Survey of Current Business January 1923
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MONTHLY SUPPLEMENT TO COMMERC.E REPORTS UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS COMPILED BY BUREAU OF THE CENSUS . BUREAU OF FOREIGN AND DOMESTIC COMMERCE : : BUREAU OF STANDARDS No. 17 JANUARY 1923 C 0 NT EN T S. Page. Page. Summary for November.................................... 1 World crop suml)lal'ies..................................... 49 Business indicators (diagrams and table) ................ __ ... 2 Internal revenue taxes on theater admissions and automobile Wholesale price comparison (diagrams and table)............. 4 and accessory sales ... _ .... _. _.. .. .. .. .. .. .. .. .. .. 51 Comparison of wholesale price index numbers .... _........ _.. 6 Candy sales .... _. _. _.. ___ . ___ . __ . ___ . ____ . _. __ . __ _ _ _ _ _ _ _ _ _ _ 51 Business conditions in November .................. _......... 7 Railway employment ______ . __ . ____ ------- --. -. ___ . __ ---- __ - 51 Index numbers of production and marketing .. __ . __ .... _. 21 i Lumber prices ............ _............ _.............. _.... _ 51 Monthly index of manufacturing production .... __ . _. 22 1 Sources of data __ .. __ ......... __ ....... _...... _...... __ ... _ 52 Trend of business movements (table) ..... _... _...... _... _... 29 SUMMARY FOR NOVEMBER. The greater industrial and commercial activity so , Coal production has maintained the level established clearly shown in October was continued and in many · in October with a total output of from 12 to 13 million instances further increased in November. Both pro- 1 tons per week of bituminous and anthracite. duction and distribution were well maintained during The usual decline in building construction failed to the month in spite of the usual tendency to decline at materialize in November, and the total floor space of this season of the year. In not less than ten basic contracts awarded was actually larger than in October. materials, November production records were the Contracts awarded during the first eleven months of highest for any month since 1920. These include such this year are 52 per cent greater in floor space than commodities as pig iron, steel ingots, cotton goods, those a warded in the corresponding months of last year. woolen goods, coke, zinc, locomotives, clay fire brick, Employment figures continued to show gains both upper leather, kerosene, etc. in the number employed and in the total volume of Distribution movements were well sustained, al the pay roll. According to the United States Employ though slight declines from the October level were ment Service there are now more jobs registered than recorded in wholesale trade and in some retail lines. there are workers, whereas a year ago there were Mail-order sales increased. Preliminary figures indi approximately two workers registered for every job. cate that the holiday trade was ot record proportions. Prices on the whole showed further increases in The iron and steel industry continued its upward November. The Department of Labor wholesale movement, although the unfilled orders on the United index rose from 154 to 156, or the highest for any States Steel Corporation books declined slightly for month since February, 1921. The retail food index the first time since last February. This was largely rose to 145 making a new high record for this year. due to increased production and better transporta One of the most significant movements has been the tion, 'vhich made it possible to catch up on deliveries. increase in the price of farm products and their im The transportation situation has continued to im provement in relative purchasing power during the prove, although the railroads are still receiving re past two months. quests for more than 100,000 cars a day which they A further increase occurred in our November export can not fill. Car loadings have declined somewhat trade. Total exports rose to $383,000,000, the largest from the recent peak, although they are more than for any month since March, 1921, and $12,000,000 25 r.:o~ cent greater than a year ago. larger than in October, 1922. 26W-23-l 2 BUSINESS INDICATORS. (1913 monthly average~100. See explanation on inside front cover.) PJG.IRON PRODUCTION. BITUMINOUS COAL PRODUCTION. COTTON CONSUMPTION. 1820 1921 1922 1920 1921 ..... ,000 ,..., 1921 ,... 1.00 =--= 800 soo 000 800 000 ------~- 400 400 .,200 200 a: w Ill::;; , ,.- :::> fv-- ./ 100~ 1001\A ~ A A z 100 \-+ X 80 - 80 :!! 80 :::: .. \ / ..... .. ""\. I .. vv ""'"' 20 20 10 10 10 BANK CLEARINGS OUTSIDE NEW YORK NET FREIGHT TON-MILES. EXPORTS (VALUES). CITY (VALUES). 1820 1821 1822 1920 1921 1820 1921 1922 1,000 .... ,000 .000 - 000 800 000 800 -- 400 400 400 """"- ,...,.... ......... <o20(1 v- ./' 200 200 \ :ga: v v ::;; ~ :::> _./\ A / z, 00 .~ 100 v--=r 80 .. ~ .. :::: 80 80 iO 20 .. 10 10 10 DEFAULTED LIABILITIES (VALUES). WHOLESALE PRICES. PRICE OF 25 INDUSTRIAL STOCKS. 1820 1821 1822 1820 1821 1822 1920 otl 1.000 .... .000 ... 000 800 800 ,. 400 V\A - 200 r I \ - ....... 200 'V" '-'..! ~ - ~ v-- 100 A/' I .. """" 80 ,,~ .. .. 20 0 - ·- 3 BUSINESS INDICATORS. The following table gives comparative index numbers for a selected list of important business movements. It is believed that this table "ill prove useful, because it separates out from the large mass of material a comparativGly small number of items which are often regarded as indicative of business in general. The table has been divided into two parts, the first containing those items for which index numbers can be calculated, using 1913 as a. base. The second part contains items for which comparable data back to 1913 are not available. This latter group of index numbers is calculated by letting the 1919 monthly average equal 100. Care should therefore be exercised in comparing the absolute value of the two sets of data. In either group, however, the upward or downward trend of the index numbers, compared to previous months, does reflect the present tendency in each i tern and '~ill give a basis for business judgment. ----- --------------- -------------- - ---------------------~------~------ MONTHLY AVERAGE. 1921 199i 14 ____________c_o __ _.~~.__ o_»_•_n_. _____ _19111 _.~o 1021 -~ct~~-~:~l~:-:-;:r~~~:T~;.T~Y_-;-;une. · 1uiy.~-~ug: / ~ept~;o_~j~ov. 1 1913 monthlyaverap-100. ··-----~------- --c-------- ----~---~-~j· P~~e:::~ .................. -...... -~- 100 119 ' 54 49 55 64 64 64 711 81 90 92 94 . 71 79 103 Ill Steel ingots ........•.....•• _. • . 111 135 66 73 75 65 72 79 107 111 123 119 113 100 108 130 131 Copper..•.••....•.•....•..........•. ! 105 99 39 24 22 18 25 37 61 75 90 93 89 99 94 102 101 Anthracltecoal* ................... , 96 97 99 103 93 81 82 89 115 (') (') 2 2 65 112 1g Bituminous cool*............ • • . • • 96 : 116 87 112 92 791 94 103 126 40 51 56 43 ' 56 103 113 114 Crude petroleum* ...•...•••.... _..• ·1 152 178 189 172 183 203 208 197 225 216 224 220 225 225 219 231 231 Cotton (consumption)*•.•...• _... 108 117 85 103 109 106 109 98 ! 108 92 ! 103 106 95 109 103 111 120 Beef.. -· ....... - .......... -... -..... I 131 121 109 125 114 99 111 98 119 106 124 125 119 127 131 141 Pork •. --··-··- ............... -·····I 120 111 116 99 118 133 144 123 118 105 133 149 117 109 101 131 Un11lled orders: - Stool Corporation ................... I 101 170 90 73 ! 72 72 7"2 70 76 86 89 95 98 101 113 117 116 Stoeks: I Crude petroleum* ......... _. _____ . __ ' 105 109 152 166 170 177 187 lllll 211 225 235 244 249 259 260 262 263 Cotton (mills and warehouses)* ... _· 164 150 183 206 224 224 203 187 171 151 128 103 87 83 138 184 191 Prices: · Wholesale Index, all commodities ! (Dept. Labor) .•.... _...... __ .. _•. I 206 226 147 142 141 140 138 141 142 143 148 150 155 155 153 1M 156 Retallfood(Dept.Labor) .......•.. ! 186 203 153 153 152 150 142 142 139 139 139 141 142 139 140 140 145 Retail coal, bltum.-U. s. average i (Dept.Labor) .•.••............... /147 207 197 192 ! 190 1811 182 1711 1711 177 175 175 175 184 205 205 208 Farm crops (Dept. Agrlculture)• ••• 234 238 lOll 104 98 97 98 105 112 115 118 119 118 114 110 110 118 1 Farm live stock (Dept. Agriculture).! 198 168 107 98 92 91 115 108 117 115 118 119 119 lU 109 110 105 Business finances: I Defaulted llabllltles ..•........ _... 42 108 230 234 I 235 385 325 320 315 ~ 195 168 176 177 162 152 177 Price 251ndustrlal stocks* ..... __ .. _ 182 184 136 130 136 140 143 149 153 163 166 166 170 178 184 191 182 77 82 83 83 76 Price 25 railroad stocks*...... _. _... 75 67 1 64 64 65 66 65 68 70 14 76 74 Banklnc: Bsnk clearings, New York City..... 249 257 205 203 213 234 219 195 237 238 244 255 233 215 219 249 220 Bank clearings, outsldeN. Y. City.. 216 24& 1111 200 192 203 190 166 200 191 205 210 201 202 209 240 222 Commercial paper interest rate. 94 127 113 97 90 89 85 84 83 79 74 70 65 68 72 76 76 Distribution: Imports (value) ....... _•......•..• .' 218 294 140 126 141 159 145 1 144 171 145 169 174 1611 181 155 ···--·- ....... : Exports (value).•.. _............... i 319 331 181 166 142 143 135 121 156 150 149 161 146 146 151 179 185 Sales, mall-order houses ......... _.. _. 264 264 188 222 211 217 175 161 211 196 194 174 1M 157 190 ws 211 I Transportation: Freight, net ton·miles •...•..•...•• 121 137 105 134 107 94 Sill I 104 120 110 102 106 111 1919 monthly averap.:.100. Production: .--------------- ------------------ Lumber•........................... 100 100 85 97 I 98 89 ! 90 95 103 ! 108 126 132 122 130 125 126 121 Building contracts (tloor space)....