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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C , OCTOBER 12, 1939
SUMMARY OF BUSINESS TRENDS
l
BUSINESS
activity continues to expand though the volume
' of incoming orders is at a rate considerably below a month
ago when forward purchasing was exceptionally large. There
has been some improvement in retail trade, according to the
available data, though comprehensive statistics for September
are still lacking. Department-store trade which, by reason of
its diversified character, should reflect changes in purchasing
of general merchandise, expanded more than seasonally in September, the adjusted index rising 3 points to 92 (1923-25 = 100).
The figures for the last week of the month, moreover, revealed
considerable improvement.
As the result of further expansion in industrial operations the
current rate of output is well ahead of the September average.
Last month the Federal Reserve adjusted production index was
about 110 (1923-25 = 100) up 8 points from August. Steel
ingot production for the week ending October 14 is scheduled at
88.6 percent of capacity up 1.1 points from the first week of the
month. At this rate the tonnage of steel being produced is on
a par with the previous production peaks in the industry. To
a considerable extent the rise in steel production reflects active
stocking by consumers; consumption plus exports is much
lower than current output. Some enlargement in steel con-
sumption is resulting from the general upswing of industrial
activity; the awarding of contracts for 59 ships of 400,000 gross
tons over the past month will accelerate the steel requirements
under the building program of the Maritime Commission.
Though at a slower pace than in the steel industry, operations
in many other manufacturing lines are on the upgrade. Production in the textile industries, after allowance for seasonal changes,
is considerably above the already high August level. Rayon
deliveries and production last month were about as high as in
any past month. Paper mills, sugar refineries, and flour mills
have recently increased output materially.
Prices of a number of widely traded basic commodities have
eased slightly since mid-September; the Dow-Jones average of
11 commodity futures, after rising from 48 to 60 (1924-26=100)
in the first 2 weeks of hostilities, has subsequently receded to
55. The general average of wholesale prices was 79.5 (1926=
100) for the last 2 wee£s of September as compared with 74.8
for the week ended August 26. The index of raw materials,
in which group are included all farm products, has increased 10
percent since August. The farm products index is up 15 percent from the very low August level and is slightly higher than
a year ago.
B
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
SPOT COMMODITY PRICES
ELECTRIC POWER PRODUCTION
(PERCENT Of CAPACITY)
(MOODgS I N D E X - DEC. 3 1 , 1 9 5 1 = I Q O )
(BILLIDN5 OF KILOWATT HOURS)
1251M,
BITUMINOUS COAL
(MILLIONS OF
PRODUCTION
SHORT
TONS)
PRICES OF 350 INDUSTRIAL STOCKS
CONSTRUCTION CONTRACTS - F W DODGE
(DAILY AVERAGE AWARDS - MILLIONS OF DOLLARS)
(INDEX,
I9Z6 = 100)
160
WtOWSMY CLOSE
I4U
20
w
\
\J959~\
100
Gn
UO
V
1
60
»
.
i
,
YIELDS OF 120 CORPORATE BONDS
-(PgftCENTJ
25
WHOLESALE COMMODITY
PRICES
(1926 = 100)
100
100
95
95
t
METALS AND METAL
PRODUCTS
90
Wi/SE
FURNISHING GOODS
85
80
75
FUEL AND LIGHTING
CHEMICALS
MATERIALS'*
65
65 ^u_L
1937
1938
AND
DRUGS'
70
1939
1937
1938
1939
i
WEEKLY BUSINESS INDICATORS
[Weekly average, 1923-25=100]
1939
1938
1933
1939
1937
Oct. Sept. Sept. Sept.
7
30 23 16
Oct. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct.
30 23 16
1937
Oct. Oct. Oct. Oct.
Finance—Continued.
Banking:
Debits, outside N. Y. C.J.... 102.7 89.1 101.0 91.7 99.2 95.1 77.6 104.4 91.3
Federal Reserve reporting
member banks:
67.0 66.8 66.6 66.5 66.5 65.9 65.9 79.8 80.0
Loans, total
Commodity prices, wholesale:
Interest rates:
Dppt. of Labor, 1926=100:
Call loans*
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
79.5 79.5 79.3 78.4 77.8 78.0 86.0 86.9
Combined index (813)
Time IoansJ_._
68.1 67.4 68.1 82.7 85.4
Farm products (67)
28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6
69.3 69.5
Currency in circulation*
74.5 73.7 74.1 86.9 87.8
150.7 149.6 149.2 149.2 149.4 137.0 135,9 135. 5 134.8
74.4 75.1
Food (122)
_...
Another (624)
83.3 83.0 82.4 81.7 81.5 81.6 85.3 85.6 Production:
Automobiles...
Fisher's index, 1926=100:
99.7 82.3 70.7 54.1 35.2 43.5 33.3 100.9 58.1
Bituminous coalt
82.7 83.6 83.2 82.5
96.9 90.0 87.6 90.1 77.6 78.0 95.0 96.2
80.5 80.4 89.8 90.7
Combined index (120)
Cotton consumption^.
85.5 85.5 85.5 85.5 78.3 73.9 ;73.9 88.4 94.2
Copper, electrolytic^
130.0 131.3 128.6 102.4 102.9 114.8 112.5
!48.~3 147.0 146.7 137.5 129.3 128.4 136.9 136.6
31.6
Cotton, middling, spot
148.3
Electric powert
—
33.8 34.2 33.5 34.9 36.0 31.3
59.8 54.1 52.9 44.9 51.3 56.1 55.2 60.9
Lumber
_
51.9
• Petroleum*
_.
Construction contracts?
96.8
71.1 83.2
175.6 176.7 164.3 155.0 156.0 155.2 171.8 175.1
Steel ingots©
73.3 72.7 84.7 88.0
Distribution: Carloadings^
87.1 85.0 84.0
r.— 150.3 143.9 136.2 120.6 100.7 80.9 78.8 108.6 122.2
110.4 Receipts, primary markets:
72.1
97.5
Employment: Detroit, factory...
107.1
Finance:
96.5 13.7 97.4 75.7
Cattle and calves
91.0 112.7119.5
Failures, commercial
54.5 48.2 39.8 47.4 38.1 47.2 49.9 39.6
43.8 41.5 35.3 26.3 49.2 41.3 38.0 37.4
Hogs.
Bond yields!
._ 67.9 68.8 68.6 i8.3 i8.5 70.7 73.1 70.0 70.0
Cotton
—
251.9 236.5 233.5 180.4 141.9 225.0 233.8 327.7 361.2
Wheat
._.
Stock prices!
113.1 115.3 113.2 114.3 110.1 106.9 98.1
77.7 83.7 100.0 125.3 129.8 97.2 87.9 85.8 81.6
JDaily average.
tWeekly average, 1928-30** 100.
• D a t a do not cover calendar weeks in all cases.
§Computed normal= 100.
cfFor description of these indexes, see p. 4 of the Dec. 16,1937 issue.
^Seasonally adjusted.
©Index for week ended Oct. 14, is 152.2.
Business activity:1
New York1 Times§e?.
Barron'scf
Business Week
102.0 101.1 100.0 97.2 84.9 84.1 101.0 103.5
100.3 97.6 84.2 80.5 105.5 107.6
119.2 118.0 115.0 108.7 94.8 92.5 113.9 114.5
WEEKLY BUSINESS STATISTICS •
1939
Oct. 7
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York!
dol. p e r l b . .
Cotton, Middling, spot. New York
do
Food index (Bradsireet'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 Reserve banks:
Reserve bank credit, t o t a l . . .
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
TJ. 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, callloansi
percentInterest rates, timeloanst
do.
Exchange rates:
French franc}:
_
.cents..
Pound sterlingj._
dollars—
Failures, commercial.
number..
Currency in circulation* __
mil. of dol—
Security markets:
Bond sales (TV. Y. S. E.)
thous. of dol. par value..
Bond yields (Moody's)
(120 bonds)*..
percent—
Stock salos (Ar, Y. S. F.)__
thous. of shares..
Stock prices (A". Y. Times)%
dol. per share—
Stock prices {Standard Statistics) (420)
1926=100Industrials (350)
do.
Public utilities (40)
do.
Railroads (30)
do.
1937
1938
1936
Sept. 30
Sept. 23
Sept. 16
Sept. 9
Sept. 2
0.118
.092
2.41
37.74
.82
0.118
.093
2.46
37.44
.85
0.118
.091
2.46
37.16
0.118
.095
2.45
36.76
.86
0.108
.098
2.32
36.01
.87
0.103
.089
2.16
35.98
.67
0.102
.085
2.42
36.61
.64
0.102
.083
2.43
36.58
.67
0.122
.081
2.86
39.73
1.07
0.130
.086
2.88
39.81
1.11
0.095
.123
2.74
34.60
1.22
3,599
4,761
3,045
4,136
3,630
4,687
4,345
4,256
2,897
3,834
2,555
3,629
3,722
4,409
2,561
3,599
3,866
4,839
3,234
4,233
4,144
4,642
2,837
2,785
11,672
5,359
2,846
2,804
11, 621
5,332
2,883
2,826
11,549
5,275
2,873
2,824
11,526
5,271
2,643
2,594
11,141
4,969
2,448
2,426
10,951
4,799
2,593
2,564
8,321
3,019
2,597
2,564
8,197
2,8S9
2,583
2,526
7,003
1,090
2,573
2,526
7,033
1,062
2,472
2,430
6,479
1,954
18,306
5,236
14,125
8,503
18,333
5,231
14,069
8,437
18,175
5,225
14,020
8,428
18,288
5,233
14,074
18,040
5,235
14,084
8,512
18,096
5,247
14,233
8,565
15,396
5,175
12,949
8,055
15,508
5,180
12,999
8, 111
14,628
5,258
12,003
7,911
14,864
5,293
12,022
7,903
14,989
5,073
13,904
9,359
2,240
8,375
2,232
8,350
2,230
8,319
2,222
8,315
2,219
8,305
8,209
1,679
8,240
1,675
8,241
1,131
9,972
1,250
8,703
4,251
1.00
1.25
4,229
1.00
1.25
4,201
1.00
1.25
4,159
1.00
1.25
4,075
1.00
1.25
1.00
1.25
1.00
1.25
3,891
1.00
1.25.
4,828
1.00
1.25
1,131
10,004
4,810
1.00
1.25
2.283
4.027
222
7,316
2.273
4.010
196
7,265
2.230
3.930
162
7,244
2.224
3.925
193
7,246
2.292
4.053
155
7,257
2.453
4.293
205
7,179
2.679
4.795
192
6,651
2.669
4.769
203
6,599
3.300
4.954
161
6,582
3.400
4.950
171
6,545
4.670
4.903
169
6,318
44,870
3.92
5, 034
109.88
93.9
110.9
84.9
32.5
80,040
3,97
8, S25
111.98
95.8
113.3
85.2
34.4
70,870
3.96
U, 66?.
109.90
94.4
112.2
83.7
31.1
97,980
3.94
17, 295
111.04
95.5
113.7
84.7
31.2
204,300
3.95
17,539
106.94
92.0
109.5
83.2
27.6
42,950
3.76
5,865
97.71
84.3
98.4
84.5
24.2
51,320
4.08
9,674
103.77
92.2
111.4
76.6
28.6
43,160
4.22
7,643
95.29
82.6
100.0
69.6
25.4
41,890
4.04
6,924
107.25
95.4
112.3
83.5
37.9
42,130
4.04
6,875
111.95
99.7
117.4
86.5
40.2
97.140
3.75
12,801
136.92
118.6
135.6
110.0
58.2
Oct. 8
Oct. 1
Oct. 9
Oct. 2
Oct. 10
1.00
1.25
PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
76,095
Automobile!
number..
41,245
24, 240
53,950
62,755
25,405
33,165
76,958
26,865
41,360
44,330
Bituminous coilj
thoas. of short tons..
1,346
1,329
1,491
1,650
1,617
1,322
1,533
1,535
1,631
1,638
Electric power
_„mil. of kw.-hr..
2,357
2,139
2,280
2,444
2,470
2,154
2,449
2,276
2,290
2,168
Petroleum*
thous. of bbl._
2,283
3,232
3,579
3,422
3,647
3,249
3,681
3,229
3.025
Steel ingots®
-.
pet. of capacity..
63.0
46.7
87.5
66.1
70.2
74.4
47.9
79.3
58.6
75.3
Construction-contract awards!
thous. of dol._
13,354
8,333
11,014
15,541
11,416
Distribution:
Freight-car loadings, total
cars..
834,640 814.828 805,733 667,409 721,748 702,964
812,258 843,861 820,570
Coal and coke
...do
179,995 168,242 163,479 132,392 140,210 140,679 137,907 166,777 174,152 166,048
Forest products
do
35,754
37,116
30,003
35,137
31,799
33,232
34,813
38,418
32,405
33,836
Grains and grain products
.do
36,297
46,791
45,370
50,112
30,054
36,314
42,501
40,200
41,581
35,456
Livestock..
.do.,,.
16,650
19,552
20,252
21,911
21,791
19,384
19,556
14,017
17,205
20.531
Merchandise, I. c. I
do
162,404 162,098 162,856
135,770 156,865 161,573 157,991 173,516 174,695 173,097
Ore
^do
49,478
58,293
60,391
56,454
52,491
60,752
29,182
28,536
58,495
Miscellaneous
,.
do
329,112 324,098 318,311 266,819 284,733 278,320 280,637 323,647 336,192 333,895
Receipts:
Cattle and calves
_
thousands—
305
312
233
308
296
357
239
378
356
Hogs
do
284
229
269
319
251
321
171
243
247
268
Cotton into sight
_
thous. of bales.!
615
655
469
607
673
585
284
939
608
852
369
Wheat, at primary markets
_.thous. of bu.6,182
6,655
9,965
7,954
2.834
6,490
7,731
6,992
6,829
12,276
10,329
® Rate for week ended Oct. 14, is 88.6.
IDaily average.
•Data do not cover calendar weeks in all cases.
ISource: Ward's Automotive Reports.
5 No longer strictly comparable; for an explanation, see the corresponding data on p. 30 of the April 1939 issue of the SURVEY.
MONTHLY BUSINESS STATISTICS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Septem1938 Supplement to the Survey
ber
DOMESTIC TBADE
Pages 27, 28, 29
Retail trade:
Chain-store sales:
Variety-store sales:
H. L. Green Co.. Inc.:
Sales
thous. ofdoLS. 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.
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.
J. C. Penney Co.:
Sales
thous. of dol.
Department stores:
; •••-*> ' >>' : '
Sales, total U. S., unadjusted~1923-25=100^
Atlanta
do...
Boston..
do...
Chicago.._
_
__-do__.
Cleveland.
do
Dallas _
do
Kansas City
1925=100.
Minneapolis
1929-35-100.
New York
_
.1923-25=100.
Philadelphia
do—
Richmond
do—
St. Louis
-—
do.—
San Francisco
...do—
Sales, total U. S., adjusted
.do..do.
Atlanta
-do
C
i
d
o
Chicagoh
do.
Cleveland
do.
Dll
ddo
Dallas
Minneapolis
1929-31=100..
New York
..1923-25-100..
Philadelphia
do....
St. Louis..
do.._.
San Francisco
do—
FINANCE
Pages 54, 56, 62, 65, 70, 74, 75, 76, 77
Banking:
Federal Reserve banks, condition, end of
month:
Assets (resources), total
mil. of dol..
Reserve bank credit outstanding, total
mil. of dol_
Bills bought
do...
Bills discounted
do—
United States securities
do....
Reserves, total
do—
Gold certificatesdo—
Liabilities, total
do....
Deposits, total.
do
Member bank reserve balances, total
mil. of dol—
Excess reserves (estimated)
do
Federal Reserve notes in circulation
mil. of dol—
Reserve ratio
. . ,- r . ^ . ^ p e r c e n t ^
Money and interest rates:
Discount rate (N. Y. F. R. Bank)...
do
Open market rates, N. Y. C :
Acceptances, prime, bankers
do...
Call loans, renewal (N. Y. S. E.)
do
Commercial paper, prime (4-6 months)
percent—
Time loans, 90 days (N. Y. S. E.)
do..Treasury bills, 91 days (yield).
do
Treasury notes, 3-5 years (yield)
do
Monetary statistics:
Foreign exchange rates:
Argentina
. . . . — d o l . per paper peso..
Belgium
dol. perbelga..
Canada....
dol. per Canadian doL.
France
_
—.dol. per francGermany
dol. perreichsmark..
Netherlands
dol. per guilder..
Sweden
dol. perkrona,.
United Kingdom.....
dol. per £..
Public finance (Federal):
Debt, gross, end of mo
mil. of dol.Public issues:
Interest bearing*.
do...
Noninterest bearing*
do...
Special issues to gov't agencies and trust
funds*
mil. of dol..
Receipts, customs
..thous. of dol..
1938
aptember
1939
Novem- DecemJanuary
ber
March
May
June
July
August
2,785
2,513
2,833
2,819
5,952
1,998
1,959
2,442
2,869
2,733
2,712
2,502
2,446
11,513
11,125
685
12,353
685
11,972
686
24,114
687
8,801
9,058
681
10,606
683
11,940
683
11,401
682
11,293
10,369
685
10,578
6,596
240
6,179
238
6,827
238
6,613
238
14,429
238
5,055
238
5,163
238
5,969
238
6,315
6,818
239
6,406
239
6,225
240
6,490
240
3,354
2,955
3,294
3,186
7,003
2,535
2,738
3,196
3,648
3,300
3,420
3,158
3,136
3,789
201
3,308
201
3,811
201
3,594
201
7,223
201
2,686
201
2,752
201
3,205
201
3,848
201
3,741
201
3,758
201
3, 564
201
3,470
201
25,810
2,015
23,491
2,013
26,774
2,017
25,295
2,018
50,379
2,017
19,653
2,014
20,686
2,011
23,104
2,012
25,919
2,008
24,725
2,005
24,662
2,013
24,340
2,015
24,123
2,014
8,235
495
'7,640
484
8,970
487
17,996
491
5,531
489
5,748
489
7,164
489
8,376
489
8,496
491
8,386
493
7,298
7,210
494
26,138
22,381
26,820
38,928
16,523
14,613
18,736
21, 281
22, 233
22,235
19,502
20,693
*>97
*128
84
91
120
73
96
89
117
88
107
94
67
110
82
116
68
92
82
99
87
97
80
65
105
82
89
88
125
98
92
105
96
91
70
88
119
75
89
92
104
82
97
86
67
102
87
118
75
83
108
76
89
82
90
74
95
87
65
105
75
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
119
91
85
101
95
90
66
82
97
88
49
61
63
72
61
69
63
46
73
62
81
86
126
'85
83
103
97
89
67
90
99
"114
55
77
'73
'83
79
8i>
'67
50
86
70
'94
89
'146
'^5
'87
'107
102
'90
'67
'94
14,573
14,861
16,186
16t 766
16,922
17,172
17,348
17,823
2,573
1
4
2,564
13,673
2,579
2,486
2,446
16,922
11,535
5
2,551
13,874
13,524
17,172
11,701
5
2,488
14,230
13,878
17,348
11,952
5
2,426
14,661
14,321
17,823
12,247
P102
118
18,602
8, r>35
27,196
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
91
64
69
67
87
67
75
68
49
77
69
81
88
115
86
88
114
91
86
68
87
101
54
67
71
89
64
63
71
52
75
68
83
87
115
84
87
105
86
86
68
79
99
15,293
15,581
15,639
15,862
2,607
2,587
2,595
2,564
12,166
11,798
15,581
10,088
5
2,574
12,382
11,948
15,639
10,420
2,598
1
4
2,564
12,561
12,125
15,862
10,571
4
2,564
12,951
12,553
16,186
10,919
3
2,571
13,476
13,103
16,766
11,376
9,215
3,644
9,157
3,559
9,900
3,387
10,029
4,218
10,018
4,140
10,507
4,553
10,918
4,758
4,353
4,380
84-7
4,458
...83.1
4,477
BfiL4
4,511
--85.. 6
4,530
.86.3.
4,630
86.9
126
86
93
118
106
82
118
95
108
89
111
105
96
115
86
84
104
95
89
68
86
105
86
94
85
70
115
86
'93
85
116
88
84
105
94
88
71
86
97
2,600
1
8
2,586
2,804
15,013
14,679
18,602
12,953
2,563
11,295
10,918
14,573
9,406
2,564
11,639
11,272
14,861
9,672
11,655
5,352
8,198
8,713
3,227
8,876
3,383
8,724
3,205
4,720
85JL
4,253
4,315
4,385
4,452
1.00
1.00
1.00
LOO
LOO
1.00
LOO
1.00
LOO
1.00
1.00
LOO
LOO
Me
1.00
Mo
1.00
Me
Me
Me
LOO
Me
LOO
Me
1.00
Me
1.00
M«
Me
LOO
Me
LOO
LOO
1M
.03
.65
"VA
.03
.63
IX
.03
.51
m
1H
.04
.45
.05
.48
.312
.312
.168
.995
.026
.401
.531
.241
4.681
.312
.170
.996
.026
.401
.536
.241
4.681
.312
.170
.998
.026
.401
.532
.241
4.682
.312
.170
.998
.026
.401
.533
.241
4.681
.311
.170
.995
.026
.399
.535
.240
4.611
2,878
6
m
.14
1.07
.08
.82
7
2,584
1
7
2,564
11,970
11,613
15,293
2,601
4
1.00
1.00
Ms
1.00
.05
1M
.04
.71
.03
.67
H
in
Hn
1M
.03
.50
1.00
1M
.03
.42
.03
.39
M
.027
.400
.539
.248
4.804
.318
.169
.991
.027
.400
.544
.246
4.768
.314
.169
.992
.026
.400
.543
.243
4.708
.311
.168
.991
.026
.401
.544
.241
4.670
.311
.169
.992
.026
.401
.542
.240
4.669
.026
.401
.536
.241
4.6S6
.312
.168
.996
.026
.401
.531
.241
4.685
40,858
38,395
38,426
38,607
39,439
39,641
39,864
39,990
40,068
40,286
40,440
40,661
40,891
36,279
516
34,920
543
34,950
526
34,981
535
35,755
528
35,892
534
35,949
533
35,994
543
36,038
36,089
531
36,116
554
36,196
548
36,257
540
4,063
35,595
2,933
28,590
2,049
30,797
3,090
27,338
3,156
25,121
3,215
24,318
3,382
22,361
3,454
29,266
3,492
29,437
3,666
25,318
3,770
24,517
3,918
25,528
4,094
27,213
0)
.170
.913
.023
".395
.532
.238
3.995
.320
•• Revised.
* Preliminary.
> Quotations not available Aug. 28~Sept. 25, 1939; temporarily omitted beginning Sept. 26,1939.
* Quotation for Sept. 2,1939; no rates available for other days of m o n t h .
•New series. New items for Federal gross debt beginning June 1916 are shown in table 21, p . 16, o- the April 1939 Survey.
April
MONTHLY BUSINESS STATISTICS—Continued
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Septem Septem- / w n h p r Novem- Decera
ber
October
January
ber
ber
1938 Supplement to the Survey
ber
1939
February
March
April
May
June
July
August
FINANCE-Continued
Capital flotations:f
Securities issued by type of security, total
thous. of doL
New capital, total.
_
do...
Refundin?, total
—
do
Securities issued by type of corporate borrower, total
thous. of dol..
New capital, total..
do...
Industrial
do-._
Public utilities
do...
Refunding total
do...
Industrial
do...
Public utilities
do...
Security markets:
Bonds:
Value, issues listed on N. Y. S. E.:
Par value, all issues
— m i l . of dol..
Market value, all issues
do—Domestic
issues
do
1
For. ign issues.
do
Yields (Moody's):
Domestic (120 bonds)
percent.
By ratings:
Aaa (30 bonds)
do--Aa (30 bonds)—
do.-_
A (30 bonds)
J. d o . . .
Baa (30 bonds)..
do
By groups:
Industrials (40 bonds)
do
Public utilities (40 bonds)
do....
Rails (40 bonds)—
do
Stocks:
Cash dividend payments and rates
(Moody's):
Annual payments at current rates (600
companies)
...mil. of doL.
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.
Shares listed, N. Y. S. E.:
Market value, all Iisted'shares
mil. of dol. _
Number of shares listed
millions-.
238,368 766,188 395,807 529,182 277,339 540, 723 239,929
146,033 166,908 220,893 241,001 220,531 377,550 162,272
92,335
174,914 288,181 56,809 163,173 77,658
355,941 1,312,257 604,380 585,732 458.600
142,621 116,873 292,576 317,525 112,129
213,320 1,195,383 311,804 268,207 346,471
90,194
16,019
1,099
125
74,175
600
22,645
150,073 338,159 151,223 310,038
84,937 63,922 43,521 59,544
80,838 40,561 18,284 48,801
6,461
2,612 20,441 21, 285
65,136 274,237 107,702 250,493
16,180 14,458 44,656 56,404
41,824 259,659 63,046 139,795
258,809 182,742 282,039 225,987 340,692
77,060 21,240 30,241 49,464 25,395
9,864 17,045
3,987 12,198
75,981
1,930
12,666 25,892
403
579
181, 749 161,502 251, 798 176,523 315,298
2,000 79,810 95,875 20,123
60,175
106,500 154,400 160,185 77,122 248,670
52,466
46,431
44,279
2,151
50,331
44,837
42,041
2,796
174,372
41,221
133,151
50,225
45,539
42,675
2,864
50,301
45,442
42,597
2,844
16,213 159,686
5,827 23,571
1,027 20,171
1,170
2,475
10,386 136,115
3,986
12
300 111,029
15,301
31,38S
51,554
47,053
44,268
2,785
51,587
46,958
44,233
2,725
5%670
48,352
45,665
2,687
51,466
47,271
44,524
2,748
52,979
18,572
4,202
52,564
48,128
45,493
2,634
52,647
48,921
46,179
2,742
52, 751
48,571
45,921
2,649
52,610
49,007
46,331
2,676
52,209
47,297
44,808
2, 489
3.95
4.17
4.03
3.95
3.95
3.86
3.81
3^74
3.84
3-78
3.71
3.66
3.67
3.25
3.49
4.05
5.00
3.21
3.60
4.20
5.65
3.15
3.53
4. OS
5.30
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
2.89
3.07
3.83
4.84
2.93
3.11
3.80
4.85
4.58
3.70
3.57
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.G3
3.29
3.48
4.46
3.35
3.51
4.66
3.30
3.45
4.60
3.23
3.42
4.47
3.17
3.39
4.42
3.21
3.40
4.41
, 316.25 329.91
935.03 935.03
,334.15
935.03
.423.82
935.03
293.92 i, 293.59
929.10
929.10
328.16 1,315.04
929.10 935.03
,337.76 1,339.27
935.03 935.03
,382.43 1,391.46 1,422.99
935.03 935.03 935.03
1.52
3.01
1.42
2.39
1.95
.90
1.39
3.00
1.24
2.24
1.93
1.09
1.39
3.00
1.24
2.24
1.03
1.09
1.43
3.00
1.29
2.24
1.94
1.05
1.41
3.01
1.28
2.31
1.92
.85
1.41
3.01
1.28
2.31
1.91
.90
1.42
3.01
1.30
2.31
1.91
.90
1.43
3.01
1.30
2.31
1.92
.90
1.43
3.01
1.31
2.33
1.92
.90
1.43
3.01
1.31
2.33
1.92
.90
1.48
3.01
1.37
2.39
1.94
.90
1.49
3.01
1.38
2.39
1.94
.87
1.52
3.01
1.42
2.39
1.94
.90
47,440
1,431
43,527
1,425
47,002
1,426
46,081
1,427
47,491
1,424
44,884
1,425
46,271
1,426
40,921
1,427
40,673
1,427
43,230
1,427
41,005
1,429
44,762
1,430
41,653
1,430
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
_' d o . . .
Ore...
_
do...
71
70
75
62
67
64
61
FUELS AND BYPRODUCTS
Pages 117,119
Coal:
Anthracite:
Production
thous. of short tons.. * 4,776
Bituminous:
37,695
Production
do
Coke, beehive:
Production
do.
METALS AND MANUFACTURES
4,165
3,728
32,286
35,094
36,110
••54
63
70
2,879
1,680
2,052
4,231
71
.2,647
44
79
62
102
3,604
'3,832
4,953
4,114
5,296
5,073
3,530
2,912
35,530
33,910
10,747
17,880
27,900
29,135
79
77
71
20
25
52
46
2,270
2,211
2,175
2,060
2,395
2,056
1,718
2,118
2,356
'2,660
3,106
52
3,558
60
3,131
53
3,174
53
3,405
55
2,974
52
2,923
47
3,125
53
3,163
55
3,764
61
4,330
4,624
4,105
5,486
4,755
5,806
5,980
3,385
5,905
3,387
4,925
4,388
5,275
5,339
6,295
3,613
4,471
Pages 131,133,137,138
Pig iron and iron manufactures:
Pig iron:
Production
thous. of long tons.Steel, crude and semimanufactured:
Ingots, steel:
Production
thous. of Ions tons,.
Percent of capacity
Nonferrous metals:
Tin:
Deliveries
_
long tons..
Stocks, United States, end of mo
do
Zinc:
Production, slab, at primary smelters
short tons..
Retorts in operation, end of mo...number..
Shipments, total
short tons..
Stocks, refinery, end of mo
do
5,050
3,413
4,465
4,573
4,960
4,500
3,535
5,060
3,400
5,157
42,225
37,729
69,424
95,615
32,328
31,555
43,582
130,743
36,740
32,427
43,355
124,128
40,343
36,243
43,693
120,778
45,345
38,793
39,354
126,769
44,277 39,613
39,500 39,459
42,639 39,828
128,407 128,192
45,084
38,251
45,291
127,985
43,036
38,763
40,641
130,380
42,302 39,450
36,331 36,291 35,491
39,607 37,284 43,128
133,075 135,241 131,782
40,960
34,443
49,928
122,814
TRANSPORTATION EQUIPMENT
Page 1C0
Automobiles:
Sales (General Motors Corporation):
To consumers in U. S
number-.
To dealers, total
__do
To U. S. dealers
do
56,789
67,998
47,606
40,790
36,335
16,469
131,387
123,835 200,256
92,890 159,573
118,888
187,909
150,005
88,865
152,746
116,964
142,062
182,652
142,743
132,612
158,969
126,275
129,053
145,786
112,868
124,618 102,031
156,959 100,302
124,048 71,803
70,120
19,895
7,436
r
83,251
153,880
115,890
Revised.
» Preliminary.
t Revised series. Data revised beginning January 1937; see table 26 on pp. 15 and 16 of the May 1939 Survey.
@FedFRASER