Survey of Current Business March 1922
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MONTHLY SUPPLEMENT TO COMMERCE REPORTS UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS MARCH, 1922 (See Introduction) No.7 COMPILED BY BUREAU OF THE CENSUS BUREAU OF FOREIGN AND DOMESTIC COMMERCE BUREAU OF STANDARDS Subscription price of the SuRVEY OF CuRRENT BusiNESS is $1 a year; single copies, 10 cents. Foreign subscriptions, $1.50; single copies, including postage, 20 cents. Subscription price of Cc'~'~."cE REPORTS is $3 a year; with the Survey, $4 a year. Make remittances only to Superintendent of Documents, Washington, D. C., by postal money order, express order, or New York draft. Currency at sender's risk. Postage stamps or foreign money not accepted. WASHINQTVN :GOVERNMENT PRINTING OFFICE : llil22 CONTENTS. Page. New data-Continued. Page. BusineBB indicators.......................................... 3 Prices and employment...... 40 Wholesale price comparisons................................. 4 Foreign coal production.................................. 42 Summary for January (text).................................. 6 Foreign iron and steel production....................... 44 Trend of busineBS movements (table)........................ 19 Employment in foreign countries..... •. 46 New data: Fats and oils........................................... 48 Life insurance-new business. 36 Miscellaneous ............•............. ,................ 52 Corporation stockholders................................ 37 Metals and lumber. 54 Enameled sanitary ware................................. 38 Sources of data.............................................. 55 INTRODUCTION. Date of issue.-Beginning with this issue of the arranged to distribute mimeographed advance sheets SURVEY the date appearing on the cover will refer to twice a month. One set will be issued immediately the date of issue and not to the date of the statistics after the 20th of the month giving the data on such contained therein. This change is made as the result of items as have been received up to that time. Another numerous suggestions reaching the department. The set of sheets will be mailed at the end of the month present issue is dated March, 1922, and contains sta giving the figures which have been received between tistics of industrial and commercial movements which the 20th and the end of the month. These sheets will took place in the month of January or up to February be mailed free of charge to all subscribers to the 1, 1922. No number will be issued bearing a date SURVEY who request them. Such requests should be line of February, 1922. addressed to the Bureau of the Census, Department of Advance Sheets.-ln order to facilitate the earlier Commerce, Washington, D. C. distribution of the SURVEY, the department has (2) 3 BUSINESS INDICATORS. The following table gives comparative index numbers for a selected list of important business movements. It is believed that thie table will prove useful, because it separates out 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 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 tren4 of the index numbers, compared to previous months, does reflect the present tendency in each item and will give a basis for business judgment. HONTHLY AVERAGE. 1921 1192!1 COlU!ODITY. ~1~1~ ~I~I~I~IM~I~·I~~I~I~~I~J~I~I~ 1913 monthly average-100. Production: Pigiron •••.........•. ".................... 100 118 54 94 76 I 62 47 I 48 42 64 64 Steel ingots................................ 111 135 66 104 82 74 57 60 47 =I : I : ! : I ~ 67 75 Copper.................................... 105 99 39 84 75 87 50 24 24 22 18 25 Anthracite eoal. .•...••.•.. " •• " ••.•.•••.. " . 96 97 95 97 101 97 101 101 90 78 82 Bituminous coal. • . • . • . • . • . • 96 116 85 101 77 76 71 ,, 83 1: I : ~ II : 110 90 77 94 Crude petroleum.... • • . • • . • . • . • 154 181 189 185 171 198 193 203 195 i 195 198 177 172 183 203 209 Wool (consumption)....................... 142 124 135 74 93 118 132 141 145 132 145 155 168 163 159 153 Cotton (consumption) •••...•.......•....•. j 108 117 93 76 82 91 85 91 96 97 101 103 109 106 109 Beef. • • . • . • • • . • . • . • . • . 131 121 109 113 88 109 101 101 104 101 118 119 125 114 Pork. • • • • • . • • • . • . • . • . • . • . 120 111 116 154 138 110 108 116 128 110 94 87 99 118 1: :::::::j Stoeks: Crude petroleum........................... 105 109 151 119 126 134 138 147 153 159 160 163 164 168 175 186 Cotton (mills and warehouses)............. 164 155 196 223 220 212 205 194 178 156 145 I 172 206 223 223 203 Prlees: Wholesale index, all commodities (Dept. Labor).................................. 212 243 155 177 167 162 154 151 148 148 152 152 150 149 149 148 :ketail food (Dept. Labor)................. 186 203 153 172 158 156 152 145 144 148 155 153 153 152 150 142 Retail coal, bituminous (Dept. Labor)..... 147 207 ••••••• 218 210 205 195 191 191 193 193 193 192 i 190 189 182 Farm crops (Dept. Agriculture)'........... 236 244 111 123 120 113 104 109 106 109 109 111 9S 100 Farm live stock (Dept. Agriculture)....... 198 168 107 120 117 123 112 109 104 109 113 101 : i : 91 95 Business llnanees: ! Defaulted liabilities.•.•...•................ 42 108 230 229 268 297 170 251 152 188 189 163 234 I 235 385 325 Price 251ndnstrial stocks. • • • • • . • . • . • . 182 184 137 146 149 148 131 127 121 128 t30 I t35 140 143 Price 25 railroad stoeks .•••.•.............. 75 68 64 66 65 1: 11:~ 65 61 64 64 65 64 66 66 65 Banking: i Bank clearings, N"<ew York City............ 249 257 205 236 1 t84 212 197 201 214 195 I 185 I 234 219 212 Bank clearings, outside New York City.... 228 258 199 221 1 178 211 181 188 196 188 189 ~=\:I:! 189 Commercial paper Interest rate .....•..•.•. 127 113 1as I 134 132 131 120 117 111 103 102 97 90 89 85 i 1 Distribution: Imports (value)........................... 218 295 140 140 i 144 169 170 137 I 124 145 119,130 120 1126 141 1159 ExPorts (value)......................... • 319 331 181 316 I 235 1s9 1 163 157 177 157 166 I 142 ' 143 135 Sales, mall-order houses.... • . • . 264 264 188 195 1 178 165 ' 164 137 164 181 ~~I: i 194 ·I 229 l 218 194 1919 monthly average- 100. Produetlon: I 100 86 66 81 83 92 I 85 94 92 97 98 89 80 Lumber•.................................. 100 _55 ; 931 I I Building contracts (lloor spaee)..... •• • . •• • 100 72 70 33 36 58 I 74 77 77\68 76 90 1fT 65 Stoekll: I Beef....................................... 100 7(1 43 59 59 51 46 40 36 27 25 35 6005 I ts067 I 97 84 65 81 1 104 108 110 100 85 61 50 Pork...................................... 100 I ;I~ Business llnanees: I Bond prices (40issues)..................... 100 8G 1fT 1fT 87 86 : 86 86184185 86 88 87 102 Banklnc: I l I 90 I 93 Debits to individual aecounta, outside I• I New York City.......................... 100 11s 91 106 84 95 ! 90 881 89 85 89 95 85 100 95 132 91 127 124 118 101 77 72 68 66 Ill « Federal Reserve, bills discounted. • • • • . 100 I 97 1, 92 137 137 140 Federal Reserve, total reserves ..•.•........ I 100 97 122 106 108 111 1114 1 m 120 123 127 131 134 111 Tra:r::'!:~~.......................... -1100 113 ····••· 90 75 81 I 77 185185186 92 93 8S 78 ··••••• 1 Monthly prices are for the first of the month following. • Based on the total computed production reported by 5 associations. Includes southern pine, Douglas fir, western pine, North Carolina pine, and Michigan hard· woods. The total production of these assOCiations In 1919 was equal to 11,190,000,000 board feet, compared with a total lumber production for the country of 34,552,000,000 board feet reported by the census. 4 Du.oaAu I.-COMPARISON OF WHOLESALE PRICES AT PRESENT WITH 1920 AND PREWAR (AYerage prices in 1913-100.) INDEX NUMBERS 100 30Q 4110 8110 800 700 FARM PRODUCTS, PRICE TO PRODUCE WHEAT CORN POTATOES COTTON COTTON SEED WOOL CATTLE. BEEF LAMM - FARM PRODUCTS, MARKET PRICE WHEAT. SPRING WHEAT, WINTER CORN. N02 OATS BARLEY RYE. NO 2 TOBACCO, BURLEY COTTON, MIDDLING WOOL. OHIO. UNWASHED CATTLE, STEERS HOGS. HEAVY SHEEP, EWES SHEEI', LAMBS FOODS i FLOUR, SPRING FLOUR. WINTER SUGAR. RAW lUGAR, GRANULATED COTTONSEED OIL CLOTHING OOTTON YARN COTTON PRINT CLOTH COTTON SHEETING WORSTED YARN WOMEN'S DREIS GOODS SUITINGS 81LK,RAW HIDES, PACKERS' HIDES, CALFSKINS LEATHER, SOLE LEATHER, CHROME BOOTS AND SHOES FUELS COAL. BITUMINOUS COAL. ANTHRACITE COKE PETROLEUM METALS PIG IRON, FOUNDRY PIG IRON, BESSEMER STEEL BILLETS COPPER -~PEAK PRICE I LEAD -·PRICE! IN JANUARY, illll2 TIN ZINC BUILDING MATERIALS LUMBER, PINE, SOUTHERN I LUMBER, DOUGLAS FIR BIOICK, COMMON. NEW YORIC BRICK, COMMON, CHICAGO CEMENT I STEEL BEAMS RUBBER! CRUDE RUBBER. CRUDE I i 5 WHOLESALE PRICE COMPARISONS. MAXIMUM PRICE COMPARED TO PRICE IN RECENT MONTHS. NOTJt.-Priees to the producer on farm products are from U. 8. Department of Agriculture, llureau of Market8 and Crop Estimate•. All other prl~s arc 1rom t". 8. Department of Labor, Bureau of Labor Stat#tic•; As far as pOSSible all quotations represent prices to the producer or at the mill. See diagram on opposite page. Novem• Decem• .. Per cent In• .. anuary, crease ( +) or Date and maximum bet, l)er, I 1921, 1921, r!~~ decrease (-) _ relative price. COMMODITIES. relative relative price. In ;,~over price. price. 1 (1913 average -100.) 1-------------------------------------------------'Farm products-Average price to producer: ~------;-----;:-----:-- 326 117 118 122 + 3.4 300 69 70 74 + 5.