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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.


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


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.


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./*™~


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.


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-


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>

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


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.


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


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

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


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.


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


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.


17


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


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


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


18


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


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


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.).


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