Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-02
PHILADELPHIA LEADS MARCH
BACK TO PROSPEROUS TIMES

Philadelphia is among the leaders in the
general business boom now being felt
throughout the country, according 10 the
monthly report OF the Federal Reserve
| Board. issued today in Washington. This
city enjoys great prospects, although the
present conditions in some businesses
hahave not yet reached normal. 1t is said.
In referring to local conditions the
report says:
THE largest surplus reserves held by
the banks In six months and easy rates
for money, with little demand for funds.
are the characteristic financial features
In this district. Domestic business is still
below normal, but manufacturers and
jObbers are prepared to take advantage
of brighter prospects, and are looking to
the future more cheerfully than a few
months ago,
Orders are being received in greater
volume than last month for supplies and
exports. and business is not only helping
n restore confidence, but is spreading It's
influence TO other allied industries. Many
large concerns are turning their attention
10 this new business. which usually neces.
sitates the installation OF machinery or
additions TO plants. This has had IA
vorable effect upon concerns engaged IN
the manufacture OF machinery, tools and
building materials, with the result that
the steel industries show a decided gain
over last month. Conditions OF employ
ment are improved and the Increase in
pay rolls. with the corresponding increase
in Purchasing power, has made the home
trade better.
Most domestic manufactures are op-
Grating at about the same capacity as
last month, excepting the steel industries.
Shipyards are exceedingly busy and win
be for months 10 come. Anthracite coal
mining is close TO the minimum usual
during the summer months. but there Is
an Increased demand for bituminous coal.
Although some OF the large railroad shops
are operating at only 70 per cent OF ca
Daeity' the number on the payroils Is be-
Ing greatly increased
THE demand for wool Is increasing and
prices are rising. Cotton yarn does not
show much change. The demand for
hosiery, notions and dry goods is i'm
proving. but the demand for silks has
fallen on somewhat Improvement Is
noted IN hides and leather. The chemical
ana dyestuf situation remains unchanged,
with prices high and supply low Eleo-
trieal supplies are In demand, and bust
ness is good in paints and wallpaper.
Crop reports are very favorable. and
there Is evidence that prices will DO bet
ter this year than last.
Money market conditions are about
the same as last month There ls very
little demand for money, and the rates
are easy, call money being quoted from
SA 10 4 per cent, time money, 4 10 ~
per cent. and commercial paper, 81 10 ~
Ter cent The supply OF comnereiai
paper Is extremely limited, and new
NAMES are not appearing IN the market
20 any extent. The available amount of
loanable funds keeps steadily increas-
ing. Bank cloadnGs show a slight in
crease over last month. Investment pur-
fnasng of bonds % reported m greater
volume than for some time"
the reports on New York. ST. Louis ana I
Boston are not SO optimistic as the Phu- |
aaelphia ieport. bat business IN these dis /
iriets iz slowly improving Unreasonable /
weather is blamed Tor part OF the slow /
ness of the revival
Another evidence Of returning prospsr- I
iiy y given In the report of the Peoples 1
National Bank OF Pittsburgh. which pre- i
diets further increases Ia the steel busi- I
ness Ania. IL - asserted. viii bs due 20 i
the demand for agricultural machinery
needed 10 harvest the enormous crops
Scarcity of horses has augmented MS
1eu4aud Gasoline power VII replace fhe
1osata Their scarcity q due fs ths ~
loftaiIeH of auiuals for Use of az uar-
.ins fqHefq s. huf0pa