THE BUSINESS REVIEW. Business and Financial Conditions in the United States

Transcription

1 THE BUSINESS REVIEW THIRD FEDERAL PHILADELPHIA RESERVE DISTRICT JUNE 2., By RICHARD L. AUSTIN, Chairman and Federal Reserve Agent FEDERAL RESERVE BANK of PHILADELPHIA Business and Financial Conditions in the United States Industrial activity increased slightly in April from the rate prevailing in March. Factory employment declined by the usual seasonal amount, while factory payrolls showed a smaller reduction than usual. Wholesale prices continued to decline in April and the first half of May. There was a further easing of open market money rates. Production. Production in basic industries in April was slightly larger than in March and the Board s index, which makes allowance for the usual seasonal changes, shows an increase of about 2 per cent, offsetting a large part of the decrease in March. Output of automobiles showed the usual seasonal expansion. Steel output declined seasonally in April and the early part of May. The output o f silk textiles was considerably reduced, and woolen mills curtailed operations, though less than seasonally. C otton m ills w ere m ore a ctive in April and there was some increase in stocks. In the first half of May, however, a program of curtailment was instituted in the industry. In comparison with the first four months of, a year of exception ally active business, production was smaller in almost all major branches of industry, with the exception of tobacco. In comparison with 1928, however, output was larger in the automobile, petroleum, and silk industries, slightly smaller in steel and coal, and considerably smaller in cotton and wool textiles, flour, meat packing, automobile tires, and lumber. Building contracts awarded during April, according to the F. W. Dodge Corporation, were 6 per cent larger than in March, reflecting further expansion in awards for.public works and utilities, and some increase in residential construction, largely seasonal in character. In the first two weeks in May there was a further increase in building activity. In comparison with, awards in the first four months of the year were 17 per cent smaller, reflecting chiefly the continued small volume of residential building, which more than offset increase in public works and in utility construction. Employment. Factory employment, which had been decreasing since last September, declined by about one per cent in April, which represents the usual development for that month, while the reduction in factory payrolls from March to April was smaller than usual. Distribution. Department store sales increased during the month by an amount estimated to be slightly larger than is accounted for by the late Easter holiday. The value of foreign trade decreased further in April, and for the first four months of the year exports were about 20 per cent smaller than a BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 Monthly averages of weekly figures for reporting member banks in leading cities. Latest figures are averages of first two weeks in May PER CENT PEfl CENT and minerals combined, adjusted for seasonal variations ( average=100). Latest figure April, 106. Index numbers of factory employment and payrolls, without adjustment for seasonal variations. ( average = 100). Latest figures April, employment 99.1, payrolls Monthly rates in the open market in New York: commercial paper rate on 4 to 6 month paper. Acceptance rate on 90-day bankers acceptances. Latest figures are averages of first 20 days in May. Page One

2 year ago, when trade was exceptionally active. In part this decline reflected the lower level of wholesale prices. Wholesale prices. An increase in wholesale prices in the first week in April w as. followed by a substantial decline which continued into May and brought the level of prices to the lowest point in a number of years. Prices of important raw materials, such as wheat, cotton, and silk declined during most o f the period, but steadied somewhat around the middle of May, while prices of silver, hides, and coffee were comparatively stable. There were fairly continuous price declines in steel, sugar, raw wool, and the textiles. Copper prices were reduced further early in May, but recovered somewhat following large purchases for domestic and foreign consumption. Bank credit. Loans and investments of member banks increased by about $160,000,000 in the latter half of April, but declined $140,000,000 in the first two weeks in May, both movements reflecting chiefly fluctuations in loans on securities. Investments increased further, while "all other loans continued to decline, and on May 14 at $8,560,000,000 were the smallest in more than two years. The volume o f reserve bank credit declined further by $125,000,000 between the weeks ending April 19 and May 17, largely as a result of the addition of about $65,000,000 to the stock of monetary gold, and o f a further substantial reduction in the volume of money in circulation, which reflected chiefly smaller volume of payrolls and declines in retail prices. The system s holdings of bills declined, while United States securities and discounts for member banks showed little change. Money rates on all classes of paper declined further in May. The discount rate o f the Federal Reserve Bank of New York was reduced from 3^2 to 3 per cent on May 2, and that at the Federal Reserve Bank of Boston from 4 to 3 y2 per cent on May 8. Business and Financial Conditions in the Philadelphia Federal Reserve District Trade and industry of this district as a whole showed a slightly higher level of activity in April than in March, though continuing below the exceptionally large volumes of a year ago. At present most industries, allowing for the usual seasonal let-down, are holding their ground. Credit conditions remain easy, with an ample supply of funds for business purposes, and little change during the past month in interest rates charged commercial customers. Banks report some increase recently in the item which includes commercial loans, though such loans continue in smaller volume than in the middle of April. The reserve ratio of the Federal Reserve Bank is much higher than a year ago and the borrowings of member banks, despite a slight increase in the past month, are in relatively small volume. Manufacturing. Conditions in manufacturing industries on the whole showed slight improvement in April but since then the available evidence points to recessions which in most cases are o f seasonal character. The demand for manufactured products in the first fortnight of May was less active than a month ago and continued well below last year. Prices of finished commodities in this district, as in the country, have declined further. Raw materials, on the other hand, showed some strength in April after a prolonged period of decline. This was probably due to an advance in certain farm products. Non-agricultural commodities in the country continued the downward trend. The volume of orders on the books rule has decreased since the middle of local manufacturing concerns as a of last month. Stocks o f manufac- Philadelphia Federal Reserve District April, Latest figure compared with Previous month Year. ago Retail trade estimated net sales (134 stores) (daily average) $944, % % Department stores (63)... $774, Apparel stores (37)... $135, Shoe stores (1 8) $17, Credit stores (16)... $16, Wholesale trade net sales (104 firms)... (daily average) $278, Boots and shoes (5 )... * $4, * Drugs (10)... $45, Dry goods (1 3)... $17, Electrical supplies (5 )... $18, Groceries (32)... $102, Hardware (22)... $64, Jewelry (1 0)... $8, Paper (7 )... $16, Productive activity Employment 850 plants in Penna , Wage payments in above plants... $9,098, Shoe production * 81 factories... (daily average) Hosiery production * 138 mills... W ool consumption * 83 mills... Active cotton spindle hours (Penna.).... prs. 52,891 doz. prs. 55,375 lbs. 221, , Pig iron production... tons 10, Iron casting production 37 foundries... tons Steel casting production 11 foundries... tons Anthracite... tons 196, Bituminous coal (Penna.)... tons 413, Petroleum receipts at Port of Philadelphia domestic and foreign... bbls. 52, Cement... bbls. 102, Electric power output 11 systems... KWH 18,369, Financial and credit Debits (cneck payments) 18 cities... $2,519,915, Loans & investments middle of May 99 member banks $1,653,500, Bills discounted held by F. R. B. of Phila. (daily average) $28,300, Bankers acceptances outstanding end of m onth... Commercial paper sales 4 dealers... $22,208,000 $8,337, Commercial failures number Commercial failures liabilities... $2,314, Building and real estate Building permits 17 cities... $14,481, " Building contracts awarded... $42,034, Number of real estate deeds recorded (Philadelphia county) 4, Value of mortgages recorded (Philadelphia county)... $10,460, Sheriff sale number of writs issued for May (Philadelphia cou nty)... 1, Miscellaneous Freight car loadings (Allegheny district) , Tonnage of vessels (Port of Philadelphia)... tons 4,476, Sales of life insurance (Penna., N. J., and D el.)... $120,581, Automobile sales registrations of new passenger cars... 20, * Bureau of Census preliminary figures. Page Two

3 tured goods held by industrial plants at large do not appear excessive, although there has been some accumulation at certain individual plants. In comparison with a year ago, all groups have reported smaller supplies of finished goods. National inventories of manufactures at the end of the first quarter of this year were slightly larger than at the same time last year according to the indexes of the Department of Commerce. This increase was due principally to a very large gain in nonferrous metals. Inventories of raw materials reached an unusually large peak at the end of last year, but since then they have been declining gradually; foodstuffs and textiles were chiefly responsible for this increase. Factory employment and wage payments in this section have declined between March and April by about the usual seasonal amounts. Last year at the same time, when manufacturing was at an exceptionally high level, employment and payrolls were naturally larger, but comparisons of employment and wages in April this year with other recent years are favorable. Fabrication of iron and steel products shows little change, barring seasonal influences. In April several industries had a higher rate of operation than in March and in April,. While production since the first of the year in general has been running noticeably below the same period of last year, it compares more than favorably with other recent years. Manufacturers of such transportation equipment as commercial trucks, ships and boats, locomotives and cars operated at a higher rate in April than in March. Metal prices generally have declined further. Foundry pig iron has fallen off 50 cents a ton at eastern Pennsylvania furnaces. The textile situation continues unsatisfactory. Productive activity in the cotton, and woolen and worsted industries has declined more than seasonally. The output of silk manufactures, which reached an exceptionally high level in March, was curtailed rather sharply in April. Carpet and rug mills reported improvement in April, but in the first two weeks of May operations were cut down. Production of hosiery has declined almost steadily since the high point in November. Stocks of finished hosiery have been accumulating. Price trends of textile fibres and finished products have con- Electric power Philadelphia Federal Reserve District 11 systems Daily average Change from Change from Mar., Rated generator capacity % % Generated output Hydro-electric Steam Purchased Sales of electricity Lighting Municipal Residential and commercial Power Municipal Street cars and railroads Industries * * All other sales * Working days average. tinued downward during the past month. Activity in industries making various food products remains well sustained at a level generally below that of last year. Seasonal improvements are evidenced in such branches as sugar refining, output of creamery products and to some extent in animal slaughterings, particularly lamb and veal. Canning and preserving again declined in April as was to be expected. Production of cigars increased appreciably in April, while that of other tobacco products declined. Tanneries and shoe factories, while curtailing their operations seasonally, continue working at higher rates than those prevailing in several years past. The output of shoes declined in April but was substantially above that in the same month in the past five years. The hide market is quiet, as is usual at this time, although prices have shown a little strength lately. The market for goatskins is only fair, and prices show little variation. Business in chemical and allied products generally shows seasonal expansion, although the output of certain industrial chemicals and drugs showed a slight decline in April. The output of paints and varnishes, gasoline, lubricants, and asphalt increased appreciably. The market for rubber tires and tubes has broadened seasonally, while the demand for mechanical rubber goods shows little change. Conditions in the paper industry remain rather steady in spite of a slight decline in the rate of activity during April. Production of cement increased materially in the month and was about two per cent larger than in April,. Stocks of cement are somewhat heavy, but they are being worked off gradually. Activity of lumber and planing mills, on the other hand, continues sluggish; this is also true of brick, plumbing supplies, and pottery. Quotations for building materials generally have been lower in the past month. Building and real estate. Construction activity has expanded further since the middle of last month, reflecting largely a higher rate of operation in public works and utilities and to some extent commercial and residential buildings. This has been especially evidenced by a further increase in employment and wage payments in building trades. Nevertheless, the value of contracts awarded in the first half of May in this section, computed on a daily basis, was materially smaller than the average for April or that for May,. Building contracts let in April showed a gain of about 47 per cent over the preceding month but were 37 per cent below those of a year earlier. Comparative figures showing the value of contracts awarded in this district and in some of the leading cities during the first four months of this year follow : Building contracts awarded (000 s omitted in dollar figures) First Per cent change from months average Philadelphia... $ 75, Reading... 1, Scranton... 1, Camden... 1, Trenton... 1, W ilm ington , Total for Philadelphia F ed era l R eserv e District, including all cities , Source: F. W. Dodge Corporation. The real estate market continues unsatisfactory, although the renting demand for dwellings shows a slight betterment. In industrial sections of Philadelphia, there seems to be a more active demand for six-room houses with a bath renting at $25 to $30 a month, and in some of the residential sections the demand for six or sevenroom dwellings renting at $40 to $60 a month appears to show improvement. Analysis of the various estimates indicates that there is more than an ample supply of houses and apartment space for rent. Some further reductions in rents for houses and apartments have Page Three

4 occurred in the past three months and they are appreciably lower than a year ago. The sale of houses as a rule continues smaller than last year. Prospective home buyers are finding it difficult to finance their purchases, owing partly to an increased requirement for initial cash payments and partly to a selective placement of mortgages. The volume of financing for new commercial construction and residential building remains noticeably smaller than a year ago. Most of the present loans on homes are for owners. There has been no change in interest rates on mortgages during the past three months. The number of deeds and the value of mortgages recorded in Philadelphia declined between March and April and was smaller than in April,. In the first four months o f this year, deeds declined about 12 per cent from those in the same period last year and were nearly 13 per cent fewer than in Mortgages also declined about 34 per cent in the first four months and were nearly 50 per cent less than in the same period in The number of court writs issued for sheriff sale of properties in May amounted to 1,330, a decline of nearly 3 per cent from March but an increase of almost 16 per cent over those in April,. The significance of these writs is enhanced by the fact that each writ covers anywhere from one to twenty or more properties. Coal. The market for anthracite is seasonally quiet and sales have declined further since the middle of last month. The usual May 1 reduction in prices occurred. After a sharp decline in the early part o f this year, reaching in March the lowest level in several years, colliery output increased 12 per cent in April. In the first fortnight of May, production also continued upward. Stocks in the hands o f dealers in this district on April 1 were considerably smaller than a year ago. Stocks in New England, where large quantities o f Pennsylvania anthracite are consumed, also were smaller. In sympathy with the moderate rise in industrial activity, production of bituminous coal increased somewhat in A pril; in comparison with a year ago, w-hen business was good, the volume was naturally smaller, but it ex Page Four ceeded that in the same period of In the first fortnight of May, colliery activity increased. A further reduction in prices is reported. Agriculture. Aided by high temperatures and ample sunshine, farm work has progressed to a point where it is nearly two weeks ahead of last year. A prolonged period of drought, which for a time threatened to lower crop conditions, has been broken and crops are growing well. The condition of winter wheat in Pennsylvania on May 1 indicates a yield about equal to that of last year. Peaches and cherries suffered serious frost damage in southern Pennsylvania. Reports from southern New Jersey indicate some damage done to peaches, partly by killing frosts, and partly by dry weather last fall, which weakened the fruit buds to such an extent that they were unable to withstand severe cold. Distribution. The wholesale and jobbing trade in this district during April decreased seasonally, all lines having smaller sales with the exception of electrical supplies and groceries. In comparison with a year ago, the dollar volume of daily sales was almost 7 per cent smaller, boots and shoes alone reporting a noticeable increase. Inasmuch as these sales are reported in dollars, at least a part of the decline may be ascribed to lower prices. Stocks of commodities declined in the month and were smaller than at the end of April,, with the exception of a slight increase in hardware. Latest reports indicate that wholesale and jobbing trade is fair, showing some gains in such lines as groceries, hardware, and jewelry since the middle o f last month. Retail sales, computed on a daily basis, increased sharply between March and April, owing principally to the fact that the Easter buying season was about three weeks later this year than last. For this reason, sales were about 9 per cent larger than in April,, substantial increases being shown by all reporting lines, including department, apparel, shoe, and credit stores. The dollar volume of sales in the four months of this year, however, was about 4 per cent smaller than in the same period last year; only the sales of women s apparel stores in Philadelphia were slightly larger than in the first four months last year. Stocks held at retail establishments at the end of April were smaller by about one per cent than in the previous month, virtually all lines showing smaller inventories. Compared with a year ago, stocks generally were about 5 per cent smaller, the largest declines occurring in department and credit stores. Latest reports show that retail business is progressing at a moderate rate, and the number of reports showing gains since the middle of last month just about equalled those indicating losses. Retail prices show numerous recessions, and this fact undoubtedly has been reflected in the volume of business, inasmuch as it is reported in dollar units. Retail prices of food in Philadelphia and Scranton showed an advance of about one per cent between the middle of March and April. In comparison with a year earlier, food prices also increased slightly in Scranton but declined a little in Philadelphia. Compared with the pre-war level, prices in Scranton were 58 per cent higher and in Philadelphia 52 per cent higher. Railroad shipments by freight in the first fortnight of May showed a further gain, owing chiefly to the larger movement of coal, merchandise and miscellaneous commodities. Shipments in April also increased instead of declining as is usual for that month, but they continued below a year earlier. In the first four months of this year, freight car loadings in this section were about 8 per cent smaller than in the like period last year and were about 2 per cent less than in Check payments have declined further since April. They were about 13 per cent less in the first four months this year than last but nearly onehalf of one per cent larger than in the same period of Sales of new passenger automobiles in this district during April increased less than usual for that month. In comparison with a year ago, they were about 27.1 per cent smaller. Sales in the first four months were about 16 per cent smaller than last year but compared with the same period of 1928 they were 14 per cent larger. Seasonal decline is noted in the sale of ordinary life insurance. Comparisons with past years, however, continued more than favorable. Financial conditions. During the past month the discount rate of the Federal Reserve Bank of Philadelphia was maintained at 4 per cent, and the

5 bank s buying rate for bankers bills has remained unchanged'at 3 per cent for maturities up to 120 days. The charges of large Philadelphia banks on prime commercial loans to customers continue to average around 5 per cent, but the renewal rate on call loans was reduced on May 14 from 4y2 to 4 per cent. During the second and third weeks of May commercial loans increased somewhat, according to the weekly reports of banks in four of the larger cities of the district, following a month of decline. More complete reports, received from member banks in 21 cities and covering the four weeks ended May 14, show that there was a net decline in these so-called commercial loans from 590 to 584 millions, and that loans on securities also decreased. The banks continued, however, to add to their investments. Loans in total are little changed from a year a g o; commercial loans have decreased, reflecting in part a decline in business activity and lower prices, while security loans are in greater volume than in the middle of May,, when there was a rapid decline in such loans. Reference to the accompanying table shows that the recent increase in investments has not been sufficient to bring the holdings of the banks up to the amount held a year a g o ; total deposits have increased and the member banks have greatly reduced their borrowings from this bank. leading cities (000,000 s omitted) May 14, Changes in Four weeks One year Reported by 88 banks: Loans on securities... S 577 $ Other (largely commercial) loans Reported by 99 banks: Total loans and discounts. 1, Investments Net demand and time deposits... 1, Borrowing from the Federal Reserve Bank of Philadelphia has continued light and remarkably steady in volume at a level only about 10 millions higher than in the fall of 1924, when monetary conditions also were very easy. Nevertheless the total of bills discounted on May 21 was slightly higher than a month earlier, owing to an increased demand for accommodation from country banks; banks in Philadelphia made a further small reduction in their call upon the reserve bank. Despite the comparatively small amount of bills under discount, the number of banks using this facility remains large; the number of borrowing banks on May 17 totaled 367, an increase o f nearly 50 banks in a period of four weeks, but over 80 less than a year ago. This bank s holdings of United States securities have not changed in the past month, but purchased bill holdings show a decline, particularly since the end of April, reflecting the fact that the bank s buying rate for such bills recently has not been reduced in company with the decline in openmarket offering rates. The district had an unfavorable balance in the interdistrict settlements during the four weeks ended May 21, but this loss of funds was absorbed to some extent by a reduction in reserve deposits and partly balanced by a decline in the demand for currency, necessitating only a small amount of additional borrowing from this bank. Federal reserve note circulation decreased 10 millions in the period, but this figure overstates the decline in currency demand, as, during the past month, an unusually large proportion of the currency paid out by this bank took the form of notes other than federal reserve notes; this also explains in part the decline of 14 millions in the cash reserves of the bank. The reserve ratio continues high, having held above 80 per cent since the end of March. Commercial paper sales, as reported by four dealers operating in this district, continued heavy in April, though paper sales (four dealers) City banks Sales to Country banks Totals F eb.... $ 875,000 $6,100,000 $6,975,000 M ar... 7,840,000 4,495,000 12,335,000 A pr 4,265,000 4,072,500 8,337,500 A p r... F i r s t f o u r months: 135,000 1,355,000 1,490, ,992,500 22,792,000 42,784, ,230,000 7,930,000 13,160, ,748,500 14,980,500 27,729,000 in smaller volume than in March. The amount sold in April, and in the first four months o f the year, far exceeded the comparable periods of, and also was in excess of The influence of these purchases is shown in figures reported by the banks; on December 31,, all member banks in the Philadelphia district held $12,- 100,000 of bought commercial paper; on March 27,, the amount held was $34,300,000. Outstanding acceptances of banks in this district amounted to $22,208,- 000 on April 30, a decline of 7 per cent in the month, but slightly more than double the amount outstanding a year earlier. The national figures also declined materially in the month. Local acceptances now constitute 1.6 per cent of the country s total, as against 1 per cent a year ago. Federal Reserve Bank of Philadelphia (Dollar figures in millions) May 21, Four weeks Changes in One year Bills discounted for banks in Philadelphia.... $ $.6 $27.6 Other communities T o t a l b ills. d is counted Bills bought United States securities Other securities Total bills and securities F e d e r a l re s e rv e note circu la tion Member banks reserve deposits Cash reserves Reserve ratio % -4% % Page Five

6 Employment and wages in Pennsylvania April, index* Employment April, Percent change since Mar., April, index* Payrolls April, Per cent change since Mar., All manufacturing industries (51) Metal products _ 2.2 _ Blast furnaces Steel wks. & rolling mills Iron and steel forgings Structural iron work St. & hot wtr. htg. ap Stoves and furnaces Foundries Machinery and parts Engines and pum ps Hardware and tools Brass and bronze prods Transportation equipment f f Automobiles Auto, bodies and parts Locomotives and cars Railroad repair shops Shipbuilding Textile products _ 5.2 _ Cotton goods W oolens and worsteds Silk goods Textile dyeing & finishing Carpets and rugs H ats Hosiery Knit goods, Other Men's clothing W om en s clothing Shirts & furnishings Foods and tobacco _ Bread & bakery products H Confectionery Ice cream Meat packing Cigars & tobacco Stone, clay & glass prods Brick, tile & pottery Cement Glass Lumber products _ 10.6 _ Lumber and planing mills Furniture W ooden boxes Philadelphia Federal Reserve District Em ployment April,, compared with April, Wage payments Building permits (value) Debits Retail trade sales Allentown area % % % % % Altoona Harrisburg u Johnstown Lancaster Philadelphia Reading Scranton Trenton u Wilkes-Barre Williamsport u Wilmington York April,, compared with March, Allentown area % % % % % Altoona Harrisburg Johnstown Lancaster Philadelphia Reading Scranton Trenton Wilkes-Barre Williamsport Wilmington York Wholesale trade Philadelphia Federal Reserve District Net sales During April,, compared with April, From Jan. 1 to. April 30, compared with same period last year April 30, compared with Apr. 30, Mar. 31, Collections During April,, compared April, Boots and shoes % 5.6 %...%...% % Dry goods Electrical supplies Groceries Hardware... Jewelry Paper Chemical products Chemicals and drugs Coke Explosives Paints & varnishes Petroleum refining Leather & rubber products _ Leather tanning Shoes Leather products, Other Rubber tires and goods Retail trade Philadelphia Federal Reserve District Comparison of net sales, with Jan. 1 to Apr. 30,, with Jan. 1 to Apr. 30, Comparison of stocks Apr. 30, with Apr. 30, Rate of turnover, Jan. 1 to Apr. 30 with Mar. 31, Paper and printing _ Paper and wood pulp Paper boxes and bags Printing and publishing Anthracite _ { { Street railways All reporting stores % % % % Department stores in Philadelphia outside Philadelphia outside Philadelphia W omen s apparel stores in Philadelphia outside Philadelphia Shoe stores Credit stores * average =100. f Preliminary figures. {Revised. Page Six

7 IRO N AND S T E E L O U T PU T PHILADELPHIA FEDERAL RESERVE DISTRICT PRODUCTIVE ACTIVTY AVG i A A STEEL r V 'A / T, a { / V 100 ns v \A a \ a / / 90 \ r / V \ h / V'x / Pie IRON A \ / K 80 r \ 1 - v ADJUS TED FOR. SEASONAL V/\RIATIONS Sources: American Iron and Steel Institute Iron Age PERCENT 80 70^ FACTO RY EM PLOYM EN T AVG 100 / x PHILADELPIHI A *7 \ ts ph "PENNSYLVA gia V v * y \ ** ' PITT. ;b u r 6 h TR A N SPO RT A T IO N EQUIPMENT BUILDING CONTRACTS AWARDED LOCOMOTI\ /ES a PRODUC T IV E A C T IV IT Y A Ye 100 / 1 i / W i \ f V v \ f V i 1 \» SHIPBUIL. d i n g > \ r \! 1 / "'m 1 1 / \ i i / AND CA ' > f >> > Source: F. W. Dodge Corporation Page Seven

8 Synopsis o f Industrial Conditions in the Philadelphia Federal Reserve District Dem and Operations Stocks M anufacturing Iron and steel Steel works and rolling Foundries and machine L ittle change in A pril, prices low er Little change, p rices low er Fair, little change Quiet seasonally Fair D eclined seasonally Slight decline in A pril and below a year a go Production o f iron and steel ca stings declined Increased in A pril and a bov e a year ago Increased in A pril Textiles G ood H igher, unfilled orders increasing Fair to p oor, p rices lower Declined sharply in A pril from high levels in M arch Quiet, little ch an ge from M arch, bu yin g o f new clip increased sea sonally M oderate to heavy Larger P oor, declined, p rices lower Declined M oderate Fair to p oor D eclined Light to m edium Quiet, declined sharply Continued decline in A pril Fairly heavy, increased further Fair, decreased Increased in A pril bu t low er in first tw o weeks o f May M oderate Leather products Quiet, som e p rice d eclin e; below a year ago Declined seasonally, but a bov e last year M oderate, heavier than m onth ago Quiet, prices lower Little change L arger than in M arch Building materials C olored quiet, fair for black Little change H eavier in A pril More active, prices low er than a year ago Increased m ateria lly; a bov e last year Smaller but little ch an ge from year a go Quiet, little change Declined Fairly h eavy but low er than a year a go Slow, prices declined Declined in A pril and little change since then Fairly light, below a year a g o Increased seasonally Increased M oderate, sm aller Pottery... Fair, declined U nchanged Fairly heavy, declined Plumbing manufactures... M iscellaneous P aper... Building Rubber, goods and tires... C oal mining Fair to p oor, little change D ecreased M oderate, declined, sm aller than year ago Steady, little ch an ge in prices Slight decline U nchanged in A pril Fair, larger than m onth ago Increased Smaller than m onth and year ago Fair, som e gain Little change Little change, sm aller than year a go Increase in tires, little ch an ge in ru bber good s A pril perm its increased from last m onth and a year a go Dem and quiet seasonally, prices low er P rices declined furth er; dem and show s slight increase in A pril Increased V alue A pril co n tra cts aw arded largest since January but below a year a go P rod u ction in A pril increased; also in first tw o weeks o f May Increased first 2 weeks in M ay, volu m e sm aller than year a go, but larger than 1928 S tocks o f good s heavier bu t o f tires lighter than year a go Smaller than a year a go Smaller than last year Tr?»de Fair, num erous p rice declines Smaller Wholesale and jobbing.,.. D em and fair generally, som e d e cline in prices G enerally sm aller Page Eight