UNITED STATESDEPARTMENT OF COMMERCE

WASHINGTON ., ,

SURVEY OFCURRENT BUSINESS

AUGUST, 1925No. 48

SEMIANNUAL NUMBER

; ; ' / /y :- ' ' ' / / ; ' , / , COMPILED BY , / ',, ;; < "BPREAU OF THE CENSUS

BUREAU OF FOREIGN AND DOMESTIC COMMERCEBUREAU OF STANDARDS

IMPORTANT NOTICEIn addition to figures^guven from Government sources, ttiere, are also incorporated for completeness ofservice figures jrom cHher sources generally accepted" by the trades, the authority and responsibility ,

for which are noted^in the "Sources af Data"* on pages 152-^5 ,qf this issue

Subscription price of the StfRVEX OF CURRENT BUSINESS is $1.50'a year; single copies (monthly),,10cents; semiannualissues, 25 cents. Foreigri suSs"c4ptions, $2.25; single copies (monthly issues), including postage, |4 cents ^ semiannual

? issues, 36 cents.1 Subscription price of COMMERCE REPORTS is $4 a year; with thes SURREY, $5.50 a year. Makeremittances only to Superintendent of ppcuments, Wa^hington^ D. C:, by postal m6ney order, express order, or

^ A .York draft. Currency at sender's risk. Postage stamps or foreign money not accepted

WASHINGTON : OOVERNMENT PRINTING OFFICE : 1925 '

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INTRODUCTIONThe SimvEY OF CURRENT BUSINESS is designed to

present each month a picture of the business situationuy setting forth the principal facts regarding the vari-ous lines of trade and industry. At semiannual inter-vals detailed tables are published giving, for each item,monthly figures for the past twb years and yearly com-parisons, where available, back to 1913; also blanktines* sufficient for six months have been left at thebottom of each table enabling those who pare to doso to enter new figures as soon as they appear, as inthe present semiannual issue. In the interveningmonths the more important comparisons only aregiven in the table entitled " Trend of business move-ments."

ADVANCE SHEETS

Realizing that burrent statistic^ are highly perish-able and that to be of use they must reach the businessm&n at the earliest possible moment, the departmenthas arranged to Distribute advance leaflets every week,to subscribers in the tlnited States. The leafletsare usually mailed on Tuesdays, and give such infor-mation as has been received during the precedingweek. The information Contained in

:these leaflets isalso reprinted iin " Commerce Report^," issued weeklyby the Bureau of foreign and Domestic Commerce.Jlie ^monthly bulletin is distributed as quickly as itcan be completed and printed.

i ' \. ; .'S ', >>r>, > ", , , V \ " ' (

The figures reported in the accompanying tables arevery largely those already in existence: The chieffunction of the department i$ to bring together thesedata whieh, if available at ajl,. are scattered in hun-

,di*eds of diflerept publications. A portion of thesedata are collected by GrOyertiment departments, otherfigiares are compiled by technical journals, and stillothers are Reported by trade associations. , Thesource^ for each/ item, are,given in

(tke detailed tablescontained in the semiannual issues and these issuesajso cont&in a complete list of sources.

. - ' ' ' ' . [ , /RELATIVE NUMBERS;. , ' , ' ; ,To facilitate comparison between different items and

render th^e trejad of a movement more apparent, rela-tivei numbers (often called "index numbers/' a termreferring more particularly to a special kind of Dumberdescribed below) have, been calculated. The relativenumbers enable: the reader to see "at a glance thegeneral upward of downward tendency of a move-ment which can not so easily be.gtasped from the

\ actual figures. ", ; ' " V ' - . " ' ' . - ' , . ' / "" ' .y

In computing these relative numbers the last pre-war year, 1913, or in some instances a five-year aver-age, 1909^1913, has been" used as a base equal to, 100

, wherever possible. The relative numbers are coni-fclputed by atiowtog the monthly average for the base

ye&r or period to equal 100. If the movement for a cur-rent month is greater than the base, the relative num-

ber will be greater than IQOj sind vice Versa. Thft differ* ',ence berween 100 and the relative number \nll give atonce the per cent increase or decrease compared withthe base period. Thus a relative number of 115 meansan increase of 15 per cent over the base period, while arelative number of 80 means a decrease of 20 per centfrom the base.

Relative numbers may also be used to calculate theapproximate percentage increase or decrease in a move-ment from one period to the next. Thus, if a relativenumber at one jnohth is 120 and for ajater month itis 144 there has been an increase of 20 per cent.

Most of the relative numbers appear in a specialsection ,of the semiannual issues, as hi Tables 103 to123 of the present number, thus allowing

teaBy com-parjson on a pre-war ba^e for,;all items for which suchrelatives could be computed. ,

INDEX NUMBERSWhen two or more series of relative i^umbers are

combined by a system of weighting, the resultingseries is denominated an ind^x numbed Tlte indexnumber, by combining many relatiye numbers, isdesigned to sholv the trend of an entire group of in-dustries or for the country as a whole, instead o| forthe single commodity or industry whidft the relativenumber covers. Comparisons with the base year or,with other periods are made in the same manner as inthe case of relative numbers. .

RATIO CHARTSIn mapy^instancesvthe cjiarts iised in the SUBVET

OF CUBBENT.BtTisiNteisk are of the type termed "'RatioCharts7' (logarithmic scale), notably the BusinessIndicator charts on page 2. These charts show thepercentage increase and $,llow direct comparisons be-tween the slope of one ctirye and tha^t pf any othercurve regardless of its location on the diagram; thati,s, a 10 per cent inci'ease in an item is given the samevertical movement \vheth$r its curve is near the bot-tom or near the top of tHe chart.

The:difference Between this and the Ordinary formof a chart can be made clear by: &n example. Jf acertain item, having; a;' Dative nuinber^ of ;400; in onemonth, increases 10, per cent in the following month,its relative number will be 4^0, and On all ordinarychart Would be plotted ,40 equidistant scale pointshigher than the preceding month; Another move-mei^t with a relative Dumber of

f say, 50, also increases10 per dent, making ita rejatiye 4tiniber 55. On the

/ordinary (arithmetic) scale this item would rise only 5equidistant points, whereas the previous item rose 40points, yet each showed the ^ame percentage increase.The ratio charts avoid this difi&cufty and give to eachof the two movements exactly the same Vertical risei,and hence the slopes, of the two lines are directlycomparable. The ratio charts compare percentagechanges, while the arithmetic charts compare absolutechanges. , : / , /

presents practically complete data for the rnonth of June, And also items covering July, 1925* received uping a particular month's business are not available until from 1$ to $ft days after the> This.'to Au&ust 15* As most data covering

close of the month, a complete picture of tftat month's operations, including relative numbers, cumulative totals, text,and charts, can not be presented in printed form under 45 days after its close, but the advance leaflets described above give-considerable information as early as 1$, days after its close, and present almost every; week the latest data available.

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

UNITED STATES DEPARTMENT OF COMMERCEWASHINGTON

SURVEY OFCURRENT BUSINESS

COMPILED BY

BUREAU OF THE CENSUS

No. 48 AUGUST 1925

C O N T E N T STEXT MATEEIAL Page

1Preliminary summary for July !-.Course of business in June:

General conditions ^ - - - - 9Summary of indexes of business 10Review, principal branches, industry and commerce.- 12

Pages to save in early issues 25GENERAL CHARTS

Business indicators ! _ _ _ 2Wholesale prices in July 4Graphic summary of industry and commerce, 1924 and

1925- . 6Production, stocks, and unfilled orders 10Wholesale prices of raw materials, producers' goods," and

consumers' goods 11General index of employment in manufacturing industries - 12

GENERAL TEXT TABLESBusiness indicators 3Wholesale price comparisons 5Statistical summary of commerce and industry: 1921-1925- 7Business summary 9Indexes of business (production, prices, sales, etc.) 22Wool and sugar, early monthly data 27

DETAILED TABLES PageGeneral indexes of business activity (Tables 1 to 5) 29Textiles (Tables 6 to 11) 34Metals and fuels (Tables 12 to 24) > 40Rubber, leather, and paper (Tables 25 to" 33) 53Building construction (Tables 3 4 t o 4 4 ) _ _ _ 62Chemicals and explosives (Tables 45 to 49) 73Foodstuffs and tobacco (Tables 50 to 62) . 78Transportation and labor (Tables 63 to 76) 91Distribution, banking, and finance (Tables 77 to 95) 105Foreign exchange and trade (Tables 96 to 102) 124

RELATIVE NUMBERS (1913 = 100)Textiles, metals, and fuels (Tables 103 to 108) 131Rubber, leather/paper, and lumber (Tables 109 and 110)_ 137Foodstuffs, chemicals, and building materials (Tables 111

to 115)_ 139Tobacco, transportation, and automobiles (Tables 116 and

117)__'_ 144Finance and foreign trade (Tables 118 to 123) 146

INDEXESSources of data 152General index .__ 156

PRELIMINARY SUMMARY FOR JULYProduction of both pig iron and steel ingots in July

was smaller than in June but considerably larger thanin July, 1924. However, at the end of July, more ironfurnaces were in blast than at the end of either theprevious month or a year ago. Unfilled steel orderscontinued the decline which set in in March, but werelarger than the forward business of July 31, 1924.Shipments of locomotives were smaller than in eitherJune or a year ago, while unfilled orders at the end ofJuly still declined. Deliveries of raw silk to millswere larger than in either the preceding month or ayear ago, while mill stocks declined from both periods.Zinc production was larger than in either June or ayear ago, the increase over the previous month beingmade despite a smaller number of retorts in operation.Stocks of zinuc on July 31 were smaller than the hold-ings at the end of June and a year ago. Deliveries oftin to consuming establishments were larger than ineither previous period.

5424025f 1 (1 )

Building contracts, though larger in floor space,were smaller in value than the June awards but wereconsiderably above theSettings of a year ago. Car-loadings were considerably larger than in July, 1924rall types of merchandise, except grain and livestock,sharing in. the general increase over a year ago. Bankclearings for the country outside of New York were con-siderably larger than in the previous month and a yearago, while for New York City July clearings werelarger only than those of the previous year.

Sales of 10-cent chain and mail-order houses, thoughsmaller than in June, were larger than a year ago.Prices of stocks, both industrial and railroad, con-tinued to average higher, while bond prices exhibited a,weakening tendency, and interest rates showed a,higher trend. Loans and discounts of Federal reservemember banks continued to increase in July, whilefewer business failures were recorded than in theprevious month, despite an increase over July, 1924,in both number and liabilities.

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BUSINESS 1920-1925[Ratio charts. See explanation on inside front cover. Except for " net freight ton-miles," latest month plotted is June, 1925; May is latest plotted for

** net freight ton-miles," while the curve on bank debits has been adjusted for normal seasonal variations and that on manufacturing productionfor variations in working days.]

19201 r92i ! 1922' 1923 ' 1924'RELATIVE TO 1919 AS 100300

aoo

10080

200

I9201 1921' I9221 1923' 1924 1325RELATIVE TO I9J3 AS 100

PRICES 25 INDUSTRIAL STOCKS

INTEREST RATES, COMMERCIAL PAPER

WHOLESALE PRICES (DEPT.OFLABO

FARM PRICES ID.HM OF AGRICULTURE)

COTTON CONSUMPTION

NET FREIGHT TON-MILES

BUSINESS FAILUREDEFAULTED LIABILITIES

1925BANK DEBITS, 141 CENTERS

***x^....; .*v

\

WHOLI

/Wrf^

SALE TF

J***^*

IADE, 6 LINES

.A^J^^ , ^V

300200

10080200

KX>806040300200

DEPT. STORE TRADE (359 STORES)

MAIL-ORDER SALES(.4 HOUSES ) A. I

80GENERAL MAN UFADTURING PRODUCTION*] 60(64 COM MODI TIES)"

LUMBER PRODUCTION[5 SPECIES)

AUTOMOBILE PRODUCTION(PASSENGER CARSANDTRUCKS?

FACTORY EMPLOYMENT

CONTRACTS(27 STATES)

20

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fbe folftmBiptsMe gi^ -ea comparative^ relative mnafeners for1 a selected list' of tefjOTtaist business-movements.- It in believedthat this table will prove useful, because it separates out from the large mass of material a comparatively' email number of itemswhich are of tea regarded as indicative of business in geaecaU

The table has been, divided into two parts, the first containingithose items for which relative numbers can be calculated, using1913 as a base* The second parfceontains items for whiekcomparable data.baefcto 1913 are^n@t.ayftil&ble. This latter group oirela^i^&e^nam^er&is.ealGulaAed by letting the I&19 monthly aarenag equal 100. Care should therefore be exercisedTn compar&ig theabsolute value of the two sets of datu. In either group,, toweyez, the upward or downward?1rend'of the relative numbers, comparedto pi^vious raealh^d0e^Befiee& tfo# present tendency m eaefe iienxaad wilt giwa-basis for* busmesa judgment.

Where availalsltr at the time of going to press, August 13, Jufy Indicators have been included, thus bringing this table upto date. It should be noted that the charts on page 2 show June data as the latest plotted; except for freight ton-miles,whibh shows Iffir-

:, C&SSXSSTT'

Production?Pig irou.

MSteel lngotfl* ~n nrvTMirCement (shipments).Anthracite coalBituminous coalE l e c t r i c ene rgy

Crude petroleumCotton/oftnsiiTPpiiOD}W* ,,^ -^u^,^.Pnrtr, , .,,.

UfaflUed order* rU. 8. Steel Corp

gtoeka:Crude petroleumCotton (toUl) _

Pttee*:1Who?f#fti indfiT ..u^uTtetfttt ftWtf^ ,a u^u,.^

Retail coal, bitmnFarm products

Bbsiitess finaBtees:Defaulted liabilities..Price 26 ind. stocks...Price 25 B. R. stocks.

Banking:Clearings, N.Y. City.Clearings, ouiMSfe...Com'l paper int. rate.

Distribution:Imports (yalue) ......Exports (value)....-.Sales, mail-order

Transportation:Freight, net ton-miles.

Production:Lumber9Bldg. contracts.-

Stocks:Beef. ^~Pork

BusfncM finances:Bond prices (40 Issues) .

Banking:Debits outside N.Y.

CityFederal Rewrve

miirttomtote^Total reservesBttou...L..

HDNTHLY AVERAGE

IMfc- i2i U8^ 1823 1924

mi

May- Jane laly Axtgi. geptt -Qefc~ N=ov, Deft.

1925.

-fen* T*eh. MfiT, Apr. May June JulF

m*nurathlyaverage=loe

12ft125:W

10868

119

^

V&10t119113

170

12T155

L 228.; 203

207205

10828467

mi m.134

284831264

137

646488,

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3121898t

U&117

90

152198

1411531-97116L

22913664

205, 212

118

140r 181

188

105

8711480

1315885

849224lOfl1%130

w

234163

14SL142.188124

22816975

23023080

177154204

115

130144120153104118

407295H13^160

I 102

287125

154,m190135

19718572

22627690

212168259

139

HOI12212816499

101

434285

. 39- m-. 151

68

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150146189134

19819881

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201185284

131

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.- 89.r MS-

151

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33474

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16018375

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7982

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183148239

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74-132153

54

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16119582

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121

74.101.130228

.. 93,: 90* W1 998

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212-20586

s 25*- 265.

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152.-140,169138

15820264

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158

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106

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68

346193

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13621392

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7497

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82

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198231

; 95

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128

13216614469.97=

130

532 28?. 127- Mft

199

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335172?

160K4170146"

23823396

33932266

232218

. 808

135

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89

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132116

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106127136

63^

WHOLESALE PRICES IN JULY(Bars denote percentages of Increase In the wholesale prices of specified commodities as compared with the same month of 1924 and 1923. Because of

their availability at the time of going to press it has been possible for the first time to show current price data in this chart, while on the oppositepage the July prices, from which the chart was drawn, are given.]

COMPARISON WITH COMPARISON WITH SAME MONTH COMPARISON WITH SAME MONTHPREVIOUS MONTH 1924 1923

DECREASE INCREASE DECREASE INCREASE DECREASE INCREASEMMODITIES y IP Q 10 20 CO 40 30 20 JO 0 10 20 30 40 50 60 70 60SO 40 30 20 IQ 0 10 20 30 40 SO 60 70 SO

_FARM PRODUCTS. AVERAGE PRICE TO PRODUCERWHEATCORNPOTATOES-COTTONCOTTONSEED CATTLE,BEEF-HOGSLAMBS

WHEAT. SPRING WHEAT. WINTERCORN, NO,2-OATS -BARLEY .-~.~.BYE,N0,2 - -TOBACCO, BURLEYCOTTONWOOL ^ GREASE (BOSTON) CATTLE. STEERS--- HOGS, HEAVY--SHEEP, EWES ~ -6HEEP. LAMBS -

FLOUR, SPRING'-FLOUR. WINTERSUGAR. RAW -'SUGAR, GRANULATED

COTTONSEED OILBEEF, CARCASSBEEF, STEER ROUNDSHAMS, SMOKED (CHICAGO)

COTTON YARN---COTTON PRINT CLOTH--COTTON, SHEETINGWORSTED YARNWOMEN'S DRESS GOODS -SUITINGS- SILK, RAWHIDES, PACKER'S- -HIDES, CALFSKINS LEATHER, CHROME ( BOSTON )--LEATHER, SOLE , OAKBOOTS AND SHOES ( BOSTON )BOOTS AND SHOES (ST. LOUIS.)-COAL, BITUMINDUS -COAL. ANTHRACITE -COKE--- -PETROLEUM-

PIG IRON, FOUNDRYPIG IRON, BASICSTEEL BILLETS, BESSEMER""COPPER -LEAD-TIN ZINC -

LUMBER, PINE. SOUTHERNLUMBER, DOUGLAS FtR -BRICK, COMMON (NEW YORK)CEMENT r- STEEL BEAMS RUBBER, CRUDESULPHURIC ACID--

20 10 Q 10 20 50 40 30 20 10 Q 10 20 30 40 50 60 70 80 90 100 20 10 QDECREASE INCREASE DECREASE INCREASE DECREASE

* NO CHANGE

10 20 30 40 50INCREASE

60 70 80

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

WHOLESALE PRICE COMPARISONSMAXIMUM PRICE COMPARED TO PRICE IN RECENT MONTHSNOTB.-Prices to producer on farm products and market price of wool are from U. 8. Department of Agriculture, Bureau of Agricultural ^Economics: nonterrous metals

from the Engineering and Mining Journal-Press. All other prices are from U. S. Department of Labor, Bureau of Labor Statistics. As far as possible all quotations representprices to producer or at mill. See diagram on page 4.

Because of their availability at the time of going to press, August 13, the July price data ha?e here been included, thus bringing this table up to date.

COMMODITIES

FARM PRODUCTS AVERAGE PRICE TO PRODUCERS

Wheat-..--*-* - - . - ..Corn . . .Potatoes Cotton . ._ ... . .....Cottonseed . ..Cattle, beef. -HogsLambs .,'... . . ....

FARM PRODUCTS MARKET PRICE

Wheat, No. 1, northern, spring (Chicago) .Wheat, No 2, red, winter (Chicago) . .... . .Corn, contract grades, No. 2, cash (Chicago).. .1... ...Oats, contract grades, cash (Chicago) ^ .... . . ..Barley fair to good malting (Chicago)Rye, No 2, 'cash (Chicago)Tobacco, burley, good leaf, dark red (Louisville)Cotton, middling upland (New York)Wool, & blood combing, Wo and *?enpsyJvania fleeces (Boston)Cattle,' steers, good to choice, corn fed (Chicago) . _" I..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 summer yellow (New York)Beef, fresh carcass good native steers (Chicago) ._ . ._Beef, fresh steer rounds No. 2 (Chicago) ........Pork, smoked hams (Chicago) ; .. ... ..

CLOTHING

Cotton yarns, carded white, northern, mulespun, 22-1 cones (Boston)Cotton, print cloth, 27 inches, 64 x 60-7.60 yards to pound (Boston)Cotton, sheeting, brown 4/4 Ware Shoals L. L. (New York)Worsted yarns, 2/32*s crossbred stock, white, m skein (Boston)Women's dress goods, storm serge, all-wool, dbl. warp, 60 in, (N. Y.) ,__._.Suitings, wool, dyed blue, 55-56 inches, 16-ounee Middlesex (N. Y.)_Silk, raw Japanese, Kansas No. 1 (New York) , _. _Hides, green salted, packer's heavy native steers (Chicago). *Hides, calfskins, No. 1, country, 8 to 15 pounds (Chicago).Leather, chrome calf, dull or bright "B" grades (Boston)Leather, sole, oak, scoured backs, heavy (Boston) _ -Boots and shoes, men's black calf, biucher (Massachusetts).....Boots and shoes, men's dress welt tan calf (St* Louis).... .-;.----

FUELCoal, bituminous, mine-run lump^JKanawha (Cincinnati)...Coal, anthracite, chestnut (New York tidewater) ', _.Coke, Connellsville (range of prompt and future) furnace at ovens .Petroleum, crude, Kansas-Oklahoma at wells

METALSPig iron,! oundry No. 2, northern (Pittsburgh).Pigriron, basic, valley furnace . .... ...Steel, billets Bessemer (Pittsburgh),Lead, pig, delivered, for early delivery (New York)Tin, pig, for early delivery (New York). ..... .Zinc, slab, western (St. Louis)

BUILDING MATERIAL AND MISCELLANEOUS

Lumber, pine, southern, yellow flooring, 1 x 4, "B" and better (Hat-tiesburgdlstFiet* . .. ...... ..... ....

Lumber, Douglas fir, No. 1, common, s 1 s, 1 x 8 x 10 (Washington) ...BHrir, ^ rnnj^T^dtmT^stlc frnttdttxg (New York)Cement, Portland, net without bags to trade, f. o. b., plant (Chicago

district) .. .Steel beams, mill (Pittsburgh)Bubber> Para Island, fiae (New York).... .....^Sulphuric acid, 66 (New York) ........ . .^...^ . ..

Unit

BushelBushel ...Bushel Pound!Ton ......PoundPoundPound

BushelBushelBushelBushel..BushelBushelCwtPoundPonndCwtCwtCwtCwt ..

BarrelBarrelPound.^...PoundPound.....Pound.. .1.Pound... -.Pound

PoundYard ,.YardPoundYardYard.......PoundPoundPound.. ..Square foot.Pound. ...iPairPair. . ....

Short ton- .Long ton...Short ton..Barrel

Long tonLong ton-Long ton...PoundPound.....Pound.....Pound.. .^.

Mfeet....-Mfeet.....Thousand..Barrel .CwtPound .Owt .

ACTUAL PRICE(dollars)

June,1925

1.5271.110.844.230

36. 48.646.1082. 1162

1.6181.8151.099.505

25! 60.242.5fr

10.50012.7305. 625

14. 875

8.5307.506

.044

.055

.107

.175

.m

.263

.403

.063..0971.7501. 035&m^147 -..200.460,480

6.406. 15

3^910.962. 901.800

20.0618.0535. 00

.134

.083 .549.0699

44.1416.5015. 501.752.00.619.70

July,1925

L4031.0441. 255.234

36.41.0655.1202.1171

1.5911.5891.065.475.883.979

25.00.248.52

11.56313.7946. 813

14. 656

8. 6506.950.043.053.114.178.192.293

.415

.065

.0961.7001.0353. WO6.321.166. 218,.460,460

6.40- 5. 15

3.3911.072.911.800

20.2618.0035.00

.139

.0815

.567

.0721

44.6616,5015. 501.752.00.825.70

July,1924

1. 058.983

1.090.273

39.07.0565.0660.1050

1. 397 ~1.2531.055.563.829.861

24.50.317.44

9,5638.1884.844

13. 750

7.4905.831.051.066.121.165.170.204

.471

.068

.108l: 5501.0353.6005.390.131.180.430.425 -

6.254.85

3.3911.282.961.550

20.7619.0038.00

.124

.0712

.458

.0590

38. 5116.5016.-00

1.752.20.170.70

FSB CENTINCREASE (+)

OR DECREASE (-)

July,1925fromJune,1925

-8.15 9

f 48. 7+1.7-0.2+1.4

+11. 1+0.8

-1.712 5

-3.15 90 2

-10.10.0

+2.5+4.0

+10.1+8.6

+21.1-1.5

+1.4-r7.-4

2 3-3.6+6.5+1.7

+11.0+11.4

+3.0+3.2-}.0--2:9

0.00.0

-0.8+12.9+9.0

0.04.2

0.00.0-

0,0+1.0+0. 8

0.0

+1.00 30.0

+3.7-1.8+3.3+3.1

+1.20.00.00.00.0

+33,30.0

July,1925fromJuly,1924

+32.6+6.2

+15.114 3

-6.8+15.9+82.1+11.5

+13.9+26.8+0.915 6

+6.5+13.7+2.0

-21.8+18.2+20.9+68.5+40.6+6.6

+15.5+19.2-15.7-19.7

5 8+7,9

+12. 9+43.6

-11.9 _4>4-11.1+9.7

0.00.0

+17.3+26.7+21.1+7.0+8.2+2.4+6.2

0.0-1.91.7

+16.1

-2.4^5.3

7 9+12. 1+14. 5+23.8+22.2

+16.00.0

-3. 1

0.0-9.1

+385.30.0

RELATIVE PRICE(1913 average=100)

June,1925

193180141192167109144190

177184176135142171189189200123152120191

186195126128148135132158

16318315822518423317580

106171107206163

154206119193

12512313688

190124127

192179236

1731327770

July,1925

177169210195167111160192

174161170126141154184194208136165145188

189181122123158138147176

16818815621918423317490

115171103206163

154208119193

12712213691

18712&131

194179236

17313210270

July,1924

1341591832281799688

172

15312716915013313518624817611298

103176

163152145154167127130123

190197*1752001842331487195

16095

201153

154212121166

13012914781

163103107

167179244

1731462170

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

GRAPHIC SUMMARY OP COMMERCE AN& INDUSTRY, BY r 1924 AND 1925[Bars denote percentages ef increase er decrease from the

period showed no ehaagfi iron* ttteeorrcspoadittg periods of m*ami m*. Where are asterisk (*) appears, the moTcmn* for that

of a year eatiier. Increases are shown ia black and decreases in cross-bateUtng.j

| 111 Ht!

j . 7

M ANiUJ=ACTU RINQ OUTPUT- -

1 BANK DEBITS OUT-SIDE H; Y CITfc-

:CC4STOF LIVING'

f9Z4THE YEAR fe fST QUARTER

DECREASE. INCREASE) DECREASE INCREASE5 50 55 Q 25 60175 5Q 25 Q 2& 50: .

\I.

GENERAL 1

1

20 QUARTERDECREASE INCREASE

75 50 25 0 25 50NWXES OF BUSIN

- - iii

"

f9251ST QUARTER

DECREASE INCREASE75 50 25 0 25 50 75

ESS ACTIVITY

I

20 QUARTERDECREASE INCREASE

75 50 25 0 25 50

BaBHaa

I . ' " ^ * -' -v- METAL PRODUCTION- ***PIG IRON -.

JT1N CCON5UMPTJON)

m

T ^^ ,^ .

1 ANTHRACITE GOAL-

ELECTRIC TOWER

j COTTON (CONSUMPTION;)

; BOOTS ANO SHOES'

i EGG- (RECEIPTS-)< SUGAR (-ME&TINGSa- ' ---

i BUILDING CONTRACTS C36 STATES)j LUTODCR 1Q. SPEuUES*

ENAM EL BATHS ( SH 1 P*t NTS )

PASSENGER AUTOMOBILESi AUTOMOBILE TRUCKS '! LOCOMOTIVES (SHIPMENTS*i FREIGHT CAfiS (SHIPMENTS}1 PASSENGER CARS (SHIPMENTS!

j WHOLESALE (& LINES)-*. DEPARTMENT STORES

MAILORDER HOUSES*-

c

' r K

0, i

1

: mmB

! *i .

, ^-u-- , FUEL AND POWER PRODUCTION

a

- it^^

ft

** WM%64f&!t

^

.

E" ^m

i .i , .

mB

^-- TDCHLia /Mto LEATHER PRO0UGTO*

B ^^g^g ^*

BBBIBsasns

FOODSTUFFS' FROOUCTrOir ""

i^

I; '

: - : - -i. - - . - - g

P: '

: 1I

&ii

BUILDING AND MATERIALS PRODUCTION

1

Jr t I ,t

TRAN

I\ 1

,i . F

1

I i ^ni

SPORT ATION Al) EQUIPMENT

, BH g^^ E"' . . . TRADE (VALUES)! '

I .1-: FEDERAL RESERVE flttHO

EARNING ASSETS (F R: BANKS)--LOANS. DISCOUNTS (MEMBERS)- -INVESTMENTS (F R: MEMBERS)---

i COMMERCIAL INTEREST RATES- -

GAIL LOAN INTEREST: RATES - - - -PRICES 25 INDUSTRIAL STOCKS^PRICES. 25 RAILROAflt STOCKS- -

} * 8D'4 1 COR O : O

INDUSTRIAL DIVIDENDS1 RA4U1OAD DIVIDENDS --...-

j EFFORTS; FRCFM U S

OEJCERAL EXCHANGE INDEXi EXCHANGE Qt LONDON

I^^

1i L

BAMKiNG

&%%%?.

MM

^ t t

L

' F r, l" 4-'

r '

STOOKSi BOPIDS AND OORPORATEFWANCE

J

i

nE - ;

1ei

1f

i

t i ,

iHI '

1HKKbK

t ..FOf^ EDQfel TRADE AND EXCHANGE

1

I: K !

' I "

i 75 60 & 0 2& 00DECREASE INCREASE

YEAR

^.'. i E

| P 1. ,.

25 6t7ir 5& 25 Q 25^ SOp ;^ 50 26T 0 25 5$ 7&*p& 0^1 25t ft 21* 60^DECREASE INCREASE 1 DECREASE ,. INCREASE 1 DECfiAS& INCflEASE L QECBEASJE, IHCBEASE.

- 1ST QUARTER : 1 20 QUARTER 1 1ST QUARTER 1 2D QUARTER

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

CCMMIRCE INBThe following taBle contains a review of production

mid distribution by principal industries and branchesof commerce for the six months7 period, January toJune, inclusive, with comparisons since 1921. Onthe preceding page are given graphically the moreimportant movements in business and industry dur-

ing the first two quarters of 1925 with comparisonsfor the same periods of 1924, while on the next pageis given a table of commodity stocks, as well as ofunfilled orders, as of June 30, 1925, with similardata for earlier periods.

VOLUME OF PRODUCTION AND DISTRIBUTION IN 1925, JANUARY-JUNE

CTEM

FOODSTUFFS

Corn grindings (bu. 000 omitted) .___._.Sugar meltings (long tons 000 omitted).Fteh catch (Ibs. 080 omitted)Meat production, inspected slaughter

Clbs. 000,000 omitted) :Beef products . .Pork productsLamb and mutton products

Cottonseed oil production (Ibs. 000,000omitted)

Wheat flour production (bbls. 000,000omitted) .- -- --

TEXTILES

Consumption (OOO^inittedj;Wool (pounds) .Cotton (bales) .. _Silk (bales)

Production (000- omitted) : Fine cottongoods (pieces)

METALS

Production (QOQ omitted) :Iron ore (tons)Pig iron (long tons): ~ ,.Steel ingots (long tons) . _Steel sheets (short tons). _.

Zinc . ._Copper

Sales (short tons 000 omitted) :Structural steel . .Steel castings

RAILWAY EQUIPMENT

Locomotive shipments (number) *_._.__,.Freight car shipments (number) ...

PRODUCTION OF FUEL AND POWES

Coal (short tons 000 omitted):AnthraciteBituminous

Coke (000 omitted short tons) :BeehiveBy-product

Petroleum products (000,000 omitted):Crude petroleum (bbls. 42gaL).

;_

Kerosene (gals )Lubricants (gals.)..

Electrical energy, central stations (Kw.hours 000>000 bmitted):

TotalBy water powerBy fuels..

Production (short tons~-OQO omitted)*Newsprint paper

BUILDING ANP BUILDING MATEBJALS

Contracts awarded (27 States1 000 000omitted):

Total floor space (sq.. ft.)Total value (dolls.)

Lumber production (board feet 000,000omitted) *

Southern pine..Douglas firCalifornia redwoodCalifornia white pineWestern pineNorth Carolina pine .Northern hemlockNorthern hardwoodsNorthern pine lumber _ .Northern pine lath .Oak flooringMaple flooring

t 1921

23,7011,798

80,2071

2,1453, 642

24563851

233 2,512

1541,911

13,8099,428

10,290; 433Q

113, 500173,000

372132

89833,079

47, 149200 572

3 40110f 367

2389 V74.

981441

19, 86912> 1327,737

616

165JU367

9 1321,545

219152413142110250197455543

1*23

3$ 0492, 925

97,719

2, 3293,716

201312

52

3142,967

170

2,207

17, 86012,05116,027

989! OQ154,000195,000

996370

36214,360

22,98#193 727

3 19513,179

27020901 055

450

22,3498 705

13,644

690

2911,697

2 5232,533

27921057630714018026270

12262

1323

33,4452,,493

82,493

2,4474,726

225378

56

3533,541

195

2,672

32, 66120.84223>3271,508

33274,544352, 819

1,105614

1,40568,064

50,041282, 666

10 85618,901

342o 7111 134

547

27,45610 27017,186

761

3171,836

2 7012 973

31247981328316227130881

18472

1934

38,8302,452

94,901

2,4344,735

21938660

2642,816

167

2,125

26,28417, 414IS, 7371,353QK

277,474393, 107

1,148399

71132,861

45, 919235 064

6 10317 540

3524 0QO1,201

588

29-; 09510 46718628

754

3352,023

2 7563 018

30648283929312327228168

19656

1925

34,3432,734

113, 488

2,5373,950

233630

56

2633, 345

240

2,574

28 76519,00521,961,698

9Q

293, 192429 563

1 212361

58253,46$

45,063234, 907

5 24519,755

3701 279

643

31 46311 37120,092

760

3542,325

2 8823 205

26853081932190

26729376

24851

ITEM

BUILDING AND BUILDING MATERIALScontinued

Brick production (000,000 omitted):Face brick .

Cement (bbls. 000 omitted):Production ; _ _ _ _ .Shipments

Sanitary enamel ware shipments (pieces 000 omitted):

Baths .LavatoriesSinks ,. . ...

AUTOMOBILES AND TIRES

Automobile production (000 omitted):Passenger ears.... ...

Rubber tires, production (000 omitted):Solid tiresInner tubes

MISCELLANEOUS

Production (000 omitted):Sole feather (backs, bends, and sides) .

Naval stores, receipts (barrels 000omitted):

Turpentine >......Rosin

DISTRIBUTION

Sales (dollars 000 omitted) *4 mail-order houses5 ten-cent chains ..27 grocery chains

Advertising, agate lines (000;000 omitted):~KX s^gazinfiNewspaper 22 cities

Postal receipts (dollars 000,000 omitted).Foreign trade of United States (dollars

600.000 omitted):ExportsImports

PRICE INDEX NUMBERS

(Monthly wtragts, relative to 19HQFarm pricesWholesale prices (404 commodities)Retail food prices (22 commodities)

BANKING AND FINANCE

Securities:Sales (000,000 omitted)

Stocks (shares") -Bonds, total (dolls.) . _ _ _

Pribes, monthly average {dolls.)25 railroad stocks . . _ i25 industrials - -40 bonds

Banking and insurance (doMarsOOOiOQOomitted):

Life insurance, new businessDebits to individual accounts

Outside New York CityNew York City

Bank clearings Outside New York CityNew York City

Interest rates, mo. average (percent)

New York call loans..Commercial paper 60-90 days

Business failures:Liabilities (dollars 000,000 omitted) .Firms (number)

mi

7542,46840/075

185336364

74676

c 759166

9,336

8,225

05247

156 837108, 143211, 776

10517122

2,5341 320

121153155

931,516

52.6883.1659 41

3,154

96,013103, 791

117, 70298, 016

6.687.39

3119,035

1922

122

46,91848, 029

423546561

1,064120

14 747369

1C, 710

8,830

87395

155 062119, 759244,009

9541132

1,8211 419

122144140

13S2,293

59. 1391.13)7&58J

3,362

95, 615120, 439

96,013109, 441

4.344.56

37413, 384

1923

133

62,73i62,562

540608665

1,871209

on ^AT469

25,034

9,783

111461

209 018144, 212310, 061

12594149

1,9462 088

135157143

1331,548

62.80111.5072,27

4,188

113, 932125, 871

95, 478112, 227

4.854.92

2599,724

1924

13866,78762, 496

600748802

1,852202

jo Qfl9311

23,447

7^188

111422

216, 278161,290344,991

13596155

2,0901,850

132149144

1151^796

61.9310&3172.86

4,524

111, 687128,532

95, 193119, 466

3.904.50

30410, 785

182*

127

72,84270,086

632745773

1,937237

90 oft-i306

30,241

7,746

114441

235 857180, 515422, 140

13598166

2,3672 068

147158152

2041,868

79.22138.8377.04

5,222

124, 747154,042

105, 016141, 843

3.903.83

23911,420

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

8STATISTICAL SUMMARY OF COMMERCE AND INDUSTRY: 1921-1925STOCKS OF COMMODITIES HELD AT MID-YEAR INVENTORY PERIODS

FOODSTUFFS

Beef productsPork productsLamb and mutton. .Sugar (raw)Cottonseed oilWheat (visible) ..Wheat flourCorn (visible).Oats (visible)..Butter .Cheese ._EggsPoultry ._Fish'.CoffeeBice (domestic) _-

CLOTHING MATERIALS

Wool, grease equivalentCotton mills and warehouses...Silk.

METALSIron ore ......Pig iron (merchant)ZincTin

CONSTRUCTION MATERIALS

Yellow pine _ .Oak flooringMaple flooringFace brick *_ _Cement -Baths (enamel)Lavatories (enamel)Sinks (enamel)Turpentine _. ... __Eosm _ _

PAPER

Newsprint (at mills)TOBACCO

TotalChewing, smoking, and snuffCigar types

TTnif

Thous. of IbsThous. of IbsThous. of IbsLong tonsThous. of IbsThous. of bus .Thous. of bblsThous. of busThous. of busThous. of IbsThous. of IbsThous. of casesThous. of IbsThous. of IbsThous. of bagsThous. of pockets

Thous of IbsThous. of bales ^ _ .Bales

Thous. of long tons..Long tonsThous. of short tonsLong tons

M. ft. b. m . . .M ft b mM. ft. b. mThousands ._ ..Thous. of bblsNumber.-NumberNumber- -Barrels ... -.- _Barrels

Short tons

Thous. of IbsThous. of Ibs- .Thous of Ibs

19

May 31

109, 553983 37915, 877

263 53970 19911, 7515 100

17,70830, 11421 68217, 8146 844

35,40826,3462,0583,493

* 664 9776,019

20,541

27,840196,54385,8122,571

1, 223, 44135,76431,89653,28012, 45099,525

117 422105, 91638,418

312,507

31, 198

1, 818, 7811, 363, 4992

367, 854

21

June 30

96,2201,003 562

8,714251 82747 8519,9665 400

27 36334, 40161 99134,9487 534

27,26832,3112,0371,095

531 0705,511

15, 521

30, 066181, 52189,8892,546

1, 225, 46137,58832, 27169,58611,15085,062

121 969110, 77636,949

308, 341

26,629

1, 672, 0171, 235, 156

359 095

M

May 31

56 852769 454

2 310271 89023 70431,0655 500

31 17047, 95013 20215 4818,056

38 60217,0941 146

972

3,98020, 826

23,025427,49940,4091,921

1, 111, 87823 53430, 21563,86712,88347,69478 062

102, 7474,--01--

251,823

24,781

1 1, 784, 551

* 1,303, 255~*401r633

m

June 30

50,706861 638

3,720277 150

12 11020 3425 500

33 06842, 74367 41033.1309 811

34 83720,8181 086

762

479 1513,284

26,895

25,447484,99529,5762,371

1, 095, 58020,24526,71959,80410, 74837,84668,55882, 83110f731

287, 138

23,367

1,616,3961, 119, 605

413, 540

M

May 31

65 023993 301

4 445315 68023,71437, 2036 8007 649

13, 51410 11217 5077 890

57 27412, 312

8261,170

1 501, 341

3,21429,962

18, 865890,80213, 0193,132

1, 010, 59126 81619, 13160,93910,14433,86644 39151, 81018,224

211,063

20,832

1 1, 846, 555

a 1, 327, 7312 441, 590

33

June 30

57,2201 032 401

3 556293 023

11 83329, 4036 9003 8478,523

62 76836,83410 22249,10017, 870

860966

631,6982,575

25,865

22,800949,23717, 1732,137

1, 054, 13333,79318,86758,8759,168

29,46245, 97847,53913, 176

215, 100

19, 514

1, 697, 8441, 196, 446

425,000

1!

May 31

66 063] 029 0432,272

338 09252 13045* 2586 400

13* 4806 720

22 32827 1486 944

39* 24721,840

657430

371 isg2,284

27,074

21,608687, 64942,364

* 4,067

1, 129, 89349 70625,24352, 39816,40364,399

134 088116, $2623,595

234,644

34,718

8 1, 976, 5692 1, 485, 9692

420 936

124

June 30

69 4181 025* 158

2 917367* 97123 75136 4966 8009 1845*264

74 18445*2398 685

34*88627*115

760303

410 3811,832

24,843

26, *0519,111 149,6844,067

1, 153, 37560 18925 40650, 89514 90365,093

140 810129, 86232,499

241 108

33, 487

1,843 7371, 327, 852

442 696

19

May 31

74 618886 713

1 913354,41644,24736,9115 700

18 67635 33113 03629*5507 712

68 12623,570

537364

3 305 958

2,48342, 517

21,049623,92021,2101,404

1, 152, 61751 25429, 16555,49818,440

119, 104232 811286,31726,761

161, 970

32,037

2, 035, 6781, 522, 217a 422, 966

25

June 30

61 643885, 382

1 532376*86822 66936* 4205 900

16*04035*26863 65946 4659 475

58 55231 915

713224

382 6861,884

44, Old

25,404669, 89122,9062,054

1, 184, 43153 49428,50450,796^16 326

101,925227 018279, 28735, 402

210, 055>

31, 864

1,847 2251, 337, 784

423 975

1 Prior to September, 1923, stocks included formed brick in kilns. Since then the data have been recorded for finished face brick only. To preserve the comparability

of the series the data here have been adjusted on the basis of percentage change in the new series.* Inventory as of Mar. 31.

UNFILLED ORDERS FOR SPECIFIED COMMODITIES

COMMODITY

Sheets blue black, and galvanizedBteel (U S. Steel Corporation) .....Oak flooring .. ... . ....... .Maple flooring ........Face brick. ,,=,.......,...,.,..r....... ..............Baths (enamel)Small ware (enamel) . \ ...

Unit

Short tonsThous. of long tons NumberMfeetb. m...M feet b. mThousand..NumberNumber . .....

DECEMBER 31

1923

505, 7666,7461,592

40,92522,32426,388

205,659647,839

1933

445, 1674,445

38747,70015, 37525,641

203,329712,620

1994

663,4604,817

43153,29512,73522,49989,402

264,625

JUNE 30

m*

437,8535,636

59638,43426,19343,283

177, 197486, 331

1923

503,1756,3861, 958

38,53028^26564,128

286,8881,038,045

1994

246, 8103,263

53136,0939,596

43,653181,907458, 182

1925

440,6873,710

39750,0929,498

39,115111,797252,991

PercentagechangeJune 30,

1925, fromDec. 31,

1924

-33. 6

-11-6.0

-25.4+73.9-+25. a-0.6

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

9BUSINESS SUMMARY[Index and relative numbers based on the 1919 monthly average as 100except unfilled orders which are based on the 1920 averageenal

relative condition of the several phases of business. The use of index and relative numbers is more fully explained on the inside frmary are given in the table entitled "Indexes of Business," beginning on p. 22]

ible comparisons to be made of theiide front cover, and details of this sum-

PRODUCTION:Manufacturing (64 commodities Ad-justed) lRaw materials, total

Minerals . . .Animal productsCropsForest products

Electric powerBuilding (awards floor space)

STOCKS (45 commodities; seasonal adjust-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 commodities .... ._--Retail food. .Cost of living (including food)

CHECK PAYMENTS (141 cities Seasonal ad-justment)FACTORY EMPLOYMENT (1919 base) -TRANSPORTATION:

Net freight ton-mile operationCar loadings (monthly total)Net available car surplus (end of mo.) . .

YEARLYAVERAGE

1923

119113131117102121144106

11974

9916583

124

65757894-

10393

11511925

1924

114118122117118119152108

13552

10518582

125

64737895

10984

108116139

1934

April

11887

10711854

129146136

13654

11417878

133

62727694

10888

97100199

May

10894

12012460

132148124

14147

9017477

127

62717694

10784

102128205

June

10489

11711756

120141103

13443

8916276

120

62707694

10481

97 I104 1216 j

1 QO c PER CENT INCREASE (+)1935 OR DECREASE (-)

April

12986

11611549

129159157

14154

11719579

135

70768196

12285

102107204*

May

12791

13111555

132160148

14453

9419179

128

70758296

12584

112139196

June, 1925,June I from May,

1 1925

*

12689

13111054

120160143

14051

10118783

126

70768397

12683

113186

0 82 20.0

-4.31 86 10.03 4

-2.83 8

+ 7.52. 1

+ 5. 11 6

0.0+ 1.3+ 1.2+ 1.0

+ 0.8+ 1.2

-18. 7-5. 1

June, 1925,from June,

1924

+ 21.20.0

+ 12. 0-6.0-3.6

0.0+ 13. 5+ 38.8

+ 4.5+ 18.6

+ 13.5+ 15.4+ 9. 2+ 5.0

+ 22.6+8.6+ 9. 2+ 3. 2

+ 21. 2+ 2.5

+ 8.7-13.9

* See p. 28, Jan., 1925, issue (No. 41) for details of adjustment. Unadjusted index for current months given in " Indexes of Business," p. 22, this issue.

COURSE OF BUSINESS IN JUNEGENERAL CONDITIONS

Manufacturing production in June was smaller thanin May but 21 per cent larger than a year ago, whilethe output of raw materials also declined from theprevious month but showed no change from June,1924. Building activity, as seen from constructioncontracts, was larger in June than in any otherprevious month except April of this year. Commoditystocks, although declining 3 per cent from May, werelarger than a year ago while manufacturers7 unfilledorders continued to decline, being, however, consider-ably larger than at the same time last year.

Wholesale trade was greater'than in either the pre-vious month or in June, 1924, while retail trade, thoughsmaller than in May, due to seasonal conditions, waslarger than a year ago. Freight loadings were season-ally larger than in May and 10 per cent higher thanin June, 1924, while the surplus of freight cars was

smaller at the end of April than at the end of eitherthe previous month or a year ago. Imports andexports of merchandise declined from May, but bothwere higher than in June, 1924. Producers' prices,wholesale prices, and retail living costs, all advancedin June, both as compared with the previous monthand with June, 1924. Employment continued thedecline which set in in May, but was greater than inJune, 1924, while factory pay rolls were also smallerthan in May and larger than a year ago.

Business failures decreased slightly from June inboth number and liabilities, while bank failures inthe second quarter of 1925 were smaller than in theprevious quarter. Security prices were again higherthan in the previous month and a year ago, while bankloans continued to increase.

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SUMMARY ^F jIMIMEXESPRODUCTION

Continuing the decline which set in in May, theoutfmt of manufaetures in June was about 1 per centless tihan tliat of the previous month. As comparedwith -a year ago, however, manufacturing output was21 per cent larger, after adjustment for the numbercif working days, all major manufacturing industriesexhibiting increases over June, 1924, except foodstuffsand tobacco. The greatest percentage increases over ayear ago were recorded in the output of textiles, ironand steel, and miscellaneous commodities, .principallyautomobiles and automobile tiresr while smaller in-creases were recorded m the production of paper, stone

ported in all classes of crops except jmn? which ,re-ecaxbd an advance over June, 19?% jaraoimting to18 per cent. The output of forest products, although6 per cent smaller than in May, showed no change froma year ago, an 18 per cent decline from June, 1924,in the production of pulpwood, balancing increases of9 per -cent, 11 per cent, and 18 per cent, respectively,in the production of lumber, turpentine, and rosinreceipts, and in the consumption of wood by themethanol industry. The output of raw materials,counting Uhe output of minerals, the production offorest products, and the marketings of animal productsand crops, declined 2 per cent from the previous monthbut showed no change from June, 1924.

[ RELATIVE PRODUCTION, STOCKS, AMD IJN O&DERS FOR MANOTACTHBED(1920 monthly average=100. This chart shows stocks of manufactured commodities only, while adjustment .has ;been made for both stocks jamd production,

respective seasonal movejnemts. Unfilled orders axe principally those for iroia, steel, and-building materials. June, 1925, irlatest month plotter!)ISO

pflOOUCrnON ^ 4 COMMODITIES /

sad clay products, nonferrous metals, lumber, andleather and its products.

r Mineral production showed no change from th^

previous month but was 12 pea* cent greater than ayear ago, allproducts of themine sharing in the generalincrease over June, 1924, with the greatest advancen-oted in the production &i biteninom coal, and thesmallest increase in the output of anthracite.

Marketings of animal products were generallylower than in either the previous month or a year ago,tfce increased marketings over a year ago in fish, milk,sjieep, and Battle and calves being insufficieAt tooffset the decline in the imarkatings of wool, hqgs,eggs, and poultry. Crop marketings were, likewise,smaller than in either the preceding month or June,1924, smaller marketings than a year ago being re-

COMM^DItTY STOCKS

Stocks of commodities held at the end of June,when due allowance is made for normal seasonalinfluences, though declining 3 pr cent from theprevious ad of month, were almost 5 per cent largerthan on June 30, 1924, declines from a year ago in theinventories of manufactured commodities, both food-stuffs and other, being insufficient to offset an increasein the stocks of raw foodstuffs. As compared withthe holdings on May, 1925, stocks of manufacturedfoodstuffs were alone greater, the increase of 10 percent in this group being more than offset by declinesof 8 per cent, 2 per cent, and 2 per cent, respectively,in raw foodstuffs, other raw materials^ and manufac-tured commodities.

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mThe index of "unfilled orders, comprising principallyiron and sfed and building materials, was 4 per centsmaller at the end 6f ifune than at tile end of theprevious month, but was almost 20 per cent largerthan a year ago.

Wholesale trade, as ^een from the index coveringsix important lines, was 5 per cent greater intkm in May and Q per cent gr-eaker than in June,ike greatest increase over a year ago oceuiriaog in. thevalue of wholesale meat salea, cbue principally toincreased prices for meats. Sales of hardware were 9per cent l&rger than a year ago, while shoe sales,

Prices received by producers of farm productsaveraged almost 1 per ceiit higher than in May and13 per cent greater than in Jiine, 124, all1 clksses offarm products entering into the general index of farmprices recording increases over these two periods, ex-cept cotton and cottonseed and the unclassified items.

Wholesale prices increased more than 1 per cent inJune and averaged 8 per cent higher than a year ago.!Increases over the previous month were noted inwholesale prices of farm products, food, and fuel, whiledeclines were recorded in the prices of metals, building

WHOLESALE PRICES OF RAW MATERIALS, PRODUCERS' GOODS, AND CONSUMERS* GOODS(1913 average priees taken as 100. Jane, 1325, is latest month plotted)

,260

sales, drag sales, amd sdies of d;py goods wesie &percent, 6 per cent, 1 per;eeB&, 5 pea* c^iat, and 17 perceiit^ lai^eiv zespecti^ety, than inJime, 19M.

Sales at jgetail ;by tB^cxixier feoitses and tha varioustypes of chaim stores, as mjL as departeient atones

;larger thanan jRine, 1924, tba ^riacipal mcBeasesin the retail trade trBJa&aeted by 10-cent

chain stares, grocery chains, mail-order houses, anximccjiaiaa and dr^cig chains. The ^alue of stocks carriedby department stores at the end of June was 5 perc^ent smaller than at the end of the previous monthand 1 per cent larger than the value of inventoriesheld a year ago.

materials; and house fumishii^s, with no change inthe average priees of cloths and clothing,, and chemi-cals. Compared with a year ago increases wer;e

in the prices of fiarm pro4uetsrfaod, clatbsclothing, aad eheioicals, wa-th declines in the pxices

of fuels, jsaetals, buildiag materials arid house furnish-ings. As recomputed by the Federal Reserve Board^the whx>teaile .price index shov/ed an increase over th

nio^A I 3 per cant w the avemge? go@ds ^nd^almo^t 1 per eeot in

goods, while compared with a year agogoods were 4 per cent higher and consumers' goods

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12

more than 9 per cent greater. Raw products weremore than 1 per cent higher in price than in May and10 per cent greater than in June, 1924. Commercialwholesale price index numbers, likewise, recordedincreases over May and a year ago.

The cost-of-living index increased more than 1 percent in June over the previous month and 3 per centover a year ago, the principal increases over Mayoccuring in food and clothing, and over a year ago infood and sundries, with declines from June, 1924, inthe cost of shelter and fuel.

EMPLOYMENTFactory employment declined slightly more than 1

per cent from May but was more than 2 per centgreater than in June of last year, declines from theprevious month occurring in the textile, leather, paper,tobacco, and miscellaneous groups, with increases infood products, lumber, stone, clay and glass, and

vehicle plants. The principal increases over a yearago were recorded in the iron and steel, leather, paperand printing, chemicals, stone, clay and glass, vehicles,,and miscellaneous groups, with declines from June,.1924, in the number of employees in plants manufac-turing food products, lumber, and tobacco products.

Corresponding to the decline from the previousmonth in general employment, a decrease of 2 per centwas reported in the amount of pay rolls, the principaldeclines occurring in textile, iron.and steel, leather^paper, chemical, stone, clay and glass, tobacco prod-ucts, vehicle, and miscellaneous factories. However/an increase over June, 1924, in factory employmentof only slightly more than 2 per cent may be comparedwith an increase in the pay roll of 6 per cent over thesame month of last year, all classes of establishmentsparticipating in the general pay roll increases overJune, 1924, except food products and tobacco prod-ucts factories, which declined.

GENERAL INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES _ (1923 average employment taken as 100. June, 1925, is latest month plotted)

1925

REVIEW BY PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCETEXTILES

Receipts of wool at Boston were larger in June thanin the previous month but smaller than a year ago,the increase over the May receipts being solely due tolarger arrivals of domestic wools, while the declinein the total receipts from June, 1924, was solely dueto smaller receipts of domestic wools. Imports ofunmanufactured wools were smaller than in May butlarger than in June, 1925, while for the first half ofthe current year little change was shown from theimportation during the corresponding period of 1924.

Consumption of wool by textile mills was larger inJune than in either the preceding month or a year ago,while for the first half of 1925 the total wool consump-tion was 2 per cent smaller than during the same periodof 1924. Wool machinery activity in June was like-wise greater than in either the previous month or ayear ago.

Prices of wool averaged higher in June than in thepreceding month and a year ago while worsted yarns,

dress goods, and suitings showed no change from theprevious month.

Receipts of cotton into sight declined seasonallyfrom May and were almost 50 per cent greater thanin June, 1924. Cotton imports increased over theprevious month and were more than 40 per cent largerthan in June, 1924. Exports of raw cotton declined,seasonally, from May and were also smaller than mJune, 1924, this comparison with the previous yearexhibiting the first decline since September, 1923,Cotton consumption declined from May but was 40per cent larger than in June, 1924. During the firsthalf of 1925 a total of 3,345,000 bales was consumedby the cotton textile industry as against 2,816,000bales during the corresponding period of 1924.

Stocks of cotton held by mills and warehouses atthe end of June aggregated 1,883,758 bales, an in-crease of less than 3 per cent over the holdings a yearearlier. Smaller stocks of cotton were held on June30 at warehouses than a year ago, the increase in the

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13

total holdings over June 30, 1924, being due solely tolarger mill stocks. The world visible supply of Ameri-can cotton declined 60 per cent from May to June asagainst a decline of 20 per cent during the sameinterval of 1924.

More cotton spindles were active in June than ayear ago while the total spindle activity, thoughsmaller than in May. was larger than a year ago andrepresented 89 per cent of plant capacity. Prices ofcotton to the producer showed no change from theprevious month and a decline from June, 1924, whilewholesale prices of raw cotton in the New York mar-ket averaged higher in June than in May but werelikewise lower than in June, 1924, Cotton yarnsexhibited similar conditions in price, while wholesaleprices of cotton goods averaged lower than in eitherthe previous month or a year ago.

COTTON CONSUMPTION AND EXPORTS(June, 1925, is latest month plotted)

Orders received by cotton finishers were larger inJune than in either the previous month or a year ago,while billings of finished goods, though smaller thanin May, were larger than in June, 1924. Stocks offinished cotton goods held by finishers continued toincrease, but were smaller than the inventories ofJune 30, 1924, while shipments in June, though smallerthan in May, were considerably larger than a yearago. Production of fine cotton goods in the NewBedford district was also smaller than in May butwas more than 40 per cent larger than in June, 1924.Shipments of fine cotton goods were larger than ineither the previous month or a year ago, while exportsof cotton cloth exhibited declines from these two com-parative periods.

Imports of raw silk were smaller in June than inMay but were considerably larger than in June, 1924.Deliveries of silk to consuming establishments werelarger than in May and a year ago while for the firsthalf of 1925 the total indicated consumption of silkaggregated 240,000 bales as against 167,000 duringthe same period of 1924. Stocks of raw silk at ware-house..also increased in June over the previous monthwhile the inventories at the end of June were more

than 90 per cent greater than the holdings a yearearlier. The wholesale price of Japanese silk contin-ued to average higher, the prevailing prices in Junebeing 27 per cent higher than those of June, 1924.

Imports of unmanufactured fibers were larger thanin either the preceding month or in June, 1924, whileburlap imports, though smaller than in May, werelarger than in June a year ago.

SPINDLE ACTIVITY IN COTTON MILLS(June, 1925, is latest month plotted)

1921

IRON AND STEEL

The production of pig iron continued the declinewhich set in in April but the June output was consid-erably larger than that of a year ago. For the firsthalf of 1925, pig iron production totaling 19,005,000tons compares with 17,414,000 tons during the sameperiod of 1924. Consumption of iron ore by furnacesin June exhibited similar movements, as comparedwith the previous month and a year ago, while ironore stocks increased almost 20 per cent over the hold-ings on May 31. The number of furnaces in blastat the end of June was smaller than at any time sinceNovember, 1924, while the percentage of furnaces inblast to the total in the industry, amounting to 47.7per cent, compares with 49.4 for May, and 40.0 forJune, 1924. Wholesale prices of iron and iron prod-ucts continued to average lower in June.

The output of steel ingots in June was smaller thanin the previous month but larger than in June, 1924,while for the first half of 1925 ingot productionamounted to 21.906,000 tons as against 19,737,000during the same period of 1924.

Production of steel sheets by independent steelmanufacturers, on the other hand, was larger than inMay and more than 100 per cent greater than in

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Jtee, 192i; f?-w Bookings forings deified from May and/ u year ago, tifcie decfeefroitt the previous month being solely dti;e to smallermiscellaneous bookings while the decrease from & yearago was d&e to smalferboofcings of railroad specialties,tfefilfed steel orders at the end of June wereagainsmallerr than the forward business on the books at tlieend of the previous month, but were ferger than theorders on June 30, 1924. Sales of fabricated structuralsteel were larger in June than in either the previousmonth or a year ago, while shipments of structuralsteel exhibSted similar compajdsons* Production ofsteei bai^fe, thotigh sm&fer than in Marr^ were con-siderably larger than in June, 1924, while unfilledorders at the end 0f the mtmth criled for more thantwice as "thaaay barrels aa the forward business ofJune "SO," 1924. Malleable castings were p0du:ee4 issmaller quantities than in May, but the June output?was considerably larger than that of a year ago.Ne|w orders booked fr malleable castings, thoughsmaller than in May, were twice as large as in

orders for miaeifine tools eostintied to increase in: 3 woand were 5 j*$r oen$ larger ttom a year ago> wMtesates of foundry equipment were ate larger iihaa ineither the preceding month or a year ago.

METALS

opper production by domestic mines was largerin June than in either the previous month or a yearago, while for the first half of 1925 the total mineoutput was 11 per cent greater than during the cor-responding period of 1924. The world production ofblister copper was smaller than in May, but largerthan in June of last ye^r, while the output of refinedcopper by primary refineries in North and SouthAmerica during the second quarter of 1925 was largerthan in eitfcer the first quarter of this year or thecorresponding quarter of 1924. Exports of refinedcopper declined from May, but were larger than inJune, 1924, while for the first half of 1925 the outwardmovement of copper was 10 per cent greater thanduring the sttme period of 1924. Stocks of copper o

LOCOMOTIVE SHIPMENT ANJ> UNEI1LLEJ> (MIXEBS

151while shipments^ zrae ore- at the J&pHn district minesexhibited similar wmpaaisoRs with these two. sameperiods. Stocfes- of zinc held at refineries eontimiedto increase, but the inventories* at the end of June wereloss than 50 per eeaat as. large as, those of a year ago,The price of prime western zinc at St. Louis strength-ened in June and waa more than 20 per cent higherthan in June, 1924,

PRODUCTION AND EXPORTS OF COPPER(June, 1925, is latest month plotted^

The output erf lead increased in June over both theprevious month and Juney J924, wfeile lead oreship-ments from the Joplin district exhibited similar com-parisons. The price of lead, desilverized, at NewYork, continued to advance in June and was 14 percent higher than in Jiifte of last year. _ _

HEMATITE PnoiMJCTiaN AND STOCKS oi1 ZINC(1913 monthly average=100. J&ne, 1925; islatest month plotted)

The production of bituminous coal increased inJune over both the previous month and a year ago,while for the first six months of 1925 a slight declinewas registered from 1924 in the total output. Anthra-cite coal production, on the other hand* was smallerthan in May, but .larger than in June of last year,.

while for tibe first ha3f of 1925 a slight decline was alsoregistered from the corresponding period of last year.Exports of bituminous coal is June were larger thanm May, but smaller than a year ago, while for anthra-cite eoal Jim-e exports were smaller than in May andlarger than a year ago. Hie mine price of bituminouscoal averaged lower in June than in either the previousmonth or a year ago, while retail prices of bituminousat Chicago and of anthracite chestnut at New Yorkwere higher than in the preceding month. Coke pro-duction, both beehive and by-product, was smallerthan in May but larger than a year ago, the increaseover June, 1924, being general for both types of coke.Coke exports were smaller than in May, but largerthan a year ago, white the wholesale price of cokecontinued to decline.

PRQIHMITION OEl BlT^MECfOUS AND AFTHRAI1E(June, 1925, is latest month, plotted)

1921 1922 1923 1924

HIDES AND SKINS

The total imports of hides and skins were largerthan in either the previous month or June, 1&24, allclasses of skins and hides participating in the generalincrease over these comparative periods. Prices ofcattle hides and calfskins were higher than in eitherthe previous month or June, 1924.

Exports of sole and belting leather were smallerthan in either the preceding month or June, 1924,while the production of sole leather in June waslarger than in either comparative period. The priceof sole leather continued to decline but averaged 10per cent higher than in June, 1924.

Exports of upper leather were larger in June thanin either the previous month or June, 1924, while theprice of upper, though registering no change from thepreceding month, averaged 7 per cent higher than inJune. The production of harness leather thoughsmaller than in May, was larger than a year ago,while unfilled orders for harness leather continued toincrease, standing, at the end of June, at 25 per centabove a year ago. The sales of leather belting in-creased in June over both the previous month and ayear ago.

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The production of boots and shoes declined fromthe previous month but was larger than in June, 1924.Exports of boots and shoes showed a similar com-parison with the previous month and a year ago,while wholesale prices for shoes, though exhibiting nochange from the preceding month, were higher thanin June, 1924. The production of glove leather wassmaller than in May but larger than in June, 1924,while stocks of glove leather, both tanned and in theprocess of tanning, continued to decline.

IMPORTS OF HIDES AND SKINS(June, 1925, is latest month plotted)

30,QOOi

60.0001

AUTOMOBILES AND RUBBER

The production of automobiles declined seasonallyfrom the previous month but was larger than in June,

. 1924, both passenger cars and trucks participating inthis general increase. During the first half of 1925 atotal of 1,937,000 passenger cars was produced in theUnited States and Canada as compared with 1,852,000during the same period of the preceding year, whiletruck production totaling 237,000 vehicles may becompared with 202,000 during the first half of 1924.

Exports of automobiles, counting both passengercars and trucks, though smaller than in May, werealmost 70 per cent larger than in June, 1924. Ship-ments of accessories and parts to points abroad werecorrespondingly smaller than in May and larger thanin June a year ago. Production of pneumatic tiresand solid tires was larger than in either the precedingmonth or a year ago while corresponding increases werenoted in the output of inner tubes. Manufacturers'shipments of all classes of tires registered similar in-creases over these comparative periods, while manu-facturers' stocks of pneumatic tires and inner tubesat the end of June were smaller than at the end ofeither the previous month or a year ago.

WOOD PULP AND PAPER

Imports of mechanical wood pulp were smaller thanin May but more than twice as large as those of a yearago. Chemical pulp imports were larger, on the~otherhand, than in May and almost 30 per cent greaterthan a year ago. The production and shipments ofnewsprint paper were smaller than in the previousmonth but larger than in June, 1924, while newsprintstocks held at mills at the end of June were smallerthan at either the end of the previous month or a yearago. Imports of newsprint paper were larger than inMay and a year ago.

Sales of abrasive paper and cloth were larger in Junethan in either the preceding month or a year ago,while the shipments of rope paper sacks registeredsimilar increases over these comparative periods.

Production and new orders for boxboard werelarger in, June than in either the preceding month orJune, 1924, with the consumption of waste paperrecording similar increases over these two periods.The inch-hour operations of boxboard manufacturersin June were larger than in any other month of 1925with the exception of January. Shipments of salesbooks in June were the largest in any month sincethese figures became available.

NEWSPKINT PAPER PRODUCTION AND MILL STOCK(June, 1925, is latest month plotted)

BUILDING CONSTRUCTION

Construction cost indexes exhibited relative stabilityin building costs from May to June while contractsawarded for building construction represented largercontemplated expenditures than in any other month onrecord except April, 1925. The new floor spacecontemplated by June construction awards was,nevertheless, smaller than in the previous month but,as in the case of value, was considerably above June,1924. Contracts awarded during the first half of1925 were more than 15 per cent larger than duringthe corresponding period of 1924, all types of buildingconstruction partaking of this general advance, excepteducational buildings.

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17VOLUME OF BUILDING CONTRACTS AWARDED IN 27 STATES, BY CLASSES

(June, 1925, is latest month plotted)

BUILDING MATERIALSLumber production was considerably larger in June

than a year ago, most of the principal species showingincreases. Southern pine lumber production was 4per cent higher in the first half of 1925 than in the 1924period while Douglas fir showed an increase of about6 per cent. Exports were considerably larger than inJune, 1924, and shipments and new orders of mostspecies were also higher than a year ago. Stocks onhand increased over a year ago for Southern pine andwalnut, and decreased for Western pine. Sales oflumber at retail yards of the Minneapolis district werelarger than at any time since 1922, while stocksdeclined from both May and a year ago. Lumberprices declined from May.

Flooring production showed little change from Maybut shipments and new orders increased. Unfilledorders for maple flooring increased but oak flooringunfilled orders declined. Stocks declined for mapleflooring and increased for oak flooring. Total produc-tion for six months showed an increased over a year

of 25 per cent for oak flooring and a decline of 9cent for maple flooring.

Production and stocks of face brick declined fromJune'but were at about the same level as a year ago.Unfille^ orders declined and shipments increased overboth periods. Face-brick output for 6 months was 9per cent higher than a year ago. Paving-brick out-put at 82 per cent of capacity compares with 86 percent in May and 68 per cent a year ago. Production,shipments, stocks and new orders were all higher than

5424025f 2

a year ago but unfilled orders were smaller. Terra-cotta bookings in June were, with one exception, thelargest since January, 1924.

Portland cement output was slightly less than inMay, the usual seasonal tendency, while shipmentswere slightly larger. Stocks were larger than a yearago, declining seasonally from the end of May. Totalcement output for the first 6 months of the year showeda gain of 9 per cent over the^ 1924 period. Concretepaving contracts let in June were greater than a yearago, the total for 6 months surpassing the 1924 periodby over 20 per cent.

Shipments, orders, and stocks of all classes ofenameled sanitary-ware were much greater than a yearago except shipments of miscellaneous goods, butunfilled orders were smaller than a year ago. Ship-ments for the first six months of the year were aboutthe same as a year ago, baths being slightly larger andsinks smaller.

CHEMICALS AND OILSImports of nitrate declined from May, while potash

imports were larger. Exports of both sulphuric acidand fertilizer were less than in May. Prices of es-sential oils averaged 7 per cent higher than in Maywhile changes of about 1 per cent occurred in theother groups, drugs and pharmaceuticals and oils andfats increasing while crude drugs and chemicalsdeclined.

Receipts and stocks of both turpentine and rosin atsouthern ports increased over May and, except forrosin stocks, were also higher than a year ago.

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18IMPORTS OF POTASH AND -NITRATE OF SODA

(June, 1925, is latest month plotted)

Both imports and exports of vegetable oik increasedover May, imports being about the same as a year agoand exports almost three times as large as in June,1924. Cottonseed oil production a&d stocks of bothcottonseed and oil declined seasonally from May andwere about the same as a year ago. Receipts andstocks of flaxseed in the Northwest and shipments oflinseed oil and oil-cake from Minneapolis were con-siderably larger than in June, 1924.

CEREALS

Wheat receipts increased over May and also overa year ago, while the visible supply in both theUnited States and Canadg, declined from both periods,the decrease from May being ft seasonal movement.Exports of wheat, including flour, declined from Mayand were slightly larger than a year ago. Wheat pricesaveraged less than in May while standard patent flourat Minneapolis declined and winter straights at KansasCity advanced.

Corn receipts and shipments exceeded those forMay, receipts increasing over a year ago and shipmentsdeclining. The visible supply declined in a seasonalmovement and was greater than on June 30, 1924.Grindings of corn for glucose and starch increased overMay, but declined from a year ago. Exports were alsogreater than in May and less than in June, 1924.Corn prices rose slightly from the May average.

Receipts of oats were 20 per cent larger than inJune, 1924, and the visible supply was almost seventimes as Ijarge. Barley and rye receipts were bothsmaller than a year ago. Prices of oats and barkyaveraged higher than in May, while rye averaged less.

Receipts, shipments and exports of riee were alllarger than a year ago while stocks on hand declinedfrom June 30,1924, as well as the seasonal decline fromMay 31.

Car-lot shipments of apples increased over June,1924, but citrus fruit, onions and potatoes were allloaded in smaller quantities. Hay receipts at maiietwere smaller than a year ago.

MEATS AfrD DAIRY PRODUCTS

The movement and slaughter of cattle and calveswas greater than in June, 1924. Exports and storageholdings of beef were larger than a year ago. Pricesof cattle and steer rounds advanced over May whilecarcass beef declined,

Hie movement and slaughter of hogs was less thana year ago. Exports of pork products, including lard,were slightly less than in June, 1924, while storageholdings also declined from a year ago. Prices ofhogs averaged slightly higher ifcan in May, while hamsand lard also advanced,PRODUCTION, EXPGBTS, AND COLD-STORAGE HOLDINGS OF

PORK AND PORK PHODWTSW -^ JIH '"" -^

" ^ (Jose, 325, is latest month plotted)

Poultry receipts were larger than a year ago andstorage holdings almost twice as large. Egg receiptsand storage holdings were also larger than last June.

Butter receipts declined from June, 1924, and stor-age holdings were 15 per cent less. Cheese receiptsand holdings increased over last year, however.

Exports of condensed and evaporated milk were thelargest since last October and 60 per cent larger thanin June, 1924, the increase being all in evaporatedmilk. Total exports for the first six months of theyear were BO per cent less than a year ago.

SUGAR, COFFEE, AND TEASugar meltings in June were larger than in May

and also above a year ago. Imports declined fromMay but exceeded a year ago. Stocks of raw sugarcarried by refiners at the end of June were the largestsince the Armistice. Exports of refined sugar werewith one exception the largest in two ye&rs, whileprices averaged the same in June as in M$y. Re-ceipts, exports, and stocks of sugar in Cuba were allconsiderably la^er than a year ago.

Imparts of coffee were larger than in May butsmaller than in June, 1924, while for the first half of1925 coffee imports were about 25 per cent smaller

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than taring fee same fyeriodi of I$M, Ihe world visi-ble supply of coffee co&ti&ued to deelin^ betegj eJune 3, smaBter thai* tfce infested supply of & y&mago. Beeeiptsel eoitee- in Brazil, though larger thanin May, were 30 per cent smaller than in June, 192$,while the June clearances of coffee from Brazil werelaarger than* those of either the premons month or ayear ago. Tea imports were larger than in May butwere mote than 20j per cent smaller than those of ayear ago* '

SUGAR: ISTFOBTS, MELTINGS ATO; KEFINEBY(Jiine, 1325, is latest month plotted)

WATER TRANSPORTATIONTraffic through the Sault Ste. Marie Canals was

slightly smaller thae in June, 1924, while for theseason through June the traffic was about 60 pa: centlarger thaa during the same period of If24. Rivertraffic on the OMo between Pittsburgh and Wheeling;was smaller than in May, bat laargpr than in June,1924, while for the calendar year ihus far trafficbetween the two points was 15 per cent gareatei thanduring the corresponding period of 1924,

Entrances and clearances of vessels engaged inforeign trade were greater than in either May or ayear ago, the increases in these two items over June,1924, being solely due to larger tonnages of foreignbottoms. Ocean freight rates between Atlantic portsand European points continued to average lower inJune,

KAIL&OADSCar loadings were larger than in either the previous

month or a year ago, the general increase over June,1924, feeing solely due to larger loadings of forestproducts, ore, and miscellaneous merchandise. Forthe first lialf of 1925 ear todisgg were S per centlarger thua during the m& period el JS24. Thesurplusage of servfee&lfe frdyfe^ e&rs f $im& ai SvS pr cent of the totalin use.

Locomotives in bad order continued to decline inJune, standing at the end of that month at 17 per cent

of the total number in use. More leeoiHotives wereinstalled in June than in any month since the end of1924, while the number of railroad locomotives retiredin June was greater than in either the precedingmonth or June a year ago?. The number of locomo-tives instaled during the first half of 1924 was 14 percent smaller than during the same period of 1924,while the number of locomotives retired during 1925thus far was 46 per cent greater than during the sameperiod of I24. At the end of June, 1925, fewerlocomotives w^re on the lines than a year earlier butthe aggregate tractive powet oa June 30, 1925 wasgreater than that of a year agoy indicating largeraverage tractive power per new engine installed.

Electric railway passenger traffic, though smallerthan in May, was larger than in June, 1924,, accordingto reports from 213 electric railway companies havingmore than 25,000 miles of revenue single track andalmost 3,,000 miles of bus route.^^ SHOKTAGE, SUPPLIES, AND BAD-ORDER FREIGHT CABS""*" (June, 1925, i$la$8SfcisontIi plotted)

i 1921 I 1922 I I&23 1 ' 1924 1 1929

DISTRIBUTION MOVEMENTSales at retail by mail-order houses were larger in

June than in either the preceding, month or June ayear ago,, while for the first half of 1925 an increaseof more than 10 per cent was noted in ite business ofthe 2 large houses as compared with the same, periodof 1924. Sales by 10-cent chain stores were seasonallysmaller than in May but were larger than in Ju&e oflast jrear^ while for the first & months of the currentyear, aggregate sales of the 4 large chains were 12per ceait greater than during, the same period of 1924,part of tM^ increase being due to a larger number ofunit stores,

Postal receipts in the 100 largest cities were greaterthan in Juner 1924, partly because of the higher fatesprevailing under the new law effective April 15, 1925.Newspaper advertising in the principal cities wassmaller in June than in either the preceding month ora year agt>, while for the first half of 1925 little changewas meted from the saase period & the previous year.Advertiskig for appearance ia Ji&ly magazines waslarger than a year ago.

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

20SALES BY MAIL-ORDER HOUSES AND CHAIN 10-CsNT STORES

(June, 1925, is latest month plotted) .

Sales of food by two large restaurant chains weresmaller than in either the preceding month or June,1924, despite a larger number of unit stores at theend of June, than at the end of either comparativeperiod.

BANKINGCheck payments in June were larger than in May,

both for New York City and outside, and were con-siderably higher than a year ago. For the first halfof 1925, check payments outside New York Cityexceeded the first half of 1924 by 10 per cent while inNew York City the increase amounted to 20 per cent.LOANS AND DISCOUNTS AND TOTAL INVESTMENTS OF FEDERAL

RESERVE MEMBER BANKS(June, 1925, is latest month plotted)

Federal reserve banks had more discounts anddeposits at the end'of June than a month previous,but smaller note circulation, investments, and re-serves, the reserve ratio remaining the same, at 77per cent. Compared with a year ago, discounts, in-vestments, and deposits increased while circulationand reserves declined. Member banks showed slightincreases over the end of May in loans, investments,and deposits, and increases of 9, 15, and 9 per cent,respectively, over a year ago. Interest rates wereunchanged from May for commercial paper and callloan rates averaged slightly higher than in May.

The total outstanding Government debt showed areduction of almost 2 per cent during June, due to the

decrease in the short-term debt. Receipts and ex-penditures of the Government both increased overJune, 1924. The amount of money in circulation onJune 30 was the lowest with one exception since July,1924.

LIFE INSURANCENew sales of life insurance, both in number of

policies and in policy values, were seasonally smallerthan in May, but the risks accepted during June were15 per cent greater in value and more tfran 10 per centgreater in number than during June, 1924. Admittedlife-insurance assets continued to mount in June, whilepremium collections in June, though smaller than inMay, were considerably above those of a year ago.SALES OF ORDINARY LIFE INSURANCE, BY GEOGRAPHICAL.

DISTRICTS(June, 1925, is latest month plotted)

1000

UNITED STATES TOTAL2 EASTERN MANUFACTURING^3 WESTERN MANUFACTURING..4 WESTERN AGRICULTURAL \5 SOUTHERN6 FAR WESTERN

1922 1923 1924 1925

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

21

During the first half of 1925 new sales of life insuranceexceeded those of the same period of 1924 by 10 percent in the aggregate value of new estates thus created.Sales of ordinary life insurance by geographical dis-tricts exhibited the greatest increases over the preced-ing year in the Western States, the accompanyingmap showing the geographical limits of these districts.The chart on page 20 gives the sales of ordinaryinsurance for all geographical districts since 1922.

CORPORATE FINANCE

Prices of both stocks and bonds rose during June,though highest grade railroad liens averaged less thanin May and railroad stocks showed little increase.Municipal bond yield at the end of June was onepoint higher than a month precious. Trading insecurities was in less volume than in May, while com-pared with a year ago stock sales were larger and bondsales smaller. Total security dealings for the firstsix months of the year were considerably higher thanin the 1924 period, except for Liberty bonds.

Dividend and interest payments by corporationshave been higher each month than the correspondingmonth a year ago, July showing the greatest increase,with 9^ per cent, dividend payments alone increasing7 per cent. For the first seven months of the year totaldividend payments were about 5 per cent larger thana year ago, street railways making the greatest rela-tive gain and industrials the largest absolute gain.Business failures decreased slightly from June in bothnumber and liabilities, and bank failures were smallerthan in the previous quarter in both respects. Forthe first half of the year the number of failing commer-cial firms was 6 per cent greater than a year ago, butliabilities were over 20 per cent less; bank failuresdeclined about 40 per cent in number and liabilities.

The issuance of both corporate and municipalsecurities was much less in June than in both theprevious month and in June, 1924. The balance ofagricultural loans outstanding with the intermediatecredit banks and with the War Finance Corporationwas iso reduced.

GOLD AND SILVER

Although both imports and exports of gold declinedSO per cent or more from May, the excess of goldexports remained at about $2,000,000 for the month.Domestic gold receipts at the mint increased overMay and over a year ago, while the Rand outputdeclined from May and was slightly higher than inJune, 1924.

Silver imports and exports both increased overMay, the excess of exports remaining at morethan $3,000,000. Silver production was greater thanin either the previous month or June, 1924, while theprice of silver advanced over May.

GOLD TRADE BALANCE, SHOWING EXCESS OP IMPORTS ANDEXPORTS

(June, 1925, is latest month plotted