.2115.0

67 070.0

132.1108.6179 374.1

93.4

100.796.1

104.399 9

130,791.0

105.0117.0144.0110.1128.7

80.9122.1

120.092.896.4

114 4168.5186.485.5

98.0101.088.690.540.7

116 394 4

121.997.8

92.0166.093.0

121.393.3

103 2

137.1105 2

67.172.4

134.6110.7200 080 3

91 6

99 395 8

104 999. 9

132.195 0

107 0119.0140 0106 fi121.4

95 299 8

121.492.892.2

114.9171.6190.085.3

99.0103.090.291.940.596.582.9

105.988.0

88.0120.086.0

122.194.8

101.9

143. S95.2

71.583.2

133.4111.6195.884. 2

90.7

99.395.9

104.299.9

136.993. 0

lll .G128.0147.0102.5107.4

96.892.7

123.292.886.5

115.6171.1193.7120.9

107.0103.096.1

115.470.278.675.8

113.695.2

96.098.081.0

117.8101.5103.8

141996.0

81.289.5

129.0115.0178.885.2

89.8

99.395.4

103.699.2

142.195.1

105.0113.0140. 0104.6108.2

98.097.2

121.992.895.5

115.9169.1193.5112.3

111.0103.097.1

117. C98.170.886.7

111.8102.0

94.081.087.0

110.994.9

102.2

137.0103.7

81.692.1

130 0120.0159.176.8

91.2

97.895.5

101.398.4

149.697.0

105.0116.0142.0108.797.8

101.895.7

120.992.896.0

115.8164.7191.2106.3

110.0105.0107.1130.4125.282.396.3

113.398.7

97.077.096.0

122.2100.9106.6

144.5132.7

81.490.8

127.0120.0135.777.1

91.8

99.395.1

101.298.1

164.892.8

105.0113.0142.0117.8110.8

129.0105.8

123.395.895.6

115.7170.1204.8129.3

110.0103.0106.6124.5124.2108.498.4

102.382.0

95.081.096.0

117.673.9

105.7

186.7142.4

76.881.1

122.0119.0117.864.4

91.4

101.496.5

101.697.9

161.889.2

103.0117.0147.0106.995.9

83.096.1

127.3101.690.9

116.0176.0210.482.5

110.0105.0109.9121.6129.0139. 0101.2112.692.7

108.072.0

101.0122.584.1

111.8

142.2143.5

73.971.6

116.0118.096.758.6

91.2

107.297.7

102.898.4

168.896.2

104.0132.0144.0109.6111.1

106.4105.2

126.9104.489.2

115.0178.9213.285.2

110.099.0

103.1108.3120.2140.697.499.587.1

116.052.097.0

118.182.6

111.0

139.8142.2

75.276.2

109.0119.074.652.0

91.3

105.196.7

102.098.0

165.489.2

104.0144.0153.098.2

102.3

127.0100.0

128.4113.284.7

112.3169.5202.166.0

111.0101.0102.8110.3118.7140.492.785.580.4

108.087.088.0

122.983.3

111.3

142.4123.7

77.174.8

104.0117.058.448.5

90.3

105.197.4

102.1£8.0

140.493.7

108.0153.0148. 098.499. 8

82.0105.0

126.6119.088.9

110.9170.3206.169.8

113.0105.0105.0120.9139.7150. 790.4

102.695.2

97.0114.090.0

126.894.4

116.7

149.8118.8

74.775.9

107.0114.052.448.4

91.7

100.798.0

103.098.0

149.998.5

106.0160.0144.0107. 3100.1

102.9113.6

125.6124.890.0

109.8173.8213.4137.3

116.0108.0102.5120.0125. 8143.779.195.991.8

92.0178.078.0

124.594.8

116.9

145.2114.2

74.777.4

115.2109.389.545.8

93.1

102.299.2

105.499.3

156. 994.1

120.0154.0165.098.9

111.1

132.4117.3

127.3130.686.5

111.0178.5226.980.1

114.0114.01129134 5120.7141.1

120.6108.6

102.0251.084.0

129.8115.4130.1

157.5129 1

73 17-i 6

131.6107.6155.140.3

93 9

99 366 9

104 8993

161 095.2

105.0140 0148 0110.0146.2

85 2

128 3127.687 0

111 3176 4234.582.5

• Seasonal adjustments.


BUSINESS CONDITIONS IN OCTOBERPRODUCTION

Industrial production during October, according tothe weighted index of the Federal Reserve Board,after adjustments for seasonal variations, remainedunchanged from the previous month, each being higherthan at any other time on record. The principal gainsover a year ago occurred in the output of automobiles,rubber tires, iron and steel, and cement, brick, andglass, while a decline from last year was registered inthe output of textiles, lumber, and leather. Mineralproduction, after adjustment for seasonal conditions,

compared with a year ago, iron and steel and lumbershowed larger unfilled orders, while textiles declined.

Wholesale trade in September, after adjustments forseasonal changes showed larger dollar sales than ineither the preceding month or the corresponding perioda year earlier, declines from September in meat, drygoods, men's clothing, and boots and shoes being morethan offset by increases in other lines. Compared witha year ago only the boot and shoe industry declined,while the dry goods industry remained stationary.The greatest gain from October, 1927, in wholesale

PRODUCTION, STOCKS, AND UNFILLED ORDERS FOR MANUFACTURED COMMODITIES[1923-1925 monthly average= 100. Ajustment has been made for the seasonal movement and relative number of working days for production. Unfilled orders are

principally those of iron, steel, building materials, and textiles. October, 1928, is the latest month plotted]140

1923 1924 1925 1926 1927 1928showed gains over both the previous month and Octo-ber of last year, the principal increase over last yearoccurring in copper.

COMMODITY STOCKS

Stocks of commodities held at the end of Octoberwere higher than at the end of the previous month,but showed a decline from a year ago, due to a decreasein stocks of manufactured goods. Contrasted withthe preceding month, stocks of manufactured goodswere smaller, while raw materials were larger.

SALES

The general index of unfilled orders was slightly lowerthan for the previous month and October of last year.Compared with September, unfilled orders for textilesand transportation equipment were larger but forwardbusiness on the books of lumber mills declined. As

trade was recorded by the men's clothing, women'sclothing, and furniture lines.

Sales by department stores showed substantial gainsover both tha previous month and October of last year.Merchandise stocks held by department stores at theend of the month were smaller than a year ago. Salesby mail-order houses were substantially larger than ineither the preceding month or October, 1927. Thevolume of business transacted by 10-cent chains wasalso greater than in either the previous month or thesame period a year earlier. Grocery, clothing, drug,cigar, and candy chains showed larger dollar volumesthan in September, while shoe sales in chain stores de-clined. Cigar chains were the only type of chain storesto show a decline from a year ago in sales, substantialgains from October, 1927, being recorded by grocery,wearing apparel, drug, candy, and shoe stores.Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES

Wholesale prices, although lower than in September,averaged slightly above those of September, 1927.Few changes from the previous month occurred in themajor groups, prices of farm products, foods, hidesand leather showing declines, while chemicals advancedand the remaining groups were unchanged. Comparedwith a year ago, no substantial changes took place.Foods, hides and leather, fuel and lighting, metals andbuilding materials registered small increases, whilefarm products, textiles, chemicals, house-furnishinggoods, and miscellaneous products declined. Classi-fied by State of manufacture, production declined fromthe previous month with the exception [of semimanu-

unchanged. Increases from a year ago in prices forfood and clothing were insufficient to offset declines inthe other items comprising the cost of living.

EMPLOYMENTThe general index of factory employment showed a

small gain over both the previous month and thecorresponding month of last year. This index more-over does not include any of the new industries, suchas aircraft, radio, rayon, etc., where employment con-ditions are known to be good. Compared with theprevious month, most industries for which data areavailable showed either an increase or no change,declines occurring only in the leather, stone, clay, andglass, and vehicle industries. Many industries re-

PRICE COMPARISONS[Prices at wholesale are relative to 1926; farm prices and the cost of living are relative to the average for 1923-1925. October, 1928, is latest month plotted]

1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 1928

1923 1924

JFARM

WHOLESALE PRICES FOR SPECIFIED COMMODITIES[Relative numbers, 1926 monthly average taken as 100. October, 1928, is latest month plotted. Data from which these charts are drawn are given on the opposite page]

WHEAT, WINTER

190WORSTED YARNS

FLOUR, WINTER CORN, NO. 2 OATS

x t * 8 4&04 u« •4*4 to -̂Sj , ••' • *434 43.4

WOOL, 1/4 BLOOD COMBING

SILK, RAW HIDES, PACKERS LEATHER, SOLE, OAK

I i I I i I I H §1928.


WHOLESALE PRICES FOR SPECIFIED COMMODITIES* NOTK.—Prices to producer on farm products and market price of wool are from U. 8. Department of Agriculture, Bureau of Agricultural 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. 8, Department of Labor, Bureau ofLabor Statistics. So far as possible all quotations represent prices to producer or at mill.

COMMODITIES

FARM PRODUCTS— AVERAGE PRICE TO PRODUCER

WheatCorn ......... ... ..................................PotatoesCottonCottonseed .......... .. ............. . . .........Cattle, beef . .....HogsLambs

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, feeding (Chicago).Rye No 2 cash (Chicago) ...... . ...Tobacco,' leaf, average sales, warehouse (Kentucky)Cotton middling upland (New York)Wool, ii blood combing, Ohio and Pennsylvania fleeces (Boston)Cattle steers, good to choice, corn fed (Chicago) ...... ... ......Hogs, heavy (Chicago). . .. . . . ...Sheep, ewes (Chicago).. . . . ...... ..

FOOD

Flour standard patents (Minneapolis)FlourJ winter straights (Kansas City)Sugar 06° 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, northern, mule spun, 22-1. cones (Boston).Cotton-print cloth, 64 1 60-38H"-S.35— yards to poundCotton sheeting, brown 4/4 Trion (New York)Worsted yarns 2/32's cross-bred stock, white, in skein (Boston)Woman's dress goods, French, 39 inches at mills, serge..Suitings unfinished worsted — 13-ounce, mill _. .. ... .....Suitings, serge, 11-ounce, 56-58 inch . . .....Silk Japan 13-15 - .. .- ...... ....

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)

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 Straits (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, smoked sheets (New York). . .Sulphuric acid, 66° (New York)Wood pulp, sulphite, domestic, unbleached, news grade (New York)..Newsprint, rolls, contract, mill ........ ........

Unit

BushelBushel....BushelPoundTonPoundPoundPound

Bushel....Bushel....BushtlBushelBushelBushelCwtPound ...Pound ...CwtCwtCwt..Cwt.-

Barrel. ...BarrelPoundPound....PoundPoundPoundPoundPound ...Pound....

PoundYardYardPoundYardYardYardPoundDozen pair.

Pound. ..PoundSquare foot.Pound. ̂ ...PairPair

Net ton....Net ton....Long ton...Short ton. .Barrel

Long tonLong ton. .Long ton. .Pound... .Pound... .Pound... .Pound... .Pound...

MfeetThousand..

BarrelCwtPoundTonCwtCwt

ACTUAL PRICK(dollars)

Septem-ber, 1928

1 0.944.951.648.176

30.98.099(5.1117.1197

1.2011.395.993.425.673.998

7.871.185.54

16. 18812.4315.500

14. 156

6.5885.650.042.056.099.259.284.254.49.220

.358

.074

.0891.575.988

2.0081.9985.096

10. 290

.246

.275

.565

.6506.7505.000

4.0194.495

13. 0402.8751.210

18.63516. 18832.000.1472.194.0645.4807.0625

37.7312.50

1.6001.850.182

15.5002.5253.250

October,1928

0.987.847.580.181

34.08.0963.0955.1157

1.1851.436.937.448.617

1.05312. 077

.196

.5414. 62510.0305.350

13. 075

6.4105.588.039.052.099.255.282.260.48.235

.372

.078

.0901.575.975

2.0081.9985.145

10.290

.219

.246

.550

.6306.7505.000

4.0204.639

13.0402.9101.210

18. 86017.10032.800

.1520

.199

.0650

.4897

.0625

37. 7312.50

1.6001.850.187

15.5002.5253.250

October,1927

1.137.876.979.200

,36.60.0755.1016.1122

1.2751.344.878.498.823.999

11. 331.211.47

14. 32511. 0555. 250

13. 865

7.2316.535.047.057.109.210.225.233.48.245

.402

.087

.1111.4001.0001.9132.0485.145

10. 780

.233

.218

.510

.5506.5005.000

4.1994.932

13. 3892.9061.240

19. 26017.00033.000

.1296

.183

.0625

.5850

.0600

37.9811.75

1.6001.800.343

15.2002.5253.250

BELATTVK PBICB

1026 average -100

August,1928

7114139

12513614785

103

7886

12891

1051031371101171599587

105

797895

10080

14915281

10494

1039998

11299

100927885

168159125153106102

9392937064

898691

105101747485

8182

979540

1078894

Septem-ber, 1928

7013635

11711415495

103

7891

1319997

10593

10511717010183

103

787897

10284

15816683

10996

1009896

11096

100928285

175159125148106102

9394957064

908791

107102777485

8476

979538

1078894

October,1928

7312131

12012514981

100

7793

12410489

110143112117154818195

7677919483

15516584

107103

10410396

11094

100928385

156142121144106102

9397957164

929291

110105

777585

8476

979539

1078894

Septem-ber, 1927

8813658

1491271158396

8585

13111412010218412598

140887999

8492

11010691

11612573

102105

113119118969495958289

160121113121102102

99105977364

9392949496759485^

8371

979370

1039194

October,1927

8412553

1391351178697

8287

1161161191051341201021509080

101

8690

10810492

12813276

107107

112115120989795958389

166125113126102102

97103977166

9392949496749082

8471

979271

1048894


NEW BUILDING CONTRACTS AND AUTOMOBILE PRODUCTION

[Relative numbers, monthly average, 1923-1925, taken as 100]

MINERAL PRODUCTION AND RAILROAD TON-MILEAGE

[Relative numbers, monthly average, 1923-1925, taken as 1001

FACTORY EMPLOYMENT, MANUFACTURING, AND ELECTRIC-POWER PRODUCTION

[Relative numbers, monthly average, 1923-1925, taken as 100]


REVIEW OF PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCE

TEXTILES

Wool imports were larger than in September butwere slightly less than a year ago. Wool consumptionwas greater than in either September or in the corre-sponding month of last year. The prices for wool andwoolens were generally higher than a year ago.

Cotton consumption by textile mills was larger thanfor either the preceding month or for October of lastyear. For the first 10 months of the year, however,the consumption of cotton was 13 per cent smaller

of last year, while new orders exceeded those of eitherprior period. Prices of cotton goods showed a gainover September but were less than a year ago.

Silk imports were larger than for either the previousmonth or for October of last year. Silk deliveries alsoexceeded those of either prior period. Silk stocks heldat warehouses were less and those at manufacturingplants greater than at the end of either prior period.More broad looms and less narrow looms were activethan in September. The activity of silk spinningspindles exceeded that of the previous month but was

THE TEXTILE INDUSTRIES[Relative numbers, monthly average, 1923-1925, taken as 100. Where available, October, 1928, is latest month plotted]

iOO

too

160

V . rv

WOOLI

.vv:

1923 1924 1925 J926 1927CONSUMPTION OF RAW FIBERS

1928

100

100

100

\J

1923 1924 1925 1926SPINDLE ACTIVITY

1927 1928

1924 1925 1926STOCKS OF RAW FIBERS

1928 [923 1924 1925 1926 1927WHOLESALE PRICES

1928

than for the corresponding period of 1927. Stocks ofcotton held at the end of October, both at mills and inpublic storage, were smaller than a year ago. Exportsof raw cotton showed gains over both the previousmonth and the same month of last year. Cottonprices were slightly above those for the previousmonth but less than a year ago.

The activity of cotton spindles was greater thanduring the preceding month but less than a year ago,despite a gain over October of last year in the activityper spindle. Production of cotton textiles exceededthat of the previous month but fell short of the output

22906—28 2

less than a year ago. Prices of raw silk were slightlyhigher than in September but showed no change froma year ago. Imports of rayon were considerably largerthan for the previous month but less than a year ago.Rayon prices were unchanged from either prior period.

Textiles spread with pyroxylin showed an increaseboth from the previous month and from a year ago.Shipments of pyroxylin-coated textiles exceeded thoseof either prior period and unfilled orders, while less thanat the end of September, considerably exceeded lastyear's total. Sales of fur by dealers advanced bothfrom the preceding month and from October, 1927.


10

METALS

Shipments of iron ore in October were slightly lessthan during the previous month, but larger than ayear ago. Pig-iron production was substantiallylarger than during either the previous month or Octoberof last year. The same number of furnaces were inblast as at the end of September but considerably morethan a year ago, their capacity being greater than ineither prior period. Wholesale prices for pig iron wereslightly higher than for September but were still gen-erally low^er than a year ago.

The output of steel ingots was greater than for eitherthe previous month or the corresponding month of last

New structural-steel orders, on the other hand, wereless than for either the previous month or the corre-sponding month of last year. New orders for fabri-cated steel plate were the largest recorded since March,1923, exceeding those of the previous month by 50 percent. New orders for steel boilers exceeded both innumber and square footage those for September andfor a year ago.

New orders for machine tools were the largest re-corded since March, 1920, being more than doublethose of a year ago. New orders and shipments offoundry equipment were considerably greater thaneither the previous month or the corresponding month

THE METAL INDUSTRIES[Relative numbers, monthly average, 1923-1925, taken as 100. October, 1928, is latest month plotted. Carve covering zinc stocks is plotted from 12 months' moving

monthly averages plotted on the end month]

1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 1928

40 i i I i L | i i | | | | | | j i i 1 j_i

1923 1924 1925 1926 1927 1928i i i ! i i h i I ' > ' • Ll̂ -L1923 1924 1925 1926 1927 1928

year. Unfilled steel orders at the end of October alsoexceeded those of either prior period. The output andshipments of steel sheets by independent manufacturersshowed substantial increases both from the previousmonth and from October, 1927.

The output both of steel and of malleable castingswas considerably greater than during September orthe corresponding month of last year. New orders forsteel castings, however, were less and those for mallea-ble practically the same as in September, orders forboth types being much larger than a year ago.

Shipments of fabricated structural steel during Octo-ber were the largest recorded since the beginning of1924 when the compilation of such data was begun.

of last year. Shipments of wood-working equipmentexceeded those for either the previous month or forOctober, 1927; new orders, while greater than a yearago, were less than during September. Shipments ofelectric industrial trucks and tractors were greaterthan in either the previous month or the correspondingmonth of last year.

The mine production of copper showed gains overboth the previous month and October, 1927. Exportsof refined copper also exceeded those for both priorperiods. Deliveries of tin, while slightly less than forSeptember, were greater than a year ago. The Octo-ber production both of lead and zinc exceeded those ofboth prior periods.


11FUELS

The output of bituminous and anthracite coal in-creased seasonally and in each case exceeded that of ayear ago. The output for the 10 months to date, how-ever, was less in each case than for the correspondingperiod of last year. Coal prices showed slight ad-vances from the previous month but were uniformlylower than a year ago. The production of coke wasgreater than for either the previous month or October,1927, the decline from last year in the production of

Imports of rubber were substantially larger thanduring either the previous. month or October, 1927.The aggregate amount of rubber imported during thefirst 10 months of the current year, however, showedlittle change from that brought into the country duringthe corresponding period of last year.

HIDES AND LEATHER

Imports of hides and skins in October were slightlygreater than during the previous month, but less than

THE FUEL INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. October, 1928, is latest month plotted where data were available!

beehive coke being more than offset by the increase inby-product coke.

AUTOMOBILES AND RUBBER

Although the output of passenger cars, both in theUnited States and Canada, was less than during theprevious month, it was larger than is usually recordedat this season of the year, the total for the UnitedStates being exceeded in October of earlier years onlyin one instance, that of October, 1925. The output oftrucks, both in the United States and in Canada, waslarger than for either prior period. For the first 10months of the current year, the production, both ofpassenger cars and of trucks, exceeded that of a corre-sponding period in any previous year. Shipments ofaccessories and parts during October, while slightlyless than during the previous month, were considerablygreater than a year ago.

a year ago, increases in calfskins and goatskins overSeptember more than offsetting declines in cattlehides and sheepskins. Prices of hides were less thanin September. The October output of sole leatherwas greater than during either the previous monthlorthe corresponding month of last year. Exports ofsole and of upper leather also exceeded those of theprevious month, although upper leather was exportedin smaller quantities than a year ago. Leather pricesdeclined from September but exceeded last year'slevel.

The production of boots and shoes was larger thanfor either the previous month or for the correspondingmonth of last year. For the calendar year to date,however, shoe production showed only a slight increaseover last year's output. Shoe prices were generallyhigher than a year ago but showed no change fromthe previous month.


12

BUILDING AND CONSTRUCTION

Building costs were generally higher than duringthe previous month and lower than a year ago. Thevalue of new building contracts awarded in Octoberexceeded that reported for either prior period. Forthe first 10 months of 1928 the value of new buildingcontracts was 7 per. cent greater than for the corre-sponding months of last year. October contractsawarded in Canada were less than for either theprevious month or for October, 1927, although thetotal for the year to date was considerably largerthan for the first 10 months of last year. Fire lossesin the United States and Canada were greater duringOctober than for either comparative period. Fire

than at the end of September; those for maple floor-ing also being less than a year ago. Lumber pricesaveraged higher than during September; those ofhardwoods being higher and those of softwoods beinglower than a year ago.

STONE, CLAY AND GLASS PRODUCTSThe production of face brick averaged higher than

in either the previous month or in October, 1927.Shipments and unfilled orders, while less than inSeptember, were greater than a year ago, while smallerstocks were carried than at the end of either priorperiod. New orders for porcelain and for vitreous-china plumbing fixtures were much larger than duringthe previous month, those for porcelain being larger

THE AUTOMOBILE AND RUBBER INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. Where available, October, 1928, is latest month plotted]

192!

| AUTOMOBILE PRODUCTION \ \

1922 '1̂ fUJ"11j;i2̂ ^ 'l928 1921 1926 i 927 1928

" i M l M l M l . i l M l n ^ J i . p i M i h i . i l . l M l M l M In M l M t M

1921 1922 1923 1924 1925 1928 192! 1922 1923 1924

losses for the year to date, however, were substantiallysmaller than in 1927.

LUMBER AND LUMBER PRODUCTSThe October output of lumber was generally greater

than for the previous month but less than a yearago; among the few exceptions to this trend wereCalifornia redwood, which declined from September,and Northern pine, which increased over a year ago.Lumber shipments were generally greater than foreither prior period, although those of Douglas fir andCalifornia redwood declined both from the previousmonth"and from October, 1927.

The output of flooring, both oak and maple, wasgreater than during the previous month, that of oakflooring being also greater than a year ago. Flooringshipments exceeded those for either prior period.Unfilled flooring orders, on the other hand, were less

and those for vitreous china but little less than a yearago. Shipments of both types of fixtures also exceededthose of the previous month, but were less than in Oc-tober, 1927. New orders for architectural terra cottawere considerably larger than for either priorperiod.

The production and shipments of Portland cementwere less than in September, but slightly greater thana year ago. For the year to date, however, the cementoutput and shipments exceeded those for the corre-sponding period of last year. Cement stocks declinedfrom the previous month, but were greater than ayear ago.

New awards for concrete pavements were lowerthan for the previous month or for the correspondingmonth of last year. The total for the year to date,however, was 18 per cent greater than for the sameperiod of 1927.Digitized for FRASER


13

FOODSTUFFS AND TOBACCO

The visible supply of wheat, both in the UnitedStates and in Canada, increased seasonally and wasmuch greater than a year ago. Receipts of wheatat the principal markets during October also exceededthose of either prior period. Exports of wheat andflour were larger than during the previous month butconsiderably less than in October, 1927. Prices forwinter wheat averaged higher and those for springwheat lower than for either prior period.

The visible supply of corn was greater than inSeptember, but very much less than a year ago. TheDepartment of Agriculture's estimate indicates the

receipts being less and the shipments greater than inOctober, 1927. The output of inspected beef also ex-ceeded September's total but was less than a year ago.

Receipts and shipments of hogs at primary marketswere larger than during the previous month or thecorresponding month of last year. The inspectedslaughter of pork products also exceeded those of eachprior period, while the cold-storage holdings declined.Prices for hogs and pork products, with the exceptionof ham, declined from both prior periods.

Receipts and shipments of sheep were larger thanduring the previous month or October, 1927. Theproduction of lamb and mutton under Federal inspec-tion also exceeded those of each prior period.

THE TOBACCO INDUSTRIES[Relative numbers, monthly average, 1923-1925 taken as 100. Where available, October, 1928, is latest month plotted]

1923 1924 1925 1926 !927 S928 1923 !924 !925 1926 1927 1928160 p

100

1923

CIGARS

M M in hi Ll i1924 1925 T926

J.J

1927 1928 1923 1924 1925 1926 1927 1928

1928 crop to be slightly larger than that for last year.Receipts and shipments of corn at the principal marketswere less than during either the previous month orOctober of last year. Prices also declined from theprevious month but were at a higher level than inOctober, 1927.

The visible supply of oats was less than in Septemberor a year ago. Receipts at the principal markets alsowere smaller than for either prior period, although theestimate of the 1928 crop indicated a 25 per cent in-crease over last year's total. Prices for oats averagedslightly above those for September but were lower thana year ago.

The receipts and shipments of cattle at the primarymarkets were larger than • during the previous month,

Imports of coffee were considerably less than foreither the previous month or for the correspondingmonth of last year. Coffee prices on the other handranged higher than for either prior period. An in-crease in 'the imports of tea, as compared both withSeptember and with the corresponding month of lastyear, was accompanied by a decline in price from bothperiods.

Although the estimate of the 1928 tobacco crop indi-cated a considerable increase over last year's total,prices were higher than for either the previous monthor for October, 1927. The consumption of each kindof tobacco was larger than for either prior period andexports of unmanufactured leaf showed a similartendency.


14

TRANSPORTATION

Car loadings in October were 5 per cent larger thana year ago, the only classes of goods to show a decreasefrom October, 1927, being grain, livestock, and forestproducts. For the first 10 months of 1927 car load-ings showed a slight decline from the correspondingperiod of last year, grain and miscellaneous productsbeing the only classes of goods to show an increaseFro01 October, 1927, in car loadings. Traffic throughthe inland waterways was uniformly larger than inSeptember and, except on the Alleghany River, largerthan a year ago. New orders for freight cars exceededthose of each prior period.

DISTRIBUTION MOVEMENT

Sales of mail-order houses and 10-cent chain storesshowed substantial increases over both prior periods.Magazine advertising also exceeded that for either theprevious month or the corresponding month of lastyear, and newspaper advertising, while much largerthan in September, was 1 per cent less than a yearago. Postal receipts for the 100 important cities werelarger than for either prior period, a similar trend beingshown in the issuance of money orders. Dividend andinterest payments scheduled for distribution in Octo-ber exceeded those of either the previous month orthe corresponding month of last year.

BUSINESS FAILURES[Actual number of failures, by lines, plotted as 12 months' moving monthly averages on the end month]

1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 1928

TRADERS

JjJ i

GENERAL STORES* — — V.

1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 1928

BANKING AND FINANCE

Check payments outside of New York City werelarger than during either the previous month or thecorresponding month of last year Loans and discountsof the Federal reserve member banks showed expan-sion as compared with both prior periods.. Interestrates on time loans were slightly higher and those oncall loans lower than during the previous month, bothbeing much higher than a year ago.

New sales of life insurance were slightly less thanin September, but were greater than a year ago. in-creases from September in ordinary and industrialinsurance being more than offset by decreases in groupinsurance. For the first 10 months of tha year, how-ever, the amount of new insurance sold was 8 per centgreater than for the corresponding period of 1927.Deposits in New York savings banks were slightly lessthan in September, but were greater than a year ago-

GOLD, SILVER, AND FOREIGN EXCHANGE

Receipts of domestic gold at the mint were muchlarger than for either the previous month or the cor-responding month of last year. The Rand outputshowed a similar tendency, but to a lesser degree.October imports of gold were much larger and exportsmuch smaller than for either prior period. Silver pro-duction exceeded that of September but was less thana year ago, prices being slightly stronger than foreither prior period.

Exchange on the principal foreign currencies showedonly slight changes from September, increases occur-ring in the rates with Japan, India, and Brazil. Con-trasted with last year the principal changes weredownward, declines occurring in the Italian lira, theSwedish krone, Japanese yen, and the Argentinian andChilean peso.Digitized for FRASER


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 ofliving in the August, 1928, issue (No. 84), page 27, and the June, 1926, issue (No. 58), page 24.

Relative to 1*23-1125 monthly average as 100

PRODUCTION

TOTAL INDUSTRIALUnadjusted, except for working daysAdjusted for seasonal variations ,

MANUFACTURINGTotal (adjusted for working days only) .Total (adjusted for seasonal variations)

Iron and steelTextilesFood productsPaper and printingLumber _ _ . .Automobiles _ «.Leather and shoesCement, brick, and glassNonferrous metalsPetroleum refiningRubber tires -Tobacco manufactures

MINERALSTotal (adjusted for working days only).Total (adjusted for seasonal variations)-

Bituminous coalAnthracite coalCrude petroleumIron-ore shipmentsCopperZinc _ _LeadSilver

ANIMAL PRODUCTS (marketings)Total

WoolLivestockPoultry and eggs _ «Dairy products

CROPS (marketings)Total

Grains*Vegetables* _Fruits*.Cotton products* _ „ _ _ .Miscellaneous crops* .

FOREST PRODUCTSTotal

LumberPulpwood . .Gum (rosin and turpentine)* _ _Distilled wood _

Maxi-mumsince

Jan. 1,1923

117114

116116127121106118110139117128121162166129

124120125133126134128124125123

124421131148160187

251205199266353266

112112151161148

Mini-mumsince

Jan. 1,1923

8183

7982597792919047869287846693

8490771

880

82937585

792676686444

453860551122

7878541865

1937

August

105107

10410710211997

1129589

112115108136119119

11110692

10612399

10111411294

105225

8977

123187

11516986

12474

106

9910263

119116

Septem-ber

106105

16610598

11893

1139981

113113107139113123

1111059299

12487

10411111190

8789857589

150

183178146183186220

989984

124113

Octo-ber

105103

10410294

11394

1119470

108108106142176121

11210590

10612495

10211010591

9568

1087381

154

219160199223260266

9694

100117104

1928

August

110112

11011312110991

11786

133111118116160154131

1101059195

12210511612110882

971957980

117170

11518683

16545

117

898882

16173

Septem-ber

115114

11511612710897

11882

139111126118162165129

1151089495

12510912111411579

9254927695

137

178165133206184206

777768

12965

Octo-ber

117114

11611412511199

81120106119120

166127

12211499

119

11512811010881

10235958689

153

251174151266353207

8784

10812885

PER CENT INCREASE (+)OR DECREASE (— )

Oct., 1928, Opf 1Q9a!mmimPt" fromOct!2l8927

i

+ 1.70.0

+ 0.9-1.7-1.6+ 2.8+ 2.1

+ 11. 4+ 10.7

+ 11.5+ 11.8+ 33.0-1.8+ 5.3

— 1.2 -13.8-13.7 +71.4-4.5 -1.9-5.6 +10.2+ 1.7 +13.2

+ 0.6-1.6

+ 6. 1+ 5. 6+ 5.3

+ 25.3

+ 5.5+ 5.8-3.5-6. 1+ 2. 5

+ 10.9-54.3

! +3.3+ 13.2-6.3

+ 11.7

+ 41.0+ 5.5

+ 13.5+ 29. 1+ 91.8+ 0.5

+ 13.0+ 9.1

+ 58.8-0.8

+ 30.8

+ 43. 1+ 5.0

+ 8.9+ 8.6

+ 10.0+ 12.3

+ 21. 1+ 25. 5

0.0+ 2. 9

-11.0

+ 7.4-48. 5-12.0+ 17.8+ 9.9-0.6

+ 14. 6+ 8.8

-24. 1+ 19.3+ 35.8-22.2

-9.4-10.6+ 8.0+ 9.4

-18.3

•Fluctuations between maximum and minimum due largely to seasonal conditions: Minerals and Manufacturing are adjusted for seasonal variations except where noted.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16

INDEXES OF BUSINESS—Continued

Relative to 1923-1925 monthly average as 100

PRODUCTION— Continued

NEW ORDERSTotal

TextilesIron and steel -Lumber -Paper and printing _Stone and clay products _ _

STOCKSGrand total ~

Total manufactured goodsFoodstuffsTextilesIron and steel _Nonf errous metals. _ _ _LumberStone clay, etcLeatherRubber - ,, _ _Paper - _Chemicals and oils - _

Total raw materialsFoodstuffs _ _ _ _ _ _ _Textiles _ _ . _ _ _ _ _Metals _ _Chemicals and oils _ _ _ _

UNFILLED ORDERSTotal

TextilesIron and steelTransportation equipment ^ _Lumber

WHOLESALE TRADE

Grand total, all classesGroceriesMeats _ _ _Dry goods _ _ _ _Men's clothingWomen's clothingBoots and shoesHardwareDrugs -_Furniture

RETAIL TRADE

MAIL-ORDER HOUSES (4 houses)CHAIN STORES:

Ten-cent- _ _ __GroceryWearing apparelDrugCigarCandy _ _ _Shoe

DEPARTMENT STORES:SalesStocks - _ _

Maxi-mumsince

Jan. 1,1923

139153144141128129

134

120129138152133125178123185155125

150159202136153

157154157204142

124119130128167188128118125131

156

250224350169160161163

186117

Mini-mumsince

Jan. 1,1923

253024221419

82

8879787874786466774684

6968435473

6762665356

82868771432668828872

64

62774782797055

7183

1937

August

9510896

10110298

109

11512995

11711412212369

14011694

104119969689

7385666678

11197

11112516598

12298

110111

105

130170165140106110101

8997

Septem-ber

9811899

10310799

120

11411610812511112211669

12911897

124125135103110

7187656272

11210211711314095

127106122117

118

128171198137106119108

100107

October

921039995

10796

132

11096

10911511312211870

129107103

149136173117146

6884666262

10610212299

10187

114105128118

147

153190250151111124121

119113

1928

August

9892

11810010897

107

11411712513112598

14072

13415690

10213666

10093

7566756088

10910111811014892

11996

115108

127

133205197169104123109

8596

Septem-ber

9599

12492

10993

115

10910511813012996

13073

13013797

12014596

116108

7569756084

11010113010513788

110100119127

143

144200246164105122130

106101

October

131

10892

11513412896

12073

130139103

149156149133139

7274756269

11210812599

122106108108133131

183

163228287169107134127

123110

PER CENT INCREASE (+)OR DECREASE (— )

Oct., 1928,from

Sept., 1928

+ 13.9

-0.9-12.4-2.5+ 3.1-0.8

0.0-7.7

0.00.0

+ 1.5+ 6.2

+ 24.2+ 7.6

+ 55.2+ 14.7+ 28.7

-4.0+ 7.2

0.0+ 3.3

-17.9

+ 1.8+ 8.0-3. 8-5.7

-10.9+ 20.5-1. 8+ 8.0

+ 11. 8+ 3.1

+ 28.0

+ 13.2+ 14. 0+ 16.7+ 3.0+ 1.9+ 9.8

3. 1

+ 16.0+ 8.9

Oct., 1928,from

Oct., 1927

-0.8

-1.8-4. 2+ 5. 5

+ 16. 5+ 13. 3-21. 3+ 1.7+ 1.4+ 3.4

+ 29.90.0

0.0+ 14.7-13.9+ 13.7-4.8

iii

+ 5.9-11.9 1+ 13.6 i

0.0+ 11. 3

+ 5.7+ 5.9+ 2.5

0.0+ 20.8+ 21.8-5.3+ 2. 9+ 3. 9

+ 11.0

+ 24.5

+ 6. 5+ 20.0+ 14.8+ 11.9

3. 6+ 8.1+ 5.0

+ 3.42. 7


17



EMPLOYMENT

Number employed, by industries:Total, all classes

Food productsTextilesIron and steel _ _LumberLeatherPaper and printingChemicals _ _ _ _ _Stone, clay, and glassMetal products other than iron and

steelTobacco productsVehicles __Miscellaneous _

Amount of pay roll, by industries:Total, all classes

Food products _TextilesIron and steelLumberLeather _ _ _Paper and printing _ _ChemicalsStone, clay, and glass.Metal products other than iron and steel _Tobacco products _ _VehiclesMiscellaneous. -

PRICE INDEX NUMBERS

FARM PRICES

(Relative to 1909-1914 average as 100)

All groupsGrainsFruits and vegetablesMeat animals _Dairy and poultryCotton and cottonseed -Unclassified _ _ _ _

WHOLESALE PRICES

Department of Labor Indexes

(Relative to 1926 monthly average as 100)

All commodities _ __ _ _Farm productsFood, e t c _ _ _ _ _ _ _ _ _Hides and leather productsTextile products _ _ _Fuel and lightingMetals and metal productsBuilding materials. _ _ _ _Chemical^House-furnishing goods..Miscellaneous.

Classified by state of manufacture:Semimanufactured articlesFinished productsRaw materials _ _ _ _Nonagricultural commodities

Commercial Indexes

(Relative to 1926 monthly average as 100)

Dun's _. _.Bradstreet's .

Maxi-mumsince

Jan. 1,1923

109112114114107112106111107

110108110115

111108115117107117114114111114111114119

159178253162166252108

105114107

! 127114112113116104111127

128103109106

106112

Mini-mumsince

Jan. 1,1923

909085878086978885

87828286

85907879847794898481817986

19510810898

1228179

9494859894819790959779

96939393

8595

1927

August

939392938897

1029497

938982

100

9697949494

10110810099928492

102

13913817213612713681

9510294

11296849893959990

97939893

100100

Septem-ber

949794928997

1039897

92928898

959996929598

1091029889958798

14013414514213717987

9710697

11399849892969989

9994

10094

101103

October

939795918895

1049795

91948798

969998919692

11110299909690

102

13912813814514616983

9710510011398849792979988

9896

10095

102104

1938

August

999186938591

1019195

94879894

959584988992

10898989986

10196

13912013716213615387

991071041219685

10095959779

9799

-9997

103! 103

Septem-ber

939487948591

1029895

95899995

979887989191

11010296

10090

10198

14111712717414514285

1001091071219685

10195959780

9710110198

103102

October

949690958590

1039893

97919897

10010093

1039388

11210498

10792

105100

13711611416015014783

981041021189685

10195969780

97999796

102101

PEE CENT INCREASE (+)OR DECREASE (— )

Oct., 1928,from

Sept., 1928

+ 1.1+ 2.1+ 3.4+ 1.1

0.0-1 1+ 1.0

0.0-2.1

+ 2.1+ 2.2-1.0+ 2.1

+ 3.1+ 2.0+ 6.9+ 5. 1+ 2.2-3.3+ 1.8+ 2.0+ 2.1+ 7.0+ 2.2+ 4.0+ 2.0

-2.8-0.9

-10.2-8.0+ 3.4+ 3.5-2.4

-2.0-4.6-4.7-2.5

0.00.00.00.0

+ 1.10.00.0

0.0-2.0-4.0-2.0

-1.0-1.0

Oct., 1928,from

Oct., 1927

+ 1.1-1.0-5.3+ 4.4-3.4-5.3-1.0+ 1.0-2. 1

+ 6.6-3.2

+ 12.6-1.0

+ 4.2+ 1.0-5. 1

+ 13.2-3. 1-4.3+ 0.9+ 2.0-1.0

+ 18.9-4.2

+ 16.7-2.0

-1.4-9.4

-17.4+ 10.3+ 2.7

-13.00.0

+ 1.0-1.0+ 2.0+ 4. 4-2.0+ 1.2+ 4.1+ 3.3-1.0

2 0-9. 1

-1.0+ 3. 1-3.0+ 1.1

0.0-2.8

22906—28 3


18



PRICE INDEX NUMBERS— Contd.

COST OF LIVING

National Industrial Conference Board Indexes

(Relative to July, 1914)

All items weightedFood (Department o f Labor) _ _ _ _ _ _Shelter _Clothing . _Fuel and light (combined)Fuel _ _Light . _ _Sundries _

Maxi-mumsince

Jan. 1,1923

173167186177179208123176

Mini-mumsince

Jan. 1,1923

158141161160156174118171

1927

Au gust

163152169170161181122172

Septem-hflr

1631541681711621831221,72

October

164156167170163184122173

1928

August

161154161173159178121171

Septem-ber

163158161174160180121171

i

October

163157161173161182121171

PER CENT INCREASE (+ )OR DECREASE (— )

Oct., 1928,from

Sept., 1928

0. 0-0. 6

0.0-0. 6+ 0. 6+ 1. 1

0.0

Oct., 1928,from

Oct., 1927

— 0. 6+ 0. 6-3. 6+ 1. 8— 1. 2— 1. 1-0. 8

0. 0 1 — 1. 2i

ADDITIONAL PRELIMINARY RETURNS, CENSUS OF MANUFACTURES, 1927

INDUSTRY

Adhesives, other than glue andrubber cement

Asbestos productsBaskets,Frattan and willow ware,

not including furnitureBatteries, totalBeveragesBrushesCementCaskets, coffins, burial cases, and

morticians' goodsCommon brickChocolate and cocoa productsCoffee roasting and spice grinding.DraintileDressed furs 3Engraving, steel and copperplate,

and plate printingFace brickFire brickFloor and wall tile and similar tile-Furniture and store and office

fixturesGas meters and water metersGlassHairclothHollow building tile.

VALUE

1937

OF PRODUCTS

1925

Thousands ofdollars

7,94544, 156

20, 960150, 452242, 51547, 844

293, 565

74, 89174, 625

122, 723380, 157

4,23827, 357

38,65846, 17940, 62127, 959

842, 71636, 715

279, 7083,616

25, 953

9,85336, 274

16, 658155, 248237, 76145,824

300, 895

70, 41387, 276

106, 642297, 528

4,11025, 423

32, 10647, 914

i 4 4 , 83822, 455

34, 292295, 959

2,74628, 452

Percentin-

crease(2)

-19.421.7

25.8-3.1

2.04.4

-2.4

6.4-14.5

15.127.83.17.6

20.4-3.6-9.424.5

7.15 5

31.7-8.8

PERSONS EMPLOYED,

1837 1925

Number

5026,337

8,594

26, 9747,673

36, 292

11, 66526, 2976,4278,1681,5335,468

8,42715, 31212, 2699,264

5,91565, 813

3857,929

5616,129

6,808

27, 3847,836

38, 437

11, 47929, 5247,1289,6651,5395,056

7,25914, 70113, 4527,704

5,51469, 371

3558,250

Percentin-

crease(2)

10.53.4

26.2

-1.5-2.1—5.6

1.6-10.9-9.8

-15.5-0.4

8.1

16.14.2

-8.820.2

7.3—5 1

8.5-3.9

INDUSTRY

Lace goods .Leather, tanned, curried, and

finishedLighting equipment manufacture.Nonclay refractories

i Perfumes, cosmetics, and toiletpreparations

Printing inks _ ._Pulp goodsRadio apparatus and tubesRag carpets and rugs.. _Red earthenware .Roofing tile _Sewer pipesSewing machines, cases, and

attachmentsSoap _Steel and brass pens _ _Stoneware and yellow and rock-

ingham wareTrunks, suit cases, and bagsVitrified brick or blockWhite ware . _Wood preservingWool shoddyWriting ink

VALUE OF PRODUCTS

1987 1925

Thousands ofdollars

27, 298

494,781251, 44922, 252

177, 09137, 73423, 818

191, 8495,8902,371

5,43534, 379

45, 222287, 060

1,658

4,92959, 95911, 04932, 476

184, 55812, 5975,342

30,844

462,014217, 79319, 430

34, 75320, 270

176, 9905,7102,4005,841

33, 536

46, 298278, 273

1,446

4,31161,22411, 76732, 949

21, 0226,084

Percentin-

crease(2)

-11.5

7.115.514.5

8.617.58.43.2

-1.2J-7.0

2.5

-2.33.2

14.7

14.3-2.1-6.1-1.4

-40.1-12.2

PERSONS EMPLOYED

1927 1925

Number

6,482

53,047

4,729

2,2942,989

1,633673

1,41011, 029

11, 83813, 432

534

1,66011, 1783,510

13, 39512, 2591,679

491

7,006

53,043

4,102

2,1503,017

1,901705

1,30210, 711

12, 12115, 406

487

1,46310, 3483,638

13, 480

2,218524

Percentin-

crease(«)

-7.5

15.3

6.7-0.9

-14.1-4.5

8.33.0

-2.3-12.8

9.7

13.58.0

-3.5-0.6

-24.3-6.3

1 Compiled by the U. S, Department of Commerce, Bureau of the Census, from reports collected in connection with the census of manufactures. Data for other indus-tries will appear as they are completed. Statistics in greater detail may be obtained from the bureau's preliminary statements on the respective industries.

2 A minus sign (—) denotes decrease.3 Value of products and receipts for contract work.


19

CONSUMPTION OF ELECTRICAL ENERGY BY INDUSTRIES '

ACTIVITY IN LEADING INDUSTRIES THROUGHOUT THE COUNTRY

(1923-1925 monthly average=100)

MONTH

January - _. _ _FebruaryMarch _ _ _AprilMayJune - -JulyAugustSeptember _OctoberNovemberD ecember

Monthly average%

JanuaryFebruaryMarchAprilMavJuneJulyAugustSeptemberOctoberNovemberDecember

Monthly average.

JanuaryFebruary.. -_ _MarchAprilMayJune „-July.AugustSeptemberOctoberNovemberDecember

Monthly average.

JanuaryFebruary.March.April..MayJuneJuly ... _August _SeptemberOctober ._ _. ..NovemberDecember

Monthly average

January . .FebruaryMarch _AprilMayJuneJulyAugustSeptember . _.OctoberNovember •.December..

Monthly average

ALL INDUSTRY

1933

103.9113.0107.4114.0113.6108.1104.0102.2109.8107.2105.998.7

107.3

1924

103.0111.1102.7100.984.476.873.479.892.692.395.997.2

92.5

1925

102.9112.3108.0111.2106.899.799.294.398.1

107.3112.8110.3

105.2

1926

118.4123.7118.5114.1111.3106.6106.7110.9118.6119.0111.9101.7

1927

111.5120.7116.8116.9120.7112.5110.6110.6118.4119.9115.2109.8

113. 5 115. 3

1928

118.4127.7118.2119.3119.0116.4120.2120.8134.5132.0

Rolling mills and steel plants

1

i109.9109.0108.2120.8123.2113.5106.2

a 112. 9

120.5126.8125.6123.5122.5116.3113.0106.4109.6111.8108.9110.6

116.3

131.3133.8124.5125.4125.0121.2121.2125.4141.2144.7

Leather and its products

116.0119.4124.7124.2116.7108.5106.2111.3110.8111.293.790.6

111.1

98.499.4

100.895.390.384.380.691.0

101.9108.899.186.8

94.7

96.0104.4105.8105.896.289.592.2

101.5104.8108.593.889.0

99.0

90.8111.293.987.387.386.686.2

100.0102.9103.3105.8101.2

96.4

102.5105.699.7

101.396.397.896.397.0

105.9111.0104.598.2

101.3

112.2118.4107.098.898.1

100.299.094.7

106.9103.8

Rubber and its products

94.0104.0101.4132.2125.0125.0107.797.6

119.099.2

103.298.6

108.9

103.5105.8100.8100.878.071.268.272.089.684.591.8

103.8

113.7114.0105.2105.2103.298.3

100.896.6

108.8111.2122.4123.3

89. 2 108. 6

113.2125.9111.4115.4109.3107.097.398.5

114.0113.8112.8101.5

110.0

111.2118.4115.0115.7120.4114.9109.0117.8114.4115.6117.096.7

112,8

120.4137.0126.2121.7128.5131.7135.3138.4151.2146.4

Textiles

116.6126.4114.2117.1117.5108.097.199.2

113.8108.0116.9103.0

111.5

105.8103.687.487.572.769.268.674.795.2

101.8109.7109.2

90.5

106. 4 119. 7117. 6! 117. 5105. 7 114. 1109. 8 101. 8101. 4 100. 596. 2i 96. 394. 21 88. 797. 8 94. 1

104. 0 113. 7104. 5 123. 4118. 3! 127. 5121. 8| 122. 5

106.5 110.0

127.7136.0125.0128.3128.5118.8113.0113.0121.2125.4119.2112.3

122.4

116.7127.5114.9109.8105.7104.791.897.3

112.5121.0

Chemicals and allied products

1923

97.787.283.886.888.585.887.378.394.7

107.099.2

101.2

91.5

1924

97.792.095.193.396.096.189.392.998.4

114.5126.0117.4

100.7

1925

113.2108.8106.2101.2108.2104.0104.8111.0135.4121.2127.0127.8

112.4

1926

122.2115.6113.3111.2120.8111.1115.7122.7113.8120.299.9

106.2

114.4

1927

95.1105.3103.1108.0111.8101.7104.997.8

122.6115.8115.5109.0

107.6

1928

124.2129.1126.8131.7126.3122.6128.5119.2132.0129.4

Metal working plants

116.3123.5113.0115.8116.8109.8113.0107.5110.0106.7103.296.8

111.0

104.3117.0110.4102.878.568.162.169.578.778.688.2

100.0

88.2

116.0119.3108.4105.298.290.790.792.597.296.0

105.8113.0

131.5129.9121.8116.0109.3110.0107.4110.4118.5122.9114.8113.1

102. 8 117. 1

114.0114.3108.3106.3109.0105.6104.4103.0105.2109.7106.3101.2

107.3

117.4127.6117.4121.7122.7123.7126.3125.8144.2144.5

Lumber and its products

82.581.781.896.797.5

100.2101.896.8

105.7103.4106.7104.6

96.6

105.3114.0100.5102.0101.299.889.795.6

105.898.5

104.2113.0

102. 5

110.5115.0109.6107.2106.4103.4101.2104. 3109.3102.0113.2102.0

107.0

126.2132.8123.0122.2117.5108.4106.0116.4117.8118.8112.9103.7

117.1

118.8116.0105.7111.4136.8113.4112.9128.0141.3139.2135.8123.3

123.6

107.7113.3106.0115.4110.8109.2108.8111.6111.3109.3

Shipbuilding

89.7100.395.2

113.2121.6117.0122.7127.8115.494.390.897.8

107.2

101.2111. 5105.790.276.173.779.186.788.885.291.3

101.8

90.9

116.2120.2108.899.6

105.2100.499.2

102.6112.8105.6107.1108.4

107.2

112.8119.4109.9127.7125.0128.4130.8110.8111.3117.0115.4141.0

120.8

129.2120.4117.7129.8134.5130.5116.7112.2106.6117.2100.894.6

117.5

94.298.875.493.384.085.367.267.372.373.8

Automobiles, including repair parts

73.290.2

102.7119.5118.3113.6102.599.8

106.6109.797.494.6

102.3

97.4117.5118.2115.496.679.581.385.392.288.075.662.8

72.793.8

113.7132.4134.2121.4120.578.6

104.5136.3122.7100.0

92. 5 110. 9

99.1122.4129.7136.8139.0121.5111.0132.2129.2108.282.852.1

113.7

78.1103.4118.2128.7131.5107.6102.3108.0109.5114.2100.7106.4

108.9

135.2148.7136.2148.7141.6136.0143.7143.2161.0141.2

Food and kindred products

1923

96.192.796.3

101.2106.4110.8104.8103.3104.9105.8104.4102.2

1924

102.3101.899.695.6

103.8114.9118.2107.4105.9102.299.494.9

102. 4J 103. 8

1925

103.493.487.989.499.4

109.3105.8101.2104.4103.795.199.4

99.4

1926

101.798.987.398.2

102.898.9

112.4120.4112.8107.9104.095.2

103.4

1927

95.398.583.8

104.2115.8113.4121.2111.6127.4120.8117.9104.6

109.5

1928

102.4115.6108.4105.9103.9116.8129.2128.3142.0138.0

Metals

116.3123.5113.0115.8116.8109.8113.0107. 5110.0106.7103.296.8

111.0

104.3117.0110.4102.878.568.162.169.578.778.688.2

100.0

88.2

116.0119.3108.4105.298.290.790.792.597.296.0

105.8113.0

102.8

131.5129.9121.8116.0109.3109.9108.2109.3119.7123.0114.2109.6

116.9

117.7120.5117.0114.9116.7110.9108.6104.6107.4110.8107.7105.9

111.9

124.4130.7121.0123.2123.6122.7124.2125.5143.0144.6

Paper and pulp

106. 491.4

101.8104.0115.0114.6105.5100.798.194.2

101.8101.5

102.9

113.096.293.5

105.7111.3109.088.686.291.9

100.0104.098.3

104.898.6

102.0106.0111.5102.493.896.787.8

107.7110.5113.2

122.7117.9108.4108.4100.0101.9109.6118.6128.2133.4118.5118.2

99.8 103.8! 115.5

128.7130.2116.0124.2124.8119.8115.8117.3122.7127.7126.5122.0

123.0

121.3124.2120.2120.5136.4133.7127.3129.1132.0133.3

Stone, clay and glass

103.7114.596.797.492.494.599.293.3

104.296.5

102.8100.6

99.7

98.7102.699.097.394.298.294.299.0

105.3100.4108.8103.0

100.1

93.2101.096.7

105.8114.9110.8113.0104.8111.3106.7115.0116.0

107.4

11^2; 98.4118. 8; 105. 8105. 2 110. 2109. 7j 117.4117. 9j 130. 2127.2! 107.4122.0! 111.3124. 51 114. 1129. 0 118. 2130. 7 111. 0118. 5> 109. 7122. 5! 98. 8

105.2127.3121.1133.6129.3128.0129.8135.3152.0144.7

120. ol 111.01

Metal working industry *

108.5118.2111.5118.0116.6109.9110.0104.1107.7105.7101 0

101.7120.4111.2105.084.574.370.376.184.482.887 7

96. 1 91. 6

108. 9l 90. 8

104.5108.0109.0110.7106.498.297.789.498.4

104.4109 2109.2

103.8

112.5126.8122.2120.7115.2111.8106.1113.2119.3119.0107 098.7

115.2

108.0112.7110.6112.0114.5106.1104.1104.0106.5110.8105 6103.9

108.2

120.2134.8118.6125.4124.2124.1127.4

1 Data compiled by the Electrical World and represent the utilization of electrical energy by 3,600 identical concerns depending at all times upon electrical energy forpower and do not show the expansion of the market for central power with new customers. All figures are adjusted to the basis of 26 working days to the month.2 7 months' average.

3 Compiled by the American Machinist.


20

CONSUMPTION OF ELECTRICAL ENERGY BY INDUSTRIES—Continued

ACTIVITY BY GEOGRAPHICAL DIVISIONS

MONTH

JanuaryFebruaryMarch _ _ _ _ _ . _ _AprilMayJuneJulyAugust - - _ - .P^ptembftrOctoberNovember.. _December

Monthly average

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober _ _ _ _ _ . _NovemberDecember

Monthly average

UNITED STATES

1923

103.9113.0107.4114.0113.6108.1104.0102.2109.8107.2105.998.7

107.3

1924

103.0111.1102.7100.984.476.873.479.892.692.395.997.2

92.5

1925

102.9112.3108.0111.2106.899.799.294.398.1

107.3112.8110.3

105.2

1926

118.4123.7118.5114.1111.3106.6106.7110.9118.6119.0111.9101.7

1927

111.5120.7116.8116.9120.7112.5110.6110.6118.4119.9115.2109.8

113. 5 115. 3

1928

118.4127.7118.2119.3119.0116.4120.2120.8134.5132.0

Middle Atlantic

115.4117.6118.4111.7114.4109.0101.294.1

105.5104.5108.7101.0

108.5

100.6108.497.695.280.577.168.670.790.0

101.8109.2107.2

92.2

111.0115.0106.3105.498.896.796.693.8

100.8108.0118.2117.2

119.1118.3114.9108.4104.798.492.9

103.8111.0112.8109.3107.3

105.7 j 108.4

114.0112.5109.6105.9108.8101.996.097.4

111.6111.5110.4109.9

107.5

116.2126.6114.2112.0112.9113.4110.8118.3136.0133.4

New England

1923

117.0120.3113.2123.8120.0116.4106.299.2

113.8107.0111.3112.4

113.4

1924

111.7102.191.394.082.180.671.172.490.596.0

105.2107.0

92.0

1925

108.0112.7104.7107.0101.095.191.194.0

100.6104.0113.3114.2

103.8

1926

105.9114.0111.8105.5105.898.692.9

100.7111.5117.8113.3116.0

107.8

1927

117.2120.4113.4114.0115.2112.0109.3105.4114.0114.0109.7103.9

112.4

1928

115.2125.2116.9113.8109.1108.4102.4102.2115.3119.3

Southern

98.3104.098.8

103.0107.1100.0103.391.6

107.4103.5104 3100.0

101.8

96.5100.695.794.188.985.379.079.099.6

105.5111.7109.1

95.4

105.9107.7111.6106.8105.399.799.896.6

108.1112.0121 4124.5

108.3

120.0119.3113.5114.3109.7106.8102.6105.7115.2122.5134 2126.1

115.8

132.8123.4117.2119.3123.0120.0112.7121.0136.8134.4137 8128.0

125.5

124.8134.8115.4115.2110.6114.6112.0112.8127.5129.7

North Central

1923

96.4102.0103.2120.4118.6115.0113.2109.2111.4103.298.096.2

107.2

1924

99.3111.8111.9107.391.480.778.686.491.689.190.487.5

93.8

1925

98.4107.3108.2116.2113.2104.5103.494.1

105.5108.8122.3108.8

107.6

1926 1927

111.8122.6118.2118.9122.4111.0104.1117.2121.2123.4107.295.2

114.4

105.5117. 4117.4118.9124.7110.9115.5112.5116.4115.0111.4107.8

114.5

1928

117.0127.7122.3129.0127.2124.6131.8132.4149.7143.5

Western

95.795.390.097.3

106.9101.1110.3105.4107.798.393.9

101.2

100.3

105.3107.3102.193.195.691.497.397.096.396.397.9

100.3

98.3

112.0105.8103.396.6

104.1100.3100.196.1

104.5101.5104.5109.2

103.2

117.8116.5110.6117.5122.2121.2114.2119.8120.2116.7112.8108.0

116.5

118.7116.1100.1122.1126.8117.2125.4115.3124.6125.7117.0116.9

118.8

115.0116.7110.4117.8112.9118.5116.5127.5150.8148.7

MAGAZINE ADVERTISING »[Number of agate lines]

MONTH

JanuaryFebruary . . _.MarchApril

May - -JuneJulyAugust

SeptemberOctoberNovember _ -_ - -December

TotalMonthly average

JanuaryFebruaryMarchApril

May ' - -JuneJuly . -August . _-

September . .OctoberNovember _ _ _December

TotalMonthly average

1909

827. 236923, 231

1, 116, 0641, 241, 719

1, 214, 4501, 087, 154

864, 495809, 735

1, 038, 4651, 336, 5251, 353, 8811, 336, 226

13, 149, 1811, 095, 765

1919

1, 092, 9751, 447, 2061, 789, 0512, 167, 605

2, 236, 0792, 201, 6341, 772, 7171, 558, 744

2, 082, 7232, 372, 144

(*)2 321,060

3 21 041, 9383 1, 912, 903

1910

1, 077, 3771, 534, 9931, 524, 1301, 394, 544

1, 573, 1321, 315, 3631, 073, 324

867, 452

1, 078, 1501, 408, 8491, 516, 1341, 499, 875

15, 863, 3231, 321, 944

1920

1, 805, 3682, 425, 9722, 667, 6912, 914, 488

2, 931, 2442, 845, 9481, 971, 8661, 970, 612

2, 284, 6872, 667, 9382, 636, 9092, 371, 906

29 494, 6292, 457, 886

1911

1, 138, 1991, 250, 1961, 424, 1161, 550, 258

1, 598, 4941, 323, 2011, 037, 119

893, 860

1, 100, 6691, 478. 2781, 474, 1591, 448, 831

15, 717, 3801, 309, 782

1921

1, 730, 8241, 758, 9341, 768, 3811, 820, 158

1, 843, 9991, 684, 0161, 323, 6851, 182, 353

1, 370, 2441, 545, 6101, 601, 7591, 523, 967

19, 153, 9301, 596, 161

1913

1, 201, 7571, 381, 6611, 396, 1401, 548, 999

1, 484, 4541, 284, 013

974, 074788, 508

1, 080, 5131, 379, 7421, 398, 4791, 417, 732

15, 336, 0721, 278, 006

1922

1,181,3601, 427, 2591, 593, 2041, 809, 541

1, 894. 6371, 722, 7031, 419, 4441, 299, 821

1, 525, 1721, 946, 9101, 918, 3951, 860, 985

19, 599, 4311, 633, 286

1913

966, 6941,234,2731, 374, 1381, 557, 186

1,475,2231, 328, 130

950, 479753, 373

1, 031, 6191, 314, 6801, 351, 7051, 347, 349

14, 684, 8491, 223, 737

1923

1, 457, 2091, 762, 0802, 010, 8032, 309, 452

2, 219, 5632, 046, 0541, 693, 8951, 477, 356

1, 752, 8332, 228, 5602, 217, 6252, 044, 051

23, 219, 4811, 931, 957

1914

874, 890, 109, 692, 317, 292, 428, 054

, 448, 781, 262, 512951, 521749, 541

1, 024, 5521, 182, 7101, 188, 2521, 107, 636

13, 645, 4331, 137, 119

1924

1, 565, 2151, 905, 5282, 172, 2222, 476, Oil

2, 401, 4482, 202, 4021, 649, 6861, 403, 828

1, 796, 1582,194,5042, 194, 0682, 084, 428

24, 045, 4982, 003, 792

1915

939, 8681, 107, 7161, 208, 8661, 267, 239

1, 324, 6911, 216, 698

966, 097805, 507

1, 018, 9011, 270, 5981, 309, 1591, 298, 039

13, 733, 3791, 144, 448

1925

1, 598, 3242, 037, 5132, 297, 2632, 505, 242

2, 420, 0402, 308, 3731, 744, 4981, 553, 270

2, 062, 3672, 503, 5682, 660, 087

1916

920, 8561, 195, 6311, 406, 3611, 560, 377

1, 627, 0321, 464, 4781, 141, 1151, 052, 473

1, 255, 5311, 644, 0601, 573, 1171, 632, 655

16, 473, 6861, 372, 807

1926

1, 901, 5342, 287, 1582, 515, 2012, 765, 036

2, 659, 7182, 628, 5241, 984, 4281, 831, 974

2,248,0682, 807, 1722, 962, 388

1917

1, 120, 7771, 391, 8971, 610, 2011, 838, 118

1, 785, 0001, 602, 6651, 267, 4781, 031, 128

1, 265, 7341, 703, 7631, 645, 3541, 617, 524

17, 879, 6391, 489, 970

1927

1, 954, 0812, 370, 3182, 584, 0842, 835, 395

2, 906, 8652, 554, 2242, 046, 0061, 891, 293

2, 272, 3652, 756, 4492, 912, 172

1918

1, 105, 7871, 230, 2051, 412, 1481, 676, 176

1, 624, 0881, 499, 7891, 237, 3231, 019, 227

1, 248, 4761, 406, 5451, 410, 4731, 343, 764

16, 214, 0011, 351, 167

1928

1,811,0532, 176, 0592, 517, 2002, 925, 964

2, 811, 5042, 571, 2402, 139, 4051, 755, 140

2, 278, 9952, 870, 5492, 844, 599

1 Compiled by Printer's Ink and represents magazine advertising lineage of leading magazines of the country. The data for the last 4 years cover the lineage inidentical magazines. For earlier years the magazines covered are not entirely identical but represent the field with equal thoroughness.

2 Data not available due to printers' strike.311 months.


21

FLOOR AND WALL TILE

MONTH

Produc-tion Shipments

Stocks,end ofmonth

1934

Square feet Value Square feet


Stocks,end ofmonth

1935



Stocks,end ofmonth

1936


January...February.MarchApril.

May....JuneJuly....August..

September.October. _..November..December..

4, 784,9334,764,6925,067,1134,532,963

3,928,4413,977,3423,527,4853,878,151

4,109,7734,422,3863,901,6483,828,533

Year's total _Monthly average

50,723,4604,226,955

3,662, 4953,525,0433,986,9244,091,811

3, 539,4443,803,6133,650,5673,923,304

3,778,4544,060,3393,298,604

$1, 202,2321,092,103, 187,576, 308,588

, 221,538,329,864,260,824, 329,346

1,314,1501,471,3461,177,0441,143,450

6, 725,4867, 241,8017,844,9418,107,465

8,126,1518,135,1307,747,6827, 526,825

7,673,9067,968,6918,065,8359,125,005

3, 707,3803,804,9064,106, 7613,953,531

4,260, 7634,506,8624, 594, 5224,908,662

5,194, 0185,412,0565,238,6135,363,558

44,376,8873,698,074

15,038,0611,253,172 7,857,410

55,051,6324,587,636

3,061,8143,297, 6563,917,8624,288,052

4,344,0174, 556,0674,870,2114,907,158

5,219,4955,515,2015,057,1765,108,444

$1,090,0441,166,9641,361, 2821,508, 768

1, 549,5821,631, 2741,733,0891,801,931

1,905,9902,045, 5391,776,3901,911,876

9, 273,4929,535, 5389, 704,9179, 265,448

8,495,8277,590,6867,375,3226,867,613

6,913,4156,839,8806,926,3797, 789,150

5,069,9114,938,9215,659,1295,330,429

5,483,7925,770,9845,847,6985,842,431

5,435,2545,921,6485,600,9955,433,438

54,143,1534,511,929

19,482, 7291, 623,561 8,048,139

66,334,6505, 527,888

4,404,2274,274,0414,997,0705,178,162

5,071,1925,529, 5475, 526,3736,006,805

5,756,7515,344,1155,110,6625,057,424

$1,664,5171,603,5311,861,5011,872,847

1,2,061,0512,094,8052,241,974

2,119,7862,032,3341,950,2511,924,189

62,256, 3695,188,031

23,316,6341,943,053

7, 744,2067,838,7228,617,2358, 513,628

8,794,3698,565,0489,023,3218,797,949

8,576,3448,690,1528,770,0899.001,354

8,577,701

MONTH

January...February..MarchApril

MayJuneJuly....August _

September..OctoberNovember-December..

Year's totalMonthly average _


Stocks,end ofmonth

1937

Square feet

5,616,7915,186.8515,548,9295,517,956

5,252,8335,240,5155, 214,3835, 554,007

5,612,2785,928, 2675,079,6084,550, 522

64,302.9405,358,578

4,436,6024,412, 0095,278,4655,022,172

5,172,3915,173,5425,299,3245,460,747

5,696,2505,326,0804,409,4613, 707, 753

59,394, 7964,949, 566

Value

$1,692,3081,687,7662,008,2071,916,368

1,936,3561,959,9591,989,4512,085,932

2,162, 5482,009,7681, 672,4081,580,562

22,701, 6331,891,803

Square feet

10,232,55411,250,73911,493,17911,860, 245

11,894, 20911,971,66711, 374, 50011,393,156

11,359,83712,072,75612,767,31513,288, 515


Stocks,end ofmonth

1938

Square feet

4,702,0254, 675,1085,348,9915,236,788

5,728,5346,192,106

4,019,1564,245,0235,355,0175,687,619

5,913,7716,604,3096, 598, 763

Value

$1,526,2041,708,6612,074,5042,060,213

2, 214,6182,461, 5832, 548,456

Square feet

13,963,72814,241,99013,982,10113,576,999

14,430,67613,030,846

* Compiled by the U. S. Department of Commerce, Bureau of the Census, from data reported by 39 concerns, which produced about 80 per cent of the total production offloor and wall tile in 1923, including the entire membership of the Associated Tile Manufacturers. Details by grades and kinds are issued each month in mimeographform.


22

TREND OF BUSINESS MOVEMENTSThe 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 thelatest semiannual number (August, 1928), in which monthly figures for 1927 and 1928 may be found, togetherwith explanations as to the sources and exact extent of the figures quoted. The figures given below shouldalways be read in connection with those explanations. Data on stocks, unfilled orders, etc., are given as ofthe end of the month referred t