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F E D E R A L R E S E R V E B O A R D
S T A T E M E N T F O R T H E P R E S S
X-3256
F o r
Release
i n
Morning Papers,
Thursday, December 1 , 1 9 2 1 .
T he
fo l lowing
i s a
review
of
general business
and
f i nan c ia l condi t ions th roughout
t h e
several Federal
Reserve Dis t r ic t s dur ing t h e month of November, a s
contained
i n t h e
for thcoming iss ue
o f t h e
Federal
Reserve Bul le t in .
Improvement i n bus iness condi t ions i n November h a s n o t been
a s pronounced a s du r ing t h e preceding tw o months. Several f a ct o r s
a r e
r e spons ib l e
f o r
t h i s re la t i ve s lowing down .
T he
seasonal
peak
of
demand
h a s , f o r t h e
time being, been reached
and
passed.
Uncer ta in ty regard ing pr ic es
of
s t a p l e s , p a r t i c u l a r l y
of
cotton,
h a s
interfered somewhat with trade buying, while
t h e
p o s s i b i l i t y
of f u r t h e r r e d u c t io n s of f r e i g h t r a t e s h a s apparent ly tended t o
u n s e t t l e p r i c e s a n d t o r e t a r d t h e a c t i v i t y of indus t ry i n some
o f t h e
chief manufa cturin g se ct io ns . Recovery
i n t h e
s t e e l
and
i ron t rade
h a s
come
t o a
h a l t
f o r t h e
time being,
a n d
s t a b i l i t y
h a s n o t y e t
been achieved
i n
that branch
of
produc t ion .
Never the less ,
t h e
progress toward normal conditions achieved
during November
h a s
been continuous,
a s may be
seen
by a
comparison
wi th t h e corr esp ond ing month of a year a g o , o r wi th t h e general
movement of economic conditions since t h e beginning of th i s year .
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x-3256
Cotton a n d woo l en t ex t i l e s i n some o f t h e pr inc ipa l producing d i s -
t r i c t s
a r e
almost
on a
normal ba si s . Ste el
a n d
iron, while working
a t abou t f i f t y p e r cent 'of capac i t y , a r e i n much better condit ion
t han w as t r u e a few months ago* I n soma industr ies which h a d a c -
cumulated la rg e su rp lu s stoc ks, such
a s
zinc, demand
h a s
been
s u f f i c i e n t t o car ry o f f a p a r t o f t h e overs upply # Unemployment h a s
a t lea s t s l ig ht ly decreased . Expor t t r ade cont inues i n s ubs t an t i a l
volume, showing
a n
increase over October,
and
whi le labor ing under
many handicaps d u e t o unsett led exchanges, shows t h e r e s u l t of s t rong
foreign demand,especial ly
f o r
s ta pl es . Thi s
i s
p a r t i c u l a r l y n o t e -
worthy when
i t i s
remembered that
t h e
p r i c e s
a t
which cotton
and
c e r e a l s
are now
being shipped
a r e s o
much lower than those
of a
year
a g o .
Banking con dit ion s
a r e
reported sl ightly improved
pr ac t i ca l l y t h r oughou t
t h e
United States.
Reduction
of
p r i c e s
f o r
c e r e a l s ,
a n d
f a i l u r e
of
co t t on
t o
mainta in
a s
high
a
l e v e l
a s h a d
been expected during October have
proven a ser ious handicap to f ar mi ng i n t e r e s t s . Res u l t s of t h i s r e l -
a t i v e l y low r e t u r n f o r output have been a r educ t i on i n t h e demand of
farming communities i n some parts o f t h e country f o r consumable goods
and a
simultaneous tendency
t o
check somewhat
t h e
p r oces s
of
l i q u i d a t -
i n g
l oans
a t
banks , Never theles s , r e t a i l bus in ess cont inu es
t o
improve, taking
t h e
country
a s a
whole,
a n d h a s
been material ly helped
b y t h e
improvement which
h a s
taken p lace
i n
employment conditions
dur ing
t h e
p a s t
few
months . Improvement
i s
a l so observable
i n
whole-
sal e tr ad e, sa le s comparing fav ora bly with
a
year
a g o .
Pr ic es cont inue
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t o
main ta in
a
s u b s t a n t i a l l y s t a b l e p o s i t i o n ,
T ne
Federal Reserve
Board*s index f o r October shows a r e c e s s io n of l e s s t h a n tw o po in ts ,
a nd i t i s evident that t h e p ri ce changes which are now occur r ing
d o n o t
r e p re se n t
a n y
extensive movement toward modification
o f t h e
average level*
Important financial developments have taken place during t h e
month. I n a d d i t i o n t o a genera l reduc t ion of Federal Reserve discount
r a t e s , t h e r e h a s been a dis t inct tendency toward decl ine i n t h e leve l
of market ra tes both f o r shor t and lo ng term fun ds. This h a s been
accompanied by a decided advance i n t h e p r i c e s of bonds, an d p a r t i c u -
l a r l y of s t a n d a rd s e c u r i t i e s* New o f f e r i n g s of cap i ta l i s sues have ,
i n
many cases, been readily absorbed,
a n d t h e
genera l cond i t ion
o f
c r e d i t h a s become easier. The one p o in t a t which f inanc ia l cond i t ions
have shown l i t t l e or no improvement i s i n fo re ig n exchange, where t h e
German mark h a s continued i t s downward movement while other European
cu rr en ci es have been gen era lly un se tt le d wi th only spo rad ic tendency
t o improvement.
T he g e n era l s i t u a t io n of t r a d e an d in d u s t ry i s unmistakably more
h o p e fu l ,
a n d i s
improving
a s
s t e a d i l y
a s c a n b e
expected
i n
view
of
t h e slowness of economic progress i n o t h e r p a r t s o f t h e world , p a r -
t i c u l a r l y i n Western Europe. Another hand icap t o complete readjustment
con t inues
t o b e t h e
f a i l u r e
t o
bring about
a
proper co-ord i na t io n
and
mutua l re la t ionsh ip of prices * This i s r e s p o n s i b l e f o r n o small part
o f t h e
slowness
of
economic recovery
i n
cer ta in b ranches
of
business*
O n t h e whole, t h e best opinion now lo o k s t o a ste ady, even i f lo c a l ly
in te r rup ted , p rogress back
t o
normal cond it i ons , a l tho ugh
no
immediate
o r
sudden exp ans ion or boom
i s now in
sight*
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X-J256
•AGRICULTURE.
T he
pre l iminary es t imat es
f o r t h e
crops
o f 1 9 2 1 ,
issued as o f November 1 , in d ic a t e t h a t t o t a l a g r i c u l tu r a l p ro d uc t io n
i n 1 9 2 1
w i l l
b e
much lower than
i n 1 9 2 0 , a n d
also considerably less
than
t h e
average product ion
i n t h e
years
1 9 1 5 t o 1 9 1 9 - T h e
est imated
volume of every important crop i s smal le r f o r 1 9 2 1 than that o f 1 9 2 0 ,
b u t t h e 1 9 2 1
produc t ion
of
corn, sugar bee ts , sweet po ta to es ,
an d
kaf i r s exceeds
t h e
average production
i n t h e
preced ing f ive -year
p e r i o d .
T he
pre l iminary es t imate
f o r
corn produ ct io n
i s
3,151,&98,000
bushels which i s 2 . 5 p e r cent less than t h e crop o f 1 9 2 0 , b u t 1 2 . u
p e r
cent greater than
t h e
average outturn
i n t h e
y e a r s
1 9 1 5 t o 1 9 1 9 -
B o th Di s t r i c t
N o . 1 0
(Kansas City)
an d
D i s t r i c t
N o . 8 ( S t .
Louis)
re por t th at corn husking
h a s
made rapid progress
a n d
t h a t
a
considerable
p o r t i o n
o f t h e
crop
h a s
been crib bed. Reports from D i s t r i c t
No. 8
( S t . Louis) indicate that corn i s well matured a n d t h e y i e ld f o r
both s i lage an d g ra in i s good. T he stock o f o ld corn o n f a r x s i n
t n e
United States
w a s
est imated
a t
281,4^2,000 bushels
on
November
1
which i s over three times t h e average hold-over during t h e past f ive
y e a r s . T he cond i t ion o f t h e white potato crop continued t o improve
during October,
b u t t h e
est imated product ion
on
November
1 w a s
1 6 . 9
p e r
cent smaller than
t h e
crop
o f 1 9 2 0 a n d 4 . 1 p e r
cent less than
t h e
average to ta l y ie l d
i n t h e
years
1 9 1 5 t o 1 9 1 9 -
D i s t r i c t
N o.
9
(Minneapolis) s ta tes that over
6 0 p e r
cent
o f t h e
current potato crop
w as
shipped from
t h e
farms
by t h e en d o f
October, whereas oiJLy
2 8 p e r
cent of las t yea r ' s c rop w a s marketed a t t h e corresponding date i n
1 9 2 0 . Repor ts f rom Di s t r i c t No . 7 (Chicago), o n t h e other nand, indicate
t h a t
a
l a r g e p o r t i o n
o f t h e
Wisconsin potato crop
i s
being stored.
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T he
est imated product ion
of
sugar bee ts
on
November
1 ,
amounted
t o
7,480,000 tons which w a s 1 2 . 5 P
e r
cent less than i n 1 9 2 0 , b u t 2 0 , 3 P
e r
cent more than t h e average production i n t h e previous f ive years .
Reports f rom Di st r i c t No. 6 (At lan ta ) ind ica te tha t t h e Louisiana
cane sugar yield will amount t o about 223,000 tons, a s compared with
a product ion of 169,127 tons in 19 2 0. The new wi nt er wheat crop h a s
made good progress i n most sections, b u t h a s suffered from a lack of
r a i n i n Kansas, Nebraska, Oklahoma, a n d Colorado, Di s t r i c t No. 8
( S t . Louis) st at e s th at wint er wheat i s i n prime condition t o enter
cold weather , a l though un of f i c i a l rep or ts ind ica te th at t h e acreage
w i l l b e s l ig h t ly le ss than la s t year . T he winter wheat a n d r y e crops
a r e
well advanced
i n
D i s t r i c t
No, J
(Chicago),
a n d i t i s
reported that
a larger acreage h a s been sown i n Wisconsin than i n 1 9 2 0 .
COTTON: Co tt on ginned p r i o r t o November 1 4 , amounted t o
7,270,575 bales, a s compared with 8,914,642 bales i n t h e corresponding
period
o f 1 9 2 0 .
This ind ic ate s th at
t h e
cotton crop
o f 1 9 2 1
wi l l
probably exceed 8,000,000 bales, whereas
t h e
last Government estimate,
as of September 2 5 , p red i c t ed a crop of 6,537#000 ba le s. A s a resu l t
of th i s i nc r ea se i n t h e known supply of co t ton , t h e p r i c e of spot
co t ton
a t New
York
h a s
declined from over
2 0
cen ts
i n
September
t o
18.4-
cen ts
o n
November
2 3 , b u t i s
s t i l l about
5 0 p e r
cent higher than
t h e p r i ce s p r eva i l i ng i n August. Di s t r i c t N o . 5 (Richmond) states
tha t t h e crop i n t h e southern half of South Carolina w as p r a c t i c a l l y
a fa i lu re , whereas a fair crop w as gathered i n t h e sec t ion nor th of
Solumbia a n d i n North Carol ina. Reports from D i s t ri c t No. 6 (Atlanta,?
ind ic a te th a t co t ton cu l t iv a t io n dur ing
t h e
past season
w a s
r e l a t i v e l y
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much more successful i n Mi ss is si pp i, Alabama, and Tennessee than i n
t h e eas t e rn s ec t i on o f t h e Di s t r i c t . Continued d r y weather h a s been
favorab l e t o t h e ha rves t i ng o f th e cotton crop i n D i s t r i c t No, 11
(Da l l a s ) and very l i t t l e co t ton remains t o b e picked i n a n y p a r t of
t h a t D i s t r i c t .
TQBACCO,
T he
November
1
es t ima t e
f o r
tobacco showed
an
increase
t o
1,020/374,000 pounds,
b u t t h e
crop
i s
s t i l l on ly about two- th i r ds
t h a t of las t year , t h e r edu cti on being found very lar ge ly i n t h e
manufactured an d export types . T he markets of North Carolina and
Virginia were active during October, b u t s t i l l l a rg e r s a l e s were
witnessed dur ing t h e f i r s t tw o weeks of November because of be t t e r
weather f o r t h e p repa ra t i on of l ea f f o r market. Bet ter pr ic es ,
averaging $ 3 0 , 8 7
p a r
1 0 0 pounds, were realized during October than
during either September,
l g 2 1 o r
October,
1 $ 2 0 , a n d
grades coming
on
t h e market during November have shown soms further improvement, so
th at s t i l l b et te r pr ic es have been r ea l iz e d. Medium and fine grades
a r e advancing s teadi ly, and buyers appear t o b e anxious t o secure
a l l good leaf of fe re d, b u t t h e demand continues poor f o r l o w grade
tobacco, which comprises
a
l a rge pa r t
of
th i s yea r ' s c rop .
I n t h e
w e s t e r n d i s t r i c t s
of
Kentucky-Tennessee, whose tobacco moves
t o
market
l a t e r t h a n
i n t h e
e a s t ,
t h e
outs tanding fea ture
h a s
been
t h e
announce-
ment that t h e Burley Tobacco Growers Cooperative Association h a s signed
up about 8 5 p e r cent of th i s year ' s c rop and can now proceed with
marketing arrangements. T he cigar leaf tobacco market i n D i s t r i c t
No. 3 (Ph i l ade lph i a ) h a s h a d t h e d u l l e s t f a l l i t h a s exper ienced f o r
years , a n d t h e ques t i on of p r i c e s i s a stumbling block t o recovery.
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—7~ X—3 2 56
October w a s t h e best month experienced this year b y t h e cigar manu-
f a c tu r in g in d u s t ry i n t h a t D i s t r i c t , b u t th e re a re now some evidences
of
di min is hin g demand, althoug h
t h e
ma jo r i t y
of
manufacturers continue
t o receive orders fas ter than they c a n f i l l t h e m. T he demand f o r
manufactured tobacco i n D i s t r i c t N o . 5 (Richmond) h a s been a s strong
during October a s during any e a r l i e r month t h i s yea r, although export
t rad e cont inues l i g h t , most o f t h e or de rs coming from La t in America,
I n both c igars and manufactured products, t h e o f f e r i n g of new brands
a t prices lower than those f o r established goods continues.
FRUIT. T he apple crop continued t o de te r i or a t e during October
a n d t h e est imated product ion i s only
102,290,000
busnels, which i s
p e r
cent less than
t h e
product ion
i n 1 9 2 0 . T he
crop
h a s
been
a
f a i l u r e
i n almost a l l s t a t e s e a s t o f t h e Rocky Mountains, wnereas apple production
i n s t a t e s we st o f t h e Rocky Mountains will amount t o about kl,392,000
bushe ls
i n 1 9 2 1 , a s
compared with
30,952,000
bushe ls
i n I92O,
Apples
matured s o rap id ly i n D i s t r i c t B o . 1 2 ( S a n Francisco) that s torage
fa c i l i t i e s we re i n a d e q u a te , and a temporary glut o f t n e market ensued.
Total production of c i t r u s f r u i t s i n 1 9 2 1 wi l l probably b e considerably
l a rg e r t h a n
i n 1 9 2 0 ,
d e sp i t e
t h e
d e s t r u c t i o n
of
about
1 0 p e r
cent
of
t h e Flor ida crops by a recen t s torm. Di s t r i c t N o . 6 (At lan ta ) repor t s
that more grapefrui t wil l b e shipped from Flo ri da t h i s year than l a s t
year , b u t th e re may be some diminution i n t h e shipments of oranges.
Reports from Di st r i c t N o . 1 2 ( S a n Francisco) indicate that shipments of
the new crop of oranges an d lemons from California should b e l a r g e r
during
t h e
crop year ending October
31 »
P r i c e s
of
between
$6 and $7 a
b o x a r e being pai d f o r t h e be t te r g rades of Florida oranges, wnile small
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X-325b
&nd poor ly co lored f r u i t ha rd ly fe tch es a s u f f i c i e n t p r i c e t o cover
f r e i gh t charges . Product ion
of
wine
an d
tab le grapes
i n
Ca l i fo rn i a
only amounted t o about 388,000 tons during 1 9 2 1 , a s compared with
540,000 tons
i n 1 9 2 0 , b u t
shipments totaled 2$,$1$ cars
u p t o
November
5 , a s compared with 25,309 cars i n t h e corresponding per iod o f 1 9 2 0 .
T he
Ca l i fo rn i a p roduc t ion
of
r a i s i n s
w a s
also unusual ly l ight dur ing
1 9 2 1 , b u t t h e qua l i t y i s except ional ly good, d u e t o a favorable drying
season.
GRAIN MOVEMENTS.
T he
volume
o L
g r a i n movements showed some
further cur ta i lment dur ing October , b u t to ta l sh ipments o f 1 9 2 1 crops
from
t h e
far ms have been very heavy. Wheat r e c e i p t s
a t
leading primary
markets
i n
October were smaller than
i n
September,
b u t
were s l igh t ly
l a rge r t han
i n
October,
1 9 2 0 .
Rece ip t s
of
wheat
a t
Minneapolis
and
Duluth amounted
t o
27,744,836 bushels
i n
October,
a s
compared with
32,108,426 bushels i n September a n d 26,278,983 bushels i n October, 1 9 2 0 .
I n t h e
four pr incipal markets
of
D i s t r i c t
N o . 1 0
(Kansas City)
12,653#800 bushels
of
wheat were received
i n
October
i n
compariso n wi th
21,981,400 bushels i n September an d 12,394,150 bushels i n October, 1 5 2 0 .
Rece ip t s
a t
th ese f ou r mark ets from Jul y
1 t o
October
3 1
were about
8 2 p e r
cent greater than
i n t h e
corresponding per i od
o f 1 9 2 0 ,
Corn
receipts showed
a
s l i gh t dec l i ne
i n
October,
b u t
were very much larger
than
i n
October,
1 $ 2 0 .
D i s t r i c t
N o . 1 0
(Kansas City) reports that
new
corn i s beginning t o move t o t h e markets, b u t tha t rece ip t s cont inue
l i g h t
d u e t o t h e l o w
p r i c e
a t
which
i t h a s
been s e l l i n g . Movement
of
other important grains
w a s
also somewhat abated
i n
October, Stock s
of
gi-a-in a t 1 1 in t e r i o r ce nt er s were, however, f u r t h e r augmented durin g
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t h e month- A t Minneapolis an d Duluth stocks of wheat increased 43
p e r cent, corn 1 2 4 p e r cent, cats 1 5 p e r cent, barley 1 3 p e r cent, and
r y e 2 1 p e r
cen t .
The
most noteworthy change
i n
volume
of
grain stocks
a t eight seaboard centers was an increase of 73 p er cent i n t h e stocks
of corn.
SiQJIE, Output of mil ls represent ing 7 5 p e r cent of t o t a l p r o -
Auction i n D i s t r i c t No. 9 (Minneapolis) was 2,969,0o9 barrels during
October, an increase of 7 pe r cent a s compared with 2 ,
66
421 barrels
during September, and an increase cof 23 per cent a s compared with
2,427, 749 barrels during October, 1 9 2 0 . Production of m i l l s i n
D i s t r i c t $ 0 . 1 0 (Kansas City) representing 6 $ p e r cent of the to ta l
output
of
t ha t D i s t r i c t , amounted dur ing October
t o
2,295/7*9 barrels,
an increase of 53 p er cent over t h e October, 1 9 2 0 f igu re of 1,502,721
b a r r e l s . I n D i s t r i c t No, 12 (San Francisco), production of 63 mills
during October was 997/325 barrels, an increase of 2 , 6 p e r cent over
t h e
September figure
of
970,632 ba r r e l s
f o r
6 4 mi ll s. Pric e decli nes
were reported on a l l grades of flour during October, b u t a pa r t i a l
recovery w as noted during November. T he t rade i s s ta ted t o have been
somewhat depressed by the decl ine i n wheat pr ic es . This was evidenced
i n D i s t r i c t No. 10 (Kansas City) by r epo r t s of curta i lment of shipping
i n s t r u c t i o n s on old orders , a s wel l a s bytthe slowing down of new
orders. Business i n D i s t r i c t N o . 8 ( S t . Louis) h a s been irregular
an d
unsa t i s f ac to ry
t o t h e
s e l l e r . Domestic demand cont inues
i n
f a i r
volume, b ut i s on a hand t o mouth bas i s . Some export bus in es s i s r e -
ported
i n t h e
Di st r i c t , mainly
t o
western Europe,
b u t
export demand
i n D i s t r i c t No, 12 (San Francisco) dwindled t o small proportions i n
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October , Mil lers
i n
th a t s e c t io n
a r e
repor ted
t o b e
await ing
further developments
i n t h e
wheat market before buying stocks
of
wheat
a n d
expanding operations.
L I V E S T O C K . Heavy movement
of
l ive s tock
t o
market
w a s r e -
por te d du ri ng October* Rec ei pt s
of
c a t t l e
a n d
c a lv e s
a t 1 5
western
mar ket s duri ng t ha t month were
1 ,
J12,917 head, corr espon ding
t o a n
index number
o f 1 7 0 , as
compared w i t h 1, 417 ,2 59 head duri ng September,
corresponding
t o a n
index number
of 141, and
1,621,295 head during
October,
1 9 2 0 ,
corresponding
t o a n
index number
o f l 6 l _
Receipts
of
ho gs in cr ea se d from 1,7 33, 827 head du ri ng September
t o
2,057*
2 3 1
head during October,
a s
compared wi th 1, 791 ,88 1 head dur in g October ,
1 9 2 0 , t h e
respective index numbers being
8 1 , 9 ^ a n d 8 2 .
October
r e c e i p t s of sheep were 1,542,143 head, a s compared with 1,651,659
head during September a n d 1,864,728 head during October, 1 9 2 0 , t h e
respective index numbers being 1 3 $ , 1 2 1 , a n d 1 3 6 . October ship ment s
of
s to c k e r
a n d
f e e d e r c a t t l e
an d
calves from
3 4
markets were
5 7 p e r
cent larger than during September, although shipments
of
sheep
and
lambs were s l ig ht ly le ss ,
b u t i n
both cases
t h e
figures were very
much less than
a
year
a g o .
Southern c a t t l e have been shipped
t o
Montana t h i s f a l l
f o r
winter feeding,
d u e t o t h e
abundance
of
good
winter range
a n d t h e
large forage supply
of
h igh qua l i ty
h a y .
P r a c t i c a l l y a l l c a t t l e an d sheep i n D i s t r i c t N o . 1 1 (Dallas) have
been driven t o wi nte r ranges an d graz ing cond i t ions a r e reported above
normal, a l though r a i n f a l l
i s now
needed
t o
star t growth
of
win te r
and
spr ing feed .
T he
a c t i v i t i e s
of the War
Finance Corporation
i n
that
D i s t r i c t have engendered b et t er f ee li ng among cat tle men .
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X-3250
Twenty- f ive represen ta t ive packers repor t a n in c re a se of
6
%
3 p e r - c e n t i n October sales (measured i n dol la rs ) over those
during September, b u t a dec l ine of 2 $ . 6 p e r cent a s compared with
October, 1 9 2 0 . Fres h meats and l a r d f o r domestic trade have been
moving well a n d t h e r e h a s been an improvement i n t h e demand f o r
cheaper cuts
of
beef
an d
pork
i n
many l o ca l i t i es * There
was
improvement
i n
November
i n t h e
demand from Great Britain
and
t>jie Continent f o r packing house products. T he fresh meat trade
w as reported generally slow during October i n D i s t r i c t N o . 1 0
(Kansas City), and conditions were more stable than i n September,
a l thoggh re ta i lers bought only f o r t h e immediate requirements of
t h e i r t r a d e .
Product ion of bituminous coal i n October w a s l a rg e r t h a n
dur ing a n y month o f t h e current year . T he steady improvement
evident during September an d October w as ma te r i a l l y a c c e l e r a t e d
dur ing t h e l a s t t e n days of October, when, under t h e t h r e a t o f t h e
strike, heavy demands f o r spo t de l i ve r i es appeared . Af t e r t h e
s t r i k e c a l l w a s r e scin d ed , a c t i v i t y i n t h e market ceased* P r o -
duc tio n increa sed from 35,105,000 tons
i n
September
t o
43,741,000
to n s i n October, which w a s , however, below t h e October, 1 9 2 0
p ro d u c t io n
of
52,144,000 tons.
T he
respective index numbers
a r e
9 5 , 1 1 3 , a n d 1 4 . D i s t r i c t No. 3 (P h i l a d e lp h ia ) r e p o r t s t h a t
although prices rose somewhat when
t h e
str ike threatened, they
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X-3256
have gradual ly reacted a nd a r e now a t t h e leve ls p reva i l ing dur ing ea r ly
October . Dis t r ic t
N o. 7
(Chicago) reports that
t h e
r e d u c t io n
i n t h- e p r o -
duc t ion
of
domest ic s izes
h a s
caused
a
decrease
i n t h e
amount
of
screenings
i n t h e
hands
of
o p e ra to r s ,
s o
t h a t
t h e
p r i c e
i n t h e
open market
h a s r e -
mained throughout October
a t a
level higher than during September.
D i s -
t r i c t
N o . 1 0
(Kansas City) s ta te s th at gener al ly
t h e
c o a l s i t u a t io n
i s
considered dul l , a l though
t h e
October percentage
of
l o s s
of
a c t i v i t y
a t
t h e
mines
o n
account
of "no
market
w a s
very mater ia l ly reduced
i n
Colorado,
Missour i ,
a n d
Oklahoma,
a s
compared with
t h e
month
of
September.
T he inc reased p roduc t ion of anthraci te coal during October was n o
doubt caused
b y t h e
speeding
u p a t t h e
time
o f t h e
th rea tened ra i l road
s t r ike . P roduc t ion
w a s
low er, however, tha n
i n a n y
month
of
October
f o r
t h e
l a s t e ig h t y e a r s .
T he
output this October
w a s
7>
530,000
to n s
as co m-
pared with t h e September figure of 7,124,000 to n s . T he respect ive index
numbers
a r e 1 0 2 a nd $ 6 .
Although
t h e
demand
w as
st imulated temporar i ly
consumers
are n o w
w i l l i n g
t o
purchase only
i n
sma ll l o t s . D i s t r i c t
No . 3
(P h i l a d e lp h ia ) r e p o r t s t h a t
t h e
demand
f o r
steam coal
i s
grea te r than
i t
w a s i n t h e
summer,
b u t
orders
a r e
small
a n d d u e t o t h e
i n s t a l l a t i o n
o f o i l
h e a t i n g p l a n t s i n many hotels an d o f f i c e b u i ld in g s , t h e market m a y b e p e r -
manently narrowed.
T he
improvement
i n t h e
i ro n
an d
s t e e l i n d u s t ry
i n
September
and
October continued
t o b e
r e f l e c t e d
i n a n
increased product ion
of
coke.
B e e -
hiv e coke pro duc ti on inc rea se d from
289,000
tons
i n
September, corresponding
t o a n
index number
o f 1 1 , t o
4l6 ,000 tons
i n
October, corre spon ding
t o a n
index number
of
1 6 . By-product coke pro duct ion inc rea sed sim il ar ly from
1,423, 000 t o n s i n September t o 1 ,734 ,000 tons i n October, t h e r e sp e c t iv e
in*ax numbers being
l 6 l a nd 197 .
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p
£TROTJSUM: Du ri ng Oc to be r t h e r e was a f u r t h e r n a r r o w in g o f t h e s l i g h t
margin between domestic production o f crude o i l a nd i t s consumption. Beports
f o r t h e seve ra l impor tan t o i l f i e l d s i n d i c a t e t h a t o u tp u t i s s t i l l c u r t a i l e d .
I t i s r e p o r t e d t h a t t h e demand f o r an d p r i c e of gasol ine weakened cons ider-
ab ly , d u e most ly to the "bad w e ath er p r e v a i l i n g i n t h e norbh a n d north-vest
a n d t h e
n o r m a l f a l l i n g
o f f o f
consumption
a t
this t ime
o f t h e
y e a r .
T h e
p r i c e
o f
crude petroleum advanced
i n
p r a c t i c a l l y
a l l
f i e l d s .
D i s t r i c t No . 1 0 (Kansas City) reports that October development opera-
tions show a s l i g h t d e c r e a s e i n t h e number of wel ls comple ted a n d a l s o i n
t h e number o f b a r r e l s d a i l y new p r o d u c t i o n a s coirparsiwith September, while
d r i l l i n g ope ra t io ns dur in g Oc tober show
a
ga in
of 36 new
r i g s
a s
compared
with September, b u t were 3 5 p e r cent less than a yea r a g o . Stock o f crude
o i l h e ld i n Kansas a n d Oklahoma aggrega ted 65,936, l4s barre ls a t t h e e n d
o f September, a n in c r e a s e of 1 ,097 ,643 ba r r e l s dur ing t h e month.
Produc t ion
o f
pe t ro leum
i n
Kansas
a n d
Oklahoma during
t h e
month
o f
October
'
averaged approximately
UoU,
125 ba r r e l s da i ly , a ccord ing t o u n o f f i c i a l
r e p o r t s . A s compared with a y e a r a g o t h i s i n d i c a t e s a r e d u c t i o n of 7,750
b a r r e l s i n average da i l y produ c t io n a n d a to t a l d e c r e a s e of 240,250 barre ls
f o r t h e month.
Produc t ion o f crude pe troleum i n D i s t r i c t N o . 1 1 (Da l l a s ) con t inued t o
d e c r e a s e . H i e t ot a l o utput dur in g October w as 9 ,9^1 ,748 ba r re l s which
r e p r e s e n t e d
a
20,282 b a r r e l d ecre ase from September pro duc tio n-
New
comple t ions i n th i s Dis t r i c t numbered 1 9 2 we l l s , on ly Q2 o f which were
p r o d u c e r s ,
a s
compared with
l l 6
produce rs
o u t o f 1 7 1
comple t ions
f o r
September.
D ue t o t h e
r i s e
i n
p r i c e s t h e r e
h a s
been
a
resumption
of
d r i l l -
i n g i n th i s s e c t i o n . A f t e r n e a r l y tw o months of dispute over wage ai , iust-
ments
a n d
working rules
i n t h e
C a l i f o r n i a f i e l d s ,
a
s e t t l e m e n t
h a s
been
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1
— 14
y-3256
obta ined a n d work h a s been resumed o n a l l l e a s e s . On account o f t h e s t r ike
t h e l o w
f i g u r e
of
227,957 ba rr e l s
of
average dai ly product ion
w as
reported*
Although consumption during October decreased
i t w a s
s t i l l c o n si d e r ab l y
i n excess of ou tpu t , a n d stored stocks were further reduced b y 555,039
ba rr e l s , only 33,116,456 ba rr e l s being hel d a t t h e e n d o f October , Thi r ty -
two new wel l s , wi th a n in i t i a l d a i ly p ro du c t io n o f 14,825 b a r r e l s , were
completed during t h e month*
IBON AND STffBL; During October d i s t i n c t improvement w as ev iden t i n
t h e i ro n a n d steel industry* P i g iron production during that month amour)ted
t o
1,233,232 tons, corresponding
t o a n
index number
of 53> as
compared with
9^5>529 tons during September, corresponding
to an
index number
of 43+
Steel
ingot production showed
a
somewhat gr ea t er i nc r ea s e, from 1*174,740 cons
during September t o 1,616,810 tons during October, t h e respect ive index
numbers being 51 and 70* O n November 1 , 9 5 furnaces were i n b l a s t , a s
compared with 84 on October • The u n f i l l e d o r de r s o f t h e United States
Steel Corporation, however, n o t o n ly f a i l e d t o respond, b u t actually showed
a
d ecre ase , from 4,560,670 tons
a t t h e
c lose
o f
September
t o
4,286,829 tons
a t t h e
c lo se
of
October,
t h e
respective index numbers being
87 and 81, the
lowest since
May 3 1 > 1919»
November doe£
n o t
show
a
cont inuance
of the
improvement during t h e previous month, b u t ind ica tes tha t cond i t ions a t
b e s t a r e merely holdi ng th ei r own. In f a c t , D i s t r i c t No. 3 ( Philadelphia)
r e p o r t s " a d i s t in c t , though s l ig h t , reac t io n f rom t h e s t e a d i ly i n c re a s in g
activity that occurred during September a n d O c t o b e r P r i c e s r e f l e c t the
s lacken ing of demand• Af t e r a spirited advance during September an d October,
they have again weakened cn p r a c t i c a l l y a l l p ro d u c t s . T he advance of $5*00
on sheets which w as made some time a g o h a s been los t , a n d t h e lower figure
i t s e l f h a s been shaded. Lesse ning of demand h a s been most conspicuous i n
t h e l i gh te r p roduc ts , such a s sh e e t s a n d wire , which con tr ibu ted gre at l y
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- 15 - X-3256
t o t h e
recent increase
i n
s t ee l p r oduc t i on .
T he
he av ie r produ cts which
hav e been la gg in g
u p t o
this t ime
a r e
repor ted f rom Di s t r i c t
N o . 4
(Cleveland)
t o b e
making
a
be t t e r showing unde r demands o r i g i n a ti n g wit h some in cr ea se
of
genera l bus iness cons t ruc t ion ,
o i l
f i e l d work
a n d
rai l road buying, both
f o r c a r
r e p a i r s
a n d
r a i l s .
I n
D i s t r i c t No.
3
(Phi l ade lphia) output
a t
p r e s e n t i s somewhat i n excess of c u r r e n t d e l i v e r i e s . T he po l i cy o f p u r -
chaser s
i s t o
c a r r y
a s
l i t t l e m at e ri al
a s
poss ib le in to
t h e n e w
yea r ,
a s
l ower f r e ight r a t es an d product ion cos t s would ne ce ss i t a t e wr i t i ng o f f
in ve nt or ie s . Matty in qu ir ie s
f o r 1 9 2 2
d e l i v e r y
a r e
however being received.
AUTOMOBILES: Some
o f t h e
larger manufac turer s
of
automobi les
i n
Di s t r i c t
N o . 7
(Chicago) fur ther cur tai led product ion dur ing
t h e
l a t t e r p a r t
o f
October, when they discovered cars pi l ing u p i n t h e hands of d i s t r i b u t o r s
a n d
deale r s , pending
t h e
p r e s e n t a t i o n
of new
models.
I n
fa c t , r educt ion
of
product ion schedules
t o
conform
t o
approaching winter condi t ions , wi th
the i r l es sened sa les ,
h a s
been gen era l . Man ufac ture rs ' i i ipments dur ing
October were 17,323 carloads, a s compared with 19,002 carloads during
September,
b u t
were s l ight ly
i n
excess
o f t h e
October ,
1 9 2 0
f i gu r e .
Oct obe r d ri ve away
s
were 11,257 machines,
a s
compared with 13.840 machines
du rin g September. Busi ness
i n
t rucks dur ing
t h e
p a s t
f e w
months
h a s n o t
b e e n r e l a t i v e l y
a s
l a r ge
a s i n
passenger cars ,
NONFEPFOUS METALS:
T he
nonferrous metal markets
a r e
general ly quiet ,
wi th n o unusual demand expected f o r t h e remainder o f t h e y e a r . T he October
average p ri c e s show unif orm advances over
t h e
f i g u r e s
f o r
September,
a n d
lead, zinc a n d t i n averages were t h e highes t s ince May or June* T he pr ice
o f
copper
(New
York,
n e t
r e f i n e r y )
was 13
c e n t s
p e r
pound
on
November
l 6 , a s
conpared with 1 2 - 7 5 cen t s p e r pound on November 1 , whi le t h e p r i c e of lead
at New
York remained
a t 4 . 6 5
cents throughout
t h e
l a t t e r p a r t
o f
October
t o
t h e middle o f November. T he demand f o r zinc h a s shown l i t t l e improvement
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x
3 2 5 6
a n d t h e p r i c e o f 4 . 7 0 cen t s a t S t . Louis h a s been maintained dur in g t h e
month. Copper pr od uc ti on i n October amounted t o
2'1
>
157>75^
pounds i n
comparison with
a
product ion
o f
20,926,55** pounds
i n
September, October
p r oduc t i on o f copper i n D i s t r i c t No . 9 (Minneapol is ) a s i n d i c a t e d
by
t h e
f i g u r e s o f companies producing about
75
P ®
r
cen t o f t h e ref ined copper i n
t ha t Dis t r i c t r emained a t t h e same lo w level which h a s prevai l ed s ince t h e
s p r i ng o f 1 9 2 1 , Zinc pro duc tio n du rin g October remained a t almost t h e same
f i g u r e a s f o r September, Shipments of zinc f o r October were
10,311
tons
more than
t h e
amount produced,
so
that s tocks
o n
hand were reduced from
81,135 tons a t t h e beginning o f t h e month t o 70,824 tons on October
31«
D i s t r i c t N o, 10 (Kansas City) rep or ts t ha t ther e w as heavy shipment of zinc
ores during October, due in some measure t o a r ad i ca l i nc r eas e i n t h e value
o f t h e o r e , A
comparison
of
s t a t i s t i c s
f o r 1 9 2 1 t o t h e e n d o f
October with
t h e same period i n 1 9 2 0 re ve al s th at shipments o f zinc ores have been about
one-hal f i n amount a nd less than one- thi rd i n value, whi le lead o r e ship-
ments have decreased approximately one-third i n amount a n d two- th i rds i n
t a l u s . D i s t r i c t N o. 1 2 ( S a n Franci sco) s t a t e s tha t n o further improvement
i n t h e
gold
a n d
s i l ve r mi n i ng i ndus t r i e s
w as
repor ted dur ing October
and
t h e copper mining indu s t ry cont inu es gr eat ly de pressed. T he lead mines o f
Utah a nd Idaho, which produce appr oxi mate ly 5 0 p e r c e n t o f t h e United States
product ion of l e a d , a r e ope r a t i ng a t f u l l c a p a c i t y . I n t h i s D i s t r i c t t h e
demand f o r l ead i s s tro ng , consumption outr unni ng pro du ct ion .
COTTON TEXTILES; The u n s e t t l i n g e f f e c t
of a
drop
i n t h e
p r i c e
of raw
cotton fol lowing upon t h e i n i t i a t i o n of new pr ic e ad jus tme nts growing o u t
o f t h e previous advance h a s r e s u l t e d i n a s l i g h t l y l e s s e n e d a c t i v i t y i n t h e
indus t ry dur ing October . T he un ce r t a in ty mani fes ted i t s e l f , however , r a th er
i n a
h e s i t a n c y
o n t h e
p a r t
of
buyers
t o
p l ace
n e w
orders than
in any
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- i ? - X-3255
immediate curtai lment
of
m i l l a c t i v i t y .
An
examinat ion
of
c o t t o n s t a t i s t i c s
makes
i t
apparent tha t mi l l ac t i v i ty
w as
sus ta ined dur ing
t h e
month
a s
consumption amounted
t o
434,745 bales
i n
October,
a n
advance
of
almost
2 5 p e r
cent over
t h e
October f igures
o f t h e
preceding year ,
I n
New
Eng land , consumption
w as
s t a t e d
t o b e
l a r g e r
i n
October than
a t a n y
t ime during
t h e
pa s t year .
A t
present mi l l s
i n
tha t sec t ion
a r e
operat ing
a t
about
8 0 p e r
cent
of
capaci ty, whi le
i n
D i s t r i c t
N o .
3 (Ehi l adelphia)
t h e goods m i l l s shew a lesser degree o f ac t i v i t y , e st i ma t ed a t from 60 to
6 5 p e r cen t . Orders i n most cases a r e said t o b e n o more than suff icient
t o
cover
s i x
week's operat ions
o n t h e
prese nt running ba s i s
i n t h e
case
of
t h e
m i l l s
i n t h e
P h i l a d e l p h i a D i s t r i c t .
B u t
spr ing bus ine ss
i n
ginghams
an d
f ancy f ab r i c s o f f e r s
a
c o n t r a s t
t o t h e
general market
a n d i s
repor ted
t o b e
ex ce ll en t. Yarn pr ic es have f a l l e n somewhat sin ce weavers
and
very
kn i t t e r s covered th e i r r equi remen ts / l a rge ly
i n
September
an d f ew new
orders
a r e
being placed
a t t h e
present t ime.
T he
yarn mi l l s
i n
D i s t r i c t
N o.
3
(Philadelphia) showed
a
s l i gh t r educ t i on
i n
a c t i v i t y , o p e r a t i ng
a t
about
6 5 p e r cent of capac i t y . A s orders booked wil l b e f i l l e d w i t h i n t h e next
s i x weeks , reduct ion i n t h e sca le of ope r a t i ons i s being contemplated b y
manufacturers .
Ac t i v i t y
i n t h e
southern mi l l s cont inu es
t o b e
greater than
i n
other
s ec t i ons
o f t h e
country.
I n
D i s t r i c t
N o . 6
(At lanta) mi l l s genera l ly
throughout
t h e
D i s t r i c t
a r e
ope r a t i ng
on
f u l l t ime
a n d
some
a r e
running
night sh i f t s . Cloth product ion
o f
48 m i l l s r e p o r t i n g
t o t h e
Federal Reserve
Bank
o f
Atlanta showed
a n
increase
o f
3 - 5
P
e r
cent
i n
yardage
i n
October
a s compared with September a n d o f 1 7 . 4 p e r cent a s compared with Octooer,
1 9 2 0 .
Cloth shipments inc rea sed
7 - 5
p e r
cent
f o r t h e
month
a n d
7 3 - 2 P
fcr
cent over those
f o r a
year
a g o .
Orders
en
hand
a t t h e e n d o f t h e
month
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- ig . X-3256
h a d dec l i ned 5 * 2 p e r c e n t "but were 2 8 . 4 p e r cent above those f o r t h e e n d
o f October , 1 9 2 0 . A m a j o r i t y of yarn a s wel l a s c l o t h m i l l s a r e opera t ing
a t f u l l c a p a c i t y o r even running over t ime, a l though repor t ing es tabl i sh-
ments said that a c e s s a t i o n o f order s h a d fol lowed t h e recent drop i n
co tt on pr i c es . Yam;~production i n pounds f o r m i l l s w a s 1 . 6 p e r cent less
i n October than i n September, b u t 3 3 - 6 p e r cent a>ove t h e output dur ing
October, 1 9 2 0 . Y&m shipments advanced 1 2 . 9 p e r cen t a n d 6 2 . 1 p e r cent
r e s p e c t i v e l y a s compared with t h e preceding month a n d wi t h t h e same month
a year a g o . Orders on hand were $ . 4 p e r cent above those f o r t h e e n d o f
o f September a n d 85*8 p e r cent above t h e t o t a l s f o r t h e e n d o f October,1920.
COTTON FINISHING: Reports fr om
3 5 o f t h e 5 8
members belonging
t o
t h e
Nat ional Associat ion
of
F i n i s h e r s
o f
Cotton Fabrics show that during
t h e
month
o f
October there
was an
i nc r eas e
i n
f i n i s h e d y a r d s b i l l e d ,
t h e
total amount ing
t o
105,2g6,4l4
a s
compared, wit h 10 1,8 24 ,7 95
f o r
September.
However,
a
drop
i n
f i n i sh in g order s r ece ived dur ing
t h e
month
w a s
recorded,
t h e
f i g u r e
f o r
October being 100,909,9^5
a s
compared wit h 107 ,336 ,42?
f o r
t h e
preceding month.
T he
percentage
o f
average capaci ty
i n
operat ion rose
s l i g i t l y f r o m 7 3 t o 77 f o r a l l D i s t r i c t s . T h e average work ahead a t t h e e n d
o f t h e
month f e l l from
1 1 t o 1 0
days.
WQQLEN TEXTILES: T he s t r i k e of the New York garment workers came a t
t h e e n d o f t h e per iod covered b y t h e r e p o r t s a n d i t s e f f e c t upon t h e
a c t i v i t y o f t h e mills manufacturing dress goods could n o t t h e r e f o r e b e gauged.
In New England t h e woolen a n d wors ted indus t ry h a s been running on a normal
b a s i s i n s p i t e of the f a c t t h a t t h e goods market a t t h e pre sen t t ime i s du l l .
I n D i s t r i c t No, 3 (Ph i la del phi a) dr es s goods mi l l s have been op era t in g a t
about 8 0 p e r cen t of c a p a c i t y . T he manufac turer s o f k n i t t i n g y a r n s i n
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»
X - 3 2 5 6
— 1 ^ —
D i s t r i c t
No. 3
(Phi l ade l phia) cont inue
t o do a
good business
a n d
many
o f
them have order s su f f i c i e n t t o enfeb.le them t o r u n a t f u l l cap ac i ty wel l
into 1922* I n D i s t r i c t No . 4 (Cleve land) r epor t ing t ex t i l e mi l l s have
n o t h a d a s
good business
i n
October
a s i n
September.
I n t h e
former month
they were opera t in g ne ar ca pac i ty b u t s ince then ord ers have f a l l e n o f f a n d
i n October op er ati on s averaged only about 7 0 p e r cent o f normal , Th e
Census figure showing t h e percentage o f idle machine hours t o t h e total hours
repor ted ind ica ted a slight improvement f o r t h e month o f October a s compared
with September, O n November 1 , f o r example, t h e percentage o f idle hours
f o r
looms wider than
5 0 "
reed space
h a d
dropped
t o 2 4 - 9 p e r
cent
a s
compared
wi th 2 5 . 8 p e r cent f o r October 1 . T h e cor responding f igures f o r looms f o r
5 0 " reed space o r less were 2 7 . 0 p e r cent a n d 2 7 - 5 P
e r
cent r espec t ive ly .
T he percentage of id le hours i n t h e case o f woolen spindles dropped from
2 0 . 9 P
e r
cent t o 1 8 . 3 p e r cent a n d t h e f i g u r e f o r worsted spindles showed a
s l i g h t i ncrea s e f ro m
7 - 8 p e r
c e n t
t o 8 . 1 p e r
c e n t .
T he
market
f o r r a w
wool showed a n upward tendency with a s l i g h t i n c r e a s e i n volume o f s a l e s
during t h e period covered b y t h e r e p o rt . D i s t r i c t No. 1 (B o s to n) says
tha t Dealers rep ort th at there h a s been an a ppre c i a b l e reduc t i o n i n t h e
s t o c k s
o f t h e
more popular wools
and
t h a t
i t i s
s om et im es d i f f i c u l t
t o b u y
l a r g e q u a n t i t i e s o f t h e ki nds des i re d wi tho ut ca us i ng t h e p r i c e s t o advance. ™
CLOTHING-:
T he
s t r i k e
o f
approximately 50,000 members
o f t h e
I n t e r n a t i o n a l
La d ie s ' Garment Work ers' Hhiton whi ch be ga n November ity-, h a s who l l y t i ed u p
some o f t h e l a r g er women's a ppa re l f a c t o r i e s of New York although numbers
o f t h e
s mal le r manufacturers have s ign ed co nt rac ts wi th
t h e
u n i o n
a n d a r e
b e g i n n i n g t o o pera te a g a i n . T he st r i ke occurs between seasons and a speedy
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- 2 0 -
x-3256
se tt le me nt would, mean t h a t outp ut would cons eq uen tl y
b e
on ly s l igh t ly
a f f e c t e d
s o f a r a s
l o s s
of
t ime
i s
c on ce rn ed . S t a t i s t i c s
o f
produc t ion
f o r
men's c lo thi ng from Di st r i c t
Bo. 7
(Chicago)
an d
wnolesa le sa le s
of
both
men's
an d
women's clothing
i n
D i s t r i c t s
Bo. 2 (Bew
York)
an d Bo . 8
(St .Louis)
ind ica te tha t cond i t ions
i n t h e
in du st ry were fa vor ab le dur ing October.
I n
D i s t r i c t
Bo. 7
(Chicago) returns from
s i x
la rge manufac tu re rs
of
men's
clothing showed that production
and
shipments
h a d
f a l l e n
o f f l b , 4 p e r
cent
an d
38*5
p e r
cen t respec t ive ly
a s
compared with September
b u t a s a
r e su l t
o f th e very la te season, t h e produc t ion f ig ure s were 4 5 - 5 p e r cent ahead of
those
f o r
l a s t y e a r
a n d
shipments were
3 0 - 2 p e r
cent
i n
ex ces s. Orders
placed
f o r
spring from
t h e
opening
of the
season
t o
date were
4 l
. g
p e r
cent
grea te r than
f o r t h e
corresponding peri od
i n 1 $ 2 0 . I n t h e
case
o f 1 )
t a i l o r s - t o - t h e - t r a d e , t h e number of suits made i n October a s compared with
September increased
2 9 p e r
c e n t ,
b u t
to t a l s we re
1 . 7
p e r
cent below those
f o r
October,
1 $ 2 0 .
Shipments ros e
2 6 . 5 p e r
cent
a s
compared with September,
b u t
were
7 - 9 p e r
cent below l a s t year . Orders were 2 7
. 4 p e r
cent greater
i n
October than
i n
September
a n d . 8 of 1 p e r
cent below those
f o r
October,
1 9 2 0 . T h e
f i g u r e s
f o r t h e
five large cut-trim-make concerns show
t h e
same trend b u t " t h e improvement here i s less marked than i t i s i n t h e other
branches
o f t h e
c lo th in g in d u s t ry .
T he
f i g u r e s
a r e a s
f e l l o w s :
f o r
number
of su i t s o rdered , a n inc rease of l b . 3 p e r cent a s compared with September
and a decrease o f 1 0 . 5 p e r cent a s compared with October, 1 9 2 0 ; f o r number
of suits made, a n in c re a se o f 1 9 . 7 p e r cent a s compared with September and
a
decrease
of 7*9 P
d r
cent
a s
compared with October,
1 9 2 0 ; f o r
number
of
sui ts shipped,
a n
in c re a se
of 1 6 . 8 p e r
cent
a s
compared with September
and a
decrease
of
8 . 5
p e r
cent
a s
compared with October,
1 9 2 0 .
Sa les
of 11
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- 2i - •
x-3?5o
r epo r t i ng w ho l es a le c l o t h i ng f i r m
i n
D i s t r i c t
No. 2 (New
fork) showed
a n
advance
o f 4 4 . 3 P
Gi
~
cent
i n
October
am
compared with September
ana of 5*3
p e r
cent
a s
compared with October
o f t h e
preceding year .
I n
D i s t r i c t
N o. 8
( S t .
Lords) sales
of 2J
lea din g clot hi ng f i rms were f rom
4 t o 1 2 . £ p e r
cent
grea te r than
i n
September
an d
from
"( to 3.6 per
cent above sales
f o r a
year
a g o . I t w a s sea ted , however, th at buying i n t h a t D i s t r i c t ' w a s dull i n t h e
e a r l y p a r t
of
November.
SILK: Peports from
th e
different sections
in
which silk mills
are
located testified
to a
surprising degree
of
unevenness withine
th e
industry.
In
Paters
on, N. J . , as in
previous months, operations remained
at low ebb.
The
percentage
of
active loom hours
to
total available
was
only
I S . 5 per
cent
as
compared with
24 per
cent
on
October
8. In
North Hudson,
the
correspond-
in g
figure
fo r
November
was 50.8 per
cent, which contrasts unfavorably with
th e
October figure
of
somewhat more than
62 per
cent. Returns made
by l6
manufacturers
of
broad silk located
in
District
No. 3
(Philadelphia)
are of
a
conflicting nature, although decidedly greater activity
i s
indicated
than that prevailing
in the
centers just mentioned. Half
of the
manufacturers
state that business
i s
poor
and
demand decreasing, while
th e
others assert
that
th e
reverse
i s
true.
The
former group
are
averaging about
5
P
s r
cent
of operating capacity; th e latter, 6? per cent. Prices of raw silk have
advanced, creating a considerable amount of indecision among prospective
buyers. Imports f e l l from 4,597*642 pounds
in
September
to
3,1^0,516 pounds
in October.
R3SIEBY: Manufacturers
of
s i l k hos i e r y
i n
D i s t r i c t
N o. 3
(Phi lade lphia)
cont inued t o d o a n exce l l en t bus i nes s a n d p r a c t i c a l l y a l l t h e m i l l s a r e sold
ahead
f o r t w o o r
th re e months. There
i s a
demand
f o r
nove l t y l i ne s
f o r t h e
hol iday t r ade
b u t
fewer inqui r i es
f o r
mercerized hosiery have been made
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* x-3256
- 2 2 -
m
fol low ing pr ic e advances . Twenty-five f i rms i n D i s t r i c t N o . 3 (Ph i lade lph ia ;
which sell t o t h e wholesale trade showed a n in c re a se i n r.urnber of p a i r s of
hose manufactured during October of l 6 . 8 p e r cen t a s compared with September,
Shipments during t h e month increased l U , 7 p e r cen t an d u n f i l l e d o rd e r s a t
t h e e n d o f t h e menth were 2 7 * 1 p e r cc-nb above those on hand a t th e end of
September*
T he
nine report ing f i rms which se l l
t o t h e
re ta i l t rade produced
4 p e r cen t le ss i n October than during t h e preceding month and shipments
an d u n f i l l e d o r d e rs a l s o f e l l o f f b y 1 2 . 1 p e r cent a n d 2 . 8 p a r cent respect
tively* There
h a s
been further improvement
i n t h e
manufacture
of
cot ton
h o s i e r y i n D i s t r i c t No„ 6 (Atlanta) where report ing mil ls a r e opera t ing
a t t h e r a t e of 80 to 100 p e r cent of c a p a c i ty . T he ou tpu t of these mi ll s
i s larger than f o r t h e same pe ii od i n 1$20» There h a s been a decrease i n
s tocks on hand and an inc rease of unf i l led o rders*
UNDEBWE B:
T he
comparative re po rt s rece ived from mi l ls engaged
i n
producing underwear continue
t o
show marked improvement
f o r
October
a s
compared with
t h e
September returns
f o r t h e
same mi l l s - Prod uct ion ros e
from 445,825 dozens i n September t o 487,99^ dozens i n October, a gain of
9 * 5 p e r cent» Un fi ll ed order s ro se from 809-996 dozens September 1 to
1»171,960 dozens October 1 , a gain of 44*7 p e r c e n t . New o r d e rs f e l l o f f
from 865,492 dozens re ce iv ed d uri ng September t o 537,928 dozens f o r October,
a l o s s o f 37*8 p e r ce nt . Shipments de cre ase d from 497*854 dozens i n
September t o 477,810 dozens i n October, a l o s s o f 4 * 0 p e r cent .
Fortjjr-one m i l l s showing
an
ac tua l p roduc t ion
of
513,264 dozens
f o r t h e
month of October repor t unf i l led o rders on hand o f 1,284,718 dozens on
November 1 , o r n e a r l y tw o months actuWb pr od uc t ' so ld , t h e amount of u n f i l l e d
or de rs havi ng ri s e n from 1*191,688 dozens
on
October
1 , a
gain
o f 7 - 8 p e r
cent.
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- 23 - X-J256
Shipments ro se fr om Ul8,258 dozens i n September t o 503*2 6 l dozens i n October,
T he
ac tua l p roduct ion
of 56
mi l l s r epo r t i ng
f o r
October amounted
t o
675,205
dozens o f 87*3 p e r cent o f normal, a s compared with 84*4 p e r cent o f normal
product ion f o r t h e 5 5 mzl ls th at rep or te d i n t h e preceding month, a n d 5 0 - ^
p e r
cent
f o r t h e 6 l
mi l l s tha t r epor ted
i n
October,
1 3 2 0 , O n e
m i ll opened
u p i n October , lea vin g fou r mi l l s s t i l l c losed . Product ion cont inues t o
incr ease s lowly de sp i t e t h e h i ghe r p r i ce s d u e t o advances i n co t t on , an d th e
f ac t tha t there h a s b e e n l i t t l e o r n o reduct ion i n labor costs*
SHOES
ND
LEATHER: Sales
o f
h i des
a n d
skins declined somewhat during
October, al though prices were well maintained. T he market f o r packer hides
became very active i n t h e third week o f November, a n d p r i c e s r e g i s t e r e d a
s l ight advance * T hi s ac t i v i t y h a s n o t a s y e t been r e f l ec t ed i n t h e market
f o r
co un tr y hi de s* Demand
f o r
heavy leather cont inued
t o
improve during
t h e
f i r s t three weeks of November, a n d quota t ions f o r heavy backs increased a t
both New York a n d Chicago, Di s t r i c t No, 3 ( Ph i l ade l ph i a ) r epo r t s t ha t t h e
upper leather market i s more active than i t h a s been, t h e bus iness being
c h i e f l y
i n
medium
a n d
lower grad es. Expo rts
a r e
s t ead i l y i nc r eas i ng ,
due to
increased purchases by Great Br it ai n, Spain a n d Japan# A s l i g h t improvement
i n demand f o r l e a t h e r b e l t i n g i s repor ted f rom both Di s t r i c t No . 3 ( P h i l a -
de l ph i a ) an d D i s t r i c t N o . 7 (Chicago),
Shoe manufacturing continued on a larg e sca le duri ng October, al thou gh
a c t i v i t y s t i l l a p p e a r s t o b e more general i n t h e West than i n t h e East*
October product ion
w a s
g r e a t l y
i n
excess
o f
October ,
1 9 2 0 , b u t
t h a t
was a
month o f extreme depression i j i t h e shoe indus t ry. T he output of shoes during
October reported b y nin e larg e manufa cturers i n D i s t r i c t No, 1 (Boston) was
5 * 7 p e r cent less than i n September, b u t SO p e r cent greater than i n
October, 1 9 2 0 . New orders were about 1 5 p e r cent i n excess of these
received i n
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September,
a n d 1 3 p e r
cent la rg er than
i n
October,
1 9 2 0 - T h e
s l i gh t
s lackening o f a c t i v i t y i n product ion i s ascr ibed t o t h e change i n seasons.
Fo r t y - f i ve r epo r t i ng f i r ms
i n
D i s t r i c t
No* 3
(Phi ladelphia) produced
2+7
p e r
cent less shoes
i n
October than
i n
September, while shipments declined
1 . 6 p e r cen t. Orders booked inc rea sed 2 8 » 7 p e r c ent , afid were 60*5 P
e r
cent i n excess o f t h e orders booked i n Oct obe r, 1920* Althou gh a few large
plants have booked orders f c . r r-pr
4
ng de?.ivery
;
most shoe mar, v.fac ture rs a r e
working
o n
order s
f o r
immediate shipm ent. Rep ort s from
2 7
manufac turer s
i n
D i s t r i c t
N o, 7
(Ch ica go) show
a n
increase
o f 5*9 P
e r
cent
i n
production
dur ing October* Un fi l l ed ord ers a t t h e e n d o f t h e month were 1 1 . 1 p e r cent
greater than
a t t h e
c l o s e
o f
September
a n d $ 8 . 2 p e r
cent greater than
a t
t h e
c lose
of
Octo ber, 1920* Eleven fi rm s
i n
D i s t r i c t
N o . 8 ( S t *
Louis)
repor t sales ranging f rom
3 2 t o 4 0 p e r
cent larger than
a
year
a g o .
Demand
c e n t e r s p r i n c i p a l l y o n moderate an d low-price shoes, a n d f a c t o r i e s i n
D i s t r i c t
J 8 0
8 ( S t . Louis) producing such grades a r e ope r a t i ng a t capaci ty .
Shoes prices were unchanged during October,
b u t
were from
3 5 t o ^ 5 P
e r
cent
les s than
i n
October,
1 9 2 0 ,
LUMBER:
A
marked improvement
i n
demand, par t i cu la r ly
f o r
upper grades
o f
lumber , i s ind ica ted
b y t h e
r e p o r t s
f o r
October from
t h e
var ious Dis t r i c t s»
D i s t r i c t
No# 6
(Atl ant a) re po rt s some ir re gu la r improvement dur ing
t h e
month
with only
a
s l ig h t inc rease over
t h e
September total
i n
product ion
f o r t h e
D i s t r i c t
a s a
whole.
T he
threatened s t r ike caused both orders
and
production
t o
decline toward
t h e e n d o f t h e
month.
T he
s ta tement
o f t h e
Southern Pine
Associat ion
f o r t h e
week ending October
2 8 ,
showed ac tu al pro duc ti on
o f t h e
1 3 0
r e p o r t i n g m i l l s
t o b e 2 0 . 5 p e r
ce nt below normal pro duc tio n* Stocks
a t
m i l l s
a r e l o w a n d
badly broken
and
buyers f ind
i t
d i f f i c u l t
t o
cover
the i r r equi rements
i n
high grade f inish
and
f loor ing*
and as t o
dimension*
Pr ices cont inue
t o
r i s e des p i t e
t h e
numerous recent advances.
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x-3256
Opera t ions
o f t h e
Northern Hemlock
a nd
Hardwood Manufacturers '
Associat ion, most of whose members a r e l oca t ed i n D i s t r i c t N o . 7 (Chicago),
show that f o r October shipments were 2 l 4 p e r cen t a n d that orders were 219
p e r cent o f produ ct ion . Repor ts f rom Di s t r i c t N o.
( S t . Louis) indicate
a
heavy demand
f o r
hardwoods
a n d f o r
s t r uc tu ra l lumber, advancing pr i c es ,
heavy shipments,
a n d
depleted s tocks .
T he
genera l pr i ce l eve l
of
yellow
pine showed a gain of approximately 2 5 p e r cent dur ing t h e month. The
volume o f yard buying diminished b u t demand o n t h e p a r t o f .rai lways f o r
c a r r e p a i r m a t e r i a l s a n d t h e wood consuming industr ies increased. I n
D i s t r i c t No . 9 (Minneapol is ) t h e October lumber c u t o f 8 , 9 3 0 , f e e t was
1 7 p s r cent l e s s than i n September a n d 5 3 p e r cent less than i n October,1920.
October shipments totaled 15,699,808 feet , about
t h e
same
a s t h e
September
f i g u r e ,
b u t
orders booked during
t h e
month were
2 0 p e r
cent larger than
t h e
September total
a n d 3 5 p e r
cent larger than
i n
October l a s t year . Thir ty - f iv e
m i l l s
i n
D i s t r i c t
No, 11
(Dal l as ) r epor t
an
average weekly production
of
13,577,^80 feet which w a s 3 2 p e r ce nt below norm al. Average week ly shipments
amounted t o 18,329,625 fee t . I n product ion n o not i ce abl e increase over the
September total i s shown b u t shipments have increased i n volume. Pri ce s of
l o w grade lumber have been steadily increasing while prices of upper grades
remained fai r ly cons tant .
I n
D i s t r i c t
N o . 1 2 ( S a n
Franci sco)
t h e
demand
f o r
lumber continued
t o
s t rengthen dur ing October
an d
showed
a
marked increase over
t h e
previous
months o f t h e ye ar . Pr ice advances were gen era l ly maint ained . Four fa ct or s
c o n t r i b u t e d t o t h e s t r e n g t h o f t h e October lumber market - a n expansion o f
demand i n t h e wood working in du s t r i es , la rg er buying of c a r m a t e r i a l f o r
r e pa i r s , increased yard buying, sus ta ine d by an acti te demand f o r bui ld ing
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m a t e r i a l s ,
and
increased export shipments
t o
J apan . S t a t i s t i ca l
s t a t ements
of the
four lumber as so ci at io ns
of
this Dis t r ict show
a
volume of orders received during October which w a s 1 8 , 9 p e r cent greater
than actual product ion,
a nd 1 2 . 2 p e r
cent
i n
excess
of
shipments,
and
which represents
t h e
largest amount
of
business booked
i n a n y
month
since March, I92O. T he October c u t of t h e l 6 l r epo r t i ng mi l l s was
3SO,4c6,
0 00
f e e t
and
shipments amounted
t o
392>9?0#000 f e e t , P rodu ctio n,
which
i n
September
w a s 7 5 p e r
cent
of
normal,
i s now
es t imated
a s 8 5 p e r
cent
of
norma l. From
7 5 p s r
cent
t o 8 0 p e r
cent
o f t h e
normal output
of
l o g s
i s
being produced
a n d i t i s
expected that
a l l
a v a i l a b l e r a f t s
of l o gs w i l l b e sold be fo re camps cl os e. Curt ailm ent of product ion i s
r epor ted
i n t h e
shingle indus t ry.
BUILDINS, During
t h e
month
of
October
t h e
v a l u a t i o n
of
bui ld ing
permits i ssued
i n 1 6 6
selected ci t ies showed
a
s l ight increase over
September
i n
Dis t r i c tgNo.
1
(Boston),
No, 6
( At l an t a ) ,
Mo. 7
(Chicago),
and No. 9
(Minneapolis)
and a
s ubs t an t i a l i nc r eas e
i n
D i s t r i c t s
N o . 2
(New
York),
No. 3
( Ph i l ade l ph i a ) ,
N o . 4
(Cleveland) ,
N o . 1 0
(Kansas City),
a n d N o , 1 2 ( S a n Franci sco) . T he percentage of increase ranged from . 4
p e r
cent
i n
D i s t r i c t
No, 6
(At lanta)
t o 3 3 - 3 P
e r
cent
i n
D i s t r i c t
No. 2
(New
York). Dec rea ses from
t h e
September totals occurred only
i n
D i s t r i c t s
No. 5
(Richmond), No.36
( S t .
Louis)
and No. 11
(Dal las) .
These decreases were
1 1 . 4 p e r
cent ,
3 8 . 5 p e r
cent
a nd 3 6 . 7 p e r
cent ,
r e s p e c t i v e l y . I n comparison with t h e corresponding per iod o f 1 9 2 0
t h e
October s tat i s t ics showed increases
i n
D i s t r i c t s
No. 2 (New
York^
No. 3
( Ph i l ade l ph i a ) ,
No. 4
(Cleveland)
No. 5
(Richmond),
No. 7
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(Chicago), N o . 8 ( S t . Louis ) , No . 9 (Minneapol is ) , N o . 1 0 (Kansas City),
N o . 1 1 ( Da l l a s ) and No . 12 (San Fra nc isc o). These in cr ea se s vary from
2 7 . I
p e r cent i n D i s t r i c t N o,
9
(Minneapolis) t o 230.5 p e r cent i n
D i s t r i c t No. 2 (New Yor k) . D i s t r i c t s No . 1 (Boston) and No . 6 (At lanta)
show decreases from October last year
of
37-*+
p e r
cent
a n d 2 5 - 5 p e r
cent,
r e s p e c t i v e l y .
While t n e t o t a l va l ua t i on of permits issued thus increased from
$151,97^*000 t o $1/2 ,204,000, t h e value of c o n t r a c t s l e t i n seven
Federal Reserve D is t r ic ts ; prepared by the F . W. Dodge Company, decreased
from $227,473,000 i n September t o $203, 95*+» 0 0 0 i n October. Inc rea ses
were shown i n D i s t r i c t s N o s . 1 a n d 3 , whi le t h e f i g u r e s wer e p r ac t i ca l l y
unchanged i n D i s t r i c t s N os. 5 and 9# and decreased cons iderably i n
D i s t r i c t s Nos. 2 (New York), 4 (Cleveland) , and 7 (Chicago).
D i s t r i c t No . 3 (Phi l ade lphia) r epor t s tha t bui ld ing opera t ions
a r e n o t s o ex t ens i ve a s t h e number of permits granted would indicate,
and t h a t t h e volume of c o n t r a c t s l e t h a s n o t increased correspondingly.
The
reduct ion
i n
wages
and
c o s t s
of
some ma te ri al s
h a s
r e s u l t e d
i n i n -
creased bui lding of r e s i dences i n D i s t r i c t No, 4 (Cleveland) . A l l
s t a t e s
of
D i s t r i c t
N o. 7
(Chicago)
a n d
most
o f t h e
c i t i e s p a r t i c i p a t e d
i n t h e i nc r eas e o f t h e number of permits granted i n t h a t D i s t r i c t , and
a l l o f t h e
states except Michigan showed
a n
i n c r e a s e
i n
es t imated cos t .
I n D i s t r i c t N o . 3 ( S t . Louis) there h a s been considerable growth i n t h e
cons t r uc t i on of dwel l ings . T he r u r a l d i s t r i c t s a nd smaller towns have
taken a much more important part i n t h i s development. Fu rth er minor
r educ t i ons a r e repor ted i n c o s t s of clay pr od uc ts , cement an d metal goods,
whi le lumber pr ic es have advanced. Const r uct ion a c t i v i t i e s i n Di s t r i c t
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N o . 1 2 ( S a n
Francisco) surpassed
a l l
records, both
i n t h e
number
and
value
of
per mi ts granted du ri ng October. This
was- due
c h i e f l y
t o t h e
dec l in ing p r i ce s of many building materials a n d t h e reduced labor
costs .
EMPLOYMENT
T he
United States Employment Service reports
a n
inc rease
o f 1 . 6 p e r
cent
i n
numbers employed
i n 1 4
se lec ted indus t r ies
o f t h e
United States
i n
October. Such lo ca l re po rt s
a s a r e
ava i lab le
ind ic a te tha t increases
i n
numbers employed
a r e
s l i g h t l y
i n
excess
of
decreases . Genera l iza t ions
a r e
however, difficult because
o f t h e
marked variations
i n
employment co nd it io ns w i t hi n
t h e
same community
a s
wel l
a s
between different regions, which grow
o u t o f t h e
unequal
degrees
of
a c t i v i t y p r e v a i l i n g
i n t h e
seve ra l i ndus t r i e s .
F o r
example,
D i s t r i c t No . 1 (Boston) reports that unemployment i s se r ious i n t h e
shoe industry
i n
Lynn
and
Haverh i l l
an d
a l s o
i n t h e
cen t e r s
o f t h e
jewelry and of the metal i nd us t ri es . Report s from metal goods cen te rs
a r e
said
t o
show
a
decrease
of
near ly
$ 0 p e r
cent
i n
numbers employed
a s
compared with
a
year
a g o . O n t h e
other hand,
t h e
s i t u a t i o n
i n t h e
cot ton
a n d
woolen t e x t i l e i ndu s t r i e s
i s
good
and
probably there
h a s
been a moderate increase i n t h e number of employees i n most New England
i n d u s t r i e s . T ne New York State Department of Labor reports a gain of
2 . 5 p e r
cent
i n
numbers employed
i n
f a c t o r i e s
i n
October. Moderate
gains
i n
employment
i n
te x t i l e mil ls were counterbalanced
by
losses
i n t h e
manufacture
of
clothing,
b u t
r a i l r o a d
c a r
bu i ld ing
a nd
repa i r
shops
a n d
rai l r oa d equipment fac to r i es took
on a
larger number
of
workers.
I n
D i s t r i c t
N o . 3
(Phi lade lph ia )
t h e
Pennsylvania State Department
of
Labor reported s l ight increases i n t h e numbers employed i n t h e s i x
c i t i e s of Altoona, Harrisburg, Johnstown, Philadelphia, Scranton, and
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if
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Williamsport.
Reports from other parts
of the
District also indicated improve-
> merit in employment conditions. In District Bo. 5 (Richmond) a slignt
increase
in
numbers unemployed
was
noted
in the
cities
but in the
rural sections
of tne
Carolines,
the
demand
for
labor strengthened
with
tne
resumption
of a
number
of
important lumber plants
and
other
establishments*
In
District
No, 7
(Chicago)
2J1
firms employing
150,607 persons at the end of October reported an increase of 2*5
per cent in numbers of employees as compared with the preceding month.
The
most conspicuous increases took place
in
iron
and
steel, railway
repair shops and in the factories producing boxes and containers.
The chief decreases were in construction work and in automobile and
automobile accessory plants. While
tne
United States employment
ser-
vice figures revealed some improvement
for the
firms employing over
500 men in Minneapolis and St. Paul, it is stated in the report from
District No. 9 (Minneapolis) that clerical and domestic workers and
those engaged
in
other lines
of
employment
are
idle
in
increasing
numbers. Outside
of tne
cities
and
larger, towns, unemployment
is
also
growing following
tne
completion
of
harvesting.
In
Montana, coal mining
and
lumbering operations
are
more active
but in
copper mining
and
allied industries depression exists*
In
District
No. 12 (San
Francisco)
the
completion
of
harvesting
and
cessation
of
work
on
highways
and
public improvements in October has resulted in increasing unemployment
among unskilled workers in certain sections. On the other hand, there
have been increases
in
numbers employed
in the
manufacturing
and
building
trades.
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WHOLESALE TR/DE. Seasonal factors are in large part respon-
sible
net
only
for the
quite general reduction
in the
sales
of
wholesale dry goods during October, but also for the equally pro-
nounced increase in the sales of hardware* In tne case of dry
goods it is a striking fact that the value of sales was above that
of October 1920 in seven of the nine reporting Districts, ranging
from
a
minimum increase
of 7*3 P
8 r
cent
in
District
No. 4
(Cleveland)
with five firms reporting to 25.5 per cent in District No. 5
(Richmond) with 18 firms reporting. In District No. 9 (Minneapolis)
and
District
No. 1 2 (San
Francisco) sales were still below
the
levels of a year ago, with decreases of 20.8 per cent with five
firms reporting, and 3*3 P©
r
cent with 11 firms reporting re-
spectively.
As
compared with September, however,
a
seasonal falling
off in demand brought about a drop in sales in seven out of nine
Districts, Decreases ranged from 3*7 per cent in District No* 2
(New
York) with three firms reporting,
to 2 0 .
3
per
cent
in
District
No. 9 (Minneapolis) with five firms reporting. District No* 11
(Dallas) showed a slight increase of 1 per cent in sales for 12
reporting firms.
Hardware sales increased in October as compared with September
in eight of the ten reporting Districts. Advances varied from 1*6
per
cent
in
District
No* 10
(Kansas City) with five firms report-
ing to 21.9 per cent in District No. 11 (Dallas) with ten firms
reporting. District No. 11 (Dallas) states tnat tne demand for small
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-3256
building hardware
a n d f o r
automobile accessor ies
w a s
p a r t i c u l a r l y
st ro ng . City s a l e s have been heavy, b u t country buying quite limited
i n amount. Di st ri ct Mo, 3 (Phi lade lph ia ) a l so ca l l s a t t en t ion t o
t h e fact that automobile accessor ies and e l e c t r i c and hea t i ng s u p -
plies have been sell ing well ,
b u t
sta tes that bui lders ' hardware
h a s been i n lesser demand. I n D i s t r i c t N o. 7 (Chicago) there was
a
s l i gh t increase
i n
i n q u i r i e s
f o r
bu i lde r s
1
hardware
and in
Di s t r i c t
N o . 8 ( S t . Louis) this w as a l so t h e case.
T he
decreases
i n s a l e s i n D i s t r i c t No. 9 (Minneapolis) and No. 12 (San Francisco)
were negligible, being only
. 4 p e r
cent
i n t h e
former case with
1 1
f i rms repor t ing an d .7 p e r cent i n t h e la t t e r case wi th 2 3 firms
repor t ing .
Wholesale grocery sales remained relatively steady during
October, with slight advances
i n a l l
r epo r t i ng d i s t r i c t s excep t
D i s t r i c t N o . 7 (Chicago), i n which 26 reporting firms showed an
average decrease o f 1 , 1 p e r ce nt. Inc rea ses ranged from . 6 p e r
cent
i n
D i s t r i c t
N o . 6
(.Atlanta) with
2 9
f i rms repor t ing
t o 1 7 - 3
p e r cent i n D i s t r i c t No. 2 (New York) with nine firms reporting.
Making
d u e
allowance
f o r
pr ic e di ff er en ce s, s al es compared fa vor -
ably with those f o r October, 1 $ 2 0 , t h e maximum reduction being
3 1 . 6 p e r
cent
i n
D i s t r i c t
N o . 6
(Atlanta) with
2 9
f i rms repor t ing .
That District states that September business w as s t imula ted by
t h e
in f luence
of a
subs t an t i a l r i s e
i n t h e
p r i c e
of
cot ton,
f o l -
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X-3256
lowed
by a
p r i c e
s a g i n
October which, to ge th er wit h
t w o o r
three
weeks
of
warm wea the r, caused bu sin es s
to
drag .
A
f a i r l y
s u b -
s tant ia l advance
i n
sales occurred
i n t h e t w o
other southern
D i s t r i c t s , D i s t r i c t No . 5 (Richmond) reporting a n inc rea se of
2 . 2 p e r cent with 57 f i rms repor t ing , a n d D i s t r i c t N o. 1 1 (Dallas)
an
increase
of 3>4 p e r
cent with
1 4
f i rms r epo r t i ng . D i s t r i c t
N o .
1 1
(Dalla s) says th at busine ss
h a s
been very uneven, decreases
having occurred
i n
sections where
t h e
cot ton yie ld
h a s
been poor,
while
i n
regions where
o i l
a c t i v i t y
h a s
been renewed, business
i s
exce l len t . Ci ty sa l es i n th i s Di s t r i c t have remained fa i r ly c o n -
s tan t .
I n
D i s t r i c t s
Nos. 2 (New
York),
5
(Richmond),
6
(Atlanta)
and 7
(Chicago) increases
i n
wholesale sa les
of
boots
and
shoes
have taken place, t h e percen tages of inc rea se beginning wit h 1 . 7
p e r
cent
i n
D i s t r i c t
No. 2 (New
York) with ei gh t f ir ms re po rt in g,
and
r i s i n g
t o 1 3 » 3 p e r
cent
i n
D i s t r i c t
N o . 6
(Atlanta) with
1 1
f i rms repor t ing . I n D i s t r i c t N o . 1 2 ( S a n Francisco) , o n t h e other
hand,
a
decrease
of 7 -& p e r
cent
w a s
recorded with
1 7
f i rms repor t ing .
I n
every Dis t r ic t
f o r
which records
a c e
ava i l ab l e
f o r a
year
a g o ,
sales
were above
t h e
t o t a l s
f o r
October,
1 5 2 0 ,
with
t h e
except ion
of
D i s t r i c t
N o . 1 2 ( S a n
Francisco) ,
i n
which
t h e
sales-averaged
9 . 1 p e r
cent less
with 17 fi rm s re po rt in g. However, th er e was a substant ia l advance of
nearly
3 0 p e r
cent
i n
September sales
i n
D i s t r i c t
N o . 1 2 ( S a n
Francisco)
a s
compared with August,
a
fact which would help
t o
exp la in
t h e
drop
i n October s a l e s . Actual in cr ea se s ranged from 2 . 1 p e r cent i n
D i s t r i c t
No . 7
(Chicago) with nine firms reporting
t o 4 4 . 2 p e r
cent
i n
D i s t r i c t
No . 5
(Richmond) with
I S
f i rms repor t ing .
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RETAIL TRADE: R e t a i l t rade
a s
shown
b y
s a l e s
of 3&5
r e p r e s e n t a t i v e
d e -
partment stores throughout t h e country showed a substant ia l improvement i n n
October a s compared with t h e previous month. T he change i s , however, less
n o t i c e a b l e i n t h e Southern sect ions o f t h e count ry , a n d D i s t r i c t N o . 8 ( S t .
Louis) reports that
" i n t h e
Southern sect ions
t h e
a c t i v i t y
i n
r e t a i l t ra d e
wh
which accompanied t h e r i s e in raw co t ton p r i ce s h a s subsided i n a not iceab le
deg ree . When compared wit h t h e October, 1 9 2 0 f i g u r e s , s a l e s f o r t h e country
a s a whole showed a decrease of
6 . 7
p e r c e n t . I n D i s t r i c t s N o . 1 (Boston)
and 2 (New York), in cr ea se s amounting re sp ec ti ve ly t o 4 - 4 p e r cen t a nd 2 . 8
p e r cent were, however, shown, b u t the se were more than o f f s e t b y decreases
o f 3 - 2 p e r
cen t
i n
D i s t r i c t
N o . 3
( P h i l a d e l p h i a ) ,
1 $ . 2 p e r
cent
i n
D i s t r i c t
N o .
4 (Cleveland) , 5 - 6
p e r
cent
i n
D i s t r i c t
N o . 5
(Richmond),
1 5 * 1 p e r
cent
i n D i s t r i c t N o. 6 ( A t l a n t a ) , 9*9 p e r cent i n D i s t r i c t N o . 7 (Chicago) ,
8 . 7
p e r cent i n D i s t r i c t N o . 8 ( S t . . Louis ) , 1 2 . 8 p e r cent i n D i s t r i c t N o . 9QWinn-
e a p o l i s ) , 7 . 4 p e r cent i n D i s t r i c t N o . 1 0 (Kansas City),
1 6 . 7
p e r cent i n
D i s t r i c t
N o . 1 1
(Dal las )
and
6 . 3
p e r
cen t
i n
D i s t r i c t
N o . 1 2 ( S a n
Franc isco) .
A l l
Di s t r i c t s repor t th at demand cont i nues
to be
conf ined
t o
ac tua l neces s i -
t i e s . Accordingly ready- to-wear c lo th i ng , co t ton fa br ic s and trimmings a r e
i n most active demand, while t h e movement o f heavy k n i t goods h a s been unex-
pectedly s low, d u e t o t h e con tin ued warm wea the r. Although st ock s on hand a r e
lower than
a
year
a g o ,
they show
a
s l i gh t increase over s tocks
a t t h e
c l o s e
of
September. T he amount of outs tanding orders i s , however, sl ightly lower than
a month a g o , while t h e same i s t rue of the r a t e of stock turnover .
PRICES: Prices
i n t h e
United States were s l ight ly lower
i n
October than
i n September. T he index o f t h e Federal Reserve Board, constructed pr imari ly
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x -3 2 5 6
f b r
internat ional compar isons , showed
a
drop
of 2
poi n t s f rom
1 4 3 t o 1 4 1
(with
p r i c e s i n 1 9 1 3 cons idered as ICO) whi le t h e index o f t h e Bureau of Labor S t a -
t i s t ics showed a similar change from 1 5 2 to 1 5 0 . There were app rec iab le d e c rear.
i n t h e p r i c e s of leadi ng ag r i cu l t ur al commodities wi th t h e except ion of sheep,
c a t t l e , d a i r y ' p r o d u c t s , an d wool. Lumber p ri c e s were only ve ry s l i g h t l y lower,
and minera l s and metals higher .
During t h e f i r s t th ree weeks of November, prices of many leading commodi-
t ies cont inued t o dec l in e , a l though t h e nonferr ous me ta ls , cor n, oat s , wo6l,
and some grades of cat t le hides showed smal l increases : I t seems probable,
however, that a n average of prices during this period would show a reduct ion
from t h e October level . I n t h e cereal group, wheat averaged lower than i n O c -
tober
b u t w a s
s l i gh t l y h i ghe r
i n t h e
third week
of
November than
i n t h e
f i r s t ;
corn
an d
oats showed slight gains over
t h e
October aver age^ Cotto n
h a s
reacted
downward from t h e September an d October levels b u t i s s t i l l app r ox i ma t e l y 5 cents
higher than i n August, t h e average of upland middling at New Orleans being 173
cen t s
a
pound
i n t h e
f i rs t three weeks
of
November
a s
compared with
1 2 *
cent s
i n
August. Sheep and hogs also decl ined heavi ly dur ing t h e early weeks of November
h u t s t e w s have been quoted s l ig ht ly hig her than i n October.
Cotton yarns and cloth have followed t h e t rend o f t h e r a w m a t e r i a l a n d were
quoted i n many cases a t ah o u t th e same point a s during September. I n s p i t e of
t h e
r e l a t i v e s t r e n g t h
of raw
wool pr i c e s, yarns have
n o t
advanced during Novem-
b e r .
An average o f t h e p r i c e s of several types o f s teel products works o u t some-
what lower f o r th e third week i n November than f o r October . St ee l b i l l e t s have
also been reduced. T he nonfer rous meta l s , o n t h e ot he r hand, i ncl udi ng copper,
t i n , a n d zinc have been r i s i n g i n p r i c e f o r t h e pa st sev er al months. Bituminous
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3 2 5 6
coal
i s
practically unchanged, from
the
September
and
October quotations.
Retail price statistics
are not yet
available
f o r
November. During Octo-
b e r ,
however,
the
retail food index
of the
Bureau
of
Labor Statistics showed
practically no change (0.3 per cent decrease) from th e September average.
SHIPPING:
The
ocean freight market displayed distinctly firmer tendencies
in November, th e demand from charterers f o e steamers in the West Indian and
Mediterranean trades being particularly active.
At the
same time,
th e
rates
on
a
number
of
commodities including grain
and
cotton, were reduced during
the
month to bring them into line with lower quotations on other goods which had
previously been announced. American ships have been carrying
i n
recent months
a smaller proportion of our foreign trade - whether this i s measured in terms
of
value
or
weight
-
thai
was the
case
a
year
ago.
According
to the
records
of
th e
United States Shipping Board,
in
September,
1920,
American vessels carried
4l per
cent
of
this country's seaborne exports
and 59 P
e r
cent
of our
seaborne imports,
by
weight.
In
September
of the
present year,
our
ships
car-
ried
tut 33 per
cent
of our
seaborne exports
and 4o per
cent
of our
seaborne
imports, foreign ships carrying the remainder. In these figures cargoes of oil
i n bulk are not included. Much the same story i s told by the value statistics
of the
Department
of
Commerce, according
to
which American ships
are
credited
with carrying
38.6 per
cent
of our
exports
and 31*6 per
cent
of our
imports
in
September, 1921, compared with 41-7 per cent and 42.7 per cent respectively a
year
ago.
FOREIGN TRADE: Small increases
in the
value
of
both exports
and
imports
are
recorded
f o r
October
as
compared with September.
The
increased value
of
exports
i s
more than accounted
for by an
expansion
of
cotton shipments from
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522,000 bales in September to 875>000 bales in October, the value of cotton
exports rising by almost 50*090,000 in
the
latter month, while exports of all
commodities rose only 20,000,000 to a total of ^346,000,000- Total imports in
October were valued at 123,000,000 an increase of 4
over the month
preceding. Both imports
and
exports, however, show very decided declines
in
value
as
compared with
a
year
ago-
This
is due in no
small measure
to the
lowered prices of practically every commodity entering into our foreign trade,
although contractions in the actual quantities of merchandise shipped have also
had
their effect*
-As an indication of the volume of our foreign trade in recent months
compared with the same months a year ago, reference may be made to the statis-
tics now compiled by the United States Shipping Board on the actual weight in
long tons
of our
water-borne commerce» According
to
these figures,
in the
three months ending September,
1920,
total water-bonre imports
to the
United
States amounted to 8,996,383 tons, while in the same three months of the present
year they were 5*484,908 tons* a decline iti weight of 39 per cent* The weight
of water-borne exports declined in the same months from 16,778,124 tons to
13»513»269 tons, a reduction of 20 per cent- If shipments of oil in bulk and
Great Lakes cargoes are omitted from the comparison, the remaining sea-borne
cargoes show
a far
greater contraction
in the
last
few
months than
do the
foregoing totals•
The
figures
for
imports then become 5>081,095 tons
in the
third quarter, 1920, and 2,346,998 tons in the same quarter of 1921, a decline
of 54 per cent- Seaborne exports, excluding oil in bulk, are given as
15,530,787 tons in the third quarter of
x
1920, compared with 8,152,327 tons in
the same period this year, the decline in the weight of these experts being
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t h e r e f o r e
4 j p e r
cen t* S imi la r f i gu re s
f o r
prewar months
a r e n o t
a v a i l a b l e .
A
o f t h e weights o f t h e pr inc ipa l commodit ies imported a n d exported
i n 1 9 1 3
seems, however,
t o
j u s t i f y
t h e
conc lus ion tha t expor t s
i n
recent months
have been subs tan t ia l ly g rea te r than i n t h e same months o f 1 9 1 3 , while imports
have been close
t o t h e
prewar level*
I f o i l i s
dis regarded, however ,
t h e
pre sen t l eve l
o f a l l
oth er imports
i s
m a te r i a l l y l e s s t ha n
i n t h e
corresponding
prewar months.