Survey of Current Business November 1927 - FRASERUNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS NOVEMBER, 1927. 75 COMPILED BY BUREAU OF THE CENSUS BUREAU

UNITED STATESDEPARTMENT OF COMMERCE

WASHINGTON

SURVEY OFCURRENT BUSINESS

NOVEMBER, 1927. 75

COMPILED BY

BUREAU OF THE CENSUSBUREAU OF FOREIGN AND DOMESTIC COMMERCE

BUREAU OF STANDARDS

IMPORTANT NOTICEIn addition to figures given from Government sources, there are also incorporated for completeness ofservice figures from other sources generally, accepted by the trades, the authority and responsibilityfor which are noted in the "Sources of Data19 on pages 134-137 of the August semiannual issue

Subscription price of the SURVEY OF CURRENT BUSINESS is $L5Q a year; single copies (moiithly), 10 cents, semiannualissues, 25 cents. Foreign subscriptions, ?2.25; single copies (monthly issues), including postage, 14 cents; semiannualissues, 36 cents. Subscription price of COMMERCE REPORTS is $4 a year; with the SURVEY, $5.50 !a year> Makeremittances only to Superintendent, of Documents, Washington, D, C., by postal money order, express Order, Aor New

draft. Currency at sender's risk. Postage stamps or foreign money,not accepted

; OFFICE t tmDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTRODUCTIONTHE SURVEY OF CURRENT BUSINESS is designed to

present each month a picture of the business situationby 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 two years and yearlycomparisons, where available, back to 1913; also blanklines sufficient for six months have been left at thebottom of each table enabling those who care to doso to enter new figures as soon as they appear (seeissue for August, 1927, No. 72). In the interveningmonths the more important comparisons only aregiven in the table entitled " Trend of business move-ments."

WEEKLY SUPPLEMENT

Realizing that current statistics are highly perish-able and that to be of use they must reach the businessman at the earliest possible moment, the departmenthas arranged to distribute supplements every week tosubscribers in the United States. The supplements areusually mailed on Saturdays and give such informationas has been received during the week ending on thepreceding Tuesday. The information contained inthese bulletins is republished in the monthly SURVEY,which is distributed as quickly as it can be completedand printed.

BASIC DATA

The figures reported in the accompanying tables arevery largely those already in existence. The chieffunction of the department is to bring together thesedata which, if available at all, are scattered in hun-dreds of different publications. A portion of thesedata are collected by Government departments, otherfigures are compiled by technical journals, and stillothers are reported by trade associations.

RELATIVE NUMBERS

To facilitate comparison between different impor-tant items and to chart series expressed in differentunits, relative numbers (often called "index num-bers," # term referring more particularly to a specialkind of number described below) have been calcu-lated.

In computing these relative numbers the last pre-war year, 1913, or the first postwar year, 1919, haveusually been used as a base equal to luO wherever

Eossible. More lately the average for 1923-1925 haseen frequently taken as 100.The relative numbers are computed by allowing the

montblly average for the base year or period to equal100. If the movement for a current toonth is greaterthan the base, the relative number will be greater than100, and vice versa. The difference between 100 andthe relative number will give at once the per centincrease or decrease compared with the base period.Thus a relative number of 115 means an increase of 15per cent over the base period, while a relative numberof 80 means a decrease of 20 per cent from the base., ; Relative numbers m&j 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 month is 120 and for a later month itis 144 there has been an increase of 20 per cent.

INDEX NUMBERS

When two or more series of relative numbers arecombined by a system of weightings, the resultingseries is denominated an index number. The indexnumber, by combining many relative numbers, isdesigned to show the trend of an entire group ofindustries or for the country as a whole, instead of forthe single commodity or industry which the relativenumber covers. Comparisons with the base year orwith other periods are made in the same manner as inthe case of relative nupahers.

RATIO CHARTS "" ^ * **: • - , - , .-• , ^ - .*-v. **,

In many instances the charts used in the SURVEYOP CURRENT BUSINESS are of the type termed "RatioCharts" (logarithmic scale),, notably the BusinessIndicator charts on page 2. These charts show thepercentage increase and allow direct comparisonsbetween the slope of one curve and that of any othercurve regardless of its location on the diagram; thatis, a 10 per cent increase in an item is given the samevertical movement whether its curve is near the bot-tom or near the top of the chart. The differencebetween this and the ordinary arithmetic form ofchart can be made clear by an example. If a certainitem, having a relative number of 400 in one month,increases 10 per cent in the following month, itsrelative number will be 440, and on an ordinarychart would be plotted 40 equidistant scale pointahigher than the preceding month. Another move-ment with a relative number of, say, 50, also increases10 per cent, making its relative number 55. On theordinary (arithmetic) scale this item would rise only 5equidistant points, whereas th6 previous item rose 40

¥;)ints, yet each showed the same percentage increase,he ratio charts avoid this difficulty and give to eachof the two movements exactly the same vertical rise,and hence the slopes of the two lines are directlycomparable. The ratio charts compare percentagechanges, while the arithmetic charts compare absolutechanges.

RECORD BOOK

As an aid to readers in comparing present datawith monthly statistics in previous years, the depart-ment is compiling a BECORD BOOK OF BUSINESSSTATISTICS, in which data now carried in the SURVEYOP CURRENT BUSINESS are shown by months as farback as 1909, if available. Full descriptions of thefigures and reports of how the data are used in actualpractice by business firms are contained in the KECORDBOOK. The first section, covering textiles, has alreadybeen issued and may be obtained for 10 cents percopy from the Superintendent of Documents, Govern-ment Printing Office, Washington, D, C. (Do notsend stamps.) Notices of other sections will ;begiven in the SURVEY as they are issued.

This issue presents practically complete data for the month of September and also items covering the early weeks ofOctober received up to October 28. (See charts and table, pp. 4 and 5.) As rnost data covering a particular month'sbusiness are not available until from 15 to 30 days after the close of the month, a complete picture of that month'soperations can not be presented at an early date, but the weekly supplements give 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

BUREAU OF THE CENSUS

COMPILED BY

BUREAU OF FOREIGN AND DOMESTIC COMMERCE : : BUREAU OF STANDARDS

No. 75 NOVEMBER 1927

C O N T E N T SSUMMAKIES

Preliminary summary for October 1Course of business in September 9Business indicators:

Monthly (table and chart) 2,3Weekly (table and chart) 4, 5

Wholesale prices (table and charts) 6, 7, 11Indexes of business:

Summary (table, text, and charts) 9, 10, 11Detailed indexes (production, prices, sales, etc.) 18Automobiles, building, mining, manufacturing, elec-

tric power, and transportation (charts) 8Prospective carloadings, fourth quarter of 1927 21

NEW DETAILED TABLES

Long-term indexes of stock-market values 23Revised index of wholesale prices 24National advertising in newspapers, rental advertise-

ments in Portland, Oreg., and printing activity 25Electric power output, United States and Canada 26

NEW DETAILED TABLES Continued

Raw silk, cylinder oil, binders board, water softeners,carded sales yarn and porcelain plumbing fixtures.---

Debits to individual accounts

INDEX BY SUBJECTS

TextilesMetals and metal products-FuelsAutomobiles and rubberHides and leatherPaper and printingBuilding construction and housingLumber productsStone, clay, and glass productsChemicals and oilsFoodstuffsTobaccoTransportation and public utilitiesEmployment and wagesDistribution movement (trade, advertising, etc.).Banking and financeForeign exchange and trade, gold and silver

2728

Text Tablepage page12 3113 3314 3714 35,3814 38141515151516161711171717

394041424345484850515254

PRELIMINARY SUMMARY FOR OCTOBERBusiness in October, as seen from figures covering

check payments, for the first three weeks was largerthan during the corresponding period of 1926. Distri-bution of goods through primary channels, however,was running smaller than last year as indicated byfigures on carloadings. The value of new buildingcontracts awarded during the early.weeks of Octobershowed a falling-off from the corresponding period oflast year. The production of bituminous coal wasrunning higher than in the preceding month but waslower than in October of last year. The output ofcrude petroleum receded somewhat from September butwas still substantially greater than the production ofa year earlier. Lumber output was running somewhathigher than in October, 1926.

Wholesale prices continued to recover during Octo-ber, but prices for cotton, although higher than a yearago, receded from the September level. Prices for ironand steel continued to average lower. Loans and dis-

69025-27 1

counts of Federal reserve member banks again ex-panded, being substantially higher also than a yearago. The Federal reserve ratio was lower than in thepreceding month but higher than in the correspondingmonth of last year. Prices of stocks listed on theNew York Stock Exchange showed little change fromthe average of the preceding month, despite a ratherdrastic decline during the third week of October. Bondprices continued to average higher. Loans to brokersand dealers by Federal reserve member banks in NewYork City, secured by stocks and bonds, reached,during the month, the highest point on record.

Interest rates on call loans, although lower than ayear ago, showed little change from the precedingmonth. Time money rates were running lowerthan in either the previous month or the samemonth of last year. Business failures during Octoberwere more numerous than in the corresponding monthof 1926.


MONTHLY BUSINESS INDICATORS, 1920-1927[Ratio charts—see explanations on inside front cover. The curve on bank debits has been adjusted for normal seasonal variations and that on manufacturing produc-

tion for the varying number of working days in the month]

RELATIVE TO 1919 AS 100

1920 1921 1922 1923 1924 1925 1926 1927RELATIVE TO 1913 AS 100

1920 1921 1922 1923 1924 1925 J926 \Wf!

BANK DEBITS, 141INDUSTRIAL STOCKS

WHOLESALE TRADE 6 LINESINTEREST RATES, COMMERCIAL

DEPT. STORE TRADE (359 STORES)I I I

WHOLESALE PRICES (DEPT.OF LABOR )

( I:ARM PR ICES (DEPT OF AGRICULTURE) MAIL-ORDER SALES(4 HOUSES)

MANUFACTURING PRODUCTIONCOTTON CONSUM

LUMBER PRODUCTION(5 SPECIES)PIG IRON PRODUCTION

UNFILLED STEEL ORDERS

AUTOMOBILE PRODUCTION( PASSENGER CARS AND TRUCKS)

NET FREIGHT TON-MILES

FACTORY EMPLOYMENT

BUSINESS FAILURESDEFAULTED LIABILITIE BUILDING CONTRACTS AWARDED (SQ. FT.)

(27 STATES)

M l I I I I I I I I I I I I I I I I I II I I I1921 1922 1923 1924 1925 1926 1927 1920 1921 1922 1923 1924 1925 1926 1927


MONTHLY BUSINESS INDICATORS

The following table gives comparative relative numbers for a selected list of important business movements. It is believedthat this table will prove useful, because it segregates from the large mass of material a comparatively small number of items whichare 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.

ITEM

Production:Pig ironSteel ingotsCopperCement (shipments) .Anthracite coalBituminous coalCrude petroleumCotton (consumption)BeefPork

Unfilled orders:United States Steel Corporation

Stocks:Crude petroleum 1Cotton (total) .

Price: >Wholesale index » .Retail foodRetail coal, bituminousFarm products

Business finances:Defaulted liabilitiesPrice 25 industrial stocksPrice 25 railroad stocks

Banking:Clearings, New York CityClearings, outsideCommercial-paper interest rate

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

Transportation :Freights, net ton-miles

Production:Lumber4 ._ _Building contracts (37 States)Electric power (total) _Automobiles (United States)

Stocks:BeefPork ..

Business finances:Bond prices (40 issues).. ....

Banking:Debits outside New York CityFederal Reserve-

Bills discounted ._ _Total reservesRatio

MONTHLY AVERAGE

1930 1921 1932 1923 1924 1925 1926

1926

Juno July Aug. Sept. Oct. Nov. Dec.

1927

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

1913 monthly average =100

1201359910898119178105119113

170

143155

203207205

10818467

257275134

294331264

137

546438107998718997113117

90

171198

153197116

22913664

205212118

140181188

105

87114801316088224109126130

96

265153

142188124

22816975

23023080

177154204

115

130144120153102118295117130160

102

311125

101146190135

19718572

22627690

212168259

139

1011221281649610128799133151

68

369111

98146169134

19819881

26428471

201185284

131

11814613617768109304115138128

73

290129

104145167147

16226299

30032073

236198327

139

12715514118292121309120144127

64

269177

100160172136

149285112

30732777

247194349

149

126148139259117105298111150136

59

268119

101160160139

129268111

30733270

225163309

144

12314414025411110931599136129

61

26598

100157160136

130280113

30233772

227178284

153

125I.W140251107116324108140118

60

26585

99156162133

123296116

27530778

225186286

160

123155141245110123318123164100

61

265137

100159170134

131296120

27131580

230216336

162

130162146237113137336122166101

62

264217

99160177130

146283114

30934582

252220417

177

12614714615397150338126155119

64

264260

98162188130

143295117

28231980

250232425

159

1211371418798145351130150151

67

265267

98162187127

200308121

33934479

241225471

147

1211491488186143345130135164

64

266257

97159183126

225301122

32432975

239203313

143

1151501349177133328127122128

61

272239

96156181127

206311127

29229170

208180312

136

13617813415080151364149132146

60

276210

95154179126

254324128

36434072

253198365

153

1341621381949387351133128126

59

284181

94154165125

233344133

33632374

252201361

136

13215913922810689368136136143

52

293151

94155163126

166361137

31432475

232190299

147

1211381352679592360142136163

52

301122

94159164130

151363139

35333375

238172320

141

1151261272376684378122126137

53

310105

94154164130

189381141

32332078

214165292

140

115138131290102106377136141122

54

318107

95152165132

172395142

32231275

247181335

154

1081281282688710536313513896

53

324165

97154169140

144417145

33732478

228206363

1919 monthly aver age =100

10275112115

6698

86

114

1329780

867110583

4283

87

91

91122122

117105122132

2970

107

95

28144154

133111143204

3291

104

107

39146152

129115152181

3490

108

108

19146160

141146169215

3482

112

121

26134149

136138190218

2770

116

127

30135148

148145183236

2178

117

128

27136150

139129184220

1986

117

135

27137152

143142190262

1884

117

118

32135148

141139192244

2067

116

121

37134145

143135203204

2652

116

135

33135147

127132200156

3647

118

123

33135144

113120210101

4357

119

139

37134140

106100208145

4072

119

133

19143159

115103188185

3781

119

118

22144156

123104204240

3390

120

137

24145157

122157198247

2794

120

134

23146158

137139203246

2198

121

130

26144153

134147200195

18108

120

135

25145155

129127199163

15111

120

130

21145159

144137205189

14101

122

125

21144156

141127202160

1579

122

133

22143152

1 Data since January, 1925, cover only stocks east of California, and hence are not directly comparable with figures for earlier periods.2 Wholesale and retail prices from Department of Labor averaged for the month; farm prices from Department of Agriculture.3 Relative to 1926, as 100. Data for 1920, 1921, and 1922 not available.4 Based on the total computed production reported by five associations. Includes southern pine, Douglas fir, western pine, North Carolina pine, and California white

pine. 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 34,552,000,000board-feet reported by the census.


4

WEEKLY BUSINESS INDICATORS[Week ending Saturday. See table on page 5]

WEEKLY AVERAGE, 1923-1925 INCLUSIVE= 100

BITUMINOUS COAL, PRODUCTION BUILDING CONTRACTS

PETROLEUM PRODUCTION(DAILY AVERAGE)

DEBITS TO INDIVIDUAL ACCOUNTS

LOANS AND DISCOUNTS F.FtMEMBER BANKS!20i

115\,\%» mAr-,^\^r**i ns!!;•f\ *

f •»,.,

WEEKLY BUSINESS INDICATORS[All data are given as relative to the weekly average for 1923 to 1925 as 100]

WEEK ENDINGSATURDAY J—

1936

Aug. 71421 ..28 ,

Sept. 4111826

Oct. 29

1623 -_30

Nov. 613. .2027

Dec. 411.1825

1937

Jan. 18

1522 __29

Feb. 512 . .19.26

Mar. 5121926

Apr. 2, _.9

16 _2330

May 7142128 _

June 4111825

July 2 . _9 .

162330

Aug. 61320__27

Sept. 3101724

Oct. 18

15 _2229

Bit

um

ino

us

coal

pro

du

ctio

n

104. 1109. 1108. 1115. 1

113.0105.2117.5120.2

123.2128.9127.1130.4138.4

134.5141.7146. 5137.6

150.6144.6138.3107.6

109.9136.0139.3138.3138.9

139.4138.4135.4131.0

136.1141.4133.6137.2

113.484.782.181.486.4

84.086.284.987.0

75.787.585.087.0

81.967.584.684.788.2

87.293.393.8

100.0

100.192.199.0

101.3

103.2105.5108.3

Lu

mb

er p

rod

uct

ion

105. o106. 4105.5108.2

104.595.0

104.5106.4

103.2106.4105. 5103.2105.5

102.399.199.188.2

98.296.490.075.9

53.275.985.986.882.7

88.290.994.192.3

90.092 393.292.3

90.997.397.390.096.4

102.3101.499.1

103.2

96.4101.497.399.1

90.973.6

105.5106.4104.5

105.5102.3106.4105.5

106.496.4

105. 5106.4

107.3108.6106.4105.5

Bee

hive

coke

pro

du

ctio

n

67.86fi. 574.773.9

75.174.380.080.4

75.184.982.081.680.0

78.482.483.780.8

78.075.171.859.6

70.269.473.975.977.6

76.376.778.077.1

76.379.683.781.6

80.078.871.869.071.8

63.360.462.951.0

60.457.655.953.5

42.046.543.343.743.3

43.344.144.145.3

42.945.741.643.3

41.244.136.7

Pet

role

um pro

duct

ion

102.8103. 8104.2104. 5

105. 4104.8104.3104. 2

105.3105.8107.2109.7111.9

113.2112. 5113.8114.8

114.7115.0115. 1115.3

114.6114.7114.8114.7113.8

115.3118.2118.7119.3

118.3118.1118.2118.2

119.0119.0117.8119.0120.0

120.3119.4119.0119.9

120.4119.9120.5120.5

121. 7121.7122.1123.6124.1

123.7123.7120.9120.4

120.6120.3119.8121.7

121.8121.3119.7119.2

Car

load

ing

s

113.0115.7113.fi118.5

120 1107. o123. *123. 4

123. 7123. 6126. 2126. 1126.9

118.6116.1112. 598.3

110.4104.299.180.6

77.298.199.198.399.2

101.3101.0100.296.3

103.8104.9105.0105.2

103.5100.199.899.6

107.1

106. 8107.3106.1107.1

95.0107.3106.0106.2

106.587.5

106.1105.6109.1

106.8109.4111.3115.7

116. 5103.2117.3117.4

117. 5114.8116.8

"" -

11§feO.9S3

d

105. 3131. 8131.6171.4

12n. 7167. 7I -10. 5156. 2

150.7122.6161. 6138.6146.4

127.7121.3119.1163.0

83.9117.4176.090.9

138.5107.497.389.6

118.4

77.999.7

112.2134.6

72.9123.3161. 6147.5

153.6187.2156.9153.1182.5

115.5149.2141.1193.4

83.8145.8145.6154.2

178.6127.0148.8146.5170.3

102.2159.4141.3119.2

92.4156.6129.0136.3

145.1134.5130.7116.1

f w

hea

t

o

1

296.8235.2175. 5137.0

162. 1153.2147.6122. 4

1 16. 0109.691.8

109.3118.0

104.196.677.273.8

68.571.461.850.2

53.059.060.058.465.1

77.662.572.555.5

57.761.851.131.8

48.743.937.542.941.3

45.345.266.762.0

62.151.550.752.3

96.3107.5130.3150.4327.4

306.8241.7206.6169.7

196.2202.3250.6246.4

252.6266.8220.2......

|O05

22.743.853.561.2

101.9113.8195.4249. 2

321. 5360. 4359. 2353. 5328.1

320.0307.7305. 4278.1

281.5260. 8237. 7203.5

191.5133.5150.8159. 6140.8

122.3120. 4105. 8119.2

96.9103.897.788.5

83.865.869.676.570.4

79.266.555.036.9

41.938.138.838.1

36.238.828.133.535.4

36.247.761.275.0

119.6135.4174.6213.8

261.2256.9248.5268.8

SSo*

74.497.5

101.3102.2

122.2119.9132. 0139.2

129.1144.9140.8141.8149. 4

123.7137.0131.396.8

110.8101.9103. 571.5

64.287.393.094.987.7

84.278.883.582.3

76.676.978.279.1

83.580.779.486.180.1

88.689.987.091.5

88.383.280.480.1

73.156.690.884.582.3

83.591.597.5

105.1

104.490.5

101.9102.5

114.2129.7129.1

iA0

1

69.866.166.959.0

59.959.863.259.5

58.663.566. 374.078.9

79.585. 179.475.0

96.899.790.078.7

71.6100.9110. 698.997.7

90.086.077.587.7

82.081.885.176.9

81.775.361.979.577.0

80.782.776.190.1

95.894.674.486.4

89.770.379.065.870.9

70.066.667.862.2

60.651.552.253.8

51.653.057.3

Pri

ce o

f N

o. 2

wh

eat

97.996.595.895.8

93.794.496.596.5

97.996.597.9

100.0100.7

99.397.995.897.2

97.298.697.9

97.995.1

97.298.6

97.296.596. 596.5

96.595.894.493.0

93.094.493.095.195.8

99.3100.7100.7105.6

104.2100.7102. 1103.5

100.7

102.8100.797.9

96.599.3

100.098.6

95.1

~~92.~390.8

93.794.497.293.0

Pri

ce o

f co

tto

nm

idd

lin

g

69.565.466.970.2

68.868.062 955.9

52.648.250.046.346.7

46.748.247.848.2

44.545.246.347.8

47.84S.249.650.050.4

51.551.852.252.6

53.352.251.852.9

52.953.353.355.556.3

58.858.1

* 59.661.8

62.162.961.861.8

62.963.266.268.468.8

70.271.375.480.9

83.586.878.376.8

80.178.377.273.5

Pri

ce o

f ir

on

an

dst

eel

(com

posi

te)

90.890.890.890.8

90.890.791.391.5

91.491.492.192.192.2

92.592.892.993.0

92.992.492.392.1

92.092.091.390. 590.3

90.189.589.288.7

88.888.989.189.1

89.188.988.988.588.5

88.689.088.988.6

87.988.788.688.5

88.288.187.987.987.8

87.687.587.587.5

87.687.687.687.2

87.287.185.985.985.8

Who

lesa

le p

rice i

ndex

95.194.894.795.3

95.095.695.495.1

95.494.995.395.596.5

98.898.496.096.2

96.295.994.794.3

94.093.993.494.093.3

92.792.991.491.0

91.491.089.890.3

90.390.790.289.889.8

90.289.890.190.0

90.290.390.389.6

89.390.090.488.789.8

89.889.290.091.4

91.592.993.193.1

93.693.694.194.1

Ban

k l

oan

s an

dd

isco

un

ts

112.6112.9112.5112.6

113.5113.6114.5114.1

115.2115.3115.3115.0114. 5

115.0114.5114.3114.6

115.0114.8115.1115.5

116.6116. 7114.4114.2113.6

113.8113.2113.0113.2

114.4114.3115.1114.9

114.9115.2114.8114. 5114.8

115.9115.6115.7115.5

117.0116.7117.2117.0

117.8117.5116.0116.0115.9

116.7117.0117.0116.5

117.6117.4118.8119. 2

119.6120.8120.3120.5

Fed

eral

res

erve r

atio

97.397.296.997.3

96.095.992.494.3

93.795.194.395.895.0

93.995.595.194.6

93.293.089.988.9

90.591.697.399.2

102.7

101.3102.6101.2103.4

101.3102.8101.9102.2

101.7102.8101.7102.6102.6

100.6103.2102.3101.7

99.199.698.6

101.8

100.199.1

100.6101.7102.8

100.4101.2101.3101.3

101.098.699.099.5

98.496.696.896.997 2

Deb

its

to i

nd

ivid

ual

acco

un

ts

115.5106. 0111.4102.5

102.392.2

115.6119. 1

108.5130.3107.7131.9115. 8

111.8115.5118.2112.2

108 8114.5118.7126.7

1C8.1143.2120.4119.4111.1

127.9111.5113.9102.2

134.2114.4123.7118.7

110.0129. 8117.9118.2114.4

131.0114.4123.9114.8

110.4122.4121.6120.5

114.6131.5120.2119.2105.5

118.4108.4115.8103.2

102.8103.0122.1130.8

113.8140.8107.8141.0

Cal

l-m

oney

ra

tes

109.1109.1109.1115.1

115. 1121.2121. 2127.3

133.3115.1124.2103.0109.1

109.1106.1112.1115.1

118.2118.2118.2136.4

133.3115. 1103.0100.097.0

97.097.097.0

100.0

100.097.097.0

106.1

109.1109.1109. 197.0

103.0

97.0106.197.0

109.1

109.1100.097.097.0

112.1100.097.090.990.9

87.990.984.884.8

84.893.987.997.0

97.0100.097.093.9

Tim

e-m

on

ey

rate

s

102.9105. 7108.6108.6

111.4111.4111.4114.3

114.3114.3117.1114.3111.4

108.6105.7105.7105.7

105.7105.7105.7105.7

105. 7102.9102.9102.9102.9

102.9102.9110.0102.9

100.0102.9102.9102.9

102.997.1

100.0102.9100.0

100.0100.0100.0100.0

100.0100.0102.9102.9

105.7105.7105.7102.9100.0

100.097.1

102.991.4

91.491.4

102.9100.0

100.0100.097.1

100.0

1

135. 5137.5138.7137.2

137.2140.1138.8139.0

140.5136.3134.4132.9134.6

136.2138.1138.2140.4

140.9142.4144.4145.2

144.4142.2142.9143.0141.0

143.9145.6148.1149.7

150.3150.3152.2152.1

154.3157.6159.7161.3159.2

161.6164.0166.2168.9

170.2170.0168.2167.4

165.5169 9173.0174.5177.0

179.5175.1177.5180.3

181.1184.7186.5186.2

185.6187.6185.7180.4

I

106.2106.2106.0106.0

106.2106.2106. 1106.0

105.8105.8106.0105.8106.3

106.6106.7106.9107.1

107.1107.2107.3107.4

107.3107.5107.8108.0108.0

107.8107.6107.7107.6

107.5107.7108.0108.4

108.6108.8108.7108.7108.6

108.8109.1109.0108.9

108.7108.4108.3108.2

108.1108.3108.4108.4108.5

108.9109.2109.3109.4

109.4109.4109.4109.5

109.9110.1110.2110.2

Bus

ines

s fa

ilu

res

i

92.191.288.989.9

92.673.580.382.6

81.896.192.1

105. 9105.7

94.3103.9112.397.5

113.8114.5103.9120.6

109.1121.4142.8150.4146.7

140.0145.9118.9109.1

117.9113.8115.5120.9

121.4107.9114.5106.9117.4

105.9108.6109.1110.3

90.9108.498.8

104.4

104.276.9

109.8101.7107.1

95.396.697.390.7

84.583.599.882.8

94.6106.680.6

i Sources of data are as follows: Bituminous coal and beehive coke production from 17. 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 Corporation; Receipts of wheat from Bradstreet's; Receipts of cattle and hogs from U. S. Department of Agriculture,Bureau 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 stesl, composite, from Iron Trade Review; Price of wheat, No. 2, red, cash, from UMcagoBoard 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 and Time-money rates, and Bond prices from Wall Street Journal; Stock prices from Annalist; Business failures from R. 0. Dun &Company.

2 The actual week fgr all items does not always end on same day.


6

WHOLESALE PRICES FOR SPECIFIED COMMODITIES[Relative numbers, 1926 monthly average taken as 100. September, 1927, is latest month plotted]

no

100

90

80

120

100

80

120

100

80

160

140

120

100

80

60

120

noto£100i 90zui 80H< 70-jLdtt 120

100

80

120

10080

60

no

100

90

no

100

90

802«

ACID PHOSPHATE (BALTO.i

...

?*+

• •*

mm

...

•a

•••

H—

•«0

^X^M

*»9

WHEAT, WINTER

•••

*»

••*

• *

•••

••

B

mmi **i •̂ r- x|«* .. ...

^CATTLE, STEERS

XIT 12

''

9.1

**

12 L4 129.313

T2.2.13 a

SUGAR, RAW

^••* •an mm^

•«••• ,, •'•*

COTTON, RAWT»

X

\

^

•**

• *

J

/

»•.

XJ

*

t

r

/1 2

•t

*6

*f

\

1

«. >•• •

WORSTED YARNS

,.., ., ,t

BOOTS AND SHOES, (ST. LOUIS)

PIG IRON, FOUNDRY•••> • .1

*.

^** •*»^

••*

STEEL BEAMS

*%§•••amV

••— -*•

... 4< • •<

! s H i i H S § M> u . 5 < 5 s 3 - s < w O Z C

MURIATE OF POTASH (N.Y.)

• ••

FLOUR, WINTER

mm•••••iX1£*^

•̂•i•*-»j ••

BEEF, CARCASS

^

«•^l

1 . ,...

.. ,..,

SUGAR; GRANULATED

»%i.t

*••.

'•

OHM

••'

X*

mm ^a>

^

.. ,, ••'

COTTON YARN

..

*+•*••

».,

mm

..

sf

X X/•*

.,

\*•<

SILK, RAW

....

X^**,^^^^^M

— •

*^ • •*

NITRATE OF SODA (NEW YORK)

X

'm*....

*i» V^ ,.. ..-

••*

CORN, NO. 2

,.o,̂ MM

/

*•

f 13

••

.6 134.4,4

'I

2.8 |

* •

HOGS, HEAVY

^»»•»

.

St

• *

7C

••

.4 7 .7 7

WHOLESALE PRICES FOR SPECIFIED COMMODITIESNOTE.—Prices to producer on farm products and market price of wool are from U. S. Department of Agriculture, Bureau of Agricultural Economics, nonferrous 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.

COMMODITIES

FAEM PRODUCTS-AVERAGE PRICE TO PRODUCERS

. WheatCornPotatoes _ _ _ . .CottonCottonseedCattle, beef _ _ _HogsLambs - - - -

FARM PRODUCTS— MARKET PRICE

\Vheat No 1 northern spring (Minneapolis)Wheat' No. 2, red, winter (Chicago)Corn contract grade No 2, cash (Chicago)Oats, contract grades, cash (Chicago) _ _Barley fair to good malting (Chicago)Rye, No. 2, cash (Chicago)Tobacco, leaf, average sales, warehouse (Kentucky)Cotton, middling upland (New York)Wool, ^i blood, combing, Ohio and Pennsylvania fleeces (Boston)Cattle steers good to choice, corn fed (Chicaao)Hogs, heavy (Chicago) . _ _Sheep ewes (Chicago)

Unit

Bushel _BushelBushelPoundTon . iPoundPound 'Pound

BushelBushelBushelBushelBushelBushel _. -.Cwt._PoundPound _ . - !CwtCwt 1Hwt 1

Sheep, lambs (Chicago) 1 Cwt __!

FOOD

Flour standard patents (Minneapolis) Barrel iFlour, winter straights (Kansas City) BarrelSugar 96° centrifugal (New York) PoundSugar, granulated, in barrels (New York) Pound iCottonseed oil, prime yellow (New York) __ __ . PoundBeef, frssh, carcass, good native steers (Chicago)Beef, fresh, carcass, steers (New York)

Pound jPound

Pork, smoked hams (Chicago) Pound >Butter, creamery, 95 score (New York) PoundOleomargarine, standard, uncolored (Chicago) _ _ ! Pound _ ._

CLOTHING

Cotton yarns, carded, white, northern, mule spun, 22-1 cones (Boston) . _Cotton-print cloth, 64 x 60-38K"-5.35— yards to pound _ _ _

PoundYard

Cotton sheeting, brown 4/4 Trion (New York) j YardWorsted yarns, 2/32's cross-bred stock, white, in skein (Boston") i PoundWoman's dress goods, French., 39 inohes at, mills, sergft YardSuitings, unfinished worsted — 13 ounce, mill 1 YardSuitings, serge, 11 ounce, 56-58 inch ! YardSilk, Japan, 13-15Hosiery, women's, pure silk, mill __Hides, green salted, packers' heavy native steers (Chicago)Hides, calfskins, No. 1, country, 8 to 15 pounds (Chicago)Leather, chrome calf, dull or bright "B" grades (Boston)Leather, sole, oak, scoured backs, heavy (Boston)Boots, and shoes, men's black calf, blucher (Massachusetts)Boots and shoes, men's dress welt tan calf (St. Louis)

FUEL

Coal, bituminous, mine-run (composite price)Coal, bituminous, prepared sizes (composite price)Coal, anthracite, chestnut (composite price)Coke, Connellsville (range of prompt and future) furnace— at ovensPetroleum, crude, Kansas-Oklahoma — at wells _.

! METALS

Pig iron, foundry No. 2, northern (Pittsburgh)Pig iron, basic, valley furnaceSteel billets, Bessemer (Pittsburgh)Copper ingots, electrolytic, early delivery (New York)Brass, sheets, millLead, pig, desilverized, 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, mill ._Brick, common red, domestic building (New York)Cement, Portland, net without bags to trade, f. o. b. plant (Chicago

district)Steel beams, mill (Pittsburgh) . . .

PoundDozen pair..PoundPoundSquare foot__PoundPairPair

Net tonNet tonLong tonShort tonBarrel

Long tonLong tonLong tonPoundPoundPoundPoundPound

M feetThousand...

BarrelCwt

Rubber, Para Island, fine (New York) . PoundSulphuric acid 66° (New York)Wood pulp, sulphite, domestic, unbleached, news grade (New York)Newsprint, rolls, contract, mill

CwtCwtCwt

ACTUAL PRICE(dollars)

August,1927

1. 235.977

1.463.171

25.95.0721.0924.1115

1 4271. 3951.085.478.S

8

NEW BUILDING CONTRACTS AND AUTOMOBILE PRODUCTION[Relative numbers, monthly average, 1923-1925, taken as 100]

140

FACTORY EMPLOYMENT, MANUFACTURING, AND ELECTRIC POWER PRODUCTION[Relative numbers, monthly average, 1923-1925, taken as 100]

140

120

(0DC

5

X111Q

VI^•NUFACTURING PRODUCTION (ADJUSTED;)

~ 80

601920 !924 1925 1926 1927

MINERAL PRODUCTION AND RAILROAD TON-MILEAGE[Relative numbers, monthly average, 1923-1925, taken as 100]

40


9

BUSINESS SUMMARY[Index and relative numbers based on the 1919 monthly average as 100—except unfilled orders, which are based on the 1920 average, enable comparisons to be made of the

relative condition of the several phases of business. The use of index and relative numbers is more fully explained on the inside front cover, while further details aregiven in the table entitled "Indexes of Business" on page 18]

PRODUCTION:Manufacturing (64 com-

modities — adjusted)1Raw materials, total

MineralsAnimals productsCropsForest products

Electric power _ _Building (floor space)

STOCKS (45 commodities; sea-sonal adjustment)-.

UNFILLED ORDERS (relative to1920)

SALES (based on value) :Mail-order houses (4)Ten-cent chains (5 chains) .Wholesale tradeDepartment stores

PRICES (recomputed to 1919base) :

Producers', farm products _Wholesale, all commodities.Retail food— _Cost of living (inch food) _ _

CHECK PAYMENTS (141 cities —seasonal adjustment)

FACTORY EMPLOYMENTTRANSPORTATION :

Net freight ton-miles.Car loadingsNet available car surplus. _

YEARLY AVERAGE

1923

119114136117102121143111

119

74

9916583

124

65757894

10393

11511925

1924

113! 119! 126

117118119152115

137

52

10518582

125

64737895

11084

108116139

1925

126117133113111126169146

146

56

118209

84131

70778498

12784

115122146

1926

129121142114117119190138

174

50

123229

84136

65738698

13585

123127124

1926

July

127116150115103

* 119184129

169

48

982068299

65738497

13783

126150120

August

135122156111114117190142

184

49

98204

88105

64728496

13684

13212698

Sep-tember

135148156111172120192139

175

49

120211

97131

64738597

13285

13413069

1927

July

12810514111384

114199127

190

40

100221

7797

62708394

14581

116142165

August

128132154113137126205137

205

40

11323788

113

63718294

15681

127122130

Sep-tember

127161147109205124202127

195

38

12623291

130

1)77283

16081

12582

PER CENT INCREASE (+)OR DECREASE (— )

Sept., 1927from

Aug., 1927

-0. 8+ 22. 0-4. 5-3. 5

4-49. 6~1.6— 1. 5-7.3

-5.0

5 0

+ 11. 5-2. 1+ 3.4

+ 15. 0

+ 6.3+ 1.4+ 1.2

+ 2.60. 0

_+ 2. 5

-36. 9

Sept., 1927from

Sept., 1926

-5. 9+ 8. 8-5. 8-1. 8

+ 19. 2+ 3.3+ 5.2-8. 4

+ 11.4

22. 4

+ 5. 0+ 10. 0--6.2 i- 0. 8

+ 4.7-1. 4-2. 4

+ 6. 1-4. 3

-3. 8+ 18. 8

1 See p. 28, January, 1925, issue (No. 41), for details of adjustment.

COURSE OF BUSINESS IN SEPTEMBER

GENERAL CONDITIONSBusiness in September, as seen from data on check

payments, was better than in either the precedingmonth or the corresponding month of 1926. Retailtrade, as indicated by sales data covering mail-orderhouses and 10-cent chain stores, was on a higher levelthan in the same month of last year. Distribution ofgoods, however, as shown by figures on carloadings,declined from a year ago. Prices paid to producers offarm products averaged higher than in either the pre-ceding month or the corresponding month of 1926.Wholesale prices were also generally higher than in thepreceding month, but were still below the level oflast year. Retail prices for food averaged higherthan in August, but were lower than in September of1926.

Production of pig iron declined from both the pre-ceding month and September of last year, with steel-ingot output making similar comparisons with bothprior periods. Unfilled steel orders, while showing nomaterial change from the preceding month, were sub-stantially lower than a year ago. The production ofcoal, both bituminous and anthracite, was smaller thana year ago, with anthracite production smaller also

69025—27 2

than in August, 1927. Cotton consumption, althoughsmaller than in the previous month, was substantiallygreater than in September of last year. The produc-tion of automobiles, both passenger cars and trucks,was smaller than in either the preceding month or thesame month of 1926. The floor space of new buildingcontracts awarded was smaller than in either August,1927, or September, 1926.

Interest rates on commercial paper averaged higherthan in August but were lower than a ye&Y ago. Pricesfor stocks listed on the New York Stock Exchangeaveraged higher than in either prior period, while bondprices, although showing no change from the previousmonth, were also higher than a year ago. The Federal-reserve ratio receded from the previous month, but washigher than in September of last year. Imports ofmerchandise were lower than in August, but showedno change from a year ago, while merchandise exports,although greater than in the preceding month, werelower than in September, 1926. Business failures wereless numerous than in August, but larger than a yearago, with defaulted liabilities of failing firms makingsimilar comparisons with both prior periods.


10

SUMMARY OF INDEXES OF BUSINESS

PRODUCTION

The output of raw materials in September wasgreater than in either the preceding month or Sep-tember of last year. All groups of raw materialsshowed increases over both prior periods, exceptminerals and animal products, which declined fromboth periods. In the case of mineral output, allproducts of the mine were produced in smaller quan-tities than in either the preceding month or Septem-ber of last year, except bituminous coal and gold,which registered increases over August, and petroleumand lead, which recorded increases over September,1926. In the case of animal products, smaller mar-

were smaller than at the end of the previous month,but larger than a year ago. Declines from the pre-ceding month in stocks of raw and manufacturedfoodstuffs were more than sufficient to offset increasesin stocks of raw materials other than foodstuffs andmanufactured commodities. As compared with ayear ago, all major groups were held in largerquantities.

SALES

The index of unfilled orders, principally iron andsteel, and building materials reached a new lowpoint in September, both major subgroups making

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 move

of iron, steel, and building materials. September, 1927, is latest month plotted]seasonal movements. Unfilled orders are principally those

ketings were registered in all products except sheep,poultry, and milk, which showed advances over thepreceding month, and wool, fish, and milk, which in-creased over last year. Increases were registered in allcrops over both periods except fruits and cotton prod-ucts, which declined from a year ago. As respectsforest products, increased output was registered overa year ago in all groups except lumber, wThich did notchange, and distilled wood.

Manufacturing production, after adjustments forworking-time differences, declined from both the pre-ceding month and September of last year, all in-dustrial groups showing decreases from August, exceptchemicals and oils, which increased, and textiles,which showed no change. As compared with lastyear, smaller output was registered in all groups ex-cept foodstuffs, textiles, leather, chemicals and oils,stone, clay and glass products, and tobacco.

COMMODITY STOCKS

Stocks of commodities held at the end of Septem-ber, after adjustments for normal seasonal variations,

dedines from both the preceding month and Septemberof last year.

Wholesale trade, measured in value, averagedhigher than in August, but lower than last year. Alllines increased over August except dry goods. Ascompared with September, 1926, wholesale trade wassmaller in all lines except shoes and drugs.

Department-store trade, although higher than inthe preceding month, was smaller in value than inSeptember, 1926. Merchandise stocks, held by depart-ment stores, were higher than in either prior period.Mail-order business registered increases over boththe preceding month and September of last year.Sales by 10-cent chain-store systems, although smallerthan in August, were higher than a year ago. Tradeby grocery chains recorded advances over bothprior periods. Other chain-store systems showedgenerally larger business than a year ago, exceptmusic, cigar, and shoe chains, which declined. Salesof music and shoe chains increased over August,while cigar chains showed a decline.


11PRICES

The general index of wholesale prices again advancedover the preceding month, but was still lower than inSeptember of last year. As compared with the pre-ceding month, all groups showed higher averageprices, except the building materials and miscel-laneous groups, which declined, and fuels, metals andmetal products, and house furnishings, which showedno change. As compared with last year, all groupswere lower, with the exception of farm products andhides and leather, which were higher. Reclassified,the general index showed no change from the previousmonth in prices for producers' goods. Consumers'goods and raw materials, however, advanced. As

than a year ago. The cost-of-living index showedno material change from the previous month and wasalso lower than in September of last year.

EMPLOYMENT

Factory employment in September showed a largernumber of employees on the pay rolls than in the pre-ceding month, but as compared with last year,employment was lower. All industrial groups showedmore employees than in the preceding month, exceptiron and steel, lumber, leather, and stone, clay, andglass, which showed no change, and nonferrousmetals, vehicles, and miscellaneous industries, whichdeclined. Contrasted with a year ago, employment in

COMPARISON OF WHOLESALE AND RETAIL FOOD PRICE INDEX NUMBERSWITH INDEX OF ALL COMMODITIES AT WHOLESALE

[IT. S. Department of Labor index numbers. Relative prices, 1926=100. September, 1927, is latest month plotted]

80

compared with a year ago, both producers' and con-sumers' goods were lower, the declines more thanoffsetting a 3 per cent increase in raw materials.

The index of prices received by farmers for theirproduce increased more than 6 per cent from the pre-ceding month and almost 5 per cent as comparedwith September of last year. Prices for all groupswere higher than in the preceding month, exceptgrain and fruits and vegetables, which declined. Ascompared with a year ago, increased prices for grains,fruits and vegetables, and cotton, were more thansufficient to offset declines in meat animals, dairy andpoultry products, and in the unclassified group.

Retail prices for food, although averaging higherthan in the preceding month, were generally lower

September was smaller in all groups, except textilesand tobacco, which increased, declines of more than 5per cent occurring in iron and steel, lumber, chemicals,stone, clay, and glass, nonferrous metals, and vehicles.

Factory pay-roll payments were lower in Septemberthan in either the previous month or September, 1926,increases in the amount of pay roll in food, textiles,lumber, paper and printing, chemicals, and tobaccofactories being insufficient to offset declines from theprevious month in iron and steel, leather, stone, clayand glass, nonferrous metals, and vehicles. As com-pared with last year, all industrial groups declined,except textiles, paper and printing, and tobacco, whichshowed increases and food products which showed nochange.Digitized for FRASER

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

12

REVIEW BY PRINCIPAL BRANCHES OF INDUSTRY AND COMMERCE

TEXTILES

September wool receipts at Boston declined season-ally from the previpus month but were much largerthan a year ago, receipts of both domestic and foreignwools exceeding those of September, 1926. Importsof wool also declined from the previous month andwere larger than a year ago. The consumption of

pajaina checks and ginghams were produced in largerquantities than in September, 1926. Stocks of finishedtextiles at the end of the month were slightly largerthan at the end of August but smaller than a year ago.Unfilled orders for most kinds of textiles, on the otherhand, were smaller than at the end of August andgenerally larger than a year ago. Fine cotton goods

THE TEXTILE INDUSTRIES

[Relative numbers, monthly average 1923-1925 taken as 100. September, 1927, is latest month plotted]

GENERAL

Inlnl1920 1921 S922 !923 [924 19251920 1921 1922 1923 1924 1925 1926 1927

CONSUMPTION (DELIVERIES)

STOCKS (MANUFACTURERS)

i i . lnLl i i l i . in i , . In l i . lu l1925 1928 1927

wool by textile mills was greater than during eitherAugust or the corresponding month of last year. Woolmachinery also exhibited increased activity.

The consumption of raw cotton by mills was almostas great as in August and somewhat larger than ayear ago. Exports of unmanufactured cotton, whilemuch larger than in the previous month, were some-what less than in September, 1926. Cotton stocksat mills and in public storage increased over the pre-vious month and were also larger than a year ago.The world visible supply of cotton was larger thanat the end of either prior period.

The machinery activity of cotton spindles wasslightly less than in August, due to the smaller numberof working hours, but exceeded that of a year ago.The output of cotton textiles increased from bothprior periods, all classes of goods showing increasesfrom the previous month, while all classes except

were produced in larger quantities than during eitherprior period.

Imports of silk w^ere less than for the previous monthbut larger than in September, 1926. The consumptionof silk by mills, on the other hand, exceeded that ofeither comparative period. Stocks of silk in publicstorage slightly exceeded those at the end of Augustand were considerably larger than a year ago. Thenumber of silk looms in operation were fewer thanduring the previous month, while the number of silk-spinning spindles in operation increased. Imports ofrayon were less than during August but greater thana year ago.

Raw-cotton prices were higher than for either theprevious month or the corresponding month of lastyear. Prices of rayon were unchanged from the pre-vious month, but declined from September of lastyear.


13METALS

Shipments of iron ore from the mines were consider-ably less than during either the previous month or thecorresponding month of last year. The consumptionof iron ore and the production of pig iron also declinedfrom both prior periods, the number of furnaces inblast declining proportionately. Stocks of ores, bothat the furnaces and at the docks, exceeded those of ayear ago.

The September output of steel ingots was less thanfor either the previous month or the correspondingmonth of last year. Production and new orders of

The September production of copper at the mineswas less than for either the previous month or the cor-responding month of last year. Stocks of refinedcopper, while less than at the end of August, weregreater than a year ago. Copper exports were slightlyless than in August, being considerably larger, how-ever, than a year ago.

Imports of tin were much less than during Augustor the corresponding month of last year. The con-sumption of tin also declined from the previous monthbut was greater than a year ago. The world stocksof tin were larger than at the end of either prior

THE METAL INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. September, 1927, is latest month plotted]

160 S'^TT^QLESZLE PRICE NON-FERROUS PRODUCTION T 1' '• ./INDEX. METALSl ̂ INDEX \

*« ~

1920 1921 1922 1923 1924 1925 1926 1927 1920 1921 1922 1923 1924 1925 1926 1927

100

340 r

20 L1920 1921 1922 1923 1924 1925 1926 1927 1920 1921 1922 1923 1924 1925 1926 1927

steel and malleable castings also declined from bothprior periods, production and shipments of steel sheetsshowing similar tendencies. New orders and unfilledorders of steel sheets, on the other hand, exceeded thosefor August. Production, shipments, and stocks ofsteel barrels were less than in August but greater thana year ago, while unfilled barrel orders were greaterthan at the end of the previous month but less than onSeptember 30, 1926.

Unfilled orders of the United States Steel Corporationwere less than for either the previous month or the corre-sponding monthlast year. New orders and shipments offabricated structural steel were less than during the previ-ous month, although neworders were considerably greaterthan during September, 1926. New orders for fabri-cated-steel plate were less than for either prior period,due chiefly to the decline in orders for oil-storage tanks.

period, although stocks of tin in the United Statesdeclined from the previous month.

The September output of zinc was less than foreither prior period, the number of zinc retorts in opera-tion showing a similar comparison. Zinc stocks wereslightly less than at the end of August, but were morethan double those of a year ago. Lead productionwas less than for either the previous month or Sep-tember, 1926.

The first survey of radio dealers' stocks, coveringreturns from 7,842 dealers out of a total of 31,485,shows an average of nine receiving sets and loud speak-ers per dealer on October 1. The B and C batterystocks averaged 31, storage batteries for A power 7,arid eliminators 5 per dealer. There are no previousfigures with which comparisons can be made,


14

FUELS

The output of bituminous coal, although slightlygreater than during August, was less than a 3^earago. Anthracite coal production, on the other hand,was less than for either prior period. Coal priceswere generally higher than during the previous monthand slightly lower than in September, 1926. A de-cline in the production of coke from both prior periodswas accompanied by lower prices.

AUTOMOBILES AND RUBBER

The September output of passenger automobiles,both in the United States and Canada, was consider-ably smaller than for either the previous month or

and calf hides greatly exceeded those of a year ago.Hide prices were generally higher than for eitherprior period. The production of sole leather wassmaller than during the previous month but greaterthan a year ago. Sole and upper leather were exportedin smaller quantities than during either previousperiod. The September output of boots and shoesw^as less than for the previous month, but slightlygreater than a year ago. Leather prices showed nochange from August but were substantially higher thana year ago.

PAPER AND PRINTING

Imports of wood pulp, both mechanical and chemicalexceeded those of the previous month, imports of

THE AUTOMOBILE AND RUBBER. INDUSTRIES[Relative numbers, monthly average 1923-1925 taken as 100. Where available, September, 1927, is latest month plotted]

1924 1925 1926 1927 19

500]

1921 1922 1923 1924 1925 I I92S

!92I 1922 1923 1924 1925 1926

September, 1926. Truck production, on the otherhand, exceeded that of August, but was less than ayear ago. For the first nine months of the currentyear, passenger-car production in the United Stateswas 19 per cent smaller than for the correspondingmonths of last year, truck production also beingsmaller than in 1926. Imports of crude rubber weregreater than in August but less than a year ago, whilerubber prices were lower than for either prior period.

HIDES AND LEATHERSeptember imports of hides were less than during

the previous month but greater than a year ago, allclasses of hides being imported in smaller quantitieshan in August,'although September imports of Jcattle

chemical pulp being greater and those of mechanicalless than for the corresponding month of last year.The September output and shipments of newsprintpaper in the United States were less than for eitherprior period, those of Canada, however, being less thanfor the previous month but greater than a year ago.Imports of newsprint paper were slightly greater thanfor either the previous month or the correspondingmonth of last year. New orders and shipments ofsales books were less than during the previous month,new orders also being less than in September, 1926.The output of paper-board shipping boxes, both cor-rugated and solid fiber declined from both previousperiods.Digitized for FRASER


15

BUILDING

The volume of new building contracts, both insquare footage and value, was smaller than for eitherthe previous month or the corresponding month oflast year. All types of buildings showed declines fromAugust in square footage and all but public buildingsdeclined in floor space from a year ago. The onlyincreases over the previous month in the value ofcontracts awarded were in industrial buildings andpublic works and utilities and only the latter type ofbuildings showed an increase over September, 1926.September fire losses were less than for the previousmonth but greater than a year ago.

of flooring were less than for either the previous monthor September, 1926. Stocks of maple flooring weresmaller and those of oak flooring greater than for eitherprior period. New flooring orders exceeded those ofthe previous month but were less than a year ago.

STONE AND CLAY PRODUCTS

The September production and shipments of faceand paving brick were less than for the previousmonth, the output of both kinds being greater andshipments less than a year ago. New orders, ship-ments, and unfilled orders of vitreous china plumbingfixtures were smaller than for either the previousmonth or the corresponding month of last year. New

THE BUILDING-MATERIAL INDUSTRIES[Relative numbers, monthly average 1923-1925, taken as 100. September, 1927, is latest month plotted]

1920 1922 19231 1 1 1 1 1 1 i 1 1 1 ( j . . .

1924 1925 1926 1927) l_LJJ_lLuli_LLul.LJ

1920 1921-

1923J-liLlIuJ.l L JjJjLLLu_LuJ.JLLLj_LLlJ

1924 1925 1926 1927

1920 1922 1923 1924 1925 1926-

1927

LUMBER AND LUMBER PRODUCTS

Lumber production was generally lower than duringthe previous month and greater than a year ago?southern pine and Douglas fir recording the only in-creases over August, and western pine, the onlydecline from September, 1926. Lumber shipmentsexhibited a similar tendency, only southern pine in-creasing over August, while Douglas fir, westernpine, northern pine, and walnut were shipped insmaller quantities than a year ago. New orders foreach kind of lumber, except walnut, were less thanduring the previous month, while orders for southernpine and California redwood exceeded those of a yearago. Stocks of southern pine and western pine wereslightly less and walnut, gum, and oak greater than atthe end of August, while western pine and w^alnutwere less than a year ago. Production and shipments

orders for architectural terra cotta were also lessthan for the previous month but. exceeded those of ayear ago. The production and shipments of Port-land cement, while less than during August, weregreater than in September, 1926. New contractsfor concrete pavements declined from the previousmonth but greatly exceeded those of a year ago.

CHEMICALS

Receipts of turpentine and rosin, although slightlysmaller than in August, were much greater than ayear ago, while stocks exceeded those at the end ofeither prior period. Fertilizer was exported in largerquantities during September than for either the pre-vious month or the corresponding month of last year.Imports of potash and nitrate of soda, on the otherhand, were less than in August but greater than ayear ago.Digitized for FRASER


16

FOODSTUFFS AND TOBACCO

The visible supply of wheat in the United Stateswas considerably larger and that in Canada smallerthan at the end of either the previous month or thecorresponding month of last year. Keceipts of wheatat the principal markets, although slightly less thanduring August, were much greater than a year ago,exports being greater than in either prior period.Receipts and shipments of corn exceeded those ofeither the previous month or a year ago, but receiptsof oats were considerably smaller than during theprevious month. Barley and rye were exported in muchgreater quantities than during either prior period.

Receipts and cold-storage holdings of poultrywere greater than for the previous month but lessthan a year ago. Receipts and cold-storage holdingsof case eggs were less than for either prior period. Theproduction of butter was less than in either the pre-vious month or the corresponding month of last year,cold-storage holdings being less than at the end ofAugust but greater than a year ago. The productionof cheese exceeded that of August but was less than ayear ago, cold-storage holdings being less than atthe end of cither prior period.

Imports of coffee were considerably smaller thanfor either the previous month or a year ago. The

THE FOODSTUFFS INDUSTRIES[Relative numbers, monthly average 1923-11)25, taken as 100. September, 1927, is latest month plotted]

1920 1921 1922 1923 1924 1925 1926 1927

A-v4

PRODU

\

;TIONK

Y if1 /i

1920 1921 1922 1923 1924 1925 1926 1927

1920 1921 1922 1923 1924 1925 1926 1927 ,

17

TRANSPORTATION

September car loadings were larger than for thepreceding month, declines from August occurringonly in loadings of forest products, ore, and generalmerchandise. September loadings were less than forthe corresponding weeks of last year, all classes ofcommodities, except grain, participating in the de-cline. Surplus freight cars were much fewer thanduring the previous month but more plentiful than ayear ago. Clearances of vessels for foreign trade inSeptember were fewer than during the previous monthor the corresponding month of last year.

were larger than at the end of September, 1926-Interest rates, both on call loans and commercialpaper, were slightly higher than during the previousmonth but lower than a year ago.

Fewer business firms failed in September than dur-ing the previous month, the liabilities of such firmsalso being less than in August. Business failureswere greater, both in number and in liabilities, than ayear ago. Prices of stocks continued to increase andwere also at a much higher level than a year ago.Bond prices were slightly larger than in the previousmonth and substantially higher than in September, 1926.

BANKING AND FINANCE[Relative numbers, monthly average 1923-1925, taken as 100. September, 1927, is latest month plotted]

1920 1921 1922 J923 J924 1925 1926 1927 1920 1921 1922 1923 1924 1925 1926 1927

1920 1921 1922 1923 1924 1925 1926 1927

BUSINESS PROFITS AND LOSSES

1920 1921 1922 1923 1924 1925 1926 1927

DISTRIBUTION MOVEMENTSales by mail-order houses were greater and those

by the leading 10-cent stores smaller than duringthe previous month, sales by both being larger thana year ago. Magazine and newspaper advertisingwas considerably larger than in August, but slightlysmaller than a year ago. Postal receipts in the 100important cities were greater than in either priorperiod. Delinquent accounts in the wholesale electrictrade were less than for either the previous month orthe corresponding month of last year.

BANKING AND FINANCECheck payments, both in and outside New York

City, exceeded those of the previous month andSeptember, 1926. Loans and discounts of Federalreserve member banks also exceeded those at the endof either prior period, and net demand deposits, whileless than at the end of August, were greater than ayear ago. Brokers' loans at the end of the month

69025—27 3

GOLD AND SILVER AND FOREIGN EXCHANGE

Domestic receipts of gold at the mint were largerthan during the previous month but less than a yearago. Imports showed a similar tendency, while ex-ports were larger than for either prior period. Theproduction of silver in the United States was lessthan for either the previous month or the correspond-ing jmonth of last year. Exports and imports ofsilver exceeded those of August but were less than ayear ago. Silver stocks in the United States declinedsharply from the previous month and were also lessthan at the end of September, 1926.

Exchanges on the principal countries showed littlechange from the previous month, there being slightadvances in the rates on Sweden, India, Canada,Argentina, Brazil, and Chile, and a decline in therate on Japan. Compared with a year ago, rates ofexchange on France, Italy, and Argentina increased,while Brazilian and Japanese exchanges declined.Digitized for FRASER


18

INDEXES OF BUSINESSThe 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. Thefunction of index and relative numbers is explained on the inside front cover. A condensed form of this tableis given on page 9.

PRODUCTION

(Relative to 1919 monthly average as 100)

RAW MATERIALSGrand total

MINERALSTotal _ _ - _

Petroleum. _Bituminous coalAnthracite coalIron ore*CopperLead _ _ _ _Zinc _ _ _ _ -GoldSilver

ANIMAL PRODUCTS (marketings)

TotalWool*Cattle and calvesHogs__ -Sheep __ _Eggs*._PoultryFishMilk (New York)

CROPS (marketings)

TotalGrains*Vegetables*Fruits*Cotton products* _Miscellaneous crops*. _ _

FOREST PRODUCTS

Total-Lumber _ _Pulp wood-Gum (rosin and turpentine)*Distilled wood

MANUFACTURING

Grand total (adjusted for working days)Grand total (unadjusted)

Foodstuffs _ .Textiles... __ ... ... .Iron and steelLumber _LeatherPaper and printing.Chemicals, oils, etc _ _ _ _Stone and clay products.Metals, excepting iron and steelTobacco _Miscellaneous

Maxi-mumsince

Jan. 1,1920

180

165256155122273152193149131145

138314143177153245390192190

246242254405346170

136137164356149

138142135133152166115127210190195147164

Mini-mumsince

Jan. 1,1920

73

621054100

1778385780

801958645430214594

494358501218

6159512024

71687754325763699269717037

July

116

150! 206

112115254

! 143! 1691 1261 84| 99

115253

8976

! 771 117

106170

i 152

103! 175j 138! 224i -12

20

119! 1181 72j 271

88

127127128

1 9512514478

123177174173128132

1926

August

122

15621111911227214317413799

112

1111339775

10091

117185148

1141691022404843

11711762

25896

13513512297

13514790

122177173175132157

Septem-ber

148

156207126115245142167137113103

11148

11775

14579

124141143

17213318032721395

12012081

22295

13513511411013215194

119187165180133147

1927

July

105

141248

8769

21913017912693

102

113314

758274

10392

157158

841431351431316

11411070

31992

12812314310510813390

104188178161129112

August

132

15424710710622313317713393

109

113168101819885

115192148

1372021171758062

12612568

300120

128133133119117148106111190190171144127

Septem-ber

161

14723810891

18413117312610598

109669769

12676

123149149

205213187289205139

12412091

286115

127127120119110143102100199181165143112

PER CENT INCREASE (+) ORDECREASE (— )

September,1927, from

August, 1927

+ 22.0

-4.5-3.6+ 0.9

-14.2-17.5-1. 5-2.3-5.3

+ 12.9-11.2

-3.5-60.7-4.0

-14.8+ 28.6-10.6+ 7.0

— 22. 4+ 0.7

+ 49.6+ 5.4

+ 59.8+ 65. 1

+ 156. 3+ 124. 2

-1.6-4.0

+ 33.8-4.7-4.2

-0.8-4.5-9.8

0.0-6. 0-3.4-3.8-9.9+ 4.7-4.7-3. 5-0. 7

-11.8

September, 1927,from September,

1926

+ 8.8

-5.8+ 15.0-14.3-20.9-24.9-7.7+ 3.6-8.0-7. 1-2.6

-1.8+ 37.5-17. 1-8.0

-13. 1-3.8-0.8+ 5.7+ 4. 2

+ 19.2+ 60.2+ 3.9

-11.6-3.8

+ 46.3

+ 3.30. 0

+ 12.3+ 28.8-21. 1

-5.9-5.9+ 5. 3+ 8.2

-16.7-5.3+ 8.5

-16.0+ 6.4+ 9. 7-8.3+ 7.5

-23.8

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


19

INDEXES OF BUSINESS—Continued

STOCKS(Relative to 1919 monthly average as 100)

(Corrected for seasonal variation)

TotalRaw foodstuffsRaw materials for manufacture _Manufactured foodstuffsOther manufactured commodities. _ _

(Unadjusted index)

TotalRaw foodstuffsRaw materials for manufactureManufactured foodstuffsOther manufactured commodities

UNFILLED ORDERS


(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 ( 2 7 chains) _ _ _ _ _Drugs (9 chains)Cigar (3 chains)Candy (5 chains)Shoe (6 chains)

DEPARTMENT STORES:Sales (359 stores)Stocks (314 stores)

EMPLOYMENT(Relative to 1923 monthly average as 100)

Number employed, by industries:Total, all classes

Food products _Textiles _ _.Iron and steelLumberLeatherPaper and printingChemicals - _Stone clay and glassMetal products other than iron and steel-Tobacco productsVehiclesMiscellaneous

Maxi-mumsince

Jan. 1,1920

205346201121204

199306204115199

116112153

126129136135133150

1 89

170

466223387261222303215

234156

2 1022 1072 1032 1042 1032 1052 1042 1052 1052 1072 1082 1032 107

Mini-mumsince

Jan. 1,1920

9473855886

8570645688

383025

605943628858

1 46

49

8455

11910910610972

80100

2 852 862 812 792 832 832 932 842 892 662 782 752 80

July

16925613489

172

15320311097

173

483794

82995284

1137877

98

206108316195155210

| 145i

99125

908980929289

10293

10194849193

1926

August

18431012988

177

148191100100170

493699

88997382

11510281

98

204121295193148194122

105130

919082929292

10295

10395819195

Septem-ber

17525614688

183

15318813894

172

493892

971128492

12411486

120

211138307192153218142

131142

929287939294

10410010496859196

July

19028616294

191

165217121101189

403178

77945379

118. 75

72

100

22180

373217153211145

97125

879084858488

102899490858294

1927

August

20531917295

204

159191124108186

403177

88997983

12610875

113

23798

382215147208132

113130

878985848591

102909590798393

Septem-ber

19527718193

204

16819417399

190

383069

911098885

13110680

126

232126384210146223140

130143

889287848591

103949589888291

PER CENT IDECR

September,1927,

from August,1927

-5.0— 13. 2+ 5. 2-2. 1

0. 0

+ 5.7+ 1. 6

+ 39. 5-8. 3+ 3. 2

— 5.0— 3. 2

-10. 4

+ 3.4+ 10. 1+ 11. 4+ 2. 4+ 4. 0-1. 9+ 6. 7

+ 11.5

-21. 1+ 28.6+ 0.5-2. 3-0. 7+ 7.2+ 6. 1

+ 15. 0+ 10.0

+ 1-1+ 3.4+ 2.4

0.00.00.0

+ 1.0+ 4. 4

0.0-1. 1

+ 11.4-1. 2-2.2

WREASE (+) OREASE (— )

September, 1927,from Septem-

ber, 1926

+ 11.4+ 8. 2

+ 24.0+ 5. 7

+ 11. 5

+ 9.8+ 3. 2

+ 25. 4+ 5. 3

+ 10. 5

-22.4-21. 1-25. 0

-6.2-2. 7+ 4. 8-7.6+ 5. 6-7. 0-7. 0

+ 5.0

+ 10.0-8.7

+ 25. 1+ 9.4-4. 6+ 2.3-1.4

-0.8+ 0. 7

-4.30.00.0

-9. 7-7. 6-3. 2-1.0-6.0-8. 7-7.3+ 3. 5-9.9-5.2

i Since Jan. 1,1921. » Since July 1,1922.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20

INDEXES OF BUSINESS—Continued

EMPLOYMENT— Continued


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

Food productsTextiles- _ _ . _Iron and steelLumberLeatherPaper and printingChemicalsStone, clay, and glassMetal products other than iron and steel.Tobacco productsVehiclesMiscellaneous

PRICE INDEX NUMBERS

FARM PRICES

(Relative to 1909-1914 average as 100)

All eroups_6;v •Grains _ _ _ _ _ _Fruits and vegetables _ _Meat animalsDairy and poultryCotton and cottonseed _ _Unclassified

WHOLESALE PRICES

Department of Labor Indexes

(Relative to 1926)

All commoditiesFarm products. _ _Food, etc__ ~ _Hides and leather productsTextile productsFuels __ _Metals and metal productsBuilding materialsChemicals. _ _House-furnishing goods _ _Miscellaneous _ _

(Relative to 1913)

Classified by state of manufacture:Producers' goodsConsumers' goods __Raw materials

Commercial Indexes(Relative to 1913)

Dun's (1st of following month) __Bradstreet's (1st of following month)

COST OF LIVING

National Industrial Conference Board Indexes

(Relative to July, 1914)

All items weighted. _Food (Dept. Labor)ShelterClothingFuel and light. __ _ _ __Fuel .Light _ _Sundries

Maxi-mumsince

Jan. 1,1920

2 1052 1072 1062 1082 1062 1082 1162 1102 1122 1102 1122 1072 112

235283373186215304180

244249249

218227

205219186288

3 179208123192

Mini-mumsince

Jan. 1,1920

2 742 852 722 622 842 792 882 852 842 702 782 602 72

11088

10891

1227674

118146135

134115

155139143153

3 156174118171

1926

July

919476939587

10997

10492858897

13612519515213112685

10099999999

10010199

10010098

127162153

153137

166157176173158179118174

August

95948195

10094

10999

111948495

100

13312816614413013089

999798

10099

10110110010010095

128160151

153138

165156175173160180121173

Septem-ber

95968396

10094

11110310894899199

13412113614813913493

10099

1009999

10210110010010094

129161153

155139

167159175174161182121173

1927

July

89968684858987

10995878781

100

130139195

j 131I 125i 125

81

949894

11294849887959889

120154149

154137

162153168169160180122173

August

919487879393

11196

10188818697

13213817213612713681

9510294

11296849893959990

120155153

156140

162152169170161181122172

Septem-ber

909689859491

112999986918293

14013414514213717987

9710697

11399849892969989

120158157

157144

PER CENT INCREASE (+) ORDECREASE (— )

September,1927, from

August, 1927

-1.1+ 1. 1+ 2.3

2 3+ 1.1-2.2+ 0.9+ 3.1

2 0-2.3

+ 12.3-4.7

4 i

+ 6.1-2.9

-15.7+ 4.4+ 7.9

+ 31.6+ 7.4

+ 2.1+ 3.9+ 3.2+ 0.9+ 3. 1

0.00.0

.-1. 1+ 1.1

0.0-1. 1

0.0+ 1.9+ 2.6

+ 0.6+ 2.9

September, 1927,from Septem-

ber, 1926

-5.30.0

+ 7.2-11.5-6.0-3.2+ 0.9-3.9-8.3-8.5+ 2.2-9.9-6. 1

+ 4.5+ 10.7+ 6.6-4. 1-1.4

+ 33.6-6.5

-3.0+ 7.1-3.0

+ 14. 10.0

-17.6-3.0-8.0— 4. 0-1.0— 5. 3

-7.0-1.9+ 2.6

+ 1.3+ 3. 6

» Since July 1,1922. Since Jan. 1,1923.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

21

PROSPECTIVE CARLOADINGS, FOURTH QUARTER OF 1927

The loadings of carload commodities by the railroadsfor the fourth quarter of 1927 are estimated at almost2 per cent below the corresponding loadings in thefourth quarter of 1926 by the regional advisory boardsset up by the American Kailway Association. Theseestimates are compiled from detailed reports of com-mittees representing shippers of the various commod-ities, as described in the August issue of the SURVEY OFCURRENT BUSINESS, page 20. The boundaries of thevarious districts are shown in the accompanying chart.

The estimated decrease in total loadings is duelargely to the decline of 2 per cent in the estimatedcoal loadings, as coal makes up about one-third of thetotal. Large decreases are also estimated in loadings ofcotton, cottonseed and its products, fresh fruit and hay,straw and alfalfa, all these groups showing an expectedfalling off of from 12 to 25 per cent from a year ago.

The principal increases estimated over a year agooccur in loadings of grains, while chemicals and explo-sives, though small in volume, were estimated to makethe greatest relative gain of 10 per cent over the lastquarter of 1926.

The districts estimated to make the greatestincreases over a year ago are the Northwest with 12.5per cent, the Pacific coast with 9.3 per cent, and thePacific Northwest with 5.3 per cent. In the first ofthese districts the gain was arrived at largely throughestimated increased loadings of grain; in the secondthe loadings of clay, gravel, sand, and stone wereresponsible; while in the third both grain and lumberhad a large part in the increased estimates. Small

increases were estimated over the fourth quarter of1926 for the Atlantic States, Ohio Valley, and centralwestern districts, while the New England and trans-Missouri-Kansas districts are estimated to load almostas many cars as a year ago.

The estimated decreases of from 5.2 to 7.5 per centin the Allegheny, Great Lakes, southeast, and mid-west districts were thus responsible for the estimateddeclines in the total loadings. In the Allegheny dis-trict the estimated decrease in coal loadings was theprincipal factor in the estimated decrease; in theGreat Lakes district automobiles and clay, gravel,sand, and stone were leading influences; in the south-east district cotton, cottonseed, and lumber made upmost of the decline and in the midwest district coaland grain were the principal factors.

REGIONAL ADVISOEY BOARD DISTRICTS

PROSPECTIVE CARLOADINGS, FOURTH QUARTER OF 1927COMPARED WITH ACTUAL LOADINGS SAME QUARTER OF 1936

(As reported by commodity committees, regional shippers' advisory boards, and compiled by American Railway Association)

123456789

101112

1314151617

1819202122

2324252627

COMMODITY GROUPS

Grain, all ._Flour, meal, and other mill productsHay, straw, and alfalfaCottonCottonseed and products, except oilCitrus fruits . _Other fresh fruitsPotatoes ,. _ _Other fresh vegetablesLivestockCoal and coke _. ..Ore and concentratesClay, gravel, sand, and stone 1Lumber and forest products _ _Petroleum and petroleum productsSugar, sirup, glucose, and molassesIron and steel _Castings machinery, and boilersCementBrick and clay productsLime and plasterAgricultural implements and vehicles (other

than automobiles) _ _ . . _ _ .Automobiles, trucks, and partsFertilizers, all kindsPaper, printed matter, and booksChemicals and explosives--Canned goods 2.

Total, all commodities listed

Number of cars

Actual1936

Esti-mated

1937

Percentinc.(+)

or dec.(-)

ALL DISTRICTS

401, 838231, 22695, 976

251 895139, 87429, 210

145, 08093, 86650, 661

443, 9353, 343, 830

340, 421906,098964, 701553, 09052, 311

452, 041

62, 329189, 235175, 67862, 895

17, 966167, 05047, 62075, 49464, 60047, 468

9, 406, 388

431, 900240, 25284, 460

190, 483109, 28728, 336

121, 14696, 54350, 723

438, 0393, 276, 612

320, 424

929, 427939, 594569, 40954, 106

435, 26357, 578

196, 545168, 31263, 277

18,084

164, 29848, 58080, 47971, 28047, 916

9, 232, 353

+7.5+3.9

-12.0-24.4-21.9-3.0

-16.5+2.9+0.1-1.3—2 0-5.9+2.6-2.6+3.0+3.4-3.7

7 6+3.9-4.2+0.6

+0.7-1.6+2.0+6.6

+10.3+0.9

-1.9

Number of cars

Actual1936

Esti-mated

1937

Percentinc.(+)

or dec.(-)

District No. 1%NEW ENGLAND

2,8232,5392,4501,036

2883

4,19713, 1511,4731,428

21, 92493

15, 33531, 15323, 262f 2, 544

3,5006,9442,3454,2283,938

669

1,2261,189

12, 9452,7812,110

2,9602,7102,4001,040

3080

4,19013, 2501,4001,570

21, 90090

14, 85031, 15023, 4902,5753,650

6,9002,3004,0503,790

670

1,2251,190

13, 0502,7502,050

165,394 165,310

+4.9+6.7-2.0+0.4+7.1

3 6-0.2+0.8-5.0

+10.0-0.1-3.2-3.2

+1.0+1.2+4.3-0.6-1.9-4.2-3.8

+0.8-1.1-2.8

Number of cars

Actual1936

Esti-mated

1937

Percentinc.(+)

or dec.(-)

District No. 8ATLANTIC STATES

33, 70613, 95411, 451

35, 14710, 43410, 042

416, 74927, 259

113, 05440, 22876, 59111, 96592, 901

14, 97861, 60326, 79218, 755

8,9733,593

24, 13014, 1607,451

1, 073, 916

33, 70013, 95511, 450

22, 84611, 99911, 247

425, 08327, 250

117, Oil40, 23084, 25012, 44292, 90014, 98065, 91524, 11318, 760

9,8703,729

26, 54314, 1606,333

1, 088, 766

-35.0+15.0+12.0

+2.0

+3.5

+10.0+4.0

+7.6-10.0

+10.0+3.8

+10.0

-15.0

+3.4

Number of cars

Actual1936

Esti-mated

1937

Percentinc.(i-}or dec.(-)

District No. 9ALLEGHENY

436532

1,087

6,9169918

2,934998, 590

93, 82011, 84519, 735

12190, 685

0,86010, 94732, 7153,643

1,070

6781,3412,8349,498

838

1, 397, 133

445540

1,274

6,83312318

2,629924, 695

85, 84511, 21721, 116

12181, 151

5,66612, 22833, 467tf4,616

1,216726

1,5152,947

10, 144950

1, 309, 373

+2.1+1.5

+17.2

-1.2+24.2

-10.4-7.4

-8.5-5.3+7.0

-5.0-17.4+11.7+2.3

+26.7

+13.6+7.1

+13.0+4.0+6.8

+13.4

-6.3

i Including crude and powdered gypsum. 2 All canned food products, including catsups, jams, jellies, olives, pickles, preserves, etc.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22

PROSPECTIVE CAR LOADINGS, FOURTH QUARTER OF 1927—ContinuedCOMPARED WITH ACTUAL LOADINGS, SAME QUARTER OF 1936

(As reported by commodity committees, regional shippers' advisory boards, and compiled by American Railway Association)

123456

789

101112

1314151617

1819202122

2324252627

123456

789

101112

1314151617

1819202122

2324252627

COMMODITY GROUPS

Grain, all _- _ _ _ _Flour, meal, and other mill products _ _Hay, straw, and alfalfaCotton . ._Cottonseed and products, except oilCitrus fruits

Other fresh fruitsPotatoes . _ - -O ther fresh vegetablesLivestockCoal and coke _ _ _ .Ore and concentrates

Clay, gravel, sand, and stone l .._ _Lumber and forest productsPetroleum and petroleum productsSugar, sirup, glucose, and molassesIron and steel

Castings, machinerv, and boilersCement . . _ _ .Brick and clay products.Lime and plasterAgricultural implements and vehicles,

other than automobiles

Automobiles, trucks, and partsFertilizers, all kinds .Paper, printed matter, and booksChemicals and explosivesCanned goods 2

Total, all commodities listed

Grain, allFlour, meal, and other mill products. .Hav, straw, and alfalfaCottonCottonseed and products, except oi l__.Citr us fruits ...

Other fresh fruitsPotatoes.Other fresh vegetablesLivestockCoal and coke._.Ore and concentrates

Clay, gravel, sand, and stone * _Lumber and forest productsPetroleum and petroleum productsSugar, sirup, glucose, and molassesIron and steel .__

Castings, machinery, and boilersCementBrick and clay productsLime