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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C , SEPTEMBER 14, 1939
SUMMARY OF BUSINESS TRENDS
'T'HE British and French declarations of war induced extensive
•*-buying on domestic financial and commodity markets on
Tuesday, September 5, the first business day after this decisive
event. Market turn-over spurted on that day and prices of
many industrial stocks and staple commodities were bid up by
substantial amounts; after Tuesday price advances were not so
rapid. Industrial consumers and distributive interests purchased heavily of a wide range of raw and semifinished goods as
they covered future needs and sought to anticipate price advances. Quotations of staple foodstuffs such as grains, lard,
sugar, pork, and cocoa, and of industrial materials like nonferrous
metals, hides, rubber, and textile fibers were at the forefront of
the advance. Moody's index of 15 major commodities has
advanced 28 points to 168 (December 31, 1931 = 100).
Following the sharp gains on September 5, prices of industrial
stocks gradually advanced; the Dow-Jones average of industrial
shares closed at 151 on Saturday—up 13 points since the end of
August but 4 points below the 1939 high in January. Railroad
shares have kept pace with the rise in the industrial "average"
but utility shares have declined slightly since August. Speculative bonds advanced along with stock prices but high-grade
bonds selling on a very low yield basis were readjusted downward. Long-term Government bonds declined 3 to 4 points
and the Federal Reserve banks bought large quantities in supporting the market. An official dollar exchange rate between
$4.02 and $4.06 has been fixed for the pound sterling; the
Canadian dollar closed the week at a discount of 7 percent.
While production will soon reflect the heavy orders placed
thus far in September, the industrial data for last week revealed
the influence of the holiday. However, for the current week
it is anticipated that the seasonally adjusted rate of industrial
activity will show a marked gain from the August level. Steel
ingot production is scheduled at 70 percent of capacity—up 7
points from the rate prior to Labor Day. In the week ended
September 2, railway freight loadings rose to 722,000 cars, only
5,000 cars below the fall traffic peak Jast October. Primary distribution in August, as indicated by railway traffic, expanded
somewhat more than seasonally. Retail trade results last month
were favorable and volumes continued well ahead of last year.
Department-store sales increased at a more-than-seasonal pace,
and the Federal Reserve adjusted index was up 3 points from
July to 89 (1923-25=100).
SELECTED BUSINESS INDICATORS
STEEL INGOT PRODUCTION
(PERCENT Of CAPACITY)
BITUMINOUS COAL
(MILLIONS OF
PRODUCTION
SHORT
TONS)
AUTOMOBILE PRODUCTION
(THOUSANDS
OF VEHICLES)
EUCTRIC POWER PRODUCTION
(BILUONS Of .KILOWATT HOURS)
CONSTRUCTION CONTRACTS-HW. DODGE
(DAILY AVERAGE AWARDS - MILLIONS OF DOLLARS)
FREIGHT CAR LOADINGS
(THOUSANDS OF CARS)
MISCELLANEOUS CAR LOADINGS
(THOUSANDS
176255—39
OF CARS)
SPOT COMMODITY
PRICES
( O D ' S INDEX^DEC. 3l,_j?51= IOO )
PRICES OF 3 5 0 INDUSTRIAL STOCKS
(INDEX,
1926 * IO0)
YIELDS OF 120 CORPORATE BONDS
(PERCENT)
COMMERCIAL FAILURES
(NUMBER)
WEEKLY BUSINESS INDICATORS
IWeekly average, 1923-25=100]
1938
1939
Sept. Sept. Aug. Aug. Aug. Sept. -:ept.
26 19
9
Sept. Sept, Aug. Aug. Aug. Sept. ept ept. Sept,
26
Business activity:!
New York TimesSc?-.
Barron'sc?
Business Week
Commodity prices, wholesale:
Dept. of Labor, 1926=* 100:
Combined index (813).....
Farm products (67)
.
Food (122)
All other (G24)
Fisher's index, 1926=100:
Combined index (120)
Copper, electrolytic*
Cotton, middling, spot
1937
1938
1939
1937
:
ept.
Finance—Continued.
Banking:
Debits, outside N. Y. C.t . . . 99.2 78.3 82.1
79.4 84.3 75.9 83.4 92.6
Federal Reserve reporting
member banks:
Loans, total
, 66.5 65.7 65.4 65.5 65.3 65.9 66.2 80.3 80.2
Interest rates:
Call loans*.
• 24.2 24.2 24.2 24.2 24,2 24.2 24.2 24.2 24.2
74.8 77.9 77.8 86.8 86.4
28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6 28.6
Time loans?—
61.4 67.7 67.1 84.5 84.6
149.4 147.8 146.4 146.2 145.8 135.4 134.5 135.6 135.0
Currency in circulation!
66.7 73.7 73.0 86.6 85.7
80.5 81.5 81.5 86.0 85.9 Production:
Automobiles
35.2 31.8 22.9 17.0 32.6 22.9 29.1 77.4 84.1
79.3 75.3 72.6 72.5 76.1 67.9 91.3 83.2
Bituminous coal*
_
91.2 91.0
80.6
78.1
8
._.
Cotton consumption!
74.6 71.7
122.6 127.2 127.2 113.4 106.5 119.9 120.8
71.7 100.0
141.5 141.4 142.1 140.0 122.9 129.0!l29.3 139.3
33.8 100.0
34.6 29.8 30.5
Electric powerf
34.6
46.3 51.0 53.2 51.81 42.7 45.3 49.4 51.9
Lumber
109.6 81.2 119.1 170.4| 154.0 160.8 174.8 177.3
107.9
67.6
Petroleum*...
100.7 108. 106.8106. 103.2i 67.4 74.3 117.6 138.1
67.6 73.9 83.6
69.4
Steel ingots®
56.8
65.0
Receipts, primary markets:
73.9 70.4 67.6 67.0 87.0 92.3 80.0 92.1
Cattle and calves
-.
25.6 27.8
38.6 34.3 30.7 34.5, 34.3
51.6 41.8 57.7 24.8 38.6
Hogs
1.2 188.8 150.0
141.9 109.2 78.1 51.9 55.4! 146.2 40.1
62.9. 71.2 71.1
..._ 67.9
.... 67.8
_
Cotton
129.8
154.3
155.7
144.7
96.8.104.9j
120.9
173.3
106.5
Wheat
103.3 101.7 101.3 119.2 127.5
94.1 92.3 91.5 91.3 84.5 85.3 106.6 109.3
95.3 93.5 94.0 94.2 79.4 79.7 110.8 110.1
104.3 101.8 101.3 101.1 88.1 88.0 120.6 120.4
75.3 74.8 74.6
62.7 61.1 60.4
68.5 66.7 66.2
80.4
80.4
80.2 78.4 78.1 77.8
78.3 74.6 74.6 74.6
36.0 32.7 33.5 34.2
Construction contractst75.3 71.8
Distribution: Carloadings
Employment: Detroit, factory-. 56.8
Finance:
38.1 50.4 54.3
Failures, commercial
68.5 65.2 64.3
Bond yields*
110.1 100.6 99.2
Stock prices*
86.2
70.3
56.0
63.3
....
102.6
• Data do not cover calendar weeks in all cases.
§Computed normal=100.
JDaily average.
tWeekly average, 1928-30=100.
^Seasonally adjusted.
©Index for week ended Sept. 16, is 120.6.
ciTor description of these indexes, see p. 4 of the Dec. 16,1937 Issue.
WEEKLY BUSINESS STATISTICS*
1939
Sept. 9
Sept. 2
Aug. 26
Aug. 19
1938
Aug. 12
Aug. 5
Sept. 10
Sept. 3
1937
Sept. 11
Sept. 4
1936
Sept. 12
COMMODITY PRICES, WHOLESALE
0.108
Copper, electrolytic, New York*
__dol. per lb_.
0.103
0.103
0.101
0.103
0.103
0.099
0.099
0.138
0.138
0.095
.098
Cotton, middling, spot, New York
_do
.091
.089
.081
.096
.094
.093
.083
.092
.094
.126
2.31
Food index (Bradstreet's).,.,
..„_—._—...-.do.—.
2.42
2.14
2.15
2.17
2.15
2.13
2.41
2.86
2.87
2.84
36.01
Iron and steel, composite
dol. per ton..
35.98
35.98
36.50
35.90
35.93
35.97
36.50
40.21
40.27
34.10
.87
Wheat, No. 2 hard winter (Kansas City)._dol. per bu_.
.67
.67
.67
.63
.64
.67
1.12
1.08
1.23
Banking:
FINANCE
2,897
Debits, New York C i t y . . . .
mil. of d o l . . . .
2,555
3,371
2,622
2,744
3,630
2,500
2,373
2,538
3,534
2,905
3,834
Debits, outside New Ycrk City (140 cities) d o . —
3,629
3,812
3,521
4,412
3,260
3,685
4,128
3,416
3,133
4,297
Federal Reserve banks:
2,643
Reserve bank credit, total..
do....
2,441
2,448
2,462
2,453
2,585
2,592
2,572
2,476
2,579
2,482
2,594
U. S. Government securities
do
2,423
2,426
2,423
2,564
2,564
2,453
2,443
2,526
2,430
2,526
11,141
10,829
Member bank reserve balances
do.
10,951
10,413
10, 633
8,179
10,509
6,710
6.471
6,731
Excess reserves, estimated
do.
4,741
4,869
4,462
4,799
4,590
2,941
4,533
1,997
756
3,034
750
Federal Reserve reporting member banks:
18,040
Deposits, demand, adjusted
do
17,462
18,096
15,388
17,641
17,835
14,811
15,267
17,551
14,918
14,924
5,235
Deposits, time
__
do.
5,250
5,247
5,245
5,217
5,243
5,251
5,036
5,289
5,268
5,210
14,0i>4
Investments, total§
.do
14,162
14,233
12,601
14,151
13,806
12,274
14,118
12,292
14,073
12,591
8,512
U. S. Government direct obligations
.do
9,250
7,792
8,190
8,530
8,533
8,565
8,193
8,544
8,515
7,789
Obligations fully guaranteed by TJ. S. Govern2,219
ment..
_
.mil. of doL.
1,237
1,132
1,130
1,655
2,241
2,274
2,286
1,655
2,267
2,259
Loans, total§,
.
.do ...
8,627
8,270
8,209
10,041
8,166
8,186
8,178
8,241
8,156
8,305
10,027
Commercial, Industrial, and agricultural loans§
4,075
4,688
3,996
mil. of dol-4,638
3,886
3,917
3,912
3,887
1.00
1.00
Interest rates, call loans*
..percent1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.25
1.25
Interest rates, time loans*
do
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
Exchange rates:
2,292
6.583
French franc*
cents..
3.734
3.648
2.723
2.703
2.625
2.649
2.649
2.453
2.649
4,053
5.057
Pound sterling*
dollars.4.963
4.856
4.949
4.681
4.636
4.681
4.293
4.681
4.821
155
112
Failures, commercial
number.157
235
221
208
101
228
205
210
170
7,257
Currency in circulation*
mil. of dol—
6,271
6,531
7,110
6,554
7,068
7,101
6,587
7,179
7,079
6,574
Security markets:
22,240
21,310
29,790
42,950
64,110
42,380
27,120
Bond sales (N. Y. S. E.)__. thous. of dol. par value.. 204,300
20,140
22,000
28,220
3.95
4.10
3.65
3.71
3.76
Bond yields (Moody's)
(120 bonds)*..
percent3.80
3.92
3.62
4.11
3.63
3.91
Stock sales (A1". K. S. £.)___
..thous. of shares. _ 17,539
3,760
3,414
5,012
5,865
6.732
9,267
4,267
2,995
3,093
3,903
Stock prices (N. Y. Times)t
...dol. per s h a r e 106.94
98.35
99.68
96.32
97.71
133.84
115.79
102.46
98.74
100.30
123.81
Stock prices (Standard Statistics) (420)
1926=100 92.0
87.2
86.3
81.6
84.3
115.2
105.5
90.0
89.3
87.4
112.7
Industrials (350)
do.
109.5
105.1
100.3
98.4
131.1
125.2
104.9
107.9
101.8
95.0
134.1
Public utilities (40)
do.
83.2
73.4
87.4
84.5
109.5
88.3
89.9
74.5
88.0
82.8
92.1
Railroads (30)
...
do
27.6
26.6
25.4
24.2
55^9
41.8
27.1
27.1
25.9
23.3
46.0
PRODUCTION, CONSTRUCTION, AND
Production:
DISTRIBUTION
Automobile!
1
number.
26,865
17,465
12,955
24,240
22,165
24,875
17,485
28,250
27,619
59,017
64,200
Bituminous coal*.
thous. of short tons..
1,283
1,350
1,156
1,235
1,236
1,296
1,217
1,555
1,597
1,417
Electric power__
mil. of kw.-hr..
2,355
2,357
2,149
2,333
2,048
2,325
2,368
2,154
2,029
2,321
Petroleum*
..thous. of bbl..
1,691
2,283
3,349
3.550
3,207
3.909
2,481
3,642
3,021
3,693
58.6
Steel ingots®
_.pct. of capacity-.
62.2
63.0
44.0
60.1
39.9
59.3
71.6
62.1
84.1
68.2
Construction-contract awards*
thous. of dol
17,322
10,859
13,840
9,940
Distribution:
Freight-car loadings, total.cars...
721,748 688,591 674,237 665,197 6G1,136 568,887 648,029 708,202 801,539 700,147
Coal and coke
- do .
140,210 130,861 125,505 124,681 122,276 104,813 121,668 127,703 145,700 130,202
Forest products
_
do...
33,232
31,953
31,933
31,222
31,371
31,878
30,0S0
33,656
26,634
37,620
Grains and grain products
do..,
40,200
40,103
43,604
27,718
31,700
42,270
43,965
42,016
37,267
30,526
Livestock
do...
11,234
14,017
17,704
14,199
13,061
11,158
12,566
14,545
14,645
14,667
Merchandise, 1. c. 1
do _.
156,8C5 154,170 153,373 153,117 154.657 134,451
155,153 147,031 172,112 149,173
Ore
_ _ . . do _.
49,743
52,491
71,586
49,077
48,004
72,415
26,593
51.779
21,995
44,890
Miscellaneous
do
284,733 265,199 259,453 255,763 253,952 232,801 257,874 282,327 321,880 291,693
Receipts:
222
292
212
214
212
233
275
327
253
291
Cattle and calves
thousands.
260
223
251
223
231
224
199
166
181
233
Hogs
do
369
25S
203
284
151
135
491
144
380
529
Cotton into sight
thous. of bales..
10,329
12,276
12,384
8,773
7,702
8,472
11,510
9,620
8,343
2,128
Wheat, at primary markets
thous. of bu..
®Rate for week ende 1 Sept. 16, is 70.2.
tDaily average.
• Data do not cover calendar weeks in all cases.
§No longer strictly comparable; for an explanation, see the corresponding data ou p. 30 of the April 1939 issue of the Survey. ISource: Ward's Automotive Reports.
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
1938 Supplement to the Survey
August
DOMESTIC TRADE
Pages 27, 28, 29
Retail trade:
Chain-store sales:
Variety-store sales:
H. L. Green Co., Inc.:
Sales
thous. of dol..
S. S. Kresge Co.:
Sales. thous. of dol .
Stores operated
number .
S. H. Kress & Co.:
Sales
..thous. ofdol
Stores operated
number..
McCrory Stores Corp.:
Sales
i
thous. ofdol .
G. C. Murphy Co.:
Sales
thous. ofdol
Stores operated
number.
F. W. Woolworth Co.:
Sales
thous. ofdol.
Stores operated
number.
Other chains:
W. T. Grant & Co.:
Sales
thous. ofdol.
Stores operated
.number.
J. C. Penney Co.:
Sales
thous. of dol.
Department stores:
Sales, total U. S., unadjusted.l923-25=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
1
do
San Francisco
do
Sales, total U. S., adjusted
do
Altanta
__
do...
CMcaeo_
do...
Cleveland
do. .
Dallas
do..
Minneapolis
1929-31=100
New York
1923-25=100.
Philadelphia
do
St. Louis :
do
San Francisco
do...
1939
1938
August September
Govern- Decemictober
ber
ber
May
June
July"
2,315
2,513
2,833
2,819
5,952
1,998
1,959
2,442
2,869
2,733
2,712
2,502
10,578
683
10,179
11,125
685
12,353
685
11,972
24,114
687
8,801
9,058
681
10,606
683
11,940
11,401
682
11,293
683
10,369
685
6,490
240
6,336
238
6,179
238
6,827
238
6,613
238
14,429
238
5,055
238
5,163
238
5,969
6,315
239
6,818
239
6,406
239
6,225
240
3,136
2,960
2,955
3,294
3,186
7,003
2,535
2,738
3,196
3,648
3,300
3,420
3,158
3,470
201
3,087
201
201
3,811
201
3,594
201
7,223
201
2,686
201
2,752
201
3,205
201
201
3,741
201
3,758
201
3,564
201
24,123
2,014
22,566
2,011
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
7,210
494
'6,837
484
7,653
484
8,970
487
8,635
17,996
491
5,531
489
5,748
489
7,164
8.376
489
8,496
491
493
7,298
493
20,693
'.19,067
22,381
26,820
27,196
16,523
14,613
18,736
21,281
22,233
22,235
19,502
70
P115
55
65
100
55
72
65
' 83
74
81
64
48
81
63
9
83
128
8'
78
108
93
86
62
83
97
91
120
73
92
126
86
91
87
113
92
109
98
75
127
92
97
84
106
82
8
100
92
85
63
81
93
87
118
75
89
89
105
86
94
85
70
115
86
92
S5
116
88
84
105
94
88
71
86
97
83
108
76
89
82
90
74
95
87
65
105
75
88
86
119
91
85
101
95
90
66
82
97
60
'88
49
'61
'63
72
'61
46
73
'62
'81
86
'126
86
'83
103
97
'89
'67
90
93
40,286
40,440
40,661
36.116
554
36.196
548
3,770
24, 517
3.918
25, 528
P77
P74
6
P50
86
70
89
*-88
P93
J>100
117
88
107
94
67
110
127
93
86
105
98
90
68
87
86
126
86
96
93
118
89
96
106
82
118
95
108
89
111
88
88
105
82
103
» Preliminary.
156
203
138
157
152
182
151
147
164
1?7
20P
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
114
91
86
68
87
101
54
67
71
89
64
63
71
52
75
68
83
87
115
84
87
105
82
116
68
92
82
99
87
97
80
65
105
82
89
8S
125
98
92
105
96
91
70
119
75
89
92
104
82
97
86
67
102
89
95
83
115
86
84
104
95
39,439
39,641
39,864
39,990
40,068
35,755
528
35,892
534
35,949
533
35,994
543
36.038
538
3.156
25.121
3.215
24,318
3.382
22,361
3.454
29,26fi
3,492
29,437
3.666
25,318
529,182
2-11.00!
288,181
277.339
220.531
56,809
540, 723
377,550
163,173
239,929
162,272
77,658
355,941
142,621
213,320
,312,257
116,873
,195,383
fiO4,38O 585,732
292,576 317,525
311,804 268,207
99,668 258.809
16.213 159,686
310,038
77,060
52,979
5,827
23,571
59,544
75,981
18,572
1,027
20,171
48,801
-0,461 — 1,170 --2,-476-- —4.-202 — , . 5 7 9
46,689 181,749
10.386 136,115
250.493
15,301
3,983
12
60,175
56,4H
31.383 106, *00
300 111,029
139,795
182.742
21.240
3, S>87
^ 403
161,502
2,000
154,400
282.039 225,987
49,164
30.241
9.864
12.198
•12,66$ • 25,892
251 798 176.523
95.875
79.810
77,122
ISO, 185
3.81
3.74
3.81
3.78
3.71
3.66
3. OS
3.42
4.02
5.27
3.01
3.32
3.00
3.20
3.9*
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
3.80
4.91
2.89
3.07
3.83
4.84
3.40
3.63
4.82
3.31
3.57
4.70
3.29
3.52
4.63
3.29
3.18
4.46
3.35
3.51
4.66
3.30
3. 15
4.60
3 23
3 42
4.47
3.17
3.39
4.42
3.95
1,315.04 1,316 25 1,329 91 1,334.15 1,337.70 1,339.27 1,382.43 1,391.46
935.03
935.03
935.03
935.03
935.03
935.03
935.03
935.03
1.41
3.0:
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
*New series. New items for Federal jrross debt beginning June 1916 appear in table 21, p. 16, of the April 1939 SURVET.
tRevised series. Data revised beginning January 1937; see table 26, pp. 15-16 of the May 1939 SURVEY.
April
2,446
FINANCE
Pages 70,71,75,76
Public finance (Federal):
38,395
38,607
38,426
37,596
40,89'
Debt, gross, end of mo
mil. of dol
Public issues:
34.112
34,981
34,950
34,920
36.25'
Interest bearing*
.do. ...
52fi
541
535
54(
Noninterest bearing*
_. do
543
Special issues to gov't agencies and trust
2.94;
3,090
2.933
2,949
4.094
funds* - - - - ...mil. ofdol
28,673
27,338
28,590
30,797
27,213
Receipts, customs
thous. ofdol
Capital flotations:t
Securities issued by type of security, total
458,600 417,036 238,368 766,188 395.807
thous. ofdol
112,129 182.2S6 146,033 166,908 220,893
New capital, total
,
do
92,335 599,280 174,914
Refunding total
_
do
346,471 235,650
Securities issued by type of corporate bor340,692 338,155 150,073 338,159 151,223
rower, total
thous. ofdol
43,521
63,922
84,937
25,39.*; 127,01'
New capital, total
do .
09,550
18,284
40,561
80.838
17.04
Industrial .
do...
4096
- 20,441 —31.-285— Public utilities.- ;.vr...r.r.-.--^^—dor- —1-,-930 40,
65,136 274,237 107,702
Refund in p, total
...do... 315,298 211,14
16,180 14,458 44,656
41,659
20.123
Industrial .
do..
41,824 259,659 63,046
248,670 169,382
Public utilities.-.
..do..
Security markets:
Bond yields (Goody's)4.03
4.09
3.95
4.17
Domestic (120 bonds)..
percent.
3.6'
By ratings.
3.18
3.10
3.21
2.93
Aaa (30 bonds).
do...
3.46
3.53
3.60
3.57
3.1
An (30 bonds)
do .
4.08
4.20
4.13
A (30 bonds)
do...
4.02
3.8f
5.3"
5.65
5.4!
Baa (30 bonds^
do..,
5.23
4.8'
By groups:
3.39
3.43
3.43
Industries ('0 bonds)
do .
3. 50
3.2
3.76
3.65
3 73
Public utilities (10 bonds)
do.
3.82
3.1
5.09
Rails (40 bonds)
do...
5.18
1.4
4.83
1.91
Stocks;
Cash dividend
payments and rates
(Moody fs):
Annual payments at current rates (600
companies).
mil. ofdol 1,422.9S t, 295.2C 1,293.92 1,293.59 1,328.16
929.10
929.10
929. If
935.03
Number of shares, adjusted. .. millions
929.10
Dividend rate per share (weighted average!
1.39
1.3S
1.43
1.39
1.5!
(OOOcos.)
dollars
3.00
3.00
3.00
3.00
3.01
Banks (21K-do..
1.24
1.24
1.24
1.29
1.4:
Industrials (492 cos.)
do..
2.24
2.22.24
2.2
2.39
Insurance (21 cos.)
do .
1.93
1.94
1.93
1.94
Public utilities (30 cos.).....
do..
1.94
1.09
1.09
1.09
1.05
Rails (36 cos.)
do..
.90
' Revised.
anuary) ™ y "
Marcn
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
.90
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
August August S
1938 Supplement to the Survey
1938
"
October
1939
No v e m
b e r -
January F a?y U "
METALS AND MANUFACTURES
Pages 131,133,138
Pig iron and iron manufactures:
Pig iron:
2,052
2,270
2,175
2,211
1,494
Production
thous. of long tons.. P 2 , 6 6 1
1,680
Steel, crude and semimanufactured:
Ingots, steel:
3,558
3,764
3,174
2,647
3,131
3,106
2,537
Production.
thous. oflong tons61
60
53
53
62
41
Percent capacity
44
Nonferrous metals:
Zinc:
Production, slab, at primary smelters
short tons.. 40,960 32,296 32,328 36,740 40,343 45,345 44,277
Retorts in operation, end of mo
number.. 34,443 29,767 31, 555 32,427 30.243 38,793 39,500
Sbipments, total
short tons.. 49,923 36,507 43,582 43,355 43,693 39,354 42,639
122,814 141,997 130,743 124,128 120,778 126, 769 128,407
Stocks, refinery, end of mo
do
1939
July
EMPLOYMENT CONDITIONS AND
WAGES
Pages 39, 44, 47
Labor conditions:
National Industrial Conference Beard (25
industries):
Average weekly hours per worker in factories
.hours.
National Industrial Conference Board (25
industries):
Factory average weekly earnings dollars..
Factory average hourly earnings
do
CHEMICALS AND ALLIED PRODUCTS
Page 97
Vegetable oils and products:
Oleomargarine:
Consumption (tax-paid withdrawals)
thous. oflb..
Price, wholesale, standard, uncolored (Chicago)-.
dol. per lb-_
Production
thous. of lb,FUELS AND BYPRODUCTS
Pages 119,120,121,122
Petroleum and products:
Crude petroleum:
Consumption (run to stills)..thous. of bbl..
Production
do
Refinery operations
pet. of capacity,.
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl—
Light crude
do
East of California, total
do
Refineries
do
Tank farms and pipelines,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 bbU.
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..
1.
do
Stocks, refinery, end of month
do
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
July
April
May
June
July
2,060
2,395
2,056
1,718
2,118
2,356
2,989
54
3,405
55
2,974
52
2,923
47
3,125
53
••3,163
'55
39.613
39,459
39,828
128,192
45,084
38,251
45,291
127,985
43,036
38,763
40,641
130,380
42,302
36,331
39.607
133,075
39,450
36,291
37,284
135,241
39,669
35,491
43,128
131,782
1938
1939
Decem- January
August Septem- October November
ber
33.8
35.2
36.2
26.76
.722
23.93
.713
24.93
.711
25.73
.714
26.14
.714
20,114
25,671
28,371
32,000
.135
19,262
.145
25,512
.158
28,718
.155
32,387
106,899
110,937
84
99,856
102,898
79
101,352
106,165
80
96,990
98,661
79
85,655
38,427
223,55S
41,817
181,741
84,724 85,132 86,705
33,548 33,975
247,361 243,952 240,251
43,674 42,724 42,979
203,687 201,228 197,272
37.2
March
36.7
February
March
36.6
36.6
36.8
36.9
26.32
.714
26.02
.713
25.95
.713
26.11
.713
26.25
.715
31,824
29,812
29,991
30,350
27,774
.153
31,092
.150
30,221
.143
30,373
.140
30,319
.140
27,701
100,787
101,830
79
97,309
98,567
79
97,964
102,287
77
99,614
102,490
78
87,797
93,475
76
April
May
June
36.5
37.2
26.27
.717
26.19
.720
26.79
.721
29,032
23,622
22,827
20,745
.140
29,417
.140
23,325
.135
.135
21,111
98,917 99.303 105,755
106,768 105,510 110,541
77
83
80
104,687
104,607
85
87,222 87,399 87,222 87,595 87,002 86,294 86,075
34,999 36,064 37,193 36,927
39,383 39,699
233,463 228,741 229,140 227,134 227,098 229,079 230,926
41,131 40,386 41,221 42,540 41,777 41,154 40,180
192,332 188,355 187,919 184,594 185,321 187,925 190,746
85,580 85,049
39,878 38,902
230,279 226,462
40,445 41,463
184,999
25,644
12,688
23,547
12,688
24,232
12,691
24,552
13,074
25,487
13,820
24,573
12,793
25,197
13,873
25/800
14,135
21,476
12, 797
25,040
13,539
24,750
13,301
27,022
12,353
24,836
13,530
25,025
27,581
32,285
26,620
32,874
28,841
33,661
30,860
33,344
33,017
30,935
32,069
26,991
27,873
24,309
24,650
21,952
21, 731
19,288
20,115
19,534
21,058
21,397
22,088
22.480
25,659
50,508
47,474
50,459
46,058
46,272
44,991
41,649
37,767
34,595
42,520
43,977
49,547
49,812
4,175
4,127
4,226
4,081
4,375
4,244
4,345
4,264
3,747
4,232
4,232
4,280
4,095
50,439
22,502
25,028
2,909
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
48,308
21,125
23,546
3,637
42,721
18,455
21.037
3,229
47,186
20.663
23,280
3,243
47,426
20.922
23.521
2,983
49,620
22,767
24,207
2,646
49,274
21,782
24,810
2,682
71,824
44,196
7,123
70,224
43,091
7,614
64,599
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
73,847
49.419
4,647
79,691
54,569
4,708
81,189
55,464
4,721
81,623
55,172
5,484
78,342
52,076
6,212
74,395
47,972
6,749
3,710
5,390
8,855
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
5,980
5,702
6,711
5,901
5,174
5,452
5,201
5,900
5,605
5,042
5,813
5,663
4,368
5,909
6,551
3,570
5,439
7,949
1,931
2,755
7,179
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
2.3S4
7,695
1,609
2t 527
7,762
1,653
2.522
7,951
1,987
2,664
7,800
1,770
2,672
7,886
2,132
2,856
7,630
1,902
2,800
7,427
1,085
1,617
3,323
3,041
1,222
1,407
2,394
2,308
1,349
l t 7f>4
2,755
3,226
1,114
1,717
2,339
2,716
1,100
1,755
2,525
2,822
1,138
1,786
2,634
2,872
1, 2S4
1,884
3,245
2,899
1,310
1,930
3,185
2,899
1,326
1,913
3,170
3,236
1,329
1,955
3,623
3,115
1,168
1,672
3,463
2,774
1,187
1,736
3,473
3,015
' 1,227
'1,715
' 3,066
'3,015
13,026
9,185
3,841
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
13,996
10,301
3,695
13,602
9,868
3,734
13,375
9,699
3,676
13,009
9,229
3,780
12,813
9,026
3,787
•• Revised.
12,905 '12,976
9,078
9,151
3,827
3.825
p Preliminary.
U. 5 . GOVERNMENT PRINTING OFFICE: 1939
@FedFRASER