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SURVEY OF CURRENT BUSINESS WEEKLY SUPPLEMENT UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON, D. C., MARCH 30, 1939 SUMMARY OF BUSINESS TRENDS CECURITY prices were little changed last week following the that general business activity in February was maintained near •^ sharp declines in the preceding week. Foreign exchange the level of the preceding month, the major indexes being off rates were relatively stable and discounts on the forward rates slightly after correction for seasonal influences. The adjusted narrowed; the actual movement of gold from Europe increased. index of income payments at 83.9 (1929 = 100) was but fracReports from industry have indicated but small changes in tionally below the 1938 high in December. Aggregate industhe adjusted rate of activity during March, though seasonal trial production in February was unchanged from the January expansion has appeared in some lines. Railway freight traffic rate; the adjusted index declined 3 points to 98 (1923-25 = 100) has increased by somewhat less than the usual amount. Auto- in the absence of the seasonal rise. Factory employment has mobile assemblies have been raised to.89,000 units weekly as reflected the even rate of manufacturing production and between sales have moved sharply upward this month. Final reports mid-January and mid-February showed only small changes of "for~Feb~ruary reveal that retail sales o r new passenger cars were' "approximately seasonal proportions. The total vorumedf nonsomewhat higher on a seasonally adjusted basis than in January agricultural employment in February was but slightly higher than and were 38 percent larger than the total in February 1938. a year ago; however, those at work received larger incomes. Department-store sales expanded seasonally in the first 3 weeks Aggregate employee's compensation was almost 5 percent above that in February 1938 and on a seasonally corrected basis was 7 of March, moving above the 1938 sales volumes. The major business series that are reported monthly indicate percent above the 1938 low in June. SELECTED BUSINESS INDICATORS ELECTRIC POWER STEEL INGOT PRODUCTION (PERCENT SPOT COMMODITY PRODUCTION (MILLIONS OF KILOWATT HOURS) Or CAPACITY) (M0OPY.5 INDEX- DEC. 31, PRICES 1931° I Q O ) 225 2.2 2.0 L8 (MILLIONS OF SHORT t , , I CONSTRUCTION CONTRACTS - F W. DODGE BITUMINOUS COAL PRODUCTION (DAILY AVERAGE AWARDS - MILLIONS OF DOLLARS) TONS) - PRICES OF 3 4 8 INDUSTRIAL STOCKS ; (INDEX, I9Z& = 100) 1601 AUTOMOBILE PRODUCTION (THOUSANDS FREIGHT CAR LOADINGS Of VEHICLES) INCOME PAYMENTS (SEASONALLY , NO 85 (00 80 90 75 80 l/j,-l «» I Ti «t t 1937 136963—39 FACTORY EMPLOYMENT & PAYROLLS (1923-25=100) !9Z5*25*tOO) UO .90 7n ADJUSTED 130 MOHTHIY OVA 95 (PERCENT) INDUSTRIAL.'PRODUCTION (SEASONALLY ADJUSTtP 1929*100? 100 YIELDS OF 120 CORPORATE BONDS (THOUSANDS OF CARS? 1939 I K. 70 ;;. i , , t , . i , L 1 I I 1 1 1938 Yv \ 1937 r / "l 1938 1 1 . . 1 I . I 1 . 1938 193? • 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 (02_)___ Fisher's index, 1926=100: Combined index (120) Copper, electrolytic! Cotton, middling, spot Finance—Continued. Banking: Debts, outside N. Y. C.% Federal Reserve reporting member banks: Loans, total Interest rates: Call loanst Time loans! Currency in circulation! Production: Automobiles .Bituminous coal! Cotton consumption^ F.lectric powerf Lumber Petroleum! Steel ingots©.. Receipts, primary markets: Cattle and calves Hogs _____ Cotton Wheat 88.0 80.1 79.3 106.6 106.6 88.7 19.5 95.8 96.9 73.2 73.6 111.6 112.0 94.0 100.8 80.5 79.9 116.8 117.6 99.0 Business Week 76.7 67.1 70.7 80.7 77.0 68.0 71.4 80.6 76.7 67.2 71.5 80.4 76.8 67.7 71.4 73.1 80.4 82.7 §2.8 87.8 94.7 87.5 85.8 87.6 94.4 87.9 85.6 79.8 79.9 80.2 80.3 80.0 81.9 79.7 79.' 79.7 79.7 79.7 71.0 71.0 115.9 115.9 33.5 32.7 32.0 31.6 32.7 31.6 70.9 69.4 Construction contracts! 55.0 Distribution: Carloadings 62.0 61.7 62.4 58.5 59.8 99.3 Employment: Detroit, factory,. Finance: Failures, commercial 52.6 53.3 67.3 74.0 65.5 66.0 76.6 65.2 Bond yields! 101.9 106.2 106. S 104.1 82.9 Stock prices! -. 1937 Mar. Mar. Mar. Mar. Feb, Mar. Mar, Mar. Mar. 19 27 20 25; 18 11 4 25 26 Mar. Mar. Mar. Mar. Feb. Mar. Mar. Mar. Mar. 25 18 11 4 25 26 19 27 20 Business activity :1 New York times§d\ 1938 1939 1937 1938 1939 37.2 56.4 78.9 61.2 48.fi 49.1 75.2 68.1 67.6 138.1 141.2 •Data do not cover calendar weeks in all cases. §Computed normal1 Seasonally adjusted. ©Index for week ended Apr. 1 is 96. 4. 90.2 86.5 83.7 96.2 85.0 82.3 87.8 104.4 108.8 65.7 66.3 66.7 65.5 65.5 70.5 71.1 74.8 74.7 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 28.6 139.'3 139.3 139.1 139.0 138.2 130.3 130.5 131.4 131.7 117.2 113. 110.2 103.2 99.2 74.6 75.4 132.4 130.3 75.0 78.3 82.6 85.3 52. 56.9 111.3 109.9 1 132.2 134.1 110.2 108.4 113.4 89.1 133.6 134.3 134. 7 133.6 118.5 121.1 132.1 132.7 38.9 37.4 38.1 36.3 38.4 50.5 50.8 162.5 161.0 159.1 1.8 163.5 164. 9 164..7 165.5 56.9 54.2 147.2 146.0 95.2 95.7 94.6 95.8 57.6 53.1 36.1 33.0 37.3 39.6 34.6 42.5 36.3 38.8 51.4 33.1 35.0 35.4 72.9 37.8 44.0 54.5 36.1 37.9 31.5 43.1 27.6 27.1 50.8 JDaily average. + Weekly average, 1928-30=100. cfFor description of these indexes, see p . 4 of t h e Dec. 16, 1937 issue. WEEKLY BUSINESS STATISTICS • 1939 COMMODITY PRICKS, WHOLESALE Copper, electrolytic, New York i dol. per IbCotton, middling, spot, New York. _ do... Food index (BtadstreeVs) do... Iron and steel, composite dol. per tonWheat, No. 2 hard winter (Kansas City) ..dol. per bu_ FINANCE Banking: 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 reser\ e 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! m i l . of doL. Security markets: Bond sales (_V. F . S. E.) thous. of dol. par value.. Bond yields (Moody's) (120 bonds)! ...percent-. Stock sales (-V. Y. S. E.) :_. thous. cf shares Stock prices (JV. Y. Times)tdol. per share.. Stock prices (Standard Statistics) Industrials (348) Public utilities (40) Railroads (32). (420) ...... ._,_ 1926=100 . do _____.do.... do PRODUCTION, CONSTRUCTION, AND DISTRIBUTION Production: Automobiles: _•__• number-. Bituminous coalj .thous. of short tons.. "Electric power mil. of kw.-hr. PetroleumJ 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 balesWheat, at primary markets thous. of b u - 1938 Mar. 25 Mar. 11 Mar. 4 Feb. 25 Feb. 18 Mar. 26 Mar. 19 Mar. 27 Mar. 20 Mar. 28 0.110 .089 2.31 36.42 0.110 .086 2.29 36.39 .69 0.110 .092 2.34 36.39 .69 0.110 .091 2.33 36.38 0.110 .089 2.32 36.38 .71 0.110 .089 2.31 36.38 .68 0.098 .087 2.46 38.75 .90 0.098 .086 2.48 38.78 .91 0.160 .146 3.01 40.13 1.41 0.160 .145 3.01 40.10 1.37 0.090 .116 2.59 33.13 1.02 3,509 4,181 4,112 4,011 3,755 3,882 3,548 4,462 2,638 3,284 2,841 3,637 3,197 3,817 3,747 4,077 4,920 4.839 5,127 5,048 3,574 3,617 2,573 2,564 3,364 2,595 2,564 9,077 3,443 2,565 2,564 S,985 3,407 2,586 2,564 842 3,382 2,592 2,564 8,841 3,298 2,587 2,564 8,707 3,166 2,592 2,564 7,333 1,559 2,608 2,564 7,328 1,460 2,463 2,430 6,578 1,269 2,450 2,430 6,830 1,449 2,485 2,430 5,059 2,312 15,976 5,212 13, 533 8,238 16,143 5,198 13,541 8,280 16,086 5,224 13,450 8,176 15,965 5,202 13,408 8,143 16,094 5,189 13,426 8,184 15,951 5,181 13,403 8,182 14,301 5,231 12,107 7,876 14,335 5,223 12,255 8,089 15,336 5,129 13,213 8,696 15,541 5,128 13,361 8,828 13,747 4.921 13,407 8,860 2,036 8,209 2,023 8,281 2,030 8,338 2,019 8,186 1,993 8,180 1,975 8,205 1,166 8,805 1,164 8,889 1,205 9,347 1,213 9,337 1,264 8,204 3,805 1.00 1.25 3.794 1.00 1.25 3,773 1.00 1.25 3,773 1.00 1.25 3,766 1.00 1.25 3F761 1.00 1.25 4.306 LOO 1.25 4,335 1.00 1.25 1.00 1.25 1.00 1.25 .75 1.00 2.647 4.682 301 . 6,765, 2.649 4.685 259 6,763 2.651 4.690 258 6,755 2.647 4.688 214 6,752 2.649 4.689 3.044 4.961 274 6,328 3.070 4.970 249 4.593 4.885 199 6,381 4.590 4.886 200 6,711 2.648 4.686 224 6, 697 6.606 4.955 207 5,851 32,130 3.76 4,995 99.00 86.7 102.1 81.8 27.1 40,060 3.72 5,593 103.09 89.8 105.1 86.4 29.5 51,220 3.73 5,561 105.94 95.0 111.8 88.3 31.7 43,850 3.78 4,641 103.83 92.5 108.9 ,86.5 30.4 26,500 3.81 3,365 101.05 89.6 105.6 84.1 27.9 25,820 3.81 2,860 101.89 90.5 106.9 84.2 27.9 36,640 4.42 39,310 4.34 4,874 87.16 77.4 92.3 68.0 24.6 73,610 3.93 6,831 134.11 126.0 147.9 102.8 61.0 107,310 3.90 10,365 137.11 129.5 151.8 105.0 64.5 3.96 9,572 121.46 108.8 125.4 101.5 48.3 89,400 86,725 1,278 2,225 3,384 55.7 8,823 84,095 1,333 2,238 3,353 55.1 78,705 1,407 2,244 3.315 55.8 79,860 1,418 2,249 3,324 54.8 8,967 56,900 897 1,975 3,406 33.7 57,555 969 2,018 3,434 32.1 5,969 101,046 1,895 2,200 3,431 89.6 11,376 75,660 1,453 2,226 3,329 53.7 11.144 99,450 1,871 2,211 3,448 88.9 7,509 98,415 1,088 1,867 2,876 53.7 7,430 594,568 123,678 26,130 29,984 11,219 152,325 8,932 242,300 591,691 125,280 25,927 31,211 10,175 152,422 7,559 239,117 598,691 136,543 24,446 32,344 9,637 153,420 8,979 233,322 560,609 138,732 25,484 28,885 9,935 133,965 7,884 215,724 580,071 137,080 24,387 28,587 11,120 148,250 8,944 221,703 572,952 85,518 27,501 37,898 10,619 152,800 7,649 .750,967 540,365 92,281 26,443 30,452 11,524 150,821 7,895 220,949 756,416 183,298 38,012 27,779 10,807 170,403 12,035 314,082 754,922 184,405 37,285 29,079 11,768 171,430 10,941 310,014 594,789 100,009 29,842 29,566 12,177 156,233 4,703 262,259 182 234 103 2,891 168 214 90 3,083 163 215 91 2,820 172 234 82 2,196 172 258 86 1,898 214 246 112 2,159 226 247 157 2,408 204 245 187 1,385 230 286 132 1,941 222 274 118 2,048 55.4 97 3,380 217 ' 6,654 80.50 71.9 85/7 64.6 21.3 •Data do not cover calendar weeks in all cases. iDaily average. ®Bate for week ended Apr. 1 is 56.1. $Xo longw- strictly comparable; for an explanation, see the corresponding data in the forthcoming April 1939 issue of the Survey. 1936 1937 Mar. 18 MONTHLY BUSINESS STATISTICS Monthly statistics through December 1937, to* 1939 gether ;svith explanatory notes and references to the sources of the data, may be found in the Febru1938 Supplement to the Survey ary BUSINESS INDEXES Pages 6, 7, 8 Income payments: Adjusted index 1929=100.. : Unadjusted index* . • do . Total.., mil. ofdol.Compensation of employees: Adjusted index .. - 1929=100,. Total mil. of dol Mfg., mining, and construction,—do Transportation and utilities..,.,.do Trade and finance.— do Government, service^ and other..-do Work relief do Dividends and interest do Entrepreneurial withdrawals and net rents and royalties mil. of dol. Direct and other relief ,.do Benefit payments under the Social Security Act mil. of dol.. Industrial production (F. i?.): Combined index, unadjusted... 1923-25=100.. Manufactures unadjusted .do.. "~^Minerals, unadjusted "'-V* _do_^~J Combined index, adjusted - . _do T ]\ ariufacturcrs adjusted do Automobiles .J ---do Textiles do Minerals, adjusted — -do COMMODITY PHICES Page i s : World prices, foodstuffs and raw materials: Combined indext .—: 1923-25-100.. Cotton do Rubber — do Silk -. do Sugarf do Tea ' do Tin , ,, -do Wheat do-... DOMESTIC TBADE Page 27 Retail trade: Automobiles: New passenger automobile sales: Unadjusted 1929-31=100.. Adjusted -do. ,_ Chain-store sales: Chain fatore Age Index: Combined index (20 chains) av. same month 192v-31»= 100. Apparel chains ...-do..Grocery chain-store sales: Unadjusted.. 1929-31^100.. Adjusted -do 1939 1938 February March April May June July DecemOctober NovemAugust September ber ber January 83.9 77.7 5,090 82.6 76.0 4,975 82.7 81.4 5,331 81.4 81.6 5,342 80.4 76.7 5,020 80.7 82.3 5,388 80.7 81.0 5,304 81.5 76.1 4,985 82.0 83.5 5,465 82.3 86.3 5,651 83.5 80.9 5,297 '84.4 90.9 '5,953 84.2 '84.1 '5,509 85.0 3 574 1,145 357 628 1,254 190 420 81.4 3,420 1,071 355 632 1,216 146 442 81.0 3.448 1,064 369 630 1,221 164 720 80.1 3,457 1,035 359 644 1,239 180 752 79.5 3,456 1,022 359 635 1,251 189 440 79.4 3,458 1,006 360 629 1,266 197 800 79.8 3,357 1,002 366 625 1,175 189 81.4 3,418 1,056 373 619 1,173 197 82.5 3,570 1,102 374 632 1,265 197 788 412 692 83.1 3,675 1,137 386 611 1,305 206 739 84.5 3,670 1,145 372 646 1,298 209 450 '86.2 '3,716 1,166 '374 683 1,290 203 1,079 '85.5 '3,582 ' 1, 125 '368 ••638 ' 1,258 '193 '779 957 94 991 95 1,014 97 995 92 992 85 993 88 1,025 1,015 1,067 85 84 1,108 84 1,055 85 1,030 86 92 '1,014 95 45 27 52 46 47 49 48 55 52 45 37 36 39 P99 P9R 79 76 78 76 91 77 73 54 74 101 91 89 97 95 106 96 95 84 100 99 104 103 105 103 103 96 112 102 98 9S ' 109 99 08 '105 101 100 105 ' 109 110 37.8 31. G 39. G 25.9 26.8 72.9 90.0 46.7 37.5 33.5 38.0 25.2 28.8 66.0 92.0 42.3 36.5 32.0 37.6 25.3 30.4 67.2 91.9 38.1 37.2 32.7 36.9 26.5 31.3 66.7 92.3 39.3 '71.1 '91.0 77 75. . 90 76 73 49 77 91 98 »109 *109 79 75 62 79 103 80 77 " 95 79 75 54 81 103 37.8 33.1 37.3 29.5 30.9 66 8 90. S 41.1 45.2 32.7 34.5 22.2 28.3 77.4 82.1 82.5 41.9 32.7 31.7 22.8 27.1 76.0 81.9 69.6 40.7 32.4 27.7 22.6 26.0 76.9 76.3 6S.5 38.8 30.9 27.1 22.4 26.2 75.3 73.3 62.9 pys. 5 53.6 74.0 76.0 61.0 80.5 60.0 108.8 112.7 106.4 108.8 103. 3 116.0. 98.4 97.9 94.1 93.6 88.2 80.1 95 9 88.9 81.0 96.4 " P 104 P98 P97 P71.4 77 . 75 91 77 74 46 87 92 87 81 79 ... . 8597 92 103 104 83 82 43 97 88 87 45 110 102 91 89 46 103 93 95 97 39. G 30.9 29.4 22.5 27.1 70.9 80.3 64.0 41.2 32.7 36.0 25.3 28.2 70.5 86.3 62.4 39.1 30.9 37.7 24.3 28.1 76.3 86.1 53.9 38.3 29.8 37.8 25.2 28.9 78.4 S6.3 50.2 75.5 57.0 65.0 50.5 61.4 56.5 49.2 54.5 37.1 60.0 '55.1 '85.0 ••99.1 '100.0 '96.1 '92.5 105.0 112.8 103.3 109.4 106.3 109.7 108.1 120.0 106.0 116.0 109.4 122.0 108.0 120.0 109.5 121.2 112.9 127.0 95.6 M.7 94.4 91.7 95.0 93.6 93.6 92.2 89.2 91.0 88.5 92.2 93.0 94.9 94.9 94.4 96.7 96.7 101.1 98.1 87.7 79.3 95.8 87.4 79.0 ... 95.4 85.7 77. G 94.0 85.4 J&Z 94.1 S3.4 SI. 6 72.4 75.0 90.3 91.5 82.4 83.7 74U ... JUb 92.9 92.4 81.9 70.3 92.9 82.9 70.7 94.5 85.7 71.7 99 0 84.9 .^72.0 ••97.2 '104 99 117 r 107.5 118.0 93.2 96.1 EMPLOYMENT CONDITIONS AND WAGES Pages 31, 32, 33, 35, 37, 40. 43 Employment: : Factory, unadjusted (XT. S. Department or Labor) t 1923-25-100Durable goods .--- . -do.-, Nondurable goods .- - -do Factory, adjusted (Federal Reserve) f . - d o , ~ 90.7 82.6 98 4 91.3 83.4 do--- ^ - 9 8 . 8 90.5 89.5 88.8 82.1 79.0 75.3 99.4 '98.4 ' 101.7 87.5 90.0 86.9 75.J -,..7,77.. 9 . ' S I . 3 '98.3 '96.7 97.6 ' 89.5 91.2 ' 81.6 83.1 '97.0 98.8 '91.7 91.6 - S3.2 — .1--83.6'99.4 99.5 ' Nondurable goods..7J. r.T_ Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: • 57.0 52.2 51.0 52.4 52.8 '50.0 59.3 60.0 Anthracite' --1929=100. 51.3 56.0 46.4 37.6 44.6 87.2 88.6 85.8 82.2 93.2 '88.8 89.3 83.4 80.1 78.5 80.2 95.5 88.8 Bituminous coal . do 61.9 57. 9 '61.4 55.2 49.7 56.0 58.8 61.6 '62.3 51.4 62.3 63.6 61.2 Metalliferous _..do.~, 68.3 67.0 69.5 73.2 71.5 72.8 73.8 67.7 72.4 72.3 73.6 66.4 74.2 •Petroleum, crude, producing do,,_ 44.4 43.7 ' 38.5 44.4 43.6 41.7 41.4 44.6 44.6 44.1 38.9 37.7 37.8 • Quarrying and nonraetallic. do.-. Public utilities: Electric light and power, and manufac91.4 '90.0 92.5 92.5 92.2 91.7 91.8 91.9 92.7 tured gas.. ,,.1929—100. 92.3 92.0 92.6 89.6 69.5 '69.2 69.9 '69.4 70.4 71.1 69.3 70.1 71.2 69.5 70.6 70.8 69.4 Electric railroads, etc do... '74.1 74.4 74.2 74.9 74.7 74.8 74.9 74.8 74.9 75.0 75.7 72.6 Telephone and telegraph do... 74.8 Trade: '86.9 '82.2 '85.9 '84.7 '08.1 83.6 88.2 81.1 83.8 83.0 80.0 81.4 82.4 Retail total do.. 89.8 89.1 '88.2 88.5 86.8 ' 87.2 87.3 88.5 90.0 87.6 90.4 89.1 87.6 Wholesale do- -TJ Pay rolls: Factory, unadjusted (U. S. Department of 83.2 84.1 83. S 81.0 74.6 '86.5 76.9 70.8 70.6 72.9 77.1 76.9 :Labor)t---—1923-25=100.. 85.3 68.7 '76.4 78.3 75.2 63.7 61.7 65.6 '80.3 58.6 67.4 64.2 67.2 Durable goods ._. do.-. 7S.3 94.9 91.7 80.9 '90.9 90.6 93.4 84.1 84.7 87.9 '93.4 Nondurable goods... _ do S2.fi 87.8 93.1 Nonmanufacturing, unadjusted (U. &. Department of Labor): Mining: 43.4 38.3 36.2 49.7 39.0 29.4 20.2 3S.0 20.0 47.3 Anthracite -. 1929=100. 42.5 46.1 44.9 55.3 56.3 63.4 78.3 81.5 : 74.0 '78.3 '80.9 81. \ 71 9 64.2 56.8 57.0 Bituminous coal -J. - ;...do 51.2 53.3 56.3 49.2 55.8 52.6 ' 55.3 '•54.1 52,3 46.1 43.7 38.0 46.1 Metalliferous —do.. 63.3 63.7 62.5 66.5 66.7 68.0 '60.9 66.7 67.6 68.0 66.8 69.6 62.0 Petroleum, crude, producing do— 33.9 37.2 38.4 33.3 '30.3 39.2 37.0 37.3 30.2 33.7 39.2 29.4 28.6 . Quarrying and nonmetalllc do... * Preliminary. ' Revised. t Revised series. For revised data on factory employment, unadjusted and adjusted and factory pay rolls, see footnotes on pp. 25 and 27 of the March 1939 Survey. Data on world prices revised beginning i9£;; sec table 4, p. 17, of the January 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, may be found in the February 1938 Supplement to the Survey EMPLOYMENT CONDITIONS AND WAGES—Continued Pay rolls—Continued. Nonmanufacturing, unadjusted (U. S. Dept. of Labor)—Continued. Public utilities: Electric light and power, and manufactured gas _ 1929=100— Electric railroads, etc. _ do. Telephone and telegraph.. do. Trade: Ketail, total do. Wholesale do. FINANCE Pages 73, 76, 77 Prices: Bonds: Standard Statistics Co., Inc. (60 bonds) dol. per $100 bond.. Industrial (20 bonds) do Public utilities (20 bonds) do— Kails (20 bonds) do.-. Stocks: Average price of all listed stocks (N. Y. S. E.) Dec. 31, 1924=100 Standard Statistics Co., Inc.: Combined index (420 stocks)1926.=100.. Industrials (34S stocks) do Public utilities (40 stocks) do Eails (32 stocks) do. 1938 1939 December January February March 96.8 70.0 91.3 98.5 70.2 89.9 92.6 97.6 70.0 91.6 97.4 71.2 91.3 69.7 90.9 98.3 69.0 90.9 9S.Q 69.5 91.3 98.4 68.4 92.6 99.9 68.9 95.3 98.6 68.8 93.0 98.2 69.5 92.7 '95.9 '71; 1 '92.0 68.1 74.1 63.4 75.3 68.6 74.7 72.2 74.6 70.0 75.1 73.8 68.1 73.6 66.8 73.7 '69.4 74.3 '70.8 75.1 '71.5 75.4 '79.4 75.6 '69.7 '75.4 82.1 86.4 100.7 59.0 79.3 80.6 92.2 65.0 76.0 79.5 91.2 57.3 7?. 8 77.8 90.2 53.5 76.5 80.4 94.0 55.1 75.3 80.0 94.0 52.0 80.8 85.0 97.3 60.2 81.3 85.7 98.1 60.0 78.7 84.2 96.3 55.7 81.8 86.8 98.6 69.9 82.1 86.9 99.3 60.2 81.1 86.0 98.7 58.6 81.9 86.2 99.7 59.7 64.4 57.3 44.2 49.8 48.1 58.3 62.2 60.6 60.6 65.4 64.1 66.2 62.6 90.1 106.3 80.7 95.7 71.2 28.3 77.9 92.7 68.5 25.5 70.7 84.2 64.0 20.9 73.9 87.4 69.5 21.8 73.1 86.4 69.2 20.5 88.0 105.3 76.5 27.3 89.5 108.0 75.0 27.8 86.0 103.9 72.2 25.5 91.1 109.6 77.4 23.1 94.7 113.6 80.9 30.0 92.0 110.6 77.9 28.3 91.8 109.3 81.2 29.8 76 72 76 68 72 61 69 60 68 61 66 65 62 66 58 50 46 46 45 45 47 44 47 51 53 52 55 71 67 53 54 56 55 50 51 73 60 55 54 28.0 April May June July August October ° FOREIGN TRADE Pages 79, 80, 82, 83 Indexes: Exports: 58 Total value, unadjusted 1923-25=»100~ Total value, adjusted do Imports: 49 Total value, unadjusted do Total value, adjusted do 49 Value: Exports, including reexports...thous. of dol_. 218t 559 158,035 General imports, total do 152,528 Imports for consumption, total do CHEMICALS AND ALLIED PRODUCTS . Page 90 Chemicals: Alcohol, denatured: Consumption thous. of wine gal.. Production do Stocks, end of month do Alcohol, ethyl: Production thous. of proof gal.. Stocks, warehoused, end of month__.do Withdrawn for denaturing do Withdrawn, tax paid do 262,733 275,711 274,482 257,177 232,686 227,780 230,621 246,321 163,085 173,405 159,907 143,260 145,898 140,836 165,540 167,651 155,941 173,323 155,501 147,243 147,938 147,797 171,053 172,947 55 55 5* 55 277,928 252,231 268,756 212,908 177,979 176,181 171,474 178,201 178,460 171,652 165,522 169,323 6,567 6,454 1,260 4,996 5,038 1,179 6,168 6,207 1,213 6,364 6,287 1,127 6,072 6,09? 1,137 7,812 7,869 1,192 6,725 6,711 1,170 7,648 7,846 1,416 9,124 9,181 1,466 11,188 11,101 1,364 10,309 10,195 1,233 10,433 5,500 1,285 6,720 6,828 1,379 14,671 26,072 II, 198 1,350 16,765 27,585 8,874 1,503 18,329 32,879 10,140 2,202 12,817 33,076 10,481 2,135 14,253 33,867 10,615 2,340 16,395 32,047 14,400 3,506 16,370 33,727 12,350 1,684 17,284 35,176 U, 483 1,590 15,800 32,736 16,072 1,639 17,017 28,319 2,111 15,164 23,277 17,249 2,439 16,772 20,895 17,3SS 1.841 17,067 24,433 11,327 1.691 5,387 5,135 9,189 5,748 5,337 8,540 4,428 4.313 8,242 4,134 3.595 7,570 3,774 3,731 7,367 3,669 3,537 7,081 3,103 3,642 7,467 FOODSTUFFS AND TOBACCO Pages 102,116 Beverages: Fermented malt liquors: Consumption (tax-paid withdrawals) 4,015 3,247 3,031 4,561 4,164 thous. of bbl.. 5,204 5,022 3,673 3,482 Production do 4,968 5,199 5,511 7,774 8,559 7,759 Stocks, end of month do 9,161 9,661 9,590 Distilled spirits: Consumption, total (tax-paid withdrawals) 6,091 _„. • thous. of proof gal.. 5,367 7,255 6,592 6,386 Whisky. do 5,003 4,382 5,111 5,648 5,175 4,939 Production, total do_ 10,702 12,991 12,283 10,116 6,857 9,658 Whisky _ III"I_clo_I 8,735 10,254 9,886 7,653 . 4,721 8,244 Stocks; total, end of month doIJ.. 513,454 489,436 492,840 495,992 498,067 497,527 Whisky do 472,483 464,525 467,423 470,446 472,162 471,160 Tobacco: Manufactured products: Consumption (tax-paid withdrawals): Small cigarettes _ millions.. 11,782 11,492 13,728 12,527 14,324 14,717 I*arge cigars thousands.. 361,233 338,887 431,691 384,918 417,144 477,443 Manufactured tobacco and snuff thous. of l b . . 25,425 25,077 30,767 27,509 28,021 30,180 10,203 7,491 5,672 5,732 8,173 5,837 4,226 4,313 9,294 18,923 6,095 5,692 8,119 4,997 4,217 3,915 496,903 496,012 495,163 495,003 470,401 469,451 468,480 466,376 13,784 420,510 27,544 6,246 9,724" 11,745 5,008 7,693 9,571 22,147 16,956 11,829 9,193 10,562 10,780 501,207 505,670 510,194 466,176 466,809 470,251 15.892 14,711 13,264 13,506 12,656 477,596 486,482 525,662 515,859 333982 30,473 30,577 27,869 30,940 27,126 13,863 349,497 26,914 PAPER AND PRINTING Page 146 Paper: Newsprint: Consumption by publishers Stocks, end of month: At publishers..^.. In transit to publishers short tons.. 153,346 do. do. 231,071 13,449 156,47fi 174,971' 173,638 176,600 159,199 151,875 151,324 162,457 187,450 464,691 406.622 379,439 343,149 324,956 317,442 315,419' 303,254 288,385 38,970 32,282 29,285 34,908 24,401 26,191 34,535 32,583 47,498 176,322 177,134* 160,916 291.331 2S4/412 44,503 30,615 267,375 36,872 STONE, CLAY, AND GLASS PRODUCTS Pages 150,152 Portland cement: Production thous. of.bbl.. 5,506 27.9 Percent of capacity. 5,043 Shipments _ thous. of bbl_. 24,080 Stocks, finished, end of month do 5,989 Stocks, clinker, end of month. do Glass containers: 3,389 Production thous. of gross.. Percent of capacity 55.7 Shipments thous. of gross. _ 3,323 8,192 Stocks, end of month do Plate glass, polished, production thous. of sq. ft.. 10,165 'Kevised. 3,916 19.8 4,575 24,361 6,732 5,879 26.9 7,259 22,979 6,623 7,983 37.7 8,691 22,262 6,497 10,361 47.4 9,752 22,875 6,326 10,535 49.8 10,943 22,467 6,218 10,968 50.2 10,164 23,286 6,089 11,007 50.4 11,823 22,534 5,902 10,559 49.9 11,716 21,374 5,506 11,556 52.9 12,357 20,569 4,927 10,184 48.2 8,573 22,179 4,963 2,995 54.3 2,893 9,318 3,637 58.6 3,616 9,265 3,647 61.0 3,645 9,215 3,837 66.8 3,902 9,088 60.0 3,853 8,750 3,506 61.0 3,847 8,354 4,031 65.0 4,178 8,149 3,653 63.6 3,971 7,641 3,866 64.7 3,954 7,493 3,709 64.6 3,491 7,643 3,515 58.8 3,042 8,029 3,589 65.8 3,473 8,179 2,664 3,802 3,820 3,866 5,956 5,506 7,676 8,873 12,869 12,883 12.691 12,209 8,066 5,301 36.9 24.3 6,281 5,640 23,954 ' 23,618 5,282 f5,559 U . S . GOVERNMENT PS1NT1MC OFFICEi 1939
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