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APRIL 1938
SURVEY
OF
CURRENT BUSINE
UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON
VOLUME
18
NUMBER 4
Incomes of Independent
Professional Practitioners
According to questionnaire surveys conducted by the Bureau
of Foreign and Domestic Commerce, average incomes of
medical practitioners in 1936 were $4,143 as compared with
$2,909 in 1933 and $5,298 in 1929. For the same years the
incomes of lawyers averaged $4,320, $3,786, and $6,601,
respectively; and incomes of certified public accountants
averaged $4,626, $4,012 (1934), and $5,749. These and
other results of the sample surveys are analyzed in the
special article on page 12.
Fats and Oils
Their Adaptability and Uses
Factory consumption of fats and oils in 1937 increased
approximately 5 percent to 4,994 million pounds. Sizable
gains were recorded in the output of all leading products
utilizing a wide variety of fats and oils. Imports of these
items increased more than 20 percent to 2,337 million
pounds during the year. Current data relating to the fats
and oils industry as well as a discussion of trends in the
industry over the past several years are presented in an
article on page 17.
Volume 18
Number 4
UNITED STATES DEPARTMENT OF COMMERCE
DANIEL C. ROPER, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
ALEXANDER V. DYE, Director
SURVEY OF
CURRENT BUSINESS
APRIL 1938
Prepared in the
DIVISION OF ECONOMIC RESEARCH
LOWELL J. CHAWNER, In Charge
M. JOSEPH MEEHAN, Editor
WALTER F. CROWDER, Acting Editor
CONTENTS
CHARTS AND SUMMARIES
Business indicators
Business situation summarized
Commodity prices
Domestic trade
Employment
Finance
Foreign trade
Construction and real estate.
Transportation
Fage
2
3
5
6
7
8
9
10
11
SPECIAL ARTICLES
InCOme
°
f inde
Fats a n d oils:
Page
12
17
endent
*>
Professional practitioners
Their adaptability and uses
STATISTICAL DATA
New or revised series:
Table 56. Capital
flotations
Monthly business statistics
General index
21
22
Inside back cover
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is 31.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents.
Foreign subscriptions, 33.
Make remittances only to
33. Price of the 1936 Supplement is 35 cents. Ma
SuDerintendent
Documents. Washington,
WasViinp-tnn. D.
Superintendent of
of Documents,
D. f!»
G
53995—38
1
SURVEY OF CURRENT BUSINESS
April 193S
Business Indicators
INDUSTRIAL PRODUCTION
MONTHLY INCOME PAYMENTS
\
INDEX NUMBERS (l
120
929 - 1 oo)
110
100
n
90
80
\
i
70
J\
60
j
50
1929 I93O
1931 1932 1933 1934 1935 1936 1937 1938
1
|
i
40
!\
30
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938
FACTORY EMPLOYMENT AND PAYROLLS
RETAIL SALES *
NDEX NUMBERS, ( I 9 Z } - ZJ= lOO)
RURAL SALES-GENERAL MERCHANDISE
( | 9 2 9 - -Jl =100)
FACTORY EMPLOYMENT
(ADJUSTED)
1
DEPARTMENT STORE SALES
(1925- 25 = 100)
FACTORY PAYROLLS
(^UNADJUSTED)
1929 1930 1931 1932 1933 1934 1935 !936 1937 1938
1929 vl930
CONSTRUCTION CONTRACTS AWARDED * •
140
INDEX NUM8E RS, (192
WHOLESALE PRICES
i INDEX NUMBERS, ( l 9 Z 6 = 100)
s lOO)
M
100
60
40
20
0
100
90
120
80
1931 1932 1933 1934 1935 1936 1937 i938
\
\
80
70
\
TO T A L - ^
s
Si
RE.5JIDENTi/
1
j
J
/
\
\r VV
J \
50
40
j
:
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938
http://fraser.stlouisfed.org/ *" ADJUSTED FOR SEASONAL VARIATION
Federal Reserve Bank of St. Louis
60
o
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938
* THREE-MONTH AVERAGE
D.D. S402
SURVEY OF CURRENT BUSINESS
April 1938
Business Situation Summarized
month of 1932 and was only moderately above the postwar low in 1933. Reflecting the contraction in freight
movement that has been in progress for the past 8
is usual. In contrast with the very rapid decrease in the months and higher costs of operation, net operating
adjusted index of industrial production in the last 4 revenues of railroads have been the smallest on record,
months of 1937, definite signs of slackening in the rate and after payment of fixed charges the largest net
of decline were evident. Total production during Jan- deficit since compilation of the data began was reported
uary, February, and March, however, was one-third for January. Information is not available for a later
date, but the continued downward trend of traffic
below that in the corresponding period of 1937.
movement
would indicate a persistence of this unfaSteel-mill operations, which were 29.1 percent of ingot
vorable
situation.
In keeping with these developments
capacity in January and 31.7 percent in February,
and
the
general
weakness
of security markets in March,
averaged 33.8 during March. The rapid decline in the
second-grade
railroad
bonds
fell below their 1932 lows,
final months of 1937 has apparently been checked, but
and
the
average
price
of
railroad
shares was only slightly
purchases remain on a hand-to-mouth basis. Autoabove
the
depression
lows.
The
recent increase in
mobile assemblies during the month were practically
unchanged from February, whereas a sizable increase
usually occurs. Early reports indicate a curtailment in
cotton-mill activity in March, as orders have failed to
appear in any substantial volume. Bituminous coal
production declined slightly more than seasonally during
the month, while output of crude petroleum increased
at about the seasonal rate and electric power production
experienced the usual seasonal contraction.
Factory employment and pay rolls increased slightly
in February after having declined each month since
August 1937. Although the increase in employment
was not so large as the usual seasonal gain from January, the checking of the rapid decline of the preceding
6 months was a significant development. Between
August and February, total factory employment deTrend of Employees' Compensation, by Major Industrial Groups,
clined 19 percent, and pay rolls were cut 29 percent.
1929-38.
Employment in the durable-goods industries fell 25
percent, with the most pronounced contraction in the rates granted the carriers was insufficient to offset the
automobile and iron and steel industries, while employ- growing weight of the adverse factors.
ment in the nondurable-goods industries declined 14
Industrial and utility share prices, as well as the rail
percent.
issues, declined almost without interruption throughThe dollar value of construction contracts awarded out March. The Dow-Jones averages of industrials deadvanced more than seasonally during the first half of clined almost one-fourth from February 23 to March 31.
March and afforded one of the more favorable elements Utility share prices during this same period showed an
in the domestic business outlook. It is the opinion of equal loss from a very low base. On March 31 the inmost analysts of the current economic situation that dustrial average was at the lowest point since 1935, and
a revival of activity in the construction industry is the composite price of utility shares broke through the
essential to any strong and sustained upward move- 1932 lows. Industrial and utility bond prices declined
ment of general business. Awards during the first half only moderately in March. The prices of United States
of the month were about 45 percent above the daily Government issues have moved narrowly. The dollar
average awards in February and were only slightly bonds of Central European countries, however, debelow those in the corresponding period of last year. clined sharply during the month reflecting the uncerResidential construction awards contributed heavily tainties arising from the tense political situation. The
to the total advance. Publicly and privately financed volume of brokers' loans showed little change over the
projects of all classes showed almost equal gains.
month interval. Commercial loans of reporting memPrimary distribution in March, as indicated by the ber banks continued to decline at a slow rate. Since
freight-car loadings of railroads, failed to show the usual the recovery peak of last October these loans have de
seasonal
advance. The volume of freight traffic dur- clined more than $565,000,000 to $4,306,000,000 by
http://fraser.stlouisfed.org/
ing the month was lower than that in the corresponding March 23.
HE volume of industrial production in March was
T
maintained at about the February level according to
the available weekly statistics—a slight seasonal upturn
Federal Reserve Bank of St. Louis
1929
'
1930
1931
'
1932
1933
1934
!935
1936
193'
SURVEY OF CURRENT BUSINESS
Retail sales of general merchandise in March showed
a further widening of the percentage decline from sales
in the corresponding period of 1937. A portion of this
decline may be accounted for, however, by the fact that
Easter came earlier in 1937. In February (the latest
month for which complete data are available), department-store sales were 88 (1923-25 = 100) after allowing
for seasonal influence, as compared with 90 in January
and 95 in February of last year. The greatest contraction in retail sales was noted in the industrial areas,
while sales in the South and Southwest were at a higher
level than in 1937.
Retail trade in general merchandise items (excluding
automobile sales) has declined about 6 percent since
last August, after allowance for seasonal influences.
Purchases of passenger automobiles, however, dropped
off about 40 percent during this 6-month period and,
because of their heavy weight in the aggregate, brought
the contraction in adjusted total sales to about 15 percent. During the same period, industrial production
and factory pay rolls declined about one-third. In the
first 6 months of contracting industrial activity after
July 1929, retail trade (including sales of passenger
automobiles) declined 5 percent while industrial
production dropped 18 percent.
The index of monthly income payments recently
released by the Bureau of Foreign and Domestic Commerce sheds light on the course and movement of
April 1938
consumer purchasing power during the various phases
of the business cycle. It is now possible to trace the
movement of income from month to month as well as
the flow of purchasing power to various groups of
buyers. The changes in the total income payments
may be followed by referring to the chart on page 2,
while the various effects of the recession on the compensation of employee groups are indicated in the
figure on page 3.
Total income payments to individuals in February
were 5.3 percent below those in February 1937 and, in
terms of the Bureau's seasonally adjusted index,
declined about a point from January to 80.8 (1929 =
100). On this same basis income payments were more
than 9 percent below those in August 1937—the high
month of the recovery period.
Approximately two-thirds of the total payments are
received by employees. Payments to this group in the
form of wages and salaries have declined about 10
percent since last August, on a seasonally adjusted basis.
The extent of the decline recorded by the four industrial
groups into which employees' compensation has been
divided is shown graphically in the accompanying
chart. Dividend and interest payments plus entrepreneurial withdrawals, net rents, and royalties, which
together make up the remaining one-third of total
payments, declined a little more than 8 percent in this
same 6-month period.
MONTHLY BUSINESS INDEXES
Factory era
Freight-car
ployment
loadings
and pay rolls
Industrial production
Unadjusted 1
MerchanTotal dise,
I.C.I.
Adjusted >
il
Year and month
Retail sales,
Foreign
value,
trade, value,
adjusted *
adjusted *
2f
is
f
116
75
77
89
93
107
118
69
63
81
90
94
118
68
61
80
88
92
119
78
80
92
97
111
103.6
70.6
64.1
81.4
85.3
87.4
109.3
54.8
41.0
61.3
70.0
73.7
109
60
52
65
66
71
104
78
66
67
65
62
112
117
122
122
122
115
111
115
109
102
90
79
113
118
122
125
123
114
110
114
106
99
86
75
306
111
118
105
117
117
115
120
125
122
112
107
114
116
118
118
118
114
114
117
111
102
88
84
115
116
117
118
118
114
114
118
110
101
85
79
110
115
128
115
116
114
112
112
115
113
109
114
98.8
99.7
100.9
101. 6
102.2
101.4
103.0
102.4
100.7
98.4
94.1
89.0
90.7
95.8
101.1
104.9
105.2
102.9
100.4
103.8
100.1
100.1
89.5
80.9
80
82
83
84
80
78
80
79
78
76
71
67
79
79
75
76
103
97
80
79
76
75
108
101
84.2
83.1
71.6
73.5
65
62
a!
S
192931 = 100
122
70
62
82
91
93
:
4
G C
121
71
64
83
91
95
'Adjusted for number of working days.
.2©
1.1
Monthly average, 1923-25=100
1929: February.1932: February.1933: February.1934: February.1935: February...
1936: February.1937:
January
February
March
April
May
June
July
August
SeptemberOctober
November—December . .
1938:
January
February.. _
fl
2|
Income
payments3
128
45
29
47
47
53
116
41
26
42
48
60
124.1
65.2
52.7
59.7
66.5
80.0
67
68
69
69
69
67
68
68
67
66
64
62
106.7
103.7
126.2
121.2
127.1
124.4
119.1
115.1
131.7
131.3
118.6
127.4
57
67
67
75
81
79
80
79
74
72
72
79
74
87
86
82
86
93
89
79
76
68
69
65
103.3
89.3
109.5
101.6
97.8
101.5
102.2
93.3
94.5
101.0
92.1
105.6
61
62
104.3
100.4
75
76
52
51
89.2
74.1
Adjusted for seasonal variations.
3
si
Monthly
average,
1929=100
Monthly average,
1923-25 = 100
117.8
67.2
56.1
80.7
90.6
93.0
110
79
62
73
77
I
Monthly
average,
1926=100
92.3
63.8
51.8
61.0
65.1
71.6
98.2
68.7
55.5
64.4
68.9
75.4
95.4
66.3
59.8
73.6
79.5
80.6
63
62
56
53
56
61
67
62
56
52
56
62
83,4
78.7
85.9
87.5
82.9
91.3
88.5
82.7
90.6
90. 8
81.3
96.9
85.0
85.5
87.6
87.1
87.6
87.8
88.1
88.6
87.2
86.4
85.0
85.9
86.3
87.8
88.0
87.4
87.2
87. 9
87.5
87.4
85.4
83.3
SI. 7
52
48
81.1
74.5
81.5
80.8
80.9
79.8
118
27
19
44
14
25
See note marked with an asterisk "*" on p. 22.
5
SURVEY OF CURRENT BUSINESS
April 1938
Commodity Prices
Wholesale prices of foods showed substantial reductions in the first 2 months of 1938, continuing the downwithin a fairly narrow range since the first of the year. ward movement of the last 3 months of the preceding
Moody's spot commodity-price index (which includes year. From September to February, the index for these
prices of 15 important commodities) fell below 142 commodities fell 14.5 points to 73.5 (1926 — 100), the
(December 31,1931 —100), after moving around 151 since lowest point since the middle of 1934. Meat prices at
late in February. During the latter part of March, most wholesale have experienced sharp reductions since Sepof the important primary commodities were quoted at tember when the index of the Bureau of Labor Statistics
about the November 1937 lows. Rubber quotations was 113.4. For February the index was 78.4, the lowest
declined 4 cents during March to 11 cents per pound for in over 3 years. Wholesale prices of farm products
the New York delivery. Spot cotton prices declined generally have declined so far this year but at much less
about }i cent per pound from the first of March but con- rapid rate than in the last quarter of 1937.
tinued moderately above the 1937 low point. Sugar and
Prices received by farmers at local markets declined
coffee prices also declined during March, with the spot further in the first 3 months of 1938. By the middle of
quotations for Santos No. 4 falling to 7% cents, the lowest March the index of the Department of Agriculture was
for this grade of Brazilian coffee since the World War.
96 (1909-14 = 100), the lowest since the summer of
The general average of wholesale commodities turned 1934, and was 32 points below March of last year.
The cost of living has moved downward since last
downward to 79,5 (1926 = 100) in the week ended
March 19, after having held at the February level of October and by February was slightly lower than a year
79.8 in the 2 preceding weeks. The decline in the "all earlier, according to the index of the National Induscommodities" index of the Bureau of Labor Statistics trial Conference Board. For February the index was
was substantially checked toward the end of February, 86.7 (1923 = 100), a reduction of 1.9 points from Dealthough there was a reduction of 1.1 points from cember and of 2.8 points from October. Retail food
January. In the 12 weeks from the first of the year to prices have declined substantially, and at 78.4 (1923March 19 the "all commodities" index fell from 81.0 to 25 = 100) for February were the lowest since January
79.5—a reduction of 1.5 points, whereas in the last 3 1935. From last September the index has dropped 7.4
months of 1937 there was a reduction of over 6 points. points, or 8.6 percent.
of widely traded raw commodities declined
PinRICES
the final wrecks of March, after having moved
INDEXES OF COMMODITY PRICES
Wholesale Prices (U. S. Department of Labor)
Economic classes;
R e t a i l prices
Groups and subgroups
12
in
Year and month
ii II
1
3
Monthly average, 1926=100
1929:
1932:
1933:
1934:
1935:
1936:
1S37:
February
February
February
February
February
February
January
February
March
April
May
June
July
August
_.September
October
November
December
1938:
January
Digitized forFebruary
FRASER
95.4
66.3
59.8
73.6
79.
80.
94.3
71.4
05. 7
77.0
81.5
82.2
98.1
56.9
48.4
66.0
77.4
79.1
94.6
61.9
56.3
74.8
71.7
74.6
85.9
86.3
87.8
88.0
87.4
87.2
87.9
87.5
87.4
85.4
83.3
81.7
84.9
85.4
86.4
87.4
87.5
87.7
88.8
89.0
89.1
88.1
86.7
85.3
88.1
88.3
90.1
88.7
87.1
86.1
86.5
84.8
84.4
80.7
77.2
75.4
85.4
85.5
89.6
89.5
87.5
86.8
87.0
86.6
85.3
82.5
79.8
77.7
80.9
79.8
84.3
83.3
74.9
73.6
76.9 71.6 75.0 76.3 82.6 *3.5 91.8 79.6 78.3 96.7 88.3 96.6 69.7 75.2
76.1 69.8 73.0 73.5 7S.4 83.0 91.1 79.1 78.5 94.7 88.0 96.0 68.6 74.8
Middle of month.
105.4 102.0 98.1
50. 6 46.1 62.5
40.
32.7 53. V
61.3 63.2 66.7
79.1 87.4 82.7
79.5 78.3 83.2
102.3
59.5
.50.2
53.3
87. S
92.
91.91
71.3
66.0
78.7
77.4
79.0
95.9
73.4
69.8
86.6
85.0
85.
95.7
75.5
71.3
75. 5
80.4
80.1
82.
68.3
63.6
72.4
72.5
76.1
78.3
68.0
89.6
86.0
96.1
93.8
77.5
72.3
81.0
80.7
81.5
100.6
80.9
77.4
87.0
85.8
86.7
92.3
59.5
51.2
76.9
70.1
71.0
82.7
64.7
59.
68.5
70.1
68.1
113.0
111.5
113.2
119.2
113.9
105.7
105.2
92.0
91.9
77.0
69.2
71.5
90.6
90.3
92.0
94.
95.9
98.0
106.0
112.1
113.4
107.4
98.3
88.8
83.4
84.1
85.5
86.5
86.3
86.1
86.3
86.1
85.9
85.1
84.3
83.6
91.3
93.3
95.9
96.7
97.2
96.9
96.7
96.3
96.2
95.4
93.7
92.5
87.7
87.8
87.5
86.9
84.5
83.6
83.9
82.2
81.4
81.2
80.2
79.5
76. 6 101.7
76.8 102.7
76. 2 104.:.2
76.8 106.3
77. 2 106.1.7
77. 5 106.1.4
78.1 106.7
78.4 108.1
78.7 107.6
78. 5 106.i. 7
78.2 101.4:
78.4 97.7
86.5
87.9
88.4
89.0
89.3
89.5
89.7
91.1
91.1
91.0
90.4
89.7
90.9
91.7
96.0
96.5
95.8
95.9
96.1
97.0
97.1
96.4
96.8
96.3
77.5
77.5
78.3
79.5
78.7
78.2
78.3
77.1
75.3
73.5
71.2
70.1
76.2
77.3
79.5
81.1
80.5
79.4
79.0
77.3
77.0
76.2
75.4
75.0
Dec.
Mo.
Mo.
Mo.
average,
average, 1930
1923 = 1909-14 1923-25 (Jan.
1,1931)
100
= 100
= 100
==100
99.
145
10273
80.3
68
70.5
80.1
72.2
55
60.1
69.9
83
72.5
78.
89.5
111
79.7
82.0
86.6
109
80.6
88.3
83.5
91.3
91.4
94.1
92.2
89.8
88.5
89.3
86.4
85.9
80.4
75.7
72.8
87.1
87.0
87.5
85.5
84.2
84.7
86.2
86.7
88.0
85.5
83.1
79.8
LOS. 9
* Index is as of the 1st of the following month.
89.0
89.4
89.5
89.0
S8.6
131
127
128
130
128
124
125
123
118
112
107
104
84.6
84.5
85.4
85.6
86.5
86.3
85.9
85.5
85.8
84.9
83.6
93.0
93.7
94.5
95.2
95.6
96.0
96.3
96.6
96.3
95.7
94.5
93.2
87.5
86.7
102
97
80.3
78.4
92.4
91.2
87.2
87.9
88.3
SURVEY OF CURRENT BUSINESS
April 1938
Domestic Trade
purchases during the first 3 months of
CONSUMER
1938 were considerably below those of the like
months of 1938 were only moderately lower than those
in the corresponding period of 1937, whereas sales of
period of 1937. In addition to the sharp contraction of new passenger automobiles were more than 40 percent
trade in industrial areas, other factors were operative below those of 1937, a decline that more nearly approxiwhich tended to accentuate the decline. Retail trade mated the sharp drop in employment and production.
for the first quarter of 1938 was compared with the
February sales of about 13,760 independent merrecord months of sales activity in 1937; also, the major chants reporting from 25 States of the Midwestern,
portion of Easter buying, which appreciably affects Southwestern, Mountain, and Pacific regions were
some lines of trade, took place in March last year, about 12 percent below those of February 1937—a
whereas this year most of the stimulus occurs in April. somewhat larger decrease than that recorded for JanuAvailable figures indicate that sales were even further ary as compared with January of 1937. Sales declined
below the level of a year ago than they were in the in all States represented, the decreases ranging from
about 2 percent for Texas to 26 percent for Ohio. As
closing months of 1937.
Total income payments in January and February compared with January of this year, a decline of about
continued the monthly declines which have been in 6 percent was recorded in February sales for the total
progress since last August, and averaged about 5 per- of all States reporting.
cent below those for the corresponding months of 1937.
Wholesale sales reported to the Bureau of Foreign
Department-store sales in February were 8 percent and Domestic Commerce by a sample group of more
below February 1937, and purchasing of rural general than 1,530 firms were 15 percent lower in February
merchandise was about 4 percent below a year ago; 1938 than those in the corresponding month of 1937,
these changes compare with January decreases of 3 per- and January 1938 sales were 12 percent below those of
cent for department-store sales and 2 percent for rural January 1937. Wholesalers' stocks in February 1938
sales. Chain-grocery-store sales were down about 4 were about 3.5 percent lower than in February 1937,
percent from February 1937, a decrease twice as large and the cost value of stocks at the end of February was
as that shown for January. The marked decline in food 2.66 times the dollar sales for the month, whereas
prices, as shown by the retail food index of the Bureau stocks in February 1937 were 2.33 times sales. Total
of Labor Statistics, indicates, however, that the physical dollar sales of approximately 820 reporting manufacvolume of food sold in the 2-month period was perhaps turers in February were down 22 percent from a year
larger than that sold during January and February of ago, and January sales were 29 percent below those of
1937. Sales of general merchandise items in the first 2 January 1937,
DOMESTIC TRADE STATISTICS
Wholesale
Retail trade
Ot
trade
Chain-store sales
partrrsent stores
Rural sales of
general mer- New passen-
ger-car sales Em- Pay
ComGrocery stores Variety stores chandise
Stocks
Sales
ploy- rolls
bined
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- ment
Unad- Ad- Unad- A d index
just- justjust- j u s t - just- just- just- justjust- just- just- just- (Chain
ed 2
ed
ed 2 Store Age) ed l
ed 2
ed 2
ed » ed 2 ed 1 ed * ed'
ed*
Avg. same
T
Monthly averMonthly average, 1923-25 = 100 mo. 1929Monthlj average, 1929-3 = 100
age, 1929 = 100
31-100
107 0
100
10.''. 2
91
110
95
136.
5
96. 9 96.4
107
0
86
2
106
6
117.8
111.4
70.1
79.7
60. 8 67. 2
36.8
44.0
64
72 6 8<" 9
69
87 4
79
73
8() 8
72.4
55. 1
56.1
27.8
33.0
77.4
54
49
50
79.4
77.8
65. 0
50.8
02
60
87. 5
59
54.5
03
45.7
81.2
61.0
84.4
83. 9
73.0
73.1
80.7
73
90.7
84.6
72. 7 86.5
64.6
90.6
01
75. 8 90.8
61
64
89.8
89.3
82.0
95.8
66. 6
85.0
65.5
89.5
93. 0
62
73.5
60
83
95.6
95.1
65
99.4
88.0
84.2
5
Year and m o n t h
19'?91932*
1933:
1934:
1935:
1936:
1937:
February
February
February
February- . . .
February._
February
January
February . .
March
_
April
Mpy___.
June
July
August
September. _
OctoberNovember
._
December.
1938:
January
February
1
.
79
70
90
89
95
90
05
72
100
103
101
93
95
93
93
93
93
94
92
94
93
91
S9
60
72
78
79
78
70
79
90
63
67
ss
74
72
105. 3
110.0
108 6
110 0
112.0
114 0
114 5
113 2
117.0
H4 8
109.0
111.5
95.0
97.8
100 1
99 7
98. 3
95 3
91.1
89.6
94.7
94 9
94.9
97.0
97.9
97.4
99 1
96.8
96.9
93 9
93.0
93.3
96.6
94 4
94.9
94.2
71
100.7
70
106. G
93.3
93.9
96.2
93.4
76
76
76
76
69
74
80
85
86
68
Adjusted for number of working days.
78
77
76
75
5
Adjusted for se^
70.3
81.3
97.1
94. 4
97.4
103. 3
SQ 0
96 2
98. 3 98.3
100 7 105.9
97.0 109.0
90. 6 102.4
99.8 104.5
101 5 100.0
102.7 101.2
203.5 110.3
71.6
78.8
Commercial
failures
96.1
94.4
vnr'ations.
Fall-
ures
Liabilities
Num- Thouber ofsands
dolls.
2, 307
1,017
956
856
811
03, 094
16, 772
15. 217
14, 089
88.6
93.8
117.4
116.4
119.4
117.5
91.7
99.0
130.4
100.2
145.8
180. 9
106.7
103. 7
126.2
121.2
127.1
124.4
119.1
115.1
131.7
131.3
118.6
127.4
90.1
85.5
146.5
141. 3
144. 6
134. 3
122.9
112.6
73.2
82.6
90.8
70.1
129.5
139.5
123.5
102. 5
104.0
99.0
104.5
120.5
105. 0
127.0
89.0
78.0
90.7
92.0
92.1
91.9
90.8
90.3
90.6
91.8
93.0
94.0
93.5
93.3
72.6
74.1
75. 0
75. 4
70. 1
76. 3
76.9
79.0
78.3
79.3
78. 3
77.8
932
8. 3^:4
8, 191
7,766
11,916
8, 393
9 335
10 078
13, 291
80.6
90.9
104.3
100.4
50.8
53.6
65.0
74.0
91.0
90.3
75.6 1,320
75.3 1 1,071
15, 035
13, 359
' End of month.
721
820
786
834
670
618
707
504
708
786
S,661
9,771
10. 922
8, 906
SURVEY OF CURRENT BUSINESS
April 1938
Employment
pay rolls, indicating an increase in working time for
factory employees. In January, the latest month for
less severe than in any of the 3 preceding months. which complete data are available, average weekly
According to the estimates of the Bureau of Labor Sta- earnings amounted to $21.88 as compared with $26.39
tistics, the number at work in nonagricultural pursuits in May 1937, the high month of the recovery. The
was about 100,000 less in mid-February than in mid- average workweek, curtailed beginning last April, was,
January and about 3,000,000 less than in September | by January, reduced about 8 hours, to 33.2 hours per
1937, when employment was at its recover}7 peak. week. Average hourly earnings, which continued to
(These figures do not include employment on W. P. A. increase for several months after weekly wages and
hours worked per week started to recede, have shown
or other emergency projects.)
Factory employment in February did not record the practically no change in recent months. Weekly earnusual seasonal gain over January, and, as a result, the ings in January were about 40 percent larger than in
adjusted index shown in the following table recorded a March 1933, the low month of the depression. This
decline of about 1 point to 83.1 (1923-25 = 100). This has resulted from the record-high hourly wages, since
was the seventh consecutive monthly decline in the the workweek in January 1938 was lower than in March
seasonally adjusted index of employment, and it indi- 1933.
cated a reduction of nearly one-fifth in the number at
Employment decreased between January and Februwork in factories since last July.
ary in all of the nonmanufacturing industries surveyed,
Employment in February increased in over half of with the exception of anthracite mining and year-round
the 89 manufacturing industries reporting. These hotels. For the most part, reductions in employment
gains, which were about of seasonal proportions, were were small, not exceeding 3 percent except in metal
made by clothing and textile mills, fertilizer plants, mining where 0 percent of the employees were laid off,
lumber mills, stove factories, marble-granite-slate and and in building construction where the decline of 4.8
products, shoe factories, and rayon mills. The heavy percent was smaller than is usual for February. Pay
industries, expecially steel, machinery, and foundries, rolls were better maintained than employment, and in
continued to lay off employees, but the declines were some industries, including bituminous coal mining,
crude petroleum producing, and quarrying and nonmuch smaller than in earlier months.
Although the actual number at work in manufac- metallic mining, they were higher than in January. In
turing establishments was about the same in February comparison with a year ago, employment was lower in
as in January, there was a rise of 2.7 percent in weekly all but 5 of the nonmanufacturing industries surveyed.
continued to decline in February,
EMPLOYMENT
but the reduction in working forces was much
STATISTICS OF EMPLOYMENT, PAY ROLLS, AND WAGES
Factory employment
and pay rolls
Nonmanufacturing employment and pay rolls, unadjusted
Wages
(U. S. Department of Labor)
TradeFactory
Electric light Telephone
union
Pay
Anthracite Bituminous1 and power
Indusand tele- Retail trade mem- (National
Employment rolls
mining i
coal mining and manuConference
bers em- trial Board)
graph
factured gas
ployed
EmEm- Pay Em- Pay Em- Pay
Average Average
p
Unad- Ad- Unad- ployPay ployploypioyweekly hourly
justed justed justed ment
rolls ment rolls ment rolls nient rolls
earnings earnings
Year and month
a
Monthly average,
1923-25=100
1929:
1932:
1933:
1934:
1935:
1936:
1937:
1938:
February
February
February
February
February
February
January
February
March
April
May
June
July
August
September
October
November
December
January
February
„
.
|
102.9
70.3
83.7
81.1
85.1
86.9
103.6
70.6
64.1
81.4
85.3
87.4
109.3
54. 8
41. 0
61.3
70.0
96.5
99.0
101.1
102.1
102.3
101.1
101.4
102. 3
102.1
100.5
94.7
88.6
98. 8
99.7
100.9
101.6
102.2
101.4
103. 0
102.4
100.7
98.4
94. 1
89.0
90.7
95.8
101.1
104.9
105. 2
102. 9
100. 4
103. 8
100.1
100.1
89.5
80.9
82.2
82.5
84.2
83.1
71.6
73.5
1
Percent
of total
members
M o n t h l y average, 1929=100
105.7 | 122.0
76.2 I 59.3
59.7
69.5
68.8
83. 3
107. 1
85.1
80.1
90.0
98.9
99.1
116.2
51.9
44. 1
63.7
77.8
92.1
6.5. 2
63. 6
59.0
65. 1
61.5
61.6
54.3
49.7
58.1
61.5
60.9
61.4
46.4
44.6
41.1
69.4
48. 2
55.3
38.2
29.6
34.2
55. 4
49.0
51.3
104. 5
104.7
106.1
89.7
96.1
96.2
93. 7
97.4
99.4
102.4
101.4
99.4
93.6
1S6. 4
103. 5
63.6
79. 4
83.3
77.7
86. 3
90.9
100.7
91.1
95.1
59. 6
60.0
46.5
18.1
See footnote marked " | " on p . 29.
96.8 \
95.3 j
70.2
71.4
!
!
j
j
I
|
92.6
87.2
77.4
81.2
82.2
80.1
92.1
92.2 !
92.4 |
93.1 !
94. 6
96.3
97.5
98. 3
98. 6
98.5
97.3
96. 1
94.0
92.8
Common
labor
rates
(road
buildCents
per
hour
Dollars
91.8
86. 0
71.6
74.4
78.3
84.7
95.3
82.0
73.9
69.8
70.0
69. 9
89.6
71.9
67.9
72.9
76.2
95.4
78.3
70.4
79.6
79. 2
79.7
95.1
69.1
51.8
58.8
59.3
61.6
28.84
19.63
16. 23
19.86
22.14
23.14
0.587
.527
.462
. 558
. 595
.608
37
33
33
42
39
36
92.3
93. 6
94.8
95.5
97.9
100.4
102.2
102. 6
104.0
105.3
103.8
102.4
74.4
74.8
75.4
76.6
77.7
78.5
79.7
79.8
79.8
79.6
78.9
78.0
83.6
82.2
87.2
86. 3
89.5
88.6
92.1
92.1
92.3
94.9
91.4
94.7
85.4
85.2
88.5
88.8
89.9
90.5
87.6
86.2
90.7
92. 1
91.7
100.1
68.0
67.9
70.5
71.9
73.5
74.4
72.8
72.3
74.4
75.9
75.3
80.6
26.11
26. 68
27.50
28.03
28. 36
28. 39
27.83
27.76
27.39
27. 12
25.59
24.36
.638
.642
. 659
.685
.698
.707
.711
.713
.716
. 716
.717
.715
37
35
36
37
39
41
41
42
43
43
41
38
98.4
98.9
77.8
75.8
93.5
89.1
84.1
82.9
70.5
68.6
22.98
23.53
.710
.709
2
93V 0
Adjusted for seasonal variations.
8
SURVEY OF CURRENT BUSINESS
April 1938
Finance
T
HE repercussions of political developments in
Central Europe dominated financial markets at
home and abroad during March. Quotations for
European currencies in New York touched new lows
for the year or longer, following the union of Austria
with Germany, and the Far Eastern and British Dominion exchanges attached to sterling were also affected.
Trading in Austrian schillings was suspended on March
18. The pressure upon the French franc, growing out
of prolongation of the domestic financial difficulties,
was accentuated by the strained international situation.
On March 15 the French unit fell to the lowest dollar
quotation since October 22, 1926, and, in terms of gold,
to a record low. Forward francs continued to be quoted
at substantial discounts.
The heavy demand for dollar exchange in foreign
countries was met by increased supplies of dollars made
available through purchases of gold for American account. As a consequence, the decline in foreign currencies, except in the case of the franc, was kept within
fairly narrow limits. Gold engagements in London
and in Brussels were the first reported acquisitions in
Europe since September 1937. A shipment from Japan
was also received during March, after a lapse of several
months. Both the strength of the dollar and the
movement of gold signified at least a temporary resumption of the flow of capital funds from European
centers to the United States.
Led by the fall of Austrian 7's from 74 on March 12
to 32% (the approximate contemporary value of comparable German issues) on March 15, and by marked
weakness in other Central European obligations, foreign-bond prices broke sharply in New York. Domestic
security values drifted generally lower during the
month, with continued light trading. The prices of
railroad securities showed especially heavy losses, with
representative averages below the 1932 lows.
In the 4 weeks ended March 16, member-bank reserve
balances rose from $7,216,000,000 to $7,328,000,000
and excess reserves from an estimated $1,364,000,000 to
$1,460,000,000. These changes brought the total increases in these items so far in 1938 to $345,000,000 and
$303,000,000, respectively. The month's rise in total
reserves was accompanied by a decrease in nonmember
bank deposits of similar magnitude, but the principal
factor at work during the first quarter was the seasonal
return of money from circulation. In pursuance of its
new policy, announced on February 14, of placing gold
acquisitions in the inactive gold account only to the
extent that they exceed $100,000,000 in any quarter,
the Treasury had deposited with Federal Reserve
banks up to March 15 approximately $72,000,000 in
gold certificates. The excess reserves of member banks
at the middle of March were higher than at any time
since the increase in reserve requirements effected May
1, 1937, and more than double the estimated volume in
early August 1937.
Changes in the condition of weekly reporting member
banks during the 4 weeks ended March 16 reflected the
usual adjustments incident to quarterly tax settlements,
as well as a continuation of the trends of recent months.
Commercial, industrial, and agricultural loans continued
to decrease, as did total loans. Total investments were
also reduced, reflecting a decrease in holdings of Government obligations. Demand deposits declined sharply
with the approach of the tax date.
FINANCIAL STATISTICS
Year and month
Federal
Reserve
bank
Money
credit Monetary in ciroutgold culastand- stocks
tion
endof
month
Reporting Member Banks, Wednesday
AH
closest to end of month
listed
Dividend Interest
Excess
Bank
Stock
bonds,
rate,
reserves
Loans
Deposits
debits, prices
do- Security average rates,
of
com(StandCom'l,
issues
outside
mestic,
per
member
ard
indus- Invest- Deshare mercial
New
aver- (new
banks,
paper
Statistrial, ments mand, Time
(600
York
age capital)
end of Total
(4-6
adtics)
and agcomCity
price
month
justed
panies) | months)
ricul(N.Y.
tural i
S. E.)
5. 972
6, 935
8,196
9,785
11,520 11,793
13, 047 14, 090
13,638 15, 493
13,597 15, 501
12,907 15,126
12, 774 15, 388
12, 587 15, 274
12, 530 15,187
12, 499 15,033
12, 292 14, 924
12,022 14,864
12, 029 14,610
11,940 14,612
12, 015 14,431
6,879
5,700
5,288
4,843
4,878
4,9CC
24,489
12,870
10,400
11,784
13,111
15, 766
186.5
56.5
44.9
80.9
68.0
106.1
97.02
82.02
79.09
90.12
93.35
97.22
Thous. of
dollars
934,343
73, 932
19, 650
81, 060
50,118
107, C30
5,077
5,167
5,144
5,158
5,231
5,235
5, 268
5,268
5,290
5,278
5,234
5,205
20, 383
17, 620
21, 605
20,051
19, 292
20,019
20,152
18,409
18,642
19, 923
18,160
20, 825
126.0
129.5
129.9
124.5
116.3
113.6
117.8
120.5
106.4
91.4
82.9
82.2
100.05
99.83
96.86
96.27
96.79
95.84
96.82
95.64
94.54
93.17
92.36
92.75
243, 568
189,771
186,740
158, 580
149,136
359,887
247,636
78, 740
157,058
96,492
95,027
122,364
2.04
2.04
2.04
2.05
2.09
2.09
2.12
2.13
2.13
2.13
2.19
2.18
12, 253 14, 464
12,298 14,381
5,225
5,260
17, 597
14,623
81.6
91.64
92.44
92, 387
82,072
1.93
1.63
Millions of dollars
16, 366
1929: February.
1, 510
3, 856
4,399
^ —3 12, 588
1,709
5, 340
1932: February.
4,097
9,627
2,794
1933; February.
4,204
5, 605
317
8,697
1934: February.
2,567
7,138
5,339
1,146
8,061
1935: February.
2,465
8,465
5,439
2,199
7,959
5,779
2,986
1936: February.
2,482 10,163
1937:
8,941
2,152
6,400
2,497 11,310
January
9,121
2,465 11,399
6,369
2,078
February.-_
6,391
1,398
9,366 I1
2,458 11,502
March
6,397
1,594
9,428 |
April.
2,565 11,686
9,571
4,270
May
2,585 11,901
6,426
918
2,562 12,189
9,760
4,331
6,435
865
June
4,425
9,784
2,574 12,404
6,475
791
July.
4,638
August
2,577 12, 512
6,500
773 10,027
4,807
6,558
1,038 10,004
2,579 12. 653
September...
4,761
2,580 12, 782
6,566
1,055
9,625
October
4,637
9,441
2,606 12, 788
6,558
1,169
November...
4,601
9,387
December. _.
2,612 12, 765
6,618
1,212
1938:
4,394
6,397
1,383
8,981
2,593
12,
756
January
1,415
2,590 12,768
6,319
4,357
February...
1
This
item
was
first
reported
by
the
Federal
Reserve
in
May
If
37;
see
footnote
1926 = 100 Dollars
marked "<8>" on p. 32 of this issue.
80.7
2
Dollars
1.76
1.16
1.15
1.29
1.45
Percent
3^-4
K
Deficiency in reserves indicated by (—)
SURVEY OF CURRENT BUSINESS
April 1938
Foreign Trade
T
HE value of foreign trade in February registered a January-February 1937 to $28,531,000 in Januarydecline of 7 percent from the total in the preceding February 1938.
The percentage increase in nonagricultural products,
month; the decrease, however, was not so severe as that
in January when the reduction amounted to 13 percent. as a group, was not so large as that for agricultural
A sharp curtailment in imports was primarily respon- products, but exports of those commodities which had
sible for the decrease in total trade between December shown marked increases during 1937 continued above
and January, whereas most of the drop in February those in the first 2 months of last year. Wood pulp,
resulted from a contraction in exports. Export trade, mineral oils, heavy iron and steel, industrial machinery,
which increased rather steadily from month to month agricultural implements, automobiles, and aircraft were
during 1937, declined 9 percent in both January and exported in larger value in January-February 1938 than
February. Imports have shown a downward tendency a year before.
Imports of practically all leading commodities were
since last July. The decline in both exports and imconsiderably
lower in both quantity and value in
ports in January was greater than seasonal, but the
January-February
1938 than during the corresponding
decrease in February was of approximately seasonal
period
of
1937.
Over
four-fifths of the decline resulted
magnitude.
from smaller purchases of crude foodstuffs, crude
Exports of the five broad economic classes of mermaterials, and semimanufactured products. These 3
chandise were larger in value in the first 2 months of classes registered decreases of 46, 41, and 37 percent,
1938 than in the corresponding period of 1937. Out- respectively, as contrasted with reductions of 26 perward shipments of crude foodstuffs (mainly grains) have cent and 14 percent in the value of manufactured foodshown a much larger expansion than the other classes; stuffs and finished manufactures.
they were 9.3 percent of the total exports of United
Among the food imports, the value of grains and
States merchandise as compared with only 1.6 percent feeds declined from $22,543,000 in the first 2 months of
in the first 2 months of 1937. Among the exports of 1937 to $1,819,000 in January-February 1938, while
food products, the value of grains and preparations in- purchases of cocoa fell from $10,735,000 to $3,391,000
creased from $5,404,000 in January-February 1937 to and those of coffee from $33,576,000 to $24,612,000.
$48,510,000 in the same period of 1938. Exports of Imports of such crude materials and semimanufactures
raw cotton were larger in quantity than in the first 2 as unmanufactured wool, raw silk, hides and skins, unmonths of 1937, but due to lower cotton prices the value dressed furs, nickel, and tin were sharply lower in
declined from $71,527,000 to $55,769,000. The value January-February 1938 as compared with the correof leaf tobacco exports increased from $16,257,000 in sponding period in 1937.
EXPORTS AND IMPORTS
Indexes
Year and month
Value Value
of
of
total total
eximports, ports,
adadjusted i justed1
Imports 5
Exports of United States merchandise
Crude
materials
Exports,
including Total
reexports
Total
Finished
manufactures
AutoUn- Food- Semimoman- stuffs, manbiles, Total
ufacMaufac- total tures
parts,
chinTotal
tured
and
ery
cotacceston
sories
M o n t h l y average, 1923-25=100
1929: February.,
128
116 441.8
1932: February..
45
41
154. 0
1933: February..
29
26
101.5
1934: February..
47
42
162.8
1935: February..
47
48
163.0
53
1936: February..
60 182.0
1937:
January
57
74 221.6
February
67
87 232.5
March
67
86 256. 4
April
75
82 269.2
May
81
86 289.9
79
93 265.4
June
80
89 268.2
July
79
79 277.7
August
74
76 296.7
September..,
72
68 333.1
October
72
69 314.7
November..
79
65 319. 3
December...
1938:
January
75
52
289.4
February,.
76
51
262,7
1
Adjusted for seasonal variations.
http://fraser.stlouisfed.org/
53995—38
2
Federal Reserve Bank of St. Louis
Finished
Crude Food- Semian- manma- stuffs ni
il iac- ufacterials
tures tures
Millions of dollars
92.3
52.6
31.8
54.1
45.0
50.1
64.1
37.3
20.6
37.6
27.1
25.9
63.7
22.8
12.8
19.6
16.3
14.8
61.0
18.3
13.2
24.5
25.5
28.5
217. 5
57.3
41.5
61.4
73.6
86.0
46.0
13.7
8.5
14.6
18.7
24.6
59.8
7.4
6.3
13.2
20.5
22.1
369.4
131.0
83.7
125.0
152.2
189.6
137.8
37.3
21.1
37.0
45.1
58.5
86.9
37.8
30.0
38.3
51.8
60.3
69.9
21.1
13.6
22.2
29.1
40.2
74.8
31.8
19.1
27.5
26.3
30.6
217.9
60.6
229.1
54.4
52.2
252.3
264.9
50.4
285.1 I 5 2 . 0
256.5
42.0
264.6
34.4
274.2
46.0
293.5
80.9
329.8
88.3
311.2
84.9
315.3
75.9
37.5
34.1
34.3
28.6
24.6
16.8
9.4
15.9
39.0
45.0
43.7
39.9
13.1
22.5
17.5
16.5
16.3
16.0
17.4
27.4
26.8
38.8
32.9
34.0
31. 2
37.9
53.0
56.1
71.8
63.3
68.9
67.2
55.4
59.0
57.0
53.5
110.1
114.2
129.6
141.9
145.0
135.2
144.0
133.6
130.4
143.7
136.4
151.9
31.5
31.5
37.0
43.5
42.3
40.8
46.1
40.8
39.0
44.6
37.7
44.7
27.6
26.0
28.8
30.8
33.2
29.7
29.4
23.1
23.3
25.4
29.8
39.7
228.7
260.3
295.9
281.7
278.8
278.7
263.4
249.0
234.1
226.5
212.4
203.7
77.0
90.9
91.6
88.7
91.8
92.5
77.6
79.6
76.0
71.7
67.5
68.5
68.4
76.3
97.4
91.0
84.5
80.1
77.5
66.9
56.9
53.0
51.5
50.4
46.5
52.2
57.9
54.5
55.8
58.9
59.6
54.8
52.6
51.9
46.4
43.6
36.7
40.9
49.0
47.6
46.7
47.2
48.8
47.7
48.6
50.0
47.0
41.3
286. 1
260, 0
34.6
21.2
40.3
39.4
44.1
41.7
133. 9
130.6
39.7
41.4
34.4
28.1
163.5
155.9
51.8
46.7
44.1
47.1
32.9
29.7
34.6
32.5
434. 5
151. 0
99.4
159.6
160. 3
.179. 4
1
67.9
48.2
2
General imports through December 1933; imports for consumption thereafter.
10
SURVEY OF CURRENT BUSINESS
April 1938
Construction and Real Estate
T
HE dollar value of construction contracts awarded,
as reported by the F. W. Dodge Corporation for
37 States, advanced more than seasonally during the
first half of March. Total awards on a daily average
basis increased about 45 percent over the preceding
month, and were only slightly below the figure for the
corresponding period of last year. Residential construction recorded the largest gain, but the daily
average rate was 14 percent below that for the first half
of March 1937.
Construction contracts awarded in January and
February of 1938 were considerably below the total
awards of the corresponding 2 months of 1937. Awards
for residential and nonresidential building for the
2-month period were 46 and 34 percent, respectively,
below those in the comparable period of 1937. Public
works and public utility construction registered gains
over last year, but the increase in both cases was less
than 5 percent.
Industrial construction in January and February of
1938 continued the decline of recent months. Awards
were only 23 percent of the total for the similar period
in 1937, when construction in these lines was at a
relatively high level. The drop in industrial building
activity and the curtailment of plant expansion programs may be attributed to the sharp contraction in
business which began last fall. Until industrial pro-
duction shows signs of revival, industrial construction
activity will undoubtedly continue at depressed levels.
Residential building advanced more than seasonally
from January to February of this year, but, as compared with the corresponding month of 1937, the value
of residential building contracts awarded in February
was more than 35 percent lower. The possible revival
of residential construction this spring is indicated by
the weekly reports of the Federal Housing Administration on new mortgages accepted for appraisal.
Although it is still too early to note the effects of the
expanding program of this agency on new-home construction, it is significant that in the week ended March
19, the value of mortgages selected for appraisal by the
Federal Housing Administration has reached a new
peak. This was the third successive week in which
the volume set a new high.
The index of the cost of construction of small houses,
compiled by the Federal Home Loan Bank Board,
showed a definite downward trend from November to
February of this year for most of the cities for which
reports were available. The wholesale price of building
materials, as reported by the Bureau of Labor Statistics, showed signs of leveling off in the first 3 weeks of
March, after declining almost uninterruptedly since
August 1937.
CONSTRUCTION, BUILDING MATERIALS, AND REAL ESTATE
Year and month
1929: February.
1932: February
1933: February
1934: February
1935: February
1936: February
1937:
January.. _
February..
March
April
May
June
July
August
SeptemberOctober
November.
December.
1938:
January
February-
1
Federal
Reserve
All types o f
index construction
adjusted i
Residential
building
Loans
ConRealoutstanding
strucestate
tion
forecosts,
clo(Eng. Home
Rome
sures
News- Loan Owners' (nonCement | Ree- Bank
Loan
farm)
I ord)3
Corp.*
Building-material shipments
Construction contracts awarded
Nonres- PuMie Public
identiai utili- works
building ties
Common
brick
Oak
Lum- floorber
ing
Millions of dollars
Thousands
Mills, Thous. Thou- ly avly avof ft.
of ft. sands of
Thousands of dollars erage,
b. m. b. m. barrels 1913 =
1934 =
L
Month-
Month'
MilMilof
lions of I lions
square
dollars ! feet
Monthly
average,
1923-25=
100
Number of
projects
118
27
19
44
28
52
9,749
5,208
3,884
5,507
6,135
6,441
361.3
89.0
52.7
96.7
75.0
140.4
27.3
129.5
6.1
24.4
3.1
11.8
3.6 i 14.5
4.6
16.6
9.1
31.2
164. 5
36.3
23.7
29.0
30.6
62.6
37.6
12.6
63
62
56
53
56
61
67
62
56
52
56
62
8,731
11,839
16, G85
16,162
13, 756
13,884
13, 239
12,990
12,649
12,132
9,912
7,925
242.7
188.3
231.2
269. 9
244. 1
317. 8
321. 6
285.1
207.1
202.1
198.4
209.5
18.4
17.7
24.2
29.5
23.0
23.8
20.6
18.9
17.0
16.3
15.2
10.9
78.4
63.0
90.2
108.0
83.9
93.1
81.0
73.4
65.6
65.5
59.9
43.5
52
46
8,504
9,261
195.5
119.0
9.4
10.4
36.2
40.0
100
100
I
8, 235
9, 606
23, 081
5,448
3,118
2,278
2,952
2,951
3,177
210.4
161.8
159.3
194.1
196.0
201.2
9,184
90, 531
76.535
102, 887
359, 685
2, 544, 075
2, 942, 931
1,854
2,008
2,314
2,247
2,177
2,168
2,114
2,076
2,061
1,818
1,443
1,301
38, 847
34, 391
36, 427
35, 253
30, 455
25, 489
28, 208
33,166
30,101
24, 608
19, 310
19, 442
4, 689
5,163
7,879
10, 272
11,890
12. 645
12, 237
12, 291
12, 773
11, 190
8,188
4,793
223.5
223.5
225.3
230.3
233.3
238. 2
241.8
243.0
244. 0
244.6
245.0
245.0
143,738
141,198
142, 716
146,146
153,488
107,054
169,568
175, 604
179, 508
184, 038
187, 333
200, 092
2, 729, 274
2,698,611
2,661, 542
2, 625, 493
2, 591,115
2, 556,401
2, 524,129
2, 497, 224
2, 472, 421
2, 446, 002
2, 422,149
2, 397,647
65.1
74.0
73.3
74.7
76. 3
68.5
57.7
63.2
57.6
56.8
57.3
1,385
1,386
22,159
24,490
4,390
4,575
243.9
243.4
190, 535
2, 370, 984
2,348,025
52.9
50.8
11.9
29.7
15.6
12.5
46.7
23. 9
34. 7
32, 469
38, 291
44, 736
1,129
1,347
1,646
96. 3
65.2
89.2
96.2
93.4
124.8
138.1
117.2
75.7
75. 0
77.1
101.2
21.2
31.2
19.3
21.0
10.8
29. 9
50. 0
31.3
12.9
15. 6
17.4
17.7
46.8
28.8
32.6
44.8
56.0
70. 1
52.5
63.1
52.9
46.0
44.0
47.1
108,169
113,598
163, 801
191, 040
191,275
184, 625
167, 085
157, 839
154, 424
149, 672
128,118
95, 882
57.4
48.5
48.5
5.1
53.4
25.3
68, S67
4.7
6.4
3.9
Based3 on 3-month moving average cf values and adjusted for seasonal variations.
Index is as of 1st of month; index for Mar. 1, 1938, is 243.4.
4
187,498
2
See note marked "f" o n P- 24.
See footnote marked "*" on p. 25.
88.5
95.7
11
SURVEY OF CURRENT BUSINESS
April 1938
Transportation
FREIGHT-CAR loadings during the first 3 weeks of
March did not show the usual seasonal expansion
from February. As a result, the adjusted index of loadings was reduced for the eighth consecutive month.
Loadings are still above those of the lowest months of
1932-33, but net operating revenues, reflecting higher
costs, have recently been the smallest ever recorded.
Net revenue available for charges in January amounted
to only $7,000,000, or about one-fifth the net reported a
year earlier. After payment of charges, a deficit of
more than $33,000,000 was reported. This loss, the
largest ever reported for a single month's operations, was
slightly larger than the figure for February 1933, which
had been the nadir of railway operations. The size of
the deficit for February is not yet known. Net
revenues, however, recorded another sizable drop.
In February, a contraseasonal decline in traffic reduced the adjusted index of loadings for the month to
62 (1923-25 = 100), the lowest point since the middle of
1935. Since the peak of the recovery which was reached
last April, the decline in monthly loadings, after adjustment for seasonal change, has amounted to more than
one-fourth. Among the major classifications, the sharpest drop—38 percent between March 1937 and February 1938—was in loadings of coal. For the other seven
freight classifications, the declines from their 1937 peaks
have been as follows: Ore, 69 percent; coke, 66 percent;
forest products, 33 percent; miscellaneous freight, consisting largely of manufactured products, 27 percent;
grain and products, 17 percent; merchandise 1. c. 1.,
10 percent; and livestock, 9 percent.
Under the revised schedule of freight rates which the
Interstate Commerce Commission granted in its recent
decision, it is estimated by the Association of American
Railroads that the addition to revenue would amount
to approximately 4.5 percent, or $175,000,000, on the
basis of 1936 traffic volume. In its original petition,
the carriers asked for a 15 percent horizontal increase in
rates which, on the same basis, would have yielded an
estimated $437,000,000 in added revenue,
Advances of 10 percent were allowed on many commodities, but for agricultural products and a few other
items the increases were restricted to 5 percent. For
anthracite, the increase was limited to 10 cents a ton,
and no advances were allowed on bituminous coal,
lignite, coke, and iron ore, Higher rates on these
latter commodities and on numerous other products
had already been granted during 1937.
The effect of the advance in freight rates on purchases
of railroad equipment is uncertain. However, there is
little ground for expecting any sharp revival in equipment purchasing, which is at present almost negligible.
The much-discussed shortage of rolling stock is not <i
pressing problem at the present level of traffic movement. Although much of the rolling stock is obsolete
by present standards, the high initial cost, the uncertain
outlook for freight volumes, and the financial straits of
the carriers are serious deterrents to any extensive program of equipment replacement.
RAIL AND WATER TRAFFIC
Freight-car loadings
Grain
MerCoal Forand Live- chanest grain
and proddise Ore
coke ucts prod- stock I.c.1.
ucts
F. K. index
Year and month
Unad- Adjusted i justed 2
Total
Monthly average, 1923-25=
100
1929: February.
1932: February
1933: February
1934: February
1935: February
1936: February
1937:
January...
FebruaryMarch
April
May
June
July
August
September.
October
November.
December _
1938:
January...
February.
OiiS
Thousands of cars *
1
Pullman
passengers
carried
Financial statistics,
class I railways
Canal traffic
Oper- Net rail- Net
ating way op- inreve- erating come
nues income
Sault Pana3
Ste.
Marie m a
Thousands
Thousands of
dollars
Thous. Thous.
of short of long
tons
tons
101
55
58
62
64
75
109
60
52
65
66
71
949. 3
557. 2
491.4
588. 7
582.6
628.0
220.2
112.4
127.4
161.6
147. 3
193.6
61.4
19.6
14.0
22.2
25.5
26.4
46.4
34.2
26.0
29.5
26.4
30.1
25.9
18.3
14.9
14.9
12.0
10.3
245.0
184.0
154.7
156.9
153.1
145.1
9.7
2.7
1.9
3.2
3.8
5.7
340.8
185.8
152.6
200.5
214. 5
216.8
217
722
650
375
320
171
2,555
1,424
952
1,132
1,204
1,359
470, 419
264, 224
212,154
248, 457
254, 928
300,430
83, 287
21,614
10,134
29, 421
26, 296
33, 562
73
76
80
79
80
79
82
81
87
84
72
62
80
82
83
660.5
690.9
750.9
738.8
779.5
744.1
762. 4
778.9
795. 7
803.5
656.9
577.3
163.1
168.8
179. 2
128.9
129.0
120.6
119.8
127.7
149. 0
166.5
140. 6
139.6
29.6
34.8
37.7
37.0
39.7
39.1
40.3
40.5
37.5
35.4
28.0
25.2
29.2
28.7
28.8
29.9
27.3
30.7
50.3
43.7
35.6
38.0
38.8
34.1
13.6
11.2
11.4
12.6
13.5
11.0
10.5
14.3
17,3
21.2
16.5
13.5
152.9
160.2
170.5
172.6
171.2
163.3
161.0
167.8
166.4
171.5
155.9
142.6
10.1
10.6
10.9
30.2
72.5
73.2
76.8
74.4
69.7
47.9
15.6
8.6
262.0
276.6
312.3
327.5
326.3
306.3
303. 6
310.5
320.3
322.9
261.6
213.7
131
113
113
134
147
137
137
127
104
123
219
283
1,605
1,385
1,475
1,419
1,364
1,478
1,550
1,636
1,552
1,494
1,342
1,445
331,707
321,927
377,813
351,573
352, 614
351, 704
365,148
359, 612
363.071
372, 926
318,180
300,321
38.437
38,359
69, 379
47,807
43, 663
58, 940
60, 558
50, 308
59.305
60, 747
32,441
25, 972
542. 8
538.9
126.3
116.0
23.8
20.3
35.8
31.6
13.7
11.3
137.3
144.3
6.7
7.1
199.1
202.3
299
1,526
279, 259
251,089
d
59
57
i Adjusted for number of working days.
Miseellane-
Freight
car
surplus
1
Adjusted for seasonal variations.
3
American vessels, both direction?.
4
6,920
2,122
0
0
0
0
0
0
1,138
628
623
979
708
813
4, 502
5, 727
24,461
2,667
<*48
18,560
19,007
6,347
16,210
17,195
d
6, 566
5,947
0
0
0
4,620
14,110
14,161
14,137
281
467
1,255
1,005
1,077
1,018
956
1,041
865
980
844
760
33, 476
0
0
<U8,882
"33, 475
14, 349
d
17,830
* 11, 582
d
d
d
Average weekly basis.
13, 937
12,58f.
9,842
3, 939
303
1
Deficit.
752
629
12
SURVEY OF CURRENT BUSINESS
April 1938
Income of Independent Professional
Practitioners
By Walter L. Slifer, formerly of the National Income Section, Division of Economic Research
ABOUT one-third of a million independent practi-^*~ tioners were engaged in the medical, dental, legal,
and accounting professions in 1936. This number
represented approximately 0.8 percent of the 41 million
gainfully employed persons, and their total net income
was approximately 1.5 billion dollars, or 2.4 percent of
the total national income paid out.1 The average net
income of these independent professional practitioners
in 1936 is estimated at $4,468, as compared with a per
capita income of $1,244 for employees in all industries
and an average income of $2,333 for salaried employees
in manufacturing, mining, construction, and selected
transportation industries. These variations correspond
with the reports on family income published by the
United States Bureau of Labor Statistics, which indicate that median incomes of urban families in the independent professional class are higher than those for
urban families of wage earners and of those engaged
in independent business, clerical, salaried professional
or salaried business occupations.2
average for the legal profession to 88.1 for accountants
not certified but engaged in public practice.
Table 1.—Net Incomes of Independent Professional Practitioners,
1929-36
Year
survey
made i
Profession
1929 i 1930
1
From extensions and revisions of the estimates presented in chapter XV, "National
Income in the United States 1929-35," published in 1938.
2 "Survey of Family Income," Oswald Nielsen, Survey of Current Business,
December 1937.
6
A description of the surveys and of the methods used may be found at the end of
the article.
1932
1933
1934
1935
1936
Average net income
1933
1935
1937
1937
1937
Medical
Medical
Medical
Medical
Medical
544 $3, 442 j (i)
$5, 602 $5, 307
(all prac.)
(all prac.)
3,197 $2, 974
0)
0)
0)
(all prac.)
5,298 4,687 4,065 3,148 2,909
(gen'l prac.). 4,701 4,084 3,603 2,790 2,615
(specialists).. 8,314 7,734 6,402 4,964 4,397
1935 Legal
193723 Legal
1937 Legal
1933
1935
1937
1935
1937
1933
1935
Accounting
Accounting
Accounting
Accounting
A.)
Accounting
A.)
(C. P. A.)
(C. P. A.)
(C. P. A.)
(non-C. P.
(non-C. P.
Dentistry
Dentistry...
(i) 0)
0)
$3, 438 0)
0)
3, 310 $3, 629 $4,143
2,954 3,231 3,673
5,112 5, 636 6, 521
4,156 3,
4,218
0)
0)
0)
0)
0)
4,088 3,786 3,692 3,885 4,320
0)
0)
6,601
(') 3,725
0) 3,273 0)
5,561
(0
0)
7,776 7,325 5,891 4,749 0)
0)
0)
0)
0)
4,464 4,230 4,611
0)
(>)
0)
0)
5,749 0)
4,2911
4,626
(0
0)
4,012
0)
0)
0)
0)
0)
2, 206 1,856 2,183
(0
3,303 0)
0)
2, 226 2,463 2,910
0)
0)
5,020 4,807 4,163 3,063 0)
0)
0)
0)
0) 2,778 2,495 2,780
TREND OF AVERAGE NET INCOMES IN THE
PROFESSIONS
The average net incomes of independent professional
practitioners as revealed by recent surveys 3 conducted
by the Bureau of Foreign and Domestic Commerce are
shown in table 1. In many instances different averages
are shown for the same profession in the same year
because of the fact that various surveys covered overlapping years. Probably each sample has a bias, the
nature and extent of which cannot be accurately
determined; and for this reason the actual averages of
net income for any one year cannot be stated precisely
as representative of the entire profession.
A steady and sharp decline in the average net income
from 1929 to 1932, with a further decline, but less sharp,
from 1932 to 1933, is apparent in each sample of all the
professions covered. A rise in the average net income
each year from 1933 to 1936 occurred in each sample
with the exception of one survey of the legal profession
which showrs a lower average in 1934 than in 1933. In
the samples covering both 1929 and 1933 the averages
for 1933 ranged from 52.9 percent of 1929 for specialists
in the medical profession to 58.9 for the legal profession.
Similar figures for 1936 ranged from 65.4 of the 1929
1931
0)
0)
0)
0)
Percentages of 1929
1633
1935
1937
1937
1937
Medical
Medical
Medical
Medical
Medical
1935
1937
1937
Legal
Legal
Legal
1933
1935
1937
1935
Accounting
Accounting
Accounting
Accounting
A.)
Accounting
A.)
1937
1933
1935
(all prac.)
(all prac.)
(all prac.)
(gen'l prac.)..
(specialists).-.
81.1
61.4
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
68.5
68.7
67.8
78.2
78.1
78.4
0)
0)
0)
0)
0)
0)
0)
0)
0)
55.9
58.9
0)
0)
0)
0)
65.4
67.0
(')
0)
0)
0)
0)
0)
100 94.7
100 88.5 76.7
100 86. 9 76.6
100 93.0 77.0
100 0)
100 0)
(C. P. A.)
(C. P. A.)
(C. P. A.)
(non-C. P.
(non-C. P.
Dentistry
Dentistry
100 94.2
(0
0)
100 0)
0) 0)
100 0)
59.4
59.3
59.7
61.9
(0
75 8 61.1
0)"
0)
0)
0)
54.9
55.6
52.9
57.4
58.9
0)
0)
C1)
0)
0)
0)
0)
0)
100 95.8 82.9 61.0 0)
0) 0) 0) (0 0)
62.5
62.8
61.5
69.8
74.6
67.4
74.6
0)
0)
0)
0)
0)
0)
80.5
0)
0)
0)
Number of practitioners in sample
1933
1935
1937
1937
1937
Medical
Medical
Medical
Medical
Medical
1935
1937
1937
Legal..
Legal..
Legal..
1933
1935
1937
1935
Accounting
Accounting
Accounting
Accounting
A.)
Accounting
A.)
1937
1933
1935
(all prac.)
(all prac.)
(all prac.)
(gen'l prac.).
(specialists)..
Dentistry..
Dentistry..
(C. P. A.)
(C. P. A.)
(C. P. A.)
(non-C. P.
(non-C. P.
2,263 2,263 2,263 2,263 0)
(0 0) 0)
(0 0) 0) 1, 361 1,361 1, 361 0) 0)
753 752 791 850 912 1,053 1,048 1,057
593 592 622 669 724 835 828 834
160 160 169 181 188 218 220 223
(l)
0) 0) 1,235 1,230 1,235 0) 4 0)
557 0)
0) <685.8 734 777 787' 784. 5
944 0)
706 0)
0) 1,157
0) 0)
1,021 1,015 1,021 1,031 0)
0) 0) 0)
0) 0) 0) 1,271 1,268 1,262 0) 0)
896 916 961
695 0)
0) 0) «
0)
0)
0)
99
98
98 0)
0)
57
57
0)
1,333 1,333 1,333 1,333 0)
0) 0) 0)
0) 0) 0) 1,007 1,007 1,007 0) 0)
45 0)
(0
0)
1
Information not obtained for these years.
2 Averages based on the questions asked by the Department of Commerce.
Averages obtained from supplementary questions included for the American Bar
Association.
4
Fractions indicate part-of-year participation in legal firms.
3
April 1938
Medical Profession.
The sample of all independent medical practitioners
obtained from the survey made in 1937 gives an average
net income of $5,298 in 1929, $2,909 in 1933, and $4,143
in 1936. Averages obtained from this survey for the
years 1929 to 1932 are somewhat lower than those given
by the survey conducted in 1933; for the years 1932 to
1934, inclusive, the averages derived from the 1937
survey are only slightly lower than those of the 1935 survey. Trends of the average net income as expressed in
percentages of 1929 are similar for the surveys of 1933
and 1937. In the study made in 1937 the practitioners
were requested to designate their type of practice as between general practice and practice of a specialized
nature. The average net income of specialists in the
sample was $6,521 in 1936, which was 77.5 percent
higher than the average of $3,673 for general practitioners in the same year. The average net income of
specialists declined from 1929 to 1933 at a more rapid
rate than did the average of the general practitioner,
and rose more rapidly from 1933 to 1936. The average
net incomes of both specialists and general practitioners
in 1936 were more than 78 percent of the 1929 level.
Legal Profession.
In the survey of the legal profession made in 1937 a
questionnaire was sent to firms and individuals engaged
in independent practice. The average net income of
firm members and individual practitioners in the sample
was $6,601 in 1929, $3,786 in 1933, $3,692 in 1934, and
$4,320 in 1936. Eesults of the 1935 survey covering
the years 1932 to 1934 indicate an average net income
for firm members and individual practitioners of $3,868
in 1933 and $4,218 for 1934, thus showing a measurable
increase in 1934 whereas the 1937 survey indicated a
slight decline in 1934. The 1937 survey was made in
cooperation with the Committee on Economics of the
American Bar Association, and a series of questions to
be answered by individuals, whether practicing independently or as firm members, were attached to the
questionnaire of the Department of Commerce. One
of these questions related to the net income of the practitioner for 1929, 1933, and 1936, and the average net
income obtained from this sample was $5,561, $3,273,
and $3,725 for the respective years.
With the exception of the year 1934, the trend from
year to year in the averages in each sample is similar.
The downward trend from 1929 to 1933 in the samples
of the legal profession is not so great as that for the
samples of the medical profession, and the upward trend
from 1933 to 1936 is smaller than that in the medical
profession. The average net incomes of lawyers in the
two samples in 1936 were 65.4 and 67 percent of the
1929 levels; while, as shown above, the medical profession had attained a greater degree of recovery by 1936.
Accounting.
Certified public accountants were surveyed in 1933,
Digitizedcovering
for FRASER
the years 1929 to 1932, and the figures revealed
13
SURVEY OF CURRENT BUSINESS
an average net income of $7,776 in 1929 and $4,749 in
1932 for firm members and individual practitioners
engaged in independent practice. In 1935 another
survey was made covering the years 1932-34, giving an
average net income of $4,464 for 1932 and $4,611 for
1934. A third survey in 1937, covering the years 1929
and 1934 to 1936, resulted in an average net income of
$5,749 for 1929, $4,012 in 1934, and $4,626 in 1936.
Each succeeding survey showed lower averages of net
income for identical years. The average net income in
1932 (1933 survey) was only 61.1 percent as large as the
average in 1929, indicating the same decline as shown in
the sample of the legal profession. From 1933 to 1936
the trend of income among accountants was more
sharply upward than the trends in either the medical or
legal profession, with the 1936 average net income
approximating 80.5 percent of the 1929 average.
According to the 1935 and 1937 surveys, the average
net income of accountants not certified but engaged in
independent public practice was much lower than the
averages for certified accountants in each year. The
average net income of the accountants not certified was
$2,910 in 1936 (1937 survey), or 88.1 percent of the
average of $3,303 in 1929.
Dental Profession.
According to a survey made in the dental profession
in 1933, covering the years 1929 to 1932, the average net
income of dentists dropped from $5,020 in 1929 to
$3,063 in 1932, thus declining 39 percent during the
period. According to the survey made in 1935,
averages of $2,778 in 1932 and $2,780 in 1934 were
shown.
PERCENTAGE OF NET INCOME TO GROSS INCOME
Ratios of net income to gross income for independent
practitioners of medicine, law, and accounting are
presented in table 2. Net incomes of all independent
medical practitioners in the sample were 61.4 percent
Table 2.—Percentage of Net Income to Gross Income, 1937 Surveys.
Profession
Medical (all prac.)
Medical (general prac.)Medical (specialists)
Legal
Accounting
1
1929
1930
1931
1932
1933
1934
1935
61.4
61.0
63.6
71.7
48.5
60.0
59.3
63.5
0)
C1)
58.5
58.1
60.4
0)
0)
55.4
54.8
57.9
64.3
0)
55.3
55.0
56.7
65.1
0)
58.0
57.7
59.0
65.0
51.0
59.1
58.8
60.3
66.2
51.7
1936
60.3
60.0
61.6
67.6
51.8
Data not obtained in questionnaires for these years.
of gross incomes in 1929. Between 1929 and 1933 gross
income decreased more rapidly than expenses; thus, net
income represented only 55.3 percent of gross income in
the latter year. After 1933 the trend was reversed, with
gross income increasing more rapidly than expenses
until net income was 60.3 percent of gross income in
1936. In the medical profession net income was a
larger percentage of the gross income of specialists than
of the gross income of general practitioners each year
from 1929 to 1936. In the sample of the legal profession the ratio varied from 71.7 in 1929 to 64.3 in 1932,
14
SURVEY OF CURRENT BUSINESS
and 67.6 in 1936. In the sample of accountants, net
income represented 48.5 percent of gross income in 1929,
51 percent in 1934, and 51.8 percent in 1936. Thus, the
ratio of expenses to gross income was highest among
accountants and lowest in the legal profession.
CUMULATIVE FREQUENCY DISTRIBUTION OF NET
INCOME BY SIZE
A cumulative frequency distribution of net income by
size derived from the surveys of the medical and legal
professions for various years are presented in the accompanying figure. In 1936, 8.8 percent of the independent
medical practitioners submitting returns received less
than $1,000 net income, 42.9 percent less than $3,000,
MEDICAL PRACTITIONERS
Cumulative Frequency (Percent)
I0Oj
' "
~~^
LAWYERS
5 4
5 6 7 5 9 10 II 12 O 14 15 16 17 18 19 20
Thousands of Dollars
Cumulative Frequency Distribution of Net Income by Size, Legal and
Medical Professions.
and 71.5 percent less than $5,000. On the other hand,
6.8 percent received incomes of $10,000 or more. In
1934 and 1932 the percentages of those sampled who
received net incomes of less than $1,000 was greater
than in 1936. The percentage receiving incomes below
$1,000 was less in 1929 than in 1936. Comparing the
samples of independent legal practitioners with those of
independent medical practitioners, a greater proportion
of the sample of independent legal practitioners for
1929 and 1936 received less than $1,000 than of the
April 1938
medical profession, and a larger percentage of the legal
practitioners received incomes in the higher income
groups than the medical practitioners.
In the sample of independent medical practitioners in
1936, the lowest 10 percent received incomes of less
than $1,090, the lowest 25 percent received incomes
under $2,070, the lowest 50 percent received incomes
less than $3,400. Three-fourths received incomes
under $5,430, and 90 percent had net incomes below
$8,700. The highest 5 percent reported incomes in
excess of $11,500, while 0.7 percent received $20,000
or more.
In 1936, 10 percent of the sample of independent
legal practitioners received a net income less than $550,
25 percent less than $1,280, 50 percent less than $2,400,
75 percent less than $4,060, 90 percent less than $7,840,
95 percent less than $11,000, while 1.5 percent received
$20,000 or more. Comparing the distributions of
income in 1936 for the medical and legal professions,
the upper limit of net income of the lowest 10 percent
of independent legal practitioners is 50.5 percent of
that for the medical profession, and the upper limit
of the lowest 25 percent of independent legal practitioners is 61.8 percent of that for the medical profession.
This ratio increases until the upper income limit of the
lowest 95 percent of independent legal practitioners is
95.7 percent of that for the medical profession. Also,
in 1936, 1.5 percent of independent legal practitioners
in the sample received a net income of $20,000 or more,
while 0.7 percent of the medical profession received a
net income of $20,000 or more. The highest income
in the sample of independent legal practitioners for
1929 and 1936 was above the highest reported in the
medical profession for the same years.
The wide variation of net income from the average in
1936 is more pronounced in the legal profession than
in the medical profession. An examination of the
distribution of income in the legal profession reveals
that the variation of net income was more pronounced
I in 1936 than in 1929. It should be noted, however,
that the sample of independent legal practitioners
included a larger percentage of practitioners with only
a few years of experience than the sample of independent medical practitioners. This distinguishing
characteristic, however, may be true of the entire
professions as well as the samples.
THE SHIFT OF PRACTITIONERS FROM ONE INCOME
GROUP TO OTHERS FROM 1929 TO 1933 AND 1936
The movement of independent medical and legal
practitioners from the various net income groups in
1929 to other income classes in 1933 and 1936 is presented in table 3. In both of these professions a greater
percentage of those in the higher income brackets in
1929 moved into lower income brackets in 1933 and
1936 than was the case in the middle income groups.
Conversely, in both professions a greater percentage of
15
SURVEY OF CURRENT BUSINESS
April 1938
practitioners in the lower income groups in 1929 had
moved into the higher groups in 1933 and 1936 than
was the case in the middle income brackets. Noticing
the extreme cases, one finds that some independent
medical practitioners who received from $6,000 to
$10,999 in 1929 were found in the group receiving less
than $1,000 in 1933 and in 1936. All independent
medical practitioners receiving $20,000 or more in
1929 were found in the lower income groups in 1933, but
by 1936 some of these had moved back into the group
above $20,000. Some lawyers in independent practice
in the group receiving from $11,000 to $19,999 in 1929
were found in the group receiving less than $1,000 in
1933 and in 1936.
VARIATION OF INCOME WITH YEARS OF EXPERIENCE
The relation between net income of independent
medical and legal practitioners with years of experience as of 1936 is presented in table 4. The percentage distribution of the number of practitioners in the
samples arranged in groups by years of experience is
also given in table 4. It will be observed that in 1936
a larger proportion of all the lawyers in the sample of
independent practitioners were generally in the groups
with 17 years or less of experience than was the case with
the sample of independent medical practitioners. Also,
the percentage of independent medical and legal practitioners in the groups with 18 to 22 years of experience
was smaller than the percentage in the groups immediately older and younger, indicating that relatively fewer
persons entered the professions during and immediately after the war.
The average net income of reporting independent
medical practitioners in 1936 with 1 year of experience
was $925, with 2 years $1,839, with 3 years $2,747, and
the income increased with each year of experience until
it averaged $3,693 with 7 years of practice. The
average net income of reporting lawyers engaged in
independent practice in 1936 with 1 year of experience
was $1,059, with 2 years $1,121, with 3 years $1,630,
and the income increased with each year of experience
until it was $2,375 with 7 years of practice. With the
Table 3.—Change of the Medical and Legal Independent Practitioners in the Various Net Income Croups of 1929 to Other Income Groups in 1933 and 1936
Income groups 1929
Income groups
.
. . .
_.
..
...
.
_
N u m b e r of r e t u r n s
$11,000$19,999
$20,000
and over
21. 1
40.4
30.7
7.0
.9
0.0
10.8
28.4
35.3
19.6
5.0
0.0
6.9
18.8
35.6
24.8
7.9
4.0
6.7
15.7
28.1
32.6
7.9
5.6
3.2
6.0
19.8
19.8
16.1
15.2
0.0
2.2
6.7
22
17.8
17.8
1.2
0.0
00
0.0
0.0
0.0
114
1.0
0.0
00
102
2.0
0.0
0.0
101
2.2
1.1
0.0
89
18.9
.9
00
217
46.7
6.7
00
45
0.0
0.0
7.7
7.7
0.0
0.0
38.5
46.2
00
13
28.7
47.1
11. 5
5. 7
3.4
1.1
1.1
1.1
0.0
11.4
33.6
30.7
12.1
3.4
4.1
7.1
25.5
26.5
15.3
9.2
10.2
2.0
0.0
2.0
10.9
24. 8
18.8
14.9
11.9
.4
3.9
9.2
14.0
17.5
14. 0
0.0
0.0
3.8
3.8
3.8
3.8
0.0
0.0
0.0
0.0
6.7
0.0
15. 3
1.0
0.0
33.3
7.5
0.0
44.2
32.7
7.7
52
20. 0
53. 3
20. 0
32.9
53.7
6.1
2.4
24
1.2
1.8
0.0
0. 0
57
70.3
10. 9
7.8
3. 1
0. 0
0.0
0.0
MEDICAL, 1938
.
$6,000$10,999
73.7
14.0
10 5
0.0
0.0
$6,000-$10 999
$ll,00O-$19,999
$20,000 and over
Number of returns
$20,000 a n d o v e r .
$5,000$5,999
$2,000$2,999
I
-_
$6,000-$10,999
$11,000-$ 19,999 _-
$4,000$4,999
$1,000$1,999
MEDICAL, 1933
Less than $1,000
$1,000-$ 1,999
$2 000-$2 999
$3,000-$3,999
$4,000-$4,999
$5,000-$5,999
Less than $1,000
$1,000-$!, 999...
$2 000- $2 999
$3,000-$3,999
$4,000-$4,999
$5,000~$5,999
$3,000$3,999
Less than
$1,000
_ _ _ _ _ _
. _ . _ _ _ _ _ _
7.8
0. 0
0.0
64
87
67.1
25;• 7i
o /
0.0
0.0
1.4
25. 5
52. 0
13 7
4.9
2.0
1.0
12.7
39.4
33. 8
9.2
2.8
0.0
0.0
0.0
0.0
1.0
0.0
70
LEGAL, 1933
Less than $1,000
$1,000-$1 999
$2,000-$2,999
$3,000-$3,999 $4,000-$4,999
$5,000-$5,999
$6,000-$l 0,999
$ll,00(>-$19,999
$20,000 and over
Number of returns
.
_
.
_
__ . . .
Less than"!$l,000
$1 000-$ 1 999
$2,000-$2 999
$3,000-$3 999
$4,000-$4,999
$5,000-$5,999
$6,000-$10,999
$ll,000-$19,999
$20,000 and over
Number of returns
.
3.6
o!o
3L 0
27.6
8.6
5.2
6.0
.9
0.0
118
140
98
228
15
6.6
23.8
28 7
23.0
9.0
3.3
4.0
20.0
30 0
14.0
16.0
4.0
4.4
8.9
11.1
28.9
13.3
11.1
2.4
6.5
10 5
16.9
21.0
8.1
2.6
5.3
00
13. 2
2.6
10.5
0.0
4.0
00
0.0
4.0
8.0
1.4
0.0
0.0
4.9
0.0
10.0
2.0
0.0
20.0
2.2
0.0
26. 6
7.3
.8
39.5
23. 7
2.6
20.0
36. 0
28.0
102
142
122
50
45
124
38
25
54.4
25 0
11 8
5.9
15
1. 5
22.3
43.7
20 4
4.9
3.9
2.9
9.1
31.2
31 2
13.2
5.6
3.5
3.3
17.4
24 0
28.9
12.4
2.5
18.4
18.4
18 4
20.4
4.1
10.2
2.2
4.3
10 9
26.1
6. 5
13.0
3.3
5.0
9 1
10.7
12.4
10.7
2.6
0.0
00
10.3
5.1
7. 7
0.0
4.0
80
0.0
4.0
0.0
0.0
0.0
0.0
0.0
1.9
0.0
5.6
0.0
0.0
9.1
2.5
0.0
4.1
6.1
0.0
32.6
4.3
0.0
30.6
16.5
1.7
30.8
28.2
15.4
12.0
28.0
44.0
68
103
144
121
49
46
121
39
25
<j
LEGAL, 1936
_ .
101
16
SURVEY OF CURRENT BUSINESS
exception of the first year of experience the medical
practitioners in the sample received higher average
net incomes during each of the first 7 years of practice
than lawyers. When the medical practitioners are
classified by years of experience into 10-year groups,
the net incomes are highest for the 8-17 and 18-27
year periods, being slightly less than $5,000 for each
of the two periods. For the legal profession the
highest averages occurred for the 18-27 and 28-37
year periods, with net incomes for each of the two
periods being close to S5,000.
Table 4.—Net Income and Percentage Distribution of Medical and Legal
Independent Practitioners by Years of Experience, 1936
Medical
Legal
Percent-
Percent-
age
age
Num- distribu- AverNum- distribu- Average
age
ber in
tion of
ber
in
tion
of
insample number net'insample number net
come
come
in
in
Years of experience
sample
1
2
3
4
5
6
7
.
_
1-2
3-7
8-17
18-27
28-37
38-47
48-52
Over 52
Total
-
sample
16
49
79
50
45
45
30
1.1
3.6
5.7
3.6
3.3
3.3
2.2
$925
1,839
2,747
3,060
3,558
3,622
3,693
30
53
48
59
60
54
42
2.7
4.9
4.4
54
5.5
49
3.9
$1,059
1,121
1,630
1,779
2,047
2 176
2,375
65
249
302
278
323
142
17
2
4.7
18.1
21.9
20.2
23.4
10.3
1.2
.2
1,614
3,229
4,930
4,983
3,717
2,525
1,600
678
83
263
326
207
139
53
13
6
7 6
24.1
29.9
19.0
12.7
4.9
1.2
.6
1 099
1,990
3,629
4,893
4,964
4, 016
2,591
1,248
1,378
100.0
1,090
100.0
On the average, lawyers engaged in independent
practice required 10 more years of experience to arrive
at the time when they received their greatest annual
net income than the average independent medical practitioner. The average net income of lawyers in independent practice found in each of the groups with less
than 27 years of experience was lower than that of
independent medical practitioners in similar groups;
and lawyers in each of the groups with more than 27
years of experience received a higher average net income
than independent medical practitioners in the same
groups. The average net income of the lawyers in the
sample with the greatest number of years of experience was at a considerably higher level than that of
the medical practitioners in the same experience
groups, but the average net income of lawyers and
doctors declined rapidly as the years of experience
were extended beyond the period of maximum earnings.
April 193S
NATURE OF SURVEYS AND DESCRIPTION OF
METHOD
In connection with the preparation of annual estimates of the
national income, the Bureau of Foreign and Domestic Commerce
has obtained information through the circulation of questionnaires among those engaged in various fields of economic activity
for whom necessary data have not been otherwise available. It
was necessary to conduct these surveys of the professions because
data for all income classes could not be obtained otherwise. For
example, the data from income-tax returns published by the
Bureau of Internal Revenue on professional incomes do not
include the lower income brackets and are not regularly broken
down into the various professions. Most of the large independent professions have been covered by these surveys. Because
of limited funds, the coverage of the surveys has generally been
limited to only a portion of each profession. The number of
returns has been small in comparison to the total number of practitioners in the various professions, varying around 1 percent of
each group. The ratio of returns to questionnaires mailed varied
between 10 and 20 percent for the different surveys. Data have
been gathered for the years 1929 to 1936, inclusive, during which
period marked fluctuations in economic activity have been experienced. From a geographical point of view the questionnaires
have been sent at random to urban as well as rural practitioners
in ever}7 State in an attempt to get a sample of all income brackets
in all regions.
An independent professional practitioner may be defined for
the purposes of this study as an individual or firm, member who
establishes a practice to render professional service to patients or
clients in return for compensation by those served. Professional
practitioners working at fixed salaries, either in professional offices
or with nonprofessional concerns or in public service, have not
been included in this survey of independent practitioners.
Gross income, reported by independent practitioners in the
various professions, generally consists of cash receipts for the
calendar year in payment for professional services rendered. If
the practitioner kept books for his business on the accrual basis,
his return was probably made on that basis; but most of the
practitioners covered by the survey kept books on a cash basis.
The practitioner was instructed not to include as part of his gross
income any return on investments such as rent, interest, and
dividends, nor compensation for work done outside of his
professional practice.
Net income from professional practice equals gross income less
expenses incidental to independent professional practice, such as
salaries, office rent, general office expenses, cost of operating a car
used in such practice, and depreciation of the value of all capital
equipment used in the office or otherwise. Where the independent practitioner has his office located in his residence, his expenses
include a portion of rent and a proper share of wages of employees
serving the residence and the office. Expenses do not include payments for State or Federal income taxes, nor are total outlays for
capital equipment included, such as the purchase price of a car to
be used in the business, office equipment, and libraries. Only the
annual depreciation in the value of capital assets is considered as
an expense of the business. Expenses of professional occupation
do not include expenditures for the practitioner's personal needs
nor those for his dependents.
SURVEY OF CURRENT BUSINESS
April 1938
17
Fats and Oils: Their Adaptability and Uses
By Charles E. Lund, Fats and Oils Specialist, Foodstuffs Division
A tropical palm tree, an Antarctic whale, and a
Texas steer appear quite unrelated, yet, in the soap
kettle, palm oil, whale oil, and inedible tallow make up
the principal ingredients of the slow-lathering group.
Philippine coconut oil, African palm-kernel oil, and
Brazilian babassu oil also appear to be equally dissociated, but these oils are important quick-lathering
oils in the soap industry.
Other fats and oils from all parts of the world find
their way into myriad uses and into hundreds of products. Cottonseed oil, palm oil, peanut oil, and tallow
are the leading elements in the preparation of compounds and shortenings, yet they come from diverse
regions. Chinese tung oil, which has a peculiar advantage as a fast-drying, water-resistant element in the
production of paint, has as its nearest counterpart
oiticica oil, which is obtained from the nuts of small
trees growing in profusion along the northeastern coast
of Brazil. In this brief analysis, the sources of fats
and oils and some of their domestic uses in the preparation of edible products, soap, and drying oils will be
discussed.
Table 1.—Imports of Fats and Oils Including the Oil Equivalent of Oilseedsi
[Thousands of pounds]
Fats and oils
Sunflower seed oil
Corn oil
Cottonseed oiL_
Olive oil
Palm kernel oil
Tung oil
Peanut oil
Coconut oil
_ _
Palm oil
Rapeseed oil
Sesame oil
_
Perillaoil
Soybean oil
Linseed oil
_ _
Castor oil
__
Poppyseed
Hempseed oil
Babassu oiL._
Vegetable tallow and waxes
Glycerines
_
Other vegetable oils
Animal oils, fats, and greases
Whale and fish oils
Total
_
__
_ _~
_ _ _ _ _ _
_
_ _ _ -
. ..
1937
1936
475
32, 926
194, 008
75, 314
179, 087
174,885
57, 999
676,158
411,112
8,017
44, 239
43, 591
29, 752
534,117
66, 004
3,424
115
34, 519
29, 625
20, 976
58, 953
30,120
122, 849
25, 255
28, 672
127, 787
90, 418
35, 491
134.830
49, 006
551, 061
338, 789
72, 944
58, 730
117, 903
7,187
293, 290
73, 835
3,105
15,075
37,184
21, 540
14, 596
47, 260
99, 430
93,818
2, 828, 325
2, 337, 206
Average
five years,
1930-34
11, 286
(2)
128 427
27, 335
102, 065
2. 261
628,184
241,164
17,130
28,142
17,318
3,952
242, 694
44, 292
3,107
(3)
11,887
12, 055
19.385
20 697
104,830
V, 666.. 211
1
Assuming that all oilseeds are crushed for oil. Some imports are used for planting,
some as birdseed, some as decorations on bakery products.
2
Included
in other vegetable oils.
3
No imports shown.
Source: Bureau of Foreign and Domestic Commerce.
In the United States, the leading sources of fats and
oils are cottonseed, butter, and lard. From two-thirds
to three-quarters of our fats-and-oils needs are supplied
from domestic sources. The United States traditionally
has been an importer of fats, oils, and oil-bearing materials from all over the world, receiving them either
from the country of origin, or through the operations
of the large oil-crushing centers abroad. Imports of
fats and oils averaged 1,825 million pounds per year in
the period 1931-35, increased to 2,337 million pounds
in 1936, and reached the record of 2,828 million pounds
in 1937. The heavy imports in 1937 were due in considerable measure to the drought in 1936 and to the
constantly mounting domestic consumption which roseto over 9 billion pounds in 1936, and reached 9,300
million pounds in 1937. Imports have been substantially reduced in recent months, following the record
production of cottonseed in 1937 (nearly 18 billion
pounds), and the second heaviest soybean crop on
record (approximately 2% billion pounds).
The demand for fats and oils was reduced in the latter
part of 1937, because of a slackening in business activity. Inventory stocks of fats and oils on December
31, 1937, were 2,958 million pounds—an increase of 19
percent as compared with the previous year.
For each of the last several years the domestic consumption of fats and oils has risen to a level of 2 to 3
billion pounds in excess of the amount produced in the
United States. This deficiency must be made up by
imports, by increasing domestic production, or by limiting the use of special oils. If a policy of self-sufficiency
on these products is adopted, more cotton, corn, flax,
soybeans, peanuts, tung trees, sunflowers, rape, periila,
and other vegetable oil-bearing crops suitable to this
climate and soil must be grown; livestock increased; and
domestic fisheries expanded, particularly the catch of
menhaden, sardine, and pilchard. Doubtless there is
also opportunity to increase the recovery of waste fat
and grease material not now reaching commercial
channels.1
Most of the oils have intrinsic values in specific uses.
Limited amounts of certain oils may be used in conjunction with other oils without affecting the final prod1
The German experience with a self-sufficiency program is of immediate interest
to the United States. Our lard exports to Germany averaged 300 million pounds
yearly in 1921-24, decreased to 200 million pounds yearly in the succeeding 5 years,
and to a 134-million-pound average in the 4 years 1930-33. In more recent years
Germany has practically disappeared as a market for American lard, dropping to
only 2 million pounds in 1937, principally because of their exchange and barter requirements, a greatly increased importation of vegetable oils and oilseeds, and the
increasing use of whale oil in Germany in the manufacture of margarine.
The consumption of fats in Germany was placed on a ration system in January
1937, with the aim of reducing consumption of these items to the level of 1913, as the
high post-war consumption of fats was considered unnecessary. An expansion in
the domestic production of oilseeds could not supply sufficient fats and oils to satisfy
consumption. Furthermore, domestic production of animal fats could not be substantially increased, since it had already been forced up by the Third Reich's production campaign since 1933 and additional stimulation of production would necessitate importation of feedstuffs.
In attempts to increase supplies of fats and oils, German school children were
delegated to gather beechnuts from the forests for the oil mills. Grease " t r a p s " were
installed in drain pipes, where fats and greases are separated by settling, and this
material was conveyed to central plants for sufficient refining to be of value in the
manufacture of soaps. The fat and grease content was found particularly high in
waste water from restaurants, slaughter houses, and in butcher and sausage-making
shops. Drying oils for paints and varnishes, fats and greases for soap, and edible fats
for margarine have all been subjected to more or less domestic restrictions of use,
and the national supply of these materials is under the strict supervision of the various
control boards.
18
SURVEY OF CURRENT BUSINESS
uct, but to substitute such oils largely or entirely would
be undesirable, if not impossible, from the standpoint of
satisfactory results in the finished article.
Clothing is made from both wool and cotton, but
obviously cotton clothing is more suitable for use in the
tropics than wool, and woolen clothing- is more suitable
for use in the cold climates. Their uses vary because
of climate, custom, price, and various other factors.
So it is with the oils—when the supply-and-demand
situation makes it desirable, or perhaps necessary, most
of them are adaptable for other uses and they are,
within these limits, interchange able.
April 1938
Table 2.—Domestic Production of Lard and Vegetable Shortenings
[Millions of pounds]
Vegetable
shortenings
Lard,i in
includim
Year
Average, 1922-29
1933__:
1934
1935
1936
1937
1, 772
1, 776
1, 427
7S1
1. 063
894
1,013
953
1,204
1,547
1,587
1. 568
1
Excluding farm and local slaughter.
Source: Bureau of the Census.
Creamery-butter production in 1937 is estimated by
the Department of Agriculture at 1,611 million pounds,
in addition to which farm butter production is estimated
at 500 to 525 million pounds annually. The amount of
butter production in the United States is twice that of
the next nearest competitor among the countries of the
world, but the annual per capita consumption of 17
pounds is considerably below that of a number of other
countries. Canada's yearly butter consumption per
capita is over 31 pounds; in the United Kingdom it is
25 pounds, most of which is imported; and in New Zealand, which leads the world in this respect, it is from 41
to 44 pounds.
MILLIONS OF POUNDS
200
1 60
1 60
_
,. 1
\
/—Coconu?
\
Oil
/
\
1 40
j \,
J95I
1952
1954
1955
1956
1957
j
O D. 955O
Figure 1.—Factory Consumption of Fats and Oils.
EDIBLE FATS AND OILS
The United States has traditionally been, by far, the
principal lard producer of the world, and export markets
are depended upon to dispose of a large yearly surplus.
Production and exports of lard have decreased considerably in the past several years of lowered hog production, but even during this time domestic lard production has been greater than that of all other countries
combined, and the same is true regarding the production
of compound and vegetable shortening.
The annual production of vegetable shortening and
compounds lias amounted to over a billion and a half
pounds since 1935, a figure double the yearly production
of 25 years ago. During almost this entire period lard
production was materially higher than that of other
shortenings, but, in 1935, vegetable shortenings and
compounds took the lead and maintained it in 193G and
1937. In 1937 the use of cottonseed oil in shortenings
increased nearly 300 million pounds over the previous
year.
/
\
1
1 20
\
/
/
V
A
100
/
\
;
p r\
\
\
/
60
Cottonseed
i
AO
P r\
/
Oils
/
J. /i
\ .
0
I95O
1951
1952
1934
I9?5
1956
1957
D.D. 95*9
Figure 2.—Use of Cottonseed Oil and Coconut Oil in Margarine
The yearly margarine production in the United
States, of nearly 400 million pounds, is about the same
as in the United Kingdom, but the annual per capita
consumption is only 3 pounds, whereas annual per
capita consumption in the United Kingdom is 9 pounds
and in Germany 20 pounds.
In the past 25 years domestic production of margarine
has increased threefold. Animal oils and fats prior to
this time considerably exceeded the amount of vegetable oils used in this product, and coconut oil contributed less than a million pounds yearly. Com-
SURVEY OF CURRENT BUSINESS
April 1938
mencing with the war period, coconut oil rapidly assumed a major role in margarine production. It took
the leading position of all oils and fats in 1920, and
steadily maintained this place until recent years. Since
1934 cottonseed oil has closely rivaled coconut oil in
margarine production, and, in 1937, consumption of
cottonseed oil was more than twice that of coconut oil.
Vegetable oils have largely displaced animal fats in
margarine—the latter representing less than 10 percent
of all fats and oils used in that product in recent years.
SOURCES OF EDIBLE OILS
Imports of edible oils have been unusually heavy in
the past several years, largely because there was not
sufficient domestic cottonseed oil and because the hog
and lard supplies were short, following 2 years of severe
drought. In years of bumper crops of cotton and corn,
as in 1937, the United States not only produces enough
cottonseed oil and lard to reduce edible oil imports to
a minimum, but it produces a surplus for export.
Cottonseed, which is the leading oilseed, was a worthless byproduct 80 years ago, since cotton was grown
only for its lint value, but last year the United States
produced 1,626 million pounds of crude cottonseed oil.
Domestic consumption of cottonseed oil in 1937 increased 400 million pounds over the previous year to
1,752 million pounds.
The United States produced 1){ billion pounds of peanuts in 1937. The annual world production is estimated at 15 to 20 billion pounds, practically all of
which, except in the United States, is crushed for oil,
cake, and meal. There has been an unusual demand
in the past several years for peanut oil to be used largely
in the manufacture of shortening. Payments by the
Agricultural Adjustment Administration for the diversion of surplus peanuts from other channels to crushing
for oil have stimulated domestic peanut-oil production
in the past few years, from a 26-million-pound average
in 1931-35 to 70 million pounds in 1936 and 51 million
pounds in 1937. However, from 50 to 80 million pounds
of peanut oil were imported in each of the last 5 years.
Approximately 457 million pounds of corn germs were
crushed in 1937 to produce 126 million pounds of crude
corn oil. In recent years the United States has imported about 30 million pounds of corn oil, which is used
mostly as a refined table and cooking oil. The Netherlands is the principal supplier of this corn oil.
Over 120 million pounds of edible and inedible olive
oil were imported yearly in the 5 years, 1931-35. Imports dropped to 90 million pounds in 1936 and to 75
million pounds in 1937, because of low European crops
and military operations in Spain. About 65 percent of
last year's imports of olive oil were of the edible grades,
supplying a definite demand as a table oil and salad
dressing.
Tea-seed oil is also a desirable salad oil, and is so
Digitized similar
for FRASER
to olive oil that it was only recently that de
19
velopment of some new tests made it possible to prove
adulteration. Imports of Chinese tea-seed oil amounted
to 27 million pounds in 1937, showing an increase of 19
million pounds over 1936, more than offsetting a 13rnillion-pound decrease in edible olive oil imports. A
new edible oil, similar in appearance, taste, and nutritive qualities to Mediterranean olive oil, is said to have
been recently developed in Uruguay as the result of
successful experiments in the extraction of oil from the
seeds of wild thistles.
Sesame seed and oil imports, reduced to an oil basis,
declined from 58 million pounds in 1936 to 44 million
pounds in 1937, when higher excise taxes 2 were effective
on the seed and on the denatured oil. The edible oil
is used in shortening in the preparation of prepared
flours and is desirable as a salad and table oil, because
of its resistance to rancidity. Relatively small amounts
go into the manufacture of soap.
SOAP OILS
The soap industry is the largest industrial consumer
of fats and oils in the United States, using about 1%
billion pounds of animal, vegetable, and fish oils,
annually. These fats and oils find their ways into
man}^ types of soap and products in varying proportions, in accordance with their availability and price;
their effect on solubility, lathering, and detergent qualities of the finished product; and the important factor
of consumer preference. Domestic soap manufacturers
have for many years depended upon substantial
imports of fats and oils.
Inedible tallow, coconut oil, palm oil, fish oil, and
grease are leading components in the production of
soap. Production of tallow in 1937 was 507 million
pounds (of which 77 million pounds were the edible
grade), a decrease of 12 percent from the 1936 production. Inedible tallow, a slow latherer, is by far the
leading saponifying material, with a yearly volume
twice as large as the quick-lathering coconut oil. Both
of these products are adaptable for soap manufacture,
but they are not completely interchangeable. Most
soaps are made of a combination of coconut oil and
tallow, because this combination possesses the advantages of rapid solubility and lasting lather.3
Many different soft oils are added to these hard oils
in varying proportions. Olive oil, used for pure olive2
From the Revenue Act of 1936, effective August 21, 1936. Title V.—Amendments
to Taxes on Certain Oils. SEC. 701. Tax on Certain Oils.
The first sentence of section 601 (c) (8) of the Revenue Act of 1932, as amended, is
amended to read as follows:
"(8) Whale oil (except sperm oil), fish oil (except cod oil, cod-liver oil, and halibutliver oil), marine-animal oil, tallow, inedible animal oils, inedible animal fats, inedible
animal greases, fatty acids derived from any of the foregoing, and salts of any of the
foregoing; all the foregoing, whether or not refined, sulphonated, sulphated, hydrogenated, or otherwise processed, 3 cents per pound; sesame oil provided for in paragraph 1732 of the Tariff Act of 1930, sunflower oil, rapeseed oil, kapok oil, hempseed
oil, perilla oil * * * 4 ^ cents per pound * * * hempseed, perilla seed, rapeeced, sesame seed, and kapok seed, 2 cents per pound."
3
Coconut oil more than other oils yields a high percentage of glycerin from the
spent lyes of the soap-making process. This glycerin is extremely important in the
manufacture of explosives, propellants for projectiles, and for use in shock absorbers
for artillery pieces, as well as for commercial uses.
20
SURVEY OF CURRENT BUSINESS
oil castile soap, is one of the few oils that makes a
satisfactory soap without admixture of other oils. In
addition to inedible olive oil and "olive foots" (principally the solvent extracted oil from the pulp after
pressing), "cottonseed foots" (settlings from refining of
crude cottonseed oil) are an important supplement to
the soft-oil group. Some other vegetable oils, including
cottonseed oil and soybean oil, also contribute smaller
quantities to the soft oils used in the soap industry.
The demand for cottonseed oil in the higher-priced
edible field has been a determining factor in diverting
this product from use in the soap industry during the
past 20 years.
April 1938
lathering group of soap oils and fats. A demand in the
higher-priced edible field during the drought period
diverted increased quantities of palm oil to the domestic
manufacture of shortening and compounds, where, in
the past 3 years, it ranked second to cottonseed oil
among the vegetable oils used in this product. Because
of its quick-lathering properties, palm-kernel oil finds
its chief use in soap making, in which use it increased
fourfold in 1937 over 1936. It is also used in considerable quantities in the preparation of certain confections.
DRYING OILS
The expanding needs for oils in the domestic paint
and varnish industry have been met in the past several
600
i
years by increasing imports. Certain oils, or limited
groups of oils, possess basic qualities that make them
j
;
70 0
valuable in this field, but among these oils substitution
is
possible. Excise taxes on perilla and hemp seed and
Inedible TO//OSA/—\ j /
j
their oils have reduced their importation, but there has
600
/
been an increased use of linseed and tung oils, most of
which
are also imported. Reduced to an oil basis,
. *- ^ \
I imports of hempseed and perilla oil dropped from 135
500
million pounds in 1936 to 44 million pounds in 1937,
whereas imports of linseed and tung oils increased from
400
428 million pounds to 709 million pounds in the same
/—Coc onut OH
year.
—-——
**-^ /
Linseed oil is by far the most important oil for gen300
>
eral
painting use, supplying in the 5 years 1932-36 a
\
/i
yearly average of 257 million pounds, or 60 percent of
vPalm p//
all oils used in the paint, varnish, and allied industries.
20O
In 1937, domestic consumption in the drying industries
increased to 356 million pounds. Expanding building
1 00
activities and a favorable price position increased the
production of linseed oil (from both domestic and imported flaxseed) to 665 million pounds in 1937, a 46o
1936
1935
193) 1 1932. f933
1934
percent increase over the 1936 figure. Of this total,
534 million pounds were imported.
Figure 3.—Utilization^ Principal Fats and Oils in Soap.
Practically the entire demand for tung oil in the
Because of. the lauric-acid content, coconut oil, palm- United States is met by imports from China. The
kernel* oil, and babassu oil make a quick-lathering soap volume of imports reached the record of 175 million
for use in the extensive hard-water regions, and they pounds in 1937, despite hostilities in China—a 40-milare almost a necessity for use in salt water. None of lion-pound increase over the amount imported the
the domestic oils contain this lauric acid. The accom- previous year. Tung-tree developments in the United
panying chart illustrates the shifts in the use of the States have expanded in recent years, but the domestic
oil output in 1937 was only about 2 million pounds.
principal soap oils and fats since 1931.
So}7bean oil, the most versatile of all vegetable oils,
Palm and palm-kernel oil imports, including the raw
material in terms of oil, amounted to 590 million pounds enters every industry shown as a consumer of fats and
in 1937. Imports were chiefly from the Netherlands, oils by the Bureau of the Census. It is a semidrying
Indies and Africa; some of the oil came from European oil, and it is generally used in paints in conjunction with
crushing mills, and a small but increased amount of oils that dry more rapidly, such as perilla, Extremely
palm nuts and kernels came from Brazil. The fleshy high prices or short supplies of the latter, however,
portion of the fruit of the palm tree yields the palm inhibit the use of soybean oil in the drying industries,
oil of commerce, and palm-kernel oil is obtained from since its use is complementary with that of perilla.
the kernels of this fruit. Palm oil has for many years
As the result of an excise tax, imports of perilla oil
been used in our textile soap industry, and is the chief in 1937 totaled only 44 million pounds as compared
supplement to the supply of inedible tallow in the slow- with 118 million pounds in the preceding year. AlMILLIONS OF POUNDS
/
««-*""•
21
SURVEY OF CURRENT BUSINESS
April 1938
though there is no commercial production of perilla
seed in the United States, experimental plantings indicate that it could be grown in the South, especially in
sandy loam soils.
Changes in the supply and in the demand for the
various fats and oils cause them to be used in varying
amounts and for different purposes from year to year.
T}^phoons in the Philippines may decrease coconut-oil
imports in the United States and make a more favorable
market for African and East Indian palm-kernel oil and
for South American babassu and cohune oils; tax legislation that increases the cost of drying oils from the
Orient enlarges the use of Argentine oilseed; and whaling
ventures, in boats flying the American flag, that bring
in duty-free and tax-free cargoes of whale oil to compete
with domestic inedible tallow, all tend to change and
modify the demand and supply of the various oils and
fats.
The producers of the myriad products of fats and oils
look to all markets of the world for their essential needs.
Interruptions in trade, resulting from increased tariff
barriers, war, droughts, shipping strikes, or self-sufficiency programs, usually result in changes in the direction of the movements of goods from one country to
another and from one industry to another. But the
basic need for these products is great, and the search
continues.
NEW OR REVISED SERIES
Table 56. CAPITAL FLOTATIONS l
[ r l o u s a n d s of dollars]
Refunding
New capital
i
Total
(new i
capital
and refunding)
Year and month
Corporate
Total
279,478
231, 335
491,305
663,133
1921: September
November
1992* January
June
397, 094
365,183
Total
Monthly average.
1923* August
183,374
212, 869
385, 889
486, 000
467, 210
555, 446
409, 327
487, 318
315,091
375, 483
195, 739
253,365
134, 954
191,980
5, 239, 516
436, 626
4, 314,122
359,510
3, 635, 888
302, 991
2, 214, 813
184,568
1, 540, 361
128, 363
39, 991
46, 548
30, 740
24, 463
i
826,821
625, 768
39,108
46, 208
749, 644
595, 995
888,902
719,002
469, 880
23,160
i
94 661
.__
Government
Loner term Com- Total
bonds and mon
stocks
notes
i
ll
1928' July
December
611 083
387, 459
|i
i
1933: April.
June _
September
November _
December
46,441
223, 928
95, 005
1
|
j
I
I
II
2 322
75, 717
i
Total
.
Monthly average
1 053 712
87, 809
1936: March
Total
Monthly average
1937: February.
March
April
May
July
November
39, 991
46, 548
232,105
1927: July
1930* January
February
Total
44,609
56, 625
72, 899
28, 370
149,773
144, 580
242,440
299, 341
178, 366
190,189
325, 576
361,150
Total
Common
stocks
Long term
bonds and
notes
Foreign
Corporate
Total
Total
Total
1919: February
M«iy
July
October
Domestic
Domestic
1!
_
Total
Monthly average
344 197
28, 683
766,921
639, 377
6, 254, 335
521,195
4.281,001
356,750
559,475
383, 712
316, 885
265, 441
341, 045
136, 559
369, 704
270, 704
240, 021
158,305
123, 305
86, 628
149,136
247, 636
95, 027
149,136
247, 636
95, 027
77, 111
81, 745
26, 942
3,960, 484
330, 040
2, 085, 001
173, 750
2, 077, 951
173,163
1,193, 719
99, 477
186, 740
186, 740
I
155, 021
22, 589
139, 243
46, 326
39,990
60,000
5,000
01, 600
5,133
13, 044
i
1J
23, 583
3, 842
...
743, 515
61, 960
201, 058 1, 875, 482
16, 755
156, 290
1, 654,907
137,909
1,199, 320
99, 943
801, 589
66, 799
86, 837
7,236
i These data represent revisions in certain of the items on capital flotations as presented in table 55, pp. 14-21 of the February 1938 Survey. To a large extent, the revisions
result from adjustment of the figures on corporate issues to the details by type of borrower, which will be presented in the May issue of the Survey. Also included in the
above tabulation are a few revisions due to typographical errors and transpositions. Other revisions: Foreign government, new capital, September 1936, "0;" municipal, State,
etc., August 1922, $63,233,000.
22
SURVEY OF CURRENT BUSINESS
April 1938
Monthly Business Statistics
The following table represents a continuation of the statistical series published in the 1936 Supplement to
the Survey of Current Business. That volume contains monthly data for the years 1932 to 1935, inclusive, and
monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series,
and references to sources of monthly figures prior to 1932. The 1936 supplement may be secured from the
Superintendent of Documents, Government Printing Office, Washington, D. C , for 35 cents per copy.
A few series have been added or revised since the 1936 Supplement went to press. These are indicated by
an asterisk (*) for the added series and by a dagger (f) for the revised series, A brief footnote accompanying
each of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variation. Data subsequent to February will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1937
Febru- I March
ary |
April
May
June
July
1938
August | S
»
| October | ^
|^
|
^
BUSINESS INDEXES
INCOME PAYMENTS*
Adjusted index—
1929=100
Unadjusted index
do
Total
mills, of dol._
Compensation of employees:
Adjusted index
1929=100
Total
mills, 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
mills, of dol._
INDUSTRIAL PRODUCTION
(Federal Reserve)
Combined index, unadjusted
1923-25=100..
Manufactures, unadjusted
do
Automobiles
do
Cement
do
Glass, plate
do
Iron and steel
_,.do
Leather and products!
do
Petroleum refining
do
Rubber tires and tubes
do
Slaughtering and meat packing*
do
Textiles
do
Tobacco manufactures
do..-.
Minerals, unadjusted!
do
Anthracite!
do
Bituminous coal
do
Iron-ore shipments
do
Lead
do....
Silver
_'
I
-"."IllllllllllllllllldoIIII
80.8
74.5
4, 857
85. 5
78.7
5,131
' 87.6
85.9
'87.1
87.5
5,707
' 87.6
82.9
5, 407
'87.8
91.3
5,951
'88.1
88.5
5,766
82.7
5,391
'87.2
90. 6
5,909
'86.4
90.8
5, 917
' 85. 0
81.3
' 5, 299
r
S3. 8
' 96. 9
'6,315
'81.5
'81.1
' 5, 284
81.6
3,417
1, 063
360
641
1,209
144
437
87.6
3,675
1,282
379
639
1,196
179
454
89.2
3,781
1,337
405
648
1,212
179
748
89.0
3, 835
1,365
401
655
1,237
177
817
00.1
3, 890
1, 377
409
665
1, 261
178
467
89.9
3, 895
1,366
412
669
1,281
167
89.7
3, 763
1,348
416
664
1,191
144
876
90.1
3, 789
1,384
423
666
1, 183
133
459
88.8
3,843
1,356
419
672
1, 268
128
898
' 87. 8
3,887
1,358
422
680
1,296
131
819
86.2
' 3, 726
' 1, 247
399
676
' 1. 271
133
444
r
8i. 6
' 3, 650
'1,171
388
695
' 1, 202
134
1,546
' 82. 2
' 3, 426
1,055
'371
647
' 1,212
r 141
1,003
1,002
1,071
1,055
1,050
1,065
1,127
1,143
1,168
1,211
r 79
117
118
120
51
244
135
137
194
133
85
134
153
111
54
103
122
122
140
67
241
142
136
190
132
84
132
146
118
67
112
122
125
158
85
265
144
129
195
133
83
127
145
105
101
61
165
102
89
116
116
120
85
244
129
134
194
133
86
126
168
115
50
98
77
171
102
113
118
117
121
93
229
126
132
190
132
89
128
153
128
81
112
84
174
104
114
118
118
130
87
241
130
131
195
133
33
124
158
115
97
72
122
123
163
92
234
146
122
200
132
74
123
157
117
63
70
238
75
177
98
117
118
118
135
78
223
134
133
200
132
76
123
155
116
63
80
159
76
176
101
116
115
114
147
91
234
119
114
201
123
76
119
164
117
65
72
240
72
175
105
111
114
114
130
74
260
119
119
202
123
77
126
150
114
74
80
122
70
172
107
115
111
110
132
92
185
130
114
206
102
67
103
178
115
38
72
245
79
177
126
104
114
114
129
75
206
140
115
206
102
70
111
164
112
47
79
121
82
174
148
112
115
114
116
94
216
139
121
207
95
70
108
170
120
37
77
257
79
184
138
103
117
118
157
73
216
142
109
207
95
78
115
159
112
37
78
126
82
181
139
110
109
106
53
92
199
123
113
216
108
83
107
179
125
53
92
218
73
182
111
110
111
110
135
73
199
125
98
216
108
87
108
162
115
52
86
113
77
177
116
116
102
99
100
90
179
98
97
218
94
89
93
167
122
70
92
156
84
177
90
112
102
101
142
79
179
100
89
217
94
89
91
155
113
55
83
91
81
176
91
115
90
86
111
76 i
151 |
63 !
78
212
75
95
83
158
112
67
87
34
82
172
128
108
88
85
92
76
151
68
81
211
75
86
80
155
109
65
78
40
79
174
119
108
86
77
125
56
84
273
95
15
65
200
69
00
79
102
72
72
194
101
95
74
136
47
123
77
89
78
67
64
169
288
88
96
103
129
79
84
81
73
43
180
317
114
83
110
115
85
78
79
113
52
145
234
73
99
76
P76
62
34
35
53
» 102
56
85
143
f 97
P56
69
v 1G5
•'-«•
Zinc
do
Combined index, adjusted
do
Manufactures, adjusted
.do
Automobiles
..do
Cement
do
35
Glass, plate
do
50
Iron and steel
do
' 100
Leather and products!
do
Petroleum refining-..
do
56
Rubber tires and tubes
do
86
Slaughtering and meat packing*
do
Textiles
do
157
Tobacco manufactures
do
v 101
Minerals, adjusted!
do
Anthracite!
_
do
»53
Bituminous coal
do
Iron-ore shipments
do
75
Lead
do
67
70
85
173
*>168
168
174
Petroleum, crude
_..do
93
94
103
Silver
_.
do
107
83
110
Zinc
___
_
....do
90
MARKETINGS
Agricultural products (quantity):
72
66
64
66
Combined index
1923-25=100._
92
79
81
87
Animal products
.do
87
90
149
113
Dairy products
do
69
65
65
63
Livestock
do
106
123
112
131
Poultry and eggs
_
do
58
81
176
311
Wool
_
.do—.
54
47
45
51
Crops.. _
_
do
58
43
28
25
Cotton
_
do
74
67
79
59
Fruits
do
30
31
32
50
Grains
do
89
85
129
Vegetables
_
_
do
103
r
'Preliminary. Revised.
* New series. For data on slaughtering and meat packing for period 1919-37, see table 42 p. 20, of the October
description of the series appeared on pp. 7-13 of the February 1938 Survey.
! Revised series. D&ta revised for 1936; see p. 22 of the March 1937 issue.
1,129 j
1, lly
94
56
108
43
73
202
66
101
72
138
107 i
68
788
r
1, 070
65
36
62
50
87
200
66
107
'•78
150
103
72
'72
SS
171
105
110
84
79
78
71
108
49
86
201
66
86
77
170
114
69
70
170
97
103
' 80
76
65
59
62
52
94
200
66
92
75
157
108
'66
'65
.Si
69
177
96
98
104 I
108 !
79
82
71
102
32
r
100
«• 1 4 2
'77
'74
r
71
89
76
69
43
83
95
74
73
86
1937 issue. Data on income payments for period 1929-37 and a
23
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
BUSINESS INDEXES—Continued
M ARKETIN GS -Continued
Agricultural products, cash income from farm
marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100Adjusted
.do
Crops
do
Livestock and products.
do
Dairy products
„-_ - d o —
Meat animals
do
Poultry and eggs
_
do
54.0
62.5
49.0
76.5
95.5
75.0
54.0
59.5
70.5
63.0
78.5
84.5
83.0
59.5
70.5
81.5
74.5
88.5
90.5
89.5
85.5
69.0
89.0
88.5
90,0
88.0
91.0
86.0
68.0
78.0
74.5
81.5
88.5
75.0
80.0
71.5
84.5
85.5
83.0
85.5
82.0
78.5
87.5
94.5
108.0
80.0
85.5
77.5
78.0
90.5
85.0
86.0
84.5
86.0
86.0
77.5
96.5
81.0
72.0
90.5
88.0
94.0
89.5
107.5
77.5
66.5
89.5
91.0
89.5
91.5
84.5
73.5
58.5
88.5
95.0
84.0
94.0
80.0
72.5
61.5
84.0
100.0
80. 0
71.0
157
123
189
80
136
95
92
182
110
131
115
310
120
110
153
110
109
61
101
127
84
104
83
195
111
110
154
103
109
73
103
111
78
85
80
174
101
107
148
98
110
47
105
98
75
70
70
154
107
144
93
112
48
105
93
75
70
83
136
108
141
97
117
57
104
91
74
78
93
121
106
107
141
94
120
50
97
104
73
120
105
108
111
109
143
90
122
68
97
112
81
126
118
117
130
109
149
78
126
82
97
146
108
135
111
191
149
113
153
73
132
106
94
175
124
145
117
260
162
114
159
68
137
92
91
196
129
158
132
305
162
115
164
71
139
58
89
197
124
154
132
315
'162
'122
' 180
'77
' 132
99
'93
' 192
'117
' 147
118
314
183
429
171
240
188
178
HO
95
119
182
457
164
244
187
177
99
97
116
174
460
160
235
184
163
90
98
102
169
466
155
225
192
163
94
93
166
445
148
239
190
166
94
87
81
'•170
'432
144
242
188
168
88
100
109
'172
'420
148
249
190
156
93
101
120
190
421
179
254
186
197
92
93
124
187
441
182
'258
179
180
99
93
115
187
274
178
183
111
92
119
194
-•296
176
192
116
101
120
205
300
166
197
119
91
114
71.5
69.5
54.5
85.0
103.0
83.5
66.5
COMMODITY STOCKS
Domestic stocks, (quantity):
Combined index
1923-25=100..
Manufactured goods..
do—
Chemicals and allied products
do
Food products
_
do
Forest products
do
Paper, newsprint.do
Rubber products.
do—
Raw materials
,
do
Chemicals and allied products. _,,_-do
Foodstuffs
_~do—_.
Metals
_do
Textile materials
.
do
World stocks of foodstuffs and raw materials:
Combined index (quantity) f
1923-25=100..
Coffee, adjustedf do—
Cotton, adjusted f
..do
Rubber, adjusted!
do
Silk, adjusted!___
do....
Sugar, adjustedf
-do
Tea, adjusted!
do
Tin, unadjusted!
do—
Wheat, adjusted!
do
211
311
168
88
COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
Combined index
Clothing.
Food
Fuel and light
Housing
Sundries
1923=100.
do
do...
do
do
do...
_
86.7
76.0
80.1
86.3
87.8
97.5
87.2
75.0
86.3
86.5
82.8
96.1
87.9
75.9
87.2
86.1
84.2
96.4
88.3
76.2
87.4
85.0
85.2
96.6
88.8
76.7
88,4
83.7
86.1
88.9
76.9
88. 2
83.7
86.6
88.9
76.9
87.7
84.1
87.1
89.0
77.8
87.3
84.4
87.8
97.0
89.4
78.5
87.6
85.0
88.6
97.1
89.5
78.7
86.7
85.4
89.2
97.9
89.0
78.3
85.4
85.8
89.1
97.8
88.6
77.7
84.4
86.1
88.7
97.8
87.5
76.7
82.0
86.3
88.2
97.6
97
94
68
121
68
89
110
121
127
101
108
126
127
146
126
143
147
128
102
116
125
133
145
129
131
140
130
104
117
120
142
154
130
127
139
128
96
112
116
152
149
133
139
133
124
95
107
113
157
139
137
124
119
125
102
106
116
145
139
144
96
113
123
109
90
119
123
119
151
104
128
118
119
74
123
121
111
144
117
115
112
127
67
128
99
93
136
130
113
107
135
65
132
88
85
120
124
112
104
127
64
136
76
86
111
112
118
102
113
66
128
70
91
110
101
114
78.4
84.5
85.4
85.6
86.5
75.9
86.4
86.3
85.9
85.5
78.2
88.5
85.8
84.9
83.6
80.3
90.1
82.6
80.3
91.2
93.7
94.5
95.2
95.6
96.0
96.3
96.6
96.3
95.7
94.5
93.2
92.4
96.8
90.7
92.2
94.6
86.1
95.1
89.0
92.5
94.0
87.6
95.3
89.4
93.0
94.7
88.2
95.7
89.9
93.4
95.3
88.6
95.8
90.1
93.6
96.3
88.9
98.0
90.4
94.1
96.8
89.2
96.4
90.7
94.8
97.4
89.2
91.4
95.1
9S.1
89.2
97.1
91.5
95.2
98.1
89.2
97.2
91.4
95.1
97.9
89.2
97.2
91.4
94.4
97.4
88.2
97.2
91.1
93.5
96.3
87.1
97.2
90.9
92.9
95.3
87.0
PRICES RECEIVED BY FARMERS
(17. S. Department of Agriculture) §
Combined index....
Chickens and eggs
Cotton and cottonseed
Dairy products
Fruits
Grains
Meat animals..
Truck crops
Miscellaneous
._
1909-14=100.
.
do__.
..do-..
do__.
-_do._.
do
do...
do...
do...
RETAIL PRICES
U. S. Department of Labor indexes:
Coal:
Anthracite!
1923-25=100.
Bituminous*
do
Food !_
_.
do...
Fairchild's index:
Combined index.
..Dec. 1930=100.
Apparel:
Infants' wear
-do
Men's..
._do._.
Women's
..do
Home furnishings
do._.
Piece goods
do...
84.3
WHOLESALE PRICES
U.S. Department of Labor indexes: A
86.3
87.4
Combined index (813)
1926=100._
79.8
87.8
87.2
88.0
87.4
87.9
87.5
81.7
85.4
83.3
80.9
Economic classes:
85.4
Finished products
-__.
_.do
83.3
86.4
87.4
87.5
87.7
89.1
89.0
84.3
88.1
86.7
85.3
88.3
73.6
90.1
88.7
87.1
86.1
Raw materials
do
86.5
84.4
74.9
84.8
77.2
75.4
80.7
76.1
85.5
89.6
87.5
86.8
Semimanufactures
do.
89.5
76.9
87.0
85.3
79.8
77.7
86.6
82.5
69.8
94.1
91.4
89.8
88.5
Farm products
....
do
71.6
92.2
75.7
72.8
89.3
85.9
86.4
80.4
73.0
113.2
113.9
105.7
111.6
75.0
Grains
do.
69.2
71.5
119.2
105.2
91.9
92.0
77.0
78.1
93.7
95.9
98.3
78.5
Livestock and poultry
..do.
89.9
86.2
78.4
93.6
105.0
106.7
108.2
98.5
' Revised.
•New series. For bituminous coal, retail price index, data beginning 1929 appeared in table 44, p. 20 of the October 1937 Survey.
!Revised Series. Retail prices of anthracite for period 1929-37, see table 44, p. 20, of the October 1937 issue; retail food prices, for period 1923-36 see table 9, p. 20, of
the February 1937 issue. World stocks of foodstuffs and raw materials revised for period 1920-37, see table 19, pp. 17 and 18, of the May 1937 issue; revisions shown on p.
23 of the November 1937 issue were occasioned by recomputation of seasonal adjustment factors for 1936 and 1937. Revisions not shown on p. 23 of the Nov. 1937 issue will
appear in a subsequent Survey.
§ Data for Mar. 15,1938: Total 96, chickens and eggs 93, cotton and cottonseed 70, dairy products 117, fruits 69, grains 85, meat animals 117, truck crops 107, miscellaneous 89.
A Effective January 1938 the number of quotations was increased from 784 to 813.
24
SURVEY OF CURRENT BUSINESS
1937
1938
February
April 1938
February
March
April
May
June
July
1938
SeptemNovem- Decem- JanuOctober ber
August ber
ber
ary
COMMODITY PRICES—Continued
WHOLESALE P R I C E S - C o n t i n u e d
U.S. Department of Labor indexes—Contd.
Foods
_
1926«100Dairy products
do
Fruits and vegetables
do
Meats
do
Commodities other than farm products and
foods
1926=100..
Building materials
do
Brick and tile
do
Cement
do
Lumber
do
Chemicals and drugs
_do
Chemicals
do
Drugs and Pharmaceuticals
do
Fertilizer materials.
do
Fuel and lighting materials
do
Electricity..
_
_do
Gas
_
do
Petroleum products
do
Hides and leather products..«.
do
Shoes
„
do
Hides and skins
__do
Leather
...do
House-furnishing goods-.
do
Furniture
do
Furnishings
do
Metals and metal products....
do
Iron and steel
do
Metals, nonferrous
do
Plumbing and heating equipment
1926=100TextJle products
do
Clothing,
_
„_
do
Cotton goods
do
Hosiery and underwear^do
Silk and rayon
do
Woolen and worsted goods
.do
Miscellaneous
__do
Automobile tires and t u b e s . .
_do
Paper and pulp
do
Other wholesale price indexes:
Bradstreet's (96).
do
Dun's (300)
do
World prices, foodstuffs and raw materials,
Combined index
1923-25=100..
Coffee
do
Cotton
do
Rubber
_
do
Silk.
_
d o Sugar.
._.
_
...do
Tea
___
,
_
do
Tin
do....
Wheat
.
d o Wholesale prices, actual. (See under respective commodities.)
PURCHASING POWER O F T H E
DOLLAR
Wholesale prices..,
1923-25=100..
Retail food prices f
„
do
Price received by farmers
do
Cost of living t
do . . .
73.5
78.3
56.8
78.4
87.0
88.7
87.8
90.3
87.5
90.2
86.5
92.0
85.5
78.6
83.5
94.9
84.2
73.1
84.1
95.9
84.7
72.0
84.5
98.0
86.2
76.4
71.2
106.0
86.7
79.7
65.3
112.1
88.0
84.8
64.0
113.4
85.6
85.7
62.2
107.4
83.1
89.2
61.5
98.3
79.8
90.2
57.8
88.8
76.3
83.3
56.7
82.6
83.0
91.1
91.5
95.5
91.0
79.1
83.6
73.9
72.3
78.5
85.5
95.9
91.8
95.5
102.1
87.5
95.3
83.0
70.3
76.2
77.8
79.8
58.6
104.2
102.3
118.5
97.1
88.4
85.0
91.7
96.0
97.5
101.1
86.5
96.7
94.9
95.5
103.0
86.9
94.2
82.9
70.7
76.8
77.1
80.7
59.8
106.3
103.8
121. 4
100.7
89.0
85.8
92.1
96.5
99.6
97.0
86.3
97.2
95.0
95.5
103.0
84,5
91.1
79.2
70.6
77.2
78.8
83. 0
60.9
106.7
106.1
117.7
100.6
89.3
86.1
92.5
95.8
99.6
91.7
86.1
96.9
95.0
95.5
102.2
83.6
90.1
78.0
70.5
77.5
79.5
84.2
61.5
106.4
107.5
114.6
98.8
89.5
88.6
92.5
95.9
99.7
91.9
86.3
96.7
95.4
95.5
101. 3
83.9
89.9
78.2
71.3
78.1
80.0
84.0
61.8
106.7
107.4
116.2
98.7
89.7
86.8
92.6
96.1
99.8
92.7
86.1
96.3
95.5
95,5
99.5
82.2
87.0
78.2
71.7
78.4
79.4
82.6
62.0
108.1
107.4
122.1
100.0
91.1
87.1
95.0
97.0
99.9
93.3
85.9
96.2
95.0
95.5
99.0
81.4
85.7
78.3
71.8
78.7
80.5
84.0
62.2
107.6
107.5
120.7
98.9
91.1
87.1
94.9
97.1
99.8
92.6
85.1
95.4
93.4
95.5
97.3
81.2
85.3
78.3
72.5
78.5
81.0
83.6
61.7
106.7
107.6
117.1
97.2
91.0
87.1
94.9
96.4
99.7
85.5
84.3
93.7
92.9
95.5
94.8
80.2
84.2
76.8
71.9
78.2
83.1
83.1
60. 6
101.4
106.9
94.6
92.7
90.4
86.0
94.8
96.8
99.3
78.5
83.6
92.5
92.0
95.5
93.8
79.5
83.5
75.1
72.0
78.4
83.1
81.3
59.5
97.7
105.6
85.5
86.9
89.7
85.9
93.5
96.3
99.0
75.1
83.5
91.8
91.8
95. 5
92.6
79.6
84.1
74.0
72.1
78.3
58.0
94.7
104. 6
74.6
84.4
88.0
83.7
92.2
96.0
99.3
72.1
84.1
93.3
91.0
95.5
99.0
87.8
95.6
83.0
70.7
76.8
80.8
80.7
59.1
102.7
101.4
114.9
95.5
87.9
84.5
91.2
91.7
92.0
89.4
81.8
58.8
9G. 7
104.7
82.3
86.6
88.3
83.7
92.8
96.6
99.6
75.0
79.6
68.6
85.8
67.6
60.9
28.5
81.0
74.8
57.4
89.7
77.4
77.5
84.2
91.3
64.7
33.7
93.1
77.3
53.1
87.5
77.6
78.3
84.8
94.0
64.9
33.6
92.6
79.5
55.0
90.2
78.7
79.5
88.8
95.1
65.9
33.8
93.5
81.1
56.4
93.9
78.7
78.7
87.2
92.6
65.7
32.5
93.3
80.5
56.4
94.6
78.7
78.2
89.1
89.7
64.6
32.5
93.2
79.4
56.4
95.0
78.7
78.3
90.1
86.8
64.8
33.9
94.4
79.0
56.4
94.2
78,8
77.1
90.0
82. 2
65.7
32.9
93.9
77.3
56.4
94.1
80.6
75.3
89.7
76.8
66.5
32.4
92.4
77.0
56.4
93.4
80.6
73.5
89.4
73.1
65.8
30.6
90.1
76.2
56.4
92.4
79.6
71.2
87.3
70.5
64.2
30.1
85.1
75.4
57.4
90.4
79.6
70.1
86.7
68.7
63.4
29.4
83.5
75.0
57.4
89.8
79.6
69.7
86.3
68.2
63. 0
28. 9
83.8
75.2
57. 4
90.0
0)
0)
87.8
108,8
91.4
109.0
89.1
108.7
87.7
106.8
87.2
107.3
86.6
102.8
84.8
102.2
84.0
102.7
80.1
97.3
75.6
93.8
0)
0)
0)
0)
50.4
40.0
32.7
34.2
22.2
56.1
77.4
82.1
82.5
60.3
58. 3
48.2
49.9
27.8
66.3
74.0
103.3
79.5
64.2
55.4
53. 3
56.4
28.1
64.6
78.0
124. 8
86.5
65.2
55.4
52.6
54.8
27.6
63.8
80.7
117.4
95.3
62.0
57.8
48.9
49.4
25.8
62.3
81.6
110.7
59.8
57.8
46.7
45.2
25.5
62.6
76.4
111.1
84.8
61.3
57.3
45.6
44.3
27.1
64.1
77.9
118.0
91.0
58.3
56.4
37.9
43.1
26.2
66.1
83.9
118.2
85.7
56.2
56.4
33.1
43.6
25.9
62.1
86.4
116.6
86.5
53.5
56.9
30.9
38.4
24.0
56.6
84.4
102.4
87.2
51.7
46.5
29.4
34.2
23.0
60.4
79.1
86.1
86.3
51.8
43.5
30.5
35.4
22.0
58. 1
73.8
85.2
89.2
49.2
42.5
31.6
'34.4
21.9
57. 6
75.5
82.6
75.8
126.2
127.6
151. 5
117. 2
116.7
118.3
115.7
116.7
114.7
117.1
114.8
IIP. 7
114.4
116.8
113.1
115.2
115.2
115. 6
114.8
114.fi
115.5
115.9
118.5
114.4
114.6
116.4
117.6
114 4
115.1
117.0
119.5
114.3
115.2
116.6
124. 5
113.8
117.9
117.8
131.2
113.6
120.8
119.6
137. 4
114.3
123. 3
121.1
141. 4
114.8
124.5
124.5
144.1
116.3
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION CONTRACTS
AWARDED
Value of contracts awarded (Federal Reserve
indexes):
50
49
Total, unadjusted
1923-25=100..
43
40
31
25
Residential, unadjusted..
do
22
56
62
Total, adjusted
do
••52
32
30
Residential, adjusted
do
26
F . W . Dodge Corporation (37 States):
By ownership:*
92,889 115,053 120, 842
79, 623
69,382
92, 585 137, 458 130, 776 107,530
77,838
Public
thous. of dol—
66,355
74,164
51,147
94,399
74, 630
Private
do
67,891 118,875 164,891 195, 770 151, 528 180,384 190,826 177, 574 127,449 124,243 105, 512
By type of project:
Total, all t y p e s : !
9,912
12,990
7, 925
12, 649
12,132
13, 239
8, 504
9, 261
11,839
16, 685
13, 756
13,884
Projects
number..
16,162
r
Valuation
thous. of dol— 119,038 188,257 231, 246 269, 934 244,113 317,842 321,603 285,104 207,072 202,081 198,402 209, 453 195, 472
Nonresidential buildings:
3,574
2,872
2, ,536
3,729
2,303
3,741
3,225
3,296
3,307
3,566
2,466
3,385
2,930
Projects
number..
21,154
13,690
16, 6-13
24, 512
14,494
13, 568
8, 435
16, 710
21, 794
9,637
10,861 ' 16,673
18,462
Floor space
thous. of sq. ft—
75,012
77, 055 101, 208 57, 448
93, 433 124, 837 138, 064 117,210
65,186
89, 228
96,179
75, 660
Valuation
thous. of dol— 78, 533
Public utilities:
295
265
241
275
229
274
255
181
118
188
309
138
155
Projects
number „
31,343
17,682
17, 426
49, 992
12, 949
31,245
48, 451
5,149
19,300
20,985
10, 763
29,863
15, 602
Valuation
thous. of dol._
Public works:
1,386
763
411
847
574
1,069
1, 221
1,307
1,058
620
1,099
1,183
600
Projects
number..
63,103
47,082
45, 982
43,983
32, 550
52,873
53, 366
55, 980
28,823
44, 757
52, 501
70, 084
Valuation
thous. of dol— 25, 333
Residential buildings, all types:
7,735
5,938
4,365
8,014
9,274
7,817
6, 266
8,317
12, 525
11, 081
8,826
7,493
5,300
Projects.
number__
18,920
15,165
20, 580
10,855
23. 038
23, 845
17,028
16, 306
9,356
17, 738
24, 244
29, 483
Floor space
thous. of sq. ft— 10, 350
73,448
81,046
59,938
83, 937
43,480
93,078
65,485
36, 207
65, 590
63,003
90,168 108,013
Valuation
thous. of dol_. 40,023
Engineering construction:
Contract awards (Engineering News Record) ^
thous. of dol— 210, 801 189,197 156, 788 216,955 235. 012 274, 399 260,001 170,068 210, 511 187, 001 165, 581 199,033 1 190,186
r
Revised.
Discontinued
b. „y the
...
. reporting
. _ source.
1 Data for April, July, September, and December 1937 are for 5 weeks; other months, 4 weeks.
• New series. For data on the value of contracts awarded classified as to ownership, see table 29, p . 18 of the August 1937 Survey.
t Revised series. For data on purchasing power of the dollar, cost of living for period 1914-36 and retail food prices, for period 1923-36, see tables 5 and 6, p . 19 of the
February 1937 issue. For construction contracts awarded in 1936, by type of project, see table 28. p 18. of the August 1937 issue; classifications changed beginning Jan. 1938,
http://fraser.stlouisfed.org/
but comparability of series is not seriously affected.
• Title changed from "knit goods" in this issue.
Federal Reserve Bank of St. Louis
25
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the P'ebru1936 Supplement to the Survey.
ary
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
Total
thous. of sq. yd.
Roads only
do
Highways and grade crossing projects administered by Bureau of Public Roads:
Highways:
Approved for construction:
Mileage
number of miles.
Allotments: total
thous. of dol.
Regular Federal aid
...do
1934-35 Public Works funds
do___.
Works Program funds
do
Under construction:
Mileage.-.
_
..number of miles
Allotments: Total..
__thous. of dol
Regular Federal aid
do
Public Works Program:
1934-35 funds
do...
Federal aid...
do
Works Program funds
do...
Estimated total cost
.do...
Orade crossings:
Approved for construction:
Eliminated and reconstructed •_ number.
Protected by signals*
do
Works Program funds alloted
tbous. of dol.
Estimated total cost
do..Under construction:
Eliminated and re constructed •_ number.
Protected by signals*
do
Works Program fund* allotted
thous. of dol.
Estimated, total cost
do
1,231
741
2,371
1,456
3,352
2,564
4,340
3,155
6,639
5,495
6,575
4,861
5,187
3,562
5,783
4,216
6,059
4,499
3,295
2,403
3,170
2,320
4,023
2, 303
2, 376
1,836
3,178
41,407
37,139
1, 997
2,271
2,993
44, 472
34, 247
2,902
7,323
3,323
46, 743
36,315
2,883
7,545
3,426
46, 724
35,297
3,108
8,319
4,482
48,189
38, 550
2,436
7,203
3,582
49,263
39,418
2,596
7,249
3,142
43,417
34, 885
2,266
6,267
2,986
40,606
32, 861
2.754
4,990
2,746
39, 849
33, 404
2,343
4,102
2, 572
39.112
33, 704
2,230
3,179
2,751
39, 781
34,947
2,238
2,596
2, 952
41, 683
36,775
2, 368
2, 540
3, 042
42, 149
37, 768
2 232
2, 150
6, 253
106, 429
85, 540
7,923
136,039
69,809
8,041
139, 683
76,168
8,278
144, 531
85,155
8,896
149, 535
92,071
9,215
152,050
8.970
148, 745
101,062
8,583
143,603
102. 524
8,135
137, 562
99, 913
7,478
127,418
95, 667
6, 726
117, 105
89, 320
5, 884
103,717
80,400
5, 852
101,411
80,346
5, 925
0
14, 964
193, 560
12, 491
0
53, 738
205,239
12, 540
0
50, 975
214, 697
11,842
0
47. 534
228,204
12,075
0
45, 389
239,730
10.910
0
42, 172
248,187
9,959
0
37, 724
253,914
9,229
0
31,850
250,171
8,720
0
28,929
238, 739
8,171
0
23, 580
224, 670
7,434
0
20, 352
207, 597
6, 435
0
16,882
186,914
5, 765
0
15, 300
183,510
159
400
157
419
150
142
397
132
393
167
360
164
350
154
356
165
417
146
393
156
518
158
487
154
430
11,392
11,928
13, 526
14,049
12,842
13, 257
13, 381
14.079
13, 484
14,321
15, 730
16,881
12, 323
13,374
11.761
12,697
12, 713
13, 291
10,883
11, 430
10,731
11,453
10,443
11, 186
10, 433
11, 177
393
388
1,014
309
341
935
345
873
346
824
375
704
363
650
368
581
357
502
373
459
408
405
410
395
392
44. 748
46, 398
100. 593
102,853
98,464
100,718
95,690
98,004
92,211
94, 452
87. 677
90.671
79,110
82. 229
71,167
74,123
63. 600
65, 526
56, 801
58, 527
52, 417
54, 111
47, 356
48,973
45, 930
47, 475
183
174
203
178
181
182
201
184
185
185
185
184
184
196
184
191
184
184
186
186
192
191
191
191
191
191
191
191
243. 4
123.5
225.3
230.3
233.3
238.2
241.8
243. 0
244.0
244.6
245.0
245. 0
243. 9
96.0
127.4
114.8
118.8
88.1
110. 1
108.4
109.8
9L8
111.3
109.4
110.6
93.3
111.5
109.7
113.0
93.2
111. 7
109.7
113.0
94.3
121 8
110.7
114.4
93.8
126.2
110.7
114.3
94.1
126.5
117.4
114.5
94.3
127.3
117.6
115.0
94.2
126.7
113.6
114.8
94.2
126.6
113.6
114.7
93. 7
126. 2
114.2
114.7
93. 7
126.3
114.6
116.2
98. 2
128. 7
118.8
122.8
90.5
112.0
113.0
112.9
95.3
113.3
113.8
113.5
95.8
113.4
114.0
117.1
95.7
113.6
114.0
117.1
96.7
122.2
114.8
118.8
96.4
127 6
114.8
118 7
127.8
120.4
118.8
96.8
128.5
120.5
119.3
96.7
128.2
119.4
119.2
96.7
128. 1
119.4
119. 1
96.4
127. 7
119. 0
118.9
96. 4
127.9
118.7
120.4
97.5
127.9
115. 4
121.3
89.2
112.2
108.8
112.8
94.0
113.9
110.7
114.4
94.8
114.8
111.6
117.6
94.6
115.1
111.6
117.5
95.4
120.5
113.1
118.8
94.7
126.4
113.1
118.6
949
126.6
117.5
118.6
95.1
127.6
117.5
119.4
94.8
126.8
114.2
119.2
94.8
126.6
114.2
119.0
94. 0
126. 1
114.8
118. 5
94.0
126.4
115. 1
119. 5
84.8
121.8
106. 3
108. 2
82.0
108.5
98 1
105.0
84.3
109.6
99.8
105.4
88.4
109.6
101.3
106.0
88.4
110.0
101.3
105 9
88.3
119.4
104.9
107.8
85.5
121.6
104.9
107 0
85.7
121.8
111.2
106.4
85.9
123.9
110.6
109.0
85.0
120.4
106.8
108.2
85.0
119.6
106.8
107.4
82.9
118.9
103. 4
106. 6
82.5
117. 1
104.9
105. 3
81.4
118.7
99. 5
103. 1
76.6
1035
92.2
97.2
78.1
104 9
94.0
97.6
82.7
104 9
95.8
98.0
82.7
105.0
95.8
97.9
82.3
115.0
96.4
99.2
79.2
116.2
96 4
98.3
79.4
116.4
104.9
97.6
79.6
118.4
104.2
100.6
78.4
114.3
97.3
78.4
113.5
97.3
98.7
76.4
113.2
93. 9
97. 6
76.4
113.3
97.7
98. 6
26, 473
28,655
29,319
21, 438
19, 525
19,812
19,767
19, 350
21,098
23,850
30, 173
27, 676
157
50.8
196
65.1
230
74.0
237
73.3
230
74.7
243
76 3
214
68.5
176
57.7
180
63.2
177
57.6
177
56.8
182
57. 3
1,334
1, 250
1,240
1,157
1,249
1,168
1,257
1,157
1,270
1,166
1,286
1,181
1,293
1,168
1,296
1,200
1,307
1,211
1,311
1,194
1,318
1,178
1, 328
1, 198
1,332
r 1, 250
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100.
American Appraisal Co. (all types) 1913=100Associated General Contractors (all types)
1913=100.
Engineering News Record (all types)§
1913=100.
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. 8. a?., 1926-29=100.
New York
do...
San Francisco
do...
St. Louis _
do...
Commercial and factory buildings:
Brick and concrete:
Atlanta
TJ. 8. av., 1926-29=100.
New York
do._.
San Francisco
_do._St. Louis
do...
Brick and steel:
Atlanta
do...
New York
..do...
San Francisco...
do_.
St. Louis
do..
Residences:
Brick:
Atlanta
do...
New York
do...
San Francisco
.do...
St. Louis
do
Frame:
Atlanta
do...
New York
do...
San Francisco
do
St. Louis
do...
REAL ESTATE
Fire losses..
thous. of dol.
Foreclosures:
Metropolitan cities*..
...1926=100.
Nonfarm real estate*
1934=100.
Loans of Federal agencies:
Federal Savings and Loan Associations:
Associations, total
number.
Associations reporting
do...
Total mortgage loans outstanding*
thous. of dol.
Federal Home Loan Bank:
Outstanding loans to member institution?
thous. of dol.
Home Owners' Loan Corp.:
Loans outstanding*
do
183
r
170
52. 9
850, 993
611, 212
630,680
644,068
679,949
703,996
718,927
746,958
769,117
773,208
776, 086
808, 546
843,626
187, 498
141.198
142,716
146,146
153, 488
167,054
169, 568
175,604
179, 508
184,038
187, 333
200,092
190, 535
!,348,025 2,698,611 2,661.542 2.625.493 2,591.115 2.556.401 ?,524.129 2.497,224 2,472,421 2,446,002 2,422,149 2,397,647 2,370,984
§Index as of Mar. 1,1938, is 243.4.
••Revised.
•New series. Data on number of grade crossing projects represent a breakdown of the total projects shown in the 1936 Supplement. For earlier data on the foreclosures
indexes, see table 18, p. 20 of the April 1937 issue. Total mortgage loans outstanding of Federal Savings and Loan Associations represent the combination of loans of "new
associations" and "converted associations" which were shown separately in the 1936 Supplement to the Survey. The Home Owners' Loan Corporation data are for loans
closed through June 12, 1936, when lending operations ceased, and for loans outstanding thereafter. For loans outstanding, data beginning September 1933 will be shown in
a subsequent issue. The June 1936 figure, which was $3,092,871,000, represented the total of all loans made during the full period of lending operations.
53995—38
4
26
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey
1937
1938
February
April 1938
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
Jaim-
BOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (adjusted for seasonal
variation):
Combined indexf....
1928-32 = 100..
Farm papers
do
Magazines
.do
Newspapers
„
do
Outdoor!
do
Radio
do
Radio advertising:*
Cost of facilities, total
thous. of dol..
Automotive
do
Clothing
.
do
Electric home equipment
do
Financial
do
Foods
do—
Home furnishings, etc
do
Soap, cleansers, etc
do
Office furnishings, supplies
do
Smoking materials
do
Drugs and toilet goods
do___.
All other
_.._do.._.
Magazine advertising:*
Cost, total
„._
do
Automotive
do
Clothing
do....
Electric home equipment
do
Financial
do—
Foods
.
do—
Home furnishings, etc
_ do
Soap, cleansers, etc.
do
Office furnishings, supplies
do
Smoking materials
....do
Drugs and toilet goods
do
Allother
do...
Lineage, total
„
thous. of lines.
Newspaper advertising:
Lineage, total (52 cities)
do
Classified
_
do___.
Display, total
do
Automotive
.
do...
Financial
_.
do...
General
.
do
Retail
____do
GOODS IN WAREHOUSES
Space occupied, merchandise in public warehouses
percent of total..
NEW INCORPORATIONS
Business incorporations (4 States)
number.
POSTAL BUSINESS
81.2
67.4
82.1
75.7
72.5
260.9
6, 435
813
23
64
48
2,076
599
0
687
1, 749
375
11,419
1, 125
411
239
484
1, 900
370
r
i9Q
182
680
2,472
2, 998
2, 144
88, 457
19, 187
09, 270
1, 493
15, 273
49, 892
1.787
91.9
76.7
94.3
88.3
68.5
234.8
94.1
72.0
97.8
90. 1
75.7
228.6
96.5
78.0
102.1
91.4
82.5
230.7
r 5, 792
r
940
25
65
'68
' 1, 646
r 14
r 443
0
r
439
* 1, 595
••557
12, 634
1,471
393
290
329
2,122
498
459
186
696
2,893
3,297
2,399
6,345
1,099
25
108
76
1, 728
10
517
0
510
1, 759
513
5,980
1,018
94.8
82.6
97.8
89.0
85.4
247.0
98.3
82.5
101.9
92.5
79.5
289. 4
96.2
86.4
101.9
88.8
84.4
298. 3
94.8
69. 7
103. 5
87.7
82.8
283.4
5, 876
1, 070
26
141
61
5,555
904
32
101
1,721
9
593
0
570
1,517
336
1,630
7
528
0
621
1,484
307
1, 508
4
560
0
616
1, 492
266
4, 761
683
27
97
68
1,337
0
454
0
558
1, 312
224
15, 537
2,019
770
610
397
2,164
901
414
245
732
3, 235
4,050
2, 762
r 17, 062
2,602
881
882
438
2,109
r
1. 100
403
r
202
691
4, 544
3, 206
17, 829
2,824
1,028
868
451
2,199
1, 230
580
315
724
3. 087
r
4, 523
3, 258
14, 605
2, 452
850
596
399
1, 789
832
461
188
689
2,782
3, 568
3,023
' 10. 689
2,134
279
253
290
1, 521
325
348
113
603
2,160
2,572
2, 235
103,092
20, 615
82,477
3.896
1,986
22,814
53, 781
126,134
24, 632
101, 502
5,413
2, 390
24,406
69, 292
131,052
25, 758
105, 294
6, 956
2,218
24,135
71,985
130,835
27,132
103,702
7, 462
1,807
24,019
70,414
121,784
25 798
95^ 986
7, 332
2, 065
22,
63,814 |
99, 206
22,614
76, 593
5, 903
1,992
17,160
51,538
62.4
64.8
65. 7
67. 9
69.1
68.8
69.7
2,228
2,608
2,417
2,122
2,171
1, 943
1,840
10
133
73
r
3,144
71
92.8
66.9
97.1
87.6
84.5
229.9
4, 971
692
26
34
36
1,441
0
522
0
567
1, 289
365
5, 993
981
29
35
69
1,727
0
529
0
594
1, 533
497
6,193
965
19
47
92
1, 724
16
557
12,821
1, 358
' 979
220
373
1, 460
16, 382
2, 128
1,153
15.972
2,658
880
437
442
2, 078
1, 034
449
'318
793
2, 810
r
4, 068
2, 989
4,807
735
32
78
52
1, 344
0
475
0
551
1,275
265
r 9, 725
1, 578
414
92
276
1, 385
257
353
157
60S
1, 964
r
2, 642
2,018
r
103, 699
23,710
79, 989
5. 371
1, 279
16,531
56. 808
r
91.3
80.6
102.4
84.3
77.5
244.7
95.0
79.0
99.1
89. 1
79.1
277. 0
r
383
374
825
2, 070
2,' 3S3
117, 256
23, 715
93, 541
4, 052
1, 302
19, 829
68, 357
71.0
95.6 |
93.3 |
98 9 I
89.0 |
87. 5 j
2G2. 1 I
"«s t
', i 1
T'.2
522
417
1,963
1. 318
425
279
782
2,899
4, 496
2, 852
134, 979
24, 869
110,111
23. 024
644
1, W8
431
6, 573
990
9
65
76
1, 906
21
582
0
087
1, 793
444
J 2, 955
1,511
600
508
3GG
1,813
670
263
G.!M1
15
74
02
2,199
(i
710
1, 90S
8, " ^2
l
372
101
1,391
2, 893
l.U'J
119,740 122, 295
21, 314
21. 738
98, 008 100. 9S2
6, 589
3, 723
1.519
1. 375
20,151
15,130
69, 892
80. CO 1
90, 024
70. 9
71.6
1,841
2, 000
2, 31."
J1, 7eo
51, 218
',017
2,173
Air mail:
Pound-mile performance
thousands.
,003,256 1,174,070 ,097,608 1,104,137 ,129,743 1,124,012 1,151,851 1,146,860
1,121,521 1,233,750
Amount transported
pounds..
1,538,470 ,799,916 ,665,256 1,690,041 1,729:836
0)
CO
0)
0)
(
0)
0)
Money orders:
Domestic, issued (50 cities):
4,214
Number
.
thousands.
4,265
4, 042
4, 030
4, 638
4, 269
4,055
4,046
4, 198
3, 925
3, 954
4,241
4, 598
41, 750
Value
thous. of dol.
44, 581
39, 735
38,383
41, 867
42, 147
40, 847
39,571
44 373
40,SG4
39, 700
41,875
Domestic, paid (50 cities):
14,665
13,918
14, 055
12, 928
Number
thousands.
15, 374
13,349
11, 932
11,826
12, 602
12,426
14,114
15, 8G5
13, 292
Value
.thous. of dol.
90,413 116,518 107, 985 103.410 108, 575 304, 192 102, 567 109,628 118,919 112,737 120,235
93,941
89, 070
2, 456
2, 601
2,607
Foreign, issued—value
do
2, 502
3,167
2,744
2, 684
2,348
2, 724 j
2,717
5, 708
Receipts, postal:
31,693
50 selected cities
thous. of dol.
29,843
29, 623
33, 763
26, 600
27, 046
27,754
31,129
26,287
27, 492
30,695
41,959
30, 042
50 industrial cities
do__.
3,453
3,292
3,312
3, 646
3,357
3,376
3, 670
3,262
3, 533
4,991
3,882
3,412
3, 519
RETAIL TRADE •
Automobiles:
New passenger automobile sales:
r
82.6
Unadjusted
1929-31 = 100.
53.6
134.3
85.5
146.5
141.3
144.6
122.9
50. 8
112.6
90.8
70. 1
r
127. 0
Adjusted
do—
74.0
102.5
139.5
123.5
104.0
99.0
104.5
65. 0
120.5
89.0
105^0
78.0
Chain-store sales:
Chain Store Age index:
Combined index (20 chains)
106.6
117.0
ay. same month 1929-31=100«
112.0
114.0
114.8
110.0
108.6
110.0
114.5
113.2
109. 0
111.5
100. 7
Apparel chains
__.do._108. 8
117.0
128.0
128.0
117.0
126.0
130.0
124.0
124.0
123.0
118.0
117.0
107. 6
Groeery chain-store sales:*
Unadjusted.
1929-31=100.
93.9
100.1
95.3
94.7
97.8
91.1
94.9
89.6
97.0
93.3
94.9
Adjusted
_ do...
93.4
97.4
99.1
93.9
93.0
94.4
96.6
94.2
93.3
94.9
Variety store sales:
Combined sales of 7 chains:
Unadjusted
_.do...
78.8
81.3
97.1
89.0
98.3
100.7
97.0
101.5
90.6
203. 5
102.7
71.6
104.5
Adjusted
____do_..
94.4
97.4
96.2
103.3
105.9
109.0
100.0
101.2
102.4
110.3
96.1
H. L. Green Co., Inc.:
Sales
thous. of dol.
2,638
1,780
2, 805
2,019
2,774
2,454
2,826
2,702
2,898
1,790
2,368
2, 705
5, 490
Stores operated._
_._
number.
137
131
136
136
136
136
136
136
137
135
131
138
136
S. S. Kresge Co.:
Sales
thous. of dol.
9,396
12, 097
9,843
12, 635
12, 650
11,199
13, 001
12, 349
13, 423
11,013
12, 531
9,022
24.145
Stores operated_number.
737
731
732
733
735
735
734
738
728
741
740
741
S. H. Kress & Co.:
Sales
thous. of dol.
5, 358
5,595
7,447
6,400
6,899
7,007
6, 559
6,931
7,114
6,797
7, 397
14,616
5,159
Stores operated
number.
234
235
235
235
234
234
235
235
234
234
233
235
234
McCrory Stores Corp.:
Sales
thous. of dol.
2, 641
2, 662
3,556
3,023
3,266
3,365
3,133
3,108
2,977
3, 333
2,476
3,306
6, 763
Stores operated
..number.
194
194
196
196
197
201
197
197
200
197
198
200
' 199
r
1
Revised.
Discontinued by the reporting source.
• New series. For radio advertising for period 1932-36, see table 38, p. 20 of the September 1937 Survey; for magazine advertising for period 1932-30, see tahlp 40. p. 18 of
the October 1937 issue. Subsequent revisions beginning Jan. 1936 not shown above will appear in the 1938 Supplement. For data on grocery chain-store sales beginning i929,
see pp 14-16 of the May 1937 issue.
any
by kinds of bu,
27
SUEVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1938
1937
February
March
April
June
May
July
August
I Novem- DecemI October
ber
ber
ber
January
DOMESTIC TRADE—Continued
RETAIL T R A D E - C o n t i n u e d
Chain-store sales—Coniinued.
Variety-store sales—Continued.
G. C. Murphy Co.:
j
Sales
.
thous. of doL.j
Stores operated
number.-!
F. W. Wool worth Co.;
Sales
thous. of dol_.
S tores operated
.
number—
Restaurant chains (3 chains):
Sales
,
thous. of doL.
Storcs operated
number..
Other chains:
W. T. Grant & Co.:
Sales
thous. of doL.
Stores operated
number..J. C. Penney Co.:
Sales
,
thous. of dol__
Stores operated
number..
Department stores:
Collections:
Installment accounts
percent of accounts receivable..
Open accounts
do
Sales, total U. 3., unadjusted.. 1923-25-= 100._
Atlanta
do
Chicago t
do
Cleveland
do
Dallas j.
.
do
Kansas City*
1925 = 100..
Minneapolis!
1929-31=100.^
New York
.1925-27=100—
Philadelphia t
1923-25 = 1.00Richinond
.
do
St. Louis*
do
San Francisco
do
Sales, total U. S., adjusted
do
Atlanta
do
,
Chicagof
do....
Cleveland
—do
Dallasf
do—
Minneapolis!
1929-31 = 100..
New York
.1925-27=100..
Philadelphia!
— 1923-25=100St. Loin's*
...do
San Francisco..do
Installment sales, New England dept. stores
percent of total sales..
Stocks, total U. S., end of month:
Unadjusted
.
1923-25 = 100..
Adjusted!
. . . . . . __do—
Mail-order and store sales:
Total sales, 2 companies
thous. of dol—
Montgomery Ward & Co
do
Sears, Roebuck & C o . .
do
Rural sales of general merchandise:
Total U. S., unadjusted
—1929-31 = 100—
Middle West*
.
-do—
East*
do
South*
do
Far West*
„__do—_
Total U. S., adjusted
__do—
Middle West*
-do....
East*
.
...
..do
South*
do
Far West*...
do
2, 489
201
2, 551
195
3,379
195
3,082
195
3,626
195
20. 054
2, 007
19, 758
2,000
24. 815
2,003
21, 858
1,996
24, 582
2, 002
3,0S1
343
' 3, 367
347
3,774
348
3,677
347
3, 654
348
3, 462
346
5, 523
481
5,615
477
14, 243
1, 499
7, 616
477
7,176
'477
8, 614
477
20, 230
1, 503
13,437
1,524
70
99
54
08
70
91
06
(54
68
70
C9
76
88
112
85
85
107
87
81
81
90
16.4
44.0 i
76
95
57
78
90
68
72
' 58
77
72
'84
95
108
97
101
106
92
85
78
83
' 100
19, 823
1, 500
18.1
46.8
90
114
74
102
95
100
92
95
78
74
111
89
97
93
116
104
103
102
94
85
80
91
102
17.3
46.9
89
106
75
97
fi8
102
88
92
81
69
100
89
90
93
107
98
91
106
89
87
68
90
96
3,502
195
3, 460
195
3,142
197
3,335
197
3,898
199
3,443
199
6,592
200
2,490
200
24, 237 ' 24, 716
2,006
2, 008
22, 795
2, 008
24, 271
2, 008
26,788
2.012
25,143
2, 013
47,182
2,013
19,157
2,005
3, 569
346
3,651
354
3, 960
355
3, 949
351
3, 518
3ol
3,839
346
3,398
343
8,463
479
7, 706
479
6,780
479
7, 819
480
8,957
4 SI
8, 373
482
5,325
480
22,820
1, 603
22, 254
1,508
20,409
1,508
19,761
1,511
24, 806
1,516
29,990
1, 517
27, 095
1, 523
16,615
482
38,005
1,523
15, 265
1, 524
17.0
47.0
95
116
77
101
105
107
92
94
85
80
113
90
93
93
115
100
98
107
91
90
79
90
97
16.3
46.4
90
100
79
98
95
94
81
98
83
75
110
79
86
93
111
100
98
106
96
88
75
86
97
15.4
45.1
65
80
53
71
71
75
85
72
64
51
76
61
79
94
114
98
93
107
102
85
73
88
97
16.0
41.9
103
54
78
80
86
78
79
65
56
81
66
95
92
132
95
95
112
90
84
72
89
98
15.9
42. 5
100
120
82
105
103
122
94
109
91
75
115
101
97
94
128
102
99
110
101
88
76
95
94
17. 1
47.1
103
130
89
106
105
124
97
116
100
85
134
99
101
93
110
96
98
110
98
87
74
88
98
16. 6
47.1
101
120
84
100
96
122
90
95
101
89
120
92
102
91
105
92
91
109
94
86
78
79
96
16.4
45.4
156
193
132
155
151
184
149
142
155
130
206
138
165
89
114
93
92
106
94
87
72
84
97
15.6
48.9
70
86
66
70
67
87
67
72
68
51
79
69
77
90
109
88
88
114
87
87
71
86
93
11.2
12.0
9.6
9.7
9.0
6.7
8.5
14.7
11.0
11.4
9.3
6.3
10.2
78
76
79
76
78
76
73
76
69
70
72
76
77
74
78
80
77
85
76
86
75
72
63
71
52. 214
21, 765
30, 449
53,831
22,161
31.671
78, 625
34,931
43,694
89,681
40,096
49, 585
92, 627
39,140
53,487
89,258
37,060
52,198
73,655
30,439
43,216
71, 254
29,679
41,575
90, 240 107,451
37,459 48,825
52, 781 58, 626
89, 813
39,550
50, 262
116,232
51, 360
64, 872
52, 460
21, 840
30, 620
90.4
81.6
91.5
118.3
91.2
99.9
94.3
100.0
118. 3
115.4
85.2
95.2
123.1
92.0
103.7
98.5
104.1
123.1
116.4
117.4
107.1
120.4
147.5
119.0
126, 2
119.0
128.1
158. 6
136.0
116. 4
106.5
122.0
138.8
121.2
121.2
108.1
122.6
150.2
131.0
119.4
109.9
127.0
132.0
131.2
127.1
113 2
130.3
148.3
145.8
117.5
109.6
132.8
124.6
134.9
124.4
112.4
136.2
144.9
142.7
91.7
83.2
89.3
100.1
115.4
119.1
106.7
113.7
144.0
139.1
99.0
90.3
97.7
103.1
127.2
115.1
103.2
110.4
135.6
138.3
160.2
143.7
160. 2
214. 9
160.4
131.3
121.2
135. 2
156. 3
137.1
145.8
132.6
143.9
182.5
158.0
118. 6
107. 8
125. 7
137.2
131.1
180. 9
163. 2
184.8
205.0
215.5
127.4
114. 9
129. 7
148. 6
141. 3
86.6
78.6
86.5
105. 9
94. 6
104. 3
95.8
102.9
127. 6
126. 9
130.4
115.1
126.1
160.4
157.0
131.7
115.7
134.9
156. 5
134.2
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Factory, unadj. (B. L. S.)t
1923-25 = 100—
82.5
99.0
101.1
102.1
102.3
101.1
101.4
102.3
102.1
100.5
94.7
88.6
' 82.2
Durable goods groupf
.
do
73.8
93.2
96.4
98.6
99.9
93.8
98.9
98.1
97.3
97.6
92.4
84.3 '75.1
Iron and steel and products!..
---do
80.1
103.4
106.8
108.9
110.1
101.4
107.6
108.7
108.8
105.8
98.1
90.0 '81.2
Blast furnaces, steel works, and rolling
mills
1923-25 = 100..
88.9
113.6
117.1 120.2
122.0
106.2
119.9
121.4
121.4
117.5
108.6
99.6 '90.5
Structural and ornamental metal work
1923-25 = 100..
61.3
71.8
74.2
75.7
78.9
78.7
80.6
81.4
82.3
79.1
75.0
69.5
63.8
Tin cans, etc.
do
85.4
98.4
100.2
102.2
104.9
109.2
114.8
117.9
114.0
100.8
96.8
91.3 '85.7
Lumber and products
do _ 54.2
65.8
69.8
70.6
71.6
72.9
72.9
73.0 '71.8
69.5
63.5
58.1
53.7
Furniture
do_...
68.1
86.1
87.5
86.9
87.4
89.1
87.9
89.2
89.1
86.8
79.5
74.5 r 6 8.5
Mill work . .
do —
46.2
55.0
56.7
57.7
57.3
57.5
57.3
57.1
55.6
54.3
51.2
47.6 '44.1
Sawmills
do.—
40.1
47.6
52.3
53.4
54.7
55.7
56.3
56,0
54.7
52.7
47.6
42.8 '39.7
Machhieryf
..—do.-..
100.0
118.6
121.2
124.3 126.1 129.2
129.9
130.2
130.7
128.9
121.4
113.1 ' 104.0
Agricultural implements!...do
139.1
119.0
131.5
137.5
139.7
140.6
138.6
141.0
147.2
150.5
143.0
139.6 138.4
Electrical machinery, etc
do
89.9
109.3
111.2
114.6
117.8
119.9
121.0
121.0
121.3
119.3
113.1
104.7 '95.9
Foundry and machine-shop products
1923-25=10087.4
104.4
106.8
109.7
111.7
112.7
112.5
112.5
111.9
110.4
104.8
98.1 '90.3
Radios and phonographs
do.—
96.6
170.6
163.0
158.4
139.9
182.3 196.8
203.5
208.3
200.5
156.7
124.0 '97.1
Metals, nonferrous
.__
do
87.6
111.5
114.6
115.5
115.5 113.9
111.5
112.8
114.1 112.7
108.4
98.9
88.4
Aluminum manufactures
do
101.6
122.2
124.2
124.4
125.8
129.5
131.5
132.6
131.0
104.7
123.5
114.1 103.9
Brass, bronze, and copper products
1923-25=100..
88.4
121.7
124.1 127.6
125.7
122.3
119.0
116.9
114.8
113.1
105.5
97.0 '89.1
Stamped and enameled ware
do....
105.7
159.1
165.3 162.4
162.8
159.2
151.0
153.4
153.2
154.0
144.0
122.6 '105.2
Railroad repair shops
do—_
47.0
61.6
62.2
63.3
63.6
64.0
63.8
62.1
60.4
59.0
57.4
52.7 '47.6
Electric railroad—do
61.9
63.3
64.0
63.8
63.4
62.7
83.3
63.0
63.4
63.3
63.1
63.5 '63.1
Steam railroad
—
do—
45.9
61.5
62.1
63.3
63.6
64.1
63.8
62.0
60.2 |
58.7
57.0
51.9 '46.4
' Revised.
*New series. For earlier data on department store sales in the St. Louis Federal Reserve district see the July 1937 issue, table 22; p. 16. For rural sales of general merchandise by geographic districts see the September 1936 issue, pp. 14-17. Data for the period 1924-37 on department store sales in the Kansas City Federal Reserve district appeared in table 47, p. 19 of the December 1937 issue.
fRevised series. For factory employment revisions beginning January 1934, see table 12, p. 19 of the March 1937 issue. Revisions in indexes of department store sales
Federal Reserve districts are available as follows: Chicago, 1923-36, table 23, p. 16 of the July 1937 issue; Minneapolis, 1919-37, table 52, p. 19 of the January 1938 issue.
Digitized forby
FRASER
Revised indexes for Dallas, 1919-37, not shown on p. 27 of the January 1938 issue, and Philadelphia, 1923-37, not showTn on p. 67 of the March 1938 issue, will appear in a subhttp://fraser.stlouisfed.org/
sequent Survey. Total U. S. department store stocks, adjusted, revised for period 1919-37; revisions not shown on p. 67 of the March 1938 Survey will appear in a subsequent issue.
Federal Reserve
Bank of St. Louis
SURVEY OF CURRENT BUSINESS
28
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1937
February
March
April
May
June
July
1938
August
September
DecemOctober November
ber
January
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, unadjusted (B. L. S.)—Continued
Durable goods group—Continued
74.4
67.2
73.0
54.9
70.3
74.0
71.7
71.9
Stone, clay, and glass products.l923-25= 100
72.7
46.6
53.3
35.4
49.3
53.8
Brick, tile, and terra cotta
-do
52.0
52.3
55.0
54.5
58.2
66.9
49.1
63.5
69.7
69.9
69.9
Cement
do
68.5
69.7
107.6
110.9
85.0
110.1
107.9
111.1
109.6
Glass
do
112.3
112.4
116.0
125.4
82.8
121.0
119.9
111.8
107.0
Transportation equipment§
do
128.3
126.4
127.4
136.2
86.1
131.6
130.4
112.5
Automobiles
do
118.7
140.0
137.8
62.9
75.1
42.1
70.2
71.6
68.5
Cars, electric and steam railroad§ -do
72.7
77.7
76.5
98.7
109.0
94.4
106.8
100.2
106.2
Shipbuilding
do...
102.4
106.7
103.3
105.2
105.9
91.8
106.1
104.1
107.3
Nondurable goods group §
do—
106.9
104.8
103.5
121.9
126.6
113.0
124.9
124.3
128.6
Chemicals, petroleum products
do—
124.9
124.5
123.9
131.4
135.6
115.3
134.0
139.5
137.4
Chemicals
._
do...
137.2
137.5
138.5
110.0
111.5
106.0
112.2
106.2
114.1
Druggists' preparations
do
111.8
108.3
108.8
131.2
138.2
116.3
134.6
136.3
132.4
Paints and varnishes
do
132.8
140.2
138.9
119.6
122.0
117.2
120.5
127.5
127.2
Petroleum refining..
do
128.2
124.1
126.0
370.4
378.1
329.2
373.3
401.0
407.1
403.4
Rayon and products
do
384.0
391.4
105.1
107.7
101.5
105.7
124.9
132.5
137.8
Food and products
do
107.9
112.6
132.2
132.7
129.8
133.7
136.7
135.3
136.7
Baking
-do.
134.6
136.6
182.1
196.7
190.2
192.5
234.4
223.3
230.7
Beverages—
do.
207.4
224.4
91.3
88.4
87.9
90.7
89.9
86.8
86.8
Slaughtering and meat packing
do
89.3
88.9
99.9
98.3
89.2
100.8
96.3
96.6
92.7
Leather and products
do
95.1
93.8
101.9
99.3
93.5
102.7
98.0
98.6
94.0
Boots and shoes.
do
95.3
94.0
97.5
100.0
77.2
98.8
94.7
93.9
92.5
Leather, tanning, finishing, etc
do
99.1
98.0
105.7
107.2
101.1
107.1
106.0
106.3
107.7
Paper and printing
do
107.7
106.9
116.1
119.1
108.8
117.6
119.5
119.1
119.1
Paper and pulp
do
120.2
120.5
101.6
96.7
74.7
96.7
97.9
98.0
96.2
Rubber products
do
103.6
101.2
93.4
81.4
65.0
81.2
88.4
88.3
89.7
Rubber tires and tubes...
do
93.7
92.7
110.2
109.9
88.7
111.2
102.8
101.6
100.0
Textiles and products
do.
107.3
103.4
103.6
103.7
81.5
103.8
97.3
94.9
98.0
Fabrics
do.
102.2
99.7
122.6
121.8
103.3
125.5
113.0
114.4
102.0
Wearing apparel.._
do
116.5
109.3
60.5
60.2
59.6
60.8
62.1
60.6
61.8
Tobacco manufactures
._.
do...
59.9
60.1
Factory, adjusted (Federal Reserve) f§
83.1
103.0
102.2
102.4
99.7
100.9
101.4
100.7
101.6
1923-25=100
74.4
93.9
97.4
100.1
99.3
98.6
96.3
98.4
Durable goods group§
do—
97.8
80.3
108.0
103.7
108.4
108.3
108.7
106.4
Iron and steel and products§
.do—
108.7
100.7
Blast furnaces, steel works, and rolling
120
122
112
116
121
106
123
118
mills
1923-25= 100..
Structural and ornamental metal work
64
77
79
75
78
79
76
78
1923-25=100. 91
109
105
105
110
104
104
107
107
Tin cans, etc..
do.
56.1
71.4
68.1
71.4
72.9
71.4
69.3
71.7
72.3
Lumber and products
do—
69
88
87
90
91
88
86
91
92
Furniture
do—
48
55
57
58
56
58
55
56
56
Millwork
..do...
42
54
50
53
56
54
53
54
54
Sawmills..
...do...
99.9
131.3
130.2
118.9
121.1
123.7
131.5
Machinery}
-do—
125.6
129.4
132
148
151
113
12S
130
147
136
143
Agricultural implements§
do—
90
121
121
109
111
115
121
120
118
Electrical machinery, etc
do...
Foundry and machine-shop products
87
114
112
106
110
104
114
113
108
1923-25=100.
111
201
196
180
189
155
190
214
190
Radios and phonographs
do.__
87.7
115.9
113.7
114.3
115.4
113.2
111.7
Metals, nonferrous.
do—
115.4
115.0
101
138
131
119
121
121
123
138
132
Aluminum mfrs
do
88
121
117
122
124
123
126
122
121
Brass, bronze, and copper products do.-.
106
156
152
161
159
158
153
160
159
Stamped and enameled ware
do._.
47.2
62.4
60.1
61.9
62 4
64.4
62.2
Railroad repair shops
do—
62.4
63.7
62
63
63
64
63
64
63
63
63
Electric railroads
do___
46
62
62
60
62
62
62
64
64
Steam railroads..
do...
59.4
70.3
72.6
70.5
71.8
70.4
72.6
Stone, clay, and glass products.
do__.
71.3
70.4
42
48
49
52
55
54
54
50
51
Brick, tile, and terra cotta
do
59
64
66
66
70
61
68
62
62
Cementdo
86
112
111
109
108
110
110
109
109
Glass
do
80.9
121.3
123.9
117 3
118.6
123.6
113.0
Transportation equipment §
do
122.2
122.6
83
132
136
134
127
1S3
128
136
123
Automobiles
_
do
44
69
67
71
70
69
66
71
70
Cars, electric and steam railroad 5. do
95
106
106
106
106
102
100
104
104
Shipbuilding
do....
92.4
105.6
102.9
106.2
106.2
105.8
105.9
Nondurable goods groups §_
do
106.2
105.3
112.7
127.2
127.4
124.4
121.6
122.5
127.7
Chemicals, petroleum products
do
126.0
127.5
117
137
136
137
133
135
137
138
138
Chemicals
_
do
105
112
109
114
111
113
112
Druggists' preparations
do
112
114
117
136
133
134
136
135
136
134
134
Paints and varnishes
do
118
122
123
127
121
125
125
125
126
Petroleum refining
.do
323
363
370
392
407
407
378
413
Rayon and products
do
408
111.8
116.2
116.7
117.0
114.8
116.1
119.4
Food and products
do
114.8
114 7
132
135
134
136
134
134
136
135
135
Baking
do
211
202
205
203
209
210
209
199
Beverages—
do
206
87
91
93
91
Slaughtering and meat packing
do....
90
88
91
89
88
87.
96 5
95.2
98.1
97 4
93.0
90.0
Leather and products
do
96.0
96.1
92
99
97
97
94
100
96
97
90
Boots and shoes.._
do
95
76
97
97
94
100
93
Leather, tanning, finishing, etc
do....
100
99
107.4
100.9
107.5
105. 5
107.4
107.3
107.8
Paper and printing
do
108.0
108.2
119
109
118
119
116
119
120
120
121
Paper and pulp
do...
95.8
74.8
99.8
101.7
96.6
96.0
99.5
Rubber products
do
101.7
100.0
66
80
79
87
90
94
89
89
91
Rubber tires and tubes—
do—
86.4
107 0
107.9
108.2
105.9
107.3
100.9
Textiles and products
do...
107.6
105.4
79.4
103.8
102.0
100.7
101 1
100.9
95.9
Fabrics
do...
103.2
101.3
100.9
117 9
115.0
113.1
115.1
119. 8
109.7
Wearing apparel
do...
115.3
112.0
60.9
61.1
61.3
61.8
61.7
60.8
60.2
Tobacco manufactures
do___
61.2
60.2
Factory, unadjusted, by cities and States:
City or industrial area:
89.4
102.1
103.4
95.4
102.7
Baltimore
1929-31=100.
101.9
102.8
103.4
85.2
74.2
83.2
Chicago
1925-27«=100.
84.9
86.7
87.3
88.4
86.5
86.2
108 6
80.2
105.5
106.3
105.3
99.7
102.0
Cleveland
1923-25=100.
108.4
102.8
130.0
127.5
74.3
Detroit
do
83.6
110.4
87.3
83.5
129 1
125 4
115.7
109.0
Milwaukee
1925-27=100.,
114.4
113.8
115.8
111.4
113.6
116.2
84.4
84.1
New York
do...
88.7
"82.1'
86.6
79.4
85.4
83.8
82.1
106.3
103.4
104.7
91.1
105. 3
102.5
Philadelphia f
1923-25=100..
103.5
100.7
103.4
91.5
92.6
69.6
88.6
Pittsburgh
do
90.8
93.3
93.0
93.3
93.8
108.0
105.2
81.4
100.6
Wilmington
do
104.3
109.6
104.6
108.8
111.3
f
Revised.
tRevised series. For revisions on factory employment, seasonally adjusted (Federal Reserve), see tables 1 and 3, pp. 14-20, of the
factory employment, revisions for 1935-36. see table 35, p. 20 of the August 1937 issue.
5Revised series. For revisions beginning January 1934 see table 12, p. 19 of the March 1937 issue.
71.4
50.0
69.2
109.9
122.7
133.9
67.9
106.8
103.6
126.5
135.2
114.8
131.6
125.7
387.5
125.0
138.4
202.7
89.4
89.5
90.7
89.6
107.9
117.3
97.7
87 0
98.8
91.9
112.1
62.6
68.2
45.5
66.1
106.7
121.8
133.2
65.8
105.9
97.3
122.7
129.8
112.5
128.0
123.9
374.0
114.6
135.2
194.3
90.5
80.3
80.8
82.9
106.4
113.6
90.9
80.8
92.0
87.2
101.0
62.9
63.2
41.1
60.5
100.0
105.5
112.9
55.8
104.8
93.3
116.3
122.6
110.5
121.1
120.2
336.8
107.3
131.6
187.4
90.9
81.8
83.8
78.6
104.1
109.4
86.0
76.6
88.2
84.0
95.6
60.8
' 44. 5
'99.2
'89.9
' 112. 5
' 118. 3
r
105. 9
r
116.3
118.8
315.2
r
102. 7
129.6
r
186. 2
'92.8
'85.8
'89.3
'76.6
'101.0
' 108. 2
'78.3
71.3
'84.6
'80.6
'91.7
'51.9
98.4
96.7
105.4
94.1
91.4
98.4
89.0
84.4
90.5
'84.2
'76.8
'83.0
119
110
100
'91
78
98
66 4
81
54
51
128.0
158
119
75
99
62.1
75
51
47
120.8
145
113
70
94
58.8
73
48
44
113.2
140
105
66
'92
56.9
71
46
43
' 104.8
135
110
162
109.4
103
112
152
58 7
63
58
69.4
47
67
109
126.3
138
71
106
100.2
123.7
135
110
132
124
380
113.8
136
199
89
88.8
90
89
107.0
117
98.1
90
96.4
90.4
107.4
59.3
105
127
105.1
122
103
143
57.4
63
57
67.2
44
67
105
119.1
128
73
107
97.0
120.9
129
109
129
124
367
114.2
134
209
90
85.7
88
83
105.0
114
90.4
83
91.6
85.8
103.0
99
115
97.9
114
96
125
53.2
64
52
64.9
43
67
100
102.8
109
61
103
94.0
115.5
123
108
124
121
330
111.5
132
204
87
86.1
89
78
102.1
109
86.3
79
88.4
82.6
99.7
59.6
91
104
90.6
106
90
' 111
'48.4
63
47
61.2
'42
'61
'92
'82.7
'83
50
'99
'92.1
112.9
120
' 104
' 119
119
312
' 111.7
133
'207
'90
'87.2
91
77
' 100. 7
108
79.1
73
' 85.4
'80.1
'95.8
'56.2
101.4
86.8
101.3
124.9
113.5
88.9
104.2
91.2
100.5
98.8
83.1
90.8
115.1
109.4
85.4
99.4
85.5
94.9
93.4
79.2
89.1
74.5
101.5
82.4
94.3
78.4
89.9
88.7
75.3
81.9
79.8
95.0
79.1
'89.5
'72.4
••85.2
55.1
-"35.3
'50.2
'87.6
January 1937 issue; for Philadelphia
29
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1938
1937
February
March
April
June
May
August SeptemOctober November
ber
July
Decem- Januber
ary
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued
Factory, unadjusted, by cities and States—Con.
State:
86.8
Delaware
.1923-25=100..
79.8
Illinois
1925-27=100 .
124.5
Iowa
1923-25=100..
91.8
Maryland
1929-31 = 100..
69.5
Massachusetts
. -1925-27 = 100—
75.8
New Jersey
1923-25=100..
77.5
New York
„ 1925-27=100
Ohio
1926=100- *>84.0
75.6
Pennsylvania f
1923-25=100
Wisconsin
„ . 1925-27=100—
Nonmanufacturing, unadjusted (B. L. S.):
Mining:
60.0
Anthracitet
1929=10095.3
Bituminous coalf
do
63.2
Metalliferous*
.
do
74.7
Petroleum, crude, producing
_ do
37.8
Quarrying and nonmetallic -do
Public utilities:
Electric light and power, and manufac92.8
tured gas
1929=100
71.0
Electric railroads, etc
do
75.5
Telephone and telegraph
do
Trade:
82.9
Retail, total
do
90.2
General merchandising
do
Other than general merchandising
81.0
1929=100..
90.3
Wholesale
. — — do
Miscellaneous:
95.3
Dyeing and cleaning t
do _
95.8
Laundriesf
do
94.2
Year round hotelst
do
Miscellaneous employment data:
36.9
Construction employment, Ohio.. 1926= 100._
Hired farm employees, average per 100 farms
71
number..
Federal and State highway employment:
177,675
Total
number
61,965
Construction
_. do
115,710
Maintenance
_
do
Federal civilian employees:f
United States
do...
District of Columbia
do
Railway employees:
Class I steam railways:
Total
thousands
Index:
52.6
Unadjusted
1923-25=100..
54.7
Adjusted
.
do
Trades-union members employed:
79
All trades
. . . __ . percent of total..
57
Building
-do
79
Metal
_
do
89
Printing
do
84
All other
. . . . __do
58
On full time (all trades)
.do
107.2
91.6
128.7
102.4
85.2
85.3
87.3
107.0
90.4
101.8
111.2
93.6
130.8
165.7
86.7
86.2
89.7
108.7
91.4
105.4
115.1
94.3
130.9
108.6
87.2
87.0
89.5
110.0
92.2
106.6
116.5
95.3
133.5
109.8
86.2
87.3
89.6
112.4
92.3
105.3
119.3
95.1
135.4
108.6
83.4
87.5
89.4
102.3
92.2
104.8
120.7
95.7
138.1
108.9
83.7
87.7
88.3
108.3
91.9
113.2
128.5
96.8
136.7
109.9
84.2
88.9
89.9
108.1
91.8
110.4
121.9
98.1
133.5
110.0
81.1
87.7
91.4
109.0
92.1
112.2
112.1
95.2
136.1
105.2
78.9
85.1
89.9
108.2
90.8
108.4
101.0
90.7
131.2
101.0
72.1
83.1
85.1
100.7
86.0
106.1
95.3
85.9
129.9
94.0
68.2
79.3
81.6
94.6
80.8
101.5
'90.4
80.7
125.3
89.3
66.4
75.3
76.9
'84.7
' 75. 4
94.7
63.6
104.7
69.6
73.5
46.7
59.0
106.1
73.1
74.2
49.1
65.1
89.7
76.2
75.8
53.1
61.5
96.1
78.5
76.7
54.9
61.6
96.2
79.5
78.5
55.4
54.3
93.7
82.0
78.5
55.5
49.7
97.4
83.4
79.3
54.9
58.1
99.4
84.1
78.2
54.7
61.5
102.4
82.9
77.5
53.3
60.9
101.4
75.4
77.2
49.9
61.4
99.4
70.4
76.5
43.9
59.6
96.8
'67.3
'75.6
'38.8
92.2
72.5
74.8
92.4
72.6
75.4
93.1
72.9
76.6
94.6
73.3
77.7
96.3
73.3
78.5
97.5
73.4
79.7
98.3
73.4
79.8
98.6
73.7
79.8
98.5
73.4
79.6
97.3
73.2
78.9
96.1
72.8
78.0
'94.0
'72.2
'77.8
85.2
93.9
88.5
100.3
88.8
99.6
89.9
102.1
90.6
102.9
87.6
95.9
86.2
93.8
90.7
103.7
92.1
108.1
91.7
1C9.8
' 100. 4
' 145. 9
'84.1
'91.5
82.9
92.0
85.4
92.1
86.0
91.9
86.7
90.8
87.2
90.3
85.4
90.6
84.2
91.8
87.3
93.0
87.9
94.0
86.9
93.5
' 88. 5
93.3
'82.1
'90.9
98.0
98.4
93.9
104.3
98.5
94.4
109.2
98.3
96.1
113.9
100.3
95.3
118.5
103.9
94.4
111.0
105.8
93.6
110.3
104.7
94.3
112.8
104.1
95.7
110.5
99.9
96.9
103.5
97.8
96.6
99.2
97.0
94.9
96.7
96.7
94.3
51.2
51.8
57.7
62.5
65.1
66.8
70.0
71.7
70.2
66.1
45.4
'40.2
76
72
78
87
101
107
108
107
110
104
90
67
190,336
69,550
120,786
200, 794
81, 748
119,046
226,286
101,525
124,761
299,063
139,896
159,167
313,149
164.757
148,392
334,536
184,629
149,907
351,853
191,710
160,143
346,444
179,416
167,028
330,942
170,897
160,045
314,067
150,885
163,182
255, 530
109,190
146, 340
196,858
70, 293
126, 565
870,822
111,981
849,370
110,942
843,131
111,301
836,884
111,296
828,802
110,809
821,586
112,166
890, 603 811,481
114,398 113,338
1,185
1,193
1,182
1,152
1,134
1,077
1,024
976
65.7
64.1
65.1
63.5
63.4
62.2
62.5
60.8
59.3
58.9
56.3
57.8
53.7
56.0
88
78
93
90
90
88
77
93
90
91
88
77
90
90
90
86
72
89
90
89
83
64
85
90
87
80
60
81
89
84
68
68
69
66
63
59
1,112
1,114
61.4
63.8
61.6
63.4
63.3
63.8
64.6
63.8
65.6
64.2
86
69
89
90
89
87
71
91
90
90
88
73
92
91
91
89
78
92
91
91
89
79
94
91
91
65
68
68
69
69
1,144
1,167
78
94
90
91
69
LABOR CONDITIONS
Hours of work per week in factories:
33.5
Actual, average per wage earner
hours..
Industrial disputes (strikes and lockouts):!
v 150
Beginning in month*
number..
P250
In progress during month
do
Workers involved in strikes:
v
45,
000
Beginning in month*
do .
v 70,000
In progress during month
do
P590,
000
Man days idle during month
do
Employment Service, United States:
Applications:
Active file .
_ _ . do ._ 6,745,702
New
do . 747,435
131,500
Placements
- _
..do
91, 342
Private
— . . do
1.4
Private placements to active file* percent—
Labor turn-over in mfg. establishments:
Accession rate mo rates per 100 employees
Separation rate:
Total
do
Lay-off. —
Quit.
.
do__
do
41.5
41.7
40.9
40.6
40.2
39.2
38.9
38.3
37.8
35.6
34.1
32.5
-211
'350
'609
'755
'527
'776
'597
'864
'601
'925
'454
'804
'432
'718
'348
'626
'303
'550
'235
'423
' 125
'300
v 150
p 256
' 112, 468 '289,753 '220,388 ' 322,141 ' 278, 837 ' 142, 796 '138, 811 ' 84,946 ' 64, 618 ' 67,130 ' 21, 760 » 35,000
' 239, 482 ' 357, 604 ' 392, 825 ' 440, 831 '472,270 '352,274 '234,376 ' 155,058 ' 120, 282 '114,886 ' 58, 184 v 50,000
'1,521,063 '3,293,506 '3,368,910 '2,943,351 '4,985,032 '3,005,989 '2,229,774 '1,404,154 '1,150,130 '935,837 ' 634, 363 H50, 000
6,115,443
262,290
250, 241
157,738
2.6
5,495,209
282, 587
294,308
193,641
3.5
5,519,754
288,049
348,915
219,456
4.0
5,309,545
272,035
379,972
240,753
4.5
4.71
4.74
4.04
3.56
3.69
3.36
2.85
3.20
3.09
a. 37
4.02
3.52
.22
.24
1.44
1.19
1.53
1.43
.23
1.48
1.38
.21
1.79
1.37
5,016,023 4,940,578 4,853,345
337,917 295,078 283,562
374, 038 341,158 357,937
224,629 207,578 227,991
4.7
4.5
4.2
.19
1.94
1.89
.21
2.06
1.25
4,421,076
299,101
'224,221
" 157, 602
3.6
4,874,631
452,035
178, 667
129,477
2.7
'6,056,703
'939,085
'135,757
'91,898
1.5
1.79
2.12
3.78
6.87
8.51
. 14
7.77
5.45
.60
.52
4,636,744
278,945
346,048
239,605
6.2
4,393,092
291,187
'303,293
'210,226
4.8
3.36
3.78
2.84
3.99
4.62
5.69
.19
.16
699
.72
.19
2.57
1.23
.19
2.84
1.59
4.45
1.05
6.08
.11
PAT ROLLS
95 8
73.5
105.2
100.4
103.8
' 71. 6
104.9
102.9
100.1
80.9
Factory, unadjusted (B. L. 8.)t--1923~25=10089.5
101.1
100.1
92.5
64.2
107.5
'63.8
106.4
104.6
100.7
104.0
77.0
Durable goods groupt-—do
99.4
100.0
89.9
101.7
61.5
103.9
124.7
'59.2
124.5
110.4
71.9
Iron and steel and productsf
do
113.5
120.4
112.6
112.8
85.7
106.8
Blast furnaces, steel works, and rolling
118.6
127.2
64 8
145.6
142.3
' 61 7
mills
1923-25=100
132 4
129 7
75 5
145 6
123.4
92 9
118 9
Structural and ornamental metal work
72.2
83.9
'58.5
56.5
67.5
82.4
84.7
1923-25 =» 10078.5
78.5
82.3
68.2
81.6
74.5
89.2
99.4
104.2
108.2
Tin cans, etc
do
'88. 1
94.4
122.6
122 0
107.5
116.6
128.5
99.8
111.7
r
Revised.
» Preliminary.
*New series. Beginning with the November 1937 issue, data on percent of private placements to active file were substituted for the series previously shown, which was
percent of total placements to active file; data prior to September 1936 not shown on p. 29 of the November 1937 Survey will appear in a subsequent issue. Earlier data on
strikes beginning in month and workers involved in strikes beginning in month appeared in table 25, p. 19 of the July 1937 Survey.
tRevised series. For factory pay rolls beginning January 1934, see table 13, p 19 of the March 1937 iSL?ue. For industrial disputes beginning 1927. see table 25, p. 19, of
the July 1937 issue. For 1935-36 revisions in Pennsylvania factory employment see table 35, p. 20 of the August 1937 issue. Data on Civil Service employment are in process of
revision. Figures on old basis were last shown through July 1937 in the October 1937 issue. Data on the new basis prior to those shown here will be published when available.
For the indicated series on nonmanufacturing employment, figures revised beginning 1929; data not shown here will be published in a subsequent issue.
30
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Factory, unadjusted (B. L. S.)—Continued.
Durable goods group—Continued.
68.2
72.3
58.2
68.3
67.3
64.6
Lumber and products
1923-25=100.71.4
68.2
48.4
' 42. 5
65.3
45.3
55.1
76.7
78.7
75.0
78.5
73.9
76.9
Furniture
do
79.2
78.2
60.0
'49.4
76.8
53.2
65.8
54.9
57.5
50.4
55.6
54.8
52.6
Millwork
__do
56.1
53.2
42.8
'36.5
51.7
40.5
46.3
52.9
57.4
39.7
52.0
52.8
48.0
Sawmills.
do
56.2
52.6
33.9
49.4
33.0
40.4
' 31. 5
134.9
137.2
118.2
133.9
133.6
125.5
137.1
134.3
110.6
134.2
91.8
121.2
Machinery f
do
' 95. 5
183.9
182.7
139.6
180.0
172.5
162.1
184.2
189.2
173.5
203. 5
178.2
184.5
172.1
Agricultural implementst
do_
123.5
126.1
107.3
121.0
124.1
112.1
126.8
124.1
102.9
124.8
81.6
114.3
'88.1
Electric machinery, etc
do..
Foundry and machine shop products
119.4
119.5
111.6
118.5
105.0
114.8
118.9
1923-25=100114.2
113.5
101.8
93.0
' 79.1
77.1
108.5
156.2
127.1
126.8
124.2
166.1
175.8
Radios and phonographs..do
173.9
165.5
123.0
72.1
98.7
'76.2
111.5
111.8
114.2
113.1
103.5
105.3
109.9
Metals, nonferrous
do
109.9
110.1
99.9
73.6
86.5
'73.3
135.6
130.4
130.7
121.7
134.5
134.8
141.2
Aluminum mfrs
do
115.9
127.8
97.1
135.7
110.7
Brass, bronze, and copper products
126.5
120.2
125.3
127.8
132.7
116.7
1923-25=100..
116.6
113.2
92.1
80.3
71.1
106.7
'71.4
166.0
162.4
163.2
164.1
146.2
Stamped and enameled ware
do
154.9
157.0
149.2
141.5
93.0
156.4
114.7
' 88. 6
68.7
65.8
67.4
63.5
67.1
Railroad repair shops
____
_do
63.4
67.3
63.1
63.3
48.2
64.9
55.7
'47.3
67.1
67.0
66.4
67.6
Electric railroads
_
do
64.8
67.1
68.7
67.7
68.2
68.3
68.0
70.1
'68.4
69.0
63.3
67.4
67.6
Steam railroads
do
63.4
65.9
67.4
62.9
63.0
46.8
64.9
54.7
'45.9
71.4
66.1
72.0
59.8
66.1
71.1
Stone, clay, and glass products
do
69.9
63.6
45.8
69.6
70.5
54.5
'43.4
49.1
46.2
49.1
42.6
49.2
Brick, tile, and terra cotta_
_do
37.9
46.4
36.4
25.5
44.2
46.2
30.8
'24.3
75.0
72.4
71.4
62.5
68.5
Cement
do
52.6
72.8
67.3
44.4
72.2
77.1
58.0
'44.4
119.4
108.6
115.1
120.2
118.9
Glass
do
107.2
118.7
111.9
77.6
119.2
120.3
95.8
'76.2
127.8
117. 5
123.6
128.6
134.1
X12.3
Transportation equipment!
do
104.4
120.0
67.9
129.9
112.8
92.4
'68.6
135.2
123. 6
132.2
136.0
143.8
121.8
Automobiles
do
105. 6
125.8
63.7
138.3
115.3
90.8
'63.8
91.4
83.4
89.9
66. 7
79.1
89.1
Cars, electric and steam railroad f-_ _ do
79.7
81.1
48.0
82.5
87.4
65.0
'48.9
114.5
111.7
118.7
116.0
122.7
Shipbuilding
_do
97.9
119.0
121.4
108.1
124.4
118.8
126.5 '114.2
100.8
100.0
102.3
102. 6
102.9
Nondurable goods groupf
_do
99.9
100.9
89.0
85.3
98.2
103.5
85.8
'81.5
137.4
136.8
138.7
128.1
136.4
Chemicals, petroleum products
do
123.6
139.0
132.1
119.4
137.5
140.7
124.4 ' 117. 4
153.5
153.9
152. 5
140.2
Chemicals
_
_
_do
135.2
150. 6
150.9
141.7
123.0
150.6
156.1
130.4 ' 124.8
121.3
112.0
121.2
118.0
Druggists' preparations
do
119.8
127.3
125.8
115.9
119.3
128. 9
123.0
124.0 '118.4
142.7
138.3
133.1
145.0
Paints and varnishes
do
142.1
131.6
124.8
110.6
127.2
134.1
135.4
116.1 ' 106. 4
143.0
143.1
125.6
138.3
Petroleum refining.
_
.do
137.0
143.1
140.4
137.5
122.7
142. 3
150.5
137.9
134.3
391.8
392.9
349.7
382.0
Rayon and products
do
364.8
393.6
360.3
283.4
344.5
374.9
400.7
313.5
275.5
115.8
128.3
104.1
111.6
108.2
133.2
115.9
Food and products
do
104.3
101.3
125.0
131.2
110.4 ' 106. 4
133.8
134.9
124.1
123.4
130.3
136.1
130.3
Baking—
_
do
126.1
121.9
137.3
132.4
127.4 ' 125. 0
260.5
211.0
220.2
236.9
253.0
212.7
Beverages
do
209.8
189.3
222.4
273.4
202.0 ' 199.8
99.2
91.5
99.0
98.0
102.3
Slaughtering and meat packing
do
95.9
88.4
98.7
100.1
96.6
104.7 ' 108. 3
80.6
92.4
81.6
71.6
53.8
Leather and products
_do
72.9
90.9
87.7
84.6
66.3
83 7
58.4
'65.6
73.3
89.0
74.1
64.5
46.0
Boots and shoes
do
71.7
87.9
81.6
79.8
58.7
78.7
53.2
'63.1
108.4
107.3
110.0
98.6
82.7
Leather, tanning, finishing, etc do
79.6
111.4
104.0
95.0
104.6
103.8
78.5
'70.9
104.9
104.1
105.9
103.7
101.5
Paper and printing...
do
96.7
104.8
101.6
105.1
100.5
102 6
100.8
'95.6
124.3
116.5
121.8
117.6
105.4
Paper and pulp
do
103.2
119.6
119.2
116. 7
113.5
123.8
98.8
'98.0
103.8
97.4
82.0
Rubber products
do
59.2
99.8
100.3
96 8
109.2
94.3
104.4
97.0
77.1
'65.9
97.9
90.4
72.9
Rubber tires and tubes
__.do
50.1
90.4
90.5
93.6
102.7
84.3
101.3
89.8
70.8
61.1
91.3
87.1
71.5
Textiles and products
do
74.0
103.2
100.2
85.5
96.2
84.2
100.1
92.1
68.7
' 65. 3
93.8
85.3
71.5
Fabrics
___do
69.3
97.5
89.6
81.0
97.6
100.3
98.0
90.0
68.9
'64.8
82.5
87.0
68.6
Wearing apparel
do
80.2
110.4
73.8
87.0
95.7
100.9
88.9
92.4
65.2
'63.7
55.7
56.5
57.2
50.2
52.4
55.8
57.9
Tobacco manufactures
do
52.3
52.6
53.6
57.2
55.7
'44.6
Factory, unadjusted, by cities and States:
City or industrial area:
128.1
118.3
124.6
Baltimore
1929-31=100.
108.6
127.6
121.9
123.4
120.9
124. 4
96.0
98.9
110.1
90.8
75.9
70.6
76.4
Chicago
1925-27=100
68.4
74.6
75.4
75.4
74.7
76.2
58.3
64.3
67.9
59.7
120.5
118.1
123.7
Milwaukee
do...
108.2
123.0
118.8
117.7
121.8
118.6
100.2
113.9
87.8
75.1
81.0
73.9
New York
do__
75.5
76.5
72.3
81.4
81.7
80.0
76.3
73.7
74.7
70.5
100.5
104.2
104.4
106.1
103.5
100.3
102.0
103.5
105.2
Ph iladelphiaf
1923-25=100.
85.4
91.1
95.4
82.3
137.1
122.8
137.4
134.9
128.2
124.6
119.7
117.8
138.9
Pittsburgh
do...
72.4
84.3
99.0
'71.0
113.5
104.6
113.6
112.7
110.9
106.6
102.7
106.5
Wilmington...
do...
98.6
77.0
91.2
95.1
'82.7
State:
105.4
104.5
97.0
104.5
91.3
103.9
96.2
101.8
72.1
105.6
Delaware
do__.
88.3
'77.0
86.3
81.2
85.9
86.2
78.2
83.9
85.2
84.3
64.4
86.1
Illinois
1925-27=10076.3
71.2
65.1
125.0
119.3
127.8
110.3
127.3
121.7
96.6
125.1
123.5
121.0
99.3
Maryland—
1929-31=100110.7
91.6
83.5
85.3
86.2
82.0
87.7
83.5
62.9
82.6
78.7
72.4
62.0
65.9
Massachusetts
1925-27=100..
59.0
88.0
84.4
88.9
81.5
87.8
85.7
71.9
89.0
85.0
84.4
76.3
79.8
New Jersey
.1923-25=10071.2
86.4
86.1
86.4
81.1
86.5
84.9
70.6
87.2
86.5
74.2
84.8
76.7
68.9
New York
1925-27=10098.0
94.2
98.8
103.3
68.3
104.0
103.8
97.5
74.7
82.7
103.6
95.3
Pennsylvaniat
. . . 1923-25=100..
'65.6
107.4
105.9
108.9
108.0
100.7
110.7
97.6
110.3
113.0
111.5
105.1
Wisconsin
1925-27=10087.9
Nonmanufacturing, unadjusted (B. L. S.):
Mining:
55.3
41.1
69.4
38.2
44.6
48.2
34.2
55.4
46.1
29.6
49.0
51.3
46.5
Anthracitef
1929=100..
83.3
103.5
63.6
77.7
96.4
79.4
90.9
74.4
100.7
86.3
91.1
95.1
70.2
Bituminous coalf
do.
77.7
70.6
76.9
77.8
63.4
79.8
55.8
82.2
81.7
83.0
71.6
65.1
'59.0
Metalliferous
do.
70.4
63.9
67.7
70.5
64.1
68.2
69.0
71.2
69.9
70.8
69.8
70.2
'68.0
Petroleum, crude, producing
do
52.6
41.3
48.1
50.8
28.4
37.8
51.4
49.3
33.4
53.2
50.1
41.7
'28.2
Quarrying and nonmetallic..do
Public utilities:
Electric light and power and manufactured
94.8
100. 4
95.5
102.2
97.9
105.3
102.6
104.0
102.4
103. 8
gas
.1929=100'98.9
69.2
71.1
70.5
68.7
69.4
70.8
70.1
73.1
71.4
71.6
71.8
71.9
Electric railroads, etc
do
70.9
87.2
82.2
89.1
86.3
92.1
89.5
92.1
92.3
94.9
91.4
Telephone and telegraph..
do
94.7
'93.8
Trade:
70.5
74.4
67.9
73.5
68.6
71.9
72.8
72.3
74.4
75.9
80.6
Retail, total
do.
75.3
'70.1
82.9
87.6
92.5
91.5
81.4
89.1
87.3
96.2
85.7
92.4
General merchandising
do
'123.3
97.1
'84.6
64.8
67.0
70.6
69.8
65.9
88.3
69.8
71.7
69.5
70.7
Other than general merchandising.do
70.8
'71.8
'67.1
74.1
76.1
75.3
75.0
75.4
76.3
76.9
79.3
79.0
78.3
Wholesaledo.
78.3
'75.3
77.8
Miscellaneous:
92.2
63.6
86.1
80.1
71.8
79.5
81.3
85.7
83.6
Dyeing and cleaningf
..do.
73.7
68.6
'65.3
78.1
87.5
79.2
79.3
83.3
80.4
89.0
88.0
86.4
83.4
Laundriesf
...do.
81.1
81.1
'80.1
78.5
78.7
79.4
80.1
79.7
80.7
80.5
82.4
83.1
84.1
Year round hotelsf
do
84.3
82.6
'81.5
' Revised.
fRevised series. Factory pay rolls, for revisions beginning January 1934, see table 13, p. 19 of the March 1937 issue. Pay-roll indexes for Philadelphia and Pennsylvania
revised for 1935 and 193 see table 35, p. 20 of the August 1937 issue. For the indicated series on nonmanufacturing payrolls, figures revised beginning 1929, revisions not shown
here will be published in a subsequent issue.
31
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1938
1937
February
March
April
July
June
May
August
Septem- October Novem- December
ber
ber
January
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES-EARNINGS AND RATES
Factory, average weekly earnings (25 industries)
(N. I. C. B.):
All wage earners
dollars.Male:
Skilled and semiskilled
_do
Unskilled
do
Female
do
All wage earners
_1923=100__
Male:
Skilled and semiskilled.do
Unskilled
do
Female
do
Factory average hourly earnings (25 industries)
( N . I . C. B.):
All wage earners
..dollars..
Male:
Skilled and semiskilled.
_
do
Unskilled
do
Female
do
Factory, average weekly earnings, by States:
Delaware
1923-25=100
Illinois
1925-27=100Massachusetts ._ __
do
New Jersey
1923-25=100
New York
1925-27=100
Pennsylvania
1923-25=100
Wisconsin
1925-27=100..
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hour
Skilled labor
do
Farm wages, without board (quarterly)
dol per month
Railways, wages (average)
dol per hour
Road-building wages, common labor, on
public works projects:
United States, total.
dol. per hour
East North Central ___
do
East South Central
do
Middle Atlantic
„ do
Mountain States
do _
New England
do
Pacific States
do
South Atlantic
do
West North Central .
do
West South Central—
do
Steel industry wages:
U. S. Steel Corporation t
do
Youngstown district..percent of base scale..
28.36
28.39
27.83
27.76
27.39
27.12
25.59
24.36
22.98
31.70
23.38
17 37
105.3
31.96
23.63
17 49
106.6
32.23
23.63
17.63
106.7
31.54
23.32
17.45
104.6
31.42
23.12
17.18
104.3
31.21
23.07
16.78
102.9
30.37
22.58
16.52
101.9
28.97
21.44
15.65
96.2
27.42
20.34
15.56
91.5
25.63
18.97
14.79
86.4
100.1
100f6
100.0
102.9
104.9
100.8
103.7
106.1
101.5
104.6
106.1
102.3
102.4
104.7
101.2
102.0
103.8
99.7
101.3
103.5
97.3
98.6
101.3
95.8
94.0
96.2
90.8
89.0
91.3
90.3
83.2
85.1
85.8
.659
.685
.698
.707
.711
.713
.716
.716
.717
.715
.710
.802
.589
.486
.803
.586
.484
.794
.578
.480
23.53
26.68
25.96
19. 63
15. 35
88.4
30.02
21.94
17 00
100.3
30.83
22.42
17.24
103.3
84.3
88.1
89.0
97.4
98.5
98.6
.709
.642
27.50
28.03
.789
.580
.480
.718
.518
.440
.734
.535
.444
.764
.564
.463
.780
.574
.471
.793
.582
.475
.796
.584
.475
.799
.587
.477
.800
.590
.481
.801
.590
.484
86.9
87.5
89.6
92.6
96.1
106.7
92.9
102.4
98.8
91.8
94.1
98.3
109.3
95.9
104.8
100.2
95.5
98.6
100.5
112.7
96 6
109.9
101.9
95.2
98.3
100.0
113.7
96.4
109.7
102.1
92.2
98.4
100.1
112.3
96.7
108.9
101.4
90.5
95.2
99.7
109.0
96.1
104.8
97.6
86.2
96.6
98.0
111.5
97.0
109.6
99.6
87.6
94.2
96.9
108.0
94.7
102.5
95.4
90.1
96.2
91.7
110. 5
94.4
101.7
100.2
91.8
91.3
91.2
107.0
90.2
93.5
96.0
93.2
90.1
90.7
107.2
91.0
89.5
92.6
'89.2
87.7
88.7
105.4
89.6
84.0
88.3
.603
1.24
.612
1.25
.612
1.26
.627
1.30
.644
1.33
.662
1.35
.668
1.37
.673
1.37
.676
1.38
.678
1.38
.678
1.39
.680
1.39
.696
.674
34 16
.671
.670
.662
36 14
.662
.696
.708
36.71
72.3
73.3
73.3
33.28
73.7
.35
.51
.26
.45
.49
.56
.61
.25
.43
.29
.36
.54
27
.47
.51
.56
.59
.25
.37
.29
.37
.53
28
.45
.51
.53
.59
.26
.39
.29
.39
.51
.27
.48
.52
.46
.59
.26
.42
.29
.41
.53
.27
.46
.53
.45
.54
.26
.45
.31
41
.56
.27
.44
.53
.46
.61
.27
.44
.30
.42
.58
.28
.46
.53
.45
.63
.27
.43
.32
.43
.56
.28
.47
.54
.45
.63
.27
.45
.32
.43
.57
.28
.47
.55
.45
.64
.27
.47
.31
.41
.57
.29
.48
.53
.43
.63
.27
.45
.33
.38
.58
.28
.50
.53
.42
.64
.26
.44
.34
.34
.59
.28
.51
.51
.45
.60
.26
.41
.34
.525
125.0
.575
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
352
344
344
346
348
343
326
3
0
2
0
1
0
2
0
2
0
2
0
2
105.8
91.0
87. 6
.675
1.39
.625
125.0
FINANCE
BANKING
Acceptances and com'l paper outstanding:
Bankers' acceptances, total
mills, of doL.
Held by Federal Reserve banks:
For own account
_
do
For foreign correspondents
do
Held by group of accepting banks:
Total
mills, of d o l Own bills
do
Purchased bills..
do
Held by others
do
307
401
396
395
386
364
0
1
0
0
0
0
1
1
3
2
1
4
246
140
106
61
293
341
160
180
61
268
317
150
166
80
290
318
147
171
76
285
295
137
159
86
287
273
130
143
87
285
265
144
121
83
325
263
143
120
79
329
274
148
127
69
331
282
153
129
62
323
279
148
131
67
311
278
147
131
63
279
266
147
119
59
299
3,385
2,888
2,055
833
99
3,389
2,885
2,054
832
94
3,394
2,883
2,052
'831
93
3,399
2,879
2,051
829
99
3,393
2,874
2,048
826
102
3,386
2,869
2,045
823
115
3,362
2,863
2,043
820
120
3,352
2,856
2,039
817
129
3,334
2,848
2,035
813
120
3,321
2,839
2,031
808
119
Com'l paper outstanding
do
Agricultural loans outstanding:
3,374
3,321
3,352
Grand total
do
2.892
2,896
2,834
Farm mortgage loans, total
.do
2,058
2,030
2,060
Federal Land Banks.
do _.
834
804
836
Land bank commissioner
do
114
110
116
Loans to cooperatives, total
.do
Federal Intermediate Credit (direct)
2
1
1
mills, of dol-.
Banks for cooperatives inch Central
57
60
87
Bank
mills, of dol._
Agricultural Marketing Act revolving
52
52
28
fund..
mills, of dol__
372
342
371
Short term credit, total . .
do .
Federal Intermediate Credit Banks, loans
to and discounts for:
Regional Agricultural Credit Corps.',
Prod. Credit Ass'ns and banks for
144
130
173
cooperatives S
mills, of dol__
42
41
39
Other financing institutions^
do
115
132
148
Production Credit Ass'ns
do __
24
24
Regional Agr. Credit Corp
do
15
115
103
113
Emergency crop and seed loans
do
60
60
57
Drought relief loans.-.
do __
129
126
Joint Stock Land Banks in liquidation..do
100
-Less than $500,000.
r
Revised.
IBasic rate for common labor.
§Construction wage rates as of March 1,1938, common labor, $0,675; skilled
cf To avoid duplication, these loans are excluded from the totals.
(°)
1
1
1
1
1
1
1
2
2
2
49
45
45
52
56
67
73
82
88
87
49
398
48
410
47
419
46
421
44
417
47
402
45
379
45
368
31
366
30
364
154
44
144
24
127
59
123
159
45
152
23
130
59
120
165
47
160
23
130
59
118
170
48
164
22
128
59
115
171
48
163
21
128
59
113
167
47
154
19
123
58
111
160
42
143
17
119
58
110
161
41
137
16
116
57
107
165
40
138
16
115
57
104
165
39
139
15
113
labor $1.40.
57
102
32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
FINANCE—Continued
BANKING-Continued
Bank debits, total
mills, of dol~
New York City
do
Outside New York City
do.._.
Brokers' loans:
To N. Y. S. E. members
do
By reporting member banks. (See Federal
Reserve reporting member banks, below.)
Federal Reserve banks, condition, end of mo.:
Assets (resources) total
__.mills, of doLReserve bank credit outstanding, total
mills, of dol.Bills bought
do
Bills discounted
do
United States securities
do
Reserves, total
_
-do
Gold certificates
do
Liabilities, total_.._
do
Deposits, total
do
Member bank reserve balances, total
mills, of dol..
Excess reserves (estimated)
-do
Notes in circulation
—
-do
Reserve ratio
percent.Federal Reserve reporting member banks,
condition, end of month:
Deposits:
Demand, adjusted
—.mills, of dol..
Time
do
Investments, total
do
U. S. Government direct obligations.do
IT. S. Government guaranteed issues.do
Other securities
do
Loans, total®..do
Commercial, industrial, and agricultural
loans:
On securities
mills, of dol..
Otherwise secured and unsecured-.do
Open market paper
do
Loans to brokers and dealers in securities
mills of dol...
Other loans for purchasing or carrying securities
mills, of d o l Real estate loans.
do
Loans to banks
-do
Other loans
do
Interest rates:
Acceptances, bankers' prime
percent-Bank rates to customers:
In New York City
.do....
In eight other northern and eastern cities
percent..
In twenty-seven southern and western cities
percent-.
Call loans, renewal (N. Y. S. E.)
do
Com'l paper, prime (4-6 mos.)
do
Discount rate, N. Y. F. R. Bank
do
Federal Land Bank loans
.do
Intermediate Credit Bank loans
do
Time loans, 90 days (N. Y. 8. E.).
do._Savings deposits:
Savings Banks in New York State:
Amount due depositors
mills, of dol
U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do
25, 538
10,915
14,623
34,526
16,907
17,620
42,003
20,398
21,605
37.133
17,082
20,051
34,406
15,114
19,292
36,453
16,434
20,019
36,903
16,751
20,152
31,886
13,476
18,409
33,360
14,718
18,642
36,073
16,151
19,923
579
1,075
1,159
1,187
1,152
1,186
1,174
1,186
1,039
726
12, 796
12,330
12,339
12, 449
12,448
12,496
12,462
12, 394
12,786
12,727
2,590
1
10
2,458
3
12
2,430
9,141
8,856
12,339
7,186
2,565
4
12
2,525
9,135
8,853
12,449
7,257
2,585
6
17
2,526
9,135
8,850
12,448
7,261
2,562
4
10
2,564
9,637
9,183
12, 796
7,850
2,465
3
5
2,430
9,134
8,859
12,330
7,177
2,526
9,159
8,846
12,496
7,278
2,574
3
15
2,526
9,160
8,843
12,462
7,288
2,577
3
22
2,526
9,135
8,840
12; 394
7,228
2,579
3
22
2,526
9,452
9,138
12,786
7,529
2,580
3
21
2,526
9,449
9,134
12,727
7,513
7,248
1,415
4,139
80.4
6,695
2,078
4,190
80.4
6,639
1,398
4,174
80.5
6,881
1,594
4,205
79.7
6,915
918
4,223
79.5
6,900
865
4,206
79.7
6,753
791
4,221
79.6
6,751
773
4,252
79.6
7,014
1,038
4,263
80.1
14,381
5,260
15,501
5,167
13, 597
9,067
1,208
3,322
9,121
15,126
5,144
12,907
8,396
1,199
3.312
9,366
15,388
5,158
12,774
8,370
1,175
3,229
9,428
15,274
5,231
12,587
8,287
1,156
3,144
9,571
15,187
5,235
12,530
8,301
1,152
3,077
9,760
15,033
5,268
12,499
8,283
1,188
3,028
9,784
14,924
5,268
12,292
8,193
1,130
14,864
5,290
12,022
7,903
1,131
2,988
10,027
570
3,700
483
566
3,765
467
581
3,844
464
1,297
1,333
1,447
1,156
84
720
1,161
123
1,481
714
1,169
98
1,534
12,298
8,137
1,159
3.002
8,933
559
3,798
431
769
616
1,158
82
1,520
1,263
"I," 149"
1,305
1,157
81
He
31, 593
13,432
18,160
39,103
18, 277
20,825
32,073
14, 477
17, 597
659
597
12, 796
12,879
12,697
2,606
3
17
2,564
9,450
9,132
12,796
7,548
2,612
1
10
2,564
9,4S1
9,129
12,879
7,577
2,593
1
12
2,564
9,556
9,127
12,697
7,775
6,928
1,055
4,279
80.1
6,962
1,169
4,274
79.9
7,027
1,212
4.284
79.9
7,237
1,383
4,188
80.2
14,612
5,234
11,940
7,963
1,118
2,859
9,441
14, 431
5,205
12,015
8,018
1,116
2,881
9,387
14,464
5,225
12, 253
8,165
1,141
2,947
10,004
14, 610
5,278
12,029
7,968
1,137
2,924
9,625
595
4,043
466
601
4,206
475
590
4,171
477
579
4,058
475
579
4,022
461
566
3,828
455
1,363
1,392
1,227
901
876
894
762
701
1,163
150
1,518
703
1,164
135
1,529
682
1,165
97
1,551
660
1,169
96
650
1,167
68
635
1,165
66
617
1.161
65
1,561
1,558
1,565
1, 527
He
He
He
He
2.38
2.45
2.40
2.36
3.37
3.42
3.36
3.37
4.16
1.00
1
1.00
4.00
2.00
4.17
1.00
1
1.00
4.00
2.00
4.15
1.00
1
1.00
4.00
2.00
4.16
1.00
1
1.00
4.00
2.00
He
He
2.34
2.41
2.50
2.53
2.44
2.34
2.36
2.41
2.39
3.29
3.43
3.34
3.36
3.45
3.32
3.32
3.29
3.33
4.09
1.00
4.15
1.00
4.15
1.00
1.50
4.00
2.00
IK
4.17
1.00
1
1.60
4.00
2.00
IK
4.18
1.00
1
1.50
4.00
2.00
4.19
1.00
1
1.50
4.00
2.00
4.18
1.00
1
• 1.00
4.00
2.00
IX
1.50
4.00
2.00
IK
4.21
1.00
1
1.50
4.00
2.00
IK
IK
IK
K
4.18
LOO
1
1.00
4.00
2.00
5,297
5,248
5,278
5,250
5,245
6,275
5,267
5,270
5,291
5.255
5,250
* 5, 292
1,271
120
1,270
133
1,272
132
1,270
134
1,268
134
1,268
136
1.271
133
1,273
133
1.270
132
1,269
130
1,270
129
1,270
117
1.00
4.00
2.00
H
H-i
IK
IX
1,272
122
COMMERCIAL FAILURES
707
932
721
834
670
564
786
820
1,071
1,320
768
Grand total
number.786
618
30
40
48
52
64
27
24
26
56
51
25
35
Commercial service, total
do
28
60
51
49
60
53
43
50
42
31
36
72
37
Construction, total
do
62
164
171
131
148
216
120
153
134
117
200
126
172
Manufacturing, total—
do
135
6
5
4
5
10
7
3
4
8
5
4
3
Chemicals and drugs...
.do
7
31
33
37
48
31
33
37
33
30
42
40
45
Foods...
-do
41
14
10
12
13
11
3
16
10
10
17
8
13
Forest products
do
15
1
1
0
8
3
6
5
3
1
1
1
3
Fuels
do...
1
5
5
5
6
13
3
10
6
9
Iron and steel—
do
10
9
4
5
6
5
5
3
Leather and leather products
-do
6
8
5
2
10
10
6
8
19
12
Machinery
do
4
20
15
14
5
12
21
13
11
10
12
12
Paper, printing, and publishing
do
8
5
2
7
3
4
4
7
5
2
4
6
3
Stone, clay and glass products.
do
5
16
53
40
e
e
d_.._
22
39
30
56
33
57
Textiles
_..do
22
36
43
13
3
2
1
6
2
4
5
T i
Transportation
equipmenti
ddo
1
3
2
4
5
8
10
28
10
27
34
16
13
21
33
Miscellaneous
do.
15
13
13
22
438
403
440
481
379
437
527
872
470
518
404
Retail trade, total.
do_
685
336
68
77
82
90
52
87
104
116
91
86
Wholesale trade, total
do
100
66
49
11,916
10,922
8,364
7,766
9.335
10,078
13,291
Liabilities: Grand total
thous. of dol.. 13,359
9,771
8,906
8,191
8,393
15,035
437
493
401
571
709
Commercial service, total
_do.
1,169
1,100
529
440
408
822
640
819
634
424
852
Construction, total
do
1,279
612
2,138
550
499
473
431
775
1,943
994
5,603
3,793
2,711
4,517
2,744
2,883
3,006
4,106
5,117
2,165
2,465
2,988
3,058
Manufacturing, total
do
103
63
66
17
45
196
128
57
109
99
14
13
79
Chemicals and drugs
do
743
834
300
452
529
1,363
958
588
549
1,077
Foods
do
1,017
859
577
146
427
251
405
462
Forest products
do
49
115
270
313
152
147
148
• In effect beginning Aug. 27,1937.
' Revised.
<8> Form of reporting member bank loans revised beginning May 1937; the new items, which are self-explanatory, are not available prior to that date. For a more detailed
discussion of the significance of the new series, see the Federal Reserve bulletins for May 1937, p. 440, and June 1937, p. 530.
33
SUKVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1937
February
March
April
May
June
July
1938
August
SepNovem- Decemtember October
ber
ber
January
FINANCE—Continued
COMMERCIAL FAILURES-Contlnued
Liabilities—Continued
Manufacturing—Continued.
Fuels
thous.
Iron and steel
Leather and leather products
Machinery
Paper, printing, and publishing
Stone, clay and glass products
Textiles
__
Transportation equipment.
Miscellaneous
Retail trade, total
Wholesale trade, total
of dol—
do.
do
do
do
do
do
do
do
do
do
98
3,292
1,109
27
31
53
67
184
210
1,163
74
437
2,861
1,043
2,675
54
245
348
257
29
548
237
218
2,896
2,346
106
81
71
55
121
51
1,187
158
354
3,074
1,060
57
354
95
174
128
16
729
212
704
3,116
1,431
0
473
197
232
174
148
488
66
504
3,816
1,391
1,336
159
325
216
137
872
100
368
4,622
1,991
78
69
116
430
142
106
1,039
85
403
7,614
1,900
20,914
4,116
689
3,427
1,761
2,614
20,992
4,128
688
3,440
1,753
2,614
21,120
4,144
686
3,458
1,763
2,611
21,221
4,155
683
3,472
1,767
2,609
21,317
4,165
685
3,480
1,767
2,614
21,432
4,176
683
3,493
1,770
2,630
21,536
4,183
678
3,505
1,774
2,633
21,514
4,199
675
3,524
1,768
2,635
21,623
4,213
674
3,539
1,769
2,640
11,263
5,167
2,448
2,760
888
577
485
11,321
5,191
2,464
2,777
889
611
491
11,447
5,267
2,488
2,777
915
587
463
11,570
5,269
2,526
2,765
1,010
581
451
11,651
5,300
2,527
2,772
1,052
587
452
11,709
5,348
2,543
2,773
1,045
628
434
11, 781
5,358
2,576
2,775
1,072
644
431
11,908
5,442
2,593
2,778
1,095
609
429
11,941
5,485
2,601
2,710
1,145
600
371
11,970
5,490
2,619
2,718
1,143
680
351
1,174
51
862
262
917,442
77,956
258,087
581,399
285,221
31,807
12,925
66,397
174,092
1,085
36
807
241
834,366
57,022
246,589
530,755
274,450
25,730
10,840
74, 637
163,243
1,066
39
789
237
803,121
74, 766
239,733
488,622
247,640
25,830
10,319
54,556
156, 935
1,027
51
735
241
824,470
87,861
224,113
512,496
265,179
26,389
11,400
62,120
165,270
945
59
668
217
743, 716
93,863
204,121
445,732
253,191
27,987
11,037
56,097
158,070
40
687
212
703,123
62,186
210,898
430, 039
245,561
24,167
10,989
61,131
149,274
871
25
646
200
637,595
49,921
197,339
390,335
230,770
22,396
10,616
54,438
143,320
28
741
212
701,038
45, 437
226, 243
429,358
237, 522
23, 243
10, 066
53, 444
150, 769
916
24
689
202
681,376
42,238
211,409
427, 729
251.012
25,325
10,751
61,412
153, 524
929
44
674
211
764,803
87,386
213,976
463,441
337, 493
46,538
12,568
92, 441
185,946
793
20
597
176
589,165
31,401
179,975
377,789
261,842
32,444
12,131
60,996
156,271
723
57
211
167
692
51
204
155
65
65
27
50
19
56
631
47
178
144
61
60
26
49
17
60
646
48
181
147
64
60
26
50
17
53
95
41
163
132
60
55
24
45
17
50
546
37
143
126
56
53
24
41
17
60
500
34
127
113
52
49
23
42
14
47
580
41
164
132
58
52
23
44
16
49
573
40
159
132
58
52
22
44
17
49
634
40
164
143
69
61
26
56
20
56
100
494
36
140
113
50
44
19
39
14
1,764
204
64
115
136
117
§14
5
630
5,484
1,646
291
28
63
251
272
36
197
311
130
3,571
1,041
150
123
62
340
243
99
319
3
223
3,927
1,584
7
73
144
7
86
61
283
66
211
3,313
1,045
1,288
21,705
4,217
673
3,544
1,775
2,643
20,609
4,127
703
3,424
1,760
2,623
20,718
4,116
696
3,420
1,758
2,617
20,813
4,113
691
3,422
1,761
2,614
11,999
5,470
2,668
2,720
1,141
712
359
10,867
4,969
2,340
2,678
880
740
492
11,103
5,075
2,424
2,721
883
637
487
766
25
577
164
589,407
41,671
174,092
373,644
246,708
23,354
10,643
58,314
154,397
952
28
711
212
711,478
40,246
212,231
459,001
252,162
27,297
11,186
56,917
156, 762
489
36
137
107
50
45
19
41
13
40
577
48
177
133
52
54
19
39
14
41
56
56
146
98
157
131
721
81
104
203
155
162
30
133
37
LIFK INSURANCE
(Association of Life Insurance
Presidents)
Assets, admitted, total
mills, of dol—
Mortgage loans, total
do
Farm
do
Other
do.—
Real estate *_
_
do
Policy loans and premium notes
do
Bonds and stocks held (book value), total
mills, of dol—
Qovernment (domestic and foreign)-.do
Public utility
_
_
do
Railroad
do
Other
_
do
Cash*
_
do—Other admitted assets*
do
Insurance written:
Policies and certificates, total number
thousandsGroup
_
do
Industrial
_
do
Ordinary
_
do
Value, total
thous. of dol—
Group
do
Industrial
.do
Ordinary
do
Premium collections, total
_
do
Annuities
do
Group
do
Industrial.
do
Ordinary
do
(Life Insurance Sales Research Bureau)
Insurance written, ordinary, totalf mills, of dol—
New England tdo
Middle Atlantictdo—
East North Centralf.
do
West North Centralf
__do—.
South Atlanticf—
do—
East South Central t
do
West South Centralt-—
do—
Mountain tdo
Pacifictdo
Lapse rates
1925-26=100. .
MONETARY STATISTICS
Foreign exchange rates:
.333
.333
.333
.330
.332
.330
.335
.329
.331
.328
.329
.326
Argentina A
dol. per paper peso—
.170
.169
.168
.168
.170
.169
.168
.169
.169
.170
.169
.168
Belgium
dol. per belga..
.088
.087
.087
.087
.087
.087
.087
.087
.087
.087
Brazil c?
dol. per milreis—
.377
.374
.376
.374
.377
.372
.377
.375
.379
.371
.373
.370
.369
British India
dol. per rupee..
1.001
1.000
1.000
1.000
.999
.999
1.000
.999
1.000
1.001
1.001
1.000
1.001
Canada.
dol. per Canadian dol—
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
Chile.
dol. per peso—
.034
.033
.038
.035
.034
1.044
.033
.038
.033
.045
.045
.047
.046
France.
dol. per f r a n c
.404
.402
.402
.401
.403
.401
.403
.402
.4U4
.402
.402
.402
.402
Germany
dol. per reichsmark—
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
Italy.
dol. per lira..
.291
.289
.290
.289
.291
.287
.291
.289
.290
.286
.288
.285
Japan
_dol. per y e n ».285
.555
.553
.552
.551
.556
.550
.557
.551
.560
.548
.549
.547
Netherlands
dol. per florin—
.547
.063
.063
.063
.065
.062
.052
.061
.051
.061
.057
.053
.061
Spain!
dol. per peseta.067
.258
.255
.257
.255
.258
.254
.258
.256
.259
.253
.255
.252
Sweden
_
dol. per krona~
.252
5.00
4.96
4.98
4.95
5.00
4.94
5.00
4.97
5.02
4.92
4.94
4.89
4.89
United Kingdom
__dol. per £ ~
.791
.791
.792
.701
.799
.791
.665
.794
.660
.786
.787
.788
Uruguay
dol. per peso..
Oold:
12,756
12,765
12,788
12, 782
12,653
12, 512
12,404
11,686
12,189
Monetary stocks, U. S
mills, of dol— 12,768
11,502
11,901
11,399
Movement, foreign:
9,343 - 8 , 0 4 6 - 20,145 -101,580 - 1 , 1 0 6
-5,288
7,217
21,196 -15,865 -35,544
Net release from earmark^ thous. of dol— -18,179 - 8 , 0 0 0
30,084
15,052
5,067
232
129
169
174
81
13
206
Exports—
do
39
4
(a)
52,194
33,033
7,155
90,709
8,211 120,326 154,371 215,825 155,366 262,103 175,624 105, 013 145,623
Imports.
do
Net gold imports including net gold re82,431
1,965 -83,599
99,556 154,837
leased from earmark*
thous. of dol— -10,142 112,326 153,933 223,029 181,558 246,157 139,874
Production:
Union of South Africa*
fine
ounces^923,727 982,304 980,227 971,720 975,197 997,013 988,502 976,285 987,401 979,390
854,815
906,890 898, 634 902,024 919,488 911,310 899,076 907, 681 901,228
Witwatersrand (Rand) tdo
174,792 155,332 185,768 150,404 236,763 198,174 216,321 320,992 246,221 262,129 278,883 224,049 208,407
Receipts at mint, domestic
do
6,618
6,397
6,566
6,558
6,435
6,319
6,558
6,500
6,475
Money in circulation, total
mills, of dol_.
6,391
6,397
6,426
3
ALargely nominal.
* Quotation partly nominal.
» Less than $500.
Largely
nominal.
r
§Quotations nominal beginning July 31,1936. No quotation from Sept. 22 to 30, and from Nov. 1 to 13,1936.
Revised.
tOr increase in earmarked gold (—).
•Or exports (—).
c? Official rate. Quotations not available beginning NOT. 18,1937.
*New series. With the addition of the 3 new series on admitted assets of life insurance companies, a more complete record, as reported by the Association, is here presented;
earlier data for the new series covering the period 1922-36 are shown in table 51, p . 19 of January 1938 issue-. Data on the production of gold in the Union of South Africa
beginning 1913 appeared in table 48, p. 20 of the December 1937 issue.
t Revised series. For earlier data on ordinary life insurance written see table 36, pp. 18 and 19 of the September 1937 Survey. Revised data on gold production in
the Witwatersrand area beginning 1913 appeared in table 48, p. 20 of Dec. 1937 issue.
34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey,
ary
April 1938
1937
February
March
April
May
June
July
1938
Novem- DecemI August SeptemOctober
ber
ber
ber
January
FINANCE—Continued
MONETARY STATISTICS-Continued
Silver:
233
Exports
thous. of doL.
15,488
Imports
do
.448
Price at New York
_dol. perfineoz_.
Production, world—
thous. offineoz__
Canada
.
do
Mexico
do
United States
do
Stocks refinery, end of month:
United States
do
Canada
do
611
14,080
.448
20,849
1, 539
6,684
4,965
970
764
346
5,589
.451
22,612
1,661
7,509
5,488
821
507
468
2,821
.455
20,505
1,346
5,731
5,431
766
929
341
8*165
.450
21,536
1,467
6,543
5,280
244
0,025
.448
24,815
1,228
10,140
5,487
214
4,476
.448
23,427
2,317
6,274
6*805
1,303
808
862
735
1,127
537
278
4 964
.448
26, 216
2,367
8,428
7,441
1, 296
439
285
8,427
.448
22, 487
2,271
6,460
5,779
1,363
817
380
5,701
.448
21, 345
2, 536
6,112
4,855
527
10, 633
.448
22, 927
2,176
6,272
1,064
852
1,287
617
236
23,151
.448
21,870
1,635
6,300
5,693
j
| 28, 708
! .448
!
I ~~]~G22
1,523
496
2, 606
521
"I' 222
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (168 cos.)
mills, of dol.
Autos, parts, and accessories (28cos.)__do._.
Chemicals (13 cos.)
do...
Food and food products (19 cos.)
do_..
Machinery and tools (17 cos.)_mills. of dol.
Metals and mining (12 cos.).»
—__do___
Petroleum (13 cos.)
„—do...
Steel (11 cos.)
do...
Miscellaneous (55 cos.)
do___
Telephones (net op. income)®
do__.
Other public utilities (net income) (53 cos.)
mills, of doL
Railways, Class I (net income)1
__do__.
Standard Statistics Co., Inc.:t
Combined index, unadjusted (161 cos.)
1926=100.
Industrials (120 cos.)
do...
Railroads (26 cos.).--...do...
Utilities (15 cos.)
do...
Combined index, adjusted (161 cos.) d o . . .
Industrials (120 cos.)
_
_.do-.Railroads (26 cos.)
_
do...
Utilities (15 cos.).
do...
37.0
16.5
14.2
7.2
14.5
51.6
40.5
59.9
310.6
98.4
46.9
21.1
16.2
6.3
17.
58.4
45.7
58.2
264.0
60.6
44.1
19.7
14.3
5.7
24.4
52.5
42.7
52.1
53.6
14.1
53.6
21.2
46.9
41.6
90.9
104.3
15.7
131.2
98.0
109.8
42.0
123.4
104.4
128.6
8.7
124.4
.3
117.4
17.3
126.7
93.5
112.1
17.8
110.6
88.1
105.9
d
3.9
124.5
250.6
16.6
' 74. 5
81. 0
v 127. 0
P77.9
P95.9
d
10. 5
v 118.6
PUBLIC FINANCE (FEDERAL)
37, 045 36, 875
36, 956
36, 425 36,716
34, 732 34,944
35,216
Debt, gross, end of month
mills, of dol_. 37,633
34,601
Obligations fully guaranteed by the U. S.
Government: ®
Amount outstanding by agencies, total
4, 633
4,634
4,633
4,703
4,665
4,660
4, 646
4,662
4,660
4,662
mills, of dol—
1,400
1,400
1,400
1,422
1,420
1,422
1,410
1,422
1,422
1,422
Federal Farm Mortgage Corporation.do
2,
937
2,937
2,987
2,937
2,987
2,988
2,987
2, 937
2,987
Home Owners' Loan Corporation..do
2,988
296
255
297
296
295
250
251
250
252
Reconstruction Finance Corporation-do
Expenditures, total (incl. emergency)
thous. of dol— 639,519 645,053 971, 663 784,813 624,015 1,386,931 675,811 617, 578 765, 251 671,409
467, 211 330, 310 1,120,513 423, 886 392,509 966, 905 464,057 547, 570 858, 585 394, 403
Revenues, total
do.
36, 515
38, 790 36,173
40,649
52, 503 46, 252 46,252 41,716
24, 203 41,72&
Customs
do.
Internal revenue, total
-do
280, 601 237,826 934, 555 300,390 281,058 827, 483 376,074 336,125 738, 564 284, 250
41, 671
42,464 34,831 494, 405
55,444 42,949 556,946
Income tax
do.
67? 586 64,035 689,003
Taxes from:
1,722
1, 967
1. 599
1,875
1,633
1,537
1,539
1,660
1,590
1,473
Admissions to theaters, etc
do_
1,235
1,492
2,045
1,232
1, 556
3,045
2,169
1, 514
3,226
3,743
Capital stock transfers, etc.
do
589
416
338
571
454
392
528
639
191
506
Sales of produce (future delivery). -do
762
633
886
395
433
361
332
329
261
465
Sales of radio sets, etc
do...
Reconstruction Finance Corporation loans outstanding end of month:
Grand total
.thous. of dol_. !,079,859 2,129,186 2,064,942 2,045,756 2,028,897 2,033,375 2,048,344 1,981,146 1,992,975 1,999,722
657,170 689,403 668, 585 664,670 656,445 662,594 662,165 658,876 662,493 660,496
Section 5 as amended, total__
...do
Banks and trust companies including receivers
...thous of dol— 146,924 183,400 178,316 173,093 167,388 163,800 166,915 164, 545 159, 754 158, 065
1,725
1, 872
1,821
1,953
2,076
2,072
2,248
2,096
2,391
2,197
Building and loan associations
do
3,362
3. 626
3,382
3,681
3,703
3,820
3,844
3,863
2, 592
3,925
Insurance companies
do—
131,002 129, 532 126, 330 122,057 120,467 121,177 120, 422 120,142 124, 540 125,159
Mortgage loan companies
do
Railroads, incl. receivers.^
. . . . d o — 361,951 345, 373 340,367 345,084 344,823 354,320 351,936 351,855 356, 279 355, 932
16,253
16,836
16,717
17,258
17,518
18,344 17,875
17,613
12,310 24,976
All other under section 5_.
do
Total Emergency Relief Construction Act,
as amended
thous. of dol— 603,587 624,158 576,984 559, 248 551,431 551, 725 568,928 511,100 516, 343 524, 471
231, 762 204,835 206, 607 213,067 216,576 219,903 223, 374 225, 071 229,105 230, 371
Self-liquidating projects
do
Financing of exports of agricultural sur47
47
47
47
47
47
47
47
47
47
pluses
thous. of dolFinancing of agricultural commodities
11,153
2,902
4,287
62,427
51, 726 48,695
123,922 81,101 56,906
and livestock
thous. of dol—
Amounts made available for relief and
work relief
thous. of do!-. 282, 826 295,354 289,228 289,228 283,082 283,080 283, 080 283,080 282,904 282, 900
Total, Bank Conservation Act, as amended
thous. of dol— 567, 459 632,179 629, 522 624,077 619,840 613,943 608, 468 599,104 597, 076 594, 275
251, 643 183,446 189,852 197,761 201,181 205,113 I 208,783 212,066 217,063 220, 480
Other loans and authorizations
do.
d
* Preliminary.
Deficit.
•Number of companies included varies.
,
1As reported by the Interstate Commerce Commission. Figures shown on p. 54 of the 1936 Supplement are in thousands of dollars instead
37, 094
37,279
4,644
1,410
2,937
297
4,645
1,410
2 ( 937
297
4.64G
1,410
2,937
298
649,877
439, 548
31,513
325,736
35, 287
771,244
943, 351
30,129
767,545
482,697
623, 361
390, 709
26,193
305,38S
52, 036
2,243
2,898
325
711
2,290
1, 692
266
670
1. 353
1,803
210
368
2,017,674 2,060,397 2,073,603
654, 917 657, 348 056,672
152, 920
1,652
2,955
126,194
355, 923
15, 273
153, 704 150,616
2,061
2,121
2,791
2.757
128, 465 128, 785
355,894 | 358, 216
14,373
14, 237
542,940
227, 714
582, 587
235,578
597, 240
233, 223
47
47
47
32, 279
64,064
81,144
282, 900
282,898
282, 826
590, 284
229,533
585, 839
234, 623
581, 740
237,951
m.
.,,.
^ , . ,
of in millions as the box head
fRevised series. Revisions in the Standard Statistics index of corporation profits for 1935 and 1936 not shown on p. 34 of the May 1937 Survey will appear in a subsequent issue.
®Total includes a small amount of guaranteed debentures of the Federal Housing Administrator.
April 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.
35
SURVEY OF CURRENT BUSINESS
1938
February
February
March
April
May
June
1937
1938
July
Decem- JanuOctober NovemAugust September
ber
ber
ary
FINANCE—Continued
CAPITAL FLOTATIONS
New Security Registrations t
(Securities and Exchange Commission)
New securities effectively registered:
Estimated gross proceeds, total
thous. of dol_. 206, 698 491,400
Common stock
do
84, 749 168,474
Preferred stock
-...do
2,028 38, 215
Certificates of participation, etc
_.do__,_ 53, 284 52, 249
Secured bonds
do
56, 488 212, 560
19, 902
Debentures and short-term notes
do
10,150
469,907 288, 076
231,006 139,397
36,364
49,497
16, 543
9,167
164,468
52,198
21,527
37,818
238,068
114,789
34,442
11.180
2, 778
74, 879
369,065
67, 055
78,592
16,983
136,340
70,095
266,886
122,289
85, 690
25,390
29,929
3,588
302,343 156, 395 127, 621
171, 547 82, 621 10, 574
66,194
10, 263 26,013
6,696
1,624
12,175
30, 453 13, 887 78,860
27, 453 48, 000
0
38,159
23, 092
0, 144
7, 531
0
1,392
201,374
82, 637
20, 708
50,212
35, 625
12,133
79, 909
17, 523
710
19, 688
11,463
30,525
Industrial classiccaton:*
10,438
3,643
2,985
6,782
2,310
Extractive industries
do
4,457
9,572
6,063
1,125
1, 551
1,208
3,547
569
97,428 159, 782 155,131 117, 685 165, 521 214, 058 130, 375 29, 449
Manufacturing industries.do
55, 502 205,491
7, 270
61, 537
2,280
Financial and investment
_
do
37,211 154,179
30,541
8,395
13,893
14,985
52, 732
45,566
16. 788
24, 900 109,208
36, 856
81,400
Transportation and communication.-do —
0
27,766
0
2,127
23,005
43,375
26,100
0
362
0
0
0
3,443
Electric light and power, gas, and water
2,492 142,340
thous. of doL. 67,308 143,963 134,800
10, 547
35,167
30, 216 12, 497 79, 610
910
39, 705
13, 629
Other. _
do
76,392
19,099
14, 865
691
20 637
13,850
287
3,806
500
10, 010
45,298
878 101,092
Securities Issued t
(Commercial and Financial Chronicle)
Amount, all issues__.thous. of doL. 199,188 • 559,475 '383,712 r 316, 885 r 265,441 560,338 ' 341,045 187,312 223,828 203,496 ' 136, 559 104,452 121, 444
Domestic issues
_
do
199,188 • 460,475 • 383,712 '281,885 ' 265,441 560,338 ' 341,045 187,312 220,578 198,690 ' 136, 559 163, 877 121,444
0
Foreign issues
, do
99, 000
0
3, 250
0
0
35. 000
0
0
0
4, 800
575
u
Corporate, total
do
57, 230
49, 306
103,027 392,288 ' 320,269 '165.055 ' 109,331 418,288 ' 138,520 100,809 152,143 130,299 '37,062
Industrial—
do
0, 180
320 140,313 '56,113 '•67,047 '80,09G 188,647 103,031 '27,665 138, 487 ' 27, 600 ' 28, 333
27,738
0
0
Investment trusts...
do
0
0
0
99
0
0
0
0
0
0
0
1,606
Land, buildings, etc., total
do
17, 873
690
600
3,445
350
2, 025
756
4,230
0
707
725
3s:>
Long-term issues..
do
17, 873
1,606
690
600
3,445
350
2,625
756
4,230
707
0
385
725
Apartments and hotels
do
0
0
0
0
0
0
0
0
2,300
0
0
0
385
0
Office and commercial
do
0
0
0
0
325
0 '15,000
2,000
3,000
0
0
0
Public utilities
do___. 102,000 •152,188
, 101, 500
9,500 ' 57, 590 155,324 -•30,025 '51,126
11,
500
'83,004
'6,480
r20,900
39,300
73,823 '71,327
Railroads
do
0 r 69,060
25, 220
15, 410
2,950
6,039
1,300
0
21, 306
0
4,880
27, 257 16,491
12,854
5, 825
55, 462
2,170
Miscellaneous
do
0
100
19, 354
0
2, 250
3,346
3,101
Farm loan and Gov't agencies
_do
32, 856
44,891
30.000 118,000
27, 400 20, 000 34,300
32, 450 25,200 I 4,067
52, 000
22, 700
23, 350
Municipal, States, etc
do
53,103
48, 435 28, 097
63,711 '42,988 I 59, 346 83, 974
51,219 112,051
84, 520
47, 496
83, 947
48, 788
Purpose of issue:
New capital, total_„
do
82,072 189,771 !• • 186, 740 158, 580 r 149,136 359, 887 ' 247, 636
92, 387
78, 740 157,058 96, 492 '95,027 122,304
Domestic, total_
do
82,072 189,771 • 186, 740 158, 580 ' 149,136 359, 887 ' 247, 636 78, 740 153,808
93,192 '95,027 121,804
92,387
40,802 152,267 \ • 139, 243 78, 427 '26,942 208, 946 '81, 745
Corporate
do
50,673 112, 757 66, 647 '77,111
42, 707
45, 533
4,000
0
Farm loan and Gov't agencies
do .
10, 500
28, 500
0
89, 000
0
0
0
5,600
0
25, 000
0
47, 497 69, 653
43, 526
76, 891
Municipal, States, etc
do
90, 941
41, 270 33, 504
26, 546
43, 085
28, 067 41,051
41, 255
79,098
0
0
0
0
0
Foreign
...
_..do
0
0
3,
250
3,300
0
500
0
0
Refunding, total
do
93, 409 108, 572
41, 531
117,116 369,704 196, 972 r 158, 305 116, 305 200, 451
42, 088
66, 770 107,004
29,056
Corporate
._
do
62, 225 240,021 181, 055 '86,628
92, 220 149,341
56, 781
10, 120
39, 386 69,653
14, 463
3,773
56,136
Type of securities (all issues):
Bonds and notes, total
__do
119,113 419,118 324, 342 •"258,697 '213,691 407, 910 ' 262. 694 105,193 159, 488 182,797 '131,666 147, 997 114,163
Corporate
_
__.do
102,952 251,931 260,929 106, 867 '117,581 325. 800 '60.175
32, 170
42,025
40,775
84, 690 87,803 115,600
Stocks
__
do
78, 351
92, 428
7, 281
64, 340 20,699
4,892
10, 455
22,119
75 140,357 '59, 370 ' 58,188 ' 51, 750
(Bond Buyer)
State and municipal issues:
54,010
Permanent Gong term)
_.thous. of dol._ 59, 761 42, 751 '92,713
110,484
95,707
50, 587
51, 656
51, 887
37, 428
95,013
56, 461 70,159
Temporary (short term)
do
25,077
22,092
75,555
83, 966
15, 980
10, 479
30,776 216, 278
14, 047 113, 968 17,845
65, 866 133,475
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
thous. of bu._ 400,178 775, 89S 1,170,136 1,245,324 923, 787 1,544,605 1,639,153 1,160,679 848, 363 928,917 926, 377 635,120 660, 335
Corn
do
70,738 129,969 151,721 296, 282 223, 622 324,350 335,946 307, 440 174, 055 184,125 177, 229 158, 220 106, 235
SECURITY MARKETS
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
89.48
96.64
dollars..
93.88
93.33
93.93
93.89
88.68
90.11
89.26
89.70
92.98
91.51
92.76
99.83
92.44
Domestic
do
96.86
96.27
96.79
95.84
96.82
93.17
92.75
91.64
94.54
92.36
95. 64
70.02
62.73
Foreign
do
68.48
68.41
69.30
69.81
69.11
65.60
62.07
68.44
63.65
62.23
62.60
Domestic (Dow-Jones) (40 bonds)
95,81
96.60
72.31
101. 32
96.71
84.32
percent of par 4% bond..
95.56
90.79
72.77
95.85
77.65
77.73
98.81
104. 60
106.04
105. 40
100. 40
Industrials (10 bonds)..
do
106. 70 103.84
100. 25
98.09
97.21
105. 54 103. 7G 101. 88
93.61
98.21
94.94
Public utilities (10 bonds)
___do
95.17
95.90
93.39
97.32
95.60
93.13
94. 63
100. 50
94.83
100.73
93.52
92.21
122. 29
124.53
120.41
Rails, high grade (10 bonds)....
do
123.69
123.04 118. 55 113.90
104. 00
100. 02
126. 38 122.70
41.97
42.30
80.05
Rails, second grade (10 bonds)
do
76.20
75.49
73.62
73.41
55.72
64.36
47.15
47.23
82.22
70.03
Domestic (Standard Statistics):
80.5
105.4
103.3
81.2
101.7
100.9
84.4
100.4
87.2
Corporate (45 bonds)
..dollars..
91.8
101.1
101.1
112.2
112.7
108.9
111.5
108.0
109.6
110.8
108.1
109.5
Municipal (15 bonds)f
do
110.1
111.8
109.1
109.0
U. S. Government (Standard Statistics):
109.6
111.2
107.2
109.0
109.6
109.1
108.0
108.7
108.3
108.3
108.9
7 bonds
do
108.6
108.1
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
thous. of doL. 112, 786 276,698 438,960 321,274 206,518 174,732 r 173,575 158,165 159, 293 181,489 150, 361 148. 239 133,593
157, 513 346, 260 494,965 363, 730 238,348 '210,940 207,044 187, 459 212,856 268, 387 223,973 247,098 192,475
Par value
.do
On New York Stock Exchange:
Market value
thous. of doL. 94, 784 234,188 389,143 279,814 176,477 146, 794 146, 991 134, 439 134,842 153,968 124, 701 123, 884 113,449
134,016 300,608 442,002 318,934 204,294 '178,497 175,800 160, 722 183,850 231, 796 190, 631 213, 888 166,909
Par value
do
Sales onN. Y.S.E., exclusive of stopped
sales (N. Y. S. E.)* Par value:
Total
thous. of dol_. 127,593 285, 459 422, 794 294,866 179,649 178,898 160,504 147, 601 182, 078 227, 502 172, 494 197,999 165,910
11,014
U. S. Government
do
16, 353
19, 647 125,133
62,070
11,632
19,174
20,601
14,020
14, 476
9,819
10,736
Other than U. S. Government:
Total
do
116, 579 265, 812 297,661 232,796 159,048 164,878 148,872 128,427 166, 380 213,026 162, 675 187, 263 149, 557
96,374 229,157 266, 728 204,127 137,945 139, 892 124,028 105,633 140,305 184,201 135, 316 162,209 128, 981
Domestic
do
20, 205
Foreign..
do
36,655
30,933
22, 794 26, 075 28,825
20, 576
28,669
21,103
24,986
24, 844
25,054
27, 359
'Revised.
fRevised series. Domestic municipal bond prices; data prior to those shown on p. 35 of the October 1937 issue will appear in a subsequent issue. Commercial and
Financial Chronicle data revised beginning 1919; see table 55, pp. 14-21 of February 1938 issue.
•New series. Data beginning July 1933 on estimated gross proceeds from new securities effectively registered, by industrial groups, are shown in table 30, p. 19 of August
1937 issue. Data on bond sales on the New York Stock Exchange, exclusive of stopped sales, as compiled by the Exchange, supersede those shown through the October 1937
issue,
which were compiled by Dow-Jones & Co., Inc.; data for period 1913-36 appear in table 46, pp. 18 and 19 of the December 1937 issue.
\ Securities Exchange Commission data on new security registrations include registrations of securities reserved for conversion.
36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1937
1938
February
April 1938
February
March
April
May
June
July
1938
"DecemAugust SeptemOctober November
ber
ber
January
FINANCE—Continued
SECURITY M A R K E T S - C o n t i n u e d
Bonds—Continued
Value, issues listed on (N. Y. S. E.):
Par, all issues
mills, of doL.
Domestic issues
do
Foreign issues
.
do
Market value, all issues
do
Domestic issues
do
Foreign issues
do
Yields:
Moody's: *
Domestic (120 bonds)
percent..
By ratings:
Aaa (30 bonds)
do..-.
Aa (30 bonds)
do
A (30 bonds)
do....
Baa (30 bonds)
do_...
By groups:
Industrials (40 bonds)
do
Public utilities (40 bonds)
do
Railroads (40 bonds)
do
Foreign (30 bonds)
do
Standard Statistics:
Municipals (15 bonds) t
do
Bond Buyer:
Domestic municipals (20 bonds)
do
U. S. Treasury bonds
do
IT. S. Treasury 3-5 year notes*
do
47, 895
43,124
4,770
42,855
39, 802
2,992
46, 572
41, 593
4,979
45,007
41,521
3,486
46,994
42,045
4,949
44,116
40,726
3, 389
47,058
42,095
4,963
43,920
40, 525
3,395
47,045
42, 086
4,959
44,171
40, 734
3,436
47,321
42,268
5, 054
44,001
40, 509
3,492
47,159
42,116
5,043
44,296
40, 776
3,520
47, 227
42, 226
5,001
43,809
40, 386
3,423
47, 284
42,334
4,950
43, 271
40, 024
3, 247
47, 264
42,363
4,901
42, 591
39, 471
3,120
47,175
42, 321
4,855
42,109
39,088
3,021
47, 694
42, 866
4,828
42, 782
39,760
3,022
47, 910
43,112
4,798
42, 486
39, 508
2, 978
4.39
3.75
3.87
3.92
3.92
3.91
3.92
4.04
4.20
4.30
4.27
4.33
3.23
3.65
4.38
6.31
3.22
3.40
3.85
4.54
3.32
3.50
3.98
4.69
3.42
3.58
4.05
4.86
3.34
3.49
3.99
4.87
3.28
3.45
3.99
4.97
3.26
3.45
3.97
4.97
3.25
3.45
3.98
5.00
3.30
3.51
4.07
5.27
3.29
3.60
4.23
5.67
3.26
3.62
4.32
6.01
3. 2?>
3.59
4.30
5. 95
3.20
3.61
4.32
6.19
3.57
4.07
5.54
5.83
3.46
3.76
4.04
5.16
3.55
3.90
4.17
5.30
3.65
3.99
4.29
5.35
3.55
3.95
4.27
5.32
3.51
3.97
4.29
5.14
3.50
3.92
4.31
5.16
3.47
3.89
4.40
5.20
3.55
3.96
4.60
5.35
3. 63
4.08
4.88
5.64
3.65
4.06
5.20
5.70
3.66
4. 03
5. 12
5.66
3. 54
4.01
5.44
5.78
3.19
3.24
3.14
3.11
3.07
3.01
3.18
3.24
3.17
3.15
3.03
2.90
2.31
1.22
3.15
2.50
1.42
3.09
2.74
1.59
3.04
2.67
1.48
3.06
2.64
1.54
2.94
2.59
1.44
2.95
2.59
1.45
3.05
2.67
1.50
3.15
2.65
1.42
3.17
2.60
1.31
3. 16
2.54
1.27
3.07
2.47
1.13
2. 99
3.05
2.46
1.09
Cash Dividend Declarations, P a y m e n t s ,
a n d Rates
Dividend declarations (N. Y. Times):
Total
thous. of doL. 304,053 358, 909 249,402 222,278 521,082 342,749 253,111 384,779 288, 290 293, 987 710, 359 411,525 253,782
277,143 332. 406 244,088 216,136 494, 601 312,100 244,116 368,813 280,953 279,136 656,134 389, 048 235, 898
Industrials and misc
do
54, 225 22, 477 17, 885
26, 910 26,503
14,852
15,965
6,141
26,482
8,995
7,337
30,648
5,313
Railroads
do
Dividend payments and rates (Moody's):
Annual payments at current rates (600 com1, 970.1 2, 020. 3 2, 026. 2 1,793.0
panies)
mills, of doL. 1, 510. 8 1, 886. 9 1,885. 7 1,892. 2 1,926. 8 1, 933. 7 1,959. 7 1,964. 8
929.10
929.10
923. 50 923. 50 923. 50 923. 50 923. 50 923. 50 923. 50 923. 50 923. 50 923. 50
Number of shares, adjusted
millions,. 929.10
Dividend rate per share (weighted average)
2.19
2.13
1.93
1.63
2.13
2.18
2.12
2.13
2.04
2.04
2.05
2.09
2.09
(600 cos.)
dollars..
3.07
3.07
3. 07
3.07
3.07
3.07
3.07
3.07
3.07
3.07
3.07
3.07
3.07
Banks (21)
do—
2.22
2.15
1.49
2.22
1.90
2.13
2.14
2.12
2.03
2.08
2.02
2.02
2.08
Industrials (492 cos.)
„
...do
2.37
2.37
2.38
2.38
2.38
2.37
2.38
2.42
2.42
2.38
2.37
2.25
2.25
Insurance (21 cos.)
do
2.07
2.06
2.02
2.06
2.02
2.05
2.07
2.08
2.10
2.10
2.10
2.09
2.08
Public utilities (30 cos,).*
do
1.69
1.77
1.54
1.69
1.54
1.77
1.77
1.77
1.77
1.77
1.77
1.77
1.77
Railroads (36 cos.)
do
Stocks
Prices:
Dow-Jones:
125.1
125. 5
138.6
128.4
184.4
160.1
126.1
180.3
188.4
179.3
173.1
170.1
188.0
Industrials (30 stocks)
dol. per share..
22.1
21.6
20.8
22.1
28.4
19.2
24.9
28.3
28.8
33.1
35.0
30.7
26.7
Public utilities (20 stocks)
do
32.0
31.5
30.2
35.4
52.2
28.8
42.8
58.4
53.9
57.4
61.7
59.5
54.3
Railroads (20 stocks)
do
91.39
90.24
99.72
91.35
89.73
131.06
114. 24
129.41
131. 44
138. 67 137.19
130.89
125.13
New York Times (50 stocks)
do
221.68
195. 86 172. 92 157. 93 156. 24 159. 53
157.18
231. 77 225. 73 215. 23 212. 92 208. 46 221. 04
Industrials (25 stocks)
-do
24.84
24. 24
26.53
23.18
40.45
32. 64
22.28
41.84
45.90
46.56
41.81
45.58
48.70
Railroads (25 stocks)
do_~.
Standard Statistics:
82.9
91.4
82.2
81.6
106.4
80.7
120.5
116.3
117.8
129.9
124.5
113.6
129. 5
Combined index (420 stocks)
1926=10096.1
107.4
95.2
95.7
126.2
95.7
143.5
139.4
152.6
146.5
134.0
151. 7
136.7
Industrials (348 stocks)-.
do—
79.5
81.3
78.8
75.7
71.2
97.0
89.2
95.9
105.7
100.7
110.7
91.3
94.1
Public utilities (40 stocks)
do
31.4
35.4
31.2
29.0
28,3
50.9
42.6
52.1
62.8
60.1
57.9
53.9
57.1
Railroads (32 stocks)
do—
53.5
57.9
50.
1
53.0
51.8
74.4
68.2
76.5
88.0
81.4
90.6
73.2
76.8
Banks N. Y. C. (19 stocks)
do..-.
74.2
74.6
72.7
78.2
77.8
92.1
93.6
85.6
97.1
91.7
98.4
88.7
Fire and Marine insurance (18 stocks).do
Sales:
Market value of shares sold (S. E. C ) :
On all registered exchanges, total
thous. of doL. 681, 289 '2,700,286 2,976,728 2,051,973 1,267,240 992,671 1,242,705 1,119,097 1,601,396 1,826,874 1,339,429 1,229,046 954,115
607, 538 2,332,408 2,628,767 1,803,427 1,113,925 869,953 1.096,396 984, 955 1,432.863 1,638,413 1,215,556 1,105,620 855,876
On New York Stock Exchange
do
Number of shares sold:
On all registered exchanges, total (S. E. C.)
58, 466 54, 785 42, 601
43, 445 37, 656 41, 385 37, 737 65, 227 90,027
71,382
thous. of shares.. 28, 555 104,892 115,961
33,102
72,004
27, 554 30, 045 26, 265 49, 838 69, 639 46, 877 42,131
On N. Y. S. E. (S. E. C.)
d o — 21, 749
83, 720 52, 533 31, 336
Exclusive of odd lot and stopped sales
29,
265
28,418
24,145
51,
093
33,860
17,
221
14,
525
34,613
18,565
20,715
50, 255 50,344
16,443
(N. Y. Times)
thous. of shares..
Shares listed, N. Y. S. E.:
40,716
44,
670
•38,869
39,
243
49,034
56,
624
41,173
57,
324
59,394
54,882
62,618
62,468
57,963
Market value, all Iisted'shares__mills. of doL.
1,408
1,412
1,406
1,398
1,398
1,423
1,404
1,389
1,374
1,380
1,387
1,400
1,422 g
Number of shares listed
.millions..
Yields:
6.4
6.7
5.7
5.9
5.1
4.4
4.6
4.2
4.3
4.2
3.9
3.8
4.5
Common stocks (Moody's)(200)*:._.percent-.
6.7
7.0
5.7
5.8
5.1
4.4
4.0
4.2
4.2
4.3
3.8
3.8
4.5
Industrials (125 stocks)
do
5.9
5.7
6.5
6.0
4.9
4.1
5.6
3.3
3.8
3.1
3.5
3.3
3.9
Rails (25 stocks)
..do—.
6.2
6.0
6.7
6.6
5.7
5.4
6.5
5.3
5.0
5.1
5.4
5.5
4.7
Utilities (25 stocks)
do—.
4.4
4.8
4.8
3.9
4.8
3.3
3.2
4.7
2.8
3.5
3.3
3.2
2.8
Banks (15 stocks)
do
4.4
4.5
4.2
4.7
4.8
3.6
3.2
4.3
3.8
3.6
3.1
3.9
Insurance (10 stocks)
do
Preferred stocks, (Standard Statistics):
5.29
5.25
5.30
5.25
5.13
5.10
5.25
5.16
5.17
4.96
5.07
5.18
5.15
Industrials, high grade (20stocks)
do..-.
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number..
Foreign
...do
Pennsylvania Railroad Co., total
...do
Foreign
do
CT. S. Steel Corporation, total
do.—.
Foreign
do
Shares held by brokers
percent of total-.
639, 227
7,265
217,016
3,020
164,271
3,130
24.81
638,627
7,194
215, 498
2,954
161,487
3,205
25.33
637,875
7,111
214,867
2,946
158,952
3,103
25.81
641,308
7,111
215,629
2,947
164, 442
3,186
24.60
' Revised.
•New series. For earlier data on Moody's yield series, see table 45, pp. 19-20 of the November 1937 issue for bonds, and p. 18 of the September 1936 Issue for stocks.
Data on the yield of U. S. Treasury 3-5 year notes for the period beginning Aug. 1932 will appear in a subsequent issue,
tRevised series. Revisions prior to those shown on p. 36 of the October 1937 issue will appear in a subsequent issue.
37
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the February
1936 Supplement to the Survey.
1938
1937
February
March
April
May
June
July
Novem- Decem- JanuOctober
August September
ber
ber
ary
FOREIGN TRADE
INDEXES
Exports:
Total value, unadjusted
_..1923-25=100..
Total value, adjusted
do
U. S. merchandise, unadjusted:
Quantity
do
Value
do
Unit value
do
Imports:
Total value, unadjusted
do
Total value, adjusted
„
do
Imports for consumption, unadjusted:
Quantity,
1923-25=100..
Value
do
Unit value
do
Exports of agricultural products, quantity:
Total:
Unadjusted
1910-14=100.
Adjusted
do
Total, excluding cotton:
Unadjusted
_
_do
Adjusted
do
VALUE
Exports, incl. reexports
thous. of doL.
By grand divisions and countries:
Africa
do
Asia and Oceania
do
Japan
do
Europe
do
France
do
Germany
do
Italy
do
United Kingdom
.do
North America, northern
do
Canada
_.do___
North America, southern
do___
Mexico
__
...do
South America...
__
do
Argentina
_
.do...
Brazil
__.do_._
Chile
...do....
By economic classes (U. S. mdse. only):
Total
thous. of doL
Crude materials
do
Cotton, unmanufactured
do
Foodstuffs, total
do___
Foodstuffs, crude
do
Foodstuffs and beverages, mfgs__do.__
Fruits and preparations
do
Meats and fats
...do...
Wheat and flour
do
Manufactures, semido
Manufactures,
finished
do
Autos and parts
.do
Gasoline
do
Machinery
do
General imports, total
do
By grand divisions and countries:
Africa
do
Asia and Oceania
do
Japan
do
Europe
»
do...
France
..
do
Germany
do
Italy
do...
United Kingdom
do...
North America, northern
do
Canada
do___
North America, southern
do_._
Mexico
do
South America
do
Argentina...
do
Brazil
do
Chile
do...
By economic classes (imports for consumption):
TotaL.
.thous. of doL
Crude materials
do
Foodstuffs, crude
do
Foodstuffs and beverages, mfgs
do
Manufactures, semido
Manufactures, finished
_do
69
76
103
70
68
50
51
87
49
56
61
67
88
62
70
86
87
140
82
58
103
113
262, 733
12, 232
48, 965
19, 466
123, 500
11,308
7,856
4, 679
49, 352
30,130
29, 574
23,337
7,089
24,570
7. 633
4,177
1,932
95
86
155
93
60
145
88
61
76
81
70
79
71
80
105
73
95
69
73
97
71
73
73
79
102
74
72
88
86
89
93
82
89
76
79
141
87
62
140
87
62
134
83
62
127
78
62
72
76
121
73
61
84
79
76
75
128
89
69
127
85
67
114
77
67
69
68
124
84
68
69
69
65
65
117
71
61
111
67
60
111
64
58
53
52
90
51
57
111
82
108
83
107
84
95
102
91
I
108
107
289,928
265,363
268,185
277, 695 296, 729 333,136
314,682
13,467
13,547
57, 794 68,907
36, 177
26,928
99, 362 101,905
12, 233 12, 466
12, 308
7,097
7,487
6,325
29,840 35, 501
46,013
52,008
45,146
51,144
28, 234 27,182
10, 616
8,879
24, 221 26,458
6, 656
7,785
4,770
5,927
2,002
1,839
12,169
55,452
25,194
98,856
11,221
8,973
6,953
34,037
47,914
47, 013
26, 038
9,968
24,934
8,313
4,764
1,903
14, 952
63, 089
26, 509
86, 860
9,918
7,582
4,749
32,103
46, 253
45,116
28,196
11,007
H8,835
8,164
5,947
2,439
13, 328 13, 584 11,699
57, 345 49, 540 55,159
24. 644 16, 769 20.129
104, 075 135, 581 148! 692
10, 713 17, 601 16,939
10,204
11, 686 14, 292
5,498
5,970
7, f>13
42, 395 60, 731 65,408
48,406
62,856
46,049
47, 553 45,317
51, 676
26, 871 25, 714 30,062
9, 094
8, 461
9,156
27,670
26, 261 34, 669
10, 378
9,315
7,422
5,627
7,747
5,697
2,174
1,698
2,531
12, 638 15,588
11, 630
56, 503 54,788
55, 029
18,133
16, 532 20,410
144,800 152, 986 137, 675
16, 535 17, 668 12, 597
12, 335 12, 722
8.946
5, 995
6, 525
5, 905
62, 770 63, 605 62, 887
44,379
33, 505 31,553
43, 545 32, 514 31,116
27, 285 28, 414 26, 050
8, 382
9, 583
8,147
29,077
33.975
27, 502
8,097
11,027
8, 529
6,814
7,879
6,659
2,382
2,370
2, 266
232, 504 258, 390 269,170
10, 049
61, 579
29,971
97,060
12, 440
9,292
6,979
34,036
38, 266
37,631
26, 594
9,401
22,842
5,839
5,319
1,538
83
85
36
10, 604
49,816
24, 745
95, 474
13,101
8, 882
6, 071
38, 847
31, 926
31, 643
24, 591
7,877
20,093
5,928
3,979
1,554
88
319, 256
289, 437
259,958 229. 050 252,268 264, 852 285,087 256, 503 264,615 274, 224 293, 525 329,807 311,198 315, 271 286,138
48, 212 54, 410 52,152 50, 393 51, 996 42,004 34, 359 46, 045
88, 256 84,884
75,911
67,917
21,162
34,066 34, 272 28, 572 24, 643 16,835
9,356
43, 679 39, 923 34, 607
44,989
15, 903 38,961
39,441
16,342
15,970
22, 524 17,475
17,412 27, 362 26, 775 38,827
32, 919 34, 005 40, 310
16,496
26,076
3,684
4,425
5,922
15,159
3,522
4,143
17,557
4,100
13,124
16, 556 24,459
9,984
13, 365 19,002 13,375
12, 758 11,545
12,353
11, 490 14, 238 16, 791 21, 270 17, 760 17,449
15,851
5,629
4,225
3,727
8,871
9,903
12,680
5,510
4,959
3,776
7,200
6.979
7,352
7,766
3,753
3,269
3,997
4, 707
2,624
4,599
3,151
3, 320
3,162
3,985
2,994
2,993
4,771
2,645
2,618
9,072
11,438
10,325
1. 815
2,212
4, 531
1,927
10,896
8,882
5,364
9,976
41, 720 37,937 53.005
71, 752 63, 321 68, 865 67, 227 55, 425 59, 034 56,970
66,068
53,492 44,059
130, 585 114,179 129,635 141,905 144,997 136, 208 143,978 133, 591 130, 394 143,692 136, 427 151, 864 133, 851
29, 721 29, 414 23, 149 23, 296 25, 408 29, 800 39,710
28, 088 25,974 28,819
30, 791 33,169
34,396
6,529
7,819
6,768
5,062
6}719
9,306
5,349
5,372
8,483
8,632
5, 346
7,589
10. 340
41,412
31, 475 86,985
46,093
43, 547 42, 252 40,814
40, 761 39,017
44, 584 37, 729 44, 653 39. 728
163, 085 277, 805 306, 699 287, 252 285,038 285, 946 265, 349 245, 707 233, 361 224,391 223, 226 208,863 170, 763
4,200
53, 507
8,926
44, 407
3, 981
4,119
2,612
9,024
16,600
16, 449
20, 238
4,242
24,134
4,733
9, 064
2,834
11,389
95,863
17,660
80,522
6,800
7.659
6,394
7,978
4,162
3,878
19, 056 20,606
80.811
37, 625
30^ fi68 37,096
27, 7S7 35,125
5, 509
6,981
44, 536 46,175
16,199
18,166
10, 99« 10, 545
5,119
5,110
9,350
92,112
18, 382
73, 209
12,553
9,228
92,188 100, 503
18,244
20,423
72, 380
73,880
6, 249
6,596
7,513
7, 714
4,376
4,329
17,353
18,002
35, 327 36,889
35,198 36, 479
34, 909 29,284
5,150
7,039
38, 395 36. 748
13, 732
11,408
8,181
10, 004
5,469
7,512
8,470
68,010
18, 637
69, 073
5,645
7,579
3. 593
18; 044
39,113
38, 350
27, 521
5, 611
43, 759
18,060
10, 642
5,349
7,394
85,983
16,467
70,166
6.103
8,202
3,332
15,234
37, 458
36, 472
25, 561
4, 457
38, 787
16, 532
9, 694
2,626
6,145
82,935
16, 297
67, 894
5, 675
8,642
3,477
15, 902
34,797
33,438
21, 359
4,793
32, 577
10,962
10. 799
2,976
6,137
79, 634
15, 988
67, 043
5,517
7.370
3, 183
14, 752
35, 075
33, 584
15, 336
3,928
30,137
9,286
10, 478
1,612
155,941 260, 320 295, 928 281, 717 278, 777 278, 742 263, 438 249, 025 234,076
46, 7G4 90, 930 91,616
88, 681 91, 800 92, 547 77, 554 79, 606 75,984
41, 399 45, 251 39,641
22,482
37, 362 41, 618 37, 750 34,018
28, 516
24, 570 34, 929 52,162
51,410 47, 090 38, 462 39, 774 32.925
28, 409
29, 700 52,187
57, 853 54, 535 55, 847 58,871
59, 581 54, 807 52, 564
40,875
47, 550 46, 679 47,244
32,486
49,046
48, 778 47, 669 48, 603
4,680
73,927
15,420
74, 266
7,600
8,194
4, 328
16,536
32,494
32, 059
13, 698
3,675
25, 326
5,180
8,670
2,497
4,892
81, 059
17,190
66, 998
6,064
8,155
4,175
15, 806
29,490
28,761
14,049
3,939
26, 739
5, 585
9,898
2,314
4,321
77, 346
11, 839
60, 294
6,105
7,141
5, 066
12, 265
26,044
24, 876
16,227
3, 954
24,631
4,126
9,178
2,684
3,333
54,923
11.496
48, 388
4, 283
5,813
2,872
9,572
21. 778
21, 020
20,068
4,130
22 272
3, 863
8, 753
2,844
226,505 212, 377 203, 700 163, 526
71,695
67, 528
68, 482 51,844
23,610
23,860 I 21,819
21,100
29, 365 27,630 <)Q
28,KKO
552 23, 046
51,866
46, 364 43. 555 32.926
49,968
46, 996 41,293
34, 610
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue..
_
thous. of doL.
Operating income
do
Electric Street Railways
8,749
129
9,344
135
9,177
130
9,441
137
6, 762
122
8, 954
123
9,303
126
9,862
123
9, 733
125
9,328
130
Fares, average, cash rate ._
cents..
7.991
7.991
7.991
7.991
7.984
7.984
7.968
7.954
7.954
0)
0)
(0
(])
Passengers carried f
„thousands
729,897 ' 762, 693 ••867,116 r 830, 260 '825,474 ••783, 527 r 735,073 T 724, 902 ' 755, 438 r 815, 986 r789,152 ' 846, 341 "•798,274
Operating revenues
thous. of doL.
62, 529
55,042
59,459
59,685
54,224
56,924
53, 385
65,117
58,755
54,
088
56, 602
56, 448
r
Revised.
i Series in process of revision.
t Revised series. Data are for 206 companies accounting for 93 percent of the passengers carried by all transit companies. Earlier data adjusted to a comparable basis
will appear in a subsequent issue.
38
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1836 Supplement to the Survey.
ary
April 1938
1937
February
March
April
May
June
July
1938
August
Sep.
tember
DecemOctober November
ber
January
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Steam Railways
Freight-carloadings (Federal Reserve) :f
84
87
72
62
57
82
80
79
81
59
Combined index, unadjusted.._ 1923-25= 100..
79
89
84
63
64
91
92
65
78
71
68
78
Coal
do
74
88
47
85
88
102
96
82
59
51
54
86
Coke
do
48
54
37
55
57
49
52
55
34
35
51
55
40
Forest products
do
82
79
69
58
64
62
72
80
63
111
93
86
75
Grains and grain products
do
63
56
34
39
34
34
33
43
39
32
42
51
40
Livestock
do.
69
70
60
69
66
69
68
70
67
68
65
59
Merchandise, 1. c. 1
do.
117
19
182
27
29
187
192
102
203
190
18
40
21
Ore
do.
92
59
96
82
90
93
90
94
90
89
63
59
78
Miscellaneous
do.
76
62
78
82
83
80
78
84
80
79
71
67
Combined index, adjusted
do
81
54
81
77
87
77
76
81
76
77
70
Coal
do__.
74
35
93
76
92
88
89
104
102
98
46
Coke
do...
46
38
49
51
51
53
52
57
49
53
40
40
Forest products
.do...
82
76
71
70
68
64
74
81
70
77
88
89
Grains and grain products.
..do...
45
41
44
41
42
44
41
37
43
42
42
44
Livestock
.
do...
66
62
67
68
69
69
67
68
69
68
62
61
Merchandise, 1. c. 1
do__.
79
78
114
114
133
104
113
103
107
86
249
Ore
do...
82
81
69
95
94
90
87
69
91
Miscellaneous
.do...
69
Fmght-earloadiiigs (A. A. R.):
3,898
3,812
3,183
2,155 ' 2, 763
3,003
2,955
2,977
3,116
4,017
2,309
2,714
Total cars 1
thousands.
593
548
442
555
670
473
443
472
786
••627
534
535
600
Coal
do...
52
41
39
46
48
42
51
24
47
39
28
32
Coke
do...
r
198
150
156
177
105
139
148
201
101
151
162
112
119
Forest products
do...
136
142
123
190
127
••115
120
251
136
115
175
155 j
179
Grains and grain products...
__do
68
44
106
45
45
69
46
50
53 j
57
66 !
54
Livestock
do.
68
856
653
587
577
665
682
690
••641
805
671
623
570
687
Merchandise, 1. c. 1
do.
363
240
293
279
44
29 r
42
384 !
298
62
121
35
34
Ore
do.
1,632
1,615
1,225
1,281
809
1,106
1,249
1,518 i 1,242
1,310
855
1,047
996
Miscellaneous
do.
123
147
137
104
321
113
113
137 |
134
127
283
219
299
Freight-car surplus, total
do.
63
80
70
144
54
65
58
63
56
135
63
99
139
Box cars
do.
30
30
131
19
31
21
101
17
33
114
32
79
Coal cars
do.
Financial operations (Class I Railways):
Operating revenues, total
thous. of dol_. 251, 089 '321,854 377,813 351, 573 352,614 351, 704 365,148 359,612 363, 071 372, 926 318,180 j 300, 321 279, 259
198, 385 '264,116 313,881 288, 631 287,919 281,878 293,107 289,237 293, 811 307,104
231, 329 218,404
Freight
_
.do.
31,293 * 33, 015 34, 952 33, 733 34, 042 38,510 42. 061 41, 565 38, 734 35,510 33, 318 39, 933
37,474
Passenger
do.
215,412
"244,081 266,272 262,019 267,296 265,579 266,641 268,190 262, 712 270,357 249, 295 243, 354 232, 710
Operating expenses
_do
d
2,122 ' 38, 784
69, 379 47,807 43, 663 58, 940 60. 558 50, 308 59, 305 60, 747 32,441
25, 972
6,920
Net railway operating income
do.
d
18,560
19,007
24,461
M8
6,347 16, 210 17,195 d 6, 566
5 ? 947 d33, 476
5, 727
2,667
Net income
do.
Operating results:
32,212
33, 753 33, 703 34,862 36, 760 29, 096 27,422
31,866
36, 651 32, 266 34,093
26, 404
Freight carried 1 mile
mils, of tons._
.928
.965
.957
.908
.938
.918
.909
.939
.961
.931
.979
Revenue per ton-mile
cents.
1,902
1,921
2,164
2,438
1,977
1,797
2,200
2,127
1,856
2,429
1,817
Passengers carried 1 mile
millions.
Canals:
Waterway Traffic
319
282
243
275
317
301
276
240
336
290
293
Cape Cod
thous. of short tons..
286
292
577
630
0
0
792
753
0
611
598
746
0
New York State
do
305
0
2,951
2,476
3,016
2,670
2,385
1,999
1,840
2,781
2, 439
2,185
2,046 I
Panama, total
.thous. of long tons..
2,653
2,095
1,077
956
1,018
865
629
467
1,255
1,041
980
844
760 I
1,005
752
In U. S. vessels
do
1,244
1,286
1,304
0
1,310
1,333
1,335
0
0
989
3 !
391
0
St. Lawrence
thous. of short tons..
14,110 14,161
14,137
12, 585
0
13,937
9,842
0
0
3,939
303
4,620
0
Sault Ste. Marie
do
2,780
2,929
2,628
2,789
2,920
2,795
2,543
2, 529
2, 645
2,377
3,151
2,452
Suez
thous. of metric tons..
6"
1,623
1,634
1,613
1,697
0
1,660
1,566
1.229
0
Welland
thous. of short tons..
0
667
Rivers:
no
314
357
193
276
257
270
236
183
126
105
Allegheny
do
148
179
154
155
162
89
131
181
141
195
156
175
Mississippi (Government barges only).do
172
160
2,397
2,198
2,298
2,298
2,689
1,954
1,040
2,496
2,402
1,483
1,998
1,239
1,166
Monongahela
do
1,237
1,089
1,166
1, 337
1,120
1,056
686
1,325
1,210
636
Ohio (Pittsburgh district)
do
845
707
Clearances, vessels in foreign trade:f
7,092
6,482
7,404
4, 635
5,465
6,299
7,516
6,720
5,593
5,203 I 4,931
Total
thous. of net tons..
5,807
4,744
5,152
3,313
3,974
5,373
4,896
4,445
3,907
3, 763
3, 747
5,517
4,222
Foreign
do
1,738
1,322
1,491
1,940
1, 825
2,030
1,854
1,687
1,440 1,184
1,585
2,000
United States
do
Travel
Operations on scheduled airlines:
Express carried
pounds.. 421,326 500,004 580,602 540,310 591,011 650,709 611,562 618,113 720, 479 684,241 528,603 547,705 456,303
5,811
4,561
6,239
4,600
6,312
6,214
Miles
flown
thous. of miles..
5,486
6,085
5,312
4,762
4,995
5,350
5,784
34, 388 26,108
47,290 50, 798 51,942 54, 230 49,186
Passenger-miles
flown
do
34,584 33,136
34, 715 31, 216 32, 461
42,019
74,972 76,199 98,035 110,842 120,571 123, 550 130, 296 113,539
69,435
Passengers carried
number.. 73, 563 58,008
81, 654 69,029
Hotels:
3.05
3.22
3.15
3.19
3.35
3.09
3.32
3.31
3.39
3.51
Average sale per occupied room
dollars..
3.24
3.24
3.29
67
70
65
62
Rooms occupied
percent of total..
63
66
65
68
71
64
56
97
90
101
93
Restaurant sales index
.--1929=100.95
92
97
107
100
90
Foreign travel:
Arrivals, U. S. citizens
number..
27,680
33, 370 30,708 23,168 27,387 36, 224 67, 397 68,188
31,867
23, 028
24, 501 34,857 70,185
30,695
30,410
Departures, U. S. citizens
do
25,404
19, 978 19, 325
73, 611 33,676
1,412
2,314
2,707
1,413
1,422
Emigrants
.do
2,085
2,076
1,986
2,708
2,415
5,033
5,445
3,224
3,720
Immigrants
do
4,742
5,311
6,094
7,543
5,952
6,452
33,202 31,491
Passports issued._.
do
7,716
15,151
24,784
16,498
6,533
5,532
5,959
8,916
5,983
5,164 6,691
National Parks: t
82, 484 114,885 303, 876 438,952 895, 904 912,284 459, 703 226,067 91, 036 54,559
45,958
Visitors
do
89,004 130,496 245,270 219,922 137,169
13,395
24,548
35,741
72, 568 31,144
16,441
Automobiles
do
Pullman Co.:
1,364
1,475
1,478
1,550
Revenue passengers carried
thousands. _
1,419
1,385
1,636
1,552
1,494
1,342
1,445 1,526
4,660
5,085
5,411
Revenues, total..
thous. of dol..
4,973
5,439
5,004
5,697
5,377
5,236
4,998 ! 5,669
4,536
COMMUNICATIONS
Telephones: §
96,415
91,263
96,678 95,370 95,377
Operating revenues
thous. of dol_
97,049
96,133
98, 630 96, 674 98, 503
62,557 62, 379 60, 835 60, 525 61, 575 64, 227 63, 740 64, 334
60,138 62, 286 62,432
Station revenues
do
25, 296 25,728 25,968 26, 289 25, 777 25, 757 24,199
22,658
26,156
25,259
Tolls, message
do...
25.376
65,035
65,761
64, 862 63,959
66,675
60,301
Operating expenses
do—
66,360 65, 712 66,192 67, 388 69,721
18,934
20, 043 20,106
19,151
17,027
Net operating income
do...
19,072
17,016
18, 046 20,371
17, 407 17,179
16, 604 16, 641 16,670 16,731
Phones in service end of month...thousands.
16, 259 16, 375 16,497
17,032
16, 840 16, 922 16,979
Telegraphs and cables: t
11,305
9,653
10, 437 10, 518 10, 755 10,154
Operating revenues
thous. of dol.
10, 276 10, 301 10,077
9,292
10,735
8,817
7,994
8,083
7,419
8,273
Commercial telegraph tolls
_..do
7,826
7,771
7,885
7,625
8,320
7,030
9,153
9,335
8,441
9,061
9,443
Operating expenses
do_..
9,323
9.070
8,959
8,932
9,544
8,443
1,527
795
597
634
Operating income
do...
325
'634
778
571
727 |
312
717
d
' Revised.
Deficit.
^ Data for x\lay, July, October 1937, and January 1938 are for 5 weeks; other months, 4 weeks.
tRevised series. For freight-carloadings indexes revisions for period 1919-36, see table 24, pp. 17 and 18 of the July 1937 issue. For revisions of National Park data for
period 1919-36 see p. 20 of the December 1936 is?ue. A subsequent revision was made beginning February 1935 to include travel in the Shenandoah National Park; revisions
not shown on p. 38 of the January 1938 Survey will appear in a subsequent issue. For new series on telegraph operations see table 53, p. 20 of the January 1938 issue. Ocean
clearances revised beginning July 1936; revisions not shown on p. 38 of the February 1938 Survey will appear in a subsequent issue.
§ While the number of telephone carriers reporting has varied somewhat, the coverage has shown very little change, and the series are comparable for all practical purposes.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
39
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey,
1938
February
1937
February
March
April
May
June
July
1938
NoDecemAugust SeptemOctober vember
ber
ber
January
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption
thous. of wine gal._
4,997
Production
_
do
5,087
Stocks, end of month
do
1,179
Alcohol, ethyl:
Production.
thous. of proof gal- 16, 708
Stocks, warehoused, end of mo
do
27,579
Withdrawn for denaturing
do
8.874
1.499
Withdrawn, tax paiddo
Methanol:
Exports, refined
_
gallons.5,117
.36
Price, refined, wholesale (N. Y.)-dol. per gal..
Production:
Crude (wood distilled) _ _
gallons.. 404,970
2,290.609
Synthetic.
-do
Explosives, shipments
thous. of lb__ 24, G07
Sulphur production (quarterly):
Louisiana
long tons..
Texas
.__.
__.do
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons.. 125, 294
Price, wholesale, 66°, at works
16.50
dol. per short ton..
Production
short tons_. 159,659
Purchases:
20,983
From fertilizer manufacturers..
do
15, 569
From others
__.
„
do
Shipments:
32,152
To fertilizer manufacturers
do
38, 570
To others.
do
5,411
5,475
r 1, 268
6,536
6,552
1,275
6,716
7,099
1,659
7,511
7,438
1,578
8, 233
8,320
1,657
6,584
6,753
1,822
8,025
7,932
1,724
11,306
11,511
1,915
14,802
14, 369
1,475
9,960
9,610
1,119
6,969
7,012
1,153
5,940
5,883
1,093
17,572
19,821
9,387
2,094
19,873
25, 218
11, 330
2,926
16,824
26,651
12,299
2,740
16,939
27,428
13,002
2,684
18,658
28,465
15,185
2,392
18,254
30,922
13,010
2,242
17,067
30,976
14,414
2,375
17, 219
25, 783
19,552
2,506
18, 786
16, 876
24,497
2,876
18,179
15,156
16, 627
2,942
17,262
17,898
11,887
2,515
15,847
21, 502
9.765
1.835
205,156
.36
30,149
.36
148,197
.36
72,540
.36
51,344
.36
12,113
.36
68,421
.36
10,230
41,198
19,656
.36
43,970
.36
30, 650
.36
500,685 546, 662 531, 727 522, 961 485, 943 465, 205 462, 584 404,112 423, 792 423, 315 461, 539 458,347
1,849,302 2,071,747 2,138,895 2,353,497 2,263,507 2,564,783 2,735,963 3,018,333 3,532,091 3,562,372 3,887,741 !, 896,894
28,273
42,838
41,870
31,125
31, 972 29, 327 27,291 30,811
27,284 27, 754
34, 310 34,810
53,915
475,924
63, 385
164,880
196,134
172,936
146,301
121,716
15.50
178,979
15.50
15.50
193, 979 180,040
15.50
176,703
16.00
154, 275
24,494
35, 749
24, 782
47, 680
20,267
36,149
15,993
38,569
30, 551
41,864
21,137
50,985
17,600
50,239
35,149
50,692
1,356
122,863
15,470
97,380
450
253,005
200,927
137,008
7,869
32,951
255
166,234
15,562
142,037
421
180,101
130,050
85,121
12,972
13,992
106, 845
638,627
113,510
655,007
141, 935 168,015
144, 273 166,031
16.50
16.50
16.50
16.50
166, 927 179, 008 188, 252 212, 258
20,942 29, 438 40, 257 34,454 34,161
39,880 32, 937 31,865
26,484 25, 489
21, 658 29,958
35,138 38,830 39, 587
62, 464 57,853
56,418
61, 629 61, 654
166,778
189,960
147,443
16. 50
16.50
205, 796 199,508
16.50
183, 794
32, 662
35, 264
44,610
34,140
26, 754
16,496
39, 015
52, 694
41,263
51, 243
38,184
39,142
FERTILIZERS
Consumption, Southern States
thous. of short tons_.
Exports, total-__
*-_long tons..
Nitrogenous
do.
Phosphate materials
do_
Prepared fertilizers
-.
do
Imports, total
do
Nitrogenous
do
Nitrate of soda
..do
Phosphates
.do
Potash.
....do.—.
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)
dol. per c w t Superphosphate (bulk):
Production
.short tons.
Shipments to consumers,,
..do...
Stocks, end of month
do...
r
692
762
1,752
109, 336 59, 286 106,297
15,405
4,917
23,430
95,012 40,418
77, 396
228
122
224
145. 233 233,207 260, 223
117', 664 192,851 181,213
61, 388 105, 711 97,979
4,164
4,263
15,752
33,349
20,120
55,193
115
58
40
120,301 150, 583 151,204
12, 792 18,001
16,872
84, 654 116,651 125,094
247
303
907
122,483 80,970 115,961
92,311 40,978 37,238
52, 578
2,766
1,865
8,784
13, 687
4,135
9,646 29,091 69,094
123
134
126
185
444
111, 901 178, 734 152, 388 135,173 108, 701
28,962 24,965
11,065
33,613
24,755
74,904 145,242 111,848 117, 236 73,261
331
320
563
102
127
141, 744 155,999 153,865 198,427 170,007
68,463
40,
561
99.871
120,
696
40,902
21,398 55,932 75.109
2,871
5,475
9,392
19,590
3,329
4,931
8,545
69,842 93,328 42,931
93,961
87,673
1.450
1.375
1.375
1.375
1.375
1.430
1.375
1.450
1.450
1.450
1.450
1.450
1.450
314, 727 375,039 430,680 376, 356 340, 532 291, 273 282,075 372, 730 354, 524 396, 976 388,401 443,981 374,142
68, 224 68,832 218,159 263,078 114,429
31,248 25,575
25,924 125,872 70, 700 31, 652 35,842 42, 539
1,331,912 1,078,299 894, 768 644,530 649,076 751,413 849, 634 958,397 1,046,123
1,178,314 1,248,631 1,313,327 1,342,186
NAVAL STORES
Pine oil, production
_
gallons.. 273,455 405, 642 439, 006 429,182 463,993 424,182
Rosin, gum:
Price, wholesale, " B " (N. Y.)
5.53
9.13
8.25
dol. perbbl. (280 lbs.)..
8.98
8.51
Receipts, net, 3 ports
_—bbl. (500 lb.)_. 20,793 25, 296 27,818 53, 433 83,763 98, 076
Stocks, 3 ports, end of month
...do
148, 111 128,241 109,057 105,132 99,931 104, 307
Rosin, wood:
Production.,..
do
48,161 58,068 60,947 61,742 62,399 63,428
Stocks, end of month
do
194,809 #2,392 75,725 94,311 113, 020 130,502
Turpentine, gum, spirits of:
.31
.44
Price, wholesale (N. Y.)
dol. per gal_.
.47
.41
.41
.39
2,004
4,577 14,688 23,377 27, 579
Receipts, net, 3 ports
bbl. (50 gal.)-2,557
Stocks, 3 ports, end of month
do
58,705 85, 070 76, 986 69,802 70,173
73, 250
Turpentine, wood:
7,141
9,061
Production
do
9,810
9,840
9,208
9,637
Stocks, end of month
_
do.... 20,150 21,196 23,535 20,035 18,325 15, 423
475,920
469, 093 465,818
454, 717 301,890
293,849
9.08
8.97
105, 477 90,391
124,105 110,497
8.46
8.83
71,252 60,902
134, 649 165,489
7.74
5.58
60,425
55, 564
164, 537 163, 527
5.91
65, 561 68,332
139, 542 145,365
63,892
66, 295 64,976
145, 767 161, 306 180,959
443,367
27, 066
84,627
.37
24,066
86,171
.35
22,855
91,626
10, 022
15, 554
10, 410
14,884
10,320
15,401
.32
18,021
97, 506
10,467
16,449
42,761
43, 228
175, 927 181, 568
.32
14,850
82,840
.31
13, 314
72, 561
10,149
19,966
7,450
21,627
.34
6,958
20,508
OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
Consumption, factory
Production
Stocks, end of quarter
Greases:
Consumption, factory
Production
_
Stocks, end of quarter
Shortenings and compounds:1!
Production
Stocks, end of quarter
Fish oils:
Consumption, factory,—
Production..,
„
Stocks, end of quarter
thous. of Ib.
..do
do.._
239,164
393, 281
426,068
208,420
342, 708
376, 211
162,380
265,832
252,018
146, 304
404, 653
262,696
w__do__-
do__.
do...
65,356
81,845
56,166
58, 316
78,132
58, 390
49,666
72,109
64, 724
42,064
do...
do...
357,328
46,503
345,008
45,585
424,468
37,324
441,147
45,460
do___
do
do___
90, 496
28,950
218,106
75, 632
12, 563
149, 489
71,910
124,158
211,248
60. 738
89, 373
200, 614
.
Vegetable Oils and Products
Vegetable oils, total
Consumption, crude, factory (quarterly)
thous. oflb.
Exports
do...
Imports
„
.do...
Production (quarterly)
do._.
Stocks, end of quarter:
Crude
do__.
Refined.
do—_
' Revised,
1,761
360
70, 219 130, 545
989,620
747
591
89, 745 113,895
783,648
564,757
655,726
648
114,689
737,509
408
135, 291
504, 491
587,563
617,942
679,
762
125,913
307
128,408
508
776
96, 862
597,176
79.387
74,913
71, 632
745,069
388, 453
ITitle changed from "Lard compounds and substitutes" in the November 1937 issue.
1,147,783
2,263
738
93,330 I 79,609
[1,178,723
926,224
523,347
1,765
74, 046
40
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1937
February
March
April
May
June
July
1938
DecemOctober NovemAugust September
ber
ber
January
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Vegetable Oils a n d Products—Continued
Copra:
Consumption, factory (quarterly)
short tons..
Imports!
do
Stocks, end of quarter
do
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
thous. of lb__
Refined (quarterly)
_
do
In oleomargarine
do
Imports
_
do
Production (quarterly):
Crude
do
Refined
_.__do
Stocks, end of quarter:
Crude
_
do
Refined
do
Cottonseed:
Consumption (crush)
short tons..
Receipts at mills «.
do
Stocks at mills, end of mo..
do——
Cottonseed cake and meal:
Exports
do
Production
do
Stocks at mills, end of mo
do
Cottonseed oil, crude:
Production
thous. of lb._
Stocks, end of month
do
Cottonseed oil, refined:
Consumption, factory (quarterly)
do
In oleomargarine
do
Price, summer, yellow, prime (N. Y.)
dol. per lb__
Production
thous. of lb__
Stocks, end of month
do
Flaxseed:
Imports
thous. of bu__
Minneapolis and Duluth:
Receipts
do
Shipments
do
Stocks, end of month
.do
Oil mills (quarterly):
Consumption
do
Stocks, end of quarter
do
Price, wholesale, No. 1 (Mpls.)--dol. per bu_.
Production (crop est.)
thous. of bu_.
Stocks, Argentina, end of mo
do..
Linseed cake and meal:
Exports
thous. of lb_.
Shipments from Minneapolis
do
Linseed oil:
Consumption, factory (quarterly)
thous. of lb._
Price, wholesale (N. Y.)__
-dol. per Reproduction (quarterly)
..thous. of lb__
Shipments from Minneapolis
-do
Stocks at factory, end of quarter
do
Oleomargarine:
Consumption (tax-paid withdrawals)
thous. of lb._
Price, wholesale, standard, uncolored (Chicago)
dol. perlb._
Production
thous. of lb__
Vegetable shortenings:
Price, wholesale, tierces (Chicago).dol. per lb...
27, 248
41,966
6,431
26, 448
6,587
21, 463
47, 588
15,192
12, 517
128,644
57, 599
5,197
17, 651
4,669
17, 899
4,096
36,110
4,094
24, 280
112,883
55, 460
5, 614
32, 677
20,141
41, 955
6,568
26,178
7,714
31,637
59, 496
24, 991
32, 466
107, 083
68,008
9. 054
26, 740
14, 987
23, 335
6, 963
19,009
5, 612
31,414
58,101
29,019 I 25,431
430
104,517
60, 899
r
6, 594
34, 843
61,945
66, 228
56, 353
69, 448
76,103
68,179
72,010
64,213
62, 719
12.170
94, 831
13, 337
132,134
11, 553
165,994
10, 543
634, 399 420, 666 317, 109 178, 997
354, 653 113,184 55, 543 24, 386
1,159,767 573,158 311,357 156,746
321
10, 707
281,127 190,871
251,377 198,773
198,137 130, 315
203, 784 139,296
44, 380
25, 822
10, 294
r 4, SflO
32. 964
179,272 793, 347 964, 280 880, 320 792,294 I
380,728 1,538,087 1,456,171 1,120,453 741,032 !482] <>33
241, 239 988, 590 3,480,481 1,720,295 1,669,633 1i.431), 194
103,811
32, 393
85, 328
75,403
35,916
45,841
38,180
34,733
42,394
185
181
146, 211 85, 599
138, 787 101,422
146
51,507
83,790
1
35.467
73,190
75
20,766
41,952
155
78,442
33,700
9,126
24, 453 10,043
344, 496 431,350 394,616
103, 397 136, 542 169,107
13,108 I 12, 80S
355,052 I 323. 202
192,978 I 211,995
100,168
101,904
58, 550
67, 789
33, 661
49,141
24, 209
23, 335
13, 389
11,141
51,812
31,112
230, 305 291, 241
108, 070 155, 548
24C, 6G9 221,910
200, 644 210, 708
322,390
14, 643
14,789
12, 577
336, 375
10, 961
9,282
10,027
412, 827
13, 282
20,153
.111
.106
133, 546 92, 248
578, 772 588,058
.105
55,056
567,498
.092
.100
.080
26, 521 28,116
46,156
515, 224 441,052 342,350
.074
127,311
311,862
. 067f
214, 252332, 260"
.071
214,139
372,245
.071
218,662
447,576
.074
192,175
492,091
271,800
185, 496
501, 656
20, 339 ' 20,920 ' 19, 580
16, 792
12, 911
.079
195, 361
516,039
.110
142, 778
532,947
1,799
3,727
4,084
2,280
3,662
2,661
2,063
1,254
2,009
1,707
1,774
1,672
1,457
116
46
747
178
1
740
11
541
99
9
558
1,346
827
773
1,125
516
630
211
528
1,453
205
642
1,842
72
1,493
1,039
507
1,657
400
500
1,277
246
218
791
186
56
765
2.14
2.23
8,175
3,048
2.20
2.21
2.10
10, 372
2,484
1.92
2.03
1.97
7, 666
2, 856
2.13
2.17
2.C7
~~6,~299" ~~7~874" "77480' ~~6~299"
6,693
"6~693~
"4,724
3,543
"2," 362"
"3," 150"
3,295
2.10
• 6.974
4,724
"6.693
70, 715
6, 772
67, 032
14,161
50,747
14,082
55, 586
19, 787
56,184
20, 975
56, 822
19, 624
53, 827
16, 050
25,420
11, 225
~~6~ 693
54,459
5,355
40, 766
7,256
"""."166
~~3~642
5,693
35, 559
28,169
.130
36,201
.150
.114
.135
61,741
12, 289
94,981
.104
156, 877
7,954
137,472
61, 781
11, 880
74, 209
9,586
"Tlljj"
8,428
8,343
35, 739
32, 407
29, 726
.150
35,994
.150
34, 349
.136
.133
.149
28, 741
.129
118, 2G0
.111
206, 512
8,314
142,411
""."111
8,567
7,652
26, 245
27, 724
27,629
.140
27,945
.135
26, 215
.130
.129
.135
28, 679
.120
93,817
.109
151, 278
7,678
142, 818
.110
67, 411
.103
150,432
4,159
191,386
2.16
5,160
2,450
35, 588
41, 346
39,685
39,202 I 42,255
.135
34, 843
.135
40, 465
.135
37,475
• 135 .135
• 40, 728 40, 476
.106
.103
.103
.101
2,894
.098
PAINTS
Paint, varnish, lacquer and fillers:
44,562 43, 355 39, 838 34,495
33,785 33,062 31,486
25,104
37,866
Total sales of manufacturers
thous. of dol_. 21,657 29,749
28, 214 24, 452 23, 674 22, 975 22, 227 17,843
30,346
15, 326 20, 257 26, 202 31,043
Classified
do
12,253
9,931
9,518
12,
734
11,
217
12,462
10,
431
8,541
12,
214
6, 085
10, 494
Industrial
do
10, 739 13, 989 18, 581 17, 612 15, 960 13, 234 13, 243 13, 044 11,733
9,302
9,241
Trade
_
do
10,
087
11,
624
13,
010
10,043
8,492
13,
519
10,
111
9,259
7,261
11,
664
6,331
Unclassified._
do
Plastic cold-water paints and calcimines:
Sales of manufacturers:
Calcimines
dollars— 229, 271 302, 414 332, 591 366,049 357,143 330,144 290,193 226, 010 250, 591 238,256 214,027
52,771
47, 560 53, 236 48, 611 41,362
34,369
31, 415 34, 768 51, 533 51, 574 49,115
Plastic paints
«
do
238, 742 229,100 297, 255 336, 570 324,122 303,474 261.351 268,693 252,810 244,935 207,127
Cold-water paints..
do
18, 621
13, 323
6, 567
6, 757
5,298
21, 245
15, 002
6,371
8, 632
6,242
160,847 250, 472
22, 283 30, 846
164,312 214, 601
CELLULOSE PLASTIC PRODUCTS
Nitrocellulose, sheets, rods, and tubes:
Production
thous. of lb.
Shipments
_
do__.
Cellulose-acetate, sheets, rods, and tubes:
Production
_
thous. of lb.
Shipments
__do._ROOFING
Dry roofing felt:
Production
short tons..
Stocks, end of month
do
Prepared roofing, shipments:
Total
_..
thous, of squares.Grit roll.
_
do—.
Shingles (all types)
,
do
Smooth roll..
do-fc~
1,976
1,687
1,270
1,397
1,795
1,639
1,692
1,628
1,621
1,764
18, 700
8,368
27,031
6,228
2,287
491
561
1.235
' 3, 576
'775
785
2,030
675
716
338
• Dec. 1 estimate.
1,536
1,600
1,281
1,396
1,642
1,558
1,506
1,692
1,283
1,470
1,411
1,313
1,627
1,450
1,170
1,099
1,113
1,043
831
1,416
1,467
1,224
1,102
919
963
31, 015
6,324
30,909
8,240
27,160
9,711
21,988
22,377
10, 323
25, 595
10,143
26, 390
10, 811
2,329
540
587
1,202
2,423
521
929
974
2,517
610
984
924
2,280
619
783
878
2,152
588
717
847
2,671
755
833
1,083
3,368
907
978
1,484
r
Revised.
1,067
978
783
602
700
646
881
624
603
345
376
26, 574
9,334
17, 503
8,793
12,348
9,640
15,158
8,688
3,014
791
866
1,357
2,096
500
580
1,015
1,098
260
313
524
1,832
394
427
1,010
41
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, totalf
mills, of kw.-hr..
By source:
Fuelsf
do
Water powerf
_
do—
By type of producer:
Central stations!
do
Other producers
do
Sales to ultimate consumers, total (Edison
Electric Institute)
mills, of kw.-hr..
Domestic service
do
Commercial—retail
do
Commercial—wholesale
do
Municipal street lighting
do
Railroads, electrified steam
do
Railroads, street and interurban
_.do
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol_.
8,707
9,247
10,228
9,976
10,071
10, 342
10,633
10, 224
5,183
3,523
5,762
3,485
6,382
3,846
5,753
4,115
5,624
4,352
6,336
3,735
3,357
7,371
3,262
7,050
3,174
7,091 6,167
3, 316
3,652
8,153
554
557
9,626
602
9,442
534
9,544
527
9,824
518
10,116
517
9,274
544
8,114
1,323
1,399
4,727
147
104
346
8,327
1,342
1,463
4,889
8,456
1,371
1,497
4,944
140
100
333
8,645
1,382
1,539
5,072
154
97
326
9,719
505
8,705
1,478
1,586
4,977
167
97
325
9,877
529
8,217
1,425
1,451
4,553
181
120
414
9,293
575
8,270
1,418
1,466
4,672
162
111
367
8,508
1,520
1,552
4,712
188
104
355
8,168
1,614
1,600
4,201
199
104
370
183, 586 177,579
177,861
174,287
178, 539
7,973
1,573
1,534
4,115
184
95
401
136
98
327
179, 637 182,057
10,407 ;
9,819
r 10, 050
186, 847 186, 456 187,296
'
6, 469
r
3, 581
' 9, 635
r
r
6, 108
3, 527
, 452 r 9, 037
r
598
598
,010
, 662
,636
,857
243
118
422
189,229
GAS
Manufactured gas:f
Customers, total
...thousands..
Domestic
do
House heating
do
Industrial and commercial
...do—
Sales to consumers
mills, of cu. ft..
Domestic
do
House heating
-do—
Industrial and commercial..
.do
Revenue from sales to consumers
thous. of doL.
Domestic
do
House heating.__
__.do—
Industrial and commercial.__
do
Natural gas: t
Customers, total-..
,
thousands..
Domestic
..do
Industrial and commercial
do
Sales to consumers
.mills, of cu. ft..
Domestic
do—
Industrial and commercial-__
.do
Revenues from sales to consumers
thous. of doL.
Domestic
do
Industrial and commercial
do
9,696
9, 062
166
459
30, 872
15, 930
5,980
8,769
9,703
9,069
157
465
31, 751
16, 454
5,661
9,432
9,753
9,113
163
466
32, 025
16, 566
5,078
10, 208
9,831
9,189
165
465
29, 778
16,311
3,446
9, 853
9,817
9,184
158
465
28,110
16,882
1, 253
9, 831
9.840
9,214
150
465
26, 079
15, 693
701
9,485
9,840
9,214
151
464
24,718
14, 686
534
9,365
9,935
9,296
168
462
26, 791
16, 376
744
9,521
9,979
9,327
187
455
29, 882
17.696
2, 354
9, 645
9,952
9,287
195
461
30, 255
15, 623
5, 552
8,881
9.971
9. 298
203
462
34, 368
16, 465
8,408
9,261
9,894
9,235
188
464
34, 460
17,226
7, 594
9,410
30, 388
20,170
3,986
6,105
30,998
20, 655
3,817
6,387
31,139
21, 391
3,104
6, 505
30, 415
22, 052
1, 885
6, 352
29, 379
22,172
926
6,178
27, 561
21,017
548
5, 897
26, 219
19, 930
4-42
5, 737
28, 259
21, 600
647
5,901
30, 75S
22, 850
1,672
6,115
30, 566
21, 328
3,017
6,087
33.313
22,011
4,730
6, 432
33,197
2.1,819
4,809
6, 425
6,812
6, 760
6,786
6,811
6,290
6, 246
6,274
6,309
520
512
510
500
134, 025 126, 633 124, 723 104, 242
47, 758 41, 900 39, 216 26, 249
84, 866 83,142 84,142
76, 526
6,765
6. 291
472
94, 494
18, 694
74. 443
6,769
6, 305
462
91, 777
15,589
75,136
6, 813
6, 346
465
94, 201
14, 549
78, 207
6, 924
6, 857
7, 016
7,038
6,981
6, 385
6,423
6, 481
6,495
6,447
470
531
499
540
532
94, 959 102, 651 110, 724 129, 341 123, 942
15,686
30, 780 45, 802 46, 979
21,145
78,118 80,162
78, 601 81, 939 75, 833
28, 733
14, 543
14, 006
26, 440
12, 429
13, 829
26, 329
11.797
14,318
26, 738
12,171
14, 393
31,012
15,475
15, 328
36,911
20, 757
15, 930
46, 673
28, 949
17,462
47, 517
30, 631
16, 685
6,175
5,846
8,678
5, 123
5 117
8, 488
4,186
3,827
7,954
3,917
3,627
7,481
3,724
3,504
7,131
3,072
3,551
7,479
6,792
7 920
6 342
4,658
8,908 13 853
8,343
6,843
468,105 469 732
449, 794 450,961
10,074
8,095
19,046
7,877
468,735
449, 930
11,222
9,102
18,394
9,867
470,150
449,912
8,480
6,783
13,956
10,048
473, 724
452, 403
5,086
4,220
14,621
11,637
482,650
459,247
4,634
4,984
4,721
2,110
48, 995
30, 532
18,175
45, 234
27,161
17, 842
42, 667
25, 200
17, 238
34,159
18, 706
15, 208
FOODSTUFFS AND TOBACCO
BEVERAGES
Fermented malt liquors:
Consumption (tax-paid withdrawals)
thous. of bbl—
3,133
3,232
Production
«_do
3,655
3,531
Stocks, end of month
do
7,741
' 7, 666
Distilled spirits:
Consumption, total (tax-paid withdrawals)
5,355
thous. of proof gal—
6,800
Whisky
do....
4,383
5,775
Production, total
.do
12,988
14,303
Whisky
d o . . . . 10, 254
12,933
Stocks, total, end of month
-do
489,436 '408,632
Whisky
d o . . . . 464,526 '394,948
Rectified spirits:
Consumption (tax-paid withdrawals)
thous. of proof gal__
2,120
2,497
DAIRY PRODUCTS
4,179
5,056
8,345
4,497
5,469
9,098
5,186
5,703
9,408
6,015
6,445
9,591
8,450
6,361
9,244
7,042
5,829
22,394
20,255
422,883
408,510
6,640
5,449
21,745
19,117
437,159
421, 546
6,168
5,133
20,176
17,977
450,752
434,262
5,897
4,492
18,485
15,980
462,608
445,286
5,298
4,121
9,285
7,522
465,871
447,983
2,907
3,238
2,727
2,437
1,891
2,193
3 251
Butter:
Consumption, apparent!thous. of lb._ 121, 475 126, 865 136,031 133,471 163, 752 136,809 131,360 135,860 142,046 137,454 135,043 133,998 126, 621
Price, wholesale 92-score (N. Y.),
dol. per lb__
.31
.34
.36
.32
.32
.31
.33
.35
.34
.36
.39
.38
Production, creamery (factory)f__thous. of lb- 111,057 101,983 119,601 132,107 179,918 196,860 172,007 146, 752 125,742 117,141 102,445 110,311 114,499
Receipts, 5 markets
__do
48,749
42,886
42,291
36,236
42,896
44,402
67,352
75,063
39,900
38, 296
40,835
43, 971
61, 636
Stocks, cold storage, creamery, end of month
thous. of Jb-- 20,930
20,678
6,406
83,119 123,863 134,885 118,697
6,700
22,904
98,624
42, 953 ' 31,211
66,191
Cheese:
Consumption, apparent!
-do
52,156
50,947
58,545
58,613
70,482
55, 217
63,205
57,238
63,748
63,309
50,336
47, 316
53,481
Imports.
...
_
do
3f677
4,811
3,666
4,697
6,347
5,365
3,958
4,808
3,490
3,189
7,536
6,206
4,733
Price, No. 1 Amer. (N. Y.)
dol. per lb____
.17
.18
.18
.17
.17
.17
.18
.19
.19
.20
.20
.19
.18
Production, total (factory)f
thous. of lb._ 40, 751 <• 37, 364 47, 553
66,503
54,448
82,491
64,781
58,101
54,160
50, 619
38,042
39, 781
40,050
American whole milkf
do
29,295
26.627
31,359
52,778
62, 342
37, 150
46,043
42, 533
51,430
38,364
27,645
28,418
29,918
Receipts, 5 markets
d o . . . . 12,223
11, 545
11,790
11,939
11,433
17,220
15,084
17,064
17,863
11,764
14,975
10,865
10, 845
Stocks, cold storage, end of mo
.do
85,655
85, 216
93,114
83, 096
85,008 105,318 118,235 122,647 117,610 112,687 108,497 103,935 r 93, 497
American whole milk
do
| 73, 807
101,178
105,026
80, 713
73, 822
70, 584
71, 603
89,191 100, 418
97,160
89, 258 ' 80. 479
93, 633
' Revised.
t Revised series. Manufactured and natural gas revised for period 1929-37'; revisions not shown above will appear in a subsequent issue. For 1936 revisions on production
of electric power, see p. 41 of the May 1937 issue. Revisions for 1936 for butter and cheese consumption and production not shown on p. 41 of the November 1937 Survey will
appear in a subsequent issue.
42
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Exports:
472
261
226
Condensed (sweetened)
thous. of Ib_.
1, C99
2, 010
Evaporated (unsweetened)
_do
Prices, wholesale (N. Y.) (case goods):
5.00
4,85
Condensed (sweetened)
dol. per case_.
4.85
3.25
3. 15
3. 19
Evaporated (unsweetened)
do
Production:
Condensed (sweetened):
Bulk goodsf_
thous. of lb.. 11,230 •"r 11,804 14,963
3, 739
3,547
3,953
Case goodst
do
127, 627 124,127 156, T()2
Evaporated Cunsweetened)f
do
Stocks, manufacturers, end of month:
i
Condensed (sweetened):
5.594
4,013
5.353
Bulk goods
thous. of lb.4,958
4,203
4,
574
Case goods
do
Evaporated (unsweetened), case goods
thous. of Ib__ 132, G60 i76,012 152 575
Fluid milk:
5,385
6, 774
6, 949
Consumption in oleomargarine
do
Production (Minneapolis and St. Paul)
31,000
36,443
thous. of Ib-_ 36,412
Receipts:
14, 553
16, 054
Boston (incl. cream)
._thous. of qt..
109," 203" 106,972 119,816
Greater New York (milk only)
do
Powdered milk:
326
282
1, 295
Exports
thous. of lb—
24, 520
22, 439 20, 266
Production!
do
36, 085
32, 020 36, 814
Stocks, mfrs., end of mot~—
do
124
2,019
457
1,946
1,331
1,595
701
1,819
741
2,265
1,221
1,539
1,142
1,874
137
1,918
1,458
2,037
224
2,508
4.85
3.15
4.85
3.15
4.85
3.15
4.85
3.20
4.85
3.25
4.85
3.25
4.85
3.25
4.97
3.25
5.00
3.25
5.00
3.25
17, 824
3,664
178,244
26, 556
4,972
247, 838
25,107
4,481
242,981
16,308
4,496
202, 367
16,170
3,992
155,477
15,914
4,019
135,137
12,658
4, 344
121, 087
11,390
3,461
91,671
14,066
4,444
101, 304
11,346
3 973
124^ 099
6,003
4,400
11,399
8,669
15, 550
10, 920
16,029
11, 173
13,373
11,033
8,730
8,252
5,074
7,153
5,019
6,229
r 4, 229
4, 935
161,208
242,390
302,435
227, 696
227, 710
244, 766
218, 372
181, 686
6,359
5,244
5,102
4, 743
6,411
7,497
7,037
' 7, 268
r
35, 352
42, 597
43,134
34,421
24,442
25, 284
31,277
36, 505
15,631
118,158
17,150
128,088
17,195
129, 016
18,975
124,455
27,070
19,126
123,064
23, 756
16, 377
120, 128
16, 584
125, 287
17,052
119, 563
16,272
119,178
14, 484
113,379
402
27,848
37,179
272
36,145
43,129
248
35,488
48,390
301
29,435
42,902
409
21, 030
40, 219
179
18, 757
37, 644
571
16,938
31,166
322
15, 360
27,181
517
20. 516
22, 851
371
' 23,224
r
28, 451
'793
1, 657
r
r
6, 348
• 16, 737
r 8, 450
211,060
r 5, 993
6,150
2,479
5, 590
10,485
r 8, 524
r
3, 685
12,018
• 11,637
r 2,192
10, 668
17, 262
r 2, 005
' 8, 760
16, 426
2,766
10,572
263,324
5,254
r
156, 894
7, 350
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu.Shipments, car-lott
no. of carloads..
6,180
Stocks, cold storage, end of month
6,524
thous. ofbbl..
Citrus fruits, car-lot shipmentsf-.no. of carloads.. 17,029
2,062
Onions, car-lot shipments!
do
Potatoes, white:
1.294
Price, wholesale (N. Y.)
dol. per 1G0 lb..
Production (crop estimate)
thous. of bu..
Shipments, car-lotf
no. of carloads.. "20,245
r
4, 538
' 3, 670
'3,005
' 1. 646
4,064
15,471
r
2, 912
?, 453
• 18, 568
T
1,611
1,176
• 13, 635
>• 2, 732
460
• 12, 628
r 3, 941
2.744
2.240
1.708
2.094
"197756
:
r 8, 972
2, 463
' 6, 774
' 1, 557
2.031
1.163
r
1, 291
' 5, 268
' 1, 783
r
r
4 , 811
.930
.925
;
1.105
.969
7
1.181
1.225
391,159
14, 912 "26," 647
' 17," 712*
~20~826
1,781
2,261
2,274
2,499
2,494
4,079
11,172
9,366
14, 835
14, 249
16, 219
25, 774
144
574
513
93
105
265
2,118
2,962
1,737
2,270
863
1.238
1.32
1.37
1.19
1.17
()
1.14
1.28
.81
.91
.79
.78
.63
.72
.68
.83
.71
.79
.71
.78
. 10
. ou
.84
2l,"93T
~29~616
" 16," 358"
9,~663"
• 18," 524"
•" 21," 025"
14," 325'
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and
meal
..thous. of bu._ 28,441
Barley:
Exports, including malt
do
791
Prices, wholesale, No. 2 (Mpls.)
Straight
dol. per bu._
. 82
Malting
do
.84
Production (crop estimate)
thous. of bu._
6,409
Receipts, principal markets
do
Stocks, commercial, domestic, end of mo.
thous. of bu_. 11, 524
Corn:
16,170
Exports, including meal
do
4,997
Grindings
do
Prices, wholesala:
. 55
No. 3, yellow (Kansas City).._dol. per bu.
.58
No. 3, white (Chicago)
do
Production (crop estimate)
thous. of bu..
Receipts, principal markets
do
17,971
Shipments, principal markets
d o . . . . 11, 760
Stocks, commercial, domestic, end of mo.
thous. of bu.. 39,060
Oats:
Exports, including oatmeal
do
I 378
Price, wholesale, No. 3, white (Chicago)
dol. per bu-.
.33
Production (crop estimate)
thous. of bu . |
Receipts, principal markets
...do j 3,933
Stocks, commercial, domestic, end of DO.
j
thous. of bu_. I 23, 8?2
Rice:
Exports
pockets (tOOlb.).J 86.473
Imports
do
j 26,987
Price, wholesale, head, clean (New Orleans) I
dol. per lb j
. 033
Production (crop estimate)
thous of bu.. I
Southern States (La.,Tex., Ark., and Term.): |
Receipts, rough, at mills
thous. ofbbl. (16? lb.). I
922
Shipments from mills, milled rice
i
thous. of pockets (100 lb.) I 1,008
Stocks, domestic, rough and cleaned (in !
terms of cleaned rice) end of month
i
thous. of pockets (100 lb.)_.
2, 299
California:
Receipts, d o m e s t i c rough
bags (1001b.)._
" " '
385,282
S h i p m e n t s from mills, milled r i c e . . . . d o
211,597
Stocks, r o u g h a n d cleaned, e n d of m o .
bags (100 1 b ) - 469,169
0
3,299
2,808
2,713
3,332
2,044
1,151
10, 952
13,018
9,436
9,678
.78
219,635
6, 364
13, 703
12,154
8,448
5,873
4,711
5,227
9,967
13,386
13, 368
13,111
11,733
37
5,957
47
6,395
20
7,268
30
6,701
35
5,882
35
3,618
32
3,964
29
4,465
188
' 6, 229
1,750
' 6,667
3,895
' 5, 614
1.20
1.13
1.23
1.22
1.37
1.35
1.35
1.35
1.22
1.18
1.25
1.23
.59
.82
.54
.54
9, 567
4,692
9,304
5,428
8,082
9,650
3,745
11,512
10, 682
4,701
7,196
4,697
8,171
3,804
17, 298
7, 293
42, 877
17, 801
13,901
12, 381
7,425
6,191
4,512
5,175
22, 621
78
75
101
761
942
2,825
1,031
.51
.51 i
.39
.30
.32
.32
3,581
4,778
6,697
61
.54
"47578
4,316
82
4, 710
5,380
79
.52
.48
" 4 , 8 3 6 " "~2~m
C)
C)
8,209
r
11,759
13,290
5, 970
.55
.58
.56
.60
?,644,995
• 34, 605 T 33, 726
• 16, 656 r 21, 362
36,164
41,092
1,510 I
548
i
"257176" " 14," 487"
.32
.33
»1,146,258
"~~6,~765" r 5, 408 ""6," 4 03
.32
11,785
31,896
179,868
5, 648
2,338
3,359
18, 556
28? 401
27,111
25,287
25,827
25,077
21,440
192,394
85, 343
181, 620
160,895
177,972
247,900
176,431
325, 205
151, 841
262, 258
83, 915
277, 547
80, 991
298, 294
56, 558
443, 085
52, 627
.040
.040
.040
.038
.037
.035
.030
.030
.031
.031
• 53, 004
.031
973
309
241
240
149
100
152
1,282
2,244
1,782
760
1,199
1,109
765
569
549
502
576
520
1,342
1,277
1, 448
1,101
25,807
20, 225
130, 507
123, 495
33,610
163,562
.038
2,393
2,092
1,741
1,271
910
1,258
2,233
2,827
317, 467
265,629
431,945 I 99,216
67,471
250,402
- "'
70,242
52, 737
213,590
74,202
237,364
118,257
367,221
235,262
263,332
195,138
611,680
226, 284
443,894
204, 300
216,854
109,891
510, 712
188, 085
579,552
523, 512
463, 584
4S2, 536
434, 471
316,503
159, 654
316,165
373, 621
382, 331
457, 290
3,139
2,721 |
513,927
2,198 I
2,337
r
No quotation.
• Dec. 1 estimate.
Revised.
q Revised series. Data for 1936 on car-lot shipments revised; see p. 42 of the May issue. Data for 1937 revised, revisions for January—apples, 4,749; citrus fruits, 18,186;
onions, 2,615; potatoes, 17,379. Revisions for 1936 for production of condensed and evaporated milk not shown on p. 42 of the November 1937 Survey will appear in a subsequent issue. Production and stocks of powdered milk represent skimmed milk only; revisions beginning 1918 will be published in a subsequent issue.
April 1938
43
SURVEY OF CURKENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey.
ary
1937
February-
March
April
May
June
July
1938
August
SeptemOctober
ber
Novem- December
ber
January
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Con.
Rye:
524
Exports, including
flour
thous. of bu_.
Price, wholesale, N o . 2 (Mpls.)__dol. per bu._
.74
Production (crop estimate)
thous. of b u . .
Receipts, principal markets
do
785
Stocks, commercial, domestic, end of mo.
4,044
thous. of bu._
Wheat:
Exports:
10, 578
Wheat, including
flour.
do
8,754
Wheat only
do
Prices, wholesale:
No. 1, dark, northern, spring,
1.25
Minneapolis
dol. per b u . ~
.99
No. 2, red, winter (St. Louis)
do
1.00
No. 2, hard, winter (K. C.)
do
.99
Weighted av., 6 markets, all grades-do
Production (crop est.), total
thous. of b u
Spring wheat.
_
do
Winter wheat
do
8,542
Receipts, principal markets
_.do
10, 395
Shipments, principal markets
do
Stocks, end of month, world estimated
thous. of bu._
45, 528
Canada (Canadian wheat)
do
66, 467
United States (domestic wheat)
do
Held b y mills (end of quarter)
.do
W heat flour:
Consumption (computed by Russell's)
thous. of b b L .
388
Exports
_
do
Qrindings of wheat
thous. of bu._ 34,924
Prices, wholesale:
5.91
Standard patents (Mpls.)
dol. per b b l . .
5.51
Winter, straight (Kansas City)
do___._
Production:
7, 572
Flour, actual (Census)
thous. of b b L .
53
Operations, percent of c a p a c i t y . . . . .
_
6,600
Flour (Computed b y Russell's)
do
Offal (Census)
thous. of lb__ 631, 061
Stocks, total, end of month (computed by
4,750
Russell's)
. . t h o u s . of b b L .
Held b y mills (end of quarter)
do
LIVESTOCK
Cattle and calves:
1,310
Receipts, principal markets.thous. of animals..
Disposition:
863
Local slaughter
do
443
Shipments, total
do
137
Stocker and feeder
do
Price, wholesale, cattle, corn fed (Chicago)
9.10
dol. per 1001b..
Hogs:
1,962
Receipts, principal markets.thous. of animals.Disposition:
1,331
Local slaughter
do
Shipments, total.,
do
626
Stocker and feeder
do
39
Price, wholesale, heavy (Chicago)
8.25
dol. per 1001b..
Sheep and lambs:
1,713
Receipts, principal markets.thous. of animals..
Disposition:
1,058
Local slaughter
_do
663
Shipments, total
do
82
Stocker and feeder
do
Prices, wholesale (Chicago):
I
Ewes
dol. per 100 l b .
Lambs
do...
M E A T S
Total meats:
Consumption, apparent
mills, of lb__
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Miscellaneous m e a t s . . _
do
Beef and veal:
Consumption, apparent
__thous. oflb_.
Exporis
do
Price, wholesale, beef, fresh, native steers
(Chicago)
dol.perlb..
Production (inspected slaughter)
thous. of lb_.
Stocks, cold storage, end of mo
do
Lamb and m u t t o n :
Consumption apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of m o n t h . . . d o
Pork (including lard):
Consumption, apparent
do
Exports, total
do
Lard
do
Prices, wholesale:
Hams, smoked (Chicago)
dol. p e r l b . .
Lard, in tierces:
Prime, contract (N. Y.)
__do
Refined (Chicago)
do
Production (inspected slaughter) total
thous. of lb_Lard
do
Stocks, cold storage, end of m o n t h . __do
Fresh and cured
do
Lard..
.do.
for FRASER
•
Digitized
0
1.11
1
1.09
1
1.12
5,9
186
1.09
293
.85
1,031
.77
721
.78
754
.74
334
737
794
1,878
495
1,073
4,752
2,045
"17327"
627
.70
' 49, 449
-•644
3,980
3,215
2,550
2.0&4
1,442
1,187
4,223
5,676
6,228
5,729
4,724
4,593
1,522
38
1,565
61
1,679
137
2,108
395
2,217
770
3,385
2,145
7, 230
5,453
4,712
2.678
9,331
7,104
8,609
6,388
9, 324
7,175
10, 448
8,509
1.59
1.43
1.37
1.39
1.53
1.43
1.39
1.42
1.56
1.44
1.40
1.41
1.46
1.32
1.32
1.32
1.45
1.22
1.21
1.23
1.51
1.22
1.22
1.19
1.33
1.12
1.12
1.08
1.34
1.09
1.10
1.09
1.27
1.04
1.06
1.04
1.15
.93
.94
.94
6,116
7,089
7,592
7,512
8,941
8,978
7,621
10,629
19,391
11,175
111,913
27, 728
62,241
25,102
35,199
18, 964
22, 638
23,892
16,076
31,460
316, 770
68,010
43, 709
288,220
65,700
36,850
82,134
234, 720
50,683
26,253
184,150
45, 643
17,088
157,780
36,314
11,677
67,874
229,529
26,267
89, 334
269,870
24,970
131, 239
308, 770
59,198
141, 014
163, 363
291,050
62,720
130, 260
297,970
54,552
114,713
333,020
52,136
94, 520
131, 284
320, 240
50,088
79, 203
7,924
316
34,630
8,154
320
8,981
328
38,468
8,230
364
34,892
8,789
308
35, 548
8,449
264
38,872
8,302
378
39,993
433
42, 467
9,268
474
43, 477
9,099
473
40, 209
8,812
457
37, 538
8,385
413
37, 421
7.45
6.08
7.44
6.15
7.26
6.02
5.95
6.91
5.69
7.44
5.76
6.48
5.28
6.07
5.24
5.97
5.23
5.67
4.91
5.89
5.21
7,536
53
8,038
628,005
8,402
50
8,274
697,451
8,340
52
8,808
704, 618
7,542
49
8,100
642,595
7,637
47
8,369
656,834
8,678
8,415
54
52
9,180
9,140
701, 642 717, 658
9,234
60
9,894
761, 784
9,446
59
9,942
781, 689
8,698
57
9,272
722, 674
8,168
51
8,969
673,105
8,116
53
8,348
675,738
5,700
5,500
4,074
5,000
4,500
3,773
3,773
4,200
4,700
5,000
5,001
5,200
4,900
4,600
4,560
4, 250
r 1, 343
1,727
1,634
1,751
1,902
1,675
2,245
2,380
2,332
2,132
1, 629
1,646
'918
r418
1,143
564
184
1,058
569
192
1,0G7
663
239
1,184
703
217
1,013
660
224
1,184
1,020
1,247
1,094
1,193
1,131
595
1,146
978
461
1,015
630
237
1,054
557
188
14.06
14.30
13.00
13.43
15.08
121
13.24
2,224
2,036
1,526
1,513
1,157
2,084
r 1,455
627
28
1,595
619
42
1,448
589
36
1,074
444
1,075
432
29
790
366
10.18
10.26
10.11
32
11.46
11.01
1,591
1,576
1,882
'936
••658
78
960
620
60
1,052
830
92
5.77
10.06
6.59
11.49
6.25
12.13
1,121
1,088
136
6.05
11.55
883
944
864
77
860
903
1,282
126
1,040
1,006
1,240
117
998
957
1,181
99
941
813
1,030
83
404,130
1,046
401,174
1,071
484, 616
1,497
484,041
1,528
444,908
1,008
1,879
2,209
1,022
852
133
4.25
11.47
32
12.11
1,908
900
1,012
177
4.38
10.47
381
437
15.68
16.53
1,275
885
380
35
1,071
454
12.19
32
.68
5.53
4.66
1,124
1.20
1.27
.95
1.00
.96
1.03
.96
1.02
!
873,993
188,891
= 685,102
r
10, 648 * 10,910
' 16, 339 r 13, 553
16.06
14.20
11.11
9.90
1,906
2,323
2,587
2,892
1,362
539
1,666
649
29
1,834
753
2,066
815
35
1,533
32
8.58
7.53
7. 55
1,785
1,643
1, 954
2,697
1.023
1, 668
857
922
891
352
988
668
94
1, 150
793
95
4. 11
9.72
4.15
9.20
3. 81
8. 47
3.91
7.93
10. 53
2,752
11.83
1,047
1,677
549
2,994
4.75
10.43
1,163
1,806
633
4.03
10.16
1,002
880
S98
69
927
771
736
58
938
792
582
1,031
891
440
44
1,033
1,000
394
42
983
1,042
447
51
1, 054
1, 195
583
67
491, 360
443, 282
1,064
472,911
1,179
502, 232
1,026
490,994
1,025
437, 664
705
452, 630
991
456,087
1,012
.228
.248
421, 267 459,706
44, 582
51,466
485, 889
38, 746
489,019
43,897
440,814
53, 741
456, 961
60, 970
452,185
' 59, 369
52,913
52, 639
1,840
57, 501
57, 634
1,928
64, 075
64, 064
1,887
58,789
59,318
2,376
52,011
51, 948
2,286
56, 850
57, 514
2, 895
' 64, 716
65,140
r 3, 294
430, 739
13,221
7,748
407,986
11, 831
7,175
464, 580 •483,560
13, 016
23,598
9,717
18,797
493,174
26, 260
18,314
544,612
29, 582
22,181
517,997
26, 750
20, 453
.091
. 103
r
.126
.183
.192
.200
.200
.208
399, 062
56,874
384,817
167,438
453, 740
142, 691
443,712
111,653
412,061
86,168
456, 719
63, 522
59,332
59, 573
3,496
54,864
54,162
9,807
58,406
53,833
7,174
54,151
4,574
55, 749
54,154
2,950
55,072
54, 324
419, 838
23,085
16, 284
404, 334
9,161
4,456
499, 039 • 457, 459 439,933
12, 487
13, 737
20,055
7, ?24
8,245
13, 565
455,779
13,377
2,171
r
1, 039
1,259
797
81
.211
.212
.227
.209
.214
.215
.229
.242
.252
.254
.253
.237
.093
.104
.126
.131
.127
.132
.119
.128
.121
.130
.123
.133
.126
.138
.117
.136
.114
.132
.105
.123
.099
.114
. 088
.101
498,794 458,734
76, 584
68, 328
973, 004 965, 798
755, 777 756,354
217, 227 209,444
346,417
50, 732
858,134
663, 657
194,477
368,508 297,000 274,501
52,410
41, 701
35, 278
763, 548 624, 232 485,689
578,424 467,273 367, 595
185,124 156, 959 118,094
r
Revised.
341,231
43,510
355,148
282,534
72,614
451,712
59,009
305,891
266,414
39,477
549,279
85, 468
340, 596
306, 630
33, 966
G80, 585
111,706
452, 258
398, 565
53, 693
485, 475 464,299
82, 645
72,324
699, 226 978,164
582, 370 775,688
116,856 202,476
Dec. 1 estimate.
249
.76
742,082
180, 1%
653, 346
554,028
r 99,318
44
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1936 Supplement to the Survey.
ary
April 193S
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of lb_.
Stocks, cold storage, end of month
do
Eggs:
Receipts, 5 markets
thous. of cases..
Stocks, cold storage, end of month:
Case
thous. of cases..
Frozen
..thous. of lb_.
TROPICAL PRODUCTS
Cocoa:
Imports
long tons..
Price, spot, Accra (N. Y.)_
dol. per ib_.
Exports from the Gold Coast and Nigeria,
Africa
long tons_.
Coffee:
Clearances from Brazil, totaLthous. of bags..
To United States
,
do—
Imports into United States
-do
Price, wholesale, Rio No. 7 (N. Y.)
dol. per lb_.
Receipts at ports, Brazil
thous. of bags.Stocks, world total, incl. interior of Brazil,
end of month
_
thous. of bags.
Visible supply, total, excl. interior of Brazil
thous. of bags..
United States
do—
Sugar:
Raw sugar:
Cnba-.f
Stocks, total, end of month
thous. of Spanish tons..
United States:
Meltings, 8 portst
long tons..
Price, wholesale, 96° centrifugal (N.Y.)
dol. per lb-_
Receipts:
From Hawaii and Puerto Rico
long tons..
Imports
do__.
Stoeks at refineries, end of montht-do
Refined sugar (United States):
Exports, including maple
do
Price, retail, gran. (N. Y.)..
dol. per lb._
Price, wholesale, gran. (N. Y.)
do
Receipts:
From Hawaii & Puerto Rico..long tons.Imports:
From Cuba
-do—
From Philippine Islands
do
Tea:
Imports
thous. of lb_.
Price, wholesale, Formosa, fine (N. Y.)
dol. per lb_.
Stocks in the United Kingdomf.thous. of lb_.
MISCFXLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers..thous. of dol..
Fish:
Landings, fresh fish, prin. ports.thous. of lb_.
Salmon, canned, shipments—
.cases..
Stocks, total, cold storage, 15th of month
thous. of lb_
Gelatin, edible:*
Monthly report for 7 companies:
Production
_
_ .do—
Shipments.
do—
Stocks
do....
Quarterly report for 11 companies:
Production
_
do
Stocks
do....
TOBACCO
Leaf:
Exports
-thous. of lb_.
Imports, incl. scrap
_
do
Production (crop estimate)
do
Stocks, total, incl. imported types, end of
quarter
thous. of lb_.
Flue-cured, fire-cured, and air-cured.do_._.
Cigar types
-do—
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
-millions..
Large cigars
_
thousands..
Manufactured tobacco and snuff
thous. of lb_.
Exports, cigarettes
thousands..
Production, manufactured tobacco:*
Total
—
thous. of lb_.
Fine cut chewing
_
do
Plug
do....
Scrap chewing
do
Smoking
_
do
Twist
do
Prices, wholesale:
Cigarettes.
dol. per 3.000.
Cigars
__-do_-_.
!
14, 369 17, 318 19, 993
100, 518 157,858 120, 328
909
924
2.029
2,154
21, 902
77,173
1,677
281
88, 456
322
34, 390
1,413
53,074
4,405
88,186
7,300
133,132
8,548
164,830
15, 954
. 0605
26, 500
.1032
34, 337
.1143
33,181
.0990
17,557
.0740
18,130
.0790
27, 633
.0837
25, 247
.0786
12, 665
.0627
17, 438
. 0581
12, 720
. 0560
19, 607
57,266
49, 211
43,036
22,165
.0782
27,364
10,203
8,214
18,961
18, 781
13, 278
18, 794
22, 786
948
523
1,563
1,233
654
1,365
979
501
1,138
935
456
925
937
499
1,032
756
376
865
444
733
993
470
842
1,108
609
874
942
517
1,040
1. 497
'876
1,110
.091
1,183
.093
.094
915
.094
794
.093
.093
949
.091
1,159
.070
1,122
.063
1,337
1, 365
676
1, 404
.054
1,704
(0
1,166
.093
1,096
33,437
34, 249
7,993
969
8,016
975
7, 266
687
1,341
18, 560
94,888
2,221
2,187
313,517
514,841
555,866
.032
.036
.035
.035
62, 287 117,279 180,985
231, 923 222,734 386,962
169, 882 227, 047 180,784
232,622
412,827
153,703
3, 607
.053
.047
6,137
.055
.049
16,446
6,664
.055
.047
5,680
.056
.047
20,810
7€,040
20,885
63, 733
1,188
941
8,390
8, 718
166,878 160, 258
30, 451
(0
8,287
1,079
290,170
' 1, 292
20,286
82,340
C)
8,067
1,035
7,886
1,133
7,621
1,107
7,589
1,099
1.929
1,707
1,454
1,266
410, 039 330, 222 425, 457 420,024
.034
23, 237
61, 721
33, 238 68, 014
76, 208 108, 746
666
671
56,489
123, 500
2,672
7,058
5,158
148, 216 133, 805 120, 929
831
109, 210
791
29, 705
926
14,197
. 0605
20.413
1,570
871
.059
1,550
(0
C)
(0
7,426
784
6,978
662
6, 986
592
1,129
1,009
862
503
180, 842 266,341
293, 347
.032
" 95, 598
1,233
7,312
870
.034
18, 606
115,105
7, 045
577
."46
245, 130
.033
.032
.032
73, 631 113,932
234,875 153,554 109,937 104,646
78, 335
326, 885 219, 935 293,422 246,556 154, 535 132, 584 136,471
254,340 305, 460 320, 817 159, 529 168,014 180, 978 191, 957
74, 502
134, 217
167, 511
31,303
193, 528
201,118
r 2, 808
.053
.047
.034
7,736
.056
.047
4,034
.054
.046
.035
3,907
.062
.046
.035
3, 550
.053
.046
4,265
.054
. 050
6,757
.057
.048
5,675
.055
.048
4, 699
.055
.048
15, 775
19,187
16,110
18,716
16,130
331
1,563
893
1,339
2,456
17, 746
1,799
29, 454
179
16, 583
2,966
91,144
4,623
42, 398
48, 208
47,814
13,383
31, 755
7,905
11,516
5,763
28, 776
3,248
5, 415
1,286
957
1,988
3,240
135
8, 905
2, 545
7,319
9,370
8,008
3
580
7,789
9,177
8,980
6, 366
.275
.280
149, 669 170,131
.280
196,8S2
.2S0
218, 070
. 280
227, 392
31, 267
27, 999
23, 157
37,474 ' 42,997 * 44, 308
746,180 428,748 238,332
30, 350
323,187
31. 201
358,183
1,488
943
6,301
1,477
1,274
6. 503
.280
23, 000
26, 50S
9,567
6,787
6,693
7,373
7,044
6,487
.275
.275
205, 569 174,343
.275
148,013
.275
148,669
.275
144,613
.275
131,167
.275
144, 839
26, 260
22, 940
20, 830
16, 034
13. 524
18,571
24,468
r
26, 953 ' 34,957 ' 36, 576 40, 034 r 41.054 ' 40, 728 '39,071
1,198,620 860, 551 313,110 305, 394 302,442 203,374 360,321
1
32, 257
31, 256
62, 152
>9, 629
51, 688
42,957
40,589
48,178
59, 330
66,204
69, 321
72, 350
78,102
1,453
1.325
6,631
1,445
1,355
5,689
1,551
1,797
5,442
1,599
1,342
6,699
1,436
1,376
5,759
1,392
1,461
5,690
1,054
1,254
5,490
1,279
5,150
1,046
1,170
5,025
1,232
1,013
5,245
1,419
908
5, 756
35,113
3,703
24,052
6,057
26, 732
5,711
24,001
7,908
29,146
7,373
24,034
7,907
15,990
7,367
25,322
7,201
12, 210 13,070
14,259
11,492
12, 328 12,792
338, 887 362,935 466.831 453,008 430, 628 472.404
28,730
27,557
25, 077 26,444
31,084 30,028
551, 625 499,483 488, 721 481, 754 M0, 511 477,167
53, 226
6,033
5, 992
9,367
69,974
5,545
55, 981
4,925
2,047,188
1,651,651
324,440
2,026,368
1,580,185
365,495
2,279,113
1,812,966
376,641
5.513
46. 056
4,312
7,550
0,127
8,421
6,311
8,200
15,290
476,489
15,098
452,898
29,519
405, 768
28,361
14,854
498,835
60,464
6,477
1,505,762
45, 046
5,353
2,220,515
1,844,687
294,422
13,892
517,565
12, 786
492, 686
12,611
336,161
13.058
328,574
29. 597 29,067
510, 590 520, 371
27, 014
354, 754
24, 700
538, 786
26, 280
475, 939
23,913
372
4,909
3,810
14,328
494
28,099
435
5,348
4,129
17, 535
653
27,029
530
5,002
3.760
17,124
613
24,579
414
4.732
3,701
15,182
548
27,185
598
5,252
3,904
16,840
591
26,371
557
4,861
4,127
15,249
576
25, 796
484
5,015
4,293
15, 396
26, 398
447
5,570
3,832
15,938
611
26,011
385
4,768
3,855
16,413
591
24, 514
482
4,460
3,224
15,856
493
22,481
372
3,841
3, 350
14,465
452
5.513
45.996
5.513
46.020
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5.513
46.056
5. 513
48. 056
5. 513
46. 056
f
Revised.
* Not available.
• Dec. 1 estimate.
•The quarterly report for gelatin is complete for the industry; the monthly data are for 7 companies, for which figures for the period 1930-36, were shown in table 8, p 20,
of the February 1937 issue. For new series on the production of manufactured tobacco for period 1934-37 see table 33, p. 20 of the August 1937 Survey.
f Revised series. Series on stocks of tea in United Kingdom revised for 1913-36; see table 32, p. 20 of the August 1937 issue. For revisions on sugar meltings and stocks
in the United States, see table 39, p. 17 of the October 1937 issue. For stocks of sugar in Cuba, revisions for period 1920-36 will appear in a subsequent issue.
45
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
Febru1938 Supplement to the Survey.
ary
1938
1937
February
March
April
June
May
July
DecemAugust SeptemOctober November
ber
ber
January
FUELS AND BYPRODUCTS
Anthracite:
COAL
Exports
thous. of long tons..
Prices, composite, chestnut:
Retail!
dol. per short ton..
Wholesale
do
Production!
thous, of short tons..
Shipments
do
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply..
Bituminous:
Exports
_.thous. of long tons..
Industrial consumption, total
thous. of short tons..
Beehive coke ovens
_
do
Byproduct coke ovens
do....
Cement mills
do
Coal-gas retorts
___do--.Electric power utilities
do.___
Railways (class I)
do
Steel and rolling mills
do
Other industrial
_
_do
Other consumption:
Vessels (bunker)
._thous. of long tons..
Coal mine fuel
-thous. of short tons..
Prices:
Retail, composite, 38 cities
dol. per short ton_.
Wholesale:
Mine run, composite—
_do
Prepared sizes, composite
do
Production!
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
_thous. of short tons..
Industrial, total
__do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
__._do
COKE
Exports
thous. of long tons..
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehive!...
thous. of short tons..
Byproductf
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
do....
At furnace plants..
_
do
At merchant plants
do
Petroleum coke
do
107
9,824
3,368
3,042
129
'11.84
9.415
r
4, 865
4,235
1,299
271
110
225
892
30,146
468
5,738
302
144
3,213
7,722
1,219
11,340
106
351
174
152
165
172
136
103
118
8.749
6,736
5,981
8.953
4,207
3,791
10.66
8.973
4,475
4,040
9.199
2,661
2,422
9.233
2,593
2,437
10.98
9.448
3,507
3,229
~9.472'
4,684
4,320
4,302
3,694
11.28
9.643
4, 698
4,160
621
859
1,483
1,895
2,261
2,391
2,436
2,396
2,154
49
93
122
65
50
36
24
26
22,592
165
3,539
169
139
3,056
6,169
725
8,630
263
6
169
r
9. 675
4,815
4,422
1,652
474
871
1,320
1,388
1,462
1,350
1,332
1,252
1,191
360
297
33,293
568
6,453
422
152
3,590
8,404
1,374
12,330
30,452
490
6,247
450
143
3,294
7,472
1,226
11,130
29, 377
520
6,434
494
140
3,286
7,220
1,153
10,130
27,367
439
5,788
476
124
3,505
6,653
982
9,400
27, 795
450
8,281
479
121
3,843
6,759
1,042
8,820
28,181
409
6,492
513
120
4,034
28,099
401
6,284
478
136
3,872
1,085
8,790
1,000
9,060
29, 229
359
5,723
504
143
3,908
7,649
928
10,015
26, 883
269
4,573
417
144
3,433
7,103
839
10,105
26,424
217
4,014
315
156
3,577
7,352
783
10, 010
- 25, 363
185
3,923
'214
158
' 3, 377
' 7.107
r
789
9.610
113
427
142
217
163
250
162
264
166
268
143
283
147
325
147
339
115
302
101
302
82
'257
8.39
'8.61
8.60
4.440
4. 784
27,000
4.236
4.510
42,110
4.235
4.490
51,315
4.301
4.494
26, 010
4.315
4.436
30,010
4.318
4.422
31,726
4.316
4.445
31,912
4.306
4.479
33,984
4.305
4.550
39,055
4.305
4.577
40, 675
4.303
4.585
36, 255
4.375
4. 661
36, 226
4.441
4.779
30, 880
38, 534
32, 334
5.823
320
271
8,592
6,179
919
10,230
6,200
• 46, 574
38, 574
8,687
357
267
7,922
8, 589
1,602
11.150
8,000
53,153
45,153
9,638
546
278
8,717
11, 056
1,898
13,020
8,000
46, 921
39, 721
8,544
464
255
8,504
8,206
1,748
12,000
7,200
45,169
38,169
8,188
397
249
8,446
7,391
1,588
11,910
7,000
43, 936
37, 736
7,770
429
249
8,457
7,701
1,540
11,590
6,200
43, 371
36, 991
7,433
387
238
8, 523
7,195
1,485
11, 730
6,380
43,851
37,051
7,456
365
230
8,558
7,174
1,388
11,880
6,800
46,032 • 47, 986
38,892 39, 926
7,761
8,067
430
400
299
301
8,944
9,241
6,926
6,747
1,292
1,290
13, 270 13,850
8,060
7,140
48, 280
40, 010
8,115
415
358
8,956
6,820
1,256
14, 090
8,270
47, 074
39, 174
7, 273
396
308
9,075
7,573
1,109
13, 440
7,900
'41,967
' 35.167
6,469
337
'272
' 8, 960
' 6,519
1, 050
11,560
6,800
24
29
41
49
55
4.625
4.500
4.500
4. 405
4.375
4.281
4.250
274
4,024
100
285
4,422
110
2,009
817
1,192
380
259
4,571
113
2,236
859
1,377
376
254
4,426
113
227
4,036
127
170
3,226
111
137
2,829
120
117
2,762
126
2,298
889
1,409
360
2, 346
915
1,431
329
2,507
985
1,522
366
2,453
1,029
1. 425
379
2, 367
1,087
1,280
390
100, 452 99,323 104,783
3,148
2,635
2,635
1.160
1,160
1.160
110,911 105, 812 110,721
83
87
85
105,251
2,771
1,160
115,090
87
103, 494 105,023
2,560
2,180
1.160
1.160
109,980 110,911
87
85
99, 615
2,511
1.160
104, 206
83
98, 363
2,624
1.160
106,579
79
97,900
1,924
1.160
106, 007
78
62,376
61,685 61,933
33,373
32, 730 32,432
266,865 268, 087 268,238
48,049
45, 885 48,215
220,980 219,872 220,189
2,192
2,446
2,178
62, 433 63,197
64, 503
31, 442 30,955
30,181
271, 340 270, 601 270,160
47, 778 45, 607 45,150
223,562 224,994 225,010
2,131
2,110
2,203
65, 375
30, 248
267, 538
43, 267
224, 271
1,907
67,656
30,452
268,006
42, 786
225,220
1,782
71, 385
29,835
268,978
45,104
223.874
1,574
22
26
4.250
4.000
4.131
4.481
4.825
105
2, 494
292
3,991
92
1,307
446
861
380
355
4,495
107
1,254
467
787
403
306
4,349
102
1,473
570
903
412
325
4,479
110
1,741
706
1,035
399
2,474
1,196
1,279
1,843
776
1,067
391
49
45
29
PETROLEUM AND PRODUCTS!
Crude petroleum:
Consumption (run to stills)
thous. of bbl._
Imports
do
Price (Kansas-Okla.) at wells._.dol. per bbl_.
Production
thous. of bbl_.
Refinery operations
pet. of capacity..
Stocks, end of m o n t h :
California:
Heavy crude and fuel
thous. of b b L .
Light crude
..do
East of California, total
do
Refineries
do
T a n k farms and pipe linos
do
Wells completed
_
.number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power p l a n t s !
thous. of b b L .
Railways (Class 1)
do
yessels (bunker)
...do
Price, fuel oil (Oklahoma)
dol. per b b L .
Production:
Residual fuel oil
thous. of b b L .
Gas oil a n d distillate fuels, total
do
Stocks, end of month:
j
Residual fuel oil, east of California
I
thous. of b b L .
Gas oil and distillate fuels, total
do
Gasoline:
Consumption, domestic
thous. of b b L .
Exports
_
.do...
Price, wholesale:
D r u m s , delivered (New York)
dol. per g a L .
Refinery ( O k l a h o m a ) .
do
Price, retail, service station, 50 cities..do
2,045
1. 160
84,984
606
1.160
93,173
79
94, 400 93,573
2,199
2,512
1.160
1,160
106, 724 104,979
79
81
63,768
62,110
33,417
32,969
248,474 256,506
39,901
42,360
208, 573 214,146
1,366
1,815
923
2,813
.875
61,374
33,253
263,137
45,134
218,003
1,937
1,133
4,422
2,829
.844
1,208
4,720
3,186
.870
4,451
3,175
.913
815
4,343
3,209
,925
937
4,335
3,395
,913
1,151
4,403
3,357
1,315
4,261
3,281
,900
1,325
4,256
3,494
.925
1,293
4,675
3,283
.925
933
4,191
2,991
.905
22, 222
11, 206
25, 081
11,005
23,896
10, 674
26,015
11,158
25, 769
11,088
26,893
12, 654
25, 936
12, 558
27,173
12, 681
13, 585
16,803
18,211
16, 325
16, 724
15,944
16,889
17,473
18, 451
21, 778
23, 637
23, 987
25, 952
25,810
26,210
32,000
2,356
40,561
2,101
43,409
2,322
45, 484
2,771
19, 291
20, 657
48, 580
2,623
50, 704
2,542
49, 597
3,077
.130
.061
.146
.134
.061
.144
.135
.060
.145
.135
.060
.145
. 130
.058
.145
.130
.057
.145
. 130
.060
.146
r
1,066
4,306
2,935
.875
' 1, 073
4,092
2,923
.875
26, 564
13, 215
26,808
13. 563
26,204
13, 876
27,679
26,101
27, 850
26,852
27, 363
22, 566
27,049
21,543
47,245
3,668
45, 361
2,968
42, 666
2,958
39,457
1,827
35,176
2, 702
.135
.060
.145
.135
.059
.145
.130
.053
.141
.130
.050
.141
.130
.049
f
Revised.
! Revised series. Data on retail price or anthracite for period 1929-36 are shown in table 10, p. 20, of the February 1937 issue. Anthracite and bituminous coal production
revised for years 1935 and 1936: revisions not shown in the March 1937 issue will be published in a subsequent issue. Series on petroleum and products revised for 1935 and
1936; for 1935 revisions, see table 14, p. 19, of the April 1937 issue. Revisions for 1936, not shown on p. 45 of the February 1938 issue will appear in a subsequent Survey. Series
on consumption of gas and fuel o*l in the production of electric power revised for 1936; see p. 45 of the May 1937 issue. Production of beehive and byproduct coke revised for
Digitized for
1936;FRASER
revisions not shown in the September 1937 issue, p. 45, will appear in a subsequent issue.
46
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1938
1937
February
March
April
May
June
July
DecemOctober NovemAugust September
ber
ber
January
FUELS AND BYPRODUCTS—Continued
PETKOLEUM AND PRODUCTS—Con.
Refined petroleum products—Continued.
Gasoline—Continued.
Production:
At natural gas plants
thous. of bbl._
At refineries:
Total
do
Straight run*
....do
Cracked*
do
Natural gasoline blended*
do
Retail distribution^
thous. of gal__
Stocks, end of month:
Finished gasoline, total
thous. of bbl__
At refineries
.
do
Natural gasoline
do
Kerosene:
Consumption, domestic
thous. of bbl
Exports
do
|
Price, wholesale, water white 47, refinery |
(Pennsylvania)
dol. per gaL-i
Production
thous. of bbl |
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic
do
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal-.
Production
thous. of bbl..
Stocks, refinery, end of month
do
Asphalt:
Imports
thous. of short tons..
Production
.
do
Stocks, refinery, end of month
do_
Wax:
Production
thous. of lb I
Stocks, refinery, end of month
do._
3,565 I
3,908
3,911
3,988
3,869
4,128
4,237
44, 621
46, 769
45. 748
48, 271
49, 002
40,782
44, 475
49 523
51.191
22, 673
18, GvK)
20,331
21,571
21.250
22,205
20,311
21 483
21,898
24,141
21,720
21,469
22, 556
21,927
23.085
19,576
23 550
23, 547
4,377
2, 642
2, 571
2, 981
2. 570
2. 095
2, 516
3,557
4 490
1,306,303 1,648,097 1,718,236 jl, 875,175 1,948,728 2,070,479 2,039,140 1,952,027 1,843,892
654
.056
.110
AOT
4, 305
47,064 *
! 20,388 :
! 22,785 |
|
3,891 I
1,615,349 :
I
i
63,728 I 69,892 ;
40.203 ! 46,234 !
5. 147 I
4,758 :
47, 873
20. 956
22. 829
4,088
,748,198
4, 336
46,755
20, 751
22,447
3.557
4
72,396 I 67,839
48, 307
44,142
5, 989
6, 257
62.956
39, 441
6, 918
59,413
35,807
7,041
34, 884
6, 278
61,141
37, 837
5,444
4,150
652
3,259
608
3,594
1,084
3,667
956
4,397
759
4, 985
681
5,705 j
Cud \
6, 420
656
5. 300
810
.051
4,907
5,047
.050
5.343
5,576
.050
5,087
6,781
.050
5, 482
7,553
.051 i
5,726
8,637
.054
5,371
8,839
5,731
8,877
.056 :
5 876 •
8, 357 i
.056
5, 809
7,083
. 056
a. 638
0, 523
2. 490
2,224
2,078
2.039
1, 984
1,924
1,968
1,972
2,037 I
1,489
1,471
,190
2,863
6,771
,200
3.04S
6,556
.200
3,141
6,478
.195
2, 98S
6,447
2,980
6,566
.175
2,900
6, 426
.175
2,920
6,542
.153
3, 215
6,789
.110
2, 785
8,006
5
284
497
1
330
528
4
413
547
3
402
522
2
484
501
1
524
529
0
485
465
3
407
458
2! 953
6,907
3
327
510
.113
2,936
7,512
|
41,720 I 43, 680
104.653 '<100, 275
47,320
103,614
41,160
103. 761
43, 680
107, 903
42, 000
115.266
42, 000
123, 098
44, 240
128, 995
49, 000
139, 867
71, 453
50. 919
4. 290
74,171
52, 8S7
4, 799
73,419 I
51, 474
5, 292
4. 226
805
4. 786
437
4, 465
762
.053
4, 866
5, 443
.053
5,187
6, 396
' 1,486
.173
2,728
7,115
5
184
445
41, 720
109,012
CO
4,21 7
4,418
4, 272
79,114
53.219
4,951
2 if>
43,12:0
144, 992
41,729
145,620
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins
thous. of lb...
Calf and kip skins...
do....
Cattle hides
.
do___.
Goatskins
do
Sheep and lamb skins
do
Livestock (inspected slaughter):
Calves
thous. of animals
Cattle
,
do___.
Hogs
do
Sheep
do
Prices, wholesale (Chicago):
Packers, heavy steers
dol. per lb_.
Calfskins, packers', 8 to 15 lb
do
LEATHER
Exports:
Sole leather
_______thous. of lb_.
Upper leatherf
thous. of sq. ft_.
Production:
Calf and kip.
thous. of skins..
Cattle hides
thous. of hides_.
Goat and kid
thous. of skins..
Sheep and lamb
do
Prices, wholesale:
Sole, oak. scoured backs (Boston)
dol. per lb-.
Upper, chrome, calf B grade, composite
dol. per sq. ft_.
Stocks of cattle hides and leather, end of month:
Total...
thous. of equiv. hides..
In process aod
finished
do
Raw
do
LEATHER MANUFACTURES
Gloves and mittens:
Production (cm), total
....dozen pairs..
Dress and semidress
do
Work
do___.
Shoes:
Exportsf
thous. of pairs..
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxford.
do
Women's colored calf
do
Production^
Total boots, shoes, and slippers
thoua. of pairs..
Athletic
.
do
All fabric (satin, canvas, etc.)...
do
Part fabric and part leather.._
do
High and low cut, total
do
Boys' and youths'.
do
Infants'
do
Misses' and children's
do
Men's
do
Women's
do
Slippers and moccasins for house wear
thous. of pairs..
All other footwear
do
9, 567
981
3,071
3,404
1,508
27, 500
1, 725
11, 622
7,143
4.291
41. 096
2; 345
17,147
10, 748
7,205
33,628
1,600
15,981
S, 642
4, 845
28, 750
2,523
6,941
9,560
7,208
29, 833
1,196
10,413
11,323
4,842
27, 895
1,540
9,810
8,389
6,443
21, 513
1, 232
9,038
5,502
4,148
22, 047
1,363
9,898
5, 026
4,159
398
716
2,833
1,424
437
708
2,842
1,315
592
825
3,033
1,312
588
802
2,810
1,334
561
745
2,099
1,371
579
840
2,110
1,425
520
790
1, 643
1,390
538
880
1,590
1,498
537
939
2, 033
1,671
521
958
2, 711
1, 530
.124
.118
.160
.213
.166
.241
.172
.242
.169
.221
.168
.216
.180
.208
.196
.210
. 195
. 193
.195
.172
300
4,780
224
6,245
293
6,119
203
5,875
330
5,148
186
4,185
211
5, 343
176
4,103
193
4,532
212 128
5,176 j 3,508
235
4.0S3
1,035
2,030
3,743
3,163
1,103
2, 234
4,393
3.326
1,161
2,095
4,230
3,519
1,018
1,971
4,170
3,216
1,121
1,944
4,601
3,076
1,081
1,728
4,160
3,012
1,062
1,819
4,386
3,066
935
1,743
3.913
2,610 I
837
801
1,680 I 1,531
3, 295
2, 904
2,425 1,969
891
890
1,505 !
1.398
2,949 : 2,972
1,699 '. 1,769
.314
.410
.418
.445
.450
. 430
.410
.430
.423
.381
.419
.431
.442
.434
.431
.429
.429
. 426
16, 461
11,070
5,391
16, 074
10. 942
5,132
15,753
10, 904
4,849
15,443
10, 967
4,476
15, 295
10, 988
4,307
15, 029
10, 831
4,198
14,679
10, 632
4,047
211. 066
133,897
77,169
225,941
140, 592
85,349
230,941
143,544
87, 397
224, 544 228,612
136, 797 142, 269
87, 747 86,343
214,900
130, 603
84, 357
231,828
133,215
98,613
182
142
161
6.00
5.00
3.35
5.60
4.69
3.23
5.60
4.81
3.25
5.60
4.85
3.25
29, 767
131
1,095
1, 916
24, 597
1,197
1,615
2, 939
7, 003
11,843
39,578
202
1, 344
2, 625
31,837
1,633
2,235
4,295
9,904
13, 770
46,120
259
1,458
2,580
36,896
1,871
2,537
4,802
11.230
16,455
40, 298
242
1,141
1,500
32, 201
1,605
2,354
4,050
10, 014
14,177
•
169
124
6.00
5.00
3,25
35,411
221
1,061
1,135
28, 007
1,735
1,952
3,483
8, 785
12,052
118
142
6.00
5.00
3.35
6.00
5.00
3.35
6.00
5.00
3.35
34, 449
224
508
641
27, 835
1,537
2,054
3.430
9,080
11, 735
34, 842
172
274
575
29, 071
1,437
1,848
3,058
8,105
14, 622
38, 661
209
271
684
32, 215
1,583
1,903
3,202
8,728
16, 800
96
21,311
18,857
16,138 1
1,489
1,077
1,015 I
8,662 8,173
6,206 I
6,923
5, 452
5,071 !
3,171 2, 430
2,343
.420
468 i 452
856 i 859
3, 295
3, 958
1, 321 1,403
420
830
4. 201
1,552
.156 .146
. 141
. 130 !
.132.136
.380.360
.408 I
. 395
j
14,662 I 14,830 | 15,199
10,586
10,710 I 10,955
4,076 I 4,120 ! 4,244
201,055 i 138,656
117, 479
79, 651
83, 576
59, 005
210,847
117,362
93,485
13, 597
1.514
5,952
3,009
1,S87
165
4, 328
.349
15,378 j 15,454
11,073 ' 11,150
4.305 I 4,304
93,844 ! 77.399
45, 401 I 39, 226
48,443 i 38,173
127
119
132
89
6.00
5.00
3.35
6.00
5.00
3.35
6.00
5.00
3.35
6.00
5.00
3.35
6.00
5.00
3.35
34, 032
213
357
647
27, 498
1,416
1,710
2,815
8,118
13, 439
29,092
210
351
779
22, 340
1,092
1, 656
2,499
7,278
9,815
126 I
i
I
21, 290 21,047 i r 25. 523
'221
j " ' 124
179
494 ! 'r 1,031
282
1.467
978
!
560 '
r
15,694 ! 17,061 i r21,362
1,045
I
].
064
950 I
1,209 ! r 1.310
1, 206
2,111
'
2.
453
1,986
6,199 j 6, 005 ' 6, 627
5,346 I 6, 692 ' 9, 907
4,405 I 2,014 ' 1.162
5,202
5,160
4,122
4,595
5,115
4,429
171 i
279
157
210
322
168
647
' 377
864
r
•New series. For data on refinery production of gasoline, by types, see table 41, p. 19 of the October 1937 Survey.
Revised.
K Number of states reporting varies slightly from month-to-month, but the comparability of the series is not seriously affected.
f Revised series. Production of boots and shoes, 1936 see p. 46 of the March 1937 issue; 1937, p. 86 of the March 1938 issue. Series on retail distribution of gasoline revised
for 1935 and 1936; revisions not shown on p. 46 of the May 1937 Survey will appear in a subsequent issue. Series on exports of upper leather revised beginning 1922: see table
54, p. 20 of the January 1938 issue. Exports of boots and shoes revised for period 1913-37; these appeared in table 50, p. 18 of the January 1938 issue.
1,502
527
2,813
757
3,914
1.013
4,153
1.062
April 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data, may be found in the
1936 Supplement to the Survey.
47
SURVEY OF CURRENT BUSINESS
1937
1938
February
February
March
April
May
June
July
1938
August
Septem- October Novem- Decem- January
ber
ber
ber
LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports (boards, planks, etc.)
M ft. b. m_
National Lumber Mfrs. Assn.f
Production, total
mill. ft. b. m_
Hardwoods
do...
Softwoods
do
Shipments, total
do___
Hardwoods
do
Softwoods
do
Stocks, gross, end of month, total
_do_._
Hardwoods
do
Softwoods
do__.
Retail movement (yard):
Ninth Federal Reserve district:
Sales
M ft. b. m .
Stocks, end of month
do
Tenth Federal Reserve district:
Sales
do
Stocks, end of month....
do___
FLOORING
Maple, beech, and birch:
Orders:
New
M ft b. m._.
Unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
...do
Oak:
Orders:
New
do
Unfilled, end of month
do
Production
..do
Shipments
do
Stocks, end of month
___do
SOFTWOODS
Fir, Douglas:
Exports:
Lumber
M ft. b. m
Timber
do....
Prices, wholesale:*
No. 1, common boards.dol. per M ft. b. m..
Flooring, 1 x 4, " B " and better, V. G.
dol. per M ft. b. m..
Southern pine:
Exports:
Lumber
M ft. b. m_.
Timber
do
Orders:f
New
mill. ft. b. m_.
Unfilled, end of month...
do
Price, wholesale, flooring
dol. per M ft. b. m_.
Production
mill. ft. b. m_.
Shipments!
do
Stocks, end of monthf
...do
Western pine.
Orders:!
New
do
Unfilled, end of month
do
Price, wholesale, Ponderosa pine, 1 x 8 no. 2,
common (f. o. b. mills)_dol. per M ft. b. m_.
Production
..mill. ft. b. m_.
Shipments!
do
Stocks, end of month!
__do
West Coast woods: T
Orders:
New
mill. ft. b. m..
Unfilled, end of month
do
Production
__do
Shipments
do
Stocks, end of month
do
Redwood, California:
Orders:
New
M ft. b. m..
Unfilled, end of month
.do
Production.
_
___
__do
Shipments
do
FURNITURE
All districts:
Plant operations
percent of normal..
Grand Rapids district:
Orders:
Canceled.
.percent of new orders..
New
no. of days' production..
Unfilled, end of month.__
.do
Outstanding accounts, end of month
no. of days' sales _.
Plant operations...
percent of normal..
Shipments
no. of days' production..
Prices, wholesale:
Beds, wooden
1926=100..
Dining-room chairs, set of 6
do
Kitchen cabinets
_.do
Living-room davenports
...do
Steel furniture (See Iron and Steel Section).
99,663 I 129,315
52,902
84, 644
112,807
107,661
93, 751
102,527
1,271
249
1,022
1, 386
221
1,165
8,667
2,313
6,354
1,617
291
1,327
2,068
391
1,676
7,195
1,810
5,385
2,177
355
1, 821
2,314
373
1,941
7,106
1,813
5,293
2, 233
362
1,871
2, 247
373
1,874
7,106
1,810
5,296
2,398
351
2,047
2,177
339
1,833
7,328
1,826
5,502
2,500
361
2,138
2,168
302
1, 866
7,654
1,882
5,772
2,352
376
1,976
2,114
311
1,802
7,900
1,949
5,951
2.342
395
1,947
2,076
323
1, 753
8,171
2,028
6.143
3,189
84, 318
' 2,933
'88,651
4,652
89,716
89, 883
10,082
88,887
13. 289
86,035
12,354
83, 438
5,011
12,524 i 12,482 I 13,614
11,125
co m e |
! 80,020
en r\-m T73,
Q 762
~7e.o 67,605 j 69, 050
82,018
r 4, 237
77,442
1,686
31, 206
r
1,990
32, 707
2,566
33,319
3,168
32, 769
3,346
33,014
2,876
32,918
3,369
32,619
2,963
32,137
2,834
32,186
2,871
31,449
1,778
30,120
1,996
30, 350
5, 900
9, 900
4,400
4, 900
24, 250
9, 600
21,000
7,600
9,300
19,600
10, 346
21,015
9,746
10,348
18,757
8,803
20, 224
9,906
9,475
19,550
5,800
17,200
8,300
8, 500
19,800
5,850
13,850
9, 200
8,800
20, 400
6,200
12,300
7,800
7,850
19,900
7,500
11,450
8, 200
8,600
19, 750
7, 600
11,400
7,400
7,600
20, 200
3, 700
4,800
9,800 I 8,100
7,700
5. 950
5,800
4, 900
22. 000
23, 000
4,100
7. 900
7, 600
4, 300
24, 400
5,000
8. 900
4, 700
4, 400
25, 000
33,651
32,355
24,399
24,490
85, 240
26, 409
57,856
31,853
34,391
58, 267
29,737
51,166
39,006
36, 427
60,846
28,399
44,312
37,370
35, 253
62,763
24,856
38,713
34,438
30,455
66,746
20, 458
33,682
30,637
25, 489
71,894
25,633
31,107
28, 244
28, 208
71,930
31,150
29,091
32,820
33.166
71,584
32, 302
31, 292
33, 359
30,101
74, 842
20. 824
27,508
30, 888
24, 608
81,122
18, 200
26, 398
23, 391
19,310
85, 203
19,835 | 24,114
21,239 j 23,194
21,065
21,938
22,159
19,442
85, 331
86, 425
19, 776
8,480
12, 750
8, 522
31, 397
19, 811
31, 248
11, 042
49, 339
39, 477
39,959
37, 529
33, 761
42,146
42, 354
35, 773
21,630
9,925
21,371
12, 721
19,605 | 20, 257
8,897
7, 564
77,042 ! 73,523
2,29'L~ !
378
1,919
2, 061
330
1,731
8, 394
2, 012
6. 332
1,969
359
1,610
1.S18
310
1.508
8, 562
2,117
6, 444
79,183
1.071
329
1,342
1,443
265
1, 178
8, 804
2. 182
6, 622
2,465
30,665
73,131
1,452
285
1,1 GS
1,301
217
1,084
r
8, 920
2, 242
* 0, 678
246
245
001
38o
202
184
782
287
495
18,003
5, 903
17.640
21. 560
21. 854
22.050
22. 050
22.050
21.805
21. 364
20.580
19.110
18. 620
18. 498
17. 763
36.995
45.080
45.080
45.080
45.080
44.100
43. 200
42.140
42.140
40.180
38.416
38. 220
37. 975
17,170
4,924
32,184
4,978
25,813
6,941
27, 751
7,050
32, 813
6,766
26, 823
5,442
22, 603
3, 555
21,105
7,532
21, 264
2, 752
17,095
5, 639
21, 330
2, 671
17, 521
5, 637
20,469
5,261
460
309
612
464
570
409
572
391
529
359
475
334
624
359
630
351
555
325
510
271
455
251
440
291
334
41.97
492
485
2, 241
44.56
595
683
1,642
46.49
675
625
1,692
46.22
676
590
1,778
45.69
665
561
1,882
44.69
644
500
2,026
44. 59
625
599
2, 052
45.45
625
638
2,039
45.37
601
581
2,059
45. 84
556
564
2, 051
43.51
550
475
2,126
43.64
540
400
2,266
43.74
500
532
2, 234
266
215
334
423
411
411
393
403
359
365
302
401
287
386
272
285
215
178
248
155
266
169
272
187
24.65
104
230
1,891
26.80
163
311
1,509
28.05
297
395
1,411
28.86
392
402
1,401
28.91
635
449
1, 486
28.69
570
405
1,651
28.68
1570
425
1,796
28.65
585
407
1,969
27.78
536
395
2,110
26.90
441
334
2,217
26. 93
305
252
2,270
25. 60
156
207
r 2,181
24.69
87
238
2,017
411
354
333
372
1,059
424
926
422
519
1,260
714
908
684
732
1,211
643
884
599
667
1,143
531
786
637
629
1,151
607
591
750
803
1,098
471
474
578
588
1,088
484
437
538
521
1,105
525
346
619
615
1,109
353
271
447
453
1,102
302
258
346
320
1,128
418
302
349
374
1,103
347
314
330
334
1,098
32,142
80, 281
34, 443
33, 435
39, 437
74,421
39, 385
43,870
34,570
74,645
38, 522
36, 766
34,746
69,882
41,037
38,668
29,251
56, 779
45, 612
40, 422
27, 278
50,451
43, 337
37,289
25,870
42,982
45,041
33,611
26, 279
36, 619
40,039
29, 848
23, 247
29,833
39, 703
30, 402
18, 391
25, 387
31,734
21,861
17, 607
22, 577
26,148
19,549
23, 764
27,136
18, 674
19, 047
81.5
84.5
84.5
80.5
78.5
74.0
85.0
81.0
79.0
63.0
56.0
45.0
6.0
14
23
5.5
18
40
7.0
21
6.0
24
40
7.0
14
4.0
23
ii
5.0
19
40
7.0
22
44
14.0
13
36
11.0
18
60
43.0
9
21
6.0
15
25
27
46.0
12
31
83.0
18
33
84.0
20
32
82.5
16
30
78.0
15
29
75.0
14
29
68.0
15
31
76.0
17
31
72.0
16
31
72.0
16
32
68.0
18
28
61.0
14
24
49.0
11
82.1
102, 3
87.6
87.2
78.2
97.0
87.6
94.0
78.2
97.0
87.6
94.0
78.5
98.4
87.6
95.4
78.5
98.4
87.6
95.4
82.4
98.4
87.6
95.4
83.1
99.4
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
82.1
102.3
87.6
87.2
r
Revised.
* New series. For data on prices of Douglas fir lumber, see table 7, p. 19 of the February 1937 issue.
! Revised series. Data on total lumber production and shipments revised beginning January 1936; data not shown en p. 87 of the March 1938 Survey will be given in a
subsequent issue. For 1935 revisions in total lumber, and 1935-36 revisions in Southern pine and Western pine lumber see tables 16 and 17, p. 20 of the April 1937 issue.
Digitized forLater
FRASER
revisions in Southern pine lumber for period 1934-36 not shown on p. 47 of the October 1937 Survey will be published in a subsequent issue.
*i Data for March, June, September, and December 1937 are for 5 weeks; other months, 4 weeks.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
48
SURVEY OF CURRENT BUSINESS
April 1938
1937
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
February
March
April
May
June
July
1938
August
SeptemNovemOctober
ber
ber
December
January
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade, iron and steel:
Exports (domestic)
long tons.. 460, 640
19, 589
Imports
do
Price, iron and steel, composite
38.90
dol. per long ton-.
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
1,777
thous. of long tons..
Shipments from upper lake ports
do
0
Receipts:
Lake Erie ports and furnaces
do
0
Other lower lake ports
.do
0
Stocks, end of month, total
do
37, 158
At furnaces,.
..do
31, 383
Lake Erie docks
do
5,775
Imports, total
___
do
152
Manganese ore, imports (manganese content)
thous. of long tons,.
13
291,079
41, 628
570. 669
51, 702
671, 777
68,197
969,191
49,050
826, 538
44,771
889, 451
47,012
886,353
61,489
542, 765
37,071
522,617
37,186
556,608
26, 996
626, 427
25, 792
586, 294
29,631
36.74
39.92
40.39
40.06
39.82
40.03
40.34
40.16
39.59
38.96
38.89
38.95
4,443
0
5,142
0
5,114
3,771
5,340
10, 044
4,640
10,108
5,236
10,704
5,373
10,811
5,157
9,174
4, 204
6,562
2,735
1,425
1,917
0
1,923
0
0
0
22, 418
19,081
3, 337
210
0
0
17, 437
14, 585
2,852
215
1,830
770
14,832
12, 295
2,337
197
6,695
3,241
18,800
16, 255
2,544
215
7,562
2,293
24, 395
21,066
3,329
198
7,555
3,117
29,151
25,300
3,851
231
7,196
3,139
35,343
30,861
4,482
207
6,749
2,834
39,954
34, 827
5,127
188
4,888
2,130
43, 266
37, 210
6,057
256
1,140
851
42, 626
36, 553
6,073
159
0
0
40, 775
34, 816
5,959
181
0
0
38, 882
33,007
5, 875
169
20
41
55
33
58
50
25
47
19
33
17
19, 141
18, 689
23.1
20,032
60,187
57,295
72.0
65, 742
68,502
67, 559
82.2
67, 262
62, 910
63, 377
78.2
62,905
46,018
55,960
69.6
57, 327
43,141
64,026
64.8
56,921
41,353
45, 479
54.7
44, 719
49, 376
49, 022
60.1
43,801
41, 652
52, 728
62.9
47, 738
34,810
42,953
52.7
43,750
28,170
32, 457
40.0
37,028
19, 753
27, 784
33.4
27, 675
16, 819
18, 575
23.0
20, 481
47, 045
91
108, 720
176
112, 790
182
114, 665
187
103,960
170
105,975
181
115, 445
192
115, 420
191
110, 260
181
83,850
151
58, 965
113
44,470 !
95 I
46, 035
91
23.50
24.11
20.75
21.44
23.10
23.80
23.50
24.06
23.50
24.06
23.50
24.06
23.50
24.08
23.50
24.06
23.50
24.06
23.50
24.06
23.50
24.08
23. 50
24. 11
23. 50
24.11
1, 298
23.14
2,999
25.49
3,459
25.89
3,392
25.89
3,537
25.89
3,108
25.89
3,499
25.89
3,606
25.89
3,410
25.89
2,893
25.89
2,007
25.89
1,490
25.89
1,429
502
1,215
19, 994
1,897
31,857
3, 855
2,131
33,800
2,835
1,808
32,953
2,430
1,622
33,731
1,893
2,130
34,278
1,858
2,325
33,777
1,259
3,386
31,663
1,272
5,807
27,127
2,143
5,898
23,334
961
2,916
21, 504
1, 390
2,158
20, 970
378
1,422
20,493
10, 380
8,417
119,816
24,497
11,306
148,420
25,653
13,947
159,185
27,129
14, 345
170, 516
23,143
12,710
180,844
20,177
15,252
186, 531
16,198
17,471
185, 090
16,362
25,149
176, 399
21,088
40,915
156, 563
19, 487
39, 539
136,844
(«)
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
short t o n s . Production
do
Percent of capacity
Shipments..
short t o n s . .
Pig iron:
Furnaces in blast, e n d of m o n t h :
Capacity
_
long t o n s per d a y . .
Number
Prices, wholesale:
Basic (valley furnace)
dol. per long t o n . .
Composite
do
F o u n d r y , no. 2, n o r t h e r n (Pitts.)
dol. per long t o n . .
Production
t h o u s . of long t o n s . .
Cast-iron boilers a n d radiators:
Boilers, round:
Production
thous. of lb._
Shipments.. „_..
.
do
Stocks, end of m o n t h
do_.._
Boilers, square:
Production
do_
Shipments
....do
Stocks, end of m o n t h
do
Radiators:
Convection t y p e :
Sales, incl. heating elements, cabinets,
and grilles
thous, sq. ft. heating surface..
Ordinary t y p e :
Production
do
Shipments
...do
Stocks, e n d of m o n t h
do
Boilers, range, galvanized:
Orders:
New
n u m b e r of boilers..
Unfilled, end of m o n t h , t o t a l . . _ . .
do
Production...
_
do
Shipments
do
Stocks, e n d of m o n t h
do
Boiler a n d pipe fittings:
Cast iron:
Production
short t o n s . .
Shipments
do
Malleable:
Production.
do
Shipments
..do
13,769
7,843 I 7,879
20,459
16,036
10,852
130,652 I 121,275 118,054
285
478
465
554
613
640
855
1,082
982
649
2,753
2,571
27, 578
7.692
3; 613
41, 210
7,669
4,343
44,609
7,797
4,624
48,003
5,266
4,416
48, 972
r 4. 699
5,360
48, 371
4,369
5,543
47, 433
4,442
7,178
44, 607
4,972
9,122
40, 507
4,191
9,550
35, 205
2,779
6, 671
31,434
1,943
5,119
28, 364
1,918
3, 320
26, 896
49, 318
17, 724
47, 640
48,0', 9
33,004
60,149
56,498
106,168
107,345
39, 622
86, 439
51, 418
94, 899
91, 519
43,002
85,720
56,132
80,393
81,006
42,389
37,099
37,366
56, 247
55,865
42, 771
39, 210
24, 453
49,076
52,123
39, 724
30,
19,
35,
35,
39,
809
707
208
555
377
31,767
17,020
37,886
34,454
42,809
39,370
14,233
45, 069
42,157
45, 721
49, 501
11,834
51,370
51, 900
45,191
37, 568
9, 253
38, 336
40,149
43, 378
31,314
10,608
26, 824
29, 959
40, 243
48, 035
16,485
35, 358
42, 158
33, 443
2,963
3, 85S
8,719
10, 432
9,520
9,802
9,093
8,265
6,426
7,472
6,177
5,978
5,899
8,346
6,922
5,990
6,939
5,979
6,540
4,065
4,560
4,249
3,663
3,519
4,573
2, 157
2,692
5,922
6,338
6,586
6,095
6,965
6,884
5,907
4,661
6,610
4,350
4,601
3,716
4,602
4,043
4,381
3,616
3,484
3,716
3,253
3,433
2,225
1, 989
1,998
2,778
224. 85
'227.41
' 228. 56
' 228. 71
' 228. 77
' 229. 00
r 229. 33
236.12
541
439
Sanitary Ware
Plumbing and heating equipment, wholesale
price (8 pieces)__
-..dollars..
Porcelain enameled products: A.
Shipments, total
_
do
Signs
do
Table tops
do
229. 31
605,904
145, 704
C1)
r
236. 22
230. 72
230. 72
229. 33
1,063,224 1,293,435 1,293,326 1,238,476 1,069,610 1,196,996 1,178,304 1,039,844 1,102,867
230, 595 258, 868 264, 390 299, 389 278,658 283,917 289, 751 251,121 221,319
232, 766 298, 690 358,622 242,862 206, 263 277,413 309,801 238, 394 312, 977
759, 382
189,881
214,890
790, 480
211,803
140, 034
592, 251
135,474
0)
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
short tons..
Percent of capacity.
_
Railway specialties._
short tons..
Production, total
do
Percent of capacity..
Railway specialties.
short tons..
Ingots, steel :f
Production
thous. of long tons..
Percent of capacity 1
Bars, steel, cold finished, shipments
short tons. -
30,863
27.6
11,107
27,436
24.5
7, 498
1,'
17, 590
98, 383
82.5
53,125
94,620
79.3
43, 779
158,284
132.7
86,557
111,704
93.7
50,911
99,868
83.7
41,995
105,654
88.6
45,896
68,688
57.6
24,458
95,995
80.5
40,998
71,817
60.2
31,460
101, 239
84.9
44,462
57,799
48.5
18,928
86,978
72.9
39,186
54,753
45.9
16, 704
92, 089
77.2
43,313
57, 414
48.1
21,958
83, 047
69.6
36,812
36,837
30.9
8,259
65, 957
55.3
26,480
31,442
26.4
8,125
51, 294
43.0
21,309
27,024
22.7
6,117
41, 537
34.8
16, 601
4,414
84
5,216
88
5,070
89
5,150
'90
4,184
74
4,556
80
4,876
85
4,298
75
3,393
59
2,154
38
1,472
26
65, 668
84,858
73,951
62.329
53,044
52, 614
51, 493
52,000
43,365
32,o68
r
29,187
26.1
7, 354
• 30, 967
r
27.6
r
9, 505
r
1,732
30
19,411 i 19,634
r
tData revised for 1936; see p. 48 of the June 1937 issue.
• Less than 500 tons.
^Discontinued.
Revised.
^Beginning January 1937, the American Iron and Steel Institute computes the percent of capacity on a weekly average basis, with no allowance for Sundays or holidays;
the figures shown here have been carried forward on the old basis (which relates daily average output to daily average capacity with allowance for Sundays. July 4, and
Christmas) in order to keep the series comparable.
4 As reported by 21 manufacturers; beginning Jan. 1937 data are available from the reports of the Bureau of the Census for 34 additional establishments. Data on new
orders last shown in the Oct. 1937 issue were discontinued by the reporting source.
49
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
February
1937
February-
March
April
May
June
July
1938
August
Septem- October Novem- December
ber
ber
January
METALS AND MANUFACTURES—Continued
IEON AND STEEL—Continued
Steel, Crude and SemimanufacturedContinued
Prices, wholesale:
Composite, finished steel.._
dol. per lb— 0.0290 0.0258 0.0283 0.0290 0.0290 0.0290 0.0290 0.0290 0.0290
Steel billets, rerolling (Pittsburgh)
37.00
37.00
dol. per long ton—
37.00
36.40
34.00
37.00
37.00
37.00
37.00
.0225
.0225
Structural steel (Pittsburgh)
dol. per lb—
.0225
.0205
.0221
.0225
.0225
.0225
.0225
19.70
17.56
12.69
Steel scrap (Chicago)
_dol. per gross ton—
19.44
20.56
15.95
20.85
17.63
17.38
U.S. Steel Corporation:
46,890
Earnings, net
thous. of dol—
44,010
52,394
Shipments, finished products
long tons.. 474, 723 1,133,724 1,414,399 1,343,644 1,304,039 1,268,550 1,186,752 1,107,858 1,047.962
Steel, Manufactured Products
Barrels, steel:
Orders, unfilled, end of month
number- 424,182 623,803
Production
do
412, 818 622,338
Percent of capacity
34.1
46.3
Shipments
number.. 412,035 627,755
Stocks, end of month
do
21, 650 21,750
Boilers, steel, new orders:
Area
thous. of sq. ft—
435
862
Quantity
_
number..
488
784
Furniture, steel:
Office furniture:
Orders:
New
.thous. of dol—
1,582
2,079
Unfilled, end of month..
do
1,090
1,734
1,732
Shipments
do
2.072
Shelving :f
Orders:
411
638
New
do
298
410
Unfilled, end of month
do
416
Shipments
do
669
Plate, fabricated steel, new orders;^
Total
short tons— 17, 792 32,375
Oil storage tanks
do
1,673
9,041
Spring washers, shipments.
thous. of dol—
114
289
Track work, shipments
short tons..
3,014
8,153
722,659
855,889
63.6
853,625
24,014
516,975 419,786
851,681 684,356
63.2
50.9
851,112 686,144
24, 583 22,795
836,618
828,300
61.6
832,076
19,019
1,586
1,406
676
748
1,015
111
726
2,601
1,820
2,515
2,788
2,146
2,463
1,916
1, 759
2,302
726
472
664
766
555
71,250
31,239
420
10,720
42,455
13,186
430
767,021
47.0
637,810
18,099
0.0290
0.0290
0. 0290
37.00
.0225
14.69
37.00
.0225
12.50
37.00
. 0225
12.38
0. 0290
37.00
.0225
13.00
587,241
17, 494
489,070 518, 322
674S 921 640.154 545, 957 416,198
598.980 599,157 756, 768 606,697
43.9
43.9
57.0
46.0
594, 858 600, 550 753,681 605,949
18,828 21,915
20,221
22,663
385, 734 452,175
538, 487 422, 688
34.5
40.9
545, 367 414, 832
15,074 21, 549
1,223
937
1,410
1,033 j
2,325
1,935
2,183
2,008
1,871
2,071
1,714
1,562
2,023
526
509
571
609
538
554
592
538
591
28,913
7,271
268
8,807
34,833
13,628
281
9,194
27,480
7,726
249
8,252
636
895
610
641
547
574
502
552
1,970
1,447
2,084
1,793
1,322
1,918
1,856
1,244
1,933
1,990
1,237
2,031
1,887
1,239
1,885
541
566
513
582
554
594
493
448
511
469
490
400
336
471
M13
31,763
4,750
229
7,630
31, 484
4,476
234
8,101
31,942
13,002
220
6,137
27,507
9,417
191
4,289
27,463
11,918
135
3,804
' 382
r 304
23, 422
9, 558
136
3,135
MACHINEEY AND APPARATUS
Air-conditioning equipment:
Orders, new:
Fan group.
thous. of dol—
1,153
1,683
877
1,204
1,631
1,621
1,260
1,001
1,872
1,898
901
723
603
Unit-heater group
do
1,024
1,187
592
1,012
895
812
963
711
1,336
1,003
1,008
624
758
Electric overhead cranes:
Orders:
1,216
New
do
321
1,079
1,452
921
274
1,415
751
534
215
742
Unfilled, end of month
do
5,325
3,994
5,084
2,425
4,674
4,735
3,427
4,666
4,106
3,321
3,021
4,507
Shipments
do—
975
578
916
728
728
387
749
1,076
917
972
1,041
676
Electrical equipment. (See Nonferrous metals.)
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
New
1922-24=100294.2
232.1
90.8
249.5
208.3
257.5
242.0
228.2
204.0
128.1
185.3
113.7
77.6
Unfilled, end of month
do
408.5
347.5
380.0
365.4
376.8
372.8
351.1
157.1
360.3
309.3
294.0
245.5
147.7
Shipments
do
285.6
235.4
226.2
232.1
201.8
232.5
216.5
266.6
232.3
178.8
159.8
147.7
Fuel equipment:
Oil burners:
Orders:
14,242
New
...number9,401
15,361
14,498
15,233
16,274 23,479 32,860
23,390
10,100
7,683
6,362
2,838
Unfilled, end of month
do
3,024
3,517
4,118
5,054
4,203
4,344
3,988
3,068
2, 622
2,066
2,090
14, 428 14, 682 14,406
Shipments
.do
9,828
14, 724 16,404 22,413
33,711
24, 625 10,546
8,239
6,338
16,016
Stocks, end of month.
do
16,000
17,098 20,866
22,276 23,730 27,147 23,823
25,370 24,559
25,029
24,947
79
Pulverizers, orders, new
.do
17
32
19
34
26
25
12
30
25
13
20
7
Mechanical stokers, sales:§
Classes 1, 2, and 3.
_
do
3,112
5,315
5,856
6,580
8,482
7,249
13, 007 18, 769 16, 593
6,279
4,402
2,386
2,319
Classes 4 and 5:
259
226
202
235
452
424
109
165
320
Number
221
363
207
104
62, 783 60, 249 47, 770 46, 414 63, 460 75, 094 58, 252 57, 564 33, 696 34, 743 20,475
24,168 37,241
Horsepower
_
Machine tools, orders, new
210.7
165.2
211.6
282.5
191.8
208.5
171.1
75.7
179.8
152.0
av. mo. shipments 1926=100—
127.7
118.4
Pumps:
Domestic, water, shipments:
19, 298 16,001 33, 697
Pitcher, other hand, and windmill..units.- 26,870 59, 266 53, 702 56, 638 42,006 46,182 37, 747 39,806 37, 655 22,996
1,382
1,721
1,349
1,478
1,689
1,395
1,759
1,648
1,231
Power, horizontal type
do
1,281
1,111
779
827
Measuring and dispensing, shipments;!
Gasoline:
1,313
734
699
520
1,216
1.136
658
863
740
599
578
Hand-operated
units. .
450
476
11,048 14,137 14, 493 18, 220 16, 446 14, 623 13, 682
5,657
8,792
8, 305
Power
...do
6, 275
5,176
Oil, grease, and other:
12,180
11, 547 16, 660 20,352 16, 373 21, 377 14, 971 13, 686 12,451
13,914 14,127
Hand-operated—
do
9,072
203
2,008
4,224
4,991
5,252
6,574
6,319
4,011
3,190
3,156
3,518
2, 273
Power
do
1,689
850
Steam, power, centrifugal, and rotary:f
1,286
1,983
1,721
1,533
1,448
1,438
1,899
1,224
1,949
1,191
Orders, new
thous. of do! —
933
1,012
881
1,141
1,316
1,098
919
1,109
1,182
1, 066
987
1,165
Water-softening apparatus, shipments, .units—
1, 050
837
10, 369 16,125 15,836 20, 623 17, 811 17, 504 17, 462 15, 549 13,854
12,144
Water systems, shipments
do
10, 248
8,178
12, 181
Woodworking machinery:
Orders:
2
24
14
10
82
Canceled
thous. of doL.
5
15
1
1
564
904
748
602
New
do
503
578
491
637
679
334
28S
395
1,342
Unfilled, end of month.
_
do
1,437
1,353
1,096
1,109
1,095
1,148
940
900
997
Shipments:
324
425
402
Quantity
number of machines..
361
397
324
339
332
222
146
104
Value
—
thous of dol
'
553
763
796
676
733
492
579
579
376
313
548
590
r
Revised.
{Classifications changed starting in January 1937, but for all practical purposes the series shown are comparable. Classes 4 and 5 are practically equivalent to former
class 4; changes made in classes 1, 2, and 3 do not affect the total for the 3 classes as shown here.
fRevised series. Measuring and dispensing pumps revised beginning January 1936; figures not shown in the October 1937 Survey will be shown in a subsequent issue.
For steam, power, centrifugal, and rotary pumps revisions for period 1932-37 will be published when available. Data on steel shelving revised beginning January 1936; data
not shown on p. 89 of the March 1938 Survey will appear in a subsequent issue. The increase from 20 to 22 in the number of manufacturers reporting has affected the comDigitized forparability
FRASERof the series to only a slight extent.
f Data are for 46 identical manufactures; beginning January 1938 data are available for 21 additional small concerns.
I
50
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1937
February
March | April
I
May
June
July
1938
November
August
Decom- !i Januber
ary
METALS AND MANUFACTURES—Continued
NONFEEROUS METALS AND
PRODUCTS
Metals
Aluminum:
Imports, bauxite
long tons-_
Price, scrap, cast (N. Y.)
dol. per lb_.
Babbitt metal, shipments and consumption
(white-base antifriction bearing metals):
Total
thous. oflb..
Consumed in own plants
...do
Shipments
.
do
Copper:
Exports, refined and manufactureiLsliort tons..
Imports, total
do
For smelting, refining, and export
do
Product of Cuba and the Philippine Islands
short tons.All other
.
do
Price, electrolytic (N. Y.)
dol. p e r i b . .
Production:*
Mine or smeltar (incl. custom intake)
short tons..
Refinery
do
Deliveries, refined, total*
.,
do
Domestic
do.__.
Export
_.do
Stocks, refined, end of month*
do....
Lead:
Imports of ore, concentrates, pigs, bars, etc.
short tons..
Ore:
Receipts, lead content of domestic ore. do
Shipments, Joplin district—.
.do
Refined:
Price, wholesale, pig, desilverized (N\ Y.)
dol. per lb_.
Production from domestic ore...short tons..
Shipments, reported-.
_
..do
Stocks, end of month
. _
do
Tin:
Consumption In manufacture of tin and
terneplate..
long tons..
Deliveries
...do
Imports, bars, blocks, etc .
_do
Pries, Straits (N. Y.)
_.__dol. p e r l b . .
Stocks, end of month:
World, visible supply
long tons..
United States
..
_do
Zinc:
Ore, Joplin district:
Shipments
short tons..
Stocks, end of month
do
Price, prime, western (St. L.)
dol. per lb._
Production, slab, at primary smelterst
short. tons..
Retorts in operation, end of mo
number..
Shipments, totalf..short tons..
Domesticf
do
Stocks, refinery, end of mo.f
.....do
44, 05S
. 0S70
41, 603
43, 016
. 1281 .1281
35, 250
.1283
29, 570
.1275
35, 734
.1252
51, 026
.1238
23, 857
.1265
46,161
.1283
55,179
.1136
51,141 I 57,523
.0893 I .0875
51, 448
. 0875
1, 227
233
994
2, 290 j 2,999
546
579
1,712
2,453
2,499
599
1,900
2,206
621
1,585
2, 593
586
2,007
2,099
516
1,584
2,387
111
1,610
2,159
560
1,599
1,797
513
1, 283
1,538
1,344
402 I
358
1,136 !
1, 3^2
209
1,113
31. 728
26,850
14,553 j 14,547
12,905
11,336
34, 436
13, 281
10, 717
25, 927
19,657
15, 942
32, 241
31, 735
29, 161
26, 473
22,946
20,867
25,142
15, 591
15, 341
27, 883
It3. 004
13, 163
29, 099
21, 952
IS, 358
1, 978
863
. 0978
2,133
1.460
. 1343
51, 002 72, 023
59, 393 71, 233
32, 282 77, 486
27, 3S9 74. 610
4,893
2; 876
326, 244 135,121
1, 486
402
30, 045
5, 127
32, 286
5,398
46
1, 602
. 1578
91,118
83, 676
98. 349
94, 830
3,519
121,448
602 !
41,372
7,173
2 071
1 139
'1512
41
2,523
. 1378
2,538
1,177
. 1378
94 596 87, 579 89, 882
83, 178 95. 265 86, 016
105 050 86, 256 83, 581
95 884 81. 338 77, 725
5,856
4,920
9 166
99 576 108,585 111,020
1,508
1,067
.1378
1,967
50
112
200
. 1378 .1353
85, 243 90, 947
79,611
82, 835
72, 890 74,392
67, 356 68, 019
5, 534
6,373
117,741 126,184
1,995 I
1,331
.1184 I
83, 806 80,437
90, 982 87,030
72,845
48,440
m, 229
43. 742
4,698
6,616
144, 321 182, 911
593
848
683
1,710
1,567
1,383
1,473
37, 775
5,115
37, 293
C. 623
41. 629
5, 427
38, 872
4,802
38, 719
4,465
40,993
6,129
42,415
6,472
. 0600
.0600
. 0624
. 0719
.0600 I .0645
.0618
. 04G3
37. 321 42, 480 42,460
33, 555 34, 986 41, 422 43, 908 40,192
30.135
50, 375 63, 425 55, 200 55, 212 42, 710 47, 727 54, 551
138, 134 156,832 137, 204 128, 462 115,843 113, 370 111,103 103, 518
3,130
7,675
7,238
.5194
3,680
9,080
10,468
.6271
3,550
6,995
6,430
.5899
3,880
6,425
6, 557
.5563
3, 260
6,645
6,344
.5584
3,330
4,980
6,558
.5931
23, 774
4,956
24,127
5, 731
24, 593
4, 741
23,721
5,144
23, 291
4,810
25, 646
6,183
32, 994
13,954
.04,81
43,837
9,501
.0647
40,021 i 39,190
10, 980
14, 690
. 0738 .0701
44, 632
18, 358
. 0675
35,044
20, 624
.0675
4Qt 524
11,070
.0692
41, 14(3
39, 207
21, 540
21,510
108,138
37. 794
42, 786
46,953
46, 953
24,616
53, 202
43, 635
59, 633
59, 635
18,183
55,012
43,724
55, 201
55, 201
13, 774
50. 526
44,186
50.219
50; 219
14, 081
49,181
46,199
49, 701
49, 701
13, 561
4, 420
5, 054
.4127
28.361
32,743
20, 547
18,866
15,541 j 18,828
52,009
43. 660
56^ 229
56, 229
13, 963
3,460
7,580
6, 312
.5940
.0640
.0574
37,989
45,112
53,850
39. 292
90, 742 100, 646
3, 560
8, 245
6,158
. 5862
30,3-3 | 23. S"4
26, 672 ! 19, 832
23, 175 : 18,500
109
1,610
. 1080
1,951
1, 545
. 1001
i 69, 446
! 75, 790
j 37, 025
33, 892
3,133
221,676
1,184
. 1020
01,756 ' 58,760
60, 463 70, 487
22, 788 30, 705
18, 660 24, 881
4,128
5. 824
r 259,351 j 279,133
2,073 1
4, 745
2,915
40,922 i 40,761 j 34,429
4,710 I 8,265 |
3,370
. 0503 .0188
42,892 47,423
33,853
34,02;j
113, 573 129,131
J . :,:s7
! '.7.''.51
'' :U,W.i
j 133, 101
1,810
5,020
8,023
.4285
j 1,230
! 5,550
! 3,333
I .4152
2,290
8,210
8,179
.5146
2,160
5,195
7,338
.4330
26,016 I 23.014
5,850 I 3,538
22, 865
3,280
24, 389
5,285
27,044 i 27.101
6, 385
4, 866
36, 839
15, 451
.0719
40,705
15, 926
.0719
45, 283
18,563
.0609
30,463
21, 990
.0563
39,448 j 30,914
15,382 i 15,028
.0501 j .0500
48, 309
50,163
50,643
50, 643
11,227
50, 027
51, 809
47,737
47, 737
13.517
52,645
50, 324
40, 345
40, 345
25, 817
49,393
49,511
32, 676
32, 676
42, 534
51,787
48,687
48, 812
42, 423
29,545 I 24,931
29,545 ! 24,911
64,776 I 88,532
Electrical E q u i p m e n t
Furnaces, electric, industrial, sales:f
1,244
4,134
1, 660
8, 290
1,849 j 1,738 i 2,147
5,883
3, 491
4. 129
6, 619
Unit
„
.
kilowatts..
3, 440
1, lOo
255
102
547
154 I
131 j
167
325
393
Value
thous. of dol..
293
458
257
85
Electrical goods, new orders (quarterly)
260,838
215, 964
I 182,306 I
271,064
thous. of dol..
Laminated phenolic products, shipments
1,112
1,135
1,190
1,042
1,179
849
728 I
614
594
1,059
1,451
1,292
1,226
thous. of dol..
Motors (1-200 H. P.):
Billings (shipments):
3,083
3, 320
3.222
3,560
3,599
2, 229
3,334
2, 648
3,670
3,450
1,722
A. C
_ thous. of dol.
743
810
793
1.038
713
941
660
742
1,018
D. C
_
_do.__.
769
474
Orders, new:
3,014
2, 836
1,967
3, 642
3,176
2, 951
3, 260
2,216 I
4,276
1,557
3.301
4,626
1. 755
A. O'_
......do....
741
560 !
468
695
434 I
344
1,284
377
D. C
__.
do....
9S4
481
655
965
1,074
Power cables, paper insulated, shipments:
861
1,010
884
989
1,107
573
955
848
979
521
501
301
Unit
thous. of ft..
1,321
1,376
1,370
1,527
749
1,234
515
1,023
1,090
1,533
496
Value
thous. of dol..
391
1, 295
Power switching equipment, new orders:
147,
287
93, 792 09, 975 : 119,231
Indoor__
_
dollars.. 139,523 113,645 138,367 209,894 148,916 123,697 141,314 127,128 114,016
158, 552 374. 719 597, 804 754, 827 335,937 433, 219 497, 890 361,758 347,448 215,357 395,411 228,940 i 154,848
Outdoor
...do
1,644
3,092
(e)
2,271
1,840
2,019
2,842
1,025
3,402
3,159
981 ! ' 1, 436
1, 699
Ranges, electric, billed sales
thous. of dol..
67,857
89, 739 109,542 !'104,984
Refrigerators, household, sales
...number.. '146,531 245, 718 352,582 33.5, 214 333,061 267, 770 192, 906 120, 543
Vacuum cleaners, shipments:
83. 725 88,456 110,080 101,376
88,974 91,059
77, 867 112,787 148,113 140. 516 125,921 102,153
96,615
Floor cleaners
do
29, 934
34, 386 27, 508 27, 786 28,944
42,688
29, 806 26,751 i 21,512
52,301
38,477
50,020
22,545
Hand-type cleaners
do
I
Vulcanized fiber:
2,509
2, 809
2,471
2,137 j 2,243
2,616
1,804
2,321
2, 780
1,462
3,007
1,235
1,282
Consumption of fiber paper
thous. of 3b..
520
503 !
479
620
679
350
304
633
Shipments
thous. of dol..
517
652
' 258
'Revised.
'Estimated.
•New series. For earlier data on production, deliveries, and stocks of copper see table 26, p. 20. of the July 1937 issue. These data differ from the figures shown on p. 123
of the 1936 Supplement, for which monthly data for 1935 and 1936 were given in table 27, p. 20 of the July 1937 issue.
t Data on the production, shipments and stocks of zinc revised for 1036; see p. 50 of the May 1937 issue. Data on industrial electric furnaces revised by the Industrial
Furnace Manufacturers Association. Inc.; data formerly collected by the National Electrical Manufacturers Association. The present series is based on the reports of 12
manufacturers which represent 85 to 95 percent of total sales of electric furnaces for industrial purposes. Data beginning January 1936 not shown on p. 50 of the November
1937 Survey will appear in a subsequent issue.
51
SUKVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey.
ary
1937
February
March
April
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
METALS AND MANUFACTURES— Continued
NONFERItOUS METALS AND
PRODUCTS-Continued
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
net tons..
Orders, unfilled, e,nd of mo
.do
Plumbing fixtures, brass:
Shipments
_
thous. of pieces..
Radiators, convection type:
Sales:
Heating elements only, without cabinets
or grilles—.thous. of sq. ft. heating surf_.
Including heating elements, cabinets, &
grilles.....thous. of sq. ft. heating surf..
Sheets, brass, price, mill
dol. per lb._
Wire cloth (brass, bronze, and alloy):
Orders:
New
thous. of sq. ft..
Unfilled, end of mo
do
Production
do
Shipments
do
Stocks, end of month
_do
10,626
26, 408
10,101
20,549
8,210
18,037
6,584
15, 784
7,087
17, 542
7,115
22,311
6,683
18,641
5,430
15,557
3,805
13,936
3,946
11, 276
2,774
12, 821
2,110
1,864
1,555
1,650
1,410
1,566
1,420
1,213
925
CGO
939
18
41
84
41
41
90
90
64
58
463
.210
428
.207
367
.196
461
.198
361
.198
424
.198
484
.196
484
.190
411
.178
251
.174
199
.173
1,107
2,051
557
558
790
355
1,763
580
628
732
170
1,414
525
510
729
236
1,176
455
467
698
336
1,010
493
512
654
320
876
431
453
633
285
793
426
376
637
277
653
402
407
650
174
548
288
275
667
287
577
264
225
678
300
629
241
249
668
22
PAPER AND PRINTING
WOOD PULP
Consumption and shipments:! •
Total, all grades
short tons..
Groundwood__._
do
Sulphate
do
Sulphite, total
_._
do
Bleached
_.
_.do
Unbleached
do
Soda
do
Imports:!
Chemical
_
_
do..Ground wood
.do
Production:!
Total, all grades
_
do
Ground wood
do
Sulphate
do
Sulphite, total
do
Bleached
do
Unbleached
do
Soda
,
do
Stocks, end of month:!
Total, all grades
-do
Ground wood.
__
do
Sulphate
„
do
Sulphite, total
do___.
Bleached
do
Unbleached
_do
Soda
.
do
Price, sulphite, unbleached
dol. per lOGlb..
PAP13B
Total paper:
Paper, incl. newsprint and paper board:
Productioni
short tons.
Paper, excl. newsprint and paperboard:
Orders, new
_„
..short tons.
Production
do
Shipments
..do I
Book paper:
!
Coated paper:
I
Orders, new
do
Orders, unfilled, end of mo
do
Production
do
Percent of potential capacity
Shipments._.
-_-_short tonsStocks, end of month.
do_.-Uncoated paper:
Orders, new-.
do
Orders, unfilled, end of mo
do
Price, cased, machine finished, at mills
dol. per 2001b..
Production
short tons..
Percent of potential capacity
Shipments
..short tons..
Stocks, end of month.
.do....
Fine paper:
Orders, new
do
Orders, unfilled, end of mo
do
Productioni
-do
Shipments..
—
...do
Stocks, end of month
do
Wrapping paper:
Orders, new
do
Orders, unfilled, end of mo
do
Production
...do
Shipments
do.
Stocks, end of month
do
415,904
101, 514
152, 493
133, 509
86. 728
46, 781
28, 3S8
488, 760
124, 404
159,679
165, 909
99, 459
66, 450
38,7G8
547, 227
141, 020
179,292
183, 292
115,910
07,382
43, 023
550, 482
140, 200
187, 040
181, 045
114,137
07, 508
41,531
571, 520
113,190
191,069
195. 017
123.304
72, 313
41, 638
565,142
137, 583
189, 438
197, 681
125, 312
72,309
40, 440
563, 882
130, 244
203, 041
192,531
125,406
07,005
38,066
580, 770
131,315
217, 363
194,303
122, 580
71,723
37, 789
554, 357
123, 862
200, 510
186,823
122,331
64,492
37,162
509, 412
122, 304
192, 732
161, 419
101,744
59, 075
32, 897
439,303 385, 907 415,928
115,448 111,390 108,644
148, 981 122,163 149,827
146, 200 120, 802 127, 978
94,574
81, 842
79, 978
51, 626
45,020
48,000
28., 674 25, 492
29,479
118,641
12, 598
391.174
15,2G2
151,820
15,443
108,569
19, 669
191,590
21, 484
240, 309
19,713
202.136
24, 561
201,109
15, 504
187, 225
15, 300
183,139
17,732
188,271
19, 351
161,576
15, 645
427, 751
108, 338
15G, 233
134,890
85,461
49,429
28, 290
498,729
132, 605
160,403
167, 093
101 604
G2, 489
38, 028
560,996
151, 910
179, 627
18G, 027
114,816
71,811
42,832
570,082
151, 436
186, 371
190, 628
119,370
71, 258
41, 647
581, 354
156, 341
192, 027
190, 587
120, 198
70, 389
41, 799
578, 779 561,114
147,638 124,535
193, 000 204, 599
197, 347 193, 698
128, 004 125, 442
09, 283
08, 250
40, 734
38, 282
575, 158 530,156 520, 881
116, 7S2 107, .128 112,825
219,011 208, 587 194,717
199, 991 183, 384 135,887
129, 444 117,024 119,922
06, 360
05, 905
70, 547
37, 057
33, 452
38, 771
405,038
120, 895
151,299
163, 071
107, 502
50,109
29,173
400,114 420,182
118.304 110,392
122, 827 148,572
138, 721 132, 360
88, 872
84,317
49,819
48,013
20, 202
28,888
219,128
09,913
19,128
125, 040
81,124
43,922
5,041
2.88
108, 033 121, 845
45,105
55, 4G9
6, 520
6,818
53,801
57,156
34, 847
33, 735
19,014
23, 421
2. 541
2 402
3.01
3.34
141,3GG
00, 604
6,207
06, 037
38, 907
27,130
2, 518
3.75
151,114
79, 788
7, 706
00, 941
35, 759
25,182
2, 079
3.63
101, 012
89, 729
11. 349
60, 561
38, 407
22,094
2, 973
3.65
155, 900 137, 652
52, 016
09. 432
17, 029
15, 030
03.937
07, 323
40,050
45, 290
23,887
22, 027
4. 070
4, 175
3. 75
3.75
155,071
43,135
18,918
88, 392
58,180
30,212
4, 020
3.66
ISO,838 200.161 213,582
48, 032
50, 059
03, 453
21, 290
21, 309
22. 020
105, 890 117, 003 122,964
71.179
77,713
82, 247
34,711
39, 350
40,717
5, 020
5, 730
5.139
3.50
3.31
2.88
944,049 1,102,273 1,046,235
999,428
3,034,729 912, 664 930, 565
974,983
847,350
519,798
498,546
497,810
647,063
591,191
595, 070
517,972
531,006
521,707
470,029
523,448
507,459
509,205
575, 347
587,935
409, 929
487, 738
468,454
423,019
484, 967
454,643
14,847 ' 22, 080
' 9,543
23, 518
' 103. 1
r
23, 338
ll,02y
24, 709
10, 855
21, 465
94.5
21.188
10,230
23, 875
12, 016
22, 709
98.5
23,103
10,041
15,082
7, 007
21. 123
93.5
20. 345
10,819
14,459
5.319
18, 503
84.6
17, 646
11,456
13,849
4, 940
17, 425
77.3
16. 557
12,615
14,426
4,202
16, 651
75.9
14, 725
14,178
16,066
3, 646
16, 825
75.9
17,232
12, 373
14, 259
1,926
16,025
63.0
16,091
12,333
13, 585
2, 291
15.008
54.9
14, 717
14,699
12, 725
1,725
14,029
53.9
14,325
14, 387
14,079
1,901
13,872
50. 8
15, 538
13,033
79, 686
31, 828
113,031
69, 703
131, 537
82, 244
111,834
83, 565
97, 981
76, 930
91,344
64,540
78,740
54, 212
81,859
49,609
87,081
45,695
76,528 I 74,001
24,724 | 34,058
72,301
23, 505
77, 085
30, 521
6.00
77, 014
73.0
77,350
98, 645
5.75
107, 778
r
90. 1
100, 838
r
85, 002
5. 75
109. 260
94.8
112, 741
77,743
6.13
116.909
102.6
111,034
83, 785
6.25
111,959
98.3
108, 828
87, 658
8.25
101,288
94.0
99,168
87, 454
6.25
99,084
87.9
94, 012
94, 490
97,409
87.1
89,395
102, 457
6.25
95, 211
86.5
93,088
106, 225
6.13
83, 903
74.4
85,069
102, 279
6. 00
78,803
60.9
77, 078
106, 605
6.00
72, 384
03.4
73, 807
103, 878
0.00
77,076
05.7
80, 093
99, 866
44, 038
23, 960
44.516
45, 050
62, 534
66, 317
35,132
53,898
53,246
64, 543
38, 703
33. 224
43,327
42,293
59, 775
32,613
28,450
40, 666
39, 080
66 123
38,999
26, 280
45, 308
44, 324
67,279
26, 247
20, 978
34,220
32, 653
69,509
25,749
15,191
36, 218
32.008
73, 504
34, 697
10,687
40,948
40,417
73, 430
25,152
8,467
31,025
28. 646
70, 392
23,449
7,721
25, 357
24, 619
71, 005
30, 647
9, 990
29, 9P5
29, 339
77,778
30,189
10, 709
27, 031
30, 813
72, 072
153,148 185, 604
143, 532 123, 420
170,092 211, 436
169. 437 206, 864
104, 521 108,129
136,379
101,208
165, 597
158,991
113,393
139,501
86, 608
162, 717
153,744
120, 908
160, 015
69,060
185, 049
180,394
123,660
127, 696
62, 286
140,536
135, 729
127, 754
91,817 I 114,427
51,424
53,005
105,750
116,330
102,129 119,381
131, 389 127, 713
114,908
50, 710
104, 495
113, 558
124, 703
101,590
83, 916
12,790
61. 691
38, 524
23,170
3,190
3.75
488,293 i'392,878
549,160 j r 434,379
531,617 ••421,349
077,184
708,025
131, 609
14,523
092,623
327,302 »• 352, 908 373, 670
300,913 '358,554 350, 380
347,802 306,177 370,132
|
2,824
13,882
55.0
14, 748
13,042
T
180, 618 220, 843 171,669
151,786 164, 719 156, 564
166,827 212, 608 176, 880
109,767 I zio.i/u
215.170 1/7,
177, y/U
970
104,241 102,383 I 101,838
ISee note marked " 1 " on next paee.
r Revised• Comprises pulp used in the producing mills and shipments to the market.
t Revised series. Data on production of wood pulp have been revised beginning 1932, and consumption and shipments and stocks, beginning 1934. Data not shown here
will appear in a subsequent issue. In the above presentation the data are all raised to estimated industry totals on the basis of an identical sample of 152 mills; heretofore,
only the data on production and consumption and shipments have been raised. For production, the estimated industry totals have been supplied by the compilers, and for
consumption and shipments, and stocks, the sample data have been adjusted to the raised production figures by the Survey of Current Business. Data are restricted to
the items specified, with no attempt made to estimate semichemical pulp or screenings; hence, total wood pulp as presented here and the totals for earlier years to be presented in a later issue will be slightly smaller than the Census totals. Data on chemical and ground-wood imports have been revised beginning January 193*5; revisions not
on r>. 51 of the December 1937 Survey will appear in a subsequent issue.
Digitized for shown
FRASER
52
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey
ary
April 1938
1937
February
March
April
May
June
July
1938
Decem- JanuAugust SeptemOctober November
ber
ary
ber
PAPER AND PRINTING—Continued
PAPER—Continued
Newsprint:
Canada:
Exports
_
short tons..
Production!do
Shipments from mills!
do
Stocks, at mills, end of mot
do.--.
United States:
Consumption by publishers!.
do.._.
Imports—
-do
Price, rolls, contract, destination (N. Y.
basis)
dol. per short ton..
Productioni
short tons..
Shipments from mills
do
Stocks, end of month:
At mills
do....
At publishers!do
In transit to publishers!
do
Paper board:
Consumption, waste paper
_do
Orders, new._
_
do.__.
Orders, unfilled, end of mo.
—do
Production!.._
do
Percent of capacity
Stocks of waste paper, end of month:
At mills
_
short tons.
PAPER PRODUCTS
Abrasive paper and cloth, shipments:
Domestic
..reams.
Foreign
»__do
Paperboard shipping boxes:
Shipments, total
mills, of sq. ft.
Corrugated
do
Solid
fiber
.___ do__.
PRINTING
Blank forms, new orders
.thous. of sets.
Book publication, total
no. of editions.
New books
„ do...
New editions
_
.do...
Operations (productive activity)—1923=100.
Sales books, new orders
thous. of books.
139, 734
202, 601
162, 906
146, 089
222,945
276, 419
233, 228
138, 733
294,935
302,268
289,712
151, 289
252, 790
296, 624
308, 450
139,463
156, 475
123,289
175, 617
204, 689
199, 057
270, 478
199,355 206, 695 189,297 170,455
263, 620 279,937 288, 291 302,982
50.00
61, 357
62, 480
42.50
72, 072
74,941
42. 50
82, 576
79, 582
24,801
464, 691
38, 970
15,995
243,951
54, 013
215,047
273, 651
72,832
282, 248
59.8
294, 726
310,650
304, 264
145,. 849
306, 646
312,165
303, 632
154, 382
305,163
'316,194
' 293,671
' 176, 905
283,128 308,655 302,325
319,876 ' 312, 220 '315,477
326, 222 '300,815 ' 338, 215
170, 559 '181,964 ••159,226
315,
302
357,
104
173,338
260,158
183,360
303, 351
208, 278
298, 560
192, 255
299, 561
42.50
80,311
75,724
42.50
77, 732
73,931
42.50
78, 352
72,127
642 308, 742
878 '293, 395
240 r 355, 257
864 ' 43,002
169, 509
222, 500
159,107
106, 394
197,817
273, 038
1G9, 922
184, 761
42.50
42. 50
<• 80,145 79,537
88, 339
r83' 743
50. 00
72, 514
62, 829
' 18, 756
246,873
57, 071
' 11,439 ' 12, 699 ' 14, 644 ' 13, 089 17,676 ' 21, 467 ' 27, 693 ' 2 3 907 ' 16, 239
258, 740 278,820 298, 597 344,147 380, 070 421,765 450,761 492 150 543,861
49,612
59,427
55, 769
59,489
69, 545
50,550
52,964
62,852
57,357
25,924
521,411
38, 471
295, 477
386, 781
236, 011
373, 431
90.0
339, 242
453, 621
265, 575
428, 506
91.6
341, 597
419, 702
243,486
436, 610
92.7
325,166
196, 570
1C7.977
211, 628 234, 239 257,185
53, 389
6,616
80,294
9,972
90, 365
13,971
135,451
10,919
103, 862
9,104
1,909
1,768
141
2,428
2,195
233
3,018
2,712
306
2,778
2,506
271
2,549
2,292
256
90, 496
895
751
144
149,194
1,011
815
196
103
16, 057
129, 377
889
740
149
100
19.711
13, 742
42.50
78, 619
85,915
42.50
78,907
77, 647
42.50
78, 500
76,255
42.50
78, 205
79,759
01 o i on
r 1O(! OO1
287, 443
348.685
129,745
365,287
75.7
287,858
324, 216
108,467
348,091
71.5
256,162
315,122
88,775
334,619
68.5
256,081
' 75, 683
272,007
' 56. 2
' 203,424
243,992 r 269,367
' 75, 994 p' 79, 595
244,825 268,121
' 48. 2
' 54.7
254,554
258,064
277,797
293,818
294,122
322,435 [''331,582
81, 813
8,556
76, 209
66,039
7,711
67, 422
7,724
70,731
6,077
56, 650
8,487
2,632
2,385
247
2,344
2,114
230
2,484
2,225
258
2,653
2,403
250
2,474
2,250
224
2,044
1,889
155
127, 262 123,341 115,141
945
689
885
800
580
724
145
109
161
102
95
100
15, 799 16, 633
18.996
91,805
846
741
105
90
106,989
826
702
124
96
16. 697
111, 485
942
831
111
100
16,049
109,633
1,183
1,023
160
102
16, 741
330, 250
346.525
194. 458
397,073
90.8
287, 504 274, 463
329, 244 331,375
146,138 143,401
380,882 346,721
71.0
80.5
16, 506
40, 095
6, 339
51,414
6, 633
1,807 1.826
1,675 1,691
132
134
105,656 104,379
930
985
759
864
171
121
100
102
15, 662 14,724
91,207
1,071
887
184
93
14,434
RUBBER AND RUBBER PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, total!!
long tons. 23,868 50,282 54,064 51,797 51, 733 51, 798 43, 650 41,456 43,893 38,707 33, 984 a 29,160 29, 429
37,030 42, 638 41,479
37,951
37,902 30,289
For tires and tubesj
do
' 57,400
100,800
Imports, total, including latex
do... 41, 064 44,715 40,898 43,024 48,898 49,635 43,414 19^820" 57,024 53,129 54,043 69,810 45, 384
.213
.213
.193
.246
.234
.189
Price, smoked sheets (N. Y.)
dol. per lb.
.186
.184
.163
.146
.146
.151
Shipments, world
long tons. ~84~66o" 71,000 101,000 90,000 87,000 95,000 111, 000 102,000 106, 000 98,000 93, 000 92, 000 80, 000
8tocks, world, end of month!-.
.-do... 578,295 445,265 447,856 428,249 413,134 434,250 445, 782 457,462 470,768 479,398 493,266 r 550, 586 r 556, 685
Afloat, total
do
112, 000 94,000 125,000 124,000 117,000 125,000 144,000 140,000 141, 000 135,000 127, 000 135, 000 113, 000
For United States
do... 47,459 53,538 56,994 72, 530 58, 542 57, 215 75,779 80,439 83, 288 80,653 81,302 63,099 57, 356
London and Liverpool
do_._ 71,516 63, 760 52,077 48, 748 46, 628 43, 427 42,175 45,211 49, 807 51,932 54,857 57, 785 62,108
British Malaya
...do... 94, 250 86,478 82,802 77, 255 74, 487 93, 630 88,046 92, 661 87, 579 85,865 84,657 90, 548 98,157
United States!..
-...do... 300, 529 201,027 187,977 178, 246 175,019 172,193 171, 561 179, 590 192,382 206,601 226,752 267, 253 283,420
Reclaimed rubber:*!
14, 612 14,414
Consumption
__
_
do...
14,801
13,485
15,607
11.924
7,674
13, 681 12,234
13,227
9,703
6, 673
7,238
15,793
16,052
Production
do...
14,458
16, 241 16, 543 16, 410 15,849
15,192
13,884
12,406
10, 815
7,467
6,012
14,535
17,992
Stocks, end of month
do
18,839
14,647
14,010
23,572
24, 620
26,260
19, 706 21,597
27,17$)
31, 074 19,017
Scrap rubber:
42, 398
45, 495
Consumption by reclaimers (quar.).-.do..42, 489
32, 213
TIRES AND TUBES*
Pneumatic casings:
2,952
4,455
5,352
3,111
2,743
5,339
4,292
5,916
4,049
3,980
2,212
5,246
5,730
Production
thousands.
3,537
5,375
5,389
5,190
4,930
3,940
3,771
3,153
2, 490
2, 349
4,371
5, 560
5,787
Shipments, total._
.—do—
3,473
5,281
3,864
3,053
5,297
5,112
3,859
5,438
4,849
4,276
5,687
Domestic
do_._
0)
(0
Stocks, end of month
do_._ 10,833 12. 308 12,448 12,629 12, 592 12, 529 11,654 10,813 11,784 11, 644 10,963 10, 776 10,988
Inner tubes:
2. 349
2,822
2,388
4,956
4,716
4,019
3,719
5,091
5,823
5,627
4,129
4,290
2,105
Production
do
5,028
5,027
5,046
5,571
5,325
3,518
3, 348
2, 875
2, 342
4,536
3,177
4.852
Shipments, total
do_._
2,107
2,795
5,499
5,242
4,959
4,957
4,993
3,462
3,134
4,469
4,795
3,280
0)
Domestic
do...
(0
Stocks, end of month
__do.-- 10.161 11, 734 11,904 12, 218 12,107 11, 746 10,869 10,144 11,134 11,103 10, 527 10, 056 10,198
Raw material consumed:
Crude rubber. (See Crude rubber.)
« 62, 556
18, 494
23,426
23,268
23,033
26, 542 24,680
'35,678
Fabrics
thous. of lb.
MISCELLANEOUS PRODUCTS
Single and doubb texture proofed fabrics;
3,282
1,969
1,978
3,975
3,802
2,285
4,626
4,259
3,991
4,342
3,380
5,255
Production
thous. of yd.
Rubber and canvas footwear:^
6,369
4,517
6,598
3,588
5,671
6,454
3,639
6,734
6,455
7,197
4,679
5,935
7,595
Production, total
thous. ol pairs.
1,557
1,447
1,704
1,456
1,915
1,789
3,635
2,765
2,251
4,053
1,584
3,241
4,269
Tennis
do._.
4,922
5,040
2,813
4,216
1,673
4,666
3,098
3,690
3,144
3,095
1,388
2,694
3,327
Waterproof
do...
7,316
6,635
3,937
7,424
5,143
4,343
4,784
4,788
5,027
5,764
3,212
4,520
5,439
Shipments, total
do_._
1,134
1,190
769
1,151
648
2,363
3,778
2,947
3,784
2,075
2,422
3,308
4,361
Tennis,
do...
6,182
5,866
3,191
4,494
1,574
6,234
1,006
1,840
1,243
789
1,212
1,078
Waterproof
_do—.
7,254
7,363
6,582
4,305
3,894
5,111
4,735
4,706
5,027
4,486
5,377
3,174
5,738
Shipments, domestic, total. __
do__.
1,093
1,142
749
1,134
636
2,338
3,736
2,874
3,784
3,291
4,309
2,392
2,055
Tennis
__.do.._
6,161
6,222
6,833
4,474
3,171
1, 555
999
1,832
1,243
1,195
1,068
782
3,683
Waterproof_do.._
Stocks, total, end of month
do... 20,296 14,869 16,998 19,167 21,116 22,814 21,729 20, 746 20,046 18,780 20,308 20,430 20, 031
5,431
4,990
5,041
5,071
4,895
4,404
6,109
6,916
7,446
6,965
5,213
4,945
6,
796
Tennis
_
do—
13,671
13, 392
12, 984
9.829
13, Of 5
17,919
17, 326 15, 757 14,615
13. 954 16,045
12,053
Waterproof
do... 13,499
1
Data will be published when available.
a
' Revised.
Quarterlyfigures;Sept. 30 and Dec. 31. Monthly data not available subsequent to July 1937.
IFor data raised to industry totals, see tne 1936 Supplement. Figures shown here are as reported; these were also given in the 1936 Supplement.
!Revised series. Data on total rubber consumption, world and United States stocks of rubber, consumption, production and stocks of reclaimed rubber revised for 1935
and 1936. Revisions not shown in the May 1937 Survey will appear in a subsequent issue. Data for newsprint (Canada), except exports, revised for 1936. See p. 52 of the
April 1937 issue. Data also revised for 1937; revisions for January are as follows: Production, 289,634 and shipments, 253,815. Newsprint stocks at publishers and in transit
to publishers revised beginning 1926. Revisions not shown on p. 52 of the April 1937 Survey will be shown in a subsequent issue. Consumption of newsprint by publishers
beginning 1926 was revised to adjust for errors in computations; revisions not shown on p. 52 of the November 1937 issue will appear in a subsequent Survey.
JData are raised to industry totals; see the note explaining these series in the 1936 Supplement.
53
SUKVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the February
1938 Supplement to the Survey.
1938
1937
February
March
April
May
June
July
DecemOctober NovemAugust September
ber
ber
January
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
Production
Percent of capacity
Shipments
.
Stocks, finished, end of month
Stocks, clinker, end of month
dol. per bbl_
thous. of bbl.
thous. of bbl.
do.__.do._-
849,321 959,880 692, 311
829,261 917, 219 656, 529
417,827 410,417 423, 862
594,885
516,164
436,073
1,161,382 1,071,120 1,195,988 1,268,218
1,117,265 1,005,581 1,153,466 1,181,549
395,303 414,774
374,334 411,516
956,547
1.667
11,163
52.8
12,645
24,011
7,360
1.667
11,597
53.1
12,237
23,370
6,771
1.667
9,248
43.7
8,188
22,634
6,104
745,035
725,444
426,387
422,837
647, 284 652,251 1,077,319
606, 716 633,059 1,092,424
455, 932 415,324 397,351
1.667
11,634
53.2
11,890
25,493
7,540
1.667
11,374
52.0
11,190
21,565
5,859
1.667
4,534
20.7
4,390
25,023
1.667
11,223
53.1
12,773
21,388
5,896
1.667
10,402
48.8
10,272
25,747
7,544
1.667
5,837
29.6
5,163
25,059
6,788
1.667
7,047
32.2
4,793
24,879
6,342
1.667
11,894
54.4
12,291
22,940
6,347
1.667
8,443
38.6
7,879
25,622
7,554
1.667
3,916
19.8
4,575
24, 364
6,732
CLAY PRODUCTS
Bathroom accessories:
Production
number of pieces.
Shipments
do
Stocks, end of month
...do...
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous.
Shipments
thous. of brick.
Stocks, end of month
_do.-.
Face brick:*
Shipments
.
___.do--_
Stocks, end of month
do...
Viferified paving brick:
Shipments
_
do.._
Stocks, end of month
._do—_
Terra cotta:
Orders, new:
Quantity
short tons.
Value-.
thous. of dol.
Hollow building tile:
Shipments
short tons.
Stocks, end of month
.do.__
11.941
113,598
414,723
11.915
163,801
386,919
12.030
191,040
385,276
12.103
191,275
401,852
12.110
184, 625
435,318
12.116
12.125
167,085 157,839
463,531 479,256
12.076
154,424
508,840
12.113
149,672
524,110
12.113
128,118
530, 970
12. 044
95, 882
528,569
12.072
08, 867
512,604
29,094
296,411
46,667
297,654
58,214
297,426
62,086
298,114
61,557
297,703
57,120
297,406
54, 530
300,796
51,477
296,123
45,971
296,834
36,982 ' 24, 869
300,462 304,731
20, 547
299,019
3,257
59,133
4,038
57,691
6,716
56,727
8,877
60,271
9,431
61,249
8,580
63,646
7,707
66,533
8,638
66,252
12,255
60,866
3,645
248
1,060
127
1,750
223
1,077
140
916
128
1,082
122
1,495
177
133
848
106
51,082
354,210
79,793
358,286
100,381
351,509
96,246
359,881
84,932
367,022
80,317
362,455
80,812
365,788
76,290
361,084
68,954
369,610
2,995
54.3
2,893
9,318
3,880
73.8
3,743
7,459
4,198
71.0
4,461
7,145
4,543
79.7
4,375
7,243
4,844
88.4
4,795
7,215
4,989
87.1
5,152
6,981
4,978
86.9
4,645
7,259
5,259
91.8
4,662
7,776
4,548
82.5
4,400
7,843
2,664
2,473
2,894
2,849
2,688
3,935
18,676
2,711
2,503
3,369
3,119
4,140
20,743
2,885
2,621
3,278
2,864
4,564
21,956
2,907
2,848
3,152
2,658
4,965
19,437
2,681
2,870
2,947
2,652
5,260
19,392
2,266
2,692
2,031
2,289
5,038
15,&45
2, 458
2,720
2,312
2,426
4,923
17,898
2,829
2,824
2,886
2,731
5,043
16,479
12. 074
1,136
130
6,185
60,974
r
2,882
59, 273
2,537
56, 964
731
893
109
54,557
373,283
380,917
34,000
355, 544
4,417
77.1
3,932
8,261
3,735
67.8
3,211
8,696
3,235
56.5
2,684
9,192
3,125
52.4
3,016
9, 279
2,283
2,516
2,981
2,618
5,267
14,855
1,893
2,333
2,437
2,170
5,585
12, 517
1, 625
2,394
1,616
1,624
5,362
8,921
5, 119
GLASS PRODUCTS
Glass containers:
Production
thous. of gross.Percent of capacity
.
Shipments
_-.
thous. of gross.Stocks, end of month..
do
Illuminating glassware:®
Orders:
New and contract
number of turns.
Unfilled, end of month—
do._.
Production
.-..do...
Shipments
--_--do_..
Stocks, end of month
do...
Plate glass, production
thous. of sq. ft..
GYPSUM AND PRODUCTS
Crude:
Imports
short tons.
Production
do...
Shipments.do...
Calcined, production
__.do..
Calcined products, shipments:
Board, plaster, and lath
thous. of sq. ft..
Board, wall
do.
Cement, Keene's
short tons._
Plasters, neat, wood fiber, sanded gauging
finish, etc
short tons.For pottery, terra cotta, plate glass, mixing
plants, etc
short tons__
Tile, partition.
thous. of sq. ft,-
26,542
606,523
148,756
540,500
299,655
897,807
259,007
660, 252
306, 672
897,178
249,143
704,846
264,583
611,452
176,476
477,182
149,337
88,382
9,181
187,896
107,330
10, 764
198, 259
91,401
10,589
136,451
81, 668
3,319
355,219
444,777
423,640
281, 610
51,974
4,964
63,301
4,199
70,354
3,806
50,677
3,063
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.Shipments
do
Stocks, end of month
...do
9,481
10,109
21,285
COTTON
Consumption!-._
bales.. 427, 528
399
Exports (excluding linters)f
thous. of bales..
Ginnings (total crop to end of month indicated)! •
18, 242
thous. of bales. 19
Imports (excluding linters).
do
Prices:
.081
Received by farmers
dol. per lb_Wholesale, middling (New York)
do
Production (crop estimate)
thous. of bales.742
Receipts into sight.-.
..do
Stocks, end of month:
13,481
Domestic, totalf_
do
1,815
Mills
do.—
Warehouses
_
„
.do
11, 666
9,220
World visible supply, total
do
7,271
American cotton
.do
9,302
9,381
23,659
9,915
10, 718
22,856
10, 367
11,418
21,804
10,319
10,653
21,471
9,610
9,822
21, 259
669, 665 680, 521 583,011
324
230
124
604,380
220
601,837
617
526,464
799
484,819
797
143
19
1,871
8,259
5
13,164
9
16,178
.124
.124
.107
.103
.090
.090
.081
.084
.077
.080
175
1,064
3,075
3,477
4,099
1,286
2,813
4,361
2,549
4,465
961
3,504
4,374
2,763
7,918
991
11,177
1,419
9,758
8,029
6,467
10,920
9,759
22,277
11, 254
9,936
23,738
11,311
11,474
20,954
12,116
12,555
20,659
11,547
11,376
20,972
665,677
486
776, 942
468
718, 975
373
23
12,141
45
28
31
.124
.131
.135
.145
.137
.143
.129
.133
327
295
1,815
3,584
5,596
3,361
4,640
1,549
3,090
4,904
2,837
622
697
519
8,023
2,061
5,962
7,457
4,984
7,114
2,078
5,036
6,787
4,348
6,202
1,987
4,215
6,294
3,858
.124
.127
6,421
4,863
8,625
9,090
20, 794
433, 058 434, 740
751
647
16,812
9
.076
.083
' r18, 934
2,548
1,518
13, 206
1,656
11, 549
8,769
7,225
8,843
8,464
21, 913
13,586
1,718
11,867
9, 066
7,441
17, 646
.079
.086
1,023
13,534
1,763
11, 772
9,210
7,450
r
Revised.
« Total crop.
•New series. Data on face brick shipments and stocks, compiled by the U. S. Department of Commerce, Bureau of the Census, supersede those shown In the Survey
prior to the January 1937 issue. Data beginning January 1934 were shown in table 34, p. 20 of the August 1937 issue.
tRevised series. For revisions for cotton year 1936-37, see p. 53 of the October 1937 issue.
• February figure is the total crop for 1937.
<8>Data on basis of "number of turns," as shown here, are no longer available; new series, on basis of number of pieces and value are available beginning Jan 1938 These
data will appear in a subsequent issue of the Survey.
54
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
April 1938
1938
1937
February
February
March
April
May
June
July
Novem- Decem- JanuAugust September
ber
ary
ber October
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
Exports
thous. of sq. yd__
Imports
do
Prices, wholesale:
Print cloth, 64 x 6 0 . . .
dol. per y d . .
Sheeting, brown, 4 x 4
do
Finished cotton cloth:f
Production:
Bleached, plain
...
thous. of yd.Dyed, colors
do
Dyed, black
do
Printed
_--do
Stocks, end of month:
Bleached, dyed colors and dyed black
thous. of yd_.
Printed
-do
Spindle activity:!
Active spindles
thousands-.
Active spindle hrs., total
mills, of hrs._
Average per spindle in place
hours..
Operations
pet. of capacityCotton yarn:
Prices, wholesale:
22/1, cones (Boston)
dol. per lb__
40/1, southern spinning
do
23, 882
4, 667
. 048
.055
15, 892
19, 278
.076
117,081 (51,363
' 75, 055 122, 232
v 3, 903
6,415
' 91, 809 120, 758
16,418
7,896
17,511
5,560
25, 805
5,903
24,116
5,363
. 063
.081
.058
.075
.052
.069
.049
.061
.047
.058
119, 672 118,956
92,190
88,355
6, 555
6, 959
88, 294
86,089
115,013
86, 792
7, 732
91, 578
112, 741
78, 363
7,154
119, 609
79,620
6,674
97, 757
109, 200
62,216
4,861
83,195
20,339
22, 257
16, 320
23, 931
17,386
15,090
15,554
10,743
.079
.089
.076
.095
.090
.065
.085
160,600
135, 560
6,677
130,393
155. 279
125,154
7,172
120, 262
140,065
108,888
7, 729
104,410
262,864
119,571
250,148
114,852
260,013
113,050
22, 357
5, 589
210
24,518
8,352
307
144.2
24,640
9,607
355
146.6
.235
.369
.344
.482
.364
.482
.363
.490
.336
.479
693
2,467
702
4,240
724
2,917
14,418
10,576
21,713 i 24,252
5,130 ! 5,108
'.045 !
.055 ;
111, 952
59 924
4,590
92, 811
I
.037
. 055
111,876
60, 223
3,300
87,154
277,860
136,177
284,281
135, 751
23,887
7,658
285
124.1
23, 724
6,928
259
111.1
22, 792
6, 483
243
105.2
.272
.413
.257
.407
.245
.383
.239
.369
.235
.369
. 235
.369
562
1,573
368
1,323
253
1,954
240
581
374
492
276, 273
125,754
280,983
129, 359
268,428
118,383
24, 727
24, 656
9,175 i 8,562
339 I 316
146. 4
137. 6
24, 558
8,595
318
136.6
24,394
7,665
284
121.9
24.353
8,185
304
130.5
.311
.452
.293
.439
693
2,389
697
1,788
272, 709 262,006
120,338 I 102,843
|
298,812
143, 307
22,328 I 22.327
5, 726 | 5, ub2
214 j 214
92.0 ;
93.5
RAYON AND SILK
Rayon:
493
721
Deliveries!
1923-25=100..
697
2,095
Imports
thous. of lb__
Price, wholesale, 150 denier, " A " grade
.54
.60
(N. Y.)
dol. per lb_._
Stocks, producers, end of mo.f
0.1
3.0
no. of months' supply..
Silk:
Deliveries (consumption)
bales.. 30, 260 38,484
6,472
3,359
Imports, raw
thous. of lb_.
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
1.592
dol. per lb._
Stocks, end of month:
Total visible supplyt
bales.. 136, 934 152,808
43,834
49,408
United States (warehouses)
do
228
.60
.63
.63
.63
.63
.63
.63
0.1
0.1
0.1
0.2
0.2
0.5
1.1
39. 934
5,026
40, 561
5,742
35, 278
5,148
35, 783
5,521
31,399
4,015
33,557
5,174
36,372
4,958
36,002
5,054
1.9
31, 749
5,865
1.648
140,802
41,302
130,256
45, 556
.63
1.827
2.012
1.975
146,331
41, 731
142, 382
40>882
• 26, 458
• 29,141 • 22,871
12, 842
10,098
38, 201
29,990
.63
2.8
21,982 j 30,715
3,781 ! 4, 003
1.940
1.873
1.851
1.721
141,094
41,494
152, 083
44,183
152,857
43, 957
151,834
40,834
156, 724
45, 424
161,435
49, 535
17, 213
7,259
16, 896
16, 095
4,926
14, 213
10,604
2,730
10,147
• 10, 425
1.575 |
1.565
143, 678
48, 678
WOOL
Consumption of scoured wool:1
Apparel class
thous. of lb_.
Carpet class
,,..do—
Imports, unmanufactured
do—
Operations, machinery activity:
Combs:
percent of active hours to total reported..
Looms:
Carpet and rug
do—
Narrow
— do—
Broad
- do—
Spinning spindles:
Woolen
do
Worsted
—do....
Prices, wholesale:
Raw, territory, fine, scoured
dol. per lb.
Raw, Ohio and Penn.,
fleeces
do—
Suiting, unfinished worsted, 13oz. (at factory)
__dol. per y d .
Women's dress goods, French serge, 54" (at
mill)
_
dol. per yd..
Worsted yarn, 32's, crossbred stock (Boston)
dol. per lb_.
Receipts at Boston, total
thous. of lb.
Domestic
do—
Foreign
do....
Stocks, scoured basis, end of quarter, total
thous. of lb.
Woolen, total
.do...
Domestic
do.._
Foreign...
do...
Worsted, totaldo...
Domestic
do...
Foreign...
_
do...
12, 090
3,982
3,675
25,818
12, 747
46, 292
12,511
48,528
123
72
59
100
74
58
97
111
104
87
122
113
70
54
02
68
52
83
20,081
' 9, 511
28,518
101
20, 509
7,903
19,302
• 20, 034
8,668
21,116
2,857
6,045
84
89
76
52 |
60
32
73
61
34
74
56
27
58
30 i
20 !
47 I
100
82
73
79
57
88
59
72
47
5 1 '•
12, 709
3,672
4,781
28
23
53
44 |
50
41
.81 !
.32 i
.79
.31
1.07
.50
1.05
.45
1.08
.46
1.04
.42
1.00
42
1.00
.43
1.01
.43
.97
.42
1.832
2.005
2.030
2.079
2.079
2.079
2.079
2.035
1.999
1.980
1.832
1.832 I 1.832
1.139
1.188
1.188
1.207
1.213
1.213
1.213
1.213
1.213
1.213
1.168
1.139 |
1. 139
1.08
6,529
5,504
1,025
1.50
38,618
2,407
36, 212
1.46
34,730
7,745
26,985
1.45
25,322
10,697
14,625
1.45
37,978
23,340
14,638
1.43
53,149
41,315
11,833
1,41
38,904
36,186
2,718
1.40
29.237
25, 796
3,442
1.38
12,129
8,439
3,691
1.34
1.18
8,911
6,925
1,986
1.10
4,919
4, 201
719
1.10
6, 338
5, 763
575
142, 554
48,890
33,603
15, 287
93,664
64,853
28,811
120, 52i
46,315
31,751
14, 564
74,211
26,940
47,271
.35
8,753
5,758
2,995
117, 849
47, 624
37, 749
135,353
49,893
37, 711
12,182
85,460
63, 820
21, 640
9,875
70, 225
54, 567
15, 658
MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
pet. of capacity,.
Stocks, end of month
thous. of gross..
Fur, sales by dealers f
thous. of dol.
Pyroxylin-coated textiles (artificial leather):
Orders, unfilled, end of mo..thous. linear y d . .
Pyroxylin spread-thous. of lb._
Shipments, billed
thous. linear y d . .
27 2
7^287
2,399
64.7
6,612
4,778
64.1
6,465
5,705
63.2
6,505
5,390
60.4
6,746
4,925
49.0
7,231
3,304
30.5
7,002
3,297
44.5
7,099
4,003
42.6
7,196
2,330
38.2
7,193
1,750
38.1
7,385
1,249
26.7 i
23.9
7,297 | 7,308
1,432 | 2,611
2,023
4,259
4, 087
4,731
6.498
5,806
5,167
7,803
7,412
4,414
7,156
6,766
2,876
5,555
5,727
2,886
4,958
5,018
3,024
4,317
4,121
3,117
5,982
4,804
3,179
5,481
4,962
2,584
4,945
4,617
1,731
3, 762
3.609
1,544
3,366
3,171
1,984
' 3, 636
r 3, 324
* Revised.
» Preliminary.
fRevised series. Data on finished cotton cloth revised beginning 1934; see table 31, p. 19 of the August 1937 issue. Due to change in the number of firms reporting, data
beginning January 1938 are carried forward oa the basis cf identical mill reports. For cotton spindle activity revisions,for cotton year 1936-37, see p. 54 of the October 1937 issue.
For revised series on rayon deliveries and stocks, see table 43, p. 20 of the October 1937 issue. For revised data on total visible supply of silk for period July 1930-December
1936, see table 11, p. 20,*of the February 1937 issue. Data on fur sales revised beginning January 1936; revisions not shown on p. 94 of the March 1938 survey will appear in
a subsequent issue.
^ Data for January, April, July, October, 1937, and January 1938 are for 5 weeks; other months, 4 weeks.
SURVEY OF CURRENT BUSINESS
April 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
1937
February
March
April
May
June
July
1938
DecemOctober NovemAugust September
ber
ber
January
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, total..
Commercial (licensed)
Military (deliveries)
For export
-numberdo__.
do___
do...
AUTOMOBILES
Exports:
Canada:
7,282
Assembled, total
„
number
4,875
Passenger cars
do_..
United States:
29, 586
Assembled, total
do__
17,305
Passenger cars
do_..
12, 281
Tnicksl
_do__
Financing:
Retail purchasers, total
thous. of dol
New ears.,..
do__.
Used cars
do__.
Unclassified
do__,
Wholesale (mfrs. to dealers)
do__.
Fire-extinguishing equipment, shipments:
51
Motor-vehicle apparatus
number...
30, 208
Hand-type
do_
Production:
Automobiles:
16,066
Canada, total
do_
11, 753
Passenger carsfdo_
186,806
United States, totalf
do.
Passenger carsf
do...... 139, 519
Trucks'!
do
47,287
Automobile rims
thous. of rims__
Registrations K
New passenger cars.
number.. »116,602
v 24,999
New commercial cars
do_
Sales (General Motors Corporation):
62,831
To consumers in U. S
do_
94,449
To dealers, totaL
do_
63, 771
To U. S. dealers
do_
Accessories and parts, shipments:
Combined index
Jan. 1925=*100__
Accessories for original equipment
do
Accessories to wholesalers
do_
107
Replacement parts
do.
92
Service equipment
do
181
112
34
35
181
107
33
41
231
146
32
53
452
341
54
57
402
264
51
54
4,424
2,339
7,078
5,040
5,739
3,S32
5,047
3,636
6,799
4, 758
8,097
5,478
27,528
17,014
10,514
33, 762
22, 633
11,129
35,082
22, 827
12,255
38,270
23, 447
14,823
456
306
83
67
271
82
43
327
169
97
61
56
116
76
300
95
149
56
8,778
5,570
3,969
2, 376
4, 055
2,358
3,040
2,878
3, 551
2,0G6
28,969
12,086
16,883
21, 404
6,181
15, 223
25, 679
17, 348
8,331
36,109
24.644
11,465
50,340
27, 590
22, 750
98, 437 163, 891 171,842 181, 021 184,397 165, 438 154, 578
55,421 102, 499 105,039 113,185 114,195 102,919 95,373
42, 528 60, 665 68,077 67, 062 69, 432 81,845
58, 585
488
727
674
726
770
774
620
123,118 193, 721 176, 572 188, 371 175,215 167, 509 157,199
124, 244
74, 210
49,474
559
75,140
103, 434
62,185
40, 712
536
130,094
98,001
58,864
38, 652
486
157,058
85, 558
49,498
35,629
431
135,155
39,417
21, 800
17, 617
64, 320
32,848
31,026
447
78,115
62
53,035
79
40,377
36,931
70
31,219
78
28, 424
27,929
10, 742
17,941
5,814
12,513
433, 971 394,330
360. 403 311,456
82,874
78,568
1,702
1,343
4,417
1,926
171,203
118,671
52, 532
1,470
8,103
7,378
329, 876
298, 662
31,214
1,890
16, 574
13, 793
360, 055
295, 328
64,727
1,818
20,652
14,384
326, 234
244, 385
81, 849
1,121
17, 624
13, 385
210,450
156, 387
54, 063
528
300,402
58,681
225,442
53,116
197, 391
39, 433
190,185
25, 924
174, 820
30,912
142,324
* 31, 343
156,322
188, 010
157,000
88,564
82,317
58,181
107,216
166,939
136,370
117,387
195,136
153,184
89, 682
160.444
108, 232
63,089
94, 267
56,938
58
39, 654
85
41,869
74
49,638
72
44,162
33,587 ' 34, 433
18,408
19, 275
15,179
15,158
80
59, 629
19,707
24,901
17,081
23,458 23,841
14,173
19,127
12,927
17,980 17,919
363, 995 494, 277 536, 339 616,919 497,311
296, 636 403, 879 439,980 425, 432 411,394
67, 359 90,398 96, 359 91, 487 85,917
2,022
2,270
2,166
2,142
2,190
215,049
41,843
363,735
60,301
384,954 391,697
67,832 65,857
360, 236 357,522
68,626
59,451
51, 600 196, 095 198.146 178, 521 153,866
74, 567 260, 965 238i 377 216, 654 203,139
49, 674 216,606 199,632 180, 085 162,380
1S2
166
124
131
106
157
174
96
134
139
178
199
92
155
160
169,887
1,738
201,960
11.7
39,729
31, 214
8, 515
169,682
1,733
187, 227
11.0
44,708
34,314
10,394
169,665
1,732
188,489
11.1
46,197
35,814
10,383
2,164
43,875
7,142
16.3
30
132
375
352
23
2,162
43,790
7,083
16.2
39
126
359
334
25
2,161
43, 766
6,956
15.9
74
96
345
311
34
181
202
103
152
157
79
60,100
174
190
99
167
154
163,818
226,681
187,869
148
153
116
154
127
141
140
118
164
131
149
149
128
164
148
160
176
147
154
130
156
174
136
121
110
4, 884
2, 733
m
119
114
126
98
'96
102
EAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars owned and on order, end of mo.:
Owned:
Capacity
mills, of lb. 169,988
1,720
Number
thousands.
In bad order
number. 200, 340
11.9
Percent in bad order
5,558
Orders, unfilled
cars.
1,632
Equipment manufacturers
do___
3,926
In railroad shops
do...
Locomotives owned and on order, end of mo.:
Owned:
2,155
Tractive effort.mills, of lb.
43, 227
Number..
_ ___
6,911
Awaiting classified repairs
number.
16.0
Percent of total
___
28
Installed
number.
148
Retired
do
101
Orders, unfilled.__
do._.
83
Equipment manufacturers
do
18
In railroad shops
do___
Passenger cars:
Owned by railroads
do
Unfilled orders_do-..
(17. S. Bureau of the Census)
Locomotives:
159
Orders, unfilled, end of mo., totalf
do
156
Domestic
_
do
56
Electric
do....
100
Steam
do
16
Shipments, domestic, total f
.do...
5
Electric
__,do._..
11
Steam
do
Industrial electric (quarterly):
Shipments, total
do
Mining use
do
(American Railway Car Institute)
Shipments:
108
Freight cars, total..
do
108
Domestic
do
23
Passenger cars, total
do
23
Domestic
do
(Railway Age)
New orders:
Freight cars
Locomotives
Passenger c a r s .
do..
do..
do..
109
17
50
169,839 169,883
1,729
1,731
192, 286 184,313
10.9
11.3
44, 397 41,895
31,802 29,577
12,595
12,318
2,159
43,700
6,787
15.5
62
126
329
288
41
39,737
403
433
429
48
381
10
1
431
429
47
382
34
11
23
5,541
5,520
3
3
10, 532
33
154
6,200
29
162
170, 585
1,732
188,032
11.0
24,225
14,155
10,070
170, 791
1,732
186,017
10.9
18,231
9,725
8,506
171,085
1,735
184,873
10.9
12, 511
5,463
7,048
170,809
1,731
184,249
10.8
7,904
2,896
5,008
2,159
43,602
6,406
14.7
82
143
283
248
35
2,160
43,600
6,326
14.5
77
89
252
220
32
2,160
43,543
6,226
14.3
76
133
212
183
29
2,159
43,488
6,291
14.5
68
134
181
157
24
2,160
43,482
6,214
14.3
2,163
43, 469
6,316
14.5
74
124
131
108
23
10.9
37,411
39, 577
424
439
418
64
354
48
6
42
397
376
65
321
53
12
41
92
2,644
2,615
28
28
2,160
43, 673
6,676
15.3
67
94
296
259
37
23,952
13,459
170, 409
1,732
188, 207
11.0
31,123
19,525
11,598
170, UQ2
1,730
186, 225
403
362
77
285
49
12
37
39, 587
256
373
333
79
254
48
15
33
362
321
89
232
37
15
22
142
135
6,711
6,711
3
3
6.030
6,030
13,046
3,903
84
14
52 j
156
130
26
320
279
73
206
40
14
26
6,301
6.297
99
99
6,396
6,383
75
75
6,530 i
6,143 I
528
22
10
1,030
3
14
1,490
39
1
1,195
8
0
46 j
46 |
170,876
1,731
197,455
11.6
6,547
1,929
4,618
r
2,158
43, 347
6,672
15.4
46
143
110
91
19
39,415
139
255
214
54
160
61
15
46
224
190
63
127
46
13
33
163
153
5,720
6,705
73
73
r
166
155
47
108
33
13
20
15G
153
47
106
25
11
14
112
105
6, 434
6,434
39
39
5,638
5,350
19
19
2 849
2 305
3fi
36
901
795
30
30
1,625
13
13
1, 350
1
0
25
9
0
p Preliminary.
r Revised.
t Revised series. For data on automobile production in the United States for 1936, see p . 55 of the J u n e 1937 issue, and for Canadian production of passenger cars during
1936 see p . 55 of t h e August 1937 issue. Unfilled orders and s h i p m e n t s of locomotives (Bureau of the Census) revised beginning 1936- revisions not shown on p . 55 of the
1937 Survey will appear in a subsequent issue.
forDecember
FRASER
% Automobile registrations in the state of Wisconsin were r o t included since J u n e 1937.
Digitized
56
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Febru1936 Supplement to the Survey.
ary
April 1938
1937
February
March
April
May
JUDO
July
1938
DecemAugust SeptemOctober November
ber
ber
January
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
(U. S. Bureau of Foreign and Domestic Commerce) \
Exports of locomotives, total
number__!
Electric
_do___J
Steam
do_.
42
30
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total.
number..
Domestic
do
Exports
do
SHIPBUILDING
United States:
Vessels under construction, all types
thous. gross tons__.
Steam and motor
_do
Unrigged.
_
do
Vessels launched, all types
gross tons..
Powered:
Steam.
do
Motor
do
Unrigged
do
Steel
do
Vessels officially numbered, all types
gross tons..
Steel
do
World (quarterly):
Launched:
Number..
ships..
Tonnage
..thous. gross tons..
Under construction:
Number
.-.ships..
Tonnage
thous. gross tons..
142
131
11
141
135
162
156
162
158
4
153
149
4
164
158
173
164
116
113
3
180
163
17
138
129
161
138
23
110
89
21
316
52
11,190
281
190
91
4.060
323
225
98
18,018
342
243
99
7,178
380
276
103
8,675
366
266
99
15,124
319
280
39
13,950
313
273
39
12,984
316
273
43
15,292
294
250
45
43, 546
263
218
45
43, 503
216
173
43
41, 305
388
319
48
25, 214
3,000
500
7,690
11,190
0
0
4,060
4,060
0
10,017
8,001
17, 793
0
140
7,038
7,178
725
0
7,9,50
8,675
0
10,256
4,868
15,014
7,550
114
6,286
13,836
0
8,309
4,675
12,875
7,033
312
7,947
14,980
39, 302
350
3,894
43,546
37, 338
3,900
2,136
43,503
19, 348
11,146
10,811
40, 355
23,235
0
1,979
25, 214
41, 248
31, 793
66,628
17,557
186,673
24, 765
54,020
10,022
17,308
6,786
54,693
20,798
23,738
14,306
7,679
3,269
24, 275
38,120
31,732
44,081
23,109
29, 725
21,491
36,632
33, 530
195
479
269
720
703
2, 452
815
2,883
291
269
774
2,902
763
2,900
CANADIAN STATISTICS
Physical volume of business:
!
Combined index
1926=100..
Industrial production:
Combined index
__do
Construction
do
Electric power
do
Manufacturing
.do
Forestry
_
do
Mining
do
Distribution:
Combined index
do
Carloadings...
._.
do
Exports (volume)..
do
Imports (volume)
do____
Trade employment.
..do
Agricultural marketings:
Combined index
do '
Grain...
do
Livestock
do I
Commodity prices:
Cost of living
do
Wholesale prices
do
Employment (first of month):
Combined index
do
Construction and maintenance
do
Manufacturing
do
Mining
do....
Service
do
Trade
do
Transportation
do
Finance:
Banking:
Bank debits
mills, of dol_.
Interest rates
1926=100..
Commercial failures
number..
Life insurance sales, new paid for ordinaryf
thous. of dol._
Security issues and prices:
New bond issues, total
do
Bond yields, Ontario Government percent..
Common stock prices
1926=100..
Foreign trade:
Exports, total
.thous. of dol_.
Imports
..do....
Exports:
Wheat
thous. of bu__
Wheat
flour
thous. of bbl..
Railways:
Carloading
thous. of cars..
Financial results:
Operating revenues
thous. of dol..
Operating expenses
—do
Operating income
do
Operating results:
Freight carried 1 mile
mills, of tons..
Passengers carried 1 mile
mills, of pass..
Production:
Electrical energy, central stations:
mills, of kw-hr..
Pig iron
thous. of long tons..
Steel ingots and castings
do______
Wheat
flour
thous. of bbl_.
106. 7
115.0
118.7
124.0
122.0
126.0
126.5
123.4
123.8
127.4
127.9
121.4
112.0
107.4
36.8
215.9
101.3
111. 3
188.8
117. 7
45.5
225.2
116.4
138.1
170.1
122.4
83.0
237.7
115. 4
138.0
161.1
128.8
85.7
239.3
120.3
138.0
185.2
126.1
56.4
232.3
122.3
133.6
191.4
130.6
64.0
239.8
125.1
142.5
201.3
130.9
48.7
233.7
127.2
139.2
215.3
127.2
53.8
231.1
121.4
136.7
212.3
127.5
56.1
226.9
122.9
153. 3
203.8
132.6
54.2
224.3
133.6
133.8
186.9
133.5
48.3
230.2
132.4
127.5
207.9
125.2
64.3
231.8
120.5
135.1
183.8
113.8
48.9
170.0
109.0
109.7
179.1
104.5
75.0
80.4
79, 6
130.4
107.2
77.7
97.9
84.4
130.5
107.9
80.6
89.0
85.0
131.3
110.2
80.2
106.3
99.0
130.4
110.4
78.9
108.0
90.8
132.8
112.5
78.5
121.3
99.6
133.5
113.6
85.8
108.1
97.5
133.8
112.2
82.7
115.6
97.9
131.8
113.0
85.1
103.9
101.6
132.9
112.3
77.0
96.7
110.8
135.1
112.8
79.5
102.7
108.4
132.4
110.5
84.4
81.9
90.3
134.1
106.7
77.2
91.8
84.8
130. 6
25.7
14.0
31.4
17.9
91.7
37.3
24.5
94.7
62.3
56.5
53.1
46.7
81.5
29.3
12.7
103.6
45.7
26.6
131.0
57.6
43.4
121.1
86.1
79.3
116.4
55.3
54.8
93.0
57.2
49.3
92.6
35.5
26.2
77.1
37.6
29. 8
72.7
83. 9
83.6
81.9
82.6
82.2
85.5
82.4
86.1
82.9
85.1
83.1
87.5
119.1
128.5
119.0
153.6
137.5
133.4
89.4
83.7
85.6
85.0
84.2
84.7
84.2
83.1
120.0
139.8
118.1
153.7
141.7
132.2
89.1
123.2
144.5
121.2
159.1
146.6
130.9
89.7
125.7
144.3
121.7
163.9
135.4
133.4
90.4
125.2
131.7
119.0
161.1
131.0
137.0
87.2
84.3
82.7
121.6
104. 2
116. 3
162.3
130.6
139.6
84. 1
84.1
83.8
113.4
81.9
108.6
155.2
132. 5
141.7
82.0
2,721
73.1
2,613
72.2
2,734
71.8
2,906
73.1
2,926
72.7
3,081
71.2
2, 445
69.7
110.4
71.6
110.3
154. 3
128.4
127.9
79.6
104.1
57.2
105.3
147.6
119.1
128.4
80.7
102.8
52.8
107.6
145.8
118.9
126.1
79.6
103.0
53.7
110.8
146.0
122.7
127.5
79.5
106.3
71.4
113.8
147.4
125.2
128.4
85.1
82.9
84.6
114.3
105.2
117.9
151.9
129.0
131.5
86.7
2,176
2,732
74.3
92
3,190
78.5
85
3,376
77.9
83
2,769
74.5
2.892
72.9
31, 874
30, 604
31,998
32,919
31,858
37,658
32,364
28,274
27,514
33,762
38, 312
36,908
30, 606
73.511
3.32
107.1
116,964
3.56
142.4
82,601
3.76
147.2
46,688
3.73
136.2
158,571
3.57
132.2
106,033
3.49
129.4
109, 763
3.50
133.0
50,744
3.46
135.2
54, 273
3.44
118.9
51,861
3.50
105.8
196,694
3.48
103.1
84, 429
3.41
103.7
159, 323
3. 34
107. 7
60, 981
46, 952
75,691
48,681
89, 359
70,990
66,907
56,886
105,604 115, 298 100,142
76, 707 75,669 71,996
103,339
95, 216 103. 684 107, 818
80,641
70,240 82,113
78,486
53,125
72,234
49, 720
2,839
272
5,362
348
4,749
390
3,618
286
8,603
335
6, 545
6,636
338
7,194
296
204
187
180
2,058
61
99
849
8,027
349
12,180
390
5,903
307
10,055
336
260
14, 542
406
235
32, 882
26, 546
5,199
34,781
26,063
7,577
30, 585
24,059
5,390
28, 969
23,514
4,007
2,739
178
2,883
142
2, 544
119
2,218
187
r 2, 204
'76
115
1.438
2,365
81
115
1,489
2,415
81
111
1,449
2,458
81
98
1.011
289
186
214
208
209
214
219
24, 710
22,199
1,451
28,691
24,352
3,106
29,458
24,479
3,857
29,257
25,199
2,901
28, 253
25, 649
1,466
29,405
26,381
1,811
1,936
132
2,209
161
2,362
131
2,104
144
1,832
165
1,919
212
2,147
62
112
1.000
2,412
71
125
1.099
2,323
68
121
1.052
2,301
78
121
900
2,255
78
119
1.001
2,188
80
123
1,087
231
29,211
26, 938
1,092
2,073
205
2,198
75
127
1.043
* Revised.
tRevised series. For revised data for period 1930-37 on new paid for "Ordinary Life Insurance Sales" in Canada, see table 37, p. 19, of the Sept. 1937 Survey.
2,279
75
112
921
INDEX TO MONTHLY BUSSNESS STATISTICS
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Business indexes
...
Page
22
Employment conditions and wages..
Finance ' *' *
Foreign trade....
^
„
Transportation and communica-
StaliScson'u^vidual'intotofesr"
Chemicals and allied products
Electric power and gas..
Foodstuffs and tobacco..
'£6
24
2€i
27
31
37
37
39
41
41
45
46
47
Leather and products--.
Lumber and manufacturesMetals and manufactures:
48
iSShinery and apparatus
49
Nonferrous metals and prod51
Pflper and jJtfn$»Ht
52
Stone* cltityv and -gfaf products. . . 53
53
Canadian statistics
56
CLASSIFICATION, BY INDIVIDUAL
.
SERIES
Paige
Abrasive paper and doth
52
Acceptances--.
•_*
31,32
Accessorfcs-^tomobiie.
.
55
AdyerfWiifcU™*--.,.-.. ™ r
- . „ „ _ - — 25,26
Agricultural pcOuucts,, cash income received
i f f ^ w fnftyfceiSngff' Cff - » ^ ^ •• - •• . • » • » . . » - - - « »• . -
23
Agricultural wages, loans
31
Au-^ronditioamg equipment
....
49
Air m r i L « ^ . - ^ . * , - — , - * - — • * . , - — - —
26
Airplanes-.,-,
^.v-.-.
38,55
Alcohol, denatured, ethyl, methanol
39
AlummuinvM^...A'.....w4..«..^. . . . — . . . . . . _
50
Animal fats, greases--39
A n t h r a c i t e l n d u s t r y . . — , - . — - — 22,29,30,45
Apparel, ^ f c f f a f * . . . ^ ^ ^ - - - - " . - -23,2«, SO, 53
Asphalt-—-..-.-;,....,--..-,.——*--.
46
Automobiles_ . 22,26,27,23,30,55
Babbitt metal—
^,..........
50
Barley
^...——
*
42
Bathroom accessories...
53
Beef and veal..,.....43
Beverages* fermented matt liquors and distilled spirits
«._—. .
z
—..
41
Bituminous coal
.
22,29,45
Boilers
...
—..
49
Bonds, prices, sales, value, yields
.
35,36
Book publication.-.-—
i...
52
Boxes, paper, shipping—
52
Brass
*
>•».*:
....
—i.- " 51
Brick
..«..
53
Brokers'loans
i..v—.*«...*-....
32
Bronze
i.........
„
.
*«.—
51
Building contracts awarded...*
--24
Building costs
.
25
Building materials
23,47
Business failures-32,33
Butter
„
41
Canadian statistics
56
Candy
44
Canal traffic
'.
38
Capital issues
—.—
35
Carloadings^38
Cattle and calves
.
43
Cellulose plastic products
. 40
Cement
I.,*-——--—'.'22, 27,28,30, 53
Chain-store sales.
._-_.
26
Cheese
...——-.41
Cigars and cigarettes--.
;
44
Civil-service employees.......
-J
-.
29
Clay products*...—
.
27,28,30,53
Clothing
„
23,24,28,30,53
Coal
22,29,30,45
Cocoa
.—,.w—
44
Coffee
...
r 23,24,44
Coke
^.
45
Collections, department stores
27
Commercial p a p e r . . . - - - - - - 31,32
Contracts awarded, indexes—
24
Costs.—
^..w—.
25
Highways-...
..-.
.*.„
24,25
Wage r a t e s . - . - ^ ^ - .
*
31
Page
Dairy products
23, 41, 42
Debits, bank
32
Debt, United States Government
34
Delaware, employment, pay rolls
29, 30
Department-store sale3 and stocks
27
Deposits, bank
32
Disputes, labor
29
Dividend payments
36
Earnings, factory
31
Eggs
23,44
Electrical equipment
50
Electric power, production, sales, revenues__
41
Electric railways
37
Employment:
Cities and States
28, 29
Nonmanufacturing
29
Emigration
38
Enameled ware
48
Engineering construction
24
Exchange rates, foreign
33
Expenditures, United State3 Government. _
34
Explosives
39
Exports
37
Factory employment, pay rolls.__ 27, 23, 29, 30, 31
Fairchild's retail price index
23
Fares, street railways
37
Farm employees
29
Farm prices, index
23
Federal Government,
finances
34
Federal-aid highways
24, 25, 29
Federal Reserve banks, condition of
.
32
Federal Reserve reporting member bank
statistics
32
Fertilizers
39
Fire-extinguishing equipment
55
Fire losses
25
Fish oils and
fish
39,44
Flaxseed
40
Flooring, oak, maple, beech, and birch
47
Flour, wheat
43
Food products
23, 28,30,41
Footwear
46, 52
Foreclosures, real estate
25
Foundry equipment
49
Freight cars (equipment)
55
Freight carloading3, cars, indexes
38
Freight-car surplus
38
Fruits
22,23,42
Fuel equipment
49
Fuels
45,45
Furniture
47
Gas, customers, sales, revenues
41
Gas and fuel oils
45
Gasoline
45, 46
Gelatin, edible
44
General Motors sales
55
Glass and glassware
22, 27, 28,30, 53
Gloves and mittens
45
Gold
33
Goods in warehouses
26
Grains
23,24,35,42,43
Gypsum
53
Hides and skin3
24,45
Hogs
.
43
Home loan banks, loans outstanding
25
Home Owners' Loan Corporation
25
Hosiery
53
Hotels
29,30,38
Housing
.
23
Illinois, employees, factory earnings
29, 30, 31
Imports
37
Income-tax receipts
,
34
Incorporations, business25
Industrial production, indexes
22
Installment sales, New England
27
Insurance, life
33
Interest rates
32
Iron, ore; crude; manufactures
22,48
Kerosene
45
Labor turn-over, disputes
29
Lamb and mutton
43
Lard
43
Lead
22, 50
Leather
22, 24, 23,30,46
Leather, artificial
54
Linseed oil, cake, and meal
40
Livestock
22r 23, 43
Loans, agricultural, brokers', real estate
31,32
Locomotives
55, 56
Looms, woolen, activity
54
Lubricants
29, 46
Lumber
23, 27, 28,47
Lumber yard, sales, stocks
47
Machine activity, cotton, wool
54
Machine tools, orders
49
Machinery
27,23,30,49,50
Magazine advertising
26
Manufacturing indexes
22
Marketings, agricultural
22
Maryland, employment, pay rolls
29, 30
Massachusetts, employment, pay rolls
29, 30
Meats
__„
22,43
Metals
24, 27,30
Methanol
_
39
Mexico:
Silver production
34
Milk
42
Minerals
22,29,30,45,50
Money in circulation
33
fc:::::::::::::::: 8
Costofavng index.-----..-.
.
23
Cotton* raw said manufactures...... 23,24,53,54
Cottonseed, cake and meal, o i l — — . _ _ 40
Crops..
~mt.~+^:—*—i
23,40,42,43, $3
Page
Naval stores
39
Netherlands, exchange
33
New Jersey, employment, pay rolls
29, 30
Newsprint
52
New York, employment, pay rolls, canal
traffic
29,30,38
New York Stock Exchange
35,36
Oats
42
Ohio, employment
29
Ohio River traffic
38
Oils and fatp
_
39, 40
Oleomargarine
40
Paints
40
Paper and pulp^
23, 24,28,30,51,52
Passenger-car sales index
26
Passengers, street railways; Pullman
37, 38
Passports issued
38
Pay rolls:
Factory
29
Factory, by cities and States
30
Nonmanufacturing industries
30
Pennsylvania, employment, pay rolls
29, 30
Petroleum and products... 22, 24, 28, 29, 30, 45, 46
Pig iron
22,48
Pork
43
Postal business
25
Postal savings
32
Poultry
_
23, 44
Prices:
Retail indexes
23
World, foodstuffs and raw material
24
Printing
28, 30, 52
Profits, corporation
34
Public utilities
29, 30, 36
Pullman Co
38
Pumps
49
Purchasing power of the dollar
24
Radiators
48
Radio, advertising
25
Railways; operations, equipment, financial
statistics
38, 55, 56
Railways, street
37
Ranges, electric
50
Rayon
54
Reconstruction Finance Corporation, Ioan3
outstanding
34
Refrigerators, electric, household
50
Registrations, automobiles
55
Rents (housing), index
23
Retail trade:
Automobiles, new, passenger
26
Chain stores:
5-and-10 (variety)
26
Grocery
26
Department stores
27
Mail order
27
Rural general merchandise
27
Roofing
40
Rice
42
Rubber, crude; scrap; clothing; footwear;
tires
22,24,28,30,52
Sanitary ware
48
Savings deposits
32
Sheep and lambs
43
Shipbuilding
28, 30, 56
Shoes
24,28,30,46
Silk
23, 24, 54
Silver-.....-..
22,34
Skins
46
Slaughtering and meat packing
22
Spindle activity, cotton
54
Steel, crude; manufactures
22,48,49
Stockholders
36
Stock indexes, domestic and world
23
Stocks, department stores
27
Stocks, issues, prices, sales
36
Stone, clay, and glass products
28, 30, 53
Sugar
23,24,44
Sulphur
39
Sulphuric acid
39
Superphosphate
.
39
Tea
23, 24,44
Telephones and telegraphs
38
Ternepiate
50
Terra cotta
53
Textiles, miscellaneous products
54
Tile, hollow building
_
53
Tin
23,24,50
Tobacco
22,25, 26, 28,30,44
Tools, machine
49
Trade unions, employment
29
Travel
_.
38
m
Truck3 and tractors, industrial electric
56
United States Government bonds
35
United States Steel Corporation
31,36,49
Utilities
29, 30, 34, 35, 36, 41, 55
Vacuum cleaners
50
Variety-store sales index
25
Vegetable oils
_ 39, 40
Vegetables
23, 42
Wages
_
31
Warehouses, space occupied
26
Waterway traffic
38
Wholesale prices
23, 24
Wire cloth
51
Wisconsin, employment, pay rolls
29, 30, 31
Wood pulp
__
51
Wool
54
Zinc
_
22, 50
STATISTICAL ABSTRACT
OF THE UNITED STATES
1937
59th ANNUAL EDITION
861 pages
857 tables
• Telling a statistical story of our economic growth in population and wealth,
our cultural development, the expansion of our commerce, and the rise in our
various industries, the 59th annual edition of the Statistical Abstract of the
United States results in being an encyclopaedia of statistical data peculiarly
valuable to businessmen, bankers, editors, economists, and students; conveniently arranged, comprehensive, and authoritative.
©The present edition summarizes the principal statistical data published in
regular and special reports of government agencies, private statistical organizations, and in trade journals. The contents, adequately indexed, are arranged in 33 topical sections, 857 statistical tables. The data presented are
clarified with explanatory general notes. Sources are given, thus providing a
bibliography for those seeking data in greater detail. Units of measurement
are carefully explained and defined. A n appendix of weights and measures
gives factors for converting to the metric system.
• The historical tables presenting significant data over a long period of years
are valuable features of the Abstract.
• Important subjects shown in this edition of the Abstract are area and population; education; public lands; Army, Navy, and Civil Service; finance,
money, and banking; prices; wages; postal and communication services; transportation; foieign commerce; irrigation and drainage; agriculture; fisheries;
forests and forest products; mining and mining products; manufactures; wholesale and retail trade; and construction.
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Copies of the Statistical Abstract of the United States 1937 may be obtained by remitting $1.50 to the
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ANNUAL REVIEW NUMBER
MARCH 1938
SURVEY
OF
CURRENT BUSINESS
UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON
VOLUME
18
NUMBER 3
Business Activity
experienced one of the sharpest declines on record during the last 4 months of
1937, but for the full year, practically all measures of economic activity averaged
higher than in 1936. Outstanding changes reflected by some of the more important business indicators included:
National Income Paid Out
9 percent larger in 1937 than in 1936
5 percent larger in 1937 than in 1936
Retail Sales
5 percent larger in 1937 than in 1936
Factory Employment
8 percent higher in 1937 than in 1936
Construction Contract Awards
9 percent larger in 1937 than in 1936
Freight-Car Loadings
4 percent larger in 1937 than in 1936
Value of Exports
36 percent larger in 1937 than in 1936
This issue of the SURVEY OF CURRENT BUSINESS is devoted to an analysis of economic
trends in 1937. The interrelationships between the various elements in the economic system are
discussed and special emphasis is given to the maladjustments which developed late in 1936 and
early in 1937. The various sections of the review are amply supported by charts and tables
dealing with the more important business indicators.
The regular presentation of monthly business statistics, in this issue covering the period
January 1937 through January 1938, appears on pages 62 to 96.
@FedFRASER