14,910,000 pounds, as compared with 16,- hive coke during the first two weeks of 870,000 pounds in November, 1923. The December, and prices under the stimulus of decline in production of butter and cheese was larger demand and higher wage scales at the not accompanied by a corresponding decrease independent ovens have advanced materially. in consumption, and stocks at the beginning of Total production of by-product coke during December were smaller than at the beginning November was greater than for any month of of the preceding month. Butter stocks, how- the current year since April and very near the ever, were about twice as heavy as last year. total for November, 1923, while beehive coke From a high point in September last year stocks production held at about the October level. were reduced 50 per cent by December 1, but During each of the first two weeks of December this year the reduction for the corresponding production of beehive registered a 10 per cent period amounted to only 35 per cent. advance over the previous week, the output for the week ending December 13 being 192,000 tons, as compared with 152,000 for the week ending November 15. Despite this increase, however, total output of beehive coke was still at that time materially below the corresponding levels of last year. Coal and coke. MINING Mild weather and the seasonal closing of lake navigation, together with a moderation in the rate of increase of general industrial activity, all contributed to soften the coal market during November. On the other hand, increased employment and textile activity in New England and colder weather are regarded by the trade as sustaining market influences. The Coal Age index of spot prices of bituminous coal fell back on December 15 to the levels of September and stood at $2.04 after a high of $2.12 on October 27. While the market has been somewhat weaker, average daily production of bituminous coal throughout the fourweek period ending December 13 for the first time since February, 1924, has been slightly higher than that for the corresponding period of 1923. Because of the small number of working days, however, total November production was the lowest since August and below that for any November since 1921. During the first two weeks of December this situation was reversed and estimated weekly as well as average daily production were well above the corresponding figures for 1923. Little change characterized the anthracite market for the period. Though prices rose slightly, supply, except for stove, was adequate to demand. Production for the month of November reflected the smaller number of working days and at 6,776,000 net tons, was the smallest for any November in recent years and for any month since September, 1923, when output was reduced because of strikes. During the first two weeks of December, in spite of several high daily production figures, weekly production was again below last year on account of local strikes. Petroleum. After declining almost steadily for nine weeks the production of crude petroleum turned upward in the week ending November 15 and since that time the volume has continued to increase. For the week ending December 13, the daily average output reached 1,977,300 barrels, the highest level since early in October. The increase in production was due largely to a greater flow in the midcontinent fields, where the output was curtailed in the late summer months. A new pool was discovered in Texas early in December, which contributed to the increased production in that month. Prices of crude petroleum continued to decline in November and according to the average price at three principal fields in November, as computed by the Oil, Paint and Drug Reporter, was $1.57 a barrel as compared with $1.62 in October. Since September, when production was at the lowest point for some months, the price has not declined as rapidly as during the spring and summer. Production of all refined products increased in October and stocks of all products except gasoline, gas, and fuel oil were larger than at the end of September. The demand for gasoline continued good through November and it is reported that the market has been relieved of a considerable quantity of the "distress" gasoline that was evident during the spring and summer. In November the price of gasoline turned upward for the first time since early in the year, and according to the same Increased demand for coke, owing to greater source the average price at three refineries was activity in the iron and steel industry, was re- 9.98 cents a gallon as compared with 9.44 flected in sharp increases in production of bee-cents a gallon in October. Stocks of gasoline at the end of October were smaller than for any preceding month during the year and this served as a strengthening factor to the market. Metals. was smaller than last year, but in the Chicago and Kansas City districts it was larger. Buying during the month was to fill immediate needs, with little demand for deferred delivery. Demand for most nonferrous metals was Exports were smaller than in the preceding month and November last year. strong during November and the first half of month and November last year. December, and prices of copper, lead, and zinc than in October, and in fact it was in the The output of sugar was 33 per cent smaller advanced. The price of refined electrolytic smallest volume for any month this year. copper delivered at New York increased from A part of the decline may be attributed, as in 14 cents at the end of November to 145% cents the case of flour, to fewer working days than on December 17. Large quantities of the metal have been ordered by eastern manufac- ordinarily. As compared with the same month metal have been ordered by eastern manufac- in 1923 the volume produced was 19 per cent turers of brass, wire, and sheets, and foreign less. Final estimates by the Department of demand has also continued to be satisfactory. Production during the month of November totaled 137,000,000 pounds and the daily average output was higher than in any post war month. Prices of both zinc and lead ores in the Joplin district advanced during November and shipments were at a substantially higher daily rate than in October. There has also been a considerable increase of development work in that section. Shipments of slab zinc from refineries were much in excess of production during November and stored stocks, which amounted to 27,000 tons at the end of the month, were smaller than at any time since October, 1923. Agriculture show a production of beet sugar amounting to 1,085,000 tons, the second largest crop on record. The crop of cane sugar was smaller than last year; the decline being due in part to the drought which continued in Louisiana during a considerable part of the growing season. stock resulted in an increase in the volume of Seasonal increases in the marketing of livemeat packed in November, and the total number of animals slaughtered reached the largest monthly total since January. The number of hogs slaughtered was, 32 per cent larger than in October, but was not as large as in 1923, when the number marketed was exceptionally Silver mines slightly increased their rate of heavy. The slaughter of all other animals activity in November, though their monthly was smaller than in October, but larger than last year. The domestic demand for meat production, which aggregated 5,522,000 ounces, was less than in October, as there were fewer products, as represented by dollar sales of 40 working days. Quotations for bar silver de-meat-packing companies reporting to the clined during December as the result of sales by smaller than in October and 0.4 per cent Chicago Federal Reserve Bank, was 8 per cent China and reduced demand from India and Europe. Demand for tin, on the other hand, smaller than in November, 1923. Exports of has improved during the past two months and meat products were smaller than in the precedNovember deliveries were larger than in any last year. In view of the seasonal increase in ing month, and continued below the level of month since April. meat packing in the autumn months, coldstorage holdings of meat products have increased and stocks of beef and sheep products are larger than a year ago, but holdings of pork products are smaller. Food products. MANUFACTURING Declines in the production of flour and sugar and an increase in the output of meat products were noted in November. The production of wheat flour was 13 per cent smaller than in October, a part of which decline may be attributed to the fact that there were fewer working days than ordinarily in the month. The output was about 1 per cent larger than in November, 1923. Decreases from the October volume occurred in all Federal reserve districts from which data were received. In the Minneapolis and St. Louis districts the output Textiles. Improvement first noted in textile industries last summer continued during November and December. Buying was active, with considerable ordering for future delivery, and prices were either firm or advancing. Allowing for the difference in working days, production was at about the same rate in November as in October. Employment showed an increase among manufacturers of fabrics and knit goods, but seasonal declines were noted in clothing, worsted goods, and men's clothing. The changes in the goods index are shown yearly prior to September, 1924, and the clothing indexes are changed at each semiannual opening. It will be noted that the goods and clothing prices generally follow the movement of those of raw wool with a lag of from 6 to 18 months. The recent rise in raw-wool prices has largely taken place since the latest clothing openings, at which lower prices were announced. The advance in goods is shown on the chart, but no official increase in clothing has occurred, although some firms are quoting higher on duplicate orders. Mill operations were slightly greater in November than in October, according to statistics of active machinery. A decline of 12 per cent in the Cotton-goods markets were fairly active during December, which is ordinarily a month of rather light buying. Gray goods have at times been unusually strong, and buying of print cloths for January-February delivery was large, with some ordering for later months. Mill stocks are reported to be small. Prices of goods, according to the Fairchild index, have fluctuated within the past six weeks, first up and then down, but the general tendency seems to be slightly upward. The yarn index has moved in a somewhat similar manner; both reflect to a certain extent the fluctuations in the raw cotton market. New flannel quotations have been recently announced at 1 cent a yard below those of last year. Mill consumption of raw cotton in every important producing State except New Hampshire totaled less in November than in October, but the daily average consumption showed an increase. The 300 number of spindles active was greater in November than a month earlier. As compared with November of last year consumption was less in all States except North Carolina and Georgia. PER CENT 350 250 200 Raw wool prices have moved up steadily since last summer and in December approached close to the maximum reached in the spring of 1920. The Fairchild weekly index of domestic raw wool prices in the third week of December 150 was 14 per cent higher than early in November, 40 per cent above last summer's low point, and less than 1 per cent below the May, 1920, level. Foreign wool prices have risen only a little less rapidly. Imports in November totaled 16,500,691 pounds; the weekly figure for December indicates larger receipts. Eastern dealers are contracting in the West for domestic wool, and an unusually large part of next spring's clip is already under contract. Higher prices have been established in western markets, growers in some cases receiving as high as 57 cents a pound. Boston banks report a substantial increase in loans made on wool. Buying of woolen and worsted goods has been fairly active, but this is the usual quiet season, as fall openings are expected sometime in January. Prices of goods have been raised each month since the openings of spring lines early in September, and the Fairchild index for woolens and worsteds is now close to the level prevailing prior to the reduction made at that time. The accompanying chart shows the post-war fluctuations of three of the Fairchild indexes-domestic raw wool, woolen and FAIRCHILD INDEXES 1919 1920 1921 100 1922 1923 1924 100 Some recessions were noted in the raw-silk market during the last week in November and the first week in December. Buying was less active and prices fell, but in the following weeks an upward reaction occurred. Statistics of stocks showed 55,516 bales in warehouses at the end of November, the largest number recorded in the five years that the figures have been compiled. Slightly reduced shipments and a further increase in imports were responsible for this enlargement of stocks. Some increase in stocks at this time of the year appears to be usual. Activity in broad silks has con tinued to be brisk, operations have been increased or maintained at a high rate, and, owing to the demand for new spring lines, many manufacturers have booked sufficient forward business to insure the present rate of production for several weeks. Prices of both goods and yarns have been firm. Knit goods have been fairly active in recent weeks and mills have been operating at a much higher rate than a few months ago. Heavyweight underwear has been in fair request. Southern mills have booked many orders for their 1925 lines, which were opened at prices lower than last year, but northern producers have delayed official announcement of new quotations. October statistics showed increases in production, orders, and shipments as compared with September. Hosiery sales have continued rather large, particularly in woolen mixtures, for which there is a seasonal demand. Prices have in general been firm, although some declines since the latter part of November have been noted. Production, orders, and shipments were much larger in October than in September; preliminary figures for November indicate seasonal declines in production and shipments, but increases in unfilled orders. Iron and steel. Buying of iron and steel products has been active since October, many future orders have been booked, production has increased, and prices have advanced. Daily average production of pig iron and steel ingots were, respectively, 5 per cent and 8 per cent greater in November than in October. During November 23 blast furnaces were blown in. Since December 1 several more furnaces have been put into blast, and steel mill activity has increased further, unofficial reports placing operations at over 80 per cent of capacity as compared with under 40 per cent last summer. November production was still about 25 per cent below the high point reached last spring. Reports indicate that producers are booking more orders for future delivery than at any time since early in the year. The increase in unfilled orders of the United States Steel Corporation from 3,525,270 tons on October 31 to 4,031,969 tons a month later showed that new business in November exceeded shipments. Prices have risen fairly steadily since early in November, and the Iron Trade Review's composite price on December 24 was 6 per cent higher than it was seven weeks before, the low point for the year. Most of this rise was due to pig iron which, according to the Iron Age index, advanced 14 per cent in the same period, but most steel products are also somewhat higher. Recent advances in the price of coke have raised raw material costs for pig iron producers. Among large buyers in recent weeks have been railroads, manufacturers of automobiles and accessories, can companies, a large radiator manufacturer, and oil producers. Railroads are particularly active buyers of rails, cars, and other equipment. Freight car awards totaled 12,720 cars in November, making the 11 months' total about 126,000, as compared with a yearly aggregate for 1923 of 103,000. Locomotive shipments were greater than in October, but unfilled orders declined. Producers of automobiles and allied products are still rather cautious about buying, but have shown a little more interest in the market. Estimated total structural steel bookings were larger in November than for any month since March, 1923, but shipments were less than in October. Since December 1 weekly structural awards decreased considerably. Sales of sheets in November were over twice the October figure, while production and shipments decreased slightly. Automobiles and tires. Sharp recessions were noted in the automobile industry during November. Statistics indicated declines in production, shipments, and sales, and several price reductions were announced. Production, according to figures compiled by the Chicago Federal Reserve Bank, totaled only 201,652 passenger cars, a decline of 22 per cent from October and 29 per cent from a year ago, and the smallest monthly output since September, 1922. Reasons for this restricted production are seen in the declines in the distribution of cars, as manufacturers are evidently trying to avoid the excess stocking of both their own and their dealers' warehouses which resulted from the high rate of operations maintained throughout last winter. Shipments from factories by railways and boats and driveaways declined considerably. Sales of cars by manufacturers to dealers were much less than in any recent months, as well as below those of a year ago. Dealers' sales to users, although smaller than in previous months, did not decline to the same extent as manufacturers' sales, and were probably slightly greater than the latter, indicating that dealers' stocks are being kept down. Internal revenue figures of taxes paid on automobile sales in November totaled less than 50 per cent of those paid in the same month of 1923. In any month in the past five years, and materially Production of automobile tires and tubes declined in November, after a steady increase since July. Shipments, on the other hand, which fell off in October, increased during November. They did not equal output, however, and stocks were further enlarged to the highest level recorded in any November of recent years. The market for raw rubber has been active, and Trading in hides, leather, and shoes has conthe price has renewed its rapid advance, which tinued fairly active in recent weeks, although was temporarily checked in November, reach-seasonal declines were noted in some lines. A ing in December the highest level recorded in large number of hides were sold on the Chicago the past three years. November imports were market in December, but at lower prices than only a little less than the large volume received those prevailing a month earlier. October in October. statistics showed a general increase in hides and skins disposed of, accompanied by a decline in Lumber. the stocks of all kinds except cattle hides. Leather sales were also fairly large in December, although restricted by the approach of the inventory period. Prices of sole leather have advanced recently. According to statistics for October, production and stocks in process of practically all kinds of leather were greater, whereas finished stocks were further reduced. Stocks held by boot and shoe manufacturers changed little and in different directions for the various types of leather. liminary figures for sole leather showed reduced production in November, largely because of fewer working days than in October. Tanners' finished stocks were smaller and stocks in process larger. Both production and shipments of lumber fell off in November from the seasonal peak volumes of the month preceding, the decrease being in part accounted for by the occurrence of holidays. For the month as a whole shipments slightly exceeded production, and orders were clearly in excess of both production and shipments. This is a reversal of the showing for September and October, in each of which months production was in excess of both shipments and orders. During each of the first two weeks of December shipments continued in excess of cut by approximately 10 per cent and orders in these two weeks exceeded cut by about 20 per cent. Relative volumes of current production and shipment, it will be noted, indicate some decline in manufacturers' stocks. For the year to December 13, however, orders and shipments have very nearly equaled production, and weekly price indexes for both soft and hard wood show only slight price shifting in December, the upward trend of recent weeks being continued. As reported by the West Coast Lumbermen's Association, the cut of Douglas fir, which increased from 366,287,000 feet in September to 500,154,000 feet in October, decreased to 368,451,000 feet in November. Shipments also fell off from 463,600,000 feet in October to 332,184,000 feet in November. Production of southern_pine, according to figures of the Southern Pine Association, declined from 400,633,000 feet in October to 362,715,000 feet in November, shipments in November being well in excess of production, with the result that stocks were reduced during the month by some 60,000,000 feet to 906,372,000 feet at the close of the month. This is a minimum recorded for the close of Pre Production of shoes, which in October was practically the same as in the corresponding month of the two preceding years, declined about 18 per cent in November, totaling less than in November of either 1922 or 1923. The presence of five Sundays in November this year is largely responsible for this unfavorable showing. All important producing districts and all types of shoes shared in this decline. Buying has not been particularly active recently, as this is ordinarily a rather quiet season of the year, as it follows the supplying of fall needs and precedes ordering for spring. In many instances prices of shoes have been advanced during recent weeks. Wholesale trade in shoes declined in November from October and was also less than a year ago. Chain shoe stores, on the other hand, reported an increase in sales. BUILDING Volume of new building projected, as measured by number and value of permits issued in 168 selected cities, decreased during |