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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C, AUGUST 17, 1939
SUMMARY OF BUSINESS TRENDS
figure recorded by this index since 1920, except for a few months
in 1936-37. Operations in the aircraft industry have been well
sustained, and bolstered by heavy military orders last week
which lifted backlogs far above those ever before recorded, activity in this industry will continue at a high rate for many
months. The rayon yarn industry recorded a further gain in
operations last month, and according to a survey of the National
Rayon Weavers' Association, loom activity in the first part of
August was maintained close to the July rate of 85 percent of
capacity.
Stock prices declined irregularly last week with the Dow-Jones
average of industrial stocks off about 4 points for the 6-day
^period to 138.42, Since late last month more than one-third of
the gain recorded during the July rise has been canceled. Commodity prices have shown little change on the average. In the
week ended August 5 the Bureau of Labor Statistics index
recorded a small gain due mainly to increased prices for certain
farm products and foods during that week. These increases,
however, were later canceled.
HE most recent weekly data indicate but slight variation in
T
the volume of business activity. Steel ingot production in
the first half of August was around 60 pereent of capacity, as in
the latter part of July. The rate so far this month, is about 3
points above the average for July, a gain of about the usual
seasonal proportions.
Automobile production was at approximately the low point of
the season last week. According to Ward's Automotive Reports
only one small producer is turning out 1940 models on a volume
basis. Preliminary data indicate that deliveries in July were
maintained at about the May-June rate, after allowance for the
usual seasonal decline.
Freight traffic volumes have shown little change in the. last,
several weeks, the margin of gain over a year ago being maintained at about one-eighth as in July. Electric power production has held up well, and on a seasonally adjusted basis, it is
currently the largest ever recorded.
In July the index of machine tool orders recorded a moderate
increase to 230.9 (1926 shipments =100). This was the highest
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
SPOT COMMODITY
ELECTRIC POWER PRODUCTION
(PERCENT OF CAPACITY)
PRICES
(MOODYJS INDEX- DEC. 31, 1931=
(BILLIONS OF KILOWATT HOURS)
IQO)
225
150
I25UL
CONSTRUCTION CONTRACTS - F W . DODGE
BITUMINOUS COAL PRODUCTION
(MILLIONS Of
SHORT
PRICES OF 3 5 0 INDUSTRIAL STOCKS
(DAILY AVERAGE AWARDS - MILLIONS OF DOLLARS)
TONS)
(INDEX,
1926= 100)
1 \f
A|
V
,,
u 1
AUTOMOBILE PRODUCTION
„.
150
*
A.TV
125
{THOUSANDS O F CARS)
4.6
800
4.4
700
4.Z
600
40
50
500
400,
500
25
I
0
,
,
I
1
II
,
.
t
(PERCENT)
'
900
75
100
1
.YIELDS 0FJ2G..CORPORATE- BONDS ~
FREIGHT CAR LOADINGS
(THOUSANDS OF VEHICLES >-
1
3.8
1
I
.
i
.
.
WHOLESALE COMMODITY
i
.
.
PRICES
5.6
5.4
(1926 = tOO)
too
100
95
95
100
- BUtLDMG MATERIALS
YISHED PRODUCTS
90
90
85
85
v
80
75
RAW
-H«TU.^ .
. .
70
, . 1 . , f . . 1 . .
1937
169012—39
HOUSE FURNISHING GOODS
1938 .
1939
65
METALS AW
METAL PROPi/CTS'
85
.80
70
J
90
80
75
*
MATERIALS-
95
75
FUEL AMD LIGHTING
195T
CHEMICALS AND DRUGS'
MATERIALS"
1938
70
1939
65
1937
1938
1939
WEEKLY BUSINESS INDICATORS "
[Weekly average, 1923-25=1001
1933
1939
Aug. Aug. July July July Aug. Aug.
29 22 15 13
Business activity:! 1
New York Timesgd ..
Barron'so*
Business Week
Commodity prices, wholesale:
Dept. of Labor, 1926=100:
Combined index (813)
Farm products (67)
Food (122)
—
All other (624)
Fisher's index, 1926=100:
Combined index (120)
Copper, electrolytic!.
Cotton, middling, spot
74.8
61.4
66.7
80.4
75.2
62.2
67.5
80.4
75.5
63.3
67.6
80.4
77.9
67.0
72.2
81.8
78.4
68.7
73.5
81.7
Finance—Continued.
Banking:
Debits, outside N. Y. C.J—. 79.4 95.1 85.8 91.1 89.0 72.2 85.5 86.3 93.7
Federal Reserve reporting
member banks:
Loans, total..______
_. 65.3 65.3 65.6 64.9 65.1 65.6 65.3 79.3 79.3
Interest rates:
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
Call loansj
._
28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6
Time loans!
_._
145.8 145.6 144.6 144.7 145.3 133.4 133.3 133.9 133.5
Currency in circulation!
Production:
Automobiles-.
_. 32.6 37.0 53.2 62.2 80.8 18.1 19.4 135.3 103.2
58.7 57.7 75.3 72.7
71.5 72.2
Bituminous coaij
_.
Cotton consumptioni
121.2 124.5 125. 4 120.3 114. 4 130.0 120.8
139. 6140.6 137.8 139. 5 128.1 127.0 138.1 135.8
Electric powerf
55.2
54.4 47.2 48.3 50.2 61.5 65.4
Lumber
187.7 169.9 172.1 169.5 161.3 159.3 178.5 175.3
Petroleum!..
103.2101.9 104.1 96.9 85.4 60.5
Steel ingots®
2 138.9 140.4
Receipts, primary markets:
66.9 69.8 70.7 70.7 76.5 74.7105.7 99.6
Cattle and calves
35.6 37.4 39.0 40.6 38.6 34.1 23.1 21.3
Hogs
Cotton
__.. 55.4 58.1 43.8 45.0 33.1 31.5 22.3 48.1 35.8
94.4 110.3 148.6 296.8 414.5 157.8 174.4 186.1 234. 5
Wheat
87.5 S7.4
87.5 86.9
86.5
86.0 86.0
78.1 78.6 78.6 78.5 78.7 80.2 81.0 91.9 91.8
.7 100.0 100.0
74.6 73,2 72.5 72.5 71.7 71.7 71.7
313 39.3
9 3 41.5
5
34.6 35.3 35.3 34.6 36.0 30.5 31.3
Construction contracts X
69.0
Distribution: Car loadings
Employment: Detroit, factory..
Finance:
Failures, commercial.
51.6 51.1
62.9 62.7
Bond yields!
Stock pricest
- 103.3 105.5
1937
Aug. Aug. July July July Aug. Aug. Aug. Aug.
22 15
12
Aug.
91.1 91.2 90.4 91.0 83.9 83.1111.2 108.2
i.6 92.4 75.6 72.6 110.4 109.2
95.6 95.2
101.1 102.4 100.2 99.4 S3.3 84.4 21
75.1
62.5
67.2
80.5
1938
1939
1937
68.4
73.7 83.5 70.9 50.5
68.8 68.5 70.3 61.5 60.9 80.7 79.9
113.4
71.0 49.6
59.5
55.8 49.1 52.1 55.0 61.2 38.6 40.3
62.9 63.3 63.6 70.9 70.9 66.9 67.1
105.6 105.1 100.3 101.9 103. 2 137.8 137.2
• D a t a do not cover calendar weeks in all cases.
.Computed normal =100.
fDaily average.
tWeekly average, 1928-30=100.
^Seasonally adjusted.
©Index for week ended Aug. 19 is 106.7.
c?For description of these indexes, s & p. 4 of the Dec. 16, 1937, issue.
WEEKLY BUSINESS STATISTICS'
1938
1939
Aug. 12
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York*
dol. per lb..
Cotton, middling, spot, New York
do
Food index (BradstTeet's)
..
do
Iron and steel, composite
.dol. per ton..
Wheat, No. 2 hard winter (Kansas City)..dol. per bu..
Banking:
FINANCE
Debits, New York City
mil. of dol_.
Debits, outside New York City (140 cities)
do.__.
Federal Keserve banks:
Reserve bank credit, total
do
U. S. Government securities
___
do
Member bank reserve balances
_do
Excess reserves, estimated
*.
do
Federal Reserve reporting member banks:
Deposits, demand, adjusted
do
Deposits, time
.do
Investments, total §
do
U. S. Government direct obligations
do
Obligations fully guaranteed by U. S. Government
_
mil. of dol..
Loans, total §
do
Commercial, industrial, and agricultural loans $
mil. of doL.
Interest rates, call loans!
...percent..
Interest rates, time loans!-..
do
Exchange rates:
French franc!
—
..cents..
• Pound sterling!
—
..dollars..
Failures, commercial
_
number..
Currency in circulation!
_
mil. of dol..
Security markets:
Bond sales (iV. Y. S. E.)
thous. of dol. par value..
Bond yields (Moody's) (120 bonds)!...
.percent..
Stock sales (iV. Y. 8.E.)
thous. of shares..
Stock prices (jv\ Y. Times)X-...
dol. per share..
Stock prices (Standard Statistics) (420)
Industrials (350)
Public utilities (40)..
Railroads (30)
_
1926=100..
do—.
do—.
do-..
PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles^„
_
.number..
Bituminous coalt-thous. of short tons..
:Electric power
_
mil. of kw.-hr..
Petroleum!
thous. of bbl..
Steel ingots®..
_
pet. of capacity..
Construction-contract awards!
__.thous. of dol
Distribution:
Freight-car loadings, total
_
cars...
Coal and coke
_
do
Forest products
_
do...
Grains and grain products
do_...
Livestock
_
_do
Merchandise, 1. c. 1.
do.__.
Ore
_.do._..
Miscellaneous
_
do...
Receipts:
• Cattle and calves
thousands..
Hogs__
_
_
do.-..
Cotton into sight
thous. of bales..
Wheat, at primary markets
thous. of bu_.
Aug. 5
July 29
July 22
July 15
July 8
Aug. 13
1937
Aug. 6
Aug. 14
1936
Aug. 7
Aug. 15
0.103
.094
2.15
35.93
0.101
.096
2.17
35.90
.67
0.100
.096
2.14
35.87
.62
0.100
.094
2.14
35.86
.65
0.099
.098
2.16
35.85
.65
0.098
.100
2.17
35.81
0.099
.083
2.44
36.51
.64
0.099
.085
2.46
36.49
.67
0.138
.107
2.90
40.32
1.12
0.138
.113
2.90
40.32
1.13
0.095
.124
2.82
33.88
1.22
2,638
3,685
3,630
4,412
3,296
3,977
2,745
4,224
2,872
4,127
3,406
4,129
2,428
3,347
3,018
3,965
2,860
4,000
3,659
4,576
3,046
3,867
2,462
2,443
10,509
4,533
2,476
2,453
10,413
4,462
2,512
2,488
10,436
4,485
2,537
2,515
10,412
4,485
2,569
2,535
10,350
4,447
2,569
2,551
10,151
4,292
2,582
2,564
8,046
2,920
2,574
2,564
8,074
2,924
2,572
2,526
6,681
740
2,561
2,526
6,636
704
2,477
2,430
6,116
3,167
17.551
6,251
14,118
8,530
17,462
5,243
14,078
8,515
17,601
5,237
13,941
8,514
17,387
5,223
13,909
8,505
17,368
5,224
13,892
8,493
17,109
5,229
13,858
8,485
15,009
5,193
12,412
14,951
5,193
12,395
7,655
14,914
5,229
12,414
8,209
14,877
5,244
12,470
8,242
14,752
5,021
13,972
9,380
2,259
8,156
2,241
8,166
2,168
8,194
2,159
8,116
2,153
8,131
2,150
8,142
1,650
8,199
1,646
8,165
1,176
9,917
1,190
1,277
8,352
3,917
1.00
1.25
3,887
1.00
1.25
3,899
1.00
1.25
3,893
1.00
1.25
3,887
1.00
1.25
3,872
1.00
1.25
1.00
1.25
3,865
1.00
1.25
4,548
1.00
1.25
4,499
1.00
1.25
1.00
1.25
2.649
4.681
210
7,079
2.649
4.681
208
7,068
2.649
4.681
227
7,020
2.649
4.682
200
7,029
2.649
4.682
212
7,054
2.649
4.681
162
7,096
2.727
4.878
224
6,479
2.747
4.899
249
6,475
3.752
4.985
157
6,500
3.752
4.983
164
6,481
6.585
5.025
153
6,189
22,060
3.63
3,093
100.30
87.4
101.8
88.0
25.9
27,120
3.62
4,267
102.46
90.0
104.9
89.9
27.1
.31,350
3.63
944
102. 59
89.9
104.9
88.5
27.4
36,710
3.65
1,256
102.06
88.8
104.1
86.1
26.8
27,860
3.67
3,317
97.38
85.7
100.0
85.3
25.4
17,840
3.71
1,442
95.42
83.3
97.3
82.9
24.7
28,610
4.09
5,524
98.96
90.3
108.9
75.4
28.6
28,650
4.09
4,830
100.19
89.2
107.7
74.9
27.3
34,930
3.86
4,312
133.84
121.5
144.6
97.6
51.4
32,130
3.87
4,379
133. 28
121.5
144.3
98.6
52.0
54,950
3.85
6,532
133.18
114.7
130.3
110.2
55.4
24,875
28,250
1,217
2,325
3,909
59.3
40,595
1,230
2,342
3,539
60.6
11,838
47,420
1,191
2,295
3,584
56.4
61,610
1,190
2,324
3,530
49.7
11,384
42,784
1,194
2,078
3,530
38.5
13,790
999
2,134
14,771
982
2,116
3,318
39.8
103,250
1,282
2,301
3,719
84.6
10,980
78,736
1,238
2,262
3,651
85.5
55,329
1,311
2,094
3,070
70.0
8,853
661,136
122,276
31,933
42,270
11,158
154,657
44,890
253,952
659,764
123,739
32,451
40,822
11,591
152,324
43,564
255,273
656,341
117,535
32,521
46,632
11,524
152,109
42,617
253,403
673,812
116,813
31,426
59,265
11,845
150,488
44,877
259,098
559,109 589,561
, 95,232 95,745
22,030
29,724
47,896
53,456
11,945
9,422
127,662 148,536
24,798
36,423
214,884 230,917
584,062
95,414
28,892
51,514
11,276
149,245
22,998
224,723
773,782
126,001
40,749
14,579
166,682
74,488
308,301
766,182
121,220
40,960
45,936
13,505
168,598
75,561
300,402
736,578
125,398
36,561
42,756
15,247
165,345
56,132
295,139
212
231
151
8,773
221
243
114
11,819
223
253
117
23,610
223
263
86
32,976
242
251
82
12,551
236
221
58
13,873
334
150
125
14,803
315
138
93
18,651
303
254
137
6,238
60.1
144
7,508
13,401
159
205
75
26,084
39.4
8,104
_ XT i
_ ®Rate for week ended Aug. 19 is 62.1.
J Daily average.
• Data do not cover calendar weeks in all cases.
$ No longer strictly comparable ;for an explanation, see the corresponding data on p. 30 of the April 1939 Issue of the Survey. 1 Source: Ward's Automotive Reports.
MONTHLY BUSINESS STATISTICS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
COMMODITY PRICES
Pages 11,12
Retail prices:
Fairchild's index:
Combined index..
..Dec. 31,1930-100..
1939
July
1939
3938
July
August
Septem- October Novem- Decem- January February
ber
ber
ber
March
April
May
June
89.3
95.9
88.4
88.9
90.6
84.1
89.0
89.0
89.0
89.0
88.9
88.9
-89.1
89.1
89.1
89.1
89.1
89.1
96.8
88.9
89.0
91.5
84.8
96.6
89.0
89.4
91.3
84.5
96.5
88.7
89.4
91.1
84.5
96.4
88.7
89.4
90.9
84.5
96.4
88.7
89.2
90.4
84.4
96.3
88.7
89.0
90.4
84.3
96.3
88.7
89.0
90.5
84.3
96.2
88.5
88.9
90.5
84.3
96.2
88.4
88.8
90.5
84.3
96.0
88.4
88.8
90.5
84.1
95.9
88.4
88.8
90.5
84.1
95.9
88.4
88.9
90.6
84.0
CONSTRUCTION ATH> REAL ESTATE
Page 16
Contract awards:
F. W. Dodge Corp. (37 States):
Construction, total value
thous.
of dol.. 299,883
Building, total value *
- ! do .... 197,831
239, 799
160,541
313,141
187,048
300,900
191,571
357,698
243,693
301,679
211,261
389,439
231,052
251,673
165,162
220,197
148,564
300,661
223,011
330,030
209,061
308,487
210,567
288,316
204, 741
29,517
30,850
3,728
31,426
3, ,568
42,470
5,154
28,537
^,3,667
27,710
3,493
33,478
3,979
29,830
3,618
30,922
3,687
29,791
3,687
Infants' Men's
"Women's
Home furnishings
Piece goods
-
do „-.
_ -do
--.- do
.do
-do -
DOMESTIC TRADE
Pages 27, 28, 29
Postal business:
Receipts, postal:
50 selected cities
thous. of doL. 26,464
50 industrial cities
.—do^-.,-- : 3^27A
;
Retail trade:
'
'
Chauvstore sales:
Chain Store Age index:
Combined index (20 chains)
;
av. same month. 1929-31 =* 100._ 112.0
129.0
Apparel chains
do
Variety-store sales:
Combined sales of 7 chains:
Unadjusted..
1929-31=100.. P 9 0 . 5
v 101.7
Adjusted -do
Department stores:
P60
Sales, total U. S., unadjusted.1923-25=100Atlanta
L- do. . .
v 49
Boston
'do -Jp 62
Chicago
. ---do. '.
v 64
Cleveland
.--* do
v 72
Dallas
—
- do.. .
v 62
Kansas City
1925=100*69
Minneapolis.
-1929-35=100P63
New York
.1923-25=100»46
Philadelphia - do
P 73
Richmond —
. - do
p 62
St Louis
do
*83
San Francisco.^
„ „ - - do. _.
*86
Sales, total U. S., adjusted.
—do—
Atlanta
do.- .
"86
Chicago
-____
do
. . - - - _.do.-_.
1929-31=100..
,.1923-25=100.do
do
~-__do
'108.0
120.0
106.0
116.0
109.4
122.0
108.0
120.0
109.5
121.2
112.9
127.0
107.5
118.0
108.8
112.7
109.8
130.0
110.0
117.6
110.0
119.0
111.0
118.0
88.0
98.9
85.2
96.3
94.1
98.5
98.2
96.7
102.2
100.2
193.6
104.9
73.6
98.7
79.7
95.5
85.0
98.8
97.6
97.1
96.3
96.3
'95.8
100.8
60
59
72
61
68
62
46
72
58
81
83
113
S3
78
103
96
88
65
85
95
65
100
55
72
65
83
74
81
64
48
81
63
92
83
128
87
78
108
93
86
62
83
97
91
120
73
96
89
117
88
107
94
67
110
93
89
86
127
93
86
105
98
90
68
87
86
92
126
86
91
87
113
92
109
98
75
127
92
97
84
106
82
82
100
92
85
65
81
93
99
126
86
96
93
118
89
96
106
82
118
95
108
89
111
88
88
105
96
89
68
82
103
156
203
138
157
152
182
151
147
164
127
209
143
170
89
119
94
93
105
97
92
70
87
100
69
91
64
69
67
87
67
75
68
49
77
69
81
88
115
86
88
114
91
86
68
87
99
69
101
54
67
71
89
64
63
71
52
75
68
83
87
115
84
87
105
86
86
68
79
99
82
116
68
92
82
99
87
97
80
65
105
82
89
88
125
98
92
105
96
91
70
88
99
88
119
75
89
92
104
82
97
86
67
102
89
95
88
115
86
84
104
95
89
68
86
98
87
118
75
89
89
105
86
94
85
70
115
86
92
85
116
88
84
105
94
88
71
86
97
83
'108
76
'89
82
90
74
95
'87
'65
'105
75
88
'86
'119
'91
85
101
'95
'90
'66
'82
97
(*)
33.8
35.2
36.2
36.7
36.9
36.6
36.6
36.8
36.9
36.8
36.5
37.2
n
23.93
.713
24.93
.711
25.73
.714
26.14
.714
26.32
.714
26.02
.713
25.95
.713
26.11
.713
26.25
.715
26.27
.717
26.19
.720
26.79
.721
31,928
14,165
17,763
33,988
15,312
18,676
5,471
5,514
1,122
14,757
952
11,609
'1,312,257
* 116,873
1,195,383
604,380
292,576
311,804
* 182,742
' 21,240
3,987
403
161,502
2,000
154,400
282,039
30,241
12,198
12,666
251,798
79,810
160,185
J-84
Dallas
Minneapolis—
NewYork
Philadelphia
St Louis
San Francisco
24,602
26,609
.'.3,304. _ _.3,_446...
v 97
* 90
v OQ
v 90
p 98
58
79
46
EMPLOYMENT CONDITIONS AND
1
WATF<1
IT AlilliB
Pages 39, 44, 47
Labor conditions:
National Industrial Conference Board (25
industries):
:
:
Average weekly hours; per worker
in factories
.. . . . .
_hours_.
Wages:
National Industrial Conference,Board..(25
"~~ industries):
Factory average weekly earnings...dollars.
Factory average hourly earnings . . . . . d o . . .
FINANCE
Pages 53, 57, 58, 70, 71, 75, 76
Banking:
27,581
29,463
32,393
30,143
29,525
28,270
33,235
34,486
39,966
30,505
30,477
Bank debits, total (141 cities)
mil. of doL
13,828
12,247
15,140
12,425
18,879
14,533
12,380
16,274
13,311
13,085
12,794
New York City
do ,
18,211
17,039
16,832
16,440
17,860
15,201
16,023
18,096
21,087
17,683
16,677
Outside New York City.—
do...
Savings deposits:
Savings banks in New York State:
5,43.1
5,463
5,359
5,405
5,417
5,478
5,332
5,362
5,363
5,329
5,519
Amount due depositorsmil. of doL
Commercial failures:!
1
963
984
1,263
1,123
1,140
866
997
875
1,015
1,038
917
Grand total -**
-.—
number.
17,492
12,302
19,122
16,382
14,341
13,219
12,788
17,915
36,528
14,761
14,150
Liabilities, grand total...
thous. of dol.
(Japitai notations IT
.
Securities issued by type of security, total
:
thous. of dol. 585,732 469,697 417,936 238,368 766,188 395,807 529,182 277,339 540,723 ' 239,929 355,941
New capital, total
L
. . . - . d o . . . 317,625 390,633 182,286 146,033 166,908 220,893 241,001 220,531 377,550 ' 162,272 142,621
Refunding total
.—
__do~. 268,207 79,064 235,650 92,335 599,280 174,914 288,181 56,809 163,173 77,658 213,320
Securities issued by type of corporate borrower, total
.
.thous. of dol. 225,987 185,821 338,155 150,073 338,159 151,223 310,038 16,213 159,686 '99,668 258,809
77,060
5,827
23,571 '52,979
New capital, total
d o . . . 49,464 130,276 127,014 84,937 63,922 43,521 59,544
18,284
20,171 ' 18,572
75,981
69,550
80,838
40,561
48,801
1,027
9,864 120,365
Industrial
--*
do . .
579
2,475
4,202
6,461
1,170
21,285
2,612
20,441
49,965
25,892
9,704
Public utilities. ~ -~- - -.do
Refunding, total
d o — 176,523 55,545 211,141 65,136 274,237 107,702 250,493 10,386 136,115 46,689 181,749
44,656
15,301
60,175
5,500
41,659
16,180
14,458
56,404
3,986
12
Industrial
do,_. 95,875
63,046 139,795
300 111,029
31,388 106,500
41,824 259,659
77,122
46,045 169,382
Public utilities
do—
p
' Revised.
Preliminary.
« Data for June are the latest available.
•New series. Monthly data beginning 1925 will be shown in a subsequent issue of the Survey.
fRevised series. Commercial failures revised beginning June 1934; &w table 3, pp. 17-18 of the December 1938 Survey. Data on capital flotations
Jan, 1937; see table 26, pp. 15-16 of the May 1939 Survey.
revised beginning
MONTHLY BUSINESS STATISTICS-Continued
Monthly statistics through December 1937, to>
gether with explanatory notes and references
to the sources of the data may be found in the
2933 Supplement to the Survey
1933
1939
July
July
1939
Decem- January FebruOctober NovemAugust September
ber
ber
ary
Marcb
April
May
June
FINANCE—Continued
Security markets:
Bond yields (Moody's):
Domestic (120 bonds)
percent.
By ratings:
Aaa (30 bonds)
do—,
Aa (30 bonds)
do
A (30 bonds)... i ..__
do...
Baa (30 bonds)
___._
do....
By groups:
Industrials (40 bonds)
do...
Public utilities (40 bonds)
do,—,
Rails (40 bonds),..
do.
Stocks:
C a s h d i v i d e n d payments and rates
(Moody's):
Annual payments at current rates (600
companies)
mil. of dpi.
Number of shares, adjusted
millions.
Dividend rate per share (weighted average)
(600 cos.)~,
dollars.
Banks (21)
do...
Industrials (492 cos.)
do,,.
Insurance (21 cos.)
do—
Public utilities (30 cos.).
do....
Rails (36 cos.)
_
_
do
TRANSPORTATION AND
COMMUNICATIONS
Pages 84, 85
Class. I steam railways:
Freight-car loadings (Federal Reserve):
Combined index, unadjusted, 1923-25=100-^
Combined index, adjusted
—do
Grains and grain, products
do.
Merchandise,.1. c. 1..
—.do.
Ore
^
do.
F U E L S A N D BYPRODUCTS
Pages 119, 120, 121, 122
Petroleum and products:
Crude petroleum:
Consumption (run to stills)_.thous. of bbl._
Production.,
do
Refinery operations
pet. of capacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl._
Light crude
do
East of California, total
do
Refineries
do
Tank farms and pipe lines
do
Refined petroleum products:
Gas and fuel oils:
Production:
Residual fuel o i l . . do
Gas, oil, and distillate fuels, total.do
Stocks, end of month:
Residual fuel oil, east of California
thous. of b b l Gas, oil, and distillate fuels, t o t a L d o . . . .
Gasoline:
Consumption, domestic
do,
Production:
A t natural gas plants
do_
At refineries:
Total
do-...
Straight r u n
do
Cracked
do
Natural gasoline blended
do
Stocks, end of month:
Finished gasoline, total
do
At refineries
_do_
Natural gasoline
do
Kerosene:
Consumption, domestic.
do
Production..
„
__
do
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic
do
Production
do
Stocks, refinery, end of month
do
METALS A N D MANUFACTURES
Pages 131,133,140
Pig iron and iron manufactures:
Pig iron:
Furnaces in blast, end of month:
Capacity
long tons per d a y . .
Number
._
Production
thous. of long tons..
Steel, crude and semimanufactured:
Ingots, tfeel:
Production
thous. of long tons..
Percent capacity
.
Machinery and apparatus:
Machine tools, orders, new
av. mo. shipment 1926=100,.
TRANSPORTATION E Q U I P M E N T
Automobiles:
Page 160
Sales (General Motors Corporation):
To consumers in XT. S
number
To dealers, total
do
To TJ. S. dealers
do
' Revised.
3.66
4.17
4.09
4.17
4.03
3.95
3.95
3.86
3.81
3.74
3.84
3.78
3.71
2.89
3.07
3.83
4.84
3.22
3.62
4.21
5.63
3.18
3.57
4.13
5.49
3.21
3.60
4.20
5.65
3.15
3.53
4.03
5.36
3.10
3.46
4.02
5.23
3.08
3.42
4.02
5.27
3.01
3.32
3.97
5.12
3.00
3.26
3.94
5.05
2.99
3.22
3.87
4.89
3.02
3.22
3.97
5.15
2.97
3.16
3.92
5.07
2.92
3.13
3.86
4,91
3.T
3.39
4.42
3.48
3.79
5.25
3.43
3.76
5.09
3.50
3.82
5.18
3.43
3.73
4.94
3.39
3.65
4.83
3.40
3.63
4.82
3.31
3.57
4.70
3.29
3.52
4.63
3.29
3.48
4.46
3.35
3.51
4.66
3.30
3.45
4.60
3.23
3.42
4.47
1,391.46 1,288.80 1,295.20 1,293.92 1,293.59 1,328.16 1,315.04 1,316.25 1,329.91 1,334.15 1,337.76 1,339.27 1,382.43
935.03 929.10 929.10 929.10 929.10 929.10 935.03 935.03 935.03 935.03 935.03 935.03 935.03
1.39
1.49
1.39
1.39
1.43
1.39
3.42
1.41
1.43
1.41
1.43
1.48
1.43
3.00
3.00
3.01
3.00
3.00
3.00
3.01
3.01
3.01
3.01
3.01
3.01
3.01
1.24
1.23
1.38
1.24
1.29
1.24
1.28
1.30
1.30
1.28
1.31
1.31
1.37
2.24
2.24
2.24
2.39
2.24
2.24
2.31
2.31
2.31
2.31
2.33
2.33
2.39
1.94
1.93
1.94
1.94
1.94
1.93
1.92
1.92
1.91
1.91
1.92
1.92
1.94
1.09
1.09
1.05
1.09
1.09
.87
.85
.90
.90
.90
.90
.90
.90
70
64
63
69
79
62
102
97,309 97,964
98,567 102,287
79
99,614
102,490
78
60
34
99,856
102,898
79
101,352
106,165
96,990
98,661
79
100,787
101,830
79
67
67
90
61
64
87,797 98,917
93,475 106,768 105,510
77
76
105,755
110,541
83
104,687
104,607
85
84,724 85,132 86,705 87,222 87,399 87,222 87,595 87,002 86,294 86,075 85,580 85,049
33,138 33,548 33,975 34,999 36,064 37,193 36,927 38,323 39,333
39,878 38,902
247,361 243,952 240,251 233,463 228,741 229,140 227,134 227,098 229,079 230,926 230,279 226,462
43,674 42,724 42,979 41,131 40,386 41,221 42,540 41,777 41,154 40,180 40,445 41,463
203,687 201,228 197,272 192,332 188,355 187,919 184,594 185,321 187,925 190,746 189,834
23,647
12,688
24,232
12,691
24,552
13,074
25,487
13,820
24,573
12,793
25,197
13,873
25,800
14,135
21,476
12,797
25,040
13,539
24,750
13,301
27,022
12,353
24,836
13,530
32,285
26,620
32,874
28,841
33,661
30,860
33,344
33,017
30,935
32,069
26,991
27,873
24,309
24,650
21,952
21,731
19,288
20,115
19,534
21,058
21,397
22,088
22,480
25,659
47,474
50,459
46,058
46,272
44,991
41,649
37,767
34,595
42,520
43,977
49,547
49,812
4,127
4,226
4,081
4,375
4,244
4,345
4,264
3,747
4,232
4,232
4,280
4,095
47,607
21,020
23,652
2,935
48,662
21,524
24,188
2,950
47,312
20,934
23,049
49,677
21,383
23,862
4,432
47,998
20,397
23,379
4,222
47,780
20,794
22,701
4,285
48,308
21,125
23,546
3,637
42,721
18,455
21,037
3,229
47,186
20,663
23,280
3,243
47,426
20,922
23,521
2,983
49,620
22,767
24,207
2,646
49,274
21,782
24,810
2.6S2
70,224
43,091
7,614
64,699
40,137
8,022
38,819
8,159
63,542
38,739
6,771
64,083
39,376
5,742
65,949
41,805
4,830
79,691
54,569
4,708
81,189
55,464
4,721
81,623
55,172
5,484
78,342
52,076
6,212
74,395
47,972
6,749
3,752
4,889
10,112
4,292
4,933
10,149
4,187
5,348
10,497
5,185
5,320
9,949
5,419
9,676
6,813
5,739
7,799
73,847
49,419
4,647
5,980
5,702
6,711
5,901
5,174
5,452
5,201
5,900
5,042
5,813
5,663
4,368
5,909
6,551
3,570
5,439
7,949
1,844
2,631
8,194
2,002
2,576
2,127
2,615
7,605
1,805
2,632
7,718
1,735
2,535
7,817
1,831
2,384
7,695
1,609
2,527
7,762
1,653
2,522
7,951
1,987
2,664
7,800
1,770
2,672
7,886
2,132
2,856
'7,630
1,902
2,800
7,427
129
2,356
41,400
77
1,202
51,370
89
1,494
57,625
96
1,680
115
2,052
75.795
121
2,270
71,315
117
2,211
70,235
118
2,175
74,285
121
2,060
77,460
123
2,395
60,160
102
2,056
60,515
107
1,718
72,495
118
2,118
1,974
35
2,637
41
3,106
52
3,558
57
3,131
53
' 3,174
f 53
64
'3,405
55
'2,974
52
47
3,125
53
118.1
112.2
146.5
150.8
167.1
185.4
155.6
219.8
211.6
79,450
230.9
102,031
100,302
71,803
120.9
78,758
90,030
61,826
64,925
55,431
34,752
117.4
40,796 68,896 131,387 118,888 88,865
36,335 123,835 200,256 187,909 152,746
16,469 92,890 159,573 150,005 116,964
* Data for June are the latest available.
83,251 142,062 132,612 129,053 124,613
153,886 182,652 158,969 145,786 156,959
115,890 142,743 126,275 112,863 124.048
0 . S. GOVERNMENT PRINTING OFFICE 1 193»
@FedFRASER