Survey of Current Business May 1927
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UNITED STATES DEPARTMEN·T OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS COMPILBD BY BUREAU OF THE CENSUS : : BUREAU OF FOREIGN AND DOMESTIC COMMERCE : : BUREAU OP STANDARDS No. 69 MAY 1927 CONTENTS SUMMARIES INDEX BY SUBJECTS Text Table page page Page Textiles ____________________________________ _ Preliminary summary for ApriL_____________________ 1 12 24 Course of business in March________________________ 9 Metals and metal products ___________________ _ 13 25 Fuels __________________________ - _____ ------- Monthly business indicators (table and chart)_________ 2, 3 14 29 Automobiles and rubber _____________________ _ Weekly business indicators (table and chart)__________ 4, 5 14 27,31 Wholesale prices (table and charts) __________________ 6, 7,11 Hides and leather. __________________________ _ 14 30 Paper and printing__________________________ _ Indexes of business--------------------------------- 9,10 14 32 Detailed indexes (production, prices, sales, etc.)____ 18 Building construction and housing __ ----------- 15 33 Lumber products ___________________________ _ Basic steel and related products (charts)______________ 8 15 33 Stone, clay, and glass products _______________ _ 15 35 NEW DETAILED TABLES Chemicals and oils __________________________ _ 15 36 Cotton textiles __________________ ------------------ 21 Foodstuffs----------------------------------Tobacco ___________________________________ _ 16 38 16 41 Paper boxes ___________________ ------------------- 22 Transportation _____________________________ _ Construction costs and volume______________________ 22 17 41 Frozen eggs_______________________________________ 22 Public utilities ______________________________ _ 42 Tax-exempt securities ____________________ ---------- 23 Employment and wages _____________________ _ 11 42 Coal-tar dyes ______________________ ---------_______ 23 Distribution movement (trade, advertising, etc.)_ 17 43 Census of manufactures ________ ------_______________ 23 Banking and finance ________________________ _ 17 45 Foreign exchange and trade, gold and silver ____ _ 17 47 PRELIMINARY SUMMARY FOR APRIL The dollar volume of business in April, based on corresponding month of 1926, again touching their weekly figures covering check payments, was larger loweat point reached within the last five years. Loans than a year ago. The movement of goods into con and discounts of Federal reserve member banks showed sumption, as seen from data on carloadings, was also little change from the preceding month but were larger than a year. ago, establishing a record for this substantially greater than a year earlier. Prices of time of year. Production of bituminous coal showed stocks on the New York Stock Exchange averaged a falling off from both the preceding month and April higher than in the preceding month or April a year of last year, due to labor conditions within the in earlier, with bond prices making similar compari dustry. The output of crude petroleum reached a new sons. high point for the month. Production of beehive coke Interest rates on call loans were generally higher was lower than in either the preceding month or the than in either the previous month or April of last year. same month of the preceding year. Although lumber Time money rates, however, though showing noma output was greater than in March, the cut was sub terial change from the previous month, were lower than stantially lower than a year earlier. New building last year. Loans to brokers and dealers by Federal contracts awarded during the early weeks of April reserve member banks in New York City continued w_ere running higher than in the corresponding period to expand. The Federal reserve ratio was somewhat of either the preceding month or April of a year ago. higher than in the previous month. Business failures Wholesale prices continued to decline during April, during April were less numerous than in March but both as compared with the preceding month and the greater in number than a year ago. 44324-27-1 2 MONTHLY BUSINESS INDICATORS, 1920-1927 [Ratio charts-see explanations on inside front cover. The curve on bank debits has been adjusted for normal seasonal variations and that on manufacturing production for the varying number of working days in the month] RELATIVE TO 1913 AS 100 RELATIVE TO 1919 AS 100 1920 1921 1922 1923 1924 1925 1926 19'27 1920 19'21 19'2'2 1923 1924 1925 1926 1927 350 200 300 L \/ -PRICES 25' INDUS RIALS OCKJ BANr DEBIITS. 141 ~ 'V-v 200 ......, h.- k ~ _,;- '--" ~ I00 ' .....,.... 8 0 2 00 tOO rv ! T~ l WHOLESALE TRADE 6 LIN S ISO i"t:TEREST RATES, COMMERCIAL PAPER v- h f 100 -- I00 80 , ii\.J\ AJ ....... a0 60 \. ~ f!" -'-- 6 0 r I I I I 2 50 DEPT., STORE TRADE 1359 STORES 50 250 2 00 l 200 oF}ABOR J J .11 J I ~ ~HOl,SALE±CES JDEPT. l J I 1 If)( (\/ I - ln/ .n~ r.l ~nf' vv v I00 tOO I I I e0 250 "' 2 00 I 200 n~ARM ~R!CES~DEPT.OF ~GRICVJUREl MAIL-ORDER SALES 14 HOUSES l ~ ._. ,.,-...../ ~ II ,..1"" ~ A ll\ ft\1 ~ '\,_,.... - r r I00 I 100 '\.I lA A \ ... II\ !ft I V_ u 8 0 I I ----- I eo l I ' " .. 6 0 I LL.L...I v '"'' 50 I 50 ~I l ~ I00 \ ...... MANUFACTURING PRODUCTION ffi j . ,_ <64 COMMODITIES) 80 8? ~~~itt1 I I I 7 UJ d) 150 2g0 Ill ~ ~ :::> t'v-\ I ~ '\ /IVV'-~ ! ,, :::l 100 z r'\,... ~ ~~ 80 J\1 f'\ n I ooz X X UJ ·£ 80 UJ 10 60 I I UMBER PRODUCTION 0 z -- <~ SPECIEj> 60 "\ I tiG IR~N PR09UCTIO~ I z 40 v_ J I _L_L_ I 40 300 200 ~ l'w. h I'\ AiM I UN~ILLED ~TEEL b~oERJ J\\ -I I y I 200 ,.... /'\. V\ 100 ~ ~ \j ..... / I y 80 " \ IV\ _I00 \ I '\.L .~ 60 I so v I I ""' AUTOMOBILE PRODUCTION <PAS~ENGER CtRS ANOITRUCKSJ 60 I I I ' 40 \ .. 30 ' _L_j I I I ; A I I AI r'\! I \ ,,.. rl..' l l/ ' I I I . ' I I I60 \...,} zoo J ''r' "\J Vl! It- ~A A ' v wv II\ (', A ~~:/ 100 ll' ' II\ 11\ f''" I00 80 80 BUSINESS FAILURES ~ 60 DEFAULTED LIABILITIES ' 60 1\i , BUILDING CONTRACTS AWARDED <Sa. FT.l I (27 STATEf) 40 L \ 40 I I I I I Ill 1111111 I I I II I I I I I 30 4-A-t\ 1111111 I I l I I I I I I I I l I I I I I l I 30 1920 1921 1922 1923 1924 19'25 1926 1927 1920 1921 1922 1923 1924 1925 1926 1927 3 MONTHLY BUSINESS INDICATORS The following table gives comparative relative numbers for a selected list of important business movements. It is believed that this table will prove useful, because it segregates from the large mass of material a comparatively 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 relative 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 relative numbers is calculated by letting the 1919 monthly average equal100. 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 relative numbers, compared to previous months, does reflect the present tendency in each item and will give a basis for business judgment. ,---------------------,--------------------.--.----------------------------------.---------l I--------.---M,o_N_'T-Ht_v_A_v,E_R_A_o,E----,----t-1-92_5, 1926 1927 ITEM 7 I 1920 11921,19~2,1923,192' 11925!1926 Dec. Jan.) Feb.)Mar.j Apr.[_May/June[ July!Aug.,Sept.j Oct.INov.j Dec. Ja~l Fe~J Mar. 1913 monthly average=100 I I I . I --~---~----~c----- -----~ Production: 1 1 Pig iron ............................ 120 54 87 130 101 118 127 127 130 11411' 134 135 1 136 126 1261125 123 l1ao 126 121 121 115 136 Steel ingots •• ----------------------- 135 64 114 144 122 146 156 158 164 151 178 1631156 149 145 159 156 162 148 138 151 152 181 Copper----------------------------- 99 38 80 120 128 136 141 135 138 132 147 143 143 139 140 140 141 146 146 141 148 134 134 Cement (shipments) ••.••••••••••••• 108 107 131 153 164 177 182 94 77 79 I 129 rn N & ~ m m m ~ ~ m M 100 Anthracite coaL.................... 98 W 60 102 96 68 93 3 2 27,115 ~~D m ill ~ ill m ~ w • n oo Bituminous coaL ••.•.•••••••.••••. 119 87 88 118 101 109 121 132 135 117 116 101 98 105 109 116 123 137 150 145 143 133 151 Electric energy (groSbrevenuesales). 2831312 3491407 434 470 535 558 578 537 I 506 499 489 491 oo9 543 1 569 595 e2o 567 ------~~.· 1 5591545 Crude petroleum.·-----------------1 178 189 224 295 287 304 309 294 288 264 293 290 302 298 313 321 315 333 I 336 348 345 328 364 Cotton (consumption) ______________ 1 105 97 109 117 99 115 120 124 125 121 137 I BeeL------------------------------ 119 113 126 130 133 138 144 152 139 120 136 ~;~ I ~!! ~~ ~~: !: I ~~ !: I !;~ ~~ ~;~ ~~; ~!; Pork·------------------------------ 113 117 130 160 151 128 127 162 168 127 136 120 119 136 129 118 100 101 119 151 164 128 146 1 I Unfllled orders: 1 United States Steel Corporation .•• .: 170 90 96 102 68 73 64 85 83 78 74 65 61 59 61 60 61 62 64 67 64 61 60 Stocks: I Crude petroleum 1________________ __!143 171 265 311 369 290 269 278 278 274 274 273 271 268 265 265 265 264 264 265 266 272 276 Cotton (total) _____________________ _! 155 198 153 125 111 129 177 237 227 213 192 167 143 119 98 85 137 217 260 267 257 239 210 Price:• I Wholesale index. •••••••.•.••.•.•.•. 226 147 149 154 150 159 151 156 156 155 152 151 152 152 151 149 151 150 148 147 147 I 146 145 Retail food·------------------------' 203 153 142 146 146 145 160 166 164 162 160 162 1 161 160 157 156 159 160 162 162 1591156 154 Retail coal, bituminous.••.••.••.••• ! 207 197 188 190 169 167 172 179 179 179 170 168 161 160 160 162 170 177 188 187 183 181 179 Farm products ••••••••.•.•........