Survey of Current Business July 1921
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MONTHLY SUPPLEMENT TO COMMERCE REPORTS UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS JULY 1, 1921 COMPILED BY BUREAU OF THE CENSUS BUREAU OF FOREIGN AND DOMESTIC COMMERCE BUREAU OF STANDARDS r--------------------------------------------- WASHINGTON : : GOVERNMENT PRINTING OFFICE 1921 INTRODUCTION. To visualize the current trends of business and industry use preliminary figures or advance estimates in order to monthly, the Department of Commerce has found it avoid too great delay in publication after the end of necessary to condense and compile a large volume of each month. information. These facts have been of service to the Department in its attempt to grasp the changing business How RELATIVE FIGUREs ARE CoMPUTED. conditions. It is believed they may be useful to the In computing the relative figures, the attempt has business public and that the figures, in some measure, been made to use the average of the last prewar year, will assist in the enlargement of business judgment. 19I3, as a base equal to 100. In many instances the To concentrate such a mass of information in con basic statistics do not go back to the prewar years and, venient form and to make it useful for study and com in such cases, averages for the year I919 have been parison, the data have been coded into relative figures, taken as a base. In a few cases still other base years or index numbers, where necessary. These index num have been used for special reasons. These facts, to bers enable the reader to see at a glance the general gether with the source of the basic data, are indicated upward or downward tendency of a movement, which in the several tables. Certain commodity movements, can not so easily be grasped from actual figures. such as the production of cottonseed oil, cold-storage holdings, etc., are very seasonal in character. In STATISTics CoMPILED FROM VARIOUS SouRcEs. calculating the index numbers no allowance has been The basic figures used in the accompanying tables are made for this, since it was thought better to let this largely those already in existence and are collected from fact show in the relative figures themselves. Government departments, trade associations, etc. In For those unfamiliar with the use of such relative cases where the basic data have been collected by outside figures a word of explanation is necessary. Take the agencies the Department of Commerce assumes no respon- figures in the first column of 'fable 2, ·which deals with sibility for their accuracy or completeness. The figures the bank clearings in New York City as reported monthly used, however, are in some cases those generally accepted by Bradstreet. In I9I3 the average monthly clearing in business circles as sufficiently complete to represent the amounted to $7,886,ooo,ooo. This number is allowed current trend of the given industrial movement, and in to equal Ioo on our relative scale. In January, I92o, other instances are vouched for by the trade association. the total bank clearings were $23,2 w,ooo,ooo, or equiva- To be of value such information must be widely diffused lent to a relative number of 294, when the I9I3 average and digested by the business men of the country. It is is taken as Ioo. In June, I92I, bank clearings in New not enough that the banks and the big business concerns York City were only $I6,849,ooo,ooo, or on the relative should understand the trends in business; the small basis only 214. By subtracting Ioo from any relative manufacturer and the small dealer must have some number we obtain at once the per cent increase or decrease understanding, too, so that there may be some semblance above or below the base year. 'rhus bank clearings in of unity in action. The Department hopes to reach this January, I92o, were I94 per cent above the I913 average, audience by offering to them these data. and in June, 192 I, they were I I4 per cent above the In preparing these figures every effort is made to same base. In the number of business failures, as re secure accuracy and completeness. On the other hand, ported in column 3 of Table 2, the relative number for it is realized that timeliness is often of more value than January, 1920, is 43, indicating a decrease for that month extreme accuracy. In certain cases it is necessary to of 57 per cent below the I913 monthly average. (3) CONTENTS. ~.-BANKING AND•. FINANCE. III.-COST OF LIVING-continued. VI.-TRANSPORTATION-continued. DaJafrom GO'VeTnment sources. Data/rom commercial and trade sources Data/rom commercial and trade sources-continued (Table 6, p. 13.) Freight·car deficiencies: (Table Ia, p. 6, and Table lb, p. 7.) Cost of living: Box cars. Debits to individual accounts: Food. Coal cars. In New York City. Shelter. Total cars. Outside New York City. Clothing, i Average car loadings per week: Federal Reserve: Fuel and light. Grain and grain products. Deposits and note liabilities combined. Sundries. Live stock. Bills discounted. All items weighted. Coal. Notes in circulation. Earnings: Forest products. Total reserves. Average weekly in New York State. Ore. Average weekly in N cw York State relative to the Merchandise L. C L. and miscellaneous. year 1914 as a base. Total. DaJafrom commercial and trade sources. (Table 2a, p. 8, and •rable 2b, p. 9.) IV.-EARNINGS AND EMPLOYMENT. VII.-FOREIGN TRADE MOVEMENT Data/rom Go-vernm-ent sources. Bank clearings: DaJafrom Government sources. In New "l!ork City. (Table 7a, p, 14, and Table 7b, p, 15.) (Table lla, p. 22, and Table 11 b, p. 23.) Outside New York City. Earnings-Average earnings in selected industries: Business failures: Merchandise: I ron and steel. Total imports. Number. Automobile manufacturing, Liabilities. Total exports. Car building and repairing. Dividend and interest payments. Tonnage cleared. Cotton manufacturing, New capital issues. Panama Canal traffic. Cotton finishing. New York Stock Exchange sales: Tonnage: Hosiery and underwear Stocks. Under construction. Woolen. Bonds. Completed. Silk. New York closing price: Foreign exchange rates: Men's clothing. 25 industrials. Sterling. Leather. 25 railroads. French. Boots and shoes. Italian. Paper Jnaking. German. 11.-PRICE INDEX NUMBERS. Cigar manufacturing. Employment: Data/rom GO'Vemment sources. Number of persons on pay roll of 1,428 firms. vm.-cROP PRODUCTION. (Table 3, p. 10.) DaJafrom Guvernment sources. V.-RETAIL MOVEMENT. Goods produced (72 quotations): (Table 128, p. 24, and Table 12b, p. 25.) Data from commercial and trade sources. Imported (18 quotations). Wheat: Exported (39 quotayons). (Table 8a, p. 16, and Table 8b, p, 17.) Winter. Raw material (39 quotations). Mail-order houses: Spring. Producers' jloOOS (JI qUOtations). Sears, Roebuck & Co. Total. Consumers' goods (20 quotations) . Montgomery Ward & Co. Corn. All (go quotations). Total. Oats. Wholesale-all commodities. Ten-cent stores: Barley. Retail-Food. F. W. Woolworth Co. Rye. Farm prices: S. S. Kresge Co. Total grains. Crops. McCrory. Rice. Live stock. Total. Cotton. Magazines: Potatoes. DaJafrom commercial and trade sources. Lines of magazine advertising. Apples. Hay. (Table 4, p. ll.) Tobacco. VL-TRANSPORTATION. Composite condition of all crops, relative to 1o-year All commodities: Data /rom Government SQUrces. average. Dun's Review. Bradstreet's. (Table 9a, p. 18, and Table 9b, p. 19.) Foreign prices: IX.-MOVEMENT OF FARM PRODUCTS. Total revenue freight carried per quarter year: United Kinedom. Agricultural products. DaJafrom Guvernment sources. France. Animal products. Italy. (Table I3a, p. 26, and Table 13b, p. 27.) Mine products. Germany. Forest products. Exports of grain, including flour and meal as jlfains: Manufactured products. Barley and barley flour. m.-COST OF LIVING. L. C. L. merchandise. Corn and corn meal. Grand total. Oats and oatmeal DaJa from G07Jernment sources. Canal traffic: Rye and rye flour. Sault Ste. Marie. Wheat and wheat flour. (Table 5, p. 12.) Total grain. Food. DaJa from commercial and trade sources. Cotton: Clothing. (Table lOa, p. 20, and Table lOb, J'· Zl.) :Exix>$ Housine. Imports. 'Fuel and light. Freight-car surplusa~res: Cottonseed: Furniture and house furnishines. Box cars. Stocks. Miscellaneous. Coal cars. Oil stocks. Total Total cars. Oil production. (4) 5 IX.-MOVEMENT OF FARM PRODUCTS~ .n. XIV.-METALS AND METAL PRODUCTS. XVI.-TEXTILE~ontinued. Data from commercial and trade sources. Data from Government sources. Data from commercial and trade sources-continued. (Table 14a, p. 28, and Table 14b, p. 29.) (Table 20a. p. 40, and Table 20b, p. 41.) Total knit underwear-Continued. Wheat: Production report Iron and steel: Flour production. Number mills. Expoqs. Normal production. Visible supply. Imports. Receipts. Actual production. Copper-Exports (pigs. ingots, etc.). Raw silk: Shipments. 1 Tin-Imports (bars, blocks, etc.). Storar.e at end of month. Com: Zinc-Imports (ore, blocks, pigs, and dust). Visible supply. Consumption. Receipts. Shipments. Data from commercial and trade sources. Cotton: XVII.-ACTIVE TEXTILE MACWNERY. Visible supply. (Table 2la, p. 42, and Table 2lb, p. 43.) Data /rom Government sources. Sugar,; Pig-iron produc-tion. Melting and raw Steel ingot production. (Table 25a, p. 50, and Table 25b. p. 51.) Stocks. Unfilled orders. Copper production. Spindles: X.-LIVE-8TOCK MOVEMENT. United States stocks of tin. Woolen. Data from Government sources. United States production of zinc. Worsted. Cotton. (Table !Sa, p. 30, and Table !Sb. p. 31.) United States stocks of zinc. Looms: Live stock--{;attle, hogs, sheep : Wide. Total receipts. XV.-FUEL AND POWER. Narrow. Total slaughter. Carpet. Shipments- Data/rom Government sources. Stocker and feeder. (Table 22a. p. 44, and Table 22b, p. 45.) Total. Coal production: XVW.-PAPER AND RUBBER. Xl.-FOODSTUFF MOVEMENT. Bituminous. Anthracite. Data /rom GO'ller~ment sources. Data /rom Government sources. Beehive. (l'able 26a, p, 52, and Table 26b, p. 53.) (Table 16a, p.