survey of current business april 1926 - fraser · monthly business indicators: 1920-1926 [ratio...

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UNITED STATES DEPARTMENT OF COMMERCEWASHINGTON

SURVEY OFCURRENT BUSINESS

BUREAU OF THE CENSUS

COMPILED BY

BUREAU OF FOREIGN AND DOMESTIC COMMERCE BUREAU OF STANDARDS

No. 56 APRIL 1926

C O N T E N T STEXT MATERIAL

Preliminary summary for March 1Course of business in February:

General conditions __ 7Summary of indexes of business 8Review by principal branches of industry and com-

merce 9

BASIC CHARTS

Monthly business indicators ___________________________Weekly business indicators ____________________________Automobiles, building, iron and steel, and locomotives ___Production, stocks, and unfilled orders __________________

GENERAL TEXT TABLES

Monthly business indicators ___________________________ 3Weekly business indicators ____________________________ 5Business summary ___________________________________ 7Indexes of business (production, prices, sales, etc.) ________ 21

TREND OP BUSINESS MOVEMENTS

Textiles and buttonsMetals and fuelsAutomobiles and leatherRubber and paperBuilding construction and housingLumber productsStone, clay, and glass productsChemicals and oilsFoodstuffsTransportation, tobacco, and public utilities.Employment and wagesDistribution movementBanking and finance and foreign exchangeUnited States foreign trade.Canadian trade and industry

NEW DETAILED DATA

Meats, miscellaneous, cold-storage holdings-Debits to individual accounts, by citiesConsumption of gasoline by Stated

Pa*t. 28. 29. 32. 33

3435363739

. 424344454748

202427

PRELIMINARY SUMMARY FOR MARCH[Based on weekly data in charts and table appearing on pp. 4 and 5]

* Reports for the early weeks of March indicateincreased activity over March, 1925, in the output ofbituminous coal and beehive coke and in the produc-tion of lumber, with a decline from a year ago in thevalue of new contracts awarded for building con-struction. The output of petroleum was likewisesmaller than a year ago as was the case in the receiptsof wheat, cotton, and cattle and calves. Carloadingsof merchandise were larger than in March a year ago,while debits to individual bank accounts, indicativeof the dollar volume of trade, also recorded an advanceover the early part of March, 1925.

Wholesale prices averaged lower in March than ineither the previous month or a year ago, while business

89583-26f 1

failures, although less numerous than in February,were running larger than a year ago through the firstweeks of March. Loans and discounts of Federalreserve banks showed little change from the precedingmonth but were larger than a year ago. Prices ofstocks declined during the first three weeks of Marchfrom the high point reached in the middle of February,while call money rates, although averaging higherthan in March a year ago, were lower than in thepreceding month. Rates on time money in the NewYork market showed similar comparisons with the pre-vious month and a year ago. The Federal reserve ratioat the end of the third week of March, though lowerthan a year ago, was 'at its highest for the year 1926.

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

MONTHLY BUSINESS INDICATORS: 1920-1926[Ratio charts—see explanations on inside front cover. Except for net freight ton-miles and wholesale trade, for which January is plotted, latest month plotted is February,

1926. The curve on bank debits has been adjusted for normal seasonal variations and that on manufacturing production for the varying number of working days inthe month]

350300

200

RELATIVE TO 1913 AS 100

1920 1921 1922 1923 1924 1925 1926

INTEREST RATES, COMMERCIAL PAPER

6050250200

co5i

100250200

10080

150

10080

60

150

iOO80

az40

200

10080

60

200

10080

400

300

200

10080

60

40

30

WHOLESALE PRICES ( DEPT.OFLA0OR )

I I I IFARM PR ICES (DEPT. OF AGRICULTURE,)-

NET FREIGHT TON-MILES

RELATIVE TO 1919 AS 100

1920 1921 1922 1923 1924 1925 1926200

BANK DEBITS, 141 CENTERS

WHOLESALE TRADE, 6 LINES

DEPT. STORE TRADE (359 STORES)

MANUFACTURING PRODUCTION•——j (64 COMMODITIES)

LUMBER PRODUCTION(5 SPECIES )

AUTOMOBILE PRODUCTION( PASSENGER CARS AND TRUCKS)

FACTORY EMPLOYMENT

BUILDING CONTRACTS AWARDED(27 STATES)

1920 1921 1922 1923 1924 1925 1926 1920 1921 1922 1923 1924 1925 1926


MONTHLY BUSINESS INDICATORSThe following table gives comparative relative numbers for a selected list of important business movements. It is believed

that this table will prove useful, because it separates out from the large mass of material a comparatively small number of itemswhich are often regarded as indicative of business in general.

The table has been divided into two parts, the first containing those items for which relative numbers can be calculated, using1913 as a base. The second part contains items for which comparable data back to 1913 are not available. This latter group ofrelative numbers is calculated by letting the 1919 monthly average equal 100. Care should therefore be exercised in comparing theabsolute value of the two sets of data. In either group, however, the upward or downward trend of the relative numbers, comparedto previous months, does reflect the present tendency in each item and will give a basis for business judgment.

The charts on page 2 show February data as the latest plotted, except for freight ton-miles and wholesaletrade which show January.

ITEM

Production:Pig iron....Steel ingotsCopper ... ..Cement (shipments)Anthracite coal . . _ ..Bituminous coalElectric energy (gross revenue sales)Crude petroleum.. ...Cotton (consumption) ...BeefPork

Unfilled orders:United States Steel Corporation

Stocks:Crude petroleum8... .Cotton (total)

Prices:1

Wholesale indexRetail foodRetail coal, bituminousFarm products... .... ...

Business finances:Defaulted liabilitiesPrice 25 industrial stocksPrice 25 railroad stocks .

Banking:Clearings, New York CityClearings, outside .Commercial paper interest rate

Distribution:Imports (value) „ ........... ._Exports (value).,..Sales, mail-order -

Transportation:Freight, net ton-miles . .. ~ ..

Production:Lumber * .Building contracts . .

Stocks:BeefPork . . .

Business finances:Bond prices (40 issues)

Banking:Debits outside New York CityFederal Reserve-

Bills discountedTotal reserves . .Ratio

MONTHLY AVERAGE

1920 1921 1922 1923 1924 1925

1924

Dec.

1925

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

1926

Jan. Feb.

1913 monthly average- 100

12013599

10898

119283178105119113

170

143155

226203207205

10818467

257275134

294331264

137

546438

1079987

31218997

113117

90

171198

147153197116

22913664

205212118

140181188

105

8711480

1315885

349224109126130

96

265153

149142188124

22816975

23023080

177154204

115

130144120153104118407295117130160

102

311125

154146190135

19718572

22627690

212168259

139

10112212816499

10143428799

133151

68

369111

150146169134

19819881

26428471

201185284

131

11814613617768

109470304115139128

73

290129

x'59145167147

16226299

30031573

236198327

139

1161411317497

116506277114134191

82

374193

157152171139

19823195

32531764

224214411

128

1321661446997

130522287127146199

85

296172

160154170146

23823396

33932366

232216308

135

126149134819498

480261118105152

89

295150

161151172146

17623898

267273

66

223179299

123

1391661451399394

457292125129115

82

294126

161151169151

14923595

29630971

258219318

129

1271421371959885

449297128131109

75

294103

156151161147

16323392

29030872

233193322

123

11413713722610789

429329114132116

69

29780

155152159146

16224596

30229770

219179262

136

10412713623710293

421822106127136

83

29661

157155158148

16124896

30531770

218156271

131

10412213324510999

419325104145107

60

29445

360160159149

15125697

29732371

218164248

139

10613613224911311342932396

13596

59

28956

160160160152

163272101

256293

72

228184255

153

106138132240

111745331310414497

63

287130

160159168144

134280102

27631376

234203309

151

11815413820?

1133495311117173122

70

284185

158162170143

129298102

32935380

250237464

161

118155131137

2127535297117137127

78

283218

158167179144

157305107

29831979

252216396

149

127158135943

132559294124152162

85

278237

156166179143

160305111

34234879

266226473

139

130165138772

135589288125139168

83

275226

156164179143

191309111

34434179

279192336

138

1141501327927

117

264122120127

78

272213

155162179143

150 I309109 I

27228875

260171322

1919 monthly average— 100

10272

6698

86

11.4

1329780

8669

4283

87

91

91122m

117102

2970

107

95

28144154

133106

3291

104

107

39146152

129108

3490

108

108

19146160

141138

3482

112

122

26134149

110100

6070

110

124

16139145

12191

5985

110

127

14141155

12283

5594

111

106

22138151

136138

4990

111

121

21137154

143157

4188

111

117

21137154

146148

3181

113

116

21136153

151143

2696

114

124

24135153

141145

2189

112

123

?41241M

154166

1976

111

113

30132149

153155

1759

ill

U9

33131144

157148

2046

111

137

30132144

140146

3145

112

122

32131142

127137

3656

112

137

39129134

114117

3467

114

134

23135149

90

33 :75 ;

115 ;

114

28133147

i Wholesale and retail prices from Department of Labor averaged for the month; farm prices from Department of Agriculture.1 Based on the total computed production reported by 5 associations. Includes southern pine, Douglas fir, western pine, North Carolina pine, and California whitepine. The total production of these associations in 1919 was equal to 11,401,000,000 board feet, compared with a total lumber production for the country of 34,552,000,000;board feet reported by the census.

* Data since January, 1925, cover only stocks east of California, and hence are not directly comparable with figures for earlier periods.


WEEKLY BUSINESS INDICATORS[See table on p. 5]

WEEKLY AVERAGE, 1922-1924 = !00 . FISHER'S INDEX,WEEKLY AVERAGEI92W924=IOO-

160-K1'

140

120.

100

(X

80 \

60

I20r

BFEB.

N*•»

ITU

W"

*«Wi

MIN

'•••v

ousMAY

..-••*

COALJUNE JULY

.«'••• /V

PRO

..•**

DUCSEPT.

5TIO!

...-',*

*NOV.

•..".

i

DEC.

: ::::

LUMBER PRODUCTION

inrti—v!

¥pn \~f60,

IBQi

14&

120

tr»A

RE

LA

TIV

E

NU

MB

ER

S

i 8 §

I £

8

§

c

IXv ..••*

r

r--j.-ii:

*i

BEEHIVE COKE PRODUCTION

fy•""••

p

i*;

ETR

{L....

».*.

*,

*.

V***

t......

/,'

:'"'•'-A

ii

OLEUM PRODUCTIONCDAILY AVERAGE)

,./

.'"' "..

"••-—

CAR LOADINGS

r . ^^*^ •l»"af V

\.i

N^

MAR

i/n .i »,. •

V

••••*

JUNE

V*

JULY

A^

AUQ. (SEPT

1925

1926

N"

OCT.

A

NOV.

:\

t t

DEO

110

105

100

120,

100

80

60

105

tf\f\100

96

90

85

ion

ifin

\An

120

JAN.

/

FISFEB.

V\\

HERMAR.

\

\

•s^

'•/•••,

WHO

,\

^.

LESJUNE

/

>ALE PRICEJULY AUQ. SEPT.

y• * %^

"•./•.

INOOCT.

*"V*

EXNOV.

,."•

DEC.

A

COTTON PRICES MIDDLING NEW YORK

•«... .•*«•*•"•̂ •*̂

—

...... '».••' ..»••* •-•-,. s-'-...

*̂ »\.

"•.., -.••^ ...̂ •*.'*"*

WHEAT PRICE NO. 2 RED WINTER

/A

*.

*j

i

•.

L *.

•«.. A/^/" V* %x*»*

LOANS AND DISCOUNTS (F.R.MEMBER BANKS)uu

uu

no1

I40i

••*••., .̂.. k.*S'». .«— •...•**

A DEBITS TO INDIVIDUAL ACCOUNTS.II .§ . . .*: .- x.

^120^̂

1 •

IQQJ

80

\F-"""¥ ? 1

]

-?̂

u *\.N

•'•;r- . Jjt —

•f'V,I«

•• I_U_.

AA . :'.J

CALL MONEY RATES140 4 —

ion l

100

80

60

\Af\

ion

InnIUU

«n

60

wp

Â:

WEEKLY BUSINESS INDICATORS'[All data are given as relatives to the weekly average for 1922 to 1924 as 100, except wholesale prices, which are based on 1923 to 1924 average]

WEEKENDING *—

1925

Jan. 310172431

Feb. 7142128

Mar. 7142128

Apr. 4111826

May 29

162330

June 6 ...132027 . -.

July 4111825

Aug. 18 ....

152229

Sept. 51219 - —26

Oct. 310172431

Nov. 7142128

Dec. 5121926

meJan. 2

9163330

Feb. 6132027

Mar. 6 . ..132027

Apr. 310 ...

Bit

um

ino

us

coal

pro

duct

ion

119.0138.7132.5127.7122.0

120.1107.5105.497.5

103.495.291.292.0

83.186.482.888.5

88.091.292.093.189.7

92.395.092.695.4

81.095.298.8

102.9

104.2109.8113.0115.9122.6

119.3110.0119.9125.3

121.3128.7129.7133.2137.5

134.1134.0138.8127.8

141.8142.2139.892.9

117.5143.5144.0136.9138.4

134.0132.3126.8120.0

115.2117.8

Lu

mb

er p

rod

uct

ion

68.698.6

101.9101.9103.8

102.9102.9104.8106.2

107.1110.5104.8110.5

108.1110.5110.5113.8

112.4115.7111.4114.8110.5

113.8115.7112.4112.4

90.098.6

108.1107.1

113.3112.4115.7120.0115.7

117.6112.4119.0115.7

114.8116.7114.8116.7116.7

114.8112.4113.8106.2

108.1110.5111.472.9

56.781.494.3

101.9103.8

108.1110.5108.1107.1

109.5111.4

Bee

hive

co

ke

pro-

duct

ion

112.7116.2114.9116.2109.7

121.1116.2113.6111.4

106.6106.699.196.9

96.593.088.282.9

74.162.759.663.657.9

56.159.656.656.1

52.656.655.754 8

53.553.953.963.272.4

72.873.275.077.2

82.089.099.198.2

114.5

128.1129.4124.6128.5

130.7127.6137.3114.5

128.5127.2136.4150.4148 7

161.0158.8154.8140 4

115.8114.9

Petr

oleu

m

prod

uc-

tion

107.7109.9111.0109.8107.1

106.5106.1106.8106.6

106.6106.9106.6105.4

105.9109.3114.1118.2

119.7122.7126.4126.9128.7

128.8123.9120.5119.2

118.0118.0116.0115.8

115.9117.3116.1116.3116.0

117.3116.9116.9115.5

114.9114.9114.2113.3113.2

112.8111.8112.5112.1

111.9111.2110.5109.8

108.2107.7106.8105.7103 8

104.5104.3104.3105 6

105.3106.1

Car

loa

ding

s

84.2102.5102.5101.698.5

102.099.2

101.794.9

102.2101.6100.0102.4

101.4100.8101.4105.4

107.9107.9108.3101.8107.8

109.4108.5108.0109.0

95.0108.0111.1113.2

114.7115.6117.1118.7123.6

121.2107.2120.7123.2

122.3121.6121.6123.3120.0

116.9115.5116.3101.5

112.2110.9106.477.1

81.599.7

103.0101.3101 7

100.6100.8102.4100.3

106.0

Bui

ldin

g co

ntr

acts

39.2103.398.467.398.5

69.591.8

100.299.3

101.3117.5191.8121.6

172.6170.5151.9165.6

183.6147.7134.6164.8152.4

125.1134.4184.9150.4

142.5124.0132.0134.6

202.6168.0179.4194.4153.8

152.497.7

162.3136.0

234.8132 0117.6130.6157.8

175.8141.5147.2104.3

181.4142.1142.3110.2

152.3131.8119.2182.7115 5

93.277.0

102.8146 7

106.4119.6167.0

Rec

eipt

s of

whe

at

49 249.363.775.964.1

81.661.250.445.6

56.754.544.338.6

35.021.634.223.5

34.338.434.762.565.7

69.258.255.660.5

59.991.493.3

140 5

165.9143 9122.2108 1108.3

136.0158.1170 4180.6

149.0113 490.774.681.0

95 886.5

104.5104.7

117.3116.3104.174.4

41.675 763.055.953 0

51.948.960.840 6

45.736.6

Rec

eipt

s of

cott

on

179 6151.1160.9114.0103.0

94.9108.186 079.1

80.972 368.951.5

43.042.141.745.5

36.637 427.729.429 4

26.420 918.717 4

13.613 624.326 8

40.031.945.571 9

116.6

177.9197.0244 3279.1

311.9309 4337.4327.7325.1

323 8288.5289 8285.1

293.6283.0242.6174.0

132.8112.3119.6106 0101 3

97 987.771.168.5

65.568.1

Rec

eipt

s of

cat

tle

84 2110.098.490.480.4

84.684.677 584.9

86.594.590.792.0

85.285.992.987.1

87.587 191.687.183 9

82.686 270.186 2

101.0100.6106.4100 3

104.8109.0117.4119.0114.8

113.889.7

109.6122.8

142.8156.6155.9149.5143.7

136.7124.4119.088.7

123.5125.1119.365.3

71.4103 9105.1102 283 3

87 885.578.882 3

81.083.3

Rec

eipt

s of

hog

s

143 7172.9162.0127.2143.2

141.2122.8123.6108.0

87.288.991.579.0

57.168.980.383.3

91.272 581.478.290 9

91.591.289.587.5

65.169.377.064.3

67.863.562.157 761.5

62.856.861.862.0

78.173 470.770.680.6

85.087.597.679.0

110.0110.2102.870.6

97.2122 7112.594 7

102 0

94 493 779.080 9

90.182.9

Who

lesa

le p

rice

s

103.6103.8105.3105.6107.1

106.6105.1105.7106.3

106.9106.5105.7104.6

102.3103.0102.8101.4

100.4102.4102.9101.2102.9

102.4102.2102.9103.9

103.5103.8104.6104.5

104.8105.1104.6103.4103.9

103.2103.0103.6103.1

102.3101.7102.0101.7102.9

103.3103.4103.6104.2

105.1"103.6102.7102.9

103 8103 8103.4103 7104 0

104 0103.3102.0101 3

100.399.9

100.1

Pri

ce o

f cott

on

mid

-dl

ing

91.390.990.688.790.2

91.793.692.595.8

98.196.298.195.1

91.392.192.592.5

92.188.384.288.789 8

93.289.491.392,5

89.891.792.195 5

94.092.889.889.486.4

85.790.692.590.2

87.583 481.982.374.7

79.278.978.580.8

78.574.373.274.7

78.178.579.678.978.5

78 578.578.575 1

73.674.072.8

Pri

ce o

f ir

on a

ndst

eel

(com

posi

te)

99.199.699.9

100.099.8

100.3100.399.999.8

99.899.498.998.2

97.996.696.095.0

94.494.393.793.092.6

92.591.691.190.9

91.191.191.191.1

91.191.191.191.190.6

90.690.990.991.0

91.191.191.191.592.4

93.694.394.594.6

95.395.295.295.2

95.595 595.595.394 9

94.994.994.794.7

94.794.794.6

Pri

ce o

f No.

2 w

hea

t

152 0152.8159.3164.2175.6

169.1157.7157.7158.5

169.1155 3143.1135.0

142.3

156.1154.5154.5

151.2157.7152.0146 3

128.5132.5127 6

129.3136 6139.0135 8137.4

137.4139.0140 7138.2

125.2130 1

138.2

136 6138.2137 4140.7

143.9

152 8153 7152.8152 8148 8

156 1148.8145.6147 2

139.0137.4

Ban

k lo

ans

and

disc

ount

s

111.8112.1112.3112.0111.6

112.2112.2112.7112.4

113.3113,3113.0112.4

113.0112.4112.3112.3

113.2112 8112.6112.0112.1

112.7112.8112.9113 0

114.4113.6113.7113 3

113.1113.8114.4114.4114.4

115.3115.0116 3116.6

118.3118.2118.6118.7118.9

120.0119.9119 9119.4

119.8120.2120.4120.8

121 8121 3120.2120.0119 3

119 6119.8119.4119 2

119.8119.0

Deb

its

to i

ndiv

idua

lac

counts

110.0130.0119.3123.5109.5

117.5113.8113.3100.2

130.1113.1127.2112.5

118.2117.2118.7118.3

107.8126.6112.711&9111.5

115.9110.7126.5115.5

129.4116.6120.4119.9

107.1120.1109.5114.6105.9

111.595.3

128.1122.3

126.9138.7118.0137.5122.4

131.8114.4145 8124.4

124.7123.9141.4133.6

109.8153 2129.8135.2124.0

132.4123.3121.7107 7

143.5121.7133.6

1

feflo

i115.163.681.866.787.9

84.893.981.8

115.1

93.9103.081.8

100.0

100.097.084.897.0

90.984.890.990.997.0

103.093.990.9

112.1

121.2100.097.0

100.0

100.0106.197.0

100.0106.1

100.0106.1100.011&2

121.2112 1100.0103.0121.2

112.1109.1112 1121.2

121.2124.2124.2142.4

145.597.0

109.197.0

109 1

112 1118.2115.1127.3

112.1103.0103.0

I1•B

pa

110.7137. 3131.6133.3130.6

117.2101.5129.999.5

97.0104.2103.6119.7

98.6108.5107.0116.9

117.2105.5110.7101.0105.0

90.194.5

105.797.0

92.377.1

101.0106.0

89.390.179.492.586.3

82.370.289.189.6

87.390.583.880.692.8

88.1102.7109.095.3

105.0107.5112.783.1

93.0137.3142.5127.6128.4

128.994.8

118.9104.0

120.4122.197.5

1 Sources of data are as follows: Bituminous coal and beehive coke production from U. S. Department of Commerce, Bureau of Mines; Lumber production, based on fourassociations, from the National Lumber Manufacturers Association; Petroleum production (crude) from American Petroleum Institute; Loadings of freight cars from AmericanRailway Association; Building contracts from F. W. Dodge Corf oration; Receipts of wheat from Bradstreet's; Receipts of cattle and hogs from U. S. Department of AgricuUuretBureau of Agricultural Economics; Receipts of cotton from New Orleans Cotton Exchange; Wholesale prices (Fisher's index), based on 1923-24 as 100, from Professor IrvingFisher; Price of cotton, middling, from New York Cotton Exchange; Price of iron and steel, composite, from Iron Trade Review; Price of wheat, No. 2, red, cash, from ChicagoBoard of Trade through U. S. Department of Agriculture, Bureau of Agricultural Economics; Loans and discounts of member banks and debits to individual accounts fromFederal Reserve Board; Call-money rate from Watt Street Journal; Business failures from R. O. Dun & Company.1 The actual week for all items does not always end on same day.


PRODUCTION OF PIG IRON AND UNITED STATES STEEL CORPORATION'S UNFILLED ORDERS

[February, 1926, is latest month plotted]

14,000

600

800

COMPARISON OF AUTOMOBILE PRODUCTION AND NEW BUILDING CONTRACTS


BUILDING CONTRACTS AWARDED(27 STATES)

TOTAL AUTOMOBILEPRODUCTION

4,000

2,000

LOCOMOTIVE SHIPMENTS AND UNFILLED ORDERS

[January, 1926, is latest month plotted]


BUSINESS SUMMARY

relative condition of the several phases of business. The use of index and relative numbers is more fully explained on the inside front cover, and details of thissummary are given in the table entitled "Indexes of Business," beginning on p. 21]

PRODUCTION:Manufacturing (64 commodi-

ties — Adjusted) 1 . - .Raw materials, total

Minerals ..Animal products - -CropsForest products

Electric power. ... .Building (awards — floor space)..

STOCKS (45 commodities; seasonalad j ust ment)

UNFILLED ORDERS (relative to 1920).

SALES (based on value) :Mail-order houses (4 houses)Ten-cent chains (5 chains)Wholesale trade. ..Department stores (359 stores) _

PRICES (recomputed to 1919 base) :Producers , farm productsWholesale, all commoditiesRetail foodCost of living (including food) —

CHECK PAYMENTS (141 cities — Sea-sonal ad j ustment)

FACTORY EMPLOYMENT (1919 base)— _

TRANSPORTATION :Net freight ton-mile operation-Car loadings (monthly total)Net available car surplus (end of

mo.)

TEA!

19*3

119114136117102121144106

11974

9916583

124

65757894

10393

115119

25

ILY AVEB

1924

113119126117118119152108

13552

10518582

125

64737895

11084

108116

139

AGE

1925

125116132113111126169138

14556

11820984

131

70778498

12784

115122

146

1924

Decem-ber

112143124138158108171100

14462

148366

79210

67768297

11682

106100

161

January

11712013311311911617291

15562

10815179

108

70788397

12883

112128

129

1925

Febru-ary

12495

11310281

11115483

15163

10515676

101

70788196

12985

102104

172

Decem-ber

122141122123164118190137

15364

16642779

224

68768999

12986

115106

162

19

January

122111122107109108189117

16261

11616679

115

68768899

13986

114127

152

56

Febru-ary

13093

1139780

116

90

16557

11117077

105

68758799

13987

105

126

PER CENT IOR DEC!

February,1926, fromJanuary,

1925

+ 6. 616. 2

-7. 4-9. 3

— 26. 6+ 7. 4

-23. 1

1. 2-6.6

-4.3+ 2. 4

2.5-8.7

0. 0-1. 3— 1. 1

0.0

0. 0+ 1.2

-17.3

— 17 1

NCREASE (+)IEASE (— )

February,1926, fromFebruary,

1925

+ 4. 8— 2. 1

0. 0-4.9

1.2+ 4. 5

+ 8.4

+9. 3-9.5

+ 5.7+ 9. 0+ 1. 3+ 4.0

— 2. 9-3.8+ 7. 4+ 3.1

+7. 8+ 2.4

+ 1.0

— 26 7

i See p. 28, Jan., 1925, issue (No. 41), for details of adjustment.

COURSE OF BUSINESS IN FEBRUARY

GENERAL CONDITIONSManufacturing output in February, after allowance

for differences in working time, was larger than ineither the preceding month or February, 1925. Theoutput of raw materials, on the other hand, showeddeclines from each of these comparative periods, with anincrease in forest products output insufficient to offsetdeclines in the output of minerals and in the market-ings of animal products. Contracts awarded for newbuilding construction, although smaller than in Janu-ary, were larger than a year ago, with a similar com-parison in the case of carloadings of merchandise.Stocks of commodities, after adjustment for seasonalvariations, although smaller at the end of Februarythan at the end of the previous month, were largerthan a year ago, while unfilled orders for basic mate-rials, principally iron and steel and building materials,were smaller at the end of the month than at the endof either the previous month or a year ago.

Prices received by farmers for their products showedno change from the preceding month but averagedlower than a year earlier. Wholesale prices in Feb-ruary were lower than in either the previous month or ayear ago, while retail food prices, although lower thanin January, were higher than in February, 1925. Thecost of living showed no change from the previousmonth but was 3 per cent higher than a year ago.Factory employment was higher in February than ineither the previous month or a year ago, while checkpayments, indicative of the dollar volume of trade,after adjustment for seasonal variations, showed nochange from the previous month, but were 8 per centhigher than in February, 1925. Sales at retail bymail-order houses, 10-cent chains, and departmentstores averaged higher than a year ago, with wholesaletrade showing little change.


8

SUMMARY OF INDEXES OF BUSINESS

PRODUCTION

Manufacturing output in February was lower thanin January, but, after allowance for differences inworking time, February industrial activity was morethan 5 per cent greater than in the preceding monthand, by a like percentage, greater than a year ago.

The production of raw materials was smaller inFebruary than in either the preceding month or Febru-ary a year ago, these declines being due to decreasedproduction of minerals as well as decreases in themarketings of crops and animal products. In thecase of mineral output, declines were general from theprevious month, with the sole exception of anthracitecoal, due to the resumption of coal mining, while ascompared with February of last year, increases in theoutput of petroleum, bituminous coal, lead, and zincjust about offset declines in anthracite coal, copper,gold, and silver. In 'the case of animal products,

increases over February, 1925, in the marketings ofwool, cattle and calves, sheep, fish, and milk wereinsufficient to offset declines in the marketings ofhogs, eggs, and poultry. As respects crops, thedeclines from a year ago in the marketings of vege-tables and cotton products more than offset increasedmarketings of fruits and miscellaneous crops. Theoutput of forest products was larger in Februarythan in either the preceding month or a year ago.

COMMODITY STOCKS

Stocks of commodities held at the end of February,after adjustment for seasonal variations, were smallerthan at the end of the previous month but larger thana year ago. As respects the groups entering into thisindex, stocks of manufactured foodstuffs and othermanufactured commodities were lower than a yearago, while stocks of raw foodstuffs and other rawmaterials were higher.

RELATIVE PRODUCTION, STOCKS, AND UNFILLED ORDERS FOR MANUFACTURED COMMODITIES[1920 monthly average-100. Adjustment has been made for both stocks and production for their respective seasonal movements. Unfilled orders are principally those

of iron, steel, and building materials. February, 1926, is latest month plotted]

160

SALES

The unfilled order index of iron and steel and build-ing materials declined 7 per cent and 10 per cent,respectively, from the preceding month and a yearago, the greatest declines from each of these periodsoccurring within the iron and steel group.

Sales by department stores, although seasonallysmaller than in January, were larger than in Febru-ary, 1925. The volume of business transacted bymail-order houses, although smaller than in the pre-ceding month, was likewise larger than a year ago.Wholesale trade showed no change from a year ago.

PRICES

Average prices received by farmers in Februaryshowed no change from the preceding month, but adecline of 2 per cent from February, 1925, was regis-tered. As respects the previous jnonth, increases inthe prices of meat animals and cotton and cottonseedwere balanced by declines in the prices of grain anddairy products and poultry, while, compared with lastyear, declines in grain, cotton, and unclassified com-modities more than offset by increased prices forfruits and vegetables, meat animals, dairy products,and poultry.


Wholesale prices, as seen from the Department ofLabor index, declined almost 1 per cent from the pre-ceding month and 4 per cent from February, 1925.Declines from the previous month were general, withthe exception of the fuel and lighting group, theincrease in this group amounting to 1 per cent, thisincrease being largely explainable by the conditionsin the coal industry. As respects the comparisonwith 1925, declines were general in February, withthe exception also of fuel and lighting and miscel-laneous commodities. Commercial indexes also

showed similar comparisons with the preceding monthand a year ago.

The cost of living, although showing no changefrom the preceding month, was 3 per cent higher inFebruary than in the corresponding month of 1925.Declines in food costs from those prevailing in Jan-uary were balanced by increases in fuel and lightingcosts, principally fuel, while increases over February,1925, in food costs, clothing, and fuel and lightingmore than offset declines in the cost of shelter.

REVIEW BY PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCE

TEXTILES

Receipts of wool at Boston were 72 per cent greaterthan in February a year ago, while for the first twomonths of the current year an increase of 7 per centwas noted over the same period of 1925. Wool con-sumption by textile mills was smaller than in eitherthe previous month or February, 1925, with theactivity of woolen machinery showing similar com-parisons. Prices of wool in general averaged lower inFebruary than in the previous month, with sub-stantial declines from a year ago.

Receipts of cotton into sight were 13 per centsmaller in February than in the same month of lastyear, with a decline of 15 per cent in the total for thefirst two months from the corresponding period of1925. Imports of raw cotton were smaller than ineither the previous month or February a year ago,with a decline of 13 per cent in the total inward move-ment for the first two months of the current year ascompared with the same period of 1925. Raw cottonexports were likewise smaller than either the previousmonth or February, 1925, with a decline in the twomonths7 total amounting to 31 per cent. Consump-tion of cotton by textile mills was smaller than inJanuary, largely because of the shorter month, butwas 3 per cent larger than in February, 1925. Con-sumption for the first two months of the currentyear was slightly larger than during the correspondingperiod of last year.

RAW COTTON CONSUMPTION AND EXPORTS


Stocks of cotton held at mills and warehouses at theend of February were 43 per cent larger than a yearago, while the world visible supply of cotton at the endof the month showed an advance of 18 per cent overFebruary 28, 1925. More cotton spindles were busyin February than in January with a perceptible de-cline in this regard, however, from a year ago. De-spite the increase in the number of active spindlesover the preceding month, there was a decline in thetotal activity as measured in spindle hours due to theshorter month. As compared with the precedingyear a decline in the number of active spindles may becontrasted with an increase of almost 3 per cent in the .

SPINDLE ACTIVITY IN COTTON MILLS


1501921

89583—26f-

number of spindle hours. Reduced to a percentagebasis cotton spindle activity was 4 per cent greaterthan in January and more than 2 per cent greaterthan in February, 1925. The output of fine cottongoods in the New Bedford district was 7 per centless than in January and 2 per cent greater than ayear ago, the cumulative for the first two monthsshowing the same increase over the correspondingperiod of 1925. Prices of cotton paid to producers


10

increased over January while wholesale prices for rawcotton averaged lower, with substantial declines foreach price from the quotations prevailing a year ago.Prices for cotton yarns and cotton goods averagedlower than in either the previous month or February,1925.

The imports of raw silk were smaller than in thepreceding month but larger than a year ago with anincrease of 10 per cent in the cumulative total for thepreceding month over the corresponding period of1925. Deliveries of silk to mills, indicative of con-sumption, were smaller in February than in the pre-ceding month, but 13 per cent larger than in February,1925, while as compared with a year ago the cumulativetotal for the first two months was 15 per cent greater.Stocks of silk held at warehouses at the end of Febru-ary were 8 per cent and 28 per cent smaller, respec-tively, than the holdings at the end of the previousmonth and a year ago. Although the price of silk atthe New York market averaged 1 per cent lower thanin January, February quotations were 7 per centgreater than a year ago.

IRON AND STEEL

Pig-iron production in February was 12 per centsmaller than in the previous month and 9 per centsmaller than in February, 1925, while for the firsttwo months of the current year pig-iron output re-corded a decline of 5 per cent from the correspondingperiod a year earlier. Despite the decline in pig-ironoutput as compared with the preceding month, morefurnaces were in blast at the end of February than atthe end of January, although 11 per cent fewer fur-naces were in operation than on February 28, 1925.The percentage relationship of furnaces in blast tocapacity showed an advance of 2 per cent for Febuaryover the preceding month and a decline of 4 per centfrom February a year ago. Wholesale prices for ironshowed practically no change from the previous month,although prevailing quotations were substantiallylower than a year ago.

Production of steel ingots in February were 9 percent smaller than in January and 1 per cent greaterthan a year ago. Unfilled steel orders at the end ofFebruary were 5 per cent smaller than at the end ofthe previous month and 13 per cent smaller than onFebruary 28, 1925. Production of steel by inde-pendent steel manufacturers was 9 per cent smallerthan in February and 6 per cent greater than a yearago, with the ratio of production to capacity showinga decline from the previous month amounting to 3per cent and an increase over a year ago amountingto 5 per cent. Stocks of sheets held by independentmanufacturers atfthe end of February were smallerthan at the end offeithei the previous month or ayear ago. The^production of steel barrels in Februarywas 12|per cent and 26 per cent greater, respectively,

than in either the previous month or February, 1925,while as compared with a year ago the output duringthe first two months was 19 per cent greater. Book-ings for steel castings, although smaller than in Janu-ary, were 23 per cent greater than a year -earlier, withan increase of 11 per cent over 1925 in the two months'total. Wholesale prices for steel were slightly easierthan in January and substantially below quotationsprevailing in February, a year ago.

MACHINERY AND EQUIPMENT

New orders for machine tools was slightly largerthan in January and 28 per cent greater than inFebruary, 1925. Sales of mechanical stokers werelarger in number than in January, but as respectshorsepower, smaller than in either the precedingmonth or a year ago. For the first two months ofthe current year 19 per cent fewer stokers were soldwith 6 per cent less horsepower than during the sameperiod a year previous. Patents issued by the UnitedStates Patent Office during February showed increasesover both the previous month and the same month oflast year. Shipments of fire extinguishers, both hand-type and motor vehicles, were larger in Februarythan in the previous month.

NONFERROUS METALS

The production of copper at domestic mines duringFebruary was 5 per cent and 2 per cent smaller, re-spectively, than during the previous month and Febru-ary, 1925. For the calendar year thus far, copperproduction has run more than 3 per cent below thecorresponding two months' period of 1925. Smelteroutput of copper showed similar comparisons for

COPPER PRODUCTION AND EXPORTS

[February, 1926. is latest month plotted]

February with the preceding month and a year ago,as well as in the cumulative total for the first twomonths of the current year. The output of refinedcopper in North and South America, although 3 percent smaller than in the previous month, was 1 percent larger than a year ago, while for the first twomonths the production of refined in North and SouthAmerica was 3 per cent greater than during the sametwo months7 period of 1925. Domestic shipments of


11refined copper were larger in February than in eitherthe previous month or a }rear ago with an increase of8 per cent for the first two months over the corr -spending period of 1925. Stocks of copper in Northand South America, both blister and refined, werelarger at the end of February than at the end of theprevious month. Exports of refined copper weresmaller than in either the previous month or February,1925. The wholesale price of copper, although belowa year ago, averaged higher than in the previousmonth.

TIN: IMPORTS, VISIBLE SUPPLY, AND DELIVERIES TO MILLS[February, 1926, is latest month plotted]

Although smaller than in the previous month, theimports of tin during February were larger than inFebruary, 1925. Deliveries of tin to consuming estab-lishments in February were smaller than in either thepreceding month or a year ago, while for the first twomonths of the year a decrease of 5 per cent wasregistered from the same period of the preceding year.World stocks of tin, seen from figures on visible supply,were considerably smaller at the end of the monththan at the end of January or a year earlier. Whole-sale prices of tin averaged higher in February than ineither the previous month or February, 1925.

RELATIVE PRODUCTION AND STOCKS or ZINC[1913 monthly average=100. February, 1926, is latest month plotted]

Fewer zinc retorts were in operation at the end ofFebruary than on January 31, but the number inoperation was slightly larger than a year earlier.Production of primary zinc was likewise smaller thanin the preceding month, but 14 per cent larger than inFebruary, 1925. For the first two months of the cur-rent year, zinc production was 13 per cent greater thanduring the same period of 1925. The price of zinc,although averaging higher than a year ago, was lowerthan in January.

FUELS

The production of bituminous coal, although 20 percent larger than a year ago, was 13 per cent smallerthan in January, while for the calendar year thus farthe output of bituminous was 10 per cent greater thanduring the same period of the previous year. Withthe resumption of coal mining in the anthracite fields,well after the beginning of the month, the Februaryoutput of anthracite was only about one-third as largeas during February, 1925. Prices for anthracite in theNew York market averaged lower than a year earlier,while bituminous quotations, although lower than inthe previous month, were higher than a year ago.

PRODUCTION OF BITUMINOUS AND ANTHRACITE COAL[February, 1926, is latest month plotted]

PRODUCTION OF BEEHIVE AND BY-PRODUCT COKE[February, 1926, is latest month plotted]

zefe 25

toQZ< 2Oto 20

Of 15u. l5OtoQ

1 s

Q

,,

A / \Jy \

A~-v\

1920

jjY pft(

i

V/V\\v/'

1921

^^y

A /

/V7 y/

\J1922

/A^./

r\V

BEEHIVE

1923

/* ^y\ r\/V/

/\ ,\ /

1924

v. fv1925

|

«

1926

Production of beehive coke was 2 per cent and 33per cent larger, respectively, than in either the pre-ceding month or February, 1925, while for the firsttwo months the total output was 25 per cent ahead of


12

the corresponding period of 1925. By-product cokeproduction, on the other hand, was 8 per cent smallerthan in January but 12 per cent greater than inFebruary, 1925, with the same percentage increaseover the preceding year as respects the cumulativetotal for the first two months of 1926. The price ofcoke averaged higher than in the previous month andwas almost twice as high as in February, 1925.

AUTOMOBILES

The production of passenger cars in the UnitedStates and Canada during February was 18 per centlarger than during the preceding month and 32 percent greater than a year ago, with an increase in thecumulative total for the first two months as comparedwith the same period of 1925. The Canadian outputof passenger cars alone registered increases of 41 percent and 48 per cent, respectively, over the previousmonth and a year ago. The production of trucks inthe United States and Canada was 25 per cent largerthan in January and 19 per cent greater than inFebruary, 1925.

Shipments of electric industrial trucks and tractorsshowed declines in the number of tractors from theprevious month and increases in all other types.Exports of industrial trucks and tractors were alsogreater in February than in January.

BUILDING CONSTRUCTION

Building costs, on the average, showed no changefrom the previous montlrbut were slightly lower thana year ago so far as industrial types are concerned.In the case of residential construction and small resi-dences, building costs in February were slightlyhigher than in either the preceding month or a yearago.

Contracts awarded for new construction duringFebruary were 16 per cent smaller than in Januarybut 25 per cent greater than in February, 1925, inpoint of value. In point of floor space a decline fromthe preceding month of 17 per cent was registered,with an increase of 10 per cent over February of lastyear. For the first two months of the year the valueof new construction contracts awarded was 37 percent ahead of the same period of the previous year,with the square footage on such contracts 20 per centahead of 1925. Contracts awarded for industrial con-struction for the first two months of the year recordedthe largest percentage increase over the previous yearof any of the groups, both as respects value and floorspace, with residential contracts second in the matterof percentage increase. Fire losses in the UnitedStates and Canada in February were smaller than ineither the previous month or a year ago, while for thetwo months ending February a decline of 2 per centin losses was registered as compared with the sameperiod of 1925.

BUILDING MATERIALS

Production of the principal species of lumber waslarger hi February than in the preceding month, theprincipal increases occurring in Douglas fir, with south-ern pine declining. As compared with February, 1295,southern-pine output was smaller and Douglas-firproduction larger.

Production of flooring, both oak and maple, declinedfrom the previous month, but in the case of oak floor-ing the production was greater than a year ago.Shipments of these two species showed the same com-parisons with the previous month and a year ago.Unfilled orders for flooring, both species, were smallerat the end of February than a year ago, but for mapleflooring forward business was greater than at the endof the previous month. Stocks of flooring held at theend of February were larger than the holdings a yearago.

Production of face brick was smaller in Februarythan in either the previous month or February a yearago. Shipments, on the other hand, although smallerthan a year ago, were larger than in January, whileunfilled orders at the end of the month were largerthan at the end of either the preceding month or a yearago. Prices of common brick in February averagedhigher than in either the preceding month or February,1925.

The production of paving brick, although larger thanin January, was smaller than in February, 1925. Forthe first two months of the year paving-brick outputwas smaller by 14 per cent than in the correspondingperiod of the preceding year. Unfilled order for pavingbrick at the end of the month were larger than at theend of either the previous month or February, 1925.New bookings for architectural terra cotta weresmaller in tonnage than in either the previous monthor a year ago with a corresponding decline for the firsttwo months total. Terra cotta bookings in point ofvalue, however, though smaller than in January, werelarger than in February, 1925, with an increase forthe two months' total over the previous year.

The production of Portland cement was smaller thanin either the previous month or February of last year,with a decline of 9 per cent registered in the twomonths' total from the corresponding period of thepreceding year. Shipments of Portland cement, onthe other hand, were larger than in January, butsmaller than a year ago, with an increase in the twomonths' total of 3 per cent.

Cement stocks at the end of February continued toincrease, standing at 13 per cent above a year ago.Prices of cement showed no change during the month.Concrete paving contracts awarded during Februarywere larger than in January but smaller than a yearago.

The production of polished plate glass, although 2per cent smaller than in January, was 23 per cent


13

larger than in February, 1925, while as compared withthe preceding year the two months7 total for 1926 waslikewise 23 per cent greater.

Shipments of all classes of enameled sanitary warewere smaller in February than in either the precedingmonth or a year ago, with similar comparisons for neworders received during the month.

Tr&de reports on the wet-process vitreous enamelindustry, covering stoves, kitchenware, scales, refriger-ator linings, etc., for the past six months, as compiledby the Enamelist Publishing Co., show the followingpercentages of furnaces in operation each month asreported by about 350 furnaces, representing about 90per cent of the industry: October, 84; November, 86;December, 73; January, 65; February, 72; andMarch, 85.

PRODUCTION, SHIPMENTS, AND STOCKS OF CEMENT[February, 1926, is latest month plotted]

HIDES AND SKINS

Total imports of hides and skins in February werelarger than in either the previous month or a year ago,but for the first two months of the current year theimportation was smaller than during the corresponding

IMPORTS OF HIDES AND SKINS[February, 1926, is latest month plotted]

period of 1925, the decline being due to smaller importsof cattle hides and goatskins. The production ofboots and shoes in February was smaller than a yearago but larger than in the preceding month. Exportsof boots and shoes were smaller in February than eithercomparative period, while exports of sole leather,though larger than in January, were smaller than ayear ago, and exports of upper leather, though smallerthan in January, were larger than a year ago. Prices ofleather and boots and shoes showed no change duringthe month.

PAPER AND PAPER PRODUCTS

Imports of wood pulp, both mechanical and chem-ical, showed declines in February from both the pre-ceding month and a year ago, with a similar com-parison during the first two months of the currentyear. Production of newsprint paper, although largerthan a year ago, was smaller than in January, withshipments making a similar comparison. Stocks ofnewsprint paper held at mills at the end of the monthwere smaller than at the end of either the precedingmonth or a year ago. Imports of newsprint werelarger in February than in either the previous monthor February of last year, with the two months' totalfor 1926 making a similar contrast with 1925. Pro-duction of paperboard shipping boxes was larger thanin either the previous month or a year ago, while thetotal for the first two months of the current year alsomade an increase over 1925. Shipments of salesbooks in February were larger than in either theprevious month or February, 1925, while the salesof abrasive paper and cloth were smaller than in eithercomparative period.

NEWSPRINT PAPER PRODUCTION AND MILL STOCKS[February, 1926, is latest month plotted]

1921 1922 1923 1924 1925

CHEMICALS AND OILS

Exports of sulphuric acid in February were smallerthan in either January or a year ago, while imports ofnitrate of soda were larger than in either comparativeperiod. Imports of potash, on the other hand, weresmaller than in either the preceding month or Feb-ruary, 1925, while exports of fertilizer were larger thanin either the previous month or a year ago.


14

IMPORTS OF POTASH AND NITRATE OP SODA


Production of cottonseed oil, although smaller thanin January, was larger than in February, 1925, whilestocks of cottonseed oil at the end of the month weresmaller than at the end of either the preceding monthor a year ago. Imports of vegetable oils, althoughsmaller than in January, were larger than in Februarya year earlier, with exports of vegetable oil showingsimilar comparisons. Stocks of cottonseed at the endof February were larger than the holdings a yearprevious. Consumption of oleomargarine in Februarywas on about the same level as in January and con-siderably larger than in February, 1925.

COTTONSEED OIL PRODUCTION AND STOCKS[February, 1926, is latest month plotted]

1920

The receipts of turpentine at three principal portswere smaller in February than in either the previousmonth or a year ago, with rosin receipts showingsimilar comparisons. Wholesale prices for both tur-pentine and rosin averaged lower than in January,but were higher than a year earlier.

Data on the production of gum spirits of turpentine:and rosin in the crop season ending March 31, 1926,together with information on the classes of cropsworked during that season and the number of cropsinstalled for the season ending March 31, 1927, aswell as stocks held at stills and at ports, as compiled

by the Turpentine and Rosin Producers7 Association,are given below:GUM TURPENTINE AND ROSIN l (PRODUCTION AND CROPPAGE)

STATE

AlabamaFloridaGeorgia . . .L o u i s i a n a (west of

Miss. R.) and Texas..Mississippi and Louisi-

ana (east of Miss. R.).North and South Caro-

lina (estimated) . _

Total

1925-26produc-

tion spir-its tur-pentine(in bar-rels, 50gallons2)

31, 144172, 981206, 035

17, 976

40, 309

10,000

478, 445

NUMBER OF CROPS WORKED, 1925-26

Virgin

193.31, 119. 61, 232. 3

122.0

338.8

3, 006. 0

Year-ling

206.31, 203. 31, 469. 1

141.6

192. 4

3, 212. 7

Thirdyear

248. 11, 624. 41, 856. 0

70.7

106.2

Fourthyear

171.7939.5985.7

0

31.6

3, 905. 42, 128. 5i

Fifthyear

112.4675.9253.5

0

14.0

. Total

931.85,562.75, 796. 6

334.3

683.0

355.0

1, 055. 8:13, 663. 4

STATE

Alabama . . . . .Florida _.Georgia . . . _ . _Louisiana (west of Miss.

R.) and TexasMississippi and Louisiana

(east of Miss. R.) . .North and South Carolina

(estimated)

Total

NUMBER OF CROPS INSTALLED TO BE WORKED, 1926-27

Virgin

214.41, 301. 51,615.2

157.0

273.5

3, 561. 6

Yearling

187.11, 076. 11, 213. 5

156.5

313.0

2, 946. 2

Thirdyear

185.01, 085. 81, 377. 1

78.0

67.0

2, 792. 9

Fourthyear

177.51, 138. 01, 447. 1

5.0

47.5

2, 815. 1

Fifthyear

126.2771.0532.1

0

18.0

1, 447. 3

Total

890.25, 372. 46, 185. 0

396.5

719.0

410.0

13, 973. 1

* Data from the Turpentine and Kosin Producers' Association for crop years endingMarch 31.

2 Rosin production 3^ round barrels (500 Ibs.) for each barrel of turpentine.

STOCKS OF TURPENTINE AND ROSIN 1 (END OF MONTH, INBARRELS)

YEAR AND MONTH

1924JulySeptember. .November .December

1925JanuaryFebruaryFebruary 2JulySeptember. _ __NovemberDecember _ _ .

1926January.. _ _February _ _ ._March 2

TURPENTINE

At stills

21,42019, 28318, 34223,063

10, 0146,9039,151

11, 93615, 99221, 76512, 969

7,3034,8077, 568

At ports

39, 35261, 25361, 33367, 010

55, 36843, 138

3 35, 35851, 79354, 63657, 65062, 041

54,30446, 71941, 093

ROSIN

At stills

238, 511226, 714199, 615184, 800

140, 05697, 879

150, 045105, 709119, 679121, 659117, 769

93, 31878,70492, 245

At ports

315, 637323, 229275, 046301, 021

261, 801232,902

3 231, 369238, 522197, 015221, 273248, 667

218, 726196, 157182, 809

1 Compiled by the Turpentine and Rosin Producers1 Association. Stocks at stillscover all such stocks in Texas, Louisiana, and Mississippi, 95 per cent of those inAlabama, and a few of the larger places in Georgia and Florida, the producers inthese two States generally shipping to the ports as fast as produced. Port stocksinclude Savannah, Jacksonville, Pensacola, New Orleans, and Mobile.

2 As of the 15th of the month. Stocks reported at this date as being held at stillscover all known stills and for ports the port of Brunswick in addition to the fiveother ports above named.

3 As of the 15th of March.CEREALS

The visible supply of wheat both in the UnitedStates and Canada, although smaller at the end ofFebruary than at the end of the preceding month,was about the same as a year ago, the decline from ayear ago in the visible supply in the United Statesbeing offset by the increase over a year ago in theCanadian supply. Receipts of wheat, as well asshipments, were smaller than in either the preceding


15

month or a year ago. Exports of wheat and wheatflour showed similar comparisons. Wheat pricesaveraged lower in February than in either the preced-ing month or February, 1925.

WHEAT RECEIPTS, EXPORTS, AND VISIBLE SUPPLY[February, 1926, is latest month plotted]

The visible supply of corn on February 28 was largerthan at the end of either the preceding month or onFebruary 28, 1925. Receipts and shipments of cornat the primary markets were each smaller than inJanuary, but as compared with last year receiptswere larger and shipments smaller. Grindings ofcorn for starch and glucose manufacture, althoughsmaller than in January, were larger than in February,1925. Exports of corn, though smaller than in thepreceding month, were more than four times as largeas a year ago. Wholesale prices of corn continuedto average lower in February.

Receipts of oats at principal interior markets weresmaller than in either the previous month or February1925, with the visible supply at the end of the monthshowing similar comparisons. Exports of oats in-cluding meal, although smaller than in January, werelarger than a year ago. Wholesale prices lor oatsaveraged lower than either the previous month or ayear ago. Exports of all grains, including flour andmeal, were considerably smaller in February than ineither the previous month or February, 1925.

Receipts of southern paddy rice at mills, althoughsmaller than in January, were more than twice aslarge as February a year earlier. Shipments of ricefrom mills as well as at New Orleans also showedan increase over a year ago. Stocks of domestic riceheld at mills and by dealers at the end of Februarywere larger than the holdings a year earlier. Riceexports were smaller than in either the previous monthor a year ago.

Car-lot shipments of apples were larger than inJanuary and almost twice as large as a year earlier,while shipments of citrus fruits and white potatoesshowed declines from both comparative periods.

MEATS AND DAIRY PRODUCTS

The movement and slaughter of cattle, calves, and-hogs was considerably smaller in February than in

the previous month, the decline being greater thancould be accounted for by the difference in the numberof days. Exports both of beef and of pork productsalso declined and a decline in cold storage of beef wasaccompanied by an increase in the holdings of pork, ascompared with January.

As compared with a year ago, receipts and slaughterof cattle exceeded and shipments were smaller than inFebruary, 1925, while receipts, shipments, and slaugh-ter of hogs declined from a year ago. Prices of cattlewere slightly lower and those of hogs slightly higherthan in January.

The slaughter of sheep and lambs was considerablyless in February than in either the previous month ora year ago. Receipts at the primary markets alsodeclined from January but exceeded those of Feb-ruary, 1925, while shipments were larger than foreither prior period. An increase in cold-storage hold-ings of lamb and mutton at the end of February, ascompared with either January or a year ago, wasaccompanied by a decline in price from these periods.

RELATIVE RECEIPTS OF BUTTER, CHEESE, AND EGGS ATPRIMARY MARKETS

[1919 monthly average=100. February, 1926, is latest month plotted]

300

200

Receipts and cold-storage holdings of poultry de-clined seasonally and were slightly less than a yearago. Cold-storage holdings of fish fell considerablyshort of those at the end of either January, 1926,or February, 1925. An increase in receipts of butterwas accompanied by a decline in cold-storage holdingsas compared with both the previous month' and ayear ago, while February prices were slightly stronger.Receipts and cold-storage holdings of cheese were lessthan in January, although exceeding those of a yearago. The wholesale price of cheese averaged slightlylower than during the previous month but was 6 percent higher than in February, 1925.


16

Receipts of eggs continued to increase seasonallybut fell short of the total a year ago. Cold-storageholdings, on the other hand, declined slightly fromJanuary, although they were larger than a year ago.

SUGAR, COFFEE, AND TEA

Imports of sugar, both from the island possessions ofthe United States and from abroad, showed a largeincrease from the previous month and were somewhatlarger than a year ago. Meltings also increased fromboth prior periods while refinery stocks at the end ofFebruary were much larger than at the end of eitherJanuary, 1926, or February, 1925. Sugar exports werelarger than in January, but considerably less than ayear ago, while sugar prices, though slightly higherthan for the previous month, were from 9 to 14 percent lower than in February, 1925.

Sugar receipts at Cuban ports increased seasonallyfrom the previous month but were 8 per cent less thana year ago. Exports also increased over January butto a much smaller degree, while stocks at the end ofFebruary exceeded those at the end of the previousmonth by 88 per cent and those of a year ago by 10per cent.

RAW SUGAR: IMPORTS, MELTINGS, AND REFINERY STOCKS[February, 1926, is latest month plotted]

TOBACCO

Sales of tobacco at loose-leaf warehouses continuedto decline seasonally but were much greater than atthe end of February a year ago. Tobacco pricesremained unchanged from the previous month butwere slightly higher than during February, 1925.

WATER TRANSPORTATION

Ohio River traffic between Pittsburgh and Wheelingshowed a large increase over the previous month,but was considerably smaller than a year ago. Thetonnage of vessels clearing American ports for foreigntrade was slightly less than during either the previousmonth or a year ago but those of American and offoreign registry declining from January, although thetonnages of foreign bottoms was greater than duringFebruary, 1925. Ship construction was also lessduring February but considerably larger than a yearago.

RAILROADS

The total number of cars loaded with freight duringFebruary was 17 per cent less than during the previous

month. All classes of shipments participated in thedecline, although the greatest decreases from Januarytook place in livestock, grain, and coal. Comparedwith a year ago, total car loadings were slightly greater,and of the different classes only loadings of livestock,forest products, and ore were less than in February,1925. Surplus cars, on the other hand, were con-siderably less than at the end of either January or ayear ago.

A slight increase in shipments of locomotives fromboth the previous month and from February, 1925,was accompanied by a decline from January in unfilledorders. Unfilled orders of locomotives at the end ofFebruary were substantially larger than a year ago.

DISTRIBUTION MOVEMENT

Sales by mail-order houses in February were 7 percent larger than in the same month of 1925, whilefor the first two months an increase over the corre-sponding period of the previous year, amounting to8 per cent, was recorded. Sales by 10-cent chain-store systems in February were 9 per cent greater thana year ago with a corresponding increase for the cumu-lative total for the first two months of the year ascompared with 1925. Newspaper advertising was 7per cent larger than in February, 1925, although thecumulative total for the first two months of the cur-rent year was 2 per cent smaller than during the corre-sponding period of 1925. Magazine advertising forappearance in February magazines was 9 per centgreater than in the corresponding month of theprevious year, with a 12 per cent advance for thefirst two months as compared with the same periodof 1925. Postal receipts at the 100 principal citieswere about 10 per cent larger than in the same monthof 1925 with a corresponding increase in the cumula-tive total for the first two months over the sameperiod of the preceding year. Delinquent accountsin the wholesale electrical trade, although larger innumber than a year ago, were considerably smallerin value.

SALES BY MAIL-ORDER HOUSES AND 10-CENT CHAIN STORES



17

LIFE INSURANCE

Sales of new paid-for life insurance, all classes,showed an increase of 12 per cent, in point of value,as compared with February, 1925, with an advanceof 13 per cent for the first two months of the currentyear over the same period of last year. The increasein the value of new paid-for insurance over February,1925, was made despite a decline of 8 per cent in thenumber of policies and contracts written, indicatinglarger unit values per policy and contract. While theremaining groups showed increases over February,1925, a decline occurred in the industrial field, bothas respects the number of policies and their values.Sales of ordinary showed increases over both theprevious month and a year ago with advances generalin the major geographical districts.

SALES OF ORDINARY LIFE INSURANCE, BY GEOGRAPHICALDIVISIONS

[February, 1926, is latest month plotted]1,000

800

COO

20

1 UNITED .STATES TOTAL2 EASTERN MANUFACTURING3 WESTERN MANUFACTURING4 WESTERN AGRICULTURAL5 SOUTHERN6 FAR WESTERN

1922 1923 1924 1925 1926

BANKING AND FINANCE

Check payments both in and out of New York Citywere 8 per cent larger in February than a year ago, withan increase in the cumulative total for the first two

89583—26f 3

months over the same period of 1925 amounting to 9per cent in New York City and for the country outsideamounting to 7 per" cent. Bills discounted by Federalreserve banks at the end of February were 24 per centgreater than a yea# ago with a decline from, February,1925, of 7 per cent in Federal reserve bank investmentsand 2 per cent in the reserve ratio. Loans and dis-counts of member banks at the end of the month were6 per cent greater than a year earlier, while invest-ments showed an increase of 2 per cent over February,1925. Interest rates on New York call loans averagedhigher in February than in the previous month, whilerates on time money were lower. As compared withprevailing rates a year ago, money on both call and ontime was dearer than in February.

BILLS DISCOUNTED AND TOTAL INVESTMENTS OF FEDERALRESERVE BANKS

[February, 1926, is latest month plotted]3,000 -

LOANS, DISCOUNTS, AND TOTAL INVESTMENTS OP FEDERALRESERVE MEMBER BANKS


14

13

12

g l l

i:

1921 1922

TOTAL INVESTMENTS/

1923 1924 1925 1926

The gross debt of the Federal Government wasfurther reduced in February and at the end of thatmonth was 3 per cent smaller than a year ago, with adecline of 13 per cent evidenced in the amount of theshort-term debt maturing within five years. Customsreceipts during February were larger than in eitherthe previous month or a year ago, with a gain of 1 percent for the first two months over the correspondingperiod of 1925. As against an increase of 6 per centduring the first two months of the calendar year inordinary receipts, there was a 15 per cent decline inexpenditures chargeable to ordinary receipts. Theper capita distribution of money held outside the UnitedStates Treasury and Federal reserve system was 1 percent smaller than a year ago.


18

Although there were slightly more failing firms thana year ago, defaulted liabilities were 15 per centsmaller than in February, 1925, with a decline of -18per cent for the first two months as (compared with thesame period of the previous months, The increase inthe number of failures over 1925 iwas solely due tomore failures among manufactures, while as respectsdefaulted liabilities, all groups showed declines froma year ago, with the greatest occurring in the manu-facturing group.

The three following charts, drawn from figures re-ported by the Attorney General in pursuance of thebankruptcy act of 1898, show the relation betweenassets and liabilities of bankrupts, both voluntary andinvoluntary, the number of individuals adjudged bank-rupts in Federal courts during the period 1912 to 1925by classes, and the percentage relation between volun-tary and involuntary bankrupts among merchantsand manufacturers. Farmers and wage earners havebeen grouped together in the second drawing becausethe law allows, with certain exceptions, each of theseclasses immunity from involuntary bankruptcy pro-ceedings. In the table below are given the statistics onwhich these charts are based as reported by the AttorneyGeneral covering the fiscal years from 1912 to 1925.

ASSETS AND LIABILITIES OF BANKRUPTS

ASSETS

1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925

BANKRUPTCIES AMONG MERCHANTS, MANUFACTURERS, FARM-ERS, AND WAGE EARNERS

(912 1913 1914 1915 1916 1917 1918 1919 1820 1921 1922 1923 1924 1926

PERCENTAGE DISTRIBUTION OF VOLUNTARY AND INVOLUNTARYBANKRUPTCIES AMONG MERCHANTS AND MANUFACTURERS

MANUFACTURERS

MERCHANTS

1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1926


19

BANKRUPTCY PROCEEDINGS IN FEDERAL COURTS l

YEAR ENDINGJUNE 30—

1912Voluntary..Invol

1913 .Voluntary. .Invol


1915Voluntary _ _Invol



1 18Voluntary _ .Invol . _

1919 . .Voluntary..Invol

1920Voluntary. .Invol

1921Voluntary. .Invol

1922Voluntary _ _Invol

1923Voluntary.,Invol

1924Voluntary..Invol ..

1925 .Voluntary..Invol

NUMBER OF ADJUDICATED BANKRUPTS

'a"oH

15, 61512, 6562, 959

17, 70314, 3423,361

18, 79415, 4693,325

21, 29417, 6933,601

24, 01419, 9734,041

25, 35821, 2024,156

23, 53020, 0523,478

19, 35116, 4292,922

15, 62213, 1372,485

15, 20012, 6612,539

22, 51718, 7283,789

34, 40128, 4925,909

41, 64935, 3726,277

44, 44037, 7766,664

1

£ft

837831

6

942930

12

1,0471,030

17

1,2471,240

7

1,6621,644

18

1,9061,881

25

1,6331,614

19

1,2081,191

17

99998811

1,3681,364

4

3,2383,215

23

5, 9455,915

30

7,7817,775

6

7,8747,854

20

Wag

e ear

ner

s

4,6474,461

186

4,9424, 863

79

5,8035,773

30

6,6726,632

40

6,4686,418

50

7,8297,787

42

8,2598,230

29

6,7896,743

46

5,6475,601

46

5,9285,897

31

7,5827,550

32

10, 26110, 173

88

13, 13013, 126

4

14, 47814, 444

34

Mer

chan

ts5,3543,7001,654

6,6124,6012,011

6,3394,3232,016

7,5105,3392,171

9,1406,5162,624

8,7166,1212,595"

7,0905,0931,997

5,6264,0011,625

3,8872,6721,215

3,7552,5151,240

6,4744,4801,994

10, 8617,1953,666

12, 1018,1463,955

11,5157,6293,886

Man

ufa

c-tu

rers

841404437

853433420

894452442

1,216619597

1,229646583

1,206619587

966511455

843429414

673326347

580298282

811418393

1,319646673

1,529746783

1, 557739818

•aao

1fi42334875

33329340

42038931

399373

26

55351934

58854345

55953326

52949039

51046644

29927524

34232725

49746730

67161952

76572441

Oth

er c

ases

3,5132,912

601

4,0213,222

799

4,2913,502

789

4,2503,490

760

4,9624,230

732

5,1134,251

862

5,0234,071

952

4,3563 575'781

3,9063,084

822

3,2702,312

958

4,0602, 7381,322

5,5184,0961,422

6,4374,9601,477

8,2518,3861,865

Liabilities

$170, 153, 49770, 182, 58499, 970, 913

227, 083, 215112,909,204114, 174, Oil

244, 721, 826117, 668, 111127,053,715

245, 055, 004133, 086, 912111, 968, 092

313, 646, 570172,043,206141,603,364

323, 557, 441174, 218, 606149, 338, 835

277, 580, 913157, 972, 248119, 608, 665

241, 720, 088134, 130, 903107, 589, 185

201, 626, 264117, 116, 26684, 509, 998

171, 284, 36799, 190, 42272, 093, 945

255, 613, 896161, 315, 30094, 298, 596

486,400,908298, 190, 416188, 210, 492

663, 644, 791427, 812, 431235, 832, 360

747, 522, 848408, 067, 882339, 454, 965

Assets

$38, 554, 09913, 049, 01225, 505, 087

52, 571, 39719, 872, 29532, 699, 102

49, 608, 75418, 999, 07530, 609, 679

52, 412, 27023, 499, 24428, 913, 026

67, 861, 73528,834,80438, 966, 931

44, 637, 36018, 288, 53226, 348, 828

42, 093, 85515, 656, 40926, 437, 446

33, 358, 71114, 096, 98619, 261, 725

29, 598, 59311, 454, 49618, 144, 097

27, 278, 19911, 537, 66515, 740, 534

37, 899, 60916, 708, 76421, 190, 845

61, 861, 44924, 466, 34137, 395, 108

71, 587, 13729,835,87741,751,260

85, 348, 87332, 106, 62453, 242, 249

1 Statistics collected pursuant to the act of July 1,1898 "creating a uniform systemof bankruptcy throughout the United States," being the fourth law on this subjectenacted by Congress under the Constitutional provision authorizing the enactmentof a uniform system. The prior laws were: First, that of Apr. 4, 1800, which waslimited to 5 years, but was repealed Dec. 19, 1803; second, that of Aug. 14,1841,repealed Mar. 3,1843; and third, that of Mar. 2,1867, repealed June 7,1878. Duringthe suspension of the Federal laws various State insolvency laws were in operation.

NUMBER OF BUSINESS FAILURES AND DEFAULTED LIABILITIES[February, 1926, is latest month plotted]

In the table below are given data from trade sourcesshowing the amount of dividends paid by textile millsin Spartanburg County, S. C., as well as the capitaliza-tion and the ratio between dividends and capitaliza-tion at semiannual periods since January 1, 1921:

MILL DIVIDENDS IN SPARTANBURG COUNTY, SOUTH CAROLINA 1

DATE

Jan. 1, 1921July 1, 1921..Jan. 1, 1922. _July 1, 1922Jan. 1, 1923July 1, 1923Jan. 1, 1924July 1, 1924Jan. 1, 1925July 1, 1925Jan. 1, 1926

Dividends

$838 170557, 130576, 783554, 047815, 223592 069676, 326600, 701590, 951582, 829614 079

Capitalization

$16 267 40016, 536, 40016, 536, 40016, 536, 40017, 048, 90016 043 90016, 567, 90016, 567, 90016, 567, 90016,567,90016,769 900

Ratio

5 153.373.493.354.783 694.083. 633 573.523 66

1 Compiled by A. W. Law & Co.

Payments to investors during March were greaterthan in either the preceding month or a year ago withan advance in dividend disbursements of 4 per centfor the two months ending February as compared withthe same period of 1925, with an increase of 4 percent in the case of dividends paid by industrial corpora-tions and 6 per cent in the case of street railways. Newincorporations were larger than in either the precedingmonth or a year ago, while the capitalization for thefirst two months of the current year was more thanthree times as large as in the same period of 1925.New corporate securities in February were likewiselarger than in the previous month or a year ago.

Prices of representative stocks averaged lower inFebruary than in the previous month but were higherthan in February, 1925. The volume of turnover ofstocks on the New York Exchange, although smallerthan in January, was larger than a year ago, whilebond sales in February were smaller than in eithercomparative period. Bond prices continued to aver-age higher both as respects January and a year agowith the greatest percentage increase over a year agoin prices of second-grade rails.

FOREIGN TRADE AND EXCHANGE

Exports of merchandise were smaller in Februarythan in either the previous month or a year ago, whileimports, although smaller than in January, were largerthan in February, 1925.

Exchange on the principal currencies showed in-creases over the previous month in the Japanese yen,the Indian rupee, and the Chilean peso, with declinesin the French franc, Canadian dollar, and Argentinepeso. Rates on England, Italy, and the other princi-pal continental currencies showed no change from thepreceding month.


20

IMPORTS AND EXPORTS OF MERCHANDISE


GOLD AND SILVER

Imports of gold were larger than in either the pre-vious month or a year ago, while exports, thoughsmaller than a year ago, were larger than in January.Domestic receipts of gold at the mint were smallerthan in either the previous month or a year ago.

Imports of silver were larger than in either theprevious month or a year ago, while silver exports,although smaller than in January, were larger than inFebruary, 1925. The production of silver by domes-tic mines in February was smaller than in either theprevious month or a year ago, while the price of silvercontinued to average lower.

GOLD TRADE BALANCE: SHOWING EXCESS OF IMPORTSOR EXPORTS


1920 [ J92J | 1922 J 1 9 2 3 [ 1924 ( J925 1 1926

COLD-STORAGE HOLDINGS OF MISCELLANEOUS MEATS

MONTH

JanuaryFebruaryMarch ..April

MayJune.. . _JulyAugust «.

September.October .NovemberDecember.... . ..... .

Monthly average

1917 1918 1919 1930 1931 1933 1933 1934 1935 1936

Thousands of pounds

47,754

44,32842,91450, 35555, 560

2 48, 182

55,65867,63280,20078,252

71,14877,47079,95996,316

96,879102, 623106, 254128, 892

86, 774

141,914132,070125, 735113, 125

97, 19595,90891,44885, 358

80, 45482, 11382, 853

108, 766

103, 078

113, 228109, 452100,04887, 435

86, 38486,04778, 67069,471

63, 95759, 48660, 09275, 421

82, 474

85, 25495, 16387,93593,045

90, 39285,20780,99579,778

69,73960, 66661, 21660, 255

79, 137

57, 17156, 45953, 80152, 068

50, 20554, 87854, 73455, 773

49,04745,95450, 40563,201

53, 641

67, 23467, 87969, 99769, 385

66,98571,47068, 35565,928

60, 41052, 71466, 81783,303

67, 540

81,92282, 55080, 46074, 787

68, 83770, 02967,93563,644

57, 20157, 61967, 26092, 475

72, 060

98, 162101, 16394, 12887,090

80, 07076, 58669, 86664,573

52, 55044,95450,41556, 696

73, 021

57, 16854, 676

1 Compiled by U. S. Department of Agriculture and includes all stocks of beef, pork, and mutton trimmings and edible offal that have been frozen, cured, or otherwiseprepared for food. It does not include the trimmings that have not been frozen, cured, nor processed, nor does it include sausage or canned-meat products. Data aregiven for the end of each month.2 Average for five months, August to December, inclusive.


21

INDEXES OF BUSINESS

The index numbers presented in this table are designed to show the trend [in production, prices, trade,etc., in various groups of industry and commerce. They consist in general of weighted combinations of seriesof individual relative numbers; often the individual relative numbers making up the series are also given.The function of index and relative numbers is explained on the inside front cover, A condensed form of thistable is given on page 7.

PRODUCTION(Relative to 1919 monthly average as 100)

RAW MATERIALS

Grand total

MINERALSTotal _

PetroleumBituminous coal . _ _ _Anthracite coal...Iron ore *CopperLead - _ _ - _ -Zinc_ . .GoldSilver .

ANIMAL PRODUCTS (marketings)Total _

Wool*Cattle and calves . . . . .HogsSheepEggs* . » . . .Poultry* _FishMilk (New York)

CROPS (marketings)Total _

Grains *Vegetables * - . .Fruits*Cotton products *Miscellaneous crops * -

FOREST PRODUCTSTotal _ - _ I

Lumber _ »Pulp wood .Gum (rosin and turpentine) * .Distilled wood- J

MANUFACTURING

Grand total (adjusted for working days) _ - _Grand total (unadjusted). . .

FoodstuffsTextiles - * .Iron and steel - _ ~LumberLeather .Paper and printing _Chemicals^ oils, etc _ _ - - _Stone and clay products _ _ . . . . . .Metals, excepting iron and steel :TobaccoMiscellaneous .

Maxi-mumsince

Jan. 1,1920

180

156216137121262148188138131145

138227143177153245390163190

246242254405310170

136137164267149

131136129130147166115121191164195132148

Mini-mumsince

Jan. 1,1920

73

621054100

1778385780

801958645430214594

494358501919

6159512024

71687754325763699269717037

1924

Decem-ber

143

124180119101

013416312392

120

13893

1021777143

39071

130

1581339284

234106

10810411019685

11211210410912212783

106- 173

11614910095

19)35

Janu-ary

120

133189134101

014716713288

117

1131991

1636552

14364

129

11912113083

128101

11611910676

103

11712211311714114485

113168106179111104

Feb-ruary

95

113171100980

13715012482

108

1022775

1226199

101105122

8182

129697959

111116886791

124115

941081271378599

151100171100112

Decem-ber

142

122193136

30

13818413896

104

12331

1001177153

34554

136

1641378683

239135

118116120151109

12212210511013414276

119186112167104119

1926

Janu-ary

111

122189138

20

14118014987

109

1072790

1156876

13579

135

10910511177

114130

10811012056

105

12212210510814013875

12217995

167110122

Feb-ruary

93

113172120280

13417013275

105

97297690669097

129129

808297747483

1161221004595

13012092

10612814669

11316485

156105134

PER CENT INCREASE (-f )OR DECREASE (— )

February,1926, fromJanuary,

1926

-16.2

-7. 4-9.0

-13.0+ 1300.0

0.0-5.0-5.6

-11.4-13.8-3. 7

-9.34-7.4

-15.6-21.7-2.9

+ 18.4-28. 1+63.3-4.4

-26.6-21.9-12.6

o. y-35. 1-36.2

+ 7.4+ 10.9-16.7-19.6-9.5

+6.6-1.6

-12.4-1.9-8.6+ 5.8-8.0-7.4-8.4

-10.5-6.6—4. 5+ 9.8

February,1926, fromFebruary,

1925

-2.1

0.0+0. 6

+20.0-71.4

0.0-2.2

+ 13.3+6.5-8.5-2.8

-4.9+7.4+ 1.3

—26.2+8.2-9.1-4.0

+22.9+5.7

-1.20.0

-24.8+7.2-6.3

+40.7

+4.4+ 5.2

+36.4-16.4+4.4

+4.8+4.3-2.1-1.9+ 0.8+6.6

-11.8+ 14.1+8.6

-15.0-2.3+5.0

+ 19.6

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


22

INDEXES OF BUSINESS—Continued

STOCKS(Relative to 1910 monthly average as 100)

(Corrected for seasonal variation)Total

Raw foodstuffs .Raw materials for manufactureManufactured foodstuffs. ..Manufactured commodities ...

(Unadjusted Index)Total...

Raw foodstuffsRaw materials for manufactureManufactured foodstuffs .Manufactured commodities

UNFILLED ORDERS(Relative to 1920 monthly average as 100)(Iron, Steel, and Building Materials)

Total (8 commodities)Iron and steelBuilding materials

WHOLESALE TRADE(Relative to 1919 monthly average as 100)

(Distributed by Federal Reserve Districts)

Grand total, all classesHardware (10 districts)Shoes (8 districts)Groceries (11 districts)Drugs (7 districts) .Dry goods (8 districts)Meats .. ... - »

RETAIL TRADE(Relative to 1919 monthly average as 100)

MAIL-ORDER HOUSES (4 houses)CHAIN STORES:

Ten-cent (5 chains)Music (4 chains) ..Grocery (27 chains)Drugs (9 chains)Cigar (3 chains)Candy (5 chains)Shoe (6 c

survey of current business april 1926 - fraser · monthly business indicators: 1920-1926 [ratio...

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