The Economics of the Fur Industry 9780231893497

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The Economics of the Fur Industry

NUMBER 5 9 3 OF THE COLUMBIA STUDIES IN THE SOCIAL SCIENCES EDITED BY THE FACULTY OF POLITICAL SCIENCE OF COLUMBIA UNIVERSITY

The Economics of THE FUR INDUSTRY By VICTOR R. FUCHS ASSISTANT PROFESSOR OF ECONOMICS COLUMBIA UNIVERSITY

Columbia University Press

New York

1957

The Columbia Studies in the Social Sciences (formerly the Studies in History, Economics, and Public Law) is a series edited by the Faculty of Political Science of Columbia University and published by Columbia. University Press for the purpose of making available scholarly studies produced within the faculty. © PUBLISHED IN

1 9 5 7 COLUMBIA UNIVERSITY PRESS, NEW YORK GREAT BRITAIN, CANADA, INDIA, AND PAKISTAN B Y

OXFORD UNIVERSITY PRESS

THE

LONDON, TORONTO, B O M B A Y , AND KARACHI

LIBRARY OF CONGRESS CATALOG CARD NUMBER: MANUFACTURED IN THE UNITED STATES OF

57-6314

AMERICA

Preface

Most books are written with a particular audience in mind. T h i s work has been twice blessed, for I have intended it for two very distinct groups. On the one hand, it has been a labor of love for friends and associates in an industry which I have known since childhood and in which I earned my livelihood for several years. For them, as well as for myself, I have tried to find out what makes the industry " tick " the way it does. In particular, I have tried to throw some light on the two outstanding problems of the industry —short-run instability and long-run stagnation and decline. On the other hand, I have tried to make a contribution to economic science. By describing and analyzing this unknown and interesting industry, the book fills a blank spot in economic literature. In addition, specialists in the theory of the firm, consumer demand, business cycles, and industrial organization may each find something to whet their appetites in Chapters II, I I I , IV, and V respectively. Nearly all of the underlying statistical material has been included, but the more detailed tables have been placed in an appendix and given Arabic numbers. T h e shorter tables have been retained in the text and have Roman numerals. Many people, in many places, have helped me write this book. At Columbia University, Professors Frederick C. Mills and George J . Stigler were both extremely helpful in directing and criticising my work. Thanks are also due to Professor Aaron W . Warner for several valuable suggestions. Among government experts, I am much indebted to Frank G. Ashbrook of the U. S. Department of the Interior. Meredith B . Givens of the New York State Department of Labor and Charles

VI

PREFACE

Kellog of the U. S. Department of Agriculture also provided many useful statistics. Within the fur industry, I must thank Alfred Fuchs for encouragement and criticism in good proportion. I am also happy to acknowledge the support of the American Fur Merchant's Association, Inc., and the Associated Fur Manufacturers, Inc., who sponsored two series of seminars under my leadership. These seminars afforded an excellent opportunity to present this material to experienced, practical businessmen for criticism and discussion. My thanks also go to the seminar participants for many stimulating evenings. Among the larger firms, the officers of the Hudson's Bay Company and A. Hollander & Son, Inc. went out of their way to be helpful, and I am deeply grateful. I would also like to thank the principals at Durable Fur Co. and Mohl Fur Co., and Max Bachrach, Alfred B. Cohen, Joseph Francis, Jesse Henigson, Stanley Katz, Aaron Lipson, Alex MacLeod, Ben Pack, Jerry Smith, Russel Taylor, Joseph Vandeweghe, and many others who, by providing an important fact, a key statistic, or a useful introduction, helped to make my task easier. T h e above notwithstanding, it should be clear that the point of view and conclusions are my own, and any errors, alas, are mine also. Finally, the book is dedicated to my wife, Beverly, who instilled enough of her own good nature and patience into our three children to make it possible for me to write it at home. VICTOR R . FUCHS

East Hills, Roslyn, N. Y.

Contents

I. II. III.

Preface

v

Introduction

3

Raw Fur Production and Marketing

9

Fur Manufacturing Consumer Demand, Fur Retailing, and the Decline of Fur Sales

IV. V.

32

62

Nonseasonal Fluctuations in the Fur Industry

83

Competitive Structure and Inter-Industry Competition

99

Recommendations

112

Appendices

119

Notes

149

Bibliography

159

Index

165

Tables

I. II. III. IV. V. VI. VII.

VIII. IX. X. XI. XII.

Professions and Objectives of Colorado Fur Trappers 12 Disposition of Fur Catch by Colorado Trappers 22 Range of Wage Rates in Fur Manufacturing by Craft and Type of Fur 37 Typical Breakdown of Costs in Fur Manufacturing 45 Changes in Fur Manufacturing O u t p u t and N u m b e r of Firms 50 Direction of Monthly Changes in Raw Fur Prices GO Ownership of Fur Garments in Minneapolis-St. Paul, Meeker and Wright Counties, Minnesota, and Birmingham, Alabama 65 Changes in Retail Sales of Fur and Other Commodities 71 Estimates of Retail Fur Sales per T h o u s a n d Dollars of Disposable Personal Income 75 Percentage of Disposable Income Received by Upper Income Groups 7(5 Amplitude and T i m i n g of Major Movements in the U. S. Fur Industry 86 Amplitude and T i m i n g of Minor Movements in the U. S. Fur Industry 88 T A B L E S IN A P P E N D I C E S

1. 2. 3. 4.

T h e Growth of the Fur Industry in the U. S. Production and Prices of Ranch Mink and Silver Fox Ranch Mink Production and Prices, by T y p e Leading Fur-Producing Countries and Estimated Value of Crop

122 122 123 123

TABLES

5. 6. 7. 8.

9. 10. 11. 12. 13. 14. 15. 16. 17.

18. 19. 20.

21. 22. 23. 24. 25.

ix

U. S. Imports of Fur for Consumption 124 Indexes of U. S. Fur Imports, Value and Quantity 125 U. S. Exports of Fur and Manufactures 125 Percentage of Russian Fur Exports Sold at Auction, at Warehouse, and on Contract, Pre-War and Postwar 126 Sales, Profits, and Price per Share, A. Hollander and Son, Inc. 126 Income Statistics for Fur Manufacturing Corporations 127 Analysis of Consumer Purchases of Fur in Selected Cities 128 Distribution of Expenditures by Wives for Fur and All Clothing 131 Analysis of Demand for Furs, 1939 131 Fur Sales, Income, Urbanization, Climate and In132 come of T o p One Percent of Families Analysis of Demand for Furs, 1948 134 Fur Sales, Income, Urbanization, Climate and Percent of Families with Annual Income over $10,000 134 Per Capita Fur Sales as a Percentage of Per Capita Income, and Changes in Per Capita Fur Sales as a Percentage of Changes in Per Capita Income 136 Number of Manufacturers Producing Each Type of Fur in Selected Years 137 Changes in the Prices of Eighteen Furs 138 Average Family Personal Income after Federal Individual Income T a x Liability, for Quintiles and T o p Five Percent of Consumer Units 138 Rates of Earnings in Various Occupations 139 Percent Increase in Population and Total Income Payments by Region 139 Retail Fur Sales in the U. S. by Region 140 Retail Fur Sales in the U. S. by Type of Retail Outlet 140 Amplitude of Fluctuation of Indexes of Fur Trade Activity during Major Movements 141

TABLES

X

26. 27. 28. 29. 30.

Amplitude of Fluctuation of Indexes of Fur Trade Activity during Minor Movements Timing of Specific Series with Respect to the Overall Pattern of Change in the Fur Industry Cyclical Timing of Eight Leading Indicators and Fur Industry Activity Monopolistic Quality and Rate of Technological Progress of Thirteen Industries Monthly Indexes of Economic Activity in the Fur Industry

141 142 143 143 144

Figures

A. B. C.

D. E. F. G. H.

Fur Marketing Flow Chart Short-Run Average Cost Curve in Fur Manufacturing Profit and Profit Plus Officers' Compensation as a Percentage of Sales for Fur Manufacturing Corporations of Different Sizes Scatter Diagram Showing Relation between Changes in Per Capita Income and Changes in Per Capita Fur Sales Indexes of Retail Fur Sales (deflated), Personal Income, and Raw Fur Prices Retail Fur Sales (deflated) and First Differences in Personal Income and Raw Fur Prices Percentage of Series Expanding, Eight Leading Indicators and Fourteen Fur Series Cumulative of Net Percentage of Series Undergoing Expansion, Eight Leading Indicators and Fourteen Fur Series

6 47

59 66 68 70 95

96

The Economics of the Fur Industry

Introduction

T h e fur industry, one of the first to be developed by Europeans on this continent, was at one time the best known and most important. Students of American history are familiar with the prominent role played by fur trappers and traders in the development of New York State, the Great Lakes region, the Mississippi River Basin, the Rocky Mountains area, and the Pacific Northwest. These regions are still among the most important fur producing areas in the world. With the growth of agriculture and industry, however, furs have declined in relative importance. Today the fur industry is a minor part of the American economy, and one that has been almost completely neglected by economists and students of business. T h e industry's role in the economy, although small, is not insignificant. Retail fur sales have been as high as $500,000,000 annually. In addition, about $100,000,000 is spent each year for the storing, cleaning, and repairing of furs. Fur manufacturing is heavily concentrated in New York City, where it is one of the most important manufacturing industries in terms of value added by manufacture and value of product shipped. For several decades raw fur has been one of the major imports of the United States. It has ranked as high as seventh in value, is frequently among the top ten, and is invariably among the twenty leading imports. T h e peak was reached in 1946 when fur imports amounted to $238,000,000. Moreover, the United States is the largest producer of raw fur in the world. T h e value of the domestic wild fur crop has been as high as $100,000,000 annually with over one million persons participating in the catch. Although the size and value of this crop has decreased considerably in recent years, there has been a large increase in the value

4

INTRODUCTION

of fur animals raised on farms. In 1955 the ranch-bred mink crop brought a cash income to some 7,000 farmers of over $60,000,000. Until 1900, the trapping of animals and the exporting of fur skins to Europe comprised most of the fur business in the United States. After that date, production of fur garments for domestic consumption became fairly important, and, although exports of raw fur continued at a high level, imports of fur exceeded exports in value. It was not until the First World War, however, that all branches of the fur industry became well established in this country. T h e forces which made this possible were: 1) The migration of skilled fur workers from Europe in the early years of this century; 2) T h e growth of the chemical industry during the war and the development of domestic firms to dress and dye fur pelts; 3) T h e formation of important auction companies and dealing firms, and the rise of New York and St. Louis as major international fur markets; and 4) T h e growing demand for fur garments as a result of the growth of population, urbanization, and, according to some observers, the growth of a leisure class.1 T h e rapid growth of the f u r garment manufacturing and fur skin processing branches during the first two decades of this century may be seen in Table 1. From 1900 to 1919, for example, the value of product shipped by garment manufacturers increased from $25.9 million to $173.1 million. T h e value of product shipped by the skin processing firms jumped from $1.4 million to $20.4 million. This study is concerned exclusively with the modern period (i.e., since the end of the First World War) and the major emphasis is on the years following the Second World War. It is likewise limited to the fur industry in the United States, although the international character of the raw fur market makes some discussion of other countries necessary. T h e term " fur industry " is subject to many definitions. The narrowest view would cover only the manufacturers of fur garments. At the other extreme, the fur industry includes everyone who participates in the marketing process from the producer of the fur pelt to the retailer of the fur garment.

INTRODUCTION

5

This study adopts the broader view. T h e branches are so closely interrelated that only by examining the entire industry can any one part be understood. Fur-bearing animals normally have no other use than to provide fur pelts, and fur pelts, apart from a very small fraction utilized in hat manufacture, are normally only used to make fur garments or trimmings. On the other hand, the fur manufacturer has no other source of raw material than fur pelts. T h e synthetic or imitation " furs " are textiles, and they are manufactured primarily by the cloth coat industry, not the fur industry. One has only to contrast this situation with that of cotton, which can be used in sheets, shirts, and tires as well as dresses, or with that of the dress manufacturer, who can turn to rayon, silk, or other materials as alternatives to cotton, to see the significance of the interrelationship. No one would suggest that a cotton farmer in Texas and the owner of a dress shop in Pittsburgh be treated as members of the same industry. But the mink rancher in Wisconsin and the retail furrier in Chicago are members of the same industry, often know each other, and may even do business with one another. Hence both must be included in any study of the economics of the industry. Figure A identifies the various types of firms which may participate in the marketing process. This is, of course, a highly simplified version, and there are numerous variations possible, as well some channel jumping in actual practice. Dressers and dyers are not connected to the marketing flow because they do not normally participate in the marketing process. Their function is to process the raw fur skins for the account of fur dealers, garment manufacturers, and other owners of fur skins (see Chapter II). T h e most significant and remarkable quality of the industry is that it has remained, in most respects, highly competitive in the old-fashioned sense of the term. T h e familiar characteristics of many firms, easy entry, owner-management, constant technology, and absence of price leadership or price fixing, are all true to an unusual degree. How seldom these days, outside of textbooks, does one find an industry in which the Marshallian business-life drama of birth, growth, and decay is dutifully and constantly

INTRODUCTION

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-i: — 5 o-i2 2. T h e statistics used actually refer to 1940 and 1949 respectively. These measures are highly correlated with average per capita incomes; therefore the net or partial correlation coefficient is the only one which really concerns us. 3. Innis, Fur Trade of Canada, p. 17. 4. Innis, Ibid. 5. The coefficient of rank correlation P r = .44, N = 37. 6. T h e behavior of fur retailers tends to emphasize this factor. Advertisements stress price and price changes almost exclusively. Also, furs are frequently not sold on a one-price basis, but are subject to negotiations, concessions, and markdowns which vary widely even when the quoted price does not. price, 1948 100 7. r ^ = .178 x= p . • — ' price, 1939 1 _ No. of manufacturers, 1948 100 ^ No. of manufacturers, 1939 1 8. Innis, Fur Trade of Canada, p. 17. 9. Innis, Ibid., p. 74. 10. Cf. Arthur F. Burns' discussion of aggregate supply and demand analysis. He says: " But ceteris paribus is a slippery tool, and may lead to serious error if . . . the impounded data are correlated in experience with factors that the theorist allows to vary, or if the very

154

NOTES: DEMAND, RETAILING, DECLINE OF SALES

process of adjustment induces changes in the impounded data." " Economic Research and the Keynsian Thinking of Our Time," 26th Annual Report of the National Bureau of Economic Research, Inc., New York, 1946, p. 8. 11. One pleasure craft on a Canadian lake bears the revealing name Mother's Mink. 12. Ruth P. Mack, " T h e Economics of Consumption," in A Survey of Contemporary Economics, vol. II, ed. by Bernard Haley (Richard D. Irwin, for the American Economic Association, Homewood, Illinois, 1952), p. 40. 13. Cf. Arthur F. Burns, " The Instability of Consumer Spending," 32d Annual Report, National Bureau of Economic Research, New York, 1952. 14. Donald A. Moore, " T h e Automobile Industry," in The Structure of American Industry, Walter Adams, ed. (New York: Macmillan, 1954). p. 310. 15. A. R. Prest, " Some Experiments in Demand Analysis," Review of Economics and Statistics (February, 1949), p. 49. 16. Arthur F. Burns, " Looking Forward," 31st Annual Report of the National Bureau of Economic Research, Inc., New York, May, 1951, p. 4. 17. By " horizontal " the writer means shifts across occupational, industrial, and social lines at given income levels. 18. Simon Kuznets, assisted by Elizabeth Jenks, Shares of Upper Income Groups in Income and Savings, National Bureau of Economic Research, Inc., New York, 1953. 19. Kuznets, Ibid., p. xxxvii. 20. Unit sales of fur garments probably reached their peak in the 1930s when rabbit fur, a very inexpensive type, was at the height of its popularity. 21. Dero A. Saunders and Sanford S. Parker, " T h e Sunny Outlook for Clothes," Fortune (April, 1954). 22. See David Riesman, Individualisj/i Reconsidered (Glencoe, 111.: The Free Press, 1954), Chapter 14. 23. William H. Whyte Jr., " The Outgoing Life," Fortune (July, 1953), p. 86. 24. Gimbel Brothers' advertisement, the New York Times, January 10, 1954. See also Granville Hicks, " How We Live Now in America," Commentary (1953) for support of this thesis. On the other hand, sec Gimbel Brothers' advertisement for color TV, the New York Times, May 3, 1954, p. 7, which was based on an outright appeal to snobbery. 25. Karen R. Gillespie, " Fur Law Changes Fur Ads—But Not Enough," Journal of Retailing (Winter, 1952), p. 153.

NOTES:

NONSEASONAL

FLUCTUATIONS

155

26. Fortune, " Furs " (January, 1936), p. 123. 27. Gillespie, " Fur Law Changes Fur Ads—But Not Enough," Journal of Retailing (Winter, 1952), and " Calling All Fur Retailers," Journal of Retailing (Winter, 1951). T h e figure exceeds 100 percent because some advertisements used more than one major appeal (e.g., price and quality). 28. The 20 percent retail excise tax on furs (reduced to 10 percent in 1954) has been considered a major barrier to fur sales by many observers in the industry. There is some truth to this position, especially when the barrier is viewed as psychological, rather than in terms of its effect on price. In my opinion, however, some of the other factors discussed in this section are of greater and more fundamental importance. 29. Gross margin includes markdowns and buying discounts. 30. National Retail Dry Goods Association, annual reports. 31. Cf. E. B. Weiss, "Should Department Stores Open Chains of Specialty Stores? " Journal of Retailing (January, 1951). See also columns in Women's Wear Daily, by Samuel Feinberg, February 26, 1954), p. 1, and by Robert Kahn, July 20, 21, 1954, p. 1. 32. Women's Wear Daily, April 19, 1954. 33. Fortune, " Furs," (January, 1936), p. 66. 34. During 1954 and 1955 there was some indication of a change in attitude. The manufacturers' association sponsored a public relations campaign, the dealers attempted to strengthen their credit and sales reporting service, and all branches cooperated in an attempt to revive interest in a group of furs which have fallen into disuse. Whether these are only efforts born of desperation which will vanish at the first sign of improved business, or whether they will lead to more comprehensive and sustained programs, it is too early to determine. On the basis of past experience, the former is more likely to be true.

IV.

N O N S E A S O N A L F L U C T U A T I O N S IN T H E F U R

INDUSTRY

1. See Appendix A for description of sources and methods of compiling the time series. See Table 30 for the actual series. 2. Cf. Geoffrey H. Moore, " Analyzing Business Cycles," The American Statistician, VIII, 2 (April-May, 1954), pp. 13-19. 3. Based on monthly data, 1946-52. 4. Cf. Arthur F. Burns, " New Facts on Business Cycles," 30th Annual Report, National Bureau of Economic Research, Inc., New York, May, 1950, pp. 8, 9, and 33. The writer's method of constructing these scries differs slightly from the method followed by Dr. Burns

156

NOTES:

COMPETITIVE

STRUCTURE

in that the actual direction of change of the seasonally adjusted, smoothed series was used, rather than assuming that changes between peaks and troughs were always decreases, and changes between troughs and peaks were always increases. V.

C O M P E T I T I V E STRUCTURE AND INTER-INDUSTRY

COMPETITION

1. Good economists are careful to state the assumptions underlying this theory. 2. R. F. Kahn, " Some Notes on Ideal Output," Economic Journal (March, 1935), p. 21. 3. Kahn, Ibid., pp. 21, 22. 4. Full use of resources is assumed. 5. Joseph A. Schumpeter, Capitalism, Socialism, and Democracy, 2d ed. (New York: Harper and Brothers, 1947), Chapter VIII. 6. In the preface to the second edition, p. x, Schumpeter speaks of " demand and cost conditions " but in the body of the book he develops only the cost side of the picture. 7. Schumpeter, Capitalism, Socialism, and Democracy, p. 101. 8. J . M. Clark, " Toward a Concept of Workable Competition," American Economic Review (June, 1940), p. 248. 9. Clark, Ibid., p. 248. 10. The juxtaposition of beneficial activities and more questionable ones is disconcerting. But it is realistic. The fact is that neither the old hero, atomistic competition, nor the new saviour, big business, has all the arguments on its side. 11. Gilbert Burck, "Who'll Buck a Trend," Fortune (October, 1952), p. 210. 12. Donald A. Moore, " The Automobile Industry," in The Structure of American Industry, edited by Walter Adams (New York: Macmillan (revised edition), 1954), p. 311. 13. " Sales effort " includes advertising, public relations, dealer aids, and many expenses which are often listed as production costs. 14. Cf. Howard R. Bowen, Toward Social Economy (New York: Rinehart, 1948), p. 215. 15. W. Rupert Maclaurin, " Technological Progress in Some American Industries," American Economic Review, Papers and Proceedings, May, 1954, p. 179. 16. Maclaurin, Ibid., p. 180. 17. Maclaurin, Ibid., p. 189. 18. Moore, " T h e Automobile Industry," The Structure of American Industry, p. 309.

NOTES:

COMPETITIVE

STRUCTURE

157

19. Fortune (June, 1952), " T h e New Competition," p. 192. 20. If a firm has only a small share of the national market it cannot afford to advertise in publications such as Life and the Saturday Evening Post, which are the best media for mass, institutional advertising. The effectiveness of each dollar spent for advertising would be less for two reasons. First, the price of advertising space is less for big buyers than for small ones. Second, the large advertiser can normally obtain better and more advertising skill at a less than proportionate increase in cost. The reason for this is that advertising agencies are not paid on the basis of the amount of time and effort which they put into an advertisement, but are given 15 percent of the cost of the space in which the advertisement will appear. 21. Cf. Richard Youngdahl, " T h e Structure of Interest Rates on Business Loans at Member Banks," Federal Reserve Bulletin, July, 1947. Youngdahl says: "Large concerns generally paid lower rates than did small companies for a given amount of credit. New enterprises paid more for bank credit than did long-established concerns." 22. Newspapers and magazines do, of course, carry unfavorable news about monopoly industries, for example, cigarettes. There are two fundamental differences, however. First these stories are reported truthfully, and not distorted by the publications in the interest of " humor " or sensationalism, as were the ones cited above. Second, the industry's side of the story is also given coverage, which was not true in either of the above instances. 23. U. S. v. Aluminum Company of America, District Court of the United States for the Southern District of New York, 91 F. Supp. 333 (1950). 24. Examples include the apparel industry by the new synthetic textiles, commercial printing by the printing machinery manufacturers, and the motel and trucking industries by the automobile industry. 25. George Stigler, " The Case Against Big Business," Fortune (May, 1952). 26. Retail fur sales have been at an annual rate of about $250,000,000 during the past few years. 27. The most famous attempts in recent years include the National Institute of the Fur Industry, the " Wheeler Plan," the Fur Label Authority, and, most recently, the American Fur Institute. Cf. Women's Wear Daily, November 11, 1954, December 15, 1954, April 30, 1956, and September 19, 1956. 28. Cf. Women's Wear Daily, December 17, 1954. 29. Cf. Richard Tenant, The American Cigarette Industry, p. 227, also pp. 320, 321. 30. T h e writer fails to see how " efficiency " or " progress " is deter-

158

NOTES:

RECOMMENDATIONS;

APPENDIX

A

mined once competition is eliminated. Costly programs for labor relations, public relations, and advertising, an elaborate research laboratory and fancy offices do not guarantee economic efficiency or progress. 31. All these ideas may be found in Alfred Marshall, Principles of Economics, 8th ed. (London, Macmillan, 1920), pp. 477-95. 32. This tenor was evident in many of the papers read at the Annual Meeting of the American Economic Association, Washington, D. C., December, 1953. R E C O M M ENDATJONS

1. Some explicit exceptions have been made and should be noted. Both labor and agriculture, which normally would be intensely competitive, have been given partial exemption from antitrust legislation. 2. Examples of firms whose sales approximate those of the fur industry include Colgate-Palmolive, Johns-Manville, Phelps Dodge, Minnesota Mining and Manufacturing, Coca-Cola, Remington Rand, and Armstrong Cork. Each of these firms is able to employ superior executive talent on a scale which is not available to the fur industry, except on a joint basis.

APPENDIX

A:

STATISTICAL

SOURCES

AND

METHODS

1. Cf. Frederick C. Mills, Statistical Methods (revised, New York: Henry Holt Company, 1938), pp. 638-59. 2. Cf. Mills, Ibid., pp. 555-59. 3. Letter to the writer from Mr. E. B. Bunting, Assistant Chief, Prices Section, Dominion Bureau of Statistics, Ottawa. Canada, dated June 10, 1953. 4. Letter from Mr. E. B. Bunting, dated July 29, 1953. 5. Cf. New York State Department of Labor, Division of Employment, Bureau of Research and Statistics, Labor Market Review. 6. Cf. Federal Reserve Board, Federal Reserve Bulletin.

Bibliography

Abramovitz, Moses. Inventories and Business Cycles., New York, National Bureau of Economic Research, 1950. Adams, Walter, ed. T h e Structure of American Industry. Revised ed. New York, Macmillan, 1954. Allen, Durward L. O u r Wildlife Legacy. New York, Funk and Wagnails, 1954. American Economic Association. Readings in the Social Control of Industry. Philadelphia, Blakiston, 1942. " Annual Fur Catch of the United States." Mimeographed report. U. S. Department of the Interior, Fish and Wildlife Service, 19391954. Annual Statement of the Trade of the United Kingdom, 1951. Great Britain, Board of Trade, 1952. Ashbrook, Frank G. " T h e Fur Resources of the United States." Unpublished memorandum submitted to the Special Subcommittee on Fur of the House Committee on Agriculture at Hearings May 19, 20, and 21, 1947. U. S. Department of the Interior, Fish and Wildlife Service, Chicago, 111. Furs Glamorous and Practical. New York and Toronto, Canada; Van Nostrand, 1954. Bachrach, Max. Fur. Revised ed. New York, Prentice-Hall, 1946. Beiden, A. L. T h e Fur T r a d e of America. New York, Peltries, 1917. Bishop, R. F. " Cost Discontinuities, Declining Costs, and Marginal Analysis," American Economic Review, September, 1948. Bowen, Howard R. Toward Social Economy. New York, Rinehart, 1948. Burck, Gilbert. "Who'll Buck A Trend? ", Fortune, October, 1952. Burns, Arthur F. Economic Research and the Keynesian Thinking of Our Time. (26th Annual Report of the National Bureau of Economic Research, New York, 1946.) New Facts on Business Cycles. (30th Annual Report of the National Bureau of Economic Research, New York, 1950.) Looking Forward. (31st Annual Report of the National Bureau of Economic Research, New York, 1951.)

160

BIBLIOGRAPHY

The Instability of Consumer Spending. (32d Annual Report of the National Bureau of Economic Research, New York, 1952.) Burns, Arthur R. The Decline of Competition. New York and London, McGraw-Hill, 1936. Business Statistics, 1953 Biennial Edition. Washington, D. C., Government Printing Office. The Canada Yearbook, 1953. Carpenter, Jesse Thomas. Employers' Associations and Collective Bargaining in New York City. Ithaca, Cornell University Press, 1950. Clark, J . M. " Toward a Concept of Workable Competition," American Economic Review, June, 1940. " The Clothing Market; Broader and Brighter," Fortune, April, 1954. Committee on Price Determination, Conference on Price Research. Cost Behavior and Price Policy. New York, National Bureau of Economic Research, 1943. Crum, William Leonard. The Age Structure of the Corporate System. Berkeley and Los Angeles, University of California Press, 1953. Dean, Joel. Statistical Cost Functions of a Hosiery Mill. Chicago, University of Chicago Press, 1941. Dean, Joel, and R. Warren James. The Long-Run Behavior of Costs in a Chain of Shoe Stores: A Statistical Analysis. Chicago, University of Chicago Press, 1942. Departmental Merchandising and Operating Results of Department Stores and Specialty Stores. New York, National Retail Dry Goods Association, Controllers' Congress, 1935-1953. Eiteman, W. J . " Factors Determining the Location of the Least Cost Point," American Economic Review, December, 1947. Eiteman, W. J., and G. E. Guthrie. " The Shape of the Average Cost Curve," American Economic Review, December, 1952. Elton, Charles, and Mary Nicholson, " Fluctuations in Number of Muskrat in Canada," Journal of Animal Ecology, II, 1 (May, 1942). " The Ten Year Cycle in Number of Lynx in Canada," Journal of Animal Ecology, II, 2 (November, 1942). Fabricant, Solomon, with the assistance of Julius Shiskin. T h e Output of Manufacturing Industries, 1899-1937. New York, National Bureau of Economic Research, 1940. Federal Reserve Bulletin, 1946-1953. Foner, Philip S. The Fur and Leather Workers Union. Newark, Nordan Press, 1950. Fuchs, Victor R. Raw Fur Prices. New York, Fur Brokers' Association of America, 1951. Fur Age Weekly (New York), 1939-1954. " Furs," Fortune, January, 1936.

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Index

Advertising, 15, 17, 34, 44, 80, 82, 102, 106, 108, 114, 115, 157 Afghan American Trading Corporation, 21, 25 Afghanistan, 21, 123, 124 Africa, South, 124 Africa, South-West, 21, 24, 29, 124 American Fur Institute, 157 American Fur Merchants Association, 151 Anti-trust laws and policy, 110, 111, 113, 158 Associated Fur Manufacturers, Inc., 38, 40, 61 Atomistic industries, 108, 111 Auction companies, 6, 20, 21, 23-24, 27, 91. 108; sales, 141, 142, 145 Automobile industry, 72, 74, 76, 77, 78, 99, 102, 105, 106 Beaver, 10, 33, 120, 137, 138 Boucn, Howard, 104 Brand names, 35, 81 Breeding, selective, see Mutation mink Broadtail, 137 Broadtail, American, 33, 137 Brokers, 6, 24-25, 27 Budget studies, 62, 63, 128-31 Buyers, resident, 6, 40; store, 40, 41, 81, 90 Canada, 12, 15, 16, 17, 21, 22, 123, 124 Caracul, 137 China, 15, 19, 29, 123, 137 Chinchilla, 10 Chinese mink (Chinese weasel), 137, 138 Clark, J . M„ 101-2 Climate, effect on fur sales of, 64, 65, 131-35 Colorado, 12, 21-22 Compensation, officers', 58-61

Competition, 5, 7, 16, 20, 21, 27-30; in dressing and dyeing, 33-35; non-price, 35, 104; in manufacturing, 37-38, 108, 109; inter-industry, 99-111; workable, 101-2; atomistic. 104, 109, 111 Competitive products, 71-73 Competitive structure, 99-111 Concentration, 34, 38 Conservation, fur, 15, 16, 82, 106, 116 Conspicuous consumption, 64, 65, 72, 76, 78 Consumer education, 116 Contractions, see Fluctuations Controls, exchange, 19, 29-30 Cooperatives, 6, 14, 15, 20, 150 Costs, fur farming, 13; fixed, 13, 44; dressing and dyeing, 35; manufacturing, 42, 45-61; short-run, 46-50; labor, 46, 48, 52-56; marginal, 47, 49, 103; long-run, 50-61, 127; sales, 102 Credit, 27, 28, 52, 107, 116 Cycles, business, 94, 98; in fur industry. see Fluctuations Cycles, wild fur, 11, 13 Dealers, 6, 25-27, 29, 82, 92, 93, 108 Dealing firms, number of, 29 Demand: for particular types of fur, 17, 69, 71; dealer, 26; facing manufacturer, 57; consumer, 62-67, 73, 77, 84, 92, 101, 132; for furs, analysis of, 131, 134; see also Budget studies Denney, Richard N., 12, 22 Department stores, 67, 81, 140 Diseases in wild fur bearing animals, 11 Distribution of income, 75-78, 138, 139 Dressing and dyeing, 4-6, 32-36, 108, 113, 122; labor cost, 35; pricing, 35; see also Manufacturing Duopoly, 34

166

INDEX

Economic research, 117 Economies of scale, see Costs, long-run Elasticity: supply, 13, 16, 27; demand, 27, 57, 101-3, 109 Embargo on Russian and Chinese furs, U. S., 19 Employment: in dressing and dyeing, 34: in manufacturing, 37, 48, 49, 85, 141, 142, 144 England, see United Kingdom Epidemics, see Diseases Ermine, 10, 137, 138 Excise tax, 80, 107, 113, 155 Executive leadership, 114 Expansions, see Fluctuations Expectations, 26, 44, 69, 73, 89, 90, 97 Exports, fur: 17, 19, 92, 93, 125, 111, 142, 145; Russian, 126 Factoring, 6, 27-29 Farmers, 6, 15, 20, 21, 108; costs of, 13; number in U. S., 14 Fashion coordination, 116 Federal Reserve Board Index of Sales in Fur Departments of Department Stores, 120 Federal T r a d e Commission, 110-11, 149 Fisher, 16 Fitch, 138 Fluctuations: 7, 83-98; price, 44, 69; in demand for particular furs, 71; amplitude of, 83, 86, 88, 141; seasonal, 84-85; non-seasonal, 85, 89-93 Fortune, 26, 78, 79, 106 Fouke Fur Company, 17, 24, 35 Fox, 10, 137; silver, 10, 13, 14, 18, 71, 122, 137, 138 Fromm Brothers, Wisconsin, 30 Fur: producing areas, 3, 17, 123, 124; wild, 3, 10, 11-13; imitation, 5; definition of, 9; description of pelt, 9, 10; grading of, 10, 150; marketing of, 1931; products competitive to, 71-73; product development, 82, 115; see also Dressing and dyeing; Raw fur; separate entries on f u r bearing animals and fur: Beaver, Chinchilla, Ermine, etc. Fur industry: location of, 3, 4, 17, 123; definition of, 4-6; growth in U. S. of, 4, 122; government relations with, 15,

82, 108, 116; consumption centers of, 77-78, 140; shortcomings of, 79-82 Fur Label Authority, 40, 157 Fur Products Labeling Act, 15, 80, 149 Garment manufacturing, see Manufacturing Gillespie, Professor Karen R., 79 Grading of furs, 10, 150 Great Lakes Mink Association (GLMA), 150 Hamilton Jr., \V. J., 11 Hammer Brand, 35 Hammit, Harold C., 12, 22 Hollander & Son Inc., A., 35, 36, 126 Hudson's Bay Company, 20, 22, 23, 150 Imitation fur, 5 Imports, fur, 3, 15, 18, 19, 88, 89, 92, 93, 124, 125, 141, 142, 145 Income: effect of changes in, 65-69, 89; distribution changes, 75-77, 108, 139; personal, 70, 89 Indicators, leading, 94-98, 143 Industries, atomistic, 108, 111 Innis, Harold, 16, 64, 71 Innovation, 39, 54, 108, 115 Instability, short-run, 112; see also Fluctuations Interest rates, 27-28, 52, 157 International Fur and Leather Workers' Union, 38-40, 45, 56, 61 Interviews, 43-44 Inventions, 39 Inventories, 26, 60, 90, 92; manufacturers', 141, 142, 145; retail. 141, 142, 144 Japanese mink, 137, 138 Jobbers, 6, 40, 152 Kahn, R. F., 99-100 Kaplin, A. A., 23, 126 Kid, 10, 137 Kolinsky, 137, 138 Kuznets, Simon, 75, 76 Labels, law regarding, 15, 80, 149, 150 Labor: relations with, 38-40; costs, 48, 52-55, 56, 120; reform, 115

167

INDEX Lamb, 33, 137; Persian, 10, 13, 19, 21, 34, 37, 53, 88, 91. 119, 120, 137, 138, 141, 142, 145 Legislation, fur, 15, 116 Leipzig. 33 l eopard, 9 "I.etting-out" skins, 36, 151 Life, 107, 115 Lobbying, 15, 82, 108, 116 London, 18, 23 Louisiana, 12 Lynx, 120 Maclaurin, W. Rupert, 104, 143 Nlachlup, Fritz, 43 Manufacturers, 91, 92, 108, 152; relations with retailers, 40 Manufacturing, 3, 4, 6, 31, 32, 36-41, 108, 122; " letting-out" of skins in, 36, 151; location of, 37; number of firms, 37, 50; pricing of, 40; cost breakdown of, 45-61; size of firms, 50, 51; profit» of, 57; sales of, 14!, 142, 144; see also Dressing and dyeing Marketing, raw fur, 19-31 Market structure, 14, 33-35; see also Competition Marmot, 137, 138 Marten, 16, 120, 137, 138 Matching skins, 36; see also Manufacturing Meadow, Jack, 82 Mink, 4, 10, 14, 15, 20, 36, 37, 54, 84, 119, 120, 122, 137, 138; mutation, 14, 15, 79, 123; Chinese, 137; Japanese, 137, 138 Monopoly, 104, 108, 157; in trading, 6, 17; Alaska seal, 17, 33, 34; in industry, 101, 105 Mouton, 33, 34, 137 Muskrat, 10, 11, 37, 54, 119, 120, 137, 138 Mutation mink, 14, 15, 79. 123 Mutation Mink Breeders' Association (EMBA), 150 National Bureau of Economic Research, 94-96, 143 National Institute of the Fur Industry, 157 New York City, 3, 4, 18. 20, 37

New York State, 11 New York State Department of Labor, 120

Nutria, 33, 137 Opossum, 10, 138 Otter, 16 Peaks, fur reference, 86-88, 95, 96, 142, 143 Pelt, description of fur, 9, 10 Persian lamb, see Lamb Prest, A. R„ 74 Prices, 7, 92, 122, 123; raw fur, 11, 12, 19, 30, 57, 60, 67. 69, 70, 85, 88, 93, 119, 120, 138, 141, 142, 145; cutting of, 20, 27; dressing and dyeing, 35; manufacturing, 40-41; fluctuations in, 44, 69; retail, 67, 80; Canadian raw fur, 120 Processing, skin, see Dressing and dyeing Product development, 35, 82, 115 Production: raw fur, 9-17, 123; world figures, 17, 123; silver fox, 122; ranch mink, 122, 123; manufacturing, 141, 142, 144 Productivity, 49-50, 115 Products, competitive, 71-73 Profits. 26, 102, 126, 127; dealers', 26, 29; manufacturing, 57-61, 127; shortrun, 101 Rabbit (coney). 34, 37, 119, 120, 137, 138 Raccoon, 10, 33, 137, 138 Ranch furs, 10, 13; see also Mink Raw fur: characteristics, 9; production, 9-17; valuation, 10; supply, 16, 92, 115; see also Imports; Prices Recommendations, 112-17 Research, technological, 35, 82; market, 102; economic, 117 "Research conception," 105 Resources: fur, 16; misallocation of, 99. 100, 107 Retailers, 6, 19, 79-82, 85, 108, 116 Retail fur sales, 3, 67-74, 75, 81, 88, 89, 90, 92, 120, 132, 136, 140, 141, 142, 144, 157 Riesman, David, 78 Russia, see U.S.S.R.

168

INDEX

Sable, 11, 137 St. Louis, Mo., 4, 17, 23-24 Sales: geographical distribution of, 63, 132-36, 140; department store, 68; decline of, 74-82; promotion, 102; see also Retail fur sales Sales effort, responsiveness to, 102-4, 109, 110, 156 Saturday Evening Post, 107, 115 Schumpeter, Joseph A., 100-101, 106 Seal: Alaska, 11, 17, 33, 35, 137, 150; Hudson (dyed muskrat), 137 Sears, Roebuck & Co., 21 Silver fox, see Fox Skunk, 10, 137, 138 Soyuzpushnina, 23, 25 Squirrel, 10, 137, 138 Stagnation, long-run, 112 Stigler, George, 49, 109 Stocks, see Inventories Supply: wild fur, 11-13; ranch fur, 1314; raw fur, 16, 92, 115 Supply and demand: schedules, 100-1; aggregate analysis, 153; see also Elasticity

Synthetic fur, 5 Tax, excise, 80, 107, 113, 155 Technological progress, 104, 105, 143 Technology, 81-82 Trade associations, 38-40, 82 Trappers, fur, 6, 12, 13, 15, 21-22, 108 Troughs, fur-reference, 86-88, 89, 95, 96, 142, 143 Union restraints, 39, 45, 55, 56, 107 United Kingdom, 18, 74 United Mink Producers (UMPA), 150 United States, 3, 17, 123 Urbanization, 4, 63, 64, 131-135 U.S.S.R., 15, 17, 19, 22-23, 123, 150 Vertical integration, 30 Wage rates, 37, 55, 56 Weasel, 120; China, 137, 138 Wholesalers, 6, 40, 152 Wild fur, 3, 10, 11-13 Wolf, 138 Women's Wear Daily, 120 Yeager, Lee Y„ 12, 22