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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C , FEBRUARY 16, 1939
SUMMAKY OF BUSINESS TRENDS
TJ ETAIL trade reports for January indicate that distribution of
• " commodities to consumers was at a higher rate than a year
ago. Sales of new passenger cars, according to preliminary reports, were more than one-third larger than in January 1938.
Unit volumes of general merchandise sales were moderately
larger than a year ago. While measurement of the seasonally
adjusted volume of dollar sales in January is made difficult by
the magnitude of the normal decline from December, the changes
in dollar sales were generally of seasonal proportions. The Federal Reserve adjusted index of department store sales was
lowered 1 point from ^December, to..88..(1.923T25=_100) for January; trade at these stores was slightly below the dollar turnover of last year. Variety store, mail order, and chain shoe
store sales were, however, higher than the dollar figures reported
for January of last year. The Fairchild index of retail prices of
department-store articles was 89.1 (January 1, 1931=100) on
February 1, as compared with 92.4 a year earlier.
Industrial activity continues at a relatively even pace. Steel
ingot production has increased somewhat in the past fortnight.
Automobile production last week recovered to 84,500 units
after declining to 78,400 in the preceding week when adverse
weather retarded shipments from some assembly plants. The
Board of Governors of the Federal Reserve System has placed
its seasonally adjusted index of industrial production at a preliminary figure of 101 (1923-25=100) for January as compared
with 104 in December and 80 in January 1938. The decline from
December reflected the absence of seasonal expansion as output in January was about on a par with the daily rate in
December.
Awards of construction contracts in January were much below
thedollar total for December according to the F. W. Dodge data
for 37 Eastern States. This drop reflected mainly the lower
volume of public projects which for the month were little more
than half as large as the record volume placed in December.
Seasonal influences were partly reflected in the moderate decline
in contracts for private residential buildings; awards of this
type were, however, 90 percent larger than a year ago and were
14 percent above the dollar volume in January 1937.
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
(PtfiCEWT
OF
INGOT CAPACITY)
FREIGHT CAR LOADINGS
AUTOMOBILE PRODUCTION
(IHOUSANDS OF
(THOU5ANDS Of CARS)
VCHICLES)
wIm 1 tuIw 1 m \ m I w 1 m t o 1 w' 1 a)Iv
BITUMINOUS COAL PRODUCTION
(TH0U5AMDS Of SHORT TONS)
CRUDE PETROLEUM PRODUCTION
(THOUSANDS O f BARRELS -
ELECTRIC POWER PRODUCTION
(MiLLIOKS Of KILOWATT HOURS] . •
DAILY AVERAGE)
°' ••&• I m lm 1 m.' la 1 lu[ 1 ^ 1to
m 1w Im 1w
JAM ' FCB I MAA I APR ' MAY ' JUNE I JULY ! AOG I SEPT i O C T ' «OV I
CONSTRUCTION CONTRACTS AWARDED
(fMILLlONS Of DOLLAftS)
400
r
TOTAL-A
\4^
1 t 1 t 1
1
,|
T ' It
r t ( IT
1 !
1 1 1 I T 1 1 1 t f !
WEEKLY BUSINESS INDICATORS
[Weekly average 1023-25=100]
ITEM
Business activity:!
New York Timesjc?
Barron'sef
Buslnessweek- .Commodity prices, wholesale:
Dept. of Labor, 1926=100:
Combined index (813)
F a r m products (67)'
Food (122)
All other (624)
Fisher's index, 1926=100":
Combined index (120)
CoDDer. electrolytic!
Cotton middling, spot-
ITEM
Feb. Feb. Jan. Jan. Jan. Feb. Feb. Feb. Feb.
6
11
6
13
4
28 21 14 12
76
67
71
80
7
3
2
4
76 6
66 9
71.3
80 4
76 8
67.3
71.3
80.5
79 6
70.1
73.2
83.1
80.1
70.9
74.5
83.2
85.6
91.6
86.6
83.6
85.4
90.5
86.7
83.5
79.5 79.8 79.8 79.8 79.7 82.4 82.6 90.7 90.4
79 7 79 7 79 7 79 7 79 7 71 0 71 0 92 8 92 8
33.1 33.1 33.1 33.5 32.4 32.4 31.6 48.5 48.5
76 2 56.9 62 9
Construction contractst
60.2 62.0 61.6 61.2
Distribution: Carloadings
Employment: Detroit, factory... "I"
101.8
100.8
Finance:
Failures, commercial. „—
64.1 62.7 74 0 71.7 73 7
66.2 66.9 66.9 66.4 66.9
Bond yieldst
Stock pricest
104.8 103.9 101.2 107.3 107.1
48.5
34.3
56.6 58.9 71.8 70.0
128.4
79.8
79.6 67.3 44 9, 48.6
74.0 74.5 64.6 64.3
90.4 88.5 143.8 I42.fr
• D a t a do not cover calendar weeks in all cases.
JComputed normal=100.
©Index for week ended Feb. 18 is 94.1.
cfFor description of these indexes, see p . 4 of the Dec. 16,1937 issue.
1937
Feb. Feb. Jan. Jan. Jan. Feb. Feb. Feb. Feb.
6
13
5
11
28 21 14 12
4
J
Finance—Continued.
Banking:
81.8 87.6 83.2 92.5 90.8 72.7 89. U b6.3 102.6
Debits, outside N. Y. C.J
Federal Reserve reporting
member banks:
65.4 65.9 66.3 66.3 66.9 71.4 71.9 71.7 71.5
Loans,total
Interest rates:
24.2 242 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.fi 28.6 28.fi 28.fi 28.6
Time loanst
137.6 137.5 136.6 137.3 138.3 130.0 130.3 131.1 130.9
Currency in circulation J_
Production:
110.8 102.8 116.9 118.2 113.9 75.8 67.4 95.0 94.8
Automobiles
"RitiiTpinmifl coft^t
79.0 83.8 80.0 78.6 67.2 75.5 99.6 96.9
108 4 109.3 112.5 84.0 83 1 127.7 1?9 1
Cotton consumption^
137.3 137.6 137.5 136.3 123.2 125.0 132.1 132.1
Electric powert
41.6
44.3
165.2 155 9 156.7 155.7 159.6 159 ? 157.8 154 fi
Petroleum X
Steel ingots©
91.7 90.7 87.9 90.5 88.8 51.8 51.5 132.4 130.7
Receipts, primary markets:
Cattle and calves
58.4 62.8 61.4 59.6 60.1 6? 7 63.2
36.0 41.6 48.4 49.4 41.9 4 8 r> 52.9 44 1
Hogs
Cotton .
45.4 44.6 42.3 46.2 44.2 75.4 f>8 f> 56.2 5? 3
Wheat
30.4 38.9 36.1 34.7 38.8 23.6 2 3 . 1 15.8 16.6
90 5 93 3 91 6 90 7 79.7 81.3 102.4 101.2
98.0 99 6 98 7 97 5 7fi.3 77.2 105.2 102.7
103.6 104.3 103 ? 82.2 82.3 110 4 109.4
76 6
67.1
71.0
80.4
1938
1939
1937
1938
1939
{Daily average.
f Weekly average, 1928-30^100.
^Seasonally adjusted.
WEEKLY BUSINESS STATISTICS*
1939
Feb. 11
C O M M O D I T Y P R I C E S , WHOLESALE
Copper, electrolytic, N e w YorkJ
dol. per lb..
Cotton, middling, spot, N e w York
do___.
Food index (BradstreeVs)
do...
Iron and steel, composite
dol. per t o n .
Wheat, N o . 2 hard winter (Kansas City) _ .dol. per bu_
Banking:
FINANCE
Debits, New York City
mil. of dol..
Debits, outside of New York City
do
Federal Reserve 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
jdo.
Investments, total
do
U. 3. Government direct obligations
do
Obligations fully guaranteed by U. 8. Government
mil. of dol-.
Loans, total
_
do.
Commercial, industrial, and agricultural loans
.
' ' ' „.
x
mil. of dol—
Interest rates, call loanst..percent..
Interest rates, timeloansj
do
Exchange rates:
French franct
cents..
Pound sterlingt
dollars..
Failures, commercial
number
Currency In circulation}.
_
mil. of dol._
Security markets:
Bond sales (N. Y. 8. E.)
thous. of dol. par v a l u e . .
Bond yields (Mcndy's) (I20bonds)$
percent..
Stock sales (N. Y. & E.)
thous. of s h a r e s Stock prices (N. Y. Times)X
dol. per s h a r e Stock prices (Standard Statistics) (420)
1026»100
Industrials (348)
do- "
Public utilities (40)
"do
Railroads (32)
Udol
PRODUCTION, CONSTRUCTION, AND
Production:
DISTRIBUTION
Automobiles
numberBituminous coalt
thous. of short t o n s - .
Electric power
mil. of kw.-hr..
Petroleum*
thous. of bbl._
Steel ingots®
pet. of capacity..
Construction-contract awardsj
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, a t primary markets
thous. of bu._
Feb. 4
Jan. 23
1938
Jan. 21
Jan.14
Jan. 7
Feb. 12
1937
Feb. 5
Feb. 13
1936
Feb. 6
Feb. 15
0.110
.090
2.30
36.36
0.110
.090
2.31
36.35
.70
0.110
.090
2.30
36.35
.72
0.110
.091
2.30
36.37
.70
0.110
.088
2.31
36.37
.71
0.110
.089
2.33
36.36
.72
0.098
.088
2.43
33.94
1.03
0.098
.086
Z46
38.94
1.01
0.128
.132
2.96
36.67
1.44
0.128
.132
2.93
36.64
1.36
0.090
.118
2.68
33.45
1.07
3,385
3,793
3,362
4,063
3,064
3,860
3,391
4,289
3,429
4,210
4,620
5,153
2,491
3,371
3,381
4,130
3,970
4,001
5,241
4,756
3,111
3,138
2,584
2,564
0,018
3,459
2,564
9,047
3,478
2,583
2,C64
9,166
3,597
2,588
2,564
9,130
3,559
2,592
2,564
i ,956
3,436
2,604
2,564
8,819
3,298
2,594
2,564
7,205
1,412
2,594
2,564
7,249
1,385
2.477
2,430
6,771
2,184
2,463
2,430
6,758
2,150
2,508
2,430
5,784
3,007
16,077
5,185
13,280
8,171
16,048
5.183
13,209
8,173
16,152
5,179
13,147
8,186
16,124
5,174
13,150
8,182
16,050
5,177
13,110
8,206
15,888
5,161
13,114
8,189
14,511
5,223
12,301
8,202
14,464
5,225
12,253
8,165
15,552
5,095
13,591
9,121
15,493
5,077
13,638
9,149
14,061
4,889
13,087
8,717
1,807
8,179
1,789
1,733
8,281
1,732
8,290
1,715
8,367
1,732
8,412
1,146
8,925
1,216
8,964
l,214
8,941
1,197
7,995
3,745
1.00
1.25
3,767
1.00
1.25
3,765
1.00
1.25
3,789
1.00
1.25
3,818
1.00
1.25
3,826
1.00
1.25
4,402
1.00
1.25
1,141
8,981
4,394
1.00
1.25
1.00
1.25
1.00
1.25
.75
1.00
2.647
4.686
261
6,6S1
2.643
4.678
255
6,676
2.641
4.675
301
6,635
2.G40
4,678
292
2.636
4,672
300
6,718
4.G46
254
3.288
5.013
324
6,314
3.280
5.011
274
6,329
4.658
4.895
180
6,366
4.65S
4.895
193
6,358
6.677
5.000
208
5,775
30,530
3.82
3,536
101.73
91.1
107.4
85.2
28.5
32,650
3.86
4,224
100.88
89.0
105.3
81.8
27.7
38,180
3.86
7,657
98.29
87.4
103.5
80.9
27.0
34,430
3.83
4,402
104.16
92.6
110.0
82.8
30.0
35,870
3.86
5,405
103.99
91.5
109.2
80.3
29.6
39,410
3.83
5,803
107.33
95.6
114.5
80.8
32.5
29,590
4.27
3,052
87.75
79.6
94.6
79.6
27.6
35,950
4.30
4,374
85.99
78.9
93.0
71.5
27.5
3.73
12,800
139.63
130.1
152.4
111.4
58.2
72,720
3.71
14,401
138.77
129.8
151.9
112.9
56.7
85,690
3.95
12,719
120.27
107.6
122.2
106.2
49.2
84,500
78,410
1,346
2,287
3,442
52.8
89,200
1,427
2,293
3,248
51.2
12,241
90,205
1,362
2,290
3,264
52.7
9,139
86,925
1,338
2,270
3,244
51.7
10,105
76,685
1,500
2,169
3,215
50.7
57,810
1,144
2,052
3,325
30.7
5,506
51,443
1,285
2,082
3,316
30.5
72,492
1,696
2.200
3,286
80.6
7,784
72,295
1,651
2,201
3,221
79.6
74,720
1,760
1,950
2,774
52.0
4,996
576,790
140,779
25,538
29,544
11,371
146,138
9,062
214,358
594,379
148,811
27,935
32,202
12,966
146,428
7,640
218,397
590,359
139,046
27,240
33,029
13,839
146,586
8,964
221,655
586,877
130,636
26,416
34,056
13,152
145,469
7,849
229,299
530,849
126,917
21,733
29,324
12,819
122,302
8,982
208,772
542,991
113,380
26,853
32,256
11.015
146,897
7,136
205,454
564,740
135,853
26,257
32,282
11,450
148,002
6,447
204,449
688,523
167,465
35,091
29,598
11,613
162,813
11,071
270,872
671,227
167,672
32,595
28,211
158,258
9,598
264,204
631,095
203,820
26,469
28,095
9,969
144,078
5,615
213,049
185
234
116
3.093
198
270
110
2,871
194
314
120
2,763
188
321
115
3,090
177
293
47
2,145
190
272
196
1,874
198
315
152
1,838
200
343
146
1,259
134
286
136
1,321
188
236
131
1,052
"~53.~4
118
2,416
•Data do not cover calendar weeks in all cases.
JDally average.
# Rate for week ended Feb. 18 is 54.8.
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
Page 12
Retail prices:
Fairchild's index:
.Combined index...
Dec. 31,1930*100..
Apparel:
Infants'wear
do
Men's
do
Women's
do...
Home furnishings
do...
Piece goods
_.
....do...
DOMESTIC TRADE
Pages 27, 28, 29 .
Eetail trade:
Chain store sales:
Variety store, sales:
Combined sales of 7 chains:
Unadjusted
1929-31=100..
Adjusted
j
...
do....
H. L. Green Co., Inc.:
Sales
—...thous. of dol..
S. S. Kresge Co.:
Sales
_
__do._..
Stores operated—
number..
S. H. Kress & Co.:
Sales
..thous. of dol_.
Stores operated
_
number..
McCrory Stores Corp.:
Sales
-_
thous. of dol_.
Stores operated
number..
G. C. Murphy Co.:
Sales
_'
thous. of dol_.
Stores operated
.number..
F. W. Woolworth Co.:
Sales
.
thous. of doL.
. Stores operated
number..
Other chains:
W. T. Grant & Co.:
Sales
thous. of dol_.
Stores operated
number..
Department stores:
Sales, total U. S.f unadjUSted.l923-25=100_.
Atlanta.do,...
Boston
do—
Chicago
do—
Cleveland...
..._do___.
Dallas
L
do....
Kansas C i t y . . - .
1925=100..
Minneapolis.
1929-31=100..
New York
1923-25=100Philadelphia.
;.._do.._.
Richmond...
___....do
St. Louis...*
do....
San Francisco
_„_..do
Sales, total U. S., adjusted
....do....
Atlanta
._._do._..
Chicago
——
__._:...do—
Cleveland
_a__.do
Dallas
1
„
....do....
Minneapolis...
1929-31=100_
New York—
1923-25=100.,
, Philadelphia
....
__-_
do....
Stt L o i s . - _ i
L
i ^ d. . ,
San Francisco
1933
1939
r
anuary
February
March
April
May
June
July
89.1
92.4
91.2
90.6
90.2
89.5
89.2
89.0
96.3
88.7
89.0
90.5
84.3
97.2
90.9
92.9
95.3
87.0
97.1
90.7
92.2
94.6
86.1
97.1
90.2
91.4
94.2
85.6
97.1
89.9
90.8
93.5
85.4
97.0
96.8
88.9
92.7
84.9
96.9
89.4
89.3
91.9
84.9
73.6
98.7
71.6
96.1
78.6
94.1
81.7
97.2
95.2
92.9
90.7
90.7
90.9
95.7
August
Septem- October Govern- December
ber
ber
89.0
89.0
88.9
88.9
96.4
88.7
89.4
90.9
84.5
96.4
88.7
89.2
90.4
84.4
96.3
88.7
91.5
84.8
89.4
91.3
84.5
96.5
88.7
89.4
91.1
84.5
88.0
98.9
85.2
96.3
94.1
98.5
98.2
96.7
102.2
100.2
'193.6
'104.9
90.4
84.3
1,998
1,790
1,780
5,156
2,787
2,383
2,496
2,366
2,315
2,513
2,833
2,819
5,952
8,801
680
8,607
687
8,914
681
10,053
681
11,965
681
10,253
10,643
680
10,004
681
10,179
682
11,125
11,972
686
24,114
687
5,055
5,159
5,358
234
6,054
236
6,671
236
6,507
239
6,235
5,822
239
6,336
238
6,613
238
14,429
238
2,535
202
2,476
200
2,641
201
3,005
201
3,493
201
2,909
201
3,200
200
2,946
2,960
200
6,179
238
2,955
200
12,353
685
6,827
238
3,294
200
3,186
200
7,003
200
2,684
201
2,490
200
2,489
201
2,782
200
3,652
201
3,160
201
3,301
201
3,087
201
201
3,811
201
3,594
201
7,222
201
19,653
2,014
19,157
2,005
20,054
2,007
22,055
2,012
25,926
2,012
22,714
2,011
3,294
201
23,149
2,010
22,733
2,010
22,566
2,011
23,491
2,013
26,774
2,017
25,295
2,018
50,379
2,017
6,530
481
77
101
67
86
76
97
86
93
77
59
97
78
81
86
109
95
88
104
98
90
69
84
8,061
481
7,214
460
7,608
8,635
489
17,996
491
79
94
74
82
75
90
72
92
85
63
103
69
80
82
104
84
78
101
93
89
63
75
90
6,834
484
65
100
55
72
65
83
74
81
64
48
81
63
86
83
128
87
78
108
93
86
62
S3
90
8,970
487
80
107
67
80
79
103
79
85
81
61
99
77
87
78
106
79
74
103
82
84
61
77
90
6,971
484
58
79
46
60
59
72
61
68
62
46
72
58
73
83
113
83
78
103
7,653
484
91
120
73
92
126
86
91
87
113
92
109
98
75
127
92
91
84
106
82
82
100
92
85
65
81
99
126
70
67
87
67
72
74
51
79
69
77
90
109
88
88
114
87
94
71
86
'94
5,523
481
70
99
54
68
70
91
66
64
74
55
76
69
76
88
112
85
85
107
87
91
72
81
90
'156
'203
138
'157
'152
'182
'151
'147
'164
'129
'209
'143
'153
89
'119
93
92
'105
'97
'92
71
87
'95
28,841 ^32,797. .30.505 -28,270
12,828 15,637 13,828 12,247
16,013 17,160 16,677 16,023
29,525
13,085
16,440
33,235
15,140
18,096
29,406
12,425
16,981
39,-930
18,879
21,050
1,015
16,382
14,341
997
13,219
12,302
875
36,528
5,531
489
p 92
P65
P69
P66
P86
P67
P74
P67
P49
»78
86
P113
P90
P86
»95
110
78
87
89
100
84
97
88
66
110
85
90
83
105
82
79
117
88
107
94
67
110
93
82
86
127
93
86
105
98
90
68
87
79
118
106
82
118
95
102
89
111
88
89
105
96
89
68
82
.—-i.__do-..
FINANCE
Pages 63, 57,: 58, 70, 71, 72, 74, 75, 77
Banking:!
'
Bank debits, total
mil. of dol__
"— New York City.-.......'.'.-.-=v-rr...'—da:
' Outside New York City:__
i...do.
Commercial failures:!
Grand total
.'_
.number..
Liabilities, grand total
L thous. of dol_.
Capital flotations: ;
;
\
Securities issued by type of security, total
(new capital and refunding).thous. of doL.
New capital,'total.—..__L .
—.do....
Refunding, total
_
.~__._do
Securities issued- by type of corporate borrower, total. *„
; uthous. of dol..
New capital, total
....do
Industrial
do
Public utilities
do....
Refunding, total
.......do...,
. Industrials
do....
Public utilities....
....do....
Security markets: ;
Bonds:;
Value, issues listed on N. Y. S. E.:
Par value, all issues. __
mil. of dol_.
Market value, all issues^
do....
Domestic issues
.._.do
Foreign issues.
J...do.._,
'"Revised.
t Revised series. Data revised beginning June
17,806
32,084
14,477
17,607
25,547 32,120 31.169
10.915 "14,746 ~14 572
14,633 17,373 16,597
1,263
19,122
1,377
21,415
1,149
21,028
32,340
276,216
219,658
56,559
15,563
5,427
1,027
770
10,136
3,986
300
1,167
40,325
1,172
21,147
1,123
19,139
1,038
14,761
121,444 199,188 245,178 352,020 216,724 505,517 464,920 415,474 196,697 762,948 388,588 452,677
92,387 82,072 126,260 197,448 156,640 345,257 389,896 180,228 120,362 164,682 218.907 218,478
29,056 117,116 118,918 154,572 60.084 160,260 75,024 235,247 76,335 598,266 169,680 234,199
49,306 103,027
45,533 40,802
105
5,177
38,527 40,170
3,773 62,225
215
1,003
774 61,830
81,638
23,995
8,660
12,300
57,643
45,211
1,265
78,813
12,313
6,139
2,250
66,500
6,000
60,500
61,626 293,900 180,606 335,837 110,023 337,159 145,439 243,693
35,935 198,866 129,061 124,696 60,887 63,922 43,071 47,181
18,405 141,761 119,250 67,232 56,838 40,561 17,300 36,801
6,348
2,562 20,441 21,819
16,805 50,775
9,604 49,965
25,692 95,034 51,545 211,141 49,136 273,237 102,368 196,511
2,779
180 14,458 44,656
2,002
1,500 41,659
750
23,570 94,284 46,045 169,382 41,824 258,659 57,712 139,438
48,244
42,347
39,543
2,799
9 Preliminary.
1934; see table 3, pp. 17-18 of the December 1938 monthly
51,587
46,958
44,233
2,725
1,073
15,918
47,910
42,486
39,508
2,978
47,895
42,855
39,862
2,992
48,360
41,450
38,677
2,773
48,279
39,571
49,177
43,757
40,919
2,838
survey.
49,409
44,561
41,674
2,887
49,424
44,183
41,339
2,844
50,331
44,837
42,041
2,796
50,225
45,539
42,675
2,864
50,301
45,442
42,597
2,844
51,554
47,053
44,268
2,785
MONTHLY BUSINESS STATISTICS—Continued
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the January January
1938 Supplement to the Survey
1933
l
*
March
April
May
June
July
August
Se
g £ m * October
No
b™
m
-
D
gj
FINANCE—Continued
Security markets—Continued.
Bonds—Continued.
Yields:
Moody's:
3.95
3.95
4.03
4.09
4.40
4.50
4.19
3.86
Domestic (120 bonds)...
percent.
4.17
4.17
4.28
4.23
By ratings:
3.10
3.30
3.08
3.22
3.01
3.15
3.22
3.20
3.17
3.21
3.26
3.22
Aaa (30 bonds)
do....
3.18
3.46
3.73
3.42
3.56
3.32
3.53
3.62
3.51
3.50
3.60
3.56
Aa (30 bonds)
do
3.57
3.68
4.02
4.49
4.02
4.28
3.97
4.08
4.21
4.24
4 20
A (30 bonds)
do...
4.20
4.34
4.13
4.41
5.23
6.47
5.27
6.06
Baa (30 bonds)
do...
5.36
5.63
5.97
5.89
5.65
6.30
5.49
5.1:
6.25
By groups:
3.31
3.64
3.40
3.39
3.55
3.57
Industrials (40 bonds)
do....
3.53
3.54
3.43
3.50
3.43
3.51
3.48
3.57
4.11
Public utilities (40 bonds)__..do__,
3.63
3.65
3.90
4,07
4.01
3.90
4.05
3.73
3.76
3.82
3.79
4.70
5.75
5.02
4.83
5.75
5.44
5.06
Rails (40 bonds)..
do~_.
5.44
4.94
5.09
5.25
5.18
4.82
Stocks:
Cash dividend payments and rates (Moody's)):
Annual payments at current rates (600 companies)
_
mil. of dol. 1,316.25 1,793.04 1,510.79 1,457.60 1,443.85 1,328.37 1,287.10 1,288.80 1,295.20 1,293.92 1,293.59 1,328.16 1,315.04
935.03
929.10
Number of shares, adjusted
millions929.10 929.00 929.10 929.10 929.10 929.10 929.10 929.10 929.10 929.10 935.03
Dividend rate per share (weighted average)
1.
1.41
1.93
1.55
1.39
1.43
1.57
(600 cos.)
dollars.
1.41
1.43
1.39
1.39
1.39
1.39
3.01
3.07
3.07
3.07
Banks (21)
do....
3.00
3.07
3.07
3.01
3.00
3.00
3.00
3.00
3.00
1.28
1.41
1.90
Industrials (492 cos.)
do...
1.49
1.22
1.27
1.42
1.28
1.24
1.29
1.24
1.23
1.24
2.38
2.31
2.38
Insurance (21 cos.)
do...
2.38
2.24
2.22
2.37
2.38
2.31
2.24
2.24
2,24
2.24
1.93
1.91
Public utilities (30 cos.)
do...
2.02
1.93
2.02
1.94
1.91
1.97
1.92
1.94
1.94
1.94
1.93
1.54
.90
Rails (36 cos.)
do._.
1.09
1.64
1.54
1.18
1.29
1.54
.85
1.05
1.09
1.09
1.09
Shares listed, N. Y. S. E.:
41,173 31,858 35,865 34,585 41,962 44,784 43,526 43,527 47,002 46,081 47,491
Market value, all listed shares., .mil. of dol 44,884
1,422
Number of shares listed..
millions.
1,425
1,423
1,427
1,424
1,426
1,427
1,427
1,427
1,425
1,424
1,425
1,426
FUELS AND BYPRODUCTS
Pages 119,120,121, 122
Petroleum and products: t
Crude petroleum:
Consumption (run to stills)._thous. of bbl.
Production
do
Refinery operations
pet. of capacityStocks, 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 oil
do—
-. Gas, oil, and distillate fuels, total.do—
• Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl.,
Gas, oil, and distillate fuels, totaL.do...
Gasoline:
Consumption, domestic
-...do
•. Production:
At natural gas plants
do
At refineries:
Total
do
Straight run
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
97,900
106,007
78
71,879
29,341
268,978
45,104
223,874
LEATHER AND PRODUCTS
Page 124
Leather:
Production:
Calf and kip
thous. of skins
Cattle hides
thous. of hides..
Goat and kid,..
....thous. of skins..
Sheep and lamb
-..do
Stocks of cattle hides and leather, end of
month:
Total
thous. of equiv. hides..
In process and
finished
do
Raw
do.
METALS AND MANUFACTURES
Pages 131,133
Pig iron and iron manufactures:
Pig iron production
thous. of long tons..
Steel, crude and semimanufactured:
Ingots, steel:
Production
thous. of long tons-.
Percent of capacity
88,179 95,885 95,675
94,662 106,524 102,702
79
78
77
99,238
98,674
79
94,277
77
99,856 101,352
102,898 106,16.
79
96,990
98,661
79
100,787
101,830
79
97,309
98,567
79
97,964
102,287
77
74,461 77,008 79,965 81,822 82,833 84,724 85,132 86,705 87,222
87,222
31,188 31,669 31,504 31,624 33,151 33,138 33,548 33,975
36,064 37,193
267,345 269,638 267,942 259,259 251,213 247,361 243,952 240,251 233,463 228,741 229,140
45,228 45,822 45,975 45,101 44,314 43,674 42,724 42,979 41,131 40,386 41,221
222,117 223,816 221,967 214,158 206,899 203,687 201,228 197,272 192,332 188,355 187,919
26,204
13,876
23,866
12,144
25,328
12,294
24,833
11,577
24,392
12,160
22,761
10,784
23,547
12,688
24,232
12,691
24,552
13,074
25,487
13,820
24.573
12,793
25,197
13,873
27,049
21,543
26,855
19,885
25,981
18,882
27,815
19,972
29,284
22,385
24,699
32,285
26,620
32,874
28,841
33,661
30,860
33,344
33,017
30,935
32,069
26,991
27,873
35,176
31,861
41,259
43,254
44,911
44,293
47,474
50,459
46,058
46,272
44,991
41,649
4,326
4,171
4,196
4,001
4,127
4,226
4,081
4,375
4,244
4,345
46,755
20,751
22,447
3,557
40,469
18,267
19,474
2,728
44,116
19,769
21,114
3,233
44,582
20,040
21,686
2,856
46,645
20,804
23,042
2,799
44,247
19,735
21,877
2,635
47,607
21,020
23,652
2,935
48,662
21,524
24,188
2,950
47,312
20,934
23,049
3,329
49,677
21,383
23,862
4,432
47,998
20,397
23,379
4,222
47,780
20,794
22,701
4,285
79,114
53; 219
4,951
85,018
58,945
5,017
85,035
60,043
5,531
82,684
57,660
6,179
80,987
54,010
6,548
73,725
47,159
6,951
70,224
43,091
7,614
40,137
8,022
63,163
38,819
8,159
63,542
38,739
6,771
64,083
39,376
5,742
65,949
41,805
4,830
C,360
5,633
6,523
C,7
5,167
5,986
5,150
5,798
6,093
4,333
6,445
6,394
3,637
£.649
7,627
3,257
5,235
9,J>02
3,752
4 889
10,112
4,292
4,933
10,149
4,187
5.348
10,497
5,185
5,320
9,949
5,363
5,419
9,676
6,813
5,739
7,799
1,471
2,785
8,006
1,311
2,468
8,303
2,195
2,697
8,210
1,891
2,530
8.290
1,730
2,595
8,255
1,606
2,378
8,114
1,844
2,631
8,194
2,002
2,576
7,969
2,127
2,615
7,605
1,805
2,632
7,718
1,735
2,535
7,817
1,831
2,384
7,695
1,398
2,972
1,757
1,000
1,471
2,638
2,195
1,127
1,617
2,831
2,125
870
1,381
2,506
1,827
865
1,409
2,371
2,010
1,032
1,457
2,C75
2,184
1,222
1,407
2,394
2,303
1,349
1,764
2,755
3,226
1,066
1,717
2,336
2,716
1,100
1,755
2,525
2,822
'1,138
1,786
'2,634
2,872
1,266
1,881
3,245
2,899
15,407
11,103
4,304
15,118
10,968
4,150
14,576
10,589
3,987
14,052
10,308
3,744
13,874
10,193
3,681
13,967
10,223
3,744
13,865
10,014
3,851
13,331
9,666
3,665
13,244
9,540
3,704
13,440
9,665
3,775
13,885
10,074
'3,811
13,998
10,304
3,694
1,298
1,452
1,376
1,255
1,062
1,202
1,494
1,680
2,052
2,270
'2,211
1,704
32
2,012
1,925
33
1,807
31
2,658
45
3,118
53
3,572
61
2,175
1,733
30
1,982
35
' Revised.
• Data for December are the latest available.
t Revised series. Petroleum and products revised for 1937. Revisions not shown on p. 45 of the December 1938 monthly issue will appear in a subsequent survey.
U.S. GOVERNUEN
@FedFRASER