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SURVEY OF CURRENT BUSINESS WEEKLY SUPPLEMENT UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON, D. C, DECEMBER 28, 1939 SUMMARY OF BUSINESS TRENDS TNDUSTRIAL activity experienced some seasonal slackening J- in the pre-Christmas week which was featured by a good volume of retail trade. Preliminary reports indicate that general merchandise sales during the holiday buying period ran well ahead of a year ago, a result to be expected in view of the substantially improved level of general business activity and consumer -incomes. Other indices of economic activity are also in higher positions than at the close of last year; it may be noted, however, that stock price indexes are moving in approximately the same general area as they were a year ago. The -accompany ig chart indicates that this situation prevailed generally through the fourth quarter, notwithstanding the fact that both earnings and dividends for the current quarter are much larger than in the corresponding period of 1938. The advances in some commodity prices—reflected in the moderately upward movement of the index in the upper righthand chart of the series below—have not been part of a general rise such as was experienced during September. Recent changes have been confined largely to a few major staples—wheat and cotton being most prominent. Wheat prices tended to decline after Tuesday of last week as the drought, which has reduced the probable yield of winter wheat very sharply, was relieved to some degree. The general wholesale price level is currently slightly lower than in early November when the composite index of the Bureau of Labor Statistics was about 7 percent above the mid-August figure. Compared with a year ago the index is now about 2 percent higher. The Bureau of Foreign and Domestic Commerce last week estimated that the national income would probably equal $68,500,000,000 for 1939, and that the dollar volume of income payments for the year would reach about $70,000,000,000. The national income differs from income payments by the inclusion of business savings and the exclusion of direct relief and other disbursements for which no services are currently rendered. The 1939 increase of $4,500,000,000 in the national income'is par-" ticularly significant since prices for the year averaged no higher than for 1938. Thus, the gain in national income this year resulted entirely from an enlarged output of goods and services. The steep rise in income payments during recent months—which contributed materially to the gain over 1938—is indicated on the accompanying chart. This index has risen over 1 point a month since August to the November figure of 88.8. SELECTED BUSINESS INDICATORS STEEL INGOT PRODUCTION SPOT COMMODITY ELECTRIC POWER PRODUCTION (PERCENT OF CAPACITY) (MOOOY^'S (BILLIONS OF KILOWATT HOURS) 225 100 PRICES INDEX- DEC. 3 l t 1931= 1 0 0 ) 200 f939^ . 50 175 25 iso 0 i 125 BITUMINOUS COAL (MILLIONS OP SHORT (INDEX, .(DAILY AVERAGE AWARDS - MILLIONS OF DOLLARS) TONS) . PRICES OF 3 5 0 INDUSTRIAL STOCKS CONSTRUCTION CONTRACTS - F.W. DODGE PRODUCTION " 4, 1 . I 9 2 & - 100) V 1 . . 1 • i i . YIELDS OF 120 CORPORATE.. BONDS- AUTOMOBILE PRODUCTION - (PERCENT) (THOUSANDS Of VEHICLES) / u A 1937-^?* -U-" INCOME PAYMENTS INDUSTRIAL PRODUCTION (SEASONALLY ADJUSTED 1929 • 100) 100 . MONTHLY MTA 130 ^^N: 110 90 s 35 80 too 90 75 120 \ \ \ 80 70 1937 1938 200170-39 1939 (1923-25=100) (SEASONALLY ADJUSTED 1 9 2 3 - 2 5 = 100 MWTHLf DATA 120 95 1 , , 1 , 1 > 1 1 FACTORY EMPLOYMENT 8c PAYROLLS •70 .ut t i 1 I . , 1 . i 1937 , / / Z^r^ 1938 r, / j MOliTHLf DATA no 100 EMPLOYMENT \> f\^V&JU$TEO) / ^ 90 (.UHUCJUSTEO) \ '60 70 narnb 60 * ! 1939 IllllllM 1937 , ; i . , 1111, 1938 1939 , WEEKLY BUSINESS INDICATORS' [Weekly average, 1923-25*= 100] Commodity prices, wholesale: Dept. of Labor, 1926=100: Combined index (813) Farm products (67) Food (122)... Allother (624) Fisher's index, 1926*»1OO: Combined index (120) Copper, electrolytic* Cotton, middling, spot Finance—Continued. Banking: Debits, outside N . Y. C * Federal Reserve reporting member banks: Loans, total. Interest rates: Call loans*. Time loans* Currency in circulation* Production: Automobiles..., _ _. Bituminous coal* _ Cotton consumption! Electric powerf Lumber... Petroleum* Steel ingot?© Receipts, primary markets: Cattle and calves Hogs. _ Cotton _ Wheat 106.4 106.6 106.0 105.8 91.8 93.7 84.6 84.6 118.0117. 117.0 115.0101.1 102.1 81.6 81.5 125. 125.7125.7 124.6103.5 104.2 85.3 83.6 79.3 67.8 72.1 84.3 78.7 66.8 71.1 84.1 79.0 67.4 71.3 84.4 78.8 67.1 71.1 84.4 79.0 67.6 72.0 S4.4 76.6 67.2 72.2 80.5 76.7 67.4 72.6 80.6 81.2 72.9 78.9 83.6 81.5 73.2 79.7 83.7 85.9 85.2 84.9 84.7 84.0 79.7 79.8 83.2 83.9 89.1 89.1 89.1 79.7 79.7 71.7 72.5 89.1 42.6 42! 3 39.7 38.6 37.5 32.4 31.6 30.9 30. .5 Construction contracts* Distribution: Carloadings 71.0 71.7 13.6 Employment: Detroit, factory... Finance: 56.8 49.1 Failures, commercial 64.0 64.0 64.1 Bond yields* 111.7 111.8111.3 Stock, prices* 1937 Dec. Dec. Dec. Dec. Nov. Dec. Dec. Dec. Dec. 9 25 24 17 25 18 23 16 Dec. Dec. Dec. Dec. Nov. Dec. Dec. Dec. Dec. 2 25 9 25 24 23 16 18 Business activity:! 1 New York Timesgd . Barron'scf Business Week.. 1938 1939 1937 1938 1939 78.6 62.4 82.3 80.3 53.3 51.3 71.9 70.6 59.9 63.2 47.8 62.6 102.1 105.9 100.9 49.1 46.9 56.3 53.1 56.8 54.5 64.0 63.8 68.5 68.8 71.6 71.9 10.5 112.3 107.8 107.6 94.2 91.7 • Data do not cover calendar weeks in all cases. §Computed normal** 100. 1 Seasonally adjusted. ©Index for week ended Dec. 30, is 126.6. 120.8 101.6 120.3 106.1 101.3 118.5 89.4107.4 97.8 71.5 71.0 69.2 69.3 68.9 67.8 68.0 75.4 76.0 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 158.4 156.3155.5 154.1 153.1 143.2141.7137. 3 563 154.4 151.4 122.7 95.0 121.7 134.9 97.3 121.9 84,9 87.1 88.5 103.8 82.2 79.4 75.2 89.4 134.1 130.9 106.5 124.0 74.4 90,5 156.4 155.2 152.4 149.0 141.8 140.0 125.2 132.2 45.7 56.3 56.1 50.7| 51.4 40.3 32.5 30.7 185.6 183.7 157.9 183.3 165.6 157.3 167.7 165:1 154.6 156.7 159.4 162.1 161.3 87.3 97.2 38.6 45.0 66.5 72.0 66.6 66.6 57.9 68.4 80.2 65.4 65.8 53.5 42.6 52.7 64.4 45.0 70.4 144.2 126.9 163.8 151.5 56.2 61.9 110.4 123.5 35.4 36.3 33.7 27.1 33.5 44.2 48.2 29.7 31.3 tDally average. tWeekly average, 1928-30=100. dTor description of these indexes, see p. 4 of the Dec. 16,1937 issue. WEEKLY BUSINESS STATISTICS * 1939 COMMODITY PRICES, WHOLESALE Copper, electrolytic. New York dol. per lb_ Cotton, middling, spot. New York do--.-. Food index (Bradstreet's) do-... Iron and steel, composito dol. per ton.. Wheat, No. 2 Hard Winter (Kansas City).dol. per bu_. FINANCE Banking: Debits, New York City mil. of dol.. Debits, outside New York City (140 cities) do-— Federal Reserve banks: Reserve bank credit, total do • tL. 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..., Investment?, total §„_ _ .. do U. S. Government direct obligations do Obligations fully guaranteed by U. S. Government mil. of dol.. Loans, totalj do Commercial, industrial, and agricultural loansf mil. of dol. Interest rates, call loanst percentInterest rates, time loansj _ _ do Exchange rates: French franej ...cents.. Pound sterling^. ..dollars.. Failures, commercial .... number.. Currency In circulation! mil. of dol_. Security markets: Bond sales (N. Y. S. E.) thous. of dol. par value.. Bon'd yields (Moody's) (120 bonds)* .percent.. Stock sales (N. rY. S. E.) thous. of shares.. Stock prices (A . Y> Times)X dol. per share.. Stock prices (Standard Statistics) (420) 1926=100. Industrials C25O) do... Public utilities (40) do- . Railroads (30) do._. PBOBUCTION, CONSTBUCTION, AND DISTRIBUTION Production: Automobiles^ number.. Bituminous coaU thous. of short tons.. Electric power. mil. of kw-hrs.. Petroleumt 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 , doIII! Receipts: Cattle and calves ....thousands.. Hogs „ « . __ do Cotton into sight thous. of bales.I Wheat, at primary markets thous. of bu.. Dec. 23 Dec. 16 Dec. 9 0.123 .116 2.34 37.10 1.04 0.123 .115 2.32 37.19 0.123 .108 2.32 37.20 4,499 6,603 3,799 4,707 2.645 2,496 11,378 4,900 1938 Dec. 2 Nov. 25 Nov. 18 0.123 .105 2.35 37.26 0.123 .102 2.39 37.42 0.123 .101 2.42 37.44 0.110 4,649 2,983 4,100 3,012 4,700 2.543 2.512 11.288 4,849 2,568 2,512 1I,6J7 5,154 2.605 2,552 11,620 5,135 18,923 5,255 14,533 8,762 18,981 5.251 14,652 18.824 5,237 14,516 8,724 2,404 8,932 2,413 8,871 4,406 1.00 1.25 1937 1936 Dec. 17 Dec. 25 Dec. 18 2.34 36.37 0.110 .086 2.38 36.38 .67 0.099 i084 2.63 38.90 ,96 0.100 .083 2.65 3.004 4,400 5,214 5,494 3.676 4,149 4,484 4,977 4,436 4,533 5,891 2.645 2.593 11,619 5,171 2,715 2.649 11,587 5,166 2,656 2,564 8.472 2,979 2.600 2,5fl4 9,034 3,476 2.6S8 2.564 6,855 1,007 2,631 2.564 6,884 1.057 2.542 2.430 6,507 1,881 18,972 5,232 14,503 8,713 18,918 5.252 14.475 8,726 18,604 5.256 14.465 8,725 16.025 5.141 13.269 8,333 16.221 5.130 13,008 8,080 14,423 6,201 12.062 8,067 14.675 5,192 12,168 8,172 15, fi74 fi,O43 13,771 9,290 2,415 8,646 2,408 8,656 2.401 8,617 2.402 8,549 1,718 8,473 1,696 8,496 1,110 9,418 1,240 9,170 4,416 1.00 1.25 4,378 1.00 1.25 4,381 1.00 1.25 4,388 1.00 1.25 4,362 1.00 1.25 3,857 1.00 1.25 3,872 1.00 1.25 4,617 1.00 1.25 1,114 9,500 4.645 1.00 1.25 2,236 3,947 200 7,691 2.229 3.933 203 7,588 2.213 3.905 231 7,553 2.212 3.P04 200 7,485 2.224 3,924 191 7,433 2.223 3.922 223 7,398 2.633 4.666 229 6,952 2.629 4.670 216 6,S81 3.396 4.998 231 6,676 4.997 222 6,618 43,890 3.69 41,070 3.69 4,168 34,170 108.53 91.9 107.9 87.0 29.9 38,590 3.70 3,850 108.06 92.5 108.7 86.9 30.2 34,110 3.68 2,978 109.03 93.9 110.3 87.9 31.2 39,760 3.70 3,934 109.17 93.5 109.9 87.0 31.4 52,060 3. £5 5,980 104.63 91.1 109.7 76.^ 28.3 57.080 3.97 7,356 104.48 93.0 112.0 78.3 29.0 40,390 4.13 5,724 91.53 82.5 96.1 77.5 31.2 39,900 4.15 5,170 89.08 80.7 93.6 80.7 30.4 51,960 3.69 6,905 134,44 121.0 140.9 108.8 52.0 118,405 1,445 2,605 3,866 91.2 115,488 1,484 2,586 3,827 92.8 93,638 1,508 2,539 72,520 1,767 2,482 3,818 93.9 10,022 86,700 1,642 2,514 3,592 93.5 13,669 92,890 1,400 2,363 3,450 51.7 13,218 102,905 1,353 2.333 3,276 57.6 12,894 74,230 1,281 2,085 3,493 23.5 8,557 93,025 1,523 2,202 3,440 27.4 8,234 82,482 681,166 146,520 34,144 35,547 13,416 150,148 11.339 290,052 687,265 140,554 34,996 38,310 14,971 154,216 11,858 292,360 676,516 145,691 33,223 35,997 13.779 142,556 23.917 231,353 771,404 163,133 35,612 36,897 15,904 158,028 45,635 316,195 574,462 140,435 27,612 30,724 11.997 140.900 9,001 213,793 606,003 132,711 29,132 35,959 13,177 148,091 8,260 238,673 457.821 106,699 20,449 27,419 9,541 119,434 7.002 167,277 600,283 147,459 34,764 38,222 13,554 149,510 11,640 156,811 24,923 34.894 14,355 145,546 8,518 215,236 562,578 134,383 28,399 210 424 375 2,887 427 330 2,679 211 347 426 ?f157 210 277 394 ?,664 247 343 501 3,406 183 342 146 3,519 216 418 161 3,837 178 292 287 2,359 254 457 321 4.174 108.44 9L8 108.0 86.5 29.3 117,705 9076" 2,813 107.30 91.7 107.6 86.» 29.9 94.4 12,614 Dec. 24 38.90 .97 2,490 Dec. 26 0.110 - .130 2.92 35.33 1.41 1.00 1.25 4.671 4.912 167 im 2,081 3,133 77.0 24,186 9,861 133,J27 7/523 225,099 165 284 261 2,664 ®Rate for week ended Dec. 30 is 73.7. JDaily 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 July 1939 issue of the Sxravsr. ^SOURCE: Ward's Automotive Reports. MONTHLY BUSINESS STATISTICS Monthly statistics through December 1937, together with explanatory references to the sources of the data,notes may ba en dfound in the 193S Supplement to the Survey 1939 1939 1933 Novem- Novem- Decem- January ber ber ber March ary April May June July August Septetn- October BUSINESS INDEXES Pages 6, 7, 8, 9 Income payments:! Adjusted index 1929=100.. 88.8 5,817 83.1 5,507 83.4 6,145 83.3 5,703 83.0 5,247 84.1 5,727 83,0 5,654 83.4 5,432 84.1 5,918 83.7 5,695 85.4 5,400 '86.8 '6,020 '88.1 6,204 1929=100.. 87.5 3,842 1,433 903 841 531 134 90 82.4 3,634 1,248 853 799 531 203 83 83.0 3,672 1,244 889 ,814 627 198 - 88 82.3 3,525 1,191 841 800 505 188 . 92 82.0 3,522 1,215 826 796 503 182 93 82.1 3,575 1,235 850 797 506 187 95 81.0 3,550 1,212 849 799 510 180 90 81.4 3,598 1,235 862 806 520 175 87 82.8 3,665 1,281 874 815 530 165 85 82.8 3,516 1,271 868 810 422 145 85 84.0 3,560 1,31$ 871 813 423 135 87 '84.4 ' 3,702 '1.369 '891 821 '507 114 ••87 '86.7 '3,867 '1,448 '917 835 538 '129 '88 129 496 126 484 124 1,115 128 827 133 433 148 772 133 760 139 471 145 920 136 849 145 451 135 805 128 '783 1,260 5,231 1,180 4,967 1,146 5,657 1,131 5,244 1,066 4,848 1,137 5,256 1,121 5,192 1,137 4,943 1,103 5,453 1,109 5,222 1,157 4,887 '1,291 '5,374 1,338 5,519 89.6 84.2 84.7 84.4 84.4 84.8 83.8 84.3 85.4 85.5 86.7 '87.0 88.8 v 123 M26 p 124 -p 124 104 103 105 103 103 »125 j»124 112 102 98 98 103 104 104 99 117 109 100 99 105 101 100 105 109 110 99 98 105 99 97 rlOO 109 110 100 100 102 98 96 91 110 110 95 96 SS 92 92 87 97 95 94 94 97 92 91 73 104 98 98 97 105 98 97 81 111 104 97 95 107 101 100 87 111 106 99 99 96 103 104 89 120 91 112 110 123 111 111 85 121 114 '124 ' 122 '132 '121 M21 '78 '125 121 104 90 80 82 126 42 119 200 75 68 66 99 89 87 78 116 1G0 108 154 79 85 67 76 81 91 67 116 GS 71 78 85 62 61 65 77 97 73 80 41 53 37 82 51 77 56 64 94 56 70 50 46 34 78 38 78 es 78 104 65 104 45 57 35 93 50 107 65 81 103 62 123 77 50 22 95 50 89 81 99 135 72 145 193 63 23 92 80 109 82 93 145 62 114 387 71 26 81 101 112 94 88 133 66 91 386 101 46 78 184 49 85 84 122 70 79 266 87 75 80 116 41 120 82 100 78 75 144 159 251 79 120 72 125 87 90 90 75 90 163 278 95 94 82 1924-29=100 do 78.5 74.0 62.0 86.5 91.0 87.0 74.0 78.0 69.5 55.5 84.0 85.5 83.5 83.5 72.5 68.0 55.0 82.0 89.5 78.0 81.0 68.5 67.5 55.5 80.0 88.5 79.0 67.0 51.0 60.0 44.5 76.5 85.5 77.5 56.5 57.5 64.0 49.5 79.5 80.0 84.0 71.5 55.0 64.5 51.5 78.0 76.0 75.0 70.0 60.0 65.0 49.0 82.0 76.5 83.5 80.0 59.0 60.0 45.0 75.5 77.0 76.0 73.0 63.0 62.5 51.0 74.5 77.0 73.5 75.0 71.0 71.0 66.5 75.5 81.5 74.0 70.0 92.5 79.0 70.0 88.0 87.0 89.5 73.0 96.0 72.5 61.5 83.5 89.0 83.5 66.5 1923=100 do. do* 85.7 72.9 79.6 85.6 86.7 96.8 85.6 73.2 79.5 85.9 86.4 96.8 85.8 73.0 80.3 86.0 86.2 96.8 85.4 72.7 79.2 85.9 86.2 96.8 85.1 72.4 78.4 85.9 86.1 96.7 84.9 72.3 78.0 85.8 86.1 96.7 85.0 72.2 78.2 85.2 86.2 96.7 84.8 72.1 78.1 84.0 86.2 96.6 84.7 72.0 77.9 83.4 86.0 96.6 84.9 71.9 78.1 83.8 86.3 96.9 84.5 .85.9 72.2 80.7 84.4 86.5 97.0 '85.8 72.6 '80.1 85.2 86.6 96.8 103.8 98.1 109.2 103.4 97.2 109.2 93.3 82.9 103.1 92.8 82.1 103.1 94.0 83/8 103.8 94.4 83.7 104.7 92.2 82.3 101.7 94.6 84.4 104.4 93.6 83.3 103.5 94.3 84.2 103.9 94.3 94.1 84.8 84.1 104.0 103.0 94.0 ... 93.8 83.9 83.7 103.8 103.3 93.0 84.0 101.6 .-93.3 82.9 103.3 93.4 84.6 101.8 -94.3 83.9 104.2 93.5 83.0 103.5 95.3 84.7 105.4 * 96.3 S3 9 '108.1 96.0 85.5 105.9 52.2 95.1 66.5 63.6 47.0 51.0 88.6 61.9 68.3 44.4 51.3 89.3 62.3 41.4 60.0 88.7 62.6 67.0 38.3 52.2 88.6 60.9 66.4 37.9 51.7 87.4 61.0 66.2 40.1 53.0 25.9 61.5 65.8 43.0 52.6 47.9 61.9 66.1 45.6 51.2 78.3 61.6 67.0 47.3 *44.7 79.4 60.4 67.3 47.5 '48.5 '81.4 '60.4 '66.7 '48.1 49.4 '85.4 '62.9 65.0 '47.9 51.9 '93.2 65.4 '64.4 '47.8 93.4 69.7 74.8 91.9 69.5 74.4 91.4 69.4 74.3 90.0 69.2 74.1 89.6 69.3 73.3 89.6 69.5 73.4. 90.3 69.1 74.1 91.0 69.6 74.7 92.3 69.9 75.3 93.2 69.7 75.4 93.8 69.8 r75.5 '93.7 '69.8 75.3 '93.5 '70.0 '75.2 89.8 92.7 86.9 89.8 98.1 90.0 82.2 88.3 SI.* 87.9 83.8 87.4 85.5 87.3 85.7 87.2 86.4 88.1 83.6 87.9 82.5 89.0 87.3 '90.5 '88.5 101.8 101.2 102.4 84.4 77.6 92.1 87.1 79.6 95.4 83.7 76.0 92.4 86.0 77.7 95.3 87.6 79.4 96.7 85.5 79.5 92.2 85.0 78.8 91.9 86.5 80.7 93.0 84.4 76.0 93.7 89.7 81.5 99.0 '93.8 '87.9 100.5 '101.6 '99.7 ' 103.8 42.6 96.6 64.1 59.4 42.9 36.2 81.4 52.3! 63.3 37.2 42.5 SO. 9 54.1 62.5 33.7 38.0 45.2 81.2 53.4 62.7 29.7 34.2 77.8 53.6 61.3 33.1 43.4 17.6 52.6 60.8 35.9 57.0 20.4 54.1 61.2 39.7 36.1 66.5 53.8 62.5 41.7 25.2 64.5 48.5 61.9 40.9 '33.8 '74.6 '53.0 '62.0 '42.9 '40.1 '80.2 '55.1 '60.8 '42.7 52.2 '97.7 '63.7 '59.0 '45.1 Total _ Salarips and wages: Adjusted index. mil. ofdol_. Total.. mil. of dol__ Commodity producing industries .do Distributive industries .do Service industries __do Government do "Work relief wages do Direct and other relief -..do Social-security benefits and other labor income. mil. of dol.. Dividends and interest . do.. Entrepreneurial Income and net rents and royalties mil. of dol_. Total nonagricultural income do... Adjusted index of nonagricultural income 1929=100. Industrial production (F. R.): Combined index, unadjusted...1923-25=100.. Manufactures, unadjusted do Minerals, unadjusted do Combined index, adjusted. do Manufactures-, adjusted_;_____^__..._do___. Automobiles .-do. Textiles -do.. Minerals, adjusted do Agricultural marketings: Quantities marketed: Combined index ..do Animal products do Dairy products _ _.do Livestock . do Poultry and eggs _ _,.do Wool do Crops .do Cotton --. do Fniifs •-'- ~ . ' '--do Grains do. VeRetables.. . do Cash income from farm marketings: Crops and livestock, combined index: Unadjusted Adjusted Crops _ Livestock and products Dairy products Meat animals Chickens and eggs COMMODITY PRICES Page 11 Cost of living (N. I. C. B.): Combined index ... Clothing. „. Food do_ do do do do Fuel and light . . do Housing „ do Sundries do EMPLOYMENT CONDITIONS AND •p Q] 9G — 71.9 76.7 84.0 86.3 96.9 WAGES Pages 31, 32, 33, 35, 37, 40, 41, 43, 44 Employment: Factory, unadjusted (U. S. Department of Labor)t___ 1923-25 =-100.. Durable goods do Nondurable goods do Factory, adjusted (Federal Reserve)}—-do Durable goods „ „ do Nondurable goods _ „ do Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite Bituminous coal__ Metalliferous _ Petroleum, crude, producing Quarrying and nonmetallic 1929=100,. do do do do 67.8 '103.6 '100.2 '96.1 '89.7 '110.7 110.2 — .97.3- - U 0 1 . 2 '94.5 88.5 ' 107.6 105.7 Pnnlir* utilitir*Q* xrunnc mimics. Electiic light and power, and manufactured gas 1929=100.. Electric railroads, etc do Telephone and telegraph. do Trade: Retail, total do Wholesale do Pay rolls: Factory, unadjusted (U. S. Department of Labor)f--1923-25=100.. Durable goods -.;__ do... Nondurable goods do Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite ..*—_. ,.1929=100.. i Bituminous coal.. Metalliferous J S.. Petroleum, crude, producing. Quarrying and nonmetallic do do.... do do 78.2 55.3 60.9 30.2 r92.5 t Raised series. ForreiSedfincome payments beginning 1929, see table 41, pp. 15 and 16 of the October 1939 Surrey. For employment and pay rolls without adjustment for seasonal variations and employment adjusted for seasonal variations see footnote marked **t" on p. 25 of the December 1939 Survey. MONTHLY BUSINESS STATISTICS—Continued Monthly statistics through December 1937, to 1939 gether with explanatory notes and references to the sources of the data, maj he found in the No vein 1938 Supplement to the Survey ber 1939 193S Novem- Decem- January ber ber March April May June July August ^C'®111" October EMPLOYMENT CONDITIONS AND WAGES—Continued Pay rolls—Continued. Nonmanufacturing, unadjusted (IT. S. Department of Labor)—Continued. Public utilities: Electric light and power, and manufactured gas". 1929=100.. Electric railroads, etc do... Telephone and telegraph do... Trade: Retail, total do... Wholesale do. 101.5 70.1 94.3 74.8 79.5 71.5 75.4 98.2 69.7 92.5 95.9 71.1 92.0 96.4 69.9 91.7 96.8 70.5 91.9 96.9 69.6 92.1 .70.1 93.7 100.2 71.2 93.7 100.0 70.6 94.6 ' 101.1 '71.0 '94.3 79.2 75.7 69.7 75.5 68.4 74.6 74.7, 71.3 74.8 71.5 74.9 72.5 75.8 70.9 75.8 69.4 '76.2 FINANCE Page 60 Life insurance: Insurance written:© Policies and certificates, total number 842 675 865 724 1,089 716 thousands. 812 33 23 30 41 34 20 71 Group do... 499 399 357 464 608 455 755 Industrial do... 262 310 252 232 228 264 223 Ordinary do... Value, total thous. of dol. 587,498 671,262 974,920 729,937 570,491 645,019 550,666 604.445 44.027 43.754 91,294 51,899 40,365 45.205 35,981 43.278 Group do... Industrial d o . . . 128.121 182,690 226,085 99.363 109,871 138,396 129.051 137,073 Ordinary _ d o . . . 415,350 444,818 657,541 578,675 420,255 461,418 385,634 424,094 FOREIGN TRADE Pages 79, 80, 82, 83 Indexes: Exports: Total value, unadjusted 1923-25=100. Total value, adjusted do... Imports: Total value, unadjusted _. do... Total value, adjusted do... Value: Exports, including reexports...thous. of dol. General imports, total do... Imports for consumption, total do—. FOODSTUFFS AND TOBACCO Pages 102, llfi Alcoholic beveragcr: Fermentpd malt liquors: Production thous. of bbl.. Tax-paid withdrawals do... Stocks.. _ do... Distilled spirits: Production thous. of tax gal.. Tax-paid withdrawals _ do Imports*.. thous. of proof gal.. Stocks „ -thous. of tax gal.. Whisky: Production __.do . Tax-paid withdrawals.; ...do Imports* thous. of proof gal__ Stocks.._ thous. of tax gal.. Rectified spirits and wines, production, total. thous. of proof gaL. Whisky* do.... Indicated consumption for beverage purposes: All spirits*t thous. of proof gal Whisky*f do... Tobacco: Manufactured products: Consumption (tax-paid withdrawals): Small cigarettesmillions.. Large cigars thousandsManufactured tobacco and snuff thous. of 1b 77 67 73 73 292,734 235,402 214,454 58 71 67 56 55 5S 63 3.645 3,104 7,470 3.482 3,031 7.774 3.735 3,774 7,367 3,541 3,669 7,083 14,921 13,485 1.058 506,894 22,188 11,738 1,381 501,045 17,231 9,714 1,691 505,414 8,946 10,385 912 465.934 9,204 10,572 11,003 8,724 5,007 0,559 4,996 7,665 571 1,459 582 1,215 466,175 466,785 470,251 472,934 14,461 505,098 28,436 70 72.3 '78.0 74.2 '80.3 942 642 687 790 841 261 26 51 24 134 427 484 431 417 461 234 255 250 245 200 729,749 506,380 584,595 509.897 637,675 194,223 23,862 83.901 59.401 75,929 128,568 118,218 119,068 115,935 135,769 406,958 364,300 381,626 334,561 425,977 66 72 62 70 87 72 49 55 53 54 52 55 67 58 55 63 56 49 55 53 57 58 65 54 57 55 61 252,231 268,756 212,908 218.559 2^8,364 230,947 249,259 236.058 229.628 250,839 288,573 332,070 176,1 SI 171,474 178,201 158,035 190,437 186,195 202.502 178,953 168.925 175,756 181,461 215,281 152,528 191,226 185,800 194,193 178,405 170,451 180,379 199,483 207,140 171,652 165,522 3,685 3,826 8 61 64 ' 101.0 ' 101.0 '72.3 -•70.4 ••95.9 '94.9 4,497 3,822 8,265 11,874 10,700 13,022 6,248 6,112 8,566 667 831 676 510,194 513,462 516,755 5,362 4,445 4,774 2,973 2,375 15,038 13,351 13,118 11,425 8,192 6,988 2,683 2,192 7,743 6,816 4.641 3,985 8,746 5,079 9.0S6 6.271 5,656 9,447 5,637 5,538 9,330 5.450 5,715 8,836 4,392 4,921 8,112 4,237 4,169 7,994 17,946 11,066 1,113 510,606 10,940 10,756 7,593 845 776 519,162 521,251 5,381 8,304 5,605 6,456 632 772 522,058 520,429 6,390 10,244 8,772 6,663 1,843 710 518,487 514,433 9,993 7,972 8,513 6,791 5,728 4,866 706 678 730 475,150 477,136 478,741 3,817 3,670 3,425 3,078 2,800 2,496 10,771 9,775 0.137 9,357 8,122 7,142 3,711 5,774 4,343 4,885 534 666 478,900 477,149 7,074 4,985 4,392 8,550 6,793 5,098 959 1,599 612 475,371 472,499 460,173 5,202 4,005 3,189 4,329 2,332 3,258 2,960 1,977 2,930 2,014 6,767 '7,570 6,131 '8,709 '11,959 7,104 10,309 13,703 12,007 13.506 12,656 13,863 11,782 14,244 12,269 15.445 16.595 14,260 16.571 14,790 15,384 515,859 333,982 349,497 361,233 437,584 403,042 470,580 486,721 427,533 500,807 486,865 551,230 30,040 27,126 26,914 25,425 29,594 25,628 30,499 30,107 26,246 33,29i 30,361 STONE, CLAY, AND GLASS PRODUCTS Pages 150,152 Portland cement: Production thous. of bbl._ 11,053 10,184 8.066 5,505 5,301 9.674 11,185 11,953 12,644 8,171 Percent, of capacity 52.1 48.2 36.9 27.9 24.3 57.9 37.4 56.5 45.7 50.0 Shipments..-. thous. of bbl_. 10,146 8,573 6,290 5,044 5,640 8.467 9,654 12,748 12, 715 11,755 Stocks, finished, end of month. do 20,776 22,179 23,947 23,611 24,092 23,786 23,837 22.251 21,477 22,361 Stocks, clinker, end of month do 4,880 4,963 5,262 5,986 5,563 6,447 5,928 5,797 5,728 6,568 Plate glass, polished, production thous. of sq.ft. _ 15,812 12,883 12,691 12,209 10,165 11,867 6,212 7,268 8,036 TRANSPORTATION EQUIPMENT Page 160 Automobiles: Production: Canada, total number. 18,412 17,992 18,614 14,794 14,300 17,549 16,891 15,706 14,515 0,135 Passenger c a r s . . do.. 9,882 15,423 14,198 11,404 10,914 12,689 12,791 11,585 10,585 5,112 United States (factory sales), totaI...Ido._II 351,782 372,413 388,346 342,156 303,217 371,940 337,372 297,508 309,720 200,343 Passenger cars do 285,252 320,344 326,006 281,465 243,000 299,703 273,409 237,870 246,704 150,738 Com'l cars, trucks, road t r a c t o r s . . . d o . . . 66,530 52,069 62,340 60,217 72,237 63,963 59,638 63,016 68,605 12,369 56.6 13,401 21,327 5,727 11,937 ' 12,530 56.3 57.2 13,104 12,829" 20.160 5,254 '4,854 10,450 13,663 3,475 1,068 99,868 61,384 38,484 3,921 9,640 7,791 188,751 313,377 161,625 251,819 27,126 61,55$ 'Revised. • Data for October are the latest available. New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 SURVEY. TReylsed series.• For revised figures on Indicated consumption for beverage purposes see footnote marked *'t" on p . 41 of the December 1939 SURVEY. ©40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies. ;..-;••. 18,360 tt, S. GOVERNMENT PRINTING OFFlCKi I t 3 »
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